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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)
John T. Genoy
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: (201) 324-6414
Date of fiscal year end: May 31
Date of reporting period: November 30, 2014
Table of Contents
Item 1. Reports to Stockholders
Table of Contents
VALIC Company I
Semi-Annual Report, November 30, 2014
SAVING :INVESTING :PLANNING
Table of Contents
VALIC Company I
SEMI-ANNUAL REPORT NOVEMBER 30, 2014
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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, 2014. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.
The reporting period experienced positive returns in domestic equities amid signs that the U.S. economy appears to have stabilized with a slower, albeit steady growth. The total return for the S&P 500® Index*, widely regarded as the best single gauge of the U.S. equity market, was up 8.58% 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, did not fare as well, declining 5.07%. The Barclays U.S. Aggregate Bond Index***, a broad measure of the bond market, posted a total return of 1.92% for the reporting period.
Despite sell-offs in August and October, domestic markets continued to rise based on strength in the US labor market, expanding manufacturing, improved consumer sentiment and a dovish Federal Reserve (“the Fed”). The Fed followed through with its previously announced plan to end its bond buying program, but Fed Chair, Janet Yellen, signaled that it will keep short-term interest rates near zero for a “considerable time.” One of the most notable lifts to consumer sentiment related to falling oil prices. Oil began its decline in June in response to OPEC’s decision to maintain supply amid slowing demand, causing the price of oil to fall to $66 a barrel by November’s end. Currencies associated with oil producing nations (such as the Russian Ruble) declined, giving rise to increased speculation about merger and acquisition activity in the industry.
International markets experienced a sell-off during the reporting period as growth slowed across various countries (most notably in China and Japan). Inflation remained extremely low throughout Europe, ending at 0.3% at the end of November, a five year low, depicting a very real threat of deflation. As the U.S. moved to decrease economic stimulus, Europe, China and Japan embraced it. The European Central Bank spoke of impending stimulus measures, China reduced its interest rates and Japan delayed a planned sales tax increase.
Bonds advanced over the reporting period as investors continued to favor U.S. Treasuries in a flight to quality amid elevated geopolitical risk and slowing growth abroad. On the whole, U.S. treasuries appear attractive, in relative terms, given the low yields on European and Japanese sovereign bonds.
Planning for your financial future in such an uncertain world 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,
John T. Genoy, 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, 2014 (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, 2014 and held until November 30, 2014. 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, 2014” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended November 30, 2014” column and the “Annualized Expense Ratio” 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, 2014” 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 each Fund’s actual expense ratio and an annual rate of return of 5% 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 these Funds and 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, 2014” column and the “Annualized Expense Ratio” 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, 2014” 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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Table of Contents
VALIC Company I
EXPENSE EXAMPLE — November 30, 2014 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2014 | Ending Account Value Using Actual Return at November 30, 2014 | Expenses Paid During the Six Months Ended November 30, 2014* | Beginning Account Value at June 1, 2014 | Ending Account Value Using a Hypothetical 5% Annual Return at November 30, 2014 | Expenses Paid During the Six Months Ended November 30, 2014* | Annualized Expense Ratio* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 1,023.68 | $ | 3.45 | $ | 1,000.00 | $ | 1,021.66 | $ | 3.45 | 0.68 | % | ||||||||||||||
Blue Chip Growth | $ | 1,000.00 | $ | 1,092.87 | $ | 4.35 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | ||||||||||||||
Broad Cap Value Income# | $ | 1,000.00 | $ | 1,052.01 | $ | 4.37 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 1,017.28 | $ | 3.24 | $ | 1,000.00 | $ | 1,021.86 | $ | 3.24 | 0.64 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 1,063.88 | $ | 4.14 | $ | 1,000.00 | $ | 1,021.06 | $ | 4.05 | 0.80 | % | ||||||||||||||
Dividend Value# | $ | 1,000.00 | $ | 1,059.71 | $ | 4.23 | $ | 1,000.00 | $ | 1,020.96 | $ | 4.15 | 0.82 | % | ||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | $ | 1,031.01 | $ | 1.63 | $ | 1,000.00 | $ | 1,023.46 | $ | 1.62 | 0.32 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 977.83 | $ | 4.71 | $ | 1,000.00 | $ | 1,020.31 | $ | 4.81 | 0.95 | % | ||||||||||||||
Foreign Value | $ | 1,000.00 | $ | 899.48 | $ | 3.76 | $ | 1,000.00 | $ | 1,021.11 | $ | 4.00 | 0.79 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 1,034.96 | $ | 4.34 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Global Social Awareness | $ | 1,000.00 | $ | 1,032.38 | $ | 3.16 | $ | 1,000.00 | $ | 1,021.96 | $ | 3.14 | 0.62 | % | ||||||||||||||
Global Strategy | $ | 1,000.00 | $ | 997.17 | $ | 3.15 | $ | 1,000.00 | $ | 1,021.91 | $ | 3.19 | 0.63 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 1,019.57 | $ | 3.24 | $ | 1,000.00 | $ | 1,021.86 | $ | 3.24 | 0.64 | % | ||||||||||||||
Growth | $ | 1,000.00 | $ | 1,071.60 | $ | 4.15 | $ | 1,000.00 | $ | 1,021.06 | $ | 4.05 | 0.80 | % | ||||||||||||||
Growth & Income# | $ | 1,000.00 | $ | 1,086.81 | $ | 4.45 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Health Sciences | $ | 1,000.00 | $ | 1,221.80 | $ | 6.07 | $ | 1,000.00 | $ | 1,019.60 | $ | 5.52 | 1.09 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 992.06 | $ | 2.95 | $ | 1,000.00 | $ | 1,022.11 | $ | 2.99 | 0.59 | % | ||||||||||||||
International Equities Index† | $ | 1,000.00 | $ | 947.58 | $ | 2.05 | $ | 1,000.00 | $ | 1,022.96 | $ | 2.13 | 0.42 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 975.49 | $ | 3.22 | $ | 1,000.00 | $ | 1,021.81 | $ | 3.29 | 0.65 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 980.91 | $ | 5.02 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.11 | 1.01 | % | ||||||||||||||
Large Cap Core | $ | 1,000.00 | $ | 1,095.44 | $ | 4.36 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 1,071.58 | $ | 3.89 | $ | 1,000.00 | $ | 1,021.31 | $ | 3.80 | 0.75 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 1,052.86 | $ | 1.85 | $ | 1,000.00 | $ | 1,023.26 | $ | 1.83 | 0.36 | % | ||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | $ | 1,080.68 | $ | 4.22 | $ | 1,000.00 | $ | 1,021.01 | $ | 4.10 | 0.81 | % | ||||||||||||||
Money Market I# | $ | 1,000.00 | $ | 1,000.05 | $ | 0.65 | $ | 1,000.00 | $ | 1,024.42 | $ | 0.66 | 0.13 | % | ||||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | $ | 1,165.33 | $ | 2.88 | $ | 1,000.00 | $ | 1,022.41 | $ | 2.69 | 0.53 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 1,132.10 | $ | 5.24 | $ | 1,000.00 | $ | 1,020.16 | $ | 4.96 | 0.98 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 1,131.73 | $ | 5.29 | $ | 1,000.00 | $ | 1,020.10 | $ | 5.01 | 0.99 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 1,047.33 | $ | 4.77 | $ | 1,000.00 | $ | 1,020.41 | $ | 4.71 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 1,040.69 | $ | 2.05 | $ | 1,000.00 | $ | 1,023.06 | $ | 2.03 | 0.40 | % | ||||||||||||||
Small Cap Special Values | $ | 1,000.00 | $ | 1,027.40 | $ | 4.42 | $ | 1,000.00 | $ | 1,020.71 | $ | 4.41 | 0.87 | % | ||||||||||||||
Small-Mid Growth | $ | 1,000.00 | $ | 1,097.66 | $ | 5.26 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.06 | 1.00 | % | ||||||||||||||
Stock Index | $ | 1,000.00 | $ | 1,083.98 | $ | 1.78 | $ | 1,000.00 | $ | 1,023.36 | $ | 1.72 | 0.34 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 1,071.23 | $ | 4.41 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % |
* | Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 days (to reflect the one-half year period). 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 on expenses 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 Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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 Six Months Ended November 30, 2014” and the “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended November 30, 2014” and the “Annualized Expense Ratio” would have been lower. |
† | See Note 1 |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Time Deposits | 9.0 | % | ||
Exchange — Traded Funds | 7.7 | |||
Federal National Mtg. Assoc. | 7.0 | |||
Registered Investment Companies | 6.1 | |||
Diversified Banking Institutions | 4.0 | |||
Banks — Commercial | 3.4 | |||
Medical — Drugs | 3.3 | |||
Banks — Super Regional | 2.4 | |||
Diversified Financial Services | 2.3 | |||
Computers | 2.3 | |||
Federal Home Loan Mtg. Corp. | 2.2 | |||
Telephone — Integrated | 2.2 | |||
Oil Companies — Integrated | 2.2 | |||
Oil Companies — Exploration & Production | 1.9 | |||
Food — Misc./Diversified | 1.9 | |||
Chemicals — Diversified | 1.7 | |||
Aerospace/Defense | 1.5 | |||
Real Estate Investment Trusts | 1.4 | |||
Diversified Manufacturing Operations | 1.3 | |||
Auto — Cars/Light Trucks | 1.3 | |||
Electric — Integrated | 1.1 | |||
Retail — Building Products | 1.0 | |||
Investment Management/Advisor Services | 0.9 | |||
Tobacco | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Electronic Components — Semiconductors | 0.9 | |||
Applications Software | 0.8 | |||
Medical — Biomedical/Gene | 0.8 | |||
Cable/Satellite TV | 0.8 | |||
Insurance — Multi-line | 0.8 | |||
Pipelines | 0.8 | |||
Transport — Rail | 0.7 | |||
Computer Services | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Oil — Field Services | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Enterprise Software/Service | 0.6 | |||
Advertising Agencies | 0.6 | |||
Paper & Related Products | 0.5 | |||
Beverages — Non-alcoholic | 0.5 | |||
Medical — HMO | 0.5 | |||
Pharmacy Services | 0.5 | |||
Gas — Distribution | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
Brewery | 0.4 | |||
Insurance — Property/Casualty | 0.4 | |||
Retail — Regional Department Stores | 0.4 | |||
United States Treasury Notes | 0.4 | |||
Retail — Drug Store | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Finance — Other Services | 0.4 | |||
Savings & Loans/Thrifts | 0.4 | |||
Food — Meat Products | 0.4 | |||
Retail — Restaurants | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
E-Commerce/Services | 0.3 | |||
Medical Instruments | 0.3 | |||
Electric — Generation | 0.3 | |||
Cosmetics & Toiletries | 0.3 | |||
Multimedia | 0.3 | |||
Food — Retail | 0.3 | |||
Airlines | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Finance — Credit Card | 0.3 |
Medical Products | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Import/Export | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Diversified Minerals | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Machinery — Farming | 0.3 | |||
Steel — Producers | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Office Automation & Equipment | 0.3 | |||
Containers — Metal/Glass | 0.2 | |||
Retail — Discount | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Transport — Services | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Sovereign | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Casino Hotels | 0.2 | |||
Disposable Medical Products | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Internet Content — Entertainment | 0.2 | |||
Web Portals/ISP | 0.2 | |||
Security Services | 0.2 | |||
Hotels/Motels | 0.2 | |||
Audio/Video Products | 0.2 | |||
Telecom Services | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Special Purpose Entities | 0.2 | |||
Instruments — Controls | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Retail — Automobile | 0.2 | |||
Engineering/R&D Services | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Metal — Copper | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Municipal Bonds & Notes | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Software Tools | 0.2 | |||
Food — Confectionery | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Food — Wholesale/Distribution | 0.2 | |||
Networking Products | 0.1 | |||
United States Treasury Bonds | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Schools | 0.1 | |||
Banks — Export/Import | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Human Resources | 0.1 | |||
Data Processing/Management | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Cruise Lines | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Advertising Services | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Coal | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Agricultural Operations | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Finance — Commercial | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Building & Construction — Misc. | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Printing — Commercial | 0.1 | |||
Independent Power Producers | 0.1 | |||
Insurance — Mutual | 0.1 |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)
Industry Allocation* (continued)
Internet Security | 0.1 | % | ||
Food — Dairy Products | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Rubber — Tires | 0.1 | |||
Investment Companies | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
SupraNational Banks | 0.1 | |||
Cellular Telecom | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Transport — Truck | 0.1 | |||
Wireless Equipment | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Industrial Gases | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Insurance Brokers | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Dialysis Centers | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Transactional Software | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Toys | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Textile — Products | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Electric — Distribution | 0.1 | |||
Regional Authority | 0.1 | |||
Transport — Marine | 0.1 | |||
Entertainment Software | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Electronics — Military | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Home Furnishings | 0.1 | |||
Gold Mining | 0.1 | |||
108.8 | % | |||
* | Calculated as a percentage of net assets |
5 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 56.1% |
| |||||||
Advertising Agencies — 0.5% |
| |||||||
Interpublic Group of Cos., Inc. | 701 | $ | 14,223 | |||||
Omnicom Group, Inc. | 10,743 | 830,112 | ||||||
844,335 | ||||||||
Advertising Services — 0.1% |
| |||||||
Dentsu, Inc. | 2,700 | 101,475 | ||||||
Publicis Groupe SA | 1,039 | 76,354 | ||||||
Sizmek, Inc.† | 422 | 2,418 | ||||||
180,247 | ||||||||
Aerospace/Defense — 1.3% |
| |||||||
Aerovironment, Inc.† | 357 | 9,893 | ||||||
BAE Systems PLC | 17,990 | 135,364 | ||||||
Boeing Co. | 10,374 | 1,393,851 | ||||||
Cubic Corp. | 396 | 20,374 | ||||||
Lockheed Martin Corp. | 1,349 | 258,414 | ||||||
National Presto Industries, Inc.# | 84 | 4,927 | ||||||
Northrop Grumman Corp. | 1,674 | 235,917 | ||||||
Raytheon Co. | 883 | 94,216 | ||||||
Teledyne Technologies, Inc.† | 680 | 72,699 | ||||||
Thales SA | 348 | 18,477 | ||||||
2,244,132 | ||||||||
Aerospace/Defense - Equipment — 0.3% |
| |||||||
AAR Corp. | 686 | 17,582 | ||||||
Airbus Group NV | 1,435 | 87,484 | ||||||
Curtiss-Wright Corp. | 879 | 62,321 | ||||||
GenCorp, Inc.†# | 1,053 | 17,585 | ||||||
IHI Corp.# | 26,000 | 131,457 | ||||||
Kaman Corp. | 492 | 19,355 | ||||||
Moog, Inc., Class A† | 741 | 53,930 | ||||||
Orbital Sciences Corp.† | 1,093 | 29,752 | ||||||
United Technologies Corp. | 369 | 40,620 | ||||||
460,086 | ||||||||
Agricultural Chemicals — 0.2% |
| |||||||
CF Industries Holdings, Inc. | 1,080 | 289,602 | ||||||
Intrepid Potash, Inc.†# | 1,001 | 14,284 | ||||||
303,886 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Andersons, Inc. | 478 | 25,831 | ||||||
Archer-Daniels-Midland Co. | 3,187 | 167,891 | ||||||
193,722 | ||||||||
Airlines — 0.1% |
| |||||||
Allegiant Travel Co.† | 255 | 35,766 | ||||||
Delta Air Lines, Inc. | 2,870 | 133,943 | ||||||
easyJet PLC | 342 | 8,842 | ||||||
SkyWest, Inc. | 899 | 11,237 | ||||||
Southwest Airlines Co. | 596 | 24,925 | ||||||
214,713 | ||||||||
Airport Development/Maintenance — 0.0% |
| |||||||
Aeroports de Paris | 578 | 70,978 | ||||||
Apparel Manufacturers — 0.2% |
| |||||||
Burberry Group PLC | 5,848 | 150,914 | ||||||
Christian Dior SA | 700 | 134,135 | ||||||
G-III Apparel Group, Ltd.† | 342 | 30,264 | ||||||
Michael Kors Holdings, Ltd.† | 471 | 36,130 | ||||||
Oxford Industries, Inc. | 265 | 17,551 | ||||||
Quiksilver, Inc.†# | 2,338 | 4,769 | ||||||
373,763 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Appliances — 0.0% |
| |||||||
iRobot Corp.† | 524 | $ | 19,084 | |||||
Applications Software — 0.8% |
| |||||||
Citrix Systems, Inc.† | 748 | 49,600 | ||||||
Dealertrack Technologies, Inc.† | 798 | 37,634 | ||||||
Ebix, Inc.# | 594 | 9,629 | ||||||
Epiq Systems, Inc. | 545 | 8,360 | ||||||
Intuit, Inc. | 3,666 | 344,127 | ||||||
Microsoft Corp. | 20,447 | 977,571 | ||||||
Progress Software Corp.† | 933 | 24,062 | ||||||
Tangoe, Inc.† | 643 | 8,362 | ||||||
1,459,345 | ||||||||
Athletic Footwear — 0.0% |
| |||||||
adidas AG | 602 | 48,315 | ||||||
Audio/Video Products — 0.2% |
| |||||||
Daktronics, Inc. | 693 | 8,267 | ||||||
DTS, Inc.† | 302 | 9,740 | ||||||
Harman International Industries, Inc. | 75 | 8,140 | ||||||
Panasonic Corp. | 13,500 | 174,338 | ||||||
Sony Corp. | 6,300 | 138,030 | ||||||
Universal Electronics, Inc.† | 281 | 17,003 | ||||||
VOXX International Corp.† | 346 | 2,910 | ||||||
358,428 | ||||||||
Auto Repair Centers — 0.0% |
| |||||||
Monro Muffler Brake, Inc. | 575 | 31,504 | ||||||
Auto - Cars/Light Trucks — 1.0% |
| |||||||
Bayerische Motoren Werke AG | 1,493 | 170,819 | ||||||
Daimler AG | 1,033 | 87,147 | ||||||
Fiat Chrysler Automobiles NV†# | 271 | 3,382 | ||||||
Fuji Heavy Industries, Ltd.# | 4,800 | 174,656 | ||||||
Honda Motor Co., Ltd. | 7,400 | 222,711 | ||||||
Isuzu Motors, Ltd. | 5,700 | 74,402 | ||||||
Nissan Motor Co., Ltd.# | 7,300 | 68,190 | ||||||
Suzuki Motor Corp. | 3,300 | 104,267 | ||||||
Toyota Motor Corp. | 12,400 | 764,250 | ||||||
1,669,824 | ||||||||
Auto/Truck Parts & Equipment-Original — 0.4% |
| |||||||
Aisin Seiki Co., Ltd. | 2,500 | 89,429 | ||||||
Delphi Automotive PLC | 2,665 | 194,412 | ||||||
Denso Corp. | 1,700 | 79,406 | ||||||
GKN PLC | 7,469 | 40,336 | ||||||
Sumitomo Electric Industries, Ltd. | 4,700 | 61,131 | ||||||
Superior Industries International, Inc. | 430 | 7,792 | ||||||
Titan International, Inc.# | 967 | 9,573 | ||||||
Toyota Industries Corp. | 2,600 | 129,923 | ||||||
612,002 | ||||||||
Auto/Truck Parts & Equipment-Replacement — 0.0% |
| |||||||
Dorman Products, Inc.† | 566 | 26,789 | ||||||
Standard Motor Products, Inc. | 376 | 14,344 | ||||||
41,133 | ||||||||
Banks - Commercial — 1.6% |
| |||||||
Banco de Sabadell SA# | 8,688 | 24,659 | ||||||
Banco Popular Espanol SA | 4,078 | 22,428 | ||||||
Banco Santander SA | 20,404 | 184,043 | ||||||
Bank of Kyoto, Ltd. | 11,000 | 92,509 | ||||||
Bank of the Ozarks, Inc. | 1,164 | 42,137 | ||||||
Bank of Yokohama, Ltd. | 21,000 | 118,387 | ||||||
Bankia SA† | 5,049 | 8,858 | ||||||
Banner Corp. | 353 | 14,540 |
6 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
BBCN Bancorp, Inc. | 1,434 | $ | 19,961 | |||||
CaixaBank SA | 2,689 | 14,859 | ||||||
Cardinal Financial Corp. | 581 | 10,615 | ||||||
Chiba Bank, Ltd. | 11,000 | 73,136 | ||||||
City Holding Co. | 283 | 12,376 | ||||||
Columbia Banking System, Inc. | 955 | 26,234 | ||||||
Community Bank System, Inc. | 732 | 27,077 | ||||||
CVB Financial Corp. | 1,756 | 26,638 | ||||||
Danske Bank A/S | 2,595 | 73,771 | ||||||
DNB ASA | 2,807 | 46,486 | ||||||
Erste Group Bank AG | 785 | 21,274 | ||||||
First BanCorp† | 1,864 | 9,562 | ||||||
First Commonwealth Financial Corp. | 1,701 | 15,445 | ||||||
First Financial Bancorp | 1,104 | 19,552 | ||||||
First Financial Bankshares, Inc.# | 1,168 | 35,238 | ||||||
First Midwest Bancorp, Inc. | 1,359 | 22,736 | ||||||
FNB Corp. | 3,169 | 39,898 | ||||||
Glacier Bancorp, Inc. | 1,344 | 36,799 | ||||||
Hanmi Financial Corp. | 588 | 11,819 | ||||||
Home BancShares, Inc. | 1,055 | 33,412 | ||||||
Independent Bank Corp. | 429 | 17,001 | ||||||
Intesa Sanpaolo SpA | 37,406 | 115,337 | ||||||
Joyo Bank, Ltd.# | 19,000 | 95,905 | ||||||
KBC Groep NV† | 1,716 | 98,220 | ||||||
MB Financial, Inc. | 1,169 | 36,823 | ||||||
Mizuho Financial Group, Inc. | 87,400 | 150,613 | ||||||
National Penn Bancshares, Inc. | 2,256 | 23,011 | ||||||
NBT Bancorp, Inc. | 792 | 19,253 | ||||||
Old National Bancorp | 1,947 | 27,647 | ||||||
Pinnacle Financial Partners, Inc. | 600 | 22,602 | ||||||
PrivateBancorp, Inc. | 1,282 | 40,319 | ||||||
Regions Financial Corp. | 23,752 | 239,183 | ||||||
S&T Bancorp, Inc. | 537 | 14,757 | ||||||
Simmons First National Corp., Class A | 292 | 11,817 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 5,500 | 207,403 | ||||||
Sumitomo Mitsui Trust Holdings, Inc.# | 21,000 | 87,313 | ||||||
Susquehanna Bancshares, Inc. | 3,384 | 44,567 | ||||||
Swedbank AB, Class A | 6,085 | 159,648 | ||||||
Texas Capital Bancshares, Inc.† | 832 | 45,868 | ||||||
Tompkins Financial Corp. | 213 | 10,445 | ||||||
TrustCo Bank Corp. | 1,707 | 11,625 | ||||||
UMB Financial Corp. | 689 | 38,233 | ||||||
Unione di Banche Italiane SCpA | 1,758 | 13,519 | ||||||
United Bankshares, Inc.# | 1,161 | 40,519 | ||||||
United Community Banks, Inc. | 823 | 14,485 | ||||||
ViewPoint Financial Group, Inc. | 649 | 15,472 | ||||||
Westamerica Bancorporation# | 476 | 23,134 | ||||||
Wilshire Bancorp, Inc. | 1,257 | 12,042 | ||||||
Wintrust Financial Corp. | 850 | 37,986 | ||||||
2,759,196 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Boston Private Financial Holdings, Inc. | 1,451 | 18,515 | ||||||
Banks - Super Regional — 2.2% |
| |||||||
Capital One Financial Corp. | 10,904 | 907,213 | ||||||
Comerica, Inc. | 2,935 | 136,800 | ||||||
Fifth Third Bancorp | 15,272 | 307,273 | ||||||
KeyCorp | 10,217 | 137,929 | ||||||
SunTrust Banks, Inc. | 9,574 | 376,162 | ||||||
Wells Fargo & Co. | 38,043 | 2,072,583 | ||||||
3,937,960 | ||||||||
Batteries/Battery Systems — 0.0% |
| |||||||
EnerSys | 842 | 51,135 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Beverages - Non-alcoholic — 0.4% |
| |||||||
Coca-Cola Co. | 318 | $ | 14,256 | |||||
Coca-Cola Enterprises, Inc. | 1,395 | 61,296 | ||||||
Monster Beverage Corp.† | 2,293 | 257,160 | ||||||
PepsiCo, Inc. | 3,704 | 370,771 | ||||||
703,483 | ||||||||
Brewery — 0.3% |
| |||||||
Anheuser-Busch InBev NV | 40 | 4,702 | ||||||
Asahi Group Holdings, Ltd. | 2,900 | 90,480 | ||||||
Boston Beer Co., Inc., Class A† | 160 | 42,075 | ||||||
Carlsberg A/S, Class B | 977 | 87,080 | ||||||
Heineken Holding NV | 2,028 | 138,764 | ||||||
Heineken NV | 2,006 | 157,876 | ||||||
Kirin Holdings Co., Ltd.# | 6,500 | 83,448 | ||||||
604,425 | ||||||||
Broadcast Services/Program — 0.0% |
| |||||||
Discovery Communications, Inc., Class C† | 1,632 | 55,504 | ||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Drew Industries, Inc. | 431 | 20,300 | ||||||
Geberit AG | 25 | 8,714 | ||||||
Gibraltar Industries, Inc.† | 540 | 7,749 | ||||||
Quanex Building Products Corp. | 677 | 13,391 | ||||||
Simpson Manufacturing Co., Inc. | 742 | 24,634 | ||||||
74,788 | ||||||||
Building & Construction - Misc. — 0.1% |
| |||||||
Aegion Corp.† | 692 | 13,182 | ||||||
Bouygues SA | 565 | 21,270 | ||||||
Comfort Systems USA, Inc. | 694 | 9,973 | ||||||
Dycom Industries, Inc.† | 614 | 18,782 | ||||||
Ferrovial SA# | 3,930 | 80,589 | ||||||
Hochtief AG | 137 | 10,329 | ||||||
154,125 | ||||||||
Building Products - Air & Heating — 0.0% |
| |||||||
AAON, Inc. | 756 | 15,664 | ||||||
Building Products - Cement — 0.0% |
| |||||||
Headwaters, Inc.† | 1,333 | 18,662 | ||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
Apogee Enterprises, Inc. | 527 | 23,836 | ||||||
Asahi Glass Co., Ltd.# | 11,000 | 53,114 | ||||||
Griffon Corp. | 774 | 9,636 | ||||||
PGT, Inc.† | 863 | 8,121 | ||||||
94,707 | ||||||||
Building Products - Wood — 0.0% |
| |||||||
Boise Cascade Co.† | 719 | 25,661 | ||||||
Universal Forest Products, Inc. | 360 | 17,187 | ||||||
42,848 | ||||||||
Building - Heavy Construction — 0.0% |
| |||||||
ACS Actividades de Construccion y Servicios SA | 868 | 30,690 | ||||||
Orion Marine Group, Inc.† | 494 | 5,424 | ||||||
36,114 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 938 | 25,411 | ||||||
Babcock International Group PLC | 6,018 | 107,016 | ||||||
132,427 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.0% |
| |||||||
Winnebago Industries, Inc. | 481 | 12,112 | ||||||
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building - Residential/Commercial — 0.7% |
| |||||||
D.R. Horton, Inc. | 29,675 | $ | 756,416 | |||||
Daiwa House Industry Co., Ltd.# | 4,800 | 91,433 | ||||||
M/I Homes, Inc.† | 442 | 10,131 | ||||||
Meritage Homes Corp.† | 663 | 26,003 | ||||||
Persimmon PLC | 1,217 | 29,179 | ||||||
Ryland Group, Inc. | 841 | 32,908 | ||||||
Sekisui Chemical Co., Ltd. | 8,000 | 99,570 | ||||||
Sekisui House, Ltd.# | 6,500 | 87,309 | ||||||
Standard Pacific Corp.† | 2,708 | 20,446 | ||||||
1,153,395 | ||||||||
Cable/Satellite TV — 0.6% |
| |||||||
Cablevision Systems Corp., Class A | 1,535 | 31,191 | ||||||
Comcast Corp., Class A | 10,149 | 578,899 | ||||||
DIRECTV† | 796 | 69,817 | ||||||
Sky PLC | 10,016 | 145,998 | ||||||
Time Warner Cable, Inc. | 1,035 | 154,505 | ||||||
980,410 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Boyd Gaming Corp.† | 1,423 | 18,186 | ||||||
Monarch Casino & Resort, Inc.† | 197 | 3,262 | ||||||
21,448 | ||||||||
Casino Services — 0.0% |
| |||||||
Multimedia Games Holding Co., Inc.† | 542 | 19,669 | ||||||
Scientific Games Corp., Class A†# | 863 | 13,066 | ||||||
32,735 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
NTELOS Holdings Corp. | 258 | 2,167 | ||||||
NTT DOCOMO, Inc. | 5,400 | 84,252 | ||||||
Vodafone Group PLC | 14,582 | 53,355 | ||||||
139,774 | ||||||||
Chemicals - Diversified — 1.6% |
| |||||||
Aceto Corp. | 477 | 10,017 | ||||||
Akzo Nobel NV | 1,319 | 91,187 | ||||||
Arkema SA# | 1,254 | 85,383 | ||||||
Asahi Kasei Corp. | 16,000 | 139,142 | ||||||
BASF SE | 1,179 | 107,108 | ||||||
Dow Chemical Co. | 9,402 | 457,596 | ||||||
E.I. du Pont de Nemours & Co. | 14,867 | 1,061,504 | ||||||
FMC Corp. | 253 | 13,763 | ||||||
Innophos Holdings, Inc. | 391 | 21,145 | ||||||
K+S AG | 652 | 19,580 | ||||||
Koppers Holdings, Inc. | 372 | 10,855 | ||||||
Kuraray Co., Ltd. | 7,900 | 96,195 | ||||||
LyondellBasell Industries NV, Class A | 2,908 | 229,325 | ||||||
Mitsubishi Chemical Holdings Corp. | 16,400 | 84,508 | ||||||
PPG Industries, Inc. | 1,343 | 293,875 | ||||||
Shin-Etsu Chemical Co., Ltd. | 1,900 | 127,926 | ||||||
2,849,109 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc. | 773 | 19,054 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp.# | 452 | 4,922 | ||||||
Chemicals - Plastics — 0.0% |
| |||||||
A. Schulman, Inc. | 526 | 20,125 | ||||||
Chemicals - Specialty — 0.1% |
| |||||||
Balchem Corp. | 558 | 36,270 | ||||||
Calgon Carbon Corp.† | 958 | 19,553 | ||||||
H.B. Fuller Co. | 904 | 39,044 |
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Specialty (continued) |
| |||||||
Hawkins, Inc. | 167 | $ | 6,587 | |||||
Kraton Performance Polymers, Inc.† | 588 | 10,819 | ||||||
Lonza Group AG | 54 | 6,352 | ||||||
OM Group, Inc. | 583 | 15,863 | ||||||
Quaker Chemical Corp. | 240 | 19,543 | ||||||
Stepan Co. | 343 | 14,200 | ||||||
Zep, Inc. | 420 | 5,716 | ||||||
173,947 | ||||||||
Circuit Boards — 0.0% |
| |||||||
Park Electrochemical Corp. | 384 | 9,446 | ||||||
TTM Technologies, Inc.† | 1,008 | 6,814 | ||||||
16,260 | ||||||||
Coal — 0.0% |
| |||||||
Arch Coal, Inc.# | 3,908 | 8,676 | ||||||
Cloud Peak Energy, Inc.† | 1,104 | 12,884 | ||||||
SunCoke Energy, Inc. | 1,259 | 25,595 | ||||||
47,155 | ||||||||
Commercial Services — 0.0% |
| |||||||
Edenred | 581 | 16,765 | ||||||
Healthcare Services Group, Inc.# | 1,266 | 38,183 | ||||||
Medifast, Inc.† | 214 | 6,313 | ||||||
Providence Service Corp.† | 216 | 8,452 | ||||||
69,713 | ||||||||
Commercial Services - Finance — 0.3% |
| |||||||
Cardtronics, Inc.† | 809 | 31,680 | ||||||
Green Dot Corp., Class A† | 647 | 14,241 | ||||||
Heartland Payment Systems, Inc. | 646 | 35,220 | ||||||
MasterCard, Inc., Class A | 3,825 | 333,884 | ||||||
McGraw Hill Financial, Inc. | 951 | 88,881 | ||||||
503,906 | ||||||||
Communications Software — 0.0% |
| |||||||
Digi International, Inc.† | 470 | 3,356 | ||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc. | 704 | 19,459 | ||||||
Computer Services — 0.7% |
| |||||||
Accenture PLC, Class A | 476 | 41,093 | ||||||
AtoS | 555 | 39,453 | ||||||
CACI International, Inc., Class A† | 424 | 37,817 | ||||||
Ciber, Inc.† | 1,231 | 3,730 | ||||||
Cognizant Technology Solutions Corp., Class A† | 2,856 | 154,195 | ||||||
Computer Sciences Corp. | 1,460 | 92,535 | ||||||
Engility Holdings, Inc.† | 320 | 13,456 | ||||||
ExlService Holdings, Inc.† | 568 | 15,921 | ||||||
iGATE Corp.† | 647 | 23,907 | ||||||
Insight Enterprises, Inc.† | 726 | 17,010 | ||||||
International Business Machines Corp. | 3,826 | 620,462 | ||||||
LivePerson, Inc.† | 864 | 11,180 | ||||||
Manhattan Associates, Inc.† | 1,360 | 53,802 | ||||||
MAXIMUS, Inc. | 1,225 | 64,178 | ||||||
Sykes Enterprises, Inc.† | 705 | 16,335 | ||||||
TeleTech Holdings, Inc.† | 330 | 7,712 | ||||||
Virtusa Corp.† | 469 | 18,793 | ||||||
1,231,579 | ||||||||
Computer Software — 0.0% |
| |||||||
Blackbaud, Inc. | 832 | 35,310 | ||||||
Computers — 2.2% |
| |||||||
Apple, Inc. | 29,221 | 3,475,254 | ||||||
Hewlett-Packard Co. | 8,473 | 330,955 | ||||||
3,806,209 | ||||||||
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Agilysys, Inc.† | 273 | $ | 3,353 | |||||
Fujitsu, Ltd. | 13,000 | 74,284 | ||||||
Mercury Systems, Inc.† | 584 | 7,545 | ||||||
MTS Systems Corp. | 269 | 17,843 | ||||||
NetScout Systems, Inc.† | 672 | 25,637 | ||||||
Super Micro Computer, Inc.† | 626 | 20,833 | ||||||
149,495 | ||||||||
Computers - Memory Devices — 0.2% |
| |||||||
EMC Corp. | 10,983 | 333,334 | ||||||
NetApp, Inc. | 1,628 | 69,271 | ||||||
402,605 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Electronics for Imaging, Inc.† | 848 | 37,694 | ||||||
Synaptics, Inc.† | 670 | 42,203 | ||||||
79,897 | ||||||||
Consulting Services — 0.0% |
| |||||||
Forrester Research, Inc. | 225 | 8,935 | ||||||
Navigant Consulting, Inc.† | 886 | 12,404 | ||||||
21,339 | ||||||||
Consumer Products-Misc. — 0.4% |
| |||||||
Central Garden and Pet Co., Class A† | 745 | 6,146 | ||||||
Clorox Co. | 1,921 | 195,212 | ||||||
Helen of Troy, Ltd.† | 482 | 31,166 | ||||||
Kimberly-Clark Corp. | 3,132 | 365,160 | ||||||
WD-40 Co. | 252 | 19,177 | ||||||
616,861 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 3,706 | 248,561 | ||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Bemis Co., Inc. | 824 | 32,911 | ||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
Avon Products, Inc. | 2,667 | 26,083 | ||||||
Inter Parfums, Inc. | 297 | 7,618 | ||||||
Kao Corp. | 3,200 | 118,541 | ||||||
Procter & Gamble Co. | 2,169 | 196,143 | ||||||
Unilever NV CVA | 1,432 | 58,364 | ||||||
406,749 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
CSG Systems International, Inc. | 617 | 15,499 | ||||||
Dun & Bradstreet Corp. | 577 | 73,250 | ||||||
Fidelity National Information Services, Inc. | 1,971 | 120,606 | ||||||
209,355 | ||||||||
Decision Support Software — 0.0% |
| |||||||
Interactive Intelligence Group, Inc.† | 298 | 13,479 | ||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
DENTSPLY International, Inc. | 2,092 | 115,018 | ||||||
Diagnostic Equipment — 0.0% |
| |||||||
Affymetrix, Inc.† | 1,309 | 11,951 | ||||||
Diagnostic Kits — 0.0% |
| |||||||
Meridian Bioscience, Inc. | 750 | 12,337 | ||||||
Dialysis Centers — 0.1% |
| |||||||
Fresenius SE & Co. KGaA | 2,349 | 127,422 | ||||||
Direct Marketing — 0.0% |
| |||||||
Harte-Hanks, Inc. | 835 | 5,110 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Disposable Medical Products — 0.2% |
| |||||||
C.R. Bard, Inc. | 2,223 | $ | 372,019 | |||||
ICU Medical, Inc.† | 242 | 20,253 | ||||||
Merit Medical Systems, Inc.† | 753 | 11,144 | ||||||
403,416 | ||||||||
Distribution/Wholesale — 0.1% |
| |||||||
MWI Veterinary Supply, Inc.† | 232 | 37,913 | ||||||
Pool Corp. | 806 | 47,885 | ||||||
ScanSource, Inc.† | 515 | 20,013 | ||||||
United Stationers, Inc. | 715 | 29,358 | ||||||
135,169 | ||||||||
Diversified Banking Institutions — 2.4% |
| |||||||
Bank of America Corp. | 55,375 | 943,590 | ||||||
BNP Paribas SA | 3,457 | 221,788 | ||||||
Credit Agricole SA | 4,543 | 63,906 | ||||||
Credit Suisse Group AG | 1,087 | 29,062 | ||||||
Goldman Sachs Group, Inc. | 301 | 56,711 | ||||||
HSBC Holdings PLC | 40,001 | 398,517 | ||||||
JPMorgan Chase & Co. | 15,321 | 921,711 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 53,500 | 309,450 | ||||||
Morgan Stanley | 33,269 | 1,170,403 | ||||||
Natixis SA | 5,440 | 38,461 | ||||||
4,153,599 | ||||||||
Diversified Manufacturing Operations — 1.0% |
| |||||||
3M Co. | 2,636 | 421,997 | ||||||
Actuant Corp., Class A | 1,185 | 34,792 | ||||||
AZZ, Inc. | 461 | 20,644 | ||||||
Barnes Group, Inc. | 892 | 32,763 | ||||||
Dover Corp. | 8,883 | 683,902 | ||||||
EnPro Industries, Inc.† | 433 | 27,937 | ||||||
Fabrinet† | 529 | 8,872 | ||||||
Federal Signal Corp. | 1,134 | 16,919 | ||||||
General Electric Co. | 6,042 | 160,053 | ||||||
Illinois Tool Works, Inc. | 2,805 | 266,279 | ||||||
LSB Industries, Inc.† | 346 | 11,442 | ||||||
Lydall, Inc.† | 304 | 8,077 | ||||||
Pentair PLC | 163 | 10,548 | ||||||
Siemens AG | 101 | 11,959 | ||||||
Standex International Corp. | 231 | 16,856 | ||||||
Toshiba Corp.# | 22,000 | 97,792 | ||||||
Tredegar Corp. | 442 | 8,106 | ||||||
1,838,938 | ||||||||
Diversified Minerals — 0.2% |
| |||||||
Anglo American PLC | 5,981 | 123,617 | ||||||
BHP Billiton PLC | 7,186 | 170,494 | ||||||
US Silica Holdings, Inc.# | 982 | 30,855 | ||||||
324,966 | ||||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Bunzl PLC | 378 | 10,559 | ||||||
Viad Corp. | 375 | 9,011 | ||||||
19,570 | ||||||||
Drug Delivery Systems — 0.0% |
| |||||||
Depomed, Inc.† | 1,039 | 16,094 | ||||||
E-Commerce/Products — 0.1% |
| |||||||
Amazon.com, Inc.† | 312 | 105,656 | ||||||
ASOS PLC | 210 | 8,024 | ||||||
Blue Nile, Inc.† | 227 | 7,863 | ||||||
eBay, Inc.† | 1,388 | 76,173 | ||||||
FTD Cos., Inc.† | 342 | 11,854 |
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
E-Commerce/Products (continued) |
| |||||||
Stamps.com, Inc.† | 257 | $ | 12,143 | |||||
221,713 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
Expedia, Inc. | 1,675 | 145,909 | ||||||
Priceline Group, Inc.† | 187 | 216,956 | ||||||
362,865 | ||||||||
E-Marketing/Info — 0.0% |
| |||||||
comScore, Inc.† | 623 | 27,393 | ||||||
Liquidity Services, Inc.† | 472 | 4,961 | ||||||
QuinStreet, Inc.† | 564 | 2,555 | ||||||
34,909 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
Perficient, Inc.† | 613 | 10,611 | ||||||
Electric Products - Misc. — 0.3% |
| |||||||
Emerson Electric Co. | 4,033 | 257,104 | ||||||
Hitachi, Ltd. | 25,000 | 193,077 | ||||||
Littelfuse, Inc. | 405 | 38,933 | ||||||
489,114 | ||||||||
Electric - Generation — 0.2% |
| |||||||
AES Corp. | 20,070 | 278,371 | ||||||
Electricite de France SA# | 719 | 21,539 | ||||||
Enel Green Power SpA | 9,135 | 21,994 | ||||||
321,904 | ||||||||
Electric - Integrated — 0.6% |
| |||||||
ALLETE, Inc. | 715 | 36,444 | ||||||
Ameren Corp. | 1,751 | 75,486 | ||||||
Avista Corp. | 1,085 | 37,378 | ||||||
Duke Energy Corp. | 1,531 | 123,858 | ||||||
E.ON SE | 5,076 | 90,035 | ||||||
El Paso Electric Co. | 730 | 27,616 | ||||||
Enel SpA | 19,125 | 92,333 | ||||||
Entergy Corp. | 560 | 46,984 | ||||||
Exelon Corp. | 8,156 | 295,002 | ||||||
GDF Suez | 4,214 | 103,900 | ||||||
Iberdrola SA | 9,046 | 66,928 | ||||||
NorthWestern Corp. | 837 | 44,553 | ||||||
Pinnacle West Capital Corp. | 338 | 21,372 | ||||||
RWE AG | 564 | 20,443 | ||||||
UIL Holdings Corp. | 1,019 | 40,556 | ||||||
1,122,888 | ||||||||
Electronic Components - Misc. — 0.7% |
| |||||||
Bel Fuse, Inc., Class B | 186 | 4,925 | ||||||
Benchmark Electronics, Inc.† | 975 | 23,186 | ||||||
Corning, Inc. | 339 | 7,126 | ||||||
CTS Corp. | 591 | 10,153 | ||||||
Hoya Corp. | 4,900 | 174,248 | ||||||
Jabil Circuit, Inc. | 18,454 | 382,920 | ||||||
Knowles Corp.† | 3,349 | 69,961 | ||||||
Koninklijke Philips NV | 3,666 | 110,642 | ||||||
Kyocera Corp.# | 2,000 | 97,935 | ||||||
Methode Electronics, Inc. | 696 | 26,970 | ||||||
Murata Manufacturing Co., Ltd.# | 1,300 | 140,495 | ||||||
OSI Systems, Inc.† | 338 | 23,853 | ||||||
Plexus Corp.† | 613 | 23,913 | ||||||
Rogers Corp.† | 323 | 22,875 | ||||||
Sanmina Corp.† | 1,507 | 37,072 | ||||||
1,156,274 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors — 0.8% |
| |||||||
ARM Holdings PLC | 2,621 | $ | 37,488 | |||||
Broadcom Corp., Class A | 5,840 | 251,879 | ||||||
CEVA, Inc.† | 397 | 6,832 | ||||||
Diodes, Inc.† | 658 | 17,496 | ||||||
DSP Group, Inc.† | 388 | 4,198 | ||||||
Entropic Communications, Inc.† | 1,526 | 3,632 | ||||||
Intel Corp. | 9,712 | 361,772 | ||||||
Kopin Corp.† | 1,056 | 3,601 | ||||||
Microsemi Corp.† | 1,740 | 47,328 | ||||||
Monolithic Power Systems, Inc. | 657 | 31,621 | ||||||
NVIDIA Corp. | 4,073 | 85,411 | ||||||
QLogic Corp.† | 1,590 | 18,349 | ||||||
Texas Instruments, Inc. | 8,642 | 470,298 | ||||||
1,339,905 | ||||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc. | 2,156 | 92,147 | ||||||
Badger Meter, Inc. | 260 | 14,323 | ||||||
ESCO Technologies, Inc. | 478 | 17,218 | ||||||
FARO Technologies, Inc.† | 310 | 17,028 | ||||||
Keyence Corp. | 200 | 92,391 | ||||||
233,107 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
American Science & Engineering, Inc. | 138 | 6,746 | ||||||
Taser International, Inc.†# | 961 | 20,642 | ||||||
27,388 | ||||||||
Electronics - Military — 0.1% |
| |||||||
Safran SA | 1,194 | 77,301 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
FutureFuel Corp. | 422 | 4,710 | ||||||
Green Plains, Inc. | 624 | 18,726 | ||||||
23,436 | ||||||||
Engineering/R&D Services — 0.2% |
| |||||||
ABB, Ltd. | 3,980 | 89,388 | ||||||
EMCOR Group, Inc. | 1,223 | 53,017 | ||||||
Exponent, Inc. | 236 | 17,950 | ||||||
Fluor Corp. | 2,602 | 161,298 | ||||||
321,653 | ||||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Briggs & Stratton Corp. | 857 | 17,183 | ||||||
Enterprise Software/Service — 0.6% |
| |||||||
Digital River, Inc.† | 583 | 14,802 | ||||||
ManTech International Corp., Class A | 435 | 13,102 | ||||||
MedAssets, Inc.† | 1,100 | 21,274 | ||||||
MicroStrategy, Inc., Class A† | 164 | 28,165 | ||||||
Omnicell, Inc.† | 668 | 21,510 | ||||||
Oracle Corp. | 21,019 | 891,416 | ||||||
SAP SE | 70 | 4,937 | ||||||
SYNNEX Corp. | 508 | 36,292 | ||||||
Tyler Technologies, Inc.† | 599 | 65,039 | ||||||
1,096,537 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Electronic Arts, Inc.† | 1,048 | 46,039 | ||||||
Take-Two Interactive Software, Inc.† | 1,523 | 42,126 | ||||||
88,165 | ||||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
Tetra Tech, Inc. | 1,173 | 31,882 | ||||||
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Filtration/Separation Products — 0.1% |
| |||||||
Alfa Laval AB# | 4,844 | $ | 96,421 | |||||
Finance - Consumer Loans — 0.1% |
| |||||||
Encore Capital Group, Inc.† | 425 | 18,236 | ||||||
Enova International, Inc.† | 482 | 11,086 | ||||||
PRA Group, Inc.† | 913 | 53,429 | ||||||
World Acceptance Corp.†# | 166 | 12,671 | ||||||
95,422 | ||||||||
Finance - Credit Card — 0.3% |
| |||||||
Visa, Inc., Class A | 1,688 | 435,825 | ||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Daiwa Securities Group, Inc.# | 13,000 | 104,497 | ||||||
Evercore Partners, Inc., Class A | 662 | 33,431 | ||||||
FXCM, Inc., Class A# | 754 | 12,139 | ||||||
Greenhill & Co., Inc.# | 477 | 21,141 | ||||||
Interactive Brokers Group, Inc., Class A | 1,041 | 28,440 | ||||||
Investment Technology Group, Inc.† | 637 | 12,581 | ||||||
Nomura Holdings, Inc. | 18,000 | 108,300 | ||||||
Piper Jaffray Cos.† | 293 | 16,818 | ||||||
Schroders PLC | 1,249 | 52,645 | ||||||
Stifel Financial Corp.† | 1,198 | 58,139 | ||||||
SWS Group, Inc.†# | 643 | 4,495 | ||||||
452,626 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
ORIX Corp. | 7,400 | 97,621 | ||||||
Finance - Other Services — 0.2% |
| |||||||
CME Group, Inc. | 2,539 | 214,901 | ||||||
Deutsche Boerse AG | 785 | 57,385 | ||||||
MarketAxess Holdings, Inc. | 682 | 44,719 | ||||||
WageWorks, Inc.† | 597 | 34,877 | ||||||
351,882 | ||||||||
Firearms & Ammunition — 0.0% |
| |||||||
Sturm Ruger & Co., Inc.# | 352 | 13,408 | ||||||
Food - Canned — 0.0% |
| |||||||
Seneca Foods Corp., Class A† | 120 | 3,246 | ||||||
TreeHouse Foods, Inc.† | 767 | 62,089 | ||||||
65,335 | ||||||||
Food - Catering — 0.0% |
| |||||||
Compass Group PLC | 1,030 | 17,559 | ||||||
Food - Confectionery — 0.2% |
| |||||||
Chocoladefabriken Lindt & Sprungli AG (Participation Certificate) | 11 | 55,435 | ||||||
Hershey Co. | 2,042 | 204,772 | ||||||
260,207 | ||||||||
Food - Meat Products — 0.3% |
| |||||||
Darling Ingredients, Inc.† | 3,003 | 55,856 | ||||||
Hormel Foods Corp. | 7,344 | 389,819 | ||||||
Tyson Foods, Inc., Class A | 1,638 | 69,353 | ||||||
515,028 | ||||||||
Food - Misc./Diversified — 1.8% |
| |||||||
Ajinomoto Co., Inc. | 6,000 | 112,017 | ||||||
Associated British Foods PLC | 2,525 | 126,490 | ||||||
B&G Foods, Inc. | 969 | 27,733 | ||||||
Cal-Maine Foods, Inc.# | 540 | 22,615 | ||||||
Calbee, Inc. | 2,300 | 79,658 | ||||||
Diamond Foods, Inc.† | 481 | 14,329 | ||||||
General Mills, Inc. | 4,014 | 211,739 | ||||||
J&J Snack Foods Corp. | 272 | 28,574 |
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified (continued) |
| |||||||
Kellogg Co. | 9,122 | $ | 604,332 | |||||
Kerry Group PLC, Class A | 133 | 9,878 | ||||||
Kraft Foods Group, Inc. | 11,966 | 719,994 | ||||||
Mondelez International, Inc., Class A | 18,126 | 710,539 | ||||||
Nestle SA | 4,199 | 315,441 | ||||||
Orkla ASA | 3,854 | 28,598 | ||||||
Snyder’s-Lance, Inc. | 948 | 28,705 | ||||||
Tate & Lyle PLC | 9,748 | 92,009 | ||||||
Unilever PLC | 775 | 32,799 | ||||||
3,165,450 | ||||||||
Food - Retail — 0.2% | ||||||||
Carrefour SA | 2,399 | 75,955 | ||||||
Casino Guichard Perrachon SA | 479 | 46,186 | ||||||
Colruyt SA | 1,299 | 60,451 | ||||||
Koninklijke Ahold NV | 4,621 | 81,677 | ||||||
Metro AG† | 275 | 9,345 | ||||||
Nutrisystem, Inc. | 512 | 9,713 | ||||||
Seven & I Holdings Co., Ltd. | 3,600 | 134,314 | ||||||
417,641 | ||||||||
Food - Wholesale/Distribution — 0.1% | ||||||||
Calavo Growers, Inc. | 253 | 10,864 | ||||||
SpartanNash Co. | 681 | 15,888 | ||||||
Sysco Corp. | 1,814 | 73,031 | ||||||
99,783 | ||||||||
Footwear & Related Apparel — 0.1% | ||||||||
Crocs, Inc.† | 1,546 | 20,531 | ||||||
Iconix Brand Group, Inc.† | 876 | 35,399 | ||||||
Skechers U.S.A., Inc., Class A† | 738 | 45,320 | ||||||
Steven Madden, Ltd.† | 1,048 | 35,737 | ||||||
Wolverine World Wide, Inc. | 1,851 | 56,474 | ||||||
193,461 | ||||||||
Forestry — 0.0% | ||||||||
Deltic Timber Corp. | 196 | 12,201 | ||||||
Funeral Services & Related Items — 0.0% | ||||||||
Matthews International Corp., Class A | 528 | 24,325 | ||||||
Gambling (Non-Hotel) — 0.0% | ||||||||
Pinnacle Entertainment, Inc.† | 1,069 | 26,607 | ||||||
Garden Products — 0.0% | ||||||||
Toro Co. | 1,008 | 66,205 | ||||||
Gas - Distribution — 0.5% | ||||||||
AGL Resources, Inc. | 4,307 | 225,299 | ||||||
Enagas SA | 1,477 | 49,493 | ||||||
Gas Natural SDG SA | 1,895 | 53,714 | ||||||
Laclede Group, Inc. | 787 | 39,925 | ||||||
New Jersey Resources Corp. | 761 | 44,062 | ||||||
Northwest Natural Gas Co. | 489 | 22,743 | ||||||
Osaka Gas Co., Ltd. | 28,000 | 107,097 | ||||||
Piedmont Natural Gas Co., Inc. | 1,429 | 53,559 | ||||||
South Jersey Industries, Inc. | 604 | 34,476 | ||||||
Southwest Gas Corp. | 839 | 48,570 | ||||||
Tokyo Gas Co., Ltd. | 21,000 | 114,529 | ||||||
793,467 | ||||||||
Golf — 0.0% | ||||||||
Callaway Golf Co. | 1,396 | 10,344 | ||||||
Hazardous Waste Disposal — 0.0% | ||||||||
US Ecology, Inc. | 392 | 15,609 | ||||||
Health Care Cost Containment — 0.0% | ||||||||
CorVel Corp.† | 164 | 5,684 | ||||||
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Home Furnishings — 0.1% | ||||||||
American Woodmark Corp.† | 219 | $ | 8,723 | |||||
Ethan Allen Interiors, Inc. | 470 | 13,917 | ||||||
La-Z-Boy, Inc. | 945 | 24,560 | ||||||
Select Comfort Corp.† | 987 | 25,998 | ||||||
73,198 | ||||||||
Hotels/Motels — 0.2% | ||||||||
Accor SA | 1,272 | 60,042 | ||||||
Marcus Corp. | 322 | 5,300 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 952 | 75,208 | ||||||
Wyndham Worldwide Corp. | 2,645 | 220,487 | ||||||
361,037 | ||||||||
Human Resources — 0.1% | ||||||||
Adecco SA | 1,132 | 79,530 | ||||||
AMN Healthcare Services, Inc.† | 856 | 14,655 | ||||||
CDI Corp. | 238 | 4,089 | ||||||
Cross Country Healthcare, Inc.† | 516 | 5,506 | ||||||
Heidrick & Struggles International, Inc. | 300 | 6,006 | ||||||
Insperity, Inc. | 420 | 13,713 | ||||||
Kelly Services, Inc., Class A# | 542 | 8,368 | ||||||
Korn/Ferry International† | 898 | 24,381 | ||||||
Monster Worldwide, Inc.† | 1,678 | 7,299 | ||||||
On Assignment, Inc.† | 894 | 27,473 | ||||||
Resources Connection, Inc. | 697 | 10,573 | ||||||
TrueBlue, Inc.† | 745 | 17,098 | ||||||
218,691 | ||||||||
Identification Systems — 0.0% | ||||||||
Brady Corp., Class A | 868 | 21,700 | ||||||
Checkpoint Systems, Inc.† | 748 | 9,544 | ||||||
31,244 | ||||||||
Import/Export — 0.3% | ||||||||
ITOCHU Corp.# | 8,900 | 102,447 | ||||||
Marubeni Corp. | 13,700 | 86,388 | ||||||
Mitsubishi Corp. | 4,800 | 90,807 | ||||||
Mitsui & Co., Ltd. | 8,900 | 122,809 | ||||||
Sumitomo Corp. | 8,200 | 87,480 | ||||||
489,931 | ||||||||
Independent Power Producers — 0.0% | ||||||||
NRG Energy, Inc. | 1,670 | 52,204 | ||||||
Industrial Automated/Robotic — 0.1% | ||||||||
FANUC Corp.# | 900 | 151,833 | ||||||
Industrial Gases — 0.1% | ||||||||
Air Liquide SA | 797 | 100,361 | ||||||
Praxair, Inc. | 315 | 40,439 | ||||||
140,800 | ||||||||
Instruments - Controls — 0.2% | ||||||||
Honeywell International, Inc. | 2,959 | 293,148 | ||||||
Watts Water Technologies, Inc., Class A | 516 | 31,197 | ||||||
324,345 | ||||||||
Instruments - Scientific — 0.3% | ||||||||
PerkinElmer, Inc. | 11,193 | 508,946 | ||||||
Insurance Brokers — 0.0% | ||||||||
eHealth, Inc.† | 322 | 8,330 | ||||||
Insurance - Life/Health — 0.4% | ||||||||
Aflac, Inc. | 3,093 | 184,745 | ||||||
American Equity Investment Life Holding Co. | 1,355 | 36,585 | ||||||
Aviva PLC | 8,378 | 66,564 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 5,500 | 79,787 |
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Life/Health (continued) | ||||||||
Prudential Financial, Inc. | 3,437 | $ | 292,076 | |||||
Swiss Life Holding AG | 21 | 4,814 | ||||||
Unum Group | 1,992 | 66,174 | ||||||
730,745 | ||||||||
Insurance - Multi-line — 0.5% | ||||||||
ACE, Ltd. | 2,323 | 265,612 | ||||||
Allstate Corp. | 3,300 | 224,895 | ||||||
Assicurazioni Generali SpA | 4,597 | 99,471 | ||||||
AXA SA | 5,725 | 138,305 | ||||||
Baloise Holding AG | 1,037 | 135,511 | ||||||
CNP Assurances | 1,538 | 28,495 | ||||||
Horace Mann Educators Corp. | 732 | 22,912 | ||||||
MetLife, Inc. | 384 | 21,354 | ||||||
United Fire Group, Inc. | 394 | 10,981 | ||||||
947,536 | ||||||||
Insurance - Property/Casualty — 0.4% | ||||||||
Admiral Group PLC | 614 | 11,908 | ||||||
AMERISAFE, Inc. | 336 | 14,008 | ||||||
Employers Holdings, Inc. | 580 | 11,762 | ||||||
HCI Group, Inc. | 170 | 6,873 | ||||||
Infinity Property & Casualty Corp. | 207 | 15,041 | ||||||
Meadowbrook Insurance Group, Inc. | 817 | 4,975 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,300 | 77,056 | ||||||
Navigators Group, Inc.† | 192 | 14,025 | ||||||
ProAssurance Corp. | 1,064 | 47,976 | ||||||
Progressive Corp. | 6,895 | 187,820 | ||||||
RLI Corp. | 675 | 31,003 | ||||||
Safety Insurance Group, Inc. | 231 | 13,749 | ||||||
Selective Insurance Group, Inc. | 1,014 | 27,145 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 3,200 | 79,346 | ||||||
Stewart Information Services Corp. | 406 | 14,409 | ||||||
Tokio Marine Holdings, Inc. | 3,800 | 124,260 | ||||||
Travelers Cos., Inc. | 595 | 62,148 | ||||||
Universal Insurance Holdings, Inc. | 502 | 9,739 | ||||||
753,243 | ||||||||
Insurance - Reinsurance — 0.2% | ||||||||
Berkshire Hathaway, Inc., Class B† | 1,306 | 194,189 | ||||||
Swiss Re AG | 1,494 | 127,781 | ||||||
321,970 | ||||||||
Internet Content - Entertainment — 0.2% | ||||||||
Facebook, Inc., Class A† | 4,963 | 385,625 | ||||||
Internet Content - Information/News — 0.0% | ||||||||
Dice Holdings, Inc.† | 680 | 7,392 | ||||||
HealthStream, Inc.† | 386 | 11,059 | ||||||
XO Group, Inc.† | 457 | 6,626 | ||||||
25,077 | ||||||||
Internet Infrastructure Software — 0.0% | ||||||||
F5 Networks, Inc.† | 282 | 36,432 | ||||||
Internet Security — 0.1% | ||||||||
Symantec Corp. | 2,890 | 75,400 | ||||||
Trend Micro, Inc.# | 3,000 | 91,135 | ||||||
VASCO Data Security International, Inc.† | 524 | 15,615 | ||||||
182,150 | ||||||||
Internet Telephone — 0.0% | ||||||||
j2 Global, Inc. | 827 | 46,759 | ||||||
Investment Companies — 0.1% | ||||||||
Groupe Bruxelles Lambert SA | 749 | 67,802 | ||||||
Pargesa Holding SA BR | 1,260 | 100,330 | ||||||
168,132 | ||||||||
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Investment Management/Advisor Services — 0.9% | ||||||||
Aberdeen Asset Management PLC | 7,691 | $ | 54,117 | |||||
Affiliated Managers Group, Inc.† | 817 | 166,333 | ||||||
Ameriprise Financial, Inc. | 1,754 | 231,125 | ||||||
BlackRock, Inc. | 1,014 | 364,107 | ||||||
Calamos Asset Management, Inc., Class A | 349 | 4,708 | ||||||
Financial Engines, Inc.# | 944 | 30,850 | ||||||
Franklin Resources, Inc. | 1,685 | 95,809 | ||||||
Legg Mason, Inc. | 9,434 | 535,379 | ||||||
Old Mutual PLC | 13,400 | 41,978 | ||||||
Partners Group Holding AG | 228 | 65,514 | ||||||
Virtus Investment Partners, Inc. | 128 | 19,712 | ||||||
1,609,632 | ||||||||
Lasers - System/Components — 0.0% | ||||||||
Coherent, Inc.† | 448 | 24,801 | ||||||
Electro Scientific Industries, Inc. | 459 | 3,291 | ||||||
II-VI, Inc.† | 984 | 13,058 | ||||||
Newport Corp.† | 706 | 12,433 | ||||||
Rofin-Sinar Technologies, Inc.† | 509 | 13,702 | ||||||
67,285 | ||||||||
Linen Supply & Related Items — 0.0% | ||||||||
G&K Services, Inc., Class A | 360 | 23,436 | ||||||
UniFirst Corp. | 285 | 31,803 | ||||||
55,239 | ||||||||
Machinery - Construction & Mining — 0.2% | ||||||||
Astec Industries, Inc.# | 338 | 13,273 | ||||||
Atlas Copco AB, Class B | 2,187 | 58,112 | ||||||
Caterpillar, Inc. | 1,817 | 182,790 | ||||||
Joy Global, Inc. | 347 | 17,017 | ||||||
Komatsu, Ltd.# | 5,000 | 118,438 | ||||||
389,630 | ||||||||
Machinery - Electrical — 0.2% | ||||||||
Franklin Electric Co., Inc. | 706 | 26,518 | ||||||
Mitsubishi Electric Corp. | 11,000 | 132,228 | ||||||
SMC Corp.# | 400 | 109,918 | ||||||
268,664 | ||||||||
Machinery - Farming — 0.1% | ||||||||
Kubota Corp.# | 8,000 | 125,052 | ||||||
Lindsay Corp.# | 233 | 20,488 | ||||||
145,540 | ||||||||
Machinery - General Industrial — 0.2% | ||||||||
Albany International Corp., Class A | 513 | 19,171 | ||||||
Alstom SA† | 1,042 | 36,466 | ||||||
Applied Industrial Technologies, Inc. | 758 | 35,543 | ||||||
DXP Enterprises, Inc.† | 235 | 13,809 | ||||||
Hexagon AB, Class B | 2,764 | 87,866 | ||||||
Mitsubishi Heavy Industries, Ltd. | 18,000 | 105,054 | ||||||
Tennant Co. | 334 | 22,528 | ||||||
320,437 | ||||||||
Medical Imaging Systems — 0.0% |
| |||||||
Analogic Corp. | 227 | 16,535 | ||||||
Medical Information Systems — 0.0% |
| |||||||
Computer Programs & Systems, Inc. | 190 | 11,160 | ||||||
Medidata Solutions, Inc.† | 986 | 42,112 | ||||||
Quality Systems, Inc. | 812 | 11,961 | ||||||
65,233 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Instruments — 0.3% |
| |||||||
Abaxis, Inc.# | 378 | $ | 21,697 | |||||
AngioDynamics, Inc.† | 463 | 8,103 | ||||||
CONMED Corp. | 485 | 20,579 | ||||||
CryoLife, Inc. | 471 | 4,757 | ||||||
Edwards Lifesciences Corp.† | 552 | 71,583 | ||||||
Integra LifeSciences Holdings Corp.† | 458 | 22,552 | ||||||
Medtronic, Inc. | 5,193 | 383,607 | ||||||
Natus Medical, Inc.† | 589 | 20,161 | ||||||
NuVasive, Inc.† | 849 | 37,297 | ||||||
SurModics, Inc.† | 229 | 4,811 | ||||||
595,147 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Bio-Reference Laboratories, Inc.† | 446 | 12,622 | ||||||
Quest Diagnostics, Inc. | 2,938 | 191,881 | ||||||
204,503 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cynosure, Inc., Class A† | 395 | 10,890 | ||||||
Medical Products — 0.2% |
| |||||||
ABIOMED, Inc.† | 645 | 22,910 | ||||||
Becton Dickinson and Co. | 213 | 29,890 | ||||||
Cantel Medical Corp. | 642 | 27,953 | ||||||
Cyberonics, Inc.† | 486 | 25,880 | ||||||
Greatbatch, Inc.† | 445 | 22,059 | ||||||
Haemonetics Corp.† | 937 | 34,603 | ||||||
Hanger, Inc.† | 636 | 13,642 | ||||||
Invacare Corp. | 539 | 8,155 | ||||||
Luminex Corp.† | 693 | 12,821 | ||||||
Sonova Holding AG | 387 | 58,586 | ||||||
Terumo Corp.# | 3,700 | 84,183 | ||||||
West Pharmaceutical Services, Inc. | 1,289 | 67,041 | ||||||
407,723 | ||||||||
Medical - Biomedical/Gene — 0.7% |
| |||||||
Acorda Therapeutics, Inc.† | 746 | 27,192 | ||||||
Alexion Pharmaceuticals, Inc.† | 605 | 117,914 | ||||||
Amgen, Inc. | 933 | 154,234 | ||||||
Biogen Idec, Inc.† | 1,278 | 393,228 | ||||||
Cambrex Corp.† | 568 | 12,922 | ||||||
Emergent Biosolutions, Inc.† | 524 | 13,027 | ||||||
Gilead Sciences, Inc.† | 3,201 | 321,124 | ||||||
Ligand Pharmaceuticals, Inc.† | 345 | 18,578 | ||||||
Medicines Co.† | 1,168 | 31,314 | ||||||
Momenta Pharmaceuticals, Inc.† | 834 | 9,783 | ||||||
Repligen Corp.† | 533 | 12,190 | ||||||
Spectrum Pharmaceuticals, Inc.†# | 1,023 | 7,376 | ||||||
Vertex Pharmaceuticals, Inc.† | 746 | 87,938 | ||||||
1,206,820 | ||||||||
Medical - Drugs — 3.2% |
| |||||||
Abbott Laboratories | 4,977 | 221,526 | ||||||
AbbVie, Inc. | 10,599 | 733,451 | ||||||
Actelion, Ltd. | 567 | 67,459 | ||||||
Akorn, Inc.† | 1,295 | 51,891 | ||||||
Allergan, Inc. | 722 | 154,429 | ||||||
Astellas Pharma, Inc. | 11,300 | 162,544 | ||||||
AstraZeneca PLC | 3,125 | 233,623 | ||||||
Bayer AG | 1,906 | 286,849 | ||||||
Bristol-Myers Squibb Co. | 9,147 | 540,130 | ||||||
Daiichi Sankyo Co., Ltd.# | 5,800 | 85,507 | ||||||
Eisai Co., Ltd.# | 3,000 | 107,567 | ||||||
Eli Lilly & Co. | 5,134 | 349,728 | ||||||
GlaxoSmithKline PLC | 3,643 | 84,610 |
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Grifols SA | 344 | $ | 15,334 | |||||
Lannett Co., Inc.† | 482 | 23,681 | ||||||
Merck & Co., Inc. | 10,268 | 620,187 | ||||||
Merck KGaA | 1,079 | 107,515 | ||||||
Novartis AG | 2,056 | 199,054 | ||||||
Novo Nordisk A/S, Class B | 3,803 | 173,552 | ||||||
Ono Pharmaceutical Co., Ltd.# | 1,300 | 111,300 | ||||||
Orion Oyj, Class B | 875 | 30,028 | ||||||
Pfizer, Inc. | 23,265 | 724,705 | ||||||
PharMerica Corp.† | 537 | 11,712 | ||||||
Prestige Brands Holdings, Inc.† | 935 | 31,276 | ||||||
Roche Holding AG | 608 | 182,195 | ||||||
Sagent Pharmaceuticals, Inc.† | 413 | 11,907 | ||||||
Sanofi | 623 | 60,357 | ||||||
Shire PLC | 1,873 | 133,492 | ||||||
Takeda Pharmaceutical Co., Ltd. | 3,300 | 138,262 | ||||||
UCB SA | 115 | 9,026 | ||||||
5,662,897 | ||||||||
Medical - Generic Drugs — 0.0% |
| |||||||
Impax Laboratories, Inc.† | 1,199 | 38,308 | ||||||
Medical - HMO — 0.4% |
| |||||||
Aetna, Inc. | 692 | 60,370 | ||||||
Anthem, Inc. | 1,052 | 134,561 | ||||||
Cigna Corp. | 668 | 68,730 | ||||||
Humana, Inc. | 2,245 | 309,743 | ||||||
Magellan Health, Inc.† | 526 | 32,186 | ||||||
Molina Healthcare, Inc.† | 551 | 28,167 | ||||||
UnitedHealth Group, Inc. | 1,017 | 100,307 | ||||||
734,064 | ||||||||
Medical - Nursing Homes — 0.0% |
| |||||||
Ensign Group, Inc. | 367 | 14,467 | ||||||
Kindred Healthcare, Inc. | 1,270 | 25,260 | ||||||
39,727 | ||||||||
Medical - Outpatient/Home Medical — 0.1% |
| |||||||
Air Methods Corp.† | 650 | 28,847 | ||||||
Almost Family, Inc.† | 141 | 3,893 | ||||||
Amedisys, Inc.† | 597 | 15,176 | ||||||
Amsurg Corp.† | 878 | 45,279 | ||||||
Chemed Corp.# | 313 | 34,464 | ||||||
Gentiva Health Services, Inc.† | 547 | 10,617 | ||||||
LHC Group, Inc.† | 233 | 5,478 | ||||||
143,754 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Cardinal Health, Inc. | 1,996 | 164,051 | ||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
CIRCOR International, Inc. | 318 | 21,290 | ||||||
Haynes International, Inc. | 224 | 10,055 | ||||||
Mueller Industries, Inc. | 1,023 | 33,565 | ||||||
NSK, Ltd.# | 10,000 | 125,980 | ||||||
RTI International Metals, Inc.† | 552 | 12,657 | ||||||
203,547 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
A.M. Castle & Co.†# | 309 | 2,324 | ||||||
Olympic Steel, Inc. | 157 | 2,553 | ||||||
4,877 | ||||||||
Metal - Aluminum — 0.0% |
| |||||||
Century Aluminum Co.† | 929 | 25,687 | ||||||
Kaiser Aluminum Corp. | 329 | 23,944 | ||||||
49,631 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Metal - Copper — 0.1% |
| |||||||
Antofagasta PLC | 9,041 | $ | 104,213 | |||||
Freeport-McMoRan, Inc. | 3,798 | 101,976 | ||||||
206,189 | ||||||||
Miscellaneous Manufacturing — 0.0% |
| |||||||
Hillenbrand, Inc. | 1,138 | 36,598 | ||||||
John Bean Technologies Corp. | 531 | 16,111 | ||||||
52,709 | ||||||||
Motorcycle/Motor Scooter — 0.0% |
| |||||||
Harley-Davidson, Inc. | 81 | 5,644 | ||||||
Multimedia — 0.3% |
| |||||||
EW Scripps Co., Class A† | 557 | 10,906 | ||||||
Time Warner, Inc. | 1,027 | 87,418 | ||||||
Viacom, Inc., Class B | 1,650 | 124,789 | ||||||
Walt Disney Co. | 2,756 | 254,958 | ||||||
478,071 | ||||||||
Networking Products — 0.1% |
| |||||||
Anixter International, Inc.† | 496 | 43,102 | ||||||
Black Box Corp. | 278 | 6,444 | ||||||
Cisco Systems, Inc. | 4,731 | 130,765 | ||||||
Ixia† | 1,053 | 10,920 | ||||||
LogMeIn, Inc.† | 449 | 22,706 | ||||||
NETGEAR, Inc.† | 659 | 22,880 | ||||||
236,817 | ||||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Globe Specialty Metals, Inc. | 1,155 | 20,016 | ||||||
Materion Corp. | 372 | 12,935 | ||||||
32,951 | ||||||||
Office Automation & Equipment — 0.2% |
| |||||||
Canon, Inc. | 6,400 | 205,019 | ||||||
Ricoh Co., Ltd. | 5,400 | 58,496 | ||||||
263,515 | ||||||||
Office Furnishings - Original — 0.0% |
| |||||||
Interface, Inc. | 1,213 | 18,341 | ||||||
Office Supplies & Forms — 0.1% |
| |||||||
Avery Dennison Corp. | 2,805 | 138,876 | ||||||
Societe BIC SA | 366 | 48,820 | ||||||
187,696 | ||||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Helmerich & Payne, Inc. | 654 | 45,486 | ||||||
Paragon Offshore PLC# | 1,528 | 5,546 | ||||||
51,032 | ||||||||
Oil Companies - Exploration & Production — 0.7% |
| |||||||
Anadarko Petroleum Corp. | 1,666 | 131,864 | ||||||
Approach Resources, Inc.†# | 640 | 6,221 | ||||||
BG Group PLC | 2,743 | 38,619 | ||||||
Bill Barrett Corp.† | 900 | 9,117 | ||||||
Carrizo Oil & Gas, Inc.† | 772 | 30,463 | ||||||
Chesapeake Energy Corp. | 2,952 | 59,807 | ||||||
Comstock Resources, Inc.# | 803 | 7,115 | ||||||
ConocoPhillips | 7,794 | 514,950 | ||||||
Contango Oil & Gas Co.† | 284 | 9,602 | ||||||
Devon Energy Corp. | 916 | 54,016 | ||||||
EOG Resources, Inc. | 489 | 42,406 | ||||||
Hess Corp. | 3,103 | 226,302 | ||||||
Inpex Corp. | 6,000 | 63,580 | ||||||
Northern Oil and Gas, Inc.†# | 1,010 | 8,777 |
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
PDC Energy, Inc.† | 644 | $ | 19,004 | |||||
Penn Virginia Corp.† | 1,318 | 6,761 | ||||||
PetroQuest Energy, Inc.† | 1,060 | 3,943 | ||||||
Rex Energy Corp.† | 883 | 6,199 | ||||||
Stone Energy Corp.† | 1,025 | 16,195 | ||||||
Swift Energy Co.†# | 790 | 3,555 | ||||||
Synergy Resources Corp.† | 1,232 | 12,086 | ||||||
1,270,582 | ||||||||
Oil Companies - Integrated — 2.1% |
| |||||||
BP PLC | 42,520 | 279,438 | ||||||
Chevron Corp. | 8,569 | 932,907 | ||||||
Eni SpA | 5,970 | 119,376 | ||||||
Exxon Mobil Corp. | 17,351 | 1,570,960 | ||||||
Marathon Oil Corp. | 5,017 | 145,092 | ||||||
Phillips 66 | 1,582 | 115,518 | ||||||
Royal Dutch Shell PLC, Class A | 9,083 | 302,939 | ||||||
Royal Dutch Shell PLC, Class B | 3,283 | 114,142 | ||||||
Statoil ASA# | 761 | 14,333 | ||||||
Total SA | 1,139 | 63,762 | ||||||
3,658,467 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Flotek Industries, Inc.† | 915 | 17,824 | ||||||
FMC Technologies, Inc.† | 1,788 | 85,413 | ||||||
Gulf Island Fabrication, Inc. | 243 | 4,741 | ||||||
National Oilwell Varco, Inc. | 1,495 | 100,225 | ||||||
208,203 | ||||||||
Oil Refining & Marketing — 0.2% |
| |||||||
JX Holdings, Inc.# | 22,500 | 83,728 | ||||||
Marathon Petroleum Corp. | 1,813 | 163,333 | ||||||
Neste Oil Oyj# | 1,568 | 37,226 | ||||||
Valero Energy Corp. | 2,393 | 116,324 | ||||||
400,611 | ||||||||
Oil - Field Services — 0.5% | ||||||||
Amec Foster Wheeler PLC ADR# | 15,570 | 225,298 | ||||||
Baker Hughes, Inc. | 3,436 | 195,852 | ||||||
Basic Energy Services, Inc.† | 621 | 5,546 | ||||||
Bristow Group, Inc. | 649 | 41,601 | ||||||
C&J Energy Services, Inc.† | 830 | 12,575 | ||||||
Exterran Holdings, Inc. | 1,222 | 40,937 | ||||||
Fugro NV CVA# | 692 | 15,869 | ||||||
Gulfmark Offshore, Inc., Class A | 491 | 12,791 | ||||||
Halliburton Co. | 1,612 | 68,026 | ||||||
Matrix Service Co.† | 476 | 10,053 | ||||||
Newpark Resources, Inc.† | 1,533 | 16,051 | ||||||
Petrofac, Ltd. | 387 | 4,993 | ||||||
Pioneer Energy Services Corp.† | 1,129 | 6,819 | ||||||
Schlumberger, Ltd. | 2,877 | 247,278 | ||||||
SEACOR Holdings, Inc.† | 321 | 22,836 | ||||||
Tesco Corp. | 665 | 9,370 | ||||||
TETRA Technologies, Inc.† | 1,441 | 9,150 | ||||||
945,045 | ||||||||
Paper & Related Products — 0.2% | ||||||||
Clearwater Paper Corp.† | 366 | 24,251 | ||||||
International Paper Co. | 1,745 | 93,916 | ||||||
KapStone Paper and Packaging Corp.† | 1,540 | 46,000 | ||||||
Neenah Paper, Inc. | 296 | 16,943 | ||||||
P.H. Glatfelter Co. | 784 | 19,851 | ||||||
Schweitzer-Mauduit International, Inc. | 551 | 23,566 | ||||||
UPM-Kymmene Oyj | 3,838 | 63,755 | ||||||
Veritiv Corp.† | 146 | 7,336 |
Security Description | Shares | Value (Note 2) | ||||||
Paper & Related Products (continued) | ||||||||
Wausau Paper Corp. | 867 | $ | 8,627 | |||||
304,245 | ||||||||
Patient Monitoring Equipment — 0.0% | ||||||||
Masimo Corp.† | 904 | 23,730 | ||||||
Pharmacy Services — 0.5% | ||||||||
Express Scripts Holding Co.† | 10,158 | 844,638 | ||||||
Photo Equipment & Supplies — 0.1% | ||||||||
FUJIFILM Holdings Corp.# | 4,300 | 142,603 | ||||||
Physicians Practice Management — 0.0% | ||||||||
Healthways, Inc.† | 634 | 9,878 | ||||||
IPC The Hospitalist Co., Inc.† | 315 | 13,885 | ||||||
23,763 | ||||||||
Pipelines — 0.1% | ||||||||
ONEOK, Inc. | 1,482 | 80,265 | ||||||
Platinum — 0.0% | ||||||||
Stillwater Mining Co.† | 2,160 | 28,361 | ||||||
Poultry — 0.0% | ||||||||
Sanderson Farms, Inc.# | 375 | 32,554 | ||||||
Power Converter/Supply Equipment — 0.0% | ||||||||
Advanced Energy Industries, Inc.† | 681 | 13,913 | ||||||
Powell Industries, Inc. | 167 | 7,106 | ||||||
Vicor Corp.† | 331 | 4,038 | ||||||
25,057 | ||||||||
Printing - Commercial — 0.0% | ||||||||
Dai Nippon Printing Co., Ltd. | 7,000 | 61,524 | ||||||
Protection/Safety — 0.0% | ||||||||
Landauer, Inc. | 178 | 5,874 | ||||||
Public Thoroughfares — 0.0% | ||||||||
Abertis Infraestructuras SA | 2,215 | 47,433 | ||||||
Publishing - Books — 0.0% | ||||||||
Scholastic Corp. | 474 | 16,827 | ||||||
Publishing - Periodicals — 0.0% | ||||||||
Axel Springer SE | 183 | 10,783 | ||||||
Real Estate Investment Trusts — 1.3% | ||||||||
Acadia Realty Trust | 1,144 | 36,562 | ||||||
Agree Realty Corp. | 279 | 8,596 | ||||||
American Assets Trust, Inc. | 661 | 25,977 | ||||||
Associated Estates Realty Corp. | 1,039 | 23,294 | ||||||
AvalonBay Communities, Inc. | 402 | 64,638 | ||||||
Aviv REIT, Inc. | 462 | 15,569 | ||||||
Capstead Mtg. Corp. | 1,729 | 22,494 | ||||||
CareTrust REIT, Inc. | 344 | 5,563 | ||||||
Cedar Realty Trust, Inc. | 1,281 | 8,698 | ||||||
Chesapeake Lodging Trust | 969 | 32,810 | ||||||
CoreSite Realty Corp. | 385 | 14,653 | ||||||
Cousins Properties, Inc. | 3,751 | 45,912 | ||||||
DiamondRock Hospitality Co. | 3,529 | 52,688 | ||||||
Digital Realty Trust, Inc. | 6,622 | 465,328 | ||||||
EastGroup Properties, Inc. | 569 | 38,248 | ||||||
Education Realty Trust, Inc.† | 2,546 | 29,636 | ||||||
EPR Properties | 1,026 | 57,446 | ||||||
Franklin Street Properties Corp. | 1,583 | 19,028 | ||||||
Geo Group, Inc. | 1,325 | 53,384 | ||||||
Getty Realty Corp. | 492 | 8,915 | ||||||
Government Properties Income Trust | 1,282 | 29,127 | ||||||
Healthcare Realty Trust, Inc. | 1,778 | 46,957 | ||||||
Host Hotels & Resorts, Inc. | 16,430 | 381,833 |
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) | ||||||||
Inland Real Estate Corp. | 1,606 | $ | 17,329 | |||||
Iron Mountain, Inc. | 1,078 | 40,975 | ||||||
Japan Real Estate Investment Corp. | 15 | 73,945 | ||||||
Kite Realty Group Trust | 1,519 | 41,438 | ||||||
Lexington Realty Trust | 3,797 | 41,767 | ||||||
LTC Properties, Inc. | 628 | 26,244 | ||||||
Medical Properties Trust, Inc. | 3,127 | 43,340 | ||||||
Parkway Properties, Inc. | 1,513 | 29,473 | ||||||
Pennsylvania Real Estate Investment Trust | 1,235 | 28,862 | ||||||
Post Properties, Inc. | 981 | 57,467 | ||||||
PS Business Parks, Inc. | 353 | 28,731 | ||||||
Retail Opportunity Investments Corp. | 1,661 | 27,340 | ||||||
Sabra Health Care REIT, Inc. | 961 | 27,206 | ||||||
Saul Centers, Inc. | 205 | 11,220 | ||||||
Segro PLC | 7,117 | 43,667 | ||||||
Simon Property Group, Inc. | 685 | 123,848 | ||||||
Sovran Self Storage, Inc. | 607 | 51,607 | ||||||
Universal Health Realty Income Trust | 233 | 11,263 | ||||||
Urstadt Biddle Properties, Inc., Class A | 508 | 11,268 | ||||||
2,224,346 | ||||||||
Real Estate Management/Services — 0.2% | ||||||||
Daito Trust Construction Co., Ltd. | 900 | 101,626 | ||||||
HFF, Inc., Class A | 602 | 20,757 | ||||||
IMMOFINANZ AG† | 17,229 | 51,687 | ||||||
Mitsubishi Estate Co., Ltd. | 7,000 | 157,584 | ||||||
331,654 | ||||||||
Real Estate Operations & Development — 0.1% | ||||||||
Forestar Group, Inc.† | 630 | 10,080 | ||||||
Mitsui Fudosan Co., Ltd. | 4,000 | 115,631 | ||||||
Sumitomo Realty & Development Co., Ltd. | 2,000 | 69,074 | ||||||
194,785 | ||||||||
Recreational Vehicles — 0.0% | ||||||||
Arctic Cat, Inc. | 236 | 7,800 | ||||||
Research & Development — 0.0% | ||||||||
Albany Molecular Research, Inc.† | 431 | 7,012 | ||||||
PAREXEL International Corp.† | 998 | 58,393 | ||||||
65,405 | ||||||||
Resorts/Theme Parks — 0.1% | ||||||||
Marriott Vacations Worldwide Corp. | 535 | 39,328 | ||||||
Oriental Land Co., Ltd. | 400 | 87,065 | ||||||
126,393 | ||||||||
Retail - Apparel/Shoe — 0.3% | ||||||||
Aeropostale, Inc.†# | 1,327 | 4,618 | ||||||
Brown Shoe Co., Inc. | 797 | 26,110 | ||||||
Buckle, Inc.# | 506 | 25,902 | ||||||
Cato Corp., Class A | 464 | 18,616 | ||||||
Children’s Place, Inc. | 389 | 21,807 | ||||||
Christopher & Banks Corp.† | 639 | 4,626 | ||||||
Fast Retailing Co., Ltd.# | 300 | 109,223 | ||||||
Finish Line, Inc., Class A | 863 | 24,630 | ||||||
Francesca’s Holdings Corp.† | 748 | 9,485 | ||||||
Gap, Inc. | 1,813 | 71,795 | ||||||
Genesco, Inc.† | 439 | 35,721 | ||||||
Men’s Wearhouse, Inc. | 831 | 38,824 | ||||||
Next PLC | 805 | 85,299 | ||||||
Stein Mart, Inc. | 500 | 7,100 | ||||||
483,756 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Auto Parts — 0.3% | ||||||||
AutoZone, Inc.† | 563 | $ | 325,251 | |||||
O’Reilly Automotive, Inc.† | 1,168 | 213,440 | ||||||
Pep Boys-Manny Moe & Jack† | 932 | 9,078 | ||||||
547,769 | ||||||||
Retail - Automobile — 0.1% | ||||||||
Group 1 Automotive, Inc. | 382 | 34,193 | ||||||
Lithia Motors, Inc., Class A | 407 | 29,918 | ||||||
Sonic Automotive, Inc., Class A | 616 | 15,887 | ||||||
79,998 | ||||||||
Retail - Bedding — 0.0% | ||||||||
Bed Bath & Beyond, Inc.† | 322 | 23,625 | ||||||
Retail - Bookstores — 0.0% | ||||||||
Barnes & Noble, Inc.† | 778 | 18,174 | ||||||
Retail - Building Products — 1.0% | ||||||||
Home Depot, Inc. | 13,826 | 1,374,304 | ||||||
Kingfisher PLC | 1,380 | 6,734 | ||||||
Lowe’s Cos., Inc. | 4,158 | 265,405 | ||||||
Lumber Liquidators Holdings, Inc.†# | 496 | 31,541 | ||||||
1,677,984 | ||||||||
Retail - Consumer Electronics — 0.0% | ||||||||
Best Buy Co., Inc. | 1,263 | 49,775 | ||||||
Retail - Convenience Store — 0.0% | ||||||||
Casey’s General Stores, Inc. | 695 | 58,185 | ||||||
Retail - Discount — 0.2% | ||||||||
Fred’s, Inc., Class A | 618 | 9,579 | ||||||
Tuesday Morning Corp.† | 796 | 16,955 | ||||||
Wal-Mart Stores, Inc. | 4,329 | 378,960 | ||||||
405,494 | ||||||||
Retail - Drug Store — 0.2% | ||||||||
CVS Health Corp. | 2,955 | 269,969 | ||||||
Walgreen Co. | 785 | 53,859 | ||||||
323,828 | ||||||||
Retail - Hair Salons — 0.0% | ||||||||
Regis Corp.† | 822 | 13,596 | ||||||
Retail - Home Furnishings — 0.0% | ||||||||
Haverty Furniture Cos., Inc. | 361 | 7,603 | ||||||
Kirkland’s, Inc.† | 257 | 5,582 | ||||||
13,185 | ||||||||
Retail - Jewelry — 0.0% | ||||||||
Movado Group, Inc. | 326 | 9,366 | ||||||
Swatch Group AG | 662 | 60,973 | ||||||
70,339 | ||||||||
Retail - Leisure Products — 0.0% | ||||||||
MarineMax, Inc.† | 442 | 8,181 | ||||||
Retail - Pawn Shops — 0.0% | ||||||||
Cash America International, Inc. | 527 | 12,864 | ||||||
Ezcorp, Inc., Class A† | 889 | 9,681 | ||||||
First Cash Financial Services, Inc.† | 522 | 30,161 | ||||||
52,706 | ||||||||
Retail - Pet Food & Supplies — 0.0% | ||||||||
PetMed Express, Inc. | 342 | 4,617 | ||||||
PetSmart, Inc. | 768 | 60,488 | ||||||
65,105 | ||||||||
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Regional Department Stores — 0.4% | ||||||||
Isetan Mitsukoshi Holdings, Ltd.# | 8,200 | $ | 107,726 | |||||
Kohl’s Corp. | 7,479 | 445,898 | ||||||
Macy’s, Inc. | 1,372 | 89,056 | ||||||
Stage Stores, Inc. | 581 | 11,905 | ||||||
654,585 | ||||||||
Retail - Restaurants — 0.3% | ||||||||
Biglari Holdings, Inc.† | 32 | 11,886 | ||||||
BJ’s Restaurants, Inc.† | 395 | 19,418 | ||||||
Bob Evans Farms, Inc.# | 426 | 23,157 | ||||||
Buffalo Wild Wings, Inc.† | 345 | 58,722 | ||||||
Chipotle Mexican Grill, Inc.† | 140 | 92,907 | ||||||
Cracker Barrel Old Country Store, Inc. | 430 | 55,044 | ||||||
DineEquity, Inc. | 315 | 31,289 | ||||||
Jack in the Box, Inc. | 712 | 53,044 | ||||||
Papa John’s International, Inc. | 544 | 28,712 | ||||||
Red Robin Gourmet Burgers, Inc.† | 262 | 17,646 | ||||||
Ruby Tuesday, Inc.† | 1,114 | 9,291 | ||||||
Ruth’s Hospitality Group, Inc. | 633 | 8,318 | ||||||
Sonic Corp. | 937 | 25,477 | ||||||
Texas Roadhouse, Inc. | 1,141 | 37,722 | ||||||
472,633 | ||||||||
Retail - Sporting Goods — 0.0% | ||||||||
Big 5 Sporting Goods Corp. | 349 | 4,579 | ||||||
Hibbett Sports, Inc.†# | 456 | 22,877 | ||||||
Zumiez, Inc.† | 380 | 13,593 | ||||||
41,049 | ||||||||
Retail - Video Rentals — 0.0% | ||||||||
Outerwall, Inc.†# | 363 | 25,512 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.0% | ||||||||
Vitamin Shoppe, Inc.† | 551 | 26,371 | ||||||
Rubber - Tires — 0.1% | ||||||||
Bridgestone Corp. | 3,400 | 116,881 | ||||||
Cie Generale des Etablissements Michelin | 232 | 21,348 | ||||||
Continental AG | 148 | 31,159 | ||||||
169,388 | ||||||||
Rubber/Plastic Products — 0.0% | ||||||||
Myers Industries, Inc. | 484 | 7,875 | ||||||
Satellite Telecom — 0.0% | ||||||||
Eutelsat Communications SA | 919 | 30,412 | ||||||
Savings & Loans/Thrifts — 0.1% | ||||||||
Bank Mutual Corp. | 827 | 5,342 | ||||||
BofI Holding, Inc.† | 222 | 17,520 | ||||||
Brookline Bancorp, Inc. | 1,272 | 12,097 | ||||||
Dime Community Bancshares, Inc. | 531 | 8,045 | ||||||
Northwest Bancshares, Inc. | 1,704 | 21,453 | ||||||
Oritani Financial Corp. | 710 | 10,331 | ||||||
Provident Financial Services, Inc. | �� | 973 | 16,813 | |||||
Sterling Bancorp | 1,525 | 20,405 | ||||||
112,006 | ||||||||
Schools — 0.0% | ||||||||
American Public Education, Inc.† | 323 | 10,853 | ||||||
Capella Education Co. | 202 | 13,772 | ||||||
Career Education Corp.† | 1,040 | 6,094 | ||||||
Strayer Education, Inc.† | 197 | 14,911 | ||||||
Universal Technical Institute, Inc. | 362 | 3,794 | ||||||
49,424 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Security Services — 0.1% | ||||||||
ADT Corp.# | 882 | $ | 30,817 | |||||
Brink’s Co. | 877 | 19,031 | ||||||
Secom Co., Ltd.# | 1,700 | 98,330 | ||||||
148,178 | ||||||||
Seismic Data Collection — 0.0% | ||||||||
Geospace Technologies Corp.† | 237 | 6,247 | ||||||
ION Geophysical Corp.† | 2,305 | 5,694 | ||||||
11,941 | ||||||||
Semiconductor Components - Integrated Circuits — 0.9% | ||||||||
Cirrus Logic, Inc.† | 11,121 | 203,403 | ||||||
Exar Corp.† | 883 | 8,062 | ||||||
Micrel, Inc. | 813 | 10,610 | ||||||
Pericom Semiconductor Corp.† | 342 | 4,347 | ||||||
Power Integrations, Inc. | 546 | 27,387 | ||||||
QUALCOMM, Inc. | 17,569 | 1,280,780 | ||||||
TriQuint Semiconductor, Inc.† | 3,189 | 77,716 | ||||||
1,612,305 | ||||||||
Semiconductor Equipment — 0.2% | ||||||||
ASML Holding NV | 1,374 | 145,202 | ||||||
Brooks Automation, Inc. | 1,203 | 14,087 | ||||||
Cabot Microelectronics Corp.† | 442 | 20,907 | ||||||
Cohu, Inc. | 422 | 4,832 | ||||||
Kulicke & Soffa Industries, Inc.† | 1,383 | 19,334 | ||||||
MKS Instruments, Inc. | 964 | 35,128 | ||||||
Nanometrics, Inc.† | 407 | 6,040 | ||||||
Rudolph Technologies, Inc.† | 575 | 5,279 | ||||||
Tessera Technologies, Inc. | 858 | 29,326 | ||||||
Tokyo Electron, Ltd. | 1,200 | 81,776 | ||||||
Ultratech, Inc.† | 518 | 10,086 | ||||||
Veeco Instruments, Inc.† | 719 | 26,898 | ||||||
398,895 | ||||||||
Software Tools — 0.2% | ||||||||
VMware, Inc., Class A† | 3,015 | 265,199 | ||||||
Special Purpose Entity — 0.1% | ||||||||
Legal & General Group PLC | 30,459 | 117,523 | ||||||
Steel - Producers — 0.1% | ||||||||
AK Steel Holding Corp.†# | 3,100 | 18,352 | ||||||
JFE Holdings, Inc.# | 4,300 | 91,512 | ||||||
Nippon Steel & Sumitomo Metal Corp.# | 45,000 | 115,960 | ||||||
225,824 | ||||||||
Storage/Warehousing — 0.0% | ||||||||
Mobile Mini, Inc. | 852 | 35,349 | ||||||
Telecom Equipment - Fiber Optics — 0.0% | ||||||||
Harmonic, Inc.† | 1,725 | 12,075 | ||||||
Oplink Communications, Inc. | 280 | 6,768 | ||||||
18,843 | ||||||||
Telecom Services — 0.1% | ||||||||
Consolidated Communications Holdings, Inc.# | 850 | 23,299 | ||||||
Lumos Networks Corp. | 343 | 5,673 | ||||||
Spok Holdings, Inc. | 391 | 6,201 | ||||||
Vivendi SA | 3,410 | 86,898 | ||||||
122,071 | ||||||||
Telecommunication Equipment — 0.1% | ||||||||
8x8, Inc.† | 1,618 | 12,588 | ||||||
ADTRAN, Inc. | 992 | 20,723 | ||||||
Alcatel-Lucent†# | 2,687 | 9,572 | ||||||
Comtech Telecommunications Corp. | 283 | 11,233 |
17 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Telecommunication Equipment (continued) | ||||||||
Harris Corp. | 1,042 | $ | 74,680 | |||||
Nortel Networks Corp.† | 62 | 0 | ||||||
128,796 | ||||||||
Telephone - Integrated — 1.6% | ||||||||
AT&T, Inc. | 27,628 | 977,479 | ||||||
Atlantic Tele-Network, Inc. | 176 | 11,964 | ||||||
Belgacom SA | 616 | 24,332 | ||||||
BT Group PLC | 19,828 | 127,207 | ||||||
Cincinnati Bell, Inc.† | 3,829 | 13,631 | ||||||
Deutsche Telekom AG | 11,066 | 188,641 | ||||||
Elisa Oyj | 644 | 18,687 | ||||||
General Communication, Inc., Class A† | 583 | 7,083 | ||||||
KDDI Corp. | 2,400 | 153,784 | ||||||
Nippon Telegraph & Telephone Corp. | 1,800 | 96,333 | ||||||
Orange SA | 3,514 | 61,936 | ||||||
SoftBank Corp.# | 4,300 | 288,539 | ||||||
TDC A/S | 3,088 | 25,045 | ||||||
Telecom Italia SpA† | 38,020 | 42,861 | ||||||
Telefonica Deutschland Holding AG | 3,469 | 18,203 | ||||||
Verizon Communications, Inc. | 14,250 | 720,908 | ||||||
2,776,633 | ||||||||
Television — 0.0% | ||||||||
ION Media Networks, Inc.(1)(2) | 18 | 11,020 | ||||||
ITV PLC | 2,683 | 8,989 | ||||||
20,009 | ||||||||
Textile - Apparel — 0.0% | ||||||||
Perry Ellis International, Inc.† | 226 | 5,964 | ||||||
Textile - Products — 0.1% | ||||||||
Toray Industries, Inc.# | 13,000 | 102,208 | ||||||
Therapeutics — 0.0% | ||||||||
Anika Therapeutics, Inc.† | 264 | 10,795 | ||||||
Tobacco — 0.9% | ||||||||
Alliance One International, Inc.† | 1,547 | 2,800 | ||||||
Altria Group, Inc. | 7,441 | 373,985 | ||||||
British American Tobacco PLC | 1,769 | 104,983 | ||||||
Japan Tobacco, Inc. | 4,600 | 147,396 | ||||||
Lorillard, Inc. | 8,231 | 519,705 | ||||||
Philip Morris International, Inc. | 4,897 | 425,696 | ||||||
Reynolds American, Inc. | 709 | 46,730 | ||||||
Universal Corp.# | 420 | 16,796 | ||||||
1,638,091 | ||||||||
Tools - Hand Held — 0.0% | ||||||||
Stanley Black & Decker, Inc. | 206 | 19,455 | ||||||
Toys — 0.1% | ||||||||
Mattel, Inc. | 1,589 | 50,133 | ||||||
Nintendo Co., Ltd.# | 600 | 69,571 | ||||||
119,704 | ||||||||
Transactional Software — 0.1% | ||||||||
Amadeus IT Holding SA, Class A | 1,933 | 77,003 | ||||||
Bottomline Technologies de, Inc.† | 673 | 16,502 | ||||||
Synchronoss Technologies, Inc.† | 649 | 27,797 | ||||||
121,302 | ||||||||
Transport - Air Freight — 0.0% | ||||||||
Atlas Air Worldwide Holdings, Inc.† | 452 | 20,634 | ||||||
Transport - Marine — 0.1% | ||||||||
AP Moeller - Maersk A/S, Series B | 35 | 73,043 | ||||||
Hornbeck Offshore Services, Inc.† | 587 | 15,579 | ||||||
88,622 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Transport - Rail — 0.7% | ||||||||
Central Japan Railway Co. | 700 | $ | 101,900 | |||||
East Japan Railway Co. | 1,400 | 104,962 | ||||||
Hankyu Hanshin Holdings, Inc. | 20,000 | 110,053 | ||||||
Keikyu Corp. | 10,000 | 76,430 | ||||||
Keio Corp.# | 14,000 | 102,992 | ||||||
Norfolk Southern Corp. | 3,677 | 410,500 | ||||||
Tobu Railway Co., Ltd.# | 20,000 | 90,166 | ||||||
Union Pacific Corp. | 2,537 | 296,246 | ||||||
1,293,249 | ||||||||
Transport - Services — 0.2% | ||||||||
Deutsche Post AG | 2,655 | 88,256 | ||||||
Era Group, Inc.† | 352 | 7,410 | ||||||
FedEx Corp. | 71 | 12,651 | ||||||
Hub Group, Inc., Class A† | 629 | 23,663 | ||||||
Matson, Inc. | 775 | 27,288 | ||||||
United Parcel Service, Inc., Class B | 2,046 | 224,896 | ||||||
UTi Worldwide, Inc.† | 1,634 | 19,281 | ||||||
403,445 | ||||||||
Transport - Truck — 0.1% | ||||||||
ArcBest Corp. | 439 | 19,061 | ||||||
Celadon Group, Inc. | 393 | 8,662 | ||||||
Forward Air Corp. | 569 | 27,858 | ||||||
Heartland Express, Inc. | 1,009 | 26,769 | ||||||
Knight Transportation, Inc. | 1,092 | 36,331 | ||||||
Roadrunner Transportation Systems, Inc.† | 505 | 11,367 | ||||||
Saia, Inc.† | 442 | 24,518 | ||||||
154,566 | ||||||||
Travel Services — 0.0% | ||||||||
Interval Leisure Group, Inc. | 725 | 15,761 | ||||||
Veterinary Diagnostics — 0.0% | ||||||||
Neogen Corp.† | 661 | 29,289 | ||||||
Water — 0.0% | ||||||||
American States Water Co. | 700 | 24,423 | ||||||
Web Hosting/Design — 0.0% | ||||||||
NIC, Inc. | 1,080 | 19,462 | ||||||
Web Portals/ISP — 0.2% | ||||||||
Blucora, Inc.† | 762 | 10,828 | ||||||
Google, Inc., Class A† | 350 | 192,178 | ||||||
Google, Inc., Class C† | 317 | 171,760 | ||||||
374,766 | ||||||||
Wire & Cable Products — 0.0% | ||||||||
Encore Wire Corp. | 337 | 12,358 | ||||||
General Cable Corp. | 883 | 12,150 | ||||||
24,508 | ||||||||
Wireless Equipment — 0.1% | ||||||||
CalAmp Corp.† | 656 | 12,261 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 7,012 | 88,316 | ||||||
ViaSat, Inc.†# | 784 | 51,979 | ||||||
152,556 | ||||||||
Total Common Stocks | ||||||||
(cost $84,777,231) | 99,476,412 | |||||||
EXCHANGE-TRADED FUNDS — 7.7% | ||||||||
iShares Core S&P Small-Cap ETF# | 10,188 | 1,133,924 | ||||||
iShares MSCI Emerging Markets Index Fund# | 80,000 | 3,320,000 | ||||||
SPDR S&P MidCap 400 ETF Trust# | 15,767 | 4,145,460 | ||||||
Vanguard Mid-Cap ETF# | 40,000 | 4,989,600 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $13,166,948) | 13,588,984 | |||||||
18 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
PREFERRED SECURITIES — 0.3% | ||||||||
Auto - Cars/Light Trucks — 0.1% | ||||||||
Bayerische Motoren Werke AG | 1,354 | $ | 115,037 | |||||
Chemicals - Specialty — 0.0% | ||||||||
Fuchs Petrolub SE | 725 | 30,013 | ||||||
Electric - Integrated — 0.0% | ||||||||
Entergy Louisiana LLC | 3,575 | 80,366 | ||||||
Soap & Cleaning Preparation — 0.1% | ||||||||
Henkel AG & Co. KGaA | 1,443 | 160,197 | ||||||
Sovereign Agency — 0.0% | ||||||||
Federal Home Loan Mtg. Corp. FRS | 2,200 | 9,570 | ||||||
Telecom Services — 0.1% | ||||||||
Qwest Corp. | 6,925 | 167,931 | ||||||
Total Preferred Securities | ||||||||
(cost $623,809) | 563,114 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.9% | ||||||||
Banks - Commercial — 0.1% | ||||||||
Zions Bancorporation FRS | 136,000 | 129,404 | ||||||
Banks - Super Regional — 0.1% | ||||||||
Fifth Third Bancorp FRS | 82,000 | 79,532 | ||||||
Wells Fargo Capital X | 28,000 | 28,490 | ||||||
108,022 | ||||||||
Diversified Banking Institutions — 0.3% | ||||||||
BAC Capital Trust XIII FRS | 178,000 | 130,830 | ||||||
Deutsche Bank AG VRS | 200,000 | 201,092 | ||||||
JPMorgan Chase & Co. FRS | 110,000 | 119,417 | ||||||
JPMorgan Chase & Co. FRS | 80,000 | 80,900 | ||||||
JPMorgan Chase & Co. FRS | 71,000 | 69,722 | ||||||
601,961 | ||||||||
Electric - Integrated — 0.0% | ||||||||
Dominion Resources, Inc. FRS | 47,000 | 49,173 | ||||||
Finance - Credit Card — 0.0% | ||||||||
American Express Co. FRS | 82,000 | 82,880 | ||||||
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 | 100,000 | 99,000 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Food - Dairy Products — 0.1% | ||||||||
Land O’Lakes Capital Trust I | 125,000 | $ | 130,000 | |||||
Insurance - Life/Health — 0.0% | ||||||||
Prudential Financial, Inc. FRS | 52,000 | 53,690 | ||||||
Insurance - Multi-line — 0.1% | ||||||||
Farmers Exchange Capital III FRS | 70,000 | 70,962 | ||||||
MetLife, Inc. | 81,000 | 90,062 | ||||||
161,024 | ||||||||
Tools - Hand Held — 0.1% | ||||||||
Stanley Black & Decker, Inc. FRS | 128,000 | 136,960 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $1,488,332) | 1,552,119 | |||||||
RIGHTS — 0.0% | ||||||||
Banks - Commercial — 0.0% | ||||||||
CaixaBank SA | 2,689 | 181 | ||||||
Chemicals - Diversified — 0.0% | ||||||||
Arkema SA | 1,673 | 4,925 | ||||||
Total Rights | ||||||||
(cost $167) | 5,106 | |||||||
ASSET BACKED SECURITIES — 1.9% | ||||||||
Diversified Financial Services — 1.9% | ||||||||
Applebee’s/IHOP Funding LLC | $ | 50,000 | 50,223 | |||||
Asset Backed Securities Corp. FRS | 87,495 | 81,537 | ||||||
Avis Budget Rental Car Funding AESOP LLC | 123,000 | 124,277 | ||||||
Capital Auto Receivables Asset Trust | 93,000 | 93,571 | ||||||
Chase Issuance Trust FRS | 228,000 | 228,435 | ||||||
Citigroup Commercial Mtg. Trust | 95,000 | 98,297 | ||||||
Citigroup Commercial Mtg. Trust | 627,000 | 652,346 | ||||||
Commercial Mtg. Trust | 106,000 | 109,444 | ||||||
Commercial Mtg. Trust | 15,000 | 15,572 | ||||||
Countrywide Home Loan Mtg. Pass Through Trust | 7,448 | 7,561 | ||||||
Domino’s Pizza Master Issuer LLC | 90,828 | 96,370 |
19 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES (continued) | ||||||||
Diversified Financial Services (continued) | ||||||||
First Franklin Mtg. Loan Trust Asset Backed Certs. FRS | $ | 82,550 | $ | 72,060 | ||||
Ford Credit Auto Owner Trust | 129,000 | 129,328 | ||||||
Ford Credit Floorplan Master Owner Trust | 83,000 | 83,230 | ||||||
GS Mtg. Securities Corp. II | 66,000 | 66,550 | ||||||
Invitation Homes Trust FRS | 100,000 | 98,777 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 100,000 | 101,608 | ||||||
Nissan Auto Lease Trust | 100,000 | 100,143 | ||||||
NRP Mtg. Trust VRS | 112,467 | 112,570 | ||||||
RFMSI Trust | 24,937 | 25,411 | ||||||
Santander Drive Auto Receivables Trust | 52,000 | 52,133 | ||||||
TAL Advantage V LLC | 49,500 | 50,291 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 84,000 | 87,881 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 50,000 | 53,121 | ||||||
Wells Fargo Mtg. Backed Securities Trust FRS | 26,342 | 26,353 | ||||||
WF-RBS Commercial Mtg. Trust | 38,154 | 38,666 | ||||||
WF-RBS Commercial Mtg. Trust | 100,000 | 103,592 | ||||||
WF-RBS Commercial Mtg. Trust | 600,000 | 617,982 | ||||||
WF-RBS Commercial Mtg. Trust | 14,000 | 14,566 | ||||||
Total Asset Backed Securities | ||||||||
(cost $3,384,240) | 3,391,895 | |||||||
U.S. CORPORATE BONDS & NOTES — 13.2% | ||||||||
Advertising Agencies — 0.1% | ||||||||
Interpublic Group of Cos., Inc. | 48,000 | 47,851 | ||||||
Interpublic Group of Cos., Inc. | 37,000 | 37,619 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Advertising Agencies (continued) | ||||||||
Omnicom Group, Inc. | $ | 44,000 | $ | 44,201 | ||||
129,671 | ||||||||
Advertising Sales — 0.0% | ||||||||
Lamar Media Corp. | 35,000 | 36,138 | ||||||
Advertising Services — 0.0% | ||||||||
Visant Corp. | 26,000 | 23,270 | ||||||
Aerospace/Defense — 0.2% | ||||||||
BAE Systems Holdings, Inc. | 64,000 | 65,511 | ||||||
BAE Systems Holdings, Inc. | 46,000 | 47,159 | ||||||
Boeing Co. | 92,000 | 90,228 | ||||||
Raytheon Co. | 62,000 | 63,177 | ||||||
266,075 | ||||||||
Aerospace/Defense - Equipment — 0.1% | ||||||||
Alliant Techsystems, Inc. | 52,000 | 52,650 | ||||||
Moog, Inc. | 29,000 | 29,507 | ||||||
82,157 | ||||||||
Airlines — 0.1% | ||||||||
Allegiant Travel Co. | 76,000 | 77,663 | ||||||
Atlas Air, Inc. | 22,327 | 22,885 | ||||||
Atlas Air, Inc. | 6,195 | 6,257 | ||||||
United Airlines Pass Through Trust | 125,000 | 122,187 | ||||||
228,992 | ||||||||
Alternative Waste Technology — 0.0% | ||||||||
ADS Waste Holdings, Inc. | 43,000 | 45,150 | ||||||
Apparel Manufacturers — 0.0% | ||||||||
Quiksilver, Inc./QS Wholesale, Inc. | 74,000 | 42,550 | ||||||
Auto - Cars/Light Trucks — 0.2% | ||||||||
American Honda Finance Corp. | 88,000 | 88,062 |
20 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Auto - Cars/Light Trucks (continued) | ||||||||
Daimler Finance North America LLC | $ | 158,000 | $ | 157,990 | ||||
Daimler Finance North America LLC | 162,000 | 166,530 | ||||||
412,582 | ||||||||
Auto - Heavy Duty Trucks — 0.1% | ||||||||
JB Poindexter & Co., Inc. | 41,000 | 44,690 | ||||||
PACCAR Financial Corp. | 96,000 | 96,842 | ||||||
141,532 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.0% | ||||||||
Affinia Group, Inc. | 47,000 | 48,292 | ||||||
Banks - Commercial — 0.6% | ||||||||
Associated Banc-Corp | 39,000 | 39,112 | ||||||
CIT Group, Inc. | 35,000 | 35,168 | ||||||
Fifth Third Bank | 213,000 | 213,425 | ||||||
MUFG Union Bank NA | 273,000 | 281,052 | ||||||
PNC Bank NA | 265,000 | 265,772 | ||||||
Regions Financial Corp. | 131,000 | 170,279 | ||||||
Zions Bancorporation | 6,000 | 6,329 | ||||||
1,011,137 | ||||||||
Banks - Fiduciary — 0.1% | ||||||||
Citizens Financial Group, Inc. | 207,000 | 213,212 | ||||||
Banks - Super Regional — 0.1% | ||||||||
Comerica, Inc. | 43,000 | 42,915 | ||||||
Wells Fargo & Co | 187,000 | 187,595 | ||||||
230,510 | ||||||||
Brewery — 0.1% |
| |||||||
Anheuser-Busch InBev Worldwide, Inc. | 179,000 | 179,415 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Broadcast Services/Program — 0.0% |
| |||||||
Scripps Networks Interactive, Inc. | $ | 49,000 | $ | 49,488 | ||||
Building & Construction - Misc. — 0.0% |
| |||||||
Weekley Homes LLC/Weekley Finance Corp. | 38,000 | 37,297 | ||||||
Building Products - Cement — 0.0% |
| |||||||
Headwaters, Inc. | 50,000 | 52,375 | ||||||
Cable/Satellite TV — 0.2% |
| |||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 54,000 | 56,835 | ||||||
CCOH Safari LLC | 60,000 | 60,675 | ||||||
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. | 58,000 | 68,521 | ||||||
DISH DBS Corp. | 75,000 | 72,797 | ||||||
Time Warner Cable, Inc. | 46,000 | 46,189 | ||||||
Time Warner Cable, Inc. | 21,000 | 26,693 | ||||||
Time Warner Cable, Inc. | 55,000 | 74,390 | ||||||
406,100 | ||||||||
Casino Hotels — 0.2% |
| |||||||
Caesars Entertainment Resort Properties LLC | 69,000 | 67,620 | ||||||
Caesars Entertainment Resort Properties LLC | 79,000 | 72,186 | ||||||
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. | 65,000 | 57,525 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | 60,000 | 61,500 | ||||||
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock | 125,000 | 124,063 | ||||||
382,894 | ||||||||
Casino Services — 0.0% |
| |||||||
Scientific Games International, Inc. | 30,000 | 30,061 | ||||||
21 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Cellular Telecom — 0.0% |
| |||||||
Sprint Communications, Inc. | $ | 17,000 | $ | 17,425 | ||||
Chemicals - Diversified — 0.1% |
| |||||||
Eagle Spinco, Inc. | 150,000 | 147,375 | ||||||
Chemicals - Plastics — 0.0% |
| |||||||
PolyOne Corp. | 20,000 | 20,150 | ||||||
Chemicals - Specialty — 0.2% |
| |||||||
Albemarle Corp. | 34,000 | 34,214 | ||||||
Albemarle Corp. | 37,000 | 37,733 | ||||||
Albemarle Corp. | 48,000 | 49,809 | ||||||
Chemtura Corp. | 40,000 | 39,600 | ||||||
Lubrizol Corp. | 45,000 | 59,422 | ||||||
W.R. Grace & Co. | 113,000 | 119,356 | ||||||
340,134 | ||||||||
Coal — 0.1% |
| |||||||
CONSOL Energy, Inc. | 34,000 | 35,360 | ||||||
Murray Energy Corp. | 65,000 | 65,812 | ||||||
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. | 46,000 | 48,291 | ||||||
149,463 | ||||||||
Commercial Services - Finance — 0.1% |
| |||||||
Harland Clarke Holdings Corp. | 86,000 | 86,000 | ||||||
Computer Services — 0.0% |
| |||||||
IHS, Inc. | 60,000 | 60,900 | ||||||
Computers — 0.1% |
| |||||||
Hewlett-Packard Co. | 109,000 | 121,034 | ||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC | 86,000 | 88,472 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Crown Cork & Seal Co., Inc. | $ | 189,000 | $ | 209,317 | ||||
Owens-Brockway Glass Container, Inc. | 38,000 | 38,475 | ||||||
247,792 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Consolidated Container Co. LLC/Consolidated Container | 135,000 | 122,850 | ||||||
PaperWorks Industries, Inc. | 36,000 | 36,720 | ||||||
159,570 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
First Quality Finance Co., Inc. | 113,000 | 103,960 | ||||||
Procter & Gamble Co. | 52,000 | 52,251 | ||||||
156,211 | ||||||||
Decision Support Software — 0.0% |
| |||||||
MSCI, Inc. | 57,000 | 59,137 | ||||||
Distribution/Wholesale — 0.0% |
| |||||||
H&E Equipment Services, Inc. | 32,000 | 34,000 | ||||||
LKQ Corp. | 2,000 | 1,940 | ||||||
35,940 | ||||||||
Diversified Banking Institutions — 1.0% |
| |||||||
Bank of America Corp. | 109,000 | 110,527 | ||||||
Citigroup, Inc. | 200,000 | 228,041 | ||||||
Goldman Sachs Group, Inc. | 91,000 | 90,930 | ||||||
Goldman Sachs Group, Inc. | 7,000 | 7,329 | ||||||
Goldman Sachs Group, Inc. | 5,000 | 5,639 | ||||||
Goldman Sachs Group, Inc. | 83,000 | 93,592 | ||||||
Goldman Sachs Group, Inc. | 76,000 | 93,230 |
22 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Diversified Banking Institutions (continued) |
| |||||||
Goldman Sachs Group, Inc. | $ | 189,000 | $ | 234,048 | ||||
JPMorgan Chase & Co. | 117,000 | 116,560 | ||||||
JPMorgan Chase & Co. | 94,000 | 95,139 | ||||||
Merrill Lynch & Co., Inc. | 216,000 | 256,016 | ||||||
Morgan Stanley | 184,000 | 187,533 | ||||||
Morgan Stanley | 43,000 | 43,596 | ||||||
Morgan Stanley | 94,000 | 100,949 | ||||||
Morgan Stanley | 86,000 | 98,631 | ||||||
NationsBank Corp. | 21,000 | 26,202 | ||||||
1,787,962 | ||||||||
Diversified Financial Services — 0.3% |
| |||||||
General Electric Capital Corp. | 114,000 | 115,542 | ||||||
General Electric Capital Corp. | 236,000 | 293,143 | ||||||
USAA Capital Corp. | 159,000 | 159,500 | ||||||
568,185 | ||||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
General Electric Co. | 76,000 | 75,659 | ||||||
Ingersoll-Rand Global Holding Co., Ltd. | 139,000 | 164,463 | ||||||
Parker-Hannifin Corp. | 48,000 | 50,028 | ||||||
Textron, Inc. | 99,000 | 105,013 | ||||||
Trinity Industries, Inc. | 51,000 | 50,227 | ||||||
445,390 | ||||||||
E-Commerce/Services — 0.1% |
| |||||||
Netflix, Inc. | 224,000 | 234,080 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Generation — 0.1% |
| |||||||
AES Corp. | $ | 147,000 | $ | 147,000 | ||||
AES Corp. | 54,000 | 55,080 | ||||||
AES Corp. | 3,000 | 3,405 | ||||||
205,485 | ||||||||
Electric - Integrated — 0.4% |
| |||||||
Consolidated Edison Co. of New York, Inc. | 48,000 | 50,374 | ||||||
Dominion Gas Holdings LLC | 35,000 | 37,464 | ||||||
Dominion Resources, Inc. | 75,000 | 85,992 | ||||||
Entergy Louisiana LLC | 48,000 | 48,494 | ||||||
FirstEnergy Corp. | 119,000 | 144,301 | ||||||
FirstEnergy Transmission LLC | 72,000 | 75,974 | ||||||
Georgia Power Co. | 37,000 | 38,156 | ||||||
Southern California Edison Co. | 101,000 | 100,992 | ||||||
Southern Co. | 82,000 | 81,936 | ||||||
663,683 | ||||||||
Electronic Components - Semiconductors — 0.1% |
| |||||||
Amkor Technology, Inc. | 100,000 | 100,000 | ||||||
Intel Corp. | 74,000 | 73,940 | ||||||
173,940 | ||||||||
Enterprise Software/Service — 0.0% |
| |||||||
BMC Software Finance, Inc. | 57,000 | 53,437 | ||||||
Finance - Auto Loans — 0.1% |
| |||||||
Ally Financial, Inc. | 28,000 | 27,650 | ||||||
Ally Financial, Inc. | 29,000 | 29,580 | ||||||
Ford Motor Credit Co. LLC | 58,000 | 57,864 | ||||||
115,094 | ||||||||
23 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Finance - Commercial — 0.1% |
| |||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp. | $ | 200,000 | $ | 193,000 | ||||
Finance - Consumer Loans — 0.1% |
| |||||||
Enova International, Inc. | 87,000 | 87,870 | ||||||
Synchrony Financial | 73,000 | 74,575 | ||||||
162,445 | ||||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. | 44,000 | 6,435 | ||||||
Lehman Brothers Holdings, Inc. | 71,000 | 7 | ||||||
Lehman Brothers Holdings, Inc. | 69,000 | 7 | ||||||
6,449 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Air Lease Corp. | 150,000 | 160,125 | ||||||
Air Lease Corp. | 12,000 | 12,900 | ||||||
173,025 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
Cogent Communications Finance, Inc. | 43,000 | 42,247 | ||||||
National Rural Utilities Cooperative Finance Corp. | 143,000 | 143,053 | ||||||
185,300 | ||||||||
Firearms & Ammunition — 0.0% |
| |||||||
FGI Operating Co. LLC/FGI Finance, Inc. | 39,000 | 36,075 | ||||||
Food - Dairy Products — 0.0% |
| |||||||
WhiteWave Foods Co. | 42,000 | 44,100 | ||||||
Food - Meat Products — 0.1% |
| |||||||
Darling Ingredients, Inc. | 30,000 | 30,300 | ||||||
JBS USA LLC/JBS USA Finance, Inc. | 58,000 | 61,625 | ||||||
91,925 | ||||||||
Food - Misc./Diversified — 0.1% |
| |||||||
Mondelez International, Inc. | 58,000 | 75,698 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Food - Retail — 0.1% |
| |||||||
Albertson’s Holdings LLC/Saturn Acquisition Merger Sub, Inc. | $ | 76,000 | $ | 76,380 | ||||
SUPERVALU, Inc. | 59,000 | 58,557 | ||||||
134,937 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
C&S Group Enterprises LLC | 39,000 | 39,390 | ||||||
Sysco Corp. | 77,000 | 79,061 | ||||||
118,451 | ||||||||
Independent Power Producers — 0.1% |
| |||||||
Calpine Corp. | 37,000 | 39,497 | ||||||
Calpine Corp. | 9,000 | 9,968 | ||||||
GenOn Energy, Inc. | 43,000 | 44,720 | ||||||
NRG Energy, Inc. | 35,000 | 35,962 | ||||||
130,147 | ||||||||
Insurance Brokers — 0.1% |
| |||||||
USI, Inc. | 120,000 | 121,500 | ||||||
Insurance - Life/Health — 0.2% |
| |||||||
American Equity Investment Life Holding Co. | 50,000 | 53,250 | ||||||
Pacific LifeCorp | 45,000 | 51,550 | ||||||
Pricoa Global Funding I | 159,000 | 159,221 | ||||||
Principal Financial Group, Inc. | 33,000 | 33,166 | ||||||
Principal Life Global Funding II | 87,000 | 87,477 | ||||||
384,664 | ||||||||
Insurance - Multi-line — 0.2% |
| |||||||
Assurant, Inc. | 139,000 | 171,542 | ||||||
Metropolitan Life Global Funding I | 101,000 | 102,680 | ||||||
274,222 | ||||||||
24 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Insurance - Mutual — 0.1% |
| |||||||
New York Life Global Funding | $ | 180,000 | $ | 182,158 | ||||
Investment Management/Advisor Services — 0.0% |
| |||||||
National Financial Partners Corp. | 35,000 | 37,012 | ||||||
Machinery - Farming — 0.2% |
| |||||||
John Deere Capital Corp. | 168,000 | 168,303 | ||||||
John Deere Capital Corp. | 124,000 | 124,392 | ||||||
292,695 | ||||||||
Medical Labs & Testing Services — 0.2% |
| |||||||
Roche Holdings, Inc. | 135,000 | 135,345 | ||||||
Roche Holdings, Inc. | 204,000 | 205,451 | ||||||
340,796 | ||||||||
Medical Products — 0.1% |
| |||||||
Becton Dickinson and Co. | 53,000 | 69,329 | ||||||
Universal Hospital Services, Inc. | 46,000 | 41,630 | ||||||
110,959 | ||||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 39,000 | 39,470 | ||||||
Gilead Sciences, Inc. | 65,000 | 66,955 | ||||||
Gilead Sciences, Inc. | 96,000 | 100,532 | ||||||
206,957 | ||||||||
Medical - Drugs — 0.1% |
| |||||||
Endo Finance LLC | 97,000 | 99,183 | ||||||
Forest Laboratories, Inc. | 68,000 | 73,349 | ||||||
172,532 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan, Inc. | 141,000 | 151,466 | ||||||
Medical - HMO — 0.1% |
| |||||||
Centene Corp. | 120,000 | 121,200 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical - Hospitals — 0.2% |
| |||||||
Capella Healthcare, Inc. | $ | 32,000 | $ | 33,377 | ||||
HCA, Inc. | 89,000 | 96,787 | ||||||
HCA, Inc. | 125,000 | 132,031 | ||||||
Tenet Healthcare Corp. | 75,000 | 75,938 | ||||||
Tenet Healthcare Corp. | 18,000 | 17,730 | ||||||
Tenet Healthcare Corp. | 36,000 | 38,295 | ||||||
Tenet Healthcare Corp. | 16,000 | 15,360 | ||||||
409,518 | ||||||||
Metal - Aluminum — 0.1% |
| |||||||
Alcoa, Inc. | 75,000 | 79,038 | ||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 62,000 | 62,378 | ||||||
Freeport-McMoRan, Inc. | 48,000 | 48,760 | ||||||
111,138 | ||||||||
Multimedia — 0.0% |
| |||||||
Time Warner Entertainment Co. LP | 51,000 | 75,452 | ||||||
Music — 0.0% |
| |||||||
Gibson Brands, Inc. | 21,000 | 20,265 | ||||||
Networking Products — 0.0% |
| |||||||
Cisco Systems, Inc. | 67,000 | 67,470 | ||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc. | 120,000 | 122,497 | ||||||
Office Supplies & Forms — 0.0% |
| |||||||
ACCO Brands Corp. | 7,000 | 7,473 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. | 24,000 | 23,760 | ||||||
25 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Oil Companies - Exploration & Production — 1.0% |
| |||||||
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp. | $ | 30,000 | $ | 29,100 | ||||
Anadarko Petroleum Corp. | 110,000 | 134,031 | ||||||
Atlas Energy Holdings Operating Co. LLC/Atlas Resource Finance Corp. | 85,000 | 73,950 | ||||||
Berry Petroleum Co. LLC | 42,000 | 38,640 | ||||||
Chaparral Energy, Inc. | 100,000 | 91,500 | ||||||
Continental Resources, Inc. | 10,000 | 10,198 | ||||||
Energy XXI Gulf Coast, Inc. | 34,000 | 25,500 | ||||||
EP Energy LLC/Everest Acquisition Finance, Inc. | 49,000 | 49,980 | ||||||
EPL Oil & Gas, Inc. | 137,000 | 125,355 | ||||||
EV Energy Partners LP/EV Energy Finance Corp. | 170,000 | 163,200 | ||||||
Halcon Resources Corp. | 91,000 | 69,615 | ||||||
Hess Corp. | 104,000 | 114,528 | ||||||
Hess Corp. | 28,000 | 37,293 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | 58,000 | 53,650 | ||||||
Memorial Production Partners LP/Memorial Production Finance Corp. | 115,000 | 103,500 | ||||||
Midstates Petroleum Co., Inc. | 33,000 | 27,390 | ||||||
Noble Energy, Inc. | 43,000 | 43,197 | ||||||
Noble Energy, Inc. | 47,000 | 47,602 | ||||||
Northern Oil and Gas, Inc. | 100,000 | 88,500 | ||||||
Penn Virginia Corp. | 20,000 | 18,100 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Penn Virginia Corp. | $ | 65,000 | $ | 60,613 | ||||
Rice Energy, Inc. | 125,000 | 120,000 | ||||||
Rosetta Resources, Inc. | 75,000 | 71,625 | ||||||
Sanchez Energy Corp. | 60,000 | 54,000 | ||||||
SandRidge Energy, Inc. | 115,000 | 88,550 | ||||||
Swift Energy Co. | 36,000 | 29,520 | ||||||
Talos Production LLC/Talos Production Finance, Inc. | 15,000 | 14,250 | ||||||
Triangle USA Petroleum Corp. | 28,000 | 22,820 | ||||||
1,806,207 | ||||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp. Company Guar. Notes | 34,000 | 32,640 | ||||||
Murphy Oil USA, Inc. | 30,000 | 31,725 | ||||||
64,365 | ||||||||
Oil - Field Services — 0.1% |
| |||||||
Exterran Holdings, Inc. | 30,000 | 30,450 | ||||||
Exterran Partners LP/EXLP Finance Corp. | 90,000 | 81,000 | ||||||
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. | 47,000 | 51,406 | ||||||
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. | 74,000 | 82,603 | ||||||
245,459 | ||||||||
Paper & Related Products — 0.3% |
| |||||||
Clearwater Paper Corp. | 67,000 | 65,493 | ||||||
Domtar Corp. | 171,000 | 188,722 | ||||||
Georgia-Pacific LLC | 124,000 | 125,318 | ||||||
Georgia-Pacific LLC | 109,000 | 113,402 |
26 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Paper & Related Products (continued) |
| |||||||
Georgia-Pacific LLC | $ | 91,000 | $ | 103,504 | ||||
596,439 | ||||||||
Pipelines — 0.7% |
| |||||||
Access Midstream Partners LP/ACMP Finance Corp. | 121,000 | 123,420 | ||||||
Access Midstream Partners LP/ACMP Finance Corp. | 15,000 | 15,900 | ||||||
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp. | 7,000 | 7,210 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 27,000 | 24,403 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 172,000 | 197,308 | ||||||
Energy Transfer Equity LP | 36,000 | 41,310 | ||||||
Energy Transfer Partners LP | 108,000 | 124,566 | ||||||
Enterprise Products Operating LLC | 61,000 | 61,998 | ||||||
Genesis Energy LP | 86,000 | 83,420 | ||||||
Kinder Morgan, Inc. | 60,000 | 60,378 | ||||||
Kinder Morgan, Inc. | 82,000 | 87,535 | ||||||
Kinder Morgan, Inc. | 62,000 | 63,176 | ||||||
Kinder Morgan, Inc. | 87,000 | 88,409 | ||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. Company Guar. Notes | 42,000 | 43,995 | ||||||
Sunoco Logistics Partners Operations LP | 45,000 | 46,375 | ||||||
Tesoro Logistics LP/Tesoro Logistics Finance Corp. | 136,000 | 138,720 | ||||||
1,208,123 | ||||||||
Printing - Commercial — 0.1% |
| |||||||
Multi-Color Corp. | 54,000 | 54,945 | ||||||
Quad/Graphics, Inc. | 70,000 | 68,512 | ||||||
123,457 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
Gannett Co., Inc. | $ | 27,000 | $ | 27,877 | ||||
Lee Enterprises, Inc. | 100,000 | 103,000 | ||||||
McClatchy Co. | 65,000 | 72,069 | ||||||
202,946 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Expo Event Transco, Inc. | 78,000 | 80,730 | ||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
HCP, Inc. | 54,000 | 55,778 | ||||||
Omega Healthcare Investors, Inc. | 78,000 | 79,911 | ||||||
Omega Healthcare Investors, Inc. | 46,000 | 49,220 | ||||||
184,909 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
American Campus Communities Operating Partnership LP Company Guar. Notes | 48,000 | 48,674 | ||||||
Kennedy-Wilson, Inc. | 40,000 | 42,760 | ||||||
91,434 | ||||||||
Real Estate Operations & Development — 0.0% |
| |||||||
Greystar Real Estate Partners LLC | 24,000 | 24,540 | ||||||
Recycling — 0.0% | ||||||||
Aleris International, Inc. | 60,000 | 2 | ||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc. | 82,000 | 71,135 | ||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc. | 221,000 | 241,786 | ||||||
Retail - Computer Equipment — 0.0% |
| |||||||
GameStop Corp. | 36,000 | 36,180 | ||||||
Retail - Discount — 0.0% |
| |||||||
Dollar General Corp. | 62,000 | 64,452 | ||||||
27 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Retail - Drug Store — 0.2% |
| |||||||
CVS Pass-Through Trust | $ | 43,030 | $ | 46,522 | ||||
CVS Pass-Through Trust | 34,319 | 39,812 | ||||||
CVS Pass-Through Trust | 52,174 | 61,536 | ||||||
Walgreens Boots Alliance, Inc. | 93,000 | 94,979 | ||||||
Walgreens Boots Alliance, Inc. | 96,000 | 101,018 | ||||||
343,867 | ||||||||
Retail - Mail Order — 0.0% |
| |||||||
QVC, Inc. | 65,000 | 62,947 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Bon-Ton Department Stores, Inc. | 45,000 | 36,900 | ||||||
Retail - Restaurants — 0.1% |
| |||||||
Landry’s, Inc. | 43,000 | 45,741 | ||||||
PF Chang’s China Bistro, Inc. | 78,000 | 78,585 | ||||||
124,326 | ||||||||
Savings & Loans/Thrifts — 0.3% |
| |||||||
Astoria Financial Corp. | 92,000 | 98,545 | ||||||
First Niagara Financial Group, Inc. | 257,000 | 288,428 | ||||||
First Niagara Financial Group, Inc. | 99,000 | 112,423 | ||||||
499,396 | ||||||||
Schools — 0.1% |
| |||||||
Northwestern University | 94,000 | 98,547 | ||||||
President and Fellows of Harvard College | 52,000 | 51,143 | ||||||
University of Pennsylvania | 71,000 | 73,889 | ||||||
223,579 | ||||||||
Security Services — 0.1% |
| |||||||
ADT Corp. | 193,000 | 168,875 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Semiconductor Equipment — 0.1% |
| |||||||
Entegris, Inc. | $ | 90,000 | $ | 92,952 | ||||
Magnachip Semiconductor Corp. | 31,000 | 28,365 | ||||||
121,317 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 36,000 | 36,585 | ||||||
Huntington Ingalls Industries, Inc. | 32,000 | 34,760 | ||||||
71,345 | ||||||||
Special Purpose Entity — 0.1% |
| |||||||
MassMutual Global Funding II | 215,000 | 219,193 | ||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
Opal Acquisition, Inc. | 115,000 | 120,462 | ||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Valmont Industries, Inc. | 48,000 | 47,564 | ||||||
Valmont Industries, Inc. | 96,000 | 94,905 | ||||||
142,469 | ||||||||
Steel - Producers — 0.1% |
| |||||||
AK Steel Corp. | 78,000 | 74,880 | ||||||
Steel Dynamics, Inc. | 54,000 | 56,025 | ||||||
130,905 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
Allegheny Technologies, Inc. | 63,000 | 63,544 | ||||||
Storage/Warehousing — 0.0% |
| |||||||
Mobile Mini, Inc. | 65,000 | 69,550 | ||||||
Telecom Services — 0.0% |
| |||||||
Consolidated Communications, Inc. | 26,000 | 26,260 | ||||||
Telephone - Integrated — 0.5% |
| |||||||
CenturyLink, Inc. | 64,000 | 67,200 | ||||||
Cincinnati Bell, Inc. | 188,000 | 200,455 |
28 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Telephone - Integrated (continued) |
| |||||||
Frontier Communications Corp. | $ | 10,000 | $ | 11,250 | ||||
Frontier Communications Corp. | 10,000 | 11,200 | ||||||
Frontier Communications Corp. | 43,000 | 49,235 | ||||||
Frontier Communications Corp. | 45,000 | 52,763 | ||||||
Sprint Capital Corp. | 110,000 | 115,638 | ||||||
Verizon Communications, Inc. | 98,000 | 98,292 | ||||||
Verizon Communications, Inc. | 96,000 | 95,352 | ||||||
Verizon Communications, Inc. | 10,000 | 10,945 | ||||||
Verizon Communications, Inc. | 121,000 | 126,149 | ||||||
Verizon Communications, Inc. | 66,000 | 81,698 | ||||||
920,177 | ||||||||
Television — 0.0% |
| |||||||
Sinclair Television Group, Inc. | 70,000 | 72,275 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
Aviation Capital Group Corp. | 42,000 | 43,710 | ||||||
Jurassic Holdings III, Inc. | 34,000 | 33,490 | ||||||
77,200 | ||||||||
Transport - Rail — 0.0% |
| |||||||
Florida East Coast Holdings Corp. | 60,000 | 61,350 | ||||||
Transport - Services — 0.0% |
| |||||||
Era Group, Inc. | 36,000 | 37,440 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
Equinix, Inc. | 58,000 | 58,145 | ||||||
Equinix, Inc. | 28,000 | 28,140 | ||||||
86,285 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Anixter, Inc. | $ | 45,000 | $ | 45,562 | ||||
General Cable Corp. | 74,000 | 61,420 | ||||||
106,982 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $23,504,531) | 23,478,889 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 3.0% |
| |||||||
Airlines — 0.1% |
| |||||||
Air Canada | 100,000 | 106,250 | ||||||
Banks - Commercial — 1.1% |
| |||||||
Abbey National Treasury Services PLC | 87,000 | 87,199 | ||||||
BPCE SA | 204,000 | 200,866 | ||||||
Credit Suisse | 272,000 | 272,350 | ||||||
Credit Suisse | 78,000 | 87,789 | ||||||
Credit Suisse New York | 251,000 | 250,968 | ||||||
DBS Group Holdings, Ltd. | 214,000 | 215,118 | ||||||
ING Bank NV | 203,000 | 210,934 | ||||||
Intesa Sanpaolo SpA | 239,000 | 238,153 | ||||||
Kookmin Bank | 250,000 | 249,696 | ||||||
Macquarie Bank, Ltd. | 44,000 | 44,603 | ||||||
1,857,676 | ||||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Coca-Cola Femsa SAB de CV | 164,000 | 165,394 | ||||||
Computers - Memory Devices — 0.0% |
| |||||||
Seagate HDD Cayman | 62,000 | 64,607 | ||||||
Cruise Lines — 0.1% |
| |||||||
NCL Corp, Ltd. | 49,000 | 49,367 | ||||||
Royal Caribbean Cruises, Ltd. | 150,000 | 156,750 | ||||||
206,117 | ||||||||
29 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions — 0.3% |
| |||||||
Deutsche Bank AG | $ | 171,000 | $ | 170,742 | ||||
Royal Bank of Scotland Group PLC | 59,000 | 59,757 | ||||||
Royal Bank of Scotland Group PLC | 62,000 | 67,474 | ||||||
UBS AG | 259,000 | 258,180 | ||||||
556,153 | ||||||||
Diversified Financial Services — 0.1% |
| |||||||
Hyundai Capital Services, Inc. | 190,000 | 194,116 | ||||||
Diversified Manufacturing Operations — 0.0% |
| |||||||
Ingersoll-Rand Luxembourg Finance SA | 29,000 | 29,214 | ||||||
Diversified Minerals — 0.1% |
| |||||||
FMG Resources August 2006 Pty, Ltd. | 170,000 | 152,150 | ||||||
E-Commerce/Products — 0.2% |
| |||||||
Alibaba Group Holding, Ltd. | 250,000 | 249,632 | ||||||
Electric - Generation — 0.0% |
| |||||||
Electricite de France SA | 42,000 | 47,704 | ||||||
Electric - Integrated — 0.1% | ||||||||
EDP Finance BV | 215,000 | 218,090 | ||||||
Finance - Leasing Companies — 0.0% | ||||||||
Aircastle, Ltd. | 14,000 | 14,245 | ||||||
Aircastle, Ltd. | 34,000 | 36,465 | ||||||
Milestone Aviation Group, Ltd. | 18,000 | 19,924 | ||||||
70,634 | ||||||||
Gold Mining — 0.1% | ||||||||
Goldcorp, Inc. | 47,000 | 46,872 | ||||||
Kinross Gold Corp. | 26,000 | 24,848 | ||||||
71,720 | ||||||||
Hazardous Waste Disposal — 0.0% | ||||||||
Tervita Corp. | 50,000 | 45,000 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical - Drugs — 0.0% | ||||||||
Valeant Pharmaceuticals International, Inc. | $ | 30,000 | $ | 30,300 | ||||
Oil & Gas Drilling — 0.1% | ||||||||
Ensco PLC | 39,000 | 40,660 | ||||||
Pacific Drilling SA | 50,000 | 39,500 | ||||||
Transocean, Inc. | 22,000 | 18,993 | ||||||
Transocean, Inc. | 52,000 | 51,799 | ||||||
Transocean, Inc. | 69,000 | 67,916 | ||||||
218,868 | ||||||||
Oil Companies - Exploration & Production — 0.2% | ||||||||
Anadarko Finance Co. | 41,000 | 54,372 | ||||||
MEG Energy Corp. | 49,000 | 43,243 | ||||||
MEG Energy Corp. | 75,000 | 69,000 | ||||||
MEG Energy Corp. | 55,000 | 49,912 | ||||||
Talisman Energy, Inc. | 57,000 | 52,692 | ||||||
269,219 | ||||||||
Oil Companies - Integrated — 0.1% | ||||||||
BP Capital Markets PLC | 103,000 | 105,549 | ||||||
BP Capital Markets PLC | 61,000 | 60,954 | ||||||
Petrobras Global Finance BV | 48,000 | 49,955 | ||||||
Petroleos Mexicanos | 26,000 | 26,780 | ||||||
243,238 | ||||||||
Real Estate Operations & Development — 0.0% | ||||||||
Mattamy Group Corp. | 60,000 | 60,300 | ||||||
Security Services — 0.0% | ||||||||
Garda World Security Corp. | 56,000 | 56,000 | ||||||
30 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Steel - Producers — 0.1% | ||||||||
ArcelorMittal | $ | 75,000 | $ | 75,375 | ||||
SupraNational Banks — 0.1% | ||||||||
North American Development Bank | 157,000 | 159,715 | ||||||
Telecom Services — 0.0% | ||||||||
UPCB Finance III, Ltd. | 25,000 | 26,187 | ||||||
Telephone - Integrated — 0.1% | ||||||||
Telecom Italia Capital SA | 66,000 | 75,240 | ||||||
Telecom Italia Capital SA | 123,000 | 138,990 | ||||||
214,230 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $5,422,318) | 5,387,889 | |||||||
U.S. GOVERNMENT AGENCIES — 9.2% | ||||||||
Federal Home Loan Mtg. Corp. — 2.2% | ||||||||
1.89% due 02/01/2037 FRS | 23,575 | 24,828 | ||||||
2.50% due 01/01/2028 | 88,563 | 90,764 | ||||||
3.00% due 08/01/2027 | 337,513 | 352,158 | ||||||
3.00% due 10/01/2042 | 205,050 | 207,700 | ||||||
3.00% due 11/01/2042 | 852,559 | 863,347 | ||||||
3.00% due 04/01/2043 | 507,763 | 514,011 | ||||||
3.50% due 02/01/2042 | 215,119 | 224,089 | ||||||
3.50% due 03/01/2042 | 104,643 | 109,089 | ||||||
3.50% due 08/01/2042 | 575,485 | 600,124 | ||||||
3.50% due 09/01/2043 | 181,914 | 189,806 | ||||||
4.00% due 09/01/2040 | 83,475 | 89,119 | ||||||
4.50% due 01/01/2039 | 9,418 | 10,227 | ||||||
4.50% due 12/01/2039 | 340,092 | 374,667 | ||||||
5.00% due 10/01/2033 | 2,787 | 3,086 | ||||||
6.00% due 08/01/2036 | 77,289 | 87,410 | ||||||
6.00% due 03/01/2040 | 49,919 | 56,577 | ||||||
6.50% due 05/01/2036 | 199 | 227 | ||||||
Federal Home Loan Mtg. Corp. | 56,000 | 53,695 | ||||||
Series 2014-DN1, Class M2 | 101,000 | 99,312 | ||||||
Federal Home Loan Mtg. Corp., REMIC | 15,313 | 15,170 | ||||||
3,965,406 | ||||||||
Federal National Mtg. Assoc. — 7.0% | ||||||||
2.11% due 05/01/2037 FRS | 47,731 | 50,737 | ||||||
2.38% due 11/01/2036 FRS | 72,670 | 77,764 | ||||||
2.43% due 08/01/2035 FRS | 89,774 | 96,528 | ||||||
2.50% due 04/01/2028 | 480,067 | 491,028 | ||||||
2.98% due 10/01/2040 FRS | 56,528 | 60,325 | ||||||
3.00% due 10/01/2027 | 153,747 | 160,400 | ||||||
3.00% due 12/01/2027 | 155,308 | 162,150 | ||||||
3.00% due 01/01/2028 | 254,057 | 265,248 | ||||||
3.00% due 12/01/2042 | 64,048 | 64,812 | ||||||
3.00% due 05/01/2043 | 367,165 | 371,540 | ||||||
3.00% due December TBA | 929,000 | 939,016 | ||||||
3.50% due 08/01/2026 | 190,141 | 201,767 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) | ||||||||
3.50% due 08/01/2027 | $ | 28,793 | $ | 30,525 | ||||
3.50% due 10/01/2028 | 267,465 | 284,792 | ||||||
3.50% due 08/01/2042 | 138,331 | 144,623 | ||||||
3.50% due 08/01/2043 | 1,023,081 | 1,067,643 | ||||||
3.50% due December TBA | 1,148,000 | 1,196,521 | ||||||
4.00% due 09/01/2040 | 94,957 | 101,605 | ||||||
4.00% due 12/01/2040 | 532,010 | 568,927 | ||||||
4.00% due 10/01/2041 | 164,523 | 175,868 | ||||||
4.00% due 11/01/2041 | 215,325 | 230,173 | ||||||
4.00% due 01/01/2042 | 121,244 | 129,604 | ||||||
4.00% due 10/01/2043 | 14,894 | 15,921 | ||||||
4.00% due 12/01/2043 | 117,167 | 126,140 | ||||||
4.00% due December TBA | 1,696,000 | 1,810,745 | ||||||
4.50% due 10/01/2024 | 120,235 | 130,128 | ||||||
4.50% due 03/01/2025 | 162,545 | 173,536 | ||||||
4.50% due 01/01/2039 | 22,222 | 24,205 | ||||||
4.50% due 09/01/2039 | 110,093 | 119,919 | ||||||
4.50% due 09/01/2040 | 249,359 | 271,676 | ||||||
4.50% due 11/01/2040 | 29,777 | 32,442 | ||||||
4.50% due 05/01/2041 | 105,935 | 115,340 | ||||||
4.50% due 07/01/2041 | 48,507 | 52,842 | ||||||
4.50% due December TBA | 711,000 | 772,713 | ||||||
5.00% due 03/15/2016 | 67,000 | 71,069 | ||||||
5.00% due 11/01/2033 | 4,222 | 4,695 | ||||||
5.00% due 05/01/2040 | 67,897 | 75,727 | ||||||
5.00% due 06/01/2040 | 210,581 | 234,134 | ||||||
5.00% due 07/01/2040 | 461,504 | 511,814 | ||||||
5.50% due 12/01/2029 | 28,145 | 31,551 | ||||||
5.50% due 05/01/2034 | 179,070 | 201,888 | ||||||
5.50% due 08/01/2037 | 146,009 | 163,422 | ||||||
6.00% due 05/01/2017 | 11,145 | 11,609 | ||||||
6.00% due 12/01/2033 | 44,105 | 50,377 | ||||||
6.00% due 11/01/2038 | 112,835 | 128,193 | ||||||
6.00% due 06/01/2040 | 6,949 | 7,876 | ||||||
6.50% due 02/01/2017 | 7,648 | 7,922 | ||||||
7.50% due 06/01/2015 | 779 | 785 | ||||||
Fannie Mae Connecticut Avenue Securities FRS | 57,388 | 57,186 | ||||||
Series 2013-C01, Class M1 | ||||||||
2.16% due 10/25/2023(5) | 133,079 | 133,705 | ||||||
Federal National Mtg. Assoc., REMIC | 99,887 | 100,406 | ||||||
12,309,562 | ||||||||
Government National Mtg. Assoc. — 0.0% | ||||||||
4.00% due 03/20/2044 | 31,384 | 33,703 | ||||||
6.00% due 02/15/2029 | 3,086 | 3,495 | ||||||
6.00% due 06/15/2029 | 9,465 | 10,998 | ||||||
48,196 | ||||||||
Tennessee Valley Authority — 0.0% | ||||||||
1.75% due 10/15/2018 | 50,000 | 50,818 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $16,204,960) | 16,373,982 | |||||||
U.S. GOVERNMENT TREASURIES — 0.5% | ||||||||
United States Treasury Bonds — 0.1% | ||||||||
3.38% due 05/15/2044 | 158,000 | 172,257 | ||||||
3.63% due 02/15/2044 | 81,000 | 92,416 | ||||||
4.50% due 02/15/2036 | 27,000 | 35,047 | ||||||
299,720 | ||||||||
31 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) | ||||||||
United States Treasury Notes — 0.4% | ||||||||
0.07% due 01/31/2016 FRS | $ | 163,000 | $ | 162,978 | ||||
0.13% due 04/15/2018 TIPS(7) | 222,415 | 224,657 | ||||||
1.25% due 10/31/2015 | 16,000 | 16,164 | ||||||
2.00% due 02/15/2022 | 48,000 | 48,247 | ||||||
2.25% due 11/15/2024 | 127,000 | 127,635 | ||||||
2.38% due 08/15/2024 | 103,000 | 104,658 | ||||||
684,339 | ||||||||
Total U.S. Government Treasuries |
| |||||||
(cost $981,185) | 984,059 | |||||||
MUNICIPAL BONDS & NOTES — 0.2% |
| |||||||
Ohio State University | 91,000 | 96,522 | ||||||
Port Authority of New York & New Jersey | 83,000 | 92,736 | ||||||
Port Authority of New York & New Jersey | 100,000 | 101,253 | ||||||
Total Municipal Bonds & Notes |
| |||||||
(cost $273,112) | 290,511 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.5% |
| |||||||
Banks - Export/Import — 0.1% |
| |||||||
Export-Import Bank of China | 248,000 | 250,122 | ||||||
Electric - Distribution — 0.1% |
| |||||||
Hydro-Quebec | 90,000 | 90,863 | ||||||
Regional Authority — 0.1% |
| |||||||
Province of British Columbia | 89,000 | 90,275 | ||||||
Sovereign — 0.2% |
| |||||||
Government of Canada | 91,000 | 91,405 | ||||||
Republic of Portugal | 91,000 | 95,015 | ||||||
United Mexican States | 149,000 | 153,768 | ||||||
United Mexican States | 73,000 | 75,318 | ||||||
415,506 | ||||||||
Total Foreign Government Obligations |
| |||||||
(cost $820,282) | 846,766 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $150,647,115) | 165,939,726 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 15.3% |
| |||||||
Registered Investment Companies — 6.1% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(8) | 10,847,789 | 10,847,789 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Time Deposits — 9.0% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 15,995,000 | $ | 15,995,000 | ||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | ||||||||
0.01% due 12/18/2014(9) | 115,000 | 115,000 | ||||||
0.02% due 12/18/2014(9) | 145,000 | 144,998 | ||||||
259,998 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $27,102,787) | 27,102,787 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $177,749,902)(10) | 108.8 | % | 193,042,513 | |||||
Liabilities in excess of other assets | (8.8 | ) | (15,624,291 | ) | ||||
NET ASSETS | 100.0 | % | $ | 177,418,222 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2014, the aggregate value of these securities was $10,342,067 representing 5.8% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Illiquid security. At November 30, 2014, the aggregate value of these securities was $11,041 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) | Perpetual maturity — maturity date reflects the next call date. |
(4) | Commercial Mortgage Backed Security |
(5) | Collateralized Mortgage Obligation |
(6) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2014. |
(7) | Principal amount of security is adjusted for inflation. |
(8) | At November 30, 2014, the Fund had loaned securities with a total value of $13,753,315. This was secured by collateral of $10,847,789, which was received in cash and subsequently invested in short-term investments currently valued at $10,847,789 as reported in the portfolio of investments. Additional collateral of $3,485,313 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||
United States Treasury Bills | zero coupon | 01/22/2015 to 08/20/2015 | $2,693 | |||
United States Treasury Notes/Bonds | zero coupon to 5.50% | 12/15/2014 to 02/15/2044 | 3,482,620 |
(9) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(10) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
BR—Bearer Shares
REMIC—Real Estate Mortgage Investment Conduit
TIPS—Treasury Inflation Protected Securities
TBA—Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.
32 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of November 30, 2014 and unless noted otherwise, the dates shown are the original maturity dates.
