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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
Senior Vice President
The Variable Annuity Life Insurance Company
2929 Allen Parkway
Houston, TX 77019
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 831-6133
Date of fiscal year end: May 31
Date of reporting period: November 30, 2013
Table of Contents
Item 1. Reports to Stockholders
Table of Contents
VALIC Company I
Semi-Annual Report, November 30, 2013
SAVING :INVESTING :PLANNING
Table of Contents
VALIC Company I
SEMI-ANNUAL REPORT NOVEMBER 30, 2013
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Table of Contents
VALIC Company I
PRESIDENT’S LETTER (unaudited)
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, 2013. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.
Equity markets were generally positive during the reporting period, while fixed income returns did not fare as well. Equities increased amid signs that the economy, both domestically and internationally, was picking up steam. The total return for the S&P 500® Index*, widely regarded as the best single gauge of the U.S. equity market, was up 11.91% for the six-month period. The MSCI EAFE Index (net)**, designed to measure the equity market performance of developed markets (Europe, Australasia, Far East), excluding the U.S. and Canada, posted a solid 12.07% gain. The Barclays U.S. Aggregate Bond Index***, a broad measure of the bond market, posted a total return of -0.56% for the reporting period.
In the US, the markets ended on a positive note as the economy appeared to gain momentum. Third quarter GDP came in at 4.1%, the fastest rate in over two years. Moreover, the U.S. economy added 203,000 jobs in November and the unemployment rate fell to 7% – the lowest it had been since November 2008. Healthier consumer spending, the smallest trade deficit in four years and low inflation were additional signs of stronger economic growth. Discussions of tapering and the rate of this tapering by the Federal Reserve created much consternation in the U.S. markets throughout the reporting period. Also, with the failure to pass a budget, the U.S. government entered a partial shutdown on October 1st. Markets initially reacted adversely to the tapering news; however, the equity markets later accepted the initiation of tapering as a sign of economic strength and delivered strong returns. The challenge ahead is whether the Federal Reserve can successfully navigate tapering without damaging the economy or markets.
International equity markets fared slightly better relative to the U.S. Most notably, the European Central Bank (ECB) cut the key lending rate in November, signaling that inflation was not an issue and growth was a priority. European stocks experienced gains, while returns in Asia-Pacific developed markets and emerging markets were mixed for the reporting period.
Fixed income declines continued during the period as the gradual healing of the U.S. economy placed upward pressure on yields. Yields on 10-year Treasury notes, a benchmark that guides many other interest rates in the economy, climbed during the period to 2.74% by the end of November as compared to a low of 1.43% in July 2012.
Planning for your financial future should be a top priority. Your investment with VALIC Company I is an important step to help you reach your long-term financial goals. Another important step, we believe, is to meet with your financial advisor periodically to ensure that you maintain a diversified portfolio appropriate for your goals and risk tolerance.
We appreciate being part of your investment program and thank you for your ongoing confidence in us. We look forward to helping you meet your investment goals in the years ahead.
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 MSCI EAFE Index (net) 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. The index consists of 22 developed market country indices. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. |
*** | The Barclays U.S. Aggregate Bond Index is an unmanaged index that is composed of securities from Barclays Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. |
Indices are not managed and an investor cannot invest directly into an index. Past performance of an index does not guarantee the future performance of any investment.
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Table of Contents
VALIC Company I
EXPENSE EXAMPLE — November 30, 2013 (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, 2013 and held until November 30, 2013. 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”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRA”) 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, Plans and IRA’s 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/IRA 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, 2013” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended November 30, 2013” column and the “Expense Ratio as of November 30, 2013” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRA’s, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended November 30, 2013” 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, 2013” column and the “Expense Ratio as of November 30, 2013” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRA’s, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended November 30, 2013” 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, Plans or IRA’s. Please refer to your Variable Contract prospectus or Plan/IRA 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, 2013 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2013 | Ending Account Value Using Actual Return at November 30, 2013 | Expenses Paid During the Six Months Ended November 30, 2013* | Beginning Account Value at June 1, 2013 | Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2013 | Expenses Paid During the Six Months Ended November 30, 2013* | Expense Ratio as of November 30, 2013* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 1,068.03 | $ | 3.73 | $ | 1,000.00 | $ | 1,021.46 | $ | 3.65 | 0.72 | % | ||||||||||||||
Blue Chip Growth | $ | 1,000.00 | $ | 1,202.26 | $ | 4.69 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Broad Cap Value Income# | $ | 1,000.00 | $ | 1,135.18 | $ | 4.55 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 993.01 | $ | 3.20 | $ | 1,000.00 | $ | 1,021.86 | $ | 3.24 | 0.64 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 1,132.61 | $ | 4.28 | $ | 1,000.00 | $ | 1,021.06 | $ | 4.05 | 0.80 | % | ||||||||||||||
Dividend Value# | $ | 1,000.00 | $ | 1,107.57 | $ | 4.33 | $ | 1,000.00 | $ | 1,020.96 | $ | 4.15 | 0.82 | % | ||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | $ | 1,064.40 | $ | 1.66 | $ | 1,000.00 | $ | 1,023.46 | $ | 1.62 | 0.32 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 1,019.78 | $ | 4.96 | $ | 1,000.00 | $ | 1,020.16 | $ | 4.96 | 0.98 | % | ||||||||||||||
Foreign Value | $ | 1,000.00 | $ | 1,162.33 | $ | 4.39 | $ | 1,000.00 | $ | 1,021.01 | $ | 4.10 | 0.81 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 1,001.12 | $ | 4.36 | $ | 1,000.00 | $ | 1,020.71 | $ | 4.41 | 0.87 | % | ||||||||||||||
Global Social Awareness | $ | 1,000.00 | $ | 1,139.24 | $ | 3.43 | $ | 1,000.00 | $ | 1,021.86 | $ | 3.24 | 0.64 | % | ||||||||||||||
Global Strategy | $ | 1,000.00 | $ | 1,092.42 | $ | 3.41 | $ | 1,000.00 | $ | 1,021.81 | $ | 3.29 | 0.65 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 982.65 | $ | 3.23 | $ | 1,000.00 | $ | 1,021.81 | $ | 3.29 | 0.65 | % | ||||||||||||||
Growth# | $ | 1,000.00 | $ | 1,129.94 | $ | 4.32 | $ | 1,000.00 | $ | 1,021.01 | $ | 4.10 | 0.81 | % | ||||||||||||||
Growth & Income# | $ | 1,000.00 | $ | 1,123.14 | $ | 4.52 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Health Sciences | $ | 1,000.00 | $ | 1,216.10 | $ | 6.22 | $ | 1,000.00 | $ | 1,019.45 | $ | 5.67 | 1.12 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 968.78 | $ | 2.91 | $ | 1,000.00 | $ | 1,022.11 | $ | 2.99 | 0.59 | % | ||||||||||||||
International Equities | $ | 1,000.00 | $ | 1,117.47 | $ | 2.60 | $ | 1,000.00 | $ | 1,022.61 | $ | 2.48 | 0.49 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 989.27 | $ | 3.24 | $ | 1,000.00 | $ | 1,021.81 | $ | 3.29 | 0.65 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 1,117.31 | $ | 5.36 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.11 | 1.01 | % | ||||||||||||||
Large Cap Core | $ | 1,000.00 | $ | 1,128.40 | $ | 4.48 | $ | 1,000.00 | $ | 1,020.86 | $ | 4.26 | 0.84 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 1,137.24 | $ | 4.07 | $ | 1,000.00 | $ | 1,021.26 | $ | 3.85 | 0.76 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 1,107.61 | $ | 1.90 | $ | 1,000.00 | $ | 1,023.26 | $ | 1.83 | 0.36 | % | ||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | $ | 1,138.42 | $ | 4.45 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | ||||||||||||||
Money Market I# | $ | 1,000.00 | $ | 1,000.05 | $ | 0.85 | $ | 1,000.00 | $ | 1,024.22 | $ | 0.86 | 0.17 | % | ||||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | $ | 1,176.22 | $ | 2.89 | $ | 1,000.00 | $ | 1,022.41 | $ | 2.69 | 0.53 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 1,189.16 | $ | 5.49 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.06 | 1.00 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 1,224.58 | $ | 5.52 | $ | 1,000.00 | $ | 1,020.10 | $ | 5.01 | 0.99 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 1,171.62 | $ | 5.06 | $ | 1,000.00 | $ | 1,020.41 | $ | 4.71 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 1,168.78 | $ | 2.23 | $ | 1,000.00 | $ | 1,023.01 | $ | 2.08 | 0.41 | % | ||||||||||||||
Small Cap Special Values | $ | 1,000.00 | $ | 1,185.51 | $ | 4.88 | $ | 1,000.00 | $ | 1,020.61 | $ | 4.51 | 0.89 | % | ||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 1,166.54 | $ | 5.43 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.06 | 1.00 | % | ||||||||||||||
Stock Index | $ | 1,000.00 | $ | 1,117.06 | $ | 1.86 | $ | 1,000.00 | $ | 1,023.31 | $ | 1.78 | 0.35 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 1,091.13 | $ | 4.46 | $ | 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, Plans or IRA’s. 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/IRA document for details on the administrative fees charged by your Plan/IRA 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, 2013” and the “Expense Ratios” would have been higher. |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Exchange-Traded Funds | 7.4 | % | ||
Federal National Mtg. Assoc. | 5.8 | |||
Diversified Banking Institutions | 4.3 | |||
Banks — Commercial | 3.3 | |||
Medical — Drugs | 3.0 | |||
Federal Home Loan Mtg. Corp. | 2.8 | |||
Time Deposits | 2.7 | |||
Oil Companies — Integrated | 2.5 | |||
Telephone — Integrated | 2.5 | |||
Oil Companies — Exploration & Production | 2.4 | |||
Banks — Super Regional | 2.3 | |||
Diversified Financial Services | 2.0 | |||
Chemicals — Diversified | 1.9 | |||
Diversified Manufacturing Operations | 1.7 | |||
Auto — Cars/Light Trucks | 1.5 | |||
Computers | 1.5 | |||
Food — Misc./Diversified | 1.5 | |||
Real Estate Investment Trusts | 1.4 | |||
Aerospace/Defense | 1.4 | |||
Electric — Integrated | 1.2 | |||
Retail — Building Products | 1.2 | |||
Computer Services | 1.2 | |||
Semiconductor Components — Integrated Circuits | 1.1 | |||
Tobacco | 1.0 | |||
United States Treasury Notes | 0.9 | |||
Transport — Rail | 0.9 | |||
Electronic Components — Misc. | 0.9 | |||
Building — Residential/Commercial | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Beverages — Non-alcoholic | 0.8 | |||
Cable/Satellite TV | 0.7 | |||
Medical Products | 0.7 | |||
Import/Export | 0.7 | |||
Applications Software | 0.7 | |||
Electronic Components — Semiconductors | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Insurance — Multi-line | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Medical — Biomedical/Gene | 0.6 | |||
Medical — HMO | 0.6 | |||
Enterprise Software/Service | 0.6 | |||
Engineering/R&D Services | 0.6 | |||
Multimedia | 0.6 | |||
Oil — Field Services | 0.6 | |||
Computers — Memory Devices | 0.6 | |||
Retail — Restaurants | 0.5 | |||
Web Portals/ISP | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Paper & Related Products | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Cosmetics & Toiletries | 0.5 | |||
Steel — Producers | 0.5 | |||
Advertising Agencies | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Insurance — Life/Health | 0.4 | |||
Retail — Discount | 0.4 | |||
Electric Products — Misc. | 0.4 | |||
Agricultural Chemicals | 0.4 | |||
Gas — Distribution | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Savings & Loans/Thrifts | 0.4 | |||
Pipelines | 0.4 | |||
Instruments — Scientific | 0.4 | |||
Insurance — Reinsurance | 0.4 | |||
Retail — Drug Store | 0.4 | |||
Food — Meat Products | 0.3 | |||
Retail — Regional Department Stores | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Oil & Gas Drilling | 0.3 |
Brewery | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Transport — Services | 0.3 | |||
Pharmacy Services | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Audio/Video Products | 0.3 | |||
Security Services | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Casino Hotels | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Office Automation & Equipment | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Retail — Automobile | 0.3 | |||
Machinery — Farming | 0.3 | |||
Medical Instruments | 0.3 | |||
Real Estate Operations & Development | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Food — Retail | 0.2 | |||
Networking Products | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Finance — Other Services | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Internet Security | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Diversified Minerals | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Telecom Services | 0.2 | |||
Printing — Commercial | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Schools | 0.2 | |||
Software Tools | 0.2 | |||
Coal | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
United States Treasury Bonds | 0.2 | |||
Airlines | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Footwear & Related Apparel | 0.2 | |||
Cellular Telecom | 0.2 | |||
Insurance — Mutual | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Chemicals — Specialty | 0.1 | |||
Advertising Services | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Municipal Bonds | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Food — Confectionery | 0.1 | |||
Data Processing/Management | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Special Purpose Entities | 0.1 | |||
Electronics — Military | 0.1 | |||
Transport — Truck | 0.1 | |||
Rubber — Tires | 0.1 | |||
Finance — Commercial | 0.1 | |||
Hotels/Motels | 0.1 | |||
Banks — Money Center | 0.1 | |||
Athletic Footwear | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Sovereign | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Independent Power Producers | 0.1 | |||
Human Resources | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Toys | 0.1 |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)
Industry Allocation* (continued)
Electric — Generation | 0.1 | % | ||
Building Products — Doors & Windows | 0.1 | |||
Textile — Products | 0.1 | |||
Satellite Telecom | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Diversified Operations | 0.1 | |||
SupraNational Banks | 0.1 | |||
Tennessee Valley Authority | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Commercial Services | 0.1 | |||
Metal — Copper | 0.1 | |||
Cruise Lines | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Marine Services | 0.1 | |||
Building Products — Wood | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Alternative Waste Technology | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Entertainment Software | 0.1 | |||
Home Furnishings | 0.1 | |||
Medical Information Systems | 0.1 | |||
Petrochemicals | 0.1 | |||
Consulting Services | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Retail — Pawn Shops | 0.1 | |||
Electronic Connectors | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Regional Authority | 0.1 | |||
Leisure Products | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Music | 0.1 | |||
Therapeutics | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Garden Products | 0.1 | |||
Wireless Equipment | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Government National Mtg. Assoc. | 0.1 | |||
Investment Companies | 0.1 | |||
Television | 0.1 | |||
100.3% | ||||
* | Calculated as a percentage of net assets. |
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VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 60.4% |
| |||||||
Advertising Agencies — 0.4% |
| |||||||
Omnicom Group, Inc. | 10,390 | $ | 742,365 | |||||
Advertising Services — 0.1% |
| |||||||
Dentsu, Inc. | 4,600 | 191,320 | ||||||
Aerospace/Defense — 1.3% |
| |||||||
Aerovironment, Inc.† | 494 | 14,904 | ||||||
Boeing Co. | 12,968 | 1,740,954 | ||||||
Cubic Corp. | 526 | 29,477 | ||||||
Lockheed Martin Corp. | 511 | 72,393 | ||||||
National Presto Industries, Inc. | 122 | 9,347 | ||||||
Northrop Grumman Corp. | 1,912 | 215,444 | ||||||
Raytheon Co. | 541 | 47,976 | ||||||
Teledyne Technologies, Inc.† | 929 | 86,146 | ||||||
2,216,641 | ||||||||
Aerospace/Defense - Equipment — 0.3% |
| |||||||
AAR Corp. | 948 | 29,597 | ||||||
Curtiss-Wright Corp. | 1,164 | 61,424 | ||||||
GenCorp, Inc.† | 1,466 | 26,886 | ||||||
IHI Corp. | 44,000 | 183,861 | ||||||
Kaman Corp. | 663 | 26,427 | ||||||
Moog, Inc., Class A† | 1,110 | 76,224 | ||||||
Orbital Sciences Corp.† | 1,458 | 34,234 | ||||||
438,653 | ||||||||
Agricultural Chemicals — 0.3% |
| |||||||
CF Industries Holdings, Inc. | 2,060 | 447,803 | ||||||
Agricultural Operations — 0.0% |
| |||||||
Andersons, Inc. | 434 | 36,920 | ||||||
Airlines — 0.1% |
| |||||||
Allegiant Travel Co.† | 370 | 40,959 | ||||||
SkyWest, Inc. | 1,245 | 21,040 | ||||||
Southwest Airlines Co. | 2,549 | 47,386 | ||||||
109,385 | ||||||||
Alternative Waste Technology — 0.1% |
| |||||||
Calgon Carbon Corp.† | 1,322 | 27,378 | ||||||
Darling International, Inc.† | 2,938 | 60,905 | ||||||
88,283 | ||||||||
Apparel Manufacturers — 0.0% |
| |||||||
Oxford Industries, Inc. | 357 | 26,846 | ||||||
Quiksilver, Inc.† | 3,154 | 28,071 | ||||||
54,917 | ||||||||
Appliances — 0.0% |
| |||||||
iRobot Corp.† | 710 | 23,579 | ||||||
Whirlpool Corp. | 136 | 20,775 | ||||||
44,354 | ||||||||
Applications Software — 0.7% |
| |||||||
Ebix, Inc. | 799 | 11,130 | ||||||
Epiq Systems, Inc. | 796 | 13,317 | ||||||
Intuit, Inc. | 1,711 | 127,008 | ||||||
Microsoft Corp. | 24,506 | 934,414 | ||||||
Progress Software Corp.† | 1,319 | 34,742 | ||||||
Tangoe, Inc.† | 805 | 12,671 | ||||||
1,133,282 | ||||||||
Athletic Footwear — 0.1% |
| |||||||
NIKE, Inc., Class B | 2,574 | 203,706 | ||||||
Audio/Video Products — 0.3% |
| |||||||
Daktronics, Inc. | 929 | 14,214 | ||||||
DTS, Inc.† | 467 | 10,456 |
Security Description | Shares | Value (Note 2) | ||||||
Audio/Video Products (continued) |
| |||||||
Panasonic Corp. | 22,600 | $ | 259,263 | |||||
Sony Corp. | 10,800 | 196,862 | ||||||
Universal Electronics, Inc.† | 385 | 14,634 | ||||||
VOXX International Corp.† | 506 | 9,027 | ||||||
504,456 | ||||||||
Auto Repair Centers — 0.0% |
| |||||||
Monro Muffler Brake, Inc. | 731 | 38,787 | ||||||
Auto - Cars/Light Trucks — 1.4% |
| |||||||
Fuji Heavy Industries, Ltd. | 8,000 | 225,883 | ||||||
Honda Motor Co., Ltd. | 12,400 | 524,208 | ||||||
Isuzu Motors, Ltd. | 19,000 | 121,318 | ||||||
Nissan Motor Co., Ltd. | 18,600 | 169,974 | ||||||
Suzuki Motor Corp. | 5,500 | 141,225 | ||||||
Toyota Motor Corp. | 20,900 | 1,301,850 | ||||||
2,484,458 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.6% |
| |||||||
Aisin Seiki Co., Ltd. | 4,200 | 168,943 | ||||||
BorgWarner, Inc. | 1,339 | 143,501 | ||||||
Delphi Automotive PLC | 1,693 | 99,125 | ||||||
Denso Corp. | 3,800 | 190,325 | ||||||
Spartan Motors, Inc. | 786 | 5,431 | ||||||
Sumitomo Electric Industries, Ltd. | 12,400 | 193,340 | ||||||
Superior Industries International, Inc. | 579 | 11,429 | ||||||
Titan International, Inc. | 1,334 | 23,011 | ||||||
Toyota Industries Corp. | 4,400 | 191,379 | ||||||
1,026,484 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Dorman Products, Inc. | 752 | 37,435 | ||||||
Standard Motor Products, Inc. | 527 | 18,297 | ||||||
55,732 | ||||||||
Banks - Commercial — 1.7% |
| |||||||
Bank of Kyoto, Ltd. | 19,000 | 163,056 | ||||||
Bank of the Ozarks, Inc. | 776 | 43,572 | ||||||
Bank of Yokohama, Ltd. | 23,000 | 125,975 | ||||||
Banner Corp. | 483 | 20,991 | ||||||
BBCN Bancorp, Inc. | 1,965 | 32,796 | ||||||
Cardinal Financial Corp. | 752 | 13,333 | ||||||
Chiba Bank, Ltd. | 19,000 | 132,077 | ||||||
City Holding Co. | 389 | 19,143 | ||||||
Columbia Banking System, Inc. | 1,261 | 34,955 | ||||||
Community Bank System, Inc. | 988 | 38,394 | ||||||
CVB Financial Corp. | 2,339 | 37,751 | ||||||
First BanCorp Puerto Rico† | 2,353 | 15,012 | ||||||
First Commonwealth Financial Corp. | 2,351 | 22,005 | ||||||
First Financial Bancorp | 1,443 | 23,853 | ||||||
First Financial Bankshares, Inc. | 747 | 49,586 | ||||||
First Midwest Bancorp, Inc. | 1,869 | 34,315 | ||||||
FNB Corp. | 3,844 | 48,857 | ||||||
Glacier Bancorp, Inc. | 1,801 | 53,958 | ||||||
Hanmi Financial Corp. | 748 | 15,379 | ||||||
Home BancShares, Inc. | 1,169 | 42,271 | ||||||
Independent Bank Corp. | 586 | 22,368 | ||||||
Joyo Bank, Ltd. | 32,000 | 163,398 | ||||||
M&T Bank Corp. | 263 | 30,340 | ||||||
MB Financial, Inc. | 1,366 | 44,545 | ||||||
Mizuho Financial Group, Inc. | 146,800 | 308,147 | ||||||
National Penn Bancshares, Inc. | 2,823 | 31,872 | ||||||
NBT Bancorp, Inc. | 1,044 | 27,071 | ||||||
Old National Bancorp | 2,484 | 38,626 | ||||||
PacWest Bancorp | 983 | 40,441 | ||||||
Pinnacle Financial Partners, Inc. | 816 | 26,561 |
6
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
PrivateBancorp, Inc. | 1,595 | �� | $ | 44,229 | ||||
Regions Financial Corp. | 7,504 | 73,014 | ||||||
S&T Bancorp, Inc. | 743 | 19,548 | ||||||
Shizuoka Bank, Ltd. | 11,000 | 124,471 | ||||||
Simmons First National Corp., Class A | 386 | 13,649 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 9,300 | 460,346 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 30,000 | 147,327 | ||||||
Susquehanna Bancshares, Inc. | 4,657 | 58,632 | ||||||
Taylor Capital Group, Inc.† | 359 | 8,943 | ||||||
Texas Capital Bancshares, Inc.† | 1,017 | 57,125 | ||||||
Tompkins Financial Corp. | 288 | 14,429 | ||||||
TrustCo Bank Corp. | 2,311 | 17,564 | ||||||
UMB Financial Corp. | 925 | 59,311 | ||||||
Umpqua Holdings Corp. | 2,795 | 51,456 | ||||||
United Bankshares, Inc. | 1,142 | 37,058 | ||||||
United Community Banks, Inc.† | 953 | 17,487 | ||||||
ViewPoint Financial Group, Inc. | 889 | 22,563 | ||||||
Wilshire Bancorp, Inc. | 1,488 | 15,728 | ||||||
Wintrust Financial Corp. | 988 | 44,816 | ||||||
2,988,344 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Boston Private Financial Holdings, Inc. | 1,964 | 23,362 | ||||||
Banks - Super Regional — 2.2% |
| |||||||
Capital One Financial Corp. | 11,777 | 843,587 | ||||||
Comerica, Inc. | 5,807 | 263,347 | ||||||
Fifth Third Bancorp | 18,159 | 368,991 | ||||||
Huntington Bancshares, Inc. | 4,385 | 40,254 | ||||||
KeyCorp | 6,668 | 85,017 | ||||||
SunTrust Banks, Inc. | 2,633 | 95,394 | ||||||
US Bancorp | 2,282 | 89,500 | ||||||
Wells Fargo & Co. | 46,042 | 2,026,769 | ||||||
3,812,859 | ||||||||
Batteries/Battery Systems — 0.1% |
| |||||||
EnerSys, Inc. | 1,173 | 83,694 | ||||||
Beverages - Non-alcoholic — 0.6% |
| |||||||
Coca-Cola Co. | 3,687 | 148,180 | ||||||
Coca-Cola Enterprises, Inc. | 3,538 | 148,384 | ||||||
Dr Pepper Snapple Group, Inc. | 5,810 | 280,391 | ||||||
Monster Beverage Corp.† | 2,656 | 157,182 | ||||||
PepsiCo, Inc. | 3,502 | 295,779 | ||||||
1,029,916 | ||||||||
Brewery — 0.2% |
| |||||||
Asahi Group Holdings, Ltd. | 6,100 | 166,995 | ||||||
Boston Beer Co., Inc., Class A† | 216 | 52,877 | ||||||
Kirin Holdings Co., Ltd. | 11,000 | 169,470 | ||||||
389,342 | ||||||||
Broadcast Services/Program — 0.0% |
| |||||||
Digital Generation, Inc.† | 493 | 5,822 | ||||||
Discovery Communications, Inc., Class A† | 327 | 28,537 | ||||||
Scripps Networks Interactive, Inc., Class A | 493 | 36,773 | ||||||
71,132 | ||||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Drew Industries, Inc.† | 538 | 29,165 | ||||||
Gibraltar Industries, Inc.† | 728 | 12,886 | ||||||
Quanex Building Products Corp. | 923 | 16,466 | ||||||
Simpson Manufacturing Co., Inc. | 1,005 | 36,481 | ||||||
94,998 | ||||||||
Building & Construction - Misc. — 0.0% |
| |||||||
Aegion Corp.† | 968 | 21,074 |
Security Description | Shares | Value (Note 2) | ||||||
Building & Construction - Misc. (continued) |
| |||||||
Dycom Industries, Inc.† | 824 | $ | 23,319 | |||||
44,393 | ||||||||
Building Products - Air & Heating — 0.0% |
| |||||||
AAON, Inc. | 696 | 21,416 | ||||||
Comfort Systems USA, Inc. | 951 | 19,495 | ||||||
40,911 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
Headwaters, Inc.† | 1,784 | 17,234 | ||||||
Texas Industries, Inc.† | 519 | 30,164 | ||||||
47,398 | ||||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
Apogee Enterprises, Inc. | 711 | 25,468 | ||||||
Asahi Glass Co., Ltd. | 19,000 | 122,617 | ||||||
Griffon Corp. | 1,140 | 14,660 | ||||||
162,745 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 5,274 | 118,243 | ||||||
Universal Forest Products, Inc. | 494 | 25,673 | ||||||
143,916 | ||||||||
Building - Heavy Construction — 0.0% |
| |||||||
Orion Marine Group, Inc.† | 630 | 7,478 | ||||||
Building - Maintenance & Services — 0.0% |
| |||||||
ABM Industries, Inc. | 1,265 | 35,180 | ||||||
Building - Mobile Home/Manufactured Housing — 0.0% |
| |||||||
Winnebago Industries, Inc.† | 702 | 21,734 | ||||||
Building - Residential/Commercial — 0.8% |
| |||||||
D.R. Horton, Inc. | 38,913 | 773,590 | ||||||
Daiwa House Industry Co., Ltd. | 6,000 | 116,573 | ||||||
M/I Homes, Inc.† | 594 | 13,050 | ||||||
Meritage Homes Corp.† | 847 | 36,912 | ||||||
PulteGroup, Inc. | 4,864 | 91,249 | ||||||
Ryland Group, Inc. | 1,134 | 44,816 | ||||||
Sekisui Chemical Co., Ltd. | 13,000 | 152,307 | ||||||
Sekisui House, Ltd. | 11,000 | 151,750 | ||||||
Standard Pacific Corp.† | 3,620 | 29,612 | ||||||
1,409,859 | ||||||||
Cable/Satellite TV — 0.4% |
| |||||||
Cablevision Systems Corp., Class A | 1,769 | 29,666 | ||||||
Comcast Corp., Class A | 10,923 | 544,730 | ||||||
DIRECTV† | 272 | 17,982 | ||||||
Time Warner Cable, Inc. | 1,177 | 162,685 | ||||||
755,063 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Boyd Gaming Corp.† | 1,869 | 21,400 | ||||||
Monarch Casino & Resort, Inc.† | 224 | 3,976 | ||||||
25,376 | ||||||||
Casino Services — 0.0% |
| |||||||
Multimedia Games Holding Co., Inc.† | 706 | 20,474 | ||||||
Cellular Telecom — 0.1% |
| |||||||
NTELOS Holdings Corp. | 377 | 8,072 | ||||||
NTT DOCOMO, Inc. | 9,100 | 146,595 | ||||||
154,667 | ||||||||
Chemicals - Diversified — 1.6% |
| |||||||
Asahi Kasei Corp. | 27,000 | 212,995 | ||||||
Dow Chemical Co. | 13,920 | 543,715 |
7
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Chemicals - Diversified (continued) |
| |||||||
E.I. du Pont de Nemours & Co. | 19,430 | $ | 1,192,613 | |||||
Innophos Holdings, Inc. | 545 | 26,149 | ||||||
Kuraray Co., Ltd. | 13,300 | 165,300 | ||||||
LyondellBasell Industries NV, Class A | 3,031 | 233,933 | ||||||
Mitsubishi Chemical Holdings Corp. | 27,500 | 127,801 | ||||||
Nitto Denko Corp. | 2,100 | 106,820 | ||||||
PPG Industries, Inc. | 127 | 23,376 | ||||||
Shin-Etsu Chemical Co., Ltd. | 3,200 | 184,955 | ||||||
2,817,657 | ||||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 603 | 17,324 | ||||||
Chemicals - Plastics — 0.1% |
| |||||||
A. Schulman, Inc. | 734 | 25,103 | ||||||
PolyOne Corp. | 2,398 | 77,839 | ||||||
102,942 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Balchem Corp. | 736 | 43,534 | ||||||
H.B. Fuller Co. | 1,246 | 63,833 | ||||||
Hawkins, Inc. | 244 | 9,213 | ||||||
Kraton Performance Polymers, Inc.† | 805 | 18,748 | ||||||
OM Group, Inc.† | 771 | 25,397 | ||||||
Quaker Chemical Corp. | 326 | 26,419 | ||||||
Stepan Co. | 471 | 29,890 | ||||||
Zep, Inc. | 558 | 10,747 | ||||||
227,781 | ||||||||
Circuit Boards — 0.0% |
| |||||||
Park Electrochemical Corp. | 523 | 15,538 | ||||||
TTM Technologies, Inc.† | 1,350 | 13,095 | ||||||
28,633 | ||||||||
Coal — 0.1% |
| |||||||
Cloud Peak Energy, Inc.† | 1,472 | 24,347 | ||||||
Peabody Energy Corp. | 3,299 | 60,042 | ||||||
SunCoke Energy, Inc.† | 1,756 | 39,808 | ||||||
124,197 | ||||||||
Commercial Services — 0.1% |
| |||||||
ExlService Holdings, Inc.† | 758 | 19,981 | ||||||
Healthcare Services Group, Inc. | 1,705 | 49,428 | ||||||
Live Nation Entertainment, Inc.† | 3,471 | 63,762 | ||||||
Medifast, Inc.† | 317 | 8,587 | ||||||
TeleTech Holdings, Inc.† | 482 | 12,378 | ||||||
154,136 | ||||||||
Commercial Services - Finance — 0.4% |
| |||||||
Cardtronics, Inc.† | 1,117 | 47,573 | ||||||
Green Dot Corp., Class A† | 525 | 12,731 | ||||||
H&R Block, Inc. | 1,930 | 53,828 | ||||||
Heartland Payment Systems, Inc. | 920 | 41,317 | ||||||
MasterCard, Inc., Class A | 603 | 458,769 | ||||||
McGraw Hill Financial, Inc. | 90 | 6,705 | ||||||
620,923 | ||||||||
Communications Software — 0.0% |
| |||||||
Digi International, Inc.† | 686 | 7,889 | ||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc. | 979 | 30,496 | ||||||
Computer Services — 1.0% |
| |||||||
Accenture PLC, Class A | 1,785 | 138,284 | ||||||
CACI International, Inc., Class A† | 574 | 41,196 | ||||||
CIBER, Inc.† | 1,552 | 6,146 |
Security Description | Shares | Value (Note 2) | ||||||
Computer Services (continued) |
| |||||||
Computer Sciences Corp. | 1,683 | $ | 88,559 | |||||
iGATE Corp.† | 716 | 23,972 | ||||||
Insight Enterprises, Inc.† | 1,049 | 25,249 | ||||||
International Business Machines Corp. | 6,919 | 1,243,206 | ||||||
j2 Global, Inc. | 1,078 | 51,712 | ||||||
LivePerson, Inc.† | 1,178 | 14,478 | ||||||
Manhattan Associates, Inc.† | 477 | 57,364 | ||||||
Sykes Enterprises, Inc.† | 972 | 21,520 | ||||||
Virtusa Corp.† | 572 | 20,186 | ||||||
1,731,872 | ||||||||
Computer Software — 0.0% |
| |||||||
Avid Technology, Inc.† | 796 | 7,045 | ||||||
Blackbaud, Inc. | 1,138 | 41,161 | ||||||
48,206 | ||||||||
Computers — 1.5% |
| |||||||
Apple, Inc. | 4,346 | 2,416,680 | ||||||
Hewlett-Packard Co. | 7,483 | 204,660 | ||||||
2,621,340 | ||||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Agilysys, Inc.† | 399 | 5,215 | ||||||
Mercury Systems, Inc.† | 747 | 8,172 | ||||||
MTS Systems Corp. | 393 | 27,404 | ||||||
Netscout Systems, Inc.† | 940 | 28,604 | ||||||
Super Micro Computer, Inc.† | 796 | 12,641 | ||||||
82,036 | ||||||||
Computers - Memory Devices — 0.4% |
| |||||||
EMC Corp. | 15,078 | 359,610 | ||||||
NetApp, Inc. | 2,719 | 112,159 | ||||||
SanDisk Corp. | 1,245 | 84,847 | ||||||
Western Digital Corp. | 817 | 61,307 | ||||||
617,923 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Electronics for Imaging, Inc.† | 1,150 | 45,540 | ||||||
Synaptics, Inc.† | 831 | 41,974 | ||||||
87,514 | ||||||||
Consulting Services — 0.1% |
| |||||||
Forrester Research, Inc. | 329 | 13,154 | ||||||
MAXIMUS, Inc. | 1,674 | 76,167 | ||||||
Navigant Consulting, Inc.† | 1,234 | 24,186 | ||||||
113,507 | ||||||||
Consumer Products - Misc. — 0.2% |
| |||||||
Blyth, Inc. | 233 | 2,910 | ||||||
Central Garden and Pet Co., Class A† | 1,089 | 8,516 | ||||||
Clorox Co. | 924 | 86,089 | ||||||
Helen of Troy, Ltd.† | 742 | 36,143 | ||||||
Kimberly-Clark Corp. | 1,097 | 119,749 | ||||||
Prestige Brands Holdings, Inc.† | 1,274 | 44,896 | ||||||
WD-40 Co. | 347 | 26,115 | ||||||
324,418 | ||||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Ball Corp. | 4,550 | 227,409 | ||||||
Owens-Illinois, Inc.† | 742 | 24,486 | ||||||
251,895 | ||||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Avon Products, Inc. | 3,073 | 54,792 | ||||||
Estee Lauder Cos., Inc., Class A | 598 | 44,826 | ||||||
Inter Parfums, Inc. | 405 | 14,742 |
8
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Cosmetics & Toiletries (continued) |
| |||||||
Kao Corp. | 5,300 | $ | 174,122 | |||||
Procter & Gamble Co. | 2,824 | 237,837 | ||||||
Shiseido Co., Ltd. | 10,500 | 179,605 | ||||||
705,924 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
CSG Systems International, Inc. | 840 | 24,251 | ||||||
Dun & Bradstreet Corp. | 461 | 53,868 | ||||||
Fidelity National Information Services, Inc. | 2,271 | 115,094 | ||||||
193,213 | ||||||||
Decision Support Software — 0.0% |
| |||||||
Interactive Intelligence Group, Inc.† | 391 | 25,431 | ||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Align Technology, Inc.† | 1,741 | 95,128 | ||||||
Diagnostic Equipment — 0.1% |
| |||||||
Affymetrix, Inc.† | 1,772 | 15,044 | ||||||
Life Technologies Corp.† | 2,114 | 160,030 | ||||||
�� | ||||||||
175,074 | ||||||||
Diagnostic Kits — 0.0% |
| |||||||
Meridian Bioscience, Inc. | 1,034 | 25,416 | ||||||
Direct Marketing — 0.0% |
| |||||||
Harte-Hanks, Inc. | 1,076 | 8,565 | ||||||
Disposable Medical Products — 0.0% |
| |||||||
ICU Medical, Inc.† | 318 | 20,888 | ||||||
Merit Medical Systems, Inc.† | 1,032 | 16,894 | ||||||
37,782 | ||||||||
Distribution/Wholesale — 0.3% |
| |||||||
Fossil Group, Inc.† | 904 | 115,052 | ||||||
Genuine Parts Co. | 2,118 | 175,455 | ||||||
MWI Veterinary Supply, Inc.† | 316 | 57,566 | ||||||
Pool Corp. | 1,158 | 64,894 | ||||||
ScanSource, Inc.† | 695 | 29,183 | ||||||
United Stationers, Inc. | 976 | 43,901 | ||||||
486,051 | ||||||||
Diversified Banking Institutions — 3.0% |
| |||||||
Bank of America Corp. | 69,681 | 1,102,353 | ||||||
Citigroup, Inc. | 3,269 | 172,995 | ||||||
JPMorgan Chase & Co. | 32,748 | 1,873,841 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 89,900 | 578,414 | ||||||
Morgan Stanley | 44,622 | 1,396,669 | ||||||
5,124,272 | ||||||||
Diversified Manufacturing Operations — 1.4% |
| |||||||
Actuant Corp., Class A | 1,795 | 70,149 | ||||||
AZZ, Inc. | 632 | 30,892 | ||||||
Barnes Group, Inc. | 1,141 | 41,646 | ||||||
Danaher Corp. | 2,738 | 204,802 | ||||||
Dover Corp. | 10,598 | 961,663 | ||||||
EnPro Industries, Inc.† | 517 | 29,262 | ||||||
Federal Signal Corp.† | 1,579 | 24,680 | ||||||
General Electric Co. | 11,493 | 306,403 | ||||||
Illinois Tool Works, Inc. | 5,056 | 402,356 | ||||||
Koppers Holdings, Inc. | 514 | 24,353 | ||||||
Leggett & Platt, Inc. | 1,267 | 38,276 | ||||||
LSB Industries, Inc.† | 470 | 15,078 | ||||||
Lydall, Inc.† | 393 | 7,007 | ||||||
Parker Hannifin Corp. | 595 | 70,115 | ||||||
Standex International Corp. | 317 | 18,678 | ||||||
Textron, Inc. | 5,012 | 166,549 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Tredegar Corp. | 600 | $ | 15,708 | |||||
2,427,617 | ||||||||
Diversified Minerals — 0.0% |
| |||||||
AMCOL International Corp. | 594 | 18,509 | ||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Chemed Corp. | 437 | 34,055 | ||||||
Viad Corp. | 506 | 13,662 | ||||||
47,717 | ||||||||
E-Commerce/Products — 0.1% |
| |||||||
Amazon.com, Inc.† | 275 | 108,245 | ||||||
Blue Nile, Inc.† | 312 | 14,371 | ||||||
eBay, Inc.† | 1,600 | 80,832 | ||||||
FTD Cos., Inc.† | 457 | 15,072 | ||||||
Stamps.com, Inc.† | 350 | 16,125 | ||||||
234,645 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
OpenTable, Inc.† | 572 | 47,802 | ||||||
priceline.com, Inc.† | 204 | 243,235 | ||||||
291,037 | ||||||||
E-Marketing/Info — 0.0% |
| |||||||
comScore, Inc.† | 809 | 22,013 | ||||||
Liquidity Services, Inc.† | 648 | 15,014 | ||||||
QuinStreet, Inc.† | 654 | 5,723 | ||||||
42,750 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
Perficient, Inc.† | 827 | 17,929 | ||||||
Electric Products - Misc. — 0.4% |
| |||||||
Emerson Electric Co. | 4,997 | 334,749 | ||||||
Hitachi, Ltd. | 42,000 | 309,592 | ||||||
Littelfuse, Inc. | 550 | 47,823 | ||||||
692,164 | ||||||||
Electric - Integrated — 0.8% |
| |||||||
ALLETE, Inc. | 887 | 43,711 | ||||||
Avista Corp. | 1,475 | 40,194 | ||||||
Edison International | 6,144 | 283,914 | ||||||
El Paso Electric Co. | 1,003 | 36,138 | ||||||
Exelon Corp. | 8,409 | 226,286 | ||||||
Kansai Electric Power Co., Inc.† | 8,600 | 97,650 | ||||||
NorthWestern Corp. | 960 | 42,221 | ||||||
Public Service Enterprise Group, Inc. | 6,924 | 226,346 | ||||||
TECO Energy, Inc. | 19,211 | 327,355 | ||||||
UIL Holdings Corp. | 1,394 | 52,317 | ||||||
UNS Energy Corp. | 1,032 | 49,412 | ||||||
1,425,544 | ||||||||
Electronic Components - Misc. — 0.9% |
| |||||||
Bel Fuse, Inc., Class B | 233 | 5,296 | ||||||
Benchmark Electronics, Inc.† | 1,327 | 30,495 | ||||||
CTS Corp. | 797 | 14,489 | ||||||
Hoya Corp. | 8,200 | 221,842 | ||||||
Jabil Circuit, Inc. | 25,155 | 509,892 | ||||||
Kyocera Corp. | 3,400 | 179,917 | ||||||
Methode Electronics, Inc. | 875 | 25,314 | ||||||
Murata Manufacturing Co., Ltd. | 2,100 | 180,630 | ||||||
OSI Systems, Inc.† | 470 | 36,049 | ||||||
Plexus Corp.† | 833 | 33,628 | ||||||
Rogers Corp.† | 423 | 26,569 | ||||||
Sanmina Corp.† | 2,065 | 31,966 | ||||||
TE Connectivity, Ltd. | 1,901 | 100,221 |
9
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Components - Misc. (continued) |
| |||||||
Toshiba Corp. | 40,000 | $ | 172,614 | |||||
1,568,922 | ||||||||
Electronic Components - Semiconductors — 0.5% |
| |||||||
Broadcom Corp., Class A | 6,765 | 180,558 | ||||||
Ceva, Inc.† | 519 | 8,299 | ||||||
Diodes, Inc.† | 896 | 18,305 | ||||||
DSP Group, Inc.† | 567 | 5,012 | ||||||
Entropic Communications, Inc.† | 2,229 | 11,056 | ||||||
GT Advanced Technologies, Inc.† | 2,997 | 29,401 | ||||||
Kopin Corp.† | 1,543 | 6,295 | ||||||
LSI Corp. | 2,064 | 16,656 | ||||||
Microsemi Corp.† | 2,275 | 55,578 | ||||||
Monolithic Power Systems, Inc. | 848 | 28,323 | ||||||
NVIDIA Corp. | 3,016 | 47,050 | ||||||
QLogic Corp.† | 2,104 | 26,111 | ||||||
Rubicon Technology, Inc.† | 459 | 4,673 | ||||||
Supertex, Inc. | 260 | 6,747 | ||||||
Texas Instruments, Inc. | 9,844 | 423,292 | ||||||
867,356 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 1,284 | 109,140 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Analogic Corp. | 305 | 29,469 | ||||||
Badger Meter, Inc. | 358 | 19,665 | ||||||
ESCO Technologies, Inc. | 659 | 22,446 | ||||||
FARO Technologies, Inc.† | 425 | 23,179 | ||||||
Keyence Corp. | 400 | 160,703 | ||||||
Measurement Specialties, Inc.† | 361 | 19,978 | ||||||
275,440 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
American Science & Engineering, Inc. | 182 | 13,042 | ||||||
Tyco International, Ltd. | 1,218 | 46,455 | ||||||
59,497 | ||||||||
Electronics - Military — 0.0% |
| |||||||
L-3 Communications Holdings, Inc. | 602 | 62,283 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
FutureFuel Corp. | 557 | 9,313 | ||||||
Engineering/R&D Services — 0.6% |
| |||||||
EMCOR Group, Inc. | 1,648 | 65,475 | ||||||
Engility Holdings, Inc.† | 413 | 13,154 | ||||||
Exponent, Inc. | 328 | 25,378 | ||||||
Fluor Corp. | 1,351 | 105,121 | ||||||
Foster Wheeler AG† | 24,748 | 750,607 | ||||||
959,735 | ||||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Briggs & Stratton Corp. | 1,202 | 24,304 | ||||||
Cummins, Inc. | 257 | 34,017 | ||||||
58,321 | ||||||||
Enterprise Software/Service — 0.5% |
| |||||||
CA, Inc. | 4,251 | 140,283 | ||||||
Digital River, Inc.† | 722 | 12,902 | ||||||
MicroStrategy, Inc., Class A† | 224 | 28,970 | ||||||
Omnicell, Inc.† | 879 | 21,316 | ||||||
Oracle Corp. | 14,746 | 520,386 | ||||||
SYNNEX Corp.† | 640 | 42,342 | ||||||
Tyler Technologies, Inc.† | 691 | 70,904 | ||||||
837,103 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Entertainment Software — 0.0% |
| |||||||
Take-Two Interactive Software, Inc.† | 2,185 | $ | 35,747 | |||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
Tetra Tech, Inc.† | 1,568 | 44,829 | ||||||
Finance - Consumer Loans — 0.2% |
| |||||||
Encore Capital Group, Inc.† | 576 | 27,470 | ||||||
Portfolio Recovery Associates, Inc.† | 1,246 | 72,766 | ||||||
SLM Corp. | 5,845 | 155,769 | ||||||
World Acceptance Corp.† | 274 | 25,296 | ||||||
281,301 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Daiwa Securities Group, Inc. | 19,000 | 184,574 | ||||||
Evercore Partners, Inc., Class A | 778 | 42,673 | ||||||
FXCM, Inc., Class A | 892 | 14,861 | ||||||
Interactive Brokers Group, Inc., Class A | 1,236 | 29,973 | ||||||
Investment Technology Group, Inc.† | 881 | 17,259 | ||||||
Nomura Holdings, Inc. | 30,800 | 243,874 | ||||||
Piper Jaffray Cos.† | 379 | 14,410 | ||||||
Stifel Financial Corp.† | 1,450 | 64,916 | ||||||
SWS Group, Inc.† | 706 | 4,561 | ||||||
617,101 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
ORIX Corp. | 11,800 | 214,860 | ||||||
Finance - Other Services — 0.1% |
| |||||||
Higher One Holdings, Inc.† | 718 | 7,065 | ||||||
IntercontinentalExchange Group, Inc.† | 330 | 70,386 | ||||||
MarketAxess Holdings, Inc. | 932 | 65,585 | ||||||
Outerwall Inc† | 696 | 47,606 | ||||||
WageWorks, Inc.† | 714 | 40,912 | ||||||
231,554 | ||||||||
Firearms & Ammunition — 0.0% |
| |||||||
Sturm Ruger & Co., Inc. | 481 | 37,003 | ||||||
Food - Canned — 0.0% |
| |||||||
Seneca Foods Corp., Class A† | 176 | 5,514 | ||||||
TreeHouse Foods, Inc.† | 903 | 63,346 | ||||||
68,860 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Hershey Co. | 2,365 | 229,145 | ||||||
Food - Meat Products — 0.3% |
| |||||||
Hormel Foods Corp. | 10,678 | 480,724 | ||||||
Tyson Foods, Inc., Class A | 3,467 | 109,869 | ||||||
590,593 | ||||||||
Food - Misc./Diversified — 1.4% |
| |||||||
Ajinomoto Co., Inc. | 11,000 | 156,798 | ||||||
Annie’s, Inc.† | 416 | 19,115 | ||||||
B&G Foods, Inc. | 1,319 | 45,677 | ||||||
Cal-Maine Foods, Inc. | 373 | 20,496 | ||||||
Diamond Foods, Inc.† | 511 | 12,642 | ||||||
General Mills, Inc. | 3,248 | 163,797 | ||||||
Hain Celestial Group, Inc.† | 1,178 | 97,409 | ||||||
J&J Snack Foods Corp. | 357 | 30,674 | ||||||
Kellogg Co. | 8,854 | 536,907 | ||||||
Kraft Foods Group, Inc. | 10,635 | 564,931 | ||||||
Mondelez International, Inc., Class A | 23,863 | 800,126 | ||||||
Snyders-Lance, Inc. | 1,204 | 34,687 | ||||||
2,483,259 | ||||||||
Food - Retail — 0.2% |
| |||||||
Kroger Co. | 3,072 | 128,256 |
10
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Food - Retail (continued) |
| |||||||
Nutrisystem, Inc. | 748 | $ | 14,720 | |||||
Seven & I Holdings Co., Ltd. | 5,900 | 217,164 | ||||||
360,140 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Calavo Growers, Inc. | 318 | 9,804 | ||||||
Spartan Stores, Inc. | 901 | 20,903 | ||||||
Sysco Corp. | 3,337 | 112,223 | ||||||
142,930 | ||||||||
Footwear & Related Apparel — 0.2% |
| |||||||
Crocs, Inc.† | 2,157 | 29,767 | ||||||
Iconix Brand Group, Inc.† | 1,345 | 53,370 | ||||||
Skechers U.S.A., Inc., Class A† | 960 | 32,275 | ||||||
Steven Madden, Ltd.† | 1,490 | 58,050 | ||||||
Wolverine World Wide, Inc. | 2,458 | 80,893 | ||||||
254,355 | ||||||||
Forestry — 0.0% |
| |||||||
Deltic Timber Corp. | 272 | 17,139 | ||||||
Gambling (Non-Hotel) — 0.0% |
| |||||||
Pinnacle Entertainment, Inc.† | 1,451 | 36,478 | ||||||
Garden Products — 0.1% |
| |||||||
Toro Co. | 1,405 | 86,703 | ||||||
Gas - Distribution — 0.4% |
| |||||||
Laclede Group, Inc. | 748 | 34,490 | ||||||
New Jersey Resources Corp. | 1,016 | 46,421 | ||||||
Northwest Natural Gas Co. | 672 | 28,580 | ||||||
Osaka Gas Co., Ltd. | 44,000 | 177,847 | ||||||
Piedmont Natural Gas Co., Inc. | 1,857 | 61,560 | ||||||
South Jersey Industries, Inc. | 791 | 44,850 | ||||||
Southwest Gas Corp. | 1,132 | 60,064 | ||||||
Tokyo Gas Co., Ltd. | 32,000 | 159,336 | ||||||
613,148 | ||||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co. | 1,780 | 14,418 | ||||||
Health Care Cost Containment — 0.0% |
| |||||||
Corvel Corp.† | 272 | 12,591 | ||||||
Home Furnishings — 0.1% |
| |||||||
American Woodmark Corp.† | 287 | 10,356 | ||||||
Ethan Allen Interiors, Inc. | 648 | 20,023 | ||||||
La-Z-Boy, Inc. | 1,306 | 38,214 | ||||||
Select Comfort Corp.† | 1,391 | 29,364 | ||||||
97,957 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
Marcus Corp. | 470 | 6,857 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 2,022 | 150,599 | ||||||
Wyndham Worldwide Corp. | 674 | 48,332 | ||||||
205,788 | ||||||||
Human Resources — 0.1% |
| |||||||
AMN Healthcare Services, Inc.† | 1,164 | 16,156 | ||||||
CDI Corp. | 347 | 5,444 | ||||||
Cross Country Healthcare, Inc.† | 754 | 5,761 | ||||||
Heidrick & Struggles International, Inc. | 383 | 6,986 | ||||||
Insperity, Inc. | 551 | 19,423 | ||||||
Kelly Services, Inc., Class A | 678 | 15,757 | ||||||
Korn/Ferry International† | 1,213 | 28,093 | ||||||
Monster Worldwide, Inc.† | 2,589 | 14,576 | ||||||
On Assignment, Inc.† | 1,141 | 38,828 | ||||||
Resources Connection, Inc. | 936 | 13,310 |
Security Description | Shares | Value (Note 2) | ||||||
Human Resources (continued) |
| |||||||
TrueBlue, Inc.† | 1,013 | $ | 25,872 | |||||
190,206 | ||||||||
Identification Systems — 0.0% |
| |||||||
Brady Corp., Class A | 1,152 | 36,092 | ||||||
Checkpoint Systems, Inc.† | 1,020 | 14,729 | ||||||
50,821 | ||||||||
Import/Export — 0.6% |
| |||||||
ITOCHU Corp. | 15,000 | 189,212 | ||||||
Marubeni Corp. | 23,000 | 166,844 | ||||||
Mitsubishi Corp. | 11,600 | 228,206 | ||||||
Mitsui & Co., Ltd. | 15,000 | 207,811 | ||||||
Sumitomo Corp. | 13,700 | 169,469 | ||||||
961,542 | ||||||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Cognex Corp. | 2,048 | 67,482 | ||||||
FANUC Corp. | 1,500 | 252,477 | ||||||
319,959 | ||||||||
Instruments - Controls — 0.0% |
| |||||||
Watts Water Technologies, Inc., Class A | 704 | 42,324 | ||||||
Instruments - Scientific — 0.4% |
| |||||||
FEI Co. | 1,026 | 93,417 | ||||||
PerkinElmer, Inc. | 14,113 | 536,859 | ||||||
630,276 | ||||||||
Insurance Brokers — 0.0% |
| |||||||
eHealth, Inc.† | 443 | 20,072 | ||||||
Insurance - Life/Health — 0.3% |
| |||||||
Aflac, Inc. | 3,728 | 247,428 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 9,300 | 145,731 | ||||||
Unum Group | 2,295 | 77,043 | ||||||
470,202 | ||||||||
Insurance - Multi-line — 0.4% |
| |||||||
ACE, Ltd. | 2,655 | 272,881 | ||||||
Allstate Corp. | 4,333 | 235,152 | ||||||
Cincinnati Financial Corp. | 165 | 8,648 | ||||||
Horace Mann Educators Corp. | 988 | 30,351 | ||||||
MetLife, Inc. | 1,075 | 56,104 | ||||||
United Fire Group, Inc. | 542 | 16,125 | ||||||
619,261 | ||||||||
Insurance - Property/Casualty — 0.6% |
| |||||||
AMERISAFE, Inc. | 453 | 19,878 | ||||||
Employers Holdings, Inc. | 768 | 25,067 | ||||||
HCI Group, Inc. | 249 | 12,398 | ||||||
Infinity Property & Casualty Corp. | 289 | 20,620 | ||||||
Meadowbrook Insurance Group, Inc. | 1,194 | 8,824 | ||||||
MS&AD Insurance Group Holdings | 5,500 | 148,045 | ||||||
Navigators Group, Inc.† | 264 | 17,646 | ||||||
NKSJ Holdings, Inc. | 5,500 | 152,448 | ||||||
ProAssurance Corp. | 1,512 | 72,697 | ||||||
Progressive Corp. | 6,582 | 183,835 | ||||||
RLI Corp. | 426 | 42,979 | ||||||
Safety Insurance Group, Inc. | 318 | 17,856 | ||||||
Selective Insurance Group, Inc. | 1,361 | 38,366 | ||||||
Stewart Information Services Corp. | 510 | 16,248 | ||||||
Tokio Marine Holdings, Inc. | 5,900 | 195,851 | ||||||
Tower Group International Ltd | 975 | 4,056 | ||||||
Travelers Cos., Inc. | 542 | 49,181 | ||||||
1,025,995 | ||||||||
11
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Reinsurance — 0.4% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 5,403 | $ | 629,612 | |||||
Internet Application Software — 0.0% |
| |||||||
Dealertrack Technologies, Inc.† | 1,074 | 44,893 | ||||||
Internet Connectivity Services — 0.0% |
| |||||||
PC-Tel, Inc. | 369 | 3,660 | ||||||
Internet Content - Information/News — 0.0% |
| |||||||
Dice Holdings, Inc.† | 993 | 7,229 | ||||||
HealthStream, Inc.† | 493 | 16,585 | ||||||
XO Group, Inc.† | 584 | 9,151 | ||||||
32,965 | ||||||||
Internet Security — 0.2% |
| |||||||
Symantec Corp. | 5,615 | 126,281 | ||||||
Trend Micro, Inc. | 5,100 | 199,668 | ||||||
VASCO Data Security International, Inc.† | 668 | 5,144 | ||||||
331,093 | ||||||||
Investment Companies — 0.1% |
| |||||||
Prospect Capital Corp. | 7,025 | 80,155 | ||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
BlackRock, Inc. | 1,548 | 468,657 | ||||||
Calamos Asset Management, Inc., Class A | 510 | 5,656 | ||||||
Financial Engines, Inc. | 1,228 | 83,197 | ||||||
Legg Mason, Inc. | 17,661 | 690,722 | ||||||
T. Rowe Price Group, Inc. | 1,569 | 126,242 | ||||||
Virtus Investment Partners, Inc.† | 172 | 35,741 | ||||||
1,410,215 | ||||||||
Lasers - System/Components — 0.1% |
| |||||||
Coherent, Inc. | 604 | 41,700 | ||||||
Electro Scientific Industries, Inc. | 578 | 5,948 | ||||||
II-VI, Inc.† | 1,350 | 22,073 | ||||||
Newport Corp.† | 956 | 16,395 | ||||||
Rofin-Sinar Technologies, Inc.† | 703 | 18,158 | ||||||
104,274 | ||||||||
Leisure Products — 0.1% |
| |||||||
Brunswick Corp. | 2,219 | 101,408 | ||||||
Linen Supply & Related Items — 0.0% |
| |||||||
G&K Services, Inc., Class A | 481 | 28,966 | ||||||
UniFirst Corp. | 374 | 38,238 | ||||||
67,204 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 461 | 16,872 | ||||||
Joy Global, Inc. | 400 | 22,624 | ||||||
Komatsu, Ltd. | 8,400 | 174,602 | ||||||
214,098 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Franklin Electric Co., Inc. | 965 | 42,943 | ||||||
Mitsubishi Electric Corp. | 19,000 | 219,448 | ||||||
SMC Corp. | 600 | 144,457 | ||||||
406,848 | ||||||||
Machinery - Farming — 0.2% |
| |||||||
Kubota Corp. | 13,000 | 222,241 | ||||||
Lindsay Corp. | 321 | 24,521 | ||||||
246,762 | ||||||||
Machinery - General Industrial — 0.2% |
| |||||||
Albany International Corp., Class A | 687 | 25,254 | ||||||
Applied Industrial Technologies, Inc. | 1,050 | 50,799 | ||||||
DXP Enterprises, Inc.† | 260 | 25,475 |
Security Description | Shares | Value (Note 2) | ||||||
Machinery - General Industrial (continued) |
| |||||||
Intevac, Inc.† | 596 | $ | 3,946 | |||||
Mitsubishi Heavy Industries, Ltd. | 30,000 | 192,433 | ||||||
Tennant Co. | 461 | 30,085 | ||||||
327,992 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Computer Programs & Systems, Inc. | 260 | 15,995 | ||||||
Medidata Solutions, Inc.† | 619 | 73,605 | ||||||
Quality Systems, Inc. | 1,077 | 25,159 | ||||||
114,759 | ||||||||
Medical Instruments — 0.2% |
| |||||||
Abaxis, Inc. | 518 | 18,638 | ||||||
CONMED Corp. | 666 | 27,113 | ||||||
CryoLife, Inc. | 688 | 7,602 | ||||||
Integra LifeSciences Holdings Corp.† | 566 | 26,291 | ||||||
Medtronic, Inc. | 1,594 | 91,368 | ||||||
Natus Medical, Inc.† | 694 | 15,983 | ||||||
NuVasive, Inc.† | 1,098 | 36,508 | ||||||
St Jude Medical, Inc. | 85 | 4,966 | ||||||
SurModics, Inc.† | 353 | 8,514 | ||||||
Symmetry Medical, Inc.† | 936 | 9,182 | ||||||
246,165 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Bio-Reference Labs, Inc.† | 610 | 17,812 | ||||||
Quest Diagnostics, Inc. | 2,355 | 143,514 | ||||||
161,326 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cynosure, Inc., Class A† | 461 | 11,935 | ||||||
Medical Products — 0.6% |
| |||||||
ABIOMED, Inc.† | 836 | 23,901 | ||||||
Cantel Medical Corp. | 803 | 29,968 | ||||||
CareFusion Corp.† | 1,636 | 65,195 | ||||||
Covidien PLC | 6,100 | 416,386 | ||||||
Cyberonics, Inc.† | 616 | 42,332 | ||||||
Greatbatch, Inc.† | 592 | 24,053 | ||||||
Haemonetics Corp.† | 1,259 | 53,205 | ||||||
Hanger, Inc.† | 853 | 33,131 | ||||||
Invacare Corp. | 728 | 16,307 | ||||||
Luminex Corp.† | 888 | 17,378 | ||||||
Terumo Corp. | 3,400 | 177,593 | ||||||
West Pharmaceutical Services, Inc. | 1,712 | 85,463 | ||||||
Zimmer Holdings, Inc. | 922 | 84,280 | ||||||
1,069,192 | ||||||||
Medical - Biomedical/Gene — 0.6% |
| |||||||
Acorda Therapeutics, Inc.† | 1,004 | 34,949 | ||||||
Amgen, Inc. | 2,308 | 263,297 | ||||||
Arqule, Inc.† | 1,326 | 3,222 | ||||||
Biogen Idec, Inc.† | 1,772 | 515,599 | ||||||
Cambrex Corp.† | 782 | 15,249 | ||||||
Celgene Corp.† | 103 | 16,662 | ||||||
Emergent Biosolutions, Inc.† | 708 | 15,895 | ||||||
Gilead Sciences, Inc.† | 792 | 59,249 | ||||||
Ligand Pharmaceuticals, Inc., Class B† | 504 | 28,063 | ||||||
Medicines Co.† | 1,555 | 56,929 | ||||||
Momenta Pharmaceuticals, Inc.† | 1,137 | 20,227 | ||||||
Spectrum Pharmaceuticals, Inc. | 1,269 | 12,220 | ||||||
1,041,561 | ||||||||
Medical - Drugs — 2.9% |
| |||||||
Abbott Laboratories | 16,464 | 628,760 | ||||||
AbbVie, Inc. | 10,728 | 519,772 |
12
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Akorn, Inc.† | 1,769 | $ | 45,552 | |||||
Astellas Pharma, Inc. | 3,800 | 225,199 | ||||||
Bristol-Myers Squibb Co. | 13,301 | 683,405 | ||||||
Daiichi Sankyo Co., Ltd. | 9,700 | 178,042 | ||||||
Eisai Co., Ltd. | 4,200 | 164,022 | ||||||
Eli Lilly & Co. | 13,552 | 680,581 | ||||||
Hi-Tech Pharmacal Co., Inc. | 277 | 12,030 | ||||||
Johnson & Johnson | 2,360 | 223,398 | ||||||
Merck & Co., Inc. | 2,842 | 141,617 | ||||||
Ono Pharmaceutical Co., Ltd. | 3,000 | 227,288 | ||||||
Pfizer, Inc. | 24,542 | 778,718 | ||||||
PharMerica Corp.† | 736 | 16,619 | ||||||
Santarus, Inc.† | 1,507 | 48,495 | ||||||
Takeda Pharmaceutical Co., Ltd. | 5,500 | 267,147 | ||||||
ViroPharma, Inc.† | 1,627 | 80,553 | ||||||
4,921,198 | ||||||||
Medical - Generic Drugs — 0.0% |
| |||||||
Impax Laboratories, Inc.† | 1,563 | 37,575 | ||||||
Medical - HMO — 0.5% |
| |||||||
Aetna, Inc. | 1,193 | 82,234 | ||||||
Centene Corp.† | 1,347 | 80,456 | ||||||
Cigna Corp. | 1,816 | 158,809 | ||||||
Humana, Inc. | 3,264 | 339,423 | ||||||
Magellan Health Services, Inc.† | 654 | 40,025 | ||||||
Molina Healthcare, Inc.† | 688 | 23,117 | ||||||
UnitedHealth Group, Inc. | 255 | 18,992 | ||||||
WellPoint, Inc. | 1,361 | 126,410 | ||||||
869,466 | ||||||||
Medical - Hospitals — 0.0% |
| |||||||
Tenet Healthcare Corp.† | 427 | 18,425 | ||||||
Medical - Nursing Homes — 0.0% |
| |||||||
Ensign Group, Inc. | 479 | 21,636 | ||||||
Kindred Healthcare, Inc. | 1,370 | 23,071 | ||||||
44,707 | ||||||||
Medical - Outpatient/Home Medical — 0.1% |
| |||||||
Air Methods Corp. | 871 | 48,741 | ||||||
Almost Family, Inc. | 206 | 5,747 | ||||||
Amedisys, Inc.† | 797 | 12,975 | ||||||
Amsurg Corp.† | 803 | 38,801 | ||||||
Gentiva Health Services, Inc.† | 734 | 9,065 | ||||||
LHC Group, Inc.† | 290 | 6,888 | ||||||
122,217 | ||||||||
Medical - Wholesale Drug Distribution — 0.2% |
| |||||||
AmerisourceBergen Corp. | 1,097 | 77,371 | ||||||
Cardinal Health, Inc. | 2,770 | 178,942 | ||||||
McKesson Corp. | 194 | 32,183 | ||||||
288,496 | ||||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
CIRCOR International, Inc. | 437 | 34,667 | ||||||
Haynes International, Inc. | 309 | 16,754 | ||||||
Mueller Industries, Inc. | 702 | 42,878 | ||||||
NSK, Ltd. | 17,000 | 200,830 | ||||||
RTI International Metals, Inc.† | 759 | 26,467 | ||||||
321,596 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
A.M. Castle & Co.† | 385 | 5,386 | ||||||
Olympic Steel, Inc. | 230 | 6,456 | ||||||
11,842 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Metal - Aluminum — 0.0% |
| |||||||
Century Aluminum Co.† | 1,261 | $ | 11,349 | |||||
Kaiser Aluminum Corp. | 461 | 31,035 | ||||||
42,384 | ||||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan Copper & Gold, Inc. | 4,399 | 152,601 | ||||||
Miscellaneous Manufacturing — 0.1% |
| |||||||
Hillenbrand, Inc. | 1,544 | 43,386 | ||||||
John Bean Technologies Corp. | 664 | 19,628 | ||||||
Movado Group, Inc. | 442 | 20,120 | ||||||
83,134 | ||||||||
Multimedia — 0.4% |
| |||||||
EW Scripps Co., Class A† | 762 | 15,445 | ||||||
Viacom, Inc., Class B | 1,875 | 150,319 | ||||||
Walt Disney Co. | 6,470 | 456,394 | ||||||
622,158 | ||||||||
Networking Products — 0.2% |
| |||||||
Anixter International, Inc. | 656 | 57,990 | ||||||
Black Box Corp. | 406 | 11,372 | ||||||
Cisco Systems, Inc. | 12,860 | 273,275 | ||||||
Ixia† | 1,359 | 17,653 | ||||||
LogMeIn, Inc.† | 558 | 19,251 | ||||||
NETGEAR, Inc.† | 959 | 30,794 | ||||||
Procera Networks, Inc.† | 473 | 7,223 | ||||||
417,558 | ||||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Globe Specialty Metals, Inc. | 1,614 | 28,729 | ||||||
Materion Corp. | 510 | 14,668 | ||||||
43,397 | ||||||||
Non-Hazardous Waste Disposal — 0.1% |
| |||||||
Republic Services, Inc. | 3,025 | 105,603 | ||||||
Office Automation & Equipment — 0.3% |
| |||||||
Canon, Inc. | 8,600 | 286,317 | ||||||
Xerox Corp. | 11,998 | 136,537 | ||||||
422,854 | ||||||||
Office Furnishings - Original — 0.0% |
| |||||||
Interface, Inc. | 1,403 | 28,130 | ||||||
Office Supplies & Forms — 0.1% |
| |||||||
Avery Dennison Corp. | 3,182 | 155,600 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Ensco PLC, Class A | 2,762 | 163,179 | ||||||
Nabors Industries, Ltd. | 4,005 | 66,283 | ||||||
229,462 | ||||||||
Oil Companies - Exploration & Production — 1.0% |
| |||||||
Anadarko Petroleum Corp. | 6,369 | 565,695 | ||||||
Approach Resources, Inc.† | 867 | 18,372 | ||||||
Cabot Oil & Gas Corp. | 1,254 | 43,200 | ||||||
Carrizo Oil & Gas, Inc.† | 1,015 | 41,047 | ||||||
Chesapeake Energy Corp. | 494 | 13,274 | ||||||
Comstock Resources, Inc. | 1,121 | 18,979 | ||||||
ConocoPhillips | 6,348 | 462,134 | ||||||
Contango Oil & Gas Co.† | 363 | 17,101 | ||||||
Devon Energy Corp. | 2,058 | 124,756 | ||||||
EOG Resources, Inc. | 322 | 53,130 | ||||||
Forest Oil Corp.† | 2,970 | 13,127 | ||||||
Noble Energy, Inc. | 1,758 | 123,482 | ||||||
Northern Oil and Gas, Inc.† | 1,475 | 23,526 | ||||||
Occidental Petroleum Corp. | 1,270 | 120,599 |
13
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
PDC Energy, Inc.† | 887 | $ | 52,253 | |||||
Penn Virginia Corp.† | 1,366 | 14,657 | ||||||
PetroQuest Energy, Inc.† | 1,407 | 5,769 | ||||||
Stone Energy Corp.† | 1,229 | 40,655 | ||||||
Swift Energy Co.† | 1,073 | 14,282 | ||||||
1,766,038 | ||||||||
Oil Companies - Integrated — 2.1% |
| |||||||
Chevron Corp. | 11,613 | 1,421,896 | ||||||
Exxon Mobil Corp. | 18,700 | 1,748,076 | ||||||
Hess Corp. | 2,289 | 185,706 | ||||||
Marathon Oil Corp. | 3,919 | 141,241 | ||||||
Phillips 66 | 2,642 | 183,910 | ||||||
3,680,829 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
Flotek Industries, Inc.† | 1,094 | 22,908 | ||||||
Gulf Island Fabrication, Inc. | 302 | 7,991 | ||||||
30,899 | ||||||||
Oil Refining & Marketing — 0.2% |
| |||||||
JX Holdings, Inc. | 37,800 | 196,704 | ||||||
Marathon Petroleum Corp. | 2,062 | 170,610 | ||||||
Tesoro Corp. | 94 | 5,511 | ||||||
372,825 | ||||||||
Oil - Field Services — 0.5% |
| |||||||
Baker Hughes, Inc. | 3,422 | 194,917 | ||||||
Basic Energy Services, Inc.† | 636 | 9,025 | ||||||
C&J Energy Services, Inc.† | 1,118 | 26,497 | ||||||
Exterran Holdings, Inc.† | 1,455 | 47,317 | ||||||
Halliburton Co. | 4,064 | 214,091 | ||||||
Hornbeck Offshore Services, Inc.† | 796 | 40,301 | ||||||
Matrix Service Co.† | 650 | 14,430 | ||||||
Newpark Resources, Inc.† | 2,161 | 26,062 | ||||||
Pioneer Energy Services Corp.† | 1,574 | 11,364 | ||||||
Schlumberger, Ltd. | 1,617 | 142,975 | ||||||
SEACOR Holdings, Inc. | 458 | 42,617 | ||||||
Tesco Corp.† | 784 | 14,018 | ||||||
TETRA Technologies, Inc.† | 1,944 | 23,989 | ||||||
807,603 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 551 | 29,176 | ||||||
International Paper Co. | 2,036 | 94,979 | ||||||
KapStone Paper and Packaging Corp.† | 999 | 53,227 | ||||||
Neenah Paper, Inc. | 395 | 16,586 | ||||||
P.H. Glatfelter Co. | 1,070 | 29,949 | ||||||
Schweitzer-Mauduit International, Inc. | 783 | 40,411 | ||||||
Wausau Paper Corp. | 1,188 | 14,422 | ||||||
278,750 | ||||||||
Pharmacy Services — 0.3% |
| |||||||
Express Scripts Holding Co.† | 7,857 | 529,169 | ||||||
Photo Equipment & Supplies — 0.1% |
| |||||||
FUJIFILM Holdings Corp. | 7,200 | 196,616 | ||||||
Physicians Practice Management — 0.0% |
| |||||||
Healthways, Inc.† | 867 | 12,146 | ||||||
IPC The Hospitalist Co., Inc.† | 418 | 26,284 | ||||||
38,430 | ||||||||
Platinum — 0.0% |
| |||||||
Stillwater Mining Co.† | 2,977 | 33,432 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Poultry — 0.0% |
| |||||||
Sanderson Farms, Inc. | 501 | $ | 34,238 | |||||
Power Converter/Supply Equipment — 0.0% |
| |||||||
Advanced Energy Industries, Inc.† | 880 | 20,962 | ||||||
Powell Industries, Inc. | 226 | 15,501 | ||||||
Vicor Corp.† | 483 | 5,221 | ||||||
41,684 | ||||||||
Printing - Commercial — 0.1% |
| |||||||
Consolidated Graphics, Inc.† | 204 | 13,139 | ||||||
Dai Nippon Printing Co., Ltd. | 17,000 | 175,270 | ||||||
188,409 | ||||||||
Protection/Safety — 0.0% |
| |||||||
Landauer, Inc. | 236 | 12,508 | ||||||
Publishing - Newspapers — 0.0% |
| |||||||
Gannett Co., Inc. | 2,281 | 61,724 | ||||||
Real Estate Investment Trusts — 1.2% |
| |||||||
Acadia Realty Trust | 1,350 | 35,060 | ||||||
Agree Realty Corp. | 374 | 10,958 | ||||||
American Assets Trust, Inc. | 848 | 26,449 | ||||||
Apartment Investment & Management Co., Class A | 10,254 | 257,478 | ||||||
Associated Estates Realty Corp. | 1,428 | 22,720 | ||||||
Capstead Mortgage Corp. | 2,408 | 28,968 | ||||||
Cedar Realty Trust, Inc. | 1,579 | 9,158 | ||||||
CoreSite Realty Corp. | 529 | 17,118 | ||||||
Cousins Properties, Inc. | 4,406 | 47,188 | ||||||
DiamondRock Hospitality Co. | 4,817 | 55,058 | ||||||
Digital Realty Trust, Inc. | 8,838 | 417,507 | ||||||
EastGroup Properties, Inc. | 747 | 45,261 | ||||||
EPR Properties | 1,257 | 63,215 | ||||||
Franklin Street Properties Corp. | 2,134 | 27,443 | ||||||
Geo Group, Inc. | 1,771 | 58,089 | ||||||
Getty Realty Corp. | 668 | 12,311 | ||||||
Government Properties Income Trust | 1,326 | 32,898 | ||||||
Healthcare Realty Trust, Inc. | 2,341 | 51,806 | ||||||
Host Hotels & Resorts, Inc. | 1,571 | 28,922 | ||||||
Inland Real Estate Corp. | 2,013 | 21,821 | ||||||
Kite Realty Group Trust | 3,191 | 20,901 | ||||||
LaSalle Hotel Properties | 2,550 | 79,866 | ||||||
Lexington Realty Trust | 5,049 | 51,853 | ||||||
LTC Properties, Inc. | 849 | 32,695 | ||||||
Medical Properties Trust, Inc. | 3,909 | 51,638 | ||||||
Parkway Properties, Inc. | 1,070 | 19,570 | ||||||
Pennsylvania Real Estate Investment Trust | 1,704 | 30,655 | ||||||
Post Properties, Inc. | 1,337 | 57,304 | ||||||
PS Business Parks, Inc. | 490 | 38,377 | ||||||
Public Storage | 1,244 | 189,959 | ||||||
Sabra Health Care REIT, Inc. | 924 | 24,652 | ||||||
Saul Centers, Inc. | 317 | 15,416 | ||||||
Sovran Self Storage, Inc. | 778 | 51,924 | ||||||
Tanger Factory Outlet Centers | 2,310 | 76,392 | ||||||
Universal Health Realty Income Trust | 317 | 13,434 | ||||||
Urstadt Biddle Properties, Inc., Class A | 642 | 12,237 | ||||||
2,036,301 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
CBRE Group, Inc., Class A† | 1,335 | 32,360 | ||||||
Daito Trust Construction Co., Ltd. | 1,500 | 142,348 | ||||||
HFF, Inc., Class A† | 812 | 20,804 | ||||||
Mitsubishi Estate Co., Ltd. | 11,000 | 305,433 | ||||||
500,945 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
Forestar Group, Inc.† | 869 | 16,824 |
14
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Operations & Development (continued) |
| |||||||
Mitsui Fudosan Co., Ltd. | 6,000 | $ | 203,564 | |||||
Sumitomo Realty & Development Co., Ltd. | 4,000 | 189,602 | ||||||
409,990 | ||||||||
Recreational Vehicles — 0.0% |
| |||||||
Arctic Cat, Inc. | 329 | 18,513 | ||||||
Research & Development — 0.0% |
| |||||||
PAREXEL International Corp.† | 1,386 | 57,131 | ||||||
Resort/Theme Parks — 0.0% |
| |||||||
Marriott Vacations Worldwide Corp.† | 755 | 39,441 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Aeropostale, Inc.† | 1,938 | 20,000 | ||||||
Brown Shoe Co., Inc. | 1,017 | 26,167 | ||||||
Buckle, Inc. | 680 | 36,081 | ||||||
Cato Corp., Class A | 672 | 22,875 | ||||||
Children’s Place Retail Stores, Inc.† | 558 | 30,690 | ||||||
Christopher & Banks Corp.† | 823 | 5,160 | ||||||
Fast Retailing Co., Ltd. | 400 | 151,526 | ||||||
Fifth & Pacific Cos., Inc.† | 3,038 | 99,221 | ||||||
Finish Line, Inc., Class A | 1,188 | 31,375 | ||||||
Francesca’s Holdings Corp.† | 1,093 | 21,445 | ||||||
Gap, Inc. | 2,386 | 97,754 | ||||||
Genesco, Inc.† | 583 | 43,673 | ||||||
Jos. A. Bank Clothiers, Inc.† | 698 | 39,660 | ||||||
Men’s Wearhouse, Inc. | 1,125 | 57,510 | ||||||
Stein Mart, Inc. | 731 | 10,775 | ||||||
Urban Outfitters, Inc.† | 1,330 | 51,897 | ||||||
745,809 | ||||||||
Retail - Auto Parts — 0.0% |
| |||||||
Pep Boys-Manny Moe & Jack† | 1,265 | 17,330 | ||||||
Retail - Automobile — 0.1% |
| |||||||
Group 1 Automotive, Inc. | 522 | 35,731 | ||||||
Lithia Motors, Inc., Class A | 554 | 36,608 | ||||||
Sonic Automotive, Inc., Class A | 860 | 20,399 | ||||||
92,738 | ||||||||
Retail - Bedding — 0.0% |
| |||||||
Bed Bath & Beyond, Inc.† | 371 | 28,949 | ||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble, Inc.† | 916 | 15,370 | ||||||
Retail - Building Products — 1.2% |
| |||||||
Home Depot, Inc. | 21,575 | 1,740,455 | ||||||
Lowe’s Cos., Inc. | 4,752 | 225,625 | ||||||
Lumber Liquidators Holdings, Inc.† | 676 | 68,067 | ||||||
2,034,147 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
GameStop Corp., Class A | 1,213 | 58,527 | ||||||
Retail - Consumer Electronics — 0.0% |
| |||||||
Best Buy Co., Inc. | 959 | 38,887 | ||||||
Retail - Convenience Store — 0.0% |
| |||||||
Casey’s General Stores, Inc. | 940 | 69,955 | ||||||
Retail - Discount — 0.4% |
| |||||||
Fred’s, Inc., Class A | 843 | 14,634 | ||||||
Target Corp. | 2,362 | 151,003 | ||||||
Tuesday Morning Corp.† | 908 | 12,576 | ||||||
Wal - Mart Stores, Inc. | 5,808 | 470,506 | ||||||
648,719 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Drug Store — 0.3% |
| |||||||
CVS Caremark Corp. | 6,364 | $ | 426,133 | |||||
Retail - Home Furnishings — 0.0% |
| |||||||
Haverty Furniture Cos., Inc. | 494 | 14,079 | ||||||
Kirkland’s, Inc.† | 375 | 9,607 | ||||||
23,686 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Zale Corp.† | 801 | 11,815 | ||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 646 | 10,155 | ||||||
Retail - Pawn Shops — 0.1% |
| |||||||
Cash America International, Inc. | 692 | 26,026 | ||||||
Ezcorp, Inc., Class A† | 1,350 | 15,768 | ||||||
First Cash Financial Services, Inc.† | 718 | 45,651 | ||||||
87,445 | ||||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetMed Express, Inc. | 499 | 7,874 | ||||||
Retail - Regional Department Stores — 0.3% |
| |||||||
Isetan Mitsukoshi Holdings, Ltd. | 10,800 | 155,318 | ||||||
Kohl’s Corp. | 6,794 | 375,572 | ||||||
Macy’s, Inc. | 409 | 21,783 | ||||||
Stage Stores, Inc. | 796 | 16,724 | ||||||
569,397 | ||||||||
Retail - Restaurants — 0.4% |
| |||||||
Biglari Holdings, Inc.† | 36 | 17,462 | ||||||
BJ’s Restaurants, Inc.† | 618 | 18,318 | ||||||
Buffalo Wild Wings, Inc.† | 465 | 69,862 | ||||||
CEC Entertainment, Inc. | 391 | 18,748 | ||||||
Chipotle Mexican Grill, Inc.† | 108 | 56,577 | ||||||
Cracker Barrel Old Country Store, Inc. | 592 | 64,226 | ||||||
DineEquity, Inc. | 402 | 33,820 | ||||||
Jack in the Box, Inc.† | 1,057 | 50,049 | ||||||
Papa John’s International, Inc. | 398 | 33,780 | ||||||
Red Robin Gourmet Burgers, Inc.† | 318 | 25,348 | ||||||
Ruby Tuesday, Inc.† | 1,494 | 10,533 | ||||||
Ruth’s Hospitality Group, Inc. | 924 | 13,287 | ||||||
Sonic Corp.† | 1,262 | 24,975 | ||||||
Starbucks Corp. | 2,904 | 236,560 | ||||||
Texas Roadhouse, Inc. | 1,482 | 41,466 | ||||||
715,011 | ||||||||
Retail - Sporting Goods — 0.0% |
| |||||||
Big 5 Sporting Goods Corp. | 425 | 7,914 | ||||||
Hibbett Sports, Inc.† | 644 | 41,583 | ||||||
Zumiez, Inc.† | 555 | 15,412 | ||||||
64,909 | ||||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
Vitamin Shoppe, Inc.† | 754 | 40,920 | ||||||
Rubber - Tires — 0.1% |
| |||||||
Bridgestone Corp. | 5,700 | 208,689 | ||||||
Rubber/Plastic Products — 0.0% |
| |||||||
Myers Industries, Inc. | 658 | 13,318 | ||||||
Savings & Loans/Thrifts — 0.1% |
| |||||||
Bank Mutual Corp. | 1,040 | 7,207 | ||||||
BofI Holding, Inc.† | 304 | 24,916 | ||||||
Brookline Bancorp, Inc. | 1,757 | 16,059 | ||||||
Dime Community Bancshares, Inc. | 720 | 12,110 | ||||||
Northwest Bancshares, Inc. | 2,337 | 34,915 | ||||||
Oritani Financial Corp. | 972 | 15,834 |
15
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Savings & Loans/Thrifts (continued) |
| |||||||
Provident Financial Services, Inc. | 1,315 | $ | 25,708 | |||||
Sterling Bancorp | 1,936 | 25,439 | ||||||
162,188 | ||||||||
Schools — 0.1% |
| |||||||
American Public Education, Inc.† | 443 | 20,019 | ||||||
Capella Education Co.† | 278 | 18,270 | ||||||
Career Education Corp.† | 1,520 | 7,676 | ||||||
ITT Educational Services, Inc.† | 454 | 17,702 | ||||||
Lincoln Educational Services Corp. | 614 | 3,285 | ||||||
Strayer Education, Inc. | 269 | 9,993 | ||||||
Universal Technical Institute, Inc. | 529 | 7,697 | ||||||
84,642 | ||||||||
Security Services — 0.1% |
| |||||||
Secom Co., Ltd. | 3,000 | 185,111 | ||||||
Seismic Data Collection — 0.0% |
| |||||||
Geospace Technologies Corp.† | 321 | 28,014 | ||||||
ION Geophysical Corp.† | 3,054 | 11,788 | ||||||
39,802 | ||||||||
Semiconductor Components - Integrated Circuits — 1.1% |
| |||||||
Cirrus Logic, Inc.† | 14,684 | 296,323 | ||||||
Exar Corp.† | 1,201 | 14,712 | ||||||
Hittite Microwave Corp.† | 779 | 49,256 | ||||||
Micrel, Inc. | 1,188 | 11,536 | ||||||
Pericom Semiconductor Corp.† | 499 | 4,760 | ||||||
Power Integrations, Inc. | 739 | 39,507 | ||||||
QUALCOMM, Inc. | 20,222 | 1,487,935 | ||||||
Sigma Designs, Inc.† | 728 | 4,084 | ||||||
TriQuint Semiconductor, Inc.† | 3,861 | 30,425 | ||||||
1,938,538 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Applied Materials, Inc. | 5,493 | 95,029 | ||||||
ATMI, Inc.† | 797 | 24,388 | ||||||
Brooks Automation, Inc. | 1,671 | 17,663 | ||||||
Cabot Microelectronics Corp.† | 582 | 26,231 | ||||||
Cohu, Inc. | 527 | 5,223 | ||||||
KLA-Tencor Corp. | 181 | 11,560 | ||||||
Kulicke & Soffa Industries, Inc.† | 1,873 | 23,637 | ||||||
MKS Instruments, Inc. | 1,313 | 39,088 | ||||||
Nanometrics, Inc.† | 529 | 9,988 | ||||||
Rudolph Technologies, Inc.† | 840 | 9,450 | ||||||
Tessera Technologies, Inc. | 1,198 | 23,960 | ||||||
Tokyo Electron, Ltd. | 3,200 | 173,395 | ||||||
Ultratech, Inc.† | 679 | 17,966 | ||||||
Veeco Instruments, Inc.† | 977 | 31,479 | ||||||
509,057 | ||||||||
Software Tools — 0.2% |
| |||||||
VMware, Inc., Class A† | 3,493 | 281,641 | ||||||
Steel - Producers — 0.3% |
| |||||||
AK Steel Holding Corp.† | 3,420 | 19,357 | ||||||
JFE Holdings, Inc. | 7,200 | 161,820 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 76,000 | 246,346 | ||||||
427,523 | ||||||||
Storage/Warehousing — 0.0% |
| |||||||
Mobile Mini, Inc.† | 1,011 | 40,844 | ||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Corning, Inc. | 391 | 6,678 | ||||||
Harmonic, Inc.† | 2,520 | 19,404 |
Security Description | Shares | Value (Note 2) | ||||||
Telecom Equipment - Fiber Optics (continued) |
| |||||||
Oplink Communications, Inc.† | 443 | $ | 7,186 | |||||
33,268 | ||||||||
Telecom Services — 0.0% |
| |||||||
Cbeyond, Inc.† | 762 | 4,229 | ||||||
Lumos Networks Corp. | 440 | 10,146 | ||||||
USA Mobility, Inc. | 507 | 7,448 | ||||||
21,823 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
ARRIS Group, Inc.† | 2,825 | 57,969 | ||||||
Comtech Telecommunications Corp. | 385 | 12,374 | ||||||
Harris Corp. | 1,201 | 77,477 | ||||||
Nortel Networks Corp.† | 62 | 0 | ||||||
147,820 | ||||||||
Telephone - Integrated — 1.8% |
| |||||||
AT&T, Inc. | 45,447 | 1,600,189 | ||||||
Atlantic Tele-Network, Inc. | 257 | 14,410 | ||||||
CenturyLink, Inc. | 2,227 | 68,369 | ||||||
Cincinnati Bell, Inc.† | 5,026 | 16,083 | ||||||
General Communication, Inc., Class A† | 754 | 7,502 | ||||||
KDDI Corp. | 4,000 | 251,111 | ||||||
Nippon Telegraph & Telephone Corp. | 3,000 | 150,549 | ||||||
SoftBank Corp. | 7,600 | 615,123 | ||||||
Verizon Communications, Inc. | 6,174 | 306,354 | ||||||
3,029,690 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Perry Ellis International, Inc. | 330 | 5,125 | ||||||
Textile - Products — 0.1% |
| |||||||
Toray Industries, Inc. | 23,000 | 162,577 | ||||||
Therapeutics — 0.1% |
| |||||||
Anika Therapeutics, Inc.† | 283 | 9,721 | ||||||
Questcor Pharmaceuticals, Inc. | 1,363 | 79,068 | ||||||
88,789 | ||||||||
Tobacco — 1.0% |
| |||||||
Alliance One International, Inc.† | 1,908 | 5,896 | ||||||
Altria Group, Inc. | 9,467 | 350,090 | ||||||
Japan Tobacco, Inc. | 7,800 | 263,490 | ||||||
Lorillard, Inc. | 10,852 | 557,033 | ||||||
Philip Morris International, Inc. | 5,672 | 485,183 | ||||||
Reynolds American, Inc. | 1,305 | 65,837 | ||||||
1,727,529 | ||||||||
Toys — 0.1% |
| |||||||
JAKKS Pacific, Inc. | 517 | 3,340 | ||||||
Nintendo Co., Ltd. | 1,300 | 166,649 | ||||||
169,989 | ||||||||
Transactional Software — 0.0% |
| |||||||
Bottomline Technologies de, Inc.† | 892 | 30,836 | ||||||
Synchronoss Technologies, Inc.† | 746 | 23,671 | ||||||
54,507 | ||||||||
Transport - Air Freight — 0.0% |
| |||||||
Atlas Air Worldwide Holdings, Inc.† | 628 | 24,115 | ||||||
Transport - Rail — 0.9% |
| |||||||
Central Japan Railway Co. | 1,100 | 132,311 | ||||||
East Japan Railway Co. | 2,300 | 188,401 | ||||||
Keikyu Corp. | 17,000 | 142,573 | ||||||
Keio Corp. | 23,000 | 152,473 | ||||||
Norfolk Southern Corp. | 5,346 | 468,791 |
16
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Transport - Rail (continued) |
| |||||||
Tobu Railway Co., Ltd. | 34,000 | $ | 165,975 | |||||
Union Pacific Corp. | 1,749 | 283,408 | ||||||
1,533,932 | ||||||||
Transport - Services — 0.3% |
| |||||||
Bristow Group, Inc. | 900 | 72,180 | ||||||
Era Group, Inc.† | 449 | 14,651 | ||||||
Hub Group, Inc., Class A† | 883 | 33,227 | ||||||
United Parcel Service, Inc., Class B | 3,773 | 386,280 | ||||||
506,338 | ||||||||
Transport - Truck — 0.1% |
| |||||||
Arkansas Best Corp. | 596 | 19,394 | ||||||
Forward Air Corp. | 738 | 31,882 | ||||||
Heartland Express, Inc. | 1,144 | 20,969 | ||||||
Knight Transportation, Inc. | 1,502 | 26,841 | ||||||
Old Dominion Freight Line, Inc.† | 1,731 | 89,198 | ||||||
Saia, Inc.† | 600 | 20,838 | ||||||
209,122 | ||||||||
Travel Services — 0.0% |
| |||||||
Interval Leisure Group, Inc. | 965 | 25,843 | ||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Neogen Corp.† | 891 | 45,325 | ||||||
Water — 0.0% |
| |||||||
American States Water Co. | 961 | 28,042 | ||||||
Web Hosting/Design — 0.0% |
| |||||||
NIC, Inc. | 1,498 | 36,521 | ||||||
Web Portals/ISP — 0.5% |
| |||||||
Blucora, Inc.† | 1,020 | 29,662 | ||||||
Google, Inc., Class A† | 799 | 846,612 | ||||||
876,274 | ||||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 1,081 | 75,691 | ||||||
Encore Wire Corp. | 463 | 23,252 | ||||||
98,943 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
CalAmp Corp.† | 800 | 19,952 | ||||||
ViaSat, Inc.† | 1,034 | 62,216 | ||||||
82,168 | ||||||||
Total Common Stock | ||||||||
(cost $86,934,454) | 104,306,375 | |||||||
EXCHANGE-TRADED FUNDS — 7.4% |
| |||||||
iShares Core S&P Small-Cap ETF | 9,440 | 1,019,520 | ||||||
iShares Europe ETF | 162,427 | 7,526,867 | ||||||
SPDR S&P 500 ETF Trust, Series 1 | 3,804 | 688,524 | ||||||
Vanguard FTSE Emerging Markets ETF | 61,909 | 3,551,101 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $11,933,256) | 12,786,012 | |||||||
PREFERRED SECURITIES — 0.2% |
| |||||||
Banks - Commercial — 0.1% |
| |||||||
Zions Bancorporation FRS | 3,250 | 78,000 | ||||||
Electric - Integrated — 0.0% |
| |||||||
Entergy Louisiana LLC | 3,650 | 69,496 | ||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
Federal Home Loan Mtg. Corp. FRS | 2,200 | 18,326 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Telecom Services — 0.1% |
| |||||||
Qwest Corp. | 6,925 | $ | 138,916 | |||||
Total Preferred Securities | ||||||||
(cost $379,571) | 304,738 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7% |
| |||||||
Banks - Commercial — 0.1% |
| |||||||
Zions Bancorporation FRS | $ | 136,000 | 121,720 | |||||
Banks - Super Regional — 0.1% |
| |||||||
Wells Fargo & Co. FRS | 50,000 | 56,125 | ||||||
Wells Fargo Capital X | 31,000 | 30,380 | ||||||
86,505 | ||||||||
Diversified Banking Institutions — 0.1% |
| |||||||
BAC Capital Trust XIII FRS | 178,000 | 135,280 | ||||||
JPMorgan Chase & Co. FRS | 219,000 | 197,100 | ||||||
JPMorgan Chase & Co. FRS | 65,000 | 71,825 | ||||||
JPMorgan Chase Capital XXIII FRS | 23,000 | 17,049 | ||||||
421,254 | ||||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | 45,000 | 5 | ||||||
Finance - Other Services — 0.1% |
| |||||||
National Rural Utilities Cooperative Finance Corp. FRS | 110,000 | 102,437 | ||||||
Food - Dairy Products — 0.1% |
| |||||||
Land O’Lakes Capital Trust I | 125,000 | 120,000 | ||||||
Insurance - Life/Health — 0.0% |
| |||||||
Prudential Financial, Inc. FRS | 58,000 | 56,912 | ||||||
Insurance - Multi-line — 0.1% |
| |||||||
MetLife, Inc. | 90,000 | 92,250 | ||||||
Tools - Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. FRS | 142,000 | 145,905 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $1,106,204) | 1,146,988 | |||||||
WARRANTS† — 0.0% |
| |||||||
Television — 0.0% |
| |||||||
ION Media Networks, Inc. | 9 | 2,790 | ||||||
ION Media Networks, Inc. | 9 | 1,125 | ||||||
Total Warrants | ||||||||
(cost $0) | 3,915 | |||||||
17
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 1.6% |
| |||||||
Diversified Financial Services — 1.6% |
| |||||||
Avis Budget Rental Car Funding AESOP LLC | $ | 65,000 | $ | 64,466 | ||||
Banc of America Funding Corp. FRS | 202,211 | 199,816 | ||||||
Capital Auto Receivables Asset Trust | 93,000 | 93,620 | ||||||
Citibank Omni Master Trust | 100,000 | 104,073 | ||||||
Citigroup Commercial Mtg. Trust | 567,000 | 584,002 | ||||||
CKE Restaurant Holdings, Inc. | 40,693 | 41,393 | ||||||
Commercial Mtg. Trust Pass Through Certs. | 47,768 | 48,375 | ||||||
Countrywide Asset-Backed Certs. FRS | 20,535 | 18,891 | ||||||
Discover Card Execution Note Trust | 200,000 | 231,567 | ||||||
Dominos Pizza Master Issuer LLC | 185,986 | 201,433 | ||||||
Ford Credit Auto Owner Trust | 42,000 | 42,032 | ||||||
GS Mtg. Securities Corp. II | 66,000 | 66,193 | ||||||
Honda Auto Receivables Owner Trust | 33,000 | 33,295 | ||||||
Huntington Auto Trust | 175,000 | 174,214 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 100,000 | 102,300 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust VRS | 565,000 | 581,927 | ||||||
New Century Home Equity Loan Trust VRS | 37,052 | 37,847 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 84,000 | 91,062 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 50,000 | 55,337 | ||||||
Wells Fargo Mtg. Backed Securities Trust FRS | 15,886 | 15,922 | ||||||
WF-RBS Commercial Mtg. Trust | 38,154 | 38,426 | ||||||
Total Asset Backed Securities | ||||||||
(cost $2,826,269) | 2,826,191 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES — 13.3% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
Iracore International Holdings, Inc. | $ | 25,000 | $ | 26,250 | ||||
Advertising Agencies — 0.0% |
| |||||||
Interpublic Group of Cos., Inc. | 48,000 | 45,238 | ||||||
Advertising Services — 0.0% |
| |||||||
Visant Corp. | 37,000 | 34,595 | ||||||
Aerospace/Defense — 0.1% |
| |||||||
Boeing Co. | 101,000 | 98,034 | ||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
Alliant Techsystems, Inc. | 68,000 | 68,340 | ||||||
Erickson Air-Crane, Inc. | 78,000 | 79,462 | ||||||
Exelis, Inc. | 231,000 | 231,403 | ||||||
379,205 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
Mosaic Co. | 123,000 | 122,396 | ||||||
Mosaic Co. | 51,000 | 52,110 | ||||||
Mosaic Co. | 51,000 | 51,913 | ||||||
226,419 | ||||||||
Airlines — 0.0% |
| |||||||
Atlas Air, Inc. | 31,058 | 33,077 | ||||||
Atlas Air, Inc. | 8,743 | 8,918 | ||||||
United Airlines Pass Through Trust | 15,000 | 15,113 | ||||||
57,108 | ||||||||
Alternative Waste Technology — 0.0% |
| |||||||
ADS Waste Holdings, Inc. | 43,000 | 45,473 | ||||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
Chrysler Group LLC/CG Co-Issuer, Inc. | 50,000 | 56,875 | ||||||
Auto/Truck Parts & Equipment - Original — 0.0% |
| |||||||
Affinia Group, Inc. | 47,000 | 49,115 | ||||||
18
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks - Commercial — 0.6% |
| |||||||
CIT Group, Inc. | $ | 30,000 | $ | 32,325 | ||||
FirstMerit Corp. | 38,000 | 37,882 | ||||||
KeyBank NA | 260,000 | 260,132 | ||||||
Union Bank NA | 259,000 | 265,825 | ||||||
Zions Bancorporation | 63,000 | 65,739 | ||||||
Zions Bancorporation | 143,000 | 153,404 | ||||||
Zions Bancorporation | 141,000 | 140,233 | ||||||
955,540 | ||||||||
Banks - Fiduciary — 0.2% |
| |||||||
Bank of New York Mellon Corp. | 115,000 | 115,958 | ||||||
RBS Citizens Financial Group, Inc. | 207,000 | 201,604 | ||||||
317,562 | ||||||||
Banks - Super Regional — 0.0% |
| |||||||
SunTrust Banks, Inc. | 13,000 | 14,187 | ||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Innovation Ventures LLC/Innovation Ventures Finance Corp. | 40,000 | 38,400 | ||||||
Brewery — 0.1% |
| |||||||
Anheuser-Busch InBev Worldwide, Inc. | 179,000 | 179,895 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Nexstar Broadcasting, Inc. | 150,000 | 158,625 | ||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Owens Corning, Inc. | 70,000 | 76,703 | ||||||
Building & Construction - Misc. — 0.0% |
| |||||||
Weekley Homes LLC/Weekley Finance Corp. | 38,000 | 36,480 | ||||||
Building Products - Cement — 0.0% |
| |||||||
Headwaters, Inc. | 50,000 | 53,875 | ||||||
Building Products - Wood — 0.0% |
| |||||||
Boise Cascade Co. | 2,000 | 2,100 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Building - Residential/Commercial — 0.0% |
| |||||||
Standard Pacific Corp. | $ | 37,000 | $ | 37,925 | ||||
Cable/Satellite TV — 0.3% |
| |||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 199,000 | 192,035 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 54,000 | 56,362 | ||||||
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. | 74,000 | 70,790 | ||||||
TCI Communications, Inc. | 55,000 | 68,889 | ||||||
WideOpenWest Finance LLC/WideOpenWest Capital Corp. | 50,000 | 55,625 | ||||||
443,701 | ||||||||
Capacitors — 0.0% |
| |||||||
Kemet Corp. | 50,000 | 48,625 | ||||||
Casino Hotels — 0.3% |
| |||||||
Caesars Entertainment Operating Co., Inc. | 10,000 | 8,050 | ||||||
Caesars Entertainment Resort Properties LLC | 69,000 | 70,553 | ||||||
Caesars Entertainment Resort Properties LLC | 79,000 | 78,802 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | 60,000 | 60,225 | ||||||
Eldorado Resorts LLC/Eldorado Capital Corp. | 100,000 | 106,250 | ||||||
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock | 125,000 | 122,500 | ||||||
446,380 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
Sprint Communications, Inc. | 17,000 | 18,275 | ||||||
T-Mobile USA, Inc. | 38,000 | 40,470 | ||||||
T-Mobile USA, Inc. | 34,000 | 35,615 | ||||||
94,360 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Chemtura Corp. | 40,000 | 40,500 | ||||||
Eagle Spinco, Inc. | 150,000 | 145,500 | ||||||
186,000 | ||||||||
19
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Chemicals - Other — 0.0% |
| |||||||
Taminco Global Chemical Corp. | $ | 32,000 | $ | 36,400 | ||||
Chemicals - Plastics — 0.0% |
| |||||||
PolyOne Corp. | 20,000 | 19,500 | ||||||
Chemicals - Specialty — 0.0% |
| |||||||
Lubrizol Corp. | 51,000 | 61,859 | ||||||
Coal — 0.1% |
| |||||||
CONSOL Energy, Inc. | 34,000 | 35,275 | ||||||
Murray Energy Corp. | 40,000 | 41,200 | ||||||
Peabody Energy Corp. | 30,000 | 30,675 | ||||||
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. | 46,000 | 48,070 | ||||||
155,220 | ||||||||
Commercial Services - Finance — 0.0% |
| |||||||
Harland Clarke Holdings Corp. | 16,000 | 16,080 | ||||||
Harland Clarke Holdings Corp. | 34,000 | 37,103 | ||||||
53,183 | ||||||||
Computer Services — 0.2% |
| |||||||
International Business Machines Corp. | 189,000 | 177,685 | ||||||
International Business Machines Corp. | 56,000 | 68,049 | ||||||
245,734 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
EMC Corp. | 97,000 | 95,966 | ||||||
Consumer Products - Misc. — 0.1% |
| |||||||
American Achievement Corp. | 42,000 | 44,572 | ||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC | 135,000 | 138,375 | ||||||
182,947 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Crown Cork & Seal Co., Inc. | 189,000 | 207,900 | ||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. | 25,000 | 26,813 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Containers - Paper/Plastic (continued) |
| |||||||
Tekni-Plex, Inc. | $ | 24,000 | $ | 27,360 | ||||
54,173 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
First Quality Finance Co., Inc. | 113,000 | 106,502 | ||||||
Data Processing/Management — 0.0% |
| |||||||
Audatex North America, Inc. | 19,000 | 19,855 | ||||||
Audatex North America, Inc. | 14,000 | 14,455 | ||||||
34,310 | ||||||||
Diagnostic Equipment — 0.1% |
| |||||||
Life Technologies Corp. | 74,000 | 79,626 | ||||||
Direct Marketing — 0.0% | ||||||||
Catalina Marketing Corp. | 7,600 | 7,923 | ||||||
Diversified Banking Institutions — 0.9% |
| |||||||
Ally Financial, Inc. | 42,000 | 49,980 | ||||||
Bank of America Corp. | 200,000 | 223,239 | ||||||
Bank of America Corp. | 24,000 | 27,986 | ||||||
Citigroup, Inc. | 209,000 | 214,646 | ||||||
Goldman Sachs Group, Inc. FRS | 137,000 | 137,752 | ||||||
Goldman Sachs Group, Inc. | 103,000 | 104,003 | ||||||
Goldman Sachs Group, Inc. | 78,000 | 85,816 | ||||||
Goldman Sachs Group, Inc. | 126,000 | 139,734 | ||||||
JPMorgan Chase & Co. | 31,000 | 30,563 | ||||||
JPMorgan Chase & Co. | 109,000 | 129,825 | ||||||
Morgan Stanley | 104,000 | 114,356 | ||||||
Morgan Stanley | 203,000 | 208,515 | ||||||
Morgan Stanley | 96,000 | 108,023 | ||||||
1,574,438 | ||||||||
20
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Financial Services — 0.3% |
| |||||||
General Electric Capital Corp. | $ | 96,000 | $ | 105,762 | ||||
General Electric Capital Corp. | 49,000 | 56,798 | ||||||
General Electric Capital Corp. | 166,000 | 187,923 | ||||||
General Electric Capital Corp. | 129,000 | 159,878 | ||||||
510,361 | ||||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
JB Poindexter & Co., Inc. | 41,000 | 43,870 | ||||||
Textron, Inc. | 110,000 | 118,932 | ||||||
162,802 | ||||||||
Diversified Operations — 0.1% |
| |||||||
Leucadia National Corp. | 85,000 | 85,697 | ||||||
Leucadia National Corp. | 75,000 | 73,587 | ||||||
159,284 | ||||||||
E-Commerce/Services — 0.1% |
| |||||||
Netflix, Inc. | 224,000 | 227,920 | ||||||
Electric - Distribution — 0.0% |
| |||||||
Oglethorpe Power Corp. | 29,000 | 25,023 | ||||||
Electric - Generation — 0.1% |
| |||||||
AES Corp. | 147,000 | 138,547 | ||||||
AES Corp. | 24,000 | 28,140 | ||||||
166,687 | ||||||||
Electric - Integrated — 0.4% |
| |||||||
Dominion Gas Holdings LLC | 35,000 | 34,119 | ||||||
Dominion Resources, Inc. | 75,000 | 80,130 | ||||||
FirstEnergy Corp. | 134,000 | 141,738 | ||||||
Georgia Power Co. | 37,000 | 38,820 | ||||||
Great Plains Energy, Inc. | 35,000 | 37,662 | ||||||
MidAmerican Energy Holdings Co. | 45,000 | 44,916 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
Nisource Finance Corp. | $ | 59,000 | $ | 59,499 | ||||
Pacific Gas & Electric Co. | 60,000 | 65,571 | ||||||
PPL Energy Supply LLC | 112,000 | 108,770 | ||||||
Puget Energy, Inc. | 105,000 | 115,884 | ||||||
727,109 | ||||||||
Electronic Components - Semiconductors — 0.2% |
| |||||||
Amkor Technology, Inc. | 131,000 | 132,310 | ||||||
Intel Corp. | 120,000 | 123,941 | ||||||
256,251 | ||||||||
Electronics - Military — 0.1% |
| |||||||
L-3 Communications Corp. | 146,000 | 154,396 | ||||||
Enterprise Software/Service — 0.1% |
| |||||||
BMC Software Finance, Inc. | 133,000 | 140,980 | ||||||
Entertainment Software — 0.1% |
| |||||||
Activision Blizzard, Inc. | 80,000 | 83,100 | ||||||
Finance - Auto Loans — 0.1% |
| |||||||
American Honda Finance Corp. | 67,000 | 67,405 | ||||||
Ford Motor Credit Co. LLC | 58,000 | 57,994 | ||||||
General Motors Financial Co., Inc. | 42,000 | 44,520 | ||||||
General Motors Financial Co., Inc. | 25,000 | 28,313 | ||||||
198,232 | ||||||||
Finance - Commercial — 0.1% |
| |||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp. | 200,000 | 207,250 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
HSBC Finance Corp. | 91,000 | 105,937 | ||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Lehman Brothers Holdings, Inc. | 44,000 | 9,295 | ||||||
Lehman Brothers Holdings, Inc. | 71,000 | 7 |
21
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S CORPORATE BONDS & NOTES (continued) |
| |||||||
Finance - Investment Banker/Broker (continued) |
| |||||||
Lehman Brothers Holdings, Inc. | $ | 69,000 | $ | 7 | ||||
Merrill Lynch & Co., Inc. | 216,000 | 229,825 | ||||||
239,134 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Air Lease Corp. | 150,000 | 156,000 | ||||||
Air Lease Corp. | 12,000 | 13,170 | ||||||
169,170 | ||||||||
Finance - Other Services — 0.0% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 19,000 | 19,141 | ||||||
Firearms & Ammunition — 0.0% |
| |||||||
FGI Operating Co. LLC/FGI Finance, Inc. | 39,000 | 41,633 | ||||||
Food - Meat Products — 0.0% |
| |||||||
JBS USA LLC/JBS USA Finance, Inc. | 58,000 | 60,175 | ||||||
Food - Misc./Diversified — 0.1% |
| |||||||
Mondelez International, Inc. | 95,000 | 111,302 | ||||||
Food - Retail — 0.0% |
| |||||||
SUPERVALU, Inc. | 60,000 | 58,875 | ||||||
Gas - Distribution — 0.0% |
| |||||||
Sempra Energy | 61,000 | 61,044 | ||||||
Gold Mining — 0.0% |
| |||||||
Newmont Mining Corp. | 74,000 | 63,985 | ||||||
Home Furnishings — 0.0% |
| |||||||
Norcraft Cos. LP/Norcraft Finance Corp. | 20,000 | 20,590 | ||||||
Independent Power Producers — 0.1% |
| |||||||
Calpine Corp. | 37,000 | 38,018 | ||||||
Calpine Corp. | 29,000 | 31,755 | ||||||
Calpine Corp. | 10,000 | 10,950 | ||||||
GenOn Energy, Inc. | 55,000 | 63,387 | ||||||
NRG Energy, Inc. | 45,000 | 50,062 | ||||||
194,172 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
American Equity Investment Life Holding Co. | $ | 50,000 | $ | 51,937 | ||||
Pacific LifeCorp | 50,000 | 56,181 | ||||||
Principal Financial Group, Inc. | 33,000 | 33,016 | ||||||
Principal Life Global Funding II | 87,000 | 87,229 | ||||||
228,363 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Metropolitan Life Global Funding I | 101,000 | 104,302 | ||||||
Insurance - Mutual — 0.2% |
| |||||||
Liberty Mutual Group, Inc. | 60,000 | 60,739 | ||||||
New York Life Global Funding | 180,000 | 181,707 | ||||||
242,446 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
ProAssurance Corp. | 74,000 | 75,427 | ||||||
Investment Management/Advisor Services — 0.0% |
| |||||||
Patriot Merger Corp. | 35,000 | 36,663 | ||||||
Machinery - Construction & Mining — 0.0% |
| |||||||
Caterpillar Financial Services Corp. | 59,000 | 59,685 | ||||||
Machinery - Farming — 0.1% |
| |||||||
CNH Capital LLC | 107,000 | 108,070 | ||||||
Marine Services — 0.1% |
| |||||||
Great Lakes Dredge & Dock Corp. | 142,000 | 147,680 | ||||||
Medical Instruments — 0.1% |
| |||||||
Accellent, Inc. | 66,000 | 69,300 | ||||||
Medical Products — 0.1% |
| |||||||
Becton Dickinson and Co. | 60,000 | 74,612 | ||||||
Universal Hospital Services, Inc. | 46,000 | 48,300 | ||||||
122,912 | ||||||||
Medical - Drugs — 0.1% |
| |||||||
AbbVie, Inc. | 73,000 | 73,561 | ||||||
Endo Pharmaceuticals Holdings, Inc. | 131,000 | 141,480 | ||||||
215,041 | ||||||||
22
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S CORPORATE BONDS & NOTES (continued) |
| |||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan, Inc. | $ | 35,000 | $ | 35,244 | ||||
Mylan, Inc. | 141,000 | 160,196 | ||||||
195,440 | ||||||||
Medical - HMO — 0.1% |
| |||||||
Cigna Corp. | 80,000 | 85,352 | ||||||
Cigna Corp. | 36,000 | 41,279 | ||||||
126,631 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
Capella Healthcare, Inc. | 32,000 | 34,320 | ||||||
HCA, Inc. | 48,000 | 49,800 | ||||||
IASIS Healthcare LLC/IASIS Capital Corp. | 55,000 | 58,162 | ||||||
LifePoint Hospitals, Inc. | 35,000 | 35,175 | ||||||
Tenet Healthcare Corp. | 16,000 | 14,000 | ||||||
Tenet Healthcare Corp. | 15,000 | 16,275 | ||||||
207,732 | ||||||||
Metal Processors & Fabrication — 0.0% |
| |||||||
Precision Castparts Corp. | 54,000 | 53,320 | ||||||
MRI/Medical Diagnostic Imaging — 0.1% |
| |||||||
Radnet Management, Inc. | 103,000 | 107,120 | ||||||
Multimedia — 0.2% |
| |||||||
News America, Inc. | 100,000 | 101,001 | ||||||
Time Warner Cos., Inc. | 59,000 | 71,343 | ||||||
Time Warner Entertainment Co. LP | 59,000 | 64,174 | ||||||
Viacom, Inc. | 96,000 | 99,959 | ||||||
336,477 | ||||||||
Music — 0.1% |
| |||||||
Gibson Brands, Inc. | 35,000 | 35,787 | ||||||
WMG Acquisition Corp. | 52,000 | 54,210 | ||||||
89,997 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Hercules Offshore, Inc. | $ | 50,000 | $ | 52,500 | ||||
Oil Companies - Exploration & Production — 1.2% |
| |||||||
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp. | 30,000 | 32,100 | ||||||
Anadarko Holding Co. | 130,000 | 155,658 | ||||||
Atlas Energy Holdings Operating Co. LLC/Atlas Resource Finance Corp. | 85,000 | 80,325 | ||||||
Carrizo Oil & Gas, Inc. | 20,000 | 21,900 | ||||||
Chaparral Energy, Inc. | 100,000 | 108,250 | ||||||
Continental Resources, Inc. | 95,000 | 94,050 | ||||||
Continental Resources, Inc. | 65,000 | 66,950 | ||||||
EP Energy LLC/Everest Acquisition Finance, Inc. | 49,000 | 55,125 | ||||||
EPL Oil & Gas, Inc. | 137,000 | 147,104 | ||||||
EV Energy Partners LP/EV Energy Finance Corp. | 170,000 | 172,125 | ||||||
Halcon Resources Corp. | 100,000 | 106,000 | ||||||
Linn Energy LLC/Linn Energy Finance Corp. | 20,000 | 19,900 | ||||||
Linn Energy LLC/Linn Energy Finance Corp. | 20,000 | 21,400 | ||||||
Memorial Production Partners LP/Memorial Production Finance Corp. | 115,000 | 118,163 | ||||||
Midstates Petroleum Co., Inc. | 75,000 | 78,281 | ||||||
Northern Oil and Gas, Inc. | 100,000 | 104,750 | ||||||
Penn Virginia Corp. | 20,000 | 20,450 | ||||||
Penn Virginia Corp. | 20,000 | 21,525 | ||||||
Plains Exploration & Production Co. | 73,000 | 79,836 | ||||||
Plains Exploration & Production Co. | 114,000 | 124,556 |
23
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Plains Exploration & Production Co. | $ | 189,000 | $ | 209,317 | ||||
QEP Resources, Inc. | 14,000 | 14,875 | ||||||
Rosetta Resources, Inc. | 75,000 | 75,281 | ||||||
Samson Investment Co. | 33,000 | 35,681 | ||||||
Stone Energy Corp. | 55,000 | 57,475 | ||||||
Talos Production LLC/Talos Production Finance, Inc. | 15,000 | 14,925 | ||||||
2,036,002 | ||||||||
Oil Companies - Integrated — 0.1% |
| |||||||
Hess Corp. | 116,000 | 121,626 | ||||||
Hess Corp. | 32,000 | 40,383 | ||||||
162,009 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Murphy Oil USA, Inc. | 30,000 | 30,600 | ||||||
Valero Energy Corp. | 51,000 | 58,211 | ||||||
88,811 | ||||||||
Oil - Field Services — 0.1% |
| |||||||
Exterran Holdings, Inc. | 30,000 | 31,725 | ||||||
Exterran Partners LP/EXLP Finance Corp. | 90,000 | 89,550 | ||||||
121,275 | ||||||||
Paper & Related Products — 0.3% |
| |||||||
Clearwater Paper Corp. | 67,000 | 60,467 | ||||||
Domtar Corp. | 191,000 | 193,929 | ||||||
Georgia-Pacific LLC | 120,000 | 116,712 | ||||||
Georgia-Pacific LLC | 158,000 | 178,437 | ||||||
549,545 | ||||||||
Petrochemicals — 0.1% |
| |||||||
PetroLogistics LP/PetroLogistics Finance Corp. | 114,000 | 114,427 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Pipelines — 0.4% |
| |||||||
Access Midstream Partners LP/ACMP Finance Corp. | $ | 121,000 | $ | 118,580 | ||||
Access Midstream Partners LP/ACMP Finance Corp. | 15,000 | 16,088 | ||||||
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp. | 7,000 | 6,790 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 27,000 | 23,671 | ||||||
Energy Transfer Equity LP | 36,000 | 41,040 | ||||||
Energy Transfer Partners LP | 62,000 | 63,454 | ||||||
Energy Transfer Partners LP | 60,000 | 72,538 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | 30,000 | 32,325 | ||||||
Kinder Morgan, Inc. | 64,000 | 63,465 | ||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. | 34,000 | 32,215 | ||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. | 42,000 | 45,360 | ||||||
Tesoro Logistics LP/Tesoro Logistics Finance Corp. | 136,000 | 140,420 | ||||||
655,946 | ||||||||
Printing - Commercial — 0.1% |
| |||||||
RR Donnelley & Sons Co. | 15,000 | 17,212 | ||||||
Valassis Communications, Inc. | 96,000 | 95,760 | ||||||
112,972 | ||||||||
Publishing - Newspapers — 0.2% |
| |||||||
Gannett Co., Inc. | 101,000 | 103,020 | ||||||
McClatchy Co. | 135,000 | 146,475 | ||||||
249,495 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Expo Event Transco, Inc. | 128,000 | 129,600 | ||||||
Racetracks — 0.0% |
| |||||||
GLP Capital LP/GLP Financing II, Inc. | 68,000 | 67,830 | ||||||
24
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Radio — 0.0% |
| |||||||
Sirius XM Radio, Inc. | $ | 22,000 | $ | 19,635 | ||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Brandywine Operating Partnership LP | 50,000 | 54,305 | ||||||
HCP, Inc. | 60,000 | 63,194 | ||||||
Omega Healthcare Investors, Inc. | 19,000 | 19,190 | ||||||
Sabra Health Care LP/Sabra Capital Corp. | 174,000 | 188,355 | ||||||
UDR, Inc. | 35,000 | 35,662 | ||||||
360,706 | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
Kennedy-Wilson, Inc. | 40,000 | 43,900 | ||||||
Real Estate Operations & Development — 0.0% |
| |||||||
First Industrial LP | 30,000 | 31,967 | ||||||
Recycling — 0.0% | ||||||||
Aleris International, Inc. | 60,000 | 2 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
H&E Equipment Services, Inc. | 32,000 | 34,960 | ||||||
NES Rentals Holdings, Inc. | 119,000 | 124,652 | ||||||
159,612 | ||||||||
Retail - Apparel/Shoe — 0.0% |
| |||||||
L Brands, Inc. | 32,000 | 32,640 | ||||||
Retail - Auto Parts — 0.1% |
| |||||||
Advance Auto Parts, Inc. | 120,000 | 119,896 | ||||||
Retail - Automobile — 0.2% |
| |||||||
AutoNation, Inc. | 245,000 | 264,600 | ||||||
Retail - Discount — 0.0% |
| |||||||
Dollar General Corp. | 61,000 | 55,834 | ||||||
Retail - Drug Store — 0.1% |
| |||||||
CVS Pass-Through Trust | 39,081 | 41,969 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Retail - Drug Store (continued) |
| |||||||
CVS Pass-Through Trust | $ | 59,341 | $ | 64,371 | ||||
106,340 | ||||||||
Retail - Pawn Shops — 0.0% |
| |||||||
Cash America International, Inc. | 25,000 | 23,750 | ||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
Radio Systems Corp. | 19,000 | 20,805 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Bon-Ton Department Stores, Inc. | 45,000 | 45,113 | ||||||
Retail - Restaurants — 0.1% |
| |||||||
Dave & Buster’s, Inc. | 35,000 | 38,588 | ||||||
Landry’s, Inc. | 43,000 | 46,870 | ||||||
Wok Acquisition Corp. | 133,000 | 143,640 | ||||||
229,098 | ||||||||
Savings & Loans/Thrifts — 0.3% | ||||||||
Astoria Financial Corp. | 102,000 | 108,216 | ||||||
First Niagara Financial Group, Inc. | 190,000 | 219,471 | ||||||
First Niagara Financial Group, Inc. | 111,000 | 129,824 | ||||||
Santander Holdings USA, Inc. | 45,000 | 46,476 | ||||||
503,987 | ||||||||
Schools — 0.1% |
| |||||||
Northwestern University | 94,000 | 86,248 | ||||||
President and Fellows of Harvard College | 57,000 | 49,764 | ||||||
University of Pennsylvania | 71,000 | 61,362 | ||||||
197,374 | ||||||||
Security Services — 0.2% |
| |||||||
ADT Corp. | 210,000 | 183,842 | ||||||
ADT Corp. | 63,000 | 65,756 | ||||||
249,598 | ||||||||
25
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Semiconductor Equipment — 0.0% |
| |||||||
Magnachip Semiconductor Corp. | $ | 67,000 | $ | 68,005 | ||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 32,000 | 34,880 | ||||||
Special Purpose Entity — 0.1% |
| |||||||
MassMutual Global Funding II | 215,000 | 217,870 | ||||||
Steel Pipe & Tube — 0.0% |
| |||||||
JMC Steel Group, Inc. | 30,000 | 29,850 | ||||||
Steel - Producers — 0.2% |
| |||||||
AK Steel Corp. | 75,000 | 70,687 | ||||||
AK Steel Corp. | 33,000 | 36,548 | ||||||
Nucor Corp. | 85,000 | 83,652 | ||||||
Ryerson, Inc./Joseph T. Ryerson & Son, Inc. | 69,000 | 72,622 | ||||||
263,509 | ||||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc. | 65,000 | 71,663 | ||||||
Telecom Services — 0.0% |
| |||||||
Qwest Corp. | 55,000 | 57,867 | ||||||
Telephone - Integrated — 0.6% |
| |||||||
CenturyLink, Inc. | 194,000 | 191,575 | ||||||
Cincinnati Bell, Inc. | 188,000 | 203,040 | ||||||
Frontier Communications Corp. | 10,000 | 11,550 | ||||||
Frontier Communications Corp. | 10,000 | 11,638 | ||||||
Frontier Communications Corp. | 43,000 | 49,235 | ||||||
Frontier Communications Corp. | 47,000 | 55,225 | ||||||
Sprint Capital Corp. | 110,000 | 118,250 | ||||||
Verizon Communications, Inc. | 76,000 | 80,802 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Telephone - Integrated (continued) |
| |||||||
Verizon Communications, Inc. | $ | 236,000 | $ | 263,463 | ||||
Verizon Communications, Inc. | 103,000 | 117,220 | ||||||
1,101,998 | ||||||||
Television — 0.1% |
| |||||||
Sinclair Television Group, Inc. | 70,000 | 71,925 | ||||||
Theaters — 0.0% |
| |||||||
Regal Entertainment Group | 68,000 | 66,895 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
Aviation Capital Group Corp. | 42,000 | 43,006 | ||||||
GATX Corp. | 138,000 | 131,838 | ||||||
174,844 | ||||||||
Transport - Rail — 0.0% | ||||||||
Norfolk Southern Corp. | 60,000 | 64,701 | ||||||
Transport - Services — 0.0% |
| |||||||
Era Group, Inc. | 36,000 | 36,900 | ||||||
Travel Services — 0.0% |
| |||||||
Sabre, Inc. | 50,000 | 55,313 | ||||||
Web Hosting/Design — 0.0% |
| |||||||
Equinix, Inc. | 58,000 | 57,855 | ||||||
Wireless Equipment — 0.0% |
| |||||||
Motorola Solutions, Inc. | 3,740 | 3,764 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $22,911,419) | 22,898,618 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 3.8% |
| |||||||
Advertising Services — 0.0% |
| |||||||
WPP Finance 2010 | 63,000 | 61,596 | ||||||
Airlines — 0.1% |
| |||||||
Air Canada | 100,000 | 103,750 | ||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Volkswagen International Finance NV | 218,000 | 218,692 | ||||||
26
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks - Commercial — 0.8% |
| |||||||
Bank of Nova Scotia | $ | 78,000 | $ | 79,031 | ||||
BPCE SA | 210,000 | 216,611 | ||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 265,000 | 264,664 | ||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 264,000 | 270,027 | ||||||
ING Bank NV | 208,000 | 211,311 | ||||||
LBG Capital No.1 PLC | 231,000 | 247,632 | ||||||
1,289,276 | ||||||||
Banks - Money Center — 0.1% |
| |||||||
Lloyds Bank PLC | 204,000 | 204,983 | ||||||
Beverages - Non-alcoholic — 0.2% | ||||||||
Coca-Cola Femsa SAB de CV | 164,000 | 164,135 | ||||||
Coca-Cola Femsa SAB de CV | 160,000 | 158,096 | ||||||
322,231 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
LyondellBasell Industries NV | 205,000 | 230,163 | ||||||
NOVA Chemicals Corp. | 41,000 | 42,230 | ||||||
272,393 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
Seagate HDD Cayman | 114,000 | 108,300 | ||||||
Containers - Metal/Glass — 0.0% |
| |||||||
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc. | 15,000 | 15,037 | ||||||
Cruise Lines — 0.1% |
| |||||||
Royal Caribbean Cruises, Ltd. | 150,000 | 150,375 | ||||||
Diversified Banking Institutions — 0.3% |
| |||||||
Royal Bank of Scotland Group PLC | 59,000 | 60,440 | ||||||
Royal Bank of Scotland Group PLC | 69,000 | 69,989 | ||||||
Royal Bank of Scotland Group PLC | 102,000 | 118,965 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Societe Generale SA | $ | 212,000 | $ | 234,760 | ||||
484,154 | ||||||||
Diversified Financial Services — 0.1% |
| |||||||
Hyundai Capital Services, Inc. | 190,000 | 202,465 | ||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
Bombardier, Inc. | 80,000 | 79,600 | ||||||
Ingersoll-Rand Global Holding Co., Ltd. | 76,000 | 76,025 | ||||||
Ingersoll-Rand Global Holding Co., Ltd. | 115,000 | 113,748 | ||||||
Pentair Finance SA | 50,000 | 50,326 | ||||||
319,699 | ||||||||
Diversified Minerals — 0.2% | ||||||||
FMG Resources August 2006 Pty, Ltd. | 170,000 | 183,600 | ||||||
Teck Resources, Ltd. | 119,000 | 113,049 | ||||||
296,649 | ||||||||
Finance - Leasing Companies — 0.0% |
| |||||||
Aircastle, Ltd. | 34,000 | 36,720 | ||||||
Milestone Aviation Group, Ltd. | 18,000 | 19,170 | ||||||
55,890 | ||||||||
Hazardous Waste Disposal — 0.0% |
| |||||||
Tervita Corp. | 50,000 | 51,750 | ||||||
Import/Export — 0.1% |
| |||||||
Svensk Exportkredit AB FRS | 213,000 | 210,930 | ||||||
Insurance - Multi-line — 0.1% |
| |||||||
XLIT, Ltd. | 143,000 | 142,949 | ||||||
Medical - Drugs — 0.0% |
| |||||||
Valeant Pharmaceuticals International, Inc. | 30,000 | 30,150 | ||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Pacific Drilling SA | 50,000 | 50,500 |
27
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil & Gas Drilling (continued) |
| |||||||
Transocean, Inc. | $ | 113,000 | $ | 126,976 | ||||
Transocean, Inc. | 35,000 | 38,163 | ||||||
Transocean, Inc. | 69,000 | 78,751 | ||||||
294,390 | ||||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
Anadarko Finance Co. | 180,000 | 225,072 | ||||||
MEG Energy Corp. | 75,000 | 78,000 | ||||||
MEG Energy Corp. | 55,000 | 56,100 | ||||||
359,172 | ||||||||
Oil Companies - Integrated — 0.3% | ||||||||
BP Capital Markets PLC | 210,000 | 214,195 | ||||||
BP Capital Markets PLC | 114,000 | 118,427 | ||||||
Petroleos Mexicanos | 84,000 | 74,395 | ||||||
Statoil ASA | 99,000 | 99,743 | ||||||
Statoil ASA | 63,000 | 63,277 | ||||||
570,037 | ||||||||
Real Estate Operations & Development — 0.0% |
| |||||||
Mattamy Group Corp. | 60,000 | 58,800 | ||||||
Satellite Telecom — 0.1% |
| |||||||
Intelsat Luxembourg SA | 155,000 | 162,362 | ||||||
Security Services — 0.0% |
| |||||||
Garda World Security Corp. | 56,000 | 56,840 | ||||||
Steel - Producers — 0.0% |
| |||||||
ArcelorMittal | 75,000 | 71,250 | ||||||
SupraNational Banks — 0.1% |
| |||||||
North American Development Bank | 157,000 | 157,385 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Telecom Services — 0.1% |
| |||||||
UPCB Finance III, Ltd. | $ | 25,000 | $ | 26,625 | ||||
Wind Acquisition Finance SA | 60,000 | 63,000 | ||||||
89,625 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Telecom Italia Capital SA | 136,000 | 151,842 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $6,481,647) | 6,512,972 | |||||||
FOREIGN GOVERNMENT AGENCIES — 0.2% |
| |||||||
Electric - Distribution — 0.0% |
| |||||||
Hydro-Quebec | 99,000 | 99,798 | ||||||
Regional Authority — 0.1% |
| |||||||
Province of British Columbia | 98,000 | 101,807 | ||||||
Sovereign — 0.1% | ||||||||
Government of Canada | 100,000 | 100,704 | ||||||
United Mexican States | 110,000 | 96,580 | ||||||
197,284 | ||||||||
Total Foreign Government Agencies | ||||||||
(cost $396,865) | 398,889 | |||||||
MUNICIPAL BONDS & NOTES — 0.1% |
| |||||||
Ohio State University | 91,000 | 80,260 | ||||||
Port Authority of New York & New Jersey | 83,000 | 81,080 | ||||||
Port Authority of New York & New Jersey | 100,000 | 88,410 | ||||||
Total Municipal Bonds & Notes | ||||||||
(cost $273,103) | 249,750 | |||||||
U.S. GOVERNMENT AGENCIES — 8.8% |
| |||||||
Federal Home Loan Mtg. Corp. — 2.8% |
| |||||||
2.50% due 01/01/2028 | 102,147 | 102,308 | ||||||
3.00% due 08/01/2027 | 415,560 | 427,743 | ||||||
3.00% due 10/01/2042 | 220,245 | 211,868 | ||||||
3.00% due 11/01/2042 | 920,430 | 885,420 | ||||||
3.00% due 04/01/2043 | 532,607 | 512,348 | ||||||
3.50% due 02/01/2042 | 247,736 | 249,553 | ||||||
3.50% due 03/01/2042 | 114,311 | 115,149 | ||||||
3.50% due 08/01/2042 | 628,466 | 633,225 | ||||||
3.50% due 09/01/2043 | 199,362 | 200,911 | ||||||
4.00% due 09/01/2040 | 92,569 | 96,266 | ||||||
4.50% due 01/01/2039 | 13,391 | 14,268 |
28
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
4.50% due 12/01/2039 | $ | 776,156 | $ | 836,286 | ||||
5.00% due 10/01/2033 | 3,829 | 4,156 | ||||||
5.00% due 03/01/2038 | 59,079 | 63,769 | ||||||
5.50% due 09/01/2037 | 57,778 | 62,611 | ||||||
5.50% due 10/01/2037 | 78,325 | 84,876 | ||||||
5.50% due 01/01/2038 | 20,588 | 22,310 | ||||||
5.50% due 04/01/2038 | 31,574 | 34,215 | ||||||
5.50% due 06/01/2041 | 27,351 | 29,638 | ||||||
6.00% due 08/01/2036 | 110,816 | 121,613 | ||||||
6.00% due 03/01/2040 | 76,921 | 84,516 | ||||||
6.50% due 12/01/2028 | 86,808 | 96,407 | ||||||
6.50% due 05/01/2036 | 407 | 451 | ||||||
4,889,907 | ||||||||
Federal National Mtg. Assoc. — 5.8% |
| |||||||
2.50% due 04/01/2028 | 536,909 | 536,778 | ||||||
3.00% due December TBA | 575,000 | 554,583 | ||||||
3.00% due 10/01/2027 | 181,067 | 186,842 | ||||||
3.00% due 12/01/2027 | 189,420 | 195,578 | ||||||
3.00% due 01/01/2028 | 284,498 | 293,755 | ||||||
3.00% due 12/01/2042 | 68,808 | 66,459 | ||||||
3.00% due 05/01/2043 | 392,137 | 378,749 | ||||||
3.50% due December TBA | 90,000 | 90,714 | ||||||
3.50% due 08/01/2027 | 46,118 | 48,640 | ||||||
3.50% due 08/01/2043 | 1,198,188 | 1,208,964 | ||||||
4.00% due December TBA | 16,000 | 16,690 | ||||||
4.00% due 08/01/2026 | 381,284 | 406,142 | ||||||
4.00% due 09/01/2040 | 109,734 | 114,486 | ||||||
4.00% due 12/01/2040 | 1,149,037 | 1,199,177 | ||||||
4.00% due 11/01/2041 | 103,585 | 108,098 | ||||||
4.00% due 01/01/2042 | 135,744 | 141,665 | ||||||
4.50% due 10/01/2024 | 165,639 | 176,459 | ||||||
4.50% due 01/01/2025 | 656,492 | 716,262 | ||||||
4.50% due 03/01/2025 | 219,637 | 233,851 | ||||||
4.50% due 05/01/2025 | 163,563 | 174,139 | ||||||
4.50% due 01/01/2039 | 29,161 | 31,103 | ||||||
4.50% due 09/01/2040 | 906,568 | 968,002 | ||||||
4.50% due 11/01/2040 | 34,840 | 37,207 | ||||||
5.00% due December TBA | 200,000 | 217,422 | ||||||
5.00% due 03/15/2016 | 74,000 | 81,643 | ||||||
5.00% due 11/01/2033 | 5,446 | �� | 5,916 | |||||
5.00% due 05/01/2040 | 79,573 | 86,678 | ||||||
5.00% due 07/01/2040 | 934,557 | 1,018,217 | ||||||
5.50% due 12/01/2029 | 39,911 | 43,766 | ||||||
5.50% due 05/01/2034 | 197,334 | 216,102 | ||||||
6.00% due 05/01/2017 | 17,102 | 17,955 | ||||||
6.00% due 12/01/2033 | 57,676 | 64,368 | ||||||
6.00% due 11/01/2038 | 164,621 | 181,194 | ||||||
6.00% due 06/01/2040 | 10,764 | 11,845 | ||||||
6.50% due 02/01/2017 | 12,935 | 13,582 | ||||||
6.50% due 08/01/2031 | 19,458 | 21,893 | ||||||
6.50% due 07/01/2032 | 32,136 | 36,292 | ||||||
6.50% due 07/01/2036 | 32,115 | 35,627 | ||||||
7.50% due 06/01/2015 | 2,107 | 2,130 | ||||||
Federal National Mtg. Assoc. REMIC | 117,859 | 117,794 | ||||||
10,056,767 | ||||||||
Government National Mtg. Assoc. — 0.1% |
| |||||||
6.00% due 02/15/2029 | 3,317 | 3,695 | ||||||
6.00% due 04/15/2029 | 20,485 | 22,712 | ||||||
6.00% due 06/15/2029 | 11,252 | 12,560 | ||||||
6.50% due 02/15/2029 | 36,153 | 41,300 | ||||||
80,267 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Tennessee Valley Authority — 0.1% |
| |||||||
1.75% due 10/15/2018 | $ | 55,000 | $ | 55,365 | ||||
3.50% due 12/15/2042 | 127,000 | 101,981 | ||||||
157,346 | ||||||||
Total U.S. Government Agencies |
| |||||||
(cost $15,269,253) | 15,184,287 | |||||||
U.S. GOVERNMENT TREASURIES — 1.1% |
| |||||||
United States Treasury Bonds — 0.2% |
| |||||||
2.75% due 11/15/2042 | 70,000 | 56,700 | ||||||
2.88% due 05/15/2043 | 55,000 | 45,650 | ||||||
3.13% due 02/15/2042 | 128,000 | 113,000 | ||||||
3.13% due 02/15/2043 | 65,300 | 57,270 | ||||||
272,620 | ||||||||
United States Treasury Notes — 0.9% |
| |||||||
0.13% due 04/15/2018 TIPS(7) | 320,073 | 330,150 | ||||||
0.50% due 07/31/2017 | 10,000 | 9,873 | ||||||
0.75% due 10/31/2017 | 13,000 | 12,894 | ||||||
1.25% due 10/31/2015 | 16,000 | 16,298 | ||||||
1.38% due 06/30/2018 | 35,000 | 35,238 | ||||||
1.38% due 07/31/2018 | 267,000 | 268,564 | ||||||
1.50% due 08/31/2018 | 52,000 | 52,536 | ||||||
1.75% due 05/15/2022 | 30,000 | 28,350 | ||||||
1.75% due 05/15/2023 | 603,000 | 555,467 | ||||||
2.00% due 02/15/2022 | 265,000 | 257,050 | ||||||
2.50% due 08/15/2023 | 67,000 | 65,749 | ||||||
2.75% due 12/31/2017 | 14,000 | 14,975 | ||||||
1,647,144 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $1,979,818) | 1,919,764 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $150,491,859) | 168,538,499 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.7% |
| |||||||
Time Deposits — 2.7% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | 4,644,000 | 4,644,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $155,135,859)(8) | 100.3 | % | 173,182,499 | |||||
Liabilities in excess of other assets | (0.3 | ) | (515,821 | ) | ||||
NET ASSETS | 100.0 | % | $ | 172,666,678 | ||||
† | 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, 2013, the aggregate value of these securities was $9,508,989 representing 5.5% 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) | Illiquid security. At November 30, 2013, the aggregate value of these securities was $3,936 representing 0.0% of net assets. |
(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 |
29
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
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, 2013, the Asset Allocation Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
ION Media Networks, Inc. | 03/01/2011 | 9 | $ | 0 | $ | 2,790 | $ | 310.00 | 0.0 | % | ||||||||||||||
ION Media Networks, Inc. | 11/11/2010 | 9 | 0 | 1,125 | 125.00 | 0.0 | ||||||||||||||||||
$ | 3,915 | 0.0 | % | |||||||||||||||||||||
(5) | Collateralized Mortgage Obligation |
(6) | Commercial Mortgage Backed Security |
(7) | Principal amount of security is adjusted for inflation. |
(8) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
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 as of November 30, 2013 and unless noted otherwise, the dates shown 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, 2013 (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 Stocks | $ | 104,306,375 | $ | — | $ | — | $ | 104,306,375 | ||||||||
Exchange Traded Funds | 12,786,012 | — | — | 12,786,012 | ||||||||||||
Preferred Securities | 304,738 | — | — | 304,738 | ||||||||||||
Preferred Securities/Capital Securities | — | 1,146,988 | — | 1,146,988 | ||||||||||||
Warrants | — | — | 3,915 | 3,915 | ||||||||||||
Asset Backed Securities: | ||||||||||||||||
Diversified Financial Services | — | 1,660,262 | 1,165,929 | 2,826,191 | ||||||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Recycling | — | — | 2 | 2 | ||||||||||||
Other Industries* | — | 22,898,616 | — | 22,898,616 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 6,512,972 | — | 6,512,972 | ||||||||||||
Foreign Government Agencies | — | 398,889 | — | 398,889 | ||||||||||||
Municipal Bonds & Notes | — | 249,750 | — | 249,750 | ||||||||||||
U.S. Government Agencies: | ||||||||||||||||
Federal National Mtg. Assoc. | — | 10,056,767 | — | 10,056,767 | ||||||||||||
Other Government Agencies* | — | 5,127,520 | — | 5,127,520 | ||||||||||||
U.S. Government Treasuries | — | 1,919,764 | — | 1,919,764 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 4,644,000 | — | 4,644,000 | ||||||||||||
Total | $ | 117,397,125 | $ | 54,615,528 | $ | 1,169,846 | $ | 173,182,499 | ||||||||
* | Sum of all other industries or government agencies each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of securities by industry or government agency classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $20,930,494 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
30
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 9.1 | % | ||
Web Portals/ISP | �� | 7.4 | ||
E-Commerce/Products | 6.4 | |||
Registered Investment Companies | 5.9 | |||
E-Commerce/Services | 4.6 | |||
Commercial Services — Finance | 3.7 | |||
Oil Companies — Exploration & Production | 3.2 | |||
Finance — Credit Card | 3.1 | |||
Retail — Restaurants | 3.1 | |||
Diversified Manufacturing Operations | 2.9 | |||
Investment Management/Advisor Services | 2.5 | |||
Casino Hotels | 2.4 | |||
Medical — Wholesale Drug Distribution | 2.4 | |||
Metal Processors & Fabrication | 2.2 | |||
Retail — Apparel/Shoe | 2.1 | |||
Retail — Building Products | 1.9 | |||
Transport — Rail | 1.9 | |||
Real Estate Investment Trusts | 1.8 | |||
Aerospace/Defense | 1.7 | |||
Computers | 1.7 | |||
Internet Content — Entertainment | 1.5 | |||
Applications Software | 1.5 | |||
Distribution/Wholesale | 1.3 | |||
Broadcast Services/Program | 1.3 | |||
Chemicals — Specialty | 1.3 | |||
Hotels/Motels | 1.3 | |||
Semiconductor Components — Integrated Circuits | 1.2 | |||
Coatings/Paint | 1.2 | |||
Industrial Gases | 1.2 | |||
Computer Services | 1.1 | |||
Instruments — Scientific | 1.1 | |||
Banks — Fiduciary | 1.1 | |||
Airlines | 1.0 | |||
Diversified Banking Institutions | 1.0 | |||
Retail — Auto Parts | 0.9 | |||
Oil — Field Services | 0.8 | |||
Internet Application Software | 0.8 | |||
Multimedia | 0.8 | |||
Food — Retail | 0.8 | |||
Transport — Services | 0.7 | |||
Retail — Discount | 0.7 | |||
Internet Content — Information/News | 0.7 | |||
Motorcycle/Motor Scooter | 0.7 | |||
Medical Products | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Finance — Other Services | 0.6 | |||
Instruments — Controls | 0.6 | |||
Machinery — General Industrial | 0.6 | |||
Medical — Drugs | 0.6 | |||
Agricultural Chemicals | 0.5 | |||
Data Processing/Management | 0.5 | |||
Athletic Footwear | 0.5 | |||
Retail — Gardening Products | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Retail — Drug Store | 0.5 | |||
Beverages — Non-alcoholic | 0.4 | |||
Medical — HMO | 0.4 | |||
Computer Software | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Machinery — Pumps | 0.3 | |||
Coffee | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Banks — Super Regional | 0.3 | |||
Insurance Brokers | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Auto — Cars/Light Trucks | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Pharmacy Services | 0.2 |
Transport — Truck | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Therapeutics | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
105.4 | % | |||
* | Calculated as a percentage of net assets |
31
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.5% |
| |||||||
Aerospace/Defense — 1.7% |
| |||||||
Boeing Co. | 73,800 | $ | 9,907,650 | |||||
Aerospace/Defense-Equipment — 0.5% |
| |||||||
United Technologies Corp. | 23,600 | 2,616,296 | ||||||
Agricultural Chemicals — 0.5% |
| |||||||
Monsanto Co. | 27,500 | 3,116,575 | ||||||
Airlines — 1.0% |
| |||||||
Delta Air Lines, Inc. | 82,600 | 2,393,748 | ||||||
United Continental Holdings, Inc.† | 90,800 | 3,563,900 | ||||||
5,957,648 | ||||||||
Apparel Manufacturers — 0.6% |
| |||||||
Michael Kors Holdings, Ltd.† | 8,600 | 701,330 | ||||||
Ralph Lauren Corp. | 12,900 | 2,260,467 | ||||||
VF Corp. | 2,600 | 609,908 | ||||||
3,571,705 | ||||||||
Applications Software — 1.5% |
| |||||||
Citrix Systems, Inc.† | 1,900 | 112,708 | ||||||
Intuit, Inc. | 1,500 | 111,345 | ||||||
Red Hat, Inc.† | 38,900 | 1,822,465 | ||||||
Salesforce.com, Inc.†# | 120,800 | 6,292,472 | ||||||
8,338,990 | ||||||||
Athletic Footwear — 0.5% |
| |||||||
NIKE, Inc., Class B | 37,300 | 2,951,922 | ||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
Tesla Motors, Inc.†# | 10,500 | 1,336,440 | ||||||
Auto/Truck Parts & Equipment - Original — 0.0% |
| |||||||
Johnson Controls, Inc.# | 4,000 | 202,040 | ||||||
Banks - Fiduciary — 1.1% |
| |||||||
Northern Trust Corp. | 20,300 | 1,197,497 | ||||||
State Street Corp. | 66,100 | 4,799,521 | ||||||
5,997,018 | ||||||||
Banks - Super Regional — 0.3% |
| |||||||
US Bancorp | 38,200 | 1,498,204 | ||||||
Beverages - Non-alcoholic — 0.4% |
| |||||||
Monster Beverage Corp.† | 14,000 | 828,520 | ||||||
PepsiCo, Inc. | 18,100 | 1,528,726 | ||||||
2,357,246 | ||||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Constellation Brands, Inc., Class A† | 7,300 | 513,993 | ||||||
Broadcast Services/Program — 1.3% |
| |||||||
Discovery Communications, Inc., Class C† | 92,950 | 7,507,571 | ||||||
Building - Residential/Commercial — 0.0% |
| |||||||
Lennar Corp., Class A | 900 | 32,184 | ||||||
Cable/Satellite TV — 0.1% |
| |||||||
Liberty Global PLC, Class A† | 4,400 | 377,564 | ||||||
Casino Hotels — 2.4% |
| |||||||
Las Vegas Sands Corp. | 124,900 | 8,952,832 | ||||||
Wynn Macau, Ltd. | 409,200 | 1,567,624 | ||||||
Wynn Resorts, Ltd.# | 20,800 | 3,450,096 | ||||||
13,970,552 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
FMC Corp. | 17,600 | 1,282,336 | ||||||
Chemicals - Specialty — 1.3% |
| |||||||
Ecolab, Inc. | 67,400 | 7,223,258 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Coatings/Paint — 1.2% |
| |||||||
Sherwin-Williams Co. | 36,900 | $ | 6,753,807 | |||||
Coffee — 0.3% | ||||||||
Green Mountain Coffee Roasters, Inc.†# | 26,200 | 1,765,356 | ||||||
Commercial Services - Finance — 3.7% |
| |||||||
Alliance Data Systems Corp.†# | 10,600 | 2,567,956 | ||||||
MasterCard, Inc., Class A | 24,500 | 18,639,845 | ||||||
21,207,801 | ||||||||
Computer Aided Design — 0.0% |
| |||||||
Autodesk, Inc.† | 4,200 | 190,050 | ||||||
Computer Services — 1.1% |
| |||||||
Accenture PLC, Class A | 2,100 | 162,687 | ||||||
Cognizant Technology Solutions Corp., Class A† | 55,200 | 5,182,728 | ||||||
IHS, Inc., Class A† | 8,500 | 972,655 | ||||||
6,318,070 | ||||||||
Computer Software — 0.4% |
| |||||||
Akamai Technologies, Inc.† | 46,700 | 2,088,424 | ||||||
Computers — 1.7% |
| |||||||
Apple, Inc. | 17,100 | 9,508,797 | ||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Procter & Gamble Co. | 24,700 | 2,080,234 | ||||||
Cruise Lines — 0.0% |
| |||||||
Carnival Corp.# | 1,400 | 50,554 | ||||||
Data Processing/Management — 0.5% |
| |||||||
Fiserv, Inc.† | 28,000 | 3,076,920 | ||||||
Distribution/Wholesale — 1.3% |
| |||||||
Fastenal Co.# | 45,600 | 2,121,768 | ||||||
Fossil Group, Inc.† | 35,200 | 4,479,904 | ||||||
WW Grainger, Inc. | 4,200 | 1,083,264 | ||||||
7,684,936 | ||||||||
Diversified Banking Institutions — 1.0% |
| |||||||
Citigroup, Inc. | 22,000 | 1,164,240 | ||||||
Goldman Sachs Group, Inc. | 800 | 135,152 | ||||||
JPMorgan Chase & Co. | 1,000 | 57,220 | ||||||
Morgan Stanley | 132,300 | 4,140,990 | ||||||
5,497,602 | ||||||||
Diversified Manufacturing Operations — 2.9% |
| |||||||
3M Co. | 5,100 | 680,901 | ||||||
Danaher Corp. | 214,280 | 16,028,144 | ||||||
16,709,045 | ||||||||
E-Commerce/Products — 6.4% |
| |||||||
Amazon.com, Inc.† | 77,700 | 30,584,274 | ||||||
eBay, Inc.† | 115,240 | 5,821,925 | ||||||
36,406,199 | ||||||||
E-Commerce/Services — 4.6% |
| |||||||
Ctrip.com International, Ltd. ADR† | 33,100 | 1,581,518 | ||||||
Netflix, Inc.†# | 10,400 | 3,804,320 | ||||||
priceline.com, Inc.† | 17,000 | 20,269,610 | ||||||
TripAdvisor, Inc.†# | 10,200 | 900,864 | ||||||
26,556,312 | ||||||||
Electronic Measurement Instruments — 0.0% |
| |||||||
Trimble Navigation, Ltd.†# | 8,100 | 258,390 | ||||||
Entertainment Software — 0.0% |
| |||||||
Electronic Arts, Inc.†# | 2,100 | 46,578 | ||||||
32
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Credit Card — 3.1% |
| |||||||
American Express Co. | 78,000 | $ | 6,692,400 | |||||
Visa, Inc., Class A | 55,300 | 11,251,338 | ||||||
17,943,738 | ||||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
TD Ameritrade Holding Corp. | 94,300 | 2,713,954 | ||||||
Finance - Other Services — 0.6% |
| |||||||
IntercontinentalExchange Group, Inc. | 16,300 | 3,476,627 | ||||||
Food - Retail — 0.8% |
| |||||||
Kroger Co. | 6,900 | 288,075 | ||||||
Whole Foods Market, Inc. | 70,800 | 4,007,280 | ||||||
4,295,355 | ||||||||
Hotels/Motels — 1.3% |
| |||||||
Marriott International, Inc., Class A# | 33,990 | 1,598,210 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 74,700 | 5,563,656 | ||||||
7,161,866 | ||||||||
Industrial Gases — 1.2% |
| |||||||
Praxair, Inc. | 51,900 | 6,552,894 | ||||||
Instruments - Controls — 0.6% |
| |||||||
Honeywell International, Inc. | 38,800 | 3,434,188 | ||||||
Instruments - Scientific — 1.1% |
| |||||||
Thermo Fisher Scientific, Inc.# | 59,800 | 6,030,830 | ||||||
Insurance Brokers — 0.2% |
| |||||||
Marsh & McLennan Cos., Inc. | 29,400 | 1,395,030 | ||||||
Internet Application Software — 0.8% |
| |||||||
Tencent Holdings, Ltd. | 75,000 | 4,337,871 | ||||||
Internet Content - Entertainment — 1.5% |
| |||||||
Facebook, Inc., Class A†# | 173,441 | 8,153,461 | ||||||
Twitter, Inc.†# | 12,000 | 498,840 | ||||||
8,652,301 | ||||||||
Internet Content - Information/News — 0.7% |
| |||||||
LinkedIn Corp., Class A† | 18,200 | 4,077,346 | ||||||
Investment Management/Advisor Services — 2.5% |
| |||||||
Ameriprise Financial, Inc. | 25,440 | 2,753,880 | ||||||
Franklin Resources, Inc. | 100,100 | 5,544,539 | ||||||
Invesco, Ltd. | 166,300 | 5,795,555 | ||||||
14,093,974 | ||||||||
Machinery - General Industrial — 0.6% |
| |||||||
Roper Industries, Inc. | 19,900 | 2,581,030 | ||||||
Wabtec Corp. | 12,200 | 841,800 | ||||||
3,422,830 | ||||||||
Machinery - Pumps — 0.3% |
| |||||||
Flowserve Corp. | 24,900 | 1,777,362 | ||||||
Medical Products — 0.6% |
| |||||||
Becton Dickinson and Co. | 3,700 | 401,783 | ||||||
Covidien PLC | 19,900 | 1,358,374 | ||||||
Henry Schein, Inc.†# | 1,300 | 148,200 | ||||||
Stryker Corp. | 22,700 | 1,689,334 | ||||||
3,597,691 | ||||||||
Medical - Biomedical/Gene — 9.1% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 43,400 | 5,403,300 | ||||||
Biogen Idec, Inc.† | 43,000 | 12,511,710 | ||||||
Celgene Corp.† | 65,600 | 10,612,112 | ||||||
Gilead Sciences, Inc.† | 250,500 | 18,739,905 | ||||||
Regeneron Pharmaceuticals, Inc.† | 15,800 | 4,642,988 | ||||||
Vertex Pharmaceuticals, Inc.† | 600 | 41,652 | ||||||
51,951,667 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs — 0.6% |
| |||||||
Allergan, Inc. | 9,700 | $ | 941,385 | |||||
Valeant Pharmaceuticals International, Inc.† | 21,300 | 2,335,119 | ||||||
3,276,504 | ||||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Perrigo Co.† | 10,200 | 1,590,078 | ||||||
Medical - HMO — 0.4% |
| |||||||
Aetna, Inc. | 3,300 | 227,469 | ||||||
UnitedHealth Group, Inc. | 25,400 | 1,891,792 | ||||||
2,119,261 | ||||||||
Medical - Wholesale Drug Distribution — 2.4% |
| |||||||
AmerisourceBergen Corp. | 3,400 | 239,802 | ||||||
Cardinal Health, Inc. | 8,400 | 542,640 | ||||||
McKesson Corp. | 78,000 | 12,939,420 | ||||||
13,721,862 | ||||||||
Metal Processors & Fabrication — 2.2% |
| |||||||
Precision Castparts Corp. | 47,800 | 12,353,910 | ||||||
Motorcycle/Motor Scooter — 0.7% |
| |||||||
Harley-Davidson, Inc. | 55,400 | 3,712,908 | ||||||
Multimedia — 0.8% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 71,500 | 2,394,535 | ||||||
Walt Disney Co. | 27,500 | 1,939,850 | ||||||
4,334,385 | ||||||||
Oil Companies - Exploration & Production — 3.2% |
| |||||||
Concho Resources, Inc.†# | 20,300 | 2,109,779 | ||||||
EOG Resources, Inc. | 10,900 | 1,798,500 | ||||||
EQT Corp. | 39,200 | 3,336,312 | ||||||
Pioneer Natural Resources Co. | 39,100 | 6,950,025 | ||||||
Range Resources Corp.# | 52,900 | 4,107,685 | ||||||
18,302,301 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
Cameron International Corp.† | 1,500 | 83,085 | ||||||
FMC Technologies, Inc.† | 1,900 | 91,390 | ||||||
174,475 | ||||||||
Oil - Field Services — 0.8% |
| |||||||
Schlumberger, Ltd. | 53,700 | 4,748,154 | ||||||
Pharmacy Services — 0.2% |
| |||||||
Express Scripts Holding Co.† | 14,700 | 990,045 | ||||||
Real Estate Investment Trusts — 1.8% |
| |||||||
American Tower Corp. | 133,700 | 10,397,849 | ||||||
Retail - Apparel/Shoe — 2.1% |
| |||||||
L Brands, Inc. | 51,800 | 3,366,482 | ||||||
Lululemon Athletica, Inc.†# | 34,200 | 2,384,424 | ||||||
PVH Corp.# | 24,700 | 3,307,824 | ||||||
Ross Stores, Inc. | 38,200 | 2,920,772 | ||||||
11,979,502 | ||||||||
Retail - Auto Parts — 0.9% |
| |||||||
O’Reilly Automotive, Inc.† | 39,500 | 4,935,920 | ||||||
Retail - Building Products — 1.9% |
| |||||||
Home Depot, Inc. | 70,700 | 5,703,369 | ||||||
Lowe’s Cos., Inc. | 108,300 | 5,142,084 | ||||||
10,845,453 | ||||||||
Retail - Discount — 0.7% |
| |||||||
Costco Wholesale Corp. | 18,800 | 2,358,084 | ||||||
Dollar Tree, Inc.†# | 31,300 | 1,741,845 | ||||||
4,099,929 | ||||||||
33
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Drug Store — 0.5% |
| |||||||
CVS Caremark Corp. | 38,400 | $ | 2,571,264 | |||||
Retail - Gardening Products — 0.5% |
| |||||||
Tractor Supply Co.# | 40,200 | 2,943,042 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Tiffany & Co. | 8,500 | 757,690 | ||||||
Retail - Restaurants — 3.1% |
| |||||||
Chipotle Mexican Grill, Inc.†# | 12,500 | 6,548,250 | ||||||
Starbucks Corp. | 139,000 | 11,322,940 | ||||||
17,871,190 | ||||||||
Semiconductor Components - Integrated Circuits — 1.2% |
| |||||||
QUALCOMM, Inc. | 95,820 | 7,050,436 | ||||||
Telecommunication Equipment — 0.0% |
| |||||||
Juniper Networks, Inc.† | 2,470 | 50,067 | ||||||
Telephone - Integrated — 0.2% |
| |||||||
SoftBank Corp. | 16,900 | 1,367,840 | ||||||
Therapeutics — 0.1% |
| |||||||
Pharmacyclics, Inc.†# | 3,100 | 386,012 | ||||||
Transport - Rail — 1.9% |
| |||||||
Canadian Pacific Railway, Ltd. | 6,000 | 923,280 | ||||||
Kansas City Southern | 37,700 | 4,562,454 | ||||||
Union Pacific Corp. | 32,800 | 5,314,912 | ||||||
10,800,646 | ||||||||
Transport - Services — 0.7% |
| |||||||
FedEx Corp. | 30,200 | 4,188,740 | ||||||
Transport - Truck — 0.1% |
| |||||||
J.B. Hunt Transport Services, Inc.# | 10,800 | 812,052 | ||||||
Web Portals/ISP — 7.4% |
| |||||||
Baidu, Inc. ADR† | 48,400 | 8,061,988 | ||||||
Google, Inc., Class A† | 31,100 | 32,953,249 | ||||||
NAVER Corp. | 2,041 | 1,334,567 | ||||||
42,349,804 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $334,828,408) | 568,605,110 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 5.9% |
| |||||||
Registered Investment Companies — 5.9% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 31,436,590 | $ | 31,436,590 | |||||
T. Rowe Price Reserve Investment Fund | 2,244,499 | 2,244,499 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $33,681,089) | 33,681,089 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $368,509,497)(2) | 105.4 | % | 602,286,199 | |||||
Liabilities in excess of other assets | (5.4 | ) | (30,739,675 | ) | ||||
NET ASSETS | 100.0 | % | $ | 571,546,524 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2013, the Fund had loaned securities with a total value of $32,057,218. This was secured by $31,436,590, which was received in cash and subsequently invested in short-term investments currently valued at $31,436,590 as reported in the portfolio of investments. Additional collateral of $1,285,634 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal National Mortgage Association | 3.00% to 4.00% | 10/25/2029 to 05/25/2042 | $1,285,634 |
(2) | 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, 2013 (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 Stocks: | ||||||||||||||||
E-Commerce/Products | $ | 36,406,199 | $ | — | $ | — | $ | 36,406,199 | ||||||||
Medical - Biomedical/Gene | 51,951,667 | — | — | 51,951,667 | ||||||||||||
Web Portals/ISP | 42,349,804 | — | — | 42,349,804 | ||||||||||||
Other Industries* | 437,897,440 | — | — | 437,897,440 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 33,681,089 | — | — | 33,681,089 | ||||||||||||
Total | $ | 602,286,199 | $ | — | $ | — | $ | 602,286,199 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.
See Notes to Financial Statements
34
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Banks — Super Regional | 6.8 | % | ||
Diversified Banking Institutions | 6.5 | |||
Diversified Manufacturing Operations | 5.8 | |||
Medical — Drugs | 5.7 | |||
Time Deposits | 4.7 | |||
Savings & Loans/Thrifts | 3.9 | |||
Medical — HMO | 3.7 | |||
Electronic Components — Semiconductors | 3.6 | |||
Cruise Lines | 2.8 | |||
Auto — Cars/Light Trucks | 2.8 | |||
Aerospace/Defense | 2.7 | |||
Chemicals — Diversified | 2.7 | |||
Oil Companies — Exploration & Production | 2.5 | |||
Oil Companies — Integrated | 2.4 | |||
Oil & Gas Drilling | 2.4 | |||
Finance — Credit Card | 2.3 | |||
Finance — Consumer Loans | 2.3 | |||
Tobacco | 2.0 | |||
Medical — Wholesale Drug Distribution | 1.7 | |||
Oil Field Machinery & Equipment | 1.6 | |||
Auto/Truck Parts & Equipment — Original | 1.6 | |||
Building Products — Cement | 1.5 | |||
Apparel Manufacturers | 1.5 | |||
Banks — Fiduciary | 1.5 | |||
Pharmacy Services | 1.5 | |||
Medical Instruments | 1.5 | |||
Enterprise Software/Service | 1.5 | |||
Cellular Telecom | 1.4 | |||
Machinery — Construction & Mining | 1.4 | |||
Applications Software | 1.4 | |||
Engineering/R&D Services | 1.4 | |||
Telephone — Integrated | 1.4 | |||
Retail — Discount | 1.4 | |||
Banks — Commercial | 1.4 | |||
Electronic Security Devices | 1.3 | |||
Casino Services | 1.2 | |||
Tools — Hand Held | 1.2 | |||
Investment Management/Advisor Services | 1.1 | |||
Finance — Investment Banker/Broker | 1.0 | |||
Retail — Drug Store | 1.0 | |||
Electric Products — Misc. | 1.0 | |||
Retail — Apparel/Shoe | 1.0 | |||
Instruments — Controls | 1.0 | |||
Insurance — Multi-line | 0.4 | |||
99.5 | % | |||
* | Calculated as a percentage of net assets |
35
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.8% | ||||||||
Aerospace/Defense — 2.7% |
| |||||||
General Dynamics Corp. | 5,400 | $ | 494,964 | |||||
Raytheon Co. | 9,260 | 821,177 | ||||||
1,316,141 | ||||||||
Apparel Manufacturers — 1.5% |
| |||||||
Hanesbrands, Inc. | 10,300 | 722,030 | ||||||
Applications Software — 1.4% |
| |||||||
Microsoft Corp. | 17,835 | 680,048 | ||||||
Auto - Cars/Light Trucks — 2.8% |
| |||||||
Daimler AG ADR | 7,800 | 649,896 | ||||||
General Motors Co.† | 17,400 | 673,902 | ||||||
1,323,798 | ||||||||
Auto/Truck Parts & Equipment - Original — 1.6% |
| |||||||
Delphi Automotive PLC | 13,000 | 761,150 | ||||||
Banks - Commercial — 1.4% |
| |||||||
CIT Group, Inc. | 12,900 | 651,192 | ||||||
Banks - Fiduciary — 1.5% |
| |||||||
State Street Corp. | 9,810 | 712,304 | ||||||
Banks - Super Regional — 6.8% |
| |||||||
Capital One Financial Corp. | 15,925 | 1,140,707 | ||||||
Fifth Third Bancorp | 25,900 | 526,288 | ||||||
PNC Financial Services Group, Inc. | 7,925 | 609,829 | ||||||
Wells Fargo & Co. | 21,845 | 961,617 | ||||||
3,238,441 | ||||||||
Building Products - Cement — 1.5% |
| |||||||
CRH PLC ADR | 29,300 | 745,978 | ||||||
Casino Services — 1.2% |
| |||||||
International Game Technology | 33,500 | 585,915 | ||||||
Cellular Telecom — 1.4% |
| |||||||
Vodafone Group PLC ADR | 18,700 | 693,583 | ||||||
Chemicals - Diversified — 2.7% |
| |||||||
E.I. du Pont de Nemours & Co. | 11,300 | 693,594 | ||||||
Rockwood Holdings, Inc. | 8,600 | 588,756 | ||||||
1,282,350 | ||||||||
Cruise Lines — 2.8% |
| |||||||
Carnival Corp. | 16,300 | 588,593 | ||||||
Royal Caribbean Cruises, Ltd. | 16,900 | 744,445 | ||||||
1,333,038 | ||||||||
Diversified Banking Institutions — 6.5% |
| |||||||
Bank of America Corp. | 65,926 | 1,042,950 | ||||||
Citigroup, Inc. | 21,410 | 1,133,017 | ||||||
JPMorgan Chase & Co. | 16,305 | 932,972 | ||||||
3,108,939 | ||||||||
Diversified Manufacturing Operations — 5.8% |
| |||||||
Eaton Corp. PLC | 9,800 | 712,068 | ||||||
Illinois Tool Works, Inc. | 5,600 | 445,648 | ||||||
ITT Corp. | 5,400 | 220,428 | ||||||
Pentair, Ltd. | 8,900 | 629,408 | ||||||
SPX Corp. | 8,300 | 785,512 | ||||||
2,793,064 | ||||||||
Electric Products - Misc. — 1.0% |
| |||||||
Emerson Electric Co. | 6,940 | 464,911 | ||||||
Electronic Components - Semiconductors — 3.6% |
| |||||||
Fairchild Semiconductor International, Inc.† | 30,200 | 384,446 | ||||||
Microchip Technology, Inc. | 15,900 | 688,311 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Texas Instruments, Inc. | 14,820 | $ | 637,260 | |||||
1,710,017 | ||||||||
Electronic Security Devices — 1.3% |
| |||||||
Tyco International, Ltd. | 16,400 | 625,496 | ||||||
Engineering/R&D Services — 1.4% |
| |||||||
KBR, Inc. | 19,900 | 673,217 | ||||||
Enterprise Software/Service — 1.5% |
| |||||||
CA, Inc. | 21,400 | 706,200 | ||||||
Finance - Consumer Loans — 2.3% |
| |||||||
SLM Corp. | 41,405 | 1,103,443 | ||||||
Finance - Credit Card — 2.3% |
| |||||||
American Express Co. | 6,955 | 596,739 | ||||||
Discover Financial Services | 10,000 | 533,000 | ||||||
1,129,739 | ||||||||
Finance - Investment Banker/Broker — 1.0% |
| |||||||
E*TRADE Financial Corp.† | 27,300 | 489,216 | ||||||
Instruments - Controls — 1.0% |
| |||||||
Honeywell International, Inc. | 5,200 | 460,252 | ||||||
Insurance - Multi-line — 0.4% |
| |||||||
XL Group PLC | 6,620 | 211,774 | ||||||
Investment Management/Advisor Services — 1.1% |
| |||||||
Ameriprise Financial, Inc. | 4,800 | 519,600 | ||||||
Machinery - Construction & Mining — 1.4% |
| |||||||
Joy Global, Inc. | 12,100 | 684,376 | ||||||
Medical Instruments — 1.5% |
| |||||||
Medtronic, Inc. | 12,330 | 706,756 | ||||||
Medical - Drugs — 5.7% |
| |||||||
Johnson & Johnson | 9,185 | 869,452 | ||||||
Merck & Co., Inc. | 12,700 | 632,841 | ||||||
Pfizer, Inc. | 23,941 | 759,648 | ||||||
Sanofi ADR | 9,300 | 491,319 | ||||||
2,753,260 | ||||||||
Medical - HMO — 3.7% |
| |||||||
Cigna Corp. | 6,700 | 585,915 | ||||||
UnitedHealth Group, Inc. | 8,020 | 597,330 | ||||||
WellPoint, Inc. | 6,515 | 605,113 | ||||||
1,788,358 | ||||||||
Medical - Wholesale Drug Distribution — 1.7% |
| |||||||
Cardinal Health, Inc. | 12,300 | 794,580 | ||||||
Oil & Gas Drilling — 2.4% |
| |||||||
Noble Corp. PLC | 16,200 | 617,544 | ||||||
Seadrill, Ltd. | 12,400 | 529,604 | ||||||
1,147,148 | ||||||||
Oil Companies - Exploration & Production — 2.5% |
| |||||||
ConocoPhillips | 8,165 | 594,412 | ||||||
Occidental Petroleum Corp. | 6,165 | 585,428 | ||||||
1,179,840 | ||||||||
Oil Companies - Integrated — 2.4% |
| |||||||
BP PLC ADR | 13,135 | 617,476 | ||||||
Marathon Oil Corp. | 15,065 | 542,943 | ||||||
1,160,419 | ||||||||
Oil Field Machinery & Equipment — 1.6% |
| |||||||
National Oilwell Varco, Inc. | 9,400 | 766,100 | ||||||
36
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Pharmacy Services — 1.5% |
| |||||||
Omnicare, Inc. | 12,400 | $ | 710,272 | |||||
Retail - Apparel/Shoe — 1.0% |
| |||||||
Coach, Inc. | 8,000 | 463,200 | ||||||
Retail - Discount — 1.4% |
| |||||||
Target Corp. | 10,300 | 658,479 | ||||||
Retail - Drug Store — 1.0% |
| |||||||
Walgreen Co. | 8,200 | 485,440 | ||||||
Savings & Loans/Thrifts — 3.9% |
| |||||||
First Niagara Financial Group, Inc. | 49,700 | 553,658 | ||||||
New York Community Bancorp, Inc. | 39,300 | 649,236 | ||||||
People’s United Financial, Inc. | 43,400 | 657,076 | ||||||
1,859,970 | ||||||||
Telephone - Integrated — 1.4% |
| |||||||
Verizon Communications, Inc. | 13,405 | 665,156 | ||||||
Tobacco — 2.0% |
| |||||||
Altria Group, Inc. | 14,170 | 524,007 | ||||||
Philip Morris International, Inc. | 5,100 | 436,254 | ||||||
960,261 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Tools - Hand Held — 1.2% |
| |||||||
Stanley Black & Decker, Inc. | 6,960 | $ | 566,474 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $32,955,717) | 45,391,925 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.7% |
| |||||||
Time Deposits — 4.7% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 2,242,000 | 2,242,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $35,197,717)(1) | 99.5 | % | 47,633,925 | |||||
Other assets less liabilities | 0.5 | 253,812 | ||||||
NET ASSETS | 100.0 | % | $ | 47,887,737 | ||||
† | 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, 2013 (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 Stocks: | ||||||||||||||||
Banks - Super Regional | $ | 3,238,441 | $ | — | $ | — | $ | 3,238,441 | ||||||||
Diversified Banking Institutions | 3,108,939 | — | — | 3,108,939 | ||||||||||||
Diversified Manufacturing Operations | 2,793,064 | — | — | 2,793,064 | ||||||||||||
Medical - Drugs | 2,753,260 | — | — | 2,753,260 | ||||||||||||
Other Industries* | 33,498,221 | — | — | 33,498,221 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 2,242,000 | — | 2,242,000 | ||||||||||||
Total | $ | 45,391,925 | $ | 2,242,000 | $ | — | $ | 47,633,925 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
37
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
United States Treasury Notes | 21.4 | % | ||
Federal National Mtg. Assoc. | 21.4 | |||
Federal Home Loan Mtg. Corp. | 11.4 | |||
Diversified Financial Services | 7.7 | |||
Time Deposits | 7.1 | |||
Banks — Commercial | 3.9 | |||
Registered Investment Companies | 3.6 | |||
Diversified Banking Institutions | 3.2 | |||
United States Treasury Bonds | 3.1 | |||
Electric — Integrated | 1.0 | |||
Oil Companies — Integrated | 0.9 | |||
Telephone — Integrated | 0.9 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Savings & Loans/Thrifts | 0.8 | |||
Paper & Related Products | 0.8 | |||
Multimedia | 0.6 | |||
Diversified Manufacturing Operations | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Insurance — Life/Health | 0.4 | |||
Beverages — Non-alcoholic | 0.4 | |||
Banks — Fiduciary | 0.4 | |||
Sovereign | 0.4 | |||
Special Purpose Entities | 0.4 | |||
Security Services | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Medical — Drugs | 0.4 | |||
Municipal Bonds | 0.4 | |||
Medical — Generic Drugs | 0.3 | |||
Oil & Gas Drilling | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Computers — Memory Devices | 0.3 | |||
Insurance — Mutual | 0.3 | |||
Pipelines | 0.3 | |||
Advertising Agencies | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Computer Services | 0.3 | |||
Telecom Services | 0.2 | |||
Brewery | 0.2 | |||
Electronics — Military | 0.2 | |||
Diversified Operations | 0.2 | |||
Tennessee Valley Authority | 0.2 | |||
Schools | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Cable/Satellite TV | 0.2 | |||
Electric — Distribution | 0.2 | |||
Medical Products | 0.2 | |||
Gas — Distribution | 0.2 | |||
Medical — HMO | 0.2 | |||
Electronic Components — Semiconductors | 0.2 | |||
Finance — Other Services | 0.2 | |||
Import/Export | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Transport — Rail | 0.2 | |||
Food — Misc./Diversified | 0.2 | |||
Banks — Super Regional | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Diversified Minerals | 0.2 | |||
Federal Home Loan Bank | 0.2 | |||
Real Estate Investment Trusts | 0.1 | |||
Regional Authority | 0.1 | |||
Aerospace/Defense | 0.1 | |||
Banks — Money Center | 0.1 | |||
SupraNational Banks | 0.1 | |||
Chemicals —Specialty | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Petrochemicals | 0.1 |
Insurance — Property/Casualty | 0.1 | % | ||
Steel — Producers | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Gold Mining | 0.1 | |||
Advertising Services | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Retail — Discount | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
103.2 | % | |||
Credit Quality+#
Aaa | 66.6 | % | ||
Aa | 4.6 | |||
A | 6.5 | |||
Baa | 17.5 | |||
Ba | 2.2 | |||
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: Moody’s |
# | 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, 2013 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 6.8% | ||||||||
Diversified Financial Services — 6.8% | ||||||||
ABFC 2002-NC1 Trust FRS | $ | 493,881 | $ | 464,815 | ||||
Avis Budget Rental Car Funding AESOP LLC | 312,000 | 309,435 | ||||||
Bear Stearns Asset Backed Securities Trust FRS | 1,112,679 | 1,044,070 | ||||||
Cabela’s Master Credit Card Trust | 585,000 | 587,874 | ||||||
Capital Auto Receivables Asset Trust | 446,000 | 448,975 | ||||||
Capital One Multi-Asset Execution Trust | 240,000 | 251,498 | ||||||
Chrysler Capital Auto Receivables Trust | 258,000 | 258,654 | ||||||
Citigroup Commercial Mtg. Trust | 216,000 | 222,477 | ||||||
CKE Restaurant Holdings, Inc. | 73,445 | 74,708 | ||||||
Countrywide Asset-Backed Certs. FRS | 354,283 | 325,917 | ||||||
Discover Card Execution Note Trust | 200,000 | 231,567 | ||||||
Dominos Pizza Master Issuer LLC | 664,098 | 719,254 | ||||||
Ford Credit Auto Owner Trust | 405,000 | 410,166 | ||||||
Ford Credit Auto Owner Trust | 182,000 | 182,140 | ||||||
Ford Credit Floorplan Master Owner Trust | 339,000 | 339,012 | ||||||
GS Mtg. Securities Corp. II | 192,000 | 192,561 | ||||||
HLSS Servicer Advance Receivables Backed Notes | 192,000 | 190,387 | ||||||
Honda Auto Receivables Owner Trust | 163,000 | 164,455 | ||||||
Huntington Auto Trust | 115,000 | 114,483 | ||||||
JPMBB Commercial Mtg. Securities Trust | 206,000 | 213,232 | ||||||
LB-UBS Commercial Mtg. Trust | 1,000,000 | 1,109,166 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 245,871 | 251,527 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) | ||||||||
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2013-C13, Class A2 | $ | 1,000,000 | $ | 1,029,960 | ||||
UBS-Barclays Commercial Mtg. Trust | 640,774 | 651,651 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 1,000,000 | 1,084,075 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 1,000,000 | 1,106,729 | ||||||
WaMu Mtg. Pass Through Certs. FRS | 1,078,954 | 1,082,262 | ||||||
WF-RBS Commercial Mtg. Trust | 385,768 | 388,522 | ||||||
Total Asset Backed Securities | ||||||||
(cost $13,389,336) | 13,449,572 | |||||||
U.S. CORPORATE BONDS & NOTES — 18.1% | ||||||||
Advertising Agencies — 0.3% | ||||||||
Interpublic Group of Cos., Inc. | 620,000 | 584,328 | ||||||
Aerospace/Defense — 0.1% | ||||||||
Boeing Co. | 287,000 | 278,572 | ||||||
Aerospace/Defense - Equipment — 0.4% | ||||||||
Exelis, Inc. | 731,000 | 732,275 | ||||||
Agricultural Chemicals — 0.3% | ||||||||
Mosaic Co. | 346,000 | 344,301 | ||||||
Mosaic Co. | 143,000 | 146,112 | ||||||
Mosaic Co. | 143,000 | 145,561 | ||||||
635,974 | ||||||||
Auto - Cars/Light Trucks — 0.2% | ||||||||
Daimler Finance North America LLC | 305,000 | 312,910 | ||||||
Banks - Commercial — 1.2% | ||||||||
FirstMerit Corp. | 177,000 | 176,449 | ||||||
KeyBank NA | 390,000 | 390,198 | ||||||
Union Bank NA | 279,000 | 283,181 | ||||||
Zions Bancorporation | 301,000 | 314,088 |
39
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Banks - Commercial (continued) | ||||||||
Zions Bancorporation | $ | 542,000 | $ | 581,432 | ||||
Zions Bancorporation | 592,000 | 588,781 | ||||||
2,334,129 | ||||||||
Banks - Fiduciary — 0.4% | ||||||||
Bank of New York Mellon Corp. | 298,000 | 300,483 | ||||||
RBS Citizens Financial Group, Inc. | 540,000 | 525,923 | ||||||
826,406 | ||||||||
Banks - Super Regional — 0.0% | ||||||||
SunTrust Banks, Inc. | 30,000 | 32,738 | ||||||
Brewery — 0.2% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | 507,000 | 509,536 | ||||||
Building & Construction Products - Misc. — 0.1% | ||||||||
Owens Corning, Inc. | 139,000 | 152,311 | ||||||
Cable/Satellite TV — 0.2% | ||||||||
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. | 207,000 | 198,019 | ||||||
TCI Communications, Inc. | 155,000 | 194,142 | ||||||
392,161 | ||||||||
Chemicals - Specialty — 0.1% | ||||||||
Lubrizol Corp. | 179,000 | 217,112 | ||||||
Computer Services — 0.3% | ||||||||
International Business Machines Corp. | 371,000 | 348,789 | ||||||
International Business Machines Corp. | 144,000 | 174,984 | ||||||
523,773 | ||||||||
Computers - Memory Devices — 0.1% | ||||||||
EMC Corp. | 271,000 | 268,111 | ||||||
Diagnostic Equipment — 0.1% | ||||||||
Life Technologies Corp. | 146,000 | 157,100 | ||||||
Diversified Banking Institutions — 2.6% | ||||||||
Bank of America Corp. | 800,000 | 892,958 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) | ||||||||
Bank of America Corp. | $ | 44,000 | $ | 51,308 | ||||
Citigroup, Inc. | 1,006,000 | 1,033,177 | ||||||
Goldman Sachs Group, Inc. FRS | 384,000 | 386,107 | ||||||
Goldman Sachs Group, Inc. | 497,000 | 546,805 | ||||||
Goldman Sachs Group, Inc. | 501,000 | 555,607 | ||||||
JPMorgan Chase & Co. | 223,000 | 265,604 | ||||||
Morgan Stanley | 423,000 | 465,119 | ||||||
Morgan Stanley | 892,000 | 916,233 | ||||||
5,112,918 | ||||||||
Diversified Financial Services — 0.7% | ||||||||
General Electric Capital Corp. | 270,000 | 297,455 | ||||||
General Electric Capital Corp. | 210,000 | 243,418 | ||||||
General Electric Capital Corp. | 461,000 | 521,884 | ||||||
General Electric Capital Corp. | 358,000 | 443,693 | ||||||
1,506,450 | ||||||||
Diversified Manufacturing Operations — 0.2% | ||||||||
Textron, Inc. | 305,000 | 329,766 | ||||||
Diversified Operations — 0.2% | ||||||||
Leucadia National Corp. | 263,000 | 265,156 | ||||||
Leucadia National Corp. | 216,000 | 211,931 | ||||||
477,087 | ||||||||
Electric - Distribution — 0.0% | ||||||||
Oglethorpe Power Corp. | 105,000 | 90,602 | ||||||
Electric - Integrated — 0.9% | ||||||||
Dominion Gas Holdings LLC | 109,000 | 106,255 | ||||||
Dominion Resources, Inc. | 326,000 | 348,299 |
40
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Electric - Integrated (continued) | ||||||||
FirstEnergy Corp. | $ | 262,000 | $ | 277,130 | ||||
Georgia Power Co. | 112,000 | 117,509 | ||||||
Great Plains Energy, Inc. | 141,000 | 151,723 | ||||||
MidAmerican Energy Holdings Co. | 125,000 | 124,765 | ||||||
Nisource Finance Corp. | 190,000 | 191,608 | ||||||
Pacific Gas & Electric Co. | 193,000 | 210,920 | ||||||
PPL Energy Supply LLC | 336,000 | 326,310 | ||||||
1,854,519 | ||||||||
Electronic Components-Semiconductors — 0.2% | ||||||||
Intel Corp. | 343,000 | 354,266 | ||||||
Electronics - Military — 0.2% | ||||||||
L-3 Communications Corp. | 468,000 | 494,914 | ||||||
Finance - Auto Loans — 0.1% | ||||||||
Ford Motor Credit Co. LLC | 163,000 | 162,983 | ||||||
Finance - Consumer Loans — 0.1% | ||||||||
HSBC Finance Corp. | 186,000 | 216,531 | ||||||
Finance - Investment Banker/Broker — 0.3% | ||||||||
Lehman Brothers Holdings, Inc. | 89,000 | 18,801 | ||||||
Lehman Brothers Holdings, Inc. | 87,000 | 9 | ||||||
Lehman Brothers Holdings, Inc. | 112,000 | 11 | ||||||
Merrill Lynch & Co., Inc. | 508,000 | 540,515 | ||||||
559,336 | ||||||||
Finance - Other Services — 0.1% | ||||||||
National Rural Utilities Cooperative Finance Corp. | 150,000 | 151,114 | ||||||
Food - Misc./Diversified — 0.2% | ||||||||
Mondelez International, Inc. | 276,000 | 323,360 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Gas - Distribution — 0.1% | ||||||||
Sempra Energy | $ | 172,000 | $ | 172,124 | ||||
Gold Mining — 0.1% | ||||||||
Newmont Mining Corp. | 207,000 | 178,984 | ||||||
Insurance - Life/Health — 0.3% | ||||||||
Pacific LifeCorp | 185,000 | 207,870 | ||||||
Principal Financial Group, Inc. | 117,000 | 117,056 | ||||||
Principal Life Global Funding II | 313,000 | 313,822 | ||||||
638,748 | ||||||||
Insurance - Multi-line — 0.2% | ||||||||
Metropolitan Life Global Funding I | 332,000 | 342,854 | ||||||
Insurance - Mutual — 0.3% | ||||||||
Liberty Mutual Group, Inc. | 150,000 | 151,848 | ||||||
New York Life Global Funding | 453,000 | 457,296 | ||||||
609,144 | ||||||||
Insurance - Property/Casualty — 0.1% | ||||||||
ProAssurance Corp. | 207,000 | 210,991 | ||||||
Machinery - Construction & Mining — 0.1% | ||||||||
Caterpillar Financial Services Corp. | 182,000 | 184,113 | ||||||
Medical Products — 0.2% | ||||||||
Becton Dickinson and Co. | 56,000 | 54,972 | ||||||
Becton Dickinson and Co. | 268,000 | 333,265 | ||||||
388,237 | ||||||||
Medical - Drugs — 0.2% | ||||||||
AbbVie, Inc. | 315,000 | 317,419 | ||||||
Medical - Generic Drugs — 0.3% | ||||||||
Mylan, Inc. | 101,000 | 101,704 | ||||||
Mylan, Inc. | 519,000 | 589,657 | ||||||
691,361 | ||||||||
41
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Medical - HMO — 0.2% | ||||||||
Cigna Corp. | $ | 252,000 | $ | 268,858 | ||||
Cigna Corp. | 80,000 | 91,731 | ||||||
360,589 | ||||||||
Metal Processors & Fabrication — 0.1% | ||||||||
Precision Castparts Corp. | 200,000 | 197,480 | ||||||
Multimedia — 0.6% | ||||||||
News America, Inc. | 290,000 | 292,903 | ||||||
Time Warner Cos., Inc. | 298,000 | 360,345 | ||||||
Time Warner Entertainment Co. LP | 159,000 | 172,944 | ||||||
Viacom, Inc. | 319,000 | 332,155 | ||||||
1,158,347 | ||||||||
Oil Companies - Exploration & Production — 0.7% | ||||||||
Anadarko Holding Co. | 468,000 | 560,368 | ||||||
Continental Resources, Inc. | 147,000 | 145,530 | ||||||
Continental Resources, Inc. | 206,000 | 212,180 | ||||||
Plains Exploration & Production Co. | 194,000 | 212,167 | ||||||
Plains Exploration & Production Co. | 323,000 | 352,908 | ||||||
1,483,153 | ||||||||
Oil Companies - Integrated — 0.2% | ||||||||
Hess Corp. | 238,000 | 249,543 | ||||||
Hess Corp. | 154,000 | 194,343 | ||||||
443,886 | ||||||||
Oil Refining & Marketing — 0.1% | ||||||||
Valero Energy Corp. | 172,000 | 196,320 | ||||||
Paper & Related Products — 0.8% | ||||||||
Domtar Corp. | 534,000 | 542,189 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Paper & Related Products (continued) | ||||||||
Georgia-Pacific LLC | $ | 343,000 | $ | 333,601 | ||||
Georgia-Pacific LLC | 571,000 | 644,859 | ||||||
1,520,649 | ||||||||
Pipelines — 0.3% | ||||||||
El Paso Pipeline Partners Operating Co. LLC | 131,000 | 114,847 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 50,000 | 52,935 | ||||||
Energy Transfer Partners LP | 195,000 | 199,574 | ||||||
Energy Transfer Partners LP | 192,000 | 232,120 | ||||||
599,476 | ||||||||
Real Estate Investment Trusts — 0.1% | ||||||||
HCP, Inc. | 160,000 | 168,517 | ||||||
UDR, Inc. | 114,000 | 116,156 | ||||||
284,673 | ||||||||
Retail - Auto Parts — 0.2% | ||||||||
Advance Auto Parts, Inc. | 337,000 | 336,708 | ||||||
Retail - Discount — 0.1% | ||||||||
Dollar General Corp. | 175,000 | 160,179 | ||||||
Retail - Drug Store — 0.2% | ||||||||
CVS Pass-Through Trust | 158,185 | 169,872 | ||||||
CVS Pass-Through Trust | 154,094 | 167,157 | ||||||
337,029 | ||||||||
Savings & Loans/Thrifts — 0.8% | ||||||||
Astoria Financial Corp. | 363,000 | 385,123 | ||||||
First Niagara Financial Group, Inc. | 494,000 | 570,624 | ||||||
First Niagara Financial Group, Inc. | 400,000 | 467,833 | ||||||
Santander Holdings USA, Inc. | 145,000 | 149,756 | ||||||
1,573,336 | ||||||||
42
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Schools — 0.2% | ||||||||
Northwestern University | $ | 225,000 | $ | 206,446 | ||||
President and Fellows of Harvard College | 113,000 | 98,654 | ||||||
University of Pennsylvania | 180,000 | 155,565 | ||||||
460,665 | ||||||||
Security Services — 0.4% | ||||||||
ADT Corp. | 611,000 | 534,893 | ||||||
ADT Corp. | 200,000 | 208,750 | ||||||
743,643 | ||||||||
Special Purpose Entities — 0.3% | ||||||||
MassMutual Global Funding II | 435,000 | 440,807 | ||||||
MassMutual Global Funding II | 162,000 | 147,516 | ||||||
588,323 | ||||||||
Steel - Producers — 0.1% | ||||||||
Nucor Corp. | 210,000 | 206,669 | ||||||
Telecom Services — 0.1% | ||||||||
Qwest Corp. | 250,000 | 263,032 | ||||||
Telephone - Integrated — 0.6% | ||||||||
Verizon Communications, Inc. | 239,000 | 254,101 | ||||||
Verizon Communications, Inc. | 657,000 | 733,455 | ||||||
Verizon Communications, Inc. | 244,000 | 277,686 | ||||||
1,265,242 | ||||||||
Transport - Equipment & Leasing — 0.1% | ||||||||
GATX Corp. | 225,000 | 214,953 | ||||||
Transport - Rail — 0.2% | ||||||||
Norfolk Southern Corp. | 95,000 | 89,205 | ||||||
Norfolk Southern Corp. | 21,000 | 23,347 | ||||||
Norfolk Southern Corp. | 197,000 | 212,433 | ||||||
324,985 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Wireless Equipment — 0.0% | ||||||||
Motorola Solutions, Inc. | $ | 9,930 | $ | 9,993 | ||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $35,990,762) | 36,054,587 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 7.6% | ||||||||
Advertising Services — 0.1% | ||||||||
WPP Finance 2010 | 179,000 | 175,012 | ||||||
Auto - Cars/Light Trucks — 0.2% | ||||||||
Volkswagen International Finance NV | 411,000 | 412,304 | ||||||
Banks - Commercial — 2.7% | ||||||||
ANZ New Zealand Int’l, Ltd. | 760,000 | 761,140 | ||||||
Bank of Nova Scotia | 226,000 | 228,988 | ||||||
Banque Federative du Credit Mutuel SA | 308,000 | 308,629 | ||||||
BPCE SA | 334,000 | 344,514 | ||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 464,000 | 463,411 | ||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 550,000 | 562,557 | ||||||
Credit Suisse AG | 482,000 | 510,178 | ||||||
ING Bank NV | 572,000 | 581,106 | ||||||
LBG Capital No.1 PLC | 402,000 | 430,944 | ||||||
National Australia Bank, Ltd. | 503,000 | 510,959 | ||||||
National Bank of Canada | 650,000 | 640,992 | ||||||
5,343,418 | ||||||||
Banks - Money Center — 0.1% | ||||||||
Lloyds Bank PLC | 275,000 | 276,325 | ||||||
Beverages - Non-alcoholic — 0.4% | ||||||||
Coca-Cola Femsa SAB de CV | 410,000 | 410,337 | ||||||
Coca-Cola Femsa SAB de CV | 254,000 | 250,977 | ||||||
Coca-Cola Femsa SAB de CV | 188,000 | 188,506 | ||||||
849,820 | ||||||||
43
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Chemicals - Diversified — 0.2% | ||||||||
LyondellBasell Industries NV | $ | 277,000 | $ | 311,000 | ||||
Computers - Memory Devices — 0.2% | ||||||||
Seagate HDD Cayman | 363,000 | 344,850 | ||||||
Diversified Banking Institutions — 0.4% | ||||||||
Royal Bank of Scotland Group PLC | 196,000 | 198,808 | ||||||
Royal Bank of Scotland Group PLC | 259,000 | 302,078 | ||||||
Societe Generale SA | 350,000 | 387,576 | ||||||
888,462 | ||||||||
Diversified Financial Services — 0.2% | ||||||||
Hyundai Capital Services, Inc. | 373,000 | 397,471 | ||||||
Diversified Manufacturing Operations — 0.4% | ||||||||
Ingersoll-Rand Global Holding Co., Ltd. | 200,000 | 200,067 | ||||||
Ingersoll-Rand Global Holding Co., Ltd. | 386,000 | 381,797 | ||||||
Pentair Finance SA | 207,000 | 208,350 | ||||||
790,214 | ||||||||
Diversified Minerals — 0.2% | ||||||||
Teck Resources, Ltd. | 321,000 | 304,946 | ||||||
Gas - Distribution — 0.1% | ||||||||
Centrica PLC | 219,000 | 215,989 | ||||||
Import/Export — 0.2% | ||||||||
Svensk Exportkredit AB FRS | 353,000 | 349,569 | ||||||
Insurance - Multi-line — 0.2% | ||||||||
XLIT, Ltd. | 399,000 | 398,856 | ||||||
Medical - Drugs — 0.2% | ||||||||
Takeda Pharmaceutical Co., Ltd. | 404,000 | 406,586 | ||||||
Oil & Gas Drilling — 0.3% | ||||||||
Transocean, Inc. | 325,000 | 365,198 | ||||||
Transocean, Inc. | 130,000 | 141,747 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil & Gas Drilling (continued) | ||||||||
Transocean, Inc. | $ | 157,000 | $ | 179,188 | ||||
686,133 | ||||||||
Oil Companies - Exploration & Production — 0.2% | ||||||||
Anadarko Finance Co. | 286,000 | 357,615 | ||||||
Oil Companies - Integrated — 0.7% | ||||||||
BP Capital Markets PLC | 350,000 | 348,771 | ||||||
BP Capital Markets PLC | 350,000 | 363,592 | ||||||
Petroleos Mexicanos | 301,000 | 266,582 | ||||||
Statoil ASA | 272,000 | 274,041 | ||||||
Statoil ASA | 179,000 | 179,787 | ||||||
1,432,773 | ||||||||
Petrochemicals — 0.1% | ||||||||
Mexichem SAB de CV | 227,000 | 211,110 | ||||||
Special Purpose Entity — 0.1% | ||||||||
Perrigo Co., Ltd. | 201,000 | 201,583 | ||||||
SupraNational Banks — 0.1% | ||||||||
North American Development Bank | 257,000 | 257,630 | ||||||
Telephone - Integrated — 0.3% | ||||||||
Telecom Italia Capital SA | 391,000 | 436,545 | ||||||
Telefonica Emisiones SAU | 153,000 | 151,601 | ||||||
588,146 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $15,173,585) | 15,199,812 | |||||||
FOREIGN GOVERNMENT AGENCIES — 0.7% | ||||||||
Electric - Distribution — 0.2% | ||||||||
Hydro-Quebec | 298,000 | 300,401 | ||||||
Regional Authority — 0.1% | ||||||||
Province of British Columbia | 272,000 | 282,567 | ||||||
Sovereign — 0.4% | ||||||||
Federative Republic of Brazil | 191,000 | 183,360 |
44
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN GOVERNMENT AGENCIES (continued) | ||||||||
Sovereign (continued) | ||||||||
Government of Canada | $ | 308,000 | $ | 310,169 | ||||
United Mexican States | 365,000 | 320,470 | ||||||
813,999 | ||||||||
Total Foreign Government Agencies | ||||||||
(cost $1,392,662) | 1,396,967 | |||||||
MUNICIPAL BONDS & NOTES — 0.4% | ||||||||
Ohio State University | 241,000 | 212,557 | ||||||
Port Authority of New York & New Jersey | 216,000 | 211,004 | ||||||
Port Authority of New York & New Jersey | 335,000 | 296,174 | ||||||
Total Municipal Bonds & Notes | ||||||||
(cost $789,624) | 719,735 | |||||||
U.S. GOVERNMENT AGENCIES — 33.2% | ||||||||
Federal Home Loan Bank — 0.2% | ||||||||
5.50% due 07/15/2036 | 250,000 | 297,299 | ||||||
Federal Home Loan Mtg. Corp. — 11.4% | ||||||||
2.50% due 01/01/2028 | 470,575 | 471,319 | ||||||
2.50% due 04/01/2028 | 943,170 | 944,696 | ||||||
3.00% due 08/01/2027 | 908,757 | 935,401 | ||||||
3.00% due 10/01/2042 | 887,514 | 853,756 | ||||||
3.00% due 11/01/2042 | 1,501,401 | 1,444,293 | ||||||
3.00% due 02/01/2043 | 485,877 | 467,396 | ||||||
3.00% due 04/01/2043 | 969,817 | 932,929 | ||||||
3.00% due 05/01/2043 | 1,500,879 | 1,443,791 | ||||||
3.50% due 11/01/2041 | 1,234,046 | 1,243,094 | ||||||
3.50% due 03/01/2042 | 343,684 | 346,204 | ||||||
3.50% due 04/01/2042 | 1,930,721 | 1,944,877 | ||||||
3.50% due 06/01/2042 | 2,608,373 | 2,627,498 | ||||||
3.50% due 08/01/2042 | 462,309 | 465,887 | ||||||
4.00% due 09/01/2040 | 185,631 | 193,044 | ||||||
4.50% due 01/01/2039 | 52,077 | 55,487 | ||||||
4.50% due 06/01/2040 | 1,361,607 | 1,465,493 | ||||||
4.50% due 06/01/2041 | 1,469,565 | 1,568,165 | ||||||
5.00% due 10/01/2033 | 3,410 | 3,702 | ||||||
5.00% due 03/01/2038 | 184,779 | 199,447 | ||||||
5.00% due 06/01/2039 | 886,456 | 964,931 | ||||||
5.00% due 07/01/2040 | 1,472,091 | 1,595,957 | ||||||
5.50% due 11/01/2018 | 86,996 | 92,988 | ||||||
5.50% due 02/01/2035 | 335,962 | 365,417 | ||||||
5.50% due 07/01/2036 | 239,481 | 259,616 | ||||||
5.50% due 09/01/2037 | 12,407 | 13,445 | ||||||
5.50% due 10/01/2037 | 13,320 | 14,435 | ||||||
5.50% due 01/01/2038 | 154,411 | 167,325 | ||||||
5.50% due 04/01/2038 | 71,845 | 77,854 | ||||||
5.50% due 06/01/2041 | 94,855 | 102,788 | ||||||
6.00% due 10/01/2033 | 262,789 | 289,947 | ||||||
6.00% due 03/01/2040 | 2,627 | 2,886 | ||||||
6.50% due 02/01/2035 | 15,686 | 17,392 | ||||||
6.50% due 01/01/2036 | 24,762 | 27,446 | ||||||
6.50% due 03/01/2036 | 81,273 | 90,421 | ||||||
6.75% due 09/15/2029# | 500,000 | 671,095 | ||||||
6.75% due 03/15/2031 | 250,000 | 336,356 | ||||||
7.00% due 11/01/2016 | 7,139 | 7,508 | ||||||
22,704,286 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. — 21.4% | ||||||||
2.50% due 04/01/2028 | $ | 580,642 | $ | 580,509 | ||||
3.00% due 10/01/2027 | 226,334 | 233,552 | ||||||
3.00% due 12/01/2027 | 1,894,203 | 1,955,780 | ||||||
3.00% due 01/01/2028 | 1,896,653 | 1,958,368 | ||||||
3.00% due 03/01/2042 | 490,509 | 473,763 | ||||||
3.00% due 12/01/2042 | 1,442,443 | 1,393,197 | ||||||
3.00% due 02/01/2043 | 1,938,068 | 1,854,466 | ||||||
3.50% due 09/01/2026 | 119,723 | 126,300 | ||||||
3.50% due 08/01/2027 | 287,927 | 303,673 | ||||||
3.50% due 10/01/2041 | 984,730 | 993,769 | ||||||
3.50% due 12/01/2041 | 818,736 | 826,543 | ||||||
3.50% due 06/01/2042 | 547,260 | 552,182 | ||||||
3.50% due 07/01/2042 | 128,575 | 128,124 | ||||||
3.50% due 08/01/2042 | 781,180 | 778,435 | ||||||
3.50% due 09/01/2042 | 1,912,550 | 1,929,752 | ||||||
4.00% due 08/01/2026 | 1,525,135 | 1,624,567 | ||||||
4.00% due 07/01/2040 | 273,495 | 286,564 | ||||||
4.00% due 08/01/2040 | 57,993 | 60,500 | ||||||
4.00% due 09/01/2040 | 574,719 | 599,576 | ||||||
4.00% due 10/01/2040 | 220,208 | 229,656 | ||||||
4.00% due 12/01/2040 | 2,154,444 | 2,248,456 | ||||||
4.00% due 03/01/2041 | 361,441 | 377,067 | ||||||
4.00% due 10/01/2041 | 2,042,467 | 2,131,562 | ||||||
4.00% due 11/01/2041 | 2,199,849 | 2,296,066 | ||||||
4.00% due 01/01/2042 | 173,752 | 181,331 | ||||||
4.50% due 11/01/2022 | 357,862 | 381,688 | ||||||
4.50% due 10/01/2024 | 745,376 | 794,066 | ||||||
4.50% due 01/01/2039 | 108,177 | 115,382 | ||||||
4.50% due 09/01/2040 | 1,960,624 | 2,093,484 | ||||||
4.50% due 11/01/2040 | 447,462 | 477,860 | ||||||
4.50% due 12/01/2040 | 931,438 | 995,275 | ||||||
4.50% due 05/01/2041 | 1,926,219 | 2,056,553 | ||||||
5.00% due 03/15/2016# | 1,140,000 | 1,257,742 | ||||||
5.00% due 05/11/2017 | 500,000 | 570,331 | ||||||
5.00% due 10/01/2033 | 10,233 | 11,153 | ||||||
5.00% due 03/01/2034 | 137,943 | 149,904 | ||||||
5.00% due 02/01/2036 | 46,428 | 50,433 | ||||||
5.00% due 05/01/2039 | 1,312,993 | 1,439,969 | ||||||
5.00% due 05/01/2040 | 277,254 | 302,010 | ||||||
5.00% due 07/01/2040 | 699,268 | 763,163 | ||||||
5.50% due 12/01/2029 | 229,602 | 251,777 | ||||||
5.50% due 04/01/2033 | 162,295 | 178,013 | ||||||
5.50% due 12/01/2033 | 157,960 | 172,867 | ||||||
5.50% due 05/01/2034 | 182,029 | 199,341 | ||||||
5.50% due 07/01/2037 | 1,201,072 | 1,311,585 | ||||||
5.50% due 06/01/2038 | 103,501 | 113,802 | ||||||
6.00% due 03/01/2016 | 416 | 417 | ||||||
6.00% due 12/01/2016 | 9,637 | 10,105 | ||||||
6.00% due 11/01/2017 | 27,404 | 29,012 | ||||||
6.00% due 12/01/2020 | 74,834 | 79,385 | ||||||
6.00% due 12/01/2033 | 130,901 | 146,087 | ||||||
6.00% due 12/01/2036 | 1,442,701 | 1,591,620 | ||||||
6.00% due 05/01/2038 | 302,382 | 332,869 | ||||||
6.00% due 11/01/2038 | 404,071 | 444,750 | ||||||
6.00% due 06/01/2040 | 322,905 | 355,358 | ||||||
6.50% due 03/01/2017 | 16,458 | 17,468 | ||||||
6.50% due 08/01/2031 | 11,310 | 12,725 | ||||||
6.50% due 07/01/2032 | 84,285 | 95,116 | ||||||
6.50% due 07/01/2036 | 51,950 | 57,633 | ||||||
6.50% due 09/01/2037 | 177,095 | 196,955 | ||||||
6.50% due 10/01/2037 | 259,805 | 288,614 | ||||||
6.50% due 10/01/2038 | 86,620 | 96,140 | ||||||
6.50% due 02/01/2039 | 69,910 | 77,518 | ||||||
7.50% due 08/01/2015 | 98 | 102 |
45
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) | ||||||||
Federal National Mtg. Assoc. (continued) | ||||||||
Federal National Mtg. Assoc. REMIC | $ | 930,465 | $ | 929,956 | ||||
42,571,986 | ||||||||
Government National Mtg. Assoc. — 0.0% | ||||||||
6.00% due 04/15/2029 | 14,039 | 15,565 | ||||||
6.50% due 07/15/2032 | 30,092 | 33,582 | ||||||
6.50% due 09/15/2032 | 43,262 | 48,303 | ||||||
97,450 | ||||||||
Tennessee Valley Authority — 0.2% | ||||||||
1.75% due 10/15/2018 | 155,000 | 156,029 | ||||||
3.50% due 12/15/2042 | 387,000 | 310,760 | ||||||
466,789 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $66,803,354) | 66,137,810 | |||||||
U.S. GOVERNMENT TREASURIES — 24.5% | ||||||||
United States Treasury Bonds — 3.1% | ||||||||
2.75% due 11/15/2042 | 423,000 | 342,630 | ||||||
3.13% due 11/15/2041 | 809,000 | 715,586 | ||||||
3.13% due 02/15/2042 | 408,000 | 360,187 | ||||||
3.88% due 08/15/2040 | 54,000 | 55,282 | ||||||
4.25% due 05/15/2039 | 267,000 | 291,489 | ||||||
4.38% due 02/15/2038# | 483,000 | 538,017 | ||||||
4.38% due 11/15/2039 | 934,000 | 1,039,221 | ||||||
4.50% due 05/15/2038# | 120,000 | 136,162 | ||||||
4.50% due 08/15/2039 | 972,000 | 1,103,220 | ||||||
4.75% due 02/15/2037# | 587,000 | 690,276 | ||||||
4.75% due 02/15/2041 | 129,000 | 151,938 | ||||||
5.00% due 05/15/2037 | 159,000 | 193,359 | ||||||
5.25% due 11/15/2028 | 404,000 | 497,425 | ||||||
8.13% due 08/15/2019 | 92,000 | 124,911 | ||||||
6,239,703 | ||||||||
United States Treasury Notes — 21.4% | ||||||||
0.25% due 08/15/2015# | 800,000 | 800,062 | ||||||
0.25% due 10/31/2015# | 219,000 | 218,923 | ||||||
0.38% due 04/15/2015 | 540,000 | 541,329 | ||||||
0.38% due 11/15/2015 | 9,000 | 9,016 | ||||||
0.50% due 07/31/2017 | 3,000,000 | 2,961,798 | ||||||
0.63% due 05/31/2017 | 322,000 | 320,164 | ||||||
0.63% due 08/31/2017 | 2,261,000 | 2,239,274 | ||||||
0.75% due 06/15/2014 | 210,000 | 210,697 | ||||||
0.75% due 10/31/2017 | 99,000 | 98,196 | ||||||
0.75% due 12/31/2017 | 234,000 | 231,440 | ||||||
0.88% due 02/28/2017 | 2,600,000 | 2,616,250 | ||||||
1.00% due 08/31/2016 | 103,000 | 104,440 | ||||||
1.00% due 10/31/2016 | 1,369,000 | 1,386,648 | ||||||
1.00% due 03/31/2017 | 5,112,000 | 5,159,526 | ||||||
1.00% due 08/31/2019 | 229,000 | 220,412 | ||||||
1.25% due 10/31/2015 | 2,222,000 | 2,263,403 | ||||||
1.38% due 11/30/2015 | 53,000 | 54,143 | ||||||
1.38% due 06/30/2018 | 74,000 | 74,503 | ||||||
1.38% due 02/28/2019 | 510,000 | 507,928 | ||||||
1.50% due 12/31/2013 | 475,000 | 475,501 | ||||||
1.63% due 08/15/2022 | 1,000 | 929 | ||||||
1.63% due 11/15/2022 | 3,003,000 | 2,770,736 | ||||||
1.75% due 05/15/2022 | 1,640,000 | 1,549,800 | ||||||
2.00% due 02/15/2022 | 3,444,000 | 3,340,680 | ||||||
2.13% due 12/31/2015 | 150,000 | 155,672 | ||||||
2.38% due 08/31/2014 | 5,260,000 | 5,346,501 | ||||||
2.50% due 04/30/2015 | 500,000 | 516,172 | ||||||
2.75% due 12/31/2017 | 1,511,000 | 1,616,179 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United States Treasury Notes (continued) | ||||||||
3.13% due 05/15/2019 | $ | 11,000 | $ | 11,925 | ||||
3.63% due 08/15/2019 | 27,000 | 29,945 | ||||||
3.88% due 05/15/2018 | 4,109,000 | 4,595,662 | ||||||
4.00% due 08/15/2018 | 1,403,000 | 1,580,896 | ||||||
4.25% due 08/15/2015 | 538,000 | 574,651 | ||||||
42,583,401 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $48,490,061) | 48,823,104 | |||||||
PREFERRED SECURITIES — 0.2% | ||||||||
Electric - Integrated — 0.1% | ||||||||
Entergy Louisiana LLC | 7,250 | 138,040 | ||||||
Telecom Services — 0.1% | ||||||||
Qwest Corp. | 13,750 | 275,825 | ||||||
Total Preferred Securities | ||||||||
(cost $524,956) | 413,865 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.0% | ||||||||
Banks - Super Regional — 0.2% | ||||||||
Wells Fargo & Co. FRS | 165,000 | 185,212 | ||||||
Wells Fargo Capital X | 97,000 | 95,060 | ||||||
280,272 | ||||||||
Diversified Banking Institutions — 0.2% | ||||||||
JPMorgan Chase & Co. FRS | 230,000 | 207,000 | ||||||
JPMorgan Chase & Co. FRS | 160,000 | 176,800 | ||||||
JPMorgan Chase Capital XXIII FRS | 73,000 | 54,111 | ||||||
437,911 | ||||||||
Finance - Investment Banker/Broker — 0.0% | ||||||||
Lehman Brothers Holdings Capital Trust VII | 78,000 | 8 | ||||||
Finance - Other Services — 0.1% | ||||||||
National Rural Utilities Cooperative Finance Corp. FRS | 216,000 | 201,150 | ||||||
Insurance - Life/Health — 0.1% | ||||||||
Prudential Financial, Inc. FRS | 283,000 | 277,694 | ||||||
Insurance - Multi-line — 0.2% | ||||||||
MetLife, Inc. | 284,000 | 291,100 | ||||||
Tools - Hand Held — 0.2% | ||||||||
Stanley Black & Decker, Inc. FRS | 396,000 | 406,890 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $1,863,232) | 1,895,025 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $184,417,572) | 184,090,477 | |||||||
46
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 10.7% | ||||||||
Registered Investment Companies — 3.6% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(6) | $ | 7,247,360 | $ | 7,247,360 | ||||
Time Deposits — 7.1% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | 14,109,000 | 14,109,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $21,356,360) | 21,356,360 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $205,773,932)(7) | 103.2 | % | 205,446,837 | |||||
Liabilities in excess of other assets | (3.2 | ) | (6,297,557 | ) | ||||
NET ASSETS | 100.0 | % | $ | 199,149,280 | ||||
* | 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, 2013, the aggregate value of these securities was $14,458,214 representing 7.3% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Commercial Mortgage Backed Security |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Collateralized Mortgage Obligation |
(4) | Illiquid security. At November 30, 2013, the aggregate value of these securities was $28 representing 0.0% of net assets. |
(5) | Perpetual maturity — maturity date reflects the next call date. |
(6) | At November 30, 2013, the Fund had loaned securities with a total value of $7,527,004. This was secured by collateral of $7,247,360, which was received in cash and subsequently invested in short-term investments currently valued at $7,247,360 as reported in the portfolio of investments. Additional collateral of $437,102 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal Farm Credit Bank | 0.15% to 5.63% | 01/17/2014 to 04/12/2035 | $40,974 | |||
Federal Home Loan Bank | 0.50% to 3.30% | 01/08/2016 to 11/26/2032 | 44,039 | |||
Federal Home Loan Mtg. Corp. | 0.27% to 23.59% | 11/15/2019 to 09/15/2043 | 6,694 | |||
Federal National Mtg. Assoc. | zero coupon to 38.36% | 07/25/2018 to 07/25/2043 | 18,641 | |||
Government National Mtg. Assoc. | 0.57% to 38.53% | 11/20/2020 to 10/16/2052 | 18,776 | |||
United States Treasury Bonds/Notes | 0.13% to 9.13% | 01/31/2014 to 05/15/2043 | 307,978 |
(7) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
FRS—Floating Rate Security
VRS—Variable Rate Security
The rate shown on FRS and VRS are the current interest rate as of November 30, 2013 and unless notes otherwise, the date shown 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, 2013 (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: | ||||||||||||||||
Diversified Financial Services | $ | — | $ | 12,197,135 | $ | 1,252,437 | $ | 13,449,572 | ||||||||
U.S. Corporate Bonds & Notes | — | 36,054,587 | — | 36,054,587 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 15,199,812 | — | 15,199,812 | ||||||||||||
Foreign Government Agencies | — | 1,396,967 | — | 1,396,967 | ||||||||||||
Municipal Bonds & Notes | — | 719,735 | — | 719,735 | ||||||||||||
U.S. Government Agencies: | ||||||||||||||||
Federal Home Loan Mtg. Corp. | — | 22,704,286 | — | 22,704,286 | ||||||||||||
Federal National Mtg. Assoc. | — | 42,571,986 | — | 42,571,986 | ||||||||||||
Other Government Agencies** | — | 861,538 | — | 861,538 | ||||||||||||
U.S. Government Treasuries: | ||||||||||||||||
United States Treasury Bonds | — | 6,239,703 | — | 6,239,703 | ||||||||||||
United States Treasury Notes | — | 42,583,401 | — | 42,583,401 | ||||||||||||
Preferred Securities | 413,865 | — | — | 413,865 | ||||||||||||
Preferred Securities/Capital Securities | — | 1,895,025 | — | 1,895,025 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 7,247,360 | — | — | 7,247,360 | ||||||||||||
Time Deposits | — | 14,109,000 | — | 14,109,000 | ||||||||||||
Total | $ | 7,661,225 | $ | 196,533,175 | $ | 1,252,437 | $ | 205,446,837 | ||||||||
** | Sum of all other government agencies each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of securities by government agency classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
47
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE OF INVESTMENTS — November 30, 2013 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 9.7 | % | ||
Medical — Drugs | 8.0 | |||
Registered Investment Companies | 6.3 | |||
Oil Companies — Integrated | 5.5 | |||
Banks — Super Regional | 4.2 | |||
Diversified Manufacturing Operations | 3.7 | |||
Web Portals/ISP | 3.1 | |||
Oil Refining & Marketing | 3.0 | |||
Aerospace/Defense | 2.8 | |||
Oil — Field Services | 2.6 | |||
Auto/Truck Parts & Equipment — Original | 2.5 | |||
Medical Instruments | 2.4 | |||
Insurance — Property/Casualty | 2.2 | |||
Finance — Credit Card | 2.2 | |||
Commercial Services — Finance | 2.2 | |||
Retail — Drug Store | 2.1 | |||
Cable/Satellite TV | 2.1 | |||
Insurance — Multi — line | 2.0 | |||
Computers — Memory Devices | 2.0 | |||
Multimedia | 2.0 | |||
Medical — Biomedical/Gene | 1.8 | |||
Networking Products | 1.8 | |||
Retail — Building Products | 1.7 | |||
Airlines | 1.6 | |||
Enterprise Software/Service | 1.6 | |||
Computers | 1.4 | |||
Insurance — Life/Health | 1.3 | |||
Retail — Apparel/Shoe | 1.3 | |||
Chemicals — Diversified | 1.3 | |||
Engineering/R&D Services | 1.2 | |||
Applications Software | 1.1 | |||
Medical — Wholesale Drug Distribution | 1.1 | |||
Paper & Related Products | 1.1 | |||
Semiconductor Equipment | 1.0 | |||
Retail — Regional Department Stores | 1.0 | |||
Electronic Measurement Instruments | 0.9 | |||
Repurchase Agreements | 0.9 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Medical — HMO | 0.9 | |||
Medical Products | 0.8 | |||
Containers — Paper/Plastic | 0.7 | |||
Auto — Cars/Light Trucks | 0.7 | |||
Computers — Integrated Systems | 0.7 | |||
Banks — Commercial | 0.6 | |||
Food — Retail | 0.6 | |||
Internet Security | 0.5 | |||
Engines — Internal Combustion | 0.5 | |||
Finance — Other Services | 0.5 | |||
Electronic Components — Misc. | 0.5 | |||
Electronic Security Devices | 0.4 | |||
Batteries/Battery Systems | 0.4 | |||
Home Decoration Products | 0.4 | |||
Electric — Generation | 0.4 | |||
Electronic Parts Distribution | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Instruments — Controls | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Gas — Distribution | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Entertainment Software | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Office Automation & Equipment | 0.2 | |||
Wireless Equipment | 0.2 | |||
Retail — Discount | 0.2 | |||
Banks — Fiduciary | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Consumer Products — Misc. | 0.1 |
Steel — Producers | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Electric — Integrated | 0.1 | |||
Tobacco | 0.1 | |||
106.2 | % | |||
* | Calculated as a percentage of net assets |
48
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.0% | ||||||||
Aerospace/Defense — 2.8% | ||||||||
Boeing Co. | 21,200 | $ | 2,846,100 | |||||
Northrop Grumman Corp. | 10,700 | 1,205,676 | ||||||
Raytheon Co. | 32,980 | 2,924,666 | ||||||
Rockwell Collins, Inc.# | 7,100 | 516,383 | ||||||
7,492,825 | ||||||||
Airlines — 1.6% | ||||||||
Delta Air Lines, Inc. | 11,735 | 340,080 | ||||||
United Continental Holdings, Inc.†# | 99,742 | 3,914,874 | ||||||
4,254,954 | ||||||||
Applications Software — 1.1% | ||||||||
Microsoft Corp. | 76,535 | 2,918,280 | ||||||
Auto - Cars/Light Trucks — 0.7% | ||||||||
Ford Motor Co. | 30,755 | 525,296 | ||||||
General Motors Co.† | 30,940 | 1,198,306 | ||||||
1,723,602 | ||||||||
Auto/Truck Parts & Equipment - Original — 2.5% | ||||||||
BorgWarner, Inc. | 10,170 | 1,089,919 | ||||||
Lear Corp. | 14,300 | 1,185,613 | ||||||
TRW Automotive Holdings Corp.† | 42,116 | 3,268,202 | ||||||
WABCO Holdings, Inc.† | 11,000 | 974,600 | ||||||
6,518,334 | ||||||||
Banks - Commercial — 0.6% | ||||||||
Regions Financial Corp. | 167,900 | 1,633,667 | ||||||
Banks - Fiduciary — 0.1% | ||||||||
State Street Corp. | 5,090 | 369,585 | ||||||
Banks - Super Regional — 4.2% | ||||||||
Capital One Financial Corp. | 23,600 | 1,690,468 | ||||||
SunTrust Banks, Inc. | 60,800 | 2,202,784 | ||||||
US Bancorp | 127,981 | 5,019,415 | ||||||
Wells Fargo & Co. | 47,745 | 2,101,735 | ||||||
11,014,402 | ||||||||
Batteries/Battery Systems — 0.4% | ||||||||
Energizer Holdings, Inc. | 10,110 | 1,115,639 | ||||||
Cable/Satellite TV — 2.1% | ||||||||
Comcast Corp., Class A | 98,300 | 4,902,221 | ||||||
Comcast Corp., Special Class A | 13,415 | 645,932 | ||||||
5,548,153 | ||||||||
Chemicals - Diversified — 1.3% | ||||||||
Akzo Nobel NV ADR# | 17,200 | 433,268 | ||||||
Celanese Corp., Series A | 100 | 5,613 | ||||||
Dow Chemical Co.# | 22,200 | 867,132 | ||||||
LyondellBasell Industries NV, Class A | 7,600 | 586,568 | ||||||
PPG Industries, Inc. | 8,150 | 1,500,089 | ||||||
3,392,670 | ||||||||
Chemicals - Specialty — 0.4% | ||||||||
Ashland, Inc. | 4,200 | 382,536 | ||||||
Cabot Corp.# | 13,012 | 634,986 | ||||||
1,017,522 | ||||||||
Commercial Services - Finance — 2.2% | ||||||||
MasterCard, Inc., Class A | 6,570 | 4,998,522 | ||||||
Western Union Co.# | 44,790 | 746,649 | ||||||
5,745,171 | ||||||||
Computers — 1.4% | ||||||||
Apple, Inc. | 6,590 | 3,664,501 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Integrated Systems — 0.7% | ||||||||
Brocade Communications Systems, Inc.† | 80,500 | $ | 707,595 | |||||
Teradata Corp.†# | 22,200 | 1,013,208 | ||||||
1,720,803 | ||||||||
Computers - Memory Devices — 2.0% | ||||||||
EMC Corp. | 119,200 | 2,842,920 | ||||||
NetApp, Inc. | 29,452 | 1,214,895 | ||||||
Western Digital Corp. | 14,700 | 1,103,088 | ||||||
5,160,903 | ||||||||
Consumer Products - Misc. — 0.1% | ||||||||
Kimberly-Clark Corp. | 2,600 | 283,816 | ||||||
Containers - Paper/Plastic — 0.7% | ||||||||
Packaging Corp. of America | 31,505 | 1,929,996 | ||||||
Diversified Banking Institutions — 9.7% | ||||||||
Bank of America Corp. | 337,854 | 5,344,850 | ||||||
Citigroup, Inc. | 155,303 | 8,218,635 | ||||||
Goldman Sachs Group, Inc. | 16,189 | 2,734,969 | ||||||
JPMorgan Chase & Co. | 153,644 | 8,791,510 | ||||||
Morgan Stanley | 16,500 | 516,450 | ||||||
25,606,414 | ||||||||
Diversified Manufacturing Operations — 3.7% | ||||||||
3M Co. | 39,150 | 5,226,916 | ||||||
General Electric Co. | 88,650 | 2,363,409 | ||||||
Ingersoll-Rand PLC | 30,600 | 2,185,452 | ||||||
9,775,777 | ||||||||
Electric - Generation — 0.4% | ||||||||
AES Corp. | 72,800 | 1,060,696 | ||||||
Electric - Integrated — 0.1% | ||||||||
Edison International | 4,500 | 207,945 | ||||||
PPL Corp. | 800 | 24,568 | ||||||
232,513 | ||||||||
Electronic Components - Misc. — 0.5% | ||||||||
Garmin, Ltd.# | 6,590 | 320,010 | ||||||
TE Connectivity, Ltd. | 18,900 | 996,408 | ||||||
1,316,418 | ||||||||
Electronic Measurement Instruments — 0.9% | ||||||||
Agilent Technologies, Inc. | 45,960 | 2,462,077 | ||||||
Electronic Parts Distribution — 0.4% | ||||||||
Avnet, Inc. | 26,500 | 1,057,350 | ||||||
Electronic Security Devices — 0.4% | ||||||||
Tyco International, Ltd. | 29,450 | 1,123,223 | ||||||
Engineering/R&D Services — 1.2% | ||||||||
Fluor Corp.# | 18,500 | 1,439,485 | ||||||
KBR, Inc.# | 47,300 | 1,600,159 | ||||||
3,039,644 | ||||||||
Engines - Internal Combustion — 0.5% | ||||||||
Cummins, Inc.# | 10,150 | 1,343,454 | ||||||
Enterprise Software/Service — 1.6% | ||||||||
CA, Inc. | 18,975 | 626,175 | ||||||
Oracle Corp. | 100,630 | 3,551,233 | ||||||
4,177,408 | ||||||||
Entertainment Software — 0.2% | ||||||||
Activision Blizzard, Inc. | 30,000 | 516,300 | ||||||
Finance - Credit Card — 2.2% | ||||||||
Discover Financial Services | 107,900 | 5,751,070 | ||||||
49
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Other Services — 0.5% | ||||||||
NASDAQ OMX Group, Inc.# | 33,575 | $ | 1,319,162 | |||||
Food - Misc./Diversified — 0.0% | ||||||||
Unilever NV | 790 | 31,015 | ||||||
Food - Retail — 0.6% | ||||||||
Kroger Co. | 38,885 | 1,623,449 | ||||||
Gas - Distribution — 0.2% | ||||||||
UGI Corp.# | 14,350 | 577,731 | ||||||
Home Decoration Products — 0.4% | ||||||||
Newell Rubbermaid, Inc.# | 35,000 | 1,062,250 | ||||||
Instruments - Controls — 0.3% | ||||||||
Honeywell International, Inc. | 9,845 | 871,381 | ||||||
Insurance Brokers — 0.0% | ||||||||
Willis Group Holdings PLC# | 1,840 | 82,395 | ||||||
Insurance - Life/Health — 1.3% | ||||||||
Aflac, Inc. | 15,480 | 1,027,407 | ||||||
Lincoln National Corp. | 22,387 | 1,149,125 | ||||||
Prudential Financial, Inc. | 15,125 | 1,342,495 | ||||||
3,519,027 | ||||||||
Insurance - Multi-line — 2.0% | ||||||||
ACE, Ltd. | 11,555 | 1,187,623 | ||||||
American Financial Group, Inc. | 8,600 | 495,876 | ||||||
Genworth Financial, Inc., Class A† | 64,800 | 979,128 | ||||||
Hartford Financial Services Group, Inc. | 36,119 | 1,286,920 | ||||||
MetLife, Inc. | 11,355 | 592,618 | ||||||
XL Group PLC | 24,770 | 792,392 | ||||||
5,334,557 | ||||||||
Insurance - Property/Casualty — 2.2% | ||||||||
Chubb Corp. | 22,700 | 2,189,415 | ||||||
Travelers Cos., Inc. | 40,615 | 3,685,405 | ||||||
5,874,820 | ||||||||
Insurance - Reinsurance — 0.1% | ||||||||
PartnerRe, Ltd. | 2,300 | 236,670 | ||||||
Internet Security — 0.5% | ||||||||
Symantec Corp.# | 64,200 | 1,443,858 | ||||||
Medical Instruments — 2.4% | ||||||||
Medtronic, Inc. | 82,244 | 4,714,226 | ||||||
St Jude Medical, Inc. | 28,600 | 1,670,812 | ||||||
6,385,038 | ||||||||
Medical Labs & Testing Services — 0.2% | ||||||||
Quest Diagnostics, Inc.# | 9,000 | 548,460 | ||||||
Medical Products — 0.8% | ||||||||
Baxter International, Inc. | 700 | 47,915 | ||||||
Hospira, Inc.† | 6,500 | 255,515 | ||||||
Zimmer Holdings, Inc.# | 19,000 | 1,736,790 | ||||||
2,040,220 | ||||||||
Medical - Biomedical/Gene — 1.8% | ||||||||
Amgen, Inc. | 15,600 | 1,779,648 | ||||||
Biogen Idec, Inc.† | 4,200 | 1,222,074 | ||||||
Celgene Corp.† | 7,900 | 1,277,983 | ||||||
Gilead Sciences, Inc.†# | 7,700 | 576,037 | ||||||
4,855,742 | ||||||||
Medical - Drugs — 8.0% | ||||||||
Abbott Laboratories | 34,150 | 1,304,189 | ||||||
AbbVie, Inc. | 34,150 | 1,654,567 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) | ||||||||
AstraZeneca PLC ADR# | 24,400 | $ | 1,395,436 | |||||
Eli Lilly & Co. | 58,500 | 2,937,870 | ||||||
Johnson & Johnson | 16,275 | 1,540,592 | ||||||
Merck & Co., Inc. | 83,940 | 4,182,730 | ||||||
Pfizer, Inc. | 249,522 | 7,917,333 | ||||||
20,932,717 | ||||||||
Medical - Generic Drugs — 0.2% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 12,400 | 505,424 | ||||||
Medical - HMO — 0.9% | ||||||||
Aetna, Inc. | 32,700 | 2,254,011 | ||||||
Medical - Hospitals — 0.3% | ||||||||
Universal Health Services, Inc., Class B | 9,500 | 783,085 | ||||||
Medical - Wholesale Drug Distribution — 1.1% | ||||||||
McKesson Corp. | 16,900 | 2,803,541 | ||||||
Multimedia — 2.0% | ||||||||
Time Warner, Inc. | 15,561 | 1,022,513 | ||||||
Twenty-First Century Fox, Inc., Class A# | 69,003 | 2,310,911 | ||||||
Viacom, Inc., Class B | 22,520 | 1,805,428 | ||||||
5,138,852 | ||||||||
Networking Products — 1.8% | ||||||||
Cisco Systems, Inc. | 221,700 | 4,711,125 | ||||||
Office Automation & Equipment — 0.2% | ||||||||
Xerox Corp. | 43,600 | 496,168 | ||||||
Oil Companies - Exploration & Production — 0.9% | ||||||||
Antero Resources Corp.† | 3,100 | 170,190 | ||||||
Apache Corp. | 8,450 | 773,091 | ||||||
Cobalt International Energy, Inc.† | 28,200 | 626,886 | ||||||
Gulfport Energy Corp.†# | 14,100 | 823,863 | ||||||
2,394,030 | ||||||||
Oil Companies - Integrated — 5.5% | ||||||||
Chevron Corp. | 11,510 | 1,409,284 | ||||||
Exxon Mobil Corp. | 51,020 | 4,769,350 | ||||||
Marathon Oil Corp. | 75,904 | 2,735,580 | ||||||
Phillips 66 | 3,100 | 215,791 | ||||||
Suncor Energy, Inc. | 124,780 | 4,327,371 | ||||||
Total SA ADR | 18,800 | 1,134,016 | ||||||
14,591,392 | ||||||||
Oil Refining & Marketing — 3.0% | ||||||||
Marathon Petroleum Corp. | 53,820 | 4,453,067 | ||||||
PBF Energy, Inc.# | 40,031 | 1,154,894 | ||||||
Tesoro Corp.# | 17,389 | 1,019,517 | ||||||
Valero Energy Corp. | 25,800 | 1,179,576 | ||||||
7,807,054 | ||||||||
Oil - Field Services — 2.6% | ||||||||
Halliburton Co. | 42,784 | 2,253,861 | ||||||
MRC Global, Inc.† | 14,000 | 428,260 | ||||||
Oceaneering International, Inc.# | 15,700 | 1,211,883 | ||||||
Schlumberger, Ltd. | 33,000 | 2,917,860 | ||||||
6,811,864 | ||||||||
Paper & Related Products — 1.1% | ||||||||
Domtar Corp. | 18,300 | 1,564,833 | ||||||
International Paper Co. | 26,100 | 1,217,565 | ||||||
2,782,398 | ||||||||
Physicians Practice Management — 0.0% | ||||||||
Envision Healthcare Holdings, Inc.† | 3,900 | 115,518 | ||||||
50
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Real Estate Management/Services — 0.3% | ||||||||
CBRE Group, Inc., Class A† | 4,900 | $ | 118,776 | |||||
Jones Lang LaSalle, Inc. | 5,800 | 566,776 | ||||||
685,552 | ||||||||
Retail - Apparel/Shoe — 1.3% | ||||||||
Ross Stores, Inc. | 45,800 | 3,501,868 | ||||||
Retail - Building Products — 1.7% | ||||||||
Lowe's Cos., Inc. | 92,500 | 4,391,900 | ||||||
Retail - Discount — 0.2% | ||||||||
Target Corp. | 1,900 | 121,467 | ||||||
Wal-Mart Stores, Inc. | 4,500 | 364,545 | ||||||
486,012 | ||||||||
Retail - Drug Store — 2.1% | ||||||||
CVS Caremark Corp. | 80,600 | 5,396,976 | ||||||
Walgreen Co. | 2,835 | 167,832 | ||||||
5,564,808 | ||||||||
Retail - Major Department Stores — 0.2% | ||||||||
Nordstrom, Inc.# | 8,100 | 503,901 | ||||||
Retail - Regional Department Stores — 1.0% | ||||||||
Dillard's, Inc., Class A | 9,400 | 860,100 | ||||||
Kohl's Corp.# | 8,700 | 480,936 | ||||||
Macy's, Inc. | 22,100 | 1,177,046 | ||||||
2,518,082 | ||||||||
Semiconductor Equipment — 1.0% | ||||||||
Applied Materials, Inc. | 126,080 | 2,181,184 | ||||||
KLA-Tencor Corp. | 100 | 6,387 | ||||||
Teradyne, Inc.†# | 31,237 | 531,966 | ||||||
2,719,537 | ||||||||
Steel - Producers — 0.1% | ||||||||
Reliance Steel & Aluminum Co. | 3,600 | 264,708 | ||||||
Telecom Equipment - Fiber Optics — 0.1% | ||||||||
Corning, Inc. | 18,760 | 320,421 | ||||||
Tobacco — 0.1% | ||||||||
Philip Morris International, Inc. | 1,950 | 166,803 | ||||||
Web Portals/ISP — 3.1% | ||||||||
AOL, Inc.†# | 20,500 | 913,890 | ||||||
Google, Inc., Class A† | 6,050 | 6,410,519 | ||||||
Yahoo!, Inc.† | 21,400 | 791,372 | ||||||
8,115,781 | ||||||||
Wireless Equipment — 0.2% | ||||||||
Telefonaktiebolaget LM Ericsson ADR# | 39,500 | 494,145 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
X-Ray Equipment — 0.0% | ||||||||
Hologic, Inc.†# | 4,600 | $ | 102,994 | |||||
Total Common Stocks | ||||||||
(cost $196,066,726) | 260,736,633 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.0% | ||||||||
Tools - Hand Held — 0.0% | ||||||||
Stanley Black & Decker, Inc. | 1,000 | 102,000 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $196,166,726) | 260,838,633 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.2% |
| |||||||
Registered Investment Companies — 6.3% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 16,435,574 | 16,435,574 | ||||||
REPURCHASE AGREEMENT — 0.9% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/29/2013, to be repurchased 12/02/2013 in the amount of $2,445,000 and collateralized by $2,750,000 of Federal Home Loan Mortgage Corp. bearing interest at 2.00%, due 01/30/2023 and having an approximate value of $2,500,385 (cost $2,445,000) | $ | 2,445,000 | $ | 2,445,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $215,047,300)(2) | 106.2 | % | 279,719,207 | |||||
Liabilities in excess of other assets | (6.2 | ) | (16,387,379 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 263,331,828 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At November 30, 2013, the Fund had loaned securities with a total value of $17,275,654. This was secured by collateral of $16,435,574, which was received in cash and subsequently invested in short-term investments currently valued at $16,435,574 as reported in the portfolio of investments. Additional collateral of $1,230,889 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal National Mtg. Assoc. | 3.00% to 4.00% | 10/25/2029 to 05/25/2042 | $1,230,889 |
(2) | 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, 2013 (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 Stocks: | ||||||||||||||||
Diversified Banking Institutions | $ | 25,606,414 | $ | — | $ | — | $ | 25,606,414 | ||||||||
Medical - Drugs | 20,932,717 | — | — | 20,932,717 | ||||||||||||
Oil Companies - Integrated | 14,591,392 | — | — | 14,591,392 | ||||||||||||
Other Industries* | 199,606,110 | — | — | 199,606,110 | ||||||||||||
Convertible Preferred Securities | 102,000 | — | — | 102,000 |
51
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | $ | 16,435,574 | $ | — | $ | — | $ | 16,435,574 | ||||||||
Repurchase Agreement | — | 2,445,000 | — | 2,445,000 | ||||||||||||
Total | $ | 277,274,207 | $ | 2,445,000 | $ | — | $ | 279,719,207 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
52
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Medical — Drugs | 9.2 | % | ||
Tobacco | 6.9 | |||
Oil Companies — Integrated | 6.1 | |||
Aerospace/Defense | 4.6 | |||
Banks — Super Regional | 4.5 | |||
Telephone — Integrated | 4.4 | |||
Food — Misc./Diversified | 3.1 | |||
Diversified Banking Institutions | 2.8 | |||
Commercial Services — Finance | 2.8 | |||
Electric — Integrated | 2.6 | |||
Diversified Manufacturing Operations | 2.5 | |||
Applications Software | 2.3 | |||
Computer Services | 2.3 | |||
Retail — Restaurants | 2.2 | |||
Cosmetics & Toiletries | 2.1 | |||
Oil Refining & Marketing | 1.9 | |||
Electronic Components — Semiconductors | 1.8 | |||
Insurance — Property/Casualty | 1.5 | |||
Cable/Satellite TV | 1.5 | |||
Consumer Products — Misc. | 1.5 | |||
Retail — Building Products | 1.5 | |||
Chemicals — Diversified | 1.4 | |||
Pipelines | 1.4 | |||
Enterprise Software/Service | 1.3 | |||
Retail — Office Supplies | 1.3 | |||
Toys | 1.2 | |||
Internet Security | 1.2 | |||
Insurance — Life/Health | 1.2 | |||
Networking Products | 1.2 | |||
Non — Hazardous Waste Disposal | 1.1 | |||
Data Processing/Management | 1.1 | |||
Retail — Apparel/Shoe | 1.1 | |||
Aerospace/Defense — Equipment | 1.1 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Insurance — Multi-line | 1.0 | |||
Diversified Minerals | 1.0 | |||
Machinery — Farming | 0.9 | |||
Finance — Credit Card | 0.9 | |||
Paper & Related Products | 0.8 | |||
Banks — Commercial | 0.8 | |||
Beverages — Wine/Spirits | 0.7 | |||
Instruments — Controls | 0.7 | |||
Beverages — Non-alcoholic | 0.7 | |||
Transport — Services | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Time Deposits | 0.6 | |||
Repurchase Agreements | 0.6 | |||
Transport — Rail | 0.5 | |||
Publishing — Newspapers | 0.5 | |||
Wireless Equipment | 0.5 | |||
Real Estate Investment Trusts | 0.5 | |||
Industrial Gases | 0.4 | |||
Water | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Retail — Discount | 0.4 | |||
Oil — Field Services | 0.3 | |||
Multimedia | 0.3 | |||
Gas — Distribution | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Retail — Computer Equipment | 0.3 | |||
Industrial Automated/Robotic | 0.2 | |||
Gold Mining | 0.2 | |||
Telecom Services | 0.2 | |||
Electric — Transmission | 0.2 | |||
Metal — Copper | 0.1 | |||
99.8% | ||||
* | Calculated as a percentage of net assets |
53
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.6% | ||||||||
Aerospace/Defense — 4.6% | ||||||||
Lockheed Martin Corp. | 59,085 | $ | 8,370,572 | |||||
Northrop Grumman Corp. | 44,675 | 5,033,979 | ||||||
Raytheon Co. | 176,145 | 15,620,539 | ||||||
29,025,090 | ||||||||
Aerospace/Defense - Equipment — 1.1% | ||||||||
United Technologies Corp. | 59,900 | 6,640,514 | ||||||
Apparel Manufacturers — 0.7% | ||||||||
VF Corp. | 19,040 | 4,466,403 | ||||||
Applications Software — 2.3% | ||||||||
Microsoft Corp. | 375,190 | 14,305,995 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% | ||||||||
Johnson Controls, Inc. | 46,260 | 2,336,593 | ||||||
Banks - Commercial — 0.8% | ||||||||
M&T Bank Corp. | 8,300 | 957,488 | ||||||
Toronto - Dominion Bank | 42,350 | 3,858,990 | ||||||
4,816,478 | ||||||||
Banks - Super Regional — 4.5% | ||||||||
Fifth Third Bancorp | 213,460 | 4,337,507 | ||||||
SunTrust Banks, Inc. | 163,860 | 5,936,648 | ||||||
US Bancorp | 152,380 | 5,976,343 | ||||||
Wells Fargo & Co. | 280,745 | 12,358,395 | ||||||
28,608,893 | ||||||||
Beverages - Non-alcoholic — 0.7% | ||||||||
Coca-Cola Co. | 113,025 | 4,542,475 | ||||||
Beverages - Wine/Spirits — 0.7% | ||||||||
Diageo PLC | 146,615 | 4,670,001 | ||||||
Cable/Satellite TV — 1.5% | ||||||||
Comcast Corp., Special Class A | 202,785 | 9,764,098 | ||||||
Chemicals - Diversified — 1.4% | ||||||||
Dow Chemical Co. | 58,645 | 2,290,674 | ||||||
E.I. du Pont de Nemours & Co. | 98,200 | 6,027,516 | ||||||
Olin Corp. | 31,100 | 772,213 | ||||||
9,090,403 | ||||||||
Commercial Services - Finance — 2.8% | ||||||||
Automatic Data Processing, Inc. | 121,094 | 9,689,942 | ||||||
H&R Block, Inc. | 291,492 | 8,129,712 | ||||||
17,819,654 | ||||||||
Computer Services — 2.3% | ||||||||
Accenture PLC, Class A | 107,345 | 8,316,017 | ||||||
International Business Machines Corp. | 33,060 | 5,940,221 | ||||||
14,256,238 | ||||||||
Consumer Products - Misc. — 1.5% | ||||||||
Clorox Co. | 64,701 | 6,028,192 | ||||||
Kimberly - Clark Corp. | 32,210 | 3,516,044 | ||||||
9,544,236 | ||||||||
Cosmetics & Toiletries — 2.1% | ||||||||
Procter & Gamble Co. | 157,286 | 13,246,627 | ||||||
Data Processing/Management — 1.1% | ||||||||
Paychex, Inc. | 158,756 | 6,942,400 | ||||||
Diversified Banking Institutions — 2.8% | ||||||||
Citigroup, Inc. | 93,160 | 4,930,027 | ||||||
JPMorgan Chase & Co. | 225,665 | 12,912,551 | ||||||
17,842,578 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations — 2.5% | ||||||||
3M Co. | 30,935 | $ | 4,130,132 | |||||
General Electric Co. | 444,165 | 11,841,439 | ||||||
15,971,571 | ||||||||
Diversified Minerals — 1.0% | ||||||||
BHP Billiton, Ltd. | 177,100 | 6,032,760 | ||||||
Electric - Integrated — 2.6% | ||||||||
Dominion Resources, Inc. | 61,110 | 3,966,650 | ||||||
Duke Energy Corp. | 23,060 | 1,613,278 | ||||||
Edison International | 32,040 | 1,480,568 | ||||||
NextEra Energy, Inc. | 45,810 | 3,875,068 | ||||||
Northeast Utilities | 35,805 | 1,470,869 | ||||||
Public Service Enterprise Group, Inc. | 69,505 | 2,272,118 | ||||||
Wisconsin Energy Corp. | 37,080 | 1,548,832 | ||||||
16,227,383 | ||||||||
Electric - Transmission — 0.2% | ||||||||
ITC Holdings Corp. | 10,345 | 936,016 | ||||||
Electronic Components - Semiconductors — 1.8% | ||||||||
Intel Corp. | 484,889 | 11,559,754 | ||||||
Enterprise Software/Service — 1.3% | ||||||||
CA, Inc. | 252,523 | 8,333,259 | ||||||
Finance - Credit Card — 0.9% | ||||||||
American Express Co. | 64,980 | 5,575,284 | ||||||
Food - Misc./Diversified — 3.1% | ||||||||
General Mills, Inc. | 66,625 | 3,359,899 | ||||||
Kraft Foods Group, Inc. | 189,441 | 10,063,106 | ||||||
Mondelez International, Inc., Class A | 119,065 | 3,992,249 | ||||||
Unilever NV | 55,295 | 2,170,882 | ||||||
19,586,136 | ||||||||
Gas - Distribution — 0.3% | ||||||||
Sempra Energy | 21,795 | 1,927,550 | ||||||
Gold Mining — 0.2% | ||||||||
Newmont Mining Corp. | 62,560 | 1,553,365 | ||||||
Industrial Automated/Robotic — 0.2% | ||||||||
Rockwell Automation, Inc. | 13,680 | 1,553,774 | ||||||
Industrial Gases — 0.4% | ||||||||
Praxair, Inc. | 21,855 | 2,759,412 | ||||||
Instruments - Controls — 0.7% | ||||||||
Honeywell International, Inc. | 52,665 | 4,661,379 | ||||||
Insurance - Life/Health — 1.2% | ||||||||
Prudential Financial, Inc. | 85,055 | 7,549,482 | ||||||
Insurance - Multi-line — 1.0% | ||||||||
ACE, Ltd. | 42,395 | 4,357,358 | ||||||
MetLife, Inc. | 34,220 | 1,785,942 | ||||||
6,143,300 | ||||||||
Insurance - Property/Casualty — 1.5% | ||||||||
Chubb Corp. | 42,395 | 4,088,998 | ||||||
Travelers Cos., Inc. | 62,830 | 5,701,194 | ||||||
9,790,192 | ||||||||
Internet Security — 1.2% | ||||||||
Symantec Corp. | 349,137 | 7,852,091 | ||||||
Machinery - Farming — 0.9% | ||||||||
Deere & Co. | 70,625 | 5,949,450 | ||||||
Medical Labs & Testing Services — 0.3% | ||||||||
Quest Diagnostics, Inc. | 29,285 | 1,784,628 | ||||||
54
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs — 9.2% | ||||||||
Abbott Laboratories | 35,185 | $ | 1,343,715 | |||||
AbbVie, Inc. | 35,185 | 1,704,713 | ||||||
Bristol-Myers Squibb Co. | 131,770 | 6,770,343 | ||||||
Eli Lilly & Co. | 161,167 | 8,093,807 | ||||||
Johnson & Johnson | 71,565 | 6,774,343 | ||||||
Merck & Co., Inc. | 323,459 | 16,117,962 | ||||||
Pfizer, Inc. | 557,789 | 17,698,645 | ||||||
58,503,528 | ||||||||
Metal - Copper — 0.1% | ||||||||
Southern Copper Corp. | 35,535 | 891,929 | ||||||
Multimedia — 0.3% | ||||||||
Walt Disney Co. | 30,245 | 2,133,482 | ||||||
Networking Products — 1.2% | ||||||||
Cisco Systems, Inc. | 345,638 | 7,344,808 | ||||||
Non - Hazardous Waste Disposal — 1.1% | ||||||||
Waste Management, Inc. | 156,055 | 7,128,592 | ||||||
Oil Companies - Exploration & Production — 1.0% | ||||||||
ConocoPhillips | 30,170 | 2,196,376 | ||||||
Occidental Petroleum Corp. | 42,050 | 3,993,068 | ||||||
6,189,444 | ||||||||
Oil Companies - Integrated — 6.1% | ||||||||
Chevron Corp. | 162,302 | 19,872,257 | ||||||
Exxon Mobil Corp. | 84,330 | 7,883,168 | ||||||
Marathon Oil Corp. | 88,795 | 3,200,172 | ||||||
Phillips 66 | 19,460 | 1,354,610 | ||||||
Royal Dutch Shell PLC, Class A | 28,650 | 960,396 | ||||||
Total SA ADR | 95,065 | 5,734,321 | ||||||
39,004,924 | ||||||||
Oil Refining & Marketing — 1.9% | ||||||||
HollyFrontier Corp. | 184,379 | 8,846,504 | ||||||
Marathon Petroleum Corp. | 41,800 | 3,458,532 | ||||||
12,305,036 | ||||||||
Oil - Field Services — 0.3% | ||||||||
Schlumberger, Ltd. | 24,335 | 2,151,701 | ||||||
Paper & Related Products — 0.8% | ||||||||
International Paper Co. | 60,110 | 2,804,131 | ||||||
MeadWestvaco Corp. | 68,960 | 2,421,186 | ||||||
5,225,317 | ||||||||
Pipelines — 1.4% | ||||||||
Enbridge, Inc. | 114,660 | 4,718,754 | ||||||
Kinder Morgan, Inc. | 71,940 | 2,556,748 | ||||||
Spectra Energy Corp. | 50,250 | 1,685,887 | ||||||
8,961,389 | ||||||||
Publishing - Newspapers — 0.5% | ||||||||
Gannett Co., Inc. | 123,190 | 3,333,521 | ||||||
Real Estate Investment Trusts — 0.5% | ||||||||
American Tower Corp. | 18,160 | 1,412,303 | ||||||
Weyerhaeuser Co. | 55,140 | 1,661,368 | ||||||
3,073,671 | ||||||||
Retail - Apparel/Shoe — 1.1% | ||||||||
Coach, Inc. | 118,760 | 6,876,204 | ||||||
Retail - Building Products — 1.5% | ||||||||
Home Depot, Inc. | 114,850 | 9,264,949 | ||||||
Retail - Computer Equipment — 0.3% | ||||||||
GameStop Corp., Class A | 32,910 | 1,587,908 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Retail - Discount — 0.4% | ||||||||
Wal - Mart Stores, Inc. | 28,680 | $ | 2,323,367 | |||||
Retail - Office Supplies — 1.3% | ||||||||
Staples, Inc. | 510,295 | 7,924,881 | ||||||
Retail - Restaurants — 2.2% | ||||||||
McDonald’s Corp. | 139,944 | 13,626,347 | ||||||
Telecom Services — 0.2% | ||||||||
BCE, Inc. | 26,960 | 1,191,362 | ||||||
Telephone - Integrated — 4.4% | ||||||||
AT&T, Inc. | 359,730 | 12,666,093 | ||||||
Verizon Communications, Inc. | 305,489 | 15,158,364 | ||||||
27,824,457 | ||||||||
Tobacco — 6.9% | ||||||||
Altria Group, Inc. | 274,606 | 10,154,930 | ||||||
Lorillard, Inc. | 226,339 | 11,617,981 | ||||||
Philip Morris International, Inc. | 165,865 | 14,188,092 | ||||||
Reynolds American, Inc. | 157,809 | 7,961,464 | ||||||
43,922,467 | ||||||||
Toys — 1.2% | ||||||||
Mattel, Inc. | 169,973 | 7,864,651 | ||||||
Transport - Rail — 0.5% | ||||||||
Union Pacific Corp. | 21,195 | 3,434,438 | ||||||
Transport - Services — 0.7% | ||||||||
United Parcel Service, Inc., Class B | 43,655 | 4,469,399 | ||||||
Water — 0.4% | ||||||||
American Water Works Co., Inc. | 59,600 | 2,524,060 | ||||||
Wireless Equipment — 0.5% | ||||||||
Motorola Solutions, Inc. | 47,200 | 3,109,536 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $501,020,370) | 625,856,830 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% | ||||||||
Time Deposits — 0.6% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 3,823,000 | 3,823,000 | |||||
REPURCHASE AGREEMENT — 0.6% | ||||||||
State Street Bank & Trust Co. Joint | 3,676,000 | 3,676,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(cost $508,519,370)(1) | 99.8 | % | 633,355,830 | |||||
Other assets less liabilities | 0.2 | 1,300,886 | ||||||
NET ASSETS — | 100.0 | % | $ | 634,656,716 | ||||
(1) | See Note 5 for cost of investments on a tax basis. |
(2) | See Note 2 for details of Joint Repurchase Agreements. |
ADR—American Depository Receipt
55
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Medical - Drugs | $ | 58,503,528 | $ | — | $ | — | $ | 58,503,528 | ||||||||
Oil Companies - Integrated | 39,004,924 | — | — | 39,004,924 | ||||||||||||
Tobacco | 43,922,467 | — | — | 43,922,467 | ||||||||||||
Other Industries* | 484,425,911 | — | — | 484,425,911 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 3,823,000 | — | 3,823,000 | ||||||||||||
Repurchase Agreement | — | 3,676,000 | — | 3,676,000 | ||||||||||||
Total | $ | 625,856,830 | $ | 7,499,000 | $ | — | $ | 633,355,830 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $11,673,129 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
56
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 49.8 | % | ||
Domestic Fixed Income Investment Companies | 18.6 | |||
International Equity Investment Companies | 12.2 | |||
United States Treasury Bonds | 7.4 | |||
United States Treasury Notes | 7.0 | |||
Registered Investment Companies | 3.0 | |||
International Fixed Income Investment Companies | 0.8 | |||
98.8 | % | |||
* | Calculated as a percentage of net assets |
57
Table of Contents
VALIC Company I Dynamic Allocation Fund@
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES# — 81.4% |
| |||||||
Domestic Equity Investment Companies — 49.8% |
| |||||||
VALIC Co. I Blue Chip Growth Fund | 466,011 | $ | 7,950,145 | |||||
VALIC Co. I Broad Cap Value Income Fund | 506,132 | 7,480,630 | ||||||
VALIC Co. I Dividend Value Fund | 344,515 | 4,433,905 | ||||||
VALIC Co. I Growth & Income Fund | 275,376 | 4,571,238 | ||||||
VALIC Co. I Growth Fund | 484,378 | 7,624,105 | ||||||
VALIC Co. I Large Cap Core Fund | 311,438 | 4,515,849 | ||||||
VALIC Co. I Stock Index Fund | 674,741 | 22,664,538 | ||||||
VALIC Co. I Value Fund | 544,734 | 7,370,246 | ||||||
VALIC Co. II Capital Appreciation Fund | 320,569 | 4,657,868 | ||||||
VALIC Co. II Large Cap Value Fund | 281,158 | 4,515,404 | ||||||
VALIC Co. II Mid Cap Growth Fund | 421,304 | 4,512,174 | ||||||
VALIC Co. II Mid Cap Value Fund | 186,464 | 4,501,256 | ||||||
VALIC Co. II Small Cap Growth Fund | 170,186 | 3,054,832 | ||||||
VALIC Co. II Small Cap Value Fund | 169,544 | 3,014,512 | ||||||
Total Domestic Equity Investment Companies |
| |||||||
(cost $79,776,775) | 90,866,702 | |||||||
Domestic Fixed Income Investment Companies — 18.6% |
| |||||||
VALIC Co. I Capital Conservation Fund | 997,069 | 9,910,870 | ||||||
VALIC Co. I Government Securities Fund | 655,990 | 7,058,451 | ||||||
VALIC Co. I Inflation Protected Fund | 251,239 | 2,806,336 | ||||||
VALIC Co. II Core Bond Fund | 910,377 | 9,895,800 | ||||||
VALIC Co. II High Yield Bond Fund | 181,193 | 1,427,797 | ||||||
VALIC Co. II Strategic Bond Fund | 245,744 | 2,840,801 | ||||||
Total Domestic Fixed Income Investment Companies |
| |||||||
(cost $34,029,295) | 33,940,055 | |||||||
International Equity Investment Companies — 12.2% |
| |||||||
VALIC Co. I Emerging Economies Fund | 542,938 | 4,479,235 | ||||||
VALIC Co. I Foreign Value Fund | 402,880 | 4,500,174 | ||||||
VALIC Co. I Global Real Estate Fund | 319,598 | 2,860,406 | ||||||
VALIC Co. I International Equities Fund | 821,944 | 5,942,653 | ||||||
VALIC Co. I International Growth Fund | 322,593 | 4,455,013 | ||||||
Total International Equity Investment Companies |
| |||||||
(cost $20,494,245) | 22,237,481 | |||||||
International Fixed Income Investment Companies — 0.8% |
| |||||||
VALIC Co. I International Government Bond Fund | 117,186 | 1,405,056 | ||||||
Total Affiliated Registered Investment Companies |
| |||||||
(cost $135,722,469) | 148,449,294 | |||||||
Security Description | Shares/ Principal Amount | Value | ||||||
U.S. GOVERNMENT TREASURIES — 14.4% |
| |||||||
United States Treasury Bonds — 7.4% |
| |||||||
7.63% due 11/15/2022 | $ | 8,366,500 | $ | 11,849,708 | ||||
7.88% due 02/15/2021 | 670,000 | 931,091 | ||||||
8.00% due 11/15/2021 | 490,000 | 695,532 | ||||||
13,476,331 | ||||||||
United States Treasury Notes — 7.0% |
| |||||||
1.75% due 05/15/2023 | 3,550,000 | 3,270,161 | ||||||
2.00% due 11/15/2021 | 495,000 | 482,779 | ||||||
2.00% due 02/15/2022 | 475,000 | 460,750 | ||||||
2.00% due 02/15/2023 | 8,820,000 | 8,362,462 | ||||||
2.75% due 11/15/2023 | 265,000 | 265,083 | ||||||
12,841,235 | ||||||||
Total U.S. Government Treasuries |
| |||||||
(cost $27,015,826) | 26,317,566 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $162,738,295) | 174,766,860 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.0% |
| |||||||
Registered Investment Companies — 3.0% |
| |||||||
AllianceBernstein Government STIF Portfolio | 5,392,358 | 5,392,358 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $168,130,653)(1) | 98.8 | % | 180,159,218 | |||||
Other assets less liabilities | 1.2 | 2,266,156 | ||||||
NET ASSETS | 100.0 | % | $ | 182,425,374 | ||||
# | See Note 3 |
@ | The Dynamic Allocation Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information on the underlying funds including such funds’ prospectuses and shareholder reports are available at our website, www.valic.com. |
(1) | See Note 5 for cost of investments on a tax basis. |
STIF—Short Term Index Fund
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2013 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
568 | Long | S&P 500 E-Mini Index | December 2013 | $ | 50,325,010 | $ | 51,236,440 | $ | 911,430 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Affiliated Registered Investment Companies: | ||||||||||||||||
Domestic Equity Investment Companies | $ | 90,866,702 | $ | — | $ | — | $ | 90,866,702 | ||||||||
Domestic Fixed Income Investment Companies | 33,940,055 | — | — | 33,940,055 | ||||||||||||
International Equity Investment Companies | 22,237,481 | — | — | 22,237,481 | ||||||||||||
International Fixed Income Investment Companies | 1,405,056 | — | — | 1,405,056 | ||||||||||||
U.S. Government Treasuries: | ||||||||||||||||
United State Treasury Bonds | — | 13,476,331 | — | 13,476,331 | ||||||||||||
United State Treasury Notes | — | 12,841,235 | — | 12,841,235 |
58
Table of Contents
VALIC Company I Dynamic Allocation Fund@
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | $ | 5,392,358 | $ | — | $ | — | $ | 5,392,358 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Appreciation | 911,430 | — | — | 911,430 | ||||||||||||
Total | $ | 154,753,082 | $ | 26,317,566 | $ | — | $ | 181,070,648 | ||||||||
† | 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
59
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Banks — Commercial | 19.2 | % | ||
Auto — Cars/Light Trucks | 6.9 | |||
Electronic Components — Semiconductors | 6.8 | |||
Oil Companies — Integrated | 6.2 | |||
Cellular Telecom | 5.9 | |||
Semiconductor Components — Integrated Circuits | 5.2 | |||
Oil Companies — Exploration & Production | 4.2 | |||
Registered Investment Companies | 3.2 | |||
Chemicals — Diversified | 3.0 | |||
Diversified Financial Services | 2.4 | |||
Casino Hotels | 1.9 | |||
Insurance — Multi-line | 1.9 | |||
Brewery | 1.8 | |||
Metal — Diversified | 1.7 | |||
Computer Services | 1.6 | |||
Electronic Components — Misc. | 1.5 | |||
Time Deposits | 1.5 | |||
Food — Misc./Diversified | 1.5 | |||
Internet Content — Entertainment | 1.5 | |||
Food — Retail | 1.4 | |||
Finance — Mortgage Loan/Banker | 1.3 | |||
Tobacco | 1.3 | |||
Computers — Periphery Equipment | 1.2 | |||
Telecom Services | 1.2 | |||
Diversified Operations | 1.2 | |||
Insurance — Property/Casualty | 1.1 | |||
Computers | 1.1 | |||
Real Estate Operations & Development | 1.0 | |||
Telephone — Integrated | 1.0 | |||
Oil Refining & Marketing | 0.9 | |||
Aerospace/Defense | 0.9 | |||
Metal Processors & Fabrication | 0.8 | |||
Metal — Iron | 0.7 | |||
Rubber — Tires | 0.7 | |||
Retail — Misc./Diversified | 0.7 | |||
Applications Software | 0.6 | |||
Public Thoroughfares | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Appliances | 0.5 | |||
Athletic Footwear | 0.5 | |||
Food — Flour & Grain | 0.5 | |||
Investment Management/Advisor Services | 0.4 | |||
Audio/Video Products | 0.4 | |||
Petrochemicals | 0.4 | |||
Research & Development | 0.4 | |||
Airlines | 0.4 | |||
Steel — Producers | 0.4 | |||
Schools | 0.3 | |||
Television | 0.3 | |||
Gold Mining | 0.3 | |||
Food — Meat Products | 0.3 | |||
Engines — Internal Combustion | 0.3 | |||
Metal Products — Distribution | 0.3 | |||
Finance — Commercial | 0.3 | |||
Banks — Super Regional | 0.3 | |||
Airport Development/Maintenance | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Coal | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Wireless Equipment | 0.2 | |||
Food — Wholesale/Distribution | 0.2 | |||
Building — Heavy Construction | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Building Products — Cement | 0.1 | |||
103.9 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
South Korea | 17.0 | % | ||
China | 12.8 | |||
Taiwan | 12.1 | |||
Brazil | 11.8 | |||
Russia | 8.3 | |||
India | 7.3 | |||
Hong Kong | 6.7 | |||
South Africa | 5.0 | |||
Poland | 3.7 | |||
Cayman Islands | 3.3 | |||
Unknown | 3.2 | |||
Turkey | 3.0 | |||
United States | 1.8 | |||
Mexico | 1.7 | |||
Indonesia | 1.3 | |||
Bermuda | 1.2 | |||
Thailand | 1.0 | |||
Hungary | 0.9 | |||
Ireland | 0.7 | |||
United Kingdom | 0.4 | |||
Qatar | 0.4 | |||
United Arab Emirates | 0.3 | |||
103.9 | % | |||
* | Calculated as a percentage of net assets |
60
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.0% | ||||||||
Bermuda — 1.2% | ||||||||
Shenzhen International Holdings, Ltd. | 14,155,000 | $ | 1,771,052 | |||||
Skyworth Digital Holdings, Ltd.# | 4,548,000 | 2,722,001 | ||||||
VimpelCom, Ltd. ADR | 259,250 | 3,183,590 | ||||||
7,676,643 | ||||||||
Brazil — 8.6% | ||||||||
AMBEV SA ADR# | 1,584,750 | 11,980,710 | ||||||
Arteris SA | 234,410 | 1,966,712 | ||||||
Banco do Brasil SA | 657,550 | 7,239,496 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acuca ADR# | 119,920 | 5,645,834 | ||||||
Embraer SA | 772,380 | 5,997,591 | ||||||
Even Construtora e Incorporadora SA | 402,850 | 1,417,502 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 140,810 | 1,865,532 | ||||||
Grendene SA | 131,350 | 1,028,377 | ||||||
JBS SA | 550,120 | 1,978,087 | ||||||
Kroton Educacional SA | 138,450 | 2,343,948 | ||||||
M. Dias Branco SA | 66,750 | 3,062,768 | ||||||
Porto Seguro SA | 190,840 | 2,412,356 | ||||||
Telefonica Brasil SA ADR# | 329,110 | 6,404,481 | ||||||
Tim Participacoes SA | 627,030 | 3,097,438 | ||||||
56,440,832 | ||||||||
Cayman Islands — 3.3% | ||||||||
ANTA Sports Products, Ltd.# | 896,000 | 1,266,684 | ||||||
China Shanshui Cement Group, Ltd. | 2,275,000 | 906,755 | ||||||
Dongyue Group, Ltd.# | 3,761,000 | 1,804,663 | ||||||
Geely Automobile Holdings, Ltd.# | 4,345,000 | 2,241,814 | ||||||
Giant Interactive Group, Inc. ADR | 263,930 | 2,963,934 | ||||||
Lee & Man Paper Manufacturing, Ltd. | 269,000 | 198,125 | ||||||
NetEase, Inc. ADR | 74,130 | 5,323,275 | ||||||
Perfect World Co., Ltd. ADR | 55,430 | 1,051,507 | ||||||
TPK Holding Co., Ltd. | 365,000 | 2,041,208 | ||||||
Truly International Holdings, Ltd.# | 2,624,000 | 1,540,015 | ||||||
WuXi PharmaTech Cayman, Inc. ADR†# | 74,470 | 2,467,191 | ||||||
21,805,171 | ||||||||
China — 12.8% | ||||||||
Bank of China, Ltd., Class H | 28,200,000 | 13,640,497 | ||||||
China Construction Bank Corp. | 20,336,000 | 16,473,087 | ||||||
China Merchants Bank Co., Ltd., Class H# | 2,578,419 | 5,507,616 | ||||||
China Petroleum & Chemical Corp., Class H | 12,334,999 | 10,596,518 | ||||||
Dongfeng Motor Group Co., Ltd. | 2,232,000 | 3,546,947 | ||||||
Great Wall Motor Co., Ltd., Class H# | 1,113,000 | 6,797,747 | ||||||
Guangzhou R&F Properties Co., Ltd.# | 1,708,000 | 2,753,897 | ||||||
Industrial & Commercial Bank of China, Ltd.# | 21,451,000 | 15,411,771 | ||||||
Ping An Insurance Group Co. of China, Ltd.# | 1,050,000 | 9,785,364 | ||||||
84,513,444 | ||||||||
Hong Kong — 6.7% | ||||||||
China Mobile, Ltd. | 1,552,000 | 16,715,833 | ||||||
China Mobile, Ltd. ADR | 18,500 | 1,003,440 | ||||||
CNOOC, Ltd. | 6,126,000 | 12,563,885 | ||||||
Lenovo Group, Ltd.# | 4,626,000 | 5,483,665 | ||||||
Shougang Fushan Resources Group, Ltd.# | 4,004,000 | 1,409,959 | ||||||
SJM Holdings, Ltd.# | 2,236,000 | 7,181,596 | ||||||
44,358,378 | ||||||||
Hungary — 0.9% | ||||||||
OTP Bank PLC | 289,050 | 5,847,456 | ||||||
India — 7.3% | ||||||||
Cairn India, Ltd. | 380,940 | 1,969,623 | ||||||
Canara Bank | 259,250 | 1,033,432 | ||||||
HCL Technologies, Ltd. | 222,140 | 3,843,637 |
Security Description | Shares | Value (Note 2) | ||||||
India (continued) | ||||||||
Housing Development Finance Corp. | 651,933 | $ | 8,606,893 | |||||
Infosys, Ltd. ADR | 190,760 | 10,304,855 | ||||||
Oil & Natural Gas Corp., Ltd. | 1,474,110 | 7,056,809 | ||||||
Oil India, Ltd. | 189,730 | 1,467,075 | ||||||
Punjab National Bank, Ltd. | 157,810 | 1,391,602 | ||||||
Rural Electrification Corp., Ltd. | 485,060 | 1,767,842 | ||||||
State Bank of India | 83,660 | 2,441,991 | ||||||
Tata Motors, Ltd. ADR | 251,030 | 8,150,944 | ||||||
48,034,703 | ||||||||
Indonesia — 1.3% | ||||||||
Alam Sutera Realty Tbk PT | 26,065,500 | 1,034,994 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 5,110,500 | 3,182,714 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 24,173,500 | 4,395,182 | ||||||
8,612,890 | ||||||||
Ireland — 0.7% | ||||||||
Dragon Oil PLC | 477,890 | 4,450,778 | ||||||
Mexico — 1.7% | ||||||||
Compartamos SAB de CV# | 1,728,230 | 3,267,629 | ||||||
Grupo Financiero Banorte SAB de CV, Class O# | 1,193,240 | 8,147,646 | ||||||
11,415,275 | ||||||||
Poland — 3.7% | ||||||||
Eurocash SA | 65,480 | 1,063,794 | ||||||
KGHM Polska Miedz SA | 133,301 | 5,101,781 | ||||||
Polskie Gornictwo Naftowe I Gazownictwo SA | 975,240 | 1,811,894 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA# | 645,816 | 8,586,813 | ||||||
Powszechny Zaklad Ubezpieczen SA | 50,010 | 7,594,656 | ||||||
24,158,938 | ||||||||
Qatar — 0.4% | ||||||||
Industries Qatar QSC | 54,940 | 2,538,118 | ||||||
Russia — 8.3% | ||||||||
Lukoil OAO ADR | 185,160 | 11,520,655 | ||||||
Magnit OJSC | 12,580 | 3,476,470 | ||||||
MMC Norilsk Nickel OJSC ADR | 398,063 | 6,002,790 | ||||||
Mobile Telesystems OJSC | 6,750 | 63,750 | ||||||
Mobile Telesystems OJSC ADR | 378,620 | 7,981,310 | ||||||
Rosneft OAO GDR | 969,800 | 6,963,164 | ||||||
Sberbank of Russia ADR | 975,351 | 12,152,873 | ||||||
Tatneft OAO ADR (LSE) | 111,966 | 4,165,135 | ||||||
Tatneft OAO ADR (OTC) | 67,710 | 2,518,812 | ||||||
54,844,959 | ||||||||
South Africa — 5.0% | ||||||||
AVI, Ltd. | 296,070 | 1,672,922 | ||||||
Clicks Group, Ltd. | 305,210 | 1,928,618 | ||||||
FirstRand, Ltd. | 1,456,960 | 4,828,920 | ||||||
Imperial Holdings, Ltd. | 279,320 | 5,781,631 | ||||||
MTN Group, Ltd. | 316,610 | 6,154,047 | ||||||
Sasol, Ltd. | 201,250 | 9,945,116 | ||||||
Tiger Brands, Ltd. | 96,644 | 2,693,356 | ||||||
33,004,610 | ||||||||
South Korea — 17.0% | ||||||||
BS Financial Group, Inc. | 167,770 | 2,584,003 | ||||||
Grand Korea Leisure Co., Ltd. | 94,200 | 3,582,680 | ||||||
GS Home Shopping, Inc. | 9,860 | 2,632,936 | ||||||
Halla Visteon Climate Control Corp. | 88,590 | 3,206,082 | ||||||
Hankook Tire Co., Ltd. | 55,860 | 3,298,923 | ||||||
Hyosung Corp. | 27,150 | 1,849,679 | ||||||
Hyundai Motor Co. | 54,191 | 12,903,838 | ||||||
Kangwon Land, Inc. | 64,020 | 2,008,376 | ||||||
Kia Motors Corp. | 154,190 | 8,800,034 |
61
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
South Korea (continued) |
| |||||||
KT&G Corp. | 111,772 | $ | 8,290,751 | |||||
Partron Co., Ltd.# | 78,590 | 1,195,596 | ||||||
Samsung Electronics Co., Ltd. | 26,298 | 37,124,834 | ||||||
SK Holdings Co., Ltd. | 35,550 | 6,281,631 | ||||||
SK Hynix, Inc.† | 233,480 | 7,809,876 | ||||||
SK Telecom Co., Ltd. | 19,630 | 4,191,987 | ||||||
Woori Finance Holdings Co., Ltd. | 530,990 | 6,346,994 | ||||||
112,108,220 | ||||||||
Taiwan — 12.1% |
| |||||||
Advanced Semiconductor Engineering, Inc. | 6,702,000 | 6,658,066 | ||||||
Catcher Technology Co., Ltd. | 859,000 | 5,224,708 | ||||||
Chicony Electronics Co., Ltd. | 1,197,616 | 2,994,647 | ||||||
Chipbond Technology Corp. | 1,407,000 | 2,942,938 | ||||||
Fubon Financial Holding Co., Ltd. | 4,785,000 | 6,839,410 | ||||||
Grand Pacific Petrochemical | 1,661,000 | 1,299,323 | ||||||
Hon Hai Precision Industry Co., Ltd. | 1,655,770 | 4,364,062 | ||||||
Hon Hai Precision Industry Co., Ltd. GDR | 427,430 | 2,235,459 | ||||||
Huaku Development Co., Ltd. | 712,000 | 2,208,610 | ||||||
Inventec Corp. | 2,345,000 | 1,973,052 | ||||||
Kenda Rubber Industrial Co., Ltd. | 747,362 | 1,618,771 | ||||||
Lite-On Technology Corp. | 2,868,191 | 4,656,909 | ||||||
Pou Chen Corp. | 2,426,000 | 3,156,079 | ||||||
Realtek Semiconductor Corp. | 1,229,441 | 2,978,675 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,156,880 | 20,511,482 | ||||||
Teco Electric and Machinery Co., Ltd. | 1,729,000 | 1,898,780 | ||||||
Uni-President Enterprises Corp. | 3,894,840 | 6,948,961 | ||||||
Vanguard International Semiconductor Corp. | 1,075,000 | 1,262,291 | ||||||
79,772,223 | ||||||||
Thailand — 1.0% |
| |||||||
PTT Global Chemical PCL | 2,691,500 | 6,391,370 | ||||||
Turkey — 3.0% |
| |||||||
Arcelik AS | 473,035 | 3,186,210 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,796,280 | 2,384,246 | ||||||
Ford Otomotiv Sanayi AS | 127,210 | 1,638,086 | ||||||
Koza Altin Isletmeleri AS | 134,850 | 2,157,226 | ||||||
TAV Havalimanlari Holding AS | 194,510 | 1,449,842 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 320,410 | 2,102,636 | ||||||
Turk Hava Yollari | 656,894 | 2,433,543 | ||||||
Turkiye Is Bankasi, Class C | 1,799,770 | 4,635,136 | ||||||
19,986,925 | ||||||||
United Arab Emirates — 0.3% |
| |||||||
First Gulf Bank PJSC | 393,160 | 1,819,690 | ||||||
United Kingdom — 0.4% |
| |||||||
Old Mutual PLC | 884,950 | 2,880,143 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United States — 0.3% |
| |||||||
CTC Media, Inc. | 175,500 | $ | 2,220,075 | |||||
Total Common Stocks |
| |||||||
(cost $582,001,551) | 632,880,841 | |||||||
PREFERRED SECURITIES — 3.2% |
| |||||||
Brazil — 3.2% |
| |||||||
Banco do Estado do Rio Grande do Sul SA, Class B | 292,900 | 1,705,167 | ||||||
Itau Unibanco Holding SA ADR | 842,484 | 11,853,750 | ||||||
Petroleo Brasileiro SA ADR# | 170,140 | 2,814,115 | ||||||
Vale SA ADR | 351,960 | 4,937,999 | ||||||
Total Preferred Securities |
| |||||||
(cost $25,757,630) | 21,311,031 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $607,759,181) | 654,191,872 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.7% |
| |||||||
Registered Investment Companies — 3.2% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 21,285,185 | 21,285,185 | ||||||
Time Deposit — 1.5% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 | $ | 9,917,000 | 9,917,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $31,202,185) | 31,202,185 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $638,961,366)(2) | 103.9 | % | 685,394,057 | |||||
Liabilities in excess of other assets | (3.9 | ) | (25,827,269 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 659,566,788 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At November 30, 2013, the Fund had loaned securities with a total value of $22,374,748. This was secured by $21,285,185, which was received in cash and subsequently invested in short-term investments currently valued at $21,285,185 as reported in the portfolio of investments. Additional collateral of $2,297,411 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
United States Treasury Notes/Bonds | 0.13% to 2.75% | 04/30/2015 to 05/15/2022 | $2,297,411 |
(2) | See Note 2 for cost of investments on a tax basis. |
ADR—American Depository Receipt
GDR—Global Depository Receipt
LSE—London Stock Exchange
OTC—Over the Counter US
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Brazil | $ | 56,440,832 | $ | — | $ | — | $ | 56,440,832 | ||||||||
China | 84,513,444 | — | — | 84,513,444 | ||||||||||||
Hong Kong | 44,358,378 | — | — | 44,358,378 | ||||||||||||
India | 48,034,703 | — | — | 48,034,703 | ||||||||||||
Russia | 54,844,959 | — | — | 54,844,959 | ||||||||||||
South Africa | 33,004,610 | — | — | 33,004,610 | ||||||||||||
South Korea | 112,108,220 | — | — | 112,108,220 |
62
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Taiwan | $ | 79,772,223 | $ | — | $ | — | $ | 79,772,223 | ||||||||
Other Countries* | 119,803,472 | — | — | 119,803,472 | ||||||||||||
Preferred Securities | 21,311,031 | — | — | 21,311,031 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 21,285,185 | — | — | 21,285,185 | ||||||||||||
Time Deposits | — | 9,917,000 | — | 9,917,000 | ||||||||||||
Total | $ | 675,477,057 | $ | 9,917,000 | $ | — | $ | 685,394,057 | ||||||||
* | 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 securities by country classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $365,004,354 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
63
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 10.0 | % | ||
Oil Companies — Integrated | 9.4 | |||
Medical — Drugs | 8.1 | |||
Insurance — Life/Health | 5.7 | |||
Registered Investment Companies | 5.3 | |||
Food — Retail | 4.4 | |||
Diversified Financial Services | 4.2 | |||
Insurance — Multi-line | 4.1 | |||
Telecom Services | 3.0 | |||
Oil — Field Services | 2.6 | |||
Electronic Components — Semiconductors | 2.4 | |||
Telephone — Integrated | 2.2 | |||
Oil & Gas Drilling | 2.1 | |||
Auto — Cars/Light Trucks | 1.8 | |||
Cellular Telecom | 1.8 | |||
Import/Export | 1.7 | |||
Time Deposits | 1.7 | |||
Chemicals — Diversified | 1.6 | |||
Steel — Producers | 1.5 | |||
Diversified Manufacturing Operations | 1.5 | |||
Investment Management/Advisor Services | 1.4 | |||
Aerospace/Defense | 1.3 | |||
Insurance — Reinsurance | 1.2 | |||
Electronic Components — Misc. | 1.2 | |||
Toys | 1.2 | |||
Coal | 1.1 | |||
Distribution/Wholesale | 1.1 | |||
Chemicals — Other | 1.1 | |||
Oil Companies — Exploration & Production | 1.1 | |||
Retail — Building Products | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Retail — Major Department Stores | 1.0 | |||
Finance — Investment Banker/Broker | 1.0 | |||
Airlines | 0.9 | |||
Building Products — Cement | 0.9 | |||
Containers — Metal/Glass | 0.9 | |||
Machinery — General Industrial | 0.9 | |||
Internet Security | 0.8 | |||
Chemicals — Specialty | 0.8 | |||
Building & Construction — Misc. | 0.8 | |||
Metal — Diversified | 0.7 | |||
Banks — Commercial | 0.7 | |||
Rubber — Tires | 0.7 | |||
Entertainment Software | 0.7 | |||
Retail — Drug Store | 0.6 | |||
Wireless Equipment | 0.6 | |||
Medical — Generic Drugs | 0.5 | |||
Computers | 0.5 | |||
Medical Products | 0.5 | |||
Building & Construction Products — Misc. | 0.4 | |||
Medical Instruments | 0.4 | |||
Medical — Biomedical/Gene | 0.4 | |||
Energy — Alternate Sources | 0.4 | |||
Metal — Iron | 0.3 | |||
Food — Misc./Diversified | 0.3 | |||
Metal Products — Distribution | 0.3 | |||
E — Commerce/Products | 0.3 | |||
Photo Equipment & Supplies | 0.3 | |||
Rubber/Plastic Products | 0.2 | |||
Electric — Integrated | 0.1 | |||
Electric — Transmission | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
104.9 | % | |||
Country Allocation*
United Kingdom | 19.9 | % | ||
France | 15.0 | |||
South Korea | 10.4 | |||
United States | 8.3 | |||
Switzerland | 8.2 | |||
Netherlands | 7.4 | |||
Japan | 6.5 | |||
Canada | 5.7 | |||
Germany | 5.0 | |||
China | 3.3 | |||
Italy | 3.0 | |||
Norway | 2.6 | |||
Cayman Islands | 1.5 | |||
Spain | 1.5 | |||
Sweden | 1.0 | |||
Ireland | 0.9 | |||
Brazil | 0.8 | |||
Hong Kong | 0.8 | |||
Bermuda | 0.7 | |||
Singapore | 0.7 | |||
India | 0.6 | |||
Israel | 0.5 | |||
Taiwan | 0.5 | |||
Australia | 0.1 | |||
104.9 | % | |||
* | Calculated as a percentage of net assets |
64
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.2% | ||||||||
Australia — 0.1% | ||||||||
Billabong International, Ltd.†# | 1,777,803 | $ | 526,392 | |||||
Bermuda — 0.7% | ||||||||
Digital China Holdings, Ltd. | 3,535,200 | 4,126,790 | ||||||
First Pacific Co., Ltd.# | 2,621,250 | 2,999,037 | ||||||
Noble Group, Ltd.# | 385,000 | 338,971 | ||||||
7,464,798 | ||||||||
Brazil — 0.1% | ||||||||
Centrais Eletricas Brasileiras SA | 480,700 | 1,218,160 | ||||||
Centrais Eletricas Brasileiras SA ADR | 7,500 | 19,200 | ||||||
1,237,360 | ||||||||
Canada — 5.7% | ||||||||
AGF Management, Ltd., Class B# | 199,700 | 2,698,140 | ||||||
Ensign Energy Services, Inc. | 718,600 | 10,980,960 | ||||||
HudBay Minerals, Inc. | 1,031,800 | 7,431,758 | ||||||
Suncor Energy, Inc.# | 376,900 | 12,924,111 | ||||||
Talisman Energy, Inc. | 914,240 | 10,699,561 | ||||||
Trican Well Service, Ltd.# | 1,059,900 | 12,573,901 | ||||||
57,308,431 | ||||||||
Cayman Islands — 1.5% | ||||||||
Kingboard Chemical Holdings, Ltd. | 4,044,500 | 10,929,460 | ||||||
Trina Solar, Ltd. ADR†# | 262,294 | 3,672,116 | ||||||
Value Partners Group, Ltd.# | 474,000 | 314,261 | ||||||
14,915,837 | ||||||||
China — 3.3% | ||||||||
China Life Insurance Co., Ltd. | 961,000 | 3,105,138 | ||||||
China Shenhua Energy Co., Ltd. | 3,231,000 | 10,960,807 | ||||||
China Telecom Corp., Ltd. | 17,883,823 | 9,665,497 | ||||||
Shanghai Electric Group Co., Ltd.# | 7,680,000 | 2,773,761 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 2,801,900 | 6,541,556 | ||||||
33,046,759 | ||||||||
France — 15.0% | ||||||||
Alstom SA | 153,170 | 5,623,401 | ||||||
AXA SA | 811,362 | 21,256,607 | ||||||
BNP Paribas SA | 420,550 | 31,565,274 | ||||||
Carrefour SA | 195,490 | 7,690,999 | ||||||
Cie de St-Gobain | 77,110 | 4,100,069 | ||||||
Cie Generale des Etablissements Michelin | 65,370 | 7,099,971 | ||||||
Ipsen SA | 88,550 | 4,168,228 | ||||||
Orange SA# | 544,415 | 7,111,136 | ||||||
Sanofi | 192,090 | 20,312,680 | ||||||
Societe Generale SA | 206,673 | 11,886,198 | ||||||
Total SA | 312,900 | 18,956,204 | ||||||
Vivendi SA | 417,982 | 10,615,555 | ||||||
150,386,322 | ||||||||
Germany — 5.0% | ||||||||
Commerzbank AG† | 273,600 | 4,066,240 | ||||||
Deutsche Lufthansa AG† | 431,830 | 9,377,457 | ||||||
Gerresheimer AG | 41,380 | 2,791,905 | ||||||
Kloeckner & Co. SE† | 211,880 | 2,958,985 | ||||||
Metro AG# | 173,577 | 8,698,823 | ||||||
Muenchener Rueckversicherungs AG | 35,060 | 7,668,271 | ||||||
Siemens AG | 112,625 | 14,871,703 | ||||||
50,433,384 | ||||||||
Hong Kong — 0.8% | ||||||||
China Mobile, Ltd.# | 701,500 | 7,555,513 | ||||||
India — 0.6% | ||||||||
ICICI Bank, Ltd. | 178,323 | 3,053,378 | ||||||
Jain Irrigation Systems, Ltd. | 1,609,577 | 1,833,924 |
Security Description | Shares | Value (Note 2) | ||||||
India (continued) | ||||||||
LIC Housing Finance, Ltd. | 112,000 | $ | 373,513 | |||||
Power Grid Corp. of India, Ltd. | 616,627 | 936,436 | ||||||
6,197,251 | ||||||||
Ireland — 0.9% | ||||||||
CRH PLC | 352,760 | 8,942,329 | ||||||
Israel — 0.5% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 126,438 | 5,153,613 | ||||||
Italy — 3.0% | ||||||||
Eni SpA | 417,392 | 10,042,049 | ||||||
UniCredit SpA | 2,772,333 | 20,111,585 | ||||||
30,153,634 | ||||||||
Japan — 6.5% | ||||||||
Capcom Co., Ltd.# | 345,540 | 6,679,709 | ||||||
ITOCHU Corp. | 1,386,200 | 17,485,676 | ||||||
Namco Bandai Holdings, Inc. | 571,400 | 11,609,308 | ||||||
Nikon Corp. | 137,300 | 2,603,238 | ||||||
Nissan Motor Co., Ltd. | 671,000 | 6,131,862 | ||||||
Toyota Motor Corp. | 196,200 | 12,221,196 | ||||||
Trend Micro, Inc.# | 208,100 | 8,147,240 | ||||||
64,878,229 | ||||||||
Netherlands — 7.4% | ||||||||
Aegon NV | 2,326,133 | 20,663,578 | ||||||
Akzo Nobel NV | 208,310 | 15,686,088 | ||||||
Fugro NV CVA | 26,600 | 1,617,632 | ||||||
ING Groep NV CVA† | 2,403,274 | 31,205,415 | ||||||
Koninklijke Philips NV | 145,330 | 5,201,314 | ||||||
74,374,027 | ||||||||
Norway — 2.6% | ||||||||
Statoil ASA | 746,520 | 16,851,110 | ||||||
Telenor ASA | 394,298 | 9,472,798 | ||||||
26,323,908 | ||||||||
Singapore — 0.7% | ||||||||
Flextronics International, Ltd.† | 906,210 | 6,869,072 | ||||||
South Korea — 10.4% | ||||||||
Daum Communications Corp. | 34,301 | 2,751,729 | ||||||
Hana Financial Group, Inc. | 519,450 | 19,486,124 | ||||||
Hyundai Mobis | 35,754 | 10,371,802 | ||||||
KB Financial Group, Inc. | 622,023 | 23,333,944 | ||||||
KIWOOM Securities Co., Ltd. | 89,050 | 4,602,698 | ||||||
Korea Investment Holdings Co., Ltd. | 129,250 | 4,964,578 | ||||||
POSCO | 48,515 | 15,013,382 | ||||||
Samsung Electronics Co., Ltd. | 17,089 | 24,124,507 | ||||||
104,648,764 | ||||||||
Spain — 1.5% | ||||||||
Telefonica SA | 891,361 | 14,664,168 | ||||||
Telefonica SA ADR | 859 | 14,113 | ||||||
14,678,281 | ||||||||
Sweden — 1.0% | ||||||||
Getinge AB, Class B | 126,014 | 3,940,310 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 474,860 | 5,917,597 | ||||||
9,857,907 | ||||||||
Switzerland — 8.2% | ||||||||
Basilea Pharmaceutica | 33,210 | 3,868,913 | ||||||
Credit Suisse Group AG | 825,245 | 24,562,976 | ||||||
GAM Holding AG | 186,050 | 3,417,433 | ||||||
Lonza Group AG | 86,480 | 8,056,965 |
65
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Switzerland (continued) | ||||||||
Nobel Biocare Holding AG# | 333,754 | $ | 4,915,457 | |||||
Novartis AG | 166,100 | 13,129,312 | ||||||
Roche Holding AG | 72,540 | 20,222,691 | ||||||
Swiss Re AG | 53,270 | 4,739,617 | ||||||
82,913,364 | ||||||||
Taiwan — 0.5% | ||||||||
Compal Electronics, Inc. | 6,663,528 | 5,032,434 | ||||||
United Kingdom — 19.9% | ||||||||
Aviva PLC | 3,242,598 | 22,785,038 | ||||||
BAE Systems PLC | 1,818,520 | 12,721,794 | ||||||
BP PLC# | 2,091,682 | 16,502,071 | ||||||
BP PLC ADR | 180 | 8,462 | ||||||
Carillion PLC# | 1,538,340 | 7,586,601 | ||||||
GlaxoSmithKline PLC | 907,881 | 24,051,235 | ||||||
HSBC Holdings PLC† | 276,650 | 3,087,785 | ||||||
Kingfisher PLC | 1,688,095 | 10,386,398 | ||||||
Lloyds Banking Group PLC† | 7,356,990 | 9,320,450 | ||||||
Man Group PLC | 5,614,260 | 8,151,019 | ||||||
Marks & Spencer Group PLC | 1,280,880 | 10,210,174 | ||||||
Noble Corp. PLC# | 261,360 | 9,963,043 | ||||||
Rexam PLC | 734,643 | 6,007,510 | ||||||
Royal Dutch Shell PLC, Class A# | 167,235 | 5,594,523 | ||||||
Royal Dutch Shell PLC, Class B | 268,205 | 9,414,314 | ||||||
SIG PLC | 1,935,564 | 6,808,316 | ||||||
Tesco PLC | 4,675,850 | 26,630,122 | ||||||
Vodafone Group PLC | 2,846,087 | 10,565,425 | ||||||
199,794,280 | ||||||||
United States — 1.3% | ||||||||
Baker Hughes, Inc.# | 212,450 | 12,101,152 | ||||||
Total Common Stocks | ||||||||
(cost $805,336,330) | 974,793,041 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
PREFERRED SECURITIES — 0.7% |
| |||||||
Brazil — 0.7% | ||||||||
Petroleo Brasileiro SA ADR# | 220,901 | $ | 3,653,702 | |||||
Vale SA ADR | 240,654 | 3,376,376 | ||||||
Total Preferred Securities | ||||||||
(cost $7,949,546) | 7,030,078 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $813,285,876) | 981,823,119 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.0% | ||||||||
Registered Investment Companies — 5.3% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 53,941,750 | 53,941,750 | ||||||
Time Deposits — 1.7% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 | $ | 17,009,000 | 17,009,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $70,950,750) | 70,950,750 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $884,236,626)(1) | 104.9 | % | 1,052,773,869 | |||||
Liabilities in excess of other assets | (4.9 | ) | (49,647,713 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 1,003,126,156 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
(2) | At November 30, 2013, the Fund had loaned securities with a total value of $51,537,330. This was secured by collateral of $53,941,750, which was received in cash and subsequently invested in short-term investments currently valued at $53,941,750 as reported in the portfolio of investments. |
ADR—American Depository Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Canada | $ | 57,308,431 | $ | — | $ | — | $ | 57,308,431 | ||||||||
France | 150,386,322 | — | — | 150,386,322 | ||||||||||||
Germany | 50,433,384 | — | — | 50,433,384 | ||||||||||||
Japan | 64,878,229 | — | — | 64,878,229 | ||||||||||||
Netherlands | 74,374,027 | — | — | 74,374,027 | ||||||||||||
South Korea | 104,648,764 | — | — | 104,648,764 | ||||||||||||
Switzerland | 82,913,364 | — | — | 82,913,364 | ||||||||||||
United Kingdom | 199,794,280 | — | — | 199,794,280 | ||||||||||||
Other Countries* | 190,056,240 | — | — | 190,056,240 | ||||||||||||
Preferred Securities | 7,030,078 | — | — | 7,030,078 |
66
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | $ | 53,941,750 | $ | — | $ | — | $ | 53,941,750 | ||||||||
Time Deposits | — | 17,009,000 | — | 17,009,000 | ||||||||||||
Total | $ | 1,035,764,869 | $ | 17,009,000 | $ | — | $ | 1,052,773,869 | ||||||||
* | 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 securities by country classification, please refer to the Portfolio of Investments |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $813,385,592 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
See Notes to Financial Statements
67
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 72.1 | % | ||
Real Estate Operations & Development | 15.0 | |||
Real Estate Management/Services | 9.2 | |||
Brewery | 1.0 | |||
Registered Investment Companies | 1.0 | |||
Time Deposits | 0.8 | |||
Retirement/Aged Care | 0.5 | |||
Transport — Services | 0.1 | |||
99.7 | % | |||
Country Allocation*
United States | 40.7 | % | ||
Japan | 16.4 | |||
United Kingdom | 7.7 | |||
Australia | 7.6 | |||
Hong Kong | 6.3 | |||
France | 4.9 | |||
Canada | 4.6 | |||
Singapore | 3.2 | |||
Bermuda | 1.9 | |||
Germany | 1.3 | |||
Cayman Islands | 1.3 | |||
Switzerland | 1.1 | |||
Sweden | 0.9 | |||
Malaysia | 0.7 | |||
Netherlands | 0.6 | |||
Finland | 0.5 | |||
99.7 | % | |||
* | Calculated as a percentage of net assets |
68
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.9% |
| |||||||
Australia — 7.6% |
| |||||||
BGP Holdings PLC†(1)(2) | 479,213 | $ | 0 | |||||
CFS Retail Property Trust Group | 839,613 | 1,568,105 | ||||||
Charter Hall Group | 203,450 | 695,074 | ||||||
GPT Group | 1,504,708 | 4,907,692 | ||||||
Mirvac Group | 4,132,324 | 6,400,079 | ||||||
Stockland | 1,224,500 | 4,294,984 | ||||||
Westfield Group | 593,996 | 5,628,063 | ||||||
Westfield Retail Trust | 1,752,314 | 4,869,157 | ||||||
28,363,154 | ||||||||
Bermuda — 1.9% |
| |||||||
Guangdong Land Holdings, Ltd. | 10,796,000 | 2,464,825 | ||||||
Kerry Properties, Ltd. | 1,181,000 | 4,661,451 | ||||||
7,126,276 | ||||||||
Canada — 4.6% |
| |||||||
Allied Properties Real Estate Investment Trust | 57,376 | 1,760,013 | ||||||
Boardwalk Real Estate Investment Trust | 22,500 | 1,253,060 | ||||||
Brookfield Office Properties, Inc. | 117,100 | 2,270,115 | ||||||
Calloway Real Estate Investment Trust | 82,400 | 1,952,743 | ||||||
Canadian Apartment Properties REIT | 42,397 | 818,321 | ||||||
Canadian Real Estate Investment Trust | 30,000 | 1,200,734 | ||||||
Dundee Real Estate Investment Trust | 74,298 | 1,958,708 | ||||||
H&R Real Estate Investment Trust | 112,800 | 2,261,098 | ||||||
RioCan Real Estate Investment Trust | 153,900 | 3,570,376 | ||||||
17,045,168 | ||||||||
Cayman Islands — 1.3% |
| |||||||
Shimao Property Holdings, Ltd. | 1,913,500 | 4,793,222 | ||||||
Finland — 0.5% |
| |||||||
Citycon OYJ | 482,540 | 1,724,045 | ||||||
France — 4.9% |
| |||||||
Klepierre | 117,532 | 5,455,829 | ||||||
Unibail-Rodamco SE (Euronext Paris) | 4,592 | 1,200,548 | ||||||
Unibail-Rodamco SE (Euronext Amsterdam) | 43,945 | 11,489,127 | ||||||
18,145,504 | ||||||||
Germany — 1.3% |
| |||||||
Deutsche Wohnen AG | 241,492 | 4,853,749 | ||||||
Hong Kong — 6.3% |
| |||||||
Henderson Land Development Co., Ltd. | 447,800 | 2,613,680 | ||||||
Kerry Logistics Network, Ltd.†(2) | 590,500 | 502,706 | ||||||
Link REIT | 1,642,850 | 8,041,916 | ||||||
Sun Hung Kai Properties, Ltd. | 954,504 | 12,250,411 | ||||||
23,408,713 | ||||||||
Japan — 16.4% |
| |||||||
Advance Residence Investment Corp. | 1,553 | 3,367,550 | ||||||
Mitsubishi Estate Co., Ltd. | 730,000 | 20,269,661 | ||||||
Mitsui Fudosan Co., Ltd. | 405,000 | 13,740,542 | ||||||
Nippon Building Fund, Inc. | 254 | 2,985,756 | ||||||
Nippon Prologis REIT, Inc. | 136 | 1,314,523 | ||||||
Nomura Real Estate Office Fund, Inc. | 1,158 | 5,488,982 | ||||||
Orix JREIT, Inc. | 4,096 | 5,106,753 | ||||||
Sapporo Holdings, Ltd. | 837,000 | 3,808,074 | ||||||
Tokyu Fudosan Holdings Corp.† | 548,500 | 5,023,119 | ||||||
61,104,960 | ||||||||
Malaysia — 0.7% |
| |||||||
UEM Land Holdings, Bhd | 3,810,900 | 2,719,538 | ||||||
Netherlands — 0.6% |
| |||||||
Corio NV | 51,039 | 2,213,220 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Singapore — 3.2% |
| |||||||
Cache Logistics Trust | 5,103,000 | $ | 4,614,880 | |||||
Fortune Real Estate Investment Trust | 3,335,000 | 2,766,028 | ||||||
Keppel REIT | 4,818,000 | 4,549,086 | ||||||
11,929,994 | ||||||||
Sweden — 0.9% |
| |||||||
Fabege AB | 150,579 | 1,734,080 | ||||||
Hufvudstaden AB | 130,571 | 1,692,869 | ||||||
3,426,949 | ||||||||
Switzerland — 1.1% |
| |||||||
PSP Swiss Property AG† | 45,326 | 3,887,800 | ||||||
United Kingdom — 7.7% |
| |||||||
Big Yellow Group PLC | 269,072 | 2,108,718 | ||||||
British Land Co. PLC | 735,677 | 7,357,396 | ||||||
Capital & Counties Properties PLC | 536,098 | 2,900,967 | ||||||
Derwent London PLC | 72,719 | 2,884,012 | ||||||
Great Portland Estates PLC | 287,270 | 2,736,585 | ||||||
Hammerson PLC | 628,830 | 5,254,420 | ||||||
Helical Bar PLC | 171,191 | 931,683 | ||||||
Land Securities Group PLC | 162,720 | 2,538,222 | ||||||
Unite Group PLC | 277,603 | 1,807,072 | ||||||
28,519,075 | ||||||||
United States — 38.9% |
| |||||||
Acadia Realty Trust | 37,361 | 970,265 | ||||||
American Tower Corp. | 110,397 | 8,585,575 | ||||||
AvalonBay Communities, Inc. | 67,480 | 8,000,429 | ||||||
Boston Properties, Inc. | 70,305 | 6,994,644 | ||||||
Brixmor Property Group, Inc.† | 58,100 | 1,172,458 | ||||||
Brookdale Senior Living, Inc.† | 58,332 | 1,700,961 | ||||||
Cousins Properties, Inc. | 123,600 | 1,323,756 | ||||||
CubeSmart | 133,200 | 2,160,504 | ||||||
DDR Corp. | 449,815 | 7,192,542 | ||||||
EastGroup Properties, Inc. | 22,700 | 1,375,393 | ||||||
Empire State Realty Trust, Inc.† | 91,400 | 1,320,730 | ||||||
Essex Property Trust, Inc. | 36,989 | 5,615,300 | ||||||
Federal Realty Investment Trust | 25,400 | 2,629,408 | ||||||
General Growth Properties, Inc. | 209,994 | 4,357,375 | ||||||
Health Care REIT, Inc. | 121,157 | 6,783,580 | ||||||
Healthcare Realty Trust, Inc. | 94,215 | 2,084,978 | ||||||
Healthcare Trust of America, Inc., Class A | 240,676 | 2,442,861 | ||||||
Host Hotels & Resorts, Inc. | 316,083 | 5,819,088 | ||||||
Hudson Pacific Properties, Inc. | 92,951 | 1,927,804 | ||||||
LaSalle Hotel Properties | 80,100 | 2,508,732 | ||||||
Macerich Co. | 59,283 | 3,375,574 | ||||||
Mid-America Apartment Communities, Inc. | 63,000 | 3,795,120 | ||||||
National Health Investors, Inc. | 20,000 | 1,177,400 | ||||||
National Retail Properties, Inc. | 77,479 | 2,459,958 | ||||||
Pebblebrook Hotel Trust | 26,221 | 795,283 | ||||||
Piedmont Office Realty Trust, Inc. | 197,900 | 3,241,602 | ||||||
Prologis, Inc. | 203,815 | 7,730,703 | ||||||
Public Storage | 41,600 | 6,352,320 | ||||||
Rayonier, Inc. | 31,790 | 1,402,257 | ||||||
Retail Opportunity Investments Corp. | 131,412 | 1,914,673 | ||||||
RLJ Lodging Trust | 80,500 | 1,943,270 | ||||||
Senior Housing Properties Trust | 72,781 | 1,648,490 | ||||||
Simon Property Group, Inc. | 91,103 | 13,651,785 | ||||||
SL Green Realty Corp. | 79,298 | 7,174,090 | ||||||
UDR, Inc. | 204,706 | 4,763,509 | ||||||
Ventas, Inc. | 20,104 | 1,142,510 | ||||||
Weyerhaeuser Co. | 235,390 | 7,092,301 | ||||||
144,627,228 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $335,522,471) | 363,888,595 | |||||||
69
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares/ Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.8% |
| |||||||
Registered Investment Companies — 1.0% |
| |||||||
SSgA U.S. Government Money Market Fund | 3,555,683 | $ | 3,555,683 | |||||
Time Deposits — 0.8% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 | $ | 3,004,000 | 3,004,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $6,559,683) | 6,559,683 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $342,082,154)(3) | 99.7 | % | 370,448,278 | |||||
Other assets less liabilities | 0.3 | 1,299,727 | ||||||
NET ASSETS — | 100.0 | % | $ | 371,748,005 | ||||
† | Non-income producing security |
(1) | Illiquid security. At November 30, 2013, 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) | See Note 5 for cost of investments on a tax basis. |
Euronext Amsterdam—Euronext Stock Exchange, Amsterdam
Euronext Paris—Euronext Stock Exchange, Paris
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Australia | $ | 28,363,154 | $ | — | $ | 0 | $ | 28,363,154 | ||||||||
Hong Kong | 22,905,467 | — | 502,706 | 23,408,173 | ||||||||||||
Japan | 61,104,960 | — | — | 61,104,960 | ||||||||||||
United Kingdom | 28,519,075 | — | — | 28,519,075 | ||||||||||||
United States | 144,627,228 | — | — | 144,627,228 | ||||||||||||
Other Countries* | 77,866,005 | — | — | 77,866,005 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 3,555,683 | — | — | 3,555,683 | ||||||||||||
Time Deposits | — | 3,004,000 | — | 3,004,000 | ||||||||||||
Total | $ | 366,941,572 | $ | 3,004,000 | $ | 502,706 | $ | 370,448,278 | ||||||||
* | 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 securities by country classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $174,141,824 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
70
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Medical — Drugs | 6.3 | % | ||
Diversified Banking Institutions | 6.3 | |||
Banks — Commercial | 4.4 | |||
Insurance — Multi-line | 3.0 | |||
Medical — HMO | 2.9 | |||
Computers | 2.8 | |||
Banks — Super Regional | 2.8 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Telephone — Integrated | 2.5 | |||
Multimedia | 2.5 | |||
Beverages — Non-alcoholic | 2.4 | |||
Cable/Satellite TV | 2.1 | |||
Registered Investment Companies | 2.1 | |||
Food — Misc./Diversified | 2.0 | |||
Transport — Rail | 1.9 | |||
Insurance — Property/Casualty | 1.7 | |||
Auto — Cars/Light Trucks | 1.7 | |||
Oil — Field Services | 1.6 | |||
Web Portals/ISP | 1.6 | |||
Insurance — Life/Health | 1.5 | |||
Retail — Apparel/Shoe | 1.4 | |||
Food — Retail | 1.4 | |||
Oil Companies — Integrated | 1.3 | |||
Retail — Building Products | 1.3 | |||
Aerospace/Defense | 1.3 | |||
Applications Software | 1.3 | |||
Electric Products — Misc. | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Diversified Minerals | 1.0 | |||
Cellular Telecom | 1.0 | |||
Building & Construction — Misc. | 1.0 | |||
Oil Refining & Marketing | 0.9 | |||
Chemicals — Diversified | 0.9 | |||
Airlines | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Computers — Memory Devices | 0.9 | |||
E — Commerce/Services | 0.9 | |||
Commercial Services — Finance | 0.9 | |||
Athletic Footwear | 0.8 | |||
Networking Products | 0.8 | |||
Computer Services | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Insurance — Reinsurance | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Retail — Discount | 0.7 | |||
Medical Products | 0.7 | |||
Food — Wholesale/Distribution | 0.7 | |||
Real Estate Investment Trusts | 0.6 | |||
Medical Instruments | 0.6 | |||
Medical — Hospitals | 0.6 | |||
Engineering/R&D Services | 0.6 | |||
Electric — Integrated | 0.6 | |||
Cosmetics & Toiletries | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Gas — Distribution | 0.6 | |||
Real Estate Operations & Development | 0.5 | |||
Retail — Regional Department Stores | 0.5 | |||
Non — Hazardous Waste Disposal | 0.5 | |||
Entertainment Software | 0.5 | |||
Internet Security | 0.5 | |||
Time Deposits | 0.5 | |||
Consumer Products — Misc. | 0.4 | |||
Retail — Jewelry | 0.4 | |||
Industrial Gases | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Metal Processors & Fabrication | 0.4 | |||
Machinery — General Industrial | 0.3 |
Apparel Manufacturers | 0.3 | |||
Electronic Components — Semiconductors | 0.3 | |||
Gas — Transportation | 0.3 | |||
Airport Development/Maintenance | 0.3 | |||
Filtration/Separation Products | 0.3 | |||
Metal — Copper | 0.3 | |||
Steel Pipe & Tube | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Data Processing/Management | 0.3 | |||
Food — Baking | 0.3 | |||
Water | 0.3 | |||
Diversified Operations | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Telecom Services | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Food — Confectionery | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Sugar | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Retail — Bedding | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Office Automation & Equipment | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Gold Mining | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Paper & Related Products | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Retail — Restaurants | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Audio/Video Products | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Finance — Other Services | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Pipelines | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Building Products-Doors & Windows | 0.1 | |||
Television | 0.1 | |||
Metal — Diversified | 0.1 | |||
Toys | 0.1 | |||
Security Services | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Textile — Products | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Silver Mining | 0.1 | |||
E — Commerce/Products | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Metal — Iron | 0.1 | |||
101.9 | % | |||
* | Calculated as a percentage of net assets |
71
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)
Country Allocation*
United States | 51.9 | % | ||
Japan | 8.6 | |||
United Kingdom | 7.3 | |||
Switzerland | 5.1 | |||
France | 4.8 | |||
Germany | 4.3 | |||
Canada | 4.0 | |||
Australia | 3.1 | |||
Ireland | 1.8 | |||
Netherlands | 1.7 | |||
Spain | 1.6 | |||
Italy | 1.2 | |||
Sweden | 1.1 | |||
Hong Kong | 0.9 | |||
Curacao | 0.9 | |||
Singapore | 0.6 | |||
Finland | 0.5 | |||
Norway | 0.3 | |||
Denmark | 0.3 | |||
Portugal | 0.3 | |||
Austria | 0.3 | |||
Belgium | 0.3 | |||
Luxembourg | 0.3 | |||
Bermuda | 0.3 | |||
Israel | 0.2 | |||
Jersey | 0.1 | |||
New Zealand | 0.1 | |||
101.9 | % | |||
* | Calculated as a percentage of net assets |
72
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.8% |
| |||||||
Australia — 3.1% |
| |||||||
AGL Energy, Ltd. | 9,829 | $ | 134,410 | |||||
ALS, Ltd. | 3,582 | 27,380 | ||||||
Alumina, Ltd.† | 30,759 | 28,443 | ||||||
Amcor, Ltd. | 23,746 | 238,837 | ||||||
AMP, Ltd. | 41,827 | 177,576 | ||||||
APA Group | 16,467 | 91,814 | ||||||
Asciano, Ltd. | 12,141 | 63,822 | ||||||
ASX, Ltd. | 982 | 33,192 | ||||||
Aurizon Holdings, Ltd. | 30,931 | 131,599 | ||||||
Australia & New Zealand Banking Group, Ltd. | 40,996 | 1,191,446 | ||||||
BGP Holdings PLC†(1)(2) | 60,919 | 0 | ||||||
BHP Billiton, Ltd. | 52,901 | 1,802,027 | ||||||
Boral, Ltd. | 8,746 | 38,406 | ||||||
Brambles, Ltd. | 29,370 | 254,464 | ||||||
Caltex Australia, Ltd. | 3,039 | 52,743 | ||||||
Coca-Cola Amatil, Ltd. | 16,977 | 186,995 | ||||||
Cochlear, Ltd. | 542 | 28,877 | ||||||
Commonwealth Bank of Australia | 24,469 | 1,734,800 | ||||||
Computershare, Ltd. | 6,927 | 68,725 | ||||||
CSL, Ltd. | 7,128 | 446,330 | ||||||
Dexus Property Group | 63,535 | 60,488 | ||||||
Federation Centres, Ltd. | 9,964 | 21,605 | ||||||
Flight Centre Travel Group, Ltd. | 3,005 | 133,299 | ||||||
Fortescue Metals Group, Ltd. | 32,558 | 168,480 | ||||||
Goodman Group | 25,960 | 114,470 | ||||||
GPT Group | 24,382 | 79,523 | ||||||
Harvey Norman Holdings, Ltd. | 6,532 | 19,222 | ||||||
Iluka Resources, Ltd. | 6,351 | 50,744 | ||||||
Incitec Pivot, Ltd. | 21,309 | 50,281 | ||||||
Insurance Australia Group, Ltd. | 30,856 | 170,074 | ||||||
Macquarie Group, Ltd.† | 5,196 | 256,478 | ||||||
Mirvac Group | 54,749 | 84,794 | ||||||
National Australia Bank, Ltd. | 35,149 | 1,107,338 | ||||||
Orica, Ltd. | 5,521 | 116,593 | ||||||
Origin Energy, Ltd. | 21,342 | 271,239 | ||||||
QBE Insurance Group, Ltd. | 17,042 | 242,984 | ||||||
Ramsay Health Care, Ltd. | 2,613 | 92,223 | ||||||
Santos, Ltd. | 19,280 | 245,911 | ||||||
Seek, Ltd. | 4,789 | 58,334 | ||||||
Sonic Healthcare, Ltd. | 6,460 | 97,639 | ||||||
SP AusNet | 62,012 | 65,535 | ||||||
Stockland | 35,117 | 123,174 | ||||||
Suncorp Group, Ltd. | 22,482 | 270,160 | ||||||
Sydney Airport | 8,277 | 29,409 | ||||||
Telstra Corp., Ltd. | 81,338 | 374,961 | ||||||
Transurban Group | 24,368 | 155,625 | ||||||
Westfield Group | 35,720 | 338,444 | ||||||
Westfield Retail Trust | 48,472 | 134,689 | ||||||
Westpac Banking Corp. | 46,228 | 1,384,774 | ||||||
13,050,376 | ||||||||
Austria — 0.3% |
| |||||||
OMV AG | 24,744 | 1,211,811 | ||||||
Belgium — 0.3% |
| |||||||
Colruyt SA | 21,354 | 1,203,891 | ||||||
Bermuda — 0.3% |
| |||||||
Cheung Kong Infrastructure Holdings, Ltd. | 32,000 | 210,302 | ||||||
First Pacific Co., Ltd. | 12,000 | 13,730 | ||||||
Li & Fung, Ltd. | 92,000 | 125,315 | ||||||
Noble Group, Ltd. | 281,000 | 247,404 | ||||||
NWS Holdings, Ltd. | 315,000 | 471,323 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 11,500 | 35,675 | ||||||
1,103,749 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Canada — 4.0% |
| |||||||
Agnico Eagle Mines, Ltd. | 3,700 | $ | 100,922 | |||||
Agrium, Inc. | 2,200 | 198,044 | ||||||
AltaGas, Ltd. | 1,400 | 51,118 | ||||||
ARC Resources, Ltd. | 4,300 | 115,587 | ||||||
ATCO, Ltd., Class I | 400 | 18,303 | ||||||
Athabasca Oil Corp.† | 1,800 | 10,982 | ||||||
Bank of Montreal | 8,000 | 554,449 | ||||||
Bank of Nova Scotia | 16,100 | 988,495 | ||||||
Baytex Energy Corp. | 1,600 | 64,280 | ||||||
BCE, Inc. | 3,500 | 154,552 | ||||||
BlackBerry, Ltd.† | 5,500 | 34,747 | ||||||
Brookfield Asset Management, Inc., Class A | 8,300 | 321,185 | ||||||
Brookfield Office Properties, Inc. | 1,600 | 31,018 | ||||||
Canadian Imperial Bank of Commerce | 4,500 | 385,938 | ||||||
Canadian National Railway Co. | 6,200 | 697,639 | ||||||
Canadian Natural Resources, Ltd. | 18,200 | 592,558 | ||||||
Canadian Oil Sands, Ltd. | 8,400 | 157,149 | ||||||
Canadian Pacific Railway, Ltd. | 2,400 | 365,819 | ||||||
Canadian Tire Corp., Ltd., Class A | 900 | 84,492 | ||||||
Canadian Utilities, Ltd., Class A | 1,200 | 40,753 | ||||||
Catamaran Corp.† | 2,600 | 117,748 | ||||||
Cenovus Energy, Inc. | 12,900 | 375,668 | ||||||
Crescent Point Energy Corp. | 6,400 | 240,490 | ||||||
Dollarama, Inc. | 700 | 56,482 | ||||||
Eldorado Gold Corp. | 17,500 | 105,122 | ||||||
Empire Co., Ltd., Class A | 3,700 | 263,400 | ||||||
Encana Corp. | 11,700 | 223,843 | ||||||
Enerplus Corp. | 1,900 | 34,598 | ||||||
First Quantum Minerals, Ltd. | 9,200 | 153,492 | ||||||
Fortis, Inc. | 4,200 | 123,181 | ||||||
Franco-Nevada Corp. | 3,900 | 156,463 | ||||||
George Weston, Ltd. | 5,300 | 396,614 | ||||||
Gildan Activewear, Inc. | 1,500 | 72,507 | ||||||
Great-West Lifeco, Inc. | 5,100 | 157,019 | ||||||
Imperial Oil, Ltd. | 7,800 | 332,020 | ||||||
Keyera Corp. | 1,000 | 57,829 | ||||||
Kinross Gold Corp. | 26,200 | 123,094 | ||||||
Loblaw Cos., Ltd. | 6,800 | 276,136 | ||||||
Magna International, Inc. | 4,200 | 340,476 | ||||||
Manulife Financial Corp. | 26,000 | 501,346 | ||||||
MEG Energy Corp.† | 2,100 | 59,850 | ||||||
National Bank of Canada | 300 | 26,116 | ||||||
New Gold, Inc.† | 12,500 | 64,848 | ||||||
Open Text Corp. | 500 | 42,388 | ||||||
Pacific Rubiales Energy Corp. | 4,400 | 81,819 | ||||||
Pembina Pipeline Corp. | 5,700 | 181,127 | ||||||
Pengrowth Energy Corp. | 4,100 | 25,323 | ||||||
Penn West Petroleum, Ltd. | 5,700 | 48,032 | ||||||
Peyto Exploration & Development Corp. | 2,000 | 59,298 | ||||||
Potash Corp. of Saskatchewan, Inc. | 12,100 | 379,143 | ||||||
Power Corp. of Canada | 2,300 | 70,141 | ||||||
Power Financial Corp. | 3,900 | 131,677 | ||||||
Rogers Communications, Inc., Class B | 4,600 | 205,205 | ||||||
Royal Bank of Canada | 19,900 | 1,319,797 | ||||||
Saputo, Inc. | 2,100 | 95,737 | ||||||
Shaw Communications, Inc., Class B | 5,200 | 119,755 | ||||||
Shoppers Drug Mart Corp. | 5,600 | 307,602 | ||||||
Silver Wheaton Corp. | 9,800 | 204,655 | ||||||
Sun Life Financial, Inc. | 7,900 | 273,276 | ||||||
Suncor Energy, Inc. | 24,700 | 846,977 | ||||||
Talisman Energy, Inc. | 14,400 | 168,527 | ||||||
Teck Resources, Ltd., Class B | 9,700 | 233,527 | ||||||
TELUS Corp. | 5,000 | 177,502 | ||||||
Thomson Reuters Corp. | 7,400 | 275,697 |
73
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Canada (continued) |
| |||||||
Tim Hortons, Inc. | 5,400 | $ | 312,682 | |||||
Toronto-Dominion Bank | 12,700 | 1,157,241 | ||||||
Tourmaline Oil Corp.† | 2,400 | 94,906 | ||||||
Turquoise Hill Resources, Ltd.† | 5,100 | 20,840 | ||||||
Valeant Pharmaceuticals International, Inc.† | 4,500 | 484,954 | ||||||
Vermilion Energy, Inc. | 1,600 | 88,594 | ||||||
Yamana Gold, Inc. | 20,500 | 183,942 | ||||||
16,816,736 | ||||||||
Cayman Islands — 0.0% |
| |||||||
AAC Technologies Holdings, Inc. | 11,500 | 52,215 | ||||||
ASM Pacific Technology, Ltd. | 2,800 | 23,277 | ||||||
75,492 | ||||||||
Curacao — 0.9% |
| |||||||
Schlumberger, Ltd. | 44,016 | 3,891,895 | ||||||
Denmark — 0.3% |
| |||||||
Novo Nordisk A/S, Class B | 4,759 | 852,383 | ||||||
TDC A/S | 49,625 | 445,093 | ||||||
1,297,476 | ||||||||
Finland — 0.5% |
| |||||||
Kone Oyj, Class B | 14,847 | 1,364,477 | ||||||
Neste Oil Oyj | 49,245 | 940,604 | ||||||
2,305,081 | ||||||||
France — 4.8% |
| |||||||
Aeroports de Paris | 11,271 | 1,240,244 | ||||||
AXA SA | 68,410 | 1,792,251 | ||||||
BNP Paribas SA | 29,252 | 2,195,571 | ||||||
Casino Guichard Perrachon SA | 10,889 | 1,217,588 | ||||||
CNP Assurances | 39,822 | 760,891 | ||||||
Credit Agricole SA† | 97,365 | 1,220,855 | ||||||
Danone SA | 23,459 | 1,704,357 | ||||||
Imerys SA | 14,835 | 1,199,124 | ||||||
Kering | 1,678 | 372,139 | ||||||
L’Oreal SA | 10,071 | 1,684,871 | ||||||
Legrand SA | 20,319 | 1,121,387 | ||||||
Orange SA | 111,982 | 1,462,706 | ||||||
Publicis Groupe SA | 1,014 | 89,621 | ||||||
Renault SA | 1,493 | 132,424 | ||||||
Sanofi | 5,360 | 566,797 | ||||||
Societe Generale SA | 27,919 | 1,605,680 | ||||||
Veolia Environnement SA | 74,066 | 1,199,374 | ||||||
Vivendi SA | 22,333 | 567,195 | ||||||
20,133,075 | ||||||||
Germany — 4.0% |
| |||||||
Allianz SE | 10,145 | 1,762,026 | ||||||
Bayer AG | 20,163 | 2,689,839 | ||||||
Bayerische Motoren Werke AG | 14,776 | 1,697,590 | ||||||
Brenntag AG | 7,561 | 1,342,501 | ||||||
Deutsche Bank AG | 38,182 | 1,840,875 | ||||||
Hochtief AG | 13,111 | 1,158,090 | ||||||
Infineon Technologies AG | 131,771 | 1,337,211 | ||||||
Linde AG | 8,509 | 1,737,389 | ||||||
Merck KGaA | 3,325 | 576,823 | ||||||
Muenchener Rueckversicherungs AG | 7,027 | 1,536,935 | ||||||
Suedzucker AG | 34,907 | 879,900 | ||||||
16,559,179 | ||||||||
Hong Kong — 0.9% |
| |||||||
AIA Group, Ltd. | 177,400 | 899,282 | ||||||
BOC Hong Kong Holdings, Ltd. | 52,500 | 177,762 | ||||||
Cathay Pacific Airways, Ltd. | 18,000 | 38,217 |
Security Description | Shares | Value (Note 2) | ||||||
Hong Kong (continued) |
| |||||||
Cheung Kong Holdings, Ltd. | 25,000 | $ | 395,026 | |||||
Hang Lung Properties, Ltd. | 30,000 | 100,611 | ||||||
Hang Seng Bank, Ltd. | 9,400 | 153,259 | ||||||
Henderson Land Development Co., Ltd. | 19,000 | 110,898 | ||||||
Hong Kong & China Gas Co., Ltd. | 116,000 | 274,115 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 13,500 | 237,170 | ||||||
Link REIT | 31,000 | 151,748 | ||||||
MTR Corp., Ltd. | 30,500 | 118,221 | ||||||
New World Development Co., Ltd. | 57,000 | 77,052 | ||||||
Power Assets Holdings, Ltd. | 38,500 | 312,861 | ||||||
Sino Land Co., Ltd. | 26,000 | 35,549 | ||||||
Sun Hung Kai Properties, Ltd. | 26,000 | 333,692 | ||||||
Swire Pacific, Ltd., Class A | 12,000 | 144,802 | ||||||
Swire Properties, Ltd. | 18,800 | 50,318 | ||||||
Wharf Holdings, Ltd. | 26,000 | 215,978 | ||||||
Wheelock & Co., Ltd. | 19,000 | 92,517 | ||||||
3,919,078 | ||||||||
Ireland — 1.8% |
| |||||||
Accenture PLC, Class A | 40,240 | 3,117,393 | ||||||
Covidien PLC | 42,798 | 2,921,391 | ||||||
James Hardie Industries PLC CDI | 6,110 | 69,804 | ||||||
Kerry Group PLC, Class A | 19,661 | 1,260,687 | ||||||
7,369,275 | ||||||||
Israel — 0.2% |
| |||||||
Bank Hapoalim BM | 13,638 | 76,018 | ||||||
Bank Leumi Le-Israel BM† | 7,906 | 32,153 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 28,152 | 47,060 | ||||||
Delek Group, Ltd. | 191 | 72,259 | ||||||
Teva Pharmaceutical Industries, Ltd. | 13,116 | 530,819 | ||||||
758,309 | ||||||||
Italy — 1.2% |
| |||||||
Enel Green Power SpA | 499,891 | 1,229,175 | ||||||
Prysmian SpA | 31,145 | 813,207 | ||||||
Snam SpA | 250,671 | 1,348,525 | ||||||
Telecom Italia SpA | 1,262,943 | 1,231,878 | ||||||
Telecom Italia SpA RSP | 384,305 | 295,235 | ||||||
4,918,020 | ||||||||
Japan — 8.6% |
| |||||||
ABC-Mart, Inc. | 300 | 13,678 | ||||||
ACOM Co., Ltd.† | 3,700 | 13,727 | ||||||
Advantest Corp. | 1,600 | 20,589 | ||||||
Aeon Co., Ltd. | 26,900 | 361,906 | ||||||
AEON Financial Service Co., Ltd. | 1,100 | 30,565 | ||||||
Aeon Mall Co., Ltd. | 1,400 | 40,254 | ||||||
Air Water, Inc. | 3,000 | 41,972 | ||||||
Aisin Seiki Co., Ltd. | 4,400 | 176,988 | ||||||
Ajinomoto Co., Inc. | 12,000 | 171,052 | ||||||
Alfresa Holdings Corp. | 200 | 10,369 | ||||||
Amada Co., Ltd. | 13,000 | 115,118 | ||||||
ANA Holdings, Inc. | 21,000 | 42,441 | ||||||
Aozora Bank, Ltd. | 13,000 | 37,442 | ||||||
Asahi Glass Co., Ltd. | 45,000 | 290,408 | ||||||
Asics Corp. | 2,000 | 33,019 | ||||||
Astellas Pharma, Inc. | 6,900 | 408,914 | ||||||
Bank of Yokohama, Ltd. | 12,000 | 65,726 | ||||||
Benesse Holdings, Inc. | 1,100 | 42,314 | ||||||
Brother Industries, Ltd. | 3,700 | 46,925 | ||||||
Calbee, Inc. | 1,600 | 40,584 | ||||||
Canon, Inc. | 17,700 | 589,280 | ||||||
Casio Computer Co., Ltd. | 3,900 | 44,207 | ||||||
Central Japan Railway Co. | 2,700 | 324,764 |
74
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) |
| |||||||
Chiba Bank, Ltd. | 3,000 | $ | 20,854 | |||||
Chugai Pharmaceutical Co., Ltd. | 3,700 | 88,323 | ||||||
Citizen Holdings Co., Ltd. | 4,000 | 30,735 | ||||||
Coca-Cola West Co., Ltd. | 4,100 | 90,746 | ||||||
Cosmo Oil Co., Ltd.† | 16,000 | 29,524 | ||||||
Credit Saison Co., Ltd. | 2,000 | 56,080 | ||||||
Dai Nippon Printing Co., Ltd. | 10,000 | 103,100 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 12,300 | 192,741 | ||||||
Daido Steel Co., Ltd. | 8,000 | 43,583 | ||||||
Daihatsu Motor Co., Ltd. | 20,400 | 373,245 | ||||||
Daiichi Sankyo Co., Ltd. | 10,600 | 194,562 | ||||||
Dainippon Sumitomo Pharma Co., Ltd. | 1,600 | 23,041 | ||||||
Daito Trust Construction Co., Ltd. | 1,100 | 104,389 | ||||||
Daiwa House Industry Co., Ltd. | 10,000 | 194,288 | ||||||
Daiwa Securities Group, Inc. | 29,000 | 281,718 | ||||||
Dena Co., Ltd. | 1,100 | 21,372 | ||||||
Denso Corp. | 10,100 | 505,863 | ||||||
Dentsu, Inc. | 3,600 | 149,729 | ||||||
Don Quijote Co., Ltd. | 1,000 | 61,216 | ||||||
East Japan Railway Co. | 5,900 | 483,290 | ||||||
Eisai Co., Ltd. | 3,700 | 144,496 | ||||||
FANUC Corp. | 3,600 | 605,946 | ||||||
Fast Retailing Co., Ltd. | 800 | 303,051 | ||||||
FUJIFILM Holdings Corp. | 8,900 | 243,039 | ||||||
Furukawa Electric Co., Ltd. | 44,000 | 103,959 | ||||||
GungHo Online Entertainment, Inc.† | 50 | 32,756 | ||||||
Hamamatsu Photonics KK | 1,100 | 43,388 | ||||||
Hankyu Hanshin Holdings, Inc. | 20,000 | 110,325 | ||||||
Hino Motors, Ltd. | 12,000 | 185,931 | ||||||
Hirose Electric Co., Ltd. | 600 | 91,735 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 600 | 31,809 | ||||||
Hitachi Chemical Co., Ltd. | 2,700 | 41,123 | ||||||
Hitachi Construction Machinery Co., Ltd. | 4,600 | 98,445 | ||||||
Hitachi High-Technologies Corp. | 1,300 | 30,411 | ||||||
Hitachi Metals, Ltd. | 6,000 | 85,233 | ||||||
Honda Motor Co., Ltd. | 38,600 | 1,631,809 | ||||||
Hulic Co., Ltd. | 4,300 | 75,651 | ||||||
Ibiden Co., Ltd. | 1,700 | 29,095 | ||||||
Idemitsu Kosan Co., Ltd. | 1,100 | 98,804 | ||||||
Inpex Corp. | 18,000 | 208,777 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 6,100 | 87,726 | ||||||
Isuzu Motors, Ltd. | 50,000 | 319,258 | ||||||
Japan Exchange Group, Inc. | 3,300 | 88,118 | ||||||
Japan Petroleum Exploration Co. | 800 | 30,774 | ||||||
JSR Corp. | 3,200 | 58,829 | ||||||
JTEKT Corp. | 9,100 | 140,642 | ||||||
Kajima Corp. | 42,000 | 157,052 | ||||||
Kaneka Corp. | 6,000 | 36,905 | ||||||
Kansai Paint Co., Ltd. | 4,000 | 56,627 | ||||||
Kao Corp. | 10,900 | 358,101 | ||||||
KDDI Corp. | 8,300 | 521,054 | ||||||
Keikyu Corp. | 4,000 | 33,547 | ||||||
Keio Corp. | 4,000 | 26,517 | ||||||
Keyence Corp. | 800 | 321,406 | ||||||
Kikkoman Corp. | 4,000 | 76,700 | ||||||
Kinden Corp. | 10,000 | 105,345 | ||||||
Kintetsu Corp. | 26,000 | 91,130 | ||||||
Kobe Steel, Ltd.† | 54,000 | 92,790 | ||||||
Koito Manufacturing Co., Ltd. | 2,000 | 38,487 | ||||||
Konica Minolta, Inc. | 10,000 | 100,854 | ||||||
Kuraray Co., Ltd. | 5,900 | 73,329 | ||||||
Kurita Water Industries, Ltd. | 5,400 | 115,618 | ||||||
Kyocera Corp. | 5,900 | 312,209 | ||||||
LIXIL Group Corp. | 10,200 | 264,000 | ||||||
M3, Inc. | 8 | 20,878 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Mabuchi Motor Co., Ltd. | 4,100 | $ | 246,580 | |||||
Makita Corp. | 3,600 | 179,605 | ||||||
Marui Group Co., Ltd. | 3,500 | 35,982 | ||||||
Maruichi Steel Tube, Ltd. | 1,800 | 44,286 | ||||||
Mazda Motor Corp.† | 87,000 | 400,068 | ||||||
McDonald’s Holdings Co. Japan, Ltd. | 3,800 | 104,549 | ||||||
MEIJI Holdings Co., Ltd. | 1,600 | 89,353 | ||||||
Miraca Holdings, Inc. | 400 | 18,589 | ||||||
Mitsubishi Chemical Holdings Corp. | 28,500 | 132,448 | ||||||
Mitsubishi Estate Co., Ltd. | 18,000 | 499,800 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 8,000 | 62,641 | ||||||
Mitsubishi Materials Corp. | 29,000 | 109,007 | ||||||
Mitsubishi Motors Corp.† | 19,300 | 209,158 | ||||||
Mitsubishi Tanabe Pharma Corp. | 3,100 | 42,615 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 185,700 | 1,194,789 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 7,800 | 46,606 | ||||||
Mitsui Chemicals, Inc. | 13,000 | 31,731 | ||||||
Mitsui Fudosan Co., Ltd. | 12,000 | 407,127 | ||||||
Mitsui OSK Lines, Ltd. | 15,000 | 66,634 | ||||||
Mizuho Financial Group, Inc. | 354,300 | 743,710 | ||||||
MS&AD Insurance Group Holdings | 8,600 | 231,488 | ||||||
Murata Manufacturing Co., Ltd. | 3,400 | 292,448 | ||||||
Nabtesco Corp. | 4,100 | 95,510 | ||||||
Namco Bandai Holdings, Inc. | 3,500 | 71,111 | ||||||
Nexon Co., Ltd. | 1,800 | 16,765 | ||||||
NGK Insulators, Ltd. | 10,000 | 183,061 | ||||||
NGK Spark Plug Co., Ltd. | 4,000 | 92,868 | ||||||
NHK Spring Co., Ltd. | 3,500 | 39,536 | ||||||
Nidec Corp. | 3,000 | 289,675 | ||||||
Nintendo Co., Ltd. | 1,600 | 205,106 | ||||||
Nippon Electric Glass Co., Ltd. | 5,000 | 26,898 | ||||||
Nippon Express Co., Ltd. | 9,000 | 46,395 | ||||||
Nippon Meat Packers, Inc. | 4,000 | 64,594 | ||||||
Nippon Telegraph & Telephone Corp. | 7,700 | 386,410 | ||||||
Nippon Yusen KK | 29,000 | 89,753 | ||||||
Nissan Motor Co., Ltd. | 87,100 | 795,954 | ||||||
Nisshin Seifun Group, Inc. | 3,300 | 35,698 | ||||||
Nissin Foods Holdings Co., Ltd. | 1,700 | 68,382 | ||||||
Nitori Holdings Co., Ltd. | 600 | 55,592 | ||||||
Nitto Denko Corp. | 2,900 | 147,513 | ||||||
NKSJ Holdings, Inc. | 4,900 | 135,817 | ||||||
NOK Corp. | 1,200 | 19,214 | ||||||
Nomura Holdings, Inc. | 54,800 | 433,906 | ||||||
Nomura Real Estate Holdings, Inc. | 2,200 | 51,851 | ||||||
Nomura Research Institute, Ltd. | 2,000 | 65,609 | ||||||
NSK, Ltd. | 16,000 | 189,016 | ||||||
NTT Data Corp. | 2,400 | 86,346 | ||||||
NTT DOCOMO, Inc. | 26,000 | 418,843 | ||||||
NTT Urban Development Corp. | 1,700 | 19,568 | ||||||
Obayashi Corp. | 32,000 | 172,770 | ||||||
Odakyu Electric Railway Co., Ltd. | 8,000 | 71,155 | ||||||
OJI Holdings Corp. | 15,000 | 70,588 | ||||||
Olympus Corp.† | 3,700 | 124,447 | ||||||
Omron Corp. | 3,900 | 160,493 | ||||||
Ono Pharmaceutical Co., Ltd. | 1,100 | 83,339 | ||||||
Oracle Corp. Japan | 700 | 27,610 | ||||||
Oriental Land Co., Ltd. | 1,800 | 265,189 | ||||||
ORIX Corp. | 20,200 | 367,811 | ||||||
Osaka Gas Co., Ltd. | 39,000 | 157,637 | ||||||
Otsuka Corp. | 200 | 25,560 | ||||||
Otsuka Holdings Co., Ltd. | 6,500 | 189,876 | ||||||
Panasonic Corp. | 32,900 | 377,422 | ||||||
Rakuten, Inc. | 12,400 | 190,555 | ||||||
Resona Holdings, Inc. | 31,300 | 155,239 | ||||||
Rinnai Corp. | 600 | 45,340 |
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) |
| |||||||
Rohm Co., Ltd. | 1,400 | $ | 60,825 | |||||
Sanrio Co., Ltd. | 800 | 36,632 | ||||||
Santen Pharmaceutical Co., Ltd. | 500 | 23,798 | ||||||
SBI Holdings, Inc. | 2,200 | 30,457 | ||||||
Secom Co., Ltd. | 4,300 | 265,326 | ||||||
Sekisui Chemical Co., Ltd. | 8,000 | 93,727 | ||||||
Sekisui House, Ltd. | 12,000 | 165,546 | ||||||
Sharp Corp.† | 11,000 | 35,978 | ||||||
Shimamura Co., Ltd. | 300 | 30,784 | ||||||
Shimano, Inc. | 1,500 | 133,268 | ||||||
Shimizu Corp. | 41,000 | 191,740 | ||||||
Shin-Etsu Chemical Co., Ltd. | 7,100 | 410,369 | ||||||
Shinsei Bank, Ltd. | 23,000 | 56,812 | ||||||
Shionogi & Co., Ltd. | 4,300 | 94,543 | ||||||
Shiseido Co., Ltd. | 8,200 | 140,263 | ||||||
Shizuoka Bank, Ltd. | 2,000 | 22,631 | ||||||
Showa Denko KK | 18,000 | 27,942 | ||||||
Showa Shell Sekiyu KK | 7,600 | 84,440 | ||||||
SMC Corp. | 1,500 | 361,142 | ||||||
SoftBank Corp. | 13,300 | 1,076,466 | ||||||
Sony Financial Holdings, Inc. | 2,200 | 39,178 | ||||||
Stanley Electric Co., Ltd. | 2,800 | 61,645 | ||||||
Sumitomo Chemical Co., Ltd. | 29,000 | 116,651 | ||||||
Sumitomo Electric Industries, Ltd. | 26,700 | 416,304 | ||||||
Sumitomo Metal Mining Co., Ltd. | 11,000 | 146,380 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 19,100 | 945,443 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 49,000 | 240,635 | ||||||
Sumitomo Realty & Development Co., Ltd. | 5,000 | 237,003 | ||||||
Sumitomo Rubber Industries, Ltd. | 4,500 | 63,529 | ||||||
Suntory Beverage & Food, Ltd.† | 3,000 | 94,606 | ||||||
Suzuken Co., Ltd. | 300 | 10,193 | ||||||
Sysmex Corp. | 1,200 | 78,028 | ||||||
T&D Holdings, Inc. | 7,900 | 104,433 | ||||||
Taiheiyo Cement Corp. | 21,000 | 84,882 | ||||||
Taisei Corp. | 36,000 | 163,788 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 200 | 13,747 | ||||||
Taiyo Nippon Sanso Corp. | 3,000 | 19,888 | ||||||
Takashimaya Co., Ltd. | 3,000 | 28,411 | ||||||
Takeda Pharmaceutical Co., Ltd. | 12,200 | 592,580 | ||||||
TDK Corp. | 1,900 | 88,670 | ||||||
Teijin, Ltd. | 8,000 | 17,496 | ||||||
Terumo Corp. | 2,700 | 141,030 | ||||||
THK Co., Ltd. | 3,300 | 79,999 | ||||||
Tobu Railway Co., Ltd. | 13,000 | 63,461 | ||||||
Toho Co., Ltd. | 1,100 | 23,820 | ||||||
Toho Gas Co., Ltd. | 3,000 | 14,528 | ||||||
Tokio Marine Holdings, Inc. | 11,000 | 365,145 | ||||||
Tokyo Electron, Ltd. | 2,500 | 135,465 | ||||||
Tokyo Gas Co., Ltd. | 49,000 | 243,983 | ||||||
Tokyo Tatemono Co., Ltd. | 5,000 | 49,402 | ||||||
Tokyu Corp. | 19,000 | 127,996 | ||||||
Tokyu Fudosan Holdings Corp.† | 7,900 | 72,348 | ||||||
TonenGeneral Sekiyu KK | 10,000 | 96,656 | ||||||
Toppan Printing Co., Ltd. | 12,000 | 97,008 | ||||||
Toray Industries, Inc. | 30,000 | 212,058 | ||||||
TOTO, Ltd. | 19,000 | 278,994 | ||||||
Toyo Seikan Group Holdings, Ltd. | 3,000 | 63,207 | ||||||
Toyo Suisan Kaisha, Ltd. | 2,000 | 58,267 | ||||||
Toyoda Gosei Co., Ltd. | 1,700 | 41,793 | ||||||
Toyota Boshoku Corp. | 1,100 | 15,143 | ||||||
Toyota Industries Corp. | 5,100 | 221,826 | ||||||
Trend Micro, Inc. | 1,600 | 62,641 | ||||||
Ube Industries, Ltd. | 10,000 | 20,893 | ||||||
Unicharm Corp. | 3,000 | 189,797 | ||||||
USS Co., Ltd. | 4,300 | 59,069 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
West Japan Railway Co. | 3,300 | $ | 144,340 | |||||
Yahoo Japan Corp. | 26,500 | 127,811 | ||||||
Yakult Honsha Co., Ltd. | 1,900 | 96,646 | ||||||
Yamada Denki Co., Ltd. | 12,500 | 43,568 | ||||||
Yamaha Corp. | 1,900 | 29,921 | ||||||
Yamaha Motor Co., Ltd. | 16,600 | 264,822 | ||||||
Yamato Holdings Co., Ltd. | 6,900 | 146,320 | ||||||
Yamato Kogyo Co., Ltd. | 1,700 | 57,095 | ||||||
Yaskawa Electric Corp. | 4,000 | 53,581 | ||||||
Yokohama Rubber Co., Ltd. | 5,000 | 51,745 | ||||||
36,196,113 | ||||||||
Jersey — 0.1% |
| |||||||
Glencore Xstrata PLC | 52,691 | 267,229 | ||||||
Shire PLC | 3,658 | 165,971 | ||||||
433,200 | ||||||||
Luxembourg — 0.3% |
| |||||||
Tenaris SA | 52,757 | 1,186,862 | ||||||
Mauritius — 0.0% |
| |||||||
Golden Agri-Resources, Ltd. | 130,000 | 59,559 | ||||||
Netherlands — 1.7% |
| |||||||
Aegon NV | 160,351 | 1,424,435 | ||||||
ASML Holding NV | 17,446 | 1,632,720 | ||||||
ING Groep NV CVA† | 67,204 | 872,613 | ||||||
LyondellBasell Industries NV, Class A | 37,826 | 2,919,411 | ||||||
Wolters Kluwer NV | 2,460 | 69,345 | ||||||
6,918,524 | ||||||||
New Zealand — 0.1% |
| |||||||
Auckland International Airport, Ltd. | 18,099 | 51,830 | ||||||
Contact Energy, Ltd. | 18,039 | 70,443 | ||||||
Fletcher Building, Ltd. | 16,009 | 118,910 | ||||||
Telecom Corp. of New Zealand, Ltd. | 11,084 | 20,740 | ||||||
261,923 | ||||||||
Norway — 0.3% |
| |||||||
Statoil ASA | 63,074 | 1,423,762 | ||||||
Portugal — 0.3% |
| |||||||
EDP - Energias de Portugal SA | 328,971 | 1,244,636 | ||||||
Singapore — 0.6% |
| |||||||
Ascendas Real Estate Investment Trust | 9,000 | 15,920 | ||||||
CapitaLand, Ltd. | 48,000 | 115,884 | ||||||
CapitaMalls Asia, Ltd. | 11,000 | 17,880 | ||||||
City Developments, Ltd. | 3,000 | 23,856 | ||||||
DBS Group Holdings, Ltd. | 29,000 | 396,972 | ||||||
Global Logistic Properties, Ltd. | 48,000 | 112,824 | ||||||
Jardine Cycle & Carriage, Ltd. | 2,000 | 56,253 | ||||||
Olam International, Ltd. | 121,000 | 148,472 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 41,000 | 341,054 | ||||||
Singapore Airlines, Ltd. | 5,000 | 41,672 | ||||||
Singapore Press Holdings, Ltd. | 10,000 | 33,943 | ||||||
Singapore Telecommunications, Ltd. | 141,000 | 417,927 | ||||||
United Overseas Bank, Ltd. | 21,000 | 350,042 | ||||||
Wilmar International, Ltd. | 59,000 | 165,475 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 146,000 | 135,524 | ||||||
2,373,698 | ||||||||
Spain — 1.6% |
| |||||||
Banco Bilbao Vizcaya Argentaria SA | 115,682 | 1,382,012 | ||||||
Banco Santander SA | 20,701 | 184,005 | ||||||
Enagas SA | 40,676 | 1,070,078 | ||||||
Ferrovial SA | 63,263 | 1,197,183 |
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Spain (continued) |
| |||||||
Inditex SA | 10,032 | $ | 1,599,301 | |||||
Repsol SA | 53,756 | 1,411,622 | ||||||
6,844,201 | ||||||||
Sweden — 1.1% |
| |||||||
Alfa Laval AB | 54,637 | 1,295,910 | ||||||
Assa Abloy AB, Class B | 27,697 | 1,402,160 | ||||||
Svenska Cellulosa AB SCA, Class B | 19,534 | 570,582 | ||||||
Swedbank AB, Class A | 55,485 | 1,417,582 | ||||||
4,686,234 | ||||||||
Switzerland — 5.1% |
| |||||||
ACE, Ltd.# | 28,998 | 2,980,415 | ||||||
Actelion, Ltd. | 5,885 | 490,173 | ||||||
Aryzta AG | 16,186 | 1,206,205 | ||||||
Cie Financiere Richemont SA | 18,232 | 1,852,465 | ||||||
Coca-Cola HBC AG | 43,226 | 1,214,818 | ||||||
Credit Suisse Group AG | 41,059 | 1,222,099 | ||||||
Givaudan SA | 182 | 256,802 | ||||||
Lindt & Spruengli AG (Participation Certificate) | 215 | 927,884 | ||||||
Novartis AG | 45,700 | 3,612,339 | ||||||
Roche Holding AG | 13,600 | 3,791,406 | ||||||
Swiss Re AG | 17,361 | 1,544,668 | ||||||
TE Connectivity, Ltd. | 39,465 | 2,080,595 | ||||||
21,179,869 | ||||||||
United Kingdom — 7.3% |
| |||||||
Antofagasta PLC | 85,775 | 1,114,749 | ||||||
Associated British Foods PLC | 36,233 | 1,359,891 | ||||||
AstraZeneca PLC | 38,476 | 2,212,716 | ||||||
Barclays PLC | 485,817 | 2,160,519 | ||||||
BG Group PLC | 100,794 | 2,059,771 | ||||||
BHP Billiton PLC | 64,123 | 1,951,142 | ||||||
British Sky Broadcasting Group PLC | 88,917 | 1,191,968 | ||||||
BT Group PLC | 291,077 | 1,775,673 | ||||||
Burberry Group PLC | 53,572 | 1,338,976 | ||||||
Croda International PLC | 8,039 | 305,797 | ||||||
easyJet PLC | 60,893 | 1,419,296 | ||||||
Ensco PLC, Class A | 13,539 | 799,884 | ||||||
GlaxoSmithKline PLC | 22,101 | 585,491 | ||||||
HSBC Holdings PLC | 353,572 | 3,946,338 | ||||||
ITV PLC | 93,373 | 290,383 | ||||||
Kingfisher PLC | 202,266 | 1,244,489 | ||||||
Next PLC | 11,354 | 1,021,204 | ||||||
Royal Bank of Scotland Group PLC† | 246,311 | 1,319,146 | ||||||
Sage Group PLC | 178,569 | 1,018,310 | ||||||
Vodafone Group PLC | 930,339 | 3,453,664 | ||||||
30,569,407 | ||||||||
�� | ||||||||
United States — 49.1% |
| |||||||
AbbVie, Inc. | 72,026 | 3,489,660 | ||||||
Activision Blizzard, Inc. | 122,922 | 2,115,488 | ||||||
Aetna, Inc. | 42,967 | 2,961,715 | ||||||
Affiliated Managers Group, Inc.† | 1,426 | 285,557 | ||||||
Aflac, Inc. | 38,011 | 2,522,790 | ||||||
Alliant Energy Corp.# | 6,893 | 354,990 | ||||||
Allstate Corp.# | 51,104 | 2,773,414 | ||||||
Amgen, Inc. | 5,075 | 578,956 | ||||||
Anadarko Petroleum Corp. | 33,260 | 2,954,153 | ||||||
Apple, Inc. | 15,316 | 8,516,768 | ||||||
Bank of America Corp. | 320,136 | 5,064,552 | ||||||
Bed Bath & Beyond, Inc.†# | 10,082 | 786,698 | ||||||
BlackRock, Inc.# | 9,718 | 2,942,125 | ||||||
CenturyLink, Inc.# | 82,688 | 2,538,522 | ||||||
Cigna Corp.# | 33,756 | 2,951,962 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) |
| |||||||
Cisco Systems, Inc. | 155,018 | $ | 3,294,132 | |||||
Citigroup, Inc. | 91,023 | 4,816,937 | ||||||
Clorox Co.# | 20,523 | 1,912,128 | ||||||
Coca-Cola Co. | 101,961 | 4,097,813 | ||||||
Coca-Cola Enterprises, Inc.# | 49,364 | 2,070,326 | ||||||
Comcast Corp., Class A | 86,283 | 4,302,933 | ||||||
Costco Wholesale Corp. | 20,312 | 2,547,734 | ||||||
CSX Corp.# | 92,635 | 2,526,156 | ||||||
Danaher Corp. | 16,459 | 1,231,133 | ||||||
Delta Air Lines, Inc. | 75,999 | 2,202,451 | ||||||
Devon Energy Corp.# | 31,550 | 1,912,561 | ||||||
Dover Corp.# | 28,597 | 2,594,892 | ||||||
Dr Pepper Snapple Group, Inc.# | 46,612 | 2,249,495 | ||||||
Dun & Bradstreet Corp.# | 10,484 | 1,225,055 | ||||||
Emerson Electric Co. | 36,289 | 2,431,000 | ||||||
EOG Resources, Inc. | 4,364 | 720,060 | ||||||
Fifth Third Bancorp | 136,273 | 2,769,067 | ||||||
Fluor Corp. | 30,485 | 2,372,038 | ||||||
Gap, Inc.# | 66,489 | 2,724,054 | ||||||
General Mills, Inc. | 55,824 | 2,815,204 | ||||||
Google, Inc., Class A† | 6,219 | 6,589,590 | ||||||
Halliburton Co. | 55,597 | 2,928,850 | ||||||
HCA Holdings, Inc.† | 53,477 | 2,482,402 | ||||||
Hewlett-Packard Co. | 120,749 | 3,302,485 | ||||||
Home Depot, Inc. | 51,084 | 4,120,946 | ||||||
Johnson & Johnson | 58,315 | 5,520,098 | ||||||
Kroger Co.# | 63,976 | 2,670,998 | ||||||
M&T Bank Corp.# | 14,186 | 1,636,497 | ||||||
Macy’s, Inc. | 42,611 | 2,269,462 | ||||||
Marathon Petroleum Corp.# | 37,925 | 3,137,915 | ||||||
MasterCard, Inc., Class A | 4,716 | 3,587,980 | ||||||
Medtronic, Inc. | 42,759 | 2,450,946 | ||||||
MetLife, Inc. | 13,356 | 697,050 | ||||||
Microsoft Corp. | 105,833 | 4,035,412 | ||||||
NetApp, Inc.# | 52,621 | 2,170,616 | ||||||
NIKE, Inc., Class B# | 41,605 | 3,292,620 | ||||||
Northrop Grumman Corp. | 24,957 | 2,812,155 | ||||||
priceline.com, Inc.† | 3,026 | 3,607,991 | ||||||
Progressive Corp.# | 98,093 | 2,739,737 | ||||||
Public Storage# | 12,556 | 1,917,301 | ||||||
PulteGroup, Inc.# | 24,933 | 467,743 | ||||||
QUALCOMM, Inc. | 58,976 | 4,339,454 | ||||||
Quest Diagnostics, Inc.# | 14,158 | 862,789 | ||||||
Republic Services, Inc. | 64,612 | 2,255,605 | ||||||
Rockwell Collins, Inc.# | 34,100 | 2,480,093 | ||||||
SanDisk Corp. | 22,717 | 1,548,164 | ||||||
SLM Corp. | 8,054 | 214,639 | ||||||
Southwest Airlines Co. | 15,519 | 288,498 | ||||||
Symantec Corp. | 90,413 | 2,033,388 | ||||||
Sysco Corp.# | 79,533 | 2,674,695 | ||||||
Time Warner Cable, Inc. | 23,964 | 3,312,304 | ||||||
Time Warner, Inc. | 43,240 | 2,841,300 | ||||||
Travelers Cos., Inc. | 32,294 | 2,930,358 | ||||||
Union Pacific Corp. | 21,769 | 3,527,449 | ||||||
UnitedHealth Group, Inc. | 47,986 | 3,573,997 | ||||||
US Bancorp# | 88,597 | 3,474,774 | ||||||
Viacom, Inc., Class B | 35,248 | 2,825,832 | ||||||
Walt Disney Co. | 58,228 | 4,107,403 | ||||||
WellPoint, Inc. | 31,501 | 2,925,813 | ||||||
Wells Fargo & Co. | 123,601 | 5,440,916 | ||||||
205,748,784 | ||||||||
Total Common Stocks | ||||||||
(cost $356,271,705) | 413,740,215 | |||||||
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
PREFERRED SECURITIES — 0.3% |
| |||||||
Germany — 0.3% |
| |||||||
Bayerische Motoren Werke AG | 14,209 | $ | 1,231,720 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $357,072,327) | 414,971,935 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.8% |
| |||||||
Registered Investment Companies — 2.1% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(3) | 8,735,188 | 8,735,188 | ||||||
Time Deposits — 0.5% | ||||||||
Euro Time Deposit with State Street | $ | 2,063,000 | 2,063,000 | |||||
U.S. Government Treasuries — 0.2% | ||||||||
United States Treasury Bills | 762,000 | 761,972 | ||||||
0.03% due 01/30/2014@ | 75,000 | 74,997 | ||||||
836,969 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $11,635,178) | 11,635,157 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $368,707,505)(4) | 101.9 | % | 426,607,092 | |||||
Liabilities in excess of other assets | (1.9 | ) | (7,905,542 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 418,701,550 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
@ | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(1) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(2) | Illiquid security. At November 30, 2013, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(3) | At November 30, 2013, the Fund had loaned securities with a total value of $8,688,682. This was secured by collateral of $8,735,188, which was received in cash and subsequently invested in short-term investments currently valued at $8,735,188 as reported in the portfolio of investments. Additional collateral of $175,990 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal National Mtg. Assoc. | 3.00% to 4.00% | 10/25/2029 to 05/25/2042 | $175,990 |
(4) | See Note 5 for cost of investments on a tax basis. |
CVA—Certification Van Aandelen (Dutch Cert.)
RSP—Risparmio Savings Shares
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2013 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
40 | Long | S&P 500 E-Mini Index | December 2013 | $ | 3,500,870 | $ | 3,608,200 | $ | 107,330 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Australia | $ | 13,050,376 | $ | — | $ | 0 | $ | 13,050,376 | ||||||||
Japan | 36,196,113 | — | — | 36,196,113 | ||||||||||||
Switzerland | 21,179,869 | — | — | 21,179,869 | ||||||||||||
United Kingdom | 30,569,407 | — | — | 30,569,407 | ||||||||||||
United States | 205,748,784 | — | — | 205,748,784 | ||||||||||||
Other Countries* | 106,995,666 | — | 106,995,666 | |||||||||||||
Preferred Securities | 1,231,720 | — | — | 1,231,720 |
78
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Short Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | $ | 8,735,188 | $ | — | $ | — | $ | 8,735,188 | ||||||||
Time Deposits | — | 2,063,000 | — | 2,063,000 | ||||||||||||
U.S. Government Treasuries | — | 836,969 | — | 836,969 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Appreciation | 107,330 | — | — | 107,330 | ||||||||||||
Total | $ | 423,814,453 | $ | 2,899,969 | $ | 0 | $ | 426,714,422 | ||||||||
* | 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 securities by country 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $144,636,408 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
79
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VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Sovereign | 23.4 | % | ||
Medical — Drugs | 7.7 | |||
Diversified Banking Institutions | 7.3 | |||
U.S. Government Agencies | 6.2 | |||
Oil Companies — Integrated | 4.7 | |||
Registered Investment Companies | 4.0 | |||
Time Deposits | 2.5 | |||
Telecom Services | 2.3 | |||
Foreign Government Treasuries | 2.2 | |||
Insurance — Multi-line | 1.8 | |||
Medical — Biomedical/Gene | 1.8 | |||
Auto — Cars/Light Trucks | 1.6 | |||
Transport — Services | 1.6 | |||
Insurance — Life/Health | 1.5 | |||
Applications Software | 1.3 | |||
Cable/Satellite TV | 1.3 | |||
Banks — Commercial | 1.3 | |||
Retail — Drug Store | 1.3 | |||
Medical — Generic Drugs | 1.2 | |||
Medical Instruments | 1.1 | |||
Oil — Field Services | 1.1 | |||
Electronic Components — Semiconductors | 1.1 | |||
Central Bank | 1.0 | |||
Cellular Telecom | 1.0 | |||
Building Products — Cement | 1.0 | |||
Photo Equipment & Supplies | 1.0 | |||
Internet Security | 0.9 | |||
Engineering/R&D Services | 0.9 | |||
Insurance — Reinsurance | 0.8 | |||
Telephone — Integrated | 0.8 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Networking Products | 0.8 | |||
Retail — Regional Department Stores | 0.8 | |||
Chemicals — Diversified | 0.8 | |||
Building & Construction Products — Misc. | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Retail — Major Department Stores | 0.7 | |||
Steel — Specialty | 0.7 | |||
Steel — Producers | 0.6 | |||
Food — Retail | 0.6 | |||
Banks — Fiduciary | 0.6 | |||
Diversified Manufacturing Operations | 0.6 | |||
Consulting Services | 0.6 | |||
Retail — Discount | 0.5 | |||
Retail — Building Products | 0.5 | |||
Finance — Credit Card | 0.5 | |||
Publishing — Newspapers | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Import/Export | 0.5 | |||
Airlines | 0.4 | |||
Rubber — Tires | 0.4 | |||
Security Services | 0.4 | |||
Beverages — Non-alcoholic | 0.4 | |||
Publishing — Books | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Electronic Components — Misc. | 0.3 | |||
Multimedia | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Diversified Financial Services | 0.3 | |||
Therapeutics | 0.3 | |||
Medical Labs & Testing Services | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Metal — Iron | 0.2 | |||
Coal | 0.1 | |||
Diversified Operations | 0.1 | |||
102.9 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
United States | 34.9 | % | ||
United Kingdom | 8.4 | |||
South Korea | 6.9 | |||
France | 6.0 | |||
Ireland | 4.6 | |||
Japan | 4.2 | |||
Poland | 3.8 | |||
Switzerland | 3.7 | |||
Netherlands | 3.1 | |||
Mexico | 3.0 | |||
Germany | 2.7 | |||
Brazil | 2.6 | |||
Hungary | 2.4 | |||
Sweden | 2.0 | |||
Italy | 1.8 | |||
Singapore | 1.6 | |||
Canada | 1.4 | |||
Malaysia | 1.2 | |||
Spain | 1.2 | |||
Norway | 1.1 | |||
Ukraine | 1.0 | |||
Russia | 1.0 | |||
China | 0.7 | |||
Portugal | 0.6 | |||
Israel | 0.5 | |||
Indonesia | 0.4 | |||
Jersey | 0.4 | |||
Vietnam | 0.3 | |||
Thailand | 0.3 | |||
Taiwan | 0.3 | |||
Philippines | 0.3 | |||
Slovenia | 0.2 | |||
Serbia | 0.1 | |||
Iceland | 0.1 | |||
Bermuda | 0.1 | |||
102.9 | % | |||
* | Calculated as a percentage of net assets |
80
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 63.2% |
| |||||||
Bermuda — 0.1% |
| |||||||
Noble Group, Ltd.# | 335,600 | $ | 295,477 | |||||
Canada — 0.4% | ||||||||
Talisman Energy, Inc. | 201,700 | 2,360,541 | ||||||
China — 0.7% | ||||||||
China Shenhua Energy Co., Ltd. | 209,500 | 710,706 | ||||||
China Telecom Corp., Ltd. | 6,174,000 | 3,336,802 | ||||||
4,047,508 | ||||||||
France — 6.0% | ||||||||
Alstom SA | 27,330 | 1,003,379 | ||||||
AXA SA | 149,285 | 3,911,069 | ||||||
BNP Paribas SA | 84,970 | 6,377,604 | ||||||
Cie de St-Gobain | 69,330 | 3,686,393 | ||||||
Cie Generale des Etablissements Michelin | 21,300 | 2,313,437 | ||||||
Credit Agricole SA† | 219,170 | 2,748,163 | ||||||
Sanofi | 52,982 | 5,602,615 | ||||||
Total SA | 59,540 | 3,607,071 | ||||||
Vivendi SA | 104,737 | 2,660,022 | ||||||
31,909,753 | ||||||||
Germany — 2.7% | ||||||||
Deutsche Lufthansa AG† | 110,760 | 2,405,223 | ||||||
Deutsche Post AG | 61,437 | 2,172,520 | ||||||
HeidelbergCement AG | 19,810 | 1,549,317 | ||||||
Merck KGaA | 20,650 | 3,582,371 | ||||||
Muenchener Rueckversicherungs AG | 8,250 | 1,804,428 | ||||||
Siemens AG ADR | 24,050 | 3,177,486 | ||||||
14,691,345 | ||||||||
Ireland — 1.4% | ||||||||
Actavis PLC†# | 23,620 | 3,851,713 | ||||||
CRH PLC | 141,661 | 3,591,051 | ||||||
7,442,764 | ||||||||
Israel — 0.5% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 68,525 | 2,793,079 | ||||||
Italy — 1.8% | ||||||||
Eni SpA | 170,306 | 4,097,398 | ||||||
Intesa Sanpaolo SpA | 739,614 | 1,788,483 | ||||||
UniCredit SpA | 525,149 | 3,809,635 | ||||||
9,695,516 | ||||||||
Japan — 4.2% | ||||||||
ITOCHU Corp. | 199,400 | 2,515,253 | ||||||
Konica Minolta, Inc. | 258,000 | 2,602,040 | ||||||
Nikon Corp. | 131,100 | 2,485,684 | ||||||
Nissan Motor Co., Ltd. | 400,000 | 3,655,358 | ||||||
Suntory Beverage & Food, Ltd. | 63,700 | 2,008,797 | ||||||
Toyota Motor Corp. ADR# | 39,931 | 4,993,371 | ||||||
Trend Micro, Inc.# | 100,100 | 3,918,975 | ||||||
22,179,478 | ||||||||
Jersey — 0.4% | ||||||||
Shire PLC | 46,880 | 2,127,044 | ||||||
Netherlands — 3.1% | ||||||||
Akzo Nobel NV | 52,880 | 3,981,952 | ||||||
Fugro NV CVA | 10,900 | 662,864 | ||||||
ING Groep NV CVA† | 346,531 | 4,499,547 | ||||||
Koninklijke Philips NV | 46,506 | 1,664,435 | ||||||
Reed Elsevier NV | 91,883 | 1,962,218 | ||||||
TNT Express NV | 405,700 | 3,719,667 | ||||||
16,490,683 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Norway — 1.1% | ||||||||
Statoil ASA | 105,020 | $ | 2,370,604 | |||||
Telenor ASA | 150,072 | 3,605,400 | ||||||
5,976,004 | ||||||||
Portugal — 0.6% | ||||||||
Galp Energia SGPS SA | 183,680 | 3,043,010 | ||||||
Singapore — 1.2% | ||||||||
DBS Group Holdings, Ltd.# | 268,095 | 3,669,871 | ||||||
Singapore Telecommunications, Ltd.—10 | 955,000 | 2,815,426 | ||||||
6,485,297 | ||||||||
South Korea — 2.4% | ||||||||
Hyundai Mobis | 6,574 | 1,907,038 | ||||||
KB Financial Group, Inc. ADR | 38,625 | 1,439,940 | ||||||
POSCO ADR | 44,000 | 3,409,560 | ||||||
Samsung Electronics Co., Ltd. | 4,155 | 5,865,605 | ||||||
12,622,143 | ||||||||
Spain — 1.2% | ||||||||
Repsol SA | 71,772 | 1,884,719 | ||||||
Telefonica SA ADR | 264,201 | 4,340,822 | ||||||
6,225,541 | ||||||||
Sweden — 0.5% | ||||||||
Getinge AB, Class B | 83,660 | 2,615,950 | ||||||
Switzerland — 3.7% | ||||||||
ABB, Ltd. | 61,410 | 1,571,072 | ||||||
ACE, Ltd. | 16,217 | 1,666,783 | ||||||
Credit Suisse Group AG | 127,200 | 3,786,040 | ||||||
Foster Wheeler AG† | 95,180 | 2,886,809 | ||||||
Novartis AG | 27,090 | 2,141,319 | ||||||
Roche Holding AG | 17,630 | 4,914,889 | ||||||
Swiss Re AG | 29,710 | 2,643,402 | ||||||
19,610,314 | ||||||||
Taiwan — 0.3% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 415,914 | 1,475,670 | ||||||
Thailand — 0.3% | ||||||||
Bangkok Bank PCL | 263,300 | 1,553,888 | ||||||
United Kingdom — 8.4% | ||||||||
Aviva PLC | 551,240 | 3,873,445 | ||||||
BAE Systems PLC | 366,059 | 2,560,834 | ||||||
BP PLC | 347,655 | 2,742,782 | ||||||
G4S PLC | 507,383 | 2,169,226 | ||||||
GlaxoSmithKline PLC | 186,576 | 4,942,700 | ||||||
HSBC Holdings PLC# | 415,983 | 4,644,003 | ||||||
Kingfisher PLC | 426,000 | 2,621,064 | ||||||
Lloyds Banking Group PLC† | 3,489,880 | 4,421,272 | ||||||
Marks & Spencer Group PLC | 446,100 | 3,555,961 | ||||||
Rexam PLC | 194,214 | 1,588,176 | ||||||
Royal Dutch Shell PLC, Class B | 87,186 | 3,060,332 | ||||||
Tesco PLC | 593,260 | 3,378,762 | ||||||
Vodafone Group PLC ADR | 143,890 | 5,336,880 | ||||||
44,895,437 | ||||||||
United States — 22.2% | ||||||||
Allegheny Technologies, Inc.# | 105,840 | 3,516,005 | ||||||
American Express Co.# | 30,540 | 2,620,332 | ||||||
Amgen, Inc. | 43,190 | 4,927,115 | ||||||
Applied Materials, Inc.# | 210,610 | 3,643,553 | ||||||
Baker Hughes, Inc. | 82,400 | 4,693,504 | ||||||
Bank of New York Mellon Corp. | 94,460 | 3,183,302 | ||||||
Brocade Communications Systems, Inc.† | 118,910 | 1,045,219 |
81
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) |
| |||||||
Chesapeake Energy Corp.# | 69,530 | $ | 1,868,271 | |||||
Chevron Corp. | 22,890 | 2,802,652 | ||||||
Cisco Systems, Inc. | 198,760 | 4,223,650 | ||||||
Citigroup, Inc. | 88,820 | 4,700,354 | ||||||
Comcast Corp., Special Class A | 86,715 | 4,175,327 | ||||||
CVS Caremark Corp. | 50,670 | 3,392,863 | ||||||
Forest Laboratories, Inc.† | 74,910 | 3,843,632 | ||||||
Gilead Sciences, Inc.†# | 61,790 | 4,622,510 | ||||||
Halliburton Co. | 12,507 | 658,869 | ||||||
ING US, Inc.# | 127,840 | 4,466,729 | ||||||
Isis Pharmaceuticals, Inc.†# | 35,900 | 1,391,484 | ||||||
JPMorgan Chase & Co. | 86,200 | 4,932,364 | ||||||
Leidos Holdings, Inc.# | 39,167 | 1,904,691 | ||||||
Macy’s, Inc. | 77,780 | 4,142,563 | ||||||
Medtronic, Inc. | 59,860 | 3,431,175 | ||||||
Merck & Co., Inc. | 76,130 | 3,793,558 | ||||||
Microsoft Corp. | 186,974 | 7,129,319 | ||||||
Morgan Stanley# | 111,880 | 3,501,844 | ||||||
News Corp., Class A†# | 143,253 | 2,572,824 | ||||||
Pfizer, Inc. | 168,809 | 5,356,309 | ||||||
Quest Diagnostics, Inc.# | 21,270 | 1,296,194 | ||||||
Salix Pharmaceuticals, Ltd.†# | 57,570 | 4,882,512 | ||||||
Science Applications International Corp.# | 22,380 | 824,703 | ||||||
Symantec Corp. | 57,220 | 1,286,878 | ||||||
Target Corp.# | 42,683 | 2,728,724 | ||||||
Time Warner Cable, Inc. | 21,008 | 2,903,726 | ||||||
Twenty-First Century Fox, Inc., Class A# | 49,667 | 1,663,348 | ||||||
United Parcel Service, Inc., Class B | 25,010 | 2,560,524 | ||||||
Walgreen Co. | 60,910 | 3,605,872 | ||||||
118,292,499 | ||||||||
Total Common Stocks | ||||||||
(cost $254,906,319) | 336,828,941 | |||||||
PREFERRED SECURITIES — 0.4% | ||||||||
Brazil — 0.4% |
| |||||||
Petroleo Brasileiro SA ADR# | 80,325 | 1,328,575 | ||||||
Vale SA ADR | 67,817 | 951,473 | ||||||
Total Preferred Securities | ||||||||
(cost $3,661,496) | 2,280,048 | |||||||
FOREIGN GOVERNMENT AGENCIES — 24.4% | ||||||||
Brazil — 2.2% |
| |||||||
Brazil Notas do Tesouro Nacional | BRL | 6,129,860 | 2,690,875 | |||||
Brazil Notas do Tesouro Nacional | BRL | 1,081,191 | 476,927 | |||||
Brazil Notas do Tesouro Nacional | BRL | 1,027,481 | 447,560 | |||||
Brazil Notas do Tesouro Nacional | BRL | 11,092,128 | 4,456,169 | |||||
Brazil Notas do Tesouro Nacional | BRL | 2,950,000 | 1,313,478 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Brazil (continued) |
| |||||||
Brazil Notas do Tesouro Nacional | BRL | 5,200,000 | $ | 2,190,963 | ||||
11,575,972 | ||||||||
Canada — 0.9% |
| |||||||
Government of Canada | CAD | 2,766,000 | 2,604,327 | |||||
Government of Canada | CAD | 530,000 | 499,001 | |||||
Government of Canada | CAD | 1,608,000 | 1,526,639 | |||||
4,629,967 | ||||||||
Hungary — 2.4% |
| |||||||
Republic of Hungary | EUR | 135,000 | 187,029 | |||||
Republic of Hungary | EUR | 495,000 | 651,746 | |||||
Republic of Hungary | EUR | 685,000 | 951,436 | |||||
Republic of Hungary | HUF | 164,800,000 | 769,141 | |||||
Republic of Hungary | HUF | 465,190,000 | 2,170,825 | |||||
Republic of Hungary | EUR | 2,165,000 | 3,132,327 | |||||
Republic of Hungary | 910,000 | 977,113 | ||||||
Republic of Hungary | 400,000 | 429,500 | ||||||
Republic of Hungary | HUF | 155,700,000 | 741,693 | |||||
Republic of Hungary | HUF | 633,000,000 | 3,046,057 | |||||
13,056,867 | ||||||||
Iceland — 0.1% |
| |||||||
Republic of Iceland | 500,000 | 515,000 | ||||||
Indonesia — 0.4% |
| |||||||
Republic of Indonesia | IDR | 2,780,000,000 | 240,527 | |||||
Republic of Indonesia | IDR | 13,282,000,000 | 1,262,414 |
82
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN GOVERNMENT AGENCIES (continued) |
| |||||||
Indonesia (continued) | ||||||||
Republic of Indonesia | IDR | 6,847,000,000 | $ | 700,297 | ||||
2,203,238 | ||||||||
Ireland — 3.2% |
| |||||||
Republic of Ireland | EUR | 204,000 | 303,736 | |||||
Republic of Ireland | EUR | 159,000 | 238,822 | |||||
Republic of Ireland | EUR | 701,000 | 1,035,769 | |||||
Republic of Ireland | EUR | 3,920,000 | 5,952,302 | |||||
Republic of Ireland | EUR | 4,011,220 | 6,165,436 | |||||
Republic of Ireland | EUR | 1,686,800 | 2,603,004 | |||||
Republic of Ireland | EUR | 581,000 | 923,758 | |||||
17,222,827 | ||||||||
Malaysia — 0.5% |
| |||||||
Government of Malaysia | MYR | 1,430,000 | 444,867 | |||||
Government of Malaysia | MYR | 1,035,000 | 322,059 | |||||
Government of Malaysia | MYR | 1,265,000 | 395,921 | |||||
Government of Malaysia | MYR | 3,115,000 | 981,477 | |||||
Government of Malaysia | MYR | 1,045,000 | 328,191 | |||||
Government of Malaysia | MYR | 1,342,000 | 429,330 | |||||
2,901,845 | ||||||||
Mexico — 2.8% |
| |||||||
United Mexican States | MXN | 2,098,962 | 166,114 | |||||
United Mexican States | MXN | 4,027,195 | 334,967 | |||||
United Mexican States | MXN | 2,691,492 | 231,545 | |||||
United Mexican States | MXN | 1,656,071 | 132,639 | |||||
United Mexican States | MXN | 4,207,966 | 355,469 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Mexico (continued) |
| |||||||
United Mexican States | MXN | 512,000 | $ | 40,395 | ||||
United Mexican States | MXN | 5,627,000 | 452,475 | |||||
United Mexican States | MXN | 930,000 | 72,235 | |||||
United Mexican States | MXN | 25,476,000 | 2,104,408 | |||||
United Mexican States | MXN | 19,000,000 | 1,610,130 | |||||
United Mexican States | MXN | 49,600,000 | 3,791,104 | |||||
United Mexican States | MXN | 64,725,000 | 5,332,617 | |||||
United Mexican States | MXN | 1,160,000 | 93,715 | |||||
14,717,813 | ||||||||
Poland — 3.8% |
| |||||||
Government of Poland | PLN | 14,650,000 | 4,716,369 | |||||
Government of Poland | PLN | 240,000 | 76,376 | |||||
Government of Poland | PLN | 1,271,000 | 392,401 | |||||
Government of Poland | PLN | 11,932,000 | 3,615,956 | |||||
Government of Poland FRS | PLN | 1,357,000 | 436,709 | |||||
Government of Poland FRS | PLN | 1,376,000 | 434,021 | |||||
Government of Poland | PLN | 4,475,000 | 1,508,825 | |||||
Government of Poland | PLN | 3,325,000 | 1,114,636 | |||||
Government of Poland | PLN | 10,640,000 | 3,481,232 | |||||
Government of Poland | PLN | 12,572,000 | 4,311,990 | |||||
20,088,515 | ||||||||
Russia — 1.0% |
| |||||||
Russian Federation | 4,473,040 | 5,233,457 | ||||||
83
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN GOVERNMENT AGENCIES (continued) |
| |||||||
Serbia — 0.1% |
| |||||||
Republic of Serbia | $ | 270,000 | $ | 269,041 | ||||
Republic of Serbia | 280,000 | 292,600 | ||||||
561,641 | ||||||||
Singapore — 0.3% |
| |||||||
Republic of Singapore | SGD | 1,400,000 | 1,115,384 | |||||
Republic of Singapore | SGD | 610,000 | 495,792 | |||||
1,611,176 | ||||||||
Slovenia — 0.2% |
| |||||||
Republic of Slovenia | 690,000 | 682,237 | ||||||
Republic of Slovenia | 240,000 | 241,800 | ||||||
924,037 | ||||||||
South Korea — 3.7% |
| |||||||
Republic of South Korea | KRW | 1,100,820,000 | 1,040,196 | |||||
Republic of South Korea | KRW | 1,530,800,000 | 1,441,621 | |||||
Republic of South Korea | KRW | 376,900,000 | 355,846 | |||||
Republic of South Korea | KRW | 1,056,600,000 | 999,415 | |||||
Republic of South Korea | KRW | 2,887,440,000 | 2,724,810 | |||||
Republic of South Korea | KRW | 265,000,000 | 250,740 | |||||
Republic of South Korea | KRW | 376,570,000 | 356,301 | |||||
Republic of South Korea | KRW | 6,027,200,000 | 5,695,593 | |||||
Republic of South Korea | KRW | 199,730,000 | 189,729 | |||||
Republic of South Korea | KRW | 314,300,000 | 298,827 | |||||
Republic of South Korea | KRW | 6,610,230,000 | 6,274,697 | |||||
19,627,775 | ||||||||
Sweden — 1.5% |
| |||||||
Kingdom of Sweden | SEK | 49,670,000 | 7,761,825 | |||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Ukraine — 1.0% |
| |||||||
Government of Ukraine | $ | 600,000 | $ | 510,120 | ||||
Government of Ukraine | 1,280,000 | 1,101,056 | ||||||
Government of Ukraine | 770,000 | 677,600 | ||||||
Government of Ukraine | 3,210,000 | 2,985,300 | ||||||
5,274,076 | ||||||||
Vietnam — 0.3% |
| |||||||
Republic of Vietnam | 1,695,000 | 1,826,362 | ||||||
Total Foreign Government Agencies | ||||||||
(cost $126,168,663) | 129,732,393 | |||||||
FOREIGN GOVERNMENT TREASURIES — 0.4% |
| |||||||
South Korea — 0.4% |
| |||||||
Bank of Korea | KRW | 370,900,000 | 350,548 | |||||
Bank of Korea | KRW | 118,700,000 | 112,141 | |||||
Bank of Korea | KRW | 60,000,000 | 56,649 | |||||
Bank of Korea | KRW | 518,420,000 | 491,510 | |||||
Bank of Korea | KRW | 297,530,000 | 281,561 | |||||
Bank of Korea | KRW | 216,400,000 | 204,479 | |||||
Bank of Korea | KRW | 437,290,000 | 414,574 | |||||
Total Foreign Government Treasuries | ||||||||
(cost $1,755,187) | 1,911,462 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $386,491,665) | 470,752,844 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 14.5% |
| |||||||
Foreign Government Treasuries — 1.8% |
| |||||||
Bank Negara Malaysia Monetary Notes | ||||||||
2.83% due 04/15/2014 | MYR | 70,000 | 21,486 | |||||
2.83% due 09/09/2014 | MYR | 915,000 | 277,509 | |||||
2.83% due 09/18/2014 | MYR | 850,000 | 257,610 | |||||
2.85% due 01/16/2014 | MYR | 40,000 | 12,367 | |||||
2.85% due 02/06/2014 | MYR | 20,000 | 6,173 | |||||
2.85% due 02/18/2014 | MYR | 320,000 | 98,666 | |||||
2.85% due 02/20/2014 | MYR | 250,000 | 77,070 | |||||
2.85% due 03/27/2014 | MYR | 10,000 | 3,074 | |||||
2.85% due 05/15/2014 | MYR | 10,000 | 3,062 | |||||
2.85% due 05/20/2014 | MYR | 165,000 | 50,501 | |||||
2.85% due 05/27/2014 | MYR | 45,000 | 13,765 | |||||
2.85% due 10/16/2014 | MYR | 80,000 | 24,191 |
84
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
Foreign Government Treasuries (continued) |
| |||||||
Bank Negara Malaysia Monetary Notes (continued) |
| |||||||
2.86% due 03/20/2014 | MYR | 100,000 | $ | 30,759 | ||||
2.86% due 03/27/2014 | MYR | 10,000 | 3,074 | |||||
2.86% due 06/05/2014 | MYR | 20,000 | 6,113 | |||||
2.86% due 07/08/2014 | MYR | 30,000 | 9,145 | |||||
2.86% due 08/14/2014 | MYR | 90,000 | 27,353 | |||||
2.86% due 11/06/2014 | MYR | 130,000 | 39,245 | |||||
2.87% due 12/26/2013 | MYR | 50,000 | 15,483 | |||||
2.87% due 03/27/2014 | MYR | 60,000 | 18,446 | |||||
2.87% due 04/24/2014 | MYR | 260,000 | 79,747 | |||||
2.87% due 06/03/2014 | MYR | 70,000 | 21,400 | |||||
2.87% due 06/17/2014 | MYR | 50,000 | 15,268 | |||||
2.87% due 07/15/2014 | MYR | 1,220,000 | 371,679 | |||||
2.87% due 07/24/2014 | MYR | 1,830,000 | 557,115 | |||||
2.87% due 08/21/2014 | MYR | 10,000 | 3,038 | |||||
2.87% due 10/16/2014 | MYR | 240,000 | 72,574 | |||||
2.88% due 01/09/2014 | MYR | 375,000 | 116,003 | |||||
2.88% due 01/16/2014 | MYR | 1,090,000 | 337,000 | |||||
2.88% due 01/09/2014 | MYR | 255,000 | 78,580 | |||||
2.88% due 01/09/2014 | MYR | 700,000 | 211,321 | |||||
2.89% due 08/05/2014 | MYR | 100,000 | 30,414 | |||||
2.90% due 03/13/2014 | MYR | 20,000 | 6,155 | |||||
2.90% due 04/03/2014 | MYR | 10,000 | 3,073 | |||||
2.90% due 07/15/2014 | MYR | 310,000 | 94,443 | |||||
2.90% due 07/24/2014 | MYR | 300,000 | 91,330 | |||||
2.90% due 10/02/2014 | MYR | 685,000 | 207,371 | |||||
2.90% due 10/16/2014 | MYR | 1,845,000 | 557,915 | |||||
2.91% due 03/13/2014 | MYR | 70,000 | 21,544 | |||||
2.91% due 05/15/2014 | MYR | 10,000 | 3,062 | |||||
2.91% due 05/27/2014 | MYR | 5,000 | 1,529 | |||||
2.92% due 12/05/2013 | MYR | 10,000 | 3,102 | |||||
2.92% due 12/10/2013 | MYR | 20,000 | 6,201 | |||||
2.92% due 12/31/2013 | MYR | 25,000 | 7,738 | |||||
2.92% due 06/05/2014 | MYR | 110,000 | 33,622 | |||||
2.93% due 12/19/2013 | MYR | 150,000 | 46,474 | |||||
2.93% due 01/09/2014 | MYR | 30,000 | 9,280 | |||||
2.93% due 01/30/2014 | MYR | 50,000 | 15,440 | |||||
2.93% due 08/21/2014 | MYR | 50,000 | 15,188 | |||||
2.94% due 06/12/2014 | MYR | 10,000 | 3,055 | |||||
2.95% due 06/19/2014 | MYR | 60,000 | 18,318 | |||||
2.95% due 10/28/2014 | MYR | 30,000 | 9,063 | |||||
4,043,134 | ||||||||
Bank of Korea | ||||||||
2.57% due 06/06/2014 | KRW | 1,134,000,000 | 1,071,313 | |||||
2.72% due 09/09/2014 | KRW | 1,119,000,000 | 1,058,988 | |||||
2,130,301 | ||||||||
Government of Canada | ||||||||
0.07% due 02/01/2014 | CAD | 410,000 | 386,028 | |||||
Government of Malaysia | ||||||||
2.90% due 05/30/2014 | MYR | 300,000 | 91,714 | |||||
Republic of Singapore | ||||||||
0.29% due 04/04/2014 | SGD | 615,000 | 489,599 | |||||
Republic of the Philippines | ||||||||
0.07% due 04/10/2014 | PHP | 6,300,000 | 143,918 | |||||
0.30% due 04/10/2014 | PHP | 53,360,000 | 1,218,960 | |||||
1,362,878 | ||||||||
United Mexican States | ||||||||
3.61% due 03/20/2014 | MXN | 11,710,000 | 88,419 | |||||
3.77% due 01/09/2014 | MXN | 10,780,000 | 81,925 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Foreign Government Treasuries (continued) |
| |||||||
United Mexican States (continued) | ||||||||
3.77% due 04/30/2014 | MXN | 10,770,000 | $ | 80,961 | ||||
3.80% due 04/03/2014 | MXN | 10,780,000 | 81,259 | |||||
3.95% due 04/30/2014 | MXN | 24,890,000 | 187,104 | |||||
4.00% due 04/30/2014 | MXN | 25,650,000 | 192,817 | |||||
4.06% due 01/09/2014 | MXN | 44,301,000 | 336,583 | |||||
1,049,068 | ||||||||
Total Foreign Government Treasuries | ||||||||
(cost $9,659,404) | 9,552,722 | |||||||
Registered Investment Companies — 4.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | ||||||||
(cost $21,540,367) | $ | 21,540,367 | 21,540,367 | |||||
Time Deposits — 2.5% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 | ||||||||
(cost $13,579,000) | 13,579,000 | 13,579,000 | ||||||
U.S. Government Agencies — 6.2% |
| |||||||
Federal Home Loan Bank 0.01% due 12/02/2013 | ||||||||
(cost $32,750,000) | 32,750,000 | 32,750,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $77,528,771) | 77,422,089 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $464,020,436)(4) | 102.9 | % | 548,174,933 | |||||
Liabilities in excess of other assets | (2.9 | ) | (15,675,366 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 532,499,567 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2013, the aggregate value of these securities was $14,334,573 representing 2.7% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Principal amount of security is adjusted for inflation. |
(2) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2013. |
(3) | At November 30, 2013, the Fund had loaned securities with a total value of $22,580,902. This was secured by collateral of $21,540,367, which was received in cash and subsequently invested in short-term investments currently value at $21,540,367 as reported in the portfolio of investments. The remaining collateral of $1,673,489 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal National Mtg. Assoc. | 3.00% to 4.00% | 10/29/2029 to 05/25/2042 | $1,673,489 |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR — American Depository Receipt
CVA — Certification Van Aandelen (Dutch Cert.)