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2014 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
54 | Long | Mini MSCI Emerging Market Index | December 2014 | $ | 2,845,962 | $ | 2,695,410 | $ | (150,552 | ) | ||||||||||||
30 | Short | S&P 500 E-Mini Index | December 2014 | 2,911,047 | 3,099,450 | (188,403 | ) | |||||||||||||||
$ | (338,955 | ) | ||||||||||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Television | $ | 8,989 | $ | — | $ | 11,020 | $ | 20,009 | ||||||||
Other Industries | 99,456,403 | — | — | 99,456,403 | ||||||||||||
Exchange-Traded Funds | 13,588,984 | — | — | 13,588,984 | ||||||||||||
Preferred Securities | 563,114 | — | — | 563,114 | ||||||||||||
Preferred Securities/Capital Securities | — | 1,552,119 | — | 1,552,119 | ||||||||||||
Rights | 5,106 | — | — | 5,106 | ||||||||||||
Asset Backed Securities: | ||||||||||||||||
Diversified Financial Services | — | 2,773,913 | 617,982 | 3,391,895 | ||||||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Recycling | — | — | 2 | 2 | ||||||||||||
Other Industries | — | 23,478,887 | — | 23,478,887 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 5,387,889 | — | 5,387,889 | ||||||||||||
U.S. Government Agencies | — | 16,373,982 | — | 16,373,982 | ||||||||||||
U.S. Government Treasuries | — | 984,059 | — | 984,059 | ||||||||||||
Municipal Bonds & Notes | — | 290,511 | — | 290,511 | ||||||||||||
Foreign Government Obligations | — | 846,766 | — | 846,766 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 10,847,789 | — | — | 10,847,789 | ||||||||||||
Other Short-Term Investments | — | 16,254,998 | — | 16,254,998 | ||||||||||||
Total Investments at Value | $ | 124,470,385 | $ | 67,943,124 | $ | 629,004 | $ | 193,042,513 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts | $ | 338,955 | $ | — | $ | — | $ | 338,955 | ||||||||
* | For a detailed presentation of investments, 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
33 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 11.1 | % | ||
Web Portals/ISP | 7.6 | |||
E-Commerce/Products | 6.2 | |||
E-Commerce/Services | 4.1 | |||
Medical — Wholesale Drug Distribution | 3.7 | |||
Finance — Credit Card | 3.1 | |||
Oil Companies — Exploration & Production | 3.0 | |||
Medical — Drugs | 2.9 | |||
Casino Hotels | 2.9 | |||
Retail — Restaurants | 2.7 | |||
Diversified Manufacturing Operations | 2.6 | |||
Commercial Services — Finance | 2.6 | |||
Internet Content — Entertainment | 2.5 | |||
Airlines | 2.5 | |||
Retail — Building Products | 2.5 | |||
Transport — Rail | 2.1 | |||
Real Estate Investment Trusts | 2.1 | |||
Coatings/Paint | 1.8 | |||
Applications Software | 1.8 | |||
Metal Processors & Fabrication | 1.7 | |||
Aerospace/Defense | 1.5 | |||
Computers | 1.4 | |||
Investment Management/Advisor Services | 1.4 | |||
Instruments — Scientific | 1.4 | |||
Chemicals — Specialty | 1.3 | |||
Retail — Auto Parts | 1.3 | |||
Machinery — General Industrial | 1.2 | |||
Medical Products | 1.2 | |||
Retail — Drug Store | 1.1 | |||
Retail — Apparel/Shoe | 1.1 | |||
Registered Investment Companies | 1.0 | |||
Diversified Banking Institutions | 1.0 | |||
Apparel Manufacturers | 1.0 | |||
Internet Application Software | 1.0 | |||
Transport — Services | 0.9 | |||
Medical — Generic Drugs | 0.9 | |||
Finance — Investment Banker/Broker | 0.9 | |||
Banks — Fiduciary | 0.8 | |||
Internet Content — Information/News | 0.7 | |||
Medical Instruments | 0.7 | |||
Retail — Discount | 0.6 | |||
Hotels/Motels | 0.6 | |||
Data Processing/Management | 0.6 | |||
Retail — Gardening Products | 0.6 | |||
Therapeutics | 0.6 | |||
Finance — Other Services | 0.5 | |||
Multimedia | 0.5 | |||
Athletic Footwear | 0.5 | |||
Computer Services | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Industrial Gases | 0.3 | |||
Telephone — Integrated | 0.3 | |||
Insurance Brokers | 0.3 | |||
Instruments — Controls | 0.3 | |||
Transport — Truck | 0.3 | |||
Medical — HMO | 0.2 | |||
Retail — Automobile | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Entertainment Software | 0.2 | |||
Computer Software | 0.2 | |||
Filtration/Separation Products | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Cruise Lines | 0.1 | |||
Software Tools | 0.1 | |||
Beverages — Non-alcoholic | 0.1 |
Computer Aided Design | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
100.6 | % | |||
* | Calculated as a percentage of net assets |
34 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.6% |
| |||||||
Aerospace/Defense — 1.5% |
| |||||||
Boeing Co. | 73,600 | $ | 9,888,896 | |||||
Airlines — 2.5% |
| |||||||
American Airlines Group, Inc. | 204,400 | 9,919,532 | ||||||
Delta Air Lines, Inc. | 10,700 | 499,369 | ||||||
United Continental Holdings, Inc.† | 92,900 | 5,688,267 | ||||||
16,107,168 | ||||||||
Apparel Manufacturers — 1.0% |
| |||||||
Hanesbrands, Inc. | 36,000 | 4,165,920 | ||||||
Michael Kors Holdings, Ltd.† | 21,100 | 1,618,581 | ||||||
Ralph Lauren Corp. | 700 | 129,430 | ||||||
VF Corp. | 6,300 | 473,571 | ||||||
6,387,502 | ||||||||
Applications Software — 1.8% |
| |||||||
Intuit, Inc. | 1,500 | 140,805 | ||||||
Microsoft Corp. | 9,500 | 454,195 | ||||||
Red Hat, Inc.† | 55,500 | 3,449,325 | ||||||
salesforce.com, Inc.† | 125,400 | 7,507,698 | ||||||
11,552,023 | ||||||||
Athletic Footwear — 0.5% |
| |||||||
NIKE, Inc., Class B | 29,400 | 2,919,126 | ||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
Tesla Motors, Inc.†# | 10,500 | 2,567,460 | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Delphi Automotive PLC | 12,100 | 882,695 | ||||||
Banks - Fiduciary — 0.8% |
| |||||||
Northern Trust Corp. | 10,300 | 697,619 | ||||||
State Street Corp. | 60,700 | 4,657,511 | ||||||
5,355,130 | ||||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Monster Beverage Corp.† | 3,300 | 370,095 | ||||||
PepsiCo, Inc. | 800 | 80,080 | ||||||
450,175 | ||||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Constellation Brands, Inc., Class A† | 8,000 | 771,200 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery Communications, Inc., Class C† | 8,700 | 295,887 | ||||||
Casino Hotels — 2.9% |
| |||||||
Las Vegas Sands Corp. | 64,200 | 4,088,898 | ||||||
MGM Resorts International† | 123,200 | 2,810,192 | ||||||
Wynn Macau, Ltd. | 495,600 | 1,623,263 | ||||||
Wynn Resorts, Ltd. | 57,100 | 10,198,631 | ||||||
18,720,984 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
PPG Industries, Inc. | 5,700 | 1,247,274 | ||||||
Chemicals - Specialty — 1.3% |
| |||||||
Ashland, Inc. | 6,100 | 695,705 | ||||||
Ecolab, Inc. | 71,700 | 7,811,715 | ||||||
8,507,420 | ||||||||
Coatings/Paint — 1.8% |
| |||||||
Sherwin-Williams Co. | 48,600 | 11,900,196 | ||||||
Coffee — 0.0% |
| |||||||
Keurig Green Mountain, Inc. | 1,100 | 156,354 | ||||||
Commercial Services - Finance — 2.6% |
| |||||||
MasterCard, Inc., Class A | 193,500 | 16,890,615 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 7,000 | $ | 434,000 | |||||
Computer Services — 0.4% |
| |||||||
Cognizant Technology Solutions Corp., Class A† | 14,000 | 755,860 | ||||||
IHS, Inc., Class A† | 16,800 | 2,057,328 | ||||||
2,813,188 | ||||||||
Computer Software — 0.2% |
| |||||||
Akamai Technologies, Inc.† | 15,800 | 1,020,838 | ||||||
Computers — 1.4% |
| |||||||
Apple, Inc. | 79,200 | 9,419,256 | ||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Estee Lauder Cos., Inc., Class A | 32,800 | 2,431,792 | ||||||
Cruise Lines — 0.1% |
| |||||||
Carnival Corp. | 11,600 | 512,256 | ||||||
Data Processing/Management — 0.6% |
| |||||||
Fiserv, Inc.† | 57,300 | 4,096,377 | ||||||
Distribution/Wholesale — 0.0% |
| |||||||
Fossil Group, Inc.† | 1,900 | 212,268 | ||||||
Diversified Banking Institutions — 1.0% |
| |||||||
Citigroup, Inc. | 3,000 | 161,910 | ||||||
Morgan Stanley | 178,900 | 6,293,702 | ||||||
6,455,612 | ||||||||
Diversified Manufacturing Operations — 2.6% |
| |||||||
3M Co. | 6,600 | 1,056,594 | ||||||
Danaher Corp. | 193,380 | 16,158,833 | ||||||
17,215,427 | ||||||||
E-Commerce/Products — 6.2% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 68,921 | 7,694,340 | ||||||
Amazon.com, Inc.† | 81,500 | 27,599,160 | ||||||
Vipshop Holdings, Ltd. ADR† | 211,000 | 4,823,460 | ||||||
40,116,960 | ||||||||
E-Commerce/Services — 4.1% |
| |||||||
Ctrip.com International, Ltd. ADR† | 45,500 | 2,460,640 | ||||||
Netflix, Inc.† | 13,400 | 4,644,306 | ||||||
Priceline Group, Inc.† | 17,000 | 19,723,230 | ||||||
26,828,176 | ||||||||
Entertainment Software — 0.2% |
| |||||||
Electronic Arts, Inc.† | 26,800 | 1,177,324 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
Pall Corp. | 9,400 | 903,434 | ||||||
Finance - Credit Card — 3.1% |
| |||||||
American Express Co. | 40,100 | 3,706,042 | ||||||
Visa, Inc., Class A | 64,300 | 16,601,617 | ||||||
20,307,659 | ||||||||
Finance - Investment Banker/Broker — 0.9% |
| |||||||
TD Ameritrade Holding Corp. | 164,400 | 5,689,884 | ||||||
Finance - Other Services — 0.5% |
| |||||||
Intercontinental Exchange, Inc. | 15,000 | 3,389,850 | ||||||
Hotels/Motels — 0.6% |
| |||||||
Hilton Worldwide Holdings, Inc.† | 90,859 | 2,382,323 | ||||||
Marriott International, Inc., Class A | 14,390 | 1,133,788 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 7,600 | 600,400 | ||||||
4,116,511 | ||||||||
Industrial Gases — 0.3% | ||||||||
Praxair, Inc. | 17,400 | 2,233,812 | ||||||
35 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Instruments - Controls — 0.3% | ||||||||
Honeywell International, Inc. | 17,700 | $ | 1,753,539 | |||||
Instruments - Scientific — 1.4% | ||||||||
Thermo Fisher Scientific, Inc. | 70,100 | 9,063,229 | ||||||
Insurance Brokers — 0.3% | ||||||||
Marsh & McLennan Cos., Inc. | 33,500 | 1,895,765 | ||||||
Internet Application Software — 1.0% | ||||||||
Tencent Holdings, Ltd. | 391,000 | 6,252,047 | ||||||
Internet Content - Entertainment — 2.5% | ||||||||
Facebook, Inc., Class A† | 199,841 | 15,527,646 | ||||||
Twitter, Inc.† | 21,700 | 905,758 | ||||||
16,433,404 | ||||||||
Internet Content - Information/News — 0.7% | ||||||||
LinkedIn Corp., Class A† | 20,200 | 4,570,654 | ||||||
Investment Management/Advisor Services — 1.4% | ||||||||
Ameriprise Financial, Inc. | 32,540 | 4,287,796 | ||||||
Invesco, Ltd. | 119,200 | 4,810,912 | ||||||
9,098,708 | ||||||||
Machinery - General Industrial — 1.2% | ||||||||
Roper Industries, Inc. | 25,600 | 4,040,192 | ||||||
Wabtec Corp. | 45,500 | 4,026,295 | ||||||
8,066,487 | ||||||||
Machinery - Pumps — 0.1% | ||||||||
Flowserve Corp. | 13,800 | 812,406 | ||||||
Medical Instruments — 0.7% | ||||||||
Intuitive Surgical, Inc.† | 8,500 | 4,401,045 | ||||||
Medical Products — 1.2% | ||||||||
Becton Dickinson and Co. | 22,000 | 3,087,260 | ||||||
Cooper Cos., Inc. | 2,500 | 422,250 | ||||||
Covidien PLC | 23,500 | 2,373,500 | ||||||
Stryker Corp. | 21,800 | 2,025,438 | ||||||
7,908,448 | ||||||||
Medical - Biomedical/Gene — 11.1% | ||||||||
Alexion Pharmaceuticals, Inc.† | 70,900 | 13,818,410 | ||||||
Biogen Idec, Inc.† | 48,800 | 15,015,272 | ||||||
Celgene Corp.† | 123,800 | 14,074,822 | ||||||
Gilead Sciences, Inc.† | 229,900 | 23,063,568 | ||||||
Regeneron Pharmaceuticals, Inc.† | 10,000 | 4,161,100 | ||||||
Vertex Pharmaceuticals, Inc.† | 21,700 | 2,557,996 | ||||||
72,691,168 | ||||||||
Medical - Drugs — 2.9% | ||||||||
AbbVie, Inc. | 900 | 62,280 | ||||||
Allergan, Inc. | 57,500 | 12,298,675 | ||||||
Eli Lilly & Co. | 13,400 | 912,808 | ||||||
Valeant Pharmaceuticals International, Inc.† | 39,400 | 5,730,730 | ||||||
19,004,493 | ||||||||
Medical - Generic Drugs — 0.9% | ||||||||
Actavis PLC† | 21,000 | 5,682,810 | ||||||
Perrigo Co. PLC | 400 | 64,076 | ||||||
5,746,886 | ||||||||
Medical - HMO — 0.2% | ||||||||
Anthem, Inc. | 500 | 63,955 | ||||||
UnitedHealth Group, Inc. | 14,600 | 1,439,998 | ||||||
1,503,953 | ||||||||
Medical - Wholesale Drug Distribution — 3.7% | ||||||||
AmerisourceBergen Corp. | 27,000 | 2,458,350 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Wholesale Drug Distribution (continued) | ||||||||
Cardinal Health, Inc. | 41,400 | $ | 3,402,666 | |||||
McKesson Corp. | 87,800 | 18,504,728 | ||||||
24,365,744 | ||||||||
Metal Processors & Fabrication — 1.7% | ||||||||
Precision Castparts Corp. | 45,500 | 10,824,450 | ||||||
Motorcycle/Motor Scooter — 0.1% | ||||||||
Harley-Davidson, Inc. | 5,800 | 404,144 | ||||||
Multimedia — 0.5% | ||||||||
Time Warner, Inc. | 800 | 68,096 | ||||||
Twenty-First Century Fox, Inc., Class A | 4,400 | 161,920 | ||||||
Walt Disney Co. | 33,900 | 3,136,089 | ||||||
3,366,105 | ||||||||
Oil Companies - Exploration & Production — 3.0% | ||||||||
Cimarex Energy Co. | 3,600 | 377,820 | ||||||
Concho Resources, Inc.† | 32,900 | 3,133,725 | ||||||
Continental Resources, Inc.†# | 24,800 | 1,016,304 | ||||||
EOG Resources, Inc. | 1,000 | 86,720 | ||||||
EQT Corp. | 57,500 | 5,231,350 | ||||||
Pioneer Natural Resources Co. | 42,600 | 6,101,598 | ||||||
Range Resources Corp. | 51,128 | 3,356,553 | ||||||
19,304,070 | ||||||||
Oil - Field Services — 0.0% | ||||||||
Schlumberger, Ltd. | 900 | 77,355 | ||||||
Real Estate Investment Trusts — 2.1% | ||||||||
American Tower Corp. | 128,500 | 13,493,785 | ||||||
Recreational Vehicles — 0.0% | ||||||||
Polaris Industries, Inc. | 1,300 | 203,723 | ||||||
Retail - Apparel/Shoe — 1.1% | ||||||||
L Brands, Inc. | 38,300 | 3,098,470 | ||||||
PVH Corp. | 1,300 | 165,282 | ||||||
Ross Stores, Inc. | 39,400 | 3,604,312 | ||||||
6,868,064 | ||||||||
Retail - Auto Parts — 1.3% | ||||||||
AutoZone, Inc.† | 2,100 | 1,213,191 | ||||||
O’Reilly Automotive, Inc.† | 39,200 | 7,163,408 | ||||||
8,376,599 | ||||||||
Retail - Automobile — 0.2% | ||||||||
CarMax, Inc.†# | 24,000 | 1,367,520 | ||||||
Retail - Building Products — 2.5% | ||||||||
Home Depot, Inc. | 67,100 | 6,669,740 | ||||||
Lowe’s Cos., Inc. | 145,900 | 9,312,797 | ||||||
15,982,537 | ||||||||
Retail - Discount — 0.6% | ||||||||
Costco Wholesale Corp. | 29,500 | 4,192,540 | ||||||
Retail - Drug Store — 1.1% | ||||||||
CVS Health Corp. | 55,500 | 5,070,480 | ||||||
Walgreen Co. | 34,100 | 2,339,601 | ||||||
7,410,081 | ||||||||
Retail - Gardening Products — 0.6% | ||||||||
Tractor Supply Co. | 53,200 | 4,092,676 | ||||||
Retail - Jewelry — 0.1% | ||||||||
Tiffany & Co. | 7,000 | 755,440 | ||||||
Retail - Restaurants — 2.7% | ||||||||
Chipotle Mexican Grill, Inc.† | 11,600 | 7,697,992 | ||||||
Starbucks Corp. | 122,500 | 9,948,225 | ||||||
17,646,217 | ||||||||
36 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Software Tools — 0.1% | ||||||||
VMware, Inc., Class A† | 5,800 | $ | 510,168 | |||||
Telephone - Integrated — 0.3% | ||||||||
SoftBank Corp. | 32,200 | 2,160,686 | ||||||
Therapeutics — 0.6% | ||||||||
Pharmacyclics, Inc.† | 28,600 | 3,986,554 | ||||||
Transport - Rail — 2.1% | ||||||||
Canadian Pacific Railway, Ltd. | 16,200 | 3,129,192 | ||||||
Kansas City Southern | 38,800 | 4,614,872 | ||||||
Union Pacific Corp. | 51,500 | 6,013,655 | ||||||
13,757,719 | ||||||||
Transport - Services — 0.9% | ||||||||
FedEx Corp. | 32,600 | 5,808,668 | ||||||
Transport - Truck — 0.3% | ||||||||
J.B. Hunt Transport Services, Inc. | 19,800 | 1,634,094 | ||||||
Web Portals/ISP — 7.6% | ||||||||
Baidu, Inc. ADR† | 68,300 | 16,741,013 | ||||||
Google, Inc., Class A† | 28,300 | 15,538,964 | ||||||
Google, Inc., Class C† | 30,100 | 16,309,083 | ||||||
NAVER Corp. | 1,618 | 1,104,028 | ||||||
49,693,088 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $394,936,088) | 649,458,988 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.0% | ||||||||
Registered Investment Companies — 1.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 5,111,668 | $ | 5,111,668 | |||||
T. Rowe Price Reserve Investment Fund | 1,745,817 | 1,745,817 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $6,857,485) | 6,857,485 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $401,793,573)(2) | 100.6 | % | 656,316,473 | |||||
Liabilities in excess of other assets | (0.6 | ) | (4,042,755 | ) | ||||
NET ASSETS | 100.0 | % | $ | 652,273,718 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $4,721,159. This was secured by collateral of $5,111,668, which was received in cash and subsequently invested in short-term investments currently valued at $5,111,668 as reported in the portfolio of investments. |
(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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 649,458,988 | $ | — | $ | — | $ | 649,458,988 | ||||||||
Short-Term Investment Securities | 6,857,485 | — | — | 6,857,485 | ||||||||||||
Total Investments at Value | $ | 656,316,473 | $ | — | $ | — | $ | 656,316,473 | ||||||||
* | For a detailed presentation of investments, 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 Broad Cap Value Income Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Banks — Super Regional | 6.9 | % | ||
Diversified Banking Institutions | 6.5 | |||
Electronic Components — Semiconductors | 5.9 | |||
Medical — Drugs | 5.8 | |||
Time Deposits | 5.5 | |||
Aerospace/Defense | 3.5 | |||
Retail — Discount | 3.5 | |||
Medical — HMO | 3.4 | |||
Registered Investment Companies | 3.4 | |||
Auto/Truck Parts & Equipment — Original | 3.3 | |||
Finance — Consumer Loans | 3.3 | |||
Savings & Loans/Thrifts | 3.1 | |||
Cruise Lines | 2.9 | |||
Tobacco | 2.7 | |||
Enterprise Software/Service | 2.7 | |||
Diversified Manufacturing Operations | 2.7 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Finance — Credit Card | 2.5 | |||
Telephone — Integrated | 1.7 | |||
Medical Instruments | 1.7 | |||
Apparel Manufacturers | 1.6 | |||
Pharmacy Services | 1.6 | |||
Banks — Fiduciary | 1.6 | |||
Applications Software | 1.6 | |||
Medical — Wholesale Drug Distribution | 1.6 | |||
Tools — Hand Held | 1.6 | |||
Medical — Generic Drugs | 1.5 | |||
Building — Residential/Commercial | 1.5 | |||
Cable/Satellite TV | 1.5 | |||
Building & Construction Products — Misc. | 1.4 | |||
Investment Management/Advisor Services | 1.4 | |||
Building Products — Cement | 1.4 | |||
Banks — Commercial | 1.4 | |||
Electric Products — Misc. | 1.2 | |||
Resorts/Theme Parks | 1.2 | |||
Machinery — Construction & Mining | 1.1 | |||
Electric — Integrated | 1.1 | |||
Chemicals — Diversified | 1.0 | |||
Oil Companies — Integrated | 1.0 | |||
Instruments — Controls | 1.0 | |||
Engineering/R&D Services | 0.8 | |||
Cellular Telecom | 0.8 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Oil & Gas Drilling | 0.5 | |||
103.7 | % | |||
* | Calculated as a percentage of net assets |
38 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.8% | ||||||||
Aerospace/Defense — 3.5% | ||||||||
General Dynamics Corp. | 4,800 | $ | 697,728 | |||||
Raytheon Co. | 5,460 | 582,582 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 18,400 | 793,224 | ||||||
2,073,534 | ||||||||
Apparel Manufacturers — 1.6% | ||||||||
Hanesbrands, Inc. | 8,400 | 972,048 | ||||||
Applications Software — 1.6% | ||||||||
Microsoft Corp. | 19,835 | 948,311 | ||||||
Auto/Truck Parts & Equipment - Original — 3.3% | ||||||||
Delphi Automotive PLC | 13,600 | 992,120 | ||||||
Johnson Controls, Inc. | 19,600 | 980,000 | ||||||
1,972,120 | ||||||||
Banks - Commercial — 1.4% | ||||||||
CIT Group, Inc. | 17,000 | 829,600 | ||||||
Banks - Fiduciary — 1.6% | ||||||||
State Street Corp. | 12,410 | 952,219 | ||||||
Banks - Super Regional — 6.9% | ||||||||
Capital One Financial Corp. | 17,625 | 1,466,400 | ||||||
Fifth Third Bancorp | 28,700 | 577,444 | ||||||
PNC Financial Services Group, Inc. | 8,725 | 763,176 | ||||||
Wells Fargo & Co. | 24,145 | 1,315,419 | ||||||
4,122,439 | ||||||||
Building & Construction Products - Misc. — 1.4% | ||||||||
Owens Corning | 24,600 | 857,064 | ||||||
Building Products - Cement — 1.4% | ||||||||
CRH PLC ADR | 35,500 | 831,055 | ||||||
Building - Residential/Commercial — 1.5% | ||||||||
NVR, Inc.† | 699 | 879,810 | ||||||
Cable/Satellite TV — 1.5% | ||||||||
DIRECTV† | 10,000 | 877,100 | ||||||
Cellular Telecom — 0.8% | ||||||||
Vodafone Group PLC ADR | 13,054 | 477,124 | ||||||
Chemicals - Diversified — 1.0% | ||||||||
FMC Corp. | 5,200 | 282,880 | ||||||
Rockwood Holdings, Inc. | 4,100 | 319,595 | ||||||
602,475 | ||||||||
Cruise Lines — 2.9% | ||||||||
Carnival Corp. | 21,800 | 962,688 | ||||||
Royal Caribbean Cruises, Ltd. | 10,200 | 752,148 | ||||||
1,714,836 | ||||||||
Diversified Banking Institutions — 6.5% | ||||||||
Bank of America Corp. | 73,026 | 1,244,363 | ||||||
Citigroup, Inc. | 28,110 | 1,517,097 | ||||||
JPMorgan Chase & Co. | 18,105 | 1,089,197 | ||||||
3,850,657 | ||||||||
Diversified Manufacturing Operations — 2.7% | ||||||||
Eaton Corp. PLC | 10,800 | 732,564 | ||||||
SPX Corp. | 9,500 | 852,055 | ||||||
1,584,619 | ||||||||
Electric Products - Misc. — 1.2% | ||||||||
Emerson Electric Co. | 10,940 | 697,425 | ||||||
Electric - Integrated — 1.1% | ||||||||
Public Service Enterprise Group, Inc. | 15,300 | 639,234 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors — 5.9% | ||||||||
Fairchild Semiconductor International, Inc.† | 46,600 | $ | 751,658 | |||||
Intel Corp. | 24,600 | 916,350 | ||||||
Microchip Technology, Inc.# | 20,300 | 916,545 | ||||||
Texas Instruments, Inc. | 16,420 | 893,577 | ||||||
3,478,130 | ||||||||
Engineering/R&D Services — 0.8% | ||||||||
KBR, Inc. | 29,200 | 491,728 | ||||||
Enterprise Software/Service — 2.7% | ||||||||
CA, Inc. | 23,700 | 738,255 | ||||||
Oracle Corp. | 20,500 | 869,405 | ||||||
1,607,660 | ||||||||
Finance - Consumer Loans — 3.3% | ||||||||
Navient Corp. | 50,105 | 1,050,201 | ||||||
SLM Corp. | 92,605 | 896,416 | ||||||
1,946,617 | ||||||||
Finance - Credit Card — 2.5% | ||||||||
American Express Co. | 8,155 | 753,685 | ||||||
Discover Financial Services | 11,100 | 727,605 | ||||||
1,481,290 | ||||||||
Finance - Investment Banker/Broker — 0.7% | ||||||||
E*TRADE Financial Corp.† | 17,200 | 392,332 | ||||||
Instruments - Controls — 1.0% | ||||||||
Honeywell International, Inc. | 5,800 | 574,606 | ||||||
Investment Management/Advisor Services — 1.4% | ||||||||
Ameriprise Financial, Inc. | 6,500 | 856,505 | ||||||
Machinery - Construction & Mining — 1.1% | ||||||||
Joy Global, Inc. | 13,700 | 671,848 | ||||||
Medical Instruments — 1.7% | ||||||||
Medtronic, Inc. | 13,630 | 1,006,848 | ||||||
Medical - Drugs — 5.8% | ||||||||
Johnson & Johnson | 8,285 | 896,852 | ||||||
Merck & Co., Inc. | 14,000 | 845,600 | ||||||
Pfizer, Inc. | 26,541 | 826,752 | ||||||
Sanofi ADR | 18,600 | 898,194 | ||||||
3,467,398 | ||||||||
Medical - Generic Drugs — 1.5% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 15,600 | 888,888 | ||||||
Medical - HMO — 3.4% | ||||||||
Anthem, Inc. | 5,715 | 731,006 | ||||||
Cigna Corp. | 6,000 | 617,340 | ||||||
UnitedHealth Group, Inc. | 6,920 | 682,519 | ||||||
2,030,865 | ||||||||
Medical - Wholesale Drug Distribution — 1.6% | ||||||||
Cardinal Health, Inc. | 11,500 | 945,185 | ||||||
Oil & Gas Drilling — 0.5% | ||||||||
Seadrill, Ltd.# | 21,400 | 313,724 | ||||||
Oil Companies - Exploration & Production — 2.6% | ||||||||
ConocoPhillips | 9,065 | 598,925 | ||||||
FMSA Holdings, Inc.†# | 28,400 | 271,504 | ||||||
Occidental Petroleum Corp. | 8,365 | 667,276 | ||||||
1,537,705 | ||||||||
Oil Companies - Integrated — 1.0% |
| |||||||
BP PLC ADR | 14,635 | 575,448 | ||||||
39 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Pharmacy Services — 1.6% |
| |||||||
Omnicare, Inc. | 13,700 | $ | 963,384 | |||||
Resort/Theme Parks — 1.2% |
| |||||||
SeaWorld Entertainment, Inc. | 41,600 | 694,304 | ||||||
Retail - Discount — 3.5% |
| |||||||
Target Corp. | 14,400 | 1,065,600 | ||||||
Wal-Mart Stores, Inc. | 11,400 | 997,956 | ||||||
2,063,556 | ||||||||
Savings & Loans/Thrifts — 3.1% |
| |||||||
First Niagara Financial Group, Inc. | 55,200 | 450,984 | ||||||
New York Community Bancorp, Inc.# | 43,200 | 686,448 | ||||||
People’s United Financial, Inc. | 48,200 | 712,396 | ||||||
1,849,828 | ||||||||
Telephone - Integrated — 1.7% |
| |||||||
Verizon Communications, Inc. | 20,338 | 1,028,900 | ||||||
Tobacco — 2.7% |
| |||||||
Altria Group, Inc. | 18,370 | 923,276 | ||||||
Philip Morris International, Inc. | 8,200 | 712,826 | ||||||
1,636,102 | ||||||||
Tools - Hand Held — 1.6% |
| |||||||
Stanley Black & Decker, Inc. | 9,960 | 940,622 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $43,042,393) | 56,325,143 | |||||||
Security Description | Shares/ Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 8.9% | ||||||||
Registered Investment Companies — 3.4% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 2,025,550 | $ | 2,025,550 | |||||
Time Deposits — 5.5% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 3,234,000 | 3,234,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $5,259,550) | 5,259,550 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $48,301,943)(2) | 103.7 | % | 61,584,693 | |||||
Liabilities in excess of other assets | (3.7 | ) | (2,204,055 | ) | ||||
NET ASSETS | 100.0 | % | $ | 59,380,638 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $1,937,749. This was secured by collateral of $2,025,550, which was received in cash and subsequently invested in short-term investments currently valued at $2,025,550 as reported in the portfolio of investments. |
(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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 56,325,143 | $ | — | $ | — | $ | 56,325,143 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 2,025,550 | — | — | 2,025,550 | ||||||||||||
Time Deposits | — | 3,234,000 | — | 3,234,000 | ||||||||||||
Total Investments at Value | $ | 58,350,693 | $ | 3,234,000 | $ | — | $ | 61,584,693 | ||||||||
* | For a detailed presentation of investments, 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
40 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 24.8 | % | ||
United States Treasury Notes | 23.7 | |||
Time Deposits | 12.8 | |||
Federal Home Loan Mtg. Corp. | 9.8 | |||
Diversified Financial Services | 6.2 | |||
Banks — Commercial | 4.2 | |||
United States Treasury Bonds | 3.8 | |||
Diversified Banking Institutions | 3.5 | |||
Pipelines | 1.1 | |||
Electric — Integrated | 1.1 | |||
Sovereign | 0.9 | |||
Telephone — Integrated | 0.9 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Paper & Related Products | 0.8 | |||
Insurance — Life/Health | 0.7 | |||
Savings & Loans/Thrifts | 0.7 | |||
Insurance — Multi-line | 0.6 | |||
Diversified Manufacturing Operations | 0.6 | |||
Medical — Generic Drugs | 0.5 | |||
Oil Companies — Integrated | 0.5 | |||
Retail — Drug Store | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Machinery — Farming | 0.4 | |||
Medical Labs & Testing Services | 0.4 | |||
Registered Investment Companies | 0.4 | |||
Advertising Agencies | 0.4 | |||
Banks — Super Regional | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Municipal Bonds & Notes | 0.4 | |||
Medical — Biomedical/Gene | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Brewery | 0.3 | |||
Finance — Other Services | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Special Purpose Entities | 0.3 | |||
Banks — Fiduciary | 0.2 | |||
Schools | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Banks — Export/Import | 0.2 | |||
Insurance — Mutual | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Office Automation & Equipment | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Metal — Copper | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Medical — Drugs | 0.2 | |||
Medical Products | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Oil — Field Services | 0.2 | |||
Electric — Distribution | 0.2 | |||
Computers | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Federal Home Loan Bank | 0.1 | |||
Telecom Services | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Regional Authority | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Security Services | 0.1 | |||
SupraNational Banks | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
Electronic Components — Semiconductors | 0.1 | |||
Gold Mining | 0.1 | |||
Banks — Money Center | 0.1 | |||
Multimedia | 0.1 | |||
Networking Products | 0.1 | |||
Retail — Discount | 0.1 | |||
Diversified Minerals | 0.1 |
Retail — Mail Order | 0.1 | |||
Petrochemicals | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Steel — Specialty | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Tennessee Valley Authority | 0.1 | |||
Electric — Generation | 0.1 | |||
109.7 | % | |||
Credit Quality†#
Aaa | 67.8 | % | ||
Aa | 3.8 | |||
A | 9.8 | |||
Baa | 13.6 | |||
Ba | 2.1 | |||
Not Rated@ | 2.9 | |||
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. |
41 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 5.4% |
| |||||||
Diversified Financial Services — 5.4% |
| |||||||
American Express Credit Account Master Trust | $ | 102,000 | $ | 102,562 | ||||
Applebee’s/IHOP Funding LLC | 185,000 | 185,824 | ||||||
Avis Budget Rental Car Funding AESOP LLC | 252,000 | 254,616 | ||||||
Capital Auto Receivables Asset Trust | 446,000 | 448,741 | ||||||
Chase Issuance Trust FRS | 228,000 | 228,435 | ||||||
Citibank Credit Card Issuance Trust | 343,000 | 342,966 | ||||||
Citibank Credit Card Issuance Trust | 196,000 | 197,239 | ||||||
Citibank Credit Card Issuance Trust | 323,000 | 332,797 | ||||||
Citigroup Commercial Mtg. Trust | 420,000 | 434,575 | ||||||
Citigroup Commercial Mtg. Trust | 216,000 | 224,731 | ||||||
CLI Funding LLC | 320,308 | 322,717 | ||||||
Commercial Mtg. Trust | 219,000 | 226,116 | ||||||
Commercial Mtg. Trust | 191,000 | 198,281 | ||||||
Domino’s Pizza Master Issuer LLC | 281,179 | 298,336 | ||||||
Ford Credit Auto Owner Trust | 705,000 | 706,796 | ||||||
Ford Credit Floorplan Master Owner Trust | 361,000 | 362,002 | ||||||
GS Mtg. Securities Corp. II | 192,000 | 193,599 | ||||||
JPMBB Commercial Mtg. Securities Trust | 206,000 | 214,333 | ||||||
LB-UBS Commercial Mtg. Trust | 972,812 | 1,047,673 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 245,871 | 249,824 | ||||||
Nissan Auto Lease Trust | 375,000 | 375,536 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
NRP Mtg. Trust VRS | $ | 507,521 | $ | 507,983 | ||||
Santander Drive Auto Receivables Trust | 282,000 | 282,721 | ||||||
Sierra Timeshare 2014-2 Receivables Funding LLC | 180,005 | 181,209 | ||||||
TAL Advantage V LLC | 208,800 | 212,135 | ||||||
UBS-Barclays Commercial Mtg. Trust | 640,774 | 653,059 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 1,000,000 | 1,046,208 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 1,000,000 | 1,062,416 | ||||||
WF-RBS Commercial Mtg. Trust | 385,768 | 390,949 | ||||||
WF-RBS Commercial Mtg. Trust | 251,000 | 260,015 | ||||||
WF-RBS Commercial Mtg. Trust | 900,000 | 926,974 | ||||||
WF-RBS Commercial Mtg. Trust | 184,000 | 191,446 | ||||||
Total Asset Backed Securities | ||||||||
(cost $12,738,057) | 12,662,814 | |||||||
U.S. CORPORATE BONDS & NOTES — 18.8% |
| |||||||
Advertising Agencies — 0.4% | ||||||||
Interpublic Group of Cos., Inc. | 620,000 | 618,077 | ||||||
Interpublic Group of Cos., Inc. | 126,000 | 128,107 | ||||||
Omnicom Group, Inc. | 150,000 | 150,684 | ||||||
896,868 | ||||||||
Aerospace/Defense — 0.4% |
| |||||||
BAE Systems Holdings, Inc. | 210,000 | 214,959 | ||||||
BAE Systems Holdings, Inc. | 151,000 | 154,806 | ||||||
Boeing Co. | 302,000 | 296,184 | ||||||
Raytheon Co. | 172,000 | 175,264 | ||||||
841,213 | ||||||||
42 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
American Honda Finance Corp. | $ | 305,000 | $ | 305,216 | ||||
Daimler Finance North America LLC | 393,000 | 392,974 | ||||||
Daimler Finance North America LLC | 461,000 | 473,891 | ||||||
1,172,081 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR Financial Corp. | 335,000 | 337,937 | ||||||
Banks - Commercial — 1.1% |
| |||||||
Associated Banc-Corp | 134,000 | 134,386 | ||||||
Fifth Third Bank | 621,000 | 622,239 | ||||||
First Tennessee Bank NA | 258,000 | 259,156 | ||||||
MUFG Union Bank NA | 810,000 | 833,891 | ||||||
PNC Bank NA | 650,000 | 651,895 | ||||||
Zions Bancorporation | 28,000 | 29,533 | ||||||
2,531,100 | ||||||||
Banks - Fiduciary — 0.2% |
| |||||||
Citizens Financial Group, Inc. | 540,000 | 556,206 | ||||||
Banks - Super Regional — 0.3% |
| |||||||
Comerica, Inc. | 144,000 | 143,715 | ||||||
Wells Fargo & Co | 644,000 | 646,049 | ||||||
789,764 | ||||||||
Brewery — 0.2% |
| |||||||
Anheuser-Busch InBev Worldwide, Inc. | 507,000 | 508,176 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Scripps Networks Interactive, Inc. | 175,000 | 176,742 | ||||||
Cable/Satellite TV — 0.3% |
| |||||||
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. | 190,000 | 224,465 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Cable/Satellite TV (continued) |
| |||||||
Time Warner Cable, Inc. | $ | 159,000 | $ | 159,653 | ||||
Time Warner Cable, Inc. | 75,000 | 95,333 | ||||||
Time Warner Cable, Inc. | 195,000 | 263,746 | ||||||
743,197 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
Albemarle Corp. | 124,000 | 124,782 | ||||||
Albemarle Corp. | 134,000 | 136,656 | ||||||
Albemarle Corp. | 172,000 | 178,481 | ||||||
Lubrizol Corp. | 179,000 | 236,365 | ||||||
676,284 | ||||||||
Computers — 0.1% |
| |||||||
Hewlett-Packard Co. | 322,000 | 357,551 | ||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Procter & Gamble Co. | 176,000 | 176,851 | ||||||
Diversified Banking Institutions — 2.6% | ||||||||
Bank of America Corp. | 378,000 | 383,295 | ||||||
Citigroup, Inc. | 1,016,000 | 1,158,449 | ||||||
Goldman Sachs Group, Inc. | 310,000 | 309,761 | ||||||
Goldman Sachs Group, Inc. | 29,000 | 30,361 | ||||||
Goldman Sachs Group, Inc. | 274,000 | 308,991 | ||||||
Goldman Sachs Group, Inc. | 261,000 | 320,173 | ||||||
Goldman Sachs Group, Inc. | 726,000 | 899,041 | ||||||
JPMorgan Chase & Co. | 399,000 | 397,499 | ||||||
JPMorgan Chase & Co. | 309,000 | 312,745 | ||||||
Merrill Lynch & Co., Inc. | 334,000 | 395,876 |
43 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) | ||||||||
Morgan Stanley | $ | 892,000 | $ | 909,128 | ||||
Morgan Stanley | 147,000 | 149,039 | ||||||
Morgan Stanley | 423,000 | 454,270 | ||||||
NationsBank Corp. | 44,000 | 54,899 | ||||||
6,083,527 | ||||||||
Diversified Financial Services — 0.7% | ||||||||
General Electric Capital Corp. | 399,000 | 404,398 | ||||||
General Electric Capital Corp. | 725,000 | 900,545 | ||||||
USAA Capital Corp. | 359,000 | 360,127 | ||||||
1,665,070 | ||||||||
Diversified Manufacturing Operations — 0.6% | ||||||||
General Electric Co. | 262,000 | 260,823 | ||||||
Ingersoll-Rand Global Holding Co., Ltd. | 481,000 | 569,113 | ||||||
Parker-Hannifin Corp. | 172,000 | 179,268 | ||||||
Textron, Inc. | 305,000 | 323,525 | ||||||
1,332,729 | ||||||||
Electric - Integrated — 0.9% | ||||||||
Consolidated Edison Co. of New York, Inc. | 172,000 | 180,508 | ||||||
Dominion Gas Holdings LLC | 109,000 | 116,673 | ||||||
Dominion Resources, Inc. | 326,000 | 373,778 | ||||||
Entergy Louisiana LLC | 172,000 | 173,770 | ||||||
FirstEnergy Corp. | 262,000 | 317,705 | ||||||
FirstEnergy Transmission LLC | 240,000 | 253,246 | ||||||
Georgia Power Co. | 112,000 | 115,500 | ||||||
Southern California Edison Co. | 310,000 | 309,977 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Integrated (continued) | ||||||||
Southern Co. | $ | 259,000 | $ | 258,796 | ||||
2,099,953 | ||||||||
Electronic Components - Semiconductors — 0.1% | ||||||||
Intel Corp. | 249,000 | 248,799 | ||||||
Finance - Auto Loans — 0.1% | ||||||||
Ford Motor Credit Co. LLC | 163,000 | 162,619 | ||||||
Finance - Consumer Loans — 0.1% | ||||||||
Synchrony Financial | 253,000 | 258,457 | ||||||
Finance - Investment Banker/Broker — 0.0% | ||||||||
Lehman Brothers Holdings, Inc. | 89,000 | 13,016 | ||||||
Lehman Brothers Holdings, Inc. | 87,000 | 9 | ||||||
Lehman Brothers Holdings, Inc. | 112,000 | 11 | ||||||
13,036 | ||||||||
Finance - Other Services — 0.2% | ||||||||
National Rural Utilities Cooperative Finance Corp. | 478,000 | 478,176 | ||||||
Food - Misc./Diversified — 0.1% | ||||||||
Mondelez International, Inc. | 192,000 | 250,585 | ||||||
Food - Wholesale/Distribution — 0.1% | ||||||||
Sysco Corp. | 267,000 | 274,146 | ||||||
Insurance - Life/Health — 0.4% | ||||||||
Pacific LifeCorp | 185,000 | 211,926 | ||||||
Pricoa Global Funding I | 320,000 | 320,446 | ||||||
Principal Financial Group, Inc. | 117,000 | 117,587 | ||||||
Principal Life Global Funding II | 313,000 | 314,716 | ||||||
964,675 | ||||||||
Insurance - Multi-line — 0.4% | ||||||||
Assurant, Inc. | 477,000 | 588,671 |
44 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Insurance - Multi-line (continued) | ||||||||
Metropolitan Life Global Funding I | $ | 332,000 | $ | 337,523 | ||||
926,194 | ||||||||
Insurance - Mutual — 0.2% | ||||||||
New York Life Global Funding | 453,000 | 458,430 | ||||||
Machinery - Farming — 0.4% | ||||||||
John Deere Capital Corp. | 584,000 | 585,053 | ||||||
John Deere Capital Corp. | 429,000 | 430,355 | ||||||
1,015,408 | ||||||||
Medical Labs & Testing Services — 0.4% | ||||||||
Roche Holdings, Inc. | 441,000 | 442,128 | ||||||
Roche Holdings, Inc. | 548,000 | 551,896 | ||||||
994,024 | ||||||||
Medical Products — 0.2% | ||||||||
Becton Dickinson and Co. | 56,000 | 56,108 | ||||||
Becton Dickinson and Co. | 268,000 | 350,570 | ||||||
406,678 | ||||||||
Medical - Biomedical/Gene — 0.3% | ||||||||
Gilead Sciences, Inc. | 145,000 | 146,748 | ||||||
Gilead Sciences, Inc. | 243,000 | 250,307 | ||||||
Gilead Sciences, Inc. | 357,000 | 373,854 | ||||||
770,909 | ||||||||
Medical - Generic Drugs — 0.2% | ||||||||
Mylan, Inc. | 519,000 | 557,523 | ||||||
Metal - Copper — 0.2% | ||||||||
Freeport-McMoRan, Inc. | 230,000 | 231,401 | ||||||
Freeport-McMoRan, Inc. | 177,000 | 179,802 | ||||||
411,203 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Multimedia — 0.1% | ||||||||
Time Warner Entertainment Co. LP | $ | 159,000 | $ | 235,232 | ||||
Networking Products — 0.1% | ||||||||
Cisco Systems, Inc. | 228,000 | 229,600 | ||||||
Office Automation & Equipment — 0.2% |
| |||||||
Pitney Bowes, Inc. | 407,000 | 415,470 | ||||||
Oil Companies - Exploration & Production — 0.8% |
| |||||||
Anadarko Petroleum Corp. | 744,000 | 906,536 | ||||||
Hess Corp. | 338,000 | 372,216 | ||||||
Hess Corp. | 154,000 | 205,110 | ||||||
Noble Energy, Inc. | 148,000 | 148,678 | ||||||
Noble Energy, Inc. | 130,000 | 131,665 | ||||||
1,764,205 | ||||||||
Oil - Field Services — 0.2% |
| |||||||
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. | 126,000 | 137,813 | ||||||
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. | 210,000 | 234,412 | ||||||
372,225 | ||||||||
Paper & Related Products — 0.8% |
| |||||||
Domtar Corp. | 488,000 | 538,576 | ||||||
Georgia-Pacific LLC | 425,000 | 429,516 | ||||||
Georgia-Pacific LLC | 368,000 | 382,863 | ||||||
Georgia-Pacific LLC | 366,000 | 416,292 | ||||||
1,767,247 | ||||||||
Pipelines — 1.1% |
| |||||||
El Paso Pipeline Partners Operating Co. LLC | 131,000 | 118,397 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 892,000 | 1,023,248 | ||||||
Energy Transfer Partners LP | 371,000 | 427,906 |
45 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Pipelines (continued) |
| |||||||
Enterprise Products Operating LLC | $ | 167,000 | $ | 169,732 | ||||
Kinder Morgan, Inc. | 167,000 | 168,054 | ||||||
Kinder Morgan, Inc. | 172,000 | 175,263 | ||||||
Kinder Morgan, Inc. | 241,000 | 244,904 | ||||||
Sunoco Logistics Partners Operations LP | 166,000 | 171,072 | ||||||
2,498,576 | ||||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
HCP, Inc. | 160,000 | 165,267 | ||||||
Omega Healthcare Investors, Inc. | 239,000 | 244,856 | ||||||
410,123 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
American Campus Communities Operating Partnership LP | 168,000 | 170,358 | ||||||
Retail - Discount — 0.1% |
| |||||||
Dollar General Corp. | 215,000 | 223,501 | ||||||
Retail - Drug Store — 0.5% |
| |||||||
CVS Pass-Through Trust | 133,979 | 144,852 | ||||||
CVS Pass-Through Trust | 153,533 | 178,105 | ||||||
CVS Pass-Through Trust | 150,000 | 176,916 | ||||||
Walgreens Boots Alliance, Inc. | 322,000 | 328,851 | ||||||
Walgreens Boots Alliance, Inc. | 330,000 | 347,250 | ||||||
1,175,974 | ||||||||
Retail - Mail Order — 0.1% |
| |||||||
QVC, Inc. | 224,000 | 216,924 | ||||||
Savings & Loans/Thrifts — 0.7% |
| |||||||
Astoria Financial Corp. | 363,000 | 388,826 | ||||||
First Niagara Financial Group, Inc. | 791,000 | 887,729 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Savings & Loans/Thrifts (continued) |
| |||||||
First Niagara Financial Group, Inc. | $ | 400,000 | $ | 454,234 | ||||
1,730,789 | ||||||||
Schools — 0.2% |
| |||||||
Northwestern University | 225,000 | 235,884 | ||||||
President and Fellows of Harvard College | 113,000 | 111,137 | ||||||
University of Pennsylvania | 180,000 | 187,325 | ||||||
534,346 | ||||||||
Security Services — 0.1% |
| |||||||
ADT Corp. | 311,000 | 272,125 | ||||||
Special Purpose Entities — 0.3% |
| |||||||
MassMutual Global Funding II | 435,000 | 443,483 | ||||||
MassMutual Global Funding II | 162,000 | 157,758 | ||||||
601,241 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Valmont Industries, Inc. | 141,000 | 139,721 | ||||||
Valmont Industries, Inc. | 303,000 | 299,543 | ||||||
439,264 | ||||||||
Steel - Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc. | 175,000 | 176,512 | ||||||
Telephone - Integrated — 0.6% |
| |||||||
Verizon Communications, Inc. | 313,000 | 313,931 | ||||||
Verizon Communications, Inc. | 326,000 | 323,801 | ||||||
Verizon Communications, Inc. | 30,000 | 32,836 | ||||||
Verizon Communications, Inc. | 371,000 | 386,788 | ||||||
Verizon Communications, Inc. | 196,000 | 242,619 | ||||||
1,299,975 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $42,617,160) | 43,669,798 | |||||||
46 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 6.6% |
| |||||||
Banks - Commercial — 3.0% |
| |||||||
Abbey National Treasury Services PLC | $ | 293,000 | $ | 293,672 | ||||
ANZ New Zealand Int’l, Ltd. | 760,000 | 764,295 | ||||||
Bank of Tokyo-Mitsubishi UFJ, Ltd. | 324,000 | 323,017 | ||||||
BPCE SA | 314,000 | 309,176 | ||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 282,000 | 286,520 | ||||||
Credit Suisse | 596,000 | 596,767 | ||||||
Credit Suisse | 466,000 | 524,486 | ||||||
DBS Group Holdings, Ltd. | 672,000 | 675,510 | ||||||
ING Bank NV | 557,000 | 578,769 | ||||||
Intesa Sanpaolo SpA | 480,000 | 478,298 | ||||||
Kookmin Bank | 783,000 | 782,048 | ||||||
Macquarie Bank, Ltd. | 151,000 | 153,069 | ||||||
National Australia Bank Ltd. | 506,000 | 523,627 | ||||||
National Bank of Canada | 650,000 | 646,808 | ||||||
6,936,062 | ||||||||
Banks - Money Center — 0.1% |
| |||||||
Mizuho Bank, Ltd. | 239,000 | 239,968 | ||||||
Beverages - Non-alcoholic — 0.2% |
| |||||||
Coca-Cola Femsa SAB de CV | 410,000 | 413,485 | ||||||
Brewery — 0.1% |
| |||||||
Anheuser-Busch InBev Worldwide, Inc. | 200,000 | 200,526 | ||||||
Computers - Memory Devices — 0.1% |
| |||||||
Seagate HDD Cayman | 172,000 | 179,232 | ||||||
Diversified Banking Institutions — 0.6% |
| |||||||
Deutsche Bank AG | 573,000 | 572,134 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Royal Bank of Scotland Group PLC | $ | 196,000 | $ | 213,304 | ||||
UBS AG | 489,000 | 487,452 | ||||||
UBS AG | 223,000 | 223,027 | ||||||
1,495,917 | ||||||||
Diversified Financial Services — 0.1% |
| |||||||
Hyundai Capital Services, Inc. | 373,000 | 381,081 | ||||||
Diversified Manufacturing Operations — 0.0% |
| |||||||
Ingersoll-Rand Luxembourg Finance SA | 98,000 | 98,724 | ||||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | 218,000 | 221,890 | ||||||
E-Commerce/Products — 0.2% |
| |||||||
Alibaba Group Holding, Ltd. | 404,000 | 403,405 | ||||||
Electric - Generation — 0.1% |
| |||||||
Electricite de France SA | 122,000 | 138,568 | ||||||
Gold Mining — 0.1% |
| |||||||
Goldcorp, Inc. | 165,000 | 164,550 | ||||||
Kinross Gold Corp. | 88,000 | 84,103 | ||||||
248,653 | ||||||||
Insurance - Life/Health — 0.1% |
| |||||||
AIA Group, Ltd. | 250,000 | 249,778 | ||||||
Medical - Drugs — 0.2% |
| |||||||
Takeda Pharmaceutical Co., Ltd. | 404,000 | 407,659 | ||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Perrigo Finance PLC | 237,000 | 238,679 | ||||||
Perrigo Finance PLC | 216,000 | 217,864 | ||||||
Perrigo Finance PLC | 207,000 | 211,611 | ||||||
668,154 | ||||||||
47 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Ensco PLC | $ | 127,000 | $ | 132,407 | ||||
Transocean, Inc. | 72,000 | 62,160 | ||||||
Transocean, Inc. | 166,000 | 165,357 | ||||||
Transocean, Inc. | 157,000 | 154,534 | ||||||
514,458 | ||||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Talisman Energy, Inc. | 189,000 | 174,715 | ||||||
Oil Companies - Integrated — 0.5% |
| |||||||
BP Capital Markets PLC | 475,000 | 473,004 | ||||||
BP Capital Markets PLC | 350,000 | 358,663 | ||||||
BP Capital Markets PLC | 167,000 | 166,875 | ||||||
Petrobras Global Finance BV | 158,000 | 164,434 | ||||||
Petroleos Mexicanos | 22,000 | 22,660 | ||||||
1,185,636 | ||||||||
Petrochemicals — 0.1% |
| |||||||
Mexichem SAB de CV | 219,000 | 214,620 | ||||||
SupraNational Banks — 0.1% |
| |||||||
North American Development Bank | 257,000 | 261,444 | ||||||
Telephone - Integrated — 0.3% |
| |||||||
Telecom Italia Capital SA | 212,000 | 241,680 | ||||||
Telecom Italia Capital SA | 423,000 | 477,990 | ||||||
719,670 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $15,297,625) | 15,353,645 | |||||||
MUNICIPAL BONDS & NOTES — 0.4% |
| |||||||
Ohio State University | 241,000 | 255,624 | ||||||
Port Authority of New York & New Jersey | 216,000 | 241,337 | ||||||
Port Authority of New York & New Jersey | 335,000 | 339,197 | ||||||
Total Municipal Bonds & Notes | ||||||||
(cost $789,651) | 836,158 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES — 34.8% |
| |||||||
Federal Home Loan Bank — 0.1% |
| |||||||
5.50% due 07/15/2036 | $ | 250,000 | $ | 336,194 | ||||
Federal Home Loan Mtg. Corp. — 9.8% |
| |||||||
1.89% due 02/01/2037 FRS | 113,313 | 119,337 | ||||||
2.50% due 01/01/2028 | 407,997 | 418,133 | ||||||
2.50% due 04/01/2028 | 963,790 | 986,558 | ||||||
3.00% due 08/01/2027 | 766,888 | 800,165 | ||||||
3.00% due 10/01/2042 | 826,281 | 836,961 | ||||||
3.00% due 11/01/2042 | 1,389,090 | 1,406,674 | ||||||
3.00% due 02/01/2043 | 457,628 | 463,294 | ||||||
3.00% due 04/01/2043 | 895,502 | 906,519 | ||||||
3.00% due 05/01/2043 | 1,393,153 | 1,411,156 | ||||||
3.00% due 08/01/2043 | 941,404 | 952,695 | ||||||
3.50% due 11/01/2041 | 1,086,866 | 1,133,334 | ||||||
3.50% due 03/01/2042 | 314,617 | 327,985 | ||||||
3.50% due 04/01/2042 | 1,764,545 | 1,839,875 | ||||||
3.50% due 06/01/2042 | 2,357,570 | 2,457,015 | ||||||
3.50% due 08/01/2042 | 420,890 | 439,162 | ||||||
4.00% due 09/01/2040 | 167,393 | 178,711 | ||||||
4.50% due 01/01/2039 | 36,626 | 39,772 | ||||||
4.50% due 06/01/2040 | 1,208,976 | 1,330,826 | ||||||
4.50% due 06/01/2041 | 1,441,070 | 1,565,625 | ||||||
5.00% due 10/01/2033 | 2,483 | 2,749 | ||||||
5.00% due 06/01/2039 | 704,251 | 786,601 | ||||||
5.00% due 07/01/2040 | 1,275,209 | 1,418,029 | ||||||
5.50% due 11/01/2018 | 56,972 | 60,552 | ||||||
5.50% due 02/01/2035 | 241,988 | 270,209 | ||||||
6.00% due 10/01/2033 | 182,511 | 208,237 | ||||||
6.00% due 03/01/2040 | 1,705 | 1,932 | ||||||
6.50% due 02/01/2035 | 8,033 | 9,139 | ||||||
6.50% due 01/01/2036 | 23,046 | 26,220 | ||||||
6.75% due 09/15/2029 | 500,000 | 728,136 | ||||||
6.75% due 03/15/2031 | 250,000 | 369,150 | ||||||
7.00% due 11/01/2016 | 3,236 | 3,332 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
Structured Agency Credit Risk FRS | ||||||||
1.81% due 04/25/2024(2) | 253,000 | 242,588 | ||||||
Series 2014-HQ1, Class M1 | ||||||||
1.81% due 08/25/2024 FRS(2) | 494,532 | 494,224 | ||||||
Series 2014-DN1, Class M2 | ||||||||
2.36% due 02/25/2024(2) | 461,000 | 453,296 | ||||||
Federal Home Loan Mtg. Corp., | 68,624 | 67,983 | ||||||
Series 3572, Class JS | ||||||||
6.65% due 09/15/2039 FRS(2)(4) | 631,249 | 104,112 | ||||||
22,860,286 | ||||||||
Federal National Mtg. Assoc. — 24.8% |
| |||||||
2.11% due 05/01/2037 FRS | 214,659 | 228,182 | ||||||
2.38% due 11/01/2036 FRS | 425,158 | 454,959 | ||||||
2.43% due 08/01/2035 FRS | 471,019 | 506,455 | ||||||
2.50% due 04/01/2028 | 1,369,442 | 1,400,710 | ||||||
2.98% due 10/01/2040 FRS | 255,571 | 272,739 | ||||||
3.00% due 10/01/2027 | 192,184 | 200,500 | ||||||
3.00% due 12/01/2027 | 1,553,076 | 1,621,501 | ||||||
3.00% due 01/01/2028 | 1,693,715 | 1,768,323 | ||||||
3.00% due 03/01/2042 | 465,173 | 471,263 | ||||||
3.00% due 12/01/2042 | 1,041,731 | 1,054,361 | ||||||
3.00% due December TBA | 6,786,000 | 6,868,783 | ||||||
3.50% due 08/01/2026 | 345,710 | 366,849 | ||||||
3.50% due 09/01/2026 | 99,850 | 106,094 | ||||||
3.50% due 08/01/2027 | 179,760 | 190,578 | ||||||
3.50% due 10/01/2028 | 891,551 | 949,308 | ||||||
3.50% due 12/01/2041 | 733,699 | 767,038 | ||||||
3.50% due 06/01/2042 | 500,995 | 523,214 |
48 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
3.50% due 07/01/2042 | $ | 126,227 | $ | 129,934 | ||||
3.50% due 08/01/2042 | �� | 1,201,373 | 1,246,141 | |||||
3.50% due 08/01/2043 | 932,241 | 972,847 | ||||||
3.50% due December TBA | 6,067,000 | 6,330,253 | ||||||
4.00% due 04/01/2039 | 344,811 | 368,588 | ||||||
4.00% due 07/01/2040 | 245,643 | 264,226 | ||||||
4.00% due 09/01/2040 | 178,602 | 191,086 | ||||||
4.00% due 10/01/2040 | 180,759 | 193,224 | ||||||
4.00% due 12/01/2040 | 1,995,037 | 2,133,478 | ||||||
4.00% due 03/01/2041 | 322,850 | 345,365 | ||||||
4.00% due 10/01/2041 | 1,984,241 | 2,121,071 | ||||||
4.00% due 11/01/2041 | 1,087,722 | 1,162,729 | ||||||
4.00% due 01/01/2042 | 155,192 | 165,894 | ||||||
4.00% due 12/01/2043 | 974,188 | 1,048,792 | ||||||
4.00% due December TBA | 4,446,000 | 4,746,800 | ||||||
4.50% due 11/01/2022 | 261,311 | 277,560 | ||||||
4.50% due 10/01/2024 | 541,059 | 585,577 | ||||||
4.50% due 01/01/2039 | 82,436 | 89,791 | ||||||
4.50% due 09/01/2039 | 467,291 | 508,998 | ||||||
4.50% due 09/01/2040 | 1,272,930 | 1,386,857 | ||||||
4.50% due 11/01/2040 | 382,440 | 416,667 | ||||||
4.50% due 12/01/2040 | 761,612 | 829,755 | ||||||
4.50% due 05/01/2041 | 593,246 | 645,914 | ||||||
4.50% due 07/01/2041 | 257,366 | 280,367 | ||||||
4.50% due December TBA | 2,440,000 | 2,651,785 | ||||||
5.00% due 03/15/2016 | 1,140,000 | 1,209,233 | ||||||
5.00% due 05/11/2017 | 500,000 | 550,585 | ||||||
5.00% due 10/01/2033 | 7,544 | 8,392 | ||||||
5.00% due 03/01/2034 | 97,524 | 108,090 | ||||||
5.00% due 05/01/2039 | 925,657 | 1,028,148 | ||||||
5.00% due 05/01/2040 | 236,570 | 263,853 | ||||||
5.00% due 06/01/2040 | 147,940 | 164,486 | ||||||
5.00% due 07/01/2040 | 541,089 | 599,709 | ||||||
5.00% due December TBA | 511,000 | 566,571 | ||||||
5.50% due 12/01/2029 | 161,911 | 181,506 | ||||||
5.50% due 04/01/2033 | 125,604 | 141,779 | ||||||
5.50% due 12/01/2033 | 126,250 | 142,253 | ||||||
5.50% due 05/01/2034 | 165,181 | 186,229 | ||||||
5.50% due 07/01/2037 | 741,833 | 829,541 | ||||||
5.50% due 08/01/2037 | 492,779 | 551,549 | ||||||
5.50% due 06/01/2038 | 72,576 | 81,655 | ||||||
6.00% due 03/01/2016 | 218 | 219 | ||||||
6.00% due 12/01/2016 | 5,249 | 5,445 | ||||||
6.00% due 11/01/2017 | 15,992 | 16,695 | ||||||
6.00% due 12/01/2020 | 45,805 | 48,312 | ||||||
6.00% due 12/01/2033 | 100,101 | 114,334 | ||||||
6.00% due 12/01/2036 | 952,266 | 1,080,544 | ||||||
6.00% due 05/01/2038 | 200,446 | 227,552 | ||||||
6.00% due 11/01/2038 | 276,958 | 314,657 | ||||||
6.00% due 06/01/2040 | 208,471 | 236,267 | ||||||
6.50% due 10/01/2037 | 78,399 | 89,184 | ||||||
7.50% due 08/01/2015 | 27 | 27 | ||||||
Fannie Mae Connecticut Avenue Securities FRS | ||||||||
Series 2014-C01, Class M1 | ||||||||
1.76% due 01/25/2024(2) | 482,058 | 480,366 | ||||||
Series 2013-C01, Class M1 | ||||||||
2.16% due 10/25/2023(2) | 604,678 | 607,523 | ||||||
Federal National Mtg. Assoc., REMIC | 788,585 | 792,678 | ||||||
57,471,938 | ||||||||
Tennessee Valley Authority — 0.1% |
| |||||||
1.75% due 10/15/2018 | 155,000 | 157,536 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $79,700,455) | 80,825,954 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 27.8% |
| |||||||
United States Treasury Bonds — 3.8% |
| |||||||
2.75% due 11/15/2042 | $ | 423,000 | $ | 409,286 | ||||
3.13% due 11/15/2041 | 809,000 | 847,680 | ||||||
3.13% due 02/15/2042 | 408,000 | 426,455 | ||||||
3.13% due 08/15/2044 | 85,000 | 88,466 | ||||||
3.38% due 05/15/2044 | 958,000 | 1,044,444 | ||||||
3.50% due 02/15/2039 | 483,000 | 539,979 | ||||||
3.63% due 02/15/2044 | 1,465,000 | 1,671,474 | ||||||
3.88% due 08/15/2040 | 54,000 | 64,260 | ||||||
4.25% due 05/15/2039 | 267,000 | 335,002 | ||||||
4.38% due 11/15/2039 | 934,000 | 1,194,425 | ||||||
4.50% due 02/15/2036 | 225,000 | 292,061 | ||||||
4.50% due 05/15/2038 | 120,000 | 155,709 | ||||||
4.75% due 02/15/2037 | 587,000 | 787,910 | ||||||
5.00% due 05/15/2037 | 159,000 | 220,762 | ||||||
5.25% due 11/15/2028 | 404,000 | 537,289 | ||||||
8.13% due 08/15/2019 | 92,000 | 120,024 | ||||||
8,735,226 | ||||||||
United States Treasury Notes — 24.0% |
| |||||||
0.07% due 01/31/2016 FRS | 973,000 | 972,870 | ||||||
0.25% due 01/31/2015 | 530,000 | 530,145 | ||||||
0.25% due 08/15/2015 | 800,000 | 800,813 | ||||||
0.38% due 04/15/2015 | 540,000 | 540,675 | ||||||
0.38% due 11/15/2015 | 9,000 | 9,020 | ||||||
0.38% due 03/31/2016 | 669,000 | 670,098 | ||||||
0.50% due 07/31/2017 | 3,351,000 | 3,325,345 | ||||||
0.63% due 08/31/2017 | 6,000,000 | 5,967,186 | ||||||
0.75% due 10/31/2017 | 7,911,000 | 7,881,334 | ||||||
0.75% due 12/31/2017 | 234,000 | 232,519 | ||||||
0.88% due 02/28/2017 | 2,600,000 | 2,616,250 | ||||||
1.00% due 08/31/2016 | 103,000 | 104,102 | ||||||
1.00% due 08/31/2019 | 2,300,000 | 2,249,688 | ||||||
1.25% due 10/31/2015 | 2,222,000 | 2,244,740 | ||||||
1.38% due 11/30/2015 | 53,000 | 53,638 | ||||||
1.38% due 02/28/2019 | 510,000 | 510,478 | ||||||
1.50% due 01/31/2019 | 4,400,000 | 4,431,280 | ||||||
1.75% due 05/15/2022 | 2,390,000 | 2,354,336 | ||||||
2.00% due 02/15/2022 | 3,444,000 | 3,461,757 | ||||||
2.13% due 09/30/2021 | 800,000 | 812,062 | ||||||
2.13% due 12/31/2015 | 150,000 | 153,117 | ||||||
2.25% due 11/15/2024 | 463,000 | 465,315 | ||||||
2.38% due 08/15/2024 | 1,958,000 | 1,989,512 | ||||||
2.50% due 04/30/2015 | 500,000 | 505,117 | ||||||
2.50% due 05/15/2024 | 4,538,000 | 4,665,985 | ||||||
2.75% due 12/31/2017 | 1,511,000 | 1,593,396 | ||||||
3.13% due 05/15/2019 | 11,000 | 11,819 | ||||||
3.63% due 08/15/2019 | 27,000 | 29,662 | ||||||
3.88% due 05/15/2018 | 4,109,000 | 4,500,962 | ||||||
4.00% due 08/15/2018 | 1,403,000 | 1,548,342 | ||||||
4.25% due 08/15/2015 | 538,000 | 553,762 | ||||||
55,785,325 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $63,127,186) | 64,520,551 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.1% |
| |||||||
Banks - Export/Import — 0.2% |
| |||||||
Export-Import Bank of China | 505,000 | 509,320 | ||||||
Electric - Distribution — 0.2% |
| |||||||
Hydro-Quebec | 298,000 | 300,857 | ||||||
49 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Regional Authority — 0.1% |
| |||||||
Province of British Columbia | $ | 272,000 | $ | 275,898 | ||||
Sovereign — 0.6% |
| |||||||
Federative Republic of Brazil | 206,000 | 203,940 | ||||||
Government of Canada | 308,000 | 309,371 | ||||||
United Mexican States | 423,000 | 436,536 | ||||||
United Mexican States | 240,000 | 240,576 | ||||||
United Mexican States | 195,000 | 201,191 | ||||||
1,391,614 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $2,414,864) | 2,477,689 | |||||||
PREFERRED SECURITIES — 0.2% |
| |||||||
Electric - Integrated — 0.1% |
| |||||||
Entergy Louisiana LLC 4.70% | 7,100 | 159,608 | ||||||
Telecom Services — 0.1% |
| |||||||
Qwest Corp. 6.13%# | 13,750 | 333,438 | ||||||
Total Preferred Securities | ||||||||
(cost $521,212) | 493,046 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.4% |
| |||||||
Banks - Commercial — 0.1% |
| |||||||
Nordea Bank AB FRS | 212,000 | 212,424 | ||||||
Banks - Super Regional — 0.1% |
| |||||||
Wells Fargo Capital X | 97,000 | 98,698 | ||||||
Diversified Banking Institutions — 0.3% |
| |||||||
JPMorgan Chase & Co. FRS | 334,000 | 362,594 | ||||||
JPMorgan Chase & Co. FRS | 158,000 | 159,777 | ||||||
JPMorgan Chase & Co. FRS | 220,000 | 216,040 | ||||||
738,411 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
Dominion Resources, Inc. FRS | 154,000 | 161,122 | ||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. FRS | 281,000 | 284,015 | ||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | 78,000 | 8 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Finance - Other Services — 0.1% |
| |||||||
National Rural Utilities Cooperative Finance Corp. FRS | $ | 216,000 | $ | 213,840 | ||||
Insurance - Life/Health — 0.2% |
| |||||||
Dai-ichi Life Insurance Co., Ltd. FRS | 227,000 | 235,229 | ||||||
Prudential Financial, Inc. FRS | 283,000 | 292,197 | ||||||
527,426 | ||||||||
Insurance - Multi-line — 0.2% |
| |||||||
Farmers Exchange Capital III FRS | 220,000 | 223,025 | ||||||
MetLife, Inc. | 284,000 | 315,772 | ||||||
538,797 | ||||||||
Tools - Hand Held — 0.2% |
| |||||||
Stanley Black & Decker, Inc. FRS | 396,000 | 423,720 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $3,109,571) | 3,198,461 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $220,315,781) | 224,038,116 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 13.2% |
| |||||||
Registered Investment Companies — 0.4% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(6) | 898,647 | 898,647 | ||||||
Time Deposits — 12.8% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | 29,848,000 | 29,848,000 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $30,746,647) | 30,746,647 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $251,062,428)(8) | 109.7 | % | 254,784,763 | |||||
Liabilities in excess of other assets | (9.7 | ) | (22,578,449 | ) | ||||
NET ASSETS | 100.0 | % | $ | 232,206,314 | ||||
* | 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, 2014, the aggregate value of these securities was $18,261,598 representing 7.9% 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) | Collateralized Mortgage Obligation |
(3) | Illiquid security. At November 30, 2014, the aggregate value of these securities was $28 representing 0% of net assets. |
(4) | Interest Only |
(5) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2 |
(6) | At November 30, 2014, the Fund had loaned securities with a total value of $879,774. This was secured by collateral of $898,647, which was received in cash and subsequently invested in short-term investments currently valued at $898,647 as reported in the portfolio of investments. |
(7) | Perpetual maturity — maturity date reflects the next call date. |
(8) | See Note 5 for cost of investments on a tax basis. |
50 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
REMIC—Real Estate Mortgage Investment Conduit
TBA—Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal and maturity date will be determined upon settlement date.
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of November 30, 2014 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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Asset Backed Securities: | ||||||||||||||||
Diversified Financial Services | $ | — | $ | 11,735,840 | $ | 926,974 | $ | 12,662,814 | ||||||||
U.S. Corporate Bonds & Notes | — | 43,669,798 | — | 43,669,798 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 15,353,645 | — | 15,353,645 | ||||||||||||
Municipal Bonds & Notes | — | 836,158 | — | 836,158 | ||||||||||||
U.S. Government Agencies | — | 80,825,954 | — | 80,825,954 | ||||||||||||
U.S. Government Treasuries | — | 64,520,551 | — | 64,520,551 | ||||||||||||
Foreign Government Obligations | — | 2,477,689 | — | 2,477,689 | ||||||||||||
Preferred Securities | 493,046 | — | — | 493,046 | ||||||||||||
Preferred Securities/Capital Securities | — | 3,198,461 | — | 3,198,461 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 898,647 | — | — | 898,647 | ||||||||||||
Time Deposits | — | 29,848,000 | — | 29,848,000 | ||||||||||||
Total Investments at Value | $ | 1,391,693 | $ | 252,466,096 | $ | 926,974 | $ | 254,784,763 | ||||||||
* | For a detailed presentation of investments, 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 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
51 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 8.9 | % | ||
Banks — Super Regional | 4.7 | |||
Medical — HMO | 3.8 | |||
Oil Companies — Integrated | 3.8 | |||
Medical — Drugs | 3.6 | |||
Repurchase Agreements | 3.3 | |||
Computers — Memory Devices | 3.2 | |||
Electronic Components — Semiconductors | 2.9 | |||
Retail — Building Products | 2.5 | |||
Oil — Field Services | 2.4 | |||
Networking Products | 2.4 | |||
Oil Refining & Marketing | 2.4 | |||
Retail — Drug Store | 2.3 | |||
Finance — Credit Card | 2.3 | |||
Diversified Manufacturing Operations | 2.2 | |||
Cable/Satellite TV | 2.0 | |||
Commercial Services — Finance | 2.0 | |||
Computers | 1.9 | |||
Web Portals/ISP | 1.8 | |||
Medical — Generic Drugs | 1.7 | |||
Oil Companies — Exploration & Production | 1.6 | |||
Medical — Biomedical/Gene | 1.5 | |||
Airlines | 1.5 | |||
Aerospace/Defense | 1.5 | |||
Chemicals — Diversified | 1.4 | |||
Medical Products | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.4 | |||
Enterprise Software/Service | 1.2 | |||
Insurance — Multi-line | 1.2 | |||
Internet Content — Entertainment | 1.2 | |||
Transport — Rail | 1.2 | |||
Medical — Hospitals | 1.2 | |||
Beverages — Non-alcoholic | 1.1 | |||
Insurance — Property/Casualty | 1.0 | |||
Telephone — Integrated | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Insurance — Life/Health | 0.9 | |||
Applications Software | 0.9 | |||
Medical — Wholesale Drug Distribution | 0.9 | |||
Medical Instruments | 0.8 | |||
Food — Retail | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Transport — Services | 0.7 | |||
Finance — Consumer Loans | 0.7 | |||
Multimedia | 0.7 | |||
Computers — Integrated Systems | 0.7 | |||
Brewery | 0.6 | |||
Retail — Regional Department Stores | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Finance — Other Services | 0.6 | |||
Paper & Related Products | 0.5 | |||
Retail — Vitamins & Nutrition Supplements | 0.5 | |||
Electric — Generation | 0.5 | |||
Containers — Paper/Plastic | 0.5 | |||
Computer Services | 0.5 | |||
Casino Hotels | 0.5 | |||
Home Decoration Products | 0.5 | |||
Engineering/R&D Services | 0.4 | |||
Wireless Equipment | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Electronic Security Devices | 0.3 | |||
Registered Investment Companies | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
Real Estate Investment Trusts | 0.3 | |||
Advertising Agencies | 0.3 | |||
Internet Security | 0.3 | |||
Office Automation & Equipment | 0.2 | |||
Semiconductor Equipment | 0.2 |
Banks — Commercial | 0.2 | |||
X-Ray Equipment | 0.2 | |||
Food — Meat Products | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Electric — Integrated | 0.2 | |||
Electronic Parts Distribution | 0.2 | |||
Tools — Hand Held | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Gas — Distribution | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Metal — Iron | 0.1 | |||
Instruments — Controls | 0.1 | |||
Cellular Telecom | 0.1 | |||
Housewares | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Multilevel Direct Selling | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
100.3 | % | |||
* | Calculated as a percentage of net assets |
52 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS — 96.6% |
| |||||||
Advertising Agencies — 0.3% |
| |||||||
Alliance Data Systems Corp.† | 1,500 | $ | 428,805 | |||||
Interpublic Group of Cos., Inc. | 13,440 | 272,698 | ||||||
701,503 | ||||||||
Aerospace/Defense — 1.5% |
| |||||||
Northrop Grumman Corp. | 4,440 | 625,729 | ||||||
Raytheon Co. | 28,080 | 2,996,136 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 9,400 | 405,234 | ||||||
4,027,099 | ||||||||
Airlines — 1.5% |
| |||||||
Delta Air Lines, Inc. | 5,900 | 275,353 | ||||||
Southwest Airlines Co. | 44,700 | 1,869,354 | ||||||
United Continental Holdings, Inc.† | 31,500 | 1,928,745 | ||||||
4,073,452 | ||||||||
Applications Software — 0.9% |
| |||||||
Microsoft Corp. | 50,675 | 2,422,772 | ||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
General Motors Co. | 32,700 | 1,093,161 | ||||||
Auto/Truck Parts & Equipment - Original — 0.8% |
| |||||||
Lear Corp. | 9,650 | 925,531 | ||||||
WABCO Holdings, Inc.† | 11,000 | 1,128,820 | ||||||
2,054,351 | ||||||||
Banks - Commercial — 0.2% |
| |||||||
Regions Financial Corp. | 64,120 | 645,688 | ||||||
Banks - Fiduciary — 0.1% |
| |||||||
State Street Corp. | 2,590 | 198,731 | ||||||
Banks - Super Regional — 4.7% |
| |||||||
Capital One Financial Corp. | 24,600 | 2,046,720 | ||||||
KeyCorp | 28,400 | 383,400 | ||||||
SunTrust Banks, Inc. | 63,600 | 2,498,844 | ||||||
US Bancorp | 107,475 | 4,750,395 | ||||||
Wells Fargo & Co. | 58,685 | 3,197,159 | ||||||
12,876,518 | ||||||||
Batteries/Battery Systems — 0.1% |
| |||||||
Energizer Holdings, Inc. | 3,060 | 397,861 | ||||||
Beverages - Non-alcoholic — 1.1% |
| |||||||
Dr Pepper Snapple Group, Inc. | 39,700 | 2,937,800 | ||||||
Brewery — 0.6% |
| |||||||
Molson Coors Brewing Co., Class B | 22,400 | 1,732,640 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
PulteGroup, Inc. | 14,600 | 315,798 | ||||||
Cable/Satellite TV — 2.0% |
| |||||||
Cablevision Systems Corp., Class A | 4,150 | 84,328 | ||||||
Comcast Corp., Class A | 89,300 | 5,093,672 | ||||||
Comcast Corp., Special Class A | 3,220 | 182,928 | ||||||
Time Warner Cable, Inc. | 1,110 | 165,701 | ||||||
5,526,629 | ||||||||
Casino Hotels — 0.5% |
| |||||||
Las Vegas Sands Corp. | 19,800 | 1,261,062 | ||||||
Cellular Telecom — 0.1% |
| |||||||
U.S. Cellular Corp.† | 7,085 | 272,702 | ||||||
Chemicals - Diversified — 1.4% |
| |||||||
Akzo Nobel NV ADR | 39,930 | 918,390 | ||||||
Celanese Corp., Series A | 4,230 | 254,096 | ||||||
Dow Chemical Co. | 15,200 | 739,784 | ||||||
LyondellBasell Industries NV, Class A | 7,330 | 578,044 |
Security Description | Shares | Value | ||||||
Chemicals - Diversified (continued) |
| |||||||
PPG Industries, Inc. | 5,980 | $ | 1,308,543 | |||||
3,798,857 | ||||||||
Chemicals - Specialty — 0.2% |
| |||||||
Cabot Corp. | 12,092 | 520,923 | ||||||
Commercial Services - Finance — 2.0% |
| |||||||
MasterCard, Inc., Class A | 43,700 | 3,814,573 | ||||||
Total System Services, Inc. | 35,523 | 1,171,904 | ||||||
Western Union Co.# | 19,350 | 359,523 | ||||||
5,346,000 | ||||||||
Computer Services — 0.5% |
| |||||||
Amdocs, Ltd. | 25,978 | 1,266,298 | ||||||
Computers — 1.9% |
| |||||||
Apple, Inc. | 21,300 | 2,533,209 | ||||||
Hewlett-Packard Co. | 69,877 | 2,729,396 | ||||||
5,262,605 | ||||||||
Computers - Integrated Systems — 0.7% |
| |||||||
Brocade Communications Systems, Inc. | 156,889 | 1,774,415 | ||||||
Computers - Memory Devices — 3.2% |
| |||||||
EMC Corp. | 99,090 | 3,007,382 | ||||||
SanDisk Corp. | 16,400 | 1,696,744 | ||||||
Seagate Technology PLC | 7,700 | 509,047 | ||||||
Western Digital Corp. | 34,350 | 3,547,324 | ||||||
8,760,497 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Crown Holdings, Inc.† | 3,200 | 158,400 | ||||||
Containers - Paper/Plastic — 0.5% |
| |||||||
Packaging Corp. of America | 17,105 | 1,270,559 | ||||||
Diversified Banking Institutions — 8.9% |
| |||||||
Bank of America Corp. | 298,254 | 5,082,248 | ||||||
Citigroup, Inc. | 136,543 | 7,369,226 | ||||||
Goldman Sachs Group, Inc. | 11,300 | 2,129,033 | ||||||
JPMorgan Chase & Co. | 147,404 | 8,867,825 | ||||||
Morgan Stanley | 19,830 | 697,619 | ||||||
24,145,951 | ||||||||
Diversified Manufacturing Operations — 2.2% |
| |||||||
3M Co. | 27,950 | 4,474,515 | ||||||
Parker-Hannifin Corp. | 11,784 | 1,520,490 | ||||||
5,995,005 | ||||||||
E-Commerce/Services — 0.3% |
| |||||||
Priceline Group, Inc.† | 740 | 858,541 | ||||||
Electric - Generation — 0.5% |
| |||||||
AES Corp. | 95,450 | 1,323,891 | ||||||
Electric - Integrated — 0.2% |
| |||||||
Public Service Enterprise Group, Inc. | 11,400 | 476,292 | ||||||
Electronic Components - Misc. — 0.3% |
| |||||||
Corning, Inc. | 9,160 | 192,543 | ||||||
TE Connectivity, Ltd. | 9,130 | 586,146 | ||||||
778,689 | ||||||||
Electronic Components - Semiconductors — 2.9% |
| |||||||
Intel Corp. | 89,500 | 3,333,875 | ||||||
Micron Technology, Inc.† | 122,900 | 4,418,255 | ||||||
7,752,130 | ||||||||
Electronic Parts Distribution — 0.2% |
| |||||||
Avnet, Inc. | 10,600 | 464,174 | ||||||
53 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Security Devices — 0.3% |
| |||||||
Tyco International PLC | 21,530 | $ | 923,637 | |||||
Engineering/R&D Services — 0.4% |
| |||||||
AECOM Technology Corp.† | 38,100 | 1,219,581 | ||||||
Enterprise Software/Service — 1.2% |
| |||||||
Oracle Corp. | 78,650 | 3,335,546 | ||||||
Finance - Consumer Loans — 0.7% |
| |||||||
SLM Corp. | 192,972 | 1,867,969 | ||||||
Finance - Credit Card — 2.3% |
| |||||||
Discover Financial Services | 93,400 | 6,122,370 | ||||||
Finance - Other Services — 0.6% |
| |||||||
Intercontinental Exchange, Inc. | 560 | 126,554 | ||||||
NASDAQ OMX Group, Inc. | 31,500 | 1,414,665 | ||||||
1,541,219 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Tyson Foods, Inc., Class A | 7,470 | 316,280 | ||||||
Food - Misc./Diversified — 0.0% |
| |||||||
Kellogg Co. | 700 | 46,375 | ||||||
Food - Retail — 0.8% |
| |||||||
Kroger Co. | 36,705 | 2,196,427 | ||||||
Gas - Distribution — 0.1% |
| |||||||
UGI Corp. | 10,255 | 386,716 | ||||||
Home Decoration Products — 0.5% |
| |||||||
Newell Rubbermaid, Inc. | 33,960 | 1,233,088 | ||||||
Housewares — 0.1% |
| |||||||
Tupperware Brands Corp. | 4,000 | 269,000 | ||||||
Instruments - Controls — 0.1% |
| |||||||
Honeywell International, Inc. | 2,795 | 276,901 | ||||||
Insurance - Life/Health — 0.9% |
| |||||||
Aflac, Inc. | 1,840 | 109,903 | ||||||
CNO Financial Group, Inc. | 11,040 | 191,434 | ||||||
Lincoln National Corp. | 22,197 | 1,257,016 | ||||||
Prudential Financial, Inc. | 11,165 | 948,802 | ||||||
2,507,155 | ||||||||
Insurance - Multi-line — 1.2% |
| |||||||
ACE, Ltd. | 3,805 | 435,064 | ||||||
Genworth Financial, Inc., Class A† | 75,950 | 690,385 | ||||||
Hartford Financial Services Group, Inc. | 25,669 | 1,060,130 | ||||||
MetLife, Inc. | 7,485 | 416,241 | ||||||
XL Group PLC | 19,600 | 696,192 | ||||||
3,298,012 | ||||||||
Insurance - Property/Casualty — 1.0% |
| |||||||
Travelers Cos., Inc. | 25,925 | 2,707,866 | ||||||
Internet Content - Entertainment — 1.2% |
| |||||||
Facebook, Inc., Class A† | 41,000 | 3,185,700 | ||||||
Internet Security — 0.3% |
| |||||||
Symantec Corp. | 26,550 | 692,690 | ||||||
Machinery - General Industrial — 0.1% |
| |||||||
Zebra Technologies Corp., Class A† | 2,600 | 190,190 | ||||||
Medical Instruments — 0.8% |
| |||||||
Medtronic, Inc. | 31,304 | 2,312,426 | ||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Laboratory Corp. of America Holdings† | 1,810 | 189,399 | ||||||
Quest Diagnostics, Inc. | 22,020 | 1,438,126 | ||||||
1,627,525 | ||||||||
Security Description | Shares | Value | ||||||
Medical Products — 1.4% |
| |||||||
Baxter International, Inc. | 18,700 | $ | 1,365,100 | |||||
Hospira, Inc.† | 28,420 | 1,694,969 | ||||||
Zimmer Holdings, Inc. | 5,778 | 648,811 | ||||||
3,708,880 | ||||||||
Medical - Biomedical/Gene — 1.5% |
| |||||||
Amgen, Inc. | 17,700 | 2,925,987 | ||||||
Biogen Idec, Inc.† | 4,000 | 1,230,760 | ||||||
4,156,747 | ||||||||
Medical - Drugs — 3.6% |
| |||||||
AstraZeneca PLC ADR | 27,500 | 2,039,675 | ||||||
Forward Pharma A/S ADR† | 9,220 | 183,847 | ||||||
Johnson & Johnson | 4,550 | 492,538 | ||||||
Merck & Co., Inc. | 31,078 | 1,877,111 | ||||||
Pfizer, Inc. | 119,342 | 3,717,503 | ||||||
Shire PLC ADR | 6,700 | 1,431,120 | ||||||
9,741,794 | ||||||||
Medical - Generic Drugs — 1.7% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 79,702 | 4,541,420 | ||||||
Medical - HMO — 3.8% |
| |||||||
Aetna, Inc. | 39,300 | 3,428,532 | ||||||
Centene Corp.† | 18,300 | 1,807,491 | ||||||
Cigna Corp. | 22,720 | 2,337,661 | ||||||
UnitedHealth Group, Inc. | 28,200 | 2,781,366 | ||||||
10,355,050 | ||||||||
Medical - Hospitals — 1.2% |
| |||||||
Community Health Systems, Inc.† | 23,400 | 1,101,672 | ||||||
Universal Health Services, Inc., Class B | 19,358 | 2,025,234 | ||||||
3,126,906 | ||||||||
Medical - Wholesale Drug Distribution — 0.9% |
| |||||||
McKesson Corp. | 11,230 | 2,366,835 | ||||||
Metal - Iron — 0.1% |
| |||||||
Vale SA ADR# | 34,100 | 307,241 | ||||||
Multilevel Direct Selling — 0.1% |
| |||||||
Nu Skin Enterprises, Inc., Class A# | 4,200 | 175,560 | ||||||
Multimedia — 0.7% |
| |||||||
Viacom, Inc., Class B | 23,570 | 1,782,599 | ||||||
Networking Products — 2.4% |
| |||||||
Cisco Systems, Inc. | 235,680 | 6,514,195 | ||||||
Office Automation & Equipment — 0.2% |
| |||||||
Xerox Corp. | 49,230 | 687,251 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Noble Corp. PLC# | 1,270 | 22,847 | ||||||
Oil Companies - Exploration & Production — 1.6% |
| |||||||
Apache Corp. | 28,970 | 1,856,687 | ||||||
Gulfport Energy Corp.† | 17,320 | 826,684 | ||||||
Hess Corp. | 21,840 | 1,592,791 | ||||||
4,276,162 | ||||||||
Oil Companies - Integrated — 3.8% |
| |||||||
BP PLC ADR | 54,500 | 2,142,940 | ||||||
Exxon Mobil Corp. | 1,000 | 90,540 | ||||||
Marathon Oil Corp. | 83,034 | 2,401,343 | ||||||
Suncor Energy, Inc. | 121,650 | 3,842,923 | ||||||
Total SA ADR | 30,750 | 1,710,623 | ||||||
10,188,369 | ||||||||
54 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Refining & Marketing — 2.4% |
| |||||||
Marathon Petroleum Corp. | 32,101 | $ | 2,891,979 | |||||
PBF Energy, Inc., Class A | 17,200 | 486,072 | ||||||
Tesoro Corp. | 17,389 | 1,332,345 | ||||||
Valero Energy Corp. | 35,590 | 1,730,030 | ||||||
6,440,426 | ||||||||
Oil - Field Services — 2.4% |
| |||||||
Halliburton Co. | 43,630 | 1,841,186 | ||||||
Oceaneering International, Inc. | 6,200 | 388,802 | ||||||
Schlumberger, Ltd. | 42,700 | 3,670,065 | ||||||
Weatherford International PLC† | 54,200 | 710,020 | ||||||
6,610,073 | ||||||||
Paper & Related Products — 0.5% |
| |||||||
Domtar Corp. | 35,600 | 1,448,920 | ||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
Outfront Media, Inc. | 26,300 | 711,678 | ||||||
Real Estate Management/Services — 0.1% |
| |||||||
Jones Lang LaSalle, Inc. | 1,080 | 157,313 | ||||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
Gap, Inc. | 7,490 | 296,604 | ||||||
Ross Stores, Inc. | 24,200 | 2,213,816 | ||||||
2,510,420 | ||||||||
Retail - Building Products — 2.5% |
| |||||||
Home Depot, Inc. | 20,100 | 1,997,940 | ||||||
Lowe’s Cos., Inc. | 75,300 | 4,806,399 | ||||||
6,804,339 | ||||||||
Retail - Drug Store — 2.3% |
| |||||||
CVS Health Corp. | 69,010 | 6,304,754 | ||||||
Retail - Regional Department Stores — 0.6% |
| |||||||
Macy’s, Inc. | 25,600 | 1,661,696 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.5% |
| |||||||
GNC Holdings, Inc., Class A | 31,000 | 1,370,820 | ||||||
Semiconductor Components - Integrated Circuits — 1.4% |
| |||||||
QUALCOMM, Inc. | 50,410 | 3,674,889 | ||||||
Semiconductor Equipment — 0.2% |
| |||||||
Teradyne, Inc. | 33,830 | 671,526 | ||||||
Steel - Producers — 0.0% |
| |||||||
Reliance Steel & Aluminum Co. | 1,030 | 65,858 | ||||||
Telephone - Integrated — 0.9% |
| |||||||
Telephone & Data Systems, Inc. | 32,669 | 835,020 | ||||||
Verizon Communications, Inc. | 34,570 | 1,748,896 | ||||||
2,583,916 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. | 4,400 | 415,536 | ||||||
Transport - Rail — 1.2% |
| |||||||
Norfolk Southern Corp. | 22,900 | 2,556,556 | ||||||
Union Pacific Corp. | 5,000 | 583,850 | ||||||
3,140,406 | ||||||||
Transport - Services — 0.7% |
| |||||||
FedEx Corp. | 10,600 | 1,888,708 | ||||||
Web Portals/ISP — 1.8% |
| |||||||
Google, Inc., Class A† | 4,430 | 2,432,424 | ||||||
Google, Inc., Class C† | 4,400 | 2,384,052 | ||||||
4,816,476 | ||||||||
Security Description | Shares/ Principal Amount | Value | ||||||
Wireless Equipment — 0.4% |
| |||||||
Telefonaktiebolaget LM Ericsson ADR | 89,160 | $ | 1,122,524 | |||||
X-Ray Equipment — 0.2% |
| |||||||
Hologic, Inc.† | 22,500 | 603,000 | ||||||
Total Common Stocks |
| |||||||
(cost $202,949,962) | 261,702,801 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.1% |
| |||||||
Food - Meat Products — 0.1% |
| |||||||
Tyson Foods, Inc. | 4,572 | 240,030 | ||||||
Tools - Hand Held — 0.0% |
| |||||||
Stanley Black & Decker, Inc. | 530 | 61,157 | ||||||
Total Convertible Preferred Securities |
| |||||||
(cost $281,600) | 301,187 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $203,231,562) | 262,003,988 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 882,512 | 882,512 | ||||||
REPURCHASE AGREEMENTS — 3.3% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount $306,000 collateralized by $330,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $314,241 | $ | 306,000 | 306,000 | |||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount $8,574,000 collateralized by $9,185,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $8,746,380 | 8,574,000 | 8,574,000 | ||||||
Total Repurchase Agreements |
| |||||||
(cost $8,880,000) | 8,880,000 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $212,994,074)(2) | 100.3 | % | 271,766,500 | |||||
Liabilities in excess of other assets | (0.3 | ) | (883,814 | ) | ||||
NET ASSETS | 100.0 | % | $ | 270,882,686 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $856,716. This was secured by collateral of $882,512, which was received in cash and subsequently invested in short-term investments currently valued at $882,512 as reported in the portfolio of investments. |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
55 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2014 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
16 | Long | S&P 500 E-Mini Index | December 2014 | $ | 1,640,217 | $ | 1,653,040 | $ | 12,823 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 261,702,801 | $ | — | $ | — | $ | 261,702,801 | ||||||||
Convertible Preferred Securities | 301,187 | — | — | 301,187 | ||||||||||||
Short-Term Investment Securities | 882,512 | — | — | 882,512 | ||||||||||||
Repurchase Agreements | — | 8,880,000 | — | 8,880,000 | ||||||||||||
Total Investments at Value | $ | 262,886,500 | $ | 8,880,000 | $ | — | $ | 271,766,500 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts | $ | 12,823 | $ | — | $ | — | $ | 12,823 | ||||||||
* | For a detailed presentation of investments, 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
56 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Medical — Drugs | 8.5 | % | ||
Tobacco | 6.2 | |||
Oil Companies — Integrated | 5.0 | |||
Diversified Banking Institutions | 5.0 | |||
Banks — Super Regional | 4.8 | |||
Aerospace/Defense | 4.1 | |||
Telephone — Integrated | 3.6 | |||
Diversified Manufacturing Operations | 3.5 | |||
Oil Companies — Exploration & Production | 3.2 | |||
Computer Services | 3.1 | |||
Cosmetics & Toiletries | 2.7 | |||
Chemicals — Diversified | 2.6 | |||
Food — Misc./Diversified | 2.6 | |||
Electric — Integrated | 2.2 | |||
Retail — Restaurants | 2.1 | |||
Cable/Satellite TV | 1.7 | |||
Retail — Building Products | 1.7 | |||
Commercial Services — Finance | 1.7 | |||
Electronic Components — Semiconductors | 1.6 | |||
Insurance — Multi-line | 1.6 | |||
Time Deposits | 1.6 | |||
Beverages — Non-alcoholic | 1.4 | |||
Networking Products | 1.4 | |||
Retail — Office Supplies | 1.3 | |||
Applications Software | 1.3 | |||
Internet Security | 1.3 | |||
Enterprise Software/Service | 1.3 | |||
Insurance — Property/Casualty | 1.3 | |||
Registered Investment Companies | 1.2 | |||
Retail — Apparel/Shoe | 1.2 | |||
Oil & Gas Drilling | 1.1 | |||
Transport — Rail | 1.0 | |||
Retail — Computer Equipment | 0.9 | |||
Finance — Credit Card | 0.9 | |||
Insurance — Life/Health | 0.8 | |||
Instruments — Controls | 0.8 | |||
Consumer Products — Misc. | 0.7 | |||
Transport — Services | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Paper & Related Products | 0.7 | |||
Oil Refining & Marketing | 0.7 | |||
Data Processing/Management | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Beverages — Wine/Spirits | 0.6 | |||
Non-Hazardous Waste Disposal | 0.6 | |||
Real Estate Investment Trusts | 0.6 | |||
Food — Retail | 0.5 | |||
Finance — Other Services | 0.5 | |||
Water | 0.5 | |||
Wireless Equipment | 0.5 | |||
Banks — Commercial | 0.5 | |||
Advertising Agencies | 0.5 | |||
Industrial Gases | 0.4 | |||
Medical Products | 0.4 | |||
Gas — Distribution | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Oil — Field Services | 0.3 | |||
Diversified Minerals | 0.3 | |||
Electronic Security Devices | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Pipelines | 0.3 | |||
Industrial Automated/Robotic | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Retail — Discount | 0.2 | |||
Telecom Services | 0.2 | |||
Electric — Transmission | 0.2 | |||
Metal — Copper | 0.2 | |||
100.9 | % | |||
* | Calculated as a percentage of net assets |
57 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.1% |
| |||||||
Advertising Agencies — 0.5% |
| |||||||
Omnicom Group, Inc. | 40,268 | $ | 3,111,508 | |||||
Aerospace/Defense — 4.1% |
| |||||||
Lockheed Martin Corp. | 65,995 | 12,642,002 | ||||||
Northrop Grumman Corp. | 45,845 | 6,460,936 | ||||||
Raytheon Co. | 82,915 | 8,847,031 | ||||||
27,949,969 | ||||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
United Technologies Corp. | 42,020 | 4,625,562 | ||||||
Apparel Manufacturers — 0.7% |
| |||||||
VF Corp. | 62,940 | 4,731,200 | ||||||
Applications Software — 1.3% |
| |||||||
Microsoft Corp. | 186,275 | 8,905,808 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Johnson Controls, Inc. | 47,420 | 2,371,000 | ||||||
Banks - Commercial — 0.5% |
| |||||||
Toronto-Dominion Bank | 62,690 | 3,157,792 | ||||||
Banks - Super Regional — 4.8% |
| |||||||
Fifth Third Bancorp | 170,220 | 3,424,826 | ||||||
SunTrust Banks, Inc. | 167,410 | 6,577,539 | ||||||
US Bancorp | 156,320 | 6,909,344 | ||||||
Wells Fargo & Co. | 279,375 | 15,220,350 | ||||||
32,132,059 | ||||||||
Beverages - Non-alcoholic — 1.4% |
| |||||||
Coca-Cola Co. | 211,262 | 9,470,875 | ||||||
Beverages - Wine/Spirits — 0.6% |
| |||||||
Diageo PLC | 136,675 | 4,234,581 | ||||||
Cable/Satellite TV — 1.7% |
| |||||||
Comcast Corp., Special Class A | 207,985 | 11,815,628 | ||||||
Chemicals - Diversified — 2.6% |
| |||||||
Dow Chemical Co. | 60,175 | 2,928,717 | ||||||
E.I. du Pont de Nemours & Co. | 100,700 | 7,189,980 | ||||||
LyondellBasell Industries NV, Class A | 98,815 | 7,792,551 | ||||||
�� | 17,911,248 | |||||||
Commercial Services - Finance — 1.7% |
| |||||||
Automatic Data Processing, Inc. | 29,373 | 2,515,504 | ||||||
H&R Block, Inc. | 270,411 | 9,096,626 | ||||||
11,612,130 | ||||||||
Computer Services — 3.1% |
| |||||||
Accenture PLC, Class A | 103,245 | 8,913,141 | ||||||
International Business Machines Corp. | 75,625 | 12,264,106 | ||||||
21,177,247 | ||||||||
Consumer Products - Misc. — 0.7% |
| |||||||
Clorox Co. | 49,592 | 5,039,539 | ||||||
Cosmetics & Toiletries — 2.7% |
| |||||||
Procter & Gamble Co. | 194,071 | 17,549,841 | ||||||
Unilever NV (NY Registered Shares) | 20,235 | 822,350 | ||||||
18,372,191 | ||||||||
Data Processing/Management — 0.7% |
| |||||||
Paychex, Inc. | 93,752 | 4,444,782 | ||||||
Diversified Banking Institutions — 5.0% |
| |||||||
Bank of America Corp. | 364,500 | 6,211,080 | ||||||
Citigroup, Inc. | 120,780 | 6,518,497 | ||||||
Goldman Sachs Group, Inc. | 16,400 | 3,089,924 | ||||||
JPMorgan Chase & Co. | 222,075 | 13,360,032 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Morgan Stanley | 123,390 | $ | 4,340,860 | |||||
33,520,393 | ||||||||
Diversified Manufacturing Operations — 3.5% |
| |||||||
3M Co. | 31,735 | 5,080,456 | ||||||
General Electric Co. | 710,236 | 18,814,152 | ||||||
23,894,608 | ||||||||
Diversified Minerals — 0.3% |
| |||||||
BHP Billiton, Ltd. | 79,322 | 2,087,929 | ||||||
Electric - Integrated — 2.2% |
| |||||||
Dominion Resources, Inc. | 62,730 | 4,551,062 | ||||||
Duke Energy Corp. | 23,690 | 1,916,521 | ||||||
NextEra Energy, Inc. | 46,970 | 4,903,198 | ||||||
Northeast Utilities | 36,795 | 1,863,299 | ||||||
Wisconsin Energy Corp.# | 37,970 | 1,875,718 | ||||||
15,109,798 | ||||||||
Electric - Transmission — 0.2% |
| |||||||
ITC Holdings Corp. | 31,915 | 1,212,451 | ||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Intel Corp. | 235,955 | 8,789,324 | ||||||
Samsung Electronics Co., Ltd. GDR* | 3,600 | 2,073,600 | ||||||
10,862,924 | ||||||||
Electronic Security Devices — 0.3% |
| |||||||
Tyco International PLC | 46,600 | 1,999,140 | ||||||
Enterprise Software/Service — 1.3% |
| |||||||
CA, Inc. | 284,438 | 8,860,244 | ||||||
Finance - Credit Card — 0.9% |
| |||||||
American Express Co. | 66,690 | 6,163,490 | ||||||
Finance - Other Services — 0.5% |
| |||||||
CME Group, Inc. | 39,670 | 3,357,669 | ||||||
Food - Misc./Diversified — 2.6% |
| |||||||
General Mills, Inc. | 17,925 | 945,544 | ||||||
Kellogg Co. | 64,120 | 4,247,950 | ||||||
Kraft Foods Group, Inc. | 169,106 | 10,175,108 | ||||||
Mondelez International, Inc., Class A | 53,275 | 2,088,380 | ||||||
17,456,982 | ||||||||
Food - Retail — 0.5% |
| |||||||
Kroger Co. | 56,400 | 3,374,976 | ||||||
Gas - Distribution — 0.4% |
| |||||||
Sempra Energy | 22,325 | 2,494,372 | ||||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Rockwell Automation, Inc. | 14,030 | 1,619,202 | ||||||
Industrial Gases — 0.4% |
| |||||||
Praxair, Inc. | 20,855 | 2,677,365 | ||||||
Instruments - Controls — 0.8% |
| |||||||
Honeywell International, Inc. | 54,005 | 5,350,275 | ||||||
Insurance - Life/Health — 0.8% |
| |||||||
Prudential Financial, Inc. | 67,185 | 5,709,381 | ||||||
Insurance - Multi-line — 1.6% |
| |||||||
ACE, Ltd. | 37,635 | 4,303,186 | ||||||
MetLife, Inc. | 111,310 | 6,189,949 | ||||||
10,493,135 | ||||||||
Insurance - Property/Casualty — 1.3% |
| |||||||
Chubb Corp. | 36,195 | 3,729,895 |
58 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty (continued) |
| |||||||
Travelers Cos., Inc. | 48,430 | $ | 5,058,513 | |||||
8,788,408 | ||||||||
Internet Security — 1.3% |
| |||||||
Symantec Corp. | 340,105 | 8,873,339 | ||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Quest Diagnostics, Inc. | 29,995 | 1,958,973 | ||||||
Medical Products — 0.4% |
| |||||||
Becton Dickinson and Co. | 17,800 | 2,497,874 | ||||||
Medical - Drugs — 8.5% |
| |||||||
Abbott Laboratories | 36,085 | 1,606,143 | ||||||
AbbVie, Inc. | 36,085 | 2,497,082 | ||||||
Bristol-Myers Squibb Co. | 135,180 | 7,982,379 | ||||||
Eli Lilly & Co. | 16,530 | 1,126,024 | ||||||
Johnson & Johnson | 69,635 | 7,537,989 | ||||||
Merck & Co., Inc. | 301,283 | 18,197,493 | ||||||
Pfizer, Inc. | 592,385 | 18,452,793 | ||||||
57,399,903 | ||||||||
Metal - Copper — 0.2% |
| |||||||
Southern Copper Corp. | 36,525 | 1,093,924 | ||||||
Networking Products — 1.4% |
| |||||||
Cisco Systems, Inc. | 338,514 | 9,356,527 | ||||||
Non-Hazardous Waste Disposal — 0.6% |
| |||||||
Waste Management, Inc. | 83,015 | 4,045,321 | ||||||
Oil & Gas Drilling — 1.1% |
| |||||||
Helmerich & Payne, Inc. | 102,340 | 7,117,747 | ||||||
Oil Companies - Exploration & Production — 3.2% |
| |||||||
ConocoPhillips | 155,501 | 10,273,951 | ||||||
Occidental Petroleum Corp. | 143,859 | 11,475,632 | ||||||
21,749,583 | ||||||||
Oil Companies - Integrated — 5.0% |
| |||||||
Chevron Corp. | 158,226 | 17,226,064 | ||||||
Exxon Mobil Corp. | 86,570 | 7,838,048 | ||||||
Marathon Oil Corp. | 91,135 | 2,635,624 | ||||||
Phillips 66 | 20,000 | 1,460,400 | ||||||
Total SA ADR | 88,625 | 4,930,209 | ||||||
34,090,345 | ||||||||
Oil Refining & Marketing — 0.7% |
| |||||||
HollyFrontier Corp. | 15,476 | 631,730 | ||||||
Marathon Petroleum Corp. | 42,880 | 3,863,059 | ||||||
4,494,789 | ||||||||
Oil - Field Services — 0.3% |
| |||||||
Schlumberger, Ltd. | 24,965 | 2,145,742 | ||||||
Paper & Related Products — 0.7% |
| |||||||
International Paper Co. | 84,800 | 4,563,936 | ||||||
Pipelines — 0.3% |
| |||||||
Spectra Energy Corp. | 51,500 | 1,950,820 | ||||||
Publishing - Periodicals — 0.2% |
| |||||||
Nielsen NV# | 35,300 | 1,474,481 | ||||||
Real Estate Investment Trusts — 0.6% |
| |||||||
American Tower Corp. | 18,600 | 1,953,186 | ||||||
Weyerhaeuser Co. | 58,790 | 2,075,875 | ||||||
4,029,061 | ||||||||
Retail - Apparel/Shoe — 1.2% |
| |||||||
Coach, Inc. | 210,701 | 7,821,221 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Retail - Building Products — 1.7% |
| |||||||
Home Depot, Inc. | 117,870 | $ | 11,716,278 | |||||
Retail - Computer Equipment — 0.9% |
| |||||||
GameStop Corp., Class A# | 166,145 | 6,281,942 | ||||||
Retail - Discount — 0.2% |
| |||||||
Wal-Mart Stores, Inc. | 16,400 | 1,435,656 | ||||||
Retail - Office Supplies — 1.3% |
| |||||||
Staples, Inc. | 647,976 | 9,110,543 | ||||||
Retail - Restaurants — 2.1% |
| |||||||
McDonald’s Corp. | 146,788 | 14,210,546 | ||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
QUALCOMM, Inc. | 58,940 | 4,296,726 | ||||||
Telecom Services — 0.2% |
| |||||||
BCE, Inc. | 27,680 | 1,298,746 | ||||||
Telephone - Integrated — 3.6% |
| |||||||
AT&T, Inc. | 243,627 | 8,619,523 | ||||||
Verizon Communications, Inc. | 317,056 | 16,039,863 | ||||||
24,659,386 | ||||||||
Tobacco — 6.2% |
| |||||||
Altria Group, Inc. | 225,080 | 11,312,521 | ||||||
Lorillard, Inc. | 172,992 | 10,922,715 | ||||||
Philip Morris International, Inc. | 122,478 | 10,647,012 | ||||||
Reynolds American, Inc. | 133,768 | 8,816,649 | ||||||
41,698,897 | ||||||||
Transport - Rail — 1.0% |
| |||||||
CSX Corp. | 48,320 | 1,763,197 | ||||||
Union Pacific Corp. | 43,470 | 5,075,992 | ||||||
6,839,189 | ||||||||
Transport - Services — 0.7% |
| |||||||
United Parcel Service, Inc., Class B | 44,825 | 4,927,164 | ||||||
Water — 0.5% |
| |||||||
American Water Works Co., Inc. | 61,120 | 3,242,416 | ||||||
Wireless Equipment — 0.5% |
| |||||||
Motorola Solutions, Inc. | 48,640 | 3,196,621 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $533,834,355) | 663,673,557 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.8% |
| |||||||
Registered Investment Companies — 1.2% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 8,218,580 | 8,218,580 | ||||||
Time Deposits — 1.6% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014 | $ | 10,429,000 | 10,429,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $18,647,580) | 18,647,580 | |||||||
REPURCHASE AGREEMENTS — 0.0% | ||||||||
Repurchase Agreement — 0.0% | ||||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(2) | 122,000 | 122,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $552,603,935)(3) | 100.9 | % | 682,443,137 | |||||
Liabilities in excess of other assets | (0.9 | ) | (5,758,980 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 676,684,157 | ||||
59 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
# | The security or a portion thereof is out on loan (see Note 2) |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2014, the aggregate value of these securities was $2,073,600 representing 0.30% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $8,156,039. This was secured by collateral of $8,218,580 which was received in cash and subsequently invested in short-term investments currently valued at $8,218,580 as reported in the portfolio of investments. |
(2) | See Note 2 for details of Joint Repurchase Agreements. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
GDR—Global Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 663,673,557 | $ | — | $ | — | $ | 663,673,557 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 8,218,580 | — | — | 8,218,580 | ||||||||||||
Time Deposits | — | 10,429,000 | — | 10,429,000 | ||||||||||||
Repurchase Agreements | — | 122,000 | — | 122,000 | ||||||||||||
Total Investments at Value | $ | 671,892,137 | $ | 10,551,000 | $ | — | $ | 682,443,137 | ||||||||
* | For a detailed presentation of investments, 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
60 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 48.5 | % | ||
Domestic Fixed Income Investment Companies | 18.8 | |||
United States Treasury Notes | 13.6 | |||
International Equity Investment Companies | 12.9 | |||
United States Treasury Bonds | 2.0 | |||
Registered Investment Companies | 1.5 | |||
International Fixed Income Investment Companies | 0.8 | |||
Options — Purchased | 0.4 | |||
98.5 | % | |||
* | Calculated as a percentage of net assets |
61 |
Table of Contents
VALIC Company I Dynamic Allocation Fund@
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 81.0% |
| |||||||
Domestic Equity Investment Companies — 48.5% | ||||||||
VALIC Co. I Blue Chip Growth Fund | 613,898 | $ | 11,486,029 | |||||
VALIC Co. I Broad Cap Value Income Fund | 693,564 | 11,083,147 | ||||||
VALIC Co. I Dividend Value Fund | 485,295 | 6,803,829 | ||||||
VALIC Co. I Growth Fund | 643,929 | 11,571,404 | ||||||
VALIC Co. I Growth & Income Fund | 247,002 | 4,762,204 | ||||||
VALIC Co. I Large Cap Core Fund | 601,783 | 9,393,829 | ||||||
VALIC Co. I Stock Index Fund | 939,261 | 35,278,653 | ||||||
VALIC Co. I Value Fund | 758,562 | 11,522,555 | ||||||
VALIC Co. II Capital Appreciation Fund | 415,212 | 6,830,233 | ||||||
VALIC Co. II Large Cap Value Fund | 380,920 | 6,829,894 | ||||||
VALIC Co. II Mid Cap Growth Fund | 399,484 | 4,118,679 | ||||||
VALIC Co. II Mid Cap Value Fund | 172,687 | 4,279,184 | ||||||
VALIC Co. II Small Cap Growth Fund | 244,316 | 4,077,634 | ||||||
VALIC Co. II Small Cap Value Fund | 258,561 | 4,271,428 | ||||||
Total Domestic Equity Investment Companies | ||||||||
(cost $112,557,474) | 132,308,702 | |||||||
Domestic Fixed Income Investment Companies — 18.8% |
| |||||||
VALIC Co. I Capital Conservation Fund | 1,498,391 | 14,998,898 | ||||||
VALIC Co. I Government Securities Fund | 782,670 | 8,562,415 | ||||||
VALIC Co. I Inflation Protected Fund | 374,472 | 4,209,060 | ||||||
VALIC Co. II Core Bond Fund | 1,343,042 | 14,961,492 | ||||||
VALIC Co. II High Yield Bond Fund | 268,290 | 2,103,397 | ||||||
VALIC Co. II Strategic Bond Fund | 544,829 | 6,336,365 | ||||||
Total Domestic Fixed Income Investment Companies | ||||||||
(cost $50,500,761) | 51,171,627 | |||||||
International Equity Investment Companies — 12.9% | ||||||||
VALIC Co. I Emerging Economies Fund | 796,198 | 6,321,811 | ||||||
VALIC Co. I Foreign Value Fund | 928,467 | 9,553,924 | ||||||
VALIC Co. I Global Real Estate Fund | 515,711 | 4,579,515 | ||||||
VALIC Co. I International Equities Index Fund | 581,248 | 4,097,797 | ||||||
VALIC Co. I International Growth Fund | 767,453 | 10,644,576 | ||||||
Total International Equity Investment Companies | ||||||||
(cost $35,039,727) | 35,197,623 | |||||||
International Fixed Income Investment Companies — 0.8% |
| |||||||
VALIC Co. I International Government Bond Fund (cost $2,110,644) | 174,872 | 2,087,971 | ||||||
Total Affiliated Registered Investment Companies | ||||||||
(cost $200,208,606) | 220,765,923 | |||||||
(1) | Options - Purchased |
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 15.6% | ||||||||
United States Treasury Bonds — 2.0% | ||||||||
7.13% due 02/15/2023 | $ | 370,000 | $ | 513,722 | ||||
7.63% due 11/15/2022 | 3,376,300 | 4,788,279 | ||||||
5,302,001 | ||||||||
United States Treasury Notes — 13.6% | ||||||||
1.63% due 11/15/2022 | 810,000 | 786,080 | ||||||
1.75% due 05/15/2023 | 4,250,000 | 4,137,774 | ||||||
2.00% due 11/15/2021 | 1,390,000 | 1,399,448 | ||||||
2.00% due 02/15/2022 | 955,000 | 959,924 | ||||||
2.00% due 02/15/2023 | 8,834,000 | 8,802,940 | ||||||
2.38% due 08/15/2024 | 3,740,000 | 3,800,191 | ||||||
2.50% due 08/15/2023 | 3,711,000 | 3,831,607 | ||||||
2.50% due 05/15/2024 | 2,197,000 | 2,258,962 | ||||||
2.75% due 11/15/2023 | 6,283,000 | 6,608,931 | ||||||
2.75% due 02/15/2024 | 4,247,000 | 4,461,673 | ||||||
37,047,530 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $41,036,521) | 42,349,531 | |||||||
OPTIONS - PURCHASED — 0.4% | ||||||||
Put Options - Purchased(1) | 881 | 1,070,415 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $242,804,531) | 264,185,869 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.5% |
| |||||||
Registered Investment Companies — 1.5% | ||||||||
AllianceBernstein Government STIF Portfolio (cost $4,060,766) | 4,060,766 | 4,060,766 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $246,865,297)(2) | 98.5 | % | 268,246,635 | |||||
Other assets less liabilities | 1.5 | 4,189,163 | ||||||
NET ASSETS | 100.0 | % | $ | 272,435,798 | ||||
@ | 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. |
Open Put Options - Purchased | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Paid | Value at November 30, 2014 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
S&P 500 Index | February 2015 | $ | 1,860.00 | 881 | $ | 1,559,404 | $ | 1,070,415 | $ | (488,989 | ) | |||||||||||||
(2) | See Note 5 for cost of investments on a tax basis. |
STIF—Short Term Index Fund
Open call option contracts written at November 30, 2014 for the Dynamic Allocation Fund were as follows: | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2014 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
S&P 500 Index | February 2015 | $ | 2,150.00 | 881 | $ | 731,197 | $ | 1,114,465 | $ | (383,268 | ) | |||||||||||||
62 |
Table of Contents
VALIC Company I Dynamic Allocation Fund@
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2014 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
1200 | Long | S&P 500 E-Mini Index | December 2014 | $ | 122,288,557 | $ | 123,978,000 | $ | 1,689,443 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Affiliated Registered Investment Companies | $ | 220,765,923 | $ | — | $ | — | $ | 220,765,923 | ||||||||
U.S. Government Treasuries | — | 42,349,531 | — | 42,349,531 | ||||||||||||
Options Purchased | 1,070,415 | — | — | 1,070,415 | ||||||||||||
Short-Term Investment Securities | 4,060,766 | — | — | 4,060,766 | ||||||||||||
Total Investments at Value | $ | 225,897,104 | $ | 42,349,531 | $ | — | $ | 268,246,635 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts | $ | 1,689,443 | $ | — | $ | — | $ | 1,689,443 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Options Contracts Written | $ | 383,268 | $ | — | $ | — | $ | 383,268 | ||||||||
* | For a detailed presentation of investments, 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
63 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Banks — Commercial | 17.0 | % | ||
Cellular Telecom | 7.3 | |||
Electronic Components — Semiconductors | 6.5 | |||
Semiconductor Components — Integrated Circuits | 6.1 | |||
Auto — Cars/Light Trucks | 4.6 | |||
Diversified Financial Services | 3.0 | |||
Registered Investment Companies | 2.8 | |||
Telecom Services | 2.6 | |||
Oil Companies — Integrated | 2.5 | |||
Oil Companies — Exploration & Production | 2.3 | |||
Electric — Integrated | 1.8 | |||
Oil Refining & Marketing | 1.7 | |||
Rubber — Tires | 1.7 | |||
Electric — Generation | 1.6 | |||
Internet Content — Entertainment | 1.5 | |||
Home Furnishings | 1.4 | |||
Electronic Components — Misc. | 1.4 | |||
Airlines | 1.4 | |||
Integrated Oils | 1.4 | |||
Computers | 1.3 | |||
Metal — Diversified | 1.2 | |||
Finance — Mortgage Loan/Banker | 1.2 | |||
Schools | 1.1 | |||
Aerospace/Defense | 1.1 | |||
Tobacco | 1.0 | |||
Metal Processors & Fabrication | 1.0 | |||
Steel — Producers | 1.0 | |||
Food — Retail | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Applications Software | 0.8 | |||
Water Treatment Systems | 0.8 | |||
Retail — Automobile | 0.8 | |||
Computers — Periphery Equipment | 0.8 | |||
Time Deposits | 0.7 | |||
Banks — Special Purpose | 0.7 | |||
Airport Development/Maintenance | 0.7 | |||
Circuit Boards | 0.7 | |||
Web Portals/ISP | 0.7 | |||
Real Estate Operations & Development | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Public Thoroughfares | 0.5 | |||
Food — Wholesale/Distribution | 0.5 | |||
Non-Ferrous Metals | 0.5 | |||
Gambling (Non-Hotel) | 0.5 | |||
Internet Application Software | 0.5 | |||
Medical — Hospitals | 0.5 | |||
Metal — Iron | 0.5 | |||
Engineering/R&D Services | 0.5 | |||
Advertising Services | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Semiconductor Equipment | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Finance — Commercial | 0.4 | |||
Satellite Telecom | 0.4 | |||
Audio/Video Products | 0.4 | |||
Food — Misc./Diversified | 0.4 | |||
Telephone — Integrated | 0.4 | |||
Building & Construction — Misc. | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Transport — Marine | 0.4 | |||
Brewery | 0.4 | |||
Telecommunication Equipment | 0.3 | |||
Food — Canned | 0.3 | |||
Transport — Services | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Retail — Consumer Electronics | 0.3 | |||
Engines — Internal Combustion | 0.3 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Electric — Distribution | 0.3 |
Agricultural Chemicals | 0.3 | |||
Import/Export | 0.3 | |||
Banks — Super Regional | 0.2 | |||
Diversified Minerals | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Medical — Drugs | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Finance — Other Services | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Diversified Operations | 0.2 | |||
Lottery Services | 0.2 | |||
Steel — Specialty | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Television | 0.2 | |||
Footwear & Related Apparel | 0.1 | |||
Wireless Equipment | 0.1 | |||
Security Services | 0.1 | |||
102.8 | % | |||
Country Allocation*
South Korea | 18.9 | % | ||
Taiwan | 11.3 | |||
China | 10.1 | |||
Brazil | 9.8 | |||
India | 7.5 | |||
Russia | 6.6 | |||
South Africa | 6.1 | |||
Hong Kong | 5.9 | |||
Turkey | 5.7 | |||
Cayman Islands | 4.7 | |||
United States | 4.0 | |||
Thailand | 3.7 | |||
Indonesia | 2.8 | |||
Bermuda | 1.6 | |||
United Arab Emirates | 1.1 | |||
Poland | 0.9 | |||
United Kingdom | 0.8 | |||
Greece | 0.5 | |||
Mexico | 0.4 | |||
Hungary | 0.2 | |||
Egypt | 0.2 | |||
102.8 | % | |||
* | Calculated as a percentage of net assets |
64 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS — 97.7% |
| |||||||
Bermuda — 1.6% |
| |||||||
China Singyes Solar Technologies Holdings, Ltd.# | 934,000 | $ | 1,572,946 | |||||
GOME Electrical Appliances Holding, Ltd. | 13,171,000 | 1,953,172 | ||||||
REXLot Holdings, Ltd.# | 15,325,000 | 1,324,034 | ||||||
Shenzhen International Holdings, Ltd.# | 1,525,500 | 2,289,755 | ||||||
Skyworth Digital Holdings, Ltd. | 4,902,000 | 2,737,064 | ||||||
VimpelCom, Ltd. ADR# | 279,370 | 1,466,692 | ||||||
11,343,663 | ||||||||
Brazil — 8.2% |
| |||||||
Arteris SA | 252,530 | 1,453,240 | ||||||
Banco do Brasil SA | 691,560 | 7,994,524 | ||||||
Cia Brasileira de Distribuicao ADR | 157,770 | 6,643,695 | ||||||
Embraer SA† | 840,900 | 7,750,502 | ||||||
Even Construtora e Incorporadora SA | 434,080 | 981,603 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 151,680 | 1,357,216 | ||||||
Grendene SA | 141,570 | 952,135 | ||||||
Itau Unibanco Holding SA ADR | 958,126 | 14,429,378 | ||||||
Kroton Educacional SA | 1,136,620 | 7,945,726 | ||||||
Porto Seguro SA | 345,040 | 4,185,116 | ||||||
Smiles SA | 176,910 | 3,241,815 | ||||||
56,934,950 | ||||||||
Cayman Islands — 4.7% |
| |||||||
ANTA Sports Products, Ltd.# | 966,000 | 1,993,062 | ||||||
Anxin-China Holdings, Ltd. | 4,576,000 | 401,253 | ||||||
Baidu, Inc. ADR† | 19,090 | 4,679,150 | ||||||
Geely Automobile Holdings, Ltd.# | 10,950,000 | 4,758,475 | ||||||
Jintian Pharmaceutical Group Ltd# | 2,835,000 | 1,136,939 | ||||||
NetEase, Inc. ADR | 79,850 | 8,437,749 | ||||||
Perfect World Co., Ltd. ADR | 115,990 | 2,116,818 | ||||||
TCL Communication Technology Holdings, Ltd.# | 1,103,000 | 1,073,857 | ||||||
Tencent Holdings, Ltd. | 212,200 | 3,393,055 | ||||||
Truly International Holdings, Ltd. | 2,828,000 | 1,272,708 | ||||||
Zhen Ding Technology Holding, Ltd. | 1,128,000 | 3,039,832 | ||||||
32,302,898 | ||||||||
China — 10.1% |
| |||||||
Bank of China, Ltd., Class H | 30,385,000 | 15,633,490 | ||||||
China CITIC Bank Corp., Ltd. | 10,715,000 | 7,930,998 | ||||||
China Construction Bank Corp., Class H | 21,912,000 | 16,586,086 | ||||||
China Everbright Bank Co., Ltd. | 2,873,000 | 1,467,083 | ||||||
China Telecom Corp., Ltd., Class H | 13,402,000 | 8,087,965 | ||||||
Great Wall Motor Co., Ltd., Class H# | 1,366,000 | 6,896,143 | ||||||
Huadian Power International Corp., Ltd.# | 7,290,000 | 5,931,721 | ||||||
Huaneng Power International, Inc.# | 4,424,000 | 5,191,350 | ||||||
Sinopharm Group Co., Ltd.# | 511,600 | 1,906,567 | ||||||
69,631,403 | ||||||||
Egypt — 0.2% |
| |||||||
Commercial International Bank of Egypt SAE GDR | 202,050 | 1,347,674 | ||||||
Greece — 0.5% |
| |||||||
OPAP SA | 273,240 | 3,427,123 | ||||||
Hong Kong — 5.9% | ||||||||
BYD Electronic International Co., Ltd. | 1,220,500 | 1,366,096 | ||||||
China Mobile, Ltd. | 1,682,000 | 20,713,485 | ||||||
China South City Holdings, Ltd. | 2,936,000 | 1,503,039 | ||||||
CNOOC, Ltd. | 6,693,000 | 9,787,182 | ||||||
Lenovo Group, Ltd.# | 5,480,000 | 7,688,352 | ||||||
41,058,154 | ||||||||
Hungary — 0.2% |
| |||||||
Richter Gedeon Nyrt | 103,490 | 1,611,049 | ||||||
Security Description | Shares | Value | ||||||
India — 7.5% |
| |||||||
Apollo Tyres, Ltd. | 891,630 | $ | 3,288,923 | |||||
Bank of Baroda | 270,700 | 4,760,097 | ||||||
Canara Bank | 279,370 | 1,861,566 | ||||||
HCL Technologies, Ltd. | 208,380 | 5,584,336 | ||||||
Housing Development Finance Corp. | 458,733 | 8,545,570 | ||||||
IRB Infrastructure Developers, Ltd. | 721,320 | 3,173,320 | ||||||
NMDC, Ltd. | 772,460 | 1,736,495 | ||||||
Oil & Natural Gas Corp., Ltd. | 1,068,710 | 6,509,909 | ||||||
Power Finance Corp., Ltd. | 535,200 | 2,669,316 | ||||||
Rural Electrification Corp., Ltd. | 522,570 | 2,829,482 | ||||||
Tata Motors, Ltd. ADR | 195,990 | 8,948,903 | ||||||
UPL, Ltd. | 340,240 | 1,886,658 | ||||||
51,794,575 | ||||||||
Indonesia — 2.8% |
| |||||||
Astra International Tbk PT | 9,336,400 | 5,450,824 | ||||||
Bank Negara Indonesia Persero Tbk PT | 8,001,600 | 3,950,315 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 36,936,800 | 8,550,185 | ||||||
United Tractors Tbk PT | 1,053,600 | 1,582,040 | ||||||
19,533,364 | ||||||||
Mexico — 0.4% |
| |||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 380,000 | 2,588,872 | ||||||
Poland — 0.9% |
| |||||||
Energa SA | 270,214 | 1,887,382 | ||||||
PGE SA | 781,190 | 4,499,000 | ||||||
6,386,382 | ||||||||
Russia — 6.6% |
| |||||||
Aeroflot-Russian Airlines OJSC† | 1,489,900 | 1,229,212 | ||||||
Lukoil OAO ADR# | 223,010 | 10,202,707 | ||||||
MegaFon OAO GDR | 203,770 | 4,207,851 | ||||||
MMC Norilsk Nickel OJSC ADR | 485,470 | 8,621,947 | ||||||
Mobile Telesystems OJSC ADR | 483,260 | 5,905,437 | ||||||
Moscow Exchange MICEX-RTS OAO | 1,246,700 | 1,479,257 | ||||||
Sberbank of Russia ADR | 1,205,591 | 7,402,329 | ||||||
Tatneft OAO ADR (OTC) | 103,480 | 3,172,697 | ||||||
Tatneft OAO ADR (LSE) | 111,966 | 3,432,878 | ||||||
45,654,315 | ||||||||
South Africa — 6.1% |
| |||||||
Bidvest Group, Ltd. | 136,466 | 3,609,001 | ||||||
MTN Group, Ltd. | 671,410 | 13,220,056 | ||||||
Netcare, Ltd. | 1,017,390 | 3,342,253 | ||||||
Sasol, Ltd. | 220,370 | 9,187,511 | ||||||
Steinhoff International Holdings, Ltd. | 1,866,971 | 9,806,431 | ||||||
Telkom SA SOC, Ltd.† | 439,060 | 2,722,665 | ||||||
41,887,917 | ||||||||
South Korea — 18.9% |
| |||||||
Amorepacific Corp. | 1,130 | 2,549,754 | ||||||
BS Financial Group, Inc. | 164,874 | 2,336,316 | ||||||
Coway Co., Ltd. | 70,590 | 5,504,739 | ||||||
Daesang Corp. | 45,630 | 1,556,762 | ||||||
GS Home Shopping, Inc. | 7,620 | 1,469,048 | ||||||
Halla Visteon Climate Control Corp.# | 81,290 | 3,099,871 | ||||||
Hankook Tire Co., Ltd. | 120,810 | 5,975,349 | ||||||
Industrial Bank of Korea | 363,710 | 4,940,508 | ||||||
KEPCO Plant Service & Engineering Co., Ltd. | 40,050 | 3,271,380 | ||||||
Kia Motors Corp. | 166,140 | 8,352,361 | ||||||
Korea Electric Power Corp. | 79,180 | 3,287,405 | ||||||
Korea Zinc Co., Ltd. | 9,240 | 3,565,233 | ||||||
KT&G Corp. | 81,482 | 7,126,320 | ||||||
LG Hausys, Ltd. | 11,290 | 1,574,353 |
65 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
South Korea (continued) |
| |||||||
LS Corp.† | 26,420 | $ | 1,445,058 | |||||
Mando Corp.† | 13,039 | 2,236,030 | ||||||
NongShim Co., Ltd. | 4,910 | 1,176,592 | ||||||
Partron Co., Ltd.# | 84,770 | 807,188 | ||||||
Samsung Electronics Co., Ltd. | 27,418 | 31,848,879 | ||||||
Seah Besteel Corp. | 42,540 | 1,274,722 | ||||||
Shinhan Financial Group Co., Ltd. | 226,280 | 10,129,959 | ||||||
SK Holdings Co., Ltd. | 38,290 | 5,875,085 | ||||||
SK Hynix, Inc.† | 219,490 | 9,518,926 | ||||||
SK Networks Co., Ltd.† | 204,590 | 1,739,463 | ||||||
SK Telecom Co., Ltd. | 26,110 | 6,610,276 | ||||||
Wonik IPS Co., Ltd.† | 234,630 | 2,975,361 | ||||||
130,246,938 | ||||||||
Taiwan — 11.3% |
| |||||||
AcBel Polytech, Inc. | 1,529,000 | 1,650,169 | ||||||
Advanced Semiconductor Engineering, Inc. | 6,341,000 | 7,693,822 | ||||||
Catcher Technology Co., Ltd. | 839,000 | 7,102,932 | ||||||
Chicony Electronics Co., Ltd. | 1,296,794 | 3,528,235 | ||||||
Compeq Manufacturing Co., Ltd. | 3,127,000 | 1,803,601 | ||||||
Coretronic Corp. | 1,200,500 | 1,687,430 | ||||||
Inotera Memories, Inc.† | 2,181,000 | 3,298,192 | ||||||
Inventec Corp. | 2,527,000 | 1,682,081 | ||||||
Kenda Rubber Industrial Co., Ltd. | 861,085 | 1,747,351 | ||||||
Lite-On Technology Corp. | 1,437,654 | 1,742,048 | ||||||
Pegatron Corp.† | 1,882,000 | 4,366,349 | ||||||
Radiant Opto-Electronics Corp. | 682,000 | 2,236,788 | ||||||
Realtek Semiconductor Corp. | 1,019,441 | 3,392,921 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,241,550 | 29,139,179 | ||||||
Teco Electric and Machinery Co., Ltd. | 1,863,000 | 1,932,379 | ||||||
Vanguard International Semiconductor Corp. | 1,434,000 | 2,214,887 | ||||||
Wan Hai Lines, Ltd. | 2,788,000 | 2,459,404 | ||||||
77,677,768 | ||||||||
Thailand — 3.7% |
| |||||||
Kasikornbank PCL NVDR | 942,300 | 7,088,415 | ||||||
Krung Thai Bank PCL | 9,845,400 | 7,166,288 | ||||||
Krung Thai Bank PCL NVDR | 262,700 | 191,215 | ||||||
Quality Houses PCL | 11,010,300 | 1,368,114 | ||||||
Quality Houses PCL NVDR | 5,001,700 | 621,499 | ||||||
Samart Corp PCL | 2,661,900 | 2,817,147 | ||||||
Supalai PCL† | 1,882,400 | 1,547,885 | ||||||
Supalai PCL NVDR | 50,200 | 41,279 | ||||||
Thai Beverage Public Co., Ltd. | 4,823,000 | 2,423,897 | ||||||
Thai Union Frozen Products PCL# | 868,000 | 2,293,254 | ||||||
Thai Union Frozen Products PCL NVDR | 23,200 | 61,294 | ||||||
25,620,287 | ||||||||
Turkey — 5.7% |
| |||||||
Enka Insaat ve Sanayi AS | 1,040,239 | 2,704,172 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 3,310,100 | 6,725,784 | ||||||
TAV Havalimanlari Holding AS | 270,640 | 2,316,706 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 345,290 | 2,457,912 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 241,530 | 5,451,727 | ||||||
Turk Hava Yollari† | 1,635,114 | 6,784,736 | ||||||
Turkiye Is Bankasi, Class C | 3,120,180 | 8,659,357 | ||||||
Turkiye Vakiflar Bankasi Tao, Class D | 1,885,650 | 4,332,679 | ||||||
39,433,073 | ||||||||
United Arab Emirates — 1.1% |
| |||||||
Air Arabia PJSC | 3,512,210 | 1,415,192 | ||||||
Dubai Islamic Bank PJSC | 1,383,110 | 2,843,000 | ||||||
First Gulf Bank PJSC | 665,617 | 3,252,835 | ||||||
7,511,027 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United Kingdom — 0.8% |
| |||||||
Investec PLC | 575,120 | $ | 5,324,969 | |||||
United States — 0.5% |
| |||||||
CTC Media, Inc. | 189,130 | 1,127,215 | ||||||
Sinotrans, Ltd.# | 2,827,000 | 2,132,580 | ||||||
3,259,795 | ||||||||
Total Common Stocks |
| |||||||
(cost $640,348,437) | 674,576,196 | |||||||
PREFERRED SECURITIES — 1.6% |
| |||||||
Brazil — 1.6% |
| |||||||
Banco do Estado do Rio Grande do Sul SA, Class B | 315,550 | 1,841,739 | ||||||
Cia Energetica de Minas Gerais ADR# | 860,850 | 4,751,892 | ||||||
Randon Participacoes SA | 604,220 | 1,354,568 | ||||||
Vale SA ADR | 422,700 | 3,284,379 | ||||||
Total Preferred Securities |
| |||||||
(cost $17,311,042) | 11,232,578 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $657,659,479) | 685,808,774 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.5% |
| |||||||
Registered Investment Companies — 2.8% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 19,193,115 | 19,193,115 | ||||||
Time Deposits — 0.7% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014 | $ | 5,052,000 | 5,052,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $24,245,115) | 24,245,115 | |||||||
TOTAL INVESTMENTS — |
| |||||||
(cost $681,904,594)(2) | 102.8 | % | 710,053,889 | |||||
Liabilities in excess of other assets | (2.8 | ) | (19,262,932 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 690,790,957 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $19,056,803. This was secured by collateral of $ 19,193,115 which was received in cash and subsequently invested in short-term investments currently valued at $19,193,115 as reported in the portfolio of investments. Additional collateral of $1,088,371 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||||
United States Treasury Notes/Bonds | 0.38% to 4.50% | 03/31/2016 to 08/15/2043 | $ | 1,088,371 |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
GDR—Global Depository Receipt
LSE—London Stock Exchange
NVDR—Non-Voting Depository Receipt
OTC—Over The Counter US
66 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 674,576,196 | $ | — | $ | — | $ | 674,576,196 | ||||||||
Preferred Securities | 11,232,578 | — | — | 11,232,578 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 19,193,115 | — | — | 19,193,115 | ||||||||||||
Time Deposits | — | 5,052,000 | — | 5,052,000 | ||||||||||||
Total Investments at Value | $ | 705,001,889 | $ | 5,052,000 | $ | — | $ | 710,053,889 | ||||||||
* | For a detailed presentation of investments, 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
67 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 8.5 | % | ||
Oil Companies — Integrated | 8.1 | |||
Medical — Drugs | 7.4 | |||
Registered Investment Companies | 6.6 | |||
Oil — Field Services | 5.2 | |||
Diversified Financial Services | 4.4 | |||
Electronic Components — Semiconductors | 4.3 | |||
Auto — Cars/Light Trucks | 3.4 | |||
Insurance — Multi-line | 3.2 | |||
Banks — Commercial | 3.0 | |||
Energy — Alternate Sources | 2.7 | |||
Food — Retail | 2.4 | |||
Import/Export | 2.2 | |||
Time Deposits | 2.1 | |||
Telecom Services | 2.1 | |||
Cellular Telecom | 2.0 | |||
Insurance — Life/Health | 1.9 | |||
Finance — Other Services | 1.8 | |||
Oil & Gas Drilling | 1.6 | |||
Medical — Generic Drugs | 1.6 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Retail — Major Department Stores | 1.4 | |||
Diversified Manufacturing Operations | 1.4 | |||
Steel — Producers | 1.4 | |||
Metal — Diversified | 1.3 | |||
Finance — Investment Banker/Broker | 1.2 | |||
Insurance — Reinsurance | 1.2 | |||
Retail — Building Products | 1.2 | |||
Telephone — Integrated | 1.1 | |||
Aerospace/Defense | 1.1 | |||
Chemicals — Diversified | 1.1 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Rubber — Tires | 1.0 | |||
Diagnostic Kits | 1.0 | |||
Building & Construction Products — Misc. | 0.9 | |||
Building & Construction — Misc. | 0.9 | |||
Airlines | 0.9 | |||
Investment Management/Advisor Services | 0.8 | |||
Building Products — Cement | 0.8 | |||
Medical — Biomedical/Gene | 0.8 | |||
Chemicals — Other | 0.8 | |||
Engineering/R&D Services | 0.8 | |||
Retail — Drug Store | 0.7 | |||
Chemicals — Specialty | 0.6 | |||
Medical Instruments | 0.6 | |||
Office Automation & Equipment | 0.6 | |||
Entertainment Software | 0.5 | |||
Electronic Components — Misc. | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Containers — Metal/Glass | 0.4 | |||
Photo Equipment & Supplies | 0.4 | |||
Retail — Misc./Diversified | 0.4 | |||
Finance — Mortgage Loan/Banker | 0.4 | |||
Machine Tools & Related Products | 0.4 | |||
Agricultural Operations | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Food — Misc./Diversified | 0.3 | |||
Metal Products — Distribution | 0.3 | |||
Rubber/Plastic Products | 0.2 | |||
Consulting Services | 0.1 | |||
105.6 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
United Kingdom | 15.7 | % | ||
South Korea | 13.5 | |||
France | 11.0 | |||
United States | 8.7 | |||
Germany | 8.1 | |||
Switzerland | 6.9 | |||
Japan | 5.9 | |||
Netherlands | 5.7 | |||
Canada | 5.6 | |||
China | 3.9 | |||
Cayman Islands | 3.9 | |||
Italy | 3.2 | |||
Hong Kong | 1.6 | |||
Israel | 1.6 | |||
Ireland | 1.2 | |||
Singapore | 1.2 | |||
Spain | 1.1 | |||
Bermuda | 1.0 | |||
Brazil | 1.1 | |||
Russia | 0.9 | |||
Norway | 0.8 | |||
Jersey | 0.8 | |||
India | 0.6 | |||
Sweden | 0.6 | |||
Belgium | 0.5 | |||
Thailand | 0.5 | |||
105.6 | % | |||
* | Calculated as a percentage of net assets |
68 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.5% |
| |||||||
Belgium — 0.5% |
| |||||||
UCB SA | 66,370 | $ | 5,209,409 | |||||
Bermuda — 1.0% |
| |||||||
Digital China Holdings, Ltd. | 3,635,000 | 3,384,273 | ||||||
First Pacific Co., Ltd. | 2,621,250 | 2,754,799 | ||||||
Kunlun Energy Co., Ltd.# | 3,448,000 | 3,725,933 | ||||||
9,865,005 | ||||||||
Brazil — 0.7% |
| |||||||
BM&FBovespa SA | 1,570,900 | 6,455,460 | ||||||
Canada — 5.6% |
| |||||||
Cenovus Energy, Inc. | 518,100 | 11,626,564 | ||||||
Ensign Energy Services, Inc.# | 718,600 | 6,834,835 | ||||||
HudBay Minerals, Inc. | 1,031,800 | 7,775,257 | ||||||
Suncor Energy, Inc.# | 442,000 | 13,952,810 | ||||||
Talisman Energy, Inc. | 1,403,840 | 6,688,459 | ||||||
Trican Well Service, Ltd. | 1,059,900 | 7,171,629 | ||||||
54,049,554 | ||||||||
Cayman Islands — 3.9% |
| |||||||
GCL-Poly Energy Holdings, Ltd.†# | 51,715,500 | 13,937,690 | ||||||
Kingboard Chemical Holdings, Ltd. | 4,044,500 | 7,562,348 | ||||||
Springland International Holdings, Ltd. | 9,781,900 | 3,733,694 | ||||||
Trina Solar, Ltd. ADR†# | 1,219,582 | 12,232,407 | ||||||
37,466,139 | ||||||||
China — 3.9% |
| |||||||
China Life Insurance Co., Ltd. | 2,635,000 | 9,123,232 | ||||||
China Telecom Corp., Ltd | 20,675,823 | 12,477,640 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 2,852,500 | 6,826,961 | ||||||
Sinopec Engineering Group Co., Ltd. | 5,880,000 | 5,155,966 | ||||||
Sinopharm Group Co., Ltd.# | 1,218,800 | 4,542,073 | ||||||
38,125,872 | ||||||||
France — 11.0% |
| |||||||
AXA SA | 706,432 | 17,066,038 | ||||||
BNP Paribas SA | 353,230 | 22,661,854 | ||||||
Cie de St-Gobain | 190,100 | 8,737,837 | ||||||
Cie Generale des Etablissements Michelin | 109,590 | 10,084,028 | ||||||
Sanofi | 129,420 | 12,538,360 | ||||||
Societe Generale SA | 100,703 | 4,998,404 | ||||||
Technip SA | 202,710 | 13,191,732 | ||||||
Total SA | 312,900 | 17,516,467 | ||||||
106,794,720 | ||||||||
Germany — 8.1% |
| |||||||
Bayer AG | 78,400 | 11,799,046 | ||||||
Deutsche Boerse AG# | 151,690 | 11,088,933 | ||||||
Deutsche Lufthansa AG# | 466,720 | 8,336,515 | ||||||
Gerresheimer AG | 78,750 | 4,354,123 | ||||||
Kloeckner & Co. SE† | 211,880 | 2,509,083 | ||||||
Merck KGaA | 95,402 | 9,506,190 | ||||||
Metro AG†# | 173,577 | 5,898,462 | ||||||
MorphoSys AG† | 47,090 | 4,638,892 | ||||||
Muenchener Rueckversicherungs AG | 35,060 | 7,226,505 | ||||||
Siemens AG | 112,625 | 13,335,650 | ||||||
78,693,399 | ||||||||
Hong Kong — 1.6% |
| |||||||
China Agri-Industries Holdings, Ltd.# | 8,878,000 | 3,457,370 | ||||||
China Mobile, Ltd. | 1,001,500 | 12,333,267 | ||||||
15,790,637 | ||||||||
India — 0.6% |
| |||||||
Jain Irrigation Systems, Ltd. | 1,609,577 | 2,194,347 | ||||||
LIC Housing Finance, Ltd. | 516,974 | 3,535,218 | ||||||
5,729,565 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Ireland — 1.2% |
| |||||||
CRH PLC | 352,760 | $ | 8,339,843 | |||||
Dragon Oil PLC | 464,030 | 3,632,344 | ||||||
11,972,187 | ||||||||
Israel — 1.6% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 269,170 | 15,337,307 | ||||||
Italy — 3.2% |
| |||||||
Eni SpA | 524,979 | 10,497,424 | ||||||
Saipem SpA†# | 337,148 | 4,828,596 | ||||||
UniCredit SpA | 2,106,054 | 15,579,242 | ||||||
30,905,262 | ||||||||
Japan — 5.9% |
| |||||||
Canon, Inc. | 169,000 | 5,413,782 | ||||||
Capcom Co., Ltd.# | 345,540 | 5,139,278 | ||||||
ITOCHU Corp. | 1,386,200 | 15,956,427 | ||||||
Konica Minolta, Inc. | 335,900 | 3,917,465 | ||||||
Nissan Motor Co., Ltd. | 1,604,000 | 14,983,012 | ||||||
Toyota Motor Corp. | 196,200 | 12,092,414 | ||||||
57,502,378 | ||||||||
Jersey — 0.8% |
| |||||||
Petrofac, Ltd. | 642,130 | 8,285,406 | ||||||
Netherlands — 5.7% |
| |||||||
Aegon NV# | 1,708,953 | 13,424,275 | ||||||
Akzo Nobel NV | 147,780 | 10,216,517 | ||||||
ING Groep NV CVA† | 675,404 | 9,899,970 | ||||||
QIAGEN NV† | 411,070 | 9,828,361 | ||||||
SBM Offshore NV#† | 866,370 | 11,707,338 | ||||||
55,076,461 | ||||||||
Norway — 0.8% |
| |||||||
Telenor ASA | 394,298 | 8,301,010 | ||||||
Russia — 0.9% |
| |||||||
Lukoil OAO ADR(SGMX) | 13,510 | 628,755 | ||||||
Lukoil OAO ADR (OTC) | 43,008 | 1,967,616 | ||||||
MMC Norilsk Nickel OJSC ADR | 271,639 | 4,824,309 | ||||||
Mobile Telesystems OJSC ADR | 120,356 | 1,470,750 | ||||||
8,891,430 | ||||||||
Singapore — 1.2% |
| |||||||
Flextronics International, Ltd.† | 421,550 | 4,674,990 | ||||||
United Overseas Bank, Ltd.# | 366,000 | 6,739,814 | ||||||
11,414,804 | ||||||||
South Korea — 13.5% |
| |||||||
Daewoo International Corp. | 183,090 | 5,651,589 | ||||||
Hana Financial Group, Inc. | 691,275 | 21,088,583 | ||||||
Hyundai Mobis | 45,365 | 10,113,412 | ||||||
Hyundai Motor Co. | 34,432 | 5,562,822 | ||||||
KB Financial Group, Inc. | 622,023 | 21,839,158 | ||||||
KIWOOM Securities Co., Ltd. | 89,050 | 4,018,683 | ||||||
Korea Investment Holdings Co., Ltd. | 157,999 | 8,185,516 | ||||||
POSCO | 48,515 | 13,245,893 | ||||||
Samsung Electronics Co., Ltd. | 35,520 | 41,260,201 | ||||||
130,965,857 | ||||||||
Spain — 1.1% | ||||||||
Telefonica SA | 664,231 | 10,645,350 | ||||||
Telefonica SA ADR | 859 | 13,744 | ||||||
10,659,094 | ||||||||
69 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Sweden — 0.6% | ||||||||
Getinge AB, Class B | 239,574 | $ | 5,546,453 | |||||
Switzerland — 6.9% | ||||||||
ABB, Ltd. | 333,560 | 7,491,501 | ||||||
Basilea Pharmaceutica†# | 33,210 | 3,204,941 | ||||||
Credit Suisse Group AG | 721,105 | 19,279,245 | ||||||
GAM Holding AG# | 186,050 | 3,294,284 | ||||||
Lonza Group AG | 49,050 | 5,769,692 | ||||||
Meyer Burger Technology AG†# | 440,180 | 3,486,800 | ||||||
Roche Holding AG | 65,980 | 19,771,796 | ||||||
Swiss Re AG | 53,270 | 4,556,150 | ||||||
66,854,409 | ||||||||
Thailand — 0.5% | ||||||||
Bangkok Bank PCL NVDR | 742,600 | 4,568,454 | ||||||
United Kingdom — 15.7% | ||||||||
Aberdeen Asset Management PLC | 762,910 | 5,368,169 | ||||||
Aviva PLC | 1,227,958 | 9,756,277 | ||||||
BAE Systems PLC | 1,415,310 | 10,649,367 | ||||||
Barclays PLC | 1,684,040 | 6,456,857 | ||||||
BP PLC | 1,507,452 | 9,906,869 | ||||||
BP PLC ADR | 180 | 7,078 | ||||||
Carillion PLC# | 1,538,340 | 8,363,133 | ||||||
GlaxoSmithKline PLC | 610,401 | 14,176,812 | ||||||
HSBC Holdings PLC# | 1,363,300 | 13,582,126 | ||||||
Kingfisher PLC | 2,363,125 | 11,531,297 | ||||||
Marks & Spencer Group PLC | 1,753,350 | 13,395,843 | ||||||
Noble Corp. PLC# | 474,270 | 8,532,117 | ||||||
Paragon Offshore PLC# | 87,120 | 316,246 | ||||||
Royal Dutch Shell PLC, Class B | 268,205 | 9,324,879 | ||||||
Serco Group PLC# | 454,124 | 1,245,068 | ||||||
Standard Chartered PLC | 504,330 | 7,391,586 | ||||||
Tesco PLC | 5,912,120 | 17,240,208 | ||||||
Vodafone Group PLC | 1,552,411 | 5,680,239 | ||||||
152,924,171 | ||||||||
Total Common Stocks | ||||||||
(cost $921,635,633) | 937,384,443 | |||||||
PREFERRED SECURITIES — 0.4% | ||||||||
Brazil — 0.4% | ||||||||
Petroleo Brasileiro SA ADR | 330,066 | 3,369,974 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $926,387,305) | 940,754,417 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 8.7% |
| |||||||
Registered Investment Companies — 6.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 63,809,290 | $ | 63,809,290 | |||||
Time Deposits — 2.1% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 20,784,000 | 20,784,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $84,593,290) | 84,593,290 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $1,010,980,595)(2) | 105.6 | % | 1,025,347,707 | |||||
Liabilities in excess of other assets | (5.6 | ) | (54,315,603 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 971,032,104 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $63,179,433. This was secured by collateral of $63,809,290, which was received in cash and subsequently invested in short-term investments currently valued at $63,809,290 as reported in the portfolio of investments. Additional collateral of $5,351,222 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||||
United States Treasury Notes/Bonds | zero coupon to 6.00% | 02/28/2015 to 05/15/2043 | $ | 5,351,222 |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
NVDR—Non-Voting Depository Receipt
OTC—Over The Counter US
SGMX—Sigma X
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 937,384,443 | $ | — | $ | — | $ | 937,384,443 | ||||||||
Preferred Securities | 3,369,974 | — | — | 3,369,974 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 63,809,290 | — | — | 63,809,290 | ||||||||||||
Time Deposits | — | 20,784,000 | — | 20,784,000 | ||||||||||||
Total Investments at Value | $ | 1,004,563,707 | $ | 20,784,000 | $ | — | $ | 1,025,347,707 | ||||||||
* | For a detailed presentation of investments, 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
70 |
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VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 70.1 | % | ||
Real Estate Operations & Development | 15.8 | |||
Real Estate Management/Services | 9.7 | |||
Registered Investment Companies | 4.2 | |||
Hotels/Motels | 1.3 | |||
Time Deposits | 0.7 | |||
Retirement/Aged Care | 0.4 | |||
Funeral Services & Related Items | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Transport — Services | 0.3 | |||
103.3 | % | |||
Country Allocation*
United States | 48.6 | % | ||
Japan | 13.9 | |||
Australia | 7.1 | |||
United Kingdom | 6.9 | |||
France | 4.6 | |||
Singapore | 4.1 | |||
Canada | 3.8 | |||
Hong Kong | 3.5 | |||
Bermuda | 2.8 | |||
Germany | 1.3 | |||
Switzerland | 0.9 | |||
Netherlands | 0.8 | |||
China | 0.8 | |||
Jersey | 0.8 | |||
Indonesia | 0.6 | |||
Spain | 0.5 | |||
Sweden | 0.4 | |||
Cayman Islands | 0.4 | |||
Finland | 0.4 | |||
India | 0.4 | |||
Norway | 0.3 | |||
Taiwan | 0.2 | |||
Malaysia | 0.2 | |||
103.3 | % | |||
* | Calculated as a percentage of net assets |
71 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.4% | ||||||||
Australia — 7.1% | ||||||||
BGP Holdings PLC†(1)(2) | 479,213 | $ | 0 | |||||
Charter Hall Group | 409,830 | 1,597,909 | ||||||
GPT Group | 1,842,891 | 6,495,052 | ||||||
Mirvac Group | 5,545,713 | 8,285,470 | ||||||
Scentre Group† | 1,793,558 | 5,298,190 | ||||||
Stockland | 2,012,143 | 7,057,302 | ||||||
Westfield Corp.† | 1,182,219 | 8,343,247 | ||||||
37,077,170 | ||||||||
Bermuda — 2.8% | ||||||||
Hongkong Land Holdings, Ltd. | 1,053,000 | 7,286,760 | ||||||
Kerry Properties, Ltd. | 2,078,500 | 7,464,471 | ||||||
14,751,231 | ||||||||
Canada — 3.8% | ||||||||
Allied Properties Real Estate Investment Trust | 68,376 | 2,256,486 | ||||||
Artis Real Estate Investment Trust | 81,100 | 1,125,857 | ||||||
Boardwalk Real Estate Investment Trust | 18,600 | 1,067,480 | ||||||
Calloway Real Estate Investment Trust | 92,600 | 2,254,489 | ||||||
Canadian Apartment Properties REIT | 60,697 | 1,375,353 | ||||||
Canadian Real Estate Investment Trust | 41,900 | 1,782,371 | ||||||
Dream Office Real Estate Investment Trust | 51,798 | 1,220,801 | ||||||
Granite Real Estate Investment Trust | 32,100 | 1,111,531 | ||||||
H&R Real Estate Investment Trust | 154,300 | 3,066,036 | ||||||
RioCan Real Estate Investment Trust | 193,600 | 4,620,404 | ||||||
19,880,808 | ||||||||
Cayman Islands — 0.4% | ||||||||
Fu Shou Yuan International Group, Ltd. | 3,750,000 | 1,939,096 | ||||||
China — 0.8% | ||||||||
China Vanke Co., Ltd.†# | 2,072,800 | 4,212,476 | ||||||
Finland — 0.4% | ||||||||
Citycon OYJ | 598,613 | 1,929,172 | ||||||
France — 4.6% | ||||||||
Klepierre | 196,577 | 8,827,638 | ||||||
Unibail-Rodamco SE (Euronext Amsterdam) | 40,960 | 10,830,383 | ||||||
Unibail-Rodamco SE (Euronext Paris) | 15,684 | 4,147,064 | ||||||
23,805,085 | ||||||||
Germany — 1.3% | ||||||||
Deutsche Wohnen AG | 280,298 | 6,733,095 | ||||||
Hong Kong — 3.5% | ||||||||
Henderson Land Development Co., Ltd. | 321,580 | 2,154,261 | ||||||
Sino Land Co., Ltd. | 1,424,000 | 2,328,376 | ||||||
Sun Hung Kai Properties, Ltd. | 946,504 | 13,840,740 | ||||||
18,323,377 | ||||||||
India — 0.4% | ||||||||
Sobha Developers, Ltd. | 228,753 | 1,835,775 | ||||||
Indonesia — 0.6% | ||||||||
Summarecon Agung Tbk PT | 27,591,800 | 3,300,887 | ||||||
Japan — 13.9% | ||||||||
Activia Properties, Inc. | 49 | 410,845 | ||||||
Advance Residence Investment Corp. | 659 | 1,610,432 | ||||||
Comforia Residential REIT, Inc. | 508 | 1,040,229 | ||||||
Daibiru Corp.# | 371,500 | 3,919,424 | ||||||
Invincible Investment Corp. | 9,215 | 3,416,702 | ||||||
Japan Excellent, Inc. | 1,658 | 2,178,159 | ||||||
Mitsubishi Estate Co., Ltd.# | 1,028,000 | 23,142,344 | ||||||
Mitsui Fudosan Co., Ltd.# | 483,000 | 13,962,514 | ||||||
Nippon Prologis REIT, Inc.# | 2,069 | 4,510,409 | ||||||
Nomura Real Estate Office Fund, Inc. | 1,565 | 6,534,571 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Sumitomo Realty & Development Co., Ltd. | 130,000 | $ | 4,489,804 | |||||
Tokyu Fudosan Holdings Corp. | 351,100 | 2,508,914 | ||||||
Top REIT, Inc. | 1,154 | 4,531,592 | ||||||
72,255,939 | ||||||||
Jersey — 0.8% | ||||||||
Kennedy Wilson Europe Real Estate PLC | 231,802 | 3,832,031 | ||||||
Malaysia — 0.2% | ||||||||
UEM Sunrise, Bhd | 1,623,300 | 863,840 | ||||||
Netherlands — 0.8% | ||||||||
Corio NV | 85,048 | 4,305,498 | ||||||
Norway — 0.3% | ||||||||
Entra ASA†*(2) | 153,184 | 1,627,706 | ||||||
Singapore — 4.1% | ||||||||
Ascendas India Trust | 4,923,000 | 3,021,867 | ||||||
City Developments, Ltd. | 327,000 | 2,524,070 | ||||||
Fortune Real Estate Investment Trust | 3,689,000 | 3,672,398 | ||||||
Global Logistic Properties, Ltd. | 3,021,000 | 6,073,061 | ||||||
Keppel REIT Management, Ltd. | 3,661,000 | 3,483,189 | ||||||
Keppel Telecommunications & Transportation, Ltd.# | 1,303,000 | 1,769,593 | ||||||
Mapletree Greater China Commercial Trust | 1,290,000 | 974,948 | ||||||
21,519,126 | ||||||||
Spain — 0.5% | ||||||||
Merlin Properties Socimi SA† | 220,298 | 2,730,202 | ||||||
Sweden — 0.4% | ||||||||
Hufvudstaden AB, Class A | 169,214 | 2,211,836 | ||||||
Switzerland — 0.9% | ||||||||
PSP Swiss Property AG | 53,745 | 4,677,471 | ||||||
Taiwan — 0.2% | ||||||||
Chong Hong Construction Co., Ltd. | 549,550 | 1,184,425 | ||||||
United Kingdom — 6.9% | ||||||||
Big Yellow Group PLC | 396,442 | 3,695,411 | ||||||
British Land Co. PLC | 713,069 | 8,565,045 | ||||||
Capital & Counties Properties PLC | 630,044 | 3,712,946 | ||||||
Derwent London PLC | 111,503 | 5,299,735 | ||||||
Hammerson PLC | 853,482 | 8,316,092 | ||||||
Helical Bar PLC | 224,682 | 1,240,452 | ||||||
Quintain Estates & Development PLC† | 1,481,056 | 2,183,181 | ||||||
UNITE Group PLC | 425,065 | 3,069,390 | ||||||
36,082,252 | ||||||||
United States — 43.7% | ||||||||
American Tower Corp. | 133,097 | 13,976,516 | ||||||
AvalonBay Communities, Inc. | 96,080 | 15,448,703 | ||||||
Boston Properties, Inc. | 78,105 | 10,125,532 | ||||||
Brixmor Property Group, Inc. | 120,100 | 2,904,018 | ||||||
Brookdale Senior Living, Inc.† | 57,768 | 2,046,143 | ||||||
Cousins Properties, Inc. | 409,733 | 5,015,132 | ||||||
Crown Castle International Corp. | 89,268 | 7,417,278 | ||||||
CubeSmart | 166,000 | 3,575,640 | ||||||
DDR Corp. | 484,885 | 8,887,942 | ||||||
EastGroup Properties, Inc. | 29,000 | 1,949,380 | ||||||
Empire State Realty Trust, Inc., Class A | 138,667 | 2,324,059 | ||||||
Essex Property Trust, Inc. | 33,689 | 6,818,990 | ||||||
Federal Realty Investment Trust | 50,400 | 6,686,064 | ||||||
General Growth Properties, Inc. | 265,694 | 7,109,971 | ||||||
Health Care REIT, Inc. | 102,538 | 7,552,949 | ||||||
Healthcare Realty Trust, Inc. | 158,415 | 4,183,740 | ||||||
Healthcare Trust of America, Inc., Class A | 291,376 | 3,717,958 | ||||||
Hilton Worldwide Holdings, Inc.† | 151,251 | 3,965,801 |
72 |
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VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) |
| |||||||
Host Hotels & Resorts, Inc. | 209,654 | $ | 4,872,359 | |||||
Hudson Pacific Properties, Inc. | 133,951 | 3,766,702 | ||||||
Kilroy Realty Corp. | 10,404 | 714,547 | ||||||
LaSalle Hotel Properties | 145,100 | 5,857,687 | ||||||
Mid-America Apartment Communities, Inc. | 72,000 | 5,303,520 | ||||||
National Health Investors, Inc. | 39,200 | 2,598,176 | ||||||
National Retail Properties, Inc. | 115,079 | 4,433,994 | ||||||
Paramount Group, Inc.† | 65,263 | 1,226,944 | ||||||
Piedmont Office Realty Trust, Inc., Class A# | 195,955 | 3,683,954 | ||||||
Prologis, Inc. | 272,015 | 11,500,794 | ||||||
Public Storage | 47,600 | 8,931,188 | ||||||
Realty Income Corp.# | 85,791 | 3,985,850 | ||||||
Retail Opportunity Investments Corp. | 179,912 | 2,961,352 | ||||||
RLJ Lodging Trust | 172,100 | 5,667,253 | ||||||
Simon Property Group, Inc. | 120,403 | 21,768,862 | ||||||
SL Green Realty Corp. | 56,261 | 6,534,153 | ||||||
UDR, Inc. | 158,506 | 4,878,815 | ||||||
Ventas, Inc. | 45,200 | 3,234,060 | ||||||
Washington Prime Group, Inc. | 65,751 | 1,132,890 | ||||||
Weyerhaeuser Co. | 313,990 | 11,086,987 | ||||||
227,845,903 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $456,834,873) | 512,924,401 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.9% | ||||||||
Registered Investment Companies — 4.2% | ||||||||
State Street Navigator Securities Lending Prime | 17,292,590 | 17,292,590 | ||||||
SSgA U.S. Government Money Market Fund | 4,748,984 | 4,748,984 | ||||||
22,041,574 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Time Deposits — 0.7% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014 | $ | 3,673,000 | $ | 3,673,000 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $25,714,574) | 25,714,574 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $482,549,447)(4) | 103.3 | % | 538,638,975 | |||||
Liabilities in excess of other assets | (3.3 | ) | (17,408,507 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 521,230,468 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2014, the aggregate value of these securities was $1,627,706 representing 0.3% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(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, 2014, the aggregate value of these securities was $1,627,706 representing 0.3% of net assets. |
(3) | At November 30, 2014, the Fund had loaned securities with a total value of $16,754,694. This was secured by collateral of $17,292,590, which was received in cash and subsequently invested in short-term investments currently valued at $17,292,590 as reported in the portfolio of investments. Additional collateral of $36,158 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||
United States Treasury Notes/Bonds | 0.63% to 6.13% | 12/31/2014 to 11/15/2043 | $36,158 |
(4) | 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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Australia | $ | 37,077,170 | $ | — | $ | 0 | $ | 37,077,170 | ||||||||
Other Countries | 475,847,231 | — | — | 475,847,231 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 22,041,574 | — | — | 22,041,574 | ||||||||||||
Time Deposits | — | 3,673,000 | — | 3,673,000 | ||||||||||||
Total Investments at Value | $ | 534,965,975 | $ | 3,673,000 | $ | 0 | $ | 538,638,975 | ||||||||
* | For a detailed presentation of investments, 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 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
73 |
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VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Medical — Drugs | 3.8 | % | ||
Real Estate Investment Trusts | 3.6 | |||
Banks — Commercial | 3.5 | |||
Insurance — Multi-line | 2.8 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Insurance — Life/Health | 2.6 | |||
Computers | 2.5 | |||
Medical — Biomedical/Gene | 2.1 | |||
Telephone — Integrated | 2.1 | |||
Applications Software | 1.9 | |||
Insurance — Property/Casualty | 1.7 | |||
Food — Misc./Diversified | 1.6 | |||
Cable/Satellite TV | 1.6 | |||
Multimedia | 1.5 | |||
Transport — Rail | 1.5 | |||
Diversified Banking Institutions | 1.4 | |||
Investment Management/Advisor Services | 1.3 | |||
Commercial Services — Finance | 1.3 | |||
Chemicals — Diversified | 1.2 | |||
Pipelines | 1.2 | |||
Beverages — Non-alcoholic | 1.2 | |||
Cosmetics & Toiletries | 1.2 | |||
Food — Retail | 1.2 | |||
Electronic Components — Semiconductors | 1.1 | |||
Medical — HMO | 1.1 | |||
Registered Investment Companies | 1.1 | |||
Enterprise Software/Service | 1.0 | |||
Diversified Manufacturing Operations | 1.0 | |||
Finance — Credit Card | 1.0 | |||
Electric — Integrated | 1.0 | |||
Real Estate Management/Services | 0.9 | |||
Web Portals/ISP | 0.9 | |||
Insurance — Reinsurance | 0.9 | |||
Medical Instruments | 0.9 | |||
Time Deposits | 0.9 | |||
Banks — Super Regional | 0.9 | |||
Retail — Discount | 0.8 | |||
Finance — Other Services | 0.8 | |||
Data Processing/Management | 0.8 | |||
Telecom Services | 0.8 | |||
Consumer Products — Misc. | 0.8 | |||
Computer Services | 0.8 | |||
Oil — Field Services | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Electric Products — Misc. | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Advertising Agencies | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Industrial Gases | 0.6 | |||
E-Commerce/Products | 0.6 | |||
Real Estate Operations & Development | 0.6 | |||
Investment Companies | 0.6 | |||
Transport — Services | 0.6 | |||
Gas — Distribution | 0.6 | |||
Medical Products | 0.6 | |||
Hotels/Motels | 0.6 | |||
Computers — Memory Devices | 0.6 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Networking Products | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Publishing — Periodicals | 0.5 | |||
Oil Field Machinery & Equipment | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Building & Construction Products — Misc. | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Building & Construction — Misc. | 0.5 | |||
Distribution/Wholesale | 0.4 | |||
Containers — Metal/Glass | 0.4 |
Television | 0.4 | |||
Internet Content — Entertainment | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Satellite Telecom | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Commercial Services | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Machinery — Farming | 0.4 | |||
Human Resources | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Retail — Jewelry | 0.3 | |||
Electric — Transmission | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
Machinery — General Industrial | 0.3 | |||
Diversified Operations | 0.3 | |||
Water | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Diversified Operations/Commercial Services | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Import/Export | 0.3 | |||
Consulting Services | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Gold Mining | 0.3 | |||
Toys | 0.3 | |||
Building Products — Cement | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Airport Development/Maintenance | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Retail — Building Products | 0.2 | |||
Pharmacy Services | 0.2 | |||
Computer Aided Design | 0.2 | |||
Athletic Footwear | 0.2 | |||
Oil Companies — Integrated | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Electronic Forms | 0.2 | |||
Wireless Equipment | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Advertising Services | 0.2 | |||
Publishing — Books | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Private Equity | 0.2 | |||
Food — Confectionery | 0.2 | |||
Electronic Parts Distribution | 0.2 | |||
Cellular Telecom | 0.2 | |||
Entertainment Software | 0.2 | |||
Savings & Loans/Thrifts | 0.2 | |||
Retail — Pet Food & Supplies | 0.2 | |||
Retail — Regional Department Stores | 0.2 | |||
Retirement/Aged Care | 0.2 | |||
Steel — Producers | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Special Purpose Entities | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Computers — Integrated Systems | 0.1 | |||
Retail — Restaurants | 0.1 | |||
Internet Security | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Airlines | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Transactional Software | 0.1 |
74 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)
Industry Allocation* (continued)
Chemicals — Plastics | 0.1 | % | ||
Paper & Related Products | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Food — Catering | 0.1 | |||
Metal — Copper | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Food — Baking | 0.1 | |||
Transport — Truck | 0.1 | |||
Respiratory Products | 0.1 | |||
Coatings/Paint | 0.1 | |||
Retail — Automobile | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Retail — Bedding | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Security Services | 0.1 | |||
Medical Information Systems | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Appliances | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Cruise Lines | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Computer Data Security | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Rubber — Tires | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Home Decoration Products | 0.1 | |||
Recycling | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Dialysis Centers | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
Textile — Products | 0.1 | |||
Electronics — Military | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Coffee | 0.1 | |||
Leisure Products | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Storage/Warehousing | 0.1 | |||
100.9 | % | |||
Country Allocation*
United States | 57.9 | % | ||
Japan | 7.7 | |||
United Kingdom | 6.1 | |||
Canada | 4.1 | |||
France | 3.8 | |||
Switzerland | 3.1 | |||
Australia | 2.6 | |||
Netherlands | 1.9 | |||
Germany | 1.8 | |||
Sweden | 1.6 | |||
Hong Kong | 1.4 | |||
Spain | 1.3 | |||
Italy | 0.9 | |||
Ireland | 0.9 | |||
Singapore | 0.8 | |||
Finland | 0.8 | |||
Belgium | 0.7 | |||
Jersey | 0.6 | |||
Denmark | 0.5 | |||
Luxembourg | 0.5 | |||
New Zealand | 0.4 | |||
Norway | 0.3 | |||
Bermuda | 0.3 | |||
Cayman Islands | 0.2 | |||
Portugal | 0.2 | |||
Israel | 0.1 | |||
Austria | 0.1 | |||
Guernsey | 0.1 | |||
Liberia | 0.1 | |||
British Virgin Islands | 0.1 | |||
100.9 | % | |||
* | Calculated as a percentage of net assets |
75 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.6% |
| |||||||
Australia — 2.6% |
| |||||||
ALS, Ltd. | 20,776 | $ | 89,141 | |||||
Amcor, Ltd. | 23,746 | 245,814 | ||||||
AMP, Ltd. | 129,319 | 620,904 | ||||||
APA Group | 51,752 | 346,725 | ||||||
Asciano, Ltd. | 97,867 | 489,887 | ||||||
ASX, Ltd. | 20,260 | 620,904 | ||||||
Aurizon Holdings, Ltd. | 57,252 | 224,685 | ||||||
BGP Holdings PLC†(1)(2) | 60,919 | 0 | ||||||
Boral, Ltd. | 11,544 | 48,056 | ||||||
Caltex Australia, Ltd. | 8,086 | 208,229 | ||||||
Cochlear, Ltd. | 5,597 | 331,387 | ||||||
Computershare, Ltd. | 22,663 | 222,834 | ||||||
Dexus Property Group | 66,257 | 401,037 | ||||||
Federation Centres | 184,999 | 436,246 | ||||||
Flight Centre Travel Group, Ltd. | 3,623 | 124,697 | ||||||
Goodman Group | 25,960 | 120,444 | ||||||
GPT Group | 108,965 | 384,034 | ||||||
Harvey Norman Holdings, Ltd. | 67,534 | 212,144 | ||||||
Iluka Resources, Ltd. | 6,351 | 37,035 | ||||||
Insurance Australia Group, Ltd. | 141,443 | 767,014 | ||||||
Lend Lease Group | 34,531 | 450,644 | ||||||
Metcash, Ltd. | 190,071 | 422,317 | ||||||
Mirvac Group | 296,664 | 443,225 | ||||||
Newcrest Mining, Ltd.† | 37,931 | 333,885 | ||||||
Novion Property Group | 208,053 | 377,256 | ||||||
Ramsay Health Care, Ltd. | 6,584 | 303,509 | ||||||
Scentre Group† | 197,039 | 582,055 | ||||||
Seek, Ltd. | 6,622 | 96,342 | ||||||
Sonic Healthcare, Ltd. | 6,460 | 95,965 | ||||||
Stockland | 84,650 | 296,898 | ||||||
Sydney Airport | 40,644 | 153,625 | ||||||
Transurban Group | 97,719 | 691,294 | ||||||
Westfield Corp.† | 37,343 | 263,540 | ||||||
Woodside Petroleum, Ltd. | 24,607 | 748,889 | ||||||
WorleyParsons, Ltd. | 11,479 | 108,665 | ||||||
11,299,326 | ||||||||
Austria — 0.1% |
| |||||||
IMMOFINANZ AG† | 77,207 | 231,621 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 6,556 | 326,346 | ||||||
557,967 | ||||||||
Belgium — 0.7% |
| |||||||
Ageas | 5,475 | 195,929 | ||||||
Belgacom SA | 14,196 | 560,746 | ||||||
Colruyt SA | 12,998 | 604,885 | ||||||
Delhaize Group SA | 3,903 | 285,514 | ||||||
Groupe Bruxelles Lambert SA | 5,394 | 488,280 | ||||||
KBC Groep NV† | 5,010 | 286,761 | ||||||
Telenet Group Holding NV† | 6,927 | 396,228 | ||||||
Umicore SA | 7,250 | 294,992 | ||||||
3,113,335 | ||||||||
Bermuda — 0.3% |
| |||||||
Arch Capital Group, Ltd.† | 5,395 | 309,241 | ||||||
Everest Re Group, Ltd. | 2,835 | 497,231 | ||||||
NWS Holdings, Ltd. | 114,000 | 210,509 | ||||||
RenaissanceRe Holdings, Ltd. | 2,126 | 208,178 | ||||||
1,225,159 | ||||||||
British Virgin Islands — 0.1% |
| |||||||
Michael Kors Holdings, Ltd.† | 3,299 | 253,066 | ||||||
Canada — 4.1% |
| |||||||
Agnico Eagle Mines, Ltd. | 3,973 | 92,665 | ||||||
Agrium, Inc. | 5,008 | 483,244 |
Security Description | Shares | Value | ||||||
Canada (continued) |
| |||||||
AltaGas, Ltd. | 12,039 | $ | 446,029 | |||||
ARC Resources, Ltd. | 20,327 | 480,498 | ||||||
ATCO, Ltd., Class I | 400 | 16,680 | ||||||
BCE, Inc. | 9,666 | 450,725 | ||||||
Brookfield Asset Management, Inc., Class A | 10,000 | 502,579 | ||||||
Canadian Tire Corp., Ltd., Class A | 7,635 | 856,410 | ||||||
Canadian Utilities, Ltd., Class A | 1,600 | 55,893 | ||||||
Catamaran Corp.† | 2,600 | 131,307 | ||||||
CGI Group, Inc., Class A† | 12,923 | 470,872 | ||||||
CI Financial Corp | 13,900 | 411,568 | ||||||
Dollarama, Inc. | 13,220 | 619,222 | ||||||
Empire Co., Ltd., Class A | 5,700 | 414,432 | ||||||
Fairfax Financial Holdings, Ltd. | 1,173 | 595,780 | ||||||
First Capital Realty, Inc. | 31,468 | 514,976 | ||||||
Fortis, Inc. | 8,986 | 319,015 | ||||||
Franco-Nevada Corp. | 3,900 | 195,051 | ||||||
Gildan Activewear, Inc. | 1,500 | 86,703 | ||||||
Great-West Lifeco, Inc. | 23,315 | 690,339 | ||||||
IGM Financial, Inc. | 10,684 | 443,836 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 4,394 | 182,114 | ||||||
Intact Financial Corp. | 8,447 | 586,173 | ||||||
Inter Pipeline, Ltd. | 11,025 | 314,394 | ||||||
Manulife Financial Corp. | 33,110 | 659,074 | ||||||
Methanex Corp. | 3,748 | 188,465 | ||||||
Metro, Inc., Class A | 13,980 | 1,091,489 | ||||||
Onex Corp | 3,843 | 218,002 | ||||||
Open Text Corp. | 3,100 | 183,469 | ||||||
Pacific Rubiales Energy Corp. | 4,400 | 42,504 | ||||||
Pembina Pipeline Corp. | 11,110 | 378,395 | ||||||
Pengrowth Energy Corp. | 18,469 | 60,062 | ||||||
Power Corp. of Canada | 15,812 | 448,276 | ||||||
Power Financial Corp. | 11,571 | 361,625 | ||||||
RioCan Real Estate Investment Trust | 8,342 | 199,088 | ||||||
Saputo, Inc. | 19,502 | 565,164 | ||||||
Shaw Communications, Inc., Class B | 30,851 | 832,564 | ||||||
Silver Wheaton Corp. | 4,863 | 95,993 | ||||||
Sun Life Financial, Inc. | 20,721 | 768,592 | ||||||
Thomson Reuters Corp. | 15,465 | 616,491 | ||||||
Tim Hortons, Inc. | 6,000 | 499,921 | ||||||
Tourmaline Oil Corp.† | 4,224 | 140,320 | ||||||
TransAlta Corp. | 22,969 | 223,686 | ||||||
Valeant Pharmaceuticals International, Inc.† | 4,500 | 654,603 | ||||||
Vermilion Energy, Inc. | 9,694 | 451,522 | ||||||
18,039,810 | ||||||||
Cayman Islands — 0.2% |
| |||||||
ASM Pacific Technology, Ltd. | 2,800 | 28,506 | ||||||
Herbalife, Ltd.# | 2,239 | 96,837 | ||||||
Legal & General Group PLC | 169,013 | 652,118 | ||||||
777,461 | ||||||||
Denmark — 0.5% |
| |||||||
Coloplast A/S, Class B | 3,794 | 328,961 | ||||||
DSV A/S | 9,202 | 288,370 | ||||||
Novozymes A/S, Class B | 13,875 | 609,990 | ||||||
Pandora A/S | 1,530 | 135,858 | ||||||
TDC A/S | 43,217 | 350,506 | ||||||
Tryg A/S | 3,278 | 378,231 | ||||||
William Demant Holding A/S† | 1,959 | 140,602 | ||||||
2,232,518 | ||||||||
Finland — 0.8% | �� | |||||||
Elisa Oyj | 19,153 | 555,764 | ||||||
Metso Oyj | 5,795 | 179,763 | ||||||
Neste Oil Oyj | 19,009 | 451,297 |
76 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Finland (continued) |
| |||||||
Nokia Oyj | 64,828 | $ | 539,652 | |||||
Nokian Renkaat Oyj | 6,820 | 192,720 | ||||||
Orion Oyj, Class B | 16,695 | 572,936 | ||||||
Sampo Oyj, Class A | 11,806 | 582,760 | ||||||
UPM-Kymmene Oyj | 32,334 | 537,113 | ||||||
3,612,005 | ||||||||
France — 3.8% |
| |||||||
Accor SA | 4,740 | 223,740 | ||||||
Aeroports de Paris | 4,322 | 530,741 | ||||||
Alcatel-Lucent† | 41,725 | 148,642 | ||||||
Arkema SA | 1,665 | 113,367 | ||||||
AtoS | 2,792 | 198,475 | ||||||
Bouygues SA | 10,557 | 397,432 | ||||||
Bureau Veritas SA | 13,335 | 318,332 | ||||||
Cap Gemini SA | 5,697 | 417,742 | ||||||
Casino Guichard Perrachon SA | 6,636 | 639,848 | ||||||
Christian Dior SA | 3,704 | 709,768 | ||||||
CNP Assurances | 33,879 | 627,697 | ||||||
Dassault Systemes | 8,584 | 561,504 | ||||||
Edenred | 14,871 | 429,107 | ||||||
Eurazeo SA | 2,831 | 197,090 | ||||||
Eutelsat Communications SA | 17,118 | 566,471 | ||||||
Fonciere Des Regions | 4,190 | 400,249 | ||||||
Gecina SA | 2,214 | 299,593 | ||||||
Groupe Eurotunnel SA | 19,174 | 248,006 | ||||||
ICADE | 2,394 | 191,630 | ||||||
Iliad SA | 762 | 187,261 | ||||||
Imerys SA | 2,983 | 225,674 | ||||||
JCDecaux SA | 5,425 | 178,546 | ||||||
Kering | 1,975 | 408,189 | ||||||
Klepierre | 7,729 | 347,084 | ||||||
L’Oreal SA | 7,958 | 1,358,573 | ||||||
Lagardere SCA | 9,932 | 281,771 | ||||||
Legrand SA | 8,351 | 438,143 | ||||||
Natixis SA | 27,157 | 192,003 | ||||||
Publicis Groupe SA | 7,556 | 555,278 | ||||||
SCOR SE | 23,806 | 743,211 | ||||||
Societe BIC SA | 1,567 | 209,020 | ||||||
Sodexo SA | 5,354 | 540,420 | ||||||
Suez Environnement Co. | 16,410 | 291,174 | ||||||
Unibail-Rodamco SE | 3,841 | 1,015,613 | ||||||
Valeo SA | 3,163 | 389,440 | ||||||
Vallourec SA | 6,510 | 215,997 | ||||||
Veolia Environnement SA | 10,717 | 195,560 | ||||||
Vivendi SA | 37,342 | 951,596 | ||||||
Wendel SA | 1,542 | 181,798 | ||||||
Zodiac Aerospace | 7,356 | 243,929 | ||||||
16,369,714 | ||||||||
Germany — 1.6% |
| |||||||
Axel Springer SE | 5,321 | 313,534 | ||||||
Beiersdorf AG | 8,073 | 719,038 | ||||||
Brenntag AG | 5,679 | 312,970 | ||||||
Celesio AG | 3,035 | 101,209 | ||||||
Deutsche Wohnen AG (BR) | 25,082 | 602,500 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 3,078 | 188,108 | ||||||
Hannover Rueck SE | 7,134 | 637,001 | ||||||
LANXESS AG | 2,986 | 148,378 | ||||||
Metro AG† | 8,624 | 293,059 | ||||||
Muenchener Rueckversicherungs AG | 7,316 | 1,507,961 | ||||||
OSRAM Licht AG† | 2,844 | 118,195 | ||||||
ProSiebenSat.1 Media AG | 4,944 | 211,315 | ||||||
SAP SE | 17,315 | 1,221,173 |
Security Description | Shares | Value | ||||||
Germany (continued) |
| |||||||
Telefonica Deutschland Holding AG | 41,017 | $ | 215,225 | |||||
United Internet AG | 7,100 | 312,963 | ||||||
6,902,629 | ||||||||
Guernsey — 0.1% |
| |||||||
Friends Life Group, Ltd. | 81,764 | 472,129 | ||||||
Hong Kong — 1.4% |
| |||||||
AIA Group, Ltd. | 183,600 | 1,060,656 | ||||||
Bank of East Asia, Ltd. | 79,800 | 335,977 | ||||||
BOC Hong Kong Holdings, Ltd. | 58,500 | 207,072 | ||||||
Cheung Kong Holdings, Ltd. | 27,000 | 496,486 | ||||||
Hang Lung Properties, Ltd. | 81,000 | 243,369 | ||||||
Hang Seng Bank, Ltd. | 18,600 | 309,884 | ||||||
Henderson Land Development Co., Ltd. | 20,900 | 140,009 | ||||||
Hong Kong & China Gas Co., Ltd. | 321,600 | 761,399 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 34,100 | 742,691 | ||||||
Hutchison Whampoa, Ltd. | 37,000 | 463,997 | ||||||
Link REIT | 66,000 | 418,729 | ||||||
New World Development Co., Ltd. | 57,000 | 68,136 | ||||||
Sino Land Co., Ltd. | 156,000 | 255,075 | ||||||
Swire Pacific, Ltd., Class A | 13,000 | 178,532 | ||||||
Swire Properties, Ltd. | 18,800 | 58,304 | ||||||
Techtronic Industries Co., Ltd. | 25,000 | 80,111 | ||||||
Wharf Holdings, Ltd. | 29,000 | 209,229 | ||||||
Wheelock & Co., Ltd. | 19,000 | 95,920 | ||||||
6,125,576 | ||||||||
Ireland — 0.9% |
| |||||||
Accenture PLC, Class A | 11,023 | 951,616 | ||||||
CRH PLC | 15,983 | 377,865 | ||||||
James Hardie Industries PLC CDI | 28,578 | 294,374 | ||||||
Kerry Group PLC, Class A | 7,640 | 567,440 | ||||||
Pentair PLC | 7,618 | 492,961 | ||||||
Perrigo Co. PLC | 3,838 | 614,809 | ||||||
Seagate Technology PLC | 3,319 | 219,419 | ||||||
XL Group PLC | 10,599 | 376,477 | ||||||
3,894,961 | ||||||||
Israel — 0.1% |
| |||||||
Israel Chemicals, Ltd. | 34,959 | 238,668 | ||||||
Israel Corp., Ltd.† | 244 | 119,612 | ||||||
NICE Systems, Ltd. | 4,365 | 207,033 | ||||||
565,313 | ||||||||
Italy — 0.9% |
| |||||||
Assicurazioni Generali SpA | 56,432 | 1,221,096 | ||||||
Banco Popolare SC† | 16,152 | 222,886 | ||||||
Exor SpA | 4,327 | 192,750 | ||||||
Intesa Sanpaolo SpA RSP | 133,068 | 358,307 | ||||||
Luxottica Group SpA | 7,764 | 415,412 | ||||||
Mediobanca SpA | 43,136 | 386,454 | ||||||
Terna Rete Elettrica Nazionale SpA | 182,571 | 882,340 | ||||||
Unione di Banche Italiane SCpA | 33,889 | 260,599 | ||||||
UnipolSai SpA | 22,664 | 64,862 | ||||||
4,004,706 | ||||||||
Japan — 7.7% |
| |||||||
ABC-Mart, Inc. | 300 | 15,067 | ||||||
ACOM Co., Ltd.† | 10,500 | 31,411 | ||||||
Advantest Corp. | 2,800 | 33,434 | ||||||
Aeon Co., Ltd. | 28,000 | 279,127 | ||||||
AEON Financial Service Co., Ltd. | 7,600 | 164,079 | ||||||
Aeon Mall Co., Ltd. | 1,400 | 23,878 | ||||||
Air Water, Inc. | 3,000 | 48,690 |
77 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Aisin Seiki Co., Ltd. | 4,400 | $ | 157,394 | |||||
Ajinomoto Co., Inc. | 12,000 | 224,033 | ||||||
Alfresa Holdings Corp. | 800 | 9,236 | ||||||
Amada Co., Ltd. | 13,000 | 117,325 | ||||||
ANA Holdings, Inc. | 21,000 | 51,708 | ||||||
Aozora Bank, Ltd. | 35,000 | 113,845 | ||||||
Asahi Glass Co., Ltd. | 47,000 | 226,940 | ||||||
Asahi Kasei Corp. | 21,000 | 182,624 | ||||||
Asics Corp. | 2,000 | 50,645 | ||||||
Astellas Pharma, Inc. | 34,500 | 496,263 | ||||||
Bank of Yokohama, Ltd. | 34,000 | 191,674 | ||||||
Brother Industries, Ltd. | 3,700 | 69,155 | ||||||
Calbee, Inc. | 1,600 | 55,414 | ||||||
Canon, Inc. | 18,500 | 592,633 | ||||||
Casio Computer Co., Ltd. | 3,900 | 58,958 | ||||||
Central Japan Railway Co. | 2,800 | 407,601 | ||||||
Chiba Bank, Ltd. | 47,000 | 312,488 | ||||||
Chugai Pharmaceutical Co., Ltd. | 3,700 | 100,240 | ||||||
Citizen Holdings Co., Ltd. | 4,000 | 30,943 | ||||||
Credit Saison Co., Ltd. | 5,200 | 97,366 | �� | |||||
Dai Nippon Printing Co., Ltd. | 10,000 | 87,891 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 14,900 | 216,149 | ||||||
Daido Steel Co., Ltd. | 8,000 | 29,123 | ||||||
Daihatsu Motor Co., Ltd. | 19,000 | 260,495 | ||||||
Daikin Industries, Ltd. | 6,600 | 437,979 | ||||||
Daito Trust Construction Co., Ltd. | 1,400 | 158,085 | ||||||
Daiwa House Industry Co., Ltd. | 10,000 | 190,486 | ||||||
Daiwa Securities Group, Inc. | 29,000 | 233,109 | ||||||
Dena Co., Ltd. | 1,100 | 13,626 | ||||||
Dentsu, Inc. | 8,600 | 323,216 | ||||||
Don Quijote Holdings Co., Ltd. | 1,000 | 62,358 | ||||||
East Japan Railway Co. | 5,900 | 442,338 | ||||||
Eisai Co., Ltd. | 4,100 | 147,009 | ||||||
FANUC Corp. | 3,700 | 624,202 | ||||||
Fast Retailing Co., Ltd. | 900 | 327,669 | ||||||
Fuji Heavy Industries, Ltd. | 9,400 | 342,034 | ||||||
GungHo Online Entertainment, Inc. | 5,000 | 18,876 | ||||||
Gunma Bank, Ltd. | 32,000 | 190,377 | ||||||
Hakuhodo DY Holdings, Inc. | 1,800 | 17,504 | ||||||
Hamamatsu Photonics KK | 1,100 | 55,616 | ||||||
Hankyu Hanshin Holdings, Inc. | 20,000 | 110,053 | ||||||
Hino Motors, Ltd. | 11,000 | 148,218 | ||||||
Hirose Electric Co., Ltd. | 600 | 75,841 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 6,900 | 209,901 | ||||||
Hitachi Chemical Co., Ltd. | 14,700 | 272,149 | ||||||
Hitachi Construction Machinery Co., Ltd. | 600 | 12,954 | ||||||
Hitachi High-Technologies Corp. | 1,300 | 37,575 | ||||||
Hoya Corp. | 13,500 | 480,071 | ||||||
Hulic Co., Ltd. | 4,300 | 44,424 | ||||||
Ibiden Co., Ltd. | 1,700 | 25,256 | ||||||
Iida Group Holdings Co., Ltd. | 8,900 | 97,722 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 6,100 | 80,137 | ||||||
Isuzu Motors, Ltd. | 10,000 | 130,530 | ||||||
ITOCHU Corp. | 29,900 | 344,176 | ||||||
Iyo Bank, Ltd. | 42,900 | 443,930 | ||||||
Japan Exchange Group, Inc. | 3,300 | 84,676 | ||||||
JFE Holdings, Inc. | 12,200 | 259,637 | ||||||
Joyo Bank, Ltd. | 89,000 | 449,237 | ||||||
JSR Corp. | 3,200 | 57,248 | ||||||
Kajima Corp. | 59,000 | 233,176 | ||||||
Kakaku.com, Inc. | 2,100 | 32,083 | ||||||
Kaneka Corp. | 6,000 | 31,752 | ||||||
Kansai Paint Co., Ltd. | 4,000 | 63,740 | ||||||
Kao Corp. | 10,900 | 403,779 |
Security Description | Shares | Value | ||||||
Japan (continued) |
| |||||||
KDDI Corp. | 8,300 | $ | 531,838 | |||||
Keikyu Corp. | 52,000 | 397,438 | ||||||
Keio Corp. | 4,000 | 29,426 | ||||||
Keisei Electric Railway Co., Ltd. | 2,000 | 23,005 | ||||||
Keyence Corp. | 800 | 369,563 | ||||||
Kintetsu Corp. | 32,000 | 108,132 | ||||||
Komatsu, Ltd. | 10,600 | 251,088 | ||||||
Konica Minolta, Inc. | 10,000 | 116,626 | ||||||
Kuraray Co., Ltd. | 5,900 | 71,842 | ||||||
Kurita Water Industries, Ltd. | 4,700 | 97,588 | ||||||
Kyocera Corp. | 5,900 | 288,910 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 2,000 | 21,724 | ||||||
LIXIL Group Corp. | 9,300 | 197,802 | ||||||
M3, Inc. | 1,600 | 27,532 | ||||||
Mabuchi Motor Co., Ltd. | 1,400 | 111,604 | ||||||
Makita Corp. | 3,300 | 165,737 | ||||||
Marui Group Co., Ltd. | 3,500 | 30,644 | ||||||
Maruichi Steel Tube, Ltd. | 1,800 | 39,528 | ||||||
McDonald’s Holdings Co. Japan, Ltd. | 4,600 | 105,203 | ||||||
Medipal Holdings Corp. | 1,300 | 14,449 | ||||||
MEIJI Holdings Co., Ltd. | 1,400 | 125,643 | ||||||
Mitsubishi Chemical Holdings Corp. | 28,500 | 146,859 | ||||||
Mitsubishi Corp. | 35,500 | 671,589 | ||||||
Mitsubishi Estate Co., Ltd. | 32,000 | 720,384 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 8,000 | 45,774 | ||||||
Mitsubishi Logistics Corp. | 14,000 | 219,432 | ||||||
Mitsubishi Tanabe Pharma Corp. | 3,100 | 47,282 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 7,800 | 36,808 | ||||||
Mitsui Chemicals, Inc. | 13,000 | 36,370 | ||||||
Mitsui Fudosan Co., Ltd. | 13,000 | 375,803 | ||||||
MS&AD Insurance Group Holdings, Inc. | 8,600 | 200,814 | ||||||
Murata Manufacturing Co., Ltd. | 900 | 97,266 | ||||||
Nabtesco Corp. | 4,100 | 98,432 | ||||||
NGK Insulators, Ltd. | 9,000 | 199,840 | ||||||
NGK Spark Plug Co., Ltd. | 4,000 | 120,334 | ||||||
NH Foods, Ltd. | 4,000 | 80,324 | ||||||
NHK Spring Co., Ltd. | 3,500 | 30,319 | ||||||
Nidec Corp. | 4,000 | 265,341 | ||||||
Nintendo Co., Ltd. | 1,600 | 185,523 | ||||||
Nippon Express Co., Ltd. | 9,000 | 43,229 | ||||||
Nippon Paint Holdings Co., Ltd. | 4,000 | 103,480 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 147,000 | 378,803 | ||||||
Nippon Telegraph & Telephone Corp. | 7,200 | 385,331 | ||||||
Nisshin Seifun Group, Inc. | 3,600 | 35,645 | ||||||
Nissin Foods Holdings Co., Ltd. | 800 | 40,111 | ||||||
Nitori Holdings Co., Ltd. | 1,200 | 66,537 | ||||||
Nitto Denko Corp. | 2,900 | 153,052 | ||||||
NOK Corp. | 1,200 | 30,043 | ||||||
Nomura Real Estate Holdings, Inc. | 2,200 | 40,415 | ||||||
Nomura Research Institute, Ltd. | 2,000 | 62,358 | ||||||
NTT Data Corp. | 2,400 | 91,615 | ||||||
NTT DOCOMO, Inc. | 26,000 | 405,654 | ||||||
NTT Urban Development Corp. | 1,700 | 17,491 | ||||||
Obayashi Corp. | 30,000 | 187,073 | ||||||
Odakyu Electric Railway Co., Ltd. | 8,000 | 73,279 | ||||||
Oji Holdings Corp. | 20,000 | 70,110 | ||||||
Omron Corp. | 3,900 | 181,411 | ||||||
Ono Pharmaceutical Co., Ltd. | 2,600 | 222,600 | ||||||
Oracle Corp. Japan | 2,100 | 79,279 | ||||||
Oriental Land Co., Ltd. | 2,400 | 522,390 | ||||||
ORIX Corp. | 20,200 | 266,479 | ||||||
Osaka Gas Co., Ltd. | 39,000 | 149,171 | ||||||
Otsuka Corp. | 1,200 | 41,308 | ||||||
Otsuka Holdings Co., Ltd. | 6,500 | 205,538 |
78 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Park24 Co., Ltd. | 1,300 | $ | 19,730 | |||||
Rakuten, Inc. | 12,400 | 167,082 | ||||||
Resona Holdings, Inc. | 31,300 | 169,015 | ||||||
Rinnai Corp. | 600 | 44,594 | ||||||
Rohm Co., Ltd. | 1,400 | 90,604 | ||||||
Sanrio Co., Ltd. | 1,600 | 42,268 | ||||||
Santen Pharmaceutical Co., Ltd. | 3,500 | 195,837 | ||||||
SBI Holdings, Inc. | 6,400 | 73,886 | ||||||
Secom Co., Ltd. | 4,300 | 248,717 | ||||||
Seiko Epson Corp. | 1,100 | 53,114 | ||||||
Sekisui Chemical Co., Ltd. | 8,000 | 99,570 | ||||||
Sekisui House, Ltd. | 12,000 | 161,186 | ||||||
Sharp Corp.† | 20,000 | 47,695 | ||||||
Shikoku Electric Power Co., Inc.† | 3,100 | 38,740 | ||||||
Shimamura Co., Ltd. | 500 | 41,839 | ||||||
Shimano, Inc. | 1,300 | 176,371 | ||||||
Shimizu Corp. | 8,000 | 54,605 | ||||||
Shin-Etsu Chemical Co., Ltd. | 7,100 | 478,040 | ||||||
Shinsei Bank, Ltd. | 30,000 | 56,375 | ||||||
Shionogi & Co., Ltd. | 4,300 | 107,002 | ||||||
Shiseido Co., Ltd. | 8,200 | 122,478 | ||||||
Shizuoka Bank, Ltd. | 24,000 | 230,960 | ||||||
Showa Shell Sekiyu KK | 17,000 | 141,679 | ||||||
SMC Corp. | 800 | 219,837 | ||||||
SoftBank Corp. | 13,500 | 905,878 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 4,900 | 121,499 | ||||||
Sony Financial Holdings, Inc. | 2,200 | 33,388 | ||||||
Sumitomo Chemical Co., Ltd. | 30,000 | 113,508 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 9,400 | 97,192 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 49,000 | 203,730 | ||||||
Sumitomo Realty & Development Co., Ltd. | 8,000 | 276,296 | ||||||
Sumitomo Rubber Industries, Ltd. | 4,500 | 68,560 | ||||||
Suntory Beverage & Food, Ltd. | 5,200 | 183,602 | ||||||
Suruga Bank, Ltd. | 15,000 | 285,034 | ||||||
Suzuken Co., Ltd. | 700 | 17,932 | ||||||
Sysmex Corp. | 2,400 | 103,143 | ||||||
T&D Holdings, Inc. | 7,900 | 95,729 | ||||||
Taisei Corp. | 42,000 | 219,432 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 200 | 12,387 | ||||||
Taiyo Nippon Sanso Corp. | 3,000 | 35,342 | ||||||
Takashimaya Co., Ltd. | 3,000 | 25,129 | ||||||
TDK Corp. | 2,200 | 132,552 | ||||||
Teijin, Ltd. | 8,000 | 21,707 | ||||||
Terumo Corp. | 5,400 | 122,862 | ||||||
THK Co., Ltd. | 3,800 | 92,062 | ||||||
Tobu Railway Co., Ltd. | 42,000 | 189,349 | ||||||
Toho Co., Ltd. | 1,100 | 24,527 | ||||||
Toho Gas Co., Ltd. | 3,000 | 15,750 | ||||||
Tokio Marine Holdings, Inc. | 11,000 | 359,699 | ||||||
Tokyo Electron, Ltd. | 2,800 | 190,811 | ||||||
Tokyo Gas Co., Ltd. | 49,000 | 267,235 | ||||||
Tokyo Tatemono Co., Ltd. | 5,000 | 39,901 | ||||||
Tokyu Corp. | 80,000 | 483,357 | ||||||
Tokyu Fudosan Holdings Corp. | 7,900 | 56,452 | ||||||
TonenGeneral Sekiyu KK | 38,000 | 317,974 | ||||||
Toppan Printing Co., Ltd. | 21,000 | 135,375 | ||||||
Toray Industries, Inc. | 30,000 | 235,864 | ||||||
TOTO, Ltd. | 17,000 | 202,991 | ||||||
Toyo Seikan Group Holdings, Ltd. | 14,800 | 178,842 | ||||||
Toyota Tsusho Corp. | 6,600 | 156,282 | ||||||
Trend Micro, Inc. | 4,600 | 139,740 | ||||||
Unicharm Corp. | 9,000 | 206,059 | ||||||
USS Co., Ltd. | 4,300 | 62,070 | ||||||
West Japan Railway Co. | 3,300 | 157,561 |
Security Description | Shares | Value | ||||||
Japan (continued) |
| |||||||
Yahoo Japan Corp. | 26,500 | $ | 96,693 | |||||
Yakult Honsha Co., Ltd. | 1,900 | 100,868 | ||||||
Yamada Denki Co., Ltd. | 17,100 | 56,342 | ||||||
Yamaguchi Financial Group, Inc. | 20,000 | 200,556 | ||||||
Yamaha Corp. | 14,800 | 220,622 | ||||||
Yamato Holdings Co., Ltd. | 6,900 | 155,682 | ||||||
Yamato Kogyo Co., Ltd. | 1,700 | 47,704 | ||||||
Yaskawa Electric Corp. | 5,000 | 64,886 | ||||||
Yokohama Rubber Co., Ltd. | 5,000 | 46,010 | ||||||
33,662,186 | ||||||||
Jersey — 0.6% |
| |||||||
Delphi Automotive PLC | 4,630 | 337,758 | ||||||
Petrofac, Ltd. | 19,565 | 252,447 | ||||||
Randgold Resources, Ltd. | 6,190 | 411,740 | ||||||
Wolseley PLC | 13,263 | 744,686 | ||||||
WPP PLC | 43,616 | 914,087 | ||||||
2,660,718 | ||||||||
Liberia — 0.1% |
| |||||||
Royal Caribbean Cruises, Ltd. | 4,887 | 360,367 | ||||||
Luxembourg — 0.5% |
| |||||||
Altice SA† | 2,299 | 154,761 | ||||||
Millicom International Cellular SA SDR | 2,936 | 244,361 | ||||||
RTL Group SA | 6,638 | 639,628 | ||||||
SES SA FDR | 19,834 | 738,409 | ||||||
Subsea 7 SA | 13,591 | 135,045 | ||||||
Tenaris SA | 14,213 | 235,214 | ||||||
2,147,418 | ||||||||
Mauritius — 0.0% |
| |||||||
Golden Agri-Resources, Ltd. | 445,000 | 157,063 | ||||||
Netherlands — 1.9% |
| |||||||
Aegon NV | 53,210 | 417,979 | ||||||
Akzo Nobel NV | 9,073 | 627,246 | ||||||
ASML Holding NV | 7,016 | 741,439 | ||||||
Boskalis Westminster NV | 3,272 | 183,720 | ||||||
CNH Industrial NV | 28,931 | 226,613 | ||||||
Core Laboratories NV | 1,510 | 194,533 | ||||||
Corio NV | 7,072 | 358,015 | ||||||
Delta Lloyd NV | 11,804 | 271,502 | ||||||
Fugro NV CVA | 6,395 | 146,653 | ||||||
Gemalto NV | 3,926 | 333,751 | ||||||
ING Groep NV CVA† | 67,204 | 985,066 | ||||||
Koninklijke Vopak NV | 6,747 | 339,170 | ||||||
Nielsen NV# | 6,362 | 265,741 | ||||||
OCI NV† | 3,386 | 121,488 | ||||||
QIAGEN NV† | 21,929 | 524,305 | ||||||
Randstad Holding NV | 4,580 | 226,161 | ||||||
Reed Elsevier NV | 33,827 | 832,137 | ||||||
STMicroelectronics NV | 17,514 | 131,344 | ||||||
Wolters Kluwer NV | 20,892 | 612,594 | ||||||
Ziggo NV† | 12,329 | 552,275 | ||||||
8,091,732 | ||||||||
New Zealand — 0.4% |
| |||||||
Auckland International Airport, Ltd. | 215,238 | 652,925 | ||||||
Contact Energy, Ltd. | 31,255 | 150,180 | ||||||
Fletcher Building, Ltd. | 16,653 | 106,908 | ||||||
Ryman Healthcare, Ltd. | 113,293 | 711,326 | ||||||
Spark New Zealand, Ltd. | 100,213 | 240,369 | ||||||
1,861,708 | ||||||||
79 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Norway — 0.3% |
| |||||||
Akastor ASA | 18,644 | $ | 55,894 | |||||
Aker Solutions ASA† | 18,644 | 111,577 | ||||||
DNB ASA | 29,711 | 492,033 | ||||||
Gjensidige Forsikring ASA | 6,762 | 115,636 | ||||||
Norsk Hydro ASA | 53,703 | 313,603 | ||||||
Orkla ASA | 36,942 | 274,121 | ||||||
1,362,864 | ||||||||
Portugal — 0.2% |
| |||||||
Banco Espirito Santo SA†(1)(2) | 126,030 | 9,409 | ||||||
Galp Energia SGPS SA | 35,620 | 434,355 | ||||||
Jeronimo Martins SGPS SA | 20,530 | 208,707 | ||||||
652,471 | ||||||||
Singapore — 0.8% |
| |||||||
Ascendas Real Estate Investment Trust | 9,000 | 16,159 | ||||||
Avago Technologies, Ltd. | 4,497 | 420,020 | ||||||
CapitaLand, Ltd. | 48,000 | 122,274 | ||||||
CapitaMall Trust | 21,000 | 31,904 | ||||||
City Developments, Ltd. | 31,000 | 239,285 | ||||||
ComfortDelGro Corp., Ltd. | 167,000 | 333,154 | ||||||
DBS Group Holdings, Ltd. | 29,000 | 441,241 | ||||||
Global Logistic Properties, Ltd. | 48,000 | 96,494 | ||||||
Jardine Cycle & Carriage, Ltd. | 2,000 | 65,357 | ||||||
Keppel Corp., Ltd. | 4,000 | 27,622 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 112,000 | 900,606 | ||||||
StarHub, Ltd. | 118,000 | 374,833 | ||||||
United Overseas Bank, Ltd. | 29,000 | 534,029 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 41,000 | 38,537 | ||||||
3,641,515 | ||||||||
Spain — 1.3% |
| |||||||
Abertis Infraestructuras SA | 29,714 | 636,307 | ||||||
Amadeus IT Holding SA, Class A | 15,290 | 609,096 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 116,247 | 1,249,453 | ||||||
Banco de Sabadell SA | 91,044 | 258,405 | ||||||
Banco Popular Espanol SA | 44,345 | 243,889 | ||||||
CaixaBank SA | 52,080 | 287,791 | ||||||
Distribuidora Internacional de Alimentacion SA | 44,927 | 312,496 | ||||||
Ferrovial SA | 21,104 | 432,760 | ||||||
Grifols SA | 7,215 | 321,623 | ||||||
Mapfre SA | 69,126 | 253,826 | ||||||
Red Electrica Corp. SA | 7,177 | 657,898 | ||||||
Zardoya Otis SA | 48,883 | 521,271 | ||||||
5,784,815 | ||||||||
Sweden — 1.6% |
| |||||||
Assa Abloy AB, Class B | 11,492 | 624,597 | ||||||
Atlas Copco AB, Class A | 11,881 | 342,631 | ||||||
Atlas Copco AB, Class B | 6,918 | 183,823 | ||||||
Electrolux AB, Series B | 12,595 | 374,371 | ||||||
Elekta AB, Series B | 21,379 | 217,939 | ||||||
Getinge AB, Class B | 14,268 | 330,323 | ||||||
Hexagon AB, Class B | 4,029 | 128,080 | ||||||
Husqvarna AB, Class B | 23,138 | 170,386 | ||||||
Industrivarden AB, Class C | 7,286 | 128,807 | ||||||
Investment AB Kinnevik, Class B | 11,899 | 412,897 | ||||||
Investor AB, Class B | 28,696 | 1,078,125 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 41,153 | 543,717 | ||||||
Skanska AB, Class B | 26,619 | 573,419 | ||||||
Svenska Handelsbanken AB, Class A | 21,218 | 1,036,524 | ||||||
Swedbank AB, Class A | 15,493 | 406,480 | ||||||
Tele2 AB, Class B | 33,714 | 436,614 | ||||||
6,988,733 | ||||||||
Security Description | Shares | Value | ||||||
Switzerland — 3.1% |
| |||||||
ACE, Ltd. | 14,144 | $ | 1,617,225 | |||||
Actelion, Ltd. | 5,058 | 601,775 | ||||||
Aryzta AG | 5,920 | 472,619 | ||||||
Baloise Holding AG | 8,041 | 1,050,763 | ||||||
Coca-Cola HBC AG CDI | 11,950 | 271,376 | ||||||
EMS-Chemie Holding AG | 1,636 | 607,306 | ||||||
Garmin, Ltd.# | 5,762 | 330,163 | ||||||
Geberit AG | 1,820 | 634,338 | ||||||
Pargesa Holding SA (BR) | 7,073 | 563,203 | ||||||
Partners Group Holding AG | 2,090 | 600,544 | ||||||
Sika AG (BR) | 105 | 399,886 | ||||||
Sonova Holding AG | 2,736 | 414,189 | ||||||
Sulzer AG | 3,258 | 364,005 | ||||||
Swatch Group AG | 5,564 | 512,470 | ||||||
Swatch Group AG (BR) | 1,240 | 613,099 | ||||||
Swiss Life Holding AG | 1,534 | 351,672 | ||||||
Swiss Prime Site AG | 15,669 | 1,208,740 | ||||||
Swiss Re AG | 8,341 | 713,401 | ||||||
Swisscom AG | 1,983 | 1,204,276 | ||||||
Zurich Insurance Group AG | 3,550 | 1,113,062 | ||||||
13,644,112 | ||||||||
United Kingdom — 6.1% |
| |||||||
3i Group PLC | 56,633 | 393,269 | ||||||
Admiral Group PLC | 14,876 | 288,499 | ||||||
Aggreko PLC | 10,584 | 253,763 | ||||||
Amec Foster Wheeler PLC | 41,933 | 612,875 | ||||||
Antofagasta PLC | 46,067 | 531,000 | ||||||
ARM Holdings PLC | 35,432 | 506,776 | ||||||
ASOS PLC | 2,281 | 87,154 | ||||||
British Land Co. PLC | 70,268 | 844,026 | ||||||
Bunzl PLC | 47,262 | 1,320,172 | ||||||
Capita PLC | 43,280 | 724,282 | ||||||
Croda International PLC | 11,154 | 428,097 | ||||||
Direct Line Insurance Group PLC | 168,006 | 773,832 | ||||||
easyJet PLC | 12,615 | 326,135 | ||||||
Ensco PLC, Class A | 5,048 | 170,622 | ||||||
Hammerson PLC | 66,365 | 646,642 | ||||||
Inmarsat PLC | 34,758 | 431,902 | ||||||
InterContinental Hotels Group PLC | 15,898 | 673,827 | ||||||
Intertek Group PLC | 11,307 | 412,925 | ||||||
Intu Properties PLC | 109,352 | 610,394 | ||||||
Investec PLC | 69,703 | 645,372 | ||||||
ITV PLC | 138,088 | 462,607 | ||||||
Johnson Matthey PLC | 13,064 | 679,572 | ||||||
Kingfisher PLC | 131,770 | 642,996 | ||||||
Land Securities Group PLC | 45,232 | 840,425 | ||||||
Liberty Global PLC, Class A† | 13,817 | 718,346 | ||||||
London Stock Exchange Group PLC | 17,922 | 632,077 | ||||||
Next PLC | 7,442 | 788,562 | ||||||
Old Mutual PLC | 273,014 | 855,269 | ||||||
Persimmon PLC | 18,636 | 446,819 | ||||||
Prudential PLC | 62,517 | 1,513,582 | ||||||
Reed Elsevier PLC | 52,900 | 920,847 | ||||||
Rexam PLC | 62,922 | 445,207 | ||||||
Royal Mail PLC | 72,269 | 472,234 | ||||||
RSA Insurance Group PLC† | 60,812 | 445,305 | ||||||
Sage Group PLC | 148,812 | 947,493 | ||||||
Schroders PLC | 10,060 | 424,027 | ||||||
Segro PLC | 109,111 | 669,459 | ||||||
Standard Life PLC | 114,681 | 760,491 | ||||||
Tate & Lyle PLC | 63,054 | 595,150 | ||||||
Travis Perkins PLC | 20,418 | 577,043 | ||||||
Tullow Oil PLC | 46,035 | 306,715 |
80 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
United Utilities Group PLC | 59,180 | $ | 838,109 | |||||
Weir Group PLC | 8,051 | 236,222 | ||||||
Whitbread PLC | 9,434 | 676,802 | ||||||
26,576,923 | ||||||||
United States — 55.8% |
| |||||||
AbbVie, Inc. | 26,328 | 1,821,898 | ||||||
Activision Blizzard, Inc. | 21,401 | 463,332 | ||||||
Adobe Systems, Inc.† | 13,548 | 998,217 | ||||||
ADT Corp. | 5,153 | 180,046 | ||||||
Advance Auto Parts, Inc. | 1,669 | 245,477 | ||||||
Aetna, Inc. | 8,166 | 712,402 | ||||||
Affiliated Managers Group, Inc.† | 2,171 | 441,994 | ||||||
Aflac, Inc. | 10,410 | 621,789 | ||||||
AGCO Corp. | 8,079 | 340,853 | ||||||
Air Products & Chemicals, Inc. | 7,497 | 1,078,294 | ||||||
Airgas, Inc. | 4,810 | 556,180 | ||||||
Akamai Technologies, Inc.† | 2,360 | 152,480 | ||||||
Albemarle Corp.# | 3,514 | 207,467 | ||||||
Alexion Pharmaceuticals, Inc.† | 3,307 | 644,534 | ||||||
Allergan, Inc. | 6,982 | 1,493,380 | ||||||
Alliance Data Systems Corp.† | 2,004 | 572,883 | ||||||
Allstate Corp. | 17,486 | 1,191,671 | ||||||
Amazon.com, Inc.† | 5,197 | 1,759,912 | ||||||
American Airlines Group, Inc. | 1,865 | 90,508 | ||||||
American Express Co. | 17,828 | 1,647,664 | ||||||
American Realty Capital Properties, Inc. | 21,523 | 202,316 | ||||||
American Tower Corp. | 8,198 | 860,872 | ||||||
American Water Works Co., Inc. | 1,295 | 68,700 | ||||||
Ameriprise Financial, Inc. | 4,688 | 617,738 | ||||||
AmerisourceBergen Corp. | 4,612 | 419,923 | ||||||
AMETEK, Inc. | 5,175 | 263,718 | ||||||
Amgen, Inc. | 12,134 | 2,005,872 | ||||||
Anadarko Petroleum Corp. | 11,091 | 877,853 | ||||||
Analog Devices, Inc. | 7,865 | 429,744 | ||||||
ANSYS, Inc.† | 4,926 | 411,420 | ||||||
Antero Resources Corp.†# | 4,598 | 215,738 | ||||||
Anthem, Inc. | 7,363 | 941,801 | ||||||
Apache Corp. | 8,500 | 544,765 | ||||||
Apple, Inc. | 85,071 | 10,117,494 | ||||||
Applied Materials, Inc. | 32,705 | 786,555 | ||||||
Arrow Electronics, Inc.† | 11,322 | 661,658 | ||||||
Ashland, Inc. | 3,636 | 414,686 | ||||||
Assurant, Inc. | 3,129 | 211,489 | ||||||
AT&T, Inc. | 91,842 | 3,249,370 | ||||||
Autodesk, Inc.† | 2,952 | 183,024 | ||||||
Automatic Data Processing, Inc. | 12,864 | 1,101,673 | ||||||
AutoNation, Inc.† | 1,343 | 79,828 | ||||||
AvalonBay Communities, Inc. | 1,205 | 193,752 | ||||||
Avery Dennison Corp. | 3,851 | 190,663 | ||||||
Avnet, Inc. | 3,294 | 144,244 | ||||||
Avon Products, Inc. | 17,145 | 167,678 | ||||||
B/E Aerospace, Inc.† | 4,466 | 347,767 | ||||||
Baker Hughes, Inc. | 11,033 | 628,881 | ||||||
Ball Corp. | 1,103 | 73,978 | ||||||
Bank of America Corp. | 138,229 | 2,355,422 | ||||||
Bank of New York Mellon Corp. | 26,975 | 1,079,809 | ||||||
BB&T Corp. | 10,304 | 387,327 | ||||||
Bed Bath & Beyond, Inc.† | 5,949 | 436,478 | ||||||
Best Buy Co., Inc. | 8,183 | 322,492 | ||||||
Biogen Idec, Inc.† | 3,337 | 1,026,762 | ||||||
BioMarin Pharmaceutical, Inc.† | 3,277 | 294,012 | ||||||
BlackRock, Inc. | 3,116 | 1,118,893 | ||||||
BorgWarner, Inc. | 4,398 | 248,751 |
Security Description | Shares | Value | ||||||
United States (continued) |
| |||||||
Boston Scientific Corp.† | 9,353 | $ | 120,373 | |||||
Bristol-Myers Squibb Co. | 28,392 | 1,676,548 | ||||||
Broadcom Corp., Class A | 3,963 | 170,924 | ||||||
C.H. Robinson Worldwide, Inc. | 4,348 | 320,622 | ||||||
CA, Inc. | 13,516 | 421,023 | ||||||
Cablevision Systems Corp., Class A# | 12,339 | 250,728 | ||||||
Cabot Oil & Gas Corp. | 12,614 | 416,767 | ||||||
Calpine Corp.† | 5,559 | 127,635 | ||||||
Cameron International Corp.† | 6,032 | 309,321 | ||||||
Capital One Financial Corp. | 9,435 | 784,992 | ||||||
Cardinal Health, Inc. | 15,539 | 1,277,150 | ||||||
CarMax, Inc.† | 5,322 | 303,248 | ||||||
CBRE Group, Inc., Class A† | 5,598 | 188,877 | ||||||
CBS Corp., Class B | 9,062 | 497,323 | ||||||
Celanese Corp., Series A | 5,507 | 330,805 | ||||||
Celgene Corp.† | 19,276 | 2,191,488 | ||||||
CenterPoint Energy, Inc. | 10,416 | 249,359 | ||||||
CenturyLink, Inc. | 15,673 | 638,988 | ||||||
Cerner Corp.† | 6,558 | 422,335 | ||||||
Charles Schwab Corp. | 30,560 | 865,459 | ||||||
Charter Communications, Inc., Class A† | 1,559 | 264,562 | ||||||
Cheniere Energy, Inc.† | 3,265 | 215,457 | ||||||
Chesapeake Energy Corp. | 10,877 | 220,368 | ||||||
Chipotle Mexican Grill, Inc.† | 292 | 193,777 | ||||||
Church & Dwight Co., Inc. | 3,092 | 237,187 | ||||||
Cigna Corp. | 7,022 | 722,494 | ||||||
Cimarex Energy Co. | 1,978 | 207,591 | ||||||
Cincinnati Financial Corp. | 7,397 | 376,877 | ||||||
Cintas Corp. | 1,960 | 143,374 | ||||||
Cisco Systems, Inc. | 82,918 | 2,291,854 | ||||||
CIT Group, Inc. | 4,745 | 231,556 | ||||||
Citigroup, Inc. | 40,391 | 2,179,902 | ||||||
Citrix Systems, Inc.† | 4,196 | 278,237 | ||||||
Clorox Co. | 16,714 | 1,698,477 | ||||||
CME Group, Inc. | 5,954 | 503,947 | ||||||
Coach, Inc. | 9,553 | 354,607 | ||||||
Cobalt International Energy, Inc.† | 5,337 | 48,033 | ||||||
Coca-Cola Co. | 69,525 | 3,116,806 | ||||||
Cognizant Technology Solutions Corp., Class A† | 16,062 | 867,187 | ||||||
Colgate-Palmolive Co. | 17,825 | 1,240,442 | ||||||
Comcast Corp., Class A | 36,633 | 2,089,546 | ||||||
Comcast Corp., Special Class A | 15,918 | 904,302 | ||||||
ConAgra Foods, Inc. | 9,393 | 343,032 | ||||||
Concho Resources, Inc.† | 5,409 | 515,207 | ||||||
ConocoPhillips | 30,519 | 2,016,390 | ||||||
Consolidated Edison, Inc. | 28,166 | 1,778,683 | ||||||
Continental Resources, Inc.†# | 2,894 | 118,596 | ||||||
Costco Wholesale Corp. | 10,603 | 1,506,898 | ||||||
Cree, Inc.†# | 2,275 | 82,674 | ||||||
Crown Castle International Corp. | 11,673 | 969,910 | ||||||
Crown Holdings, Inc.† | 20,420 | 1,010,790 | ||||||
CSX Corp. | 25,614 | 934,655 | ||||||
Cummins, Inc. | 3,747 | 545,638 | ||||||
Danaher Corp. | 21,550 | 1,800,718 | ||||||
DaVita HealthCare Partners, Inc.† | 3,417 | 261,503 | ||||||
Deere & Co. | 9,106 | 788,762 | ||||||
Delta Air Lines, Inc. | 4,554 | 212,535 | ||||||
Denbury Resources, Inc. | 16,404 | 135,497 | ||||||
Devon Energy Corp. | 16,278 | 959,914 | ||||||
Diamond Offshore Drilling, Inc.# | 7,496 | 220,158 | ||||||
DIRECTV† | 7,348 | 644,493 | ||||||
Discover Financial Services | 6,101 | 399,921 | ||||||
Dollar Tree, Inc.† | 4,905 | 335,306 | ||||||
Dover Corp. | 9,448 | 727,402 |
81 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Dr Pepper Snapple Group, Inc. | 13,500 | $ | 999,000 | |||||
Dun & Bradstreet Corp. | 4,529 | 574,957 | ||||||
Eaton Vance Corp. | 7,738 | 323,371 | ||||||
eBay, Inc.† | 16,672 | 914,959 | ||||||
Ecolab, Inc. | 6,727 | 732,907 | ||||||
Edwards Lifesciences Corp.† | 1,474 | 191,148 | ||||||
Electronic Arts, Inc.† | 6,470 | 284,227 | ||||||
Eli Lilly & Co. | 26,723 | 1,820,371 | ||||||
EMC Corp. | 24,261 | 736,321 | ||||||
Emerson Electric Co. | 27,856 | 1,775,820 | ||||||
Energen Corp. | 4,468 | 266,829 | ||||||
EOG Resources, Inc. | 11,204 | 971,611 | ||||||
EQT Corp. | 4,234 | 385,209 | ||||||
Equifax, Inc. | 1,132 | 90,051 | ||||||
Equity Residential | 4,565 | 323,385 | ||||||
Estee Lauder Cos., Inc., Class A | 9,355 | 693,580 | ||||||
Expedia, Inc. | 1,835 | 159,847 | ||||||
Expeditors International of Washington, Inc. | 12,311 | 576,401 | ||||||
Express Scripts Holding Co.† | 12,501 | 1,039,458 | ||||||
Facebook, Inc., Class A† | 24,385 | 1,894,714 | ||||||
Fastenal Co.# | 8,596 | 388,539 | ||||||
Fidelity National Information Services, Inc. | 12,902 | 789,473 | ||||||
Fifth Third Bancorp | 16,520 | 332,382 | ||||||
FireEye, Inc.†# | 839 | 25,413 | ||||||
First Republic Bank | 4,068 | 209,624 | ||||||
Fiserv, Inc.† | 18,661 | 1,334,075 | ||||||
FleetCor Technologies, Inc.† | 1,905 | 289,350 | ||||||
Flowserve Corp. | 2,899 | 170,664 | ||||||
Fluor Corp. | 3,800 | 235,562 | ||||||
FMC Corp. | 6,990 | 380,256 | ||||||
FMC Technologies, Inc.† | 7,696 | 367,638 | ||||||
FNF Group | 9,708 | 314,539 | ||||||
Franklin Resources, Inc. | 8,094 | 460,225 | ||||||
Frontier Communications Corp.# | 59,168 | 417,134 | ||||||
GameStop Corp., Class A# | 2,482 | 93,844 | ||||||
General Growth Properties, Inc. | 7,510 | 200,968 | ||||||
General Mills, Inc. | 30,640 | 1,616,260 | ||||||
Genworth Financial, Inc., Class A† | 5,764 | 52,395 | ||||||
Gilead Sciences, Inc.† | 23,073 | 2,314,683 | ||||||
Goldman Sachs Group, Inc. | 5,393 | 1,016,095 | ||||||
Google, Inc., Class A† | 4,285 | 2,352,808 | ||||||
Halliburton Co. | 17,488 | 737,994 | ||||||
Harley-Davidson, Inc. | 8,266 | 575,975 | ||||||
Harris Corp. | 3,898 | 279,370 | ||||||
Hartford Financial Services Group, Inc. | 6,147 | 253,871 | ||||||
Hasbro, Inc. | 5,545 | 328,264 | ||||||
HCA Holdings, Inc.† | 3,732 | 260,083 | ||||||
HCP, Inc. | 8,258 | 369,958 | ||||||
Health Care REIT, Inc. | 4,275 | 314,897 | ||||||
Helmerich & Payne, Inc. | 1,589 | 110,515 | ||||||
Hershey Co. | 8,053 | 807,555 | ||||||
Hertz Global Holdings, Inc.† | 8,567 | 203,381 | ||||||
Hewlett-Packard Co. | 25,977 | 1,014,662 | ||||||
Hormel Foods Corp. | 113 | 5,998 | ||||||
Host Hotels & Resorts, Inc. | 17,677 | 410,813 | ||||||
Hudson City Bancorp, Inc. | 22,717 | 222,399 | ||||||
Humana, Inc. | 4,537 | 625,970 | ||||||
IHS, Inc., Class A† | 4,224 | 517,271 | ||||||
Illumina, Inc.† | 873 | 166,647 | ||||||
Intel Corp. | 77,461 | 2,885,422 | ||||||
Intercontinental Exchange, Inc. | 3,293 | 744,185 | ||||||
International Flavors & Fragrances, Inc. | 1,914 | 193,639 | ||||||
Interpublic Group of Cos., Inc. | 11,182 | 226,883 | ||||||
Intuit, Inc. | 7,862 | 738,006 |
Security Description | Shares | Value | ||||||
United States (continued) |
| |||||||
Intuitive Surgical, Inc.† | 524 | $ | 271,311 | |||||
Iron Mountain, Inc. | 11,104 | 422,063 | ||||||
J.B. Hunt Transport Services, Inc. | 3,691 | 304,618 | ||||||
Johnson & Johnson | 47,102 | 5,098,791 | ||||||
Joy Global, Inc. | 2,645 | 129,711 | ||||||
Kansas City Southern | 3,351 | 398,568 | ||||||
Kellogg Co. | 22,131 | 1,466,179 | ||||||
Keurig Green Mountain, Inc. | 1,589 | 225,860 | ||||||
KeyCorp | 14,820 | 200,070 | ||||||
Kimberly-Clark Corp. | 13,784 | 1,607,077 | ||||||
Kinder Morgan, Inc.# | 23,578 | 974,938 | ||||||
KLA-Tencor Corp. | 4,765 | 330,882 | ||||||
Kohl’s Corp. | 3,702 | 220,713 | ||||||
L Brands, Inc. | 5,008 | 405,147 | ||||||
L-3 Communications Holdings, Inc. | 1,843 | 229,638 | ||||||
Lam Research Corp. | 5,712 | 472,040 | ||||||
Lennar Corp., Class A | 4,922 | 232,515 | ||||||
Level 3 Communications, Inc.† | 1,682 | 84,100 | ||||||
Liberty Interactive Corp., Class A† | 16,032 | 467,333 | ||||||
Liberty Media Corp., Class A† | 2,073 | 76,224 | ||||||
Liberty Media Corp., Class C† | 4,146 | 151,453 | ||||||
Lincoln National Corp. | 4,737 | 268,256 | ||||||
Linear Technology Corp. | 11,587 | 533,350 | ||||||
LinkedIn Corp., Class A† | 1,119 | 253,196 | ||||||
LKQ Corp.† | 19,595 | 569,235 | ||||||
Loews Corp. | 4,054 | 168,809 | ||||||
M&T Bank Corp. | 2,297 | 289,468 | ||||||
Macy’s, Inc. | 6,590 | 427,757 | ||||||
Manpowergroup, Inc. | 3,677 | 245,844 | ||||||
MasterCard, Inc., Class A | 17,311 | 1,511,077 | ||||||
Mattel, Inc. | 13,550 | 427,502 | ||||||
McCormick & Co., Inc. | 2,257 | 167,763 | ||||||
McGraw Hill Financial, Inc. | 8,137 | 760,484 | ||||||
McKesson Corp. | 3,134 | 660,522 | ||||||
MDU Resources Group, Inc. | 13,201 | 323,689 | ||||||
Mead Johnson Nutrition Co. | 2,194 | 227,825 | ||||||
Medtronic, Inc. | 31,737 | 2,344,412 | ||||||
MetLife, Inc. | 16,768 | 932,468 | ||||||
Microchip Technology, Inc.# | 8,180 | 369,327 | ||||||
Microsoft Corp. | 115,738 | 5,533,434 | ||||||
Mondelez International, Inc., Class A | 46,342 | 1,816,606 | ||||||
Monster Beverage Corp.† | 3,198 | 358,656 | ||||||
Moody’s Corp. | 3,583 | 361,919 | ||||||
Morgan Stanley | 26,504 | 932,411 | ||||||
Mosaic Co. | 4,808 | 220,062 | ||||||
Motorola Solutions, Inc. | 5,861 | 385,185 | ||||||
Murphy Oil Corp. | 11,083 | 536,639 | ||||||
Mylan, Inc.† | 14,563 | 853,537 | ||||||
NASDAQ OMX Group, Inc. | 9,822 | 441,106 | ||||||
National Oilwell Varco, Inc. | 18,017 | 1,207,860 | ||||||
Navient Corp. | 15,533 | 325,572 | ||||||
NetApp, Inc. | 7,797 | 331,762 | ||||||
Netflix, Inc.† | 702 | 243,306 | ||||||
New York Community Bancorp, Inc.# | 12,673 | 201,374 | ||||||
Newell Rubbermaid, Inc. | 8,252 | 299,630 | ||||||
News Corp., Class A† | 30,490 | 473,205 | ||||||
NIKE, Inc., Class B | 10,868 | 1,079,084 | ||||||
NiSource, Inc. | 11,297 | 472,666 | ||||||
Noble Energy, Inc. | 9,951 | 489,390 | ||||||
Nordstrom, Inc. | 3,501 | 267,336 | ||||||
Northeast Utilities | 3,717 | 188,229 | ||||||
Northern Trust Corp. | 5,512 | 373,328 | ||||||
NVIDIA Corp. | 10,828 | 227,063 | ||||||
Oceaneering International, Inc. | 7,530 | 472,206 |
82 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Ocwen Financial Corp.†# | 5,900 | $ | 135,346 | |||||
Omnicom Group, Inc. | 16,300 | 1,259,501 | ||||||
ONEOK, Inc. | 11,712 | 634,322 | ||||||
Oracle Corp. | 67,045 | 2,843,378 | ||||||
Owens-Illinois, Inc.† | 18,635 | 477,801 | ||||||
PACCAR, Inc. | 8,234 | 551,843 | ||||||
Pall Corp. | 4,486 | 431,149 | ||||||
Parker-Hannifin Corp. | 7,317 | 944,113 | ||||||
Paychex, Inc. | 20,448 | 969,440 | ||||||
People’s United Financial, Inc. | 23,098 | 341,388 | ||||||
Pepco Holdings, Inc. | 24,741 | 680,377 | ||||||
PetSmart, Inc. | 9,343 | 735,855 | ||||||
Pharmacyclics, Inc.† | 661 | 92,137 | ||||||
Pioneer Natural Resources Co. | 3,020 | 432,555 | ||||||
Plum Creek Timber Co., Inc. | 5,220 | 217,570 | ||||||
PNC Financial Services Group, Inc. | 8,369 | 732,036 | ||||||
Polaris Industries, Inc. | 1,001 | 156,867 | ||||||
PPG Industries, Inc. | 4,886 | 1,069,155 | ||||||
Praxair, Inc. | 9,488 | 1,218,069 | ||||||
Priceline Group, Inc.† | 792 | 918,870 | ||||||
Principal Financial Group, Inc. | 9,934 | 529,184 | ||||||
Progressive Corp. | 32,374 | 881,868 | ||||||
Prologis, Inc. | 6,319 | 267,167 | ||||||
Prudential Financial, Inc. | 9,296 | 789,974 | ||||||
Public Storage | 2,098 | 393,648 | ||||||
PulteGroup, Inc. | 3,257 | 70,449 | ||||||
PVH Corp. | 1,872 | 238,006 | ||||||
QEP Resources, Inc. | 7,429 | 151,849 | ||||||
QUALCOMM, Inc. | 27,626 | 2,013,935 | ||||||
Quanta Services, Inc.† | 13,198 | 402,539 | ||||||
Quest Diagnostics, Inc. | 6,809 | 444,696 | ||||||
Range Resources Corp. | 4,423 | 290,370 | ||||||
Realogy Holdings Corp.† | 9,284 | 427,250 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,130 | 470,204 | ||||||
Regions Financial Corp. | 21,247 | 213,957 | ||||||
Republic Services, Inc. | 7,122 | 282,102 | ||||||
ResMed, Inc.# | 8,514 | 452,945 | ||||||
Robert Half International, Inc. | 2,949 | 167,474 | ||||||
Rockwell Automation, Inc. | 4,854 | 560,200 | ||||||
Roper Industries, Inc. | 2,407 | 379,873 | ||||||
Ross Stores, Inc. | 2,642 | 241,690 | ||||||
salesforce.com, Inc.† | 5,904 | 353,472 | ||||||
SanDisk Corp. | 2,172 | 224,715 | ||||||
SBA Communications Corp., Class A† | 5,953 | 724,302 | ||||||
Scripps Networks Interactive, Inc., Class A | 4,782 | 373,809 | ||||||
Sealed Air Corp. | 9,826 | 388,422 | ||||||
Sempra Energy | 4,335 | 484,350 | ||||||
ServiceNow, Inc.† | 923 | 59,035 | ||||||
Sherwin-Williams Co. | 1,149 | 281,344 | ||||||
Sigma-Aldrich Corp. | 1,989 | 271,697 | ||||||
Sirius XM Holdings, Inc.†# | 21,912 | 79,541 | ||||||
Southwestern Energy Co.† | 9,397 | 302,395 | ||||||
Spectra Energy Corp. | 19,093 | 723,243 | ||||||
Sprint Corp.†# | 13,752 | 70,410 | ||||||
SPX Corp. | 800 | 71,752 | ||||||
St Jude Medical, Inc. | 7,346 | 499,234 | ||||||
Stanley Black & Decker, Inc. | 3,672 | 346,784 | ||||||
Staples, Inc. | 34,276 | 481,921 | ||||||
State Street Corp. | 10,416 | 799,220 | ||||||
Stericycle, Inc.† | 2,368 | 305,283 | ||||||
Stryker Corp. | 2,743 | 254,852 | ||||||
SunTrust Banks, Inc. | 10,812 | 424,803 | ||||||
Superior Energy Services, Inc. | 8,346 | 161,161 | ||||||
Symantec Corp. | 22,526 | 587,703 |
Security Description | Shares | Value | ||||||
United States (continued) |
| |||||||
T-Mobile US, Inc.† | 2,376 | $ | 69,355 | |||||
T. Rowe Price Group, Inc. | 7,196 | 600,650 | ||||||
TD Ameritrade Holding Corp. | 8,777 | 303,772 | ||||||
Teradata Corp.† | 4,805 | 216,898 | ||||||
Tesla Motors, Inc.†# | 1,203 | 294,158 | ||||||
Thermo Fisher Scientific, Inc. | 8,596 | 1,111,377 | ||||||
Tiffany & Co. | 4,125 | 445,170 | ||||||
Time Warner Cable, Inc. | 6,432 | 960,169 | ||||||
Time Warner, Inc. | 23,104 | 1,966,612 | ||||||
TJX Cos., Inc. | 13,985 | 925,248 | ||||||
Toll Brothers, Inc.† | 9,815 | 343,427 | ||||||
Torchmark Corp. | 14,422 | 775,182 | ||||||
Total System Services, Inc. | 12,635 | 416,829 | ||||||
Towers Watson & Co., Class A | 2,199 | 248,399 | ||||||
Tractor Supply Co. | 4,914 | 378,034 | ||||||
Travelers Cos., Inc. | 15,357 | 1,604,039 | ||||||
Trimble Navigation, Ltd.† | 10,603 | 298,209 | ||||||
TripAdvisor, Inc.† | 1,514 | 111,506 | ||||||
TRW Automotive Holdings Corp.† | 2,215 | 229,031 | ||||||
Twenty-First Century Fox, Inc., Class A | 28,776 | 1,058,957 | ||||||
Twitter, Inc.† | 1,370 | 57,184 | ||||||
Under Armour, Inc., Class A† | 2,349 | 170,279 | ||||||
Union Pacific Corp. | 17,463 | 2,039,155 | ||||||
United Rentals, Inc.† | 1,800 | 203,958 | ||||||
UnitedHealth Group, Inc. | 18,596 | 1,834,123 | ||||||
Universal Health Services, Inc., Class B | 2,666 | 278,917 | ||||||
US Bancorp | 31,693 | 1,400,831 | ||||||
Vantiv, Inc., Class A† | 7,072 | 238,609 | ||||||
Varian Medical Systems, Inc.† | 3,303 | 292,349 | ||||||
Ventas, Inc. | 5,600 | 400,680 | ||||||
Verisk Analytics, Inc., Class A† | 9,765 | 605,235 | ||||||
Vertex Pharmaceuticals, Inc.† | 3,015 | 355,408 | ||||||
VF Corp. | 6,055 | 455,154 | ||||||
Viacom, Inc., Class B | 8,294 | 627,275 | ||||||
Visa, Inc., Class A | 8,289 | 2,140,137 | ||||||
Voya Financial, Inc. | 5,965 | 249,814 | ||||||
Vulcan Materials Co. | 3,322 | 219,584 | ||||||
Walgreen Co. | 14,558 | 998,824 | ||||||
Walt Disney Co. | 29,589 | 2,737,278 | ||||||
Western Digital Corp. | 2,164 | 223,476 | ||||||
Western Union Co.# | 12,196 | 226,602 | ||||||
Whiting Petroleum Corp.† | 3,731 | 155,844 | ||||||
Whole Foods Market, Inc. | 8,858 | 434,308 | ||||||
Williams Cos., Inc. | 16,431 | 850,304 | ||||||
Windstream Holdings, Inc. | 21,905 | 221,460 | ||||||
Wisconsin Energy Corp.# | 7,248 | 358,051 | ||||||
WR Berkley Corp. | 8,094 | 422,831 | ||||||
WW Grainger, Inc. | 1,827 | 448,857 | ||||||
Wyndham Worldwide Corp. | 2,223 | 185,309 | ||||||
Xylem, Inc. | 2,175 | 83,390 | ||||||
Yahoo!, Inc.† | 28,185 | 1,458,292 | ||||||
Zimmer Holdings, Inc. | 2,708 | 304,081 | ||||||
Zoetis, Inc. | 8,951 | 402,168 | ||||||
243,832,378 | ||||||||
Total Common Stocks |
| |||||||
(cost $405,761,535) | 430,870,678 | |||||||
PREFERRED SECURITIES — 0.2% |
| |||||||
Germany — 0.2% |
| |||||||
Fuchs Petrolub SE | 10,328 | 427,557 | ||||||
Porsche Automobil Holding SE | 2,787 | 242,889 | ||||||
Total Preferred Securities |
| |||||||
(cost $751,686) | 670,446 | |||||||
83 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value | ||||||
RIGHTS — 0.0% |
| |||||||
Australia — 0.0% |
| |||||||
Harvey Norman Holdings, Ltd. | 3,070 | $ | 4,704 | |||||
France — 0.0% |
| |||||||
Arkema SA | 1,665 | 4,902 | ||||||
Spain — 0.0% |
| |||||||
CaixaBank SA | 52,080 | 3,499 | ||||||
Total Rights | ||||||||
(cost $3,240) | 13,105 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $406,516,459) | 431,554,229 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.1% |
| |||||||
Registered Investment Companies — 1.1% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | 4,544,976 | 4,544,976 | ||||||
Time Deposits — 0.9% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 3,920,000 | 3,920,000 | |||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | 525,000 | 524,998 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $8,989,974) | 8,989,974 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $415,506,433)(5) | 100.9 | % | 440,544,203 | |||||
Liabilities in excess of other assets | (0.9 | ) | (3,763,899 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 436,780,304 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Illiquid security. At November 30, 2014, the aggregate value of these securities was $9,409 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) | At November 30, 2014, the Fund had loaned securities with a total value of $5,201,761. This was secured by collateral of $4,544,976, which was received in cash and subsequently invested in short-term investments currently valued at $4,544,976 as reported in the portfolio of investments. Additional collateral of $859,454 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||||
United States Treasury Bills | zero coupon | 01/22/2015 to 10/15/2015 | $ | 27,955 | ||||
United States Treasury Notes/Bonds | zero coupon to 6.00% | 12/15/2014 to 02/15/2044 | 831,499 |
(4) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(5) | See Note 5 for cost of investments on a tax basis. |
CVA—Certification Van Aandelen (Dutch Cert.)
FDR—Federal Depository Receipt
BR—Bearer Shares
RSP—Risparmio Savings Shares
SDR—Swedish Depository Receipt
AUD—Australian Dollar
EUR—Euro Dollar
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2014 | Unrealized Appreciation | ||||||||||||||||
73 | Long | S&P 500 E-Mini Index | December 2014 | $ | 7,217,006 | $ | 7,541,995 | $ | 324,989 | |||||||||||||
84 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Australia | $ | 11,299,326 | $ | — | $ | 0 | $ | 11,299,326 | ||||||||
Portugal | 643,062 | — | 9,409 | 652,471 | ||||||||||||
Other Countries | 418,918,881 | — | — | 418,918,881 | ||||||||||||
Preferred Securities | 670,446 | — | — | 670,446 | ||||||||||||
Rights | 13,105 | — | — | 13,105 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 4,544,976 | — | — | 4,544,976 | ||||||||||||
Other Short-Term Investment Securities | — | 4,444,998 | — | 4,444,998 | ||||||||||||
Total Investments at Value | $ | 436,089,796 | $ | 4,444,998 | $ | 9,409 | $ | 440,544,203 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts | $ | 324,989 | $ | — | $ | — | $ | 324,989 | ||||||||
* | For a detailed presentation of investments, 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 were not considered a material portion of the Fund.
See Notes to Financial Statements
85 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Sovereign | 19.9 | % | ||
Diversified Banking Institutions | 8.2 | |||
Medical — Drugs | 5.7 | |||
Registered Investment Companies | 4.4 | |||
U.S. Government Agencies | 4.4 | |||
Foreign Government Obligations | 3.6 | |||
Oil Companies — Integrated | 3.4 | |||
Medical — Biomedical/Gene | 3.2 | |||
Medical — Generic Drugs | 2.7 | |||
Telecom Services | 2.3 | |||
Banks — Commercial | 2.3 | |||
Insurance — Multi-line | 2.0 | |||
Auto — Cars/Light Trucks | 1.9 | |||
Retail — Drug Store | 1.7 | |||
Cable/Satellite TV | 1.7 | |||
Insurance — Life/Health | 1.6 | |||
Applications Software | 1.4 | |||
Electronic Components — Semiconductors | 1.4 | |||
Medical Instruments | 1.4 | |||
Telephone — Integrated | 1.3 | |||
Time Deposits | 1.2 | |||
Oil — Field Services | 1.2 | |||
Building Products — Cement | 1.1 | |||
Semiconductor Equipment | 1.0 | |||
Retail — Regional Department Stores | 1.0 | |||
Photo Equipment & Supplies | 1.0 | |||
Transport — Services | 0.9 | |||
Electronic Components — Misc. | 0.9 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Cellular Telecom | 0.8 | |||
Food — Retail | 0.8 | |||
Chemicals — Diversified | 0.7 | |||
Steel — Specialty | 0.7 | |||
Banks — Fiduciary | 0.7 | |||
Retail — Major Department Stores | 0.7 | |||
Building & Construction Products — Misc. | 0.7 | |||
Insurance — Reinsurance | 0.6 | |||
Retail — Discount | 0.6 | |||
Tools — Hand Held | 0.6 | |||
Diversified Operations | 0.6 | |||
Beverages — Non-alcoholic | 0.6 | |||
Internet Security | 0.6 | |||
Diversified Manufacturing Operations | 0.6 | |||
Steel — Producers | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Banks — Super Regional | 0.6 | |||
Publishing — Newspapers | 0.5 | |||
Engineering/R&D Services | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Oil & Gas Drilling | 0.4 | |||
Import/Export | 0.4 | |||
Publishing — Books | 0.4 | |||
Retail — Building Products | 0.4 | |||
Airlines | 0.4 | |||
Rubber — Tires | 0.4 | |||
Networking Products | 0.4 | |||
Multimedia | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Finance — Other Services | 0.4 | |||
Coal | 0.3 | |||
Auto/Truck Parts & Equipment — Replacement | 0.3 | |||
Metal — Diversified | 0.3 | |||
Machinery — General Industrial | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Diversified Financial Services | 0.3 | |||
Diagnostic Kits | 0.3 | |||
Containers — Metal/Glass | 0.2 | |||
Consulting Services | 0.1 | |||
102.6 | % | |||
Country Allocation*
United States | 32.7 | % | ||
United Kingdom | 9.4 | |||
South Korea | 6.6 | |||
France | 5.9 | |||
Ireland | 4.4 | |||
Japan | 4.2 | |||
Mexico | 3.6 | |||
Switzerland | 3.5 | |||
Germany | 3.2 | |||
Netherlands | 3.1 | |||
China | 3.0 | |||
Poland | 2.8 | |||
Brazil | 2.7 | |||
Hungary | 2.6 | |||
Italy | 2.1 | |||
Singapore | 1.7 | |||
Malaysia | 1.3 | |||
Sweden | 1.2 | |||
Canada | 1.1 | |||
Ukraine | 1.1 | |||
Israel | 1.0 | |||
Portugal | 0.9 | |||
Bermuda | 0.9 | |||
Spain | 0.9 | |||
Norway | 0.6 | |||
Russia | 0.6 | |||
Indonesia | 0.4 | |||
Taiwan | 0.4 | |||
Jersey | 0.3 | |||
Slovenia | 0.2 | |||
Serbia | 0.1 | |||
Philippines | 0.1 | |||
102.6 | % | |||
* | Calculated as a percentage of net assets |
86 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 68.9% | ||||||||
Bermuda — 0.9% | ||||||||
Kunlun Energy Co., Ltd.# | 1,698,000 | $ | 1,834,871 | |||||
Noble Group, Ltd.# | 3,377,000 | 3,174,116 | ||||||
5,008,987 | ||||||||
Canada — 0.2% | ||||||||
Talisman Energy, Inc. | 217,000 | 1,033,875 | ||||||
China — 3.0% | ||||||||
China Life Insurance Co., Ltd.# | 1,271,000 | 4,400,618 | ||||||
China Shenhua Energy Co., Ltd., Class H# | 622,000 | 1,768,572 | ||||||
China Telecom Corp., Ltd., Class H | 6,646,000 | 4,010,791 | ||||||
CSR Corp., Ltd., Class H#(5)(6) | 1,633,000 | 1,661,449 | ||||||
Sinopharm Group Co., Ltd.# | 626,000 | 2,332,899 | ||||||
Weichai Power Co., Ltd.# | 461,000 | 1,744,748 | ||||||
15,919,077 | ||||||||
France — 5.9% | ||||||||
AXA SA | 160,715 | 3,882,565 | ||||||
BNP Paribas SA | 91,480 | 5,868,999 | ||||||
Cie de St-Gobain | 74,640 | 3,430,785 | ||||||
Cie Generale des Etablissements Michelin | 22,930 | 2,109,926 | ||||||
Credit Agricole SA | 235,940 | 3,318,922 | ||||||
Sanofi | 57,042 | 5,526,295 | ||||||
Technip SA | 26,000 | 1,691,999 | ||||||
Total SA | 64,100 | 3,588,384 | ||||||
Vivendi SA | 71,497 | 1,821,976 | ||||||
31,239,851 | ||||||||
Germany — 3.2% | ||||||||
Deutsche Boerse AG | 25,930 | 1,895,550 | ||||||
Deutsche Lufthansa AG | 119,240 | 2,129,855 | ||||||
HeidelbergCement AG | 27,240 | 2,066,561 | ||||||
Merck KGaA | 37,840 | 3,770,510 | ||||||
Metro AG† | 62,520 | 2,124,544 | ||||||
Muenchener Rueckversicherungs AG | 8,880 | 1,830,330 | ||||||
Siemens AG ADR# | 25,850 | 3,050,300 | ||||||
16,867,650 | ||||||||
Ireland — 2.4% | ||||||||
Actavis PLC† | 34,145 | 9,239,978 | ||||||
CRH PLC | 152,501 | 3,605,382 | ||||||
12,845,360 | ||||||||
Israel — 1.0% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 89,238 | 5,084,781 | ||||||
Italy — 2.1% | ||||||||
Eni SpA | 183,342 | 3,666,087 | ||||||
Intesa Sanpaolo SpA | 549,874 | 1,695,467 | ||||||
Saipem SpA†# | 99,556 | 1,425,830 | ||||||
UniCredit SpA | 565,350 | 4,182,098 | ||||||
10,969,482 | ||||||||
Japan — 4.2% | ||||||||
ITOCHU Corp. | 199,400 | 2,295,276 | ||||||
Konica Minolta, Inc. | 277,700 | 3,238,702 | ||||||
Nikon Corp.# | 131,100 | 1,869,227 | ||||||
Nissan Motor Co., Ltd. | 520,900 | 4,865,742 | ||||||
Suntory Beverage & Food, Ltd. | 89,600 | 3,163,597 | ||||||
Toyota Motor Corp. ADR | 42,987 | 5,292,989 | ||||||
Trend Micro, Inc.# | 50,900 | 1,546,259 | ||||||
22,271,792 | ||||||||
Jersey — 0.3% | ||||||||
Petrofac, Ltd. | 105,203 | 1,357,435 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Netherlands — 3.1% | ||||||||
Akzo Nobel NV | 56,930 | $ | 3,935,758 | |||||
ING Groep NV CVA† | 316,101 | 4,633,361 | ||||||
Koninklijke Philips NV | 50,066 | 1,511,016 | ||||||
QIAGEN NV† | 60,072 | 1,436,274 | ||||||
Reed Elsevier NV | 91,883 | 2,260,303 | ||||||
TNT Express NV | 405,700 | 2,736,083 | ||||||
16,512,795 | ||||||||
Norway — 0.6% | ||||||||
Telenor ASA | 161,552 | 3,401,095 | ||||||
Portugal — 0.4% | ||||||||
Galp Energia SGPS SA | 183,680 | 2,239,819 | ||||||
Russia — 0.3% | ||||||||
MMC Norilsk Nickel OJSC ADR | 95,220 | 1,691,107 | ||||||
Singapore — 1.3% | ||||||||
DBS Group Holdings, Ltd. | 244,095 | 3,713,960 | ||||||
Singapore Telecommunications, Ltd. | 1,028,000 | 3,068,303 | ||||||
6,782,263 | ||||||||
South Korea — 2.6% | ||||||||
Hyundai Mobis | 7,077 | 1,577,706 | ||||||
KB Financial Group, Inc. ADR | 41,581 | 1,452,424 | ||||||
POSCO ADR | 44,000 | 2,992,000 | ||||||
Samsung Electronics Co., Ltd. | 6,405 | 7,440,079 | ||||||
13,462,209 | ||||||||
Spain — 0.9% | ||||||||
Telefonica SA ADR# | 284,427 | 4,550,832 | ||||||
Sweden — 0.5% | ||||||||
Getinge AB, Class B | 110,370 | 2,555,211 | ||||||
Switzerland — 3.5% | ||||||||
ABB, Ltd. | 110,810 | 2,488,707 | ||||||
ACE, Ltd. | 17,457 | 1,996,033 | ||||||
Credit Suisse Group AG | 136,940 | 3,661,187 | ||||||
Novartis AG | 29,170 | 2,824,121 | ||||||
Roche Holding AG | 18,980 | 5,687,613 | ||||||
Swiss Re AG | 20,480 | 1,751,642 | ||||||
18,409,303 | ||||||||
Taiwan — 0.4% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 415,914 | 1,901,667 | ||||||
United Kingdom — 9.4% | ||||||||
Aviva PLC | 562,870 | 4,472,071 | ||||||
BAE Systems PLC | 394,079 | 2,965,211 | ||||||
Barclays PLC | 524,880 | 2,012,467 | ||||||
BP PLC | 397,515 | 2,612,441 | ||||||
GlaxoSmithKline PLC | 200,856 | 4,664,962 | ||||||
HSBC Holdings PLC# | 502,383 | 4,988,264 | ||||||
Kingfisher PLC | 458,610 | 2,237,871 | ||||||
Lloyds Banking Group PLC† | 2,909,290 | 3,656,030 | ||||||
Marks & Spencer Group PLC | 480,250 | 3,669,178 | ||||||
Noble Corp. PLC | 131,790 | 2,370,902 | ||||||
Paragon Offshore PLC# | 18,656 | 67,721 | ||||||
Rexam PLC | 185,844 | 1,314,946 | ||||||
Royal Dutch Shell PLC, Class B | 93,856 | 3,263,160 | ||||||
Serco Group PLC# | 223,500 | 612,769 | ||||||
Sky PLC | 203,500 | 2,966,315 | ||||||
Standard Chartered PLC | 126,370 | 1,852,110 | ||||||
Tesco PLC | 638,670 | 1,862,412 | ||||||
Vodafone Group PLC ADR | 114,443 | 4,182,892 | ||||||
49,771,722 | ||||||||
87 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares/ Principal Amount(4) | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States — 22.7% | ||||||||
Allegheny Technologies, Inc. | 113,940 | $ | 3,838,639 | |||||
Amgen, Inc. | 46,500 | 7,686,915 | ||||||
Applied Materials, Inc. | 226,730 | 5,452,856 | ||||||
Baker Hughes, Inc. | 26,480 | 1,509,360 | ||||||
Bank of New York Mellon Corp. | 94,460 | 3,781,234 | ||||||
Capital One Financial Corp. | 35,580 | 2,960,256 | ||||||
Chesapeake Energy Corp. | 74,850 | 1,516,461 | ||||||
Chevron Corp. | 16,810 | 1,830,105 | ||||||
Cisco Systems, Inc. | 71,210 | 1,968,244 | ||||||
Citigroup, Inc. | 106,420 | 5,743,487 | ||||||
Comcast Corp., Special Class A | 98,155 | 5,576,186 | ||||||
CVS Health Corp. | 54,550 | 4,983,688 | ||||||
Gilead Sciences, Inc.† | 66,520 | 6,673,286 | ||||||
Isis Pharmaceuticals, Inc.†# | 38,650 | 2,001,684 | ||||||
JPMorgan Chase & Co. | 92,800 | 5,582,848 | ||||||
Knowles Corp.† | 144,410 | 3,016,725 | ||||||
Macy’s, Inc. | 83,730 | 5,434,914 | ||||||
Medtronic, Inc. | 64,440 | 4,760,183 | ||||||
Merck & Co., Inc. | 47,180 | 2,849,672 | ||||||
Microsoft Corp. | 156,634 | 7,488,672 | ||||||
Morgan Stanley | 120,450 | 4,237,431 | ||||||
News Corp., Class A† | 161,583 | 2,507,768 | ||||||
Pfizer, Inc. | 155,829 | 4,854,073 | ||||||
Seventy Seven Energy, Inc.† | 4,966 | 38,635 | ||||||
Stanley Black & Decker, Inc. | 33,870 | 3,198,683 | ||||||
Symantec Corp. | 61,600 | 1,607,144 | ||||||
Target Corp. | 45,953 | 3,400,522 | ||||||
Twenty-First Century Fox, Inc., Class A | 53,467 | 1,967,586 | ||||||
United Parcel Service, Inc., Class B | 17,360 | 1,908,211 | ||||||
Verizon Communications, Inc. | 40,742 | 2,061,138 | ||||||
Voya Financial, Inc. | 108,440 | 4,541,467 | ||||||
Walgreen Co. | 65,570 | 4,498,758 | ||||||
119,476,831 | ||||||||
Total Common Stocks | ||||||||
(cost $292,904,531) | 363,353,144 | |||||||
PREFERRED SECURITIES — 0.2% | ||||||||
Brazil — 0.2% | ||||||||
Petroleo Brasileiro SA ADR | ||||||||
(cost $2,659,736) | 86,473 | 882,889 | ||||||
FOREIGN GOVERNMENT OBLIGATIONS — 19.9% |
| |||||||
Brazil — 2.5% | ||||||||
Brazil Letras do Tesouro Nacional | BRL | 1,010,000 | 357,023 | |||||
Brazil Letras de Tesouro Nacional | BRL | 2,510,000 | 861,217 | |||||
Brazil Letras do Tesouro Nacional | BRL | 300,000 | 97,191 | |||||
Brazil Letras do Tesouro Nacional | BRL | 950,000 | 298,969 | |||||
Brazil Notas do Tesouro Nacional | BRL | 6,531,603 | 2,593,374 | |||||
Brazil Notas do Tesouro Nacional | BRL | 1,152,050 | 463,243 | |||||
Brazil Notas do Tesouro Nacional | BRL | 4,130,461 | 1,658,507 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Brazil (continued) | ||||||||
Brazil Notas do Tesouro Nacional | BRL | 11,819,090 | $ | 4,787,182 | ||||
Brazil Notas do Tesouro Nacional | BRL | 5,200,000 | 2,033,078 | |||||
13,149,784 | ||||||||
Canada — 0.1% | ||||||||
Government of Canada | CAD | 530,000 | 463,327 | |||||
Government of Canada | CAD | 80,000 | 70,194 | |||||
533,521 | ||||||||
Hungary — 2.6% | ||||||||
Republic of Hungary | EUR | 135,000 | 174,782 | |||||
Republic of Hungary | EUR | 495,000 | 669,606 | |||||
Republic of Hungary | HUF | 60,440,000 | 256,823 | |||||
Republic of Hungary | EUR | 685,000 | 918,998 | |||||
Republic of Hungary | HUF | 240,700,000 | 1,046,431 | |||||
Republic of Hungary | HUF | 167,520,000 | 752,221 | |||||
Republic of Hungary | HUF | 151,220,000 | 717,332 | |||||
Republic of Hungary | EUR | 2,165,000 | 3,071,056 | |||||
Republic of Hungary | HUF | 29,180,000 | 141,499 | |||||
Republic of Hungary | 910,000 | 1,028,591 | ||||||
Republic of Hungary | 400,000 | 460,748 | ||||||
Republic of Hungary | HUF | 155,700,000 | 731,947 | |||||
Republic of Hungary | HUF | 633,000,000 | 2,822,083 | |||||
Republic of Hungary | HUF | 128,040,000 | 584,818 | |||||
Republic of Hungary | HUF | 50,400,000 | 254,116 | |||||
13,631,051 | ||||||||
88 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Indonesia — 0.4% |
| |||||||
Republic of Indonesia | IDR | 2,780,000,000 | $ | 237,362 | ||||
Republic of Indonesia | IDR | 13,282,000,000 | 1,255,151 | |||||
Republic of Indonesia | IDR | 6,847,000,000 | 704,449 | |||||
2,196,962 | ||||||||
Ireland — 2.0% |
| |||||||
Republic of Ireland | EUR | 2,360,000 | 3,678,613 | |||||
Republic of Ireland | EUR | 4,011,220 | 6,796,062 | |||||
10,474,675 | ||||||||
Malaysia — 0.5% |
| |||||||
Government of Malaysia | MYR | 1,430,000 | 421,622 | |||||
Government of Malaysia | MYR | 1,315,000 | 389,090 | |||||
Government of Malaysia | MYR | 3,115,000 | 926,654 | |||||
Government of Malaysia | MYR | 1,165,000 | 345,396 | |||||
Government of Malaysia | MYR | 1,342,000 | 400,722 | |||||
2,483,484 | ||||||||
Mexico — 2.1% |
| |||||||
United Mexican States | MXN | 2,187,887 | 161,566 | |||||
United Mexican States | MXN | 4,197,812 | 324,565 | |||||
United Mexican States | MXN | 2,805,521 | 222,426 | |||||
United Mexican States | MXN | 1,726,233 | 124,721 | |||||
United Mexican States | MXN | 4,386,243 | 337,097 | |||||
United Mexican States | MXN | 7,572,000 | 552,145 | |||||
United Mexican States | MXN | 5,627,000 | 420,698 | |||||
United Mexican States | MXN | 25,476,000 | 1,957,808 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Mexico (continued) |
| |||||||
United Mexican States | MXN | 19,000,000 | $ | 1,500,938 | ||||
United Mexican States | MXN | 70,045,000 | 5,274,150 | |||||
United Mexican States | MXN | 1,160,000 | 83,516 | |||||
10,959,630 | ||||||||
Philippines — 0.0% |
| |||||||
Republic of the Philippines | PHP | 6,400,000 | 141,315 | |||||
Poland — 2.8% |
| |||||||
Government of Poland | PLN | 14,052,000 | 4,095,713 | |||||
Government of Poland FRS | PLN | 1,357,000 | 404,000 | |||||
Government of Poland FRS | PLN | 1,376,000 | 406,054 | |||||
Government of Poland | PLN | 17,245,000 | 5,412,148 | |||||
Government of Poland | PLN | 30,000 | 9,537 | |||||
Government of Poland | PLN | 9,015,000 | 2,799,220 | |||||
Government of Poland | PLN | 5,902,000 | 1,824,184 | |||||
14,950,856 | ||||||||
Portugal — 0.5% |
| |||||||
Republic of Portugal | EUR | 15,000 | 21,788 | |||||
Republic of Portugal | EUR | 37,400 | 56,838 | |||||
Republic of Portugal Obrigacoes Do Tesouro | EUR | 2,140,000 | 2,706,364 | |||||
2,784,990 | ||||||||
Russia — 0.3% |
| |||||||
Russian Federation | 1,412,180 | 1,546,337 | ||||||
Serbia — 0.1% |
| |||||||
Republic of Serbia | 270,000 | 281,610 | ||||||
Republic of Serbia | 280,000 | 320,916 | ||||||
602,526 | ||||||||
89 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Singapore — 0.1% |
| |||||||
Republic of Singapore | SGD | 610,000 | $ | 471,922 | ||||
Slovenia — 0.2% |
| |||||||
Republic of Slovenia | 690,000 | 771,075 | ||||||
Republic of Slovenia | 240,000 | 272,974 | ||||||
1,044,049 | ||||||||
South Korea — 3.9% |
| |||||||
Bank of Korea | KRW | 1,376,500,000 | 1,250,653 | |||||
Bank of Korea | KRW | 297,530,000 | 270,841 | |||||
Bank of Korea | KRW | 7,413,000,000 | 6,763,912 | |||||
Bank of Korea | KRW | 2,887,440,000 | 2,619,493 | |||||
Bank of Korea | KRW | 2,468,200,000 | 2,249,881 | |||||
Bank of Korea | KRW | 60,000,000 | 54,499 | |||||
Bank of Korea | KRW | 3,729,700,000 | 3,395,533 | |||||
Republic of South Korea | KRW | 1,530,800,000 | 1,391,643 | |||||
Republic of South Korea | KRW | 1,259,500,000 | 1,148,842 | |||||
Republic of South Korea | KRW | 1,345,300,000 | 1,236,560 | |||||
Republic of South Korea | KRW | 314,300,000 | 285,458 | |||||
20,667,315 | ||||||||
Sweden — 0.7% |
| |||||||
Kingdom of Sweden | SEK | 24,860,000 | 3,437,578 | |||||
Ukraine — 1.1% |
| |||||||
Government of Ukraine | 600,000 | 438,120 | ||||||
Government of Ukraine | 1,280,000 | 950,656 | ||||||
Government of Ukraine | 770,000 | 594,979 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Ukraine (continued) |
| |||||||
Government of Ukraine | $ | 4,420,000 | $ | 3,491,800 | ||||
5,475,555 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $109,088,087) | 104,551,550 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $404,652,354) | 468,787,583 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 13.6% |
| |||||||
Foreign Government Obligations — 3.6% |
| |||||||
Bank Negara Malaysia Monetary Notes |
| |||||||
2.87% due 12/02/2014 | MYR | 150,000 | 44,342 | |||||
2.87% due 12/16/2014 | MYR | 80,000 | 23,624 | |||||
2.87% due 02/17/2015 | MYR | 320,000 | 93,937 | |||||
2.88% due 01/08/2015 | MYR | 170,000 | 50,112 | |||||
2.88% due 04/16/2015 | MYR | 260,000 | 75,917 | |||||
2.89% due 03/05/2015 | MYR | 80,000 | 23,450 | |||||
2.90% due 12/16/2014 | MYR | 60,000 | 17,718 | |||||
2.91% due 03/12/2015 | MYR | 30,000 | 8,788 | |||||
2.91% due 03/24/2015 | MYR | 10,000 | 2,926 | |||||
2.91% due 04/16/2015 | MYR | 40,000 | 11,679 | |||||
2.92% due 03/05/2015 | MYR | 140,000 | 41,037 | |||||
2.93% due 03/12/2015 | MYR | 310,000 | 90,810 | |||||
3.00% due 05/05/2015 | MYR | 185,000 | 53,909 | |||||
3.01% due 03/05/2015 | MYR | 130,000 | 38,106 | |||||
3.04% due 01/22/2015 | MYR | 540,000.00 | 158,964 | |||||
3.04% due 03/03/2015 | MYR | 750,000.00 | 219,883 | |||||
3.05% due 08/04/2015 | MYR | 100,000 | 28,877 | |||||
3.07% due 04/16/2015 | MYR | 50,000 | 14,599 | |||||
3.07% due 05/19/2015 | MYR | 540,000.00 | 157,179 | |||||
3.07% due 07/16/2015 | MYR | 1,860,000 | 538,349 | |||||
3.08% due 04/28/2015 | MYR | 100,000 | 29,166 | |||||
3.09% due 07/16/2015 | MYR | 1,740,000.00 | 503,616 | |||||
3.10% due 06/03/2015 | MYR | 10,000 | 2,907 | |||||
3.10% due 06/30/2015 | MYR | 20,000 | 5,798 | |||||
3.12% due 05/19/2015 | MYR | 50,000 | 14,554 | |||||
3.12% due 06/03/2015 | MYR | 70,000 | 20,346 | |||||
3.12% due 06/16/2015 | MYR | 180,000 | 52,251 | |||||
3.13% due 01/08/2015 | MYR | 35,000 | 10,314 | |||||
3.14% due 08/11/2015 | MYR | 460,000 | 132,798 | |||||
3.15% due 06/30/2015 | MYR | 10,000 | 2,899 | |||||
3.19% due 04/23/2015 | MYR | 150,000 | 43,769 | |||||
3.20% due 04/07/2015 | MYR | 40,000 | 11,689 | |||||
3.20% due 08/18/2015 | MYR | 960,000 | 276,950 | |||||
3.20% due 09/22/2015 | MYR | 60,000 | 17,248 | |||||
3.20% due 10/01/2015 | MYR | 670,000 | 192,437 | |||||
3.23% due 01/20/2015 | MYR | 230,000.00 | 67,698 | |||||
3.23% due 05/19/2015 | MYR | 865,000 | 251,777 | |||||
3.24% due 01/20/2015 | MYR | 90,000 | 26,490 | |||||
3.27% due 01/20/2015 | MYR | 230,000 | 67,695 | |||||
3.27% due 03/24/2015 | MYR | 1,090,000 | 318,951 | |||||
3.28% due 10/27/2015 | MYR | 280,000 | 80,226 | |||||
3.28% due 11/03/2015 | MYR | 570,000 | 163,210 | |||||
3.30% due 08/11/2015 | MYR | 60,000 | 17,321 | |||||
3.32% due 05/28/2015 | MYR | 150,000 | 43,623 | |||||
3.37% due 08/11/2015 | MYR | 500,000 | 144,345 | |||||
3.37% due 09/08/2015 | MYR | 550,000 | 158,335 | |||||
4,350,619 | ||||||||
Bank of Korea | ||||||||
2.66% due 06/09/2015 | KRW | 328,200,000 | 297,183 | |||||
90 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares/ Principal Amount(4) | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
Foreign Government Obligations (continued) |
| |||||||
Government of Canada | ||||||||
0.87% due 02/12/2015 | CAD | 4,375,000 | $ | 3,817,598 | ||||
0.90% due 04/23/2015 | CAD | 300,000 | 261,293 | |||||
0.91% due 12/04/2014 | CAD | 30,000 | 26,224 | |||||
4,105,115 | ||||||||
Republic of Singapore | ||||||||
0.31% due 01/02/2015 | SGD | 480,000 | 368,196 | |||||
0.28% due 01/09/2015 | SGD | 135,000 | 103,552 | |||||
0.34% due 01/30/2015 | SGD | 1,400,000 | 1,073,508 | |||||
1,545,256 | ||||||||
Republic of the Philippines | ||||||||
1.36% due 01/02/2015 | PHP | 6,440,000 | 142,219 | |||||
1.49% due 01/30/2015 | PHP | 11,090,000 | 243,302 | |||||
385,521 | ||||||||
United Mexican States | ||||||||
0.72% due 04/16/2015 | MXN | 17,074,600 | 1,212,215 | |||||
0.77% due 12/24/2014 | MXN | 459,500 | 32,941 | |||||
2.11% due 07/23/2015 | MXN | 514,000 | 36,181 | |||||
2.61% due 09/17/2015 | MXN | 14,635,400 | 1,025,011 | |||||
2.66% due 05/28/2015 | MXN | 31,600 | 2,235 | |||||
2.70% due 05/28/2015 | MXN | 459,500 | 32,505 | |||||
2.85% due 10/01/2015 | MXN | 9,756,900 | 682,463 | |||||
2.95% due 04/01/2015 | MXN | 6,334,000 | 450,284 | |||||
3.01% due 09/17/2015 | MXN | 685,000 | 47,975 | |||||
3.06% due 12/11/2014 | MXN | 1,452,800 | 104,248 | |||||
3.62% due 12/11/2014 | MXN | 62,570,000 | 4,489,739 | |||||
3.64% due 04/01/2015 | MXN | 1,110,000 | 78,910 | |||||
8,194,707 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $19,629,808) | 18,878,401 | |||||||
Registered Investment Companies — 4.4% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | 23,393,287 | 23,393,287 | ||||||
Time Deposits — 1.2% |
| |||||||
Euro Time Deposit with State Street Bank and | 6,610,000 | 6,610,000 | ||||||
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
U.S. Government Agencies — 4.4% |
| |||||||
Federal Home Loan Bank | $ | 22,975,000 | $ | 22,975,000 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $72,608,095) | 71,856,688 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $477,260,449)(7) | 102.6 | % | 540,644,271 | |||||
Liabilities in excess of other assets | (2.6 | ) | (13,458,635 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 527,185,636 | ||||
# | 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, 2014, the aggregate value of these securities was $11,453,457 representing 2.2% 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, 2014. |
(3) | At November 30, 2014, the Fund had loaned securities with a total value of $22,196,455. This was secured by collateral of $23,393,287, which was received in cash and subsequently invested in short-term investments currently valued at $23,393,287 as reported in the portfolio of investments. |
(4) | Denominated in United States Dollars unless otherwise indicated. |
(5) | Security was valued using fair value procedures at November 30, 2014. The aggregate value of these securities was $1,661,449 reporesenting 0.3% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(6) | Illiquid secuity. At November 30, 2014, the aggregate value of these securities was $1,661,449 representing 0.3% of net assets. |
(7) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
BRL—Brazilian Real
CAD—Canadian Dollar
CVA—Certification Van Aandelen (Dutch Cert.)
EUR—Euro Dollar
HUF—Hungarian Forint
IDR—Indonesian Rupiah
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
PHP—Philippine Peso
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, 2014 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 | |||||||||||||||||||||||
Bank of America, N.A. | EUR | 214,699 | USD | 293,558 | 02/27/2015 | $ | 26,239 | $ | – | |||||||||||||||||||
JPY | 56,856,800 | USD | 560,000 | 05/18/2015 | 79,955 | – | ||||||||||||||||||||||
JPY | 57,192,125 | USD | 565,000 | 05/19/2015 | 82,119 | – | ||||||||||||||||||||||
188,313 | – | |||||||||||||||||||||||||||
Barclays Investments, Inc. | EUR | 181,000 | USD | 246,703 | 01/21/2015 | 21,412 | – | |||||||||||||||||||||
EUR | 664,629 | USD | 909,468 | 01/27/2015 | 82,161 | – | ||||||||||||||||||||||
EUR | 1,629,000 | USD | 2,216,173 | 02/10/2015 | 188,211 | – | ||||||||||||||||||||||
EUR | 3,039,000 | USD | 4,132,128 | 02/11/2015 | 348,808 | – | ||||||||||||||||||||||
EUR | 2,744,686 | USD | 3,770,948 | 02/26/2015 | 353,600 | – | ||||||||||||||||||||||
EUR | 709,208 | USD | 974,359 | 03/09/2015 | 91,258 | – | ||||||||||||||||||||||
EUR | 130,161 | USD | 181,510 | 03/17/2015 | 19,423 | – | ||||||||||||||||||||||
EUR | 72,605 | USD | 101,102 | 03/23/2015 | 10,685 | – | ||||||||||||||||||||||
EUR | 188,102 | USD | 259,289 | 04/02/2015 | 25,019 | – |
91 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
EUR | 453,864 | USD | 628,992 | 05/05/2015 | $ | 63,574 | $ | – | ||||||||||||||||||||
EUR | 154,000 | USD | 210,342 | 07/16/2015 | 18,342 | – | ||||||||||||||||||||||
EUR | 453,000 | USD | 608,957 | 08/05/2015 | 44,035 | – | ||||||||||||||||||||||
EUR | 214,240 | USD | 285,073 | 08/26/2015 | 17,832 | – | ||||||||||||||||||||||
EUR | 54,521 | USD | 70,952 | 09/21/2015 | 2,916 | – | ||||||||||||||||||||||
EUR | 131,194 | USD | 169,159 | 09/24/2015 | 5,434 | – | ||||||||||||||||||||||
EUR | 391,113 | USD | 496,702 | 10/27/2015 | 8,340 | – | ||||||||||||||||||||||
EUR | 1,007,000 | USD | 1,256,927 | 11/13/2015 | – | (818 | ) | |||||||||||||||||||||
JPY | 24,850,000 | USD | 239,645 | 12/26/2014 | 30,151 | – | ||||||||||||||||||||||
JPY | 39,140,000 | USD | 377,421 | 01/15/2015 | 47,368 | – | ||||||||||||||||||||||
JPY | 116,230,000 | USD | 1,150,672 | 02/09/2015 | 170,332 | – | ||||||||||||||||||||||
JPY | 22,560,000 | USD | 220,259 | 02/25/2015 | 29,953 | – | ||||||||||||||||||||||
JPY | 45,070,000 | USD | 440,709 | 02/26/2015 | 60,517 | – | ||||||||||||||||||||||
JPY | 40,123,600 | USD | 392,374 | 03/09/2015 | 53,871 | – | ||||||||||||||||||||||
JPY | 57,347,500 | USD | 565,000 | 05/19/2015 | 80,807 | – | ||||||||||||||||||||||
JPY | 65,630,000 | USD | 642,754 | 06/10/2015 | 88,481 | – | ||||||||||||||||||||||
JPY | 39,800,000 | USD | 369,627 | 10/13/2015 | 32,814 | – | ||||||||||||||||||||||
JPY | 557,000,000 | USD | 4,938,381 | 11/06/2015 | 222,412 | – | ||||||||||||||||||||||
USD | 133,150 | CLP | 77,400,000 | 02/10/2015 | – | (6,756 | ) | |||||||||||||||||||||
USD | 3,839,974 | EUR | 3,039,000 | 02/11/2015 | – | (56,654 | ) | |||||||||||||||||||||
USD | 1,052,979 | SGD | 1,318,751 | 02/12/2015 | – | (41,550 | ) | |||||||||||||||||||||
USD | 388,637 | SGD | 485,000 | 02/17/2015 | – | (16,666 | ) | |||||||||||||||||||||
USD | 352,455 | CLP | 200,300,000 | 06/04/2015 | – | (28,799 | ) | |||||||||||||||||||||
2,117,756 | (151,243 | ) | ||||||||||||||||||||||||||
Citibank N.A. | EUR | 1,203,000 | USD | 1,635,418 | 01/12/2015 | 138,157 | – | |||||||||||||||||||||
EUR | 375,660 | USD | 512,926 | 01/14/2015 | 45,369 | – | ||||||||||||||||||||||
EUR | 2,172,000 | USD | 2,953,638 | 02/10/2015 | 249,688 | – | ||||||||||||||||||||||
EUR | 795,744 | USD | 1,101,330 | 03/10/2015 | 110,467 | – | ||||||||||||||||||||||
EUR | 89,576 | USD | 124,985 | 03/17/2015 | 13,439 | – | ||||||||||||||||||||||
EUR | 134,537 | USD | 181,481 | 07/28/2015 | 13,721 | – | ||||||||||||||||||||||
EUR | 124,811 | USD | 166,914 | 08/10/2015 | 11,257 | – | ||||||||||||||||||||||
EUR | 157,344 | USD | 202,927 | 09/28/2015 | 6,555 | – | ||||||||||||||||||||||
EUR | 735,500 | USD | 935,482 | 10/15/2015 | 17,287 | – | ||||||||||||||||||||||
JPY | 38,770,000 | USD | 373,884 | 12/26/2014 | 47,039 | – | ||||||||||||||||||||||
JPY | 90,060,000 | USD | 883,634 | 02/13/2015 | 124,001 | – | ||||||||||||||||||||||
JPY | 44,980,000 | USD | 440,808 | 02/17/2015 | 61,401 | – | ||||||||||||||||||||||
JPY | 57,279,600 | USD | 565,000 | 05/19/2015 | 81,380 | – | ||||||||||||||||||||||
JPY | 32,100,000 | USD | 314,299 | 06/09/2015 | 43,205 | – | ||||||||||||||||||||||
JPY | 79,600,000 | USD | 778,393 | 06/10/2015 | 106,137 | – | ||||||||||||||||||||||
JPY | 72,889,000 | USD | 721,231 | 07/24/2015 | 105,261 | – | ||||||||||||||||||||||
JPY | 80,345,200 | USD | 785,196 | 08/05/2015 | 106,098 | – | ||||||||||||||||||||||
JPY | 161,237,200 | USD | 1,410,662 | 11/12/2015 | 45,345 | – | ||||||||||||||||||||||
USD | 265,198 | CLP | 159,543,000 | 12/22/2014 | – | (3,469 | ) | |||||||||||||||||||||
USD | 148,555 | INR | 9,291,000 | 02/09/2015 | – | (972 | ) | |||||||||||||||||||||
USD | 2,744,357 | EUR | 2,172,000 | 02/10/2015 | – | (40,407 | ) | |||||||||||||||||||||
USD | 572,695 | CLP | 327,410,000 | 02/17/2015 | – | (38,386 | ) | |||||||||||||||||||||
1,325,807 | (83,234 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | EUR | 753,458 | SEK | 6,934,000 | 01/28/2015 | – | (7,678 | ) | ||||||||||||||||||||
EUR | 1,547,000 | USD | 2,114,077 | 01/30/2015 | 188,375 | – | ||||||||||||||||||||||
EUR | 1,190,000 | USD | 1,612,986 | 02/03/2015 | 131,626 | – | ||||||||||||||||||||||
EUR | 1,428,000 | USD | 1,931,656 | 02/09/2015 | 153,935 | – | ||||||||||||||||||||||
EUR | 730,000 | USD | 1,003,458 | 02/23/2015 | 94,574 | – | ||||||||||||||||||||||
EUR | 1,270,000 | USD | 1,743,647 | 03/09/2015 | 162,252 | – | ||||||||||||||||||||||
EUR | 2,670,185 | SEK | 23,782,000 | 03/24/2015 | – | (134,347 | ) | |||||||||||||||||||||
EUR | 234,000 | USD | 322,253 | 03/26/2015 | 30,837 | – | ||||||||||||||||||||||
EUR | 36,531 | USD | 50,285 | 03/31/2015 | 4,788 | – | ||||||||||||||||||||||
EUR | 630,927 | USD | 870,454 | 04/07/2015 | 84,638 | – | ||||||||||||||||||||||
EUR | 133,071 | USD | 183,674 | 04/13/2015 | 17,926 | – | ||||||||||||||||||||||
EUR | 336,030 | MYR | 1,491,000 | 07/20/2015 | 15,075 | – | ||||||||||||||||||||||
EUR | 381,624 | MYR | 1,683,000 | 07/22/2015 | 14,055 | – | ||||||||||||||||||||||
EUR | 133,000 | USD | 180,335 | 07/22/2015 | 14,504 | – | ||||||||||||||||||||||
EUR | 120,000 | USD | 162,562 | 07/23/2015 | 12,938 | – | ||||||||||||||||||||||
EUR | 496,080 | MYR | 2,164,000 | 07/27/2015 | 11,141 | – | ||||||||||||||||||||||
EUR | 316,000 | USD | 426,145 | 07/27/2015 | 32,116 | – | ||||||||||||||||||||||
EUR | 80,784 | USD | 106,847 | 08/31/2015 | 6,071 | – | ||||||||||||||||||||||
EUR | 746,000 | USD | 932,425 | 11/18/2015 | 592 | – | ||||||||||||||||||||||
EUR | 137,755 | USD | 172,201 | 11/19/2015 | 127 | – | ||||||||||||||||||||||
EUR | 122,735 | USD | 153,005 | 11/30/2015 | – | (335 | ) | |||||||||||||||||||||
JPY | 43,140,000 | USD | 420,597 | 12/22/2014 | 56,938 | – | ||||||||||||||||||||||
JPY | 58,120,000 | USD | 562,268 | 01/16/2015 | 72,160 | – |
92 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
JPY | 23,100,000 | USD | 226,160 | 06/11/2015 | $ | 31,068 | $ | – | ||||||||||||||||||||
JPY | 43,210,000 | USD | 424,335 | 06/22/2015 | 59,345 | – | ||||||||||||||||||||||
JPY | 39,300,000 | USD | 365,208 | 10/13/2015 | 32,626 | – | ||||||||||||||||||||||
JPY | 762,755,000 | USD | 6,650,290 | 11/16/2015 | 190,950 | – | ||||||||||||||||||||||
JPY | 686,286,000 | USD | 5,917,279 | 11/18/2015 | 105,278 | – | ||||||||||||||||||||||
SEK | 6,934,000 | EUR | 749,290 | 01/28/2015 | 2,489 | – | ||||||||||||||||||||||
USD | 326,681 | CLP | 190,700,000 | 12/05/2014 | – | (13,289 | ) | |||||||||||||||||||||
USD | 88,599 | INR | 5,431,000 | 12/09/2014 | – | (1,208 | ) | |||||||||||||||||||||
USD | 653,373 | SGD | 816,200 | 12/23/2014 | – | (27,234 | ) | |||||||||||||||||||||
USD | 310,971 | MYR | 1,043,400 | 01/08/2015 | – | (3,387 | ) | |||||||||||||||||||||
USD | 508,184 | INR | 31,543,000 | 01/15/2015 | – | (4,539 | ) | |||||||||||||||||||||
USD | 1,056,657 | INR | 65,614,000 | 01/20/2015 | – | (10,108 | ) | |||||||||||||||||||||
USD | 170,834 | INR | 10,622,000 | 01/22/2015 | – | (1,484 | ) | |||||||||||||||||||||
USD | 254,844 | INR | 15,966,000 | 01/27/2015 | – | (561 | ) | |||||||||||||||||||||
USD | 249,871 | CLP | 150,532,000 | 01/30/2015 | – | (3,805 | ) | |||||||||||||||||||||
USD | 609,708 | INR | 37,942,150 | 01/30/2015 | – | (5,802 | ) | |||||||||||||||||||||
USD | 241,601 | CLP | 144,743,000 | 02/02/2015 | – | (5,060 | ) | |||||||||||||||||||||
USD | 187,020 | INR | 11,638,750 | 02/02/2015 | – | (1,889 | ) | |||||||||||||||||||||
USD | 206,150 | CLP | 123,525,000 | 02/03/2015 | – | (4,302 | ) | |||||||||||||||||||||
USD | 442,855 | INR | 27,597,000 | 02/03/2015 | – | (3,971 | ) | |||||||||||||||||||||
USD | 85,267 | INR | 5,308,000 | 02/12/2015 | – | (1,002 | ) | |||||||||||||||||||||
USD | 990,431 | SGD | 1,242,000 | 02/12/2015 | – | (37,866 | ) | |||||||||||||||||||||
USD | 111,190 | CLP | 63,890,000 | 02/17/2015 | – | (6,927 | ) | |||||||||||||||||||||
USD | 211,593 | INR | 13,258,000 | 02/23/2015 | – | (1,576 | ) | |||||||||||||||||||||
USD | 291,074 | SGD | 363,500 | 02/23/2015 | – | (12,290 | ) | |||||||||||||||||||||
USD | 236,908 | CLP | 136,080,000 | 02/26/2015 | – | (15,022 | ) | |||||||||||||||||||||
USD | 376,318 | SGD | 471,000 | 02/27/2015 | – | (15,092 | ) | |||||||||||||||||||||
USD | 296,773 | CLP | 171,950,000 | 03/03/2015 | – | (16,528 | ) | |||||||||||||||||||||
USD | 312,786 | CLP | 184,040,000 | 03/13/2015 | – | (13,116 | ) | |||||||||||||||||||||
USD | 118,989 | MYR | 394,093 | 04/16/2015 | – | (3,606 | ) | |||||||||||||||||||||
USD | 897,747 | SGD | 1,121,600 | 05/19/2015 | – | (37,620 | ) | |||||||||||||||||||||
USD | 113,474 | SGD | 147,250 | 05/28/2015 | – | (553 | ) | |||||||||||||||||||||
USD | 117,307 | SGD | 147,250 | 05/29/2015 | – | (4,386 | ) | |||||||||||||||||||||
USD | 1,092,593 | MYR | 3,540,000 | 07/15/2015 | – | (61,779 | ) | |||||||||||||||||||||
USD | 496,554 | MYR | 1,621,000 | 07/20/2015 | – | (24,665 | ) | |||||||||||||||||||||
USD | 786,164 | MYR | 2,557,000 | 07/22/2015 | – | (41,879 | ) | |||||||||||||||||||||
USD | 961,318 | MYR | 3,109,000 | 07/27/2015 | – | (56,609 | ) | |||||||||||||||||||||
USD | 501,285 | SGD | 624,000 | 08/07/2015 | – | (22,732 | ) | |||||||||||||||||||||
USD | 260,988 | CLP | 156,410,000 | 08/27/2015 | – | (9,992 | ) | |||||||||||||||||||||
USD | 598,184 | CLP | 362,260,000 | 09/08/2015 | – | (17,411 | ) | |||||||||||||||||||||
USD | 310,251 | CLP | 189,160,000 | 09/09/2015 | – | (7,014 | ) | |||||||||||||||||||||
USD | 377,817 | MYR | 1,259,000 | 10/26/2015 | – | (13,253 | ) | |||||||||||||||||||||
USD | 237,055 | MYR | 810,160 | 11/19/2015 | – | (2,760 | ) | |||||||||||||||||||||
1,526,424 | (652,677 | ) | ||||||||||||||||||||||||||
Goldman Sachs International | EUR | 849,000 | USD | 1,168,351 | 02/23/2015 | 111,306 | – | |||||||||||||||||||||
EUR | 316,000 | USD | 426,331 | 07/27/2015 | 32,302 | – | ||||||||||||||||||||||
JPY | 11,563,000 | USD | 111,493 | 01/08/2015 | 13,992 | – | ||||||||||||||||||||||
JPY | 45,170,000 | USD | 444,985 | 02/18/2015 | 63,973 | – | ||||||||||||||||||||||
221,573 | – | |||||||||||||||||||||||||||
HSBC Bank PLC | EUR | 372,921 | USD | 509,038 | 12/09/2014 | 44,995 | – | |||||||||||||||||||||
EUR | 1,585,000 | USD | 2,155,774 | 02/10/2015 | 182,588 | – | ||||||||||||||||||||||
EUR | 1,058,658 | USD | 1,378,733 | 06/08/2015 | 59,463 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 920,629 | 08/04/2015 | 65,152 | – | ||||||||||||||||||||||
JPY | 43,210,000 | USD | 420,634 | 12/22/2014 | 56,385 | – | ||||||||||||||||||||||
JPY | 67,990,000 | USD | 667,075 | 02/12/2015 | 93,601 | – | ||||||||||||||||||||||
JPY | 57,393,500 | USD | 565,000 | 05/19/2015 | 80,418 | – | ||||||||||||||||||||||
JPY | 48,100,000 | USD | 470,908 | 06/09/2015 | 64,689 | – | ||||||||||||||||||||||
JPY | 69,900,000 | USD | 684,827 | 06/10/2015 | 94,492 | – | ||||||||||||||||||||||
JPY | 78,700,000 | USD | 730,411 | 10/09/2015 | 64,455 | – | ||||||||||||||||||||||
USD | 170,948 | INR | 10,553,250 | 12/03/2014 | – | (921 | ) | |||||||||||||||||||||
USD | 520,351 | SGD | 652,000 | 12/22/2014 | – | (20,172 | ) | |||||||||||||||||||||
USD | 627,670 | INR | 39,026,000 | 01/30/2015 | – | (6,512 | ) | |||||||||||||||||||||
USD | 169,330 | INR | 10,553,250 | 02/03/2015 | – | (1,498 | ) | |||||||||||||||||||||
USD | 541,281 | INR | 33,693,000 | 02/09/2015 | – | (6,084 | ) | |||||||||||||||||||||
USD | 500,803 | SGD | 624,000 | 02/09/2015 | – | (22,216 | ) | |||||||||||||||||||||
USD | 2,039,918 | KRW | 2,228,406,400 | 02/10/2015 | – | (34,487 | ) | |||||||||||||||||||||
USD | 92,083 | INR | 5,733,000 | 02/12/2015 | – | (1,071 | ) | |||||||||||||||||||||
USD | 232,003 | INR | 14,470,000 | 02/13/2015 | – | (2,335 | ) | |||||||||||||||||||||
USD | 290,968 | SGD | 363,500 | 02/17/2015 | – | (12,181 | ) | |||||||||||||||||||||
USD | 287,579 | SGD | 363,500 | 02/18/2015 | – | (8,793 | ) |
93 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 1,121,466 | MXN | 14,850,450 | 03/10/2015 | $ | – | $ | (61,027 | ) | |||||||||||||||||||
USD | 833,518 | SGD | 1,053,000 | 03/16/2015 | – | (25,951 | ) | |||||||||||||||||||||
USD | 271,843 | MYR | 883,000 | 07/31/2015 | – | (14,949 | ) | |||||||||||||||||||||
USD | 548,062 | MYR | 1,800,000 | 08/12/2015 | – | (24,731 | ) | |||||||||||||||||||||
USD | 687,005 | SGD | 867,000 | 09/21/2015 | – | (22,074 | ) | |||||||||||||||||||||
USD | 502,437 | MYR | 1,680,000 | 10/23/2015 | – | (15,888 | ) | |||||||||||||||||||||
USD | 252,212 | MYR | 840,371 | 10/26/2015 | – | (8,869 | ) | |||||||||||||||||||||
USD | 140,944 | MYR | 483,000 | 11/20/2015 | – | (1,269 | ) | |||||||||||||||||||||
806,238 | (291,028 | ) | ||||||||||||||||||||||||||
JPMorgan Chase & Co. | EUR | 548,072 | USD | 749,214 | 01/14/2015 | 67,069 | – | |||||||||||||||||||||
EUR | 375,660 | USD | 510,475 | 01/22/2015 | 42,886 | – | ||||||||||||||||||||||
EUR | 2,128,000 | USD | 2,918,371 | 02/19/2015 | 268,999 | – | ||||||||||||||||||||||
EUR | 729,000 | USD | 1,010,430 | 04/14/2015 | 102,411 | – | ||||||||||||||||||||||
EUR | 701,089 | USD | 879,934 | 05/20/2015 | 6,416 | – | ||||||||||||||||||||||
EUR | 496,194 | MYR | 2,164,000 | 07/30/2015 | 10,872 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 922,300 | 07/31/2015 | 66,865 | – | ||||||||||||||||||||||
EUR | 112,835 | USD | 149,447 | 08/27/2015 | 8,696 | – | ||||||||||||||||||||||
EUR | 1,070,000 | USD | 1,392,177 | 09/08/2015 | 57,219 | – | ||||||||||||||||||||||
JPY | 25,450,000 | USD | 245,385 | 01/15/2015 | 30,775 | – | ||||||||||||||||||||||
JPY | 52,770,000 | USD | 508,288 | 01/20/2015 | 63,278 | – | ||||||||||||||||||||||
JPY | 116,200,000 | USD | 1,150,853 | 02/06/2015 | 170,788 | – | ||||||||||||||||||||||
JPY | 116,480,000 | USD | 1,150,646 | 02/09/2015 | 168,197 | – | ||||||||||||||||||||||
JPY | 67,952,000 | USD | 667,485 | 02/12/2015 | 94,332 | – | ||||||||||||||||||||||
JPY | 45,100,000 | USD | 441,534 | 02/13/2015 | 61,126 | – | ||||||||||||||||||||||
JPY | 45,120,000 | USD | 444,344 | 02/18/2015 | 63,753 | – | ||||||||||||||||||||||
JPY | 64,760,000 | USD | 633,895 | 06/11/2015 | 86,961 | – | ||||||||||||||||||||||
JPY | 27,300,000 | USD | 268,382 | 06/17/2015 | 37,799 | – | ||||||||||||||||||||||
JPY | 112,000,000 | USD | 1,107,650 | 07/24/2015 | 161,161 | – | ||||||||||||||||||||||
JPY | 39,100,000 | USD | 386,899 | 07/27/2015 | 56,458 | – | ||||||||||||||||||||||
JPY | 158,200,000 | USD | 1,460,420 | 10/07/2015 | 121,791 | – | ||||||||||||||||||||||
JPY | 52,770,000 | USD | 499,257 | 10/19/2015 | 52,630 | – | ||||||||||||||||||||||
JPY | 99,670,000 | USD | 942,729 | 10/20/2015 | 99,138 | – | ||||||||||||||||||||||
JPY | 56,320,000 | USD | 494,851 | 11/12/2015 | 17,947 | – | ||||||||||||||||||||||
USD | 738,824 | MYR | 2,432,356 | 12/17/2014 | – | (20,571 | ) | |||||||||||||||||||||
USD | 84,651 | SGD | 106,000 | 12/19/2014 | – | (3,331 | ) | |||||||||||||||||||||
USD | 165,751 | MYR | 555,400 | 01/08/2015 | – | (2,025 | ) | |||||||||||||||||||||
USD | 89,296 | MYR | 299,000 | 01/09/2015 | – | (1,161 | ) | |||||||||||||||||||||
USD | 26,906 | MYR | 90,000 | 01/12/2015 | – | (383 | ) | |||||||||||||||||||||
USD | 130,987 | INR | 8,121,000 | 01/14/2015 | – | (1,292 | ) | |||||||||||||||||||||
USD | 63,274 | MYR | 210,000 | 01/16/2015 | – | (1,405 | ) | |||||||||||||||||||||
USD | 130,620 | INR | 8,121,000 | 01/20/2015 | – | (1,090 | ) | |||||||||||||||||||||
USD | 81,566 | INR | 5,104,000 | 01/22/2015 | – | (191 | ) | |||||||||||||||||||||
USD | 88,674 | SGD | 110,000 | 01/26/2015 | – | (4,304 | ) | |||||||||||||||||||||
USD | 1,476,030 | SGD | 1,831,000 | 01/30/2015 | – | (71,678 | ) | |||||||||||||||||||||
USD | 261,099 | INR | 16,267,000 | 02/04/2015 | – | (2,451 | ) | |||||||||||||||||||||
USD | 281,037 | MYR | 951,000 | 02/04/2015 | – | (1,249 | ) | |||||||||||||||||||||
USD | 184,180 | INR | 11,460,000 | 02/09/2015 | – | (2,143 | ) | |||||||||||||||||||||
USD | 2,689,205 | EUR | 2,128,000 | 02/19/2015 | – | (39,833 | ) | |||||||||||||||||||||
USD | 59,966 | CLP | 34,990,000 | 02/20/2015 | – | (2,881 | ) | |||||||||||||||||||||
USD | 207,954 | CLP | 118,700,000 | 02/24/2015 | – | (14,370 | ) | |||||||||||||||||||||
USD | 129,295 | INR | 8,121,000 | 03/13/2015 | – | (1,104 | ) | |||||||||||||||||||||
USD | 119,763 | CLP | 70,600,000 | 03/20/2015 | – | (4,880 | ) | |||||||||||||||||||||
USD | 171,170 | CLP | 98,979,000 | 04/28/2015 | – | (10,690 | ) | |||||||||||||||||||||
USD | 139,630 | CLP | 79,240,000 | 06/03/2015 | – | (11,579 | ) | |||||||||||||||||||||
USD | 166,300 | CLP | 96,770,000 | 07/30/2015 | – | (10,653 | ) | |||||||||||||||||||||
USD | 1,010,823 | MYR | 3,269,000 | 07/30/2015 | – | (59,711 | ) | |||||||||||||||||||||
USD | 413,279 | MYR | 1,342,000 | 07/31/2015 | – | (22,848 | ) | |||||||||||||||||||||
USD | 59,014 | CLP | 35,010,000 | 08/20/2015 | – | (2,800 | ) | |||||||||||||||||||||
USD | 61,816 | MYR | 200,000 | 08/27/2015 | – | (3,716 | ) | |||||||||||||||||||||
USD | 53,738 | CLP | 32,200,000 | 08/28/2015 | – | (2,070 | ) | |||||||||||||||||||||
USD | 273,702 | MYR | 916,000 | 10/20/2015 | – | (8,375 | ) | |||||||||||||||||||||
USD | 249,439 | MYR | 833,000 | 10/30/2015 | – | (8,281 | ) | |||||||||||||||||||||
1,917,567 | (317,065 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 138,000 | USD | 172,686 | 11/16/2015 | 315 | – | |||||||||||||||||||||
EUR | 43,000 | USD | 54,083 | 11/23/2015 | 367 | – | ||||||||||||||||||||||
EUR | 75,000 | USD | 93,500 | 11/25/2015 | – | (194 | ) | |||||||||||||||||||||
USD | 295,191 | CLP | 174,340,000 | 12/09/2014 | – | (8,804 | ) | |||||||||||||||||||||
USD | 276,856 | CLP | 152,700,000 | 01/12/2015 | – | (26,855 | ) | |||||||||||||||||||||
USD | 1,181,477 | SGD | 1,467,690 | 01/30/2015 | – | (55,779 | ) | |||||||||||||||||||||
USD | 298,158 | CLP | 171,620,000 | 02/12/2015 | – | (17,956 | ) |
94 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 147,689 | CLP | 84,360,000 | 02/23/2015 | $ | – | $ | (10,097 | ) | |||||||||||||||||||
USD | 281,503 | CLP | 161,400,000 | 02/25/2015 | – | (18,307 | ) | |||||||||||||||||||||
USD | 275,503 | CLP | 156,210,000 | 04/16/2015 | – | (21,949 | ) | |||||||||||||||||||||
USD | 132,958 | CLP | 77,900,000 | 05/11/2015 | – | (6,806 | ) | |||||||||||||||||||||
USD | 493,473 | CLP | 280,490,000 | 05/22/2015 | – | (39,706 | ) | |||||||||||||||||||||
USD | 133,684 | CLP | 76,300,000 | 06/05/2015 | – | (10,404 | ) | |||||||||||||||||||||
USD | 223,834 | CLP | 130,090,000 | 07/28/2015 | – | (14,560 | ) | |||||||||||||||||||||
USD | 109,563 | CLP | 65,020,000 | 08/18/2015 | – | (5,146 | ) | |||||||||||||||||||||
682 | (236,563 | ) | ||||||||||||||||||||||||||
Standard Chartered Bank | EUR | 195,111 | USD | 266,547 | 12/09/2014 | 23,762 | – | |||||||||||||||||||||
EUR | 3,447,257 | USD | 4,684,857 | 01/13/2015 | 394,343 | – | ||||||||||||||||||||||
EUR | 1,210,000 | USD | 1,655,546 | 02/13/2015 | 149,165 | – | ||||||||||||||||||||||
EUR | 1,333,312 | USD | 1,831,037 | 02/26/2015 | 170,960 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 949,328 | 04/30/2015 | 94,753 | – | ||||||||||||||||||||||
JPY | 116,210,000 | USD | 1,150,623 | 02/06/2015 | 170,473 | – | ||||||||||||||||||||||
1,003,456 | – | |||||||||||||||||||||||||||
UBS AG | EUR | 685,000 | USD | 919,270 | 08/04/2015 | 65,039 | – | |||||||||||||||||||||
EUR | 974,000 | USD | 1,214,481 | 11/18/2015 | – | (2,150 | ) | |||||||||||||||||||||
65,039 | (2,150 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 9,172,855 | $ | (1,733,960 | ) | |||||||||||||||||||||||
Currency Legend
CLP—Chilean Peso
EUR—Euro Dollar
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MYR—Malaysian Ringgit
MXN—Mexican Peso
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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
China | $ | 14,257,628 | $ | 1,661,449 | $ | — | $ | 15,919,077 | ||||||||
Other Countries | 347,434,067 | — | — | 347,434,067 | ||||||||||||
Preferred Securities | 882,889 | — | — | 882,889 | ||||||||||||
Foreign Government Obligations | — | 104,551,550 | — | 104,551,550 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 23,393,287 | — | — | 23,393,287 | ||||||||||||
Other Short-Term Investments Securities | — | 48,463,401 | — | 48,463,401 | ||||||||||||
Total Investments at value | $ | 385,967,871 | $ | 154,676,400 | $ | — | $ | 540,644,271 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Forward Foreign Currency Contracts | $ | — | $ | 9,172,855 | $ | — | $ | 9,172,855 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Forward Foreign Currency Contracts | $ | — | $ | 1,733,960 | $ | — | $ | 1,733,960 | ||||||||
* | For a detailed presentation of investments, 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
95 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 27.7 | % | ||
United States Treasury Notes | 21.3 | |||
Federal Home Loan Mtg. Corp. | 17.2 | |||
United States Treasury Bonds | 9.2 | |||
Investment Companies | 6.2 | |||
Repurchase Agreement | 5.4 | |||
Government National Mtg. Assoc. | 5.1 | |||
Federal Farm Credit Bank | 2.8 | |||
Insurance — Reinsurance | 0.8 | |||
Diversified Financial Services | 0.7 | |||
Federal Home Loan Bank | 0.6 | |||
Diversified Banking Institutions | 0.4 | |||
Computers | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Banks — Commercial | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Oil Companies — Integrated | 0.2 | |||
Electric — Integrated | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Multimedia | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Networking Products | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Medical — Biomedical/Gene | 0.1 | |||
Oil Companies — Exploration & Production | 0.1 | |||
Transport — Rail | 0.1 | |||
99.6 | % | |||
Credit Quality†#
Aaa | 93.4 | % | ||
Aa | 4.5 | |||
A | 0.7 | |||
Baa | 1.2 | |||
Not Rated@ | 0.2 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
@ | Represents debt issues that either have no rating, or the rating is unavailable from data source. |
96 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 0.7% |
| |||||||
Diversified Financial Services — 0.7% |
| |||||||
Commercial Mtg. Pass Through Certs. VRS | $ | 966,252 | $ | 97,727 | ||||
DBUBS Mtg. Trust | 291,886 | 306,315 | ||||||
UBS-BAMLL Trust | 217,000 | 222,791 | ||||||
Wells Fargo Resecuritization Trust | 137,695 | 137,653 | ||||||
WF-RBS Commercial Mtg. Trust | 310,000 | 339,445 | ||||||
Total Asset Backed Securities | ||||||||
(cost $1,076,899) | 1,103,931 | |||||||
U.S. CORPORATE BONDS & NOTES — 2.9% |
| |||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Johnson Controls, Inc. | 200,000 | 222,021 | ||||||
Banks - Super Regional — 0.1% |
| |||||||
Wells Fargo & Co. | 237,000 | 238,733 | ||||||
Cable/Satellite TV — 0.1% |
| |||||||
Comcast Corp. | 200,000 | 226,791 | ||||||
Chemicals - Diversified — 0.2% |
| |||||||
Dow Chemical Co. | 200,000 | 251,987 | ||||||
Computers — 0.2% |
| |||||||
Apple, Inc. | 227,000 | 221,336 | ||||||
Apple, Inc. | 151,000 | 154,824 | ||||||
376,160 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Procter & Gamble Co. | 176,000 | 176,851 | ||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Citigroup, Inc. | 162,000 | 177,091 | ||||||
Goldman Sachs Group, Inc. | 200,000 | 224,383 | ||||||
Morgan Stanley | 200,000 | 207,501 | ||||||
608,975 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
San Diego Gas & Electric Co. | 200,000 | 250,354 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Insurance - Reinsurance — 0.8% |
| |||||||
Berkshire Hathaway Finance Corp. | $ | 1,250,000 | $ | 1,258,172 | ||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 144,000 | 148,330 | ||||||
Networking Products — 0.1% |
| |||||||
Cisco Systems, Inc. | 200,000 | 224,064 | ||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Noble Energy, Inc. | 116,000 | 116,531 | ||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
CommonWealth REIT | 200,000 | 203,461 | ||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 325,000 | 331,914 | ||||||
Telephone - Integrated — 0.1% |
| |||||||
Verizon Communications, Inc. | 110,000 | 113,086 | ||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 89,000 | 87,744 | ||||||
Norfolk Southern Corp. | 19,000 | 22,576 | ||||||
110,320 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $4,729,665) | 4,857,750 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 6.7% |
| |||||||
Banks - Commercial — 0.2% |
| |||||||
Australia & New Zealand Banking Group, Ltd. | 250,000 | 257,349 | ||||||
Investment Companies — 6.2% |
| |||||||
Temasek Financial I, Ltd. | 10,000,000 | 10,322,060 | ||||||
Multimedia — 0.1% |
| |||||||
Thomson Reuters Corp. | 200,000 | 230,288 | ||||||
Oil Companies - Integrated — 0.2% | ||||||||
BP Capital Markets PLC | 250,000 | 251,672 | ||||||
Telephone - Integrated — 0.0% |
| |||||||
Nippon Telegraph & Telephone Corp. | 60,000 | 60,197 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $11,022,499) | 11,121,566 | |||||||
97 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES — 53.4% |
| |||||||
Federal Farm Credit Bank — 2.8% |
| |||||||
3.35% due 10/21/2025 | $ | 1,500,000 | $ | 1,544,479 | ||||
4.88% due 12/16/2015 | 2,000,000 | 2,096,476 | ||||||
4.88% due 01/17/2017 | 1,000,000 | 1,089,941 | ||||||
4,730,896 | ||||||||
Federal Home Loan Bank — 0.6% |
| |||||||
4.75% due 09/11/2015 | 1,000,000 | 1,035,458 | ||||||
Federal Home Loan Mtg. Corp. — 17.2% |
| |||||||
2.38% due 12/01/2035 FRS | 22,660 | 24,237 | ||||||
3.00% due 11/01/2042 | 1,772,364 | 1,794,860 | ||||||
3.50% due 06/01/2033 | 2,702,487 | 2,854,621 | ||||||
4.50% due 09/01/2019 | 92,632 | 97,688 | ||||||
4.50% due 09/01/2039 | 1,377,461 | 1,495,806 | ||||||
4.50% due 11/01/2039 | 613,998 | 667,045 | ||||||
4.50% due 02/01/2040 | 896,360 | 974,232 | ||||||
4.50% due 04/01/2040 | 77,475 | 84,225 | ||||||
4.50% due 06/01/2040 | 208,588 | 226,725 | ||||||
4.50% due 08/01/2040 | 911,181 | 990,404 | ||||||
4.50% due 03/01/2041 | 2,473,012 | 2,686,447 | ||||||
4.50% due 04/01/2041 | 365,615 | 397,214 | ||||||
4.50% due 06/01/2041 | 676,301 | 734,756 | ||||||
4.75% due 11/17/2015 | 3,000,000 | 3,128,463 | ||||||
5.00% due 12/14/2018 | 1,000,000 | 1,139,466 | ||||||
5.00% due 10/01/2034 | 26,000 | 28,785 | ||||||
5.50% due 12/01/2036 | 28,760 | 32,114 | ||||||
6.00% due 11/01/2033 | 93,048 | 106,614 | ||||||
6.50% due 02/01/2032 | 58,455 | 66,903 | ||||||
8.00% due 02/01/2030 | 3,639 | 3,803 | ||||||
8.00% due 08/01/2030 | 407 | 455 | ||||||
8.00% due 06/01/2031 | 2,712 | 3,186 | ||||||
Federal Home Loan Mtg. Corp. REMIC | ||||||||
Series 4150, Class GE | ||||||||
2.00% due 01/15/2033(3) | 2,539,902 | 2,523,210 | ||||||
Series 4186, Class JE | ||||||||
2.00% due 03/15/2033(3) | 637,273 | 634,357 | ||||||
Series 3981, Class PA | ||||||||
3.00% due 04/15/2031(3) | 617,303 | 633,484 | ||||||
Series 4150, Class IG | ||||||||
3.00% due 01/15/2033(1)(3) | 8,346,130 | 973,531 | ||||||
Series 4365, Class HZ | ||||||||
3.00% due 01/15/2040(3) | 707,026 | 664,981 | ||||||
Series 4057, Class WY | ||||||||
3.50% due 06/15/2027(3) | 1,000,000 | 1,059,498 | ||||||
Series 3813, Class D | ||||||||
4.00% due 02/15/2026(3) | 1,000,000 | 1,071,546 | ||||||
Series 3917, Class B | ||||||||
4.50% due 08/15/2026(3) | 465,000 | 515,235 | ||||||
Series 3927, Class AY | ||||||||
4.50% due 09/15/2026(3) | 1,494,968 | 1,666,263 | ||||||
Series 3786, Class PB | ||||||||
4.50% due 07/15/2040(3) | 1,000,000 | 1,104,138 | ||||||
Series 4039, Class SA | ||||||||
6.35% due 05/15/2042 FRS(1)(3) | 1,194,549 | 217,363 | ||||||
28,601,655 | ||||||||
Federal National Mtg. Assoc. — 27.7% |
| |||||||
zero coupon due 10/09/2019 | 4,250,000 | 3,839,654 | ||||||
1.87% due 01/01/2036 FRS | 18,388 | 19,650 | ||||||
1.98% due 02/01/2035 FRS | 8,739 | 9,321 | ||||||
2.26% due 11/01/2034 FRS | 32,656 | 33,054 | ||||||
4.00% due 09/01/2040 | 238,292 | 254,969 | ||||||
4.00% due 10/01/2040 | 251,716 | 269,313 | ||||||
4.00% due 12/01/2040 | 262,443 | 280,655 | ||||||
4.00% due 01/01/2041 | 616,574 | 659,421 | ||||||
4.00% due 02/01/2041 | 2,932,532 | 3,136,103 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
4.00% due 03/01/2041 | $ | 3,672,189 | $ | 3,926,408 | ||||
4.00% due 06/01/2042 | 2,052,375 | 2,214,650 | ||||||
5.00% due 02/01/2019 | 121,048 | 129,541 | ||||||
5.00% due 12/01/2036 | 65,474 | 72,733 | ||||||
5.50% due 12/01/2033 | 78,661 | 87,985 | ||||||
5.50% due 10/01/2034 | 100,969 | 112,951 | ||||||
6.00% due 06/01/2035 | 13,054 | 14,777 | ||||||
6.00% due 08/25/2037(1)(3) | 556,209 | 106,180 | ||||||
6.50% due 02/01/2017 | 7,211 | 7,487 | ||||||
6.50% due 07/01/2032 | 12,232 | 14,229 | ||||||
7.00% due 09/01/2031 | 25,335 | 28,827 | ||||||
11.50% due 09/01/2019 | 10 | 10 | ||||||
12.00% due 01/15/2016 | 6 | 6 | ||||||
12.50% due 09/20/2015 | 1 | 1 | ||||||
Federal National Mtg. Assoc. | ||||||||
Series 2014-M13, Class A2 | ||||||||
3.02% due 08/25/2024(2) | 1,273,000 | 1,298,533 | ||||||
Federal National Mtg. Assoc. REMIC | ||||||||
Series 2002-34, Class AO | ||||||||
zero coupon due 05/18/2032(3)(4) | 608,600 | 564,453 | ||||||
Series 2013-15, Class DC | ||||||||
2.00% due 03/25/2033(3) | 1,722,880 | 1,708,535 | ||||||
Series 2011-126, Class EC | ||||||||
2.00% due 04/25/2040(3) | 1,063,348 | 1,051,339 | ||||||
Series 2012-38, Class PA | ||||||||
2.00% due 09/25/2041(3) | 3,915,960 | 3,760,645 | ||||||
Series 2013-23, Class KJ | ||||||||
2.25% due 05/25/2042(3) | 2,643,222 | 2,571,379 | ||||||
Series 2012-93, Class ME | ||||||||
2.50% due 01/25/2042(3) | 4,090,432 | 4,175,926 | ||||||
Series 2013-73, Class TD | ||||||||
2.50% due 09/25/2042(3) | 1,297,717 | 1,305,410 | ||||||
Series 2013-100, Class DE | ||||||||
3.00% due 11/25/2030(3) | 5,349,597 | 5,520,544 | ||||||
Series 2011-145, Class PB | ||||||||
3.50% due 01/25/2032(3) | 2,500,000 | 2,617,415 | ||||||
Series 2012-50, Class VB | ||||||||
4.00% due 01/25/2029(3) | 1,355,000 | 1,460,924 | ||||||
Series 2012-47, Class VB | ||||||||
4.00% due 04/25/2031(3) | 2,000,000 | 2,142,102 | ||||||
Series 2004-90, Class GC | ||||||||
4.35% due 11/25/2034(3) | 1,000,000 | 1,066,050 | ||||||
Series 2010-117, Class DY | ||||||||
4.50% due 10/25/2025(3) | 974,930 | 1,080,824 | ||||||
Series 2010-134, Class MB | ||||||||
4.50% due 12/25/2040(3) | 250,000 | 284,172 | ||||||
Series 2007-116, Class PB | ||||||||
5.50% due 08/25/2035(3) | 167,555 | 186,755 | ||||||
Series 2010-28, Class SA | ||||||||
6.39% due 10/25/2027 FRS(1)(3) | 430,070 | 11,358 | ||||||
46,024,289 | ||||||||
Government National Mtg. Assoc. — 5.1% |
| |||||||
4.50% due 03/15/2038 | 97,396 | 106,599 | ||||||
4.50% due 03/15/2039 | 17,628 | 19,296 | ||||||
4.50% due 05/15/2039 | 491,547 | 538,080 | ||||||
4.50% due 06/15/2039 | 503,541 | 551,211 | ||||||
4.50% due 07/15/2039 | 672,031 | 736,470 | ||||||
4.50% due 09/15/2039 | 11,185 | 12,244 | ||||||
4.50% due 12/15/2039 | 265,449 | 291,233 | ||||||
4.50% due 04/15/2040 | 235,665 | 258,549 | ||||||
4.50% due 06/15/2040 | 842,500 | 922,338 | ||||||
4.50% due 08/15/2040 | 114,946 | 126,108 | ||||||
5.00% due 09/15/2035 | 3,431 | 3,810 | ||||||
5.00% due 02/15/2036 | 169,418 | 188,142 |
98 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Government National Mtg. Assoc. (continued) |
| |||||||
5.00% due 05/15/2036 | $ | 6,926 | $ | 7,657 | ||||
6.00% due 01/15/2032 | 22,038 | 25,612 | ||||||
6.50% due 08/15/2031 | 64,555 | 73,669 | ||||||
7.50% due 02/15/2029 | 6,362 | 6,686 | ||||||
7.50% due 07/15/2030 | 430 | 494 | ||||||
7.50% due 01/15/2031 | 6,143 | 7,078 | ||||||
7.50% due 02/15/2031 | 1,533 | 1,539 | ||||||
Government National Mtg. Assoc. REMIC | ||||||||
Series 2014-58, Class EP | ||||||||
4.00% due 04/20/2044(3) | 432,000 | 465,462 | ||||||
Series 2004-18, Class Z | ||||||||
4.50% due 03/16/2034(3) | 681,569 | 736,911 | ||||||
Series 2008-6, Class GL | ||||||||
4.50% due 02/20/2038(3) | 1,000,000 | 1,094,812 | ||||||
Series 2005-21, Class Z | ||||||||
5.00% due 03/20/2035(3) | 1,133,890 | 1,271,823 | ||||||
Series 2009-91, Class PR | ||||||||
5.00% due 09/20/2038(3) | 1,000,000 | 1,096,826 | ||||||
8,542,649 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $86,779,201) | 88,934,947 | |||||||
U.S. GOVERNMENT TREASURIES — 30.5% |
| |||||||
United States Treasury Bonds — 9.2% |
| |||||||
zero coupon due 08/15/2024 STRIPS | 2,040,000 | 1,620,402 | ||||||
2.00% due 01/15/2026 TIPS(5) | 2,374,515 | 2,749,057 | ||||||
3.13% due 02/15/2043 | 1,000,000 | 1,040,781 | ||||||
3.75% due 08/15/2041 | 6,000,000 | 7,029,372 | ||||||
3.88% due 08/15/2040 | 2,500,000 | 2,975,000 | ||||||
15,414,612 | ||||||||
United States Treasury Notes — 21.3% |
| |||||||
0.63% due 10/15/2016 | 5,000,000 | 5,017,580 | ||||||
0.63% due 05/31/2017 | 4,000,000 | 3,989,376 | ||||||
1.75% due 05/15/2023 | 10,000,000 | 9,735,940 | ||||||
2.00% due 02/15/2022 | 5,000,000 | 5,025,780 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 3,097,500 | ||||||
2.63% due 08/15/2020 | 3,250,000 | 3,413,007 | ||||||
4.00% due 02/15/2015 | 1,000,000 | 1,008,125 |
Security Description | Principal Amount | Value (Note 2) | ||||||
United States Treasury Notes (continued) |
| |||||||
4.25% due 08/15/2015 | $ | 4,000,000 | $ | 4,117,188 | ||||
35,404,496 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $49,190,530) | 50,819,108 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $152,798,794) | 156,837,302 | |||||||
REPURCHASE AGREEMENT — 5.4% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount $8,916,000 collateralized by $9,645,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $9,184,413 | 8,916,000 | 8,916,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $161,714,794)(6) | 99.6 | % | 165,753,302 | |||||
Other assets less liabilities | 0.4 | 611,423 | ||||||
NET ASSETS | 100.0 | % | $ | 166,364,725 | ||||
* | 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, 2014, the aggregate value of these securities was $11,585,613 representing 7.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Interest Only |
(2) | Commercial Mortgage Backed Security |
(3) | Collateralized Mortgage Obligation |
(4) | Principal Only |
(5) | Principal amount of security is adjusted for inflation. |
(6) | 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 Securities
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of November 30, 2014 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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 1,103,931 | $ | — | $ | 1,103,931 | ||||||||
U.S. Corporate Bonds & Notes | — | 4,857,750 | — | 4,857,750 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 11,121,566 | — | 11,121,566 | ||||||||||||
U.S. Government Agencies | — | 88,934,947 | — | 88,934,947 | ||||||||||||
U.S. Government Treasuries | — | 50,819,108 | — | 50,819,108 | ||||||||||||
Repurchase Agreement | — | 8,916,000 | — | 8,916,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 165,753,302 | $ | — | $ | 165,753,302 | ||||||||
* | For a detailed presentation of investments, 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
99 |
Table of Contents
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Registered Investment Companies | 8.7 | % | ||
Medical — Biomedical/Gene | 6.9 | |||
Computers | 5.0 | |||
Aerospace/Defense | 4.2 | |||
Finance — Credit Card | 3.0 | |||
Cable/Satellite TV | 2.7 | |||
Internet Content — Entertainment | 2.6 | |||
Diversified Manufacturing Operations | 2.5 | |||
Beverages — Non-alcoholic | 2.5 | |||
Medical — Drugs | 2.5 | |||
Applications Software | 2.1 | |||
Oil Companies — Integrated | 2.0 | |||
Web Portals/ISP | 1.9 | |||
Transport — Rail | 1.8 | |||
Banks — Super Regional | 1.7 | |||
Investment Management/Advisor Services | 1.7 | |||
Multimedia | 1.7 | |||
Semiconductor Components — Integrated Circuits | 1.7 | |||
E-Commerce/Services | 1.6 | |||
Enterprise Software/Service | 1.5 | |||
Retail — Auto Parts | 1.4 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Retail — Regional Department Stores | 1.3 | |||
Electronic Components — Semiconductors | 1.3 | |||
Retail — Drug Store | 1.3 | |||
Machinery — Construction & Mining | 1.2 | |||
Retail — Apparel/Shoe | 1.2 | |||
Medical Instruments | 1.2 | |||
Computer Services | 1.2 | |||
Chemicals — Diversified | 1.1 | |||
Building — Heavy Construction | 1.1 | |||
Hotels/Motels | 1.0 | |||
Tobacco | 1.0 | |||
Instruments — Controls | 1.0 | |||
Disposable Medical Products | 0.9 | |||
Cosmetics & Toiletries | 0.9 | |||
Advertising Agencies | 0.9 | |||
Retail — Major Department Stores | 0.9 | |||
Retail — Restaurants | 0.8 | |||
Retail — Bedding | 0.8 | |||
Airlines | 0.8 | |||
Medical — Wholesale Drug Distribution | 0.8 | |||
Time Deposits | 0.8 | |||
Pharmacy Services | 0.8 | |||
Internet Content — Information/News | 0.7 | |||
Vitamins & Nutrition Products | 0.7 | |||
Medical — Generic Drugs | 0.7 | |||
Soap & Cleaning Preparation | 0.7 | |||
Networking Products | 0.7 | |||
Real Estate Investment Trusts | 0.7 | |||
Commercial Services — Finance | 0.6 | |||
Food — Confectionery | 0.6 | |||
Computers — Memory Devices | 0.6 | |||
Coatings/Paint | 0.5 | |||
Data Processing/Management | 0.5 | |||
Oil — Field Services | 0.5 | |||
Dental Supplies & Equipment | 0.5 | |||
Retail — Building Products | 0.5 | |||
Casino Hotels | 0.5 | |||
Banks — Commercial | 0.5 | |||
Food — Retail | 0.5 | |||
Medical Information Systems | 0.5 | |||
Entertainment Software | 0.4 | |||
Medical Products | 0.4 | |||
Diversified Banking Institutions | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Internet Security | 0.4 | |||
Computers — Integrated Systems | 0.4 | |||
Motorcycle/Motor Scooter | 0.4 |
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Food — Misc./Diversified | 0.4 | |||
E-Commerce/Products | 0.4 | |||
Radio | 0.4 | |||
Audio/Video Products | 0.4 | |||
Internet Application Software | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Consumer Products — Misc. | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Telephone — Integrated | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Poultry | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Transport — Services | 0.3 | |||
Retail — Jewelry | 0.3 | |||
Human Resources | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Agricultural Operations | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Insurance — Property/Casualty | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Commercial Services | 0.2 | |||
Retail — Discount | 0.2 | |||
Medical — HMO | 0.2 | |||
Electronic Forms | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Finance — Other Services | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Footwear & Related Apparel | 0.2 | |||
Electronic Measurement Instruments | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Electronic Design Automation | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Building Products — Cement | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Appliances | 0.1 | |||
Steel — Producers | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Exchange — Traded Funds | 0.1 | |||
Schools | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Consulting Services | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Transport — Marine | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
108.5 | % | |||
* | Calculated as a percentage of net assets. |
100 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.9% | ||||||||
Advertising Agencies — 0.9% | �� | |||||||
Alliance Data Systems Corp.†# | 28,963 | $ | 8,279,653 | |||||
Omnicom Group, Inc. | 9,676 | 747,664 | ||||||
9,027,317 | ||||||||
Aerospace/Defense — 4.2% | ||||||||
Boeing Co.# | 140,690 | 18,903,108 | ||||||
Lockheed Martin Corp. | 90,721 | 17,378,515 | ||||||
Raytheon Co. | 41,944 | 4,475,425 | ||||||
Teledyne Technologies, Inc.† | 16,102 | 1,721,465 | ||||||
42,478,513 | ||||||||
Agricultural Chemicals — 0.1% | ||||||||
Monsanto Co. | 10,815 | 1,296,827 | ||||||
Agricultural Operations — 0.2% | ||||||||
Archer-Daniels-Midland Co. | 37,256 | 1,962,646 | ||||||
Airlines — 0.8% | ||||||||
Alaska Air Group, Inc. | 80,806 | 4,769,978 | ||||||
Southwest Airlines Co. | 62,323 | 2,606,348 | ||||||
United Continental Holdings, Inc.† | 11,800 | 722,514 | ||||||
8,098,840 | ||||||||
Apparel Manufacturers — 0.1% | ||||||||
Michael Kors Holdings, Ltd.† | 15,183 | 1,164,688 | ||||||
Appliances — 0.1% | ||||||||
Electrolux AB, Series B | 33,610 | 999,018 | ||||||
Applications Software — 2.1% | ||||||||
Intuit, Inc. | 127,508 | 11,969,176 | ||||||
Microsoft Corp. | 93,834 | 4,486,204 | ||||||
NetSuite, Inc.†# | 36,586 | 3,868,969 | ||||||
PTC, Inc.† | 11,556 | 451,493 | ||||||
20,775,842 | ||||||||
Audio/Video Products — 0.4% | ||||||||
Harman International Industries, Inc. | 35,188 | 3,818,954 | ||||||
Auto - Cars/Light Trucks — 0.1% | ||||||||
Maruti Suzuki India, Ltd. | 12,500 | 674,009 | ||||||
Peugeot SA† | 17,490 | 224,157 | ||||||
898,166 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.4% | ||||||||
WABCO Holdings, Inc.† | 41,837 | 4,293,313 | ||||||
Banks - Commercial — 0.5% | ||||||||
Bankia SA† | 595,010 | 1,043,923 | ||||||
Credicorp, Ltd. | 4,537 | 751,599 | ||||||
Hang Seng Bank, Ltd. | 47,100 | 784,706 | ||||||
ICICI Bank, Ltd. ADR | 2,850 | 167,837 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 83,150 | 1,098,584 | ||||||
Zions Bancorporation | 31,930 | 895,956 | ||||||
4,742,605 | ||||||||
Banks - Super Regional — 1.7% | ||||||||
SunTrust Banks, Inc. | 169,240 | 6,649,440 | ||||||
Wells Fargo & Co. | 194,065 | 10,572,661 | ||||||
17,222,101 | ||||||||
Beverages - Non-alcoholic — 2.5% | ||||||||
Coca-Cola Co. | 42,820 | 1,919,621 | ||||||
Dr Pepper Snapple Group, Inc. | 31,152 | 2,305,248 | ||||||
PepsiCo, Inc. | 205,843 | 20,604,884 | ||||||
24,829,753 | ||||||||
Broadcast Services/Program — 0.3% | ||||||||
Scripps Networks Interactive, Inc., Class A# | 40,841 | 3,192,541 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building & Construction Products - Misc. — 0.1% | ||||||||
Fortune Brands Home & Security, Inc. | 27,040 | $ | 1,214,637 | |||||
Building Products - Air & Heating — 0.1% | ||||||||
Daikin Industries, Ltd. | 12,600 | 836,142 | ||||||
Building Products - Cement — 0.1% | ||||||||
Cemex SAB de CV ADR† | 88,710 | 1,109,762 | ||||||
Building - Heavy Construction — 1.1% | ||||||||
SBA Communications Corp., Class A† | 89,810 | 10,927,183 | ||||||
Cable/Satellite TV — 2.7% | ||||||||
Cablevision Systems Corp., Class A# | 91,387 | 1,856,984 | ||||||
Comcast Corp., Class A | 401,834 | 22,920,611 | ||||||
Liberty Global PLC, Class A† | 15,017 | 780,734 | ||||||
Liberty Global PLC, Class C† | 22,957 | 1,146,013 | ||||||
26,704,342 | ||||||||
Casino Hotels — 0.5% | ||||||||
Las Vegas Sands Corp. | 26,022 | 1,657,341 | ||||||
MGM Resorts International† | 151,208 | 3,449,055 | ||||||
5,106,396 | ||||||||
Chemicals - Diversified — 1.1% | ||||||||
Akzo Nobel NV | 15,370 | 1,062,578 | ||||||
Johnson Matthey PLC | 18,830 | 979,511 | ||||||
PPG Industries, Inc. | 37,573 | 8,221,724 | ||||||
Symrise AG | 12,070 | 721,874 | ||||||
10,985,687 | ||||||||
Chemicals - Specialty — 0.4% | ||||||||
Albemarle Corp.# | 26,724 | 1,577,785 | ||||||
Cabot Corp. | 33,177 | 1,429,265 | ||||||
Ecolab, Inc. | 5,100 | 555,645 | ||||||
3,562,695 | ||||||||
Coatings/Paint — 0.5% | ||||||||
Sherwin-Williams Co. | 22,523 | 5,514,982 | ||||||
Commercial Services — 0.2% | ||||||||
Cintas Corp. | 24,177 | 1,768,548 | ||||||
Medifast, Inc.† | 4,911 | 144,874 | ||||||
1,913,422 | ||||||||
Commercial Services - Finance — 0.6% | ||||||||
EVERTEC, Inc. | 19,920 | 439,037 | ||||||
H&R Block, Inc. | 59,009 | 1,985,063 | ||||||
MasterCard, Inc., Class A | 18,560 | 1,620,102 | ||||||
Moody’s Corp. | 21,832 | 2,205,250 | ||||||
Total System Services, Inc. | 5,935 | 195,796 | ||||||
6,445,248 | ||||||||
Computer Aided Design — 0.0% | ||||||||
Autodesk, Inc.† | 3,670 | 227,540 | ||||||
Computer Services — 1.2% | ||||||||
Carbonite, Inc.† | 7,544 | 88,190 | ||||||
Cognizant Technology Solutions Corp., Class A† | 104,013 | 5,615,662 | ||||||
Computer Sciences Corp. | 2,748 | 174,168 | ||||||
IHS, Inc., Class A† | 8,259 | 1,011,397 | ||||||
International Business Machines Corp. | 29,282 | 4,748,662 | ||||||
Syntel, Inc.† | 6,512 | 289,784 | ||||||
11,927,863 | ||||||||
Computers — 5.0% | ||||||||
Apple, Inc. | 420,284 | 49,984,376 | ||||||
Computers - Integrated Systems — 0.4% | ||||||||
Teradata Corp.†# | 95,652 | 4,317,731 | ||||||
101 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Computers - Memory Devices — 0.6% | ||||||||
EMC Corp. | 57,743 | $ | 1,752,500 | |||||
NetApp, Inc. | 39,918 | 1,698,511 | ||||||
SanDisk Corp. | 22,141 | 2,290,708 | ||||||
5,741,719 | ||||||||
Consulting Services — 0.1% | ||||||||
Towers Watson & Co., Class A | 6,690 | 755,702 | ||||||
Consumer Products - Misc. — 0.3% | ||||||||
Kimberly-Clark Corp. | 21,553 | 2,512,864 | ||||||
Spectrum Brands Holdings, Inc. | 10,760 | 989,597 | ||||||
3,502,461 | ||||||||
Containers - Metal/Glass — 0.2% | ||||||||
Ball Corp. | 28,589 | 1,917,464 | ||||||
Cosmetics & Toiletries — 0.9% | ||||||||
Estee Lauder Cos., Inc., Class A | 105,704 | 7,836,895 | ||||||
Unicharm Corp. | 62,700 | 1,435,543 | ||||||
9,272,438 | ||||||||
Data Processing/Management — 0.5% | ||||||||
Fiserv, Inc.† | 77,109 | 5,512,522 | ||||||
Dental Supplies & Equipment — 0.5% | ||||||||
DENTSPLY International, Inc.# | 96,971 | 5,331,466 | ||||||
Disposable Medical Products — 0.9% | ||||||||
C.R. Bard, Inc. | 56,302 | 9,422,140 | ||||||
Diversified Banking Institutions — 0.4% | ||||||||
Credit Suisse Group AG | 49,430 | 1,321,545 | ||||||
Lloyds Banking Group PLC† | 824,842 | 1,036,558 | ||||||