BRL — Brazilian Real
CAD — Canadian Dollar
EUR — Euro Dollar
HUF — Hungarian Forint
IDR — Indonesian Rupiah
KRW — South Korean Won
85
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VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
MXN — Mexican Peso
MYR — Malaysian Ringgit
PLN — Polish Zloty
SEK — Swedish Krona
SGD — Singapore Dollar
FRS — Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2013 and unless noted otherwise, the dates shown are the original maturity dates.
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Barclays Investments, Inc. | EUR | 181,000 | USD | 237,897 | 01/21/2014 | $ | – | $ | (7,996 | ) | ||||||||||||||||||
EUR | 3,039,000 | USD | 4,105,993 | 02/11/2014 | – | (22,732 | ) | |||||||||||||||||||||
EUR | 2,433,210 | USD | 3,243,733 | 02/26/2014 | – | (62,069 | ) | |||||||||||||||||||||
EUR | 311,476 | USD | 416,053 | 02/27/2014 | – | (7,124 | ) | |||||||||||||||||||||
EUR | 271,769 | USD | 355,593 | 03/07/2014 | – | (13,643 | ) | |||||||||||||||||||||
EUR | 437,439 | USD | 569,869 | 03/10/2014 | – | (24,456 | ) | |||||||||||||||||||||
EUR | 130,161 | USD | 169,375 | 03/17/2014 | – | (7,470 | ) | |||||||||||||||||||||
EUR | 72,605 | USD | 94,285 | 03/21/2014 | – | (4,362 | ) | |||||||||||||||||||||
EUR | 188,102 | USD | 242,097 | 04/07/2014 | – | (13,480 | ) | |||||||||||||||||||||
EUR | 345,709 | USD | 451,565 | 04/25/2014 | – | (18,169 | ) | |||||||||||||||||||||
EUR | 453,864 | USD | 601,570 | 05/05/2014 | – | (15,132 | ) | |||||||||||||||||||||
EUR | 154,000 | USD | 201,340 | 07/16/2014 | – | (7,948 | ) | |||||||||||||||||||||
EUR | 453,000 | USD | 600,787 | 08/05/2014 | – | (14,878 | ) | |||||||||||||||||||||
EUR | 214,240 | USD | 287,208 | 08/25/2014 | – | (3,978 | ) | |||||||||||||||||||||
EUR | 54,521 | USD | 72,840 | 09/19/2014 | – | (1,268 | ) | |||||||||||||||||||||
EUR | 131,194 | USD | 177,605 | 09/24/2014 | – | (725 | ) | |||||||||||||||||||||
EUR | 45,404 | USD | 62,513 | 10/27/2014 | 789 | – | ||||||||||||||||||||||
JPY | 22,560,000 | USD | 243,697 | 02/25/2014 | 23,316 | – | ||||||||||||||||||||||
JPY | 45,070,000 | USD | 487,325 | 02/27/2014 | 47,047 | – | ||||||||||||||||||||||
JPY | 40,123,600 | USD | 404,705 | 03/07/2014 | 12,728 | – | ||||||||||||||||||||||
JPY | 65,630,000 | USD | 674,400 | 06/10/2014 | 32,857 | – | ||||||||||||||||||||||
JPY | 557,000,000 | USD | 5,686,923 | 11/05/2014 | 234,895 | – | ||||||||||||||||||||||
USD | 156,934 | CLP | 77,400,000 | 02/11/2014 | – | (12,768 | ) | |||||||||||||||||||||
USD | 1,039,369 | SGD | 1,318,751 | 02/12/2014 | 11,453 | – | ||||||||||||||||||||||
USD | 404,442 | CLP | 200,300,000 | 03/05/2014 | – | (32,181 | ) | |||||||||||||||||||||
USD | 381,890 | SGD | 485,000 | 08/18/2014 | 4,725 | – | ||||||||||||||||||||||
367,810 | (270,379 | ) | ||||||||||||||||||||||||||
Citibank N.A. | EUR | 1,203,000 | USD | 1,578,035 | 01/10/2014 | – | (56,238 | ) | ||||||||||||||||||||
EUR | 375,660 | USD | 499,628 | 01/14/2014 | – | (10,709 | ) | |||||||||||||||||||||
EUR | 2,172,000 | USD | 2,941,257 | 02/10/2014 | – | (9,573 | ) | |||||||||||||||||||||
EUR | 795,744 | USD | 1,039,600 | 03/10/2014 | – | (41,535 | ) | |||||||||||||||||||||
EUR | 89,576 | USD | 116,286 | 03/18/2014 | – | (5,418 | ) | |||||||||||||||||||||
EUR | 157,344 | USD | 204,657 | 03/26/2014 | – | (9,124 | ) | |||||||||||||||||||||
EUR | 134,537 | USD | 178,171 | 07/28/2014 | – | (4,672 | ) | |||||||||||||||||||||
EUR | 97,289 | USD | 129,521 | 08/08/2014 | – | (2,704 | ) | |||||||||||||||||||||
EUR | 27,522 | USD | 36,673 | 08/11/2014 | – | (733 | ) | |||||||||||||||||||||
EUR | 1,545,000 | USD | 2,092,788 | 10/15/2014 | – | (7,467 | ) | |||||||||||||||||||||
EUR | 2,388,000 | USD | 3,215,979 | 11/07/2014 | – | (30,500 | ) | |||||||||||||||||||||
EUR | 1,316,000 | USD | 1,769,652 | 11/17/2014 | – | (19,509 | ) | |||||||||||||||||||||
INR | 4,668,000 | USD | 73,943 | 12/03/2013 | – | (757 | ) | |||||||||||||||||||||
JPY | 90,060,000 | USD | 974,596 | 02/13/2014 | 94,889 | – | ||||||||||||||||||||||
JPY | 44,980,000 | USD | 487,332 | 02/19/2014 | 47,952 | – | ||||||||||||||||||||||
JPY | 32,100,000 | USD | 323,687 | 06/09/2014 | 9,907 | – | ||||||||||||||||||||||
JPY | 72,889,000 | USD | 732,654 | 07/24/2014 | 19,891 | – | ||||||||||||||||||||||
JPY | 80,345,200 | USD | 835,419 | 08/13/2014 | 49,612 | – | ||||||||||||||||||||||
JPY | 161,237,200 | USD | 1,631,589 | 11/12/2014 | 53,257 | – | ||||||||||||||||||||||
USD | 66,667 | INR | 4,668,000 | 12/03/2013 | 8,033 | – | ||||||||||||||||||||||
USD | 71,500 | INR | 4,623,000 | 01/06/2014 | 1,878 | – | ||||||||||||||||||||||
USD | 665,738 | CLP | 327,410,000 | 02/20/2014 | – | (56,445 | ) | |||||||||||||||||||||
USD | 72,115 | INR | 4,668,000 | 03/03/2014 | 1,011 | – | ||||||||||||||||||||||
USD | 306,225 | CLP | 159,543,000 | 10/24/2014 | – | (16,791 | ) | |||||||||||||||||||||
286,430 | (272,175 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | EUR | 1,428,000 | USD | 1,916,276 | 02/11/2014 | – | (23,776 | ) | ||||||||||||||||||||
EUR | 1,270,000 | USD | 1,662,303 | 03/07/2014 | – | (63,169 | ) | |||||||||||||||||||||
EUR | 2,751,814 | SEK | 23,782,000 | 03/24/2014 | – | (119,352 | ) | |||||||||||||||||||||
EUR | 234,000 | USD | 304,025 | 03/26/2014 | – | (13,908 | ) | |||||||||||||||||||||
EUR | 36,531 | USD | 47,104 | 03/31/2014 | – | (2,531 | ) | |||||||||||||||||||||
EUR | 119,927 | USD | 154,124 | 04/03/2014 | – | (8,821 | ) | |||||||||||||||||||||
EUR | 511,000 | USD | 657,734 | 04/04/2014 | – | (36,565 | ) | |||||||||||||||||||||
EUR | 133,071 | USD | 174,157 | 04/11/2014 | – | (6,650 | ) | |||||||||||||||||||||
EUR | 686,000 | USD | 910,747 | 04/30/2014 | – | (21,368 | ) | |||||||||||||||||||||
EUR | 352,066 | MYR | 1,491,000 | 07/18/2014 | – | (21,919 | ) | |||||||||||||||||||||
EUR | 394,284 | MYR | 1,683,000 | 07/22/2014 | – | (20,612 | ) | |||||||||||||||||||||
EUR | 133,000 | USD | 174,472 | 07/22/2014 | – | (6,279 | ) | |||||||||||||||||||||
EUR | 120,000 | USD | 157,682 | 07/23/2014 | – | (5,402 | ) |
86
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Open Forward Foreign Currency Contracts (continued) | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
EUR | 508,005 | MYR | 2,164,000 | 07/25/2014 | $ | – | $ | (28,015 | ) | |||||||||||||||||||
EUR | 316,000 | USD | 417,952 | 07/25/2014 | – | (11,505 | ) | |||||||||||||||||||||
EUR | 797,552 | SEK | 6,934,000 | 07/29/2014 | – | (31,239 | ) | |||||||||||||||||||||
EUR | 80,784 | USD | 107,879 | 08/29/2014 | – | (1,920 | ) | |||||||||||||||||||||
EUR | 137,755 | USD | 185,542 | 11/19/2014 | – | (1,743 | ) | |||||||||||||||||||||
EUR | 122,735 | USD | 166,306 | 11/28/2014 | – | (564 | ) | |||||||||||||||||||||
JPY | 58,120,000 | USD | 655,624 | 01/17/2014 | 87,985 | – | ||||||||||||||||||||||
JPY | 23,100,000 | USD | 240,385 | 06/11/2014 | 14,577 | – | ||||||||||||||||||||||
JPY | 70,835,000 | USD | 712,999 | 11/14/2014 | 19,590 | – | ||||||||||||||||||||||
JPY | 691,920,000 | USD | 6,984,858 | 11/17/2014 | 211,401 | – | ||||||||||||||||||||||
JPY | 686,286,000 | USD | 6,865,606 | 11/19/2014 | 147,169 | – | ||||||||||||||||||||||
USD | 649,841 | SGD | 816,200 | 12/23/2013 | 499 | – | ||||||||||||||||||||||
USD | 248,118 | INR | 15,966,000 | 12/26/2013 | 5,973 | – | ||||||||||||||||||||||
USD | 40,740 | INR | 2,602,700 | 12/31/2013 | 631 | – | ||||||||||||||||||||||
USD | 86,309 | INR | 5,431,000 | 01/08/2014 | – | (147 | ) | |||||||||||||||||||||
USD | 337,310 | MYR | 1,043,400 | 01/08/2014 | – | (14,300 | ) | |||||||||||||||||||||
USD | 504,027 | INR | 31,543,000 | 01/15/2014 | – | (4,451 | ) | |||||||||||||||||||||
USD | 814,632 | INR | 51,060,000 | 01/17/2014 | – | (6,340 | ) | |||||||||||||||||||||
USD | 169,529 | INR | 10,622,000 | 01/22/2014 | – | (1,583 | ) | |||||||||||||||||||||
USD | 490,127 | SGD | 624,000 | 02/07/2014 | 7,092 | – | ||||||||||||||||||||||
USD | 83,647 | INR | 5,308,000 | 02/10/2014 | – | (97 | ) | |||||||||||||||||||||
USD | 129,602 | CLP | 63,890,000 | 02/14/2014 | – | (10,635 | ) | |||||||||||||||||||||
USD | 222,014 | INR | 14,554,000 | 02/18/2014 | 6,654 | – | ||||||||||||||||||||||
USD | 205,982 | INR | 13,258,000 | 02/20/2014 | 2,229 | – | ||||||||||||||||||||||
USD | 275,131 | CLP | 136,080,000 | 02/25/2014 | – | (22,020 | ) | |||||||||||||||||||||
USD | 315,980 | CLP | 156,410,000 | 02/26/2014 | – | (25,083 | ) | |||||||||||||||||||||
USD | 249,107 | INR | 15,966,000 | 02/26/2014 | 1,290 | – | ||||||||||||||||||||||
USD | 483,846 | CLP | 239,310,000 | 02/27/2014 | – | (38,813 | ) | |||||||||||||||||||||
USD | 483,712 | INR | 31,012,200 | 02/27/2014 | 2,547 | – | ||||||||||||||||||||||
USD | 184,157 | SGD | 235,500 | 02/27/2014 | 3,502 | – | ||||||||||||||||||||||
USD | 431,898 | INR | 27,597,000 | 02/28/2014 | 714 | – | ||||||||||||||||||||||
USD | 237,941 | SGD | 294,500 | 02/28/2014 | – | (3,268 | ) | |||||||||||||||||||||
USD | 347,409 | CLP | 171,950,000 | 03/03/2014 | – | (27,769 | ) | |||||||||||||||||||||
USD | 346,464 | CLP | 171,950,000 | 03/05/2014 | – | (26,892 | ) | |||||||||||||||||||||
USD | 383,110 | CLP | 190,310,000 | 03/06/2014 | – | (29,453 | ) | |||||||||||||||||||||
USD | 381,949 | CLP | 189,160,000 | 03/07/2014 | – | (30,465 | ) | |||||||||||||||||||||
USD | 372,099 | CLP | 184,040,000 | 03/13/2014 | – | (30,344 | ) | |||||||||||||||||||||
USD | 594,383 | SGD | 758,100 | 03/19/2014 | 9,740 | – | ||||||||||||||||||||||
USD | 386,189 | CLP | 190,700,000 | 04/04/2014 | – | (32,883 | ) | |||||||||||||||||||||
USD | 122,931 | MYR | 394,093 | 04/16/2014 | – | (1,653 | ) | |||||||||||||||||||||
USD | 286,649 | SGD | 363,500 | 05/19/2014 | 3,068 | – | ||||||||||||||||||||||
USD | 1,100,849 | MYR | 3,540,000 | 07/15/2014 | – | (16,738 | ) | |||||||||||||||||||||
USD | 501,392 | MYR | 1,621,000 | 07/18/2014 | – | (5,041 | ) | |||||||||||||||||||||
USD | 787,302 | MYR | 2,557,000 | 07/22/2014 | – | (4,505 | ) | |||||||||||||||||||||
USD | 965,318 | MYR | 3,109,000 | 07/25/2014 | – | (13,674 | ) | |||||||||||||||||||||
USD | 981,353 | SGD | 1,242,000 | 08/12/2014 | 8,691 | – | ||||||||||||||||||||||
USD | 286,717 | SGD | 363,500 | 08/19/2014 | 3,045 | – | ||||||||||||||||||||||
USD | 184,229 | SGD | 235,500 | 08/27/2014 | 3,501 | – | ||||||||||||||||||||||
USD | 342,865 | CLP | 179,490,000 | 09/30/2014 | – | (16,472 | ) | |||||||||||||||||||||
USD | 390,933 | MYR | 1,259,000 | 10/24/2014 | – | (7,413 | ) | |||||||||||||||||||||
USD | 248,614 | MYR | 810,160 | 11/19/2014 | – | (2,175 | ) | |||||||||||||||||||||
539,898 | (797,552 | ) | ||||||||||||||||||||||||||
Goldman Sachs International | EUR | 849,000 | USD | 1,136,471 | 02/21/2014 | – | (16,984 | ) | ||||||||||||||||||||
EUR | 316,000 | USD | 418,340 | 07/25/2014 | – | (11,118 | ) | |||||||||||||||||||||
JPY | 45,170,000 | USD | 487,289 | 02/19/2014 | 46,054 | – | ||||||||||||||||||||||
46,054 | (28,102 | ) | ||||||||||||||||||||||||||
HSBC Bank PLC | EUR | 372,921 | USD | 490,504 | 12/09/2013 | – | (16,109 | ) | ||||||||||||||||||||
EUR | 1,585,000 | USD | 2,143,475 | 02/10/2014 | – | (9,871 | ) | |||||||||||||||||||||
EUR | 686,000 | USD | 909,245 | 08/04/2014 | – | (23,083 | ) | |||||||||||||||||||||
EUR | 1,801,000 | USD | 2,445,812 | 10/20/2014 | – | (2,489 | ) | |||||||||||||||||||||
JPY | 67,990,000 | USD | 730,981 | 02/12/2014 | 66,858 | – | ||||||||||||||||||||||
JPY | 48,100,000 | USD | 485,810 | 06/09/2014 | 15,629 | – | ||||||||||||||||||||||
JPY | 69,900,000 | USD | 722,615 | 06/10/2014 | 39,332 | – | ||||||||||||||||||||||
USD | 525,669 | INR | 33,693,000 | 01/06/2014 | 9,123 | – | ||||||||||||||||||||||
USD | 321,719 | INR | 20,286,000 | 01/29/2014 | – | (1,516 | ) | |||||||||||||||||||||
USD | 504,405 | SGD | 624,000 | 02/07/2014 | – | (7,187 | ) | |||||||||||||||||||||
USD | 1,977,993 | KRW | 2,228,406,400 | 02/10/2014 | 118,468 | – | ||||||||||||||||||||||
USD | 89,103 | INR | 5,733,000 | 02/12/2014 | 1,095 | – | ||||||||||||||||||||||
USD | 222,494 | INR | 14,470,000 | 02/13/2014 | 5,113 | – | ||||||||||||||||||||||
USD | 287,579 | SGD | 363,500 | 02/18/2014 | 2,072 | – |
87
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Open Forward Foreign Currency Contracts (continued) | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 292,141 | INR | 18,740,000 | 02/27/2014 | $ | 1,694 | $ | – | ||||||||||||||||||||
USD | 325,868 | INR | 21,106,500 | 03/03/2014 | 4,773 | – | ||||||||||||||||||||||
USD | 1,130,429 | MXN | 14,850,450 | 03/10/2014 | – | (5,628 | ) | |||||||||||||||||||||
USD | 844,291 | SGD | 1,053,000 | 03/14/2014 | – | (5,176 | ) | |||||||||||||||||||||
USD | 694,962 | SGD | 867,000 | 03/19/2014 | – | (4,057 | ) | |||||||||||||||||||||
USD | 517,871 | SGD | 652,000 | 06/20/2014 | 1,821 | – | ||||||||||||||||||||||
USD | 269,265 | MYR | 883,000 | 07/31/2014 | 935 | – | ||||||||||||||||||||||
USD | 546,830 | MYR | 1,800,000 | 08/12/2014 | 3,643 | – | ||||||||||||||||||||||
USD | 286,762 | SGD | 363,500 | 08/19/2014 | 3,000 | – | ||||||||||||||||||||||
USD | 523,821 | MYR | 1,680,000 | 10/22/2014 | – | (11,998 | ) | |||||||||||||||||||||
USD | 259,534 | MYR | 840,371 | 10/24/2014 | – | (3,538 | ) | |||||||||||||||||||||
USD | 148,342 | MYR | 483,000 | 11/20/2014 | – | (1,428 | ) | |||||||||||||||||||||
273,556 | (92,080 | ) | ||||||||||||||||||||||||||
JPMorgan Chase & Co. | EUR | 548,072 | USD | 717,563 | 01/14/2014 | – | (26,997 | ) | ||||||||||||||||||||
EUR | 375,660 | USD | 500,511 | 01/22/2014 | – | (9,834 | ) | |||||||||||||||||||||
EUR | 2,128,000 | USD | 2,844,029 | 02/19/2014 | – | (47,071 | ) | |||||||||||||||||||||
EUR | 729,000 | USD | 955,495 | 04/14/2014 | – | (35,019 | ) | |||||||||||||||||||||
EUR | 502,065 | MYR | 2,164,000 | 07/30/2014 | – | (20,116 | ) | |||||||||||||||||||||
JPY | 105,540,000 | USD | 1,191,958 | 01/17/2014 | 161,184 | – | ||||||||||||||||||||||
JPY | 67,952,000 | USD | 730,957 | 02/12/2014 | 67,205 | – | ||||||||||||||||||||||
JPY | 45,100,000 | USD | 487,320 | 02/13/2014 | 46,783 | – | ||||||||||||||||||||||
JPY | 45,120,000 | USD | 487,299 | 02/18/2014 | 46,554 | – | ||||||||||||||||||||||
JPY | 32,200,000 | USD | 323,407 | 06/09/2014 | 8,650 | – | ||||||||||||||||||||||
JPY | 47,400,000 | USD | 481,725 | 06/10/2014 | 18,383 | – | ||||||||||||||||||||||
JPY | 64,760,000 | USD | 674,418 | 06/11/2014 | 41,374 | – | ||||||||||||||||||||||
JPY | 27,300,000 | USD | 288,935 | 06/17/2014 | 22,058 | – | ||||||||||||||||||||||
USD | 783,872 | MYR | 2,432,356 | 12/17/2013 | – | (29,846 | ) | |||||||||||||||||||||
USD | 68,437 | MYR | 210,000 | 01/16/2014 | – | (3,459 | ) | |||||||||||||||||||||
USD | 81,474 | INR | 5,104,000 | 01/22/2014 | – | (774 | ) | |||||||||||||||||||||
USD | 88,710 | SGD | 110,000 | 01/24/2014 | – | (1,060 | ) | |||||||||||||||||||||
USD | 432,067 | MYR | 1,342,000 | 01/30/2014 | – | (17,179 | ) | |||||||||||||||||||||
USD | 302,049 | MYR | 951,000 | 02/04/2014 | – | (8,132 | ) | |||||||||||||||||||||
USD | 180,887 | INR | 11,460,000 | 02/06/2014 | – | (339 | ) | |||||||||||||||||||||
USD | 248,258 | INR | 16,267,000 | 02/18/2014 | 7,323 | – | ||||||||||||||||||||||
USD | 380,752 | INR | 24,362,000 | 02/28/2014 | 1,147 | – | ||||||||||||||||||||||
USD | 82,732 | SGD | 106,000 | 03/19/2014 | 1,738 | – | ||||||||||||||||||||||
USD | 1,003,284 | MYR | 3,269,000 | 07/30/2014 | – | (2,915 | ) | |||||||||||||||||||||
USD | 1,450,642 | SGD | 1,831,000 | 07/31/2014 | 8,889 | – | ||||||||||||||||||||||
USD | 59,554 | MYR | 200,000 | 08/27/2014 | 1,564 | – | ||||||||||||||||||||||
USD | 283,144 | MYR | 916,000 | 10/20/2014 | – | (4,048 | ) | |||||||||||||||||||||
USD | 260,475 | MYR | 833,000 | 10/31/2014 | – | (6,822 | ) | |||||||||||||||||||||
EUR | 686,000 | USD | 911,979 | 07/31/2014 | – | (20,339 | ) | |||||||||||||||||||||
EUR | 112,835 | USD | 150,886 | 08/27/2014 | – | (2,475 | ) | |||||||||||||||||||||
EUR | 701,089 | USD | 949,005 | 11/20/2014 | – | (4,167 | ) | |||||||||||||||||||||
JPY | 112,000,000 | USD | 1,124,159 | 07/24/2014 | 28,940 | – | ||||||||||||||||||||||
JPY | 39,100,000 | USD | 394,451 | 07/25/2014 | 12,099 | – | ||||||||||||||||||||||
JPY | 99,670,000 | USD | 1,015,383 | 10/20/2014 | 39,947 | – | ||||||||||||||||||||||
JPY | 56,320,000 | USD | 569,522 | 11/13/2014 | 18,207 | – | ||||||||||||||||||||||
USD | 196,687 | CLP | 96,770,000 | 01/30/2014 | – | (16,225 | ) | |||||||||||||||||||||
USD | 142,276 | CLP | 70,000,000 | 02/21/2014 | – | (12,023 | ) | |||||||||||||||||||||
USD | 240,795 | CLP | 118,700,000 | 02/24/2014 | – | (19,989 | ) | |||||||||||||||||||||
USD | 65,097 | CLP | 32,200,000 | 02/28/2014 | – | (5,222 | ) | |||||||||||||||||||||
USD | 142,770 | CLP | 70,600,000 | 03/21/2014 | – | (11,779 | ) | |||||||||||||||||||||
USD | 199,253 | CLP | 98,979,000 | 04/28/2014 | – | (16,336 | ) | |||||||||||||||||||||
USD | 154,494 | CLP | 79,240,000 | 06/03/2014 | – | (8,604 | ) | |||||||||||||||||||||
532,045 | (330,770 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 146,136 | SEK | 1,283,353 | 07/16/2014 | – | (3,717 | ) | ||||||||||||||||||||
EUR | 125,666 | SEK | 1,094,428 | 07/22/2014 | – | (4,611 | ) | |||||||||||||||||||||
USD | 310,271 | CLP | 152,700,000 | 01/13/2014 | – | (25,021 | ) | |||||||||||||||||||||
USD | 347,163 | CLP | 171,620,000 | 02/14/2014 | – | (27,596 | ) | |||||||||||||||||||||
USD | 170,648 | CLP | 84,360,000 | 02/24/2014 | – | (13,721 | ) | |||||||||||||||||||||
USD | 326,291 | CLP | 161,400,000 | 02/26/2014 | – | (26,114 | ) | |||||||||||||||||||||
USD | 154,141 | CLP | 76,300,000 | 03/10/2014 | – | (12,411 | ) | |||||||||||||||||||||
USD | 356,414 | CLP | 174,340,000 | 04/14/2014 | – | (33,756 | ) | |||||||||||||||||||||
USD | 317,145 | CLP | 156,210,000 | 04/21/2014 | – | (28,253 | ) | |||||||||||||||||||||
USD | 158,012 | CLP | 77,900,000 | 05/12/2014 | – | (14,260 | ) | |||||||||||||||||||||
USD | 557,856 | CLP | 280,490,000 | 05/22/2014 | – | (40,797 | ) | |||||||||||||||||||||
USD | 244,507 | CLP | 130,090,000 | 07/31/2014 | – | (6,461 | ) | |||||||||||||||||||||
USD | 1,157,484 | SGD | 1,467,690 | 08/01/2014 | 12,446 | – |
88
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Open Forward Foreign Currency Contracts (continued) | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 122,179 | CLP | 65,020,000 | 08/20/2014 | $ | – | $ | (3,452 | ) | |||||||||||||||||||
12,446 | (240,170 | ) | ||||||||||||||||||||||||||
UBS AG | EUR | 195,111 | USD | 256,136 | 12/09/2013 | – | (8,922 | ) | ||||||||||||||||||||
EUR | 3,447,257 | USD | 4,514,634 | 01/13/2014 | – | (168,485 | ) | |||||||||||||||||||||
EUR | 664,629 | USD | 885,399 | 01/27/2014 | – | (17,528 | ) | |||||||||||||||||||||
EUR | 177,000 | USD | 240,039 | 02/03/2014 | – | (427 | ) | |||||||||||||||||||||
EUR | 1,629,000 | USD | 2,205,536 | 02/10/2014 | – | (7,587 | ) | |||||||||||||||||||||
EUR | 1,210,000 | USD | 1,622,973 | 02/13/2014 | – | (20,915 | ) | |||||||||||||||||||||
EUR | 1,333,312 | USD | 1,781,771 | 02/26/2014 | – | (29,690 | ) | |||||||||||||||||||||
EUR | 214,699 | USD | 287,538 | 02/28/2014 | – | (4,157 | ) | |||||||||||||||||||||
EUR | 1,053,932 | SEK | 9,282,820 | 07/16/2014 | – | (22,663 | ) | |||||||||||||||||||||
EUR | 685,000 | USD | 911,667 | 08/01/2014 | – | (19,295 | ) | |||||||||||||||||||||
EUR | 1,025,174 | SEK | 9,000,000 | 08/26/2014 | – | (27,831 | ) | |||||||||||||||||||||
– | (327,500 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | 2,058,239 | $ | (2,358,728 | ) | |||||||||||||||||||||||
Currency Legend
CLP—Chilean Peso
EUR—Euro Dollar
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
SEK—Swedish Krona
SGD—Singapore Dollar
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
France | $ | 31,909,753 | $ | — | $ | — | $ | 31,909,753 | ||||||||
United Kingdom | 44,895,437 | — | — | 44,895,437 | ||||||||||||
United States | 118,292,499 | — | — | 118,292,499 | ||||||||||||
Other Countries* | 141,731,252 | — | — | 141,731,252 | ||||||||||||
Preferred Securities | 2,280,048 | — | — | 2,280,048 | ||||||||||||
Foreign Government Agencies | — | 129,732,393 | — | 129,732,393 | ||||||||||||
Foreign Government Treasuries | — | 1,911,462 | — | 1,911,462 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Foreign Government Treasuries | — | 9,552,722 | — | 9,552,722 | ||||||||||||
Registered Investment Companies | 21,540,367 | — | — | 21,540,367 | ||||||||||||
Time Deposits | — | 13,579,000 | — | 13,579,000 | ||||||||||||
U.S. Government Agencies | — | 32,750,000 | — | 32,750,000 | ||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Open Forward Foreign Currency Contracts - Appreciation | — | 2,058,239 | — | 2,058,239 | ||||||||||||
Total | $ | 360,649,356 | $ | 189,583,816 | $ | — | $ | 550,233,172 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Open Forward Foreign Currency Contracts - Depreciation | $ | — | $ | 2,358,728 | $ | — | $ | 2,358,728 | ||||||||
* | 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 securities by country classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $169,626,839 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
+ | 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
89
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 27.6 | % | ||
United States Treasury Notes | 21.9 | |||
Federal Home Loan Mtg. Corp. | 18.1 | |||
United States Treasury Bonds | 8.0 | |||
Investment Companies | 6.7 | |||
Repurchase Agreements | 6.1 | |||
Government National Mtg. Assoc. | 5.6 | |||
Federal Farm Credit Bank | 3.0 | |||
Diversified Financial Services | 0.8 | |||
Insurance — Reinsurance | 0.8 | |||
Federal Home Loan Bank | 0.7 | |||
Diversified Banking Institutions | 0.4 | |||
Computers | 0.3 | |||
Banks — Commercial | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Electric — Integrated | 0.2 | |||
Multimedia | 0.2 | |||
Banks — Super Regional | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Networking Products | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Transport — Rail | 0.1 | |||
101.5 | % | |||
Credit Quality†#
Aaa | 95.6 | % | ||
Aa | 2.6 | |||
A | 0.5 | |||
Baa | 1.3 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
† | Source: Moody’s |
# | Calculated as percentage of total debt issues, excluding short-term securities. |
90
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 0.8% | ||||||||
Diversified Financial Services — 0.8% | ||||||||
Commercial Mtg. Pass Through Certs. VRS | $ | 982,081 | $ | 111,024 | ||||
DBUBS Mtg. Trust | 338,752 | 362,056 | ||||||
UBS-BAMLL Trust | 217,000 | 209,720 | ||||||
Wells Fargo Re-REMIC Trust | 256,725 | 256,083 | ||||||
WF-RBS Commercial Mtg. Trust | 310,000 | 330,822 | ||||||
Total Asset Backed Securities | ||||||||
(cost $1,258,590) | 1,269,705 | |||||||
U.S. CORPORATE BONDS & NOTES — 2.6% | ||||||||
Auto/Truck Parts & Equipment - Original — 0.1% | ||||||||
Johnson Controls, Inc. | 200,000 | 218,761 | ||||||
Banks - Super Regional — 0.1% | ||||||||
Wells Fargo & Co. | 237,000 | 240,269 | ||||||
Cable/Satellite TV — 0.1% | ||||||||
Comcast Corp. | 200,000 | 232,565 | ||||||
Chemicals - Diversified — 0.2% | ||||||||
Dow Chemical Co. | 200,000 | 258,808 | ||||||
Computers — 0.3% | ||||||||
Apple, Inc. | 227,000 | 205,734 | ||||||
Hewlett-Packard Co. | 200,000 | 202,598 | ||||||
408,332 | ||||||||
Diversified Banking Institutions — 0.4% | ||||||||
Citigroup, Inc. | 162,000 | 171,227 | ||||||
Goldman Sachs Group, Inc. | 200,000 | 229,334 | ||||||
Morgan Stanley | 200,000 | 211,924 | ||||||
612,485 | ||||||||
Electric - Integrated — 0.2% | ||||||||
San Diego Gas & Electric Co. | 200,000 | 242,527 | ||||||
Insurance - Reinsurance — 0.8% | ||||||||
Berkshire Hathaway Finance Corp. | 1,250,000 | 1,256,586 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Networking Products — 0.1% | ||||||||
Cisco Systems, Inc. | $ | 200,000 | $ | 227,631 | ||||
Real Estate Investment Trusts — 0.1% | ||||||||
CommonWealth REIT | 200,000 | 209,451 | ||||||
Telephone - Integrated — 0.1% | ||||||||
Verizon Communications, Inc. | 160,000 | 166,151 | ||||||
Transport - Rail — 0.1% | ||||||||
Norfolk Southern Corp. | 89,000 | 83,570 | ||||||
Norfolk Southern Corp. | 19,000 | 21,124 | ||||||
104,694 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $4,090,980) | 4,178,260 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 7.1% | ||||||||
Banks - Commercial — 0.2% | ||||||||
Australia & New Zealand Banking Group, Ltd. | 250,000 | 260,525 | ||||||
Investment Companies — 6.7% | ||||||||
Temasek Financial I, Ltd. | 10,000,000 | 10,696,320 | ||||||
Multimedia — 0.2% | ||||||||
Thomson Reuters Corp. | 200,000 | 235,536 | ||||||
Telephone - Integrated — 0.0% | ||||||||
Nippon Telegraph & Telephone Corp. | 60,000 | 60,026 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $11,073,401) | 11,252,407 | |||||||
U.S. GOVERNMENT AGENCIES — 55.0% | ||||||||
Federal Farm Credit Bank — 3.0% | ||||||||
3.35% due 10/21/2025 | 1,500,000 | 1,463,750 | ||||||
4.88% due 12/16/2015 | 2,000,000 | 2,183,196 | ||||||
4.88% due 01/17/2017 | 1,000,000 | 1,130,542 | ||||||
4,777,488 | ||||||||
Federal Home Loan Bank — 0.7% | ||||||||
Federal Home Loan Bank | 1,000,000 | 1,078,408 | ||||||
Federal Home Loan Mtg. Corp. — 18.1% | ||||||||
3.50% due 06/01/2033 | 2,898,411 | 2,980,056 | ||||||
4.50% due 09/01/2019 | 128,207 | 135,890 | ||||||
4.50% due 09/01/2039 | 1,699,591 | 1,814,653 | ||||||
4.50% due 11/01/2039 | 727,771 | 776,018 | ||||||
4.50% due 02/01/2040 | 1,075,787 | 1,147,072 | ||||||
4.50% due 04/01/2040 | 88,823 | 94,712 | ||||||
4.50% due 06/01/2040 | 316,215 | 337,183 | ||||||
4.50% due 08/01/2040 | 1,058,818 | 1,129,185 | ||||||
4.50% due 03/01/2041 | 3,032,682 | 3,233,613 |
91
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) | ||||||||
Federal Home Loan Mtg. Corp. (continued) | ||||||||
4.50% due 04/01/2041 | $ | 435,578 | $ | 464,379 | ||||
4.50% due 06/01/2041 | 794,619 | 847,843 | ||||||
4.75% due 11/17/2015 | 3,000,000 | 3,258,957 | ||||||
5.00% due 12/14/2018 | 1,000,000 | 1,152,002 | ||||||
5.00% due 10/01/2034 | 57,410 | 61,891 | ||||||
5.50% due 12/01/2036 | 39,115 | 42,386 | ||||||
6.00% due 11/01/2033 | 116,484 | 129,695 | ||||||
6.50% due 02/01/2032 | 77,123 | 87,949 | ||||||
7.50% due 09/01/2016 | 4,926 | 4,944 | ||||||
8.00% due 02/01/2030 | 3,859 | 4,061 | ||||||
8.00% due 08/01/2030 | 560 | 650 | ||||||
8.00% due 06/01/2031 | 2,793 | 3,249 | ||||||
Federal Home Loan Mtg. Corp. FRS | 29,228 | 31,272 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 2,816,601 | 2,744,958 | ||||||
Series 4186, Class JE | ||||||||
2.00% due 03/15/2033 | 700,412 | 676,785 | ||||||
Series 3981, Class PA | ||||||||
3.00% due 04/15/2031 | 703,094 | 722,610 | ||||||
Series 4150, Class IG | ||||||||
3.00% due 01/15/2033(2) | 9,392,336 | 1,275,436 | ||||||
Series 4057, Class WY | ||||||||
3.50% due 06/15/2027 | 1,000,000 | 981,631 | ||||||
Series 3813, Class D | ||||||||
4.00% due 02/15/2026 | 1,000,000 | 1,035,288 | ||||||
Series 3917, Class B | ||||||||
4.50% due 08/15/2026 | 465,000 | 498,166 | ||||||
Series 3927, Class AY | ||||||||
4.50% due 09/15/2026 | 1,494,968 | 1,604,491 | ||||||
Series 3786, Class PB | ||||||||
4.50% due 07/15/2040 | 1,000,000 | 1,095,802 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 1,414,902 | 273,545 | ||||||
28,646,372 | ||||||||
Federal National Mtg. Assoc. — 27.6% | ||||||||
zero coupon due 10/09/2019 | 1,250,000 | 1,069,169 | ||||||
1.87% due 01/01/2036 | 19,369 | 20,593 | ||||||
4.00% due 09/01/2040 | 274,489 | 286,449 | ||||||
4.00% due 10/01/2040 | 258,218 | 269,399 | ||||||
4.00% due 12/01/2040 | 288,332 | 300,887 | ||||||
4.00% due 01/01/2041 | 692,835 | 723,000 | ||||||
4.00% due 02/01/2041 | 3,212,730 | 3,353,018 | ||||||
4.00% due 03/01/2041 | 4,110,359 | 4,291,110 | ||||||
4.00% due 06/01/2042 | 2,376,475 | 2,491,734 | ||||||
5.00% due 02/01/2019 | 176,609 | 189,251 | ||||||
5.00% due 12/01/2036 | 90,006 | 97,705 | ||||||
5.50% due 12/01/2033 | 100,064 | 109,547 | ||||||
5.50% due 10/01/2034 | 189,844 | 207,352 | ||||||
6.00% due 06/01/2035 | 13,347 | 14,682 | ||||||
6.00% due 08/25/2037(2) | 792,146 | 132,342 | ||||||
6.50% due 02/01/2017 | 11,077 | 11,654 | ||||||
6.50% due 07/01/2032 | 15,411 | 17,392 | ||||||
7.00% due 09/01/2031 | 34,692 | 39,456 | ||||||
11.50% due 09/01/2019 | 20 | 21 | ||||||
12.00% due 01/15/2016 | 18 | 18 | ||||||
12.50% due 09/20/2015 | 5 | 5 | ||||||
13.00% due 11/15/2015 | 3 | 3 | ||||||
Federal National Mtg. Assoc. FRS | ||||||||
2.22% due 02/01/2035 | 9,295 | 9,836 | ||||||
2.26% due 11/01/2034 | 34,054 | 35,438 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) | ||||||||
Federal National Mtg. Assoc. REMIC | ||||||||
Series 2002-34, Class AO | ||||||||
zero coupon due 05/18/2032 | $ | 766,832 | $ | 718,905 | ||||
Series 2013-15, Class DC | ||||||||
2.00% due 03/25/2033 | 1,904,933 | 1,849,837 | ||||||
Series 2011-126, Class EC | ||||||||
2.00% due 04/25/2040 | 1,242,765 | 1,247,031 | ||||||
Series 2012-38, Class PA | ||||||||
2.00% due 09/25/2041 | 4,449,453 | 4,280,672 | ||||||
Series 2013-23, Class KJ | ||||||||
2.25% due 05/25/2042 | 2,882,777 | 2,798,453 | ||||||
Series 2012-93, Class ME | ||||||||
2.50% due 01/25/2042 | 4,615,366 | 4,629,665 | ||||||
Series 2013-110, Class DE | ||||||||
3.00% due 11/25/2030 | 5,933,542 | 6,068,091 | ||||||
Series 2011-145, Class PB | ||||||||
3.50% due 01/25/2032 | 2,500,000 | 2,478,295 | ||||||
Series 2012-50, Class VB | ||||||||
4.00% due 01/25/2029 | 1,355,000 | 1,376,405 | ||||||
Series 2012-47, Class VB | ||||||||
4.00% due 04/25/2031 | 2,000,000 | 2,025,720 | ||||||
Series 2004-90, Class GC | ||||||||
4.35% due 11/25/2034 | 1,000,000 | 1,093,177 | ||||||
Series 2010-117, Class DY | ||||||||
4.50% due 10/25/2025 | 974,930 | 1,048,815 | ||||||
Series 2010-134, Class MB | ||||||||
4.50% due 12/25/2040 | 250,000 | 266,598 | ||||||
Series 2007-116, Class PB | ||||||||
5.50% due 08/25/2035 | 218,589 | 240,551 | ||||||
Federal National Mtg. Assoc. REMIC FRS | 997,179 | 55,475 | ||||||
43,847,751 | ||||||||
Government National Mtg. Assoc. — 5.6% | ||||||||
4.50% due 02/20/2038 | 1,000,000 | 1,078,767 | ||||||
4.50% due 03/15/2038 | 170,696 | 183,559 | ||||||
4.50% due 03/15/2039 | 25,231 | 27,140 | ||||||
4.50% due 05/15/2039 | 611,838 | 658,473 | ||||||
4.50% due 06/15/2039 | 633,697 | 682,607 | ||||||
4.50% due 07/15/2039 | 782,831 | 842,430 | ||||||
4.50% due 09/15/2039 | 13,983 | 15,047 | ||||||
4.50% due 12/15/2039 | 270,835 | 291,888 | ||||||
4.50% due 04/15/2040 | 296,942 | 319,857 | ||||||
4.50% due 06/15/2040 | 1,050,396 | 1,131,989 | ||||||
4.50% due 08/15/2040 | 156,488 | 168,557 | ||||||
5.00% due 09/15/2035 | 4,475 | 4,902 | ||||||
5.00% due 02/15/2036 | 196,596 | 215,371 | ||||||
5.00% due 05/15/2036 | 15,960 | 17,352 | ||||||
6.00% due 01/15/2032 | 29,759 | 33,454 | ||||||
6.50% due 08/15/2031 | 66,841 | 74,559 | ||||||
7.50% due 02/15/2029 | 6,780 | 7,161 | ||||||
7.50% due 07/15/2030 | 451 | 516 | ||||||
7.50% due 01/15/2031 | 6,396 | 7,332 | ||||||
7.50% due 02/15/2031 | 1,612 | 1,627 | ||||||
Government National Mtg. Assoc. REMIC | 771,853 | 835,583 | ||||||
Series 2005-21, Class Z | ||||||||
5.00% due 03/20/2035 | 1,078,702 | 1,207,266 | ||||||
Series 2009-91, Class PR | ||||||||
5.00% due 09/20/2038 | 1,000,000 | 1,096,674 | ||||||
8,902,111 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $86,137,368) | 87,252,130 | |||||||
92
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 29.9% | ||||||||
United States Treasury Bonds — 8.0% | ||||||||
zero coupon due 08/15/2024 STRIPS | $ | 2,040,000 | $ | 1,463,963 | ||||
2.00% due 01/15/2026 TIPS(3) | 2,335,766 | 2,640,876 | ||||||
3.75% due 08/15/2041 | 6,000,000 | 5,987,814 | ||||||
3.88% due 08/15/2040 | 2,500,000 | 2,559,375 | ||||||
12,652,028 | ||||||||
United States Treasury Notes — 21.9% | ||||||||
0.63% due 10/15/2016 | 5,000,000 | 5,014,455 | ||||||
0.63% due 05/31/2017 | 4,000,000 | 3,977,188 | ||||||
1.75% due 05/15/2023 | 10,000,000 | 9,211,720 | ||||||
2.00% due 02/15/2022 | 5,000,000 | 4,850,000 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 2,943,984 | ||||||
2.63% due 08/15/2020 | 3,250,000 | 3,383,809 | ||||||
4.00% due 02/15/2015 | 1,000,000 | 1,045,586 | ||||||
4.25% due 08/15/2015 | 4,000,000 | 4,272,500 | ||||||
34,699,242 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $48,241,910) | 47,351,270 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $150,802,249) | 151,303,772 | |||||||
REPURCHASE AGREEMENT — 6.1% | ||||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/30/2013, to be repurchased 12/02/2013 in the amount of $9,583,000 and collateralized by $10,860,000 of Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00%, due 01/30/2023 and having an approximate value of $9,874,249 (cost $9,583,000) | 9,583,000 | 9,583,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $160,385,249)(4) | 101.5 | % | 160,886,772 | |||||
Liabilities in excess of other assets | (1.5 | ) | (2,362,536 | ) | ||||
NET ASSETS | 100.0 | % | $ | 158,524,236 | ||||
* | 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, 2013, the aggregate value of these securities was $12,115,526 representing 7.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Commercial Mortgage Backed Security |
(2) | Interest Only |
(3) | Principal amount of security is adjusted for inflation. |
(4) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
STRIPS—Separate Trading of Registered Interest and Principal Securities
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 as of November 30, 2013 and unless noted otherwise, the dates shown 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, 2013 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Asset Backed Securities: | ||||||||||||||||
Diversified Financial Services | $ | — | $ | 1,269,705 | $ | — | $ | 1,269,705 | ||||||||
U.S. Corporate Bonds & Notes | — | 4,178,260 | — | 4,178,260 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Investment Companies | — | 10,696,320 | — | 10,696,320 | ||||||||||||
Other Industries* | — | 556,087 | — | 556,087 | ||||||||||||
U.S. Government Agencies: | ||||||||||||||||
Federal Home Loan Mtg Corp. | — | 28,646,372 | — | 28,646,372 | ||||||||||||
Federal National Mtg. Assoc. | — | 43,847,751 | — | 43,847,751 | ||||||||||||
Government National Mtg. Assoc. | — | 8,902,111 | — | 8,902,111 | ||||||||||||
Other U.S. Government Agencies* | — | 5,855,896 | 5,855,896 | |||||||||||||
U.S. Government Treasuries: | ||||||||||||||||
United States Treasury Bonds | — | 12,652,028 | — | 12,652,028 | ||||||||||||
United States Treasury Notes | — | 34,699,242 | — | 34,699,242 | ||||||||||||
Repurchase Agreement | — | 9,583,000 | — | 9,583,000 | ||||||||||||
Total | $ | — | $ | 160,886,772 | $ | — | $ | 160,886,772 | ||||||||
* | Sum of all other industries or government agencies each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of securities by industry or government agency classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
93
Table of Contents
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Registered Investment Companies | 7.0 | % | ||
Medical — Biomedical/Gene | 5.0 | |||
Medical — Drugs | 4.7 | |||
Computers | 4.2 | |||
Web Portals/ISP | 4.1 | |||
Beverages — Non-alcoholic | 3.4 | |||
Oil — Field Services | 3.0 | |||
Retail — Building Products | 2.8 | |||
Semiconductor Components — Integrated Circuits | 2.6 | |||
Applications Software | 2.4 | |||
Time Deposits | 2.2 | |||
Cable/Satellite TV | 2.1 | |||
Oil Companies — Exploration & Production | 2.0 | |||
Finance — Credit Card | 2.0 | |||
Diversified Manufacturing Operations | 1.9 | |||
Retail — Discount | 1.9 | |||
Enterprise Software/Service | 1.8 | |||
Tobacco | 1.8 | |||
Cosmetics & Toiletries | 1.7 | |||
Commercial Services — Finance | 1.7 | |||
Aerospace/Defense | 1.6 | |||
Chemicals — Diversified | 1.5 | |||
Instruments — Controls | 1.4 | |||
Retail — Restaurants | 1.4 | |||
Agricultural Chemicals | 1.4 | |||
Electronic Components — Semiconductors | 1.3 | |||
Internet Content — Entertainment | 1.2 | |||
Transport — Services | 1.2 | |||
Computers — Memory Devices | 1.2 | |||
Transport — Rail | 1.2 | |||
Metal Processors & Fabrication | 1.1 | |||
Aerospace/Defense — Equipment | 1.1 | |||
Multimedia | 1.1 | |||
Pharmacy Services | 1.0 | |||
E-Commerce/Products | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Casino Hotels | 0.9 | |||
Exchange — Traded Funds | 0.8 | |||
Vitamins & Nutrition Products | 0.8 | |||
Broadcast Services/Program | 0.8 | |||
Food — Retail | 0.8 | |||
Industrial Automated/Robotic | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Motorcycle/Motor Scooter | 0.8 | |||
Apparel Manufacturers | 0.7 | |||
Banks — Commercial | 0.7 | |||
Computer Services | 0.7 | |||
Retail — Consumer Electronics | 0.6 | |||
Television | 0.6 | |||
Internet Content — Information/News | 0.6 | |||
Textile — Home Furnishings | 0.6 | |||
Airlines | 0.6 | |||
Hotels/Motels | 0.6 | |||
Chemicals — Specialty | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Banks — Super Regional | 0.5 | |||
Insurance — Multi-line | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Entertainment Software | 0.5 | |||
Electronic Security Devices | 0.5 | |||
Medical Instruments | 0.5 | |||
Retail — Vitamins & Nutrition Supplements | 0.4 | |||
Beverages — Wine/Spirits | 0.4 | |||
Instruments — Scientific | 0.4 | |||
Insurance — Property/Casualty | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Food — Misc./Diversified | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Software Tools | 0.4 |
Medical — Wholesale Drug Distribution | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Food — Confectionery | 0.3 | |||
Internet Infrastructure Software | 0.3 | |||
Casino Services | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Paper & Related Products | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Medical Products | 0.3 | |||
Toys | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Dental Supplies & Equipment | 0.3 | |||
Poultry | 0.2 | |||
Internet Application Software | 0.2 | |||
Human Resources | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Data Processing/Management | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Finance — Other Services | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Diversified Banking Institutions | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Agricultural Operations | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Coffee | 0.2 | |||
Internet Security | 0.2 | |||
Finance — Leasing Companies | 0.1 | |||
Telecom Services | 0.1 | |||
Retail — Pet Food & Supplies | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Medical Information Systems | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Internet Incubators | 0.1 | |||
Gas — Distribution | 0.1 | |||
Theaters | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Decision Support Software | 0.1 | |||
Metal — Diversified | 0.1 | |||
Electronic Parts Distribution | 0.1 | |||
Food — Catering | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
Consulting Services | 0.1 | |||
107.1 | % | |||
* | Calculated as a percentage of net assets |
94
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.0% |
| |||||||
Aerospace/Defense — 1.6% |
| |||||||
Boeing Co. | 103,487 | $ | 13,893,130 | |||||
Rockwell Collins, Inc. | 6,418 | 466,781 | ||||||
14,359,911 | ||||||||
Aerospace/Defense - Equipment — 1.1% |
| |||||||
B/E Aerospace, Inc.† | 16,040 | 1,395,480 | ||||||
United Technologies Corp. | 75,999 | 8,425,249 | ||||||
9,820,729 | ||||||||
Agricultural Chemicals — 1.4% |
| |||||||
Monsanto Co. | 106,027 | 12,016,040 | ||||||
Syngenta AG | 1,628 | 639,382 | ||||||
12,655,422 | ||||||||
Agricultural Operations — 0.2% |
| |||||||
Archer-Daniels-Midland Co. | 36,183 | 1,456,366 | ||||||
Airlines — 0.6% |
| |||||||
Alaska Air Group, Inc. | 34,075 | 2,648,990 | ||||||
Delta Air Lines, Inc. | 58,107 | 1,683,941 | ||||||
Southwest Airlines Co. | 51,859 | 964,059 | ||||||
5,296,990 | ||||||||
Apparel Manufacturers — 0.7% |
| |||||||
Hanesbrands, Inc. | 64,477 | 4,519,838 | ||||||
Michael Kors Holdings, Ltd.† | 16,383 | 1,336,033 | ||||||
Prada SpA | 64,300 | 621,631 | ||||||
6,477,502 | ||||||||
Applications Software — 2.4% |
| |||||||
Check Point Software Technologies, Ltd.†# | 23,207 | 1,435,585 | ||||||
Intuit, Inc. | 27,515 | 2,042,439 | ||||||
Microsoft Corp. | 428,338 | 16,332,528 | ||||||
NetSuite, Inc.†# | 16,716 | 1,606,073 | ||||||
21,416,625 | ||||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Tata Motors, Ltd. ADR | 16,680 | 541,600 | ||||||
Tesla Motors, Inc.†# | 18,039 | 2,296,004 | ||||||
Toyota Motor Corp. | 24,500 | 1,526,092 | ||||||
4,363,696 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
BorgWarner, Inc. | 10,662 | 1,142,646 | ||||||
WABCO Holdings, Inc.† | 23,673 | 2,097,428 | ||||||
3,240,074 | ||||||||
Banks - Commercial — 0.6% |
| |||||||
BOC Hong Kong Holdings, Ltd. | 71,500 | 242,095 | ||||||
CIT Group, Inc. | 26,681 | 1,346,857 | ||||||
Credicorp, Ltd. | 4,967 | 638,259 | ||||||
Erste Group Bank AG | 21,864 | 769,585 | ||||||
Hang Seng Bank, Ltd. | 53,800 | 877,161 | ||||||
Sberbank of Russia ADR | 43,031 | 536,166 | ||||||
Standard Chartered PLC | 42,665 | 1,011,547 | ||||||
5,421,670 | ||||||||
Banks - Fiduciary — 0.5% |
| |||||||
State Street Corp. | 63,539 | 4,613,567 | ||||||
Banks - Super Regional — 0.5% |
| |||||||
SunTrust Banks, Inc. | 125,748 | 4,555,850 | ||||||
Beverages - Non-alcoholic — 3.4% |
| |||||||
Coca-Cola Co. | 323,404 | 12,997,607 | ||||||
PepsiCo, Inc. | 204,894 | 17,305,347 | ||||||
30,302,954 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Beverages - Wine/Spirits — 0.4% |
| |||||||
Beam, Inc. | 30,121 | $ | 2,034,071 | |||||
Brown-Forman Corp., Class B | 23,586 | 1,769,422 | ||||||
3,803,493 | ||||||||
Broadcast Services/Program — 0.8% |
| |||||||
Discovery Communications, Inc., Class C† | 42,032 | 3,394,925 | ||||||
Scripps Networks Interactive, Inc., Class A# | 54,833 | 4,089,993 | ||||||
7,484,918 | ||||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Fortune Brands Home & Security, Inc. | 24,642 | 1,074,391 | ||||||
Building Products - Air & Heating — 0.1% |
| |||||||
Daikin Industries, Ltd. | 19,000 | 1,205,760 | ||||||
Cable/Satellite TV — 2.1% |
| |||||||
Comcast Corp., Class A | 312,348 | 15,576,795 | ||||||
Liberty Global PLC, Class A† | 16,547 | 1,419,898 | ||||||
Time Warner Cable, Inc. | 15,124 | 2,090,439 | ||||||
19,087,132 | ||||||||
Casino Hotels — 0.9% |
| |||||||
Las Vegas Sands Corp. | 87,244 | 6,253,650 | ||||||
Sands China, Ltd. | 189,600 | 1,435,576 | ||||||
7,689,226 | ||||||||
Casino Services — 0.3% |
| |||||||
Bally Technologies, Inc.†# | 20,253 | 1,510,266 | ||||||
International Game Technology | 77,476 | 1,355,055 | ||||||
2,865,321 | ||||||||
Chemicals - Diversified — 1.5% |
| |||||||
Dow Chemical Co. | 40,130 | 1,567,478 | ||||||
Johnson Matthey PLC | 20,260 | 1,051,222 | ||||||
Koninklijke DSM NV | 9,180 | 720,451 | ||||||
LyondellBasell Industries NV, Class A | 104,789 | 8,087,615 | ||||||
Olin Corp.# | 37,849 | 939,791 | ||||||
PPG Industries, Inc. | 6,173 | 1,136,202 | ||||||
13,502,759 | ||||||||
Chemicals - Specialty — 0.5% |
| |||||||
Eastman Chemical Co. | 14,598 | 1,124,484 | ||||||
NewMarket Corp.# | 3,380 | 1,094,951 | ||||||
Sigma-Aldrich Corp.# | 17,484 | 1,507,820 | ||||||
W.R. Grace & Co.† | 10,882 | 1,044,999 | ||||||
4,772,254 | ||||||||
Coffee — 0.2% |
| |||||||
Green Mountain Coffee Roasters, Inc.†# | 20,551 | 1,384,726 | ||||||
Commercial Services - Finance — 1.7% |
| |||||||
Alliance Data Systems Corp.†# | 3,939 | 954,262 | ||||||
MasterCard, Inc., Class A | 17,747 | 13,502,095 | ||||||
Moody’s Corp. | 6,291 | 469,498 | ||||||
14,925,855 | ||||||||
Computer Services — 0.7% |
| |||||||
Accenture PLC, Class A | 18,960 | 1,468,831 | ||||||
Cognizant Technology Solutions Corp., Class A† | 13,970 | 1,311,643 | ||||||
International Business Machines Corp. | 19,623 | 3,525,861 | ||||||
6,306,335 | ||||||||
Computers — 4.2% | ||||||||
Apple, Inc. | 68,624 | 38,159,748 | ||||||
Computers - Memory Devices — 1.2% | ||||||||
EMC Corp. | 79,317 | 1,891,710 | ||||||
NetApp, Inc. | 116,451 | 4,803,604 |
95
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Computers - Memory Devices (continued) |
| |||||||
SanDisk Corp. | 11,979 | $ | 816,369 | |||||
Seagate Technology PLC | 70,478 | 3,456,241 | ||||||
10,967,924 | ||||||||
Consulting Services — 0.1% | ||||||||
Towers Watson & Co., Class A | 5,610 | 631,686 | ||||||
Consumer Products - Misc. — 0.0% | ||||||||
Kimberly-Clark Corp. | 3,933 | 429,326 | ||||||
Containers - Paper/Plastic — 0.2% | ||||||||
Packaging Corp. of America | 29,155 | 1,786,035 | ||||||
Cosmetics & Toiletries — 1.7% | ||||||||
Avon Products, Inc. | 72,013 | 1,283,992 | ||||||
Colgate-Palmolive Co. | 52,918 | 3,482,534 | ||||||
Estee Lauder Cos., Inc., Class A | 73,448 | 5,505,662 | ||||||
Procter & Gamble Co. | 42,405 | 3,571,349 | ||||||
Unicharm Corp. | 20,500 | 1,296,949 | ||||||
15,140,486 | ||||||||
Data Processing/Management — 0.2% | ||||||||
CommVault Systems, Inc.†# | 25,871 | 1,936,444 | ||||||
Decision Support Software — 0.1% | ||||||||
MSCI, Inc.† | 18,273 | 811,139 | ||||||
Dental Supplies & Equipment — 0.3% | ||||||||
DENTSPLY International, Inc. | 48,256 | 2,295,055 | ||||||
Diagnostic Kits — 0.2% | ||||||||
IDEXX Laboratories, Inc.†# | 18,948 | 1,973,624 | ||||||
Diversified Banking Institutions — 0.2% | ||||||||
Lloyds Banking Group PLC† | 1,178,832 | 1,493,443 | ||||||
Diversified Manufacturing Operations — 1.9% | ||||||||
3M Co. | 8,076 | 1,078,227 | ||||||
Crane Co. | 13,829 | 861,685 | ||||||
Danaher Corp. | 99,961 | 7,477,083 | ||||||
Dover Corp. | 17,675 | 1,603,830 | ||||||
Ingersoll-Rand PLC | 16,520 | 1,179,858 | ||||||
Parker Hannifin Corp. | 38,402 | 4,525,292 | ||||||
Pentair, Ltd. | 7,520 | 531,814 | ||||||
17,257,789 | ||||||||
E-Commerce/Products — 0.9% | ||||||||
Amazon.com, Inc.† | 12,872 | 5,066,677 | ||||||
eBay, Inc.† | 34,162 | 1,725,864 | ||||||
Rakuten, Inc. | 83,958 | 1,290,211 | ||||||
8,082,752 | ||||||||
E-Commerce/Services — 0.3% | ||||||||
Ctrip.com International, Ltd. ADR† | 5,940 | 283,813 | ||||||
priceline.com, Inc.† | 1,910 | 2,277,351 | ||||||
2,561,164 | ||||||||
Electric Products - Misc. — 0.3% | ||||||||
Emerson Electric Co. | 35,323 | 2,366,288 | ||||||
Electronic Components - Misc. — 0.2% | ||||||||
Gentex Corp.# | 52,868 | 1,575,995 | ||||||
Electronic Components - Semiconductors — 1.3% | ||||||||
Altera Corp. | 90,274 | 2,911,337 | ||||||
Broadcom Corp., Class A | 56,951 | 1,520,022 | ||||||
Freescale Semiconductor, Ltd.†# | 88,534 | 1,289,055 | ||||||
Intel Corp. | 44,456 | 1,059,831 | ||||||
Microsemi Corp.†# | 15,499 | 378,641 | ||||||
Skyworks Solutions, Inc.† | 54,165 | 1,440,247 | ||||||
Texas Instruments, Inc. | 56,985 | 2,450,355 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Xilinx, Inc. | 11,239 | $ | 499,349 | |||||
11,548,837 | ||||||||
Electronic Measurement Instruments — 0.4% | ||||||||
Keyence Corp. | 2,500 | 1,004,393 | ||||||
Trimble Navigation, Ltd.†# | 78,671 | 2,509,605 | ||||||
3,513,998 | ||||||||
Electronic Parts Distribution — 0.1% | ||||||||
Rexel SA | 27,400 | 694,393 | ||||||
Electronic Security Devices — 0.5% | ||||||||
Tyco International, Ltd. | 109,823 | 4,188,649 | ||||||
Engineering/R&D Services — 0.0% | ||||||||
AECOM Technology Corp.† | 7,052 | 204,931 | ||||||
Enterprise Software/Service — 1.8% | ||||||||
Oracle Corp. | 423,845 | 14,957,490 | ||||||
Veeva Systems, Inc., Class A†# | 38,859 | 1,573,401 | ||||||
16,530,891 | ||||||||
Entertainment Software — 0.5% | ||||||||
Electronic Arts, Inc.† | 189,013 | 4,192,308 | ||||||
Finance - Auto Loans — 0.0% | ||||||||
Credit Acceptance Corp.† | 1,087 | 140,386 | ||||||
Finance - Consumer Loans — 0.2% | ||||||||
Ocwen Financial Corp.†# | 25,576 | 1,449,136 | ||||||
Finance - Credit Card — 2.0% | ||||||||
American Express Co. | 99,925 | 8,573,565 | ||||||
Visa, Inc., Class A# | 45,177 | 9,191,712 | ||||||
17,765,277 | ||||||||
Finance - Investment Banker/Broker — 0.1% | ||||||||
Charles Schwab Corp. | 48,400 | 1,184,832 | ||||||
FXCM, Inc., Class A# | 4,494 | 74,870 | ||||||
1,259,702 | ||||||||
Finance - Leasing Companies — 0.1% | ||||||||
ORIX Corp. | 73,700 | 1,341,962 | ||||||
Finance - Other Services — 0.2% | ||||||||
IntercontinentalExchange Group, Inc. | 8,173 | 1,743,219 | ||||||
Firearms & Ammunition — 0.1% | ||||||||
Sturm Ruger & Co., Inc.# | 8,319 | 639,981 | ||||||
Food - Catering — 0.1% | ||||||||
Compass Group PLC | 44,574 | 671,950 | ||||||
Food - Confectionery — 0.3% | ||||||||
Hershey Co.# | 30,467 | 2,951,948 | ||||||
Food - Misc./Diversified — 0.4% | ||||||||
General Mills, Inc. | 37,641 | 1,898,235 | ||||||
Mondelez International, Inc., Class A | 40,326 | 1,352,131 | ||||||
3,250,366 | ||||||||
Food - Retail — 0.8% | ||||||||
Carrefour SA | 33,830 | 1,330,945 | ||||||
Kroger Co. | 46,018 | 1,921,251 | ||||||
Magnit OJSC GDR# | 12,240 | 806,616 | ||||||
Whole Foods Market, Inc. | 58,881 | 3,332,665 | ||||||
7,391,477 | ||||||||
Gas - Distribution — 0.1% | ||||||||
ENN Energy Holdings, Ltd. | 130,000 | 918,073 | ||||||
96
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VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Hotels/Motels — 0.6% | ||||||||
Marriott International, Inc., Class A | 89,908 | $ | 4,227,474 | |||||
Whitbread PLC | 17,670 | 1,031,657 | ||||||
5,259,131 | ||||||||
Human Resources — 0.2% | ||||||||
Adecco SA | 13,642 | 1,050,485 | ||||||
Capita PLC | 68,266 | 1,114,026 | ||||||
2,164,511 | ||||||||
Industrial Automated/Robotic — 0.8% | ||||||||
Rockwell Automation, Inc. | 64,668 | 7,344,991 | ||||||
Instruments - Controls — 1.4% | ||||||||
Honeywell International, Inc. | 147,964 | 13,096,294 | ||||||
Instruments - Scientific — 0.4% | ||||||||
Waters Corp.† | 38,027 | 3,784,827 | ||||||
Insurance - Multi-line — 0.5% | ||||||||
MetLife, Inc. | 86,232 | 4,500,448 | ||||||
Insurance - Property/Casualty — 0.4% | ||||||||
Amtrust Financial Services, Inc.# | 36,848 | 1,540,615 | ||||||
HCI Group, Inc.# | 29,910 | 1,489,219 | ||||||
Universal Insurance Holdings, Inc.# | 46,102 | 571,665 | ||||||
3,601,499 | ||||||||
Insurance - Reinsurance — 0.1% | ||||||||
Berkshire Hathaway, Inc., Class B† | 10,410 | 1,213,077 | ||||||
Internet Application Software — 0.2% | ||||||||
Splunk, Inc.† | 30,572 | 2,206,076 | ||||||
Internet Content - Entertainment — 1.2% | ||||||||
Facebook, Inc., Class A†# | 237,654 | 11,172,115 | ||||||
Internet Content - Information/News — 0.6% | ||||||||
LinkedIn Corp., Class A† | 24,410 | 5,468,572 | ||||||
Internet Incubators — 0.1% | ||||||||
HomeAway, Inc.†# | 26,044 | 950,606 | ||||||
Internet Infrastructure Software — 0.3% | ||||||||
F5 Networks, Inc.† | 35,325 | 2,905,835 | ||||||
Internet Security — 0.2% | ||||||||
Symantec Corp. | 60,119 | 1,352,076 | ||||||
Investment Management/Advisor Services — 0.8% | ||||||||
Franklin Resources, Inc. | 126,283 | 6,994,815 | ||||||
Machine Tools & Related Products — 0.2% | ||||||||
Lincoln Electric Holdings, Inc. | 24,630 | 1,760,552 | ||||||
Medical Information Systems — 0.1% | ||||||||
Cerner Corp.†# | 17,776 | 1,021,587 | ||||||
Medical Instruments — 0.5% | ||||||||
Intuitive Surgical, Inc.† | 6,619 | 2,494,701 | ||||||
St Jude Medical, Inc. | 28,322 | 1,654,571 | ||||||
4,149,272 | ||||||||
Medical Products — 0.3% | ||||||||
Becton Dickinson and Co. | 15,821 | 1,718,002 | ||||||
CareFusion Corp.† | 19,997 | 796,881 | ||||||
2,514,883 | ||||||||
Medical - Biomedical/Gene — 5.0% | ||||||||
Alexion Pharmaceuticals, Inc.† | 42,185 | 5,252,032 | ||||||
Amgen, Inc. | 103,831 | 11,845,040 | ||||||
Biogen Idec, Inc.† | 14,765 | 4,296,172 | ||||||
Celgene Corp.† | 17,389 | 2,813,019 | ||||||
CSL, Ltd. | 9,237 | 578,388 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Gilead Sciences, Inc.†# | 170,132 | $ | 12,727,575 | |||||
Regeneron Pharmaceuticals, Inc.† | 15,930 | 4,681,190 | ||||||
United Therapeutics Corp.†# | 17,770 | 1,640,349 | ||||||
Vertex Pharmaceuticals, Inc.† | 22,268 | 1,545,845 | ||||||
45,379,610 | ||||||||
Medical - Drugs — 4.7% | ||||||||
AbbVie, Inc. | 208,803 | 10,116,505 | ||||||
Allergan, Inc. | 56,041 | 5,438,779 | ||||||
Bristol-Myers Squibb Co. | 207,202 | 10,646,039 | ||||||
Eli Lilly & Co. | 34,300 | 1,722,546 | ||||||
Endo Health Solutions, Inc.† | 7,445 | 500,230 | ||||||
Grifols SA | 21,400 | 978,415 | ||||||
Johnson & Johnson | 22,281 | 2,109,119 | ||||||
Novo Nordisk A/S, Class B | 5,614 | 1,005,521 | ||||||
Roche Holding AG | 6,701 | 1,868,104 | ||||||
Salix Pharmaceuticals, Ltd.† | 18,798 | 1,594,258 | ||||||
Sanofi | 9,767 | 1,032,818 | ||||||
Zoetis, Inc. | 189,512 | 5,903,299 | ||||||
42,915,633 | ||||||||
Medical - Wholesale Drug Distribution — 0.3% | ||||||||
Cardinal Health, Inc. | 47,858 | 3,091,627 | ||||||
Metal Processors & Fabrication — 1.1% | ||||||||
Precision Castparts Corp. | 35,179 | 9,092,013 | ||||||
SKF AB, Class B | 46,144 | 1,259,167 | ||||||
10,351,180 | ||||||||
Metal - Diversified — 0.1% | ||||||||
Rio Tinto PLC | 14,552 | 776,848 | ||||||
Motorcycle/Motor Scooter — 0.8% | ||||||||
Harley-Davidson, Inc. | 103,234 | 6,918,743 | ||||||
Multimedia — 1.1% | ||||||||
Twenty-First Century Fox, Inc., Class A# | 31,030 | 1,039,195 | ||||||
Viacom, Inc., Class B | 105,819 | 8,483,509 | ||||||
Walt Disney Co. | 1,962 | 138,399 | ||||||
9,661,103 | ||||||||
Office Supplies & Forms — 0.0% | ||||||||
Avery Dennison Corp. | 8,826 | 431,591 | ||||||
Oil Companies - Exploration & Production — 2.0% | ||||||||
Anadarko Petroleum Corp. | 16,089 | 1,429,025 | ||||||
BG Group PLC | 69,351 | 1,417,219 | ||||||
Continental Resources, Inc.†# | 11,417 | 1,227,442 | ||||||
EOG Resources, Inc. | 49,085 | 8,099,025 | ||||||
EQT Corp. | 13,540 | 1,152,389 | ||||||
Noble Energy, Inc. | 73,612 | 5,170,507 | ||||||
18,495,607 | ||||||||
Oil Refining & Marketing — 0.1% | ||||||||
Western Refining, Inc.# | 16,977 | 663,291 | ||||||
Oil - Field Services — 3.0% | ||||||||
Baker Hughes, Inc. | 4,076 | 232,169 | ||||||
Core Laboratories NV | 11,939 | 2,174,570 | ||||||
Halliburton Co. | 25,930 | 1,365,992 | ||||||
Oceaneering International, Inc.# | 73,396 | 5,665,437 | ||||||
RPC, Inc.# | 37,549 | 663,491 | ||||||
Schlumberger, Ltd. | 190,228 | 16,819,960 | ||||||
26,921,619 | ||||||||
Paper & Related Products — 0.3% | ||||||||
Schweitzer-Mauduit International, Inc. | 22,315 | 1,151,677 | ||||||
Svenska Cellulosa AB SCA, Class B | 40,262 | 1,176,039 |
97
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VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Paper & Related Products (continued) |
| |||||||
Xerium Technologies, Inc.† | 18,093 | $ | 238,647 | |||||
2,566,363 | ||||||||
Pharmacy Services — 1.0% | ||||||||
Express Scripts Holding Co.† | 132,617 | 8,931,755 | ||||||
Poultry — 0.2% | ||||||||
Pilgrim’s Pride Corp.†# | 70,715 | 1,158,312 | ||||||
Sanderson Farms, Inc.# | 16,038 | 1,096,037 | ||||||
2,254,349 | ||||||||
Real Estate Investment Trusts — 0.2% | ||||||||
American Tower Corp. | 18,734 | 1,456,943 | ||||||
Real Estate Management/Services — 0.2% | ||||||||
Realogy Holdings Corp.† | 29,932 | 1,418,478 | ||||||
Rental Auto/Equipment — 0.1% | ||||||||
United Rentals, Inc.†# | 15,742 | 1,081,948 | ||||||
Retail - Apparel/Shoe — 0.9% | ||||||||
Foot Locker, Inc. | 37,677 | 1,465,259 | ||||||
Gap, Inc. | 43,049 | 1,763,717 | ||||||
Urban Outfitters, Inc.† | 118,678 | 4,630,816 | ||||||
7,859,792 | ||||||||
Retail - Auto Parts — 0.2% | ||||||||
AutoZone, Inc.†# | 3,150 | 1,454,040 | ||||||
Retail - Building Products — 2.8% | ||||||||
Home Depot, Inc. | 191,330 | 15,434,591 | ||||||
Lowe’s Cos., Inc. | 212,794 | 10,103,459 | ||||||
25,538,050 | ||||||||
Retail - Consumer Electronics — 0.6% | ||||||||
Best Buy Co., Inc. | 143,007 | 5,798,934 | ||||||
Retail - Discount — 1.9% | ||||||||
Costco Wholesale Corp. | 74,858 | 9,389,439 | ||||||
HSN, Inc. | 7,098 | 407,425 | ||||||
Target Corp. | 110,424 | 7,059,407 | ||||||
Wal-Mart Stores, Inc. | 3,811 | 308,729 | ||||||
17,165,000 | ||||||||
Retail - Drug Store — 0.3% | ||||||||
Rite Aid Corp.† | 193,275 | 1,144,188 | ||||||
Walgreen Co. | 30,824 | 1,824,781 | ||||||
2,968,969 | ||||||||
Retail - Gardening Products — 0.1% | ||||||||
Tractor Supply Co.# | 14,947 | 1,094,270 | ||||||
Retail - Jewelry — 0.1% | ||||||||
Pandora A/S | 16,141 | 837,173 | ||||||
Retail - Pet Food & Supplies — 0.1% | ||||||||
PetMed Express, Inc.# | 32,479 | 512,518 | ||||||
PetSmart, Inc.# | 10,343 | 766,520 | ||||||
1,279,038 | ||||||||
Retail - Regional Department Stores — 0.1% | ||||||||
Dillard’s, Inc., Class A | 10,905 | 997,808 | ||||||
Retail - Restaurants — 1.4% | ||||||||
Chipotle Mexican Grill, Inc.†# | 8,181 | 4,285,698 | ||||||
McDonald’s Corp. | 5,854 | 570,004 | ||||||
Starbucks Corp. | 95,969 | 7,817,635 | ||||||
12,673,337 | ||||||||
Retail - Vitamins & Nutrition Supplements — 0.4% | ||||||||
GNC Holdings, Inc., Class A | 65,857 | 3,963,274 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits — 2.6% |
| |||||||
Analog Devices, Inc. | 4,973 | $ | 239,798 | |||||
Linear Technology Corp.# | 134,670 | 5,730,209 | ||||||
QUALCOMM, Inc. | 237,645 | 17,485,919 | ||||||
23,455,926 | ||||||||
Semiconductor Equipment — 0.2% | ||||||||
ASML Holding NV# (NY Registered Shares) | 8,540 | 797,465 | ||||||
ASML Holding NV (Euronext Amsterdam) | 8,538 | 799,047 | ||||||
1,596,512 | ||||||||
Software Tools — 0.4% | ||||||||
VMware, Inc., Class A†# | 39,583 | 3,191,577 | ||||||
Telecom Equipment - Fiber Optics — 0.3% | ||||||||
Ciena Corp.†# | 126,961 | 2,819,804 | ||||||
Telecom Services — 0.1% | ||||||||
NeuStar, Inc., Class A† | 26,927 | 1,312,691 | ||||||
Telephone - Integrated — 0.2% | ||||||||
Verizon Communications, Inc. | 42,420 | 2,104,880 | ||||||
Television — 0.6% | ||||||||
CBS Corp., Class B | 97,849 | 5,730,037 | ||||||
Textile - Home Furnishings — 0.6% | ||||||||
Mohawk Industries, Inc.† | 38,087 | 5,332,942 | ||||||
Theaters — 0.1% | ||||||||
Regal Entertainment Group, Class A# | 45,322 | 882,873 | ||||||
Therapeutics — 0.0% | ||||||||
Questcor Pharmaceuticals, Inc.# | 3,570 | 207,096 | ||||||
Tobacco — 1.8% | ||||||||
Altria Group, Inc.# | 58,763 | 2,173,056 | ||||||
Philip Morris International, Inc. | 165,946 | 14,195,021 | ||||||
16,368,077 | ||||||||
Tools - Hand Held — 0.2% | ||||||||
Snap-on, Inc. | 13,329 | 1,414,873 | ||||||
Toys — 0.3% | ||||||||
Hasbro, Inc.# | 12,461 | 670,651 | ||||||
Mattel, Inc. | 38,007 | 1,758,584 | ||||||
2,429,235 | ||||||||
Transport - Rail — 1.2% | ||||||||
Canadian Pacific Railway, Ltd. | 9,142 | 1,393,464 | ||||||
Union Pacific Corp. | 57,129 | 9,257,183 | ||||||
10,650,647 | ||||||||
Transport - Services — 1.2% | ||||||||
FedEx Corp. | 11,953 | 1,657,881 | ||||||
United Parcel Service, Inc., Class B | 92,550 | 9,475,269 | ||||||
11,133,150 | ||||||||
Vitamins & Nutrition Products — 0.8% | ||||||||
Mead Johnson Nutrition Co. | 74,681 | 6,311,291 | ||||||
USANA Health Sciences, Inc.†# | 16,764 | 1,225,616 | ||||||
7,536,907 | ||||||||
Web Hosting/Design — 0.1% | ||||||||
Equinix, Inc.†# | 5,960 | 957,772 | ||||||
Web Portals/ISP — 4.1% | ||||||||
Google, Inc., Class A† | 34,800 | 36,873,732 | ||||||
Total Common Stocks | ||||||||
(cost $690,133,889) | 876,356,179 | |||||||
98
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
EXCHANGE-TRADED FUNDS — 0.8% | ||||||||
iShares Russell 1000 Growth Index Fund# | 92,750 | $ | 7,780,798 | |||||
PREFERRED SECURITIES — 0.1% | ||||||||
Banks - Commercial — 0.1% | ||||||||
Itau Unibanco Holding SA ADR | 71,560 | 1,006,849 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $698,914,330) | 885,143,826 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.2% |
| |||||||
Registered Investment Companies — 7.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 63,337,380 | 63,337,380 | ||||||
Time Deposits — 2.2% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 | $ | 19,508,000 | 19,508,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $82,845,380) | 82,845,380 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $781,759,710)(2) | 107.1 | % | 967,989,206 | |||||
Liabilities in excess of other assets | (7.1 | ) | (64,306,672 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 903,682,534 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2013, the Fund had loaned securities with a total value of $65,252,422. This was secured by collateral of $63,337,380, which was received in cash and subsequently invested in short-term investments currently value at $63,337,380 as reported in the portfolio of investments. The remaining collateral of $3,349,364 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||||
Fed. National Mtg. Assoc. | 3.00% to 4.00% | 10/25/2029 to 02/25/2042 | $ | 2,627,105 | ||||
United States Treasury Notes/Bonds | 0.13% to 5.38% | 07/15/2014 to 02/15/2031 | 722,259 |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
Euronext Amsterdam—Euronext Stock Exchange, Amsterdam
GDR—Global Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Medical-Biomedical/Gene | $ | 45,379,610 | $ | — | $ | — | $ | 45,379,610 | ||||||||
Other Industries* | 830,976,569 | — | — | 830,976,569 | ||||||||||||
Exchange-Traded Funds | 7,780,798 | — | — | 7,780,798 | ||||||||||||
Preferred Securities | 1,006,849 | — | — | 1,006,849 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 63,337,380 | — | — | 63,337,380 | ||||||||||||
Time Deposits | — | 19,508,000 | — | 19,508,000 | ||||||||||||
Total | $ | 948,481,206 | $ | 19,508,000 | $ | — | $ | 967,989,206 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $30,264,605 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
99
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Medical — Drugs | 6.2 | % | ||
Diversified Banking Institutions | 4.5 | |||
Registered Investment Companies | 4.4 | |||
Oil Companies — Integrated | 4.2 | |||
Banks — Super Regional | 3.3 | |||
Computers | 3.2 | |||
Medical — Biomedical/Gene | 3.1 | |||
Transport — Rail | 2.6 | |||
Web Portals/ISP | 2.4 | |||
Insurance — Multi-line | 2.4 | |||
Applications Software | 2.4 | |||
Electric — Integrated | 2.3 | |||
Beverages — Non-alcoholic | 2.2 | |||
Cable/Satellite TV | 2.1 | |||
Retail — Building Products | 2.0 | |||
Food — Misc./Diversified | 2.0 | |||
Real Estate Investment Trusts | 2.0 | |||
Instruments — Controls | 1.7 | |||
Oil — Field Services | 1.6 | |||
Multimedia | 1.6 | |||
Oil Companies — Exploration & Production | 1.6 | |||
Aerospace/Defense — Equipment | 1.6 | |||
Cosmetics & Toiletries | 1.6 | |||
Medical — HMO | 1.5 | |||
Tobacco | 1.4 | |||
Telephone — Integrated | 1.4 | |||
Enterprise Software/Service | 1.4 | |||
E-Commerce/Products | 1.4 | |||
Oil Refining & Marketing | 1.3 | |||
Networking Products | 1.2 | |||
Diversified Manufacturing Operations | 1.2 | |||
Computer Services | 1.2 | |||
Retail — Discount | 1.1 | |||
Insurance — Reinsurance | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.1 | |||
Electric Products — Misc. | 1.0 | |||
Electronic Components — Semiconductors | 1.0 | |||
Engineering/R&D Services | 1.0 | |||
Retail — Drug Store | 1.0 | |||
Gas — Distribution | 1.0 | |||
Semiconductor Equipment | 0.9 | |||
Retail — Major Department Stores | 0.9 | |||
Apparel Manufacturers | 0.9 | |||
Auto — Cars/Light Trucks | 0.9 | |||
Oil & Gas Drilling | 0.8 | |||
Medical Products | 0.8 | |||
Finance — Credit Card | 0.8 | |||
Finance — Other Services | 0.8 | |||
Auto — Heavy Duty Trucks | 0.8 | |||
Chemicals — Diversified | 0.7 | |||
Electronic Forms | 0.6 | |||
Banks — Fiduciary | 0.6 | |||
Agricultural Operations | 0.6 | |||
Retail — Restaurants | 0.6 | |||
Retail — Auto Parts | 0.6 | |||
Investment Management/Advisor Services | 0.5 | |||
Television | 0.5 | |||
Agricultural Chemicals | 0.5 | |||
Commercial Services — Finance | 0.5 | |||
Computers — Memory Devices | 0.5 | |||
Time Deposits | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.4 | |||
Building Products — Wood | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Metal — Aluminum | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Metal — Copper | 0.4 | |||
Hotels/Motels | 0.3 | |||
Industrial Gases | 0.3 |
Cruise Lines | 0.3 | |||
Airlines | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Retail — Regional Department Stores | 0.3 | |||
Insurance Brokers | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
Food — Retail | 0.2 | |||
Machinery — Farming | 0.2 | |||
Steel — Producers | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Machinery — Construction & Mining | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Paper & Related Products | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Retail — Apparel/Shoe | 0.1 | |||
Medical Instruments | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Software Tools | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Banks — Commercial | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Pipelines | 0.1 | |||
Data Processing/Management | 0.1 | |||
Advertising Agencies | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
104.3 | % | |||
* | Calculated as a percentage of net assets |
100
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.4% | ||||||||
Advertising Agencies — 0.1% | ||||||||
Omnicom Group, Inc. | 800 | $ | 57,160 | |||||
Aerospace/Defense — 0.4% | ||||||||
General Dynamics Corp. | 4,300 | 394,138 | ||||||
Aerospace/Defense - Equipment — 1.6% | ||||||||
United Technologies Corp.# | 15,400 | 1,707,244 | ||||||
Agricultural Chemicals — 0.5% | ||||||||
Monsanto Co. | 4,268 | 483,692 | ||||||
Mosaic Co. | 1,800 | 86,220 | ||||||
569,912 | ||||||||
Agricultural Operations — 0.6% | ||||||||
Archer-Daniels-Midland Co. | 16,100 | 648,025 | ||||||
Airlines — 0.3% | ||||||||
Delta Air Lines, Inc.# | 7,500 | 217,350 | ||||||
Southwest Airlines Co. | 6,500 | 120,835 | ||||||
338,185 | ||||||||
Apparel Manufacturers — 0.9% | ||||||||
VF Corp. | 4,000 | 938,320 | ||||||
Applications Software — 2.4% | ||||||||
Citrix Systems, Inc.† | 4,800 | 284,736 | ||||||
Microsoft Corp. | 58,700 | 2,238,231 | ||||||
2,522,967 | ||||||||
Auto - Cars/Light Trucks — 0.9% | ||||||||
General Motors Co.† | 23,600 | 914,028 | ||||||
Auto - Heavy Duty Trucks — 0.8% | ||||||||
PACCAR, Inc. | 14,200 | 813,802 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% | ||||||||
Johnson Controls, Inc. | 5,700 | 287,907 | ||||||
Banks - Commercial — 0.1% | ||||||||
Cullen/Frost Bankers, Inc. | 700 | 50,274 | ||||||
SVB Financial Group† | 500 | 50,620 | ||||||
100,894 | ||||||||
Banks - Fiduciary — 0.6% | ||||||||
Bank of New York Mellon Corp. | 200 | 6,740 | ||||||
State Street Corp. | 9,100 | 660,751 | ||||||
667,491 | ||||||||
Banks - Super Regional — 3.3% | ||||||||
Capital One Financial Corp. | 8,500 | 608,855 | ||||||
Comerica, Inc. | 4,600 | 208,610 | ||||||
PNC Financial Services Group, Inc. | 3,400 | 261,630 | ||||||
Wells Fargo & Co. | 56,100 | 2,469,522 | ||||||
3,548,617 | ||||||||
Beverages - Non-alcoholic — 2.2% | ||||||||
Coca-Cola Co. | 19,500 | 783,705 | ||||||
Dr Pepper Snapple Group, Inc. | 8,800 | 424,688 | ||||||
PepsiCo, Inc. | 13,600 | 1,148,656 | ||||||
2,357,049 | ||||||||
Beverages - Wine/Spirits — 0.1% | ||||||||
Constellation Brands, Inc., Class A† | 1,900 | 133,779 | ||||||
Building Products - Wood — 0.4% | ||||||||
Masco Corp. | 20,100 | 450,642 | ||||||
Building - Residential/Commercial — 0.3% | ||||||||
Lennar Corp., Class A | 1,000 | 35,760 | ||||||
PulteGroup, Inc.# | 12,400 | 232,624 |
Security Description | Shares | Value (Note 2) | ||||||
Building - Residential/Commercial (continued) |
| |||||||
Toll Brothers, Inc.† | 1,600 | $ | 54,560 | |||||
322,944 | ||||||||
Cable/Satellite TV — 2.1% | ||||||||
Comcast Corp., Class A# | 30,200 | 1,506,074 | ||||||
DISH Network Corp., Class A | 4,100 | 222,056 | ||||||
Time Warner Cable, Inc. | 3,600 | 497,592 | ||||||
2,225,722 | ||||||||
Chemicals - Diversified — 0.7% | ||||||||
Axiall Corp. | 3,900 | 176,670 | ||||||
Dow Chemical Co. | 12,600 | 492,156 | ||||||
E.I. du Pont de Nemours & Co.# | 900 | 55,242 | ||||||
724,068 | ||||||||
Commercial Services - Finance — 0.5% | ||||||||
Alliance Data Systems Corp.†# | 700 | 169,582 | ||||||
MasterCard, Inc., Class A | 500 | 380,405 | ||||||
549,987 | ||||||||
Computer Services — 1.2% | ||||||||
Cognizant Technology Solutions Corp., Class A† | 7,100 | 666,619 | ||||||
International Business Machines Corp. | 3,200 | 574,976 | ||||||
1,241,595 | ||||||||
Computers — 3.2% | ||||||||
Apple, Inc. | 5,500 | 3,058,385 | ||||||
Hewlett-Packard Co.# | 13,500 | 369,225 | ||||||
3,427,610 | ||||||||
Computers - Memory Devices — 0.5% | ||||||||
EMC Corp. | 13,200 | 314,820 | ||||||
NetApp, Inc.# | 2,300 | 94,875 | ||||||
SanDisk Corp. | 1,500 | 102,225 | ||||||
511,920 | ||||||||
Consumer Products - Misc. — 0.2% | ||||||||
Kimberly-Clark Corp. | 1,700 | 185,572 | ||||||
Containers - Metal/Glass — 0.3% | ||||||||
Crown Holdings, Inc.† | 6,600 | 291,324 | ||||||
Cosmetics & Toiletries — 1.6% | ||||||||
Procter & Gamble Co. | 20,200 | 1,701,244 | ||||||
Cruise Lines — 0.3% | ||||||||
Royal Caribbean Cruises, Ltd. | 8,000 | 352,400 | ||||||
Data Processing/Management — 0.1% | ||||||||
Fidelity National Information Services, Inc. | 1,800 | 91,224 | ||||||
Distribution/Wholesale — 0.3% | ||||||||
WW Grainger, Inc. | 1,300 | 335,296 | ||||||
Diversified Banking Institutions — 4.5% | ||||||||
Bank of America Corp. | 100,100 | 1,583,582 | ||||||
Citigroup, Inc. | 32,400 | 1,714,608 | ||||||
Goldman Sachs Group, Inc. | 4,500 | 760,230 | ||||||
Morgan Stanley | 23,100 | 723,030 | ||||||
4,781,450 | ||||||||
Diversified Manufacturing Operations — 1.2% | ||||||||
Eaton Corp. PLC | 1,500 | 108,990 | ||||||
General Electric Co. | 35,200 | 938,432 | ||||||
SPX Corp. | 2,500 | 236,600 | ||||||
1,284,022 | ||||||||
E-Commerce/Products — 1.4% | ||||||||
Amazon.com, Inc.† | 2,500 | 984,050 |
101
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
E-Commerce/Products (continued) |
| |||||||
eBay, Inc.† | 9,500 | $ | 479,940 | |||||
1,463,990 | ||||||||
E-Commerce/Services — 0.4% | ||||||||
priceline.com, Inc.† | 365 | 435,201 | ||||||
Electric Products - Misc. — 1.0% | ||||||||
Emerson Electric Co. | 16,600 | 1,112,034 | ||||||
Electric - Integrated — 2.3% | ||||||||
American Electric Power Co., Inc. | 7,800 | 367,068 | ||||||
CMS Energy Corp. | 12,400 | 329,096 | ||||||
DTE Energy Co. | 1,000 | 66,740 | ||||||
Edison International# | 10,800 | 499,068 | ||||||
National Fuel Gas Co. | 700 | 47,236 | ||||||
NextEra Energy, Inc. | 10,099 | 854,274 | ||||||
SCANA Corp. | 600 | 28,302 | ||||||
Xcel Energy, Inc. | 8,000 | 224,160 | ||||||
2,415,944 | ||||||||
Electronic Components - Misc. — 0.2% | ||||||||
TE Connectivity, Ltd. | 3,500 | 184,520 | ||||||
Electronic Components - Semiconductors — 1.0% | ||||||||
Avago Technologies, Ltd. | 8,600 | 384,678 | ||||||
Broadcom Corp., Class A | 2,000 | 53,380 | ||||||
Xilinx, Inc. | 15,100 | 670,893 | ||||||
1,108,951 | ||||||||
Electronic Forms — 0.6% | ||||||||
Adobe Systems, Inc.†# | 11,800 | 670,004 | ||||||
Electronic Security Devices — 0.1% | ||||||||
Tyco International, Ltd. | 2,600 | 99,164 | ||||||
Engineering/R&D Services — 1.0% | ||||||||
Fluor Corp.# | 14,200 | 1,104,902 | ||||||
Enterprise Software/Service — 1.4% | ||||||||
CA, Inc. | 2,200 | 72,600 | ||||||
Oracle Corp.# | 40,300 | 1,422,187 | ||||||
1,494,787 | ||||||||
Finance - Consumer Loans — 0.0% | ||||||||
SLM Corp. | 1,600 | 42,640 | ||||||
Finance - Credit Card — 0.8% | ||||||||
Visa, Inc., Class A# | 4,300 | 874,878 | ||||||
Finance - Investment Banker/Broker — 0.1% | ||||||||
TD Ameritrade Holding Corp. | 3,600 | 103,608 | ||||||
Finance - Other Services — 0.8% | ||||||||
IntercontinentalExchange Group, Inc. | 4,073 | 868,730 | ||||||
Food - Misc./Diversified — 2.0% | ||||||||
General Mills, Inc. | 18,000 | 907,740 | ||||||
Kellogg Co. | 5,900 | 357,776 | ||||||
Mondelez International, Inc., Class A | 26,100 | 875,133 | ||||||
2,140,649 | ||||||||
Food - Retail — 0.2% | ||||||||
Kroger Co. | 5,600 | 233,800 | ||||||
Gas - Distribution — 1.0% | ||||||||
NiSource, Inc. | 13,300 | 420,546 | ||||||
Questar Corp. | 7,300 | 164,396 | ||||||
Sempra Energy | 5,100 | 451,044 | ||||||
1,035,986 | ||||||||
Hotels/Motels — 0.3% | ||||||||
Marriott International, Inc., Class A | 1,400 | 65,828 |
Security Description | Shares | Value (Note 2) | ||||||
Hotels/Motels (continued) |
| |||||||
Starwood Hotels & Resorts Worldwide, Inc.# | 4,000 | $ | 297,920 | |||||
363,748 | ||||||||
Industrial Gases — 0.3% | ||||||||
Air Products & Chemicals, Inc. | 3,250 | 353,698 | ||||||
Instruments - Controls — 1.7% | ||||||||
Honeywell International, Inc. | 15,800 | 1,398,458 | ||||||
Mettler-Toledo International, Inc.† | 1,600 | 394,512 | ||||||
1,792,970 | ||||||||
Instruments - Scientific — 0.1% | ||||||||
Thermo Fisher Scientific, Inc. | 1,400 | 141,190 | ||||||
Insurance Brokers — 0.3% | ||||||||
Marsh & McLennan Cos., Inc. | 6,600 | 313,170 | ||||||
Insurance - Life/Health — 0.3% | ||||||||
Aflac, Inc. | 600 | 39,822 | ||||||
Prudential Financial, Inc. | 2,600 | 230,776 | ||||||
270,598 | ||||||||
Insurance - Multi-line — 2.4% | ||||||||
ACE, Ltd. | 12,400 | 1,274,472 | ||||||
Hartford Financial Services Group, Inc.# | 4,800 | 171,024 | ||||||
MetLife, Inc. | 18,800 | 981,172 | ||||||
XL Group PLC | 3,300 | 105,567 | ||||||
2,532,235 | ||||||||
Insurance - Reinsurance — 1.1% | ||||||||
Axis Capital Holdings, Ltd. | 100 | 4,913 | ||||||
Berkshire Hathaway, Inc., Class B† | 8,000 | 932,240 | ||||||
Everest Re Group, Ltd. | 400 | 62,732 | ||||||
RenaissanceRe Holdings, Ltd. | 2,000 | 189,400 | ||||||
1,189,285 | ||||||||
Internet Content - Information/News — 0.0% | ||||||||
LinkedIn Corp., Class A† | 200 | 44,806 | ||||||
Investment Management/Advisor Services — 0.5% | ||||||||
Invesco, Ltd. | 16,800 | 585,480 | ||||||
Machinery - Construction & Mining — 0.1% | ||||||||
Caterpillar, Inc. | 1,800 | 152,280 | ||||||
Machinery - Farming — 0.2% | ||||||||
Deere & Co.# | 2,600 | 219,024 | ||||||
Medical Instruments — 0.1% | ||||||||
Intuitive Surgical, Inc.†# | 300 | 113,070 | ||||||
Medical Products — 0.8% | ||||||||
Baxter International, Inc.# | 7,000 | 479,150 | ||||||
Stryker Corp.# | 5,600 | 416,752 | ||||||
895,902 | ||||||||
Medical - Biomedical/Gene — 3.1% | ||||||||
Alexion Pharmaceuticals, Inc.† | 2,900 | 361,050 | ||||||
Biogen Idec, Inc.† | 4,000 | 1,163,880 | ||||||
Celgene Corp.† | 8,500 | 1,375,045 | ||||||
Gilead Sciences, Inc.†# | 3,200 | 239,392 | ||||||
Vertex Pharmaceuticals, Inc.† | 3,100 | 215,202 | ||||||
3,354,569 | ||||||||
Medical - Drugs — 6.2% | ||||||||
Abbott Laboratories# | 13,200 | 504,108 | ||||||
Allergan, Inc. | 5,300 | 514,365 | ||||||
Bristol-Myers Squibb Co. | 30,400 | 1,561,952 | ||||||
Johnson & Johnson | 29,900 | 2,830,334 | ||||||
Merck & Co., Inc. | 13,100 | 652,773 |
102
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs (continued) |
| |||||||
Pfizer, Inc. | 9,300 | $ | 295,089 | |||||
Valeant Pharmaceuticals International, Inc.† | 2,400 | 263,112 | ||||||
6,621,733 | ||||||||
Medical - Generic Drugs — 0.3% | ||||||||
Actavis PLC† | 1,700 | 277,219 | ||||||
Medical - HMO — 1.5% | ||||||||
Humana, Inc. | 6,100 | 634,339 | ||||||
UnitedHealth Group, Inc. | 12,800 | 953,344 | ||||||
1,587,683 | ||||||||
Medical - Wholesale Drug Distribution — 0.4% | ||||||||
McKesson Corp. | 2,900 | 481,081 | ||||||
Metal - Aluminum — 0.4% | ||||||||
Alcoa, Inc. | 41,200 | 395,932 | ||||||
Metal - Copper — 0.4% | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 11,300 | 391,997 | ||||||
Multimedia — 1.6% | ||||||||
Time Warner, Inc. | 21,000 | 1,379,910 | ||||||
Walt Disney Co. | 5,300 | 373,862 | ||||||
1,753,772 | ||||||||
Networking Products — 1.2% | ||||||||
Cisco Systems, Inc. | 62,400 | 1,326,000 | ||||||
Office Automation & Equipment — 0.1% | ||||||||
Xerox Corp. | 4,900 | 55,762 | ||||||
Oil & Gas Drilling — 0.8% | ||||||||
Ensco PLC, Class A# | 11,000 | 649,880 | ||||||
Noble Corp. PLC | 6,700 | 255,404 | ||||||
905,284 | ||||||||
Oil Companies - Exploration & Production — 1.6% | ||||||||
Anadarko Petroleum Corp. | 7,300 | 648,386 | ||||||
EOG Resources, Inc. | 1,300 | 214,500 | ||||||
Occidental Petroleum Corp. | 8,400 | 797,664 | ||||||
Range Resources Corp. | 1,100 | 85,415 | ||||||
1,745,965 | ||||||||
Oil Companies - Integrated — 4.2% | ||||||||
Chevron Corp. | 16,100 | 1,971,284 | ||||||
Exxon Mobil Corp. | 22,200 | 2,075,256 | ||||||
Marathon Oil Corp. | 9,100 | 327,964 | ||||||
Phillips 66 | 2,000 | 139,220 | ||||||
4,513,724 | ||||||||
Oil Field Machinery & Equipment — 0.1% | ||||||||
Cameron International Corp.† | 2,000 | 110,780 | ||||||
Oil Refining & Marketing — 1.3% | ||||||||
Cheniere Energy, Inc.† | 3,000 | 118,770 | ||||||
Marathon Petroleum Corp. | 9,400 | 777,756 | ||||||
Valero Energy Corp. | 10,000 | 457,200 | ||||||
1,353,726 | ||||||||
Oil - Field Services — 1.6% | ||||||||
Baker Hughes, Inc.# | 1,900 | 108,224 | ||||||
Halliburton Co. | 4,100 | 215,988 | ||||||
Schlumberger, Ltd. | 16,200 | 1,432,404 | ||||||
1,756,616 | ||||||||
Paper & Related Products — 0.1% | ||||||||
International Paper Co. | 2,900 | 135,285 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Pipelines — 0.1% | ||||||||
Williams Cos., Inc. | 2,700 | $ | 95,094 | |||||
Real Estate Investment Trusts — 2.0% | ||||||||
American Campus Communities, Inc. | 2,100 | 68,103 | ||||||
American Tower Corp. | 400 | 31,108 | ||||||
Apartment Investment & Management Co., Class A | 1,500 | 37,665 | ||||||
AvalonBay Communities, Inc. | 1,300 | 154,128 | ||||||
Boston Properties, Inc. | 900 | 89,541 | ||||||
Brandywine Realty Trust | 7,000 | 92,960 | ||||||
Camden Property Trust | 1,500 | 86,880 | ||||||
CBL & Associates Properties, Inc. | 10,300 | 186,018 | ||||||
Digital Realty Trust, Inc. | 1,600 | 75,584 | ||||||
Excel Trust, Inc. | 2,300 | 26,956 | ||||||
HCP, Inc. | 5,300 | 194,881 | ||||||
Highwoods Properties, Inc. | 3,600 | 129,312 | ||||||
Host Hotels & Resorts, Inc. | 2,000 | 36,820 | ||||||
Kimco Realty Corp. | 6,900 | 142,278 | ||||||
Post Properties, Inc. | 1,500 | 64,290 | ||||||
Prologis, Inc. | 500 | 18,965 | ||||||
Simon Property Group, Inc. | 2,800 | 419,580 | ||||||
Ventas, Inc. | 4,500 | 255,735 | ||||||
2,110,804 | ||||||||
Retail - Apparel/Shoe — 0.1% | ||||||||
Gap, Inc. | 900 | 36,873 | ||||||
Lululemon Athletica, Inc.†# | 1,300 | 90,636 | ||||||
127,509 | ||||||||
Retail - Auto Parts — 0.6% | ||||||||
AutoZone, Inc.† | 1,300 | 600,080 | ||||||
Retail - Building Products — 2.0% | ||||||||
Home Depot, Inc. | 16,900 | 1,363,323 | ||||||
Lowe’s Cos., Inc.# | 17,400 | 826,152 | ||||||
2,189,475 | ||||||||
Retail - Discount — 1.1% | ||||||||
Costco Wholesale Corp. | 3,300 | 413,919 | ||||||
Target Corp.# | 7,500 | 479,475 | ||||||
Wal-Mart Stores, Inc.# | 4,200 | 340,242 | ||||||
1,233,636 | ||||||||
Retail - Drug Store — 1.0% | ||||||||
CVS Caremark Corp. | 16,300 | 1,091,448 | ||||||
Retail - Major Department Stores — 0.9% | ||||||||
Nordstrom, Inc.# | 2,900 | 180,409 | ||||||
TJX Cos., Inc. | 12,100 | 760,848 | ||||||
941,257 | ||||||||
Retail - Regional Department Stores — 0.3% | ||||||||
Macy’s, Inc. | 6,000 | 319,560 | ||||||
Retail - Restaurants — 0.6% | ||||||||
McDonald’s Corp.# | 800 | 77,896 | ||||||
Starbucks Corp. | 3,700 | 301,402 | ||||||
Yum! Brands, Inc. | 3,300 | 256,344 | ||||||
635,642 | ||||||||
Semiconductor Components - Integrated Circuits — 1.1% | ||||||||
QUALCOMM, Inc. | 15,900 | 1,169,922 | ||||||
Semiconductor Equipment — 0.9% | ||||||||
Applied Materials, Inc.# | 26,800 | 463,640 | ||||||
KLA-Tencor Corp. | 4,100 | 261,867 | ||||||
Lam Research Corp.†# | 4,600 | 239,706 | ||||||
Teradyne, Inc.† | 3,200 | 54,496 | ||||||
1,019,709 | ||||||||
103
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Software Tools — 0.1% | ||||||||
VMware, Inc., Class A†# | 1,300 | $ | 104,819 | |||||
Steel-Producers — 0.2% | ||||||||
United States Steel Corp. | 7,300 | 195,713 | ||||||
Telecom Equipment - Fiber Optics — 0.2% | ||||||||
Corning, Inc.# | 9,600 | 163,968 | ||||||
Telephone - Integrated — 1.4% | ||||||||
AT&T, Inc.# | 5,300 | 186,613 | ||||||
Verizon Communications, Inc. | 26,900 | 1,334,778 | ||||||
1,521,391 | ||||||||
Television — 0.5% | ||||||||
CBS Corp., Class B | 9,900 | 579,744 | ||||||
Tobacco — 1.4% | ||||||||
Philip Morris International, Inc. | 17,800 | 1,522,612 | ||||||
Transport - Rail — 2.6% | ||||||||
CSX Corp.# | 45,400 | 1,238,058 | ||||||
Norfolk Southern Corp. | 2,100 | 184,149 | ||||||
Union Pacific Corp.# | 8,500 | 1,377,340 | ||||||
2,799,547 | ||||||||
Web Portals/ISP — 2.4% | ||||||||
Google, Inc., Class A† | 2,400 | 2,543,016 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $99,144,515) | 106,565,856 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.9% |
| |||||||
Registered Investment Companies — 4.4% | ||||||||
State Street Navigator Securities Lending Prime | 4,735,624 | 4,735,624 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Time Deposits — 0.5% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 | $ | 502,000 | $ | 502,000 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $5,237,624) | 5,237,624 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $104,382,139)(2) | 104.3 | % | 111,803,480 | |||||
Liabilities in excess of other assets | (4.3 | ) | (4,608,269 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 107,195,211 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | At November 30, 2013, the Fund had loaned securities with a total value of $4,713,892. This was secured by collateral of $4,735,624, which was received in cash and subsequently invested in short-term investments currently valued at $4,735,624 as reported in the portfolio of investments. Additional collateral of $109,638 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal National Mtg. Assoc. | 3.00% to 4.00% | 10/25/2029 to 05/25/2042 | $109,638 |
(2) | 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, 2013 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
5 | Long | S&P 500 E-Mini Index | December 2013 | $ | 442,297 | $ | 451,025 | $ | 8,728 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Medical - Drugs | $ | 6,621,733 | $ | — | $ | — | $ | 6,621,733 | ||||||||
Other Industries* | 99,944,123 | — | — | 99,944,123 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 4,735,624 | — | — | 4,735,624 | ||||||||||||
Time Deposits | — | 502,000 | — | 502,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Appreciation | 8,728 | — | — | 8,728 | ||||||||||||
Total | $ | 111,310,208 | $ | 502,000 | $ | — | $ | 111,812,208 | ||||||||
* | 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 securities 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
104
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 30.2 | % | ||
Medical — Drugs | 17.0 | |||
Medical — HMO | 10.1 | |||
Medical Products | 6.4 | |||
Therapeutics | 5.9 | |||
Medical — Wholesale Drug Distribution | 3.7 | |||
Registered Investment Companies | 3.2 | |||
Medical — Hospitals | 2.6 | |||
Medical Instruments | 2.5 | |||
Electronic Measurement Instruments | 2.1 | |||
Medical — Generic Drugs | 2.0 | |||
Instruments — Scientific | 1.9 | |||
Pharmacy Services | 1.8 | |||
Medical Labs & Testing Services | 1.6 | |||
Medical Information Systems | 1.0 | |||
Medical — Outpatient/Home Medical | 0.9 | |||
Dental Supplies & Equipment | 0.9 | |||
Diagnostic Kits | 0.8 | |||
Consulting Services | 0.7 | |||
Physicians Practice Management | 0.7 | |||
Retail — Drug Store | 0.6 | |||
Commercial Services | 0.5 | |||
Patient Monitoring Equipment | 0.4 | |||
Heart Monitors | 0.3 | |||
Disposable Medical Products | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Instruments — Controls | 0.2 | |||
Human Resources | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Insurance Brokers | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Agricultural Chemicals | 0.1 | |||
Medical Laser Systems | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Dialysis Centers | 0.1 | |||
Decision Support Software | 0.1 | |||
Enterprise Software/Service | 0.1 | |||
100.2 | % | |||
* | Calculated as a percentage of net assets |
105
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.9% |
| |||||||
Agricultural Chemicals — 0.1% |
| |||||||
Monsanto Co. | 6,600 | $ | 747,978 | |||||
Commercial Services — 0.5% |
| |||||||
HMS Holdings Corp.† | 117,500 | 2,691,925 | ||||||
Consulting Services — 0.7% |
| |||||||
Advisory Board Co.† | 60,400 | 3,909,088 | ||||||
Dental Supplies & Equipment — 0.9% |
| |||||||
DENTSPLY International, Inc. | 94,800 | 4,508,688 | ||||||
Diagnostic Equipment — 0.2% |
| |||||||
GenMark Diagnostics, Inc.† | 61,500 | 731,850 | ||||||
Oxford Immunotec Global PLC† | 20,500 | 324,720 | ||||||
1,056,570 | ||||||||
Diagnostic Kits — 0.8% |
| |||||||
IDEXX Laboratories, Inc.† | 37,800 | 3,937,248 | ||||||
Meridian Bioscience, Inc. | 3,700 | 90,946 | ||||||
4,028,194 | ||||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita HealthCare Partners, Inc.† | 6,400 | 381,120 | ||||||
Disposable Medical Products — 0.3% |
| |||||||
Shandong Weigao Group Medical Polymer Co., Ltd. | 1,028,000 | 1,405,558 | ||||||
Utah Medical Products, Inc. | 2,300 | 122,383 | ||||||
1,527,941 | ||||||||
Distribution/Wholesale — 0.3% |
| |||||||
MWI Veterinary Supply, Inc.† | 7,400 | 1,348,058 | ||||||
Drug Delivery Systems — 0.1% |
| |||||||
Depomed, Inc.† | 32,600 | 287,532 | ||||||
Nektar Therapeutics† | 24,800 | 311,488 | ||||||
599,020 | ||||||||
Electronic Measurement Instruments — 2.1% |
| |||||||
Agilent Technologies, Inc. | 205,200 | 10,992,564 | ||||||
Enterprise Software/Service — 0.1% |
| |||||||
Veeva Systems, Inc., Class A† | 6,700 | 271,283 | ||||||
Hazardous Waste Disposal — 0.2% |
| |||||||
Stericycle, Inc.† | 7,300 | 857,604 | ||||||
Heart Monitors — 0.3% |
| |||||||
HeartWare International, Inc.† | 15,625 | 1,506,250 | ||||||
Human Resources — 0.2% |
| |||||||
Team Health Holdings, Inc.† | 23,100 | 1,079,463 | ||||||
Instruments - Controls — 0.2% |
| |||||||
Mettler-Toledo International, Inc.† | 5,000 | 1,232,850 | ||||||
Instruments - Scientific — 1.9% |
| |||||||
FEI Co. | 42,900 | 3,906,045 | ||||||
Thermo Fisher Scientific, Inc. | 60,000 | 6,051,000 | ||||||
9,957,045 | ||||||||
Insurance Brokers — 0.2% | ||||||||
eHealth, Inc.† | 19,000 | 860,890 | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
Odontoprev SA | 159,400 | 648,217 | ||||||
Medical Information Systems — 1.0% |
| |||||||
athenahealth, Inc.† | 29,000 | 3,803,930 | ||||||
Cerner Corp.† | 28,900 | 1,660,883 | ||||||
5,464,813 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Instruments — 2.5% |
| |||||||
ArthroCare Corp.† | 13,687 | $ | 516,274 | |||||
Bruker Corp.† | 79,800 | 1,543,332 | ||||||
Intuitive Surgical, Inc.† | 11,160 | 4,206,204 | ||||||
St Jude Medical, Inc. | 43,400 | 2,535,428 | ||||||
Thoratec Corp.† | 50,000 | 1,968,500 | ||||||
Urologix, Inc.† | 52,400 | 10,349 | ||||||
Volcano Corp.† | 94,400 | 2,149,488 | ||||||
12,929,575 | ||||||||
Medical Labs & Testing Services — 1.6% |
| |||||||
Covance, Inc.† | 38,300 | 3,231,754 | ||||||
Laboratory Corp. of America Holdings† | 40,100 | 4,084,185 | ||||||
Quest Diagnostics, Inc. | 20,100 | 1,224,894 | ||||||
8,540,833 | ||||||||
Medical Laser Systems — 0.1% |
| |||||||
Cynosure, Inc., Class A† | 16,600 | 429,774 | ||||||
LCA-Vision, Inc.† | 70,700 | 267,246 | ||||||
697,020 | ||||||||
Medical Products — 6.4% |
| |||||||
Aspen Pharmacare Holdings, Ltd. | 67,415 | 1,735,634 | ||||||
Becton Dickinson and Co. | 61,100 | 6,634,849 | ||||||
China Medical System Holdings, Ltd. | 1,940,500 | 1,802,171 | ||||||
Cooper Cos., Inc. | 28,100 | 3,701,894 | ||||||
Covidien PLC | 78,200 | 5,337,932 | ||||||
EnteroMedics, Inc.† | 105,150 | 139,850 | ||||||
Henry Schein, Inc.† | 43,600 | 4,970,400 | ||||||
Hospira, Inc.† | 11,800 | 463,858 | ||||||
NanoString Technologies, Inc.† | 26,600 | 314,146 | ||||||
Nobel Biocare Holding AG | 11,273 | 166,026 | ||||||
Sirona Dental Systems, Inc.† | 27,800 | 1,912,084 | ||||||
Sonova Holding AG | 8,308 | 1,157,593 | ||||||
Stryker Corp. | 35,100 | 2,612,142 | ||||||
Tornier NV† | 77,200 | 1,396,548 | ||||||
Wright Medical Group, Inc. CVR† | 14,500 | 5,510 | ||||||
Zimmer Holdings, Inc. | 14,100 | 1,288,881 | ||||||
33,639,518 | ||||||||
Medical - Biomedical/Gene — 30.2% |
| |||||||
Abcam PLC | 66,011 | 514,303 | ||||||
Acceleron Pharma, Inc.† | 12,200 | 265,594 | ||||||
Acorda Therapeutics, Inc.† | 10,075 | 350,711 | ||||||
Aegerion Pharmaceuticals, Inc.† | 92,500 | 6,561,025 | ||||||
Alexion Pharmaceuticals, Inc.† | 181,340 | 22,576,830 | ||||||
Alnylam Pharmaceuticals, Inc.† | 46,000 | 2,815,200 | ||||||
AMAG Pharmaceuticals, Inc.† | 35,900 | 880,627 | ||||||
Amgen, Inc. | 70,875 | 8,085,420 | ||||||
Biogen Idec, Inc.† | 59,600 | 17,341,812 | ||||||
Celgene Corp.† | 43,040 | 6,962,581 | ||||||
China Biologic Products, Inc.†(1)(3) | 5,300 | 156,827 | ||||||
Exelixis, Inc.† | 222,200 | 1,295,426 | ||||||
Gilead Sciences, Inc.† | 538,800 | 40,307,628 | ||||||
Illumina, Inc.† | 9,100 | 891,800 | ||||||
Incyte Corp., Ltd.† | 309,300 | 14,413,380 | ||||||
InterMune, Inc.† | 222,400 | 3,075,792 | ||||||
Intrexon Corp.† | 9,500 | 217,455 | ||||||
Lexicon Pharmaceuticals, Inc.† | 44,400 | 106,560 | ||||||
Medicines Co.† | 165,250 | 6,049,802 | ||||||
Momenta Pharmaceuticals, Inc.† | 27,300 | 485,667 | ||||||
Novavax, Inc.† | 201,700 | 750,324 | ||||||
Prothena Corp. PLC† | 34,287 | 967,922 | ||||||
Puma Biotechnology, Inc.† | 51,824 | 2,580,317 | ||||||
Regeneron Pharmaceuticals, Inc.† | 35,900 | 10,549,574 |
106
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Rigel Pharmaceuticals, Inc.† | 30,800 | $ | 81,928 | |||||
Seattle Genetics, Inc.† | 23,500 | 965,615 | ||||||
Sophiris Bio, Inc.†(OTC) | 71,200 | 305,448 | ||||||
Sophiris Bio, Inc.†(TSX) | 7,028 | 30,163 | ||||||
Stemline Therapeutics, Inc.† | 22,500 | 464,850 | ||||||
Sunesis Pharmaceuticals, Inc.† | 123,700 | 624,685 | ||||||
United Therapeutics Corp.† | 3,800 | 350,778 | ||||||
Vertex Pharmaceuticals, Inc.† | 103,394 | 7,177,611 | ||||||
Zeneca, Inc. CVR(1)(2)(3) | 23,110 | 13,866 | ||||||
158,217,521 | ||||||||
Medical - Drugs — 17.0% |
| |||||||
AbbVie, Inc. | 230,800 | 11,182,260 | ||||||
ACADIA Pharmaceuticals, Inc.† | 47,600 | 1,108,604 | ||||||
Alkermes PLC† | 208,800 | 8,431,344 | ||||||
Allergan, Inc. | 6,600 | 640,530 | ||||||
Array BioPharma, Inc.† | 422,800 | 2,418,416 | ||||||
Bayer AG | 17,365 | 2,316,573 | ||||||
Bayer AG ADR | 600 | 80,100 | ||||||
Bristol-Myers Squibb Co. | 118,700 | 6,098,806 | ||||||
Cadence Pharmaceuticals, Inc.† | 156,300 | 1,409,826 | ||||||
Chimerix, Inc.† | 23,100 | 370,062 | ||||||
Clovis Oncology, Inc.† | 18,400 | 1,109,152 | ||||||
Endocyte, Inc.† | 15,300 | 176,562 | ||||||
Forest Laboratories, Inc.† | 70,600 | 3,622,486 | ||||||
Idenix Pharmaceuticals, Inc.† | 210,900 | 1,132,533 | ||||||
Ironwood Pharmaceuticals, Inc.† | 23,900 | 272,938 | ||||||
Jazz Pharmaceuticals PLC† | 37,400 | 4,372,808 | ||||||
Mallinckrodt PLC† | 9,544 | 495,906 | ||||||
Merck & Co., Inc. | 52,400 | 2,611,092 | ||||||
Natco Pharma, Ltd. | 9,801 | 122,422 | ||||||
Novartis AG | 25,432 | 2,010,263 | ||||||
Ophthotech Corp.† | 19,400 | 548,050 | ||||||
Pacira Pharmaceuticals, Inc.† | 75,900 | 4,188,921 | ||||||
Pfizer, Inc. | 157,200 | 4,987,956 | ||||||
Roche Holding AG | 14,263 | 3,976,237 | ||||||
Shire PLC | 21,714 | 985,210 | ||||||
Shire PLC ADR | 12,032 | 1,634,066 | ||||||
Supernus Pharmaceuticals, Inc.† | 131,200 | 948,576 | ||||||
Takeda Pharmaceutical Co., Ltd. | 31,500 | 1,530,022 | ||||||
TESARO, Inc.† | 60,472 | 2,358,408 | ||||||
UCB SA (BSE) | 24,402 | 1,637,450 | ||||||
UCB SA (FSE) | 9,588 | 645,938 | ||||||
Valeant Pharmaceuticals International, Inc.† | 134,033 | 14,694,038 | ||||||
Vanda Pharmaceuticals, Inc.† | 60,300 | 707,922 | ||||||
Vectura Group PLC† | 82,423 | 155,146 | ||||||
88,980,623 | ||||||||
Medical - Generic Drugs — 2.0% |
| |||||||
Actavis PLC† | 59,480 | 9,699,403 | ||||||
Simcere Pharmaceutical Group ADR†(1)(3) | 18,600 | 177,816 | ||||||
Towa Pharmaceutical Co., Ltd. | 16,100 | 785,941 | ||||||
10,663,160 | ||||||||
Medical - HMO — 10.1% |
| |||||||
Aetna, Inc. | 166,500 | 11,476,845 | ||||||
Cigna Corp. | 67,900 | 5,937,855 | ||||||
Humana, Inc. | 95,800 | 9,962,242 | ||||||
UnitedHealth Group, Inc. | 210,300 | 15,663,144 | ||||||
WellCare Health Plans, Inc.† | 50,758 | 3,771,319 | ||||||
WellPoint, Inc. | 64,100 | 5,953,608 | ||||||
52,765,013 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Hospitals — 2.6% |
| |||||||
Acadia Healthcare Co., Inc.† | 31,380 | $ | 1,449,756 | |||||
Bumrungrad Hospital PCL(1)(3) | 62,700 | 175,740 | ||||||
Community Health Systems, Inc.† | 8,000 | 330,000 | ||||||
HCA Holdings, Inc.† | 73,400 | 3,407,228 | ||||||
Life Healthcare Group Holdings, Ltd. Bonds | 175,369 | 704,845 | ||||||
Mediclinic International, Ltd. | 108,168 | 774,068 | ||||||
Select Medical Holdings Corp. | 47,403 | 410,510 | ||||||
Universal Health Services, Inc., Class B | 76,400 | 6,297,652 | ||||||
13,549,799 | ||||||||
Medical - Outpatient/Home Medical — 0.9% |
| |||||||
Air Methods Corp. | 83,300 | 4,661,468 | ||||||
Medical - Wholesale Drug Distribution — 3.7% |
| |||||||
AmerisourceBergen Corp. | 32,900 | 2,320,437 | ||||||
Cardinal Health, Inc. | 104,900 | 6,776,540 | ||||||
McKesson Corp. | 60,700 | 10,069,523 | ||||||
19,166,500 | ||||||||
Patient Monitoring Equipment — 0.4% |
| |||||||
Insulet Corp.† | 31,700 | 1,173,534 | ||||||
Mindray Medical International, Ltd. ADR | 29,900 | 1,190,319 | ||||||
2,363,853 | ||||||||
Pharmacy Services — 1.8% |
| |||||||
Catamaran Corp.† | 101,740 | 4,642,396 | ||||||
Express Scripts Holding Co.† | 68,967 | 4,644,928 | ||||||
9,287,324 | ||||||||
Physicians Practice Management — 0.7% |
| |||||||
Envision Healthcare Holdings, Inc.† | 27,500 | 814,550 | ||||||
MEDNAX, Inc.† | 27,600 | 3,058,080 | ||||||
3,872,630 | ||||||||
Retail - Convenience Store — 0.1% |
| |||||||
CP ALL PCL | 494,800 | 627,938 | ||||||
Retail - Drug Store — 0.6% |
| |||||||
Raia Drogasil SA | 84,342 | 610,154 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 31,200 | 72,842 | ||||||
Walgreen Co. | 43,800 | 2,592,960 | ||||||
3,275,956 | ||||||||
Therapeutics — 5.9% |
| |||||||
Agios Pharmaceuticals, Inc.† | 5,000 | 87,750 | ||||||
AVANIR Pharmaceuticals, Inc., Class A† | 531,011 | 2,357,689 | ||||||
BioMarin Pharmaceutical, Inc.† | 69,100 | 4,863,258 | ||||||
Isis Pharmaceuticals, Inc.† | 78,300 | 3,034,908 | ||||||
Neurocrine Biosciences, Inc.† | 223,635 | 2,196,096 | ||||||
Pharmacyclics, Inc.† | 127,500 | 15,876,300 | ||||||
Portola Pharmaceuticals, Inc.† | 13,300 | 332,500 | ||||||
Questcor Pharmaceuticals, Inc. | 37,900 | 2,198,579 | ||||||
30,947,080 | ||||||||
Total Common Stocks | ||||||||
(cost $315,782,247) | 507,855,372 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.1% |
| |||||||
Decision Support Software — 0.1% |
| |||||||
Castlight Health, Inc. | 42,238 | 280,460 | ||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Calithera Biosciences, Inc. | 676,756 | 118,568 | ||||||
107
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) |
| |||||||
Therapeutics — 0.0% |
| |||||||
Ultragenyx Pharmaceutical, Inc., Series B(1)(2)(3) | $ | 75,017 | $ | 207,752 | ||||
Total Convertible Preferred Securities | ||||||||
(cost $581,292) | 606,780 | |||||||
WARRANTS — 0.0% | ||||||||
Medical Products — 0.0% |
| |||||||
EnteroMedics, Inc. | 42,300 | 17,406 | ||||||
EnteroMedics, Inc. | 6,300 | 3,125 | ||||||
20,531 | ||||||||
Medical - Drugs — 0.0% |
| |||||||
Alexza Pharmaceuticals, Inc. | 1,305 | 0 | ||||||
Cadence Pharmaceuticals, Inc. | 9,484 | 18,813 | ||||||
18,813 | ||||||||
Total Warrants | ||||||||
(cost $2,817) | 39,344 | |||||||
CONVERTIBLE BONDS & NOTES — 0.0% |
| |||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
Insulet Corp. | 68,000 | 100,003 | ||||||
U.S. CORPORATE BONDS & NOTES — 0.0% |
| |||||||
Heart Monitors — 0.0% |
| |||||||
HeartWare International, Inc. | 71,000 | 85,688 | ||||||
PUT OPTIONS - PURCHASED — 0.0% |
| |||||||
Medical - HMO — 0.0% |
| |||||||
Wellpoint, Inc.(5) | 28 | 980 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $316,510,393) | 508,688,167 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.2% |
| |||||||
Registered Investment Companies — 3.2% |
| |||||||
T. Rowe Price Reserve Investment Fund (cost $16,456,060) | $ | 16,456,060 | $ | 16,456,060 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $332,966,453)(4) | 100.2 | % | 525,144,227 | |||||
Liabilities in excess of other assets | (0.2 | ) | (1,252,750 | ) | ||||
NET ASSETS | 100.0 | % | $ | 523,891,477 | ||||
† | Non-income producing security |
(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, 2013, the Health Sciences Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Alexza | 10/05/2009 | 1,305 | $ | 1,631 | $ | 0 | $ | 0.00 | 0.0 | % | ||||||||||||||
Bumrungrad Hospital PCL | 04/04/2012 | 1,000 | 1,783 | |||||||||||||||||||||
04/05/2012 | 14,600 | 25,962 | ||||||||||||||||||||||
04/05/2012 | 4,500 | 8,005 | ||||||||||||||||||||||
04/10/2012 | 2,400 | 4,201 | ||||||||||||||||||||||
04/10/2012 | 16,500 | 28,899 | ||||||||||||||||||||||
04/11/2012 | 1,100 | 1,928 | ||||||||||||||||||||||
04/12/2012 | 1,100 | 1,939 | ||||||||||||||||||||||
04/17/2012 | 1,600 | 2,839 | ||||||||||||||||||||||
04/18/2012 | 2,200 | 3,916 | ||||||||||||||||||||||
04/19/2012 | 1,300 | 2,297 | ||||||||||||||||||||||
05/02/2012 | 800 | 1,582 | ||||||||||||||||||||||
05/04/2012 | 3,200 | 6,304 | ||||||||||||||||||||||
05/08/2012 | 1,200 | 2,363 | ||||||||||||||||||||||
05/09/2012 | 5,800 | 11,355 | ||||||||||||||||||||||
06/18/2012 | 2,000 | 3,872 | ||||||||||||||||||||||
06/19/2012 | 2,100 | 4,162 | ||||||||||||||||||||||
06/21/2012 | 1,300 | 2,592 | ||||||||||||||||||||||
62,700 | 113,999 | 175,740 | 9.40 | 0.1 | % | |||||||||||||||||||
Cadence | 02/18/2009 | 9,484 | 1,186 | 18,813 | 1.98 | 0.0 | % | |||||||||||||||||
Calithera | 10/7/2013 | 676,756 | 118,568 | 118,568 | 0.18 | 0.0 | % | |||||||||||||||||
Castlight Health, Inc. | 04/26/2012 | 42,238 | 254,972 | 280,460 | 6.64 | 0.1 | % | |||||||||||||||||
China Biologic Products, Inc. | 12/18/2012 | 1,300 | 20,153 | |||||||||||||||||||||
12/20/2012 | 200 | 3,072 | ||||||||||||||||||||||
12/20/2012 | 1,900 | 29,341 | ||||||||||||||||||||||
12/24/2012 | 600 | 9,286 | ||||||||||||||||||||||
12/26/2012 | 100 | 1,551 | ||||||||||||||||||||||
12/27/2012 | 100 | 1,558 | ||||||||||||||||||||||
12/31/2012 | 200 | 3,051 | ||||||||||||||||||||||
01/02/2013 | 100 | 1,511 | ||||||||||||||||||||||
01/02/2013 | 800 | 12,115 | ||||||||||||||||||||||
5,300 | 81,638 | 156,827 | 29.59 | 0.0 | % | |||||||||||||||||||
Simcere | 03/17/2008 | 2,600 | 28,054 | |||||||||||||||||||||
04/30/2009 | 3,100 | 21,763 | ||||||||||||||||||||||
05/21/2009 | 4,100 | 25,067 | ||||||||||||||||||||||
01/08/2010 | 3,800 | 36,700 | ||||||||||||||||||||||
03/02/2010 | 200 | 1,773 | ||||||||||||||||||||||
03/03/2010 | 2,500 | 22,036 | ||||||||||||||||||||||
03/04/2010 | 1,000 | 8,784 | ||||||||||||||||||||||
03/05/2010 | 700 | 6,245 | ||||||||||||||||||||||
03/08/2010 | 600 | 5,339 | ||||||||||||||||||||||
18,600 | 155,761 | 177,816 | 9.56 | 0.0 | % | |||||||||||||||||||
Ultragenyx Pharmaceutical, Inc. | 12/19/2012 | 75,017 | 207,752 | 207,752 | 2.77 | 0.0 | % | |||||||||||||||||
Zeneca, Inc. CVR | 07/19/2013 | 23,110 | — | 13,866 | 0.60 | 0.0 | % | |||||||||||||||||
$ | 1,149,842 | 0.2 | % | |||||||||||||||||||||
108
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
(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, 2013, the aggregate value of these securities was $1,149,842 representing 0.2% of net assets. |
(4) | See Note 5 for cost of investments on a tax basis. |
(5) | Options Purchased |
Put Options - Purchased | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Paid | Value at November 30, 2013 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Wellpoint, Inc. | Jan-14 | $ | 80.00 | 28 | $ | 6,536 | $ | 980 | $ | (5,556 | ) | |||||||||||||
ADR—American Depository Receipt
BSE—Brussels Stock Exchange
CVR—Contingent Value Right
FSE—Frankfurt Stock Exchange
OTC—Over The Counter US
TSX—Toronto Stock Exchange
Open call option contracts written at November 30, 2013 for the Health Sciences Fund were as follows: | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2013 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-14 | $ | 110.00 | 9 | $ | 9,333 | $ | 14,580 | $ | (5,247 | ) | |||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-14 | 115.00 | 9 | 7,758 | 10,890 | (3,132 | ) | |||||||||||||||||
athenahealth, Inc. | Jan-14 | 130.00 | 41 | 25,634 | 40,180 | (14,546 | ) | |||||||||||||||||
Incyte Corp. | Dec-13 | 40.00 | 76 | 22,150 | 59,280 | (37,130 | ) | |||||||||||||||||
Incyte Corp. | Jan-14 | 40.00 | 68 | 15,520 | 54,400 | (38,880 | ) | |||||||||||||||||
Intuitive Surgical, Inc. | Jan-14 | 690.00 | 12 | 30,323 | 120 | 30,203 | ||||||||||||||||||
Regeneron Pharmaceuticals, Inc. | Jan-14 | 330.00 | 33 | 32,323 | 18,810 | 13,513 | ||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Jan-14 | 120.00 | 43 | 18,368 | 6,665 | 11,703 | ||||||||||||||||||
291 | $ | 161,409 | $ | 204,925 | $ | (43,516 | ) | |||||||||||||||||
Open put option contracts written at November 30, 2013 for the Health Sciences Fund were as follows: | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2013 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Agilent Technologies, Inc. | Jan-14 | $ | 45.00 | 95 | $ | 76,660 | $ | 950 | $ | 75,710 | ||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-14 | 110.00 | 19 | 47,442 | 2,755 | 44,687 | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-14 | 115.00 | 19 | 47,252 | 4,560 | 42,692 | ||||||||||||||||||
AmerisourceBergen Corp. | Jan-14 | 45.00 | 16 | 7,518 | 400 | 7,118 | ||||||||||||||||||
Bristol Myers Squibb Co. | Jan-14 | 35.00 | 126 | 45,926 | 378 | 45,548 | ||||||||||||||||||
Centene Corp. | Jan-14 | 40.00 | 32 | 21,664 | 1,120 | 20,544 | ||||||||||||||||||
Eli Lilly & Co. | Jan-14 | 55.00 | 63 | 40,761 | 31,500 | 9,261 | ||||||||||||||||||
Express Scripts Holding Co. | Jan-14 | 55.00 | 6 | 4,302 | 78 | 4,224 | ||||||||||||||||||
Forest Laboratories, Inc. | Jan-14 | 40.00 | 195 | 96,973 | 1,950 | 95,023 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-14 | 35.00 | 32 | 18,992 | 128 | 18,864 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-14 | 42.50 | 126 | 80,690 | 630 | 80,060 | ||||||||||||||||||
Humana, Inc. | Jan-14 | 80.00 | 12 | 18,384 | 120 | 18,264 | ||||||||||||||||||
Medivation, Inc. | Jan-14 | 55.00 | 108 | 125,102 | 14,688 | 110,414 | ||||||||||||||||||
Merck & Co., Inc. | Jan-14 | 45.00 | 79 | 41,947 | 1,501 | 40,446 | ||||||||||||||||||
Pfizer, Inc. | Jan-14 | 27.00 | 220 | 55,120 | 1,100 | 54,020 | ||||||||||||||||||
Pharmacyclics, Inc.(2) | Jan-14 | 50.00 | 10 | 11,972 | 200 | 11,772 | ||||||||||||||||||
St. Jude Medical, Inc. | Jan-14 | 30.00 | 19 | 7,163 | 95 | 7,068 | ||||||||||||||||||
St. Jude Medical, Inc. | Jan-14 | 45.00 | 22 | 23,088 | 220 | 22,868 | ||||||||||||||||||
Stryker Corp. | Jan-14 | 60.00 | 32 | 24,303 | 320 | 23,983 | ||||||||||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-14 | 45.00 | 31 | 24,706 | 14,570 | 10,136 | ||||||||||||||||||
UnitedHealth Group, Inc. | Jan-14 | 60.00 | 54 | 50,169 | 756 | 49,413 | ||||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-14 | 60.00 | 63 | 106,121 | 9,135 | 96,986 | ||||||||||||||||||
ViroPharma, Inc. | Jan-14 | 30.00 | 10 | 8,175 | 50 | 8,125 | ||||||||||||||||||
WellPoint, Inc. | Jan-14 | 70.00 | 47 | 52,028 | 611 | 51,417 | ||||||||||||||||||
1,436 | $ | 1,036,458 | $ | 87,815 | $ | 948,643 | ||||||||||||||||||
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Medical Products | $ | 33,639,518 | $ | — | $ | — | $ | 33,639,518 | ||||||||
Medical - Biomedical/Gene | 158,173,492 | 30,163 | 13,866 | 158,217,521 | ||||||||||||
Medical - Drugs | 88,980,623 | — | — | 88,980,623 | ||||||||||||
Medical - HMO | 52,765,013 | — | — | 52,765,013 | ||||||||||||
Therapeutics | 30,947,080 | — | — | 30,947,080 | ||||||||||||
Other Industries* | 143,305,617 | — | — | 143,305,617 | ||||||||||||
Convertible Preferred Securities | — | — | 606,780 | 606,780 | ||||||||||||
Warrants: | ||||||||||||||||
Medical Products | — | 20,531 | — | 20,531 | ||||||||||||
Medical-Drugs | — | 18,813 | 0 | 18,813 | ||||||||||||
Convertible Bonds & Notes | — | 100,003 | — | 100,003 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 85,688 | — | 85,688 | ||||||||||||
Put Option Purchased | 980 | — | — | 980 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 16,456,060 | — | — | 16,456,060 | ||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Call Option Contracts Written - Appreciation | 55,419 | — | — | 55,419 | ||||||||||||
Put Option Contracts Written - Appreciation | 936,871 | — | 11,772 | 948,643 | ||||||||||||
Total | $ | 525,260,673 | $ | 255,198 | $ | 632,418 | $ | 526,148,289 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Call Option Contracts Written - Depreciation | 98,935 | — | — | 98,935 | ||||||||||||
Total | $ | 98,935 | $ | — | $ | — | $ | 98,935 | ||||||||
* | 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 securities 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $15,743,411 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities and other financial instruments were not considered a material portion of the Fund.
See Notes to Financial Statements
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VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
United States Treasury Notes | 30.5 | % | ||
United States Treasury Bonds | 23.4 | |||
Sovereign | 13.4 | |||
Diversified Banking Institutions | 10.5 | |||
Time Deposits | 3.9 | |||
Insurance — Life/Health | 2.2 | |||
Banks — Super Regional | 1.8 | |||
Diversified Financial Services | 1.6 | |||
Federal National Mtg. Assoc. | 1.6 | |||
Banks — Commercial | 1.4 | |||
Insurance — Multi-line | 1.3 | |||
Federal Home Loan Mtg. Corp. | 1.2 | |||
Finance — Consumer Loans | 1.2 | |||
Electric — Integrated | 0.8 | |||
Telephone — Integrated | 0.7 | |||
Cellular Telecom | 0.5 | |||
Telecom Services | 0.5 | |||
Special Purpose Entities | 0.3 | |||
Gold Mining | 0.3 | |||
Metal — Diversified | 0.3 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Oil Companies — Integrated | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Oil Companies — Exploration & Production | 0.2 | |||
Government National Mtg. Assoc. | 0.2 | |||
Electronics — Military | 0.2 | |||
Diversified Minerals | 0.2 | |||
Finance — Auto Loans | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
SupraNational Banks | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Banks — Money Center | 0.1 | |||
99.5 | % | |||
Credit Quality†#
Aaa | 71.9 | % | ||
Aa | 5.3 | |||
A | 7.4 | |||
Baa | 10.9 | |||
Ba | 1.9 | |||
B | 0.7 | |||
Not Rated@ | 1.9 | |||
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: Moody’s |
# | Calculated as percentage of total debt issues, excluding short-term securities. |
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES — 12.9% | ||||||||
Aerospace/Defense-Equipment — 0.2% | ||||||||
Exelis, Inc. | $ | 1,000,000 | $ | 1,001,744 | ||||
Banks-Commercial — 0.2% | ||||||||
BNP Paribas LLC FRS | 674,000 | 671,196 | ||||||
Banks-Super Regional — 0.9% | ||||||||
Bank of America NA FRS | 2,000,000 | 1,954,452 | ||||||
Wells Fargo & Co. FRS | 2,000,000 | 2,045,284 | ||||||
3,999,736 | ||||||||
Diversified Banking Institutions — 6.1% | ||||||||
Bank of America Corp. FRS | 1,425,000 | 1,429,237 | ||||||
Citigroup, Inc. FRS | 1,000,000 | 1,001,255 | ||||||
Citigroup, Inc. FRS | 3,000,000 | 3,242,460 | ||||||
Goldman Sachs Group, Inc. FRS | 2,000,000 | 1,995,236 | ||||||
Goldman Sachs Group, Inc. FRS | 4,000,000 | 3,917,932 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 2,032,400 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 2,116,600 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,019,900 | ||||||
Morgan Stanley FRS | 1,400,000 | 1,418,652 | ||||||
Morgan Stanley FRS | 468,000 | 437,870 | ||||||
Morgan Stanley FRS | 1,813,000 | 1,831,130 | ||||||
Morgan Stanley FRS | 2,203,000 | 2,253,030 | ||||||
Morgan Stanley FRS | 2,588,000 | 2,544,496 | ||||||
Morgan Stanley FRS | 664,000 | 664,000 | ||||||
Morgan Stanley | BRL | 1,632,500 | 702,308 | |||||
26,606,506 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Diversified Financial Services — 0.6% | ||||||||
General Electric Capital Corp. | $ | 500,000 | $ | 579,568 | ||||
Morgan Stanley & Co. LLC FRS | 2,000,000 | 2,018,940 | ||||||
2,598,508 | ||||||||
Electronics-Military — 0.2% | ||||||||
L-3 Communications Corp. | 800,000 | 846,006 | ||||||
Finance-Auto Loans — 0.1% | ||||||||
Ford Motor Credit Co. LLC FRS | 500,000 | 501,691 | ||||||
Finance-Consumer Loans — 0.7% | ||||||||
SLM Corp. FRS | 1,000,000 | 991,260 | ||||||
SLM Corp. FRS | 424,000 | 417,089 | ||||||
SLM Corp. FRS | 1,317,000 | 1,214,590 | ||||||
SLM Corp. FRS | 400,000 | 384,836 | ||||||
3,007,775 | ||||||||
Finance-Investment Banker/Broker — 0.1% | ||||||||
Lehman Brothers Holdings, Inc. | 400,000 | 80,500 | ||||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 122,103 | ||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 201,250 | ||||||
403,853 | ||||||||
Gold Mining — 0.3% | ||||||||
Newmont Mining Corp. | 1,460,000 | 1,262,399 | ||||||
Insurance-Life/Health — 1.4% | ||||||||
Pacific Life Global Funding FRS | 300,000 | 297,120 | ||||||
Pacific Life Global Funding FRS | 3,300,000 | 3,416,754 | ||||||
Pacific LifeCorp | 307,000 | 344,951 | ||||||
Prudential Financial, Inc. | 2,000,000 | 2,126,000 | ||||||
6,184,825 | ||||||||
112
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Insurance-Multi-line — 1.3% | ||||||||
Monumental Global Funding III FRS | $ | 5,000,000 | $ | 5,508,790 | ||||
Machinery-Farming — 0.0% | ||||||||
CNH Capital LLC | 190,000 | 191,900 | ||||||
Oil Companies-Exploration & Production — 0.2% |
| |||||||
Plains Exploration & Production Co. | 900,000 | 983,334 | ||||||
Retail-Auto Parts — 0.1% | ||||||||
Advance Auto Parts, Inc. | 475,000 | 474,588 | ||||||
Savings & Loans/Thrifts — 0.0% | ||||||||
Santander Holdings USA, Inc. | 140,000 | 144,592 | ||||||
Telecom Services — 0.5% | ||||||||
Qwest Corp. | 2,000,000 | 2,012,794 | ||||||
Total U.S. Corporate Bonds & Notes | 56,400,237 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 6.2% |
| |||||||
Banks-Commercial — 0.9% | ||||||||
Banco Bradesco SA FRS | 1,500,000 | 1,501,738 | ||||||
Barclays Bank PLC FRS | 2,165,000 | 2,175,825 | ||||||
3,677,563 | ||||||||
Cellular Telecom — 0.5% | ||||||||
America Movil SAB de CV FRS | 2,000,000 | 2,019,704 | ||||||
Diversified Banking Institutions — 3.1% | ||||||||
Royal Bank of Scotland Group PLC | 300,000 | 349,898 | ||||||
Royal Bank of Scotland PLC FRS | 2,000,000 | 2,048,200 | ||||||
Societe Generale SA FRS | 10,000,000 | 9,150,000 | ||||||
UBS AG FRS | 2,000,000 | 2,042,300 | ||||||
13,590,398 | ||||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
Ingersoll-Rand Global Holding Co., Ltd. | 1,000,000 | 989,111 | ||||||
Diversified Minerals — 0.2% | ||||||||
Teck Resources, Ltd. | 800,000 | 829,169 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Metal-Diversified — 0.3% | ||||||||
Noranda, Inc. | $ | 1,000,000 | $ | 1,097,665 | ||||
Oil Companies-Integrated — 0.2% | ||||||||
BP Capital Markets PLC FRS | 1,000,000 | 1,001,421 | ||||||
SupraNational Banks — 0.1% | ||||||||
North American Development Bank | 450,000 | 451,103 | ||||||
Telephone-Integrated — 0.7% | ||||||||
Telecom Italia Capital SA | 1,500,000 | 1,674,727 | ||||||
Telefonica Emisiones SAU | 1,500,000 | 1,563,069 | ||||||
3,237,796 | ||||||||
Total Foreign Corporate Bonds & Notes | 26,893,930 | |||||||
FOREIGN GOVERNMENT AGENCIES — 12.4% |
| |||||||
Sovereign — 12.4% | ||||||||
Brazil Notas do Tesouro Nacional | BRL | 6,071,481 |
| 2,686,495 | ||||
Brazil Notas do Tesouro Nacional | BRL | 9,585,934 |
| 4,208,016 | ||||
Brazil Notas do Tesouro Nacional | BRL | 8,406,665 |
| 3,637,344 | ||||
Federative Republic of Brazil | 236,000 | 226,560 | ||||||
Government of Australia | AUD | 2,978,800 |
| 2,900,461 | ||||
Government of Australia | AUD | 15,541,400 | 15,940,308 | |||||
Government of Canada | CAD | 20,183,488 | 24,563,577 | |||||
Total Foreign Government Agencies | ||||||||
(cost $58,009,086) | 54,162,761 | |||||||
U.S. GOVERNMENT AGENCIES — 3.0% |
| |||||||
Federal Home Loan Mtg. Corp. — 1.2% |
| |||||||
Federal Home Loan Mtg. Corp. REMIC FRS | ||||||||
Series 4012, Class NF | ||||||||
0.62% due 12/15/2038 | 1,711,653 | 1,720,204 | ||||||
Series 3925, Class FL | ||||||||
0.62% due 01/15/2041 | 1,638,532 | 1,644,125 | ||||||
Series 4001, Class FM | ||||||||
0.67% due 02/15/2042 | 821,040 | 819,893 | ||||||
Series 3355, Class BF | ||||||||
0.87% due 08/15/2037 | 1,131,461 | 1,135,227 | ||||||
5,319,449 | ||||||||
113
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. — 1.6% |
| |||||||
Federal National Mtg. Assoc. REMIC FRS | ||||||||
Series 2012-93, Class BF | ||||||||
0.57% due 09/25/2042 | $ | 2,474,561 | $ | 2,466,603 | ||||
Series 2011-103, Class FD | ||||||||
0.62% due 05/25/2040 | 4,188,256 | 4,201,934 | ||||||
6,668,537 | ||||||||
Government National Mtg. Assoc. — 0.2% |
| |||||||
Government National Mtg. Assoc. REMIC FRS | 902,155 | 912,333 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $12,881,666) | 12,900,319 | |||||||
U.S. GOVERNMENT TREASURIES — 53.9% |
| |||||||
United States Treasury Bonds TIPS(3) — 23.4% |
| |||||||
0.63% due 02/15/2043 | 3,666,204 | 2,890,285 | ||||||
0.75% due 02/15/2042 | 870,408 | 716,863 | ||||||
1.75% due 01/15/2028 | 17,770,317 | 19,437,670 | ||||||
2.00% due 01/15/2026 | 9,449,237 | 10,683,543 | ||||||
2.13% due 02/15/2040 | 2,599,872 | 2,981,120 | ||||||
2.13% due 02/15/2041 | 6,062,251 | 6,957,851 | ||||||
2.38% due 01/15/2025 | 3,726,420 | 4,371,557 | ||||||
2.50% due 01/15/2029 | 9,269,675 | 11,122,164 | ||||||
3.63% due 04/15/2028 | 13,028,670 | 17,583,610 | ||||||
3.88% due 04/15/2029 | 18,159,443 | 25,406,186 | ||||||
102,150,849 | ||||||||
United States Treasury Notes TIPS(3) — 30.5% |
| |||||||
0.13% due 04/15/2016 | 10,925,725 | 11,208,253 | ||||||
0.13% due 04/15/2017 | 10,808,567 | 11,153,933 | ||||||
0.13% due 04/15/2018 | 9,926,322 | 10,238,842 | ||||||
0.13% due 01/15/2023 | 8,622,145 | 8,286,692 | ||||||
0.50% due 04/15/2015 | 2,160,840 | 2,200,850 | ||||||
0.63% due 07/15/2021 | 1,038,850 | 1,073,911 | ||||||
1.13% due 01/15/2021 | 4,816,530 | 5,151,428 | ||||||
1.25% due 04/15/2014 | 13,829,375 | 13,872,592 | ||||||
1.38% due 07/15/2018 | 9,120,636 | 10,011,321 | ||||||
1.38% due 01/15/2020 | 6,496,500 | 7,091,333 | ||||||
1.63% due 01/15/2015 | 6,388,606 | 6,564,293 | ||||||
1.88% due 07/15/2015 | 15,648,620 | 16,449,391 | ||||||
1.88% due 07/15/2019 | 1,644,870 | 1,857,547 | ||||||
2.00% due 07/15/2014 | 6,210,700 | 6,330,064 | ||||||
2.00% due 01/15/2016 | 5,898,400 | 6,284,562 | ||||||
2.38% due 01/15/2017 | 4,644,160 | 5,137,602 | ||||||
2.63% due 07/15/2017 | 9,037,680 | 10,233,763 | ||||||
133,146,377 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $220,267,026) | 235,297,226 | |||||||
FOREIGN GOVERNMENT TREASURIES — 1.0% |
| |||||||
Sovereign — 1.0% |
| |||||||
United Kingdom Gilt Treasury | GBP | 2,662,759 | 4,424,957 | |||||
PREFERRED SECURITIES — 2.6% |
| |||||||
Banks-Money Center — 0.1% |
| |||||||
UBS Preferred Funding Trust IV FRS | 20,000 | 295,400 | ||||||
Banks-Super Regional — 0.3% |
| |||||||
US Bancorp FRS | 1,802 | 1,317,262 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Diversified Financial Services — 0.4% |
| |||||||
Citigroup Capital XIII FRS | $60,000 | $ | 1,643,400 | |||||
Electric-Integrated — 0.5% |
| |||||||
Entergy Louisiana LLC | 32,000 | 609,280 | ||||||
Southern California Edison Co. FRS | 10,000 | 1,011,200 | ||||||
Southern California Edison Co. | 9,000 | 873,000 | ||||||
2,493,480 | ||||||||
Finance-Consumer Loans — 0.5% |
| |||||||
SLM Corp. FRS | 53,000 | 1,259,280 | ||||||
SLM Corp. FRS | 33,871 | 799,356 | ||||||
2,058,636 | ||||||||
Insurance-Life/Health — 0.8% |
| |||||||
Prudential Financial, Inc. FRS | 138,486 | 3,636,642 | ||||||
Total Preferred Securities | ||||||||
(cost $11,790,050) | 11,444,820 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 3.6% |
| |||||||
Banks-Commercial — 0.3% |
| |||||||
Mizuho Capital Investment USD 2, Ltd. FRS | 1,000,000 | 1,070,920 | ||||||
Zions Bancorporation FRS | 500,000 | 447,500 | ||||||
1,518,420 | ||||||||
Banks-Super Regional — 0.6% |
| |||||||
Wachovia Capital Trust III FRS | 3,049,000 | 2,837,400 | ||||||
Diversified Banking Institutions — 1.3% |
| |||||||
BAC Capital Trust XIV FRS | 1,000,000 | 760,000 | ||||||
Barclays PLC VRS | 1,400,000 | 1,447,600 | ||||||
Goldman Sachs Capital II FRS | 1,250,000 | 912,500 | ||||||
JPMorgan Chase & Co. FRS | 500,000 | 450,000 | ||||||
Royal Bank of Scotland Group PLC FRS | 2,000,000 | 1,905,000 | ||||||
5,475,100 | ||||||||
Diversified Financial Services — 0.6% |
| |||||||
General Electric Capital Corp. FRS | 500,000 | 472,500 | ||||||
ZFS Finance USA Trust V FRS | 2,000,000 | 2,120,000 | ||||||
2,592,500 | ||||||||
Electric-Integrated — 0.3% |
| |||||||
Dominion Resources, Inc. FRS | 1,200,000 | 1,117,477 | ||||||
Insurance-Reinsurance — 0.2% | ||||||||
Reinsurance Group of America, Inc. FRS | 1,000,000 | 990,000 | ||||||
114
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) |
| |||||||
Special Purpose Entity — 0.3% |
| |||||||
Goldman Sachs Capital III FRS | $ | 2,000,000 | $ | 1,422,000 | ||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $16,666,812) | 15,952,897 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $406,698,793) | 417,477,147 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.9% |
| |||||||
Time Deposits — 3.9% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 17,091,000 | 17,091,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $423,789,793)(5) | 99.5 | % | 434,568,147 | |||||
Other assets less liabilities | 0.5 | 2,327,063 | ||||||
NET ASSETS | 100.0 | % | $ | 436,895,210 | ||||
† | 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, 2013, the aggregate value of these securities was $16,143,592 representing 3.7% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Denominated in United States dollars unless otherwise indicated. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Principal amount of security is adjusted for inflation. |
(4) | Perpetual maturity — maturity date reflects the next call date. |
(5) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
BRL—Brazilian Dollar
CAD—Canadian Dollar
GBP—British Pound
REMIC—Real Estate Mortgage Investment Conduit
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 as of November 30, 2013 and unless noted otherwise, the dates shown 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, 2013 (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: | ||||||||||||||||
Diversified Banking Institutions | $ | — | $ | 23,409,068 | $ | 3,197,438 | $ | 26,606,506 | ||||||||
Insurance - Life/Health | — | 4,058,825 | 2,126,000 | 6,184,825 | ||||||||||||
Other Industries* | — | 23,608,906 | — | 23,608,906 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 4,440,398 | 9,150,000 | 13,590,398 | ||||||||||||
Other Industries* | — | 13,303,532 | — | 13,303,532 | ||||||||||||
Foreign Government Agencies: | ||||||||||||||||
Sovereign | — | 54,162,761 | — | 54,162,761 | ||||||||||||
U.S. Government Agencies | — | 12,900,319 | — | 12,900,319 | ||||||||||||
U.S. Government Treasuries: | ||||||||||||||||
United States Treasury Bonds | — | 102,150,849 | — | 102,150,849 | ||||||||||||
United States Treasury Notes | — | 133,146,377 | — | 133,146,377 | ||||||||||||
Foreign Government Treasuries | — | 4,424,957 | — | 4,424,957 | ||||||||||||
Preferred Securities | 11,444,820 | — | — | 11,444,820 | ||||||||||||
Preferred Securities/Capital Securities | — | 15,952,897 | — | 15,952,897 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 17,091,000 | — | 17,091,000 | ||||||||||||
Total | $ | 11,444,820 | $ | 408,649,889 | $ | 14,473,438 | $ | 434,568,147 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.
115
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (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 5/31/2013 | $ | 1,012,110 | $ | 9,605,000 | ||||
Accrued discounts | 3,297 | — | ||||||
Accrued premiums | (245 | ) | — | |||||
Realized gain | — | — | ||||||
Realized loss | — | — | ||||||
Change in unrealized appreciation(1) | — | — | ||||||
Change in unrealized depreciation(1) | (63,201 | ) | (455,000 | ) | ||||
Net purchases | 2,543,169 | — | ||||||
Net sales | (1,000,000 | ) | — | |||||
Transfers into Level 3 | 2,828,308 | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 11/30/2013 | $ | 5,323,438 | $ | 9,150,000 | ||||
(1) | The total change in unrealized appreciation (depreciation) included in the operations attributable to level 3 investments still held at November 30, 2013 includes: |
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
$ | (47,794 | ) | $ | (455,000 | ) | |||
The Fund’s other securities classified as Level 3, with a fair value of $14,473,438 at November 30, 2013, are attributable to valuations from a single broker which were deemed to be indicative quotes (which do not necessarily represent prices the broker may be willing to trade on).