Royal Bank of Scotland Group PLC† | 325,950 | 2,015,184 | ||||||
4,373,287 | ||||||||
Diversified Manufacturing Operations — 2.5% | ||||||||
3M Co. | 94,472 | 15,124,022 | ||||||
Ingersoll-Rand PLC | 24,790 | 1,563,257 | ||||||
Parker-Hannifin Corp. | 68,889 | 8,888,748 | ||||||
25,576,027 | ||||||||
E-Commerce/Products — 0.4% | ||||||||
Alibaba Group Holding, Ltd. ADR† | 2,885 | 322,081 | ||||||
Amazon.com, Inc.† | 2,396 | 811,382 | ||||||
eBay, Inc.† | 38,289 | 2,101,300 | ||||||
Vipshop Holdings, Ltd. ADR† | 31,500 | 720,090 | ||||||
3,954,853 | ||||||||
E-Commerce/Services — 1.6% | ||||||||
Expedia, Inc. | 133,853 | 11,659,935 | ||||||
Orbitz Worldwide, Inc.† | 51,561 | 393,926 | ||||||
Priceline Group, Inc.† | 3,339 | 3,873,874 | ||||||
15,927,735 | ||||||||
Electric Products - Misc. — 0.3% | ||||||||
Emerson Electric Co. | 22,121 | 1,410,214 | ||||||
Nidec Corp. | 26,000 | 1,724,715 | ||||||
3,134,929 | ||||||||
Electronic Components - Semiconductors — 1.3% | ||||||||
Broadcom Corp., Class A | 86,149 | 3,715,606 | ||||||
Intel Corp. | 66,239 | 2,467,403 | ||||||
Micron Technology, Inc.† | 32,839 | 1,180,562 | ||||||
Texas Instruments, Inc. | 56,985 | 3,101,124 | ||||||
Xilinx, Inc. | 56,675 | 2,575,312 | ||||||
13,040,007 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Design Automation — 0.1% | ||||||||
Cadence Design Systems, Inc.† | 68,700 | $ | 1,296,369 | |||||
Electronic Forms — 0.2% | ||||||||
Adobe Systems, Inc.† | 23,990 | 1,767,583 | ||||||
Electronic Measurement Instruments — 0.1% | ||||||||
Keyence Corp. | 3,200 | 1,478,251 | ||||||
Electronic Security Devices — 0.1% | ||||||||
Tyco International PLC | 31,740 | 1,361,646 | ||||||
Enterprise Software/Service — 1.5% | ||||||||
Informatica Corp.† | 3,992 | 145,229 | ||||||
Oracle Corp. | 346,567 | 14,697,906 | ||||||
14,843,135 | ||||||||
Entertainment Software — 0.4% | ||||||||
Electronic Arts, Inc.† | 101,862 | 4,474,798 | ||||||
Finance - Auto Loans — 0.1% | ||||||||
Credit Acceptance Corp.† | 4,558 | 682,560 | ||||||
Finance - Credit Card — 3.0% | ||||||||
Visa, Inc., Class A# | 115,787 | 29,895,045 | ||||||
Finance - Investment Banker/Broker — 0.1% | ||||||||
Charles Schwab Corp. | 40,740 | 1,153,757 | ||||||
Finance - Leasing Companies — 0.1% | ||||||||
ORIX Corp. | 76,500 | 1,009,191 | ||||||
Finance - Mortgage Loan/Banker — 0.1% | ||||||||
Nationstar Mtg. Holdings, Inc.†# | 27,875 | 835,414 | ||||||
Finance - Other Services — 0.2% | ||||||||
Intercontinental Exchange, Inc. | 7,403 | 1,673,004 | ||||||
Food - Confectionery — 0.6% | ||||||||
Hershey Co. | 60,854 | 6,102,439 | ||||||
Food - Dairy Products — 0.1% | ||||||||
WhiteWave Foods Co., Class A† | 36,253 | 1,327,947 | ||||||
Food - Misc./Diversified — 0.4% | ||||||||
Cal-Maine Foods, Inc.# | 17,934 | 751,076 | ||||||
Ingredion, Inc. | 21,104 | 1,756,486 | ||||||
Mondelez International, Inc., Class A | 45,266 | 1,774,427 | ||||||
4,281,989 | ||||||||
Food - Retail — 0.5% | ||||||||
Carrefour SA | 46,890 | 1,484,594 | ||||||
Kroger Co. | 41,066 | 2,457,389 | ||||||
Magnit OJSC GDR# | 11,030 | 638,086 | ||||||
4,580,069 | ||||||||
Footwear & Related Apparel — 0.2% | ||||||||
Deckers Outdoor Corp.† | 16,206 | 1,567,444 | ||||||
Gas - Distribution — 0.0% | ||||||||
ENN Energy Holdings, Ltd. | 30,000 | 182,594 | ||||||
Hotels/Motels — 1.0% | ||||||||
Accor SA | 33,150 | 1,564,763 | ||||||
Marriott International, Inc., Class A# | 86,155 | 6,788,152 | ||||||
Whitbread PLC | 14,880 | 1,067,502 | ||||||
Wyndham Worldwide Corp. | 13,635 | 1,136,614 | ||||||
10,557,031 | ||||||||
Human Resources — 0.2% | ||||||||
Adecco SA | 19,702 | 1,384,189 | ||||||
Capita PLC | 64,526 | 1,079,830 | ||||||
2,464,019 | ||||||||
102 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Industrial Automated/Robotic — 0.2% | ||||||||
Rockwell Automation, Inc. | 16,858 | $ | 1,945,582 | |||||
Instruments - Controls — 1.0% | ||||||||
Honeywell International, Inc. | 67,692 | 6,706,246 | ||||||
Mettler-Toledo International, Inc.† | 11,253 | 3,300,055 | ||||||
10,006,301 | ||||||||
Instruments - Scientific — 0.3% | ||||||||
Waters Corp.† | 29,160 | 3,379,644 | ||||||
Insurance - Life/Health — 0.1% | ||||||||
Prudential PLC | 45,750 | 1,107,641 | ||||||
Insurance - Property/Casualty — 0.2% | ||||||||
Admiral Group PLC | 25,860 | 501,519 | ||||||
AmTrust Financial Services, Inc.# | 22,795 | 1,169,839 | ||||||
Federated National Holding Co. | 10,507 | 265,407 | ||||||
1,936,765 | ||||||||
Internet Application Software — 0.4% | ||||||||
Splunk, Inc.†# | 55,199 | 3,703,853 | ||||||
Internet Content - Entertainment — 2.6% | ||||||||
Facebook, Inc., Class A† | 288,784 | 22,438,517 | ||||||
Pandora Media, Inc.†# | 173,286 | 3,406,803 | ||||||
25,845,320 | ||||||||
Internet Content - Information/News — 0.7% | ||||||||
LinkedIn Corp., Class A† | 13,861 | 3,136,328 | ||||||
Yelp, Inc.†# | 75,284 | 4,297,964 | ||||||
7,434,292 | ||||||||
Internet Security — 0.4% | ||||||||
VeriSign, Inc.†# | 72,239 | 4,341,564 | ||||||
Investment Management/Advisor Services — 1.7% | ||||||||
Franklin Resources, Inc. | 138,496 | 7,874,883 | ||||||
Invesco, Ltd. | 223,306 | 9,012,630 | ||||||
16,887,513 | ||||||||
Machinery - Construction & Mining — 1.2% | ||||||||
Caterpillar, Inc. | 123,833 | 12,457,600 | ||||||
Machinery - General Industrial — 0.4% | ||||||||
Wabtec Corp. | 49,200 | 4,353,708 | ||||||
Medical Information Systems — 0.5% | ||||||||
Cerner Corp.† | 70,509 | 4,540,780 | ||||||
Medical Instruments — 1.2% | ||||||||
Intuitive Surgical, Inc.† | 11,912 | 6,167,677 | ||||||
Medtronic, Inc. | 54,737 | 4,043,422 | ||||||
St Jude Medical, Inc. | 27,670 | 1,880,453 | ||||||
12,091,552 | ||||||||
Medical Labs & Testing Services — 0.3% | ||||||||
Quest Diagnostics, Inc. | 52,429 | 3,424,138 | ||||||
Medical Products — 0.4% | ||||||||
Becton Dickinson and Co. | 18,195 | 2,553,304 | ||||||
Stryker Corp. | 20,404 | 1,895,736 | ||||||
4,449,040 | ||||||||
Medical - Biomedical/Gene — 6.9% | ||||||||
Alexion Pharmaceuticals, Inc.† | 59,372 | 11,571,603 | ||||||
Amgen, Inc. | 24,342 | 4,023,976 | ||||||
Biogen Idec, Inc.† | 46,758 | 14,386,969 | ||||||
Celgene Corp.† | 45,122 | 5,129,920 | ||||||
CSL, Ltd. | 10,517 | 739,259 | ||||||
Gilead Sciences, Inc.† | 182,004 | 18,258,641 | ||||||
Illumina, Inc.† | 20,693 | 3,950,087 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) | ||||||||
Incyte Corp.†# | 51,498 | $ | 3,890,674 | |||||
Regeneron Pharmaceuticals, Inc.† | 18,326 | 7,625,632 | ||||||
69,576,761 | ||||||||
Medical - Drugs — 2.5% | ||||||||
AbbVie, Inc. | 56,385 | 3,901,842 | ||||||
Bristol-Myers Squibb Co. | 27,330 | 1,613,837 | ||||||
Grifols SA | 12,850 | 572,815 | ||||||
Jazz Pharmaceuticals PLC†# | 17,826 | 3,156,806 | ||||||
Johnson & Johnson | 63,664 | 6,891,628 | ||||||
Merck & Co., Inc. | 36,613 | 2,211,425 | ||||||
Ophthotech Corp.† | 1,801 | 77,713 | ||||||
Roche Holding AG | 8,181 | 2,451,547 | ||||||
Shire PLC | 8,140 | 580,150 | ||||||
Zoetis, Inc. | 73,053 | 3,282,271 | ||||||
24,740,034 | ||||||||
Medical - Generic Drugs — 0.7% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 120,612 | 6,872,472 | ||||||
Medical - HMO — 0.2% | ||||||||
Aetna, Inc. | 20,285 | 1,769,663 | ||||||
Medical - Wholesale Drug Distribution — 0.8% | ||||||||
Cardinal Health, Inc. | 77,672 | 6,383,862 | ||||||
McKesson Corp. | 7,990 | 1,683,972 | ||||||
8,067,834 | ||||||||
Motorcycle/Motor Scooter — 0.4% | ||||||||
Harley-Davidson, Inc. | 61,726 | 4,301,068 | ||||||
Multimedia — 1.7% | ||||||||
Twenty-First Century Fox, Inc., Class A | 46,080 | 1,695,744 | ||||||
Viacom, Inc., Class B | 15,642 | 1,183,004 | ||||||
Walt Disney Co. | 151,313 | 13,997,966 | ||||||
16,876,714 | ||||||||
Networking Products — 0.7% | ||||||||
Cisco Systems, Inc. | 222,356 | 6,145,920 | ||||||
LogMeIn, Inc.† | 9,055 | 457,911 | ||||||
6,603,831 | ||||||||
Non-Ferrous Metals — 0.1% | ||||||||
Materion Corp. | 16,666 | 579,477 | ||||||
Office Automation & Equipment — 0.1% | ||||||||
Pitney Bowes, Inc. | 43,918 | 1,081,261 | ||||||
Oil Companies - Exploration & Production — 1.4% | ||||||||
Anadarko Petroleum Corp. | 3,089 | 244,494 | ||||||
Antero Resources Corp.†# | 12,560 | 589,315 | ||||||
Concho Resources, Inc.† | 35,927 | 3,422,047 | ||||||
Continental Resources, Inc.†# | 19,624 | 804,191 | ||||||
EOG Resources, Inc. | 28,755 | 2,493,634 | ||||||
EQT Corp. | 17,030 | 1,549,389 | ||||||
Kosmos Energy, Ltd.† | 171,484 | 1,430,177 | ||||||
Occidental Petroleum Corp. | 33,471 | 2,669,982 | ||||||
Southwestern Energy Co.† | 12,640 | 406,755 | ||||||
13,609,984 | ||||||||
Oil Companies - Integrated — 2.0% | ||||||||
Exxon Mobil Corp. | 167,563 | 15,171,154 | ||||||
Phillips 66 | 67,398 | 4,921,402 | ||||||
20,092,556 | ||||||||
Oil Field Machinery & Equipment — 0.2% | ||||||||
National Oilwell Varco, Inc. | 35,590 | 2,385,954 | ||||||
Oil Refining & Marketing — 0.2% | ||||||||
Valero Energy Corp. | 34,962 | 1,699,503 | ||||||
103 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil - Field Services — 0.5% | ||||||||
Baker Hughes, Inc. | 15,500 | $ | 883,500 | |||||
Halliburton Co. | 28,706 | 1,211,393 | ||||||
Schlumberger, Ltd. | 33,387 | 2,869,613 | ||||||
Superior Energy Services, Inc. | 19,468 | 375,927 | ||||||
5,340,433 | ||||||||
Pharmacy Services — 0.8% | ||||||||
Express Scripts Holding Co.† | 91,465 | 7,605,315 | ||||||
Poultry — 0.3% | ||||||||
Pilgrim’s Pride Corp.†# | 51,944 | 1,677,791 | ||||||
Sanderson Farms, Inc.# | 17,326 | 1,504,070 | ||||||
3,181,861 | ||||||||
Power Converter/Supply Equipment — 0.3% | ||||||||
Generac Holdings, Inc.†# | 79,606 | 3,453,308 | ||||||
Radio — 0.4% | ||||||||
Sirius XM Holdings, Inc.†# | 1,053,607 | 3,824,593 | ||||||
Real Estate Investment Trusts — 0.7% | ||||||||
American Tower Corp. | 18,514 | 1,944,155 | ||||||
Crown Castle International Corp. | 21,276 | 1,767,823 | ||||||
DuPont Fabros Technology, Inc. | 46,895 | 1,528,308 | ||||||
Rayonier, Inc. | 48,867 | 1,333,092 | ||||||
6,573,378 | ||||||||
Rental Auto/Equipment — 0.2% | ||||||||
Ashtead Group PLC | 49,478 | 815,623 | ||||||
United Rentals, Inc.† | 7,192 | 814,926 | ||||||
1,630,549 | ||||||||
Resort/Theme Parks — 0.0% | ||||||||
SeaWorld Entertainment, Inc. | 17,865 | 298,167 | ||||||
Retail - Apparel/Shoe — 1.2% | ||||||||
Foot Locker, Inc. | 29,707 | 1,701,914 | ||||||
Gap, Inc. | 131,118 | 5,192,273 | ||||||
Ross Stores, Inc. | 60,689 | 5,551,829 | ||||||
12,446,016 | ||||||||
Retail - Auto Parts — 1.4% | ||||||||
AutoZone, Inc.† | 20,480 | 11,831,501 | ||||||
O’Reilly Automotive, Inc.† | 14,261 | 2,606,055 | ||||||
14,437,556 | ||||||||
Retail - Bedding — 0.8% | ||||||||
Bed Bath & Beyond, Inc.† | 110,496 | 8,107,091 | ||||||
Retail - Building Products — 0.5% | ||||||||
Home Depot, Inc. | 31,601 | 3,141,139 | ||||||
Lowe’s Cos., Inc. | 31,753 | 2,026,794 | ||||||
5,167,933 | ||||||||
Retail - Discount — 0.2% | ||||||||
Costco Wholesale Corp. | 10,584 | 1,504,198 | ||||||
Dollar Tree, Inc.† | 4,130 | 282,327 | ||||||
1,786,525 | ||||||||
Retail - Drug Store — 1.3% | ||||||||
CVS Health Corp. | 138,088 | 12,615,720 | ||||||
Retail - Gardening Products — 0.1% | ||||||||
Tractor Supply Co. | 14,497 | 1,115,254 | ||||||
Retail - Jewelry — 0.3% | ||||||||
Pandora A/S | 16,880 | 1,498,876 | ||||||
Signet Jewelers, Ltd. | 9,580 | 1,254,597 | ||||||
2,753,473 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Major Department Stores — 0.9% | ||||||||
TJX Cos., Inc. | 133,917 | $ | 8,859,949 | |||||
Retail - Perfume & Cosmetics — 0.1% | ||||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 7,440 | 941,086 | ||||||
Retail - Regional Department Stores — 1.3% | ||||||||
Dillard’s, Inc., Class A | 13,910 | 1,639,711 | ||||||
Kohl’s Corp. | 9,948 | 593,100 | ||||||
Macy’s, Inc. | 170,150 | 11,044,436 | ||||||
13,277,247 | ||||||||
Retail - Restaurants — 0.8% | ||||||||
Bravo Brio Restaurant Group, Inc.† | 5,317 | 69,812 | ||||||
Chipotle Mexican Grill, Inc.†# | 8,706 | 5,777,476 | ||||||
DineEquity, Inc. | 9,087 | 902,612 | ||||||
Jack in the Box, Inc. | 3,337 | 248,607 | ||||||
McDonald’s Corp. | 3,150 | 304,951 | ||||||
Yum! Brands, Inc. | 12,990 | 1,003,477 | ||||||
8,306,935 | ||||||||
Schools — 0.1% | ||||||||
Kroton Educacional SA | 123,800 | 865,444 | ||||||
Semiconductor Components - Integrated Circuits — 1.7% |
| |||||||
MaxLinear, Inc., Class A† | 37,893 | 276,619 | ||||||
QUALCOMM, Inc. | 226,558 | 16,516,078 | ||||||
16,792,697 | ||||||||
Semiconductor Equipment — 0.4% | ||||||||
ASML Holding NV (Euronext Amsterdam) | 9,508 | 1,004,790 | ||||||
ASML Holding NV (NY Registered Shares) | 5,360 | 566,445 | ||||||
Lam Research Corp. | 23,589 | 1,949,395 | ||||||
3,520,630 | ||||||||
Soap & Cleaning Preparation — 0.7% | ||||||||
Church & Dwight Co., Inc. | 88,625 | 6,798,424 | ||||||
Steel - Producers — 0.1% | ||||||||
United States Steel Corp. | 28,728 | 958,079 | ||||||
Telecommunication Equipment — 0.0% | ||||||||
ARRIS Group, Inc.† | 4,937 | 146,974 | ||||||
Telephone - Integrated — 0.3% | ||||||||
IDT Corp., Class B | 5,517 | 93,458 | ||||||
Verizon Communications, Inc. | 61,735 | 3,123,174 | ||||||
3,216,632 | ||||||||
Tobacco — 1.0% | ||||||||
Lorillard, Inc. | 7,363 | 464,900 | ||||||
Philip Morris International, Inc. | 115,354 | 10,027,723 | ||||||
10,492,623 | ||||||||
Tools - Hand Held — 0.2% | ||||||||
Stanley Black & Decker, Inc. | 17,722 | 1,673,666 | ||||||
Transport - Marine — 0.1% | ||||||||
Kirby Corp.† | 6,735 | 647,503 | ||||||
Transport - Rail — 1.8% | ||||||||
Canadian Pacific Railway, Ltd. | 3,162 | 609,678 | ||||||
Union Pacific Corp. | 149,253 | 17,428,273 | ||||||
18,037,951 | ||||||||
Transport - Services — 0.3% | ||||||||
FedEx Corp. | 9,613 | 1,712,844 | ||||||
United Parcel Service, Inc., Class B | 11,700 | 1,286,064 | ||||||
2,998,908 | ||||||||
Vitamins & Nutrition Products — 0.7% | ||||||||
Mead Johnson Nutrition Co. | 66,945 | 6,951,569 | ||||||
104 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Web Hosting/Design — 0.1% | ||||||||
Equinix, Inc. | 5,220 | $ | 1,185,827 | |||||
Web Portals/ISP — 1.9% | ||||||||
Baidu, Inc. ADR† | 3,890 | 953,478 | ||||||
Google, Inc., Class A† | 30,858 | 16,943,511 | ||||||
Google, Inc., Class C† | 3,050 | 1,652,581 | ||||||
19,549,570 | ||||||||
Wireless Equipment — 0.0% | ||||||||
GN Store Nord A/S | 21,070 | 450,292 | ||||||
Total Common Stocks | ||||||||
(cost $852,559,295) | 996,747,748 | |||||||
EXCHANGE-TRADED FUNDS — 0.1% | ||||||||
iShares Russell 1000 Growth ETF | ||||||||
(cost $875,002) | 9,170 | 889,949 | ||||||
PREFERRED SECURITIES — 0.0% | ||||||||
Banks - Commercial — 0.0% | ||||||||
Bancolombia SA ADR | ||||||||
(cost $379,290) | 6,700 | 346,390 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $853,813,587) | 997,984,087 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.5% |
| |||||||
Registered Investment Companies — 8.7% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(1) | $ | 87,815,759 | 87,815,759 | |||||
Time Deposits — 0.8% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | 7,900,000 | 7,900,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $95,715,759) | 95,715,759 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $949,529,346)(2) | 108.5 | % | 1,093,699,846 | |||||
Liabilities in excess of other assets | (8.5 | ) | (85,795,046 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 1,007,904,800 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $89,378,853. This was secured by collateral of $87,815,759, which was received in cash and subsequently invested in short-term investments currently value at $87,815,759 as reported in the portfolio of investments. Additional collateral of $3,699,573 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is not reflected in the Fund’s other 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, 2014 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 08/01/2027 to 06/15/2041 | $ | 243,239 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 10/25/2029 to 05/25/2042 | 2,343,211 | |||||
Government National Mtg. Assoc. | 2.75% to 4.00% | 11/20/2038 to 11/16/2039 | 267,684 | |||||
United States Treasury Bill | zero coupon | 01/22/2015 to 08/20/2015 | 89,454 | |||||
United States Treasury Notes/Bonds | 0.13% to 3.63% | 12/15/2014 to 08/15/2043 | 755,985 |
(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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 996,747,748 | $ | — | $ | — | $ | 996,747,748 | ||||||||
Exchange-Traded Funds | 889,949 | — | — | 889,949 | ||||||||||||
Preferred Securities | 346,390 | — | — | 346,390 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 87,815,759 | — | — | 87,815,759 | ||||||||||||
Time Deposits | — | 7,900,000 | — | 7,900,000 | ||||||||||||
Total Investments at Value | $ | 1,085,799,846 | $ | 7,900,000 | $ | — | $ | 1,093,699,846 | ||||||||
* | For a detailed presentation of investments, 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
105 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Medical — Drugs | 6.5 | % | ||
Computers | 4.5 | |||
Oil Companies — Integrated | 4.2 | |||
Diversified Banking Institutions | 4.1 | |||
Medical — Biomedical/Gene | 3.2 | |||
Banks — Super Regional | 2.8 | |||
Electric — Integrated | 2.8 | |||
Applications Software | 2.8 | |||
Transport — Rail | 2.6 | |||
Retail — Building Products | 2.4 | |||
Real Estate Investment Trusts | 2.3 | |||
Multimedia | 2.3 | |||
Web Portals/ISP | 2.2 | |||
Cable/Satellite TV | 2.1 | |||
Insurance — Multi-line | 2.1 | |||
Cosmetics & Toiletries | 1.8 | |||
Beverages — Non-alcoholic | 1.7 | |||
Medical — HMO | 1.7 | |||
Computer Services | 1.6 | |||
Diversified Manufacturing Operations | 1.5 | |||
Telephone — Integrated | 1.5 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Oil — Field Services | 1.4 | |||
Electronic Components — Semiconductors | 1.4 | |||
Food — Misc./Diversified | 1.3 | |||
Insurance — Reinsurance | 1.2 | |||
Finance — Credit Card | 1.2 | |||
Networking Products | 1.2 | |||
Semiconductor Equipment | 1.1 | |||
Instruments — Controls | 1.1 | |||
Tobacco | 1.1 | |||
Internet Content — Entertainment | 1.1 | |||
Retail — Discount | 1.1 | |||
Time Deposits | 1.0 | |||
Apparel Manufacturers | 1.0 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Auto — Heavy Duty Trucks | 0.9 | |||
Medical Products | 0.9 | |||
Gas — Distribution | 0.9 | |||
Retail — Drug Store | 0.8 | |||
Airlines | 0.7 | |||
Electronic Forms | 0.7 | |||
Engineering/R&D Services | 0.7 | |||
Agricultural Chemicals | 0.7 | |||
Medical — Wholesale Drug Distribution | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Chemicals — Diversified | 0.7 | |||
Electric Products — Misc. | 0.7 | |||
Finance — Investment Banker/Broker | 0.6 | |||
Retail — Major Department Stores | 0.6 | |||
Medical Instruments | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Enterprise Software/Service | 0.6 | |||
Retail — Restaurants | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Consumer Products — Misc. | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Metal — Aluminum | 0.6 | |||
Beverages — Wine/Spirits | 0.6 | |||
Banks — Commercial | 0.5 | |||
Retail — Auto Parts | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Agricultural Operations | 0.5 | |||
Insurance Brokers | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Audio/Video Products | 0.4 | |||
Finance — Other Services | 0.4 | |||
Cruise Lines | 0.4 |
Electronics — Military | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Brewery | 0.3 | |||
Steel — Producers | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Distribution/Wholesale | 0.2 | |||
Data Processing/Management | 0.2 | |||
Advertising Agencies | 0.2 | |||
Insurance — Life/Health | 0.2 | |||
Building Products — Wood | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Food — Retail | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Building Products — Cement | 0.1 | |||
Retail — Apparel/Shoe | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Software Tools | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
100.4 | % | |||
* | Calculated as a percentage of net assets |
106 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.8% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Alliance Data Systems Corp.† | 697 | $ | 199,251 | |||||
Omnicom Group, Inc. | 796 | 61,507 | ||||||
260,758 | ||||||||
Aerospace/Defense - Equipment — 1.5% |
| |||||||
United Technologies Corp. | 16,592 | 1,826,447 | ||||||
Agricultural Chemicals — 0.7% |
| |||||||
Monsanto Co. | 2,347 | 281,429 | ||||||
Mosaic Co. | 12,802 | 585,947 | ||||||
867,376 | ||||||||
Agricultural Operations — 0.5% |
| |||||||
Archer-Daniels-Midland Co. | 11,139 | 586,803 | ||||||
Airlines — 0.7% |
| |||||||
Delta Air Lines, Inc. | 9,019 | 420,917 | ||||||
United Continental Holdings, Inc.† | 7,825 | 479,125 | ||||||
900,042 | ||||||||
Apparel Manufacturers — 1.0% |
| |||||||
Ralph Lauren Corp. | 2,290 | 423,421 | ||||||
VF Corp. | 10,512 | 790,187 | ||||||
1,213,608 | ||||||||
Applications Software — 2.8% |
| |||||||
Citrix Systems, Inc.† | 6,550 | 434,331 | ||||||
Microsoft Corp. | 61,431 | 2,937,016 | ||||||
3,371,347 | ||||||||
Audio/Video Products — 0.4% |
| |||||||
Harman International Industries, Inc. | 4,729 | 513,238 | ||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
General Motors Co. | 20,895 | 698,520 | ||||||
Auto - Heavy Duty Trucks — 0.9% | ||||||||
PACCAR, Inc. | 16,595 | 1,112,197 | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Johnson Controls, Inc. | 2,091 | 104,550 | ||||||
Banks - Commercial — 0.5% |
| |||||||
BB&T Corp. | 10,721 | 403,002 | ||||||
Regions Financial Corp. | 11,747 | 118,292 | ||||||
SVB Financial Group† | 1,045 | 109,882 | ||||||
631,176 | ||||||||
Banks - Fiduciary — 0.5% |
| |||||||
State Street Corp. | 7,207 | 552,993 | ||||||
Banks - Super Regional — 2.8% |
| |||||||
Capital One Financial Corp. | 4,679 | 389,293 | ||||||
PNC Financial Services Group, Inc. | 2,538 | 221,999 | ||||||
Wells Fargo & Co. | 51,865 | 2,825,605 | ||||||
3,436,897 | ||||||||
Beverages - Non-alcoholic — 1.7% |
| |||||||
Coca-Cola Co. | 33,060 | 1,482,080 | ||||||
Coca-Cola Enterprises, Inc. | 3,683 | 161,831 | ||||||
Dr Pepper Snapple Group, Inc. | 3,624 | 268,176 | ||||||
PepsiCo, Inc. | 1,543 | 154,454 | ||||||
2,066,541 | ||||||||
Beverages - Wine/Spirits — 0.6% |
| |||||||
Constellation Brands, Inc., Class A† | 7,058 | 680,391 | ||||||
Brewery — 0.3% |
| |||||||
Molson Coors Brewing Co., Class B | 4,822 | 372,982 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Fortune Brands Home & Security, Inc. | 1,493 | $ | 67,066 | |||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 1,453 | 174,418 | ||||||
Building Products - Wood — 0.2% |
| |||||||
Masco Corp. | 10,453 | 252,963 | ||||||
Building - Residential/Commercial — 0.3% |
| |||||||
NVR, Inc.† | 57 | 71,744 | ||||||
PulteGroup, Inc. | 14,425 | 312,013 | ||||||
383,757 | ||||||||
Cable/Satellite TV — 2.1% |
| |||||||
Charter Communications, Inc., Class A† | 1,493 | 253,362 | ||||||
Comcast Corp., Class A | 28,222 | 1,609,783 | ||||||
DIRECTV† | 1,145 | 100,428 | ||||||
DISH Network Corp., Class A† | 4,579 | 363,618 | ||||||
Time Warner Cable, Inc. | 1,810 | 270,197 | ||||||
2,597,388 | ||||||||
Chemicals - Diversified — 0.7% |
| |||||||
Axiall Corp. | 3,783 | 163,728 | ||||||
Dow Chemical Co. | 4,868 | 236,926 | ||||||
E.I. du Pont de Nemours & Co. | 5,800 | 414,120 | ||||||
814,774 | ||||||||
Computer Services — 1.6% |
| |||||||
Accenture PLC, Class A | 10,154 | 876,595 | ||||||
Cognizant Technology Solutions Corp., Class A† | 11,388 | 614,838 | ||||||
International Business Machines Corp. | 2,684 | 435,264 | ||||||
1,926,697 | ||||||||
Computers — 4.5% |
| |||||||
Apple, Inc. | 40,616 | 4,830,461 | ||||||
Hewlett-Packard Co. | 15,121 | 590,626 | ||||||
5,421,087 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
EMC Corp. | 2,658 | 80,670 | ||||||
Consumer Products - Misc. — 0.6% |
| |||||||
Kimberly-Clark Corp. | 6,014 | 701,172 | ||||||
Containers - Metal/Glass — 0.3% |
| |||||||
Crown Holdings, Inc.† | 6,829 | 338,036 | ||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Sealed Air Corp. | 1,185 | 46,843 | ||||||
Cosmetics & Toiletries — 1.8% |
| |||||||
Estee Lauder Cos., Inc., Class A | 3,773 | 279,730 | ||||||
Procter & Gamble Co. | 21,562 | 1,949,852 | ||||||
2,229,582 | ||||||||
Cruise Lines — 0.4% |
| |||||||
Royal Caribbean Cruises, Ltd. | 6,262 | 461,760 | ||||||
Data Processing/Management — 0.2% |
| |||||||
Fidelity National Information Services, Inc. | 4,281 | 261,954 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
WW Grainger, Inc. | 1,200 | 294,816 | ||||||
Diversified Banking Institutions — 4.1% |
| |||||||
Bank of America Corp. | 114,003 | 1,942,611 | ||||||
Citigroup, Inc. | 29,277 | 1,580,080 | ||||||
Goldman Sachs Group, Inc. | 2,447 | 461,039 | ||||||
Morgan Stanley | 30,243 | 1,063,949 | ||||||
5,047,679 | ||||||||
107 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Diversified Manufacturing Operations — 1.5% |
| |||||||
Eaton Corp. PLC | 12,752 | $ | 864,968 | |||||
General Electric Co. | 33,647 | 891,309 | ||||||
SPX Corp. | 1,354 | 121,441 | ||||||
1,877,718 | ||||||||
E-Commerce/Products — 0.3% |
| |||||||
Amazon.com, Inc.† | 1,192 | 403,659 | ||||||
E-Commerce/Services — 0.7% |
| |||||||
Expedia, Inc. | 1,394 | 121,431 | ||||||
Priceline Group, Inc.† | 608 | 705,396 | ||||||
826,827 | ||||||||
Electric Products - Misc. — 0.7% |
| |||||||
Emerson Electric Co. | 12,633 | 805,354 | ||||||
Electric - Integrated — 2.8% |
| |||||||
CMS Energy Corp. | 9,109 | 301,508 | ||||||
Dominion Resources, Inc. | 3,833 | 278,084 | ||||||
Edison International | 13,738 | 873,187 | ||||||
Entergy Corp. | 3,385 | 284,002 | ||||||
Exelon Corp. | 12,742 | 460,878 | ||||||
NextEra Energy, Inc. | 8,351 | 871,761 | ||||||
PPL Corp. | 1,692 | 60,117 | ||||||
Public Service Enterprise Group, Inc. | 3,086 | 128,933 | ||||||
Xcel Energy, Inc. | 4,579 | 155,411 | ||||||
3,413,881 | ||||||||
Electronic Components - Misc. — 0.3% |
| |||||||
Corning, Inc. | 8,263 | 173,688 | ||||||
TE Connectivity, Ltd. | 3,385 | 217,317 | ||||||
391,005 | ||||||||
Electronic Components - Semiconductors — 1.4% |
| |||||||
Avago Technologies, Ltd. | 8,491 | 793,059 | ||||||
Broadcom Corp., Class A | 15,928 | 686,975 | ||||||
Freescale Semiconductor, Ltd.†# | 7,775 | 168,640 | ||||||
1,648,674 | ||||||||
Electronic Forms — 0.7% |
| |||||||
Adobe Systems, Inc.† | 12,105 | 891,896 | ||||||
Electronic Security Devices — 0.1% |
| |||||||
Tyco International PLC | 2,588 | 111,025 | ||||||
Electronics - Military — 0.3% |
| |||||||
L-3 Communications Holdings, Inc. | 3,345 | 416,787 | ||||||
Engineering/R&D Services — 0.7% |
| |||||||
Fluor Corp. | 14,106 | 874,431 | ||||||
Enterprise Software/Service — 0.6% |
| |||||||
Oracle Corp. | 16,844 | 714,354 | ||||||
Finance - Consumer Loans — 0.0% |
| |||||||
Navient Corp. | 1,593 | 33,389 | ||||||
Finance - Credit Card — 1.2% |
| |||||||
Visa, Inc., Class A | 5,617 | 1,450,253 | ||||||
Finance - Investment Banker/Broker — 0.6% |
| |||||||
Charles Schwab Corp. | 27,436 | 776,988 | ||||||
Finance - Other Services — 0.4% |
| |||||||
Intercontinental Exchange, Inc. | 2,123 | 479,777 | ||||||
Food - Misc./Diversified — 1.3% |
| |||||||
General Mills, Inc. | 1,633 | 86,141 | ||||||
Kellogg Co. | 2,130 | 141,112 | ||||||
Mondelez International, Inc., Class A | 34,673 | 1,359,182 | ||||||
1,586,435 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Retail — 0.2% |
| |||||||
Kroger Co. | 3,235 | $ | 193,582 | |||||
Gas - Distribution — 0.9% |
| |||||||
Atmos Energy Corp. | 896 | 48,115 | ||||||
CenterPoint Energy, Inc. | 11,279 | 270,019 | ||||||
NiSource, Inc. | 13,728 | 574,380 | ||||||
Questar Corp. | 4,579 | 109,850 | ||||||
Sempra Energy | 498 | 55,642 | ||||||
1,058,006 | ||||||||
Instruments - Controls — 1.1% |
| |||||||
Honeywell International, Inc. | 13,987 | 1,385,692 | ||||||
Insurance Brokers — 0.5% |
| |||||||
Marsh & McLennan Cos., Inc. | 9,079 | 513,780 | ||||||
Willis Group Holdings PLC | 1,394 | 59,538 | ||||||
573,318 | ||||||||
Insurance - Life/Health — 0.2% |
| |||||||
Prudential Financial, Inc. | 2,986 | 253,750 | ||||||
Insurance - Multi-line — 2.1% |
| |||||||
ACE, Ltd. | 11,189 | 1,279,350 | ||||||
Hartford Financial Services Group, Inc. | 2,986 | 123,322 | ||||||
MetLife, Inc. | 19,711 | 1,096,129 | ||||||
2,498,801 | ||||||||
Insurance - Reinsurance — 1.2% |
| |||||||
Axis Capital Holdings, Ltd. | 3,634 | 181,882 | ||||||
Berkshire Hathaway, Inc., Class B† | 8,989 | 1,336,574 | ||||||
1,518,456 | ||||||||
Internet Content - Entertainment — 1.1% |
| |||||||
Facebook, Inc., Class A† | 17,262 | 1,341,257 | ||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Invesco, Ltd. | 18,785 | 758,163 | ||||||
Machinery - Farming — 0.0% |
| |||||||
Deere & Co. | 309 | 26,766 | ||||||
Medical Instruments — 0.6% |
| |||||||
Boston Scientific Corp.† | 59,500 | 765,765 | ||||||
Medical Products — 0.9% |
| |||||||
CareFusion Corp.† | 6,172 | 365,198 | ||||||
Covidien PLC | 1,324 | 133,724 | ||||||
Halyard Health Inc† | 282 | 11,057 | ||||||
Stryker Corp. | 6,242 | 579,944 | ||||||
1,089,923 | ||||||||
Medical - Biomedical/Gene — 3.2% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 1,911 | 372,454 | ||||||
Amgen, Inc. | 398 | 65,793 | ||||||
Biogen Idec, Inc.† | 3,597 | 1,106,761 | ||||||
Celgene Corp.† | 12,603 | 1,432,835 | ||||||
Gilead Sciences, Inc.† | 5,795 | 581,354 | ||||||
Vertex Pharmaceuticals, Inc.† | 3,086 | 363,778 | ||||||
3,922,975 | ||||||||
Medical - Drugs — 6.5% |
| |||||||
Abbott Laboratories | 27,485 | 1,223,357 | ||||||
Allergan, Inc. | 1,971 | 421,577 | ||||||
Bristol-Myers Squibb Co. | 23,274 | 1,374,330 | ||||||
Johnson & Johnson | 29,014 | 3,140,766 | ||||||
Merck & Co., Inc. | 21,353 | 1,289,721 | ||||||
Pfizer, Inc. | 15,987 | 497,995 | ||||||
7,947,746 | ||||||||
108 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Generic Drugs — 0.5% |
| |||||||
Actavis PLC† | 1,211 | $ | 327,709 | |||||
Perrigo Co. PLC | 1,655 | 265,114 | ||||||
592,823 | ||||||||
Medical - HMO — 1.7% |
| |||||||
Aetna, Inc. | 5,863 | 511,488 | ||||||
Humana, Inc. | 5,950 | 820,921 | ||||||
UnitedHealth Group, Inc. | 7,377 | 727,594 | ||||||
2,060,003 | ||||||||
Medical - Wholesale Drug Distribution — 0.7% |
| |||||||
McKesson Corp. | 3,940 | 830,394 | ||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Precision Castparts Corp. | 760 | 180,804 | ||||||
Metal - Aluminum — 0.6% |
| |||||||
Alcoa, Inc. | 39,620 | 685,030 | ||||||
Multimedia — 2.3% |
| |||||||
Time Warner, Inc. | 18,924 | 1,610,811 | ||||||
Twenty-First Century Fox, Inc., Class A | 22,000 | 809,600 | ||||||
Walt Disney Co. | 4,231 | 391,410 | ||||||
2,811,821 | ||||||||
Networking Products — 1.2% |
| |||||||
Cisco Systems, Inc. | 52,064 | 1,439,049 | ||||||
Office Automation & Equipment — 0.0% |
| |||||||
Xerox Corp. | 3,902 | 54,472 | ||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Ensco PLC, Class A | 6,670 | 225,446 | ||||||
Oil Companies - Exploration & Production — 1.5% |
| |||||||
Anadarko Petroleum Corp. | 889 | 70,364 | ||||||
EOG Resources, Inc. | 5,455 | 473,058 | ||||||
EQT Corp. | 2,379 | 216,441 | ||||||
Hess Corp. | 87 | 6,345 | ||||||
Occidental Petroleum Corp. | 12,105 | 965,616 | ||||||
QEP Resources, Inc. | 3,783 | 77,325 | ||||||
1,809,149 | ||||||||
Oil Companies - Integrated — 4.2% |
| |||||||
Chevron Corp. | 17,268 | 1,879,967 | ||||||
Exxon Mobil Corp. | 22,528 | 2,039,685 | ||||||
Marathon Oil Corp. | 20,756 | 600,264 | ||||||
Phillips 66 | 7,984 | 582,992 | ||||||
5,102,908 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Cheniere Energy, Inc.† | 2,389 | 157,650 | ||||||
Oil - Field Services — 1.4% |
| |||||||
Baker Hughes, Inc. | 4,181 | 238,317 | ||||||
Halliburton Co. | 13,290 | 560,838 | ||||||
Schlumberger, Ltd. | 10,874 | 934,620 | ||||||
1,733,775 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Time, Inc. | 2,527 | 60,496 | ||||||
Real Estate Investment Trusts — 2.3% |
| |||||||
AvalonBay Communities, Inc. | 2,846 | 457,608 | ||||||
Boston Properties, Inc. | 1,667 | 216,110 | ||||||
Brixmor Property Group, Inc. | 7,068 | 170,904 | ||||||
DiamondRock Hospitality Co. | 12,892 | 192,478 | ||||||
Essex Property Trust, Inc. | 299 | 60,521 | ||||||
Extra Space Storage, Inc. | 1,065 | 63,122 | ||||||
Highwoods Properties, Inc. | 3,504 | 151,233 | ||||||
Host Hotels & Resorts, Inc. | 6,958 | 161,704 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Liberty Property Trust | 6,092 | $ | 215,535 | |||||
Mid-America Apartment Communities, Inc. | 1,672 | 123,159 | ||||||
Omega Healthcare Investors, Inc. | 1,493 | 57,062 | ||||||
Prologis, Inc. | 7,665 | 324,076 | ||||||
Public Storage | 398 | 74,677 | ||||||
Simon Property Group, Inc. | 3,136 | 566,989 | ||||||
2,835,178 | ||||||||
Retail - Apparel/Shoe — 0.1% |
| |||||||
Gap, Inc. | 896 | 35,481 | ||||||
Lululemon Athletica, Inc.†# | 2,688 | 129,535 | ||||||
165,016 | ||||||||
Retail - Auto Parts — 0.5% |
| |||||||
AutoZone, Inc.† | 1,085 | 626,815 | ||||||
Retail - Building Products — 2.4% |
| |||||||
Home Depot, Inc. | 15,978 | 1,588,213 | ||||||
Lowe’s Cos., Inc. | 20,417 | 1,303,217 | ||||||
2,891,430 | ||||||||
Retail - Discount — 1.1% |
| |||||||
Costco Wholesale Corp. | 5,237 | 744,282 | ||||||
Dollar General Corp.† | 3,484 | 232,522 | ||||||
Dollar Tree, Inc.† | 1,294 | 88,458 | ||||||
Wal-Mart Stores, Inc. | 2,927 | 256,230 | ||||||
1,321,492 | ||||||||
Retail - Drug Store — 0.8% |
| |||||||
CVS Health Corp. | 10,393 | 949,505 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Tiffany & Co. | 697 | 75,220 | ||||||
Retail - Major Department Stores — 0.6% |
| |||||||
TJX Cos., Inc. | 11,627 | 769,242 | ||||||
Retail - Restaurants — 0.6% |
| |||||||
McDonald’s Corp. | 259 | 25,074 | ||||||
Starbucks Corp. | 6,809 | 552,959 | ||||||
Yum! Brands, Inc. | 1,613 | 124,604 | ||||||
702,637 | ||||||||
Semiconductor Components - Integrated Circuits — 0.9% |
| |||||||
QUALCOMM, Inc. | 15,699 | 1,144,457 | ||||||
Semiconductor Equipment — 1.1% |
| |||||||
KLA-Tencor Corp. | 5,575 | 387,128 | ||||||
Lam Research Corp. | 12,125 | 1,002,010 | ||||||
1,389,138 | ||||||||
Software Tools — 0.1% |
| |||||||
VMware, Inc., Class A† | 1,543 | 135,722 | ||||||
Steel - Producers — 0.3% |
| |||||||
United States Steel Corp.# | 10,920 | 364,182 | ||||||
Telephone - Integrated — 1.5% |
| |||||||
AT&T, Inc. | 597 | 21,122 | ||||||
Verizon Communications, Inc. | 36,007 | 1,821,594 | ||||||
1,842,716 | ||||||||
Tobacco — 1.1% |
| |||||||
Philip Morris International, Inc. | 15,520 | 1,349,154 | ||||||
Tools - Hand Held — 0.0% |
| |||||||
Snap-on, Inc. | 388 | 52,508 | ||||||
Transport - Rail — 2.6% |
| |||||||
Canadian Pacific Railway, Ltd. | 1,378 | 266,175 | ||||||
CSX Corp. | 30,203 | 1,102,107 |
109 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Transport - Rail (continued) |
| |||||||
Union Pacific Corp. | 15,313 | $ | 1,788,099 | |||||
3,156,381 | ||||||||
Web Portals/ISP — 2.2% |
| |||||||
Google, Inc., Class A† | 2,452 | 1,346,344 | ||||||
Google, Inc., Class C† | 2,344 | 1,270,051 | ||||||
2,616,395 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $101,417,078) | 120,464,189 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.6% |
| |||||||
Registered Investment Companies — 0.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 701,900 | 701,900 | ||||||
Time Deposits — 1.0% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 1,224,000 | 1,224,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $1,925,900) | 1,925,900 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $103,342,978)(2) | 100.4 | % | 122,390,089 | |||||
Liabilities in excess of other assets | (0.4 | ) | (483,508 | ) | ||||
NET ASSETS | 100.0 | % | $ | 121,906,581 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $662,356. This was secured by collateral of $701,900, which was received in cash and subsequently invested in short-term investments currently valued at $701,900 as reported in the portfolio of investments. |
(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, 2014 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
12 | Long | S&P 500 E-Mini Index | December 2014 | $ | 1,233,411 | $ | 1,239,780 | $ | 6,369 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 120,464,189 | $ | — | $ | — | $ | 120,464,189 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 701,900 | — | — | 701,900 | ||||||||||||
Time Deposits | — | 1,224,000 | — | 1,224,000 | ||||||||||||
Total Investments at Value | $ | 121,166,089 | $ | 1,224,000 | $ | — | $ | 122,390,089 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts | $ | 6,369 | $ | — | $ | — | $ | 6,369 | ||||||||
* | For a detailed presentation of investments, 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
110 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 26.0 | % | ||
Medical — Drugs | 19.5 | |||
Medical — HMO | 10.5 | |||
Medical Products | 8.0 | |||
Registered Investment Companies | 7.9 | |||
Therapeutics | 4.9 | |||
Medical — Generic Drugs | 4.4 | |||
Medical — Wholesale Drug Distribution | 3.7 | |||
Medical — Hospitals | 3.4 | |||
Medical Instruments | 2.8 | |||
Electronic Measurement Instruments | 2.3 | |||
Diversified Manufacturing Operations | 2.3 | |||
Retail — Drug Store | 1.5 | |||
Instruments — Scientific | 1.0 | |||
Dialysis Centers | 0.9 | |||
Dental Supplies & Equipment | 0.8 | |||
Diagnostic Kits | 0.6 | |||
Physicians Practice Management | 0.5 | |||
Medical Information Systems | 0.5 | |||
Wireless Equipment | 0.4 | |||
Medical — Outpatient/Home Medical | 0.4 | |||
Drug Delivery Systems | 0.3 | |||
Human Resources | 0.3 | |||
Pharmacy Services | 0.3 | |||
Consulting Services | 0.3 | |||
Instruments — Controls | 0.3 | |||
Heart Monitors | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Commercial Services | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Decision Support Software | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Diversified Operations | 0.1 | |||
105.0 | % | |||
* | Calculated as a percentage of net assets |
111 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.0% | ||||||||
Commercial Services — 0.1% | ||||||||
HMS Holdings Corp.†# | 48,700 | $ | 1,015,882 | |||||
Consulting Services — 0.3% | ||||||||
Advisory Board Co.† | 53,200 | 2,266,320 | ||||||
Decision Support Software — 0.1% | ||||||||
Castlight Health, Inc., Class B†# | 59,138 | 735,085 | ||||||
Dental Supplies & Equipment — 0.8% | ||||||||
Align Technology, Inc.† | 37,300 | 2,122,370 | ||||||
DENTSPLY International, Inc. | 72,900 | 4,008,042 | ||||||
6,130,412 | ||||||||
Diagnostic Equipment — 0.1% | ||||||||
GenMark Diagnostics, Inc.†# | 59,600 | 677,056 | ||||||
Oxford Immunotec Global PLC† | 20,500 | 268,140 | ||||||
945,196 | ||||||||
Diagnostic Kits — 0.6% | ||||||||
IDEXX Laboratories, Inc.† | 29,400 | 4,390,890 | ||||||
Dialysis Centers — 0.9% | ||||||||
DaVita HealthCare Partners, Inc.† | 83,100 | 6,359,643 | ||||||
Distribution/Wholesale — 0.2% | ||||||||
MWI Veterinary Supply, Inc.† | 7,700 | 1,258,334 | ||||||
Diversified Manufacturing Operations — 2.3% | ||||||||
Danaher Corp. | 199,500 | 16,670,220 | ||||||
Diversified Operations — 0.1% | ||||||||
Horizon Pharma PLC†# | 42,700 | 545,706 | ||||||
Drug Delivery Systems — 0.3% | ||||||||
Catalent, Inc.† | 57,900 | 1,666,941 | ||||||
Flamel Technologies SA ADR† | 57,800 | 825,962 | ||||||
2,492,903 | ||||||||
Electronic Measurement Instruments — 2.3% | ||||||||
Agilent Technologies, Inc. | 279,500 | 11,945,830 | ||||||
Keysight Technologies, Inc.† | 142,150 | 5,003,680 | ||||||
16,949,510 | ||||||||
Enterprise Software/Service — 0.2% | ||||||||
Veeva Systems, Inc., Class A†# | 37,400 | 1,228,590 | ||||||
Heart Monitors — 0.2% | ||||||||
HeartWare International, Inc.†# | 18,125 | 1,332,731 | ||||||
Human Resources — 0.3% | ||||||||
Team Health Holdings, Inc.† | 41,600 | 2,377,856 | ||||||
Instruments - Controls — 0.3% | ||||||||
Mettler-Toledo International, Inc.† | 7,700 | 2,258,102 | ||||||
Instruments - Scientific — 1.0% | ||||||||
FEI Co. | 50,900 | 4,359,076 | ||||||
Thermo Fisher Scientific, Inc. | 21,100 | 2,728,019 | ||||||
7,087,095 | ||||||||
Insurance - Life/Health — 0.1% | ||||||||
Odontoprev SA | 159,400 | 599,727 | ||||||
Medical Imaging Systems — 0.0% | ||||||||
Novadaq Technologies, Inc.†# | 21,387 | 306,903 | ||||||
Medical Information Systems — 0.5% | ||||||||
athenahealth, Inc.†# | 30,800 | 3,612,840 | ||||||
Medical Instruments — 2.8% | ||||||||
Bruker Corp.† | 95,300 | 1,827,854 | ||||||
DexCom, Inc.† | 31,600 | 1,626,136 | ||||||
Intuitive Surgical, Inc.† | 22,860 | 11,836,222 | ||||||
St Jude Medical, Inc. | 28,500 | 1,936,860 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Instruments (continued) | ||||||||
Thoratec Corp.† | 108,300 | $ | 3,377,877 | |||||
20,604,949 | ||||||||
Medical Products — 8.0% | ||||||||
Aspen Pharmacare Holdings, Ltd. | 98,139 | 3,542,844 | ||||||
Becton Dickinson and Co. | 105,100 | 14,748,683 | ||||||
CareFusion Corp.† | 31,700 | 1,875,689 | ||||||
China Medical System Holdings, Ltd.# | 1,266,500 | 2,145,974 | ||||||
Cooper Cos., Inc. | 39,700 | 6,705,330 | ||||||
Covidien PLC | 114,300 | 11,544,300 | ||||||
EnteroMedics, Inc.†# | 105,150 | 146,158 | ||||||
Henry Schein, Inc.† | 38,600 | 5,295,920 | ||||||
Sirona Dental Systems, Inc.† | 97,900 | 8,457,581 | ||||||
Teleflex, Inc. | 12,100 | 1,441,715 | ||||||
Tornier NV†# | 95,500 | 2,548,895 | ||||||
Wright Medical Group, Inc. CVR† | 7,700 | 33,880 | ||||||
58,486,969 | ||||||||
Medical - Biomedical/Gene — 26.0% | ||||||||
Abcam PLC | 182,417 | 1,252,468 | ||||||
Acceleron Pharma, Inc.†# | 63,200 | 2,448,368 | ||||||
Acorda Therapeutics, Inc.† | 10,075 | 367,234 | ||||||
Alexion Pharmaceuticals, Inc.† | 178,240 | 34,738,976 | ||||||
Alnylam Pharmaceuticals, Inc.† | 3,800 | 382,090 | ||||||
Avalanche Biotechnologies, Inc.†# | 9,700 | 383,053 | ||||||
Avalanche Biotechnologies, Series B(1)(2)(3) | 32,097 | 1,204,135 | ||||||
Biogen Idec, Inc.† | 53,700 | 16,522,953 | ||||||
BioMarin Pharmaceutical, Inc.† | 61,800 | 5,544,696 | ||||||
Bluebird Bio, Inc.† | 28,800 | 1,187,424 | ||||||
Celgene Corp.† | 73,280 | 8,331,203 | ||||||
Celladon Corp.†# | 53,000 | 650,840 | ||||||
Exelixis, Inc.†# | 409,200 | 679,272 | ||||||
Five Prime Therapeutics, Inc.† | 24,600 | 505,776 | ||||||
Gilead Sciences, Inc.† | 353,600 | 35,473,152 | ||||||
Illumina, Inc.† | 7,700 | 1,469,853 | ||||||
Incyte Corp.† | 229,000 | 17,300,950 | ||||||
Insmed, Inc.† | 20,300 | 286,433 | ||||||
Intercept Pharmaceuticals, Inc.†# | 5,458 | 784,478 | ||||||
Intrexon Corp.†# | 9,500 | 252,035 | ||||||
Isis Pharmaceuticals, Inc.†# | 56,700 | 2,936,493 | ||||||
Medicines Co.† | 86,350 | 2,315,044 | ||||||
Novavax, Inc.†# | 343,000 | 1,831,620 | ||||||
Prothena Corp. PLC† | 78,787 | 1,909,797 | ||||||
Puma Biotechnology, Inc.† | 73,124 | 16,600,611 | ||||||
Regeneron Pharmaceuticals, Inc.† | 31,400 | 13,065,854 | ||||||
Sophiris Bio, Inc. (NASDAQ)† | 71,200 | 168,744 | ||||||
Sophiris Bio, Inc. (TSX)† | 7,028 | 16,625 | ||||||
Sunesis Pharmaceuticals, Inc.† | 175,200 | 409,968 | ||||||
Theravance Biopharma, Inc.†# | 11,700 | 185,094 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 26,932 | 1,173,966 | ||||||
United Therapeutics Corp.† | 31,751 | 4,209,230 | ||||||
Versartis, Inc.†# | 12,000 | 216,240 | ||||||
Vertex Pharmaceuticals, Inc.† | 128,594 | 15,158,661 | ||||||
Zeneca, Inc. CVR(1)(2)(4) | 23,110 | 58,699 | ||||||
190,022,035 | ||||||||
Medical - Drugs — 19.5% | ||||||||
AbbVie, Inc. | 189,600 | 13,120,320 | ||||||
ACADIA Pharmaceuticals, Inc.†# | 150,400 | 4,492,448 | ||||||
Achaogen, Inc.† | 19,200 | 177,024 | ||||||
Alkermes PLC† | 200,600 | 11,037,012 | ||||||
Allergan, Inc. | 131,600 | 28,147,924 | ||||||
Array BioPharma, Inc.† | 432,800 | 1,744,184 | ||||||
Arseus NV# | 36,118 | 1,485,545 | ||||||
Astellas Pharma, Inc. | 125,500 | 1,805,246 | ||||||
Bristol-Myers Squibb Co. | 62,400 | 3,684,720 |
112 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs (continued) | ||||||||
Chimerix, Inc.†# | 49,200 | $ | 1,733,808 | |||||
Clovis Oncology, Inc.†# | 60,800 | 2,892,864 | ||||||
Eli Lilly & Co. | 169,900 | 11,573,588 | ||||||
FibroGen, Inc.† | 33,300 | 754,245 | ||||||
Immune Design Corp.†# | 18,700 | 594,847 | ||||||
Infinity Pharmaceuticals, Inc.† | 20,500 | 307,705 | ||||||
Ironwood Pharmaceuticals, Inc.† | 23,900 | 330,776 | ||||||
Jazz Pharmaceuticals PLC† | 14,600 | 2,585,514 | ||||||
Mallinckrodt PLC† | 21,544 | 1,986,788 | ||||||
Merck & Co., Inc. | 58,600 | 3,539,440 | ||||||
Natco Pharma, Ltd. | 9,801 | 215,589 | ||||||
Novartis AG | 15,900 | 1,539,373 | ||||||
Novartis AG ADR | 17,200 | 1,662,380 | ||||||
Ophthotech Corp.†# | 28,300 | 1,221,145 | ||||||
Orexigen Therapeutics, Inc.†# | 337,000 | 1,951,230 | ||||||
Pacira Pharmaceuticals, Inc.† | 77,000 | 7,232,610 | ||||||
Receptos, Inc.† | 10,300 | 1,393,590 | ||||||
Relypsa, Inc.† | 10,100 | 251,389 | ||||||
Salix Pharmaceuticals, Ltd.†# | 35,100 | 3,604,419 | ||||||
Supernus Pharmaceuticals, Inc.† | 46,600 | 412,876 | ||||||
Takeda Pharmaceutical Co., Ltd.# | 58,000 | 2,430,066 | ||||||
TESARO, Inc.†# | 69,472 | 2,397,479 | ||||||
Valeant Pharmaceuticals International, Inc.† | 146,833 | 21,356,860 | ||||||
Vanda Pharmaceuticals, Inc.†# | 155,000 | 2,019,650 | ||||||
Zoetis, Inc. | 52,500 | 2,358,825 | ||||||
ZS Pharma Inc†# | 14,200 | 610,032 | ||||||
142,651,511 | ||||||||
Medical - Generic Drugs — 4.4% | ||||||||
Actavis PLC† | 85,079 | 23,023,228 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 153,700 | 8,757,826 | ||||||
31,781,054 | ||||||||
Medical - HMO — 10.5% | ||||||||
Aetna, Inc. | 263,300 | 22,970,292 | ||||||
Anthem, Inc. | 55,600 | 7,111,796 | ||||||
Centene Corp.† | 10,900 | 1,076,593 | ||||||
Cigna Corp. | 55,100 | 5,669,239 | ||||||
Humana, Inc. | 115,000 | 15,866,550 | ||||||
UnitedHealth Group, Inc. | 222,100 | 21,905,723 | ||||||
WellCare Health Plans, Inc.† | 30,200 | 2,226,948 | ||||||
76,827,141 | ||||||||
Medical - Hospitals — 3.4% | ||||||||
Acadia Healthcare Co., Inc.† | 26,580 | 1,648,226 | ||||||
Adeptus Health, Inc., Class A†# | 12,100 | 368,324 | ||||||
Community Health Systems, Inc.† | 33,300 | 1,567,764 | ||||||
HCA Holdings, Inc.† | 175,800 | 12,251,502 | ||||||
Mediclinic International, Ltd. | 108,168 | 918,529 | ||||||
Universal Health Services, Inc., Class B | 76,900 | 8,045,278 | ||||||
24,799,623 | ||||||||
Medical - Outpatient/Home Medical — 0.4% | ||||||||
Air Methods Corp.† | 57,900 | 2,569,602 | ||||||
Medical - Wholesale Drug Distribution — 3.7% | ||||||||
Cardinal Health, Inc. | 44,500 | 3,657,455 | ||||||
McKesson Corp. | 109,100 | 22,993,916 | ||||||
26,651,371 | ||||||||
Pharmacy Services — 0.3% | ||||||||
Diplomat Pharmacy, Inc.† | 30,500 | 819,230 | ||||||
Diplomat Pharmacy, Inc.†(1)(2)(3) | 59,500 | 1,518,262 | ||||||
2,337,492 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Physicians Practice Management — 0.5% | ||||||||
Envision Healthcare Holdings, Inc.† | 21,500 | $ | 760,240 | |||||
MEDNAX, Inc.† | 48,900 | 3,200,994 | ||||||
3,961,234 | ||||||||
Retail - Convenience Store — 0.1% | ||||||||
CP ALL PCL | 494,800 | 663,049 | ||||||
Retail - Drug Store — 1.5% | ||||||||
CVS Health Corp. | 30,000 | 2,740,800 | ||||||
Rite Aid Corp.† | 1,429,000 | 7,830,920 | ||||||
10,571,720 | ||||||||
Therapeutics — 4.8% | ||||||||
AVANIR Pharmaceuticals, Inc.†# | 609,717 | 9,096,978 | ||||||
Calithera Biosciences, Inc.† | 11,700 | 124,839 | ||||||
Calithera Biosciences, Inc.(1)(2)(3) | 16,555 | 167,810 | ||||||
Dyax Corp.† | 95,100 | 1,335,204 | ||||||
Neurocrine Biosciences, Inc.† | 254,235 | 5,066,903 | ||||||
Nevro Corp.† | 9,400 | 253,706 | ||||||
Otonomy, Inc.† | 13,500 | 324,135 | ||||||
Pharmacyclics, Inc.† | 128,600 | 17,925,554 | ||||||
Portola Pharmaceuticals, Inc.† | 13,700 | 385,244 | ||||||
34,680,373 | ||||||||
Wireless Equipment — 0.4% | ||||||||
GN Store Nord A/S | 145,601 | 3,111,674 | ||||||
Total Common Stocks | ||||||||
(cost $443,529,830) | 708,283,742 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.1% | ||||||||
Medical Information Systems — 0.0% | ||||||||
Doximity, Inc. | 64,785 | 312,316 | ||||||
Medical - Biomedical/Gene — 0.0% | ||||||||
Spark Therapeutics, Inc. | 94,594 | 152,296 | ||||||
Therapeutics — 0.1% | ||||||||
Bellicum Pharmaceuticals, Inc. | 42,577 | 232,044 | ||||||
Seres Health, Inc. | 20,906 | 254,284 | ||||||
486,328 | ||||||||
Total Convertible Preferred Securities | ||||||||
(cost $950,940) | 950,940 | |||||||
WARRANTS — 0.0% | ||||||||
Medical Products — 0.0% | ||||||||
EnteroMedics, Inc. | 6,300 | 1,972 | ||||||
Enteromedics, Inc. | 42,300 | 9,251 | ||||||
11,223 | ||||||||
Medical - Drugs — 0.0% | ||||||||
Alexza Pharmaceuticals, Inc. | 1,305 | 6 | ||||||
Therapeutics — 0.0% | ||||||||
Bellicum Pharmaceuticals, Inc. | 27,675 | 0 | ||||||
Total Warrants | ||||||||
(cost $1,632) | 11,229 | |||||||
113 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE BONDS & NOTES — 0.0% | ||||||||
Heart Monitors — 0.0% | ||||||||
HeartWare International, Inc. | $ | 71,000 | $ | 74,460 | ||||
Total Long-Term Investment Securities | ||||||||
(cost $444,552,251) | 709,320,371 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.9% | ||||||||
Registered Investment Companies — 7.9% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(5) | 37,137,028 | 37,137,028 | ||||||
T. Rowe Price Reserve Investment Fund | 20,499,087 | 20,499,087 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $57,636,115) | 57,636,115 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $502,188,366)(6) | 105.0 | % | 766,956,486 | |||||
Liabilities in excess of other assets | (5.0 | ) | (36,790,400 | ) | ||||
NET ASSETS | 100.0 | % | $ | 730,166,086 | ||||
† | 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, 2014, the Health Sciences Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Avalanche Biotechnologies, Inc. | 04/16/2014 | 32,097 | $ | 241,690 | $ | 1,204,135 | $ | 37.52 | 0.2% | |||||||||||||||
Calithera Biosciences, Inc. | 10/07/2013 | 14,099 | 118,568 | |||||||||||||||||||||
07/01/2014 | 2,456 | 20,654 | ||||||||||||||||||||||
16,555 | 139,222 | 167,810 | 10.14 | 0.0% | ||||||||||||||||||||
Diplomat Pharmacy, Inc. | 01/23/2014 | 59,500 | 996,240 | 1,518,262 | 25.52 | 0.2% | ||||||||||||||||||
Zeneca, Inc. CVR | 07/19/2013 | 23,110 | – | 58,699 | 2.54 | 0.0% | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Bellicum Pharmaceuticals, Inc. | 08/22/2014 | 42,577 | 232,045 | 232,044 | 5.45 | 0.0% | ||||||||||||||||||
Doximity, Inc. | 04/10/2014 | 64,785 | 312,316 | 312,316 | 4.82 | 0.1% | ||||||||||||||||||
Spark Therapeutics, Inc. | 05/23/2014 | 94,594 | 152,296 | 152,296 | 1.61 | 0.0% | ||||||||||||||||||
Seres Health, Inc. | 11/24/2014 | 20,906 | 254,284 | 254,284 | 12.16 | 0.0% | ||||||||||||||||||
Warrants | ||||||||||||||||||||||||
Alexza Pharmaceuticals, Inc. | 10/05/2009 | 1,305 | 1,631 | 6 | 0.00 | 0.0% | ||||||||||||||||||
Bellicum Pharmaceuticals, Inc. | 08/22/2014 | 27,675 | – | 0 | 0.00 | 0.0% | ||||||||||||||||||
$ | 3,899,852 | 0.5% | ||||||||||||||||||||||
(2) | Illiquid security. At November 30, 2014, the aggregate value of these securities was $3,899,852 representing 0.5% of net assets. |
(3) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(4) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(5) | At November 30, 2014, the Fund had loaned securities with a total value of $35,753,449. This was secured by collateral of $37,137,028, which was received in cash and subsequently invested in short-term investments currently valued at $37,137,028 as reported in the portfolio of investments. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
CVR—Contingent Value Right
NASDAQ—NASDAQ Stock Market
TSX—Toronto Stock Exchange
114 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Open call option contracts written at November 30, 2014 for the Health Sciences Fund were as follows: | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at August 31, 2014 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Chimerix, Inc. | Feb-15 | $ | 35.00 | 27 | $ | 14,289 | $ | 12,690 | $ | 1,599 | ||||||||||||||
Chimerix, Inc. | Feb-15 | 40.00 | 33 | 16,621 | 9,570 | 7,051 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-15 | 105.00 | 65 | 32,446 | 17,875 | 14,571 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-15 | 110.00 | 97 | 33,779 | 14,113 | 19,666 | ||||||||||||||||||
Puma Biotechnology, Inc. | Jan-15 | 330.00 | 32 | 71,856 | 3,040 | 68,816 | ||||||||||||||||||
Puma Biotechnology, Inc. | Jan-15 | 350.00 | 20 | 35,873 | 1,150 | 34,723 | ||||||||||||||||||
274 | $ | 204,864 | $ | 58,438 | $ | 146,426 | ||||||||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Medical - Biomedical/Gene | $ | 188,759,201 | $ | 1,204,135 | $ | 58,699 | $ | 190,022,035 | ||||||||
Pharmacy Services | 819,230 | 1,518,262 | — | 2,337,492 | ||||||||||||
Therapeutics | 34,512,563 | 167,810 | — | 34,680,373 | ||||||||||||
Other Industries | 481,243,842 | — | — | 481,243,842 | ||||||||||||
Convertible Preferred Securities | — | — | 950,940 | 950,940 | ||||||||||||
Warrants: | ||||||||||||||||
Therapeutics | — | — | 0 | 0 | ||||||||||||
Other Industries | — | 11,229 | — | 11,229 | ||||||||||||
Convertible Bonds & Notes | — | 74,460 | — | 74,460 | ||||||||||||
Short-Term Investment Securities | 57,636,115 | — | — | 57,636,115 | ||||||||||||
Total Investments at Value | $ | 762,970,951 | $ | 2,975,896 | $ | 1,009,639 | $ | 766,956,486 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Call Option Contracts Written | $ | 146,426 | $ | — | $ | — | $ | 146,426 | ||||||||
* | For a detailed presentation of investments, 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 value 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 material transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Fund.
See Notes to Financial Statements
115 |
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VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
United States Treasury Notes | 32.1 | % | ||
United States Treasury Bonds | 21.8 | |||
Diversified Banking Institutions | 11.3 | |||
Sovereign | 11.1 | |||
Time Deposits | 3.0 | |||
Insurance — Life/Health | 2.7 | |||
Banks — Commercial | 2.2 | |||
Insurance — Multi-line | 2.0 | |||
Finance — Consumer Loans | 1.3 | |||
Federal National Mtg. Assoc. | 1.1 | |||
Diversified Financial Services | 1.1 | |||
Federal Home Loan Mtg. Corp. | 1.1 | |||
Registered Investment Companies | 1.0 | |||
Banks — Super Regional | 1.0 | |||
Electric — Integrated | 0.7 | |||
Special Purpose Entities | 0.7 | |||
SupraNational Banks | 0.7 | |||
Telephone — Integrated | 0.5 | |||
Oil Companies — Integrated | 0.5 | |||
Steel — Producers | 0.5 | |||
Banks — Money Center | 0.5 | |||
Gold Mining | 0.5 | |||
Telecom Services | 0.4 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Retail — Drug Store | 0.2 | |||
Federal Home Loan Bank | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Steel — Specialty | 0.2 | |||
Government National Mtg. Assoc. | 0.2 | |||
Paper & Related Products | 0.1 | |||
Metal — Diversified | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Pipelines | 0.1 | |||
Metal — Copper | 0.1 | |||
Petrochemicals | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
100.4 | % | |||
Credit Quality†#
Aaa | 71.7 | % | ||
Aa | 6.0 | |||
A | 7.1 | |||
Baa | 8.0 | |||
Ba | 3.3 | |||
B | 0.4 | |||
Not Rated@ | 3.5 | |||
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. |
116 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Principal Amount** | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 0.3% | ||||||||
Diversified Financial Services — 0.3% | ||||||||
Invitation Homes Trust FRS | $ | 800,000 | $ | 790,218 | ||||
JPMorgan Chase Commercial Mtg. Securities Trust FRS | 500,000 | 500,321 | ||||||
Total Asset Backed Securities | ||||||||
(cost $1,303,125) | 1,290,539 | |||||||
U.S. CORPORATE BONDS & NOTES — 15.6% | ||||||||
Auto - Cars/Light Trucks — 0.3% | ||||||||
Toyota Motor Credit Corp. | 1,700,000 | 1,696,666 | ||||||
Banks - Commercial — 0.2% | ||||||||
Zions Bancorporation FRS | 1,100,000 | 1,143,203 | ||||||
Banks - Super Regional — 0.6% | ||||||||
Fifth Third Bancorp FRS | 700,000 | 697,584 | ||||||
Wells Fargo & Co. FRS | 2,000,000 | 2,076,362 | ||||||
2,773,946 | ||||||||
Diversified Banking Institutions — 7.6% | ||||||||
Bank of America Corp. FRS | 1,425,000 | 1,442,238 | ||||||
Bank of America Corp. FRS | 2,000,000 | 2,000,000 | ||||||
Bank of America Corp. FRS | 1,600,000 | 1,618,400 | ||||||
Citigroup, Inc. FRS | 1,000,000 | 998,143 | ||||||
Citigroup, Inc. FRS | 1,046,000 | 1,046,908 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,945,600 | ||||||
Citigroup, Inc. FRS | 3,000,000 | 3,183,270 | ||||||
Goldman Sachs Group, Inc. FRS | 2,000,000 | 2,024,768 | ||||||
Goldman Sachs Group, Inc. FRS | 4,000,000 | 3,960,672 | ||||||
JPMorgan Chase & Co. FRS | 1,045,000 | 1,044,583 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 2,003,000 | ||||||
JPMorgan Chase & Co. | 360,000 | 358,646 |
Security Description | Principal Amount** | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) | ||||||||
JPMorgan Chase & Co. FRS | $ | 2,000,000 | $ | 2,013,600 | ||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,029,400 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 2,123,200 | ||||||
Morgan Stanley FRS | 1,400,000 | 1,415,922 | ||||||
Morgan Stanley FRS | 468,000 | 470,340 | ||||||
Morgan Stanley FRS | 1,813,000 | 1,919,514 | ||||||
Morgan Stanley FRS | 2,203,000 | 2,266,336 | ||||||
Morgan Stanley FRS | 3,870,000 | 3,930,720 | ||||||
Morgan Stanley FRS | 664,000 | 672,300 | ||||||
Morgan Stanley | BRL 1,632,500 | 639,672 | ||||||
38,107,232 | ||||||||
Diversified Financial Services — 0.6% | ||||||||
General Electric Capital Corp. | 830,000 | 841,228 | ||||||
Morgan Stanley & Co. LLC FRS | 2,000,000 | 2,031,080 | ||||||
2,872,308 | ||||||||
Finance - Auto Loans — 0.1% | ||||||||
Ford Motor Credit Co. LLC FRS | 500,000 | 502,423 | ||||||
Finance - Consumer Loans — 0.9% | ||||||||
SLM Corp. FRS | 424,000 | 423,856 | ||||||
SLM Corp. FRS | 1,317,000 | 1,227,365 | ||||||
SLM Corp. FRS | 3,176,000 | 3,088,914 | ||||||
4,740,135 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Lehman Brothers Holdings, Inc. | 400,000 | 57,500 | ||||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 83,810 | ||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 143,750 | ||||||
285,060 | ||||||||
117 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount** | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Insurance - Life/Health — 1.8% |
| |||||||
Allstate Life Global Funding Trusts FRS | $ | 1,744,000 | $ | 1,785,158 | ||||
Pacific Life Global Funding FRS | 300,000 | 292,797 | ||||||
Pacific Life Global Funding FRS | 4,500,000 | 4,556,250 | ||||||
Pacific LifeCorp | 307,000 | 351,683 | ||||||
Prudential Financial, Inc. FRS | 2,000,000 | 2,108,000 | ||||||
9,093,888 | ||||||||
Insurance - Multi-line — 1.1% |
| |||||||
Monumental Global Funding III FRS | 5,000,000 | 5,466,597 | ||||||
Metal - Copper — 0.1% | ||||||||
Freeport-McMoRan, Inc. | 352,000 | 354,145 | ||||||
Oil Companies - Integrated — 0.2% |
| |||||||
Chevron Corp. FRS | 1,200,000 | 1,198,819 | ||||||
Paper & Related Products — 0.1% |
| |||||||
Domtar Corp. | 300,000 | 331,092 | ||||||
Georgia-Pacific LLC | 337,000 | 340,581 | ||||||
671,673 | ||||||||
Pipelines — 0.1% |
| |||||||
Kinder Morgan, Inc. | 456,000 | 456,959 | ||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. FRS | 1,200,000 | 1,201,206 | ||||||
Special Purpose Entity — 0.4% |
| |||||||
Hartford Life Institutional Funding FRS | 2,000,000 | 2,007,500 | ||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Valmont Industries, Inc. | 192,000 | 190,258 | ||||||
Valmont Industries, Inc. | 270,000 | 266,920 | ||||||
457,178 | ||||||||
Steel - Producers — 0.5% |
| |||||||
Glencore Funding LLC FRS | 2,400,000 | 2,441,491 | ||||||
Security Description | Principal Amount** | Value (Note 2) | ||||||
Steel - Specialty — 0.2% |
| |||||||
Allegheny Technologies, Inc. | $ | 815,000 | $ | 822,043 | ||||
Telecom Services — 0.4% |
| |||||||
Qwest Corp. | 2,000,000 | 2,007,174 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $77,332,157) | 78,299,646 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 7.2% |
| |||||||
Banks - Commercial — 1.7% |
| |||||||
Banco Santander Chile FRS | 800,000 | 796,290 | ||||||
Barclays Bank PLC FRS | 2,466,000 | 2,437,641 | ||||||
BNP Paribas LLC FRS | 674,000 | 680,740 | ||||||
Industrial & Commercial Bank of China, Ltd. FRS | 1,800,000 | 1,799,462 | ||||||
Intesa Sanpaolo SpA | 1,600,000 | 1,594,327 | ||||||
Royal Bank of Canada FRS | 1,000,000 | 1,001,921 | ||||||
8,310,381 | ||||||||
Banks - Money Center — 0.3% |
| |||||||
ABN AMRO Bank NV VRS | 1,000,000 | 1,090,000 | ||||||
Royal Bank of Scotland NV | 300,000 | 314,798 | ||||||
1,404,798 | ||||||||
Diversified Banking Institutions — 2.7% |
| |||||||
Royal Bank of Scotland PLC FRS | 2,000,000 | 2,027,120 | ||||||
Societe Generale SA FRS | 10,000,000 | 9,820,000 | ||||||
UBS AG VRS | 1,800,000 | 1,820,250 | ||||||
13,667,370 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
EDP Finance BV | 519,000 | 526,458 | ||||||
Gold Mining — 0.5% |
| |||||||
Goldcorp, Inc. | 600,000 | 604,794 | ||||||
Goldcorp, Inc. | 462,000 | 460,740 |
118 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount** | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Gold Mining (continued) |
| |||||||
Kinross Gold Corp. | $ | 475,000 | $ | 456,021 | ||||
Kinross Gold Corp. | 768,000 | 733,986 | ||||||
2,255,541 | ||||||||
Metal - Diversified — 0.1% |
| |||||||
Noranda, Inc. | 600,000 | 625,168 | ||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Transocean, Inc. | 600,000 | 597,677 | ||||||
Transocean, Inc. | 600,000 | 593,726 | ||||||
1,191,403 | ||||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Petrobras Global Finance BV FRS | 1,000,000 | 973,800 | ||||||
Petrobras Global Finance BV FRS | 500,000 | 475,050 | ||||||
1,448,850 | ||||||||
Petrochemicals — 0.1% |
| |||||||
Mexichem SAB de CV | 320,000 | 313,600 | ||||||
SupraNational Banks — 0.7% |
| |||||||
Inter-American Development Bank FRS | 500,000 | 497,659 | ||||||
Inter-American Development Bank FRS | 250,000 | 250,193 | ||||||
International Bank for Reconstruction & Development FRS | 2,600,000 | 2,600,000 | ||||||
3,347,852 | ||||||||
Telephone - Integrated — 0.5% |
| |||||||
Telefonica Emisiones SAU FRS | 1,200,000 | 1,196,669 | ||||||
Telefonica Emisiones SAU | 1,500,000 | 1,506,769 | ||||||
2,703,438 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $36,169,079) | 35,794,859 | |||||||
U.S. GOVERNMENT AGENCIES — 2.6% |
| |||||||
Federal Home Loan Bank — 0.2% |
| |||||||
Federal Home Loan Bank FRS | 1,200,000 | 1,200,528 | ||||||
Federal Home Loan Mtg. Corp. — 1.1% |
| |||||||
Federal Home Loan Mtg. Corp. REMIC | ||||||||
Series 4012, Class NF | ||||||||
0.60% due 12/15/2038 FRS(4) | 1,438,944 | 1,455,279 |
Security Description | Principal Amount** | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
Series 3925, Class FL | ||||||||
0.60% due 01/15/2041 FRS(4) | $ | 1,387,343 | $ | 1,401,199 | ||||
Series 4001, Class FM | ||||||||
0.65% due 02/15/2042 FRS(4) | 736,214 | 742,428 | ||||||
Series 3355, Class BF | ||||||||
0.85% due 08/15/2037 FRS(4) | 899,028 | 913,802 | ||||||
Federal Home Loan Mtg. Corp. | 725,000 | 712,884 | ||||||
5,225,592 | ||||||||
Federal National Mtg. Assoc. — 1.1% |
| |||||||
Federal National Mtg. Assoc. REMIC | ||||||||
Series 2012-93, Class BF | ||||||||
0.56% due 09/25/2042 FRS(4) | 2,074,038 | 2,084,939 | ||||||
Series 2011-103, Class FD | ||||||||
0.61% due 05/25/2040 FRS(4) | 3,541,849 | 3,560,656 | ||||||
5,645,595 | ||||||||
Government National Mtg. Assoc. — 0.2% |
| |||||||
Government National Mtg. Assoc. REMIC FRS | 745,092 | 754,136 | ||||||
Total U.S. Government Agencies |
| |||||||
(cost $12,772,920) | 12,825,851 | |||||||
U.S. GOVERNMENT TREASURIES — 53.9% |
| |||||||
United States Treasury Bonds TIPS(5) — 21.8% |
| |||||||
1.38% due 02/15/2044 | 3,319,258 | 3,689,561 | ||||||
1.75% due 01/15/2028 | 20,337,622 | 23,175,351 | ||||||
2.00% due 01/15/2026 | 9,605,993 | 11,121,184 | ||||||
2.13% due 02/15/2040 | 2,643,024 | 3,383,895 | ||||||
2.13% due 02/15/2041 | 5,075,916 | 6,541,191 | ||||||
2.38% due 01/15/2025 | 3,788,250 | 4,497,365 | ||||||
2.50% due 01/15/2029 | 9,423,440 | 11,757,947 | ||||||
3.63% due 04/15/2028 | 13,244,850 | 18,327,561 | ||||||
3.88% due 04/15/2029 | 18,460,725 | 26,577,684 | ||||||
109,071,739 | ||||||||
United States Treasury Notes — 32.1% |
| |||||||
0.07% due 01/31/2016 FRS | 1,000,000 | 999,866 | ||||||
0.13% due 04/15/2016 TIPS(5) | 12,239,273 | 12,319,587 | ||||||
0.13% due 04/15/2017 TIPS(5) | 14,550,925 | 14,733,946 | ||||||
0.13% due 04/15/2018 TIPS(5) | 15,033,620 | 15,185,129 | ||||||
0.13% due 04/15/2019 TIPS(5) | 5,465,058 | 5,490,678 | ||||||
0.13% due 07/15/2022 TIPS(5) | 1,035,060 | 1,024,387 | ||||||
0.13% due 01/15/2023 TIPS(5) | 13,405,730 | 13,147,040 | ||||||
0.13% due 07/15/2024 TIPS(5) | 4,260,370 | 4,149,200 | ||||||
0.50% due 04/15/2015 TIPS(5) | 15,376,900 | 15,291,604 | ||||||
0.63% due 07/15/2021 TIPS(5) | 1,056,090 | 1,087,443 | ||||||
0.63% due 01/15/2024 TIPS(5) | 1,989,234 | 2,023,890 | ||||||
1.13% due 01/15/2021 TIPS(5) | 7,072,650 | 7,476,010 | ||||||
1.25% due 07/15/2020 TIPS(5) | 3,274,290 | 3,497,096 | ||||||
1.38% due 07/15/2018 TIPS(5) | 10,927,719 | 11,617,531 | ||||||
1.38% due 01/15/2020 TIPS(5) | 6,604,260 | 7,050,563 | ||||||
1.63% due 01/15/2015 TIPS(5) | 6,494,578 | 6,477,328 | ||||||
1.88% due 07/15/2015 TIPS(5) | 15,908,360 | 16,117,157 | ||||||
1.88% due 07/15/2019 TIPS(5) | 1,672,170 | 1,825,931 | ||||||
2.00% due 01/15/2016 TIPS(5) | 5,996,250 | 6,158,802 | ||||||
2.38% due 01/15/2017 TIPS(5) | 4,721,200 | 5,018,489 | ||||||
2.63% due 07/15/2017 TIPS(5) | 9,187,680 | 9,976,525 | ||||||
160,668,202 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $252,032,877) | 269,739,941 | |||||||
119 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS — 11.1% |
| |||||||
Sovereign — 11.1% | ||||||||
Brazil Notas do Tesouro Nacional | BRL | 10,214,182 | $ | 4,055,543 | ||||
Brazil Notas do Tesouro Nacional | BRL | 8,957,626 | 3,575,723 | |||||
Commonwealth of Australia | AUD | 3,067,350 | 3,182,551 | |||||
Commonwealth of Australia | AUD | 16,004,800 | 16,766,167 | |||||
Government of Canada | CAD | 1,197,031 | 1,296,799 | |||||
Government of Canada | CAD | 17,958,649 | 20,414,050 | |||||
United Kingdom Inflation Linked Gilt Treasury | GBP | 2,723,124 | 4,781,969 | |||||
United Kingdom Inflation Linked Gilt Treasury | GBP | 637,512 | 1,230,284 | |||||
Total Foreign Government Obligations | ||||||||
(cost $58,771,013) | 55,303,086 | |||||||
PREFERRED SECURITIES — 1.7% | ||||||||
Banks - Commercial — 0.1% | ||||||||
HSBC USA, Inc. FRS | 20,000 | 448,400 | ||||||
Banks - Fiduciary — 0.1% | ||||||||
State Street Corp. | 20,000 | 500,400 | ||||||
Banks - Money Center — 0.1% | ||||||||
UBS Preferred Funding Trust IV FRS | 21,000 | 396,690 | ||||||
Electric - Integrated — 0.2% | ||||||||
Southern California Edison Co. FRS | 10,000 | 1,016,500 | ||||||
Finance - Consumer Loans — 0.4% | ||||||||
SLM Corp. FRS | 53,000 | 1,310,160 | ||||||
SLM Corp. FRS | 33,871 | 830,856 | ||||||
2,141,016 | ||||||||
Insurance - Life/Health — 0.8% | ||||||||
Principal Financial Group, Inc. FRS | 6,000 | 609,000 | ||||||
Prudential Financial, Inc. FRS | 138,486 | 3,646,336 | ||||||
4,255,336 | ||||||||
Total Preferred Securities | ||||||||
(cost $8,499,390) | 8,758,342 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 4.0% |
| |||||||
Banks - Commercial — 0.2% | ||||||||
Banco do Brasil SA VRS | 800,000 | 784,000 | ||||||
Security Description | Principal | Value (Note 2) | ||||||
Banks - Fiduciary — 0.1% | ||||||||
UBS Preferred Funding Trust V FRS | $ | 600,000 | $ | 622,500 | ||||
Banks-Money Center — 0.1% | ||||||||
RBS Capital Trust IV FRS | 500,000 | 485,000 | ||||||
Banks - Super Regional — 0.4% | ||||||||
PNC Preferred Funding Trust II FRS | 1,000,000 | 955,630 | ||||||
Wachovia Capital Trust III FRS Ltd. | 1,049,000 | 1,014,907 | ||||||
1,970,537 | ||||||||
Diversified Banking Institutions — 1.0% | ||||||||
BAC Capital Trust XIV FRS Ltd. | 1,800,000 | 1,400,634 | ||||||
Credit Agricole SA | 1,674,000 | 1,682,370 | ||||||
Credit Suisse Group AG VRS | 500,000 | 486,250 | ||||||
Deutsche Bank AG VRS | 600,000 | 603,275 | ||||||
JPMorgan Chase & Co. FRS | 135,000 | 136,519 | ||||||
Societe Generale SA VRS | 700,000 | 660,940 | ||||||
4,969,988 | ||||||||
Diversified Financial Services — 0.2% | ||||||||
ZFS Finance USA Trust V FRS | 1,000,000 | 1,072,500 | ||||||
Electric - Integrated — 0.4% | ||||||||
Dominion Resources, Inc. FRS | 1,200,000 | 1,127,564 | ||||||
NextEra Energy Capital Holdings, Inc. FRS | 1,000,000 | 989,500 | ||||||
2,117,064 | ||||||||
Finance - Credit Card — 0.1% | ||||||||
American Express Co. FRS | 525,000 | 530,633 | ||||||
Insurance - Life/Health — 0.1% | ||||||||
Dai-ichi Life Insurance Co., Ltd. FRS | 460,000 | 476,675 | ||||||
Insurance - Multi-line — 0.9% | ||||||||
Genworth Holdings, Inc. FRS | 1,150,000 | 761,875 | ||||||
XL Group PLC FRS | 4,083,000 | 3,940,095 | ||||||
4,701,970 | ||||||||
Insurance - Reinsurance — 0.2% | ||||||||
Swiss Re Capital I LP FRS | 1,000,000 | 1,057,500 | ||||||
Special Purpose Entity — 0.3% | ||||||||
Goldman Sachs Capital III FRS | 1,900,000 | 1,417,875 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $20,857,934) | 20,206,242 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $467,738,495) | 482,218,506 | |||||||
120 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount** | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 4.0% | ||||||||
Registered Investment Companies — 1.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(7) | $ | 4,901,130 | $ | 4,901,130 | ||||
Time Deposits — 3.0% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | 15,005,000 | 15,005,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $19,906,130) | 19,906,130 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $487,644,625)(8) | 100.4 | % | 502,124,636 | |||||
Liabilities in excess of other assets | (0.4 | ) | (1,763,857 | ) | ||||
NET ASSETS | 100.0 | % | $ | 500,360,779 | ||||
* | 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, 2014, the aggregate value of these securities was $26,845,266 representing 5.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
** | Denominated in United States Dollars unless otherwise indicated. |
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Commercial Mortgage Backed Security |
(2) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2014. |
(3) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(4) | Collateralized Mortgage Obligation |
(5) | Principal amount of security is adjusted for inflation. |
(6) | Perpetual maturity — maturity date reflects the next call date. |
(7) | At November 30, 2014, the Fund had loaned securities with a total value of $4,789,485. This was secured by collateral of $4,901,130, which was received in cash and subsequently invested in short-term investments currently valued at $4,901,130 as reported in the portfolio of investments. |
(8) | 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, 2014 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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 1,290,539 | $ | — | $ | 1,290,539 | ||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 34,528,924 | 3,578,308 | 38,107,232 | ||||||||||||
Other Industries | — | 40,192,414 | — | 40,192,414 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 3,847,370 | 9,820,000 | 13,667,370 | ||||||||||||
SupraNational Banks | — | 747,852 | 2,600,000 | 3,347,852 | ||||||||||||
Other Industries | — | 18,779,637 | — | 18,779,637 | ||||||||||||
U.S. Government Agencies | — | 12,825,851 | — | 12,825,851 | ||||||||||||
U.S. Government Treasuries | — | 269,739,941 | — | 269,739,941 | ||||||||||||
Foreign Government Obligations | — | 55,303,086 | — | 55,303,086 | ||||||||||||
Preferred Securities | 8,758,342 | — | — | 8,758,342 | ||||||||||||
Preferred Securities/Capital Securities | — | 20,206,242 | — | 20,206,242 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 4,901,130 | — | — | 4,901,130 | ||||||||||||
Time Deposits | — | 15,005,000 | — | 15,005,000 | ||||||||||||
Total Investments at Value | $ | 13,659,472 | $ | 472,466,856 | $ | 15,998,308 | $ | 502,124,636 | ||||||||
* | For a detailed presentation of investments, 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.
121 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (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 5/31/2014 | $ | 725,053 | $ | 11,751,600 | ||||
Accrued discounts | 299 | 709 | ||||||
Accrued premiums | — | — | ||||||
Realized gain | — | — | ||||||
Realized loss | — | — | ||||||
Change in unrealized appreciation(1) | — | 120,000 | ||||||
Change in unrealized depreciation(1) | (85,681 | ) | (25,189 | ) | ||||
Net purchases | — | 2,600,000 | ||||||
Net sales | — | — | ||||||
Transfers into Level 3 | 2,938,637 | — | ||||||
Transfers out of Level 3 | — | (2,027,120 | ) | |||||
Balance as of 11/30/2014 | $ | 3,578,308 | $ | 12,420,000 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to level 3 investments still held at November 30, 2014 includes: |
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
$ | (85,681 | ) | $ | 120,000 | ||||
Any difference between the change in unrealized appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2014.
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/14 | Valuation Technique(s) | Unobservable Input (1) | Range (weighted average) | ||||||
Foreign Corporate Bonds & Notes | $ | 2,600,000 | Market Approach under the Valuation Technique | Transaction Price* | $100.000 |
(1) | The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have a inverse relationship. |
The Fund’s other securities classified as Level 3, with a fair value of $13,398,308 at November 30, 2014, 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
122 |
Table of Contents
VALIC Company I International Equities Index Fund**
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Medical — Drugs | 9.3 | % | ||
Banks — Commercial | 9.0 | |||
Diversified Banking Institutions | 5.6 | |||
Registered Investment Companies | 5.2 | |||
Oil Companies — Integrated | 4.2 | |||
Auto — Cars/Light Trucks | 4.1 | |||
Telephone — Integrated | 3.2 | |||
Food — Misc./Diversified | 3.0 | |||
Electric — Integrated | 2.4 | |||
Insurance — Multi-line | 2.1 | |||
Insurance — Life/Health | 1.9 | |||
Chemicals — Diversified | 1.7 | |||
Brewery | 1.7 | |||
Tobacco | 1.5 | |||
Repurchase Agreements | 1.5 | |||
Real Estate Investment Trusts | 1.4 | |||
Food — Retail | 1.4 | |||
Cosmetics & Toiletries | 1.4 | |||
Diversified Minerals | 1.3 | |||
Real Estate Operations & Development | 1.2 | |||
Transport — Rail | 1.2 | |||
Metal — Diversified | 1.1 | |||
Gas — Distribution | 1.1 | |||
Diversified Manufacturing Operations | 1.0 | |||
Cellular Telecom | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Retail — Apparel/Shoe | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Beverages — Wine/Spirits | 0.8 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Import/Export | 0.7 | |||
Soap & Cleaning Preparation | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Telecom Services | 0.6 | |||
Industrial Gases | 0.6 | |||
Retail — Jewelry | 0.6 | |||
Diversified Operations | 0.6 | |||
Real Estate Management/Services | 0.6 | |||
Steel — Producers | 0.6 | |||
Finance — Other Services | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Machinery — General Industrial | 0.5 | |||
Insurance — Reinsurance | 0.5 | |||
Electric Products — Misc. | 0.5 | |||
Rubber — Tires | 0.5 | |||
Building Products — Cement | 0.5 | |||
Wireless Equipment | 0.5 | |||
Enterprise Software/Service | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Office Automation & Equipment | 0.5 | |||
Transport — Services | 0.4 | |||
Engineering/R&D Services | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Audio/Video Products | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Machinery — Electrical | 0.4 | |||
Textile — Apparel | 0.4 | |||
Medical — Generic Drugs | 0.4 | |||
Medical Products | 0.4 | |||
Electronic Components — Semiconductors | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Casino Hotels | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Investment Companies | 0.3 |
Food — Catering | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Dialysis Centers | 0.3 | |||
Hotels/Motels | 0.3 | |||
Medical — Biomedical/Gene | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Metal Processors & Fabrication | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Commercial Services | 0.3 | |||
Publishing — Periodicals | 0.3 | |||
Water | 0.3 | |||
Human Resources | 0.3 | |||
Retail — Major Department Stores | 0.2 | |||
Airlines | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Transport — Marine | 0.2 | |||
Machinery — Farming | 0.2 | |||
Advertising Agencies | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Television | 0.2 | |||
Photo Equipment & Supplies | 0.2 | |||
Medical Instruments | 0.2 | |||
Computer Services | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Advertising Services | 0.2 | |||
Special Purpose Entities | 0.2 | |||
Optical Supplies | 0.2 | |||
Security Services | 0.2 | |||
Diversified Operations/Commercial Services | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Retail — Building Products | 0.2 | |||
Electric — Transmission | 0.2 | |||
Web Portals/ISP | 0.2 | |||
Paper & Related Products | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Gold Mining | 0.2 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Athletic Footwear | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Oil — Field Services | 0.1 | |||
Satellite Telecom | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Multimedia | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Electronics — Military | 0.1 | |||
Publishing — Books | 0.1 | |||
Electric — Generation | 0.1 | |||
Transactional Software | 0.1 | |||
Toys | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Retail — Discount | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Textile — Products | 0.1 | |||
Gas — Transportation | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Private Equity | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Electric — Distribution | 0.1 | |||
Retail — Vision Service Center | 0.1 |
123 |
Table of Contents
VALIC Company I International Equities Index Fund**
PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)
Industry Allocation* (continued)
Medical — Hospitals | 0.1 | % | ||
Computer Aided Design | 0.1 | |||
Food — Baking | 0.1 | |||
Cruise Lines | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Transport — Truck | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Appliances | 0.1 | |||
Applications Software | 0.1 | |||
Computer Data Security | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Mining Services | 0.1 | |||
Diagnostic Kits | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
104.8 | % | |||
Country Allocation*
Japan | 20.3 | % | ||
United Kingdom | 19.0 | |||
Switzerland | 9.3 | |||
France | 9.1 | |||
Germany | 9.0 | |||
Australia | 7.2 | |||
United States | 6.9 | |||
Spain | 3.6 | |||
Netherlands | 3.2 | |||
Sweden | 3.0 | |||
Hong Kong | 2.7 | |||
Italy | 2.1 | |||
Denmark | 1.5 | |||
Singapore | 1.4 | |||
Belgium | 1.3 | |||
Jersey | 1.2 | |||
Finland | 0.9 | |||
Norway | 0.6 | |||
Israel | 0.5 | |||
Cayman Islands | 0.4 | |||
Luxembourg | 0.4 | |||
Ireland | 0.4 | |||
Bermuda | 0.2 | |||
Austria | 0.2 | |||
Portugal | 0.2 | |||
New Zealand | 0.1 | |||
Guernsey | 0.1 | |||
104.8 | % | |||
* | Calculated as a percentage of net assets |
** | See Note 1 |
124 |
Table of Contents
VALIC Company I International Equities Index Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS — 97.3% | ||||||||
Australia — 7.2% | ||||||||
AGL Energy, Ltd. | 52,632 | $ | 587,402 | |||||
ALS, Ltd.# | 32,133 | 137,868 | ||||||
Alumina, Ltd.† | 204,834 | 291,207 | ||||||
Amcor, Ltd. | 97,466 | 1,008,949 | ||||||
AMP, Ltd. | 236,425 | 1,135,155 | ||||||
APA Group# | 67,153 | 449,907 | ||||||
Asciano, Ltd. | 79,003 | 395,461 | ||||||
ASX, Ltd. | 15,488 | 474,658 | ||||||
Aurizon Holdings, Ltd. | 167,984 | 659,252 | ||||||
AusNet Services | 136,371 | 153,242 | ||||||
Australia & New Zealand Banking Group, Ltd. | 218,722 | 5,943,441 | ||||||
Bank of Queensland, Ltd. | 28,891 | 303,009 | ||||||
Bendigo and Adelaide Bank, Ltd. | 34,871 | 379,086 | ||||||
BGP Holdings PLC(1)(2) | 835,027 | 0 | ||||||
BHP Billiton, Ltd. | 255,742 | 6,731,691 | ||||||
Boral, Ltd. | 63,451 | 264,137 | ||||||
Brambles, Ltd. | 126,417 | 1,046,055 | ||||||
Caltex Australia, Ltd. | 10,851 | 279,433 | ||||||
Coca-Cola Amatil, Ltd. | 46,151 | 359,095 | ||||||
Cochlear, Ltd.# | 4,598 | 272,238 | ||||||
Commonwealth Bank of Australia | 129,044 | 8,867,508 | ||||||
Computershare, Ltd. | 38,116 | 374,776 | ||||||
Crown Resorts, Ltd. | 29,221 | 357,715 | ||||||
CSL, Ltd. | 37,639 | 2,645,715 | ||||||
Dexus Property Group | 74,932 | 453,544 | ||||||
Federation Centres# | 115,455 | 272,255 | ||||||
Flight Centre Travel Group, Ltd.# | 4,562 | 157,015 | ||||||
Fortescue Metals Group, Ltd.# | 133,223 | 333,433 | ||||||
Goodman Group# | 138,889 | 644,387 | ||||||
GPT Group | 135,606 | 477,927 | ||||||
Harvey Norman Holdings, Ltd.# | 42,901 | 134,765 | ||||||
Healthscope, Ltd.† | 88,491 | 196,618 | ||||||
Iluka Resources, Ltd. | 33,964 | 198,058 | ||||||
Incitec Pivot, Ltd. | 133,905 | 324,881 | ||||||
Insurance Australia Group, Ltd. | 188,527 | 1,022,341 | ||||||
Leighton Holdings, Ltd. | 8,283 | 141,943 | ||||||
Lend Lease Group | 44,357 | 578,878 | ||||||
Macquarie Group, Ltd. | 23,366 | 1,162,259 | ||||||
Metcash, Ltd.# | 74,526 | 165,589 | ||||||
Mirvac Group# | 297,828 | 444,964 | ||||||
National Australia Bank, Ltd. | 188,160 | 5,221,888 | ||||||
Newcrest Mining, Ltd.† | 60,442 | 532,037 | ||||||
Novion Property Group | 170,317 | 308,831 | ||||||
Orica, Ltd.# | 30,095 | 466,282 | ||||||
Origin Energy, Ltd. | 87,739 | 914,980 | ||||||
Qantas Airways, Ltd.† | 43,816 | 71,617 | ||||||
QBE Insurance Group, Ltd. | 107,017 | 989,385 | ||||||
Ramsay Health Care, Ltd. | 10,733 | 494,769 | ||||||
REA Group, Ltd.# | 4,311 | 166,689 | ||||||
Rio Tinto, Ltd. | 34,631 | 1,742,349 | ||||||
Santos, Ltd. | 77,201 | 663,784 | ||||||
Scentre Group† | 418,998 | 1,237,725 | ||||||
Seek, Ltd. | 26,845 | 390,560 | ||||||
Sonic Healthcare, Ltd. | 30,729 | 456,485 | ||||||
Stockland# | 187,170 | 656,472 | ||||||
Suncorp Group, Ltd. | 103,229 | 1,260,183 | ||||||
Sydney Airport | 87,942 | 332,401 | ||||||
Tabcorp Holdings, Ltd. | 60,697 | 210,819 | ||||||
Tatts Group, Ltd. | 112,561 | 326,757 | ||||||
Telstra Corp., Ltd. | 349,427 | 1,692,588 | ||||||
Toll Holdings, Ltd. | 55,621 | 267,055 | ||||||
TPG Telecom, Ltd. | 22,772 | 143,649 | ||||||
Transurban Group# | 139,426 | 986,342 | ||||||
Treasury Wine Estates, Ltd. | 52,241 | 210,801 |
Security Description | Shares | Value | ||||||
Australia (continued) |
| |||||||
Wesfarmers, Ltd.† | 89,733 | $ | 3,164,072 | |||||
Westfield Corp.† | 161,825 | 1,142,044 | ||||||
Westpac Banking Corp. | 247,166 | 6,848,924 | ||||||
Woodside Petroleum, Ltd. | 58,993 | 1,795,391 | ||||||
Woolworths, Ltd. | 100,995 | 2,675,606 | ||||||
WorleyParsons, Ltd. | 16,336 | 154,644 | ||||||
75,350,986 | ||||||||
Austria — 0.2% | ||||||||
Andritz AG | 5,894 | 318,731 | ||||||
Erste Group Bank AG | 22,441 | 608,170 | ||||||
IMMOFINANZ AG† | 77,437 | 232,312 | ||||||
OMV AG | 11,626 | 336,484 | ||||||
Raiffeisen Bank International AG# | 9,429 | 195,229 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 3,078 | 153,217 | ||||||
Voestalpine AG | 8,968 | 372,707 | ||||||
2,216,850 | ||||||||
Belgium — 1.3% | ||||||||
Ageas | 17,861 | 639,175 | ||||||
Anheuser-Busch InBev NV | 63,908 | 7,511,525 | ||||||
Belgacom SA# | 12,238 | 483,405 | ||||||
Colruyt SA | 6,018 | 280,058 | ||||||
Delhaize Group SA | 8,371 | 612,359 | ||||||
Groupe Bruxelles Lambert SA | 6,537 | 591,747 | ||||||
KBC Groep NV† | 19,996 | 1,144,527 | ||||||
Solvay SA | 4,771 | 655,989 | ||||||
Telenet Group Holding NV† | 4,256 | 243,445 | ||||||
UCB SA | 10,077 | 790,948 | ||||||
Umicore SA | 8,641 | 351,590 | ||||||
13,304,768 | ||||||||
Bermuda — 0.2% | ||||||||
Cheung Kong Infrastructure Holdings, Ltd. | 48,000 | 355,904 | ||||||
First Pacific Co., Ltd. | 190,000 | 199,680 | ||||||
Kerry Properties, Ltd. | 51,500 | 184,951 | ||||||
Li & Fung, Ltd. | 464,000 | 516,360 | ||||||
Noble Group, Ltd. | 346,000 | 325,213 | ||||||
NWS Holdings, Ltd. | 119,000 | 219,743 | ||||||
Seadrill, Ltd.# | 29,803 | 425,772 | ||||||
Shangri-La Asia, Ltd. | 84,000 | 116,334 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 57,500 | 206,869 | ||||||
2,550,826 | ||||||||
Cayman Islands — 0.4% | ||||||||
ASM Pacific Technology, Ltd.# | 19,200 | 195,469 | ||||||
HKT Trust and HKT, Ltd. | 188,000 | 235,397 | ||||||
Legal & General Group PLC | 477,303 | 1,841,621 | ||||||
MGM China Holdings, Ltd. | 76,400 | 231,518 | ||||||
Sands China, Ltd. | 192,800 | 1,154,826 | ||||||
WH Group, Ltd.†* | 291,000 | 171,488 | ||||||
Wynn Macau, Ltd.# | 125,200 | 410,073 | ||||||
4,240,392 | ||||||||
Denmark — 1.5% | ||||||||
AP Moeller - Maersk A/S, Series A | 306 | 625,816 | ||||||
AP Moeller - Maersk A/S, Series B | 569 | 1,187,478 | ||||||
Carlsberg A/S, Class B | 8,566 | 763,491 | ||||||
Coloplast A/S, Class B | 8,956 | 776,536 | ||||||
Danske Bank A/S | 52,367 | 1,488,694 | ||||||
DSV A/S | 14,552 | 456,028 | ||||||
ISS A/S† | 7,388 | 208,791 | ||||||
Novo Nordisk A/S, Class B | 159,502 | 7,278,946 | ||||||
Novozymes A/S, Class B | 19,325 | 849,589 | ||||||
Pandora A/S | 9,274 | 823,494 |
125 |
Table of Contents
VALIC Company I International Equities Index Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Denmark (continued) | ||||||||
TDC A/S | 64,370 | $ | 522,065 | |||||
Tryg A/S | 1,730 | 199,616 | ||||||
Vestas Wind Systems A/S† | 17,750 | 654,197 | ||||||
William Demant Holding A/S† | 1,819 | 130,554 | ||||||
15,965,295 | ||||||||
Finland — 0.9% | ||||||||
Elisa Oyj | 11,633 | 337,556 | ||||||
Fortum Oyj | 35,521 | 891,931 | ||||||
Kone Oyj, Class B# | 24,995 | 1,150,747 | ||||||
Metso Oyj | 9,034 | 280,238 | ||||||
Neste Oil Oyj# | 10,159 | 241,187 | ||||||
Nokia Oyj | 297,898 | 2,479,811 | ||||||
Nokian Renkaat Oyj# | 9,099 | 257,120 | ||||||
Orion Oyj, Class B | 8,034 | 275,709 | ||||||
Sampo Oyj, Class A | 36,039 | 1,778,934 | ||||||
Stora Enso Oyj, Class R | 44,439 | 393,980 | ||||||
UPM-Kymmene Oyj | 42,825 | 711,383 | ||||||
Wartsila Oyj Abp | 11,875 | 532,234 | ||||||
9,330,830 | ||||||||
France — 9.1% | ||||||||
Accor SA | 13,901 | 656,162 | ||||||
Aeroports de Paris | 2,388 | 293,246 | ||||||
Air Liquide SA | 27,606 | 3,476,234 | ||||||
Alcatel-Lucent†# | 226,928 | 808,415 | ||||||
Alstom SA† | 17,292 | 605,150 | ||||||
Arkema SA# | 4,496 | 306,124 | ||||||
AtoS | 6,366 | 452,539 | ||||||
AXA SA | 144,332 | 3,486,783 | ||||||
BNP Paribas SA | 84,709 | 5,434,598 | ||||||
Bollore SA# | 438 | 216,366 | ||||||
Bouygues SA | 13,402 | 504,535 | ||||||
Bureau Veritas SA | 18,042 | 430,697 | ||||||
Cap Gemini SA | 11,541 | 846,262 | ||||||
Carrefour SA | 49,816 | 1,577,234 | ||||||
Casino Guichard Perrachon SA | 4,536 | 437,365 | ||||||
Christian Dior SA# | 4,351 | 833,748 | ||||||
Cie de St-Gobain | 35,890 | 1,649,663 | ||||||
Cie Generale des Etablissements Michelin | 14,981 | 1,378,491 | ||||||
CNP Assurances | 13,857 | 256,737 | ||||||
Credit Agricole SA | 80,183 | 1,127,919 | ||||||
Danone SA | 46,157 | 3,259,330 | ||||||
Dassault Systemes | 10,333 | 675,911 | ||||||
Edenred | 16,484 | 475,651 | ||||||
Electricite de France SA | 19,389 | 580,827 | ||||||
Essilor International SA | 16,330 | 1,834,843 | ||||||
Eurazeo SA | 3,078 | 214,286 | ||||||
Eutelsat Communications SA | 12,236 | 404,916 | ||||||
Fonciere Des Regions | 2,290 | 218,752 | ||||||
GDF Suez | 114,921 | 2,833,469 | ||||||
Gecina SA | 2,250 | 304,465 | ||||||
Groupe Eurotunnel SA | 37,822 | 489,208 | ||||||
ICADE | 2,988 | 239,177 | ||||||
Iliad SA | 2,123 | 521,725 | ||||||
Imerys SA | 2,764 | 209,106 | ||||||
JCDecaux SA | 5,372 | 176,802 | ||||||
Kering | 6,152 | 1,271,484 | ||||||
Klepierre | 8,160 | 366,439 | ||||||
L’Oreal SA | 20,007 | 3,415,553 | ||||||
Lafarge SA | 15,155 | 1,078,264 | ||||||
Lagardere SCA | 9,873 | 280,097 | ||||||
Legrand SA | 21,398 | 1,122,665 | ||||||
LVMH Moet Hennessy Louis Vuitton SA# | 22,187 | 3,989,251 |
Security Description | Shares | Value | ||||||
France (continued) | ||||||||
Natixis SA | 74,320 | $ | 525,451 | |||||
Numericable Group SA† | 7,753 | 324,237 | ||||||
Orange SA | 148,518 | 2,617,704 | ||||||
Pernod Ricard SA# | 16,999 | 2,015,983 | ||||||
Peugeot SA† | 31,688 | 406,122 | ||||||
Publicis Groupe SA | 14,694 | 1,079,838 | ||||||
Remy Cointreau SA# | 1,938 | 145,821 | ||||||
Renault SA | 15,647 | 1,256,176 | ||||||
Rexel SA | 21,465 | 397,695 | ||||||
Safran SA | 21,518 | 1,393,095 | ||||||
Sanofi | 94,470 | 9,152,363 | ||||||
Schneider Electric SE | 42,011 | 3,429,192 | ||||||
SCOR SE | 12,285 | 383,531 | ||||||
Societe BIC SA | 2,321 | 309,596 | ||||||
Societe Generale SA | 58,191 | 2,888,317 | ||||||
Sodexo SA | 7,652 | 772,374 | ||||||
Suez Environnement Co. | 22,567 | 400,422 | ||||||
Technip SA | 8,090 | 526,472 | ||||||
Thales SA | 7,450 | 395,552 | ||||||
Total SA | 170,800 | 9,561,561 | ||||||
Unibail-Rodamco SE | 7,802 | 2,062,955 | ||||||
Valeo SA | 6,090 | 749,822 | ||||||
Vallourec SA | 8,875 | 294,466 | ||||||
Veolia Environnement SA | 32,927 | 600,840 | ||||||
Vinci SA# | 38,879 | 2,103,195 | ||||||
Vivendi SA | 96,570 | 2,460,918 | ||||||
Wendel SA | 2,577 | 303,822 | ||||||
Zodiac Aerospace | 15,189 | 503,676 | ||||||
95,801,685 | ||||||||
Germany — 8.4% | ||||||||
adidas AG# | 16,815 | 1,349,527 | ||||||
Allianz SE | 36,285 | 6,250,936 | ||||||
Axel Springer SE | 3,198 | 188,438 | ||||||
BASF SE | 73,367 | 6,665,121 | ||||||
Bayer AG | 65,725 | 9,891,483 | ||||||
Bayerische Motoren Werke AG# | 26,295 | 3,008,499 | ||||||
Beiersdorf AG# | 8,125 | 723,669 | ||||||
Brenntag AG | 12,611 | 694,993 | ||||||
Celesio AG | 4,077 | 135,957 | ||||||
Commerzbank AG† | 77,856 | 1,192,061 | ||||||
Continental AG | 8,753 | 1,842,817 | ||||||
Daimler AG | 76,860 | 6,484,179 | ||||||
Deutsche Annington Immobilien SE | 19,385 | 624,607 | ||||||
Deutsche Bank AG# | 109,676 | 3,587,109 | ||||||
Deutsche Boerse AG | 15,455 | 1,129,801 | ||||||
Deutsche Lufthansa AG | 19,064 | 340,520 | ||||||
Deutsche Post AG | 76,779 | 2,552,246 | ||||||
Deutsche Telekom AG | 252,156 | 4,298,479 | ||||||
Deutsche Wohnen AG (BR) | 23,321 | 560,198 | ||||||
E.ON SE# | 158,938 | 2,819,161 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 3,010 | 183,952 | ||||||
Fresenius Medical Care AG & Co. KGaA | 17,372 | 1,283,773 | ||||||
Fresenius SE & Co. KGaA | 30,366 | 1,647,211 | ||||||
GEA Group AG | 14,425 | 689,781 | ||||||
Hannover Rueck SE | 4,859 | 433,865 | ||||||
HeidelbergCement AG | 11,382 | 863,495 | ||||||
Henkel AG & Co. KGaA | 9,461 | 937,547 | ||||||
Hugo Boss AG | 3,339 | 439,984 | ||||||
Infineon Technologies AG | 90,607 | 888,183 | ||||||
K+S AG# | 13,960 | 419,235 | ||||||
Kabel Deutschland Holding AG† | 1,766 | 245,124 | ||||||
LANXESS AG | 7,428 | 369,105 | ||||||
Linde AG | 14,927 | 2,818,553 |
126 |
Table of Contents
VALIC Company I International Equities Index Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Germany (continued) | ||||||||
MAN SE# | 2,829 | $ | 322,619 | |||||
Merck KGaA | 10,469 | 1,043,168 | ||||||
Metro AG† | 13,088 | 444,754 | ||||||
Muenchener Rueckversicherungs AG | 13,772 | 2,838,660 | ||||||
OSRAM Licht AG†# | 7,279 | 302,512 | ||||||
ProSiebenSat.1 Media AG | 17,294 | 739,175 | ||||||
RWE AG# | 38,981 | 1,412,923 | ||||||
SAP SE | 73,418 | 5,177,944 | ||||||
Siemens AG | 62,981 | 7,457,426 | ||||||
Symrise AG | 9,748 | 583,001 | ||||||
Telefonica Deutschland Holding AG | 46,856 | 245,863 | ||||||
ThyssenKrupp AG†# | 36,812 | 974,505 | ||||||
United Internet AG | 9,476 | 417,696 | ||||||
Volkswagen AG | 2,389 | 540,722 | ||||||
88,060,577 | ||||||||
Guernsey — 0.1% |
| |||||||
Friends Life Group, Ltd. | 113,871 | 657,524 | ||||||
Hong Kong — 2.7% |
| |||||||
AIA Group, Ltd. | 958,000 | 5,534,359 | ||||||
Bank of East Asia, Ltd. | 100,200 | 421,866 | ||||||
BOC Hong Kong Holdings, Ltd. | 300,000 | 1,061,909 | ||||||
Cathay Pacific Airways, Ltd. | 94,000 | 207,033 | ||||||
Cheung Kong Holdings, Ltd. | 109,000 | 2,004,333 | ||||||
CLP Holdings, Ltd. | 150,500 | 1,308,037 | ||||||
Galaxy Entertainment Group, Ltd. | 185,000 | 1,269,133 | ||||||
Hang Lung Properties, Ltd. | 178,000 | 534,810 | ||||||
Hang Seng Bank, Ltd. | 61,100 | 1,017,953 | ||||||
Henderson Land Development Co., Ltd.# | 83,000 | 556,016 | ||||||
Hong Kong & China Gas Co., Ltd. | 502,000 | 1,188,503 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 88,200 | 1,920,976 | ||||||
Hutchison Whampoa, Ltd. | 169,000 | 2,119,337 | ||||||
Hysan Development Co., Ltd. | 49,000 | 227,153 | ||||||
Link REIT | 185,000 | 1,173,710 | ||||||
MTR Corp., Ltd. | 114,000 | 457,182 | ||||||
New World Development Co., Ltd. | 413,000 | 493,689 | ||||||
PCCW, Ltd. | 322,000 | 214,669 | ||||||
Power Assets Holdings, Ltd. | 109,500 | 1,045,594 | ||||||
Sino Land Co., Ltd. | 236,000 | 385,882 | ||||||
SJM Holdings, Ltd. | 154,000 | 305,820 | ||||||
Sun Hung Kai Properties, Ltd. | 128,000 | 1,871,746 | ||||||
Swire Pacific, Ltd., Class A | 50,000 | 686,663 | ||||||
Swire Properties, Ltd. | 92,200 | 285,937 | ||||||
Techtronic Industries Co., Ltd. | 108,500 | 347,680 | ||||||
Wharf Holdings, Ltd. | 117,000 | 844,131 | ||||||
Wheelock & Co., Ltd. | 70,000 | 353,389 | ||||||
27,837,510 | ||||||||
Ireland — 0.4% |
| |||||||
Bank of Ireland† | 2,198,318 | 902,671 | ||||||
CRH PLC | 59,908 | 1,416,327 | ||||||
James Hardie Industries PLC CDI | 36,469 | 375,657 | ||||||
Kerry Group PLC, Class A | 12,655 | 939,915 | ||||||
Ryanair Holdings PLC† | 14,816 | 157,845 | ||||||
3,792,415 | ||||||||
Isle of Man — 0.0% |
| |||||||
Genting Singapore PLC# | 487,000 | 425,980 | ||||||
Israel — 0.5% |
| |||||||
Bank Hapoalim BM | 84,475 | 421,047 | ||||||
Bank Leumi Le-Israel BM† | 105,922 | 373,531 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 152,670 | 269,977 | ||||||
Delek Group, Ltd. | 375 | 127,045 | ||||||
Israel Chemicals, Ltd. | 35,575 | 242,873 |
Security Description | Shares | Value | ||||||
Israel (continued) | ||||||||
Israel Corp., Ltd.† | 215 | $ | 105,396 | |||||
Mizrahi Tefahot Bank, Ltd.† | 10,999 | 116,448 | ||||||
NICE Systems, Ltd. | 4,680 | 221,973 | ||||||
Teva Pharmaceutical Industries, Ltd. | 68,218 | 3,879,912 | ||||||
5,758,202 | ||||||||
Italy — 2.1% |
| |||||||
Assicurazioni Generali SpA | 93,923 | 2,032,341 | ||||||
Atlantia SpA# | 33,374 | 842,173 | ||||||
Banca Monte dei Paschi di Siena SpA† | 336,119 | 271,433 | ||||||
Banco Popolare SC†# | 29,338 | 404,843 | ||||||
Enel Green Power SpA | 140,302 | 337,808 | ||||||
Enel SpA | 525,051 | 2,534,884 | ||||||
Eni SpA | 202,883 | 4,056,827 | ||||||
Exor SpA | 8,030 | 357,704 | ||||||
Finmeccanica SpA† | 31,598 | 306,676 | ||||||
Intesa Sanpaolo SpA | 925,042 | 2,852,251 | ||||||
Intesa Sanpaolo SpA RSP | 75,318 | 202,806 | ||||||
Luxottica Group SpA | 13,460 | 720,176 | ||||||
Mediobanca SpA# | 47,880 | 428,955 | ||||||
Pirelli & C. SpA | 19,067 | 270,703 | ||||||
Prysmian SpA | 16,289 | 292,878 | ||||||
Saipem SpA†# | 21,003 | 300,803 | ||||||
Snam SpA | 163,109 | 865,406 | ||||||
Telecom Italia SpA†# | 819,075 | 923,372 | ||||||
Telecom Italia SpA RSP | 488,880 | 433,423 | ||||||
Terna Rete Elettrica Nazionale SpA# | 121,348 | 586,458 | ||||||
UniCredit SpA | 351,742 | 2,601,962 | ||||||
Unione di Banche Italiane SCpA | 68,713 | 528,387 | ||||||
UnipolSai SpA | 72,471 | 207,404 | ||||||
22,359,673 | ||||||||
Japan — 20.3% | ||||||||
ABC-Mart, Inc. | 2,000 | 100,447 | ||||||
ACOM Co., Ltd.†# | 32,100 | 96,027 | ||||||
Advantest Corp.# | 12,300 | 146,870 | ||||||
Aeon Co., Ltd. | 50,700 | 505,419 | ||||||
AEON Financial Service Co., Ltd.# | 9,000 | 194,304 | ||||||
Aeon Mall Co., Ltd. | 9,100 | 155,207 | ||||||
Air Water, Inc. | 11,000 | 178,529 | ||||||
Aisin Seiki Co., Ltd. | 15,300 | 547,303 | ||||||
Ajinomoto Co., Inc. | 45,000 | 840,124 | ||||||
Alfresa Holdings Corp. | 14,100 | 162,779 | ||||||
Amada Co., Ltd. | 27,000 | 243,676 | ||||||
ANA Holdings, Inc. | 94,000 | 231,455 | ||||||
Aozora Bank, Ltd. | 92,000 | 299,250 | ||||||
Asahi Glass Co., Ltd. | 81,000 | 391,110 | ||||||
Asahi Group Holdings, Ltd. | 30,700 | 957,839 | ||||||
Asahi Kasei Corp. | 100,000 | 869,638 | ||||||
Asics Corp. | 12,900 | 326,658 | ||||||
Astellas Pharma, Inc. | 171,000 | 2,459,737 | ||||||
Bandai Namco Holdings, Inc. | 14,200 | 307,405 | ||||||
Bank of Kyoto, Ltd. | 27,000 | 227,067 | ||||||
Bank of Yokohama, Ltd. | 92,000 | 518,648 | ||||||
Benesse Holdings, Inc. | 5,200 | 158,406 | ||||||
Bridgestone Corp. | 52,000 | 1,787,596 | ||||||
Brother Industries, Ltd. | 18,700 | 349,512 | ||||||
Calbee, Inc. | 5,800 | 200,876 | ||||||
Canon, Inc. | 90,300 | 2,892,689 | ||||||
Casio Computer Co., Ltd.# | 16,700 | 252,463 | ||||||
Central Japan Railway Co. | 11,500 | 1,674,075 | ||||||
Chiba Bank, Ltd. | 59,000 | 392,273 | ||||||
Chiyoda Corp.# | 12,000 | 105,975 | ||||||
Chubu Electric Power Co., Inc.† | 51,600 | 603,529 | ||||||
Chugai Pharmaceutical Co., Ltd. | 17,800 | 482,236 |
127 |
Table of Contents
VALIC Company I International Equities Index Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Chugoku Bank, Ltd. | 13,400 | $ | 187,783 | |||||
Chugoku Electric Power Co., Inc.# | 23,800 | 307,252 | ||||||
Citizen Holdings Co., Ltd. | 21,000 | 162,450 | ||||||
COLOPL, Inc. | 3,919 | 97,752 | ||||||
Credit Saison Co., Ltd.# | 11,800 | 220,945 | ||||||
Dai Nippon Printing Co., Ltd. | 45,000 | 395,509 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 85,300 | 1,237,414 | ||||||
Daicel Corp. | 21,000 | 241,729 | ||||||
Daihatsu Motor Co., Ltd.# | 15,300 | 209,767 | ||||||
Daiichi Sankyo Co., Ltd. | 50,300 | 741,551 | ||||||
Daikin Industries, Ltd. | 18,600 | 1,234,305 | ||||||
Daito Trust Construction Co., Ltd. | 5,700 | 643,634 | ||||||
Daiwa House Industry Co., Ltd.# | 48,000 | 914,334 | ||||||
Daiwa Securities Group, Inc. | 132,000 | 1,061,050 | ||||||
Denso Corp. | 38,700 | 1,807,652 | ||||||
Dentsu, Inc. | 17,400 | 653,948 | ||||||
Don Quijote Holdings Co., Ltd.# | 4,700 | 293,082 | ||||||
East Japan Railway Co. | 26,900 | 2,016,763 | ||||||
Eisai Co., Ltd.# | 20,000 | 717,115 | ||||||
Electric Power Development Co., Ltd. | 9,400 | 325,558 | ||||||
FamilyMart Co., Ltd.# | 4,700 | 173,473 | ||||||
FANUC Corp. | 15,300 | 2,581,158 | ||||||
Fast Retailing Co., Ltd. | 4,300 | 1,565,530 | ||||||
Fuji Electric Co., Ltd. | 45,000 | 197,565 | ||||||
Fuji Heavy Industries, Ltd. | 47,100 | 1,713,810 | ||||||
FUJIFILM Holdings Corp. | 36,900 | 1,223,729 | ||||||
Fujitsu, Ltd. | 146,000 | 834,268 | ||||||
Fukuoka Financial Group, Inc. | 61,000 | 332,578 | ||||||
GungHo Online Entertainment, Inc.# | 32,500 | 122,693 | ||||||
Gunma Bank, Ltd. | 30,000 | 178,478 | ||||||
Hachijuni Bank, Ltd. | 33,000 | 201,888 | ||||||
Hakuhodo DY Holdings, Inc.# | 18,600 | 180,875 | ||||||
Hamamatsu Photonics KK | 5,500 | 278,082 | ||||||
Hankyu Hanshin Holdings, Inc. | 91,000 | 500,742 | ||||||
Hikari Tsushin, Inc. | 1,300 | 84,571 | ||||||
Hino Motors, Ltd. | 20,100 | 270,834 | ||||||
Hirose Electric Co., Ltd. | 2,400 | 303,362 | ||||||
Hiroshima Bank, Ltd. | 40,000 | 193,478 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 4,500 | 136,892 | ||||||
Hitachi Chemical Co., Ltd. | 8,300 | 153,662 | ||||||
Hitachi Construction Machinery Co., Ltd. | 8,700 | 187,827 | ||||||
Hitachi High-Technologies Corp. | 4,900 | 141,628 | ||||||
Hitachi Metals, Ltd. | 18,000 | 311,401 | ||||||
Hitachi, Ltd. | 383,000 | 2,957,946 | ||||||
Hokuhoku Financial Group, Inc. | 96,000 | 194,152 | ||||||
Hokuriku Electric Power Co. | 13,500 | 172,803 | ||||||
Honda Motor Co., Ltd. | 129,600 | 3,900,450 | ||||||
Hoya Corp. | 34,800 | 1,237,516 | ||||||
Hulic Co., Ltd. | 19,100 | 197,325 | ||||||
Ibiden Co., Ltd. | 9,500 | 141,135 | ||||||
Idemitsu Kosan Co., Ltd. | 7,000 | 119,449 | ||||||
IHI Corp. | 108,000 | 546,052 | ||||||
Iida Group Holdings Co., Ltd. | 12,900 | 141,642 | ||||||
Inpex Corp. | 67,300 | 713,152 | ||||||
Isetan Mitsukoshi Holdings, Ltd.# | 26,600 | 349,451 | ||||||
Isuzu Motors, Ltd. | 48,000 | 626,544 | ||||||
ITOCHU Corp. | 120,300 | 1,384,763 | ||||||
ITOCHU Techno-Solutions Corp. | 1,800 | 70,380 | ||||||
Iyo Bank, Ltd. | 19,300 | 199,717 | ||||||
J. Front Retailing Co., Ltd.# | 19,100 | 244,806 | ||||||
Japan Airlines Co., Ltd. | 9,700 | 285,270 | ||||||
Japan Display, Inc.† | 27,800 | 91,831 | ||||||
Japan Exchange Group, Inc. | 20,700 | 531,149 | ||||||
Japan Prime Realty Investment Corp.# | 62 | 224,918 |
Security Description | Shares | Value | ||||||
Japan (continued) | ||||||||
Japan Real Estate Investment Corp. | 95 | $ | 468,315 | |||||
Japan Retail Fund Investment Corp. | 183 | 380,897 | ||||||
Japan Tobacco, Inc. | 88,200 | 2,826,161 | ||||||
JFE Holdings, Inc. | 39,200 | 834,243 | ||||||
JGC Corp. | 16,000 | 344,282 | ||||||
Joyo Bank, Ltd.# | 53,000 | 267,523 | ||||||
JSR Corp.# | 14,300 | 255,826 | ||||||
JTEKT Corp. | 16,200 | 268,794 | ||||||
JX Holdings, Inc. | 182,700 | 679,871 | ||||||
Kajima Corp.# | 66,000 | 260,841 | ||||||
Kakaku.com, Inc.# | 11,800 | 180,276 | ||||||
Kamigumi Co., Ltd. | 18,000 | 162,450 | ||||||
Kaneka Corp. | 22,000 | 116,424 | ||||||
Kansai Electric Power Co., Inc.†# | 56,000 | 562,029 | ||||||
Kansai Paint Co., Ltd. | 18,000 | 286,829 | ||||||
Kao Corp. | 41,300 | 1,529,913 | ||||||
Kawasaki Heavy Industries, Ltd. | 114,000 | 501,458 | ||||||
KDDI Corp. | 46,600 | 2,985,981 | ||||||
Keihan Electric Railway Co., Ltd. | 40,000 | 200,219 | ||||||
Keikyu Corp. | 37,000 | 282,793 | ||||||
Keio Corp. | 46,000 | 338,401 | ||||||
Keisei Electric Railway Co., Ltd.# | 21,000 | 241,552 | ||||||
Keyence Corp. | 3,700 | 1,709,227 | ||||||
Kikkoman Corp. | 11,000 | 261,768 | ||||||
Kintetsu Corp.# | 146,000 | 493,351 | ||||||
Kirin Holdings Co., Ltd. | 65,300 | 838,329 | ||||||
Kobe Steel, Ltd. | 243,000 | 387,014 | ||||||
Koito Manufacturing Co., Ltd. | 7,700 | 241,700 | ||||||
Komatsu, Ltd. | 74,300 | 1,759,984 | ||||||
Konami Corp. | 7,900 | 149,319 | ||||||
Konica Minolta, Inc. | 38,600 | 450,176 | ||||||
Kubota Corp. | 91,000 | 1,422,474 | ||||||
Kuraray Co., Ltd. | 27,500 | 334,857 | ||||||
Kurita Water Industries, Ltd. | 8,000 | 166,108 | ||||||
Kyocera Corp. | 25,600 | 1,253,574 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 17,000 | 184,655 | ||||||
Kyushu Electric Power Co., Inc.†# | 34,300 | 351,469 | ||||||
Lawson, Inc. | 5,100 | 314,587 | ||||||
LIXIL Group Corp. | 21,200 | 450,904 | ||||||
M3, Inc. | 15,500 | 266,714 | ||||||
Mabuchi Motor Co., Ltd. | 1,900 | 151,462 | ||||||
Makita Corp. | 9,600 | 482,144 | ||||||
Marubeni Corp. | 130,000 | 819,744 | ||||||
Marui Group Co., Ltd. | 19,000 | 166,352 | ||||||
Maruichi Steel Tube, Ltd. | 3,700 | 81,252 | ||||||
Mazda Motor Corp. | 43,300 | 1,118,532 | ||||||
McDonald’s Holdings Co. Japan, Ltd.# | 5,200 | 118,925 | ||||||
Medipal Holdings Corp. | 10,700 | 118,929 | ||||||
MEIJI Holdings Co., Ltd.# | 4,800 | 430,774 | ||||||
Minebea Co., Ltd. | 25,000 | 313,264 | ||||||
Miraca Holdings, Inc. | 4,500 | 170,831 | ||||||
Mitsubishi Chemical Holdings Corp. | 108,900 | 561,156 | ||||||
Mitsubishi Corp. | 110,000 | 2,080,981 | ||||||
Mitsubishi Electric Corp. | 154,000 | 1,851,192 | ||||||
Mitsubishi Estate Co., Ltd. | 100,000 | 2,251,201 | ||||||
Mitsubishi Gas Chemical Co., Inc.# | 30,000 | 171,652 | ||||||
Mitsubishi Heavy Industries, Ltd. | 241,000 | 1,406,561 | ||||||
Mitsubishi Logistics Corp. | 9,000 | 141,063 | ||||||
Mitsubishi Materials Corp. | 88,000 | 276,599 | ||||||
Mitsubishi Motors Corp. | 51,900 | 533,564 | ||||||
Mitsubishi Tanabe Pharma Corp. | 17,800 | 271,492 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,014,100 | 5,865,663 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd.# | 39,800 | 187,815 | ||||||
Mitsui & Co., Ltd. | 137,600 | 1,898,711 |
128 |
Table of Contents
VALIC Company I International Equities Index Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Mitsui Chemicals, Inc. | 64,000 | $ | 179,051 | |||||
Mitsui Fudosan Co., Ltd. | 74,000 | 2,139,184 | ||||||
Mitsui OSK Lines, Ltd.# | 87,000 | 275,655 | ||||||
Mixi, Inc. | 3,000 | 137,777 | ||||||
Mizuho Financial Group, Inc. | 1,836,700 | 3,165,123 | ||||||
MS&AD Insurance Group Holdings, Inc. | 40,000 | 934,019 | ||||||
Murata Manufacturing Co., Ltd. | 16,300 | 1,761,587 | ||||||
Nabtesco Corp. | 9,200 | 220,871 | ||||||
Nagoya Railroad Co Ltd# | 66,000 | 255,835 | ||||||
NEC Corp. | 207,000 | 650,636 | ||||||
Nexon Co., Ltd. | 10,400 | 98,505 | ||||||
NGK Insulators, Ltd. | 21,000 | 466,293 | ||||||
NGK Spark Plug Co., Ltd. | 14,600 | 439,218 | ||||||
NH Foods, Ltd. | 13,000 | 261,052 | ||||||
NHK Spring Co., Ltd. | 12,700 | 110,016 | ||||||
Nidec Corp. | 17,300 | 1,147,599 | ||||||
Nikon Corp.# | 27,100 | 386,393 | ||||||
Nintendo Co., Ltd. | 8,300 | 962,400 | ||||||
Nippon Building Fund, Inc. | 109 | 549,271 | ||||||
Nippon Electric Glass Co., Ltd. | 31,000 | 141,847 | ||||||
Nippon Express Co., Ltd. | 68,000 | 326,620 | ||||||
Nippon Paint Holdings Co., Ltd. | 13,000 | 336,311 | ||||||
Nippon Prologis REIT, Inc.# | 105 | 228,899 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 605,000 | 1,559,021 | ||||||
Nippon Telegraph & Telephone Corp. | 29,900 | 1,600,193 | ||||||
Nippon Yusen KK | 128,000 | 361,338 | ||||||
Nissan Motor Co., Ltd. | 198,700 | 1,856,063 | ||||||
Nisshin Seifun Group, Inc. | 16,800 | 166,344 | ||||||
Nissin Foods Holdings Co., Ltd. | 4,700 | 235,653 | ||||||
Nitori Holdings Co., Ltd. | 5,400 | 299,419 | ||||||
Nitto Denko Corp. | 12,600 | 664,985 | ||||||
NOK Corp. | 7,500 | 187,769 | ||||||
Nomura Holdings, Inc. | 287,000 | 1,726,789 | ||||||
Nomura Real Estate Holdings, Inc. | 9,900 | 181,866 | ||||||
Nomura Research Institute, Ltd. | 8,900 | 277,492 | ||||||
NSK, Ltd. | 37,000 | 466,125 | ||||||
NTT Data Corp. | 9,800 | 374,096 | ||||||
NTT DOCOMO, Inc. | 122,200 | 1,906,575 | ||||||
NTT Urban Development Corp. | 9,100 | 93,630 | ||||||
Obayashi Corp.# | 51,000 | 318,025 | ||||||
Odakyu Electric Railway Co., Ltd. | 49,000 | 448,833 | ||||||
Oji Holdings Corp. | 63,000 | 220,848 | ||||||
Olympus Corp.† | 19,100 | 695,306 | ||||||
Omron Corp. | 16,300 | 758,203 | ||||||
Ono Pharmaceutical Co., Ltd. | 6,500 | 556,501 | ||||||
Oracle Corp. Japan | 3,000 | 113,255 | ||||||
Oriental Land Co., Ltd. | 4,000 | 870,650 | ||||||
ORIX Corp. | 104,400 | 1,377,250 | ||||||
Osaka Gas Co., Ltd. | 149,000 | 569,909 | ||||||
Otsuka Corp. | 3,800 | 130,808 | ||||||
Otsuka Holdings Co., Ltd. | 31,100 | 983,423 | ||||||
Panasonic Corp. | 173,308 | 2,238,093 | ||||||
Park24 Co., Ltd.# | 7,900 | 119,895 | ||||||
Rakuten, Inc.# | 63,900 | 861,010 | ||||||
Resona Holdings, Inc. | 177,000 | 955,773 | ||||||
Ricoh Co., Ltd. | 55,800 | 604,457 | ||||||
Rinnai Corp. | 2,900 | 215,539 | ||||||
Rohm Co., Ltd. | 7,500 | 485,380 | ||||||
Sankyo Co., Ltd.# | 3,800 | 122,322 | ||||||
Sanrio Co., Ltd.# | 3,800 | 100,388 | ||||||
Santen Pharmaceutical Co., Ltd. | 5,900 | 330,126 | ||||||
SBI Holdings, Inc.# | 15,800 | 182,405 | ||||||
Secom Co., Ltd.# | 16,800 | 971,730 | ||||||
Sega Sammy Holdings, Inc. | 14,400 | 198,399 |
Security Description | Shares | Value | ||||||
Japan (continued) | ||||||||
Seibu Holdings, Inc.# | 9,600 | $ | 181,775 | |||||
Seiko Epson Corp. | 10,000 | 482,852 | ||||||
Sekisui Chemical Co., Ltd. | 34,000 | 423,173 | ||||||
Sekisui House, Ltd. | 44,000 | 591,017 | ||||||
Seven & I Holdings Co., Ltd. | 60,300 | 2,249,754 | ||||||
Seven Bank, Ltd. | 47,300 | 205,271 | ||||||
Sharp Corp.†# | 119,000 | 283,787 | ||||||
Shikoku Electric Power Co., Inc.† | 14,300 | 178,705 | ||||||
Shimadzu Corp. | 18,000 | 178,074 | ||||||
Shimamura Co., Ltd. | 1,700 | 142,252 | ||||||
Shimano, Inc. | 6,200 | 841,156 | ||||||
Shimizu Corp. | 47,000 | 320,806 | ||||||
Shin-Etsu Chemical Co., Ltd. | 32,700 | 2,201,677 | ||||||
Shinsei Bank, Ltd. | 130,000 | 244,291 | ||||||
Shionogi & Co., Ltd. | 23,500 | 584,777 | ||||||
Shiseido Co., Ltd. | 28,700 | 428,674 | ||||||
Shizuoka Bank, Ltd.# | 42,000 | 404,180 | ||||||
Showa Shell Sekiyu KK# | 14,900 | 124,177 | ||||||
SMC Corp. | 4,400 | 1,209,101 | ||||||
SoftBank Corp. | 76,700 | 5,146,727 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 26,800 | 664,523 | ||||||
Sony Corp. | 82,900 | 1,816,297 | ||||||
Sony Financial Holdings, Inc. | 13,900 | 210,954 | ||||||
Stanley Electric Co., Ltd. | 11,300 | 245,578 | ||||||
Sumitomo Chemical Co., Ltd. | 119,000 | 450,249 | ||||||
Sumitomo Corp. | 90,400 | 964,409 | ||||||
Sumitomo Dainippon Pharma Co., Ltd.# | 12,500 | 129,245 | ||||||
Sumitomo Electric Industries, Ltd. | 60,300 | 784,301 | ||||||
Sumitomo Heavy Industries, Ltd. | 44,000 | 241,375 | ||||||
Sumitomo Metal Mining Co., Ltd. | 42,000 | 643,077 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 101,300 | 3,819,984 | ||||||
Sumitomo Mitsui Trust Holdings, Inc.# | 264,000 | 1,097,646 | ||||||
Sumitomo Realty & Development Co., Ltd. | 28,000 | 967,035 | ||||||
Sumitomo Rubber Industries, Ltd. | 13,800 | 210,250 | ||||||
Suntory Beverage & Food, Ltd. | 11,100 | 391,919 | ||||||
Suruga Bank, Ltd. | 14,000 | 266,032 | ||||||
Suzuken Co., Ltd. | 5,500 | 140,895 | ||||||
Suzuki Motor Corp. | 28,700 | 906,806 | ||||||
Sysmex Corp. | 11,600 | 498,525 | ||||||
T&D Holdings, Inc. | 46,700 | 565,894 | ||||||
Taiheiyo Cement Corp. | 93,000 | 291,531 | ||||||
Taisei Corp.# | 81,000 | 423,190 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 2,500 | 154,841 | ||||||
Taiyo Nippon Sanso Corp.# | 11,000 | 129,586 | ||||||
Takashimaya Co., Ltd. | 21,000 | 175,900 | ||||||
Takeda Pharmaceutical Co., Ltd. | 63,200 | 2,647,935 | ||||||
TDK Corp. | 9,700 | 584,436 | ||||||
Teijin, Ltd. | 74,000 | 200,792 | ||||||
Terumo Corp. | 23,600 | 536,951 | ||||||
THK Co., Ltd. | 9,000 | 218,042 | ||||||
Tobu Railway Co., Ltd.# | 82,000 | 369,681 | ||||||
Toho Co., Ltd. | 8,900 | 198,444 | ||||||
Toho Gas Co., Ltd.# | 32,000 | 167,995 | ||||||
Tohoku Electric Power Co., Inc. | 36,500 | 422,916 | ||||||
Tokio Marine Holdings, Inc. | 55,000 | 1,798,496 | ||||||
Tokyo Electric Power Co., Inc.† | 115,900 | 423,870 | ||||||
Tokyo Electron, Ltd. | 13,800 | 940,428 | ||||||
Tokyo Gas Co., Ltd. | 185,000 | 1,008,949 | ||||||
Tokyo Tatemono Co., Ltd. | 33,000 | 263,344 | ||||||
Tokyu Corp.# | 91,000 | 549,819 | ||||||
Tokyu Fudosan Holdings Corp. | 38,300 | 273,687 | ||||||
TonenGeneral Sekiyu KK | 22,000 | 184,090 | ||||||
Toppan Printing Co., Ltd. | 45,000 | 290,090 | ||||||
Toray Industries, Inc. | 116,000 | 912,008 |
129 |
Table of Contents
VALIC Company I International Equities Index Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Toshiba Corp. | 320,000 | $ | 1,422,432 | |||||
TOTO, Ltd. | 22,000 | 262,695 | ||||||
Toyo Seikan Group Holdings, Ltd. | 12,900 | 155,883 | ||||||
Toyo Suisan Kaisha, Ltd. | 6,000 | 203,253 | ||||||
Toyoda Gosei Co., Ltd. | 5,100 | 99,877 | ||||||
Toyota Industries Corp. | 13,000 | 649,617 | ||||||
Toyota Motor Corp. | 217,400 | 13,399,036 | ||||||
Toyota Tsusho Corp. | 16,800 | 397,809 | ||||||
Trend Micro, Inc. | 8,200 | 249,103 | ||||||
Unicharm Corp. | 29,900 | 684,573 | ||||||
United Urban Investment Corp.# | 199 | 319,788 | ||||||
USS Co., Ltd. | 17,732 | 255,961 | ||||||
West Japan Railway Co. | 13,200 | 630,245 | ||||||
Yahoo Japan Corp.# | 114,300 | 417,055 | ||||||
Yakult Honsha Co., Ltd. | 6,900 | 366,310 | ||||||
Yamada Denki Co., Ltd.# | 69,900 | 230,310 | ||||||
Yamaguchi Financial Group, Inc. | 16,000 | 160,445 | ||||||
Yamaha Corp. | 13,300 | 198,262 | ||||||
Yamaha Motor Co., Ltd. | 21,000 | 446,473 | ||||||
Yamato Holdings Co., Ltd. | 29,100 | 656,571 | ||||||
Yamato Kogyo Co., Ltd. | 3,000 | 84,183 | ||||||
Yamazaki Baking Co., Ltd. | 8,000 | 100,986 | ||||||
Yaskawa Electric Corp.# | 18,100 | 234,887 | ||||||
Yokogawa Electric Corp.# | 16,900 | 212,763 | ||||||
Yokohama Rubber Co., Ltd. | 16,000 | 147,232 | ||||||
212,958,875 | ||||||||
Jersey — 1.2% | ||||||||
Experian PLC | 80,083 | 1,268,781 | ||||||
Glencore PLC | 848,810 | 4,253,436 | ||||||
Petrofac, Ltd. | 20,453 | 263,905 | ||||||
Randgold Resources, Ltd.# | 6,984 | 464,554 | ||||||
Shire PLC | 46,866 | 3,340,210 | ||||||
Wolseley PLC | 21,546 | 1,209,757 | ||||||
WPP PLC | 104,804 | 2,196,441 | ||||||
12,997,084 | ||||||||
Luxembourg — 0.4% | ||||||||
Altice SA† | 6,881 | 463,206 | ||||||
ArcelorMittal# | 81,087 | 995,344 | ||||||
Millicom International Cellular SA SDR | 5,266 | 438,286 | ||||||
RTL Group SA | 3,114 | 300,060 | ||||||
SES SA FDR | 24,396 | 908,249 | ||||||
Subsea 7 SA# | 22,122 | 219,813 | ||||||
Tenaris SA# | 37,756 | 624,831 | ||||||
3,949,789 | ||||||||
Mauritius — 0.0% |
| |||||||
Golden Agri-Resources, Ltd. | 565,000 | 199,417 | ||||||
Netherlands — 3.2% |
| |||||||
Aegon NV | 145,771 | 1,145,070 | ||||||
Airbus Group NV | 46,759 | 2,850,637 | ||||||
Akzo Nobel NV | 19,453 | 1,344,850 | ||||||
ASML Holding NV | 28,435 | 3,004,964 | ||||||
Boskalis Westminster NV | 6,929 | 389,057 | ||||||
CNH Industrial NV | 76,906 | 602,394 | ||||||
Corio NV | 5,557 | 281,319 | ||||||
Delta Lloyd NV | 15,914 | 366,036 | ||||||
Fiat Chrysler Automobiles NV†# | 70,946 | 885,429 | ||||||
Gemalto NV# | 6,349 | 539,732 | ||||||
Heineken Holding NV | 8,069 | 552,114 | ||||||
Heineken NV | 18,354 | 1,444,496 | ||||||
ING Groep NV CVA† | 306,653 | 4,494,873 | ||||||
Koninklijke Ahold NV | 70,960 | 1,254,238 |
Security Description | Shares | Value | ||||||
Netherlands (continued) | ||||||||
Koninklijke DSM NV | 13,906 | $ | 914,822 | |||||
Koninklijke KPN NV | 254,195 | 844,507 | ||||||
Koninklijke Philips NV | 75,939 | 2,291,876 | ||||||
Koninklijke Vopak NV | 5,629 | 282,968 | ||||||
NN Group NV† | 9,611 | 291,978 | ||||||
OCI NV†# | 6,803 | 244,087 | ||||||
QIAGEN NV† | 19,310 | 461,687 | ||||||
Randstad Holding NV | 10,183 | 502,837 | ||||||
Reed Elsevier NV | 55,829 | 1,373,382 | ||||||
STMicroelectronics NV | 51,988 | 389,878 | ||||||
TNT Express NV | 35,028 | 236,232 | ||||||
Unilever NV CVA | 130,418 | 5,315,451 | ||||||
Wolters Kluwer NV | 24,258 | 711,291 | ||||||
33,016,205 | ||||||||
New Zealand — 0.1% |
| |||||||
Auckland International Airport, Ltd. | 78,015 | 236,659 | ||||||
Contact Energy, Ltd. | 29,850 | 143,429 | ||||||
Fletcher Building, Ltd. | 55,857 | 358,587 | ||||||
Meridian Energy, Ltd. | 97,949 | 132,057 | ||||||
Mighty River Power Ltd Senior Notes | 52,938 | 124,486 | ||||||
Ryman Healthcare, Ltd. | 30,254 | 189,954 | ||||||
Spark New Zealand, Ltd. | 146,622 | 351,685 | ||||||
1,536,857 | ||||||||
Norway — 0.6% |
| |||||||
DNB ASA | 78,459 | 1,299,332 | ||||||
Gjensidige Forsikring ASA | 16,227 | 277,495 | ||||||
Norsk Hydro ASA | 107,753 | 629,232 | ||||||
Orkla ASA | 66,181 | 491,083 | ||||||
Statoil ASA# | 87,588 | 1,649,726 | ||||||
Telenor ASA | 59,305 | 1,248,526 | ||||||
Yara International ASA | 14,371 | 609,385 | ||||||
6,204,779 | ||||||||
Portugal — 0.2% |
| |||||||
Banco Comercial Portugues SA† | 2,820,217 | 291,263 | ||||||
Banco Espirito Santo SA†(1)(2) | 213,818 | 15,963 | ||||||
EDP - Energias de Portugal SA | 185,086 | 759,768 | ||||||
Galp Energia SGPS SA | 30,425 | 371,007 | ||||||
Jeronimo Martins SGPS SA# | 19,986 | 203,176 | ||||||
1,641,177 | ||||||||
Singapore — 1.4% |
| |||||||
Ascendas Real Estate Investment Trust | 164,000 | 294,452 | ||||||
CapitaCommercial Trust | 161,000 | 208,152 | ||||||
CapitaLand, Ltd. | 205,000 | 522,213 | ||||||
CapitaMall Trust | 194,000 | 294,729 | ||||||
City Developments, Ltd. | 33,000 | 254,723 | ||||||
ComfortDelGro Corp., Ltd. | 163,000 | 325,175 | ||||||
DBS Group Holdings, Ltd. | 137,000 | 2,084,485 | ||||||
Global Logistic Properties, Ltd. | 247,000 | 496,539 | ||||||
Hutchison Port Holdings Trust | 455,000 | 311,675 | ||||||
Jardine Cycle & Carriage, Ltd. | 8,000 | 261,429 | ||||||
Keppel Corp., Ltd. | 115,000 | 794,138 | ||||||
Keppel Land, Ltd. | 55,000 | 142,216 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 228,000 | 1,833,377 | ||||||
Sembcorp Industries, Ltd. | 78,000 | 273,506 | ||||||
Sembcorp Marine, Ltd.# | 66,000 | 158,505 | ||||||
Singapore Airlines, Ltd. | 44,000 | 363,938 | ||||||
Singapore Exchange, Ltd. | 64,000 | 359,457 | ||||||
Singapore Press Holdings, Ltd. | 129,000 | 424,622 | ||||||
Singapore Technologies Engineering, Ltd. | 124,000 | 320,632 | ||||||
Singapore Telecommunications, Ltd. | 637,000 | 1,906,161 | ||||||
StarHub, Ltd. | 48,000 | 152,474 |
130 |
Table of Contents
VALIC Company I International Equities Index Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Singapore (continued) | ||||||||
Suntec Real Estate Investment Trust | 180,000 | $ | 272,079 | |||||
United Overseas Bank, Ltd. | 101,000 | 1,859,894 | ||||||
UOL Group, Ltd. | 37,000 | 191,061 | ||||||
Wilmar International, Ltd. | 152,000 | 374,373 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 152,000 | 142,868 | ||||||
14,622,873 | ||||||||
Spain — 3.6% |
| |||||||
Abertis Infraestructuras SA# | 32,611 | 698,345 | ||||||
ACS Actividades de Construccion y Servicios SA | 13,847 | 489,585 | ||||||
Amadeus IT Holding SA, Class A | 33,662 | 1,340,968 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 470,930 | 5,061,678 | ||||||
Banco de Sabadell SA# | 271,893 | 771,700 | ||||||
Banco Popular Espanol SA# | 141,665 | 779,130 | ||||||
Banco Santander SA | 982,163 | 8,859,039 | ||||||
Bankia SA† | 366,058 | 642,235 | ||||||
Bankinter SA | 53,661 | 481,214 | ||||||
CaixaBank SA | 179,926 | 994,259 | ||||||
Distribuidora Internacional de Alimentacion SA | 49,496 | 344,276 | ||||||
Enagas SA | 16,104 | 539,629 | ||||||
Ferrovial SA# | 32,574 | 667,964 | ||||||
Gas Natural SDG SA | 27,888 | 790,489 | ||||||
Grifols SA | 11,956 | 532,963 | ||||||
Iberdrola SA | 401,832 | 2,972,996 | ||||||
Inditex SA | 87,374 | 2,545,665 | ||||||
International Consolidated Airlines Group SA† | 83,560 | 597,537 | ||||||
Mapfre SA | 74,071 | 271,983 | ||||||
Red Electrica Corp. SA | 8,636 | 791,641 | ||||||
Repsol SA | 81,310 | 1,826,191 | ||||||
Telefonica SA | 334,431 | 5,359,785 | ||||||
Zardoya Otis SA# | 13,479 | 143,735 | ||||||
37,503,007 | ||||||||
Sweden — 3.0% |
| |||||||
Alfa Laval AB | 24,963 | 496,896 | ||||||
Assa Abloy AB, Class B# | 26,756 | 1,454,205 | ||||||
Atlas Copco AB, Class A# | 53,737 | 1,549,697 | ||||||
Atlas Copco AB, Class B | 31,121 | 826,938 | ||||||
Boliden AB# | 21,810 | 368,605 | ||||||
Electrolux AB, Series B# | 19,336 | 574,740 | ||||||
Elekta AB, Series B# | 29,149 | 297,148 | ||||||
Getinge AB, Class B# | 16,009 | 370,629 | ||||||
Hennes & Mauritz AB, Class B | 75,558 | 3,237,056 | ||||||
Hexagon AB, Class B# | 20,429 | 649,427 | ||||||
Husqvarna AB, Class B | 32,598 | 240,048 | ||||||
ICA Gruppen AB | 6,141 | 237,228 | ||||||
Industrivarden AB, Class C# | 12,801 | 226,305 | ||||||
Investment AB Kinnevik, Class B# | 18,798 | 652,293 | ||||||
Investor AB, Class B | 36,381 | 1,366,856 | ||||||
Lundin Petroleum AB†# | 17,598 | 248,085 | ||||||
Nordea Bank AB | 242,930 | 3,035,281 | ||||||
Sandvik AB# | 84,296 | 883,065 | ||||||
Scania AB, Class B† | 11,455 | 307,298 | ||||||
Securitas AB, Class B# | 25,084 | 302,981 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 120,943 | 1,597,908 | ||||||
Skanska AB, Class B# | 30,403 | 654,933 | ||||||
SKF AB, Class B | 31,548 | 649,977 | ||||||
Svenska Cellulosa AB SCA, Class B# | 47,242 | 1,114,626 | ||||||
Svenska Handelsbanken AB, Class A | 39,892 | 1,948,770 | ||||||
Swedbank AB, Class A | 72,557 | 1,903,632 | ||||||
Swedish Match AB | 16,250 | 561,262 | ||||||
Tele2 AB, Class B | 25,552 | 330,912 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 242,234 | 3,050,953 | ||||||
TeliaSonera AB# | 189,549 | 1,352,596 |
Security Description | Shares | Value | ||||||
Sweden (continued) | ||||||||
Volvo AB, Class B | 121,060 | $ | 1,325,030 | |||||
31,815,380 | ||||||||
Switzerland — 9.3% |
| |||||||
ABB, Ltd. | 174,560 | 3,920,483 | ||||||
Actelion, Ltd. | 8,051 | 957,867 | ||||||
Adecco SA | 13,774 | 967,710 | ||||||
Aryzta AG | 7,089 | 565,946 | ||||||
Baloise Holding AG | 3,794 | 495,783 | ||||||
Barry Callebaut AG | 177 | 189,509 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 8 | 478,136 | ||||||
Chocoladefabriken Lindt & Sprungli AG (Participation Certificate) | 73 | 367,891 | ||||||
Cie Financiere Richemont SA | 41,470 | 3,901,164 | ||||||
Coca-Cola HBC AG CDI | 15,806 | 358,943 | ||||||
Credit Suisse Group AG | 121,411 | 3,246,008 | ||||||
EMS-Chemie Holding AG | 662 | 245,744 | ||||||
Geberit AG | 2,976 | 1,037,247 | ||||||
Givaudan SA | 729 | 1,299,858 | ||||||
Holcim, Ltd. | 18,568 | 1,371,811 | ||||||
Julius Baer Group, Ltd. | 18,001 | 816,033 | ||||||
Kuehne & Nagel International AG | 4,358 | 587,084 | ||||||
Lonza Group AG | 4,218 | 496,158 | ||||||
Nestle SA | 256,601 | 19,276,627 | ||||||
Novartis AG | 182,960 | 17,713,446 | ||||||
Pargesa Holding SA (BR) | 2,466 | 196,361 | ||||||
Partners Group Holding AG | 1,397 | 401,416 | ||||||
Roche Holding AG | 55,829 | 16,729,912 | ||||||
Schindler Holding AG | 1,715 | 239,736 | ||||||
Schindler Holding AG (Participation Certificate) | 3,477 | 496,123 | ||||||
SGS SA | 438 | 947,885 | ||||||
Sika AG (BR) | 174 | 662,668 | ||||||
Sonova Holding AG | 4,324 | 654,589 | ||||||
Sulzer AG | 1,926 | 215,186 | ||||||
Swatch Group AG | 3,981 | 366,668 | ||||||
Swatch Group AG (BR) | 2,477 | 1,224,714 | ||||||
Swiss Life Holding AG | 2,563 | 587,573 | ||||||
Swiss Prime Site AG | 4,611 | 355,702 | ||||||
Swiss Re AG | 27,956 | 2,391,059 | ||||||
Swisscom AG | 1,871 | 1,136,258 | ||||||
Syngenta AG | 7,468 | 2,461,366 | ||||||
Transocean, Ltd.# | 27,921 | 591,523 | ||||||
UBS AG | 291,622 | 5,254,179 | ||||||
Zurich Insurance Group AG | 11,972 | 3,753,685 | ||||||
96,960,051 | ||||||||
United Kingdom — 19.0% |
| |||||||
3i Group PLC | 78,162 | 542,770 | ||||||
Aberdeen Asset Management PLC | 74,263 | 522,547 | ||||||
Admiral Group PLC | 15,191 | 294,608 | ||||||
Aggreko PLC | 20,750 | 497,505 | ||||||
Amec Foster Wheeler PLC | 30,839 | 450,730 | ||||||
Anglo American PLC | 111,341 | 2,301,225 | ||||||
Antofagasta PLC | 31,438 | 362,376 | ||||||
ARM Holdings PLC | 113,582 | 1,624,539 | ||||||
Ashtead Group PLC | 40,002 | 659,416 | ||||||
Associated British Foods PLC | 28,568 | 1,431,112 | ||||||
AstraZeneca PLC | 100,344 | 7,501,639 | ||||||
Aviva PLC | 237,416 | 1,886,299 | ||||||
Babcock International Group PLC | 19,809 | 352,257 | ||||||
BAE Systems PLC | 253,094 | 1,904,382 | ||||||
Barclays PLC | 1,304,614 | 5,002,082 | ||||||
BG Group PLC | 270,405 | 3,807,068 | ||||||
BHP Billiton PLC | 168,120 | 3,988,796 | ||||||
BP PLC | 1,468,722 | 9,652,338 |
131 |
Table of Contents
VALIC Company I International Equities Index Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
United Kingdom (continued) | ||||||||
British American Tobacco PLC | 148,107 | $ | 8,789,558 | |||||
British Land Co. PLC | 79,500 | 954,916 | ||||||
BT Group PLC | 646,819 | 4,149,687 | ||||||
Bunzl PLC | 26,910 | 751,678 | ||||||
Burberry Group PLC | 35,491 | 915,881 | ||||||
Capita PLC | 53,034 | 887,514 | ||||||
Carnival PLC | 14,962 | 659,896 | ||||||
Centrica PLC | 406,700 | 1,810,281 | ||||||
Cobham PLC | 90,354 | 426,202 | ||||||
Compass Group PLC | 134,924 | 2,300,131 | ||||||
Croda International PLC | 11,149 | 427,905 | ||||||
Diageo PLC | 200,424 | 6,209,707 | ||||||
Direct Line Insurance Group PLC | 119,198 | 549,024 | ||||||
Dixons Carphone PLC | 78,343 | 518,663 | ||||||
easyJet PLC | 12,982 | 335,623 | ||||||
Fresnillo PLC# | 17,358 | 193,293 | ||||||
G4S PLC | 122,198 | 528,249 | ||||||
GKN PLC | 133,318 | 719,983 | ||||||
GlaxoSmithKline PLC | 385,792 | 8,960,176 | ||||||
Hammerson PLC | 61,969 | 603,809 | ||||||
Hargreaves Lansdown PLC# | 19,158 | 292,290 | ||||||
HSBC Holdings PLC | 1,522,733 | 15,170,506 | ||||||
ICAP PLC | 44,695 | 291,356 | ||||||
IMI PLC | 21,827 | 403,163 | ||||||
Imperial Tobacco Group PLC | 76,150 | 3,525,320 | ||||||
Inmarsat PLC | 34,465 | 428,262 | ||||||
InterContinental Hotels Group PLC | 19,286 | 817,426 | ||||||
Intertek Group PLC | 13,054 | 476,724 | ||||||
Intu Properties PLC# | 71,819 | 400,888 | ||||||
Investec PLC | 44,336 | 410,502 | ||||||
ITV PLC | 311,293 | 1,042,859 | ||||||
J Sainsbury PLC# | 99,052 | 361,577 | ||||||
Johnson Matthey PLC | 16,586 | 862,781 | ||||||
Kingfisher PLC | 187,745 | 916,136 | ||||||
Land Securities Group PLC | 62,748 | 1,165,878 | ||||||
Lloyds Banking Group PLC† | 4,560,365 | 5,730,894 | ||||||
London Stock Exchange Group PLC | 17,816 | 628,338 | ||||||
Marks & Spencer Group PLC | 132,807 | 1,014,664 | ||||||
Meggitt PLC | 63,380 | 498,605 | ||||||
Melrose Industries PLC | 86,865 | 351,462 | ||||||
Merlin Entertainments PLC* | 38,958 | 230,926 | ||||||
National Grid PLC | 297,452 | 4,326,500 | ||||||
Next PLC | 12,251 | 1,298,129 | ||||||
Old Mutual PLC | 396,419 | 1,241,859 | ||||||
Pearson PLC | 65,617 | 1,263,314 | ||||||
Persimmon PLC | 24,270 | 581,901 | ||||||
Prudential PLC | 204,657 | 4,954,895 | ||||||
Reckitt Benckiser Group PLC | 51,563 | 4,237,871 | ||||||
Reed Elsevier PLC | 90,513 | 1,575,589 | ||||||
Rexam PLC | 56,165 | 397,398 | ||||||
Rio Tinto PLC | 101,168 | 4,734,937 | ||||||
Rolls-Royce Holdings PLC | 150,333 | 1,980,893 | ||||||
Rolls-Royce Holdings PLC, Class C (Entitlement Shares)† | 13,810,410 | 21,599 | ||||||
Royal Bank of Scotland Group PLC† | 201,221 | 1,244,048 | ||||||
Royal Dutch Shell PLC, Class A | 314,156 | 10,477,828 | ||||||
Royal Dutch Shell PLC, Class B | 194,212 | 6,752,310 | ||||||
Royal Mail PLC | 51,914 | 339,226 | ||||||
RSA Insurance Group PLC† | 80,737 | 591,209 | ||||||
SABMiller PLC | 76,553 | 4,267,139 | ||||||
Sage Group PLC | 89,107 | 567,348 | ||||||
Schroders PLC | 10,082 | 424,954 | ||||||
Segro PLC | 60,653 | 372,141 | ||||||
Severn Trent PLC | 18,963 | 605,916 | ||||||
Sky PLC | 81,874 | 1,193,435 |
Security Description | Shares | Value (Note 2) | ||||||
United Kingdom (continued) | ||||||||
Smith & Nephew PLC | 72,101 | $ | 1,251,703 | |||||
Smiths Group PLC | 31,831 | 575,997 | ||||||
Sports Direct International PLC†# | 22,455 | 231,965 | ||||||
SSE PLC | 76,241 | 1,955,552 | ||||||
Standard Chartered PLC | 195,992 | 2,872,507 | ||||||
Standard Life PLC | 193,122 | 1,280,662 | ||||||
Tate & Lyle PLC# | 37,363 | 352,660 | ||||||
Tesco PLC | 643,134 | 1,875,429 | ||||||
Travis Perkins PLC | 20,112 | 568,395 | ||||||
TUI Travel PLC | 41,080 | 285,716 | ||||||
Tullow Oil PLC | 72,315 | 481,809 | ||||||
Unilever PLC | 102,019 | 4,317,633 | ||||||
United Utilities Group PLC | 53,751 | 761,223 | ||||||
Vodafone Group PLC | 2,105,030 | 7,702,261 | ||||||
Weir Group PLC | 17,231 | 505,569 | ||||||
Whitbread PLC | 14,710 | 1,055,306 | ||||||
William Hill PLC | 70,850 | 371,212 | ||||||
WM Morrison Supermarkets PLC# | 167,657 | 468,055 | ||||||
198,858,515 | ||||||||
Total Common Stocks | ||||||||
(cost $969,735,830) | 1,019,917,522 | |||||||
PREFERRED SECURITIES — 0.6% |
| |||||||
Germany — 0.6% |
| |||||||
Bayerische Motoren Werke AG | 4,323 | 367,285 | ||||||
Fuchs Petrolub SE# | 5,866 | 242,840 | ||||||
Henkel AG & Co. KGaA | 14,415 | 1,600,302 | ||||||
Porsche Automobil Holding SE | 12,372 | 1,078,229 | ||||||
Volkswagen AG# | 12,977 | 2,990,475 | ||||||
Total Preferred Securities | ||||||||
(cost $5,926,597) | 6,279,131 | |||||||
RIGHTS† — 0.0% |
| |||||||
Australia — 0.0% |
| |||||||
Harvey Norman Holdings, Ltd. | 1,950 | 2,988 | ||||||
Bermuda — 0.0% |
| |||||||
Shangri-La Asia, Ltd | 16,285 | 714 | ||||||
France — 0.0% |
| |||||||
Arkema SA | 4,496 | 13,238 | ||||||
Spain — 0.0% |
| |||||||
CaixaBank SA | 143,428 | 9,637 | ||||||
Telefonica SA | 332,342 | 152,180 | ||||||
161,817 | ||||||||
Total Rights | ||||||||
(cost $148,903) | 178,757 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $975,811,330) | 1,026,375,410 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.4% |
| |||||||
Registered Investment Companies — 5.2% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | 54,490,703 | 54,490,703 | ||||||
132 |
Table of Contents
VALIC Company I International Equities Index Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | $ | 2,100,000 | $ | 2,099,990 | ||||
Total Short-Term Investment Securities |
| |||||||
(cost $56,590,693) | 56,590,693 | |||||||
REPURCHASE AGREEMENTS — 1.5% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(4) | 15,450,000 | 15,450,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $1,047,852,023)(5) | 104.8 | % | 1,098,416,103 | |||||
Liabilities in excess of other assets | (4.8 | ) | (50,597,698 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 1,047,818,405 | ||||
# | 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, 2014, the aggregate value of these securities was $402,414 representing 0.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
** | See Note 1 |
@ | 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, 2014, the aggregate value of these securities was $15,963 representing 0.0% of net assets. |
(3) | At November 30, 2014, the Fund had loaned securities with a total value of $52,715,847. This was secured by collateral of $54,490,703, which was received in cash and subsequently invested in short-term investments currently valued at $54,490,703 as reported in the portfolio of investments. Additional collateral of $1,458,409 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||
United States Treasury Notes/Bonds | 0.13% to 8.00% | 12/31/2014 to 05/15/2043 | $1,458,409 |
(4) | See Note 2 for details of Joint Repurchase Agreements. |
(5) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
BR—Bearer Shares
CDI—Chess Depository Interest
CVA—Certification Van Aandelen (Dutch Cert.) EUR—Euro Dollar
FDR—Federal Depository Receipt
HKD—Hong Kong Dollar
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, 2014 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
290 | Long | E-Mini MSCI EAFE Index | December 2014 | $ | 26,120,990 | $ | 26,627,800 | $ | 506,810 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Australia | $ | 75,350,986 | $ | — | $ | 0 | $ | 75,350,986 | ||||||||
Portugal | 1,625,214 | — | 15,963 | 1,641,177 | ||||||||||||
Sweden | 31,508,082 | 307,298 | — | 31,815,380 | ||||||||||||
United Kingdom | 198,836,916 | 21,599 | — | 198,858,515 | ||||||||||||
Other Countries | 712,251,464 | — | — | 712,251,464 | ||||||||||||
Preferred Securities | 6,279,131 | — | — | 6,279,131 | ||||||||||||
Rights | 178,757 | — | — | 178,757 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 54,490,703 | — | — | 54,490,703 | ||||||||||||
U.S. Government Treasuries | — | 2,099,990 | — | 2,099,990 | ||||||||||||
Repurchase Agreements | — | 15,450,000 | — | 15,450,000 | ||||||||||||
Total Investments at Value | $ | 1,080,521,253 | $ | 17,878,887 | $ | 15,963 | $ | 1,098,416,103 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts | $ | 506,810 | $ | — | $ | — | $ | 506,810 | ||||||||
133 |
Table of Contents
VALIC Company I International Equities Index Fund**
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
* | For a detailed presentation of investments, 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 were not considered a material portion of the Fund.