See Notes to Financial Statements
116
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VALIC Company I International Equities Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Banks — Commercial | 9.5 | % | ||
Medical — Drugs | 7.9 | |||
Diversified Banking Institutions | 5.5 | |||
Oil Companies — Integrated | 4.7 | |||
Auto — Cars/Light Trucks | 4.3 | |||
Registered Investment Companies | 3.6 | |||
Telephone — Integrated | 3.3 | |||
Food — Misc./Diversified | 3.0 | |||
Insurance — Multi-line | 2.4 | |||
Electric — Integrated | 1.8 | |||
Chemicals — Diversified | 1.8 | |||
Insurance — Life/Health | 1.8 | |||
Food — Retail | 1.7 | |||
Diversified Minerals | 1.6 | |||
Cellular Telecom | 1.5 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Brewery | 1.4 | |||
Gas — Distribution | 1.3 | |||
Real Estate Investment Trusts | 1.0 | |||
Real Estate Operations & Development | 1.0 | |||
Retail — Apparel/Shoe | 1.0 | |||
Aerospace/Defense | 0.9 | |||
Tobacco | 0.9 | |||
Insurance — Property/Casualty | 0.9 | |||
Time Deposits | 0.8 | |||
Import/Export | 0.8 | |||
Building — Heavy Construction | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Electric Products — Misc. | 0.8 | |||
Building Products — Cement | 0.8 | |||
Transport — Rail | 0.7 | |||
Diversified Operations | 0.7 | |||
Rubber — Tires | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Soap & Cleaning Preparation | 0.7 | |||
Power Converter/Supply Equipment | 0.7 | |||
Electronic Components — Semiconductors | 0.6 | |||
Insurance — Reinsurance | 0.6 | |||
Metal — Diversified | 0.6 | |||
Machinery — Construction & Mining | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Telecom Services | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Cosmetics & Toiletries | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Steel — Producers | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Building & Construction Products — Misc. | 0.5 | |||
Diversified Financial Services | 0.5 | |||
Retail — Major Department Stores | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Industrial Gases | 0.5 | |||
Transport — Services | 0.4 | |||
Diversified Manufacturing Operations | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Airport Development/Maintenance | 0.4 | |||
Engineering/R&D Services | 0.4 | |||
Casino Hotels | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Exchange — Traded Funds | 0.4 | |||
Office Automation & Equipment | 0.4 | |||
Beverages — Wine/Spirits | 0.4 | |||
Cable/Satellite TV | 0.4 | |||
Building — Maintenance & Services | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Beverages — Non-alcoholic | 0.4 | |||
Transport — Marine | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Finance — Other Services | 0.3 |
Metal — Copper | 0.3 | |||
Transactional Software | 0.3 | |||
Retail — Misc./Diversified | 0.3 | |||
Photo Equipment & Supplies | 0.3 | |||
Retail — Jewelry | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Wireless Equipment | 0.3 | |||
Advertising Services | 0.3 | |||
Food — Confectionery | 0.3 | |||
Food — Baking | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Cruise Lines | 0.3 | |||
Computer Aided Design | 0.3 | |||
Machinery — Electrical | 0.3 | |||
Metal Processors & Fabrication | 0.3 | |||
Metal — Iron | 0.3 | |||
Building & Construction — Misc. | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Oil — Field Services | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Audio/Video Products | 0.2 | |||
Retail — Discount | 0.2 | |||
Medical Products | 0.2 | |||
Athletic Footwear | 0.2 | |||
Toys | 0.2 | |||
Commercial Services | 0.2 | |||
Textile — Apparel | 0.2 | |||
Multimedia | 0.2 | |||
Computers | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Dialysis Centers | 0.2 | |||
Coal | 0.2 | |||
Applications Software | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Machinery — Farming | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Hotels/Motels | 0.1 | |||
Airlines | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Investment Companies | 0.1 | |||
Water | 0.1 | |||
Television | 0.1 | |||
Public Thoroughfares | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Electric — Generation | 0.1 | |||
Paper & Related Products | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Steel — Specialty | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Optical Supplies | 0.1 | |||
Advertising Agencies | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Food — Catering | 0.1 | |||
Internet Application Software | 0.1 | |||
Non — Ferrous Metals | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Lottery Services | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
U.S. Government Treasuries | 0.1 |
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VALIC Company I International Equities Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)
Industry Allocation* (continued)
Finance — Credit Card | 0.1 | % | ||
Internet Content — Entertainment | 0.1 | |||
Retail — Building Products | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Security Services | 0.1 | |||
Food — Meat Products | 0.1 | |||
Electric — Distribution | 0.1 | |||
Electronics — Military | 0.1 | |||
Sugar | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Mining Services | 0.1 | |||
Publishing — Books | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Computer Data Security | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Wire & Cable Products | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Gas — Transportation | 0.1 | |||
103.2% | ||||
Country Allocation*
Japan | 18.7 | % | ||
United Kingdom | 17.6 | |||
France | 9.3 | |||
Germany | 8.7 | |||
Switzerland | 7.9 | |||
Australia | 6.8 | |||
United States | 4.9 | |||
Hong Kong | 2.8 | |||
Netherlands | 2.7 | |||
Italy | 2.5 | |||
Spain | 2.5 | |||
Sweden | 2.5 | |||
Denmark | 1.7 | |||
South Korea | 1.5 | |||
China | 1.2 | |||
Singapore | 1.2 | |||
Taiwan | 1.2 | |||
Brazil | 1.1 | |||
Belgium | 0.8 | |||
South Africa | 0.7 | |||
Jersey | 0.7 | |||
Russia | 0.5 | |||
Mexico | 0.5 | |||
Finland | 0.5 | |||
India | 0.5 | |||
Norway | 0.5 | |||
Israel | 0.4 | |||
Austria | 0.4 | |||
Cayman Islands | 0.4 | |||
Malaysia | 0.3 | |||
Bermuda | 0.3 | |||
Luxembourg | 0.2 | |||
Ireland | 0.2 | |||
Thailand | 0.2 | |||
Portugal | 0.2 | |||
Turkey | 0.2 | |||
Philippines | 0.2 | |||
Poland | 0.2 |
Colombia | 0.2 | |||
Indonesia | 0.1 | |||
New Zealand | 0.1 | |||
Isle of Man | 0.1 | |||
103.2% | ||||
* | Calculated as a percentage of net assets |
118
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.6% | ||||||||
Australia — 6.8% | ||||||||
AGL Energy, Ltd. | 40,329 | $ | 551,493 | |||||
ALS, Ltd.# | 28,602 | 218,625 | ||||||
Alumina, Ltd.†# | 181,047 | 167,417 | ||||||
Amcor, Ltd. | 88,206 | 887,175 | ||||||
AMP, Ltd. | 214,727 | 911,622 | ||||||
APA Group(1) | 61,452 | 342,633 | ||||||
Asciano, Ltd. | 71,395 | 375,306 | ||||||
ASX, Ltd. | 14,071 | 475,599 | ||||||
Aurizon Holdings, Ltd. | 151,488 | 644,521 | ||||||
Australia & New Zealand Banking Group, Ltd. | 200,516 | 5,827,493 | ||||||
Bank of Queensland, Ltd. | 23,194 | 257,163 | ||||||
Bendigo and Adelaide Bank, Ltd.# | 29,914 | 306,870 | ||||||
BGP Holdings PLC(2)(3) | 835,027 | 0 | ||||||
BHP Billiton, Ltd. | 234,941 | 8,003,065 | ||||||
Boral, Ltd. | 57,762 | 253,648 | ||||||
Brambles, Ltd. | 114,121 | 988,754 | ||||||
Caltex Australia, Ltd. | 10,098 | 175,256 | ||||||
CFS Retail Property Trust Group(1) | 152,094 | 284,059 | ||||||
Coca-Cola Amatil, Ltd.# | 41,961 | 462,183 | ||||||
Cochlear, Ltd.# | 4,113 | 219,133 | ||||||
Commonwealth Bank of Australia | 117,825 | 8,353,543 | ||||||
Computershare, Ltd. | 34,225 | 339,557 | ||||||
Crown Resorts, Ltd. | 29,524 | 454,573 | ||||||
CSL, Ltd. | 35,665 | 2,233,215 | ||||||
Dexus Property Group(1) | 336,017 | 319,904 | ||||||
Echo Entertainment Group, Ltd. | 57,140 | 131,185 | ||||||
Federation Centres, Ltd. | 103,244 | 223,864 | ||||||
Flight Centre Travel Group, Ltd. | 4,139 | 183,602 | ||||||
Fortescue Metals Group, Ltd.# | 114,837 | 594,254 | ||||||
Goodman Group(1) | 126,682 | 558,602 | ||||||
GPT Group(1) | 127,111 | 414,580 | ||||||
Harvey Norman Holdings, Ltd.# | 40,125 | 118,075 | ||||||
Iluka Resources, Ltd.# | 30,037 | 239,993 | ||||||
Incitec Pivot, Ltd. | 121,756 | 287,298 | ||||||
Insurance Australia Group, Ltd. | 151,819 | 836,804 | ||||||
Leighton Holdings, Ltd.# | 12,188 | 180,549 | ||||||
Lend Lease Group(1) | 40,186 | 404,556 | ||||||
Macquarie Group, Ltd.† | 22,325 | 1,101,977 | ||||||
Metcash, Ltd.# | 63,648 | 176,859 | ||||||
Mirvac Group(1) | 264,163 | 409,131 | ||||||
National Australia Bank, Ltd. | 171,655 | 5,407,836 | ||||||
Newcrest Mining, Ltd. | 56,406 | 395,179 | ||||||
Orica, Ltd.# | 26,858 | 567,191 | ||||||
Origin Energy, Ltd. | 80,332 | 1,020,951 | ||||||
Qantas Airways, Ltd.† | 83,074 | 92,335 | ||||||
QBE Insurance Group, Ltd. | 89,196 | 1,271,750 | ||||||
Ramsay Health Care, Ltd. | 9,798 | 345,811 | ||||||
REA Group, Ltd. | 3,895 | 143,751 | ||||||
Rio Tinto, Ltd. | 31,858 | 1,917,340 | ||||||
Santos, Ltd. | 70,936 | 904,767 | ||||||
Seek, Ltd.# | 23,365 | 284,603 | ||||||
Sonic Healthcare, Ltd. | 27,902 | 421,720 | ||||||
SP AusNet#(1) | 126,376 | 133,556 | ||||||
Stockland(1) | 168,551 | 591,200 | ||||||
Suncorp Group, Ltd. | 94,023 | 1,129,850 | ||||||
Sydney Airport(1) | 63,848 | 226,858 | ||||||
Tabcorp Holdings, Ltd.# | 53,244 | 171,233 | ||||||
Tatts Group, Ltd. | 103,547 | 291,500 | ||||||
Telstra Corp., Ltd. | 320,305 | 1,476,578 | ||||||
Toll Holdings, Ltd.# | 49,950 | 260,300 | ||||||
Transurban Group(1) | 105,010 | 670,642 | ||||||
Treasury Wine Estates, Ltd.# | 47,370 | 211,898 | ||||||
Wesfarmers, Ltd. | 72,738 | 2,844,220 | ||||||
Westfield Group(1) | 150,498 | 1,425,956 | ||||||
Westfield Retail Trust(1) | 219,895 | 611,022 |
Security Description | Shares | Value (Note 2) | ||||||
Australia (continued) |
| |||||||
Westpac Banking Corp. | 226,869 | $ | 6,795,932 | |||||
Woodside Petroleum, Ltd. | 48,319 | 1,646,386 | ||||||
Woolworths, Ltd. | 91,517 | 2,808,955 | ||||||
WorleyParsons, Ltd. | 14,848 | 221,171 | ||||||
73,204,627 | ||||||||
Austria — 0.4% | ||||||||
Andritz AG | 9,076 | 575,368 | ||||||
Erste Group Bank AG | 9,161 | 322,456 | ||||||
Immoeast AG†(2)(3) | 13,480 | 0 | ||||||
IMMOFINANZ AG | 86,368 | 413,474 | ||||||
OMV AG | 49,517 | 2,425,042 | ||||||
Raiffeisen Bank International AG | 1,585 | 58,374 | ||||||
Telekom Austria AG | 6,886 | 58,541 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 1,113 | 58,394 | ||||||
Voestalpine AG | 4,387 | 218,156 | ||||||
4,129,805 | ||||||||
Belgium — 0.8% | ||||||||
Ageas | 7,952 | 335,427 | ||||||
Anheuser-Busch InBev NV | 40,168 | 4,100,802 | ||||||
Belgacom SA# | 18,566 | 551,603 | ||||||
Colruyt SA | 24,147 | 1,361,353 | ||||||
Delhaize Group SA | 3,783 | 220,446 | ||||||
Groupe Bruxelles Lambert SA | 3,090 | 273,107 | ||||||
KBC Groep NV | 15,510 | 884,954 | ||||||
Solvay SA | 2,212 | 336,861 | ||||||
Telenet Group Holding NV | 1,748 | 96,174 | ||||||
UCB SA | 3,781 | 253,717 | ||||||
Umicore SA | 3,791 | 169,463 | ||||||
8,583,907 | ||||||||
Bermuda — 0.3% | ||||||||
Cheung Kong Infrastructure Holdings, Ltd.# | 46,000 | 302,310 | ||||||
Credicorp, Ltd. | 700 | 89,950 | ||||||
First Pacific Co., Ltd.# | 176,000 | 201,366 | ||||||
GOME Electrical Appliances Holdings, Ltd. | 143,000 | 24,901 | ||||||
Haier Electronics Group Co., Ltd. | 100,000 | 236,048 | ||||||
Kerry Properties, Ltd. | 47,000 | 185,511 | ||||||
Li & Fung, Ltd.# | 428,000 | 582,985 | ||||||
Noble Group, Ltd. | 323,000 | 284,383 | ||||||
NWS Holdings, Ltd. | 110,000 | 164,589 | ||||||
Seadrill, Ltd.# | 13,904 | 591,877 | ||||||
Shangri-La Asia, Ltd.# | 116,000 | 222,045 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 55,500 | 172,170 | ||||||
3,058,135 | ||||||||
Brazil — 0.6% | ||||||||
AMBEV SA | 137,600 | 1,034,312 | ||||||
America Latina Logistica SA | 27,100 | 90,484 | ||||||
Anhanguera Educacional Participacoes SA | 16,900 | 114,736 | ||||||
Arteris SA | 9,500 | 79,705 | ||||||
Banco Bradesco SA | 20,500 | 301,169 | ||||||
Banco do Brasil SA | 18,700 | 205,883 | ||||||
Banco Santander Brasil SA(1) | 40,500 | 258,315 | ||||||
BB Seguridade Participacoes SA | 22,900 | 248,988 | ||||||
BM&FBovespa SA | 44,500 | 224,586 | ||||||
BR Malls Participacoes SA | 9,300 | 76,236 | ||||||
BRF SA | 12,200 | 266,916 | ||||||
CCR SA | 2,900 | 22,966 | ||||||
Centrais Eletricas Brasileiras SA | 23,800 | 60,312 | ||||||
CETIP SA - Mercados Organizados | 14,800 | 161,551 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 6,400 | 66,737 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 5,200 | 85,053 | ||||||
Cia Hering | 5,000 | 66,350 | ||||||
Cia Siderurgica Nacional SA | 11,500 | 58,630 |
119
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Brazil (continued) | ||||||||
Cielo SA | 8,500 | $ | 246,511 | |||||
Cosan SA Industria e Comercio | 1,400 | 25,769 | ||||||
CPFL Energia SA | 8,700 | 72,398 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 24,600 | 166,380 | ||||||
EDP - Energias do Brasil SA | 14,900 | 76,219 | ||||||
Embraer SA | 23,100 | 179,373 | ||||||
Estacio Participacoes SA | 4,400 | 37,688 | ||||||
Fibria Celulose SA† | 5,000 | 59,479 | ||||||
Hypermarcas SA | 6,600 | 53,820 | ||||||
JBS SA | 31,500 | 113,266 | ||||||
Kroton Educacional SA | 3,300 | 55,869 | ||||||
Localiza Rent a Car SA | 8,900 | 128,732 | ||||||
Lojas Americanas SA | 23,700 | 139,597 | ||||||
Lojas Renner SA | 300 | 8,026 | ||||||
M. Dias Branco SA | 1,300 | 59,649 | ||||||
MRV Engenharia e Participacoes SA | 9,300 | 36,824 | ||||||
Petroleo Brasileiro SA | 106,200 | 832,834 | ||||||
Porto Seguro SA | 1,000 | 12,641 | ||||||
Souza Cruz SA | 15,800 | 158,940 | ||||||
Tim Participacoes SA | 7,300 | 36,061 | ||||||
Totvs SA | 4,500 | 70,984 | ||||||
Ultrapar Participacoes SA | 4,600 | 114,267 | ||||||
Vale SA | 46,400 | 712,456 | ||||||
6,820,712 | ||||||||
Cayman Islands — 0.4% | ||||||||
ANTA Sports Products, Ltd. | 346,000 | 489,144 | ||||||
ASM Pacific Technology, Ltd.# | 17,500 | 145,482 | ||||||
Belle International Holdings, Ltd. | 208,000 | 255,954 | ||||||
MGM China Holdings, Ltd. | 70,800 | 251,140 | ||||||
Sands China, Ltd. | 176,800 | 1,338,660 | ||||||
Tencent Holdings, Ltd. | 16,300 | 942,764 | ||||||
Wynn Macau, Ltd.# | 115,600 | 442,857 | ||||||
3,866,001 | ||||||||
China — 1.2% | ||||||||
Agricultural Bank of China, Ltd., Class H | 700,000 | 359,361 | ||||||
Anhui Conch Cement Co., Ltd., Class H | 217,000 | 848,110 | ||||||
Bank of China, Ltd., Class H | 1,919,000 | 928,231 | ||||||
Bank of Communications Co., Ltd., Class H | 632,000 | 472,004 | ||||||
BBMG Corp. | 49,000 | 43,421 | ||||||
Beijing Capital International Airport Co., Ltd., Class H | 910,000 | 710,144 | ||||||
China BlueChemical, Ltd., Class H | 1,040,000 | 708,300 | ||||||
China Construction Bank Corp. | 2,658,302 | 2,153,346 | ||||||
China Merchants Bank Co., Ltd., Class H | 240,500 | 513,718 | ||||||
China Oilfield Services, Ltd., Class H | 254,000 | 766,654 | ||||||
China Pacific Insurance Group Co., Ltd. Class H | 14,600 | 61,770 | ||||||
China Petroleum & Chemical Corp., Class H | 1,452,000 | 1,247,357 | ||||||
China Railway Construction Corp., Ltd., Class H | 590,500 | 661,896 | ||||||
China Railway Group, Ltd., Class H | 364,000 | 209,405 | ||||||
China Vanke Co., Ltd., Class B | 363,700 | 668,510 | ||||||
Chongqing Rural Commercial Bank, Class H | 404,000 | 211,571 | ||||||
Great Wall Motor Co., Ltd., Class H | 81,500 | 497,768 | ||||||
Industrial & Commercial Bank of China, Ltd. | 2,885,000 | 2,072,769 | ||||||
Jiangsu Expressway Co., Ltd., Class H | 216,000 | 286,416 | ||||||
PetroChina Co., Ltd., Class H | 44,000 | 52,044 | ||||||
13,472,795 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 3,833 | 48,216 | ||||||
Cementos Argos SA | 17,542 | 84,725 | ||||||
Ecopetrol SA | 87,421 | 178,078 | ||||||
Grupo Argos SA | 21,588 | 223,507 | ||||||
Interconexion Electrica SA ESP | 8,420 | 37,572 | ||||||
572,098 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Czech Republic — 0.0% | ||||||||
CEZ AS | 7,384 | $ | 204,950 | |||||
Komercni Banka AS | 591 | 135,778 | ||||||
Telefonica Czech Republic AS | 6,211 | 91,562 | ||||||
432,290 | ||||||||
Denmark — 1.7% | ||||||||
AP Moeller - Maersk A/S, Series A | 38 | 362,627 | ||||||
AP Moeller - Maersk A/S, Series B | 311 | 3,154,715 | ||||||
Carlsberg A/S, Class B | 39,788 | 4,358,453 | ||||||
Coloplast A/S, Class B | 4,155 | 272,710 | ||||||
Danske Bank A/S† | 23,916 | 543,560 | ||||||
DSV A/S | 6,223 | 190,394 | ||||||
Novo Nordisk A/S, Class B | 40,379 | 7,232,268 | ||||||
Novozymes A/S, Class B | 8,297 | 320,786 | ||||||
TDC A/S | 236,463 | 2,120,870 | ||||||
Tryg A/S | 829 | 74,898 | ||||||
William Demant Holding A/S†# | 770 | 71,937 | ||||||
18,703,218 | ||||||||
Egypt — 0.0% | ||||||||
Commercial International Bank Egypt SAE | 30,687 | 191,735 | ||||||
Global Telecom Holding† | 18,986 | 12,660 | ||||||
204,395 | ||||||||
Finland — 0.5% | ||||||||
Elisa Oyj | 22,377 | 562,992 | ||||||
Fortum Oyj | 16,605 | 379,875 | ||||||
Kone Oyj, Class B# | 7,032 | 646,259 | ||||||
Metso Oyj | 4,701 | 190,184 | ||||||
Neste Oil Oyj# | 8,605 | 164,360 | ||||||
Nokia Oyj†# | 185,739 | 1,503,866 | ||||||
Nokian Renkaat Oyj# | 3,888 | 192,312 | ||||||
Orion Oyj, Class B# | 3,324 | 87,559 | ||||||
Pohjola Bank PLC, Class A | 5,841 | 110,296 | ||||||
Sampo, Class A | 15,045 | 701,454 | ||||||
Stora Enso OYJ, Class R | 21,126 | 208,647 | ||||||
UPM-Kymmene Oyj | 18,487 | 307,151 | ||||||
Wartsila Oyj Abp# | 6,262 | 306,334 | ||||||
5,361,289 | ||||||||
France — 9.3% | ||||||||
Accor SA | 5,595 | 245,430 | ||||||
Aeroports de Paris | 22,571 | 2,483,679 | ||||||
Air Liquide SA | 19,361 | 2,698,577 | ||||||
Alcatel-Lucent† | 100,639 | 425,877 | ||||||
Alstom SA | 7,711 | 283,098 | ||||||
Arkema SA | 2,383 | 272,355 | ||||||
AtoS | 2,518 | 213,110 | ||||||
AXA SA | 237,461 | 6,221,163 | ||||||
BNP Paribas SA | 113,197 | 8,496,241 | ||||||
Bouygues SA | 25,367 | 956,639 | ||||||
Bureau Veritas SA | 7,692 | 228,428 | ||||||
Cap Gemini SA | 5,112 | 333,343 | ||||||
Carrefour SA | 123,330 | 4,852,069 | ||||||
Casino Guichard Perrachon SA | 1,919 | 214,579 | ||||||
CGG SA† | 5,095 | 105,415 | ||||||
Christian Dior SA# | 18,270 | 3,562,882 | ||||||
Cie de St-Gobain | 15,131 | 804,541 | ||||||
Cie Generale des Etablissements Michelin | 11,328 | 1,230,358 | ||||||
CNP Assurances | 25,762 | 492,242 | ||||||
Credit Agricole SA† | 228,016 | 2,859,082 | ||||||
Danone | 79,742 | 5,793,462 | ||||||
Dassault Systemes SA | 23,202 | 2,662,487 | ||||||
Edenred | 7,453 | 268,816 | ||||||
Electricite de France# | 9,037 | 336,383 |
120
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
France (continued) | ||||||||
Essilor International SA | 7,318 | $ | 767,583 | |||||
Eurazeo SA | 986 | 72,600 | ||||||
Eutelsat Communications SA# | 5,063 | 148,979 | ||||||
Fonciere Des Regions | 1,101 | 93,631 | ||||||
GDF Suez | 179,787 | 4,169,188 | ||||||
Gecina SA | 20,014 | 2,628,634 | ||||||
Groupe Eurotunnel SA | 21,116 | 207,458 | ||||||
ICADE | 1,306 | 119,776 | ||||||
Iliad SA | 867 | 205,176 | ||||||
Imerys SA | 34,074 | 2,754,227 | ||||||
JCDecaux SA | 5,321 | 209,376 | ||||||
Kering | 2,743 | 608,329 | ||||||
Klepierre | 3,387 | 157,224 | ||||||
L’Oreal SA | 12,755 | 2,133,902 | ||||||
Lafarge SA | 6,751 | 479,289 | ||||||
Lagardere SCA | 3,702 | 125,427 | ||||||
Legrand SA | 9,853 | 543,778 | ||||||
LVMH Moet Hennessy Louis Vuitton SA# | 9,193 | 1,732,806 | ||||||
Natixis | 35,856 | 197,959 | ||||||
Orange SA# | 161,091 | 2,104,167 | ||||||
Pernod Ricard SA# | 8,603 | 975,061 | ||||||
Publicis Groupe SA# | 8,470 | 748,613 | ||||||
Remy Cointreau SA# | 893 | 76,125 | ||||||
Renault SA | 6,984 | 619,456 | ||||||
Rexel SA | 7,748 | 196,356 | ||||||
Safran SA | 9,644 | 634,827 | ||||||
Sanofi | 58,171 | 6,151,330 | ||||||
Schneider Electric SA | 65,087 | 5,509,493 | ||||||
SCOR SE | 5,605 | 196,109 | ||||||
Societe BIC SA | 980 | 120,113 | ||||||
Societe Generale SA | 88,475 | 5,088,383 | ||||||
Sodexo | 3,516 | 353,173 | ||||||
Suez Environnement Co. | 11,006 | 189,138 | ||||||
Technip SA | 3,723 | 372,651 | ||||||
Thales SA | 3,521 | 214,889 | ||||||
Total SA | 104,354 | 6,322,006 | ||||||
Unibail-Rodamco SE | 3,509 | 917,405 | ||||||
Valeo SA | 2,762 | 293,645 | ||||||
Vallourec SA | 4,036 | 229,240 | ||||||
Veolia Environnement SA | 13,914 | 225,314 | ||||||
Vinci SA | 63,816 | 4,102,795 | ||||||
Vivendi SA | 43,586 | 1,106,961 | ||||||
Wendel SA | 1,209 | 167,528 | ||||||
Zodiac Aerospace | 1,143 | 193,863 | ||||||
100,504,239 | ||||||||
Germany — 7.7% | ||||||||
Adidas AG | 13,869 | 1,686,650 | ||||||
Allianz SE | 44,703 | 7,764,206 | ||||||
Axel Springer SE# | 3,533 | 212,381 | ||||||
BASF SE | 45,253 | 4,832,029 | ||||||
Bayer AG | 79,115 | 10,554,313 | ||||||
Bayerische Motoren Werke AG | 48,495 | 5,571,510 | ||||||
Beiersdorf AG | 3,450 | 350,246 | ||||||
Brenntag AG | 4,610 | 818,533 | ||||||
Celesio AG# | 2,816 | 90,283 | ||||||
Commerzbank AG† | 144,066 | 2,141,107 | ||||||
Continental AG | 13,272 | 2,771,213 | ||||||
Daimler AG | 77,262 | 6,402,586 | ||||||
Deutsche Bank AG | 116,456 | 5,614,712 | ||||||
Deutsche Boerse AG | 7,012 | 542,209 | ||||||
Deutsche Lufthansa AG† | 9,183 | 199,414 | ||||||
Deutsche Post AG | 101,750 | 3,598,059 | ||||||
Deutsche Telekom AG | 401,938 | 6,380,393 | ||||||
Deutsche Wohnen AG | 10,819 | 217,451 |
Security Description | Shares | Value (Note 2) | ||||||
Germany (continued) | ||||||||
E.ON SE | 64,917 | $ | 1,248,767 | |||||
Fraport AG Frankfurt Airport Services Worldwide# | 1,503 | 110,626 | ||||||
Fresenius Medical Care AG & Co. KGaA | 7,604 | 531,377 | ||||||
Fresenius SE & Co. KGaA | 7,623 | 1,079,079 | ||||||
GEA Group AG | 6,736 | 313,920 | ||||||
Hannover Rueck SE | 1,945 | 161,945 | ||||||
HeidelbergCement AG | 5,203 | 406,921 | ||||||
Henkel AG & Co. KGaA | 4,809 | 476,454 | ||||||
Hochtief AG# | 960 | 84,796 | ||||||
Hugo Boss AG | 3,327 | 446,549 | ||||||
Infineon Technologies AG | 97,905 | 993,539 | ||||||
K+S AG# | 6,474 | 181,088 | ||||||
Kabel Deutschland Holding AG | 807 | 105,246 | ||||||
LANXESS AG# | 7,034 | 465,314 | ||||||
Linde AG | 8,796 | 1,795,990 | ||||||
MAN SE | 1,227 | 149,136 | ||||||
Merck KGaA | 13,618 | 2,362,457 | ||||||
Metro AG# | 4,472 | 224,114 | ||||||
Muenchener Rueckversicherungs AG | 10,616 | 2,321,916 | ||||||
OSRAM Licht AG† | 2,951 | 174,749 | ||||||
ProSiebenSat.1 Media AG | 6,708 | 301,771 | ||||||
RWE AG | 17,605 | 675,877 | ||||||
SAP AG | 33,257 | 2,753,699 | ||||||
Siemens AG | 33,690 | 4,448,636 | ||||||
Sky Deutschland AG† | 15,824 | 162,302 | ||||||
Suedzucker AG# | 22,414 | 564,989 | ||||||
Telefonica Deutschland Holding AG | 9,800 | 79,880 | ||||||
ThyssenKrupp AG† | 14,384 | 376,451 | ||||||
United Internet AG | 3,985 | 160,054 | ||||||
Volkswagen AG | 1,017 | 264,783 | ||||||
83,169,720 | ||||||||
Greece — 0.0% | ||||||||
OPAP SA | 7,460 | 99,216 | ||||||
Guernsey — 0.0% | ||||||||
Resolution, Ltd. | 48,974 | 274,230 | ||||||
Hong Kong — 2.8% | ||||||||
AIA Group, Ltd. | 881,000 | 4,465,996 | ||||||
Bank of East Asia, Ltd. | 109,600 | 487,023 | ||||||
BOC Hong Kong Holdings, Ltd. | 271,000 | 917,589 | ||||||
Cathay Pacific Airways, Ltd. | 88,000 | 186,837 | ||||||
Cheung Kong Holdings, Ltd. | 102,000 | 1,611,707 | ||||||
China Mobile, Ltd. | 220,000 | 2,369,512 | ||||||
China Overseas Land & Investment, Ltd. | 308,000 | 959,440 | ||||||
China Resources Power Holdings Co., Ltd. | 144,000 | 348,454 | ||||||
CLP Holdings, Ltd. | 130,500 | 1,069,734 | ||||||
CNOOC, Ltd. | 792,000 | 1,624,322 | ||||||
Galaxy Entertainment Group, Ltd.† | 154,000 | 1,207,742 | ||||||
Guangdong Investment, Ltd. | 782,000 | 725,246 | ||||||
Hang Lung Properties, Ltd. | 163,000 | 546,652 | ||||||
Hang Seng Bank, Ltd.# | 56,100 | 914,660 | ||||||
Henderson Land Development Co., Ltd. | 79,000 | 461,100 | ||||||
HKT Trust/HKT, Ltd.(1) | 12,086 | 10,601 | ||||||
Hong Kong & China Gas Co., Ltd. | 423,000 | 999,576 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 80,000 | 1,405,455 | ||||||
Hopewell Holdings, Ltd. | 42,500 | 142,532 | ||||||
Hutchison Whampoa, Ltd. | 156,000 | 1,987,062 | ||||||
Hysan Development Co., Ltd. | 47,000 | 218,854 | ||||||
Kerry Logistics Network, Ltd.(2) | 23,500 | 20,006 | ||||||
Link REIT | 169,000 | 827,272 | ||||||
MTR Corp., Ltd. | 111,500 | 432,184 | ||||||
New World Development Co., Ltd. | 273,000 | 369,040 | ||||||
PCCW, Ltd. | 278,000 | 120,127 | ||||||
Power Assets Holdings, Ltd. | 102,500 | 832,941 |
121
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Hong Kong (continued) | ||||||||
Shougang Fushan Resources Group, Ltd. | 1,908,000 | $ | 671,879 | |||||
Sino Land Co., Ltd.# | 218,000 | 298,066 | ||||||
SJM Holdings, Ltd. | 144,000 | 462,500 | ||||||
Sun Hung Kai Properties, Ltd. | 117,000 | 1,501,616 | ||||||
Swire Pacific, Ltd., Class A | 50,000 | 603,342 | ||||||
Swire Properties, Ltd. | 85,000 | 227,503 | ||||||
Wharf Holdings, Ltd. | 111,000 | 922,059 | ||||||
Wheelock & Co., Ltd. | 66,000 | 321,374 | ||||||
30,270,003 | ||||||||
Hungary — 0.0% | ||||||||
Magyar Telekom Telecommunications PLC | 57,982 | 76,038 | ||||||
MOL Hungarian Oil & Gas PLC | 1,086 | 68,616 | ||||||
OTP Bank PLC | 1,902 | 38,477 | ||||||
183,131 | ||||||||
India — 0.5% | ||||||||
Bajaj Auto, Ltd. | 1,597 | 50,524 | ||||||
Bharat Heavy Electricals, Ltd. | 290,337 | 727,817 | ||||||
Cipla, Ltd. | 100,374 | 627,880 | ||||||
Coal India, Ltd. | 154,559 | 672,625 | ||||||
Dabur India, Ltd. | 13,916 | 36,766 | ||||||
Divi’s Laboratories, Ltd. | 1,591 | 29,483 | ||||||
GlaxoSmithKline Consumer Healthcare, Ltd. | 9,080 | 642,974 | ||||||
HCL Technologies, Ltd. | 40,049 | 692,959 | ||||||
Infosys, Ltd. | 1,430 | 76,776 | ||||||
Lupin, Ltd. | 35,999 | 491,969 | ||||||
Ranbaxy Laboratories, Ltd.† | 100,414 | 675,613 | ||||||
Sesa Sterlite, Ltd. | 37,972 | 111,261 | ||||||
Tata Consultancy Services, Ltd. | 4,006 | 128,536 | ||||||
4,965,183 | ||||||||
Indonesia — 0.1% | ||||||||
Bank Negara Indonesia Persero Tbk PT | 1,038,000 | 355,762 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 354,500 | 558,606 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 2,854,000 | 518,909 | ||||||
1,433,277 | ||||||||
Ireland — 0.2% | ||||||||
Bank of Ireland† | 1,201,766 | 465,291 | ||||||
CRH PLC | 26,652 | 675,618 | ||||||
Elan Corp. PLC (ISE)† | 17,325 | 313,382 | ||||||
Elan Corp. PLC (LSE)† | 377 | 6,658 | ||||||
James Hardie Industries PLC CDI | 32,844 | 375,228 | ||||||
Kerry Group PLC, Class A | 10,283 | 659,358 | ||||||
2,495,535 | ||||||||
Isle of Man — 0.1% |
| |||||||
Genting Singapore PLC# | 449,000 | 525,899 | ||||||
Israel — 0.4% |
| |||||||
Bank Hapoalim BM | 77,807 | 433,696 | ||||||
Bank Leumi Le-Israel BM† | 92,394 | 375,764 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 140,797 | 235,361 | ||||||
Delek Group, Ltd. | 302 | 114,252 | ||||||
Israel Chemicals, Ltd. | 32,857 | 279,940 | ||||||
Israel Corp., Ltd.† | 199 | 102,282 | ||||||
Mizrahi Tefahot Bank, Ltd. | 9,286 | 117,541 | ||||||
NICE Systems, Ltd. | 4,237 | 165,704 | ||||||
Teva Pharmaceutical Industries, Ltd. | 62,693 | 2,537,256 | ||||||
4,361,796 | ||||||||
Italy — 2.5% |
| |||||||
Assicurazioni Generali SpA | 43,769 | 1,003,688 | ||||||
Atlantia SpA# | 11,424 | 254,985 | ||||||
Banca Monte dei Paschi di Siena SpA†# | 685,625 | 173,989 |
Security Description | Shares | Value (Note 2) | ||||||
Italy (continued) | ||||||||
Enel Green Power SpA | 125,314 | $ | 308,133 | |||||
Enel SpA | 989,096 | 4,498,664 | ||||||
Eni SpA | 315,459 | 7,589,639 | ||||||
Exor SpA | 6,219 | 243,571 | ||||||
Fiat SpA†# | 174,966 | 1,388,117 | ||||||
Finmeccanica SpA† | 12,630 | 91,966 | ||||||
Intesa Sanpaolo SpA | 1,777,213 | 4,297,532 | ||||||
Luxottica Group SpA | 6,225 | 329,641 | ||||||
Mediobanca SpA† | 18,220 | 155,813 | ||||||
Pirelli & C. SpA# | 16,460 | 253,573 | ||||||
Prysmian SpA | 15,150 | 395,572 | ||||||
Saipem SpA | 16,409 | 368,258 | ||||||
Snam SpA | 72,787 | 391,569 | ||||||
Telecom Italia SpA | 2,628,226 | 2,563,579 | ||||||
Telecom Italia SpA RSP | 233,946 | 179,725 | ||||||
Terna Rete Elettrica Nazionale SpA | 53,068 | 256,218 | ||||||
UniCredit SpA | 157,397 | 1,141,819 | ||||||
Unione di Banche Italiane SCPA | 212,355 | 1,437,806 | ||||||
27,323,857 | ||||||||
Japan — 18.7% |
| |||||||
ABC-Mart, Inc. | 800 | 36,475 | ||||||
ACOM Co., Ltd.† | 154,500 | 573,200 | ||||||
Advantest Corp.# | 5,100 | 65,627 | ||||||
Aeon Co., Ltd. | 123,400 | 1,660,192 | ||||||
AEON Financial Service Co., Ltd. | 2,300 | 63,908 | ||||||
Aeon Mall Co., Ltd. | 42,700 | 1,227,742 | ||||||
Air Water, Inc. | 5,000 | 69,954 | ||||||
Aisin Seiki Co., Ltd. | 15,100 | 607,391 | ||||||
Ajinomoto Co., Inc. | 114,000 | 1,624,994 | ||||||
Alfresa Holdings Corp. | 23,000 | 1,192,385 | ||||||
Amada Co., Ltd. | 17,000 | 150,539 | ||||||
ANA Holdings, Inc.# | 508,000 | 1,026,663 | ||||||
Aozora Bank, Ltd. | 36,000 | 103,686 | ||||||
Asahi Glass Co., Ltd.# | 159,000 | 1,026,107 | ||||||
Asahi Group Holdings, Ltd. | 12,700 | 347,677 | ||||||
Asahi Kasei Corp. | 235,000 | 1,853,844 | ||||||
Asics Corp. | 7,700 | 127,124 | ||||||
Astellas Pharma, Inc. | 14,300 | 847,459 | ||||||
Bank of Kyoto, Ltd.# | 136,000 | 1,167,137 | ||||||
Bank of Yokohama, Ltd. | 277,000 | 1,517,178 | ||||||
Benesse Holdings, Inc. | 2,400 | 92,321 | ||||||
Bridgestone Corp. | 70,400 | 2,577,496 | ||||||
Brother Industries, Ltd. | 8,100 | 102,728 | ||||||
Calbee, Inc. | 4,100 | 103,996 | ||||||
Canon, Inc. | 116,500 | 3,878,594 | ||||||
Casio Computer Co., Ltd.# | 129,200 | 1,464,498 | ||||||
Central Japan Railway Co. | 19,000 | 2,285,380 | ||||||
Chiba Bank, Ltd. | 24,000 | 166,834 | ||||||
Chiyoda Corp. | 5,000 | 68,392 | ||||||
Chubu Electric Power Co., Inc. | 21,200 | 286,461 | ||||||
Chugai Pharmaceutical Co., Ltd. | 63,300 | 1,511,042 | ||||||
Chugoku Bank, Ltd. | 72,100 | 976,351 | ||||||
Chugoku Electric Power Co., Inc. | 66,700 | 974,207 | ||||||
Citizen Holdings Co., Ltd. | 9,100 | 69,921 | ||||||
Coca-Cola West Co., Ltd. | 30,200 | 668,425 | ||||||
Credit Saison Co., Ltd. | 27,400 | 768,297 | ||||||
Dai Nippon Printing Co., Ltd. | 18,000 | 185,580 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 111,800 | 1,751,906 | ||||||
Daicel Corp. | 49,000 | 388,460 | ||||||
Daido Steel Co., Ltd. | 10,000 | 54,479 | ||||||
Daihatsu Motor Co., Ltd.# | 70,300 | 1,286,231 | ||||||
Daiichi Sankyo Co., Ltd. | 95,500 | 1,752,892 | ||||||
Daikin Industries, Ltd. | 7,700 | 488,650 | ||||||
Dainippon Sumitomo Pharma Co., Ltd. | 91,100 | 1,311,911 |
122
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Daito Trust Construction Co., Ltd. | 7,400 | $ | 702,250 | |||||
Daiwa House Industry Co., Ltd. | 99,000 | 1,923,456 | ||||||
Daiwa Securities Group, Inc. | 243,000 | 2,360,605 | ||||||
Dena Co., Ltd.# | 25,800 | 501,264 | ||||||
Denso Corp. | 58,200 | 2,914,972 | ||||||
Dentsu, Inc. | 43,100 | 1,792,590 | ||||||
Don Quijote Holdings Co., Ltd. | 1,800 | 110,188 | ||||||
East Japan Railway Co. | 12,000 | 982,963 | ||||||
Eisai Co., Ltd. | 8,300 | 324,140 | ||||||
Electric Power Development Co., Ltd. | 3,700 | 109,275 | ||||||
FamilyMart Co., Ltd.# | 28,800 | 1,315,929 | ||||||
FANUC Corp. | 21,100 | 3,551,516 | ||||||
Fast Retailing Co., Ltd.# | 6,700 | 2,538,052 | ||||||
Fuji Electric Co., Ltd. | 208,000 | 942,270 | ||||||
Fuji Heavy Industries, Ltd. | 32,100 | 906,353 | ||||||
FUJIFILM Holdings Corp. | 78,600 | 2,146,392 | ||||||
Fujitsu, Ltd.† | 82,000 | 381,879 | ||||||
Fukuoka Financial Group, Inc. | 183,000 | 820,083 | ||||||
Furukawa Electric Co., Ltd. | 19,000 | 44,891 | ||||||
Gree, Inc.# | 3,300 | 30,124 | ||||||
GungHo Online Entertainment, Inc.†# | 112 | 73,373 | ||||||
Gunma Bank, Ltd. | 54,000 | 305,785 | ||||||
Hachijuni Bank, Ltd. | 140,000 | 829,680 | ||||||
Hakuhodo DY Holdings, Inc. | 41,000 | 326,239 | ||||||
Hamamatsu Photonics KK | 2,400 | 94,664 | ||||||
Hankyu Hanshin Holdings, Inc. | 283,000 | 1,561,094 | ||||||
Hino Motors, Ltd. | 93,000 | 1,440,967 | ||||||
Hirose Electric Co., Ltd. | 1,000 | 152,892 | ||||||
Hiroshima Bank, Ltd. | 17,000 | 69,876 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 2,800 | 148,440 | ||||||
Hitachi Chemical Co., Ltd. | 6,400 | 97,476 | ||||||
Hitachi Construction Machinery Co., Ltd.# | 5,700 | 121,986 | ||||||
Hitachi High-Technologies Corp. | 2,000 | 46,785 | ||||||
Hitachi Metals, Ltd. | 84,000 | 1,193,263 | ||||||
Hitachi, Ltd. | 512,000 | 3,774,079 | ||||||
Hokkaido Electric Power Co., Inc.†# | 6,300 | 74,241 | ||||||
Hokuhoku Financial Group, Inc. | 275,000 | 563,827 | ||||||
Hokuriku Electric Power Co. | 8,300 | 110,289 | ||||||
Honda Motor Co., Ltd. | 130,900 | 5,533,776 | ||||||
Hoya Corp. | 16,100 | 435,568 | ||||||
Hulic Co., Ltd. | 9,000 | 158,340 | ||||||
Ibiden Co., Ltd. | 3,600 | 61,614 | ||||||
Idemitsu Kosan Co., Ltd. | 5,100 | 458,091 | ||||||
IHI Corp. | 55,000 | 229,827 | ||||||
Iida Group Holdings Co., Ltd.† | 4,400 | 88,537 | ||||||
Inpex Corp. | 154,900 | 1,796,643 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 11,500 | 165,384 | ||||||
Isuzu Motors, Ltd. | 234,000 | 1,494,127 | ||||||
ITOCHU Corp. | 197,600 | 2,492,548 | ||||||
ITOCHU Techno-Solutions Corp.# | 8,200 | 313,029 | ||||||
Iyo Bank, Ltd. | 8,100 | 81,929 | ||||||
J. Front Retailing Co., Ltd. | 16,000 | 124,970 | ||||||
Japan Airlines Co., Ltd. | 4,800 | 244,159 | ||||||
Japan Exchange Group, Inc. | 8,100 | 216,290 | ||||||
Japan Petroleum Exploration Co. | 3,600 | 138,482 | ||||||
Japan Prime Realty Investment Corp. | 25 | 83,720 | ||||||
Japan Real Estate Investment Corp. | 20 | 211,277 | ||||||
Japan Retail Fund Investment Corp.# | 539 | 1,063,002 | ||||||
Japan Steel Works, Ltd. | 176,000 | 939,927 | ||||||
Japan Tobacco, Inc. | 51,700 | 1,746,468 | ||||||
JFE Holdings, Inc. | 16,200 | 364,095 | ||||||
JGC Corp. | 44,000 | 1,638,858 | ||||||
Joyo Bank, Ltd. | 22,000 | 112,336 | ||||||
JSR Corp. | 6,100 | 112,144 | ||||||
JTEKT Corp. | 6,700 | 103,550 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
JX Holdings, Inc. | 96,400 | $ | 501,647 | |||||
Kajima Corp. | 68,000 | 254,274 | ||||||
Kakaku.com, Inc. | 4,800 | 87,822 | ||||||
Kamigumi Co., Ltd. | 8,000 | 72,092 | ||||||
Kaneka Corp. | 9,000 | 55,358 | ||||||
Kansai Electric Power Co., Inc.† | 23,100 | 262,292 | ||||||
Kansai Paint Co., Ltd.# | 7,000 | 99,097 | ||||||
Kao Corp. | 71,100 | 2,335,870 | ||||||
Kawasaki Heavy Industries, Ltd. | 47,000 | 192,726 | ||||||
KDDI Corp. | 19,400 | 1,217,886 | ||||||
Keikyu Corp.# | 15,000 | 125,799 | ||||||
Keio Corp.# | 19,000 | 125,956 | ||||||
Keisei Electric Railway Co., Ltd. | 9,000 | 87,430 | ||||||
Keyence Corp. | 1,500 | 602,636 | ||||||
Kikkoman Corp. | 5,000 | 95,875 | ||||||
Kinden Corp. | 4,000 | 42,138 | ||||||
Kintetsu Corp.# | 227,000 | 795,636 | ||||||
Kirin Holdings Co., Ltd. | 96,000 | 1,479,014 | ||||||
Kobe Steel, Ltd.† | 81,000 | 139,185 | ||||||
Koito Manufacturing Co., Ltd. | 3,000 | 57,730 | ||||||
Komatsu, Ltd. | 104,800 | 2,178,367 | ||||||
Konami Corp.# | 3,300 | 85,798 | ||||||
Konica Minolta, Inc. | 64,500 | 650,510 | ||||||
Kubota Corp. | 35,000 | 598,340 | ||||||
Kuraray Co., Ltd. | 11,600 | 144,172 | ||||||
Kurita Water Industries, Ltd.# | 3,700 | 79,220 | ||||||
Kyocera Corp. | 11,600 | 613,835 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 7,000 | 81,533 | ||||||
Kyushu Electric Power Co., Inc.† | 13,900 | 180,086 | ||||||
Lawson, Inc.# | 2,200 | 161,308 | ||||||
LIXIL Group Corp. | 8,700 | 225,176 | ||||||
M3, Inc. | 23 | 60,023 | ||||||
Mabuchi Motor Co., Ltd. | 800 | 48,113 | ||||||
Makita Corp. | 3,600 | 179,605 | ||||||
Marubeni Corp. | 259,000 | 1,878,809 | ||||||
Marui Group Co., Ltd. | 84,700 | 870,775 | ||||||
Maruichi Steel Tube, Ltd. | 1,700 | �� | 41,826 | |||||
Mazda Motor Corp.† | 89,000 | 409,265 | ||||||
McDonald’s Holdings Co. Japan, Ltd.# | 2,200 | 60,528 | ||||||
Medipal Holdings Corp. | 4,400 | 58,681 | ||||||
MEIJI Holdings Co., Ltd. | 2,000 | 111,692 | ||||||
Miraca Holdings, Inc. | 3,000 | 139,419 | ||||||
Mitsubishi Chemical Holdings Corp.# | 319,500 | 1,484,813 | ||||||
Mitsubishi Corp. | 50,700 | 997,418 | ||||||
Mitsubishi Electric Corp. | 64,000 | 739,195 | ||||||
Mitsubishi Estate Co., Ltd. | 55,000 | 1,527,166 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 38,000 | 297,545 | ||||||
Mitsubishi Heavy Industries, Ltd. | 241,000 | 1,545,882 | ||||||
Mitsubishi Logistics Corp. | 7,000 | 110,715 | ||||||
Mitsubishi Materials Corp. | 142,000 | 533,756 | ||||||
Mitsubishi Motors Corp.† | 14,500 | 157,139 | ||||||
Mitsubishi Tanabe Pharma Corp. | 7,700 | 105,849 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,105,200 | 7,110,830 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 27,500 | 164,315 | ||||||
Mitsui & Co., Ltd. | 123,600 | 1,712,359 | ||||||
Mitsui Chemicals, Inc. | 25,000 | 61,020 | ||||||
Mitsui Fudosan Co., Ltd. | 28,000 | 949,963 | ||||||
Mitsui OSK Lines, Ltd. | 47,000 | 208,787 | ||||||
Mizuho Financial Group, Inc. | 1,179,100 | 2,475,045 | ||||||
MS&AD Insurance Group Holdings | 16,700 | 449,518 | ||||||
Murata Manufacturing Co., Ltd. | 6,700 | 576,295 | ||||||
Nabtesco Corp. | 3,400 | 79,203 | ||||||
Namco Bandai Holdings, Inc. | 67,500 | 1,371,418 | ||||||
NEC Corp. | 545,000 | 1,202,538 | ||||||
Nexon Co., Ltd. | 56,800 | 529,043 |
123
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
NGK Insulators, Ltd. | 9,000 | $ | 164,755 | |||||
NGK Spark Plug Co., Ltd. | 6,000 | 139,302 | ||||||
NHK Spring Co., Ltd. | 5,600 | 63,258 | ||||||
Nidec Corp.# | 3,300 | 318,643 | ||||||
Nikon Corp. | 11,200 | 212,354 | ||||||
Nintendo Co., Ltd. | 3,500 | 448,670 | ||||||
Nippon Building Fund, Inc. | 23 | 270,364 | ||||||
Nippon Electric Glass Co., Ltd. | 162,000 | 871,486 | ||||||
Nippon Express Co., Ltd. | 276,000 | 1,422,778 | ||||||
Nippon Meat Packers, Inc. | 23,000 | 371,413 | ||||||
Nippon Paint Co., Ltd. | 6,000 | 97,242 | ||||||
Nippon Prologis REIT, Inc. | 8 | 77,325 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 250,000 | 810,349 | ||||||
Nippon Telegraph & Telephone Corp. | 20,300 | 1,018,716 | ||||||
Nippon Yusen KK | 52,000 | 160,937 | ||||||
Nishi-Nippon City Bank, Ltd. | 39,000 | 101,665 | ||||||
Nissan Motor Co., Ltd. | 81,900 | 748,434 | ||||||
Nisshin Seifun Group, Inc.# | 6,500 | 70,315 | ||||||
Nissin Foods Holdings Co., Ltd.# | 2,000 | 80,449 | ||||||
Nitori Holdings Co., Ltd. | 1,150 | 106,551 | ||||||
Nitto Denko Corp. | 5,400 | 274,679 | ||||||
NKSJ Holdings, Inc. | 10,900 | 302,125 | ||||||
NOK Corp. | 2,900 | 46,434 | ||||||
Nomura Holdings, Inc. | 125,500 | 993,708 | ||||||
Nomura Real Estate Holdings, Inc. | 3,900 | 91,917 | ||||||
Nomura Real Estate Office Fund, Inc. | 73 | 346,024 | ||||||
Nomura Research Institute, Ltd. | 3,400 | 111,535 | ||||||
NSK, Ltd. | 15,000 | 177,203 | ||||||
NTT Data Corp. | 4,200 | 151,106 | ||||||
NTT DOCOMO, Inc. | 78,200 | 1,259,751 | ||||||
NTT Urban Development Corp. | 20,200 | 232,519 | ||||||
Obayashi Corp. | 22,000 | 118,780 | ||||||
Odakyu Electric Railway Co., Ltd. | 21,000 | 186,781 | ||||||
OJI Holdings Corp.# | 71,000 | 334,118 | ||||||
Olympus Corp.† | 7,900 | 265,712 | ||||||
Omron Corp. | 6,700 | 275,719 | ||||||
Ono Pharmaceutical Co., Ltd. | 2,700 | 204,559 | ||||||
Oracle Corp. Japan | 1,300 | 51,277 | ||||||
Oriental Land Co., Ltd. | 1,600 | 235,724 | ||||||
ORIX Corp. | 46,800 | 852,155 | ||||||
Osaka Gas Co., Ltd. | 62,000 | 250,603 | ||||||
Otsuka Corp. | 500 | 63,900 | ||||||
Otsuka Holdings Co., Ltd. | 11,900 | 347,618 | ||||||
Panasonic Corp. | 111,200 | 1,275,665 | ||||||
Park24 Co., Ltd.# | 3,300 | 62,311 | ||||||
Rakuten, Inc. | 23,800 | 365,743 | ||||||
Resona Holdings, Inc. | 61,200 | 303,535 | ||||||
Ricoh Co., Ltd. | 22,000 | 252,380 | ||||||
Rinnai Corp. | 1,100 | 83,124 | ||||||
Rohm Co., Ltd. | 3,100 | 134,684 | ||||||
Sankyo Co., Ltd. | 1,700 | 77,925 | ||||||
Sanrio Co., Ltd.# | 1,500 | 68,684 | ||||||
Santen Pharmaceutical Co., Ltd. | 2,500 | 118,990 | ||||||
SBI Holdings, Inc. | 6,800 | 94,141 | ||||||
Secom Co., Ltd. | 6,900 | 425,755 | ||||||
Sega Sammy Holdings, Inc. | 6,100 | 160,741 | ||||||
Sekisui Chemical Co., Ltd. | 14,000 | 164,022 | ||||||
Sekisui House, Ltd. | 18,000 | 248,318 | ||||||
Seven & I Holdings Co., Ltd. | 26,000 | 956,993 | ||||||
Seven Bank, Ltd.# | 18,500 | 63,939 | ||||||
Sharp Corp.†# | 47,000 | 153,722 | ||||||
Shikoku Electric Power Co., Inc.† | 5,800 | 91,792 | ||||||
Shimadzu Corp. | 8,000 | 74,357 | ||||||
Shimamura Co., Ltd. | 700 | 71,828 | ||||||
Shimano, Inc. | 2,600 | 230,998 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
Shimizu Corp. | 20,000 | $ | 93,532 | |||||
Shin-Etsu Chemical Co., Ltd. | 38,900 | 2,248,357 | ||||||
Shinsei Bank, Ltd. | 55,000 | 135,856 | ||||||
Shionogi & Co., Ltd. | 10,000 | 219,868 | ||||||
Shiseido Co., Ltd.# | 11,700 | 200,131 | ||||||
Shizuoka Bank, Ltd. | 19,000 | 214,996 | ||||||
Showa Denko KK# | 79,000 | 122,636 | ||||||
Showa Shell Sekiyu KK | 6,500 | 72,219 | ||||||
SMC Corp. | 1,700 | 409,295 | ||||||
SoftBank Corp. | 84,400 | 6,831,106 | ||||||
Sojitz Corp. | 42,200 | 77,870 | ||||||
Sony Corp.# | 33,400 | 608,814 | ||||||
Sony Financial Holdings, Inc. | 5,500 | 97,945 | ||||||
Stanley Electric Co., Ltd. | 4,900 | 107,879 | ||||||
Sumco Corp. | 3,800 | 36,878 | ||||||
Sumitomo Chemical Co., Ltd. | 49,000 | 197,100 | ||||||
Sumitomo Corp. | 37,100 | 458,928 | ||||||
Sumitomo Electric Industries, Ltd. | 24,900 | 388,238 | ||||||
Sumitomo Heavy Industries, Ltd. | 18,000 | 86,639 | ||||||
Sumitomo Metal Mining Co., Ltd. | 17,000 | 226,224 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 71,600 | 3,544,174 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 109,000 | 535,289 | ||||||
Sumitomo Realty & Development Co., Ltd. | 12,000 | 568,806 | ||||||
Sumitomo Rubber Industries, Ltd. | 5,300 | 74,824 | ||||||
Suntory Beverage & Food, Ltd.† | 4,000 | 126,141 | ||||||
Suruga Bank, Ltd. | 6,000 | 99,995 | ||||||
Suzuken Co., Ltd. | 2,300 | 78,145 | ||||||
Suzuki Motor Corp. | 69,600 | 1,787,142 | ||||||
Sysmex Corp. | 2,400 | 156,056 | ||||||
T&D Holdings, Inc. | 18,900 | 249,847 | ||||||
Taiheiyo Cement Corp.# | 343,000 | 1,386,400 | ||||||
Taisei Corp.# | 31,000 | 141,040 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 1,100 | 75,607 | ||||||
Taiyo Nippon Sanso Corp. | 8,000 | 53,034 | ||||||
Takashimaya Co., Ltd.# | 9,000 | 85,233 | ||||||
Takeda Pharmaceutical Co., Ltd. | 35,600 | 1,729,168 | ||||||
TDK Corp. | 11,200 | 522,685 | ||||||
Teijin, Ltd. | 31,000 | 67,796 | ||||||
Terumo Corp. | 5,000 | 261,167 | ||||||
THK Co., Ltd. | 3,600 | 87,272 | ||||||
Tobu Railway Co., Ltd. | 34,000 | 165,975 | ||||||
Toho Co., Ltd. | 3,800 | 82,289 | ||||||
Toho Gas Co., Ltd.# | 14,000 | 67,796 | ||||||
Tohoku Electric Power Co., Inc.† | 15,200 | 167,545 | ||||||
Tokio Marine Holdings, Inc. | 83,800 | 2,781,743 | ||||||
Tokyo Electric Power Co., Inc.† | 47,400 | 252,677 | ||||||
Tokyo Electron, Ltd. | 5,700 | 308,860 | ||||||
Tokyo Gas Co., Ltd. | 282,000 | 1,404,149 | ||||||
Tokyo Tatemono Co., Ltd. | 14,000 | 138,326 | ||||||
Tokyu Corp. | 37,000 | 249,256 | ||||||
Tokyu Fudosan Holdings Corp.† | 17,000 | 155,685 | ||||||
TonenGeneral Sekiyu KK | 9,000 | 86,991 | ||||||
Toppan Printing Co., Ltd. | 18,000 | 145,511 | ||||||
Toray Industries, Inc. | 48,000 | 339,292 | ||||||
Toshiba Corp. | 133,000 | 573,942 | ||||||
TOTO, Ltd. | 9,000 | 132,155 | ||||||
Toyo Seikan Group Holdings, Ltd. | 5,500 | 115,880 | ||||||
Toyo Suisan Kaisha, Ltd. | 3,000 | 87,401 | ||||||
Toyoda Gosei Co., Ltd. | 2,300 | 56,543 | ||||||
Toyota Boshoku Corp.# | 2,000 | 27,532 | ||||||
Toyota Industries Corp. | 5,400 | 234,874 | ||||||
Toyota Motor Corp. | 186,600 | 11,623,217 | ||||||
Toyota Tsusho Corp. | 6,900 | 177,780 | ||||||
Trend Micro, Inc.# | 3,400 | 133,112 | ||||||
Tsumura & Co. | 2,000 | 54,264 |
124
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Ube Industries, Ltd. | 55,000 | $ | 114,913 | |||||
Unicharm Corp. | 3,800 | 240,410 | ||||||
United Urban Investment Corp. | 78 | 111,869 | ||||||
USS Co., Ltd. | 7,400 | 101,653 | ||||||
West Japan Railway Co. | 5,500 | 240,566 | ||||||
Yahoo Japan Corp. | 47,400 | 228,612 | ||||||
Yakult Honsha Co., Ltd.# | 2,900 | 147,513 | ||||||
Yamada Denki Co., Ltd.# | 28,900 | 100,730 | ||||||
Yamaguchi Financial Group, Inc. | 7,000 | 64,652 | ||||||
Yamaha Corp. | 4,900 | 77,166 | ||||||
Yamaha Motor Co., Ltd. | 9,500 | 151,555 | ||||||
Yamato Holdings Co., Ltd. | 12,100 | 256,590 | ||||||
Yamato Kogyo Co., Ltd. | 1,400 | 47,020 | ||||||
Yamazaki Baking Co., Ltd.# | 8,000 | 82,402 | ||||||
Yaskawa Electric Corp. | 7,000 | 93,766 | ||||||
Yokogawa Electric Corp. | 7,000 | 105,931 | ||||||
Yokohama Rubber Co., Ltd. | 7,000 | 72,443 | ||||||
202,648,047 | ||||||||
Jersey — 0.7% |
| |||||||
Experian PLC | 36,057 | 665,134 | ||||||
Glencore Xstrata PLC | 438,364 | 2,223,218 | ||||||
Petrofac, Ltd.# | 9,987 | 206,950 | ||||||
Randgold Resources, Ltd.# | 4,105 | 292,011 | ||||||
Shire PLC | 44,476 | 2,017,970 | ||||||
Wolseley PLC | 9,897 | 534,095 | ||||||
WPP PLC | 47,894 | 1,059,088 | ||||||
6,998,466 | ||||||||
Luxembourg — 0.2% |
| |||||||
ArcelorMittal | 35,806 | 616,786 | ||||||
Millicom International Cellular SA SDR | 2,525 | 226,655 | ||||||
RTL Group SA† | 1,463 | 175,992 | ||||||
SES SA FDR | 11,282 | 334,197 | ||||||
Subsea 7 SA | 9,446 | 183,797 | ||||||
Tenaris SA# | 43,271 | 973,457 | ||||||
2,510,884 | ||||||||
Malaysia — 0.3% |
| |||||||
AMMB Holdings Bhd | 220,500 | 506,267 | ||||||
Astro Malaysia Holdings Bhd | 716,200 | 648,869 | ||||||
Berjaya Sports Toto Bhd | 493,500 | 598,692 | ||||||
British American Tobacco Malaysia Bhd | 34,900 | 681,108 | ||||||
Genting Bhd | 23,200 | 73,566 | ||||||
Malayan Banking Bhd | 143,800 | 436,353 | ||||||
Public Bank Bhd | 89,400 | 508,717 | ||||||
3,453,572 | ||||||||
Mauritius — 0.0% |
| |||||||
Golden Agri-Resources, Ltd.# | 538,000 | 246,484 | ||||||
Mexico — 0.5% |
| |||||||
Alfa SAB de CV, Class A | 116,000 | 340,671 | ||||||
America Movil SAB de CV, Series L | 1,152,400 | 1,336,524 | ||||||
Cemex SAB de CV CPO†(1) | 309,600 | 341,349 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 17,400 | 212,289 | ||||||
Compartamos SAB de CV | 55,400 | 104,747 | ||||||
Controladora Comercial Mexicana SAB de CV | 29,900 | 122,055 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 8,900 | 101,848 | ||||||
Fomento Economico Mexicano SAB de CV(1) | 60,700 | 584,908 | ||||||
Genomma Lab Internacional SAB de CV† | 14,500 | 42,783 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 26,300 | 137,661 | ||||||
Grupo Aeroportuario del Sureste SAB de CV | 10,200 | 135,411 | ||||||
Grupo Bimbo SAB de CV, Class A | 1,300 | 4,067 | ||||||
Grupo Carso SAB de CV, Class A1 | 39,600 | 211,416 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 58,000 | 396,034 |
Security Description | Shares | Value (Note 2) | ||||||
Mexico (continued) | ||||||||
Grupo Financiero Inbursa SAB de CV, Class O | 90,300 | $ | 241,080 | |||||
Grupo Financiero Santander Mexico SAB de CV, Class B | 29,800 | 84,903 | ||||||
Grupo Mexico SAB de CV, Class B | 103,800 | 308,248 | ||||||
Grupo Televisa SAB CPO | 66,500 | 405,109 | ||||||
Industrias Penoles SAB de CV | 2,955 | 75,870 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 48,800 | 144,769 | ||||||
Mexichem SAB de CV | 4,700 | 19,867 | ||||||
OHL Mexico SAB de CV† | 5,900 | 15,193 | ||||||
Wal-Mart de Mexico SAB de CV, Series V | 76,100 | 201,834 | ||||||
5,568,636 | ||||||||
Morocco — 0.0% |
| |||||||
Attijariwafa Bank | 2,212 | 83,276 | ||||||
Douja Promotion Groupe Addoha SA | 9,487 | 62,141 | ||||||
145,417 | ||||||||
Netherlands — 2.7% |
| |||||||
Aegon NV | 282,074 | 2,505,729 | ||||||
Akzo Nobel NV | 8,714 | 656,179 | ||||||
ASML Holding NV | 41,747 | 3,906,979 | ||||||
CNH Industrial NV† | 54,099 | 618,448 | ||||||
Corio NV | 2,669 | 115,737 | ||||||
Delta Lloyd NV | 6,782 | 164,827 | ||||||
European Aeronautic Defence and Space Co. NV | 67,906 | 4,821,001 | ||||||
Fugro NV CVA | 2,766 | 168,209 | ||||||
Gemalto NV# | 4,449 | 502,374 | ||||||
Heineken Holding NV | 5,395 | 339,631 | ||||||
Heineken NV | 8,549 | 581,039 | ||||||
ING Groep NV CVA† | 169,379 | 2,199,309 | ||||||
Koninklijke Ahold NV | 220,160 | 4,007,771 | ||||||
Koninklijke Boskalis Westminster NV | 3,147 | 156,921 | ||||||
Koninklijke DSM NV | 5,669 | 444,906 | ||||||
Koninklijke KPN NV† | 138,799 | 451,409 | ||||||
Koninklijke Philips NV | 56,472 | 2,021,115 | ||||||
Koninklijke Vopak NV# | 2,610 | 156,205 | ||||||
OCI† | 3,420 | 137,988 | ||||||
QIAGEN NV† | 8,911 | 207,914 | ||||||
Randstad Holding NV | 4,565 | 284,403 | ||||||
Reed Elsevier NV | 25,425 | 542,967 | ||||||
STMicroelectronics NV† | 24,258 | 190,806 | ||||||
TNT Express NV | 14,275 | 130,881 | ||||||
Unilever NV CVA | 61,951 | 2,440,652 | ||||||
Wolters Kluwer NV | 25,854 | 728,795 | ||||||
Ziggo NV | 5,582 | 239,172 | ||||||
28,721,367 | ||||||||
New Zealand — 0.1% |
| |||||||
Auckland International Airport, Ltd. | 80,685 | 231,057 | ||||||
Contact Energy, Ltd. | 27,031 | 105,557 | ||||||
Fletcher Building, Ltd. | 50,311 | 373,696 | ||||||
Ryman Healthcare, Ltd. | 26,922 | 169,743 | ||||||
Telecom Corp. of New Zealand, Ltd. | 136,727 | 255,839 | ||||||
1,135,892 | ||||||||
Norway — 0.5% |
| |||||||
Aker Solutions ASA | 6,724 | 119,318 | ||||||
DNB ASA | 35,518 | 627,955 | ||||||
Gjensidige Forsikring ASA | 6,723 | 120,946 | ||||||
Norsk Hydro ASA# | 46,286 | 197,638 | ||||||
Orkla ASA | 29,696 | 230,933 | ||||||
Statoil ASA | 119,784 | 2,703,870 | ||||||
Telenor ASA | 24,456 | 587,542 | ||||||
Yara International ASA# | 6,927 | 301,992 | ||||||
4,890,194 | ||||||||
125
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Peru — 0.0% | ||||||||
Cia de Minas Buenaventura SA ADR | 6,900 | $ | 81,420 | |||||
Philippines — 0.2% |
| |||||||
Aboitiz Power Corp. | 826,000 | 627,401 | ||||||
Alliance Global Group, Inc. | 1,057,700 | 613,720 | ||||||
Bank of the Philippine Islands | 23,390 | 49,158 | ||||||
BDO Unibank, Inc. | 279,439 | 497,596 | ||||||
1,787,875 | ||||||||
Poland — 0.2% |
| |||||||
Alior Bank SA† | 2,152 | 52,150 | ||||||
Bank Handlowy w Warszawie SA | 5,109 | 198,094 | ||||||
Bank Millennium SA† | 58,027 | 141,369 | ||||||
Bank Pekao SA | 1,433 | 87,210 | ||||||
Bank Zachodni WBK SA | 350 | 45,925 | ||||||
Cyfrowy Polsat SA† | 9,955 | 64,171 | ||||||
Eurocash SA | 2,075 | 33,711 | ||||||
Grupa Lotos SA† | 1,533 | 19,734 | ||||||
KGHM Polska Miedz SA | 3,480 | 133,189 | ||||||
mBank | 791 | 142,359 | ||||||
PGE SA | 23,166 | 140,123 | ||||||
Polski Koncern Naftowy Orlen SA | 9,018 | 139,572 | ||||||
Polskie Gornictwo Naftowe I Gazownictwo SA | 18,110 | 33,646 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 19,937 | 265,084 | ||||||
Powszechny Zaklad Ubezpieczen SA | 1,369 | 207,900 | ||||||
Synthos SA | 26,039 | 45,433 | ||||||
Telekomunikacja Polska SA | 1,728 | 5,779 | ||||||
1,755,449 | ||||||||
Portugal — 0.2% |
| |||||||
Banco Espirito Santo SA†# | 58,486 | 81,837 | ||||||
EDP - Energias de Portugal SA | 107,141 | 405,359 | ||||||
Galp Energia SGPS SA | 12,524 | 207,484 | ||||||
Jeronimo Martins SGPS SA# | 9,775 | 201,846 | ||||||
Portugal Telecom SGPS SA# | 244,405 | 1,098,004 | ||||||
1,994,530 | ||||||||
Russia — 0.5% |
| |||||||
Federal Grid Co. Unified Energy System JSC† | 9,970,000 | 23,988 | ||||||
Gazprom OAO | 359,080 | 1,550,219 | ||||||
LSR Group OJSC GDR | 2,621 | 9,897 | ||||||
Lukoil OAO | 16,778 | 1,034,019 | ||||||
Magnit OJSC GDR | 8,230 | 542,357 | ||||||
MegaFon OAO GDR | 2,764 | 89,167 | ||||||
MMC Norilsk Nickel OJSC | 579 | 87,060 | ||||||
Mobile Telesystems OJSC ADR | 16,300 | 343,604 | ||||||
NovaTek OAO GDR | 1,772 | 233,018 | ||||||
Rosneft OAO | 31,430 | 226,140 | ||||||
Rostelecom OJSC | 16,780 | 53,929 | ||||||
Sberbank of Russia | 257,520 | 800,766 | ||||||
Severstal OAO | 12,790 | 116,492 | ||||||
Sistema JSFC GDR | 5,424 | 148,780 | ||||||
Surgutneftegas OAO | 76,500 | 63,233 | ||||||
Tatneft OAO | 47,580 | 291,525 | ||||||
Uralkali OJSC | 27,210 | 135,432 | ||||||
5,749,626 | ||||||||
Singapore — 1.2% |
| |||||||
Ascendas Real Estate Investment Trust | 151,000 | 267,097 | ||||||
CapitaCommercial Trust# | 152,000 | 179,849 | ||||||
CapitaLand, Ltd.# | 191,000 | 461,121 | ||||||
CapitaMall Trust | 181,000 | 280,503 | ||||||
CapitaMalls Asia, Ltd. | 104,000 | 169,045 | ||||||
City Developments, Ltd. | 30,000 | 238,556 | ||||||
ComfortDelGro Corp., Ltd. | 159,000 | 248,942 | ||||||
DBS Group Holdings, Ltd. | 126,000 | 1,724,776 |
Security Description | Shares | Value (Note 2) | ||||||
Singapore (continued) |
| |||||||
Global Logistic Properties, Ltd.# | 227,000 | $ | 533,564 | |||||
Jardine Cycle & Carriage, Ltd.# | 8,000 | 225,011 | ||||||
Keppel Corp., Ltd. | 107,000 | 964,241 | ||||||
Keppel Land, Ltd. | 54,000 | 151,452 | ||||||
Olam International, Ltd.# | 107,000 | 131,294 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 189,000 | 1,572,176 | ||||||
SembCorp Industries, Ltd. | 75,000 | 322,696 | ||||||
SembCorp Marine, Ltd.# | 65,000 | 229,951 | ||||||
Singapore Airlines, Ltd.# | 40,000 | 333,373 | ||||||
Singapore Exchange, Ltd.# | 64,000 | 368,687 | ||||||
Singapore Press Holdings, Ltd.# | 124,000 | 420,892 | ||||||
Singapore Technologies Engineering, Ltd. | 117,000 | 376,623 | ||||||
Singapore Telecommunications, Ltd. | 588,000 | 1,742,847 | ||||||
StarHub, Ltd. | 51,000 | 172,702 | ||||||
United Overseas Bank, Ltd. | 93,000 | 1,550,185 | ||||||
UOL Group, Ltd. | 35,000 | 173,180 | ||||||
Wilmar International, Ltd. | 143,000 | 401,068 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd.# | 141,000 | 130,883 | ||||||
13,370,714 | ||||||||
South Africa — 0.7% |
| |||||||
African Bank Investments, Ltd. | 37,589 | 45,913 | ||||||
African Rainbow Minerals, Ltd. | 4,072 | 74,818 | ||||||
Anglo American Platinum, Ltd.† | 1,268 | 50,094 | ||||||
AngloGold Ashanti, Ltd. | 11,625 | 154,438 | ||||||
Aspen Pharmacare Holdings, Ltd. | 7,627 | 196,361 | ||||||
Assore, Ltd. | 3,279 | 123,497 | ||||||
Barclays Africa Group, Ltd. | 21,786 | 290,452 | ||||||
Barloworld, Ltd. | 13,648 | 126,807 | ||||||
Bidvest Group, Ltd. | 13,585 | 341,323 | ||||||
Discovery, Ltd. | 13,688 | 109,346 | ||||||
FirstRand, Ltd. | 140,322 | 465,081 | ||||||
Foschini Group, Ltd. | 4,203 | 41,820 | ||||||
Gold Fields, Ltd. | 37,325 | 148,993 | ||||||
Growthpoint Properties, Ltd. | 24,422 | 57,554 | ||||||
Harmony Gold Mining Co., Ltd. | 10,400 | 30,055 | ||||||
Impala Platinum Holdings, Ltd. | 9,422 | 109,220 | ||||||
Imperial Holdings, Ltd. | 11,328 | 234,478 | ||||||
Investec, Ltd. | 8,872 | 61,924 | ||||||
Kumba Iron Ore, Ltd. | 1,046 | 40,800 | ||||||
Liberty Holdings, Ltd. | 17,765 | 214,726 | ||||||
Life Healthcare Group Holdings, Ltd. | 31,928 | 128,325 | ||||||
Mediclinic International, Ltd. | 2,439 | 17,454 | ||||||
MMI Holdings, Ltd. | 54,805 | 139,524 | ||||||
Mr. Price Group, Ltd. | 4,015 | 61,006 | ||||||
MTN Group, Ltd. | 54,399 | 1,057,370 | ||||||
Naspers, Ltd., Class N | 9,605 | 916,039 | ||||||
Nedbank Group, Ltd. | 430 | 8,882 | ||||||
PPC, Ltd. | 15,720 | 48,234 | ||||||
Redefine Properties, Ltd. | 33,570 | 31,757 | ||||||
Remgro, Ltd. | 3,844 | 73,311 | ||||||
Reunert, Ltd. | 17,519 | 118,036 | ||||||
RMB Holdings, Ltd. | 1,071 | 4,952 | ||||||
Sanlam, Ltd. | 81,292 | 410,962 | ||||||
Sappi, Ltd.† | 5,585 | 16,868 | ||||||
Sasol, Ltd. | 13,660 | 675,032 | ||||||
Shoprite Holdings, Ltd. | 3,820 | 66,963 | ||||||
Spar Group, Ltd. | 1,561 | 19,893 | ||||||
Standard Bank Group, Ltd. | 27,645 | 326,965 | ||||||
Steinhoff International Holdings, Ltd. | 19,094 | 75,657 | ||||||
Tiger Brands, Ltd. | 2,608 | 72,682 | ||||||
Truworths International, Ltd. | 7,350 | 58,369 | ||||||
Vodacom Group, Ltd. | 7,537 | 90,007 | ||||||
Woolworths Holdings, Ltd. | 15,328 | 111,207 | ||||||
7,447,195 | ||||||||
126
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
South Korea — 1.4% |
| |||||||
AMOREPACIFIC Group | 1,861 | $ | 764,060 | |||||
CJ Corp. | 1,463 | 143,770 | ||||||
Daelim Industrial Co., Ltd. | 6,185 | 587,350 | ||||||
DGB Financial Group, Inc. | 34,680 | 557,082 | ||||||
Dongbu Insurance Co., Ltd. | 10,610 | 537,367 | ||||||
Hanwha Corp. | 6,430 | 240,905 | ||||||
Hanwha Life Insurance Co., Ltd. | 100,870 | 691,021 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 13,507 | 802,788 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 24,240 | 731,804 | ||||||
Hyundai Mobis | 3,726 | 1,080,867 | ||||||
Hyundai Motor Co. | 6,765 | 1,610,866 | ||||||
Hyundai Steel Co. | 9,452 | 737,726 | ||||||
KB Financial Group, Inc. | 26,760 | 1,003,848 | ||||||
Korea Aerospace Industries, Ltd. | 7,370 | 194,992 | ||||||
KT&G Corp. | 3,451 | 255,980 | ||||||
NAVER Corp. | 157 | 102,659 | ||||||
NHN Entertainment Corp.† | 2,825 | 255,192 | ||||||
Samsung Electronics Co., Ltd. | 3,504 | 4,946,590 | ||||||
15,244,867 | ||||||||
Spain — 2.5% |
| |||||||
Abertis Infraestructuras SA# | 14,057 | 298,859 | ||||||
Acciona SA# | 3,235 | 197,742 | ||||||
ACS Actividades de Construccion y Servicios SA | 10,853 | 350,608 | ||||||
Amadeus IT Holding SA, Class A | 85,880 | 3,215,953 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 294,348 | 3,516,472 | ||||||
Banco de Sabadell SA# | 236,648 | 609,859 | ||||||
Banco Popular Espanol SA† | 62,605 | 363,754 | ||||||
Banco Santander SA | 538,273 | 4,784,529 | ||||||
Bankia SA†# | 227,386 | 299,946 | ||||||
CaixaBank SA | 63,383 | 320,658 | ||||||
Cemex Latam Holdings SA† | 12,412 | 92,010 | ||||||
Distribuidora Internacional de Alimentacion SA | 22,890 | 209,867 | ||||||
Enagas SA | 25,811 | 679,019 | ||||||
Ferrovial SA | 70,021 | 1,325,071 | ||||||
Gas Natural SDG SA | 108,943 | 2,711,343 | ||||||
Grifols SA# | 5,156 | 235,734 | ||||||
Iberdrola SA | 170,810 | 1,087,829 | ||||||
Inditex SA | 10,095 | 1,609,345 | ||||||
International Consolidated Airlines Group SA† | 37,452 | 224,680 | ||||||
Mapfre SA# | 373,581 | 1,483,451 | ||||||
Red Electrica Corp. SA | 3,686 | 236,251 | ||||||
Repsol SA | 30,806 | 808,959 | ||||||
Telefonica SA | 148,585 | 2,444,436 | ||||||
Zardoya Otis SA# | 5,153 | 88,414 | ||||||
27,194,789 | ||||||||
Sweden — 2.5% |
| |||||||
Alfa Laval AB | 48,223 | 1,143,780 | ||||||
Assa Abloy AB, Class B | 21,154 | 1,070,921 | ||||||
Atlas Copco AB, Class A | 144,795 | 4,035,059 | ||||||
Atlas Copco AB, Class B | 14,387 | 363,403 | ||||||
Boliden AB | 19,742 | 288,931 | ||||||
Electrolux AB, Series B | 9,283 | 225,985 | ||||||
Elekta AB, Series B | 12,285 | 184,199 | ||||||
Getinge AB, Class B | 7,426 | 232,202 | ||||||
Hennes & Mauritz AB, Class B | 45,656 | 1,935,978 | ||||||
Hexagon AB, Class B | 24,548 | 754,856 | ||||||
Husqvarna AB, Class B | 17,218 | 103,397 | ||||||
Industrivarden AB, Class C | 5,276 | 95,122 | ||||||
Investment AB Kinnevik, Class B | 8,004 | 314,859 | ||||||
Investor AB, Class B | 16,565 | 541,466 | ||||||
Lundin Petroleum AB† | 7,462 | 155,248 | ||||||
Nordea Bank AB | 109,736 | 1,418,556 | ||||||
Ratos AB, Class B | 7,267 | 65,066 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) | ||||||||
Sandvik AB | 94,734 | $ | 1,324,330 | |||||
Scania AB, Class B | 30,548 | 606,203 | ||||||
Securitas AB, Class B | 10,163 | 104,714 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 54,717 | 664,344 | ||||||
Skanska AB, Class B | 13,928 | 265,556 | ||||||
SKF AB, Class B | 14,509 | 395,918 | ||||||
Svenska Cellulosa AB SCA, Class B | 21,160 | 618,076 | ||||||
Svenska Handelsbanken AB, Class A | 18,112 | 842,052 | ||||||
Swedbank AB, Class A | 169,749 | 4,336,904 | ||||||
Swedish Match AB | 6,874 | 213,684 | ||||||
Tele2 AB, Series B | 102,574 | 1,250,874 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 109,703 | 1,367,094 | ||||||
TeliaSonera AB | 117,762 | 961,883 | ||||||
Volvo AB, Class B | 54,254 | 714,995 | ||||||
26,595,655 | ||||||||
Switzerland — 7.9% | ||||||||
ABB, Ltd. | 79,554 | 2,035,255 | ||||||
Actelion, Ltd. | 34,684 | 2,888,898 | ||||||
Adecco SA | 4,998 | 384,864 | ||||||
Aryzta AG | 37,253 | 2,776,149 | ||||||
Baloise Holding AG | 28,968 | 3,419,467 | ||||||
Barry Callebaut AG | 83 | 94,679 | ||||||
Cie Financiere Richemont SA | 18,890 | 1,919,322 | ||||||
Coca-Cola HBC AG | 30,145 | 847,191 | ||||||
Credit Suisse Group AG | 69,309 | 2,062,945 | ||||||
EMS-Chemie Holding AG | 6,768 | 2,389,277 | ||||||
Geberit AG | 1,330 | 390,732 | ||||||
Givaudan SA | 538 | 759,117 | ||||||
Holcim, Ltd. | 8,255 | 598,782 | ||||||
Julius Baer Group, Ltd. | 8,182 | 383,442 | ||||||
Kuehne & Nagel International AG | 1,837 | 237,921 | ||||||
Lindt & Spruengli AG | 3 | 153,914 | ||||||
Lindt & Spruengli AG (Participation Certificate) | 628 | 2,710,283 | ||||||
Lonza Group AG | 8,233 | 767,033 | ||||||
Nestle SA | 193,383 | 14,123,178 | ||||||
Novartis AG | 153,139 | 12,104,815 | ||||||
Pargesa Holding SA (BR) | 1,144 | 88,534 | ||||||
Partners Group Holding AG | 8,240 | 2,051,705 | ||||||
Roche Holding AG | 62,602 | 17,452,177 | ||||||
Schindler Holding AG | 735 | 102,249 | ||||||
Schindler Holding AG (Participation Certificate) | 1,617 | 222,985 | ||||||
SGS SA | 195 | 439,500 | ||||||
Sika AG (BR) | 77 | 252,887 | ||||||
Sonova Holding AG | 3,752 | 522,784 | ||||||
Sulzer AG | 931 | 144,819 | ||||||
Swatch Group AG | 1,443 | 161,262 | ||||||
Swatch Group AG (BR) | 1,134 | 743,114 | ||||||
Swiss Life Holding AG | 4,188 | 866,754 | ||||||
Swiss Prime Site AG | 1,850 | 141,640 | ||||||
Swiss Re AG | 53,531 | 4,762,839 | ||||||
Swisscom AG | 857 | 437,931 | ||||||
Syngenta AG | 3,363 | 1,320,788 | ||||||
Transocean, Ltd.† | 12,863 | 647,939 | ||||||
UBS AG | 132,642 | 2,528,605 | ||||||
Zurich Insurance Group AG | 5,392 | 1,504,371 | ||||||
85,440,147 | ||||||||
Taiwan — 1.2% | ||||||||
Advanced Semiconductor Engineering, Inc. | 790,000 | 784,821 | ||||||
Advantech Co., Ltd. | 108,000 | 667,838 | ||||||
Asustek Computer, Inc. | 97,000 | 853,839 | ||||||
AU Optronics Corp.† | 1,464,000 | 456,603 | ||||||
Catcher Technology Co., Ltd. | 126,000 | 766,372 | ||||||
Chang Hwa Commercial Bank | 1,194,000 | 732,280 |
127
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Taiwan (continued) |
| |||||||
Cheng Shin Rubber Industry Co., Ltd. | 216,200 | $ | 566,910 | |||||
China Life Insurance Co., Ltd. | 580,260 | 558,810 | ||||||
CTBC Financial Holding Co., Ltd. | 897,730 | 586,980 | ||||||
Delta Electronics, Inc. | 115,000 | 613,976 | ||||||
Feng Hsin Iron & Steel Co. | 365,000 | 666,013 | ||||||
First Financial Holding Co., Ltd. | 1,207,000 | 732,096 | ||||||
Formosa Taffeta Co., Ltd. | 365,000 | 462,509 | ||||||
Foxconn Technology Co., Ltd. | 66,000 | 156,559 | ||||||
Fubon Financial Holding Co., Ltd. | 617,000 | 881,905 | ||||||
Hermes Microvision Inc | 20,000 | 622,423 | ||||||
Hon Hai Precision Industry Co., Ltd. | 59,400 | 156,559 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 957,000 | 556,207 | ||||||
Powertech Technology, Inc. | 28,000 | 43,286 | ||||||
President Chain Store Corp. | 66,000 | 468,338 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 499,000 | 1,770,460 | ||||||
Vanguard International Semiconductor Corp. | 209,000 | 245,413 | ||||||
13,350,197 | ||||||||
Thailand — 0.2% | ||||||||
Advanced Info Service PCL | 115,200 | 817,988 | ||||||
Airports of Thailand PCL | 109,100 | 637,068 | ||||||
Bank of Ayudhya PCL | 308,100 | 371,812 | ||||||
Banpu PCL | 232,000 | 222,174 | ||||||
BEC World PCL | 109,000 | 179,913 | ||||||
Central Pattana PCL | 179,400 | 241,639 | ||||||
2,470,594 | ||||||||
Turkey — 0.2% | ||||||||
Akbank TAS | 76,917 | 281,901 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 1,666 | 18,895 | ||||||
Arcelik AS | 6,131 | 41,296 | ||||||
BIM Birlesik Magazalar AS | 8,655 | 195,467 | ||||||
Coca-Cola Icecek AS | 2,654 | 76,238 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 91,662 | 119,849 | ||||||
Enka Insaat ve Sanayi AS | 32,180 | 106,783 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 52,564 | 69,770 | ||||||
Ford Otomotiv Sanayi AS | 1,815 | 23,372 | ||||||
Haci Omer Sabanci Holding AS | 34,048 | 155,477 | ||||||
KOC Holding AS | 13,205 | 62,392 | ||||||
Koza Altin Isletmeleri AS | 3,230 | 51,671 | ||||||
TAV Havalimanlari Holding AS | 7,266 | 54,159 | ||||||
Turk Hava Yollari | 21,357 | 79,120 | ||||||
Turkcell Iletisim Hizmetleri AS† | 7,427 | 45,060 | ||||||
Turkiye Garanti Bankasi AS | 34,001 | 128,318 | ||||||
Turkiye Halk Bankasi AS | 33,912 | 260,332 | ||||||
Turkiye Is Bankasi, Class C | 37,201 | 95,808 | ||||||
1,865,908 | ||||||||
United Kingdom — 17.6% | ||||||||
3i Group PLC | 65,609 | 397,339 | ||||||
Aberdeen Asset Management PLC# | 381,231 | 3,071,948 | ||||||
Admiral Group PLC | 29,095 | 591,950 | ||||||
Aggreko PLC# | 22,981 | 603,726 | ||||||
AMEC PLC | 10,558 | 195,625 | ||||||
Anglo American PLC | 50,253 | 1,109,608 | ||||||
Antofagasta PLC | 254,829 | 3,311,808 | ||||||
ARM Holdings PLC | 73,488 | 1,224,503 | ||||||
Associated British Foods PLC | 113,285 | 4,251,794 | ||||||
AstraZeneca PLC | 138,127 | 7,943,544 | ||||||
Aviva PLC | 128,977 | 906,294 | ||||||
Babcock International Group PLC | 180,838 | 3,877,544 | ||||||
BAE Systems PLC | 557,668 | 3,901,270 | ||||||
Barclays PLC | 820,220 | 3,647,672 | ||||||
BG Group PLC | 369,541 | 7,551,738 | ||||||
BHP Billiton PLC | 256,967 | 7,819,023 |
Security Description | Shares | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
BP PLC | 1,375,294 | $ | 10,850,215 | |||||
British American Tobacco PLC | 96,869 | 5,170,486 | ||||||
British Land Co. PLC | 35,096 | 350,990 | ||||||
British Sky Broadcasting Group PLC | 283,881 | 3,805,537 | ||||||
BT Group PLC | 950,975 | 5,801,286 | ||||||
Bunzl PLC | 11,403 | 259,062 | ||||||
Burberry Group PLC | 87,652 | 2,190,769 | ||||||
Capita PLC | 24,481 | 399,503 | ||||||
Carnival PLC | 73,729 | 2,694,777 | ||||||
Centrica PLC | 859,166 | 4,757,456 | ||||||
Cobham PLC | 41,406 | 179,125 | ||||||
Compass Group PLC | 65,687 | 990,227 | ||||||
Croda International PLC | 85,188 | 3,240,487 | ||||||
Diageo PLC | 93,717 | 2,985,087 | ||||||
Direct Line Insurance Group PLC | 41,266 | 158,864 | ||||||
easyJet PLC | 6,024 | 140,408 | ||||||
Fresnillo PLC | 9,020 | 122,984 | ||||||
G4S PLC | 54,432 | 232,714 | ||||||
GKN PLC | 57,260 | 355,305 | ||||||
GlaxoSmithKline PLC | 240,016 | 6,358,412 | ||||||
Hammerson PLC | 24,225 | 202,421 | ||||||
Hargreaves Lansdown PLC# | 7,881 | 156,343 | ||||||
HSBC Holdings PLC | 1,361,392 | 15,194,963 | ||||||
ICAP PLC# | 21,229 | 143,890 | ||||||
IMI PLC | 11,158 | 268,107 | ||||||
Imperial Tobacco Group PLC | 36,308 | 1,381,129 | ||||||
Inmarsat PLC | 17,362 | 197,222 | ||||||
InterContinental Hotels Group PLC | 48,319 | 1,505,055 | ||||||
Intertek Group PLC | 6,032 | 299,848 | ||||||
Intu Properties PLC | 24,988 | 131,413 | ||||||
Invensys PLC# | 25,206 | 206,492 | ||||||
Investec PLC | 21,220 | 149,942 | ||||||
ITV PLC | 337,252 | 1,048,827 | ||||||
J Sainsbury PLC | 42,426 | 282,910 | ||||||
Johnson Matthey PLC | 7,194 | 373,272 | ||||||
Kingfisher PLC | 87,399 | 537,743 | ||||||
Land Securities Group PLC | 28,848 | 449,992 | ||||||
Legal & General Group PLC | 217,964 | 763,117 | ||||||
Lloyds Banking Group PLC† | 2,610,636 | 3,307,372 | ||||||
London Stock Exchange Group PLC | 6,899 | 183,725 | ||||||
Marks & Spencer Group PLC | 401,581 | 3,201,090 | ||||||
Meggitt PLC | 153,559 | 1,254,465 | ||||||
Melrose Industries PLC | 46,334 | 221,527 | ||||||
National Grid PLC | 135,759 | 1,722,131 | ||||||
Next PLC# | 38,533 | 3,465,742 | ||||||
Old Mutual PLC | 248,858 | 810,996 | ||||||
Pearson PLC | 29,571 | 653,425 | ||||||
Persimmon PLC | 11,216 | 212,957 | ||||||
Prudential PLC | 92,653 | 1,982,124 | ||||||
Reckitt Benckiser Group PLC | 23,466 | 1,885,506 | ||||||
Reed Elsevier PLC | 42,112 | 609,332 | ||||||
Rexam PLC | 26,540 | 217,030 | ||||||
Rio Tinto PLC | 45,915 | 2,451,138 | ||||||
Rolls-Royce Holdings PLC | 197,592 | 3,994,221 | ||||||
Royal Bank of Scotland Group PLC† | 469,655 | 2,515,290 | ||||||
Royal Dutch Shell PLC, Class A | 240,777 | 8,071,248 | ||||||
Royal Dutch Shell PLC, Class B | 96,208 | 3,377,015 | ||||||
RSA Insurance Group PLC | 136,684 | 238,043 | ||||||
SABMiller PLC | 34,819 | 1,796,950 | ||||||
Sage Group PLC | 150,496 | 858,220 | ||||||
Schroders PLC | 26,272 | 1,060,430 | ||||||
Segro PLC | 25,401 | 139,073 | ||||||
Serco Group PLC | 18,802 | 140,181 | ||||||
Severn Trent PLC | 8,195 | 236,884 | ||||||
Smith & Nephew PLC | 33,276 | 444,172 |
128
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United Kingdom (continued) |
| |||||||
Smiths Group PLC | 14,866 | $ | 334,331 | |||||
SSE PLC | 34,684 | 753,348 | ||||||
Standard Chartered PLC | 87,893 | 2,083,860 | ||||||
Standard Life PLC | 104,073 | 598,598 | ||||||
Tate & Lyle PLC | 48,959 | 629,068 | ||||||
Tesco PLC | 292,994 | 1,668,673 | ||||||
Travis Perkins PLC | 9,000 | 264,572 | ||||||
TUI Travel PLC | 18,855 | 113,356 | ||||||
Tullow Oil PLC | 33,142 | 471,676 | ||||||
Unilever PLC | 62,470 | 2,524,575 | ||||||
United Utilities Group PLC | 25,731 | 277,337 | ||||||
Vodafone Group PLC | 2,707,150 | 10,049,654 | ||||||
Weir Group PLC | 8,078 | 283,217 | ||||||
Whitbread PLC | 6,267 | 365,897 | ||||||
William Hill PLC | 31,354 | 197,891 | ||||||
WM Morrison Supermarkets PLC | 78,047 | 339,169 | ||||||
190,747,275 | ||||||||
United States — 0.0% | ||||||||
Southern Copper Corp. | 2,100 | 52,710 | ||||||
Total Common Stocks | ||||||||
(cost $886,734,084) | 1,045,483,268 | |||||||
EXCHANGE-TRADED FUNDS — 0.4% | ||||||||
United States — 0.4% | ||||||||
iShares MSCI Chile Investable Market Index Fund | 32,805 | 1,557,909 | ||||||
iShares MSCI Emerging Markets Index Fund | 63,550 | 2,691,343 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $4,650,192) | 4,249,252 | |||||||
PREFERRED SECURITIES — 1.7% | ||||||||
Brazil — 0.5% | ||||||||
AES Tiete SA | 13,200 | 113,517 | ||||||
Banco Bradesco SA | 65,900 | 874,492 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B | 6,500 | 37,841 | ||||||
Bradespar SA | 14,500 | 157,718 | ||||||
Braskem SA, Class A† | 4,900 | 43,628 | ||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar | 5,200 | 241,736 | ||||||
Cia Energetica de Minas Gerais | 24,489 | 205,779 | ||||||
Cia Energetica de Sao Paulo, Class B | 12,300 | 123,679 | ||||||
Cia Paranaense de Energia, Class B | 8,800 | 118,283 | ||||||
Gerdau SA | 26,300 | 202,645 | ||||||
Itau Unibanco Holding SA | 65,800 | 928,371 | ||||||
Itausa - Investimentos Itau SA | 91,000 | 362,270 | ||||||
Klabin SA | 5,000 | 25,898 | ||||||
Metalurgica Gerdau SA | 4,800 | 46,642 | ||||||
Oi SA | 27,600 | 42,178 | ||||||
Petroleo Brasileiro SA | 92,100 | 753,800 | ||||||
Suzano Papel e Celulose SA | 2,900 | 10,552 | ||||||
Telefonica Brasil SA | 4,900 | 94,199 | ||||||
Usinas Siderurgicas de Minas Gerais SA, Class A† | 1,900 | 10,126 | ||||||
Vale SA | 46,300 | 649,877 | ||||||
5,043,231 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 21,135 | 270,896 | ||||||
Grupo Argos SA | 2,063 | 21,359 | ||||||
Grupo Aval Acciones y Valores Senior Notes | 31,006 | 20,545 | ||||||
Grupo de Inversiones Suramericana SA | 13,372 | 247,123 | ||||||
559,923 | ||||||||
Germany — 1.0% | ||||||||
Bayerische Motoren Werke AG | 28,351 | 2,457,631 | ||||||
Fuchs Petrolub SE# | 9,872 | 933,145 | ||||||
Henkel AG & Co. KGaA | 41,603 | 4,716,400 |
Security Description | Shares/ Principal Amount(6) | Value (Note 2) | ||||||
Germany (continued) |
| |||||||
Porsche Automobil Holding SE | 5,534 | $ | 563,094 | |||||
RWE AG# | 21,411 | 735,606 | ||||||
Volkswagen AG | 5,277 | 1,400,068 | ||||||
10,805,944 | ||||||||
Russia — 0.0% | ||||||||
AK Transneft OAO | 55 | 140,380 | ||||||
Surgutneftegas OAO | 377,000 | 268,227 | ||||||
408,607 | ||||||||
South Korea — 0.1% | ||||||||
Hyundai Motor Co. | 6,196 | 720,125 | ||||||
LG Chem, Ltd. | 210 | 28,276 | ||||||
Samsung Electronics Co., Ltd. | 458 | 434,068 | ||||||
1,182,469 | ||||||||
Total Preferred Securities | ||||||||
(cost $16,374,648) | 18,000,174 | |||||||
RIGHTS† — 0.0% | ||||||||
Brazil — 0.0% | ||||||||
Klabin SA | 153 | 1,050 | ||||||
Spain — 0.0% | ||||||||
CaixaBank SA | 47,839 | 3,509 | ||||||
Total Rights | ||||||||
(cost $3,229) | 4,559 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 0.0% |
| |||||||
United Kingdom — 0.0% | ||||||||
National Grid Gas PLC | GBP | 5,000 | 16,262 | |||||
National Grid Gas PLC | GBP | 5,000 | 10,512 | |||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $15,705) | 26,774 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $907,777,858) | 1,067,764,027 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.5% |
| |||||||
Registered Investment Companies — 3.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(4) | 39,502,304 | 39,502,304 | ||||||
Time Deposits — 0.8% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 | $ | 8,630,000 | 8,630,000 | |||||
U.S. Government Treasuries — 0.1% | ||||||||
United States Treasury Bills | ||||||||
Disc. Notes | ||||||||
0.00% due 12/26/2013@ | 80,000 | 80,000 | ||||||
0.01% due 01/30/2014@ | 420,000 | 419,984 | ||||||
0.05% due 03/06/2014@ | 350,000 | 349,927 | ||||||
849,911 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $48,982,259) | 48,982,215 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $956,760,117)(5) | 103.2 | % | 1,116,746,242 | |||||
Liabilities in excess of other assets | (3.2 | ) | (35,074,147 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 1,081,672,095 | ||||
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
# | 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) | Consists of more than one type of securities traded together as a unit. |
(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, 2013, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(4) | At November 30, 2013, the Fund had loaned securities with a total value of $39,162,054. This was secured by collateral of $39,502,304, which was received in cash and subsequently invested in short-term investments currently valued at $39,502,304 as reported in the portfolio of investments. Additional collateral of $1,892,708 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 08/25/2039 to 07/25/2041 | $ | 154,321 | ||||
United States Treasury Notes/Bonds | 0.13% to 5.25% | 01/31/2014 to 08/15/2039 | 1,738,387 |
(5) | See Note 5 for cost of investments on a tax basis. |
(6) | Denominated in United States Dollars unless otherwise indicated. |
ADR—American Depository Receipt
BR—Bearer Shares
BRL—Brazilian Real
CDI—Chess Depository Interest
CPO—Certification de Participacion Ordinario
CVA—Certification Van Aandelen (Dutch Cert.)
FDR—Federal Depository Receipt
GBP—Pound Sterling
GDR—Global Depository Receipt
ISE—Irish Stock Exchange
LSE—London Stock Exchange
RSP—Risparmio Savings Shares
SDR—Swedish Depository Receipt
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2013 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
100 | Long | E-Mini MSCI EAFE | December 2013 | $ | 9,493,549 | $ | 9,366,000 | $ | (127,549 | ) | ||||||||||||
10 | Long | Nikkei 225 Index | December 2013 | 709,530 | 785,500 | 75,970 | ||||||||||||||||
5 | Long | SPI 200 Index | December 2013 | 615,141 | 606,873 | (8,268 | ) | |||||||||||||||
$ | (59,847 | ) | ||||||||||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Australia | $ | 73,204,627 | $ | — | $ | 0 | $ | 73,204,627 | ||||||||
France | 100,504,239 | — | — | 100,504,239 | ||||||||||||
Germany | 83,169,720 | — | — | 83,169,720 | ||||||||||||
Hong Kong | 30,249,997 | — | 20,006 | 30,270,003 | ||||||||||||
Japan | 202,648,047 | — | — | 202,648,047 | ||||||||||||
Switzerland | 85,440,147 | — | — | 85,440,147 | ||||||||||||
United Kingdom | 190,747,275 | — | — | 190,747,275 | ||||||||||||
Other Countries* | 279,499,210 | — | — | 279,499,210 | ||||||||||||
Exchange-Traded Funds | 4,249,252 | — | — | 4,249,252 | ||||||||||||
Preferred Securities | 18,000,174 | — | — | 18,000,174 | ||||||||||||
Rights | 4,559 | — | — | 4,559 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 26,774 | — | 26,774 |
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | $ | 39,502,304 | $ | $ | — | $ | 39,502,304 | |||||||||
Time Deposits | — | 8,630,000 | — | 8,630,000 | ||||||||||||
U.S. Government Treasuries | — | 849,911 | — | 849,911 | ||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Open Futures Contracts - Appreciation | 75,970 | — | — | 75,970 | ||||||||||||
Total | $ | 1,107,295,521 | $ | 9,506,685 | $ | 20,006 | $ | 1,116,822,212 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Open Futures Contracts - Depreciation | $ | 135,817 | $ | — | $ | — | $ | 135,817 | ||||||||
* | 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 securities by country 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $1,017,090,907 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
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VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Sovereign | 66.8 | % | ||
United States Treasury Notes | 12.7 | |||
Banks — Commercial | 3.2 | |||
Time Deposits | 2.2 | |||
United States Treasury Bonds | 1.5 | |||
Oil Companies — Integrated | 1.0 | |||
Banks — Special Purpose | 0.8 | |||
Brewery | 0.6 | |||
Real Estate Operations & Development | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Food — Meat Products | 0.4 | |||
Gold Mining | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Sovereign Agency | 0.4 | |||
Special Purpose Entities | 0.4 | |||
Municipal Bonds | 0.4 | |||
Electric — Integrated | 0.3 | |||
Coal | 0.3 | |||
Finance — Auto Loans | 0.3 | |||
Industrial Gases | 0.3 | |||
Independent Power Producers | 0.3 | |||
Metal — Iron | 0.2 | |||
Import/Export | 0.2 | |||
Building Products — Cement | 0.2 | |||
Cellular Telecom | 0.2 | |||
Steel — Producers | 0.2 | |||
Electric — Transmission | 0.2 | |||
Sugar | 0.2 | |||
Petrochemicals | 0.2 | |||
Diversified Operations | 0.2 | |||
Diversified Financial Services | 0.2 | |||
Transport — Services | 0.2 | |||
Pastoral & Agricultural | 0.2 | |||
Diversified Minerals | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Electric — Generation | 0.1 | |||
Appliances | 0.1 | |||
Pipelines | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Metal — Diversified | 0.1 | |||
Transport — Rail | 0.1 | |||
SupraNational Banks | 0.1 | |||
Gas — Transportation | 0.1 | |||
Television | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
98.3 | % | |||
Country Allocation*
United States | 17.1 | % | ||
Japan | 13.3 | |||
Italy | 5.9 | |||
United Kingdom | 5.6 | |||
Spain | 3.7 | |||
Mexico | 3.5 | |||
Netherlands | 3.1 | |||
Brazil | 2.5 | |||
Turkey | 2.4 | |||
Belgium | 2.3 | |||
Indonesia | 2.3 | |||
Colombia | 2.2 | |||
South Africa | 2.1 | |||
Peru | 1.8 | |||
Venezuela | 1.8 | |||
Poland | 1.7 | |||
New Zealand | 1.7 | |||
Germany | 1.7 | |||
Ireland | 1.7 | |||
Canada | 1.4 | |||
Austria | 1.3 | |||
France | 1.2 | |||
Lithuania | 1.1 | |||
Slovenia | 1.0 | |||
Luxembourg | 1.0 | |||
El Salvador | 1.0 | |||
Australia | 1.0 | |||
Philippines | 0.9 | |||
Sweden | 0.8 | |||
Malaysia | 0.8 | |||
Lebanon | 0.8 | |||
Russia | 0.7 | |||
Cayman Islands | 0.7 | |||
Norway | 0.6 | |||
Uruguay | 0.6 | |||
Latvia | 0.6 | |||
Kazakhstan | 0.6 | |||
Sri Lanka | 0.5 | |||
Denmark | 0.5 | |||
Singapore | 0.5 | |||
Morocco | 0.5 | |||
Nigeria | 0.4 | |||
Thailand | 0.4 | |||
British Virgin Islands | 0.4 | |||
Ukraine | 0.4 | |||
Hungary | 0.3 | |||
Jersey | 0.3 | |||
Ivory Coast | 0.3 | |||
Dominican Republic | 0.2 | |||
Belarus | 0.2 | |||
Costa Rica | 0.2 | |||
Egypt | 0.2 | |||
Finland | 0.2 | |||
United Arab Emirates | 0.1 | |||
SupraNational | 0.1 | |||
Chile | 0.1 | |||
98.3 | % | |||
* | Calculated as a percentage of net assets |
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VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)
Credit Quality Allocation†#
Aaa | 23.9 | % | ||
Aa | 22.0 | |||
A | 4.4 | |||
Baa | 34.2 | |||
Ba | 6.0 | |||
B | 1.7 | |||
Caa | 1.2 | |||
Not Rated@ | 6.6 | |||
100.0 | % | |||
@ | Represents debt issues that either have no rating or the rating is unavailable from the data source. |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
133
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES — 14.8% |
| |||||||
Australia — 0.4% |
| |||||||
Australia & New Zealand Banking Group, Ltd. | $ | 400,000 | $ | 400,680 | ||||
Westpac Banking Corp. | 270,000 | 272,797 | ||||||
673,477 | ||||||||
Austria — 0.1% |
| |||||||
ESAL GmbH | 200,000 | 181,000 | ||||||
Belgium — 0.3% |
| |||||||
Anheuser-Busch InBev NV | EUR | 400,000 | 552,475 | |||||
Brazil — 0.8% |
| |||||||
Banco ABC Brasil SA | BRL | 1,600,000 | 628,398 | |||||
BRF SA | 200,000 | 177,500 | ||||||
BRF SA | BRL | 500,000 | 174,693 | |||||
Oi SA | BRL | 500,000 | 191,558 | |||||
Samarco Mineracao SA | 250,000 | 223,750 | ||||||
1,395,899 | ||||||||
British Virgin Islands — 0.4% |
| |||||||
Gold Fields Orogen Holding BVI, Ltd. | 520,000 | 437,451 | ||||||
LS Finance 2022, Ltd. | 250,000 | 228,945 | ||||||
666,396 | ||||||||
Cayman Islands — 0.7% |
| |||||||
Agile Property Holdings, Ltd. | 300,000 | 327,750 | ||||||
Cementos Progreso Trust | 200,000 | 201,500 | ||||||
Country Garden Holdings Co., Ltd. | 200,000 | 198,000 | ||||||
Country Garden Holdings Co., Ltd. | 200,000 | 193,500 | ||||||
Country Garden Holdings Co., Ltd. | 300,000 | 334,875 | ||||||
1,255,625 | ||||||||
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
Chile — 0.1% |
| |||||||
Automotores Gildemeister SA | $ | 150,000 | $ | 114,375 | ||||
Colombia — 0.5% |
| |||||||
Banco de Bogota SA | 260,000 | 271,700 | ||||||
Empresa de Energia de Bogota SA | 330,000 | 340,725 | ||||||
Empresas Publicas de Medellin ESP | COP | 80,000,000 | 42,656 | |||||
Transportadora de Gas Internacional SA ESP | 200,000 | 205,500 | ||||||
860,581 | ||||||||
Germany — 0.1% |
| |||||||
Rearden G Holdings EINS GmbH | 200,000 | 208,750 | ||||||
Indonesia — 0.9% |
| |||||||
Adaro Indonesia PT | 225,000 | 236,531 | ||||||
Pertamina Persero PT | 318,000 | 289,778 | ||||||
Perusahaan Listrik Negara PT | 480,000 | 463,200 | ||||||
Perusahaan Penerbit SBSN | 600,000 | 498,000 | ||||||
1,487,509 | ||||||||
Ireland — 0.9% |
| |||||||
Federal Grid Co. OJS via Federal Grid Finance, Ltd. | RUB | 15,000,000 | 452,591 | |||||
OJSC Novolipetsk Steel via Steel Funding, Ltd. | 200,000 | 197,250 | ||||||
Rosneft Oil Co via Rosneft International Finance, Ltd. | 200,000 | 183,000 | ||||||
Russian Railways via RZD Capital PLC | RUB | 6,000,000 | 181,174 | |||||
Sibur Securities, Ltd. | 200,000 | 193,750 | ||||||
Vnesheconombank Via VEB Finance PLC | 260,000 | 266,175 | ||||||
1,473,940 | ||||||||
Jersey — 0.3% |
| |||||||
Burgan Finance No. 1, Ltd. | 300,000 | 328,500 |
134
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) |
| |||||||
Jersey (continued) |
| |||||||
Polyus Gold International, Ltd. | $ | 250,000 | $ | 245,000 | ||||
573,500 | ||||||||
Kazakhstan — 0.6% |
| |||||||
Development Bank of Kazakhstan JSC | 400,000 | 357,020 | ||||||
Development Bank of Kazakhstan JSC | 310,000 | 327,050 | ||||||
KazMunayGas National Co. JSC | 250,000 | 271,875 | ||||||
955,945 | ||||||||
Luxembourg — 1.0% |
| |||||||
Andrade Gutierrez International SA | 200,000 | 193,500 | ||||||
Cosan Luxembourg SA | BRL | 825,000 | 305,477 | |||||
Gazprom Neft OAO Via GPN Capital SA | 200,000 | 183,750 | ||||||
Gazprom OAO Via Gaz Capital SA | 240,000 | 252,000 | ||||||
MHP SA | 325,000 | 270,563 | ||||||
Minerva Luxembourg SA | 200,000 | 196,500 | ||||||
Severstal OAO Via Steel Capital SA | 350,000 | 344,750 | ||||||
1,746,540 | ||||||||
Mexico — 0.3% |
| |||||||
Alpek SA de CV | 310,000 | 304,962 | ||||||
Cemex SAB de CV | 200,000 | 196,000 | ||||||
500,962 | ||||||||
Netherlands — 2.4% |
| |||||||
BMW Finance NV | EUR | 400,000 | 553,235 | |||||
Daimler International Finance BV | GBP | 200,000 | 343,033 | |||||
Enel Finance International NV | EUR | 350,000 | 534,577 | |||||
Indo Energy Finance II BV | 400,000 | 334,000 |
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
Netherlands (continued) |
| |||||||
Linde Finance BV | EUR | 350,000 | $ | 482,765 | ||||
Myriad International Holdings BV | 150,000 | 165,187 | ||||||
Petrobras Global Finance BV | EUR | 400,000 | 550,736 | |||||
Petrobras Global Finance BV | 120,000 | 109,060 | ||||||
Rabobank Nederland NV | 700,000 | 712,040 | ||||||
VimpelCom Holdings BV | RUB | 12,000,000 | 362,978 | |||||
4,147,611 | ||||||||
New Zealand — 0.5% |
| |||||||
Westpac Securities New Zealand, Ltd. | 800,000 | 816,808 | ||||||
Peru — 0.3% | ||||||||
Alicorp SAA | 150,000 | 136,875 | ||||||
Transportadora de Gas del Peru SA | 200,000 | 175,000 | ||||||
Volcan Cia Minera SAA | 310,000 | 289,850 | ||||||
601,725 | ||||||||
South Africa — 0.2% |
| |||||||
Transnet SOC, Ltd. | 320,000 | 280,800 | ||||||
SupraNational — 0.1% |
| |||||||
Eurasian Development Bank | RUB 6,000,000 | 179,210 | ||||||
Sweden — 0.4% |
| |||||||
PKO Finance AB | 305,000 | 302,331 | ||||||
Svensk Exportkredit AB | 400,000 | 410,076 | ||||||
712,407 | ||||||||
Thailand — 0.4% |
| |||||||
Bangkok Bank PCL | 500,000 | 499,235 | ||||||
Thai Oil PCL | 200,000 | 182,623 | ||||||
681,858 | ||||||||
135
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) |
| |||||||
Turkey — 0.9% |
| |||||||
Akbank TAS | TRY | 1,336,000 | $ | 593,660 | ||||
Arcelik AS | 250,000 | 221,250 | ||||||
KOC Holding AS | 330,000 | 289,988 | ||||||
Turkiye Halk Bankasi AS | 200,000 | 183,500 | ||||||
Turkiye Is Bankasi | 310,000 | 313,487 | ||||||
1,601,885 | ||||||||
United Arab Emirates — 0.1% |
| |||||||
Abu Dhabi National Energy Co. | 200,000 | 222,800 | ||||||
United Kingdom — 1.0% |
| |||||||
City of Kyiv Via Kyiv Finance PLC | 750,000 | 641,085 | ||||||
DTEK Finance PLC | 325,000 | 283,140 | ||||||
SABMiller PLC | EUR | 400,000 | 567,412 | |||||
Vedanta Resources PLC | 200,000 | 184,250 | ||||||
1,675,887 | ||||||||
United States — 0.7% |
| |||||||
Fifth Third Bancorp | 200,000 | 197,289 | ||||||
Reliance Holdings USA, Inc. | 500,000 | 494,422 | ||||||
Toyota Motor Credit Corp. | 500,000 | 506,796 | ||||||
1,198,507 | ||||||||
Venezuela — 0.4% |
| |||||||
Petroleos de Venezuela SA | 300,000 | 162,000 | ||||||
Petroleos de Venezuela SA | 700,000 | 556,500 | ||||||
718,500 | ||||||||
Total Corporate Bonds & Notes |
| |||||||
(cost $26,676,158) | 25,484,972 | |||||||
GOVERNMENT AGENCIES — 56.4% |
| |||||||
Australia — 0.6% |
| |||||||
Government of Australia | AUD | 350,000 | 333,312 |
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
Australia (continued) |
| |||||||
Government of Australia | AUD | 625,000 | $ | 636,533 | ||||
969,845 | ||||||||
Austria — 1.2% |
| |||||||
Republic of Austria | EUR | 500,000 | 763,387 | |||||
Republic of Austria | EUR | 740,000 | 1,232,908 | |||||
1,996,295 | ||||||||
Belarus — 0.2% |
| |||||||
Republic of Belarus | 400,000 | 398,400 | ||||||
Belgium — 2.0% |
| |||||||
Kingdom of Belgium | EUR | 1,735,000 | 2,337,481 | |||||
Kingdom of Belgium | EUR | 725,000 | 1,062,061 | |||||
3,399,542 | ||||||||
Brazil — 1.5% |
| |||||||
Federative Republic of Brazil | 580,000 | 614,800 | ||||||
Federative Republic of Brazil | 396,000 | 380,160 | ||||||
Federative Republic of Brazil | 300,000 | 341,250 | ||||||
Federative Republic of Brazil | 554,000 | 743,745 | ||||||
Federative Republic of Brazil | BRL | 1,100,000 | 532,083 | |||||
2,612,038 | ||||||||
Canada — 1.4% | ||||||||
Government of Canada | CAD | 885,000 | 834,213 | |||||
Government of Canada | CAD | 1,085,000 | 1,122,410 | |||||
Government of Canada | CAD | 410,000 | 507,657 | |||||
2,464,280 | ||||||||
Colombia — 1.7% | ||||||||
Republic of Colombia | 420,000 | 369,600 | ||||||
Republic of Colombia | 904,000 | 955,980 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Colombia (continued) | ||||||||
Republic of Colombia | $ | 580,000 | $ | 700,350 | ||||
Republic of Colombia | 270,000 | 328,725 | ||||||
Republic of Colombia | COP | 900,000,000 | 582,327 | |||||
2,936,982 | ||||||||
Costa Rica — 0.2% | ||||||||
Republic of Costa Rica | 200,000 | 180,000 | ||||||
Republic of Costa Rica | 200,000 | 171,000 | ||||||
351,000 | ||||||||
Denmark — 0.5% | ||||||||
Kingdom of Denmark | DKK | 4,100,000 | 837,763 | |||||
Dominican Republic — 0.2% | ||||||||
Dominican Republic | 390,000 | 419,250 | ||||||
Egypt — 0.2% | ||||||||
Arab Republic of Egypt | 400,000 | 329,000 | ||||||
El Salvador — 1.0% | ||||||||
Republic of El Salvador | 225,000 | 213,750 | ||||||
Republic of El Salvador | 1,120,000 | 1,117,200 | ||||||
Republic of El Salvador | 340,000 | 374,000 | ||||||
1,704,950 | ||||||||
Finland — 0.2% | ||||||||
Government of Finland | EUR | 240,000 | 317,630 | |||||
France — 1.2% | ||||||||
Government of France | EUR | 400,000 | 593,534 | |||||
Government of France | EUR | 350,000 | 540,450 | |||||
Government of France | EUR | 600,000 | 997,308 | |||||
Government of France | EUR | 347 | 626 | |||||
2,131,918 | ||||||||
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
Germany — 1.6% | ||||||||
Federal Republic of Germany | EUR | 720,000 | $ | 1,123,420 | ||||
Federal Republic of Germany | EUR | 950,000 | 1,598,377 | |||||
2,721,797 | ||||||||
Hungary — 0.3% | ||||||||
Republic of Hungary | 308,000 | 304,920 | ||||||
Republic of Hungary | HUF | 65,000,000 | 290,984 | |||||
595,904 | ||||||||
Indonesia — 1.4% | ||||||||
Republic of Indonesia | 330,000 | 254,925 | ||||||
Republic of Indonesia | 830,000 | 1,013,638 | ||||||
Republic of Indonesia | 790,000 | 1,060,575 | ||||||
2,329,138 | ||||||||
Ireland — 0.8% | ||||||||
Republic of Ireland | EUR | 270,000 | 398,941 | |||||
Republic of Ireland | EUR | 620,000 | 913,526 | |||||
1,312,467 | ||||||||
Ivory Coast — 0.3% | ||||||||
Republic of Ivory Coast | 560,000 | 499,800 | ||||||
Japan — 13.3% | ||||||||
Government of Japan | JPY | 115,000,000 | 1,159,889 | |||||
Government of Japan | JPY | 185,000,000 | 1,885,241 | |||||
Government of Japan | JPY | 132,000,000 | 1,353,776 | |||||
Government of Japan | JPY | 180,000,000 | 1,845,929 | |||||
Government of Japan | JPY | 254,000,000 | 2,633,478 | |||||
Government of Japan | JPY | 190,000,000 | 1,970,938 | |||||
Government of Japan | JPY | 240,000,000 | 2,455,550 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Japan (continued) | ||||||||
Government of Japan | JPY | 110,000,000 | $ | 1,144,274 | ||||
Government of Japan | JPY | 53,000,000 | 553,237 | |||||
Government of Japan | JPY | 225,000,000 | 2,264,538 | |||||
Government of Japan | JPY | 182,700,000 | 2,035,835 | |||||
Government of Japan | JPY | 170,000,000 | 1,790,842 | |||||
Government of Japan | JPY | 128,000,000 | 1,422,556 | |||||
Government of Japan | JPY | 33,000,000 | 363,089 | |||||
22,879,172 | ||||||||
Latvia — 0.6% | ||||||||
Republic of Latvia | 670,000 | 639,515 | ||||||
Republic of Latvia | 350,000 | 378,875 | ||||||
1,018,390 | ||||||||
Lebanon — 0.8% | ||||||||
Lebanese Republic | 1,330,000 | 1,309,557 | ||||||
Lithuania — 1.1% | ||||||||
Republic of Lithuania | 600,000 | 703,500 | ||||||
Republic of Lithuania | 350,000 | 371,301 | ||||||
Republic of Lithuania | 600,000 | 726,000 | ||||||
1,800,801 | ||||||||
Malaysia — 0.8% | ||||||||
Government of Malaysia | MYR | 1,550,000 | 476,615 | |||||
Government of Malaysia | MYR | 2,940,000 | 912,587 | |||||
1,389,202 | ||||||||
Mexico — 3.2% | ||||||||
United Mexican States | EUR | 400,000 | 522,914 | |||||
United Mexican States | 1,180,000 | 1,169,380 |
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
Mexico (continued) | ||||||||
United Mexican States | $ | 610,000 | $ | 651,175 | ||||
United Mexican States | 600,000 | 693,900 | ||||||
United Mexican States | MXN | 13,500,000 | 1,115,148 | |||||
United Mexican States | MXN | 2,900,000 | 223,821 | |||||
United Mexican States | MXN | 2,900,000 | 251,000 | |||||
United Mexican States | MXN | 6,000,000 | 595,481 | |||||
United Mexican States | MXN | 3,000,000 | 289,031 | |||||
5,511,850 | ||||||||
Morocco — 0.5% | ||||||||
Kingdom of Morocco | 400,000 | 368,000 | ||||||
Kingdom of Morocco | 500,000 | 418,750 | ||||||
786,750 | ||||||||
Netherlands — 0.7% | ||||||||
Government of Netherlands | EUR | 885,000 | 1,243,693 | |||||
New Zealand — 1.2% | ||||||||
Government of New Zealand | NZD | 2,505,000 | 2,115,058 | |||||
Nigeria — 0.4% | ||||||||
Federal Republic of Nigeria | 670,000 | 725,275 | ||||||
Norway — 0.6% | ||||||||
Kingdom of Norway | NOK | 1,300,000 | 229,167 | |||||
Kingdom of Norway | NOK | 3,240,000 | 571,582 | |||||
Kingdom of Norway | NOK | 1,800,000 | 308,157 | |||||
1,108,906 | ||||||||
Peru — 1.5% | ||||||||
Republic of Peru | 300,000 | 296,250 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Peru (continued) | ||||||||
Republic of Peru | $ | 300,000 | $ | 339,000 | ||||
Republic of Peru | 600,000 | 718,500 | ||||||
Republic of Peru | PEN | 1,200,000 | 512,671 | |||||
Republic of Peru | 490,000 | 683,550 | ||||||
2,549,971 | ||||||||
Philippines — 0.9% | ||||||||
Republic of the Philippines | 270,000 | 358,425 | ||||||
Republic of the Philippines | 710,000 | 1,100,500 | ||||||
1,458,925 | ||||||||
Poland — 1.7% | ||||||||
Republic of Poland | 1,650,000 | 1,507,687 | ||||||
Republic of Poland | PLN | 4,250,000 | 1,459,054 | |||||
2,966,741 | ||||||||
Russia — 0.7% | ||||||||
Russian Federation | 800,000 | 791,000 | ||||||
Russian Federation | 403,975 | 472,651 | ||||||
1,263,651 | ||||||||
Singapore — 0.5% | ||||||||
Republic of Singapore | SGD | 970,000 | 822,042 | |||||
Slovenia — 1.0% | ||||||||
Republic of Slovenia | 420,000 | 422,100 | ||||||
Republic of Slovenia | 1,060,000 | 1,048,075 | ||||||
Republic of Slovenia | 320,000 | 322,400 | ||||||
1,792,575 | ||||||||
South Africa — 1.9% | ||||||||
Republic of South Africa | 960,000 | 921,600 | ||||||
Republic of South Africa | 500,000 | 520,000 |
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
South Africa (continued) | ||||||||
Republic of South Africa | ZAR | 1,900,000 | $ | 175,975 | ||||
Republic of South Africa | ZAR | 7,500,000 | 723,826 | |||||
Republic of South Africa | ZAR | 5,000,000 | 573,816 | |||||
Republic of South Africa | ZAR | 2,700,000 | 296,786 | |||||
3,212,003 | ||||||||
Spain — 3.7% | ||||||||
Kingdom of Spain | EUR | 1,000,000 | 1,415,557 | |||||
Kingdom of Spain | EUR | 2,200,000 | 3,194,920 | |||||
Kingdom of Spain | EUR | 1,150,000 | 1,698,068 | |||||
6,308,545 | ||||||||
Sri Lanka — 0.5% | ||||||||
Republic of Sri Lanka | 320,000 | 296,000 | ||||||
Republic of Sri Lanka | 670,000 | 641,525 | ||||||
937,525 | ||||||||
Sweden — 0.4% | ||||||||
Kingdom of Sweden | SEK | 4,340,000 | 734,773 | |||||
Turkey — 1.5% | ||||||||
Republic of Turkey | 630,000 | 588,262 | ||||||
Republic of Turkey | 650,000 | 729,625 | ||||||
Republic of Turkey | 310,000 | 356,500 | ||||||
Republic of Turkey | TRY | 1,200,000 | 595,513 | |||||
Republic of Turkey | 228,000 | 355,395 | ||||||
2,625,295 | ||||||||
Ukraine — 0.4% | ||||||||
Financing of Infrastructural Projects State Enterprise Government Guar. Bonds | 810,000 | 660,150 | ||||||
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Uruguay — 0.6% | ||||||||
Republic of Uruguay | $ | 113,000 | $ | 112,153 | ||||
Republic of Uruguay | 771,809 | 949,325 | ||||||
1,061,478 | ||||||||
Venezuela — 1.4% | ||||||||
Republic of Venezuela | 800,000 | 592,000 | ||||||
Republic of Venezuela | 870,000 | 622,050 | ||||||
Republic of Venezuela | 330,000 | 271,425 | ||||||
Republic of Venezuela | 1,000,000 | 910,000 | ||||||
2,395,475 | ||||||||
Total Government Agencies | ||||||||
(cost $101,592,489) | 97,005,802 | |||||||
GOVERNMENT TREASURIES — 24.7% | ||||||||
Italy — 5.9% | ||||||||
Republic of Italy | EUR | 270,000 | 384,071 | |||||
Republic of Italy | EUR | 1,800,000 | 2,611,581 | |||||
Republic of Italy | JPY | 110,000,000 | 1,117,123 | |||||
Republic of Italy | EUR | 450,000 | 663,659 | |||||
Republic of Italy | EUR | 1,840,000 | 2,719,858 | |||||
Republic of Italy | EUR | 100,000 | 147,535 | |||||
Republic of Italy | EUR | 1,020,000 | 1,492,588 | |||||
Republic of Italy | EUR | 532,912 | 1,024,645 | |||||
10,161,060 | ||||||||
United Kingdom — 4.6% | ||||||||
United Kingdom Gilt Treasury | GBP | 1,640,000 | 2,649,188 | |||||
United Kingdom Gilt Treasury | GBP | 1,165,000 | 2,105,142 | |||||
United Kingdom Gilt Treasury | GBP | 535,000 | 953,843 |
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
United Kingdom (continued) | ||||||||
United Kingdom Gilt Treasury | GBP | 410,000 | $ | 749,850 | ||||
United Kingdom Gilt Treasury | GBP | 450,000 | 826,251 | |||||
United Kingdom Gilt Treasury | GBP | 290,000 | 547,740 | |||||
7,832,014 | ||||||||
United States — 14.2% | ||||||||
United States Treasury Bonds | ||||||||
3.00% due 05/15/2042 | $ | 1,270,000 | 1,091,009 | |||||
4.38% due 02/15/2038 | 110,000 | 122,530 | ||||||
5.38% due 02/15/2031 | 700,000 | 878,282 | ||||||
5.50% due 08/15/2028 | 380,000 | 478,859 | ||||||
United States Treasury Notes | ||||||||
0.25% due 12/15/2014 | 2,700,000 | 2,702,848 | ||||||
1.25% due 09/30/2015 | 4,300,000 | 4,377,602 | ||||||
1.75% due 05/15/2022 | 490,000 | 463,050 | ||||||
1.88% due 08/31/2017 | 1,155,000 | 1,196,959 | ||||||
2.00% due 02/15/2022 | 400,000 | 388,000 | ||||||
2.13% due 12/31/2015 | 1,450,000 | 1,504,827 | ||||||
2.38% due 03/31/2016 | 1,388,000 | 1,453,171 | ||||||
2.75% due 11/30/2016 | 2,370,000 | 2,522,384 | ||||||
2.75% due 12/31/2017 | 2,150,000 | 2,299,659 | ||||||
2.75% due 02/28/2018 | 1,320,000 | 1,411,575 | ||||||
3.13% due 05/15/2021 | 3,260,000 | 3,472,155 | ||||||
24,362,910 | ||||||||
Total Government Treasuries | ||||||||
(cost $41,615,612) | 42,355,984 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2% |
| |||||||
Brazil — 0.2% | ||||||||
Banco do Brasil SA | 375,000 | 364,688 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $170,255,258) | 165,211,446 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.2% |
| |||||||
Time Deposits — 2.2% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | 3,819,000 | 3,819,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(cost $174,074,258)(1) | 98.3 | % | 169,030,446 | |||||
Other assets less liabilities | 1.7 | 2,866,739 | ||||||
NET ASSETS — | 100.0 | % | $ | 171,897,185 | ||||
* | 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, 2013, the aggregate value of these securities was $26,622,050 representing 15.5% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | See Note 5 for cost of investments on a tax basis. |
(2) | Denominated in United States Dollars unless otherwise indicated. |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
COP—Colombian Peso
DKK—Danish Krone
EUR—Euro Dollar
GBP—British Pound
HUF—Hungarian Forint
JPY—Japanese Yen
MXN—Mexican Peso
MYR—Malaysian Ringgit
NOK—Norwegian Krone
NZD—New Zealand Dollar
PEN—Peruvian Nuevo Sol
PLN—Polish Zloty
RUB—Russian Ruble
SEK—Swedish Krona
SGD—Singapore Dollar
TRY—Turkish Lira
ZAR—South African Rand
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 | $ | — | $ | 25,484,972 | $ | — | $ | 25,484,972 | ||||||||
Government Agencies: | ||||||||||||||||
Japan | — | 22,879,172 | — | 22,879,172 | ||||||||||||
Other Countries* | — | 74,126,630 | — | 74,126,630 | ||||||||||||
Government Treasuries: | ||||||||||||||||
Italy | — | 10,161,060 | — | 10,161,060 | ||||||||||||
United Kingdom | — | 7,832,014 | — | 7,832,014 | ||||||||||||
United States | — | 24,362,910 | — | 24,362,910 | ||||||||||||
Preferred Securities/Capital Securities | — | 364,688 | 364,688 | |||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 3,819,000 | — | 3,819,000 | ||||||||||||
Total Assets | $ | — | $ | 169,030,446 | $ | — | $ | 169,030,446 | ||||||||
* | 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 securities by country classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements.
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VALIC Company I International Growth Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Medical — Drugs | 7.7 | % | ||
Banks — Commercial | 5.2 | |||
Diversified Banking Institutions | 4.6 | |||
Registered Investment Companies | 4.5 | |||
Auto — Cars/Light Trucks | 3.5 | |||
Food — Misc./Diversified | 3.2 | |||
Chemicals — Diversified | 2.3 | |||
Tobacco | 2.0 | |||
Oil Companies — Integrated | 1.9 | |||
Human Resources | 1.9 | |||
Time Deposits | 1.8 | |||
Auto/Truck Parts & Equipment — Original | 1.8 | |||
Brewery | 1.7 | |||
Oil Companies — Exploration & Production | 1.7 | |||
Insurance — Life/Health | 1.7 | |||
Electronic Components — Misc. | 1.7 | |||
Food — Catering | 1.6 | |||
Industrial Gases | 1.4 | |||
Power Converter/Supply Equipment | 1.3 | |||
Soap & Cleaning Preparation | 1.3 | |||
Electronic Components — Semiconductors | 1.3 | |||
Retail — Apparel/Shoe | 1.3 | |||
Beverages — Wine/Spirits | 1.3 | |||
Insurance — Multi-line | 1.3 | |||
Telephone — Integrated | 1.3 | |||
Rubber — Tires | 1.3 | |||
Food — Retail | 1.2 | |||
Transport — Rail | 1.2 | |||
Advertising Agencies | 1.2 | |||
Hotels/Motels | 1.1 | |||
Cosmetics & Toiletries | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Enterprise Software/Service | 1.0 | |||
Web Portals/ISP | 1.0 | |||
Metal — Diversified | 1.0 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Wireless Equipment | 1.0 | |||
Finance — Leasing Companies | 0.9 | |||
Advertising Services | 0.9 | |||
Medical — Biomedical/Gene | 0.9 | |||
Industrial Automated/Robotic | 0.9 | |||
Finance — Other Services | 0.9 | |||
Diversified Operations | 0.9 | |||
Transactional Software | 0.9 | |||
Cellular Telecom | 0.9 | |||
Cable/Satellite TV | 0.8 | |||
Casino Hotels | 0.8 | |||
Athletic Footwear | 0.8 | |||
Agricultural Chemicals | 0.8 | |||
Electronic Measurement Instruments | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Publishing — Periodicals | 0.7 | |||
Building Products — Air & Heating | 0.7 | |||
Diversified Financial Services | 0.7 | |||
Electric Products — Misc. | 0.6 | |||
Paper & Related Products | 0.6 | |||
E — Commerce/Products | 0.6 | |||
Retail — Jewelry | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Real Estate Management/Services | 0.6 | |||
Apparel Manufacturers | 0.5 | |||
Machinery — Farming | 0.5 | |||
Diversified Minerals | 0.5 | |||
Investment Companies | 0.5 | |||
Textile — Apparel | 0.5 | |||
Medical Products | 0.5 | |||
Retail — Building Products | 0.5 | |||
Optical Supplies | 0.5 | |||
Rental Auto/Equipment | 0.5 |
Transport — Services | 0.5 | |||
Diversified Manufacturing Operations | 0.4 | |||
Medical — Generic Drugs | 0.4 | |||
Engineering/R&D Services | 0.4 | |||
Computers — Integrated Systems | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Internet Application Software | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Insurance — Property/Casualty | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Gas — Distribution | 0.3 | |||
Electronic Parts Distribution | 0.3 | |||
Building Products — Cement | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Diversified Operations/Commercial Services | 0.3 | |||
Computer Services | 0.3 | |||
Airlines | 0.3 | |||
Metal Processors & Fabrication | 0.3 | |||
Television | 0.3 | |||
Insurance — Reinsurance | 0.2 | |||
Multimedia | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Appliances | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Electric — Integrated | 0.2 | |||
Retail — Convenience Store | 0.2 | |||
Computer Aided Design | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Applications Software | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Retail — Drug Store | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Oil — Field Services | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Import/Export | 0.1 | |||
Telecom Services | 0.1 | |||
104.4 | % | |||
* | Calculated as a percentage of net assets |
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VALIC Company I International Growth Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)
Country Allocation*
United Kingdom | 18.5 | % | ||
Japan | 13.4 | |||
France | 11.1 | |||
Germany | 9.1 | |||
Switzerland | 9.0 | |||
United States | 6.3 | |||
Netherlands | 5.6 | |||
Canada | 3.2 | |||
Australia | 2.5 | |||
Sweden | 2.5 | |||
Hong Kong | 2.2 | |||
Jersey | 2.1 | |||
Spain | 2.1 | |||
Cayman Islands | 1.8 | |||
Denmark | 1.7 | |||
Singapore | 1.6 | |||
India | 1.5 | |||
Brazil | 1.4 | |||
Taiwan | 1.2 | |||
South Korea | 1.2 | |||
Italy | 1.0 | |||
Belgium | 0.8 | |||
Mexico | 0.8 | |||
Bermuda | 0.6 | |||
Israel | 0.6 | |||
Russia | 0.5 | |||
Norway | 0.5 | |||
Ireland | 0.4 | |||
Finland | 0.4 | |||
China | 0.3 | |||
Turkey | 0.2 | |||
Austria | 0.2 | |||
Czech Republic | 0.1 | |||
104.4 | % | |||
* | Calculated as a percentage of net assets |
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VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.6% | ||||||||
Australia — 2.5% | ||||||||
Amcor, Ltd. | 103,705 | $ | 1,043,064 | |||||
BHP Billiton, Ltd. | 98,354 | 3,350,345 | ||||||
Brambles, Ltd. | 219,109 | 1,898,378 | ||||||
Commonwealth Bank of Australia | 39,213 | 2,780,119 | ||||||
CSL, Ltd. | 87,173 | 5,458,463 | ||||||
QBE Insurance Group, Ltd. | 64,399 | 918,196 | ||||||
15,448,565 | ||||||||
Austria — 0.2% | ||||||||
Erste Group Bank AG | 41,342 | 1,455,186 | ||||||
Belgium — 0.8% | ||||||||
Anheuser-Busch InBev NV | 51,719 | 5,280,059 | ||||||
Bermuda — 0.6% | ||||||||
Haier Electronics Group Co., Ltd. | 581,000 | 1,371,441 | ||||||
Li & Fung, Ltd.# | 1,694,800 | 2,308,512 | ||||||
3,679,953 | ||||||||
Brazil — 0.6% | ||||||||
BM&FBovespa SA | 717,500 | 3,621,131 | ||||||
Canada — 3.2% | ||||||||
Agrium, Inc.# | 11,994 | 1,079,697 | ||||||
Canadian National Railway Co. (NYSE) | 32,110 | 3,612,375 | ||||||
Canadian National Railway Co. (TSX) | 12,181 | 1,370,635 | ||||||
Canadian Pacific Railway, Ltd. | 14,289 | 2,177,993 | ||||||
Cenovus Energy, Inc.# | 48,141 | 1,401,940 | ||||||
CGI Group, Inc. Class A† | 63,885 | 2,370,500 | ||||||
Encana Corp. | 37,497 | 717,389 | ||||||
Fairfax Financial Holdings, Ltd. | 3,617 | 1,405,832 | ||||||
Shoppers Drug Mart Corp. | 16,300 | 895,341 | ||||||
Suncor Energy, Inc. | 90,567 | 3,105,593 | ||||||
Valeant Pharmaceuticals International, Inc.† | 14,570 | 1,597,309 | ||||||
19,734,604 | ||||||||
Cayman Islands — 1.8% | ||||||||
Baidu, Inc. ADR† | 25,917 | 4,316,995 | ||||||
Belle International Holdings, Ltd.# | 975,000 | 1,199,783 | ||||||
ENN Energy Holdings, Ltd. | 83,578 | 590,236 | ||||||
Sands China, Ltd. | 356,400 | 2,698,520 | ||||||
Tencent Holdings, Ltd. | 37,700 | 2,180,504 | ||||||
10,986,038 | ||||||||
China — 0.3% | ||||||||
Industrial & Commercial Bank of China, Ltd. | 2,521,000 | 1,811,248 | ||||||
Czech Republic — 0.1% | ||||||||
Komercni Banka AS | 1,360 | 312,451 | ||||||
Denmark — 1.7% | ||||||||
Carlsberg A/S, Class B | 22,992 | 2,518,587 | ||||||
GN Store Nord A/S | 92,940 | 2,218,963 | ||||||
Novo Nordisk A/S, Class B | 21,246 | 3,805,363 | ||||||
Pandora A/S | 36,090 | 1,871,852 | ||||||
10,414,765 | ||||||||
Finland — 0.4% | ||||||||
Sampo, Class A | 55,624 | 2,593,398 | ||||||
France — 11.1% | ||||||||
Accor SA | 47,480 | 2,082,756 | ||||||
Air Liquide SA | 37,024 | 5,160,483 | ||||||
AXA SA | 106,130 | 2,780,465 | ||||||
BNP Paribas SA | 71,985 | 5,402,987 | ||||||
Carrefour SA | 101,012 | 3,974,030 | ||||||
Danone SA | 82,692 | 6,007,787 | ||||||
Dassault Systemes SA | 10,703 | 1,228,196 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) | ||||||||
Essilor International SA | 11,642 | $ | 1,221,127 | |||||
GDF Suez# | 55,367 | 1,283,938 | ||||||
Iliad SA | 3,310 | 783,314 | ||||||
L’Oreal SA | 14,284 | 2,389,703 | ||||||
Legrand SA | 37,946 | 2,094,204 | ||||||
LVMH Moet Hennessy Louis Vuitton SA# | 17,439 | 3,287,110 | ||||||
Pernod Ricard SA | 26,746 | 3,031,382 | ||||||
Publicis Groupe SA# | 63,498 | 5,612,208 | ||||||
Rexel SA | 80,120 | 2,030,467 | ||||||
Sanofi | 34,264 | 3,623,269 | ||||||
Schneider Electric SA | 95,191 | 8,057,741 | ||||||
Total SA | 78,169 | 4,735,658 | ||||||
Valeo SA | 26,150 | 2,780,169 | ||||||
Zodiac Aerospace | 6,180 | 1,048,182 | ||||||
68,615,176 | ||||||||
Germany — 8.4% | ||||||||
Adidas AG | 40,519 | 4,927,634 | ||||||
Allianz SE | 13,259 | 2,302,879 | ||||||
Bayer AG | 94,272 | 12,576,328 | ||||||
Beiersdorf AG | 25,379 | 2,576,494 | ||||||
Brenntag AG | 4,380 | 777,695 | ||||||
Continental AG | 22,315 | 4,659,404 | ||||||
Daimler AG | 33,840 | 2,804,270 | ||||||
Deutsche Boerse AG | 23,056 | 1,782,824 | ||||||
Deutsche Post AG | 46,320 | 1,637,956 | ||||||
Deutsche Telekom AG | 114,497 | 1,817,534 | ||||||
Linde AG | 19,244 | 3,929,289 | ||||||
Merck KGaA | 15,338 | 2,660,843 | ||||||
SAP AG | 74,627 | 6,179,158 | ||||||
Siemens AG | 5,600 | 739,459 | ||||||
Sky Deutschland AG† | 272,888 | 2,798,924 | ||||||
52,170,691 | ||||||||
Hong Kong — 2.2% | ||||||||
AIA Group, Ltd. | 806,600 | 4,088,844 | ||||||
China Mobile, Ltd. | 102,500 | 1,103,977 | ||||||
China Unicom Hong Kong, Ltd.# | 778,000 | 1,234,339 | ||||||
CNOOC, Ltd. | 1,227,000 | 2,516,469 | ||||||
Galaxy Entertainment Group, Ltd.†# | 304,000 | 2,384,114 | ||||||
Hutchison Whampoa, Ltd. | 184,000 | 2,343,715 | ||||||
13,671,458 | ||||||||
India — 1.5% | ||||||||
Housing Development Finance Corp. | 102,901 | 1,358,511 | ||||||
ICICI Bank, Ltd. ADR# | 31,590 | 1,132,817 | ||||||
Idea Cellular, Ltd.† | 538,397 | 1,512,061 | ||||||
Reliance Industries, Ltd. | 94,245 | 1,284,953 | ||||||
Tata Consultancy Services, Ltd. | 55,110 | 1,768,256 | ||||||
Tata Motors, Ltd. ADR | 62,280 | 2,022,232 | ||||||
9,078,830 | ||||||||
Ireland — 0.4% | ||||||||
Bank of Ireland†# | 4,350,984 | 1,690,492 | ||||||
James Hardie Industries PLC CDI | 79,170 | 904,483 | ||||||
2,594,975 | ||||||||
Israel — 0.6% | ||||||||
Check Point Software Technologies, Ltd.†# | 16,260 | 1,005,844 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 60,929 | 2,483,466 | ||||||
3,489,310 | ||||||||
Italy — 1.0% | ||||||||
Luxottica Group SpA | 34,375 | 1,820,305 | ||||||
Prada SpA# | 132,400 | 1,279,999 |
144
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VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Italy (continued) |
| |||||||
Saipem SpA | 37,282 | $ | 836,698 | |||||
UniCredit SpA | 333,120 | 2,416,582 | ||||||
6,353,584 | ||||||||
Japan — 13.4% | ||||||||
Bridgestone Corp. | 76,400 | 2,797,169 | ||||||
Canon, Inc.# | 24,500 | 815,670 | ||||||
Daikin Industries, Ltd. | 65,000 | 4,124,970 | ||||||
Denso Corp. | 95,000 | 4,758,116 | ||||||
FANUC Corp. | 32,300 | 5,436,681 | ||||||
Fuji Heavy Industries, Ltd. | 92,000 | 2,597,647 | ||||||
Honda Motor Co., Ltd. | 95,200 | 4,024,564 | ||||||
Hoya Corp. | 85,700 | 2,318,523 | ||||||
Inpex Corp. | 126,311 | 1,465,047 | ||||||
Japan Tobacco, Inc. | 121,900 | 4,117,881 | ||||||
KDDI Corp.# | 55,880 | 3,508,015 | ||||||
Keyence Corp. | 11,500 | 4,620,210 | ||||||
Komatsu, Ltd. | 45,600 | 947,839 | ||||||
Kubota Corp. | 198,000 | 3,384,896 | ||||||
Kyocera Corp. | 31,700 | 1,677,462 | ||||||
Lawson, Inc.# | 17,100 | 1,253,805 | ||||||
Mitsubishi Corp. | 37,900 | 745,604 | ||||||
Mitsubishi Estate Co., Ltd. | 125,000 | 3,470,832 | ||||||
Murata Manufacturing Co., Ltd. | 26,500 | 2,279,375 | ||||||
Nidec Corp.# | 20,200 | 1,950,481 | ||||||
Omron Corp. | 18,400 | 757,198 | ||||||
Oriental Land Co., Ltd. | 5,400 | 795,567 | ||||||
ORIX Corp. | 319,700 | 5,821,240 | ||||||
Panasonic Corp. | 25,700 | 294,825 | ||||||
Rakuten, Inc. | 248,943 | 3,825,592 | ||||||
Rinnai Corp. | 500 | 37,784 | ||||||
Shin - Etsu Chemical Co., Ltd. | 65,800 | 3,803,134 | ||||||
Toshiba Corp. | 223,000 | 962,324 | ||||||
Toyota Motor Corp. | 129,775 | 8,083,617 | ||||||
Unicharm Corp. | 32,700 | 2,068,792 | ||||||
82,744,860 | ||||||||
Jersey — 2.1% | ||||||||
Delphi Automotive PLC# | 12,870 | 753,538 | ||||||
Experian PLC | 48,302 | 891,015 | ||||||
Informa PLC | 155,754 | 1,421,281 | ||||||
Shire PLC | 67,736 | 3,073,325 | ||||||
WPP PLC | 323,763 | 7,159,428 | ||||||
13,298,587 | ||||||||
Mexico — 0.8% | ||||||||
America Movil SAB de CV, Series L ADR# | 40,692 | 945,682 | ||||||
Cemex SAB de CV ADR# | 100,590 | 1,099,449 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 7,918 | 751,814 | ||||||
Grupo Televisa SAB ADR | 68,762 | 2,097,929 | ||||||
4,894,874 | ||||||||
Netherlands — 5.6% | ||||||||
Akzo Nobel NV | 70,006 | 5,271,610 | ||||||
ASML Holding NV | 47,667 | 4,461,015 | ||||||
European Aeronautic Defence and Space Co. NV | 68,879 | 4,890,079 | ||||||
Heineken NV | 49,336 | 3,353,158 | ||||||
ING Groep NV CVA† | 509,754 | 6,618,923 | ||||||
Koninklijke DSM NV | 31,519 | 2,473,628 | ||||||
Koninklijke Philips NV | 17,040 | 609,856 | ||||||
Randstad Holding NV | 60,892 | 3,793,621 | ||||||
Unilever NV CVA | 46,875 | 1,846,711 | ||||||
Yandex NV, Class A†# | 26,520 | 1,054,170 | ||||||
34,372,771 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Norway — 0.5% | ||||||||
DNB ASA | 103,010 | $ | 1,821,208 | |||||
Schibsted ASA | 17,210 | 1,110,984 | ||||||
2,932,192 | ||||||||
Russia — 0.5% | ||||||||
Magnit OJSC GDR | 35,486 | 2,338,527 | ||||||
Sberbank of Russia ADR (OTC US) | 247 | 3,078 | ||||||
Sberbank of Russia ADR (LSE) | 59,199 | 737,620 | ||||||
3,079,225 | ||||||||
Singapore — 1.6% | ||||||||
Avago Technologies, Ltd.# | 52,475 | 2,347,207 | ||||||
DBS Group Holdings, Ltd.# | 161,000 | 2,203,880 | ||||||
Keppel Corp., Ltd. | 336,757 | 3,034,717 | ||||||
Singapore Telecommunications, Ltd. | 220,950 | 654,901 | ||||||
United Overseas Bank, Ltd. | 105,077 | 1,751,493 | ||||||
9,992,198 | ||||||||
South Korea — 1.2% | ||||||||
Hyundai Mobis | 8,982 | 2,605,569 | ||||||
Samsung Electronics Co., Ltd. | 2,118 | 2,989,977 | ||||||
Samsung Electronics Co., Ltd. GDR (LSE) | 2,110 | 1,493,880 | ||||||
Samsung Electronics Co., Ltd. GDR (OTC US)* | 411 | 290,988 | ||||||
7,380,414 | ||||||||
Spain — 2.1% | ||||||||
Amadeus IT Holding SA, Class A | 139,940 | 5,240,341 | ||||||
Banco Popular Espanol SA† | 329,550 | 1,914,786 | ||||||
Banco Santander SA | 100,927 | 897,106 | ||||||
Inditex SA | 18,364 | 2,927,588 | ||||||
International Consolidated Airlines Group SA† | 292,400 | 1,753,114 | ||||||
12,732,935 | ||||||||
Sweden — 2.5% | ||||||||
Hennes & Mauritz AB, Class B | 39,230 | 1,663,493 | ||||||
Investment AB Kinnevik, Class B | 35,374 | 1,391,532 | ||||||
Investor AB, Class B | 58,731 | 1,919,762 | ||||||
SKF AB, Class B | 61,931 | 1,689,959 | ||||||
Svenska Cellulosa AB SCA, Class B | 131,453 | 3,839,698 | ||||||
Swedbank AB, Class A | 54,360 | 1,388,839 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 274,894 | 3,425,666 | ||||||
15,318,949 | ||||||||
Switzerland — 9.0% | ||||||||
ABB, Ltd. | 92,837 | 2,375,079 | ||||||
Adecco SA | 40,106 | 3,088,310 | �� | |||||
Cie Financiere Richemont SA | 18,859 | 1,916,172 | ||||||
Givaudan SA | 860 | 1,213,459 | ||||||
Julius Baer Group, Ltd. | 87,581 | 4,104,408 | ||||||
Kuehne & Nagel International AG | 7,100 | 919,565 | ||||||
Nestle SA | 102,540 | 7,488,718 | ||||||
Novartis AG | 86,641 | 6,848,505 | ||||||
Roche Holding AG | 49,116 | 13,692,551 | ||||||
Sika AG | 430 | 1,412,223 | ||||||
Sonova Holding AG | 9,227 | 1,285,642 | ||||||
Swiss Re AG | 17,078 | 1,519,489 | ||||||
Syngenta AG | 9,086 | 3,568,444 | ||||||
UBS AG | 322,923 | 6,156,004 | ||||||
55,588,569 | ||||||||
Taiwan — 1.2% | ||||||||
Hon Hai Precision Industry Co., Ltd. | 465,431 | 1,226,722 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 558,269 | 1,980,747 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 248,531 | 4,406,455 | ||||||
7,613,924 | ||||||||
145
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VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Turkey — 0.2% | ||||||||
Akbank TAS | 402,129 | $ | 1,473,802 | |||||
United Kingdom — 18.5% | ||||||||
Aberdeen Asset Management PLC | 469,419 | 3,782,564 | ||||||
ARM Holdings PLC | 49,500 | 824,800 | ||||||
Ashtead Group PLC | 247,481 | 2,817,311 | ||||||
Associated British Foods PLC | 84,057 | 3,154,814 | ||||||
Barclays PLC | 590,020 | 2,623,929 | ||||||
BG Group PLC | 298,946 | 6,109,097 | ||||||
British American Tobacco PLC | 101,558 | 5,420,766 | ||||||
British Sky Broadcasting Group PLC | 205,809 | 2,758,951 | ||||||
BT Group PLC | 371,300 | 2,265,062 | ||||||
Burberry Group PLC | 85,163 | 2,128,559 | ||||||
Capita PLC | 222,633 | 3,633,126 | ||||||
Centrica PLC | 270,027 | 1,495,219 | ||||||
Compass Group PLC | 650,621 | 9,808,068 | ||||||
Diageo PLC | 151,345 | 4,820,662 | ||||||
Hays PLC | 462,800 | 939,314 | ||||||
HSBC Holdings PLC† | 680,317 | 7,593,251 | ||||||
Imperial Tobacco Group PLC | 56,641 | 2,154,581 | ||||||
ITV PLC | 493,950 | 1,536,145 | ||||||
J Sainsbury PLC | 226,140 | 1,507,975 | ||||||
Johnson Matthey PLC | 44,999 | 2,334,844 | ||||||
Kingfisher PLC | 334,035 | 2,055,228 | ||||||
Lloyds Banking Group PLC† | 3,500,504 | 4,434,731 | ||||||
Next PLC | 23,356 | 2,100,690 | ||||||
Reckitt Benckiser Group PLC | 67,293 | 5,407,029 | ||||||
Reed Elsevier PLC | 306,448 | 4,434,093 | ||||||
Rio Tinto PLC | 113,108 | 6,038,186 | ||||||
Rolls-Royce Holdings PLC(1) | 105,975 | 2,142,230 | ||||||
Royal Dutch Shell PLC, Class B | 66,233 | 2,324,857 | ||||||
Smith & Nephew PLC | 136,709 | 1,824,807 | ||||||
Smiths Group PLC | 83,378 | 1,875,141 | ||||||
Standard Chartered PLC | 263,580 | 6,249,233 | ||||||
Travis Perkins PLC | 35,550 | 1,045,061 | ||||||
Unilever PLC | 29,350 | 1,186,110 | ||||||
Whitbread PLC | 89,580 | 5,230,099 | ||||||
114,056,533 | ||||||||
Total Common Stocks | ||||||||
(cost $462,965,005) | 596,791,255 | |||||||
PREFERRED SECURITIES — 1.5% | ||||||||
Brazil — 0.8% | ||||||||
Banco Bradesco SA ADR# | 164,965 | 2,189,085 | ||||||
Itau Unibanco Holding SA | 91,100 | 1,285,328 | ||||||
Itau Unibanco Holding SA ADR | 103,866 | 1,461,395 | ||||||
4,935,808 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Germany — 0.7% | ||||||||
Henkel AG & Co. KGaA | 22,449 | $ | 2,544,972 | |||||
Volkswagen AG | 7,094 | 1,882,145 | ||||||
4,427,117 | ||||||||
Total Preferred Securities | ||||||||
(cost $8,338,532) | 9,362,925 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $471,303,537) | 606,154,180 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 6.3% | ||||||||
Registered Investment Companies — 4.5% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 27,851,193 | 27,851,193 | ||||||
Time Deposits — 1.8% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 10,898,000 | 10,898,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $38,749,193) | 38,749,193 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $510,052,730)(3) | 104.4 | % | 644,903,373 | |||||
Liabilities in excess of other assets | (4.4 | ) | (27,300,175 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 617,603,198 | ||||
# | The security or a portion thereof is out on loan (See Note 2) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2013, the aggregate value of these securities was $290,988 representing 0.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Illiquid security. At November 30, 2013, the aggregate value of these securities was $2,142,230 representing 0.4% of net assets. |
(2) | At November 30, 2014, the Fund had loaned securities with a total value of $26,735,490. This was secured by collateral of $27,851,193, which was received in cash and subsequently invested in short-term investments currently valued at $27,851,193 as reported in the portfolio of investments. |
(3) | 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
LSE — London Stock Exchange
NYSE — New York Stock Exchange
OTC — Over The Counter US
TSX — Toronto Stock Exchange
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 | $ | 68,615,176 | $ | — | $ | — | $ | 68,615,176 | ||||||||
Germany | 52,170,691 | — | — | 52,170,691 | ||||||||||||
Japan | 82,744,860 | — | — | 82,744,860 | ||||||||||||
Netherlands | 34,372,771 | — | — | 34,372,771 | ||||||||||||
Switzerland | 55,588,569 | — | — | 55,588,569 | ||||||||||||
United Kingdom | 114,056,533 | — | — | 114,056,533 | ||||||||||||
Other Countries* | 189,242,655 | — | — | 189,242,655 | ||||||||||||
Preferred Securities | 9,362,925 | — | — | 9,362,925 |
146
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | $ | 27,851,193 | $ | — | $ | — | $ | 27,851,193 | ||||||||
Time Deposits | — | 10,898,000 | — | 10,898,000 | ||||||||||||
Total | $ | 634,005,373 | $ | 10,898,000 | $ | — | $ | 644,903,373 | ||||||||
* | 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 securities by country classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $487,228,412 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 investments at the end of the reporting period.