See Notes to Financial Statements
134 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Sovereign | 66.8 | % | ||
United States Treasury Notes | 15.3 | |||
United States Treasury Bonds | 3.3 | |||
Banks — Commercial | 2.4 | |||
Time Deposits | 1.2 | |||
Oil Companies — Integrated | 0.9 | |||
Auto — Cars/Light Trucks | 0.8 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Brewery | 0.5 | |||
Registered Investment Companies | 0.5 | |||
Food — Meat Products | 0.4 | |||
Electric — Integrated | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Banks — Special Purpose | 0.4 | |||
Real Estate Operations & Development | 0.4 | |||
Sovereign Agency | 0.3 | |||
Municipal Bonds | 0.3 | |||
Independent Power Producers | 0.3 | |||
Steel — Producers | 0.3 | |||
Gold Mining | 0.3 | |||
Industrial Gases | 0.2 | |||
Pipelines | 0.2 | |||
Banks — Export/Import | 0.2 | |||
Building Products — Cement | 0.2 | |||
Paper & Related Products | 0.2 | |||
Petrochemicals | 0.2 | |||
Diversified Operations | 0.2 | |||
Transport — Services | 0.2 | |||
Diversified Minerals | 0.2 | |||
Sugar | 0.2 | |||
Building & Construction — Misc. | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Electric — Generation | 0.1 | |||
Metal — Iron | 0.1 | |||
Electric — Distribution | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Steel — Specialty | 0.1 | |||
Gas — Transportation | 0.1 | |||
Metal — Diversified | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
SupraNational Banks | 0.1 | |||
99.1 | % | |||
Country Allocation*
United States | 21.1 | % | ||
Japan | 11.5 | |||
Italy | 6.2 | |||
Spain | 4.9 | |||
United Kingdom | 3.1 | |||
Turkey | 2.4 | |||
Mexico | 2.3 | |||
Indonesia | 2.2 | |||
South Africa | 2.2 | |||
Brazil | 2.0 | |||
Netherlands | 2.0 | |||
El Salvador | 1.7 | |||
Lebanon | 1.7 | |||
Belgium | 1.6 | |||
Peru | 1.6 | |||
Hungary | 1.5 | |||
Venezuela | 1.4 | |||
Canada | 1.4 | |||
France | 1.3 | |||
Poland | 1.3 | |||
Austria | 1.2 |
Germany | 1.2 | |||
Colombia | 1.2 | |||
Ireland | 1.2 | |||
Lithuania | 1.1 | |||
Uruguay | 1.0 | |||
Dominican Republic | 1.0 | |||
Philippines | 1.0 | |||
Panama | 1.0 | |||
Australia | 0.9 | |||
Costa Rica | 0.9 | |||
Croatia | 0.9 | |||
Luxembourg | 0.9 | |||
Malaysia | 0.7 | |||
British Virgin Islands | 0.7 | |||
Thailand | 0.7 | |||
Sweden | �� | 0.7 | ||
Kazakhstan | 0.6 | |||
Russia | 0.6 | |||
Sri Lanka | 0.6 | |||
Guatemala | 0.5 | |||
Latvia | 0.5 | |||
Singapore | 0.5 | |||
Norway | 0.5 | |||
Kenya | 0.5 | |||
Serbia | 0.4 | |||
Denmark | 0.4 | |||
New Zealand | 0.4 | |||
Pakistan | 0.4 | |||
Cayman Islands | 0.4 | |||
Bahrain | 0.4 | |||
Senegal | 0.4 | |||
Finland | 0.4 | |||
Ukraine | 0.3 | |||
Jersey | 0.3 | |||
Egypt | 0.2 | |||
Morocco | 0.2 | |||
Belarus | 0.2 | |||
Chile | 0.2 | |||
Nigeria | 0.1 | |||
Paraguay | 0.1 | |||
United Arab Emirates | 0.1 | |||
South Korea | 0.1 | |||
SupraNational | 0.1 | |||
99.1 | % | |||
Credit Quality Allocation†#
Aaa | 26.1 | % | ||
Aa | 16.7 | |||
A | 7.0 | |||
Baa | 31.2 | |||
Ba | 7.1 | |||
B | 3.2 | |||
Caa | 2.6 | |||
Not Rated@ | 6.1 | |||
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. |
135 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES — 11.7% |
| |||||||
Australia — 0.1% |
| |||||||
Westpac Banking Corp. | $ | 270,000 | $ | 271,583 | ||||
Austria — 0.1% |
| |||||||
ESAL GmbH | 200,000 | 200,750 | ||||||
Belgium — 0.3% |
| |||||||
Anheuser-Busch InBev NV | EUR | 400,000 | 532,127 | |||||
Brazil — 0.7% |
| |||||||
Banco ABC Brasil SA | BRL | 1,600,000 | 595,746 | |||||
BRF SA | 200,000 | 187,700 | ||||||
BRF SA | BRL | 500,000 | 169,211 | |||||
Oi SA | BRL | 500,000 | 179,835 | |||||
Samarco Mineracao SA | 250,000 | 229,063 | ||||||
1,361,555 | ||||||||
British Virgin Islands — 0.7% |
| |||||||
Gold Fields Orogen Holdings BVI, Ltd. | 320,000 | 281,600 | ||||||
GTL Trade Finance, Inc. | 200,000 | 203,500 | ||||||
LS Finance 2022, Ltd. | 250,000 | 251,076 | ||||||
OAS Finance, Ltd. | 200,000 | 88,000 | ||||||
Sinopec Group Overseas Development 2014, Ltd. | 275,000 | 291,498 | ||||||
State Grid Overseas Investment 2014, Ltd. | 200,000 | 211,381 | ||||||
1,327,055 | ||||||||
Canada — 0.1% |
| |||||||
Pacific Rubiales Energy Corp. | 300,000 | 276,750 | ||||||
Cayman Islands — 0.4% |
| |||||||
Country Garden Holdings Co., Ltd. | 200,000 | 197,500 | ||||||
Country Garden Holdings Co., Ltd. | 200,000 | 196,500 | ||||||
Country Garden Holdings Co., Ltd. | 300,000 | 320,625 | ||||||
714,625 | ||||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Chile — 0.2% |
| |||||||
Celulosa Arauco y Constitucion SA | $ 200,000 | $ | 199,693 | |||||
E.CL SA | 200,000 | 203,135 | ||||||
402,828 | ||||||||
Colombia — 0.5% |
| |||||||
Banco de Bogota SA | 260,000 | 274,430 | ||||||
Ecopetrol SA | 165,000 | 160,875 | ||||||
Empresas Publicas de Medellin ESP | COP | 80,000,000 | 38,672 | |||||
Transportadora de Gas Internacional SA ESP | 400,000 | 425,000 | ||||||
898,977 | ||||||||
Indonesia — 0.4% |
| |||||||
PT Pertamina Persero | 318,000 | 327,540 | ||||||
PT Perusahaan Listrik Negara | 480,000 | 515,400 | ||||||
842,940 | ||||||||
Ireland — 0.1% |
| |||||||
Rosneft Oil Co. via Rosneft International Finance, Ltd. | 200,000 | 164,514 | ||||||
Jersey — 0.3% |
| |||||||
Burgan Finance No. 1 Jersey, Ltd. | 300,000 | 352,500 | ||||||
Polyus Gold International, Ltd. | 250,000 | 218,750 | ||||||
571,250 | ||||||||
Kazakhstan — 0.3% |
| |||||||
Development Bank of Kazakhstan JSC | 400,000 | 367,000 | ||||||
KazMunayGas National Co. JSC | 250,000 | 271,550 | ||||||
638,550 | ||||||||
Luxembourg — 0.9% |
| |||||||
Cosan Luxembourg SA | BRL | 825,000 | 287,883 | |||||
Gazprom Neft OAO Via GPN Capital SA | 200,000 | 165,750 | ||||||
Gazprom OAO Via Gaz Capital SA | 240,000 | 231,900 |
136 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) |
| |||||||
Luxembourg (continued) |
| |||||||
Klabin Finance SA | $ 200,000 | $ | 194,940 | |||||
Minerva Luxembourg SA | 200,000 | 206,540 | ||||||
Severstal OAO Via Steel Capital SA | 350,000 | 326,179 | ||||||
Severstal OAO Via Steel Capital SA | 200,000 | 184,319 | ||||||
1,597,511 | ||||||||
Mexico — 0.5% |
| |||||||
Alpek SAB de CV | 310,000 | 323,950 | ||||||
Cemex SAB de CV | 200,000 | 202,000 | ||||||
Elementia SAB de CV | 200,000 | 200,800 | ||||||
Empresas ICA SAB de CV | 200,000 | 190,000 | ||||||
916,750 | ||||||||
Netherlands — 1.3% |
| |||||||
BMW Finance NV | EUR | 400,000 | 498,819 | |||||
Daimler International Finance BV | GBP | 200,000 | 333,701 | |||||
Enel Finance International NV | EUR | 350,000 | 520,136 | |||||
Linde Finance BV | EUR | 350,000 | 460,059 | |||||
Petrobras Global Finance BV | EUR | 400,000 | 493,753 | |||||
Petrobras Global Finance BV | 120,000 | 110,827 | ||||||
2,417,295 | ||||||||
Nigeria — 0.1% |
| |||||||
Zenith Bank PLC | 275,000 | 268,125 | ||||||
Peru — 0.4% |
| |||||||
Alicorp SAA | 150,000 | 144,938 | ||||||
InRetail Consumer | 60,000 | 60,330 | ||||||
Transportadora de Gas del Peru SA | 200,000 | 193,200 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Peru (continued) |
| |||||||
Volcan Cia Minera SAA | $ 310,000 | $ | 306,900 | |||||
705,368 | ||||||||
Singapore — 0.1% |
| |||||||
Oversea-Chinese Banking Corp., Ltd. VRS | 200,000 | 206,183 | ||||||
South Africa — 0.2% |
| |||||||
Transnet SOC, Ltd. | 320,000 | 306,998 | ||||||
South Korea — 0.1% |
| |||||||
Hana Bank | 200,000 | 209,787 | ||||||
SupraNational — 0.1% |
| |||||||
Eurasian Development Bank | RUB | 6,000,000 | 105,184 | |||||
Sweden — 0.4% |
| |||||||
PKO Finance AB | 305,000 | 321,775 | ||||||
Svensk Exportkredit AB | 400,000 | 408,535 | ||||||
730,310 | ||||||||
Thailand — 0.7% |
| |||||||
Bangkok Bank PCL | 500,000 | 507,040 | ||||||
Bangkok Bank PCL | 300,000 | 311,099 | ||||||
Siam Commercial Bank PCL | 200,000 | 207,001 | ||||||
Thai Oil PCL | 200,000 | 199,047 | ||||||
1,224,187 | ||||||||
Turkey — 0.9% |
| |||||||
Akbank TAS | TRY | 1,336,000 | 568,203 | |||||
KOC Holding AS | 330,000 | 318,038 | ||||||
Turkiye Halk Bankasi AS | 200,000 | 196,500 | ||||||
Turkiye Is Bankasi AS | 200,000 | 206,040 | ||||||
Turkiye Is Bankasi AS | 310,000 | 328,873 | ||||||
1,617,654 | ||||||||
137 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) |
| |||||||
United Arab Emirates — 0.1% |
| |||||||
Abu Dhabi National Energy Co. | $ | 200,000 | $ | 235,000 | ||||
United Kingdom — 0.6% |
| |||||||
City of Kyiv Via Kyiv Finance PLC | 750,000 | 525,000 | ||||||
SABMiller PLC | EUR | 400,000 | 500,597 | |||||
Vedanta Resources PLC | 200,000 | 191,760 | ||||||
1,217,357 | ||||||||
United States — 0.8% |
| |||||||
Cemex Finance LLC | 200,000 | 200,250 | ||||||
Fifth Third Bancorp | 200,000 | 204,880 | ||||||
Reliance Holding USA, Inc. | 500,000 | 531,299 | ||||||
Toyota Motor Credit Corp. | 500,000 | 507,499 | ||||||
1,443,928 | ||||||||
Venezuela — 0.3% |
| |||||||
Petroleos de Venezuela SA | 300,000 | 127,200 | ||||||
Petroleos de Venezuela SA | 700,000 | 490,000 | ||||||
617,200 | ||||||||
Corporate Bonds & Notes | ||||||||
(cost $23,121,763) | 22,022,341 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 67.1% |
| |||||||
Australia — 0.8% |
| |||||||
Commonwealth of Australia | AUD | 350,000 | 308,249 | |||||
Commonwealth of Australia | AUD | 1,225,000 | 1,226,998 | |||||
1,535,247 | ||||||||
Austria — 1.1% |
| |||||||
Republic of Austria | EUR | 500,000 | 759,197 | |||||
Republic of Austria | EUR | 740,000 | 1,365,961 | |||||
2,125,158 | ||||||||
Bahrain — 0.4% |
| |||||||
Kingdom of Bahrain | 680,000 | 695,300 | ||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Belarus — 0.2% |
| |||||||
Republic of Belarus | $ 400,000 | $ | 403,500 | |||||
Belgium — 1.3% |
| |||||||
Kingdom of Belgium | EUR | 1,735,000 | 2,423,924 | |||||
Brazil — 1.3% |
| |||||||
Federative Republic of Brazil | EUR | 350,000 | 452,272 | |||||
Federative Republic of Brazil | 300,000 | 327,000 | ||||||
Federative Republic of Brazil | 300,000 | 384,000 | ||||||
Federative Republic of Brazil | 500,000 | 687,500 | ||||||
Federative Republic of Brazil | BRL | 1,100,000 | 494,278 | |||||
2,345,050 | ||||||||
Canada — 1.3% |
| |||||||
Government of Canada | CAD | 885,000 | 782,612 | |||||
Government of Canada | CAD | 1,085,000 | 1,049,839 | |||||
Government of Canada | CAD | 410,000 | 519,982 | |||||
2,352,433 | ||||||||
Colombia — 0.7% |
| |||||||
Republic of Colombia | 420,000 | 395,010 | ||||||
Republic of Colombia | 270,000 | 364,500 | ||||||
Republic of Colombia | COP | 900,000,000 | 530,501 | |||||
1,290,011 | ||||||||
Costa Rica — 0.9% |
| |||||||
Republic of Costa Rica | 200,000 | 184,750 | ||||||
Republic of Costa Rica | 1,050,000 | 969,937 | ||||||
Republic of Costa Rica | 200,000 | 173,000 | ||||||
Republic of Costa Rica | 500,000 | 432,500 | ||||||
1,760,187 | ||||||||
138 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Croatia — 0.9% |
| |||||||
Republic of Croatia | $ | 650,000 | $ | 683,072 | ||||
Republic of Croatia | 900,000 | 1,004,625 | ||||||
1,687,697 | ||||||||
Denmark — 0.4% |
| |||||||
Kingdom of Denmark | DKK | 4,100,000 | 809,757 | |||||
Dominican Republic — 1.0% | ||||||||
Dominican Republic | 300,000 | 313,500 | ||||||
Dominican Republic | 700,000 | 766,500 | ||||||
Dominican Republic | 390,000 | 439,140 | ||||||
Dominican Republic | 300,000 | 365,250 | ||||||
1,884,390 | ||||||||
Egypt — 0.2% |
| |||||||
Arab Republic of Egypt | 400,000 | 425,000 | ||||||
El Salvador — 1.7% |
| |||||||
Republic of El Salvador | 225,000 | 226,406 | ||||||
Republic of El Salvador | 700,000 | 704,375 | ||||||
Republic of El Salvador | 500,000 | 555,000 | ||||||
Republic of El Salvador | 1,120,000 | 1,219,400 | ||||||
Republic of El Salvador | 340,000 | 399,500 | ||||||
3,104,681 | ||||||||
Finland — 0.4% |
| |||||||
Government of Finland | EUR | 440,000 | 671,705 | |||||
France — 1.3% |
| |||||||
Government of France | EUR | 400,000 | 620,859 | |||||
Government of France | EUR | 350,000 | 670,050 | |||||
Government of France | EUR | 600,000 | 1,140,980 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
France (continued) |
| |||||||
Government of France | EUR | 347 | $ | 661 | ||||
2,432,550 | ||||||||
Germany — 1.2% |
| |||||||
Federal Republic of Germany | EUR | 380,000 | 547,475 | |||||
Federal Republic of Germany | EUR | 950,000 | 1,745,998 | |||||
2,293,473 | ||||||||
Guatemala — 0.5% |
| |||||||
Republic of Guatemala | 350,000 | 354,375 | ||||||
Republic of Guatemala | 600,000 | 658,500 | ||||||
1,012,875 | ||||||||
Hungary — 1.5% |
| |||||||
Republic of Hungary | 980,000 | 1,071,875 | ||||||
Republic of Hungary | 308,000 | 344,040 | ||||||
Republic of Hungary | 600,000 | 691,122 | ||||||
Republic of Hungary | 550,000 | 739,750 | ||||||
2,846,787 | ||||||||
Indonesia — 1.8% |
| |||||||
Perusahaan Penerbit SBSN | 600,000 | 574,500 | ||||||
Republic of Indonesia | 330,000 | 311,437 | ||||||
Republic of Indonesia | 230,000 | 265,363 | ||||||
Republic of Indonesia | 830,000 | 1,172,375 | ||||||
Republic of Indonesia | 790,000 | 1,062,550 | ||||||
3,386,225 | ||||||||
Ireland — 1.1% |
| |||||||
Republic of Ireland | EUR | 790,000 | 1,154,380 | |||||
Republic of Ireland | EUR | 270,000 | 405,680 | |||||
Republic of Ireland | EUR | 330,000 | 436,229 | |||||
1,996,289 | ||||||||
139 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Italy — 6.2% |
| |||||||
Republic of Italy | EUR | 270,000 | $ | 363,510 | ||||
Republic of Italy | EUR | 1,800,000 | 2,606,340 | |||||
Republic of Italy | JPY | 110,000,000 | 946,396 | |||||
Republic of Italy | EUR | 1,650,000 | 2,295,565 | |||||
Republic of Italy | EUR | 800,000 | 1,094,655 | |||||
Republic of Italy | EUR | 1,150,000 | 1,734,333 | |||||
Republic of Italy | EUR | 1,020,000 | 1,606,916 | |||||
Republic of Italy | EUR | 532,912 | 1,054,438 | |||||
11,702,153 | ||||||||
Japan — 11.5% |
| |||||||
Government of Japan | JPY | 340,000,000 | 3,004,478 | |||||
Government of Japan | JPY | 185,000,000 | 1,636,629 | |||||
Government of Japan | JPY | 132,000,000 | 1,172,016 | |||||
Government of Japan | JPY | 180,000,000 | 1,606,021 | |||||
Government of Japan | JPY | 254,000,000 | 2,268,079 | |||||
Government of Japan | JPY | 190,000,000 | 1,688,779 | |||||
Government of Japan | JPY | 62,500,000 | 544,911 | |||||
Government of Japan | JPY | 110,000,000 | 977,787 | |||||
Government of Japan | JPY | 53,000,000 | 503,091 | |||||
Government of Japan | JPY | 225,000,000 | 2,068,868 | |||||
Government of Japan | JPY | 182,700,000 | 1,777,797 | |||||
Government of Japan | JPY | 285,000,000 | 2,731,809 | |||||
Government of Japan | JPY | 128,000,000 | 1,272,376 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Government of Japan | JPY | 33,000,000 | $ | 331,195 | ||||
21,583,836 | ||||||||
Kazakhstan — 0.3% |
| |||||||
Republic of Kazakhstan | 360,000 | 351,000 | ||||||
Republic of Kazakhstan | 230,000 | 217,350 | ||||||
568,350 | ||||||||
Kenya — 0.5% |
| |||||||
Republic of Kenya | 860,000 | 919,340 | ||||||
Latvia — 0.5% |
| |||||||
Republic of Latvia | 300,000 | 324,696 | ||||||
Republic of Latvia | 610,000 | 687,775 | ||||||
1,012,471 | ||||||||
Lebanon — 1.7% |
| |||||||
Lebanese Republic | 1,980,000 | 2,006,730 | ||||||
Lebanese Republic | 1,050,000 | 1,086,750 | ||||||
3,093,480 | ||||||||
Lithuania — 1.1% |
| |||||||
Republic of Lithuania | 600,000 | 730,200 | ||||||
Republic of Lithuania | 1,150,000 | 1,399,400 | ||||||
2,129,600 | ||||||||
Malaysia — 0.7% |
| |||||||
Government of Malaysia | MYR | 1,550,000 | 453,769 | |||||
Government of Malaysia | MYR | 2,940,000 | 889,123 | |||||
1,342,892 | ||||||||
Mexico — 1.8% |
| |||||||
United Mexican States | EUR | 400,000 | 522,506 | |||||
United Mexican States | 700,000 | 701,680 | ||||||
United Mexican States | MXN | 21,760,000 | 1,672,237 |
140 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Mexico (continued) |
| |||||||
United Mexican States | MXN | 2,900,000 | $ | 235,156 | ||||
United Mexican States | MXN | 2,900,000 | 251,862 | |||||
3,383,441 | ||||||||
Morocco — 0.2% |
| |||||||
Kingdom of Morocco | 400,000 | 410,000 | ||||||
Netherlands — 0.7% |
| |||||||
Government of Netherlands | EUR | 885,000 | 1,242,314 | |||||
New Zealand — 0.4% |
| |||||||
Government of New Zealand | NZD | 1,005,000 | 794,970 | |||||
Norway — 0.5% |
| |||||||
Kingdom of Norway | NOK | 1,300,000 | 209,079 | |||||
Kingdom of Norway | NOK | 3,240,000 | 493,916 | |||||
Kingdom of Norway | NOK | 1,800,000 | 260,216 | |||||
963,211 | ||||||||
Pakistan — 0.4% |
| |||||||
Islamic Republic of Pakistan | 700,000 | 736,890 | ||||||
Panama — 1.0% |
| |||||||
Republic of Panama | 600,000 | 662,400 | ||||||
Republic of Panama | 600,000 | 760,500 | ||||||
Republic of Panama | 300,000 | 382,500 | ||||||
1,805,400 | ||||||||
Paraguay — 0.1% |
| |||||||
Republic of Paraguay | 250,000 | 266,250 | ||||||
Peru — 1.2% |
| |||||||
Republic of Peru | 300,000 | 351,000 | ||||||
Republic of Peru | 300,000 | 386,250 | ||||||
Republic of Peru | 600,000 | 723,000 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Peru (continued) |
| |||||||
Republic of Peru | $ | 490,000 | $ | 764,400 | ||||
2,224,650 | ||||||||
Philippines — 1.0% |
| |||||||
Republic of the Philippines | 500,000 | 666,875 | ||||||
Republic of the Philippines | 710,000 | 1,139,550 | ||||||
1,806,425 | ||||||||
Poland — 1.3% |
| |||||||
Republic of Poland | PLN | 2,000,000 | 677,713 | |||||
Republic of Poland | PLN | 3,220,000 | 1,126,272 | |||||
Republic of Poland | 500,000 | 591,250 | ||||||
2,395,235 | ||||||||
Russia — 0.6% |
| |||||||
Russian Federation | 800,000 | 755,794 | ||||||
Russian Federation | 370,075 | 405,232 | ||||||
1,161,026 | ||||||||
Senegal — 0.4% |
| |||||||
Republic of Senegal | 680,000 | 678,300 | ||||||
Serbia — 0.4% |
| |||||||
Republic of Serbia | 300,000 | 307,066 | ||||||
Republic of Serbia | 500,000 | 529,590 | ||||||
836,656 | ||||||||
Singapore — 0.4% |
| |||||||
Republic of Singapore | SGD | 970,000 | 775,335 | |||||
South Africa — 2.0% |
| |||||||
Republic of South Africa | 300,000 | 315,750 | ||||||
Republic of South Africa | 290,000 | 307,725 | ||||||
Republic of South Africa | 700,000 | 799,750 | ||||||
Republic of South Africa | 600,000 | 714,120 |
141 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
South Africa (continued) |
| |||||||
Republic of South Africa | ZAR | 1,900,000 | $ | 168,357 | ||||
Republic of South Africa | 1,000,000 | 1,151,950 | ||||||
Republic of South Africa | ZAR | 2,500,000 | 228,713 | |||||
3,686,365 | ||||||||
Spain — 4.9% |
| |||||||
Kingdom of Spain | EUR | 1,000,000 | 1,437,203 | |||||
Kingdom of Spain | EUR | 2,200,000 | 3,069,622 | |||||
Kingdom of Spain | EUR | 850,000 | 1,134,250 | |||||
Kingdom of Spain | EUR | 1,230,000 | 1,865,390 | |||||
Kingdom of Spain | EUR | 1,150,000 | 1,673,181 | |||||
9,179,646 | ||||||||
Sri Lanka — 0.6% |
| |||||||
Republic of Sri Lanka | 400,000 | 428,000 | ||||||
Republic of Sri Lanka | 670,000 | 715,225 | ||||||
1,143,225 | ||||||||
Sweden — 0.3% |
| |||||||
Kingdom of Sweden | SEK | 3,000,000 | 484,579 | |||||
Turkey — 1.5% |
| |||||||
Republic of Turkey | 600,000 | 666,000 | ||||||
Republic of Turkey | 250,000 | 281,000 | ||||||
Republic of Turkey | 630,000 | 723,366 | ||||||
Republic of Turkey | 600,000 | 756,030 | ||||||
Republic of Turkey | 228,000 | 406,310 | ||||||
2,832,706 | ||||||||
Ukraine — 0.3% |
| |||||||
Financing of Infrastructural Projects State Enterprise Government Guar. Bonds | 810,000 | 583,362 | ||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
United Kingdom — 2.5% |
| |||||||
United Kingdom Gilt Treasury | GBP | 890,000 | $ | 1,401,490 | ||||
United Kingdom Gilt Treasury | GBP | 465,000 | 820,975 | |||||
United Kingdom Gilt Treasury | GBP | 135,000 | 224,051 | |||||
United Kingdom Gilt Treasury | GBP | 410,000 | 819,467 | |||||
United Kingdom Gilt Treasury | GBP | 450,000 | 917,806 | |||||
United Kingdom Gilt Treasury | GBP | 290,000 | 595,059 | |||||
4,778,848 | ||||||||
Uruguay — 1.0% |
| |||||||
Oriental Republic of Uruguay | 113,000 | 119,780 | ||||||
Oriental Republic of Uruguay | 300,000 | 411,000 | ||||||
Oriental Republic of Uruguay | 250,000 | 344,375 | ||||||
Oriental Republic of Uruguay | 771,809 | 1,018,788 | ||||||
1,893,943 | ||||||||
Venezuela — 1.1% |
| |||||||
Republic of Venezuela | 400,000 | 230,200 | ||||||
Republic of Venezuela | 800,000 | 445,600 | ||||||
Republic of Venezuela | 870,000 | 473,715 | ||||||
Republic of Venezuela | 330,000 | 203,445 | ||||||
Republic of Venezuela | 1,100,000 | 746,900 | ||||||
2,099,860 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $130,185,647) | 125,996,998 | |||||||
U.S. GOVERNMENT TREASURIES — 18.6% |
| |||||||
United States Treasury Bonds | ||||||||
3.00% due 05/15/2042 | 1,720,000 | 1,753,997 | ||||||
4.38% due 02/15/2038 | 1,520,000 | 1,936,456 | ||||||
5.38% due 02/15/2031 | 700,000 | 964,032 | ||||||
5.50% due 08/15/2028 | 1,280,000 | 1,735,100 | ||||||
United States Treasury Notes | ||||||||
0.25% due 12/15/2014 | 2,700,000 | 2,700,000 | ||||||
1.25% due 09/30/2015 | 1,420,000 | 1,433,312 |
142 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
1.88% due 08/31/2017 | $ | 2,305,000 | $ | 2,370,549 | ||||
2.00% due 11/30/2020 | 3,800,000 | 3,851,361 | ||||||
2.13% due 12/31/2015 | 2,125,000 | 2,169,160 | ||||||
2.38% due 03/31/2016 | 3,308,000 | 3,402,847 | ||||||
2.75% due 11/30/2016 | 2,370,000 | 2,476,650 | ||||||
2.75% due 12/31/2017 | 2,150,000 | 2,267,241 | ||||||
2.75% due 02/28/2018 | 4,030,000 | 4,253,540 | ||||||
3.13% due 05/15/2021 | 3,260,000 | 3,515,196 | ||||||
Total U.S. Government Treasuries |
| |||||||
(cost $34,175,722) | 34,829,441 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $187,483,132) | 182,848,780 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.7% |
| |||||||
Registered Investment Companies — 0.5% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 917,020 | 917,020 | ||||||
Time Deposits — 1.2% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | 2,239,000 | 2,239,000 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $3,156,020) | 3,156,020 | |||||||
�� | ||||||||
TOTAL INVESTMENTS — |
| |||||||
(cost $190,639,152)(2) | 99.1 | % | 186,004,800 | |||||
Other assets less liabilities | 0.9 | 1,684,878 | ||||||
NET ASSETS — | 100.0 | % | $ | 187,689,678 | ||||
* | 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, 2014, the aggregate value of these securities was $26,065,156 representing 13.9% 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). |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $901,228. This was secured by collateral of $917,020, which was received in cash and subsequently invested in short-term investments currently valued at $917,020 as reported in the portfolio of investments. |
(2) | See Note 5 for cost of investments on a tax basis. |
(3) | Denominated in United States Dollars unless otherwise indicated. |
(4) | Subsequent to November 30, 2014, security is in default of interest. |
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
COP—Colombian Peso
DKK—Danish Krone
EUR—Euro Dollar
GBP—British Pound
JPY—Japanese Yen
MXN—Mexican Peso
MYR—Malaysian Ringgit
NOK—Norwegian Krone
NZD—New Zealand Dollar
PLN—Polish Zloty
RUB—Russian Ruble
SEK—Swedish Krona
SGD—Singapore Dollar
TRY—Turkish Lira
ZAR—South African Rand
VRS — Variable Rate Security
The rates shown on VRS are the current interest rates at November 30, 2014 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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 22,022,341 | $ | — | $ | 22,022,341 | ||||||||
Foreign Government Obligations | — | 125,996,998 | — | 125,996,998 | ||||||||||||
U.S. Government Treasuries | — | 34,829,441 | — | 34,829,441 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 917,020 | — | — | 917,020 | ||||||||||||
Time Deposits | — | 2,239,000 | — | 2,239,000 | ||||||||||||
Total Investments at Value | $ | 917,020 | $ | 185,087,780 | $ | — | $ | 186,004,800 | ||||||||
* | For a detailed presentation of investments, 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
143 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Banks — Commercial | 8.7 | % | ||
Medical — Drugs | 8.4 | |||
Auto — Cars/Light Trucks | 3.5 | |||
Food — Misc./Diversified | 3.3 | |||
Diversified Banking Institutions | 2.7 | |||
Registered Investment Companies | 2.5 | |||
Oil Companies — Integrated | 2.2 | |||
Semiconductor Components — Integrated Circuits | 1.8 | |||
Brewery | 1.8 | |||
Chemicals — Diversified | 1.8 | |||
Time Deposits | 1.7 | |||
Insurance — Life/Health | 1.7 | |||
Auto/Truck Parts & Equipment — Original | 1.6 | |||
Medical Products | 1.5 | |||
Tobacco | 1.5 | |||
Food — Retail | 1.5 | |||
Diversified Financial Services | 1.5 | |||
Electronic Components — Misc. | 1.5 | |||
Web Portals/ISP | 1.5 | |||
Power Converter/Supply Equipment | 1.4 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Advertising Agencies | 1.2 | |||
Soap & Cleaning Preparation | 1.2 | |||
Food — Catering | 1.2 | |||
Electric Products — Misc. | 1.2 | |||
Electronic Components — Semiconductors | 1.2 | |||
Human Resources | 1.2 | |||
Cosmetics & Toiletries | 1.1 | |||
Hotels/Motels | 1.1 | |||
Metal — Diversified | 1.1 | |||
Industrial Gases | 1.0 | |||
Electronic Measurement Instruments | 1.0 | |||
Retail — Apparel/Shoe | 1.0 | |||
Cable/Satellite TV | 1.0 | |||
Retail — Jewelry | 1.0 | |||
Enterprise Software/Service | 1.0 | |||
Medical — Biomedical/Gene | 0.9 | |||
E-Commerce/Products | 0.9 | |||
Rental Auto/Equipment | 0.9 | |||
Transport — Rail | 0.8 | |||
Beverages — Wine/Spirits | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Airlines | 0.8 | |||
Industrial Automated/Robotic | 0.8 | |||
Casino Hotels | 0.8 | |||
Appliances | 0.8 | |||
Finance — Other Services | 0.8 | |||
Diversified Operations | 0.7 | |||
Wireless Equipment | 0.7 | |||
Commercial Services | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Diversified Operations/Commercial Services | 0.7 | |||
Medical — Generic Drugs | 0.6 | |||
Transactional Software | 0.6 | |||
Publishing — Periodicals | 0.6 | |||
Television | 0.6 | |||
Textile — Apparel | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Finance — Leasing Companies | 0.5 | |||
Containers — Paper/Plastic | 0.5 | |||
Audio/Video Products | 0.5 | |||
Chemicals — Specialty | 0.5 | |||
Building Products — Cement | 0.5 | |||
Retail — Vision Service Center | 0.5 | |||
Building Products — Air & Heating | 0.5 | |||
Advertising Services | 0.5 | |||
Internet Application Software | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Cruise Lines | 0.5 |
Agricultural Chemicals | 0.4 | |||
Machinery — Farming | 0.4 | |||
Computer Services | 0.4 | |||
Real Estate Management/Services | 0.4 | |||
Telephone — Integrated | 0.4 | |||
Computers — Integrated Systems | 0.4 | |||
Building & Construction — Misc. | 0.4 | |||
Investment Companies | 0.4 | |||
Broadcast Services/Program | 0.4 | |||
Engineering/R&D Services | 0.4 | |||
Transport — Services | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Insurance — Multi-line | 0.3 | |||
Retail — Building Products | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Building & Construction Products — Misc. | 0.3 | |||
Electric — Integrated | 0.3 | |||
Optical Supplies | 0.3 | |||
Aerospace/Defense | 0.3 | |||
Rubber — Tires | 0.3 | |||
Investment Management/Advisor Services | 0.3 | |||
Insurance — Property/Casualty | 0.3 | |||
Retail — Home Furnishings | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
E-Commerce/Services | 0.2 | |||
Athletic Footwear | 0.2 | |||
Food — Meat Products | 0.2 | |||
Schools | 0.2 | |||
Diversified Minerals | 0.2 | |||
Multimedia | 0.2 | |||
Gas — Distribution | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Beverages — Non-alcoholic | 0.1 | |||
Computer Aided Design | 0.1 | |||
Applications Software | 0.1 | |||
Telecom Services | 0.1 | |||
Consulting Services | 0.1 | |||
Mining Services | 0.1 | |||
102.2 | % | |||
Country Allocation*
United Kingdom | 18.3 | % | ||
Japan | 13.8 | |||
Switzerland | 9.9 | |||
France | 7.6 | |||
Germany | 7.5 | |||
Netherlands | 4.9 | |||
United States | 4.2 | |||
Canada | 3.3 | |||
Denmark | 2.8 | |||
Australia | 2.5 | |||
Cayman Islands | 2.4 | |||
Spain | 2.2 | |||
Sweden | 2.2 | |||
Jersey | 2.2 | |||
Singapore | 1.9 | |||
Hong Kong | 1.8 | |||
India | 1.8 | |||
Brazil | 1.6 | |||
Taiwan | 1.6 | |||
Belgium | 1.5 | |||
Italy | 1.2 | |||
Mexico | 1.0 | |||
South Korea | 1.0 | |||
Ireland | 0.8 | |||
Bermuda | 0.8 |
144 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)
Country Allocation* (continued)
Israel | 0.7 | % | ||
China | 0.7 | |||
Turkey | 0.5 | |||
Russia | 0.5 | |||
Thailand | 0.4 | |||
Norway | 0.3 | |||
Indonesia | 0.3 | |||
102.2 | % | |||
* | Calculated as a percentage of net assets |
145 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.0% |
| |||||||
Australia — 2.5% |
| |||||||
Amcor, Ltd. | 306,725 | $ | 3,175,158 | |||||
BHP Billiton, Ltd. | 48,274 | 1,270,678 | ||||||
Brambles, Ltd. | 202,030 | 1,671,725 | ||||||
Commonwealth Bank of Australia | 40,166 | 2,760,084 | ||||||
CSL, Ltd. | 78,582 | 5,523,674 | ||||||
Orica, Ltd.# | 40,625 | 629,430 | ||||||
15,030,749 | ||||||||
Belgium — 1.5% |
| |||||||
Anheuser-Busch InBev NV | 57,616 | 6,771,985 | ||||||
KBC Groep NV† | 38,200 | 2,186,483 | ||||||
8,958,468 | ||||||||
Bermuda — 0.8% |
| |||||||
Global Brands Group Holding, Ltd.† | 3,946,800 | 880,471 | ||||||
Haier Electronics Group Co., Ltd. | 624,000 | 1,721,956 | ||||||
Li & Fung, Ltd. | 1,820,800 | 2,026,268 | ||||||
4,628,695 | ||||||||
Brazil — 1.6% |
| |||||||
Banco Bradesco SA ADR | 219,716 | 3,401,204 | ||||||
BM&FBovespa SA | 549,556 | 2,258,346 | ||||||
BRF SA | 55,641 | 1,440,459 | ||||||
Itau Unibanco Holding SA ADR | 97,977 | 1,475,534 | ||||||
Kroton Educacional SA | 193,000 | 1,349,198 | ||||||
9,924,741 | ||||||||
Canada — 3.3% |
| |||||||
Agrium, Inc. | 9,486 | 915,346 | ||||||
Canadian National Railway Co. (NYSE) | 52,004 | 3,694,884 | ||||||
Canadian National Railway Co. (TSX) | 22,464 | 1,595,201 | ||||||
Cenovus Energy, Inc. | 44,388 | 996,101 | ||||||
CGI Group, Inc., Class A† | 70,350 | 2,563,325 | ||||||
Encana Corp.# | 102,026 | 1,607,228 | ||||||
Fairfax Financial Holdings, Ltd. | 3,335 | 1,693,885 | ||||||
Loblaw Cos., Ltd. | 31,852 | 1,712,752 | ||||||
Suncor Energy, Inc.# | 100,642 | 3,177,011 | ||||||
Valeant Pharmaceuticals International, Inc.† | 15,208 | 2,212,004 | ||||||
20,167,737 | ||||||||
Cayman Islands — 2.4% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 15,160 | 1,692,462 | ||||||
Baidu, Inc. ADR† | 28,896 | 7,082,699 | ||||||
Ctrip.com International, Ltd. ADR† | 28,290 | 1,529,923 | ||||||
Tencent Holdings, Ltd. | 181,200 | 2,897,368 | ||||||
Vipshop Holdings, Ltd. ADR† | 53,900 | 1,232,154 | ||||||
14,434,606 | ||||||||
China — 0.7% |
| |||||||
Great Wall Motor Co., Ltd., Class H# | 477,500 | 2,410,621 | ||||||
Industrial & Commercial Bank of China, Ltd., Class H | 2,325,000 | 1,574,005 | ||||||
3,984,626 | ||||||||
Denmark — 2.8% |
| |||||||
Carlsberg A/S, Class B | 34,954 | 3,115,465 | ||||||
Coloplast A/S, Class B | 23,100 | 2,002,901 | ||||||
GN Store Nord A/S# | 118,560 | 2,533,774 | ||||||
Novo Nordisk A/S, Class B | 77,621 | 3,542,270 | ||||||
Pandora A/S | 66,690 | 5,921,804 | ||||||
17,116,214 | ||||||||
France — 7.6% |
| |||||||
Accor SA | 57,900 | 2,733,025 | ||||||
Air Liquide SA | 25,428 | 3,201,973 | ||||||
Bureau Veritas SA | 28,924 | 690,470 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Carrefour SA | 51,272 | $ | 1,623,333 | |||||
Danone SA | 47,759 | 3,372,454 | ||||||
Dassault Systemes | 12,281 | 803,335 | ||||||
Essilor International SA | 17,262 | 1,939,563 | ||||||
GDF Suez | 81,378 | 2,006,439 | ||||||
Legrand SA | 32,119 | 1,685,152 | ||||||
LVMH Moet Hennessy Louis Vuitton SA# | 18,565 | 3,338,011 | ||||||
Pernod Ricard SA# | 26,808 | 3,179,273 | ||||||
Publicis Groupe SA | 41,142 | 3,023,457 | ||||||
Schneider Electric SE | 104,741 | 8,549,594 | ||||||
Total SA | 81,874 | 4,583,391 | ||||||
Valeo SA | 18,330 | 2,256,853 | ||||||
Zodiac Aerospace | 99,640 | 3,304,121 | ||||||
46,290,444 | ||||||||
Germany — 7.5% |
| |||||||
adidas AG | 18,609 | 1,493,509 | ||||||
Allianz SE | 12,083 | 2,081,578 | ||||||
Bayer AG | 88,289 | 13,287,321 | ||||||
Beiersdorf AG | 28,871 | 2,571,452 | ||||||
Continental AG | 8,875 | 1,868,502 | ||||||
Daimler AG | 34,760 | 2,932,476 | ||||||
Deutsche Boerse AG | 34,272 | 2,505,372 | ||||||
Deutsche Post AG | 39,559 | 1,314,999 | ||||||
Linde AG | 16,173 | 3,053,826 | ||||||
Merck KGaA | 26,465 | 2,637,065 | ||||||
MTU Aero Engines AG | 6,775 | 604,187 | ||||||
ProSiebenSat.1 Media AG | 77,861 | 3,327,911 | ||||||
SAP SE | 82,753 | 5,836,312 | ||||||
Wirecard AG | 55,754 | 2,367,758 | ||||||
45,882,268 | ||||||||
Hong Kong — 1.8% |
| |||||||
AIA Group, Ltd. | 509,200 | 2,941,645 | ||||||
CNOOC, Ltd. | 466,000 | 681,432 | ||||||
Galaxy Entertainment Group, Ltd. | 703,000 | 4,822,706 | ||||||
Hutchison Whampoa, Ltd. | 218,000 | 2,733,820 | ||||||
11,179,603 | ||||||||
India — 1.8% |
| |||||||
Housing Development Finance Corp. | 112,133 | 2,088,885 | ||||||
ICICI Bank, Ltd. ADR | 64,750 | 3,813,127 | ||||||
Reliance Industries, Ltd. | 57,764 | 920,566 | ||||||
Tata Consultancy Services, Ltd. | 62,870 | 2,677,307 | ||||||
Tata Motors, Ltd. ADR | 35,360 | 1,614,537 | ||||||
11,114,422 | ||||||||
Indonesia — 0.3% |
| |||||||
Bank Mandiri Persero Tbk PT | 2,373,900 | 2,047,304 | ||||||
Ireland — 0.8% |
| |||||||
Bank of Ireland† | 7,718,758 | 3,169,467 | ||||||
Ryanair Holdings PLC ADR† | 30,001 | 1,886,763 | ||||||
5,056,230 | ||||||||
Israel — 0.7% |
| |||||||
Check Point Software Technologies, Ltd.† | 9,775 | 755,705 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 64,210 | 3,658,686 | ||||||
4,414,391 | ||||||||
Italy — 1.2% |
| |||||||
Intesa Sanpaolo SpA | 587,130 | 1,810,342 | ||||||
Luxottica Group SpA | 58,085 | 3,107,831 | ||||||
Saipem SpA†# | 19,148 | 274,235 | ||||||
UniCredit SpA | 288,430 | 2,133,621 | ||||||
7,326,029 | ||||||||
146 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan — 13.8% |
| |||||||
Daikin Industries, Ltd. | 46,100 | $ | 3,059,219 | |||||
Daito Trust Construction Co., Ltd. | 23,600 | 2,664,869 | ||||||
Denso Corp. | 97,400 | 4,549,492 | ||||||
FANUC Corp. | 29,000 | 4,892,391 | ||||||
Fuji Heavy Industries, Ltd. | 122,500 | 4,457,361 | ||||||
Honda Motor Co., Ltd. | 101,500 | 3,054,751 | ||||||
Hoya Corp. | 91,300 | 3,246,701 | ||||||
Inpex Corp. | 132,211 | 1,400,989 | ||||||
Japan Tobacco, Inc. | 170,000 | 5,447,249 | ||||||
Keyence Corp. | 13,400 | 6,190,174 | ||||||
Komatsu, Ltd. | 121,000 | 2,866,192 | ||||||
Kubota Corp. | 175,000 | 2,735,527 | ||||||
Kyocera Corp.# | 35,400 | 1,733,458 | ||||||
Mizuho Financial Group, Inc. | 1,041,400 | 1,794,609 | ||||||
Murata Manufacturing Co., Ltd. | 25,700 | 2,777,471 | ||||||
Nidec Corp. | 81,600 | 5,412,954 | ||||||
Nitori Holdings Co., Ltd. | 29,000 | 1,607,989 | ||||||
Ono Pharmaceutical Co., Ltd.# | 20,100 | 1,720,873 | ||||||
ORIX Corp. | 244,200 | 3,221,497 | ||||||
Panasonic Corp. | 244,100 | 3,152,298 | ||||||
Rakuten, Inc.# | 185,943 | 2,505,459 | ||||||
Seven & I Holdings Co., Ltd. | 67,700 | 2,525,843 | ||||||
Shin-Etsu Chemical Co., Ltd. | 24,500 | 1,649,574 | ||||||
Suzuki Motor Corp. | 111,100 | 3,510,318 | ||||||
Terumo Corp. | 57,800 | 1,315,075 | ||||||
Toyota Motor Corp. | 49,275 | 3,036,971 | ||||||
Unicharm Corp. | 99,900 | 2,287,253 | ||||||
Yahoo Japan Corp.# | 432,800 | 1,579,189 | ||||||
84,395,746 | ||||||||
Jersey — 2.2% |
| |||||||
Delphi Automotive PLC | 12,289 | 896,482 | ||||||
Shire PLC | 66,735 | 4,756,304 | ||||||
WPP PLC | 360,627 | 7,557,879 | ||||||
13,210,665 | ||||||||
Mexico — 1.0% |
| |||||||
Cemex SAB de CV ADR† | 248,982 | 3,114,765 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 8,455 | 820,473 | ||||||
Grupo Televisa SAB ADR | 62,567 | 2,336,877 | ||||||
6,272,115 | ||||||||
Netherlands — 4.9% |
| |||||||
Akzo Nobel NV | 84,525 | 5,843,491 | ||||||
ASML Holding NV | 49,477 | 5,228,648 | ||||||
Boskalis Westminster NV | 44,040 | 2,472,803 | ||||||
Heineken NV | 15,016 | 1,181,788 | ||||||
ING Groep NV CVA† | 532,948 | 7,811,871 | ||||||
NXP Semiconductor NV† | 29,390 | 2,286,836 | ||||||
Randstad Holding NV | 59,892 | 2,957,469 | ||||||
Unilever NV CVA | 43,221 | 1,761,560 | ||||||
29,544,466 | ||||||||
Norway — 0.3% |
| |||||||
Statoil ASA# | 110,240 | 2,076,378 | ||||||
Russia — 0.5% |
| |||||||
Magnit OJSC GDR | 39,786 | 2,301,620 | ||||||
Sberbank of Russia ADR | 79,410 | 488,451 | ||||||
2,790,071 | ||||||||
Singapore — 1.9% |
| |||||||
Avago Technologies, Ltd. | 33,781 | 3,155,145 | ||||||
DBS Group Holdings, Ltd. | 205,000 | 3,119,121 | ||||||
Keppel Corp., Ltd.# | 230,757 | 1,593,503 | ||||||
Singapore Telecommunications, Ltd. | 232,950 | 697,081 | ||||||
United Overseas Bank, Ltd. | 148,077 | 2,726,807 | ||||||
11,291,657 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
South Korea — 1.0% |
| |||||||
Hyundai Mobis | 8,217 | $ | 1,831,851 | |||||
Samsung Electronics Co., Ltd. | 2,052 | 2,383,613 | ||||||
Samsung Electronics Co., Ltd. GDR (LSE) | 2,110 | 1,215,360 | ||||||
Samsung Electronics Co., Ltd. GDR (OTC)* | 573 | 330,048 | ||||||
5,760,872 | ||||||||
Spain — 2.2% |
| |||||||
Amadeus IT Holding SA, Class A | 90,556 | 3,607,412 | ||||||
Bankia SA† | 2,193,540 | 3,848,483 | ||||||
Inditex SA | 99,680 | 2,904,204 | ||||||
International Consolidated Airlines Group SA† | 461,840 | 3,304,605 | ||||||
13,664,704 | ||||||||
Sweden — 2.2% |
| |||||||
Electrolux AB, Series B | 103,440 | 3,074,632 | ||||||
Hennes & Mauritz AB, Class B | 41,765 | 1,789,297 | ||||||
Investor AB, Class B | 63,195 | 2,374,273 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 330,930 | 4,372,273 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 137,543 | 1,732,363 | ||||||
13,342,838 | ||||||||
Switzerland — 9.9% |
| |||||||
ABB, Ltd. | 96,265 | 2,162,038 | ||||||
Adecco SA | 49,096 | 3,449,302 | ||||||
Credit Suisse Group AG | 81,320 | 2,174,147 | ||||||
Givaudan SA | 1,760 | 3,138,204 | ||||||
Julius Baer Group, Ltd. | 75,641 | 3,429,006 | ||||||
Kuehne & Nagel International AG | 6,342 | 854,356 | ||||||
Nestle SA | 156,181 | 11,732,779 | ||||||
Novartis AG | 83,522 | 8,086,261 | ||||||
Roche Holding AG | 49,625 | 14,870,800 | ||||||
Sika AG | 530 | 2,018,473 | ||||||
Sonova Holding AG | 8,839 | 1,338,091 | ||||||
Syngenta AG | 5,701 | 1,878,984 | ||||||
UBS Group AG | 302,559 | 5,435,567 | ||||||
60,568,008 | ||||||||
Taiwan — 1.6% |
| |||||||
Hon Hai Precision Industry Co., Ltd. | 289,042 | 905,956 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 679,269 | 3,105,794 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 243,578 | 5,716,776 | ||||||
9,728,526 | ||||||||
Thailand — 0.4% |
| |||||||
Kasikornbank PCL | 66,700 | 501,748 | ||||||
Kasikornbank PCL NVDR | 279,400 | 2,101,776 | ||||||
2,603,524 | ||||||||
Turkey — 0.5% |
| |||||||
Akbank TAS | 511,423 | 2,071,406 | ||||||
BIM Birlesik Magazalar AS | 33,690 | 749,813 | ||||||
2,821,219 | ||||||||
United Kingdom — 18.3% |
| |||||||
Aberdeen Asset Management PLC | 258,169 | 1,816,590 | ||||||
Ashtead Group PLC | 319,941 | 5,274,088 | ||||||
Associated British Foods PLC | 101,097 | 5,064,448 | ||||||
Barclays PLC | 937,242 | 3,593,524 | ||||||
BG Group PLC | 336,534 | 4,738,107 | ||||||
British American Tobacco PLC | 61,377 | 3,642,479 | ||||||
BT Group PLC | 409,250 | 2,625,556 | ||||||
Bunzl PLC | 77,200 | 2,156,431 | ||||||
Burberry Group PLC | 121,753 | 3,141,959 | ||||||
Carnival PLC | 63,310 | 2,792,276 | ||||||
Centrica PLC | 248,979 | 1,108,242 | ||||||
Compass Group PLC | 426,432 | 7,269,644 | ||||||
Diageo PLC | 66,369 | 2,056,301 | ||||||
Hays PLC | 292,431 | 607,377 |
147 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
HSBC Holdings PLC | 385,281 | $ | 3,838,432 | |||||
Informa PLC | 156,788 | 1,181,453 | ||||||
Intertek Group PLC | 47,430 | 1,732,116 | ||||||
Johnson Matthey PLC | 63,709 | 3,314,056 | ||||||
Kingfisher PLC | 416,447 | 2,032,129 | ||||||
Next PLC | 13,237 | 1,402,606 | ||||||
Prudential PLC | 195,828 | 4,741,138 | ||||||
Reckitt Benckiser Group PLC | 90,657 | 7,450,938 | ||||||
Reed Elsevier PLC | 201,174 | 3,501,901 | ||||||
Rio Tinto PLC | 139,839 | 6,544,845 | ||||||
Rolls-Royce Holdings PLC | 96,596 | 1,272,817 | ||||||
Rolls-Royce Holdings PLC, Class C (Entitlement Shares)† | 8,836,470 | 13,820 | ||||||
Royal Bank of Scotland Group PLC† | 684,970 | 4,234,823 | ||||||
Royal Dutch Shell PLC, Class B | 61,070 | 2,123,265 | ||||||
Sky PLC | 406,682 | 5,927,994 | ||||||
Smith & Nephew PLC | 269,333 | 4,675,730 | ||||||
Smiths Group PLC | 88,767 | 1,606,282 | ||||||
St James’s Place PLC | 213,281 | 2,648,558 | ||||||
Standard Chartered PLC | 100,520 | 1,473,246 | ||||||
Weir Group PLC | 71,530 | 2,098,737 | ||||||
Whitbread PLC | 54,006 | 3,874,428 | ||||||
111,576,336 | ||||||||
Total Common Stocks | ||||||||
(cost $499,456,827) | 597,203,652 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $499,456,827) | 597,203,652 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.2% |
| |||||||
Registered Investment Companies — 2.5% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 14,930,404 | 14,930,404 | ||||||
Time Deposits — 1.7% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | ||||||||
0.01% due 12/01/2014 | 10,556,000 | 10,556,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $25,486,404) | 25,486,404 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $524,943,231)(2) | 102.2 | % | 622,690,056 | |||||
Liabilities in excess of other assets | (2.2 | ) | (13,115,613 | ) | ||||
NET ASSETS | 100.0 | % | $ | 609,574,443 | ||||
# | 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, 2014, the aggregate value of these securities was $330,048 representing 0.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $14,143,682. This was secured by collateral of $14,930,404 which was received in cash and subsequently invested in short-term investments currently valued at $14,930,404 as reported in the portfolio of investments. |
(2) | 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
NVDR—Non-Voting Depository Receipt
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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
United Kingdom | $ | 111,562,516 | $ | 13,820 | $ | — | $ | 111,576,336 | ||||||||
Other Countries | 485,627,316 | — | — | 485,627,316 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 14,930,404 | — | — | 14,930,404 | ||||||||||||
Time Deposits | — | 10,556,000 | — | 10,556,000 | ||||||||||||
Total Investments at Value | $ | 612,120,236 | $ | 10,569,820 | $ | — | $ | 622,690,056 | ||||||||
* | For a detailed presentation of investments, 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
148 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — November 30, 2014
Industry Allocation*
Diversified Banking Institutions | 11.2 | % | ||
Computers | 5.5 | |||
Retail — Drug Store | 4.2 | |||
Applications Software | 3.7 | |||
Diversified Manufacturing Operations | 3.7 | |||
Web Portals/ISP | 3.5 | |||
Medical — Drugs | 3.4 | |||
Cable/Satellite TV | 3.3 | |||
Medical Instruments | 3.2 | |||
Medical — Biomedical/Gene | 3.2 | |||
Telephone — Integrated | 2.6 | |||
Instruments — Controls | 2.6 | |||
Insurance — Reinsurance | 2.5 | |||
Investment Management/Advisor Services | 2.4 | |||
Oil Companies — Integrated | 2.3 | |||
Medical Products | 2.1 | |||
Electronic Components — Semiconductors | 2.1 | |||
Commercial Services — Finance | 1.9 | |||
Oil Companies — Exploration & Production | 1.9 | |||
Beverages — Non-alcoholic | 1.8 | |||
Cosmetics & Toiletries | 1.8 | |||
Banks — Super Regional | 1.7 | |||
Medical — Generic Drugs | 1.6 | |||
Entertainment Software | 1.5 | |||
Oil — Field Services | 1.4 | |||
Retail — Building Products | 1.4 | |||
Insurance Brokers | 1.4 | |||
Computers — Memory Devices | 1.4 | |||
Auto/Truck Parts & Equipment — Original | 1.4 | |||
Aerospace/Defense — Equipment | 1.3 | |||
Agricultural Chemicals | 1.3 | |||
Electronic Security Devices | 1.1 | |||
Beverages — Wine/Spirits | 1.1 | |||
Medical — Wholesale Drug Distribution | 1.1 | |||
Repurchase Agreements | 1.0 | |||
Medical — HMO | 1.0 | |||
E-Commerce/Services | 1.0 | |||
Hotels/Motels | 0.8 | |||
Broadcast Services/Program | 0.8 | |||
Television | 0.8 | |||
Casino Hotels | 0.8 | |||
Transport — Services | 0.8 | |||
Data Processing/Management | 0.8 | |||
Commercial Services | 0.6 | |||
Retail — Sporting Goods | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Transport — Rail | 0.6 | |||
Textile — Home Furnishings | 0.6 | |||
Building & Construction Products — Misc. | 0.5 | |||
Retail — Arts & Crafts | 0.5 | |||
Medical Information Systems | 0.4 | |||
Chemicals — Specialty | 0.3 | |||
Internet Content — Entertainment | 0.2 | |||
Multimedia | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
100.3 | % | |||
* | Calculated as a percentage of net assets |
149 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.7% |
| |||||||
Aerospace/Defense-Equipment — 1.3% |
| |||||||
United Technologies Corp. | 21,559 | $ | 2,373,215 | |||||
Agricultural Chemicals — 1.3% |
| |||||||
Monsanto Co. | 19,650 | 2,356,231 | ||||||
Apparel Manufacturers — 0.2% |
| |||||||
Ralph Lauren Corp. | 2,140 | 395,686 | ||||||
Applications Software — 3.7% |
| |||||||
Intuit, Inc. | 23,880 | 2,241,616 | ||||||
Microsoft Corp. | 96,900 | 4,632,789 | ||||||
6,874,405 | ||||||||
Auto/Truck Parts & Equipment - Original — 1.4% |
| |||||||
Delphi Automotive PLC | 34,529 | 2,518,891 | ||||||
Banks - Super Regional — 1.7% |
| |||||||
Wells Fargo & Co. | 58,389 | 3,181,033 | ||||||
Beverages - Non-alcoholic — 1.8% |
| |||||||
PepsiCo, Inc. | 33,459 | 3,349,246 | ||||||
Beverages - Wine/Spirits — 1.1% |
| |||||||
Diageo PLC ADR | 16,211 | 1,997,195 | ||||||
Broadcast Services/Program — 0.8% |
| |||||||
Discovery Communications, Inc., Class A† | 43,311 | 1,511,554 | ||||||
Building & Construction Products - Misc. — 0.5% |
| |||||||
Fortune Brands Home & Security, Inc. | 21,226 | 953,472 | ||||||
Cable/Satellite TV — 3.3% |
| |||||||
Comcast Corp., Class A | 92,719 | 5,288,692 | ||||||
DIRECTV† | 8,499 | 745,447 | ||||||
6,034,139 | ||||||||
Casino Hotels — 0.8% |
| |||||||
Las Vegas Sands Corp. | 17,510 | 1,115,212 | ||||||
Wynn Resorts, Ltd. | 2,044 | 365,079 | ||||||
1,480,291 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
Dow Chemical Co. | 7,514 | 365,706 | ||||||
Chemicals - Specialty — 0.3% |
| |||||||
Chemtura Corp.† | 23,920 | 557,336 | ||||||
Commercial Services — 0.6% |
| |||||||
Aramark | 36,109 | 1,097,714 | ||||||
Commercial Services - Finance — 1.9% |
| |||||||
MasterCard, Inc., Class A | 40,810 | 3,562,305 | ||||||
Computers — 5.5% |
| |||||||
Apple, Inc. | 78,853 | 9,377,987 | ||||||
Hewlett-Packard Co. | 19,415 | 758,350 | ||||||
10,136,337 | ||||||||
Computers - Memory Devices — 1.4% |
| |||||||
EMC Corp. | 83,180 | 2,524,513 | ||||||
Cosmetics & Toiletries — 1.8% |
| |||||||
Procter & Gamble Co. | 36,115 | 3,265,879 | ||||||
Data Processing/Management — 0.8% |
| |||||||
Dun & Bradstreet Corp. | 11,005 | 1,397,085 | ||||||
Diversified Banking Institutions — 11.2% |
| |||||||
Bank of America Corp. | 237,222 | 4,042,263 | ||||||
Citigroup, Inc. | 113,880 | 6,146,104 | ||||||
Goldman Sachs Group, Inc. | 23,470 | 4,421,983 | ||||||
JPMorgan Chase & Co. | 99,740 | 6,000,358 | ||||||
20,610,708 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations — 3.7% |
| |||||||
Eaton Corp. PLC | 54,571 | $ | 3,701,551 | |||||
General Electric Co. | 116,047 | 3,074,085 | ||||||
6,775,636 | ||||||||
E-Commerce/Services — 1.0% |
| |||||||
Priceline Group, Inc.† | 1,575 | 1,827,299 | ||||||
Electronic Components - Semiconductors — 2.1% |
| |||||||
Broadcom Corp., Class A | 41,675 | 1,797,443 | ||||||
Skyworks Solutions, Inc. | 15,786 | 1,065,081 | ||||||
Xilinx, Inc. | 20,245 | 919,933 | ||||||
3,782,457 | ||||||||
Electronic Security Devices — 1.1% |
| |||||||
Tyco International PLC | 48,627 | 2,086,098 | ||||||
Entertainment Software — 1.5% |
| |||||||
Electronic Arts, Inc.† | 62,225 | 2,733,544 | ||||||
Hotels/Motels — 0.8% |
| |||||||
Hilton Worldwide Holdings, Inc.† | 58,556 | 1,535,338 | ||||||
Instruments - Controls — 2.6% |
| |||||||
Honeywell International, Inc. | 47,371 | 4,693,045 | ||||||
Insurance Brokers — 1.4% |
| |||||||
Aon PLC | 27,556 | 2,548,654 | ||||||
Insurance - Reinsurance — 2.5% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 30,989 | 4,607,754 | ||||||
Internet Content - Entertainment — 0.2% |
| |||||||
Twitter, Inc.† | 9,630 | 401,956 | ||||||
Investment Management/Advisor Services — 2.4% |
| |||||||
BlackRock, Inc. | 12,200 | 4,380,776 | ||||||
Medical Information Systems — 0.4% |
| |||||||
IMS Health Holdings, Inc.† | 31,201 | 780,025 | ||||||
Medical Instruments — 3.2% |
| |||||||
Medtronic, Inc. | 59,900 | 4,424,813 | ||||||
St Jude Medical, Inc. | 22,450 | 1,525,702 | ||||||
5,950,515 | ||||||||
Medical Products — 2.1% |
| |||||||
Covidien PLC | 38,664 | 3,905,064 | ||||||
Medical - Biomedical/Gene — 3.2% |
| |||||||
Celgene Corp.† | 37,192 | 4,228,358 | ||||||
Vertex Pharmaceuticals, Inc.† | 14,345 | 1,690,989 | ||||||
5,919,347 | ||||||||
Medical - Drugs — 3.4% |
| |||||||
Abbott Laboratories | 71,707 | 3,191,679 | ||||||
Johnson & Johnson | 28,533 | 3,088,697 | ||||||
6,280,376 | ||||||||
Medical - Generic Drugs — 1.6% |
| |||||||
Perrigo Co. PLC | 17,945 | 2,874,609 | ||||||
Medical - HMO — 1.0% |
| |||||||
Cigna Corp. | 18,294 | 1,882,270 | ||||||
Medical - Wholesale Drug Distribution — 1.1% |
| |||||||
Cardinal Health, Inc. | 23,324 | 1,917,000 | ||||||
Multimedia — 0.2% |
| |||||||
Viacom, Inc., Class B | 5,259 | 397,738 | ||||||
Oil Companies - Exploration & Production — 1.9% |
| |||||||
Canadian Natural Resources, Ltd. | 45,638 | 1,518,833 | ||||||
ConocoPhillips | 11,836 | 782,004 | ||||||
Noble Energy, Inc. | 25,017 | 1,230,336 | ||||||
3,531,173 | ||||||||
150 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Integrated — 2.3% |
| |||||||
Chevron Corp. | 39,300 | $ | 4,278,591 | |||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Cameron International Corp.† | 2,920 | 149,738 | ||||||
Oil - Field Services — 1.4% |
| |||||||
Halliburton Co. | 62,310 | 2,629,482 | ||||||
Retail - Apparel/Shoe — 0.2% |
| |||||||
Urban Outfitters, Inc.† | 9,415 | 304,293 | ||||||
Retail - Arts & Crafts — 0.5% |
| |||||||
Michaels Cos., Inc.† | 38,923 | 936,487 | ||||||
Retail - Building Products — 1.4% |
| |||||||
Lowe’s Cos., Inc. | 41,015 | 2,617,987 | ||||||
Retail - Drug Store — 4.2% |
| |||||||
CVS Health Corp. | 54,909 | 5,016,486 | ||||||
Walgreen Co. | 39,716 | 2,724,915 | ||||||
7,741,401 | ||||||||
Retail - Sporting Goods — 0.6% |
| |||||||
Cabela’s, Inc.†# | 19,890 | 1,078,834 | ||||||
Semiconductor Components-Integrated Circuits — 0.1% |
| |||||||
QUALCOMM, Inc. | 3,510 | 255,879 | ||||||
Telephone - Integrated — 2.6% |
| |||||||
Verizon Communications, Inc. | 93,198 | 4,714,887 | ||||||
Television — 0.8% |
| |||||||
CBS Corp., Class B | 27,060 | 1,485,053 | ||||||
Textile - Home Furnishings — 0.6% |
| |||||||
Mohawk Industries, Inc.† | 6,549 | 1,005,861 | ||||||
Transport - Rail — 0.6% |
| |||||||
Kansas City Southern | 8,936 | 1,062,848 | ||||||
Transport - Services — 0.8% |
| |||||||
FedEx Corp. | 8,285 | 1,476,221 | ||||||
Security Description | Shares/ Amount | Value (Note 2) | ||||||
Web Portals/ISP — 3.5% |
| |||||||
Google, Inc., Class A† | 3,692 | $ | 2,027,204 | |||||
Google, Inc., Class C† | 8,087 | 4,381,779 | ||||||
6,408,983 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $144,045,932) | 181,500,160 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 1,074,060 | 1,074,060 | ||||||
REPURCHASE AGREEMENTS — 1.0% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount of $1,973,000 and collateralized by $2,115,000 of Federal Home Loan Mtg. Notes, bearing interest at 2.00% due 01/30/2023 and having approximate value of $2,014,000 | $ | 1,973,000 | 1,973,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $147,092,992)(2) | 100.3 | % | 184,547,220 | |||||
Liabilities in excess of other assets | (0.3 | ) | (641,431 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 183,905,789 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $1,078,834. This was secured by collateral of $1,074,060, which was received in cash and subsequently invested in short-term investments currently valued at $1,074,060 as reported in the portfolio of investments. |
(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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 181,500,160 | $ | — | $ | — | $ | 181,500,160 | ||||||||
Short-Term Investment Securities | 1,074,060 | — | — | 1,074,060 | ||||||||||||
Repurchase Agreements | — | 1,973,000 | — | 1,973,000 | ||||||||||||
Total Investments at Value | $ | 182,574,220 | $ | 1,973,000 | $ | — | $ | 184,547,220 | ||||||||
* | For a detailed presentation of investments, 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
151 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Multimedia | 7.3 | % | ||
Cosmetics & Toiletries | 5.8 | |||
Medical — Drugs | 5.6 | |||
Computer Services | 5.2 | |||
Web Portals/ISP | 4.4 | |||
Diversified Manufacturing Operations | 4.0 | |||
Finance — Credit Card | 3.9 | |||
Instruments — Scientific | 3.9 | |||
Instruments — Controls | 3.2 | |||
Aerospace/Defense — Equipment | 3.0 | |||
Enterprise Software/Service | 2.8 | |||
Dental Supplies & Equipment | 2.8 | |||
Retail — Drug Store | 2.7 | |||
Computers — Memory Devices | 2.5 | |||
Commercial Services — Finance | 2.5 | |||
Oil — Field Services | 2.4 | |||
Textile — Apparel | 2.3 | |||
Pharmacy Services | 2.3 | |||
Investment Management/Advisor Services | 2.1 | |||
Apparel Manufacturers | 2.0 | |||
Distribution/Wholesale | 1.9 | |||
Food — Misc./Diversified | 1.8 | |||
Vitamins & Nutrition Products | 1.7 | |||
Agricultural Chemicals | 1.6 | |||
Industrial Gases | 1.6 | |||
Beverages — Wine/Spirits | 1.6 | |||
Retail — Auto Parts | 1.4 | |||
Finance — Other Services | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.3 | |||
Broadcast Services/Program | 1.3 | |||
Athletic Footwear | 1.3 | |||
Registered Investment Companies | 1.2 | |||
Electronic Components — Semiconductors | 1.2 | |||
Coatings/Paint | 1.2 | |||
Computers | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Metal Processors & Fabrication | 0.9 | |||
Retail — Restaurants | 0.9 | |||
Electronic Connectors | 0.8 | |||
E-Commerce/Products | 0.7 | |||
Soap & Cleaning Preparation | 0.6 | |||
Transport — Services | 0.6 | |||
Medical Instruments | 0.6 | |||
Beverages — Non-alcoholic | 0.5 | |||
Data Processing/Management | 0.5 | |||
Brewery | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Oil Companies — Exploration & Production | 0.4 | |||
Advertising Agencies | 0.4 | |||
101.0 | % | |||
* | Calculated as a percentage of net assets |
152 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.8% |
| |||||||
Advertising Agencies — 0.4% |
| |||||||
Omnicom Group, Inc. | 20,816 | $ | 1,608,452 | |||||
Aerospace/Defense - Equipment — 3.0% |
| |||||||
United Technologies Corp. | 115,067 | 12,666,575 | ||||||
Agricultural Chemicals — 1.6% |
| |||||||
Monsanto Co. | 56,228 | 6,742,300 | ||||||
Apparel Manufacturers — 2.0% |
| |||||||
Burberry Group PLC | 115,440 | 2,979,045 | ||||||
VF Corp. | 69,669 | 5,237,019 | ||||||
8,216,064 | ||||||||
Athletic Footwear — 1.3% |
| |||||||
NIKE, Inc., Class B | 52,786 | 5,241,122 | ||||||
Auto/Truck Parts & Equipment - Original — 0.9% |
| |||||||
Johnson Controls, Inc. | 77,385 | 3,869,250 | ||||||
Beverages - Non-alcoholic — 0.5% |
| |||||||
PepsiCo, Inc. | 22,647 | 2,266,965 | ||||||
Beverages - Wine/Spirits — 1.6% |
| |||||||
Pernod Ricard SA | 54,998 | 6,522,443 | ||||||
Brewery — 0.5% |
| |||||||
AMBEV SA ADR | 324,849 | 2,127,761 | ||||||
Broadcast Services/Program — 1.3% |
| |||||||
Discovery Communications, Inc., Class A† | 150,448 | 5,250,635 | ||||||
Coatings/Paint — 1.2% |
| |||||||
Sherwin-Williams Co. | 19,717 | 4,827,905 | ||||||
Commercial Services - Finance — 2.5% |
| |||||||
Equifax, Inc. | 59,842 | 4,760,431 | ||||||
MasterCard, Inc., Class A | 63,844 | 5,572,943 | ||||||
10,333,374 | ||||||||
Computer Services — 5.2% |
| |||||||
Accenture PLC, Class A | 193,016 | 16,663,071 | ||||||
Cognizant Technology Solutions Corp., Class A† | 95,113 | 5,135,151 | ||||||
21,798,222 | ||||||||
Computers — 1.0% |
| |||||||
Apple, Inc. | 35,022 | 4,165,167 | ||||||
Computers - Memory Devices — 2.5% |
| |||||||
EMC Corp. | 350,091 | 10,625,262 | ||||||
Cosmetics & Toiletries — 5.8% |
| |||||||
Colgate-Palmolive Co. | 214,582 | 14,932,761 | ||||||
L’Oreal SA | 19,919 | 3,400,530 | ||||||
Procter & Gamble Co. | 65,728 | 5,943,783 | ||||||
24,277,074 | ||||||||
Data Processing/Management — 0.5% |
| |||||||
Fidelity National Information Services, Inc. | 34,879 | 2,134,246 | ||||||
Dental Supplies & Equipment — 2.8% |
| |||||||
DENTSPLY International, Inc. | 173,783 | 9,554,590 | ||||||
Patterson Cos., Inc. | 42,718 | 2,058,153 | ||||||
11,612,743 | ||||||||
Distribution/Wholesale — 1.9% |
| |||||||
WW Grainger, Inc. | 32,054 | 7,875,027 | ||||||
Diversified Manufacturing Operations — 4.0% |
| |||||||
Colfax Corp.† | 55,530 | 2,861,461 | ||||||
Danaher Corp. | 163,070 | 13,626,129 | ||||||
16,487,590 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Products — 0.7% |
| |||||||
eBay, Inc.† | 53,549 | $ | 2,938,769 | |||||
Electronic Components - Semiconductors — 1.2% |
| |||||||
Microchip Technology, Inc.# | 107,792 | 4,866,809 | ||||||
Electronic Connectors — 0.8% |
| |||||||
Amphenol Corp., Class A | 61,954 | 3,322,593 | ||||||
Enterprise Software/Service — 2.8% |
| |||||||
Oracle Corp. | 278,565 | 11,813,942 | ||||||
Finance - Credit Card — 3.9% |
| |||||||
Visa, Inc., Class A | 63,007 | 16,267,777 | ||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 69,451 | 1,966,852 | ||||||
Finance - Other Services — 1.4% |
| |||||||
CME Group, Inc. | 67,596 | 5,721,325 | ||||||
Food - Misc./Diversified — 1.8% |
| |||||||
Danone SA | 104,806 | 7,400,771 | ||||||
Industrial Gases — 1.6% |
| |||||||
Praxair, Inc. | 51,342 | 6,591,286 | ||||||
Instruments - Controls — 3.2% |
| |||||||
Mettler-Toledo International, Inc.† | 25,310 | 7,422,410 | ||||||
Sensata Technologies Holding NV† | 121,489 | 6,022,210 | ||||||
13,444,620 | ||||||||
Instruments - Scientific — 3.9% |
| |||||||
Thermo Fisher Scientific, Inc. | 80,540 | 10,413,016 | ||||||
Waters Corp.† | 50,333 | 5,833,595 | ||||||
16,246,611 | ||||||||
Investment Management/Advisor Services — 2.1% |
| |||||||
Franklin Resources, Inc. | 154,738 | 8,798,403 | ||||||
Medical Instruments — 0.6% |
| |||||||
St Jude Medical, Inc. | 33,882 | 2,302,621 | ||||||
Medical - Drugs — 5.6% |
| |||||||
Abbott Laboratories | 157,497 | 7,010,191 | ||||||
Allergan, Inc. | 12,065 | 2,580,583 | ||||||
Johnson & Johnson | 28,744 | 3,111,538 | ||||||
Zoetis, Inc. | 239,019 | 10,739,124 | ||||||
23,441,436 | ||||||||
Metal Processors & Fabrication — 0.9% |
| |||||||
Precision Castparts Corp. | 15,948 | 3,794,029 | ||||||
Multimedia — 7.3% |
| |||||||
Time Warner, Inc. | 132,705 | 11,295,850 | ||||||
Twenty-First Century Fox, Inc., Class A | 202,748 | 7,461,126 | ||||||
Viacom, Inc., Class B | 22,396 | 1,693,809 | ||||||
Walt Disney Co. | 105,411 | 9,751,572 | ||||||
30,202,357 | ||||||||
Oil Companies - Exploration & Production — 0.4% |
| |||||||
Occidental Petroleum Corp. | 21,802 | 1,739,146 | ||||||
Oil - Field Services — 2.4% |
| |||||||
Schlumberger, Ltd. | 116,952 | 10,052,024 | ||||||
Pharmacy Services — 2.3% |
| |||||||
Express Scripts Holding Co.† | 115,916 | 9,638,415 | ||||||
Retail - Auto Parts — 1.4% |
| |||||||
AutoZone, Inc.† | 10,339 | 5,972,944 | ||||||
Retail - Drug Store — 2.7% |
| |||||||
CVS Health Corp. | 123,192 | 11,254,821 | ||||||
153 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Restaurants — 0.9% |
| |||||||
McDonald’s Corp. | 37,903 | $ | 3,669,389 | |||||
Semiconductor Components - Integrated Circuits — 1.3% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 231,552 | 5,434,525 | ||||||
Soap & Cleaning Preparation — 0.6% |
| |||||||
Church & Dwight Co., Inc. | 35,108 | 2,693,135 | ||||||
Textile - Apparel — 2.3% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SA | 54,442 | 9,788,742 | ||||||
Transport - Services — 0.6% |
| |||||||
Expeditors International of Washington, Inc. | 57,173 | 2,676,840 | ||||||
Vitamins & Nutrition Products — 1.7% |
| |||||||
Mead Johnson Nutrition Co. | 66,861 | 6,942,846 | ||||||
Web Portals/ISP — 4.4% |
| |||||||
Google, Inc., Class A† | 33,170 | 18,212,984 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $350,724,868) | 415,844,189 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.2% |
| |||||||
Registered Investment Companies — 1.2% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) (cost $4,958,432) | 4,958,432 | $ | 4,958,432 | |||||
TOTAL INVESTMENTS |
| |||||||
(cost $355,683,300)(2) | 101.0 | % | 420,802,621 | |||||
Liabilities in excess of other assets | (1.0 | ) | (4,362,846 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 416,439,775 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $4,866,809. This was secured by collateral of $4,958,432, which was received in cash and subsequently invested in short-term investments currently valued at $4,958,432 as reported in the portfolio of investments. |
(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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 415,844,189 | $ | — | $ | — | $ | 415,844,189 | ||||||||
Short-Term Investment Securities | 4,958,432 | — | — | 4,958,432 | ||||||||||||
Total Investments at Value | $ | 420,802,621 | $ | — | $ | — | $ | 420,802,621 | ||||||||
* | For a detailed presentation of investments, 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
154 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 9.7 | % | ||
Registered Investment Companies | 7.1 | |||
Banks — Commercial | 4.4 | |||
Electric — Integrated | 2.5 | |||
Electronic Components — Semiconductors | 2.2 | |||
Medical Products | 2.0 | |||
U.S. Government Treasuries | 1.9 | |||
Gas — Distribution | 1.8 | |||
Chemicals — Specialty | 1.7 | |||
Diversified Manufacturing Operations | 1.6 | |||
Insurance — Property/Casualty | 1.6 | |||
Retail — Apparel/Shoe | 1.5 | |||
Steel — Producers | 1.3 | |||
Transport — Truck | 1.3 | |||
Insurance — Reinsurance | 1.2 | |||
Consulting Services | 1.2 | |||
Oil Companies — Exploration & Production | 1.2 | |||
Computers — Integrated Systems | 1.2 | |||
Containers — Paper/Plastic | 1.2 | |||
Aerospace/Defense — Equipment | 1.1 | |||
Machinery — General Industrial | 1.1 | |||
Oil — Field Services | 1.1 | |||
Web Hosting/Design | 1.1 | |||
Electronic Measurement Instruments | 1.1 | |||
Medical — Drugs | 1.1 | |||
Retail — Restaurants | 1.1 | |||
Medical — Biomedical/Gene | 1.1 | |||
Apparel Manufacturers | 1.0 | |||
Distribution/Wholesale | 1.0 | |||
Enterprise Software/Service | 0.9 | |||
Commercial Services — Finance | 0.9 | |||
Electronic Design Automation | 0.9 | |||
Investment Management/Advisor Services | 0.9 | |||
Electronic Parts Distribution | 0.9 | |||
Recreational Vehicles | 0.9 | |||
Oil Refining & Marketing | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Building — Residential/Commercial | 0.8 | |||
Savings & Loans/Thrifts | 0.8 | |||
Medical — HMO | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Coatings/Paint | 0.8 | |||
Commercial Services | 0.7 | |||
Airlines | 0.7 | |||
Instruments — Controls | 0.7 | |||
Insurance Brokers | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Data Processing/Management | 0.7 | |||
Retail — Auto Parts | 0.6 | |||
Retail — Jewelry | 0.6 | |||
Soap & Cleaning Preparation | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Schools | 0.6 | |||
Computer Services | 0.6 | |||
Oil Field Machinery & Equipment | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Machine Tools & Related Products | 0.5 | |||
Medical — Hospitals | 0.5 | |||
Filtration/Separation Products | 0.5 | |||
Industrial Automated/Robotic | 0.5 | |||
Batteries/Battery Systems | 0.5 | |||
Food — Dairy Products | 0.5 | |||
Athletic Equipment | 0.5 | |||
Computer Aided Design | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Retail — Sporting Goods | 0.5 | |||
Respiratory Products | 0.4 | |||
Multimedia | 0.4 | |||
Engineering/R&D Services | 0.4 |
Oil & Gas Drilling | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Transport — Marine | 0.4 | |||
Pharmacy Services | 0.4 | |||
Applications Software | 0.4 | |||
Repurchase Agreements | 0.4 | |||
Physicians Practice Management | 0.4 | |||
Real Estate Management/Services | 0.4 | |||
Retail — Mail Order | 0.4 | |||
X-Ray Equipment | 0.4 | |||
Printing — Commercial | 0.4 | |||
Telecommunication Equipment | 0.4 | |||
Wireless Equipment | 0.4 | |||
Lighting Products & Systems | 0.4 | |||
Non-Hazardous Waste Disposal | 0.4 | |||
Transactional Software | 0.4 | |||
Power Converter/Supply Equipment | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Decision Support Software | 0.3 | |||
Networking Products | 0.3 | |||
Human Resources | 0.3 | |||
Shipbuilding | 0.3 | |||
Retail — Discount | 0.3 | |||
Medical Instruments | 0.3 | |||
Finance — Other Services | 0.3 | |||
Transport — Rail | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Funeral Services & Related Items | 0.3 | |||
Water | 0.3 | |||
Steel Pipe & Tube | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Casino Services | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Gold Mining | 0.3 | |||
Dental Supplies & Equipment | 0.2 | |||
Building Products — Cement | 0.2 | |||
Retail — Automobile | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Television | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Medical Sterilization Products | 0.2 | |||
Theaters | 0.2 | |||
Food — Wholesale/Distribution | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Internet Infrastructure Software | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Computers — Other | 0.2 | |||
Web Portals/ISP | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Machinery — Farming | 0.2 | |||
Food — Baking | 0.2 | |||
Instruments — Scientific | 0.2 | |||
Home Furnishings | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Communications Software | 0.2 | |||
Housewares | 0.2 | |||
Footwear & Related Apparel | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Retail — Petroleum Products | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Retail — Office Supplies | 0.2 | |||
Machinery — Construction & Mining | 0.2 |
155 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)
Industry Allocation* (continued)
Wire & Cable Products | 0.2 | % | ||
Finance — Mortgage Loan/Banker | 0.2 | |||
Quarrying | 0.2 | |||
Publishing — Books | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Coal | 0.2 | |||
Garden Products | 0.2 | |||
Building — Mobile Home/Manufactured Housing | 0.2 | |||
Computers — Periphery Equipment | 0.2 | |||
Paper & Related Products | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Auction Houses/Art Dealers | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Medical Information Systems | 0.1 | |||
Recreational Centers | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Food — Retail | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Telecom Services | 0.1 | |||
Metal — Iron | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Racetracks | 0.1 | |||
107.2 | % | |||
* | Calculated as a percentage of net assets |
156 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS — 97.8% | ||||||||
Aerospace/Defense — 0.2% | ||||||||
Esterline Technologies Corp.† | 61,476 | $ | 7,305,193 | |||||
Aerospace/Defense - Equipment — 1.1% |
| |||||||
Alliant Techsystems, Inc. | 61,464 | 6,987,227 | ||||||
B/E Aerospace, Inc.† | 202,680 | 15,782,692 | ||||||
Exelis, Inc. | 362,475 | 6,502,801 | ||||||
Triumph Group, Inc. | 98,977 | 6,736,375 | ||||||
36,009,095 | ||||||||
Airlines — 0.7% |
| |||||||
Alaska Air Group, Inc. | 259,612 | 15,324,897 | ||||||
JetBlue Airways Corp.†# | 471,875 | 6,903,531 | ||||||
22,228,428 | ||||||||
Apparel Manufacturers — 1.0% |
| |||||||
Carter’s, Inc. | 102,286 | 8,511,218 | ||||||
Hanesbrands, Inc. | 191,763 | 22,190,814 | ||||||
30,702,032 | ||||||||
Applications Software — 0.4% |
| |||||||
Compuware Corp. | 423,712 | 4,372,708 | ||||||
PTC, Inc.† | 225,789 | 8,821,576 | ||||||
13,194,284 | ||||||||
Athletic Equipment — 0.5% |
| |||||||
Jarden Corp.† | 344,202 | 15,196,518 | ||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Sotheby’s | 118,181 | 4,775,694 | ||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
Oshkosh Corp. | 153,599 | 6,973,395 | ||||||
B2B/E-Commerce — 0.0% |
| |||||||
Covisint Corp.† | 1 | 2 | ||||||
Banks - Commercial — 4.4% |
| |||||||
Associated Banc-Corp. | 298,074 | 5,508,408 | ||||||
BancorpSouth, Inc. | 164,536 | 3,601,693 | ||||||
Bank of Hawaii Corp. | 85,194 | 4,909,730 | ||||||
Cathay General Bancorp | 142,613 | 3,619,518 | ||||||
City National Corp. | 92,122 | 7,110,897 | ||||||
Commerce Bancshares, Inc. | 159,273 | 6,820,089 | ||||||
Cullen/Frost Bankers, Inc. | 105,446 | 7,872,598 | ||||||
East West Bancorp, Inc. | 275,984 | 10,147,932 | ||||||
First Horizon National Corp. | 456,445 | 5,824,238 | ||||||
FirstMerit Corp. | 318,263 | 5,693,725 | ||||||
Fulton Financial Corp. | 361,450 | 4,315,713 | ||||||
Hancock Holding Co. | 157,562 | 5,153,853 | ||||||
International Bancshares Corp. | 112,012 | 2,858,546 | ||||||
PacWest Bancorp | 186,346 | 8,665,089 | ||||||
Prosperity Bancshares, Inc. | 115,453 | 6,486,150 | ||||||
Signature Bank† | 96,841 | 11,743,908 | ||||||
SVB Financial Group† | 97,646 | 10,267,477 | ||||||
Synovus Financial Corp. | 267,610 | 6,915,043 | ||||||
TCF Financial Corp. | 321,133 | 4,983,984 | ||||||
Trustmark Corp. | 129,804 | 3,029,625 | ||||||
Umpqua Holdings Corp. | 418,137 | 7,104,148 | ||||||
Valley National Bancorp.# | 422,907 | 4,119,114 | ||||||
Webster Financial Corp. | 173,736 | 5,467,472 | ||||||
142,218,950 | ||||||||
Batteries/Battery Systems — 0.5% |
| |||||||
Energizer Holdings, Inc. | 118,877 | 15,456,388 | ||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Fortune Brands Home & Security, Inc. | 305,015 | 13,701,274 | ||||||
Louisiana-Pacific Corp.† | 272,177 | 4,147,977 | ||||||
17,849,251 | ||||||||
Security Description | Shares | (Note 2) | ||||||
Building Products - Air & Heating — 0.3% |
| |||||||
Lennox International, Inc. | 86,010 | $ | 8,056,557 | |||||
Building Products - Cement — 0.2% |
| |||||||
Eagle Materials, Inc. | 96,621 | 7,960,604 | ||||||
Building - Heavy Construction — 0.1% |
| |||||||
Granite Construction, Inc. | 69,238 | 2,482,182 | ||||||
Building - Maintenance & Services — 0.1% |
| |||||||
Rollins, Inc. | 123,432 | 4,015,243 | ||||||
Building - Mobile Home/Manufactured Housing — 0.2% |
| |||||||
Thor Industries, Inc. | 89,259 | 5,244,859 | ||||||
Building - Residential/Commercial — 0.8% |
| |||||||
KB Home# | 175,125 | 3,076,946 | ||||||
MDC Holdings, Inc.# | 75,167 | 1,977,644 | ||||||
NVR, Inc.† | 7,670 | 9,653,999 | ||||||
Toll Brothers, Inc.† | 311,616 | 10,903,444 | ||||||
25,612,033 | ||||||||
Casino Services — 0.3% |
| |||||||
International Game Technology | 475,795 | 8,102,789 | ||||||
Chemicals - Diversified — 0.1% |
| |||||||
Olin Corp. | 151,218 | 3,804,645 | ||||||
Chemicals - Plastics — 0.2% |
| |||||||
PolyOne Corp. | 177,708 | 6,628,508 | ||||||
Chemicals - Specialty — 1.7% |
| |||||||
Albemarle Corp.# | 150,593 | 8,891,011 | ||||||
Ashland, Inc. | 137,999 | 15,738,786 | ||||||
Cabot Corp. | 124,299 | 5,354,801 | ||||||
Cytec Industries, Inc. | 138,211 | 6,647,949 | ||||||
Minerals Technologies, Inc. | 66,411 | 4,929,688 | ||||||
NewMarket Corp. | 20,687 | 8,144,886 | ||||||
Sensient Technologies Corp. | 92,808 | 5,471,031 | ||||||
55,178,152 | ||||||||
Coal — 0.2% |
| |||||||
Peabody Energy Corp.# | 522,497 | 5,282,445 | ||||||
Coatings/Paint — 0.8% |
| |||||||
RPM International, Inc. | 256,972 | 12,257,564 | ||||||
Valspar Corp. | 146,725 | 12,311,695 | ||||||
24,569,259 | ||||||||
Commercial Services — 0.7% |
| |||||||
CDK Global, Inc. | 308,543 | 11,746,232 | ||||||
HMS Holdings Corp.† | 168,851 | 3,522,232 | ||||||
Live Nation Entertainment, Inc.† | 277,872 | 7,446,969 | ||||||
22,715,433 | ||||||||
Commercial Services - Finance — 0.9% |
| |||||||
Global Payments, Inc. | 131,238 | 11,333,714 | ||||||
SEI Investments Co. | 251,864 | 9,981,370 | ||||||
WEX, Inc.† | 74,597 | 8,435,429 | ||||||
29,750,513 | ||||||||
Communications Software — 0.2% |
| |||||||
SolarWinds, Inc.† | 126,247 | 6,554,744 | ||||||
Computer Aided Design — 0.5% |
| |||||||
ANSYS, Inc.† | 177,106 | 14,791,893 | ||||||
Computer Services — 0.6% |
| |||||||
Convergys Corp. | 194,599 | 4,057,389 | ||||||
DST Systems, Inc. | 58,885 | 5,844,336 | ||||||
Leidos Holdings, Inc. | 119,703 | 4,837,198 | ||||||
Science Applications International Corp. | 77,833 | 3,940,685 | ||||||
18,679,608 | ||||||||
157 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Integrated Systems — 1.2% |
| |||||||
Diebold, Inc. | 124,353 | $ | 4,499,092 | |||||
Jack Henry & Associates, Inc. | 158,756 | 9,757,144 | ||||||
NCR Corp.† | 323,356 | 9,587,505 | ||||||
Riverbed Technology, Inc.† | 307,411 | 6,355,722 | ||||||
VeriFone Systems, Inc.† | 217,606 | 7,759,830 | ||||||
37,959,293 | ||||||||
Computers - Other — 0.2% |
| |||||||
3D Systems Corp.†# | 198,872 | 7,016,204 | ||||||
Computers - Periphery Equipment — 0.2% |
| |||||||
Lexmark International, Inc., Class A | 119,843 | 5,136,471 | ||||||
Consulting Services — 1.2% |
| |||||||
Civeo Corp. | 205,361 | 1,934,501 | ||||||
Corporate Executive Board Co. | 64,927 | 4,753,306 | ||||||
FTI Consulting, Inc.† | 78,631 | 3,048,524 | ||||||
Gartner, Inc.† | 171,109 | 14,626,397 | ||||||
Towers Watson & Co., Class A | 135,145 | 15,265,979 | ||||||
39,628,707 | ||||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Greif, Inc., Class A | 65,237 | 2,860,642 | ||||||
Silgan Holdings, Inc. | 84,212 | 4,249,338 | ||||||
7,109,980 | ||||||||
Containers - Paper/Plastic — 1.2% |
| |||||||
Packaging Corp. of America | 189,367 | 14,066,181 | ||||||
Rock-Tenn Co., Class A | 275,564 | 15,654,791 | ||||||
Sonoco Products Co. | 195,815 | 8,228,146 | ||||||
37,949,118 | ||||||||
Data Processing/Management — 0.7% |
| |||||||
Acxiom Corp.† | 148,495 | 2,825,860 | ||||||
Broadridge Financial Solutions, Inc. | 230,071 | 10,419,915 | ||||||
CommVault Systems, Inc.† | 81,986 | 3,877,938 | ||||||
Fair Isaac Corp. | 61,878 | 4,441,603 | ||||||
21,565,316 | ||||||||
Decision Support Software — 0.3% |
| |||||||
MSCI, Inc. | 224,303 | 10,847,293 | ||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Align Technology, Inc.† | 139,954 | 7,963,383 | ||||||
Diagnostic Kits — 0.4% |
| |||||||
IDEXX Laboratories, Inc.† | 91,776 | 13,706,746 | ||||||
Distribution/Wholesale — 1.0% |
| |||||||
Ingram Micro, Inc., Class A† | 299,497 | 8,215,203 | ||||||
LKQ Corp.† | 581,001 | 16,878,079 | ||||||
Watsco, Inc. | 52,483 | 5,327,024 | ||||||
30,420,306 | ||||||||
Diversified Manufacturing Operations — 1.6% |
| |||||||
A.O. Smith Corp. | 145,562 | 7,850,159 | ||||||
Carlisle Cos., Inc. | 123,420 | 11,033,748 | ||||||
Crane Co. | 95,363 | 5,629,278 | ||||||
Harsco Corp. | 155,536 | 3,011,177 | ||||||
ITT Corp. | 176,305 | 7,299,027 | ||||||
SPX Corp. | 81,920 | 7,347,405 | ||||||
Trinity Industries, Inc. | 300,374 | 9,629,990 | ||||||
51,800,784 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
Conversant, Inc.† | 115,933 | 4,059,974 | ||||||
Security Description | Shares | (Note 2) | ||||||
Electric - Integrated — 2.5% |
| |||||||
Alliant Energy Corp. | 213,522 | $ | 13,424,128 | |||||
Black Hills Corp. | 85,921 | 4,640,593 | ||||||
Cleco Corp. | 116,206 | 6,243,748 | ||||||
Great Plains Energy, Inc. | 296,569 | 7,761,211 | ||||||
Hawaiian Electric Industries, Inc.# | 197,400 | 5,564,706 | ||||||
IDACORP, Inc. | 96,755 | 6,009,453 | ||||||
MDU Resources Group, Inc. | 373,295 | 9,153,193 | ||||||
OGE Energy Corp. | 383,463 | 13,685,795 | ||||||
PNM Resources, Inc. | 153,312 | 4,439,916 | ||||||
Westar Energy, Inc. | 249,619 | 9,757,607 | ||||||
80,680,350 | ||||||||
Electronic Components - Misc. — 0.8% |
| |||||||
Gentex Corp. | 281,410 | 10,006,940 | ||||||
Jabil Circuit, Inc. | 384,620 | 7,980,865 | ||||||
Knowles Corp.†# | 163,678 | 3,419,233 | ||||||
Vishay Intertechnology, Inc. | 261,096 | 3,621,402 | ||||||
25,028,440 | ||||||||
Electronic Components - Semiconductors — 2.2% |
| |||||||
Advanced Micro Devices, Inc.†# | 1,197,196 | 3,340,177 | ||||||
Cree, Inc.†# | 231,047 | 8,396,248 | ||||||
Fairchild Semiconductor International, Inc.† | 231,213 | 3,729,466 | ||||||
International Rectifier Corp.† | 137,684 | 5,490,838 | ||||||
Intersil Corp., Class A | 249,280 | 3,268,061 | ||||||
Rovi Corp.† | 182,330 | 4,062,313 | ||||||
Semtech Corp.† | 129,644 | 3,300,736 | ||||||
Silicon Laboratories, Inc.† | 77,723 | 3,524,738 | ||||||
Skyworks Solutions, Inc. | 364,788 | 24,612,246 | ||||||
SunEdison, Inc.†# | 481,305 | 10,420,253 | ||||||
70,145,076 | ||||||||
Electronic Design Automation — 0.9% |
| |||||||
Cadence Design Systems, Inc.† | 558,251 | 10,534,197 | ||||||
Mentor Graphics Corp. | 185,976 | 4,130,527 | ||||||
Synopsys, Inc.† | 299,924 | 13,013,702 | ||||||
27,678,426 | ||||||||
Electronic Measurement Instruments — 1.1% |
| |||||||
Itron, Inc.† | 75,536 | 3,051,654 | ||||||
Keysight Technologies, Inc.† | 320,962 | 11,297,862 | ||||||
National Instruments Corp. | 193,513 | 6,229,184 | ||||||
Trimble Navigation, Ltd.† | 500,268 | 14,070,038 | ||||||
34,648,738 | ||||||||
Electronic Parts Distribution — 0.9% |
| |||||||
Arrow Electronics, Inc.† | 190,237 | 11,117,450 | ||||||
Avnet, Inc. | 266,112 | 11,653,046 | ||||||
Tech Data Corp.† | 73,621 | 4,588,797 | ||||||
27,359,293 | ||||||||
Engineering/R&D Services — 0.4% |
| |||||||
AECOM Technology Corp.†# | 289,128 | 9,254,987 | ||||||
KBR, Inc. | 279,525 | 4,707,201 | ||||||
13,962,188 | ||||||||
Enterprise Software/Service — 0.9% |
| |||||||
Advent Software, Inc. | 85,342 | 2,690,833 | ||||||
Concur Technologies, Inc.† | 92,214 | 11,878,085 | ||||||
Informatica Corp.† | 211,725 | 7,702,556 | ||||||
Ultimate Software Group, Inc.† | 54,394 | 8,008,973 | ||||||
30,280,447 | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 60,477 | 3,322,002 | ||||||
158 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Filtration/Separation Products — 0.5% |
| |||||||
CLARCOR, Inc. | 97,114 | $ | 6,398,841 | |||||
Donaldson Co., Inc. | 255,890 | 9,979,710 | ||||||
16,378,551 | ||||||||
Finance - Consumer Loans — 0.2% |
| |||||||
SLM Corp. | 814,041 | 7,879,917 | ||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Raymond James Financial, Inc. | 242,003 | 13,624,769 | ||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
CoreLogic, Inc.† | 175,418 | 5,827,386 | ||||||
Finance - Other Services — 0.3% |
| |||||||
CBOE Holdings, Inc. | 164,006 | 9,825,599 | ||||||
Food - Baking — 0.2% |
| |||||||
Flowers Foods, Inc. | 354,919 | 6,920,921 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 38,546 | 1,123,230 | ||||||
Food - Dairy Products — 0.5% |
| |||||||
Dean Foods Co.# | 180,488 | 3,077,320 | ||||||
WhiteWave Foods Co., Class A† | 335,128 | 12,275,739 | ||||||
15,353,059 | ||||||||
Food - Flour & Grain — 0.1% |
| |||||||
Post Holdings, Inc.†# | 86,274 | 3,450,960 | ||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Hain Celestial Group, Inc.† | 96,919 | 10,973,169 | ||||||
Ingredion, Inc. | 143,555 | 11,948,083 | ||||||
Lancaster Colony Corp. | 37,360 | 3,508,104 | ||||||
26,429,356 | ||||||||
Food - Retail — 0.1% |
| |||||||
SUPERVALU, Inc.† | 396,521 | 3,711,437 | ||||||
Food - Wholesale/Distribution — 0.2% |
| |||||||
United Natural Foods, Inc.† | 95,565 | 7,185,532 | ||||||
Footwear & Related Apparel — 0.2% |
| |||||||
Deckers Outdoor Corp.† | 66,652 | 6,446,581 | ||||||
Funeral Services & Related Items — 0.3% |
| |||||||
Service Corp. International | 406,456 | 9,185,906 | ||||||
Garden Products — 0.2% |
| |||||||
Scotts Miracle-Gro Co., Class A | 86,004 | 5,248,824 | ||||||
Gas - Distribution — 1.8% |
| |||||||
Atmos Energy Corp. | 193,151 | 10,372,209 | ||||||
National Fuel Gas Co. | 161,901 | 11,214,882 | ||||||
ONE Gas, Inc. | 100,084 | 3,885,261 | ||||||
Questar Corp. | 337,368 | 8,093,458 | ||||||
UGI Corp. | 331,794 | 12,511,952 | ||||||
Vectren Corp. | 158,798 | 7,020,459 | ||||||
WGL Holdings, Inc. | 99,971 | 4,885,583 | ||||||
57,983,804 | ||||||||
Gold Mining — 0.3% |
| |||||||
Royal Gold, Inc. | 125,367 | 7,983,371 | ||||||
Hazardous Waste Disposal — 0.2% |
| |||||||
Clean Harbors, Inc.† | 106,211 | 4,965,364 | ||||||
Home Furnishings — 0.2% |
| |||||||
Tempur Sealy International, Inc.† | 117,227 | 6,687,800 | ||||||
Housewares — 0.2% |
| |||||||
Tupperware Brands Corp. | 96,988 | 6,522,443 | ||||||
Security Description | Shares | (Note 2) | ||||||
Human Resources — 0.3% |
| |||||||
Manpowergroup, Inc. | 153,443 | $ | 10,259,199 | |||||
Industrial Automated/Robotic — 0.5% |
| |||||||
Cognex Corp.† | 166,949 | 6,796,494 | ||||||
Nordson Corp. | 112,944 | 8,826,573 | ||||||
15,623,067 | ||||||||
Instruments - Controls — 0.7% |
| |||||||
Mettler-Toledo International, Inc.† | 55,601 | 16,305,549 | ||||||
Woodward, Inc. | 112,185 | 5,797,721 | ||||||
22,103,270 | ||||||||
Instruments - Scientific — 0.2% |
| |||||||
FEI Co. | 80,761 | 6,916,372 | ||||||
Insurance Brokers — 0.7% |
| |||||||
Arthur J. Gallagher & Co. | 306,033 | 14,674,283 | ||||||
Brown & Brown, Inc. | 228,131 | 7,345,818 | ||||||
22,020,101 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
Primerica, Inc. | 104,511 | 5,479,512 | ||||||
Protective Life Corp. | 151,787 | 10,581,072 | ||||||
StanCorp Financial Group, Inc. | 84,182 | 5,564,430 | ||||||
21,625,014 | ||||||||
Insurance - Multi-line — 0.6% |
| |||||||
American Financial Group, Inc. | 144,244 | 8,710,895 | ||||||
Kemper Corp. | 96,310 | 3,395,891 | ||||||
Old Republic International Corp. | 466,883 | 7,063,940 | ||||||
19,170,726 | ||||||||
Insurance - Property/Casualty — 1.6% |
| |||||||
Alleghany Corp.† | 31,513 | 14,386,945 | ||||||
First American Financial Corp. | 206,145 | 6,598,701 | ||||||
Hanover Insurance Group, Inc. | 84,799 | 6,044,473 | ||||||
HCC Insurance Holdings, Inc. | 192,473 | 10,214,542 | ||||||
Mercury General Corp. | 69,840 | 3,852,374 | ||||||
WR Berkley Corp. | 196,369 | 10,258,317 | ||||||
51,355,352 | ||||||||
Insurance - Reinsurance — 1.2% |
| |||||||
Aspen Insurance Holdings, Ltd. | 125,999 | 5,572,936 | ||||||
Everest Re Group, Ltd. | 87,521 | 15,350,308 | ||||||
Reinsurance Group of America, Inc. | 131,963 | 11,311,868 | ||||||
RenaissanceRe Holdings, Ltd. | 77,992 | 7,636,977 | ||||||
39,872,089 | ||||||||
Internet Infrastructure Software — 0.2% |
| |||||||
TIBCO Software, Inc.†# | 293,374 | 7,049,777 | ||||||
Investment Management/Advisor Services — 0.9% |
| |||||||
Eaton Vance Corp. | 228,535 | 9,550,478 | ||||||
Federated Investors, Inc., Class B# | 183,729 | 5,776,440 | ||||||
Janus Capital Group, Inc.# | 285,846 | 4,493,499 | ||||||
Waddell & Reed Financial, Inc., Class A | 162,565 | 7,816,125 | ||||||
27,636,542 | ||||||||
Lighting Products & Systems — 0.4% |
| |||||||
Acuity Brands, Inc. | 83,177 | 11,495,061 | ||||||
Machine Tools & Related Products — 0.5% |
| |||||||
Kennametal, Inc. | 151,440 | 5,576,021 | ||||||
Lincoln Electric Holdings, Inc. | 152,951 | 11,018,590 | ||||||
16,594,611 | ||||||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Terex Corp. | 212,106 | 6,087,442 | ||||||
159 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Machinery - Electrical — 0.2% |
| |||||||
Regal-Beloit Corp. | 86,967 | $ | 6,289,453 | |||||
Machinery - Farming — 0.2% |
| |||||||
AGCO Corp.# | 164,283 | 6,931,100 | ||||||
Machinery - General Industrial — 1.1% |
| |||||||
IDEX Corp. | 154,117 | 11,837,727 | ||||||
Wabtec Corp. | 185,373 | 16,403,656 | ||||||
Zebra Technologies Corp., Class A† | 97,719 | 7,148,145 | ||||||
35,389,528 | ||||||||
Machinery - Pumps — 0.3% |
| |||||||
Graco, Inc. | 115,643 | 9,263,004 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 325,963 | 3,918,075 | ||||||
Medical Instruments — 0.3% |
| |||||||
Bio-Techne Corp. | 71,229 | 6,525,289 | ||||||
Thoratec Corp.† | 108,363 | 3,379,842 | ||||||
9,905,131 | ||||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Covance, Inc.† | 108,811 | 11,166,185 | ||||||
Medical Products — 2.0% |
| |||||||
Cooper Cos., Inc. | 92,930 | 15,695,877 | ||||||
Halyard Health Inc† | 89,962 | 3,527,410 | ||||||
Henry Schein, Inc.† | 163,281 | 22,402,153 | ||||||
Hill-Rom Holdings, Inc. | 110,445 | 5,053,963 | ||||||
Sirona Dental Systems, Inc.† | 106,530 | 9,203,127 | ||||||
Teleflex, Inc. | 79,676 | 9,493,396 | ||||||
65,375,926 | ||||||||
Medical Sterilization Products — 0.2% |
| |||||||
STERIS Corp. | 114,210 | 7,280,888 | ||||||
Medical - Biomedical/Gene — 1.1% |
| |||||||
Bio-Rad Laboratories, Inc., Class A† | 39,451 | 4,686,384 | ||||||
Charles River Laboratories International, Inc.† | 89,841 | 5,817,205 | ||||||
Cubist Pharmaceuticals, Inc.† | 145,766 | 11,050,520 | ||||||
United Therapeutics Corp.† | 90,980 | 12,061,219 | ||||||
33,615,328 | ||||||||
Medical - Drugs — 1.1% |
| |||||||
Endo International PLC† | 295,390 | 21,613,686 | ||||||
Salix Pharmaceuticals, Ltd.†# | 122,585 | 12,588,254 | ||||||
34,201,940 | ||||||||
Medical - HMO — 0.8% |
| |||||||
Centene Corp.† | 112,760 | 11,137,305 | ||||||
Health Net, Inc.† | 154,565 | 7,941,550 | ||||||
WellCare Health Plans, Inc.† | 84,469 | 6,228,744 | ||||||
25,307,599 | ||||||||
Medical - Hospitals — 0.5% |
| |||||||
Community Health Systems, Inc.† | 221,847 | 10,444,557 | ||||||
LifePoint Hospitals, Inc.† | 86,885 | 6,011,573 | ||||||
16,456,130 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Owens & Minor, Inc. | 121,387 | 4,152,649 | ||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Timken Co. | 146,763 | 6,279,989 | ||||||
Metal - Iron — 0.1% |
| |||||||
Cliffs Natural Resources, Inc.# | 294,835 | 2,688,895 | ||||||
Security Description | Shares | (Note 2) | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
AptarGroup, Inc. | 125,450 | $ | 8,185,613 | |||||
Motion Pictures & Services — 0.1% |
| |||||||
DreamWorks Animation SKG, Inc., Class A†# | 138,522 | 3,302,364 | ||||||
Multimedia — 0.4% |
| |||||||
FactSet Research Systems, Inc.# | 75,311 | 10,322,126 | ||||||
Meredith Corp.# | 70,198 | 3,705,050 | ||||||
14,027,176 | ||||||||
Networking Products — 0.3% |
| |||||||
Fortinet, Inc.† | 264,785 | 7,297,475 | ||||||
Polycom, Inc.† | 263,689 | 3,472,784 | ||||||
10,770,259 | ||||||||
Non-Hazardous Waste Disposal — 0.4% |
| |||||||
Waste Connections, Inc. | 238,892 | 11,278,091 | ||||||
Office Furnishings - Original — 0.2% |
| |||||||
Herman Miller, Inc. | 114,339 | 3,474,762 | ||||||
HNI Corp. | 86,806 | 4,074,674 | ||||||
7,549,436 | ||||||||
Oil & Gas Drilling — 0.4% |
| |||||||
Atwood Oceanics, Inc.† | 115,165 | 3,695,645 | ||||||
Patterson-UTI Energy, Inc. | 281,271 | 4,975,684 | ||||||
Rowan Cos. PLC, Class A | 239,637 | 5,216,897 | ||||||
13,888,226 | ||||||||
Oil Companies - Exploration & Production — 1.2% |
| |||||||
California Resources Corp.† | 600,229 | 4,831,843 | ||||||
Energen Corp. | 140,880 | 8,413,354 | ||||||
Gulfport Energy Corp.† | 164,563 | 7,854,592 | ||||||
Rosetta Resources, Inc.† | 118,334 | 3,481,386 | ||||||
SM Energy Co. | 129,673 | 5,634,292 | ||||||
Unit Corp.† | 88,755 | 3,392,216 | ||||||
WPX Energy, Inc.† | 390,573 | 5,300,076 | ||||||
38,907,759 | ||||||||
Oil Field Machinery & Equipment — 0.6% |
| |||||||
Dresser-Rand Group, Inc.† | 147,465 | 11,960,886 | ||||||
Dril-Quip, Inc.† | 76,945 | 6,136,364 | ||||||
18,097,250 | ||||||||
Oil Refining & Marketing — 0.8% |
| |||||||
HollyFrontier Corp. | 382,163 | 15,599,894 | ||||||
Murphy USA, Inc.† | 82,728 | 5,271,428 | ||||||
Western Refining, Inc. | 143,978 | 5,918,935 | ||||||
26,790,257 | ||||||||
Oil - Field Services — 1.1% |
| |||||||
CARBO Ceramics, Inc.# | 37,798 | 1,437,836 | ||||||
Helix Energy Solutions Group, Inc.† | 188,921 | 4,320,623 | ||||||
NOW, Inc.†# | 206,058 | 5,518,233 | ||||||
Oceaneering International, Inc. | 207,890 | 13,036,782 | ||||||
Oil States International, Inc.† | 104,092 | 5,188,986 | ||||||
Superior Energy Services, Inc. | 297,722 | 5,749,012 | ||||||
35,251,472 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Domtar Corp. | 125,110 | 5,091,977 | ||||||
Pharmacy Services — 0.4% |
| |||||||
Omnicare, Inc. | 188,339 | 13,243,998 | ||||||
Physicians Practice Management — 0.4% |
| |||||||
MEDNAX, Inc.† | 192,939 | 12,629,787 | ||||||
160 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Hubbell, Inc., Class B | 104,677 | $ | 11,179,504 | |||||
Printing - Commercial — 0.4% |
| |||||||
Deluxe Corp. | 95,852 | 5,602,549 | ||||||
RR Donnelley & Sons Co. | 384,562 | 6,476,024 | ||||||
12,078,573 | ||||||||
Publishing - Books — 0.2% |
| |||||||
John Wiley & Sons, Inc., Class A | 90,305 | 5,393,015 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
New York Times Co., Class A | 251,684 | 3,193,870 | ||||||
Publishing - Periodicals — 0.2% |
| |||||||
Time, Inc. | 209,678 | 5,019,691 | ||||||
Quarrying — 0.2% |
| |||||||
Compass Minerals International, Inc. | 64,603 | 5,623,691 | ||||||
Racetracks — 0.1% |
| |||||||
International Speedway Corp., Class A | 53,801 | 1,682,895 | ||||||
Real Estate Investment Trusts — 9.7% |
| |||||||
Alexandria Real Estate Equities, Inc. | 138,097 | 11,865,294 | ||||||
American Campus Communities, Inc. | 201,966 | 8,078,640 | ||||||
BioMed Realty Trust, Inc. | 375,599 | 8,056,599 | ||||||
Camden Property Trust | 164,691 | 12,628,506 | ||||||
Corporate Office Properties Trust | 177,996 | 5,003,468 | ||||||
Corrections Corp. of America | 224,095 | 8,123,444 | ||||||
Duke Realty Corp. | 656,647 | 12,765,218 | ||||||
Equity One, Inc. | 147,767 | 3,580,394 | ||||||
Extra Space Storage, Inc. | 212,139 | 12,573,478 | ||||||
Federal Realty Investment Trust | 130,339 | 17,290,772 | ||||||
Highwoods Properties, Inc. | 173,923 | 7,506,517 | ||||||
Home Properties, Inc. | 109,962 | 7,168,423 | ||||||
Hospitality Properties Trust | 288,320 | 8,822,592 | ||||||
Kilroy Realty Corp. | 160,098 | 10,995,531 | ||||||
Lamar Advertising Co. | 154,045 | 8,209,058 | ||||||
LaSalle Hotel Properties | 200,306 | 8,086,353 | ||||||
Liberty Property Trust | 285,056 | 10,085,281 | ||||||
Mack-Cali Realty Corp. | 160,998 | 3,094,382 | ||||||
Mid-America Apartment Communities, Inc. | 144,730 | 10,660,812 | ||||||
National Retail Properties, Inc.# | 253,851 | 9,780,879 | ||||||
Omega Healthcare Investors, Inc. | 244,901 | 9,360,116 | ||||||
Potlatch Corp. | 78,126 | 3,246,135 | ||||||
Rayonier, Inc. | 243,562 | 6,644,371 | ||||||
Realty Income Corp.# | 428,491 | 19,907,692 | ||||||
Regency Centers Corp. | 177,765 | 10,928,992 | ||||||
Senior Housing Properties Trust | 392,197 | 8,836,198 | ||||||
SL Green Realty Corp. | 184,002 | 21,369,992 | ||||||
Tanger Factory Outlet Centers, Inc. | 184,547 | 6,750,729 | ||||||
Taubman Centers, Inc. | 121,870 | 9,687,446 | ||||||
UDR, Inc. | 484,456 | 14,911,556 | ||||||
Washington Prime Group, Inc. | 298,648 | 5,145,705 | ||||||
Weingarten Realty Investors | 216,469 | 7,879,472 | ||||||
309,044,045 | ||||||||
Real Estate Management/Services — 0.4% |
| |||||||
Jones Lang LaSalle, Inc. | 86,251 | 12,563,321 | ||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Alexander & Baldwin, Inc. | 87,255 | 3,322,670 | ||||||
Recreational Centers — 0.1% |
| |||||||
Life Time Fitness, Inc.† | 69,234 | 3,834,179 | ||||||
Recreational Vehicles — 0.9% |
| |||||||
Brunswick Corp. | 178,790 | 8,882,287 | ||||||
Polaris Industries, Inc. | 116,798 | 18,303,415 | ||||||
27,185,702 | ||||||||
Security Description | Shares | (Note 2) | ||||||
Rental Auto/Equipment — 0.2% |
| |||||||
Aaron’s, Inc. | 123,869 | $ | 3,515,402 | |||||
Rent-A-Center, Inc. | 101,727 | 3,509,582 | ||||||
7,024,984 | ||||||||
Respiratory Products — 0.4% |
| |||||||
ResMed, Inc.# | 269,787 | 14,352,668 | ||||||
Retail - Apparel/Shoe — 1.5% |
| |||||||
Abercrombie & Fitch Co., Class A# | 137,362 | 3,962,894 | ||||||
American Eagle Outfitters, Inc.# | 336,807 | 4,748,979 | ||||||
ANN, Inc.† | 88,047 | 3,233,966 | ||||||
Ascena Retail Group, Inc.† | 252,037 | 3,374,776 | ||||||
Chico’s FAS, Inc. | 294,082 | 4,667,081 | ||||||
Foot Locker, Inc. | 276,611 | 15,847,044 | ||||||
Guess?, Inc. | 123,012 | 2,788,682 | ||||||
Kate Spade & Co.† | 244,243 | 7,823,103 | ||||||
46,446,525 | ||||||||
Retail - Auto Parts — 0.6% |
| |||||||
Advance Auto Parts, Inc. | 140,457 | 20,658,416 | ||||||
Retail - Automobile — 0.2% |
| |||||||
Copart, Inc.† | 218,344 | 7,934,621 | ||||||
Retail - Catalog Shopping — 0.2% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 98,508 | 7,651,116 | ||||||
Retail - Discount — 0.3% |
| |||||||
Big Lots, Inc. | 107,879 | 5,480,253 | ||||||
HSN, Inc. | 62,431 | 4,553,093 | ||||||
10,033,346 | ||||||||
Retail - Jewelry — 0.6% |
| |||||||
Signet Jewelers, Ltd. | 154,393 | 20,219,307 | ||||||
Retail - Mail Order — 0.4% |
| |||||||
Williams-Sonoma, Inc. | 168,466 | 12,560,825 | ||||||
Retail - Major Department Stores — 0.1% |
| |||||||
J.C. Penney Co., Inc.†# | 586,731 | 4,699,715 | ||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
CST Brands, Inc. | 145,550 | 6,354,713 | ||||||
Retail - Office Supplies — 0.2% |
| |||||||
Office Depot, Inc.† | 931,224 | 6,174,015 | ||||||
Retail - Petroleum Products — 0.2% |
| |||||||
World Fuel Services Corp. | 139,124 | 6,299,535 | ||||||
Retail - Restaurants — 1.1% |
| |||||||
Brinker International, Inc. | 124,372 | 7,005,875 | ||||||
Cheesecake Factory, Inc. | 88,675 | 4,294,530 | ||||||
Domino’s Pizza, Inc. | 106,089 | 9,956,453 | ||||||
Panera Bread Co., Class A†# | 49,487 | 8,284,124 | ||||||
Wendy’s Co. | 529,512 | 4,617,344 | ||||||
34,158,326 | ||||||||
Retail - Sporting Goods — 0.5% |
| |||||||
Cabela’s, Inc.†# | 91,635 | 4,970,282 | ||||||
Dick’s Sporting Goods, Inc. | 191,349 | 9,684,173 | ||||||
14,654,455 | ||||||||
Savings & Loans/Thrifts — 0.8% |
| |||||||
Astoria Financial Corp. | 168,623 | 2,230,882 | ||||||
First Niagara Financial Group, Inc. | 681,244 | 5,565,764 | ||||||
New York Community Bancorp, Inc.# | 851,987 | 13,538,073 | ||||||
Washington Federal, Inc. | 191,536 | 4,144,839 | ||||||
25,479,558 | ||||||||
161 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Schools — 0.6% |
| |||||||
Apollo Education Group, Inc.† | 187,933 | $ | 5,867,268 | |||||
DeVry Education Group, Inc. | 110,350 | 5,391,701 | ||||||
Graham Holdings Co., Class B | 8,473 | 7,519,703 | ||||||
18,778,672 | ||||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Atmel Corp.† | 805,568 | 6,372,043 | ||||||
Cypress Semiconductor Corp.# | 281,998 | 2,989,179 | ||||||
Integrated Device Technology, Inc.† | 286,393 | 5,344,093 | ||||||
14,705,315 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Teradyne, Inc. | 416,693 | 8,271,356 | ||||||
Shipbuilding — 0.3% |
| |||||||
Huntington Ingalls Industries, Inc. | 93,476 | 10,186,080 | ||||||
Soap & Cleaning Preparation — 0.6% |
| |||||||
Church & Dwight Co., Inc. | 257,260 | 19,734,415 | ||||||
Steel Pipe & Tube — 0.3% |
| |||||||
TimkenSteel Corp. | 73,377 | 2,613,689 | ||||||
Valmont Industries, Inc.# | 47,360 | 6,404,019 | ||||||
9,017,708 | ||||||||
Steel - Producers — 1.3% |
| |||||||
Carpenter Technology Corp. | 102,399 | 5,162,958 | ||||||
Commercial Metals Co. | 226,784 | 3,705,650 | ||||||
Reliance Steel & Aluminum Co. | 150,066 | 9,595,220 | ||||||
Steel Dynamics, Inc. | 462,014 | 10,413,795 | ||||||
United States Steel Corp.# | 279,325 | 9,315,489 | ||||||
Worthington Industries, Inc. | 97,815 | 3,688,604 | ||||||
41,881,716 | ||||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Ciena Corp.†# | 205,111 | 3,390,485 | ||||||
JDS Uniphase Corp.† | 442,745 | 5,906,218 | ||||||
9,296,703 | ||||||||
Telecom Services — 0.1% |
| |||||||
NeuStar, Inc., Class A†# | 107,964 | 2,942,019 | ||||||
Telecommunication Equipment — 0.4% |
| |||||||
ARRIS Group, Inc.† | 253,519 | 7,547,261 | ||||||
Plantronics, Inc. | 82,467 | 4,302,303 | ||||||
11,849,564 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Telephone & Data Systems, Inc. | 190,477 | 4,868,592 | ||||||
Television — 0.2% |
| |||||||
AMC Networks, Inc., Class A† | 113,768 | 7,378,992 | ||||||
Theaters — 0.2% |
| |||||||
Cinemark Holdings, Inc. | 200,405 | 7,276,706 | ||||||
Transactional Software — 0.4% |
| |||||||
ACI Worldwide, Inc.† | 219,574 | 4,270,714 | ||||||
Solera Holdings, Inc. | 132,054 | 6,955,284 | ||||||
11,225,998 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp. | 86,228 | 5,340,962 | ||||||
Transport - Marine — 0.4% |
| |||||||
Kirby Corp.† | 109,825 | 10,558,575 | ||||||
Tidewater, Inc.# | 95,700 | 2,958,087 | ||||||
13,516,662 | ||||||||
Security Description | Shares/ Principal Amount | (Note 2) | ||||||
Transport - Rail — 0.3% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 98,340 | $ | 9,695,341 | |||||
Transport - Truck — 1.3% |
| |||||||
Con-way, Inc. | 110,699 | 5,484,028 | ||||||
J.B. Hunt Transport Services, Inc. | 177,214 | 14,625,471 | ||||||
Landstar System, Inc. | 86,018 | 6,914,127 | ||||||
Old Dominion Freight Line, Inc.† | 131,017 | 10,617,618 | ||||||
Werner Enterprises, Inc. | 85,748 | 2,659,903 | ||||||
40,301,147 | ||||||||
Veterinary Diagnostics — 0.2% |
| |||||||
VCA, Inc.† | 165,939 | 7,853,893 | ||||||
Water — 0.3% |
| |||||||
Aqua America, Inc. | 341,025 | 9,064,445 | ||||||
Web Hosting/Design — 1.1% |
| |||||||
Equinix, Inc. | 107,943 | 24,521,411 | ||||||
Rackspace Hosting, Inc.† | 228,472 | 10,489,150 | ||||||
35,010,561 | ||||||||
Web Portals/ISP — 0.2% |
| |||||||
AOL, Inc.† | 151,417 | 6,989,409 | ||||||
Wire & Cable Products — 0.2% |
| |||||||
Belden, Inc. | 83,229 | 6,078,214 | ||||||
Wireless Equipment — 0.4% |
| |||||||
InterDigital, Inc. | 71,531 | 3,567,966 | ||||||
RF Micro Devices, Inc.†# | 553,603 | 8,088,140 | ||||||
11,656,106 | ||||||||
X-Ray Equipment — 0.4% |
| |||||||
Hologic, Inc.† | 465,115 | 12,465,082 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $2,155,384,407) | 3,127,595,089 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.0% |
| |||||||
Registered Investment Companies — 7.1% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 228,329,923 | 228,329,923 | ||||||
U.S. Government Treasuries — 1.9% |
| |||||||
United States Treasury Bills | ||||||||
0.01% due 12/18/2014(2) | $ | 4,300,000 | 4,299,980 | |||||
0.04% due 12/04/2014 | 50,000,000 | 49,999,844 | ||||||
0.04% due 12/18/2014(2) | 5,000,000 | 4,999,917 | ||||||
59,299,741 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $287,629,664) | 287,629,664 | |||||||
REPURCHASE AGREEMENT — 0.4% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(3) | 13,166,000 | 13,166,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,456,180,071)(4) | 107.2 | % | 3,428,390,753 | |||||
Liabilities in excess of other assets | (7.2 | ) | (229,557,849 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 3,198,832,904 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $224,024,820 This was secured by collateral of $228,329,923 which was received in cash and subsequently invested in short-term investments currently valued at $228,329,923 as |
162 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
reported in the portfolio of investments. Additional collateral of $4,110,992 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||||
United States Treasury Bills | zero coupon | 01/22/2015 to 08/20/2015 | $ | 60,715 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 12/15/2014 to 08/15/2043 | 4,050,277 |
(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, 2014 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
521 | Long | S&P Mid Cap 400 E-mini Index | December 2014 | $ | 74,774,180 | $ | 75,065,680 | $ | 291,500 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 3,127,595,089 | $ | — | $ | — | $ | 3,127,595,089 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 228,329,923 | — | — | 228,329,923 | ||||||||||||
U.S. Government Treasuries | — | 59,299,741 | — | 59,299,741 | ||||||||||||
Repurchase Agreement | — | 13,166,000 | — | 13,166,000 | ||||||||||||
Total Investments at Value | $ | 3,355,925,012 | $ | 72,465,741 | $ | — | $ | 3,428,390,753 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts | $ | 291,500 | $ | — | $ | — | $ | 291,500 | ||||||||
* | For a detailed presentation of investments, 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
163 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Registered Investment Companies | 11.6 | % | ||
Medical — Biomedical/Gene | 5.8 | |||
Commercial Services — Finance | 4.5 | |||
Retail — Restaurants | 4.5 | |||
Medical Instruments | 4.2 | |||
Medical — Drugs | 4.2 | |||
Internet Content — Information/News | 3.9 | |||
Consulting Services | 3.6 | |||
Internet Content — Entertainment | 3.5 | |||
Apparel Manufacturers | 3.0 | |||
E-Commerce/Services | 2.7 | |||
Auto — Cars/Light Trucks | 2.4 | |||
Vitamins & Nutrition Products | 2.3 | |||
Internet Application Software | 2.3 | |||
Enterprise Software/Service | 1.9 | |||
Coffee | 1.9 | |||
Applications Software | 1.8 | |||
Medical Information Systems | 1.7 | |||
Retail — Apparel/Shoe | 1.7 | |||
Time Deposits | 1.6 | |||
Aerospace/Defense | 1.6 | |||
E-Commerce/Products | 1.5 | |||
Decision Support Software | 1.5 | |||
Diversified Manufacturing Operations | 1.5 | |||
Computer Services | 1.4 | |||
Networking Products | 1.4 | |||
Auto/Truck Parts & Equipment — Original | 1.4 | |||
Insurance — Property/Casualty | 1.2 | |||
Airlines | 1.2 | |||
Web Hosting/Design | 1.1 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Internet Security | 1.0 | |||
Coatings/Paint | 1.0 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Retail — Discount | 0.9 | |||
Electric Products — Misc. | 0.9 | |||
Retail — Auto Parts | 0.9 | |||
Food — Confectionery | 0.9 | |||
Data Processing/Management | 0.9 | |||
Home Decoration Products | 0.8 | |||
Transport — Truck | 0.8 | |||
Medical — Wholesale Drug Distribution | 0.7 | |||
Cruise Lines | 0.7 | |||
Real Estate Management/Services | 0.7 | |||
Web Portals/ISP | 0.7 | |||
Electronic Components — Semiconductors | 0.6 | |||
Hazardous Waste Disposal | 0.6 | |||
Medical Products | 0.6 | |||
Audio/Video Products | 0.6 | |||
Beverages — Non — alcoholic | 0.6 | |||
Chemicals — Specialty | 0.6 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Computers — Other | 0.6 | |||
Banks — Commercial | 0.6 | |||
Food — Meat Products | 0.6 | |||
Transport — Rail | 0.6 | |||
Broadcast Services/Program | 0.6 | |||
Television | 0.5 | |||
Investment Management/Advisor Services | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Computer Aided Design | 0.5 | |||
Footwear & Related Apparel | 0.5 | |||
Hotels/Motels | 0.5 | |||
Containers — Metal/Glass | 0.5 | |||
Industrial Gases | 0.5 | |||
Building Products — Cement | 0.5 | |||
Instruments — Scientific | 0.5 | |||
Computers — Memory Devices | 0.4 | |||
Industrial Audio & Video Products | 0.4 |
Oil — Field Services | 0.4 | |||
Internet Incubators | 0.4 | |||
Finance — Other Services | 0.4 | |||
Lighting Products & Systems | 0.4 | |||
Energy — Alternate Sources | 0.3 | |||
Internet Infrastructure Software | 0.2 | |||
Therapeutics | 0.2 | |||
111.0 | % | |||
* | Calculated as a percentage of net assets |
164 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.6% |
| |||||||
Aerospace/Defense — 1.6% |
| |||||||
TransDigm Group, Inc. | 24,234 | $ | 4,793,243 | |||||
Aerospace/Defense - Equipment — 0.6% |
| |||||||
B/E Aerospace, Inc.† | 24,058 | 1,873,396 | ||||||
Airlines — 1.2% |
| |||||||
United Continental Holdings, Inc.† | 56,894 | 3,483,620 | ||||||
Apparel Manufacturers — 3.0% |
| |||||||
Gildan Activewear, Inc. | 19,680 | 1,147,344 | ||||||
Michael Kors Holdings, Ltd.† | 90,871 | 6,970,714 | ||||||
Under Armour, Inc., Class A† | 14,134 | 1,024,574 | ||||||
9,142,632 | ||||||||
Applications Software — 1.8% |
| |||||||
NetSuite, Inc.†# | 16,529 | 1,747,942 | ||||||
ServiceNow, Inc.† | 37,366 | 2,389,929 | ||||||
Tableau Software, Inc., Class A† | 13,942 | 1,169,455 | ||||||
5,307,326 | ||||||||
Audio/Video Products — 0.6% |
| |||||||
Harman International Industries, Inc. | 17,438 | 1,892,546 | ||||||
Auto - Cars/Light Trucks — 2.4% |
| |||||||
Tesla Motors, Inc.†# | 29,280 | 7,159,546 | ||||||
Auto/Truck Parts & Equipment - Original — 1.4% |
| |||||||
Delphi Automotive PLC | 29,158 | 2,127,076 | ||||||
WABCO Holdings, Inc.† | 18,812 | 1,930,488 | ||||||
4,057,564 | ||||||||
Banks - Commercial — 0.6% |
| |||||||
First Republic Bank | 35,933 | 1,851,627 | ||||||
Beverages - Non-alcoholic — 0.6% |
| |||||||
Monster Beverage Corp.† | 16,870 | 1,891,971 | ||||||
Broadcast Services/Program — 0.6% |
| |||||||
Scripps Networks Interactive, Inc., Class A | 21,219 | 1,658,689 | ||||||
Building Products - Cement — 0.5% |
| |||||||
Vulcan Materials Co. | 21,046 | 1,391,141 | ||||||
Chemicals - Specialty — 0.6% |
| |||||||
International Flavors & Fragrances, Inc. | 18,678 | 1,889,653 | ||||||
Coatings/Paint — 1.0% |
| |||||||
Sherwin-Williams Co. | 11,832 | 2,897,184 | ||||||
Coffee — 1.9% |
| |||||||
Keurig Green Mountain, Inc. | 39,281 | 5,583,401 | ||||||
Commercial Services - Finance — 4.5% |
| |||||||
FleetCor Technologies, Inc.† | 30,441 | 4,623,683 | ||||||
McGraw Hill Financial, Inc. | 75,280 | 7,035,669 | ||||||
SEI Investments Co. | 44,455 | 1,761,752 | ||||||
13,421,104 | ||||||||
Computer Aided Design — 0.5% |
| |||||||
Aspen Technology, Inc.† | 41,331 | 1,559,832 | ||||||
Computer Services — 1.4% |
| |||||||
IHS, Inc., Class A† | 34,419 | 4,214,951 | ||||||
Computers - Memory Devices — 0.4% |
| |||||||
Western Digital Corp. | 12,955 | 1,337,863 | ||||||
Computers - Other — 0.6% |
| |||||||
3D Systems Corp.†# | 26,542 | 936,402 | ||||||
Stratasys, Ltd.†# | 9,053 | 923,134 | ||||||
1,859,536 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Consulting Services — 3.6% |
| |||||||
Gartner, Inc.† | 54,685 | $ | 4,674,474 | |||||
Towers Watson & Co., Class A | 12,757 | 1,441,030 | ||||||
Verisk Analytics, Inc., Class A† | 73,351 | 4,546,295 | ||||||
10,661,799 | ||||||||
Containers - Metal/Glass — 0.5% |
| |||||||
Constellium NV, Class A† | 95,813 | 1,509,055 | ||||||
Cruise Lines — 0.7% |
| |||||||
Royal Caribbean Cruises, Ltd. | 27,889 | 2,056,535 | ||||||
Data Processing/Management — 0.6% |
| |||||||
Fidelity National Information Services, Inc. | 29,512 | 1,805,839 | ||||||
Decision Support Software — 1.5% |
| |||||||
MSCI, Inc. | 96,116 | 4,648,170 | ||||||
Diversified Manufacturing Operations — 1.5% |
| |||||||
Colfax Corp.† | 60,996 | 3,143,124 | ||||||
ITT Corp. | 33,575 | 1,390,005 | ||||||
4,533,129 | ||||||||
E-Commerce/Products — 1.1% |
| |||||||
MercadoLibre, Inc.# | 10,511 | 1,481,421 | ||||||
zulily, Inc., Class A†# | 65,573 | 1,883,912 | ||||||
3,365,333 | ||||||||
E-Commerce/Services — 2.7% |
| |||||||
Autohome, Inc. ADR† | 43,633 | 1,885,818 | ||||||
Ctrip.com International, Ltd. ADR† | 32,494 | 1,757,275 | ||||||
Groupon, Inc.†# | 151,328 | 1,139,500 | ||||||
TripAdvisor, Inc.† | 25,412 | 1,871,594 | ||||||
Zillow, Inc., Class A†# | 11,878 | 1,405,880 | ||||||
8,060,067 | ||||||||
Electric Products - Misc. — 0.9% |
| |||||||
AMETEK, Inc. | 53,162 | 2,709,136 | ||||||
Electronic Components - Semiconductors — 0.6% |
| |||||||
Broadcom Corp., Class A | 44,641 | 1,925,366 | ||||||
Energy - Alternate Sources — 0.3% |
| |||||||
SolarCity Corp.†# | 18,898 | 1,039,390 | ||||||
Enterprise Software/Service — 1.9% |
| |||||||
Workday, Inc., Class A† | 66,810 | 5,815,810 | ||||||
Finance - Other Services — 0.4% |
| |||||||
CBOE Holdings, Inc. | 19,280 | 1,155,065 | ||||||
Food - Confectionery — 0.9% |
| |||||||
Hershey Co. | 26,453 | 2,652,707 | ||||||
Food - Meat Products — 0.6% |
| |||||||
Tyson Foods, Inc., Class A | 42,110 | 1,782,937 | ||||||
Footwear & Related Apparel — 0.5% |
| |||||||
Deckers Outdoor Corp.† | 16,120 | 1,559,126 | ||||||
Hazardous Waste Disposal — 0.6% |
| |||||||
Stericycle, Inc.† | 14,880 | 1,918,330 | ||||||
Home Decoration Products — 0.8% |
| |||||||
Newell Rubbermaid, Inc. | 63,439 | 2,303,470 | ||||||
Hotels/Motels — 0.5% |
| |||||||
Starwood Hotels & Resorts Worldwide, Inc. | 19,236 | 1,519,644 | ||||||
Industrial Audio & Video Products — 0.4% |
| |||||||
GoPro, Inc., Class A† | 15,975 | 1,245,571 | ||||||
Industrial Gases — 0.5% |
| |||||||
Airgas, Inc. | 12,377 | 1,431,153 | ||||||
165 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Instruments - Scientific — 0.5% |
| |||||||
PerkinElmer, Inc. | 30,283 | $ | 1,376,968 | |||||
Insurance - Property/Casualty — 1.2% |
| |||||||
Progressive Corp. | 129,537 | 3,528,588 | ||||||
Internet Application Software — 2.3% |
| |||||||
Splunk, Inc.† | 93,513 | 6,274,722 | ||||||
Zynga, Inc., Class A†# | 235,826 | 613,148 | ||||||
6,887,870 | ||||||||
Internet Content - Entertainment — 3.5% |
| |||||||
Pandora Media, Inc.† | 92,527 | 1,819,081 | ||||||
Twitter, Inc.† | 169,716 | 7,083,946 | ||||||
Youku Tudou, Inc. ADR†# | 85,873 | 1,588,650 | ||||||
10,491,677 | ||||||||
Internet Content - Information/News — 3.9% |
| |||||||
LinkedIn Corp., Class A† | 39,971 | 9,044,238 | ||||||
Yelp, Inc.†# | 44,489 | 2,539,877 | ||||||
11,584,115 | ||||||||
Internet Incubators — 0.4% |
| |||||||
HomeAway, Inc.† | 37,023 | 1,161,041 | ||||||
Internet Infrastructure Software — 0.2% | ||||||||
Survey Monkey, Inc.†(1)(2)(3) | 44,965 | 739,674 | ||||||
Internet Security — 1.0% |
| |||||||
FireEye, Inc.†# | 100,687 | 3,049,809 | ||||||
Investment Management/Advisor Services — 0.5% |
| |||||||
Ameriprise Financial, Inc. | 12,461 | 1,641,986 | ||||||
Lighting Products & Systems — 0.4% |
| |||||||
Acuity Brands, Inc. | 8,090 | 1,118,038 | ||||||
Medical Information Systems — 1.7% | ||||||||
athenahealth, Inc.†# | 44,424 | 5,210,935 | ||||||
Medical Instruments — 4.2% |
| |||||||
Boston Scientific Corp.† | 73,393 | 944,568 | ||||||
DexCom, Inc.† | 12,495 | 642,992 | ||||||
Intuitive Surgical, Inc.† | 21,436 | 11,098,918 | ||||||
12,686,478 | ||||||||
Medical Products — 0.6% |
| |||||||
Cooper Cos., Inc. | 11,210 | 1,893,369 | ||||||
Medical - Biomedical/Gene — 5.8% |
| |||||||
Alnylam Pharmaceuticals, Inc.† | 10,474 | 1,053,161 | ||||||
Illumina, Inc.† | 55,107 | 10,519,375 | ||||||
Incyte Corp.† | 15,288 | 1,155,009 | ||||||
Intercept Pharmaceuticals, Inc.†# | 1,214 | 174,488 | ||||||
Medivation, Inc.† | 11,230 | 1,301,445 | ||||||
Seattle Genetics, Inc.†# | 13,200 | 481,008 | ||||||
Vertex Pharmaceuticals, Inc.† | 22,331 | 2,632,378 | ||||||
17,316,864 | ||||||||
Medical - Drugs — 4.2% |
| |||||||
Endo International PLC† | 100,717 | 7,369,463 | ||||||
Ironwood Pharmaceuticals, Inc.† | 86,092 | 1,191,513 | ||||||
Quintiles Transnational Holdings, Inc.† | 32,863 | 1,900,139 | ||||||
Zoetis, Inc. | 48,775 | 2,191,461 | ||||||
12,652,576 | ||||||||
Medical - Wholesale Drug Distribution — 0.7% |
| |||||||
Cardinal Health, Inc. | 25,938 | 2,131,844 | ||||||
Networking Products — 1.4% |
| |||||||
Palo Alto Networks, Inc.† | 33,347 | 4,101,681 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Exploration & Production — 1.0% |
| |||||||
Concho Resources, Inc.† | 14,606 | $ | 1,391,221 | |||||
Range Resources Corp. | 15,650 | 1,027,423 | ||||||
Whiting Petroleum Corp.† | 17,319 | 723,415 | ||||||
3,142,059 | ||||||||
Oil - Field Services — 0.4% |
| |||||||
Weatherford International PLC† | 89,464 | 1,171,978 | ||||||
Real Estate Management/Services — 0.7% |
| |||||||
CBRE Group, Inc., Class A† | 60,838 | 2,052,674 | ||||||
Retail - Apparel/Shoe — 1.7% |
| |||||||
Kate Spade & Co.† | 61,135 | 1,958,154 | ||||||
Lululemon Athletica, Inc.†# | 40,807 | 1,966,490 | ||||||
Zalando SE†* | 39,222 | 1,224,978 | ||||||
5,149,622 | ||||||||
Retail - Auto Parts — 0.9% |
| |||||||
Advance Auto Parts, Inc. | 18,105 | 2,662,883 | ||||||
Retail - Discount — 0.9% |
| |||||||
Dollar Tree, Inc.† | 40,156 | 2,745,064 | ||||||
Retail - Restaurants — 4.5% |
| |||||||
Chipotle Mexican Grill, Inc.† | 4,113 | 2,729,469 | ||||||
Dunkin’ Brands Group, Inc. | 138,635 | 6,703,002 | ||||||
Panera Bread Co., Class A†# | 23,729 | 3,972,235 | ||||||
13,404,706 | ||||||||
Semiconductor Components - Integrated Circuits — 0.9% |
| |||||||
Atmel Corp.† | 162,802 | 1,287,764 | ||||||
NXP Semiconductor NV† | 19,400 | 1,509,514 | ||||||
2,797,278 | ||||||||
Semiconductor Equipment — 0.5% |
| |||||||
Lam Research Corp. | 19,074 | 1,576,275 | ||||||
Television — 0.5% |
| |||||||
AMC Networks, Inc., Class A† | 25,361 | 1,644,914 | ||||||
Therapeutics — 0.2% |
| |||||||
Pharmacyclics, Inc.† | 4,699 | 654,994 | ||||||
Transport - Rail — 0.6% |
| |||||||
Kansas City Southern | 14,070 | 1,673,486 | ||||||
Transport - Truck — 0.8% |
| |||||||
Swift Transportation Co.† | 77,333 | 2,248,070 | ||||||
Vitamins & Nutrition Products — 2.3% |
| |||||||
Mead Johnson Nutrition Co. | 67,365 | 6,995,181 | ||||||
Web Hosting/Design — 0.7% |
| |||||||
Equinix, Inc. | 9,490 | 2,155,843 | ||||||
Web Portals/ISP — 0.6% |
| |||||||
Dropbox, Inc.†(1)(2)(3) | 89,561 | 1,710,723 | ||||||
Total Common Stocks | ||||||||
(cost $241,446,777) | 290,323,720 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.2% |
| |||||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
Better Place LLC, Series B†(1)(2)(3) | 314,973 | 0 | ||||||
Data Processing/Management — 0.3% | ||||||||
Palantir Technologies, Inc., Series G†(1)(2)(3) | 89,856 | 539,136 | ||||||
Palantir Technologies, Inc., Series H†(1)(2)(3) | 24,065 | 144,390 | ||||||
Palantir Technologies, Inc., Series H-1†(1)(2)(3) | 24,065 | 144,390 | ||||||
827,916 | ||||||||
166 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) |
| |||||||
E-Commerce/Products — 0.4% | ||||||||
Flipkart Online Services Pvt., Ltd., Series D†(1)(2)(3) | 13,407 | $ | 1,278,223 | |||||
Peixe Urbano, Inc., Series C†(1)(2)(3) | 14,214 | 30,134 | ||||||
1,308,357 | ||||||||
Web Hosting/Design — 0.4% | ||||||||
AirBNB, Inc., Series D†(1)(2)(3) | 29,418 | 1,194,416 | ||||||
Web Portals/ISP — 0.1% | ||||||||
Dropbox, Inc., Series A†(1)(2)(3) | 8,758 | 167,288 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $3,283,962) | 3,497,977 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $244,730,739) | 293,821,697 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 13.2% |
| |||||||
Registered Investment Companies — 11.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(4) | 34,844,791 | 34,844,791 | ||||||
Time Deposits — 1.6% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014 | $ | 4,847,000 | 4,847,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $39,691,791) | 39,691,791 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $284,422,530)(5) | 111.0 | % | 333,513,488 | |||||
Liabilities in excess of other assets | (11.0 | ) | (33,119,699 | ) | ||||
NET ASSETS | 100.0 | % | $ | 300,393,789 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2014, the aggregate value of these securities was $1,224,978 representing 0.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities |
for which secondary markets exist. As of November 30, 2014, the Mid Cap Strategic Growth Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Dropbox, Inc. | 05/01/2012 | 89,561 | $ | 810,680 | $ | 1,710,723 | $ | 19.10 | 0.57 | % | ||||||||||||||
Survey Monkey, Inc. | 11/25/2014 | 44,965 | 739,674 | 739,674 | 16.45 | 0.24 | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
AirBNB, Inc. | ||||||||||||||||||||||||
Series D | 04/16/2014 | 29,418 | 1,197,696 | 1,194,416 | 40.60 | 0.40 | ||||||||||||||||||
Better Place LLC | 01/25/2010 | 262,477 | 787,431 | |||||||||||||||||||||
11/30/2011 | 52,496 | – | ||||||||||||||||||||||
314,973 | 787,431 | 0 | 0.00 | 0.00 | ||||||||||||||||||||
Dropbox, Inc. | 05/25/2012 | 8,758 | 79,351 | 167,288 | 19.10 | 0.07 | ||||||||||||||||||
Flipkart Online Services Pvt., Ltd. | 10/04/2013 | 13,407 | 307,650 | 1,278,223 | 95.34 | 0.43 | ||||||||||||||||||
Palantir Technologies, Inc. | 07/19/2012 | 89,856 | 274,960 | 539,136 | 6.00 | 0.18 | ||||||||||||||||||
Palantir Technologies, Inc. | 10/25/2013 | 24,065 | 84,468 | 144,390 | 6.00 | 0.05 | ||||||||||||||||||
Palantir Technologies, Inc. | 10/25/2013 | 24,065 | 84,468 | 144,390 | 6.00 | 0.05 | ||||||||||||||||||
Peixe Urbano, Inc. | 12/02/2011 | 14,214 | 467,938 | 30,134 | 2.12 | 0.01 | ||||||||||||||||||
$ | 5,948,374 | 2.00 | % | |||||||||||||||||||||
(2) | Illiquid security. At November 30, 2014, the aggregate value of these securities was $5,948,374 representing 2.0% 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, 2014, the Fund had loaned securities with a total value of $33,765,541. This was secured by collateral of $34,844,791 which was received in cash and subsequently invested in short-term investments currently valued at $34,844,791 as reported in the portfolio investments. Additional collateral of $65,415 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is not reflected in the Fund’s assets and liabilities. |
The components of the fixed income posted securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2014 | |||
United States Treasury Notes/Bonds | 0.88% to 4.25% | 08/15/2015 to 05/15/2022 | $65,415 |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
167 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Internet Infrastructure Software | $ | — | $ | — | $ | 739,674 | $ | 739,674 | ||||||||
Web Portals/ISP | — | — | 1,710,723 | 1,710,723 | ||||||||||||
Other Industries | 287,873,323 | — | — | 287,873,323 | ||||||||||||
Convertible Preferred Securities | — | — | 3,497,977 | 3,497,977 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 34,844,791 | — | — | 34,844,791 | ||||||||||||
Time Deposits | — | 4,847,000 | — | 4,847,000 | ||||||||||||
Total Investments at Value | $ | 322,718,114 | $ | 4,847,000 | $ | 5,948,374 | $ | 333,513,488 | ||||||||
* | For a detailed presentation of investments, 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.
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 05/31/2014 | $ | 1,556,394 | $ | 2,719,036 | ||||
Accrued discounts | — | — | ||||||
Accrued premiums | — | — | ||||||
Realized Gain | — | — | ||||||
Realized Loss | — | — | ||||||
Change in unrealized appreciation(1) | 154,329 | 800,160 | ||||||
Change in unrealized depreciation(1) | — | (21,219 | ) | |||||
Net Purchases | 739,674 | — | ||||||
Net Sales | — | — | ||||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 11/30/2014 | $ | 2,450,397 | $ | 3,497,977 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2014 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$ | 154,329 | $ | 778,941 | |||||
Any differences between the change in unrealized appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2014
168 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/14 | Valuation Technique(s) | Unobservable Input (1) | Range (weighted average) | ||||||
Common Stock | $ | 2,450,397 | Market Approach under the Valuation Technique | Transaction Price* | $16.4500 - $19.1012 ($17.7756) | |||||
Convertible Preferred Securities | $ | 1,445,511 | Market Approach under the Valuation Technique | Transaction Price* Discount for Lack of Marketability | $19.1012 - $118.53 ($68.8156) 20.0% | |||||
$ | 30,134 | Income Approach | Future Cash Flows* | $2.12 | ||||||
$ | 0 | Cost Approach | Net Tangible Assets* | $0.00 | ||||||
$ | 2,022,332 | Market Approach under the Valuation | Transaction Price* | $6.13 - $40.713 ($14.7758) | ||||||
Technique and Income | Enterprise Value/Revenue Multiple* | 11.20x - 11.70x (11.325x) | ||||||||
Approach | Discount for Lack of Marketability | 15.0% | ||||||||
Weighted Average Cost of Capital | 17.0% - 17.5% (17.125%) | |||||||||
Perpetual Growth Rate* | 3.0 - 3.5% (3.125%) |
(1) | The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have a inverse relationship. |
See Notes to Financial Statements
169 |
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
U.S. Government Agencies | 34.0 | % | ||
Foreign Bank | 18.0 | |||
U.S. Government Treasuries | 16.6 | |||
Money Center Banks | 10.3 | |||
Commercial Banks — Canadian | 4.4 | |||
Domestic Bank | 4.4 | |||
Commercial Banks | 4.2 | |||
Repurchase Agreement | 3.4 | |||
Finance | 2.5 | |||
Super-Regional Banks — US | 2.2 | |||
100.0 | % | |||
Credit Quality@#
A-1 | 97.8 | % | ||
A-2 | 2.2 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
@ | Source: Standard & Poor’s |
# | Calculated as a percentage of total debt issues. |
Weighted Average days to Maturity — 51.0 days
170 |
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 96.6% |
| |||||||
Certificates of Deposit — 28.3% |
| |||||||
Chase Bank USA NA FRS | $ | 7,400,000 | $ | 7,400,000 | ||||
Credit Agricole Corporate and Investment Bank NY | 7,000,000 | 7,000,000 | ||||||
Deutsche Bank AG NY FRS | 8,750,000 | 8,750,000 | ||||||
Nordea Bank Finland PLC NY | 7,250,000 | 7,250,000 | ||||||
Nordea Bank Finland PLC NY | 7,500,000 | 7,500,000 | ||||||
Rabobank Nederland NV NY FRS | 7,400,000 | 7,400,000 | ||||||
Rabobank Nederland NV NY FRS | 1,200,000 | 1,200,277 | ||||||
Rabobank Nederland NV NY FRS | 7,250,000 | 7,251,724 | ||||||
Royal Bank of Canada NY FRS | 7,250,000 | 7,250,000 | ||||||
Royal Bank of Canada NY FRS | 750,000 | 750,023 | ||||||
Royal Bank of Canada NY FRS | 7,700,000 | 7,700,000 | ||||||
Svenska Handelsbanken NY | 7,350,000 | 7,350,102 | ||||||
UBS AG Stamford CT FRS | 7,250,000 | 7,250,000 | ||||||
Wells Fargo Bank NA FRS | 7,100,000 | 7,100,000 | ||||||
Wells Fargo Bank NA FRS | 8,610,000 | 8,610,000 | ||||||
Total Certificates of Deposit | ||||||||
(amortized cost $99,762,126) | 99,762,126 | |||||||
Commercial Paper — 11.4% |
| |||||||
BNP Paribas Finance, Inc. | 17,000,000 | 16,999,972 | ||||||
Credit Agricole Corporate and Investment Bank NY | 8,500,000 | 8,499,976 | ||||||
State Street Corp. | 7,400,000 | 7,395,587 | ||||||
State Street Corp. | 7,550,000 | 7,548,532 | ||||||
Total Commercial Paper | ||||||||
(amortized cost $40,444,067) | 40,444,067 | |||||||
U.S. Corporate Bonds & Notes — 6.3% |
| |||||||
Bank of America NA | 7,650,000 | 7,650,000 | ||||||
General Electric Capital Corp. FRS | 3,000,000 | 3,001,498 | ||||||
General Electric Capital Corp. | 5,750,000 | 5,761,463 | ||||||
JPMorgan Chase Bank NA FRS | 5,900,000 | 5,900,000 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(amortized cost $22,312,961) | 22,312,961 | |||||||
U.S. Government Agencies — 34.0% |
| |||||||
Federal Farm Credit Bank | ||||||||
0.08% due 03/09/2015 FRS | 5,250,000 | 5,249,848 | ||||||
0.09% due 01/08/2015 | 4,750,000 | 4,749,549 | ||||||
0.11% due 03/30/2015 FRS | 6,000,000 | 5,999,903 | ||||||
0.13% due 02/23/2015 FRS | 6,700,000 | 6,699,915 | ||||||
0.14% due 07/01/2015 | 8,000,000 | 7,993,404 | ||||||
0.16% due 10/05/2015 | 2,950,000 | 2,945,962 | ||||||
0.23% due 03/16/2015 FRS | 5,200,000 | 5,202,299 |
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Agencies (continued) |
| |||||||
Federal Home Loan Bank | ||||||||
0.06% due 01/07/2015 | $ | 4,000,000 | $ | 3,999,774 | ||||
0.06% due 01/21/2015 | 6,500,000 | 6,499,447 | ||||||
0.07% due 01/28/2015 | 12,750,000 | 12,748,665 | ||||||
0.10% due 05/22/2015 | 6,000,000 | 5,997,133 | ||||||
0.11% due 02/17/2015 | 3,750,000 | 3,749,106 | ||||||
0.12% due 03/25/2015 | 3,250,000 | 3,248,765 | ||||||
0.12% due 04/10/2015 | 2,700,000 | 2,698,830 | ||||||
0.12% due 08/10/2015 FRS | 2,000,000 | 2,000,217 | ||||||
0.13% due 03/12/2015 | 8,000,000 | 8,000,875 | ||||||
0.14% due 09/08/2015 | 4,500,000 | 4,495,082 | ||||||
0.17% due 07/31/2015 | 2,750,000 | 2,746,857 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
0.04% due 01/29/2015 | 4,000,000 | 3,999,738 | ||||||
0.10% due 04/24/2015 | 8,000,000 | 7,996,960 | ||||||
0.14% due 01/26/2015 | 2,750,000 | 2,749,423 | ||||||
Federal National Mtg. Assoc. | ||||||||
0.13% due 02/27/2015 FRS | 5,000,000 | 5,000,323 | ||||||
0.14% due 06/01/2015 | 5,150,000 | 5,146,355 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $119,918,430) | 119,918,430 | |||||||
U.S. Government Treasuries — 16.6% |
| |||||||
United States Treasury Bills | ||||||||
0.01% due 12/11/2014 | 8,250,000 | 8,249,944 | ||||||
0.02% due 12/18/2014 | 5,000,000 | 4,999,924 | ||||||
0.03% due 12/04/2014 | 8,500,000 | 8,499,977 | ||||||
0.03% due 12/18/2014 | 8,800,000 | 8,799,867 | ||||||
0.04% due 12/11/2014 | 13,000,000 | 12,999,912 | ||||||
0.04% due 12/18/2014 | 15,000,000 | 14,999,773 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $58,549,397) | 58,549,397 | |||||||
Total Short-Term Investment Securities — 96.6% |
| |||||||
(amortized cost $340,986,981) | 340,986,981 | |||||||
REPURCHASE AGREEMENT — 3.4% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(2) | 11,766,000 | 11,766,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(amortized cost $352,752,981)(3) | 100.0 | % | 352,752,981 | |||||
Other assets less liabilities | 0.0 | 162,904 | ||||||
NET ASSETS | 100.0 | % | $ | 352,915,885 | ||||
(1) | The security’s effective maturity date is less than one year. |
(2) | See Note 2 for details of Joint Repurchase Agreements. |
(3) | See Note 5 for cost of investments on a tax basis. |
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2014 and unless noted otherwise, the dates shown are the original maturity dates.
171 |
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Signifcant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value* | ||||||||||||||||
Short-Term Investment Securities | $ | — | $ | 340,986,981 | $ | — | $ | 340,986,981 | ||||||||
Repurchase Agreements | — | 11,766,000 | — | 11,766,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 352,752,981 | $ | — | $ | 352,752,981 | ||||||||
* | For a detailed presentation of investments, 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
172 |
Table of Contents
VALIC Company I Nasdaq-100® Index Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Computers | 14.4 | % | ||
Medical — Biomedical/Gene | 11.6 | |||
Web Portals/ISP | 9.3 | |||
Applications Software | 9.0 | |||
Electronic Components — Semiconductors | 7.3 | |||
E-Commerce/Products | 4.5 | |||
Cable/Satellite TV | 4.3 | |||
Semiconductor Components — Integrated Circuits | 3.6 | |||
Internet Content — Entertainment | 3.5 | |||
Networking Products | 2.9 | |||
E-Commerce/Services | 2.4 | |||
Food — Misc./Diversified | 2.1 | |||
Registered Investment Companies | 1.9 | |||
Repurchase Agreements | 1.8 | |||
Computers — Memory Devices | 1.7 | |||
Multimedia | 1.6 | |||
Retail — Discount | 1.5 | |||
Pharmacy Services | 1.5 | |||
Retail — Restaurants | 1.2 | |||
Commercial Services — Finance | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Electronic Forms | 0.7 | |||
Data Processing/Management | 0.7 | |||
Computer Services | 0.7 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Auto — Heavy Duty Trucks | 0.5 | |||
Coffee | 0.5 | |||
Hotels/Motels | 0.5 | |||
Medical Information Systems | 0.4 | |||
Medical — Generic Drugs | 0.4 | |||
Radio | 0.4 | |||
Transport — Services | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Beverages — Non-alcoholic | 0.4 | |||
Medical Instruments | 0.4 | |||
Cellular Telecom | 0.4 | |||
Casino Hotels | 0.4 | |||
Internet Security | 0.4 | |||
Food — Retail | 0.4 | |||
Chemicals — Specialty | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Entertainment Software | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Retail — Bedding | 0.3 | |||
Computer Aided Design | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Web Hosting/Design | 0.2 | |||
Television | 0.2 | |||
Medical Products | 0.2 | |||
Computer Software | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Toys | 0.2 | |||
Retail — Gardening Products | 0.2 | |||
Consulting Services | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Internet Infrastructure Software | 0.2 | |||
Retail — Office Supplies | 0.2 | |||
Telecom Services | 0.2 | |||
101.7 | % | |||
* | Calculated as a percentage of net assets |
173 |
Table of Contents
VALIC Company I Nasdaq-100® Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.7% |
| |||||||
Applications Software — 9.0% |
| |||||||
Check Point Software Technologies, Ltd.† | 12,124 | $ | 937,306 | |||||
Citrix Systems, Inc.† | 10,450 | 692,940 | ||||||
Intuit, Inc. | 18,039 | 1,693,321 | ||||||
Microsoft Corp. | 523,621 | 25,034,320 | ||||||
28,357,887 | ||||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Tesla Motors, Inc.†# | 7,919 | 1,936,354 | ||||||
Auto - Heavy Duty Trucks — 0.5% |
| |||||||
PACCAR, Inc. | 22,543 | 1,510,832 | ||||||
Beverages - Non-alcoholic — 0.4% |
| |||||||
Monster Beverage Corp.† | 10,623 | 1,191,369 | ||||||
Broadcast Services/Program — 0.2% |
| |||||||
Discovery Communications, Inc., Class A† | 9,427 | 329,002 | ||||||
Discovery Communications, Inc., Class C† | 9,578 | 325,748 | ||||||
654,750 | ||||||||
Building - Heavy Construction — 0.3% |
| |||||||
SBA Communications Corp., Class A† | 8,198 | 997,451 | ||||||
Cable/Satellite TV — 4.3% |
| |||||||
Charter Communications, Inc., Class A† | 6,904 | 1,171,609 | ||||||
Comcast Corp., Class A | 136,600 | 7,791,664 | ||||||
DIRECTV† | 31,915 | 2,799,265 | ||||||
DISH Network Corp., Class A† | 14,120 | 1,121,269 | ||||||
Liberty Global PLC, Class A† | 13,656 | 709,975 | ||||||
13,593,782 | ||||||||
Casino Hotels — 0.4% |
| |||||||
Wynn Resorts, Ltd. | 6,440 | 1,150,248 | ||||||
Cellular Telecom — 0.4% |
| |||||||
Vodafone Group PLC ADR | 31,850 | 1,164,117 | ||||||
Chemicals - Specialty — 0.3% |
| |||||||
Sigma-Aldrich Corp. | 7,559 | 1,032,559 | ||||||
Coffee — 0.5% |
| |||||||
Keurig Green Mountain, Inc. | 10,320 | 1,466,885 | ||||||
Commercial Services - Finance — 0.8% |
| |||||||
Automatic Data Processing, Inc. | 30,560 | 2,617,158 | ||||||
Computer Aided Design — 0.3% |
| |||||||
Autodesk, Inc.† | 14,480 | 897,760 | ||||||
Computer Services — 0.7% |
| |||||||
Cognizant Technology Solutions Corp., Class A† | 38,631 | 2,085,688 | ||||||
Computer Software — 0.2% |
| |||||||
Akamai Technologies, Inc.† | 11,321 | 731,450 | ||||||
Computers — 14.4% |
| |||||||
Apple, Inc. | 380,514 | 45,254,530 | ||||||
Computers - Memory Devices — 1.7% |
| |||||||
NetApp, Inc. | 20,288 | 863,255 | ||||||
SanDisk Corp. | 14,248 | 1,474,098 | ||||||
Seagate Technology PLC | 20,767 | 1,372,906 | ||||||
Western Digital Corp. | 14,870 | 1,535,625 | ||||||
5,245,884 | ||||||||
Consulting Services — 0.2% |
| |||||||
Verisk Analytics, Inc., Class A† | 10,578 | 655,624 | ||||||
Data Processing/Management — 0.7% |
| |||||||
Fiserv, Inc.† | 15,837 | 1,132,187 | ||||||
Paychex, Inc. | 23,073 | 1,093,891 | ||||||
2,226,078 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Distribution/Wholesale — 0.3% |
| |||||||
Fastenal Co.# | 18,859 | $ | 852,427 | |||||
E-Commerce/Products — 4.5% |
| |||||||
Amazon.com, Inc.† | 29,361 | 9,942,809 | ||||||
eBay, Inc.† | 78,875 | 4,328,660 | ||||||
14,271,469 | ||||||||
E-Commerce/Services — 2.4% |
| |||||||
Expedia, Inc. | 7,268 | 633,115 | ||||||
Liberty Interactive Corp., Class A† | 28,765 | 838,500 | ||||||
Liberty Ventures, Series A† | 4,089 | 149,821 | ||||||
Netflix, Inc.† | 3,818 | 1,323,281 | ||||||
Priceline Group, Inc.† | 3,332 | 3,865,753 | ||||||
TripAdvisor, Inc.† | 8,260 | 608,349 | ||||||
7,418,819 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Garmin, Ltd.# | 12,240 | 701,352 | ||||||
Electronic Components - Semiconductors — 7.3% |
| |||||||
Altera Corp. | 19,634 | 738,631 | ||||||
Avago Technologies, Ltd. | 15,995 | 1,493,933 | ||||||
Broadcom Corp., Class A | 34,380 | 1,482,810 | ||||||
Intel Corp. | 314,624 | 11,719,744 | ||||||
Micron Technology, Inc.† | 68,047 | 2,446,290 | ||||||
NVIDIA Corp. | 34,437 | 722,144 | ||||||
Texas Instruments, Inc. | 67,839 | 3,691,798 | ||||||
Xilinx, Inc. | 17,060 | 775,206 | ||||||
23,070,556 | ||||||||
Electronic Forms — 0.7% |
| |||||||
Adobe Systems, Inc.† | 31,606 | 2,328,730 | ||||||
Enterprise Software/Service — 0.3% |
| |||||||
CA, Inc. | 28,282 | 880,984 | ||||||
Entertainment Software — 0.3% |
| |||||||
Activision Blizzard, Inc. | 45,594 | 987,110 | ||||||
Food - Misc./Diversified — 2.1% |
| |||||||
Kraft Foods Group, Inc. | 37,745 | 2,271,116 | ||||||
Mondelez International, Inc., Class A | 107,134 | 4,199,653 | ||||||
6,470,769 | ||||||||
Food - Retail — 0.4% |
| |||||||
Whole Foods Market, Inc. | 22,955 | 1,125,484 | ||||||
Hazardous Waste Disposal — 0.2% |
| |||||||
Stericycle, Inc.† | 5,388 | 694,621 | ||||||
Hotels/Motels — 0.5% |
| |||||||
Marriott International, Inc., Class A# | 18,465 | 1,454,857 | ||||||
Internet Content - Entertainment — 3.5% |
| |||||||
Facebook, Inc., Class A† | 142,265 | 11,053,990 | ||||||
Internet Infrastructure Software — 0.2% |
| |||||||
F5 Networks, Inc.† | 4,707 | 608,097 | ||||||
Internet Security — 0.4% |
| |||||||
Symantec Corp. | 43,877 | 1,144,751 | ||||||
Medical Information Systems — 0.4% |
| |||||||
Cerner Corp.† | 21,672 | 1,395,677 | ||||||
Medical Instruments — 0.4% |
| |||||||
Intuitive Surgical, Inc.† | 2,283 | 1,182,069 | ||||||
Medical Products — 0.2% |
| |||||||
Henry Schein, Inc.† | 5,389 | 739,371 | ||||||
Medical - Biomedical/Gene — 11.6% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 12,569 | 2,449,698 | ||||||
Amgen, Inc. | 48,270 | 7,979,514 |
174 |
Table of Contents
VALIC Company I Nasdaq-100® Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Biogen Idec, Inc.† | 15,006 | $ | 4,617,196 | |||||
Celgene Corp.† | 50,806 | 5,776,134 | ||||||
Gilead Sciences, Inc.† | 96,062 | 9,636,940 | ||||||
Illumina, Inc.† | 8,858 | 1,690,904 | ||||||
Regeneron Pharmaceuticals, Inc.† | 6,296 | 2,619,828 | ||||||
Vertex Pharmaceuticals, Inc.† | 15,128 | 1,783,289 | ||||||
36,553,503 | ||||||||
Medical - Generic Drugs — 0.4% |
| |||||||
Mylan, Inc.† | 23,769 | 1,393,101 | ||||||
Multimedia — 1.6% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 88,427 | 3,254,114 | ||||||
Viacom, Inc., Class B | 23,643 | 1,788,120 | ||||||
5,042,234 | ||||||||
Networking Products — 2.9% |
| |||||||
Cisco Systems, Inc. | 325,534 | 8,997,760 | ||||||
Pharmacy Services — 1.5% |
| |||||||
Catamaran Corp.† | 13,180 | 671,389 | ||||||
Express Scripts Holding Co.† | 47,371 | 3,938,899 | ||||||
4,610,288 | ||||||||
Radio — 0.4% |
| |||||||
Sirius XM Holdings, Inc.†# | 360,433 | 1,308,372 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Ross Stores, Inc. | 13,444 | 1,229,857 | ||||||
Retail - Auto Parts — 0.4% |
| |||||||
O’Reilly Automotive, Inc.† | 6,593 | 1,204,805 | ||||||
Retail - Bedding — 0.3% |
| |||||||
Bed Bath & Beyond, Inc.† | 12,832 | 941,484 | ||||||
Retail - Discount — 1.5% |
| |||||||
Costco Wholesale Corp. | 27,852 | 3,958,326 | ||||||
Dollar Tree, Inc.† | 13,066 | 893,192 | ||||||
4,851,518 | ||||||||
Retail - Gardening Products — 0.2% |
| |||||||
Tractor Supply Co. | 8,748 | 672,984 | ||||||
Retail - Office Supplies — 0.2% |
| |||||||
Staples, Inc. | 40,937 | 575,574 | ||||||
Retail - Restaurants — 1.2% |
| |||||||
Starbucks Corp. | 47,736 | 3,876,641 | ||||||
Semiconductor Components - Integrated Circuits — 3.6% |
| |||||||
Analog Devices, Inc. | 19,967 | 1,090,997 | ||||||
Linear Technology Corp. | 15,156 | 697,631 | ||||||
Maxim Integrated Products, Inc. | 18,042 | 533,502 | ||||||
NXP Semiconductor NV† | 15,166 | 1,180,066 | ||||||
QUALCOMM, Inc. | 106,506 | 7,764,287 | ||||||
11,266,483 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Applied Materials, Inc. | 77,425 | 1,862,071 | ||||||
KLA-Tencor Corp. | 10,508 | 729,676 | ||||||
2,591,747 | ||||||||
Telecom Services — 0.2% |
| |||||||
VimpelCom, Ltd. ADR# | 104,986 | 551,176 | ||||||
Television — 0.2% |
| |||||||
Liberty Media Corp., Class A† | 6,638 | 244,079 | ||||||
Liberty Media Corp., Class C† | 14,531 | 530,818 | ||||||
774,897 | ||||||||
Security Description | Shares/ Principal | Value (Note 2) | ||||||
Toys — 0.2% |
| |||||||
Mattel, Inc. | 21,468 | $ | 677,315 | |||||
Transport - Services — 0.4% |
| |||||||
C.H. Robinson Worldwide, Inc. | 9,351 | 689,543 | ||||||
Expeditors International of Washington, Inc. | 12,398 | 580,474 | ||||||
1,270,017 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
Equinix, Inc. | 3,456 | 785,100 | ||||||
Web Portals/ISP — 9.3% |
| |||||||
Baidu, Inc. ADR† | 17,590 | 4,311,485 | ||||||
Google, Inc., Class A† | 18,006 | 9,886,734 | ||||||
Google, Inc., Class C† | 21,491 | 11,644,469 | ||||||
Yahoo!, Inc.† | 63,204 | 3,270,175 | ||||||
29,112,863 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $156,636,656) | 307,439,258 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.2% |
| |||||||
Registered Investment Companies — 1.9% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 5,780,859 | 5,780,859 | ||||||
U.S. Government Treasuries — 0.3% |
| |||||||
United States Treasury Bills | ||||||||
0.01% due 12/04/2014(2) | $ | 50,000 | 50,000 | |||||
0.02% due 12/18/2014(2) | 900,000 | 899,994 | ||||||
949,994 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $6,730,853) | 6,730,853 | |||||||
REPURCHASE AGREEMENTS — 1.8% | ||||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(3) | 5,660,000 | 5,660,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $169,027,509)(4) | 101.7 | % | 319,830,111 | |||||
Liabilities in excess of other assets | (1.7 | ) | (5,235,461 | ) | ||||
NET ASSETS | 100.0 | % | $ | 314,594,650 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $5,687,175. This was secured by collateral of $5,780,859, which was received in cash and subsequently invested in short-term investments currently valued at $5,780,859 as reported in the portfolio of investments. Additional collateral of $55,842 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||||
United States Treasury Bill | zero coupon | 10/15/2015 | $ | 1,084 | ||||
United States Treasury Notes/ | zero coupon to 6.00% | 12/15/2014 to 02/15/2044 | 54,758 |
(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. |
ADR—American Depository Receipt
175 |
Table of Contents
VALIC Company I Nasdaq-100® Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2014 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
81 | Long | Nasdaq 100® E-Mini Index | December 2014 | $ | 6,695,843 | $ | 7,027,965 | $ | 332,122 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 307,439,258 | $ | — | $ | — | $ | 307,439,258 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 5,780,859 | — | — | 5,780,859 | ||||||||||||
U.S. Government Treasuries | — | 949,994 | — | 949,994 | ||||||||||||
Repurchase Agreements | — | 5,660,000 | — | 5,660,000 | ||||||||||||
Total Investments at Value | $ | 313,220,117 | $ | 6,609,994 | $ | — | $ | 319,830,111 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts | $ | 332,122 | $ | — | $ | — | $ | 332,122 | ||||||||
* | For a detailed presentation of investments, 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
176 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Applications Software | 12.1 | % | ||
Electronic Components — Semiconductors | 10.3 | |||
Registered Investment Companies | 9.6 | |||
Computers | 9.5 | |||
Web Portals/ISP | 6.3 | |||
Computers — Memory Devices | 5.8 | |||
E-Commerce/Products | 5.2 | |||
Networking Products | 3.4 | |||
Computer Services | 3.1 | |||
Internet Content — Entertainment | 2.8 | |||
Semiconductor Components — Integrated Circuits | 2.8 | |||
E-Commerce/Services | 2.8 | |||
Semiconductor Equipment | 2.7 | |||
Finance — Credit Card | 2.4 | |||
Commercial Services — Finance | 2.2 | |||
Auto — Cars/Light Trucks | 1.9 | |||
Enterprise Software/Service | 1.3 | |||
Internet Content — Information/News | 1.3 | |||
Computer Aided Design | 1.2 | |||
Internet Application Software | 1.1 | |||
Internet Infrastructure Software | 1.0 | |||
Cellular Telecom | 0.9 | |||
Computer Software | 0.9 | |||
Electronic Measurement Instruments | 0.9 | |||
Repurchase Agreements | 0.9 | |||
Internet Security | 0.9 | |||
Electric Products — Misc. | 0.8 | |||
Advertising Agencies | 0.8 | |||
Time Deposits | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Data Processing/Management | 0.7 | |||
Computers — Other | 0.7 | |||
Cable/Satellite TV | 0.7 | |||
Medical Products | 0.7 | |||
Telephone — Integrated | 0.6 | |||
Power Converter/Supply Equipment | 0.5 | |||
Real Estate Investment Trusts | 0.5 | |||
Medical Instruments | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Internet Incubators | 0.5 | |||
E-Services/Consulting | 0.4 | |||
Photo Equipment & Supplies | 0.4 | |||
Wireless Equipment | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Consulting Services | 0.4 | |||
Appliances | 0.3 | |||
Metal Processors & Fabrication | 0.3 | |||
Virtual Reality Products | 0.3 | |||
Multimedia | 0.2 | |||
Decision Support Software | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Finance — Other Services | 0.2 | |||
Industrial Audio & Video Products | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Communications Software | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Computer Graphics | 0.1 | |||
Electronic Design Automation | 0.1 | |||
Instruments — Controls | 0.1 | |||
Commercial Services | 0.1 | |||
Toys | 0.1 | |||
107.2 | % | |||
* | Calculated as a percentage of net assets |
177 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note2) | ||||||
COMMON STOCKS — 95.0% | ||||||||
Advanced Materials — 0.0% | ||||||||
STR Holdings, Inc.†# | 274,600 | $ | 313,044 | |||||
Advertising Agencies — 0.8% | ||||||||
Alliance Data Systems Corp.† | 27,973 | 7,996,642 | ||||||
Aerospace/Defense — 0.4% | ||||||||
Boeing Co. | 30,300 | 4,071,108 | ||||||
Appliances — 0.3% | ||||||||
iRobot Corp.†# | 98,300 | 3,580,086 | ||||||
Applications Software — 12.1% | ||||||||
Check Point Software Technologies, Ltd.† | 60,900 | 4,708,179 | ||||||
Dealertrack Technologies, Inc.† | 89,500 | 4,220,820 | ||||||
Intuit, Inc. | 131,940 | 12,385,208 | ||||||
Microsoft Corp. | 1,313,970 | 62,820,906 | ||||||
Red Hat, Inc.† | 212,342 | 13,197,055 | ||||||
salesforce.com, Inc.† | 177,336 | 10,617,106 | ||||||
ServiceNow, Inc.† | 186,740 | 11,943,891 | ||||||
Tableau Software, Inc., Class A† | 41,140 | 3,450,823 | ||||||
123,343,988 | ||||||||
Auto - Cars/Light Trucks — 1.9% | ||||||||
Tesla Motors, Inc.†# | 78,830 | 19,275,512 | ||||||
Building - Heavy Construction — 0.5% | ||||||||
SBA Communications Corp., Class A† | 41,231 | 5,016,576 | ||||||
Cable/Satellite TV — 0.7% | ||||||||
Liberty Global PLC, Class C† | 139,500 | 6,963,840 | ||||||
Cellular Telecom — 0.9% | ||||||||
China Unicom Hong Kong, Ltd. | 1,168,000 | 1,774,238 | ||||||
T-Mobile US, Inc.† | 268,600 | 7,840,434 | ||||||
9,614,672 | ||||||||
Commercial Services — 0.1% | ||||||||
CDK Global, Inc. | 15,035 | 572,382 | ||||||
Commercial Services - Finance — 2.2% | ||||||||
Automatic Data Processing, Inc. | 41,905 | 3,588,744 | ||||||
Cardtronics, Inc.† | 44,930 | 1,759,459 | ||||||
Equifax, Inc. | 42,345 | 3,368,545 | ||||||
EVERTEC, Inc. | 71,710 | 1,580,488 | ||||||
Heartland Payment Systems, Inc. | 99,358 | 5,416,998 | ||||||
MasterCard, Inc., Class A | 35,151 | 3,068,331 | ||||||
WEX, Inc.† | 31,172 | 3,524,930 | ||||||
22,307,495 | ||||||||
Communications Software — 0.1% | ||||||||
Mavenir Systems, Inc.†# | 87,468 | 1,107,345 | ||||||
Computer Aided Design — 1.2% | ||||||||
Aspen Technology, Inc.† | 26,000 | 981,240 | ||||||
Autodesk, Inc.† | 188,772 | 11,703,864 | ||||||
12,685,104 | ||||||||
Computer Graphics — 0.1% | ||||||||
Atlassian Class A†(3)(4)(5) | 3,707 | 70,433 | ||||||
Atlassian Class A FDR†(3)(4)(5) | 2,554 | 48,526 | ||||||
Atlassian Series 1†(3)(4)(5) | 6,508 | 123,652 | ||||||
Atlassian Series 2†(3)(4)(5) | 17,424 | 331,056 | ||||||
573,667 | ||||||||
Computer Services — 3.1% | ||||||||
Accenture PLC, Class A | 114,643 | 9,897,130 | ||||||
AtoS | 13,601 | 966,852 | ||||||
Cognizant Technology Solutions Corp., Class A† | 183,569 | 9,910,890 | ||||||
Computer Sciences Corp. | 66,393 | 4,207,989 | ||||||
FleetMatics Group PLC†# | 89,675 | 3,155,663 |
Security Description | Shares | Value (Note2) | ||||||
Computer Services (continued) | ||||||||
Genpact, Ltd.† | 222,887 | $ | 4,016,424 | |||||
32,154,948 | ||||||||
Computer Software — 0.9% | ||||||||
Akamai Technologies, Inc.† | 148,750 | 9,610,737 | ||||||
Computers — 9.5% | ||||||||
Apple, Inc. | 653,410 | 77,710,051 | ||||||
Hewlett-Packard Co. | 411,030 | 16,054,832 | ||||||
Lenovo Group, Ltd.# | 2,416,610 | 3,390,465 | ||||||
97,155,348 | ||||||||
Computers - Integrated Systems — 0.2% | ||||||||
VeriFone Systems, Inc.† | 48,625 | 1,733,967 | ||||||
Computers - Memory Devices — 5.7% | ||||||||
EMC Corp. | 120,055 | 3,643,669 | ||||||
Nimble Storage, Inc.†# | 83,750 | 2,208,488 | ||||||
SanDisk Corp. | 192,305 | 19,895,875 | ||||||
Seagate Technology PLC | 93,145 | 6,157,816 | ||||||
TDK Corp.# | 27,900 | 1,681,006 | ||||||
Western Digital Corp. | 241,585 | 24,948,483 | ||||||
58,535,337 | ||||||||
Computers - Other — 0.6% | ||||||||
Stratasys, Ltd.†# | 57,400 | 5,853,078 | ||||||
Consulting Services — 0.4% | ||||||||
Huron Consulting Group, Inc.† | 52,910 | 3,659,256 | ||||||
Data Processing/Management — 0.6% | ||||||||
Fidelity National Information Services, Inc. | 38,840 | 2,376,619 | ||||||
Fiserv, Inc.† | 50,320 | 3,597,377 | ||||||
5,973,996 | ||||||||
Decision Support Software — 0.2% | ||||||||
Interactive Intelligence Group, Inc.† | 44,300 | 2,003,689 | ||||||
E-Commerce/Products — 5.2% | ||||||||
Alibaba Group Holding, Ltd. ADR† | 54,730 | 6,110,057 | ||||||
Amazon.com, Inc.† | 99,910 | 33,833,523 | ||||||
eBay, Inc.† | 55,080 | 3,022,790 | ||||||
MercadoLibre, Inc.# | 8,700 | 1,226,178 | ||||||
Vipshop Holdings, Ltd. ADR†# | 396,585 | 9,065,933 | ||||||
53,258,481 | ||||||||
E-Commerce/Services — 2.5% | ||||||||
Angie’s List, Inc.†# | 202,032 | 1,200,070 | ||||||
Coupons.com, Inc.†# | 48,825 | 745,558 | ||||||
Ctrip.com International, Ltd. ADR† | 68,500 | 3,704,480 | ||||||
GrubHub, Inc.†# | 19,163 | 705,198 | ||||||
Netflix, Inc.† | 11,555 | 4,004,848 | ||||||
Priceline Group, Inc.† | 12,800 | 14,850,432 | ||||||
25,210,586 | ||||||||
E-Marketing/Info — 0.1% | ||||||||
Marketo, Inc.†# | 44,900 | 1,435,004 | ||||||
E-Services/Consulting — 0.4% | ||||||||
CDW Corp. | 119,380 | 4,187,850 | ||||||
Electric Products - Misc. — 0.8% | ||||||||
Hermes Microvision, Inc. | 33,000 | 1,567,493 | ||||||
Nidec Corp. | 97,100 | 6,441,150 | ||||||
8,008,643 | ||||||||
Electronic Components - Misc. — 0.8% | ||||||||
AAC Technologies Holdings, Inc.# | 477,500 | 2,810,852 | ||||||
Murata Manufacturing Co., Ltd. | 30,500 | 3,296,221 |
178 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note2) | ||||||
COMMON STOCKS (continued) | ||||||||
Electronic Components - Misc. (continued) | ||||||||
NEC Corp.# | 441,000 | $ | 1,386,138 | |||||
Omron Corp. | 10,000 | 465,155 | ||||||
7,958,366 | ||||||||
Electronic Components - Semiconductors — 10.3% | ||||||||
Altera Corp. | 285,200 | 10,729,224 | ||||||
ARM Holdings PLC | 90,364 | 1,292,457 | ||||||
ARM Holdings PLC ADR | 134,500 | 5,761,980 | ||||||
Avago Technologies, Ltd. | 122,660 | 11,456,444 | ||||||
Broadcom Corp., Class A | 122,715 | 5,292,698 | ||||||
First Solar, Inc.† | 15,900 | 775,920 | ||||||
Freescale Semiconductor, Ltd.†# | 170,175 | 3,691,096 | ||||||
Intel Corp. | 596,370 | 22,214,782 | ||||||
International Rectifier Corp.† | 19,035 | 759,116 | ||||||
IPG Photonics Corp.†# | 55,400 | 3,993,786 | ||||||
MediaTek, Inc. | 258,000 | 3,876,565 | ||||||
Micron Technology, Inc.† | 310,530 | 11,163,553 | ||||||
ON Semiconductor Corp.† | 200,800 | 1,813,224 | ||||||
Samsung Electronics Co., Ltd. | 3,300 | 3,833,296 | ||||||
Semtech Corp.† | 104,200 | 2,652,932 | ||||||
SK Hynix, Inc.† | 152,749 | 6,624,477 | ||||||
Skyworks Solutions, Inc. | 136,985 | 9,242,378 | ||||||
SunEdison Semiconductor, Ltd.† | 28,895 | 543,226 | ||||||
105,717,154 | ||||||||
Electronic Design Automation — 0.1% | ||||||||
Cadence Design Systems, Inc.† | 47,750 | 901,042 | ||||||
Electronic Measurement Instruments — 0.9% | ||||||||
Agilent Technologies, Inc. | 71,300 | 3,047,362 | ||||||
Keyence Corp. | 900 | 415,758 | ||||||
National Instruments Corp. | 80,800 | 2,600,952 | ||||||
Trimble Navigation, Ltd.† | 117,500 | 3,304,687 | ||||||
9,368,759 | ||||||||
Enterprise Software/Service — 1.3% | ||||||||
Informatica Corp.† | 59,328 | 2,158,353 | ||||||
OPOWER, Inc.† | 4,100 | 63,837 | ||||||
Oracle Corp. | 69,115 | 2,931,167 | ||||||
Veeva Systems, Inc., Class A†# | 255,645 | 8,397,938 | ||||||
13,551,295 | ||||||||
Finance - Credit Card — 2.4% | ||||||||
Visa, Inc., Class A | 95,406 | 24,632,875 | ||||||
Finance - Other Services — 0.2% | ||||||||
WageWorks, Inc.† | 28,505 | 1,665,262 | ||||||
Industrial Audio & Video Products — 0.1% | ||||||||
Imax Corp.† | 47,960 | 1,504,985 | ||||||
Instruments - Controls — 0.1% | ||||||||
Control4 Corp.†# | 39,200 | 591,136 | ||||||
Internet Application Software — 1.1% | ||||||||
Splunk, Inc.† | 28,765 | 1,930,131 | ||||||
Tencent Holdings, Ltd. | 593,900 | 9,496,396 | ||||||
11,426,527 | ||||||||
Internet Content - Entertainment — 2.8% | ||||||||
Facebook, Inc., Class A† | 323,673 | 25,149,392 | ||||||
NetEase, Inc. ADR | 28,925 | 3,056,505 | ||||||
Renren, Inc. ADR†# | 1,156 | 3,318 | ||||||
Twitter, Inc.† | 11,174 | 466,403 | ||||||
Youku.com, Inc. Class A†(4)(5) | 16 | 16 | ||||||
28,675,634 | ||||||||
Security Description | Shares | Value (Note2) | ||||||
Internet Content - Information/News — 1.3% | ||||||||
LinkedIn Corp., Class A† | 36,400 | $ | 8,236,228 | |||||
M3, Inc.# | 223,000 | 3,837,246 | ||||||
Yelp, Inc.†# | 19,495 | 1,112,970 | ||||||
13,186,444 | ||||||||
Internet Incubators — 0.5% | ||||||||
HomeAway, Inc.† | 149,500 | 4,688,320 | ||||||
Internet Infrastructure Software — 1.0% | ||||||||
F5 Networks, Inc.† | 75,180 | 9,712,504 | ||||||
Internet Security — 0.9% | ||||||||
FireEye, Inc.†# | 97,174 | 2,943,400 | ||||||
VeriSign, Inc.†# | 103,900 | 6,244,390 | ||||||
9,187,790 | ||||||||
Medical Instruments — 0.5% | ||||||||
Intuitive Surgical, Inc.† | 10,000 | 5,177,700 | ||||||
Medical Products — 0.7% | ||||||||
Becton Dickinson and Co. | 17,600 | 2,469,808 | ||||||
Hospira, Inc.† | 74,900 | 4,467,036 | ||||||
6,936,844 | ||||||||
Metal Processors & Fabrication — 0.3% | ||||||||
Catcher Technology Co., Ltd. | 150,000 | 1,269,893 | ||||||
Largan Precision Co., Ltd. | 22,700 | 1,749,398 | ||||||
3,019,291 | ||||||||
Multimedia — 0.2% | ||||||||
Twenty-First Century Fox, Inc., Class A | 61,200 | 2,252,160 | ||||||
Networking Products — 3.4% | ||||||||
Cisco Systems, Inc. | 855,045 | 23,633,444 | ||||||
Fortinet, Inc.† | 71,330 | 1,965,855 | ||||||
Palo Alto Networks, Inc.† | 72,360 | 8,900,280 | ||||||
34,499,579 | ||||||||
Photo Equipment & Supplies — 0.4% | ||||||||
Sunny Optical Technology Group Co., Ltd.# | 2,358,000 | 4,165,702 | ||||||
Power Converter/Supply Equipment — 0.5% | ||||||||
Delta Electronics, Inc. | 236,000 | 1,426,028 | ||||||
SunPower Corp.†# | 144,295 | 4,063,347 | ||||||
5,489,375 | ||||||||
Real Estate Investment Trusts — 0.5% | ||||||||
American Tower Corp. | 50,615 | 5,315,081 | ||||||
Semiconductor Components - Integrated Circuits — 2.8% |
| |||||||
Atmel Corp.† | 415,800 | 3,288,978 | ||||||
NXP Semiconductor NV† | 209,140 | 16,273,184 | ||||||
Power Integrations, Inc. | 32,080 | 1,609,133 | ||||||
QUALCOMM, Inc. | 14,090 | 1,027,161 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 830,000 | 3,794,975 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 102,175 | 2,398,047 | ||||||
28,391,478 | ||||||||
Semiconductor Equipment — 2.7% | ||||||||
Applied Materials, Inc. | 258,915 | 6,226,906 | ||||||
ASM Pacific Technology, Ltd.# | 165,200 | 1,681,845 | ||||||
ASML Holding NV | 78,070 | 8,250,438 | ||||||
Lam Research Corp. | 127,625 | 10,546,930 | ||||||
MKS Instruments, Inc. | 27,180 | 990,439 | ||||||
27,696,558 | ||||||||
Telecom Equipment - Fiber Optics — 0.2% | ||||||||
JDS Uniphase Corp.† | 147,900 | 1,972,986 | ||||||
179 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note2) | ||||||
COMMON STOCKS (continued) | ||||||||
Telecommunication Equipment — 0.1% | ||||||||
Sonus Networks, Inc.† | 298,700 | $ | 1,105,190 | |||||
Telephone - Integrated — 0.6% | ||||||||
SoftBank Corp. | 95,900 | 6,435,086 | ||||||
Toys — 0.1% | ||||||||
Nintendo Co., Ltd. | 4,600 | 533,378 | ||||||
Virtual Reality Products — 0.3% | ||||||||
RealD, Inc.†# | 255,000 | 2,919,750 | ||||||
Web Portals/ISP — 6.0% | ||||||||
Baidu, Inc. ADR† | 77,917 | 19,098,236 | ||||||
Dropbox, Inc.†(3)(4)(5) | 135,924 | 2,596,312 | ||||||
Google, Inc., Class A† | 27,181 | 14,924,543 | ||||||
Google, Inc., Class C† | 28,136 | 15,244,929 | ||||||
NAVER Corp. | 1,118 | 762,858 | ||||||
SINA Corp.† | 65,900 | 2,500,905 | ||||||
Yahoo!, Inc.† | 49,745 | 2,573,806 | ||||||
Yandex NV, Class A† | 130,900 | 3,262,028 | ||||||
60,963,617 | ||||||||
Wireless Equipment — 0.4% | ||||||||
Aruba Networks, Inc.† | 174,885 | 3,272,099 | ||||||
RF Micro Devices, Inc.† | 55,735 | 814,288 | ||||||
4,086,387 | ||||||||
Total Common Stocks | ||||||||
(cost $780,358,565) | 969,930,636 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.9% | ||||||||
Computers - Memory Devices — 0.1% | ||||||||
Pure Storage, Inc. | 63,153 | 993,138 | ||||||
Computers - Other — 0.1% | ||||||||
Nutanix, Inc. | 95,451 | 1,278,709 | ||||||
Data Processing/Management — 0.1% | ||||||||
Cloudera, Inc. | 54,446 | 1,399,208 | ||||||
E-Commerce/Services — 0.3% | ||||||||
Uber Technologies, Inc.†(3)(4)(5) | 21,629 | 2,633,980 | ||||||
Web Portals/ISP — 0.3% | ||||||||
Dropbox, Inc. | 119,521 | 2,282,994 | ||||||
Dropbox, Inc.,† | 12,378 | 236,435 | ||||||
2,519,429 | ||||||||
Total Convertible Preferred Securities | ||||||||
(cost $5,600,275) | 8,824,464 | |||||||
PREFERRED SECURITIES — 0.0% | ||||||||
Computer Graphics — 0.0% | ||||||||
Atlassian Class A FDR(†)(3)(4)(5) | 13,337 | 253,403 | ||||||
Atlassian Series A†(3)(4)(5) | 12,885 | 244,815 | ||||||
Total Preferred Securities | ||||||||
(cost $419,552) | 498,218 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $786,378,392) | 979,253,318 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.4% |
| |||||||
Registered Investment Companies — 9.6% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 72,118,681 | 72,118,681 |
Security Description | Shares/ Principal Amount | Value (Note2) | ||||||
Registered Investment Companies (continued) | ||||||||
T. Rowe Price Reserve Investment Fund | 25,745,699 | $ | 25,745,699 | |||||
97,864,380 | ||||||||
Time Deposits — 0.8% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2014 | $ | 7,992,000 | 7,992,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $105,856,380) | 105,856,380 | |||||||
REPURCHASE AGREEMENTS — 0.9% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount $9,347,000 collateralized by $10,015,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $9,536,744 | 9,347,000 | 9,347,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $901,581,772)(2) | 107.2 | % | 1,094,456,698 | |||||
Liabilities in excess of other assets | (7.2 | ) | (73,095,667 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,021,361,031 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $69,737,559. This was secured by collateral of $72,118,681, which was received in cash and subsequently invested in short-term investments currently valued at $72,118,681 as reported in the portfolio of investments. Additional collateral of $281,947 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||||
United States Treasury Notes/Bonds | 0.25% to 4.75% | 07/15/2015 to 02/15/2041 | $ | 281,947 |
(2) | See Note 5 for cost of investments on a tax basis. |
(3) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(4) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. |
180 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2014, the Science and Technology Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Atlassian | 4/9/2014 | 3,707 | $ | 59,312 | $ | 70,433 | $ | 19.00 | 0.01 | % | ||||||||||||||
Atlassian FDR | 4/9/2014 | 2,554 | 40,864 | 48,526 | 19.00 | 0.00 | % | |||||||||||||||||
Atlassian | 4/9/2014 | 6,508 | 104,128 | 123,652 | 19.00 | 0.01 | % | |||||||||||||||||
Atlassian | 4/9/2014 | 17,424 | 278,784 | 331,056 | 19.00 | 0.03 | % | |||||||||||||||||
Dropbox, Inc. | 5/1/2012 | 135,924 | 1,374,071 | 2,596,312 | 17.10 | 0.25 | % | |||||||||||||||||
Youku.Com, Inc. | 7/11/2011 | 16 | — | 16 | 1.00 | 0.00 | % | |||||||||||||||||
Convertible Preferred Stocks | ||||||||||||||||||||||||
Cloudera, Inc. | 2/5/2014 | 54,446 | 792,733 | $ | 1,399,208 | 25.70 | 0.14 | % | ||||||||||||||||
Dropbox, Inc. | 5/1/2012 | 12,378 | 112,010 | 236,435 | 19.10 | 0.02 | % | |||||||||||||||||
Dropbox, Inc. | 5/1/2012 | 60,803 | 550,212 | |||||||||||||||||||||
5/29/2012 | 58,718 | 531,345 | ||||||||||||||||||||||
119,521 | 1,081,557 | 2,282,994 | 19.10 | 0.22 | % | |||||||||||||||||||
Nutanix, Inc. | 6/5/2014 | 95,451 | 1,278,709 | 1,278,709 | 13.40 | 0.13 | % | |||||||||||||||||
Pure Storage, Inc. | 4/16/2014 | 63,153 | 993,138 | 993,138 | 15.73 | 0.10 | % | |||||||||||||||||
Uber Technologies, Inc. | 6/5/2014 | 21,629 | 1,342,127 | 2,633,980 | 121.78 | 0.26 | % | |||||||||||||||||
Preferred Stocks | ||||||||||||||||||||||||
Atlassian | 4/9/2014 | 12,885 | 206,160 | 244,815 | 19.00 | 0.02 | % | |||||||||||||||||
Atlassian FDR | 4/9/2014 | 13,337 | 213,392 | 253,403 | 19.00 | 0.02 | % | |||||||||||||||||
$ | 12,492,677 | 1.21 | % | |||||||||||||||||||||
(5) | Illiquid security. At November 30, 2014, the aggregate value of these securities was $12,492,677 representing 1.2% of net assets. |
ADR—American Depository Receipt
FDR—Federal Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Computer Graphics | $ | — | $ | — | $ | 573,667 | $ | 573,667 | ||||||||
Internet Content - Entertainment | 28,675,618 | 16 | — | 28,675,634 | ||||||||||||
Web Portals/ISP | 58,367,305 | — | 2,596,312 | 60,963,617 | ||||||||||||
Other Industries | 879,717,718 | — | — | 879,717,718 | ||||||||||||
Convertible Preferred Securities | — | — | 8,824,464 | 8,824,464 | ||||||||||||
Preferred Securities | — | — | 498,218 | 498,218 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 97,864,380 | — | — | 97,864,380 | ||||||||||||
Time Deposits | — | 7,992,000 | — | 7,992,000 | ||||||||||||
Repurchase Agreement | — | 9,347,000 | — | 9,347,000 | ||||||||||||
Total Investments at Value | $ | 1,064,625,021 | $ | 17,339,016 | $ | 12,492,661 | $ | 1,094,456,698 | ||||||||
* | For a detailed presentation of investments, 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.
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Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
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 | Preferred Securities | ||||||||||
Balance as of 05/31/2014 . . . . . . . . . | $ | 3,121,125 | $ | 4,099,250 | $ | 419,552 | ||||||
Accrued discounts . . . . . . . . . . . . . . | — | — | — | |||||||||
Accrued premiums . . . . . . . . . . . . . . | — | — | — | |||||||||
Realized Gain . . . . . . . . . . . . . . . . . . | 158,775 | — | — | |||||||||
Realized Loss . . . . . . . . . . . . . . . . . . | — | — | — | |||||||||
Change in unrealized appreciation(1) . | 192,588 | — | — | |||||||||
Change in unrealized depreciation(1) . | — | 2,104,377 | 78,666 | |||||||||
Net Purchases . . . . . . . . . . . . . . . . . | — | 2,620,837 | — | |||||||||
Net Sales . . . . . . . . . . . . . . . . . . . . . | (302,509 | ) | — | — | ||||||||
Transfers into Level 3 . . . . . . . . . . . . | — | — | — | |||||||||
Transfers out of Level 3 . . . . . . . . . . | — | — | — | |||||||||
Balance as of 11/30/2014 | $ | 3,169,979 | $ | 8,824,464 | $ | 498,218 | ||||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2014 includes: |
Common Stocks | Convertible Preferred Securities | Convertible Preferred Securities | ||||||||||
$ | 192,588 | $ | 2,104,377 | $ | 78,666 | |||||||
Any differences between the change in unrealized appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2014
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/14 | Valuation Technique(s) | Unobservable Input (1) | Range (weighted average) | ||||||
Common Stock | $ | 573,667 | Market Approach | Enterprise Value/Revenue Multiple* | 8.00x | |||||
Current Year 2015 Price/Free Cash Flow Multiple* | 30.0x | |||||||||
$ | 2,596,312 | Market Approach | Transaction Price* | $19.1012 | ||||||
Convertible Preferred Securities | $ | 7,425,256 | Market Approach | Transaction Price* | $13.3965 - $135.30 ($40.52578) | |||||
Discount for Lack of Marketability | 10.0% | |||||||||
$ | 1,399,208 | Market Approach | Implied Enterprise Value from a Market Transaction* | $27.83 | ||||||
2016 Estimate Revenue Multiple* | 8.20x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
Preferred Securities | $ | 498,218 | Market Approach | Enterprise Value/Revenue Multiple* | 8.00x | |||||
Current Year 2015 Price/Free Cash Flow Multiple* | 30.0x |
(1) | The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have a inverse relationship. |
See Notes to Financial Statements
182 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Registered Investment Companies | 14.2 | % | ||
Medical Products | 5.9 | |||
Medical — Biomedical/Gene | 5.7 | |||
Medical — Drugs | 4.9 | |||
Electronic Components — Semiconductors | 4.1 | |||
Commercial Services — Finance | 3.9 | |||
Enterprise Software/Service | 3.4 | |||
Networking Products | 2.6 | |||
Chemicals — Specialty | 2.6 | |||
Medical Instruments | 2.4 | |||
Retail — Restaurants | 2.4 | |||
Instruments — Scientific | 2.3 | |||
Human Resources | 2.2 | |||
Apparel Manufacturers | 2.2 | |||
Finance — Consumer Loans | 2.0 | |||
Banks — Commercial | 2.0 | |||
Office Furnishings — Original | 1.7 | |||
Therapeutics | 1.6 | |||
Computer Services | 1.6 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Advanced Materials | 1.5 | |||
Aerospace/Defense | 1.5 | |||
Entertainment Software | 1.4 | |||
Electric Products — Misc. | 1.4 | |||
Retail — Home Furnishings | 1.4 | |||
Aerospace/Defense — Equipment | 1.4 | |||
E-Marketing/Info | 1.4 | |||
Medical — Hospitals | 1.4 | |||
Hotels/Motels | 1.4 | |||
Health Care Cost Containment | 1.4 | |||
Industrial Audio & Video Products | 1.3 | |||
Medical Sterilization Products | 1.3 | |||
Resorts/Theme Parks | 1.3 | |||
Applications Software | 1.3 | |||
Brewery | 1.2 | |||
Consulting Services | 1.2 | |||
Retail — Apparel/Shoe | 1.2 | |||
Distribution/Wholesale | 1.2 | |||
Food — Misc./Diversified | 1.2 | |||
Schools | 1.2 | |||
Internet Telephone | 1.1 | |||
Steel — Producers | 1.1 | |||
Retail — Automobile | 1.0 | |||
Computers — Memory Devices | 1.0 | |||
Transport — Truck | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Internet Connectivity Services | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Machinery — General Industrial | 0.9 | |||
Footwear & Related Apparel | 0.9 | |||
Retail — Pet Food & Supplies | 0.9 | |||
MRI/Medical Diagnostic Imaging | 0.8 | |||
Oil — Field Services | 0.8 | |||
Finance — Other Services | 0.8 | |||
Airlines | 0.7 | |||
Physical Therapy/Rehabilitation Centers | 0.7 | |||
Repurchase Agreements | 0.6 | |||
Optical Supplies | 0.6 | |||
Telecom Services | 0.6 | |||
Rental Auto/Equipment | 0.5 | |||
Diversified Minerals | 0.5 | |||
Drug Delivery Systems | 0.4 | |||
Investment Management/Advisor Services | 0.2 | |||
113.9 | % | |||
* | Calculated as a percentage of net assets |
183 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.1% |
| |||||||
Advanced Materials — 1.5% | ||||||||
Hexcel Corp.† | 36,663 | $ | 1,587,141 | |||||
Aerospace/Defense — 1.5% |
| |||||||
Teledyne Technologies, Inc.† | 14,840 | 1,586,544 | ||||||
Aerospace/Defense - Equipment — 1.4% |
| |||||||
HEICO Corp., Class A | 31,922 | 1,444,470 | ||||||
Airlines — 0.7% |
| |||||||
Spirit Airlines, Inc.† | 9,300 | 769,017 | ||||||
Apparel Manufacturers — 2.2% |
| |||||||
Carter’s, Inc. | 12,400 | 1,031,804 | ||||||
G-III Apparel Group, Ltd.† | 14,700 | 1,300,803 | ||||||
2,332,607 | ||||||||
Applications Software — 1.3% |
| |||||||
Constant Contact, Inc.† | 41,800 | 1,366,024 | ||||||
Auto/Truck Parts & Equipment - Original — 1.0% |
| |||||||
Tenneco, Inc.† | 18,700 | 1,016,345 | ||||||
Banks - Commercial — 2.0% |
| |||||||
Customers Bancorp, Inc.† | 46,266 | 832,788 | ||||||
Western Alliance Bancorp† | 45,700 | 1,207,851 | ||||||
2,040,639 | ||||||||
Brewery — 1.2% |
| |||||||
Boston Beer Co., Inc., Class A† | 4,944 | 1,300,124 | ||||||
Building & Construction Products - Misc. — 1.0% |
| |||||||
Simpson Manufacturing Co., Inc. | 32,200 | 1,069,040 | ||||||
Chemicals - Specialty — 2.6% |
| |||||||
Cytec Industries, Inc. | 27,490 | 1,322,269 | ||||||
Quaker Chemical Corp. | 16,800 | 1,368,024 | ||||||
2,690,293 | ||||||||
Commercial Services - Finance — 3.9% |
| |||||||
Euronet Worldwide, Inc.† | 42,926 | 2,492,713 | ||||||
Heartland Payment Systems, Inc. | 15,200 | 828,704 | ||||||
WEX, Inc.† | 7,140 | 807,391 | ||||||
4,128,808 | ||||||||
Computer Services — 1.6% |
| |||||||
Barracuda Networks, Inc.† | 45,658 | 1,640,492 | ||||||
Computers - Memory Devices — 1.0% |
| |||||||
Spansion, Inc., Class A† | 46,700 | 1,091,379 | ||||||
Consulting Services — 1.2% |
| |||||||
Huron Consulting Group, Inc.† | 18,600 | 1,286,376 | ||||||
Distribution/Wholesale — 1.2% |
| |||||||
H&E Equipment Services, Inc. | 35,400 | 1,239,000 | ||||||
Diversified Minerals — 0.5% |
| |||||||
US Silica Holdings, Inc.# | 15,200 | 477,584 | ||||||
Drug Delivery Systems — 0.4% |
| |||||||
Revance Therapeutics, Inc.†# | 26,400 | 434,016 | ||||||
E-Marketing/Info — 1.4% |
| |||||||
comScore, Inc.† | 32,600 | 1,433,422 | ||||||
Electric Products - Misc. — 1.4% |
| |||||||
Littelfuse, Inc. | 15,400 | 1,480,402 | ||||||
Electronic Components - Semiconductors — 4.1% |
| |||||||
Ambarella, Inc.†# | 13,400 | 737,000 | ||||||
Microsemi Corp.† | 77,895 | 2,118,744 | ||||||
Tower Semiconductor, Ltd.†# | 109,400 | 1,406,884 | ||||||
4,262,628 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Enterprise Software/Service — 3.4% |
| |||||||
Proofpoint, Inc.† | 50,790 | $ | 2,205,302 | |||||
Ultimate Software Group, Inc.† | 8,888 | 1,308,669 | ||||||
3,513,971 | ||||||||
Entertainment Software — 1.4% |
| |||||||
Take-Two Interactive Software, Inc.† | 54,500 | 1,507,470 | ||||||
Finance - Consumer Loans — 2.0% |
| |||||||
PRA Group, Inc.† | 36,435 | 2,132,176 | ||||||
Finance - Other Services — 0.8% |
| |||||||
MarketAxess Holdings, Inc. | 12,104 | 793,659 | ||||||
Food - Misc./Diversified — 1.2% |
| |||||||
Pinnacle Foods, Inc. | 36,300 | 1,235,289 | ||||||
Footwear & Related Apparel — 0.9% |
| |||||||
Deckers Outdoor Corp.† | 9,400 | 909,168 | ||||||
Health Care Cost Containment — 1.4% |
| |||||||
ExamWorks Group, Inc.†# | 35,900 | 1,412,665 | ||||||
Hotels/Motels — 1.4% |
| |||||||
La Quinta Holdings, Inc.† | 64,300 | 1,415,886 | ||||||
Human Resources — 2.2% |
| |||||||
TriNet Group, Inc.† | 41,400 | 1,310,724 | ||||||
TrueBlue, Inc.† | 44,700 | 1,025,865 | ||||||
2,336,589 | ||||||||
Industrial Audio & Video Products — 1.3% |
| |||||||
Imax Corp.†# | 44,200 | 1,386,996 | ||||||
Instruments - Scientific — 2.3% |
| |||||||
FEI Co. | 12,840 | 1,099,618 | ||||||
Fluidigm Corp.†# | 41,400 | 1,276,362 | ||||||
2,375,980 | ||||||||
Internet Connectivity Services — 1.0% |
| |||||||
Cogent Communications Holdings, Inc. | 29,400 | 1,041,348 | ||||||
Internet Telephone — 1.1% |
| |||||||
RingCentral, Inc.†# | 95,200 | 1,197,616 | ||||||
Investment Management/Advisor Services — 0.2% |
| |||||||
WisdomTree Investments, Inc. | 10,800 | 164,052 | ||||||
Machinery - General Industrial — 0.9% |
| |||||||
Altra Industrial Motion Corp. | 31,400 | 961,782 | ||||||
Medical Instruments — 2.4% |
| |||||||
AtriCure, Inc.† | 55,129 | 1,032,566 | ||||||
DexCom, Inc.† | 28,075 | 1,444,740 | ||||||
2,477,306 | ||||||||
Medical Products — 5.9% |
| |||||||
NanoString Technologies, Inc.†# | 37,600 | 560,616 | ||||||
NxStage Medical, Inc.† | 141,200 | 2,439,936 | ||||||
West Pharmaceutical Services, Inc. | 40,078 | 2,084,457 | ||||||
Zeltiq Aesthetics, Inc.†# | 38,200 | 1,045,534 | ||||||
6,130,543 | ||||||||
Medical Sterilization Products — 1.3% |
| |||||||
STERIS Corp. | 21,600 | 1,377,000 | ||||||
Medical - Biomedical/Gene — 5.7% |
| |||||||
Bluebird Bio, Inc.† | 20,700 | 853,461 | ||||||
KYTHERA Biopharmaceuticals, Inc.†# | 18,200 | 696,150 | ||||||
Ligand Pharmaceuticals, Inc.†# | 27,157 | 1,462,404 | ||||||
Loxo Oncology, Inc.† | 37,600 | 387,280 | ||||||
Puma Biotechnology, Inc.† | 5,475 | 1,242,935 | ||||||
Sage Therapeutics, Inc.†# | 18,244 | 721,368 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 13,198 | 575,301 | ||||||
5,938,899 | ||||||||
184 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs — 4.9% |
| |||||||
Amicus Therapeutics, Inc.† | 149,943 | $ | 1,189,048 | |||||
Chimerix, Inc.†# | 31,200 | 1,099,488 | ||||||
Pacira Pharmaceuticals, Inc.† | 14,575 | 1,369,030 | ||||||
Receptos, Inc.† | 10,950 | 1,481,535 | ||||||
5,139,101 | ||||||||
Medical - Hospitals — 1.4% |
| |||||||
Acadia Healthcare Co., Inc.† | 23,000 | 1,426,230 | ||||||
MRI/Medical Diagnostic Imaging — 0.8% |
| |||||||
Surgical Care Affiliates, Inc.†# | 27,600 | 877,680 | ||||||
Networking Products — 2.6% |
| |||||||
LogMeIn, Inc.† | 54,500 | 2,756,065 | ||||||
Office Furnishings - Original — 1.7% |
| |||||||
Steelcase, Inc., Class A | 103,800 | 1,818,576 | ||||||
Oil Companies - Exploration & Production — 1.5% |
| |||||||
Bonanza Creek Energy, Inc.† | 5,100 | 138,822 | ||||||
Carrizo Oil & Gas, Inc.† | 21,040 | 830,238 | ||||||
Diamondback Energy, Inc.† | 11,500 | 648,600 | ||||||
1,617,660 | ||||||||
Oil - Field Services — 0.8% |
| |||||||
Newpark Resources, Inc.† | 80,100 | 838,647 | ||||||
Optical Supplies — 0.6% |
| |||||||
Ocular Therapeutix, Inc.† | 38,800 | 656,496 | ||||||
Physical Therapy/Rehabilitation Centers — 0.7% |
| |||||||
AAC Holdings, Inc.†# | 25,200 | 727,272 | ||||||
Rental Auto/Equipment — 0.5% |
| |||||||
Neff Corp.†# | 36,900 | 544,275 | ||||||
Resort/Theme Parks — 1.3% |
| |||||||
Marriott Vacations Worldwide Corp. | 18,600 | 1,367,286 | ||||||
Retail - Apparel/Shoe — 1.2% |
| |||||||
Burlington Stores, Inc.† | 28,200 | 1,259,694 | ||||||
Retail - Automobile — 1.0% |
| |||||||
Lithia Motors, Inc., Class A | 14,900 | 1,095,299 | ||||||
Retail - Home Furnishings — 1.4% |
| |||||||
Restoration Hardware Holdings, Inc.†# | 17,500 | 1,478,225 | ||||||
Retail - Pet Food & Supplies — 0.9% |
| |||||||
Freshpet, Inc.†# | 53,800 | 898,998 | ||||||
Retail - Restaurants — 2.4% |
| |||||||
Red Robin Gourmet Burgers, Inc.† | 13,600 | 915,960 | ||||||
Sonic Corp. | 57,100 | 1,552,549 | ||||||
2,468,509 | ||||||||
Schools — 1.2% |
| |||||||
Capella Education Co. | 17,900 | 1,220,422 | ||||||
Steel - Producers — 1.1% |
| |||||||
Steel Dynamics, Inc. | 51,500 | 1,160,810 | ||||||
Telecom Services — 0.6% |
| |||||||
RigNet, Inc.† | 14,128 | 578,542 | ||||||
Therapeutics — 1.6% |
| |||||||
Kite Pharma Inc†# | 15,300 | 642,294 | ||||||
Vital Therapies, Inc.†# | 50,845 | 1,053,000 | ||||||
1,695,294 | ||||||||
Transport - Truck — 1.0% |
| |||||||
Old Dominion Freight Line, Inc.† | 13,331 | 1,080,344 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $87,672,226) | 103,690,171 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 14.2% |
| |||||||
Registered Investment Companies — 14.2% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 14,830,259 | $ | 14,830,259 | |||||
REPURCHASE AGREEMENTS — 0.6% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount $662,000 collateralized by $710,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $676,095 | $ | 662,000 | 662,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $103,164,485)(2) | 113.9 | % | 119,182,430 | |||||
Liabilities in excess of other assets | (13.9 | ) | (14,587,888 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 104,594,542 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $14,235,254. This was secured by collateral of $14,830,259, which was received in cash and subsequently invested in short-term investments currently valued at $14,830,259 as reported in the portfolio of investments. |
(2) | See Note 5 for cost of investments on a tax basis. |
185 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 103,690,171 | $ | — | $ | — | $ | 103,690,171 | ||||||||
Short-Term Investment Securities | 14,830,259 | — | — | 14,830,259 | ||||||||||||
Repurchase Agreements | — | 662,000 | — | 662,000 | ||||||||||||
Total Investments at Value | $ | 118,520,430 | $ | 662,000 | $ | — | $ | 119,182,430 | ||||||||
* | For a detailed presentation of investments, 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
186 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Registered Investment Companies | 7.3 | % | ||
Banks — Commercial | 7.0 | |||
Retail — Restaurants | 4.5 | |||
Transport — Truck | 3.8 | |||
Medical — Biomedical/Gene | 3.3 | |||
Real Estate Investment Trusts | 3.2 | |||
Medical Products | 2.6 | |||
Medical — Drugs | 2.3 | |||
Computers — Integrated Systems | 2.1 | |||
Finance — Investment Banker/Broker | 1.6 | |||
Electronic Components — Semiconductors | 1.6 | |||
Metal Processors & Fabrication | 1.6 | |||
Medical — Hospitals | 1.6 | |||
Enterprise Software/Service | 1.5 | |||
Real Estate Management/Services | 1.4 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Commercial Services | 1.4 | |||
Investment Management/Advisor Services | 1.4 | |||
Retail — Apparel/Shoe | 1.3 | |||
Semiconductor Components — Integrated Circuits | 1.3 | |||
Building & Construction Products — Misc. | 1.2 | |||
Containers — Paper/Plastic | 1.2 | |||
Oil — Field Services | 1.1 | |||
Pipelines | 1.1 | |||
Computer Software | 1.0 | |||
Medical Instruments | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Computer Services | 1.0 | |||
Gas — Distribution | 1.0 | |||
Chemicals — Specialty | 0.9 | |||
Applications Software | 0.9 | |||
Human Resources | 0.9 | |||
Building Products — Doors & Windows | 0.9 | |||
Savings & Loans/Thrifts | 0.8 | |||
Apparel Manufacturers | 0.8 | |||
Miscellaneous Manufacturing | 0.8 | |||
Insurance — Property/Casualty | 0.8 | |||
Storage/Warehousing | 0.8 | |||
Telecommunication Equipment | 0.8 | |||
Non-Hazardous Waste Disposal | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Diagnostic Kits | 0.8 | |||
Instruments — Controls | 0.8 | |||
Building — Residential/Commercial | 0.8 | |||
Medical — Generic Drugs | 0.8 | |||
Food — Canned | 0.7 | |||
Electronic Design Automation | 0.7 | |||
Building Products — Cement | 0.7 | |||
Oil Field Machinery & Equipment | 0.7 | |||
Batteries/Battery Systems | 0.7 | |||
Insurance — Multi-line | 0.7 | |||
Retail — Automobile | 0.7 | |||
Building — Mobile Home/Manufactured Housing | 0.6 | |||
Electronic Components — Misc. | 0.6 | |||
Wire & Cable Products | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Diversified Manufacturing Operations | 0.6 | |||
Electronic Parts Distribution | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Building & Construction — Misc. | 0.6 | |||
Retail — Home Furnishings | 0.6 | |||
Home Furnishings | 0.6 | |||
Chemicals — Plastics | 0.6 | |||
Broadcast Services/Program | 0.6 | |||
Transport — Marine | 0.6 | |||
Transactional Software | 0.6 | |||
Food — Wholesale/Distribution | 0.5 | |||
Telecom Equipment — Fiber Optics | 0.5 | |||
Recreational Vehicles | 0.5 |
Retail — Vitamins & Nutrition Supplements | 0.5 | |||
Office Furnishings — Original | 0.5 | |||
Lasers — System/Components | 0.5 | |||
Instruments — Scientific | 0.4 | |||
Food — Misc./Diversified | 0.4 | |||
Electric — Integrated | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Therapeutics | 0.4 | |||
Financial Guarantee Insurance | 0.3 | |||
Medical — HMO | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Aerospace/Defense | 0.3 | |||
Time Deposits | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Paper & Related Products | 0.2 | |||
Retail — Discount | 0.2 | |||
Steel — Producers | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Retail — Sporting Goods | 0.2 | |||
Medical Sterilization Products | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
E-Marketing/Info | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
Garden Products | 0.2 | |||
Environmental Monitoring & Detection | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Printing — Commercial | 0.2 | |||
Consulting Services | 0.2 | |||
Wireless Equipment | 0.2 | |||
Independent Power Producers | 0.2 | |||
Telecom Services | 0.2 | |||
Advanced Materials | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Airlines | 0.2 | |||
Data Processing/Management | 0.2 | |||
Consumer Products — Misc. | 0.1 | |||
Networking Products | 0.1 | |||
Decision Support Software | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Food — Retail | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Gold Mining | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Quarrying | 0.1 | |||
Transport — Services | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Agricultural Operations | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Internet Application Software | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Retail — Toy Stores | 0.1 | |||
Publishing — Books | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Healthcare Safety Devices | 0.1 | |||
Textile — Products | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Water | 0.1 | |||
Telephone — Integrated | 0.1 |
187 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)
Industry Allocation* (continued)
Leisure Products | 0.1 | % | ||
Energy — Alternate Sources | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Communications Software | 0.1 | |||
Internet Telephone | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Brewery | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Coal | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Metal — Diversified | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Pharmacy Services | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Internet Security | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Heart Monitors | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Retail — Leisure Products | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Electronics — Military | 0.1 | |||
Diversified Minerals | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Computers — Voice Recognition | 0.1 | |||
Internet Incubators | 0.1 | |||
106.2 | % | |||
* | Calculated as a percentage of net assets |
188 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.5% |
| |||||||
Advanced Materials — 0.2% |
| |||||||
Core Molding Technologies, Inc.† | 13,000 | $ | 167,700 | |||||
Hexcel Corp.† | 10,100 | 437,229 | ||||||
604,929 | ||||||||
Advertising Services — 0.0% |
| |||||||
Marchex, Inc., Class B | 13,500 | 49,005 | ||||||
Aerospace/Defense — 0.3% |
| |||||||
Teledyne Technologies, Inc.† | 8,400 | 898,044 | ||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
Ducommun, Inc.† | 6,400 | 159,360 | ||||||
LMI Aerospace, Inc.† | 6,100 | 85,644 | ||||||
Moog, Inc., Class A† | 7,200 | 524,016 | ||||||
769,020 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Cadiz, Inc.†# | 14,400 | 163,296 | ||||||
MGP Ingredients, Inc. | 13,100 | 194,928 | ||||||
358,224 | ||||||||
Airlines — 0.2% |
| |||||||
Allegiant Travel Co.† | 3,900 | 547,014 | ||||||
Apparel Manufacturers — 0.8% |
| |||||||
Columbia Sportswear Co. | 59,424 | 2,677,051 | ||||||
Delta Apparel, Inc.† | 10,500 | 113,400 | ||||||
Quiksilver, Inc.†# | 97,800 | 199,512 | ||||||
2,989,963 | ||||||||
Applications Software — 0.9% |
| |||||||
BSQUARE Corp.† | 13,900 | 57,685 | ||||||
Cvent, Inc.†# | 14,060 | 378,495 | ||||||
Descartes Systems Group, Inc.† | 22,900 | 344,645 | ||||||
Five9, Inc.†# | 16,200 | 71,442 | ||||||
HubSpot, Inc.†# | 830 | 29,374 | ||||||
Infoblox, Inc.† | 3,700 | 66,600 | ||||||
PDF Solutions, Inc.† | 9,500 | 125,875 | ||||||
Progress Software Corp.† | 11,650 | 300,453 | ||||||
Tangoe, Inc.† | 34,800 | 452,574 | ||||||
Verint Systems, Inc.† | 24,758 | 1,490,184 | ||||||
3,317,327 | ||||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Ritchie Bros. Auctioneers, Inc.# | 17,200 | 449,436 | ||||||
Audio/Video Products — 0.0% |
| |||||||
VOXX International Corp.† | 5,000 | 42,050 | ||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro Muffler Brake, Inc. | 7,525 | 412,295 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
Miller Industries, Inc. | 10,000 | 179,200 | ||||||
SORL Auto Parts, Inc.†# | 15,300 | 62,883 | ||||||
Spartan Motors, Inc. | 21,600 | 108,216 | ||||||
Strattec Security Corp. | 4,700 | 487,672 | ||||||
837,971 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Commercial Vehicle Group, Inc.† | 18,700 | 122,485 | ||||||
Banks - Commercial — 7.0% |
| |||||||
American National Bankshares, Inc. | 5,900 | 138,945 | ||||||
AmeriServ Financial, Inc. | 22,000 | 66,220 | ||||||
BancorpSouth, Inc. | 2,600 | 56,914 | ||||||
BankUnited, Inc. | 19,800 | 597,960 | ||||||
Blue Hills Bancorp, Inc.† | 3,200 | 42,304 | ||||||
Capital Bank Financial Corp., Class A† | 16,400 | 415,740 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Capital City Bank Group, Inc. | 9,600 | $ | 138,816 | |||||
Citizens Holding Co. | 4,500 | 84,690 | ||||||
CNB Financial Corp. | 8,500 | 150,110 | ||||||
CVB Financial Corp. | 131,120 | 1,989,090 | ||||||
East West Bancorp, Inc. | 73,103 | 2,687,997 | ||||||
Eastern Virginia Bankshares, Inc.† | 12,000 | 77,640 | ||||||
Enterprise Bancorp, Inc. | 6,821 | 159,475 | ||||||
Farmers Capital Bank Corp.† | 7,900 | 180,041 | ||||||
First Bancorp, Inc. | 7,165 | 125,173 | ||||||
First Community Bancshares, Inc. | 10,000 | 154,600 | ||||||
First Horizon National Corp. | 50,900 | 649,484 | ||||||
Glacier Bancorp, Inc. | 104,433 | 2,859,376 | ||||||
Green Bancorp, Inc.† | 1,300 | 20,657 | ||||||
Hampton Roads Bankshares, Inc.† | 85,000 | 136,850 | ||||||
Heritage Commerce Corp. | 13,500 | 111,240 | ||||||
Iberiabank Corp. | 31,895 | 2,083,381 | ||||||
Independent Bank Corp. | 14,000 | 170,100 | ||||||
LNB Bancorp, Inc. | 16,300 | 260,474 | ||||||
Merchants Bancshares, Inc. | 4,600 | 131,146 | ||||||
Metro Bancorp, Inc.† | 6,500 | 162,825 | ||||||
MidWestOne Financial Group, Inc. | 5,400 | 148,554 | ||||||
Northrim BanCorp, Inc. | 7,100 | 194,256 | ||||||
Ohio Valley Banc Corp. | 6,400 | 152,320 | ||||||
Pacific Continental Corp. | 13,000 | 180,180 | ||||||
PacWest Bancorp | 54,331 | 2,526,391 | ||||||
Park Sterling Corp. | 44,400 | 317,016 | ||||||
Peoples Bancorp of North Carolina, Inc. | 5,500 | 99,000 | ||||||
Peoples Bancorp, Inc. | 6,300 | 152,523 | ||||||
Pinnacle Financial Partners, Inc. | 6,100 | 229,787 | ||||||
Preferred Bank | 3,920 | 100,038 | ||||||
Prosperity Bancshares, Inc. | 8,600 | 483,148 | ||||||
Seacoast Banking Corp. of Florida† | 13,100 | 166,108 | ||||||
Sierra Bancorp | 9,400 | 149,178 | ||||||
Signature Bank† | 3,900 | 472,953 | ||||||
Southcoast Financial Corp.†# | 5,000 | 34,050 | ||||||
Southern National Bancorp of Virginia, Inc. | 15,000 | 175,800 | ||||||
Synovus Financial Corp. | 14,690 | 379,590 | ||||||
Talmer Bancorp, Inc., Class A | 20,000 | 278,200 | ||||||
TCF Financial Corp. | 15,900 | 246,768 | ||||||
Texas Capital Bancshares, Inc.† | 12,750 | 702,908 | ||||||
United Security Bancshares†# | 21,148 | 112,719 | ||||||
Valley National Bancorp.# | 34,199 | 333,098 | ||||||
Washington Trust Bancorp, Inc. | 5,700 | 206,283 | ||||||
West Bancorporation, Inc. | 6,944 | 108,465 | ||||||
Westamerica Bancorporation# | 6,100 | 296,460 | ||||||
Western Alliance Bancorp† | 108,748 | 2,874,210 | ||||||
Zions Bancorporation | 9,000 | 252,540 | ||||||
25,023,791 | ||||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 4,100 | 64,739 | ||||||
Batteries/Battery Systems — 0.7% |
| |||||||
EnerSys | 40,650 | 2,468,674 | ||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Primo Water Corp.† | 21,600 | 94,608 | ||||||
Brewery — 0.1% |
| |||||||
Craft Brew Alliance, Inc.† | 18,800 | 254,552 | ||||||
Broadcast Services/Program — 0.6% |
| |||||||
Nexstar Broadcasting Group, Inc., Class A# | 39,590 | 2,031,363 | ||||||
Building & Construction Products - Misc. — 1.2% |
| |||||||
Aspen Aerogels, Inc.†# | 11,400 | 92,340 | ||||||
Louisiana-Pacific Corp.† | 30,800 | 469,392 | ||||||
NCI Building Systems, Inc.† | 13,200 | 246,312 |
189 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Building & Construction Products - Misc. (continued) |
| |||||||
Quanex Building Products Corp. | 10,500 | $ | 207,690 | |||||
Simpson Manufacturing Co., Inc. | 10,300 | 341,960 | ||||||
Trex Co., Inc.† | 73,017 | 3,076,936 | ||||||
4,434,630 | ||||||||
Building & Construction - Misc. — 0.6% |
| |||||||
Dycom Industries, Inc.† | 66,989 | 2,049,193 | ||||||
Integrated Electrical Services, Inc.†# | 12,995 | 99,542 | ||||||
2,148,735 | ||||||||
Building Products - Air & Heating — 0.3% |
| |||||||
AAON, Inc. | 14,425 | 298,886 | ||||||
American DG Energy, Inc.†# | 35,000 | 29,050 | ||||||
Lennox International, Inc. | 8,800 | 824,296 | ||||||
1,152,232 | ||||||||
Building Products - Cement — 0.7% |
| |||||||
Eagle Materials, Inc. | 28,145 | 2,318,867 | ||||||
Martin Marietta Materials, Inc. | 2,100 | 252,084 | ||||||
2,570,951 | ||||||||
Building Products - Doors & Windows — 0.9% |
| |||||||
Apogee Enterprises, Inc. | 69,117 | 3,126,162 | ||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 18,400 | 124,016 | ||||||
Building - Heavy Construction — 0.1% |
| |||||||
Orion Marine Group, Inc.† | 16,100 | 176,778 | ||||||
Building - Mobile Home/Manufactured Housing — 0.6% |
| |||||||
Thor Industries, Inc. | 38,725 | 2,275,481 | ||||||
Building - Residential/Commercial — 0.8% |
| |||||||
AV Homes, Inc.† | 11,400 | 170,658 | ||||||
Beazer Homes USA, Inc.† | 100,805 | 2,010,052 | ||||||
Meritage Homes Corp.† | 10,600 | 415,732 | ||||||
Standard Pacific Corp.† | 15,800 | 119,290 | ||||||
2,715,732 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Monarch Casino & Resort, Inc.† | 7,500 | 124,200 | ||||||
Chemicals - Diversified — 0.1% |
| |||||||
Koppers Holdings, Inc. | 8,600 | 250,948 | ||||||
Chemicals - Plastics — 0.6% |
| |||||||
Landec Corp.† | 14,800 | 194,472 | ||||||
PolyOne Corp. | 49,964 | 1,863,657 | ||||||
2,058,129 | ||||||||
Chemicals - Specialty — 0.9% |
| |||||||
KMG Chemicals, Inc. | 7,800 | 145,158 | ||||||
Minerals Technologies, Inc. | 41,599 | 3,087,894 | ||||||
Oil-Dri Corp. of America | 4,900 | 132,545 | ||||||
3,365,597 | ||||||||
Circuit Boards — 0.0% |
| |||||||
UQM Technologies, Inc.†# | 57,300 | 57,300 | ||||||
Coal — 0.1% |
| |||||||
Cloud Peak Energy, Inc.† | 20,700 | 241,569 | ||||||
Commercial Services — 1.4% |
| |||||||
Collectors Universe, Inc. | 7,200 | 158,472 | ||||||
HMS Holdings Corp.†# | 116,637 | 2,433,048 | ||||||
Intersections, Inc.# | 12,500 | 50,250 | ||||||
SP Plus Corp.† | 4,000 | 83,120 |
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services (continued) |
| |||||||
StarTek, Inc.† | 18,100 | $ | 151,859 | |||||
Team, Inc.† | 50,571 | 2,053,688 | ||||||
4,930,437 | ||||||||
Commercial Services - Finance — 0.1% |
| |||||||
PRGX Global, Inc.† | 22,500 | 117,000 | ||||||
Xoom Corp.†# | 8,800 | 123,288 | ||||||
240,288 | ||||||||
Communications Software — 0.1% |
| |||||||
Audience, Inc.†# | 14,200 | 49,416 | ||||||
Digi International, Inc.† | 13,300 | 94,962 | ||||||
Seachange International, Inc.† | 19,500 | 130,845 | ||||||
275,223 | ||||||||
Computer Graphics — 0.0% |
| |||||||
CyberArk Software, Ltd.† | 590 | 24,379 | ||||||
Computer Services — 1.0% |
| |||||||
Barracuda Networks, Inc.† | 1,900 | 68,267 | ||||||
CACI International, Inc., Class A† | 29,407 | 2,622,810 | ||||||
Ciber, Inc.† | 45,000 | 136,350 | ||||||
FleetMatics Group PLC†# | 18,900 | 665,091 | ||||||
3,492,518 | ||||||||
Computer Software — 1.0% |
| |||||||
Computer Modelling Group, Ltd. | 12,800 | 139,537 | ||||||
SS&C Technologies Holdings, Inc. | 70,044 | 3,540,724 | ||||||
3,680,261 | ||||||||
Computers - Integrated Systems — 2.0% |
| |||||||
Agilysys, Inc.† | 13,000 | 159,640 | ||||||
Cray, Inc.† | 122,954 | 4,128,795 | ||||||
Jack Henry & Associates, Inc. | 44,969 | 2,763,795 | ||||||
Maxwell Technologies, Inc.†# | 14,800 | 152,292 | ||||||
7,204,522 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
Datalink Corp.† | 11,100 | 135,642 | ||||||
Dot Hill Systems Corp.† | 62,300 | 290,318 | ||||||
Netlist, Inc.†# | 37,900 | 30,324 | ||||||
456,284 | ||||||||
Computers - Voice Recognition — 0.1% |
| |||||||
Vocera Communications, Inc.† | 18,000 | 173,880 | ||||||
Consulting Services — 0.2% |
| |||||||
CRA International, Inc.† | 7,700 | 229,075 | ||||||
Hackett Group, Inc. | 27,900 | 248,031 | ||||||
Information Services Group, Inc.† | 42,400 | 167,904 | ||||||
PDI, Inc.†# | 9,800 | 18,816 | ||||||
663,826 | ||||||||
Consumer Products - Misc. — 0.1% |
| |||||||
CSS Industries, Inc. | 3,000 | 87,030 | ||||||
Tumi Holdings, Inc.† | 20,100 | 439,989 | ||||||
527,019 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Constellium NV, Class A† | 22,500 | 354,375 | ||||||
Containers - Paper/Plastic — 1.2% |
| |||||||
Berry Plastics Group, Inc.† | 21,700 | 627,998 | ||||||
Graphic Packaging Holding Co.† | 284,576 | 3,542,971 | ||||||
4,170,969 | ||||||||
190 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
CCA Industries, Inc.† | 3,421 | $ | 10,879 | |||||
Data Processing/Management — 0.1% |
| |||||||
CommVault Systems, Inc.† | 3,300 | 156,090 | ||||||
Innodata, Inc.†# | 25,000 | 72,000 | ||||||
228,090 | ||||||||
Decision Support Software — 0.1% |
| |||||||
Interactive Intelligence Group, Inc.† | 11,100 | 502,053 | ||||||
Diagnostic Equipment — 0.1% |
| |||||||
BioTelemetry, Inc.† | 36,900 | 364,203 | ||||||
Hansen Medical, Inc.†# | 75,000 | 62,692 | ||||||
426,895 | ||||||||
Diagnostic Kits — 0.8% |
| |||||||
Alere, Inc.† | 61,303 | 2,445,377 | ||||||
Meridian Bioscience, Inc. | 19,700 | 324,065 | ||||||
2,769,442 | ||||||||
Diamonds/Precious Stones — 0.0% |
| |||||||
Petra Diamonds, Ltd.† | 40,747 | 125,863 | ||||||
Direct Marketing — 0.0% |
| |||||||
EVINE Live, Inc.† | 18,400 | 112,976 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Core-Mark Holding Co., Inc. | 8,300 | 498,913 | ||||||
H&E Equipment Services, Inc. | 1,900 | 66,500 | ||||||
565,413 | ||||||||
Diversified Manufacturing Operations — 0.6% |
| |||||||
AZZ, Inc. | 10,500 | 470,190 | ||||||
Chase Corp. | 7,100 | 241,045 | ||||||
EnPro Industries, Inc.† | 9,600 | 619,392 | ||||||
Fabrinet† | 13,500 | 226,395 | ||||||
Harsco Corp. | 23,700 | 458,832 | ||||||
Lydall, Inc.† | 7,000 | 185,990 | ||||||
2,201,844 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
United States Lime & Minerals, Inc. | 2,600 | 177,320 | ||||||
Diversified Operations — 0.0% |
| |||||||
Resource America, Inc., Class A | 17,400 | 154,338 | ||||||
E-Commerce/Products — 0.1% |
| |||||||
1-800-flowers.com, Inc., Class A† | 20,600 | 176,130 | ||||||
E-Commerce/Services — 0.2% |
| |||||||
Angie’s List, Inc.†# | 5,900 | 35,046 | ||||||
Coupons.com, Inc.†# | 7,790 | 118,953 | ||||||
GrubHub, Inc.†# | 11,267 | 414,626 | ||||||
United Online, Inc. | 12,500 | 163,250 | ||||||
Zillow, Inc., Class A†# | 300 | 35,508 | ||||||
767,383 | ||||||||
E-Marketing/Info — 0.2% |
| |||||||
Marketo, Inc.†# | 17,000 | 543,320 | ||||||
QuinStreet, Inc.† | 35,000 | 158,550 | ||||||
701,870 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
Sapient Corp.† | 16,800 | 414,960 | ||||||
Educational Software — 0.0% |
| |||||||
Rosetta Stone, Inc.† | 14,000 | 141,960 | ||||||
Electric Products - Misc. — 0.1% |
| |||||||
Graham Corp. | 5,800 | 176,146 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated — 0.4% |
| |||||||
Cleco Corp. | 2,900 | $ | 155,817 | |||||
El Paso Electric Co. | 10,000 | 378,300 | ||||||
NorthWestern Corp. | 4,000 | 212,920 | ||||||
PNM Resources, Inc. | 26,000 | 752,960 | ||||||
1,499,997 | ||||||||
Electronic Components - Misc. — 0.6% |
| |||||||
CTS Corp. | 12,000 | 206,160 | ||||||
Gentex Corp. | 5,100 | 181,356 | ||||||
Sanmina Corp.† | 60,019 | 1,476,467 | ||||||
Viasystems Group, Inc.† | 11,000 | 171,930 | ||||||
Vishay Precision Group, Inc.† | 8,800 | 147,224 | ||||||
ZAGG, Inc.† | 15,898 | 90,619 | ||||||
2,273,756 | ||||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Cavium, Inc.† | 4,900 | 277,340 | ||||||
Diodes, Inc.† | 5,250 | 139,598 | ||||||
Fairchild Semiconductor International, Inc.† | 115,885 | 1,869,225 | ||||||
GigOptix, Inc.† | 50,000 | 57,500 | ||||||
GSI Technology, Inc.† | 19,800 | 103,158 | ||||||
Intersil Corp., Class A | 145,485 | 1,907,308 | ||||||
InvenSense, Inc.†# | 7,300 | 105,777 | ||||||
Kopin Corp.† | 13,500 | 46,035 | ||||||
Peregrine Semiconductor Corp.† | 24,500 | 305,025 | ||||||
Pixelworks, Inc.†# | 22,000 | 106,040 | ||||||
PMC-Sierra, Inc.† | 41,900 | 341,485 | ||||||
Semtech Corp.† | 14,400 | 366,624 | ||||||
Silicon Laboratories, Inc.† | 4,400 | 199,540 | ||||||
5,824,655 | ||||||||
Electronic Design Automation — 0.7% |
| |||||||
Cadence Design Systems, Inc.† | 137,095 | 2,586,983 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
CyberOptics Corp.† | 18,900 | 171,045 | ||||||
ESCO Technologies, Inc. | 12,600 | 453,852 | ||||||
FARO Technologies, Inc.† | 5,600 | 307,608 | ||||||
National Instruments Corp. | 11,700 | 376,623 | ||||||
1,309,128 | ||||||||
Electronic Parts Distribution — 0.6% |
| |||||||
Tech Data Corp.† | 34,769 | 2,167,152 | ||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science & Engineering, Inc. | 6,300 | 307,944 | ||||||
Vicon Industries, Inc.# | 14,000 | 23,800 | ||||||
331,744 | ||||||||
Electronics - Military — 0.1% |
| |||||||
M/A-COM Technology Solutions Holdings, Inc.† | 7,300 | 181,259 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Amyris, Inc.†# | 50,800 | 140,208 | ||||||
Ocean Power Technologies, Inc.†# | 17,900 | 18,616 | ||||||
REX American Resources Corp.† | 2,100 | 132,867 | ||||||
Saratoga Resources, Inc.†# | 17,300 | 4,500 | ||||||
296,191 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
VSE Corp. | 3,700 | 199,134 | ||||||
Enterprise Software/Service — 1.5% |
| |||||||
American Software, Inc., Class A | 11,600 | 105,212 | ||||||
Concur Technologies, Inc.† | 2,400 | 309,144 | ||||||
Guidewire Software, Inc.† | 12,900 | 651,063 | ||||||
MicroStrategy, Inc., Class A† | 15,810 | 2,715,210 | ||||||
OPOWER, Inc.† | 3,200 | 49,824 |
191 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Enterprise Software/Service (continued) |
| |||||||
Proofpoint, Inc.† | 11,100 | $ | 481,962 | |||||
PROS Holdings, Inc.† | 10,800 | 308,880 | ||||||
SciQuest, Inc.† | 59,019 | 879,973 | ||||||
5,501,268 | ||||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
TRC Cos., Inc.† | 8,712 | 59,590 | ||||||
Environmental Monitoring & Detection — 0.2% |
| |||||||
MSA Safety, Inc. | 12,300 | 675,639 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
CLARCOR, Inc. | 3,900 | 256,971 | ||||||
Finance - Consumer Loans — 0.0% |
| |||||||
Asta Funding, Inc.† | 13,200 | 112,860 | ||||||
Finance - Investment Banker/Broker — 1.6% |
| |||||||
E*TRADE Financial Corp.† | 149,707 | 3,414,817 | ||||||
Evercore Partners, Inc., Class A | 38,962 | 1,967,581 | ||||||
FBR & Co.† | 5,750 | 143,405 | ||||||
JMP Group, Inc. | 16,300 | 118,827 | ||||||
Piper Jaffray Cos.† | 2,500 | 143,500 | ||||||
SWS Group, Inc.†# | 10,000 | 69,900 | ||||||
5,858,030 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
California First National Bancorp | 6,000 | 85,020 | ||||||
Marlin Business Services Corp. | 7,500 | 139,800 | ||||||
224,820 | ||||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
PennyMac Financial Services, Inc., Class A† | 4,100 | 65,559 | ||||||
Financial Guarantee Insurance — 0.3% |
| |||||||
Assured Guaranty, Ltd. | 24,677 | 630,744 | ||||||
MGIC Investment Corp.† | 11,400 | 106,134 | ||||||
Radian Group, Inc.# | 29,100 | 496,155 | ||||||
1,233,033 | ||||||||
Food - Baking — 0.0% |
| |||||||
Flowers Foods, Inc. | 700 | 13,650 | ||||||
Food - Canned — 0.7% |
| |||||||
Seneca Foods Corp., Class B† | 200 | 6,100 | ||||||
TreeHouse Foods, Inc.† | 32,183 | 2,605,214 | ||||||
2,611,314 | ||||||||
Food - Flour & Grain — 0.1% |
| |||||||
Post Holdings, Inc.†# | 8,800 | 352,000 | ||||||
Food - Misc./Diversified — 0.4% |
| |||||||
Inventure Foods, Inc.† | 17,900 | 247,199 | ||||||
John B. Sanfilippo & Son, Inc. | 6,600 | 276,012 | ||||||
Pinnacle Foods, Inc. | 23,600 | 803,108 | ||||||
Senomyx, Inc.†# | 30,400 | 176,928 | ||||||
1,503,247 | ||||||||
Food - Retail — 0.1% |
| |||||||
Fresh Market, Inc.†# | 11,300 | 462,848 | ||||||
Food - Wholesale/Distribution — 0.5% |
| |||||||
AMCON Distributing Co. | 500 | 39,265 | ||||||
United Natural Foods, Inc.† | 25,211 | 1,895,615 | ||||||
1,934,880 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Wolverine World Wide, Inc. | 13,900 | 424,089 | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Matthews International Corp., Class A | 5,100 | 234,957 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Dover Downs Gaming & Entertainment, Inc.†# | 43,334 | $ | 32,501 | |||||
Isle of Capri Casinos, Inc.† | 23,400 | 169,416 | ||||||
Lakes Entertainment, Inc.† | 15,200 | 100,776 | ||||||
302,693 | ||||||||
Garden Products — 0.2% |
| |||||||
Toro Co. | 10,300 | 676,504 | ||||||
Gas - Distribution — 1.0% |
| |||||||
Chesapeake Utilities Corp. | 3,600 | 161,748 | ||||||
Delta Natural Gas Co., Inc. | 3,800 | 81,510 | ||||||
Southwest Gas Corp. | 10,100 | 584,689 | ||||||
UGI Corp. | 68,022 | 2,565,110 | ||||||
3,393,057 | ||||||||
Gold Mining — 0.1% |
| |||||||
Franco-Nevada Corp. | 8,300 | 415,109 | ||||||
Health Care Cost Containment — 0.0% |
| |||||||
HealthEquity, Inc.† | 1,100 | 27,313 | ||||||
Healthcare Safety Devices — 0.1% |
| |||||||
Alpha PRO Tech, Ltd.†# | 30,000 | 84,300 | ||||||
Harvard Apparatus Regenerative Technology, Inc.†# | 7,500 | 25,350 | ||||||
Unilife Corp.†# | 70,000 | 219,100 | ||||||
328,750 | ||||||||
Heart Monitors — 0.1% |
| |||||||
HeartWare International, Inc.† | 2,700 | 198,531 | ||||||
Home Furnishings — 0.6% |
| |||||||
Hooker Furniture Corp. | 9,100 | 140,049 | ||||||
La-Z-Boy, Inc. | 74,374 | 1,932,980 | ||||||
2,073,029 | ||||||||
Hotels/Motels — 0.0% |
| |||||||
Morgans Hotel Group Co.† | 19,000 | 153,900 | ||||||
Housewares — 0.0% |
| |||||||
Lifetime Brands, Inc. | 8,000 | 119,520 | ||||||
Human Resources — 0.9% |
| |||||||
Cross Country Healthcare, Inc.† | 20,000 | 213,400 | ||||||
Kforce, Inc. | 8,000 | 186,720 | ||||||
Team Health Holdings, Inc.† | 42,727 | 2,442,275 | ||||||
TriNet Group, Inc.† | 9,900 | 313,434 | ||||||
3,155,829 | ||||||||
Independent Power Producers — 0.2% |
| |||||||
Dynegy, Inc.† | 14,300 | 474,045 | ||||||
NRG Yield, Inc., Class A# | 3,200 | 151,648 | ||||||
625,693 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Ballantyne Strong, Inc.† | 14,000 | 56,280 | ||||||
Iteris, Inc.† | 76,210 | 147,085 | ||||||
203,365 | ||||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Adept Technology, Inc.†# | 10,000 | 86,200 | ||||||
Hurco Cos., Inc. | 5,000 | 173,600 | ||||||
259,800 | ||||||||
Instruments - Controls — 0.8% |
| |||||||
Allied Motion Technologies, Inc. | 14,000 | 304,920 | ||||||
Control4 Corp.†# | 9,200 | 138,736 | ||||||
Frequency Electronics, Inc.† | 10,000 | 106,500 |
192 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Instruments - Controls (continued) |
| |||||||
Watts Water Technologies, Inc., Class A | 35,392 | $ | 2,139,800 | |||||
Woodward, Inc. | 1,250 | 64,600 | ||||||
2,754,556 | ||||||||
Instruments - Scientific — 0.4% |
| |||||||
FEI Co. | 17,945 | 1,536,810 | ||||||
Insurance - Life/Health — 0.6% |
| |||||||
Independence Holding Co. | 10,460 | 144,243 | ||||||
StanCorp Financial Group, Inc. | 30,450 | 2,012,745 | ||||||
2,156,988 | ||||||||
Insurance - Multi-line — 0.7% |
| |||||||
American Financial Group, Inc. | 34,639 | 2,091,849 | ||||||
Fortegra Financial Corp.† | 13,700 | 135,767 | ||||||
Kemper Corp. | 6,300 | 222,138 | ||||||
2,449,754 | ||||||||
Insurance - Property/Casualty — 0.8% |
| |||||||
Enstar Group, Ltd.† | 1,800 | 262,710 | ||||||
Hallmark Financial Services, Inc.† | 13,000 | 153,270 | ||||||
HCC Insurance Holdings, Inc. | 10,400 | 551,928 | ||||||
Infinity Property & Casualty Corp. | 10,600 | 770,196 | ||||||
RLI Corp. | 8,400 | 385,812 | ||||||
Safety Insurance Group, Inc. | 1,800 | 107,136 | ||||||
Selective Insurance Group, Inc. | 21,400 | 572,878 | ||||||
State Auto Financial Corp. | 6,650 | 130,872 | ||||||
2,934,802 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Essent Group, Ltd.† | 3,800 | 95,760 | ||||||
Internet Application Software — 0.1% |
| |||||||
Bazaarvoice, Inc.†# | 21,500 | 158,240 | ||||||
Lionbridge Technologies, Inc.† | 36,800 | 186,576 | ||||||
344,816 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
PC-Tel, Inc. | 21,200 | 174,476 | ||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Pandora Media, Inc.† | 14,400 | 283,104 | ||||||
Internet Content - Information/News — 0.1% |
| |||||||
Reis, Inc. | 8,000 | 201,280 | ||||||
Internet Financial Services — 0.0% |
| |||||||
TheStreet, Inc. | 48,200 | 107,004 | ||||||
Internet Incubators — 0.1% |
| |||||||
HomeAway, Inc.† | 5,000 | 156,800 | ||||||
ModusLink Global Solutions, Inc.†# | 5,000 | 16,550 | ||||||
173,350 | ||||||||
Internet Infrastructure Software — 0.1% |
| |||||||
Support.com, Inc.† | 56,500 | 116,390 | ||||||
Survey Monkey, Inc.(5)(6)(7) | 5,062 | 83,270 | ||||||
Unwired Planet, Inc.† | 65,400 | 89,598 | ||||||
289,258 | ||||||||
Internet Security — 0.1% |
| |||||||
iPass, Inc.†# | 49,900 | 68,862 | ||||||
Zix Corp.† | 41,500 | 131,140 | ||||||
200,002 | ||||||||
Internet Telephone — 0.1% |
| |||||||
RingCentral, Inc.†# | 21,600 | 271,728 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Investment Companies — 0.0% |
| |||||||
KCAP Financial, Inc.# | 16,700 | $ | 130,928 | |||||
Investment Management/Advisor Services — 1.4% |
| |||||||
Artisan Partners Asset Management, Inc., Class A | 1,500 | 77,625 | ||||||
Calamos Asset Management, Inc., Class A | 14,000 | 188,860 | ||||||
Cohen & Steers, Inc.# | 8,900 | 385,103 | ||||||
Financial Engines, Inc.# | 15,500 | 506,540 | ||||||
Janus Capital Group, Inc.# | 192,453 | 3,025,361 | ||||||
Manning & Napier, Inc. | 8,400 | 128,604 | ||||||
Pzena Investment Management, Inc., Class A | 2,100 | 18,207 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 10,000 | 143,500 | ||||||
Waddell & Reed Financial, Inc., Class A | 7,900 | 379,832 | ||||||
4,853,632 | ||||||||
Lasers - System/Components — 0.5% |
| |||||||
Coherent, Inc.† | 28,590 | 1,582,742 | ||||||
Rofin-Sinar Technologies, Inc.† | 1,800 | 48,456 | ||||||
1,631,198 | ||||||||
Leisure Products — 0.1% |
| |||||||
Johnson Outdoors, Inc., Class A | 7,200 | 218,304 | ||||||
Marine Products Corp. | 12,100 | 79,255 | ||||||
297,559 | ||||||||
Lighting Products & Systems — 0.0% |
| |||||||
Acuity Brands, Inc. | 600 | 82,920 | ||||||
Linen Supply & Related Items — 0.1% |
| |||||||
G&K Services, Inc., Class A | 3,000 | 195,300 | ||||||
Machine Tools & Related Products — 0.0% |
| |||||||
Hardinge, Inc. | 11,000 | 134,750 | ||||||
Machinery - Construction & Mining — 0.0% |
| |||||||
Terex Corp. | 800 | 22,960 | ||||||
Machinery - Farming — 0.0% |
| |||||||
Alamo Group, Inc. | 2,500 | 119,075 | ||||||
Machinery - General Industrial — 1.0% |
| |||||||
Albany International Corp., Class A | 71,505 | 2,672,142 | ||||||
Chart Industries, Inc.† | 10,600 | 420,926 | ||||||
Manitowoc Co., Inc.# | 13,800 | 277,932 | ||||||
Xerium Technologies, Inc.† | 15,000 | 213,300 | ||||||
3,584,300 | ||||||||
Machinery - Pumps — 0.2% |
| |||||||
Graco, Inc. | 8,400 | 672,840 | ||||||
Machinery - Thermal Process — 0.0% |
| |||||||
Global Power Equipment Group, Inc. | 9,800 | 127,106 | ||||||
Medical Imaging Systems — 0.1% |
| |||||||
Analogic Corp. | 3,600 | 262,224 | ||||||
Digirad Corp | 25,000 | 92,250 | ||||||
354,474 | ||||||||
Medical Instruments — 1.0% |
| |||||||
Bio-Techne Corp. | 23,566 | 2,158,881 | ||||||
Bruker Corp.† | 17,900 | 343,322 | ||||||
CryoLife, Inc. | 17,000 | 171,700 | ||||||
Edwards Lifesciences Corp.† | 900 | 116,712 | ||||||
Navidea Biopharmaceuticals, Inc.†# | 85,500 | 106,020 | ||||||
Thoratec Corp.† | 11,100 | 346,209 | ||||||
TransEnterix, Inc.†# | 20,000 | 42,000 | ||||||
Vascular Solutions, Inc.† | 7,500 | 192,900 | ||||||
Volcano Corp.† | 10,900 | 120,554 | ||||||
3,598,298 | ||||||||
193 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
ICON PLC† | 39,813 | $ | 2,211,214 | |||||
Medical Products — 2.6% |
| |||||||
Accuray, Inc.†# | 10,337 | 71,222 | ||||||
Cardica, Inc.†# | 33,400 | 20,123 | ||||||
Cerus Corp.†# | 35,000 | 158,550 | ||||||
Cooper Cos., Inc. | 1,400 | 236,460 | ||||||
Globus Medical, Inc., Class A† | 88,217 | 2,032,520 | ||||||
Haemonetics Corp.† | 38,109 | 1,407,365 | ||||||
Halyard Health Inc† | 6,300 | 247,023 | ||||||
Hill-Rom Holdings, Inc. | 45,304 | 2,073,111 | ||||||
InspireMD, Inc.†# | 50,000 | 48,000 | ||||||
K2M Group Holdings, Inc.†# | 9,100 | 172,081 | ||||||
Medgenics, Inc.†# | 19,000 | 78,470 | ||||||
NanoString Technologies, Inc.†# | 9,000 | 134,190 | ||||||
Span-America Medical Systems, Inc. | 3,100 | 59,489 | ||||||
Tornier NV† | 12,700 | 338,963 | ||||||
Wright Medical Group, Inc.†# | 79,661 | 2,333,271 | ||||||
9,410,838 | ||||||||
Medical Sterilization Products — 0.2% |
| |||||||
STERIS Corp. | 11,800 | 752,250 | ||||||
Medical - Biomedical/Gene — 3.3% |
| |||||||
Acceleron Pharma, Inc.†# | 4,600 | 178,204 | ||||||
AMAG Pharmaceuticals, Inc.†# | 45,816 | 1,704,355 | ||||||
ArQule, Inc.† | 55,000 | 72,600 | ||||||
BioMarin Pharmaceutical, Inc.† | 2,800 | 251,216 | ||||||
Biota Pharmaceuticals, Inc.†# | 34,600 | 76,466 | ||||||
Cellular Dynamics International, Inc.†# | 9,500 | 62,700 | ||||||
Charles River Laboratories International, Inc.† | 32,403 | 2,098,094 | ||||||
Cubist Pharmaceuticals, Inc.† | 36,071 | 2,734,543 | ||||||
Cubist Pharmaceuticals, Inc. CVR† | 2,900 | 90 | ||||||
Endocyte, Inc.†# | 16,000 | 103,840 | ||||||
Enzo Biochem, Inc.† | 33,500 | 152,090 | ||||||
Exelixis, Inc.†# | 19,600 | 32,536 | ||||||
Fibrocell Science, Inc.†# | 33,100 | 89,370 | ||||||
Five Prime Therapeutics, Inc.† | 10,000 | 205,600 | ||||||
GTx, Inc.†# | 20,200 | 12,928 | ||||||
Harvard Bioscience, Inc.† | 30,000 | 147,600 | ||||||
Incyte Corp.† | 26,600 | 2,009,630 | ||||||
Isis Pharmaceuticals, Inc.†# | 8,100 | 419,499 | ||||||
Medicines Co.† | 9,400 | 252,014 | ||||||
Nanosphere, Inc.†# | 35,000 | 13,296 | ||||||
Onconova Therapeutics, Inc.†# | 12,000 | 57,000 | ||||||
Oncothyreon, Inc.† | 84,000 | 147,000 | ||||||
Pacific Biosciences of California, Inc.† | 26,700 | 180,492 | ||||||
PharmAthene, Inc.†# | 68,300 | 116,110 | ||||||
pSivida Corp.†# | 32,000 | 137,920 | ||||||
Retrophin, Inc.†# | 13,000 | 131,300 | ||||||
Rigel Pharmaceuticals, Inc.† | 40,000 | 85,600 | ||||||
Seattle Genetics, Inc.†# | 5,200 | 189,488 | ||||||
Theravance Biopharma, Inc.†# | 400 | 6,328 | ||||||
Theravance, Inc.# | 1,400 | 21,182 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 500 | 21,795 | ||||||
11,710,886 | ||||||||
Medical - Drugs — 2.3% |
| |||||||
Alimera Sciences, Inc.†# | 25,025 | 146,897 | ||||||
Alkermes PLC† | 14,300 | 786,786 | ||||||
BioSpecifics Technologies Corp.† | 5,200 | 197,184 | ||||||
Cempra, Inc.†# | 15,000 | 215,850 | ||||||
Chimerix, Inc.†# | 3,400 | 119,816 | ||||||
Conatus Pharmaceuticals, Inc.†# | 9,500 | 80,845 | ||||||
Cumberland Pharmaceuticals, Inc.† | 12,800 | 66,176 | ||||||
Cytori Therapeutics, Inc.†# | 17,000 | 7,310 | ||||||
Endo International PLC† | 29,206 | 2,137,003 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
NanoViricides, Inc.†# | 43,000 | $ | 137,600 | |||||
Ophthotech Corp.†# | 1,400 | 60,410 | ||||||
Pacira Pharmaceuticals, Inc.† | 13,200 | 1,239,876 | ||||||
Pain Therapeutics, Inc.†# | 40,000 | 72,400 | ||||||
PharMerica Corp.† | 71,365 | 1,556,470 | ||||||
POZEN, Inc. | 15,600 | 138,684 | ||||||
Progenics Pharmaceuticals, Inc.†# | 36,800 | 256,128 | ||||||
SIGA Technologies, Inc.†# | 19,900 | 33,830 | ||||||
Sucampo Pharmaceuticals, Inc., Class A†# | 23,000 | 269,560 | ||||||
Synergy Pharmaceuticals, Inc.†# | 35,000 | 104,300 | ||||||
Targacept, Inc.†# | 35,000 | 85,050 | ||||||
TESARO, Inc.†# | 3,600 | 124,236 | ||||||
Vanda Pharmaceuticals, Inc.†# | 10,700 | 139,421 | ||||||
XenoPort, Inc.† | 25,000 | 222,500 | ||||||
Zogenix, Inc.†# | 18,700 | 21,318 | ||||||
8,219,650 | ||||||||
Medical - Generic Drugs — 0.8% |
| |||||||
Impax Laboratories, Inc.† | 84,475 | 2,698,976 | ||||||
Medical - HMO — 0.3% |
| |||||||
Centene Corp.† | 5,600 | 553,112 | ||||||
WellCare Health Plans, Inc.† | 9,000 | 663,660 | ||||||
1,216,772 | ||||||||
Medical - Hospitals — 1.6% |
| |||||||
Acadia Healthcare Co., Inc.† | 12,100 | 750,321 | ||||||
Adeptus Health, Inc., Class A†# | 2,500 | 76,100 | ||||||
Community Health Systems, Inc.† | 36,708 | 1,728,213 | ||||||
LifePoint Hospitals, Inc.† | 43,121 | 2,983,542 | ||||||
5,538,176 | ||||||||
Metal Processors & Fabrication — 1.6% |
| |||||||
Ampco-Pittsburgh Corp. | 6,500 | 118,950 | ||||||
Dynamic Materials Corp. | 8,100 | 129,924 | ||||||
Haynes International, Inc. | 49,792 | 2,235,163 | ||||||
RBC Bearings, Inc. | 8,800 | 559,504 | ||||||
Rexnord Corp.† | 91,384 | 2,517,629 | ||||||
Sun Hydraulics Corp. | 6,300 | 253,701 | ||||||
5,814,871 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
Olympic Steel, Inc. | 5,500 | 89,430 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Luxfer Holdings PLC ADR | 15,500 | 232,655 | ||||||
Miscellaneous Manufacturing — 0.8% |
| |||||||
Hillenbrand, Inc. | 5,500 | 176,880 | ||||||
John Bean Technologies Corp. | 16,700 | 506,678 | ||||||
TriMas Corp.† | 72,667 | 2,262,124 | ||||||
2,945,682 | ||||||||
MRI/Medical Diagnostic Imaging — 0.1% |
| |||||||
RadNet, Inc.† | 36,000 | 303,120 | ||||||
Networking Products — 0.1% |
| |||||||
Fortinet, Inc.† | 6,000 | 165,360 | ||||||
Ixia† | 11,100 | 115,107 | ||||||
Meru Networks, Inc.†# | 40,100 | 148,370 | ||||||
NeoPhotonics Corp.† | 22,000 | 74,140 | ||||||
502,977 | ||||||||
Non-Hazardous Waste Disposal — 0.8% |
| |||||||
Casella Waste Systems, Inc., Class A† | 32,900 | 129,626 | ||||||
Waste Connections, Inc. | 58,208 | 2,748,000 | ||||||
2,877,626 | ||||||||
194 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Office Furnishings - Original — 0.5% |
| |||||||
Interface, Inc. | 82,346 | $ | 1,245,072 | |||||
Knoll, Inc. | 21,000 | 389,130 | ||||||
1,634,202 | ||||||||
Oil & Gas Drilling — 0.4% |
| |||||||
Parsley Energy, Inc., Class A† | 10,200 | 128,928 | ||||||
Precision Drilling Corp. | 190,759 | 1,228,488 | ||||||
1,357,416 | ||||||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
American Eagle Energy Corp.† | 21,250 | 19,973 | ||||||
Bill Barrett Corp.† | 12,500 | 126,625 | ||||||
Bonanza Creek Energy, Inc.† | 7,200 | 195,984 | ||||||
BPZ Resources, Inc.†# | 60,000 | 36,000 | ||||||
Callon Petroleum Co.† | 13,100 | 64,321 | ||||||
Contango Oil & Gas Co.† | 1,400 | 47,334 | ||||||
Diamondback Energy, Inc.† | 7,900 | 445,560 | ||||||
Eclipse Resources Corp†# | 12,200 | 131,638 | ||||||
Energy XXI, Ltd.# | 10,900 | 43,709 | ||||||
Escalera Resources Co.† | 11,000 | 12,430 | ||||||
Evolution Petroleum Corp. | 10,600 | 83,316 | ||||||
FieldPoint Petroleum Corp.† | 31,900 | 88,682 | ||||||
Matador Resources Co.† | 17,400 | 306,066 | ||||||
Miller Energy Resources, Inc.†# | 23,400 | 54,288 | ||||||
Oasis Petroleum, Inc.† | 17,300 | 317,974 | ||||||
Panhandle Oil and Gas, Inc., Class A | 5,000 | 88,200 | ||||||
PostRock Energy Corp.† | 24,600 | 15,252 | ||||||
Rice Energy, Inc.† | 4,000 | 99,600 | ||||||
Rosetta Resources, Inc.† | 32,056 | 943,088 | ||||||
RSP Permian, Inc.†# | 5,500 | 119,680 | ||||||
Ultra Petroleum Corp.†# | 84,551 | 1,678,337 | ||||||
Warren Resources, Inc.† | 34,500 | 70,725 | ||||||
4,988,782 | ||||||||
Oil Field Machinery & Equipment — 0.7% |
| |||||||
Flotek Industries, Inc.† | 11,900 | 231,812 | ||||||
Forum Energy Technologies, Inc.† | 70,591 | 1,694,890 | ||||||
Gulf Island Fabrication, Inc. | 9,000 | 175,590 | ||||||
Mitcham Industries, Inc.† | 6,900 | 52,578 | ||||||
Natural Gas Services Group, Inc.† | 7,400 | 171,384 | ||||||
Thermon Group Holdings, Inc.† | 6,600 | 159,654 | ||||||
2,485,908 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Adams Resources & Energy, Inc. | 214 | 9,478 | ||||||
Trecora Resources† | 14,000 | 172,060 | ||||||
181,538 | ||||||||
Oil - Field Services — 1.1% |
| |||||||
C&J Energy Services, Inc.† | 6,400 | 96,960 | ||||||
Forbes Energy Services, Ltd.† | 17,200 | 34,228 | ||||||
Helix Energy Solutions Group, Inc.† | 78,060 | 1,785,232 | ||||||
Key Energy Services, Inc.† | 14,700 | 27,636 | ||||||
MRC Global, Inc.† | 56,961 | 1,151,182 | ||||||
SEACOR Holdings, Inc.† | 9,400 | 668,716 | ||||||
Tesco Corp. | 13,800 | 194,442 | ||||||
TETRA Technologies, Inc.† | 13,500 | 85,725 | ||||||
4,044,121 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp. | 3,100 | 74,927 | ||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 6,500 | 430,690 | ||||||
Schweitzer-Mauduit International, Inc. | 5,700 | 243,789 |
Security Description | Shares | Value (Note 2) | ||||||
Paper & Related Products (continued) |
| |||||||
Wausau Paper Corp. | 12,300 | $ | 122,385 | |||||
796,864 | ||||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
Insulet Corp.† | 1,200 | 55,908 | ||||||
Masimo Corp.† | 500 | 13,125 | ||||||
69,033 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
Diplomat Pharmacy, Inc.† | 4,600 | 123,556 | ||||||
Liberator Medical Holdings, Inc.# | 35,000 | 98,000 | ||||||
221,556 | ||||||||
Physicians Practice Management — 0.0% |
| |||||||
Healthways, Inc.† | 4,600 | 71,668 | ||||||
Pipelines — 1.1% |
| |||||||
Primoris Services Corp. | 75,231 | 1,967,291 | ||||||
SemGroup Corp., Class A | 28,054 | 2,075,715 | ||||||
4,043,006 | ||||||||
Power Converter/Supply Equipment — 0.0% |
| |||||||
Advanced Energy Industries, Inc.† | 7,000 | 143,010 | ||||||
Printing - Commercial — 0.2% |
| |||||||
ARC Document Solutions, Inc.† | 10,400 | 100,152 | ||||||
Multi-Color Corp. | 10,150 | 556,626 | ||||||
RR Donnelley & Sons Co. | 916 | 15,425 | ||||||
672,203 | ||||||||
Professional Sports — 0.0% |
| |||||||
Madison Square Garden Co., Class A† | 2,200 | 160,688 | ||||||
Publishing - Books — 0.1% |
| |||||||
Courier Corp. | 7,700 | 106,183 | ||||||
Scholastic Corp. | 6,449 | 228,940 | ||||||
335,123 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
AH Belo Corp., Class A | 18,221 | 218,652 | ||||||
Lee Enterprises, Inc.†# | 34,500 | 122,475 | ||||||
341,127 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc. | 4,600 | 400,430 | ||||||
Radio — 0.0% |
| |||||||
Emmis Communications Corp., Class A† | 40,500 | 84,240 | ||||||
Salem Communications Corp., Class A | 10,000 | 78,600 | ||||||
162,840 | ||||||||
Real Estate Investment Trusts — 3.2% |
| |||||||
Acadia Realty Trust | 6,800 | 217,328 | ||||||
Associated Estates Realty Corp. | 14,300 | 320,606 | ||||||
CatchMark Timber Trust, Inc., Class A | 14,800 | 164,280 | ||||||
CBL & Associates Properties, Inc. | 22,900 | 445,405 | ||||||
Chesapeake Lodging Trust | 11,900 | 402,934 | ||||||
Colony Financial, Inc. | 5,300 | 130,115 | ||||||
Cousins Properties, Inc. | 160,500 | 1,964,520 | ||||||
DiamondRock Hospitality Co. | 34,408 | 513,712 | ||||||
EastGroup Properties, Inc. | 9,200 | 618,424 | ||||||
Equity One, Inc. | 13,100 | 317,413 | ||||||
First Potomac Realty Trust | 11,300 | 139,894 | ||||||
Geo Group, Inc. | 50,098 | 2,018,448 | ||||||
Hudson Pacific Properties, Inc. | 4,600 | 129,352 | ||||||
LaSalle Hotel Properties | 68,740 | 2,775,034 | ||||||
Outfront Media, Inc. | 5,700 | 154,242 | ||||||
PS Business Parks, Inc. | 8,400 | 683,676 |
195 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Real Estate Investment Trusts (continued) |
| |||||||
Retail Opportunity Investments Corp. | 8,400 | $ | 138,264 | |||||
Urstadt Biddle Properties, Inc., Class A | 7,000 | 155,260 | ||||||
11,288,907 | ||||||||
Real Estate Management/Services — 1.4% |
| |||||||
Jones Lang LaSalle, Inc. | 19,376 | 2,822,308 | ||||||
Kennedy-Wilson Holdings, Inc. | 84,157 | 2,187,241 | ||||||
RE/MAX Holdings, Inc., Class A | 2,700 | 90,315 | ||||||
5,099,864 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
Alexander & Baldwin, Inc. | 5,700 | 217,056 | ||||||
Consolidated-Tomoka Land Co. | 3,100 | 165,881 | ||||||
Forestar Group, Inc.† | 7,300 | 116,800 | ||||||
St. Joe Co.†# | 10,400 | 193,336 | ||||||
693,073 | ||||||||
Recreational Vehicles — 0.5% |
| |||||||
Brunswick Corp. | 35,100 | 1,743,768 | ||||||
Recycling — 0.0% |
| |||||||
Metalico, Inc.†# | 31,700 | 12,125 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
Electro Rent Corp. | 5,600 | 78,120 | ||||||
Retail - Apparel/Shoe — 1.3% |
| |||||||
American Eagle Outfitters, Inc. | 23,600 | 332,760 | ||||||
ANN, Inc.† | 70,173 | 2,577,454 | ||||||
Burlington Stores, Inc.† | 3,700 | 165,279 | ||||||
Chico’s FAS, Inc. | 35,100 | 557,037 | ||||||
Christopher & Banks Corp.† | 30,100 | 217,924 | ||||||
Destination Maternity Corp. | 7,800 | 125,034 | ||||||
Destination XL Group, Inc.† | 30,000 | 155,100 | ||||||
Express, Inc.† | 24,100 | 360,295 | ||||||
Francesca’s Holdings Corp.† | 12,000 | 152,160 | ||||||
Pacific Sunwear of California, Inc.† | 37,200 | 62,496 | ||||||
4,705,539 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
hhgregg, Inc.†# | 20,100 | 127,635 | ||||||
Retail - Arts & Crafts — 0.1% |
| |||||||
Michaels Cos., Inc.† | 15,401 | 370,548 | ||||||
Retail - Automobile — 0.7% |
| |||||||
Penske Automotive Group, Inc. | 50,335 | 2,383,362 | ||||||
Retail - Building Products — 0.0% |
| |||||||
Tile Shop Holdings, Inc.†# | 1,900 | 18,962 | ||||||
Retail - Convenience Store — 0.1% |
| |||||||
Pantry, Inc.† | 12,600 | 334,530 | ||||||
Retail - Discount — 0.2% |
| |||||||
HSN, Inc. | 6,800 | 495,924 | ||||||
Tuesday Morning Corp.† | 14,000 | 298,200 | ||||||
794,124 | ||||||||
Retail - Home Furnishings — 0.6% |
| |||||||
Kirkland’s, Inc.† | 9,700 | 210,684 | ||||||
Pier 1 Imports, Inc. | 97,925 | 1,351,365 | ||||||
Restoration Hardware Holdings, Inc.†# | 6,700 | 565,949 | ||||||
2,127,998 | ||||||||
Retail - Leisure Products — 0.1% |
| |||||||
West Marine, Inc.† | 17,232 | 188,346 | ||||||
Retail - Misc./Diversified — 0.1% |
| |||||||
Five Below, Inc.†# | 7,500 | 349,950 | ||||||
Gaiam, Inc., Class A† | 17,400 | 127,890 | ||||||
477,840 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Stage Stores, Inc. | 6,000 | $ | 122,940 | |||||
Retail - Restaurants — 4.5% |
| |||||||
BJ’s Restaurants, Inc.† | 9,500 | 467,020 | ||||||
Bloomin’ Brands, Inc.† | 24,400 | 555,588 | ||||||
Brinker International, Inc. | 32,090 | 1,807,630 | ||||||
Carrols Restaurant Group, Inc.† | 15,000 | 112,650 | ||||||
Cheesecake Factory, Inc. | 7,800 | 377,754 | ||||||
Cracker Barrel Old Country Store, Inc. | 18,344 | 2,348,215 | ||||||
Denny’s Corp.† | 36,900 | 357,561 | ||||||
Famous Dave’s of America, Inc.†# | 6,800 | 173,400 | ||||||
Jack in the Box, Inc. | 9,700 | 722,650 | ||||||
Jamba, Inc.† | 520 | 6,443 | ||||||
Krispy Kreme Doughnuts, Inc.† | 25,200 | 513,072 | ||||||
Luby’s, Inc.† | 25,000 | 121,750 | ||||||
Papa John’s International, Inc. | 52,928 | 2,793,540 | ||||||
Red Robin Gourmet Burgers, Inc.† | 38,882 | 2,618,703 | ||||||
Sonic Corp. | 120,851 | 3,285,938 | ||||||
16,261,914 | ||||||||
Retail - Sporting Goods — 0.2% |
| |||||||
Hibbett Sports, Inc.† | 5,500 | 275,935 | ||||||
Zumiez, Inc.† | 13,500 | 482,895 | ||||||
758,830 | ||||||||
Retail - Toy Stores — 0.1% |
| |||||||
Build-A-Bear Workshop, Inc.† | 16,500 | 339,570 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.5% |
| |||||||
GNC Holdings, Inc., Class A | 37,399 | 1,653,784 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Five Star Quality Care, Inc.† | 24,000 | 105,600 | ||||||
Savings & Loans/Thrifts — 0.8% |
| |||||||
Banc of California, Inc.# | 10,000 | 110,000 | ||||||
Bank Mutual Corp. | 26,600 | 171,836 | ||||||
Capitol Federal Financial, Inc. | 42,340 | 530,097 | ||||||
ESSA Bancorp, Inc. | 9,000 | 101,700 | ||||||
First Defiance Financial Corp. | 5,800 | 174,406 | ||||||
First Niagara Financial Group, Inc. | 56,500 | 461,605 | ||||||
Fox Chase Bancorp, Inc. | 5,000 | 82,750 | ||||||
Hampden Bancorp, Inc. | 7,500 | 150,600 | ||||||
Home Bancorp, Inc.# | 6,600 | 151,800 | ||||||
Lake Shore Bancorp, Inc.# | 10,000 | 131,500 | ||||||
Louisiana Bancorp, Inc.(7) | 5,700 | 121,125 | ||||||
Meridian Bancorp, Inc.† | 6,100 | 66,856 | ||||||
Meta Financial Group, Inc. | 5,200 | 183,040 | ||||||
Naugatuck Valley Financial Corp.†# | 9,500 | 79,705 | ||||||
Oneida Financial Corp. | 6,000 | 77,460 | ||||||
Pacific Premier Bancorp, Inc.† | 6,000 | 95,460 | ||||||
Territorial Bancorp, Inc. | 4,000 | 83,280 | ||||||
United Community Financial Corp. | 26,500 | 135,680 | ||||||
Westfield Financial, Inc. | 16,000 | 117,280 | ||||||
3,026,180 | ||||||||
Schools — 0.0% |
| |||||||
Learning Tree International, Inc.†(7) | 14,700 | 36,750 | ||||||
Lincoln Educational Services Corp.# | 20,000 | 64,600 | ||||||
101,350 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Dawson Geophysical Co. | 5,100 | 69,003 | ||||||
TGC Industries, Inc.† | 20,065 | 53,674 | ||||||
122,677 | ||||||||
196 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Semiconductor Components - Integrated Circuits — 1.3% |
| |||||||
Integrated Device Technology, Inc.† | 140,901 | $ | 2,629,213 | |||||
Pericom Semiconductor Corp.† | 7,000 | 88,970 | ||||||
Power Integrations, Inc. | 35,197 | 1,765,481 | ||||||
4,483,664 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Cascade Microtech, Inc.† | 15,400 | 213,290 | ||||||
Entegris, Inc.† | 160,802 | 2,166,003 | ||||||
Mattson Technology, Inc.† | 34,500 | 90,390 | ||||||
Ultra Clean Holdings, Inc.† | 14,700 | 127,743 | ||||||
Veeco Instruments, Inc.† | 6,700 | 250,647 | ||||||
2,848,073 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Mueller Water Products, Inc., Class A | 27,900 | 264,771 | ||||||
Valmont Industries, Inc.# | 3,400 | 459,748 | ||||||
724,519 | ||||||||
Steel - Producers — 0.2% |
| |||||||
Friedman Industries, Inc. | 10,000 | 81,500 | ||||||
Ryerson Holding Corp† | 10,400 | 112,216 | ||||||
Schnitzer Steel Industries, Inc., Class A | 10,000 | 228,000 | ||||||
Worthington Industries, Inc. | 9,500 | 358,245 | ||||||
779,961 | ||||||||
Storage/Warehousing — 0.8% |
| |||||||
Mobile Mini, Inc. | 70,138 | 2,910,026 | ||||||
Telecom Equipment - Fiber Optics — 0.5% |
| |||||||
Ciena Corp.† | 3,300 | 54,549 | ||||||
Finisar Corp.†# | 92,606 | 1,578,932 | ||||||
KVH Industries, Inc.† | 14,357 | 175,443 | ||||||
1,808,924 | ||||||||
Telecom Services — 0.2% |
| |||||||
Allot Communications, Ltd.† | 12,000 | 113,400 | ||||||
Consolidated Communications Holdings, Inc.# | 1 | 27 | ||||||
Hawaiian Telcom Holdco, Inc.†# | 5,000 | 130,000 | ||||||
Premiere Global Services, Inc.† | 5,620 | 59,291 | ||||||
Straight Path Communications, Inc., Class B†# | 5,950 | 120,547 | ||||||
Telecity Group PLC | 14,472 | 183,677 | ||||||
606,942 | ||||||||
Telecommunication Equipment — 0.8% |
| |||||||
ADTRAN, Inc. | 18,800 | 392,732 | ||||||
ARRIS Group, Inc.† | 74,652 | 2,222,390 | ||||||
Aware, Inc. | 14,500 | 63,945 | ||||||
ShoreTel, Inc.† | 20,000 | 149,600 | ||||||
Westell Technologies, Inc., Class A† Class A | 41,700 | 54,627 | ||||||
2,883,294 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Alaska Communications Systems Group, Inc.†# | 77,000 | 98,560 | ||||||
IDT Corp., Class B | 11,900 | 201,586 | ||||||
300,146 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Cherokee, Inc. | 6,400 | 114,880 | ||||||
Textile - Products — 0.1% |
| |||||||
Culp, Inc. | 12,300 | 230,502 | ||||||
Dixie Group, Inc.† | 10,000 | 76,600 | ||||||
307,102 | ||||||||
Theaters — 0.0% |
| |||||||
National CineMedia, Inc. | 3,200 | 45,312 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Therapeutics — 0.4% |
| |||||||
Avanir Pharmaceuticals, Inc.† | 51,400 | $ | 766,888 | |||||
Egalet Corp.†# | 25,000 | 150,500 | ||||||
Esperion Therapeutics, Inc.†# | 10,500 | 332,115 | ||||||
1,249,503 | ||||||||
Transactional Software — 0.6% |
| |||||||
Bottomline Technologies de, Inc.† | 79,926 | 1,959,786 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
Willis Lease Finance Corp.† | 10,000 | 217,900 | ||||||
Transport - Marine — 0.6% |
| |||||||
Horizon North Logistics, Inc. | 18,800 | 49,634 | ||||||
Navigator Holdings, Ltd.† | 4,400 | 94,248 | ||||||
Scorpio Tankers, Inc.# | 228,446 | 1,884,679 | ||||||
2,028,561 | ||||||||
Transport - Services — 0.1% |
| |||||||
Matson, Inc. | 4,800 | 169,008 | ||||||
Radiant Logistics, Inc.† | 25,000 | 96,750 | ||||||
UTi Worldwide, Inc.† | 11,100 | 130,980 | ||||||
XPO Logistics, Inc.† | 1 | 39 | ||||||
396,777 | ||||||||
Transport - Truck — 3.8% |
| |||||||
Celadon Group, Inc. | 108,070 | 2,381,863 | ||||||
Covenant Transportation Group, Inc., Class A† | 14,200 | 373,176 | ||||||
Heartland Express, Inc. | 103,110 | 2,735,508 | ||||||
Knight Transportation, Inc. | 22,775 | 757,724 | ||||||
Landstar System, Inc. | 41,725 | 3,353,855 | ||||||
Old Dominion Freight Line, Inc.† | 47,041 | 3,812,203 | ||||||
Saia, Inc.† | 4,000 | 221,880 | ||||||
13,636,209 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Nutraceutical International Corp.† | 8,200 | 173,676 | ||||||
Omega Protein Corp.† | 9,000 | 91,350 | ||||||
265,026 | ||||||||
Water — 0.1% |
| |||||||
Artesian Resources Corp., Class A | 7,400 | 158,952 | ||||||
York Water Co. | 7,000 | 141,400 | ||||||
300,352 | ||||||||
Web Hosting/Design — 0.0% |
| |||||||
Endurance International Group Holdings, Inc.† | 6,900 | 114,678 | ||||||
Wire & Cable Products — 0.6% |
| |||||||
Belden, Inc. | 27,768 | 2,027,897 | ||||||
Encore Wire Corp. | 3,600 | 132,012 | ||||||
General Cable Corp. | 4,300 | 59,168 | ||||||
2,219,077 | ||||||||
Wireless Equipment — 0.2% |
| |||||||
Aruba Networks, Inc.† | 19,000 | 355,490 | ||||||
ID Systems, Inc.†# | 22,000 | 140,580 | ||||||
Tessco Technologies, Inc. | 5,900 | 164,728 | ||||||
660,798 | ||||||||
Total Common Stocks | ||||||||
(cost $268,434,565) | 352,421,029 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.2% | ||||||||
Computers - Integrated Systems — 0.1% | ||||||||
Apptio Inc. | 5,641 | 129,179 | ||||||
Data Processing/Management — 0.1% | ||||||||
Cloudera, Inc. | 6,715 | 172,569 | ||||||
197 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) | ||||||||
Enterprise Software/Service — 0.0% | ||||||||
Plex Systems, Inc. | 50,422 | $ | 115,683 | |||||
Internet Infrastructure Software — 0.0% | ||||||||
MongoDB, Inc.(5)(6)(7) | 4,475 | 74,840 | ||||||
Oil Companies-Exploration & Production — 0.0% | ||||||||
GeoMet, Inc. 9.60%(1)(2) | 4,456 | 11,140 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $416,437) | 503,411 | |||||||
WARRANTS — 0.0% | ||||||||
Oil Companies-Exploration & Production — 0.0% | ||||||||
FieldPoint Petroleum Corp. | 31,900 | 11,484 | ||||||
CONVERTIBLE BONDS & NOTES — 0.0% |
| |||||||
Machinery-Construction & Mining — 0.0% |
| |||||||
Terex Corp. | $ | 36,000 | 64,440 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $268,906,494) | 353,000,364 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.5% |
| |||||||
Registered Investment Companies — 7.3% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | 23,318,597 | 23,318,597 | ||||||
T. Rowe Price Reserve Investment Fund | 2,681,388 | 2,681,388 | ||||||
25,999,985 | ||||||||
Time Deposits — 0.2% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | 953,000 | 953,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $26,952,985) | 26,952,985 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $295,859,479)(4) | 106.2 | % | 379,953,349 | |||||
Liabilities in excess of other assets | (6.2 | ) | (22,255,946 | ) | ||||
NET ASSETS | 100.0 | % | $ | 357,697,403 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2014. |
(2) | Perpetual maturity — maturity date reflects the next call date. |
(3) | At November 30, 2014, the Fund had loaned securities with a total value of $22,488,729. This was secured by collateral of 23,318,597, which was received in cash and subsequently invested in short-term investments currently value at $23,318,597 as reported in the portfolio of investments. The remaining collateral of $457,416 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly, is not reflected in the Fund’s other 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, 2014 | |||||
United States Treasury Bill | zero coupon | 10/15/2015 to 10/15/2015 | $ | 7,371 | ||||
United States Treasury Notes/ | zero coupon to 6.00% | 12/15/2014 to 02/15/2044 | 450,045 |
(4) | See Note 5 for cost of investments on a tax basis |
(5) | 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, 2014, the Small Cap Fund held the following restricted securities: |
Name | Acquisition Date | Shares/ Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stock | ||||||||||||||||||||||||
Survey Monkey, Inc. | 11/25/2014 | 5,062 | $ | 83,270 | $ | 83,270 | $ | 16.45 | 0.0 | % | ||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Apptio, Inc | 03/09/2012 | 5,641 | 101,069 | 129,179 | 22.90 | 0.0 | % | |||||||||||||||||
Coudera, Inc. | 02/05/2014 | 6,715 | 97,770 | 172,569 | 25.27 | 0.1 | % | |||||||||||||||||
MongoDB, Inc. | 10/02/2013 | 4,475 | 74,840 | 74,840 | 16.72 | 0.0 | % | |||||||||||||||||
Plex Systems, Inc. | 06/09/2014 | 50,422 | 115,683 | 115,683 | 2.29 | 0.0 | % | |||||||||||||||||
$ | 575,541 | 0.1 | % | |||||||||||||||||||||
(6) | Fair valued security. Securities are classified as level 3 based on the securities valuation inputs; See Note 2. |
(7) | Illiquid security. At November 30, 2014, the aggregate value of these securities was $733,416 representing 0.2% of net assets. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Internet Infrastructure Software | $ | 205,988 | $ | — | $ | 83,270 | $ | 289,258 | ||||||||
Other Industries | 352,131,771 | — | — | 352,131,771 | ||||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Other Industries | — | — | 492,271 | 492,271 | ||||||||||||
Oil Companies - Exploration & Production | 11,140 | — | — | 11,140 | ||||||||||||
Warrants | 11,484 | — | — | 11,484 | ||||||||||||
Convertible Bonds & Notes | — | 64,440 | — | 64,440 |
198 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (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 | $ | 25,999,985 | $ | — | $ | — | $ | 25,999,985 | ||||||||
Time Deposits | — | 953,000 | — | 953,000 | ||||||||||||
Total Investments at Value | $ | 378,360,368 | $ | 1,017,440 | $ | 575,541 | $ | 379,953,349 | ||||||||
* | For a detailed presentation of investments, 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.