See Notes to Financial Statements
147
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 8.9 | % | ||
Medical — Drugs | 5.6 | |||
Diversified Manufacturing Operations | 4.3 | |||
Oil Companies — Exploration & Production | 4.2 | |||
Computers | 4.1 | |||
Registered Investment Companies | 3.5 | |||
Web Portals/ISP | 3.5 | |||
Oil Companies — Integrated | 3.4 | |||
Applications Software | 3.1 | |||
Cable/Satellite TV | 3.0 | |||
Retail — Drug Store | 2.5 | |||
Tobacco | 2.5 | |||
Medical — Wholesale Drug Distribution | 2.3 | |||
Medical Products | 2.2 | |||
Chemicals — Diversified | 2.0 | |||
Insurance — Reinsurance | 2.0 | |||
Beverages — Non-alcoholic | 2.0 | |||
Telephone — Integrated | 1.9 | |||
Auto — Cars/Light Trucks | 1.9 | |||
Investment Management/Advisor Services | 1.9 | |||
Oil — Field Services | 1.9 | |||
Instruments — Controls | 1.8 | |||
Cosmetics & Toiletries | 1.8 | |||
Multimedia | 1.7 | |||
Aerospace/Defense — Equipment | 1.6 | |||
Insurance Brokers | 1.6 | |||
Repurchase Agreements | 1.6 | |||
Semiconductor Components — Integrated Circuits | 1.5 | |||
Commercial Services — Finance | 1.5 | |||
Banks — Super Regional | 1.4 | |||
Electronic Security Devices | 1.3 | |||
Publishing — Periodicals | 1.3 | |||
Electronic Components — Semiconductors | 1.3 | |||
Beverages — Wine/Spirits | 1.1 | |||
Banks — Fiduciary | 1.1 | |||
Retail — Building Products | 1.1 | |||
Computers — Memory Devices | 1.1 | |||
Oil Field Machinery & Equipment | 1.1 | |||
Transport — Services | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Broadcast Services/Program | 0.9 | |||
Medical — HMO | 0.9 | |||
Cellular Telecom | 0.9 | |||
Casino Hotels | 0.9 | |||
Pharmacy Services | 0.8 | |||
Retail — Jewelry | 0.8 | |||
E — Commerce/Products | 0.7 | |||
Retail — Sporting Goods | 0.7 | |||
Retail — Restaurants | 0.7 | |||
Entertainment Software | 0.7 | |||
Real Estate Management/Services | 0.6 | |||
Web Hosting/Design | 0.6 | |||
Medical — Biomedical/Gene | 0.5 | |||
Retail — Perfume & Cosmetics | 0.4 | |||
Computer Services | 0.4 | |||
Transport — Rail | 0.3 | |||
Internet Content — Entertainment | 0.2 | |||
103.5 | % | |||
* | Calculated as a percentage of net assets |
148
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.4% |
| |||||||
Aerospace/Defense - Equipment — 1.6% |
| |||||||
United Technologies Corp. | 24,797 | $ | 2,748,995 | |||||
Applications Software — 3.1% |
| |||||||
Intuit, Inc.# | 34,895 | 2,590,256 | ||||||
Microsoft Corp. | 70,850 | 2,701,510 | ||||||
5,291,766 | ||||||||
Auto - Cars/Light Trucks — 1.9% |
| |||||||
General Motors Co.† | 85,655 | 3,317,418 | ||||||
Auto/Truck Parts & Equipment - Original — 0.9% |
| |||||||
Delphi Automotive PLC | 27,254 | 1,595,722 | ||||||
Banks - Fiduciary — 1.1% |
| |||||||
State Street Corp. | 25,644 | 1,862,011 | ||||||
Banks - Super Regional — 1.4% |
| |||||||
Wells Fargo & Co. | 55,761 | 2,454,599 | ||||||
Beverages - Non-alcoholic — 2.0% |
| |||||||
PepsiCo, Inc. | 39,647 | 3,348,586 | ||||||
Beverages - Wine/Spirits — 1.1% |
| |||||||
Diageo PLC ADR | 15,266 | 1,949,010 | ||||||
Broadcast Services/Program — 0.9% |
| |||||||
Discovery Communications, Inc., Class A† | 18,230 | 1,590,932 | ||||||
Cable/Satellite TV — 3.0% |
| |||||||
Comcast Corp., Class A | 63,380 | 3,160,761 | ||||||
DIRECTV† | 28,609 | 1,891,341 | ||||||
5,052,102 | ||||||||
Casino Hotels — 0.9% |
| |||||||
Wynn Resorts, Ltd. | 9,210 | 1,527,663 | ||||||
Cellular Telecom — 0.9% |
| |||||||
Vodafone Group PLC ADR | 41,272 | 1,530,779 | ||||||
Chemicals - Diversified — 2.0% |
| |||||||
Celanese Corp., Series A | 22,593 | 1,268,145 | ||||||
Dow Chemical Co. | 56,793 | 2,218,335 | ||||||
3,486,480 | ||||||||
Commercial Services - Finance — 1.5% |
| |||||||
MasterCard, Inc., Class A | 3,290 | 2,503,065 | ||||||
Computer Services — 0.4% |
| |||||||
International Business Machines Corp. | 3,730 | 670,206 | ||||||
Computers — 4.1% |
| |||||||
Apple, Inc. | 10,922 | 6,073,397 | ||||||
Hewlett-Packard Co. | 32,560 | 890,516 | ||||||
6,963,913 | ||||||||
Computers - Memory Devices — 1.1% |
| |||||||
EMC Corp. | 75,863 | 1,809,333 | ||||||
Cosmetics & Toiletries — 1.8% |
| |||||||
Procter & Gamble Co. | 36,490 | 3,073,188 | ||||||
Diversified Banking Institutions — 8.9% |
| |||||||
Bank of America Corp. | 152,880 | 2,418,561 | ||||||
Citigroup, Inc. | 118,167 | 6,253,398 | ||||||
JPMorgan Chase & Co. | 94,243 | 5,392,584 | ||||||
Morgan Stanley | 39,399 | 1,233,189 | ||||||
15,297,732 | ||||||||
Diversified Manufacturing Operations — 4.3% |
| |||||||
Eaton Corp. PLC | 41,839 | 3,040,022 | ||||||
General Electric Co. | 161,225 | 4,298,258 | ||||||
7,338,280 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Products — 0.7% |
| |||||||
eBay, Inc.† | 25,427 | $ | 1,284,572 | |||||
Electronic Components - Semiconductors — 1.3% |
| |||||||
Broadcom Corp., Class A | 48,455 | 1,293,264 | ||||||
Skyworks Solutions, Inc.†# | 34,099 | 906,692 | ||||||
2,199,956 | ||||||||
Electronic Security Devices — 1.3% |
| |||||||
Tyco International, Ltd. | 58,628 | 2,236,072 | ||||||
Entertainment Software — 0.7% |
| |||||||
Electronic Arts, Inc.†# | 51,620 | 1,144,932 | ||||||
Instruments - Controls — 1.8% |
| |||||||
Honeywell International, Inc. | 35,023 | 3,099,886 | ||||||
Insurance Brokers — 1.6% |
| |||||||
Aon PLC | 33,299 | 2,718,530 | ||||||
Insurance - Reinsurance — 2.0% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 29,686 | 3,459,310 | ||||||
Internet Content - Entertainment — 0.2% |
| |||||||
Facebook, Inc., Class A†# | 8,984 | 422,338 | ||||||
Investment Management/Advisor Services — 1.9% |
| |||||||
BlackRock, Inc. | 6,773 | 2,050,526 | ||||||
Invesco, Ltd. | 35,083 | 1,222,642 | ||||||
3,273,168 | ||||||||
Medical Products — 2.2% |
| |||||||
Baxter International, Inc. | 10,241 | 700,996 | ||||||
Covidien PLC | 44,283 | 3,022,758 | ||||||
3,723,754 | ||||||||
Medical - Biomedical/Gene — 0.5% |
| |||||||
Celgene Corp.† | 5,266 | 851,881 | ||||||
Medical - Drugs — 5.6% |
| |||||||
Abbott Laboratories | 43,784 | 1,672,111 | ||||||
Johnson & Johnson | 40,229 | 3,808,077 | ||||||
Pfizer, Inc. | 80,371 | 2,550,172 | ||||||
Salix Pharmaceuticals, Ltd.†# | 18,375 | 1,558,384 | ||||||
9,588,744 | ||||||||
Medical - HMO — 0.9% |
| |||||||
Cigna Corp. | 17,834 | 1,559,583 | ||||||
Medical - Wholesale Drug Distribution — 2.3% |
| |||||||
Cardinal Health, Inc. | 60,299 | 3,895,315 | ||||||
Multimedia — 1.7% |
| |||||||
Viacom, Inc., Class B | 36,853 | 2,954,505 | ||||||
Oil Companies - Exploration & Production — 4.2% |
| |||||||
Anadarko Petroleum Corp. | 17,520 | 1,556,126 | ||||||
Antero Resources Corp.† | 8,988 | 493,441 | ||||||
Canadian Natural Resources, Ltd. | 44,860 | 1,476,791 | ||||||
ConocoPhillips | 23,093 | 1,681,171 | ||||||
Newfield Exploration Co.†# | 22,660 | 636,746 | ||||||
Noble Energy, Inc. | 19,884 | 1,396,652 | ||||||
7,240,927 | ||||||||
Oil Companies - Integrated — 3.4% |
| |||||||
Chevron Corp. | 33,376 | 4,086,557 | ||||||
Exxon Mobil Corp. | 17,675 | 1,652,259 | ||||||
5,738,816 | ||||||||
Oil Field Machinery & Equipment — 1.1% |
| |||||||
Cameron International Corp.† | 32,595 | 1,805,437 | ||||||
149
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil - Field Services — 1.9% |
| |||||||
Halliburton Co.# | 60,216 | $ | 3,172,179 | |||||
Pharmacy Services — 0.8% |
| |||||||
Express Scripts Holding Co.† | 21,082 | 1,419,873 | ||||||
Publishing - Periodicals — 1.3% |
| |||||||
Nielsen Holdings NV | 51,305 | 2,214,324 | ||||||
Real Estate Management/Services — 0.6% |
| |||||||
Realogy Holdings Corp.† | 21,955 | 1,040,447 | ||||||
Retail - Building Products — 1.1% |
| |||||||
Lowe’s Cos., Inc. | 38,311 | 1,819,006 | ||||||
Retail - Drug Store — 2.5% |
| |||||||
CVS Caremark Corp. | 42,331 | 2,834,484 | ||||||
Walgreen Co. | 25,380 | 1,502,496 | ||||||
4,336,980 | ||||||||
Retail - Jewelry — 0.8% |
| |||||||
Tiffany & Co. | 15,915 | 1,418,663 | ||||||
Retail - Perfume & Cosmetics — 0.4% |
| |||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 5,305 | 673,417 | ||||||
Retail - Restaurants — 0.7% |
| |||||||
Yum! Brands, Inc. | 15,055 | 1,169,472 | ||||||
Retail - Sporting Goods — 0.7% |
| |||||||
Dick’s Sporting Goods, Inc.# | 21,375 | 1,208,115 | ||||||
Semiconductor Components - Integrated Circuits — 1.5% |
| |||||||
QUALCOMM, Inc. | 35,617 | 2,620,699 | ||||||
Telephone - Integrated — 1.9% |
| |||||||
AT&T, Inc. | 94,685 | 3,333,859 | ||||||
Tobacco — 2.5% |
| |||||||
Philip Morris International, Inc. | 49,386 | 4,224,478 | ||||||
Transport - Marine — 0.0% |
| |||||||
Tidewater, Inc.# | 330 | 18,823 | ||||||
Transport - Rail — 0.3% |
| |||||||
Union Pacific Corp. | 3,239 | 524,848 | ||||||
Transport - Services — 1.0% |
| |||||||
FedEx Corp. | 12,229 | 1,696,162 | ||||||
Web Hosting/Design — 0.6% |
| |||||||
Equinix, Inc.†# | 6,040 | 970,628 | ||||||
Security Description | Shares/ Principal | Value (Note 2) | ||||||
Web Portals/ISP — 3.5% |
| |||||||
Baidu, Inc. ADR† | 4,985 | $ | 830,351 | |||||
Google, Inc., Class A† | 4,810 | 5,096,628 | ||||||
5,926,979 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $128,825,569) | 168,398,458 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.5% |
| |||||||
Registered Investment Companies — 3.5% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 6,018,450 | 6,018,450 | ||||||
REPURCHASE AGREEMENT — 1.6% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/29/2013, to be repurchased 12/02/2013 in the amount of $2,702,000 and collateralized by $3,035,000 of Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00% due 01/30/2023 and having approximate value of $2,759,516 (cost $2,702,000) | $ | 2,702,000 | 2,702,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $137,546,019)(2) | 103.5 | % | 177,118,908 | |||||
Liabilities in excess of other assets | (3.5 | ) | (5,930,613 | ) | ||||
NET ASSETS | 100.0 | % | $ | 171,188,295 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | At November 30, 2013, the Fund had loaned securities with a total value of $7,341,863. This was secured by collateral of $6,018,450, which was received in cash and subsequently invested in short-term investments currently valued at $6,018,450 as reported in the portfolio of investments. Additional collateral of $1,481,223 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal National Mtg. Assoc. | 3.00 to 4.00% | 10/25/2029 to 05/25/2042 | $1,481,223 |
(2) | 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, 2013 (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 Stocks: | ||||||||||||||||
Diversified Banking Institutions | $ | 15,297,732 | $ | — | $ | — | $ | 15,297,732 | ||||||||
Medical - Drugs | 9,588,744 | — | — | 9,588,744 | ||||||||||||
Other Industries* | 143,511,982 | — | — | 143,511,982 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 6,018,450 | — | — | 6,018,450 | ||||||||||||
Repurchase Agreement | — | 2,702,000 | — | 2,702,000 | ||||||||||||
Total Assets | $ | 174,416,908 | $ | 2,702,000 | $ | — | $ | 177,118,908 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
150
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Cosmetics & Toiletries | 6.3 | % | ||
Computer Services | 6.0 | |||
Medical — Drugs | 5.1 | |||
Multimedia | 4.9 | |||
Web Portals/ISP | 4.4 | |||
Instruments — Scientific | 4.3 | |||
Registered Investment Companies | 4.2 | |||
Instruments — Controls | 3.6 | |||
Diversified Manufacturing Operations | 3.4 | |||
Finance — Credit Card | 3.2 | |||
Aerospace/Defense — Equipment | 3.0 | |||
Transport — Services | 3.0 | |||
Enterprise Software/Service | 2.7 | |||
Dental Supplies & Equipment | 2.7 | |||
Computers — Memory Devices | 2.6 | |||
Retail — Drug Store | 2.6 | |||
Pharmacy Services | 2.5 | |||
Oil — Field Services | 2.4 | |||
Electronic Components — Semiconductors | 2.3 | |||
Investment Management/Advisor Services | 2.1 | |||
Food — Misc./Diversified | 2.0 | |||
Textile — Apparel | 2.0 | |||
Beverages — Wine/Spirits | 1.8 | |||
Retail — Restaurants | 1.8 | |||
Vitamins & Nutrition Products | 1.8 | |||
Commercial Services — Finance | 1.6 | |||
Distribution/Wholesale | 1.4 | |||
Industrial Gases | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.3 | |||
Athletic Footwear | 1.1 | |||
Advertising Agencies | 1.1 | |||
Metal Processors & Fabrication | 1.1 | |||
Auto/Truck Parts & Equipment — Original | 1.1 | |||
Computers | 1.1 | |||
Beverages — Non-alcoholic | 1.0 | |||
Agricultural Chemicals | 0.9 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Broadcast Services/Program | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
E — Commerce/Products | 0.7 | |||
Medical Instruments | 0.7 | |||
Electronic Connectors | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Soap & Cleaning Preparation | 0.6 | |||
Retail — Discount | 0.6 | |||
Computer Aided Design | 0.6 | |||
Decision Support Software | 0.6 | |||
Finance — Other Services | 0.6 | |||
Retail — Regional Department Stores | 0.6 | |||
Commercial Paper | 0.6 | |||
Metal — Diversified | 0.5 | |||
Consulting Services | 0.5 | |||
104.3% | ||||
* | Calculated as a percentage of net assets |
151
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.5% |
| |||||||
Advertising Agencies — 1.1% |
| |||||||
Omnicom Group, Inc. | 63,430 | $ | 4,532,074 | |||||
Aerospace/Defense - Equipment — 3.0% |
| |||||||
United Technologies Corp. | 108,600 | 12,039,396 | ||||||
Agricultural Chemicals — 0.9% |
| |||||||
Monsanto Co. | 31,302 | 3,547,456 | ||||||
Athletic Footwear — 1.1% |
| |||||||
NIKE, Inc., Class B | 57,580 | 4,556,881 | ||||||
Auto/Truck Parts & Equipment-Original — 1.1% |
| |||||||
Johnson Controls, Inc.# | 84,420 | 4,264,054 | ||||||
Beverages - Non-alcoholic — 1.0% |
| |||||||
PepsiCo, Inc. | 48,650 | 4,108,979 | ||||||
Beverages - Wine/Spirits — 1.8% |
| |||||||
Beam, Inc. | 29,450 | 1,988,759 | ||||||
Pernod Ricard SA | 45,703 | 5,179,962 | ||||||
7,168,721 | ||||||||
Broadcast Services/Program — 0.8% |
| |||||||
Discovery Communications, Inc., Class A†# | 35,470 | 3,095,467 | ||||||
Commercial Services - Finance — 1.6% |
| |||||||
MasterCard, Inc., Class A | 8,472 | 6,445,582 | ||||||
Computer Aided Design — 0.6% |
| |||||||
Autodesk, Inc.† | 51,920 | 2,349,380 | ||||||
Computer Services — 6.0% |
| |||||||
Accenture PLC, Class A# | 200,120 | 15,503,297 | ||||||
Cognizant Technology Solutions Corp., Class A† | 40,880 | 3,838,223 | ||||||
International Business Machines Corp. | 25,019 | 4,495,414 | ||||||
23,836,934 | ||||||||
Computers — 1.1% |
| |||||||
Apple, Inc. | 7,527 | 4,185,539 | ||||||
Computers - Memory Devices — 2.6% |
| |||||||
EMC Corp. | 426,730 | 10,177,510 | ||||||
Consulting Services — 0.5% |
| |||||||
Verisk Analytics, Inc., Class A† | 28,180 | 1,834,800 | ||||||
Cosmetics & Toiletries — 6.3% |
| |||||||
Colgate - Palmolive Co. | 193,157 | 12,711,662 | ||||||
Procter & Gamble Co. | 145,480 | 12,252,326 | ||||||
24,963,988 | ||||||||
Decision Support Software — 0.6% |
| |||||||
MSCI, Inc.†# | 52,860 | 2,346,455 | ||||||
Dental Supplies & Equipment — 2.7% |
| |||||||
DENTSPLY International, Inc. | 181,140 | 8,615,018 | ||||||
Patterson Cos., Inc. | 46,590 | 1,933,019 | ||||||
10,548,037 | ||||||||
Distribution/Wholesale — 1.4% |
| |||||||
WW Grainger, Inc. | 21,965 | 5,665,213 | ||||||
Diversified Manufacturing Operations — 3.4% |
| |||||||
Danaher Corp. | 177,890 | 13,306,172 | ||||||
E-Commerce/Products — 0.7% |
| |||||||
eBay, Inc.† | 58,410 | 2,950,873 | ||||||
Electronic Components - Semiconductors — 2.3% |
| |||||||
Microchip Technology, Inc.# | 207,350 | 8,976,181 | ||||||
Electronic Connectors — 0.7% |
| |||||||
Amphenol Corp., Class A# | 33,790 | 2,872,150 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Enterprise Software/Service — 2.7% |
| |||||||
Oracle Corp. | 303,870 | $ | 10,723,572 | |||||
Finance - Credit Card — 3.2% |
| |||||||
Visa, Inc., Class A# | 62,744 | 12,765,894 | ||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Charles Schwab Corp. | 106,480 | 2,606,630 | ||||||
Finance - Other Services — 0.6% |
| |||||||
CME Group, Inc. | 28,370 | 2,324,922 | ||||||
Food - Misc./Diversified — 2.0% |
| |||||||
Danone SA | 111,304 | 8,086,523 | ||||||
Industrial Gases — 1.4% |
| |||||||
Praxair, Inc.# | 43,438 | 5,484,482 | ||||||
Instruments - Controls — 3.6% |
| |||||||
Mettler - Toledo International, Inc.†# | 24,132 | 5,950,227 | ||||||
Sensata Technologies Holding NV† | 214,380 | 8,356,533 | ||||||
14,306,760 | ||||||||
Instruments - Scientific — 4.3% |
| |||||||
Thermo Fisher Scientific, Inc.# | 123,710 | 12,476,154 | ||||||
Waters Corp.† | 47,280 | 4,705,778 | ||||||
17,181,932 | ||||||||
Investment Management/Advisor Services — 2.1% |
| |||||||
Franklin Resources, Inc.# | 153,461 | 8,500,205 | ||||||
Medical Instruments — 0.7% |
| |||||||
St Jude Medical, Inc. | 49,450 | 2,888,869 | ||||||
Medical - Drugs — 5.1% |
| |||||||
Abbott Laboratories | 110,350 | 4,214,267 | ||||||
Allergan, Inc. | 25,413 | 2,466,332 | ||||||
Johnson & Johnson | 85,190 | 8,064,085 | ||||||
Zoetis, Inc. | 173,830 | 5,414,804 | ||||||
20,159,488 | ||||||||
Metal Processors & Fabrication — 1.1% |
| |||||||
Precision Castparts Corp. | 17,397 | 4,496,255 | ||||||
Metal - Diversified — 0.5% |
| |||||||
Rio Tinto PLC | 35,170 | 1,877,524 | ||||||
Multimedia — 4.9% |
| |||||||
Time Warner, Inc.# | 112,920 | 7,419,973 | ||||||
Viacom, Inc., Class B | 34,870 | 2,795,528 | ||||||
Walt Disney Co. | 129,920 | 9,164,557 | ||||||
19,380,058 | ||||||||
Oil Companies - Exploration & Production — 0.9% |
| |||||||
Occidental Petroleum Corp. | 36,840 | 3,498,326 | ||||||
Oil - Field Services — 2.4% |
| |||||||
Schlumberger, Ltd. | 108,740 | 9,614,791 | ||||||
Pharmacy Services — 2.5% |
| |||||||
Express Scripts Holding Co.† | 147,600 | 9,940,860 | ||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Inditex SA | 19,207 | 3,061,979 | ||||||
Retail - Discount — 0.6% |
| |||||||
Target Corp.# | 38,410 | 2,455,551 | ||||||
Retail - Drug Store — 2.6% |
| |||||||
CVS Caremark Corp. | 151,850 | 10,167,876 | ||||||
Retail - Regional Department Stores — 0.6% | ||||||||
Kohl’s Corp.# | 39,600 | 2,189,088 | ||||||
152
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail-Restaurants — 1.8% | ||||||||
McDonald’s Corp. | 73,086 | $ | 7,116,384 | |||||
Semiconductor Components - Integrated Circuits — 1.3% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 294,410 | 5,219,889 | ||||||
Soap & Cleaning Preparation — 0.6% | ||||||||
Church & Dwight Co., Inc. | 38,310 | 2,499,728 | ||||||
Textile - Apparel — 2.0% | ||||||||
LVMH Moet Hennessy Louis Vuitton SA | 42,847 | 8,076,311 | ||||||
Transport - Services — 3.0% | ||||||||
Expeditors International of Washington, Inc.# | 138,150 | 6,001,236 | ||||||
Kuehne & Nagel International AG | 44,030 | 5,702,600 | ||||||
11,703,836 | ||||||||
Vitamins & Nutrition Products — 1.8% | ||||||||
Mead Johnson Nutrition Co. | 82,490 | 6,971,230 | ||||||
Web Portals/ISP — 4.4% | ||||||||
Google, Inc., Class A† | 16,574 | 17,561,645 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $367,819,217) | 394,632,450 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.8% | ||||||||
Commercial Paper — 0.6% | ||||||||
HSBC Americas, Inc. | $ | 2,122,000 | 2,121,997 | |||||
Registered Investment Companies — 4.2% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 16,797,488 | 16,797,488 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $18,919,485) | 18,919,485 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $386,738,702)(1) | 104.3 | % | 413,551,935 | |||||
Liabilities in excess of other assets | (4.3 | ) | (16,872,859 | ) | ||||
NET ASSETS | 100.0 | % | $ | 396,679,076 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
(2) | At November 30, 2013, the Fund had loaned securities with a total value of $16,866,246. This was secured by collateral of $16,797,488, which was received in cash and subsequently invested in short-term investments currently valued at $16,797,488 as reported in the portfolio of investments. Additional collateral of $484,239 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities (see Note 2). |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
United States Treasury Notes/Bonds | 0.25% to 4.50% | 08/31/2014 to 01/31/2020 | $484,239 |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Computer Services | $ | 23,836,934 | $ | — | $ | — | $ | 23,836,934 | ||||||||
Cosmetics & Toiletries | 24,963,988 | — | — | 24,963,988 | ||||||||||||
Medical — Drugs | 20,159,488 | — | — | 20,159,488 | ||||||||||||
Other Industries* | 325,672,040 | — | — | 325,672,040 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Commercial Paper | — | 2,121,997 | — | 2,121,997 | ||||||||||||
Registered Investment Companies | 16,797,488 | — | — | 16,797,488 | ||||||||||||
Total | $ | 411,429,938 | $ | 2,121,997 | $ | — | $ | 413,551,935 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
153
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VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Registered Investment Companies | 10.0 | % | ||
Real Estate Investment Trusts | 8.3 | |||
Banks — Commercial | 4.3 | |||
Electric — Integrated | 2.8 | |||
Oil Companies — Exploration & Production | 2.0 | |||
Insurance — Property/Casualty | 2.0 | |||
Commercial Services — Finance | 1.9 | |||
Electronic Components — Semiconductors | 1.8 | |||
Computers — Integrated Systems | 1.8 | |||
Chemicals — Specialty | 1.7 | |||
Diversified Manufacturing Operations | 1.7 | |||
Consulting Services | 1.7 | |||
Investment Management/Advisor Services | 1.7 | |||
Distribution/Wholesale | 1.6 | |||
Gas — Distribution | 1.5 | |||
U.S. Government Treasuries | 1.5 | |||
Medical Products | 1.5 | |||
Oil — Field Services | 1.5 | |||
Aerospace/Defense — Equipment | 1.3 | |||
Retail — Restaurants | 1.2 | |||
Retail — Apparel/Shoe | 1.2 | |||
Apparel Manufacturers | 1.1 | |||
Medical — Hospitals | 1.1 | |||
Containers — Paper/Plastic | 1.1 | |||
Medical — Drugs | 1.0 | |||
Insurance — Reinsurance | 1.0 | |||
Steel — Producers | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Savings & Loans/Thrifts | 1.0 | |||
Medical — Biomedical/Gene | 0.9 | |||
Consumer Products — Misc. | 0.9 | |||
Electronic Measurement Instruments | 0.8 | |||
Transport — Truck | 0.8 | |||
Data Processing/Management | 0.8 | |||
Web Hosting/Design | 0.8 | |||
Building — Residential/Commercial | 0.8 | |||
Engineering/R&D Services | 0.8 | |||
Oil Refining & Marketing | 0.8 | |||
Electronic Design Automation | 0.8 | |||
Coatings/Paint | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Rental Auto/Equipment | 0.7 | |||
Insurance — Multi-line | 0.7 | |||
Retail — Gardening Products | 0.7 | |||
Instruments — Controls | 0.7 | |||
Transactional Software | 0.6 | |||
Insurance Brokers | 0.6 | |||
Machine Tools & Related Products | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Soap & Cleaning Preparation | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Coffee | 0.6 | |||
Oil Field Machinery & Equipment | 0.6 | |||
Filtration/Separation Products | 0.6 | |||
Retail — Sporting Goods | 0.6 | |||
Recreational Vehicles | 0.6 | |||
Textile — Home Furnishings | 0.6 | |||
Building Products — Cement | 0.5 | |||
Transport — Marine | 0.5 | |||
Computer Aided Design | 0.5 | |||
Electronic Parts Distribution | 0.5 | |||
Airlines | 0.5 | |||
Retail — Auto Parts | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Telecom Services | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Printing — Commercial | 0.5 | |||
Respiratory Products | 0.5 | |||
Batteries/Battery Systems | 0.4 |
Multimedia | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Metal Processors & Fabrication | 0.4 | |||
Human Resources | 0.4 | |||
Applications Software | 0.4 | |||
Retail — Jewelry | 0.4 | |||
X-Ray Equipment | 0.4 | |||
Electronic Components — Misc. | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Pharmacy Services | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Medical — HMO | 0.4 | |||
Physicians Practice Management | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Non-Hazardous Waste Disposal | 0.4 | |||
Food — Dairy Products | 0.4 | |||
Repurchase Agreements | 0.4 | |||
Decision Support Software | 0.3 | |||
Machinery — Farming | 0.3 | |||
Retail — Mail Order | 0.3 | |||
Medical Instruments | 0.3 | |||
Funeral Services & Related Items | 0.3 | |||
Transport — Rail | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Schools | 0.3 | |||
Finance — Other Services | 0.3 | |||
Lighting Products & Systems | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Water | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Retail — Discount | 0.3 | |||
Commercial Services | 0.3 | |||
Food — Meat Products | 0.3 | |||
Shipbuilding | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Steel Pipe & Tube | 0.3 | |||
Retail — Automobile | 0.3 | |||
Television | 0.2 | |||
Food — Baking | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Casino Services | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Food — Retail | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Internet Infrastructure Software | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Auction Houses/Art Dealers | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Theaters | 0.2 | |||
Web Portals/ISP | 0.2 | |||
Food — Wholesale/Distribution | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Advertising Sales | 0.2 | |||
Publishing — Books | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Home Furnishings | 0.2 | |||
Gold Mining | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Wireless Equipment | 0.2 | |||
Footwear & Related Apparel | 0.2 | |||
Retail — Petroleum Products | 0.2 | |||
Paper & Related Products | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Medical Sterilization Products | 0.2 | |||
Computer Services | 0.2 |
154
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)
Industry Allocation* (continued)
Veterinary Diagnostics | 0.2 | % | ||
Retail — Office Supplies | 0.2 | |||
Transport — Services | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Building — Mobile Home/Manufactured Housing | 0.2 | |||
Quarrying | 0.2 | |||
Medical Information Systems | 0.2 | |||
Coal | 0.2 | |||
Transport — Equipment & Leasing | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Communications Software | 0.1 | |||
Investment Companies | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Recreational Centers | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Security Services | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Networking Products | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Wire & Cable Products | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Tobacco | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Racetracks | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
110.1 | % | |||
* | Calculated as a percentage of net assets |
155
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.2% |
| |||||||
Advertising Sales — 0.2% |
| |||||||
Lamar Advertising Co., Class A† | 131,768 | $ | 6,577,859 | |||||
Aerospace/Defense — 0.2% |
| |||||||
Esterline Technologies Corp.† | 63,408 | 5,581,172 | ||||||
Aerospace/Defense - Equipment — 1.3% |
| |||||||
Alliant Techsystems, Inc. | 64,721 | 7,846,127 | ||||||
B/E Aerospace, Inc.† | 199,071 | 17,319,177 | ||||||
Exelis, Inc. | 380,571 | 6,724,689 | ||||||
Triumph Group, Inc. | 105,118 | 7,772,425 | ||||||
39,662,418 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
Intrepid Potash, Inc.†# | 112,333 | 1,735,545 | ||||||
Airlines — 0.5% |
| |||||||
Alaska Air Group, Inc. | 141,088 | 10,968,181 | ||||||
JetBlue Airways Corp.†# | 439,343 | 3,905,759 | ||||||
14,873,940 | ||||||||
Apparel Manufacturers — 1.1% |
| |||||||
Carter’s, Inc.# | 110,195 | 7,787,481 | ||||||
Hanesbrands, Inc. | 200,082 | 14,025,748 | ||||||
Under Armour, Inc., Class A†# | 162,020 | 13,075,014 | ||||||
34,888,243 | ||||||||
Applications Software — 0.4% |
| |||||||
Compuware Corp. | 433,800 | 4,767,462 | ||||||
PTC, Inc.† | 241,613 | 7,862,087 | ||||||
12,629,549 | ||||||||
Auction House/Art Dealers — 0.2% |
| |||||||
Sotheby’s | 138,107 | 7,079,365 | ||||||
Auto - Heavy Duty Trucks — 0.3% |
| |||||||
Oshkosh Corp. | 175,788 | 8,569,665 | ||||||
Banks - Commercial — 4.3% |
| |||||||
Associated Banc-Corp. | 335,374 | 5,781,848 | ||||||
BancorpSouth, Inc. | 169,300 | 4,047,963 | ||||||
Bank of Hawaii Corp. | 90,119 | 5,330,539 | ||||||
Cathay General Bancorp | 148,272 | 4,096,755 | ||||||
City National Corp. | 95,590 | 7,299,252 | ||||||
Commerce Bancshares, Inc. | 163,593 | 7,381,323 | ||||||
Cullen/Frost Bankers, Inc.# | 105,909 | 7,606,384 | ||||||
East West Bancorp, Inc. | 278,298 | 9,540,055 | ||||||
First Horizon National Corp. | 486,155 | 5,449,798 | ||||||
FirstMerit Corp. | 333,547 | 7,658,239 | ||||||
Fulton Financial Corp. | 391,695 | 5,119,454 | ||||||
Hancock Holding Co. | 165,895 | 5,839,504 | ||||||
International Bancshares Corp. | 115,434 | 3,011,673 | ||||||
Prosperity Bancshares, Inc.# | 114,562 | 7,346,861 | ||||||
Signature Bank† | 95,517 | 10,148,681 | ||||||
SVB Financial Group† | 92,057 | 9,319,851 | ||||||
Synovus Financial Corp. | 1,977,107 | 6,900,103 | ||||||
TCF Financial Corp. | 332,455 | 5,209,570 | ||||||
Trustmark Corp.# | 135,771 | 3,808,377 | ||||||
Valley National Bancorp.# | 403,081 | 4,091,272 | ||||||
Webster Financial Corp. | 182,443 | 5,378,420 | ||||||
Westamerica Bancorporation# | 54,105 | 2,996,335 | ||||||
133,362,257 | ||||||||
Batteries/Battery Systems — 0.4% |
| |||||||
Energizer Holdings, Inc. | 125,850 | 13,887,547 | ||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Fortune Brands Home & Security, Inc. | 335,493 | 14,627,495 | ||||||
Louisiana-Pacific Corp.† | 283,566 | 4,650,482 | ||||||
19,277,977 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Lennox International, Inc. | 92,833 | $ | 7,649,439 | |||||
Building Products - Cement — 0.5% |
| |||||||
Eagle Materials, Inc. | 100,175 | 7,813,650 | ||||||
Martin Marietta Materials, Inc.# | 93,451 | 9,023,629 | ||||||
16,837,279 | ||||||||
Building - Heavy Construction — 0.1% |
| |||||||
Granite Construction, Inc. | 72,795 | 2,274,844 | ||||||
Building - Maintenance & Services — 0.1% |
| |||||||
Rollins, Inc. | 129,897 | 3,654,003 | ||||||
Building - Mobile Home/Manufactured Housing — 0.2% |
| |||||||
Thor Industries, Inc. | 90,056 | 4,869,328 | ||||||
�� | ||||||||
Building - Residential/Commercial — 0.8% |
| |||||||
KB Home# | 167,660 | 2,939,080 | ||||||
MDC Holdings, Inc. | 79,012 | 2,387,743 | ||||||
NVR, Inc.† | 8,615 | 8,356,378 | ||||||
Toll Brothers, Inc.† | 307,186 | 10,475,042 | ||||||
24,158,243 | ||||||||
Casino Services — 0.2% |
| |||||||
Bally Technologies, Inc.†# | 78,596 | 5,860,904 | ||||||
Scientific Games Corp., Class A† | 98,015 | 1,759,369 | ||||||
7,620,273 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Olin Corp.# | 162,082 | 4,024,496 | ||||||
Chemicals - Specialty — 1.7% |
| |||||||
Albemarle Corp. | 164,454 | 11,299,634 | ||||||
Ashland, Inc. | 145,393 | 13,242,395 | ||||||
Cabot Corp. | 120,028 | 5,857,366 | ||||||
Cytec Industries, Inc. | 73,739 | 6,598,166 | ||||||
Minerals Technologies, Inc. | 70,053 | 4,161,148 | ||||||
NewMarket Corp.# | 23,136 | 7,494,907 | ||||||
Sensient Technologies Corp. | 101,136 | 4,969,823 | ||||||
53,623,439 | ||||||||
Coal — 0.2% | ||||||||
Alpha Natural Resources, Inc.†# | 447,629 | 2,990,162 | ||||||
Arch Coal, Inc.# | 428,933 | 1,750,046 | ||||||
4,740,208 | ||||||||
Coatings/Paint — 0.7% | ||||||||
RPM International, Inc. | 268,506 | 10,632,838 | ||||||
Valspar Corp. | 162,914 | 11,503,357 | ||||||
22,136,195 | ||||||||
Coffee — 0.6% | ||||||||
Green Mountain Coffee Roasters, Inc.†# | 265,036 | 17,858,126 | ||||||
Commercial Services — 0.3% | ||||||||
Convergys Corp. | 209,662 | 4,302,264 | ||||||
HMS Holdings Corp.†# | 177,455 | 4,065,494 | ||||||
8,367,758 | ||||||||
Commercial Services - Finance — 1.9% | ||||||||
Alliance Data Systems Corp.†# | 98,508 | 23,864,548 | ||||||
Global Payments, Inc. | 152,743 | 9,630,446 | ||||||
Lender Processing Services, Inc. | 172,409 | 6,053,280 | ||||||
SEI Investments Co. | 292,675 | 9,828,027 | ||||||
WEX, Inc.† | 78,519 | 7,793,796 | ||||||
57,170,097 | ||||||||
Communications Software — 0.1% | ||||||||
SolarWinds, Inc.† | 132,594 | 4,433,943 | ||||||
156
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Computer Aided Design — 0.5% |
| |||||||
ANSYS, Inc.† | 186,813 | $ | 16,004,270 | |||||
Computer Services — 0.2% |
| |||||||
DST Systems, Inc. | 60,873 | 5,375,086 | ||||||
Computers - Integrated Systems — 1.8% |
| |||||||
3D Systems Corp.†# | 190,980 | 14,354,057 | ||||||
Diebold, Inc.# | 129,052 | 4,404,544 | ||||||
Jack Henry & Associates, Inc. | 172,326 | 9,782,947 | ||||||
MICROS Systems, Inc.†# | 154,828 | 8,317,360 | ||||||
NCR Corp.† | 335,482 | 11,725,096 | ||||||
Riverbed Technology, Inc.† | 331,956 | 5,742,839 | ||||||
54,326,843 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Lexmark International, Inc., Class A# | 126,502 | 4,474,376 | ||||||
Consulting Services — 1.7% |
| |||||||
CoreLogic, Inc.† | 193,221 | 6,807,176 | ||||||
Corporate Executive Board Co. | 67,888 | 4,998,594 | ||||||
FTI Consulting, Inc.† | 82,365 | 3,699,012 | ||||||
Gartner, Inc.† | 188,271 | 12,171,720 | ||||||
Leidos Holdings, Inc.# | 147,187 | 7,157,704 | ||||||
Science Applications International Corp.# | 84,106 | 3,099,306 | ||||||
Towers Watson & Co., Class A | 130,069 | 14,645,769 | ||||||
52,579,281 | ||||||||
Consumer Products - Misc. — 0.9% |
| |||||||
Jarden Corp.† | 238,934 | 13,437,648 | ||||||
Scotts Miracle-Gro Co., Class A | 88,791 | 5,201,377 | ||||||
Tupperware Brands Corp. | 104,506 | 9,545,578 | ||||||
28,184,603 | ||||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Greif, Inc., Class A | 61,537 | 3,381,458 | ||||||
Silgan Holdings, Inc. | 88,410 | 4,133,168 | ||||||
7,514,626 | ||||||||
Containers - Paper/Plastic — 1.1% |
| |||||||
Packaging Corp. of America | 198,655 | 12,169,605 | ||||||
Rock Tenn Co., Class A | 145,445 | 13,732,917 | ||||||
Sonoco Products Co. | 202,939 | 8,129,737 | ||||||
34,032,259 | ||||||||
Data Processing/Management — 0.8% |
| |||||||
Acxiom Corp.† | 149,673 | 4,981,117 | ||||||
Broadridge Financial Solutions, Inc. | 240,631 | 9,180,073 | ||||||
CommVault Systems, Inc.† | 88,777 | 6,644,959 | ||||||
Fair Isaac Corp. | 71,140 | 4,197,971 | ||||||
25,004,120 | ||||||||
Decision Support Software — 0.3% |
| |||||||
MSCI, Inc.† | 244,471 | 10,852,068 | ||||||
Diagnostic Kits — 0.4% |
| |||||||
IDEXX Laboratories, Inc.†# | 106,188 | 11,060,542 | ||||||
Distribution/Wholesale — 1.6% |
| |||||||
Arrow Electronics, Inc.† | 202,467 | 10,394,656 | ||||||
Ingram Micro, Inc., Class A† | 308,713 | 7,236,233 | ||||||
LKQ Corp.† | 606,535 | 20,106,635 | ||||||
Owens & Minor, Inc.# | 127,913 | 4,882,439 | ||||||
Watsco, Inc. | 54,417 | 5,221,855 | ||||||
47,841,818 | ||||||||
Diversified Manufacturing Operations — 1.7% |
| |||||||
A.O. Smith Corp. | 157,055 | 8,504,528 | ||||||
Carlisle Cos., Inc. | 128,939 | 9,478,306 | ||||||
Crane Co. | 98,590 | 6,143,143 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Harsco Corp. | 163,026 | $ | 4,263,130 | |||||
ITT Corp. | 182,494 | 7,449,405 | ||||||
SPX Corp. | 91,610 | 8,669,971 | ||||||
Trinity Industries, Inc. | 158,863 | 8,246,578 | ||||||
52,755,061 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
ValueClick, Inc.†# | 126,819 | 2,713,927 | ||||||
Electric - Integrated — 2.8% |
| |||||||
Alliant Energy Corp. | 224,215 | 11,547,072 | ||||||
Black Hills Corp. | 89,969 | 4,522,742 | ||||||
Cleco Corp. | 122,167 | 5,584,254 | ||||||
Great Plains Energy, Inc. | 310,770 | 7,377,680 | ||||||
Hawaiian Electric Industries, Inc.# | 200,334 | 5,070,453 | ||||||
IDACORP, Inc. | 101,517 | 5,246,399 | ||||||
MDU Resources Group, Inc. | 381,622 | 11,322,725 | ||||||
NV Energy, Inc. | 476,102 | 11,259,812 | ||||||
OGE Energy Corp. | 400,868 | 13,797,876 | ||||||
PNM Resources, Inc. | 160,978 | 3,745,958 | ||||||
Westar Energy, Inc.# | 256,708 | 8,050,363 | ||||||
87,525,334 | ||||||||
Electronic Components - Misc. — 0.4% |
| |||||||
Gentex Corp. | 291,545 | 8,690,957 | ||||||
Vishay Intertechnology, Inc.†# | 267,010 | 3,452,439 | ||||||
12,143,396 | ||||||||
Electronic Components - Semiconductors — 1.8% |
| |||||||
Advanced Micro Devices, Inc.†# | 1,236,862 | 4,502,178 | ||||||
Cree, Inc.†# | 242,730 | 13,544,334 | ||||||
Fairchild Semiconductor International, Inc.† | 257,884 | 3,282,863 | ||||||
International Rectifier Corp.† | 143,054 | 3,424,713 | ||||||
Intersil Corp., Class A | 257,274 | 2,706,522 | ||||||
Rovi Corp.† | 205,377 | 3,778,937 | ||||||
Semtech Corp.† | 137,533 | 4,087,481 | ||||||
Silicon Laboratories, Inc.† | 79,417 | 3,101,234 | ||||||
Skyworks Solutions, Inc.† | 379,413 | 10,088,592 | ||||||
SunEdison, Inc.† | 487,061 | 6,190,545 | ||||||
54,707,399 | ||||||||
Electronic Design Automation — 0.8% |
| |||||||
Cadence Design Systems, Inc.† | 573,837 | 7,603,340 | ||||||
Mentor Graphics Corp. | 194,597 | 4,383,297 | ||||||
Synopsys, Inc.† | 312,055 | 11,430,575 | ||||||
23,417,212 | ||||||||
Electronic Measurement Instruments — 0.8% |
| |||||||
Itron, Inc.†# | 79,044 | 3,347,513 | ||||||
National Instruments Corp. | 196,728 | 6,149,717 | ||||||
Trimble Navigation, Ltd.† | 518,826 | 16,550,550 | ||||||
26,047,780 | ||||||||
Electronic Parts Distribution — 0.5% |
| |||||||
Avnet, Inc. | 277,182 | 11,059,562 | ||||||
Tech Data Corp.† | 76,313 | 3,956,066 | ||||||
15,015,628 | ||||||||
Engineering/R&D Services — 0.8% |
| |||||||
AECOM Technology Corp.† | 203,722 | 5,920,161 | ||||||
KBR, Inc. | 299,091 | 10,118,248 | ||||||
URS Corp. | 151,349 | 7,865,608 | ||||||
23,904,017 | ||||||||
Enterprise Software/Service — 0.7% |
| |||||||
Advent Software, Inc. | 83,430 | 2,932,565 |
157
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Enterprise Software/Service (continued) |
| |||||||
Concur Technologies, Inc.†# | 95,113 | $ | 9,234,521 | |||||
Informatica Corp.† | 218,743 | 8,489,416 | ||||||
ManTech International Corp., Class A# | 48,059 | 1,382,657 | ||||||
22,039,159 | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
Mine Safety Appliances Co. | 63,847 | 3,180,858 | ||||||
Filtration/Separation Products — 0.6% |
| |||||||
CLARCOR, Inc. | 100,842 | 6,103,966 | ||||||
Donaldson Co., Inc. | 273,223 | 11,401,596 | ||||||
17,505,562 | ||||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Greenhill & Co., Inc. | 52,710 | 2,883,764 | ||||||
Raymond James Financial, Inc. | 248,712 | 11,982,944 | ||||||
14,866,708 | ||||||||
Finance - Other Services — 0.3% |
| |||||||
CBOE Holdings, Inc. | 177,241 | 9,266,159 | ||||||
Food - Baking — 0.2% |
| |||||||
Flowers Foods, Inc. | 353,649 | 7,684,793 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 40,944 | 1,312,255 | ||||||
Food - Dairy Products — 0.4% |
| |||||||
Dean Foods Co.† | 189,870 | 3,413,863 | ||||||
WhiteWave Foods Co., Class A† | 349,812 | 7,440,501 | ||||||
10,854,364 | ||||||||
Food - Flour & Grain — 0.1% |
| |||||||
Post Holdings, Inc.† | 66,063 | 3,346,091 | ||||||
Food - Meat Products — 0.3% |
| |||||||
Hillshire Brands Co. | 248,727 | 8,312,456 | ||||||
Food - Misc./Diversified — 0.5% |
| |||||||
Ingredion, Inc. | 156,702 | 10,837,510 | ||||||
Lancaster Colony Corp. | 39,206 | 3,397,592 | ||||||
14,235,102 | ||||||||
Food - Retail — 0.2% |
| |||||||
Harris Teeter Supermarkets, Inc. | 99,947 | 4,935,383 | ||||||
SUPERVALU, Inc.† | 396,969 | 2,560,450 | ||||||
7,495,833 | ||||||||
Food - Wholesale/Distribution — 0.2% |
| |||||||
United Natural Foods, Inc.† | 99,664 | 6,861,866 | ||||||
Footwear & Related Apparel — 0.2% |
| |||||||
Deckers Outdoor Corp.†# | 69,709 | 5,760,752 | ||||||
Funeral Services & Related Items — 0.3% |
| |||||||
Matthews International Corp., Class A# | 55,445 | 2,338,670 | ||||||
Service Corp. International | 428,343 | 7,740,158 | ||||||
10,078,828 | ||||||||
Gas - Distribution — 1.5% |
| |||||||
Atmos Energy Corp. | 183,181 | 8,142,396 | ||||||
National Fuel Gas Co. | 168,990 | 11,403,445 | ||||||
Questar Corp. | 353,860 | 7,968,927 | ||||||
UGI Corp. | 230,589 | 9,283,513 | ||||||
Vectren Corp. | 166,358 | 5,769,295 | ||||||
WGL Holdings, Inc. | 104,566 | 4,166,955 | ||||||
46,734,531 | ||||||||
Gold Mining — 0.2% |
| |||||||
Royal Gold, Inc. | 131,454 | 5,927,261 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Hazardous Waste Disposal — 0.2% |
| |||||||
Clean Harbors, Inc.†# | 111,457 | $ | 5,881,586 | |||||
Home Furnishings — 0.2% |
| |||||||
Tempur-Pedic International, Inc.†# | 122,165 | 6,232,858 | ||||||
Human Resources — 0.4% |
| |||||||
Manpowergroup, Inc. | 158,219 | 12,646,445 | ||||||
Industrial Automated/Robotic — 0.3% |
| |||||||
Nordson Corp. | 122,006 | 8,799,073 | ||||||
Instruments - Controls — 0.7% |
| |||||||
Mettler-Toledo International, Inc.† | 60,518 | 14,921,923 | ||||||
Woodward, Inc. | 122,377 | 5,249,974 | ||||||
20,171,897 | ||||||||
Insurance Brokers — 0.6% |
| |||||||
Arthur J. Gallagher & Co. | 258,074 | 12,010,764 | ||||||
Brown & Brown, Inc. | 240,128 | 7,592,847 | ||||||
19,603,611 | ||||||||
Insurance - Life/Health — 0.6% |
| |||||||
Primerica, Inc. | 110,520 | 4,755,676 | ||||||
Protective Life Corp. | 158,630 | 7,611,067 | ||||||
StanCorp Financial Group, Inc. | 89,753 | 5,754,065 | ||||||
18,120,808 | ||||||||
Insurance - Multi-line — 0.7% |
| |||||||
American Financial Group, Inc. | 143,842 | 8,293,930 | ||||||
Kemper Corp. | 105,821 | 3,970,404 | ||||||
Old Republic International Corp. | 488,301 | 8,398,777 | ||||||
20,663,111 | ||||||||
Insurance - Property/Casualty — 2.0% |
| |||||||
Alleghany Corp.† | 34,007 | 13,402,159 | ||||||
Fidelity National Financial, Inc., Class A | 494,372 | 14,371,394 | ||||||
First American Financial Corp. | 216,125 | 5,718,668 | ||||||
Hanover Insurance Group, Inc. | 88,519 | 5,338,581 | ||||||
HCC Insurance Holdings, Inc. | 202,299 | 9,301,708 | ||||||
Mercury General Corp. | 73,306 | 3,523,819 | ||||||
WR Berkley Corp. | 221,513 | 9,700,054 | ||||||
61,356,383 | ||||||||
Insurance - Reinsurance — 1.0% |
| |||||||
Aspen Insurance Holdings, Ltd. | 136,449 | 5,515,269 | ||||||
Everest Re Group, Ltd. | 98,269 | 15,411,527 | ||||||
Reinsurance Group of America, Inc. | 143,456 | 10,756,331 | ||||||
31,683,127 | ||||||||
Internet Infrastructure Software — 0.2% |
| |||||||
TIBCO Software, Inc.† | 308,724 | 7,461,859 | ||||||
Investment Companies — 0.1% |
| |||||||
Apollo Investment Corp. | 454,195 | 4,096,839 | ||||||
Investment Management/Advisor Services — 1.7% |
| |||||||
Affiliated Managers Group, Inc.† | 106,812 | 21,389,103 | ||||||
Eaton Vance Corp.# | 245,220 | 10,252,648 | ||||||
Federated Investors, Inc., Class B# | 190,326 | 5,193,996 | ||||||
Janus Capital Group, Inc.# | 302,533 | 3,291,559 | ||||||
Waddell & Reed Financial, Inc., Class A | 173,201 | 11,038,100 | ||||||
51,165,406 | ||||||||
Lighting Products & Systems — 0.3% |
| |||||||
Acuity Brands, Inc. | 86,558 | 8,874,792 | ||||||
Machine Tools & Related Products — 0.6% |
| |||||||
Kennametal, Inc. | 157,328 | 7,469,934 | ||||||
Lincoln Electric Holdings, Inc. | 166,132 | 11,875,115 | ||||||
19,345,049 | ||||||||
158
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Terex Corp.† | 224,934 | $ | 8,169,603 | |||||
Machinery - Electrical — 0.2% |
| |||||||
Regal-Beloit Corp. | 91,062 | 6,700,342 | ||||||
Machinery - Farming — 0.3% |
| |||||||
AGCO Corp. | 182,958 | 10,662,792 | ||||||
Machinery - General Industrial — 1.0% |
| |||||||
IDEX Corp. | 165,236 | 11,786,284 | ||||||
Wabtec Corp. | 194,561 | 13,424,709 | ||||||
Zebra Technologies Corp., Class A† | 102,603 | 5,318,939 | ||||||
30,529,932 | ||||||||
Machinery - Pumps — 0.3% |
| |||||||
Graco, Inc. | 124,015 | 9,577,678 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 320,275 | 4,784,908 | ||||||
Medical Instruments — 0.3% |
| |||||||
Techne Corp. | 67,016 | 5,732,549 | ||||||
Thoratec Corp.† | 116,262 | 4,577,235 | ||||||
10,309,784 | ||||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Covance, Inc.† | 112,972 | 9,532,577 | ||||||
Medical Products — 1.5% |
| |||||||
Cooper Cos., Inc. | 98,922 | 13,031,984 | ||||||
Henry Schein, Inc.† | 174,795 | 19,926,630 | ||||||
Hill-Rom Holdings, Inc. | 118,566 | 4,909,818 | ||||||
Teleflex, Inc. | 83,114 | 8,170,938 | ||||||
46,039,370 | ||||||||
Medical Sterilization Products — 0.2% |
| |||||||
STERIS Corp. | 119,411 | 5,509,624 | ||||||
Medical - Biomedical/Gene — 0.9% |
| |||||||
Bio-Rad Laboratories, Inc., Class A† | 40,447 | 4,959,611 | ||||||
Charles River Laboratories International, Inc.† | 99,151 | 5,172,708 | ||||||
Cubist Pharmaceuticals, Inc.† | 149,675 | 10,254,234 | ||||||
United Therapeutics Corp.†# | 92,823 | 8,568,491 | ||||||
28,955,044 | ||||||||
Medical - Drugs — 1.0% |
| |||||||
Endo Health Solutions, Inc.† | 230,805 | 15,507,788 | ||||||
Mallinckrodt PLC† | 116,603 | 6,058,692 | ||||||
Salix Pharmaceuticals, Ltd.† | 124,643 | 10,570,973 | ||||||
32,137,453 | ||||||||
Medical - HMO — 0.4% |
| |||||||
Health Net, Inc.† | 160,461 | 4,902,084 | ||||||
WellCare Health Plans, Inc.† | 88,015 | 6,539,514 | ||||||
11,441,598 | ||||||||
Medical - Hospitals — 1.1% |
| |||||||
Community Health Systems, Inc.† | 191,588 | 7,903,005 | ||||||
Health Management Associates, Inc., Class A† | 525,888 | 6,883,874 | ||||||
LifePoint Hospitals, Inc.† | 96,073 | 4,921,820 | ||||||
Universal Health Services, Inc., Class B | 180,589 | 14,885,951 | ||||||
34,594,650 | ||||||||
Metal Processors & Fabrication — 0.4% |
| |||||||
Timken Co. | 161,283 | 8,348,008 | ||||||
Worthington Industries, Inc. | 106,801 | 4,478,166 | ||||||
12,826,174 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
Aptargroup, Inc. | 133,955 | $ | 8,696,359 | |||||
Motion Pictures & Services — 0.1% |
| |||||||
DreamWorks Animation SKG, Inc., Class A† | 143,911 | 4,585,004 | ||||||
Multimedia — 0.4% |
| |||||||
FactSet Research Systems, Inc.# | 81,483 | 9,207,579 | ||||||
Meredith Corp. | 74,781 | 3,988,819 | ||||||
13,196,398 | ||||||||
Networking Products — 0.1% |
| |||||||
Polycom, Inc.† | 287,257 | 3,088,013 | ||||||
Non-Hazardous Waste Disposal — 0.4% |
| |||||||
Waste Connections, Inc.# | 249,560 | 10,965,666 | ||||||
Office Furnishings - Original — 0.2% |
| |||||||
Herman Miller, Inc. | 118,594 | 3,784,334 | ||||||
HNI Corp. | 91,729 | 3,636,138 | ||||||
7,420,472 | ||||||||
Oil & Gas Drilling — 0.4% |
| |||||||
Atwood Oceanics, Inc.† | 116,342 | 6,114,936 | ||||||
Patterson-UTI Energy, Inc. | 297,772 | 6,941,065 | ||||||
13,056,001 | ||||||||
Oil Companies - Exploration & Production — 2.0% |
| |||||||
Bill Barrett Corp.†# | 98,568 | 2,650,493 | ||||||
Cimarex Energy Co. | 174,820 | 16,534,476 | ||||||
Energen Corp. | 145,962 | 10,534,077 | ||||||
Gulfport Energy Corp.† | 169,858 | 9,924,803 | ||||||
Rosetta Resources, Inc.† | 123,510 | 6,245,901 | ||||||
SM Energy Co. | 135,261 | 11,921,904 | ||||||
Unit Corp.† | 88,323 | 4,253,636 | ||||||
62,065,290 | ||||||||
Oil Field Machinery & Equipment — 0.6% |
| |||||||
Dresser-Rand Group, Inc.† | 154,123 | 8,698,702 | ||||||
Dril-Quip, Inc.† | 82,026 | 8,904,743 | ||||||
17,603,445 | ||||||||
Oil Refining & Marketing — 0.8% |
| |||||||
HollyFrontier Corp. | 403,905 | 19,379,362 | ||||||
Murphy USA, Inc.† | 89,712 | 4,059,468 | ||||||
23,438,830 | ||||||||
Oil - Field Services — 1.5% |
| |||||||
CARBO Ceramics, Inc.# | 40,117 | 4,935,594 | ||||||
Helix Energy Solutions Group, Inc.† | 198,765 | 4,414,571 | ||||||
Oceaneering International, Inc. | 218,663 | 16,878,597 | ||||||
Oil States International, Inc.† | 111,464 | 11,408,340 | ||||||
Superior Energy Services, Inc.† | 322,460 | 8,216,281 | ||||||
45,853,383 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Domtar Corp. | 65,970 | 5,641,095 | ||||||
Patient Monitoring Equipment — 0.1% |
| |||||||
Masimo Corp.† | 103,859 | 2,973,483 | ||||||
Pharmacy Services — 0.4% |
| |||||||
Omnicare, Inc. | 209,099 | 11,977,191 | ||||||
Physicians Practice Management — 0.4% |
| |||||||
MEDNAX, Inc.† | 102,317 | 11,336,724 | ||||||
Power Converter/Supply Equipment — 0.4% |
| |||||||
Hubbell, Inc., Class B | 109,081 | 11,770,931 | ||||||
Printing - Commercial — 0.5% |
| |||||||
Deluxe Corp. | 101,838 | 5,060,330 |
159
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Printing - Commercial (continued) |
| |||||||
R.R. Donnelley & Sons Co. | 367,211 | $ | 6,793,404 | |||||
Valassis Communications, Inc.# | 76,343 | 2,241,430 | ||||||
14,095,164 | ||||||||
Publishing - Books — 0.2% |
| |||||||
John Wiley & Sons, Inc., Class A | 93,620 | 4,770,875 | ||||||
Scholastic Corp. | 52,148 | 1,592,600 | ||||||
6,363,475 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
New York Times Co., Class A# | 253,712 | 3,541,820 | ||||||
Quarrying — 0.2% |
| |||||||
Compass Minerals International, Inc. | 67,614 | 4,837,782 | ||||||
Racetracks — 0.1% |
| |||||||
International Speedway Corp., Class A | 56,380 | 1,935,525 | ||||||
Real Estate Investment Trusts — 8.3% |
| |||||||
Alexandria Real Estate Equities, Inc. | 144,376 | 9,133,226 | ||||||
American Campus Communities, Inc. | 211,759 | 6,867,344 | ||||||
BioMed Realty Trust, Inc. | 388,287 | 7,214,372 | ||||||
BRE Properties, Inc. | 155,948 | 7,989,216 | ||||||
Camden Property Trust | 172,310 | 9,980,195 | ||||||
Corporate Office Properties Trust | 176,545 | 3,924,595 | ||||||
Corrections Corp. of America | 233,830 | 7,798,231 | ||||||
Duke Realty Corp. | 656,888 | 9,971,560 | ||||||
Equity One, Inc. | 127,838 | 2,863,571 | ||||||
Essex Property Trust, Inc. | 76,863 | 11,668,572 | ||||||
Extra Space Storage, Inc. | 214,388 | 8,987,145 | ||||||
Federal Realty Investment Trust | 132,767 | 13,744,040 | ||||||
Highwoods Properties, Inc. | 181,574 | 6,522,138 | ||||||
Home Properties, Inc. | 114,924 | 6,042,704 | ||||||
Hospitality Properties Trust | 299,603 | 8,140,214 | ||||||
Kilroy Realty Corp. | 164,124 | 8,263,643 | ||||||
Liberty Property Trust | 288,740 | 9,352,289 | ||||||
Mack-Cali Realty Corp. | 177,866 | 3,621,352 | ||||||
Mid-America Apartment Communities, Inc.# | 150,995 | 9,095,939 | ||||||
National Retail Properties, Inc.# | 244,924 | 7,776,337 | ||||||
Omega Healthcare Investors, Inc. | 236,766 | 7,739,881 | ||||||
Potlatch Corp. | 81,907 | 3,263,994 | ||||||
Rayonier, Inc. | 254,885 | 11,242,977 | ||||||
Realty Income Corp.# | 396,451 | 15,108,748 | ||||||
Regency Centers Corp. | 186,517 | 8,736,456 | ||||||
Senior Housing Properties Trust | 380,116 | 8,609,627 | ||||||
SL Green Realty Corp. | 185,883 | 16,816,835 | ||||||
Taubman Centers, Inc. | 129,014 | 8,434,935 | ||||||
UDR, Inc. | 506,742 | 11,791,886 | ||||||
Weingarten Realty Investors | 226,707 | 6,470,218 | ||||||
257,172,240 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
Jones Lang LaSalle, Inc. | 89,800 | 8,775,256 | ||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Alexander & Baldwin, Inc. | 86,235 | 3,258,821 | ||||||
Recreational Centers — 0.1% |
| |||||||
Life Time Fitness, Inc.†# | 79,698 | 3,866,150 | ||||||
Recreational Vehicles — 0.6% |
| |||||||
Polaris Industries, Inc.# | 129,417 | 17,273,287 | ||||||
Rental Auto/Equipment — 0.7% |
| |||||||
Aaron’s, Inc. | 153,566 | 4,398,130 | ||||||
Rent-A-Center, Inc. | 107,895 | 3,674,904 | ||||||
United Rentals, Inc.†# | 188,526 | 12,957,392 | ||||||
21,030,426 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Respiratory Products — 0.5% |
| |||||||
ResMed, Inc.# | 287,087 | $ | 14,012,716 | |||||
Retail - Apparel/Shoe — 1.2% |
| |||||||
American Eagle Outfitters, Inc. | 342,758 | 5,576,673 | ||||||
ANN, Inc.† | 92,627 | 3,304,005 | ||||||
Ascena Retail Group, Inc.† | 257,359 | 5,481,747 | ||||||
Chico’s FAS, Inc. | 325,007 | 6,074,381 | ||||||
Foot Locker, Inc. | 300,104 | 11,671,044 | ||||||
Guess?, Inc. | 120,096 | 4,114,489 | ||||||
36,222,339 | ||||||||
Retail - Auto Parts — 0.5% |
| |||||||
Advance Auto Parts, Inc. | 147,201 | 14,868,773 | ||||||
Retail - Automobile — 0.3% |
| |||||||
Copart, Inc.† | 225,632 | 7,768,510 | ||||||
Retail - Catalog Shopping — 0.2% |
| |||||||
MSC Industrial Direct Co., Class A | 97,362 | 7,482,270 | ||||||
Retail - Discount — 0.3% |
| |||||||
Big Lots, Inc.† | 117,800 | 4,515,274 | ||||||
HSN, Inc. | 67,761 | 3,889,481 | ||||||
8,404,755 | ||||||||
Retail - Gardening Products — 0.7% |
| |||||||
Tractor Supply Co. | 282,163 | 20,657,153 | ||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.# | 88,120 | 1,409,039 | ||||||
Retail - Jewelry — 0.4% |
| |||||||
Signet Jewelers, Ltd. | 162,747 | 12,505,479 | ||||||
Retail - Mail Order — 0.3% |
| |||||||
Williams-Sonoma, Inc. | 179,876 | 10,634,269 | ||||||
Retail - Major Department Stores — 0.2% |
| |||||||
J.C. Penney Co., Inc.† | 615,514 | 6,272,088 | ||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
CST Brands, Inc. | 152,778 | 5,024,868 | ||||||
Retail - Office Supplies — 0.2% |
| |||||||
Office Depot, Inc.† | 962,202 | 5,234,379 | ||||||
Retail - Petroleum Products — 0.2% |
| |||||||
World Fuel Services Corp.# | 147,073 | 5,647,603 | ||||||
Retail - Restaurants — 1.2% |
| |||||||
Bob Evans Farms, Inc. | 55,125 | 3,064,399 | ||||||
Brinker International, Inc. | 133,838 | 6,294,401 | ||||||
Cheesecake Factory, Inc. | 100,247 | 4,887,041 | ||||||
Domino’s Pizza, Inc. | 112,470 | 7,775,051 | ||||||
Panera Bread Co., Class A† | 56,636 | 10,018,342 | ||||||
Wendy’s Co.# | 572,302 | 4,927,520 | ||||||
36,966,754 | ||||||||
Retail - Sporting Goods — 0.6% |
| |||||||
Cabela’s, Inc.† | 94,129 | 5,765,401 | ||||||
Dick’s Sporting Goods, Inc. | 205,458 | 11,612,486 | ||||||
17,377,887 | ||||||||
Savings & Loans/Thrifts — 1.0% |
| |||||||
Astoria Financial Corp. | 169,055 | 2,363,389 | ||||||
First Niagara Financial Group, Inc. | 715,414 | 7,969,712 | ||||||
New York Community Bancorp, Inc.# | 890,993 | 14,719,204 | ||||||
Washington Federal, Inc. | 209,176 | 4,892,627 | ||||||
29,944,932 | ||||||||
Schools — 0.3% |
| |||||||
Apollo Education Group, Inc., Class A† | 200,672 | 5,275,667 |
160
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Schools (continued) |
| |||||||
DeVry Education Group, Inc.# | 114,549 | $ | 4,071,071 | |||||
9,346,738 | ||||||||
Security Services — 0.1% |
| |||||||
Brink’s Co. | 97,463 | 3,267,934 | ||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
Atmel Corp.† | 864,120 | 6,610,518 | ||||||
Cypress Semiconductor Corp.# | 277,527 | 2,689,237 | ||||||
Integrated Device Technology, Inc.† | 275,634 | 2,734,289 | ||||||
12,034,044 | ||||||||
Shipbuilding — 0.3% |
| |||||||
Huntington Ingalls Industries, Inc. | 100,605 | 8,272,749 | ||||||
Soap & Cleaning Preparation — 0.6% |
| |||||||
Church & Dwight Co., Inc. | 280,036 | 18,272,349 | ||||||
Steel Pipe & Tube — 0.3% |
| |||||||
Valmont Industries, Inc.# | 54,105 | 7,829,535 | ||||||
Steel - Producers — 1.0% |
| |||||||
Carpenter Technology Corp. | 106,868 | 6,443,072 | ||||||
Commercial Metals Co. | 236,419 | 4,591,257 | ||||||
Reliance Steel & Aluminum Co. | 155,602 | 11,441,415 | ||||||
Steel Dynamics, Inc. | 446,221 | 8,130,146 | ||||||
30,605,890 | ||||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Ciena Corp.† | 208,447 | 4,629,608 | ||||||
Telecom Services — 0.5% |
| |||||||
NeuStar, Inc., Class A† | 130,075 | 6,341,156 | ||||||
tw telecom, Inc.† | 294,389 | 8,337,097 | ||||||
14,678,253 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
ADTRAN, Inc. | 117,656 | 3,021,406 | ||||||
Plantronics, Inc. | 88,632 | 3,964,509 | ||||||
6,985,915 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Telephone & Data Systems, Inc. | 199,153 | 5,538,445 | ||||||
Television — 0.2% |
| |||||||
AMC Networks, Inc., Class A† | 119,774 | 7,688,293 | ||||||
Textile - Home Furnishings — 0.7% |
| |||||||
Mohawk Industries, Inc.† | 123,104 | 17,237,022 | ||||||
Theaters — 0.2% |
| |||||||
Cinemark Holdings, Inc. | 209,803 | 6,921,401 | ||||||
Tobacco — 0.1% |
| |||||||
Universal Corp. | 46,870 | 2,444,739 | ||||||
Transactional Software — 0.6% |
| |||||||
ACI Worldwide, Inc.† | 79,917 | 5,157,044 | ||||||
Solera Holdings, Inc. | 139,054 | 9,281,854 | ||||||
VeriFone Systems, Inc.† | 220,765 | 5,653,792 | ||||||
20,092,690 | ||||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
GATX Corp. | 93,368 | 4,684,273 | ||||||
Transport - Marine — 0.5% |
| |||||||
Kirby Corp.†# | 114,726 | 10,835,871 | ||||||
Tidewater, Inc. | 100,009 | 5,704,513 | ||||||
16,540,384 | ||||||||
Transport - Rail — 0.3% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 102,530 | 9,863,386 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Services — 0.2% |
| |||||||
Matson, Inc. | 86,340 | $ | 2,161,090 | |||||
UTi Worldwide, Inc. | 184,177 | 2,911,839 | ||||||
5,072,929 | ||||||||
Transport - Truck — 0.8% |
| |||||||
Con-way, Inc. | 114,175 | 4,725,703 | ||||||
J.B. Hunt Transport Services, Inc. | 184,539 | 13,875,487 | ||||||
Landstar System, Inc. | 92,358 | 5,184,055 | ||||||
Werner Enterprises, Inc.# | 92,588 | 2,228,593 | ||||||
26,013,838 | ||||||||
Veterinary Diagnostics — 0.2% |
| |||||||
VCA Antech, Inc.† | 179,094 | 5,363,865 | ||||||
Water — 0.3% |
| |||||||
Aqua America, Inc. | 356,628 | 8,584,036 | ||||||
Web Hosting/Design — 0.8% |
| |||||||
Equinix, Inc.†# | 99,742 | 16,028,539 | ||||||
Rackspace Hosting, Inc.†# | 230,248 | 8,797,776 | ||||||
24,826,315 | ||||||||
Web Portals/ISP — 0.2% |
| |||||||
AOL, Inc.† | 155,160 | 6,917,033 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
General Cable Corp. | 100,561 | 2,930,348 | ||||||
Wireless Equipment — 0.2% |
| |||||||
InterDigital, Inc. | 83,230 | 2,820,665 | ||||||
RF Micro Devices, Inc.† | 568,522 | 3,001,796 | ||||||
5,822,461 | ||||||||
X-Ray Equipment — 0.4% |
| |||||||
Hologic, Inc.† | 546,556 | 12,237,389 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,126,049,018) | 3,027,313,712 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 11.5% |
| |||||||
Registered Investment Companies — 10.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 309,388,283 | 309,388,283 | ||||||
U.S. Government Treasuries — 1.5% |
| |||||||
United States Treasury Bills | $ | 42,000,000 | 41,999,906 | |||||
0.02% due 12/12/2013(2) | 4,300,000 | 4,299,974 | ||||||
46,299,880 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $355,688,163) | 355,688,163 | |||||||
REPURCHASE AGREEMENT — 0.4% | ||||||||
State Street Bank & Trust Co. Joint Repurchase Agreement(3) | 10,687,000 | 10,687,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,492,424,181)(4) | 110.1 | % | 3,393,688,875 | |||||
Liabilities in excess of other assets | (10.1 | ) | (311,887,910 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 3,081,800,965 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2013, the Fund had loaned securities with a total value of $306,303,160. This was secured by collateral of $309,388,283 which was received in cash and subsequently invested in short-term investments currently valued at $309,388,283 as reported in the portfolio of investments. Additional collateral of $4,128,920 was received |
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VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal National Mtg. Assoc. | 3.00% to 4.00% | 10/25/2029 to 05/25/2042 | $2,749,858 | |||
United States Treasury Notes/Bonds | 0.13% to 5.38% | 04/30/2015 to 02/15/2031 | 1,379,062 |
(2) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(3) | See Note 2 for details of Joint Repurchase Agreements. |
(4) | 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, 2013 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
438 | Long | S&P Midcap 400 E-mini Index | December 2013 | $ | 56,577,058 | $ | 57,075,780 | $ | 498,722 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Real Estate Investment Trusts | $ | 257,172,240 | $ | — | $ | — | $ | 257,172,240 | ||||||||
Other Industries* | 2,770,141,472 | — | — | 2,770,141,472 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 309,388,283 | — | — | 309,388,283 | ||||||||||||
U.S. Government Treasuries | — | 46,299,880 | — | 46,299,880 | ||||||||||||
Repurchase Agreement | — | 10,687,000 | — | 10,687,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Appreciation | 498,722 | — | — | 498,722 | ||||||||||||
Total | $ | 3,337,200,717 | $ | 56,986,880 | $ | — | $ | 3,394,187,597 | ||||||||
* | 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 securities 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 and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
162
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Registered Investment Companies | 13.7 | % | ||
Consulting Services | 4.0 | |||
Commercial Services | 3.6 | |||
Medical — Biomedical/Gene | 3.6 | |||
Insurance — Property/Casualty | 3.3 | |||
Commercial Services — Finance | 3.3 | |||
Retail — Restaurants | 3.1 | |||
Time Deposits | 2.9 | |||
Apparel Manufacturers | 2.6 | |||
Wireless Equipment | 2.5 | |||
Medical — Drugs | 2.5 | |||
Web Portals/ISP | 2.4 | |||
Medical Information Systems | 2.4 | |||
Retail — Discount | 2.2 | |||
Internet Content — Information/News | 2.1 | |||
Transactional Software | 2.1 | |||
Computer Software | 2.0 | |||
E-Commerce/Services | 1.9 | |||
Internet Content — Entertainment | 1.9 | |||
Vitamins & Nutrition Products | 1.9 | |||
Oil Companies — Exploration & Production | 1.8 | |||
Applications Software | 1.7 | |||
Decision Support Software | 1.7 | |||
Medical Instruments | 1.7 | |||
Diversified Manufacturing Operations | 1.6 | |||
Electronic Components — Semiconductors | 1.6 | |||
Computer Services | 1.5 | |||
Medical Products | 1.3 | |||
Food — Misc./Diversified | 1.3 | |||
Internet Security | 1.2 | |||
Auto — Cars/Light Trucks | 1.2 | |||
Internet Application Software | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Auto/Truck Parts & Equipment — Original | 1.1 | |||
Hazardous Waste Disposal | 1.0 | |||
Electric Products — Misc. | 1.0 | |||
E-Commerce/Products | 0.9 | |||
Food — Confectionery | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Retail — Gardening Products | 0.8 | |||
Banks — Commercial | 0.8 | |||
Data Processing/Management | 0.8 | |||
Coatings/Paint | 0.7 | |||
Retail — Perfume & Cosmetics | 0.7 | |||
Food — Retail | 0.7 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Publishing — Periodicals | 0.6 | |||
Beverages — Non-alcoholic | 0.6 | |||
Chemicals — Specialty | 0.6 | |||
Advertising Services | 0.6 | |||
Broadcast Services/Program | 0.6 | |||
Building Products — Cement | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Hotels/Motels | 0.6 | |||
Industrial Gases | 0.6 | |||
Computers — Integrated Systems | 0.6 | |||
Electric — Transmission | 0.6 | |||
Human Resources | 0.6 | |||
Coffee | 0.5 | |||
Appliances | 0.5 | |||
Transport — Rail | 0.5 | |||
Television | 0.5 | |||
Casino Hotels | 0.5 | |||
Electronic Measurement Instruments | 0.5 | |||
Distribution/Wholesale | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Semiconductor Equipment | 0.4 |
Instruments — Scientific | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Private Equity | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.4 | |||
Insurance — Life/Health | 0.4 | |||
Computers — Memory Devices | 0.4 | |||
Steel — Producers | 0.4 | |||
Computer Graphics | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Home Decoration Products | 0.4 | |||
Motorcycle/Motor Scooter | 0.3 | |||
Transport — Truck | 0.3 | |||
Non-Hazardous Waste Disposal | 0.3 | |||
Computers — Periphery Equipment | 0.3 | |||
Retail — Misc./Diversified | 0.3 | |||
Internet Infrastructure Software | 0.3 | |||
Therapeutics | 0.2 | |||
Transport — Services | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Patient Monitoring Equipment | 0.2 | |||
113.5 | % | |||
* | Calculated as a percentage of net assets |
163
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.6% |
| |||||||
Advertising Services — 0.6% |
| |||||||
Aimia, Inc. | 105,099 | $ | 1,855,387 | |||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
B/E Aerospace, Inc.†# | 21,885 | 1,903,995 | ||||||
Apparel Manufacturers — 2.6% |
| |||||||
Carter’s, Inc.# | 60,076 | 4,245,571 | ||||||
Michael Kors Holdings, Ltd.† | 9,711 | 791,932 | ||||||
VF Corp.# | 10,445 | 2,450,188 | ||||||
7,487,691 | ||||||||
Appliances — 0.5% |
| |||||||
Whirlpool Corp. | 10,240 | 1,564,262 | ||||||
Applications Software — 1.7% |
| |||||||
NetSuite, Inc.†# | 16,757 | 1,610,012 | ||||||
Salesforce.com, Inc.†# | 28,075 | 1,462,427 | ||||||
ServiceNow, Inc.†# | 35,488 | 1,884,768 | ||||||
4,957,207 | ||||||||
Auto - Cars/Light Trucks — 1.2% |
| |||||||
Tesla Motors, Inc.†# | 26,688 | 3,396,849 | ||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
Oshkosh Corp.# | 13,290 | 647,888 | ||||||
Auto/Truck Parts & Equipment - Original — 1.1% |
| |||||||
BorgWarner, Inc.# | 14,440 | 1,547,535 | ||||||
Delphi Automotive PLC | 27,870 | 1,631,788 | ||||||
3,179,323 | ||||||||
Banks - Commercial — 0.8% |
| |||||||
First Republic Bank | 27,070 | 1,383,277 | ||||||
Zions Bancorporation# | 31,415 | 921,402 | ||||||
2,304,679 | ||||||||
Beverages - Non-alcoholic — 0.6% |
| |||||||
Monster Beverage Corp.†# | 31,746 | 1,878,728 | ||||||
Broadcast Services/Program — 0.6% |
| |||||||
Scripps Networks Interactive, Inc., Class A# | 24,060 | 1,794,635 | ||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Fortune Brands Home & Security, Inc. | 39,715 | 1,731,574 | ||||||
Building Products - Cement — 0.6% |
| |||||||
Martin Marietta Materials, Inc.# | 17,959 | 1,734,121 | ||||||
Cable/Satellite TV — 1.1% |
| |||||||
Charter Communications, Inc., Class A†# | 23,698 | 3,201,600 | ||||||
Casino Hotels — 0.5% |
| |||||||
Wynn Resorts, Ltd.# | 8,820 | 1,462,973 | ||||||
Chemicals - Diversified — 0.4% |
| |||||||
Celanese Corp., Series A | 9,550 | 536,042 | ||||||
PPG Industries, Inc. | 3,820 | 703,109 | ||||||
1,239,151 | ||||||||
Chemicals - Specialty — 0.6% |
| |||||||
International Flavors & Fragrances, Inc. | 21,185 | 1,871,695 | ||||||
Coatings/Paint — 0.7% |
| |||||||
Sherwin-Williams Co. | 11,405 | 2,087,457 | ||||||
Coffee — 0.5% |
| |||||||
Green Mountain Coffee Roasters, Inc.†# | 23,485 | 1,582,419 | ||||||
Commercial Services — 3.6% |
| |||||||
Edenred | 165,448 | 5,967,407 | ||||||
Intertek Group PLC | 89,381 | 4,443,097 | ||||||
10,410,504 | ||||||||
Commercial Services - Finance — 3.3% |
| |||||||
FleetCor Technologies, Inc.† | 26,666 | 3,247,385 |
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services - Finance (continued) |
| |||||||
McGraw Hill Financial, Inc. | 29,015 | $ | 2,161,618 | |||||
Morningstar, Inc.# | 29,968 | 2,499,631 | ||||||
SEI Investments Co. | 46,255 | 1,553,243 | ||||||
9,461,877 | ||||||||
Computer Graphics — 0.4% |
| |||||||
Tableau Software, Inc., Class A†# | 17,005 | 1,114,508 | ||||||
Computer Services — 1.5% |
| |||||||
IHS, Inc., Class A† | 37,948 | 4,342,390 | ||||||
Computer Software — 2.0% |
| |||||||
Akamai Technologies, Inc.†# | 131,380 | 5,875,314 | ||||||
Computers - Integrated Systems — 0.6% |
| |||||||
3D Systems Corp.†# | 22,110 | 1,661,788 | ||||||
Computers - Memory Devices — 0.4% |
| |||||||
Western Digital Corp. | 14,985 | 1,124,474 | ||||||
Computers - Periphery Equipment — 0.3% |
| |||||||
Stratasys, Ltd.† | 7,408 | 872,440 | ||||||
Consulting Services — 4.0% |
| |||||||
Gartner, Inc.† | 73,940 | 4,780,221 | ||||||
Qualicorp SA† | 152,805 | 1,425,291 | ||||||
Towers Watson & Co., Class A | 9,795 | 1,102,917 | ||||||
Verisk Analytics, Inc., Class A† | 65,748 | 4,280,852 | ||||||
11,589,281 | ||||||||
Data Processing/Management — 0.6% |
| |||||||
Fidelity National Information Services, Inc. | 33,675 | 1,706,649 | ||||||
Decision Support Software — 1.7% |
| |||||||
MSCI, Inc.† | 110,272 | 4,894,974 | ||||||
Distribution/Wholesale — 0.5% | ||||||||
Fastenal Co.# | 14,085 | 655,375 | ||||||
Fossil Group, Inc.† | 5,510 | 701,258 | ||||||
1,356,633 | ||||||||
Diversified Manufacturing Operations — 1.6% |
| |||||||
Colfax Corp.†# | 56,309 | 3,270,427 | ||||||
Eaton Corp. PLC | 20,280 | 1,473,545 | ||||||
4,743,972 | ||||||||
E-Commerce/Products — 0.8% |
| |||||||
MercadoLibre, Inc.# | 12,322 | 1,364,168 | ||||||
zulily, Inc., Class A† | 27,613 | 966,179 | ||||||
2,330,347 | ||||||||
E-Commerce/Services — 1.9% |
| |||||||
Groupon, Inc.†# | 503,599 | 4,557,571 | ||||||
TripAdvisor, Inc.†# | 11,651 | 1,029,016 | ||||||
5,586,587 | ||||||||
Electric Products - Misc. — 1.0% |
| |||||||
AMETEK, Inc.# | 59,039 | 2,905,900 | ||||||
Electric - Transmission — 0.6% |
| |||||||
Brookfield Infrastructure Partners LP | 42,348 | 1,621,081 | ||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Avago Technologies, Ltd. | 14,840 | 663,793 | ||||||
First Solar, Inc.†# | 41,716 | 2,495,451 | ||||||
Microchip Technology, Inc.# | 33,075 | 1,431,817 | ||||||
4,591,061 | ||||||||
Electronic Measurement Instruments — 0.5% |
| |||||||
Agilent Technologies, Inc. | 26,910 | 1,441,569 | ||||||
164
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Enterprise Software/Service — 0.7% |
| |||||||
Workday, Inc., Class A†# | 23,040 | $ | 1,897,344 | |||||
Food - Confectionery — 0.8% |
| |||||||
Hershey Co. | 25,550 | 2,475,539 | ||||||
Food - Misc./Diversified — 1.3% |
| |||||||
McCormick & Co., Inc.# | 55,117 | 3,803,073 | ||||||
Food - Retail — 0.7% |
| |||||||
Whole Foods Market, Inc. | 35,225 | 1,993,735 | ||||||
Hazardous Waste Disposal — 1.0% |
| |||||||
Stericycle, Inc.† | 24,883 | 2,923,255 | ||||||
Home Decoration Products — 0.4% |
| |||||||
Newell Rubbermaid, Inc.# | 34,600 | 1,050,110 | ||||||
Hotel/Motels — 0.6% |
| |||||||
Starwood Hotels & Resorts Worldwide, Inc. | 22,355 | 1,665,000 | ||||||
Human Resources — 0.6% |
| |||||||
Team Health Holdings, Inc.† | 34,595 | 1,616,624 | ||||||
Industrial Gases — 0.6% |
| |||||||
Airgas, Inc.# | 15,315 | 1,663,668 | ||||||
Instruments - Scientific — 0.4% |
| |||||||
PerkinElmer, Inc.# | 32,685 | 1,243,337 | ||||||
Insurance - Life/Health — 0.4% |
| |||||||
Lincoln National Corp.# | 22,190 | 1,139,013 | ||||||
Insurance - Property/Casualty — 3.3% |
| |||||||
Arch Capital Group, Ltd.† | 83,706 | 4,924,424 | ||||||
Progressive Corp.# | 164,503 | 4,594,569 | ||||||
9,518,993 | ||||||||
Internet Application Software — 1.1% |
| |||||||
Splunk, Inc.†# | 29,230 | 2,109,237 | ||||||
Zynga, Inc., Class A†# | 260,268 | 1,132,166 | ||||||
3,241,403 | ||||||||
Internet Content - Entertainment — 1.9% |
| |||||||
Twitter, Inc.†# | 73,532 | 3,056,725 | ||||||
Youku Todou, Inc. ADR†# | 87,852 | 2,475,670 | ||||||
5,532,395 | ||||||||
Internet Content - Information/News — 2.1% |
| |||||||
LinkedIn Corp., Class A†# | 20,870 | 4,675,506 | ||||||
Yelp, Inc.†# | 25,787 | 1,565,013 | ||||||
6,240,519 | ||||||||
Internet Infrastructure Software — 0.3% |
| |||||||
TIBCO Software, Inc.†# | 30,985 | 748,907 | ||||||
Internet Security — 1.2% |
| |||||||
FireEye, Inc.†# | 9,247 | 354,808 | ||||||
Qihoo 360 Technology Co., Ltd. ADR† | 38,543 | 3,142,025 | ||||||
3,496,833 | ||||||||
Machinery - General Industrial — 0.4% |
| |||||||
Roper Industries, Inc. | 8,225 | 1,066,783 | ||||||
Medical Information Systems — 2.4% |
| |||||||
Allscripts Healthcare Solutions, Inc.†# | 92,815 | 1,386,656 | ||||||
athenahealth, Inc.†# | 41,890 | 5,494,711 | ||||||
6,881,367 | ||||||||
Medical Instruments — 1.7% |
| |||||||
Intuitive Surgical, Inc.†# | 12,879 | 4,854,095 | ||||||
Medical Products — 1.3% |
| |||||||
CareFusion Corp.† | 15,110 | 602,134 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Products (continued) |
| |||||||
Cooper Cos., Inc. | 16,000 | $ | 2,107,840 | |||||
Sirona Dental Systems, Inc.† | 16,475 | 1,133,150 | ||||||
3,843,124 | ||||||||
Medical - Biomedical/Gene — 3.6% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 11,510 | 1,432,995 | ||||||
Alnylam Pharmaceuticals, Inc.†# | 6,781 | 414,997 | ||||||
Illumina, Inc.†# | 84,054 | 8,237,292 | ||||||
Vertex Pharmaceuticals, Inc.† | 4,625 | 321,068 | ||||||
10,406,352 | ||||||||
Medical - Drugs — 2.5% |
| |||||||
Endo Health Solutions, Inc.†# | 82,764 | 5,560,913 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 88,076 | 1,005,828 | ||||||
Quintiles Transnational Holdings, Inc.† | 13,680 | 590,839 | ||||||
7,157,580 | ||||||||
Medical - Generic Drugs — 0.5% |
| |||||||
Mylan, Inc.†# | 30,390 | 1,341,111 | ||||||
Medical - Hospitals — 0.2% |
| |||||||
Community Health Systems, Inc.† | 16,700 | 688,875 | ||||||
Medical - Wholesale Drug Distribution — 0.4% |
| |||||||
Cardinal Health, Inc. | 17,935 | 1,158,601 | ||||||
Motorcycle/Motor Scooter — 0.3% |
| |||||||
Harley-Davidson, Inc. | 13,485 | 903,765 | ||||||
Non-Hazardous Waste Disposal — 0.3% |
| |||||||
Republic Services, Inc. | 25,370 | 885,667 | ||||||
Oil Companies - Exploration & Production — 1.8% |
| |||||||
Cabot Oil & Gas Corp. | 42,675 | 1,470,154 | ||||||
Pioneer Natural Resources Co. | 10,985 | 1,952,584 | ||||||
Range Resources Corp.# | 22,221 | 1,725,460 | ||||||
5,148,198 | ||||||||
Patient Monitoring Equipment — 0.2% |
| |||||||
Insulet Corp.†# | 15,645 | 579,178 | ||||||
Private Equity — 0.4% |
| |||||||
KKR & Co. LP | 49,200 | 1,167,516 | ||||||
Publishing - Periodicals — 0.6% |
| |||||||
Nielsen Holdings NV# | 43,570 | 1,880,481 | ||||||
Real Estate Management/Services — 0.2% |
| |||||||
CBRE Group, Inc., Class A† | 27,615 | 669,388 | ||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Burlington Stores, Inc.†# | 33,862 | 963,035 | ||||||
Fifth & Pacific Cos., Inc.† | 23,880 | 779,921 | ||||||
Urban Outfitters, Inc.†# | 18,215 | 710,749 | ||||||
2,453,705 | ||||||||
Retail - Discount — 2.2% |
| |||||||
Dollar Tree, Inc.†# | 114,684 | 6,382,165 | ||||||
Retail - Gardening Products — 0.8% |
| |||||||
Tractor Supply Co. | 31,545 | 2,309,409 | ||||||
Retail - Misc./Diversified — 0.3% |
| |||||||
Sally Beauty Holdings, Inc.† | 26,783 | 753,674 | ||||||
Retail - Perfume & Cosmetics — 0.7% |
| |||||||
Ulta Salon Cosmetics & Fragrance, Inc.†# | 16,231 | 2,060,363 | ||||||
Retail - Restaurants — 3.1% |
| |||||||
Dunkin’ Brands Group, Inc.# | 100,017 | 4,898,833 | ||||||
Panera Bread Co., Class A†# | 23,987 | 4,243,060 | ||||||
9,141,893 | ||||||||
165
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
Analog Devices, Inc.# | 11,710 | $ | 564,656 | |||||
NXP Semiconductor NV† | 31,230 | 1,327,275 | ||||||
1,891,931 | ||||||||
Semiconductor Equipment — 0.4% |
| |||||||
Lam Research Corp.† | 25,150 | 1,310,567 | ||||||
Steel - Producers — 0.4% |
| |||||||
Carpenter Technology Corp.# | 18,605 | 1,121,695 | ||||||
Television — 0.5% |
| |||||||
CBS Corp., Class B | 25,160 | 1,473,370 | ||||||
Therapeutics — 0.2% |
| |||||||
Pharmacyclics, Inc.†# | 5,770 | 718,480 | ||||||
Transactional Software — 2.1% |
| |||||||
Solera Holdings, Inc.# | 92,427 | 6,169,502 | ||||||
Transport - Rail — 0.5% |
| |||||||
Genesee & Wyoming, Inc., Class A†# | 15,475 | 1,488,695 | ||||||
Transport - Services — 0.2% |
| |||||||
Expeditors International of Washington, Inc. | 16,125 | 700,470 | ||||||
Transport - Truck — 0.3% |
| |||||||
J.B. Hunt Transport Services, Inc.# | 11,855 | 891,377 | ||||||
Vitamins & Nutrition Products — 1.9% |
| |||||||
Mead Johnson Nutrition Co.# | 65,205 | 5,510,475 | ||||||
Web Portals/ISP — 2.4% |
| |||||||
Dropbox, Inc.†(1)(2)(3) | 89,561 | 978,156 | ||||||
SINA Corp.† | 12,632 | 973,548 | ||||||
Yandex NV, Class A†# | 128,347 | 5,101,793 | ||||||
7,053,497 | ||||||||
Wireless Equipment — 2.5% |
| |||||||
Crown Castle International Corp.† | 17,850 | 1,325,005 | ||||||
Motorola Solutions, Inc. | 89,625 | 5,904,495 | ||||||
7,229,500 | ||||||||
Total Common Stocks | ||||||||
(cost $207,617,495) | 281,055,580 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.3% |
| |||||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
Better Place LLC | 314,973 | 0 | ||||||
Data Processing/Management — 0.2% |
| |||||||
Palantir Technologies, Inc. | 89,856 | 315,395 | ||||||
Palantir Technologies, Inc. | 24,065 | 84,468 | ||||||
Palantir Technologies, Inc. | 24,065 | 84,468 | ||||||
484,331 | ||||||||
E-Commerce/Products — 0.1% |
| |||||||
Flipkart Online Services Pvt., Ltd. | 13,407 | 307,650 | ||||||
Peixe Urbano, Inc. | 14,214 | 17,199 | ||||||
324,849 | ||||||||
Web Portals/ISP — 0.0% |
| |||||||
Dropbox, Inc. | 8,758 | 93,163 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $2,086,265) | 902,343 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $209,703,760) | 281,957,923 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 16.6% |
| |||||||
Registered Investment Companies — 13.7% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(4) | 40,060,047 | $ | 40,060,047 | |||||
Time Deposits — 2.9% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/13 | $ | 8,417,000 | 8,417,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $48,477,047) | 48,477,047 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $258,180,807)(5) | 113.5 | % | 330,434,970 | |||||
Liabilities in excess of other assets | (13.5 | ) | (39,356,482 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 291,078,488 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(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, 2013, the Mid Cap Strategic Growth Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Better Place LLC, Series B Convertible Preferred Securities | 01/25/2010 | 262,477 | $ | 787,431 | ||||||||||||||||||||
11/30/2011 | 52,496 | — | ||||||||||||||||||||||
314,973 | 787,431 | $ | 0 | $ | 0.00 | 0.0 | % | |||||||||||||||||
Dropbox, Inc. | 05/01/2012 | 89,561 | 810,680 | 978,156 | 10.92 | 0.3 | ||||||||||||||||||
Dropbox, Inc., Series A Convertible Preferred Securities | 05/25/2012 | 8,758 | 79,351 | 93,163 | 10.64 | 0.0 | ||||||||||||||||||
Palantir Technologies, Inc., Series G Convertible Preferred Securities | 07/19/2012 | 89,856 | 274,959 | 315,395 | 3.51 | 0.2 | ||||||||||||||||||
Palantir Technologies, Inc., Series H-1 Convertible Preferred Securities | 10/25/2013 | 24,065 | 84,468 | 84,468 | 3.51 | 0.0 | ||||||||||||||||||
Palantir Technologies, Inc., Series H Convertible Preferred Securities | 10/25/2013 | 24,065 | 84,468 | 84,468 | 3.51 | 0.0 | ||||||||||||||||||
Flipkart Online Services Pvt., Ltd., Series D Convertible Preferred Securities | 10/04/2013 | 13,407 | 307,650 | 307,650 | 22.95 | 0.1 | ||||||||||||||||||
Peixe Urbano, Inc., Series C Convertible Preferred Securities | 12/02/2011 | 14,214 | 467,938 | 17,199 | 1.21 | 0.0 | ||||||||||||||||||
$ | 1,880,499 | 0.6 | % | |||||||||||||||||||||
166
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
(2) | Illiquid security. At November 30, 2013, the aggregate value of these securities was $1,880,499 representing 0.6% of net assets. |
(3) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(4) | At November 30, 2013, the Fund had loaned securities with a total value of $40,204,007. This was secured by collateral of $40,060,047, which was received in cash and subsequently invested in short-term investments currently valued at $40,060,047 as reported in the portfolio of investments. Additional collateral of $1,268,833 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal National Mtg. Assoc. | 3.00% to 4.00% | 10/25/2029 to 05/25/2042 | $840,112 | |||
U.S. Treasury Notes/Bonds | 0.25% to 4.50% | 08/31/2014 to 08/15/2022 | 428,721 |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Web Portals/ISP | $ | 6,075,341 | $ | — | $ | 978,156 | $ | 7,053,497 | ||||||||
Other Industries* | 274,002,083 | — | — | 274,002,083 | ||||||||||||
Convertible Preferred Securities | — | — | 902,343 | 902,343 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 40,060,047 | — | — | 40,060,047 | ||||||||||||
Time Deposits | — | 8,417,000 | — | 8,417,000 | ||||||||||||
Total | $ | 320,137,471 | $ | 8,417,000 | $ | 1,880,499 | $ | 330,434,970 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $10,410,504 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
167
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
U.S. Government Agencies | 28.0 | % | ||
Foreign Bank | 20.7 | |||
Money Center Banks | 15.8 | |||
U.S. Government Treasuries | 12.5 | |||
Commercial Banks — Canadian | 4.8 | |||
Commercial Banks | 3.9 | |||
Domestic Bank | 3.9 | |||
Diversified Financial Services | 3.2 | |||
Super — Regional Banks — US | 2.1 | |||
Repurchase Agreement | 2.0 | |||
Cosmetics — Toiletries | 2.0 | |||
Finance | 1.1 | |||
100.0 | % | |||
Weighted Average Days to Maturity | 46.4 |
Credit Quality@#
A-1 | 100.0 | % | ||
* | Calculated as a percentage of net assets. |
@ | Source: Standard & Poors. |
# | Calculated as a percentage of total debt issues. |
168
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 98.0% |
| |||||||
Certificates of Deposit — 28.2% |
| |||||||
Citibank NA | $ | 9,500,000 | $ | 9,500,000 | ||||
Deutsche Bank AG NY FRS | 7,400,000 | 7,400,000 | ||||||
Nordea Bank Finland PLC NY | 7,000,000 | 7,000,000 | ||||||
Nordea Bank Finland PLC NY FRS | 7,500,000 | 7,506,411 | ||||||
Rabobank Nederland NV NY FRS | 7,250,000 | 7,250,000 | ||||||
Rabobank Nederland NV NY FRS | 2,750,000 | 2,750,000 | ||||||
Rabobank Nederland NV NY FRS | 7,500,000 | 7,500,000 | ||||||
Royal Bank of Canada NY FRS | 3,000,000 | 3,000,000 | ||||||
Royal Bank of Canada NY FRS | 7,350,000 | 7,350,809 | ||||||
Royal Bank of Canada NY FRS | 7,700,000 | 7,700,000 | ||||||
Svenska Handelsbanken NY | 9,150,000 | 9,150,225 | ||||||
Svenska Handelsbanken NY FRS | 8,000,000 | 8,013,406 | ||||||
UBS AG Stamford CT FRS | 7,550,000 | 7,550,000 | ||||||
Wells Fargo Bank NA | 7,500,000 | 7,500,000 | ||||||
Wells Fargo Bank NA FRS | 7,150,000 | 7,150,000 | ||||||
Total Certificates of Deposit | ||||||||
(amortized cost $106,320,851) | 106,320,851 | |||||||
Commercial Paper — 18.8% |
| |||||||
Barclays U.S. Funding Corp. | 9,000,000 | 8,999,982 | ||||||
BNP Paribas Finance, Inc. | 7,300,000 | 7,299,919 | ||||||
Credit Agricole North America, Inc. | 8,000,000 | 7,999,975 | ||||||
Credit Agricole North America, Inc. | 8,500,000 | 8,499,922 | ||||||
JPMorgan Chase & Co. FRS | 7,250,000 | 7,250,000 | ||||||
Lloyds Bank PLC | 8,000,000 | 7,999,957 | ||||||
Lloyds Bank PLC | 8,000,000 | 7,999,967 | ||||||
State Street Corp. | 7,750,000 | 7,747,901 | ||||||
State Street Corp. | 7,150,000 | 7,148,761 | ||||||
Total Commercial Paper | ||||||||
(amortized cost $70,946,384) | 70,946,384 | |||||||
Medium Term Notes — 3.9% |
| |||||||
Bank of America NA | 8,000,000 | 8,000,000 | ||||||
Barclays Bank PLC FRS | 1,500,000 | 1,501,406 | ||||||
JPMorgan Chase & Co. FRS | 3,950,000 | 3,961,299 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Medium Term Notes (continued) |
| |||||||
UBS AG Stamford CT | $ | 1,423,000 | $ | 1,427,324 | ||||
Total Medium Term Notes | ||||||||
(amortized cost $14,890,029) | 14,890,029 | |||||||
U.S. Corporate Bonds & Notes — 6.6% |
| |||||||
Barclays Bank PLC | 4,610,000 | 4,620,448 | ||||||
Citigroup, Inc. FRS | 2,500,000 | 2,498,874 | ||||||
General Electric Capital Corp. FRS | 4,300,000 | 4,303,965 | ||||||
JPMorgan Chase Bank NA FRS | 5,900,000 | 5,900,000 | ||||||
Procter & Gamble Co. FRS | 7,400,000 | 7,399,780 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(amortized cost $24,723,067) | 24,723,067 | |||||||
U.S. Government Agencies — 28.0% |
| |||||||
Federal Farm Credit Bank | 4,000,000 | 3,998,870 | ||||||
0.14% due 02/10/2014 | 3,000,000 | 2,999,172 | ||||||
Federal Farm Credit Bank FRS | 3,000,000 | 2,999,451 | ||||||
0.09% due 07/01/2014 | 2,950,000 | 2,949,564 | ||||||
0.11% due 02/19/2014 | 3,200,000 | 3,200,000 | ||||||
0.12% due 12/06/2013 | 5,500,000 | 5,500,000 | ||||||
0.14% due 03/18/2014 | 3,000,000 | 3,000,096 | ||||||
0.20% due 09/29/2014 | 5,270,000 | 5,273,537 | ||||||
0.21% due 03/26/2014 | 8,100,000 | 8,100,894 | ||||||
0.27% due 07/14/2014 | 750,000 | 750,703 | ||||||
Federal Home Loan Bank | 4,750,000 | �� | 4,749,762 | |||||
0.12% due 04/29/2014 | 7,250,000 | 7,246,399 | ||||||
0.14% due 01/21/2014 | 7,750,000 | 7,748,463 | ||||||
0.18% due 06/19/2014 | 3,300,000 | 3,296,700 | ||||||
0.18% due 06/26/2014 | 2,250,000 | 2,247,671 | ||||||
0.20% due 07/29/2014 | 2,300,000 | 2,300,000 | ||||||
Federal Home Loan Bank FRS | 500,000 | 500,000 | ||||||
0.10% due 09/02/2014 | 5,750,000 | 5,749,783 | ||||||
0.11% due 06/06/2014 | 500,000 | 499,990 | ||||||
0.12% due 04/01/2014 | 2,250,000 | 2,250,151 | ||||||
Federal Home Loan Mtg. Corp. | 3,000,000 | 2,999,342 | ||||||
0.17% due 02/24/2014 | 3,000,000 | 2,998,796 | ||||||
0.18% due 02/24/2014 | 2,600,000 | 2,598,895 | ||||||
1.38% due 02/25/2014 | 700,000 | 701,990 | ||||||
Federal National Mtg. Assoc. | 9,000,000 | 8,997,440 | ||||||
1.25% due 02/27/2014 | 5,100,000 | 5,113,449 | ||||||
2.50% due 05/15/2014 | 1,300,000 | 1,313,592 | ||||||
Federal National Mtg. Assoc. FRS | 900,000 | 900,347 | ||||||
0.36% due 06/23/2014 | 4,810,000 | 4,816,777 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $105,801,834) | 105,801,834 | |||||||
U.S. Government Treasuries — 12.5% |
| |||||||
United States Treasury Bills | 10,000,000 | 9,999,978 | ||||||
0.03% due 12/05/2013 | 8,000,000 | 7,999,978 | ||||||
0.04% due 12/19/2013 | 3,600,000 | 3,599,928 | ||||||
0.06% due 12/05/2013 | 4,750,000 | 4,749,968 | ||||||
0.08% due 03/06/2014 | 11,100,000 | 11,097,704 |
169
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
U.S. Government Treasuries (continued) |
| |||||||
United States Treasury Notes | $ | 1,000,000 | $ | 1,000,122 | ||||
1.00% due 01/15/2014 | 3,650,000 | 3,653,694 | ||||||
1.00% due 05/15/2014 | 5,100,000 | 5,119,020 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $47,220,392) | 47,220,392 | |||||||
Total Short-Term Investment Securities — 98.0% | ||||||||
(amortized cost $369,902,557) | 369,902,557 | |||||||
REPURCHASE AGREEMENT — 2.0% |
| |||||||
State Street Bank & Trust Co. Joint Repurchase Agreement(1) | 7,547,000 | 7,547,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(amortized cost $377,449,557)(2) | 100.0 | % | 377,449,557 | |||||
Other assets less liabilities | 0.0 | 9,157 | ||||||
NET ASSETS | 100.0 | % | $ | 377,458,714 | ||||
(1) | See Note 2 for details of Joint Repurchase Agreements. |
(2) | See Note 5 for cost of investments on a tax basis. |
(3) | The security’s effective maturity date is less than one year. |
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates as of November 30, 2013 and unless noted otherwise, the dates shown 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, 2013 (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 | $ | — | $ | 106,320,851 | $ | — | $ | 106,320,851 | ||||||||
Commercial Paper | — | 70,946,384 | — | 70,946,384 | ||||||||||||
Medium Term Notes | — | 14,890,029 | — | 14,890,029 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 24,723,067 | — | 24,723,067 | ||||||||||||
U.S. Government Agencies | — | 105,801,834 | — | 105,801,834 | ||||||||||||
U.S. Government Treasuries | — | 47,220,392 | — | 47,220,392 | ||||||||||||
Repurchase Agreement | — | 7,547,000 | — | 7,547,000 | ||||||||||||
Total | $ | — | $ | 377,449,557 | $ | — | $ | 377,449,557 | ||||||||
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
170
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Computers | 12.6 | % | ||
Medical — Biomedical/Gene | 10.1 | |||
Web Portals/ISP | 9.3 | |||
Applications Software | 9.2 | |||
Electronic Components — Semiconductors | 6.3 | |||
E-Commerce/Products | 6.1 | |||
Cable/Satellite TV | 4.4 | |||
Semiconductor Components — Integrated Circuits | 4.0 | |||
Registered Investment Companies | 3.6 | |||
Networking Products | 2.8 | |||
E-Commerce/Services | 2.6 | |||
Food — Misc./Diversified | 2.3 | |||
Internet Content — Entertainment | 2.1 | |||
Multimedia | 2.1 | |||
Retail — Discount | 1.7 | |||
Computers — Memory Devices | 1.6 | |||
Pharmacy Services | 1.6 | |||
Retail — Restaurants | 1.5 | |||
Repurchase Agreements | 1.3 | |||
Commercial Services — Finance | 1.0 | |||
Cellular Telecom | 0.9 | |||
Broadcast Services/Program | 0.9 | |||
Semiconductor Equipment | 0.8 | |||
Data Processing/Management | 0.8 | |||
U.S. Government Treasuries | 0.7 | |||
Electronic Forms | 0.7 | |||
Computer Services | 0.7 | |||
Food — Retail | 0.5 | |||
Distribution/Wholesale | 0.5 | |||
Telecom Services | 0.5 | |||
Auto — Heavy Duty Trucks | 0.5 | |||
Medical Information Systems | 0.5 | |||
Transport — Services | 0.5 | |||
Retail — Bedding | 0.4 | |||
Television | 0.4 | |||
Medical — Generic Drugs | 0.4 | |||
Casino Hotels | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Toys | 0.4 | |||
Internet Security | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Enterprise Software/Service | 0.4 | |||
Medical Instruments | 0.4 | |||
Hotels/Motels | 0.4 | |||
Retail — Auto Parts | 0.3 | |||
Entertainment Software | 0.3 | |||
Consulting Services | 0.3 | |||
Wireless Equipment | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Retail — Office Supplies | 0.3 | |||
Coffee | 0.3 | |||
Hazardous Waste Disposal | 0.3 | |||
Computer Aided Design | 0.3 | |||
Beverages — Non-alcoholic | 0.2 | |||
Medical Products | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Computer Software | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Internet Infrastructure Software | 0.2 | |||
103.4% | ||||
* | Calculated as a percentage of net assets |
171
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.8% | ||||||||
Applications Software — 9.2% | ||||||||
Check Point Software Technologies, Ltd.†# | 11,497 | $ | 711,204 | |||||
Citrix Systems, Inc.† | 10,967 | 650,563 | ||||||
Intuit, Inc.# | 17,379 | 1,290,043 | ||||||
Microsoft Corp. | 487,548 | 18,590,205 | ||||||
Nuance Communications, Inc.†# | 18,163 | 245,564 | ||||||
21,487,579 | ||||||||
Auto - Cars/Light Trucks — 0.4% | ||||||||
Tesla Motors, Inc.†# | 7,108 | 904,706 | ||||||
Auto - Heavy Duty Trucks — 0.5% | ||||||||
PACCAR, Inc.# | 20,718 | 1,187,349 | ||||||
Beverages — Non-alcoholic — 0.2% | ||||||||
Monster Beverage Corp.† | 9,798 | 579,846 | ||||||
Broadcast Services/Program — 0.9% | ||||||||
Discovery Communications, Inc., Class A†# | 8,617 | 752,006 | ||||||
Sirius Xm Holdings Inc†# | 363,425 | 1,370,112 | ||||||
2,122,118 | ||||||||
Cable/Satellite TV — 4.4% | ||||||||
Charter Communications, Inc., Class A† | 5,937 | 802,089 | ||||||
Comcast Corp., Class A | 124,879 | 6,227,716 | ||||||
DIRECTV† | 32,132 | 2,124,246 | ||||||
Liberty Global PLC, Class A†# | 13,069 | 1,121,451 | ||||||
10,275,502 | ||||||||
Casino Hotels — 0.4% | ||||||||
Wynn Resorts, Ltd.# | 5,917 | 981,453 | ||||||
Cellular Telecom — 0.9% | ||||||||
Vodafone Group PLC ADR | 58,955 | 2,186,641 | ||||||
Chemicals - Specialty — 0.3% | ||||||||
Sigma-Aldrich Corp.# | 7,038 | 606,957 | ||||||
Coffee — 0.3% | ||||||||
Green Mountain Coffee Roasters, Inc.†# | 8,823 | 594,494 | ||||||
Commercial Services - Finance — 1.0% | ||||||||
Automatic Data Processing, Inc. | 28,259 | 2,261,285 | ||||||
Computer Aided Design — 0.3% | ||||||||
Autodesk, Inc.† | 13,023 | 589,291 | ||||||
Computer Services — 0.7% | ||||||||
Cognizant Technology Solutions Corp., Class A† | 17,639 | 1,656,126 | ||||||
Computer Software — 0.2% | ||||||||
Akamai Technologies, Inc.† | 10,428 | 466,340 | ||||||
Computers — 12.6% | ||||||||
Apple, Inc. | 53,174 | 29,568,466 | ||||||
Computers - Memory Devices — 1.6% | ||||||||
NetApp, Inc. | 19,906 | 821,123 | ||||||
SanDisk Corp. | 14,070 | 958,870 | ||||||
Seagate Technology PLC# | 20,884 | 1,024,151 | ||||||
Western Digital Corp. | 13,871 | 1,040,880 | ||||||
3,845,024 | ||||||||
Consulting Services — 0.3% | ||||||||
Verisk Analytics, Inc., Class A† | 9,828 | 639,901 | ||||||
Data Processing/Management — 0.8% | ||||||||
Fiserv, Inc.† | 7,614 | 836,702 | ||||||
Paychex, Inc.# | 21,394 | 935,560 | ||||||
1,772,262 | ||||||||
Dental Supplies & Equipment — 0.2% | ||||||||
DENTSPLY International, Inc. | 8,328 | 396,080 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Distribution/Wholesale — 0.5% | ||||||||
Fastenal Co.# | 17,376 | $ | 808,505 | |||||
Fossil Group, Inc.† | 3,305 | 420,628 | ||||||
1,229,133 | ||||||||
E-Commerce/Products — 6.1% | ||||||||
Amazon.com, Inc.† | 26,741 | 10,525,793 | ||||||
eBay, Inc.† | 75,768 | 3,827,799 | ||||||
14,353,592 | ||||||||
E-Commerce/Services — 2.6% | ||||||||
Expedia, Inc.# | 7,210 | 459,205 | ||||||
Liberty Interactive Corp., Class A† | 28,768 | 807,805 | ||||||
Netflix, Inc.†# | 3,449 | 1,261,644 | ||||||
priceline.com, Inc.† | 3,014 | 3,593,683 | ||||||
6,122,337 | ||||||||
Electronic Components - Misc. — 0.2% | ||||||||
Garmin, Ltd.# | 11,432 | 555,138 | ||||||
Electronic Components - Semiconductors — 6.3% | ||||||||
Altera Corp.# | 18,699 | 603,042 | ||||||
Avago Technologies, Ltd. | 14,452 | 646,438 | ||||||
Broadcom Corp., Class A | 30,962 | 826,376 | ||||||
Intel Corp.# | 291,594 | 6,951,601 | ||||||
Microchip Technology, Inc.# | 11,548 | 499,913 | ||||||
Micron Technology, Inc.†# | 60,781 | 1,282,479 | ||||||
NVIDIA Corp.# | 33,865 | 528,294 | ||||||
Texas Instruments, Inc. | 64,451 | 2,771,393 | ||||||
Xilinx, Inc.# | 15,586 | 692,486 | ||||||
14,802,022 | ||||||||
Electronic Forms — 0.7% | ||||||||
Adobe Systems, Inc.† | 29,397 | 1,669,162 | ||||||
Enterprise Software/Service — 0.4% | ||||||||
CA, Inc. | 26,668 | 880,044 | ||||||
Entertainment Software — 0.3% | ||||||||
Activision Blizzard, Inc. | 40,695 | 700,361 | ||||||
Food - Misc./Diversified — 2.3% | ||||||||
Kraft Foods Group, Inc. | 34,858 | 1,851,657 | ||||||
Mondelez International, Inc., Class A | 104,221 | 3,494,530 | ||||||
5,346,187 | ||||||||
Food - Retail — 0.5% | ||||||||
Whole Foods Market, Inc. | �� | 21,803 | 1,234,050 | |||||
Hazardous Waste Disposal — 0.3% | ||||||||
Stericycle, Inc.† | 5,027 | 590,572 | ||||||
Hotel/Motels — 0.4% | ||||||||
Marriott International, Inc., Class A# | 18,468 | 868,365 | ||||||
Internet Content - Entertainment — 2.1% | ||||||||
Facebook, Inc., Class A†# | 106,378 | 5,000,830 | ||||||
Internet Infrastructure Software — 0.2% | ||||||||
F5 Networks, Inc.† | 4,583 | 376,998 | ||||||
Internet Security — 0.4% | ||||||||
Symantec Corp. | 40,935 | 920,628 | ||||||
Medical Information Systems — 0.5% |
| |||||||
Cerner Corp.†# | 20,082 | 1,154,112 | ||||||
Medical Instruments — 0.4% |
| |||||||
Intuitive Surgical, Inc.† | 2,324 | 875,916 | ||||||
Medical Products — 0.2% |
| |||||||
Henry Schein, Inc.† | 5,062 | 577,068 | ||||||
172
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VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene — 10.1% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 11,446 | $ | 1,425,027 | |||||
Amgen, Inc. | 44,094 | 5,030,244 | ||||||
Biogen Idec, Inc.† | 13,911 | 4,047,684 | ||||||
Celgene Corp.† | 24,072 | 3,894,127 | ||||||
Gilead Sciences, Inc.†# | 89,587 | 6,702,003 | ||||||
Regeneron Pharmaceuticals, Inc.† | 5,660 | 1,663,248 | ||||||
Vertex Pharmaceuticals, Inc.† | 13,626 | 945,917 | ||||||
23,708,250 | ||||||||
Medical - Generic Drugs — 0.4% |
| |||||||
Mylan, Inc.† | 22,347 | 986,173 | ||||||
Multimedia — 2.1% |
| |||||||
Twenty-First Century Fox, Inc., Class A# | 88,839 | 2,975,218 | ||||||
Viacom, Inc., Class B | 24,921 | 1,997,917 | ||||||
4,973,135 | ||||||||
Networking Products — 2.8% |
| |||||||
Cisco Systems, Inc. | 312,801 | 6,647,021 | ||||||
Pharmacy Services — 1.6% |
| |||||||
Catamaran Corp.† | 12,065 | 550,526 | ||||||
Express Scripts Holding Co.† | 47,655 | 3,209,564 | ||||||
3,760,090 | ||||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Ross Stores, Inc.# | 12,799 | 978,611 | ||||||
Retail - Auto Parts — 0.3% |
| |||||||
O’Reilly Automotive, Inc.† | 6,354 | 793,996 | ||||||
Retail - Bedding — 0.4% |
| |||||||
Bed Bath & Beyond, Inc.† | 12,746 | 994,570 | ||||||
Retail - Discount — 1.7% |
| |||||||
Costco Wholesale Corp. | 25,559 | 3,205,865 | ||||||
Dollar Tree, Inc.†# | 13,053 | 726,400 | ||||||
3,932,265 | ||||||||
Retail - Major Department Stores — 0.2% |
| |||||||
Sears Holdings Corp.†# | 6,232 | 395,919 | ||||||
Retail - Office Supplies — 0.3% |
| |||||||
Staples, Inc.# | 38,658 | 600,359 | ||||||
Retail - Restaurants — 1.5% |
| |||||||
Starbucks Corp. | 43,979 | 3,582,529 | ||||||
Semiconductor Components - Integrated Circuits — 4.0% |
| |||||||
Analog Devices, Inc. | 18,185 | 876,881 | ||||||
Linear Technology Corp.# | 13,649 | 580,765 | ||||||
Maxim Integrated Products, Inc.# | 16,674 | 474,875 | ||||||
QUALCOMM, Inc. | 100,403 | 7,387,653 | ||||||
9,320,174 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Applied Materials, Inc.# | 70,401 | 1,217,937 | ||||||
KLA-Tencor Corp. | 9,700 | 619,539 | ||||||
1,837,476 | ||||||||
Telecom Services — 0.5% |
| |||||||
VimpelCom, Ltd. ADR | 96,696 | 1,187,427 | ||||||
Television — 0.4% |
| |||||||
Liberty Media Corp.† | 6,476 | 993,807 | ||||||
Toys — 0.4% |
| |||||||
Mattel, Inc.# | 20,167 | 933,127 | ||||||
Transport - Services — 0.5% |
| |||||||
C.H. Robinson Worldwide, Inc.# | 9,326 | 546,783 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Services (continued) |
| |||||||
Expeditors International of Washington, Inc. | 12,081 | $ | 524,799 | |||||
1,071,582 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
Equinix, Inc.†# | 2,892 | 464,744 | ||||||
Web Portals/ISP — 9.3% |
| |||||||
Baidu, Inc. ADR† | 16,079 | 2,678,279 | ||||||
Google, Inc., Class A† | 16,033 | 16,988,406 | ||||||
Yahoo!, Inc.† | 59,719 | 2,208,409 | ||||||
21,875,094 | ||||||||
Wireless Equipment — 0.3% |
| |||||||
SBA Communications Corp., Class A†# | 7,479 | 636,986 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $130,587,798) | 229,051,270 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.3% |
| |||||||
Registered Investment Companies — 3.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 8,272,875 | 8,272,875 | ||||||
U.S. Government Treasuries — 0.7% |
| |||||||
United States Treasury Bills | ||||||||
0.02% due 12/12/2013(2) | $ | 700,000 | 699,996 | |||||
0.03% due 03/20/2014 | 1,000,000 | 999,768 | ||||||
1,699,764 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $9,972,780) | 9,972,639 | |||||||
REPURCHASE AGREEMENT — 1.3% | ||||||||
State Street Bank & Trust Co. Joint | 3,129,000 | 3,129,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $143,689,578)(4) | 103.4 | % | 242,152,909 | |||||
Liabilities in excess of other assets | (3.4 | ) | (7,923,917 | ) | ||||
NET ASSETS | 100.0 | % | $ | 234,228,992 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2013, the Fund had loaned securities with a total value of $8,336,168. This was secured by $8,272,875, which was received in cash and subsequently invested in short-term investments currently valued at $8,272,875 as reported in the portfolio of investments, Additional collateral of $251,867 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 10/25/2029 to 05/25/2042 | $109,641 | |||
United States Treasury Notes/Bonds | 0.25% to 5.38% | 08/31/2014 to 02/15/2031 | 142,226 |
(2) | The security or a portion thereof was pledged as collateral to cover margin requirements for open future contracts. |
(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
173
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VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Open Future Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2013 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
73 | Long | Nasdaq 100 E-Mini Index | December 2013 | $ | 4,817,966 | $ | 5,091,750 | $ | 273,785 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Applications Software | $ | 21,487,579 | $ | — | $ | — | $ | 21,487,579 | ||||||||
Computers | 29,568,466 | — | — | 29,568,466 | ||||||||||||
E-Commerce/Products | 14,353,592 | — | — | 14,353,592 | ||||||||||||
Electronic Components - Semiconductors | 14,802,022 | — | — | 14,802,022 | ||||||||||||
Medical - Biomedical/Gene | 23,708,250 | — | — | 23,708,250 | ||||||||||||
Web Portals/ISP | 21,875,094 | — | — | 21,875,094 | ||||||||||||
Other Industries* | 103,256,267 | — | — | 103,256,267 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 8,272,875 | — | — | 8,272,875 | ||||||||||||
U.S. Government Treasuries | — | 1,699,764 | — | 1,699,764 | ||||||||||||
Repurchase Agreement | — | 3,129,000 | — | 3,129,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Appreciation | 273,785 | — | — | 273,785 | ||||||||||||
Total | $ | 237,597,930 | $ | 4,828,764 | $ | — | $ | 242,426,694 | ||||||||
* | 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 securities 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
174
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Registered Investment Companies | 9.8 | % | ||
Web Portals/ISP | 9.6 | |||
Electronic Components — Semiconductors | 9.2 | |||
Applications Software | 8.6 | |||
Semiconductor Components — Integrated Circuits | 7.9 | |||
E-Commerce/Products | 6.4 | |||
Computers | 6.1 | |||
Internet Content — Entertainment | 5.7 | |||
Computers — Memory Devices | 4.0 | |||
E-Commerce/Services | 3.5 | |||
Commercial Services — Finance | 2.9 | |||
Semiconductor Equipment | 2.5 | |||
Computer Services | 2.3 | |||
Internet Content — Information/News | 2.2 | |||
Computer Aided Design | 2.2 | |||
Networking Products | 2.1 | |||
Finance — Credit Card | 1.9 | |||
Telecommunication Equipment | 1.8 | |||
Internet Security | 1.6 | |||
Time Deposits | 1.6 | |||
Enterprise Software/Service | 1.2 | |||
Auto — Cars/Light Trucks | 1.2 | |||
Electronic Measurement Instruments | 1.0 | |||
Telecom Equipment — Fiber Optics | 1.0 | |||
Repurchase Agreement | 0.9 | |||
Wireless Equipment | 0.9 | |||
Internet Application Software | 0.8 | |||
Cellular Telecom | 0.8 | |||
Computer Software | 0.8 | |||
Consulting Services | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Power Converter/Supply Equipment | 0.7 | |||
Entertainment Software | 0.6 | |||
Medical Products | 0.6 | |||
Web Hosting/Design | 0.5 | |||
Internet Infrastructure Software | 0.5 | |||
Security Services | 0.4 | |||
Electronic Forms | 0.4 | |||
Virtual Reality Products | 0.3 | |||
Multimedia | 0.3 | |||
Electronic Connectors | 0.3 | |||
Appliances | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Data Processing/Management | 0.2 | |||
Electronic Design Automation | 0.2 | |||
Computers — Periphery Equipment | 0.2 | |||
Commercial Services | 0.1 | |||
Toys | 0.1 | |||
Advanced Materials | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Audio/Video Products | 0.1 | |||
108.2 | % | |||
* | Calculated as a percentage of net assets |
175
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VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.7% | ||||||||
Advanced Materials — 0.1% | ||||||||
STR Holdings, Inc.†# | 274,600 | $ | 505,264 | |||||
Appliances — 0.3% | ||||||||
iRobot Corp.†# | 67,855 | 2,253,465 | ||||||
Applications Software — 8.6% | ||||||||
Check Point Software Technologies, Ltd.†# | 88,100 | 5,449,866 | ||||||
Citrix Systems, Inc.† | 98,600 | 5,848,952 | ||||||
Intuit, Inc.# | 26,050 | 1,933,691 | ||||||
Microsoft Corp. | 859,825 | 32,785,127 | ||||||
Red Hat, Inc.† | 238,342 | 11,166,323 | ||||||
Salesforce.com, Inc.†# | 223,985 | 11,667,379 | ||||||
ServiceNow, Inc.†# | 131,360 | 6,976,530 | ||||||
75,827,868 | ||||||||
Audio/Video Products — 0.1% | ||||||||
Harman International Industries, Inc. | 5,999 | 486,159 | ||||||
Auto-Cars/Light Trucks — 1.2% | ||||||||
Tesla Motors, Inc.†# | 78,592 | 10,003,190 | ||||||
Toyota Motor Corp. ADR | 1,139 | 142,432 | ||||||
10,145,622 | ||||||||
Cellular Telecom — 0.8% | ||||||||
China Unicom Hong Kong, Ltd. | 1,238,000 | 1,964,154 | ||||||
T-Mobile US, Inc.# | 200,335 | 5,210,714 | ||||||
7,174,868 | ||||||||
Commercial Services — 0.1% | ||||||||
Quanta Services, Inc.†# | 39,735 | 1,176,553 | ||||||
RPX Corp.† | 2,100 | 34,692 | ||||||
1,211,245 | ||||||||
Commercial Services - Finance — 2.9% | ||||||||
Alliance Data Systems Corp.†# | 21,403 | 5,185,091 | ||||||
Automatic Data Processing, Inc. | 50,635 | 4,051,813 | ||||||
Equifax, Inc. | 20,010 | 1,347,273 | ||||||
Heartland Payment Systems, Inc.# | 66,090 | 2,968,102 | ||||||
MasterCard, Inc., Class A | 11,675 | 8,882,457 | ||||||
Western Union Co.# | 120,295 | 2,005,317 | ||||||
WEX, Inc.† | 7,515 | 745,939 | ||||||
25,185,992 | ||||||||
Computer Aided Design — 2.2% | ||||||||
Aspen Technology, Inc.† | 152,115 | 6,013,106 | ||||||
Autodesk, Inc.† | 291,110 | 13,172,727 | ||||||
19,185,833 | ||||||||
Computer Services — 2.3% | ||||||||
Accenture PLC, Class A# | 106,798 | 8,273,641 | ||||||
Cognizant Technology Solutions Corp., Class A† | 86,142 | 8,087,872 | ||||||
Computer Sciences Corp. | 30,265 | 1,592,544 | ||||||
SCSK Corp. | 84,200 | 2,120,106 | ||||||
20,074,163 | ||||||||
Computer Software — 0.8% | ||||||||
Akamai Technologies, Inc.†# | 156,580 | 7,002,258 | ||||||
Computers — 6.1% | ||||||||
Advantech Co., Ltd. | 239,000 | 1,477,901 | ||||||
Apple, Inc. | 87,791 | 48,817,941 | ||||||
Lenovo Group, Ltd.# | 2,593,000 | 3,073,745 | ||||||
53,369,587 | ||||||||
Computers - Integrated Systems — 0.3% | ||||||||
Teradata Corp.† | 48,702 | 2,222,759 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Memory Devices — 4.0% | ||||||||
EMC Corp. | 214,800 | $ | 5,122,980 | |||||
SanDisk Corp. | 126,430 | 8,616,204 | ||||||
Seagate Technology PLC | 153,140 | 7,509,986 | ||||||
Western Digital Corp. | 187,000 | 14,032,480 | ||||||
35,281,650 | ||||||||
Computers - Periphery Equipment — 0.2% | ||||||||
Stratasys, Ltd.† | 11,485 | 1,352,588 | ||||||
Consulting Services — 0.7% | ||||||||
Genpact, Ltd.† | 186,912 | 3,345,725 | ||||||
Huron Consulting Group, Inc.† | 52,200 | 3,102,768 | ||||||
6,448,493 | ||||||||
Data Processing/Management — 0.2% | ||||||||
Fiserv, Inc.† | 18,040 | 1,982,416 | ||||||
E-Commerce/Products — 6.4% | ||||||||
Amazon.com, Inc.†# | 96,890 | 38,137,842 | ||||||
eBay, Inc.† | 137,240 | 6,933,365 | ||||||
Rakuten, Inc. | 470,900 | 7,236,481 | ||||||
Vipshop Holdings, Ltd. ADR†# | 44,665 | 3,712,108 | ||||||
zulily, Inc., Class A† | 12,410 | 434,226 | ||||||
56,454,022 | ||||||||
E-Commerce/Services — 3.5% | ||||||||
Angie’s List, Inc.†# | 13,132 | 170,979 | ||||||
Ctrip.com International, Ltd. ADR† | 45,990 | 2,197,402 | ||||||
Netflix, Inc.†# | 15,705 | 5,744,889 | ||||||
priceline.com, Inc.† | 19,030 | 22,690,040 | ||||||
QIWI PLC ADR# | 6,100 | 285,358 | ||||||
31,088,668 | ||||||||
Electronic Components - Misc. — 0.7% | ||||||||
AAC Technologies Holdings, Inc.# | 446,500 | 2,027,281 | ||||||
Jabil Circuit, Inc. | 82,100 | 1,664,167 | ||||||
Murata Manufacturing Co., Ltd. | 12,600 | 1,083,778 | ||||||
NEC Corp. | 26,000 | 57,369 | ||||||
Omron Corp. | 38,300 | 1,576,124 | ||||||
6,408,719 | ||||||||
Electronic Components - Semiconductors — 9.2% | ||||||||
Altera Corp.# | 233,500 | 7,530,375 | ||||||
ARM Holdings PLC ADR# | 91,000 | 4,540,900 | ||||||
Avago Technologies, Ltd. | 209,685 | 9,379,210 | ||||||
Broadcom Corp., Class A | 137,030 | 3,657,331 | ||||||
First Solar, Inc.†# | 31,400 | 1,878,348 | ||||||
Infineon Technologies AG | 244,620 | 2,482,403 | ||||||
Intel Corp.# | 271,210 | 6,465,646 | ||||||
International Rectifier Corp.† | 20,135 | 482,032 | ||||||
Intersil Corp., Class A# | 90,600 | 953,112 | ||||||
MediaTek, Inc. | 493,000 | 7,263,229 | ||||||
Mellanox Technologies, Ltd.†# | 148,300 | 5,774,802 | ||||||
Micron Technology, Inc.†# | 415,675 | 8,770,742 | ||||||
ON Semiconductor Corp.†# | 762,600 | 5,406,834 | ||||||
Samsung Electronics Co., Ltd. | 3,980 | 5,618,558 | ||||||
Semtech Corp.† | 69,800 | 2,074,456 | ||||||
Silicon Laboratories, Inc.† | 27,100 | 1,058,255 | ||||||
SK Hynix, Inc.† | 78,600 | 2,629,160 | ||||||
Texas Instruments, Inc. | 109,255 | 4,697,965 | ||||||
80,663,358 | ||||||||
Electronic Connectors — 0.3% | ||||||||
Hirose Electric Co., Ltd. | 15,200 | 2,323,964 | ||||||
Electronic Design Automation — 0.2% | ||||||||
Cadence Design Systems, Inc.†# | 148,300 | 1,964,975 | ||||||
176
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Electronic Forms — 0.4% | ||||||||
Adobe Systems, Inc.† | 60,310 | $ | 3,424,402 | |||||
Electronic Measurement Instruments — 1.0% | ||||||||
Agilent Technologies, Inc. | 27,100 | 1,451,747 | ||||||
Keyence Corp. | 4,900 | 1,968,611 | ||||||
National Instruments Corp.# | 62,600 | 1,956,876 | ||||||
Trimble Navigation, Ltd.†# | 113,700 | 3,627,030 | ||||||
9,004,264 | ||||||||
Enterprise Software/Service — 1.2% | ||||||||
Oracle Corp. | 205,380 | 7,247,860 | ||||||
Veeva Systems, Inc., Class A†# | 3,800 | 153,862 | ||||||
Workday, Inc., Class A†# | 36,520 | 3,007,422 | ||||||
10,409,144 | ||||||||
Entertainment Software — 0.6% | ||||||||
Activision Blizzard, Inc. | 272,916 | 4,696,884 | ||||||
Electronic Arts, Inc.†# | 33,076 | 733,626 | ||||||
5,430,510 | ||||||||
Finance - Credit Card — 1.9% | ||||||||
Visa, Inc., Class A# | 83,171 | 16,921,972 | ||||||
Food - Misc./Diversified — 0.0% | ||||||||
Grubhub Seamless, Inc.†(1)(2)(3) | 27,325 | 233,301 | ||||||
Internet Application Software — 0.8% | ||||||||
Bazaarvoice, Inc.†# | 16,955 | 133,945 | ||||||
RealNetworks, Inc.†# | 81,724 | 636,630 | ||||||
Tencent Holdings, Ltd. | 114,400 | 6,616,700 | ||||||
7,387,275 | ||||||||
Internet Content - Entertainment — 5.7% | ||||||||
Facebook, Inc., Class A† | 539,212 | 25,348,356 | ||||||
NetEase, Inc. ADR | 81,645 | 5,862,927 | ||||||
Pandora Media, Inc.†# | 386,165 | 10,967,086 | ||||||
Renren, Inc. ADR†# | 1,156 | 3,445 | ||||||
Twitter, Inc.†# | 8,900 | 369,973 | ||||||
Twitter, Inc.†(1)(3)(4) | 184,162 | 7,272,834 | ||||||
Youku.com, Inc. Class A(1)(3) | 16 | 25 | ||||||
49,824,646 | ||||||||
Internet Content - Information/News — 2.2% | ||||||||
Kakaku.com, Inc. | 230,700 | 4,220,960 | ||||||
LinkedIn Corp., Class A†# | 16,540 | 3,705,456 | ||||||
M3, Inc. | 1,111 | 2,899,393 | ||||||
SouFun Holdings, Ltd. ADR | 82,375 | 5,350,256 | ||||||
Yelp, Inc.† | 49,625 | 3,011,741 | ||||||
19,187,806 | ||||||||
Internet Infrastructure Software — 0.5% | ||||||||
F5 Networks, Inc.†# | 37,150 | 3,055,959 | ||||||
Mavenir Systems, Inc.†# | 120,658 | 1,278,975 | ||||||
4,334,934 | ||||||||
Internet Security — 1.6% | ||||||||
FireEye, Inc.†(1)(3)(4) | 249,937 | 9,540,170 | ||||||
FireEye, Inc.†# | 3,300 | 126,621 | ||||||
VeriSign, Inc.†# | 85,000 | 4,833,100 | ||||||
14,499,891 | ||||||||
Medical Products — 0.6% | ||||||||
Hospira, Inc.†# | 78,900 | 3,101,559 | ||||||
Stryker Corp. | 29,400 | 2,187,948 | ||||||
5,289,507 | ||||||||
Multimedia — 0.3% | ||||||||
Twenty-First Century Fox, Inc., Class A# | 73,600 | 2,464,864 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Networking Products — 2.1% | ||||||||
Calix, Inc.†# | 110,380 | $ | 1,130,291 | |||||
Cisco Systems, Inc. | 680,480 | 14,460,200 | ||||||
Palo Alto Networks, Inc.†# | 52,675 | 2,631,116 | ||||||
18,221,607 | ||||||||
Photo Equipment & Supplies — 0.1% | ||||||||
Sunny Optical Technology Group Co., Ltd. | 517,000 | 487,481 | ||||||
Power Converter/Supply Equipment — 0.7% | ||||||||
Delta Electronics, Inc. | 277,000 | 1,478,881 | ||||||
SunPower Corp.†# | 161,780 | 4,908,405 | ||||||
6,387,286 | ||||||||
Security Services — 0.4% | ||||||||
ADT Corp.# | 96,730 | 3,923,369 | ||||||
Semiconductor Components - Integrated Circuits — 7.9% | ||||||||
Analog Devices, Inc. | 24,130 | 1,163,548 | ||||||
Atmel Corp.†# | 528,400 | 4,042,260 | ||||||
Marvell Technology Group, Ltd.# | 130,000 | 1,849,900 | ||||||
Maxim Integrated Products, Inc. | 40,735 | 1,160,133 | ||||||
NXP Semiconductor NV† | 389,725 | 16,563,312 | ||||||
QUALCOMM, Inc.# | 416,360 | 30,635,769 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 3,516,000 | 12,474,826 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 111,675 | 1,979,998 | ||||||
69,869,746 | ||||||||
Semiconductor Equipment — 2.5% | ||||||||
Applied Materials, Inc.# | 660,375 | 11,424,487 | ||||||
ASM Pacific Technology, Ltd.# | 98,200 | 816,365 | ||||||
ASML Holding NV# | 30,309 | 2,830,254 | ||||||
Lam Research Corp.†# | 131,815 | 6,868,880 | ||||||
Montage Technology Group, Ltd.†# | 13,000 | 235,300 | ||||||
22,175,286 | ||||||||
Telecom Equipment - Fiber Optics — 1.0% | ||||||||
IPG Photonics Corp.†# | 89,700 | 6,505,044 | ||||||
JDS Uniphase Corp.†# | 159,700 | 1,938,758 | ||||||
8,443,802 | ||||||||
Telecommunication Equipment — 1.8% | ||||||||
Alcatel-Lucent ADR† | 2,391,087 | 10,305,585 | ||||||
Juniper Networks, Inc.†# | 276,735 | 5,609,418 | ||||||
15,915,003 | ||||||||
Toys — 0.1% | ||||||||
Nintendo Co., Ltd. | 6,700 | 858,882 | ||||||
Virtual Reality Products — 0.3% |
| |||||||
RealD, Inc.†# | 312,500 | 2,800,000 | ||||||
Web Hosting/Design — 0.5% |
| |||||||
Equinix, Inc.†# | 30,000 | 4,821,000 | ||||||
Web Portals/ISP — 9.4% |
| |||||||
Baidu, Inc. ADR† | 56,100 | 9,344,577 | ||||||
Dropbox, Inc.†(1)(2)(3) | 151,803 | 1,657,942 | ||||||
Google, Inc., Class A† | 49,521 | 52,471,956 | ||||||
NAVER Corp. | 1,766 | 1,154,750 | ||||||
SINA Corp.†# | 101,930 | 7,855,745 | ||||||
Yahoo!, Inc.† | 231,425 | 8,558,097 | ||||||
Yandex NV, Class A† | 39,635 | 1,575,491 | ||||||
82,618,558 | ||||||||
Wireless Equipment — 0.9% |
| |||||||
Aruba Networks, Inc.†# | 430,640 | 7,682,618 | ||||||
Total Common Stocks | ||||||||
(cost $665,461,154) | 841,231,090 | |||||||
177
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE |
| |||||||
E-Commerce/Services — 0.0% |
| |||||||
Coupons.com, Inc.†(1)(2)(3) | 108,436 | $ | 388,201 | |||||
Web Portals/ISP — 0.2% |
| |||||||
Dropbox, Inc. | 119,521 | 1,168,318 | ||||||
Dropbox, Inc., | 12,378 | 131,671 | ||||||
1,299,989 | ||||||||
Total Convertible Preferred Securities |
| |||||||
(cost $1,789,244) | 1,688,190 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $667,250,398) | 842,919,280 | |||||||
SHORT-TERM INVESTMENT |
| |||||||
Registered Investment Companies — 9.8% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(5) | 63,996,576 | 63,996,576 | ||||||
T. Rowe Price Reserve Investment Fund | 22,594,254 | 22,594,254 | ||||||
86,590,830 | ||||||||
Time Deposits — 1.6% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 13,814,000 | 13,814,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $100,404,830) | 100,404,830 | |||||||
REPURCHASE AGREEMENT — 0.9% |
| |||||||
Repurchase Agreement — 0.9% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/29/2013, to be repurchased 12/02/2013 in the amount of $8,023,000 and collateralized by $9,500,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00%, due 01/30/2023 and having an approximate value of $8,187,625 | ||||||||
(cost $8,023,000) | 8,023,000 | 8,023,000 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $775,678,228)(6) | 108.2 | % | 951,347,110 | |||||
Liabilities in excess of other assets | (8.2 | ) | (72,316,536 | ) | ||||
NET ASSETS | 100.0 | % | $ | 879,030,574 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(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, 2013, the Science & Technology Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acqu isition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Coupons.com, Inc. | 06/1/2011 | 54,218 | $ | 595,677 | ||||||||||||||||||||
08/18/2011 | 54,218 | — | ||||||||||||||||||||||
108,436 | 595,677 | $ | 388,201 | $ | 3.58 | 0.04 | % | |||||||||||||||||
Dropbox, Inc. | ||||||||||||||||||||||||
Common Stock | 05/1/2012 | 151,803 | 1,374,071 | 1,657,942 | 10.92 | 0.19 | ||||||||||||||||||
Dropbox, Inc. | 05/1/2012 | 60,803 | 550,212 | |||||||||||||||||||||
05/29/2012 | 58,718 | 531,345 | ||||||||||||||||||||||
119,521 | 1,081,557 | 1,168,318 | 9.78 | 0.13 | ||||||||||||||||||||
Dropbox, Inc. | 05/1/2012 | 12,378 | 112,010 | 131,671 | 10.64 | 0.01 | ||||||||||||||||||
Fireeye, Inc. | 12/27/2012 | 249,937 | 2,631,687 | 9,540,170 | 38.17 | 1.09 | ||||||||||||||||||
Grubhub Seamless, Inc. | 08/13/2013 | 27,325 | 233,301 | 233,301 | 8.54 | 0.03 | ||||||||||||||||||
Twitter, Inc. | 09/24/2009 | 23,021 | 367,920 | |||||||||||||||||||||
01/11/2011 | 46,040 | — | ||||||||||||||||||||||
08/22/2011 | 115,101 | — | ||||||||||||||||||||||
184,162 | 367,920 | 7,272,834 | 18.18 | 0.38 | ||||||||||||||||||||
Youku.Com, Inc. | 07/11/2011 | 16 | — | 25 | 1.56 | 0.00 | ||||||||||||||||||
$ | 20,392,462 | 2.32 | % | |||||||||||||||||||||
(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, 2013, the aggregate value of these securities was $20,392,462 representing 2.3% of net assets. |
(4) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(5) | At November 30, 2013, the Fund had loaned securities with a total value of $63,573,095. This was secured by collateral of $63,996,576, which was received in cash and subsequently invested in short-term investments currently value at $63,996,576 as reported in the portfolio of investments. The remaining collateral of $1,066,653 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Fed. National Mtg. Assoc. | 3.00% to 4.00% | 10/25/2029 to 05/25/2042 | $590,346 | |||
United States Treasury Notes/Bonds | 0.25% to 5.38% | 08/31/2014 to 02/15/2031 | 476,307 |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
178
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Applications Software | $ | 75,827,868 | $ | — | $ | — | $ | 75,827,868 | ||||||||
Computers | 53,369,587 | — | — | 53,369,587 | ||||||||||||
E-Commerce/Products | 56,454,022 | — | — | 56,454,022 | ||||||||||||
Electronic Components - Semiconductors | 80,663,358 | — | — | 80,663,358 | ||||||||||||
Food - Misc./Diversified | — | — | 233,301 | 233,301 | ||||||||||||
Internet Content - Entertainment | 42,551,787 | 7,272,859 | — | 49,824,646 | ||||||||||||
Internet Security | 4,959,721 | 9,540,170 | — | 14,499,891 | ||||||||||||
Semiconductor Components - Integrated Circuits | 69,869,746 | — | — | 69,869,746 | ||||||||||||
Web Portals/ISP | 80,960,616 | — | 1,657,942 | 82,618,558 | ||||||||||||
Other Industries* | 357,870,113 | — | — | 357,870,113 | ||||||||||||
Convertible Preferred Securities | — | — | 1,688,190 | 1,688,190 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 86,590,830 | — | — | 86,590,830 | ||||||||||||
Time Deposits | — | 13,814,000 | — | 13,814,000 | ||||||||||||
Repurchase Agreement | — | 8,023,000 | — | 8,023,000 | ||||||||||||
Total | $ | 909,117,648 | $ | 38,650,029 | $ | 3,579,433 | $ | 951,347,110 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $63,532,064 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Common Stocks | Convertible Preferred Securities | |||||||
Balance as of 5/31/2013 | $ | 1,378,279 | $ | 7,508,094 | ||||
Accrued discounts | — | — | ||||||
Accrued premiums | — | — | ||||||
Realized Gain | 14,800 | — | ||||||
Realized Loss | — | — | ||||||
Change in unrealized appreciation(1) | 338,392 | 365,870 | ||||||
Change in unrealized depreciation(1) | — | (3,186,167 | ) | |||||
Net Purchases | 233,301 | — | ||||||
Net Sales | (73,529 | ) | (2,999,607 | ) | ||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 11/30/2013 | $ | 1,891,243 | $ | 1,688,190 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2013 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$ | 338,391 | $ | 365,870 | |||||
At the end of the reporting period, Level 3 investment in securities were not considered a material portion of the Fund.
179
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Registered Investment Companies | 7.0 | % | ||
Medical — Drugs | 5.7 | |||
Medical — Biomedical/Gene | 5.4 | |||
Medical Products | 5.3 | |||
Enterprise Software/Service | 4.4 | |||
Transport — Truck | 3.0 | |||
Chemicals — Specialty | 3.0 | |||
Wireless Equipment | 2.9 | |||
Finance — Consumer Loans | 2.8 | |||
Applications Software | 2.8 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Schools | 2.4 | |||
Retail — Apparel/Shoe | 2.3 | |||
Retail — Restaurants | 2.3 | |||
Human Resources | 2.1 | |||
Food — Misc./Diversified | 2.0 | |||
Industrial Audio & Video Products | 2.0 | |||
Medical Instruments | 1.9 | |||
Finance — Other Services | 1.8 | |||
Electronic Components — Semiconductors | 1.8 | |||
Aerospace/Defense | 1.8 | |||
Consulting Services | 1.8 | |||
Office Furnishings — Original | 1.6 | |||
Instruments — Scientific | 1.6 | |||
Advanced Materials | 1.6 | |||
Electronic Components — Misc. | 1.6 | |||
Medical — Hospitals | 1.5 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Retail — Vitamins & Nutrition Supplements | 1.5 | |||
Repurchase Agreements | 1.5 | |||
Networking Products | 1.5 | |||
B2B/E-Commerce | 1.4 | |||
E-Commerce/Products | 1.4 | |||
Medical Labs & Testing Services | 1.4 | |||
Auto/Truck Parts & Equipment — Replacement | 1.4 | |||
Oil — Field Services | 1.3 | |||
Health Care Cost Containment | 1.2 | |||
Hazardous Waste Disposal | 1.1 | |||
Finance — Investment Banker/Broker | 1.1 | |||
Building & Construction Products — Misc. | 1.1 | |||
Retail — Sporting Goods | 1.1 | |||
Investment Management/Advisor Services | 1.1 | |||
Food — Dairy Products | 1.0 | |||
Casino Services | 1.0 | |||
Banks — Commercial | 1.0 | |||
Oil Field Machinery & Equipment | 1.0 | |||
Seismic Data Collection | 0.9 | |||
Machinery — General Industrial | 0.9 | |||
Computer Aided Design | 0.9 | |||
Retail — Home Furnishings | 0.9 | |||
Vitamins & Nutrition Products | 0.8 | |||
Computers | 0.8 | |||
Commercial Services — Finance | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
MRI/Medical Diagnostic Imaging | 0.6 | |||
Electric Products — Misc. | 0.5 | |||
Telecom Services | 0.5 | |||
106.8 | % | |||
* | Calculated as a percentage of net assets |
180
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.3% | ||||||||
Advanced Materials — 1.6% | ||||||||
Hexcel Corp.† | 39,163 | $ | 1,720,431 | |||||
Aerospace/Defense — 1.8% | ||||||||
Teledyne Technologies, Inc.† | 20,700 | 1,919,511 | ||||||
Aerospace/Defense - Equipment — 1.5% | ||||||||
HEICO Corp., Class A | 39,622 | 1,642,332 | ||||||
Applications Software — 2.8% | ||||||||
Infoblox, Inc.† | 46,710 | 1,484,444 | ||||||
InterXion Holding NV† | 66,980 | 1,507,720 | ||||||
2,992,164 | ||||||||
Auto/Truck Parts & Equipment-Replacement — 1.4% | ||||||||
Dorman Products, Inc.†# | 29,100 | 1,448,598 | ||||||
B2B/E-Commerce — 1.4% | ||||||||
SPS Commerce, Inc.† | 23,300 | 1,532,441 | ||||||
Banks - Commercial — 1.0% | ||||||||
Signature Bank† | 9,824 | 1,043,800 | ||||||
Building & Construction Products - Misc. — 1.1% | ||||||||
Drew Industries, Inc.† | 21,700 | 1,176,357 | ||||||
Casino Services — 1.0% | ||||||||
Multimedia Games Holding Co., Inc.† | 37,300 | 1,081,700 | ||||||
Chemicals - Specialty — 3.0% | ||||||||
Cytec Industries, Inc. | 16,300 | 1,458,524 | ||||||
Quaker Chemical Corp. | 21,100 | 1,709,944 | ||||||
3,168,468 | ||||||||
Commercial Services - Finance — 0.7% | ||||||||
Heartland Payment Systems, Inc.# | 16,850 | 756,734 | ||||||
Computer Aided Design — 0.9% | ||||||||
Aspen Technology, Inc.† | 24,472 | 967,378 | ||||||
Computers — 0.8% | ||||||||
Silicon Graphics International Corp.†# | 61,300 | 816,516 | ||||||
Consulting Services — 1.8% | ||||||||
Huron Consulting Group, Inc.† | 32,100 | 1,908,024 | ||||||
E-Commerce/Products — 1.4% | ||||||||
Shutterfly, Inc.†# | 31,859 | 1,504,701 | ||||||
Electric Products - Misc. — 0.5% | ||||||||
GrafTech International, Ltd.† | 50,500 | 581,760 | ||||||
Electronic Components - Misc. — 1.6% | ||||||||
InvenSense, Inc.†# | 98,800 | 1,708,252 | ||||||
Electronic Components - Semiconductors — 1.8% | ||||||||
Microsemi Corp.† | 79,795 | 1,949,392 | ||||||
Enterprise Software/Service — 4.4% | ||||||||
Proofpoint, Inc.†# | 72,790 | 2,220,095 | ||||||
Qlik Technologies, Inc.† | 40,200 | 1,008,216 | ||||||
Ultimate Software Group, Inc.†# | 9,533 | 1,493,726 | ||||||
4,722,037 | ||||||||
Finance - Consumer Loans — 2.8% | ||||||||
Portfolio Recovery Associates, Inc.†# | 36,768 | 2,147,251 | ||||||
Regional Management Corp.† | 26,900 | 904,647 | ||||||
3,051,898 | ||||||||
Finance - Investment Banker/Broker — 1.1% | ||||||||
FXCM, Inc., Class A# | 71,900 | 1,197,854 | ||||||
Finance - Other Services — 1.8% | ||||||||
MarketAxess Holdings, Inc. | 13,504 | 950,276 | ||||||
WageWorks, Inc.† | 17,900 | 1,025,670 | ||||||
1,975,946 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Dairy Products — 1.0% | ||||||||
WhiteWave Foods Co., Class A†# | 52,400 | $ | 1,114,548 | |||||
Food - Misc./Diversified — 2.0% | ||||||||
Hain Celestial Group, Inc.†# | 25,453 | 2,104,709 | ||||||
Hazardous Waste Disposal — 1.1% | ||||||||
Clean Harbors, Inc.†# | 23,100 | 1,218,987 | ||||||
Health Care Cost Containment — 1.2% | ||||||||
ExamWorks Group, Inc.†# | 42,100 | 1,242,371 | ||||||
Human Resources — 2.1% | ||||||||
AMN Healthcare Services, Inc.† | 84,837 | 1,177,537 | ||||||
Team Health Holdings, Inc.† | 23,323 | 1,089,884 | ||||||
2,267,421 | ||||||||
Industrial Audio & Video Products — 2.0% | ||||||||
Imax Corp.†# | 67,800 | 2,090,274 | ||||||
Instruments - Scientific — 1.6% | ||||||||
FEI Co. | 9,990 | 909,589 | ||||||
Fluidigm Corp.†# | 25,600 | 813,568 | ||||||
1,723,157 | ||||||||
Insurance - Property/Casualty — 0.7% | ||||||||
Amtrust Financial Services, Inc.# | 17,959 | 750,866 | ||||||
Investment Management/Advisor Services — 1.1% | ||||||||
WisdomTree Investments, Inc.†# | 73,800 | 1,130,616 | ||||||
Machinery - General Industrial — 0.9% | ||||||||
Middleby Corp.† | 4,433 | 978,984 | ||||||
Medical Instruments — 1.9% | ||||||||
DexCom, Inc.† | 36,975 | 1,223,503 | ||||||
Techne Corp. | 10,100 | 863,954 | ||||||
2,087,457 | ||||||||
Medical Labs & Testing Services — 1.4% | ||||||||
ICON PLC† | 38,800 | 1,479,832 | ||||||
Medical Products — 5.3% | ||||||||
Cyberonics, Inc.† | 25,232 | 1,733,943 | ||||||
Globus Medical, Inc., Class A†# | 75,500 | 1,454,130 | ||||||
West Pharmaceutical Services, Inc. | 23,778 | 1,186,998 | ||||||
Zeltiq Aesthetics, Inc.† | 75,800 | 1,329,532 | ||||||
5,704,603 | ||||||||
Medical - Biomedical/Gene — 5.4% | ||||||||
Aegerion Pharmaceuticals, Inc.†# | 18,275 | 1,296,246 | ||||||
Bluebird Bio, Inc.†# | 23,300 | 475,786 | ||||||
KYTHERA Biopharmaceuticals, Inc.†# | 18,800 | 732,824 | ||||||
Ligand Pharmaceuticals, Inc., Class B†# | 36,957 | 2,057,766 | ||||||
NPS Pharmaceuticals, Inc.† | 48,018 | 1,268,155 | ||||||
5,830,777 | ||||||||
Medical - Drugs — 5.7% | ||||||||
Amicus Therapeutics, Inc.†# | 219,020 | 536,599 | ||||||
Chimerix, Inc.† | 35,000 | 560,700 | ||||||
Endocyte, Inc.†# | 39,500 | 455,830 | ||||||
Jazz Pharmaceuticals PLC†# | 13,420 | 1,569,066 | ||||||
Orexigen Therapeutics, Inc.†# | 149,400 | 1,020,402 | ||||||
Pacira Pharmaceuticals, Inc.† | 25,200 | 1,390,788 | ||||||
Receptos, Inc.†# | 26,900 | 622,466 | ||||||
6,155,851 | ||||||||
Medical - Hospitals — 1.5% | ||||||||
Acadia Healthcare Co., Inc.†# | 35,900 | 1,658,580 | ||||||
MRI/Medical Diagnostic Imaging — 0.6% | ||||||||
Surgical Care Affiliates, Inc.† | 20,200 | 614,888 | ||||||
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VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Networking Products — 1.5% | ||||||||
LogMeIn, Inc.† | 45,500 | $ | 1,569,750 | |||||
Office Furnishings - Original — 1.6% | ||||||||
Steelcase, Inc., Class A | 106,300 | 1,735,879 | ||||||
Oil Companies - Exploration & Production — 2.6% | ||||||||
Carrizo Oil & Gas, Inc.† | 28,300 | 1,144,452 | ||||||
Diamondback Energy, Inc.†# | 12,900 | 641,646 | ||||||
Rosetta Resources, Inc.† | 18,950 | 958,301 | ||||||
2,744,399 | ||||||||
Oil Field Machinery & Equipment — 1.0% | ||||||||
Dril-Quip, Inc.† | 9,595 | 1,041,633 | ||||||
Oil - Field Services — 1.3% | ||||||||
MRC Global, Inc.† | 46,900 | 1,434,671 | ||||||
Retail - Apparel/Shoe — 2.3% | ||||||||
Burlington Stores, Inc.† | 20,500 | 583,020 | ||||||
DSW, Inc., Class A# | 42,060 | 1,885,550 | ||||||
2,468,570 | ||||||||
Retail - Home Furnishings — 0.9% | ||||||||
Restoration Hardware Holdings, Inc.† | 12,100 | 913,550 | ||||||
Retail - Restaurants — 2.3% | ||||||||
Bloomin’ Brands, Inc.†# | 57,300 | 1,501,260 | ||||||
Noodles & Co.†# | 23,100 | 938,553 | ||||||
2,439,813 | ||||||||
Retail - Sporting Goods — 1.1% | ||||||||
Cabela’s, Inc.†# | 19,180 | 1,174,775 | ||||||
Retail - Vitamins & Nutrition Supplements — 1.5% | ||||||||
Vitamin Shoppe, Inc.† | 29,685 | 1,611,005 | ||||||
Schools — 2.4% | ||||||||
Capella Education Co.†# | 14,200 | 933,224 | ||||||
Grand Canyon Education, Inc.†# | 36,410 | 1,658,111 | ||||||
2,591,335 | ||||||||
Seismic Data Collection — 0.9% | ||||||||
Geospace Technologies Corp.†# | 11,525 | 1,005,787 | ||||||
Telecom Services — 0.5% | ||||||||
RigNet, Inc.† | 12,728 | 540,685 | ||||||
Transport - Truck — 3.0% | ||||||||
Old Dominion Freight Line, Inc.†# | 25,131 | 1,295,000 | ||||||
Roadrunner Transportation Systems, Inc.† | 69,889 | 1,913,561 | ||||||
3,208,561 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Vitamins & Nutrition Products — 0.8% | ||||||||
Natural Grocers by Vitamin Cottage, Inc.†# | 24,080 | $ | 885,662 | |||||
Wireless Equipment — 2.9% | ||||||||
Aruba Networks, Inc.†# | 78,589 | 1,402,028 | ||||||
Ubiquiti Networks, Inc.# | 44,600 | 1,757,240 | ||||||
3,159,268 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $83,753,526) | 105,545,558 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.0% | ||||||||
Registered Investment Companies — 7.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio | 7,568,058 | 7,568,058 | ||||||
REPURCHASE AGREEMENT — 1.5% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/29/2013, to be repurchased 12/02/2013 in the amount of $1,576,000 and collateralized by $1,770,000 of Federal Home Loan Mtg. Corp., bearing interest at 2.00% due 01/30/2023 and having approximate value of $1,609,339 | $ | 1,576,000 | 1,576,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $92,897,584)(2) | 106.8 | % | 114,689,616 | |||||
Liabilities in excess of other assets | (6.8 | ) | (7,305,602 | ) | ||||
NET ASSETS | 100.0 | % | $ | 107,384,014 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2013, the Fund had loaned securities with a total value of $7,508,160. This was secured by $7,568,058, which was received in cash and subsequently invested in short-term investments currently valued at $ 7,568,058 as reported in the portfolio of investments. Additional collateral of $ 108,982 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||||
Federal National Mtg. Assoc. | 3.00% to 3.13% | 10/25/2029 to 05/25/2042 | $ | 7,115 | ||||
United States Treasury Notes/Bonds | 0.13% to 5.38% | 04/30/2015 to 11/15/2022 | 101,867 |
(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, 2013 (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 Stocks: | ||||||||||||||||
Medical Products | $ | 5,704,603 | $ | — | $ | — | $ | 5,704,603 | ||||||||
Medical - Biomedical/Gene | 5,830,777 | — | — | 5,830,777 | ||||||||||||
Medical - Drugs | 6,155,851 | — | — | 6,155,851 | ||||||||||||
Other Industries* | 87,854,327 | — | — | 87,854,327 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 7,568,058 | — | — | 7,568,058 | ||||||||||||
Repurchase Agreement | — | 1,576,000 | — | 1,576,000 | ||||||||||||
Total Assets | $ | 113,113,616 | $ | 1,576,000 | $ | — | $ | 114,689,616 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
182
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Registered Investment Companies | 14.0 | % | ||
Banks — Commercial | 9.1 | |||
Retail — Restaurants | 3.9 | |||
Real Estate Investment Trusts | 3.4 | |||
Oil — Field Services | 3.3 | |||
Medical — Biomedical/Gene | 3.2 | |||
Oil Companies — Exploration & Production | 2.9 | |||
Medical Products | 2.7 | |||
Transport — Truck | 2.1 | |||
Medical — Drugs | 2.0 | |||
Finance — Investment Banker/Broker | 2.0 | |||
Computers — Integrated Systems | 1.9 | |||
Electronic Components — Semiconductors | 1.7 | |||
Retail — Apparel/Shoe | 1.5 | |||
Investment Management/Advisor Services | 1.4 | |||
Medical — Hospitals | 1.4 | |||
Auto/Truck Parts & Equipment — Original | 1.3 | |||
Enterprise Software/Service | 1.3 | |||
Metal Processors & Fabrication | 1.2 | |||
Time Deposits | 1.1 | |||
Medical — Outpatient/Home Medical | 1.1 | |||
Computer Software | 1.1 | |||
Building & Construction Products — Misc. | 1.1 | |||
Commercial Services | 1.0 | |||
Telecommunication Equipment | 0.9 | |||
Instruments — Controls | 0.9 | |||
Wire & Cable Products | 0.9 | |||
Containers — Paper/Plastic | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Insurance — Property/Casualty | 0.9 | |||
Chemicals — Diversified | 0.9 | |||
Batteries/Battery Systems | 0.9 | |||
Home Furnishings | 0.9 | |||
Non — Hazardous Waste Disposal | 0.9 | |||
Miscellaneous Manufacturing | 0.8 | |||
Broadcast Services/Program | 0.8 | |||
Oil Field Machinery & Equipment | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Office Furnishings — Original | 0.8 | |||
Chemicals — Specialty | 0.8 | |||
Consulting Services | 0.8 | |||
Gas — Distribution | 0.8 | |||
Insurance — Multi-line | 0.7 | |||
Casino Services | 0.7 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Engineering/R&D Services | 0.7 | |||
Steel Pipe & Tube | 0.7 | |||
Building Products — Cement | 0.7 | |||
Savings & Loans/Thrifts | 0.7 | |||
Distribution/Wholesale | 0.7 | |||
Building — Mobile Home/Manufactured Housing | 0.7 | |||
Diversified Manufacturing Operations | 0.7 | |||
Food — Canned | 0.7 | |||
E-Marketing/Info | 0.7 | |||
Retail — Automobile | 0.7 | |||
Retail — Vitamins & Nutrition Supplements | 0.7 | |||
Electric — Integrated | 0.7 | |||
Retail — Home Furnishings | 0.6 | |||
Advertising Agencies | 0.6 | |||
Banks — Fiduciary | 0.6 | |||
Insurance Brokers | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Physicians Practice Management | 0.6 | |||
Food — Wholesale/Distribution | 0.6 | |||
Real Estate Management/Services | 0.6 | |||
Applications Software | 0.6 | |||
Electronic Design Automation | 0.6 | |||
Paper & Related Products | 0.6 | |||
Leisure Products | 0.5 |
Telecom Equipment — Fiber Optics | 0.5 | |||
Instruments — Scientific | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Electronic Measurement Instruments | 0.4 | |||
Building Products — Air & Heating | 0.4 | |||
Therapeutics | 0.4 | |||
Food — Misc./Diversified | 0.3 | |||
Medical Instruments | 0.3 | |||
Financial Guarantee Insurance | 0.3 | |||
Telecom Services | 0.3 | |||
Medical — HMO | 0.3 | |||
Lighting Products & Systems | 0.3 | |||
Retail — Sporting Goods | 0.3 | |||
Independent Power Producers | 0.3 | |||
Advanced Materials | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Wireless Equipment | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Human Resources | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Retail — Discount | 0.2 | |||
Coal | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Garden Products | 0.2 | |||
Metal — Diversified | 0.2 | |||
Building Products — Doors & Windows | 0.2 | |||
Computer Services | 0.2 | |||
Airlines | 0.2 | |||
Transport — Services | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Printing — Commercial | 0.2 | |||
Auto Repair Centers | 0.2 | |||
Environmental Monitoring & Detection | 0.2 | |||
Telephone — Integrated | 0.2 | |||
E-Commerce/Services | 0.1 | |||
Decision Support Software | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Medical Sterilization Products | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Transactional Software | 0.1 | |||
Food — Retail | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Steel — Producers | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Internet Application Software | 0.1 | |||
Data Processing/Management | 0.1 | |||
Diversified Minerals | 0.1 | |||
Retail — Leisure Products | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Gambling (Non — Hotel) | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Publishing — Books | 0.1 | |||
Diversified Operations | 0.1 | |||
Investment Companies | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Quarrying | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Professional Sports | 0.1 | |||
Brewery | 0.1 |
183
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)
Industry Allocation* (continued)
Gold Mining | 0.1 | % | ||
Vitamins & Nutrition Products | 0.1 | |||
Food — Baking | 0.1 | |||
Internet Security | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Textile — Products | 0.1 | |||
Heart Monitors | 0.1 | |||
Pharmacy Services | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Networking Products | 0.1 | |||
Pollution Control | 0.1 | |||
Radio | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Internet Telephone | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
113.7% | ||||
* | Calculated as a percentage of net assets |
184
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.5% |
| |||||||
Advanced Materials — 0.2% |
| |||||||
Core Molding Technologies, Inc.† | 25,700 | $ | 296,578 | |||||
Hexcel Corp.† | 12,900 | 566,697 | ||||||
STR Holdings, Inc.†# | 24,600 | 45,264 | ||||||
908,539 | ||||||||
Advertising Agencies — 0.6% | ||||||||
Interpublic Group of Cos., Inc. | 136,795 | 2,380,233 | ||||||
Advertising Services — 0.0% | ||||||||
Marchex, Inc., Class B | 13,500 | 126,630 | ||||||
Aerospace/Defense — 0.2% | ||||||||
Teledyne Technologies, Inc.† | 9,500 | 880,935 | ||||||
Aerospace/Defense - Equipment — 0.7% | ||||||||
Ducommun, Inc.† | 6,400 | 162,176 | ||||||
LMI Aerospace, Inc.† | 6,100 | 77,409 | ||||||
Moog, Inc., Class A† | 6,000 | 412,020 | ||||||
Triumph Group, Inc.# | 28,835 | 2,132,060 | ||||||
2,783,665 | ||||||||
Agricultural Chemicals — 0.0% | ||||||||
Intrepid Potash, Inc.†# | 3,900 | 60,255 | ||||||
Agricultural Operations — 0.0% | ||||||||
Cadiz, Inc.† | 14,400 | 85,104 | ||||||
MGP Ingredients, Inc. | 13,100 | 65,631 | ||||||
150,735 | ||||||||
Airlines — 0.2% | ||||||||
Allegiant Travel Co. | 5,900 | 653,130 | ||||||
Apparel Manufacturers — 0.2% | ||||||||
Quiksilver, Inc.†# | 77,300 | 687,970 | ||||||
Applications Software — 0.6% | ||||||||
Actuate Corp.† | 116,796 | 918,017 | ||||||
Bsquare Corp.† | 13,900 | 45,453 | ||||||
Callidus Software, Inc.† | 19,500 | 212,940 | ||||||
Cvent, Inc.†# | 1,600 | 52,112 | ||||||
PDF Solutions, Inc.† | 9,100 | 211,120 | ||||||
Progress Software Corp.† | 12,950 | 341,103 | ||||||
Tangoe, Inc.†# | 22,500 | 354,150 | ||||||
2,134,895 | ||||||||
Audio/Video Products — 0.0% | ||||||||
VOXX International Corp.† | 5,000 | 89,200 | ||||||
Auto Repair Centers — 0.2% | ||||||||
Monro Muffler Brake, Inc.# | 9,825 | 521,314 | ||||||
TravelCenters of America LLC† | 9,000 | 95,670 | ||||||
616,984 | ||||||||
Auto/Truck Parts & Equipment - Original — 1.3% | ||||||||
Accuride Corp.† | 20,000 | 70,200 | ||||||
Dana Holding Corp. | 94,438 | 1,915,203 | ||||||
Miller Industries, Inc. | 10,000 | 190,200 | ||||||
SORL Auto Parts, Inc.† | 15,300 | 63,036 | ||||||
Spartan Motors, Inc. | 21,600 | 149,256 | ||||||
Strattec Security Corp.# | 7,600 | 341,012 | ||||||
TRW Automotive Holdings Corp.† | 30,447 | 2,362,687 | ||||||
5,091,594 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% | ||||||||
Commercial Vehicle Group, Inc.† | 6,700 | 50,987 | ||||||
Banks - Commercial — 9.1% | ||||||||
1st United Bancorp, Inc. | 14,300 | 116,545 | ||||||
American National Bankshares, Inc. | 5,900 | 153,164 | ||||||
American River Bankshares† | 19,500 | 179,595 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
BancorpSouth, Inc.# | 93,245 | $ | 2,229,488 | |||||
BankUnited, Inc. | 16,300 | 526,164 | ||||||
Berkshire Bancorp, Inc. | 6,500 | 46,735 | ||||||
Bridge Capital Holdings† | 7,200 | 137,520 | ||||||
Capital Bank Financial Corp., Class A†# | 17,400 | 406,116 | ||||||
Capital City Bank Group, Inc.† | 9,600 | 114,816 | ||||||
Citizens Holding Co. | 4,500 | 81,000 | ||||||
CNB Financial Corp. | 8,500 | 170,000 | ||||||
CVB Financial Corp.# | 149,316 | 2,409,960 | ||||||
East West Bancorp, Inc.# | 87,397 | 2,995,969 | ||||||
Enterprise Bancorp, Inc. | 6,821 | 139,558 | ||||||
Enterprise Financial Services Corp. | 10,000 | 195,600 | ||||||
Farmers Capital Bank Corp.† | 7,900 | 174,590 | ||||||
First Bancorp | 9,000 | 153,720 | ||||||
First Bancorp, Inc. | 7,165 | 128,612 | ||||||
First Horizon National Corp.# | 44,400 | 497,724 | ||||||
Glacier Bancorp, Inc.# | 117,301 | 3,514,338 | ||||||
Hampton Roads Bankshares, Inc.† | 85,000 | 136,850 | ||||||
Heritage Commerce Corp. | 13,500 | 111,510 | ||||||
Heritage Financial Corp. | 8,300 | 142,760 | ||||||
Independent Bank Corp.† | 14,000 | 166,320 | ||||||
LNB Bancorp, Inc. | 16,300 | 160,718 | ||||||
Merchants Bancshares, Inc. | 4,600 | 145,820 | ||||||
Metro Bancorp, Inc.† | 10,500 | 235,200 | ||||||
MetroCorp Bancshares, Inc. | 8,000 | 114,640 | ||||||
MidWestOne Financial Group, Inc. | 5,400 | 151,146 | ||||||
Northrim BanCorp, Inc. | 7,100 | 186,375 | ||||||
Ohio Valley Banc Corp. | 6,400 | 138,240 | ||||||
Pacific Continental Corp. | 13,000 | 187,720 | ||||||
PacWest Bancorp# | 61,870 | 2,545,332 | ||||||
Park Sterling Corp. | 25,200 | 178,668 | ||||||
Peoples Bancorp of North Carolina, Inc. | 5,500 | 74,635 | ||||||
Peoples Bancorp, Inc. | 6,300 | 150,948 | ||||||
Pinnacle Financial Partners, Inc.# | 5,500 | 179,025 | ||||||
Preferred Bank† | 3,320 | 67,529 | ||||||
Prosperity Bancshares, Inc.# | 9,600 | 615,648 | ||||||
Seacoast Banking Corp. of Florida† | 65,500 | 148,030 | ||||||
Sierra Bancorp | 9,400 | 166,380 | ||||||
Signature Bank†# | 9,800 | 1,041,250 | ||||||
Southcoast Financial Corp.† | 5,000 | 29,950 | ||||||
Southern National Bancorp of Virginia, Inc. | 15,000 | 146,400 | ||||||
Southwest Bancorp, Inc.† | 13,500 | 231,795 | ||||||
Suffolk Bancorp† | 9,100 | 185,458 | ||||||
Synovus Financial Corp.# | 108,736 | 379,489 | ||||||
TCF Financial Corp.# | 17,200 | 269,524 | ||||||
Texas Capital Bancshares, Inc.†# | 54,957 | 3,086,935 | ||||||
United Security Bancshares | 20,324 | 96,742 | ||||||
Valley National Bancorp.# | 23,572 | 239,256 | ||||||
Washington Banking Co. | 8,500 | 152,490 | ||||||
Washington Trust Bancorp, Inc. | 6,500 | 238,290 | ||||||
Webster Financial Corp.# | 71,226 | 2,099,742 | ||||||
West Bancorporation, Inc. | 14,344 | 231,225 | ||||||
Westamerica Bancorporation# | 7,400 | 409,812 | ||||||
Western Alliance Bancorp† | 120,430 | 2,796,384 | ||||||
Wintrust Financial Corp.# | 52,126 | 2,364,435 | ||||||
Zions Bancorporation# | 12,800 | 375,424 | ||||||
34,749,309 | ||||||||
Banks - Fiduciary — 0.6% | ||||||||
Boston Private Financial Holdings, Inc.# | 195,472 | 2,325,139 | ||||||
Banks - Mortgage — 0.0% | ||||||||
Walker & Dunlop, Inc.†# | 4,100 | 66,502 | ||||||
Batteries/Battery Systems — 0.9% | ||||||||
EnerSys, Inc.# | 46,291 | 3,302,863 | ||||||
185
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Beverages - Non-alcoholic — 0.0% | ||||||||
Primo Water Corp.† | 21,600 | $ | 66,312 | |||||
Brewery — 0.1% | ||||||||
Craft Brew Alliance, Inc.† | 18,800 | 333,700 | ||||||
Broadcast Services/Program — 0.8% | ||||||||
Nexstar Broadcasting Group, Inc., Class A# | 63,792 | 3,168,549 | ||||||
Building & Construction Products - Misc. — 1.1% | ||||||||
Gibraltar Industries, Inc.†# | 5,550 | 98,235 | ||||||
Louisiana - Pacific Corp.†# | 32,900 | 539,560 | ||||||
Quanex Building Products Corp.# | 14,700 | 262,248 | ||||||
Simpson Manufacturing Co., Inc.# | 4,400 | 159,720 | ||||||
Trex Co., Inc.† | 44,309 | 3,207,529 | ||||||
4,267,292 | ||||||||
Building Products - Air & Heating — 0.4% | ||||||||
AAON, Inc. | 9,750 | 300,007 | ||||||
Lennox International, Inc.# | 13,000 | 1,071,200 | ||||||
1,371,207 | ||||||||
Building Products - Cement — 0.7% | ||||||||
Eagle Materials, Inc.# | 32,539 | 2,538,042 | ||||||
Martin Marietta Materials, Inc.# | 2,100 | 202,776 | ||||||
2,740,818 | ||||||||
Building Products - Doors & Windows — 0.2% | ||||||||
Apogee Enterprises, Inc.# | 18,544 | 664,246 | ||||||
Building Products - Light Fixtures — 0.0% | ||||||||
LSI Industries, Inc. | 18,400 | 159,896 | ||||||
Building - Heavy Construction — 0.1% | ||||||||
Orion Marine Group, Inc.† | 16,100 | 191,107 | ||||||
Building - Mobile Home/Manufactured Housing — 0.7% | ||||||||
Thor Industries, Inc.# | 48,678 | 2,632,019 | ||||||
Building - Residential/Commercial — 0.2% | ||||||||
Meritage Homes Corp.†# | 11,100 | 483,738 | ||||||
Standard Pacific Corp.†# | 18,100 | 148,058 | ||||||
631,796 | ||||||||
Casino Hotels — 0.0% | ||||||||
Monarch Casino & Resort, Inc.† | 7,500 | 133,125 | ||||||
Casino Services — 0.7% | ||||||||
Bally Technologies, Inc.†# | 37,342 | 2,784,593 | ||||||
Chemicals - Diversified — 0.9% | ||||||||
FMC Corp.# | 31,063 | 2,263,250 | ||||||
Rockwood Holdings, Inc.# | 15,500 | 1,061,130 | ||||||
3,324,380 | ||||||||
Chemicals - Plastics — 0.0% | ||||||||
Landec Corp.† | 14,800 | 173,752 | ||||||
Chemicals - Specialty — 0.8% | ||||||||
KMG Chemicals, Inc. | 7,800 | �� | 141,804 | |||||
Minerals Technologies, Inc. | 43,271 | 2,570,297 | ||||||
Oil-Dri Corp. of America | 4,900 | 197,078 | ||||||
2,909,179 | ||||||||
Circuit Boards — 0.0% | ||||||||
UQM Technologies, Inc.† | 57,300 | 114,027 | ||||||
Coal — 0.2% | ||||||||
Cloud Peak Energy, Inc.†# | 21,600 | 357,264 | ||||||
James River Coal Co.† | 43,200 | 61,776 | ||||||
Westmoreland Coal Co.† | 18,500 | 276,760 | ||||||
695,800 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services — 1.0% | ||||||||
Collectors Universe | 7,200 | $ | 119,448 | |||||
HMS Holdings Corp.†# | 19,300 | 442,163 | ||||||
Intersections, Inc. | 12,500 | 96,750 | ||||||
Mac-Gray Corp. | 10,700 | 227,910 | ||||||
Providence Service Corp.† | 7,700 | 211,134 | ||||||
Quanta Services, Inc.† | 6,617 | 195,929 | ||||||
RPX Corp.† | 1,000 | 16,520 | ||||||
Team, Inc.†# | 60,844 | 2,489,737 | ||||||
3,799,591 | ||||||||
Commercial Services - Finance — 0.0% | ||||||||
Xoom Corp.† | 3,100 | 85,669 | ||||||
Communications Software — 0.0% | ||||||||
Digi International, Inc.† | 13,300 | 152,950 | ||||||
Computer Data Security — 0.0% | ||||||||
Fortinet, Inc.†# | 6,000 | 102,600 | ||||||
Qualys, Inc.†# | 2,300 | 56,856 | ||||||
159,456 | ||||||||
Computer Services — 0.2% | ||||||||
Dynamics Research Corp.† | 10,000 | 72,400 | ||||||
FleetMatics Group PLC†# | 11,600 | 448,920 | ||||||
LivePerson, Inc.†# | 10,900 | 133,961 | ||||||
655,281 | ||||||||
Computer Software — 1.1% | ||||||||
Computer Modelling Group, Ltd. | 3,100 | 78,981 | ||||||
SS&C Technologies Holdings, Inc.†# | 97,680 | 4,210,985 | ||||||
4,289,966 | ||||||||
Computers - Integrated Systems — 1.8% | ||||||||
Agilysys, Inc.† | 13,000 | 169,910 | ||||||
Cray, Inc.†# | 136,227 | 3,243,565 | ||||||
Jack Henry & Associates, Inc.# | 58,263 | 3,307,590 | ||||||
6,721,065 | ||||||||
Computers - Memory Devices — 0.1% | ||||||||
Datalink Corp.† | 11,100 | 116,217 | ||||||
Dot Hill Systems Corp.† | 87,300 | 223,488 | ||||||
Netlist, Inc.† | 37,900 | 26,530 | ||||||
366,235 | ||||||||
Computers - Periphery Equipment — 0.0% | ||||||||
Synaptics, Inc.†# | 800 | 40,408 | ||||||
Consulting Services — 0.8% | ||||||||
CRA International, Inc.† | 7,700 | 142,219 | ||||||
Hackett Group, Inc. | 27,900 | 174,375 | ||||||
Information Services Group, Inc.† | 42,400 | 173,840 | ||||||
MAXIMUS, Inc. | 51,759 | 2,355,034 | ||||||
PDI, Inc.† | 9,800 | 50,176 | ||||||
2,895,644 | ||||||||
Consumer Products - Misc. — 0.2% | ||||||||
Costa, Inc.† | 13,000 | 284,700 | ||||||
Kid Brands, Inc.† | 18,000 | 19,080 | ||||||
Tumi Holdings, Inc.†# | 21,300 | 511,200 | ||||||
814,980 | ||||||||
Containers - Paper/Plastic — 0.9% | ||||||||
Berry Plastics Group, Inc.† | 22,000 | 471,900 | ||||||
Graphic Packaging Holding Co.† | 324,070 | 2,910,149 | ||||||
3,382,049 | ||||||||
Cosmetics & Toiletries — 0.0% | ||||||||
CCA Industries, Inc. | 3,421 | 10,776 | ||||||
186
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Data Processing/Management — 0.1% | ||||||||
CommVault Systems, Inc.†# | 4,400 | $ | 329,340 | |||||
Innodata, Inc.† | 25,000 | 64,250 | ||||||
393,590 | ||||||||
Decision Support Software — 0.1% | ||||||||
Interactive Intelligence Group, Inc.† | 8,500 | 552,840 | ||||||
Diagnostic Equipment — 0.1% | ||||||||
BioTelemetry, Inc.† | 36,900 | 387,081 | ||||||
Diagnostic Kits — 0.1% | ||||||||
Meridian Bioscience, Inc.# | 21,200 | 521,096 | ||||||
Diamonds/Precious Stones — 0.0% | ||||||||
Petra Diamonds, Ltd.† | 35,600 | 63,281 | ||||||
Direct Marketing — 0.0% | ||||||||
ValueVision Media, Inc., Class A† | 18,400 | 105,984 | ||||||
Distribution/Wholesale — 0.7% | ||||||||
Beacon Roofing Supply, Inc.†# | 51,343 | 1,908,933 | ||||||
Core-Mark Holding Co., Inc. | 3,400 | 250,988 | ||||||
Pool Corp.# | 9,711 | 544,204 | ||||||
2,704,125 | ||||||||
Diversified Manufacturing Operations — 0.7% | ||||||||
AZZ, Inc. | 10,900 | 532,792 | ||||||
Chase Corp. | 7,100 | 226,206 | ||||||
EnPro Industries, Inc.†# | 10,200 | 577,320 | ||||||
Fabrinet†# | 12,000 | 237,600 | ||||||
Harsco Corp. | 15,400 | 402,710 | ||||||
Koppers Holdings, Inc.# | 10,100 | 478,538 | ||||||
Lydall, Inc.† | 7,000 | 124,810 | ||||||
Standex International Corp. | 400 | 23,568 | ||||||
2,603,544 | ||||||||
Diversified Minerals — 0.1% | ||||||||
AMCOL International Corp.# | 7,800 | 243,048 | ||||||
United States Lime & Minerals, Inc.† | 2,600 | 150,046 | ||||||
393,094 | ||||||||
Diversified Operations — 0.1% | ||||||||
Horizon Pharma, Inc.† | 27,700 | 199,994 | ||||||
Resource America, Inc., Class A | 17,400 | 163,734 | ||||||
363,728 | ||||||||
E-Commerce/Products — 0.0% | ||||||||
1-800-FLOWERS.COM, Inc., Class A† | 20,600 | 104,854 | ||||||
E-Commerce/Services — 0.1% | ||||||||
Angie’s List, Inc.†# | 8,600 | 111,972 | ||||||
OpenTable, Inc.†# | 4,600 | 384,422 | ||||||
Zillow, Inc., Class A†# | 300 | 23,586 | ||||||
519,980 | ||||||||
E-Marketing/Info — 0.7% | ||||||||
Marketo, Inc.†# | 11,500 | 334,650 | ||||||
ValueClick, Inc.†# | 105,234 | 2,252,008 | ||||||
2,586,658 | ||||||||
E-Services/Consulting — 0.1% | ||||||||
Sapient Corp.† | 18,000 | 283,140 | ||||||
Electric Products - Misc. — 0.1% | ||||||||
Graham Corp. | 5,800 | 216,804 | ||||||
Electric - Integrated — 0.7% | ||||||||
Cleco Corp. | 2,900 | 132,559 | ||||||
El Paso Electric Co. | 10,800 | 389,124 | ||||||
Empire District Electric Co. | 5,000 | 113,500 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
NorthWestern Corp.# | 4,300 | $ | 189,114 | |||||
OGE Energy Corp. | 16,900 | 581,698 | ||||||
PNM Resources, Inc. | 26,200 | 609,674 | ||||||
UNS Energy Corp. | 10,000 | 478,800 | ||||||
2,494,469 | ||||||||
Electronic Components - Misc. — 0.8% | ||||||||
CTS Corp. | 11,600 | 210,888 | ||||||
Gentex Corp.# | 6,000 | 178,860 | ||||||
Pulse Electronics Corp.† | 3,040 | 10,305 | ||||||
Sanmina Corp.†# | 149,460 | 2,313,641 | ||||||
Viasystems Group, Inc.† | 11,000 | 163,350 | ||||||
Vishay Precision Group, Inc.† | 8,800 | 149,600 | ||||||
3,026,644 | ||||||||
Electronic Components - Semiconductors — 1.7% | ||||||||
AXT, Inc.† | 21,202 | 50,037 | ||||||
Cavium, Inc.†# | 8,600 | 311,320 | ||||||
Diodes, Inc.† | 11,350 | 231,880 | ||||||
Fairchild Semiconductor International, Inc.†# | 139,867 | 1,780,507 | ||||||
GSI Technology, Inc.† | 19,800 | 137,016 | ||||||
GT Advanced Technologies, Inc.†# | 11,300 | 110,853 | ||||||
Intersil Corp., Class A | 2,900 | 30,508 | ||||||
Kopin Corp.†# | 56,300 | 229,704 | ||||||
Mellanox Technologies, Ltd.†# | 5,100 | 198,594 | ||||||
Mindspeed Technologies, Inc.† | 2,902 | 14,597 | ||||||
Pixelworks, Inc.† | 36,900 | 156,456 | ||||||
PLX Technology, Inc.† | 18,300 | 123,342 | ||||||
PMC - Sierra, Inc.†# | 66,700 | 400,200 | ||||||
Rubicon Technology, Inc.† | 11,000 | 111,980 | ||||||
Semtech Corp.†# | 74,385 | 2,210,722 | ||||||
Silicon Laboratories, Inc.†# | 7,500 | 292,875 | ||||||
6,390,591 | ||||||||
Electronic Design Automation — 0.6% | ||||||||
Cadence Design Systems, Inc.†# | 160,985 | 2,133,051 | ||||||
Electronic Measurement Instruments — 0.4% | ||||||||
Analogic Corp. | 3,800 | 367,156 | ||||||
CyberOptics Corp.† | 18,900 | 96,768 | ||||||
ESCO Technologies, Inc.# | 11,500 | 391,690 | ||||||
FARO Technologies, Inc.† | 5,500 | 299,970 | ||||||
National Instruments Corp.# | 14,200 | 443,892 | ||||||
Orbotech, Ltd.† | 5,900 | 82,541 | ||||||
1,682,017 | ||||||||
Electronic Security Devices — 0.1% | ||||||||
American Science & Engineering, Inc.# | 5,700 | 408,462 | ||||||
Electronics - Military — 0.0% | ||||||||
M/A - COM Technology Solutions Holdings, Inc.† | 9,700 | 155,200 | ||||||
Energy - Alternate Sources — 0.1% | ||||||||
Amyris, Inc.† | 50,800 | 141,224 | ||||||
Ocean Power Technologies, Inc.† | 17,900 | 34,547 | ||||||
REX American Resources Corp.† | 4,600 | 150,604 | ||||||
Saratoga Resources, Inc.† | 17,300 | 23,874 | ||||||
Solazyme, Inc.†# | 9,600 | 86,016 | ||||||
436,265 | ||||||||
Engineering/R&D Services — 0.7% | ||||||||
Foster Wheeler AG† | 85,292 | 2,586,906 | ||||||
VSE Corp. | 3,700 | 189,514 | ||||||
2,776,420 | ||||||||
187
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Enterprise Software/Service — 1.3% | ||||||||
American Software, Inc., Class A | 11,600 | $ | 111,940 | |||||
Concur Technologies, Inc.†# | 3,100 | 300,979 | ||||||
Guidewire Software, Inc.† | 7,400 | 353,202 | ||||||
Informatica Corp.†# | 53,620 | 2,080,992 | ||||||
MicroStrategy, Inc., Class A†# | 12,304 | 1,591,277 | ||||||
Proofpoint, Inc.†# | 4,700 | 143,350 | ||||||
PROS Holdings, Inc.† | 9,600 | 369,984 | ||||||
4,951,724 | ||||||||
Environmental Monitoring & Detection — 0.2% | ||||||||
Mine Safety Appliances Co. | 12,100 | 602,822 | ||||||
Filtration/Separation Products — 0.1% | ||||||||
CLARCOR, Inc.# | 4,500 | 272,385 | ||||||
Finance - Consumer Loans — 0.0% | ||||||||
Asta Funding, Inc. | 13,200 | 112,464 | ||||||
Finance - Investment Banker/Broker — 2.0% | ||||||||
Diamond Hill Investment Group, Inc. | 1,700 | 211,225 | ||||||
E*TRADE Financial Corp.†# | 231,270 | 4,144,358 | ||||||
Evercore Partners, Inc., Class A# | 45,314 | 2,485,473 | ||||||
FBR & Co.† | 9,750 | 274,073 | ||||||
JMP Group, Inc. | 16,300 | 106,928 | ||||||
Piper Jaffray Cos.†# | 4,000 | 152,080 | ||||||
SWS Group, Inc.† | 21,300 | 137,598 | ||||||
7,511,735 | ||||||||
Finance - Leasing Companies — 0.1% | ||||||||
California First National Bancorp | 6,000 | 98,220 | ||||||
Marlin Business Services Corp. | 7,500 | 186,375 | ||||||
284,595 | ||||||||
Finance - Mortgage Loan/Banker — 0.0% | ||||||||
Arlington Asset Investment Corp., Class A | 3,000 | 80,130 | ||||||
PennyMac Financial Services, Inc., Class A†# | 2,800 | 50,120 | ||||||
130,250 | ||||||||
Financial Guarantee Insurance — 0.3% | ||||||||
Assured Guaranty, Ltd.# | 27,677 | 649,856 | ||||||
MGIC Investment Corp.†# | 12,400 | 100,564 | ||||||
Radian Group, Inc.# | 28,400 | 404,984 | ||||||
1,155,404 | ||||||||
Food - Baking — 0.1% | ||||||||
Flowers Foods, Inc.# | 14,400 | 312,912 | ||||||
Food - Canned — 0.7% | ||||||||
Seneca Foods Corp., Class B†# | 200 | 5,764 | ||||||
TreeHouse Foods, Inc.†# | 37,012 | 2,596,392 | ||||||
2,602,156 | ||||||||
Food - Misc./Diversified — 0.3% | ||||||||
Annie’s, Inc.†# | 4,200 | 192,990 | ||||||
Grubhub Seamless, Inc.†(1)(2)(3) | 10,533 | 89,931 | ||||||
Inventure Foods, Inc.† | 17,900 | 228,941 | ||||||
John B. Sanfilippo & Son, Inc. | 6,600 | 168,234 | ||||||
Pinnacle Foods, Inc.# | 12,600 | 347,634 | ||||||
Senomyx, Inc.†# | 47,700 | 200,817 | ||||||
1,228,547 | ||||||||
Food - Retail — 0.1% | ||||||||
Fresh Market, Inc.†# | 12,200 | 496,662 | ||||||
Food - Wholesale/Distribution — 0.6% | ||||||||
Spartan Stores, Inc.# | 7,560 | 175,392 | ||||||
United Natural Foods, Inc.†# | 28,713 | 1,976,890 | ||||||
2,152,282 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Footwear & Related Apparel — 0.1% | ||||||||
R.G. Barry Corp. | 9,700 | $ | 186,240 | |||||
Gambling (Non-Hotel) — 0.1% | ||||||||
Dover Downs Gaming & Entertainment, Inc.† | 43,334 | 63,701 | ||||||
Isle of Capri Casinos, Inc.† | 23,400 | 190,242 | ||||||
Lakes Entertainment, Inc.† | 30,400 | 120,080 | ||||||
374,023 | ||||||||
Garden Products — 0.2% | ||||||||
Toro Co. | 11,100 | 684,981 | ||||||
Gas - Distribution — 0.8% | ||||||||
Chesapeake Utilities Corp.# | 2,400 | 139,632 | ||||||
Delta Natural Gas Co., Inc. | 3,800 | 84,474 | ||||||
Southwest Gas Corp. | 10,700 | 567,742 | ||||||
UGI Corp.# | 51,642 | 2,079,107 | ||||||
2,870,955 | ||||||||
Gold Mining — 0.1% | ||||||||
Franco-Nevada Corp. | 8,300 | 332,985 | ||||||
Healthcare Safety Devices — 0.0% | ||||||||
Alpha PRO Tech, Ltd.† | 30,000 | 59,400 | ||||||
Harvard Apparatus Regenerative Technology, Inc.† | 7,500 | 38,025 | ||||||
97,425 | ||||||||
Heart Monitors — 0.1% | ||||||||
HeartWare International, Inc.†# | 2,500 | 241,000 | ||||||
Home Furnishings — 0.9% | ||||||||
Ethan Allen Interiors, Inc.# | 2,700 | 83,430 | ||||||
Hooker Furniture Corp. | 9,100 | 155,428 | ||||||
La-Z-Boy, Inc.# | 104,592 | 3,060,362 | ||||||
3,299,220 | ||||||||
Hotel/Motels — 0.0% | ||||||||
Morgans Hotel Group Co.† | 19,000 | 152,950 | ||||||
Housewares — 0.0% | ||||||||
Lifetime Brands, Inc. | 8,000 | 116,960 | ||||||
Human Resources — 0.2% | ||||||||
Cross Country Healthcare, Inc.† | 20,000 | 152,800 | ||||||
CTPartners Executive Search, Inc.† | 3,400 | 22,440 | ||||||
Kforce, Inc. | 18,900 | 381,402 | ||||||
Team Health Holdings, Inc.† | 4,100 | 191,593 | ||||||
748,235 | ||||||||
Independent Power Producers — 0.3% | ||||||||
Dynegy, Inc.†# | 17,500 | 374,675 | ||||||
NRG Energy, Inc.# | 16,228 | 429,393 | ||||||
NRG Yield, Inc. | 3,700 | 133,755 | ||||||
Synthesis Energy Systems, Inc.†# | 4,300 | 2,924 | ||||||
940,747 | ||||||||
Industrial Audio & Video Products — 0.1% | ||||||||
Ballantyne Strong, Inc.† | 14,000 | 65,100 | ||||||
Iteris, Inc.† | 76,210 | 163,852 | ||||||
228,952 | ||||||||
Industrial Automated/Robotic — 0.1% | ||||||||
Adept Technology, Inc.† | 23,000 | 280,370 | ||||||
Hurco Cos., Inc. | 5,000 | 132,400 | ||||||
412,770 | ||||||||
Instruments - Controls — 0.9% | ||||||||
Control4 Corp.†# | 5,100 | 89,097 | ||||||
Watts Water Technologies, Inc., Class A# | 52,458 | 3,153,775 | ||||||
Woodward, Inc. | 4,500 | 193,050 | ||||||
3,435,922 | ||||||||
188
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Instruments - Scientific — 0.5% | ||||||||
FEI Co. | 20,438 | $ | 1,860,880 | |||||
Insurance Brokers — 0.6% | ||||||||
Arthur J. Gallagher & Co. | 45,646 | 2,124,365 | ||||||
Brown & Brown, Inc. | 4,900 | 154,938 | ||||||
2,279,303 | ||||||||
Insurance - Life/Health — 0.6% | ||||||||
Independence Holding Co. | 10,460 | 147,591 | ||||||
StanCorp Financial Group, Inc. | 31,810 | 2,039,339 | ||||||
2,186,930 | ||||||||
Insurance - Multi-line — 0.7% | ||||||||
American Financial Group, Inc. | 41,473 | 2,391,333 | ||||||
Fortegra Financial Corp.† | 22,600 | 165,432 | ||||||
Kemper Corp. | 6,600 | 247,632 | ||||||
2,804,397 | ||||||||
Insurance - Property/Casualty — 0.9% | ||||||||
Enstar Group, Ltd.†# | 1,800 | 250,758 | ||||||
Hallmark Financial Services, Inc.† | 13,000 | 123,500 | ||||||
HCC Insurance Holdings, Inc. | 11,100 | 510,378 | ||||||
Infinity Property & Casualty Corp. | 10,600 | 756,310 | ||||||
Markel Corp.† | 200 | 111,456 | ||||||
RLI Corp.# | 4,400 | 443,916 | ||||||
Selective Insurance Group, Inc.# | 22,600 | 637,094 | ||||||
State Auto Financial Corp.# | 6,450 | 145,641 | ||||||
Universal Insurance Holdings, Inc. | 28,300 | 350,920 | ||||||
3,329,973 | ||||||||
Insurance - Reinsurance — 0.0% | ||||||||
Essent Group, Ltd.† | 3,800 | 82,612 | ||||||
Internet Application Software — 0.1% | ||||||||
Bazaarvoice, Inc.†# | 17,300 | 136,670 | ||||||
Lionbridge Technologies, Inc.† | 36,800 | 209,392 | ||||||
Splunk, Inc.†# | 800 | 57,728 | ||||||
403,790 | ||||||||
Internet Connectivity Services — 0.1% | ||||||||
PC-Tel, Inc. | 21,200 | 210,304 | ||||||
Internet Content - Entertainment — 0.1% | ||||||||
Pandora Media, Inc.†# | 15,000 | 426,000 | ||||||
Internet Content - Information/News — 0.1% | ||||||||
Bankrate, Inc.†# | 6,500 | 121,810 | ||||||
Harris Interactive, Inc.† | 40,000 | 80,400 | ||||||
Reis, Inc.† | 8,000 | 142,960 | ||||||
345,170 | ||||||||
Internet Financial Services — 0.0% | ||||||||
TheStreet, Inc. | 48,200 | 106,040 | ||||||
Internet Infrastructure Software — 0.1% | ||||||||
Barracuda Networks, Inc.† | 3,000 | 62,100 | ||||||
support.com, Inc.† | 31,500 | 126,000 | ||||||
TeleCommunication Systems, Inc., Class A† | 28,000 | 64,680 | ||||||
Unwired Planet, Inc.† | 65,400 | 99,408 | ||||||
352,188 | ||||||||
Internet Security — 0.1% | ||||||||
FireEye, Inc.†# | 800 | 30,696 | ||||||
iPass, Inc.† | 49,900 | 86,327 | ||||||
Zix Corp.† | 41,500 | 192,145 | ||||||
309,168 | ||||||||
Internet Telephone — 0.1% | ||||||||
RingCentral, Inc.†# | 11,800 | 187,266 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Investment Companies — 0.1% | ||||||||
Gladstone Capital Corp. | 12,000 | $ | 117,120 | |||||
KCAP Financial, Inc. | 16,700 | 140,447 | ||||||
NGP Capital Resources Co. | 13,000 | 101,140 | ||||||
358,707 | ||||||||
Investment Management/Advisor Services — 1.4% | ||||||||
Affiliated Managers Group, Inc.†# | 12,236 | 2,450,259 | ||||||