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
199 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Registered Investment Companies | 11.0 | % | ||
Real Estate Investment Trusts | 8.8 | |||
Banks — Commercial | 6.9 | |||
Medical — Biomedical/Gene | 3.5 | |||
Medical — Drugs | 2.2 | |||
Retail — Restaurants | 1.9 | |||
Electronic Components — Semiconductors | 1.8 | |||
Electric — Integrated | 1.6 | |||
Enterprise Software/Service | 1.6 | |||
Computer Services | 1.6 | |||
Savings & Loans/Thrifts | 1.5 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Medical Products | 1.3 | |||
Retail — Apparel/Shoe | 1.3 | |||
Insurance — Property/Casualty | 1.3 | |||
U.S. Government Treasuries | 1.2 | |||
Repurchase Agreements | 1.2 | |||
Applications Software | 1.1 | |||
Chemicals — Specialty | 1.1 | |||
Medical Instruments | 1.1 | |||
Gas — Distribution | 1.1 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Oil — Field Services | 0.9 | |||
Distribution/Wholesale | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Commercial Services — Finance | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Wireless Equipment | 0.8 | |||
Transport — Truck | 0.8 | |||
Therapeutics | 0.8 | |||
Human Resources | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Consulting Services | 0.6 | |||
Footwear & Related Apparel | 0.6 | |||
Networking Products | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Food — Misc./Diversified | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Commercial Services | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Computer Software | 0.5 | |||
Paper & Related Products | 0.5 | |||
Retail — Automobile | 0.5 | |||
Telecom Services | 0.5 | |||
Transport — Marine | 0.5 | |||
Chemicals — Diversified | 0.5 | |||
Data Processing/Management | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Medical — Outpatient/Home Medical | 0.4 | |||
Airlines | 0.4 | |||
Transport — Services | 0.4 | |||
Medical — HMO | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Printing — Commercial | 0.4 | |||
Office Furnishings — Original | 0.4 | |||
Insurance — Reinsurance | 0.4 | |||
Schools | 0.4 | |||
Containers — Paper/Plastic | 0.4 | |||
Financial Guarantee Insurance | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Independent Power Producers | 0.4 | |||
E-Marketing/Info | 0.4 | |||
Telecommunication Equipment | 0.4 |
Finance — Other Services | 0.4 | |||
Computers — Integrated Systems | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Steel — Producers | 0.3 | |||
Drug Delivery Systems | 0.3 | |||
Filtration/Separation Products | 0.3 | |||
Instruments — Controls | 0.3 | |||
Food — Retail | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Recreational Vehicles | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Satellite Telecom | 0.3 | |||
Wire & Cable Products | 0.3 | |||
Chemicals — Plastics | 0.3 | |||
Transactional Software | 0.3 | |||
Real Estate Operations & Development | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Retail — Misc./Diversified | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Retail — Home Furnishings | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Home Furnishings | 0.3 | |||
Water | 0.3 | |||
Computers — Periphery Equipment | 0.3 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Building — Heavy Construction | 0.2 | |||
Multimedia | 0.2 | |||
Retail — Discount | 0.2 | |||
Pipelines | 0.2 | |||
Physical Therapy/Rehabilitation Centers | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Medical Information Systems | 0.2 | |||
Research & Development | 0.2 | |||
Building Products — Doors & Windows | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Coal | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Lasers — System/Components | 0.2 | |||
Patient Monitoring Equipment | 0.2 | |||
Retail — Convenience Store | 0.2 | |||
Insurance — Multi-line | 0.2 | |||
Medical Sterilization Products | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Audio/Video Products | 0.2 | |||
Food — Canned | 0.2 | |||
Racetracks | 0.2 | |||
Hotels/Motels | 0.2 | |||
Auto/Truck Parts & Equipment — Replacement | 0.2 | |||
E-Services/Consulting | 0.2 | |||
Retail — Office Supplies | 0.2 | |||
Computer Aided Design | 0.2 | |||
Recreational Centers | 0.2 | |||
Internet Telephone | 0.2 | |||
Security Services | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Food — Meat Products | 0.2 | |||
Publishing — Books | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Rental Auto/Equipment | 0.2 |
200 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)
Industry Allocation* (continued)
Electric Products — Misc. | 0.2 | % | ||
Linen Supply & Related Items | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Retail — Pawn Shops | 0.2 | |||
Metal — Aluminum | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
Batteries/Battery Systems | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Food — Flour & Grain | 0.2 | |||
Television | 0.2 | |||
Tobacco | 0.2 | |||
Storage/Warehousing | 0.2 | |||
Entertainment Software | 0.2 | |||
Non-Ferrous Metals | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Veterinary Diagnostics | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Internet Application Software | 0.1 | |||
Building Products — Wood | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Brewery | 0.1 | |||
Theaters | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Agricultural Operations | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Rubber — Tires | 0.1 | |||
Electronic Design Automation | 0.1 | |||
Diversified Operations | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Retail — Building Products | 0.1 | |||
Casino Hotels | 0.1 | |||
Diversified Minerals | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Poultry | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Casino Services | 0.1 | |||
Identification Systems | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Building Products — Cement | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Platinum | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Retail — Vitamins & Nutrition Supplements | 0.1 | |||
Retail — Video Rentals | 0.1 | |||
Investment Companies | 0.1 | |||
Machinery — Farming | 0.1 | |||
Communications Software | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
Cosmetics & Toiletries | 0.1 |
Heart Monitors | 0.1 | |||
Physicians Practice Management | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Radio | 0.1 | |||
Lighting Products & Systems | 0.1 | |||
Computer Graphics | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Housewares | 0.1 | |||
Appliances | 0.1 | |||
Internet Security | 0.1 | |||
Retail — Bedding | 0.1 | |||
Chemicals — Other | 0.1 | |||
Decision Support Software | 0.1 | |||
Retail — Appliances | 0.1 | |||
Advertising Agencies | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Circuit Boards | 0.1 | |||
Retail — Bookstores | 0.1 | |||
SupraNational Banks | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
Computer Data Security | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Travel Services | 0.1 | |||
110.9 | % | |||
* | Calculated as a percentage of net assets |
201 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS — 97.5% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
MDC Partners, Inc., Class A | 26,094 | $ | 575,894 | |||||
Tremor Video, Inc.†# | 21,795 | 53,398 | ||||||
629,292 | ||||||||
Advertising Services — 0.0% |
| |||||||
Marchex, Inc., Class B | 20,178 | 73,246 | ||||||
Marin Software, Inc.† | 16,183 | 139,497 | ||||||
Millennial Media, Inc.†# | 46,313 | 80,585 | ||||||
Sizmek, Inc.† | 13,538 | 77,573 | ||||||
370,901 | ||||||||
Aerospace/Defense — 0.6% |
| |||||||
Aerovironment, Inc.† | 11,703 | 324,290 | ||||||
Cubic Corp. | 12,658 | 651,254 | ||||||
Esterline Technologies Corp.† | 19,547 | 2,322,770 | ||||||
Kratos Defense & Security Solutions, Inc.† | 27,464 | 141,165 | ||||||
National Presto Industries, Inc.# | 2,969 | 174,162 | ||||||
Teledyne Technologies, Inc.† | 23,058 | 2,465,131 | ||||||
6,078,772 | ||||||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
AAR Corp. | 24,313 | 623,142 | ||||||
Astronics Corp.† | 11,570 | 567,161 | ||||||
Astronics Corp., Class B† | 2,005 | 98,426 | ||||||
Curtiss-Wright Corp. | 29,609 | 2,099,278 | ||||||
Ducommun, Inc.† | 6,670 | 166,083 | ||||||
Erickson, Inc.†# | 3,719 | 39,273 | ||||||
GenCorp, Inc.†# | 36,744 | 613,625 | ||||||
HEICO Corp. | 40,858 | 2,165,883 | ||||||
Kaman Corp. | 16,827 | 661,974 | ||||||
LMI Aerospace, Inc.† | 6,608 | 92,776 | ||||||
Moog, Inc., Class A† | 27,336 | 1,989,514 | ||||||
Orbital Sciences Corp.† | 37,215 | 1,012,992 | ||||||
SIFCO Industries, Inc. | 1,558 | 50,479 | ||||||
10,180,606 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Marrone Bio Innovations, Inc.†# | 8,547 | 20,598 | ||||||
Agricultural Chemicals — 0.1% |
| |||||||
Intrepid Potash, Inc.†# | 34,266 | 488,976 | ||||||
Rentech, Inc.† | 139,913 | 180,488 | ||||||
669,464 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc. | 1,786 | 63,850 | ||||||
Andersons, Inc. | 17,327 | 936,351 | ||||||
Limoneira Co. | 6,879 | 176,446 | ||||||
Tejon Ranch Co.† | 8,315 | 235,813 | ||||||
1,412,460 | ||||||||
Airlines — 0.4% |
| |||||||
Allegiant Travel Co.† | 8,480 | 1,189,405 | ||||||
Hawaiian Holdings, Inc.† | 27,683 | 561,688 | ||||||
JetBlue Airways Corp.†# | 152,752 | 2,234,762 | ||||||
Republic Airways Holdings, Inc.† | 30,588 | 406,209 | ||||||
SkyWest, Inc. | 31,395 | 392,437 | ||||||
4,784,501 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Columbia Sportswear Co. | 16,876 | 760,264 | ||||||
G-III Apparel Group, Ltd.† | 11,792 | 1,043,474 | ||||||
Oxford Industries, Inc. | 8,933 | 591,633 | ||||||
Quiksilver, Inc.†# | 83,453 | 170,244 | ||||||
Sequential Brands Group, Inc.† | 10,371 | 127,771 |
Security Description | Shares | Value | ||||||
Apparel Manufacturers (continued) |
| |||||||
Vince Holding Corp.† | 6,866 | $ | 254,934 | |||||
2,948,320 | ||||||||
Appliances — 0.1% | ||||||||
iRobot Corp.†# | 18,114 | 659,712 | ||||||
Applications Software — 1.1% |
| |||||||
Actuate Corp.† | 28,299 | 101,876 | ||||||
Callidus Software, Inc.† | 28,238 | 450,961 | ||||||
Compuware Corp. | 134,979 | 1,392,983 | ||||||
Constant Contact, Inc.† | 19,287 | 630,299 | ||||||
Cvent, Inc.†# | 11,022 | 296,712 | ||||||
Dealertrack Technologies, Inc.† | 32,921 | 1,552,554 | ||||||
Demandware, Inc.†# | 18,459 | 1,033,704 | ||||||
Ebix, Inc.# | 18,813 | 304,959 | ||||||
Epiq Systems, Inc. | 19,089 | 292,825 | ||||||
Five9, Inc.† | 7,492 | 33,040 | ||||||
Globant SA† | 4,133 | 57,035 | ||||||
Imperva, Inc.† | 13,585 | 577,906 | ||||||
inContact, Inc.† | 37,307 | 308,156 | ||||||
Infoblox, Inc.† | 33,102 | 595,836 | ||||||
Jive Software, Inc.†# | 26,149 | 154,279 | ||||||
Park City Group, Inc.†# | 5,862 | 53,696 | ||||||
Paycom Software, Inc.† | 4,004 | 115,115 | ||||||
PDF Solutions, Inc.† | 18,753 | 248,477 | ||||||
Progress Software Corp.† | 31,562 | 813,984 | ||||||
RealPage, Inc.†# | 31,826 | 654,343 | ||||||
Tangoe, Inc.† | 23,768 | 309,103 | ||||||
Verint Systems, Inc.† | 36,750 | 2,211,983 | ||||||
12,189,826 | ||||||||
Athletic Equipment — 0.0% |
| |||||||
Black Diamond, Inc.† | 13,971 | 126,997 | ||||||
Nautilus, Inc.† | 19,163 | 245,861 | ||||||
372,858 | ||||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Sotheby’s | 37,439 | 1,512,910 | ||||||
Audio/Video Products — 0.2% |
| |||||||
Daktronics, Inc. | 23,199 | 276,764 | ||||||
DTS, Inc.† | 10,426 | 336,239 | ||||||
Skullcandy, Inc.† | 12,249 | 116,121 | ||||||
TiVo, Inc.† | 70,569 | 859,530 | ||||||
Universal Electronics, Inc.† | 9,778 | 591,667 | ||||||
VOXX International Corp.† | 11,964 | 100,617 | ||||||
2,280,938 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro Muffler Brake, Inc. | 19,361 | 1,060,789 | ||||||
Auto-Truck Trailers — 0.0% |
| |||||||
Wabash National Corp.† | 42,345 | 456,903 | ||||||
Auto/Truck Parts & Equipment - Original — 0.9% |
| |||||||
Accuride Corp.† | 23,646 | 110,663 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 41,570 | 887,104 | ||||||
Cooper-Standard Holding, Inc.† | 8,408 | 452,014 | ||||||
Dana Holding Corp. | 104,089 | 2,206,687 | ||||||
Federal-Mogul Holdings Corp.† | 17,711 | 274,875 | ||||||
Fuel Systems Solutions, Inc.† | 8,702 | 85,889 | ||||||
Gentherm, Inc.† | 21,674 | 816,893 | ||||||
Meritor, Inc.† | 60,120 | 846,490 | ||||||
Miller Industries, Inc. | 6,944 | 124,436 | ||||||
Modine Manufacturing Co.† | 29,285 | 356,398 | ||||||
Spartan Motors, Inc. | 21,178 | 106,102 | ||||||
Strattec Security Corp. | 2,131 | 221,113 |
202 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Auto/Truck Parts & Equipment - Original (continued) |
| |||||||
Superior Industries International, Inc. | 14,509 | $ | 262,903 | |||||
Tenneco, Inc.† | 37,408 | 2,033,125 | ||||||
Titan International, Inc.# | 27,067 | 267,963 | ||||||
Tower International, Inc.† | 12,657 | 323,133 | ||||||
9,375,788 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.2% | ||||||||
Commercial Vehicle Group, Inc.† | 16,256 | 106,477 | ||||||
Dorman Products, Inc.†# | 16,604 | 785,867 | ||||||
Douglas Dynamics, Inc. | 13,685 | 315,166 | ||||||
Motorcar Parts of America, Inc.† | 10,966 | 370,102 | ||||||
Remy International, Inc. | 8,775 | 161,460 | ||||||
Standard Motor Products, Inc. | 12,167 | 464,171 | ||||||
2,203,243 | ||||||||
B2B/E - Commerce — 0.0% | ||||||||
Covisint Corp.† | 23,524 | 54,105 | ||||||
ePlus, Inc.† | 3,202 | 220,426 | ||||||
Global Sources, Ltd.† | 9,351 | 60,501 | ||||||
TechTarget, Inc.† | 10,185 | 103,072 | ||||||
438,104 | ||||||||
Banks - Commercial — 6.9% | ||||||||
1st Source Corp. | 9,215 | 281,242 | ||||||
American National Bankshares, Inc. | 4,857 | 114,382 | ||||||
Ameris Bancorp | 15,458 | 388,769 | ||||||
Ames National Corp. | 5,064 | 119,561 | ||||||
Arrow Financial Corp. | 6,716 | 173,743 | ||||||
BancFirst Corp. | 4,373 | 279,916 | ||||||
Bancorp, Inc.† | 20,322 | 182,085 | ||||||
BancorpSouth, Inc. | 59,007 | 1,291,663 | ||||||
Bank of Kentucky Financial Corp. | 3,859 | 179,868 | ||||||
Bank of Marin Bancorp | 3,633 | 184,556 | ||||||
Bank of the Ozarks, Inc. | 48,945 | 1,771,809 | ||||||
Banner Corp. | 12,028 | 495,433 | ||||||
BBCN Bancorp, Inc. | 48,843 | 679,895 | ||||||
Blue Hills Bancorp, Inc.† | 17,491 | 231,231 | ||||||
BNC Bancorp | 12,261 | 208,069 | ||||||
Bridge Bancorp, Inc. | 7,144 | 182,101 | ||||||
Bridge Capital Holdings† | 6,030 | 138,931 | ||||||
Bryn Mawr Bank Corp. | 8,406 | 247,389 | ||||||
C1 Financial, Inc.†# | 1,999 | 36,442 | ||||||
Camden National Corp. | 4,559 | 164,762 | ||||||
Capital Bank Financial Corp., Class A† | 14,891 | 377,487 | ||||||
Capital City Bank Group, Inc. | 6,538 | 94,539 | ||||||
Cardinal Financial Corp. | 19,639 | 358,804 | ||||||
Cascade Bancorp† | 19,069 | 93,057 | ||||||
Cass Information Systems, Inc. | 7,085 | 322,580 | ||||||
Cathay General Bancorp | 48,922 | 1,241,640 | ||||||
Centerstate Banks, Inc. | 21,837 | 244,138 | ||||||
Central Pacific Financial Corp. | 10,520 | 201,353 | ||||||
Century Bancorp, Inc., Class A | 2,141 | 83,328 | ||||||
Chemical Financial Corp. | 20,130 | 583,166 | ||||||
Citizens & Northern Corp. | 7,638 | 148,712 | ||||||
City Holding Co. | 9,647 | 421,863 | ||||||
CNB Financial Corp. | 8,888 | 156,962 | ||||||
CoBiz Financial, Inc. | 22,025 | 252,847 | ||||||
Columbia Banking System, Inc. | 32,320 | 887,830 | ||||||
Community Bank System, Inc. | 24,996 | 924,602 | ||||||
Community Trust Bancorp, Inc. | 9,602 | 347,400 | ||||||
CommunityOne Bancorp† | 7,106 | 74,044 | ||||||
ConnectOne Bancorp, Inc. | 13,895 | 256,780 | ||||||
CU Bancorp† | 6,133 | 120,207 | ||||||
Customers Bancorp, Inc.† | 15,698 | 282,564 | ||||||
CVB Financial Corp. | 65,069 | 987,097 |
Security Description | Shares | Value | ||||||
Banks - Commercial (continued) |
| |||||||
Eagle Bancorp, Inc.† | 13,986 | $ | 479,999 | |||||
Enterprise Bancorp, Inc. | 4,594 | 107,408 | ||||||
Enterprise Financial Services Corp. | 12,138 | 230,622 | ||||||
Fidelity Southern Corp. | 10,176 | 155,489 | ||||||
Financial Institutions, Inc. | 8,511 | 201,796 | ||||||
First Bancorp | 12,101 | 206,685 | ||||||
First BanCorp† | 64,049 | 328,571 | ||||||
First Bancorp, Inc. | 5,894 | 102,968 | ||||||
First Busey Corp. | 44,545 | 291,770 | ||||||
First Business Financial Services, Inc. | 2,424 | 104,789 | ||||||
First Citizens BancShares, Inc., Class A | 4,650 | 1,179,240 | ||||||
First Commonwealth Financial Corp. | 57,778 | 524,624 | ||||||
First Community Bancshares, Inc. | �� | 10,060 | 155,528 | |||||
First Connecticut Bancorp, Inc. | 9,926 | 148,493 | ||||||
First Financial Bancorp | 35,459 | 627,979 | ||||||
First Financial Bankshares, Inc.# | 39,349 | 1,187,159 | ||||||
First Financial Corp. | 7,054 | 236,097 | ||||||
First Interstate BancSystem, Inc. | 11,123 | 312,779 | ||||||
First Merchants Corp. | 22,135 | 474,796 | ||||||
First Midwest Bancorp, Inc. | 46,248 | 773,729 | ||||||
First NBC Bank Holding Co.† | 9,175 | 333,970 | ||||||
First of Long Island Corp. | 7,418 | 187,527 | ||||||
FirstMerit Corp. | 101,600 | 1,817,624 | ||||||
FNB Corp. | 106,678 | 1,343,076 | ||||||
Franklin Financial Corp.† | 5,955 | 118,326 | ||||||
German American Bancorp, Inc. | 8,117 | 229,386 | ||||||
Glacier Bancorp, Inc. | 45,756 | 1,252,799 | ||||||
Great Southern Bancorp, Inc. | 6,363 | 237,213 | ||||||
Green Bancorp, Inc.† | 2,880 | 45,763 | ||||||
Guaranty Bancorp | 9,057 | 134,225 | ||||||
Hampton Roads Bankshares, Inc.† | 20,941 | 33,715 | ||||||
Hancock Holding Co. | 50,559 | 1,653,785 | ||||||
Hanmi Financial Corp. | 19,565 | 393,256 | ||||||
Heartland Financial USA, Inc. | 9,665 | 242,302 | ||||||
Heritage Commerce Corp. | 12,793 | 105,414 | ||||||
Heritage Financial Corp. | 18,548 | 314,018 | ||||||
Heritage Oaks Bancorp | 13,779 | 100,173 | ||||||
Home BancShares, Inc. | 33,266 | 1,053,534 | ||||||
Horizon Bancorp | 5,654 | 137,788 | ||||||
Hudson Valley Holding Corp. | 9,052 | 226,481 | ||||||
Iberiabank Corp. | 19,308 | 1,261,199 | ||||||
Independent Bank Corp. | 14,086 | 171,145 | ||||||
Independent Bank Corp. | 14,685 | 581,967 | ||||||
International Bancshares Corp. | 33,417 | 852,802 | ||||||
Lakeland Bancorp, Inc. | 23,295 | 256,944 | ||||||
Lakeland Financial Corp. | 10,160 | 402,234 | ||||||
Macatawa Bank Corp. | 16,095 | 81,441 | ||||||
MainSource Financial Group, Inc. | 12,551 | 223,659 | ||||||
MB Financial, Inc. | 40,803 | 1,285,294 | ||||||
Mercantile Bank Corp. | 10,339 | 198,199 | ||||||
Merchants Bancshares, Inc. | 3,165 | 90,234 | ||||||
Metro Bancorp, Inc.† | 8,712 | 218,236 | ||||||
MidSouth Bancorp, Inc. | 5,120 | 90,675 | ||||||
MidWestOne Financial Group, Inc. | 4,288 | 117,963 | ||||||
National Bankshares, Inc. | 4,269 | 128,198 | ||||||
National Penn Bancshares, Inc. | 76,170 | 776,934 | ||||||
NBT Bancorp, Inc. | 26,844 | 652,578 | ||||||
NewBridge Bancorp† | 20,658 | 166,917 | ||||||
Northrim BanCorp, Inc. | 4,195 | 114,775 | ||||||
OFG Bancorp | 27,657 | 413,196 | ||||||
Old Line Bancshares, Inc. | 5,148 | 79,125 | ||||||
Old National Bancorp | 72,356 | 1,027,455 | ||||||
OmniAmerican Bancorp, Inc. | 7,098 | 190,723 | ||||||
Opus Bank† | 3,150 | 84,703 |
203 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Pacific Continental Corp. | 11,048 | $ | 153,125 | |||||
Palmetto Bancshares, Inc. | 2,748 | 43,144 | ||||||
Park National Corp. | 7,864 | 640,444 | ||||||
Park Sterling Corp. | 27,443 | 195,943 | ||||||
Peapack Gladstone Financial Corp. | 7,394 | 131,170 | ||||||
Penns Woods Bancorp, Inc. | 2,962 | 131,513 | ||||||
Peoples Bancorp, Inc. | 8,385 | 203,001 | ||||||
Peoples Financial Services Corp.# | 4,638 | 221,557 | ||||||
Pinnacle Financial Partners, Inc. | 21,854 | 823,240 | ||||||
Preferred Bank | 7,207 | 183,923 | ||||||
PrivateBancorp, Inc. | 44,009 | 1,384,083 | ||||||
Prosperity Bancshares, Inc. | 42,846 | 2,407,088 | ||||||
Renasant Corp. | 19,345 | 545,142 | ||||||
Republic Bancorp, Inc., Class A | 6,092 | 138,349 | ||||||
Republic First Bancorp, Inc.† | 19,006 | 72,033 | ||||||
S&T Bancorp, Inc. | 18,259 | 501,757 | ||||||
Sandy Spring Bancorp, Inc. | 15,397 | 365,987 | ||||||
Seacoast Banking Corp. of Florida† | 11,914 | 151,069 | ||||||
ServisFirst Bancshares, Inc. | 1,152 | 36,403 | ||||||
Sierra Bancorp | 7,461 | 118,406 | ||||||
Simmons First National Corp., Class A | 10,023 | 405,631 | ||||||
South State Corp. | 14,822 | 917,926 | ||||||
Southside Bancshares, Inc.# | 11,567 | 373,961 | ||||||
Southwest Bancorp, Inc. | 12,160 | 205,504 | ||||||
Square 1 Financial, Inc., Class A† | 4,234 | 90,523 | ||||||
State Bank Financial Corp. | 19,738 | 367,127 | ||||||
Stock Yards Bancorp, Inc. | 9,009 | 281,892 | ||||||
Stonegate Bank | 6,116 | 168,251 | ||||||
Suffolk Bancorp | 7,111 | 147,127 | ||||||
Sun Bancorp, Inc./NJ† | 5,212 | 96,683 | ||||||
Susquehanna Bancshares, Inc. | 115,285 | 1,518,303 | ||||||
Talmer Bancorp, Inc., Class A | 10,998 | 152,982 | ||||||
Texas Capital Bancshares, Inc.† | 26,458 | 1,458,630 | ||||||
Tompkins Financial Corp. | 9,129 | 447,686 | ||||||
Towne Bank | 18,151 | 261,556 | ||||||
TriCo Bancshares | 13,869 | 344,090 | ||||||
TriState Capital Holdings, Inc.† | 13,567 | 137,027 | ||||||
TrustCo Bank Corp. | 58,166 | 396,110 | ||||||
Trustmark Corp. | 41,438 | 967,163 | ||||||
UMB Financial Corp. | 23,183 | 1,286,425 | ||||||
Umpqua Holdings Corp. | 102,368 | 1,739,232 | ||||||
Union Bankshares Corp. | 28,431 | 655,050 | ||||||
United Bankshares, Inc. | 42,443 | 1,481,261 | ||||||
United Community Banks, Inc. | 30,730 | 540,848 | ||||||
Univest Corp. of Pennsylvania | 9,980 | 193,612 | ||||||
Valley National Bancorp.# | 139,326 | 1,357,035 | ||||||
ViewPoint Financial Group, Inc. | 24,545 | 585,153 | ||||||
Washington Trust Bancorp, Inc. | 9,024 | 326,579 | ||||||
Webster Financial Corp. | 55,494 | 1,746,396 | ||||||
WesBanco, Inc. | 16,146 | 536,209 | ||||||
West Bancorporation, Inc. | 9,822 | 153,420 | ||||||
Westamerica Bancorporation# | 16,165 | 785,619 | ||||||
Western Alliance Bancorp† | 46,360 | 1,225,295 | ||||||
Wilshire Bancorp, Inc. | 43,164 | 413,511 | ||||||
Wintrust Financial Corp. | 28,597 | 1,278,000 | ||||||
Yadkin Financial Corp.† | 12,496 | 237,549 | ||||||
74,797,082 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Boston Private Financial Holdings, Inc. | 49,160 | 627,282 | ||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 11,381 | 179,706 | ||||||
Banks - Super Regional — 0.0% |
| |||||||
Independent Bank Group, Inc. | 5,618 | 241,012 | ||||||
Security Description | Shares | Value | ||||||
Batteries/Battery Systems — 0.2% |
| |||||||
EnerSys | 28,830 | $ | 1,750,846 | |||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Coca-Cola Bottling Co. Consolidated | 2,861 | 270,536 | ||||||
National Beverage Corp.† | 7,011 | 176,257 | ||||||
446,793 | ||||||||
Bicycle Manufacturing — 0.0% |
| |||||||
Fox Factory Holding Corp.† | 6,866 | 94,133 | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A† | 5,121 | 1,346,669 | ||||||
Craft Brew Alliance, Inc.† | 6,753 | 91,436 | ||||||
1,438,105 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Crown Media Holdings, Inc., Class A† | 21,308 | 72,021 | ||||||
Hemisphere Media Group, Inc.†# | 5,136 | 64,765 | ||||||
Nexstar Broadcasting Group, Inc., Class A | 18,815 | 965,397 | ||||||
World Wrestling Entertainment, Inc., Class A# | 18,270 | 210,288 | ||||||
1,312,471 | ||||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Aspen Aerogels, Inc.†# | 3,459 | 28,018 | ||||||
Builders FirstSource, Inc.† | 28,058 | 172,837 | ||||||
Drew Industries, Inc. | 14,517 | 683,751 | ||||||
Gibraltar Industries, Inc.† | 18,954 | 271,990 | ||||||
Louisiana-Pacific Corp.† | 86,717 | 1,321,567 | ||||||
NCI Building Systems, Inc.† | 17,243 | 321,754 | ||||||
Nortek, Inc.† | 5,604 | 446,807 | ||||||
Patrick Industries, Inc.† | 5,010 | 223,396 | ||||||
Ply Gem Holdings, Inc.† | 13,120 | 164,262 | ||||||
Quanex Building Products Corp. | 23,034 | 455,612 | ||||||
Simpson Manufacturing Co., Inc. | 25,395 | 843,114 | ||||||
Stock Building Supply Holdings, Inc.† | 8,957 | 143,402 | ||||||
Trex Co., Inc.† | 20,642 | 869,854 | ||||||
5,946,364 | ||||||||
Building & Construction - Misc. — 0.2% |
| |||||||
Aegion Corp.† | 23,335 | 444,532 | ||||||
Comfort Systems USA, Inc. | 23,148 | 332,637 | ||||||
Dycom Industries, Inc.† | 20,859 | 638,077 | ||||||
Layne Christensen Co.†# | 12,186 | 86,520 | ||||||
MYR Group, Inc.† | 13,093 | 339,763 | ||||||
1,841,529 | ||||||||
Building Products - Air & Heating — 0.1% |
| |||||||
AAON, Inc. | 25,956 | 537,808 | ||||||
Building Products-Cement — 0.1% |
| |||||||
Continental Building Products, Inc.† | 7,199 | 120,223 | ||||||
Headwaters, Inc.† | 45,127 | 631,778 | ||||||
US Concrete, Inc.† | 8,716 | 245,966 | ||||||
997,967 | ||||||||
Building Products - Doors & Windows — 0.2% |
| |||||||
Apogee Enterprises, Inc. | 17,885 | 808,938 | ||||||
Griffon Corp. | 24,491 | 304,913 | ||||||
Masonite International Corp.† | 18,083 | 1,059,845 | ||||||
PGT, Inc.† | 29,026 | 273,135 | ||||||
2,446,831 | ||||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 13,235 | 89,204 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Boise Cascade Co.† | 24,212 | 864,126 |
204 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Building Products - Wood (continued) |
| |||||||
Universal Forest Products, Inc. | 12,319 | $ | 588,109 | |||||
1,452,235 | ||||||||
Building - Heavy Construction — 0.2% |
| |||||||
Granite Construction, Inc. | 24,025 | 861,296 | ||||||
MasTec, Inc.† | 40,203 | 968,893 | ||||||
Orion Marine Group, Inc.† | 16,844 | 184,947 | ||||||
Sterling Construction Co., Inc.† | 11,535 | 77,169 | ||||||
Tutor Perini Corp.† | 22,900 | 578,225 | ||||||
2,670,530 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 34,325 | 929,864 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.† | 5,432 | 402,674 | ||||||
Winnebago Industries, Inc. | 16,737 | 421,438 | ||||||
824,112 | ||||||||
Building - Residential/Commercial — 0.7% |
| |||||||
AV Homes, Inc.† | 6,941 | 103,907 | ||||||
Beazer Homes USA, Inc.† | 16,419 | 327,395 | ||||||
Century Communities, Inc.†# | 2,458 | 42,548 | ||||||
Hovnanian Enterprises, Inc., Class A†# | 71,738 | 308,473 | ||||||
Installed Building Products, Inc.† | 5,264 | 89,488 | ||||||
KB Home# | 51,456 | 904,082 | ||||||
LGI Homes, Inc.† | 8,785 | 140,384 | ||||||
M/I Homes, Inc.† | 15,034 | 344,579 | ||||||
MDC Holdings, Inc.# | 23,990 | 631,177 | ||||||
Meritage Homes Corp.† | 24,033 | 942,574 | ||||||
New Home Co., Inc.† | 5,153 | 73,430 | ||||||
Ryland Group, Inc. | 28,827 | 1,128,001 | ||||||
Standard Pacific Corp.† | 88,950 | 671,573 | ||||||
TRI Pointe Homes, Inc.† | 90,052 | 1,374,194 | ||||||
UCP, Inc., Class A† | 4,805 | 54,729 | ||||||
WCI Communities, Inc.† | 7,204 | 133,994 | ||||||
William Lyon Homes, Class A† | 10,781 | 221,873 | ||||||
7,492,401 | ||||||||
Capacitors — 0.0% |
| |||||||
Kemet Corp.† | 27,872 | 112,324 | ||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp.† | 47,644 | 608,890 | ||||||
Caesars Entertainment Corp.†# | 31,504 | 534,308 | ||||||
Monarch Casino & Resort, Inc.† | 5,843 | 96,760 | ||||||
1,239,958 | ||||||||
Casino Services — 0.1% |
| |||||||
Multimedia Games Holding Co., Inc.† | 18,195 | 660,297 | ||||||
Scientific Games Corp., Class A†# | 31,144 | 471,520 | ||||||
1,131,817 | ||||||||
Cellular Telecom — 0.0% |
| |||||||
Comverse, Inc.† | 13,771 | 276,109 | ||||||
Leap Wireless CVR(1)(2) | 35,827 | 0 | ||||||
NTELOS Holdings Corp.# | 10,410 | 87,444 | ||||||
Vringo, Inc.†# | 43,899 | 42,661 | ||||||
406,214 | ||||||||
Chemicals - Diversified — 0.5% |
| |||||||
Aceto Corp. | 17,653 | 370,713 | ||||||
Axiall Corp. | 42,964 | 1,859,482 | ||||||
Innophos Holdings, Inc. | 13,482 | 729,107 | ||||||
Innospec, Inc. | 14,984 | 642,214 | ||||||
Koppers Holdings, Inc. | 12,568 | 366,734 |
Security Description | Shares | Value | ||||||
Chemicals - Diversified (continued) |
| |||||||
Olin Corp. | 48,546 | $ | 1,221,417 | |||||
5,189,667 | ||||||||
Chemicals - Other — 0.1% |
| |||||||
American Vanguard Corp.# | 17,665 | 192,372 | ||||||
Taminco Corp.† | 17,516 | 453,839 | ||||||
646,211 | ||||||||
Chemicals - Plastics — 0.3% |
| |||||||
A. Schulman, Inc. | 17,945 | 686,576 | ||||||
Landec Corp.† | 16,455 | 216,219 | ||||||
PolyOne Corp. | 57,834 | 2,157,208 | ||||||
3,060,003 | ||||||||
Chemicals - Specialty — 1.1% |
| |||||||
Balchem Corp. | 18,689 | 1,214,785 | ||||||
Calgon Carbon Corp.† | 32,736 | 668,142 | ||||||
Chemtura Corp.† | 55,653 | 1,296,715 | ||||||
Ferro Corp.† | 44,066 | 567,129 | ||||||
H.B. Fuller Co. | 30,782 | 1,329,475 | ||||||
Hawkins, Inc. | 6,521 | 257,188 | ||||||
KMG Chemicals, Inc. | 5,904 | 109,873 | ||||||
Kraton Performance Polymers, Inc.† | 20,140 | 370,576 | ||||||
Minerals Technologies, Inc. | 21,188 | 1,572,785 | ||||||
Oil-Dri Corp. of America | 3,003 | 81,231 | ||||||
OM Group, Inc. | 19,730 | 536,853 | ||||||
OMNOVA Solutions, Inc.† | 29,101 | 194,395 | ||||||
Quaker Chemical Corp. | 8,127 | 661,782 | ||||||
Sensient Technologies Corp. | 30,390 | 1,791,491 | ||||||
Stepan Co. | 11,814 | 489,100 | ||||||
Tronox, Ltd., Class A | 37,762 | 851,533 | ||||||
Zep, Inc. | 14,125 | 192,241 | ||||||
12,185,294 | ||||||||
Circuit Boards — 0.1% |
| |||||||
Multi-Fineline Electronix, Inc.† | 5,504 | 55,700 | ||||||
Park Electrochemical Corp. | 12,831 | 315,643 | ||||||
TTM Technologies, Inc.† | 33,254 | 224,797 | ||||||
596,140 | ||||||||
Coal — 0.2% |
| |||||||
Alpha Natural Resources, Inc.†# | 136,005 | 282,890 | ||||||
Arch Coal, Inc.# | 130,434 | 289,564 | ||||||
Cloud Peak Energy, Inc.† | 37,438 | 436,902 | ||||||
Hallador Energy Co. | 6,374 | 69,477 | ||||||
SunCoke Energy, Inc. | 42,873 | 871,608 | ||||||
Walter Energy, Inc.# | 40,446 | 128,618 | ||||||
Westmoreland Coal Co.† | 9,219 | 346,081 | ||||||
2,425,140 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Kronos Worldwide, Inc. | 12,869 | 167,426 | ||||||
Coffee — 0.0% |
| |||||||
Farmer Bros. Co.† | 4,591 | 130,935 | ||||||
Commercial Services — 0.6% |
| |||||||
Care.com, Inc.†# | 4,036 | 34,306 | ||||||
Collectors Universe, Inc. | 4,238 | 93,278 | ||||||
Healthcare Services Group, Inc.# | 43,176 | 1,302,188 | ||||||
HMS Holdings Corp.† | 53,867 | 1,123,666 | ||||||
Medifast, Inc.† | 8,069 | 238,036 | ||||||
National Research Corp., Class A† | 6,100 | 86,376 | ||||||
Performant Financial Corp.† | 18,293 | 124,392 | ||||||
PHH Corp.†# | 35,259 | 816,598 | ||||||
Providence Service Corp.† | 7,081 | 277,080 |
205 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Commercial Services (continued) |
| |||||||
RPX Corp.† | 32,573 | $ | 427,358 | |||||
ServiceSource International, Inc.†# | 42,052 | 171,152 | ||||||
SFX Entertainment, Inc.†# | 27,147 | 118,089 | ||||||
SP Plus Corp.† | 9,448 | 196,329 | ||||||
Team, Inc.† | 12,562 | 510,143 | ||||||
Weight Watchers International, Inc.†# | 17,011 | 493,319 | ||||||
6,012,310 | ||||||||
Commercial Services - Finance — 0.9% |
| |||||||
Cardtronics, Inc.† | 27,331 | 1,070,282 | ||||||
CBIZ, Inc.† | 25,512 | 220,679 | ||||||
Euronet Worldwide, Inc.† | 31,311 | 1,818,230 | ||||||
EVERTEC, Inc. | 40,355 | 889,424 | ||||||
Global Cash Access Holdings, Inc.† | 40,452 | 287,209 | ||||||
Green Dot Corp., Class A† | 19,126 | 420,963 | ||||||
Heartland Payment Systems, Inc. | 22,020 | 1,200,530 | ||||||
Liberty Tax, Inc.† | 2,341 | 89,204 | ||||||
MoneyGram International, Inc.† | 17,927 | 154,531 | ||||||
PRGX Global, Inc.† | 16,992 | 88,358 | ||||||
Tree.com, Inc.† | 3,929 | 177,827 | ||||||
WEX, Inc.† | 23,810 | 2,692,435 | ||||||
Xoom Corp.†# | 18,994 | 266,106 | ||||||
9,375,778 | ||||||||
Communications Software — 0.1% |
| |||||||
Audience, Inc.†# | 8,604 | 29,942 | ||||||
BroadSoft, Inc.† | 17,564 | 473,701 | ||||||
Digi International, Inc.† | 15,590 | 111,313 | ||||||
Mavenir Systems, Inc.†# | 7,100 | 89,886 | ||||||
Seachange International, Inc.† | 20,193 | 135,495 | ||||||
840,337 | ||||||||
Computer Aided Design — 0.2% |
| |||||||
Aspen Technology, Inc.† | 56,573 | 2,135,065 | ||||||
Computer Data Security — 0.1% |
| |||||||
A10 Networks, Inc.† | 7,814 | 31,881 | ||||||
Qualys, Inc.† | 12,356 | 438,515 | ||||||
Varonis Systems, Inc.†# | 3,273 | 77,897 | ||||||
548,293 | ||||||||
Computer Graphics — 0.1% |
| |||||||
Monotype Imaging Holdings, Inc. | 24,285 | 671,237 | ||||||
Computer Services — 1.6% |
| |||||||
Barracuda Networks, Inc.† | 4,873 | 175,087 | ||||||
CACI International, Inc., Class A† | 14,437 | 1,287,636 | ||||||
Carbonite, Inc.† | 10,877 | 127,152 | ||||||
Ciber, Inc.† | 47,704 | 144,543 | ||||||
Computer Task Group, Inc. | 9,252 | 86,229 | ||||||
Convergys Corp. | 62,350 | 1,299,998 | ||||||
Engility Holdings, Inc.† | 10,787 | 453,593 | ||||||
EPAM Systems, Inc.† | 21,876 | 1,116,332 | ||||||
ExlService Holdings, Inc.† | 20,076 | 562,730 | ||||||
FleetMatics Group PLC†# | 22,944 | 807,399 | ||||||
iGATE Corp.† | 22,604 | 835,218 | ||||||
Insight Enterprises, Inc.† | 25,152 | 589,311 | ||||||
KEYW Holding Corp.†# | 20,098 | 217,259 | ||||||
LivePerson, Inc.† | 33,303 | 430,941 | ||||||
Luxoft Holding, Inc.† | 4,818 | 190,215 | ||||||
Manhattan Associates, Inc.† | 46,568 | 1,842,230 | ||||||
MAXIMUS, Inc. | 41,596 | 2,179,215 | ||||||
Science Applications International Corp. | 25,825 | 1,307,520 | ||||||
Sykes Enterprises, Inc.† | 24,206 | 560,853 | ||||||
Syntel, Inc.† | 19,070 | 848,615 | ||||||
TeleTech Holdings, Inc.† | 10,777 | 251,859 |
Security Description | Shares | Value | ||||||
Computer Services (continued) |
| |||||||
Unisys Corp.† | 31,403 | $ | 839,088 | |||||
Virtusa Corp.† | 15,977 | 640,198 | ||||||
16,793,221 | ||||||||
Computer Software — 0.5% |
| |||||||
AVG Technologies NV† | 21,410 | 420,492 | ||||||
Blackbaud, Inc. | 28,363 | 1,203,726 | ||||||
Cornerstone OnDemand, Inc.†# | 32,655 | 1,037,449 | ||||||
Envestnet, Inc.† | 20,922 | 1,070,160 | ||||||
Guidance Software, Inc.†# | 10,949 | 63,833 | ||||||
SS&C Technologies Holdings, Inc. | 41,854 | 2,115,720 | ||||||
5,911,380 | ||||||||
Computers — 0.0% |
| |||||||
Silicon Graphics International Corp.† | 21,233 | 204,049 | ||||||
Computers - Integrated Systems — 0.3% |
| |||||||
Agilysys, Inc.† | 9,005 | 110,581 | ||||||
Cray, Inc.†# | 25,002 | 839,567 | ||||||
Maxwell Technologies, Inc.† | 18,391 | 189,243 | ||||||
Mercury Systems, Inc.† | 20,432 | 263,982 | ||||||
MTS Systems Corp. | 9,303 | 617,068 | ||||||
NetScout Systems, Inc.† | 22,392 | 854,255 | ||||||
Silver Spring Networks, Inc.†# | 21,513 | 154,248 | ||||||
Super Micro Computer, Inc.† | 21,206 | 705,736 | ||||||
3,734,680 | ||||||||
Computers - Memory Devices — 0.2% |
| |||||||
Datalink Corp.† | 12,102 | 147,886 | ||||||
Dot Hill Systems Corp.† | 36,860 | 171,768 | ||||||
Nimble Storage, Inc.†# | 5,690 | 150,045 | ||||||
Quantum Corp.† | 134,772 | 212,940 | ||||||
Spansion, Inc., Class A† | 37,094 | 866,887 | ||||||
Violin Memory, Inc.†# | 49,256 | 258,101 | ||||||
1,807,627 | ||||||||
Computers - Other — 0.0% |
| |||||||
ExOne Co.†# | 6,098 | 142,327 | ||||||
Computers - Periphery Equipment — 0.3% |
| |||||||
Electronics for Imaging, Inc.† | 28,623 | 1,272,292 | ||||||
Immersion Corp.† | 17,416 | 150,997 | ||||||
Synaptics, Inc.† | 22,133 | 1,394,158 | ||||||
2,817,447 | ||||||||
Computers - Voice Recognition — 0.0% |
| |||||||
Vocera Communications, Inc.† | 13,875 | 134,032 | ||||||
Consulting Services — 0.6% |
| |||||||
Advisory Board Co.† | 22,490 | 958,074 | ||||||
Civeo Corp. | 57,691 | 543,449 | ||||||
Corporate Executive Board Co. | 20,767 | 1,520,352 | ||||||
CRA International, Inc.† | 6,163 | 183,349 | ||||||
Forrester Research, Inc. | 6,707 | 266,335 | ||||||
Franklin Covey Co.† | 6,729 | 127,044 | ||||||
FTI Consulting, Inc.† | 25,102 | 973,205 | ||||||
Hackett Group, Inc. | 15,411 | 137,004 | ||||||
Hill International, Inc.† | 18,400 | 67,160 | ||||||
Huron Consulting Group, Inc.† | 14,470 | 1,000,745 | ||||||
ICF International, Inc.† | 12,254 | 475,210 | ||||||
Information Services Group, Inc.† | 20,064 | 79,453 | ||||||
Navigant Consulting, Inc.† | 30,199 | 422,786 | ||||||
Pendrell Corp.† | 100,790 | 142,114 | ||||||
6,896,280 | ||||||||
206 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Central Garden and Pet Co., Class A† | 26,540 | $ | 218,955 | |||||
CSS Industries, Inc. | 5,711 | 165,676 | ||||||
Helen of Troy, Ltd.† | 17,570 | 1,136,076 | ||||||
Tumi Holdings, Inc.† | 31,121 | 681,239 | ||||||
WD-40 Co. | 9,203 | 700,348 | ||||||
2,902,294 | ||||||||
Containers - Paper/Plastic — 0.4% |
| |||||||
AEP Industries, Inc.† | 2,502 | 111,914 | ||||||
Berry Plastics Group, Inc.† | 55,251 | 1,598,964 | ||||||
Graphic Packaging Holding Co.† | 200,888 | 2,501,056 | ||||||
UFP Technologies, Inc.† | 3,729 | 81,441 | ||||||
4,293,375 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Elizabeth Arden, Inc.†# | 15,907 | 276,463 | ||||||
Inter Parfums, Inc. | 10,218 | 262,092 | ||||||
Revlon, Inc., Class A† | 6,979 | 230,028 | ||||||
768,583 | ||||||||
Data Processing/Management — 0.5% |
| |||||||
Acxiom Corp.† | 47,284 | 899,814 | ||||||
Amber Road, Inc.† | 5,483 | 64,699 | ||||||
CommVault Systems, Inc.† | 28,994 | 1,371,416 | ||||||
CSG Systems International, Inc. | 20,947 | 526,189 | ||||||
Fair Isaac Corp. | 19,754 | 1,417,942 | ||||||
Kofax, Ltd.† | 45,588 | 305,440 | ||||||
Pegasystems, Inc. | 21,778 | 455,596 | ||||||
5,041,096 | ||||||||
Decision Support Software — 0.1% |
| |||||||
Castlight Health, Inc., Class B†# | 7,955 | 98,881 | ||||||
Interactive Intelligence Group, Inc.† | 10,299 | 465,824 | ||||||
QAD, Inc., Class A | 3,757 | 73,712 | ||||||
638,417 | ||||||||
Diagnostic Equipment — 0.3% |
| |||||||
Accelerate Diagnostics, Inc.†# | 13,950 | 282,069 | ||||||
Affymetrix, Inc.† | 44,699 | 408,102 | ||||||
BioTelemetry, Inc.† | 16,217 | 160,062 | ||||||
Cepheid† | 42,841 | 2,359,682 | ||||||
GenMark Diagnostics, Inc.† | 25,567 | 290,441 | ||||||
Oxford Immunotec Global PLC† | 7,990 | 104,509 | ||||||
3,604,865 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
Meridian Bioscience, Inc. | 25,534 | 420,034 | ||||||
OraSure Technologies, Inc.† | 34,312 | 309,151 | ||||||
Quidel Corp.† | 17,515 | 487,968 | ||||||
1,217,153 | ||||||||
Direct Marketing — 0.0% |
| |||||||
EVINE Live, Inc.† | 26,237 | 161,095 | ||||||
Harte-Hanks, Inc. | 30,250 | 185,130 | ||||||
346,225 | ||||||||
Disposable Medical Products — 0.1% |
| |||||||
ICU Medical, Inc.† | 8,245 | 690,024 | ||||||
Merit Medical Systems, Inc.† | 26,404 | 390,779 | ||||||
Utah Medical Products, Inc. | 2,310 | 134,142 | ||||||
1,214,945 | ||||||||
Distribution/Wholesale — 0.9% |
| |||||||
Beacon Roofing Supply, Inc.† | 30,297 | 820,443 | ||||||
Core-Mark Holding Co., Inc. | 14,153 | 850,737 |
Security Description | Shares | Value | ||||||
Distribution/Wholesale (continued) |
| |||||||
H&E Equipment Services, Inc. | 19,221 | $ | 672,735 | |||||
Houston Wire & Cable Co. | 10,914 | 139,917 | ||||||
MWI Veterinary Supply, Inc.† | 7,902 | 1,291,345 | ||||||
Pool Corp. | 27,721 | 1,646,905 | ||||||
Rentrak Corp.† | 6,101 | 513,094 | ||||||
ScanSource, Inc.† | 17,523 | 680,944 | ||||||
Speed Commerce, Inc.†# | 29,972 | 89,017 | ||||||
Titan Machinery, Inc.†# | 10,654 | 136,691 | ||||||
United Stationers, Inc. | 24,201 | 993,693 | ||||||
Watsco, Inc. | 15,873 | 1,611,109 | ||||||
9,446,630 | ||||||||
Diversified Financial Services — 0.0% |
| |||||||
Ladder Capital Corp., Class A† | 9,362 | 177,035 | ||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
Actuant Corp., Class A | 39,920 | 1,172,051 | ||||||
ARC Group Worldwide, Inc.†# | 1,885 | 22,526 | ||||||
AZZ, Inc. | 15,716 | 703,763 | ||||||
Barnes Group, Inc. | 33,306 | 1,223,329 | ||||||
Blount International, Inc.† | 30,391 | 499,020 | ||||||
Chase Corp. | 4,139 | 140,519 | ||||||
EnPro Industries, Inc.† | 13,959 | 900,635 | ||||||
Fabrinet† | 21,573 | 361,779 | ||||||
Federal Signal Corp. | 38,635 | 576,434 | ||||||
GP Strategies Corp.† | 8,121 | 246,229 | ||||||
Handy & Harman, Ltd.† | 2,468 | 92,032 | ||||||
Harsco Corp. | 49,611 | 960,469 | ||||||
LSB Industries, Inc.† | 11,878 | 392,805 | ||||||
Lydall, Inc.† | 10,455 | 277,789 | ||||||
NL Industries, Inc. | 4,179 | 31,719 | ||||||
Park-Ohio Holdings Corp. | 5,392 | 302,869 | ||||||
Raven Industries, Inc. | 22,384 | 503,640 | ||||||
Standex International Corp. | 7,849 | 572,742 | ||||||
Tredegar Corp. | 15,269 | 280,033 | ||||||
9,260,383 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Ring Energy, Inc.†# | 12,410 | 118,640 | ||||||
United States Lime & Minerals, Inc. | 1,205 | 82,181 | ||||||
US Silica Holdings, Inc.# | 33,031 | 1,037,834 | ||||||
1,238,655 | ||||||||
Diversified Operations — 0.1% |
| |||||||
Harbinger Group, Inc.† | 51,089 | 700,941 | ||||||
Horizon Pharma PLC†# | 39,986 | 511,021 | ||||||
Resource America, Inc., Class A | 8,304 | 73,657 | ||||||
Tiptree Financial, Inc., Class A†# | 4,814 | 35,142 | ||||||
1,320,761 | ||||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Viad Corp. | 12,560 | 301,817 | ||||||
Drug Delivery Systems — 0.3% |
| |||||||
Antares Pharma, Inc.†# | 71,727 | 164,972 | ||||||
BioDelivery Sciences International, Inc.†# | 25,711 | 394,664 | ||||||
Catalent, Inc.† | 30,031 | 864,592 | ||||||
Depomed, Inc.† | 35,632 | 551,940 | ||||||
Heron Therapeutics, Inc.†# | 14,312 | 110,346 | ||||||
Nektar Therapeutics† | 78,020 | 1,300,593 | ||||||
Revance Therapeutics, Inc.† | 5,285 | 86,885 | ||||||
3,473,992 | ||||||||
E-Commerce/Products — 0.3% |
| |||||||
1-800-flowers.com, Inc., Class A† | 15,270 | 130,558 | ||||||
Blue Nile, Inc.† | 7,443 | 257,826 |
207 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
E-Commerce/Products (continued) |
| |||||||
Chegg, Inc.†# | 45,260 | $ | 305,958 | |||||
FTD Cos., Inc.† | 11,634 | 403,234 | ||||||
Lands’ End, Inc.† | 10,126 | 481,795 | ||||||
Overstock.com, Inc.† | 7,132 | 177,302 | ||||||
Shutterfly, Inc.† | 23,671 | 1,012,172 | ||||||
Stamps.com, Inc.† | 8,729 | 412,445 | ||||||
3,181,290 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
Angie’s List, Inc.†# | 26,798 | 159,180 | ||||||
Borderfree, Inc.†# | 3,671 | 36,747 | ||||||
ChannelAdvisor Corp.†# | 12,719 | 223,854 | ||||||
Coupons.com, Inc.†# | 7,413 | 113,197 | ||||||
GrubHub, Inc.† | 5,488 | 201,958 | ||||||
Orbitz Worldwide, Inc.† | 31,701 | 242,196 | ||||||
RetailMeNot, Inc.†# | 18,919 | 278,582 | ||||||
TrueCar, Inc.† | 4,777 | 91,527 | ||||||
Trulia, Inc.†# | 22,688 | 1,153,231 | ||||||
2,500,472 | ||||||||
E-Marketing/Info — 0.4% |
| |||||||
comScore, Inc.† | 21,296 | 936,385 | ||||||
Conversant, Inc.† | 41,166 | 1,441,633 | ||||||
Liquidity Services, Inc.†# | 15,092 | 158,617 | ||||||
Marketo, Inc.†# | 15,752 | 503,434 | ||||||
New Media Investment Group, Inc. | 22,437 | 455,920 | ||||||
QuinStreet, Inc.† | 21,315 | 96,557 | ||||||
ReachLocal, Inc.†# | 8,126 | 26,409 | ||||||
Rocket Fuel, Inc.†# | 11,276 | 184,363 | ||||||
Rubicon Project, Inc.† | 4,863 | 68,374 | ||||||
TubeMogul, Inc.†# | 2,170 | 34,633 | ||||||
YuMe, Inc.†# | 11,138 | 59,700 | ||||||
3,966,025 | ||||||||
E-Services/Consulting — 0.2% |
| |||||||
Cinedigm Corp., Class A† | 47,016 | 83,689 | ||||||
Perficient, Inc.† | 21,235 | 367,578 | ||||||
Sapient Corp.† | 70,419 | 1,739,349 | ||||||
2,190,616 | ||||||||
Educational Software — 0.0% |
| |||||||
2U, Inc.†# | 6,305 | 113,994 | ||||||
Rosetta Stone, Inc.† | 13,043 | 132,256 | ||||||
246,250 | ||||||||
Electric Products - Misc. — 0.2% |
| |||||||
GrafTech International, Ltd.† | 72,216 | 294,641 | ||||||
Graham Corp. | 6,189 | 187,960 | ||||||
Littelfuse, Inc. | 13,831 | 1,329,574 | ||||||
1,812,175 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
EnerNOC, Inc.† | 16,602 | 242,223 | ||||||
Spark Energy, Inc., Class A# | 1,843 | 25,821 | ||||||
268,044 | ||||||||
Electric - Generation — 0.0% |
| |||||||
Atlantic Power Corp.# | 74,154 | 169,071 | ||||||
Electric - Integrated — 1.6% |
| |||||||
ALLETE, Inc. | 26,026 | 1,326,545 | ||||||
Ameresco, Inc., Class A† | 12,203 | 94,085 | ||||||
Avista Corp. | 36,970 | 1,273,617 | ||||||
Black Hills Corp. | 27,422 | 1,481,062 | ||||||
Cleco Corp. | 37,088 | 1,992,738 | ||||||
El Paso Electric Co. | 24,768 | 936,974 |
Security Description | Shares | Value | ||||||
Electric - Integrated (continued) |
| |||||||
Empire District Electric Co. | 26,547 | $ | 735,617 | |||||
IDACORP, Inc. | 30,909 | 1,919,758 | ||||||
MGE Energy, Inc. | 21,301 | 937,457 | ||||||
NorthWestern Corp. | 24,047 | 1,280,022 | ||||||
Otter Tail Corp. | 22,410 | 644,960 | ||||||
Pike Corp.† | 16,846 | 201,478 | ||||||
PNM Resources, Inc. | 48,943 | 1,417,389 | ||||||
Portland General Electric Co. | 48,038 | 1,771,161 | ||||||
UIL Holdings Corp. | 34,736 | 1,382,493 | ||||||
Unitil Corp. | 8,533 | 300,618 | ||||||
17,695,974 | ||||||||
Electronic Components - Misc. — 0.7% |
| |||||||
Bel Fuse, Inc., Class B | 6,161 | 163,143 | ||||||
Benchmark Electronics, Inc.† | 33,125 | 787,713 | ||||||
CTS Corp. | 20,769 | 356,811 | ||||||
GSI Group, Inc.† | 18,665 | 236,672 | ||||||
Kimball Electronics, Inc.† | 15,814 | 173,954 | ||||||
Methode Electronics, Inc. | 23,300 | 902,875 | ||||||
NVE Corp.† | 2,978 | 210,187 | ||||||
OSI Systems, Inc.† | 12,253 | 864,694 | ||||||
Plexus Corp.† | 20,842 | 813,047 | ||||||
Rogers Corp.† | 11,135 | 788,581 | ||||||
Sanmina Corp.† | 50,580 | 1,244,268 | ||||||
Sparton Corp.† | 6,222 | 154,803 | ||||||
Stoneridge, Inc.† | 17,354 | 188,465 | ||||||
Viasystems Group, Inc.† | 3,180 | 49,703 | ||||||
Vishay Precision Group, Inc.† | 7,819 | 130,812 | ||||||
7,065,728 | ||||||||
Electronic Components - Semiconductors — 1.8% |
| |||||||
Alpha & Omega Semiconductor, Ltd.† | 13,277 | 113,917 | ||||||
Ambarella, Inc.†# | 17,698 | 973,390 | ||||||
Amkor Technology, Inc.† | 52,431 | 350,763 | ||||||
Applied Micro Circuits Corp.† | 47,910 | 283,148 | ||||||
Cavium, Inc.† | 32,466 | 1,837,576 | ||||||
CEVA, Inc.† | 12,895 | 221,923 | ||||||
Diodes, Inc.† | 22,394 | 595,456 | ||||||
DSP Group, Inc.† | 13,608 | 147,238 | ||||||
Entropic Communications, Inc.† | 54,599 | 129,946 | ||||||
Fairchild Semiconductor International, Inc.† | 76,762 | 1,238,171 | ||||||
Inphi Corp.† | 19,239 | 282,621 | ||||||
Integrated Silicon Solution, Inc. | 18,562 | 268,592 | ||||||
International Rectifier Corp.† | 43,792 | 1,746,425 | ||||||
Intersil Corp., Class A | 79,125 | 1,037,329 | ||||||
InvenSense, Inc.†# | 43,671 | 632,793 | ||||||
IXYS Corp. | 15,021 | 171,690 | ||||||
Kopin Corp.† | 40,533 | 138,217 | ||||||
Lattice Semiconductor Corp.† | 72,311 | 473,637 | ||||||
Microsemi Corp.† | 58,352 | 1,587,174 | ||||||
Monolithic Power Systems, Inc. | 23,721 | 1,141,692 | ||||||
OmniVision Technologies, Inc.† | 34,459 | 996,210 | ||||||
Peregrine Semiconductor Corp.† | 17,064 | 212,447 | ||||||
PMC-Sierra, Inc.† | 106,526 | 868,187 | ||||||
QLogic Corp.† | 53,580 | 618,313 | ||||||
QuickLogic Corp.†# | 33,883 | 102,327 | ||||||
Rambus, Inc.† | 69,890 | 828,196 | ||||||
Rubicon Technology, Inc.†# | 16,072 | 82,610 | ||||||
Semtech Corp.† | 41,306 | 1,051,651 | ||||||
Silicon Image, Inc.† | 48,133 | 266,175 | ||||||
Silicon Laboratories, Inc.† | 26,699 | 1,210,800 | ||||||
19,608,614 | ||||||||
Electronic Design Automation — 0.1% |
| |||||||
Mentor Graphics Corp. | 59,502 | 1,321,539 | ||||||
208 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Badger Meter, Inc. | 8,873 | $ | 488,813 | |||||
CUI Global, Inc.† | 12,675 | 93,922 | ||||||
ESCO Technologies, Inc. | 16,314 | 587,630 | ||||||
FARO Technologies, Inc.† | 10,589 | 581,654 | ||||||
Itron, Inc.† | 24,162 | 976,145 | ||||||
Mesa Laboratories, Inc. | 1,713 | 126,265 | ||||||
2,854,429 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science & Engineering, Inc. | 4,831 | 236,139 | ||||||
Taser International, Inc.†# | 33,098 | 710,945 | ||||||
947,084 | ||||||||
Electronics - Military — 0.0% |
| |||||||
M/A-COM Technology Solutions Holdings, Inc.† | 7,390 | 183,494 | ||||||
Energy - Alternate Sources — 0.3% |
| |||||||
Amyris, Inc.†# | 16,630 | 45,899 | ||||||
Clean Energy Fuels Corp.†# | 43,120 | 247,509 | ||||||
Enphase Energy, Inc.† | 11,231 | 118,038 | ||||||
FuelCell Energy, Inc.†# | 143,897 | 240,308 | ||||||
FutureFuel Corp. | 13,374 | 149,254 | ||||||
Green Plains, Inc. | 22,984 | 689,750 | ||||||
Pacific Ethanol, Inc.†# | 14,690 | 170,845 | ||||||
Pattern Energy Group, Inc. | 24,248 | 643,299 | ||||||
Plug Power, Inc.†# | 102,660 | 392,161 | ||||||
Renewable Energy Group, Inc.† | 21,220 | 202,014 | ||||||
REX American Resources Corp.† | 3,857 | 244,032 | ||||||
Solazyme, Inc.†# | 46,682 | 107,369 | ||||||
TerraForm Power, Inc., Class A†# | 14,178 | 470,001 | ||||||
3,720,479 | ||||||||
Engineering/R&D Services — 0.3% |
| |||||||
Argan, Inc. | 7,694 | 244,439 | ||||||
EMCOR Group, Inc. | 41,341 | 1,792,132 | ||||||
Exponent, Inc. | 8,051 | 612,359 | ||||||
Mistras Group, Inc.† | 10,058 | 171,891 | ||||||
VSE Corp. | 2,551 | 137,295 | ||||||
2,958,116 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Briggs & Stratton Corp. | 28,709 | 575,615 | ||||||
Power Solutions International, Inc.†# | 2,755 | 180,866 | ||||||
756,481 | ||||||||
Enterprise Software/Service — 1.6% |
| |||||||
Actua Corp.† | 25,291 | 426,406 | ||||||
Advent Software, Inc. | 31,623 | 997,073 | ||||||
American Software, Inc., Class A | 15,137 | 137,293 | ||||||
Benefitfocus, Inc.†# | 3,004 | 81,378 | ||||||
Digital River, Inc.† | 20,064 | 509,425 | ||||||
E2open, Inc.†# | 14,246 | 95,876 | ||||||
Guidewire Software, Inc.† | 41,749 | 2,107,072 | ||||||
ManTech International Corp., Class A | 14,716 | 443,246 | ||||||
MedAssets, Inc.† | 37,472 | 724,708 | ||||||
MicroStrategy, Inc., Class A† | 5,575 | 957,450 | ||||||
MobileIron, Inc.†# | 7,576 | 70,229 | ||||||
Model N, Inc.† | 11,842 | 121,973 | ||||||
Omnicell, Inc.† | 22,492 | 724,242 | ||||||
OPOWER, Inc.† | 4,772 | 74,300 | ||||||
Proofpoint, Inc.† | 22,729 | 986,893 | ||||||
PROS Holdings, Inc.† | 14,450 | 413,270 | ||||||
Qlik Technologies, Inc.† | 55,078 | 1,698,055 | ||||||
Rally Software Development Corp.†# | 15,274 | 161,141 | ||||||
Sapiens International Corp. NV† | 15,061 | 111,753 |
Security Description | Shares | Value | ||||||
Enterprise Software/Service (continued) |
| |||||||
SciQuest, Inc.† | 16,856 | $ | 251,323 | |||||
SPS Commerce, Inc.† | 9,956 | 580,236 | ||||||
SYNNEX Corp. | 17,512 | 1,251,057 | ||||||
Tyler Technologies, Inc.† | 20,282 | 2,202,220 | ||||||
Ultimate Software Group, Inc.† | 17,419 | 2,564,774 | ||||||
17,691,393 | ||||||||
Entertainment Software — 0.2% |
| |||||||
Glu Mobile, Inc.†# | 55,228 | 201,858 | ||||||
Take-Two Interactive Software, Inc.† | 51,287 | 1,418,599 | ||||||
1,620,457 | ||||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc. | 39,912 | 1,084,808 | ||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 18,146 | 996,760 | ||||||
Female Health Care Products — 0.0% |
| |||||||
Female Health Co. | 13,371 | 56,960 | ||||||
Filtration/Separation Products — 0.3% |
| |||||||
CLARCOR, Inc. | 30,978 | 2,041,140 | ||||||
Polypore International, Inc.†# | 27,698 | 1,425,339 | ||||||
3,466,479 | ||||||||
Finance - Auto Loans — 0.1% |
| |||||||
Consumer Portfolio Services, Inc.† | 12,908 | 94,487 | ||||||
Credit Acceptance Corp.† | 4,328 | 648,118 | ||||||
Nicholas Financial, Inc.† | 6,346 | 78,817 | ||||||
821,422 | ||||||||
Finance - Commercial — 0.0% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 13,379 | 188,510 | ||||||
NewStar Financial, Inc.† | 16,418 | 184,538 | ||||||
373,048 | ||||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Encore Capital Group, Inc.† | 15,796 | 677,806 | ||||||
Enova International, Inc.† | 15,813 | 363,542 | ||||||
Nelnet, Inc., Class A | 12,790 | 586,294 | ||||||
PRA Group, Inc.† | 30,759 | 1,800,017 | ||||||
Regional Management Corp.† | 6,556 | 88,899 | ||||||
Springleaf Holdings, Inc.†# | 15,079 | 597,882 | ||||||
World Acceptance Corp.†# | 4,839 | 369,361 | ||||||
4,483,801 | ||||||||
Finance - Credit Card — 0.1% |
| |||||||
Blackhawk Network Holdings, Inc.†# | 32,320 | 1,173,862 | ||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Cowen Group, Inc., Class A† | 70,899 | 300,612 | ||||||
Diamond Hill Investment Group, Inc. | 1,743 | 236,490 | ||||||
Evercore Partners, Inc., Class A | 20,323 | 1,026,312 | ||||||
FBR & Co.† | 4,915 | 122,580 | ||||||
FXCM, Inc., Class A# | 27,991 | 450,655 | ||||||
Gain Capital Holdings, Inc. | 14,224 | 125,740 | ||||||
GFI Group, Inc. | 47,002 | 234,070 | ||||||
Greenhill & Co., Inc. | 17,370 | 769,838 | ||||||
INTL. FCStone, Inc.† | 9,483 | 167,375 | ||||||
Investment Technology Group, Inc.† | 22,119 | 436,850 | ||||||
KCG Holdings, Inc., Class A† | 27,708 | 305,896 | ||||||
Ladenburg Thalmann Financial Services, Inc.† | 61,318 | 204,802 | ||||||
Moelis & Co.# | 4,529 | 145,970 | ||||||
Oppenheimer Holdings, Inc., Class A | 6,252 | 143,108 | ||||||
Piper Jaffray Cos.† | 9,284 | 532,902 | ||||||
RCS Capital Corp., Class A# | 5,806 | 57,770 |
209 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Investment Banker/Broker (continued) |
| |||||||
Stifel Financial Corp.† | 40,232 | $ | 1,952,459 | |||||
SWS Group, Inc.† | 17,993 | 125,771 | ||||||
7,339,200 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Aircastle, Ltd. | 39,711 | 822,018 | ||||||
Marlin Business Services Corp. | 5,142 | 95,847 | ||||||
917,865 | ||||||||
Finance - Mortgage Loan/Banker — 0.3% |
| |||||||
Arlington Asset Investment Corp., Class A# | 13,685 | 381,127 | ||||||
Ellie Mae, Inc.†# | 17,274 | 698,906 | ||||||
Federal Agricultural Mtg. Corp., Class C | 6,403 | 194,715 | ||||||
Home Loan Servicing Solutions, Ltd. | 43,636 | 852,647 | ||||||
PennyMac Financial Services, Inc., Class A† | 8,231 | 131,614 | ||||||
Stonegate Mtg. Corp.†# | 8,783 | 105,133 | ||||||
Walter Investment Management Corp.†# | 23,130 | 431,143 | ||||||
2,795,285 | ||||||||
Finance - Other Services — 0.4% |
| |||||||
BGC Partners, Inc., Class A | 107,063 | 932,519 | ||||||
Higher One Holdings, Inc.† | 20,877 | 74,531 | ||||||
JG Wentworth Co.† | 7,235 | 68,949 | ||||||
MarketAxess Holdings, Inc. | 23,177 | 1,519,716 | ||||||
WageWorks, Inc.† | 21,571 | 1,260,178 | ||||||
3,855,893 | ||||||||
Financial Guarantee Insurance — 0.4% |
| |||||||
MGIC Investment Corp.† | 207,998 | 1,936,462 | ||||||
NMI Holdings, Inc., Class A†# | 31,054 | 270,480 | ||||||
Radian Group, Inc.# | 117,356 | 2,000,920 | ||||||
4,207,862 | ||||||||
Firearms & Ammunition — 0.1% |
| |||||||
Smith & Wesson Holding Corp.†# | 33,762 | 336,607 | ||||||
Sturm Ruger & Co., Inc.# | 11,920 | 454,033 | ||||||
790,640 | ||||||||
Food - Canned — 0.2% |
| |||||||
Seneca Foods Corp., Class A† | 5,017 | 135,710 | ||||||
TreeHouse Foods, Inc.† | 25,846 | 2,092,234 | ||||||
2,227,944 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 11,559 | 336,829 | ||||||
Food - Dairy Products — 0.1% |
| |||||||
Dean Foods Co.# | 57,434 | 979,250 | ||||||
Lifeway Foods, Inc.† | 2,881 | 53,356 | ||||||
1,032,606 | ||||||||
Food - Flour & Grain — 0.2% |
| |||||||
Post Holdings, Inc.†# | 27,008 | 1,080,320 | ||||||
Seaboard Corp.† | 175 | 603,748 | ||||||
1,684,068 | ||||||||
Food - Meat Products — 0.2% |
| |||||||
Darling Ingredients, Inc.† | 101,122 | 1,880,869 | ||||||
Food - Misc./Diversified — 0.6% |
| |||||||
B&G Foods, Inc. | 32,965 | 943,458 | ||||||
Boulder Brands, Inc.† | 37,416 | 404,093 | ||||||
Cal-Maine Foods, Inc.# | 19,069 | 798,610 | ||||||
Chiquita Brands International, Inc.† | 28,828 | 416,853 | ||||||
Diamond Foods, Inc.† | 13,377 | 398,501 | ||||||
Inventure Foods, Inc.† | 9,403 | 129,855 |
Security Description | Shares | Value | ||||||
Food - Misc./Diversified (continued) |
| |||||||
J&J Snack Foods Corp. | 9,152 | $ | 961,418 | |||||
John B. Sanfilippo & Son, Inc. | 5,082 | 212,529 | ||||||
Lancaster Colony Corp. | 11,368 | 1,067,455 | ||||||
Senomyx, Inc.†# | 26,125 | 152,047 | ||||||
Snyder’s-Lance, Inc. | 29,252 | 885,751 | ||||||
6,370,570 | ||||||||
Food - Retail — 0.3% |
| |||||||
Fairway Group Holdings Corp.†# | 11,372 | 42,190 | ||||||
Fresh Market, Inc.†# | 26,310 | 1,077,658 | ||||||
Ingles Markets, Inc., Class A | 8,132 | 220,703 | ||||||
Nutrisystem, Inc. | 17,687 | 335,522 | ||||||
SUPERVALU, Inc.† | 124,563 | 1,165,910 | ||||||
Village Super Market, Inc., Class A | 4,144 | 99,497 | ||||||
Weis Markets, Inc. | 6,769 | 312,186 | ||||||
3,253,666 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc. | 8,270 | 355,114 | ||||||
Chefs’ Warehouse, Inc.†# | 11,048 | 190,247 | ||||||
Fresh Del Monte Produce, Inc. | 22,196 | 749,337 | ||||||
SpartanNash Co. | 23,177 | 540,719 | ||||||
United Natural Foods, Inc.† | 30,492 | 2,292,693 | ||||||
4,128,110 | ||||||||
Footwear & Related Apparel — 0.6% |
| |||||||
Crocs, Inc.† | 53,784 | 714,251 | ||||||
Iconix Brand Group, Inc.† | 29,565 | 1,194,722 | ||||||
Skechers U.S.A., Inc., Class A† | 24,021 | 1,475,130 | ||||||
Steven Madden, Ltd.† | 35,808 | 1,221,053 | ||||||
Weyco Group, Inc. | 4,056 | 111,580 | ||||||
Wolverine World Wide, Inc. | 62,318 | 1,901,322 | ||||||
6,618,058 | ||||||||
Forestry — 0.0% |
| |||||||
Deltic Timber Corp. | 6,825 | 424,856 | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Carriage Services, Inc. | 9,852 | 189,257 | ||||||
Matthews International Corp., Class A | 18,329 | 844,417 | ||||||
1,033,674 | ||||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Isle of Capri Casinos, Inc.† | 13,311 | 96,372 | ||||||
Pinnacle Entertainment, Inc.† | 36,616 | 911,372 | ||||||
1,007,744 | ||||||||
Gas - Distribution — 1.1% |
| |||||||
Chesapeake Utilities Corp. | 8,941 | 401,719 | ||||||
Laclede Group, Inc. | 26,499 | 1,344,294 | ||||||
New Jersey Resources Corp. | 25,890 | 1,499,031 | ||||||
Northwest Natural Gas Co. | 16,674 | 775,508 | ||||||
ONE Gas, Inc. | 31,936 | 1,239,756 | ||||||
Piedmont Natural Gas Co., Inc. | 47,888 | 1,794,842 | ||||||
South Jersey Industries, Inc. | 20,264 | 1,156,669 | ||||||
Southwest Gas Corp. | 28,573 | 1,654,091 | ||||||
WGL Holdings, Inc. | 31,891 | 1,558,513 | ||||||
11,424,423 | ||||||||
Gold Mining — 0.0% |
| |||||||
Allied Nevada Gold Corp.†# | 64,043 | 93,503 | ||||||
Gold Resource Corp.# | 23,135 | 83,286 | ||||||
176,789 | ||||||||
210 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co. | 47,637 | $ | 352,990 | |||||
�� | ||||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 5,629 | 92,879 | ||||||
US Ecology, Inc. | 13,242 | 527,296 | ||||||
620,175 | ||||||||
Health Care Cost Containment — 0.1% |
| |||||||
CorVel Corp.† | 6,812 | 236,104 | ||||||
ExamWorks Group, Inc.† | 21,317 | 838,824 | ||||||
HealthEquity, Inc.† | 6,430 | 159,657 | ||||||
1,234,585 | ||||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Tandem Diabetes Care, Inc.†# | 5,150 | 72,769 | ||||||
Unilife Corp.†# | 67,206 | 210,355 | ||||||
283,124 | ||||||||
Heart Monitors — 0.1% |
| |||||||
HeartWare International, Inc.†# | 10,437 | 767,433 | ||||||
Home Furnishings — 0.3% |
| |||||||
American Woodmark Corp.† | 7,564 | 301,274 | ||||||
Ethan Allen Interiors, Inc. | 15,511 | 459,281 | ||||||
Flexsteel Industries, Inc. | 3,005 | 95,319 | ||||||
Kimball International, Inc., Class B | 21,370 | 200,664 | ||||||
La-Z-Boy, Inc. | 32,159 | 835,812 | ||||||
Norcraft Cos., Inc.† | 4,570 | 82,580 | ||||||
Select Comfort Corp.† | 33,348 | 878,386 | ||||||
2,853,316 | ||||||||
Hotels/Motels — 0.2% |
| |||||||
Belmond, Ltd., Class A† | 59,351 | 671,853 | ||||||
Diamond Resorts International, Inc.† | 21,736 | 525,577 | ||||||
Intrawest Resorts Holdings, Inc.† | 8,258 | 88,526 | ||||||
La Quinta Holdings, Inc.† | 27,208 | 599,120 | ||||||
Marcus Corp. | 11,045 | 181,801 | ||||||
Morgans Hotel Group Co.† | 17,942 | 145,330 | ||||||
2,212,207 | ||||||||
Housewares — 0.1% |
| |||||||
Libbey, Inc.† | 13,197 | 396,570 | ||||||
Lifetime Brands, Inc. | 6,403 | 95,661 | ||||||
NACCO Industries, Inc., Class A | 2,986 | 173,307 | ||||||
665,538 | ||||||||
Human Resources — 0.8% |
| |||||||
AMN Healthcare Services, Inc.† | 28,571 | 489,135 | ||||||
Barrett Business Services, Inc. | 4,409 | 96,204 | ||||||
CDI Corp. | 8,662 | 148,813 | ||||||
Corporate Resource Services, Inc.†# | 10,787 | 12,944 | ||||||
Cross Country Healthcare, Inc.† | 19,115 | 203,957 | ||||||
Heidrick & Struggles International, Inc. | 11,185 | 223,924 | ||||||
Insperity, Inc. | 13,931 | 454,847 | ||||||
Kelly Services, Inc., Class A | 16,808 | 259,516 | ||||||
Kforce, Inc. | 16,794 | 391,972 | ||||||
Korn/Ferry International† | 30,558 | 829,650 | ||||||
Monster Worldwide, Inc.† | 55,925 | 243,274 | ||||||
On Assignment, Inc.† | 33,381 | 1,025,798 | ||||||
Paylocity Holding Corp.† | 5,147 | 149,726 | ||||||
Resources Connection, Inc. | 23,812 | 361,228 | ||||||
Team Health Holdings, Inc.† | 43,156 | 2,466,797 | ||||||
TriNet Group, Inc.† | 9,660 | 305,836 | ||||||
TrueBlue, Inc.† | 25,399 | 582,907 | ||||||
8,246,528 | ||||||||
Security Description | Shares | Value | ||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 29,480 | $ | 737,000 | |||||
Checkpoint Systems, Inc.† | 25,607 | 326,745 | ||||||
Imprivata Inc† | 3,649 | 54,042 | ||||||
1,117,787 | ||||||||
Independent Power Producers — 0.4% |
| |||||||
Abengoa Yield plc# | 17,559 | 495,164 | ||||||
Dynegy, Inc.† | 75,504 | 2,502,958 | ||||||
NRG Yield, Inc., Class A# | 14,626 | 693,126 | ||||||
Ormat Technologies, Inc. | 10,898 | 298,387 | ||||||
3,989,635 | ||||||||
Industrial Audio & Video Products — 0.0% |
| |||||||
Turtle Beach Corp.†# | 4,309 | 16,460 | ||||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Cognex Corp.† | 53,358 | 2,172,204 | ||||||
Hurco Cos., Inc. | 3,983 | 138,290 | ||||||
2,310,494 | ||||||||
Instruments - Controls — 0.3% |
| |||||||
Control4 Corp.† | 7,022 | 105,892 | ||||||
Watts Water Technologies, Inc., Class A | 17,510 | 1,058,655 | ||||||
Woodward, Inc. | 40,740 | 2,105,443 | ||||||
3,269,990 | ||||||||
Instruments - Scientific — 0.3% |
| |||||||
FEI Co. | 25,964 | 2,223,557 | ||||||
Fluidigm Corp.†# | 17,242 | 531,571 | ||||||
2,755,128 | ||||||||
Insurance Brokers — 0.0% |
| |||||||
Crawford & Co., Class B | 17,187 | 154,167 | ||||||
eHealth, Inc.† | 10,917 | 282,423 | ||||||
436,590 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
American Equity Investment Life Holding Co. | 45,672 | 1,233,144 | ||||||
CNO Financial Group, Inc. | 133,860 | 2,321,132 | ||||||
FBL Financial Group, Inc., Class A | 5,937 | 305,221 | ||||||
Fidelity & Guaranty Life | 6,916 | 173,108 | ||||||
Independence Holding Co. | 4,721 | 65,103 | ||||||
Kansas City Life Insurance Co. | 2,334 | 111,122 | ||||||
National Western Life Insurance Co., Class A | 1,371 | 352,141 | ||||||
Phoenix Cos., Inc.† | 3,502 | 213,097 | ||||||
Primerica, Inc. | 33,561 | 1,759,603 | ||||||
Symetra Financial Corp. | 46,311 | 1,049,407 | ||||||
Trupanion, Inc.† | 5,132 | 31,151 | ||||||
7,614,229 | ||||||||
Insurance - Multi-line — 0.2% |
| |||||||
Citizens, Inc.†# | 27,022 | 196,990 | ||||||
Horace Mann Educators Corp. | 25,025 | 783,283 | ||||||
Kemper Corp. | 28,555 | 1,006,849 | ||||||
United Fire Group, Inc. | 12,679 | 353,364 | ||||||
2,340,486 | ||||||||
Insurance - Property/Casualty — 1.3% |
| |||||||
Ambac Financial Group, Inc.† | 27,652 | 679,133 | ||||||
AMERISAFE, Inc. | 11,474 | 478,351 | ||||||
AmTrust Financial Services, Inc.# | 18,459 | 947,316 | ||||||
Atlas Financial Holdings, Inc.†# | 7,070 | 103,788 | ||||||
Baldwin & Lyons, Inc., Class B | 5,705 | 145,763 | ||||||
Donegal Group, Inc., Class A | 4,997 | 78,303 | ||||||
EMC Insurance Group, Inc. | 3,100 | 92,287 |
211 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty (continued) |
| |||||||
Employers Holdings, Inc. | 19,279 | $ | 390,978 | |||||
Enstar Group, Ltd.† | 5,241 | 764,924 | ||||||
Federated National Holding Co. | 8,482 | 214,255 | ||||||
First American Financial Corp. | 65,645 | 2,101,296 | ||||||
Global Indemnity PLC† | 5,020 | 135,088 | ||||||
Hallmark Financial Services, Inc.† | 8,701 | 102,585 | ||||||
HCI Group, Inc.# | 5,539 | 223,942 | ||||||
Heritage Insurance Holdings, Inc.†# | 4,240 | 73,564 | ||||||
Hilltop Holdings, Inc.† | 41,636 | 848,542 | ||||||
Infinity Property & Casualty Corp. | 7,073 | 513,924 | ||||||
Meadowbrook Insurance Group, Inc. | 30,779 | 187,444 | ||||||
National General Holdings Corp. | 21,808 | 408,900 | ||||||
National Interstate Corp. | 4,353 | 124,626 | ||||||
Navigators Group, Inc.† | 6,437 | 470,223 | ||||||
OneBeacon Insurance Group, Ltd., Class A | 13,926 | 221,702 | ||||||
RLI Corp. | 26,415 | 1,213,241 | ||||||
Safety Insurance Group, Inc. | 7,969 | 474,315 | ||||||
Selective Insurance Group, Inc. | 34,543 | 924,716 | ||||||
State Auto Financial Corp. | 9,308 | 183,181 | ||||||
Stewart Information Services Corp. | 13,201 | 468,504 | ||||||
Third Point Reinsurance, Ltd.† | 34,888 | 516,691 | ||||||
United Insurance Holdings Corp. | 10,218 | 191,588 | ||||||
Universal Insurance Holdings, Inc. | 19,152 | 371,549 | ||||||
13,650,719 | ||||||||
Insurance - Reinsurance — 0.4% |
| |||||||
Argo Group International Holdings, Ltd. | 16,080 | 907,555 | ||||||
Essent Group, Ltd.† | 25,595 | 644,994 | ||||||
Greenlight Capital Re, Ltd., Class A† | 17,408 | 548,700 | ||||||
Maiden Holdings, Ltd. | 30,722 | 401,229 | ||||||
Montpelier Re Holdings, Ltd. | 24,061 | 819,277 | ||||||
Platinum Underwriters Holdings, Ltd. | 15,255 | 1,131,464 | ||||||
4,453,219 | ||||||||
Internet Application Software — 0.1% |
| |||||||
Bazaarvoice, Inc.†# | 30,704 | 225,981 | ||||||
Brightcove, Inc.† | 19,720 | 120,884 | ||||||
Intralinks Holdings, Inc.† | 24,125 | 262,480 | ||||||
Lionbridge Technologies, Inc.† | 39,716 | 201,360 | ||||||
RealNetworks, Inc.† | 14,109 | 98,904 | ||||||
Textura Corp.†# | 11,455 | 274,462 | ||||||
VirnetX Holding Corp.†# | 26,132 | 138,761 | ||||||
Zendesk, Inc.†# | 6,982 | 165,892 | ||||||
1,488,724 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Boingo Wireless, Inc.† | 14,254 | 113,462 | ||||||
Cogent Communications Holdings, Inc. | 28,631 | 1,014,110 | ||||||
Internap Corp.† | 33,372 | 264,640 | ||||||
1,392,212 | ||||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Global Eagle Entertainment, Inc.†# | 23,432 | 310,708 | ||||||
Limelight Networks, Inc.† | 37,038 | 101,114 | ||||||
Shutterstock, Inc.† | 9,348 | 702,783 | ||||||
1,114,605 | ||||||||
Internet Content - Information/News — 0.2% |
| |||||||
Bankrate, Inc.† | 41,190 | 481,511 | ||||||
Dice Holdings, Inc.† | 23,805 | 258,760 | ||||||
HealthStream, Inc.† | 13,001 | 372,479 | ||||||
Reis, Inc. | 5,076 | 127,712 | ||||||
Travelzoo, Inc.† | 4,530 | 59,479 | ||||||
WebMD Health Corp.†# | 23,806 | 869,871 | ||||||
XO Group, Inc.† | 16,539 | 239,816 | ||||||
2,409,628 | ||||||||
Security Description | Shares | Value | ||||||
Internet Incubators — 0.0% |
| |||||||
ModusLink Global Solutions, Inc.† | 22,719 | $ | 75,200 | |||||
Safeguard Scientifics, Inc.† | 12,677 | 246,314 | ||||||
321,514 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
Unwired Planet, Inc.† | 60,202 | 82,477 | ||||||
Internet Security — 0.1% |
| |||||||
VASCO Data Security International, Inc.† | 18,091 | 539,112 | ||||||
Zix Corp.† | 36,411 | 115,059 | ||||||
654,171 | ||||||||
Internet Telephone — 0.2% |
| |||||||
j2 Global, Inc. | 29,219 | 1,652,042 | ||||||
magicJack VocalTec, Ltd.†# | 10,957 | 89,080 | ||||||
RingCentral, Inc.†# | 17,218 | 216,603 | ||||||
TeleCommunication Systems, Inc., Class A† | 29,581 | 90,814 | ||||||
2,048,539 | ||||||||
Investment Companies — 0.1% |
| |||||||
Acacia Research Corp.# | 30,761 | 585,074 | ||||||
Caesars Acquisition Co., Class A†# | 28,085 | 294,331 | ||||||
879,405 | ||||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Altisource Asset Management Corp.† | 866 | 428,670 | ||||||
Altisource Portfolio Solutions SA†# | 8,165 | 426,866 | ||||||
Ashford, Inc.† | 494 | 58,662 | ||||||
Calamos Asset Management, Inc., Class A | 10,487 | 141,470 | ||||||
CIFC Corp.# | 3,690 | 32,620 | ||||||
Cohen & Steers, Inc.# | 11,903 | 515,043 | ||||||
Financial Engines, Inc.# | 31,612 | 1,033,080 | ||||||
GAMCO Investors, Inc., Class A | 3,942 | 339,643 | ||||||
Janus Capital Group, Inc.# | 91,863 | 1,444,086 | ||||||
Manning & Napier, Inc. | 8,386 | 128,390 | ||||||
Pzena Investment Management, Inc., Class A | 6,982 | 60,534 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 3,459 | 49,637 | ||||||
Virtus Investment Partners, Inc. | 4,345 | 669,130 | ||||||
Westwood Holdings Group, Inc. | 4,501 | 268,214 | ||||||
WisdomTree Investments, Inc.# | 66,132 | 1,004,545 | ||||||
6,600,590 | ||||||||
Lasers - System/Components — 0.2% |
| |||||||
Applied Optoelectronics, Inc.†# | 9,085 | 98,572 | ||||||
Coherent, Inc.† | 15,320 | 848,115 | ||||||
Electro Scientific Industries, Inc. | 15,038 | 107,823 | ||||||
II-VI, Inc.† | 32,289 | 428,475 | ||||||
Newport Corp.† | 24,490 | 431,269 | ||||||
Rofin - Sinar Technologies, Inc.† | 17,225 | 463,697 | ||||||
2,377,951 | ||||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 6,086 | 80,944 | ||||||
Johnson Outdoors, Inc., Class A | 3,069 | 93,052 | ||||||
Marine Products Corp. | 6,514 | 42,667 | ||||||
216,663 | ||||||||
Lighting Products & Systems — 0.1% |
| |||||||
Revolution Lighting Technologies, Inc.†# | 20,118 | 24,544 | ||||||
TCP International Holdings Ltd† | 4,389 | 24,359 | ||||||
Universal Display Corp.†# | 24,913 | 691,087 | ||||||
739,990 | ||||||||
Linen Supply & Related Items — 0.2% |
| |||||||
G&K Services, Inc., Class A | 12,257 | 797,931 | ||||||
UniFirst Corp. | 9,066 | 1,011,675 | ||||||
1,809,606 | ||||||||
212 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 11,600 | $ | 455,532 | |||||
Hyster-Yale Materials Handling, Inc. | 6,314 | 463,511 | ||||||
919,043 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
Franklin Electric Co., Inc. | 29,311 | 1,100,921 | ||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 4,383 | 208,762 | ||||||
Lindsay Corp.# | 7,497 | 659,211 | ||||||
867,973 | ||||||||
Machinery - General Industrial — 0.5% |
| |||||||
Albany International Corp., Class A | 17,295 | 646,314 | ||||||
Altra Industrial Motion Corp. | 16,631 | 509,407 | ||||||
Applied Industrial Technologies, Inc. | 25,666 | 1,203,479 | ||||||
Chart Industries, Inc.† | 18,721 | 743,411 | ||||||
DXP Enterprises, Inc.† | 7,956 | 467,495 | ||||||
Intevac, Inc.† | 14,688 | 104,285 | ||||||
Kadant, Inc. | 6,866 | 273,953 | ||||||
Manitex International, Inc.† | 8,493 | 93,508 | ||||||
Tennant Co. | 11,319 | 763,466 | ||||||
Twin Disc, Inc. | 5,077 | 116,162 | ||||||
Xerium Technologies, Inc.† | 6,700 | 95,274 | ||||||
5,016,754 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Columbus McKinnon Corp. | 12,195 | 325,728 | ||||||
Machinery - Pumps — 0.0% |
| |||||||
Gorman-Rupp Co. | 11,580 | 362,454 | ||||||
Machinery - Thermal Process — 0.0% |
| |||||||
Global Power Equipment Group, Inc. | 10,515 | 136,380 | ||||||
Marine Services — 0.0% |
| |||||||
Great Lakes Dredge & Dock Corp.† | 36,753 | 278,588 | ||||||
Medical Imaging Systems — 0.1% |
| |||||||
Analogic Corp. | 7,628 | 555,624 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Computer Programs & Systems, Inc. | 6,860 | 402,957 | ||||||
Everyday Health, Inc.† | 4,648 | 60,145 | ||||||
Medidata Solutions, Inc.† | 33,239 | 1,419,638 | ||||||
Merge Healthcare, Inc.† | 43,444 | 136,414 | ||||||
Quality Systems, Inc. | 30,614 | 450,944 | ||||||
2,470,098 | ||||||||
Medical Instruments — 1.1% |
| |||||||
Abaxis, Inc.# | 13,799 | 792,063 | ||||||
AngioDynamics, Inc.† | 15,180 | 265,650 | ||||||
AtriCure, Inc.† | 16,839 | 315,394 | ||||||
Cardiovascular Systems, Inc.† | 16,994 | 521,036 | ||||||
CONMED Corp. | 16,723 | 709,557 | ||||||
CryoLife, Inc. | 17,256 | 174,286 | ||||||
DexCom, Inc.† | 46,033 | 2,368,858 | ||||||
Endologix, Inc.† | 39,333 | 504,642 | ||||||
Genomic Health, Inc.†# | 10,252 | 340,981 | ||||||
Integra LifeSciences Holdings Corp.† | 15,347 | 755,686 | ||||||
Natus Medical, Inc.† | 19,750 | 676,042 | ||||||
Navidea Biopharmaceuticals, Inc.†# | 92,612 | 114,839 | ||||||
NuVasive, Inc.† | 28,632 | 1,257,804 | ||||||
Spectranetics Corp.† | 25,548 | 838,741 | ||||||
SurModics, Inc.† | 8,353 | 175,497 | ||||||
Symmetry Medical, Inc.† | 23,037 | 207,563 | ||||||
Thoratec Corp.† | 34,900 | 1,088,531 | ||||||
TransEnterix, Inc.†# | 17,614 | 36,989 |
Security Description | Shares | Value | ||||||
Medical Instruments (continued) |
| |||||||
Vascular Solutions, Inc.† | 10,523 | $ | 270,652 | |||||
Volcano Corp.† | 31,477 | 348,136 | ||||||
11,762,947 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Bio-Reference Laboratories, Inc.† | 15,091 | 427,075 | ||||||
NeoStem, Inc.†# | 14,541 | 57,291 | ||||||
Roka Bioscience, Inc.† | 3,086 | 12,221 | ||||||
T2 Biosystems, Inc.†# | 3,674 | 65,838 | ||||||
562,425 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cynosure, Inc., Class A† | 13,713 | 378,068 | ||||||
PhotoMedex, Inc.†# | 7,996 | 13,753 | ||||||
391,821 | ||||||||
Medical Products — 1.3% |
| |||||||
ABIOMED, Inc.† | 24,533 | 871,412 | ||||||
Accuray, Inc.†# | 47,167 | 324,981 | ||||||
Atrion Corp. | 944 | 306,809 | ||||||
Cantel Medical Corp. | 20,766 | 904,152 | ||||||
Cerus Corp.†# | 44,555 | 201,834 | ||||||
Cyberonics, Inc.† | 16,488 | 877,986 | ||||||
Exactech, Inc.† | 6,003 | 133,147 | ||||||
Globus Medical, Inc., Class A† | 40,415 | 931,162 | ||||||
Greatbatch, Inc.† | 15,287 | 757,777 | ||||||
Haemonetics Corp.† | 31,984 | 1,181,169 | ||||||
Hanger, Inc.† | 21,636 | 464,092 | ||||||
Intersect ENT, Inc.† | 3,603 | 62,332 | ||||||
Invacare Corp. | 19,757 | 298,923 | ||||||
K2M Group Holdings, Inc.†# | 5,422 | 102,530 | ||||||
LDR Holding Corp.† | 10,208 | 333,087 | ||||||
Luminex Corp.† | 23,043 | 426,295 | ||||||
MiMedx Group, Inc.†# | 57,206 | 632,698 | ||||||
NanoString Technologies, Inc.†# | 6,173 | 92,039 | ||||||
NxStage Medical, Inc.† | 37,737 | 652,095 | ||||||
Orthofix International NV† | 11,328 | 316,278 | ||||||
Rockwell Medical, Inc.†# | 25,045 | 224,153 | ||||||
Tornier NV† | 21,845 | 583,043 | ||||||
TriVascular Technologies, Inc.† | 4,565 | 61,491 | ||||||
West Pharmaceutical Services, Inc. | 43,423 | 2,258,430 | ||||||
Wright Medical Group, Inc.† | 30,664 | 898,149 | ||||||
Zeltiq Aesthetics, Inc.† | 17,861 | 488,856 | ||||||
14,384,920 | ||||||||
Medical Sterilization Products — 0.2% |
| |||||||
STERIS Corp. | 36,306 | 2,314,507 | ||||||
Medical - Biomedical/Gene — 3.5% |
| |||||||
Acceleron Pharma, Inc.† | 10,108 | 391,584 | ||||||
Achillion Pharmaceuticals, Inc.† | 59,475 | 765,443 | ||||||
Acorda Therapeutics, Inc.† | 25,589 | 932,719 | ||||||
Aegerion Pharmaceuticals, Inc.†# | 18,116 | 381,704 | ||||||
Agenus, Inc.† | 38,240 | 113,190 | ||||||
Alder Biopharmaceuticals, Inc.† | 4,916 | 80,229 | ||||||
AMAG Pharmaceuticals, Inc.† | 13,465 | 500,898 | ||||||
ANI Pharmaceuticals, Inc.† | 4,224 | 228,561 | ||||||
Applied Genetic Technologies Corp.†# | 3,467 | 69,999 | ||||||
Ardelyx, Inc.† | 3,032 | 81,167 | ||||||
Arena Pharmaceuticals, Inc.†# | 134,962 | 565,491 | ||||||
ARIAD Pharmaceuticals, Inc.†# | 101,283 | 720,122 | ||||||
Avalanche Biotechnologies, Inc.† | 4,240 | 167,438 | ||||||
BioCryst Pharmaceuticals, Inc.†# | 43,057 | 465,446 | ||||||
BioTime, Inc.†# | 31,975 | 102,960 | ||||||
Bluebird Bio, Inc.† | 13,379 | 551,616 |
213 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Cambrex Corp.† | 18,815 | $ | 428,041 | |||||
Celldex Therapeutics, Inc.†# | 54,905 | 1,113,473 | ||||||
Cellular Dynamics International, Inc.†# | 5,970 | 39,402 | ||||||
CTI BioPharma Corp.†# | 82,417 | 180,493 | ||||||
Cubist Pharmaceuticals, Inc. CVR† | 32,659 | 1,012 | ||||||
Cytokinetics, Inc.† | 21,257 | 99,270 | ||||||
CytRx Corp.†# | 34,272 | 86,023 | ||||||
Dynavax Technologies Corp.† | 16,150 | 239,989 | ||||||
Eleven Biotherapeutics, Inc.† | 2,816 | 32,046 | ||||||
Emergent Biosolutions, Inc.† | 17,952 | 446,287 | ||||||
Endocyte, Inc.†# | 22,776 | 147,816 | ||||||
Enzo Biochem, Inc.† | 20,995 | 95,317 | ||||||
Epizyme, Inc.†# | 7,870 | 179,908 | ||||||
Exact Sciences Corp.†# | 50,885 | 1,262,966 | ||||||
Exelixis, Inc.†# | 119,629 | 198,584 | ||||||
Five Prime Therapeutics, Inc.† | 10,593 | 217,792 | ||||||
Foundation Medicine, Inc.†# | 8,581 | 202,683 | ||||||
Galena Biopharma, Inc.†# | 72,520 | 129,086 | ||||||
Genocea Biosciences, Inc.† | 2,401 | 21,777 | ||||||
Geron Corp.†# | 96,429 | 354,859 | ||||||
Halozyme Therapeutics, Inc.†# | 63,533 | 557,820 | ||||||
Idera Pharmaceuticals, Inc.†# | 36,994 | 115,051 | ||||||
ImmunoGen, Inc.†# | 52,728 | 542,571 | ||||||
Immunomedics, Inc.†# | 50,806 | 209,829 | ||||||
Inovio Pharmaceuticals, Inc.†# | 36,963 | 357,802 | ||||||
Insmed, Inc.†# | 30,426 | 429,311 | ||||||
Intrexon Corp.†# | 21,898 | 580,954 | ||||||
Isis Pharmaceuticals, Inc.†# | 72,244 | 3,741,517 | ||||||
Karyopharm Therapeutics, Inc.†# | 8,336 | 349,112 | ||||||
KYTHERA Biopharmaceuticals, Inc.†# | 10,691 | 408,931 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 140,418 | 143,226 | ||||||
Ligand Pharmaceuticals, Inc.†# | 12,734 | 685,726 | ||||||
Loxo Oncology, Inc.† | 2,224 | 22,907 | ||||||
MacroGenics, Inc.† | 12,276 | 346,920 | ||||||
Medicines Co.† | 39,950 | 1,071,059 | ||||||
Merrimack Pharmaceuticals, Inc.†# | 60,325 | 552,577 | ||||||
Momenta Pharmaceuticals, Inc.† | 29,515 | 346,211 | ||||||
Neuralstem, Inc.†# | 42,242 | 118,700 | ||||||
NewLink Genetics Corp.†# | 12,167 | 475,243 | ||||||
Novavax, Inc.†# | 146,272 | 781,092 | ||||||
NPS Pharmaceuticals, Inc.† | 65,331 | 2,167,683 | ||||||
Omeros Corp.†# | 20,837 | 465,290 | ||||||
OncoMed Pharmaceuticals, Inc.†# | 7,764 | 171,041 | ||||||
Oncothyreon, Inc.† | 49,616 | 86,828 | ||||||
Organovo Holdings, Inc.†# | 38,398 | 242,291 | ||||||
OvaScience, Inc.†# | 9,482 | 239,515 | ||||||
Pacific Biosciences of California, Inc.† | 35,339 | 238,892 | ||||||
PDL BioPharma, Inc.# | 98,676 | 815,064 | ||||||
Peregrine Pharmaceuticals, Inc.†# | 108,437 | 160,487 | ||||||
Prothena Corp. PLC† | 16,378 | 397,003 | ||||||
PTC Therapeutics, Inc.†# | 15,018 | 672,056 | ||||||
Puma Biotechnology, Inc.† | 14,265 | 3,238,440 | ||||||
Regado Biosciences, Inc.†# | 9,493 | 7,846 | ||||||
Repligen Corp.† | 19,687 | 450,242 | ||||||
Retrophin, Inc.†# | 13,070 | 132,007 | ||||||
Rigel Pharmaceuticals, Inc.† | 53,783 | 115,096 | ||||||
RTI Surgical, Inc.† | 34,792 | 170,481 | ||||||
Sage Therapeutics, Inc.†# | 3,533 | 139,695 | ||||||
Sangamo BioSciences, Inc.†# | 41,757 | 504,425 | ||||||
Sequenom, Inc.†# | 71,517 | 214,551 | ||||||
Spectrum Pharmaceuticals, Inc.†# | 40,296 | 290,534 | ||||||
Stemline Therapeutics, Inc.†# | 7,096 | 105,588 | ||||||
Sunesis Pharmaceuticals, Inc.† | 30,398 | 71,131 | ||||||
Synageva BioPharma Corp.†# | 13,146 | 1,067,455 |
Security Description | Shares | Value | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Theravance Biopharma, Inc.†# | 14,457 | $ | 228,710 | |||||
Theravance, Inc.# | 50,602 | 765,608 | ||||||
Trius Therapeutics, Inc. CVR(1)(2) | 24,953 | 0 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 4,312 | 187,960 | ||||||
Veracyte, Inc.† | 3,993 | 26,034 | ||||||
Verastem, Inc.†# | 12,867 | 119,663 | ||||||
Versartis, Inc.†# | 4,259 | 76,747 | ||||||
XOMA Corp.†# | 51,528 | 293,194 | ||||||
Zeneca, Inc. CVR(1)(2) | 3,950 | 10,033 | ||||||
ZIOPHARM Oncology, Inc.†# | 49,880 | 209,995 | ||||||
37,513,535 | ||||||||
Medical - Drugs — 2.2% |
| |||||||
ACADIA Pharmaceuticals, Inc.†# | 48,413 | 1,446,096 | ||||||
AcelRx Pharmaceuticals, Inc.†# | 15,231 | 101,438 | ||||||
Achaogen, Inc.† | 4,240 | 39,093 | ||||||
Adamas Pharmaceuticals, Inc.† | 1,795 | 26,369 | ||||||
Aerie Pharmaceuticals, Inc.† | 6,456 | 170,245 | ||||||
Akorn, Inc.† | 38,304 | 1,534,841 | ||||||
Alimera Sciences, Inc.†# | 16,112 | 94,577 | ||||||
Ampio Pharmaceuticals, Inc.†# | 25,133 | 85,452 | ||||||
Anacor Pharmaceuticals, Inc.†# | 20,239 | 697,841 | ||||||
Array BioPharma, Inc.† | 77,410 | 311,962 | ||||||
Auspex Pharmaceuticals, Inc.† | 5,711 | 138,378 | ||||||
Auxilium Pharmaceuticals, Inc.†# | 30,881 | 1,067,247 | ||||||
BioSpecifics Technologies Corp.† | 2,234 | 84,713 | ||||||
Cempra, Inc.†# | 14,046 | 202,122 | ||||||
ChemoCentryx, Inc.†# | 16,807 | 77,480 | ||||||
Chimerix, Inc.†# | 16,564 | 583,715 | ||||||
Clovis Oncology, Inc.†# | 15,162 | 721,408 | ||||||
Corcept Therapeutics, Inc.†# | 32,782 | 99,329 | ||||||
Cytori Therapeutics, Inc.†# | 41,470 | 17,832 | ||||||
Dicerna Pharmaceuticals, Inc.† | 2,186 | 25,839 | ||||||
Durata Therapeutics†(1) | 9,546 | 0 | ||||||
Enanta Pharmaceuticals, Inc.†# | 6,351 | 298,116 | ||||||
Furiex Pharmaceuticals CVR(1)(2) | 4,550 | 0 | ||||||
Galectin Therapeutics, Inc.†# | 11,069 | 43,944 | ||||||
Immune Design Corp.† | 3,743 | 119,065 | ||||||
Infinity Pharmaceuticals, Inc.† | 29,827 | 447,703 | ||||||
Insys Therapeutics, Inc.†# | 6,138 | 237,725 | ||||||
Intra-Cellular Therapies, Inc.†# | 10,506 | 150,971 | ||||||
Ironwood Pharmaceuticals, Inc.† | 73,425 | 1,016,202 | ||||||
Keryx Biopharmaceuticals, Inc.†# | 56,192 | 893,453 | ||||||
Lannett Co., Inc.† | 15,804 | 776,451 | ||||||
NanoViricides, Inc.†# | 24,631 | 78,819 | ||||||
Ohr Pharmaceutical, Inc.†# | 12,923 | 98,215 | ||||||
Ophthotech Corp.† | 8,525 | 367,854 | ||||||
OPKO Health, Inc.†# | 121,081 | 1,014,659 | ||||||
Orexigen Therapeutics, Inc.†# | 75,291 | 435,935 | ||||||
Pacira Pharmaceuticals, Inc.†# | 21,908 | 2,057,818 | ||||||
Pain Therapeutics, Inc.† | 23,375 | 42,309 | ||||||
Pernix Therapeutics Holdings, Inc.† | 20,439 | 211,952 | ||||||
PharMerica Corp.† | 18,428 | 401,915 | ||||||
POZEN, Inc. | 16,790 | 149,263 | ||||||
Prestige Brands Holdings, Inc.† | 31,837 | 1,064,948 | ||||||
Progenics Pharmaceuticals, Inc.†# | 42,738 | 297,457 | ||||||
Radius Health Inc†# | 4,759 | 117,547 | ||||||
Raptor Pharmaceutical Corp.†# | 38,474 | 370,120 | ||||||
Receptos, Inc.† | 11,388 | 1,540,796 | ||||||
Regulus Therapeutics, Inc.†# | 8,431 | 157,997 | ||||||
Relypsa, Inc.†# | 10,388 | 258,557 | ||||||
Repros Therapeutics, Inc.†# | 14,192 | 121,484 | ||||||
Sagent Pharmaceuticals, Inc.† | 13,444 | 387,591 | ||||||
SciClone Pharmaceuticals, Inc.† | 31,640 | 268,624 |
214 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Sucampo Pharmaceuticals, Inc., Class A† | 10,896 | $ | 127,701 | |||||
Supernus Pharmaceuticals, Inc.† | 17,993 | 159,418 | ||||||
Synergy Pharmaceuticals, Inc.†# | 57,573 | 171,568 | ||||||
Synta Pharmaceuticals Corp.†# | 39,862 | 126,363 | ||||||
TESARO, Inc.†# | 11,844 | 408,736 | ||||||
Tetraphase Pharmaceuticals, Inc.†# | 16,026 | 423,086 | ||||||
TG Therapeutics, Inc.† | 14,426 | 215,236 | ||||||
TherapeuticsMD, Inc.†# | 66,209 | 254,243 | ||||||
Vanda Pharmaceuticals, Inc.†# | 20,814 | 271,206 | ||||||
VIVUS, Inc.†# | 55,244 | 185,067 | ||||||
XenoPort, Inc.† | 35,553 | 316,422 | ||||||
Zogenix, Inc.†# | 75,482 | 86,049 | ||||||
ZS Pharma Inc†# | 4,200 | 180,432 | ||||||
23,878,994 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Amphastar Pharmaceuticals, Inc.† | 5,676 | 59,200 | ||||||
Impax Laboratories, Inc.† | 43,046 | 1,375,320 | ||||||
1,434,520 | ||||||||
Medical - HMO — 0.4% |
| |||||||
Magellan Health, Inc.† | 16,933 | 1,036,130 | ||||||
Molina Healthcare, Inc.† | 18,554 | 948,481 | ||||||
Triple-S Management Corp., Class B† | 15,309 | 353,944 | ||||||
Universal American Corp.† | 25,964 | 228,483 | ||||||
WellCare Health Plans, Inc.† | 26,956 | 1,987,735 | ||||||
4,554,773 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Acadia Healthcare Co., Inc.† | 26,278 | 1,629,499 | ||||||
Adeptus Health, Inc., Class A† | 3,462 | 105,383 | ||||||
Select Medical Holdings Corp. | 48,380 | 698,123 | ||||||
2,433,005 | ||||||||
Medical - Nursing Homes — 0.2% |
| |||||||
Ensign Group, Inc. | 12,280 | 484,078 | ||||||
Kindred Healthcare, Inc. | 39,636 | 788,360 | ||||||
National Healthcare Corp. | 6,331 | 381,443 | ||||||
Skilled Healthcare Group, Inc., Class A† | 14,390 | 100,442 | ||||||
1,754,323 | ||||||||
Medical - Outpatient/Home Medical — 0.4% |
| |||||||
Addus HomeCare Corp.† | 3,881 | 89,574 | ||||||
Air Methods Corp.†# | 24,056 | 1,067,605 | ||||||
Almost Family, Inc.† | 5,137 | 141,833 | ||||||
Amedisys, Inc.† | 16,785 | 426,675 | ||||||
Amsurg Corp.† | 26,018 | 1,341,748 | ||||||
Chemed Corp.# | 10,777 | 1,186,655 | ||||||
Gentiva Health Services, Inc.† | 19,348 | 375,545 | ||||||
LHC Group, Inc.† | 7,589 | 178,417 | ||||||
4,808,052 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Owens & Minor, Inc. | 38,766 | 1,326,185 | ||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
Ampco-Pittsburgh Corp. | 5,100 | 93,330 | ||||||
CIRCOR International, Inc. | 10,851 | 726,474 | ||||||
Dynamic Materials Corp. | 8,568 | 137,431 | ||||||
Global Brass & Copper Holdings, Inc. | 13,112 | 160,622 | ||||||
Haynes International, Inc. | 7,621 | 342,107 | ||||||
LB Foster Co., Class A | 6,353 | 294,461 | ||||||
Mueller Industries, Inc. | 34,831 | 1,142,805 | ||||||
NN, Inc. | 10,906 | 230,880 | ||||||
RBC Bearings, Inc. | 14,285 | 908,240 | ||||||
Rexnord Corp.† | 46,164 | 1,271,818 |
Security Description | Shares | Value | ||||||
Metal Processors & Fabrication (continued) |
| |||||||
RTI International Metals, Inc.† | 18,861 | $ | 432,483 | |||||
Sun Hydraulics Corp. | 13,673 | 550,612 | ||||||
6,291,263 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
A.M. Castle & Co.†# | 11,535 | 86,743 | ||||||
Olympic Steel, Inc. | 5,594 | 90,959 | ||||||
177,702 | ||||||||
Metal - Aluminum — 0.2% |
| |||||||
Century Aluminum Co.† | 31,598 | 873,685 | ||||||
Kaiser Aluminum Corp. | 11,078 | 806,257 | ||||||
Noranda Aluminum Holding Corp. | 27,246 | 103,807 | ||||||
1,783,749 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Molycorp, Inc.†# | 111,855 | 110,736 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
American Railcar Industries, Inc.# | 5,806 | 342,438 | ||||||
FreightCar America, Inc. | 7,408 | 214,314 | ||||||
Hillenbrand, Inc. | 38,590 | 1,241,054 | ||||||
John Bean Technologies Corp. | 17,904 | 543,207 | ||||||
TriMas Corp.† | 27,790 | 865,103 | ||||||
3,206,116 | ||||||||
Motion Pictures & Services — 0.0% |
| |||||||
Eros International PLC† | 13,669 | 294,567 | ||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
Alliance HealthCare Services, Inc.† | 3,067 | 69,069 | ||||||
RadNet, Inc.† | 20,089 | 169,149 | ||||||
Surgical Care Affiliates, Inc.†# | 7,723 | 245,592 | ||||||
483,810 | ||||||||
Multimedia — 0.2% |
| |||||||
Demand Media, Inc.† | 5,359 | 29,903 | ||||||
Entravision Communications Corp., Class A | 35,530 | 229,524 | ||||||
EW Scripps Co., Class A† | 19,179 | 375,525 | ||||||
Journal Communications, Inc., Class A† | 27,542 | 273,492 | ||||||
Martha Stewart Living Omnimedia, Inc., Class A† | 18,368 | 78,064 | ||||||
Media General, Inc.†# | 33,423 | 511,706 | ||||||
Meredith Corp. | 22,069 | 1,164,802 | ||||||
2,663,016 | ||||||||
Networking Products — 0.6% |
| |||||||
Anixter International, Inc.† | 16,693 | 1,450,622 | ||||||
Black Box Corp. | 9,559 | 221,577 | ||||||
Calix, Inc.† | 25,483 | 270,120 | ||||||
Cyan, Inc.†# | 16,890 | 42,732 | ||||||
Extreme Networks, Inc.† | 59,288 | 214,622 | ||||||
Gigamon, Inc.†# | 14,860 | 213,092 | ||||||
Infinera Corp.† | 75,264 | 1,025,848 | ||||||
Ixia† | 35,383 | 366,922 | ||||||
LogMeIn, Inc.† | 14,919 | 754,454 | ||||||
NETGEAR, Inc.† | 22,433 | 778,874 | ||||||
ParkerVision, Inc.†# | 59,428 | 61,211 | ||||||
Polycom, Inc.† | 84,884 | 1,117,922 | ||||||
Procera Networks, Inc.†# | 12,694 | 87,081 | ||||||
6,605,077 | ||||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Globe Specialty Metals, Inc. | 39,225 | 679,769 | ||||||
Horsehead Holding Corp.† | 31,158 | 486,688 | ||||||
Materion Corp. | 12,654 | 439,980 | ||||||
1,606,437 | ||||||||
215 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Non-Hazardous Waste Disposal — 0.0% |
| |||||||
Casella Waste Systems, Inc., Class A† | 23,992 | $ | 94,529 | |||||
Quest Resource Holding Corp.†# | 8,551 | 11,800 | ||||||
106,329 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Eastman Kodak Co.†# | 10,846 | 220,499 | ||||||
Office Furnishings - Original — 0.4% |
| |||||||
Herman Miller, Inc. | 36,399 | 1,106,166 | ||||||
HNI Corp. | 27,711 | 1,300,754 | ||||||
Interface, Inc. | 40,843 | 617,546 | ||||||
Knoll, Inc. | 29,756 | 551,379 | ||||||
Steelcase, Inc., Class A | 50,792 | 889,876 | ||||||
4,465,721 | ||||||||
Office Supplies & Forms — 0.1% |
| |||||||
ACCO Brands Corp.† | 70,108 | 614,146 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Hercules Offshore, Inc.†# | 98,706 | 122,395 | ||||||
North Atlantic Drilling, Ltd.# | 43,920 | 106,726 | ||||||
Parker Drilling Co.† | 74,431 | 264,230 | ||||||
Parsley Energy, Inc., Class A† | 32,678 | 413,050 | ||||||
Vantage Drilling Co.† | 126,280 | 97,236 | ||||||
1,003,637 | ||||||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
Abraxas Petroleum Corp.† | 56,786 | 188,813 | ||||||
American Eagle Energy Corp.† | 18,689 | 17,566 | ||||||
Apco Oil and Gas International, Inc.† | 5,615 | 78,161 | ||||||
Approach Resources, Inc.†# | 24,192 | 235,146 | ||||||
Bill Barrett Corp.† | 30,536 | 309,330 | ||||||
Bonanza Creek Energy, Inc.† | 20,155 | 548,619 | ||||||
BPZ Resources, Inc.†# | 72,873 | 43,724 | ||||||
Callon Petroleum Co.† | 33,972 | 166,803 | ||||||
Carrizo Oil & Gas, Inc.† | 27,951 | 1,102,946 | ||||||
Clayton Williams Energy, Inc.† | 3,619 | 209,685 | ||||||
Comstock Resources, Inc.# | 29,393 | 260,422 | ||||||
Contango Oil & Gas Co.† | 10,697 | 361,666 | ||||||
Diamondback Energy, Inc.† | 25,743 | 1,451,905 | ||||||
DLB Oil & Gas, Inc.(1)(2) | 3,000 | 0 | ||||||
Eclipse Resources Corp† | 18,618 | 200,888 | ||||||
Emerald Oil, Inc.†# | 35,009 | 67,217 | ||||||
Energy XXI, Ltd.# | 57,598 | 230,968 | ||||||
Evolution Petroleum Corp. | 12,056 | 94,760 | ||||||
EXCO Resources, Inc.# | 93,297 | 274,293 | ||||||
Forest Oil Corp.†# | 73,136 | 41,688 | ||||||
FX Energy, Inc.†# | 33,126 | 86,128 | ||||||
Gastar Exploration, Inc.† | 43,117 | 127,195 | ||||||
Goodrich Petroleum Corp.†# | 21,379 | 129,343 | ||||||
Halcon Resources Corp.†# | 160,219 | 363,697 | ||||||
Harvest Natural Resources, Inc.† | 25,864 | 57,418 | ||||||
Isramco, Inc.† | 548 | 74,539 | ||||||
Jones Energy, Inc., Class A†# | 6,857 | 69,599 | ||||||
Kodiak Oil & Gas Corp.† | 163,759 | 1,200,353 | ||||||
Magnum Hunter Resources Corp.†# | 122,126 | 488,504 | ||||||
Matador Resources Co.† | 45,042 | 792,289 | ||||||
Midstates Petroleum Co., Inc.†# | 22,845 | 52,315 | ||||||
Miller Energy Resources, Inc.†# | 18,442 | 42,785 | ||||||
Northern Oil and Gas, Inc.†# | 37,507 | 325,936 | ||||||
Panhandle Oil and Gas, Inc., Class A | 8,597 | 151,651 | ||||||
PDC Energy, Inc.† | 21,993 | 649,013 | ||||||
Penn Virginia Corp.† | 40,305 | 206,765 | ||||||
PetroQuest Energy, Inc.† | 35,926 | 133,645 | ||||||
Quicksilver Resources, Inc.†# | 77,164 | 23,226 | ||||||
Resolute Energy Corp.†# | 47,878 | 90,011 |
Security Description | Shares | Value | ||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Rex Energy Corp.† | 29,540 | $ | 207,371 | |||||
Rosetta Resources, Inc.† | 37,749 | 1,110,576 | ||||||
RSP Permian, Inc.†# | 14,352 | 312,300 | ||||||
Sanchez Energy Corp.†# | 31,295 | 353,321 | ||||||
Stone Energy Corp.† | 34,509 | 545,242 | ||||||
Swift Energy Co.†# | 26,917 | 121,126 | ||||||
Synergy Resources Corp.† | 40,905 | 401,278 | ||||||
TransAtlantic Petroleum, Ltd.† | 13,908 | 96,104 | ||||||
Triangle Petroleum Corp.†# | 46,476 | 224,014 | ||||||
VAALCO Energy, Inc.† | 30,617 | 175,435 | ||||||
W&T Offshore, Inc. | 21,467 | 161,647 | ||||||
Warren Resources, Inc.† | 45,247 | 92,756 | ||||||
14,750,182 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Flotek Industries, Inc.† | 33,049 | 643,794 | ||||||
Forum Energy Technologies, Inc.† | 36,617 | 879,174 | ||||||
Gulf Island Fabrication, Inc. | 8,908 | 173,795 | ||||||
Mitcham Industries, Inc.† | 7,790 | 59,360 | ||||||
Natural Gas Services Group, Inc.† | 7,657 | 177,336 | ||||||
Profire Energy, Inc.†# | 8,999 | 30,057 | ||||||
Thermon Group Holdings, Inc.† | 19,621 | 474,632 | ||||||
2,438,148 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Adams Resources & Energy, Inc. | 1,311 | 58,064 | ||||||
Alon USA Energy, Inc. | 16,089 | 224,602 | ||||||
Delek US Holdings, Inc. | 36,468 | 1,090,393 | ||||||
Trecora Resources† | 12,055 | 148,156 | ||||||
Vertex Energy, Inc.†# | 8,057 | 29,489 | ||||||
Western Refining, Inc. | 32,686 | 1,343,722 | ||||||
2,894,426 | ||||||||
Oil - Field Services — 0.9% |
| |||||||
Basic Energy Services, Inc.† | 19,534 | 174,439 | ||||||
Bristow Group, Inc. | 21,865 | 1,401,547 | ||||||
C&J Energy Services, Inc.† | 28,289 | 428,578 | ||||||
CARBO Ceramics, Inc.# | 12,128 | 461,349 | ||||||
Exterran Holdings, Inc. | 35,989 | 1,205,632 | ||||||
Glori Energy, Inc.†# | 7,486 | 29,944 | ||||||
Gulfmark Offshore, Inc., Class A | 16,554 | 431,232 | ||||||
Helix Energy Solutions Group, Inc.† | 64,848 | 1,483,074 | ||||||
Independence Contract Drilling, Inc.† | 6,329 | 43,670 | ||||||
Key Energy Services, Inc.† | 80,707 | 151,729 | ||||||
Matrix Service Co.† | 16,229 | 342,756 | ||||||
McDermott International, Inc.†# | 145,957 | 518,147 | ||||||
Newpark Resources, Inc.† | 52,137 | 545,874 | ||||||
Nuverra Environmental Solutions, Inc.†# | 9,276 | 84,690 | ||||||
PHI, Inc.† | 7,738 | 321,204 | ||||||
Pioneer Energy Services Corp.† | 38,556 | 232,878 | ||||||
SEACOR Holdings, Inc.† | 12,670 | 901,344 | ||||||
Tesco Corp. | 21,320 | 300,399 | ||||||
TETRA Technologies, Inc.† | 48,497 | 307,956 | ||||||
Willbros Group, Inc.† | 24,584 | 111,857 | ||||||
9,478,299 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp. | 4,012 | 96,970 | ||||||
Optical Supplies — 0.0% |
| |||||||
Ocular Therapeutix, Inc.† | 3,533 | 59,778 | ||||||
STAAR Surgical Co.† | 23,589 | 217,255 | ||||||
277,033 | ||||||||
216 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Paper & Related Products — 0.5% |
| |||||||
Clearwater Paper Corp.† | 12,548 | $ | 831,431 | |||||
KapStone Paper and Packaging Corp.† | 51,964 | 1,552,165 | ||||||
Neenah Paper, Inc. | 10,175 | 582,417 | ||||||
Orchids Paper Products Co. | 4,960 | 134,714 | ||||||
P.H. Glatfelter Co. | 26,463 | 670,043 | ||||||
Resolute Forest Products, Inc.† | 40,071 | 671,189 | ||||||
Schweitzer-Mauduit International, Inc. | 18,717 | 800,526 | ||||||
Wausau Paper Corp. | 25,934 | 258,043 | ||||||
5,500,528 | ||||||||
Patient Monitoring Equipment — 0.2% |
| |||||||
Insulet Corp.† | 34,049 | 1,586,343 | ||||||
Masimo Corp.† | 29,732 | 780,465 | ||||||
2,366,808 | ||||||||
Pharmacy Services — 0.0% |
| |||||||
BioScrip, Inc.†# | 42,043 | 272,439 | ||||||
Liberator Medical Holdings, Inc.# | 19,353 | 54,188 | ||||||
326,627 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.2% |
| |||||||
HealthSouth Corp. | 54,131 | 2,226,408 | ||||||
U.S. Physical Therapy, Inc. | 7,504 | 291,681 | ||||||
2,518,089 | ||||||||
Physicians Practice Management — 0.1% |
| |||||||
Healthways, Inc.† | 19,307 | 300,803 | ||||||
IPC The Hospitalist Co., Inc.† | 10,527 | 464,030 | ||||||
764,833 | ||||||||
Pipelines — 0.2% |
| |||||||
Primoris Services Corp. | 23,333 | 610,158 | ||||||
SemGroup Corp., Class A | 26,184 | 1,937,354 | ||||||
2,547,512 | ||||||||
Platinum — 0.1% |
| |||||||
Stillwater Mining Co.† | 73,611 | 966,512 | ||||||
Pollution Control — 0.0% |
| |||||||
Advanced Emissions Solutions, Inc.† | 13,351 | 267,020 | ||||||
CECO Environmental Corp. | 12,927 | 183,046 | ||||||
450,066 | ||||||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc.# | 14,176 | 1,230,619 | ||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Advanced Energy Industries, Inc.† | 25,259 | 516,041 | ||||||
Capstone Turbine Corp.†# | 202,040 | 169,714 | ||||||
Generac Holdings, Inc.†# | 42,293 | 1,834,670 | ||||||
Powell Industries, Inc. | 5,711 | 243,003 | ||||||
PowerSecure International, Inc.† | 13,741 | 137,685 | ||||||
Vicor Corp.† | 10,091 | 123,110 | ||||||
3,024,223 | ||||||||
Precious Metals — 0.0% |
| |||||||
Coeur Mining, Inc.† | 63,609 | 261,433 | ||||||
Printing - Commercial — 0.4% |
| |||||||
ARC Document Solutions, Inc.† | 25,250 | 243,157 | ||||||
Cenveo, Inc.†# | 34,050 | 64,014 | ||||||
Cimpress NV† | 20,452 | 1,372,125 | ||||||
Deluxe Corp. | 30,755 | 1,797,630 | ||||||
Ennis, Inc. | 16,063 | 213,798 | ||||||
Multi-Color Corp. | 7,632 | 418,539 | ||||||
Quad/Graphics, Inc. | 16,980 | 368,636 | ||||||
4,477,899 | ||||||||
Security Description | Shares | Value | ||||||
Protection/Safety — 0.0% |
| |||||||
Landauer, Inc. | 5,869 | $ | 193,677 | |||||
Publishing - Books — 0.2% |
| |||||||
Houghton Mifflin Harcourt Co.† | 66,977 | 1,287,298 | ||||||
Scholastic Corp. | 16,301 | 578,685 | ||||||
1,865,983 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
AH Belo Corp., Class A | 11,553 | 138,636 | ||||||
Daily Journal Corp.†# | 665 | 145,502 | ||||||
Lee Enterprises, Inc.†# | 32,932 | 116,909 | ||||||
McClatchy Co., Class A† | 37,534 | 123,111 | ||||||
New York Times Co., Class A | 85,012 | 1,078,802 | ||||||
1,602,960 | ||||||||
Publishing - Periodicals — 0.2% |
| |||||||
Dex Media, Inc.†# | 9,133 | 78,178 | ||||||
Time, Inc. | 67,750 | 1,621,935 | ||||||
1,700,113 | ||||||||
Racetracks — 0.2% |
| |||||||
Churchill Downs, Inc. | 8,251 | 794,489 | ||||||
Empire Resorts, Inc.†# | 9,269 | 63,122 | ||||||
International Speedway Corp., Class A | 17,104 | 535,013 | ||||||
Penn National Gaming, Inc.† | 48,291 | 685,732 | ||||||
Speedway Motorsports, Inc. | 7,154 | 141,005 | ||||||
2,219,361 | ||||||||
Radio — 0.1% |
| |||||||
Cumulus Media, Inc., Class A† | 88,779 | 354,228 | ||||||
Entercom Communications Corp., Class A† | 15,172 | 161,127 | ||||||
Radio One, Inc., Class D† | 14,199 | 23,996 | ||||||
Saga Communications, Inc., Class A | 2,222 | 88,925 | ||||||
Salem Communications Corp., Class A | 6,699 | 52,654 | ||||||
Townsquare Media, Inc.† | 5,483 | 68,428 | ||||||
749,358 | ||||||||
Real Estate Investment Trusts — 8.8% |
| |||||||
Acadia Realty Trust | 35,255 | 1,126,750 | ||||||
AG Mtg. Investment Trust, Inc. | 17,440 | 344,440 | ||||||
Agree Realty Corp. | 9,194 | 283,267 | ||||||
Alexander’s, Inc. | 1,293 | 519,928 | ||||||
American Assets Trust, Inc. | 22,025 | 865,583 | ||||||
American Capital Mortgage Investment Corp. | 31,424 | 630,680 | ||||||
American Realty Capital Healthcare Trust, Inc. | 104,026 | 1,178,615 | ||||||
American Residential Properties, Inc.†# | 19,767 | 351,260 | ||||||
AmREIT, Inc. | 12,089 | 321,930 | ||||||
Anworth Mtg. Asset Corp. | 78,608 | 424,483 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 28,349 | 472,861 | ||||||
Apollo Residential Mortgage, Inc. | 19,693 | 325,328 | ||||||
Ares Commercial Real Estate Corp. | 17,567 | 209,926 | ||||||
Armada Hoffler Properties, Inc. | 15,370 | 145,861 | ||||||
ARMOUR Residential REIT, Inc.# | 219,423 | 862,332 | ||||||
Ashford Hospitality Prime, Inc. | 15,595 | 273,692 | ||||||
Ashford Hospitality Trust, Inc. | 43,037 | 451,028 | ||||||
Associated Estates Realty Corp. | 35,371 | 793,018 | ||||||
Aviv REIT, Inc. | 12,084 | 407,231 | ||||||
Campus Crest Communities, Inc. | 39,764 | 305,388 | ||||||
Capstead Mtg. Corp.# | 58,843 | 765,547 | ||||||
CareTrust REIT, Inc. | 12,280 | 198,568 | ||||||
CatchMark Timber Trust, Inc., Class A | 11,707 | 129,948 | ||||||
Cedar Realty Trust, Inc. | 48,680 | 330,537 | ||||||
Chambers Street Properties | 145,629 | 1,166,488 | ||||||
Chatham Lodging Trust | 20,889 | 558,990 | ||||||
Chesapeake Lodging Trust | 33,719 | 1,141,725 |
217 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
Colony Financial, Inc. | 65,966 | $ | 1,619,465 | |||||
CorEnergy Infrastructure Trust, Inc. | 19,438 | 129,651 | ||||||
CoreSite Realty Corp. | 12,902 | 491,050 | ||||||
Cousins Properties, Inc. | 135,204 | 1,654,897 | ||||||
CubeSmart | 99,574 | 2,144,824 | ||||||
CyrusOne, Inc. | 20,206 | 554,655 | ||||||
CYS Investments, Inc. | 99,563 | 918,966 | ||||||
DCT Industrial Trust, Inc. | 50,544 | 1,725,075 | ||||||
DiamondRock Hospitality Co. | 120,233 | 1,795,079 | ||||||
DuPont Fabros Technology, Inc. | 39,180 | 1,276,876 | ||||||
Dynex Capital, Inc.# | 33,609 | 289,037 | ||||||
EastGroup Properties, Inc. | 19,232 | 1,292,775 | ||||||
Education Realty Trust, Inc.† | 85,724 | 997,827 | ||||||
Empire State Realty Trust, Inc., Class A | 56,298 | 943,554 | ||||||
EPR Properties | 35,117 | 1,966,201 | ||||||
Equity One, Inc. | 37,751 | 914,707 | ||||||
Excel Trust, Inc. | 37,545 | 492,215 | ||||||
FelCor Lodging Trust, Inc. | 76,306 | 795,109 | ||||||
First Industrial Realty Trust, Inc. | 67,671 | 1,343,269 | ||||||
First Potomac Realty Trust | 36,104 | 446,968 | ||||||
Franklin Street Properties Corp. | 55,278 | 664,442 | ||||||
Geo Group, Inc. | 44,603 | 1,797,055 | ||||||
Getty Realty Corp. | 15,716 | 284,774 | ||||||
Gladstone Commercial Corp. | 10,885 | 192,447 | ||||||
Glimcher Realty Trust | 89,150 | 1,226,704 | ||||||
Government Properties Income Trust | 41,938 | 952,831 | ||||||
Gramercy Property Trust, Inc.# | 72,261 | 426,340 | ||||||
Hatteras Financial Corp. | 59,303 | 1,136,245 | ||||||
Healthcare Realty Trust, Inc. | 59,010 | 1,558,454 | ||||||
Hersha Hospitality Trust | 123,272 | 913,446 | ||||||
Highwoods Properties, Inc. | 55,375 | 2,389,985 | ||||||
Hudson Pacific Properties, Inc. | 33,741 | 948,797 | ||||||
Inland Real Estate Corp. | 53,633 | 578,700 | ||||||
Invesco Mtg. Capital, Inc. | 75,632 | 1,250,197 | ||||||
Investors Real Estate Trust | 68,814 | 561,522 | ||||||
iStar Financial, Inc.† | 52,138 | 745,052 | ||||||
Kite Realty Group Trust | 20,203 | 551,138 | ||||||
LaSalle Hotel Properties | 63,939 | 2,581,217 | ||||||
Lexington Realty Trust | 126,346 | 1,389,806 | ||||||
LTC Properties, Inc. | 21,393 | 894,013 | ||||||
Mack-Cali Realty Corp. | 54,475 | 1,047,010 | ||||||
Medical Properties Trust, Inc. | 105,955 | 1,468,536 | ||||||
Monmouth Real Estate Investment Corp. | 34,368 | 385,265 | ||||||
National Health Investors, Inc. | 20,309 | 1,346,081 | ||||||
New Residential Investment Corp. | 86,623 | 1,122,634 | ||||||
New York Mortgage Trust, Inc.# | 55,703 | 447,852 | ||||||
New York REIT, Inc.# | 99,650 | 1,071,237 | ||||||
One Liberty Properties, Inc. | 7,544 | 172,984 | ||||||
Owens Realty Mortgage, Inc. | 6,616 | 97,454 | ||||||
Parkway Properties, Inc. | 48,358 | 942,014 | ||||||
Pebblebrook Hotel Trust | 41,625 | 1,796,951 | ||||||
Pennsylvania Real Estate Investment Trust | 42,237 | 987,079 | ||||||
PennyMac Mortgage Investment Trust | 45,462 | 985,162 | ||||||
Physicians Realty Trust | 29,111 | 450,056 | ||||||
Potlatch Corp. | 24,941 | 1,036,299 | ||||||
PS Business Parks, Inc. | 11,955 | 973,017 | ||||||
QTS Realty Trust, Inc., Class A | 7,363 | 239,445 | ||||||
RAIT Financial Trust | 50,563 | 373,661 | ||||||
Ramco-Gershenson Properties Trust | 47,453 | 849,409 | ||||||
Redwood Trust, Inc. | 50,981 | 996,679 | ||||||
Resource Capital Corp.# | 79,385 | 418,359 | ||||||
Retail Opportunity Investments Corp. | 55,453 | 912,756 | ||||||
Rexford Industrial Realty, Inc. | 28,208 | 428,480 | ||||||
RLJ Lodging Trust | 80,432 | 2,648,626 |
Security Description | Shares | Value | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Rouse Properties, Inc.# | 22,816 | $ | 417,305 | |||||
Ryman Hospitality Properties, Inc.# | 26,691 | 1,390,067 | ||||||
Sabra Health Care REIT, Inc. | 33,280 | 942,157 | ||||||
Saul Centers, Inc. | 5,985 | 327,559 | ||||||
Select Income REIT | 22,615 | 522,407 | ||||||
Silver Bay Realty Trust Corp. | 23,631 | 392,984 | ||||||
Sovran Self Storage, Inc. | 20,265 | 1,722,930 | ||||||
STAG Industrial, Inc. | 34,805 | 829,751 | ||||||
Starwood Waypoint Residential Trust | 24,031 | 612,550 | ||||||
Strategic Hotels & Resorts, Inc.† | 151,925 | 2,017,564 | ||||||
Summit Hotel Properties, Inc. | 52,569 | 609,800 | ||||||
Sun Communities, Inc. | 29,499 | 1,737,196 | ||||||
Sunstone Hotel Investors, Inc. | 126,226 | 2,020,878 | ||||||
Terreno Realty Corp. | 20,335 | 423,171 | ||||||
Trade Street Residential, Inc.# | 11,406 | 86,229 | ||||||
UMH Properties, Inc. | 11,800 | 113,044 | ||||||
Universal Health Realty Income Trust | 7,453 | 360,278 | ||||||
Urstadt Biddle Properties, Inc., Class A | 15,328 | 339,975 | ||||||
Washington Real Estate Investment Trust | 40,940 | 1,100,058 | ||||||
Western Asset Mortgage Capital Corp.# | 25,633 | 401,156 | ||||||
Whitestone REIT | 13,770 | 204,622 | ||||||
95,189,496 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
Altisource Residential Corp. | 35,094 | 711,706 | ||||||
HFF, Inc., Class A | 20,159 | 695,082 | ||||||
Kennedy-Wilson Holdings, Inc. | 44,128 | 1,146,887 | ||||||
Marcus & Millichap, Inc.† | 4,920 | 152,668 | ||||||
RE/MAX Holdings, Inc., Class A | 6,538 | 218,696 | ||||||
2,925,039 | ||||||||
Real Estate Operations & Development — 0.3% |
| |||||||
Alexander & Baldwin, Inc. | 29,940 | 1,140,115 | ||||||
BBX Capital Corp., Class A† | 4,891 | 80,653 | ||||||
Capital Senior Living Corp.† | 17,832 | 453,824 | ||||||
Consolidated-Tomoka Land Co. | 2,632 | 140,838 | ||||||
Forestar Group, Inc.† | 21,453 | 343,248 | ||||||
FRP Holdings, Inc.† | 4,093 | 154,224 | ||||||
St. Joe Co.† | 38,833 | 721,906 | ||||||
3,034,808 | ||||||||
Recreational Centers — 0.2% |
| |||||||
ClubCorp Holdings, Inc. | 13,457 | 265,238 | ||||||
Life Time Fitness, Inc.† | 25,113 | 1,390,758 | ||||||
Steiner Leisure, Ltd.† | 9,034 | 399,935 | ||||||
2,055,931 | ||||||||
Recreational Vehicles — 0.3% |
| |||||||
Arctic Cat, Inc. | 7,924 | 261,888 | ||||||
Brunswick Corp. | 56,973 | 2,830,419 | ||||||
Malibu Boats, Inc., Class A† | 5,140 | 96,221 | ||||||
3,188,528 | ||||||||
Rental Auto/Equipment — 0.2% |
| |||||||
Electro Rent Corp. | 10,077 | 140,574 | ||||||
McGrath RentCorp | 15,897 | 560,528 | ||||||
Rent-A-Center, Inc. | 32,440 | 1,119,180 | ||||||
1,820,282 | ||||||||
Research & Development — 0.2% |
| |||||||
Albany Molecular Research, Inc.† | 14,471 | 235,443 | ||||||
Arrowhead Research Corp.†# | 31,872 | 185,495 | ||||||
PAREXEL International Corp.† | 34,946 | 2,044,691 | ||||||
2,465,629 | ||||||||
218 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Resorts/Theme Parks — 0.3% |
| |||||||
Marriott Vacations Worldwide Corp. | 16,481 | $ | 1,211,518 | |||||
Vail Resorts, Inc. | 22,209 | 1,946,397 | ||||||
3,157,915 | ||||||||
Respiratory Products — 0.0% |
| |||||||
Inogen, Inc.† | 3,142 | 76,319 | ||||||
Retail - Apparel/Shoe — 1.3% |
| |||||||
Aeropostale, Inc.†# | 48,320 | 168,154 | ||||||
American Eagle Outfitters, Inc. | 119,455 | 1,684,315 | ||||||
ANN, Inc.† | 28,772 | 1,056,795 | ||||||
bebe stores, Inc. | 19,268 | 58,189 | ||||||
Brown Shoe Co., Inc. | 26,828 | 878,885 | ||||||
Buckle, Inc.# | 17,325 | 886,867 | ||||||
Burlington Stores, Inc.† | 17,608 | 786,549 | ||||||
Cato Corp., Class A | 16,846 | 675,861 | ||||||
Children’s Place, Inc. | 13,547 | 759,445 | ||||||
Christopher & Banks Corp.† | 22,382 | 162,046 | ||||||
Destination Maternity Corp. | 8,422 | 135,005 | ||||||
Destination XL Group, Inc.† | 21,493 | 111,119 | ||||||
Express, Inc.† | 51,768 | 773,932 | ||||||
Finish Line, Inc., Class A | 29,648 | 846,154 | ||||||
Francesca’s Holdings Corp.† | 25,938 | 328,894 | ||||||
Genesco, Inc.† | 14,737 | 1,199,150 | ||||||
Guess?, Inc. | 37,764 | 856,110 | ||||||
Men’s Wearhouse, Inc. | 29,468 | 1,376,745 | ||||||
New York & Co., Inc.† | 18,003 | 49,508 | ||||||
Pacific Sunwear of California, Inc.† | 30,512 | 51,260 | ||||||
Shoe Carnival, Inc. | 9,292 | 188,256 | ||||||
Stein Mart, Inc. | 17,056 | 242,195 | ||||||
Tilly’s, Inc., Class A† | 6,512 | 48,645 | ||||||
Vera Bradley, Inc.† | 13,398 | 308,020 | ||||||
Winmark Corp. | 1,446 | 116,793 | ||||||
13,748,892 | ||||||||
Retail - Appliances — 0.1% |
| |||||||
Conn’s, Inc.†# | 17,016 | 583,649 | ||||||
hhgregg, Inc.†# | 7,392 | 46,939 | ||||||
630,588 | ||||||||
Retail - Auto Parts — 0.0% |
| |||||||
Pep Boys-Manny Moe & Jack† | 32,712 | 318,615 | ||||||
Retail - Automobile — 0.5% |
| |||||||
America’s Car-Mart, Inc.† | 4,778 | 245,350 | ||||||
Asbury Automotive Group, Inc.† | 18,838 | 1,426,225 | ||||||
Group 1 Automotive, Inc. | 14,876 | 1,331,551 | ||||||
Lithia Motors, Inc., Class A | 14,025 | 1,030,978 | ||||||
Rush Enterprises, Inc., Class A† | 21,107 | 740,433 | ||||||
Sonic Automotive, Inc., Class A | 24,492 | 631,649 | ||||||
5,406,186 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Mattress Firm Holding Corp.†# | 9,208 | 654,044 | ||||||
Retail - Bookstores — 0.1% |
| |||||||
Barnes & Noble, Inc.† | 25,203 | 588,742 | ||||||
Retail - Building Products — 0.1% |
| |||||||
Lumber Liquidators Holdings, Inc.†# | 16,853 | 1,071,682 | ||||||
Tile Shop Holdings, Inc.†# | 17,233 | 171,986 | ||||||
1,243,668 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 5,942 | 132,922 | ||||||
Systemax, Inc.† | 6,953 | 89,833 | ||||||
222,755 | ||||||||
Security Description | Shares | Value | ||||||
Retail - Convenience Store — 0.2% |
| |||||||
Casey’s General Stores, Inc. | 23,649 | $ | 1,979,894 | |||||
Pantry, Inc.† | 14,410 | 382,586 | ||||||
2,362,480 | ||||||||
Retail - Discount — 0.2% |
| |||||||
Citi Trends, Inc.† | 9,574 | 226,521 | ||||||
Fred’s, Inc., Class A | 22,645 | 350,997 | ||||||
HSN, Inc. | 20,392 | 1,487,189 | ||||||
Tuesday Morning Corp.† | 26,711 | 568,944 | ||||||
2,633,651 | ||||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.† | 26,819 | 443,586 | ||||||
Retail - Home Furnishings — 0.3% |
| |||||||
Haverty Furniture Cos., Inc. | 12,378 | 260,681 | ||||||
Kirkland’s, Inc.† | 8,986 | 195,176 | ||||||
Pier 1 Imports, Inc. | 58,086 | 801,587 | ||||||
Restoration Hardware Holdings, Inc.†# | 19,156 | 1,618,107 | ||||||
2,875,551 | ||||||||
Retail - Hypermarkets — 0.0% |
| |||||||
Roundy’s, Inc. | 24,122 | 97,212 | ||||||
Retail - Jewelry — 0.0% |
| |||||||
Movado Group, Inc. | 11,269 | 323,758 | ||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 15,234 | 281,981 | ||||||
West Marine, Inc.† | 10,746 | 117,454 | ||||||
399,435 | ||||||||
Retail - Major Department Stores — 0.0% |
| |||||||
Sears Hometown and Outlet Stores, Inc.†# | 7,130 | 93,617 | ||||||
Retail - Misc./Diversified — 0.3% |
| |||||||
Container Store Group, Inc.†# | 10,573 | 230,280 | ||||||
Five Below, Inc.†# | 33,344 | 1,555,831 | ||||||
Gaiam, Inc., Class A† | 9,217 | 67,745 | ||||||
PriceSmart, Inc. | 11,502 | 1,115,234 | ||||||
2,969,090 | ||||||||
Retail - Office Supplies — 0.2% |
| |||||||
Office Depot, Inc.† | 328,570 | 2,178,419 | ||||||
Retail - Pawn Shops — 0.2% |
| |||||||
Cash America International, Inc. | 17,282 | 421,854 | ||||||
Ezcorp, Inc., Class A† | 31,589 | 344,004 | ||||||
First Cash Financial Services, Inc.† | 17,790 | 1,027,906 | ||||||
1,793,764 | ||||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetMed Express, Inc.# | 12,405 | 167,467 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Bon-Ton Stores, Inc.# | 8,976 | 75,578 | ||||||
Stage Stores, Inc. | 19,474 | 399,022 | ||||||
474,600 | ||||||||
Retail - Restaurants — 1.9% |
| |||||||
Biglari Holdings, Inc.† | 1,062 | 394,480 | ||||||
BJ’s Restaurants, Inc.† | 14,554 | 715,475 | ||||||
Bloomin’ Brands, Inc.† | 47,428 | 1,079,936 | ||||||
Bob Evans Farms, Inc.# | 15,169 | 824,587 | ||||||
Bravo Brio Restaurant Group, Inc.† | 11,772 | 154,566 | ||||||
Buffalo Wild Wings, Inc.† | 11,614 | 1,976,819 | ||||||
Carrols Restaurant Group, Inc.† | 21,634 | 162,471 | ||||||
Cheesecake Factory, Inc. | 30,688 | 1,486,220 |
219 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Restaurants (continued) |
| |||||||
Chuy’s Holdings, Inc.† | 10,099 | $ | 216,220 | |||||
Cracker Barrel Old Country Store, Inc. | 11,725 | 1,500,917 | ||||||
Del Frisco’s Restaurant Group, Inc.† | 14,519 | 322,612 | ||||||
Denny’s Corp.† | 53,509 | 518,502 | ||||||
DineEquity, Inc. | 10,227 | 1,015,848 | ||||||
El Pollo Loco Holdings, Inc.† | 5,047 | 138,389 | ||||||
Famous Dave’s of America, Inc.†# | 2,873 | 73,261 | ||||||
Fiesta Restaurant Group, Inc.† | 16,459 | 922,692 | ||||||
Ignite Restaurant Group, Inc.†# | 4,665 | 35,221 | ||||||
Jack in the Box, Inc. | 24,601 | 1,832,774 | ||||||
Jamba, Inc.† | 10,564 | 130,888 | ||||||
Krispy Kreme Doughnuts, Inc.† | 40,030 | 815,011 | ||||||
Nathan’s Famous, Inc.† | 1,932 | 145,248 | ||||||
Noodles & Co.†# | 6,652 | 162,841 | ||||||
Papa John’s International, Inc. | 18,812 | 992,897 | ||||||
Papa Murphy’s Holdings, Inc.† | 3,584 | 35,947 | ||||||
Popeyes Louisiana Kitchen, Inc.† | 14,532 | 802,748 | ||||||
Potbelly Corp.†# | 9,180 | 120,992 | ||||||
Red Robin Gourmet Burgers, Inc.† | 8,781 | 591,400 | ||||||
Ruby Tuesday, Inc.† | 37,752 | 314,852 | ||||||
Ruth’s Hospitality Group, Inc. | 22,136 | 290,867 | ||||||
Sonic Corp. | 33,394 | 907,983 | ||||||
Texas Roadhouse, Inc. | 42,831 | 1,415,993 | ||||||
Zoe’s Kitchen, Inc.†# | 3,584 | 113,362 | ||||||
20,212,019 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Big 5 Sporting Goods Corp. | 11,339 | 148,768 | ||||||
Hibbett Sports, Inc.† | 15,913 | 798,355 | ||||||
Sportsman’s Warehouse Holdings, Inc.†# | 5,980 | 42,159 | ||||||
Zumiez, Inc.† | 12,743 | 455,817 | ||||||
1,445,099 | ||||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 7,575 | 155,893 | ||||||
Retail - Video Rentals — 0.1% |
| |||||||
Outerwall, Inc.†# | 12,524 | 880,187 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.1% |
| |||||||
Vitamin Shoppe, Inc.† | 18,913 | 905,176 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Five Star Quality Care, Inc.† | 26,438 | 116,327 | ||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co. | 39,002 | 1,323,338 | ||||||
Rubber/Plastic Products — 0.1% |
| |||||||
Myers Industries, Inc. | 16,968 | 276,069 | ||||||
Proto Labs, Inc.†# | 13,906 | 902,500 | ||||||
Trinseo SA† | 7,066 | 108,534 | ||||||
1,287,103 | ||||||||
Satellite Telecom — 0.3% |
| |||||||
DigitalGlobe, Inc.† | 46,358 | 1,252,130 | ||||||
Globalstar, Inc.†# | 168,694 | 475,717 | ||||||
Intelsat SA†# | 16,811 | 296,042 | ||||||
Iridium Communications, Inc.†# | 49,533 | 473,040 | ||||||
Loral Space & Communications, Inc.† | 8,051 | 631,923 | ||||||
3,128,852 | ||||||||
Savings & Loans/Thrifts — 1.5% |
| |||||||
Astoria Financial Corp. | 53,216 | 704,048 | ||||||
Banc of California, Inc. | 17,078 | 187,858 | ||||||
Bank Mutual Corp. | 28,603 | 184,775 | ||||||
BankFinancial Corp. | 11,443 | 130,336 |
Security Description | Shares | Value | ||||||
Savings & Loans/Thrifts (continued) |
| |||||||
Beneficial Mutual Bancorp, Inc.† | 18,020 | $ | 245,072 | |||||
Berkshire Hills Bancorp, Inc. | 15,427 | 391,537 | ||||||
BofI Holding, Inc.† | 8,723 | 688,419 | ||||||
Brookline Bancorp, Inc. | 43,383 | 412,572 | ||||||
Capitol Federal Financial, Inc. | 87,939 | 1,100,996 | ||||||
Charter Financial Corp. | 11,869 | 132,933 | ||||||
Clifton Bancorp, Inc. | 16,269 | 205,640 | ||||||
Dime Community Bancshares, Inc. | 20,137 | 305,076 | ||||||
ESB Financial Corp. | 7,888 | 141,669 | ||||||
EverBank Financial Corp. | 55,987 | 1,054,795 | ||||||
First Defiance Financial Corp. | 5,939 | 178,586 | ||||||
First Financial Northwest, Inc. | 8,458 | 99,382 | ||||||
Flagstar Bancorp, Inc.† | 12,461 | 189,906 | ||||||
Flushing Financial Corp. | 18,590 | 357,300 | ||||||
Fox Chase Bancorp, Inc. | 7,453 | 123,347 | ||||||
HomeStreet, Inc. | 9,124 | 148,812 | ||||||
HomeTrust Bancshares, Inc.† | 12,815 | 200,555 | ||||||
Investors Bancorp, Inc. | 220,094 | 2,379,216 | ||||||
Kearny Financial Corp.† | 8,607 | 121,789 | ||||||
Meridian Bancorp, Inc.† | 12,485 | 136,836 | ||||||
Meta Financial Group, Inc. | 3,766 | 132,563 | ||||||
Northfield Bancorp, Inc. | 31,121 | 438,495 | ||||||
Northwest Bancshares, Inc. | 58,156 | 732,184 | ||||||
OceanFirst Financial Corp. | 8,237 | 132,698 | ||||||
Oritani Financial Corp. | 28,113 | 409,044 | ||||||
Pacific Premier Bancorp, Inc.† | 10,584 | 168,391 | ||||||
Provident Financial Services, Inc. | 37,035 | 639,965 | ||||||
Sterling Bancorp | 51,364 | 687,250 | ||||||
Territorial Bancorp, Inc. | 5,367 | 111,741 | ||||||
United Community Financial Corp. | 31,087 | 159,165 | ||||||
United Financial Bancorp, Inc. | 32,381 | 446,210 | ||||||
Washington Federal, Inc. | 62,261 | 1,347,328 | ||||||
Waterstone Financial, Inc. | 21,139 | 261,278 | ||||||
WSFS Financial Corp. | 5,477 | 411,323 | ||||||
15,899,090 | ||||||||
Schools — 0.4% |
| |||||||
American Public Education, Inc.† | 10,738 | 360,797 | ||||||
Bridgepoint Education, Inc.† | 10,146 | 108,562 | ||||||
Bright Horizons Family Solutions, Inc.† | 18,856 | 842,863 | ||||||
Capella Education Co. | 6,715 | 457,829 | ||||||
Career Education Corp.† | 41,305 | 242,047 | ||||||
Grand Canyon Education, Inc.† | 28,661 | 1,308,948 | ||||||
ITT Educational Services, Inc.†# | 14,359 | 119,323 | ||||||
K12, Inc.† | 21,128 | 242,972 | ||||||
Strayer Education, Inc.† | 6,662 | 504,247 | ||||||
Universal Technical Institute, Inc. | 13,321 | 139,604 | ||||||
4,327,192 | ||||||||
Security Services — 0.2% |
| |||||||
Ascent Capital Group, Inc., Class A† | 8,527 | 458,923 | ||||||
Brink’s Co. | 29,761 | 645,814 | ||||||
LifeLock, Inc.† | 49,455 | 816,502 | ||||||
1,921,239 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Dawson Geophysical Co. | 4,955 | 67,041 | ||||||
Geospace Technologies Corp.† | 8,071 | 212,752 | ||||||
ION Geophysical Corp.† | 79,389 | 196,091 | ||||||
475,884 | ||||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Cirrus Logic, Inc.† | 38,131 | 697,416 | ||||||
Cypress Semiconductor Corp.# | 96,912 | 1,027,267 | ||||||
Emulex Corp.† | 43,603 | 235,892 |
220 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Components - Integrated Circuits (continued) |
| |||||||
Exar Corp.† | 24,269 | $ | 221,576 | |||||
Integrated Device Technology, Inc.† | 82,070 | 1,531,426 | ||||||
MaxLinear, Inc., Class A† | 17,115 | 124,940 | ||||||
Micrel, Inc. | 27,410 | 357,701 | ||||||
Pericom Semiconductor Corp.† | 13,626 | 173,186 | ||||||
Power Integrations, Inc. | 18,691 | 937,541 | ||||||
TriQuint Semiconductor, Inc.† | 105,273 | 2,565,503 | ||||||
Vitesse Semiconductor Corp.† | 33,920 | 112,614 | ||||||
7,985,062 | ||||||||
Semiconductor Equipment — 0.7% |
| |||||||
Axcelis Technologies, Inc.† | 68,328 | 146,905 | ||||||
Brooks Automation, Inc. | 41,048 | 480,672 | ||||||
Cabot Microelectronics Corp.† | 14,817 | 700,844 | ||||||
Cascade Microtech, Inc.† | 7,851 | 108,736 | ||||||
Cohu, Inc. | 15,513 | 177,624 | ||||||
Entegris, Inc.† | 85,511 | 1,151,833 | ||||||
FormFactor, Inc.† | 34,132 | 274,421 | ||||||
MKS Instruments, Inc. | 32,894 | 1,198,657 | ||||||
Nanometrics, Inc.† | 14,683 | 217,896 | ||||||
Photronics, Inc.† | 37,885 | 341,723 | ||||||
Rudolph Technologies, Inc.† | 20,418 | 187,437 | ||||||
Tessera Technologies, Inc. | 32,850 | 1,122,813 | ||||||
Ultra Clean Holdings, Inc.† | 18,091 | 157,211 | ||||||
Ultratech, Inc.† | 17,234 | 335,546 | ||||||
Veeco Instruments, Inc.† | 24,602 | 920,361 | ||||||
Xcerra Corp.† | 32,646 | 261,495 | ||||||
7,784,174 | ||||||||
Silver Mining — 0.0% |
| |||||||
Hecla Mining Co.# | 210,833 | 497,566 | ||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
FCB Financial Holdings, Inc.† | 5,063 | 122,423 | ||||||
National Bank Holdings Corp., Class A | 25,263 | 485,808 | ||||||
608,231 | ||||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Advanced Drainage Systems, Inc.# | 9,368 | 220,242 | ||||||
Furmanite Corp.† | 23,107 | 146,729 | ||||||
Mueller Water Products, Inc., Class A | 97,893 | 929,005 | ||||||
Northwest Pipe Co.† | 5,843 | 193,053 | ||||||
Omega Flex, Inc. | 1,769 | 52,875 | ||||||
1,541,904 | ||||||||
Steel - Producers — 0.3% |
| |||||||
AK Steel Holding Corp.†# | 108,787 | 644,019 | ||||||
Commercial Metals Co. | 72,346 | 1,182,134 | ||||||
Ryerson Holding Corp† | 6,759 | 72,929 | ||||||
Schnitzer Steel Industries, Inc., Class A | 16,174 | 368,767 | ||||||
Shiloh Industries, Inc.† | 5,100 | 82,620 | ||||||
Worthington Industries, Inc. | 31,622 | 1,192,466 | ||||||
3,542,935 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
Universal Stainless & Alloy Products, Inc.† | 4,339 | 105,785 | ||||||
Storage/Warehousing — 0.2% |
| |||||||
Mobile Mini, Inc. | 28,704 | 1,190,929 | ||||||
Wesco Aircraft Holdings, Inc.† | 32,221 | 450,772 | ||||||
1,641,701 | ||||||||
SupraNational Banks — 0.1% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 18,255 | 587,628 | ||||||
Security Description | Shares | Value | ||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Alliance Fiber Optic Products, Inc.# | 7,733 | $ | 98,054 | |||||
Ciena Corp.†# | 64,534 | 1,066,747 | ||||||
Clearfield, Inc.†# | 7,006 | 91,779 | ||||||
Finisar Corp.† | 59,458 | 1,013,759 | ||||||
Harmonic, Inc.† | 58,237 | 407,659 | ||||||
KVH Industries, Inc.† | 9,744 | 119,072 | ||||||
Oclaro, Inc.† | 57,518 | 103,532 | ||||||
Oplink Communications, Inc. | 10,517 | 254,196 | ||||||
3,154,798 | ||||||||
Telecom Services — 0.5% |
| |||||||
Consolidated Communications Holdings, Inc.# | 30,963 | 848,696 | ||||||
EarthLink Holdings Corp. | 62,892 | 276,096 | ||||||
FairPoint Communications, Inc.† | 12,761 | 192,053 | ||||||
GTT Communications, Inc.† | 8,656 | 122,309 | ||||||
Hawaiian Telcom Holdco, Inc.† | 6,504 | 169,104 | ||||||
Inteliquent, Inc. | 19,934 | 367,184 | ||||||
Lumos Networks Corp. | 11,553 | 191,087 | ||||||
NeuStar, Inc., Class A†# | 34,464 | 939,144 | ||||||
ORBCOMM, Inc.† | 27,364 | 177,319 | ||||||
Premiere Global Services, Inc.† | 29,644 | 312,744 | ||||||
RigNet, Inc.† | 7,344 | 300,737 | ||||||
Spok Holdings, Inc. | 13,311 | 211,112 | ||||||
Vonage Holdings Corp.† | 107,043 | 365,017 | ||||||
West Corp. | 23,654 | 738,951 | ||||||
5,211,553 | ||||||||
Telecommunication Equipment — 0.4% |
| |||||||
8x8, Inc.† | 54,416 | 423,357 | ||||||
ADTRAN, Inc. | 34,665 | 724,152 | ||||||
Comtech Telecommunications Corp. | 9,418 | 373,800 | ||||||
Numerex Corp., Class A† | 8,983 | 98,633 | ||||||
Plantronics, Inc. | 26,144 | 1,363,933 | ||||||
Preformed Line Products Co. | 1,633 | 77,045 | ||||||
ShoreTel, Inc.† | 38,417 | 287,359 | ||||||
Sonus Networks, Inc.† | 151,020 | 558,774 | ||||||
3,907,053 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Atlantic Tele-Network, Inc. | 5,763 | 391,769 | ||||||
Cincinnati Bell, Inc.† | 128,458 | 457,310 | ||||||
General Communication, Inc., Class A† | 22,066 | 268,102 | ||||||
IDT Corp., Class B | 10,347 | 175,278 | ||||||
Shenandoah Telecommunications Co. | 14,806 | 438,702 | ||||||
1,731,161 | ||||||||
Television — 0.2% |
| |||||||
Central European Media Enterprises, Ltd., Class A†# | 43,356 | 122,697 | ||||||
Gray Television, Inc.† | 30,446 | 316,334 | ||||||
Sinclair Broadcast Group, Inc., Class A# | 42,193 | 1,230,348 | ||||||
1,669,379 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Perry Ellis International, Inc.† | 7,467 | 197,054 | ||||||
Unifi, Inc.† | 9,006 | 256,491 | ||||||
453,545 | ||||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 5,379 | 100,802 | ||||||
Dixie Group, Inc.† | 9,198 | 70,457 | ||||||
171,259 | ||||||||
Theaters — 0.1% |
| |||||||
AMC Entertainment Holdings, Inc., Class A | 12,936 | 339,182 | ||||||
Carmike Cinemas, Inc.† | 14,868 | 440,688 |
221 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Theaters (continued) |
| |||||||
National CineMedia, Inc. | 37,381 | $ | 529,315 | |||||
Reading International, Inc., Class A† | 10,616 | 126,224 | ||||||
1,435,409 | ||||||||
Therapeutics — 0.8% |
| |||||||
Actinium Pharmaceuticals, Inc.† | 13,039 | 74,844 | ||||||
Agios Pharmaceuticals, Inc.†# | 8,339 | 840,655 | ||||||
Akebia Therapeutics, Inc.† | 4,814 | 58,153 | ||||||
Anika Therapeutics, Inc.† | 8,861 | 362,326 | ||||||
Avanir Pharmaceuticals, Inc.† | 118,440 | 1,767,125 | ||||||
Bio - Path Holdings, Inc.†# | 45,090 | 110,921 | ||||||
Cara Therapeutics, Inc.† | 3,311 | 30,594 | ||||||
Dyax Corp.† | 83,442 | 1,171,526 | ||||||
Egalet Corp.† | 2,436 | 14,665 | ||||||
Esperion Therapeutics, Inc.†# | 3,771 | 119,277 | ||||||
Flexion Therapeutics, Inc.† | 2,799 | 48,003 | ||||||
Hyperion Therapeutics, Inc.† | 8,365 | 171,399 | ||||||
Kite Pharma Inc†# | 5,300 | 222,494 | ||||||
MannKind Corp.†# | 140,118 | 861,726 | ||||||
Mirati Therapeutics, Inc.† | 4,408 | 65,326 | ||||||
Neurocrine Biosciences, Inc.† | 46,613 | 928,997 | ||||||
Northwest Biotherapeutics, Inc.†# | 23,582 | 126,399 | ||||||
Osiris Therapeutics, Inc.†# | 11,653 | 153,237 | ||||||
Otonomy, Inc.† | 4,417 | 106,052 | ||||||
Portola Pharmaceuticals, Inc.† | 26,232 | 737,644 | ||||||
Sarepta Therapeutics, Inc.†# | 24,994 | 423,398 | ||||||
Threshold Pharmaceuticals, Inc.†# | 32,097 | 93,081 | ||||||
Vital Therapies, Inc.†# | 3,471 | 71,884 | ||||||
Xencor, Inc.† | 9,003 | 100,924 | ||||||
Zafgen Inc† | 4,240 | 100,106 | ||||||
8,760,756 | ||||||||
Tobacco — 0.2% |
| |||||||
22nd Century Group, Inc.†# | 27,691 | 54,274 | ||||||
Alliance One International, Inc.† | 54,164 | 98,037 | ||||||
Universal Corp. | 14,270 | 570,657 | ||||||
Vector Group, Ltd.# | 42,429 | 922,831 | ||||||
1,645,799 | ||||||||
Toys — 0.0% |
| |||||||
JAKKS Pacific, Inc.†# | 11,464 | 84,375 | ||||||
LeapFrog Enterprises, Inc.† | 40,120 | 219,055 | ||||||
303,430 | ||||||||
Transactional Software — 0.3% |
| |||||||
ACI Worldwide, Inc.† | 69,908 | 1,359,711 | ||||||
Bottomline Technologies de, Inc.† | 24,183 | 592,967 | ||||||
InnerWorkings, Inc.† | 21,544 | 161,149 | ||||||
Synchronoss Technologies, Inc.† | 21,677 | 928,426 | ||||||
3,042,253 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 32,109 | 255,266 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 15,504 | 707,758 | ||||||
963,024 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
General Finance Corp.†# | 6,802 | 61,898 | ||||||
Greenbrier Cos., Inc.# | 16,951 | 940,441 | ||||||
TAL International Group, Inc. | 20,888 | 923,041 | ||||||
Textainer Group Holdings, Ltd. | 13,261 | 461,483 | ||||||
2,386,863 | ||||||||
Transport - Marine — 0.5% |
| |||||||
Ardmore Shipping Corp. | 11,091 | 113,239 |
Security Description | Shares | Value | ||||||
Transport - Marine (continued) |
| |||||||
Baltic Trading, Ltd.# | 30,229 | $ | 94,919 | |||||
CAI International, Inc.† | 10,064 | 214,464 | ||||||
DHT Holdings, Inc. | 56,842 | 356,399 | ||||||
Dorian LPG, Ltd.† | 4,496 | 61,101 | ||||||
Frontline, Ltd.†# | 40,748 | 50,528 | ||||||
GasLog, Ltd.# | 25,873 | 456,400 | ||||||
Hornbeck Offshore Services, Inc.† | 22,275 | 591,179 | ||||||
International Shipholding Corp. | 3,496 | 57,579 | ||||||
Knightsbridge Shipping, Ltd.# | 20,626 | 117,774 | ||||||
Navios Maritime Acquisition Corp. | 50,524 | 143,488 | ||||||
Navios Maritime Holdings, Inc. | 48,753 | 235,965 | ||||||
Nordic American Offshore, Ltd.# | 11,209 | 146,950 | ||||||
Nordic American Tankers, Ltd.# | 54,797 | 490,981 | ||||||
Safe Bulkers, Inc. | 23,908 | 113,802 | ||||||
Scorpio Bulkers, Inc.† | 82,790 | 270,723 | ||||||
Scorpio Tankers, Inc.# | 105,810 | 872,932 | ||||||
Ship Finance International, Ltd.# | 36,317 | 602,862 | ||||||
Teekay Tankers, Ltd., Class A# | 38,246 | 172,107 | ||||||
Ultrapetrol Bahamas, Ltd.† | 13,129 | 30,853 | ||||||
5,194,245 | ||||||||
Transport - Services — 0.4% |
| |||||||
CHC Group, Ltd.†# | 20,613 | 94,820 | ||||||
Echo Global Logistics, Inc.† | 14,431 | 404,790 | ||||||
Era Group, Inc.† | 12,501 | 263,146 | ||||||
Hub Group, Inc., Class A† | 22,597 | 850,099 | ||||||
Matson, Inc. | 26,402 | 929,614 | ||||||
Universal Truckload Services, Inc. | 4,039 | 110,911 | ||||||
UTi Worldwide, Inc.†# | 56,216 | 663,349 | ||||||
XPO Logistics, Inc.†# | 32,271 | 1,248,242 | ||||||
4,564,971 | ||||||||
Transport - Truck — 0.8% |
| |||||||
ArcBest Corp. | 15,972 | 693,504 | ||||||
Celadon Group, Inc. | 12,856 | 283,346 | ||||||
Forward Air Corp. | 19,171 | 938,612 | ||||||
Heartland Express, Inc. | 33,400 | 886,102 | ||||||
Knight Transportation, Inc. | 36,701 | 1,221,042 | ||||||
Marten Transport, Ltd. | 14,613 | 314,179 | ||||||
P.A.M. Transportation Services, Inc.† | 1,979 | 89,926 | ||||||
Quality Distribution, Inc.† | 16,836 | 203,211 | ||||||
Roadrunner Transportation Systems, Inc.† | 17,125 | 385,484 | ||||||
Saia, Inc.† | 15,153 | 840,537 | ||||||
Swift Transportation Co.† | 52,251 | 1,518,937 | ||||||
USA Truck, Inc.† | 3,848 | 76,922 | ||||||
Werner Enterprises, Inc. | 27,462 | 851,871 | ||||||
YRC Worldwide, Inc.† | 19,211 | 461,256 | ||||||
8,764,929 | ||||||||
Travel Services — 0.1% |
| |||||||
Interval Leisure Group, Inc. | 24,405 | 530,565 | ||||||
Veterinary Diagnostics — 0.1% |
| |||||||
Aratana Therapeutics, Inc.† | 17,647 | 233,823 | ||||||
Kindred Biosciences, Inc.† | 6,447 | 62,020 | ||||||
Neogen Corp.† | 22,530 | 998,304 | ||||||
Phibro Animal Health Corp., Class A | 9,006 | 275,224 | ||||||
1,569,371 | ||||||||
Virtual Reality Products — 0.0% |
| |||||||
RealD, Inc.†# | 24,706 | 282,884 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.†# | 5,491 | 123,438 | ||||||
Nature’s Sunshine Products, Inc. | 6,680 | 99,666 | ||||||
Nutraceutical International Corp.† | 5,319 | 112,656 |
222 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Vitamins & Nutrition Products (continued) |
| |||||||
Omega Protein Corp.† | 12,843 | $ | 130,356 | |||||
Synutra International, Inc.†# | 10,628 | 56,541 | ||||||
USANA Health Sciences, Inc.†# | 3,693 | 393,822 | ||||||
916,479 | ||||||||
Water — 0.3% |
| |||||||
American States Water Co. | 23,827 | 831,324 | ||||||
Artesian Resources Corp., Class A | 4,771 | 102,481 | ||||||
California Water Service Group | 29,373 | 736,381 | ||||||
Connecticut Water Service, Inc. | 6,687 | 233,042 | ||||||
Middlesex Water Co. | 9,823 | 216,499 | ||||||
PICO Holdings, Inc.† | 13,977 | 256,059 | ||||||
SJW Corp. | 9,633 | 288,412 | ||||||
York Water Co. | 7,953 | 160,650 | ||||||
2,824,848 | ||||||||
Water Treatment Systems — 0.0% |
| |||||||
Energy Recovery, Inc.†# | 23,648 | 112,328 | ||||||
Web Hosting/Design — 0.2% |
| |||||||
Endurance International Group Holdings, Inc.†# | 18,522 | 307,836 | ||||||
NIC, Inc. | 40,072 | 722,097 | ||||||
Q2 Holdings, Inc.† | 6,076 | 112,953 | ||||||
Rightside Group, Ltd.† | 5,359 | 43,461 | ||||||
Web.com Group, Inc.† | 31,815 | 539,901 | ||||||
Wix.com, Ltd.†# | 8,520 | 182,413 | ||||||
1,908,661 | ||||||||
Web Portals/ISP — 0.0% |
| |||||||
Blucora, Inc.† | 25,965 | 368,963 | ||||||
Wire & Cable Products — 0.3% |
| |||||||
Belden, Inc. | 26,791 | 1,956,546 | ||||||
Encore Wire Corp. | 12,728 | 466,736 | ||||||
General Cable Corp. | 29,892 | 411,314 | ||||||
Insteel Industries, Inc. | 11,218 | 244,889 | ||||||
3,079,485 | ||||||||
Wireless Equipment — 0.8% |
| |||||||
Aerohive Networks, Inc.†# | 5,854 | 28,509 | ||||||
Aruba Networks, Inc.† | 65,604 | 1,227,451 | ||||||
CalAmp Corp.†# | 22,080 | 412,675 | ||||||
Gogo, Inc.†# | 34,334 | 543,164 | ||||||
InterDigital, Inc. | 24,856 | 1,239,817 | ||||||
RF Micro Devices, Inc.† | 175,822 | 2,568,759 | ||||||
Ruckus Wireless, Inc.† | 39,837 | 456,532 | ||||||
Telenav, Inc.† | 16,733 | 115,960 | ||||||
Tessco Technologies, Inc. | 3,504 | 97,832 | ||||||
Ubiquiti Networks, Inc.# | 18,261 | 527,743 | ||||||
ViaSat, Inc.†# | 25,421 | 1,685,412 | ||||||
8,903,854 | ||||||||
Wound, Burn & Skin Care — 0.0% |
| |||||||
Derma Sciences, Inc.†# | 13,913 | 114,226 | ||||||
IGI Laboratories, Inc.† | 19,669 | 205,934 | ||||||
320,160 | ||||||||
Total Common Stocks | ||||||||
(cost $792,907,353) | 1,055,950,719 | |||||||
WARRANTS† — 0.0% |
| |||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
Magnum Hunter Resources Corp.# | 11,522 | 0 | ||||||
Security Description | Shares/ Principal Amount | Value | ||||||
WARRANTS† (continued) |
| |||||||
Real Estate Management/Services — 0.0% |
| |||||||
Tejon Ranch Co. | 1,364 | $ | 2,387 | |||||
Total Warrants | ||||||||
(cost $9,886) | 2,387 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $792,917,239) | 1,055,953,106 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 12.2% |
| |||||||
Registered Investment Companies — 11.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | 119,064,891 | 119,064,891 | ||||||
U.S. Government Treasuries — 1.2% |
| |||||||
United States Treasury Bills | ||||||||
0.01% due 12/18/2014(4) | $ | 3,500,000 | 3,499,959 | |||||
0.04% due 12/04/2014 | 5,000,000 | 4,999,984 | ||||||
0.04% due 12/18/2014(4) | 5,000,000 | 4,999,942 | ||||||
13,499,885 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $132,564,776) | 132,564,776 | |||||||
REPURCHASE AGREEMENTS — 1.2% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(5) | 12,659,000 | 12,659,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $938,141,015)(6) | 110.9 | % | 1,201,176,882 | |||||
Liabilities in excess of other assets | (10.9 | ) | (118,511,789 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,082,665,093 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Illiquid security. At November 30, 2014, the aggregate value of these securities was $10,033 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) | At November 30, 2014, the Fund had loaned securities with a total value of $114,247,001. This was secured by collateral of $119,064,891, which was received in cash and subsequently invested in short-term investments currently valued at $119,064,891 as reported in the portfolio of investments. Additional collateral of $1,633,211 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 08/01/2027 to 06/15/2041 | $ | 70,633 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 10/25/2029 to 05/25/2042 | 680,433 | |||||
Government National Mtg. Assoc. | 2.75% to 4.00% | 11/20/2038 to 11/16/2039 | 77,731 | |||||
United States Treasury Bills | zero coupon | 01/22/2015 to 10/15/2015 | 7,273 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 12/15/2014 to 02/15/2044 | 797,141 |
(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. |
CVR—Contingent Value Rights
223 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2014 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
231 | Long | Russell 2000 Mini Index | December 2014 | $ | 26,752,993 | $ | 27,063,960 | $ | 310,967 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Celluar Telecom | $ | 406,214 | $ | — | $ | 0 | $ | 406,214 | ||||||||
Medical-Biomedical/Gene | 37,503,502 | — | 10,033 | 37,513,535 | ||||||||||||
Medical-Drugs | 23,878,994 | — | 0 | 23,878,994 | ||||||||||||
Oil Companies - Exploration & Production | 14,750,182 | — | 0 | 14,750,182 | ||||||||||||
Other Industries | 979,401,794 | — | — | 979,401,794 | ||||||||||||
Warrants | 2,387 | — | — | 2,387 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 119,064,891 | — | — | 119,064,891 | ||||||||||||
U.S. Government Treasuries | — | 13,499,885 | — | 13,499,885 | ||||||||||||
Repurchase Agreements | — | 12,659,000 | — | 12,659,000 | ||||||||||||
Total Investments at Value | $ | 1,175,007,964 | $ | 26,158,885 | $ | 10,033 | $ | 1,201,176,882 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts | $ | 310,967 | $ | — | $ | — | $ | 310,967 | ||||||||
* | For a detailed presentation of investments, 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
224 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Banks — Commercial | 10.1 | % | ||
Registered Investment Companies | 5.3 | |||
Real Estate Investment Trusts | 4.9 | |||
Time Deposits | 4.0 | |||
Electronic Components — Misc. | 3.5 | |||
Retail — Restaurants | 3.1 | |||
Insurance — Reinsurance | 2.6 | |||
Consumer Products — Misc. | 2.5 | |||
Computer Services | 2.0 | |||
Insurance — Property/Casualty | 2.0 | |||
Savings & Loans/Thrifts | 1.9 | |||
Electric — Integrated | 1.9 | |||
Oil Companies — Exploration & Production | 1.8 | |||
Machinery — Electrical | 1.8 | |||
Building & Construction Products — Misc. | 1.8 | |||
Metal Processors & Fabrication | 1.7 | |||
Investment Management/Advisor Services | 1.6 | |||
Machinery — General Industrial | 1.6 | |||
Electronic Components — Semiconductors | 1.5 | |||
Medical Products | 1.4 | |||
Chemicals — Diversified | 1.4 | |||
Oil — Field Services | 1.3 | |||
Paper & Related Products | 1.3 | |||
Insurance — Life/Health | 1.2 | |||
Medical — Biomedical/Gene | 1.2 | |||
Electronic Measurement Instruments | 1.2 | |||
Distribution/Wholesale | 1.2 | |||
Retail — Apparel/Shoe | 1.2 | |||
Food — Canned | 1.1 | |||
Diversified Manufacturing Operations | 1.1 | |||
Exchange — Traded Funds | 1.1 | |||
Chemicals — Plastics | 1.0 | |||
Diversified Operations/Commercial Services | 1.0 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Oil & Gas Drilling | 1.0 | |||
Insurance Brokers | 1.0 | |||
Computers — Memory Devices | 0.9 | |||
Engineering/R&D Services | 0.9 | |||
Publishing — Newspapers | 0.9 | |||
Chemicals — Specialty | 0.9 | |||
Funeral Services & Related Items | 0.8 | |||
Telecommunication Equipment | 0.8 | |||
Batteries/Battery Systems | 0.8 | |||
Office Supplies & Forms | 0.7 | |||
Miscellaneous Manufacturing | 0.7 | |||
Publishing — Books | 0.7 | |||
Auto/Truck Parts & Equipment — Replacement | 0.7 | |||
Networking Products | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Beverages — Non-alcoholic | 0.6 | |||
Finance — Leasing Companies | 0.6 | |||
Transport — Truck | 0.6 | |||
Medical Imaging Systems | 0.6 | |||
Data Processing/Management | 0.5 | |||
Dental Supplies & Equipment | 0.5 | |||
Identification Systems | 0.5 | |||
Human Resources | 0.5 | |||
Applications Software | 0.5 | |||
Transactional Software | 0.5 | |||
Transport — Services | 0.5 | |||
Medical Sterilization Products | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
Retail — Home Furnishings | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Disposable Medical Products | 0.5 | |||
Investment Companies | 0.4 | |||
Multimedia | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Electronic Design Automation | 0.4 |
Recreational Centers | 0.4 | |||
Rental Auto/Equipment | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Medical — Hospitals | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Medical Instruments | 0.4 | |||
Hazardous Waste Disposal | 0.4 | |||
Garden Products | 0.4 | |||
Textile — Products | 0.4 | |||
Rubber — Tires | 0.4 | |||
Finance — Mortgage Loan/Banker | 0.4 | |||
Housewares | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Retail — Computer Equipment | 0.3 | |||
Security Services | 0.3 | |||
Tobacco | 0.3 | |||
Telecom Services | 0.3 | |||
Food — Retail | 0.3 | |||
Building — Maintenance & Services | 0.3 | |||
Diagnostic Kits | 0.2 | |||
Footwear & Related Apparel | 0.2 | |||
Medical — Drugs | 0.2 | |||
Electronic Parts Distribution | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Retail — Discount | 0.2 | |||
Printing — Commercial | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Finance — Consumer Loans | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Medical — HMO | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Television | 0.1 | |||
Building Products — Cement | 0.1 | |||
Silver Mining | 0.1 | |||
Precious Metals | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
105.1 | % | |||
* | Calculated as a percentage of net assets |
225 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.7% |
| |||||||
Aerospace/Defense - Equipment — 1.0% |
| |||||||
AAR Corp. | 28,166 | $ | 721,895 | |||||
Alliant Techsystems, Inc. | 8,905 | 1,012,320 | ||||||
Triumph Group, Inc. | 9,870 | 671,752 | ||||||
2,405,967 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Delta Apparel, Inc.† | 71,125 | 768,150 | ||||||
Applications Software — 0.5% |
| |||||||
Progress Software Corp.† | 49,072 | 1,265,567 | ||||||
Auto/Truck Parts & Equipment - Original — 0.6% |
| |||||||
American Axle & Manufacturing Holdings, Inc.† | 68,878 | 1,469,856 | ||||||
Auto/Truck Parts & Equipment - Replacement — 0.7% |
| |||||||
Douglas Dynamics, Inc. | 68,305 | 1,573,064 | ||||||
Banks - Commercial — 10.1% |
| |||||||
Associated Banc-Corp. | 129,413 | 2,391,552 | ||||||
BBCN Bancorp, Inc. | 50,657 | 705,145 | ||||||
Blue Hills Bancorp, Inc.† | 43,872 | 579,988 | ||||||
Chemical Financial Corp. | 7,474 | 216,522 | ||||||
First Citizens BancShares, Inc., Class A | 18,650 | 4,729,640 | ||||||
First Horizon National Corp. | 82,450 | 1,052,062 | ||||||
First Midwest Bancorp, Inc. | 26,810 | 448,531 | ||||||
FirstMerit Corp. | 51,325 | 918,204 | ||||||
Fulton Financial Corp. | 76,140 | 909,112 | ||||||
Hancock Holding Co. | 59,650 | 1,951,152 | ||||||
International Bancshares Corp. | 11,502 | 293,531 | ||||||
NBT Bancorp, Inc. | 10,312 | 250,685 | ||||||
Old National Bancorp | 61,170 | 868,614 | ||||||
Prosperity Bancshares, Inc. | 13,947 | 783,542 | ||||||
Synovus Financial Corp. | 37,966 | 981,041 | ||||||
TCF Financial Corp. | 153,436 | 2,381,327 | ||||||
UMB Financial Corp. | 43,667 | 2,423,082 | ||||||
Umpqua Holdings Corp. | 25,350 | 430,697 | ||||||
Webster Financial Corp. | 20,960 | 659,611 | ||||||
WesBanco, Inc. | 10,466 | 347,576 | ||||||
Wintrust Financial Corp. | 21,774 | 973,080 | ||||||
24,294,694 | ||||||||
Batteries/Battery Systems — 0.8% |
| |||||||
EnerSys | 30,057 | 1,825,362 | ||||||
Beverages - Non-alcoholic — 0.6% |
| |||||||
Cott Corp. | 218,434 | 1,430,743 | ||||||
Building & Construction Products - Misc. — 1.8% |
| |||||||
Owens Corning | 14,500 | 505,180 | ||||||
Quanex Building Products Corp. | 51,780 | 1,024,208 | ||||||
Simpson Manufacturing Co., Inc. | 81,603 | 2,709,220 | ||||||
4,238,608 | ||||||||
Building & Construction - Misc. — 0.2% |
| |||||||
Aegion Corp.† | 20,138 | 383,629 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Continental Building Products, Inc.† | 17,869 | 298,412 | ||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
Griffon Corp. | 14,688 | 182,866 | ||||||
Building - Heavy Construction — 0.4% |
| |||||||
Tutor Perini Corp.† | 37,738 | 952,884 | ||||||
Building - Maintenance & Services — 0.3% |
| |||||||
ABM Industries, Inc. | 22,645 | 613,453 | ||||||
Building - Residential/Commercial — 0.2% |
| |||||||
KB Home# | 28,010 | 492,136 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Diversified — 1.4% |
| |||||||
Innospec, Inc. | 54,776 | $ | 2,347,699 | |||||
Koppers Holdings, Inc. | 12,372 | 361,015 | ||||||
Olin Corp. | 27,065 | 680,956 | ||||||
3,389,670 | ||||||||
Chemicals - Plastics — 1.0% |
| |||||||
A. Schulman, Inc. | 65,939 | 2,522,826 | ||||||
Chemicals - Specialty — 0.9% |
| |||||||
Cabot Corp. | 17,529 | 755,149 | ||||||
Sensient Technologies Corp. | 22,782 | 1,342,999 | ||||||
2,098,148 | ||||||||
Commercial Services - Finance — 0.4% |
| |||||||
Liberty Tax, Inc.† | 28,095 | 1,070,560 | ||||||
Computer Services — 2.0% |
| |||||||
DST Systems, Inc. | 22,554 | 2,238,485 | ||||||
Science Applications International Corp. | 13,295 | 673,126 | ||||||
Sykes Enterprises, Inc.† | 86,073 | 1,994,311 | ||||||
4,905,922 | ||||||||
Computers - Integrated Systems — 0.5% |
| |||||||
Brocade Communications Systems, Inc. | 104,418 | 1,180,968 | ||||||
Computers - Memory Devices — 0.9% |
| |||||||
Imation Corp.† | 551,825 | 1,749,285 | ||||||
Quantum Corp.†# | 345,101 | 545,260 | ||||||
2,294,545 | ||||||||
Consumer Products - Misc. — 2.5% |
| |||||||
Blyth, Inc.# | 48,411 | 492,340 | ||||||
Central Garden & Pet Co.† | 78,038 | 571,238 | ||||||
Helen of Troy, Ltd.† | 30,574 | 1,976,915 | ||||||
Spectrum Brands Holdings, Inc. | 6,815 | 626,775 | ||||||
WD-40 Co. | 30,857 | 2,348,218 | ||||||
6,015,486 | ||||||||
Data Processing/Management — 0.5% |
| |||||||
Acxiom Corp.† | 50,323 | 957,646 | ||||||
CSG Systems International, Inc. | 14,640 | 367,757 | ||||||
1,325,403 | ||||||||
Dental Supplies & Equipment — 0.5% |
| |||||||
Patterson Cos., Inc. | 27,342 | 1,317,338 | ||||||
Diagnostic Kits — 0.2% |
| |||||||
Meridian Bioscience, Inc. | 35,862 | 589,930 | ||||||
Disposable Medical Products — 0.5% |
| |||||||
ICU Medical, Inc.† | 13,024 | 1,089,979 | ||||||
Distribution/Wholesale — 1.2% |
| |||||||
Ingram Micro, Inc., Class A† | 38,624 | 1,059,456 | ||||||
Owens & Minor, Inc. | 53,914 | 1,844,398 | ||||||
2,903,854 | ||||||||
Diversified Manufacturing Operations — 1.1% |
| |||||||
Barnes Group, Inc. | 28,441 | 1,044,638 | ||||||
Crane Co. | 15,048 | 888,284 | ||||||
LSB Industries, Inc.† | 18,547 | 613,349 | ||||||
2,546,271 | ||||||||
Diversified Operations/Commercial Services — 1.0% |
| |||||||
Viad Corp. | 103,978 | 2,498,591 | ||||||
Electric - Integrated — 1.9% |
| |||||||
Cleco Corp. | 23,088 | 1,240,518 | ||||||
IDACORP, Inc. | 20,055 | 1,245,616 |
226 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electric - Integrated (continued) |
| |||||||
Portland General Electric Co. | 33,060 | $ | 1,218,922 | |||||
TECO Energy, Inc. | 41,425 | 821,458 | ||||||
4,526,514 | ||||||||
Electronic Components - Misc. — 3.5% |
| |||||||
AVX Corp. | 83,102 | 1,187,528 | ||||||
Celestica, Inc.† | 27,305 | 293,802 | ||||||
GSI Group, Inc.† | 169,168 | 2,145,050 | ||||||
Knowles Corp.† | 68,516 | 1,431,299 | ||||||
Sanmina Corp.† | 28,162 | 692,785 | ||||||
Vishay Intertechnology, Inc. | 191,069 | 2,650,127 | ||||||
8,400,591 | ||||||||
Electronic Components - Semiconductors — 1.5% |
| |||||||
DSP Group, Inc.† | 84,636 | 915,762 | ||||||
Integrated Silicon Solution, Inc. | 13,430 | 194,332 | ||||||
IXYS Corp. | 15,890 | 181,623 | ||||||
Microsemi Corp.† | 49,645 | 1,350,344 | ||||||
QLogic Corp.† | 83,845 | 967,571 | ||||||
3,609,632 | ||||||||
Electronic Design Automation — 0.4% |
| |||||||
Mentor Graphics Corp. | 47,795 | 1,061,527 | ||||||
Electronic Measurement Instruments — 1.2% |
| |||||||
ESCO Technologies, Inc. | 30,058 | 1,082,689 | ||||||
Itron, Inc.† | 13,650 | 551,460 | ||||||
Orbotech, Ltd.† | 89,664 | 1,327,924 | ||||||
2,962,073 | ||||||||
Electronic Parts Distribution — 0.2% |
| |||||||
Tech Data Corp.† | 9,205 | 573,748 | ||||||
Engineering/R&D Services — 0.9% |
| |||||||
EMCOR Group, Inc. | 51,816 | 2,246,224 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Nelnet, Inc., Class A | 7,632 | 349,851 | ||||||
Finance - Leasing Companies — 0.6% |
| |||||||
Aircastle, Ltd. | 67,318 | 1,393,483 | ||||||
Finance - Mortgage Loan/Banker — 0.4% |
| |||||||
Home Loan Servicing Solutions, Ltd. | 43,225 | 844,616 | ||||||
Food - Canned — 1.1% |
| |||||||
TreeHouse Foods, Inc.† | 32,053 | 2,594,690 | ||||||
Food - Retail — 0.3% |
| |||||||
SUPERVALU, Inc.† | 68,681 | 642,854 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
SpartanNash Co. | 14,980 | 349,483 | ||||||
Footwear & Related Apparel — 0.2% |
| |||||||
Steven Madden, Ltd.† | 17,241 | 587,918 | ||||||
Funeral Services & Related Items — 0.8% |
| |||||||
Matthews International Corp., Class A | 43,173 | 1,988,980 | ||||||
Garden Products — 0.4% |
| |||||||
Scotts Miracle-Gro Co., Class A | 14,541 | 887,437 | ||||||
Hazardous Waste Disposal — 0.4% |
| |||||||
Clean Harbors, Inc.† | 19,107 | 893,252 | ||||||
Housewares — 0.3% |
| |||||||
Tupperware Brands Corp. | 11,695 | 786,489 | ||||||
Human Resources — 0.5% |
| |||||||
Korn/Ferry International† | 46,662 | 1,266,873 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Identification Systems — 0.5% |
| |||||||
Brady Corp., Class A | 51,488 | $ | 1,287,200 | |||||
Insurance Brokers — 1.0% |
| |||||||
Brown & Brown, Inc. | 71,318 | 2,296,440 | ||||||
Insurance - Life/Health — 1.2% |
| |||||||
Fidelity & Guaranty Life | 25,451 | 637,039 | ||||||
Protective Life Corp. | 24,665 | 1,719,397 | ||||||
Symetra Financial Corp. | 28,470 | 645,130 | ||||||
3,001,566 | ||||||||
Insurance - Property/Casualty — 2.0% |
| |||||||
Hanover Insurance Group, Inc. | 17,670 | 1,259,518 | ||||||
ProAssurance Corp. | 49,094 | 2,213,648 | ||||||
Stewart Information Services Corp. | 37,025 | 1,314,017 | ||||||
4,787,183 | ||||||||
Insurance - Reinsurance — 2.6% |
| |||||||
Aspen Insurance Holdings, Ltd. | 22,100 | 977,483 | ||||||
Endurance Specialty Holdings, Ltd. | 34,063 | 2,009,036 | ||||||
Essent Group, Ltd.† | 34,962 | 881,042 | ||||||
Montpelier Re Holdings, Ltd. | 16,450 | 560,123 | ||||||
Validus Holdings, Ltd. | 44,707 | 1,855,340 | ||||||
6,283,024 | ||||||||
Investment Companies — 0.4% |
| |||||||
Apollo Investment Corp.# | 93,767 | 772,640 | ||||||
Prospect Capital Corp.# | 31,948 | 301,270 | ||||||
1,073,910 | ||||||||
Investment Management/Advisor Services — 1.6% |
| |||||||
CIFC Corp.# | 55,094 | 487,031 | ||||||
Federated Investors, Inc., Class B# | 15,584 | 489,961 | ||||||
Janus Capital Group, Inc.# | 50,355 | 791,580 | ||||||
Westwood Holdings Group, Inc. | 34,888 | 2,078,976 | ||||||
3,847,548 | ||||||||
Lasers - System/Components — 0.1% |
| |||||||
Coherent, Inc.† | 5,850 | 323,856 | ||||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Hyster-Yale Materials Handling, Inc. | 6,244 | 458,372 | ||||||
Machinery - Electrical — 1.8% |
| |||||||
Franklin Electric Co., Inc. | 71,949 | 2,702,405 | ||||||
Regal-Beloit Corp. | 21,748 | 1,572,815 | ||||||
4,275,220 | ||||||||
Machinery - General Industrial — 1.6% | ||||||||
Kadant, Inc. | 95,546 | 3,812,285 | ||||||
Medical Imaging Systems — 0.6% | ||||||||
Analogic Corp. | 18,259 | 1,329,985 | ||||||
Medical Instruments — 0.4% | ||||||||
CryoLife, Inc. | 30,691 | 309,979 | ||||||
Integra LifeSciences Holdings Corp.† | 12,575 | 619,193 | ||||||
929,172 | ||||||||
Medical Products — 1.4% | ||||||||
Haemonetics Corp.† | 38,981 | 1,439,568 | ||||||
Hill-Rom Holdings, Inc. | 25,444 | 1,164,318 | ||||||
West Pharmaceutical Services, Inc. | 15,506 | 806,467 | ||||||
3,410,353 | ||||||||
Medical Sterilization Products — 0.5% | ||||||||
STERIS Corp. | 19,297 | 1,230,184 | ||||||
Medical - Biomedical/Gene — 1.2% | ||||||||
Bio-Rad Laboratories, Inc., Class A† | 11,657 | 1,384,735 |
227 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Charles River Laboratories International, Inc.† | 12,235 | $ | 792,216 | |||||
Theravance, Inc.# | 54,351 | 822,331 | ||||||
2,999,282 | ||||||||
Medical - Drugs — 0.2% | ||||||||
Prestige Brands Holdings, Inc.† | 17,515 | 585,877 | ||||||
Medical - HMO — 0.1% | ||||||||
Triple-S Management Corp., Class B† | 14,333 | 331,379 | ||||||
Medical - Hospitals — 0.4% | ||||||||
Select Medical Holdings Corp. | 65,840 | 950,071 | ||||||
Metal Processors & Fabrication — 1.7% | ||||||||
Global Brass & Copper Holdings, Inc. | 22,055 | 270,174 | ||||||
LB Foster Co., Class A | 3,870 | 179,374 | ||||||
Mueller Industries, Inc. | 93,874 | 3,080,006 | ||||||
Worthington Industries, Inc. | 17,632 | 664,903 | ||||||
4,194,457 | ||||||||
Miscellaneous Manufacturing — 0.7% | ||||||||
Hillenbrand, Inc. | 51,679 | 1,661,997 | ||||||
Multimedia — 0.4% | ||||||||
Meredith Corp.# | 20,343 | 1,073,703 | ||||||
Networking Products — 0.6% | ||||||||
Ixia† | 66,365 | 688,205 | ||||||
NETGEAR, Inc.† | 24,262 | 842,377 | ||||||
1,530,582 | ||||||||
Office Supplies & Forms — 0.7% | ||||||||
ACCO Brands Corp.† | 190,089 | 1,665,180 | ||||||
Oil & Gas Drilling — 1.0% | ||||||||
Atwood Oceanics, Inc.† | 53,881 | 1,729,041 | ||||||
Patterson-UTI Energy, Inc. | 36,877 | 652,354 | ||||||
2,381,395 | ||||||||
Oil Companies - Exploration & Production — 1.8% | ||||||||
Bellatrix Exploration, Ltd.†# | 93,440 | 377,498 | ||||||
Bill Barrett Corp.† | 61,573 | 623,735 | ||||||
Comstock Resources, Inc.# | 69,348 | 614,423 | ||||||
Energy XXI, Ltd.# | 42,340 | 169,783 | ||||||
Gran Tierra Energy, Inc.† | 111,140 | 424,555 | ||||||
Stone Energy Corp.† | 39,647 | 626,423 | ||||||
Ultra Petroleum Corp.†# | 45,805 | 909,229 | ||||||
Unit Corp.† | 15,788 | 603,417 | ||||||
4,349,063 | ||||||||
Oil - Field Services — 1.3% | ||||||||
CARBO Ceramics, Inc.# | 27,528 | 1,047,165 | ||||||
Frank’s International NV# | 40,037 | 719,865 | ||||||
Steel Excel, Inc.† | 51,325 | 1,488,425 | ||||||
3,255,455 | ||||||||
Paper & Related Products — 1.3% | ||||||||
Neenah Paper, Inc. | 22,506 | 1,288,243 | ||||||
Schweitzer-Mauduit International, Inc. | 44,750 | 1,913,958 | ||||||
3,202,201 | ||||||||
Precious Metals — 0.1% | ||||||||
Coeur Mining, Inc.† | 64,383 | 264,614 | ||||||
Printing - Commercial — 0.2% | ||||||||
RR Donnelley & Sons Co. | 26,240 | 441,882 | ||||||
Publishing - Books — 0.7% | ||||||||
Courier Corp. | 76,163 | 1,050,288 |
Security Description | Shares | Value (Note 2) | ||||||
Publishing - Books (continued) | ||||||||
John Wiley & Sons, Inc., Class A | 10,102 | $ | 603,291 | |||||
1,653,579 | ||||||||
Publishing - Newspapers — 0.9% | ||||||||
AH Belo Corp., Class A | 183,876 | 2,206,512 | ||||||
Real Estate Investment Trusts — 4.9% | ||||||||
Apollo Residential Mortgage, Inc. | 29,080 | 480,402 | ||||||
Ashford Hospitality Prime, Inc. | 16,352 | 286,978 | ||||||
Ashford Hospitality Trust, Inc. | 57,385 | 601,395 | ||||||
Associated Estates Realty Corp. | 28,326 | 635,069 | ||||||
Brandywine Realty Trust | 64,000 | 989,440 | ||||||
CBL & Associates Properties, Inc. | 37,755 | 734,335 | ||||||
Geo Group, Inc. | 21,303 | 858,298 | ||||||
Hatteras Financial Corp. | 93,603 | 1,793,433 | ||||||
Hospitality Properties Trust | 36,644 | 1,121,306 | ||||||
Mack-Cali Realty Corp. | 37,912 | 728,669 | ||||||
New Residential Investment Corp. | 69,820 | 904,867 | ||||||
Omega Healthcare Investors, Inc. | 23,630 | 903,138 | ||||||
Pennsylvania Real Estate Investment Trust | 39,205 | 916,221 | ||||||
RAIT Financial Trust | 108,783 | 803,906 | ||||||
11,757,457 | ||||||||
Recreational Centers — 0.4% | ||||||||
Life Time Fitness, Inc.† | 19,060 | 1,055,543 | ||||||
Rental Auto/Equipment — 0.4% | ||||||||
Aaron’s, Inc. | 35,645 | 1,011,605 | ||||||
Retail - Apparel/Shoe — 1.2% | ||||||||
Ascena Retail Group, Inc.† | 75,373 | 1,009,245 | ||||||
Christopher & Banks Corp.† | 65,075 | 471,143 | ||||||
Guess?, Inc. | 58,402 | 1,323,973 | ||||||
2,804,361 | ||||||||
Retail - Computer Equipment — 0.3% |
| |||||||
GameStop Corp., Class A# | 20,219 | 764,480 | ||||||
Retail - Convenience Store — 0.1% |
| |||||||
TravelCenters of America LLC† | 14,900 | 139,315 | ||||||
Retail - Discount — 0.2% |
| |||||||
Big Lots, Inc. | 8,890 | 451,612 | ||||||
Retail - Home Furnishings — 0.5% |
| |||||||
Pier 1 Imports, Inc. | 85,332 | 1,177,582 | ||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
CST Brands, Inc. | 11,775 | 514,096 | ||||||
Retail - Restaurants — 3.1% |
| |||||||
Brinker International, Inc. | 25,555 | 1,439,513 | ||||||
Denny’s Corp.† | 162,933 | 1,578,821 | ||||||
DineEquity, Inc. | 25,420 | 2,524,969 | ||||||
Krispy Kreme Doughnuts, Inc.† | 54,669 | 1,113,061 | ||||||
Wendy’s Co. | 88,595 | 772,548 | ||||||
7,428,912 | ||||||||
Rubber - Tires — 0.4% |
| |||||||
Cooper Tire & Rubber Co. | 24,950 | 846,553 | ||||||
Savings & Loans/Thrifts — 1.9% |
| |||||||
Clifton Bancorp, Inc. | 41,400 | 523,296 | ||||||
First Niagara Financial Group, Inc. | 229,189 | 1,872,474 | ||||||
People’s United Financial, Inc.# | 81,639 | 1,206,625 | ||||||
Washington Federal, Inc. | 43,180 | 934,415 | ||||||
4,536,810 | ||||||||
Security Services — 0.3% |
| |||||||
Brink’s Co. | 34,620 | 751,254 | ||||||
228 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
Exar Corp.† | 103,767 | $ | 947,393 | |||||
Semiconductor Equipment — 0.5% |
| |||||||
Kulicke & Soffa Industries, Inc.† | 78,644 | 1,099,443 | ||||||
Silver Mining — 0.1% |
| |||||||
Pan American Silver Corp. | 30,794 | 288,232 | ||||||
Telecom Services — 0.3% |
| |||||||
Aviat Networks, Inc.† | 180,935 | 273,212 | ||||||
EarthLink Holdings Corp. | 90,782 | 398,533 | ||||||
671,745 | ||||||||
Telecommunication Equipment — 0.8% |
| |||||||
ARRIS Group, Inc.† | 24,921 | 741,898 | ||||||
Plantronics, Inc. | 23,290 | 1,215,039 | ||||||
1,956,937 | ||||||||
Television — 0.1% |
| |||||||
CTC Media, Inc. | 51,500 | 306,940 | ||||||
Textile - Products — 0.4% |
| |||||||
Dixie Group, Inc.† | 111,003 | 850,283 | ||||||
Tobacco — 0.3% |
| |||||||
Universal Corp.# | 17,868 | 714,541 | ||||||
Transactional Software — 0.5% |
| |||||||
ACI Worldwide, Inc.† | 64,285 | 1,250,343 | ||||||
Transport - Services — 0.5% |
| |||||||
Ryder System, Inc. | 13,055 | 1,247,014 | ||||||
Transport - Truck — 0.6% |
| |||||||
Forward Air Corp. | 27,378 | 1,340,427 | ||||||
Total Common Stocks | ||||||||
(cost $197,128,249) | 228,917,522 | |||||||
EXCHANGE-TRADED FUNDS — 1.1% | ||||||||
iShares Russell 2000 Value ETF# | 15,374 | 1,532,788 | ||||||
iShares Russell Microcap Index Fund# | 13,582 | 1,000,586 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $2,490,341) | 2,533,374 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $199,618,590) | 231,450,896 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 9.3% |
| |||||||
Registered Investment Companies — 5.3% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 12,944,581 | $ | 12,944,581 | |||||
Time Deposits — 4.0% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 9,626,000 | 9,626,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $22,570,581) | 22,570,581 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $222,189,171)(2) | 105.1 | % | 254,021,477 | |||||
Liabilities in excess of other assets | (5.1 | ) | (12,317,061 | ) | ||||
NET ASSETS | 100.0 | % | $ | 241,704,416 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $12,209,872. This was secured by collateral of $12,944,581, which was received in cash and subsequently invested in short-term investments currently valued at $12,944,581 as reported in the portfolio of investments. Additional collateral of $119,520 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||
United States Treasury Notes/Bonds | 0.63% to 6.13% | 12/31/2014 to 11/15/2043 | $199,520 |
(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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 228,917,522 | $ | — | $ | — | $ | 228,917,522 | ||||||||
Exchange-Traded Funds | 2,533,374 | — | — | 2,533,374 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 12,944,581 | — | — | 12,944,581 | ||||||||||||
Time Deposits | — | 9,626,000 | — | 9,626,000 | ||||||||||||
Total Investments at Value | $ | 244,395,477 | $ | 9,626,000 | $ | — | $ | 254,021,477 | ||||||||
* | For a detailed presentation of investments, 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
229 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Registered Investment Companies | 17.4 | % | ||
Retail — Apparel/Shoe | 5.0 | |||
Applications Software | 4.7 | |||
Medical — Biomedical/Gene | 4.0 | |||
Commercial Services | 3.9 | |||
Retail — Restaurants | 3.8 | |||
Medical — Drugs | 3.3 | |||
Banks — Commercial | 3.1 | |||
Food — Misc./Diversified | 2.8 | |||
Machinery — Pumps | 2.6 | |||
Finance — Consumer Loans | 2.6 | |||
Real Estate Management/Services | 2.6 | |||
Power Converter/Supply Equipment | 2.6 | |||
Medical Products | 2.4 | |||
Instruments — Controls | 2.4 | |||
Transport — Truck | 2.3 | |||
Electronic Components — Semiconductors | 2.1 | |||
Commercial Services — Finance | 2.0 | |||
Building — Heavy Construction | 1.8 | |||
Medical — Hospitals | 1.7 | |||
Retail — Misc./Diversified | 1.6 | |||
Retail — Perfume & Cosmetics | 1.6 | |||
Web Hosting/Design | 1.5 | |||
Computers — Periphery Equipment | 1.5 | |||
Medical Instruments | 1.5 | |||
Enterprise Software/Service | 1.4 | |||
Distribution/Wholesale | 1.4 | |||
Retail — Home Furnishings | 1.4 | |||
Oil Field Machinery & Equipment | 1.4 | |||
Diagnostic Equipment | 1.4 | |||
Food — Canned | 1.4 | |||
Apparel Manufacturers | 1.4 | |||
Industrial Gases | 1.3 | |||
Electronic Connectors | 1.3 | |||
Oil Companies — Exploration & Production | 1.3 | |||
Financial Guarantee Insurance | 1.2 | |||
Building — Residential/Commercial | 1.2 | |||
Chemicals — Specialty | 1.2 | |||
Computer Software | 1.2 | |||
Oil — Field Services | 1.2 | |||
Machinery — General Industrial | 1.1 | |||
Instruments — Scientific | 0.9 | |||
Communications Software | 0.9 | |||
Telecom Services | 0.8 | |||
Office Supplies & Forms | 0.8 | |||
Food — Retail | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Non-Hazardous Waste Disposal | 0.8 | |||
MRI/Medical Diagnostic Imaging | 0.8 | |||
Internet Content — Entertainment | 0.7 | |||
Coatings/Paint | 0.7 | |||
Office Furnishings — Original | 0.7 | |||
Consulting Services | 0.7 | |||
Aerospace/Defense | 0.6 | |||
Cruise Lines | 0.6 | |||
Banks — Super Regional | 0.6 | |||
Human Resources | 0.5 | |||
Physicians Practice Management | 0.5 | |||
Transport — Rail | 0.4 | |||
Therapeutics | 0.4 | |||
Machine Tools & Related Products | 0.4 | |||
Athletic Equipment | 0.4 | |||
Hazardous Waste Disposal | 0.4 | |||
Television | 0.4 | |||
Drug Delivery Systems | 0.3 | |||
Veterinary Diagnostics | 0.2 | |||
Wireless Equipment | 0.1 | |||
Computer Data Security | 0.1 | |||
116.9 | % | |||
* | Calculated as a percentage of net assets |
230 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.5% | ||||||||
Aerospace/Defense — 0.6% | ||||||||
Aerovironment, Inc.† | 27,893 | $ | 772,915 | |||||
Apparel Manufacturers — 1.4% | ||||||||
Under Armour, Inc., Class A† | 22,330 | 1,618,702 | ||||||
Applications Software — 4.7% | ||||||||
Demandware, Inc.†# | 9,757 | 546,392 | ||||||
NetSuite, Inc.†# | 13,797 | 1,459,033 | ||||||
Red Hat, Inc.† | 22,018 | 1,368,419 | ||||||
ServiceNow, Inc.† | 25,613 | 1,638,207 | ||||||
Tableau Software, Inc., Class A† | 7,670 | 643,360 | ||||||
5,655,411 | ||||||||
Athletic Equipment — 0.4% | ||||||||
Black Diamond, Inc.†# | 54,293 | 493,523 | ||||||
Auto/Truck Parts & Equipment-Original — 0.8% | ||||||||
BorgWarner, Inc. | 16,690 | 943,986 | ||||||
Banks - Commercial — 3.1% | ||||||||
Eagle Bancorp, Inc.† | 39,852 | 1,367,721 | ||||||
First Republic Bank | 45,996 | 2,370,174 | ||||||
3,737,895 | ||||||||
Banks - Super Regional — 0.6% | ||||||||
Independent Bank Group, Inc. | 15,868 | 680,737 | ||||||
Building - Heavy Construction — 1.8% | ||||||||
SBA Communications Corp., Class A† | 17,517 | 2,131,293 | ||||||
Building - Residential/Commercial — 1.2% | ||||||||
M/I Homes, Inc.† | 64,359 | 1,475,108 | ||||||
Chemicals - Specialty — 1.2% | ||||||||
International Flavors & Fragrances, Inc. | 14,340 | 1,450,778 | ||||||
Coatings/Paint — 0.7% | ||||||||
Axalta Coating Systems, Ltd.† | 33,794 | 804,297 | ||||||
Commercial Services — 3.9% | ||||||||
Healthcare Services Group, Inc.# | 75,551 | 2,278,618 | ||||||
HMS Holdings Corp.†# | 66,929 | 1,396,139 | ||||||
Quanta Services, Inc.† | 30,588 | 932,934 | ||||||
4,607,691 | ||||||||
Commercial Services - Finance — 2.0% | ||||||||
EVERTEC, Inc. | 45,474 | 1,002,247 | ||||||
FleetCor Technologies, Inc.† | 9,297 | 1,412,121 | ||||||
2,414,368 | ||||||||
Communications Software — 0.9% | ||||||||
Mavenir Systems, Inc.†# | 83,554 | 1,057,794 | ||||||
Computer Data Security — 0.1% | ||||||||
A10 Networks, Inc.†# | 23,254 | 94,876 | ||||||
Computer Software — 1.2% | ||||||||
InterXion Holding NV† | 51,150 | 1,425,551 | ||||||
Computers - Periphery Equipment — 1.5% | ||||||||
Electronics for Imaging, Inc.† | 39,736 | 1,766,265 | ||||||
Consulting Services — 0.7% | ||||||||
Advisory Board Co.† | 18,325 | 780,645 | ||||||
Cruise Lines — 0.6% | ||||||||
Norwegian Cruise Line Holdings, Ltd.† | 16,113 | 707,200 | ||||||
Diagnostic Equipment — 1.4% | ||||||||
Cepheid† | 29,609 | 1,630,864 | ||||||
Distribution/Wholesale — 1.4% | ||||||||
LKQ Corp.† | 58,390 | 1,696,229 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Drug Delivery Systems — 0.3% | ||||||||
Revance Therapeutics, Inc.†# | 20,033 | $ | 329,343 | |||||
Electronic Components - Semiconductors — 2.1% | ||||||||
IPG Photonics Corp.†# | 17,109 | 1,233,388 | ||||||
Xilinx, Inc. | 28,833 | 1,310,171 | ||||||
2,543,559 | ||||||||
Electronic Connectors — 1.3% | ||||||||
Amphenol Corp., Class A | 29,486 | 1,581,334 | ||||||
Enterprise Software/Service — 1.4% | ||||||||
Guidewire Software, Inc.† | 32,016 | 1,615,848 | ||||||
OPOWER, Inc.†# | 7,107 | 110,656 | ||||||
1,726,504 | ||||||||
Finance - Consumer Loans — 2.6% | ||||||||
Navient Corp. | 99,350 | 2,082,376 | ||||||
SLM Corp. | 107,195 | 1,037,648 | ||||||
3,120,024 | ||||||||
Financial Guarantee Insurance — 1.2% | ||||||||
MGIC Investment Corp.† | 125,527 | 1,168,657 | ||||||
Radian Group, Inc.# | 18,844 | 321,290 | ||||||
1,489,947 | ||||||||
Food - Canned — 1.4% | ||||||||
TreeHouse Foods, Inc.† | 20,003 | 1,619,243 | ||||||
Food - Misc./Diversified — 2.8% | ||||||||
Hain Celestial Group, Inc.† | 19,257 | 2,180,277 | ||||||
McCormick & Co., Inc. | 16,190 | 1,203,403 | ||||||
3,383,680 | ||||||||
Food - Retail — 0.8% | ||||||||
Sprouts Farmers Market, Inc.†# | 30,346 | 964,699 | ||||||
Hazardous Waste Disposal — 0.4% | ||||||||
Stericycle, Inc.† | 3,782 | 487,575 | ||||||
Human Resources — 0.5% | ||||||||
TriNet Group, Inc.† | 19,345 | 612,463 | ||||||
Industrial Gases — 1.3% | ||||||||
Airgas, Inc. | 13,689 | 1,582,859 | ||||||
Instruments - Controls — 2.4% | ||||||||
Mettler-Toledo International, Inc.† | 4,264 | 1,250,461 | ||||||
Sensata Technologies Holding NV† | 32,392 | 1,605,671 | ||||||
2,856,132 | ||||||||
Instruments - Scientific — 0.9% | ||||||||
PerkinElmer, Inc. | 23,758 | 1,080,276 | ||||||
Internet Content - Entertainment — 0.7% | ||||||||
Pandora Media, Inc.† | 43,826 | 861,619 | ||||||
Machine Tools & Related Products — 0.4% | ||||||||
Kennametal, Inc. | 14,211 | 523,249 | ||||||
Machinery - General Industrial — 1.1% | ||||||||
IDEX Corp. | 16,390 | 1,258,916 | ||||||
Machinery - Pumps — 2.6% | ||||||||
Flowserve Corp. | 15,515 | 913,368 | ||||||
Graco, Inc. | 27,575 | 2,208,758 | ||||||
3,122,126 | ||||||||
Medical Instruments — 1.5% | ||||||||
Bruker Corp.† | 32,449 | 622,372 | ||||||
DexCom, Inc.† | 21,724 | 1,117,917 | ||||||
1,740,289 | ||||||||
231 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical Products — 2.4% | ||||||||
Henry Schein, Inc.† | 8,673 | $ | 1,189,936 | |||||
Teleflex, Inc. | 6,758 | 805,216 | ||||||
Tornier NV† | 34,386 | 917,762 | ||||||
2,912,914 | ||||||||
Medical - Biomedical/Gene — 4.0% | ||||||||
Achillion Pharmaceuticals, Inc.†# | 78,887 | 1,015,276 | ||||||
Avalanche Biotechnologies, Inc.†# | 8,808 | 347,828 | ||||||
Bluebird Bio, Inc.† | 11,656 | 480,577 | ||||||
Corium International, Inc.†# | 35,965 | 193,492 | ||||||
Medivation, Inc.† | 12,932 | 1,498,689 | ||||||
Stemline Therapeutics, Inc.†# | 21,303 | 316,989 | ||||||
Synageva BioPharma Corp.†# | 5,147 | 417,936 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 8,772 | 382,371 | ||||||
Versartis, Inc.†# | 9,287 | 167,352 | ||||||
4,820,510 | ||||||||
Medical - Drugs — 3.3% | ||||||||
Aerie Pharmaceuticals, Inc.†# | 12,882 | 339,698 | ||||||
Alkermes PLC† | 12,869 | 708,052 | ||||||
Amicus Therapeutics, Inc.† | 44,875 | 355,859 | ||||||
Cempra, Inc.†# | 34,148 | 491,390 | ||||||
Clovis Oncology, Inc.†# | 14,759 | 702,233 | ||||||
Enanta Pharmaceuticals, Inc.†# | 6,123 | 287,414 | ||||||
Forward Pharma A/S ADR†# | 10,727 | 213,896 | ||||||
Ophthotech Corp.†# | 10,137 | 437,412 | ||||||
Swedish Orphan Biovitrum AB ADR†(1) | 34,023 | 381,738 | ||||||
3,917,692 | ||||||||
Medical - Hospitals — 1.7% | ||||||||
Acadia Healthcare Co., Inc.† | 24,511 | 1,519,927 | ||||||
Adeptus Health, Inc., Class A†# | 17,484 | 532,213 | ||||||
2,052,140 | ||||||||
MRI/Medical Diagnostic Imaging — 0.8% | ||||||||
Surgical Care Affiliates, Inc.†# | 28,588 | 909,098 | ||||||
Multimedia — 0.0% | ||||||||
RLJ Entertainment, Inc.†# | 11,299 | 33,897 | ||||||
Non-Hazardous Waste Disposal — 0.8% | ||||||||
Waste Connections, Inc. | 19,575 | 924,136 | ||||||
Office Furnishings - Original — 0.7% | ||||||||
Interface, Inc. | 53,013 | 801,557 | ||||||
Office Supplies & Forms — 0.8% | ||||||||
Avery Dennison Corp. | 20,067 | 993,517 | ||||||
Oil Companies - Exploration & Production — 1.3% | ||||||||
Laredo Petroleum, Inc.†# | 38,238 | 399,587 | ||||||
Rosetta Resources, Inc.† | 8,726 | 256,719 | ||||||
Whiting Petroleum Corp.† | 20,853 | 871,030 | ||||||
1,527,336 | ||||||||
Oil Field Machinery & Equipment — 1.4% | ||||||||
Dril-Quip, Inc.† | 20,965 | 1,671,959 | ||||||
Oil - Field Services — 1.2% | ||||||||
Core Laboratories NV | 7,380 | 950,765 | ||||||
RPC, Inc. | 34,754 | 461,881 | ||||||
1,412,646 | ||||||||
Physicians Practice Management — 0.5% | ||||||||
MEDNAX, Inc.† | 8,283 | 542,205 | ||||||
Power Converter/Supply Equipment — 2.6% | ||||||||
Generac Holdings, Inc.†# | 34,241 | 1,485,374 | ||||||
Hubbell, Inc., Class B | 15,176 | 1,620,797 | ||||||
3,106,171 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Management/Services — 2.6% | ||||||||
CBRE Group, Inc., Class A† | 69,584 | $ | 2,347,764 | |||||
HFF, Inc., Class A | 22,245 | 767,008 | ||||||
3,114,772 | ||||||||
Retail - Apparel/Shoe — 5.0% | ||||||||
Burlington Stores, Inc.† | 37,679 | 1,683,121 | ||||||
Kate Spade & Co.† | 70,975 | 2,273,329 | ||||||
PVH Corp. | 15,628 | 1,986,944 | ||||||
5,943,394 | ||||||||
Retail - Home Furnishings — 1.4% | ||||||||
Restoration Hardware Holdings, Inc.†# | 20,067 | 1,695,059 | ||||||
Retail - Misc./Diversified — 1.6% | ||||||||
Five Below, Inc.†# | 39,993 | 1,866,073 | ||||||
Retail - Perfume & Cosmetics — 1.6% | ||||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 14,710 | 1,860,668 | ||||||
Retail - Pet Food & Supplies — 0.0% | ||||||||
Freshpet, Inc.†# | 3,299 | 55,126 | ||||||
Retail - Restaurants — 3.8% | ||||||||
Bloomin’ Brands, Inc.† | 33,626 | 765,664 | ||||||
Chuy’s Holdings, Inc.†# | 33,352 | 714,066 | ||||||
Jack in the Box, Inc. | 12,820 | 955,090 | ||||||
Panera Bread Co., Class A†# | 8,561 | 1,433,112 | ||||||
Zoe’s Kitchen, Inc.†# | 21,300 | 673,719 | ||||||
4,541,651 | ||||||||
Telecom Services — 0.8% | ||||||||
Level 3 Communications, Inc.† | 20,247 | 1,012,350 | ||||||
Television — 0.4% | ||||||||
AMC Networks, Inc., Class A† | 7,463 | 484,050 | ||||||
Therapeutics — 0.4% | ||||||||
Neurocrine Biosciences, Inc.† | 26,359 | 525,335 | ||||||
Transport - Rail — 0.4% | ||||||||
Kansas City Southern | 4,526 | 538,322 | ||||||
Transport - Truck — 2.3% | ||||||||
Roadrunner Transportation Systems, Inc.† | 54,753 | 1,232,490 | ||||||
Swift Transportation Co.† | 52,808 | 1,535,129 | ||||||
2,767,619 | ||||||||
Veterinary Diagnostics — 0.2% | ||||||||
Aratana Therapeutics, Inc.† | 14,008 | 185,606 | ||||||
Web Hosting/Design — 1.5% | ||||||||
Equinix, Inc. | 7,985 | 1,813,952 | ||||||
Wireless Equipment — 0.1% | ||||||||
Aerohive Networks, Inc.†# | 22,687 | 110,486 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $102,324,390) | 118,970,206 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 17.4% | ||||||||
Registered Investment Companies — 17.4% | ||||||||
SSgA U.S. Government Money Market Fund | 737,477 | 737,477 | ||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 20,098,230 | 20,098,230 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $20,835,707) | 20,835,707 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $123,160,097)(3) | 116.9 | % | 139,805,913 | |||||
Liabilities in excess of other assets | (16.9 | ) | (20,222,939 | ) | ||||
NET ASSETS | 100.0 | % | $ | 119,582,974 | ||||
232 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Illiquid security. At November 30, 2014, the aggregate value of these securities was $381,738 representing 0.3% of net assets. |
(2) | At November 30, 2014, the Fund had loaned securities with a total value of $19,387,411. This was secured by collateral of $20,098,230, which was received in cash and subsequently invested in short-term investments currently valued at $20,098,230 as reported in the portfolio of investments. Additional collateral of $59,903 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 08/01/2027 to 06/15/2041 | $ | 5,023 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 10/25/2029 to 05/25/2042 | 48,386 | |||||
Government National Mtg. Assoc. | 2.75% to 4.00% | 11/20/2038 to 11/16/2039 | 5,527 | |||||
United States Treasury Notes/Bonds | 1.50% to 1.50% | 02/28/2019 to 02/28/2019 | 967 |
(3) See Note 5 for cost of investments on a tax basis.