Artisan Partners Asset Management, Inc.# Class A | 11,693 | 721,692 | ||||||
Cohen & Steers, Inc.# | 9,600 | 385,056 | ||||||
Financial Engines, Inc.# | 16,200 | 1,097,550 | ||||||
Manning & Napier, Inc. | 8,400 | 153,468 | ||||||
Pzena Investment Management, Inc., Class A# | 3,700 | 34,817 | ||||||
Waddell & Reed Financial, Inc., Class A# | 9,500 | 605,435 | ||||||
5,448,277 | ||||||||
Lasers - System/Components — 0.1% | ||||||||
Coherent, Inc.† | 2,571 | 177,502 | ||||||
Newport Corp.†# | 8,000 | 137,200 | ||||||
Rofin-Sinar Technologies, Inc.† | 8,800 | 227,304 | ||||||
542,006 | ||||||||
Leisure Products — 0.5% | ||||||||
Brunswick Corp.# | 40,100 | 1,832,570 | ||||||
Johnson Outdoors, Inc., Class A | 3,400 | 97,376 | ||||||
Marine Products Corp. | 12,100 | 116,523 | ||||||
2,046,469 | ||||||||
Lighting Products & Systems — 0.3% | ||||||||
Acuity Brands, Inc.# | 10,000 | 1,025,300 | ||||||
Linen Supply & Related Items — 0.0% | ||||||||
G&K Services, Inc., Class A | 2,000 | 120,440 | ||||||
Machine Tools & Related Products — 0.0% | ||||||||
Hardinge, Inc. | 11,000 | 170,390 | ||||||
Machinery - Construction & Mining — 0.0% | ||||||||
Terex Corp.# | 1,100 | 39,952 | ||||||
Machinery - General Industrial — 0.2% | ||||||||
Albany International Corp., Class A | 11,700 | 430,092 | ||||||
IDEX Corp.# | 300 | 21,399 | ||||||
Manitowoc Co., Inc.# | 16,900 | 347,971 | ||||||
799,462 | ||||||||
Machinery - Pumps — 0.2% | ||||||||
Graco, Inc. | 9,300 | 718,239 | ||||||
Medical Instruments — 0.3% | ||||||||
Baxano Surgical, Inc.† | 40,300 | 41,106 | ||||||
Bruker Corp.†# | 17,400 | 336,516 | ||||||
CryoLife, Inc. | 17,000 | 187,850 | ||||||
Edwards Lifesciences Corp.†# | 1,200 | 78,636 | ||||||
Thoratec Corp.†# | 4,400 | 173,228 | ||||||
Vascular Solutions, Inc.† | 7,500 | 156,375 | ||||||
Volcano Corp.†# | 9,100 | 207,207 | ||||||
1,180,918 | ||||||||
Medical Laser Systems — 0.0% | ||||||||
LCA - Vision, Inc.† | 18,900 | 71,442 | ||||||
Medical Products — 2.7% | ||||||||
Accuray, Inc.†# | 3,537 | 28,225 | ||||||
Cardica, Inc.† | 33,400 | 34,736 | ||||||
Chindex International, Inc.† | 7,100 | 121,339 | ||||||
Cooper Cos., Inc. | 4,600 | 606,004 | ||||||
Haemonetics Corp.†# | 43,398 | 1,833,999 | ||||||
Span - America Medical Systems, Inc. | 3,100 | 61,566 | ||||||
Teleflex, Inc.# | 21,542 | 2,117,794 | ||||||
Tornier NV† | 9,700 | 175,473 |
189
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical Products (continued) |
| |||||||
West Pharmaceutical Services, Inc. | 51,080 | $ | 2,549,914 | |||||
Wright Medical Group, Inc.†# | 96,375 | 2,872,939 | ||||||
10,401,989 | ||||||||
Medical Sterilization Products — 0.1% | ||||||||
STERIS Corp. | 11,500 | 530,610 | ||||||
Medical - Biomedical/Gene — 3.2% | ||||||||
AMAG Pharmaceuticals, Inc.†# | 4,700 | 115,291 | ||||||
Arqule, Inc.† | 55,000 | 133,650 | ||||||
Bio-Rad Laboratories, Inc., Class A† | 13,833 | 1,696,203 | ||||||
Charles River Laboratories International, Inc.† | 38,714 | 2,019,709 | ||||||
Cubist Pharmaceuticals, Inc.†# | 43,571 | 2,985,049 | ||||||
Enzo Biochem, Inc.† | 33,500 | 82,410 | ||||||
Exelixis, Inc.†# | 24,400 | 142,252 | ||||||
GTx, Inc.† | 20,200 | 34,138 | ||||||
Harvard Bioscience, Inc.† | 30,000 | 136,800 | ||||||
Incyte Corp., Ltd.†# | 30,500 | 1,421,300 | ||||||
Medicines Co.†# | 70,891 | 2,595,320 | ||||||
Nanosphere, Inc.† | 35,000 | 80,500 | ||||||
Pacific Biosciences of California, Inc.† | 26,700 | 112,941 | ||||||
PharmAthene, Inc.† | 68,300 | 128,404 | ||||||
Regeneron Pharmaceuticals, Inc.†# | 200 | 58,772 | ||||||
Repligen Corp.† | 17,000 | 228,990 | ||||||
Rigel Pharmaceuticals, Inc.†# | 4,700 | 12,502 | ||||||
Seattle Genetics, Inc.†# | 5,900 | 242,431 | ||||||
12,226,662 | ||||||||
Medical - Drugs — 2.0% | ||||||||
AcelRx Pharmaceuticals, Inc.† | 14,800 | 144,744 | ||||||
Alimera Sciences, Inc.† | 25,025 | 63,063 | ||||||
Alkermes PLC† | 15,300 | 617,814 | ||||||
Anacor Pharmaceuticals, Inc.† | 17,800 | 249,200 | ||||||
Auxilium Pharmaceuticals, Inc.†# | 58,879 | 1,201,721 | ||||||
BioSpecifics Technologies Corp.† | 5,200 | 115,388 | ||||||
Cempra, Inc.† | 15,000 | 193,950 | ||||||
Cumberland Pharmaceuticals, Inc.† | 12,800 | 63,744 | ||||||
Cytori Therapeutics, Inc.† | 17,000 | 46,240 | ||||||
Endo Health Solutions, Inc.†# | 43,280 | 2,907,983 | ||||||
Idenix Pharmaceuticals, Inc.†# | 16,100 | 86,457 | ||||||
Pacira Pharmaceuticals, Inc.†# | 13,900 | 767,141 | ||||||
Pain Therapeutics, Inc.† | 40,000 | 183,200 | ||||||
Pozen, Inc. | 15,600 | 123,240 | ||||||
SIGA Technologies, Inc.† | 19,900 | 70,247 | ||||||
Sucampo Pharmaceuticals, Inc., Class A† | 23,000 | 171,120 | ||||||
Vanda Pharmaceuticals, Inc.† | 16,600 | 194,884 | ||||||
XenoPort, Inc.†# | 25,000 | 133,500 | ||||||
Zogenix, Inc.† | 72,200 | 233,206 | ||||||
7,566,842 | ||||||||
Medical - HMO — 0.3% | ||||||||
Centene Corp.†# | 6,100 | 364,353 | ||||||
WellCare Health Plans, Inc.†# | 9,100 | 676,130 | ||||||
1,040,483 | ||||||||
Medical - Hospitals — 1.4% | ||||||||
Acadia Healthcare Co., Inc.†# | 11,300 | 522,060 | ||||||
Community Health Systems, Inc.† | 54,656 | 2,254,560 | ||||||
LifePoint Hospitals, Inc.† | 50,906 | 2,607,914 | ||||||
5,384,534 | ||||||||
Medical - Outpatient/Home Medical — 1.1% | ||||||||
Amsurg Corp.† | 58,970 | 2,849,431 | ||||||
Premier, Inc.† | 45,863 | 1,509,351 | ||||||
4,358,782 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Metal Processors & Fabrication — 1.2% | ||||||||
Ampco - Pittsburgh Corp. | 6,500 | $ | 119,210 | |||||
Dynamic Materials Corp. | 8,100 | 181,521 | ||||||
Haynes International, Inc. | 47,961 | 2,600,445 | ||||||
NN, Inc. | 14,900 | 297,255 | ||||||
RBC Bearings, Inc.†# | 9,400 | 642,866 | ||||||
Rexnord Corp.†# | 11,600 | 281,996 | ||||||
Sun Hydraulics Corp.# | 6,800 | 292,196 | ||||||
4,415,489 | ||||||||
Metal Products - Distribution — 0.0% | ||||||||
Olympic Steel, Inc. | 5,500 | 154,385 | ||||||
Metal - Diversified — 0.2% | ||||||||
Constellium NV, Class A† | 19,000 | 410,780 | ||||||
Luxfer Holdings PLC ADR | 14,200 | 266,534 | ||||||
677,314 | ||||||||
Miscellaneous Manufacturing — 0.8% | ||||||||
John Bean Technologies Corp. | 13,400 | 396,104 | ||||||
Trimas Corp.†# | 76,996 | 2,816,514 | ||||||
3,212,618 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% | ||||||||
RadNet, Inc.† | 36,000 | 72,000 | ||||||
Networking Products — 0.1% | ||||||||
Ixia†# | 5,900 | 76,641 | ||||||
NeoPhotonics Corp.† | 22,000 | 130,240 | ||||||
206,881 | ||||||||
Non - Hazardous Waste Disposal — 0.9% | ||||||||
Casella Waste Systems, Inc., Class A† | 32,900 | 196,413 | ||||||
Waste Connections, Inc.# | 70,103 | 3,080,326 | ||||||
3,276,739 | ||||||||
Office Automation & Equipment — 0.0% | ||||||||
voxeljet AG ADR†# | 1,500 | 61,500 | ||||||
Office Furnishings - Original — 0.8% | ||||||||
Interface, Inc. | 130,409 | 2,614,700 | ||||||
Knoll, Inc.# | 20,400 | 362,100 | ||||||
2,976,800 | ||||||||
Oil Companies - Exploration & Production — 2.9% | ||||||||
Approach Resources, Inc.†# | 5,000 | 105,950 | ||||||
Athlon Energy, Inc.†# | 5,400 | 176,148 | ||||||
Bill Barrett Corp.†# | 19,900 | 535,111 | ||||||
Bonanza Creek Energy, Inc.†# | 7,000 | 321,090 | ||||||
Callon Petroleum Co.† | 13,100 | 87,115 | ||||||
Clayton Williams Energy, Inc.† | 4,900 | 354,760 | ||||||
Contango Oil & Gas Co.† | 7,700 | 362,747 | ||||||
Diamondback Energy, Inc.†# | 7,800 | 387,972 | ||||||
Double Eagle Petroleum Co.† | 11,000 | 24,860 | ||||||
Emerald Oil, Inc.† | 21,500 | 156,090 | ||||||
Energen Corp. | 28,677 | 2,069,619 | ||||||
Energy XXI Bermuda, Ltd.# | 10,900 | 296,044 | ||||||
EPL Oil & Gas, Inc.†# | 6,300 | 180,495 | ||||||
Evolution Petroleum Corp. | 10,600 | 131,016 | ||||||
FieldPoint Petroleum Corp.† | 31,900 | 128,876 | ||||||
GeoMet, Inc.†# | 12,500 | 875 | ||||||
Matador Resources Co.†# | 17,500 | 381,325 | ||||||
Miller Energy Resources, Inc.† | 23,400 | 195,156 | ||||||
Oasis Petroleum, Inc.†# | 18,800 | 867,244 | ||||||
Panhandle Oil and Gas, Inc., Class A | 5,400 | 178,740 | ||||||
PostRock Energy Corp.† | 24,600 | 37,638 | ||||||
Rosetta Resources, Inc.†# | 36,504 | 1,846,008 | ||||||
Ultra Petroleum Corp.†# | 100,043 | 2,047,880 | ||||||
Warren Resources, Inc.† | 34,500 | 112,125 | ||||||
10,984,884 | ||||||||
190
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Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil Field Machinery & Equipment — 0.8% | ||||||||
Bolt Technology Corp. | 12,800 | $ | 258,432 | |||||
Dresser - Rand Group, Inc.†# | 29,807 | 1,682,307 | ||||||
Flotek Industries, Inc.†# | 9,500 | 198,930 | ||||||
Forum Energy Technologies, Inc.†# | 7,900 | 213,379 | ||||||
Gulf Island Fabrication, Inc. | 9,000 | 238,140 | ||||||
Mitcham Industries, Inc.† | 6,900 | 120,750 | ||||||
Natural Gas Services Group, Inc.† | 7,400 | 219,484 | ||||||
Thermon Group Holdings, Inc.† | 6,600 | 190,080 | ||||||
3,121,502 | ||||||||
Oil Refining & Marketing — 0.0% | ||||||||
Adams Resources & Energy, Inc. | 214 | 12,245 | ||||||
Oil - Field Services — 3.3% | ||||||||
C&J Energy Services, Inc.†# | 12,200 | 289,140 | ||||||
Cal Dive International, Inc.† | 66,800 | 123,580 | ||||||
Forbes Energy Services, Ltd.† | 17,200 | 63,296 | ||||||
Helix Energy Solutions Group, Inc.†# | 88,892 | 1,974,291 | ||||||
Key Energy Services, Inc.†# | 21,800 | 170,912 | ||||||
MRC Global, Inc.†# | 64,864 | 1,984,190 | ||||||
Oceaneering International, Inc.# | 27,212 | 2,100,494 | ||||||
Oil States International, Inc.† | 21,206 | 2,170,434 | ||||||
SEACOR Holdings, Inc.†# | 9,400 | 874,670 | ||||||
Superior Energy Services, Inc. | 4,677 | 119,170 | ||||||
Targa Resources Corp. | 31,144 | 2,525,467 | ||||||
TETRA Technologies, Inc.† | 3,500 | 43,190 | ||||||
12,438,834 | ||||||||
Optical Recognition Equipment — 0.0% | ||||||||
Digimarc Corp. | 3,100 | 58,063 | ||||||
Paper & Related Products — 0.6% | ||||||||
Schweitzer - Mauduit International, Inc.# | 36,964 | 1,907,712 | ||||||
Xerium Technologies, Inc.† | 15,000 | 197,850 | ||||||
2,105,562 | ||||||||
Patient Monitoring Equipment — 0.0% | ||||||||
Masimo Corp.†# | 500 | 14,315 | ||||||
Pharmacy Services — 0.1% | ||||||||
Catamaran Corp.†# | 5,068 | 231,253 | ||||||
Physicians Practice Management — 0.6% | ||||||||
Healthways, Inc.†# | 5,200 | 72,852 | ||||||
IPC The Hospitalist Co., Inc.†# | 33,387 | 2,099,375 | ||||||
2,172,227 | ||||||||
Pollution Control — 0.1% | ||||||||
CECO Environmental Corp. | 12,700 | 202,311 | ||||||
Power Converter/Supply Equipment — 0.1% | ||||||||
Advanced Energy Industries, Inc.† | 7,900 | 188,178 | ||||||
PowerSecure International, Inc.† | 12,700 | 223,139 | ||||||
411,317 | ||||||||
Printing - Commercial — 0.2% | ||||||||
ARC Document Solutions, Inc.† | 15,200 | 130,872 | ||||||
Consolidated Graphics, Inc.† | 1,600 | 103,056 | ||||||
Multi-Color Corp.# | 10,150 | 384,786 | ||||||
618,714 | ||||||||
Professional Sports — 0.1% | ||||||||
Madison Square Garden, Co., Class A† | 6,000 | 338,160 | ||||||
Publishing - Books — 0.1% | ||||||||
Courier Corp. | 7,700 | 144,144 | ||||||
Scholastic Corp.# | 7,249 | 221,384 | ||||||
365,528 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Publishing - Newspapers — 0.1% | ||||||||
AH Belo Corp., Class A | 18,221 | $ | 141,031 | |||||
Lee Enterprises, Inc.† | 86,500 | 307,940 | ||||||
448,971 | ||||||||
Quarrying — 0.1% | ||||||||
Compass Minerals International, Inc.# | 4,900 | 350,595 | ||||||
Radio — 0.1% | ||||||||
Emmis Communications Corp., Class A† | 40,500 | 107,325 | ||||||
Salem Communications Corp., Class A | 10,000 | 89,900 | ||||||
197,225 | ||||||||
Real Estate Investment Trusts — 3.4% | ||||||||
Acadia Realty Trust | 7,200 | 186,984 | ||||||
CBL & Associates Properties, Inc.# | 25,100 | 453,306 | ||||||
Chesapeake Lodging Trust# | 16,600 | 396,242 | ||||||
Colony Financial, Inc.# | 6,400 | 129,408 | ||||||
Cousins Properties, Inc. | 19,635 | 210,291 | ||||||
DCT Industrial Trust, Inc.# | 251,500 | 1,876,190 | ||||||
DiamondRock Hospitality Co. | 57,608 | 658,459 | ||||||
Douglas Emmett, Inc. | 69,900 | 1,606,302 | ||||||
EastGroup Properties, Inc.# | 9,800 | 593,782 | ||||||
Equity One, Inc. | 13,800 | 309,120 | ||||||
First Potomac Realty Trust# | 10,900 | 130,800 | ||||||
Kilroy Realty Corp.# | 7,400 | 372,590 | ||||||
LaSalle Hotel Properties# | 79,240 | 2,481,797 | ||||||
Lexington Realty Trust | 167,400 | 1,719,198 | ||||||
Mid-America Apartment Communities, Inc.# | 13,100 | 789,144 | ||||||
Pebblebrook Hotel Trust# | 5,100 | 154,683 | ||||||
PS Business Parks, Inc. | 8,300 | 650,056 | ||||||
Starwood Property Trust, Inc. | 5,000 | 139,350 | ||||||
12,857,702 | ||||||||
Real Estate Management/Services — 0.6% | ||||||||
Jones Lang LaSalle, Inc. | 21,085 | 2,060,426 | ||||||
RE/MAX Holdings, Inc., Class A†# | 2,700 | 82,026 | ||||||
2,142,452 | ||||||||
Real Estate Operations & Development — 0.1% | ||||||||
Alexander & Baldwin, Inc. | 4,800 | 181,392 | ||||||
AV Homes, Inc.† | 11,400 | 229,938 | ||||||
Consolidated-Tomoka Land Co. | 3,100 | 114,173 | ||||||
St. Joe Co.† | 1,400 | 24,836 | ||||||
550,339 | ||||||||
Recycling — 0.0% | ||||||||
Metalico, Inc.† | 31,700 | 55,792 | ||||||
Rental Auto/Equipment — 0.2% | ||||||||
Electro Rent Corp.# | 5,600 | 119,392 | ||||||
H&E Equipment Services, Inc.† | 18,000 | 513,540 | ||||||
632,932 | ||||||||
Research & Development — 0.0% | ||||||||
Albany Molecular Research, Inc.† | 12,900 | 155,832 | ||||||
Retail - Apparel/Shoe — 1.5% | ||||||||
American Eagle Outfitters, Inc.# | 9,900 | 161,073 | ||||||
ANN, Inc.†# | 19,850 | 708,049 | ||||||
bebe stores, Inc.# | 172,404 | 1,015,460 | ||||||
Burlington Stores, Inc.†# | 2,400 | 68,256 | ||||||
Chico’s FAS, Inc.# | 37,400 | 699,006 | ||||||
Christopher & Banks Corp.† | 29,300 | 183,711 | ||||||
dELiA*s, Inc.† | 39,400 | 47,280 | ||||||
Express, Inc.† | 22,200 | 546,342 | ||||||
Francesca’s Holdings Corp.†# | 13,100 | 257,022 | ||||||
Pacific Sunwear of California, Inc.† | 37,200 | 108,252 | ||||||
PVH Corp. | 15,145 | 2,028,218 | ||||||
5,822,669 | ||||||||
191
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Appliances — 0.0% | ||||||||
hhgregg, Inc.†# | 4,300 | $ | 64,070 | |||||
Retail - Automobile — 0.7% | ||||||||
Penske Automotive Group, Inc. | 58,187 | 2,584,667 | ||||||
Retail - Building Products — 0.0% | ||||||||
Tile Shop Holdings, Inc.†# | 10,000 | 167,500 | ||||||
Retail - Convenience Store — 0.1% | ||||||||
Pantry, Inc.† | 13,200 | 189,948 | ||||||
Retail - Discount — 0.2% | ||||||||
Citi Trends, Inc.† | 7,300 | 120,523 | ||||||
HSN, Inc. | 10,200 | 585,480 | ||||||
706,003 | ||||||||
Retail - Home Furnishings — 0.6% | ||||||||
Kirkland’s, Inc.† | 9,700 | 248,514 | ||||||
Pier 1 Imports, Inc.# | 98,461 | 2,194,696 | ||||||
2,443,210 | ||||||||
Retail - Jewelry — 0.0% | ||||||||
Zale Corp.† | 9,900 | 146,025 | ||||||
Retail - Leisure Products — 0.1% | ||||||||
MarineMax, Inc.† | 18,300 | 287,676 | ||||||
West Marine, Inc.† | 7,632 | 103,337 | ||||||
391,013 | ||||||||
Retail - Misc./Diversified — 0.1% | ||||||||
Five Below, Inc.†# | 7,000 | 372,120 | ||||||
Gaiam, Inc.† Class A | 17,400 | 109,794 | ||||||
481,914 | ||||||||
Retail - Regional Department Stores — 0.1% | ||||||||
Stage Stores, Inc.# | 16,800 | 352,968 | ||||||
Retail - Restaurants — 3.9% | ||||||||
BJ’s Restaurants, Inc.†# | 11,100 | 329,004 | ||||||
Bloomin’ Brands, Inc.†# | 21,600 | 565,920 | ||||||
Brinker International, Inc.# | 10,900 | 512,627 | ||||||
Carrols Restaurant Group, Inc.† | 15,000 | 100,500 | ||||||
Cheesecake Factory, Inc.# | 9,700 | 472,875 | ||||||
Cracker Barrel Old Country Store, Inc.# | 20,891 | 2,266,464 | ||||||
Denny’s Corp.†# | 8,400 | 60,480 | ||||||
DineEquity, Inc.# | 24,575 | 2,067,495 | ||||||
Famous Dave’s Of America, Inc.† | 10,500 | 210,735 | ||||||
Jack in the Box, Inc.† | 21,300 | 1,008,555 | ||||||
Jamba, Inc.† | 520 | 6,136 | ||||||
Krispy Kreme Doughnuts, Inc.†# | 23,300 | 591,354 | ||||||
Noodles & Co.†# | 1,100 | 44,693 | ||||||
Papa John’s International, Inc. | 30,136 | 2,557,793 | ||||||
Red Robin Gourmet Burgers, Inc.†# | 44,335 | 3,533,943 | ||||||
Sonic Corp.†# | 28,362 | 561,284 | ||||||
14,889,858 | ||||||||
Retail - Sporting Goods — 0.3% | ||||||||
Hibbett Sports, Inc.†# | 8,400 | 542,388 | ||||||
Zumiez, Inc.†# | 16,300 | 452,651 | ||||||
995,039 | ||||||||
Retail - Toy Stores — 0.0% | ||||||||
Build-A-Bear Workshop, Inc.† | 16,500 | 152,955 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.7% | ||||||||
GNC Holdings, Inc., Class A | 42,590 | 2,563,066 | ||||||
Retirement/Aged Care — 0.0% | ||||||||
Five Star Quality Care, Inc.† | 24,000 | 118,320 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Savings & Loans/Thrifts — 0.7% | ||||||||
Banc of California, Inc. | 10,000 | $ | 128,200 | |||||
Bank Mutual Corp. | 26,600 | 184,338 | ||||||
BankFinancial Corp. | 12,568 | 122,412 | ||||||
Capitol Federal Financial, Inc.# | 38,940 | 469,616 | ||||||
ESSA Bancorp, Inc. | 9,000 | 104,220 | ||||||
First Defiance Financial Corp. | 5,800 | 156,600 | ||||||
Fox Chase Bancorp, Inc. | 5,000 | 88,350 | ||||||
Hampden Bancorp, Inc. | 7,500 | 122,100 | ||||||
Home Bancorp, Inc.† | 6,600 | 125,268 | ||||||
Louisiana Bancorp, Inc.† | 5,700 | 100,263 | ||||||
Meta Financial Group, Inc. | 5,200 | 201,760 | ||||||
Naugatuck Valley Financial Corp.† | 9,500 | 70,205 | ||||||
Oneida Financial Corp. | 6,000 | 77,100 | ||||||
Pacific Premier Bancorp, Inc.† | 12,600 | 183,204 | ||||||
Territorial Bancorp, Inc. | 4,000 | 95,560 | ||||||
United Community Financial Corp.† | 26,500 | 99,640 | ||||||
United Financial Bancorp, Inc. | 8,687 | 171,395 | ||||||
Waterstone Financial, Inc.† | 10,061 | 113,891 | ||||||
Westfield Financial, Inc. | 16,000 | 118,240 | ||||||
2,732,362 | ||||||||
Schools — 0.0% | ||||||||
Learning Tree International, Inc.† | 14,700 | 41,307 | ||||||
Lincoln Educational Services Corp. | 20,000 | 107,000 | ||||||
148,307 | ||||||||
Seismic Data Collection — 0.1% | ||||||||
Dawson Geophysical Co.† | 5,100 | 164,832 | ||||||
Global Geophysical Services, Inc.† | 30,000 | 45,600 | ||||||
ION Geophysical Corp.†# | 23,300 | 89,938 | ||||||
TGC Industries, Inc. | 20,065 | 144,468 | ||||||
444,838 | ||||||||
Semiconductor Components - Integrated Circuits — 0.9% | ||||||||
Hittite Microwave Corp.†# | 30,366 | 1,920,042 | ||||||
Pericom Semiconductor Corp.† | 14,100 | 134,514 | ||||||
Power Integrations, Inc.# | 20,977 | 1,121,431 | ||||||
Sigma Designs, Inc.† | 23,500 | 131,835 | ||||||
TriQuint Semiconductor, Inc.†# | 4,600 | 36,248 | ||||||
3,344,070 | ||||||||
Semiconductor Equipment — 0.5% | ||||||||
Amtech Systems, Inc.† | 6,100 | 46,604 | ||||||
Mattson Technology, Inc.† | 34,500 | 92,460 | ||||||
Ultra Clean Holdings, Inc.† | 14,700 | 146,412 | ||||||
Veeco Instruments, Inc.†# | 47,046 | 1,515,822 | ||||||
1,801,298 | ||||||||
Steel Pipe & Tube — 0.7% | ||||||||
Mueller Water Products, Inc., Class A | 22,400 | 192,864 | ||||||
Valmont Industries, Inc.# | 17,692 | 2,560,209 | ||||||
2,753,073 | ||||||||
Steel - Producers — 0.1% | ||||||||
Friedman Industries, Inc. | 10,000 | 85,200 | ||||||
Schnitzer Steel Industries, Inc., Class A# | 10,700 | 327,795 | ||||||
412,995 | ||||||||
Storage/Warehousing — 0.1% | ||||||||
Mobile Mini, Inc. | 5,700 | 230,280 | ||||||
Telecom Equipment - Fiber Optics — 0.5% | ||||||||
Finisar Corp.†# | 15,774 | 326,364 | ||||||
JDS Uniphase Corp.†# | 122,953 | 1,492,649 | ||||||
KVH Industries, Inc.† | 14,357 | 203,008 | ||||||
2,022,021 | ||||||||
192
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Telecom Services — 0.3% | ||||||||
Allot Communications, Ltd.†# | 13,000 | $ | 169,520 | |||||
Aviat Networks, Inc.† | 46,800 | 118,404 | ||||||
Hawaiian Telcom Holdco, Inc.† | 5,000 | 151,650 | ||||||
Premiere Global Services, Inc.† | 19,400 | 181,002 | ||||||
Straight Path Communications, Inc., Class B | 5,950 | 47,005 | ||||||
tw telecom, Inc.†# | 16,800 | 475,776 | ||||||
1,143,357 | ||||||||
Telecommunication Equipment — 0.9% | ||||||||
ADTRAN, Inc.# | 20,100 | 516,168 | ||||||
ARRIS Group, Inc.†# | 115,599 | 2,372,091 | ||||||
Aware, Inc.† | 14,500 | 85,840 | ||||||
ShoreTel, Inc.† | 38,000 | 307,040 | ||||||
Westell Technologies, Inc.† Class A | 41,700 | 173,889 | ||||||
3,455,028 | ||||||||
Telephone - Integrated — 0.2% | ||||||||
Alaska Communications Systems Group, Inc.† | 77,000 | 170,170 | ||||||
HickoryTech Corp. | 9,800 | 134,162 | ||||||
IDT Corp., Class B | 11,900 | 264,299 | ||||||
568,631 | ||||||||
Textile - Apparel — 0.0% | ||||||||
Cherokee, Inc. | 6,400 | 91,648 | ||||||
Textile - Products — 0.1% | ||||||||
Culp, Inc. | 12,300 | 248,829 | ||||||
Therapeutics — 0.4% | ||||||||
Anika Therapeutics, Inc.† | 8,000 | 274,800 | ||||||
AVANIR Pharmaceuticals, Inc., Class A†# | 42,600 | 189,144 | ||||||
BioMarin Pharmaceutical, Inc.† | 6,400 | 450,432 | ||||||
Isis Pharmaceuticals, Inc.† | 8,800 | 341,088 | ||||||
Theravance, Inc.†# | 2,300 | 86,848 | ||||||
1,342,312 | ||||||||
Transactional Software — 0.1% | ||||||||
Bottomline Technologies de, Inc.†# | 15,000 | 518,550 | ||||||
Transport - Equipment & Leasing — 0.1% | ||||||||
Willis Lease Finance Corp.† | 10,000 | 182,400 | ||||||
Transport - Marine — 0.0% | ||||||||
Navigator Holdings, Ltd.# | 1,800 | 38,070 | ||||||
Transport - Services — 0.2% | ||||||||
Horizon North Logistics, Inc. | 18,800 | 159,484 | ||||||
Matson, Inc.# | 1,400 | 35,042 | ||||||
Pacer International, Inc.† | 30,000 | 272,400 | ||||||
UTi Worldwide, Inc.# | 11,600 | 183,396 | ||||||
650,322 | ||||||||
Transport - Truck — 2.1% | ||||||||
Celadon Group, Inc.# | 121,689 | 2,534,782 | ||||||
Covenant Transportation Group, Inc., Class A† | 14,200 | 116,724 | ||||||
Heartland Express, Inc.# | 665 | 12,190 | ||||||
Knight Transportation, Inc.# | 27,175 | 485,617 | ||||||
Landstar System, Inc.# | 34,200 | 1,919,646 | ||||||
Old Dominion Freight Line, Inc.† | 56,017 | 2,886,556 | ||||||
7,955,515 | ||||||||
Virtual Reality Products — 0.0% | ||||||||
RealD, Inc.†# | 1,100 | 9,856 | ||||||
Vitamins & Nutrition Products — 0.1% | ||||||||
Nutraceutical International Corp.† | 8,200 | 209,920 | ||||||
Omega Protein Corp.† | 9,000 | 121,950 | ||||||
331,870 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Water — 0.0% | ||||||||
York Water Co. | 7,000 | $ | 153,230 | |||||
Wire & Cable Products — 0.9% | ||||||||
Belden, Inc. | 39,279 | 2,750,316 | ||||||
Encore Wire Corp.# | 3,900 | 195,858 | ||||||
General Cable Corp.# | 15,000 | 437,100 | ||||||
3,383,274 | ||||||||
Wireless Equipment — 0.2% | ||||||||
Aruba Networks, Inc.†# | 23,400 | 417,456 | ||||||
ID Systems, Inc.† | 22,000 | 136,840 | ||||||
RF Micro Devices, Inc.†# | 13,600 | 71,808 | ||||||
Tessco Technologies, Inc. | 5,900 | 232,519 | ||||||
858,623 | ||||||||
Total Common Stocks | ||||||||
(cost $250,458,606) | 375,361,644 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.1% |
| |||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Apptio Inc. | 5,641 | 128,020 | ||||||
E-Commerce/Services — 0.0% |
| |||||||
Coupons.com, Inc.†(1)(2)(3) | 16,166 | 57,874 | ||||||
Internet Infrastructure Software — 0.0% | ||||||||
MongoDB, Inc. | 4,475 | 74,841 | ||||||
Oil Companies - Exploration & Production — 0.0% | ||||||||
GeoMet, Inc. | 3,941 | 30,346 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $291,802) | 291,081 | |||||||
RIGHTS †— 0.0% |
| |||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Cubist Pharmaceuticals, Inc. | 2,900 | 4,785 | ||||||
WARRANTS †— 0.0% | ||||||||
Oil Companies - Exploration & Production — 0.0% | ||||||||
FieldPoint Petroleum Corp. | 31,900 | 16,269 | ||||||
CONVERTIBLE BONDS & NOTES — 0.0% | ||||||||
Machinery - Construction & Mining — 0.0% | ||||||||
Terex Corp. | $ | 36,000 | 82,057 | |||||
Total Long - Term Investment Securities | ||||||||
(cost $250,812,346) | 375,755,836 | |||||||
193
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 15.1% | ||||||||
Registered Investment Companies — 14.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(5) | 51,691,305 | 51,691,305 | ||||||
T. Rowe Price Reserve Investment Fund | 1,684,367 | 1,684,367 | ||||||
53,375,672 | ||||||||
Time Deposits — 1.1% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/02/2013 | $ | 4,411,000 | 4,411,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $57,786,672) | 57,786,672 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $308,599,018)(6) | 113.7 | % | 433,542,508 | |||||
Liabilities in excess of other assets | (13.7 | ) | (52,336,698 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 381,205,810 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(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, 2013, the Small Cap Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Value | Value per Share | Value as a % of Net Assets | ||||||||||||||||||
Apptio, | 03/09/2012 | 5,641 | $ | 101,069 | $ | 128,020 | $ | 22.69 | 0.0 | % | ||||||||||||||
Coupons.com, Inc. | 06/01/2011 | 8,083 | 88,806 | |||||||||||||||||||||
08/18/2011 | 8,083 | — | ||||||||||||||||||||||
16,166 | $ | 88,806 | 57,874 | 3.58 | 0.0 | % | ||||||||||||||||||
Grubhub Seamless, Inc. | 08/13/2013 | 10,533 | 89,931 | 89,931 | 8.54 | 0.0 | % | |||||||||||||||||
MongoDB, Inc. | 10/02/2013 | 4,475 | 74,841 | 74,841 | 16.72 | 0.0 | % | |||||||||||||||||
$ | 350,666 | 0.0 | % | |||||||||||||||||||||
(2) | Illiquid security. At November 30, 2013, the aggregate value of these securities was $350,666 representing 0.10% of net assets. |
(3) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 1. |
(4) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2013. |
(5) | At November 30, 2013, the Fund had loaned securities with a total value of $52,332,603. This was secured by collateral of $51,691,305, which was received in cash and subsequently invested in short-term investments currently valued at $51,691,305 as reported in the portfolio of investments. Additional collateral of $1,899,130 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||||
Federal National Mtg. Assoc. | 3.00% to 4.00% | 10/25/2029 to 05/25/2042 | $ | 595,982 | ||||
United States Treasury Notes/Bonds | 0.25% to 5.38% | 11/15/2014 to 05/25/2042 | 1,303,148 |
(6) | 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, 2013 (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 Stocks: | ||||||||||||||||
Bank - Commercial | $ | 34,749,309 | $ | — | $ | — | $ | 34,749,309 | ||||||||
Food - Misc./Diversified | 1,138,616 | — | 89,931 | 1,228,547 | ||||||||||||
Other Industries* | 339,383,788 | — | — | 339,383,788 | ||||||||||||
Convertible Preferred Securities | ||||||||||||||||
Oil Companies - Exploration & Production | 30,346 | — | — | 30,346 | ||||||||||||
Other Industries* | — | — | 260,735 | 260,735 | ||||||||||||
Rights | 4,785 | — | — | 4,785 | ||||||||||||
Warrants | 16,269 | — | — | 16,269 | ||||||||||||
Convertible Bonds & Notes | — | 82,057 | — | 82,057 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 53,375,672 | — | — | 53,375,672 | ||||||||||||
Time Deposits | — | 4,411,000 | — | 4,411,000 | ||||||||||||
Total | $ | 428,698,785 | $ | 4,493,057 | $ | 350,666 | $ | 433,542,508 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfer between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
194
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Registered Investment Companies | 11.2 | % | ||
Banks — Commercial | 7.0 | |||
Real Estate Investment Trusts | 6.7 | |||
Medical — Biomedical/Gene | 2.3 | |||
Oil Companies — Exploration & Production | 2.3 | |||
U.S. Government Treasuries | 1.9 | |||
Medical — Drugs | 1.8 | |||
Retail — Restaurants | 1.7 | |||
Electric — Integrated | 1.6 | |||
Electronic Components — Semiconductors | 1.6 | |||
Retail — Apparel/Shoe | 1.5 | |||
Enterprise Software/Service | 1.3 | |||
Commercial Services | 1.3 | |||
Savings & Loans/Thrifts | 1.3 | |||
Medical Products | 1.3 | |||
Oil — Field Services | 1.2 | |||
Insurance — Property/Casualty | 1.2 | |||
Medical Instruments | 1.1 | |||
Repurchase Agreements | 1.0 | |||
Distribution/Wholesale | 1.0 | |||
Chemicals — Specialty | 1.0 | |||
Investment Companies | 1.0 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Computer Services | 0.9 | |||
Applications Software | 0.9 | |||
Consulting Services | 0.9 | |||
Machinery — General Industrial | 0.9 | |||
Gas — Distribution | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Therapeutics | 0.8 | |||
Commercial Services — Finance | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Airlines | 0.7 | |||
Human Resources | 0.7 | |||
Metal Processors & Fabrication | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Building & Construction Products — Misc. | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Footwear & Related Apparel | 0.7 | |||
Chemicals — Diversified | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Telecommunication Equipment | 0.6 | |||
Data Processing/Management | 0.6 | |||
Wireless Equipment | 0.6 | |||
Transport — Truck | 0.6 | |||
Medical — HMO | 0.6 | |||
Medical Information Systems | 0.6 | |||
Building — Residential/Commercial | 0.6 | |||
Transport — Services | 0.6 | |||
Paper & Related Products | 0.5 | |||
Retail — Automobile | 0.5 | |||
Networking Products | 0.5 | |||
Computer Software | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Printing — Commercial | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
Schools | 0.4 | |||
Finance — Other Services | 0.4 | |||
Office Furnishings — Original | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Insurance — Reinsurance | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Transport — Marine | 0.4 | |||
Wire & Cable Products | 0.4 |
Coal | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Lighting Products & Systems | 0.4 | |||
Food — Retail | 0.4 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Internet Content — Information/News | 0.3 | |||
Telecom Services | 0.3 | |||
E — Commerce/Services | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Medical — Outpatient/Home Medical | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Pipelines | 0.3 | |||
Transactional Software | 0.3 | |||
Financial Guarantee Insurance | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Filtration/Separation Products | 0.3 | |||
Home Furnishings | 0.3 | |||
Internet Application Software | 0.3 | |||
Instruments — Controls | 0.3 | |||
E — Marketing/Info | 0.3 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Water | 0.3 | |||
Chemicals — Plastics | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Television | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Leisure Products | 0.3 | |||
Satellite Telecom | 0.3 | |||
Retail — Home Furnishings | 0.3 | |||
Retail — Convenience Store | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Lasers — System/Components | 0.3 | |||
E — Commerce/Products | 0.3 | |||
Computers — Periphery Equipment | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Multimedia | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Steel — Producers | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Security Services | 0.2 | |||
Computer Aided Design | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Audio/Video Products | 0.2 | |||
Alternative Waste Technology | 0.2 | |||
Physical Therapy/Rehabilitation Centers | 0.2 | |||
Retail — Pawn Shops | 0.2 | |||
Retail — Discount | 0.2 | |||
Auction Houses/Art Dealers | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Batteries/Battery Systems | 0.2 | |||
Patient Monitoring Equipment | 0.2 | |||
Retail — Building Products | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
Auto/Truck Parts & Equipment — Replacement | 0.2 | |||
Food — Canned | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Research & Development | 0.2 | |||
Medical Sterilization Products | 0.2 | |||
Non — Ferrous Metals | 0.2 | |||
Linen Supply & Related Items | 0.2 | |||
Building — Heavy Construction | 0.2 |
195
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)
Industry Allocation* (continued)
Telephone — Integrated | 0.2 | % | ||
Cellular Telecom | 0.2 | |||
Retail — Office Supplies | 0.2 | |||
Independent Power Producers | 0.2 | |||
Retail — Sporting Goods | 0.2 | |||
Poultry | 0.2 | |||
Internet Connectivity Services | 0.2 | |||
Agricultural Operations | 0.2 | |||
Drug Delivery Systems | 0.2 | |||
Tobacco | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
E — Services/Consulting | 0.1 | |||
Racetracks | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Insurance — Multi — line | 0.1 | |||
Recreational Centers | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Building Products — Cement | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Brewery | 0.1 | |||
Electronic Design Automation | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Identification Systems | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Hotels/Motels | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Veterinary Diagnostics | 0.1 | |||
Diversified Minerals | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
Casino Services | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Retail — Vitamins & Nutrition Supplements | 0.1 | |||
Gambling (Non — Hotel) | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Theaters | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Heart Monitors | 0.1 | |||
Rubber — Tires | 0.1 | |||
Casino Hotels | 0.1 | |||
Retail — Appliances | 0.1 | |||
Physicians Practice Management | 0.1 | |||
Entertainment Software | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Electronic Security Devices | 0.1 | |||
B2B/E — Commerce | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Machinery — Farming | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Building Products — Wood | 0.1 |
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Platinum | 0.1 | |||
Communications Software | 0.1 | |||
Precious Metals | 0.1 | |||
Circuit Boards | 0.1 | |||
Venture Capital | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Computer Graphics | 0.1 | |||
Internet Incubators | 0.1 | |||
Chemicals — Other | 0.1 | |||
Radio | 0.1 | |||
Insurance Brokers | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Decision Support Software | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Travel Services | 0.1 | |||
Publishing — Books | 0.1 | |||
Pollution Control | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Silver Mining | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Internet Telephone | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Appliances | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Diversified Operations | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Finance — Commercial | 0.1 | |||
Medical Laser Systems | 0.1 | |||
Advertising Agencies | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Auto — Truck Trailers | 0.1 | |||
111.1 | % | |||
* | Calculated as a percentage of net assets |
196
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.0% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
MDC Partners, Inc., Class A | 25,373 | $ | 577,478 | |||||
Advertising Services — 0.0% |
| |||||||
Marchex, Inc., Class B | 15,205 | 142,623 | ||||||
Marin Software, Inc.† | 6,152 | 54,015 | ||||||
Millennial Media, Inc.†# | 23,654 | 150,439 | ||||||
347,077 | ||||||||
Aerospace/Defense — 0.5% |
| |||||||
Aerovironment, Inc.† | 12,415 | 374,561 | ||||||
Cubic Corp. | 13,302 | 745,444 | ||||||
Esterline Technologies Corp.† | 20,968 | 1,845,603 | ||||||
Kratos Defense & Security Solutions, Inc.† | 29,456 | 197,061 | ||||||
National Presto Industries, Inc. | 3,232 | 247,603 | ||||||
Teledyne Technologies, Inc.† | 25,048 | 2,322,701 | ||||||
5,732,973 | ||||||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
AAR Corp. | 26,634 | 831,513 | ||||||
Astronics Corp.† | 8,419 | 440,230 | ||||||
Astronics Corp., Class B† | 1,683 | 87,583 | ||||||
Curtiss-Wright Corp. | 31,386 | 1,656,239 | ||||||
Ducommun, Inc.† | 7,108 | 180,117 | ||||||
Erickson Air-Crane, Inc.†# | 2,526 | 47,767 | ||||||
GenCorp, Inc.†# | 40,554 | 743,760 | ||||||
HEICO Corp. | 44,470 | 2,538,348 | ||||||
Innovative Solutions & Support, Inc. | 8,435 | 64,949 | ||||||
Kaman Corp. | 18,121 | 722,303 | ||||||
LMI Aerospace, Inc.†# | 6,951 | 88,208 | ||||||
Moog, Inc., Class A† | 30,376 | 2,085,920 | ||||||
Orbital Sciences Corp.† | 40,212 | 944,178 | ||||||
10,431,115 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
Intrepid Potash, Inc.†# | 36,678 | 566,675 | ||||||
Rentech, Inc.# | 151,419 | 274,068 | ||||||
840,743 | ||||||||
Agricultural Operations — 0.2% |
| |||||||
Alico, Inc.# | 1,935 | 75,426 | ||||||
Andersons, Inc. | 12,535 | 1,066,352 | ||||||
Griffin Land & Nurseries, Inc. | 1,760 | 58,080 | ||||||
Limoneira Co.# | 6,710 | 176,809 | ||||||
Tejon Ranch Co.† | 9,238 | 329,520 | ||||||
1,706,187 | ||||||||
Airlines — 0.7% |
| |||||||
Allegiant Travel Co. | 10,047 | 1,112,203 | ||||||
Hawaiian Holdings, Inc.†# | 34,804 | 317,412 | ||||||
JetBlue Airways Corp.†# | 155,842 | 1,385,435 | ||||||
Republic Airways Holdings, Inc.† | 32,936 | 370,859 | ||||||
SkyWest, Inc. | 34,774 | 587,681 | ||||||
Spirit Airlines, Inc.† | 40,417 | 1,853,928 | ||||||
US Airways Group, Inc.†# | 109,774 | 2,577,494 | ||||||
8,205,012 | ||||||||
Alternative Waste Technology — 0.2% |
| |||||||
Calgon Carbon Corp.† | 36,260 | 750,944 | ||||||
Darling International, Inc.† | 79,230 | 1,642,438 | ||||||
2,393,382 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
American Apparel, Inc.†# | 38,849 | 46,230 | ||||||
Columbia Sportswear Co. | 8,660 | 600,917 | ||||||
G-III Apparel Group, Ltd.† | 11,250 | 677,813 | ||||||
Jones Group, Inc. | 53,687 | 753,766 |
Security Description | Shares | Value (Note 2) | ||||||
Apparel Manufacturers (continued) | ||||||||
Oxford Industries, Inc. | 9,018 | $ | 678,154 | |||||
Quiksilver, Inc.† | 88,857 | 790,827 | ||||||
3,547,707 | ||||||||
Appliances — 0.1% | ||||||||
iRobot Corp.†# | 18,945 | 629,163 | ||||||
Applications Software — 0.9% |
| |||||||
Actuate Corp.† | 31,723 | 249,343 | ||||||
Callidus Software, Inc.† | 25,176 | 274,922 | ||||||
Demandware, Inc.† | 10,779 | 610,846 | ||||||
Ebix, Inc.# | 20,840 | 290,301 | ||||||
Epiq Systems, Inc. | 21,082 | 352,702 | ||||||
Imperva, Inc.† | 13,535 | 608,804 | ||||||
inContact, Inc.† | 35,770 | 268,275 | ||||||
Infoblox, Inc.† | 33,567 | 1,066,759 | ||||||
Model N, Inc.† | 5,440 | 44,663 | ||||||
PDF Solutions, Inc.† | 16,845 | 390,804 | ||||||
Progress Software Corp.† | 36,959 | 973,500 | ||||||
PTC, Inc.† | 80,184 | 2,609,187 | ||||||
RealPage, Inc.† | 31,199 | 699,170 | ||||||
Tangoe, Inc.† | 20,764 | 326,825 | ||||||
Verint Systems, Inc.† | 35,318 | 1,339,259 | ||||||
10,105,360 | ||||||||
Athletic Equipment — 0.0% |
| |||||||
Black Diamond, Inc.† | 15,195 | 202,853 | ||||||
Nautilus, Inc.† | 20,797 | 157,434 | ||||||
360,287 | ||||||||
Auction House/Art Dealers — 0.2% |
| |||||||
Sotheby's | 45,770 | 2,346,170 | ||||||
Audio/Video Products — 0.2% |
| |||||||
Daktronics, Inc. | 24,489 | 374,682 | ||||||
DTS, Inc.† | 12,242 | 274,098 | ||||||
Skullcandy, Inc.† | 12,085 | 73,356 | ||||||
TiVo, Inc.† | 84,856 | 1,088,702 | ||||||
Universal Electronics, Inc.† | 10,051 | 382,039 | ||||||
VOXX International Corp.† | 12,518 | 223,321 | ||||||
2,416,198 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro Muffler Brake, Inc. | 20,959 | 1,112,085 | ||||||
Auto - Truck Trailers — 0.1% |
| |||||||
Wabash National Corp.† | 45,901 | 557,238 | ||||||
Auto/Truck Parts & Equipment - Original — 0.8% |
| |||||||
Accuride Corp.†# | 26,865 | 94,296 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 45,061 | 901,220 | ||||||
Dana Holding Corp. | 98,427 | 1,996,100 | ||||||
Federal-Mogul Corp.† | 12,373 | 253,894 | ||||||
Fuel Systems Solutions, Inc.† | 9,415 | 128,609 | ||||||
Gentherm, Inc.† | 22,406 | 541,329 | ||||||
Meritor, Inc.† | 65,320 | 520,600 | ||||||
Miller Industries, Inc. | 7,530 | 143,221 | ||||||
Modine Manufacturing Co.† | 31,650 | 420,312 | ||||||
Spartan Motors, Inc. | 22,865 | 157,997 | ||||||
Superior Industries International, Inc. | 15,576 | 307,470 | ||||||
Tenneco, Inc.† | 40,777 | 2,340,600 | ||||||
Titan International, Inc. | 35,877 | 618,878 | ||||||
Tower International, Inc.† | 4,088 | 87,851 | ||||||
8,512,377 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.2% |
| |||||||
Commercial Vehicle Group, Inc.† | 16,066 | 122,262 | ||||||
Dorman Products, Inc.† | 16,909 | 841,730 |
197
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Auto/Truck Parts & Equipment - Replacement (continued) |
| |||||||
Douglas Dynamics, Inc. | 14,898 | $ | 237,474 | |||||
Remy International, Inc. | 9,390 | 218,130 | ||||||
Standard Motor Products, Inc. | 13,284 | 461,221 | ||||||
1,880,817 | ||||||||
B2B/E-Commerce — 0.1% |
| |||||||
ePlus, Inc.† | 2,523 | 136,293 | ||||||
Global Sources, Ltd.† | 12,681 | 97,771 | ||||||
SPS Commerce, Inc.† | 10,064 | 661,909 | ||||||
TechTarget, Inc.†# | 9,482 | 57,271 | ||||||
953,244 | ||||||||
Banks - Commercial — 7.0% |
| |||||||
1st Source Corp. | 10,113 | 323,110 | ||||||
1st United Bancorp, Inc. | 20,032 | 163,261 | ||||||
Access National Corp. | 4,898 | 77,192 | ||||||
American National Bankshares, Inc. | 5,271 | 136,835 | ||||||
Ameris Bancorp† | 16,005 | 327,622 | ||||||
Ames National Corp. | 6,241 | 142,919 | ||||||
Arrow Financial Corp.# | 7,136 | 199,808 | ||||||
Bancfirst Corp.# | 4,751 | 264,773 | ||||||
Bancorp, Inc.† | 22,019 | 402,948 | ||||||
BancorpSouth, Inc. | 63,802 | 1,525,506 | ||||||
Bank of Kentucky Financial Corp. | 4,115 | 139,210 | ||||||
Bank of Marin Bancorp | 3,648 | 167,772 | ||||||
Bank of the Ozarks, Inc. | 20,846 | 1,170,503 | ||||||
Banner Corp. | 13,046 | 566,979 | ||||||
Bar Harbor Bankshares | 2,633 | 104,004 | ||||||
BBCN Bancorp, Inc. | 52,942 | 883,602 | ||||||
BNC Bancorp | 12,279 | 187,009 | ||||||
Bridge Bancorp, Inc. | 6,015 | 149,713 | ||||||
Bridge Capital Holdings† | 6,451 | 123,214 | ||||||
Bryn Mawr Bank Corp. | 9,057 | 274,246 | ||||||
C&F Financial Corp. | 2,191 | 117,766 | ||||||
Camden National Corp. | 5,119 | 222,881 | ||||||
Capital Bank Financial Corp., Class A† | 16,621 | 387,934 | ||||||
Capital City Bank Group, Inc.† | 8,364 | 100,033 | ||||||
Cardinal Financial Corp. | 20,287 | 359,689 | ||||||
Cascade Bancorp† | 4,094 | 20,798 | ||||||
Cass Information Systems, Inc. | 6,904 | 433,226 | ||||||
Cathay General Bancorp | 52,865 | 1,460,660 | ||||||
Center Bancorp, Inc. | 7,896 | 129,731 | ||||||
Centerstate Banks, Inc. | 20,174 | 213,037 | ||||||
Central Pacific Financial Corp. | 14,631 | 290,864 | ||||||
Century Bancorp, Inc., Class A | 2,278 | 79,981 | ||||||
Chemical Financial Corp. | 18,457 | 590,993 | ||||||
Chemung Financial Corp.# | 2,415 | 80,033 | ||||||
Citizens & Northern Corp. | 8,267 | 170,962 | ||||||
City Holding Co. | 10,497 | 516,557 | ||||||
CNB Financial Corp. | 8,386 | 167,720 | ||||||
CoBiz Financial, Inc. | 23,761 | 281,568 | ||||||
Columbia Banking System, Inc. | 34,204 | 948,135 | ||||||
Community Bank System, Inc.# | 26,815 | 1,042,031 | ||||||
Community Trust Bancorp, Inc. | 9,396 | 429,679 | ||||||
CommunityOne Bancorp† | 7,051 | 83,836 | ||||||
ConnectOne Bancorp, Inc.†# | 1,172 | 45,028 | ||||||
CU Bancorp†# | 6,299 | 111,492 | ||||||
Customers Bancorp, Inc.† | 13,386 | 233,452 | ||||||
CVB Financial Corp. | 61,559 | 993,562 | ||||||
Eagle Bancorp, Inc.† | 14,953 | 487,617 | ||||||
Enterprise Bancorp, Inc. | 4,853 | 99,292 | ||||||
Enterprise Financial Services Corp. | 12,137 | 237,400 | ||||||
Farmers Capital Bank Corp.† | 5,009 | 110,699 | ||||||
Fidelity Southern Corp. | 6,981 | 124,750 | ||||||
Financial Institutions, Inc. | 9,247 | 237,648 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) | ||||||||
First Bancorp | 13,184 | $ | 225,183 | |||||
First BanCorp Puerto Rico† | 48,327 | 308,326 | ||||||
First Bancorp, Inc. | 6,404 | 114,952 | ||||||
First Busey Corp. | 48,568 | 291,408 | ||||||
First Commonwealth Financial Corp. | 65,623 | 614,231 | ||||||
First Community Bancshares, Inc. | 12,007 | 209,282 | ||||||
First Connecticut Bancorp, Inc. | 11,385 | 193,431 | ||||||
First Financial Bancorp | 38,779 | 641,017 | ||||||
First Financial Bankshares, Inc.# | 21,137 | 1,403,074 | ||||||
First Financial Corp. | 7,524 | 276,206 | ||||||
First Financial Holdings, Inc. | 16,109 | 1,061,100 | ||||||
First Interstate Bancsystem, Inc. | 11,757 | 329,196 | ||||||
First Merchants Corp. | 19,293 | 408,819 | ||||||
First Midwest Bancorp, Inc. | 50,321 | 923,894 | ||||||
First NBC Bank Holding Co.† | 2,793 | 80,662 | ||||||
First of Long Island Corp. | 5,294 | 225,789 | ||||||
First Security Group, Inc.†# | 41,843 | 87,452 | ||||||
FirstMerit Corp. | 111,097 | 2,550,787 | ||||||
FNB Corp.# | 97,209 | 1,235,526 | ||||||
Franklin Financial Corp.† | 7,209 | 145,478 | ||||||
German American Bancorp, Inc. | 8,490 | 253,766 | ||||||
Glacier Bancorp, Inc. | 48,280 | 1,446,469 | ||||||
Great Southern Bancorp, Inc. | 6,904 | 204,980 | ||||||
Guaranty Bancorp | 9,861 | 152,057 | ||||||
Hampton Roads Bankshares, Inc.† | 22,610 | 36,402 | ||||||
Hancock Holding Co. | 56,899 | 2,002,845 | ||||||
Hanmi Financial Corp. | 21,175 | 435,358 | ||||||
Heartland Financial USA, Inc. | 9,939 | 296,282 | ||||||
Heritage Commerce Corp. | 13,959 | 115,301 | ||||||
Heritage Financial Corp. | 10,155 | 174,666 | ||||||
Heritage Oaks Bancorp† | 13,525 | 108,065 | ||||||
Home BancShares, Inc. | 30,320 | 1,096,371 | ||||||
Horizon Bancorp | 5,828 | 137,075 | ||||||
Hudson Valley Holding Corp. | 11,014 | 230,853 | ||||||
Iberiabank Corp. | 19,902 | 1,247,855 | ||||||
Independent Bank Corp. | 15,338 | 585,451 | ||||||
International Bancshares Corp. | 35,784 | 933,605 | ||||||
Intervest Bancshares Corp.† | 12,001 | 89,287 | ||||||
Lakeland Bancorp, Inc. | 20,018 | 252,427 | ||||||
Lakeland Financial Corp. | 11,009 | 422,195 | ||||||
LCNB Corp. | 4,061 | 73,098 | ||||||
Macatawa Bank Corp.† | 15,909 | 81,613 | ||||||
MainSource Financial Group, Inc. | 13,659 | 245,589 | ||||||
MB Financial, Inc. | 36,733 | 1,197,863 | ||||||
Mercantile Bank Corp. | 5,835 | 130,004 | ||||||
Merchants Bancshares, Inc. | 3,758 | 119,129 | ||||||
Metro Bancorp, Inc.† | 9,476 | 212,262 | ||||||
MetroCorp Bancshares, Inc. | 10,686 | 153,130 | ||||||
Middleburg Financial Corp. | 3,565 | 74,651 | ||||||
MidSouth Bancorp, Inc. | 5,515 | 98,222 | ||||||
MidWestOne Financial Group, Inc. | 4,538 | 127,019 | ||||||
National Bankshares, Inc. | 4,657 | 176,873 | ||||||
National Penn Bancshares, Inc. | 78,445 | 885,644 | ||||||
NBT Bancorp, Inc. | 29,357 | 761,227 | ||||||
NewBridge Bancorp† | 16,930 | 126,806 | ||||||
Northrim BanCorp, Inc. | 4,366 | 114,608 | ||||||
OFG Bancorp | 30,585 | 526,062 | ||||||
Old National Bancorp | 67,948 | 1,056,591 | ||||||
OmniAmerican Bancorp, Inc.† | 7,671 | 168,992 | ||||||
Pacific Continental Corp. | 11,991 | 173,150 | ||||||
PacWest Bancorp# | 25,414 | 1,045,532 | ||||||
Palmetto Bancshares, Inc.† | 2,986 | 40,102 | ||||||
Park National Corp. | 7,718 | 651,708 | ||||||
Park Sterling Corp. | 29,975 | 212,523 | ||||||
Peapack Gladstone Financial Corp. | 6,029 | 110,512 |
198
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Banks - Commercial (continued) | ||||||||
Penns Woods Bancorp, Inc. | 2,573 | $ | 133,642 | |||||
Peoples Bancorp, Inc. | 7,239 | 173,446 | ||||||
Pinnacle Financial Partners, Inc. | 23,481 | 764,307 | ||||||
Preferred Bank† | 7,817 | 158,998 | ||||||
PrivateBancorp, Inc. | 43,506 | 1,206,421 | ||||||
Prosperity Bancshares, Inc. | 40,403 | 2,591,044 | ||||||
Renasant Corp. | 20,480 | 630,784 | ||||||
Republic Bancorp, Inc., Class A | 6,499 | 161,305 | ||||||
S&T Bancorp, Inc. | 19,922 | 524,148 | ||||||
S.Y. Bancorp, Inc. | 9,357 | 315,986 | ||||||
Sandy Spring Bancorp, Inc. | 16,732 | 488,240 | ||||||
Seacoast Banking Corp. of Florida | 49,164 | 111,111 | ||||||
Sierra Bancorp | 8,164 | 144,503 | ||||||
Simmons First National Corp., Class A# | 11,067 | 391,329 | ||||||
Southside Bancshares, Inc.# | 11,960 | 341,578 | ||||||
Southwest Bancorp, Inc.† | 13,200 | 226,644 | ||||||
State Bank Financial Corp. | 21,396 | 376,142 | ||||||
StellarOne Corp. | 15,225 | 383,975 | ||||||
Sterling Financial Corp. | 22,776 | 743,636 | ||||||
Suffolk Bancorp† | 7,753 | 158,006 | ||||||
Sun Bancorp, Inc.† | 27,109 | 99,490 | ||||||
Susquehanna Bancshares, Inc. | 124,989 | 1,573,612 | ||||||
Taylor Capital Group, Inc.† | 11,580 | 288,458 | ||||||
Texas Capital Bancshares, Inc.† | 27,336 | 1,535,463 | ||||||
Tompkins Financial Corp. | 9,689 | 485,419 | ||||||
TowneBank | 17,644 | 268,189 | ||||||
TriCo Bancshares | 10,736 | 296,206 | ||||||
Tristate Capital Holdings, Inc.†# | 4,395 | 53,399 | ||||||
TrustCo Bank Corp. | 63,147 | 479,917 | ||||||
Trustmark Corp. | 45,021 | 1,262,839 | ||||||
UMB Financial Corp.# | 21,752 | 1,394,738 | ||||||
Umpqua Holdings Corp. | 75,049 | 1,381,652 | ||||||
Union First Market Bankshares Corp. | 13,550 | 349,726 | ||||||
United Bankshares, Inc.# | 33,745 | 1,095,025 | ||||||
United Community Banks, Inc.† | 28,870 | 529,764 | ||||||
Univest Corp. of Pennsylvania | 11,190 | 234,542 | ||||||
VantageSouth Bancshares, Inc.† | 8,076 | 42,803 | ||||||
ViewPoint Financial Group, Inc. | 26,778 | 679,626 | ||||||
Virginia Commerce Bancorp, Inc.† | 18,077 | 316,348 | ||||||
Washington Banking Co. | 10,397 | 186,522 | ||||||
Washington Trust Bancorp, Inc. | 9,701 | 355,639 | ||||||
Webster Financial Corp. | 60,501 | 1,783,569 | ||||||
WesBanco, Inc. | 17,369 | 547,123 | ||||||
West Bancorporation, Inc. | 10,466 | 168,712 | ||||||
Westamerica Bancorporation# | 18,086 | 1,001,603 | ||||||
Western Alliance Bancorp† | 49,648 | 1,152,827 | ||||||
Wilshire Bancorp, Inc. | 41,511 | 438,771 | ||||||
Wintrust Financial Corp. | 24,828 | 1,126,198 | ||||||
Yadkin Financial Corp.† | 9,642 | 173,074 | ||||||
77,575,812 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Boston Private Financial Holdings, Inc. | 53,426 | 635,502 | ||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 11,035 | 178,988 | ||||||
Banks - Super Regional — 0.1% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 19,620 | 528,563 | ||||||
Independent Bank Group, Inc. | 2,542 | 121,711 | ||||||
650,274 | ||||||||
Batteries/Battery Systems — 0.2% |
| |||||||
EnerSys, Inc. | 32,257 | 2,301,537 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Coca-Cola Bottling Co. Consolidated | 3,121 | $ | 211,916 | |||||
National Beverage Corp.† | 7,601 | 160,533 | ||||||
372,449 | ||||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A† | 5,526 | 1,352,765 | ||||||
Craft Brew Alliance, Inc.† | 7,081 | 125,688 | ||||||
1,478,453 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Crown Media Holdings, Inc., Class A† | 23,229 | 77,817 | ||||||
Digital Generation, Inc.†# | 16,222 | 191,582 | ||||||
Hemisphere Media Group, Inc.†# | 5,767 | 64,302 | ||||||
Nexstar Broadcasting Group, Inc., Class A | 19,680 | 977,506 | ||||||
World Wrestling Entertainment, Inc., Class A | 19,279 | 295,161 | ||||||
1,606,368 | ||||||||
Building & Construction Products - Misc. — 0.7% |
| |||||||
Builders FirstSource, Inc.† | 29,940 | 211,077 | ||||||
Drew Industries, Inc.† | 15,357 | 832,503 | ||||||
Gibraltar Industries, Inc.† | 20,566 | 364,018 | ||||||
Louisiana-Pacific Corp.† | 93,416 | 1,532,022 | ||||||
NCI Building Systems, Inc.†# | 13,875 | 234,904 | ||||||
Nortek, Inc.† | 6,036 | 440,870 | ||||||
Patrick Industries, Inc.† | 4,469 | 139,656 | ||||||
Ply Gem Holdings, Inc.†# | 10,584 | 185,643 | ||||||
Quanex Building Products Corp. | 24,842 | 443,181 | ||||||
Simpson Manufacturing Co., Inc.# | 27,171 | 986,307 | ||||||
Trex Co., Inc.† | 11,519 | 833,861 | ||||||
USG Corp.†# | 51,390 | 1,407,572 | ||||||
7,611,614 | ||||||||
Building & Construction - Misc. — 0.3% |
| |||||||
Aegion Corp.†# | 26,225 | 570,919 | ||||||
Dycom Industries, Inc.† | 22,163 | 627,213 | ||||||
Layne Christensen Co.†# | 13,288 | 221,245 | ||||||
MasTec, Inc.† | 39,823 | 1,260,398 | ||||||
MYR Group, Inc.† | 14,064 | 357,366 | ||||||
3,037,141 | ||||||||
Building Products - Air & Heating — 0.1% |
| |||||||
AAON, Inc. | 18,814 | 578,907 | ||||||
Comfort Systems USA, Inc. | 24,934 | 511,147 | ||||||
1,090,054 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Headwaters, Inc.† | 48,990 | 473,243 | ||||||
Texas Industries, Inc.† | 14,585 | 847,680 | ||||||
US Concrete, Inc.† | 9,018 | 209,849 | ||||||
1,530,772 | ||||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
Apogee Enterprises, Inc. | 19,264 | 690,037 | ||||||
Griffon Corp. | 29,907 | 384,604 | ||||||
PGT, Inc.† | 22,237 | 222,370 | ||||||
1,297,011 | ||||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 14,483 | 125,857 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Boise Cascade Co.† | 9,069 | 232,711 | ||||||
Universal Forest Products, Inc. | 13,319 | 692,188 | ||||||
924,899 | ||||||||
Building - Heavy Construction — 0.2% |
| |||||||
Granite Construction, Inc. | 26,018 | 813,062 | ||||||
Orion Marine Group, Inc.† | 18,263 | 216,782 |
199
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Building - Heavy Construction (continued) |
| |||||||
Sterling Construction Co., Inc.† | 11,135 | $ | 135,513 | |||||
Tutor Perini Corp.† | 24,853 | 608,650 | ||||||
1,774,007 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 36,632 | 1,018,736 | ||||||
Swisher Hygiene, Inc.†# | 76,284 | 40,202 | ||||||
1,058,938 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.1% | ||||||||
Cavco Industries, Inc.† | 4,671 | 315,152 | ||||||
Winnebago Industries, Inc.† | 18,812 | 582,420 | ||||||
897,572 | ||||||||
Building - Residential/Commercial — 0.6% |
| |||||||
Beazer Homes USA, Inc.†# | 16,818 | 349,982 | ||||||
Hovnanian Enterprises, Inc., Class A†# | 75,852 | 389,121 | ||||||
KB Home# | 56,003 | 981,733 | ||||||
M/I Homes, Inc.† | 16,204 | 356,002 | ||||||
MDC Holdings, Inc. | 26,186 | 791,341 | ||||||
Meritage Homes Corp.† | 24,231 | 1,055,987 | ||||||
Ryland Group, Inc.# | 30,916 | 1,221,800 | ||||||
Standard Pacific Corp.† | 99,346 | 812,650 | ||||||
TRI Pointe Homes, Inc.† | 9,909 | 196,694 | ||||||
William Lyon Homes, Class A† | 9,222 | 200,578 | ||||||
6,355,888 | ||||||||
Capacitors — 0.0% |
| |||||||
Kemet Corp.† | 30,112 | 180,672 | ||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp.†# | 37,921 | 434,195 | ||||||
Caesars Entertainment Corp.†# | 24,774 | 506,381 | ||||||
Monarch Casino & Resort, Inc.† | 5,755 | 102,151 | ||||||
1,042,727 | ||||||||
Casino Services — 0.1% |
| |||||||
Multimedia Games Holding Co., Inc.† | 19,351 | 561,179 | ||||||
Scientific Games Corp., Class A† | 32,004 | 574,472 | ||||||
1,135,651 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
Comverse, Inc.† | 14,874 | 498,279 | ||||||
Leap Wireless International, Inc.† | 36,186 | 601,050 | ||||||
NII Holdings, Inc.†# | 115,308 | 292,882 | ||||||
NTELOS Holdings Corp. | 10,245 | 219,345 | ||||||
Vringo, Inc.†# | 44,943 | 143,368 | ||||||
1,754,924 | ||||||||
Chemicals - Diversified — 0.6% |
| |||||||
Aceto Corp. | 18,362 | 395,334 | ||||||
Axiall Corp. | 46,790 | 2,119,587 | ||||||
Chemtura Corp.† | 65,897 | 1,739,681 | ||||||
Innophos Holdings, Inc. | 14,718 | 706,169 | ||||||
Innospec, Inc. | 15,752 | 767,280 | ||||||
Olin Corp.# | 53,823 | 1,336,425 | ||||||
7,064,476 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Zoltek Cos., Inc.† | 18,439 | 308,484 | ||||||
Chemicals - Other — 0.1% |
| |||||||
American Vanguard Corp. | 19,187 | 551,242 | ||||||
Taminco Corp.† | 10,584 | 227,768 | ||||||
779,010 | ||||||||
Chemicals - Plastics — 0.3% |
| |||||||
A. Schulman, Inc. | 19,723 | 674,527 | ||||||
Landec Corp.† | 17,381 | 204,053 |
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Plastics (continued) |
| |||||||
PolyOne Corp. | 66,607 | $ | 2,162,063 | |||||
3,040,643 | ||||||||
Chemicals - Specialty — 1.0% |
| |||||||
American Pacific Corp.† | 3,961 | 163,787 | ||||||
Balchem Corp. | 19,892 | 1,176,612 | ||||||
Ferro Corp.† | 48,557 | 676,399 | ||||||
H.B. Fuller Co. | 33,724 | 1,727,680 | ||||||
Hawkins, Inc. | 6,314 | 238,417 | ||||||
KMG Chemicals, Inc. | 5,487 | 99,754 | ||||||
Kraton Performance Polymers, Inc.† | 21,804 | 507,815 | ||||||
Minerals Technologies, Inc. | 23,369 | 1,388,119 | ||||||
Oil-Dri Corp. of America | 3,235 | 130,112 | ||||||
OM Group, Inc.† | 21,431 | 705,937 | ||||||
OMNOVA Solutions, Inc.† | 31,544 | 276,325 | ||||||
Penford Corp.† | 6,442 | 79,172 | ||||||
Quaker Chemical Corp. | 8,808 | 713,800 | ||||||
Sensient Technologies Corp. | 33,545 | 1,648,401 | ||||||
Stepan Co. | 12,636 | 801,881 | ||||||
Zep, Inc. | 15,177 | 292,309 | ||||||
10,626,520 | ||||||||
Circuit Boards — 0.1% |
| |||||||
Multi-Fineline Electronix, Inc.† | 5,883 | 83,068 | ||||||
Park Electrochemical Corp. | 13,967 | 414,960 | ||||||
TTM Technologies, Inc.† | 35,483 | 344,185 | ||||||
842,213 | ||||||||
Coal — 0.4% |
| |||||||
Alpha Natural Resources, Inc.†# | 148,008 | 988,694 | ||||||
Arch Coal, Inc.# | 142,273 | 580,474 | ||||||
Cloud Peak Energy, Inc.† | 40,773 | 674,385 | ||||||
Hallador Energy Co. | 5,823 | 46,060 | ||||||
L&L Energy, Inc.†#(7) | 20,146 | 33,845 | ||||||
SunCoke Energy, Inc.† | 46,908 | 1,063,404 | ||||||
Walter Energy, Inc.# | 41,943 | 596,849 | ||||||
Westmoreland Coal Co.† | 7,887 | 117,990 | ||||||
4,101,701 | ||||||||
Coffee — 0.0% |
| |||||||
Farmer Bros. Co.† | 3,964 | 80,866 | ||||||
Commercial Services — 1.3% |
| |||||||
Acacia Research Corp.# | 32,976 | 490,683 | ||||||
Convergys Corp. | 70,426 | 1,445,142 | ||||||
CoStar Group, Inc.† | 19,132 | 3,563,144 | ||||||
ExlService Holdings, Inc.† | 21,872 | 576,546 | ||||||
Healthcare Services Group, Inc. | 45,866 | 1,329,655 | ||||||
HMS Holdings Corp.† | 58,790 | 1,346,879 | ||||||
Intersections, Inc. | 6,340 | 49,072 | ||||||
Live Nation Entertainment, Inc.† | 94,338 | 1,732,989 | ||||||
Mac-Gray Corp. | 8,114 | 172,828 | ||||||
Medifast, Inc.† | 9,256 | 250,745 | ||||||
National Research Corp., Class A† | 6,579 | 120,461 | ||||||
Performant Financial Corp.† | 14,975 | 157,088 | ||||||
PHH Corp.†# | 38,274 | 920,107 | ||||||
Providence Service Corp.† | 7,109 | 194,929 | ||||||
RPX Corp.† | 21,716 | 358,748 | ||||||
ServiceSource International, Inc.†# | 40,937 | 397,498 | ||||||
SP Plus Corp.† | 10,330 | 252,465 | ||||||
Steiner Leisure, Ltd.† | 9,834 | 581,779 | ||||||
Team, Inc.† | 13,801 | 564,737 | ||||||
TeleTech Holdings, Inc.† | 13,350 | 342,828 | ||||||
14,848,323 | ||||||||
200
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Commercial Services - Finance — 0.8% |
| |||||||
Cardtronics, Inc.† | 30,069 | $ | 1,280,639 | |||||
CBIZ, Inc.†# | 25,501 | 228,489 | ||||||
Euronet Worldwide, Inc.† | 33,413 | 1,618,860 | ||||||
EVERTEC, Inc. | 19,778 | 436,500 | ||||||
Global Cash Access Holdings, Inc.† | 44,387 | 432,773 | ||||||
Green Dot Corp., Class A†# | 17,293 | 419,355 | ||||||
Heartland Payment Systems, Inc. | 24,353 | 1,093,693 | ||||||
JTH Holding, Inc.† | 3,073 | 74,828 | ||||||
MoneyGram International, Inc.† | 14,354 | 302,726 | ||||||
PRGX Global, Inc.† | 19,337 | 127,237 | ||||||
Tree.com, Inc.† | 4,305 | 129,882 | ||||||
WEX, Inc.† | 26,008 | 2,581,554 | ||||||
Xoom Corp.† | 4,902 | 135,467 | ||||||
8,862,003 | ||||||||
Communications Software — 0.1% |
| |||||||
Audience, Inc.†# | 6,450 | 65,145 | ||||||
Digi International, Inc.† | 17,327 | 199,261 | ||||||
Jive Software, Inc.† | 26,537 | 294,295 | ||||||
Seachange International, Inc.† | 21,948 | 325,708 | ||||||
884,409 | ||||||||
Computer Aided Design — 0.2% |
| |||||||
Aspen Technology, Inc.† | 62,815 | 2,483,077 | ||||||
Computer Data Security — 0.0% |
| |||||||
Qualys, Inc.† | 9,984 | 246,804 | ||||||
Computer Graphics — 0.1% |
| |||||||
Monotype Imaging Holdings, Inc. | 25,623 | 798,156 | ||||||
Computer Services — 0.9% |
| |||||||
Acorn Energy, Inc.# | 12,127 | 46,325 | ||||||
CACI International, Inc., Class A†# | 15,463 | 1,109,779 | ||||||
Carbonite, Inc.† | 8,114 | 100,614 | ||||||
CIBER, Inc.† | 50,007 | 198,028 | ||||||
Computer Task Group, Inc. | 10,377 | 197,578 | ||||||
FleetMatics Group PLC†# | 10,956 | 423,997 | ||||||
iGATE Corp.† | 23,347 | 781,658 | ||||||
Insight Enterprises, Inc.† | 29,172 | 702,170 | ||||||
j2 Global, Inc. | 30,788 | 1,476,900 | ||||||
KEYW Holding Corp.†# | 21,368 | 264,750 | ||||||
LivePerson, Inc.†# | 36,920 | 453,747 | ||||||
Manhattan Associates, Inc.† | 13,046 | 1,568,912 | ||||||
Sykes Enterprises, Inc.† | 26,324 | 582,813 | ||||||
Syntel, Inc. | 10,347 | 914,364 | ||||||
Unisys Corp.† | 29,584 | 812,672 | ||||||
Virtusa Corp.† | 13,706 | 483,685 | ||||||
10,117,992 | ||||||||
Computer Software — 0.5% |
| |||||||
Accelrys, Inc.† | 37,435 | 364,242 | ||||||
AVG Technologies NV†# | 16,045 | 277,258 | ||||||
Avid Technology, Inc.† | 20,835 | 184,390 | ||||||
Blackbaud, Inc. | 30,598 | 1,106,730 | ||||||
Cornerstone OnDemand, Inc.† | 27,058 | 1,364,264 | ||||||
Envestnet, Inc.† | 15,137 | 601,696 | ||||||
Guidance Software, Inc.†# | 11,248 | 104,044 | ||||||
Planet Payment, Inc.† | 28,492 | 66,956 | ||||||
SS&C Technologies Holdings, Inc.† | 39,049 | 1,683,402 | ||||||
5,752,982 | ||||||||
Computers — 0.0% |
| |||||||
Silicon Graphics International Corp.†# | 22,671 | 301,978 | ||||||
Computers - Integrated Systems — 0.3% |
| |||||||
Agilysys, Inc.† | 9,531 | 124,570 | ||||||
Cray, Inc.† | 26,561 | 632,417 |
Security Description | Shares | Value (Note 2) | ||||||
Computers - Integrated Systems (continued) |
| |||||||
Maxwell Technologies, Inc.†# | 19,562 | $ | 155,518 | |||||
Mercury Systems, Inc.† | 21,669 | 237,059 | ||||||
MTS Systems Corp. | 10,597 | 738,929 | ||||||
Netscout Systems, Inc.† | 24,266 | 738,414 | ||||||
Radisys Corp.† | 15,596 | 34,935 | ||||||
Silver Spring Networks, Inc.† | 3,970 | 82,139 | ||||||
Super Micro Computer, Inc.† | 21,354 | 339,102 | ||||||
3,083,083 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
Datalink Corp.† | 10,564 | 110,605 | ||||||
Fusion-io, Inc.†# | 50,975 | 511,789 | ||||||
Hutchinson Technology, Inc.† | 15,691 | 47,858 | ||||||
Imation Corp.† | 22,736 | 99,356 | ||||||
Quantum Corp.†# | 142,311 | 177,889 | ||||||
Spansion, Inc., Class A† | 31,695 | 392,701 | ||||||
1,340,198 | ||||||||
Computers - Periphery Equipment — 0.2% |
| |||||||
Electronics for Imaging, Inc.† | 31,118 | 1,232,273 | ||||||
Immersion Corp.† | 18,701 | 229,275 | ||||||
Mitek Systems, Inc.†# | 14,898 | 104,137 | ||||||
Synaptics, Inc.†# | 21,775 | 1,099,855 | ||||||
Uni-Pixel, Inc.†# | 6,775 | 87,194 | ||||||
2,752,734 | ||||||||
Computers - Voice Recognition — 0.0% |
| |||||||
Vocera Communications, Inc.† | 14,132 | 251,126 | ||||||
Consulting Services — 0.9% |
| |||||||
Accretive Health, Inc.†# | 39,414 | 334,231 | ||||||
Advisory Board Co.† | 23,796 | 1,540,077 | ||||||
Corporate Executive Board Co. | 22,531 | 1,658,958 | ||||||
CRA International, Inc.† | 6,821 | 125,984 | ||||||
Forrester Research, Inc. | 8,417 | 336,512 | ||||||
Franklin Covey Co.† | 6,099 | 124,115 | ||||||
FTI Consulting, Inc.† | 27,019 | 1,213,423 | ||||||
Hackett Group, Inc. | 17,409 | 108,806 | ||||||
Huron Consulting Group, Inc.† | 15,604 | 927,502 | ||||||
ICF International, Inc.† | 13,217 | 478,191 | ||||||
MAXIMUS, Inc. | 45,790 | 2,083,445 | ||||||
Navigant Consulting, Inc.† | 33,809 | 662,656 | ||||||
Pendrell Corp.† | 108,559 | 232,316 | ||||||
9,826,216 | ||||||||
Consumer Products - Misc. — 0.5% |
| |||||||
Blyth, Inc.# | 6,236 | 77,888 | ||||||
Central Garden and Pet Co., Class A† | 28,060 | 219,429 | ||||||
Costa, Inc.† | 6,383 | 139,788 | ||||||
CSS Industries, Inc. | 5,678 | 176,813 | ||||||
Helen of Troy, Ltd.† | 21,384 | 1,041,615 | ||||||
Prestige Brands Holdings, Inc.† | 34,285 | 1,208,203 | ||||||
Spectrum Brands Holdings, Inc. | 14,413 | 1,017,269 | ||||||
Tumi Holdings, Inc.† | 32,094 | 770,256 | ||||||
WD-40 Co. | 10,368 | 780,296 | ||||||
5,431,557 | ||||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
AEP Industries, Inc.† | 2,924 | 150,761 | ||||||
Berry Plastics Group, Inc.† | 37,113 | 796,074 | ||||||
Graphic Packaging Holding Co.† | 140,720 | 1,263,666 | ||||||
UFP Technologies, Inc.† | 3,737 | 95,667 | ||||||
2,306,168 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Elizabeth Arden, Inc.† | 17,180 | 679,126 | ||||||
Inter Parfums, Inc. | 10,995 | 400,218 | ||||||
Revlon, Inc., Class A† | 7,601 | 200,666 | ||||||
1,280,010 | ||||||||
201
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Data Processing/Management — 0.6% |
| |||||||
Acxiom Corp.† | 49,545 | $ | 1,648,858 | |||||
CommVault Systems, Inc.† | 31,157 | 2,332,101 | ||||||
CSG Systems International, Inc. | 22,714 | 655,753 | ||||||
Fair Isaac Corp. | 24,046 | 1,418,955 | ||||||
Pegasystems, Inc.# | 11,658 | 586,980 | ||||||
Schawk, Inc. | 9,033 | 135,314 | ||||||
6,777,961 | ||||||||
Decision Support Software — 0.1% |
| |||||||
Interactive Intelligence Group, Inc.† | 10,383 | 675,310 | ||||||
QAD, Inc. | 3,946 | 67,398 | ||||||
742,708 | ||||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Align Technology, Inc.† | 49,025 | 2,678,726 | ||||||
Diagnostic Equipment — 0.3% |
| |||||||
Accelerate Diagnostics, Inc.†# | 6,965 | 94,306 | ||||||
Affymetrix, Inc.†# | 47,658 | 404,617 | ||||||
Cepheid, Inc.†# | 44,982 | 2,043,083 | ||||||
GenMark Diagnostics, Inc.†# | 19,516 | 232,240 | ||||||
TearLab Corp.†# | 17,136 | 160,564 | ||||||
2,934,810 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
Meridian Bioscience, Inc.# | 27,796 | 683,226 | ||||||
OraSure Technologies, Inc.† | 37,223 | 228,921 | ||||||
Quidel Corp.† | 18,824 | 473,612 | ||||||
1,385,759 | ||||||||
Direct Marketing — 0.0% |
| |||||||
Harte-Hanks, Inc. | 28,813 | 229,351 | ||||||
ValueVision Media, Inc., Class A† | 26,331 | 151,667 | ||||||
381,018 | ||||||||
Disposable Medical Products — 0.1% |
| |||||||
ICU Medical, Inc.† | 8,680 | 570,146 | ||||||
Medical Action Industries, Inc.† | 9,752 | 83,867 | ||||||
Merit Medical Systems, Inc.† | 28,523 | 466,922 | ||||||
Utah Medical Products, Inc. | 2,219 | 118,073 | ||||||
1,239,008 | ||||||||
Distribution/Wholesale — 1.0% |
| |||||||
Beacon Roofing Supply, Inc.† | 32,632 | 1,213,258 | ||||||
BlueLinx Holdings, Inc.† | 22,645 | 40,308 | ||||||
Core-Mark Holding Co., Inc. | 7,692 | 567,824 | ||||||
Houston Wire & Cable Co. | 12,006 | 162,081 | ||||||
MWI Veterinary Supply, Inc.† | 8,581 | 1,563,201 | ||||||
Owens & Minor, Inc.# | 42,449 | 1,620,278 | ||||||
Pool Corp. | 31,227 | 1,749,961 | ||||||
Rentrak Corp.† | 7,003 | 279,420 | ||||||
ScanSource, Inc.† | 18,690 | 784,793 | ||||||
Speed Commerce, Inc.† | 26,845 | 105,769 | ||||||
Titan Machinery, Inc.†# | 11,536 | 205,456 | ||||||
United Stationers, Inc. | 27,187 | 1,222,871 | ||||||
Watsco, Inc. | 17,215 | 1,651,951 | ||||||
11,167,171 | ||||||||
Diversified Financial Services — 0.0% |
| |||||||
DFC Global Corp.† | 27,142 | 271,691 | ||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
Actuant Corp., Class A | 49,058 | 1,917,187 | ||||||
AZZ, Inc. | 17,075 | 834,626 | ||||||
Barnes Group, Inc. | 36,027 | 1,314,985 | ||||||
Blount International, Inc.† | 32,993 | 478,069 | ||||||
Chase Corp. | 4,318 | 137,571 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations (continued) |
| |||||||
EnPro Industries, Inc.†# | 13,997 | $ | 792,230 | |||||
Fabrinet† | 19,005 | 376,299 | ||||||
Federal Signal Corp.† | 41,851 | 654,131 | ||||||
GP Strategies Corp.† | 9,840 | 293,527 | ||||||
Handy & Harman, Ltd.† | 3,658 | 89,731 | ||||||
Koppers Holdings, Inc. | 13,887 | 657,966 | ||||||
LSB Industries, Inc.† | 12,816 | 411,137 | ||||||
Lydall, Inc.† | 11,420 | 203,619 | ||||||
NL Industries, Inc. | 4,527 | 52,830 | ||||||
Park-Ohio Holdings Corp.† | 5,808 | 247,305 | ||||||
Raven Industries, Inc. | 24,374 | 978,616 | ||||||
Standex International Corp. | 8,514 | 501,645 | ||||||
Tredegar Corp. | 16,501 | 431,996 | ||||||
10,373,470 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
AMCOL International Corp. | 18,663 | 581,539 | ||||||
General Moly, Inc.†# | 38,496 | 46,580 | ||||||
United States Lime & Minerals, Inc.† | 1,303 | 75,196 | ||||||
US Silica Holdings, Inc. | 14,375 | 496,082 | ||||||
1,199,397 | ||||||||
Diversified Operations — 0.1% |
| |||||||
Harbinger Group, Inc.†# | 22,134 | 265,608 | ||||||
Horizon Pharma, Inc.†# | 34,539 | 249,372 | ||||||
Resource America, Inc., Class A | 8,149 | 76,682 | ||||||
591,662 | ||||||||
Diversified Operations/Commercial Services — 0.1% |
| |||||||
Chemed Corp.# | 12,648 | 985,659 | ||||||
Viad Corp. | 13,624 | 367,848 | ||||||
1,353,507 | ||||||||
Drug Delivery Systems — 0.2% |
| |||||||
Antares Pharma, Inc.†# | 75,564 | 297,722 | ||||||
BioDelivery Sciences International, Inc.†# | 20,055 | 96,264 | ||||||
Depomed, Inc.† | 37,876 | 334,066 | ||||||
Nektar Therapeutics† | 77,419 | 972,383 | ||||||
1,700,435 | ||||||||
E-Commerce/Products — 0.3% |
| |||||||
1-800-FLOWERS.COM, Inc., Class A† | 17,279 | 87,950 | ||||||
Blue Nile, Inc.†# | 8,307 | 382,621 | ||||||
FTD Cos., Inc.† | 12,402 | 409,018 | ||||||
Net Element, Inc.†# | 1,502 | 4,025 | ||||||
Overstock.com, Inc.† | 7,496 | 209,888 | ||||||
Shutterfly, Inc.† | 25,453 | 1,202,145 | ||||||
Stamps.com, Inc.† | 8,752 | 403,205 | ||||||
Vitacost.com, Inc.†# | 14,734 | 84,573 | ||||||
2,783,425 | ||||||||
E-Commerce/Services — 0.3% |
| |||||||
Angie's List, Inc.†# | 28,317 | 368,687 | ||||||
ChannelAdvisor Corp.† | 4,017 | 137,904 | ||||||
Move, Inc.† | 26,726 | 412,917 | ||||||
OpenTable, Inc.†# | 15,272 | 1,276,281 | ||||||
Orbitz Worldwide, Inc.† | 16,081 | 111,280 | ||||||
Spark Networks, Inc.†# | 11,783 | 65,985 | ||||||
United Online, Inc. | 8,858 | 140,222 | ||||||
Zillow, Inc., Class A†# | 13,961 | 1,097,614 | ||||||
3,610,890 | ||||||||
E-Marketing/Info — 0.3% |
| |||||||
comScore, Inc.† | 23,929 | 651,108 | ||||||
Constant Contact, Inc.† | 20,585 | 563,411 | ||||||
Liquidity Services, Inc.†# | 16,659 | 385,989 | ||||||
Marketo, Inc.† | 4,671 | 135,926 |
202
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
E-Marketing/Info (continued) |
| |||||||
QuinStreet, Inc.† | 21,012 | $ | 183,855 | |||||
ReachLocal, Inc.†# | 6,967 | 88,133 | ||||||
ValueClick, Inc.†# | 51,088 | 1,093,283 | ||||||
3,101,705 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
Perficient, Inc.† | 22,453 | 486,781 | ||||||
Sapient Corp.† | 73,973 | 1,163,595 | ||||||
1,650,376 | ||||||||
Educational Software — 0.0% |
| |||||||
Rosetta Stone, Inc.† | 7,766 | 89,309 | ||||||
Electric Products - Misc. — 0.2% |
| |||||||
GrafTech International, Ltd.†# | 78,329 | 902,350 | ||||||
Graham Corp. | 6,705 | 250,633 | ||||||
Littelfuse, Inc. | 14,818 | 1,288,425 | ||||||
2,441,408 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
EnerNOC, Inc.† | 17,603 | 301,892 | ||||||
Genie Energy, Ltd.† | 8,653 | 145,370 | ||||||
447,262 | ||||||||
Electric - Generation — 0.0% |
| |||||||
Atlantic Power Corp.# | 80,315 | 297,166 | ||||||
Electric - Integrated — 1.6% |
| |||||||
ALLETE, Inc. | 26,760 | 1,318,733 | ||||||
Ameresco, Inc., Class A† | 13,107 | 120,322 | ||||||
Avista Corp. | 40,165 | 1,094,496 | ||||||
Black Hills Corp. | 29,791 | 1,497,594 | ||||||
Cleco Corp. | 40,517 | 1,852,032 | ||||||
El Paso Electric Co. | 26,955 | 971,189 | ||||||
Empire District Electric Co. | 28,601 | 649,243 | ||||||
IDACORP, Inc. | 33,672 | 1,740,169 | ||||||
MGE Energy, Inc. | 15,494 | 866,889 | ||||||
NorthWestern Corp. | 25,395 | 1,116,872 | ||||||
Otter Tail Corp. | 24,311 | 718,633 | ||||||
Pike Corp.† | 17,388 | 182,748 | ||||||
PNM Resources, Inc. | 53,394 | 1,242,478 | ||||||
Portland General Electric Co. | 50,728 | 1,512,202 | ||||||
UIL Holdings Corp. | 33,984 | 1,275,420 | ||||||
Unitil Corp. | 9,259 | 280,177 | ||||||
UNS Energy Corp. | 27,791 | 1,330,633 | ||||||
17,769,830 | ||||||||
Electronic Components - Misc. — 0.7% |
| |||||||
Bel Fuse, Inc., Class B | 6,611 | 150,268 | ||||||
Benchmark Electronics, Inc.† | 36,443 | 837,460 | ||||||
CTS Corp. | 22,470 | 408,505 | ||||||
GSI Group, Inc.† | 20,345 | 223,388 | ||||||
InvenSense, Inc.†# | 38,049 | 657,867 | ||||||
Methode Electronics, Inc. | 24,842 | 718,679 | ||||||
NVE Corp.† | 3,259 | 185,731 | ||||||
OSI Systems, Inc.† | 13,364 | 1,025,019 | ||||||
Plexus Corp.† | 22,860 | 922,858 | ||||||
Rogers Corp.† | 11,443 | 718,735 | ||||||
Sanmina Corp.† | 55,492 | 859,016 | ||||||
Sparton Corp† | 6,853 | 176,533 | ||||||
Stoneridge, Inc.† | 19,097 | 246,542 | ||||||
Viasystems Group, Inc.† | 2,444 | 36,293 | ||||||
Vishay Precision Group, Inc.† | 8,286 | 140,862 | ||||||
Zagg, Inc.† | 20,608 | 87,378 | ||||||
7,395,134 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Alpha & Omega Semiconductor, Ltd.† | 11,632 | $ | 90,148 | |||||
Ambarella, Inc.†# | 12,401 | 307,545 | ||||||
Amkor Technology, Inc.†# | 42,994 | 257,964 | ||||||
Applied Micro Circuits Corp.† | 45,362 | 569,293 | ||||||
Cavium, Inc.† | 34,413 | 1,245,751 | ||||||
Ceva, Inc.† | 14,838 | 237,260 | ||||||
Diodes, Inc.† | 24,055 | 491,444 | ||||||
DSP Group, Inc.† | 13,255 | 117,174 | ||||||
Entropic Communications, Inc.† | 60,041 | 297,803 | ||||||
GSI Technology, Inc.† | 13,761 | 95,226 | ||||||
GT Advanced Technologies, Inc.†# | 80,040 | 785,192 | ||||||
Inphi Corp.† | 17,472 | 218,400 | ||||||
Integrated Silicon Solution, Inc.† | 18,848 | 223,160 | ||||||
International Rectifier Corp.† | 46,552 | 1,114,455 | ||||||
Intersil Corp., Class A | 85,254 | 896,872 | ||||||
IXYS Corp. | 16,210 | 199,545 | ||||||
Kopin Corp.† | 44,453 | 181,368 | ||||||
Lattice Semiconductor Corp.† | 77,514 | 431,753 | ||||||
Microsemi Corp.† | 62,282 | 1,521,549 | ||||||
Mindspeed Technologies, Inc.†# | 28,991 | 145,825 | ||||||
Monolithic Power Systems, Inc. | 24,652 | 823,377 | ||||||
MoSys, Inc.† | 31,520 | 148,459 | ||||||
OmniVision Technologies, Inc.† | 36,180 | 579,965 | ||||||
Peregrine Semiconductor Corp.†# | 17,719 | 163,546 | ||||||
PLX Technology, Inc.† | 30,545 | 205,873 | ||||||
PMC-Sierra, Inc.† | 136,765 | 820,590 | ||||||
QLogic Corp.† | 59,686 | 740,703 | ||||||
Rambus, Inc.† | 74,835 | 642,833 | ||||||
Richardson Electronics, Ltd. | 8,150 | 91,525 | ||||||
Rubicon Technology, Inc.†# | 11,859 | 120,725 | ||||||
Semtech Corp.† | 45,154 | 1,341,977 | ||||||
Silicon Image, Inc.† | 51,740 | 280,431 | ||||||
SunEdison, Inc.† | 155,389 | 1,974,994 | ||||||
Supertex, Inc.† | 6,604 | 171,374 | ||||||
17,534,099 | ||||||||
Electronic Design Automation — 0.1% |
| |||||||
Mentor Graphics Corp. | 63,926 | 1,439,933 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Analogic Corp. | 8,205 | 792,767 | ||||||
Badger Meter, Inc. | 9,628 | 528,866 | ||||||
ESCO Technologies, Inc. | 17,721 | 603,577 | ||||||
FARO Technologies, Inc.† | 11,456 | 624,810 | ||||||
Itron, Inc.† | 26,500 | 1,122,275 | ||||||
Measurement Specialties, Inc.† | 10,348 | 572,659 | ||||||
Mesa Laboratories, Inc. | 1,775 | 146,899 | ||||||
Zygo Corp.† | 11,153 | 175,883 | ||||||
4,567,736 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science & Engineering, Inc. | 5,467 | 391,765 | ||||||
Taser International, Inc.† | 34,327 | 590,081 | ||||||
981,846 | ||||||||
Electronics - Military — 0.0% |
| |||||||
API Technologies Corp.† | 21,635 | 82,213 | ||||||
M/A-COM Technology Solutions Holdings, Inc.† | 7,087 | 113,392 | ||||||
195,605 | ||||||||
Energy - Alternate Sources — 0.2% |
| |||||||
Amyris, Inc.†# | 17,569 | 48,842 | ||||||
Clean Energy Fuels Corp.†# | 45,659 | 570,281 | ||||||
Enphase Energy, Inc.†# | 10,698 | 77,560 | ||||||
FuelCell Energy, Inc.†# | 106,375 | 146,797 | ||||||
FutureFuel Corp. | 14,569 | 243,594 |
203
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Energy - Alternate Sources (continued) |
| |||||||
Green Plains Renewable Energy, Inc.# | 16,949 | $ | 292,879 | |||||
KiOR, Inc., Class A†# | 29,416 | 69,422 | ||||||
Renewable Energy Group, Inc.† | 14,178 | 161,204 | ||||||
REX American Resources Corp.† | 3,667 | 120,057 | ||||||
Solazyme, Inc.†# | 32,053 | 287,195 | ||||||
2,017,831 | ||||||||
Engineering/R&D Services — 0.3% |
| |||||||
Argan, Inc. | 9,367 | 219,656 | ||||||
EMCOR Group, Inc. | 44,988 | 1,787,373 | ||||||
Engility Holdings, Inc.† | 11,507 | 366,498 | ||||||
Exponent, Inc. | 8,838 | 683,796 | ||||||
Mistras Group, Inc.† | 10,655 | 213,633 | ||||||
VSE Corp.# | 2,765 | 141,623 | ||||||
3,412,579 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Briggs & Stratton Corp.# | 32,288 | 652,863 | ||||||
Power Solutions International, Inc.†# | 1,292 | 96,642 | ||||||
749,505 | ||||||||
Enterprise Software/Service — 1.3% |
| |||||||
Advent Software, Inc. | 21,883 | 769,187 | ||||||
American Software, Inc., Class A | 16,084 | 155,211 | ||||||
Digital River, Inc.† | 23,641 | 422,465 | ||||||
E2open, Inc.†# | 9,893 | 220,416 | ||||||
Guidewire Software, Inc.† | 28,110 | 1,341,690 | ||||||
ManTech International Corp., Class A# | 15,978 | 459,687 | ||||||
MedAssets, Inc.† | 40,837 | 879,629 | ||||||
MicroStrategy, Inc., Class A† | 6,069 | 784,904 | ||||||
Omnicell, Inc.† | 23,013 | 558,065 | ||||||
Proofpoint, Inc.† | 14,624 | 446,032 | ||||||
PROS Holdings, Inc.† | 15,069 | 580,759 | ||||||
Qlik Technologies, Inc.† | 58,331 | 1,462,942 | ||||||
Rally Software Development Corp.† | 4,625 | 113,775 | ||||||
Sapiens International Corp. NV | 11,365 | 80,237 | ||||||
SciQuest, Inc.† | 15,266 | 426,837 | ||||||
SYNNEX Corp.† | 17,694 | 1,170,635 | ||||||
Tyler Technologies, Inc.† | 21,118 | 2,166,918 | ||||||
Ultimate Software Group, Inc.† | 18,532 | 2,903,779 | ||||||
14,943,168 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Glu Mobile, Inc.†# | 37,968 | 139,722 | ||||||
Take - Two Interactive Software, Inc.† | 54,283 | 888,070 | ||||||
1,027,792 | ||||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc.† | 43,522 | 1,244,294 | ||||||
TRC Cos., Inc.† | 10,846 | 84,816 | ||||||
1,329,110 | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
Mine Safety Appliances Co. | 18,975 | 945,335 | ||||||
Female Health Care Products — 0.0% |
| |||||||
Female Health Co. | 14,571 | 133,470 | ||||||
Filtration/Separation Products — 0.3% |
| |||||||
CLARCOR, Inc. | 33,304 | 2,015,891 | ||||||
PMFG, Inc.† | 14,023 | 107,556 | ||||||
Polypore International, Inc.†# | 31,269 | 1,187,597 | ||||||
3,311,044 | ||||||||
Finance - Auto Loans — 0.1% |
| |||||||
Consumer Portfolio Services, Inc.† | 11,381 | 83,878 | ||||||
Credit Acceptance Corp.† | 4,763 | 615,141 | ||||||
Nicholas Financial, Inc. | 6,891 | 110,325 | ||||||
809,344 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Commercial — 0.1% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 9,878 | $ | 122,487 | |||||
Horizon Technology Finance Corp. | 5,515 | 78,313 | ||||||
NewStar Financial, Inc.† | 17,593 | 307,878 | ||||||
WhiteHorse Finance, Inc.# | 4,628 | 71,595 | ||||||
580,273 | ||||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Encore Capital Group, Inc.†# | 15,643 | 746,015 | ||||||
First Marblehead Corp. | 61,221 | 50,201 | ||||||
Nelnet, Inc., Class A | 15,335 | 690,075 | ||||||
Portfolio Recovery Associates, Inc.† | 33,993 | 1,985,191 | ||||||
Regional Management Corp.† | 3,596 | 120,933 | ||||||
World Acceptance Corp.†# | 6,231 | 575,246 | ||||||
4,167,661 | ||||||||
Finance - Credit Card — 0.0% |
| |||||||
Blackhawk Network Holdings, Inc.†# | 7,707 | 175,643 | ||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Cowen Group, Inc., Class A† | 65,461 | 264,462 | ||||||
Diamond Hill Investment Group, Inc.# | 1,894 | 235,330 | ||||||
Evercore Partners, Inc., Class A | 21,194 | 1,162,491 | ||||||
FBR & Co.† | 5,861 | 164,753 | ||||||
FXCM, Inc., Class A# | 24,520 | 408,503 | ||||||
Gain Capital Holdings, Inc.# | 7,378 | 67,140 | ||||||
GFI Group, Inc. | 46,668 | 176,405 | ||||||
Greenhill & Co., Inc. | 18,894 | 1,033,691 | ||||||
INTL. FCStone, Inc.† | 9,441 | 196,278 | ||||||
Investment Technology Group, Inc.† | 24,945 | 488,673 | ||||||
JMP Group, Inc. | 10,525 | 69,044 | ||||||
KCG Holdings, Inc.† | 38,112 | 455,438 | ||||||
Ladenburg Thalmann Financial Services, Inc.† | 69,027 | 206,391 | ||||||
Oppenheimer Holdings, Inc., Class A | 6,644 | 154,340 | ||||||
Piper Jaffray Cos.† | 11,569 | 439,853 | ||||||
Stifel Financial Corp.† | 42,613 | 1,907,784 | ||||||
SWS Group, Inc.† | 19,401 | 125,330 | ||||||
7,555,906 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Aircastle, Ltd. | 45,890 | 859,061 | ||||||
California First National Bancorp | 1,554 | 25,439 | ||||||
Marlin Business Services Corp. | 5,528 | 137,371 | ||||||
1,021,871 | ||||||||
Finance - Mortgage Loan/Banker — 0.3% |
| |||||||
Arlington Asset Investment Corp., Class A# | 10,730 | 286,598 | ||||||
Doral Financial Corp.†# | 4,377 | 82,463 | ||||||
Ellie Mae, Inc.†# | 17,637 | 497,363 | ||||||
Federal Agricultural Mtg. Corp., Class C | 6,908 | 241,849 | ||||||
Home Loan Servicing Solutions, Ltd. | 38,111 | 886,843 | ||||||
PennyMac Financial Services, Inc., Class A† | 8,565 | 153,314 | ||||||
Walter Investment Management Corp.†# | 24,726 | 942,802 | ||||||
3,091,232 | ||||||||
Finance - Other Services — 0.4% |
| |||||||
BGC Partners, Inc., Class A# | 85,166 | 502,479 | ||||||
Higher One Holdings, Inc.† | 21,022 | 206,857 | ||||||
Imperial Holdings, Inc.† | 11,565 | 73,785 | ||||||
MarketAxess Holdings, Inc. | 25,141 | 1,769,172 | ||||||
Outerwall Inc†# | 18,851 | 1,289,408 | ||||||
WageWorks, Inc.† | 16,729 | 958,572 | ||||||
4,800,273 | ||||||||
Financial Guarantee Insurance — 0.3% |
| |||||||
MGIC Investment Corp.† | 217,336 | 1,762,595 | ||||||
Radian Group, Inc.# | 115,876 | 1,652,392 | ||||||
3,414,987 | ||||||||
204
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Firearms & Ammunition — 0.1% |
| |||||||
Smith & Wesson Holding Corp.†# | 43,008 | $ | 508,355 | |||||
Sturm Ruger & Co., Inc.# | 12,951 | 996,320 | ||||||
1,504,675 | ||||||||
Food - Canned — 0.2% |
| |||||||
Seneca Foods Corp., Class A† | 5,460 | 171,062 | ||||||
TreeHouse Foods, Inc.† | 24,294 | 1,704,224 | ||||||
1,875,286 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 13,123 | 420,592 | ||||||
Food - Dairy Products — 0.0% |
| |||||||
Lifeway Foods, Inc.# | 3,088 | 46,691 | ||||||
Food - Flour & Grain — 0.1% |
| |||||||
Post Holdings, Inc.† | 21,900 | 1,109,235 | ||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Annie's, Inc.† | 9,177 | 421,683 | ||||||
B&G Foods, Inc. | 35,432 | 1,227,010 | ||||||
Boulder Brands, Inc.† | 39,887 | 610,670 | ||||||
Cal-Maine Foods, Inc. | 9,951 | 546,808 | ||||||
Chiquita Brands International, Inc.† | 31,144 | 329,192 | ||||||
Diamond Foods, Inc.†# | 14,920 | 369,121 | ||||||
Hain Celestial Group, Inc.† | 25,742 | 2,128,606 | ||||||
Inventure Foods, Inc.† | 9,423 | 120,520 | ||||||
J&J Snack Foods Corp. | 10,015 | 860,489 | ||||||
John B. Sanfilippo & Son, Inc. | 5,484 | 139,787 | ||||||
Lancaster Colony Corp. | 12,408 | 1,075,277 | ||||||
Seaboard Corp. | 197 | 556,525 | ||||||
Snyders-Lance, Inc. | 31,868 | 918,117 | ||||||
9,303,805 | ||||||||
Food - Retail — 0.4% |
| |||||||
Arden Group, Inc., Class A | 788 | 102,432 | ||||||
Fairway Group Holdings Corp.†# | 10,523 | 199,832 | ||||||
Harris Teeter Supermarkets, Inc. | 33,157 | 1,637,293 | ||||||
Ingles Markets, Inc., Class A | 8,450 | 221,981 | ||||||
Nutrisystem, Inc.# | 19,191 | 377,679 | ||||||
SUPERVALU, Inc.† | 136,073 | 877,671 | ||||||
Village Super Market, Inc., Class A | 4,244 | 164,370 | ||||||
Weis Markets, Inc. | 7,380 | 376,601 | ||||||
3,957,859 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc. | 8,196 | 252,683 | ||||||
Chefs' Warehouse, Inc.† | 9,379 | 240,665 | ||||||
Fresh Del Monte Produce, Inc. | 25,380 | 710,894 | ||||||
Spartan Stores, Inc. | 24,551 | 569,574 | ||||||
United Natural Foods, Inc.† | 33,056 | 2,275,905 | ||||||
4,049,721 | ||||||||
Footwear & Related Apparel — 0.7% |
| |||||||
Crocs, Inc.† | 59,066 | 815,111 | ||||||
Iconix Brand Group, Inc.† | 38,223 | 1,516,689 | ||||||
R.G. Barry Corp. | 6,685 | 128,352 | ||||||
Skechers U.S.A., Inc., Class A† | 25,923 | 871,531 | ||||||
Steven Madden, Ltd.† | 40,323 | 1,570,984 | ||||||
Weyco Group, Inc. | 4,366 | 128,142 | ||||||
Wolverine World Wide, Inc. | 67,268 | 2,213,790 | ||||||
7,244,599 | ||||||||
Forestry — 0.0% |
| |||||||
Deltic Timber Corp. | 7,465 | 470,370 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Carriage Services, Inc. | 10,531 | $ | 197,667 | |||||
Matthews International Corp., Class A | 18,507 | 780,625 | ||||||
Stewart Enterprises, Inc., Class A# | 48,567 | 643,513 | ||||||
1,621,805 | ||||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Isle of Capri Casinos, Inc.† | 14,190 | 115,365 | ||||||
Pinnacle Entertainment, Inc.† | 39,135 | 983,854 | ||||||
1,099,219 | ||||||||
Gas - Distribution — 0.8% |
| |||||||
Chesapeake Utilities Corp. | 6,445 | 374,970 | ||||||
Delta Natural Gas Co., Inc. | 4,596 | 102,169 | ||||||
Laclede Group, Inc. | 21,885 | 1,009,118 | ||||||
New Jersey Resources Corp. | 28,004 | 1,279,503 | ||||||
Northwest Natural Gas Co.# | 18,064 | 768,262 | ||||||
Piedmont Natural Gas Co., Inc. | 50,622 | 1,678,119 | ||||||
South Jersey Industries, Inc. | 21,423 | 1,214,684 | ||||||
Southwest Gas Corp. | 31,055 | 1,647,778 | ||||||
WGL Holdings, Inc. | 34,659 | 1,381,161 | ||||||
9,455,764 | ||||||||
Gold Mining — 0.0% |
| |||||||
Allied Nevada Gold Corp.†# | 69,638 | 231,198 | ||||||
Gold Resource Corp.# | 22,230 | 114,707 | ||||||
Midway Gold Corp.†# | 75,218 | 67,696 | ||||||
413,601 | ||||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co.# | 47,652 | 385,981 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 5,922 | 110,208 | ||||||
US Ecology, Inc. | 12,341 | 474,882 | ||||||
585,090 | ||||||||
Health Care Cost Containment — 0.1% |
| |||||||
Corvel Corp.† | 7,647 | 353,979 | ||||||
ExamWorks Group, Inc.† | 20,284 | 598,581 | ||||||
952,560 | ||||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Harvard Apparatus Regenerative Technology, Inc.† | 4,274 | 21,669 | ||||||
Unilife Corp.†# | 61,152 | 272,127 | ||||||
293,796 | ||||||||
Heart Monitors — 0.1% |
| |||||||
HeartWare International, Inc.† | 10,957 | 1,056,255 | ||||||
Home Furnishings — 0.3% |
| |||||||
American Woodmark Corp.† | 6,658 | 240,254 | ||||||
Bassett Furniture Industries, Inc. | 7,272 | 114,679 | ||||||
Ethan Allen Interiors, Inc. | 16,638 | 514,114 | ||||||
Flexsteel Industries, Inc. | 3,286 | 90,891 | ||||||
Hooker Furniture Corp. | 7,203 | 123,027 | ||||||
Kimball International, Inc., Class B | 21,740 | 323,709 | ||||||
La-Z-Boy, Inc. | 35,094 | 1,026,851 | ||||||
Select Comfort Corp.† | 37,303 | 787,466 | ||||||
3,220,991 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
Marcus Corp. | 12,410 | 181,062 | ||||||
Morgans Hotel Group Co.†# | 17,853 | 143,716 | ||||||
Orient-Express Hotels, Ltd., Class A† | 64,216 | 945,902 | ||||||
1,270,680 | ||||||||
Housewares — 0.0% |
| |||||||
EveryWare Global, Inc.† | 6,554 | 53,481 | ||||||
Libbey, Inc.† | 14,075 | 323,725 |
205
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Housewares (continued) |
| |||||||
Lifetime Brands, Inc. | 6,846 | $ | 100,088 | |||||
477,294 | ||||||||
Human Resources — 0.7% |
| |||||||
AMN Healthcare Services, Inc.† | 30,860 | 428,337 | ||||||
Barrett Business Services, Inc. | 4,722 | 399,103 | ||||||
CDI Corp. | 9,456 | 148,365 | ||||||
Cross Country Healthcare, Inc.† | 18,184 | 138,926 | ||||||
Heidrick & Struggles International, Inc. | 12,105 | 220,795 | ||||||
Insperity, Inc. | 15,054 | 530,653 | ||||||
Kelly Services, Inc., Class A | 18,052 | 419,528 | ||||||
Kforce, Inc. | 18,148 | 366,227 | ||||||
Korn/Ferry International† | 32,632 | 755,757 | ||||||
Monster Worldwide, Inc.†# | 78,117 | 439,799 | ||||||
On Assignment, Inc.† | 30,654 | 1,043,156 | ||||||
Resources Connection, Inc. | 27,346 | 388,860 | ||||||
Team Health Holdings, Inc.† | 46,043 | 2,151,589 | ||||||
TrueBlue, Inc.† | 27,274 | 696,578 | ||||||
8,127,673 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 30,969 | 970,259 | ||||||
Checkpoint Systems, Inc.† | 27,498 | 397,071 | ||||||
1,367,330 | ||||||||
Independent Power Producers — 0.2% |
| |||||||
Dynegy, Inc.†# | 67,031 | 1,435,134 | ||||||
Ormat Technologies, Inc. | 11,841 | 296,972 | ||||||
1,732,106 | ||||||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Cognex Corp. | 58,254 | 1,919,469 | ||||||
Hurco Cos., Inc. | 4,322 | 114,447 | ||||||
2,033,916 | ||||||||
Instruments - Controls — 0.3% |
| |||||||
Watts Water Technologies, Inc., Class A | 19,125 | 1,149,795 | ||||||
Woodward, Inc. | 46,090 | 1,977,261 | ||||||
3,127,056 | ||||||||
Instruments - Scientific — 0.3% |
| |||||||
FEI Co. | 25,854 | 2,354,007 | ||||||
Fluidigm Corp.† | 17,040 | 541,531 | ||||||
2,895,538 | ||||||||
Insurance Brokers — 0.1% |
| |||||||
Crawford & Co., Class B | 17,598 | 181,963 | ||||||
eHealth, Inc.† | 13,050 | 591,296 | ||||||
773,259 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
American Equity Investment Life Holding Co.# | 42,913 | 1,017,467 | ||||||
CNO Financial Group, Inc. | 148,924 | 2,519,794 | ||||||
FBL Financial Group, Inc., Class A | 5,952 | 273,256 | ||||||
Health Insurance Innovations, Inc.† | 3,089 | 37,006 | ||||||
Independence Holding Co. | 5,283 | 74,543 | ||||||
Kansas City Life Insurance Co. | 2,644 | 132,068 | ||||||
National Western Life Insurance Co., Class A | 1,468 | 314,035 | ||||||
Phoenix Cos., Inc.† | 3,888 | 225,076 | ||||||
Primerica, Inc. | 38,199 | 1,643,703 | ||||||
Symetra Financial Corp. | 54,620 | 1,047,066 | ||||||
7,284,014 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Citizens, Inc.† | 29,117 | 256,521 | ||||||
Eastern Insurance Holdings, Inc. | 4,313 | 105,625 |
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Multi-line (continued) |
| |||||||
Fortegra Financial Corp.† | 4,305 | $ | 31,513 | |||||
Horace Mann Educators Corp. | 26,604 | 817,275 | ||||||
United Fire Group, Inc. | 13,791 | 410,282 | ||||||
1,621,216 | ||||||||
Insurance - Property/Casualty — 1.2% |
| |||||||
Ambac Financial Group, Inc.† | 30,164 | 713,379 | ||||||
AMERISAFE, Inc. | 12,326 | 540,865 | ||||||
Amtrust Financial Services, Inc.# | 20,787 | 869,105 | ||||||
Baldwin & Lyons, Inc., Class B | 6,188 | 172,769 | ||||||
Donegal Group, Inc., Class A | 4,967 | 80,167 | ||||||
EMC Insurance Group, Inc. | 3,018 | 94,101 | ||||||
Employers Holdings, Inc. | 20,746 | 677,149 | ||||||
Enstar Group, Ltd.† | 6,385 | 889,494 | ||||||
First American Financial Corp. | 72,516 | 1,918,773 | ||||||
Global Indemnity PLC† | 6,296 | 167,725 | ||||||
Hallmark Financial Services, Inc.† | 9,519 | 90,431 | ||||||
HCI Group, Inc.# | 6,224 | 309,893 | ||||||
Hilltop Holdings, Inc.† | 41,595 | 986,217 | ||||||
Infinity Property & Casualty Corp. | 7,724 | 551,107 | ||||||
Investors Title Co. | 885 | 69,915 | ||||||
Meadowbrook Insurance Group, Inc. | 33,440 | 247,122 | ||||||
National Interstate Corp. | 4,450 | 127,893 | ||||||
Navigators Group, Inc.† | 6,943 | 464,070 | ||||||
OneBeacon Insurance Group, Ltd., Class A | 15,165 | 241,124 | ||||||
RLI Corp. | 14,267 | 1,439,398 | ||||||
Safety Insurance Group, Inc. | 8,634 | 484,799 | ||||||
Selective Insurance Group, Inc. | 37,223 | 1,049,316 | ||||||
State Auto Financial Corp. | 10,022 | 226,297 | ||||||
Stewart Information Services Corp. | 14,281 | 454,993 | ||||||
Tower Group International Ltd# | 38,498 | 160,152 | ||||||
Universal Insurance Holdings, Inc. | 19,670 | 243,908 | ||||||
13,270,162 | ||||||||
Insurance - Reinsurance — 0.4% |
| |||||||
Argo Group International Holdings, Ltd. | 18,220 | 861,624 | ||||||
Greenlight Capital Re, Ltd., Class A† | 18,907 | 643,027 | ||||||
Maiden Holdings, Ltd. | 33,404 | 422,894 | ||||||
Montpelier Re Holdings, Ltd. | 31,018 | 901,383 | ||||||
Platinum Underwriters Holdings, Ltd. | 21,287 | 1,349,596 | ||||||
4,178,524 | ||||||||
Internet Application Software — 0.3% |
| |||||||
Bazaarvoice, Inc.†# | 32,216 | 254,506 | ||||||
Brightcove, Inc.† | 18,851 | 268,250 | ||||||
Dealertrack Technologies, Inc.† | 29,151 | 1,218,512 | ||||||
eGain Corp.† | 8,762 | 100,851 | ||||||
IntraLinks Holdings, Inc.† | 25,737 | 280,791 | ||||||
Lionbridge Technologies, Inc.† | 39,029 | 222,075 | ||||||
RealNetworks, Inc.† | 15,055 | 117,278 | ||||||
VirnetX Holding Corp.†# | 28,291 | 566,386 | ||||||
Vocus, Inc.† | 12,596 | 125,456 | ||||||
3,154,105 | ||||||||
Internet Connectivity Services — 0.2% |
| |||||||
Boingo Wireless, Inc.†# | 12,440 | 81,233 | ||||||
Cogent Communications Group, Inc. | 31,645 | 1,234,472 | ||||||
Internap Network Services Corp.† | 35,922 | 276,240 | ||||||
PC-Tel, Inc. | 12,375 | 122,760 | ||||||
1,714,705 | ||||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Global Eagle Entertainment, Inc.† | 14,391 | 220,902 | ||||||
Limelight Networks, Inc.† | 35,808 | 73,406 |
206
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Internet Content - Entertainment (continued) |
| |||||||
Shutterstock, Inc.† | 4,969 | $ | 367,607 | |||||
661,915 | ||||||||
Internet Content - Information/News — 0.3% |
| |||||||
Bankrate, Inc.†# | 30,998 | 580,902 | ||||||
Dice Holdings, Inc.† | 27,214 | 198,118 | ||||||
HealthStream, Inc.† | 13,496 | 454,005 | ||||||
Reis, Inc.† | 5,586 | 99,822 | ||||||
Travelzoo, Inc.†# | 5,316 | 114,188 | ||||||
WebMD Health Corp.†# | 23,525 | 909,712 | ||||||
XO Group, Inc.† | 17,949 | 281,261 | ||||||
Yelp, Inc.† | 19,952 | 1,210,887 | ||||||
3,848,895 | ||||||||
Internet Incubators — 0.1% |
| |||||||
ICG Group, Inc.† | 25,474 | 437,898 | ||||||
ModusLink Global Solutions, Inc.† | 24,798 | 96,464 | ||||||
Safeguard Scientifics, Inc.† | 14,061 | 262,238 | ||||||
796,600 | ||||||||
Internet Infrastructure Software — 0.1% |
| |||||||
Responsys, Inc.† | 24,671 | 417,187 | ||||||
support.com, Inc.† | 33,690 | 134,760 | ||||||
TeleCommunication Systems, Inc., Class A† | 31,888 | 73,661 | ||||||
Unwired Planet, Inc.† | 61,614 | 93,653 | ||||||
719,261 | ||||||||
Internet Security — 0.0% |
| |||||||
VASCO Data Security International, Inc.† | 19,385 | 149,264 | ||||||
Zix Corp.† | 41,476 | 192,034 | ||||||
341,298 | ||||||||
Internet Telephone — 0.1% |
| |||||||
BroadSoft, Inc.† | 18,795 | 499,383 | ||||||
magicJack VocalTec, Ltd.† | 12,436 | 142,641 | ||||||
642,024 | ||||||||
Investment Companies — 1.0% |
| |||||||
Apollo Investment Corp. | 150,648 | 1,358,845 | ||||||
BlackRock Kelso Capital Corp. | 49,669 | 491,226 | ||||||
Capital Southwest Corp. | 9,020 | 309,476 | ||||||
Fifth Street Finance Corp. | 80,945 | 773,834 | ||||||
Garrison Capital, Inc. | 4,026 | 58,780 | ||||||
Gladstone Capital Corp. | 14,077 | 137,392 | ||||||
Golub Capital BDC, Inc.# | 23,231 | 436,975 | ||||||
KCAP Financial, Inc.# | 18,951 | 159,378 | ||||||
Main Street Capital Corp. | 23,309 | 768,032 | ||||||
MCG Capital Corp. | 47,735 | 229,605 | ||||||
Medallion Financial Corp. | 12,483 | 221,448 | ||||||
MVC Capital, Inc. | 16,032 | 232,785 | ||||||
New Mountain Finance Corp. | 20,998 | 316,440 | ||||||
NGP Capital Resources Co. | 14,090 | 109,620 | ||||||
PennantPark Floating Rate Capital, Ltd. | 6,906 | 95,579 | ||||||
PennantPark Investment Corp. | 44,543 | 542,088 | ||||||
Prospect Capital Corp. | 163,050 | 1,860,401 | ||||||
Solar Capital, Ltd. | 30,168 | 698,389 | ||||||
Solar Senior Capital, Ltd. | 7,719 | 140,563 | ||||||
Stellus Capital Investment Corp.# | 8,077 | 124,709 | ||||||
TCP Capital Corp.# | 17,414 | 301,262 | ||||||
THL Credit, Inc. | 17,639 | 299,334 | ||||||
TICC Capital Corp.# | 35,220 | 380,728 | ||||||
Triangle Capital Corp. | 18,476 | 549,846 | ||||||
10,596,735 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Calamos Asset Management, Inc., Class A | 13,307 | $ | 147,575 | |||||
CIFC Corp.# | 4,587 | 36,558 | ||||||
Cohen & Steers, Inc.# | 12,614 | 505,947 | ||||||
Financial Engines, Inc. | 32,783 | 2,221,048 | ||||||
GAMCO Investors, Inc., Class A | 4,039 | 340,084 | ||||||
Janus Capital Group, Inc.# | 100,020 | 1,088,218 | ||||||
Manning & Napier, Inc. | 9,106 | 166,367 | ||||||
Medley Capital Corp.# | 19,240 | 275,709 | ||||||
Pzena Investment Management, Inc., Class A | 7,609 | 71,601 | ||||||
Virtus Investment Partners, Inc.† | 3,883 | 806,887 | ||||||
Westwood Holdings Group, Inc. | 4,674 | 267,727 | ||||||
WisdomTree Investments, Inc.† | 67,338 | 1,031,618 | ||||||
6,959,339 | ||||||||
Lasers - System/Components — 0.3% |
| |||||||
Coherent, Inc.† | 16,316 | 1,126,457 | ||||||
Electro Scientific Industries, Inc. | 15,973 | 164,362 | ||||||
II-VI, Inc.† | 34,226 | 559,595 | ||||||
Newport Corp.† | 26,196 | 449,261 | ||||||
Rofin-Sinar Technologies, Inc.† | 18,953 | 489,556 | ||||||
2,789,231 | ||||||||
Leisure Products — 0.3% |
| |||||||
Brunswick Corp. | 60,634 | 2,770,974 | ||||||
Johnson Outdoors, Inc., Class A | 3,321 | 95,113 | ||||||
Marine Products Corp. | 7,048 | 67,872 | ||||||
2,933,959 | ||||||||
Lighting Products & Systems — 0.4% |
| |||||||
Acuity Brands, Inc. | 28,714 | 2,944,046 | ||||||
Revolution Lighting Technologies, Inc.†# | 19,883 | 56,667 | ||||||
Universal Display Corp.†# | 26,962 | 973,598 | ||||||
3,974,311 | ||||||||
Linen Supply & Related Items — 0.2% |
| |||||||
G&K Services, Inc., Class A | 13,107 | 789,304 | ||||||
UniFirst Corp. | 9,813 | 1,003,281 | ||||||
1,792,585 | ||||||||
Machine Tools & Related Products — 0.0% |
| |||||||
Hardinge, Inc. | 7,882 | 122,092 | ||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 13,656 | 499,809 | ||||||
Hyster-Yale Materials Handling, Inc. | 7,058 | 588,355 | ||||||
1,088,164 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
Franklin Electric Co., Inc. | 31,784 | 1,414,388 | ||||||
Machinery - Farming — 0.1% | ||||||||
Alamo Group, Inc. | 4,745 | 278,579 | ||||||
Lindsay Corp.# | 8,617 | 658,253 | ||||||
936,832 | ||||||||
Machinery - General Industrial — 0.9% |
| |||||||
Albany International Corp., Class A | 18,739 | 688,846 | ||||||
Altra Industrial Motion Corp. | 18,099 | 549,848 | ||||||
Applied Industrial Technologies, Inc. | 28,247 | 1,366,590 | ||||||
Chart Industries, Inc.† | 20,323 | 1,977,428 | ||||||
DXP Enterprises, Inc.† | 6,351 | 622,271 | ||||||
Flow International Corp.† | 32,459 | 130,485 | ||||||
Kadant, Inc. | 7,512 | 311,147 | ||||||
Manitex International, Inc.† | 8,242 | 109,783 | ||||||
Middleby Corp.† | 12,598 | 2,782,142 | ||||||
Tennant Co. | 12,335 | 804,982 | ||||||
Twin Disc, Inc. | 5,576 | 160,199 | ||||||
9,503,721 | ||||||||
207
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Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Machinery - Material Handling — 0.1% |
| |||||||
Columbus McKinnon Corp.† | 13,077 | $ | 362,233 | |||||
NACCO Industries, Inc., Class A | 3,320 | 214,970 | ||||||
577,203 | ||||||||
Machinery - Print Trade — 0.0% |
| |||||||
ExOne Co.†# | 4,086 | 218,192 | ||||||
Machinery - Pumps — 0.0% |
| |||||||
Gorman-Rupp Co. | 10,107 | 425,201 | ||||||
Tecumseh Products Co., Class A†# | 12,387 | 108,139 | ||||||
533,340 | ||||||||
Machinery - Thermal Process — 0.0% |
| |||||||
Global Power Equipment Group, Inc. | 11,405 | 222,740 | ||||||
Marine Services — 0.0% |
| |||||||
Great Lakes Dredge & Dock Corp. | 39,810 | 354,707 | ||||||
Odyssey Marine Exploration, Inc.†# | 52,869 | 108,382 | ||||||
463,089 | ||||||||
Medical Imaging Systems — 0.0% |
| |||||||
Merge Healthcare, Inc.† | 43,769 | 102,419 | ||||||
Medical Information Systems — 0.6% | ||||||||
athenahealth, Inc.† | 24,628 | 3,230,455 | ||||||
Computer Programs & Systems, Inc. | 7,427 | 456,909 | ||||||
Medidata Solutions, Inc.† | 17,823 | 2,119,333 | ||||||
Quality Systems, Inc. | 26,749 | 624,856 | ||||||
6,431,553 | ||||||||
Medical Instruments — 1.1% |
| |||||||
Abaxis, Inc.† | 14,815 | 533,044 | ||||||
AngioDynamics, Inc.† | 16,510 | 255,080 | ||||||
ArthroCare Corp.† | 18,902 | 712,983 | ||||||
AtriCure, Inc.† | 14,031 | 219,725 | ||||||
Cardiovascular Systems, Inc.† | 14,022 | 465,530 | ||||||
CONMED Corp. | 18,589 | 756,758 | ||||||
CryoLife, Inc. | 18,414 | 203,475 | ||||||
DexCom, Inc.† | 47,391 | 1,568,168 | ||||||
Endologix, Inc.† | 42,095 | 752,238 | ||||||
Genomic Health, Inc.†# | 11,214 | 394,509 | ||||||
Integra LifeSciences Holdings Corp.† | 13,406 | 622,709 | ||||||
MAKO Surgical Corp.† | 28,190 | 844,572 | ||||||
Natus Medical, Inc.† | 20,369 | 469,098 | ||||||
Navidea Biopharmaceuticals, Inc.†# | 80,163 | 129,864 | ||||||
NuVasive, Inc.† | 29,648 | 985,796 | ||||||
Solta Medical, Inc.† | 47,554 | 95,108 | ||||||
Spectranetics Corp.† | 27,047 | 629,113 | ||||||
SurModics, Inc.† | 9,720 | 234,446 | ||||||
Symmetry Medical, Inc.† | 24,987 | 245,123 | ||||||
Thoratec Corp.† | 38,429 | 1,512,950 | ||||||
Vascular Solutions, Inc.† | 11,066 | 230,726 | ||||||
Volcano Corp.†# | 36,559 | 832,448 | ||||||
12,693,463 | ||||||||
Medical Labs & Testing Services — 0.0% |
| |||||||
Bio-Reference Labs, Inc.†# | 16,392 | 478,646 | ||||||
Medical Laser Systems — 0.1% |
| |||||||
Biolase, Inc.†# | 21,379 | 38,055 | ||||||
Cutera, Inc.† | 9,837 | 92,960 | ||||||
Cynosure, Inc., Class A† | 12,839 | 332,402 | ||||||
PhotoMedex, Inc.†# | 9,403 | 114,528 | ||||||
577,945 | ||||||||
Medical Products — 1.3% |
| |||||||
ABIOMED, Inc.† | 25,965 | 742,339 | ||||||
Accuray, Inc.†# | 49,681 | 396,454 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Products (continued) |
| |||||||
Alphatec Holdings, Inc.† | 41,556 | $ | 82,696 | |||||
Atrion Corp. | 1,048 | 294,991 | ||||||
Cantel Medical Corp. | 21,972 | 819,995 | ||||||
Cerus Corp.†# | 46,732 | 312,637 | ||||||
Chindex International, Inc.† | 7,973 | 136,259 | ||||||
Cyberonics, Inc.† | 18,525 | 1,273,038 | ||||||
Exactech, Inc.† | 6,264 | 155,848 | ||||||
Globus Medical, Inc., Class A† | 36,616 | 705,224 | ||||||
Greatbatch, Inc.† | 16,021 | 650,933 | ||||||
Haemonetics Corp.† | 34,238 | 1,446,898 | ||||||
Hanger, Inc.† | 23,239 | 902,603 | ||||||
Invacare Corp. | 21,454 | 480,570 | ||||||
Luminex Corp.† | 25,037 | 489,974 | ||||||
MiMedx Group, Inc.†# | 56,447 | 355,616 | ||||||
NxStage Medical, Inc.† | 40,043 | 408,839 | ||||||
Orthofix International NV† | 13,040 | 282,055 | ||||||
Rockwell Medical, Inc.†# | 26,314 | 384,974 | ||||||
Tornier NV† | 17,432 | 315,345 | ||||||
West Pharmaceutical Services, Inc. | 46,364 | 2,314,491 | ||||||
Wright Medical Group, Inc.† | 27,073 | 807,046 | ||||||
Zeltiq Aesthetics, Inc.† | 11,849 | 207,832 | ||||||
13,966,657 | ||||||||
Medical Sterilization Products — 0.2% |
| |||||||
STERIS Corp. | 39,512 | 1,823,084 | ||||||
Medical - Biomedical/Gene — 2.3% |
| |||||||
Acorda Therapeutics, Inc.† | 27,192 | 946,554 | ||||||
Aegerion Pharmaceuticals, Inc.†# | 19,318 | 1,370,226 | ||||||
Alnylam Pharmaceuticals, Inc.† | 38,957 | 2,384,168 | ||||||
AMAG Pharmaceuticals, Inc.† | 14,462 | 354,753 | ||||||
Arena Pharmaceuticals, Inc.†# | 145,980 | 951,790 | ||||||
Arqule, Inc.† | 39,775 | 96,653 | ||||||
BioTime, Inc.†# | 24,754 | 98,768 | ||||||
Cambrex Corp.† | 20,131 | 392,555 | ||||||
Cell Therapeutics, Inc.†# | 75,501 | 146,472 | ||||||
Celldex Therapeutics, Inc.†# | 54,209 | 1,504,842 | ||||||
Chelsea Therapeutics International, Ltd.† | 44,968 | 174,026 | ||||||
Coronado Biosciences, Inc.†# | 14,785 | 24,247 | ||||||
Cubist Pharmaceuticals, Inc. CVR† | 32,659 | 53,887 | ||||||
Curis, Inc.†# | 53,986 | 172,755 | ||||||
Cytokinetics, Inc.† | 16,603 | 107,754 | ||||||
Dendreon Corp.†# | 105,642 | 313,757 | ||||||
Dynavax Technologies Corp.†# | 122,595 | 216,993 | ||||||
Emergent Biosolutions, Inc.† | 18,394 | 412,945 | ||||||
Enzon Pharmaceuticals, Inc. | 25,183 | 41,804 | ||||||
Epizyme, Inc.†# | 3,964 | 83,006 | ||||||
Exact Sciences Corp.†# | 42,964 | 527,598 | ||||||
Exelixis, Inc.†# | 123,206 | 718,291 | ||||||
Fibrocell Science, Inc.† | 11,301 | 46,334 | ||||||
Galena Biopharma, Inc.†# | 55,951 | 224,923 | ||||||
Geron Corp.†# | 87,430 | 469,499 | ||||||
GTx, Inc.†# | 17,581 | 29,712 | ||||||
Halozyme Therapeutics, Inc.†# | 59,549 | 878,943 | ||||||
Harvard Bioscience, Inc.† | 17,098 | 77,967 | ||||||
ImmunoGen, Inc.†# | 56,665 | 823,342 | ||||||
Immunomedics, Inc.†# | 49,140 | 212,285 | ||||||
Insmed, Inc.† | 18,936 | 306,763 | ||||||
Intercept Pharmaceuticals, Inc.† | 4,209 | 220,425 | ||||||
InterMune, Inc.†# | 54,711 | 756,653 | ||||||
KYTHERA Biopharmaceuticals, Inc.†# | 6,835 | 266,428 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 152,377 | 365,705 | ||||||
Ligand Pharmaceuticals, Inc., Class B†# | 11,942 | 664,931 | ||||||
Medicines Co.† | 37,534 | 1,374,120 | ||||||
MEI Pharma, Inc.†# | 6,440 | 51,005 | ||||||
Merrimack Pharmaceuticals, Inc.†# | 60,910 | 239,985 |
208
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Momenta Pharmaceuticals, Inc.† | 31,650 | $ | 563,054 | |||||
Nanosphere, Inc.† | 28,149 | 64,743 | ||||||
NeoGenomics, Inc.† | 22,043 | 77,151 | ||||||
NewLink Genetics Corp.†# | 11,318 | 254,655 | ||||||
Novavax, Inc.† | 90,499 | 336,656 | ||||||
NPS Pharmaceuticals, Inc.† | 67,255 | 1,776,205 | ||||||
Omeros Corp.†# | 19,984 | 157,674 | ||||||
OncoGenex Pharmaceutical, Inc.† | 9,834 | 84,474 | ||||||
OvaScience, Inc.†# | 6,011 | 57,525 | ||||||
Pacific Biosciences of California, Inc.† | 29,885 | 126,414 | ||||||
PDL BioPharma, Inc.# | 93,842 | 916,836 | ||||||
Peregrine Pharmaceuticals, Inc.†# | 91,908 | 125,914 | ||||||
Prothena Corp. PLC†# | 7,961 | 224,739 | ||||||
Puma Biotechnology, Inc.† | 14,846 | 739,182 | ||||||
Repligen Corp.†# | 21,077 | 283,907 | ||||||
Rigel Pharmaceuticals, Inc.† | 58,412 | 155,376 | ||||||
RTI Surgical, Inc.† | 37,719 | 116,175 | ||||||
Sangamo Biosciences, Inc.†# | 36,028 | 439,902 | ||||||
Sequenom, Inc.†# | 77,188 | 203,004 | ||||||
Spectrum Pharmaceuticals, Inc. | 40,237 | 387,482 | ||||||
Stemline Therapeutics, Inc.†# | 6,132 | 126,687 | ||||||
Sunesis Pharmaceuticals, Inc.† | 21,687 | 109,519 | ||||||
Trius Therapeutics, Inc. CVR(1)(2) | 24,953 | 0 | ||||||
Verastem, Inc.†# | 9,673 | 102,340 | ||||||
Vical, Inc.†# | 50,918 | 59,065 | ||||||
XOMA Corp.†# | 41,973 | 200,631 | ||||||
Zeneca, Inc. CVR(1)(2) | 3,950 | 2,370 | ||||||
ZIOPHARM Oncology, Inc.†# | 44,999 | 188,096 | ||||||
25,982,640 | ||||||||
Medical - Drugs — 1.8% |
| |||||||
ACADIA Pharmaceuticals, Inc.†# | 46,973 | 1,094,001 | ||||||
AcelRx Pharmaceuticals, Inc.†# | 14,000 | 136,920 | ||||||
Achillion Pharmaceuticals, Inc.†# | 64,724 | 223,945 | ||||||
Akorn, Inc.†# | 39,015 | 1,004,636 | ||||||
Alimera Sciences, Inc.† | 11,362 | 28,632 | ||||||
Amicus Therapeutics, Inc.† | 20,378 | 49,926 | ||||||
Ampio Pharmaceuticals, Inc.†# | 18,532 | 146,959 | ||||||
Anacor Pharmaceuticals, Inc.†# | 16,985 | 237,790 | ||||||
Array BioPharma, Inc.†# | 78,277 | 447,744 | ||||||
Auxilium Pharmaceuticals, Inc.† | 33,051 | 674,571 | ||||||
Cadence Pharmaceuticals, Inc.† | 41,349 | 372,968 | ||||||
Cempra, Inc.†# | 9,939 | 128,511 | ||||||
ChemoCentryx, Inc.†# | 16,478 | 85,191 | ||||||
Chimerix, Inc.† | 5,690 | 91,154 | ||||||
Clovis Oncology, Inc.† | 9,317 | 561,629 | ||||||
Corcept Therapeutics, Inc.†# | 35,678 | 76,708 | ||||||
Cytori Therapeutics, Inc.†# | 42,343 | 115,173 | ||||||
Durata Therapeutics, Inc.†# | 8,766 | 107,997 | ||||||
Enanta Pharmaceuticals, Inc.† | 2,440 | 65,953 | ||||||
Endocyte, Inc.†# | 20,423 | 235,681 | ||||||
Furiex Pharmaceuticals, Inc.† | 4,456 | 200,520 | ||||||
Hi-Tech Pharmacal Co., Inc.† | 7,455 | 323,771 | ||||||
Idenix Pharmaceuticals, Inc.†# | 66,880 | 359,146 | ||||||
Infinity Pharmaceuticals, Inc.† | 32,093 | 468,879 | ||||||
Insys Therapeutics, Inc.†# | 3,394 | 149,675 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 62,374 | 712,311 | ||||||
Keryx Biopharmaceuticals, Inc.†# | 54,777 | 760,853 | ||||||
Lannett Co., Inc.† | 10,946 | 323,345 | ||||||
Opko Health, Inc.†# | 95,302 | 1,004,483 | ||||||
Orexigen Therapeutics, Inc.† | 63,440 | 433,295 | ||||||
Pacira Pharmaceuticals, Inc.† | 18,473 | 1,019,525 | ||||||
Pernix Therapeutics Holdings†# | 11,743 | 32,528 | ||||||
PharMerica Corp.† | 19,906 | 449,478 | ||||||
Pozen, Inc.† | 18,085 | 142,872 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Progenics Pharmaceuticals, Inc.† | 34,212 | $ | 175,165 | |||||
Raptor Pharmaceutical Corp.†# | 37,157 | 516,111 | ||||||
Receptos, Inc.†# | 3,874 | 89,644 | ||||||
Regulus Therapeutics, Inc.†# | 5,991 | 37,683 | ||||||
Repros Therapeutics, Inc.†# | 12,497 | 214,324 | ||||||
Sagent Pharmaceuticals, Inc.† | 11,185 | 254,011 | ||||||
Santarus, Inc.†# | 37,148 | 1,195,423 | ||||||
Sciclone Pharmaceuticals, Inc.† | 36,249 | 176,895 | ||||||
SIGA Technologies, Inc.†# | 24,644 | 86,993 | ||||||
Sucampo Pharmaceuticals, Inc., Class A† | 9,181 | 68,307 | ||||||
Supernus Pharmaceuticals, Inc.†# | 9,980 | 72,155 | ||||||
Synergy Pharmaceuticals, Inc.†# | 53,999 | 247,855 | ||||||
Synta Pharmaceuticals Corp.†# | 27,186 | 137,833 | ||||||
Targacept, Inc.† | 18,710 | 107,583 | ||||||
TESARO, Inc.† | 8,968 | 349,752 | ||||||
Tetraphase Pharmaceuticals, Inc.† | 7,721 | 90,799 | ||||||
TG Therapeutics, Inc.† | 8,563 | 37,763 | ||||||
TherapeuticsMD, Inc.† | 52,323 | 255,859 | ||||||
Vanda Pharmaceuticals, Inc.†# | 19,002 | 223,084 | ||||||
ViroPharma, Inc.† | 43,779 | 2,167,498 | ||||||
Vivus, Inc.†# | 67,478 | 676,130 | ||||||
XenoPort, Inc.†# | 29,072 | 155,244 | ||||||
Zogenix, Inc.†# | 48,063 | 155,244 | ||||||
19,758,125 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Impax Laboratories, Inc.† | 45,901 | 1,103,460 | ||||||
KaloBios Pharmaceuticals, Inc.† | 5,877 | 24,919 | ||||||
1,128,379 | ||||||||
Medical - HMO — 0.6% |
| |||||||
Centene Corp.† | 36,479 | 2,178,891 | ||||||
Magellan Health Services, Inc.† | 18,147 | 1,110,596 | ||||||
Molina Healthcare, Inc.† | 18,995 | 638,232 | ||||||
Triple-S Management Corp., Class B† | 15,874 | 321,607 | ||||||
Universal American Corp. | 25,750 | 199,048 | ||||||
WellCare Health Plans, Inc.† | 29,134 | 2,164,656 | ||||||
6,613,030 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
Acadia Healthcare Co., Inc.† | 23,741 | 1,096,834 | ||||||
Select Medical Holdings Corp. | 32,614 | 282,437 | ||||||
USMD Holdings, Inc.†# | 725 | 18,176 | ||||||
1,397,447 | ||||||||
Medical - Nursing Homes — 0.2% |
| |||||||
Ensign Group, Inc. | 13,032 | 588,655 | ||||||
Kindred Healthcare, Inc. | 36,223 | 609,995 | ||||||
National Healthcare Corp.# | 7,210 | 402,318 | ||||||
Skilled Healthcare Group, Inc., Class A† | 13,290 | 68,311 | ||||||
1,669,279 | ||||||||
Medical - Outpatient/Home Medical — 0.3% |
| |||||||
Addus HomeCare Corp.† | 3,663 | 106,227 | ||||||
Air Methods Corp.# | 26,063 | 1,458,486 | ||||||
Almost Family, Inc. | 5,541 | 154,594 | ||||||
Amedisys, Inc.†# | 21,092 | 343,378 | ||||||
Amsurg Corp.† | 21,445 | 1,036,222 | ||||||
Gentiva Health Services, Inc.† | 20,988 | 259,202 | ||||||
LHC Group, Inc.† | 8,083 | 191,971 | ||||||
3,550,080 | ||||||||
Metal Processors & Fabrication — 0.7% |
| |||||||
Ampco-Pittsburgh Corp. | 5,666 | 103,914 | ||||||
CIRCOR International, Inc. | 11,771 | 933,793 | ||||||
Dynamic Materials Corp. | 9,172 | 205,544 |
209
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Metal Processors & Fabrication (continued) |
| |||||||
Global Brass & Copper Holdings, Inc. | 5,396 | $ | 89,034 | |||||
Haynes International, Inc. | 8,267 | 448,237 | ||||||
LB Foster Co., Class A | 6,815 | 319,419 | ||||||
Mueller Industries, Inc. | 18,847 | 1,151,175 | ||||||
NN, Inc. | 11,468 | 228,787 | ||||||
RBC Bearings, Inc.† | 15,412 | 1,054,027 | ||||||
Rexnord Corp.† | 20,305 | 493,615 | ||||||
RTI International Metals, Inc.† | 21,002 | 732,340 | ||||||
Sun Hydraulics Corp. | 14,386 | 618,166 | ||||||
Worthington Industries, Inc. | 35,440 | 1,485,999 | ||||||
7,864,050 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
A.M. Castle & Co.†# | 11,733 | 164,145 | ||||||
Olympic Steel, Inc. | 6,076 | 170,553 | ||||||
334,698 | ||||||||
Metal - Aluminum — 0.1% |
| |||||||
Century Aluminum Co.† | 34,468 | 310,212 | ||||||
Kaiser Aluminum Corp. | 12,671 | 853,012 | ||||||
Noranda Aluminum Holding Corp. | 22,602 | 63,511 | ||||||
1,226,735 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Molycorp, Inc.†# | 83,125 | 397,338 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
American Railcar Industries, Inc.# | 6,335 | 274,939 | ||||||
FreightCar America, Inc. | 8,061 | 187,660 | ||||||
Hillenbrand, Inc. | 36,839 | 1,035,176 | ||||||
John Bean Technologies Corp. | 19,391 | 573,198 | ||||||
Movado Group, Inc. | 11,845 | 539,184 | ||||||
Trimas Corp.† | 26,608 | 973,321 | ||||||
3,583,478 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
Alliance HealthCare Services, Inc.† | 3,339 | 96,430 | ||||||
Multimedia — 0.2% |
| |||||||
Demand Media, Inc.†# | 24,261 | 133,678 | ||||||
Entravision Communications Corp., Class A | 36,961 | 244,312 | ||||||
EW Scripps Co., Class A† | 20,959 | 424,839 | ||||||
Journal Communications, Inc., Class A† | 29,563 | 285,579 | ||||||
Martha Stewart Living Omnimedia, Inc., Class A† | 19,473 | 71,855 | ||||||
Media General, Inc., Class A†# | 13,138 | 237,798 | ||||||
Meredith Corp. | 23,942 | 1,277,066 | ||||||
2,675,127 | ||||||||
Networking Products — 0.5% |
| |||||||
Anixter International, Inc. | 18,166 | 1,605,874 | ||||||
Black Box Corp. | 10,814 | 302,900 | ||||||
Calix, Inc.† | 26,836 | 274,801 | ||||||
Cyan, Inc.†# | 5,363 | 23,758 | ||||||
Extreme Networks, Inc.† | 62,333 | 433,214 | ||||||
Infinera Corp.†# | 77,676 | 722,387 | ||||||
Ixia† | 37,856 | 491,749 | ||||||
LogMeIn, Inc.† | 16,297 | 562,247 | ||||||
NeoPhotonics Corp.† | 13,529 | 80,092 | ||||||
NETGEAR, Inc.† | 25,823 | 829,177 | ||||||
Parkervision, Inc.†# | 59,341 | 248,045 | ||||||
Procera Networks, Inc.†# | 13,774 | 210,329 | ||||||
5,784,573 | ||||||||
Non - Ferrous Metals — 0.2% |
| |||||||
Globe Specialty Metals, Inc. | 43,217 | 769,263 | ||||||
Horsehead Holding Corp.† | 29,564 | 442,573 | ||||||
Materion Corp. | 13,766 | 395,910 |
Security Description | Shares | Value (Note 2) | ||||||
Non - Ferrous Metals (continued) |
| |||||||
Ur-Energy, Inc.†# | 81,356 | $ | 95,187 | |||||
Uranium Energy Corp.†# | 57,309 | 111,179 | ||||||
1,814,112 | ||||||||
Non - Hazardous Waste Disposal — 0.0% |
| |||||||
Casella Waste Systems, Inc., Class A† | 25,899 | 154,617 | ||||||
Office Furnishings - Original — 0.4% |
| |||||||
CompX International, Inc. | 774 | 10,062 | ||||||
Herman Miller, Inc. | 39,293 | 1,253,840 | ||||||
HNI Corp. | 30,471 | 1,207,870 | ||||||
Interface, Inc. | 39,767 | 797,328 | ||||||
Knoll, Inc. | 32,297 | 573,272 | ||||||
Steelcase, Inc., Class A | 56,519 | 922,955 | ||||||
4,765,327 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
ACCO Brands Corp.† | 76,103 | 458,140 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Hercules Offshore, Inc.† | 106,902 | 683,104 | ||||||
Parker Drilling Co.† | 79,848 | 633,195 | ||||||
Vantage Drilling Co.†# | 134,727 | 251,939 | ||||||
1,568,238 | ||||||||
Oil Companies - Exploration & Production — 2.3% |
| |||||||
Abraxas Petroleum Corp.†# | 55,058 | 198,209 | ||||||
Apco Oil and Gas International, Inc.† | 6,125 | 96,346 | ||||||
Approach Resources, Inc.†# | 23,377 | 495,359 | ||||||
Berry Petroleum Co., Class A | 35,304 | 1,776,497 | ||||||
Bill Barrett Corp.†# | 32,681 | 878,792 | ||||||
Bonanza Creek Energy, Inc.† | 19,728 | 904,923 | ||||||
BPZ Resources, Inc.†# | 78,972 | 165,841 | ||||||
Callon Petroleum Co.† | 26,724 | 177,715 | ||||||
Carrizo Oil & Gas, Inc.† | 27,071 | 1,094,751 | ||||||
Clayton Williams Energy, Inc.† | 3,947 | 285,763 | ||||||
Comstock Resources, Inc.# | 32,372 | 548,058 | ||||||
Contango Oil & Gas Co.† | 9,936 | 468,085 | ||||||
Diamondback Energy, Inc.† | 11,954 | 594,592 | ||||||
DLB Oil & Gas, Inc.(1)(2) | 3,000 | 0 | ||||||
Emerald Oil, Inc.† | 24,505 | 177,906 | ||||||
Endeavour International Corp.†# | 31,572 | 152,808 | ||||||
Energy XXI Bermuda, Ltd.# | 53,206 | 1,445,075 | ||||||
EPL Oil & Gas, Inc.† | 20,032 | 573,917 | ||||||
Equal Energy, Ltd. | 23,865 | 120,518 | ||||||
Evolution Petroleum Corp. | 11,365 | 140,471 | ||||||
EXCO Resources, Inc.# | 90,974 | 481,252 | ||||||
Forest Oil Corp.† | 79,964 | 353,441 | ||||||
FX Energy, Inc.†# | 35,806 | 122,457 | ||||||
Gastar Exploration, Inc.† | 41,287 | 243,180 | ||||||
Goodrich Petroleum Corp.† | 17,690 | 340,356 | ||||||
Halcon Resources Corp.†# | 138,723 | 556,279 | ||||||
Isramco, Inc.† | 619 | 77,994 | ||||||
Kodiak Oil & Gas Corp.† | 177,924 | 2,017,658 | ||||||
Magnum Hunter Resources Corp.†# | 115,226 | 834,236 | ||||||
Matador Resources Co.† | 33,200 | 723,428 | ||||||
Midstates Petroleum Co., Inc.†# | 22,250 | 133,722 | ||||||
Miller Energy Resources, Inc.†# | 20,456 | 170,603 | ||||||
Northern Oil and Gas, Inc.†# | 42,756 | 681,958 | ||||||
Panhandle Oil and Gas, Inc., Class A# | 4,673 | 154,676 | ||||||
PDC Energy, Inc.† | 20,338 | 1,198,112 | ||||||
Penn Virginia Corp.† | 37,014 | 397,160 | ||||||
PetroQuest Energy, Inc.† | 38,239 | 156,780 | ||||||
Quicksilver Resources, Inc.†# | 83,513 | 243,858 | ||||||
Resolute Energy Corp.†# | 45,383 | 408,901 | ||||||
Rex Energy Corp.† | 30,304 | 581,231 | ||||||
Rosetta Resources, Inc.† | 40,949 | 2,070,791 |
210
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Sanchez Energy Corp.†# | 19,058 | $ | 489,219 | |||||
Stone Energy Corp.† | 33,494 | 1,107,982 | ||||||
Swift Energy Co.†# | 29,064 | 386,842 | ||||||
Synergy Resources Corp.† | 27,252 | 257,259 | ||||||
Triangle Petroleum Corp.† | 30,901 | 328,169 | ||||||
Vaalco Energy, Inc.† | 38,818 | 234,849 | ||||||
W&T Offshore, Inc.# | 23,306 | 400,863 | ||||||
Warren Resources, Inc.† | 48,843 | 158,740 | ||||||
ZaZa Energy Corp.†# | 24,846 | 26,337 | ||||||
25,633,959 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Bolt Technology Corp. | 5,782 | 116,738 | ||||||
Flotek Industries, Inc.† | 31,988 | 669,829 | ||||||
Forum Energy Technologies, Inc.† | 26,370 | 712,254 | ||||||
Gulf Island Fabrication, Inc. | 9,691 | 256,424 | ||||||
Mitcham Industries, Inc.† | 8,606 | 150,605 | ||||||
Natural Gas Services Group, Inc.† | 8,290 | 245,881 | ||||||
Thermon Group Holdings, Inc.† | 18,172 | 523,354 | ||||||
2,675,085 | ||||||||
Oil Refining & Marketing — 0.2% |
| |||||||
Adams Resources & Energy, Inc. | 1,409 | 80,623 | ||||||
Alon USA Energy, Inc. | 15,600 | 215,280 | ||||||
Arabian American Development Co.† | 13,325 | 137,514 | ||||||
Delek US Holdings, Inc. | 24,891 | 753,202 | ||||||
Western Refining, Inc.# | 36,294 | 1,418,006 | ||||||
2,604,625 | ||||||||
Oil - Field Services — 1.2% |
| |||||||
Basic Energy Services, Inc.† | 20,049 | 284,495 | ||||||
C&J Energy Services, Inc.†# | 30,197 | 715,669 | ||||||
Cal Dive International, Inc.†# | 65,642 | 121,438 | ||||||
CARBO Ceramics, Inc. | 13,268 | 1,632,362 | ||||||
Exterran Holdings, Inc.† | 38,592 | 1,255,012 | ||||||
Helix Energy Solutions Group, Inc.† | 71,011 | 1,577,154 | ||||||
Hornbeck Offshore Services, Inc.† | 23,991 | 1,214,664 | ||||||
Key Energy Services, Inc.† | 102,096 | 800,433 | ||||||
Matrix Service Co.† | 17,476 | 387,967 | ||||||
Newpark Resources, Inc.† | 57,752 | 696,489 | ||||||
Pioneer Energy Services Corp.† | 41,677 | 300,908 | ||||||
SEACOR Holdings, Inc.† | 13,480 | 1,254,314 | ||||||
Targa Resources Corp. | 22,054 | 1,788,359 | ||||||
Tesco Corp.† | 20,251 | 362,088 | ||||||
TETRA Technologies, Inc.† | 52,466 | 647,431 | ||||||
Willbros Group, Inc.† | 26,799 | 235,027 | ||||||
13,273,810 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp. | 4,202 | 78,703 | ||||||
Optical Supplies — 0.0% |
| |||||||
Staar Surgical Co.† | 24,632 | 310,856 | ||||||
Paper & Related Products — 0.5% |
| |||||||
Clearwater Paper Corp.† | 14,884 | 788,108 | ||||||
KapStone Paper and Packaging Corp.† | 27,370 | 1,458,274 | ||||||
Neenah Paper, Inc. | 10,712 | 449,797 | ||||||
Orchids Paper Products Co.# | 4,007 | 131,189 | ||||||
P.H. Glatfelter Co. | 28,769 | 805,244 | ||||||
Resolute Forest Products, Inc.† | 46,796 | 758,095 | ||||||
Schweitzer-Mauduit International, Inc. | 21,031 | 1,085,410 | ||||||
Wausau Paper Corp. | 33,116 | 402,028 | ||||||
Xerium Technologies, Inc.† | 7,313 | 96,459 | ||||||
5,974,604 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Patient Monitoring Equipment — 0.2% |
| |||||||
Insulet Corp.† | 35,818 | $ | 1,325,982 | |||||
Masimo Corp.† | 32,652 | 934,827 | ||||||
2,260,809 | ||||||||
Pharmacy Services — 0.0% |
| |||||||
BioScrip, Inc.† | 39,080 | 266,135 | ||||||
Physical Therapy/Rehabilitation Centers — 0.2% |
| |||||||
HealthSouth Corp. | 58,466 | 2,092,498 | ||||||
U.S. Physical Therapy, Inc. | 8,090 | 273,119 | ||||||
2,365,617 | ||||||||
Physicians Practice Management — 0.1% |
| |||||||
Healthways, Inc.†# | 22,924 | 321,165 | ||||||
IPC The Hospitalist Co., Inc.† | 11,238 | 706,646 | ||||||
1,027,811 | ||||||||
Pipelines — 0.3% |
| |||||||
Crosstex Energy, Inc. | 31,907 | 1,036,977 | ||||||
Primoris Services Corp. | 23,649 | 680,145 | ||||||
SemGroup Corp., Class A | 28,186 | 1,730,057 | ||||||
3,447,179 | ||||||||
Platinum — 0.1% |
| |||||||
Stillwater Mining Co.† | 79,162 | 888,989 | ||||||
Pollution Control — 0.1% |
| |||||||
Advanced Emissions Solutions, Inc.† | 6,746 | 391,200 | ||||||
CECO Environmental Corp. | 17,483 | 278,504 | ||||||
GSE Holding, Inc.† | 5,352 | 11,079 | ||||||
680,783 | ||||||||
Poultry — 0.2% |
| |||||||
Pilgrim's Pride Corp.† | 40,623 | 665,405 | ||||||
Sanderson Farms, Inc. | 15,427 | 1,054,281 | ||||||
1,719,686 | ||||||||
Power Converter/Supply Equipment — 0.4% |
| |||||||
Advanced Energy Industries, Inc.† | 26,315 | 626,823 | ||||||
Capstone Turbine Corp.†# | 204,156 | 242,946 | ||||||
Generac Holdings, Inc. | 34,552 | 1,840,240 | ||||||
Powell Industries, Inc. | 6,172 | 423,337 | ||||||
PowerSecure International, Inc.† | 12,710 | 223,315 | ||||||
SunPower Corp.†# | 27,634 | 838,416 | ||||||
Vicor Corp.† | 11,851 | 128,109 | ||||||
4,323,186 | ||||||||
Precious Metals — 0.1% |
| |||||||
Coeur Mining, Inc.† | 68,022 | 749,602 | ||||||
Paramount Gold and Silver Corp.†# | 92,423 | 107,211 | ||||||
856,813 | ||||||||
Printing - Commercial — 0.5% |
| |||||||
ARC Document Solutions, Inc.† | 25,256 | 217,454 | ||||||
Cenveo, Inc.†# | 36,116 | 123,878 | ||||||
Consolidated Graphics, Inc.† | 4,851 | 312,453 | ||||||
Deluxe Corp. | 34,094 | 1,694,131 | ||||||
Ennis, Inc. | 17,536 | 325,117 | ||||||
Multi - Color Corp. | 8,213 | 311,355 | ||||||
Quad/Graphics, Inc. | 16,749 | 436,311 | ||||||
Valassis Communications, Inc.# | 26,026 | 764,123 | ||||||
VistaPrint NV†# | 21,882 | 1,254,605 | ||||||
5,439,427 | ||||||||
Private Equity — 0.0% |
| |||||||
Fidus Investment Corp.# | 9,183 | 199,363 | ||||||
Gladstone Investment Corp.# | 17,747 | 134,700 | ||||||
334,063 | ||||||||
211
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Protection/Safety — 0.0% |
| |||||||
Landauer, Inc. | 6,385 | $ | 338,405 | |||||
Publishing - Books — 0.1% |
| |||||||
Courier Corp. | 7,674 | 143,657 | ||||||
Scholastic Corp. | 17,722 | 541,230 | ||||||
684,887 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
AH Belo Corp., Class A | 12,661 | 97,996 | ||||||
Daily Journal Corp.†# | 613 | 89,498 | ||||||
McClatchy Co., Class A†# | 40,739 | 127,920 | ||||||
New York Times Co., Class A# | 86,478 | 1,207,233 | ||||||
1,522,647 | ||||||||
Publishing - Periodicals — 0.0% |
| |||||||
Dex Media, Inc.† | 11,484 | 83,374 | ||||||
Racetracks — 0.1% |
| |||||||
Churchill Downs, Inc. | 9,216 | 828,058 | ||||||
International Speedway Corp., Class A | 18,661 | 640,632 | ||||||
Speedway Motorsports, Inc. | 7,801 | 157,034 | ||||||
1,625,724 | ||||||||
Radio — 0.1% |
| |||||||
Beasley Broadcasting Group, Inc., Class A | 2,936 | 26,982 | ||||||
Cumulus Media, Inc., Class A† | 50,475 | 352,315 | ||||||
Entercom Communications Corp., Class A†# | 16,029 | 167,824 | ||||||
Saga Communications, Inc., Class A | 3,241 | 167,236 | ||||||
Salem Communications Corp., Class A | 6,961 | 62,579 | ||||||
776,936 | ||||||||
Real Estate Investment Trusts — 6.7% |
| |||||||
Acadia Realty Trust | 36,918 | 958,760 | ||||||
AG Mortgage Investment Trust, Inc.# | 18,725 | 296,604 | ||||||
Agree Realty Corp. | 8,876 | 260,067 | ||||||
Alexander's, Inc. | 1,408 | 453,714 | ||||||
Altisource Residential Corp. | 16,799 | 467,852 | ||||||
American Assets Trust, Inc. | 22,521 | 702,430 | ||||||
American Capital Mortgage Investment Corp. | 39,530 | 746,722 | ||||||
American Realty Capital Properties, Inc.# | 103,248 | 1,353,581 | ||||||
American Residential Properties, Inc.†# | 9,184 | 161,271 | ||||||
AmREIT, Inc., Class B | 10,839 | 188,707 | ||||||
Anworth Mtg. Asset Corp. | 97,105 | 432,117 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 24,721 | 411,110 | ||||||
Apollo Residential Mortgage, Inc. | 21,474 | 324,687 | ||||||
Ares Commercial Real Estate Corp. | 4,769 | 62,569 | ||||||
Armada Hoffler Properties, Inc.# | 12,739 | 130,447 | ||||||
ARMOUR Residential REIT, Inc. | 250,779 | 980,546 | ||||||
Ashford Hospitality Prime, Inc.† | 6,983 | 142,872 | ||||||
Ashford Hospitality Trust, Inc. | 34,919 | 286,685 | ||||||
Associated Estates Realty Corp. | 33,763 | 537,169 | ||||||
Aviv REIT, Inc. | 7,709 | 198,121 | ||||||
Campus Crest Communities, Inc.# | 43,271 | 430,546 | ||||||
Capstead Mortgage Corp.# | 64,056 | 770,594 | ||||||
Cedar Realty Trust, Inc. | 48,467 | 281,109 | ||||||
Chambers Street Properties# | 166,875 | 1,380,056 | ||||||
Chatham Lodging Trust | 11,786 | 242,674 | ||||||
Chesapeake Lodging Trust | 32,557 | 777,136 | ||||||
Colony Financial, Inc. | 43,301 | 875,546 | ||||||
CoreSite Realty Corp. | 13,906 | 449,998 | ||||||
Cousins Properties, Inc. | 71,669 | 767,575 | ||||||
CubeSmart | 89,297 | 1,448,397 | ||||||
CyrusOne, Inc. | 12,855 | 262,628 | ||||||
CYS Investments, Inc.# | 117,044 | 936,352 | ||||||
DCT Industrial Trust, Inc. | 194,869 | 1,453,723 | ||||||
DiamondRock Hospitality Co. | 131,014 | 1,497,490 | ||||||
DuPont Fabros Technology, Inc. | 41,837 | 981,914 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Dynex Capital, Inc. | 36,827 | $ | 308,979 | |||||
EastGroup Properties, Inc. | 20,281 | 1,228,826 | ||||||
Education Realty Trust, Inc. | 76,430 | 664,941 | ||||||
Ellington Residential Mortgage REIT | 4,324 | 70,179 | ||||||
EPR Properties | 31,532 | 1,585,744 | ||||||
Equity One, Inc. | 40,358 | 904,019 | ||||||
Excel Trust, Inc. | 32,064 | 375,790 | ||||||
FelCor Lodging Trust, Inc.† | 83,201 | 609,031 | ||||||
First Industrial Realty Trust, Inc. | 72,050 | 1,257,993 | ||||||
First Potomac Realty Trust | 39,376 | 472,512 | ||||||
Franklin Street Properties Corp. | 60,338 | 775,947 | ||||||
Geo Group, Inc. | 47,992 | 1,574,138 | ||||||
Getty Realty Corp. | 17,166 | 316,369 | ||||||
Gladstone Commercial Corp.# | 8,401 | 151,134 | ||||||
Glimcher Realty Trust | 96,860 | 940,511 | ||||||
Government Properties Income Trust# | 36,642 | 909,088 | ||||||
Gramercy Property Trust, Inc.† | 39,801 | 214,129 | ||||||
Healthcare Realty Trust, Inc. | 60,598 | 1,341,034 | ||||||
Hersha Hospitality Trust | 135,776 | 777,997 | ||||||
Highwoods Properties, Inc. | 55,061 | 1,977,791 | ||||||
Hudson Pacific Properties, Inc. | 29,048 | 602,456 | ||||||
Inland Real Estate Corp. | 57,183 | 619,864 | ||||||
Invesco Mortgage Capital, Inc. | 90,634 | 1,368,573 | ||||||
Investors Real Estate Trust | 67,615 | 595,688 | ||||||
iStar Financial, Inc.†# | 57,013 | 734,327 | ||||||
JAVELIN Mortgage Investment Corp.# | 9,049 | 111,665 | ||||||
Kite Realty Group Trust | 61,315 | 401,613 | ||||||
LaSalle Hotel Properties | 64,040 | 2,005,733 | ||||||
Lexington Realty Trust | 113,123 | 1,161,773 | ||||||
LTC Properties, Inc. | 23,286 | 896,744 | ||||||
Medical Properties Trust, Inc. | 100,592 | 1,328,820 | ||||||
Monmouth Real Estate Investment Corp., Class A | 28,449 | 273,679 | ||||||
National Health Investors, Inc. | 16,491 | 970,825 | ||||||
New Residential Investment Corp. | 169,608 | 1,024,432 | ||||||
New York Mortgage Trust, Inc.# | 42,720 | 299,467 | ||||||
NorthStar Realty Finance Corp.# | 132,899 | 1,313,042 | ||||||
One Liberty Properties, Inc. | 7,874 | 162,283 | ||||||
Parkway Properties, Inc. | 29,199 | 534,050 | ||||||
Pebblebrook Hotel Trust | 41,166 | 1,248,565 | ||||||
Pennsylvania Real Estate Investment Trust | 45,586 | 820,092 | ||||||
PennyMac Mortgage Investment Trust | 39,543 | 892,881 | ||||||
Potlatch Corp. | 27,141 | 1,081,569 | ||||||
PS Business Parks, Inc. | 12,235 | 958,245 | ||||||
RAIT Financial Trust# | 46,895 | 385,008 | ||||||
Ramco-Gershenson Properties Trust | 40,007 | 640,112 | ||||||
Redwood Trust, Inc.# | 55,050 | 1,022,829 | ||||||
Resource Capital Corp. | 85,114 | 512,386 | ||||||
Retail Opportunity Investments Corp. | 44,529 | 648,788 | ||||||
RLJ Lodging Trust | 82,902 | 2,001,254 | ||||||
Rouse Properties, Inc.# | 15,032 | 366,631 | ||||||
Ryman Hospitality Properties, Inc.# | 29,570 | 1,238,096 | ||||||
Sabra Health Care REIT, Inc. | 25,026 | 667,694 | ||||||
Saul Centers, Inc. | 5,263 | 255,940 | ||||||
Select Income REIT | 11,574 | 317,591 | ||||||
Silver Bay Realty Trust Corp. | 10,212 | 163,494 | ||||||
Sovran Self Storage, Inc. | 21,052 | 1,405,011 | ||||||
STAG Industrial, Inc. | 28,041 | 607,929 | ||||||
Strategic Hotels & Resorts, Inc.† | 121,527 | 1,085,236 | ||||||
Summit Hotel Properties, Inc. | 44,195 | 401,291 | ||||||
Sun Communities, Inc. | 24,035 | 980,628 | ||||||
Sunstone Hotel Investors, Inc. | 109,143 | 1,426,499 | ||||||
Terreno Realty Corp. | 12,888 | 228,246 | ||||||
UMH Properties, Inc. | 10,135 | 97,499 | ||||||
Universal Health Realty Income Trust | 7,978 | 338,108 | ||||||
Urstadt Biddle Properties, Inc., Class A | 16,708 | 318,454 |
212
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Real Estate Investment Trusts (continued) |
| |||||||
Washington Real Estate Investment Trust# | 44,576 | $ | 1,058,234 | |||||
Western Asset Mortgage Capital Corp.# | 16,292 | 264,419 | ||||||
Whitestone REIT, Class B | 11,427 | 153,008 | ||||||
Winthrop Realty Trust | 19,511 | 225,547 | ||||||
ZAIS Financial Corp.# | 3,787 | 64,720 | ||||||
74,388,959 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
HFF, Inc., Class A† | 22,182 | 568,303 | ||||||
Kennedy-Wilson Holdings, Inc. | 35,126 | 723,244 | ||||||
1,291,547 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
Alexander & Baldwin, Inc. | 28,857 | 1,090,506 | ||||||
AV Homes, Inc.† | 6,328 | 127,636 | ||||||
Consolidated-Tomoka Land Co. | 3,921 | 144,410 | ||||||
Forestar Group, Inc.† | 23,227 | 449,675 | ||||||
Thomas Properties Group, Inc. | 20,269 | 140,059 | ||||||
1,952,286 | ||||||||
Recreational Centers — 0.1% |
| |||||||
Life Time Fitness, Inc.†# | 28,856 | 1,399,805 | ||||||
Town Sports International Holdings, Inc. | 16,100 | 221,375 | ||||||
1,621,180 | ||||||||
Recreational Vehicles — 0.0% |
| |||||||
Arctic Cat, Inc. | 8,835 | 497,145 | ||||||
Rental Auto/Equipment — 0.3% |
| |||||||
Electro Rent Corp. | 12,585 | 268,312 | ||||||
H&E Equipment Services, Inc.† | 19,910 | 568,032 | ||||||
McGrath RentCorp | 16,886 | 656,697 | ||||||
Rent-A-Center, Inc. | 38,765 | 1,320,336 | ||||||
2,813,377 | ||||||||
Research & Development — 0.2% |
| |||||||
Albany Molecular Research, Inc.† | 15,594 | 188,375 | ||||||
AVEO Pharmaceuticals, Inc.† | 34,780 | 73,734 | ||||||
PAREXEL International Corp.† | 38,107 | 1,570,771 | ||||||
1,832,880 | ||||||||
Resorts/Theme Parks — 0.3% |
| |||||||
Marriott Vacations Worldwide Corp.† | 19,540 | 1,020,770 | ||||||
Vail Resorts, Inc. | 24,070 | 1,824,265 | ||||||
2,845,035 | ||||||||
Retail - Apparel/Shoe — 1.5% |
| |||||||
Aeropostale, Inc.†# | 52,599 | 542,822 | ||||||
ANN, Inc.† | 31,624 | 1,128,028 | ||||||
bebe stores, Inc. | 23,322 | 137,366 | ||||||
Body Central Corp.†# | 11,079 | 43,430 | ||||||
Brown Shoe Co., Inc. | 28,989 | 745,887 | ||||||
Buckle, Inc.# | 18,727 | 993,655 | ||||||
Cato Corp., Class A | 18,463 | 628,480 | ||||||
Children's Place Retail Stores, Inc.† | 15,490 | 851,950 | ||||||
Christopher & Banks Corp.† | 24,345 | 152,643 | ||||||
Destination Maternity Corp. | 9,073 | 277,089 | ||||||
Destination XL Group, Inc.† | 28,222 | 198,401 | ||||||
Express, Inc.† | 57,216 | 1,408,086 | ||||||
Fifth & Pacific Cos., Inc.† | 80,407 | 2,626,093 | ||||||
Finish Line, Inc., Class A | 33,008 | 871,741 | ||||||
Francesca's Holdings Corp.†# | 29,509 | 578,966 | ||||||
Genesco, Inc.† | 16,098 | 1,205,901 | ||||||
Jos. A. Bank Clothiers, Inc.† | 18,743 | 1,064,977 | ||||||
Men's Wearhouse, Inc. | 33,699 | 1,722,693 | ||||||
New York & Co., Inc.† | 19,292 | 98,968 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Apparel/Shoe (continued) | ||||||||
Pacific Sunwear of California, Inc.† | 30,947 | $ | 90,056 | |||||
Shoe Carnival, Inc. | 10,058 | 290,978 | ||||||
Stein Mart, Inc. | 18,550 | 273,427 | ||||||
Tilly's, Inc.† | 6,633 | 79,861 | ||||||
Vera Bradley, Inc.†# | 14,506 | 364,391 | ||||||
Wet Seal, Inc., Class A† | 59,642 | 198,608 | ||||||
Winmark Corp. | 1,504 | 128,818 | ||||||
16,703,315 | ||||||||
Retail - Appliances — 0.1% |
| |||||||
Conn's, Inc.† | 15,045 | 907,665 | ||||||
hhgregg, Inc.†# | 8,605 | 128,214 | ||||||
1,035,879 | ||||||||
Retail - Auto Parts — 0.0% |
| |||||||
Pep Boys-Manny Moe & Jack† | 35,645 | 488,337 | ||||||
Retail - Automobile — 0.5% |
| |||||||
America's Car-Mart, Inc.† | 5,396 | 226,794 | ||||||
Asbury Automotive Group, Inc.† | 20,892 | 1,084,713 | ||||||
Group 1 Automotive, Inc. | 14,581 | 998,069 | ||||||
Lithia Motors, Inc., Class A | 14,881 | 983,336 | ||||||
Penske Automotive Group, Inc. | 28,316 | 1,257,797 | ||||||
Rush Enterprises, Inc., Class A† | 23,254 | 679,714 | ||||||
Sonic Automotive, Inc., Class A | 26,104 | 619,187 | ||||||
5,849,610 | ||||||||
Retail - Bedding — 0.0% |
| |||||||
Mattress Firm Holding Corp.†# | 9,005 | 334,356 | ||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble, Inc.†# | 27,083 | 454,453 | ||||||
Retail - Building Products — 0.2% |
| |||||||
Lumber Liquidators Holdings, Inc.†# | 18,413 | 1,854,005 | ||||||
Tile Shop Holdings, Inc.†# | 12,372 | 207,231 | ||||||
2,061,236 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 6,255 | 135,921 | ||||||
Systemax, Inc.† | 7,304 | 83,777 | ||||||
219,698 | ||||||||
Retail - Consumer Electronics — 0.0% |
| |||||||
RadioShack Corp.†# | 66,820 | 194,446 | ||||||
Retail - Convenience Store — 0.3% |
| |||||||
Casey's General Stores, Inc. | 25,693 | 1,912,073 | ||||||
Pantry, Inc.† | 15,784 | 227,132 | ||||||
Susser Holdings Corp.†# | 12,095 | 774,322 | ||||||
2,913,527 | ||||||||
Retail - Discount — 0.2% |
| |||||||
Citi Trends, Inc.† | 10,360 | 171,044 | ||||||
Fred's, Inc., Class A | 24,616 | 427,334 | ||||||
Gordmans Stores, Inc. | 5,949 | 62,167 | ||||||
HSN, Inc. | 22,671 | 1,301,315 | ||||||
Tuesday Morning Corp.† | 28,711 | 397,647 | ||||||
2,359,507 | ||||||||
Retail - Drug Store — 0.3% |
| |||||||
Rite Aid Corp.† | 489,453 | 2,897,562 | ||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.# | 31,851 | 509,297 | ||||||
Retail - Home Furnishings — 0.3% |
| |||||||
Haverty Furniture Cos., Inc. | 13,238 | 377,283 | ||||||
Kirkland's, Inc.† | 9,344 | 239,393 |
213
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Home Furnishings (continued) | ||||||||
Pier 1 Imports, Inc. | 63,536 | $ | 1,416,218 | |||||
Restoration Hardware Holdings, Inc.† | 11,854 | 894,977 | ||||||
2,927,871 | ||||||||
Retail - Hypermarkets — 0.0% |
| |||||||
Roundy's, Inc. | 16,881 | 147,034 | ||||||
Retail - Jewelry — 0.0% |
| |||||||
Zale Corp.† | 21,768 | 321,078 | ||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 15,651 | 246,034 | ||||||
West Marine, Inc.† | 11,382 | 154,112 | ||||||
400,146 | ||||||||
Retail - Major Department Stores — 0.0% |
| |||||||
Sears Hometown and Outlet Stores, Inc.† | 5,801 | 185,516 | ||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
Five Below, Inc.† | 21,981 | 1,168,510 | ||||||
PriceSmart, Inc. | 12,650 | 1,578,593 | ||||||
2,747,103 | ||||||||
Retail - Music Store — 0.0% |
| |||||||
Trans World Entertainment Corp.† | 7,097 | 30,872 | ||||||
Retail - Office Supplies — 0.2% |
| |||||||
Office Depot, Inc.† | 321,826 | 1,750,733 | ||||||
Retail - Pawn Shops — 0.2% |
| |||||||
Cash America International, Inc.# | 19,126 | 719,329 | ||||||
Ezcorp, Inc., Class A† | 34,216 | 399,643 | ||||||
First Cash Financial Services, Inc.† | 19,562 | 1,243,752 | ||||||
2,362,724 | ||||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetMed Express, Inc.# | 13,479 | 212,699 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Bon - Ton Stores, Inc.# | 9,057 | 161,034 | ||||||
Stage Stores, Inc.# | 21,928 | 460,707 | ||||||
621,741 | ||||||||
Retail - Restaurants — 1.7% |
| |||||||
AFC Enterprises, Inc.† | 16,006 | 697,702 | ||||||
Biglari Holdings, Inc.† | 973 | 471,963 | ||||||
BJ's Restaurants, Inc.†# | 16,533 | 490,038 | ||||||
Bloomin' Brands, Inc.†# | 37,075 | 971,365 | ||||||
Bob Evans Farms, Inc. | 18,688 | 1,038,866 | ||||||
Bravo Brio Restaurant Group, Inc.† | 13,125 | 209,606 | ||||||
Buffalo Wild Wings, Inc.† | 12,573 | 1,888,968 | ||||||
Carrols Restaurant Group, Inc.† | 15,866 | 106,302 | ||||||
CEC Entertainment, Inc. | 11,918 | 571,468 | ||||||
Cheesecake Factory, Inc. | 35,744 | 1,742,520 | ||||||
Chuy's Holdings, Inc.† | 10,879 | 379,024 | ||||||
Cracker Barrel Old Country Store, Inc. | 13,169 | 1,428,705 | ||||||
Del Frisco's Restaurant Group, Inc.† | 7,168 | 151,747 | ||||||
Denny's Corp.† | 61,518 | 442,930 | ||||||
DineEquity, Inc. | 11,084 | 932,497 | ||||||
Diversified Restaurant Holdings, Inc.† | 7,187 | 40,678 | ||||||
Einstein Noah Restaurant Group, Inc. | 4,334 | 69,301 | ||||||
Fiesta Restaurant Group, Inc.† | 13,288 | 650,713 | ||||||
Ignite Restaurant Group, Inc.†# | 4,830 | 59,650 | ||||||
Jack in the Box, Inc.† | 29,816 | 1,411,788 | ||||||
Jamba, Inc.†# | 11,195 | 132,101 | ||||||
Krispy Kreme Doughnuts, Inc.† | 43,892 | 1,113,979 | ||||||
Luby's, Inc.† | 13,372 | 120,081 | ||||||
Nathan's Famous, Inc.† | 1,824 | 96,198 | ||||||
Papa John's International, Inc. | 10,738 | 911,388 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Restaurants (continued) |
| |||||||
Red Robin Gourmet Burgers, Inc.† | 9,490 | $ | 756,448 | |||||
Ruby Tuesday, Inc.† | 40,849 | 287,985 | ||||||
Ruth's Hospitality Group, Inc. | 24,016 | 345,350 | ||||||
Sonic Corp.† | 37,642 | 744,935 | ||||||
Texas Roadhouse, Inc. | 41,843 | 1,170,767 | ||||||
19,435,063 | ||||||||
Retail - Sporting Goods — 0.2% |
| |||||||
Big 5 Sporting Goods Corp. | 11,267 | 209,792 | ||||||
Hibbett Sports, Inc.†# | 17,422 | 1,124,939 | ||||||
Zumiez, Inc.† | 14,150 | 392,945 | ||||||
1,727,676 | ||||||||
Retail - Vitamins & Nutrition Supplements — 0.1% |
| |||||||
Vitamin Shoppe, Inc.† | 20,343 | 1,104,015 | ||||||
Retirement/Aged Care — 0.1% |
| |||||||
Capital Senior Living Corp.† | 19,203 | 428,803 | ||||||
Emeritus Corp.† | 27,016 | 608,130 | ||||||
Five Star Quality Care, Inc.† | 28,724 | 141,609 | ||||||
1,178,542 | ||||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co.# | 42,459 | 1,044,491 | ||||||
Rubber/Plastic Products — 0.1% |
| |||||||
Myers Industries, Inc. | 18,900 | 382,536 | ||||||
Proto Labs, Inc.†# | 11,440 | 849,992 | ||||||
1,232,528 | ||||||||
Satellite Telecom — 0.3% |
| |||||||
DigitalGlobe, Inc.† | 49,929 | 1,977,188 | ||||||
Iridium Communications, Inc.†# | 43,030 | 264,635 | ||||||
Loral Space & Communications, Inc.† | 8,730 | 689,059 | ||||||
2,930,882 | ||||||||
Savings & Loans/Thrifts — 1.3% |
| |||||||
Astoria Financial Corp. | 59,196 | 827,560 | ||||||
Banc of California, Inc. | 7,295 | 93,522 | ||||||
Bank Mutual Corp. | 31,116 | 215,634 | ||||||
BankFinancial Corp. | 14,126 | 137,587 | ||||||
BBX Capital Corp.† | 4,836 | 65,625 | ||||||
Beneficial Mutual Bancorp, Inc.† | 21,431 | 225,026 | ||||||
Berkshire Hills Bancorp, Inc. | 16,810 | 459,585 | ||||||
BofI Holding, Inc.† | 8,108 | 664,532 | ||||||
Brookline Bancorp, Inc. | 46,986 | 429,452 | ||||||
Capitol Federal Financial, Inc. | 99,849 | 1,204,179 | ||||||
Charter Financial Corp. | 15,251 | 162,881 | ||||||
Clifton Savings Bancorp, Inc. | 5,757 | 73,056 | ||||||
Dime Community Bancshares, Inc. | 21,346 | 359,040 | ||||||
ESB Financial Corp. | 8,603 | 123,453 | ||||||
ESSA Bancorp, Inc. | 6,022 | 69,735 | ||||||
EverBank Financial Corp.# | 53,953 | 920,978 | ||||||
First Defiance Financial Corp. | 6,551 | 176,877 | ||||||
First Federal Bancshares of Arkansas, Inc.† | 1,947 | 17,990 | ||||||
First Financial Northwest, Inc. | 11,099 | 118,981 | ||||||
Flagstar Bancorp, Inc.† | 13,305 | 244,147 | ||||||
Flushing Financial Corp. | 20,669 | 446,657 | ||||||
Fox Chase Bancorp, Inc. | 8,165 | 144,276 | ||||||
Hingham Institution for Savings | 859 | 67,938 | ||||||
Home Bancorp, Inc.† | 4,343 | 82,430 | ||||||
Home Federal Bancorp, Inc. | 9,714 | 148,430 | ||||||
HomeStreet, Inc.# | 8,686 | 183,796 | ||||||
HomeTrust Bancshares, Inc.† | 13,959 | 230,603 | ||||||
Investors Bancorp, Inc. | 31,221 | 751,490 | ||||||
Kearny Financial Corp.† | 9,612 | 100,349 | ||||||
Meridian Interstate Bancorp, Inc.† | 5,586 | 123,562 |
214
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Savings & Loans/Thrifts (continued) | ||||||||
Meta Financial Group, Inc. | 3,685 | $ | 142,978 | |||||
NASB Financial, Inc.† | 2,811 | 84,330 | ||||||
Northfield Bancorp, Inc. | 39,016 | 507,208 | ||||||
Northwest Bancshares, Inc. | 62,832 | 938,710 | ||||||
OceanFirst Financial Corp. | 9,229 | 171,659 | ||||||
Oritani Financial Corp. | 30,413 | 495,428 | ||||||
Pacific Premier Bancorp, Inc.† | 10,348 | 150,460 | ||||||
Provident Financial Holdings, Inc. | 6,149 | 90,513 | ||||||
Provident Financial Services, Inc. | 40,004 | 782,078 | ||||||
Rockville Financial, Inc. | 18,383 | 274,274 | ||||||
Roma Financial Corp.†# | 4,895 | 97,166 | ||||||
Sterling Bancorp | 55,927 | 734,881 | ||||||
Territorial Bancorp, Inc. | 7,121 | 170,121 | ||||||
United Community Financial Corp.† | 26,553 | 99,839 | ||||||
United Financial Bancorp, Inc. | 13,189 | 260,219 | ||||||
Waterstone Financial, Inc.† | 4,932 | 55,830 | ||||||
Westfield Financial, Inc. | 12,814 | 94,695 | ||||||
WSFS Financial Corp. | 5,261 | 399,520 | ||||||
14,419,280 | ||||||||
Schools — 0.4% |
| |||||||
American Public Education, Inc.†# | 11,801 | 533,287 | ||||||
Bridgepoint Education, Inc.†# | 12,285 | 227,273 | ||||||
Bright Horizons Family Solutions, Inc.† | 7,945 | 276,883 | ||||||
Capella Education Co.† | 7,408 | 486,854 | ||||||
Career Education Corp.† | 36,987 | 186,784 | ||||||
Corinthian Colleges, Inc.†# | 53,131 | 89,260 | ||||||
Education Management Corp.†# | 16,189 | 186,983 | ||||||
Grand Canyon Education, Inc.† | 30,435 | 1,386,010 | ||||||
ITT Educational Services, Inc.†# | 15,660 | 610,583 | ||||||
K12, Inc.† | 18,208 | 383,096 | ||||||
Lincoln Educational Services Corp. | 16,089 | 86,076 | ||||||
Strayer Education, Inc. | 7,247 | 269,226 | ||||||
Universal Technical Institute, Inc. | 14,221 | 206,916 | ||||||
4,929,231 | ||||||||
Security Services — 0.2% |
| |||||||
Ascent Capital Group, Inc., Class A† | 9,474 | 814,575 | ||||||
Brink's Co. | 32,146 | 1,077,855 | ||||||
LifeLock, Inc.†# | 40,675 | 700,423 | ||||||
2,592,853 | ||||||||
Seismic Data Collection — 0.1% |
| |||||||
Dawson Geophysical Co.† | 5,398 | 174,463 | ||||||
Geospace Technologies Corp.†# | 8,654 | 755,234 | ||||||
Global Geophysical Services, Inc.†# | 15,302 | 23,259 | ||||||
ION Geophysical Corp.†# | 89,260 | 344,544 | ||||||
TGC Industries, Inc. | 10,124 | 72,893 | ||||||
1,370,393 | ||||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Aeroflex Holding Corp.† | 13,138 | 88,682 | ||||||
ANADIGICS, Inc.† | 55,160 | 105,907 | ||||||
Cirrus Logic, Inc.†# | 42,483 | 857,307 | ||||||
Cypress Semiconductor Corp.# | 98,563 | 955,075 | ||||||
Emulex Corp.† | 60,904 | 454,344 | ||||||
Exar Corp.† | 25,650 | 314,212 | ||||||
Hittite Microwave Corp.† | 21,132 | 1,336,176 | ||||||
Integrated Device Technology, Inc.† | 88,353 | 876,462 | ||||||
MaxLinear, Inc., Class A† | 15,501 | 131,759 | ||||||
Micrel, Inc. | 31,211 | 303,059 | ||||||
Pericom Semiconductor Corp.† | 15,378 | 146,706 | ||||||
Power Integrations, Inc. | 19,427 | 1,038,567 | ||||||
Sigma Designs, Inc.† | 20,531 | 115,179 | ||||||
TriQuint Semiconductor, Inc.† | 109,441 | 862,395 | ||||||
7,585,830 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Equipment — 0.7% |
| |||||||
ATMI, Inc.† | 21,403 | $ | 654,932 | |||||
Axcelis Technologies, Inc.† | 72,603 | 161,905 | ||||||
Brooks Automation, Inc. | 44,570 | 471,105 | ||||||
Cabot Microelectronics Corp.† | 15,600 | 703,092 | ||||||
Cohu, Inc. | 16,566 | 164,169 | ||||||
Entegris, Inc.† | 93,390 | 1,025,422 | ||||||
FormFactor, Inc.† | 36,158 | 195,976 | ||||||
Intermolecular, Inc.† | 11,560 | 65,892 | ||||||
LTX-Credence Corp.† | 31,874 | 230,130 | ||||||
MKS Instruments, Inc. | 35,532 | 1,057,788 | ||||||
Nanometrics, Inc.† | 15,492 | 292,489 | ||||||
Photronics, Inc.† | 40,740 | 351,994 | ||||||
Rudolph Technologies, Inc.† | 21,892 | 246,285 | ||||||
Tessera Technologies, Inc. | 35,367 | 707,340 | ||||||
Ultra Clean Holdings, Inc.† | 16,008 | 159,440 | ||||||
Ultratech, Inc.† | 18,587 | 491,812 | ||||||
Veeco Instruments, Inc.† | 26,248 | 845,710 | ||||||
7,825,481 | ||||||||
Silver Mining — 0.1% |
| |||||||
Hecla Mining Co.# | 223,099 | 658,142 | ||||||
Software Tools — 0.0% |
| |||||||
EPAM Systems, Inc.† | 14,652 | 519,706 | ||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
National Bank Holdings Corp., Class A | 35,035 | 742,041 | ||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Furmanite Corp.† | 25,064 | 283,223 | ||||||
Mueller Water Products, Inc., Class A | 105,826 | 911,162 | ||||||
Northwest Pipe Co.† | 6,326 | 246,588 | ||||||
Omega Flex, Inc. | 1,846 | 38,009 | ||||||
1,478,982 | ||||||||
Steel - Producers — 0.2% |
| |||||||
AK Steel Holding Corp.†# | 91,371 | 517,160 | ||||||
Commercial Metals Co. | 78,345 | 1,521,460 | ||||||
Schnitzer Steel Industries, Inc., Class A# | 17,253 | 528,546 | ||||||
Shiloh Industries, Inc. | 4,086 | 94,713 | ||||||
2,661,879 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
Universal Stainless & Alloy Products, Inc.† | 4,642 | 168,737 | ||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc.†# | 25,707 | 1,038,563 | ||||||
Wesco Aircraft Holdings, Inc.† | 27,601 | 576,309 | ||||||
1,614,872 | ||||||||
Superconductor Product & Systems — 0.0% |
| |||||||
American Superconductor Corp.†# | 29,864 | 48,678 | ||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Alliance Fiber Optic Products, Inc.# | 7,714 | 113,781 | ||||||
Ciena Corp.† | 68,055 | 1,511,502 | ||||||
Finisar Corp.† | 62,628 | 1,295,773 | ||||||
Harmonic, Inc.† | 75,922 | 584,599 | ||||||
KVH Industries, Inc.† | 10,397 | 147,014 | ||||||
Oplink Communications, Inc.† | 12,763 | 207,016 | ||||||
3,859,685 | ||||||||
Telecom Services — 0.3% |
| |||||||
Aviat Networks, Inc.† | 41,052 | 103,862 | ||||||
Cbeyond, Inc.† | 17,977 | 99,772 | ||||||
Consolidated Communications Holdings, Inc. | 26,888 | 519,611 | ||||||
EarthLink, Inc. | 69,084 | 376,508 | ||||||
Fairpoint Communications, Inc.†# | 13,908 | 129,344 |
215
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Telecom Services (continued) | ||||||||
Hawaiian Telcom Holdco, Inc.†# | 6,928 | $ | 210,126 | |||||
Inteliquent, Inc. | 21,807 | 252,743 | ||||||
Lumos Networks Corp. | 10,352 | 238,717 | ||||||
ORBCOMM, Inc.† | 24,288 | 151,071 | ||||||
Premiere Global Services, Inc.† | 32,249 | 300,883 | ||||||
PTGi Holding, Inc. | 8,229 | 22,301 | ||||||
RigNet, Inc.† | 7,937 | 337,164 | ||||||
Straight Path Communications, Inc., Class B† | 5,154 | 40,717 | ||||||
USA Mobility, Inc. | 14,509 | 213,137 | ||||||
Vonage Holdings Corp.† | 104,128 | 344,664 | ||||||
West Corp. | 14,280 | 328,868 | ||||||
3,669,488 | ||||||||
Telecommunication Equipment — 0.6% |
| |||||||
8x8, Inc.† | 48,356 | 503,870 | ||||||
ADTRAN, Inc. | 39,732 | 1,020,318 | ||||||
Anaren, Inc.† | 7,779 | 216,956 | ||||||
ARRIS Group, Inc.† | 78,096 | 1,602,530 | ||||||
Comtech Telecommunications Corp. | 11,275 | 362,379 | ||||||
Neonode, Inc.†# | 16,842 | 106,610 | ||||||
Numerex Corp., Class A†# | 9,374 | 126,455 | ||||||
Plantronics, Inc. | 29,015 | 1,297,841 | ||||||
Preformed Line Products Co. | 1,729 | 121,808 | ||||||
ShoreTel, Inc.† | 39,454 | 318,788 | ||||||
Sonus Networks, Inc.† | 144,629 | 420,870 | ||||||
Tellabs, Inc. | 238,352 | 583,963 | ||||||
Westell Technologies, Inc.† Class A | 29,802 | 124,274 | ||||||
6,806,662 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Atlantic Tele-Network, Inc. | 6,154 | 345,055 | ||||||
Cincinnati Bell, Inc.† | 139,379 | 446,013 | ||||||
General Communication, Inc., Class A† | 21,090 | 209,846 | ||||||
HickoryTech Corp. | 9,112 | 124,743 | ||||||
IDT Corp., Class B | 10,309 | 228,963 | ||||||
Shenandoah Telecommunications Co. | 16,080 | 401,678 | ||||||
1,756,298 | ||||||||
Television — 0.3% |
| |||||||
Belo Corp., Class A | 69,560 | 955,059 | ||||||
Central European Media Enterprises, Ltd., Class A†# | 51,324 | 128,310 | ||||||
Gray Television, Inc.† | 33,711 | 412,959 | ||||||
Sinclair Broadcast Group, Inc., Class A# | 45,862 | 1,505,191 | ||||||
3,001,519 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Perry Ellis International, Inc. | 8,263 | 128,325 | ||||||
Unifi, Inc.† | 10,007 | 277,594 | ||||||
405,919 | ||||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 5,468 | 110,618 | ||||||
Theaters — 0.1% |
| |||||||
Carmike Cinemas, Inc.† | 11,960 | 286,322 | ||||||
National CineMedia, Inc. | 38,132 | 711,162 | ||||||
Reading International, Inc.† | 11,687 | 85,198 | ||||||
1,082,682 | ||||||||
Therapeutics — 0.8% |
| |||||||
Anika Therapeutics, Inc.† | 8,053 | 276,621 | ||||||
AVANIR Pharmaceuticals, Inc., Class A†# | 97,269 | 431,874 | ||||||
Cornerstone Therapeutics, Inc.† | 5,944 | 56,409 | ||||||
Dyax Corp.† | 73,185 | 622,072 | ||||||
Hyperion Therapeutics, Inc.† | 5,629 | 143,765 | ||||||
Isis Pharmaceuticals, Inc.†# | 75,285 | 2,918,047 |
Security Description | Shares | Value (Note 2) | ||||||
Therapeutics (continued) | ||||||||
MannKind Corp.†# | 99,706 | $ | 497,533 | |||||
Neurocrine Biosciences, Inc.† | 44,732 | 439,268 | ||||||
Osiris Therapeutics, Inc.† | 11,113 | 195,422 | ||||||
Portola Pharmaceuticals, Inc.†# | 6,493 | 162,325 | ||||||
Questcor Pharmaceuticals, Inc.# | 34,779 | 2,017,530 | ||||||
Sarepta Therapeutics, Inc.†# | 21,390 | 398,710 | ||||||
Synageva BioPharma Corp.†# | 11,452 | 691,815 | ||||||
Threshold Pharmaceuticals, Inc.† | 31,565 | 155,615 | ||||||
9,007,006 | ||||||||
Tobacco — 0.2% |
| |||||||
Alliance One International, Inc.† | 58,747 | 181,528 | ||||||
Universal Corp.# | 15,645 | 816,043 | ||||||
Vector Group, Ltd.# | 42,367 | 693,972 | ||||||
1,691,543 | ||||||||
Toys — 0.0% |
| |||||||
JAKKS Pacific, Inc.# | 12,879 | 83,198 | ||||||
LeapFrog Enterprises, Inc.†# | 42,717 | 367,794 | ||||||
450,992 | ||||||||
Transactional Software — 0.3% |
| |||||||
ACI Worldwide, Inc.† | 26,712 | 1,723,726 | ||||||
Bottomline Technologies de, Inc.† | 25,355 | 876,522 | ||||||
InnerWorkings, Inc.†# | 29,717 | 204,453 | ||||||
Synchronoss Technologies, Inc.† | 19,525 | 619,528 | ||||||
3,424,229 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 34,760 | 270,433 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 17,314 | 664,857 | ||||||
935,290 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
Greenbrier Cos., Inc.† | 16,382 | 511,937 | ||||||
TAL International Group, Inc.# | 22,686 | 1,239,563 | ||||||
Textainer Group Holdings, Ltd.# | 14,278 | 554,415 | ||||||
2,305,915 | ||||||||
Transport - Marine — 0.4% |
| |||||||
CAI International, Inc.† | 11,510 | 264,730 | ||||||
Frontline, Ltd.†# | 34,536 | 103,608 | ||||||
GasLog, Ltd. | 17,103 | 272,451 | ||||||
Gulfmark Offshore, Inc., Class A | 17,897 | 883,396 | ||||||
International Shipholding Corp. | 3,745 | 106,021 | ||||||
Knightsbridge Tankers, Ltd. | 16,404 | 128,115 | ||||||
Nordic American Tankers, Ltd.# | 44,266 | 358,555 | ||||||
Scorpio Tankers, Inc. | 108,878 | 1,249,919 | ||||||
Ship Finance International, Ltd.# | 34,283 | 579,383 | ||||||
Teekay Tankers, Ltd., Class A# | 41,711 | 123,464 | ||||||
Ultrapetrol Bahamas, Ltd.† | 14,323 | 48,555 | ||||||
4,118,197 | ||||||||
Transport - Services — 0.6% |
| |||||||
Bristow Group, Inc. | 24,233 | 1,943,486 | ||||||
Echo Global Logistics, Inc.†# | 11,938 | 245,684 | ||||||
Era Group, Inc.† | 13,490 | 440,179 | ||||||
Hub Group, Inc., Class A† | 24,792 | 932,923 | ||||||
Matson, Inc. | 28,609 | 716,083 | ||||||
Pacer International, Inc.† | 23,673 | 214,951 | ||||||
PHI, Inc.† | 8,432 | 358,107 | ||||||
Universal Truckload Services, Inc. | 3,616 | 104,105 | ||||||
UTi Worldwide, Inc. | 60,823 | 961,612 | ||||||
XPO Logistics, Inc.†# | 12,197 | 280,043 | ||||||
6,197,173 | ||||||||
216
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Transport - Truck — 0.6% |
| |||||||
Arkansas Best Corp. | 17,234 | $ | 560,794 | |||||
Celadon Group, Inc. | 13,468 | 280,539 | ||||||
Forward Air Corp. | 20,231 | 873,979 | ||||||
Heartland Express, Inc.# | 30,812 | 564,784 | ||||||
Knight Transportation, Inc. | 39,366 | 703,470 | ||||||
Marten Transport, Ltd. | 15,694 | 304,934 | ||||||
Patriot Transportation Holding, Inc.†# | 4,391 | 187,759 | ||||||
Quality Distribution, Inc.† | 14,106 | 172,516 | ||||||
Roadrunner Transportation Systems, Inc.† | 11,825 | 323,769 | ||||||
Saia, Inc.† | 16,275 | 565,231 | ||||||
Swift Transportation Co.†# | 56,197 | 1,300,961 | ||||||
Werner Enterprises, Inc.# | 30,653 | 737,818 | ||||||
YRC Worldwide, Inc.†# | 6,299 | 56,691 | ||||||
6,633,245 | ||||||||
Travel Services — 0.1% |
| |||||||
Interval Leisure Group, Inc. | 26,392 | 706,778 | ||||||
Venture Capital — 0.1% |
| |||||||
GSV Capital Corp.†# | 12,951 | 137,799 | ||||||
Hercules Technology Growth Capital, Inc.# | 41,261 | 704,325 | ||||||
842,124 | ||||||||
Veterinary Diagnostics — 0.1% |
| |||||||
Neogen Corp.† | 24,052 | 1,223,525 | ||||||
Virtual Reality Products — 0.0% |
| |||||||
RealD, Inc.†# | 27,124 | 243,031 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Lifevantage Corp.†# | 76,097 | 146,106 | ||||||
Natural Grocers by Vitamin Cottage, Inc.†# | 5,940 | 218,473 | ||||||
Nature's Sunshine Products, Inc. | 7,310 | 140,279 | ||||||
Nutraceutical International Corp. | 5,737 | 146,867 | ||||||
Omega Protein Corp.† | 13,350 | 180,893 | ||||||
Star Scientific, Inc.†# | 111,603 | 145,084 | ||||||
Synutra International, Inc.† | 11,594 | 103,882 | ||||||
USANA Health Sciences, Inc.† | 4,023 | 294,122 | ||||||
1,375,706 | ||||||||
Water — 0.3% |
| |||||||
American States Water Co. | 25,854 | 754,420 | ||||||
Artesian Resources Corp., Class A | 5,082 | 120,443 | ||||||
California Water Service Group | 31,994 | 731,383 | ||||||
Connecticut Water Service, Inc.# | 7,248 | 251,868 | ||||||
Consolidated Water Co., Ltd. | 9,809 | 123,299 | ||||||
Middlesex Water Co.# | 10,604 | 233,076 | ||||||
PICO Holdings, Inc.† | 15,239 | 369,241 | ||||||
SJW Corp.# | 10,372 | 284,815 | ||||||
York Water Co. | 8,669 | 189,765 | ||||||
3,058,310 | ||||||||
Water Treatment Systems — 0.0% |
| |||||||
Energy Recovery, Inc.† | 29,615 | 146,594 | ||||||
Nuverra Environmental Solutions, Inc.# | 95,613 | 164,454 | ||||||
Pure Cycle Corp.†# | 11,542 | 81,487 | ||||||
392,535 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
NIC, Inc. | 43,475 | 1,059,920 | ||||||
Web.com Group, Inc.† | 28,100 | 802,255 | ||||||
1,862,175 | ||||||||
Web Portals/ISP — 0.1% |
| |||||||
Blucora, Inc.† | 27,476 | 799,002 | ||||||
Towerstream Corp.†# | 44,504 | 104,139 | ||||||
Trulia, Inc.†# | 18,559 | 637,316 | ||||||
1,540,457 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Wire & Cable Products — 0.4% |
| |||||||
Belden, Inc. | 29,514 | $ | 2,066,570 | |||||
Coleman Cable, Inc. | 5,753 | 141,236 | ||||||
Encore Wire Corp. | 13,853 | 695,698 | ||||||
General Cable Corp. | 33,354 | 971,935 | ||||||
Insteel Industries, Inc. | 12,079 | 240,010 | ||||||
4,115,449 | ||||||||
Wireless Equipment — 0.6% |
| |||||||
Aruba Networks, Inc.† | 76,380 | 1,362,619 | ||||||
CalAmp Corp.† | 23,496 | 585,990 | ||||||
Globecomm Systems, Inc.† | 15,856 | 223,728 | ||||||
InterDigital, Inc. | 27,584 | 934,822 | ||||||
RF Micro Devices, Inc.† | 188,530 | 995,438 | ||||||
Ruckus Wireless, Inc.† | 29,182 | 380,533 | ||||||
Telenav, Inc.† | 11,891 | 83,713 | ||||||
Tessco Technologies, Inc. | 3,669 | 144,595 | ||||||
Ubiquiti Networks, Inc.# | 8,442 | 332,615 | ||||||
ViaSat, Inc.†# | 26,520 | 1,595,709 | ||||||
6,639,762 | ||||||||
Wound, Burn & Skin Care — 0.0% |
| |||||||
Derma Sciences, Inc.†# | 9,188 | 106,581 | ||||||
Total Common Stocks | ||||||||
(cost $772,976,031) | 1,082,396,978 | |||||||
REGISTERED INVESTMENT COMPANIES — 0.0% | ||||||||
Firsthand Technology Value Fund, Inc. | 5,735 | 121,295 | ||||||
RIGHTS† — 0.0% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
Peapack Gladstone Financial Corp. | 6,029 | 2,182 | ||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
Magnum Hunter Resources Corp. | 11,522 | 0 | ||||||
Total Rights | ||||||||
(cost $0) | 2,182 | |||||||
WARRANTS† — 0.0% | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
Tejon Ranch Co. | 1,364 | 7,775 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $773,095,122) | 1,082,528,230 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 13.1% |
| |||||||
Registered Investment Companies — 11.2% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | 124,974,628 | 124,974,628 | ||||||
U.S. Government Treasuries — 1.9% | ||||||||
United States Treasury Bills | ||||||||
0.02% due 12/05/2013 | $ | 12,000,000 | 11,999,973 | |||||
0.02% due 12/12/2013(4) | 3,500,000 | 3,499,979 | ||||||
0.03% due 03/20/2014 | 5,000,000 | 4,998,840 | ||||||
20,498,792 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $145,474,126) | 145,473,420 | |||||||
217
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 1.0% |
| |||||||
State Street Bank & Trust Co. Joint | $ | 11,449,000 | $ | 11,449,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $930,018,248)(6) | 111.1 | % | 1,239,450,650 | |||||
Liabilities in excess of other assets | (11.1 | ) | (123,869,592 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 1,115,581,058 | ||||
† | 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, 2013, the aggregate value of these securities was $2,370 representing 0.0% of net assets. |
(3) | At November 30, 2013, the Fund had loaned securities with a total value of $124,777,466. This was secured by collateral of $124,974,628, which was received in cash and subsequently invested in short-term investments currently value at $124,974,628 as |
reported in the portfolio of investments. The remaining collateral of $2,925,438 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal National Mtg. Assoc. | 1.00% to 4.00% | 03/31/2017 to 05/25/2042 | $ 903,976 | |||
United States Treasury | zero coupon to 5.38% | 01/15/2014 to 02/15/2043 | 2,021,462 |
(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. |
(7) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
CVR—Contingent Value Rights
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2013 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
281 | Long | Russell 2000 Mini Index | December 2013 | $ | 30,419,883 | $ | 32,081,770 | $ | 1,661,887 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Banks - Commercial | $ | 77,575,812 | $ | — | $ | 0 | $ | 77,575,812 | ||||||||
Coal | 4,067,856 | 33,845 | — | 4,101,701 | ||||||||||||
Medical - Biomedical/Gene | 25,980,270 | — | 2,370 | 25,982,640 | ||||||||||||
Oil Companies - Exploration & Production | 25,633,959 | — | 0 | 25,633,959 | ||||||||||||
Real Estate Investment Trusts | 74,388,959 | — | — | 74,388,959 | ||||||||||||
Other Industries* | 874,713,907 | — | — | 874,713,907 | ||||||||||||
Registered Investment Companies | 121,295 | — | — | 121,295 | ||||||||||||
Rights: | ||||||||||||||||
Banks - Commercial | 2,182 | — | — | 2,182 | ||||||||||||
Oil Companies - Exploration & Production | — | 0 | — | 0 | ||||||||||||
Warrants | 7,775 | — | — | 7,775 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 124,974,628 | — | — | 124,974,628 | ||||||||||||
U.S. Government Treasuries | — | 20,498,792 | — | 20,498,792 | ||||||||||||
Repurchase Agreement | — | 11,449,000 | — | 11,449,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Appreciation | 1,661,887 | — | — | 1,661,887 | ||||||||||||
Total | $ | 1,209,128,530 | $ | 31,981,637 | $ | 2,370 | $ | 1,241,112,537 | ||||||||
* | 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 securities 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
218
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Registered Investment Companies | 13.1 | % | ||
Banks — Commercial | 9.7 | |||
Real Estate Investment Trusts | 3.9 | |||
Electronic Components — Semiconductors | 2.7 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Diversified Manufacturing Operations | 2.4 | |||
Retail — Restaurants | 2.3 | |||
Machinery — General Industrial | 2.3 | |||
Exchange — Traded Funds | 2.0 | |||
Electronic Components — Misc. | 1.9 | |||
Investment Management/Advisor Services | 1.9 | |||
Consumer Products — Misc. | 1.9 | |||
Insurance — Reinsurance | 1.9 | |||
Time Deposits | 1.8 | |||
Metal Processors & Fabrication | 1.8 | |||
Oil — Field Services | 1.8 | |||
Semiconductor Equipment | 1.8 | |||
Medical Products | 1.8 | |||
Machinery — Electrical | 1.7 | |||
Building & Construction Products — Misc. | 1.5 | |||
Electric — Integrated | 1.5 | |||
Medical — Biomedical/Gene | 1.4 | |||
Telecommunication Equipment | 1.3 | |||
Aerospace/Defense — Equipment | 1.3 | |||
Computers — Integrated Systems | 1.3 | |||
Paper & Related Products | 1.3 | |||
Transport — Truck | 1.2 | |||
Food — Canned | 1.2 | |||
Funeral Services & Related Items | 1.2 | |||
Computer Services | 1.2 | |||
Savings & Loans/Thrifts | 1.2 | |||
Diversified Operations/Commercial Services | 1.2 | |||
Retail — Apparel/Shoe | 1.1 | |||
Engineering/R&D Services | 1.1 | |||
Transactional Software | 1.1 | |||
Oil & Gas Drilling | 1.1 | |||
Chemicals — Diversified | 1.1 | |||
Chemicals — Specialty | 1.1 | |||
Human Resources | 1.1 | |||
Computers — Memory Devices | 1.0 | |||
Insurance Brokers | 0.9 | |||
Chemicals — Plastics | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Electronic Measurement Instruments | 0.8 | |||
Apparel Manufacturers | 0.8 | |||
Miscellaneous Manufacturing | 0.8 | |||
Commercial Services | 0.8 | |||
Distribution/Wholesale | 0.8 | |||
Applications Software | 0.8 | |||
Auto/Truck Parts & Equipment — Replacement | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Publishing — Newspapers | 0.7 | |||
Medical — Hospitals | 0.7 | |||
Networking Products | 0.7 | |||
Hazardous Waste Disposal | 0.6 | |||
Transport — Services | 0.5 | |||
Insurance — Property/Casualty | 0.5 | |||
Medical Sterilization Products | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Building Products — Cement | 0.5 | |||
Finance — Leasing Companies | 0.5 | |||
Publishing — Books | 0.5 | |||
Disposable Medical Products | 0.5 | |||
Textile — Products | 0.5 | |||
Internet Infrastructure Software | 0.5 | |||
Building — Mobile Home/Manufactured Housing | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Security Services | 0.5 |
Multimedia | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Research & Development | 0.4 | |||
Batteries/Battery Systems | 0.4 | |||
Steel — Producers | 0.4 | |||
Printing — Commercial | 0.4 | |||
Retail — Discount | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Office Supplies & Forms | 0.4 | |||
Telecom Services | 0.4 | |||
Investment Companies | 0.3 | |||
Electronic Design Automation | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Wire & Cable Products | 0.3 | |||
Footwear & Related Apparel | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Food — Retail | 0.3 | |||
Dental Supplies & Equipment | 0.3 | |||
Building — Maintenance & Services | 0.2 | |||
Medical Instruments | 0.2 | |||
Rubber — Tires | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
Finance — Other Services | 0.2 | |||
Electronic Parts Distribution | 0.2 | |||
Identification Systems | 0.2 | |||
Silver Mining | 0.2 | |||
Insurance — Multi-line | 0.2 | |||
Data Processing/Management | 0.2 | |||
Precious Metals | 0.1 | |||
Building & Construction — Misc. | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Diversified Minerals | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Medical — HMO | 0.1 | |||
Consulting Services | 0.1 | |||
Circuit Boards | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
113.1 | % | |||
* | Calculated as a percentage of net assets. |
219
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.2% | ||||||||
Aerospace/Defense — 0.4% | ||||||||
Esterline Technologies Corp.† | 11,756 | $ | 1,034,763 | |||||
Aerospace/Defense - Equipment — 1.3% | ||||||||
AAR Corp.# | 17,991 | 561,679 | ||||||
Alliant Techsystems, Inc.# | 11,335 | 1,374,142 | ||||||
Curtiss-Wright Corp. | 24,611 | 1,298,723 | ||||||
3,234,544 | ||||||||
Apparel Manufacturers — 0.8% | ||||||||
Delta Apparel, Inc.† | 64,775 | 1,081,742 | ||||||
Jones Group, Inc. | 63,442 | 890,726 | ||||||
1,972,468 | ||||||||
Applications Software — 0.8% | ||||||||
Epiq Systems, Inc. | 13,487 | 225,637 | ||||||
Progress Software Corp.† | 64,250 | 1,692,345 | ||||||
1,917,982 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.8% | ||||||||
American Axle & Manufacturing Holdings, Inc.†# | 69,153 | 1,383,060 | ||||||
Modine Manufacturing Co.†# | 52,308 | 694,650 | ||||||
2,077,710 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.7% | ||||||||
Commercial Vehicle Group, Inc.†# | 42,435 | 322,931 | ||||||
Douglas Dynamics, Inc.# | 96,530 | 1,538,688 | ||||||
1,861,619 | ||||||||
Banks - Commercial — 9.7% | ||||||||
Associated Banc-Corp.# | 72,660 | 1,252,658 | ||||||
BancorpSouth, Inc.# | 45,459 | 1,086,925 | ||||||
BBCN Bancorp, Inc. | 49,496 | 826,088 | ||||||
Chemical Financial Corp. | 6,569 | 210,339 | ||||||
City National Corp. | 7,365 | 562,391 | ||||||
East West Bancorp, Inc.# | 31,310 | 1,073,307 | ||||||
First Citizens BancShares, Inc., Class A | 27,644 | 6,210,225 | ||||||
First Horizon National Corp.# | 82,770 | 927,852 | ||||||
First Midwest Bancorp, Inc.# | 24,460 | 449,086 | ||||||
FirstMerit Corp.# | 43,090 | 989,346 | ||||||
Fulton Financial Corp. | 76,440 | 999,071 | ||||||
Hancock Holding Co.# | 31,435 | 1,106,512 | ||||||
Independent Bank Corp.# | 6,260 | 238,944 | ||||||
International Bancshares Corp. | 11,542 | 301,131 | ||||||
Lakeland Financial Corp.# | 6,830 | 261,930 | ||||||
NBT Bancorp, Inc.# | 10,352 | 268,427 | ||||||
Prosperity Bancshares, Inc.# | 14,227 | 912,378 | ||||||
TCF Financial Corp.# | 118,477 | 1,856,535 | ||||||
UMB Financial Corp.# | 40,447 | 2,593,462 | ||||||
Umpqua Holdings Corp.# | 23,625 | 434,936 | ||||||
Webster Financial Corp. # | 21,050 | 620,554 | ||||||
WesBanco, Inc.# | 10,516 | 331,254 | ||||||
Wintrust Financial Corp.# | 21,879 | 992,431 | ||||||
24,505,782 | ||||||||
Batteries/Battery Systems — 0.4% | ||||||||
EnerSys, Inc.# | 14,335 | 1,022,802 | ||||||
Building & Construction Products - Misc. — 1.5% | ||||||||
Quanex Building Products Corp. | 70,658 | 1,260,539 | ||||||
Simpson Manufacturing Co., Inc.# | 69,592 | 2,526,189 | ||||||
3,786,728 | ||||||||
Building & Construction - Misc. — 0.1% | ||||||||
Aegion Corp.†# | 15,318 | 333,473 | ||||||
Building Products - Cement — 0.5% | ||||||||
Eagle Materials, Inc.# | 16,349 | 1,275,222 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building - Heavy Construction — 0.4% | ||||||||
Tutor Perini Corp.† | 37,893 | $ | 928,000 | |||||
Building - Maintenance & Services — 0.2% | ||||||||
ABM Industries, Inc. | 22,740 | 632,399 | ||||||
Building - Mobile Home/Manufactured Housing — 0.5% | ||||||||
Cavco Industries, Inc.†# | 17,670 | 1,192,195 | ||||||
Chemicals - Diversified — 1.1% | ||||||||
Huntsman Corp.# | 13,193 | 302,515 | ||||||
Innospec, Inc. | 29,776 | 1,450,389 | ||||||
Olin Corp.# | 41,285 | 1,025,107 | ||||||
2,778,011 | ||||||||
Chemicals - Plastics — 0.9% | ||||||||
A. Schulman, Inc. | 67,684 | 2,314,793 | ||||||
Chemicals - Specialty — 1.1% | ||||||||
American Pacific Corp.† | 11,842 | 489,667 | ||||||
Cabot Corp.# | 22,934 | 1,119,179 | ||||||
Sensient Technologies Corp. | 22,362 | 1,098,869 | ||||||
2,707,715 | ||||||||
Circuit Boards — 0.1% | ||||||||
TTM Technologies, Inc.†# | 19,751 | 191,585 | ||||||
Commercial Services — 0.8% | ||||||||
Macquarie Infrastructure Co. LLC | 35,819 | 1,953,210 | ||||||
Commercial Services - Finance — 0.3% | ||||||||
Global Payments, Inc.# | 12,575 | 792,854 | ||||||
Computer Services — 1.2% | ||||||||
DST Systems, Inc.# | 13,485 | 1,190,725 | ||||||
Sykes Enterprises, Inc.† | 86,707 | 1,919,693 | ||||||
3,110,418 | ||||||||
Computers - Integrated Systems — 1.3% | ||||||||
Brocade Communications Systems, Inc.† | 143,648 | 1,262,666 | ||||||
Netscout Systems, Inc.† | 63,890 | 1,944,173 | ||||||
3,206,839 | ||||||||
Computers - Memory Devices — 1.0% | ||||||||
Imation Corp.† | 584,198 | 2,552,945 | ||||||
Consulting Services — 0.1% | ||||||||
Navigant Consulting, Inc.† | 12,876 | 252,370 | ||||||
Consumer Products - Misc. — 1.9% | ||||||||
Central Garden & Pet Co.†# | 43,336 | 336,721 | ||||||
Central Garden & Pet Co., Class A† | 42,427 | 331,779 | ||||||
Helen of Troy, Ltd.† | 17,272 | 841,319 | ||||||
Spectrum Brands Holdings, Inc. | 9,503 | 670,722 | ||||||
WD-40 Co.# | 34,132 | 2,568,774 | ||||||
4,749,315 | ||||||||
Data Processing/Management — 0.2% | ||||||||
CSG Systems International, Inc.# | 14,710 | 424,678 | ||||||
Dental Supplies & Equipment — 0.3% | ||||||||
Patterson Cos., Inc. | 15,710 | 651,808 | ||||||
Disposable Medical Products — 0.5% | ||||||||
ICU Medical, Inc.†# | 18,795 | 1,234,550 | ||||||
Distribution/Wholesale — 0.8% | ||||||||
Ingram Micro, Inc., Class A† | 39,339 | 922,106 | ||||||
Owens & Minor, Inc.# | 26,534 | 1,012,803 | ||||||
1,934,909 | ||||||||
Diversified Manufacturing Operations — 2.4% | ||||||||
Barnes Group, Inc.# | 15,681 | 572,357 | ||||||
Carlisle Cos., Inc.# | 13,392 | 984,446 |
220
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Diversified Manufacturing Operations (continued) | ||||||||
Crane Co. | 15,338 | $ | 955,711 | |||||
ITT Corp. | 25,945 | 1,059,075 | ||||||
Koppers Holdings, Inc. | 5,897 | 279,400 | ||||||
LSB Industries, Inc.† | 5,566 | 178,557 | ||||||
SPX Corp. | 7,569 | 716,330 | ||||||
Trinity Industries, Inc. | 25,230 | 1,309,689 | ||||||
6,055,565 | ||||||||
Diversified Minerals — 0.1% | ||||||||
AMCOL International Corp.# | 10,520 | 327,803 | ||||||
Diversified Operations/Commercial Services — 1.2% | ||||||||
Viad Corp.# | 112,540 | 3,038,580 | ||||||
Electric - Integrated — 1.5% | ||||||||
ALLETE, Inc. | 19,230 | 947,654 | ||||||
IDACORP, Inc. | 20,145 | 1,041,094 | ||||||
Portland General Electric Co.# | 33,195 | 989,543 | ||||||
TECO Energy, Inc.# | 42,220 | 719,429 | ||||||
3,697,720 | ||||||||
Electronic Components - Misc. — 1.9% | ||||||||
AVX Corp. | 72,287 | 991,778 | ||||||
Celestica, Inc.† | 27,430 | 277,043 | ||||||
GSI Group, Inc.† | 46,301 | 508,385 | ||||||
Sanmina Corp.†# | 28,277 | 437,728 | ||||||
Vishay Intertechnology, Inc.†# | 206,527 | 2,670,394 | ||||||
4,885,328 | ||||||||
Electronic Components - Semiconductors — 2.7% | ||||||||
DSP Group, Inc.† | 130,942 | 1,157,527 | ||||||
Lattice Semiconductor Corp.†# | 316,748 | 1,764,286 | ||||||
Microsemi Corp.†# | 41,080 | 1,003,585 | ||||||
PMC — Sierra, Inc.†# | 143,165 | 858,990 | ||||||
QLogic Corp.† | 84,180 | 1,044,674 | ||||||
SunEdison, Inc.†# | 72,280 | 918,679 | ||||||
6,747,741 | ||||||||
Electronic Design Automation — 0.3% | ||||||||
Mentor Graphics Corp. | 37,920 | 854,148 | ||||||
Electronic Measurement Instruments — 0.8% | ||||||||
Itron, Inc.†# | 13,895 | 588,453 | ||||||
Orbotech, Ltd.† | 100,593 | 1,407,296 | ||||||
1,995,749 | ||||||||
Electronic Parts Distribution — 0.2% | ||||||||
Tech Data Corp.† | 9,255 | 479,779 | ||||||
Engineering/R&D Services — 1.1% | ||||||||
EMCOR Group, Inc. | 52,906 | 2,101,955 | ||||||
URS Corp. | 14,710 | 764,479 | ||||||
2,866,434 | ||||||||
Enterprise Software/Service — 0.7% | ||||||||
ManTech International Corp., Class A# | 13,340 | 383,792 | ||||||
Omnicell, Inc.† | 56,354 | 1,366,584 | ||||||
1,750,376 | ||||||||
Finance - Consumer Loans — 0.3% | ||||||||
Nelnet, Inc., Class A | 7,667 | 345,015 | ||||||
Springleaf Holdings, Inc.† | 23,524 | 495,886 | ||||||
840,901 | ||||||||
Finance - Investment Banker/Broker — 0.5% | ||||||||
Investment Technology Group, Inc.† | 67,843 | 1,329,044 | ||||||
Finance - Leasing Companies — 0.5% | ||||||||
Aircastle, Ltd. | 67,578 | 1,265,060 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Mortgage Loan/Banker — 0.1% | ||||||||
PennyMac Financial Services, Inc., Class A†# | 18,604 | $ | 333,012 | |||||
Finance - Other Services — 0.2% | ||||||||
JGWPT Holdings, Inc., Class A†# | 30,126 | 487,137 | ||||||
Food - Canned — 1.2% | ||||||||
TreeHouse Foods, Inc.†# | 44,777 | 3,141,107 | ||||||
Food - Retail — 0.3% | ||||||||
SUPERVALU, Inc.†# | 102,683 | 662,305 | ||||||
Footwear & Related Apparel — 0.3% | ||||||||
Crocs, Inc.†# | 59,082 | 815,332 | ||||||
Funeral Services & Related Items — 1.2% | ||||||||
Matthews International Corp., Class A# | 73,748 | 3,110,691 | ||||||
Hazardous Waste Disposal — 0.6% | ||||||||
Clean Harbors, Inc.†# | 27,306 | 1,440,938 | ||||||
Human Resources — 1.1% | ||||||||
Insperity, Inc. | 31,271 | 1,102,303 | ||||||
Korn/Ferry International† | 67,442 | 1,561,956 | ||||||
2,664,259 | ||||||||
Identification Systems — 0.2% | ||||||||
Brady Corp., Class A | 14,893 | 466,598 | ||||||
Insurance Brokers — 0.9% | ||||||||
Brown & Brown, Inc. | 75,267 | 2,379,943 | ||||||
Insurance - Life/Health — 0.7% | ||||||||
Protective Life Corp.# | 25,135 | 1,205,977 | ||||||
Symetra Financial Corp. | 28,585 | 547,975 | ||||||
1,753,952 | ||||||||
Insurance - Multi-line — 0.2% | ||||||||
Fortegra Financial Corp.† | 59,438 | 435,086 | ||||||
Insurance - Property/Casualty — 0.5% | ||||||||
Hanover Insurance Group, Inc.# | 22,685 | 1,368,132 | ||||||
Insurance - Reinsurance — 1.9% | ||||||||
Aspen Insurance Holdings, Ltd. | 22,205 | 897,526 | ||||||
Endurance Specialty Holdings, Ltd.# | 16,517 | 939,817 | ||||||
Montpelier Re Holdings, Ltd.# | 16,510 | 479,781 | ||||||
Platinum Underwriters Holdings, Ltd. | 10,188 | 645,919 | ||||||
Validus Holdings, Ltd. | 42,997 | 1,722,030 | ||||||
4,685,073 | ||||||||
Internet Infrastructure Software — 0.5% | ||||||||
TIBCO Software, Inc.†# | 49,734 | 1,202,071 | ||||||
Investment Companies — 0.3% | ||||||||
KKR Financial Holdings LLC | 53,517 | 512,693 | ||||||
Prospect Capital Corp. | 32,350 | 369,113 | ||||||
881,806 | ||||||||
Investment Management/Advisor Services — 1.9% | ||||||||
CIFC Corp.# | 49,377 | 393,535 | ||||||
Federated Investors, Inc., Class B# | 15,654 | 427,198 | ||||||
Janus Capital Group, Inc.# | 74,830 | 814,150 | ||||||
Virtus Investment Partners, Inc.† | 4,997 | 1,038,376 | ||||||
Westwood Holdings Group, Inc. | 37,313 | 2,137,289 | ||||||
4,810,548 | ||||||||
Machinery - Construction & Mining — 0.1% | ||||||||
Hyster-Yale Materials Handling, Inc. | 3,639 | 303,347 | ||||||
Machinery - Electrical — 1.7% | ||||||||
Franklin Electric Co., Inc. | 78,327 | 3,485,551 | ||||||
Regal-Beloit Corp. | 10,536 | 775,239 | ||||||
4,260,790 | ||||||||
221
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Machinery - General Industrial — 2.3% | ||||||||
Kadant, Inc. | 137,854 | $ | 5,709,913 | |||||
Medical Instruments — 0.2% | ||||||||
Integra LifeSciences Holdings Corp.†# | 12,630 | 586,663 | ||||||
Medical Products — 1.8% | ||||||||
Haemonetics Corp.†# | 44,555 | 1,882,894 | ||||||
Hill-Rom Holdings, Inc.# | 21,254 | 880,128 | ||||||
West Pharmaceutical Services, Inc. | 33,691 | 1,681,855 | ||||||
4,444,877 | ||||||||
Medical Sterilization Products — 0.5% | ||||||||
STERIS Corp. | 29,499 | 1,361,084 | ||||||
Medical-Biomedical/Gene — 1.4% | ||||||||
Bio-Rad Laboratories, Inc., Class A† | 10,314 | 1,264,703 | ||||||
Cambrex Corp.† | 51,950 | 1,013,025 | ||||||
Charles River Laboratories International, Inc.†# | 23,570 | 1,229,647 | ||||||
3,507,375 | ||||||||
Medical - HMO — 0.1% | ||||||||
Triple-S Management Corp., Class B† | 14,413 | 292,007 | ||||||
Medical - Hospitals — 0.7% | ||||||||
LifePoint Hospitals, Inc.† | 22,205 | 1,137,562 | ||||||
Select Medical Holdings Corp. | 66,100 | 572,426 | ||||||
1,709,988 | ||||||||
Medical - Nursing Homes — 0.2% | ||||||||
Kindred Healthcare, Inc.# | 28,940 | 487,350 | ||||||
Medical - Outpatient/Home Medical — 0.1% | ||||||||
Gentiva Health Services, Inc.† | 14,727 | 181,878 | ||||||
Metal Processors & Fabrication — 1.8% | ||||||||
LB Foster Co., Class A | 3,910 | 183,262 | ||||||
Mueller Industries, Inc. | 58,254 | 3,558,154 | ||||||
Worthington Industries, Inc.# | 20,482 | 858,810 | ||||||
4,600,226 | ||||||||
Miscellaneous Manufacturing — 0.8% | ||||||||
Hillenbrand, Inc.# | 69,588 | 1,955,423 | ||||||
Multimedia — 0.4% | ||||||||
Meredith Corp. | 20,433 | 1,089,896 | ||||||
Networking Products — 0.7% | ||||||||
Ixia† | 59,006 | 766,488 | ||||||
NETGEAR, Inc.†# | 29,240 | 938,896 | ||||||
1,705,384 | ||||||||
Office Supplies & Forms — 0.4% | ||||||||
ACCO Brands Corp.†# | 152,926 | 920,615 | ||||||
Oil & Gas Drilling — 1.1% | ||||||||
Atwood Oceanics, Inc.†# | 37,577 | 1,975,047 | ||||||
Patterson-UTI Energy, Inc.# | 36,615 | 853,496 | ||||||
2,828,543 | ||||||||
Oil Companies - Exploration & Production — 2.6% | ||||||||
Comstock Resources, Inc.# | 71,733 | 1,214,440 | ||||||
Energy XXI Bermuda, Ltd.# | 16,825 | 456,967 | ||||||
Penn Virginia Corp.†# | 141,689 | 1,520,323 | ||||||
Stone Energy Corp.†# | 46,030 | 1,522,672 | ||||||
Ultra Petroleum Corp.†# | 42,940 | 878,982 | ||||||
Unit Corp.† | 22,823 | 1,099,156 | ||||||
6,692,540 | ||||||||
Oil - Field Services — 1.8% | ||||||||
C&J Energy Services, Inc.†# | 22,346 | 529,600 | ||||||
Cal Dive International, Inc.†# | 85,328 | 157,857 |
Security Description | Shares | Value (Note 2) | ||||||
Oil - Field Services (continued) | ||||||||
CARBO Ceramics, Inc.# | 7,411 | $ | 911,775 | |||||
MRC Global, Inc.† | 25,069 | 766,861 | ||||||
Steel Excel, Inc.† | 44,075 | 1,245,119 | ||||||
Superior Energy Services, Inc.† | 34,312 | 874,270 | ||||||
4,485,482 | ||||||||
Paper & Related Products — 1.3% | ||||||||
Neenah Paper, Inc. | 75,888 | 3,186,537 | ||||||
Precious Metals — 0.1% | ||||||||
Coeur Mining, Inc.† | 34,703 | 382,427 | ||||||
Printing - Commercial — 0.4% | ||||||||
Valassis Communications, Inc.# | 34,085 | 1,000,736 | ||||||
Publishing - Books — 0.5% | ||||||||
Courier Corp.# | 39,344 | 736,520 | ||||||
John Wiley & Sons, Inc., Class A | 10,292 | 524,480 | ||||||
1,261,000 | ||||||||
Publishing - Newspapers — 0.7% | ||||||||
AH Belo Corp., Class A# | 221,300 | 1,712,862 | ||||||
Real Estate Investment Trusts — 3.9% | ||||||||
Ashford Hospitality Prime, Inc.† | 7,022 | 143,670 | ||||||
Ashford Hospitality Trust, Inc. | 35,110 | 288,253 | ||||||
Associated Estates Realty Corp.# | 28,441 | 452,496 | ||||||
Brandywine Realty Trust# | 80,175 | 1,064,724 | ||||||
CBL & Associates Properties, Inc. | 37,910 | 684,655 | ||||||
Hatteras Financial Corp.# | 89,511 | 1,495,729 | ||||||
Hospitality Properties Trust | 37,349 | 1,014,772 | ||||||
Mack-Cali Realty Corp. | 38,067 | 775,044 | ||||||
New Residential Investment Corp. | 65,300 | 394,412 | ||||||
Omega Healthcare Investors, Inc.# | 32,275 | 1,055,070 | ||||||
Pennsylvania Real Estate Investment Trust | 39,350 | 707,906 | ||||||
Post Properties, Inc. | 39,766 | 1,704,371 | ||||||
9,781,102 | ||||||||
Rental Auto/Equipment — 0.3% | ||||||||
Aaron’s, Inc.# | 25,870 | 740,917 | ||||||
Research & Development — 0.4% | ||||||||
PAREXEL International Corp.†# | 25,091 | 1,034,251 | ||||||
Retail - Apparel/Shoe — 1.1% | ||||||||
Abercrombie & Fitch Co., Class A# | 15,531 | 532,403 | ||||||
Christopher & Banks Corp.†# | 161,054 | 1,009,808 | ||||||
Guess?, Inc.# | 39,773 | 1,362,623 | ||||||
2,904,834 | ||||||||
Retail - Discount — 0.4% | ||||||||
Big Lots, Inc.† | 25,370 | 972,432 | ||||||
Retail - Restaurants — 2.3% | ||||||||
Brinker International, Inc.# | 25,665 | 1,207,025 | ||||||
CEC Entertainment, Inc.# | 7,466 | 357,995 | ||||||
Denny’s Corp.†# | 263,656 | 1,898,323 | ||||||
DineEquity, Inc. | 27,105 | 2,280,343 | ||||||
5,743,686 | ||||||||
Rubber - Tires — 0.2% | ||||||||
Cooper Tire & Rubber Co. | 20,280 | 498,888 | ||||||
Savings & Loans/Thrifts — 1.2% | ||||||||
First Niagara Financial Group, Inc.# | 90,823 | 1,011,768 | ||||||
Sterling Bancorp | 78,497 | 1,031,451 | ||||||
Washington Federal, Inc. | 43,355 | 1,014,073 | ||||||
3,057,292 | ||||||||
Security Services — 0.5% | ||||||||
Brink’s Co. | 34,770 | 1,165,838 | ||||||
222
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Exar Corp.†# | 96,961 | $ | 1,187,772 | |||||
Semiconductor Equipment — 1.8% | ||||||||
ATMI, Inc.† | 121,584 | 3,720,470 | ||||||
Kulicke & Soffa Industries, Inc.† | 58,372 | 736,655 | ||||||
4,457,125 | ||||||||
Silver Mining — 0.2% | ||||||||
Pan American Silver Corp. | 43,204 | 466,171 | ||||||
Steel - Producers — 0.4% | ||||||||
Steel Dynamics, Inc. | 55,797 | 1,016,621 | ||||||
Telecom Services — 0.4% | ||||||||
Aviat Networks, Inc.†# | 232,164 | 587,375 | ||||||
EarthLink, Inc.# | 58,942 | 321,234 | ||||||
908,609 | ||||||||
Telecommunication Equipment — 1.3% | ||||||||
ARRIS Group, Inc.†# | 54,711 | 1,122,670 | ||||||
CommScope Holding Co., Inc.† | 71,384 | 1,148,568 | ||||||
Plantronics, Inc.# | 23,385 | 1,046,011 | ||||||
3,317,249 | ||||||||
Textile - Products — 0.5% | ||||||||
Dixie Group, Inc.† | 94,631 | 1,228,310 | ||||||
Transactional Software — 1.1% | ||||||||
ACI Worldwide, Inc.†# | 44,204 | 2,852,484 | ||||||
Transport - Services — 0.5% | ||||||||
Ryder System, Inc. | 19,895 | 1,389,467 | ||||||
Transport - Truck — 1.2% | ||||||||
Arkansas Best Corp.# | 17,556 | 571,272 | ||||||
Forward Air Corp.# | 59,732 | 2,580,423 | ||||||
3,151,695 | ||||||||
Wire & Cable Products — 0.3% | ||||||||
General Cable Corp.# | 28,857 | 840,893 | ||||||
Total Common Stocks | ||||||||
(cost $189,751,125) | 242,786,484 | |||||||
EXCHANGE-TRADED FUNDS — 2.0% | ||||||||
iShares Russell 2000 ETF# | 37,352 | 4,239,826 | ||||||
iShares Russell 2000 Value ETF# | 7,822 | 767,729 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $4,392,381) | 5,007,555 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
WARRANTS — 0.0% | ||||||||
Rubber/Plastic Products — 0.0% | ||||||||
Plastec Technologies, Ltd.† | 19,280 | $ | 983 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $194,143,506) | 247,795,022 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 14.9% |
| |||||||
Registered Investment Companies — 13.1% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | 32,973,687 | 32,973,687 | ||||||
Time Deposits — 1.8% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 4,716,000 | 4,716,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $37,689,687) | 37,689,687 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $231,833,193)(2) | 113.1 | % | 285,484,709 | |||||
Liabilities in excess of other assets | (13.1 | ) | (33,041,814 | ) | ||||
NET ASSETS | 100.0 | % | $ | 252,442,895 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Illiquid security. At November 30, 2013, the aggregate value of these securities was $983 representing 0.0% of net assets. |
(2) | See Note 5 for cost of investments on a tax basis. |
(3) | At November 30, 2013, the Fund had loaned securities with a total value of $32,653,677. This was secured by collateral of $32,973,687, which was received in cash and subsequently invested in short-term investments currently valued at $32,973,687 as reported in the portfolio of investments. Additional collateral of $470,811 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal National Mtg. Assoc. | 3.00% to 4.00% | 10/25/2029 to 05/25/2042 | $47,036 | |||
United States Treasury Notes/Bonds | 2.13% to 5.38% | 05/31/2015 to 02/15/2031 | 423,775 |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Banks - Commercial | $ | 24,505,782 | $ | — | $ | — | $ | 24,505,782 | ||||||||
Other Industries* | 218,280,702 | — | — | 218,280,702 | ||||||||||||
Exchange Traded Funds | 5,007,555 | — | — | 5,007,555 | ||||||||||||
Warrants | 983 | — | — | 983 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 32,973,687 | — | — | 32,973,687 | ||||||||||||
Time Deposits | — | 4,716,000 | — | 4,716,000 | ||||||||||||
Total | $ | 280,768,709 | $ | 4,716,000 | $ | — | $ | 285,484,709 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
223
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Registered Investment Companies | 14.5 | % | ||
Retail — Apparel/Shoe | 4.6 | |||
Commercial Services | 4.0 | |||
Retail — Restaurants | 3.5 | |||
Medical Products | 3.2 | |||
Applications Software | 3.0 | |||
Oil Companies — Exploration & Production | 2.9 | |||
Real Estate Management/Services | 2.9 | |||
Medical — Drugs | 2.8 | |||
Decision Support Software | 2.4 | |||
Commercial Services — Finance | 2.4 | |||
Instruments — Controls | 2.4 | |||
Apparel Manufacturers | 2.4 | |||
Wireless Equipment | 2.4 | |||
Banks — Commercial | 2.3 | |||
Oil Field Machinery & Equipment | 1.9 | |||
Machinery — Pumps | 1.9 | |||
Therapeutics | 1.7 | |||
Food — Misc./Diversified | 1.7 | |||
Footwear & Related Apparel | 1.7 | |||
Machinery — General Industrial | 1.6 | |||
Medical — Biomedical/Gene | 1.6 | |||
Power Converter/Supply Equipment | 1.5 | |||
Diagnostic Equipment | 1.4 | |||
Internet Content — Entertainment | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.4 | |||
Retail — Pet Food & Supplies | 1.4 | |||
Industrial Gases | 1.4 | |||
Electronic Components — Semiconductors | 1.3 | |||
Machine Tools & Related Products | 1.3 | |||
Building — Residential/Commercial | 1.3 | |||
Web Hosting/Design | 1.3 | |||
Telecom Services | 1.3 | |||
Finance — Consumer Loans | 1.3 | |||
Telecom Equipment — Fiber Optics | 1.2 | |||
Chemicals — Specialty | 1.2 | |||
Electronic Connectors | 1.2 | |||
Food — Canned | 1.2 | |||
Physicians Practice Management | 1.1 | |||
Transport — Truck | 1.1 | |||
Finance — Investment Banker/Broker | 1.0 | |||
Retail — Home Furnishings | 1.0 | |||
Health Care Cost Containment | 1.0 | |||
Instruments — Scientific | 1.0 | |||
Oil — Field Services | 0.9 | |||
Soap & Cleaning Preparation | 0.9 | |||
Enterprise Software/Service | 0.9 | |||
Retail — Sporting Goods | 0.9 | |||
Seismic Data Collection | 0.8 | |||
Medical — Hospitals | 0.8 | |||
MRI/Medical Diagnostic Imaging | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Computers — Integrated Systems | 0.8 | |||
Banks — Super Regional | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Financial Guarantee Insurance | 0.8 | |||
Consulting Services | 0.7 | |||
Athletic Equipment | 0.7 | |||
Aerospace/Defense | 0.7 | |||
Networking Products | 0.7 | |||
Retail — Misc./Diversified | 0.6 | |||
Medical Instruments | 0.6 | |||
Cruise Lines | 0.5 | |||
Office Supplies & Forms | 0.5 | |||
Data Processing/Management | 0.5 | |||
Hazardous Waste Disposal | 0.4 | |||
Communications Software | 0.3 | |||
Healthcare Safety Devices | 0.3 |
Internet Infrastructure Software | 0.3 | |||
Medical Imaging Systems | 0.2 | |||
112.1% | ||||
* | Calculated as a percentage of net assets |
224
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.6% |
| |||||||
Aerospace/Defense — 0.7% |
| |||||||
Aerovironment, Inc.†# | 27,286 | $ | 823,219 | |||||
Apparel Manufacturers — 2.4% |
| |||||||
Carter’s, Inc.# | 21,366 | 1,509,935 | ||||||
Under Armour, Inc., Class A†# | 17,985 | 1,451,390 | ||||||
2,961,325 | ||||||||
Applications Software — 3.0% |
| |||||||
InterXion Holding NV† | 59,310 | 1,335,068 | ||||||
NetSuite, Inc.†# | 15,999 | 1,537,184 | ||||||
ServiceNow, Inc.†# | 15,294 | 812,264 | ||||||
3,684,516 | ||||||||
Athletic Equipment — 0.7% |
| |||||||
Black Diamond, Inc.†# | 62,612 | 835,870 | ||||||
Auto/Truck Parts & Equipment - Original — 0.8% |
| |||||||
Gentherm, Inc.† | 41,078 | 992,445 | ||||||
Banks - Commercial — 2.3% |
| |||||||
Eagle Bancorp, Inc.† | 49,836 | 1,625,152 | ||||||
First Republic Bank | 25,580 | 1,307,138 | ||||||
2,932,290 | ||||||||
Banks - Super Regional — 0.8% |
| |||||||
Independent Bank Group, Inc. | 20,138 | 964,207 | ||||||
Building - Residential/Commercial — 1.3% |
| |||||||
M/I Homes, Inc.† | 74,629 | 1,639,599 | ||||||
Chemicals - Specialty — 1.2% |
| |||||||
International Flavors & Fragrances, Inc. | 16,627 | 1,468,995 | ||||||
Commercial Services — 4.0% |
| |||||||
Healthcare Services Group, Inc.# | 99,050 | 2,871,460 | ||||||
HMS Holdings Corp.† | 46,259 | 1,059,794 | ||||||
Quanta Services, Inc.†# | 35,468 | 1,050,207 | ||||||
4,981,461 | ||||||||
Commercial Services - Finance — 2.4% |
| |||||||
EVERTEC, Inc. | 52,728 | 1,163,707 | ||||||
FleetCor Technologies, Inc.† | 15,232 | 1,854,953 | ||||||
3,018,660 | ||||||||
Communications Software — 0.3% |
| |||||||
SolarWinds, Inc.†# | 12,461 | 416,696 | ||||||
Computers - Integrated Systems — 0.8% |
| |||||||
MICROS Systems, Inc.†# | 18,245 | 980,121 | ||||||
Consulting Services — 0.7% |
| |||||||
Genpact, Ltd.† | 49,314 | 882,721 | ||||||
Cruise Lines — 0.5% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.†# | 19,280 | 657,448 | ||||||
Data Processing/Management — 0.5% |
| |||||||
CommVault Systems, Inc.† | 8,059 | 603,216 | ||||||
Decision Support Software — 2.4% |
| |||||||
MSCI, Inc.†# | 68,116 | 3,023,669 | ||||||
Diagnostic Equipment — 1.4% |
| |||||||
Cepheid, Inc.†# | 39,511 | 1,794,590 | ||||||
Electronic Components - Semiconductors — 1.3% |
| |||||||
Xilinx, Inc.# | 37,761 | 1,677,721 | ||||||
Electronic Connectors — 1.2% |
| |||||||
Amphenol Corp., Class A# | 17,095 | 1,453,075 | ||||||
Enterprise Software/Service — 0.9% |
| |||||||
Guidewire Software, Inc.† | 24,164 | 1,153,348 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Consumer Loans — 1.3% |
| |||||||
SLM Corp. | 59,941 | $ | 1,597,428 | |||||
Finance - Investment Banker/Broker — 1.0% | ||||||||
Lazard, Ltd., Class A | 30,941 | 1,291,168 | ||||||
Financial Guarantee Insurance — 0.8% | ||||||||
MGIC Investment Corp.†# | 116,019 | 940,914 | ||||||
Food - Canned — 1.2% | ||||||||
TreeHouse Foods, Inc.†# | 20,695 | 1,451,754 | ||||||
Food-Misc./Diversified — 1.7% | ||||||||
Hain Celestial Group, Inc.†# | 25,597 | 2,116,616 | ||||||
Footwear & Related Apparel — 1.7% | ||||||||
Deckers Outdoor Corp.†# | 25,529 | 2,109,717 | ||||||
Hazardous Waste Disposal — 0.4% | ||||||||
Stericycle, Inc.†# | 4,386 | 515,267 | ||||||
Health Care Cost Containment — 1.0% | ||||||||
ExamWorks Group, Inc.† | 41,751 | 1,232,072 | ||||||
Healthcare Safety Devices — 0.3% | ||||||||
Tandem Diabetes Care, Inc.† | 17,740 | 390,457 | ||||||
Industrial Gases — 1.4% | ||||||||
Airgas, Inc.# | 15,872 | 1,724,175 | ||||||
Instruments - Controls — 2.4% | ||||||||
Mettler-Toledo International, Inc.†# | 2,544 | 627,274 | ||||||
Sensata Technologies Holding NV† | 60,349 | 2,352,404 | ||||||
2,979,678 | ||||||||
Instruments - Scientific — 1.0% | ||||||||
PerkinElmer, Inc. | 31,539 | 1,199,744 | ||||||
Internet Content - Entertainment — 1.4% | ||||||||
Pandora Media, Inc.†# | 62,510 | 1,775,284 | ||||||
Internet Infrastructure Software — 0.3% | ||||||||
Mavenir Systems, Inc.† | 30,567 | 324,010 | ||||||
Machine Tools & Related Products — 1.3% | ||||||||
Kennametal, Inc.# | 34,759 | 1,650,357 | ||||||
Machinery - General Industrial — 1.6% | ||||||||
IDEX Corp. | 19,006 | 1,355,698 | ||||||
Roper Industries, Inc.# | 5,120 | 664,064 | ||||||
2,019,762 | ||||||||
Machinery - Pumps — 1.9% | ||||||||
Graco, Inc. | 30,053 | 2,320,993 | ||||||
Medical Imaging Systems — 0.2% | ||||||||
Given Imaging, Ltd.†# | 8,353 | 195,460 | ||||||
Medical Instruments — 0.6% | ||||||||
DexCom, Inc.† | 22,923 | 758,522 | ||||||
Medical Products — 3.2% | ||||||||
CareFusion Corp.† | 30,786 | 1,226,822 | ||||||
Henry Schein, Inc.† | 14,687 | 1,674,318 | ||||||
Teleflex, Inc.# | 4,903 | 482,014 | ||||||
Tornier NV† | 33,529 | 606,540 | ||||||
3,989,694 | ||||||||
Medical - Biomedical/Gene — 1.6% | ||||||||
Five Prime Therapeutics, Inc.†# | 28,121 | 284,022 | ||||||
Foundation Medicine, Inc.†# | 9,694 | 242,738 | ||||||
Incyte Corp., Ltd.†# | 11,605 | 540,793 | ||||||
Stemline Therapeutics, Inc.†# | 11,593 | 239,511 | ||||||
Vertex Pharmaceuticals, Inc.† | 9,702 | 673,513 | ||||||
1,980,577 | ||||||||
225
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs — 2.8% |
| |||||||
Achillion Pharmaceuticals, Inc.†# | 100,463 | $ | 347,602 | |||||
Clovis Oncology, Inc.† | 6,770 | 408,095 | ||||||
Medivation, Inc.†# | 17,394 | 1,095,996 | ||||||
Regulus Therapeutics, Inc.†# | 54,921 | 345,453 | ||||||
Sagent Pharmaceuticals, Inc.†# | 32,180 | 730,808 | ||||||
Swedish Orphan Biovitrum AB ADR†(1) | 55,993 | 578,968 | ||||||
3,506,922 | ||||||||
Medical - Hospitals — 0.8% |
| |||||||
Acadia Healthcare Co., Inc.†# | 22,064 | 1,019,357 | ||||||
MRI/Medical Diagnostic Imaging — 0.8% |
| |||||||
Surgical Care Affiliates, Inc.† | 33,147 | 1,008,995 | ||||||
Multimedia — 0.0% |
| |||||||
RLJ Entertainment, Inc.†# | 11,320 | 48,110 | ||||||
Networking Products — 0.7% |
| |||||||
Calix, Inc.†# | 80,369 | 822,979 | ||||||
Office Supplies & Forms — 0.5% |
| |||||||
Avery Dennison Corp. | 13,263 | 648,561 | ||||||
Oil Companies - Exploration & Production — 2.9% |
| |||||||
Laredo Petroleum Holdings, Inc.† | 32,968 | 889,806 | ||||||
Rex Energy Corp.† | 28,380 | 544,329 | ||||||
Rosetta Resources, Inc.† | 10,118 | 511,667 | ||||||
Whiting Petroleum Corp.†# | 28,634 | 1,729,494 | ||||||
3,675,296 | ||||||||
Oil Field Machinery & Equipment — 1.9% |
| |||||||
Dril-Quip, Inc.† | 22,249 | 2,415,351 | ||||||
Oil - Field Services — 0.9% |
| |||||||
Core Laboratories NV | 6,468 | 1,178,082 | ||||||
Physicians Practice Management — 1.1% |
| |||||||
MEDNAX, Inc.† | 12,320 | 1,365,056 | ||||||
Power Converter/Supply Equipment — 1.5% |
| |||||||
Hubbell, Inc., Class B# | 17,596 | 1,898,784 | ||||||
Real Estate Management/Services — 2.9% |
| |||||||
CBRE Group, Inc., Class A† | 105,727 | 2,562,822 | ||||||
HFF, Inc., Class A† | 39,493 | 1,011,811 | ||||||
3,574,633 | ||||||||
Retail - Apparel/Shoe — 4.6% |
| |||||||
Burlington Stores, Inc.†# | 36,851 | 1,048,043 | ||||||
Fifth & Pacific Cos., Inc.† | 72,105 | 2,354,949 | ||||||
PVH Corp. | 17,021 | 2,279,452 | ||||||
5,682,444 | ||||||||
Retail - Home Furnishings — 1.0% |
| |||||||
Restoration Hardware Holdings, Inc.† | 16,914 | 1,277,007 | ||||||
Retail - Misc./Diversified — 0.6% |
| |||||||
Five Below, Inc.† | 15,062 | 800,696 | ||||||
Retail - Pet Food & Supplies — 1.4% |
| |||||||
PetSmart, Inc. | 23,275 | 1,724,910 | ||||||
Retail - Restaurants — 3.5% |
| |||||||
Bloomin’ Brands, Inc.†# | 38,990 | 1,021,538 | ||||||
Chuy’s Holdings, Inc.†# | 18,457 | 643,042 | ||||||
Jack in the Box, Inc.† | 16,961 | 803,103 | ||||||
Panera Bread Co., Class A†# | 6,970 | 1,232,923 | ||||||
Tim Hortons, Inc. | 12,274 | 715,943 | ||||||
4,416,549 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Sporting Goods — 0.9% |
| |||||||
Dick’s Sporting Goods, Inc.# | 19,862 | $ | 1,122,600 | |||||
Seismic Data Collection — 0.8% |
| |||||||
Geospace Technologies Corp.†# | 11,766 | 1,026,819 | ||||||
Semiconductor Components-Integrated Circuits — 1.4% |
| |||||||
Hittite Microwave Corp.† | 16,314 | 1,031,534 | ||||||
Linear Technology Corp.# | 16,367 | 696,416 | ||||||
1,727,950 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Intermolecular, Inc.†# | 29,140 | 166,098 | ||||||
Ultratech, Inc.†# | 29,755 | 787,317 | ||||||
953,415 | ||||||||
Soap & Cleaning Preparation — 0.9% |
| |||||||
Church & Dwight Co., Inc.# | 17,887 | 1,167,127 | ||||||
Telecom Equipment - Fiber Optics — 1.2% |
| |||||||
IPG Photonics Corp.†# | 20,297 | 1,471,938 | ||||||
Telecom Services — 1.3% |
| |||||||
tw telecom, Inc.†# | 57,146 | 1,618,375 | ||||||
Therapeutics — 1.7% |
| |||||||
BioMarin Pharmaceutical, Inc.† | 4,360 | 306,857 | ||||||
Neurocrine Biosciences, Inc.† | 22,985 | 225,713 | ||||||
Pharmacyclics, Inc.† | 8,956 | 1,115,201 | ||||||
Synageva BioPharma Corp.†# | 8,933 | 539,642 | ||||||
2,187,413 | ||||||||
Transport - Truck — 1.1% |
| |||||||
Roadrunner Transportation Systems, Inc.† | 48,441 | 1,326,315 | ||||||
Web Hosting/Design — 1.3% |
| |||||||
Equinix, Inc.†# | 10,104 | 1,623,713 | ||||||
Wireless Equipment — 2.4% |
| |||||||
SBA Communications Corp., Class A†# | 34,484 | 2,937,002 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $109,556,215) | 121,735,240 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 14.5% |
| |||||||
Registered Investment Companies — 14.5% |
| |||||||
SSgA U.S. Government Money Market Fund | 3,445,397 | 3,445,397 | ||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 14,681,748 | 14,681,748 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $18,127,145) | 18,127,145 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $127,683,360)(3) | 112.1 | % | 139,862,385 | |||||
Liabilities in excess of other assets | (12.1 | ) | (15,114,113 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 124,748,272 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Illiquid security. At November 30, 2013, the aggregate value of these securities was $578,968 representing 0.5% of net assets. |
(2) | At November 30, 2013, the Fund had loaned securities with a total value of $14,325,614. This was secured by collateral of $14,681,748, which was received in cash and subsequently invested in short-term investments currently valued at $14,681,748 as reported in the portfolio of investments. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
226
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks | $ | 121,735,240 | $ | — | $ | — | $ | 121,735,240 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 18,127,145 | — | — | 18,127,145 | ||||||||||||
Total | $ | 139,862,385 | $ | — | $ | — | $ | 139,862,385 | ||||||||
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
227
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Medical — Drugs | 5.8 | % | ||
Oil Companies — Integrated | 4.6 | |||
Registered Investment Companies | 4.5 | |||
Diversified Banking Institutions | 4.0 | |||
Computers | 3.4 | |||
Diversified Manufacturing Operations | 3.4 | |||
Oil Companies — Exploration & Production | 2.8 | |||
Banks — Super Regional | 2.6 | |||
Electric — Integrated | 2.5 | |||
Medical — Biomedical/Gene | 2.4 | |||
Applications Software | 2.2 | |||
Telephone — Integrated | 2.2 | |||
Web Portals/ISP | 2.0 | |||
Cosmetics & Toiletries | 1.9 | |||
Beverages — Non-alcoholic | 1.9 | |||
Real Estate Investment Trusts | 1.8 | |||
Multimedia | 1.7 | |||
Computer Services | 1.6 | |||
Retail — Discount | 1.6 | |||
Insurance — Multi-line | 1.5 | |||
Electronic Components — Semiconductors | 1.5 | |||
Tobacco | 1.5 | |||
U.S. Government Treasuries | 1.4 | |||
Aerospace/Defense | 1.4 | |||
Retail — Restaurants | 1.3 | |||
Finance — Credit Card | 1.3 | |||
Insurance — Reinsurance | 1.3 | |||
Cable/Satellite TV | 1.3 | |||
E-Commerce/Products | 1.2 | |||
Oil — Field Services | 1.1 | |||
Commercial Services — Finance | 1.1 | |||
Chemicals — Diversified | 1.1 | |||
Medical — HMO | 1.0 | |||
Food — Misc./Diversified | 1.0 | |||
Retail — Building Products | 1.0 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Medical Products | 0.9 | |||
Transport — Rail | 0.9 | |||
Transport — Services | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Retail — Drug Store | 0.8 | |||
Investment Management/Advisor Services | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Networking Products | 0.7 | |||
Medical Instruments | 0.7 | |||
Computers — Memory Devices | 0.7 | |||
Auto — Cars/Light Trucks | 0.6 | |||
E-Commerce/Services | 0.6 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Agricultural Chemicals | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Pipelines | 0.5 | |||
Retail — Apparel/Shoe | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Insurance — Property/Casualty | 0.4 | |||
Instruments — Controls | 0.4 | |||
Industrial Gases | 0.4 | |||
Electric Products — Misc. | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Oil Field Machinery & Equipment | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Medical — Generic Drugs | 0.4 | |||
Athletic Footwear | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Banks — Commercial | 0.4 | |||
Pharmacy Services | 0.3 | |||
Finance — Other Services | 0.3 |
Consumer Products — Misc. | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Insurance Brokers | 0.3 | |||
Food — Retail | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Data Processing/Management | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Gas — Distribution | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Wireless Equipment | 0.2 | |||
Airlines | 0.2 | |||
Repurchase Agreements | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Metal — Copper | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Hotels/Motels | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Television | 0.2 | |||
Machinery — Farming | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Retail — Regional Department Stores | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Paper & Related Products | 0.2 | |||
Agricultural Operations | 0.2 | |||
Electronic Forms | 0.2 | |||
Advertising Agencies | 0.2 | |||
Food — Confectionery | 0.2 | |||
Internet Security | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Toys | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Steel — Producers | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Retail — Bedding | 0.1 | |||
Medical Information Systems | 0.1 | |||
Commercial Services | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Coatings/Paint | 0.1 | |||
Cruise Lines | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Food — Meat Products | 0.1 | |||
Retail — Automobile | 0.1 | |||
Electronic Connectors | 0.1 | |||
Casino Hotels | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Coal | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Gold Mining | 0.1 | |||
Appliances | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Publishing — Periodicals | 0.1 |
228
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VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2013 (unaudited) — (continued)
Industry Allocation* (continued)
Dialysis Centers | 0.1 | % | ||
Containers — Paper/Plastic | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Computer Aided Design | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Savings & Loans/Thrifts | 0.1 | |||
Electronics — Military | 0.1 | |||
Diversified Operations | 0.1 | |||
Electric — Generation | 0.1 | |||
Home Decoration Products | 0.1 | |||
Independent Power Producers | 0.1 | |||
Brewery | 0.1 | |||
104.2 | % | |||
* | Calculated as a percentage of net assets |
229
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.1% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Interpublic Group of Cos., Inc. | 112,100 | $ | 1,950,540 | |||||
Omnicom Group, Inc. | 68,300 | 4,880,035 | ||||||
6,830,575 | ||||||||
Aerospace/Defense — 1.4% | ||||||||
Boeing Co. | 184,200 | 24,728,850 | ||||||
General Dynamics Corp. | 88,200 | 8,084,412 | ||||||
Lockheed Martin Corp. | 71,600 | 10,143,572 | ||||||
Northrop Grumman Corp. | 61,100 | 6,884,748 | ||||||
Raytheon Co. | 85,600 | 7,591,008 | ||||||
Rockwell Collins, Inc. | 35,800 | 2,603,734 | ||||||
60,036,324 | ||||||||
Aerospace/Defense - Equipment — 0.6% |
| |||||||
United Technologies Corp. | 224,100 | 24,843,726 | ||||||
Agricultural Chemicals — 0.5% |
| |||||||
CF Industries Holdings, Inc. | 15,200 | 3,304,176 | ||||||
Monsanto Co. | 141,500 | 16,036,195 | ||||||
Mosaic Co. | 90,400 | 4,330,160 | ||||||
23,670,531 | ||||||||
Agricultural Operations — 0.2% | ||||||||
Archer-Daniels-Midland Co. | 175,000 | 7,043,750 | ||||||
Airlines — 0.2% | ||||||||
Delta Air Lines, Inc. | 227,700 | 6,598,746 | ||||||
Southwest Airlines Co. | 187,500 | 3,485,625 | ||||||
10,084,371 | ||||||||
Apparel Manufacturers — 0.3% | ||||||||
Michael Kors Holdings, Ltd.† | 47,400 | 3,865,470 | ||||||
Ralph Lauren Corp. | 16,100 | 2,821,203 | ||||||
VF Corp. | 23,300 | 5,465,714 | ||||||
12,152,387 | ||||||||
Appliances — 0.1% | ||||||||
Whirlpool Corp. | 21,000 | 3,207,960 | ||||||
Applications Software — 2.2% |
| |||||||
Citrix Systems, Inc.† | 49,700 | 2,948,204 | ||||||
Intuit, Inc. | 78,800 | 5,849,324 | ||||||
Microsoft Corp. | 2,012,000 | 76,717,560 | ||||||
Red Hat, Inc.† | 50,200 | 2,351,870 | ||||||
Salesforce.com, Inc.† | 145,500 | 7,579,095 | ||||||
95,446,053 | ||||||||
Athletic Footwear — 0.4% | ||||||||
NIKE, Inc., Class B | 198,500 | 15,709,290 | ||||||
Audio/Video Products — 0.0% |
| |||||||
Harman International Industries, Inc.# | 18,100 | 1,466,824 | ||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Ford Motor Co. | 1,045,700 | 17,860,556 | ||||||
General Motors Co.† | 249,800 | 9,674,754 | ||||||
27,535,310 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR, Inc. | 94,000 | 5,387,140 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
BorgWarner, Inc. | 30,400 | 3,257,968 | ||||||
Delphi Automotive PLC | 74,900 | 4,385,395 | ||||||
Johnson Controls, Inc. | 181,600 | 9,172,616 | ||||||
16,815,979 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial — 0.4% |
| |||||||
BB&T Corp. | 186,800 | $ | 6,489,432 | |||||
M&T Bank Corp.# | 34,500 | 3,979,920 | ||||||
Regions Financial Corp. | 370,500 | 3,604,965 | ||||||
Zions Bancorporation# | 49,000 | 1,437,170 | ||||||
15,511,487 | ||||||||
Banks - Fiduciary — 0.5% |
| |||||||
Bank of New York Mellon Corp. | 305,400 | 10,291,980 | ||||||
Northern Trust Corp. | 59,900 | 3,533,501 | ||||||
State Street Corp. | 118,400 | 8,597,024 | ||||||
22,422,505 | ||||||||
Banks - Super Regional — 2.6% |
| |||||||
Capital One Financial Corp. | 155,400 | 11,131,302 | ||||||
Comerica, Inc.# | 49,100 | 2,226,685 | ||||||
Fifth Third Bancorp | 235,400 | 4,783,328 | ||||||
Huntington Bancshares, Inc. | 220,200 | 2,021,436 | ||||||
KeyCorp | 241,900 | 3,084,225 | ||||||
PNC Financial Services Group, Inc. | 141,100 | 10,857,645 | ||||||
SunTrust Banks, Inc. | 143,100 | 5,184,513 | ||||||
US Bancorp | 488,200 | 19,147,204 | ||||||
Wells Fargo & Co. | 1,282,500 | 56,455,650 | ||||||
114,891,988 | ||||||||
Beverages - Non-alcoholic — 1.9% |
| |||||||
Coca-Cola Co. | 1,012,000 | 40,672,280 | ||||||
Coca-Cola Enterprises, Inc. | 66,000 | 2,768,040 | ||||||
Dr Pepper Snapple Group, Inc. | 54,000 | 2,606,040 | ||||||
Monster Beverage Corp.† | 36,000 | 2,130,480 | ||||||
PepsiCo, Inc. | 409,400 | 34,577,924 | ||||||
82,754,764 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Beam, Inc. | 43,000 | 2,903,790 | ||||||
Brown-Forman Corp., Class B# | 43,100 | 3,233,362 | ||||||
Constellation Brands, Inc., Class A† | 44,000 | 3,098,040 | ||||||
9,235,192 | ||||||||
Brewery — 0.1% |
| |||||||
Molson Coors Brewing Co., Class B# | 41,900 | 2,206,873 | ||||||
Broadcast Services/Program — 0.2% |
| |||||||
Discovery Communications, Inc., Class A† | 61,300 | 5,349,651 | ||||||
Scripps Networks Interactive, Inc., Class A# | 29,000 | 2,163,110 | ||||||
7,512,761 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
Vulcan Materials Co.# | 34,500 | 1,944,765 | ||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp. | 94,700 | 2,123,174 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc.# | 75,400 | 1,498,952 | ||||||
Lennar Corp., Class A# | 44,100 | 1,577,016 | ||||||
PulteGroup, Inc. | 92,800 | 1,740,928 | ||||||
4,816,896 | ||||||||
Cable/Satellite TV — 1.3% |
| |||||||
Cablevision Systems Corp., Class A# | 56,800 | 952,536 | ||||||
Comcast Corp., Class A | 694,200 | 34,619,754 | ||||||
DIRECTV† | 135,500 | 8,957,905 | ||||||
Time Warner Cable, Inc. | 75,900 | 10,490,898 | ||||||
55,021,093 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Wynn Resorts, Ltd.# | 21,500 | 3,566,205 | ||||||
230
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Casino Services — 0.0% |
| |||||||
International Game Technology | 69,200 | $ | 1,210,308 | |||||
Chemicals - Diversified — 1.1% |
| |||||||
Dow Chemical Co. | 321,200 | 12,546,072 | ||||||
E.I. du Pont de Nemours & Co. | 245,100 | 15,044,238 | ||||||
FMC Corp. | 36,200 | 2,637,532 | ||||||
LyondellBasell Industries NV, Class A | 118,900 | 9,176,702 | ||||||
PPG Industries, Inc. | 37,900 | 6,975,874 | ||||||
46,380,418 | ||||||||
Chemicals - Specialty — 0.4% |
| |||||||
Eastman Chemical Co. | 40,900 | 3,150,527 | ||||||
Ecolab, Inc. | 72,000 | 7,716,240 | ||||||
International Flavors & Fragrances, Inc. | 21,700 | 1,917,195 | ||||||
Sigma-Aldrich Corp.# | 31,900 | 2,751,056 | ||||||
15,535,018 | ||||||||
Coal — 0.1% |
| |||||||
CONSOL Energy, Inc.# | 60,700 | 2,159,706 | ||||||
Peabody Energy Corp. | 71,600 | 1,303,120 | ||||||
3,462,826 | ||||||||
Coatings/Paint — 0.1% |
| |||||||
Sherwin-Williams Co. | 23,200 | 4,246,296 | ||||||
Commercial Services — 0.1% |
| |||||||
Cintas Corp.# | 27,300 | 1,515,150 | ||||||
Iron Mountain, Inc.# | 45,100 | 1,268,212 | ||||||
Quanta Services, Inc.† | 56,700 | 1,678,887 | ||||||
4,462,249 | ||||||||
Commercial Services - Finance — 1.1% |
| |||||||
Automatic Data Processing, Inc. | 128,200 | 10,258,564 | ||||||
Equifax, Inc. | 32,200 | 2,168,026 | ||||||
H&R Block, Inc. | 72,700 | 2,027,603 | ||||||
MasterCard, Inc., Class A | 27,500 | 20,922,275 | ||||||
McGraw Hill Financial, Inc. | 73,000 | 5,438,500 | ||||||
Moody’s Corp. | 51,500 | 3,843,445 | ||||||
Total System Services, Inc. | 44,200 | 1,372,410 | ||||||
Western Union Co.# | 146,500 | 2,442,155 | ||||||
48,472,978 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 59,200 | 2,678,800 | ||||||
Computer Services — 1.6% |
| |||||||
Accenture PLC, Class A | 171,200 | 13,262,864 | ||||||
Cognizant Technology Solutions Corp., Class A† | 80,000 | 7,511,200 | ||||||
Computer Sciences Corp. | 39,200 | 2,062,704 | ||||||
International Business Machines Corp. | 273,300 | 49,106,544 | ||||||
71,943,312 | ||||||||
Computer Software — 0.0% |
| |||||||
Akamai Technologies, Inc.† | 47,300 | 2,115,256 | ||||||
Computers — 3.4% |
| |||||||
Apple, Inc. | 241,100 | 134,068,477 | ||||||
Hewlett-Packard Co. | 510,100 | 13,951,235 | ||||||
148,019,712 | ||||||||
Computers - Integrated Systems — 0.0% |
| |||||||
Teradata Corp.† | 43,300 | 1,976,212 | ||||||
Computers - Memory Devices — 0.7% |
| |||||||
EMC Corp. | 552,300 | 13,172,355 | ||||||
NetApp, Inc. | 90,300 | 3,724,875 | ||||||
SanDisk Corp. | 60,000 | 4,089,000 | ||||||
Seagate Technology PLC | 86,000 | 4,217,440 | ||||||
Western Digital Corp. | 56,000 | 4,202,240 | ||||||
29,405,910 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Clorox Co.# | 34,600 | $ | 3,223,682 | |||||
Kimberly-Clark Corp. | 101,700 | 11,101,572 | ||||||
14,325,254 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 38,500 | 1,924,230 | ||||||
Owens-Illinois, Inc.† | 43,600 | 1,438,800 | ||||||
3,363,030 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Bemis Co., Inc.# | 27,300 | 1,065,519 | ||||||
Sealed Air Corp. | 52,000 | 1,669,720 | ||||||
2,735,239 | ||||||||
Cosmetics & Toiletries — 1.9% |
| |||||||
Avon Products, Inc. | 115,100 | 2,052,233 | ||||||
Colgate-Palmolive Co. | 233,900 | 15,392,959 | ||||||
Estee Lauder Cos., Inc., Class A | 67,900 | 5,089,784 | ||||||
Procter & Gamble Co. | 727,000 | 61,227,940 | ||||||
83,762,916 | ||||||||
Cruise Lines — 0.1% |
| |||||||
Carnival Corp.# | 116,200 | 4,195,982 | ||||||
Data Processing/Management — 0.3% |
| |||||||
Dun & Bradstreet Corp.# | 10,300 | 1,203,555 | ||||||
Fidelity National Information Services, Inc. | 77,500 | 3,927,700 | ||||||
Fiserv, Inc.† | 34,500 | 3,791,205 | ||||||
Paychex, Inc.# | 86,400 | 3,778,272 | ||||||
12,700,732 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
DENTSPLY International, Inc. | 37,800 | 1,797,768 | ||||||
Patterson Cos., Inc. | 22,100 | 916,929 | ||||||
2,714,697 | ||||||||
Diagnostic Equipment — 0.1% |
| |||||||
Life Technologies Corp.† | 45,800 | 3,467,060 | ||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita HealthCare Partners, Inc.† | 46,800 | 2,786,940 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
C.R. Bard, Inc. | 21,000 | 2,916,480 | ||||||
Distribution/Wholesale — 0.3% |
| |||||||
Fastenal Co.# | 72,500 | 3,373,425 | ||||||
Fossil Group, Inc.† | 13,300 | 1,692,691 | ||||||
Genuine Parts Co.# | 41,100 | 3,404,724 | ||||||
WW Grainger, Inc. | 16,400 | 4,229,888 | ||||||
12,700,728 | ||||||||
Diversified Banking Institutions — 4.0% |
| |||||||
Bank of America Corp. | 2,851,600 | 45,112,312 | ||||||
Citigroup, Inc. | 807,200 | 42,717,024 | ||||||
Goldman Sachs Group, Inc. | 110,900 | 18,735,446 | ||||||
JPMorgan Chase & Co. | 999,100 | 57,168,502 | ||||||
Morgan Stanley | 369,100 | 11,552,830 | ||||||
175,286,114 | ||||||||
Diversified Manufacturing Operations — 3.4% |
| |||||||
3M Co. | 172,300 | 23,003,773 | ||||||
Danaher Corp. | 158,800 | 11,878,240 | ||||||
Dover Corp. | 45,300 | 4,110,522 | ||||||
Eaton Corp. PLC | 125,800 | 9,140,628 | ||||||
General Electric Co. | 2,703,100 | 72,064,646 | ||||||
Illinois Tool Works, Inc. | 109,400 | 8,706,052 | ||||||
Ingersoll-Rand PLC | 71,800 | 5,127,956 |
231
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Leggett & Platt, Inc.# | 37,700 | $ | 1,138,917 | |||||
Parker Hannifin Corp. | 39,600 | 4,666,464 | ||||||
Pentair, Ltd. | 52,900 | 3,741,088 | ||||||
Textron, Inc. | 74,500 | 2,475,635 | ||||||
146,053,921 | ||||||||
Diversified Operations — 0.1% |
| |||||||
Leucadia National Corp. | 83,200 | 2,384,512 | ||||||
E-Commerce/Products — 1.2% |
| |||||||
Amazon.com, Inc.† | 98,200 | 38,653,484 | ||||||
eBay, Inc.† | 309,200 | 15,620,784 | ||||||
54,274,268 | ||||||||
E-Commerce/Services — 0.6% |
| |||||||
Expedia, Inc.# | 28,500 | 1,815,165 | ||||||
Netflix, Inc.†# | 15,600 | 5,706,480 | ||||||
priceline.com, Inc.† | 13,700 | 16,334,921 | ||||||
TripAdvisor, Inc.†# | 29,600 | 2,614,272 | ||||||
26,470,838 | ||||||||
Electric Products - Misc. — 0.4% |
| |||||||
AMETEK, Inc. | 64,800 | 3,189,456 | ||||||
Emerson Electric Co. | 189,700 | 12,708,003 | ||||||
Molex, Inc. | 36,400 | 1,406,496 | ||||||
17,303,955 | ||||||||
Electric - Generation — 0.1% |
| |||||||
AES Corp. | 163,400 | 2,380,738 | ||||||
Electric - Integrated — 2.5% |
| |||||||
Ameren Corp. | 64,400 | 2,308,740 | ||||||
American Electric Power Co., Inc. | 129,200 | 6,080,152 | ||||||
CMS Energy Corp. | 70,600 | 1,873,724 | ||||||
Consolidated Edison, Inc.# | 77,700 | 4,289,817 | ||||||
Dominion Resources, Inc. | 153,700 | 9,976,667 | ||||||
DTE Energy Co. | 46,400 | 3,096,736 | ||||||
Duke Energy Corp. | 187,400 | 13,110,504 | ||||||
Edison International | 86,500 | 3,997,165 | ||||||
Entergy Corp.# | 47,300 | 2,927,397 | ||||||
Exelon Corp. | 227,400 | 6,119,334 | ||||||
FirstEnergy Corp. | 111,000 | 3,621,930 | ||||||
Integrys Energy Group, Inc. | 21,100 | 1,133,914 | ||||||
NextEra Energy, Inc. | 112,700 | 9,533,293 | ||||||
Northeast Utilities | 83,500 | 3,430,180 | ||||||
Pepco Holdings, Inc.# | 66,100 | 1,261,188 | ||||||
PG&E Corp. | 118,200 | 4,771,734 | ||||||
Pinnacle West Capital Corp. | 29,200 | 1,558,112 | ||||||
PPL Corp. | 167,700 | 5,150,067 | ||||||
Public Service Enterprise Group, Inc. | 134,300 | 4,390,267 | ||||||
SCANA Corp. | 37,200 | 1,754,724 | ||||||
Southern Co.# | 232,000 | 9,426,160 | ||||||
TECO Energy, Inc.# | 54,200 | 923,568 | ||||||
Wisconsin Energy Corp.# | 60,400 | 2,522,908 | ||||||
Xcel Energy, Inc.# | 132,100 | 3,701,442 | ||||||
106,959,723 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Garmin, Ltd.# | 32,700 | 1,587,912 | ||||||
Jabil Circuit, Inc. | 49,000 | 993,230 | ||||||
TE Connectivity, Ltd. | 109,800 | 5,788,656 | ||||||
8,369,798 | ||||||||
Electronic Components - Semiconductors — 1.5% |
| |||||||
Altera Corp. | 84,800 | 2,734,800 | ||||||
Broadcom Corp., Class A | 146,000 | 3,896,740 | ||||||
First Solar, Inc.†# | 18,400 | 1,100,688 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Intel Corp.# | 1,322,400 | $ | 31,526,016 | |||||
LSI Corp. | 145,200 | 1,171,764 | ||||||
Microchip Technology, Inc.# | 52,400 | 2,268,396 | ||||||
Micron Technology, Inc.†# | 275,600 | 5,815,160 | ||||||
NVIDIA Corp.# | 153,600 | 2,396,160 | ||||||
Texas Instruments, Inc. | 292,300 | 12,568,900 | ||||||
Xilinx, Inc. | 70,700 | 3,141,201 | ||||||
66,619,825 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 42,200 | 3,587,000 | ||||||
Electronic Forms — 0.2% |
| |||||||
Adobe Systems, Inc.† | 124,000 | 7,040,720 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc. | 87,800 | 4,703,446 | ||||||
FLIR Systems, Inc. | 37,700 | 1,118,559 | ||||||
5,822,005 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Tyco International, Ltd. | 122,700 | 4,679,778 | ||||||
Electronics - Military — 0.1% |
| |||||||
L-3 Communications Holdings, Inc. | 23,800 | 2,462,348 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
Fluor Corp. | 43,300 | 3,369,173 | ||||||
Jacobs Engineering Group, Inc.† | 34,900 | 2,085,973 | ||||||
5,455,146 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Cummins, Inc. | 46,200 | 6,115,032 | ||||||
Enterprise Software/Service — 0.8% |
| |||||||
CA, Inc. | 87,100 | 2,874,300 | ||||||
Oracle Corp. | 946,500 | 33,401,985 | ||||||
36,276,285 | ||||||||
Entertainment Software — 0.0% |
| |||||||
Electronic Arts, Inc.†# | 81,400 | 1,805,452 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
Pall Corp. | 29,700 | 2,485,890 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
SLM Corp. | 115,800 | 3,086,070 | ||||||
Finance - Credit Card — 1.3% |
| |||||||
American Express Co. | 246,300 | 21,132,540 | ||||||
Discover Financial Services | 128,400 | 6,843,720 | ||||||
Visa, Inc., Class A | 137,000 | 27,874,020 | ||||||
55,850,280 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
Charles Schwab Corp. | 306,900 | 7,512,912 | ||||||
E*TRADE Financial Corp.† | 76,200 | 1,365,504 | ||||||
8,878,416 | ||||||||
Finance - Other Services — 0.3% |
| |||||||
CME Group, Inc. | 83,400 | 6,834,630 | ||||||
IntercontinentalExchange Group, Inc. | 30,283 | 6,459,349 | ||||||
NASDAQ OMX Group, Inc. | 30,600 | 1,202,274 | ||||||
14,496,253 | ||||||||
Food - Confectionery — 0.2% |
| |||||||
Hershey Co.# | 39,700 | 3,846,533 | ||||||
J.M. Smucker Co. | 27,900 | 2,908,296 | ||||||
6,754,829 | ||||||||
232
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp. | 35,700 | $ | 1,607,214 | |||||
Tyson Foods, Inc., Class A# | 73,900 | 2,341,891 | ||||||
3,949,105 | ||||||||
Food - Misc./Diversified — 1.0% |
| |||||||
Campbell Soup Co.# | 47,400 | 1,835,802 | ||||||
ConAgra Foods, Inc. | 112,000 | 3,694,880 | ||||||
General Mills, Inc. | 170,300 | 8,588,229 | ||||||
Kellogg Co. | 68,300 | 4,141,712 | ||||||
Kraft Foods Group, Inc. | 158,100 | 8,398,272 | ||||||
McCormick & Co., Inc.# | 35,000 | 2,415,000 | ||||||
Mondelez International, Inc., Class A | 472,600 | 15,846,278 | ||||||
44,920,173 | ||||||||
Food - Retail — 0.3% |
| |||||||
Kroger Co. | 137,600 | 5,744,800 | ||||||
Safeway, Inc. | 64,000 | 2,238,080 | ||||||
Whole Foods Market, Inc.# | 98,900 | 5,597,740 | ||||||
13,580,620 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp.# | 156,200 | 5,253,006 | ||||||
Gas - Distribution — 0.3% |
| |||||||
AGL Resources, Inc. | 31,500 | 1,466,010 | ||||||
CenterPoint Energy, Inc. | 113,800 | 2,666,334 | ||||||
NiSource, Inc. | 83,000 | 2,624,460 | ||||||
Sempra Energy | 60,300 | 5,332,932 | ||||||
12,089,736 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Mining Corp. | 132,100 | 3,280,043 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Stericycle, Inc.† | 22,800 | 2,678,544 | ||||||
Home Decoration Products — 0.1% |
| |||||||
Newell Rubbermaid, Inc. | 76,400 | 2,318,740 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Marriott International, Inc., Class A | 60,400 | 2,840,008 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 51,700 | 3,850,616 | ||||||
Wyndham Worldwide Corp. | 35,300 | 2,531,363 | ||||||
9,221,987 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 36,900 | 1,425,447 | ||||||
Independent Power Producers — 0.1% |
| |||||||
NRG Energy, Inc. | 85,700 | 2,267,622 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 36,800 | 4,179,744 | ||||||
Industrial Gases — 0.4% |
| |||||||
Air Products & Chemicals, Inc. | 55,600 | 6,050,948 | ||||||
Airgas, Inc. | 17,600 | 1,911,888 | ||||||
Praxair, Inc. | 78,300 | 9,886,158 | ||||||
17,848,994 | ||||||||
Instruments - Controls — 0.4% |
| |||||||
Honeywell International, Inc. | 208,300 | 18,436,633 | ||||||
Instruments - Scientific — 0.3% |
| |||||||
PerkinElmer, Inc.# | 29,700 | 1,129,788 | ||||||
Thermo Fisher Scientific, Inc.# | 95,700 | 9,651,345 | ||||||
Waters Corp.† | 22,600 | 2,249,378 | ||||||
13,030,511 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance Brokers — 0.3% |
| |||||||
Aon PLC | 81,600 | $ | 6,661,824 | |||||
Marsh & McLennan Cos., Inc. | 145,900 | 6,922,955 | ||||||
13,584,779 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
Aflac, Inc. | 123,500 | 8,196,695 | ||||||
Lincoln National Corp. | 70,200 | 3,603,366 | ||||||
Principal Financial Group, Inc. | 72,700 | 3,680,801 | ||||||
Prudential Financial, Inc. | 123,400 | 10,952,984 | ||||||
Torchmark Corp. | 24,300 | 1,846,800 | ||||||
Unum Group | 70,000 | 2,349,900 | ||||||
30,630,546 | ||||||||
Insurance - Multi-line — 1.5% |
| |||||||
ACE, Ltd. | 90,300 | 9,281,034 | ||||||
Allstate Corp. | 123,000 | 6,675,210 | ||||||
American International Group, Inc.(1) | 391,900 | 19,497,025 | ||||||
Assurant, Inc.# | 19,900 | 1,292,306 | ||||||
Cincinnati Financial Corp. | 39,100 | 2,049,231 | ||||||
Genworth Financial, Inc., Class A† | 131,100 | 1,980,921 | ||||||
Hartford Financial Services Group, Inc.# | 120,800 | 4,304,104 | ||||||
Loews Corp. | 81,200 | 3,844,820 | ||||||
MetLife, Inc. | 297,200 | 15,510,868 | ||||||
XL Group PLC | 76,000 | 2,431,240 | ||||||
66,866,759 | ||||||||
Insurance - Property/Casualty — 0.4% |
| |||||||
Chubb Corp. | 67,800 | 6,539,310 | ||||||
Progressive Corp. | 146,800 | 4,100,124 | ||||||
Travelers Cos., Inc. | 99,100 | 8,992,334 | ||||||
19,631,768 | ||||||||
Insurance - Reinsurance — 1.3% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 477,800 | 55,678,034 | ||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.†# | 20,800 | 1,711,008 | ||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp. | 185,400 | 4,169,646 | ||||||
VeriSign, Inc.†# | 35,800 | 2,035,588 | ||||||
6,205,234 | ||||||||
Investment Management/Advisor Services — 0.7% |
| |||||||
Ameriprise Financial, Inc. | 52,500 | 5,683,125 | ||||||
BlackRock, Inc. | 33,400 | 10,111,850 | ||||||
Franklin Resources, Inc.# | 107,900 | 5,976,581 | ||||||
Invesco, Ltd. | 117,500 | 4,094,875 | ||||||
Legg Mason, Inc.# | 28,800 | 1,126,368 | ||||||
T. Rowe Price Group, Inc. | 69,000 | 5,551,740 | ||||||
32,544,539 | ||||||||
Machinery - Construction & Mining — 0.4% |
| |||||||
Caterpillar, Inc. | 168,900 | 14,288,940 | ||||||
Joy Global, Inc.# | 28,200 | 1,594,992 | ||||||
15,883,932 | ||||||||
Machinery - Farming — 0.2% |
| |||||||
Deere & Co. | 101,600 | 8,558,784 | ||||||
Machinery - General Industrial — 0.1% |
| |||||||
Roper Industries, Inc. | 26,300 | 3,411,110 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Flowserve Corp. | 37,300 | 2,662,474 | ||||||
Xylem, Inc. | 49,200 | 1,700,352 | ||||||
4,362,826 | ||||||||
233
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PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp.† | 78,300 | $ | 4,499,901 | |||||
Medical Instruments — 0.7% |
| |||||||
Boston Scientific Corp.† | 356,400 | 4,127,112 | ||||||
Edwards Lifesciences Corp.† | 29,800 | 1,952,794 | ||||||
Intuitive Surgical, Inc.† | 10,500 | 3,957,450 | ||||||
Medtronic, Inc. | 264,800 | 15,178,336 | ||||||
St Jude Medical, Inc. | 76,200 | 4,451,604 | ||||||
29,667,296 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Laboratory Corp. of America Holdings†# | 23,900 | 2,434,215 | ||||||
Quest Diagnostics, Inc.# | 40,300 | 2,455,882 | ||||||
4,890,097 | ||||||||
Medical Products — 0.9% |
| |||||||
Baxter International, Inc. | 144,100 | 9,863,645 | ||||||
Becton Dickinson and Co. | 51,600 | 5,603,244 | ||||||
CareFusion Corp.† | 56,900 | 2,267,465 | ||||||
Covidien PLC | 122,100 | 8,334,546 | ||||||
Hospira, Inc.† | 44,000 | 1,729,640 | ||||||
Stryker Corp. | 78,300 | 5,827,086 | ||||||
Varian Medical Systems, Inc.† | 28,600 | 2,232,230 | ||||||
Zimmer Holdings, Inc. | 45,000 | 4,113,450 | ||||||
39,971,306 | ||||||||
Medical - Biomedical/Gene — 2.4% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 51,900 | 6,461,550 | ||||||
Amgen, Inc. | 200,000 | 22,816,000 | ||||||
Biogen Idec, Inc.† | 63,100 | 18,360,207 | ||||||
Celgene Corp.† | 109,200 | 17,665,284 | ||||||
Gilead Sciences, Inc.†# | 406,300 | 30,395,303 | ||||||
Regeneron Pharmaceuticals, Inc.† | 20,700 | 6,082,902 | ||||||
Vertex Pharmaceuticals, Inc.† | 61,800 | 4,290,156 | ||||||
106,071,402 | ||||||||
Medical - Drugs — 5.8% |
| |||||||
Abbott Laboratories | 412,500 | 15,753,375 | ||||||
AbbVie, Inc. | 420,800 | 20,387,760 | ||||||
Allergan, Inc. | 78,800 | 7,647,540 | ||||||
Bristol-Myers Squibb Co. | 437,000 | 22,453,060 | ||||||
Eli Lilly & Co. | 263,200 | 13,217,904 | ||||||
Forest Laboratories, Inc.† | 62,700 | 3,217,137 | ||||||
Johnson & Johnson | 748,000 | 70,805,680 | ||||||
Merck & Co., Inc. | 776,800 | 38,707,944 | ||||||
Pfizer, Inc. | 1,757,200 | 55,755,956 | ||||||
Zoetis, Inc. | 132,700 | 4,133,605 | ||||||
252,079,961 | ||||||||
Medical - Generic Drugs — 0.4% |
| |||||||
Actavis PLC† | 46,000 | 7,501,220 | ||||||
Mylan, Inc.†# | 101,300 | 4,470,369 | ||||||
Perrigo Co plc.†# | 25,000 | 3,897,250 | ||||||
15,868,839 | ||||||||
Medical - HMO — 1.0% |
| |||||||
Aetna, Inc. | 98,800 | 6,810,284 | ||||||
Cigna Corp. | 75,100 | 6,567,495 | ||||||
Humana, Inc. | 41,500 | 4,315,585 | ||||||
UnitedHealth Group, Inc. | 269,900 | 20,102,152 | ||||||
WellPoint, Inc. | 79,400 | 7,374,672 | ||||||
45,170,188 | ||||||||
Medical - Hospitals — 0.0% |
| |||||||
Tenet Healthcare Corp.†# | 27,000 | 1,165,050 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Wholesale Drug Distribution — 0.5% |
| |||||||
AmerisourceBergen Corp. | 61,300 | $ | 4,323,489 | |||||
Cardinal Health, Inc. | 90,100 | 5,820,460 | ||||||
McKesson Corp. | 60,700 | 10,069,523 | ||||||
20,213,472 | ||||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Precision Castparts Corp. | 38,600 | 9,976,170 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Alcoa, Inc.# | 283,900 | 2,728,279 | ||||||
Metal - Copper — 0.2% |
| |||||||
Freeport-McMoRan Copper & Gold, Inc. | 275,500 | 9,557,095 | ||||||
Metal - Iron — 0.0% |
| |||||||
Cliffs Natural Resources, Inc.# | 40,600 | 1,015,406 | ||||||
Motorcycle/Motor Scooter — 0.1% |
| |||||||
Harley-Davidson, Inc. | 59,200 | 3,967,584 | ||||||
Multimedia — 1.7% |
| |||||||
Time Warner, Inc. | 244,200 | 16,046,382 | ||||||
Twenty-First Century Fox, Inc., Class A | 527,200 | 17,655,928 | ||||||
Viacom, Inc., Class B | 107,700 | 8,634,309 | ||||||
Walt Disney Co. | 441,000 | 31,108,140 | ||||||
73,444,759 | ||||||||
Networking Products — 0.7% |
| |||||||
Cisco Systems, Inc. | 1,423,100 | 30,240,875 | ||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 72,100 | 2,517,011 | ||||||
Waste Management, Inc. | 115,700 | 5,285,176 | ||||||
7,802,187 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc.# | 53,600 | 1,241,912 | ||||||
Xerox Corp. | 307,500 | 3,499,350 | ||||||
4,741,262 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 26,000 | 1,271,400 | ||||||
Oil & Gas Drilling — 0.4% |
| |||||||
Diamond Offshore Drilling, Inc.# | 18,500 | 1,110,925 | ||||||
Ensco PLC, Class A | 62,000 | 3,662,960 | ||||||
Helmerich & Payne, Inc.# | 28,300 | 2,179,100 | ||||||
Nabors Industries, Ltd. | 68,900 | 1,140,295 | ||||||
Noble Corp. PLC | 67,300 | 2,565,476 | ||||||
Rowan Cos. PLC, Class A† | 33,000 | 1,142,460 | ||||||
Transocean, Ltd. | 89,900 | 4,529,162 | ||||||
16,330,378 | ||||||||
Oil Companies - Exploration & Production — 2.8% |
| |||||||
Anadarko Petroleum Corp. | 133,400 | 11,848,588 | ||||||
Apache Corp. | 107,200 | 9,807,728 | ||||||
Cabot Oil & Gas Corp. | 111,700 | 3,848,065 | ||||||
Chesapeake Energy Corp.# | 134,500 | 3,614,015 | ||||||
ConocoPhillips | 324,600 | 23,630,880 | ||||||
Denbury Resources, Inc.† | 99,000 | 1,651,320 | ||||||
Devon Energy Corp. | 101,300 | 6,140,806 | ||||||
EOG Resources, Inc. | 72,300 | 11,929,500 | ||||||
EQT Corp. | 40,000 | 3,404,400 | ||||||
Newfield Exploration Co.†# | 36,000 | 1,011,600 | ||||||
Noble Energy, Inc. | 95,300 | 6,693,872 | ||||||
Occidental Petroleum Corp. | 213,900 | 20,311,944 | ||||||
Pioneer Natural Resources Co. | 36,800 | 6,541,200 | ||||||
QEP Resources, Inc. | 47,600 | 1,524,152 | ||||||
Range Resources Corp.# | 43,400 | 3,370,010 |
234
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Southwestern Energy Co.† | 93,300 | $ | 3,606,978 | |||||
WPX Energy, Inc.†# | 53,200 | 988,988 | ||||||
119,924,046 | ||||||||
Oil Companies - Integrated — 4.6% |
| |||||||
Chevron Corp. | 512,800 | 62,787,232 | ||||||
Exxon Mobil Corp. | 1,168,300 | 109,212,684 | ||||||
Hess Corp. | 76,600 | 6,214,558 | ||||||
Marathon Oil Corp. | 188,400 | 6,789,936 | ||||||
Murphy Oil Corp.# | 46,600 | 3,025,738 | ||||||
Phillips 66 | 162,200 | 11,290,742 | ||||||
199,320,890 | ||||||||
Oil Field Machinery & Equipment — 0.4% |
| |||||||
Cameron International Corp.† | 65,300 | 3,616,967 | ||||||
FMC Technologies, Inc.† | 62,900 | 3,025,490 | ||||||
National Oilwell Varco, Inc. | 113,500 | 9,250,250 | ||||||
15,892,707 | ||||||||
Oil Refining & Marketing — 0.4% |
| |||||||
Marathon Petroleum Corp. | 83,100 | 6,875,694 | ||||||
Tesoro Corp.# | 35,900 | 2,104,817 | ||||||
Valero Energy Corp. | 143,900 | 6,579,108 | ||||||
15,559,619 | ||||||||
Oil - Field Services — 1.1% |
| |||||||
Baker Hughes, Inc. | 117,600 | 6,698,496 | ||||||
Halliburton Co. | 224,400 | 11,821,392 | ||||||
Schlumberger, Ltd. | 351,200 | 31,053,104 | ||||||
49,572,992 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
International Paper Co. | 118,400 | 5,523,360 | ||||||
MeadWestvaco Corp. | 47,100 | 1,653,681 | ||||||
7,177,041 | ||||||||
Pharmacy Services — 0.3% |
| |||||||
Express Scripts Holding Co.† | 216,100 | 14,554,335 | ||||||
Pipelines — 0.5% |
| |||||||
Kinder Morgan, Inc. | 178,700 | 6,350,998 | ||||||
ONEOK, Inc. | 54,700 | 3,176,429 | ||||||
Spectra Energy Corp. | 177,700 | 5,961,835 | ||||||
Williams Cos., Inc. | 181,300 | 6,385,386 | ||||||
21,874,648 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
Gannett Co., Inc. | 60,800 | 1,645,248 | ||||||
Graham Holdings, Co., Class B# | 1,200 | 808,200 | ||||||
News Corp., Class A† | 132,200 | 2,374,312 | ||||||
4,827,760 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Nielsen Holdings NV | 67,100 | 2,896,036 | ||||||
Real Estate Investment Trusts — 1.8% |
| |||||||
American Tower Corp. | 104,800 | 8,150,296 | ||||||
Apartment Investment & Management Co., Class A | 38,700 | 971,757 | ||||||
AvalonBay Communities, Inc. | 32,300 | 3,829,488 | ||||||
Boston Properties, Inc. | 40,400 | 4,019,396 | ||||||
Equity Residential | 88,900 | 4,581,906 | ||||||
HCP, Inc. | 120,800 | 4,441,816 | ||||||
Health Care REIT, Inc. | 76,100 | 4,260,839 | ||||||
Host Hotels & Resorts, Inc. | 199,100 | 3,665,431 | ||||||
Kimco Realty Corp. | 108,700 | 2,241,394 | ||||||
Macerich Co. | 37,300 | 2,123,862 | ||||||
Plum Creek Timber Co., Inc. | 46,500 | 2,033,910 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Prologis, Inc. | 132,300 | $ | 5,018,139 | |||||
Public Storage | 38,400 | 5,863,680 | ||||||
Simon Property Group, Inc. | 82,400 | 12,347,640 | ||||||
Ventas, Inc. | 77,800 | 4,421,374 | ||||||
Vornado Realty Trust | 46,200 | 4,062,366 | ||||||
Weyerhaeuser Co. | 155,000 | 4,670,150 | ||||||
76,703,444 | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
CBRE Group, Inc., Class A† | 73,600 | 1,784,064 | ||||||
Retail - Apparel/Shoe — 0.5% |
| |||||||
Abercrombie & Fitch Co., Class A# | 20,300 | 695,884 | ||||||
Coach, Inc. | 74,800 | 4,330,920 | ||||||
Gap, Inc. | 73,200 | 2,999,004 | ||||||
L Brands, Inc. | 64,600 | 4,198,354 | ||||||
PVH Corp. | 21,700 | 2,906,064 | ||||||
Ross Stores, Inc. | 57,500 | 4,396,450 | ||||||
Urban Outfitters, Inc.† | 28,900 | 1,127,678 | ||||||
20,654,354 | ||||||||
Retail - Auto Parts — 0.2% |
| |||||||
AutoZone, Inc.†# | 9,400 | 4,339,040 | ||||||
O’Reilly Automotive, Inc.† | 28,800 | 3,598,848 | ||||||
7,937,888 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc.† | 17,100 | 838,584 | ||||||
CarMax, Inc.† | 59,300 | 2,985,755 | ||||||
3,824,339 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.† | 57,800 | 4,510,134 | ||||||
Retail - Building Products — 1.0% |
| |||||||
Home Depot, Inc. | 380,200 | 30,670,734 | ||||||
Lowe’s Cos., Inc. | 279,200 | 13,256,416 | ||||||
43,927,150 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
GameStop Corp., Class A# | 31,000 | 1,495,750 | ||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 71,600 | 2,903,380 | ||||||
Retail - Discount — 1.6% |
| |||||||
Costco Wholesale Corp. | 115,900 | 14,537,337 | ||||||
Dollar General Corp.† | 79,000 | 4,498,260 | ||||||
Dollar Tree, Inc.† | 55,200 | 3,071,880 | ||||||
Family Dollar Stores, Inc. | 25,600 | 1,786,112 | ||||||
Target Corp. | 167,500 | 10,708,275 | ||||||
Wal-Mart Stores, Inc. | 432,100 | 35,004,421 | ||||||
69,606,285 | ||||||||
Retail - Drug Store — 0.8% |
| |||||||
CVS Caremark Corp. | 326,000 | 21,828,960 | ||||||
Walgreen Co. | 230,800 | 13,663,360 | ||||||
35,492,320 | ||||||||
Retail - Jewelry — 0.1% |
| |||||||
Tiffany & Co. | 29,200 | 2,602,888 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
Nordstrom, Inc.# | 38,300 | 2,382,643 | ||||||
TJX Cos., Inc. | 189,800 | 11,934,624 | ||||||
14,317,267 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
Staples, Inc.# | 175,300 | 2,722,409 | ||||||
235
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetSmart, Inc.# | 27,600 | 2,045,436 | ||||||
Retail - Regional Department Stores — 0.2% |
| |||||||
Kohl’s Corp.# | 54,200 | 2,996,176 | ||||||
Macy’s, Inc. | 99,900 | 5,320,674 | ||||||
8,316,850 | ||||||||
Retail - Restaurants — 1.3% |
| |||||||
Chipotle Mexican Grill, Inc.†# | 8,200 | 4,295,652 | ||||||
Darden Restaurants, Inc.# | 34,600 | 1,845,218 | ||||||
McDonald’s Corp. | 265,300 | 25,832,261 | ||||||
Starbucks Corp. | 199,400 | 16,243,124 | ||||||
Yum! Brands, Inc. | 118,400 | 9,197,312 | ||||||
57,413,567 | ||||||||
Rubber - Tires — 0.0% |
| |||||||
Goodyear Tire & Rubber Co. | 65,300 | 1,453,578 | ||||||
Savings & Loans/Thrifts — 0.1% |
| |||||||
Hudson City Bancorp, Inc. | 126,200 | 1,178,708 | ||||||
People’s United Financial, Inc.# | 85,200 | 1,289,928 | ||||||
2,468,636 | ||||||||
Security Services — 0.0% |
| |||||||
ADT Corp.# | 53,100 | 2,153,736 | ||||||
Semiconductor Components - Integrated Circuits — 0.9% |
| |||||||
Analog Devices, Inc. | 82,500 | 3,978,150 | ||||||
Linear Technology Corp.# | 61,900 | 2,633,845 | ||||||
QUALCOMM, Inc. | 455,300 | 33,500,974 | ||||||
40,112,969 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Applied Materials, Inc. | 319,300 | 5,523,890 | ||||||
KLA-Tencor Corp. | 44,000 | 2,810,280 | ||||||
Lam Research Corp.† | 43,300 | 2,256,363 | ||||||
Teradyne, Inc.†# | 50,800 | 865,124 | ||||||
11,455,657 | ||||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 84,500 | 4,314,570 | ||||||
United States Steel Corp.# | 38,400 | 1,029,504 | ||||||
5,344,074 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
Allegheny Technologies, Inc.# | 28,700 | 953,414 | ||||||
Telecom Equipment - Fiber Optics — 0.2% |
| |||||||
Corning, Inc. | 387,600 | 6,620,208 | ||||||
JDS Uniphase Corp.†# | 63,000 | 764,820 | ||||||
7,385,028 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Harris Corp. | 28,400 | 1,832,084 | ||||||
Juniper Networks, Inc.† | 134,500 | 2,726,315 | ||||||
4,558,399 | ||||||||
Telephone - Integrated — 2.2% |
| |||||||
AT&T, Inc. | 1,409,700 | 49,635,537 | ||||||
CenturyLink, Inc.# | 159,400 | 4,893,580 | ||||||
Frontier Communications Corp.# | 265,400 | 1,242,072 | ||||||
Verizon Communications, Inc. | 759,600 | 37,691,352 | ||||||
Windstream Holdings, Inc.# | 157,400 | 1,270,218 | ||||||
94,732,759 | ||||||||
Television — 0.2% |
| |||||||
CBS Corp., Class B | 149,300 | 8,743,008 | ||||||
Security Description | Shares/ Principal amount | Value (Note 2) | ||||||
Tobacco — 1.5% |
| |||||||
Altria Group, Inc. | 532,000 | 19,673,360 | ||||||
Lorillard, Inc.# | 99,200 | 5,091,936 | ||||||
Philip Morris International, Inc. | 429,600 | 36,747,984 | ||||||
Reynolds American, Inc.# | 84,000 | 4,237,800 | ||||||
65,751,080 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 15,400 | 1,634,710 | ||||||
Stanley Black & Decker, Inc. | 42,500 | 3,459,075 | ||||||
5,093,785 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc.# | 30,600 | 1,646,892 | ||||||
Mattel, Inc. | 91,500 | 4,233,705 | ||||||
5,880,597 | ||||||||
Transport - Rail — 0.9% |
| |||||||
CSX Corp. | 270,400 | 7,373,808 | ||||||
Kansas City Southern# | 29,300 | 3,545,886 | ||||||
Norfolk Southern Corp. | 82,800 | 7,260,732 | ||||||
Union Pacific Corp. | 123,100 | 19,947,124 | ||||||
38,127,550 | ||||||||
Transport - Services — 0.8% |
| |||||||
C.H. Robinson Worldwide, Inc.# | 42,300 | 2,480,049 | ||||||
Expeditors International of Washington, Inc. | 54,800 | 2,380,512 | ||||||
FedEx Corp. | 78,900 | 10,943,430 | ||||||
Ryder System, Inc. | 13,900 | 970,776 | ||||||
United Parcel Service, Inc., Class B# | 191,800 | 19,636,484 | ||||||
36,411,251 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Mead Johnson Nutrition Co. | 53,700 | 4,538,187 | ||||||
Web Portals/ISP — 2.0% |
| |||||||
Google, Inc., Class A† | 74,300 | 78,727,537 | ||||||
Yahoo!, Inc.† | 251,900 | 9,315,262 | ||||||
88,042,799 | ||||||||
Wireless Equipment — 0.2% |
| |||||||
Crown Castle International Corp.† | 87,400 | 6,487,702 | ||||||
Motorola Solutions, Inc. | 62,800 | 4,137,264 | ||||||
10,624,966 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,495,795,074) | 4,264,627,675 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.9% |
| |||||||
Registered Investment Companies — 4.5% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 195,620,256 | 195,620,256 | ||||||
U.S. Government Treasuries — 1.4% |
| |||||||
United States Treasury Bills Disc. Notes | ||||||||
0.00% due 12/19/2013 | $ | 8,000,000 | 8,000,000 | |||||
0.02% due 12/05/2013 | 24,000,000 | 23,999,947 | ||||||
0.02% due 12/12/2013(3) | 4,500,000 | 4,499,972 | ||||||
0.03% due 03/20/2014 | 25,000,000 | 24,994,200 | ||||||
61,494,119 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $257,117,904) | 257,114,375 | |||||||
236
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Principal amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 0.2% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(4) | $ | 10,025,000 | $ | 10,025,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $2,762,937,978)(5) | 104.2 | % | 4,531,767,050 | |||||
Liabilities in excess of other assets | (4.2 | ) | (183,166,019 | ) | ||||
NET ASSETS | 100.0 | % | $ | 4,348,601,031 | ||||
† | 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) | At November 30, 2013, the Fund had loaned securities with a total value of $222,547,187. This was secured by collateral of $195,620,256, which was received in cash and subsequently invested in short-term investments currently valued at $195,620,256 as reported in the portfolio of investments. Additional collateral of $32,436,246 was received in the form of fixed income 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 fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2013 | |||
Federal National Mtg. Assoc. | 3.00% to 4.00% | 10/25/2029 to 05/25/2042 | $31,556,907 | |||
United States Treasury Notes/Bonds | 0.25% to 5.38% | 01/31/2014 to 02/15/2031 | 699,203 | |||
United States Treasury Bills | 2.13% | 12/31/2015 | 180,136 |
(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, 2013 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
893 | Long | S&P 500 E-Mini Index | December 2013 | $ | 77,066,354 | $ | 80,553,065 | $ | 3,486,711 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2013 (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 Stocks: | ||||||||||||||||
Medical - Drugs | $ | 252,079,961 | $ | — | $ | — | $ | 252,079,961 | ||||||||
Other Industries* | 4,012,547,714 | — | — | 4,012,547,714 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 195,620,256 | — | — | 195,620,256 | ||||||||||||
U.S. Government Treasuries | — | 61,494,119 | — | 61,494,119 | ||||||||||||
Repurchase Agreement | — | 10,025,000 | — | 10,025,000 | ||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts - Appreciation | 3,486,711 | — | — | 3,486,711 | ||||||||||||
Total | $ | 4,463,734,642 | $ | 71,519,119 | $ | — | $ | 4,535,253,761 | ||||||||
* | 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 securities 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 Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
237
Table of Contents
PORTFOLIO PROFILE — November 30, 2013 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 7.7 | % | ||
Medical — Drugs | 6.9 | |||
Diversified Manufacturing Operations | 6.5 | |||
Banks — Super Regional | 6.2 | |||
Oil Companies — Integrated | 6.0 | |||
Oil Companies — Exploration & Production | 4.2 | |||
Investment Management/Advisor Services | 3.1 | |||
Electronic Components — Semiconductors | 2.9 | |||
Electric — Integrated | 2.6 | |||
Medical Products | 2.6 | |||
Networking Products | 2.5 | |||
Retail — Building Products | 2.2 | |||
Insurance — Multi — line | 2.0 | |||
Medical — HMO | 1.9 | |||
Telephone — Integrated | 1.9 | |||
Insurance Brokers | 1.9 | |||
Semiconductor Components — Integrated Circuits | 1.9 | |||
Aerospace/Defense | 1.7 | |||
Chemicals — Diversified | 1.7 | |||
Computers — Memory Devices | 1.7 | |||
Oil — Field Services | 1.5 | |||
Applications Software | 1.5 | |||
Internet Security | 1.4 | |||
Cable/Satellite TV | 1.3 | |||
Finance — Other Services | 1.3 | |||
Aerospace/Defense — Equipment | 1.3 | |||
Insurance — Life/Health | 1.3 | |||
Steel — Producers | 1.3 | |||
Retail — Drug Store | 1.3 | |||
Retail — Auto Parts | 1.2 | |||
Medical — Biomedical/Gene | 1.2 | |||
Brewery | 1.2 | |||
Banks — Commercial | 1.1 | |||
Retail — Apparel/Shoe | 1.1 | |||
Tools — Hand Held | 1.1 | |||
Repurchase Agreements | 1.1 | |||
Beverages — Wine/Spirits | 1.1 | |||
Multimedia | 1.0 | |||
Home Decoration Products | 1.0 | |||
Paper & Related Products | 0.9 | |||
Insurance — Property/Casualty | 0.9 | |||
Tobacco | 0.9 | |||
Building — Residential/Commercial | 0.8 | |||
Television | 0.8 | |||
Advertising Agencies | 0.7 | |||
Retail — Major Department Stores | 0.7 | |||
Auto — Heavy Duty Trucks | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
Retail — Regional Department Stores | 0.6 | |||
Auto — Cars/Light Trucks | 0.4 | |||
99.5 | % | |||
* | Calculated as a percentage of net assets |
238
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.4% |
| |||||||
Advertising Agencies — 0.7% |
| |||||||
Interpublic Group of Cos., Inc. | 50,400 | $ | 876,960 | |||||
Aerospace/Defense — 1.7% |
| |||||||
Boeing Co. | 6,267 | 841,345 | ||||||
Spirit Aerosystems Holdings, Inc., Class A† | 36,800 | 1,201,152 | ||||||
2,042,497 | ||||||||
Aerospace/Defense-Equipment — 1.3% |
| |||||||
United Technologies Corp. | 14,300 | 1,585,298 | ||||||
Applications Software — 1.5% |
| |||||||
Microsoft Corp. | 45,494 | 1,734,686 | ||||||
Auto-Cars/Light Trucks — 0.4% |
| |||||||
General Motors Co.† | 11,614 | 449,810 | ||||||
Auto-Heavy Duty Trucks — 0.7% |
| |||||||
PACCAR, Inc. | 14,920 | 855,065 | ||||||
Banks-Commercial — 1.1% |
| |||||||
BB&T Corp. | 39,060 | 1,356,944 | ||||||
Banks-Super Regional — 6.2% |
| |||||||
PNC Financial Services Group, Inc. | 35,138 | 2,703,869 | ||||||
Wells Fargo & Co. | 105,021 | 4,623,024 | ||||||
7,326,893 | ||||||||
Beverages-Wine/Spirits — 1.1% |
| |||||||
Diageo PLC ADR | 10,000 | 1,276,700 | ||||||
Brewery — 1.2% |
| |||||||
Anheuser-Busch InBev NV ADR | 13,550 | 1,383,590 | ||||||
Building-Residential/Commercial — 0.8% |
| |||||||
PulteGroup, Inc. | 52,500 | 984,900 | ||||||
Cable/Satellite TV — 1.3% |
| |||||||
Comcast Corp., Class A | 32,149 | 1,603,271 | ||||||
Chemicals-Diversified — 1.7% |
| |||||||
Dow Chemical Co. | 32,353 | 1,263,708 | ||||||
E.I. du Pont de Nemours & Co. | 12,162 | 746,504 | ||||||
2,010,212 | ||||||||
Computers-Memory Devices — 1.7% |
| |||||||
EMC Corp. | 83,000 | 1,979,550 | ||||||
Diversified Banking Institutions — 7.7% |
| |||||||
Citigroup, Inc. | 41,670 | 2,205,176 | ||||||
Credit Suisse Group AG ADR | 21,638 | 646,976 | ||||||
Goldman Sachs Group, Inc. | 10,937 | 1,847,697 | ||||||
JPMorgan Chase & Co. | 78,327 | 4,481,871 | ||||||
9,181,720 | ||||||||
Diversified Manufacturing Operations — 6.5% |
| |||||||
3M Co. | 9,060 | 1,209,601 | ||||||
Eaton Corp. PLC | 23,670 | 1,719,862 | ||||||
General Electric Co. | 91,349 | 2,435,364 | ||||||
Illinois Tool Works, Inc. | 12,957 | 1,031,118 | ||||||
Ingersoll-Rand PLC | 19,214 | 1,372,264 | ||||||
7,768,209 | ||||||||
Electric-Integrated — 2.6% |
| |||||||
Edison International | 19,044 | 880,023 | ||||||
Entergy Corp. | 11,465 | 709,569 | ||||||
NextEra Energy, Inc. | 7,220 | 610,740 | ||||||
Northeast Utilities | 22,774 | 935,556 | ||||||
3,135,888 | ||||||||
Electronic Components-Semiconductors — 2.9% |
| |||||||
Intel Corp. | 82,612 | 1,969,470 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components-Semiconductors (continued) |
| |||||||
Xilinx, Inc. | 32,891 | $ | 1,461,347 | |||||
3,430,817 | ||||||||
Finance-Other Services — 1.3% |
| |||||||
IntercontinentalExchange Group, Inc. | 7,500 | 1,599,675 | ||||||
Food-Misc./Diversified — 0.7% |
| |||||||
Kraft Foods Group, Inc. | 15,511 | 823,944 | ||||||
Home Decoration Products — 1.0% |
| |||||||
Newell Rubbermaid, Inc. | 38,000 | 1,153,300 | ||||||
Insurance Brokers — 1.9% |
| |||||||
Marsh & McLennan Cos., Inc. | 47,585 | 2,257,908 | ||||||
Insurance-Life/Health — 1.3% |
| |||||||
Principal Financial Group, Inc. | 31,219 | 1,580,618 | ||||||
Insurance-Multi-line — 2.0% |
| |||||||
ACE, Ltd. | 22,664 | 2,329,406 | ||||||
Insurance-Property/Casualty — 0.9% |
| |||||||
Chubb Corp. | 11,128 | 1,073,296 | ||||||
Internet Security — 1.4% |
| |||||||
Symantec Corp. | 71,710 | 1,612,758 | ||||||
Investment Management/Advisor Services — 3.1% |
| |||||||
Ameriprise Financial, Inc. | 13,771 | 1,490,711 | ||||||
BlackRock, Inc. | 7,108 | 2,151,947 | ||||||
3,642,658 | ||||||||
Medical Products — 2.6% |
| |||||||
Baxter International, Inc. | 20,120 | 1,377,214 | ||||||
Covidien PLC | 24,492 | 1,671,824 | ||||||
3,049,038 | ||||||||
Medical-Biomedical/Gene — 1.2% |
| |||||||
Amgen, Inc. | 12,296 | 1,402,728 | ||||||
Medical-Drugs — 6.9% |
| |||||||
Johnson & Johnson | 14,073 | 1,332,150 | ||||||
Merck & Co., Inc. | 60,898 | 3,034,547 | ||||||
Pfizer, Inc. | 49,874 | 1,582,502 | ||||||
Roche Holding AG | 6,324 | 1,763,004 | ||||||
Zoetis, Inc. | 15,676 | 488,308 | ||||||
8,200,511 | ||||||||
Medical-HMO — 1.9% |
| |||||||
UnitedHealth Group, Inc. | 30,635 | 2,281,695 | ||||||
Multimedia — 1.0% |
| |||||||
Thomson Reuters Corp. | 32,430 | 1,212,233 | ||||||
Networking Products — 2.5% |
| |||||||
Cisco Systems, Inc. | 141,999 | 3,017,479 | ||||||
Oil Companies-Exploration & Production — 4.2% |
| |||||||
Anadarko Petroleum Corp. | 13,260 | 1,177,753 | ||||||
EOG Resources, Inc. | 6,700 | 1,105,500 | ||||||
Occidental Petroleum Corp. | 16,500 | 1,566,840 | ||||||
Southwestern Energy Co.† | 29,379 | 1,135,792 | ||||||
4,985,885 | ||||||||
Oil Companies-Integrated — 6.0% |
| |||||||
Chevron Corp. | 30,986 | 3,793,926 | ||||||
Exxon Mobil Corp. | 24,337 | 2,275,023 | ||||||
Marathon Oil Corp. | 31,307 | 1,128,304 | ||||||
7,197,253 | ||||||||
Oil-Field Services — 1.5% | ||||||||
Halliburton Co. | 34,500 | 1,817,460 | ||||||
239
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2013 (unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Paper & Related Products — 0.9% | ||||||||
International Paper Co. | 23,660 | $ | 1,103,739 | |||||
Retail-Apparel/Shoe — 1.1% | ||||||||
PVH Corp. | 10,000 | 1,339,200 | ||||||
Retail-Auto Parts — 1.2% | ||||||||
AutoZone, Inc.† | 3,200 | 1,477,120 | ||||||
Retail-Building Products — 2.2% | ||||||||
Home Depot, Inc. | 14,834 | 1,196,659 | ||||||
Lowe’s Cos., Inc. | 30,770 | 1,460,959 | ||||||
2,657,618 | ||||||||
Retail-Drug Store — 1.3% | ||||||||
CVS Caremark Corp. | 23,234 | 1,555,749 | ||||||
Retail-Major Department Stores — 0.7% | ||||||||
Nordstrom, Inc. | 14,055 | 874,362 | ||||||
Retail-Regional Department Stores — 0.6% | ||||||||
Kohl’s Corp. | 13,153 | 727,098 | ||||||
Semiconductor Components-Integrated Circuits — 1.9% |
| |||||||
Analog Devices, Inc. | 23,419 | 1,129,264 | ||||||
Maxim Integrated Products, Inc. | 38,510 | 1,096,765 | ||||||
2,226,029 | ||||||||
Steel-Producers — 1.3% | ||||||||
Nucor Corp. | 13,480 | 688,289 | ||||||
Steel Dynamics, Inc. | 48,911 | 891,158 | ||||||
1,579,447 | ||||||||
Telephone-Integrated — 1.9% | ||||||||
AT&T, Inc. | 36,378 | 1,280,869 | ||||||
Verizon Communications, Inc. | 20,000 | 992,400 | ||||||
2,273,269 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Television — 0.8% | ||||||||
CBS Corp., Class B | 16,485 | $ | 965,362 | |||||
Tobacco — 0.9% | ||||||||
Philip Morris International, Inc. | 11,852 | 1,013,820 | ||||||
Tools-Hand Held — 1.1% | ||||||||
Stanley Black & Decker, Inc. | 15,838 | 1,289,055 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $87,090,771) | 117,302,723 | |||||||
REPURCHASE AGREEMENT — 1.1% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/29/2013, to be repurchased 12/02/2013 in the amount of $1,280,000 and collateralized by $1,440,000 of Federal Home Loan Mtg. Corp. Notes bearing interest at 2.00%, due 01/30/2023 and having an approximate value of $1,309,293 (cost $1,280,000) | $ | 1,280,000 | $ | 1,280,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $88,370,771)(1) | 99.5 | % | 118,582,723 | |||||
Other assets less liabilities | 0.5 | 599,688 | ||||||
NET ASSETS | 100.0 | % | $ | 119,182,411 | ||||
† | 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, 2013 (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 Stocks: | ||||||||||||||||
Banks — Super Regional | $ | 7,326,893 | $ | — | $ | — | $ | 7,326,893 | ||||||||
Diversified Banking Institutions | 9,181,720 | — | — | 9,181,720 | ||||||||||||
Diversified Manufacturing Operations | 7,768,209 | — | — | 7,768,209 | ||||||||||||
Medical — Drugs | 8,200,511 | — | — | 8,200,511 | ||||||||||||
Oil Companies-Integrated | 7,197,253 | — | — | 7,197,253 | ||||||||||||
Other Industries* | 77,628,137 | — | — | 77,628,137 | ||||||||||||
Repurchase Agreement | — | 1,280,000 | — | 1,280,000 | ||||||||||||
Total | $ | 117,302,723 | $ | 1,280,000 | $ | — | $ | 118,582,723 | ||||||||
* | 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 securities by industry classification, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities held at the beginning of the period currently valued at $1,766,316 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
240
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2013 (unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 173,182,499 | $ | 602,286,199 | $ | 47,633,925 | $ | 205,446,837 | $ | 277,274,207 | $ | 629,679,830 | $ | 31,709,924 | ||||||||||||||
Investment securities, at value (affiliated)* | – | – | – | – | – | – | 148,449,294 | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 2,445,000 | 3,676,000 | – | |||||||||||||||||||||
Total Investments | 173,182,499 | 602,286,199 | 47,633,925 | 205,446,837 | 279,719,207 | 633,355,830 | 180,159,218 | |||||||||||||||||||||
Cash | 222,718 | 6,122 | 623 | 6,001 | 3,150 | 997 | 1,311,761 | |||||||||||||||||||||
Foreign cash* | 71,373 | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | 921,699 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 1,051,594 | 213,097 | 156,591 | 80,931 | 23,616 | 316,506 | 1,296,876 | |||||||||||||||||||||
Dividends and interest | 720,042 | 375,871 | 90,909 | 989,506 | 453,155 | 1,979,661 | 104,297 | |||||||||||||||||||||
Investments sold | 1,976,116 | 1,319,156 | 129,222 | 4,502,907 | 803,193 | 6,350,391 | – | |||||||||||||||||||||
Securities lending income | – | 4,248 | – | 887 | 2,809 | – | – | |||||||||||||||||||||
Prepaid expenses and other assets | 19,768 | 7,589 | 3,847 | 8,124 | 11,536 | 6,813 | 3,629 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 9,549 | – | 37,213 | 21,208 | 8,232 | |||||||||||||||||||||
Deferred offering costs | – | – | – | – | – | – | 21,058 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 177,244,110 | 604,212,282 | 48,024,666 | 211,035,193 | 281,053,879 | 642,031,406 | 183,826,770 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 15,068 | 36,002 | 7,905 | 108,614 | 29,361 | 55,022 | 13,518 | |||||||||||||||||||||
Investments purchased | 4,397,579 | 759,378 | 70,022 | 4,380,619 | 1,016,097 | 6,841,652 | 1,291,874 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 69,820 | 336,857 | 26,663 | 82,070 | 169,585 | 374,096 | 35,764 | |||||||||||||||||||||
Administrative service fee | 9,073 | 29,850 | 2,479 | 10,641 | 13,808 | 33,699 | 1,728 | |||||||||||||||||||||
Transfer agent fees and expenses | 358 | 519 | 280 | 554 | 316 | 519 | 98 | |||||||||||||||||||||
Directors’ fees and expenses | 3,789 | 5,085 | 367 | 3,088 | 9,588 | 5,351 | 507 | |||||||||||||||||||||
Other accrued expenses | 81,745 | 61,477 | 29,213 | 52,967 | 47,722 | 64,351 | 47,638 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | 10,269 | |||||||||||||||||||||
Collateral upon return of securities loaned | – | 31,436,590 | – | 7,247,360 | 16,435,574 | – | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 4,577,432 | 32,665,758 | 136,929 | 11,885,913 | 17,722,051 | 7,374,690 | 1,401,396 | |||||||||||||||||||||
NET ASSETS | $ | 172,666,678 | $ | 571,546,524 | $ | 47,887,737 | $ | 199,149,280 | $ | 263,331,828 | $ | 634,656,716 | $ | 182,425,374 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 132,528 | $ | 335,110 | $ | 32,397 | $ | 200,351 | $ | 148,956 | $ | 493,024 | $ | 157,618 | ||||||||||||||
Additional paid-in capital | 135,752,253 | 286,485,660 | 34,228,941 | 190,852,691 | 246,824,824 | 468,685,979 | 169,211,614 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 4,541,672 | 670,149 | 988,380 | 7,561,948 | 4,308,275 | 19,009,221 | (15,087 | ) | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 14,198,216 | 50,278,953 | 201,811 | 861,385 | (52,622,134 | ) | 21,632,394 | 131,234 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 18,046,640 | 233,776,702 | 12,436,208 | (327,095 | ) | 64,671,907 | 124,836,460 | 12,028,565 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | – | – | – | – | 911,430 | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (4,631 | ) | (50 | ) | – | – | – | (362 | ) | – | ||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 172,666,678 | $ | 571,546,524 | $ | 47,887,737 | $ | 199,149,280 | $ | 263,331,828 | $ | 634,656,716 | $ | 182,425,374 | ||||||||||||||
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 | 13,252,783 | 33,510,965 | 3,239,729 | 20,035,085 | 14,895,647 | 49,302,413 | 15,761,816 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 13.03 | $ | 17.06 | $ | 14.78 | $ | 9.94 | $ | 17.68 | $ | 12.87 | $ | 11.57 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 155,135,859 | $ | 368,509,497 | $ | 35,197,717 | $ | 205,773,932 | $ | 212,602,300 | $ | 504,843,370 | $ | 32,408,184 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 135,722,469 | ||||||||||||||
Foreign cash | $ | 72,464 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | – | $ | 32,057,218 | $ | – | $ | 7,527,004 | $ | 17,275,654 | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
241
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2013 (unaudited) — (continued)
EMERGING ECONOMIES FUND | FOREIGN VALUE FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 685,394,057 | $ | 1,052,773,869 | $ | 370,448,278 | $ | 426,607,092 | $ | 548,174,933 | $ | 151,303,772 | $ | 967,989,206 | ||||||||||||||
Investment securities, at value (affiliated)* | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | – | 9,583,000 | – | |||||||||||||||||||||
Total Investments | 685,394,057 | 1,052,773,869 | 370,448,278 | 426,607,092 | 548,174,933 | 160,886,772 | 967,989,206 | |||||||||||||||||||||
Cash | 519 | 46,896 | – | 5,080 | 50,876 | 619 | 1,334 | |||||||||||||||||||||
Foreign cash* | 1,757,875 | 3,150,539 | 558,070 | 168,794 | 4,270,916 | – | 25,810 | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 34,040 | 44,677 | 77,901 | 10,189 | 8,183 | 64,294 | 52,631 | |||||||||||||||||||||
Dividends and interest | 486,595 | 2,406,668 | 946,013 | 990,930 | 3,077,422 | 749,937 | 1,224,341 | |||||||||||||||||||||
Investments sold | 193,406 | 25,064 | 3,244,358 | – | 384,360 | – | 5,550,778 | |||||||||||||||||||||
Securities lending income | 25,901 | 16,406 | – | 1,012 | 3,050 | – | 37,296 | |||||||||||||||||||||
Prepaid expenses and other assets | 6,343 | 15,318 | 3,734 | 11,771 | 7,557 | 6,834 | 16,198 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | – | 12,105 | |||||||||||||||||||||
Deferred offering costs | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | 2,058,239 | – | – | |||||||||||||||||||||
TOTAL ASSETS | 687,898,736 | 1,058,479,437 | 375,278,354 | 427,794,868 | 558,035,536 | 161,708,456 | 974,909,699 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 146,884 | 130,985 | 25,083 | 85,681 | 82,163 | 76,449 | 158,817 | |||||||||||||||||||||
Investments purchased | 6,172,573 | 311,169 | – | – | 1,132,712 | 2,993,163 | 7,057,731 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | 160,804 | – | – | 57,784 | – | – | |||||||||||||||||||||
Investment advisory and management fees | 408,228 | 547,333 | 230,794 | 169,453 | 215,799 | 64,786 | 513,496 | |||||||||||||||||||||
Administrative service fee | 34,498 | 53,222 | 20,438 | 22,068 | 28,172 | 8,429 | 47,414 | |||||||||||||||||||||
Transfer agent fees and expenses | 477 | 428 | 428 | 498 | 232 | 610 | 309 | |||||||||||||||||||||
Directors’ fees and expenses | 5,200 | 11,089 | 2,459 | 8,306 | 5,895 | 3,462 | 14,777 | |||||||||||||||||||||
Other accrued expenses | 278,903 | 196,501 | 75,662 | 71,724 | 114,117 | 37,321 | 97,241 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | 400 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 21,285,185 | 53,941,750 | – | 8,735,188 | 21,540,367 | – | 63,337,380 | |||||||||||||||||||||
Due to custodian | – | – | 3,175,485 | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | 2,358,728 | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 28,331,948 | 55,353,281 | 3,530,349 | 9,093,318 | 25,535,969 | 3,184,220 | 71,227,165 | |||||||||||||||||||||
NET ASSETS | $ | 659,566,788 | $ | 1,003,126,156 | $ | 371,748,005 | $ | 418,701,550 | $ | 532,499,567 | $ | 158,524,236 | $ | 903,682,534 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 799,775 | $ | 897,815 | $ | 414,896 | $ | 211,502 | $ | 385,062 | $ | 147,287 | $ | 574,253 | ||||||||||||||
Additional paid-in capital | 719,099,702 | 902,422,622 | 292,690,656 | 470,985,632 | 425,100,324 | 153,367,464 | 667,167,321 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 18,500,930 | 23,517,706 | 15,689,864 | 7,827,113 | 15,378,696 | 5,187,218 | 10,711,427 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (125,258,836 | ) | (92,106,142 | ) | 34,595,171 | (118,322,924 | ) | 7,788,506 | (679,256 | ) | 39,001,963 | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | 46,432,691 | 168,537,243 | 28,366,124 | 57,899,587 | 84,154,497 | 501,523 | 186,229,496 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | – | 107,330 | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (7,474 | ) | 17,716 | (8,706 | ) | (6,690 | ) | (249,734 | ) | – | (1,926 | ) | ||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | (160,804 | ) | – | – | (57,784 | ) | – | – | |||||||||||||||||||
NET ASSETS | $ | 659,566,788 | $ | 1,003,126,156 | $ | 371,748,005 | $ | 418,701,550 | $ | 532,499,567 | $ | 158,524,236 | $ | 903,682,534 | ||||||||||||||
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 | 79,977,459 | 89,781,498 | 41,489,596 | 21,150,180 | 38,506,154 | 14,728,698 | 57,425,305 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 8.25 | $ | 11.17 | $ | 8.96 | $ | 19.80 | $ | 13.83 | $ | 10.76 | $ | 15.74 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 638,961,366 | $ | 884,236,626 | $ | 342,082,154 | $ | 368,707,505 | $ | 464,020,436 | $ | 150,802,249 | $ | 781,759,710 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 1,758,658 | $ | 3,155,155 | $ | 561,207 | $ | 171,025 | $ | 4,233,808 | $ | – | $ | 25,997 | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 22,374,748 | $ | 51,537,330 | $ | – | $ | 8,688,682 | $ | 22,580,902 | $ | – | $ | 65,252,422 | ||||||||||||||
See Notes to Financial Statements
242
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2013 (unaudited) — (continued)
GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | LARGE CAP CORE FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 111,803,480 | $ | 525,144,227 | $ | 434,568,147 | $ | 1,116,746,242 | $ | 169,030,446 | $ | 644,903,373 | $ | 174,416,908 | ||||||||||||||
Investment securities, at value (affiliated)* | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | – | – | 2,702,000 | |||||||||||||||||||||
Total Investments | 111,803,480 | 525,144,227 | 434,568,147 | 1,116,746,242 | 169,030,446 | 644,903,373 | 177,118,908 | |||||||||||||||||||||
Cash | 56,008 | 629,916 | 1,888,302 | 220,904 | 260 | 1,445,353 | 911 | |||||||||||||||||||||
Foreign cash* | – | 364,006 | 234,338 | 1,596,954 | 863,743 | 342,130 | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 36,600 | 54,797 | 70,539 | 273,979 | 11,923 | 144,659 | 64,710 | |||||||||||||||||||||
Dividends and interest | 217,462 | 181,782 | 2,195,992 | 3,339,237 | 1,956,831 | 955,129 | 286,289 | |||||||||||||||||||||
Investments sold | 303,509 | 5,422,302 | 623,636 | 143,759 | 3,624,442 | 6,848,261 | 130,931 | |||||||||||||||||||||
Securities lending income | 830 | – | – | 42,503 | – | 12,754 | 1,238 | |||||||||||||||||||||
Prepaid expenses and other assets | 4,445 | 7,047 | 4,531 | 30,307 | 6,390 | 13,462 | 6,386 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 10,403 | – | – | – | – | 43,211 | – | |||||||||||||||||||||
Deferred offering costs | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | 2,500 | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 112,432,737 | 531,804,077 | 439,585,485 | 1,122,396,385 | 175,494,035 | 654,708,332 | 177,609,373 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 33,480 | 130,192 | 28,955 | 119,357 | 25,155 | 2,096,931 | 11,677 | |||||||||||||||||||||
Investments purchased | 357,956 | 6,866,079 | 2,401,459 | 338,598 | 3,434,905 | 6,433,984 | 251,077 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | 122,079 | – | 23,147 | – | 55,184 | – | |||||||||||||||||||||
Investment advisory and management fees | 64,880 | 411,887 | 172,613 | 262,888 | 70,120 | 457,825 | 97,146 | |||||||||||||||||||||
Administrative service fee | 5,625 | 26,789 | 23,418 | 57,782 | 9,100 | 32,597 | 9,018 | |||||||||||||||||||||
Transfer agent fees and expenses | 336 | 534 | 421 | 2,403 | 365 | 428 | 280 | |||||||||||||||||||||
Directors’ fees and expenses | 3,118 | 4,407 | 3,332 | 14,242 | 3,805 | 11,355 | 1,524 | |||||||||||||||||||||
Other accrued expenses | 36,082 | 57,893 | 60,077 | 337,563 | 53,400 | 165,637 | 31,906 | |||||||||||||||||||||
Variation margin on futures contracts | 425 | – | – | 65,982 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 4,735,624 | – | – | 39,502,304 | – | 27,851,193 | 6,018,450 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | 24 | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | 292,740 | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 5,237,526 | 7,912,600 | 2,690,275 | 40,724,290 | 3,596,850 | 37,105,134 | 6,421,078 | |||||||||||||||||||||
NET ASSETS | $ | 107,195,211 | $ | 523,891,477 | $ | 436,895,210 | $ | 1,081,672,095 | $ | 171,897,185 | $ | 617,603,198 | $ | 171,188,295 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 64,569 | $ | 260,790 | $ | 391,296 | $ | 1,495,320 | $ | 143,418 | $ | 447,067 | $ | 118,037 | ||||||||||||||
Additional paid-in capital | 101,994,326 | 271,109,440 | 410,325,464 | 1,105,929,761 | 170,719,387 | 499,197,880 | 103,373,163 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 1,447,913 | (3,015,276 | ) | 12,718,466 | 34,053,034 | 5,923,482 | 9,898,425 | 2,473,612 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (3,741,666 | ) | 62,569,774 | 2,694,204 | (219,659,331 | ) | 162,525 | (26,722,157 | ) | 25,650,594 | ||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 7,421,341 | 192,177,774 | 10,778,354 | 159,986,125 | (5,043,812 | ) | 134,850,643 | 39,572,889 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 8,728 | 905,127 | – | (59,847 | ) | – | – | – | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | (994 | ) | (12,574 | ) | (49,820 | ) | (7,815 | ) | 5,657 | – | |||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | (115,158 | ) | – | (23,147 | ) | – | (74,317 | ) | – | ||||||||||||||||||
NET ASSETS | $ | 107,195,211 | $ | 523,891,477 | $ | 436,895,210 | $ | 1,081,672,095 | $ | 171,897,185 | $ | 617,603,198 | $ | 171,188,295 | ||||||||||||||
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 | 6,456,919 | 26,079,006 | 39,129,553 | 149,531,956 | 14,341,791 | 44,706,712 | 11,803,711 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 16.60 | $ | 20.09 | $ | 11.17 | $ | 7.23 | $ | 11.99 | $ | 13.81 | $ | 14.50 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 104,382,139 | $ | 332,966,453 | $ | 423,789,793 | $ | 956,760,117 | $ | 174,074,258 | $ | 510,052,730 | $ | 134,844,019 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 364,145 | $ | 237,737 | $ | 1,624,414 | $ | 874,506 | $ | 344,196 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | 1,197,867 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 4,713,892 | $ | – | $ | – | $ | 39,162,054 | $ | – | $ | 26,735,490 | $ | 7,341,863 | ||||||||||||||
See Notes to Financial Statements
243
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2013 (unaudited) — (continued)
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 | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 413,551,935 | $ | 3,383,001,875 | $ | 330,434,970 | $ | 369,902,557 | $ | 239,023,909 | $ | 943,324,110 | $ | 113,113,616 | ||||||||||||||
Investment securities, at value (affiliated)* | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 10,687,000 | – | 7,547,000 | 3,129,000 | 8,023,000 | 1,576,000 | |||||||||||||||||||||
Total Investments | 413,551,935 | 3,393,688,875 | 330,434,970 | 377,449,557 | 242,152,909 | 951,347,110 | 114,689,616 | |||||||||||||||||||||
Cash | 1,033 | 2,308 | 1,355 | 163 | 1,000 | 39,374 | 862 | |||||||||||||||||||||
Foreign cash* | 33 | – | – | – | – | 1,229,284 | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 2,413 | 97,273 | 2,348 | 89,653 | 36,330 | 5,698 | 64,154 | |||||||||||||||||||||
Dividends and interest | 503,338 | 3,504,340 | 176,213 | 158,729 | 408,342 | 766,672 | 1,285 | |||||||||||||||||||||
Investments sold | – | 1,636,930 | 2,615,990 | – | – | 6,819,791 | 754,942 | |||||||||||||||||||||
Securities lending income | 2,387 | 126,409 | 9,074 | – | 5,055 | 56,464 | 19,211 | |||||||||||||||||||||
Prepaid expenses and other assets | 8,147 | 61,345 | 6,925 | 17,581 | 3,681 | 38,688 | 2,206 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | 117,481 | 21,658 | – | 9,483 | |||||||||||||||||||||
Deferred offering costs | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | 27,740 | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 414,069,286 | 3,399,117,480 | 333,246,875 | 377,833,164 | 242,656,715 | 960,303,081 | 115,541,759 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 324,556 | 367,069 | 54,605 | 130,089 | 17,260 | 352,632 | 7,374 | |||||||||||||||||||||
Investments purchased | – | 6,272,088 | 1,821,524 | – | – | 16,104,799 | 468,266 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 207,177 | 668,673 | 164,384 | 125,328 | 74,830 | 622,480 | 74,259 | |||||||||||||||||||||
Administrative service fee | 21,035 | 163,777 | 15,401 | 20,323 | 12,164 | 45,987 | 5,677 | |||||||||||||||||||||
Transfer agent fees and expenses | 281 | 2,930 | 421 | 3,001 | 2,305 | 2,192 | 232 | |||||||||||||||||||||
Directors’ fees and expenses | 5,325 | 46,285 | 3,579 | 11,807 | 2,330 | 23,498 | 929 | |||||||||||||||||||||
Other accrued expenses | 34,348 | 219,070 | 48,426 | 83,902 | 45,959 | 124,343 | 32,950 | |||||||||||||||||||||
Variation margin on futures contracts | – | 188,340 | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 16,797,488 | 309,388,283 | 40,060,047 | – | 8,272,875 | 63,996,576 | 7,568,058 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 17,390,210 | 317,316,515 | 42,168,387 | 374,450 | 8,427,723 | 81,272,507 | 8,157,745 | |||||||||||||||||||||
NET ASSETS | $ | 396,679,076 | $ | 3,081,800,965 | $ | 291,078,488 | $ | 377,458,714 | $ | 234,228,992 | $ | 879,030,574 | $ | 107,384,014 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 280,021 | $ | 1,138,394 | $ | 180,604 | $ | 3,780,965 | $ | 285,257 | $ | 385,199 | $ | 66,552 | ||||||||||||||
Additional paid-in capital | 276,104,770 | 1,961,668,551 | 201,110,319 | 374,314,393 | 130,971,200 | 723,196,709 | 63,032,261 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 2,869,118 | 52,037,491 | 1,501,338 | 1,129 | 3,062,942 | 952,923 | (584,832 | ) | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 90,611,737 | 165,193,113 | 16,032,064 | (637,773 | ) | 1,172,477 | (21,165,268 | ) | 23,078,001 | |||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 26,813,233 | 901,264,694 | 72,254,163 | – | 98,463,331 | 175,668,882 | 21,792,032 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 498,722 | – | – | 273,785 | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | 197 | – | – | – | – | (7,871 | ) | – | ||||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 396,679,076 | $ | 3,081,800,965 | $ | 291,078,488 | $ | 377,458,714 | $ | 234,228,992 | $ | 879,030,574 | $ | 107,384,014 | ||||||||||||||
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 | 28,002,094 | 113,839,392 | 18,060,406 | 378,096,498 | 28,525,741 | 38,519,859 | 6,655,238 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 14.17 | $ | 27.07 | $ | 16.12 | $ | 1.00 | $ | 8.21 | $ | 22.82 | $ | 16.14 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 386,738,702 | $ | 2,481,737,181 | $ | 258,180,807 | $ | 369,902,557 | $ | 140,560,578 | $ | 767,655,228 | $ | 91,321,584 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 33 | $ | – | $ | – | $ | – | $ | – | $ | 1,236,584 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 16,866,246 | $ | 306,303,160 | $ | 40,204,007 | $ | – | $ | 8,336,168 | $ | 63,573,095 | $ | 7,508,160 | ||||||||||||||
See Notes to Financial Statements
244
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2013 (unaudited) — (continued)
SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 433,542,508 | $ | 1,228,001,650 | $ | 285,484,709 | $ | 139,862,385 | $ | 4,502,245,025 | $ | 117,302,723 | ||||||||||||
Investment securities, at value (affiliated)* | – | – | – | – | 19,497,025 | – | ||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 11,449,000 | – | – | 10,025,000 | 1,280,000 | ||||||||||||||||||
Total Investments | 433,542,508 | 1,239,450,650 | 285,484,709 | 139,862,385 | 4,531,767,050 | 118,582,723 | ||||||||||||||||||
Cash | 255,958 | 17,216 | 1,247 | – | 795 | 7,566 | ||||||||||||||||||
Foreign cash* | 1,541 | – | – | – | – | – | ||||||||||||||||||
Due from broker | – | – | – | – | – | – | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Fund shares sold | 161,226 | 14,095 | 2,531 | 5,244 | 3,475,197 | 72,025 | ||||||||||||||||||
Dividends and interest | 255,909 | 1,008,591 | 227,692 | 43,673 | 9,170,249 | 273,662 | ||||||||||||||||||
Investments sold | 192,916 | 636,602 | 416,020 | 364,081 | 4,441,946 | 351,117 | ||||||||||||||||||
Securities lending income | 9,844 | 176,171 | 6,513 | 6,502 | 28,904 | – | ||||||||||||||||||
Prepaid expenses and other assets | 14,184 | 19,560 | 4,647 | 2,740 | 169,650 | 3,517 | ||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 39,737 | – | – | 12,980 | – | 16,929 | ||||||||||||||||||
Deferred offering costs | – | – | – | – | – | – | ||||||||||||||||||
Variation margin on futures contracts | – | 33,720 | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL ASSETS | 434,473,823 | 1,241,356,605 | 286,143,359 | 140,297,605 | 4,549,053,791 | 119,307,539 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Fund shares reacquired | 20,384 | 179,687 | 50,152 | 8,197 | 410,801 | 11,128 | ||||||||||||||||||
Investments purchased | 1,179,970 | 149,087 | 460,608 | 697,369 | 2,970,485 | – | ||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | ||||||||||||||||||
Investment advisory and management fees | 270,882 | 263,361 | 152,066 | 85,748 | 867,627 | 75,743 | ||||||||||||||||||
Administrative service fee | 19,915 | 57,747 | 13,177 | 6,551 | 228,592 | 6,310 | ||||||||||||||||||
Transfer agent fees and expenses | 316 | 2,470 | 378 | 232 | 3,168 | 428 | ||||||||||||||||||
Directors’ fees and expenses | 10,706 | 16,385 | 2,954 | 1,422 | 90,482 | 2,169 | ||||||||||||||||||
Other accrued expenses | 74,535 | 132,182 | 47,442 | 30,123 | 252,419 | 29,350 | ||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | 8,930 | – | ||||||||||||||||||
Collateral upon return of securities loaned | 51,691,305 | 124,974,628 | 32,973,687 | 14,681,748 | 195,620,256 | – | ||||||||||||||||||
Due to custodian | – | – | – | 37,943 | – | – | ||||||||||||||||||
Due to broker | – | – | – | – | – | – | ||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL LIABILITIES | 53,268,013 | 125,775,547 | 33,700,464 | 15,549,333 | 200,452,760 | 125,128 | ||||||||||||||||||
NET ASSETS | $ | 381,205,810 | $ | 1,115,581,058 | $ | 252,442,895 | $ | 124,748,272 | $ | 4,348,601,031 | $ | 119,182,411 | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 241,681 | $ | 526,561 | $ | 188,092 | $ | 84,392 | $ | 1,294,623 | $ | 88,107 | ||||||||||||
Additional paid-in capital | 217,032,342 | 723,066,939 | 203,160,409 | 85,329,067 | 2,384,593,914 | 136,609,549 | ||||||||||||||||||
Accumulated undistributed net investment income (loss) | 834,600 | 20,116,408 | 2,730,518 | (503,614 | ) | 107,331,205 | 2,715,673 | |||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 38,153,710 | 60,776,872 | (7,287,640 | ) | 27,659,425 | 83,065,506 | (50,443,294 | ) | ||||||||||||||||
Unrealized appreciation (depreciation) on investments | 124,943,490 | 309,432,402 | 53,651,516 | 12,179,025 | 1,768,829,072 | 30,211,952 | ||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 1,661,887 | – | – | 3,486,711 | – | ||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (13 | ) | (11 | ) | – | (23 | ) | – | 424 | |||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
NET ASSETS | $ | 381,205,810 | $ | 1,115,581,058 | $ | 252,442,895 | $ | 124,748,272 | $ | 4,348,601,031 | $ | 119,182,411 | ||||||||||||
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 | ||||||||||||||||||
Outstanding | 24,168,090 | 52,656,121 | 18,809,205 | 8,439,153 | 129,462,270 | 8,810,650 | ||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 15.77 | $ | 21.19 | $ | 13.42 | $ | 14.78 | $ | 33.59 | $ | 13.53 | ||||||||||||
* Cost | ||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 308,599,018 | $ | 918,569,248 | $ | 231,833,193 | $ | 127,683,360 | $ | 2,729,949,692 | $ | 87,090,771 | ||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | 22,963,286 | $ | – | ||||||||||||
Foreign cash | $ | 1,554 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
† Including securities on loan | $ | 52,332,603 | $ | 124,777,466 | $ | 32,653,677 | $ | 14,325,614 | $ | 222,547,187 | $ | – | ||||||||||||
See Notes to Financial Statements
245
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2013 (unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,111,586 | $ | 1,954,933 | $ | 515,215 | $ | 15,960 | $ | 2,179,880 | $ | 9,103,754 | $ | – | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | – | 26,702 | – | 6,065 | 17,699 | – | – | |||||||||||||||||||||
Interest (unaffiliated) | 1,005,444 | 500 | 79 | 2,669,356 | 84 | 398 | 210,648 | |||||||||||||||||||||
Total investment income* | 2,117,030 | 1,982,135 | 515,294 | 2,691,381 | 2,197,663 | 9,104,152 | 210,648 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 412,819 | 1,923,560 | 155,149 | 541,820 | 991,590 | 2,181,176 | 170,855 | |||||||||||||||||||||
Administrative service fee | 57,093 | 180,691 | 15,327 | 75,006 | 85,743 | 208,265 | 8,850 | |||||||||||||||||||||
Transfer agent fees and expenses | 769 | 1,475 | 764 | 1,423 | 713 | 1,475 | 326 | |||||||||||||||||||||
Custodian fees | 81,782 | 31,108 | 11,756 | 30,002 | 31,170 | 29,181 | 8,560 | |||||||||||||||||||||
Reports to shareholders | 9,067 | 27,441 | 2,283 | 12,416 | 13,427 | 32,383 | 5,104 | |||||||||||||||||||||
Audit and tax fees | 18,994 | 14,840 | 14,817 | 20,507 | 14,882 | 14,781 | 14,834 | |||||||||||||||||||||
Legal fees | 4,972 | 7,853 | 3,801 | 5,649 | 5,644 | 8,472 | 25,612 | |||||||||||||||||||||
Directors’ fees and expenses | 3,759 | 11,408 | 1,012 | 5,214 | 5,545 | 13,274 | 3,029 | |||||||||||||||||||||
Interest expense | – | – | 176 | 19 | – | 35 | – | |||||||||||||||||||||
Other expenses | 8,066 | 11,443 | 6,923 | 6,802 | 8,569 | 12,048 | 6,031 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 597,321 | 2,209,819 | 212,008 | 698,858 | 1,157,283 | 2,501,090 | 243,201 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | (23,613 | ) | – | (165,240 | ) | (31,016 | ) | (24,628 | ) | |||||||||||||||||
Fees paid indirectly (Note 7) | (50 | ) | (3,252 | ) | (3,121 | ) | – | (1,941 | ) | – | – | |||||||||||||||||
Net expenses | 597,271 | 2,206,567 | 185,274 | 698,858 | 990,102 | 2,470,074 | 218,573 | |||||||||||||||||||||
Net investment income (loss) | 1,519,759 | (224,432 | ) | 330,020 | 1,992,523 | 1,207,561 | 6,634,078 | (7,925 | ) | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 5,542,411 | 28,690,971 | 1,710,147 | (1,721,020 | ) | 11,087,383 | 48,330,916 | (121,982 | ) | |||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | 396,322 | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (989,155 | ) | – | – | – | – | – | (717,706 | ) | |||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 139,140 | (4,329 | ) | – | – | 428 | 13,024 | – | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 4,692,396 | 28,686,642 | 1,710,147 | (1,721,020 | ) | 11,087,811 | 48,343,940 | (443,366 | ) | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 4,199,960 | 68,848,480 | 3,564,923 | (2,289,382 | ) | 18,987,092 | 6,261,970 | (435,829 | ) | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | 10,347,392 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 477,120 | – | – | – | – | – | 892,346 | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (4,948 | ) | (26 | ) | – | – | – | 291 | – | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 4,672,132 | 68,848,454 | 3,564,923 | (2,289,382 | ) | 18,987,092 | 6,262,261 | 10,803,909 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 9,364,528 | 97,535,096 | 5,275,070 | (4,010,402 | ) | 30,074,903 | 54,606,201 | 10,360,543 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 10,884,287 | $ | 97,310,664 | $ | 5,605,090 | $ | (2,017,879 | ) | $ | 31,282,464 | $ | 61,240,279 | $ | 10,352,618 | |||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 12,863 | $ | 170 | $ | 16 | $ | (248 | ) | $ | 14,247 | $ | 66,489 | $ | – | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | – | |||||||||||||||
See Notes to Financial Statements
246
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2013 (unaudited) — (continued)
EMERGING ECONOMIES FUND | FOREIGN VALUE FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 12,288,222 | $ | 8,544,807 | $ | 7,233,066 | $ | 3,228,979 | $ | 3,087,531 | $ | – | $ | 6,352,057 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 89,902 | 350,903 | – | 7,831 | 55,533 | 1,297 | 136,178 | |||||||||||||||||||||
Interest (unaffiliated) | 2,085 | 1,955 | 261 | 1,213 | 3,455,581 | 2,018,024 | 616 | |||||||||||||||||||||
Total investment income* | 12,380,209 | 8,897,665 | 7,233,327 | 3,238,023 | 6,598,645 | 2,019,321 | 6,488,851 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 2,545,511 | 3,184,062 | 1,401,124 | 855,949 | 1,213,918 | 349,616 | 2,988,803 | |||||||||||||||||||||
Administrative service fee | 229,718 | 328,765 | 132,231 | 118,177 | 167,959 | 48,306 | 292,890 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,419 | 1,255 | 1,255 | 1,152 | 602 | 1,694 | 874 | |||||||||||||||||||||
Custodian fees | 375,474 | 213,248 | 68,788 | 61,502 | 120,442 | 16,065 | 65,426 | |||||||||||||||||||||
Reports to shareholders | 39,360 | 50,979 | 22,637 | 17,085 | 25,970 | 8,254 | 45,475 | |||||||||||||||||||||
Audit and tax fees | 18,760 | 19,050 | 15,209 | 15,411 | 19,990 | 17,488 | 15,072 | |||||||||||||||||||||
Legal fees | 13,940 | 11,685 | 7,077 | 6,217 | 7,749 | 4,816 | 11,111 | |||||||||||||||||||||
Directors’ fees and expenses | 15,839 | 21,081 | 9,048 | 7,025 | 10,713 | 3,116 | 18,972 | |||||||||||||||||||||
Interest expense | 587 | – | – | – | – | 1,033 | 65 | |||||||||||||||||||||
Other expenses | 13,810 | 15,506 | 10,809 | 17,743 | 12,476 | 5,704 | 16,336 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 3,254,418 | 3,845,631 | 1,668,178 | 1,100,261 | 1,579,819 | 456,092 | 3,455,024 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | – | – | – | – | (23,536 | ) | ||||||||||||||||||||
Fees paid indirectly (Note 7) | – | (3,519 | ) | (1,559 | ) | (2,773 | ) | (2,224 | ) | – | – | |||||||||||||||||
Net expenses | 3,254,418 | 3,842,112 | 1,666,619 | 1,097,488 | 1,577,595 | 456,092 | 3,431,488 | |||||||||||||||||||||
Net investment income (loss) | 9,125,791 | 5,055,553 | 5,566,708 | 2,140,535 | 5,021,050 | 1,563,229 | 3,057,363 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | (106,347 | ) | 1,118,389 | 11,539,450 | 20,345,557 | 13,738,100 | (939,938 | ) | 52,004,759 | |||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (1,581,895 | ) | – | – | 465,986 | – | – | – | ||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (124,226 | ) | (79,447 | ) | 5,289 | (24,918 | ) | 2,575,710 | – | (2,507 | ) | |||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (1,812,468 | ) | 1,038,942 | 11,544,739 | 20,786,625 | 16,313,810 | (939,938 | ) | 52,002,252 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 5,173,235 | 138,057,952 | (16,429,798 | ) | 23,394,999 | 27,124,165 | (2,767,554 | ) | 49,265,919 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | – | 150,541 | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 14,043 | 118,323 | 8,400 | 40,024 | (4,922,170 | ) | – | 2,384 | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | 541,293 | (160,804 | ) | – | – | 27,011 | – | 744 | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 5,728,571 | 138,015,471 | (16,421,398 | ) | 23,585,564 | 22,229,006 | (2,767,554 | ) | 49,269,047 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3,916,103 | 139,054,413 | (4,876,659 | ) | 44,372,189 | 38,542,816 | (3,707,492 | ) | 101,271,299 | |||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 13,041,894 | $ | 144,109,966 | $ | 690,049 | $ | 46,512,724 | $ | 43,563,866 | $ | (2,144,263 | ) | $ | 104,328,662 | |||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 1,720,130 | $ | 714,618 | $ | 237,529 | $ | 87,766 | $ | 186,783 | $ | – | $ | 11,597 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | 103,238 | $ | – | $ | – | $ | – | $ | 4,146 | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
247
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2013 (unaudited) — (continued)
GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | LARGE CAP CORE FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 985,092 | $ | 1,125,897 | $ | 398,678 | $ | 11,738,173 | $ | – | $ | 4,190,870 | $ | 1,540,768 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 4,649 | – | – | 261,556 | – | 85,541 | 6,195 | |||||||||||||||||||||
Interest (unaffiliated) | 68 | 5,445 | 5,076,931 | 4,202 | 3,004,767 | 1,236 | 26 | |||||||||||||||||||||
Total investment income* | 989,809 | 1,131,342 | 5,475,609 | 12,003,931 | 3,004,767 | 4,277,647 | 1,546,989 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 373,194 | 2,298,361 | 1,046,529 | 1,550,560 | 435,675 | 2,773,817 | 575,679 | |||||||||||||||||||||
Administrative service fee | 34,400 | 158,842 | 151,210 | 360,040 | 60,278 | 210,381 | 56,871 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,036 | 1,100 | 1,147 | 4,355 | 876 | 1,255 | 764 | |||||||||||||||||||||
Custodian fees | 19,807 | 40,499 | 30,967 | 463,815 | 23,496 | 202,226 | 13,172 | |||||||||||||||||||||
Reports to shareholders | 5,723 | 23,478 | 24,562 | 56,766 | 10,101 | 34,448 | 8,849 | |||||||||||||||||||||
Audit and tax fees | 14,847 | 14,531 | 18,346 | 25,145 | 19,408 | 19,228 | 14,886 | |||||||||||||||||||||
Legal fees | 4,297 | 10,970 | 7,705 | 16,042 | 5,267 | 12,296 | 4,849 | |||||||||||||||||||||
Directors’ fees and expenses | 2,180 | 10,101 | 10,170 | 23,295 | 4,192 | 14,021 | 3,666 | |||||||||||||||||||||
Interest expense | – | – | – | 1,292 | 30 | 3,448 | 6 | |||||||||||||||||||||
Other expenses | 9,115 | 13,427 | 7,923 | 36,466 | 7,122 | 15,025 | 9,191 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 464,599 | 2,571,309 | 1,298,559 | 2,537,776 | 566,445 | 3,286,145 | 687,933 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | (41,646 | ) | – | – | – | – | (213,600 | ) | – | |||||||||||||||||||
Fees paid indirectly (Note 7) | – | (3,918 | ) | – | – | – | (1,041 | ) | (6,690 | ) | ||||||||||||||||||
Net expenses | 422,953 | 2,567,391 | 1,298,559 | 2,537,776 | 566,445 | 3,071,504 | 681,243 | |||||||||||||||||||||
Net investment income (loss) | 566,856 | (1,436,049 | ) | 4,177,050 | 9,466,155 | 2,438,322 | 1,206,143 | 865,746 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 10,672,011 | 43,933,266 | 488,710 | 21,776,048 | (1,066,708 | ) | 27,540,170 | 14,247,481 | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 26,840 | 168,803 | – | 1,428,586 | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | 11,261 | (51,677 | ) | (570,828 | ) | (71,910 | ) | (137,212 | ) | (2 | ) | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 10,698,851 | 44,113,330 | 437,033 | 22,633,806 | (1,138,618 | ) | 27,402,958 | 14,247,479 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 483,439 | 47,481,371 | (18,871,504 | ) | 84,650,220 | (3,507,104 | ) | 39,183,894 | 4,822,922 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 8,728 | 689,184 | – | 65,808 | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | 2,573 | 10,023 | 121,664 | 46,314 | 72,985 | – | |||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | 10,385 | – | 89,718 | – | 14,663 | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 492,167 | 48,183,513 | (18,861,481 | ) | 84,927,410 | (3,460,790 | ) | 39,271,542 | 4,822,922 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 11,191,018 | 92,296,843 | (18,424,448 | ) | 107,561,216 | (4,599,408 | ) | 66,674,500 | 19,070,401 | |||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 11,757,874 | $ | 90,860,794 | $ | (14,247,398 | ) | $ | 117,027,371 | $ | (2,161,086 | ) | $ | 67,880,643 | $ | 19,936,147 | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | – | $ | 5,307 | $ | 274 | $ | 789,603 | $ | (781 | ) | $ | 270,143 | $ | 5,659 | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | 23,471 | $ | – | $ | 56,108 | $ | – | $ | 49,780 | $ | – | ||||||||||||||
See Notes to Financial Statements
248
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2013 (unaudited) — (continued)
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 | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 2,209,421 | $ | 21,859,882 | $ | 906,375 | $ | – | $ | 1,649,064 | $ | 3,644,217 | $ | 84,260 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 14,860 | 715,412 | 60,606 | – | 19,155 | 166,843 | 46,751 | |||||||||||||||||||||
Interest (unaffiliated) | 314 | 5,236 | 385 | 338,756 | 300 | 5,255 | 51 | |||||||||||||||||||||
Total investment income* | 2,224,595 | 22,580,530 | 967,366 | 338,756 | 1,668,519 | 3,816,315 | 131,062 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 1,211,075 | 3,974,498 | 951,474 | 770,482 | 424,818 | 3,606,312 | 408,467 | |||||||||||||||||||||
Administrative service fee | 130,837 | 1,031,362 | 94,522 | 133,225 | 73,411 | 283,084 | 33,200 | |||||||||||||||||||||
Transfer agent fees and expenses | 766 | 5,348 | 1,148 | 5,244 | 4,029 | 4,078 | 602 | |||||||||||||||||||||
Custodian fees | 32,883 | 105,379 | 30,589 | 16,112 | 11,605 | 76,291 | 17,897 | |||||||||||||||||||||
Reports to shareholders | 20,415 | 161,003 | 14,844 | 20,514 | 11,194 | 43,225 | 4,535 | |||||||||||||||||||||
Audit and tax fees | 14,837 | 14,864 | 14,980 | 17,488 | 14,851 | 14,547 | 14,821 | |||||||||||||||||||||
Legal fees | 6,829 | 30,182 | 5,797 | 7,162 | 5,250 | 10,438 | 4,193 | |||||||||||||||||||||
Directors’ fees and expenses | 8,485 | 66,847 | 5,991 | 8,718 | 4,651 | 17,812 | 2,014 | |||||||||||||||||||||
Interest expense | 80 | – | – | – | – | 126 | – | |||||||||||||||||||||
Other expenses | 12,901 | 52,301 | 9,485 | 7,466 | 49,211 | 20,324 | 7,359 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 1,439,108 | 5,441,784 | 1,128,830 | 986,411 | 599,020 | 4,076,237 | 493,088 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | – | (666,948 | ) | (36,136 | ) | – | (17,344 | ) | ||||||||||||||||||
Fees paid indirectly (Note 7) | (6,958 | ) | – | (8,051 | ) | – | – | (31,047 | ) | – | ||||||||||||||||||
Net expenses | 1,432,150 | 5,441,784 | 1,120,779 | 319,463 | 562,884 | 4,045,190 | 475,744 | |||||||||||||||||||||
Net investment income (loss) | 792,445 | 17,138,746 | (153,413 | ) | 19,293 | 1,105,635 | (228,875 | ) | (344,682 | ) | ||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 65,596,642 | 65,250,803 | 14,915,358 | 4,574 | 2,265,659 | 67,436,825 | 13,675,809 | |||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | 6,579,259 | – | – | 1,020,256 | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 27,896 | – | (2,091 | ) | – | – | 1,931 | – | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 65,624,538 | 71,830,062 | 14,913,267 | 4,574 | 3,285,915 | 67,438,756 | 13,675,809 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (17,798,418 | ) | 219,126,655 | 20,767,154 | – | 30,579,082 | 74,777,089 | 5,606,656 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | (2,382,411 | ) | – | – | 58,405 | – | – | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (1,586 | ) | – | 1,316 | – | – | (1,868 | ) | – | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (17,800,004 | ) | 216,744,244 | 20,768,470 | – | 30,637,487 | 74,775,221 | 5,606,656 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 47,824,534 | 288,574,306 | 35,681,737 | 4,574 | 33,923,402 | 142,213,977 | 19,282,465 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 48,616,979 | $ | 305,713,052 | $ | 35,528,324 | $ | 23,867 | $ | 35,029,037 | $ | 141,985,102 | $ | 18,937,783 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 21,851 | $ | – | $ | 19,367 | $ | – | $ | 6,527 | $ | 86,833 | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
249
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2013 (unaudited) — (continued)
SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,710,092 | $ | 7,548,292 | $ | 2,124,259 | $ | 207,835 | $ | 42,980,666 | $ | 1,292,575 | ||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | ||||||||||||||||||
Securities lending income | 73,418 | 1,088,455 | 65,142 | 18,985 | 166,255 | – | ||||||||||||||||||
Interest (unaffiliated) | 1,229 | 2,074 | 451 | 48 | 5,336 | 25 | ||||||||||||||||||
Total investment income* | 1,784,739 | 8,638,821 | 2,189,852 | 226,868 | 43,152,257 | 1,292,600 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 1,609,309 | 1,547,490 | 884,876 | 500,066 | 5,089,149 | 447,624 | ||||||||||||||||||
Administrative service fee | 125,822 | 358,619 | 81,573 | 40,671 | 1,412,701 | 39,684 | ||||||||||||||||||
Transfer agent fees and expenses | 713 | 4,751 | 1,093 | 602 | 6,057 | 1,255 | ||||||||||||||||||
Custodian fees | 60,000 | 86,513 | 30,819 | 22,652 | 145,067 | 9,830 | ||||||||||||||||||
Reports to shareholders | 19,426 | 54,145 | 12,270 | 10,746 | 218,850 | 6,118 | ||||||||||||||||||
Audit and tax fees | 14,756 | 14,536 | 14,763 | 14,715 | 14,920 | 14,888 | ||||||||||||||||||
Legal fees | 6,607 | 12,050 | 5,480 | 10,005 | 41,804 | 4,429 | ||||||||||||||||||
Directors’ fees and expenses | 8,089 | 22,652 | 5,196 | 2,565 | 91,175 | 2,551 | ||||||||||||||||||
Interest expense | 175 | – | 10 | – | 157 | – | ||||||||||||||||||
Other expenses | 17,945 | 13,211 | 10,856 | 6,582 | 66,869 | 7,942 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 1,862,842 | 2,113,967 | 1,046,936 | 608,604 | 7,086,749 | 534,321 | ||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | (170,639 | ) | – | – | (20,291 | ) | – | (46,526 | ) | |||||||||||||||
Fees paid indirectly (Note 7) | (4,943 | ) | – | (877 | ) | (976 | ) | – | (120 | ) | ||||||||||||||
Net expenses | 1,687,260 | 2,113,967 | 1,046,059 | 587,337 | 7,086,749 | 487,675 | ||||||||||||||||||
Net investment income (loss) | 97,479 | 6,524,854 | 1,143,793 | (360,469 | ) | 36,065,508 | 804,925 | |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 22,392,253 | 37,237,152 | 17,540,445 | 24,025,564 | 63,175,662 | 800,440 | ||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | (10,447,310 | ) | – | |||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | 3,856,446 | – | – | 3,318,625 | – | ||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 95 | 284 | – | – | – | (26 | ) | |||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 22,392,348 | 41,093,882 | 17,540,445 | 24,025,564 | 56,046,977 | 800,414 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 35,387,186 | 114,679,197 | 21,769,010 | (5,617,565 | ) | 350,425,972 | 8,442,371 | |||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | 12,538,092 | – | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 377,727 | – | – | 2,329,389 | – | ||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (13 | ) | (18 | ) | – | (23 | ) | – | 583 | |||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 35,387,173 | 115,056,906 | 21,769,010 | (5,617,588 | ) | 365,293,453 | 8,442,954 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 57,779,521 | 156,150,788 | 39,309,455 | 18,407,976 | 421,340,430 | 9,243,368 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 57,877,000 | $ | 162,675,642 | $ | 40,453,248 | $ | 18,047,507 | $ | 457,405,938 | $ | 10,048,293 | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 746 | $ | 4,536 | $ | 1,613 | $ | 2,487 | $ | 6,663 | $ | 5,042 | ||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Notes to Financial Statements
250
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, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,519,759 | $ | 2,800,764 | $ | (224,432 | ) | $ | 948,231 | $ | 330,020 | $ | 658,450 | $ | 1,992,523 | $ | 4,036,777 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 4,692,396 | 10,398,535 | 28,686,642 | 38,177,384 | 1,710,147 | 1,473,982 | (1,721,020 | ) | 5,814,565 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 4,672,132 | 8,472,957 | 68,848,454 | 51,009,724 | 3,564,923 | 7,080,789 | (2,289,382 | ) | (6,586,307 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 10,884,287 | 21,672,256 | 97,310,664 | 90,135,339 | 5,605,090 | 9,213,221 | (2,017,879 | ) | 3,265,035 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,231,904 | ) | – | (224,987 | ) | – | (209,946 | ) | – | (5,162,897 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (651,012 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
Total distributions to shareholders | – | (3,882,916 | ) | – | (224,987 | ) | – | (209,946 | ) | – | (5,162,897 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (2,005,687 | ) | 1,144,350 | (20,989,850 | ) | 669,780 | 381,544 | 4,422,227 | (28,851,111 | ) | (1,073,543 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 8,878,600 | 18,933,690 | 76,320,814 | 90,580,132 | 5,986,634 | 13,425,502 | (30,868,990 | ) | (2,971,405 | ) | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 163,788,078 | 144,854,388 | 495,225,710 | 404,645,578 | 41,901,103 | 28,475,601 | 230,018,270 | 232,989,675 | ||||||||||||||||||||||||
End of period† | $ | 172,666,678 | $ | 163,788,078 | $ | 571,546,524 | $ | 495,225,710 | $ | 47,887,737 | $ | 41,901,103 | $ | 199,149,280 | $ | 230,018,270 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 4,541,672 | $ | 3,021,913 | $ | 670,149 | $ | 894,581 | $ | 988,380 | $ | 658,360 | $ | 7,561,948 | $ | 5,569,425 | ||||||||||||||||
See Notes to Financial Statements
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VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | EMERGING ECONOMIESFUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Period Ended December 19,2012# - May 31,2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,207,561 | $ | 3,117,416 | $ | 6,634,078 | $ | 12,392,478 | $ | (7,925 | ) | $ | (7,830 | ) | $ | 9,125,791 | $ | 10,805,815 | ||||||||||||||
Net realized gain (loss) on investments and foreign | 11,087,811 | 13,851,336 | 48,343,940 | 10,133,966 | (443,366 | ) | 574,789 | (1,812,468 | ) | 1,867,115 | ||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 18,987,092 | 40,945,387 | 6,262,261 | 87,263,946 | 10,803,909 | 2,136,086 | 5,728,571 | 66,716,593 | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from | 31,282,464 | 57,914,139 | 61,240,279 | 109,790,390 | 10,352,618 | 2,703,045 | 13,041,894 | 79,389,523 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,330,758 | ) | – | (7,071,676 | ) | – | – | – | (4,045,089 | ) | |||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | |||||||||||||||||||||||||
Total distributions to shareholders | – | (3,330,758 | ) | – | (7,071,676 | ) | – | – | – | (4,045,089 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from | (10,317,873 | ) | (23,205,206 | ) | 5,917,136 | 118,348,241 | 85,168,951 | 84,200,760 | (51,954,820 | ) | 121,818,078 | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 20,964,591 | 31,378,175 | 67,157,415 | 221,066,955 | 95,521,569 | 86,903,805 | (38,912,926 | ) | 197,162,512 | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 242,367,237 | 210,989,062 | 567,499,301 | 346,432,346 | 86,903,805 | – | 698,479,714 | 501,317,202 | ||||||||||||||||||||||||
End of period† | $ | 263,331,828 | $ | 242,367,237 | $ | 634,656,716 | $ | 567,499,301 | $ | 182,425,374 | $ | 86,903,805 | $ | 659,566,788 | $ | 698,479,714 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 4,308,275 | $ | 3,100,714 | $ | 19,009,221 | $ | 12,375,143 | $ | (15,087 | ) | $ | (7,162 | ) | $ | 18,500,930 | $ | 9,375,139 | ||||||||||||||
# | Commencement of operations |
See Notes to Financial Statements
252
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
FOREIGN VALUE FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 5,055,553 | $ | 19,917,745 | $ | 5,566,708 | $ | 6,441,100 | $ | 2,140,535 | $ | 5,791,683 | $ | 5,021,050 | $ | 12,986,856 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 1,038,942 | (379,496 | ) | 11,544,739 | 33,641,391 | 20,786,625 | 17,929,647 | 16,313,810 | 6,912,109 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 138,015,471 | 237,574,077 | (16,421,398 | ) | 36,198,991 | 23,585,564 | 46,328,495 | 22,229,006 | 98,286,241 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 144,109,966 | 257,112,326 | 690,049 | 76,281,482 | 46,512,724 | 70,049,825 | 43,563,866 | 118,185,206 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (26,987,749 | ) | – | (5,610,988 | ) | – | (5,032,332 | ) | – | (26,416,216 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | (10,219,178 | ) | – | – | – | – | |||||||||||||||||||||||
Total distributions to shareholders | – | (26,987,749 | ) | – | (15,830,166 | ) | – | (5,032,332 | ) | – | (26,416,216 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (54,008,872 | ) | (75,193,163 | ) | (13,485,015 | ) | 42,452,241 | 71,643,796 | (5,753,556 | ) | 23,875,528 | (66,593,056 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 90,101,094 | 154,931,414 | (12,794,966 | ) | 102,903,557 | 118,156,520 | 59,263,937 | 67,439,394 | 25,175,934 | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 913,025,062 | 758,093,648 | 384,542,971 | 281,639,414 | 300,545,030 | 241,281,093 | 465,060,173 | 439,884,239 | ||||||||||||||||||||||||
End of period† | $ | 1,003,126,156 | $ | 913,025,062 | $ | 371,748,005 | $ | 384,542,971 | $ | 418,701,550 | $ | 300,545,030 | $ | 532,499,567 | $ | 465,060,173 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 23,517,706 | $ | 18,462,153 | $ | 15,689,864 | $ | 10,123,156 | $ | 7,827,113 | $ | 5,686,578 | $ | 15,378,696 | $ | 10,357,646 | ||||||||||||||||
See Notes to Financial Statements
253
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,563,229 | $ | 3,071,794 | $ | 3,057,363 | $ | 7,640,559 | $ | 566,856 | $ | 875,242 | $ | (1,436,049 | ) | $ | (1,589,840 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (939,938 | ) | 855,822 | 52,002,252 | 83,739,345 | 10,698,851 | 10,648,542 | 44,113,330 | 21,189,628 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (2,767,554 | ) | (4,579,312 | ) | 49,269,047 | 55,868,878 | 492,167 | 7,243,990 | 48,183,513 | 89,196,870 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,144,263 | ) | (651,696 | ) | 104,328,662 | 147,248,782 | 11,757,874 | 18,767,774 | 90,860,794 | 108,796,658 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,575,957 | ) | – | (5,671,417 | ) | – | (767,908 | ) | – | – | |||||||||||||||||||||
Net realized gain on securities | – | (754,395 | ) | – | – | – | – | – | (18,519,035 | ) | ||||||||||||||||||||||
Total distributions to shareholders | – | (4,330,352 | ) | – | (5,671,417 | ) | – | (767,908 | ) | – | (18,519,035 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 23,882,396 | (4,160,924 | ) | (24,187,071 | ) | (83,551,486 | ) | (229,296 | ) | (3,390,268 | ) | 20,932,871 | 61,165,792 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 21,738,133 | (9,142,972 | ) | 80,141,591 | 58,025,879 | 11,528,578 | 14,609,598 | 111,793,665 | 151,443,415 | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 136,786,103 | 145,929,075 | 823,540,943 | 765,515,064 | 95,666,633 | 81,057,035 | 412,097,812 | 260,654,397 | ||||||||||||||||||||||||
End of period† | $ | 158,524,236 | $ | 136,786,103 | $ | 903,682,534 | $ | 823,540,943 | $ | 107,195,211 | $ | 95,666,633 | $ | 523,891,477 | $ | 412,097,812 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 5,187,218 | $ | 3,623,989 | $ | 10,711,427 | $ | 7,654,064 | $ | 1,447,913 | $ | 881,057 | $ | (3,015,276 | ) | $ | (1,579,227 | ) | ||||||||||||||
See Notes to Financial Statements
254
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 4,177,050 | $ | 8,507,330 | $ | 9,466,155 | $ | 24,633,247 | $ | 2,438,322 | $ | 5,245,339 | $ | 1,206,143 | $ | 8,608,611 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 437,033 | 4,991,083 | 22,633,806 | 8,699,013 | (1,138,618 | ) | 2,894,605 | 27,402,958 | 26,674,905 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (18,861,481 | ) | (12,991,606 | ) | 84,927,410 | 165,017,377 | (3,460,790 | ) | (4,157,904 | ) | 39,271,542 | 101,712,051 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (14,247,398 | ) | 506,807 | 117,027,371 | 198,349,637 | (2,161,086 | ) | 3,982,040 | 67,880,643 | 136,995,567 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (11,468,245 | ) | – | (23,116,984 | ) | – | (6,321,232 | ) | – | (8,748,947 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (4,789,535 | ) | – | – | |||||||||||||||||||||||
Total distributions to shareholders | – | (11,468,245 | ) | – | (23,116,984 | ) | – | (11,110,767 | ) | – | (8,748,947 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 4,826,084 | 43,460,085 | (36,305,283 | ) | 135,877,424 | (10,532,013 | ) | (3,775,055 | ) | (53,363,650 | ) | (10,999,285 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (9,421,314 | ) | 32,498,647 | 80,722,088 | 311,110,077 | (12,693,099 | ) | (10,903,782 | ) | 14,516,993 | 117,247,335 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 446,316,524 | 413,817,877 | 1,000,950,007 | 689,839,930 | 184,590,284 | 195,494,066 | 603,086,205 | 485,838,870 | ||||||||||||||||||||||||
End of period† | $ | 436,895,210 | $ | 446,316,524 | $ | 1,081,672,095 | $ | 1,000,950,007 | $ | 171,897,185 | $ | 184,590,284 | $ | 617,603,198 | $ | 603,086,205 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 12,718,466 | $ | 8,541,416 | $ | 34,053,034 | $ | 24,586,879 | $ | 5,923,482 | $ | 3,485,160 | $ | 9,898,425 | $ | 8,692,282 | ||||||||||||||||
See Notes to Financial Statements
255
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 865,746 | $ | 1,607,927 | $ | 792,445 | $ | 2,079,320 | $ | 17,138,746 | $ | 34,674,029 | $ | (153,413 | ) | $ | 1,570,418 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 14,247,479 | 11,995,134 | 65,624,538 | 27,629,318 | 71,830,062 | 128,193,742 | 14,913,267 | 4,590,171 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 4,822,922 | 25,234,105 | (17,800,004 | ) | 31,006,367 | 216,744,244 | 517,919,773 | 20,768,470 | 44,260,607 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 19,936,147 | 38,837,166 | 48,616,979 | 60,715,005 | 305,713,052 | 680,787,544 | 35,528,324 | 50,421,196 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (1,347,765 | ) | – | (739,174 | ) | – | (25,086,430 | ) | – | – | |||||||||||||||||||||
Net realized gain on securities | – | (16,063,573 | ) | – | (28,422,069 | ) | – | (87,788,582 | ) | – | (5,866,213 | ) | ||||||||||||||||||||
Total distributions to shareholders | – | (17,411,338 | ) | – | (29,161,243 | ) | – | (112,875,012 | ) | – | (5,866,213 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (9,364,674 | ) | 13,909,909 | (19,465,119 | ) | (7,997,307 | ) | (149,219,912 | ) | (58,068,883 | ) | (4,587,613 | ) | (30,454,634 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 10,571,473 | 35,335,737 | 29,151,860 | 23,556,455 | 156,493,140 | 509,843,649 | 30,940,711 | 14,100,349 | ||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 160,616,822 | 125,281,085 | 367,527,216 | 343,970,761 | 2,925,307,825 | 2,415,464,176 | 260,137,777 | 246,037,428 | ||||||||||||||||||||||||
End of period† | $ | 171,188,295 | $ | 160,616,822 | $ | 396,679,076 | $ | 367,527,216 | $ | 3,081,800,965 | $ | 2,925,307,825 | $ | 291,078,488 | $ | 260,137,777 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 2,473,612 | $ | 1,607,866 | $ | 2,869,118 | $ | 2,076,673 | $ | 52,037,491 | $ | 34,898,745 | $ | 1,501,338 | $ | 1,654,751 | ||||||||||||||||
See Notes to Financial Statements
256
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
MONEY MARKET I FUND | NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 19,293 | $ | 39,082 | $ | 1,105,635 | $ | 1,956,998 | $ | (228,875 | ) | $ | 1,128,596 | $ | (344,682 | ) | $ | (461,727 | ) | |||||||||||||
Net realized gain (loss) on investments and foreign currencies | 4,574 | 17,162 | 3,285,915 | (874,788 | ) | 67,438,756 | 47,881,619 | 13,675,809 | 10,050,352 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | – | – | 30,637,487 | 31,348,634 | 74,775,221 | 92,538,877 | 5,606,656 | 10,150,381 | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 23,867 | 56,244 | 35,029,037 | 32,430,844 | 141,985,102 | 141,549,092 | 18,937,783 | 19,739,006 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (19,293 | ) | (39,087 | ) | – | (846,374 | ) | – | – | – | – | |||||||||||||||||||||
Net realized gain on securities | – | – | – | (4,326,723 | ) | – | – | – | (1,041,533 | ) | ||||||||||||||||||||||
Total distributions to shareholders | (19,293 | ) | (39,087 | ) | – | (5,173,097 | ) | – | – | – | (1,041,533 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (632,087 | ) | (30,418,197 | ) | (3,394,682 | ) | 12,354,293 | (35,568,265 | ) | (83,053,460 | ) | 6,223,764 | (8,699,269 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (627,513 | ) | (30,401,040 | ) | 31,634,355 | 39,612,040 | 106,416,837 | 58,495,632 | 25,161,547 | 9,998,204 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 378,086,227 | 408,487,267 | 202,594,637 | 162,982,597 | 772,613,737 | 714,118,105 | 82,222,467 | 72,224,263 | ||||||||||||||||||||||||
End of period† | $ | 377,458,714 | $ | 378,086,227 | $ | 234,228,992 | $ | 202,594,637 | $ | 879,030,574 | $ | 772,613,737 | $ | 107,384,014 | $ | 82,222,467 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 1,129 | $ | 1,129 | $ | 3,062,942 | $ | 1,957,307 | $ | 952,923 | $ | 1,181,798 | $ | (584,832 | ) | $ | (240,150 | ) | ||||||||||||||
See Notes to Financial Statements
257
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 97,479 | $ | 1,136,172 | $ | 6,524,854 | $ | 13,275,709 | $ | 1,143,793 | $ | 1,503,889 | $ | (360,469 | ) | $ | 39,382 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 22,392,348 | 31,107,450 | 41,093,882 | 23,827,570 | 17,540,445 | 10,742,051 | 24,025,564 | 8,657,131 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 35,387,173 | 53,153,238 | 115,056,906 | 200,876,154 | 21,769,010 | 36,161,405 | (5,617,588 | ) | 10,471,627 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 57,877,000 | 85,396,860 | 162,675,642 | 237,979,433 | 40,453,248 | 48,407,345 | 18,047,507 | 19,168,140 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (224,117 | ) | – | (10,815,364 | ) | – | (1,204,354 | ) | – | – | |||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (224,117 | ) | – | (10,815,364 | ) | – | (1,204,354 | ) | – | – | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from | (27,516,329 | ) | (33,472,859 | ) | (31,451,850 | ) | (48,590,387 | ) | (14,150,225 | ) | (2,439,128 | ) | (2,581,888 | ) | (11,017,111 | ) | ||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 30,360,671 | 51,699,884 | 131,223,792 | 178,573,682 | 26,303,023 | 44,763,863 | 15,465,619 | 8,151,029 | ||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 350,845,139 | 299,145,255 | 984,357,266 | 805,783,584 | 226,139,872 | 181,376,009 | 109,282,653 | 101,131,624 | ||||||||||||||||||||||||
End of period† | $ | 381,205,810 | $ | 350,845,139 | $ | 1,115,581,058 | $ | 984,357,266 | $ | 252,442,895 | $ | 226,139,872 | $ | 124,748,272 | $ | 109,282,653 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 834,600 | $ | 737,121 | $ | 20,116,408 | $ | 13,591,554 | $ | 2,730,518 | $ | 1,586,725 | $ | (503,614 | ) | $ | (143,145 | ) | ||||||||||||||
See Notes to Financial Statements
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STATEMENTS OF CHANGES IN NET ASSETS — (continued)
STOCK INDEX FUND | VALUE FUND | |||||||||||||||
For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | For the Six Months Ended November 30, 2013 (Unaudited) | For the Year Ended May 31, 2013 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 36,065,508 | $ | 71,207,339 | $ | 804,925 | $ | 1,911,428 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 56,046,977 | 118,853,048 | 800,414 | 4,882,432 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 365,293,453 | 687,301,881 | 8,442,954 | 21,878,618 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | 457,405,938 | 877,362,268 | 10,048,293 | 28,672,478 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | – | (61,450,683 | ) | – | (2,211,912 | ) | ||||||||||
Net realized gain on securities | – | (54,568,138 | ) | – | – | |||||||||||
Total distributions to shareholders | – | (116,018,821 | ) | – | (2,211,912 | ) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (83,335,661 | ) | (180,478,280 | ) | (2,168,490 | ) | (15,978,360 | ) | ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 374,070,277 | 580,865,167 | 7,879,803 | 10,482,206 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 3,974,530,754 | 3,393,665,587 | 111,302,608 | 100,820,402 | ||||||||||||
End of period† | $ | 4,348,601,031 | $ | 3,974,530,754 | $ | 119,182,411 | $ | 111,302,608 | ||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 107,331,205 | $ | 71,265,697 | $ | 2,715,673 | $ | 1,910,748 | ||||||||
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 34 separate mutual funds (the “Funds”), each of which issues its own separate class of capital shares:
Asset Allocation Fund | International Equities Fund | |
Blue Chip Growth Fund | International Government Bond Fund | |
Broad Cap Value Income Fund | International Growth Fund | |
Capital Conservation Fund | Large Cap Core Fund | |
Core Equity Fund | Large Capital Growth Fund | |
Dividend Value Fund | Mid Cap Index Fund | |
Dynamic Allocation Fund* | Mid Cap Strategic Growth Fund | |
Emerging Economies Fund | Money Market I Fund | |
Foreign Value Fund | Nasdaq-100® Index Fund | |
Global Real Estate Fund | Science & Technology Fund | |
Global Social Awareness Fund | Small Cap Aggressive Growth Fund | |
Global Strategy Fund | Small Cap Fund | |
Government Securities Fund | Small Cap Index Fund | |
Growth Fund | Small Cap Special Values Fund | |
Growth & Income Fund | Small-Mid Growth Fund | |
Health Sciences Fund | Stock Index Fund | |
Inflation Protected Fund | Value Fund |
* | Effective December 19, 2012, the Dynamic Allocation Fund commenced operations. The Fund invests under normal conditions approximately 70% to 90% of its assets in shares of the Underlying Funds, which are funds of VC I and VALIC Company II (“VC II”), (collectively, the “Underlying Companies”) (the “Fund-of-Funds Component”) and 10% to 30% of its assets in a portfolio of derivative instruments, exchange traded funds (“ETFs”), fixed income securities and short-term investments (the “Overlay Component”). |
Each Fund is diversified with the exception of International Government Bond Fund and Nasdaq-100® Index 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 liability 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 those estimates and those differences could be significant. The following is a summary of significant accounting policies consistently followed by the Trust/Fund in the preparation of its financial statements:
Security Valuation
In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, the Funds disclose the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP established a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:
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 of Directors (“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.)
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The summary of inputs used to value the Funds’ net assets as of November 30, 2013 are reported on a schedule following the Portfolio of Investments.
Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. 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 (“NYSE”), 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, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. 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 the security. 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 a 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 NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.
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 and are generally categorized as Level 2. 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, and are generally categorized as Level 2.
Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in 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. Registered investment companies are generally categorized as Level 1.
Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade and are generally categorized as Level 1. Options traded on national securities exchanges are valued as of the close of the exchange upon which they trade and are generally categorized as Level 1. Options and swap contracts traded on over-the-counter markets are marked-to-market daily based upon quotations received from an approved outside pricing service or market makers and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.
For the Money Market I Fund, securities are valued at amortized cost, which approximates market value and are generally categorized as Level 2. 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 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.
Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which 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 and are generally categorized as Level 1 or Level 2.
The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Funds, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Fund’s fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Derivative Instruments
Forward Foreign Currency Contracts: Certain Funds may enter into 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, to hedge portfolio exposure to benchmark currency allocations, to manage and/or gain exposure to certain foreign currencies or to enhance return. During the six months ended November 30, 2013, the Global Strategy Fund used Forward Contracts to attempt protect securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. As of November 30, 2013, the Global Strategy Fund had open forward contracts, which are reported on a schedule following each Fund’s Portfolio of Investments.
A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by the Fund as unrealized appreciation or depreciation. 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, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum risk due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. 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: 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, to manage duration and yield curve positioning, or to enhance income or total return. During the period ended November 30, 2013, the Asset Allocation Fund, Dynamic Allocation Fund, Emerging Economies Fund, Global Social Awareness Fund, Growth & Income 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 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. As of November 30, 2013, the following Funds had open futures contracts: Dynamic Allocation Fund, Global Social Awareness Fund, Growth & Income 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.
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 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”). Subsequent payments are made or received by the Fund as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statement of Assets and Liabilities as variation margin for changes in the value of the contracts and as due to/from broker for the changes in the value of the initial margin requirement. 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.
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. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While the Funds will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, a Fund may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to the Funds since the futures contracts are generally exchange-traded.
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 six months ended November 30, 2013, the Health Sciences Fund used options contracts to facilitate trading, increase market exposure, 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, 2013, 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.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Risks to the Funds of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty 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. Transactions in options written during the period ended November 30, 2013 are summarized as follows:
Written Options | ||||||||
Health Sciences | ||||||||
Number of Contracts | Premiums Received | |||||||
Options Outstanding as of May 31, 2013 | 2,369 | 1,536,253 | ||||||
Options Written | 702 | 213,503 | ||||||
Options terminated in closing purchase transactions | (641 | ) | (332,402 | ) | ||||
Options exercised | (272 | ) | (88,812 | ) | ||||
Options expired | (431 | ) | (130,675 | ) | ||||
Options Outstanding as of November 30, 2013 | 1,727 | 1,197,867 | ||||||
Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swap and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by the Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when a Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to instruments subject to Master Agreements that are in a net liability position could be material to the Fund’s financial statements. See additional information on specific types of derivative instruments and other financial instruments as disclosed in the Notes to the Financial Statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Asset and Liabilities.
The following tables represent the value of derivatives held as of November 30, 2013, 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, 2013. For a detailed presentation of derivatives held as of November 30, 2013, please refer to the Portfolio of Investments:
Asset Allocation Fund | ||||||||||||
Asset Derivatives 2013 | Liability Derivatives 2013 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2) | 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 | |||||||
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 | $ | (989,155 | ) | $ | 477,120 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $0. |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Dynamic Allocation Fund | ||||||||||||
Asset Derivatives 2013 | Liability Derivatives 2013 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | $ | 10,269 | ||||||
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 | $ | (717,706 | ) | $ | 892,346 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $22,561,818 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $911,430 as reported in the Portfolio of Investments. |
Emerging Economies Fund | ||||||||||||
Asset Derivatives 2013 | Liability Derivatives 2013 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2) | 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 | |||||||
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 | $ | (1,581,895 | ) | $ | — | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $10,564,025 |
Global Social Awareness Fund | ||||||||||||
Asset Derivatives 2013 | Liability Derivatives 2013 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | $ | 400 | ||||||
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 | $ | 465,986 | $ | 150,541 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $13,185,679 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $107,330 as reported in the Portfolio of Investments. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Global Strategy Fund | ||||||||||||
Asset Derivatives 2013 | Liability Derivatives 2013 | |||||||||||
Derivative Contracts(1) | ||||||||||||
Foreign exchange contracts(2) | Unrealized appreciation on forward foreign currency contracts | $ | 2,058,239 | Unrealized depreciation on forward foreign currency contracts | $ | 2,358,728 | ||||||
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 | $ | 2,383,083 | $ | (5,049,166 | ) | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2013, 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 $147,933,590 |
Growth & Income Fund | ||||||||||||
Asset Derivatives 2013 | Liability Derivatives 2013 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | $ | 425 | ||||||
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 | $ | 26,840 | $ | 8,728 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $162,721 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $8,728 as reported in the Portfolio of Investments. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Health Sciences Fund | ||||||||||||
Asset Derivatives 2013 | Liability Derivatives 2013 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3)(5) | Call and put options purchased, at value | $ | 980 | Call and put options purchased, at value | $ | — | ||||||
Call and put options written, at value | — | Call and put options written, at value | 292,740 | |||||||||
$ | 980 | $ | 292,740 | |||||||||
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)(3)(4)(6) | Net realized gain (loss) on purchased options/Change in unrealized appreciation (depreciation) on purchased options | $ | — | $ | 980 | |||||
Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 168,803 | 689,184 | ||||||||
$ | 168,803 | $ | 690,164 | |||||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity purchased options contracts was $999 |
(3) | The average value outstanding for equity written options contracts was $665,242 |
(4) | The realized gain (loss) on options purchased are included in net realized gain (loss) on investments. |
(5) | Purchased options contracts are included in investments at value (unaffiliated). |
(6) | The change in unrealized appreciation (depreciation) on purchased options contracts is included in change in unrealized appreciation (depreciation) on investments (unaffiliated) |
International Equities Fund | ||||||||||||
Asset Derivatives 2013 | Liability Derivatives 2013 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | 2,500 | Variation margin on futures contracts | $ | 65,982 | ||||||
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 | $ | 1,428,586 | $ | 65,808 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $13,136,115 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(59,847) as reported in the Portfolio of Investments. |
Mid Cap Index Fund | ||||||||||||
Asset Derivatives 2013 | Liability Derivatives 2013 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | $ | 188,340 | ||||||
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 | $ | 6,579,259 | $ | (2,382,411 | ) | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $65,679,477 |
(3) | The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $498,722 as reported in the Portfolio of Investments. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
NASDAQ-100® Index Fund | ||||||||||||
Asset Derivatives 2013 | Liability Derivatives 2013 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | 27,740 | 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 | |||||||
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 | $ | 1,020,256 | $ | 58,405 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $6,585,447 |
(3) | The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $273,785 as reported in the Portfolio of Investments. |
Small Cap Index Fund | ||||||||||||
Asset Derivatives 2013 | Liability Derivatives 2013 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | 33,720 | 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 | |||||||
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 | $ | 3,856,446 | $ | 377,727 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $26,673,335 |
(3) | The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $1,661,887 as reported in the Portfolio of Investments. |
Stock Index Fund | ||||||||||||
Asset Derivatives 2013 | Liability Derivatives 2013 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | $ | 8,930 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | 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 | $ | 3,318,625 | $ | 2,329,389 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2013, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average value outstanding for equity futures contracts was $67,979,043 |
(3) | The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $3,486,711 as reported in the Portfolio of Investments. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
As of November 30, 2013, the following tables represent derivative and financial assets and liabilities (by type) on a gross basis and related collateral pledged for derivatives and financial instruments subject to master netting arrangements. If a Fund does not have a derivative or financial asset or liability, a table will not be presented. Futures contracts are presented at the variation margin receivable or payable:
Blue Chip Growth Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 31,436,590 | — | 31,436,590 | |||||||||||||
Total | $ | 31,436,590 | $ | — | $ | 31,436,590 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Pledged@ | Net Amount# | ||||||||||||
State Street Global Markets | $ | 31,436,590 | $ | (30,801,151) | $ | — | $ | 635,439 | ||||||||
Capital Conservation Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 7,247,360 | — | 7,247,360 | |||||||||||||
Total | $ | 7,247,360 | $ | — | $ | 7,247,360 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Pledged@ | Net Amount# | ||||||||||||
State Street Global Markets | $ | 7,247,360 | $ | (7,098,863 | ) | $ | — | $ | 148,497 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Core Equity Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Repurchase Agreements subject to a master netting arrangement or similar arrangement | 2,445,000 | — | 2,445,000 | |||||||||||||
Total | $ | 2,445,000 | $ | — | $ | 2,445,000 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Received@ | Net Amount# | ||||||||||||
State Street Bank and Trust Co. | $ | 2,445,000 | $ | (2,445,000 | ) | $ | — | $ | — | |||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 16,435,574 | — | 16,435,574 | |||||||||||||
Total | $ | 16,435,574 | $ | — | $ | 16,435,574 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Pledged@ | Net Amount# | ||||||||||||
State Street Global Markets | $ | 16,435,574 | $(16,063,771) | $ | — | $ | 371,803 | |||||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Dividend Value Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Repurchase Agreements subject to a master netting arrangement or similar arrangement | 3,676,000 | — | 3,676,000 | |||||||||||||
Total | $ | 3,676,000 | $ | — | $ | 3,676,000 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Received@ | Net Amount# | ||||||||||||
State Street Bank and Trust Co. | $ | 3,676,000 | $ | (3,676,000 | ) | $ | — | $ | — | |||||||
Dynamic Allocation Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Equity contracts | ||||||||||||||||
Over the counter | $ | — | $ | — | $ | — | ||||||||||
Exchange traded | 10,269 | — | 10,269 | |||||||||||||
Centrally cleared | — | — | — | |||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | 10,269 | — | 10,269 | |||||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | $ | 10,269 | $ | — | $ | 10,269 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial | Collateral Pledged@ | Net Amount# | ||||||||||||
Goldman Sachs & Co.* | $ | 10,269 | $ | — | $ | (10,269 | ) | $ | — | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
* | Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Emerging Economies Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 21,285,185 | — | 21,285,185 | |||||||||||||
Total | $ | 21,285,185 | $ | — | $ | 21,285,185 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial | Collateral | Net Amount# | ||||||||||||
State Street Global Markets | $ | 21,285,185 | $ | (20,189,996) | $ | — | $ | 1,095,189 | ||||||||
Foreign Value Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 53,941,750 | — | 53,941,750 | |||||||||||||
Total | $ | 53,941,750 | $ | — | $ | 53,941,750 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial | Collateral | Net Amount# | ||||||||||||
State Street Global Markets | $ | 53,941,750 | $ | (51,537,330 | ) | $ | — | $ | 2,404,420 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Global Social Awareness Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $— | $ | — | $ | — | |||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | 400 | — | 400 | |||||||||||||
Total derivatives | 400 | — | 400 | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 8,735,188 | — | 8,735,188 | |||||||||||||
Total | $ | 8,735,588 | $ | — | $ | 8,735,588 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial | Collateral | Net Amount# | ||||||||||||
State Street Global Markets | $ | 8,735,188 | $ | (8,516,479 | ) | $ | — | $ | 218,708 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Global Strategy Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||
Over the Counter | $ | 2,058,239 | $ | — | $ | 2,058,239 | ||||||||||
Exchange traded | — | — | — | |||||||||||||
Centrally cleared | — | — | — | |||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | 2,058,239 | — | 2,058,239 | |||||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | $ | 2,058,239 | $ | — | $ | 2,058,239 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial | Collateral Received@ | Net Amount# | ||||||||||||
Barclays Investments, Inc. | $ | 367,810 | $ | (270,379 | ) | $ | — | $ | 97,431 | |||||||
Citibank N.A | 286,430 | (272,175 | ) | — | 14,255 | |||||||||||
Deutsche Bank AG | 539,898 | (539,898 | ) | — | — | |||||||||||
Goldman Sachs International | 46,054 | (28,102 | ) | — | 17,952 | |||||||||||
HSBC Bank PLC | 273,556 | (92,080 | ) | — | 181,476 | |||||||||||
JPMorgan Chase & Co | 532,045 | (330,770 | ) | — | 201,275 | |||||||||||
Morgan Stanley & Co., Inc | 12,446 | (12,446 | ) | — | — | |||||||||||
$ | 2,058,239 | $ | (1,545,850 | ) | $ | — | $ | 512,389 | ||||||||
@ | For each respective counterparty, the collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
273
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Global Strategy Fund (continued) | �� | |||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Equity contracts | ||||||||||||||||
Over the counter | $ | 2,358,727 | $ | — | $ | 2,358,727 | ||||||||||
Exchange traded | — | — | — | |||||||||||||
Centrally cleared | — | — | — | |||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | 2,358,727 | — | 2,358,727 | |||||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | 2,358,727 | — | 2,358,727 | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 21,540,367 | — | 21,540,367 | |||||||||||||
Total | $ | 23,899,094 | $ | — | $ | 23,899,094 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Received@ | Net Amount# | ||||||||||||
Barclays Investments, Inc | $ | 270,378 | $ | (270,379 | ) | $ | — | $ | — | |||||||
Citibank N.A | 272,175 | (272,175 | ) | — | — | |||||||||||
Deutsche Bank AG | 797,552 | (539,898 | ) | — | 257,654 | |||||||||||
Goldman Sachs International | 28,102 | (28,102 | ) | — | — | |||||||||||
HSBC Bank PLC | 92,080 | (92,080 | ) | — | — | |||||||||||
JPMorgan Chase & Co | 330,770 | (330,770 | ) | — | — | |||||||||||
Morgan Stanley & Co., Inc | 240,170 | (12,446 | ) | — | 227,724 | |||||||||||
State Street Global Markets | 21,540,367 | (20,947,109 | ) | — | 593,258 | |||||||||||
UBS AG | 327,500 | — | — | 327,500 | ||||||||||||
$ | 23,899,094 | $ | (22,498,893 | ) | $ | — | $ | 1,400,202 | ||||||||
@ | For each respective counterparty, the collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Government Securities Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Repurchase Agreements subject to a master netting arrangement or similar arrangement | 9,583,000 | — | 9,583,000 | |||||||||||||
Total | $ | 9,583,000 | $ | — | $ | 9,583,000 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial | Collateral | Net Amount# | ||||||||||||
State Street Bank and Trust Co. | $ | 9,583,000 | $ | (9,583,000 | ) | $ | — | $ | — | |||||||
Growth Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 63,337,380 | — | 63,337,380 | |||||||||||||
Total | $ | 63,337,380 | $ | — | $ | 63,337,380 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial | Collateral | Net Amount# | ||||||||||||
State Street Global Markets | $ | 63,337,380 | $ | (61,968,120 | ) | $ | — | $ | 1,369,260 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Growth & Income Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Equity contracts | ||||||||||||||||
Over the counter | $ | — | $ | — | $ | — | ||||||||||
Exchange traded | 425 | — | 425 | |||||||||||||
Centrally cleared | — | — | — | |||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | 425 | — | 425 | |||||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | 425 | — | 425 | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 4,735,624 | — | 4,735,624 | |||||||||||||
Total | $ | 4,736,049 | $ | — | $ | 4,736,049 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial | Collateral Pledged@ | Net Amount# | ||||||||||||
Goldman Sachs & Co.* | $ | 425 | $ | — | $ | (425 | ) | $ | — | |||||||
State Street Global Markets | 4,735,624 | (4,607,093 | ) | — | 128,531 | |||||||||||
$ | 4,736,049 | $ | (4,607,093 | ) | $ | (425 | ) | $ | 128,531 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
* | Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Health Sciences Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Equity contracts | ||||||||||||||||
Over the counter | $ | — | $ | — | $ | — | ||||||||||
Exchange traded | 980 | — | 980 | |||||||||||||
Centrally cleared | — | — | — | |||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | 980 | — | 980 | |||||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | $ | 980 | $ | — | $ | 980 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial | Collateral Received@ | Net Amount# | ||||||||||||
Morgan Stanley & Co. LLC | $ | 980 | $ | — | $ | — | $ | 980 | ||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Equity contracts | ||||||||||||||||
Over the counter | $ | 292,740 | $ | — | $ | 292,740 | ||||||||||
Exchange traded | — | — | — | |||||||||||||
Centrally cleared | — | — | — | |||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | 292,740 | — | 292,740 | |||||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | $ | 292,740 | $ | — | $ | 292,740 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial | Collateral Pledged@ | Net Amount# | ||||||||||||
Citigroup Global Markets, Inc. | $ | 204,925 | $ | — | $ | — | $ | 204,925 | ||||||||
JPMorgan Clearing Corp. | 4,560 | — | — | 4,560 | ||||||||||||
Merrill Lynch Pierce Fenner & Smith | 6,326 | — | — | 6,326 | ||||||||||||
Morgan Stanley & Co. LLC | 76,929 | — | — | 76,929 | ||||||||||||
$ | 292,740 | $ | — | $ | — | $ | 292,740 | |||||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
International Equities Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | 2,500 | — | 2,500 | |||||||||||||
Total derivatives | $ | 2,500 | $ | — | $ | 2,500 | ||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ — | $ | — | $ | — | |||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | 65,982 | — | 65,982 | |||||||||||||
Total derivatives | 65,982 | — | 65,982 | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 39,502,304 | — | 39,502,304 | |||||||||||||
Total | $ | 39,568,286 | $ | — | $ | 39,568,286 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial | Collateral Pledged@ | Net Amount# | ||||||||||||
State Street Global Markets | $ | 39,502,304 | $ | (37,396,689) | $ | — | $ | 2,105,615 | ||||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
International Growth Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 27,851,193 | — | 27,851,193 | |||||||||||||
Total | $ | 27,851,193 | $ | — | $ | 27,851,193 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial | Collateral | Net Amount# | ||||||||||||
State Street Global Markets | $ | 27,851,193 | $ | (26,735,490 | ) | $ | — | $ | 1,115,703 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Large Cap Core Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Repurchase Agreements subject to a master netting arrangement or similar arrangement | 2,702,000 | — | 2,702,000 | |||||||||||||
Total | $ | 2,702,000 | $ | — | $ | 2,702,000 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial | Collateral | Net Amount# | ||||||||||||
State Street Bank and Trust Co. | $ | 2,702,000 | $ | (2,702,000 | ) | $ | — | $ | — | |||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 6,018,450 | — | 6,018,450 | |||||||||||||
Total | $ | 6,018,450 | $ | — | $ | 6,018,450 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial | Collateral | Net Amount# | ||||||||||||
State Street Global Markets | $ | 6,018,450 | $ | (5,880,126 | ) | $ | — | $ | 138,324 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Large Capital Growth Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 16,797,488 | — | 16,797,488 | |||||||||||||
Total | $ | 16,797,488 | $ | — | $ | 16,797,488 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial | Collateral | Net Amount# | ||||||||||||
State Street Global Markets | $ | 16,797,488 | $ | (16,392,740 | ) | $ | — | $ | 404,748 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Mid Cap Index Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Repurchase Agreements subject to a master netting arrangement or similar arrangement | 10,687,000 | — | 10,687,000 | |||||||||||||
Total | $ | 10,687,000 | $ | — | $ | 10,687,000 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial | Collateral Received@ | Net Amount# | ||||||||||||
State Street Bank and Trust Co. | $ | 10,687,000 | $ | (10,687,000 | ) | $ | — | $ | — | |||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Equity contracts | ||||||||||||||||
Over the counter | $ | — | $ | — | $ | — | ||||||||||
Exchange traded | 188,340 | 188,340 | ||||||||||||||
Centrally cleared | — | — | — | |||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | 188,340 | — | 188,340 | |||||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | 188,340 | — | 188,340 | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 309,388,283 | — | 309,388,283 | |||||||||||||
Total | $ | 309,576,623 | $ | — | $ | 309,576,623 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial | Collateral Pledged@ | Net Amount# | ||||||||||||
Citigroup Global Markets, Inc.* | $ | 188,340 | $ | (188,340 | ) | $ | — | $ | — | |||||||
State Street Global Markets | 309,388,283 | (302,255,323 | ) | — | 7,132,960 | |||||||||||
$ | 309,576,623 | $ | (302,443,663 | ) | $ | — | $ | 7,132,960 | ||||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
* | Exchange Traded Futures — Citigroup Global Markets, Inc. as Futures Commission Merchant |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Mid Cap Strategic Growth Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 40,060,047 | — | 40,060,047 | |||||||||||||
Total | $ | 40,060,047 | $ | — | $ | 40,060,047 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Pledged@ | Net Amount# | ||||||||||||
State Street Global Markets | $ | 40,060,047 | $ | (38,961,639 | ) | $ | — | $ | 1,098,408 | |||||||
Money Market I Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Repurchase Agreements subject to a master netting arrangement or similar arrangement | 7,547,000 | — | 7,547,000 | |||||||||||||
Total | $ | 7,547,000 | $ | — | $ | 7,547,000 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Received@ | Net Amount# | ||||||||||||
State Street Bank and Trust Co. | $ | 7,547,000 | $ | (7,547,000 | ) | $ | — | $ | — | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Nasdaq-100® Index Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Equity contracts | ||||||||||||||||
Over the counter | $ | — | $ | — | $ | — | ||||||||||
Exchange traded | 27,740 | — | 27,740 | |||||||||||||
Centrally cleared | — | — | — | |||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | 27,740 | — | 27,740 | |||||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | 27,740 | — | 27,740 | |||||||||||||
Repurchase Agreements subject to a master netting arrangement or similar arrangement | 3,129,000 | — | 3,129,000 | |||||||||||||
Total | $ | 3,156,740 | $ | — | $ | 3,156,740 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Received@ | Net Amount# | ||||||||||||
Citigroup Global Markets, Inc.* | 27,740 | (27,740 | ) | — | — | |||||||||||
State Street Bank and Trust Co. | 3,129,000 | (3,129,000 | ) | — | — | |||||||||||
$ | 3,156,740 | $ | (3,156,740 | ) | $ | — | $ | — | ||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 8,272,875 | — | 8,272,875 | |||||||||||||
Total | $ | 8,272,875 | $ | — | $ | 8,272,875 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Pledged@ | Net Amount# | ||||||||||||
State Street Global Markets | $ | 8,272,875 | $ | (8,089,003 | ) | $ | — | $ | 183,872 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
* | Exchange Traded Futures — Citigroup Global Markets, Inc. as Futures Commission Merchant |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Science & Technology Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Repurchase Agreements subject to a master netting arrangement or similar arrangement | 8,023,000 | — | 8,023,000 | |||||||||||||
Total | $ | 8,023,000 | $ | — | $ | 8,023,000 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Received@ | Net Amount# | ||||||||||||
State Street Bank and Trust Co. | $ | 8,023,000 | $ | (8,023,000 | ) | $ | — | $ | — | |||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 63,996,576 | — | 63,996,576 | |||||||||||||
Total | $ | 63,996,576 | $ | — | $ | 63,996,576 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Pledged@ | Net Amount# | ||||||||||||
State Street Global Markets | $ | 63,996,576 | $ | (62,524,601 | ) | $ | — | $ | 1,471,975 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Small Cap Aggressive Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | | $ | — | |||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | �� | ||||||||||||
Repurchase Agreements subject to a master netting arrangement or similar arrangement | 1,576,000 | — | 1,576,000 | |||||||||||||
Total | $ | 1,576,000 | $ | — | $ | 1,576,000 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Received@ | Net Amount# | ||||||||||||
State Street Bank and Trust Co. | $ | 1,576,000 | $ | (1,576,000 | ) | $ | — | $ | — | |||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 7,568,058 | — | 7,568,058 | |||||||||||||
Total | $ | 7,568,058 | $ | — | $ | 7,568,058 | ||||||||||
. | Gross Amounts Not Offset in the Statement of Assets and Liabilities | |||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Pledged@ | Net Amount# | ||||||||||||
State Street Global Markets | $ | 7,568,058 | $ | (7,402,621 | ) | $ | — | $ | 165,437 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Small Cap Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 51,691,305 | — | 51,691,305 | |||||||||||||
Total | $ | 51,691,305 | $ | — | $ | 51,691,305 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Pledged@ | Net Amount# | ||||||||||||
State Street Global Markets | $ | 51,691,305 | $ | (50,471,337 | ) | $ | — | $ | 1,219,968 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Small Cap Index Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Equity contracts | ||||||||||||||||
Over the counter | $ | — | $ | — | $ | — | ||||||||||
Exchange traded | 33,720 | — | 33,720 | |||||||||||||
Centrally cleared | — | — | — | |||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | 33,720 | — | 33,720 | |||||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | 33,720 | — | 33,720 | |||||||||||||
Repurchase Agreements subject to a master netting arrangement or similar arrangement | 11,449,000 | — | 11,449,000 | |||||||||||||
Total | $ | 11,482,720 | $ | — | $ | 11,482,720 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Received@ | Net Amount# | ||||||||||||
Citigroup Global Markets, Inc.* | $ | 33,720 | $ | (33,720 | ) | $ | — | $ | — | |||||||
State Street Bank and Trust Co. | 11,449,000 | (11,449,000 | ) | — | — | |||||||||||
$ | 11,482,720 | $ | (11,482,720 | ) | $ | — | $ | — | ||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 124,974,628 | — | 124,974,628 | |||||||||||||
Total | $ | 124,974,628 | $ | — | $ | 124,974,628 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Pledged@ | Net Amount# | ||||||||||||
State Street Global Markets | $ | 124,974,628 | $ | (121,919,250 | ) | $ | — | $ | 3,055,378 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
* | Exchange Traded Futures — Citigroup Global Markets, Inc. as Futures Commission Merchant |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Small Cap Special Values Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 32,973,687 | — | 32,973,687 | |||||||||||||
Total | $ | 32,973,687 | $ | — | $ | 32,973,687 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Pledged@ | Net Amount# | ||||||||||||
State Street Global Markets | $ | 32,973,687 | $ | (32,191,983 | ) | $ | — | $ | 781,704 | |||||||
Small-Mid Growth Fund | ||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 14,681,748 | — | 14,681,748 | |||||||||||||
Total | $ | 14,681,748 | $ | — | $ | 14,681,748 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Pledged@ | Net Amount# | ||||||||||||
State Street Global Markets | $ | 14,681,748 | $ | (14,325,614 | ) | $ | — | $ | 356,134 | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Stock Index Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Repurchase Agreements subject to a master netting arrangement or similar arrangement | 10,025,000 | — | 10,025,000 | |||||||||||||
Total | $ | 10,025,000 | $ | — | $ | 10,025,000 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Received@ | Net Amount# | ||||||||||||
State Street Bank and Trust Co. | $ | 10,025,000 | $ | (10,025,000) | $ | — | $ | — | ||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||||
Liabilities: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Equity contracts | ||||||||||||||||
Over the counter | $ | — | $ | — | $ | — | ||||||||||
Exchange traded | 8,930 | — | 8,930 | |||||||||||||
Centrally cleared | — | — | — | |||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | 8,930 | — | 8,930 | |||||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | 8,930 | — | 8,930 | |||||||||||||
Securities borrowings on loan subject to a master netting arrangement or similar arrangement | 195,620,256 | — | 195,620,256 | �� | ||||||||||||
Total | $ | 195,629,186 | $ | — | $ | 195,629,186 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Liabilities in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Pledged@ | Net Amount# | ||||||||||||
Citigroup Global Markets, Inc.* | $ | 8,930 | $ | (8,930 | ) | $ | — | $ | — | |||||||
State Street Global Markets | 195,620,256 | (190,883,879 | ) | — | 4,736,377 | |||||||||||
$ | 195,629,186 | $ | (190,892,809 | ) | $ | — | $ | 4,736,377 | ||||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
* | Exchange Traded Futures — Citigroup Global Markets, Inc. as Futures Commission Merchant |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Value Fund | ||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||||
Assets: | ||||||||||||||||
Description | ||||||||||||||||
Derivatives: | ||||||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | — | $ | — | $ | — | ||||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | |||||||||||||
Total derivatives | — | — | — | |||||||||||||
Repurchase Agreements subject to a master netting arrangement or similar arrangement | 1,280,000 | — | 1,280,000 | |||||||||||||
Total | $ | 1,280,000 | $ | — | $ | 1,280,000 | ||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Net Amount of Assets in the Statement of Assets and Liabilities | Financial Instruments@ | Collateral Received@ | Net Amount# | ||||||||||||
State Street Bank and Trust Co. | $ | 1,280,000 | $ | (1,280,000 | ) | $ | — | $ | — | |||||||
@ | For each respective counterparty, collateral received or (pledged) is limited to an amount not to exceed 100% of the net amount of the derivative or financial asset/liability in the table above. |
# | Net amount represents the net amount due from (due to) the counterparty in the event of a default based on the contractual set-off rights under the master netting arrangement. |
Inflation-Indexed Bonds: Certain Funds may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation- indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation-indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.
Repurchase Agreements: The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), 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. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Fund’s custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). 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, the 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, 2013, the following funds held an undivided interest in a joint repurchase agreement with State Street Bank & Trust Co.:
Fund | Percentage Ownership | Principal Amount | ||||||
Dividend Value | 1.99 | % | $ | 3,676,000 | ||||
Mid Cap Index | 5.79 | % | 10,687,000 | |||||
Money Market I | 4.09 | % | 7,547,000 | |||||
Nasdaq-100® Index | 1.69 | % | 3,129,000 | |||||
Small Cap Index | 6.20 | % | 11,449,000 | |||||
Stock Index | 5.43 | % | 10,025,000 |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:
State Street Bank & Trust Co., dated November 29, 2013, bearing interest at a rate of 0.00% per annum, with a principal amount of $184,677,000, a repurchase price of $184,677,000, and a maturity date of December 2, 2013. The repurchase agreement is collateralized by the following:
Type of Collateral | Interest Rate | Maturity Date | Principal Amount | Value | ||||||||||||
U.S. Treasury Notes | 0.63 | % | 7/15/2016 | $ | 380,000 | $ | 382,576 | |||||||||
U.S. Treasury Notes | 2.13 | % | 12/31/2015 | 179,635,000 | 187,990,183 |
Mortgage-Backed Dollar Rolls: During the six months ended November 30, 2013, the Asset Allocation Fund and Capital Conservation entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Fund’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. The Asset Allocation Fund had TBA Rolls outstanding at period end, which are included in receivable for investments sold and payable for investments purchased in the Statement of Assets and Liabilities. Dollar roll transactions involve the risk that the market value of the securities held by the Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a dollar roll transaction files bankruptcy or becomes insolvent, the Fund’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. The return earned by the Fund with the proceeds of the dollar roll transaction may not exceed the transaction costs. For the six months ended November 30, 2013, the Asset Allocation Fund and Capital Conservation Fund had realized gains (losses) from mortgage-backed dollar rolls of $(10,526) and $21,126 respectively.
Foreign Currency Translation: The books and records of the Funds 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.
The Funds do 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 Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.
Realized foreign exchange gains and losses on other assets and liabilities and change 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 the Funds’ 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 rates and realized gains and losses on forward foreign currency contracts.
Investment Securities Loaned: To realize additional income, a Fund, except for the Money Market I Fund, may lend portfolio securities with a value of up to 33 1/3% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the Custodian with the right to make loans of the Fund’s available securities to an approved list of borrowers. These master securities lending agreements are considered to be Master Agreements as discussed in the Notes to the Financial Statements. Loans made pursuant to these agreements 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, 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 more or 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 the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the Custodian will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. 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. Income and fees are recorded in the Statement of Operations as Securities lending income.
Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.
Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is 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. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For the Dynamic Allocation Fund, distributions from income from the underlying Funds, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from the underlying Funds, if any, are recorded to realized gains on the ex-dividend date.
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 from the sale of foreign securities at various rates. India, Thailand, and certain other countries’ tax regulations require that taxes be paid on capital gains realized by the Fund.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Distributions received from Real Estate Investment Trusts (“REIT”) investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements.
Expenses common to all Funds, not directly related to individual Funds 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. For the Dynamic Allocation Fund, the expenses included in the accompanying financial statements reflect the expenses of the Dynamic Allocation Fund and do not include any expenses associated with the underlying Funds.
Dividends from net investment income, if any, are paid annually, except for the Money Market I Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are paid annually.
The amount of dividends and distributions from net investment income and net realized capital 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 assets are not affected by these reclassifications.
Each Fund is considered a separate entity for tax purposes and 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 capital gains on investments, to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that each Fund will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2009 — 2011 or expected to be taken in each Fund’s 2012 tax return. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. 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 2009.
Organization and Offering Costs: Organizational costs incurred in connection with the commencement of the Dynamic Allocation Fund are expensed, while offering costs are reflected as “Deferred offering costs” in the Statement of Assets and Liabilities of the Fund, and amortized over a 12-month period.
New Accounting Pronouncements
In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11, “Disclosures about Offsetting Assets and Liabilities”, which was subsequently clarified in ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” which was issued in January 2013. The amended Standard requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The new and revised disclosures are effective for annual reporting periods beginning after January 1, 2013. All required changes to accounting policies have been made in accordance with ASU No. 2011-11 and 2013-01.
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.
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 |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 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% | |
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 |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Emerging Economies 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 | ||
Dynamic Allocation Fund | 0.25% on the first $1 billion | |
0.22% on the next $1 billion | ||
0.20% on assets over $2 billion |
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, 2014. For the purposes of the 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 | % | ||
Dynamic Allocation | 0.32 | % | ||
Global Real Estate | 0.95 | % | ||
Government Securities | 0.67 | % | ||
Growth | 0.81 | % | ||
Growth & Income | 0.85 | % | ||
Inflation Protected | 0.65 | % | ||
International Growth | 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 | % |
Any contractual waivers and/or reimbursements made by VALIC with respect to the Dynamic Allocation Fund are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to VALIC and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made.
For the period ended November 30, 2013, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Broad Cap Value Income | $ | 23,613 | ||
Core Equity | 165,240 | |||
Dividend Value | 31,016 |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Fund | Amount | |||
Dynamic Allocation | $ | 24,628 | ||
Growth | 23,536 | |||
Growth & Income | 41,646 | |||
International Growth | 213,600 | |||
Nasdaq-100® Index | 36,136 | |||
Small Cap Aggressive Growth | 17,344 | |||
Small Cap | 170,639 | |||
Small-Mid Growth | 20,291 | |||
Value | 46,526 |
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 six months ended November 30, 2013, VALIC voluntarily waived $666,948 of expenses for the Money Market I Fund.
At November 30, 2013, expenses previously waived and/or reimbursed by VALIC that are subject to recoupment and expire during the time period indicated are as follows:
Expenses Reimbursed | ||||||||
Fund | May 31, 2015 | November 30, 2015 | ||||||
Dynamic Allocation | $ | 53,576 | $ | 24,628 |
VALIC has entered into sub-advisory agreements with the following:
AllianceBernstein L.P. (“AllianceBernstein”)—subadviser for a portion of the Dynamic Allocation Fund.
Allianz Global Investors U.S. LLC (“AGI US”)—subadviser for a portion of the Mid Cap Strategic Growth Fund and a portion of the Science & Technology Fund.
American Century Investment Management, Inc. (“American Century”)—subadviser for the Growth Fund and a portion of the International Growth Fund.
Barrow, Hanley, Mewhinney & Strauss, LLC—subadviser for the Broad Cap Value Income Fund.
BlackRock Investment Management, LLC (“BlackRock”)—subadviser for the Core Equity Fund and a portion of the Dividend Value Fund.
Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.
Columbia Management Investment Advisers, LLC (“Columbia”)—subadviser for the Large Cap Core 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 the Small-Mid Growth Fund and a portion of the Global Real Estate Fund.
Invesco Advisers, Inc. (“Invesco”)—subadviser for a portion of the International Growth Fund, a portion of the Global Real Estate Fund, and a portion of the Small Cap Fund.
J.P. Morgan Investment Management, Inc. (“JPMIM”)†#—subadviser for the Emerging Economies Fund, Growth & Income Fund and Government Securities Fund.
Massachusetts Financial Services Company (“MFS”)*—subadviser for the Large Capital Growth Fund and a portion of the International Growth Fund.
Morgan Stanley Investment Management, Inc.—subadviser for a portion of the Mid Cap Strategic Growth Fund.
PineBridge Investments, LLC (“PineBridge”)—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Global Social Awareness Fund, Inflation Protected Fund, International Equities Fund, and International Government Bond Fund.
RS Investment Management Co. LLC (“RS Investments”)—subadviser for the Small Cap Aggressive Growth Fund
SunAmerica Asset Management Corp. (“SunAmerica”)—subadviser for the 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 Dynamic Allocation Fund.
T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, Health Sciences Fund, 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 the Value Fund and a portion of the Science & Technology Fund.
Wells Capital Management, Inc.—subadviser for a portion of the Small Cap Special Values Fund.
† | Effective September 16, 2013, JPMIM replaced SunAmerica as subadviser of the Growth & Income Fund. |
* | Effective September 16, 2013, MFS replaced Invesco and SunAmerica as subadviser for the Large Capital Growth Fund. |
@ | Effective August 19, 2013, Goldman Sachs Asset Management, L.P. replaced Wells Capital Management, Inc. and Century Capital Management, LLC as subadviser of the Small-Mid Growth Fund. |
# | Effective August 5, 2013, JPMIM assumed responsibility for 100% of the Government Securities Fund. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (“Administrator”), an affiliate of the Adviser. SunAmerica receives from each Fund, other than the “fund-of-funds component” of the Dynamic Allocation Fund, an annual fee of 0.06% based upon each Fund’s average daily net assets, plus the following Accounting Basis Point Fee†: 0.75% on the first $75 billion; 0.60% on the next $25 billion; and 0.50% in excess of $100 billion. 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, 2013, VC I expensed $6,819,754 for 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, 2013, the Series expensed $61,415 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 three different investment options that are specified in the plan as selected by the directors. For the period ended November 30, 2013, certain directors of VC I have deferred $6,082 of director compensation.
At November 30, 2013, VALIC, through their insurance company separate accounts, owned over five percent of the outstanding shares of the following Funds:
Fund | VALIC | |||
Asset Allocation . . . . . . . . . . . . . | 100.00% | |||
Blue Chip Growth . . . . . . . . . . . . | 99.98% | |||
Broad Cap Value Income . . . . . . . | 100.00% | |||
Capital Conservation . . . . . . . . . . | 100.00% | |||
Core Equity . . . . . . . . . . . . . . . . . | 100.00% | |||
Dividend Value . . . . . . . . . . . . . . | 99.99% | |||
Dynamic Allocation . . . . . . . . . . . | 100.00% | |||
Emerging Economies . . . . . . . . . . | 100.00% | |||
Foreign Value . . . . . . . . . . . . . . . | 100.00% | |||
Global Real Estate . . . . . . . . . . . . | 100.00% | |||
Global Social Awareness . . . . . . . | 100.00% | |||
Global Strategy . . . . . . . . . . . . . . | 100.00% | |||
Government Securities . . . . . . . . . | 98.69% | |||
Growth . . . . . . . . . . . . . . . . . . . . | 100.00% | |||
Growth & Income . . . . . . . . . . . . | 96.97% | |||
Health Sciences . . . . . . . . . . . . . | 99.97% | |||
Inflation Protected . . . . . . . . . . . . | 100.00% | |||
International Equities . . . . . . . . . . | 99.60% | |||
International Government Bond . . | 100.00% | |||
International Growth . . . . . . . . . . | 100.00% | |||
Large Cap Core . . . . . . . . . . . . . . | 100.00% | |||
Large Capital Growth . . . . . . . . . . | 100.00% | |||
Mid Cap Index . . . . . . . . . . . . . . | 99.44% | |||
Mid Cap Strategic Growth . . . . . . | 100.00% | |||
Money Market I . . . . . . . . . . . . . . | 94.94% | |||
Nasdaq-100® Index . . . . . . . . . . | 97.84% | |||
Science & Technology . . . . . . . . . | 99.78% | |||
Small Cap Aggressive Growth . . . | 100.00% | |||
Small Cap . . . . . . . . . . . . . . . . . . | 100.00% | |||
Small Cap Index . . . . . . . . . . . . . | 98.93% | |||
Small Cap Special Values . . . . . . | 100.00% | |||
Small-Mid Growth . . . . . . . . . . . . | 100.00% | |||
Stock Index . . . . . . . . . . . . . . . . . | 96.48% | |||
Value . . . . . . . . . . . . . . . . . . . . . | 100.00% |
† | Accounting Basis Point Fee is calculated based upon all assets in all registered management investment companies managed and/or administered by the Administrator and VALIC, other than “funds-of-funds” and “feeder funds.” In addition, the Dynamic Allocation Fund shall pay SAAMCo an Accounting Basis Point Fee solely with respect the Overlay Component and no fee with respect to the Fund-of-Funds Component. |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
As disclosed in the Portfolio of Investments, certain funds owned shares of various VCI or VALIC Co. II Funds and securities issued by AIG or an affiliate thereof. For the six months ended November 30, 2013, transactions in these securities were as follows:
Dynamic Allocation Fund
Security | Market Value at 05/31/13 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Market Value at 11/30/13 | ||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | 3,568,511 | $ | — | $ | — | $ | 3,472,824 | $ | 243,608 | $ | 38,255 | $ | 1,114,163 | $ | 7,950,145 | ||||||||||||||||
VALIC Co. I Broad Cap Value Income Fund | 3,629,052 | — | — | 3,472,824 | 366,376 | 65,723 | 679,407 | 7,480,630 | ||||||||||||||||||||||||
VALIC Co. I Capital Conservation Fund | 4,666,730 | — | — | 5,328,185 | 103,100 | (3,658 | ) | 22,713 | 9,910,870 | |||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 2,135,458 | — | — | 2,083,694 | 137,156 | 19,656 | 332,253 | 4,433,905 | ||||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 1,968,745 | — | — | 2,348,824 | 44,186 | (1,995 | ) | 207,847 | 4,479,235 | |||||||||||||||||||||||
VALIC Co. I Foreign Value Fund | 2,101,586 | — | — | 2,083,694 | 229,720 | 25,361 | 519,253 | 4,500,174 | ||||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 1,332,625 | — | — | 1,541,242 | 29,457 | 1,217 | 14,779 | 2,860,406 | ||||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 4,654,592 | — | — | 4,244,654 | 1,737,810 | (78,803 | ) | (24,182 | ) | 7,058,451 | ||||||||||||||||||||||
VALIC Co. I Growth & Income Fund | 2,148,938 | — | — | 2,083,694 | 100,935 | 14,117 | 425,424 | 4,571,238 | ||||||||||||||||||||||||
VALIC Co. I Growth Fund | 3,531,405 | — | — | 3,472,824 | 135,753 | 18,196 | 737,433 | 7,624,105 | ||||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 1,312,207 | — | — | 1,565,426 | 29,457 | (2,257 | ) | (39,583 | ) | 2,806,336 | ||||||||||||||||||||||
VALIC Co. I International Equities Fund | 2,716,150 | — | — | 2,778,260 | 92,767 | 7,756 | 533,254 | 5,942,653 | ||||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 656,281 | — | — | 764,650 | 14,729 | (1,193 | ) | 47 | 1,405,056 | |||||||||||||||||||||||
VALIC Co. I International Growth Fund | 2,055,005 | — | — | 2,083,694 | 86,689 | 7,636 | 395,367 | 4,455,013 | ||||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 2,157,554 | — | — | 2,083,694 | 164,816 | 28,209 | 411,208 | 4,515,849 | ||||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 10,688,915 | — | — | 10,418,474 | 491,690 | 71,370 | 1,977,469 | 22,664,538 | ||||||||||||||||||||||||
VALIC Co. I Value Fund | 3,594,601 | — | — | 3,472,825 | 213,204 | 33,035 | 482,989 | 7,370,246 | ||||||||||||||||||||||||
VALIC Co. II Capital Appreciation Fund | 2,119,252 | — | — | 2,083,695 | 121,463 | 17,389 | 558,995 | 4,657,868 | ||||||||||||||||||||||||
VALIC Co. II Core Bond Fund | 4,011,309 | — | — | 5,950,335 | 103,100 | (3,295 | ) | 40,551 | 9,895,800 | |||||||||||||||||||||||
VALIC Co. II High Yield Bond Fund | 679,509 | — | — | 734,242 | 14,729 | 274 | 28,501 | 1,427,797 | ||||||||||||||||||||||||
VALIC Co. II Large Cap Value Fund | 2,159,594 | — | — | 2,083,694 | 145,056 | 24,389 | 392,783 | 4,515,404 | ||||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | 2,119,288 | — | — | 2,083,695 | 133,213 | 19,722 | 422,682 | 4,512,174 | ||||||||||||||||||||||||
VALIC Co. II Mid Cap Value Fund | 2,141,128 | — | — | 2,083,695 | 167,995 | 26,895 | 417,533 | 4,501,256 | ||||||||||||||||||||||||
VALIC Co. II Small Cap Growth Fund | 1,460,614 | — | — | 1,389,130 | 213,093 | 48,309 | 369,872 | 3,054,832 | ||||||||||||||||||||||||
VALIC Co. II Small Cap Value Fund | 1,442,536 | — | — | 1,389,129 | 114,312 | 20,789 | 276,370 | 3,014,512 | ||||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 670,371 | — | — | 2,150,398 | 29,457 | (775 | ) | 50,264 | 2,840,801 | |||||||||||||||||||||||
$ | 69,721,956 | $ | — | $ | — | $ | 73,247,495 | $ | 5,263,871 | $ | 396,322 | $ | 10,347,392 | $ | 148,449,294 | |||||||||||||||||
Stock Index Fund
Security | Market Value at 05/31/13 | Income | Capital Gain Distribution Received | Purchases | Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Market Value at 11/30/2013 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $17,778,576 | $ | 39,186 | $ | — | $ | 2,860 | $ | 375,193 | $ | (10,447,310 | ) | $ | 12,538,092 | $ | 19,497,025 |
During the period, the following funds incurred brokerage commissions with brokers which are affiliates of a sub-adviser:
Affiliated Broker | Emerging Economies Fund | Growth & Income Fund | Small-Mid Growth Fund | |||||||||
Goldman Sachs International | $ | — | $ | — | $ | 323 | ||||||
JP Morgan Clearing Corp. | 5,353 | 3 | — |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Note 4 — Purchases and Sales of Securities
The cost of purchases and proceeds from sales and maturities of long-term investments during the period ended November 30, 2013 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 | $ | 76,338,594 | $ | 77,008,355 | $ | 12,507,658 | $ | 14,145,389 | ||||||||
Blue Chip Growth | 74,120,181 | 94,697,277 | — | — | ||||||||||||
Broad Cap Value Income | 6,351,427 | 6,856,860 | — | — | ||||||||||||
Capital Conservation | 96,600,138 | 96,830,738 | 26,433,803 | 58,879,484 | ||||||||||||
Core Equity | 43,849,254 | 48,547,163 | — | — | ||||||||||||
Dividend Value | 177,794,877 | 152,903,178 | — | — | ||||||||||||
Dynamic Allocation | 73,247,499 | 5,263,872 | 16,164,130 | 2,802,303 | ||||||||||||
Emerging Economies | 175,631,260 | 207,262,761 | — | — | ||||||||||||
Foreign Value | 128,076,228 | 140,308,352 | — | — | ||||||||||||
Global Real Estate | 89,783,345 | 96,322,562 | — | — | ||||||||||||
Global Social Awareness | 237,159,474 | 162,666,619 | — | — | ||||||||||||
Global Strategy | 62,501,360 | 71,000,383 | — | — | ||||||||||||
Government Securities | 29,279,239 | 2,881,579 | 34,476,917 | 34,001,534 | ||||||||||||
Growth | 331,204,692 | 361,481,595 | — | — | ||||||||||||
Growth & Income | 152,480,591 | 146,290,808 | — | — | ||||||||||||
Health Sciences | 152,417,239 | 130,583,142 | — | — | ||||||||||||
Inflation Protected | 97,078,248 | 99,815,753 | 20,063,447 | 14,143,640 | ||||||||||||
International Equities | 319,617,658 | 348,680,492 | — | — | ||||||||||||
International Government Bond | 32,277,211 | 37,228,685 | 2,171,127 | 4,198,457 | ||||||||||||
International Growth | 164,171,084 | 211,666,713 | — | — | ||||||||||||
Large Cap Core | 56,749,283 | 65,620,793 | — | — | ||||||||||||
Large Capital Growth | 469,346,517 | 478,890,934 | — | — | ||||||||||||
Mid Cap Index | 139,286,484 | 198,050,756 | — | — | ||||||||||||
Mid Cap Strategic Growth | 67,984,942 | 75,615,168 | — | — | ||||||||||||
Nasdaq-100® Index | 13,266,505 | 15,579,873 | — | — | ||||||||||||
Science & Technology | 393,408,136 | 424,570,523 | — | — | ||||||||||||
Small Cap Aggressive Growth | 59,116,331 | 53,306,628 | — | — | ||||||||||||
Small Cap | 43,146,565 | 69,324,837 | — | — | ||||||||||||
Small Cap Index | 86,852,007 | 91,715,433 | — | — | ||||||||||||
Small Cap Special Values | 69,915,282 | 78,099,690 | — | — | ||||||||||||
Small-Mid Growth | 150,839,639 | 154,669,648 | — | — | ||||||||||||
Stock Index | 64,516,958 | 159,306,417 | — | — | ||||||||||||
Value | 8,605,656 | 10,075,247 | — | — |
Note 5 — Federal Income Taxes
The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October loss deferrals, late year ordinary loss deferrals, investments in passive foreign investment companies, deferred compensation payments, investments in regulated investment companies, investments in partnerships, inflation-linked securities, straddle loss deferrals, foreign taxes payable and derivative transactions.
The information in the following table is presented on the basis of cost for Federal Income Tax purposes at November 30, 2013.
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Asset Allocation | $ | 155,471,030 | $ | 20,394,951 | $ | (2,683,482 | ) | $ | 17,711,469 | |||||||
Blue Chip Growth | 369,388,027 | 234,275,217 | (1,377,045 | ) | 232,898,172 | |||||||||||
Broad Cap Value Income | 35,440,025 | 12,462,778 | (268,878 | ) | 12,193,900 | |||||||||||
Capital Conservation | 205,904,717 | 2,719,183 | (3,177,063 | ) | (457,880 | ) | ||||||||||
Core Equity | 217,158,881 | 66,156,146 | (3,595,820 | ) | 62,560,326 | |||||||||||
Dividend Value | 510,792,918 | 127,486,645 | (4,923,733 | ) | 122,562,912 | |||||||||||
Dynamic Allocation | 168,131,805 | 12,962,941 | (935,528 | ) | 12,027,413 | |||||||||||
Emerging Economies | 639,524,541 | 74,225,005 | (28,355,489 | ) | 45,869,516 |
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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) | ||||||||||||
Foreign Value | $ | 885,541,263 | $ | 214,149,087 | $ | (46,916,481 | ) | $ | 167,232,606 | |||||||
Global Real Estate | 353,671,237 | 43,454,207 | (26,677,166 | ) | 16,777,041 | |||||||||||
Global Social Awareness | 369,722,643 | 65,029,767 | (8,145,318 | ) | 56,884,449 | |||||||||||
Global Strategy | 465,205,281 | 96,225,046 | (13,255,394 | ) | 82,969,652 | |||||||||||
Government Securities | 160,446,734 | 3,224,481 | (2,784,443 | ) | 440,038 | |||||||||||
Growth | 785,347,174 | 189,357,080 | (6,715,048 | ) | 182,642,032 | |||||||||||
Growth & Income | 106,031,722 | 8,119,929 | (2,348,171 | ) | 5,771,758 | |||||||||||
Health Sciences | 334,120,598 | 194,642,530 | (3,618,901 | ) | 191,023,629 | |||||||||||
Inflation Protected | 423,793,762 | 20,855,688 | (10,081,303 | ) | 10,774,385 | |||||||||||
International Equities | 981,606,391 | 185,317,836 | (50,177,985 | ) | 135,139,851 | |||||||||||
International Government Bond* | 174,166,631 | 3,895,185 | (9,031,370 | ) | (5,136,185 | ) | ||||||||||
International Growth | 519,855,139 | 139,954,669 | (14,906,435 | ) | 125,048,234 | |||||||||||
Large Cap Core | 137,960,159 | 39,923,030 | (764,281 | ) | 39,158,749 | |||||||||||
Large Capital Growth | 391,424,923 | 29,927,880 | (7,800,868 | ) | 22,127,012 | |||||||||||
Mid Cap Index | 2,526,451,717 | 1,008,824,999 | (141,587,841 | ) | 867,237,158 | |||||||||||
Mid Cap Strategic Growth | 260,474,913 | 76,556,217 | (6,596,160 | ) | 69,960,057 | |||||||||||
Money Market I | 377,449,557 | — | — | — | ||||||||||||
Nasdaq-100® Index | 145,281,230 | 99,806,138 | (2,934,459 | ) | 96,871,679 | |||||||||||
Science & Technology | 795,170,390 | 185,617,685 | (29,440,965 | ) | 156,176,720 | |||||||||||
Small Cap Aggressive Growth | 93,258,863 | 23,248,770 | (1,818,017 | ) | 21,430,753 | |||||||||||
Small Cap | 310,046,849 | 132,106,504 | (8,610,844 | ) | 123,495,660 | |||||||||||
Small Cap Index | 935,418,410 | 392,633,727 | (88,601,487 | ) | 304,032,240 | |||||||||||
Small Cap Special Values | 235,087,647 | 63,013,679 | (12,616,617 | ) | 50,397,062 | |||||||||||
Small-Mid Growth | 128,251,599 | 14,210,833 | (2,600,047 | ) | 11,610,786 | |||||||||||
Stock Index | 2,833,439,007 | 1,876,283,167 | (177,955,124 | ) | 1,698,328,043 | |||||||||||
Value | 88,687,156 | 30,768,072 | (872,505 | ) | 29,895,567 |
* | The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2013. |
The tax basis distributable earnings at May 31, 2013 and the tax character of distributions paid during the period ended May 31, 2013 were as follows:
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the period ended May 31, 2013 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Asset Allocation | $ | 7,547,795 | $ | 4,956,536 | $ | 13,511,826 | $ | 3,231,904 | $ | 651,012 | ||||||||||
Blue Chip Growth | 1,020,429 | 22,993,791 | 164,049,668 | 224,987 | — | |||||||||||||||
Broad Cap Value Income | 658,578 | (1,266,028 | ) | 8,628,978 | 209,946 | — | ||||||||||||||
Capital Conservation | 6,589,241 | 1,707,327 | 1,831,502 | 5,162,897 | — | |||||||||||||||
Core Equity | 3,126,657 | (61,598,367 | ) | 43,573,234 | 3,330,758 | — | ||||||||||||||
Dividend Value | 12,390,438 | (21,996,720 | ) | 116,300,290 | 7,071,676 | — | ||||||||||||||
Dynamic Allocation | 237,825 | 357,011 | 2,115,850 | — | — | |||||||||||||||
Emerging Economies | 9,729,373 | (123,008,179 | ) | 40,133,472 | 4,045,089 | — | ||||||||||||||
Foreign Value | 19,579,170 | (92,925,773 | ) | 29,073,982 | 26,987,749 | — | ||||||||||||||
Global Real Estate | 22,364,744 | 22,459,267 | 33,189,733 | 5,610,988 | 10,219,178 | |||||||||||||||
Global Social Awareness | 6,058,947 | (138,504,220 | ) | 33,442,736 | 5,032,332 | — | ||||||||||||||
Global Strategy | 17,489,875 | (7,340,460 | ) | 55,139,195 | 26,416,216 | — | ||||||||||||||
Government Securities | 3,859,116 | 372,547 | 3,207,592 | 3,928,811 | 401,541 | |||||||||||||||
Growth | 8,021,572 | (9,765,875 | ) | 133,371,059 | 5,671,417 | — | ||||||||||||||
Growth & Income | 842,484 | (12,746,337 | ) | 5,288,319 | 767,908 | — | ||||||||||||||
Health Sciences | 3,499,705 | 16,138,679 | 143,629,091 | 449,757 | 18,069,278 | |||||||||||||||
Inflation Protected | 10,529,835 | 272,023 | 29,619,088 | 11,468,245 | — | |||||||||||||||
International Equities | 27,134,165 | (219,852,313 | ) | 50,205,282 | 23,116,984 | — | ||||||||||||||
International Government Bond* | 4,487,082 | 618,611 | (4,159,363 | ) | 8,644,850 | 2,465,917 | ||||||||||||||
International Growth | 10,866,892 | (46,443,341 | ) | 85,707,482 | 8,748,947 | — | ||||||||||||||
Large Cap Core | 6,103,448 | 7,322,679 | 34,335,827 | 2,082,655 | 15,328,683 |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the period ended May 31, 2013 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Large Capital Growth | $ | 16,441,860 | $ | 15,311,798 | $ | 39,927,213 | $ | 739,174 | $ | 28,422,069 | ||||||||||
Mid Cap Index | 42,879,409 | 122,236,308 | 648,110,503 | 25,086,430 | 87,788,582 | |||||||||||||||
Mid Cap Strategic Growth | 1,496,140 | 3,561,209 | 49,191,587 | — | 5,866,213 | |||||||||||||||
Money Market I | 8,832 | (642,345 | ) | — | 39,087 | — | ||||||||||||||
Nasdaq-100® Index | 2,645,521 | 575,512 | 66,292,598 | 907,749 | 4,265,348 | |||||||||||||||
Science & Technology | 1,174,500 | (69,176,724 | ) | 81,389,752 | — | — | ||||||||||||||
Small Cap Aggressive Growth | 2,503,260 | 7,260,207 | 15,824,097 | 1,041,533 | — | |||||||||||||||
Small Cap | 1,201,353 | 16,963,418 | 88,108,474 | 224,117 | — | |||||||||||||||
Small Cap Index | 16,056,809 | 23,735,605 | 189,353,050 | 10,815,364 | — | |||||||||||||||
Small Cap Special Values | 1,802,415 | (21,829,617 | ) | 28,628,052 | 1,204,354 | — | ||||||||||||||
Small-Mid Growth | 41,716 | 4,202,101 | 17,228,351 | — | — | |||||||||||||||
Stock Index | 74,753,175 | 96,505,149 | 1,335,363,979 | 62,350,013 | 53,668,808 | |||||||||||||||
Value | 1,912,183 | (50,927,321 | ) | 21,453,037 | 2,211,912 | — |
* | The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2013. |
@ | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
As of May 31, 2013, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:
Capital Loss Carryforward† | Unlimited† | |||||||||||||||||||
Fund | 2017 | 2018 | 2019 | ST | LT | |||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Blue Chip Growth | — | — | — | — | — | |||||||||||||||
Broad Cap Value Income | — | 1,266,028 | — | — | — | |||||||||||||||
Capital Conservation | — | — | — | — | — | |||||||||||||||
Core Equity | 13,028,960 | 48,569,407 | — | — | — | |||||||||||||||
Dividend Value | — | 16,985,362 | 5,011,358 | — | — | |||||||||||||||
Dynamic Allocation | — | — | — | — | — | |||||||||||||||
Emerging Economies | 26,872,567 | 71,874,688 | — | 24,260,924 | — | |||||||||||||||
Foreign Value | — | 92,545,601 | — | — | 380,172 | |||||||||||||||
Global Real Estate | — | — | — | — | — | |||||||||||||||
Global Social Awareness | 36,788,003 | 101,716,217 | — | — | — | |||||||||||||||
Global Strategy | — | 7,340,460 | — | — | — | |||||||||||||||
Government Securities | — | — | — | — | — | |||||||||||||||
Growth | — | 9,765,875 | — | — | — | |||||||||||||||
Growth & Income | — | 12,746,337 | — | — | — | |||||||||||||||
Health Sciences | — | — | — | — | — | |||||||||||||||
Inflation Protected | — | — | — | — | — | |||||||||||||||
International Equities | 36,713,038 | 128,172,760 | — | 10,192,364 | 44,774,151 | |||||||||||||||
International Government Bond | — | — | — | — | — | |||||||||||||||
International Growth | — | 46,443,341 | — | — | — | |||||||||||||||
Large Cap Core | — | — | — | — | — | |||||||||||||||
Large Capital Growth | — | — | — | — | — | |||||||||||||||
Mid Cap Index | — | — | — | — | — | |||||||||||||||
Mid Cap Strategic Growth | — | — | — | — | — | |||||||||||||||
Money Market I | 642,345 | — | — | — | — | |||||||||||||||
Nasdaq-100® Index | — | — | — | — | — | |||||||||||||||
Science & Technology | — | 69,176,724 | — | — | — | |||||||||||||||
Small Cap Aggressive Growth | — | — | — | — | — | |||||||||||||||
Small Cap | — | — | — | — | — | |||||||||||||||
Small Cap Index | — | — | — | — | — | |||||||||||||||
Small Cap Special Values | — | 21,829,617 | — | — | — |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Capital Loss Carryforward† | Unlimited† | |||||||||||||||||||
Fund | 2017 | 2018 | 2019 | ST | LT | |||||||||||||||
Small-Mid Growth | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Stock Index | — | — | — | — | — | |||||||||||||||
Value | 2,330,263 | 48,597,058 | — | — | — |
† | On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law. |
Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended May 31, 2013, the Funds elected to defer late year ordinary losses and post October capital losses as follows:
Fund | Deferred Late Year Ordinary Loss | Deferred Post-October Short-Term Capital Loss | Deferred Post-October Long-Term Capital Loss | |||||||||
Asset Allocation | $ | — | $ | — | $ | — | ||||||
Blue Chip Growth | 122,538 | 522,950 | — | |||||||||
Broad Cap Value Income | — | — | — | |||||||||
Capital Conservation | — | — | — | |||||||||
Core Equity | — | — | — | |||||||||
Dividend Value | — | 2,441,281 | — | |||||||||
Dynamic Allocation | 3,724 | — | — | |||||||||
Emerging Economies | — | — | — | |||||||||
Foreign Value | — | — | — | |||||||||
Global Real Estate | — | — | — | |||||||||
Global Social Awareness | — | — | — | |||||||||
Global Strategy | — | — | — | |||||||||
Government Securities | — | — | 273,066 | |||||||||
Growth | — | — | — | |||||||||
Growth & Income | — | — | — | |||||||||
Health Sciences | 1,521,650 | — | — | |||||||||
Inflation Protected | — | — | — | |||||||||
International Equities | — | — | 101,547 | |||||||||
International Government Bond | — | — | — | |||||||||
International Growth | — | — | — | |||||||||
Large Cap Core | — | — | — | |||||||||
Large Capital Growth | — | — | — | |||||||||
Mid Cap Index | — | — | — | |||||||||
Mid Cap Strategic Growth | — | — | — | |||||||||
Money Market I | — | — | — | |||||||||
Nasdaq-100® Index | — | — | 1,565,297 | |||||||||
Science & Technology | — | — | — | |||||||||
Small Cap Aggressive Growth | 239,556 | — | — | |||||||||
Small Cap | 186,656 | — | — | |||||||||
Small Cap Index | — | — | — | |||||||||
Small Cap Special Values | — | — | — | |||||||||
Small-Mid Growth | 196,324 | — | — | |||||||||
Stock Index | — | — | — | |||||||||
Value | — | — | — |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Note 6 — Capital Share Transactions
Transactions in capital shares of each class of each Fund were as follows:
Asset Allocation | Blue Chip Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,153,492 | $ | 14,430,390 | 1,992,393 | $ | 22,984,543 | 543,217 | $ | 8,309,070 | 2,756,324 | $ | 34,677,691 | ||||||||||||||||||||
Reinvested dividends | — | — | 343,317 | 3,882,916 | — | — | 18,262 | 224,987 | ||||||||||||||||||||||||
Shares redeemed | (1,321,786 | ) | (16,436,077 | ) | (2,216,744 | ) | (25,723,109 | ) | (1,920,619 | ) | (29,298,920 | ) | (2,675,323 | ) | (34,232,898 | ) | ||||||||||||||||
Net increase (decrease) | (168,294 | ) | $ | (2,005,687 | ) | 118,966 | $ | 1,144,350 | (1,377,402 | ) | $ | (20,989,850 | ) | 99,263 | $ | 669,780 | ||||||||||||||||
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 485,819 | $ | 6,707,746 | 809,714 | $ | 9,300,238 | 1,725,724 | $ | 16,988,997 | 6,175,305 | $ | 62,964,168 | ||||||||||||||||||||
Reinvested dividends | — | — | 19,103 | 209,946 | — | — | 509,664 | 5,162,897 | ||||||||||||||||||||||||
Shares redeemed | (463,321 | ) | (6,326,202 | ) | (452,290 | ) | (5,087,957 | ) | (4,658,689 | ) | (45,840,108 | ) | (6,765,822 | ) | (69,200,608 | ) | ||||||||||||||||
Net increase (decrease) | 22,498 | $ | 381,544 | 376,527 | $ | 4,422,227 | (2,932,965 | ) | $ | (28,851,111 | ) | (80,853 | ) | $ | (1,073,543 | ) | ||||||||||||||||
Core Equity | Dividend Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 128,846 | $ | 2,147,574 | 166,768 | $ | 2,251,040 | 5,473,174 | $ | 66,283,303 | 16,119,756 | $ | 165,779,178 | ||||||||||||||||||||
Reinvested dividends | — | — | 250,057 | 3,330,758 | — | — | 699,473 | 7,071,676 | ||||||||||||||||||||||||
Shares redeemed | (764,092 | ) | (12,465,447 | ) | (2,085,969 | ) | (28,787,004 | ) | (5,005,622 | ) | (60,366,167 | ) | (5,095,556 | ) | (54,502,613 | ) | ||||||||||||||||
Net increase (decrease) | (635,246 | ) | $ | (10,317,873 | ) | (1,669,144 | ) | $ | (23,205,206 | ) | 467,552 | $ | 5,917,136 | 11,723,673 | $ | 118,348,241 | ||||||||||||||||
Dynamic Allocation | Emerging Economies | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the period December 19, 2012* to May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 9,275,704 | $ | 101,855,294 | 8,279,283 | $ | 87,229,191 | 7,429,694 | $ | 57,544,245 | 21,834,719 | $ | 171,325,642 | ||||||||||||||||||||
Reinvested dividends | — | — | — | — | — | — | 500,630 | 4,045,089 | ||||||||||||||||||||||||
Shares redeemed | (1,510,207 | ) | (16,686,343 | ) | (282,964 | ) | (3,028,431 | ) | (13,798,430 | ) | (109,499,065 | ) | (6,649,457 | ) | (53,552,653 | ) | ||||||||||||||||
Net increase (decrease) | 7,765,497 | $ | 85,168,951 | 7,996,319 | $ | 84,200,760 | (6,368,736 | ) | $ | (51,954,820 | ) | 15,685,892 | $ | 121,818,078 | ||||||||||||||||||
Foreign Value | Global Real Estate | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 3,014,343 | $ | 31,407,622 | 4,804,636 | $ | 41,512,429 | 2,085,035 | $ | 18,424,116 | 8,679,499 | $ | 74,860,996 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,130,829 | 26,987,749 | — | — | 1,895,828 | 15,830,166 | ||||||||||||||||||||||||
Shares redeemed | (8,230,767 | ) | (85,416,494 | ) | (16,818,258 | ) | (143,693,341 | ) | (3,564,116 | ) | (31,909,131 | ) | (5,335,057 | ) | (48,238,921 | ) | ||||||||||||||||
Net increase (decrease) | (5,216,424 | ) | $ | (54,008,872 | ) | (8,882,793 | ) | $ | (75,193,163 | ) | (1,479,081 | ) | $ | (13,485,015 | ) | 5,240,270 | $ | 42,452,241 | ||||||||||||||
�� | ||||||||||||||||||||||||||||||||
Global Social Awareness | Global Strategy | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 4,625,108 | $ | 85,748,928 | 1,808,636 | $ | 27,787,985 | 2,892,907 | $ | 38,193,604 | 1,101,997 | $ | 13,158,503 | ||||||||||||||||||||
Reinvested dividends | — | — | 326,987 | 5,032,332 | — | — | 2,289,100 | 26,416,216 | ||||||||||||||||||||||||
Shares redeemed | (769,859 | ) | (14,105,132 | ) | (2,430,270 | ) | (38,573,873 | ) | (1,108,962 | ) | (14,318,076 | ) | (8,911,696 | ) | (106,167,775 | ) | ||||||||||||||||
Net increase (decrease) | 3,855,249 | $ | 71,643,796 | (294,647 | ) | $ | (5,753,556 | ) | 1,783,945 | $ | 23,875,528 | (5,520,599 | ) | $ | (66,593,056 | ) | ||||||||||||||||
* | Commencement of operations |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Government Securities | Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 3,852,381 | $ | 41,212,449 | 4,184,602 | $ | 47,330,908 | 931,299 | $ | 13,982,777 | 2,444,267 | $ | 30,795,182 | ||||||||||||||||||||
Reinvested dividends | — | — | 387,677 | 4,330,352 | — | — | 460,342 | 5,671,417 | ||||||||||||||||||||||||
Shares redeemed | (1,615,243 | ) | (17,330,053 | ) | (4,946,768 | ) | (55,822,184 | ) | (2,636,856 | ) | (38,169,848 | ) | (9,369,315 | ) | (120,018,085 | ) | ||||||||||||||||
Net increase (decrease) | 2,237,138 | $ | 23,882,396 | (374,489 | ) | $ | (4,160,924 | ) | (1,705,557 | ) | $ | (24,187,071 | ) | (6,464,706 | ) | $ | (83,551,486 | ) | ||||||||||||||
Growth & Income | Health Sciences | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 489,483 | $ | 7,501,734 | 553,850 | $ | 7,440,555 | 1,796,500 | $ | 32,785,883 | 4,342,117 | $ | 63,166,195 | ||||||||||||||||||||
Reinvested dividends | — | — | 60,040 | 767,908 | — | — | 1,365,711 | 18,519,035 | ||||||||||||||||||||||||
Shares redeemed | (503,500 | ) | (7,731,030 | ) | (879,638 | ) | (11,598,731 | ) | (666,346 | ) | (11,853,012 | ) | (1,426,555 | ) | (20,519,438 | ) | ||||||||||||||||
Net increase (decrease) | (14,017 | ) | $ | (229,296 | ) | (265,748 | ) | $ | (3,390,268 | ) | 1,130,154 | $ | 20,932,871 | 4,281,273 | $ | 61,165,792 | ||||||||||||||||
Inflation Protected | International Equities | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,430,846 | $ | 27,256,878 | 7,839,922 | $ | 93,598,266 | 11,631,568 | $ | 77,986,735 | 33,207,759 | $ | 202,826,265 | ||||||||||||||||||||
Reinvested dividends | — | — | 956,417 | 11,468,245 | — | — | 3,865,716 | 23,116,984 | ||||||||||||||||||||||||
Shares redeemed | (2,012,372 | ) | (22,430,794 | ) | (5,178,384 | ) | (61,606,426 | ) | (16,731,274 | ) | (114,292,018 | ) | (14,720,333 | ) | (90,065,825 | ) | ||||||||||||||||
Net increase (decrease) | 418,474 | $ | 4,826,084 | 3,617,955 | $ | 43,460,085 | (5,099,706 | ) | $ | (36,305,283 | ) | 22,353,142 | $ | 135,877,424 | ||||||||||||||||||
International Government Bond | International Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,233,473 | $ | 14,766,455 | 2,763,774 | $ | 34,997,349 | 2,050,754 | $ | 26,702,283 | 4,682,479 | $ | 51,258,631 | ||||||||||||||||||||
Reinvested dividends | — | — | 876,935 | 11,110,767 | — | — | 766,779 | 8,748,947 | ||||||||||||||||||||||||
Shares redeemed | (2,127,062 | ) | (25,298,468 | ) | (3,898,960 | ) | (49,883,171 | ) | (6,141,148 | ) | (80,065,933 | ) | (6,184,322 | ) | (71,006,863 | ) | ||||||||||||||||
Net increase (decrease) | (893,589 | ) | $ | (10,532,013 | ) | (258,251 | ) | $ | (3,775,055 | ) | (4,090,394 | ) | $ | (53,363,650 | ) | (735,064 | ) | $ | (10,999,285 | ) | ||||||||||||
Large Cap Core | Large Capital Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 550,060 | $ | 7,380,688 | 1,345,642 | $ | 16,178,069 | 89,537 | $ | 1,178,551 | 340,688 | $ | 3,992,507 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,607,695 | 17,411,338 | — | — | 2,643,812 | 29,161,243 | ||||||||||||||||||||||||
Shares redeemed | (1,246,901 | ) | (16,745,362 | ) | (1,622,375 | ) | (19,679,498 | ) | (1,575,994 | ) | (20,643,670 | ) | (3,461,409 | ) | (41,151,057 | ) | ||||||||||||||||
Net increase (decrease) | (696,841 | ) | $ | (9,364,674 | ) | 1,330,962 | $ | 13,909,909 | (1,486,457 | ) | $ | (19,465,119 | ) | (476,909 | ) | $ | (7,997,307 | ) | ||||||||||||||
Mid Cap Index | Mid Cap Strategic Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 855,573 | $ | 21,794,477 | 4,785,036 | $ | 109,635,697 | 745,998 | $ | 11,428,194 | 574,663 | $ | 7,069,535 | ||||||||||||||||||||
Reinvested dividends | — | — | 5,460,813 | 112,875,012 | — | — | 492,959 | 5,866,213 | ||||||||||||||||||||||||
Shares redeemed | (6,719,352 | ) | (171,014,389 | ) | (12,877,205 | ) | (280,579,592 | ) | (1,063,097 | ) | (16,015,807 | ) | (3,489,765 | ) | (43,390,382 | ) | ||||||||||||||||
Net increase (decrease) | (5,863,779 | ) | $ | (149,219,912 | ) | (2,631,356 | ) | $ | (58,068,883 | ) | (317,099 | ) | $ | (4,587,613 | ) | (2,422,143 | ) | $ | (30,454,634 | ) | ||||||||||||
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Money Market I | Nasdaq-100®Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 62,920,479 | $ | 62,920,479 | 115,071,461 | $ | 115,071,461 | 1,273,215 | $ | 9,621,524 | 4,894,381 | $ | 31,459,509 | ||||||||||||||||||||
Reinvested dividends | 19,293 | 19,293 | 39,087 | 39,087 | — | — | 837,071 | 5,173,097 | ||||||||||||||||||||||||
Shares redeemed | (63,571,859 | ) | (63,571,859 | ) | (145,528,745 | ) | (145,528,745 | ) | (1,758,229 | ) | (13,016,206 | ) | (3,748,854 | ) | (24,278,313 | ) | ||||||||||||||||
Net increase (decrease) | (632,087 | ) | $ | (632,087 | ) | (30,418,197 | ) | $ | (30,418,197 | ) | (485,014 | ) | $ | (3,394,682 | ) | 1,982,598 | $ | 12,354,293 | ||||||||||||||
Science & Technology | Small Cap Aggressive | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 243,580 | $ | 5,168,975 | 903,369 | $ | 15,409,716 | 858,650 | $ | 12,944,049 | 282,006 | $ | 3,199,343 | ||||||||||||||||||||
Reinvested dividends | — | — | — | — | — | — | 95,729 | 1,041,533 | ||||||||||||||||||||||||
Shares redeemed | (1,976,237 | ) | (40,737,240 | ) | (5,742,440 | ) | (98,463,176 | ) | (442,946 | ) | (6,720,285 | ) | (1,131,731 | ) | (12,940,145 | ) | ||||||||||||||||
Net increase (decrease) | (1,732,657 | ) | $ | (35,568,265 | ) | (4,839,071 | ) | $ | (83,053,460 | ) | 415,704 | $ | 6,223,764 | (753,996 | ) | $ | (8,699,269 | ) | ||||||||||||||
Small Cap | Small Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 117,068 | $ | 1,704,492 | 548,258 | $ | 6,469,223 | 1,010,490 | $ | 19,737,023 | 2,413,345 | $ | 40,226,379 | ||||||||||||||||||||
Reinvested dividends | — | — | 19,904 | 224,117 | — | — | 714,829 | 10,815,364 | ||||||||||||||||||||||||
Shares redeemed | (2,020,069 | ) | (29,220,821 | ) | (3,460,783 | ) | (40,166,199 | ) | (2,651,299 | ) | (51,188,873 | ) | (6,258,512 | ) | (99,632,130 | ) | ||||||||||||||||
Net increase (decrease) | (1,903,001 | ) | $ | (27,516,329 | ) | (2,892,621 | ) | $ | (33,472,859 | ) | (1,640,809 | ) | $ | (31,451,850 | ) | (3,130,338 | ) | $ | (48,590,387 | ) | ||||||||||||
Small Cap Special Values | Small-Mid Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 238,355 | $ | 2,913,923 | 1,822,151 | $ | 17,704,889 | 305,703 | $ | 4,173,288 | 244,047 | $ | 2,776,815 | ||||||||||||||||||||
Reinvested dividends | — | — | 124,674 | 1,204,354 | — | — | — | — | ||||||||||||||||||||||||
Shares redeemed | (1,404,973 | ) | (17,064,148 | ) | (2,138,037 | ) | (21,348,371 | ) | (491,649 | ) | (6,755,176 | ) | (1,200,202 | ) | (13,793,926 | ) | ||||||||||||||||
Net increase (decrease) | (1,166,618 | ) | $ | (14,150,225 | ) | (191,212 | ) | $ | (2,439,128 | ) | (185,946 | ) | $ | (2,581,888 | ) | (956,155 | ) | $ | (11,017,111 | ) | ||||||||||||
Stock Index | Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | For the six months ended November 30, 2013 (unaudited) | For the year ended May 31, 2013 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 3,255,051 | $ | 102,663,801 | 8,404,424 | $ | 228,769,062 | 400,773 | $ | 5,136,434 | 1,029,625 | $ | 11,323,102 | ||||||||||||||||||||
Reinvested dividends | — | — | 4,474,309 | 116,018,821 | — | — | 210,859 | 2,211,912 | ||||||||||||||||||||||||
Shares redeemed | (5,983,427 | ) | (185,999,462 | ) | (19,195,217 | ) | (525,266,163 | ) | (568,038 | ) | (7,304,924 | ) | (2,731,437 | ) | (29,513,374 | ) | ||||||||||||||||
Net increase (decrease) | (2,728,376 | ) | $ | (83,335,661 | ) | (6,316,484 | ) | $ | (180,478,280 | ) | (167,265 | ) | $ | (2,168,490 | ) | (1,490,953 | ) | $ | (15,978,360 | ) | ||||||||||||
Note 7 — Expense Reductions
Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of the Funds set forth below have been reduced. For the six months ended November 30, 2013, the amount of expense reductions received by each Fund used to offset the Fund’s non-affiliated expenses were as follows:
Fund | Expense Reductions | |||
Asset Allocation | $ | 50 | ||
Blue Chip Growth | 3,252 | |||
Broad Cap Value Income | 3,121 | |||
Core Equity | 1,941 | |||
Foreign Value | 3,519 | |||
Global Real Estate | 1,559 | |||
Global Social Awareness | 2,773 |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Fund | Expense Reductions | |||
Global Strategy | $ | 2,224 | ||
Health Sciences | 3,918 | |||
International Growth | 1,041 | |||
Large Cap Core | 6,690 | |||
Large Capital Growth | 6,958 | |||
Mid Cap Strategic Growth | 8,051 | |||
Science & Technology | 31,047 | |||
Small Cap | 4,943 | |||
Small Cap Special Values | 877 | |||
Small-Mid Growth | 976 | |||
Value | 120 |
Note 8 — Investment Concentration
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. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed markets. Emerging market countries may have relatively unstable government and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies. 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 Emerging Economies Fund, the Foreign Value Fund, the Global Real Estate Fund, the International Equities Fund, the International Government Bond Fund and the International Growth Fund. At November 30, 2013, the Emerging Economies Fund had 17.0% and 12.8% of its net assets invested in equity securities domiciled in South Korea and China, respectively. The Foreign Value Fund had 19.9%, 15.0% and, 10.4% of its net assets invested in equity securities domiciled in the United Kingdom, France and South Korea, respectively. The Global Real Estate Fund had 16.4% of its net assets invested in equity securities domiciled in Japan. The International Equities Fund had 18.7% and 17.6% of its net assets invested in equity securities domiciled in the Japan and United Kingdom, respectively. The International Government Bond Fund had 13.3% of its net assets invested in fixed income securities domiciled in Japan. The International Growth Fund had 18.5% and 13.4% of its net assets invested in equity securities domiciled in the United Kingdom and Japan, respectively.
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, and 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, the Government Securities Fund and the Money Market I Funds’ concentration in such investments, it may be subject to risks associated with the U.S. Government agencies or instrumentalities. At November 30, 2013, the Funds had 33.2%, 55.0% and 28.0%, respectively, of their total net assets invested in such securities.
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, 2013, the Global Real Estate Fund had 72.1% of its net assets invested in Real Estate Investment Trusts.
Note 9 — Line of Credit
The Series and VALIC Company II have established a $85 million committed and $40 million uncommitted line of credit with State Street Bank and Trust Company, the Funds’ custodian. Interest is currently payable at the higher of the Federal Funds Rate plus 125 basis points or the London Interbank Offered Rate plus 125 basis points on the committed line and State Street Bank and Trust Company’s discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 10 basis points per annum on the daily
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
unused portion of the committed line of credit which is included in other expenses on the Statement of Operations. Borrowings under the line of credit will commence when the respective Fund’s cash shortfall exceeds $100,000. For the six months ended November 30, 2013, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Broad Cap Value Income | 3 | $ | 176 | $ | 1,546,901 | 1.36 | % | |||||||||
Capital Conservation | 1 | 19 | 515,668 | 1.36 | % | |||||||||||
Dividend Value | 2 | 35 | 470,552 | 1.36 | % | |||||||||||
Emerging Economies | 4 | 587 | 3,898,985 | 1.35 | % | |||||||||||
Government Securities | 24 | 1,033 | 1,126,334 | 1.38 | % | |||||||||||
Growth | 12 | 65 | 142,913 | 1.37 | % | |||||||||||
International Equities | 7 | 1,292 | 4,871,213 | 1.36 | % | |||||||||||
International Government Bond | 4 | 30 | 197,730 | 1.37 | % | |||||||||||
International Growth | 86 | 3,448 | 1,059,456 | 1.36 | % | |||||||||||
Large Cap Core | 1 | 6 | 164,890 | 1.37 | % | |||||||||||
Large Capital Growth | 1 | 80 | 2,134,055 | 1.36 | % | |||||||||||
Science & Technology | 5 | 126 | 664,028 | 1.37 | % | |||||||||||
Small Cap | 47 | 175 | 98,613 | 1.36 | % | |||||||||||
Small Cap Special Values | 1 | 10 | 255,300 | 1.35 | % | |||||||||||
Stock Index | 1 | 157 | 4,122,329 | 1.37 | % |
At November 30, 2013, there were no borrowings outstanding.
Note 10 — Interfund Lending Agreement
Pursuant to the 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 lend 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 six months ended November 30, 2013, none of the Funds participated in this 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 transactions must have a 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 transactions. For the six months ended November 30, 2013, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain/ (Loss) | |||||||||
Blue Chip | $ | — | $ | 135,314 | $ | (37,689 | ) | |||||
Growth | 2,500,259 | 2,648,210 | 131,056 | |||||||||
Health Sciences | 888,071 | — | — | |||||||||
International Growth | — | 106,660 | 13,976 | |||||||||
Large Cap Growth | 127,035 | 35,213 | 3,134 | |||||||||
Mid Cap Strategic Growth | 836,794 | 872,194 | 445,400 | |||||||||
Small Cap | — | 25,156,481 | 9,096,487 | |||||||||
Science & Technology | 396,610 | — | — |
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VALIC Company I
Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.20 | $ | 10.89 | $ | 11.05 | $ | 9.38 | $ | 8.08 | $ | 10.68 | $ | 14.19 | $ | 11.63 | $ | 11.18 | $ | 8.77 | $ | 7.29 | $ | 10.54 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.21 | 0.23 | 0.25 | 0.20 | 0.25 | (0.01 | ) | 0.03 | 0.00 | 0.00 | 0.00 | 0.02 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | | 0.72 | | 1.39 | (0.12 | ) | 1.63 | 1.36 | (2.06 | ) |
| 2.88 |
| 2.54 | 0.45 | 2.41 | 1.50 | (3.25 | ) | |||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.83 | 1.60 | 0.11 | 1.88 | 1.56 | (1.81 | ) | 2.87 | 2.57 | 0.45 | 2.41 | 1.50 | (3.23 | ) | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.24 | ) | (0.27 | ) | (0.21 | ) | (0.26 | ) | (0.34 | ) | – | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.05 | ) | – | – | – | (0.45 | ) | – | – | – | – | – | (0.01 | ) | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.29 | ) | (0.27 | ) | (0.21 | ) | (0.26 | ) | (0.79 | ) | – | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 13.03 | $ | 12.20 | $ | 10.89 | $ | 11.05 | $ | 9.38 | $ | 8.08 | $ | 17.06 | $ | 14.19 | $ | 11.63 | $ | 11.18 | $ | 8.77 | $ | 7.29 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 6.80 | % | 14.93 | % | 1.10 | % | 20.16 | % | 19.38 | %(e) | (16.41 | )% | 20.23 | % | 22.08 | % | 4.04 | % | 27.53 | % | 20.54 | % | (30.63 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.72 | %@ | 0.75 | % | 0.75 | % | 0.74 | % | 0.78 | % | 0.73 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.72 | %@ | 0.75 | % | 0.75 | % | 0.74 | % | 0.78 | % | 0.73 | % | 0.85 | %@ | 0.86 | % | 0.86 | % | 0.87 | % | 0.88 | % | 0.89 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.02 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.84 | %@ | 1.79 | % | 2.16 | % | 2.43 | % | 2.18 | % | 2.88 | % | (0.09 | )%@ | 0.21 | % | 0.04 | % | 0.01 | % | 0.01 | % | 0.29 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.84 | %@ | 1.79 | % | 2.16 | % | 2.43 | % | 2.18 | % | 2.88 | % | (0.09 | )%@ | 0.20 | % | 0.02 | % | (0.01 | )% | (0.02 | )% | 0.25 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 56 | % | 119 | % | 115 | % | 133 | % | 143 | % | 108 | % | 14 | % | 32 | % | 25 | % | 38 | % | 47 | % | 58 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,253 | 13,421 | 13,302 | 13,129 | 13,551 | 13,693 | 33,511 | 34,888 | 34,789 | 39,707 | 48,453 | 49,573 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 172,667 | $ | 163,788 | $ | 144,854 | $ | 145,049 | $ | 127,129 | $ | 110,655 | $ | 571,547 | $ | 495,226 | $ | 404,646 | $ | 444,092 | $ | 424,966 | $ | 361,592 |
# | 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. |
See Notes to Financial Statements
308
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.02 | $ | 10.02 | $ | 10.72 | $ | 8.69 | $ | 7.12 | $ | 10.54 | $ | 10.01 | $ | 10.11 | $ | 9.77 | $ | 9.38 | $ | 8.78 | $ | 9.54 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.22 | 0.20 | 0.15 | 0.16 | 0.20 | 0.09 | 0.18 | 0.27 | 0.32 | 0.34 | 0.43 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.66 | 2.85 | (0.73 | ) | 2.04 | 1.58 | (3.41 | ) | (0.16 | ) | (0.05 | ) | 0.38 | 0.38 | 0.70 | (0.46 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.76 | 3.07 | (0.53 | ) | 2.19 | 1.74 | (3.21 | ) | (0.07 | ) | 0.13 | 0.65 | 0.70 | 1.04 | (0.03 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.07 | ) | (0.17 | ) | (0.16 | ) | (0.17 | ) | (0.21 | ) | – | (0.23 | ) | (0.31 | ) | (0.31 | ) | (0.44 | ) | (0.73 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.00 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.07 | ) | (0.17 | ) | (0.16 | ) | (0.17 | ) | (0.21 | ) | – | (0.23 | ) | (0.31 | ) | (0.31 | ) | (0.44 | ) | (0.73 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 14.78 |
| $ | 13.02 | $ | 10.02 | $ | 10.72 | $ | 8.69 | $ | 7.12 | $ | 9.94 | $ | 10.01 | $ | 10.11 | $ | 9.77 | $ | 9.38 | $ | 8.78 | |||||||||||||||||||||||
TOTAL RETURN(a) | 13.52 | % | 30.82 | % | (4.87 | )% | 25.42 | % | 24.41 | % | (30.34 | )% | (0.70 | )% | 1.28 | % | 6.81 | % | 7.56 | % | 12.04 | %(e)(f) | (0.06 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.64 | %@ | 0.66 | % | 0.66 | % | 0.67 | % | 0.69 | % | 0.69 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.96 | %@ | 1.01 | % | 1.06 | % | 1.15 | % | 1.14 | % | 1.26 | % | 0.64 | %@ | 0.66 | % | 0.66 | % | 0.67 | % | 0.69 | % | 0.69 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.47 | %@ | 1.96 | % | 1.97 | % | 1.60 | % | 1.90 | % | 2.57 | % | 1.84 | %@ | 1.73 | % | 2.79 | % | 3.37 | % | 3.71 | % | 4.83 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.37 | %@ | 1.80 | % | 1.76 | % | 1.30 | % | 1.61 | % | 2.16 | % | 1.84 | %@ | 1.73 | % | 2.79 | % | 3.37 | % | 3.71 | % | 4.83 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 15 | % | 34 | % | 18 | % | 21 | % | 22 | % | 24 | % | 58 | % | 149 | % | 141 | % | 164 | % | 170 | % | 122 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 3,240 | 3,217 | 2,841 | 2,708 | 2,337 | 2,330 | 20,035 | 22,968 | 23,049 | 14,599 | 13,871 | 12,387 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 47,888 | $ | 41,901 | $ | 28,476 | $ | 29,023 | $ | 20,302 | $ | 16,590 | $ | 199,149 | $ | 230,018 | $ | 232,990 | $ | 142,652 | $ | 130,157 | $ | 108,805 |
# | 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 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. |
See Notes to Financial Statements
309
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Core Equity Fund | Dividend Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.61 | $ | 12.27 | $ | 13.44 | $ | 10.77 | $ | 9.24 | $ | 13.85 | $ | 11.62 | $ | 9.33 | $ | 9.31 | $ | 7.45 | $ | 6.49 | $ | 10.66 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.08 | 0.19 | 0.18 | 0.13 | 0.14 | 0.17 | 0.13 | 0.27 | 0.23 | 0.21 | 0.12 | 0.18 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.99 | 3.36 | (1.21 | ) | 2.69 | 1.59 | (4.66 | ) | 1.12 | 2.17 | (0.08 | ) | 1.75 | 1.02 | (3.64 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.07 | 3.55 | (1.03 | ) | 2.82 | 1.73 | (4.49 | ) | 1.25 | 2.44 | 0.15 | 1.96 | 1.14 | (3.46 | ) | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.21 | ) | (0.14 | ) | (0.15 | ) | (0.20 | ) | (0.12 | ) | – | (0.15 | ) | (0.13 | ) | (0.10 | ) | (0.18 | ) | (0.24 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | – | – | – | (0.47 | ) | |||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.21 | ) | (0.14 | ) | (0.15 | ) | (0.20 | ) | (0.12 | ) | – | (0.15 | ) | (0.13 | ) | (0.10 | ) | (0.18 | ) | (0.71 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 17.68 | $ | 15.61 | $ | 12.27 | $ | 13.44 | $ | 10.77 | $ | 9.24 | $ | 12.87 | $ | 11.62 | $ | 9.33 | $ | 9.31 | $ | 7.45 | $ | 6.49 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 13.26 | % | 29.19 | % | (7.63 | )% | 26.32 | % | 18.73 | %(e) | (32.34 | )% | 10.76 | % | 26.34 | % | 1.62 | % | 26.50 | % | 17.49 | % | (32.20 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.80 | %@ | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.82 | % | 0.82 | %@ | 0.82 | % | 0.82 | % | 0.82 | % | 0.83 | % | 0.83 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.93 | %@ | 0.95 | % | 0.94 | % | 0.94 | % | 0.95 | % | 0.95 | % | 0.83 | %@ | 0.86 | % | 0.89 | % | 0.96 | % | 1.00 | % | 0.97 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.97 | %@ | 1.38 | % | 1.48 | % | 1.07 | % | 1.30 | % | 1.65 | % | 2.20 | %@ | 2.62 | % | 2.58 | % | 2.58 | % | 1.60 | % | 2.35 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.84 | %@ | 1.23 | % | 1.34 | % | 0.93 | % | 1.16 | % | 1.52 | % | 2.19 | %@ | 2.58 | % | 2.52 | % | 2.44 | % | 1.43 | % | 2.21 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 18 | % | 72 | % | 81 | % | 103 | % | 103 | % | 88 | % | 26 | % | 27 | % | 12 | % | 70 | % | 41 | % | 39 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,896 | 15,531 | 17,200 | 18,743 | 20,445 | 21,909 | 49,302 | 48,835 | 37,111 | 20,559 | 16,350 | 15,228 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 263,332 | $ | 242,367 | $ | 210,989 | $ | 251,962 | $ | 220,172 | $ | 202,490 | $ | 634,657 | $ | 567,499 | $ | 346,432 | $ | 191,319 | $ | 121,769 | $ | 98,820 |
# | 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 was increased by less than 0.01% from a reimbursement by an affiliate. |
See Notes to Financial Statements
310
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Dynamic Allocation Fund | Emerging Economies Fund | |||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | December 19, 2012* to May 31, 2013 | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.87 | $ | 10.00 | $ | 8.09 | $ | 7.09 | $ | 8.53 | $ | 6.88 | $ | 6.17 | $ | 11.67 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.00 | ) | (0.00 | ) | 0.11 | 0.13 | 0.11 | 0.09 | 0.10 | 0.17 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.70 | 0.87 | 0.05 | 0.92 | (1.47 | ) | 1.70 | 0.63 | (4.85 | ) | ||||||||||||||||||||||
Total income (loss) from investment operations | 0.70 | 0.87 | 0.16 | 1.05 | (1.36 | ) | 1.79 | 0.73 | (4.68 | ) | ||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||
Net investment income | – | – | – | (0.05 | ) | (0.08 | ) | (0.14 | ) | (0.02 | ) | (0.12 | ) | |||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.70 | ) | |||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions | – | – | – | (0.05 | ) | (0.08 | ) | (0.14 | ) | (0.02 | ) | (0.82 | ) | |||||||||||||||||||
Net asset value at end of period | $ | 11.57 | $ | 10.87 | $ | 8.25 | $ | 8.09 | $ | 7.09 | $ | 8.53 | $ | 6.88 | $ | 6.17 | ||||||||||||||||
TOTAL RETURN(a) | 6.44 | % | 8.70 | % | 1.98 | % | 14.79 | % | (15.99 | )% | 26.09 | %(f) | 11.86 | %(e) | (39.30 | )% | ||||||||||||||||
RATIOS/ | ||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.32 | %@ | 0.32 | %@ | 0.98 | %@ | 0.98 | % | 1.04 | % | 1.00 | % | 1.02 | % | 1.01 | % | ||||||||||||||||
Ratio of expenses to average net assets(c) | 0.36 | %@ | 0.63 | %@ | 0.98 | %@ | 0.98 | % | 1.04 | % | 1.00 | % | 1.02 | % | 1.01 | % | ||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | 0.00 | % | – | – | 0.01 | % | 0.03 | % | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.01 | )%@ | (0.04 | )%@ | 2.75 | %@ | 1.71 | % | 1.50 | % | 1.09 | % | 1.44 | % | 2.32 | % | ||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.05 | )%@ | (0.35 | )%@ | 2.75 | %@ | 1.71 | % | 1.50 | % | 1.09 | % | 1.44 | % | 2.32 | % | ||||||||||||||||
Portfolio turnover rate | 6 | % | 2 | % | 27 | % | 53 | % | 108 | % | 131 | % | 236 | % | 109 | % | ||||||||||||||||
Number of shares outstanding at end of period (000’s) | 15,762 | 7,996 | 79,977 | 86,346 | 70,660 | 30,187 | 32,153 | 34,373 | ||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 182,425 | $ | 86,904 | $ | 659,567 | $ | 698,480 | $ | 501,317 | $ | 257,560 | $ | 221,201 | $ | 212,124 |
# | Unaudited |
@ | Annualized |
* | Commencement of 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 figure was increased by less than 0.01% from a reimbursement for losses realized on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
311
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Foreign Value Fund | Global Real Estate Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.61 | $ | 7.30 | $ | 10.18 | $ | 7.74 | $ | 7.26 | $ | 12.41 | $ | 8.95 | $ | 7.46 | $ | 9.00 | $ | 7.44 | $ | 6.45 | $ | 11.21 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.20 | 0.25 | 0.24 | 0.17 | 0.23 | 0.13 | 0.15 | 0.17 | 0.16 | 0.20 | 0.20 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.51 | 2.39 | (2.89 | ) | 2.35 | 0.52 | (4.23 | ) | (0.12 | ) | 1.72 | (0.95 | ) | 2.04 | 1.64 | (4.87 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.56 | 2.59 | (2.64 | ) | 2.59 | 0.69 | (4.00 | ) | 0.01 | 1.87 | (0.78 | ) | 2.20 | 1.84 | (4.67 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.28 | ) | (0.24 | ) | (0.15 | ) | (0.21 | ) | (0.36 | ) | – | (0.13 | ) | (0.29 | ) | (0.53 | ) | (0.85 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.79 | ) | – | (0.25 | ) | (0.47 | ) | (0.11 | ) | – | – | ||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.28 | ) | (0.24 | ) | (0.15 | ) | (0.21 | ) | (1.15 | ) | – | (0.38 | ) | (0.76 | ) | (0.64 | ) | (0.85 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.17 | $ | 9.61 | $ | 7.30 | $ | 10.18 | $ | 7.74 | $ | 7.26 | $ | 8.96 | $ | 8.95 | $ | 7.46 | $ | 9.00 | $ | 7.44 | $ | 6.45 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 16.23 | % | 35.97 | % | (26.11 | )% | 33.69 | % | 9.23 | % | (30.15 | )% | 0.11 | % | 25.49 | % | (7.94 | )% | 30.56 | % | 28.56 | % | (41.58 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.81 | %@ | 0.83 | % | 0.83 | % | 0.84 | % | 0.84 | % | 0.94 | % | 0.87 | %@ | 0.89 | % | 0.92 | % | 0.92 | % | 0.93 | % | 0.95 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.81 | %@ | 0.83 | % | 0.83 | % | 0.84 | % | 0.84 | % | 0.94 | % | 0.87 | %@ | 0.89 | % | 0.92 | % | 0.92 | % | 0.93 | % | 1.01 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.06 | %@ | 2.33 | % | 2.94 | % | 2.60 | % | 1.98 | % | 3.01 | % | 2.91 | %@ | 1.79 | % | 2.25 | % | 1.88 | % | 2.68 | % | 3.54 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.06 | %@ | 2.33 | % | 2.94 | % | 2.60 | % | 1.98 | % | 3.01 | % | 2.91 | %@ | 1.79 | % | 2.25 | % | 1.88 | % | 2.68 | % | 3.48 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 14 | % | 23 | % | 25 | % | 25 | % | 28 | % | 22 | % | 24 | % | 52 | % | 88 | % | 75 | % | 86 | % | 88 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 89,781 | 94,998 | 103,881 | 104,883 | 98,873 | 91,924 | 41,490 | 42,969 | 37,728 | 34,869 | 37,199 | 35,436 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,003,126 | $ | 913,025 | $ | 758,094 | $ | 1,067,577 | $ | 765,267 | $ | 667,342 | $ | 371,748 | $ | 384,543 | $ | 281,639 | $ | 313,781 | $ | 276,688 | $ | 228,590 |
# | 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. |
See Notes to Financial Statements
312
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Social Awareness Fund | Global Strategy Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 17.38 | $ | 13.72 | $ | 15.79 | $ | 12.56 | $ | 11.21 | $ | 20.21 | $ | 12.66 | $ | 10.41 | $ | 12.19 | $ | 10.07 | $ | 9.74 | $ | 12.77 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.33 | 0.29 | 0.25 | 0.21 | 0.27 | 0.13 | 0.34 | 0.41 | 0.36 | 0.37 | 0.32 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.31 | 3.61 | (2.06 | ) | 3.21 | 1.48 | (7.47 | ) | 1.04 | 2.65 | (1.66 | ) | 2.11 | 0.99 | (2.39 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.42 | 3.94 | (1.77 | ) | 3.46 | 1.69 | (7.20 | ) | 1.17 | 2.99 | (1.25 | ) | 2.47 | 1.36 | (2.07 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.28 | ) | (0.30 | ) | (0.23 | ) | (0.34 | ) | (0.40 | ) | – | (0.74 | ) | (0.53 | ) | (0.35 | ) | (1.03 | ) | (0.71 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (1.40 | ) | – | – | – | – | – | (0.25 | ) | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.28 | ) | (0.30 | ) | (0.23 | ) | (0.34 | ) | (1.80 | ) | – | (0.74 | ) | (0.53 | ) | (0.35 | ) | (1.03 | ) | (0.96 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 19.80 | $ | 17.38 | $ | 13.72 | $ | 15.79 | $ | 12.56 | $ | 11.21 | $ | 13.83 | $ | 12.66 | $ | 10.41 | $ | 12.19 | $ | 10.07 | $ | 9.74 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 13.92 | % | 28.99 | % | (11.20 | )% | 27.71 | % | 14.88 | % | (34.56 | )% | 9.24 | % | 29.44 | % | (10.28 | )% | 24.85 | % | 13.79 | %(e) | (15.60 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.64 | %@ | 0.68 | % | 0.68 | % | 0.67 | % | 0.69 | % | 0.72 | % | 0.65 | %@ | 0.67 | % | 0.67 | % | 0.68 | % | 0.68 | % | 0.71 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.64 | %@ | 0.68 | % | 0.68 | % | 0.67 | % | 0.69 | % | 0.72 | % | 0.65 | %@ | 0.67 | % | 0.67 | % | 0.68 | % | 0.68 | % | 0.71 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | – | – | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.25 | %@ | 2.07 | % | 1.98 | % | 1.74 | % | 1.63 | % | 2.03 | % | 2.07 | %@ | 2.84 | % | 3.65 | % | 3.26 | % | 3.47 | % | 3.16 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.25 | %@ | 2.07 | % | 1.98 | % | 1.74 | % | 1.63 | % | 2.03 | % | 2.07 | %@ | 2.84 | % | 3.65 | % | 3.26 | % | 3.47 | % | 3.16 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 49 | % | 101 | % | 102 | % | 119 | % | 91 | % | 95 | % | 14 | % | 23 | % | 28 | % | 17 | % | 20 | % | 25 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 21,150 | 17,295 | 17,590 | 18,506 | 20,713 | 24,562 | 38,506 | 36,722 | 42,243 | 44,818 | 39,169 | 36,697 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 418,702 | $ | 300,545 | $ | 241,281 | $ | 292,234 | $ | 260,145 | $ | 275,293 | $ | 532,500 | $ | 465,060 | $ | 439,884 | $ | 546,500 | $ | 394,548 | $ | 357,538 |
# | 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 a reimbursement by an affiliate. |
See Notes to Financial Statements
313
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Government Securities Fund | Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.95 | $ | 11.34 | $ | 10.70 | $ | 10.67 | $ | 10.50 | $ | 10.42 | $ | 13.93 | $ | 11.67 | $ | 11.85 | $ | 9.20 | $ | 7.60 | $ | 11.17 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.12 | 0.23 | 0.27 | 0.24 | 0.28 | 0.28 | 0.05 | 0.12 | 0.09 | 0.07 | 0.06 | 0.05 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.31 | ) | (0.28 | ) | 0.70 | 0.12 | 0.29 | 0.05 | 1.76 | 2.23 | (0.19 | ) | 2.65 | 1.61 | (3.62 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.19 | ) | (0.05 | ) | 0.97 | 0.36 | 0.57 | 0.33 | 1.81 | 2.35 | (0.10 | ) | 2.72 | 1.67 | (3.57 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.28 | ) | (0.33 | ) | (0.33 | ) | (0.40 | ) | (0.25 | ) | – | (0.09 | ) | (0.08 | ) | (0.07 | ) | (0.07 | ) | 0.00 | |||||||||||||||||||||||||||
Net realized gain on securities | – | (0.06 | ) | – | – | – | – | – | – | – | – | – | 0.00 | |||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.34 | ) | (0.33 | ) | (0.33 | ) | (0.40 | ) | (0.25 | ) | – | (0.09 | ) | (0.08 | ) | (0.07 | ) | (0.07 | ) | 0.00 | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.76 | $ | 10.95 | $ | 11.34 | $ | 10.70 | $ | 10.67 | $ | 10.50 | $ | 15.74 | $ | 13.93 | $ | 11.67 | $ | 11.85 | $ | 9.20 | $ | 7.60 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (1.74 | )% | (0.49 | )% | 9.19 | %(f) | 3.45 | % | 5.56 | %(e) | 3.04 | % | 12.99 | % | 20.22 | % | (0.78 | )% | 29.60 | % | 22.01 | %(e) | (31.94 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.65 | %@ | 0.66 | % | 0.67 | % | 0.65 | % | 0.71 | % | 0.65 | % | 0.81 | %@ | 0.81 | % | 0.81 | % | 0.81 | % | 0.85 | % | 0.94 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.65 | %@ | 0.66 | % | 0.69 | % | 0.65 | % | 0.71 | % | 0.65 | % | 0.82 | %@ | 0.83 | % | 0.84 | % | 0.85 | % | 0.88 | % | 0.94 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.24 | %@ | 2.04 | % | 2.51 | % | 2.22 | % | 2.58 | % | 2.63 | % | 0.72 | %@ | 0.95 | % | 0.77 | % | 0.71 | % | 0.67 | % | 0.64 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.24 | %@ | 2.04 | % | 2.49 | % | 2.22 | % | 2.58 | % | 2.63 | % | 0.72 | %@ | 0.93 | % | 0.74 | % | 0.67 | % | 0.64 | % | 0.64 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 27 | % | 64 | % | 230 | % | 353 | % | 216 | % | 126 | % | 40 | % | 81 | % | 87 | % | 95 | % | 99 | % | 114 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,729 | 12,492 | 12,866 | 10,389 | 11,721 | 13,789 | 57,425 | 59,131 | 65,596 | 67,486 | 71,366 | 75,864 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 158,524 | $ | 136,786 | $ | 145,929 | $ | 111,118 | $ | 125,053 | $ | 144,793 | $ | 903,683 | $ | 823,541 | $ | 765,515 | $ | 800,022 | $ | 656,380 | $ | 576,502 |
# | 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 a reimbursement by an affiliate. |
(f) | The Fund’s performance was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
314
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Growth & Income Fund | Health Sciences Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.78 | $ | 12.03 | $ | 12.80 | $ | 10.48 | $ | 9.35 | $ | 16.14 | $ | 16.52 | $ | 12.61 | $ | 12.78 | $ | 9.07 | $ | 7.18 | $ | 10.56 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.09 | 0.13 | 0.11 | 0.09 | 0.13 | 0.24 | (0.06 | ) | (0.07 | ) | (0.07 | ) | 0.00 | (0.05 | ) | (0.04 | ) | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.73 | 2.74 | (0.79 | ) | 2.37 | 1.24 | (5.79 | ) | 3.63 | 4.82 | 0.68 | 3.71 | 1.94 | (2.45 | ) | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.82 | 2.87 | (0.68 | ) | 2.46 | 1.37 | (5.55 | ) | 3.57 | 4.75 | 0.61 | 3.71 | 1.89 | (2.49 | ) | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.12 | ) | (0.09 | ) | (0.14 | ) | (0.24 | ) | (0.28 | ) | – | – | (0.26 | ) | – | – | – | ||||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.96 | ) | – | (0.84 | ) | (0.52 | ) | – | – | (0.89 | ) | ||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.12 | ) | (0.09 | ) | (0.14 | ) | (0.24 | ) | (1.24 | ) | – | (0.84 | ) | (0.78 | ) | – | – | (0.89 | ) | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 16.60 | $ | 14.78 | $ | 12.03 | $ | 12.80 | $ | 10.48 | $ | 9.35 | $ | 20.09 | $ | 16.52 | $ | 12.61 | $ | 12.78 | $ | 9.07 | $ | 7.18 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 12.31 | % | 24.00 | % | (5.23 | )% | 23.60 | % | 14.58 | %(e) | (33.90 | )% | 21.61 | % | 39.14 | % | 5.81 | % | 40.90 | % | 26.32 | % | (23.05 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 1.12 | %@ | 1.15 | % | 1.16 | % | 1.17 | % | 1.18 | % | 1.19 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.93 | %@ | 0.96 | % | 0.98 | % | 0.96 | % | 0.95 | % | 0.95 | % | 1.12 | %@ | 1.15 | % | 1.16 | % | 1.17 | % | 1.18 | % | 1.19 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.14 | %@ | 1.01 | % | 0.92 | % | 0.76 | % | 1.21 | % | 2.15 | % | (0.63 | )%@ | (0.48 | )% | (0.60 | )% | 0.01 | % | (0.62 | )% | (0.55 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.06 | %@ | 0.90 | % | 0.79 | % | 0.65 | % | 1.11 | % | 2.05 | % | (0.63 | )%@ | (0.48 | )% | (0.60 | )% | 0.01 | % | (0.62 | )% | (0.55 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 152 | % | 299 | % | 227 | % | 167 | % | 174 | % | 189 | % | 29 | % | 16 | % | 21 | % | 38 | % | 38 | % | 43 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 6,457 | 6,471 | 6,737 | 7,119 | 7,598 | 7,861 | 26,079 | 24,949 | 20,668 | 17,920 | 18,776 | 19,699 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 107,195 | $ | 95,667 | $ | 81,057 | $ | 91,114 | $ | 79,602 | $ | 73,508 | $ | 523,891 | $ | 412,098 | $ | 260,654 | $ | 229,069 | $ | 170,216 | $ | 141,470 |
# | 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 was increased by less than 0.01% from a reimbursement by an affiliate. |
See Notes to Financial Statements
315
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Inflation Protected Fund | International Equities Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.53 | $ | 11.79 | $ | 10.89 | $ | 10.17 | $ | 9.20 | $ | 10.01 | $ | 6.47 | $ | 5.22 | $ | 6.84 | $ | 5.38 | $ | 5.15 | $ | 10.37 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.23 | 0.37 | 0.34 | 0.24 | 0.20 | 0.06 | 0.17 | 0.16 | 0.16 | 0.13 | 0.19 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.47 | ) | (0.18 | ) | 0.70 | 0.62 | 0.81 | (0.61 | ) | 0.70 | 1.25 | (1.60 | ) | 1.45 | 0.25 | (4.18 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.36 | ) | 0.05 | 1.07 | 0.96 | 1.05 | (0.41 | ) | 0.76 | 1.42 | (1.44 | ) | 1.61 | 0.38 | (3.99 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.31 | ) | (0.17 | ) | (0.24 | ) | (0.08 | ) | (0.39 | ) | – | (0.17 | ) | (0.18 | ) | (0.15 | ) | (0.15 | ) | (0.28 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | – | – | – | (0.95 | ) | |||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | (0.01 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.31 | ) | (0.17 | ) | (0.24 | ) | (0.08 | ) | (0.40 | ) | – | (0.17 | ) | (0.18 | ) | (0.15 | ) | (0.15 | ) | (1.23 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.17 | $ | 11.53 | $ | 11.79 | $ | 10.89 | $ | 10.17 | $ | 9.20 | $ | 7.23 | $ | 6.47 | $ | 5.22 | $ | 6.84 | $ | 5.38 | $ | 5.15 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (3.12 | )% | 0.32 | % | 9.93 | % | 9.57 | % | 11.47 | % | (4.08 | )% | 11.75 | % | 27.39 | % | (21.18 | )% | 30.18 | % | 7.06 | % | (37.10 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.59 | %@ | 0.60 | % | 0.61 | % | 0.63 | % | 0.65 | % | 0.65 | % | 0.49 | %@ | 0.53 | % | 0.52 | % | 0.47 | % | 0.52 | % | 0.55 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.59 | %@ | 0.60 | % | 0.61 | % | 0.63 | % | 0.65 | % | 0.66 | % | 0.49 | %@ | 0.53 | % | 0.52 | % | 0.47 | % | 0.52 | % | 0.55 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.91 | %@ | 1.94 | % | 3.22 | % | 3.30 | % | 2.55 | % | 2.18 | % | 1.82 | %@ | 2.85 | % | 2.78 | % | 2.53 | % | 2.29 | % | 3.18 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.91 | %@ | 1.94 | % | 3.22 | % | 3.30 | % | 2.55 | % | 2.16 | % | 1.82 | %@ | 2.85 | % | 2.78 | % | 2.53 | % | 2.29 | % | 3.18 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 27 | % | 60 | % | 52 | % | 49 | % | 48 | % | 39 | % | 31 | % | 51 | % | 99 | % | 56 | % | 66 | % | 81 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 39,130 | 38,711 | 35,093 | 31,956 | 22,673 | 16,219 | 149,532 | 154,632 | 132,279 | 150,421 | 145,793 | 141,492 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 436,895 | $ | 446,317 | $ | 413,818 | $ | 347,947 | $ | 230,538 | $ | 149,178 | $ | 1,081,672 | $ | 1,000,950 | $ | 689,840 | $ | 1,028,197 | $ | 783,839 | $ | 728,784 |
# | 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. |
See Notes to Financial Statements
316
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Government Bond Fund | International Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.12 | $ | 12.62 | $ | 12.86 | $ | 11.92 | $ | 11.55 | $ | 12.39 | $ | 12.36 | $ | 9.81 | $ | 12.04 | $ | 9.04 | $ | 8.29 | $ | 13.15 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.17 | 0.35 | 0.39 | 0.42 | 0.45 | 0.46 | 0.03 | 0.17 | 0.18 | 0.17 | 0.13 | 0.18 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.30 | ) | (0.06 | ) | (0.03 | ) | 1.12 | 0.40 | (0.56 | ) | 1.42 | 2.55 | (2.22 | ) | 2.98 | 0.80 | (4.86 | ) | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.13 | ) | 0.29 | 0.36 | 1.54 | 0.85 | (0.10 | ) | 1.45 | 2.72 | (2.04 | ) | 3.15 | 0.93 | (4.68 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.45 | ) | (0.46 | ) | (0.60 | ) | (0.48 | ) | (0.73 | ) | – | (0.17 | ) | (0.19 | ) | (0.15 | ) | (0.18 | ) | (0.18 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.34 | ) | (0.14 | ) | – | – | (0.01 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | �� | – | |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.79 | ) | (0.60 | ) | (0.60 | ) | (0.48 | ) | (0.74 | ) | – | (0.17 | ) | (0.19 | ) | (0.15 | ) | (0.18 | ) | (0.18 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.99 | $ | 12.12 | $ | 12.62 | $ | 12.86 | $ | 11.92 | $ | 11.55 | $ | 13.81 | $ | 12.36 | $ | 9.81 | $ | 12.04 | $ | 9.04 | $ | 8.29 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (1.07 | )% | 2.03 | % | 2.86 | % | 13.16 | % | 7.32 | % | (0.70 | )% | 11.73 | % | 27.92 | % | (16.96 | )% | 35.00 | %(e) | 11.07 | % | (35.39 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.65 | %@ | 0.66 | % | 0.67 | % | 0.67 | % | 0.68 | % | 0.72 | % | 1.01 | %@ | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.65 | %@ | 0.66 | % | 0.67 | % | 0.67 | % | 0.68 | % | 0.72 | % | 1.08 | %@ | 1.10 | % | 1.11 | % | 1.12 | % | 1.12 | % | 1.14 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.80 | %@ | 2.75 | % | 3.08 | % | 3.34 | % | 3.70 | % | 3.96 | % | 0.40 | %@ | 1.51 | % | 1.72 | % | 1.53 | % | 1.35 | % | 2.11 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.80 | %@ | 2.75 | % | 3.08 | % | 3.34 | % | 3.70 | % | 3.96 | % | 0.33 | %@ | 1.42 | % | 1.62 | % | 1.42 | % | 1.24 | % | 1.97 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 20 | % | 74 | % | 126 | % | 113 | % | 147 | % | 224 | % | 28 | % | 55 | % | 53 | % | 67 | % | 79 | % | 70 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,342 | 15,235 | 15,494 | 14,721 | 12,409 | 13,016 | 44,707 | 48,797 | 49,532 | 51,294 | 52,207 | 53,649 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 171,897 | $ | 184,590 | $ | 195,494 | $ | 189,309 | $ | 147,932 | $ | 150,314 | $ | 617,603 | $ | 603,086 | $ | 485,839 | $ | 617,720 | $ | 471,764 | $ | 444,783 |
# | 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. |
See Notes to Financial Statements
317
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Large Cap Core Fund | Large Capital Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.85 | $ | 11.22 | $ | 12.33 | $ | 9.37 | $ | 7.92 | $ | 10.78 | $ | 12.46 | $ | 11.48 | $ | 12.31 | $ | 9.73 | $ | 8.23 | $ | 12.45 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.07 | 0.14 | 0.12 | 0.09 | 0.10 | 0.13 | 0.03 | 0.07 | 0.02 | 0.03 | 0.04 | 0.06 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.58 | 3.10 | (0.73 | ) | 2.98 | 1.47 | (2.51 | ) | 1.68 | 1.94 | (0.82 | ) | 2.59 | 1.53 | (4.01 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.65 | 3.24 | (0.61 | ) | 3.07 | 1.57 | (2.38 | ) | 1.71 | 2.01 | (0.80 | ) | 2.62 | 1.57 | (3.95 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.12 | ) | (0.11 | ) | (0.11 | ) | (0.12 | ) | (0.04 | ) | – | (0.03 | ) | (0.03 | ) | (0.04 | ) | (0.07 | ) | (0.03 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (1.49 | ) | (0.39 | ) | – | – | (0.44 | ) | – | (1.00 | ) | – | – | – | (0.24 | ) | |||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (1.61 | ) | (0.50 | ) | (0.11 | ) | (0.12 | ) | (0.48 | ) | – | (1.03 | ) | (0.03 | ) | (0.04 | ) | (0.07 | ) | (0.27 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 14.50 | $ | 12.85 | $ | 11.22 | $ | 12.33 | $ | 9.37 | $ | 7.92 | $ | 14.17 | $ | 12.46 | $ | 11.48 | $ | 12.31 | $ | 9.73 | $ | 8.23 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 12.84 | % | 31.57 | % | (4.78 | )% | 32.94 | % | 19.81 | % | (21.36 | )% | 13.72 | % | 18.63 | % | (6.45 | )% | 27.01 | % | 19.08 | %(e) | (31.55 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.84 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.76 | %@ | 0.77 | % | 0.78 | % | 0.78 | % | 0.78 | % | 0.79 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.84 | %@ | 0.85 | % | 0.89 | % | 0.85 | % | 0.88 | % | 0.89 | % | 0.76 | %@ | 0.77 | % | 0.78 | % | 0.78 | % | 0.78 | % | 0.79 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.01 | % | – | 0.01 | % | 0.01 | % | 0.02 | % | 0.00 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.04 | %@ | 1.14 | % | 1.04 | % | 0.85 | % | 1.08 | % | 1.60 | % | 0.42 | %@ | 0.58 | % | 0.19 | % | 0.25 | % | 0.41 | % | 0.61 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.04 | %@ | 1.14 | % | 0.99 | % | 0.85 | % | 1.05 | % | 1.56 | % | 0.42 | %@ | 0.58 | % | 0.19 | % | 0.25 | % | 0.41 | % | 0.61 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 35 | % | 64 | % | 106 | % | 44 | % | 33 | % | 41 | % | 126 | % | 195 | % | 173 | % | 129 | % | 59 | % | 49 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 11,804 | 12,501 | 11,170 | 11,843 | 12,406 | 12,312 | 28,002 | 29,489 | 29,965 | 32,735 | 35,736 | 38,018 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 171,188 | $ | 160,617 | $ | 125,281 | $ | 145,975 | $ | 116,227 | $ | 97,480 | $ | 396,679 | $ | 367,527 | $ | 343,971 | $ | 402,977 | $ | 347,731 | $ | 312,755 |
# | 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% by a reimbursement by an affiliate. |
See Notes to Financial Statements
318
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Index Fund | Mid Cap Strategic Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.44 | $ | 19.74 | $ | 22.71 | $ | 17.30 | $ | 13.32 | $ | 23.88 | $ | 14.16 | $ | 11.83 | $ | 13.62 | $ | 9.92 | $ | 7.83 | $ | 15.03 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.15 | 0.29 | 0.21 | 0.18 | 0.19 | 0.25 | (0.01 | ) | 0.08 | 0.01 | 0.01 | (0.00 | ) | 0.02 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.48 | 5.38 | (1.74 | ) | 5.43 | 4.40 | (8.65 | ) | 1.97 | 2.55 | (1.74 | ) | 3.70 | 2.14 | (5.95 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.63 | 5.67 | (1.53 | ) | 5.61 | 4.59 | (8.40 | ) | 1.96 | 2.63 | (1.73 | ) | 3.71 | 2.14 | (5.93 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.22 | ) | (0.26 | ) | (0.20 | ) | (0.25 | ) | (0.27 | ) | – | – | (0.06 | ) | (0.01 | ) | (0.05 | ) | – | ||||||||||||||||||||||||||||
Net realized gain on securities | – | (0.75 | ) | (1.18 | ) | – | (0.36 | ) | (1.89 | ) | – | (0.30 | ) | – | – | – | (1.27 | ) | ||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.97 | ) | (1.44 | ) | (0.20 | ) | (0.61 | ) | (2.16 | ) | – | (0.30 | ) | (0.06 | ) | (0.01 | ) | (0.05 | ) | (1.27 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 27.07 | $ | 24.44 | $ | 19.74 | $ | 22.71 | $ | 17.30 | $ | 13.32 | $ | 16.12 | $ | 14.16 | $ | 11.83 | $ | 13.62 | $ | 9.92 | $ | 7.83 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 10.76 | % | 29.61 | % | (6.38 | )% | 32.54 | %(e) | 34.73 | % | (33.91 | )% | 13.84 | % | 22.76 | % | (12.67 | )% | 37.37 | % | 27.35 | %(e) | (37.52 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.36 | %@ | 0.38 | % | 0.38 | % | 0.39 | % | 0.39 | % | 0.40 | % | 0.83 | %@ | 0.85 | % | 0.85 | % | 0.84 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.36 | %@ | 0.38 | % | 0.38 | % | 0.39 | % | 0.39 | % | 0.40 | % | 0.83 | %@ | 0.86 | % | 0.86 | % | 0.84 | % | 0.86 | % | 0.87 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.02 | % | 0.04 | % | 0.04 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.15 | %@ | 1.33 | % | 1.02 | % | 0.93 | % | 1.17 | % | 1.64 | % | (0.12 | )%@ | 0.63 | % | 0.09 | % | 0.10 | % | (0.09 | )% | 0.21 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.15 | %@ | 1.33 | % | 1.02 | % | 0.93 | % | 1.17 | % | 1.64 | % | (0.12 | )%@ | 0.62 | % | 0.08 | % | 0.10 | % | (0.10 | )% | 0.19 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 5 | % | 8 | % | 11 | % | 18 | % | 12 | % | 22 | % | 26 | % | 61 | % | 62 | % | 134 | % | 239 | % | 293 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 113,839 | 119,703 | 122,335 | 120,474 | 121,459 | 123,279 | 18,060 | 18,378 | 20,800 | 25,052 | 25,009 | 26,125 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 3,081,801 | $ | 2,925,308 | $ | 2,415,464 | $ | 2,736,232 | $ | 2,101,641 | $ | 1,642,120 | $ | 291,078 | $ | 260,138 | $ | 246,037 | $ | 341,241 | $ | 248,109 | $ | 204,470 |
# | 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. |
See Notes to Financial Statements
319
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Money Market I Fund | Nasdaq-100® Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 6.98 | $ | 6.03 | $ | 6.45 | $ | 5.03 | $ | 3.89 | $ | 5.62 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.04 | 0.07 | 0.04 | 0.02 | 0.01 | 0.01 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.00 | 0.00 | 0.00 | (0.00 | ) | 0.00 | – | 1.19 | 1.06 | 0.31 | 1.41 | 1.14 | (1.68 | ) | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 1.23 | 1.13 | 0.35 | 1.43 | 1.15 | (1.67 | ) | |||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.01 | ) | – | (0.03 | ) | (0.02 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | |||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | (0.00 | ) | – | – | (0.15 | ) | (0.75 | ) | – | – | (0.05 | ) | ||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.01 | ) | – | (0.18 | ) | (0.77 | ) | (0.01 | ) | (0.01 | ) | (0.06 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 8.21 | $ | 6.98 | $ | 6.03 | $ | 6.45 | $ | 5.03 | $ | 3.89 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 0.01 | % | 0.01 | % | 0.01 | %(e) | 0.01 | % | 0.04 | %(e) | 1.33 | % | 17.62 | % | 19.16 | % | 6.91 | % | 28.53 | % | 29.60 | %(f) | (29.36 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.17 | %@ | 0.21 | % | 0.17 | % | 0.24 | % | 0.41 | % | 0.54 | % | 0.53 | %@ | 0.53 | % | 0.53 | % | 0.53 | % | 0.54 | % | 0.55 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.51 | %@ | 0.52 | % | 0.52 | % | 0.52 | % | 0.55 | % | 0.59 | % | 0.56 | %@ | 0.57 | % | 0.59 | % | 0.63 | % | 0.60 | % | 0.66 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | 1.31 | % | 1.04 | %@ | 1.06 | % | 0.59 | % | 0.43 | % | 0.25 | % | 0.35 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.34 | )%@ | (0.30 | )% | (0.33 | )% | (0.27 | )% | (0.10 | )% | 1.26 | % | 1.01 | %@ | 1.02 | % | 0.52 | % | 0.33 | % | 0.18 | % | 0.24 | % | ||||||||||||||||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A | N/A | 6 | % | 5 | % | 12 | % | 29 | % | 6 | % | 9 | % | ||||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 378,096 | 378,729 | 409,147 | 474,285 | 542,000 | 612,933 | 28,526 | 29,011 | 27,028 | 19,713 | 20,423 | 18,892 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 377,459 | $ | 378,086 | $ | 408,487 | $ | 473,443 | $ | 541,159 | $ | 611,356 | $ | 234,229 | $ | 202,595 | $ | 162,983 | $ | 127,160 | $ | 102,703 | $ | 73,521 |
# | 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% by a reimbursement by an affiliate. |
See Notes to Financial Statements
320
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Science & Technology Fund | Small Cap Aggressive Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.19 | $ | 15.84 | $ | 17.57 | $ | 12.93 | $ | 9.98 | $ | 14.41 | $ | 13.18 | $ | 10.33 | $ | 12.63 | $ | 9.84 | $ | 7.05 | $ | 11.17 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.01 | ) | 0.03 | (0.01 | ) | (0.03 | ) | (0.02 | ) | 0.01 | (0.05 | ) | (0.07 | ) | (0.06 | ) | (0.06 | ) | (0.05 | ) | (0.03 | ) | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.64 | 3.32 | (1.72 | ) | 4.67 | 2.98 | (4.44 | ) | 3.01 | 3.08 | (1.46 | ) | 2.85 | 2.84 | (3.17 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.63 | 3.35 | (1.73 | ) | 4.64 | 2.96 | (4.43 | ) | 2.96 | 3.01 | (1.52 | ) | 2.79 | 2.79 | (3.20 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | (0.00 | ) | (0.01 | ) | – | – | – | – | – | (0.00 | ) | – | |||||||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.16 | ) | (0.78 | ) | – | – | (0.92 | ) | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | – | – | (0.00 | ) | (0.01 | ) | – | – | (0.16 | ) | (0.78 | ) | – | (0.00 | ) | (0.92 | ) | ||||||||||||||||||||||||||||||
Net asset value at end of period | $ | 22.82 | $ | 19.19 | $ | 15.84 | $ | 17.57 | $ | 12.93 | $ | 9.98 | $ | 16.14 | $ | 13.18 | $ | 10.33 | $ | 12.63 | $ | 9.84 | $ | 7.05 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 18.92 | % | 21.15 | % | (9.85 | )% | 35.89 | % | 29.67 | %(f) | (30.74 | )%(e) | 22.46 | % | 29.43 | % | (11.72 | )% | 28.35 | % | 39.59 | %(f) | (26.42 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.00 | %@ | 1.02 | % | 1.02 | % | 1.02 | % | 1.02 | % | 1.06 | % | 0.99 | %@ | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.00 | %@ | 1.02 | % | 1.02 | % | 1.02 | % | 1.02 | % | 1.06 | % | 1.03 | %@ | 1.05 | % | 1.10 | % | 1.05 | % | 1.10 | % | 1.12 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.01 | % | – | – | – | 0.04 | % | 0.02 | % | 0.01 | % | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.06 | )%@ | 0.15 | % | (0.10 | )% | (0.22 | )% | (0.20 | )% | 0.09 | % | (0.72 | )%@ | (0.61 | )% | (0.59 | )% | (0.62 | )% | (0.56 | )% | (0.37 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.06 | )%@ | 0.15 | % | (0.10 | )% | (0.22 | )% | (0.20 | )% | 0.09 | % | (0.75 | )%@ | (0.67 | )% | (0.70 | )% | (0.68 | )% | (0.66 | )% | (0.50 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 51 | % | 99 | % | 113 | % | 111 | % | 138 | % | 150 | % | 57 | % | 97 | % | 169 | % | 42 | % | 73 | % | 74 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 38,520 | 40,253 | 45,092 | 50,582 | 54,912 | 56,476 | 6,655 | 6,240 | 6,994 | 7,230 | 8,809 | 6,553 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 879,031 | $ | 772,614 | $ | 714,118 | $ | 888,918 | $ | 710,097 | $ | 563,610 | $ | 107,384 | $ | 82,222 | $ | 72,224 | $ | 91,326 | $ | 86,711 | $ | 46,179 |
# | 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. |
See Notes to Financial Statements
321
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Fund | Small Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.46 | $ | 10.33 | $ | 11.22 | $ | 8.31 | $ | 6.39 | $ | 9.82 | $ | 18.13 | $ | 14.03 | $ | 15.60 | $ | 12.15 | $ | 9.43 | $ | 15.80 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.04 | 0.00 | 0.01 | 0.01 | 0.03 | 0.12 | 0.24 | 0.18 | 0.13 | 0.11 | 0.18 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.31 | 3.10 | (0.88 | ) | 2.92 | 1.95 | (2.98 | ) | 2.94 | 4.06 | (1.61 | ) | 3.44 | 3.06 | (5.35 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.31 | 3.14 | (0.88 | ) | 2.93 | 1.96 | (2.95 | ) | 3.06 | 4.30 | (1.43 | ) | 3.57 | 3.17 | (5.17 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.04 | ) | (0.04 | ) | – | (0.20 | ) | (0.14 | ) | (0.12 | ) | (0.18 | ) | (0.23 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.44 | ) | – | – | – | – | (0.27 | ) | (0.97 | ) | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.04 | ) | (0.48 | ) | – | (0.20 | ) | (0.14 | ) | (0.12 | ) | (0.45 | ) | (1.20 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 15.77 | $ | 13.46 | $ | 10.33 | $ | 11.22 | $ | 8.31 | $ | 6.39 | $ | 21.19 | $ | 18.13 | $ | 14.03 | $ | 15.60 | $ | 12.15 | $ | 9.43 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 17.16 | % | 30.40 | % | (7.81 | )% | 35.24 | % | 30.65 | % | (29.56 | )% | 16.88 | % | 30.91 | % | (9.13 | )% | 29.44 | % | 34.01 | % | (32.19 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.93 | %@ | 0.93 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.95 | % | 0.41 | %@ | 0.44 | % | 0.44 | % | 0.44 | % | 0.46 | % | 0.47 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.02 | %@ | 1.04 | % | 1.05 | % | 1.05 | % | 1.06 | % | 1.07 | % | 0.41 | %@ | 0.44 | % | 0.44 | % | 0.44 | % | 0.46 | % | 0.47 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.05 | %@ | 0.35 | % | 0.01 | % | 0.05 | % | 0.13 | % | 0.40 | % | 1.26 | %@ | 1.51 | % | 1.26 | % | 0.95 | % | 0.98 | % | 1.65 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.04 | )%@ | 0.24 | % | (0.11 | )% | (0.07 | )% | 0.00 | % | 0.28 | % | 1.26 | %@ | 1.51 | % | 1.26 | % | 0.95 | % | 0.98 | % | 1.65 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 12 | % | 27 | % | 39 | % | 38 | % | 37 | % | 40 | % | 9 | % | 12 | % | 14 | % | 13 | % | 15 | % | 24 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 24,168 | 26,071 | 28,964 | 31,857 | 34,509 | 37,152 | 52,656 | 54,297 | 57,427 | 62,750 | 66,604 | 67,300 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 381,206 | $ | 350,845 | $ | 299,145 | $ | 357,571 | $ | 286,788 | $ | 237,444 | $ | 1,115,581 | $ | 984,357 | $ | 805,784 | $ | 978,592 | $ | 809,018 | $ | 634,336 |
# | 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 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. |
See Notes to Financial Statements
322
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Special Values Fund | Small-Mid Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.32 | $ | 8.99 | $ | 9.67 | $ | 8.08 | $ | 6.03 | $ | 9.73 | $ | 12.67 | $ | 10.56 | $ | 11.72 | $ | 8.54 | $ | 6.79 | $ | 10.05 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.07 | 0.05 | 0.06 | 0.05 | 0.10 | (0.04 | ) | 0.00 | (0.05 | ) | (0.06 | ) | (0.05 | ) | 0.01 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.04 | 2.32 | (0.66 | ) | 1.59 | 2.12 | (3.43 | ) | 2.15 | 2.11 | (1.11 | ) | 3.24 | 1.82 | (2.98 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.10 | 2.39 | (0.61 | ) | 1.65 | 2.17 | (3.33 | ) | 2.11 | 2.11 | (1.16 | ) | 3.18 | 1.77 | (2.97 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.12 | ) | (0.10 | ) | – | – | – | (0.00 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.27 | ) | – | – | – | – | – | (0.28 | ) | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.12 | ) | (0.37 | ) | – | – | – | (0.00 | ) | (0.02 | ) | (0.29 | ) | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 13.42 | $ | 11.32 | $ | 8.99 | $ | 9.67 | $ | 8.08 | $ | 6.03 | $ | 14.78 | $ | 12.67 | $ | 10.56 | $ | 11.72 | $ | 8.54 | $ | 6.79 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 18.55 | % | 26.67 | % | (6.27 | )% | 20.40 | % | 36.20 | %(e) | (33.97 | )% | 16.65 | % | 19.98 | % | (9.90 | )%(f) | 37.24 | % | 26.03 | %(e) | (29.01 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.89 | %@ | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 1.00 | %@ | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.89 | %@ | 0.92 | % | 0.93 | % | 0.92 | % | 0.98 | % | 0.96 | % | 1.03 | %@ | 1.05 | % | 1.06 | % | 1.15 | % | 1.09 | % | 1.15 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.04 | % | 0.00 | %@ | 0.01 | % | 0.02 | % | 0.02 | % | 0.04 | % | 0.06 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.97 | %@ | 0.74 | % | 0.59 | % | 0.65 | % | 0.69 | % | 1.48 | % | (0.61 | )%@ | 0.03 | % | (0.52 | )% | (0.61 | )% | (0.63 | )% | 0.01 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.97 | %@ | 0.72 | % | 0.57 | % | 0.63 | % | 0.61 | % | 1.42 | % | (0.65 | )%@ | (0.02 | )% | (0.58 | )% | (0.76 | )% | (0.72 | )% | (0.14 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 31 | % | 58 | % | 60 | % | 41 | % | 98 | % | 67 | % | 131 | % | 107 | % | 120 | % | 155 | % | 74 | % | 91 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 18,809 | 19,976 | 20,167 | 23,569 | 25,867 | 26,857 | 8,439 | 8,625 | 9,581 | 10,329 | 11,165 | 11,464 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 252,443 | $ | 226,140 | $ | 181,376 | $ | 227,951 | $ | 209,121 | $ | 162,069 | $ | 124,748 | $ | 109,283 | $ | 101,132 | $ | 121,033 | $ | 95,319 | $ | 77,843 |
# | 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 a reimbursement by affiliate. |
(f) | The Fund’s performance was increased by 0.26% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Stock Index Fund | Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2013# | Year Ended May 31, | Six Months Ended November 30, 2013# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.07 | $ | 24.50 | $ | 26.71 | $ | 21.93 | $ | 19.06 | $ | 34.60 | $ | 12.40 | $ | 9.63 | $ | 10.28 | $ | 8.28 | $ | 7.20 | $ | 11.01 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.28 | 0.53 | 0.45 | 0.41 | 0.37 | 0.53 | 0.09 | 0.20 | 0.18 | 0.10 | 0.05 | 0.15 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.24 | 5.91 | (0.76 | ) | 5.12 | 3.66 | (12.20 | ) | 1.04 | 2.83 | (0.70 | ) | 1.97 | 1.20 | (3.76 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.52 | 6.44 | (0.31 | ) | 5.53 | 4.03 | (11.67 | ) | 1.13 | 3.03 | (0.52 | ) | 2.07 | 1.25 | (3.61 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.46 | ) | (0.46 | ) | (0.43 | ) | (0.49 | ) | (0.70 | ) | – | (0.26 | ) | (0.13 | ) | (0.07 | ) | (0.17 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.41 | ) | (1.44 | ) | (0.32 | ) | (0.67 | ) | (3.17 | ) | – | – | – | – | – | (0.11 | ) | ||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.87 | ) | (1.90 | ) | (0.75 | ) | (1.16 | ) | (3.87 | ) | – | (0.26 | ) | (0.13 | ) | (0.07 | ) | (0.17 | ) | (0.20 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 33.59 | $ | 30.07 | $ | 24.50 | $ | 26.71 | $ | 21.93 | $ | 19.06 | $ | 13.53 | $ | 12.40 | $ | 9.63 | $ | 10.28 | $ | 8.28 | $ | 7.20 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 11.71 | % | 26.86 | % | (0.76 | )% | 25.55 | % | 21.06 | % | (32.99 | )% | 9.11 | % | 31.97 | % | (5.00 | )% | 25.03 | % | 17.30 | % | (32.55 | )%(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.35 | %@ | 0.36 | % | 0.37 | % | 0.38 | % | 0.38 | % | 0.39 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.35 | %@ | 0.36 | % | 0.37 | % | 0.38 | % | 0.38 | % | 0.39 | % | 0.93 | %@ | 0.95 | % | 0.97 | % | 0.93 | % | 0.94 | % | 0.94 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.00 | %@ | 0.00 | % | 0.00 | % | – | – | – | |||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.77 | %@ | 1.94 | % | 1.83 | % | 1.70 | % | 1.70 | % | 2.31 | % | 1.40 | %@ | 1.87 | % | 1.87 | % | 1.10 | % | 0.56 | % | 1.89 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.77 | %@ | 1.94 | % | 1.83 | % | 1.70 | % | 1.70 | % | 2.31 | % | 1.32 | %@ | 1.77 | % | 1.75 | % | 1.02 | % | 0.47 | % | 1.79 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 2 | % | 3 | % | 3 | % | 11 | % | 7 | % | 7 | % | 8 | % | 23 | % | 13 | % | 157 | % | 105 | % | 173 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 129,462 | 132,191 | 138,507 | 132,974 | 136,381 | 130,783 | 8,811 | 8,978 | 10,469 | 14,825 | 18,716 | 21,631 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 4,348,601 | $ | 3,974,531 | $ | 3,393,666 | $ | 3,551,607 | $ | 2,990,589 | $ | 2,493,280 | $ | 119,182 | $ | 111,303 | $ | 100,820 | $ | 152,457 | $ | 155,035 | $ | 155,725 |
# | 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. |
See Notes to Financial Statements
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Table of Contents
VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
Approval of the GSAM Sub-Advisory Agreement (the “Sub-Advisory Agreement”) with respect to the Small-Mid Growth Fund (the “Fund”)
At an in-person meeting (the “Meeting”) held on July 16, 2013, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”) approved an Investment Sub-Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”) and Goldman Sachs Asset Management, L.P. (“GSAM” or the “Sub-adviser”) with respect to the VC I Small-Mid Growth Fund (the “Sub-Advisory Agreement”) (the “Fund”) pursuant to which GSAM will assume responsibility for the day-to-day management of the Fund. The Board also approved the termination of Century Capital Management, LLC and Wells Capital Management Incorporated as the sub-advisers of the Fund.
In connection with the approval of the Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by the Sub-adviser; (2) the sub-advisory fees proposed to be charged in connection with the Sub-adviser’s management of the Fund, compared to sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Subadvisory Expense Group/Universe”), as selected by an independent third-party provider of investment company data; (3) the investment performance of the Fund compared to the performance of comparable funds in its Morningstar category (“Performance Group”), and against the Fund’s benchmark (“Benchmark”), and the performance of a comparable fund managed by the Sub-adviser against the Fund’s Performance Group and Benchmark; (4) the costs of services and the benefits potentially to be derived by the Sub-adviser; (5) whether the Fund will benefit from possible economies of scale from engaging the Sub-adviser; (6) the anticipated profitability of the Sub-adviser and its affiliates; and (7) the terms of the proposed Sub-Advisory Agreement.
In considering whether to approve the Sub-Advisory Agreement, the Board also took into account a presentation made at an in-person meeting held on July 16, 2013 (the “Meeting”) by members of management as well as presentations made by representatives from the Sub-adviser who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.
Nature, Extent and Quality of Services. The Board considered the nature, quality and extent of services to be provided to the Fund by the Sub-adviser. The Board reviewed information provided by the Sub-adviser relating to its operations and personnel. The Board also took into account their knowledge of the Sub-Adviser’s management, operations and the quality of their performance based on the Board’s experiences with the Sub-adviser, which also manages the VC I Global Real Estate Fund. The Board also noted that the Sub-adviser’s management of the Fund will be subject to the oversight of the VALIC and the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information.
The Board considered information provided to them regarding the services to be provided by the Sub-adviser. The Board noted that the Sub-adviser will (i) determine the securities to be purchased or sold on behalf of the Fund; (ii) provide VALIC with records concerning its activities, which VALIC or the Fund is required to maintain; and (iii) render regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board reviewed the Sub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of the Sub-adviser’s investment and compliance personnel who would provide services to the Fund. The Board also took into account the financial condition of the Sub-adviser. The Board also reviewed the Sub-adviser’s brokerage practices. The Board also considered the Sub-adviser’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.
The Board concluded that the scope and quality of the advisory services to be provided by the Sub-adviser were expected to be satisfactory and that there was a reasonable basis to conclude that the Sub-adviser would provide a high quality of investment services to the Fund.
Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the fees proposed to be charged to the Fund for sub-advisory services compared against the fees of the funds in its Sub-advisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with the Sub-adviser at arm’s length. The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also considered expense information of comparable funds or accounts managed by the Sub-advisers that have comparable investment objectives and strategies to the Funds, to the extent applicable. The Board also considered that the sub-advisory fee rate payable to the Sub-adviser contains breakpoints.
The Board considered that the Fund’s proposed sub-advisory fees are above the medians of the Fund’s Subadvisory Expense Group/Universe. The Board further noted that the current sub-advisory fees were higher than the proposed sub-advisory fees, and that consequently, under the proposed sub-advisory fee schedule, VALIC would retain more of its advisory fee. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.
The Board also received and reviewed information prepared by management regarding the Fund’s investment performance compared against the Benchmark and Performance Group as of the period ended April 30, 2013. The Board considered that management has closely monitored the Fund’s performance for more than two years, and that performance has been inconsistent with periods of underperformance outweighing stronger periods. The Board also considered the performance of another Fund managed by GSAM with a similar investment strategy as the Fund (the “Comparable Fund”). The Board noted that the Comparable Fund outperformed the Fund’s Performance Group for the year-to-date, 1-, 3- and 5- year periods ended April 30, 2013. The Board also noted that the Comparable Fund underperformed the Fund’s Benchmark for the year-to-date and 3- year periods ended April 30, 2013, and outperformed the Fund’s Benchmark for the 1- and 5- year periods ended April 30, 2013.
Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreement. The Board was apprised that VALIC reviewed a number of factors in determining appropriate sub-advisory fee levels for the Fund. Such factors included a 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.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
The Board considered that VALIC will receive a benefit under the Sub-Advisory Agreement since the proposed sub-advisory fees are expected to be less than the sub-advisory fees VALIC currently pays, and as a result, VALIC will retain a greater portion of its advisory fee. The Board was apprised that the sub-advisory fees were negotiated with the Sub-adviser at arm’s length. In considering the anticipated profitability to the Sub-adviser in connection with their relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.
In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of the Sub-adviser from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreement.
Economies of Scale. For similar reasons as stated above with respect to the Sub-adviser’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in the Sub-adviser’s management of the Fund are not a material factor to the approval of the Sub-advisory Agreement, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.
Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement including the duties and responsibilities to be undertaken. The Board also reviewed the terms of payment for services rendered by the Sub-adviser and noted that VALIC would compensate the Sub-adviser out of the advisory fees it receives from the Fund. The Board noted that the Sub-Advisory Agreement provides that the Sub-adviser will pay all of its own expenses in connection with the performance of its 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 Sub-Advisory Agreement and other terms contained therein. The Board concluded that the terms of the Sub-Advisory Agreement were reasonable.
Conclusions. In reaching its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that the Sub-adviser possesses the capability and resources to perform the duties required of them under the Sub-Advisory Agreement.
Approval of the JPMIM and MFS Sub-Advisory Agreements
At an in-person meeting (the “Meeting”) held on August 5-6, 2013, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”) approved Investment Sub-Advisory Agreements between The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”) and each of (1) J.P. Morgan Investment Management, Inc. (“JPMIM”) with respect to the VC I Growth & Income Fund (the “JPMIM Sub-Advisory Agreement”); and (2) Massachusetts Financial Services Company (“MFS”) with respect to the VC I Large Capital Growth Fund (the “MFS Sub-Advisory Agreement”) (collectively, the “Sub-Advisory Agreements”) pursuant to which JPMIM and MFS will assume responsibility for the day-to-day management of the Growth & Income Fund and the Large Capital Growth Fund, respectively. JPMIM and MFS are each a “Sub-adviser” and collectively the “Sub-advisers.” The VC I Growth and Income Fund and Large Capital Growth Fund are referred to individually as a “Fund” and collectively as the “Funds.” The Board also approved the termination of SunAmerica Asset Management Corp. with respect to the Funds and the termination of Invesco Advisers, Inc. with respect to the VC I Large Capital Growth Fund.
In connection with the approval of the Sub-Advisory Agreements, the Board received materials relating to certain factors the Board considered in determining whether to approve the Sub-Advisory Agreements. Those factors included: (1) the nature, extent and quality of the services to be provided to each Fund by their respective Sub-advisers; (2) the sub-advisory fees proposed to be charged in connection with the Sub-advisers’ management of the Funds, compared to sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Subadvisory Expense Group/Universe”), as selected by an independent third-party provider of investment company data; (3) the fees and performance of comparable funds or accounts managed by the Sub-advisers as compared to appropriate indices; (4) the costs of services and the benefits potentially to be derived by the Sub-advisers; (5) whether the Fund will benefit from possible economies of scale from engaging the Sub-advisers; (6) the anticipated profitability of the Sub-advisers and their respective affiliates; and (7) the terms of the proposed Sub-Advisory Agreements.
In considering whether to approve the Sub-Advisory Agreements, the Board also took into account presentations made at the Meeting by members of management as well as presentations made by representatives from the Sub-advisers who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Sub-Advisory Agreements. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.
Nature, Extent and Quality of Services. The Board considered the nature, quality and extent of services to be provided to the Fund by the Sub-advisers. The Board reviewed information provided by the Sub-advisers relating to their operations and personnel. The Board also took into account their knowledge of each Sub-adviser’s management, operations and the quality of their performance based on the Board’s experiences with the Sub-advisers, which also manage other funds overseen by the Directors. The Board also noted that the Sub-advisers’ management of the Funds will be subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in each Fund’s prospectus and statement of additional information.
The Board considered information provided to them regarding the services to be provided by each Sub-adviser. The Board noted that each Sub-adviser will (i) determine the securities to be purchased or sold on behalf of the Fund; (ii) provide VALIC with records concerning its activities, which VALIC or the Fund are required to maintain; and (iii) render regular reports to VALIC and to officers and Directors of the Fund 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 each Sub-adviser’s investment and compliance personnel who would provide services to the Fund. 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 also considered each Sub-adviser’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect their ability to service the Funds.
The Board concluded that the scope and quality of the advisory services to be provided by the Sub-advisers were expected to be satisfactory and that there was a reasonable basis to conclude that each would provide a high quality of investment services to the Funds.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the fees proposed to be charged to the Fund for sub-advisory services compared against the fees of the funds in its Sub-advisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fees with each Sub-adviser at arm’s length. The Board also considered that the sub-advisory fees will be paid by VALIC out of its advisory fees it receives from the Funds and that such fees are not paid by the Funds, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also considered expense information of comparable funds or accounts managed by the Sub-advisers that have comparable investment objectives and strategies to the Funds, to the extent applicable. The Board also considered that the sub-advisory fee rates payable to each Sub-adviser contain breakpoints.
• | Growth and Income Fund. The Board considered that the Fund’s proposed sub-advisory fees were below the medians of the Fund’s Subadvisory Expense Group/Universe. The Board noted that the proposed sub-advisory fees were identical to the current sub-advisory fees and that VALIC would retain the same amount of its advisory fee under the proposed sub-advisory fee schedule. The Board also considered the favorable performance, relative to the benchmark, of a comparable strategy managed by JPMIM. |
• | Large Capital Growth Fund. The Board considered that the Fund’s proposed sub-advisory fees were below the median of the Fund’s Subadvisory Expense Group and at the median of the Fund’s Subadvisory Expense Universe. The Board also noted that the current sub-advisory fees are higher than the proposed sub-advisory fees, and that consequently, VALIC would retain more of its advisory fees under the proposed fee sub-advisory schedule. The Board also considered the favorable composite performance of a comparable strategy managed by MFS. |
The Board took account of management’s discussion of the Funds’ proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.
Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreements. The Board was apprised that VALIC reviewed a number of factors in determining appropriate sub-advisory fee levels for the Funds. Such factors included a 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 a benefit with respect to the Large Capital Growth Fund since the proposed sub-advisory fees are expected to be less than the sub-advisory fees VALIC currently pays, and as a result, VALIC will retain a greater portion of its advisory fee. The Board was apprised that the sub-advisory fees were negotiated with the Sub-advisers at arm’s length. In considering the anticipated profitability to the Sub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under the Sub-Advisory Agreements will be paid by VALIC out of the advisory fees that VALIC will receive from the Funds.
In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of the Sub-advisers from their relationship with the Funds was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreements.
Economies of Scale. For similar reasons as stated above with respect to the Sub-advisers’ anticipated 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 Fund are not a material factor to the approval of the Sub-advisory Agreements, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.
Terms of the Sub-Advisory Agreements. The Board reviewed the terms of the Sub-Advisory Agreements including the duties and responsibilities to be undertaken. The Board also reviewed the terms of payment for services rendered by 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 Sub-Advisory Agreements and other terms contained therein. The Board concluded that the terms of each of the Sub-Advisory Agreements were reasonable.
Conclusions. In reaching its decision to approve the Sub-Advisory Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that each Sub-adviser possesses the capability and resources to perform the duties required of them under their respective Sub-Advisory Agreements.
Approval of Advisory and Sub-Advisory Agreements
At an in-person meeting held on August 5-6, 2013, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“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”): Allianz Global Investors US, LLC (“Allianz”) (formerly RCM Capital Management LLC), American Century Investment Management, Inc. (“American Century”), Barrow, Hanley, Mewhinney & Strauss, Inc. (“Barrow Hanley”), BlackRock Investment Management, LLC (“BlackRock”), Bridgeway Capital Management, Inc. (“Bridgeway”), Columbia Management Investment Advisers, LLC (“Columbia”), Dreman Value Management, LLC (“Dreman”), Franklin Advisers, Inc. (“Franklin”), Goldman Sachs Asset Management, L.P. (“GSAM”), Invesco Advisers, Inc. (“Invesco Advisers”), J.P. Morgan Investment Management Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), Metropolitan West Capital Management, LLC (“Metropolitan West”), Morgan Stanley Investment Management, Inc. (“MSIM”), PineBridge Investments, LLC (“PineBridge”), RS Investment Management Co., LLC (“RS Investments”), 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”), The Boston Company Asset Management, LLC (“The Boston Company”), Tocqueville Asset Management, LP (“Tocqueville”), UBS Global Asset Management (Americas) Inc. (“UBS”), Wellington Management Company, LLP (“Wellington”) and Wells Capital Management Incorporated (“Wells Capital”) (each a “Sub-adviser,” and collectively, the “Sub-advisers”). The Investment Advisory Agreement and Sub-advisory Agreements are collectively referred to as the “Advisory Contracts.”
In connection with the approval of the Advisory Contracts, the Board received materials relating 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 advisory fee and sub-advisory fees charged in
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connection with VALIC’s and the Sub-advisers’ management of each series of VC I (each a “Fund,” and collectively, 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 by an independent third-party provider of investment company data; (3) 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; (4) the costs of services and the benefits potentially derived by VALIC and the Sub-advisers; (5) a comparison of advisory fee schedules and performance with respect to other mutual funds and accounts with similar investment strategies to the Funds and which are advised or managed by VALIC or SAAMCo, an affiliated Sub-Adviser; (6) whether the Funds will benefit from possible economies of scale from engaging VALIC and the Sub-advisers; (7) the profitability of VALIC, the Sub-advisers and their respective affiliates; (8) the terms of the Advisory Contracts; and (9) 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 held at a July 15, 2013 special meeting and executive sessions held during the August 2013 meeting during which such independent counsel provided guidance to the Independent Directors. The continuation of all Advisory Contracts was approved at the August 2013 meeting for a one-year term beginning September 1, 2013 and ending August 31, 2014.
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 knowledge of VALIC’s management and the quality of the performance of VALIC’s duties, through Board meetings, discussions and reports during the preceding year and through VALIC’s long history of service to VC I. The Board considered that VALIC is responsible for the management of the day-to-day operations of VC I, 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 VC I is subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in VC I’s prospectus and statement of additional information.
The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC I, 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. The Board also considered VALIC’s risk management processes.
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 Fund(s) 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-adviser’s 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 also considered each Sub-adviser’s risk management processes.
The Board reviewed VALIC’s and SAAMCo’s compliance program and personnel. The Board noted that SAAMCo is an affiliated company of VALIC and serves as the administrator to the Funds, as well as sub-advises certain VC I Funds and VALIC Company II Funds. 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 Universe and, in some cases as noted below, the Subadvisor Expense Group. It was noted that VALIC negotiates the sub-advisory fees with each of the unaffiliated Sub-advisers at arms-length. The Board also considered that the sub-advisory fees are paid by VALIC out of its advisory fees it receives from the Funds and is not paid by the Funds, and that sub-advisory fees may vary widely within the Subadvisor Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board noted the affiliation of SAAMCo 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 certain of the Funds.
The Sub-advisers provided and the Board also considered expense information of comparable accounts managed by the Sub-advisers, as applicable, which accounts may have 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.
The Board received and reviewed information prepared by management and by an independent third-party regarding each Funds’ investment performance compared against its benchmarks and Performance Group/Universe. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2013 and that benchmark information presented by management was through the period ended June 30, 2013.
• | Asset Allocation Fund (sub-advised by PineBridge). The Board considered that actual management fees were below the medians of its Expense Group/Universe. The Board also considered that total net expenses were above the medians of the Fund’s Expense Group/Universe. The Board also considered that actual subadvisory fees were below the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
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The Board considered that the Fund outperformed its Lipper peer index for the one-, three-, and five-year periods and also considered that the Fund’s performance was below the median of the Fund’s Performance Group for the one-year period and above the median of its Performance Group for the three- and five-year periods. The Board considered that the Fund’s performance was above the median of its Performance Universe for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the three- and five-year periods and underperformed its benchmark for the one-year period. The Board concluded the Fund’s performance was satisfactory.
• | Blue Chip Growth Fund (sub-advised by T. Rowe Price). The Board noted that management fees and total net expenses were above the medians of their respective Expense Group/Universe. The Board also noted that actual subadvisory fees were above the medians of its Subadvisory Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund’s performance was below the median of its Performance Group/Universe for the one-year period and was above the median of its Performance Group/Universe for the three- and five-year periods. The Board considered that the Fund underperformed its Lipper peer index for the one-year period and outperformed its Lipper peer index for the three- and five-year periods. The Board also noted that the Fund outperformed its benchmark for the three- and five-year periods and underperformed its benchmark for the one-year period. 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 actual management fees were above the medians of its Expense Group/Universe. The Board also considered that total net expenses were below the median of the Fund’s Expense Group and above the median of its Expense Universe. The Board noted that actual subadvisory fees were above the medians of its Subadvisory Expense/Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund outperformed its Lipper peer index and performed above the median of its Performance Group for the one-, three-, and five-year periods. The Board considered that the Fund performed below the median of its Performance Universe for the one-year period and outperformed the median of its Performance Universe for the three-, and five-year periods. The Board also noted that the Fund underperformed its benchmark for the one- and three-year periods and outperformed for the five-year period. The Board concluded that the Fund’s performance was satisfactory.
• | Capital Conservation Fund (sub-advised by PineBridge). The Board considered that actual management fees and total net expenses were above the medians of their respective Expense Group/Universe. The Board also noted that actual subadvisory fees were above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund’s performance was below its Lipper peer index and below the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. The Board considered management’s discussion of the Fund’s performance and concluded that performance is being addressed.
• | Core Equity Fund (sub-advised by BlackRock). The Board considered that actual management fees were above the medians of its Expense Group/Universe. The Board also considered that the total net expenses were below the median of its Expense Group and above the median of its Expense Universe. The Board noted that actual subadvisory fees were below the medians of its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund’s performance was below its Lipper peer index for the one- and three-year periods and above its Lipper peer index for the five-year period. The Board considered that the Fund’s performance was below the median of its Performance Group for the one-, three-, and five-year periods. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the three-year period and below the median of its Performance Universe for the one- and five-year periods. The Board also noted that the Fund underperformed its benchmark for the three- and five-year periods and outperformed its benchmark for the one-year period. The Board considered management’s discussion of the Fund’s performance and that management is closely monitoring the Fund. The Board concluded that the Fund’s performance is being addressed.
• | Dividend Value Fund (sub-advised by BlackRock and SAAMCo). The Board considered that actual management fees and total net expenses were above the medians of its Expense Group/Universe. The Board also noted that actual subadvisory fees were above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund outperformed its Lipper peer index and performed above the medians of its Performance Group/Universe for the one-, three-, and five year periods. The Board also noted that the Fund outperformed its benchmark for the three- and five-year periods and underperformed its benchmark for the one-year period. The Board concluded that the Fund’s performance was satisfactory.
• | Emerging Economies Fund (sub-advised by JPMIM). The Board considered that actual management fees and total net expenses were below the medians of their respective Expense Group/Universe. The Board also considered that actual subadvisory fees were below the median of its Subadvisory Expense Universe. |
The Board considered that the Fund outperformed its Lipper peer index for the three-year period and underperformed its Lipper peer index for the one- and five-year periods. The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe for the three-year period and below the medians of its Performance Group/Universe for the one- and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one- and three-year periods and underperformed for the five-year period. The Board considered management’s discussion of the Fund’s performance and concluded that performance is being addressed.
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• | Foreign Value Fund (sub-advised by Templeton Global). The Board noted that actual management fees and total net expenses were below the medians of their respective Expense Group/Universe. The Board also noted that actual subadvisory fees were at the median of its Subadvisory Expense Group and below the median of its Subadvisory Expense Universe. |
The Board considered that the Fund outperformed its Lipper peer index for the five-year period and underperformed its Lipper peer index for the one- and three-year periods. The Board also considered that the Fund’s performance was above the median of its Performance Group for the one- and five-year periods and below 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- and three-year periods and above the median of its Performance Universe for the five-year period. The Board also noted that the Fund outperformed its benchmark for the one- and five-year periods and underperformed its benchmark for the three-year period. The Board considered management’s discussion of the Fund’s performance and concluded that performance was satisfactory.
• | Global Real Estate Fund (sub-advised by GSAM and Invesco). The Board considered that actual management fees were below the medians of its Expense Group/Universe. The Board also noted that total net expenses were below the median of its Expense Group and equal to the median of its Expense Universe. The Board further noted that actual subadvisory fees were above the medians of its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund outperformed its Lipper peer index and performed above the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one-year period, underperformed for the three-year period, and equaled the benchmark for the five-year period. The Board concluded that performance was satisfactory.
• | Global Social Awareness Fund (sub-advised by PineBridge). The Board considered that actual management fees and total net expenses were below the medians of their respective Expense Group/Universe. The Board also considered that actual subadvisory fees were also below the medians of its Subadvisory Expense Group/Universe. |
The Board considered that the Fund’s performance was below its Lipper peer index for the one-, three-, and five-year periods. The Board noted that the Fund performed below the median of its Performance Group for the one-, three-, and five-year periods. The Board further noted that the Fund performed above the median of its Performance Universe for the one-year period and performed below the median of its Performance Universe for the three- and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one-, three- and five-year periods. The Board also noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance was being addressed.
• | Global Strategy Fund (sub-advised by Franklin and Templeton Investment). The Board considered that actual management fees and total net expenses were below the medians of their respective Expense Group/Universe. The Board also noted that actual subadvisory fees were above the median of its Subadvisory Expense Universe. |
The Board considered that the Fund’s performance was above its Lipper peer index for the one- and three-year periods. The Fund also considered that the Fund performed above the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one-, three- and five-year periods. The Board considered management’s discussion of the Fund’s performance and concluded performance was satisfactory.
• | Government Securities Fund (sub-advised by JPMIM). The Board noted that actual management fees were equal to the median of its Expense Group and above the median of its Expense Universe. The Board further noted that total net expenses were above the medians of its Expense Group/Universe. The Board noted that actual subadvisory fees were equal to the median of its Subadvisory Expense Group and above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed its Lipper peer index for the five-year period. The Board also considered that the Fund’s performance was above the medians of its Performance Group/Universe for the one- and three-year periods and below the medians of its Performance Group/Universe for the five-year period. The Board also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board concluded that the Fund’s performance is satisfactory.
• | Growth & Income Fund (sub-advised by SAAMCo). The Board noted that actual management fees were above the medians of the Fund’s Expense Group/Universe. The Board also noted that total net expenses were above the median of the Fund’s Expense Universe and equal to the median of its Expense Group. The Board further noted that actual subadvisory fees were below the medians of the Fund’s Subadvisory Expense Group/Universe. |
The Board considered that the Fund underperformed its Lipper peer index and its benchmark for the one-, three- and five-year periods. The Board further considered that performance was below the medians of the Fund’s Performance Group/Universe for the one-, three-, and five-year periods. The Board noted management’s discussion and concluded that performance was being addressed.
• | Growth Fund (sub-advised by American Century). The Board considered that actual management fees, total net expenses, and actual subadvisory fees were above the medians of their respective Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board noted that the Fund outperformed its Lipper peer index for the three- and five-year periods and underperformed its Lipper peer index for the one-year period. The Board further noted that the Fund’s performance was below its Performance Group/Universe for the one-year period and above its Performance Group/Universe for the three- and five-year periods. The Board also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board concluded that the Fund’s performance was satisfactory.
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• | Health Sciences Fund (sub-advised by T. Rowe Price). The Board noted that actual management fees and actual total net expenses were above the medians of their respective Expense Group/Universe. The Board also noted that actual subadvisory fees were equal to the median of its Subadvisory Expense Group and above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three-, and five-year periods. The Board further considered that the Fund’s performance was below the median of its Performance Group for the one-year period and above 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-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the three- and five-year periods and underperformed for the one-year period. The Board concluded that the Fund’s performance was satisfactory.
• | Inflation Protected Fund (sub-advised by PineBridge). The Board noted that actual management fees were below the medians of its Expense Group/Universe. The Board also noted that total net expenses were equal to the median of its Expense Group and above the median of its Expense Universe. The Board further noted that actual subdvisory fees were at the medians of its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund underperformed its Lipper peer index for the one-, three-, and five-year periods. The Board also considered that the Fund’s performance was equal to the median of its Performance Group for the one- and five-year periods and below the median of its Performance Group for the three-year period. The Board further considered that the Fund’s performance was below its Performance Universe for the one-, three-, and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one- and three-year periods and underperformed for the five-year period. The Board took into account management’s discussion of the Fund’s performance. The Board also noted management’s continued monitoring of the Fund’s performance and concluded that the Fund’s performance was being addressed.
• | International Equities Fund (sub-advised by PineBridge). The Board noted that actual management fees, total net expenses, and actual subadvisory fees were below the medians of their respective Expense Group/Universe. |
The Board considered that the Fund outperformed its Lipper peer index for the one-year period and underperformed its Lipper peer index for the three- and five-year periods. The Board further considered that the Fund’s performance was below the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board noted management’s continued monitoring of the Fund and concluded that the Fund’s performance is being addressed.
• | International Government Bond Fund (sub-advised by PineBridge). The Board considered that actual management fees, total net expenses, and actual subadvisory fees were below the medians of their respective Expense Group/Universe. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three-, and five-year periods. The Board considered that the Fund’s performance was below the median of its Performance Group for the one-, three-and five-year periods. The Board also noted that the Fund’s performance was above the median of its Performance Universe for the one-year period and below the median of its Performance Universe for the three- and five-year periods. The Board also noted that the Fund underperformed its benchmark for the three- and five-year periods and outperformed for the one-year period. The Board took into account management’s discussion of the Fund’s performance and concluded that the Fund’s performance was being addressed.
• | International Growth Fund (sub-advised by American Century, Invesco, and MFS). The Board considered that actual management fees and total net expenses were above the medians of their respective Expense Group/Universe. The Board further considered that actual subadvisory fees were above the medians of its Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board further noted that the Fund’s performance was above the median of its Performance Group for the one- and three-year periods and equal to the median of its Performance Group for the five-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. The Board also noted that the Fund outperformed its benchmark for the three- and five-year period and underperformed for the one-year period. The Board concluded that performance was satisfactory in light of all the factors considered.
• | Large Cap Core Fund (sub-advised by Columbia). The Board noted that actual management fees, total net expenses, and actual subadvisory fees were above the medians of their respective Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund outperformed its Lipper peer index and performed above the medians of its Performance Group/Universe for the one-, three-, and five-year periods. It was also noted that the Fund outperformed its benchmark for these same periods. The Board concluded that performance was satisfactory.
• | Large Capital Growth Fund (sub-advised by SAAMCo and Invesco). The Board noted that actual management fees and total net expenses were below the medians of the Fund’s Expense Group/Universe. The Board also noted that actual subadvisory fees were above the medians of the Fund’s Subadvisory Expense Group/Universe. |
The Board noted that the Fund underperformed its Lipper peer index and benchmark for the one-, three-, and five-year periods. The Board further noted that performance was below the medians of the Fund’s Performance Group/Universe for the one-, three- and five-year periods. The Board considered management’s discussion and concluded that performance was being addressed.
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• | Mid Cap Index Fund (sub-advised by SAAMCo). The Board noted that actual management fees, total net expenses, and actual subadvisory fees were below the medians of their respective Expense Group/Universe. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three-, and five-year periods. The Board further considered that the Fund performed above the median of its Performance Group for the three- and five-year periods and below the median of its Performance Group for the one-year period. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the one-, three-, and five-year periods. It was also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board concluded that the Fund’s performance was satisfactory.
• | Mid Cap Strategic Growth Fund (sub-advised by Allianz and MSIM). The Board considered that actual management fees and total net expenses were below the medians of their respective Expense Group/Universe. The Board also noted that actual subadvisory fees were at the median of its Subadvisory Expense Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund performed below its Lipper peer index and below the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also noted that the Fund underperformed its benchmark for these same periods. The Board noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance was being addressed.
• | Money Market I Fund (sub-advised by SAAMCo). The Board considered that actual management fees and actual subadvisory fees were above the medians of their respective Expense Group/Universe. The Board also considered that total net 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. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board noted that the Fund’s performance was above its Lipper peer index for the one-year period and equal to its Lipper peer index for the three- and five-year periods. The Board also noted that the Fund’s performance equaled the median of its Performance Group for the one-, three-, and five-year periods. The Board further noted that the median of its Performance Universe for the three-year period and was above the median of its Performance Universe for the one- and five-year periods. It was also noted that the Fund underperformed its benchmark for the one- and three-year periods and outperformed for the five-year period. The Board concluded that the Fund’s performance was satisfactory.
• | Nasdaq-100 Index Fund (sub-advised by SAAMCo). The Board considered that actual management fees and actual subadvisory fees were equal to the medians of their respective Expense Group/Universe. The Board also considered that total net expenses were above the medians of their Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board noted that the Fund underperformed its Lipper peer index for the one-year period and outperformed its Lipper peer index for the three- and five-year periods. The Board considered that the Fund’s performance was above the median of its Performance Group for the one- and five-year periods and equal to the median of its Performance Group for the three-year period. The Board further 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. It was also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board concluded that the Fund’s performance was satisfactory.
• | Science & Technology Fund (sub-advised by T. Rowe Price, Allianz, and Wellington). The Board considered that actual management fees and total net expenses were above the medians of their respective Expense Group/Universe and that actual subadvisory fees were above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund performed below its Lipper peer index for the one-, three-, and five-year periods. The Board further considered that the Fund performed above the median of its Performance Group for the one- and three-year periods and below the median of its Performance Group for the five-year period. The Board also considered that the Fund performed above the median of its Performance Universe for the one-, three-, and five-year periods. The Board also noted that the Fund underperformed its benchmark for the three- and five-year periods and outperformed for the one-year period. The Board considered management’s discussion of the Fund’s performance, including management’s continued monitoring of the Fund, and concluded that the Fund’s overall performance was satisfactory.
• | Small Cap Fund (sub-advised by Invesco, Bridgeway, and T. Rowe Price). The Board noted that actual management fees and total net expenses were above the medians of their respective Expense Group/Universe. The Board further noted that actual subadvisory fees were below the median of its Subadvisory Expense Group and above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund performed above its Lipper peer index for the one-, three-, and five-year periods. The Board also considered that the Fund’s performance was below the medians of its Performance Group/Universe for the one-year period and above the medians of its Performance Group/Universe for the three- and five-year periods. The Board also noted that the Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and concluded that Fund’s performance was satisfactory.
• | Small Cap Index Fund (sub-advised by SAAMCo). The Board considered that actual management fees and actual subadvisory fees were below the medians of their respective Expense Group/Universe. The Board also considered that total net expenses were equal to the median of its Expense Group and below the median of its Expense Universe. |
The Board considered that the Fund outperformed its Lipper peer index for the one- and five-year periods and underperformed its Lipper peer index for the three-year period. The Board considered that the Fund’s performance was above the median of its Performance Group for the one- and five-year periods and below the median of its
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Performance Group for the three-year period. The Board also considered that the Fund performed above the median of its Performance Universe for the one-, three-, and five-year periods. It was also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board concluded that the Fund’s performance was satisfactory in light of all the factors considered.
• | Small Cap Aggressive Growth Fund (sub-advised by R.S. Investments). The Board considered that actual management fees and actual subadvisory fees were at the median of their respective Expense Group and above the median of their respective Expense Universe. The Board also noted that total net expenses were below the median of its Expense Group and above the median of its Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund underperformed its Lipper peer index for the one- and three-year periods and outperformed its Lipper peer index for the five-year period. The Board also considered that the Fund’s performance was below the median of its Performance Group for the one-, three-, and five-year periods. The Board further considered that the Fund’s performance 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. The Board also noted that the Fund outperformed its benchmark for the one- and five-year periods and underperformed for the three-year period. The Board considered management’s discussion of the Fund’s performance and concluded performance was being addressed.
• | Small Cap Special Values Fund (sub-advised by Wells Capital and Dreman). The Board considered that actual management fees were equal to the medians of its Expense Group/Universe. The Board further considered that total net expenses were above the medians of its Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of its Subadvisory Expense Group and above the median of its Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund’s performance was below its Lipper peer index and below the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also noted that the Fund underperformed its benchmark for the same periods. The Board considered management’s discussion of the Fund’s performance and concluded that performance was being addressed.
• | Small-Mid Growth Fund (sub-advised by Wells Capital and Century Capital Management, LLC). The Board noted that actual management fees were equal to the median of the Fund’s Expense Group and above the median of its Expense Universe. The Board also considered that total net expenses were above the medians of the Fund’s Expense Group/Universe and that actual subadvisory fees were above the medians of the Fund’s Subadvisory Expense Group/Universe. |
The Board noted that the Fund underperformed its Lipper peer index and benchmark for the one-, three- and five-year periods. The Board also noted that performance was below the medians of its Performance Universe/Group for the one-, three-, and five-year periods. The Board considered management’s discussion and concluded that performance was being addressed.
• | Stock Index Fund (sub-advised by SAAMCo). The Board considered that actual management fees and total net expenses were above the medians of their respective Expense Group/Universe. The Board also considered that actual subadvisory fees were below the medians of its Subadvisory Expense Group/Universe. |
The Board considered that the Fund equaled its Lipper peer index for the three-year period and underperformed its Lipper peer index for the one- and five-year periods. The Board further considered that the Fund’s performance was below the median of its Performance Group for the one-, three-, and five-year periods. The Board also noted that the Fund’s performance was above the median of its Performance Universe for the one- and three-year periods and equal to the median of its Performance Universe for the five-year period. The Board also considered that the Fund underperformed its benchmark for the one- three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and concluded that the Fund’s overall performance has been satisfactory in light of all factors considered.
• | Value Fund (sub-advised by Wellington). The Board considered that actual management fees, total net expenses, and actual subadvisory fees were above the medians of their respective Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2014. |
The Board considered that the Fund outperformed its Lipper peer index for the three-year period and underperformed its Lipper peer index for the one- and five-year periods. The Board also considered that the Fund’s performance was below the median of its Performance Group for the one-year period and above the median of its Performance Group for the three- and five-year periods. The Board further considered that the Fund’s performance was below the median of its Performance Universe for the one- and five-year periods and above the median of its Performance Universe for the three-year period. The Board also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board concluded that performance has been satisfactory in light of all the factors considered.
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.
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 the Funds also pay VALIC a fee for the provision of recordkeeping and shareholder services to contract owners and participants, which is
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
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). It was also noted that SAAMCo receives sub-advisory fees for those Funds for which it serves as sub-adviser. The Board also considered that VC II pays VALIC an annual fee of 0.25% on average daily net assets of each Fund (other than the Lifestyle Funds) pursuant to a Shareholder Services Agreement.
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, transfer agent and as shareholder servicing 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 were 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 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 the 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 if 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 concluded that the terms of each of the Advisory Contracts were reasonable.
Compliance. The Board reviewed VALIC’s and the Sub-advisers’ compliance personnel and 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 Funds 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. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made 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 dated October 1, 2012
Government Securities Fund
(the “Fund”)
Effective immediately, J.P. Morgan Investment Management Inc. assumes management of 100% of the Fund and in the Fund Summary under the heading Investment Adviser, the portfolio manager disclosure for SunAmerica Asset Management Corp. (“SAAMCo”), is deleted in its entirety.
In the Management section under Investment Sub-Advisers with respect to SAAMCo, all reference to the Fund is deleted in its entirety.
Dated: August 5, 2013
Growth & Income Fund
(the “Fund”)
Supplement to the Prospectus dated October 1, 2012, as supplemented to date
Effective immediately, Jay Merchant serves as a portfolio manager of the Fund, replacing Steven Neimeth. Accordingly, under Investment Adviser, the portfolio management disclosure pertaining to Mr. Neimeth is hereby deleted in its entirety and replaced with the following:
Name | Portfolio Manager of the Fund Since | Title | ||||
Jay Merchant, CFA | 2013 | Vice President |
In addition, under the Management section, under Investment Sub-Advisers, all references to Mr. Neimeth with respect to the Fund are deleted in their entirety and replaced with the following:
Jay Merchant, Vice President, is a portfolio manager of the Growth & Income Fund. Mr. Merchant joined SAAMCo in July 2007, as a vice president and senior research analyst specializing in Global Resources (Energy and Materials) companies. He has 14 years of investment experience focusing primarily on Energy, Materials, and Technology sectors. Prior to joining SAAMCo, Mr. Merchant was a research analyst at Swergold Captial, a long/short technology hedge fund. Prior to that, he held equity research positions at C.E. Unterberg, Towbin and Citigroup Asset Management covering the Technology and Global telecommunications sectors, respectively. Mr. Merchant received a B.S. in Economics from the Wharton School, University of Pennsylvania. He holds a CFA Charter designation and is a current member of the New York Society of Security Analysts (NYSSA).
Date: August 16, 2013
Dividend Value Fund
(the “Fund”)
Supplement to the Prospectus dated October 1, 2012, as supplemented to date
Effective October 18, 2013, a team consisting of Timothy Pettee, Andrew Sheridan and Timothy Campion will serve as a portfolio managers of the Fund, replacing Brendan Voege. Accordingly, in the Fund Summary, under Investment Adviser, the portfolio management disclosure pertaining to Mr. Voege is hereby deleted in its entirety and replaced with the following:
Name | Portfolio Manager of the Fund Since | Title | ||||
Timothy Pettee | 2013 | Lead Portfolio Manager and Chief Investment Officer | ||||
Andrew Sheridan | 2013 | Co-Portfolio Manager and Vice President | ||||
Timothy Campion | 2013 | Co-Portfolio Manager and Vice President |
In addition, under the Management section, under Investment Sub-Advisers, all references to Mr. Voege with respect to the Fund are deleted in their entirety and replaced with the following:
The Dividend Value Fund is managed by a team consisting of Timothy Pettee, Andrew Sheridan and Timothy Campion, with Mr. Pettee serving as team leader. Mr. Pettee, Senior Vice President and Chief Investment Officer, joined SAAMCo in 2003. Mr. Sheridan, Vice President, Portfolio Manager and Senior Research Analyst, joined SAAMCo in 2003. In addition to his portfolio management responsibilities, Mr. Sheridan is a member of the SAAMCo research team, covering the technology industry. Mr. Campion is a Vice President, Portfolio Manager and Quantitative Analyst at SAAMCo. He is responsible for the management and trading of a wide variety of domestic equity index funds. Mr. Campion joined SAAMCo in 2012. Prior to joining SAAMCo, he was Vice President and Portfolio Manager at PineBridge Investments LLC since 1999.
Date: October 7, 2013
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VALIC COMPANY I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
Small Cap Special Values Fund
(the “Fund”)
Supplement to the Prospectus dated October 1, 2013, as supplemented to date
In the Fund Summary, in the Investment Adviser section, the chart is supplemented with respect to Dreman Value Management, LLC to insert the following information for one new portfolio manager as follows:
Name | Portfolio Manager of the Fund Since | Title | ||||
Nelson Woodard | 2013 | Co-Chief Investment Officer, Managing Director and Portfolio Manager |
In the Management section under Investment Sub-Advisers – Dreman Value Management, LLC, the portfolio manager information with respect to the Fund is supplemented with the following:
“Mr. Woodard, Co-Chief Investment Officer, Managing Director and Portfolio Manager, rejoined Dreman Value Management, L.L.C. in 2013 after having been employed with them previously.”
In the Fund Summary, in the Investment Adviser section, the chart is supplemented with respect to Wells Capital Management Incorporated to insert the following information for one new portfolio manager as follows:
Name | Portfolio Manager of the Fund Since | Title | ||||
Bryant VanCronkhite | 2013 | Portfolio Manager |
In the Management section under Investment Sub-Advisers – Wells Capital Management Incorporated, the portfolio manager information with respect to the Fund is supplemented with the following:
“Mr. VanCronkhite, Portfolio Manager and Senior Analyst, joined Wells Capital Management in 2004.”
All changes reflected herein are effective immediately.
Date: December 12, 2013
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VALIC COMPANY I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
Supplement to the Prospectus dated October 1, 2013, as supplemented to date
At a meeting held on January 27-28, 2014, the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including a majority of the directors who are not interested persons of VC I (the “Independent Directors”), as defined in the Investment Company Act of 1940, as amended, approved an Investment Sub-Advisory Agreement (the “SAAMCo Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and SunAmerica Asset Management, LLC (“SAAMCo”) with respect to the Global Social Awareness Fund and the International Equities Fund (each a “Fund,” and collectively, the “Funds”).
In accordance with VALIC’s manager-of-managers exemptive order granted by the Securities and Exchange Commission, the SAAMCo Sub-Advisory Agreement is subject to shareholder approval with respect to each of the Funds. The Board has called a special meeting of the Funds’ shareholders to be held on or about May 13, 2014 to consider the proposals to approve the SAAMCo Sub-Advisory Agreement. Shareholders of record on the record date, entitled to notice of and to vote at the special meeting, will receive proxy materials describing the proposal in more detail.
If the Funds’ shareholders approve the SAAMCo Sub-Advisory Agreement, PineBridge Investments, LLC (“PineBridge”) will cease to sub-advise the Funds and the following changes to each Fund’s prospectus will become effective once SAAMCo commences managing the Funds:
Global Social Awareness Fund.
In the Fund Summary, the Fund’s Investment Objective will be deleted in its entirety and replaced with the following:
The Fund seeks to obtain growth of capital through investment, primarily in equity securities of companies which meet the social criteria established for the Fund.
The Principal Investment Strategies of the Fund will be deleted in its entirety and replaced with the following:
The Fund invests in domestic and foreign companies that meet the Fund’s social criteria. The Fund will generally invest in the equity securities of large- and mid-cap companies domiciled in the U.S., Europe, Japan and other developed markets. The Fund does not invest in companies that are significantly engaged in:
• | the production of nuclear energy; |
• | the manufacture of military weapons or delivery systems; |
• | the manufacture of alcoholic beverages or tobacco products; |
• | the operation of gambling casinos; |
• | business practices or the production of products that have a severe impact on the environment; |
• | labor relations disputes or breach of core international labor standards; or |
• | companies that have operations in countries that pose significant human rights concerns. |
Under normal circumstances, the Fund will invest at least 80% of net assets in the equity securities of companies located in at least three different countries, with at least 40% of net assets in foreign securities, or if conditions are unfavorable, at least 30% of net assets in foreign securities. The sub-adviser may change the allocation between U.S. and foreign securities provided that the Fund’s investments in foreign securities do not exceed 75% of net assets.
In addition, the Fund may invest up to 20% of net assets in other securities of companies that meet the Fund’s social criteria, including preferred stock, convertible securities, and high quality money market securities and warrants. Social criteria screening may cause active or frequent trading of portfolio securities.
In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, and such other securities as the Fund and the securities lending agent may agree upon.
Under Principal Risks of Investing in the Fund, “Management Risk” will be deleted in its entirety.
In the Investment Adviser section, the first paragraph and the table will be deleted in their entirety and replaced with the following:
The Fund’s investment adviser is The Variable Annuity Life Insurance Company. The Fund is sub-advised by SunAmerica Asset Management, LLC (“SAAMCo”).
Portfolio Managers
Name | Portfolio Manager of the Fund Since | Title | ||||
Timothy Campion | 2014 | Senior Vice President, Portfolio Manager | ||||
Kara Murphy, CFA | 2014 | Senior Vice President, Chief Investment Officer, Portfolio Manager | ||||
Andrew Sheridan | 2014 | Senior Vice President, Portfolio Manager |
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VALIC COMPANY I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
International Equities Fund.
The name of the Fund will be changed to the “International Equities Index Fund.”
In the Fund Summary, the Fund’s Investment Objective will be deleted in its entirety and replaced with the following:
The Fund seeks long-term capital growth through investments in equity securities that, as a group, are expected to provide investment results closely corresponding to the performance of the MSCI EAFE Index (the “Index”).
The Principal Investment Strategies of the Fund will be deleted in its entirety and replaced with the following:
The Fund is managed to seek to track the performance of the Index, which measures the stock performance of large- and mid-cap companies in developed countries outside the U.S. The sub-adviser may endeavor to track the Index by purchasing every stock included in the Index, in the same proportions; or, in the alternative, the sub-adviser may invest in a sampling of Index stocks by utilizing a statistical technique known as “optimization.” The goal of optimization is to select stocks which ensure that various industry weightings, market capitalizations, and fundamental characteristics, (e.g., price-to-book, price-to-earnings, debt-to-asset ratios and dividend yields) closely approximate those of the Index.
The Fund invests, under normal circumstances, at least 80% of net assets in stocks that are in the Index. Although the Fund seeks to track the performance of the Index, the performance of the Fund will not match that of the Index exactly because, among other reasons, the Fund incurs operating expenses and other investment overhead as part of its normal operations.
In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, and such other securities as the Fund and the securities lending agent may agree upon.
Under Principal Risks of Investing in the Fund, “Emerging Markets Risk” and “Derivatives Risk” will be deleted in their entirety, and the following risk will be inserted:
Index Risk. In attempting to track the performance of the Index, the Fund may be more susceptible to adverse developments concerning a particular security, company or industry because the Fund generally will not use any defensive strategies to mitigate its risk exposure.
In addition, “Large-Cap Company Risk” will be deleted in its entirety and replaced with the following:
Large- and Mid-Cap Company Risk. Investing primarily in large-cap and mid-cap companies carries the risk that due to current market conditions these companies may be out of favor with investors. Large-cap companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Stocks of mid-cap companies may be more volatile than those of larger companies due to, among other reasons, narrower product lines, more limited financial resources and fewer experienced managers.
In the Investment Adviser section, the first paragraph and the table will be deleted in their entirety and replaced with the following:
The Fund’s investment adviser is The Variable Annuity Life Insurance Company. The Fund is sub-advised by SunAmerica Asset Management, LLC (“SAAMCo”).
Portfolio Managers
Name | Portfolio Manager of the Fund Since | Title | ||||
Timothy Campion | 2014 | Senior Vice President, Portfolio Manager | ||||
Kara Murphy, CFA | 2014 | Senior Vice President, Chief Investment Officer, Portfolio Manager | ||||
Andrew Sheridan | 2014 | Senior Vice President, Portfolio Manager |
Under Additional Information about the Funds’ Investment Strategies and Risks, the information with respect to the Global Social Awareness Fund and the International Equities Fund will be deleted in their entirety and replaced with the following:
Global Social Awareness Fund
To find out which companies meet the Fund’s social criteria, the sub-adviser relies on industry classifications, research service companies, and special magazines and papers that publish this type of information.
Since the Fund’s definition of social criteria is not “fundamental,” VC I’s Board of Directors may change it without shareholder approval. When deciding to make changes to the criteria, the Board will consider, among other things, new or revised state laws that govern or affect the investments of public funds.
International Equities Index Fund
Unlike the Fund, the Index is an unmanaged group of securities, so it does not incur operating expenses and other investment overhead. An investor cannot invest directly in an index. Factors that contribute to differences in performance between an index fund and its index are called tracking differences. An index fund seeks to minimize tracking error versus the benchmark.
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VALIC COMPANY I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
The tracking difference is reviewed periodically by the sub-adviser. If the Fund does not accurately track the Index, the sub-adviser will rebalance the Fund’s portfolio by selecting securities which will provide a more representative sampling of the securities in the Index as a whole or the sector diversification within the Index, as appropriate.
The Fund may also invest in futures contracts and other derivatives in order to help the Fund’s liquidity and to manage its cash position. If the market value of the futures contracts is close to the Fund’s cash balance, then that helps to minimize the tracking error, while helping to maintain liquidity. The Fund currently intends to use futures and other derivatives in non-principal amounts.
The Fund is subject to the following additional risks: Derivatives Risk
In the Management section under Investment Sub-Advisers, all references to PineBridge with respect to the Funds will be deleted in their entirety and the following information will be added with respect to SAAMCo:
The Global Social Awareness Fund and International Equities Index Fund are managed by a team consisting of Timothy Campion, Kara Murphy, CFA, and Andrew Sheridan, with Mr. Campion serving as team leader. Mr. Campion is a Vice President, Portfolio Manager and Quantitative Analyst at SAAMCo. He is responsible for the management and trading of a wide variety of domestic equity index funds. Mr. Campion joined SAAMCo in 2012. Prior to joining SAAMCo, he was Vice President and Portfolio Manager at PineBridge Investments LLC since 1999. Ms. Murphy is the Chief Investment Officer of SAAMCo. Previously, Ms. Murphy was the Director of Research and a senior research analyst covering the financial sector. Before joining SAAMCo, Ms. Murphy held research positions at Chilton Investment Company and Morgan Stanley Investment Management. Her investment experience dates from 2000. Mr. Sheridan, the Vice President, Portfolio Manager and Senior Research Analyst, joined SAAMCo in 2003. In addition to his portfolio management responsibilities, Mr. Sheridan is a member of the SAAMCo research team, covering the technology industry.
Please keep this supplement with your prospectus for future reference
Date: January 28, 2014
Table of Contents
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
AllianceBernstein L.P.
1345 Avenue of the Americas
New York, NY 10105
Allianz Global Investors U.S., LLC
555 Mission St. Suite 1700
San Francisco, CA 94105
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 Investment Management, LLC
1 University Square Dr.
Princeton, NJ 08540
Bridgeway Capital Management, Inc.
20 Greenway Plaza
Suite 450
Houston, TX 77046
Columbia Management
Investment Advisors, 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
J.P. Morgan Investment
Management, Inc.
270 Park Avenue
New York, NY 10017
Massachusetts Financial Services Company
500 Boylston Street
Boston, MA 02116
Morgan Stanley Investment Management, Inc.
522 Fifth Avenue
New York, NY 10036
Pinebridge Investments, LLC
399 Park Avenue
New York, NY 10022
RS Investment
Management Co., LLC
388 Market Street
Suite 1700
San Francisco, CA 94111
SunAmerica Asset Management Corp.
Harborside Financial Center
3200 Plaza 5
Jersey City, NJ 07311
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
Templeton Global Advisors Ltd.
Lyford Cay
Nassau, Bahamas
Templeton Investment Counsel, LLC
300 SE 2nd St.
Ft. Lauderdale, FL 33301
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
Katherine Stoner,
Vice President and Chief Compliance Officer
Donna Handel,
Vice President and Assistant Treasurer
Thomas M. Ward,
Vice President
Diedre L. Shepherd,
Assistant Treasurer
Shawn Parry,
Assistant Treasurer
Louis O. Ducote, II
Assistant Secretary
Matthew J. Hackethal,
Anti-Money Laundering
Compliance Officer
Shana L. Walker,
Assistant Secretary
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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, which 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.
CLICK VALIC.com
CALL 1-800-448-2542
VISIT your VALIC financial advisor | Manage your account online!
• Print and download account transaction confirmations and tax statements
• View transaction history and download it to Quicken using Direct ConnectSM
• Use the Account Aggregation feature to display information from other accounts in addition to your VALIC accounts
• Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password, and more
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
Start exploring VALIC Online today!
> Visit VALIC.com
> Click “Register for online access”
> Click “Register for individual access,” and follow the steps to create a security profile
Go paperless
Sign up for Personal Deliver-e® to get: Convenience — See your account statements, certain regulatory documents/disclosures and transaction confirmations online, print as you wish. Days faster than paper delivery through the mail.
Security — Password-protected documents online are more secure than paper.
Eco-friendly delivery — Less paper, less waste. One more way that together we can make a difference.
Ready to go paperless? > Log on to VALIC Online • Select “Email Delivery” from My Profile • Follow the registration instructions
> You can also enroll by contacting our Client Care Center at 1-800-448-2542
We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information. |
Copyright © The Variable Annuity Life Insurance Company. All rights reserved. VC 23800 (07/2013) J90870 EE |
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VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 | PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765 |
VC 4873 (11/2013) 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.
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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.
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Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.
Item 11. | Controls and Procedures. |
(a) | An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective. |
(b) | There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Exhibits. |
(a) | (1) Not applicable. |
(2) 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 07, 2014
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 07, 2014
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: February 07, 2014