ADR— American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value * | ||||||||||||||||
Common Stocks | $ | 118,970,206 | $ | — | $ | — | $ | 118,970,206 | ||||||||
Short-Term Investment Securities | 20,835,707 | — | — | 20,835,707 | ||||||||||||
Total Investments at Value | $ | 139,805,913 | $ | — | $ | — | $ | 139,805,913 | ||||||||
* | For a detailed presentation of investments, 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
233 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Medical — Drugs | 6.0 | % | ||
Computers | 4.2 | |||
Diversified Banking Institutions | 3.8 | |||
Oil Companies — Integrated | 3.6 | |||
Diversified Manufacturing Operations | 3.0 | |||
Medical — Biomedical/Gene | 2.9 | |||
Banks — Super Regional | 2.7 | |||
Electric — Integrated | 2.7 | |||
Applications Software | 2.6 | |||
Real Estate Investment Trusts | 2.3 | |||
Telephone — Integrated | 2.3 | |||
Oil Companies — Exploration & Production | 2.2 | |||
Electronic Components — Semiconductors | 2.0 | |||
Beverages — Non-alcoholic | 2.0 | |||
Web Portals/ISP | 1.9 | |||
Cosmetics & Toiletries | 1.7 | |||
Multimedia | 1.7 | |||
Retail — Discount | 1.6 | |||
Tobacco | 1.5 | |||
Insurance — Reinsurance | 1.5 | |||
Insurance — Multi-line | 1.4 | |||
Aerospace/Defense | 1.4 | |||
Computer Services | 1.3 | |||
Finance — Credit Card | 1.3 | |||
Cable/Satellite TV | 1.3 | |||
Retail — Restaurants | 1.2 | |||
Medical — HMO | 1.1 | |||
Commercial Services — Finance | 1.1 | |||
Retail — Building Products | 1.1 | |||
Chemicals — Diversified | 1.0 | |||
E-Commerce/Products | 1.0 | |||
Medical Products | 1.0 | |||
Transport — Rail | 1.0 | |||
Food — Misc./Diversified | 1.0 | |||
Registered Investment Companies | 1.0 | |||
Oil — Field Services | 0.9 | |||
Retail — Drug Store | 0.9 | |||
Internet Content — Entertainment | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Transport — Services | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Computers — Memory Devices | 0.8 | |||
Pipelines | 0.8 | |||
Medical Instruments | 0.8 | |||
Networking Products | 0.8 | |||
Medical — Generic Drugs | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
E-Commerce/Services | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Agricultural Chemicals | 0.5 | |||
U.S. Government Treasuries | 0.4 | |||
Instruments — Controls | 0.4 | |||
Insurance — Property/Casualty | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Industrial Gases | 0.4 | |||
Athletic Footwear | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Airlines | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Instruments — Scientific | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Banks — Commercial | 0.3 | |||
Pharmacy Services | 0.3 | |||
Oil Refining & Marketing | 0.3 |
Electronic Components — Misc. | 0.3 | |||
Finance — Other Services | 0.3 | |||
Insurance Brokers | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Gas — Distribution | 0.3 | |||
Data Processing/Management | 0.3 | |||
Food — Retail | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Oil Field Machinery & Equipment | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Repurchase Agreements | 0.3 | |||
Advertising Agencies | 0.2 | |||
Hotels/Motels | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Retail — Regional Department Stores | 0.2 | |||
Electronic Forms | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Agricultural Operations | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Machinery — Farming | 0.2 | |||
Paper & Related Products | 0.2 | |||
Metal — Copper | 0.1 | |||
Television | 0.1 | |||
Food — Confectionery | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Internet Security | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Coatings/Paint | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Cruise Lines | 0.1 | |||
Medical Information Systems | 0.1 | |||
Food — Meat Products | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Toys | 0.1 | |||
Coffee | 0.1 | |||
Retail — Automobile | 0.1 | |||
Steel — Producers | 0.1 | |||
Electronic Connectors | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Building Products — Cement | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Appliances | 0.1 | |||
Wireless Equipment | 0.1 | |||
Casino Hotels | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Computer Aided Design | 0.1 | |||
Telecom Services | 0.1 | |||
Entertainment Software | 0.1 | |||
Commercial Services | 0.1 | |||
Retail — Bedding | 0.1 | |||
Containers — Metal/Glass | 0.1 |
234 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2014 (unaudited) — (continued)
Industry Allocation* (continued)
Dialysis Centers | 0.1 | % | ||
Publishing — Periodicals | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Brewery | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Computer Software | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Electronics — Military | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Independent Power Producers | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Home Decoration Products | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Textile — Home Furnishings | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Savings & Loans/Thrifts | 0.1 | |||
101.0 | % | |||
* | Calculated as a percentage of net assets |
235 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Alliance Data Systems Corp.† | 14,813 | $ | 4,234,593 | |||||
Interpublic Group of Cos., Inc. | 105,118 | 2,132,844 | ||||||
Omnicom Group, Inc. | 62,601 | 4,837,179 | ||||||
11,204,616 | ||||||||
Aerospace/Defense — 1.4% |
| |||||||
Boeing Co. | 167,131 | 22,455,721 | ||||||
General Dynamics Corp. | 79,255 | 11,520,507 | ||||||
Lockheed Martin Corp. | 67,303 | 12,892,563 | ||||||
Northrop Grumman Corp. | 51,824 | 7,303,556 | ||||||
Raytheon Co. | 77,492 | 8,268,396 | ||||||
Rockwell Collins, Inc. | 33,700 | 2,882,361 | ||||||
65,323,104 | ||||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
United Technologies Corp. | 212,196 | 23,358,536 | ||||||
Agricultural Chemicals — 0.5% |
| |||||||
CF Industries Holdings, Inc. | 12,343 | 3,309,776 | ||||||
Monsanto Co. | 120,784 | 14,483,209 | ||||||
Mosaic Co. | 79,451 | 3,636,472 | ||||||
21,429,457 | ||||||||
Agricultural Operations — 0.2% |
| |||||||
Archer-Daniels-Midland Co. | 160,960 | 8,479,373 | ||||||
Airlines — 0.4% |
| |||||||
Delta Air Lines, Inc. | 210,237 | 9,811,761 | ||||||
Southwest Airlines Co. | 170,854 | 7,145,114 | ||||||
16,956,875 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Michael Kors Holdings, Ltd.† | 51,236 | 3,930,314 | ||||||
Ralph Lauren Corp. | 15,086 | 2,789,401 | ||||||
Under Armour, Inc., Class A† | 41,538 | 3,011,090 | ||||||
VF Corp. | 86,015 | 6,465,747 | ||||||
16,196,552 | ||||||||
Appliances — 0.1% |
| |||||||
Whirlpool Corp. | 19,495 | 3,629,384 | ||||||
Applications Software — 2.6% |
| |||||||
Citrix Systems, Inc.† | 41,048 | 2,721,893 | ||||||
Intuit, Inc. | 70,830 | 6,648,812 | ||||||
Microsoft Corp. | 2,055,057 | 98,252,275 | ||||||
Red Hat, Inc.† | 47,122 | 2,928,632 | ||||||
salesforce.com, Inc.† | 143,619 | 8,598,470 | ||||||
119,150,082 | ||||||||
Athletic Footwear — 0.4% |
| |||||||
NIKE, Inc., Class B | 175,459 | 17,421,324 | ||||||
Audio/Video Products — 0.0% |
| |||||||
Harman International Industries, Inc. | 16,948 | 1,839,366 | ||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Ford Motor Co. | 967,327 | 15,216,054 | ||||||
General Motors Co. | 336,223 | 11,239,935 | ||||||
26,455,989 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR, Inc. | 88,464 | 5,928,857 | ||||||
Auto/Truck Parts & Equipment-Original — 0.4% |
| |||||||
BorgWarner, Inc. | 56,918 | 3,219,282 | ||||||
Delphi Automotive PLC | 74,748 | 5,452,867 | ||||||
Johnson Controls, Inc. | 166,152 | 8,307,600 | ||||||
16,979,749 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial — 0.3% |
| |||||||
BB&T Corp. | 179,475 | $ | 6,746,465 | |||||
M&T Bank Corp.# | 32,916 | 4,148,074 | ||||||
Regions Financial Corp. | 343,766 | 3,461,724 | ||||||
Zions Bancorporation | 50,551 | 1,418,461 | ||||||
15,774,724 | ||||||||
Banks - Fiduciary — 0.5% |
| |||||||
Bank of New York Mellon Corp. | 282,243 | 11,298,187 | ||||||
Northern Trust Corp. | 55,253 | 3,742,286 | ||||||
State Street Corp. | 105,608 | 8,103,302 | ||||||
23,143,775 | ||||||||
Banks - Super Regional — 2.7% |
| |||||||
Capital One Financial Corp. | 139,995 | 11,647,584 | ||||||
Comerica, Inc. | 45,064 | 2,100,433 | ||||||
Fifth Third Bancorp | 208,082 | 4,186,610 | ||||||
Huntington Bancshares, Inc. | 203,771 | 2,060,125 | ||||||
KeyCorp | 218,662 | 2,951,937 | ||||||
PNC Financial Services Group, Inc. | 134,802 | 11,791,131 | ||||||
SunTrust Banks, Inc. | 132,451 | 5,204,000 | ||||||
US Bancorp | 449,375 | 19,862,375 | ||||||
Wells Fargo & Co. | 1,184,814 | 64,548,666 | ||||||
124,352,861 | ||||||||
Beverages - Non-alcoholic — 2.0% |
| |||||||
Coca-Cola Co. | 984,472 | 44,133,880 | ||||||
Coca-Cola Enterprises, Inc. | 56,331 | 2,475,184 | ||||||
Dr Pepper Snapple Group, Inc. | 48,689 | 3,602,986 | ||||||
Monster Beverage Corp.† | 35,855 | 4,021,138 | ||||||
PepsiCo, Inc. | 375,802 | 37,617,780 | ||||||
91,850,968 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Brown-Forman Corp., Class B | 39,382 | 3,822,023 | ||||||
Constellation Brands, Inc., Class A† | 41,831 | 4,032,508 | ||||||
7,854,531 | ||||||||
Brewery — 0.1% |
| |||||||
Molson Coors Brewing Co., Class B | 39,676 | 3,068,939 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery Communications, Inc., Class A† | 36,933 | 1,288,961 | ||||||
Discovery Communications, Inc., Class C† | 68,185 | 2,318,972 | ||||||
Scripps Networks Interactive, Inc., Class A | 25,863 | 2,021,711 | ||||||
5,629,644 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 15,380 | 1,846,215 | ||||||
Vulcan Materials Co. | 32,623 | 2,156,381 | ||||||
4,002,596 | ||||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp. | 88,856 | 2,150,315 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc. | 82,684 | 2,107,615 | ||||||
Lennar Corp., Class A | 44,379 | 2,096,464 | ||||||
PulteGroup, Inc. | 84,349 | 1,824,469 | ||||||
6,028,548 | ||||||||
Cable/Satellite TV — 1.3% |
| |||||||
Cablevision Systems Corp., Class A# | 54,077 | 1,098,845 | ||||||
Comcast Corp., Class A | 645,505 | 36,819,605 | ||||||
DIRECTV† | 125,299 | 10,989,975 | ||||||
Time Warner Cable, Inc. | 69,458 | 10,368,690 | ||||||
59,277,115 | ||||||||
236 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Casino Hotels — 0.1% |
| |||||||
Wynn Resorts, Ltd. | 20,181 | $ | 3,604,528 | |||||
Chemicals - Diversified — 1.0% | ||||||||
Dow Chemical Co. | 279,990 | 13,627,113 | ||||||
E.I. du Pont de Nemours & Co. | 228,263 | 16,297,978 | ||||||
FMC Corp. | 33,210 | 1,806,624 | ||||||
LyondellBasell Industries NV, Class A | 106,098 | 8,366,888 | ||||||
PPG Industries, Inc. | 34,386 | 7,524,345 | ||||||
47,622,948 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
Eastman Chemical Co. | 37,227 | 3,086,863 | ||||||
Ecolab, Inc. | 67,303 | 7,332,662 | ||||||
International Flavors & Fragrances, Inc. | 20,279 | 2,051,627 | ||||||
Sigma-Aldrich Corp. | 29,684 | 4,054,834 | ||||||
16,525,986 | ||||||||
Coal — 0.0% |
| |||||||
CONSOL Energy, Inc. | 57,408 | 2,246,375 | ||||||
Coatings/Paint — 0.1% |
| |||||||
Sherwin-Williams Co. | 20,769 | 5,085,497 | ||||||
Coffee — 0.1% |
| |||||||
Keurig Green Mountain, Inc. | 30,369 | 4,316,650 | ||||||
Commercial Services — 0.1% |
| |||||||
Cintas Corp. | 24,099 | 1,762,842 | ||||||
Quanta Services, Inc.† | 54,077 | 1,649,348 | ||||||
3,412,190 | ||||||||
Commercial Services - Finance — 1.1% |
| |||||||
Automatic Data Processing, Inc. | 119,911 | 10,269,178 | ||||||
Equifax, Inc. | 30,369 | 2,415,854 | ||||||
H&R Block, Inc. | 68,577 | 2,306,930 | ||||||
MasterCard, Inc., Class A | 245,505 | 21,430,131 | ||||||
McGraw Hill Financial, Inc. | 67,597 | 6,317,616 | ||||||
Moody’s Corp. | 46,338 | 4,680,601 | ||||||
Total System Services, Inc. | 41,244 | 1,360,640 | ||||||
Western Union Co.# | 132,157 | 2,455,477 | ||||||
51,236,427 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 56,625 | 3,510,750 | ||||||
Computer Services — 1.3% |
| |||||||
Accenture PLC, Class A | 157,433 | 13,591,191 | ||||||
Cognizant Technology Solutions Corp., Class A† | 151,653 | 8,187,745 | ||||||
Computer Sciences Corp. | 36,149 | 2,291,124 | ||||||
International Business Machines Corp. | 231,398 | 37,525,814 | ||||||
61,595,874 | ||||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 44,477 | 2,873,659 | ||||||
Computers — 4.2% |
| |||||||
Apple, Inc. | 1,493,411 | 177,611,370 | ||||||
Hewlett-Packard Co. | 465,441 | 18,180,126 | ||||||
195,791,496 | ||||||||
Computers - Integrated Systems — 0.0% |
| |||||||
Teradata Corp.†# | 38,697 | 1,746,783 | ||||||
Computers - Memory Devices — 0.8% |
| |||||||
EMC Corp. | 506,000 | 15,357,100 | ||||||
NetApp, Inc. | 79,647 | 3,388,980 | ||||||
SanDisk Corp. | 55,939 | 5,787,449 | ||||||
Seagate Technology PLC | 81,508 | 5,388,494 | ||||||
Western Digital Corp. | 54,861 | 5,665,495 | ||||||
35,587,518 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Clorox Co. | 32,133 | $ | 3,265,355 | |||||
Kimberly-Clark Corp. | 93,264 | 10,873,650 | ||||||
14,139,005 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 34,484 | 2,312,842 | ||||||
Owens-Illinois, Inc.† | 41,146 | 1,054,983 | ||||||
3,367,825 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Bemis Co., Inc. | 24,883 | 993,827 | ||||||
Sealed Air Corp. | 52,902 | 2,091,216 | ||||||
3,085,043 | ||||||||
Cosmetics & Toiletries — 1.7% |
| |||||||
Avon Products, Inc. | 108,351 | 1,059,673 | ||||||
Colgate-Palmolive Co. | 214,156 | 14,903,116 | ||||||
Estee Lauder Cos., Inc., Class A | 56,135 | 4,161,849 | ||||||
Procter & Gamble Co. | 675,287 | 61,066,203 | ||||||
81,190,841 | ||||||||
Cruise Lines — 0.1% |
| |||||||
Carnival Corp. | 112,368 | 4,962,171 | ||||||
Data Processing/Management — 0.3% |
| |||||||
Dun & Bradstreet Corp. | 9,110 | 1,156,515 | ||||||
Fidelity National Information Services, Inc. | 71,222 | 4,358,074 | ||||||
Fiserv, Inc.† | 62,111 | 4,440,315 | ||||||
Paychex, Inc. | 81,508 | 3,864,294 | ||||||
13,819,198 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
DENTSPLY International, Inc. | 35,366 | 1,944,423 | ||||||
Patterson Cos., Inc. | 21,552 | 1,038,375 | ||||||
2,982,798 | ||||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita HealthCare Partners, Inc.† | 42,811 | 3,276,326 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
C.R. Bard, Inc. | 18,613 | 3,114,886 | ||||||
Distribution/Wholesale — 0.3% |
| |||||||
Fastenal Co.# | 68,087 | 3,077,532 | ||||||
Fossil Group, Inc.† | 11,658 | 1,302,432 | ||||||
Genuine Parts Co. | 38,207 | 3,926,916 | ||||||
WW Grainger, Inc. | 15,184 | 3,730,405 | ||||||
12,037,285 | ||||||||
Diversified Banking Institutions — 3.8% |
| |||||||
Bank of America Corp. | 2,622,678 | 44,690,433 | ||||||
Citigroup, Inc. | 756,110 | 40,807,257 | ||||||
Goldman Sachs Group, Inc. | 102,179 | 19,251,545 | ||||||
JPMorgan Chase & Co. | 938,035 | 56,432,186 | ||||||
Morgan Stanley | 381,973 | 13,437,810 | ||||||
174,619,231 | ||||||||
Diversified Manufacturing Operations — 3.0% |
| |||||||
3M Co. | 161,645 | 25,877,748 | ||||||
Danaher Corp. | 152,045 | 12,704,880 | ||||||
Dover Corp. | 41,538 | 3,198,011 | ||||||
Eaton Corp. PLC | 118,736 | 8,053,863 | ||||||
General Electric Co. | 2,502,473 | 66,290,510 | ||||||
Illinois Tool Works, Inc. | 91,011 | 8,639,674 | ||||||
Ingersoll-Rand PLC | 66,715 | 4,207,048 | ||||||
Parker-Hannifin Corp. | 37,129 | 4,790,755 | ||||||
Pentair PLC | 48,003 | 3,106,274 | ||||||
Textron, Inc. | 69,654 | 3,017,411 | ||||||
139,886,174 | ||||||||
237 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Operations — 0.0% |
| |||||||
Leucadia National Corp. | 79,059 | $ | 1,828,635 | |||||
E-Commerce/Products — 1.0% |
| |||||||
Amazon.com, Inc.† | 94,538 | 32,014,348 | ||||||
eBay, Inc.† | 281,655 | 15,457,227 | ||||||
47,471,575 | ||||||||
E-Commerce/Services — 0.5% |
| |||||||
Expedia, Inc. | 24,785 | 2,159,021 | ||||||
Netflix, Inc.† | 14,988 | 5,194,691 | ||||||
Priceline Group, Inc.† | 13,029 | 15,116,116 | ||||||
TripAdvisor, Inc.† | 27,822 | 2,049,090 | ||||||
24,518,918 | ||||||||
Electric Products - Misc. — 0.3% |
| |||||||
AMETEK, Inc. | 61,327 | 3,125,224 | ||||||
Emerson Electric Co. | 174,087 | 11,098,046 | ||||||
14,223,270 | ||||||||
Electric - Generation — 0.0% |
| |||||||
AES Corp. | 165,956 | 2,301,810 | ||||||
Electric - Integrated — 2.7% |
| |||||||
Ameren Corp. | 60,543 | 2,610,009 | ||||||
American Electric Power Co., Inc. | 121,871 | 7,013,676 | ||||||
CMS Energy Corp. | 68,577 | 2,269,899 | ||||||
Consolidated Edison, Inc. | 73,083 | 4,615,192 | ||||||
Dominion Resources, Inc. | 145,285 | 10,540,427 | ||||||
DTE Energy Co. | 44,183 | 3,599,147 | ||||||
Duke Energy Corp. | 176,438 | 14,273,834 | ||||||
Edison International | 81,214 | 5,161,962 | ||||||
Entergy Corp. | 44,770 | 3,756,203 | ||||||
Exelon Corp. | 214,254 | 7,749,567 | ||||||
FirstEnergy Corp. | 104,824 | 3,865,909 | ||||||
Integrys Energy Group, Inc. | 19,985 | 1,455,707 | ||||||
NextEra Energy, Inc. | 108,841 | 11,361,912 | ||||||
Northeast Utilities | 78,765 | 3,988,660 | ||||||
Pepco Holdings, Inc. | 62,601 | 1,721,528 | ||||||
PG&E Corp. | 117,560 | 5,936,780 | ||||||
Pinnacle West Capital Corp. | 27,528 | 1,740,595 | ||||||
PPL Corp. | 165,662 | 5,885,971 | ||||||
Public Service Enterprise Group, Inc. | 126,181 | 5,271,842 | ||||||
SCANA Corp. | 35,464 | 2,022,512 | ||||||
Southern Co. | 223,365 | 10,594,202 | ||||||
TECO Energy, Inc. | 58,192 | 1,153,947 | ||||||
Wisconsin Energy Corp.# | 56,233 | 2,777,910 | ||||||
Xcel Energy, Inc. | 126,083 | 4,279,257 | ||||||
123,646,648 | ||||||||
Electronic Components - Misc. — 0.3% |
| |||||||
Corning, Inc. | 322,018 | 6,768,819 | ||||||
Garmin, Ltd.# | 30,271 | 1,734,528 | ||||||
TE Connectivity, Ltd. | 102,081 | 6,553,600 | ||||||
15,056,947 | ||||||||
Electronic Components - Semiconductors — 2.0% |
| |||||||
Altera Corp. | 77,100 | 2,900,502 | ||||||
Avago Technologies, Ltd. | 62,796 | 5,865,146 | ||||||
Broadcom Corp., Class A | 134,117 | 5,784,466 | ||||||
First Solar, Inc.† | 18,711 | 913,097 | ||||||
Intel Corp. | 1,234,778 | 45,995,481 | ||||||
Microchip Technology, Inc.# | 49,963 | 2,255,829 | ||||||
Micron Technology, Inc.† | 267,058 | 9,600,735 | ||||||
NVIDIA Corp. | 128,434 | 2,693,261 | ||||||
Texas Instruments, Inc. | 266,274 | 14,490,631 | ||||||
Xilinx, Inc. | 67,009 | 3,044,889 | ||||||
93,544,037 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 78,177 | $ | 4,192,633 | |||||
Electronic Forms — 0.2% |
| |||||||
Adobe Systems, Inc.† | 117,854 | 8,683,483 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc. | 83,174 | 3,554,857 | ||||||
FLIR Systems, Inc. | 35,366 | 1,122,163 | ||||||
4,677,020 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Allegion PLC | 24,001 | 1,292,454 | ||||||
Tyco International PLC | 104,404 | 4,478,931 | ||||||
5,771,385 | ||||||||
Electronics - Military — 0.1% |
| |||||||
L-3 Communications Holdings, Inc. | 21,552 | 2,685,379 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
Fluor Corp. | 39,284 | 2,435,215 | ||||||
Jacobs Engineering Group, Inc.† | 33,210 | 1,542,605 | ||||||
3,977,820 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Cummins, Inc. | 42,615 | 6,205,596 | ||||||
Enterprise Software/Service — 0.8% |
| |||||||
CA, Inc. | 79,941 | 2,490,162 | ||||||
Oracle Corp. | 811,070 | 34,397,479 | ||||||
36,887,641 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Electronic Arts, Inc.† | 77,981 | 3,425,705 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
Pall Corp. | 26,647 | 2,561,043 | ||||||
Finance - Consumer Loans — 0.0% |
| |||||||
Navient Corp. | 104,628 | 2,193,003 | ||||||
Finance - Credit Card — 1.3% |
| |||||||
American Express Co. | 224,442 | 20,742,929 | ||||||
Discover Financial Services | 115,209 | 7,551,950 | ||||||
Visa, Inc., Class A | 122,752 | 31,693,339 | ||||||
59,988,218 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
Charles Schwab Corp. | 286,064 | 8,101,333 | ||||||
E*TRADE Financial Corp.† | 72,005 | 1,642,434 | ||||||
9,743,767 | ||||||||
Finance - Other Services — 0.3% |
| |||||||
CME Group, Inc. | 78,765 | 6,666,670 | ||||||
Intercontinental Exchange, Inc. | 28,312 | 6,398,229 | ||||||
NASDAQ OMX Group, Inc. | 29,488 | 1,324,306 | ||||||
14,389,205 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Hershey Co. | 37,227 | 3,733,123 | ||||||
J.M. Smucker Co. | 25,373 | 2,602,509 | ||||||
6,335,632 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp. | 33,504 | 1,778,393 | ||||||
Tyson Foods, Inc., Class A | 73,083 | 3,094,334 | ||||||
4,872,727 | ||||||||
Food - Misc./Diversified — 1.0% |
| |||||||
Campbell Soup Co.# | 44,673 | 2,022,793 | ||||||
ConAgra Foods, Inc. | 105,412 | 3,849,646 |
238 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Food - Misc./Diversified (continued) |
| |||||||
General Mills, Inc. | 152,730 | $ | 8,056,508 | |||||
Kellogg Co. | 63,776 | 4,225,160 | ||||||
Kraft Foods Group, Inc. | 148,126 | 8,912,741 | ||||||
McCormick & Co., Inc. | 32,329 | 2,403,015 | ||||||
Mondelez International, Inc., Class A | 420,475 | 16,482,620 | ||||||
45,952,483 | ||||||||
Food - Retail — 0.3% | ||||||||
Kroger Co. | 121,969 | 7,298,625 | ||||||
Safeway, Inc. | 57,506 | 2,003,509 | ||||||
Whole Foods Market, Inc. | 90,129 | 4,419,025 | ||||||
13,721,159 | ||||||||
Food - Wholesale/Distribution — 0.1% | ||||||||
Sysco Corp. | 146,362 | 5,892,534 | ||||||
Gas - Distribution — 0.3% | ||||||||
AGL Resources, Inc. | 29,782 | 1,557,896 | ||||||
CenterPoint Energy, Inc. | 107,176 | 2,565,794 | ||||||
NiSource, Inc. | 78,667 | 3,291,427 | ||||||
Sempra Energy | 57,604 | 6,436,095 | ||||||
13,851,212 | ||||||||
Gold Mining — 0.0% | ||||||||
Newmont Mining Corp. | 124,418 | 2,289,291 | ||||||
Hazardous Waste Disposal — 0.1% | ||||||||
Stericycle, Inc.† | 21,160 | 2,727,947 | ||||||
Home Decoration Products — 0.1% | ||||||||
Newell Rubbermaid, Inc. | 68,283 | 2,479,356 | ||||||
Home Furnishings — 0.0% | ||||||||
Leggett & Platt, Inc. | 34,190 | 1,439,057 | ||||||
Hotels/Motels — 0.2% | ||||||||
Marriott International, Inc., Class A# | 54,371 | 4,283,891 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 44,514 | 3,516,606 | ||||||
Wyndham Worldwide Corp. | 31,251 | 2,605,083 | ||||||
10,405,580 | ||||||||
Human Resources — 0.0% | ||||||||
Robert Half International, Inc. | 34,288 | 1,947,216 | ||||||
Independent Power Producers — 0.1% | ||||||||
NRG Energy, Inc. | 84,251 | 2,633,686 | ||||||
Industrial Automated/Robotic — 0.1% | ||||||||
Rockwell Automation, Inc. | 34,386 | 3,968,488 | ||||||
Industrial Gases — 0.4% | ||||||||
Air Products & Chemicals, Inc. | 47,807 | 6,876,081 | ||||||
Airgas, Inc. | 16,752 | 1,937,033 | ||||||
Praxair, Inc. | 72,789 | 9,344,652 | ||||||
18,157,766 | ||||||||
Instruments - Controls — 0.4% | ||||||||
Honeywell International, Inc. | 195,150 | 19,333,510 | ||||||
Instruments - Scientific — 0.3% | ||||||||
PerkinElmer, Inc. | 28,116 | 1,278,434 | ||||||
Thermo Fisher Scientific, Inc. | 99,534 | 12,868,751 | ||||||
Waters Corp.† | 20,964 | 2,429,728 | ||||||
16,576,913 | ||||||||
Insurance Brokers — 0.3% | ||||||||
Aon PLC | 72,397 | 6,695,999 | ||||||
Marsh & McLennan Cos., Inc. | 135,782 | 7,683,903 | ||||||
14,379,902 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Life/Health — 0.6% | ||||||||
Aflac, Inc. | 112,956 | $ | 6,746,862 | |||||
Lincoln National Corp. | 65,148 | 3,689,331 | ||||||
Principal Financial Group, Inc. | 68,185 | 3,632,215 | ||||||
Prudential Financial, Inc. | 114,719 | 9,748,821 | ||||||
Torchmark Corp. | 32,525 | 1,748,219 | ||||||
Unum Group | 63,580 | 2,112,127 | ||||||
27,677,575 | ||||||||
Insurance - Multi-line — 1.4% | ||||||||
ACE, Ltd. | 83,761 | 9,577,233 | ||||||
Allstate Corp. | 108,057 | 7,364,084 | ||||||
American International Group, Inc.(5) | 355,914 | 19,504,087 | ||||||
Assurant, Inc. | 17,830 | 1,205,130 | ||||||
Cincinnati Financial Corp. | 36,737 | 1,871,750 | ||||||
Genworth Financial, Inc., Class A† | 123,830 | 1,125,615 | ||||||
Hartford Financial Services Group, Inc. | 111,682 | 4,612,467 | ||||||
Loews Corp. | 76,022 | 3,165,556 | ||||||
MetLife, Inc. | 280,479 | 15,597,437 | ||||||
XL Group PLC | 66,225 | 2,352,312 | ||||||
66,375,671 | ||||||||
Insurance - Property/Casualty — 0.4% | ||||||||
Chubb Corp. | 59,955 | 6,178,363 | ||||||
Progressive Corp. | 134,215 | 3,656,017 | ||||||
Travelers Cos., Inc. | 84,545 | 8,830,725 | ||||||
18,665,105 | ||||||||
Insurance - Reinsurance — 1.5% | ||||||||
Berkshire Hathaway, Inc., Class B† | 454,665 | 67,604,139 | ||||||
Internet Content - Entertainment — 0.9% | ||||||||
Facebook, Inc., Class A† | 519,508 | 40,365,772 | ||||||
Internet Infrastructure Software — 0.1% | ||||||||
F5 Networks, Inc.† | 18,515 | 2,391,953 | ||||||
Internet Security — 0.1% | ||||||||
Symantec Corp. | 172,226 | 4,493,376 | ||||||
VeriSign, Inc.† | 28,018 | 1,683,882 | ||||||
6,177,258 | ||||||||
Investment Management/Advisor Services — 0.8% | ||||||||
Affiliated Managers Group, Inc.† | 13,813 | 2,812,189 | ||||||
Ameriprise Financial, Inc. | 46,730 | 6,157,612 | ||||||
BlackRock, Inc. | 31,447 | 11,291,989 | ||||||
Franklin Resources, Inc. | 98,261 | 5,587,120 | ||||||
Invesco, Ltd. | 107,959 | 4,357,225 | ||||||
Legg Mason, Inc. | 25,373 | 1,439,918 | ||||||
T. Rowe Price Group, Inc. | 65,637 | 5,478,720 | ||||||
37,124,773 | ||||||||
Machinery - Construction & Mining — 0.4% | ||||||||
Caterpillar, Inc. | 156,551 | 15,749,030 | ||||||
Joy Global, Inc.# | 24,491 | 1,201,039 | ||||||
16,950,069 | ||||||||
Machinery - Farming — 0.2% | ||||||||
Deere & Co. | 89,346 | 7,739,151 | ||||||
Machinery - General Industrial — 0.1% | ||||||||
Roper Industries, Inc. | 24,981 | 3,942,501 | ||||||
Machinery - Pumps — 0.1% | ||||||||
Flowserve Corp. | 34,092 | 2,006,996 | ||||||
Xylem, Inc. | 45,554 | 1,746,540 | ||||||
3,753,536 | ||||||||
Medical Information Systems — 0.1% | ||||||||
Cerner Corp.† | 75,728 | 4,876,883 | ||||||
239 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Instruments — 0.8% | ||||||||
Boston Scientific Corp.† | 330,639 | $ | 4,255,324 | |||||
Edwards Lifesciences Corp.† | 26,451 | 3,430,166 | ||||||
Intuitive Surgical, Inc.† | 9,012 | 4,666,143 | ||||||
Medtronic, Inc. | 244,330 | 18,048,657 | ||||||
St Jude Medical, Inc. | 71,026 | 4,826,927 | ||||||
35,227,217 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Laboratory Corp. of America Holdings† | 21,160 | 2,214,182 | ||||||
Quest Diagnostics, Inc. | 36,051 | 2,354,491 | ||||||
4,568,673 | ||||||||
Medical Products — 1.0% |
| |||||||
Baxter International, Inc. | 135,096 | 9,862,008 | ||||||
Becton Dickinson and Co. | 47,807 | 6,708,757 | ||||||
CareFusion Corp.† | 50,551 | 2,991,103 | ||||||
Covidien PLC | 112,662 | 11,378,862 | ||||||
Hospira, Inc.† | 42,125 | 2,512,335 | ||||||
Stryker Corp. | 74,553 | 6,926,719 | ||||||
Varian Medical Systems, Inc.† | 25,765 | 2,280,460 | ||||||
Zimmer Holdings, Inc. | 42,125 | 4,730,216 | ||||||
47,390,460 | ||||||||
Medical - Biomedical/Gene — 2.9% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 49,375 | 9,623,187 | ||||||
Amgen, Inc. | 189,468 | 31,320,955 | ||||||
Biogen Idec, Inc.† | 58,878 | 18,116,172 | ||||||
Celgene Corp.† | 199,363 | 22,665,579 | ||||||
Gilead Sciences, Inc.† | 376,977 | 37,818,333 | ||||||
Regeneron Pharmaceuticals, Inc.† | 18,417 | 7,663,498 | ||||||
Vertex Pharmaceuticals, Inc.† | 59,368 | 6,998,300 | ||||||
134,206,024 | ||||||||
Medical - Drugs — 6.0% |
| |||||||
Abbott Laboratories | 375,018 | 16,692,051 | ||||||
AbbVie, Inc. | 396,962 | 27,469,770 | ||||||
Allergan, Inc. | 74,161 | 15,862,296 | ||||||
Bristol-Myers Squibb Co. | 413,519 | 24,418,297 | ||||||
Eli Lilly & Co. | 245,211 | 16,703,773 | ||||||
Johnson & Johnson | 703,404 | 76,143,483 | ||||||
Mallinckrodt PLC† | 28,214 | 2,601,895 | ||||||
Merck & Co., Inc. | 719,470 | 43,455,988 | ||||||
Pfizer, Inc. | 1,581,483 | 49,263,196 | ||||||
Zoetis, Inc. | 125,006 | 5,616,520 | ||||||
278,227,269 | ||||||||
Medical - Generic Drugs — 0.6% |
| |||||||
Actavis PLC† | 65,931 | 17,841,588 | ||||||
Mylan, Inc.† | 93,264 | 5,466,203 | ||||||
Perrigo Co. PLC | 33,406 | 5,351,307 | ||||||
28,659,098 | ||||||||
Medical - HMO — 1.1% |
| |||||||
Aetna, Inc. | 88,464 | 7,717,599 | ||||||
Anthem, Inc. | 68,381 | 8,746,614 | ||||||
Cigna Corp. | 65,833 | 6,773,558 | ||||||
Humana, Inc. | 38,501 | 5,311,983 | ||||||
UnitedHealth Group, Inc. | 242,370 | 23,904,953 | ||||||
52,454,707 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
Tenet Healthcare Corp.† | 24,393 | 1,172,084 | ||||||
Universal Health Services, Inc., Class B | 22,728 | 2,377,803 | ||||||
3,549,887 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Wholesale Drug Distribution — 0.5% | ||||||||
AmerisourceBergen Corp. | 53,196 | $ | 4,843,496 | |||||
Cardinal Health, Inc. | 83,957 | 6,900,426 | ||||||
McKesson Corp. | 57,800 | 12,181,928 | ||||||
23,925,850 | ||||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Precision Castparts Corp. | 35,758 | 8,506,828 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Alcoa, Inc. | 293,411 | 5,073,076 | ||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 259,123 | 6,957,453 | ||||||
Motorcycle/Motor Scooter — 0.1% |
| |||||||
Harley-Davidson, Inc. | 54,273 | 3,781,743 | ||||||
Multimedia — 1.7% |
| |||||||
Time Warner, Inc. | 213,176 | 18,145,541 | ||||||
Twenty-First Century Fox, Inc., Class A | 469,752 | 17,286,873 | ||||||
Viacom, Inc., Class B | 94,930 | 7,179,556 | ||||||
Walt Disney Co. | 393,827 | 36,432,936 | ||||||
79,044,906 | ||||||||
Networking Products — 0.8% |
| |||||||
Cisco Systems, Inc. | 1,271,809 | 35,152,801 | ||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 62,992 | 2,495,113 | ||||||
Waste Management, Inc. | 108,155 | 5,270,393 | ||||||
7,765,506 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc. | 50,551 | 1,244,566 | ||||||
Xerox Corp. | 270,389 | 3,774,630 | ||||||
5,019,196 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 23,414 | 1,159,227 | ||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Diamond Offshore Drilling, Inc.# | 16,752 | 492,006 | ||||||
Ensco PLC, Class A | 58,290 | 1,970,202 | ||||||
Helmerich & Payne, Inc. | 27,038 | 1,880,493 | ||||||
Nabors Industries, Ltd. | 72,201 | 947,277 | ||||||
Noble Corp. PLC# | 63,384 | 1,140,278 | ||||||
Transocean, Ltd.# | 84,937 | 1,784,527 | ||||||
8,214,783 | ||||||||
Oil Companies - Exploration & Production — 2.2% |
| |||||||
Anadarko Petroleum Corp. | 126,181 | 9,987,226 | ||||||
Apache Corp. | 95,420 | 6,115,468 | ||||||
Cabot Oil & Gas Corp. | 104,041 | 3,437,515 | ||||||
Chesapeake Energy Corp. | 129,512 | 2,623,913 | ||||||
Cimarex Energy Co. | 21,748 | 2,282,453 | ||||||
ConocoPhillips | 306,637 | 20,259,507 | ||||||
Denbury Resources, Inc. | 87,876 | 725,856 | ||||||
Devon Energy Corp. | 95,909 | 5,655,754 | ||||||
EOG Resources, Inc. | 136,566 | 11,843,003 | ||||||
EQT Corp. | 37,815 | 3,440,409 | ||||||
Hess Corp. | 65,246 | 4,758,391 | ||||||
Newfield Exploration Co.† | 34,092 | 928,325 | ||||||
Noble Energy, Inc. | 89,835 | 4,418,085 | ||||||
Occidental Petroleum Corp. | 194,464 | 15,512,393 | ||||||
Pioneer Natural Resources Co. | 35,660 | 5,107,582 | ||||||
QEP Resources, Inc. | 41,342 | 845,030 | ||||||
Range Resources Corp. | 42,027 | 2,759,072 | ||||||
Southwestern Energy Co.† | 88,072 | 2,834,157 | ||||||
103,534,139 | ||||||||
240 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Integrated — 3.6% |
| |||||||
Chevron Corp. | 473,573 | $ | 51,557,893 | |||||
Exxon Mobil Corp. | 1,063,629 | 96,300,970 | ||||||
Marathon Oil Corp. | 168,209 | 4,864,604 | ||||||
Murphy Oil Corp. | 41,636 | 2,016,015 | ||||||
Phillips 66 | 139,407 | 10,179,499 | ||||||
164,918,981 | ||||||||
Oil Field Machinery & Equipment — 0.3% |
| |||||||
Cameron International Corp.† | 50,649 | 2,597,281 | ||||||
FMC Technologies, Inc.† | 58,584 | 2,798,557 | ||||||
National Oilwell Varco, Inc. | 107,274 | 7,191,649 | ||||||
12,587,487 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Marathon Petroleum Corp. | 70,634 | 6,363,417 | ||||||
Tesoro Corp. | 31,937 | 2,447,013 | ||||||
Valero Energy Corp. | 131,667 | 6,400,333 | ||||||
15,210,763 | ||||||||
Oil - Field Services — 0.9% |
| |||||||
Baker Hughes, Inc. | 108,547 | 6,187,179 | ||||||
Halliburton Co. | 212,098 | 8,950,536 | ||||||
Schlumberger, Ltd. | 323,291 | 27,786,861 | ||||||
42,924,576 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
International Paper Co. | 106,490 | 5,731,292 | ||||||
MeadWestvaco Corp. | 42,027 | 1,882,809 | ||||||
7,614,101 | ||||||||
Pharmacy Services — 0.3% |
| |||||||
Express Scripts Holding Co.† | 185,941 | 15,460,994 | ||||||
Pipelines — 0.8% |
| |||||||
Kinder Morgan, Inc.# | 423,794 | 17,523,882 | ||||||
ONEOK, Inc. | 51,922 | 2,812,095 | ||||||
Spectra Energy Corp. | 167,327 | 6,338,347 | ||||||
Williams Cos., Inc. | 167,719 | 8,679,458 | ||||||
35,353,782 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
Gannett Co., Inc. | 56,233 | 1,830,384 | ||||||
News Corp., Class A† | 124,222 | 1,927,926 | ||||||
3,758,310 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Nielsen NV# | 75,924 | 3,171,345 | ||||||
Real Estate Investment Trusts — 2.3% |
| |||||||
American Tower Corp. | 98,848 | 10,380,028 | ||||||
Apartment Investment & Management Co., Class A | 36,443 | 1,357,502 | ||||||
AvalonBay Communities, Inc. | 32,721 | 5,261,210 | ||||||
Boston Properties, Inc. | 38,207 | 4,953,155 | ||||||
Crown Castle International Corp. | 83,272 | 6,919,070 | ||||||
Equity Residential | 90,227 | 6,391,681 | ||||||
Essex Property Trust, Inc. | 15,870 | 3,212,247 | ||||||
General Growth Properties, Inc. | 156,551 | 4,189,305 | ||||||
HCP, Inc. | 114,425 | 5,126,240 | ||||||
Health Care REIT, Inc. | 80,822 | 5,953,349 | ||||||
Host Hotels & Resorts, Inc. | 188,782 | 4,387,294 | ||||||
Iron Mountain, Inc. | 49,877 | 1,895,825 | ||||||
Kimco Realty Corp. | 102,473 | 2,607,938 | ||||||
Macerich Co. | 35,072 | 2,773,494 | ||||||
Plum Creek Timber Co., Inc. | 44,183 | 1,841,547 | ||||||
Prologis, Inc. | 124,712 | 5,272,823 | ||||||
Public Storage | 36,149 | 6,782,637 | ||||||
Simon Property Group, Inc. | 77,492 | 14,010,554 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Ventas, Inc. | 73,377 | $ | 5,250,124 | |||||
Vornado Realty Trust | 43,497 | 4,852,525 | ||||||
Weyerhaeuser Co. | 131,765 | 4,652,622 | ||||||
108,071,170 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 69,556 | 2,346,819 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
United Rentals, Inc.† | 23,903 | 2,708,449 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Coach, Inc. | 68,479 | 2,541,940 | ||||||
Gap, Inc. | 68,283 | 2,704,007 | ||||||
L Brands, Inc. | 61,229 | 4,953,426 | ||||||
PVH Corp. | 20,573 | 2,615,651 | ||||||
Ross Stores, Inc. | 52,314 | 4,785,685 | ||||||
Urban Outfitters, Inc.† | 25,471 | 823,223 | ||||||
18,423,932 | ||||||||
Retail - Auto Parts — 0.2% |
| |||||||
AutoZone, Inc.† | 8,131 | 4,697,360 | ||||||
O’Reilly Automotive, Inc.† | 25,863 | 4,726,205 | ||||||
9,423,565 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc.† | 19,495 | 1,158,783 | ||||||
CarMax, Inc.†# | 54,665 | 3,114,812 | ||||||
4,273,595 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.† | 46,155 | 3,386,392 | ||||||
Retail - Building Products — 1.1% |
| |||||||
Home Depot, Inc. | 335,635 | 33,362,119 | ||||||
Lowe’s Cos., Inc. | 246,191 | 15,714,372 | ||||||
49,076,491 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
GameStop Corp., Class A# | 28,116 | 1,063,066 | ||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 72,397 | 2,853,166 | ||||||
Retail - Discount — 1.6% |
| |||||||
Costco Wholesale Corp. | 109,331 | 15,538,122 | ||||||
Dollar General Corp.† | 75,630 | 5,047,546 | ||||||
Dollar Tree, Inc.† | 51,236 | 3,502,493 | ||||||
Family Dollar Stores, Inc. | 23,903 | 1,889,532 | ||||||
Target Corp. | 158,021 | 11,693,554 | ||||||
Wal-Mart Stores, Inc. | 393,827 | 34,475,616 | ||||||
72,146,863 | ||||||||
Retail - Drug Store — 0.9% |
| |||||||
CVS Health Corp. | 288,807 | 26,385,408 | ||||||
Walgreen Co. | 219,446 | 15,056,190 | ||||||
41,441,598 | ||||||||
Retail - Gardening Products — 0.1% |
| |||||||
Tractor Supply Co. | 34,288 | 2,637,776 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Tiffany & Co. | 28,018 | 3,023,703 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
Nordstrom, Inc. | 35,562 | 2,715,515 | ||||||
TJX Cos., Inc. | 172,814 | 11,433,374 | ||||||
14,148,889 | ||||||||
241 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Office Supplies — 0.0% |
| |||||||
Staples, Inc. | 160,666 | $ | 2,258,964 | |||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetSmart, Inc. | 24,785 | 1,952,067 | ||||||
Retail - Regional Department Stores — 0.2% |
| |||||||
Kohl’s Corp. | 51,040 | 3,043,005 | ||||||
Macy’s, Inc. | 88,072 | 5,716,753 | ||||||
8,759,758 | ||||||||
Retail - Restaurants — 1.2% |
| |||||||
Chipotle Mexican Grill, Inc.† | 7,739 | 5,135,755 | ||||||
Darden Restaurants, Inc.# | 33,014 | 1,881,468 | ||||||
McDonald’s Corp. | 244,917 | 23,710,415 | ||||||
Starbucks Corp. | 187,313 | 15,211,689 | ||||||
Yum! Brands, Inc. | 109,625 | 8,468,531 | ||||||
54,407,858 | ||||||||
Rubber - Tires — 0.0% |
| |||||||
Goodyear Tire & Rubber Co. | 68,674 | 1,882,354 | ||||||
Savings & Loans/Thrifts — 0.1% |
| |||||||
Hudson City Bancorp, Inc. | 120,009 | 1,174,888 | ||||||
People’s United Financial, Inc. | 77,394 | 1,143,883 | ||||||
2,318,771 | ||||||||
Security Services — 0.0% |
| |||||||
ADT Corp.# | 43,399 | 1,516,361 | ||||||
Semiconductor Components - Integrated Circuits — 0.8% |
| |||||||
Analog Devices, Inc. | 78,373 | 4,282,301 | ||||||
Linear Technology Corp. | 59,466 | 2,737,220 | ||||||
QUALCOMM, Inc. | 418,025 | 30,474,022 | ||||||
37,493,543 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Applied Materials, Inc. | 303,894 | 7,308,651 | ||||||
KLA-Tencor Corp. | 41,244 | 2,863,983 | ||||||
Lam Research Corp. | 40,460 | 3,343,614 | ||||||
13,516,248 | ||||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 79,549 | 4,266,213 | ||||||
Steel - Specialty — 0.0% |
| |||||||
Allegheny Technologies, Inc. | 27,136 | 914,212 | ||||||
Telecom Services — 0.1% |
| |||||||
Level 3 Communications, Inc.† | 69,300 | 3,465,000 | ||||||
Telecommunication Equipment — 0.1% |
| |||||||
Harris Corp. | 26,157 | 1,874,672 | ||||||
Juniper Networks, Inc. | 100,122 | 2,218,704 | ||||||
4,093,376 | ||||||||
Telephone - Integrated — 2.3% |
| |||||||
AT&T, Inc. | 1,293,460 | 45,762,615 | ||||||
CenturyLink, Inc. | 142,248 | 5,799,451 | ||||||
Frontier Communications Corp.# | 249,914 | 1,761,893 | ||||||
Verizon Communications, Inc. | 1,033,847 | 52,302,320 | ||||||
Windstream Holdings, Inc. | 150,281 | 1,519,341 | ||||||
107,145,620 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp., Class B | 120,891 | 6,634,498 | ||||||
Textile - Home Furnishings — 0.1% |
| |||||||
Mohawk Industries, Inc.† | 15,478 | 2,377,266 | ||||||
Tobacco — 1.5% |
| |||||||
Altria Group, Inc. | 494,636 | 24,860,405 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Tobacco (continued) |
| |||||||
Lorillard, Inc. | 89,835 | $ | 5,672,182 | |||||
Philip Morris International, Inc. | 389,615 | 33,869,232 | ||||||
Reynolds American, Inc. | 76,806 | 5,062,284 | ||||||
69,464,103 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 14,499 | 1,962,150 | ||||||
Stanley Black & Decker, Inc. | 38,990 | 3,682,215 | ||||||
5,644,365 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 28,606 | 1,693,475 | ||||||
Mattel, Inc. | 84,251 | 2,658,119 | ||||||
4,351,594 | ||||||||
Transport - Rail — 1.0% |
| |||||||
CSX Corp. | 249,326 | 9,097,906 | ||||||
Kansas City Southern | 27,528 | 3,274,180 | ||||||
Norfolk Southern Corp. | 77,198 | 8,618,385 | ||||||
Union Pacific Corp. | 223,854 | 26,139,431 | ||||||
47,129,902 | ||||||||
Transport - Services — 0.8% |
| |||||||
C.H. Robinson Worldwide, Inc. | 36,737 | 2,708,986 | ||||||
Expeditors International of Washington, Inc. | 48,689 | 2,279,619 | ||||||
FedEx Corp. | 66,225 | 11,799,971 | ||||||
Ryder System, Inc. | 13,225 | 1,263,252 | ||||||
United Parcel Service, Inc., Class B | 175,459 | 19,286,453 | ||||||
37,338,281 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Mead Johnson Nutrition Co. | 50,453 | 5,239,040 | ||||||
Web Portals/ISP — 1.9% |
| |||||||
Google, Inc., Class A† | 70,830 | 38,891,336 | ||||||
Google, Inc., Class C† | 70,830 | 38,377,819 | ||||||
Yahoo!, Inc.† | 230,712 | 11,937,039 | ||||||
89,206,194 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 55,057 | 3,618,346 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,437,878,884) | 4,591,145,917 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.4% |
| |||||||
Registered Investment Companies — 1.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 45,373,554 | 45,373,554 | ||||||
U.S. Government Treasuries — 0.4% |
| |||||||
United States Treasury Bills | $ | 20,600,000 | 20,599,847 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $65,973,401) | 65,973,401 | |||||||
REPURCHASE AGREEMENTS — 0.3% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(3) | 11,803,000 | 11,803,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,515,655,285)(4) | 101.0 | % | 4,668,922,318 | |||||
Liabilities in excess of other assets | (1.0 | ) | (47,950,392 | ) | ||||
NET ASSETS | 100.0 | % | $ | 4,620,971,926 | ||||
242 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $44,131,044. This was secured by collateral of $45,373,554, which was received in cash and subsequently invested in short-term investments currently valued at $45,373,554 as reported in the portfolio of investments. Additional collateral of $185,392 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, is 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, 2014 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 08/01/2027 to 06/15/2041 | $ | 15,545 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 10/25/2029 to 05/25/2042 | 149,748 | |||||
Government National Mtg. Assoc. | 2.75% to 4.00% | 11/20/2038 to 11/16/2039 | 17,107 | |||||
United States Treasury Notes/Bonds | 1.50% | 02/28/2019 | 2,992 |
(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. |
(5) | Security represents an investment in an affiliated company; See Note 3 |
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2014 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
293 | Long | S&P 500 E-Mini Index | December 2014 | $ | 28,321,691 | $ | 30,271,295 | $ | 1,949,604 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 4,591,145,917 | $ | — | $ | — | $ | 4,591,145,917 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 45,373,554 | — | — | 45,373,554 | ||||||||||||
U.S. Government Treasuries | — | 20,599,847 | — | 20,599,847 | ||||||||||||
Repurchase Agreements | — | 11,803,000 | — | 11,803,000 | ||||||||||||
Total Investments at Value | $ | 4,636,519,471 | $ | 32,402,847 | $ | — | $ | 4,668,922,318 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Open Futures Contracts | $ | 1,949,604 | $ | — | $ | — | $ | 1,949,604 | ||||||||
* | For a detailed presentation of investments, 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
243 |
Table of Contents
PORTFOLIO PROFILE — November 30, 2014 (unaudited)
Industry Allocation*
Medical — Drugs | 8.0 | % | ||
Diversified Banking Institutions | 7.5 | |||
Banks — Super Regional | 6.2 | |||
Diversified Manufacturing Operations | 6.2 | |||
Oil Companies — Integrated | 4.8 | |||
Oil Companies — Exploration & Production | 4.0 | |||
Semiconductor Components — Integrated Circuits | 3.3 | |||
Investment Management/Advisor Services | 3.1 | |||
Insurance — Multi-line | 3.0 | |||
Networking Products | 2.8 | |||
Medical Products | 2.8 | |||
Electric — Integrated | 2.6 | |||
Retail — Building Products | 2.6 | |||
Electronic Components — Semiconductors | 2.3 | |||
Computers — Memory Devices | 1.9 | |||
Chemicals — Diversified | 1.8 | |||
Medical — HMO | 1.8 | |||
Applications Software | 1.6 | |||
Telephone — Integrated | 1.6 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Internet Security | 1.4 | |||
Cable/Satellite TV | 1.4 | |||
Steel — Producers | 1.4 | |||
Real Estate Investment Trusts | 1.4 | |||
Insurance Brokers | 1.4 | |||
Retail — Drug Store | 1.4 | |||
Medical — Biomedical/Gene | 1.3 | |||
Finance — Other Services | 1.3 | |||
Building & Construction Products — Misc. | 1.2 | |||
Aerospace/Defense | 1.2 | |||
Insurance — Life/Health | 1.2 | |||
Brewery | 1.2 | |||
Retail — Apparel/Shoe | 1.1 | |||
Banks — Commercial | 1.1 | |||
Home Decoration Products | 1.0 | |||
Building — Residential/Commercial | 1.0 | |||
Television | 1.0 | |||
Oil — Field Services | 1.0 | |||
Multimedia | 1.0 | |||
Paper & Related Products | 1.0 | |||
Beverages — Wine/Spirits | 0.9 | |||
Retail — Auto Parts | 0.9 | |||
Retail — Major Department Stores | 0.8 | |||
Tobacco | 0.8 | |||
Advertising Agencies | 0.8 | |||
Food — Misc./Diversified | 0.7 | |||
Coatings/Paint | 0.6 | |||
Repurchase Agreement | 0.6 | |||
Cruise Lines | 0.4 | |||
Registered Investment Companies | 0.3 | |||
100.2 | % | |||
* | Calculated as a percentage of net assets |
244 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% |
| |||||||
Advertising Agencies — 0.8% |
| |||||||
Interpublic Group of Cos., Inc. | 46,330 | $ | 940,036 | |||||
Aerospace/Defense — 1.2% |
| |||||||
Spirit AeroSystems Holdings, Inc., Class A† | 35,555 | 1,532,776 | ||||||
Aerospace/Defense - Equipment — 1.5% |
| |||||||
United Technologies Corp. | 17,080 | 1,880,167 | ||||||
Applications Software — 1.6% |
| |||||||
Microsoft Corp. | 41,864 | 2,001,518 | ||||||
Banks - Commercial — 1.1% |
| |||||||
BB&T Corp. | 36,295 | 1,364,329 | ||||||
Banks - Super Regional — 6.2% |
| |||||||
PNC Financial Services Group, Inc. | 32,293 | 2,824,669 | ||||||
Wells Fargo & Co. | 87,856 | 4,786,395 | ||||||
7,611,064 | ||||||||
Beverages - Wine/Spirits — 0.9% |
| |||||||
Diageo PLC ADR | 9,130 | 1,124,816 | ||||||
Brewery — 1.2% |
| |||||||
Anheuser-Busch InBev NV ADR | 12,585 | 1,472,319 | ||||||
Building & Construction Products - Misc. — 1.2% |
| |||||||
Fortune Brands Home & Security, Inc. | 34,200 | 1,536,264 | ||||||
Building - Residential/Commercial — 1.0% |
| |||||||
PulteGroup, Inc. | 58,280 | 1,260,596 | ||||||
Cable/Satellite TV — 1.4% |
| |||||||
Comcast Corp., Class A | 29,574 | 1,686,901 | ||||||
Chemicals - Diversified — 1.8% |
| |||||||
Dow Chemical Co. | 29,773 | 1,449,052 | ||||||
E.I. du Pont de Nemours & Co. | 11,232 | 801,965 | ||||||
2,251,017 | ||||||||
Coatings/Paint — 0.6% |
| |||||||
Axalta Coating Systems, Ltd.† | 30,200 | 718,760 | ||||||
Computers - Memory Devices — 1.9% |
| |||||||
EMC Corp. | 76,255 | 2,314,339 | ||||||
Cruise Lines — 0.4% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 11,830 | 519,219 | ||||||
Diversified Banking Institutions — 7.5% |
| |||||||
Citigroup, Inc. | 55,060 | 2,971,588 | ||||||
Goldman Sachs Group, Inc. | 10,052 | 1,893,897 | ||||||
JPMorgan Chase & Co. | 72,097 | 4,337,356 | ||||||
9,202,841 | ||||||||
Diversified Manufacturing Operations — 6.2% |
| |||||||
3M Co. | 8,320 | 1,331,949 | ||||||
Eaton Corp. PLC | 25,495 | 1,729,326 | ||||||
General Electric Co. | 83,974 | 2,224,471 | ||||||
Illinois Tool Works, Inc. | 12,012 | 1,140,299 | ||||||
Ingersoll-Rand PLC | 17,604 | 1,110,108 | ||||||
7,536,153 | ||||||||
Electric - Integrated — 2.6% |
| |||||||
Edison International | 17,434 | 1,108,105 | ||||||
NextEra Energy, Inc. | 6,535 | 682,189 | ||||||
Northeast Utilities | 28,684 | 1,452,558 | ||||||
3,242,852 | ||||||||
Electronic Components - Semiconductors — 2.3% |
| |||||||
Intel Corp. | 75,972 | 2,829,957 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Other Services — 1.3% |
| |||||||
Intercontinental Exchange, Inc. | 6,800 | $ | 1,536,732 | |||||
Food - Misc./Diversified — 0.7% |
| |||||||
Kraft Foods Group, Inc. | 14,291 | 859,890 | ||||||
Home Decoration Products — 1.0% |
| |||||||
Newell Rubbermaid, Inc. | 34,875 | 1,266,311 | ||||||
Insurance Brokers — 1.4% |
| |||||||
Marsh & McLennan Cos., Inc. | 29,485 | 1,668,556 | ||||||
Insurance - Life/Health — 1.2% |
| |||||||
Principal Financial Group, Inc. | 28,679 | 1,527,730 | ||||||
Insurance - Multi-line — 3.0% |
| |||||||
ACE, Ltd. | 17,584 | 2,010,554 | ||||||
MetLife, Inc. | 29,580 | 1,644,944 | ||||||
3,655,498 | ||||||||
Internet Security — 1.4% |
| |||||||
Symantec Corp. | 65,965 | 1,721,027 | ||||||
Investment Management/Advisor Services — 3.1% |
| |||||||
Ameriprise Financial, Inc. | 12,801 | 1,686,788 | ||||||
BlackRock, Inc. | 5,838 | 2,096,309 | ||||||
3,783,097 | ||||||||
Medical Products — 2.8% |
| |||||||
Baxter International, Inc. | 15,010 | 1,095,730 | ||||||
Covidien PLC | 22,532 | 2,275,732 | ||||||
3,371,462 | ||||||||
Medical - Biomedical/Gene — 1.3% |
| |||||||
Amgen, Inc. | 9,536 | 1,576,396 | ||||||
Medical - Drugs — 8.0% |
| |||||||
AstraZeneca PLC ADR | 19,040 | 1,412,197 | ||||||
Bristol-Myers Squibb Co. | 10,210 | 602,900 | ||||||
Johnson & Johnson | 10,298 | 1,114,758 | ||||||
Merck & Co., Inc. | 56,048 | 3,385,299 | ||||||
Pfizer, Inc. | 30,104 | 937,740 | ||||||
Roche Holding AG | 5,816 | 1,742,843 | ||||||
Zoetis, Inc. | 12,046 | 541,227 | ||||||
9,736,964 | ||||||||
Medical - HMO — 1.8% |
| |||||||
UnitedHealth Group, Inc. | 22,025 | 2,172,326 | ||||||
Multimedia — 1.0% |
| |||||||
Thomson Reuters Corp.# | 29,850 | 1,182,060 | ||||||
Networking Products — 2.8% |
| |||||||
Cisco Systems, Inc. | 125,689 | 3,474,044 | ||||||
Oil Companies - Exploration & Production — 4.0% |
| |||||||
Anadarko Petroleum Corp. | 12,310 | 974,337 | ||||||
EOG Resources, Inc. | 14,740 | 1,278,253 | ||||||
Occidental Petroleum Corp. | 12,360 | 985,957 | ||||||
Pioneer Natural Resources Co. | 3,200 | 458,336 | ||||||
Southwestern Energy Co.† | 37,824 | 1,217,176 | ||||||
4,914,059 | ||||||||
Oil Companies - Integrated — 4.8% |
| |||||||
Chevron Corp. | 24,521 | 2,669,601 | ||||||
Exxon Mobil Corp. | 22,477 | 2,035,068 | ||||||
Marathon Oil Corp. | 41,867 | 1,210,794 | ||||||
5,915,463 | ||||||||
Oil - Field Services — 1.0% |
| |||||||
Halliburton Co. | 28,200 | 1,190,040 | ||||||
245 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2014 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Paper & Related Products — 1.0% |
| |||||||
International Paper Co. | 21,915 | $ | 1,179,465 | |||||
Real Estate Investment Trusts — 1.4% |
| |||||||
Host Hotels & Resorts, Inc. | 57,880 | 1,345,131 | ||||||
Paramount Group, Inc.† | 17,800 | 334,640 | ||||||
1,679,771 | ||||||||
Retail - Apparel/Shoe — 1.1% |
| |||||||
PVH Corp. | 10,880 | 1,383,283 | ||||||
Retail - Auto Parts — 0.9% |
| |||||||
AutoZone, Inc.† | 1,920 | 1,109,203 | ||||||
Retail - Building Products — 2.6% |
| |||||||
Home Depot, Inc. | 13,634 | 1,355,220 | ||||||
Lowe’s Cos., Inc. | 28,240 | 1,802,559 | ||||||
3,157,779 | ||||||||
Retail - Drug Store — 1.4% |
| |||||||
CVS Health Corp. | 18,234 | 1,665,858 | ||||||
Retail - Major Department Stores — 0.8% |
| |||||||
Nordstrom, Inc. | 13,070 | 998,025 | ||||||
Semiconductor Components - Integrated Circuits — 3.3% |
| |||||||
Analog Devices, Inc. | 19,509 | 1,065,972 | ||||||
Marvell Technology Group, Ltd. | 94,650 | 1,355,388 | ||||||
Maxim Integrated Products, Inc. | 54,085 | 1,599,293 | ||||||
4,020,653 | ||||||||
Steel - Producers — 1.4% |
| |||||||
Nucor Corp. | 12,515 | 671,180 | ||||||
Steel Dynamics, Inc. | 44,886 | 1,011,730 | ||||||
1,682,910 | ||||||||
Telephone - Integrated — 1.6% |
| |||||||
Verizon Communications, Inc. | 38,165 | 1,930,767 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Television — 1.0% |
| |||||||
CBS Corp., Class B | 21,945 | $ | 1,204,342 | |||||
Tobacco — 0.8% |
| |||||||
Philip Morris International, Inc. | 10,927 | 949,884 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $84,543,383) | 121,539,519 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 354,689 | 354,689 | ||||||
REPURCHASE AGREEMENT — 0.6% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/28/2014, to be repurchased 12/01/2014 in the amount $692,000 collateralized by $745,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $709,423. | $ | 692,000 | 692,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $85,590,072)(2) | 100.2 | % | 122,586,208 | |||||
Liabilities in excess of other assets | (0.2 | ) | (248,626 | ) | ||||
NET ASSETS | 100.0 | % | $ | 122,337,582 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan. |
(1) | At November 30, 2014, the Fund had loaned securities with a total value of $353,351. This was secured by collateral of $354,689, which was received in cash and subsequently invested in short-term investments currently valued at $354,689 as reported in the portfolio of investments. |
(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, 2014 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 121,539,519 | $ | — | $ | — | $ | 121,539,519 | ||||||||
Short-Term Investment Securities | 354,689 | — | — | 354,689 | ||||||||||||
Repurchase Agreement | — | 692,000 | — | 692,000 | ||||||||||||
Total Investments at Value | $ | 121,894,208 | $ | 692,000 | $ | — | $ | 122,586,208 | ||||||||
* | For a detailed presentation of investments, 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
246 |
Table of Contents
STATEMENT OF ASSETS AND LIABILITIES — November 30, 2014 (unaudited)
ASSET ALLOCATION FUND | BLUE CHIP FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 193,042,513 | $ | 656,316,473 | $ | 61,584,693 | $ | 254,784,763 | $ | 262,886,500 | $ | 682,321,137 | $ | 47,480,712 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | 220,765,923 | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 8,880,000 | 122,000 | – | |||||||||||||||||||||
Total Investments | 193,042,513 | 656,316,473 | 61,584,693 | 254,784,763 | 271,766,500 | 682,443,137 | 268,246,635 | |||||||||||||||||||||
Cash | 83,547 | 662,293 | 6,044 | 4,559 | – | 2,086,123 | – | |||||||||||||||||||||
Foreign cash* | 21,116 | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | 77,000 | – | 5,652,916 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 82,634 | 87,240 | 1,628 | 25,704 | 5,328 | 78,369 | 428 | |||||||||||||||||||||
Dividends and interest | 728,493 | 297,547 | 98,333 | 1,035,132 | 500,239 | 2,147,171 | 179,700 | |||||||||||||||||||||
Investments sold | 259,660 | 2,785,304 | – | 998,075 | 553,895 | 13,104,637 | 282,296 | |||||||||||||||||||||
Securities lending income | 4,875 | 2,060 | 856 | 223 | 854 | 2,316 | – | |||||||||||||||||||||
Prepaid expenses and other assets | 20,602 | 8,609 | 2,430 | 8,909 | 12,842 | 8,587 | 1,877 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 5,865 | – | 28,185 | 3,200 | 6,191 | |||||||||||||||||||||
Variation margin on futures contracts | 9,000 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 194,252,440 | 660,159,526 | 61,699,849 | 256,857,365 | 272,944,843 | 699,873,540 | 274,370,043 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 47,217 | 62,062 | 65,959 | 43,678 | 21,921 | 54,711 | 353,298 | |||||||||||||||||||||
Investments purchased | 5,739,795 | 2,205,461 | 152,484 | 23,541,732 | 654,230 | 14,388,754 | – | |||||||||||||||||||||
Investment advisory and management fees | 72,442 | 387,210 | 33,582 | 92,549 | 176,695 | 401,106 | 55,419 | |||||||||||||||||||||
Administrative service fee | 9,780 | 35,852 | 3,238 | 12,494 | 14,978 | 37,719 | 2,819 | |||||||||||||||||||||
Transfer agent fees and expenses | 313 | 834 | 417 | 625 | 313 | 834 | 71 | |||||||||||||||||||||
Directors’ fees and expenses | 5,003 | 7,964 | 544 | 4,520 | 11,922 | 9,119 | 70 | |||||||||||||||||||||
Other accrued expenses | 59,229 | 74,757 | 37,437 | 56,806 | 53,672 | 78,560 | 48,103 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | 52,650 | – | – | – | 4,800 | – | 360,000 | |||||||||||||||||||||
Collateral upon return of securities loaned | 10,847,789 | 5,111,668 | 2,025,550 | 898,647 | 882,512 | 8,218,580 | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | 241,114 | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | 1,114,465 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 16,834,218 | 7,885,808 | 2,319,211 | 24,651,051 | 2,062,157 | 23,189,383 | 1,934,245 | |||||||||||||||||||||
NET ASSETS | $ | 177,418,222 | $ | 652,273,718 | $ | 59,380,638 | $ | 232,206,314 | $ | 270,882,686 | $ | 676,684,157 | $ | 272,435,798 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 136,783 | $ | 348,674 | $ | 37,156 | $ | 231,948 | $ | 136,692 | $ | 482,533 | $ | 221,452 | ||||||||||||||
Additional paid-in capital | 140,544,841 | 308,521,889 | 41,383,610 | 222,011,422 | 223,882,399 | 455,515,726 | 243,639,455 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 5,067,809 | (661,145 | ) | 1,426,289 | 6,690,924 | 3,677,917 | 20,249,579 | 3,648,365 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 16,725,248 | 89,541,889 | 3,250,833 | (450,315 | ) | (15,599,571 | ) | 70,598,641 | 2,239,013 | |||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 15,292,611 | 254,522,900 | 13,282,750 | 3,722,335 | 58,772,426 | 129,839,202 | 21,381,338 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | (338,955 | ) | – | – | – | 12,823 | – | 1,306,175 | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (10,115 | ) | (489 | ) | – | – | – | (1,524 | ) | – | ||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 177,418,222 | $ | 652,273,718 | $ | 59,380,638 | $ | 232,206,314 | $ | 270,882,686 | $ | 676,684,157 | $ | 272,435,798 | ||||||||||||||
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 | 13,678,344 | 34,867,428 | 3,715,575 | 23,194,786 | 13,669,249 | 48,253,323 | 22,145,224 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 12.97 | $ | 18.71 | $ | 15.98 | $ | 10.01 | $ | 19.82 | $ | 14.02 | $ | 12.30 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 177,749,902 | $ | 401,793,573 | $ | 48,301,943 | $ | 251,062,428 | $ | 204,114,074 | $ | 552,481,935 | $ | 46,656,691 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 200,208,606 | ||||||||||||||
Foreign cash | $ | 21,205 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 731,197 | ||||||||||||||
† Including securities on loan | $ | 13,753,315 | $ | 4,721,159 | $ | 1,937,749 | $ | 879,774 | $ | 856,716 | $ | 8,156,039 | $ | – | ||||||||||||||
See Notes to Financial Statements
247 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 2014 (unaudited) — (continued)
EMERGING ECONOMIES FUND | FOREIGN VALUE FUND | GLOBAL FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 710,053,889 | $ | 1,025,347,707 | $ | 538,638,975 | $ | 440,544,203 | $ | 540,644,271 | $ | 156,837,302 | $ | 1,093,699,846 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | – | 8,916,000 | – | |||||||||||||||||||||
Total Investments | 710,053,889 | 1,025,347,707 | 538,638,975 | 440,544,203 | 540,644,271 | 165,753,302 | 1,093,699,846 | |||||||||||||||||||||
Cash | 692 | 684 | 835 | 946 | 51,429 | 1,289,321 | 214,870 | |||||||||||||||||||||
Foreign cash* | 1,197,731 | 8,177,379 | 410,382 | 105,601 | 1,559,161 | – | 2,652 | |||||||||||||||||||||
Due from broker | – | – | – | – | 590,000 | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 55,058 | 82,169 | 60,518 | 83,805 | 54,746 | 12,741 | 1,405 | |||||||||||||||||||||
Dividends and interest | 584,242 | 2,070,062 | 782,564 | 932,273 | 2,602,327 | 752,253 | 1,574,553 | |||||||||||||||||||||
Investments sold | 1,091,078 | 515,764 | 2,035,459 | – | 2,061,535 | – | 6,620,724 | |||||||||||||||||||||
Securities lending income | 10,809 | 49,387 | 6,846 | 4,476 | 9,256 | 9 | 38,876 | |||||||||||||||||||||
Prepaid expenses and other assets | 23,723 | 16,496 | 3,897 | 13,554 | 10,188 | 7,605 | 19,627 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | 9,172,855 | – | – | |||||||||||||||||||||
TOTAL ASSETS | 713,017,222 | 1,036,259,648 | 541,939,476 | 441,684,858 | 556,755,768 | 167,815,231 | 1,102,172,553 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 50,812 | 72,906 | 40,162 | 22,912 | 38,801 | 33,272 | 152,165 | |||||||||||||||||||||
Investments purchased | 1,589,073 | 305,368 | 2,900,216 | – | 2,412,969 | 1,288,356 | 5,544,753 | |||||||||||||||||||||
Investment advisory and management fees | 426,511 | 535,987 | 308,133 | 178,570 | 215,033 | 68,421 | 571,423 | |||||||||||||||||||||
Administrative service fee | 37,618 | 54,125 | 28,798 | 24,107 | 29,142 | 9,237 | 55,088 | |||||||||||||||||||||
Transfer agent fees and expenses | 768 | 697 | 730 | 521 | 313 | 938 | 522 | |||||||||||||||||||||
Directors’ fees and expenses | 8,356 | 16,821 | 3,956 | 10,660 | 8,895 | 4,447 | 20,000 | |||||||||||||||||||||
Other accrued expenses | 237,555 | 165,969 | 74,077 | 100,908 | 107,732 | 45,835 | 108,008 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | 682,457 | 266,381 | 60,346 | – | – | – | 35 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | 21,900 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 19,193,115 | 63,809,290 | 17,292,590 | 4,544,976 | 23,393,287 | – | 87,815,759 | |||||||||||||||||||||
Due to broker | – | – | – | – | 1,630,000 | – | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | 1,733,960 | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 22,226,265 | 65,227,544 | 20,709,008 | 4,904,554 | 29,570,132 | 1,450,506 | 94,267,753 | |||||||||||||||||||||
NET ASSETS | $ | 690,790,957 | $ | 971,032,104 | $ | 521,230,468 | $ | 436,780,304 | $ | 527,185,636 | $ | 166,364,725 | $ | 1,007,904,800 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 869,617 | $ | 943,210 | $ | 586,932 | $ | 201,455 | $ | 374,318 | $ | 152,117 | $ | 561,039 | ||||||||||||||
Additional paid-in capital | 772,726,205 | 952,730,566 | 436,128,053 | 449,841,394 | 409,507,536 | 158,527,606 | 641,295,262 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 23,514,347 | 29,934,469 | 9,395,621 | 10,920,383 | 13,732,344 | 5,239,761 | 8,107,340 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (133,774,901 | ) | (26,357,389 | ) | 19,134,063 | (49,515,022 | ) | 32,858,200 | (1,593,267 | ) | 213,776,826 | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | 28,149,295 | 14,367,112 | 56,089,528 | 25,037,770 | 63,383,822 | 4,038,508 | 144,170,500 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | – | 324,989 | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (11,149 | ) | (319,483 | ) | (43,383 | ) | (30,665 | ) | 7,329,416 | – | (6,132 | ) | ||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | (682,457 | ) | (266,381 | ) | (60,346 | ) | – | – | – | (35 | ) | |||||||||||||||||
NET ASSETS | $ | 690,790,957 | $ | 971,032,104 | $ | 521,230,468 | $ | 436,780,304 | $ | 527,185,636 | $ | 166,364,725 | $ | 1,007,904,800 | ||||||||||||||
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 | 86,961,707 | 94,320,990 | 58,693,244 | 20,145,456 | 37,431,827 | 15,211,727 | 56,103,911 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 7.94 | $ | 10.29 | $ | 8.88 | $ | 21.68 | $ | 14.08 | $ | 10.94 | $ | 17.96 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 681,904,594 | $ | 1,010,980,595 | $ | 482,549,447 | $ | 415,506,433 | $ | 477,260,449 | $ | 152,798,794 | $ | 949,529,346 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 1,203,360 | $ | 8,422,562 | $ | 412,400 | $ | 106,481 | $ | 1,586,925 | $ | – | $ | 2,665 | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 19,056,803 | $ | 63,179,433 | $ | 16,754,694 | $ | 5,201,761 | $ | 22,196,455 | $ | – | $ | 89,378,853 | ||||||||||||||
See Notes to Financial Statements
248 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 2014 (unaudited) — (continued)
GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION FUND | INTERNATIONAL EQUITIES INDEX FUND* | INTERNATIONAL BOND FUND | INTERNATIONAL FUND | LARGE CAP CORE FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 122,390,089 | $ | 766,956,486 | $ | 502,124,636 | $ | 1,082,966,103 | $ | 186,004,800 | $ | 622,690,056 | $ | 182,574,220 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | 15,450,000 | – | – | 1,973,000 | |||||||||||||||||||||
Total Investments | 122,390,089 | 766,956,486 | 502,124,636 | 1,098,416,103 | 186,004,800 | 622,690,056 | 184,547,220 | |||||||||||||||||||||
Cash | 9,456 | 389,880 | 38,137 | 781 | 887 | 121,606 | 27,652 | |||||||||||||||||||||
Foreign cash* | – | 16,034 | 1,247,160 | 914,585 | 1,003,079 | 272,376 | – | |||||||||||||||||||||
Due from broker | 115,000 | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 7,604 | 353,028 | 26,911 | 91,208 | 1,421 | 59,831 | 41,698 | |||||||||||||||||||||
Dividends and interest | 334,117 | 287,367 | 2,152,102 | 4,049,707 | 2,004,434 | 1,334,473 | 214,194 | |||||||||||||||||||||
Investments sold | 176,103 | 7,254,837 | – | 177,255 | 702,854 | 1,211,777 | 401,780 | |||||||||||||||||||||
Securities lending income | 259 | 26,307 | 1,573 | 37,472 | 208 | 11,209 | 442 | |||||||||||||||||||||
Prepaid expenses and other assets | 5,139 | 7,397 | 5,774 | 33,959 | 7,233 | 15,633 | 5,817 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 7,165 | – | – | – | – | 26,513 | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 123,044,932 | 775,291,336 | 505,596,293 | 1,103,721,070 | 189,724,916 | 625,743,474 | 185,238,803 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 100,576 | 56,852 | 40,303 | 151,020 | 21,472 | 51,949 | 23,244 | |||||||||||||||||||||
Investments purchased | 202,357 | 7,132,365 | – | 502,105 | 946,666 | 42,376 | 73,588 | |||||||||||||||||||||
Investment advisory and management fees | 74,054 | 572,771 | 190,042 | 257,586 | 76,990 | 453,643 | 105,472 | |||||||||||||||||||||
Administrative service fee | 6,665 | 39,237 | 26,966 | 58,576 | 10,393 | 33,577 | 10,171 | |||||||||||||||||||||
Transfer agent fees and expenses | 626 | 417 | 631 | 1,245 | 417 | 730 | 417 | |||||||||||||||||||||
Directors’ fees and expenses | 3,932 | 6,243 | 5,614 | 21,022 | 4,896 | 15,550 | 2,519 | |||||||||||||||||||||
Other accrued expenses | 44,641 | 76,486 | 70,828 | 204,358 | 57,384 | 121,956 | 43,543 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | 369,286 | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | 45,413 | – | – | – | 149,560 | – | |||||||||||||||||||||
Variation margin on futures contracts | 3,600 | – | – | 216,050 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 701,900 | 37,137,028 | 4,901,130 | 54,490,703 | 917,020 | 14,930,404 | 1,074,060 | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | 58,438 | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 1,138,351 | 45,125,250 | 5,235,514 | 55,902,665 | 2,035,238 | 16,169,031 | 1,333,014 | |||||||||||||||||||||
NET ASSETS | $ | 121,906,581 | $ | 730,166,086 | $ | 500,360,779 | $ | 1,047,818,405 | $ | 187,689,678 | $ | 609,574,443 | $ | 183,905,789 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 63,213 | $ | 283,260 | $ | 445,144 | $ | 1,486,572 | $ | 157,256 | $ | 439,483 | $ | 117,832 | ||||||||||||||
Additional paid-in capital | 99,587,925 | 321,889,105 | 470,225,739 | 1,099,606,756 | 187,131,832 | 489,138,307 | 101,944,976 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 1,848,573 | (3,364,181 | ) | 14,160,360 | 42,797,517 | 5,413,012 | 7,950,772 | 2,632,278 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 1,353,390 | 146,498,932 | 1,199,021 | (146,941,481 | ) | (295,134 | ) | 14,543,334 | 41,756,475 | |||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 19,047,111 | 264,768,120 | 14,480,011 | 50,564,080 | (4,634,352 | ) | 97,746,825 | 37,454,228 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 6,369 | 146,426 | – | 506,810 | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | (10,163 | ) | (149,496 | ) | (201,849 | ) | (82,936 | ) | (94,718 | ) | – | ||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | (45,413 | ) | – | – | – | (149,560 | ) | – | |||||||||||||||||||
NET ASSETS | $ | 121,906,581 | $ | 730,166,086 | $ | 500,360,779 | $ | 1,047,818,405 | $ | 187,689,678 | $ | 609,574,443 | $ | 183,905,789 | ||||||||||||||
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 | 6,321,347 | 28,326,016 | 44,514,439 | 148,657,237 | 15,725,585 | 43,948,315 | 11,783,239 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 19.28 | $ | 25.78 | $ | 11.24 | $ | 7.05 | $ | 11.94 | $ | 13.87 | $ | 15.61 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 103,342,978 | $ | 502,188,366 | $ | 487,644,625 | $ | 1,032,402,023 | $ | 190,639,152 | $ | 524,943,231 | $ | 145,119,992 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 16,138 | $ | 1,380,657 | $ | 916,766 | $ | 1,037,145 | $ | 274,662 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | 204,864 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 662,356 | $ | 35,753,449 | $ | 4,789,485 | $ | 52,715,847 | $ | 901,228 | $ | 14,143,682 | $ | 1,078,834 | ||||||||||||||
* | See Note 1 |
See Notes to Financial Statements
249 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 2014 (unaudited) — (continued)
LARGE CAPITAL GROWTH FUND | MID CAP INDEX | MID CAP STRATEGIC GROWTH FUND | MONEY MARKET I FUND | NASDAQ-100® INDEX FUND | SCIENCE & FUND | SMALL CAP AGGRESSIVE GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 420,802,621 | $ | 3,415,224,753 | $ | 333,513,488 | $ | 340,986,981 | $ | 314,170,111 | $ | 1,085,109,698 | $ | 118,520,430 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 13,166,000 | – | 11,766,000 | 5,660,000 | 9,347,000 | 662,000 | |||||||||||||||||||||
Total Investments | 420,802,621 | 3,428,390,753 | 333,513,488 | 352,752,981 | 319,830,111 | 1,094,456,698 | 119,182,430 | |||||||||||||||||||||
Cash | 568,801 | 873 | 185,123 | 1,016 | 150 | 1,131,924 | 536 | |||||||||||||||||||||
Foreign cash* | 35 | – | – | – | – | 1,046,903 | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 6,606 | 79,406 | 6,108 | 231,554 | 165,558 | 13,379 | 9,760 | |||||||||||||||||||||
Dividends and interest | 373,473 | 3,978,156 | 108,639 | 132,422 | 575,149 | 887,937 | 33,016 | |||||||||||||||||||||
Investments sold | – | 2,476,229 | 3,835,165 | – | – | 4,982,738 | 352,761 | |||||||||||||||||||||
Securities lending income | 1,620 | 204,128 | 19,939 | – | 1,844 | 43,117 | 12,987 | |||||||||||||||||||||
Prepaid expenses and other assets | 8,310 | 72,092 | 9,130 | 24,379 | 4,480 | 39,819 | 2,596 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | 110,360 | 13,875 | – | 4,398 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | 28,746 | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 421,761,466 | 3,435,201,637 | 337,677,592 | 353,252,712 | 320,619,913 | 1,102,602,515 | 119,598,484 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 56,289 | 333,344 | 110,700 | 89,157 | 24,217 | 68,445 | 27,445 | |||||||||||||||||||||
Investments purchased | – | 5,794,840 | 1,866,727 | – | – | 8,115,588 | 25,446 | |||||||||||||||||||||
Investment advisory and management fees | 214,512 | 688,902 | 170,674 | 116,710 | 98,982 | 718,403 | 72,849 | |||||||||||||||||||||
Administrative service fee | 22,625 | 177,025 | 16,657 | 19,695 | 16,852 | 55,417 | 5,785 | |||||||||||||||||||||
Transfer agent fees and expenses | 417 | 1,563 | 730 | 1,354 | 1,042 | 1,251 | 313 | |||||||||||||||||||||
Directors’ fees and expenses | 7,860 | 66,957 | 5,422 | 15,224 | 3,390 | 29,891 | 1,568 | |||||||||||||||||||||
Other accrued expenses | 61,556 | 283,249 | 59,822 | 94,687 | 99,921 | 133,808 | 40,277 | |||||||||||||||||||||
Line of credit | – | – | 208,280 | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | 692,930 | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 4,958,432 | 228,329,923 | 34,844,791 | – | 5,780,859 | 72,118,681 | 14,830,259 | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 5,321,691 | 236,368,733 | 37,283,803 | 336,827 | 6,025,263 | 81,241,484 | 15,003,942 | |||||||||||||||||||||
NET ASSETS | $ | 416,439,775 | $ | 3,198,832,904 | $ | 300,393,789 | $ | 352,915,885 | $ | 314,594,650 | $ | 1,021,361,031 | $ | 104,594,542 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 278,186 | $ | 1,115,292 | $ | 173,838 | $ | 3,535,454 | $ | 309,999 | $ | 363,336 | $ | 65,467 | ||||||||||||||
Additional paid-in capital | 272,040,299 | 1,890,257,329 | 190,467,390 | 350,008,825 | 153,548,729 | 667,459,387 | 61,838,323 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 3,327,700 | 52,903,059 | 235,122 | 1,129 | 4,092,509 | (1,157,198 | ) | (625,487 | ) | |||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 75,676,221 | 282,055,042 | 60,426,481 | (629,523 | ) | 5,508,689 | 161,837,761 | 27,298,294 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 65,119,321 | 972,210,682 | 49,090,958 | – | 150,802,602 | 192,874,926 | 16,017,945 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 291,500 | – | – | 332,122 | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (1,952 | ) | – | – | – | – | (17,181 | ) | – | |||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 416,439,775 | $ | 3,198,832,904 | $ | 300,393,789 | $ | 352,915,885 | $ | 314,594,650 | $ | 1,021,361,031 | $ | 104,594,542 | ||||||||||||||
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 | 27,818,589 | 111,529,230 | 17,383,840 | 353,545,419 | 30,999,912 | 36,333,604 | 6,546,706 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 14.97 | $ | 28.68 | $ | 17.28 | $ | 1.00 | $ | 10.15 | $ | 28.11 | $ | 15.98 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 355,683,300 | $ | 2,443,014,071 | $ | 284,422,530 | $ | 340,986,981 | $ | 163,367,509 | $ | 892,234,772 | $ | 102,502,485 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 35 | $ | – | $ | – | $ | – | $ | – | $ | 1,058,809 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 4,866,801 | $ | 224,024,820 | $ | 33,765,541 | $ | – | $ | 5,687,175 | $ | 69,737,559 | $ | 14,235,254 | ||||||||||||||
See Notes to Financial Statements
250 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 2014 (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)*† | $ | 379,953,349 | $ | 1,188,517,882 | $ | 254,021,477 | $ | 139,805,913 | $ | 4,637,615,231 | $ | 121,894,208 | ||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | 19,504,087 | – | ||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 12,659,000 | – | – | 11,803,000 | 692,000 | ||||||||||||||||||
Total Investments | 379,953,349 | 1,201,176,882 | 254,021,477 | 139,805,913 | 4,668,922,318 | 122,586,208 | ||||||||||||||||||
Cash | 263,217 | 64,635 | 224 | – | 58,882 | 26,081 | ||||||||||||||||||
Foreign cash* | – | – | – | – | – | – | ||||||||||||||||||
Due from broker | – | – | – | – | – | – | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Fund shares sold | 12,943 | 11,385 | 4,974 | 7,031 | 140,795 | 24,791 | ||||||||||||||||||
Dividends and interest | 337,164 | 991,238 | 320,303 | 54,703 | 10,165,712 | 272,917 | ||||||||||||||||||
Investments sold | 2,430,429 | 525,717 | 1,036,185 | 288,484 | 265,912 | 471,427 | ||||||||||||||||||
Securities lending income | 38,833 | 265,559 | 22,025 | 10,079 | 22,557 | 1,282 | ||||||||||||||||||
Prepaid expenses and other assets | 15,482 | 23,412 | 9,501 | 5,173 | 187,562 | 4,051 | ||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 23,339 | – | – | – | – | 10,449 | ||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL ASSETS | 383,074,756 | 1,203,058,828 | 255,414,689 | 140,171,383 | 4,679,763,738 | 123,397,206 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Fund shares reacquired | 111,909 | 388,668 | 62,534 | 24,886 | 660,777 | 20,881 | ||||||||||||||||||
Investments purchased | 1,585,487 | – | 482,269 | 330,834 | 10,990,504 | 553,973 | ||||||||||||||||||
Investment advisory and management fees | 261,438 | 264,863 | 150,895 | 83,423 | 918,381 | 78,428 | ||||||||||||||||||
Administrative service fee | 19,946 | 60,417 | 13,580 | 6,624 | 254,474 | 6,787 | ||||||||||||||||||
Transfer agent fees and expenses | 313 | 1,459 | 626 | 313 | 1,975 | 730 | ||||||||||||||||||
Directors’ fees and expenses | 14,043 | 24,081 | 4,533 | 2,237 | 119,844 | 3,004 | ||||||||||||||||||
Other accrued expenses | 65,620 | 148,146 | 51,255 | 41,862 | 384,403 | 41,132 | ||||||||||||||||||
Line of credit | – | – | – | – | – | – | ||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | ||||||||||||||||||
Variation margin on futures contracts | – | 441,210 | – | – | 87,900 | – | ||||||||||||||||||
Collateral upon return of securities loaned | 23,318,597 | 119,064,891 | 12,944,581 | 20,098,230 | 45,373,554 | 354,689 | ||||||||||||||||||
Due to broker | – | – | – | – | – | – | ||||||||||||||||||
Due to custodian | – | – | – | – | – | – | ||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL LIABILITIES | 25,377,353 | 120,393,735 | 13,710,273 | 20,588,409 | 58,791,812 | 1,059,624 | ||||||||||||||||||
NET ASSETS | $ | 357,697,403 | $ | 1,082,665,093 | $ | 241,704,416 | $ | 119,582,974 | $ | 4,620,971,926 | $ | 122,337,582 | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 227,646 | $ | 509,995 | $ | 169,579 | $ | 74,921 | $ | 1,230,443 | $ | 80,562 | ||||||||||||
Additional paid-in capital | 195,177,650 | 686,809,843 | 177,356,197 | 70,781,692 | 2,152,497,858 | 125,787,331 | ||||||||||||||||||
Accumulated undistributed net investment income (loss) | (39,647 | ) | 17,694,666 | 3,171,468 | (417,712 | ) | 110,559,571 | 2,518,867 | ||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 78,237,884 | 114,303,781 | 29,174,866 | 32,498,257 | 201,467,417 | (43,044,119 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | 84,093,870 | 263,035,867 | 31,832,306 | 16,645,816 | 2,153,267,033 | 36,996,136 | ||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 310,967 | – | – | 1,949,604 | – | ||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | (26 | ) | – | – | – | (1,195 | ) | ||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
NET ASSETS | $ | 357,697,403 | $ | 1,082,665,093 | $ | 241,704,416 | $ | 119,582,974 | $ | 4,620,971,926 | $ | 122,337,582 | ||||||||||||
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 | 22,764,599 | 50,999,495 | 16,957,851 | 7,492,051 | 123,044,337 | 8,056,216 | ||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 15.71 | $ | 21.23 | $ | 14.25 | $ | 15.96 | $ | 37.56 | $ | 15.19 | ||||||||||||
* Cost | ||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 295,859,479 | $ | 925,482,015 | $ | 222,189,171 | $ | 123,160,097 | $ | 2,492,300,048 | $ | 84,898,072 | ||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | 11,552,237 | $ | – | ||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
† Including securities on loan | $ | 22,488,729 | $ | 114,247,001 | $ | 12,209,872 | $ | 19,387,411 | $ | 44,131,044 | $ | 353,351 | ||||||||||||
See Notes to Financial Statements
251 |
Table of Contents
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2014 (unaudited)
ASSET ALLOCATION FUND | BLUE CHIP FUND | BROAD CAP VALUE FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,142,337 | $ | 2,248,346 | $ | 644,011 | $ | 14,743 | $ | 2,305,036 | $ | 9,490,577 | $ | – | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 14,567 | 23,122 | 3,430 | 2,955 | 18,756 | 14,904 | – | |||||||||||||||||||||
Interest (unaffiliated) | 956,723 | 721 | 108 | 2,502,024 | – | 539 | 493,736 | |||||||||||||||||||||
Total investment income* | 2,113,627 | 2,272,189 | 647,549 | 2,519,722 | 2,323,792 | 9,506,020 | 493,736 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 442,584 | 2,306,512 | 197,886 | 506,889 | 1,072,474 | 2,341,864 | 332,436 | |||||||||||||||||||||
Administrative service fee | 59,749 | 213,349 | 19,082 | 68,430 | 90,884 | 219,518 | 17,423 | |||||||||||||||||||||
Transfer agent fees and expenses | 617 | 1,635 | 818 | 1,094 | 616 | 1,636 | 138 | |||||||||||||||||||||
Custodian fees | 44,405 | 17,798 | 10,591 | 16,150 | 13,561 | 11,052 | 10,720 | |||||||||||||||||||||
Reports to shareholders | 13,012 | 45,312 | 4,818 | 14,209 | 20,212 | 47,469 | 19,026 | |||||||||||||||||||||
Audit and tax fees | 20,878 | 15,787 | 15,794 | 21,831 | 15,800 | 15,816 | 17,504 | |||||||||||||||||||||
Legal fees | 6,469 | 10,737 | 5,278 | 6,786 | 7,864 | 11,509 | 7,390 | |||||||||||||||||||||
Directors’ fees and expenses | 3,724 | 12,900 | 1,103 | 4,157 | 5,697 | 13,209 | 4,926 | |||||||||||||||||||||
Interest expense | 9 | – | – | – | 38 | 110 | – | |||||||||||||||||||||
Other expenses | 7,121 | 11,894 | 6,862 | 8,166 | 8,538 | 12,043 | 5,816 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 598,568 | 2,635,924 | 262,232 | 647,712 | 1,235,684 | 2,674,226 | 415,379 | |||||||||||||||||||||
�� | ||||||||||||||||||||||||||||
Net (Fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | (21,941 | ) | – | (158,540 | ) | (7,490 | ) | 10,138 | ||||||||||||||||||
Fees paid indirectly (Note 7) | – | (3,219 | ) | (1,619 | ) | – | (1,715 | ) | – | – | ||||||||||||||||||
Net expenses | 598,568 | 2,632,705 | 238,672 | 647,712 | 1,075,429 | 2,666,736 | 425,517 | |||||||||||||||||||||
Net investment income (loss) | 1,515,059 | (360,516 | ) | 408,877 | 1,872,010 | 1,248,363 | 6,839,284 | 68,219 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 6,563,053 | 31,960,056 | 1,597,922 | 1,210,240 | 18,015,728 | 31,521,219 | (227,832 | ) | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | 2,149,533 | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (79,154 | ) | – | – | – | – | – | (635,075 | ) | |||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (21,463 | ) | (1,972 | ) | – | – | (56 | ) | (18,383 | ) | – | |||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 6,462,436 | 31,958,084 | 1,597,922 | 1,210,240 | 18,015,672 | 31,502,836 | 1,286,626 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (3,534,558 | ) | 25,008,914 | 881,905 | 445,057 | (2,680,369 | ) | 71,819 | 564,286 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | 5,894,770 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (338,955 | ) | – | – | – | 12,823 | – | 318,706 | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (13,685 | ) | (535 | ) | – | – | – | (1,484 | ) | – | ||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (3,887,198 | ) | 25,008,379 | 881,905 | 445,057 | (2,667,546 | ) | 70,335 | 6,777,762 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2,575,238 | 56,966,463 | 2,479,827 | 1,655,297 | 15,348,126 | 31,573,171 | 8,064,388 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 4,090,297 | $ | 56,605,947 | $ | 2,888,704 | $ | 3,527,307 | $ | 16,596,489 | $ | 38,412,455 | $ | 8,132,607 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 27,312 | $ | 2,209 | $ | 1,366 | $ | 968 | $ | 21,113 | $ | 39,419 | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
252 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2014 (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) | $ | 13,065,241 | $ | 9,948,075 | $ | 6,861,208 | $ | 4,154,395 | $ | 3,548,438 | $ | – | $ | 6,593,657 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 72,964 | 356,629 | 29,672 | 42,640 | 65,994 | 2,459 | 107,083 | |||||||||||||||||||||
Interest (unaffiliated) | 394 | 760 | 203 | 481 | 3,287,610 | 2,147,809 | 357 | |||||||||||||||||||||
Total investment income* | 13,138,599 | 10,305,464 | 6,891,083 | 4,197,516 | 6,902,042 | 2,150,268 | 6,701,097 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 2,636,654 | 3,462,422 | 1,694,926 | 1,097,048 | 1,345,359 | 403,742 | 3,492,848 | |||||||||||||||||||||
Administrative service fee | 232,793 | 352,152 | 157,488 | 148,101 | 182,703 | 54,505 | 336,870 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,634 | 1,430 | 1,430 | 1,026 | 614 | 1,840 | 1,028 | |||||||||||||||||||||
Custodian fees | 292,056 | 128,586 | 44,252 | 33,818 | 77,006 | 7,795 | 30,334 | |||||||||||||||||||||
Reports to shareholders | 48,771 | 77,992 | 30,371 | 31,345 | 40,868 | 11,937 | 74,212 | |||||||||||||||||||||
Audit and tax fees | 20,973 | 20,311 | 16,544 | 17,761 | 21,996 | 18,610 | 15,964 | |||||||||||||||||||||
Legal fees | 16,272 | 17,795 | 9,868 | 10,814 | 14,768 | 6,207 | 16,398 | |||||||||||||||||||||
Directors’ fees and expenses | 13,840 | 22,338 | 8,392 | 9,202 | 11,657 | 3,465 | 20,948 | |||||||||||||||||||||
Interest expense | 92 | 12 | – | – | – | – | 3,234 | |||||||||||||||||||||
Other expenses | 12,503 | 16,328 | 11,419 | 15,077 | 12,667 | 7,504 | 15,411 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 3,275,588 | 4,099,366 | 1,974,690 | 1,364,192 | 1,707,638 | 515,605 | 4,007,247 | |||||||||||||||||||||
Net (Fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Fees paid indirectly (Note 7) | (18,685 | ) | (10,056 | ) | (4,420 | ) | – | (4,232 | ) | – | – | |||||||||||||||||
Net expenses | 3,256,903 | 4,089,310 | 1,970,270 | 1,364,192 | 1,703,406 | 515,605 | 4,007,247 | |||||||||||||||||||||
Net investment income (loss) | 9,881,696 | 6,216,154 | 4,920,813 | 2,833,324 | 5,198,636 | 1,634,663 | 2,693,850 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | (7,228,548 | ) | 37,819,537 | 8,974,169 | 39,260,985 | 14,810,169 | 9,907 | 103,733,941 | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | – | – | 768,972 | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (440,165 | ) | (134,436 | ) | (63,761 | ) | (118,042 | ) | 4,028,199 | – | (3,851 | ) | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (7,668,713 | ) | 37,685,101 | 8,910,408 | 39,911,915 | 18,838,368 | 9,907 | 103,730,090 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (15,682,061 | ) | (152,279,398 | ) | 4,573,700 | (28,801,820 | ) | (31,881,990 | ) | 1,489,696 | (37,150,082 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | – | (15,315 | ) | – | – | – | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (27,358 | ) | (316,521 | ) | (44,619 | ) | (30,889 | ) | 6,435,865 | – | (6,034 | ) | ||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | (61,688 | ) | 526,495 | 15,666 | – | – | – | (35 | ) | |||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (15,771,107 | ) | (152,069,424 | ) | 4,544,747 | (28,848,024 | ) | (25,446,125 | ) | 1,489,696 | (37,156,151 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (23,439,820 | ) | (114,384,323 | ) | 13,455,155 | 11,063,891 | (6,607,757 | ) | 1,499,603 | 66,573,939 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (13,558,124 | ) | $ | (108,168,169 | ) | $ | 18,375,968 | $ | 13,897,215 | $ | (1,409,121 | ) | $ | 3,134,266 | $ | 69,267,789 | |||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 1,574,754 | $ | 784,753 | $ | 273,505 | $ | 150,689 | $ | 177,572 | $ | – | $ | 26,028 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | 252,027 | $ | 232,725 | $ | 43,345 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
253 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2014 (unaudited) — (continued)
GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND† | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | LARGE CAP CORE FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,199,155 | $ | 1,566,472 | $ | 174,615 | $ | 11,797,975 | $ | – | $ | 4,722,485 | $ | 1,518,617 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 2,311 | 91,772 | 3,666 | 114,350 | 546 | 103,006 | 9,665 | |||||||||||||||||||||
Interest (unaffiliated) | 41 | 4,481 | 5,850,675 | 2,206 | 3,165,248 | 1,073 | – | |||||||||||||||||||||
Total investment income* | 1,201,507 | 1,662,725 | 6,028,956 | 11,914,531 | 3,165,794 | 4,826,564 | 1,528,282 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 437,790 | 3,174,868 | 1,124,737 | 1,642,867 | 476,514 | 2,857,307 | 633,296 | |||||||||||||||||||||
Administrative service fee | 39,401 | 216,677 | 159,310 | 377,450 | 64,329 | 211,973 | 61,068 | �� | ||||||||||||||||||||
Transfer agent fees and expenses | 1,225 | 824 | 1,400 | 2,317 | 820 | 1,430 | 818 | |||||||||||||||||||||
Custodian fees | 8,386 | 19,793 | 15,741 | 156,342 | 18,180 | 92,130 | 4,703 | |||||||||||||||||||||
Reports to shareholders | 8,842 | 43,143 | 34,301 | 83,769 | 13,878 | 48,005 | 12,988 | |||||||||||||||||||||
Audit and tax fees | 16,444 | 16,590 | 19,532 | 25,210 | 21,132 | 20,809 | 15,790 | |||||||||||||||||||||
Legal fees | 6,188 | 14,365 | 8,829 | 27,362 | 8,823 | 17,663 | 6,405 | |||||||||||||||||||||
Directors’ fees and expenses | 2,384 | 12,527 | 9,745 | 24,284 | 3,968 | 13,373 | 3,740 | |||||||||||||||||||||
Interest expense | 29 | – | – | 107 | – | 487 | 111 | |||||||||||||||||||||
Other expenses | 6,959 | 12,241 | 8,946 | 28,805 | 7,146 | 13,384 | 8,669 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 527,648 | 3,511,028 | 1,382,541 | 2,368,513 | 614,790 | 3,276,561 | 747,588 | |||||||||||||||||||||
Net (Fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (31,486 | ) | – | – | – | – | (104,790 | ) | – | |||||||||||||||||||
Fees paid indirectly (Note 7) | (278 | ) | (3,010 | ) | – | – | – | (759 | ) | (4,681 | ) | |||||||||||||||||
Net expenses | 495,884 | 3,508,018 | 1,382,541 | 2,368,513 | 614,790 | 3,171,012 | 742,907 | |||||||||||||||||||||
Net investment income (loss) | 705,623 | (1,845,293 | ) | 4,646,415 | 9,546,018 | 2,551,004 | 1,655,552 | 785,375 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 2,282,039 | 41,538,119 | 493,378 | 44,814,869 | 193,609 | 16,804,093 | 16,060,588 | |||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 35,844 | 20,547 | – | (2,045,000 | ) | – | – | – | ||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (4 | ) | (9,980 | ) | 2,017 | (238,990 | ) | (88,201 | ) | (108,790 | ) | (8 | ) | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 2,317,879 | 41,548,686 | 495,395 | 42,530,879 | 105,408 | 16,695,303 | 16,060,580 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 6,725,128 | 90,381,773 | (8,503,586 | ) | (113,156,498 | ) | (7,301,101 | ) | (30,931,763 | ) | (389,780 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (21,802 | ) | 156,006 | – | 327,486 | – | – | – | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | (11,910 | ) | (151,227 | ) | (159,833 | ) | (83,002 | ) | (94,345 | ) | – | ||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | 5,676 | – | – | – | (76,310 | ) | – | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 6,703,326 | 90,531,545 | (8,654,813 | ) | (112,988,845 | ) | (7,384,103 | ) | (31,102,418 | ) | (389,780 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 9,021,205 | 132,080,231 | (8,159,418 | ) | (70,457,966 | ) | (7,278,695 | ) | (14,407,115 | ) | 15,670,800 | |||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 9,726,828 | $ | 130,234,938 | $ | (3,513,003 | ) | $ | (60,911,948 | ) | $ | (4,727,691 | ) | $ | (12,751,563 | ) | $ | 16,456,175 | ||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | (92 | ) | $ | 25,551 | $ | 232 | $ | 647,660 | $ | 1,143 | $ | 305,447 | $ | 5,147 | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | 36,308 | $ | – | $ | 16,859 | $ | – | ||||||||||||||
† | See Note 1 |
See Notes to Financial Statements
254 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2014 (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) | $ | 2,563,089 | $ | 24,616,417 | $ | 1,329,824 | $ | – | $ | 1,901,335 | $ | 4,354,827 | $ | 173,629 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 24,458 | 1,427,663 | 124,086 | – | 24,277 | 236,026 | 66,214 | |||||||||||||||||||||
Interest (unaffiliated) | 282 | 3,499 | 304 | 263,464 | 244 | 5,757 | – | |||||||||||||||||||||
Total investment income* | 2,587,829 | 26,047,579 | 1,454,214 | 263,464 | 1,925,856 | 4,596,610 | 239,843 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 1,291,466 | 4,186,642 | 1,043,569 | 727,925 | 555,456 | 4,278,478 | 433,953 | |||||||||||||||||||||
Administrative service fee | 136,209 | 1,074,913 | 101,862 | 122,837 | 94,214 | 329,808 | 34,461 | |||||||||||||||||||||
Transfer agent fees and expenses | 819 | 3,111 | 1,567 | 2,695 | 2,082 | 2,485 | 614 | |||||||||||||||||||||
Custodian fees | 9,700 | 47,367 | 16,936 | 7,149 | 5,198 | 41,644 | 10,310 | |||||||||||||||||||||
Reports to shareholders | 29,807 | 232,317 | 23,035 | 27,104 | 19,135 | 68,194 | 8,078 | |||||||||||||||||||||
Audit and tax fees | 15,803 | 16,435 | 15,832 | 18,610 | 16,457 | 15,885 | 15,779 | |||||||||||||||||||||
Legal fees | 8,773 | 36,637 | 8,244 | 7,988 | 7,294 | 14,436 | 5,758 | |||||||||||||||||||||
Directors’ fees and expenses | 8,621 | 67,636 | 6,549 | 8,034 | 5,327 | 20,222 | 2,314 | |||||||||||||||||||||
Interest expense | 309 | – | 222 | – | 60 | 10 | 6 | |||||||||||||||||||||
Other expenses | 10,744 | 59,427 | 8,976 | 4,929 | 51,083 | 13,298 | 7,890 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,512,251 | 5,724,485 | 1,226,792 | 927,271 | 756,306 | 4,784,460 | 519,163 | |||||||||||||||||||||
Net (Fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | (682,033 | ) | (16,555 | ) | – | (13,736 | ) | ||||||||||||||||||
Fees paid indirectly (Note 7) | (1,477 | ) | – | (10,484 | ) | – | – | (28,475 | ) | – | ||||||||||||||||||
Net expenses | 1,510,774 | 5,724,485 | 1,216,308 | 245,238 | 739,751 | 4,755,985 | 505,427 | |||||||||||||||||||||
Net investment income (loss) | 1,077,055 | 20,323,094 | 237,906 | 18,226 | 1,186,105 | (159,375 | ) | (265,584 | ) | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 3,788,740 | 132,384,327 | 20,779,842 | 4,768 | 2,636,300 | 68,687,062 | 5,424,334 | |||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | 1,604,811 | – | – | 647,525 | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (2,707 | ) | – | 727 | – | – | (87,784 | ) | – | |||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 3,786,033 | 133,989,138 | 20,780,569 | 4,768 | 3,283,825 | 68,599,278 | 5,424,334 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 23,235,881 | 10,279,640 | 2,375,494 | – | 38,619,665 | 52,831,521 | 7,385,012 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | (1,269,922 | ) | – | – | 46,954 | – | – | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 2,277 | – | 799 | – | – | (29,149 | ) | – | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 23,238,158 | 9,009,718 | 2,376,293 | – | 38,666,619 | 52,802,372 | 7,385,012 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 27,024,191 | 142,998,856 | 23,156,862 | 4,768 | 41,950,444 | 121,401,650 | 12,809,346 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 28,101,246 | $ | 163,321,950 | $ | 23,394,768 | $ | 22,994 | $ | 43,136,549 | $ | 121,242,275 | $ | 12,543,762 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 45,963 | $ | – | $ | 7,824 | $ | – | $ | 551 | $ | 159,127 | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
255 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2014 (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) | $ | 1,754,637 | $ | 7,501,499 | $ | 2,231,740 | $ | 329,865 | $ | 46,019,742 | $ | 1,326,625 | ||||||||||||
Dividends (affiliated) | – | – | – | – | 92,624 | – | ||||||||||||||||||
Securities lending income | 170,757 | 1,532,994 | 85,412 | 37,482 | 210,939 | 2,468 | ||||||||||||||||||
Interest (unaffiliated) | 1,429 | 1,064 | 542 | – | 6,078 | – | ||||||||||||||||||
Total investment income* | 1,926,823 | 9,035,557 | 2,317,694 | 367,347 | 46,329,383 | 1,329,093 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 1,587,350 | 1,622,345 | 930,081 | 518,488 | 5,550,405 | 477,217 | ||||||||||||||||||
Administrative service fee | 121,077 | 370,348 | 83,707 | 41,174 | 1,534,837 | 41,298 | ||||||||||||||||||
Transfer agent fees and expenses | 616 | 2,896 | 1,226 | 614 | 3,755 | 1,430 | ||||||||||||||||||
Custodian fees | 21,666 | 33,472 | 9,339 | 8,660 | 64,969 | 8,095 | ||||||||||||||||||
Reports to shareholders | 27,460 | 80,907 | 18,961 | 9,695 | 325,600 | 9,479 | ||||||||||||||||||
Audit and tax fees | 15,813 | 16,607 | 15,816 | 15,786 | 16,459 | 15,797 | ||||||||||||||||||
Legal fees | 9,181 | 15,272 | 7,007 | 5,352 | 47,584 | 6,015 | ||||||||||||||||||
Directors’ fees and expenses | 7,955 | 24,117 | 5,371 | 2,705 | 93,812 | 2,563 | ||||||||||||||||||
Interest expense | 167 | 292 | – | – | – | – | ||||||||||||||||||
Other expenses | 13,522 | 14,867 | 9,605 | 6,903 | 76,319 | 8,153 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,804,807 | 2,181,123 | 1,081,113 | 609,377 | 7,713,740 | 570,047 | ||||||||||||||||||
Net (Fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (136,628 | ) | – | – | – | – | (50,001 | ) | ||||||||||||||||
Fees paid indirectly (Note 7) | (12,738 | ) | – | (10,093 | ) | (5,022 | ) | – | – | |||||||||||||||
Net expenses | 1,655,441 | 2,181,123 | 1,071,020 | 604,355 | 7,713,740 | 520,046 | ||||||||||||||||||
Net investment income (loss) | 271,382 | 6,854,434 | 1,246,674 | (237,008 | ) | 38,615,643 | 809,047 | |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 25,969,696 | 59,273,159 | 13,997,059 | 5,139,554 | 85,744,241 | 4,815,264 | ||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | 413,480 | – | ||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | (734,225 | ) | – | – | 9,620,716 | – | |||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (119 | ) | 142 | – | (10 | ) | – | 115 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 25,969,577 | 58,539,076 | 13,997,059 | 5,139,544 | 95,778,437 | 4,815,379 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (9,749,873 | ) | (23,455,065 | ) | (8,549,567 | ) | 6,451,808 | 230,607,033 | 2,752,175 | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | (172,836 | ) | – | |||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 1,743,151 | – | – | (2,210,993 | ) | – | |||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (75 | ) | (31 | ) | – | (21 | ) | – | (1,549 | ) | ||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (9,749,948 | ) | (21,711,945 | ) | (8,549,567 | ) | 6,451,787 | 228,223,204 | 2,750,626 | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 16,219,629 | 36,827,131 | 5,447,492 | 11,591,331 | 324,001,641 | 7,566,005 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 16,491,011 | $ | 43,681,565 | $ | 6,694,166 | $ | 11,354,323 | $ | 362,617,284 | $ | 8,375,052 | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 5,503 | $ | 3,699 | $ | 7,901 | $ | 1,404 | $ | 13,468 | $ | 5,285 | ||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Notes to Financial Statements
256 |
Table of Contents
STATEMENT 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, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,515,059 | $ | 3,310,479 | $ | (360,516 | ) | $ | (573,007 | ) | $ | 408,877 | $ | 1,017,630 | $ | 1,872,010 | $ | 3,991,318 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 6,462,436 | 10,481,681 | 31,958,084 | 59,383,511 | 1,597,922 | 3,161,247 | 1,210,240 | (688,221 | ) | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (3,887,198 | ) | 5,460,862 | 25,008,379 | 64,585,834 | 881,905 | 3,529,560 | 445,057 | 1,314,991 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 4,090,297 | 19,253,022 | 56,605,947 | 123,396,338 | 2,888,704 | 7,708,437 | 3,527,307 | 4,618,088 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,034,040 | ) | – | (1,020,429 | ) | – | (658,578 | ) | – | (5,583,373 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (9,470,291 | ) | – | (22,993,791 | ) | – | – | – | (2,713,195 | ) | |||||||||||||||||||||
Total distributions to shareholders | – | (12,504,331 | ) | – | (24,014,220 | ) | – | (658,578 | ) | – | (8,296,568 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (3,015,653 | ) | 5,806,809 | (19,779,251 | ) | 20,839,194 | 2,817,135 | 4,723,837 | 32,128,530 | (29,789,313 | ) | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 1,074,644 | 12,555,500 | 36,826,696 | 120,221,312 | 5,705,839 | 11,773,696 | 35,655,837 | (33,467,793 | ) | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 176,343,578 | 163,788,078 | 615,447,022 | 495,225,710 | 53,674,799 | 41,901,103 | 196,550,477 | 230,018,270 | ||||||||||||||||||||||||
End of period† | $ | 177,418,222 | $ | 176,343,578 | $ | 652,273,718 | $ | 615,447,022 | $ | 59,380,638 | $ | 53,674,799 | $ | 232,206,314 | $ | 196,550,477 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 5,067,809 | $ | 3,552,750 | $ | (661,145 | ) | $ | (300,629 | ) | $ | 1,426,289 | $ | 1,017,412 | $ | 6,690,924 | $ | 4,818,914 | ||||||||||||||
See Notes to Financial Statements
257 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | EMERGING ECONOMIES FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,248,363 | $ | 2,432,568 | $ | 6,839,284 | $ | 13,411,775 | $ | 68,219 | $ | 2,907,659 | $ | 9,881,696 | $ | 14,197,831 | ||||||||||||||||
Net realized gain (loss) on investments and foreign | 18,015,672 | 30,117,631 | 31,502,836 | 65,821,166 | 1,286,626 | 1,652,272 | (7,668,713 | ) | (2,870,766 | ) | ||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (2,667,546 | ) | 15,767,980 | 70,335 | 11,193,506 | 6,777,762 | 13,773,665 | (15,771,107 | ) | 2,530,150 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from | 16,596,489 | 48,318,179 | 38,412,455 | 90,426,447 | 8,132,607 | 18,333,596 | (13,558,124 | ) | 13,857,215 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,126,657 | ) | – | (12,390,438 | ) | – | – | – | (9,729,373 | ) | |||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (594,836 | ) | – | – | |||||||||||||||||||||||
Total distributions to shareholders | – | (3,126,657 | ) | – | (12,390,438 | ) | – | (594,836 | ) | – | (9,729,373 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from | (14,579,939 | ) | (18,692,623 | ) | 17,238,540 | (24,502,148 | ) | 9,301,885 | 150,358,741 | 25,943,354 | (24,201,829 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 2,016,550 | 26,498,899 | 55,650,995 | 53,533,861 | �� | 17,434,492 | 168,097,501 | 12,385,230 | (20,073,987 | ) | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 268,866,136 | 242,367,237 | 621,033,162 | 567,499,301 | 255,001,306 | 86,903,805 | 678,405,727 | 698,479,714 | ||||||||||||||||||||||||
End of period† | $ | 270,882,686 | $ | 268,866,136 | $ | 676,684,157 | $ | 621,033,162 | $ | 272,435,798 | $ | 255,001,306 | $ | 690,790,957 | $ | 678,405,727 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 3,677,917 | $ | 2,429,554 | $ | 20,249,579 | $ | 13,410,295 | $ | 3,648,365 | $ | 3,580,146 | $ | 23,514,347 | $ | 13,632,651 | ||||||||||||||||
See Notes to Financial Statements
258 |
Table of Contents
VALIC Company I
STATEMENT 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, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 6,216,154 | $ | 24,932,249 | $ | 4,920,813 | $ | 9,575,642 | $ | 2,833,324 | $ | 8,342,756 | $ | 5,198,636 | $ | 14,814,679 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 37,685,101 | 29,005,677 | 8,910,408 | 16,805,675 | 39,911,915 | 49,781,457 | 18,838,368 | 23,400,967 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (152,069,424 | ) | 135,471,988 | 4,544,747 | 6,662,236 | (28,848,024 | ) | 19,765,455 | (25,446,125 | ) | 34,541,390 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (108,168,169 | ) | 189,409,914 | 18,375,968 | 33,043,553 | 13,897,215 | 77,889,668 | (1,409,121 | ) | 72,757,036 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (19,579,170 | ) | – | (20,312,399 | ) | – | (6,041,120 | ) | – | (17,494,448 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | (24,544,043 | ) | – | – | – | – | |||||||||||||||||||||||
Total distributions to shareholders | – | (19,579,170 | ) | – | (44,856,442 | ) | – | (6,041,120 | ) | – | (17,494,448 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 2,008,403 | (5,663,936 | ) | 89,772,014 | 40,352,404 | (17,088,534 | ) | 67,578,045 | (23,479,318 | ) | 31,751,314 | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (106,159,766 | ) | 164,166,808 | 108,147,982 | 28,539,515 | (3,191,319 | ) | 139,426,593 | (24,888,439 | ) | 87,013,902 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 1,077,191,870 | 913,025,062 | 413,082,486 | 384,542,971 | 439,971,623 | 300,545,030 | 552,074,075 | 465,060,173 | ||||||||||||||||||||||||
End of period† | $ | 971,032,104 | $ | 1,077,191,870 | $ | 521,230,468 | $ | 413,082,486 | $ | 436,780,304 | $ | 439,971,623 | $ | 527,185,636 | $ | 552,074,075 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 29,934,469 | $ | 23,718,315 | $ | 9,395,621 | $ | 4,474,808 | $ | 10,920,383 | $ | 8,087,059 | $ | 13,732,344 | $ | 8,533,708 | ||||||||||||||||
See Notes to Financial Statements
259 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,634,663 | $ | 3,270,126 | $ | 2,693,850 | $ | 5,783,801 | $ | 705,623 | $ | 1,151,029 | $ | (1,845,293 | ) | $ | (3,037,445 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 9,907 | (921,210 | ) | 103,730,090 | 123,044,222 | 2,317,879 | 13,429,376 | 41,548,686 | 109,056,907 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 1,489,696 | (720,265 | ) | (37,156,151 | ) | 44,361,961 | 6,703,326 | 5,412,252 | 90,531,545 | 29,544,189 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 3,134,266 | 1,628,651 | 69,267,789 | 173,189,984 | 9,726,828 | 19,992,657 | 130,234,938 | 135,563,651 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,636,430 | ) | – | (8,021,572 | ) | – | (842,484 | ) | – | – | |||||||||||||||||||||
Net realized gain on securities | – | (595,233 | ) | – | �� | – | – | – | – | (19,465,321 | ) | |||||||||||||||||||||
Total distributions to shareholders | – | (4,231,663 | ) | – | (8,021,572 | ) | – | (842,484 | ) | – | (19,465,321 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 1,108,985 | 27,938,383 | (76,005,077 | ) | 25,932,733 | (2,225,511 | ) | (411,542 | ) | 19,773,902 | 51,961,104 | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 4,243,251 | 25,335,371 | (6,737,288 | ) | 191,101,145 | 7,501,317 | 18,738,631 | 150,008,840 | 168,059,434 | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 162,121,474 | 136,786,103 | 1,014,642,088 | 823,540,943 | 114,405,264 | 95,666,633 | 580,157,246 | 412,097,812 | ||||||||||||||||||||||||
End of period† | $ | 166,364,725 | $ | 162,121,474 | $ | 1,007,904,800 | $ | 1,014,642,088 | $ | 121,906,581 | $ | 114,405,264 | $ | 730,166,086 | $ | 580,157,246 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 5,239,761 | $ | 3,605,098 | $ | 8,107,340 | $ | 5,413,490 | $ | 1,848,573 | $ | 1,142,950 | $ | (3,364,181 | ) | $ | (1,518,888 | ) | ||||||||||||||
See Notes to Financial Statements
260 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND* | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 4,646,415 | $ | 9,514,314 | $ | 9,546,018 | $ | 35,212,238 | $ | 2,551,004 | $ | 4,935,805 | $ | 1,655,552 | $ | 7,497,314 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 495,395 | 706,528 | 42,530,879 | 53,314,826 | 105,408 | (1,851,877 | ) | 16,695,303 | 52,945,662 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (8,654,813 | ) | (6,641,933 | ) | (112,988,845 | ) | 88,931,985 | (7,384,103 | ) | 4,257,652 | (31,102,418 | ) | 33,094,524 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (3,513,003 | ) | 3,578,909 | (60,911,948 | ) | 177,459,049 | (4,727,691 | ) | 7,341,580 | (12,751,563 | ) | 93,537,500 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (8,540,718 | ) | – | (27,041,667 | ) | – | (3,330,576 | ) | – | (10,866,892 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (2,261,140 | ) | – | – | – | (2,078,189 | ) | – | – | ||||||||||||||||||||||
Total distributions to shareholders | – | (10,801,858 | ) | – | (27,041,667 | ) | – | (5,408,765 | ) | – | (10,866,892 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 34,817,309 | 29,962,898 | (66,109,790 | ) | 23,472,754 | 3,176,652 | 2,717,618 | (23,706,030 | ) | (39,724,777 | ) | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 31,304,306 | 22,739,949 | (127,021,738 | ) | 173,890,136 | (1,551,039 | ) | 4,650,433 | (36,457,593 | ) | 42,945,831 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 469,056,473 | 446,316,524 | 1,174,840,143 | 1,000,950,007 | 189,240,717 | 184,590,284 | 646,032,036 | 603,086,205 | ||||||||||||||||||||||||
End of period† | $ | 500,360,779 | $ | 469,056,473 | $ | 1,047,818,405 | $ | 1,174,840,143 | $ | 187,689,678 | $ | 189,240,717 | $ | 609,574,443 | $ | 646,032,036 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 14,160,360 | $ | 9,513,945 | $ | 42,797,517 | $ | 33,251,499 | $ | 5,413,012 | $ | 2,862,008 | $ | 7,950,772 | $ | 6,295,220 | ||||||||||||||||
* | See Note 1 |
See Notes to Financial Statements
261 |
Table of Contents
VALIC Company I
STATEMENT 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, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 785,375 | $ | 1,847,913 | $ | 1,077,055 | $ | 2,232,193 | $ | 20,323,094 | $ | 32,525,210 | $ | 237,906 | $ | (158,670 | ) | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 16,060,580 | 26,110,031 | 3,786,033 | 76,598,426 | 133,989,138 | 184,974,580 | 20,780,569 | 42,085,599 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (389,780 | ) | 3,094,041 | 23,238,158 | (2,734,223 | ) | 9,009,718 | 278,473,292 | 2,376,293 | (4,771,028 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 16,456,175 | 31,051,985 | 28,101,246 | 76,096,396 | 163,321,950 | 495,973,082 | 23,394,768 | 37,155,901 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (1,608,872 | ) | – | (1,893,384 | ) | – | (34,843,990 | ) | – | (1,496,140 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (11,817,255 | ) | – | (29,860,274 | ) | – | (130,271,727 | ) | – | (3,561,209 | ) | ||||||||||||||||||||
Total distributions to shareholders | – | (13,426,127 | ) | – | (31,753,658 | ) | – | (165,115,717 | ) | – | (5,057,349 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (12,199,586 | ) | 1,406,520 | (19,711,275 | ) | (3,820,150 | ) | (143,519,921 | ) | (77,134,315 | ) | (20,068,546 | ) | 4,831,238 | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 4,256,589 | 19,032,378 | 8,389,971 | 40,522,588 | 19,802,029 | 253,723,050 | 3,326,222 | 36,929,790 | ||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 179,649,200 | 160,616,822 | 408,049,804 | 367,527,216 | 3,179,030,875 | 2,925,307,825 | 297,067,567 | 260,137,777 | ||||||||||||||||||||||||
End of period† | $ | 183,905,789 | $ | 179,649,200 | $ | 416,439,775 | $ | 408,049,804 | $ | 3,198,832,904 | $ | 3,179,030,875 | $ | 300,393,789 | $ | 297,067,567 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 2,632,278 | $ | 1,846,903 | $ | 3,327,700 | $ | 2,250,645 | $ | 52,903,059 | $ | 32,579,965 | $ | 235,122 | $ | (2,784 | ) | |||||||||||||||
See Notes to Financial Statements
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STATEMENT 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, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 18,226 | $ | 37,954 | $ | 1,186,105 | $ | 2,911,236 | $ | (159,375 | ) | $ | (1,537,461 | ) | $ | (265,584 | ) | $ | (717,026 | ) | ||||||||||||
Net realized gain (loss) on investments and foreign currencies | 4,768 | 8,056 | 3,283,825 | 5,597,196 | 68,599,278 | 182,374,847 | 5,424,334 | 22,832,508 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | – | – | 38,666,619 | 44,368,476 | 52,802,372 | 39,169,583 | 7,385,012 | (7,552,443 | ) | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 22,994 | 46,010 | 43,136,549 | 52,876,908 | 121,242,275 | 220,006,969 | 12,543,762 | 14,563,039 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (18,226 | ) | (37,954 | ) | – | (1,962,139 | ) | – | (1,174,500 | ) | – | – | ||||||||||||||||||||
Net realized gain on securities | – | – | – | (1,258,894 | ) | – | – | – | (9,763,467 | ) | ||||||||||||||||||||||
Total distributions to shareholders | (18,226 | ) | (37,954 | ) | – | (3,221,033 | ) | – | (1,174,500 | ) | – | (9,763,467 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (13,856,691 | ) | (11,326,475 | ) | 16,338,108 | 2,869,481 | (36,569,007 | ) | (54,758,443 | ) | (9,359,166 | ) | 14,387,907 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (13,851,923 | ) | (11,318,419 | ) | 59,474,657 | 52,525,356 | 84,673,268 | 164,074,026 | 3,184,596 | 19,187,479 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 366,767,808 | 378,086,227 | 255,119,993 | 202,594,637 | 936,687,763 | 772,613,737 | 101,409,946 | 82,222,467 | ||||||||||||||||||||||||
End of period† | $ | 352,915,885 | $ | 366,767,808 | $ | 314,594,650 | $ | 255,119,993 | $ | 1,021,361,031 | $ | 936,687,763 | $ | 104,594,542 | $ | 101,409,946 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 1,129 | $ | 1,129 | $ | 4,092,509 | $ | 2,906,404 | $ | (1,157,198 | ) | $ | (997,823 | ) | $ | (625,487 | ) | $ | (359,903 | ) | ||||||||||||
See Notes to Financial Statements
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VALIC Company I
STATEMENT 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, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 271,382 | $ | 57,479 | $ | 6,854,434 | $ | 11,205,003 | $ | 1,246,674 | $ | 2,168,553 | $ | (237,008 | ) | $ | (603,518 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 25,969,577 | 53,566,087 | 58,539,076 | 61,917,804 | 13,997,059 | 39,977,823 | 5,139,544 | 28,534,628 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (9,749,948 | ) | 4,287,514 | (21,711,945 | ) | 89,021,381 | (8,549,567 | ) | 8,499,367 | 6,451,787 | (7,602,561 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 16,491,011 | 57,911,080 | 43,681,565 | 162,144,188 | 6,694,166 | 50,645,743 | 11,354,323 | 20,328,549 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (1,201,353 | ) | – | (13,977,039 | ) | – | (1,802,415 | ) | – | (41,716 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (16,963,418 | ) | – | (25,815,375 | ) | – | – | – | (4,202,101 | ) | |||||||||||||||||||||
Total distributions to shareholders | – | (18,164,771 | ) | – | (39,792,414 | ) | – | (1,802,415 | ) | – | (4,243,817 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from | (22,600,540 | ) | (26,784,516 | ) | (67,881,500 | ) | 155,988 | (14,568,488 | ) | (25,404,462 | ) | (16,610,157 | ) | (528,577 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (6,109,529 | ) | 12,961,793 | (24,199,935 | ) | 122,507,762 | (7,874,322 | ) | 23,438,866 | (5,255,834 | ) | 15,556,155 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 363,806,932 | 350,845,139 | 1,106,865,028 | 984,357,266 | 249,578,738 | 226,139,872 | 124,838,808 | 109,282,653 | ||||||||||||||||||||||||
End of period† | $ | 357,697,403 | $ | 363,806,932 | $ | 1,082,665,093 | $ | 1,106,865,028 | $ | 241,704,416 | $ | 249,578,738 | $ | 119,582,974 | $ | 124,838,808 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | (39,647 | ) | $ | (311,029 | ) | $ | 17,694,666 | $ | 10,840,232 | $ | 3,171,468 | $ | 1,924,794 | $ | (417,712 | ) | $ | (180,704 | ) | ||||||||||||
See Notes to Financial Statements
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STATEMENT OF CHANGES IN NET ASSETS — (continued)
STOCK INDEX FUND | VALUE FUND | |||||||||||||||
For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | For the Six Months Ended November 30, 2014 (unaudited) | For the Year Ended May 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 38,615,643 | $ | 71,952,192 | $ | 809,047 | $ | 1,710,803 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 95,778,437 | 178,654,814 | 4,815,379 | 3,384,662 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 228,223,204 | 519,971,103 | 2,750,626 | 12,474,893 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | 362,617,284 | 770,578,109 | 8,375,052 | 17,570,358 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | – | (71,303,393 | ) | – | (1,912,183 | ) | ||||||||||
Net realized gain on securities | – | (99,954,931 | ) | – | – | |||||||||||
Total distributions to shareholders | – | (171,258,324 | ) | – | (1,912,183 | ) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (214,648,562 | ) | (100,847,335 | ) | (7,901,476 | ) | (5,096,777 | ) | ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 147,968,722 | 498,472,450 | 473,576 | 10,561,398 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 4,473,003,204 | 3,974,530,754 | 121,864,006 | 111,302,608 | ||||||||||||
End of period† | $ | 4,620,971,926 | $ | 4,473,003,204 | $ | 122,337,582 | $ | 121,864,006 | ||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 110,559,571 | $ | 71,943,928 | $ | 2,518,867 | $ | 1,709,820 | ||||||||
See Notes to Financial Statements
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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” or the “Adviser”). 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 (each, a “Fund” and collectively, the “Funds”), each of which issues its own separate class of capital shares:
Asset Allocation Fund | International Equities Index 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 |
* | The Dynamic Allocation 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 Funds”) (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”). |
** | Effective June 16, 2014, the International Equities Fund was renamed the “International Equities Index Fund” and changed its investment objective. The International Equities Index 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. |
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 Funds in the preparation of its financial statements:
Security Valuation
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their 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 establishes 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.)
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.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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, 2014 is 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 a 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, debentures, other long-term debt securities, and short-term debt securities with maturities in excess of 60 days, are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service 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 spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, 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 a 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.
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 Board has adopted procedures intended to stabilize the Money Market I Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Money Market I Fund’s market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board.
Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by a Board- approved pricing service, and are generally categorized as Level 1. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by a Board-approved pricing service as of the close of the exchange for which they are traded, and are generally categorized as Level 1. Option contracts traded over the counter will be valued based upon the average of quotations received from at least two brokers in such securities or currencies, and are generally categorized as Level 1. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 pm eastern time forward rate and are generally categorized as Level 2.
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 Series’ 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.
Derivative Instruments
Forward Foreign Currency Contracts: Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for various purposes, including to facilitate settlement of foreign currency denominated portfolio 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
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
ended November 30, 2014, 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, 2014, 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 a Fund as unrealized appreciation or depreciation. On the settlement date, a 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, a 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.
At November 30, 2014, the due to/from broker amount as disclosed in the Statement of Assets and Liabilities for the Global Strategy Fund include amounts set aside as collateral for open forward foreign currency contracts.
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 six months ended November 30, 2014, the Asset Allocation Fund, Core Equity Fund, Dynamic Allocation Fund, Global Social Awareness Fund, Growth & Income Fund, International Equities Index 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, 2014, the following Funds had open futures contracts: Asset Allocation Fund, Core Equity Fund, Dynamic Allocation Fund, Global Social Awareness Fund, Growth & Income Fund, International Equities Index 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, 2014, the Dynamic Allocation Fund and 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, 2014, the Dynamic Allocation Fund and the Health Sciences Fund had open option contracts, which are reported on a schedule following each 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 a 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 a 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 a 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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VALIC Company I
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, a 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 a 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 six months ended November 30, 2014 are summarized as follows:
Written Options | ||||||||||||||||
Dynamic Allocation | Health Sciences | |||||||||||||||
Number of Contracts | Premiums Received | Number of Contracts | Premiums Received | |||||||||||||
Options outstanding as of May 31, 2014 | — | $ | — | 437 | $ | 200,950 | ||||||||||
Options written | 88,981 | 1,524,097 | 813 | 526,143 | ||||||||||||
Options terminated in closing purchase transactions | (88,100 | ) | (792,900 | ) | (323 | ) | (154,785 | ) | ||||||||
Options exercised | — | — | (321 | ) | (147,696 | ) | ||||||||||
Options expired | — | — | (332 | ) | (219,748 | ) | ||||||||||
Options outstanding as of November 30, 2014 | 881 | $ | 731,197 | 274 | $ | 204,864 | ||||||||||
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 a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a 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 derivative instruments subject to Master Agreements that are in a net liability position could be material to a 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 Assets and Liabilities.
The following tables represent the value of derivatives held as of November 30, 2014, 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 six months ended November 30, 2014. For a detailed presentation of derivatives held as of November 30, 2014, please refer to the Portfolio of Investments:
Asset Allocation Fund | ||||||||||||
Asset Derivatives 2014 | Liability Derivatives 2014 | |||||||||||
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 | $ | 9,000 | Variation margin on futures contracts | $ | 52,650 | ||||||
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 | $ | (79,154 | ) | $ | (338,955 | ) | |||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $3,854,330 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(338,955) as reported in the Portfolio of Investments. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Core Equity Fund | ||||||||||||
Asset Derivatives 2014 | Liability Derivatives 2014 | |||||||||||
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 | $ | 4,800 | ||||||
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 | $ | — | $ | 12,823 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $275,507 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $12,823 as reported in the Portfolio of Investments. |
Dynamic Allocation Fund | ||||||||||||
Asset Derivatives 2014 | Liability Derivatives 2014 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3)(4)(5)(7) | Call and put options purchased, at value | $ | 1,070,415 | Call and put options purchased, at value | $ | — | ||||||
Call and put options written, at value | — | Call and put options written, at value | 1,114,465 | |||||||||
Variation margin on futures contracts | — | Variation margin on futures contracts | 360,000 | |||||||||
$ | 1,070,415 | $ | 1,474,465 | |||||||||
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)(4)(5)(6)(8) | Net realized gain (loss) on purchased options/Change in unrealized appreciation (depreciation) on purchased options | $ | (41,363 | ) | $ | (488,989 | ) | |||
Net realized gain (loss) on futures contracts and written options contracts/ Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (635,075 | ) | 318,706 | |||||||
$ | (676,438 | ) | $ | (170,283 | ) | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $64,092,500 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $1,689,443 as reported in the Portfolio of Investments. |
(4) | The average value outstanding for equity purchased options contracts was $178,403 |
(5) | The average value outstanding for equity written options contracts was $185,744 |
(6) | The realized gain (loss) on options purchased is included in net realized gain (loss) on investments. |
(7) | Purchased options contracts are included in investments at value (unaffiliated). |
(8) | The change in unrealized appreciation (depreciation) on purchased options contracts is included in change in unrealized appreciation (depreciation) on investments. |
Global Social Awareness Fund | ||||||||||||
Asset Derivatives 2014 | Liability Derivatives 2014 | |||||||||||
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 | $ | 21,900 | ||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 | $ | 768,972 | $ | (15,315 | ) | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $8,672,933 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $324,989 as reported in the Portfolio of Investments. |
Global Strategy Fund | ||||||||||||
Derivative Contracts(1) | Asset Derivatives 2014 | Liability Derivatives 2014 | ||||||||||
Foreign exchange contracts(2) | Unrealized appreciation on forward foreign currency contracts | $ | 9,172,855 | Unrealized depreciation on forward foreign currency contracts | $ | 1,733,960 | ||||||
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 | $ | 4,153,720 | $ | 6,553,430 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $167,664,362. |
Growth & Income Fund | ||||||||||||
Asset Derivatives 2014 | Liability Derivatives 2014 | |||||||||||
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 | $ | 3,600 | ||||||
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 | $ | 35,844 | $ | (21,802 | ) | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $1,056,445 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $6,369 as reported in the Portfolio of Investments. |
Health Sciences Fund | ||||||||||||
Asset Derivatives 2014 | Liability Derivatives 2014 | |||||||||||
Derivative Contracts(1) | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | ||||||||
Equity Contracts(2) | Call and put options written, at value | $ | — | Call and put options written, at value | $ | 58,438 | ||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 | |||||||
Net realized gain (loss) on futures contracts and written options contracts/ Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | 20,547 | $ | 156,006 | ||||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2014, 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 written options contracts was $358,942 |
International Equities Index Fund | ||||||||||||
Asset Derivatives 2014 | Liability Derivatives 2014 | |||||||||||
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 | $ | 216,050 | ||||||
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 | $ | (2,045,000 | ) | $ | 327,486 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $27,873,402 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $506,810 as reported in the Portfolio of Investments. |
Mid Cap Index Fund | ||||||||||||
Asset Derivatives 2014 | Liability Derivatives 2014 | |||||||||||
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 | $ | 692,930 | ||||||
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 | $ | 1,604,811 | $ | (1,269,922 | ) | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $50,476,555 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $291,500 as reported in the Portfolio of Investments. |
Nasdaq-100® Index Fund | ||||||||||||
Asset Derivatives 2014 | Liability Derivatives 2014 | |||||||||||
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 | $ | 28,746 | Variation margin on futures contracts | $ | — | ||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 | $ | 647,525 | $ | 46,954 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $12,404,353 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $332,122 as reported in the Portfolio of Investments. |
Small Cap Index Fund | ||||||||||||
Asset Derivatives 2014 | Liability Derivatives 2014 | |||||||||||
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 | $ | 441,210 | ||||||
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 | $ | (734,225 | ) | $ | 1,743,151 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $20,159,678 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $310,967 as reported in the Portfolio of Investments. |
Stock Index Fund | ||||||||||||
Asset Derivatives 2014 | Liability Derivatives 2014 | |||||||||||
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 | $ | 87,900 | ||||||
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 | $ | 9,620,716 | $ | (2,210,993 | ) | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2014, 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 $87,283,213 |
(3) | The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $1,949,604 as reported in the Portfolio of Investments. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
As of November 30, 2014, 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. The repurchase agreements and securities on loan held by a Fund as of November 30, 2014, are also subject to master netting agreements but are not included in the following tables. See the Portfolio of Investments and Notes to the Financial Statements for more information about a Fund’s holdings in repurchase agreements and securities on loan:
Asset Allocation 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 | ||||||||||||||
Exchange traded | $ | 9,000 | $ | — | $ | 9,000 | ||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | $ | 9,000 | $ | — | $ | 9,000 | ||||||||
Asset 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 | ||||||||||||||
Exchange traded | $ | 52,650 | $ | — | $ | 52,650 | ||||||||
Total derivatives, not subject to a master netting arrangement or similar arrangement | $ | 52,650 | $ | — | $ | 52,650 | ||||||||
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Core Equity 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 | ||||||||||||||||
Exchange traded | $ | 4,800 | $ | — | $ | 4,800 | ||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 4,800 | $ | — | $ | 4,800 | ||||||||||
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# | ||||||||||||
UBS Securities LLC* | $ | 4,800 | $ | — | $ | (4,800 | ) | $ | — | |||||||
@ | 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 — UBS Securities LLC as Futures Commission Merchant. |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Dynamic Allocation 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 | $ | 1,070,415 | $ | — | $ | 1,070,415 | ||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 1,070,415 | $ | — | $ | 1,070,415 | ||||||||||
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# | ||||||||||||
Morgan Stanley Co., Inc.* | $ | 1,070,415 | $ | (1,070,415 | ) | $ | — | $ | — | |||||||
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 | ||||||||||||||||
Exchange traded | $ | 360,000 | $ | — | $ | 360,000 | ||||||||||
Over-the-counter | 1,114,165 | — | 1,114,165 | |||||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 1,474,165 | $ | — | $ | 1,474,165 | ||||||||||
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# | ||||||||||||
Goldman Sachs & Co.* | $ | 360,000 | $ | — | $ | (360,000 | ) | $ | — | |||||||
Morgan Stanley Co., Inc. | 1,114,165 | (1,070,415 | ) | — | 43,750 | |||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 1,474,165 | $ | (1,070,415 | ) | $ | (360,000 | ) | $ | 43,750 | ||||||
@ | 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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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: | ||||||||||||||||
Equity contracts | ||||||||||||||||
Exchange traded | $ | 21,900 | $ | — | $ | 21,900 | ||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 21,900 | $ | — | $ | 21,900 | ||||||||||
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.* | $ | 21,900 | $ | — | $ | (21,900 | ) | $ | — | |||||||
@ | 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)
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 | $ | 9,172,855 | $ | — | $ | 9,172,855 | ||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 9,172,855 | $ | — | $ | 9,172,855 | ||||||||||
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# | ||||||||||||
Bank of America, N.A | $ | 188,313 | $ | — | $ | — | $ | 188,313 | ||||||||
Barclays Investments, Inc | 2,117,756 | (151,243 | ) | — | 1,966,513 | |||||||||||
Citibank, N.A | 1,325,807 | (83,234 | ) | (1,237,510 | )† | 5,063 | ||||||||||
Deutsche Bank AG | 1,526,424 | (652,677 | ) | — | 873,747 | |||||||||||
Goldman Sachs International | 221,573 | — | — | 221,573 | ||||||||||||
HSBC Bank PLC | 806,238 | (291,028 | ) | — | 515,210 | |||||||||||
JPMorgan Chase & Co | 1,917,567 | (317,065 | ) | (1,600,502 | ) | — | ||||||||||
Morgan Stanley & Co. Inc | 682 | (682 | ) | — | — | |||||||||||
Standard Chartered Bank | 1,003,456 | — | — | 1,003,456 | ||||||||||||
UBS AG | 65,039 | (2,150 | ) | — | 62,889 | |||||||||||
$ | 9,172,855 | $ | (1,498,079 | ) | $ | (2,838,012 | ) | $ | 4,836,764 | |||||||
@ | 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. |
# | The 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. |
† | At November 30, 2014, the Fund received the following collateral for derivatives: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2014 | |||||||||
United States Treasury Notes/Bonds | 0.75 to 0.88 | 04/30/17 to 02/28/18 | $ | 1,237,510 |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Global Strategy 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: | ||||||||||||||||
Foreign Exchange Contracts | $ | 1,733,960 | $ | — | $ | 1,733,960 | ||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 1,733,960 | $ | — | $ | 1,733,960 | ||||||||||
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# | ||||||||||||
Barclays Investments, Inc | $ | 151,243 | $ | (151,243 | ) | $ | — | $ | — | |||||||
Citibank, N.A | 83,234 | (83,234 | ) | — | — | |||||||||||
Deutsche Bank AG | 652,677 | (652,677 | ) | — | — | |||||||||||
HSBC Bank PLC | 291,028 | (291,028 | ) | — | — | |||||||||||
JPMorgan Chase & Co | 317,065 | (317,065 | ) | — | — | |||||||||||
Morgan Stanley & Co. Inc | 236,563 | (682 | ) | — | 235,881 | |||||||||||
UBS AG | 2,150 | (2,150 | ) | — | — | |||||||||||
$ | 1,733,960 | $ | (1,498,079 | ) | $ | — | $ | 235,881 | ||||||||
@ | 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)
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 | ||||||||||||||||
Exchange traded | $ | 3,600 | $ | — | $ | 3,600 | ||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 3,600 | $ | — | $ | 3,600 | ||||||||||
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# | ||||||||||||
Goldman Sachs & Co.* | $ | 3,600 | $ | — | $ | (3,600 | ) | $ | — | |||||||
@ | 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. |
Health Sciences 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 | $ | 58,438 | $ | — | $ | 58,438 | ||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 58,438 | $ | — | $ | 58,438 | ||||||||||
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. | $ | 57,288 | $ | — | $ | — | $ | 57,288 | ||||||||
Morgan Stanley & Co. LLC | 1,150 | — | — | 1,150 | ||||||||||||
$ | 58,438 | $ | — | $ | — | $ | 58,438 | |||||||||
@ | 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)
International Equities Index 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 | ||||||||||||||||
Exchange traded | $ | 216,050 | $ | — | $ | 216,050 | ||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 216,050 | $ | — | $ | 216,050 | ||||||||||
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.* | $ | 216,050 | $ | — | $ | (216,050 | ) | $ | — | |||||||
@ | 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. |
Mid Cap Index 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 | ||||||||||||||||
Exchange traded | $ | 692,930 | $ | — | $ | 692,930 | ||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 692,930 | $ | — | $ | 692,930 | ||||||||||
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.* | $ | 692,930 | $ | — | $ | (692,930 | ) | $ | — | |||||||
@ | 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)
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 | ||||||||||||||||
Exchange traded | $ | 28,746 | $ | — | $ | 28,746 | ||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 28,746 | $ | — | $ | 28,746 | ||||||||||
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.* | $ | 28,746 | $ | — | $ | — | $ | 28,746 | ||||||||
@ | 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. |
Small Cap Index 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 | ||||||||||||||||
Exchange traded | $ | 441,210 | $ | — | $ | 441,210 | ||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 441,210 | $ | — | $ | 441,210 | ||||||||||
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.* | $ | 441,210 | $ | — | $ | (441,210 | ) | $ | — | |||||||
@ | 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)
Stock Index 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 | ||||||||||||||||
Exchange traded | $ | 87,900 | $ | — | $ | 87,900 | ||||||||||
Total derivatives, subject to a master netting arrangement or similar arrangement | $ | 87,900 | $ | — | $ | 87,900 | ||||||||||
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.* | $ | 87,900 | $ | — | $ | (87,900 | ) | $ | — | |||||||
@ | 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. |
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 Series’ 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, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Fund may be delayed or limited.
As of November 30, 2014, the following Funds held an undivided interest in a joint repurchase agreement with State Street Bank and Trust Co.:
Fund | Percentage Ownership | Principal Amount | ||||||
Dividend Value | 0.06 | % | $ | 122,000 | ||||
International Equities Index | 8.15 | % | 15,450,000 | |||||
Mid Cap Index | 6.94 | % | 13,166,000 | |||||
Money Market I | 6.20 | % | 11,766,000 | |||||
Nasdaq-100® Index | 2.98 | % | 5,660,000 | |||||
Small Cap Index | 6.68 | % | 12,659,000 | |||||
Stock Index | 6.22 | % | 11,803,000 |
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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 and Trust Co., dated November 28, 2014, bearing interest at a rate of 0.00% per annum, with a principal amount of $189,628,000, a repurchase price of $189,628,000, and a maturity date of December 1, 2014. The repurchase agreement is collateralized by the following:
Type of Collateral | Interest Rate | Maturity Date | Principal Amount | Value | ||||||||||||
U.S. Treasury Notes | 1.63 | % | 6/30/2019 | $ | 154,020,000 | $ | 156,226,182 | |||||||||
U.S. Treasury Notes | 2.13 | % | 8/15/2021 | 35,445,000 | 36,158,366 | |||||||||||
U.S. Treasury Bonds | 8.00 | % | 11/15/2021 | 20,000 | 28,032 | |||||||||||
U.S. Treasury Bonds | 8.13 | % | 08/15/21 | 710,000 | 1,008,463 |
Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities (“SMBS”) are derivative multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Fund invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the “principal only” class) from the mortgage pool, while the other class will receive all or most of the interest (the “interest only” class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Fund’s yield.
Mortgage-Backed Dollar Rolls: During the six months ended November 30, 2014, the Asset Allocation Fund and Capital Conservation Fund 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 Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. 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 a 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, a 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 a Fund with the proceeds of the dollar roll transaction may not exceed the transaction costs. For the six months ended November 30, 2014, the Asset Allocation Fund and Capital Conservation Fund had realized gains (losses) from mortgage-backed dollar rolls of $31,561 and $246,145, 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 Dynamic Allocation Fund and the Money Market I Fund, may lend portfolio securities with a value of up to 30% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the securities lending agent with the right to make loans of a 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. A 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 securities lending agent 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 securities lending agent 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 securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, 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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 a 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 a Fund.
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 in accordance with federal income tax regulations, which may differ from GAAP. 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 2011 — 2013 or expected to be taken in each Fund’s 2014 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 2011.
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 Index Fund | 0.35% on the first $500 million | |
0.25% on the next $500 million | ||
0.24% on assets over $1 billion | ||
Mid Cap Index Fund | 0.35% on the first $500 million | |
Small Cap Index Fund | 0.25% on the next $2.5 billion | |
Stock Index Fund | 0.20% on the next $2 billion | |
0.15% on assets over $5 billion | ||
Blue Chip Growth Fund | 0.75% on the first $250 million | |
0.725% on the next $250 million | ||
0.70% on assets over $500 million | ||
Core Equity Fund | 0.80% on the first $250 million | |
0.75% on the next $250 million | ||
0.70% on the next $500 million | ||
0.65% on assets over $1 billion | ||
Growth & Income Fund | 0.75% on the first $500 million | |
0.725% on assets over $500 million |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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, 2015. 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, such as litigation, or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, fares and governmental fees, and other expenses not incurred in the ordinary course of the Funds’ business. 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 | % |
For the six months ended November 30, 2014, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Broad Cap Value Income | $ | 21,941 | ||
Core Equity | 158,540 | |||
Dividend Value | 7,490 | |||
Dynamic Allocation | 6,191 | |||
Growth & Income | 31,486 |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Fund | Amount | |||
International Growth | $ | 104,790 | ||
Money Market I | — | |||
Nasdaq-100® Index | 16,555 | |||
Small Cap Aggressive Growth | 13,736 | |||
Small Cap | 136,628 | |||
Value | 50,001 |
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, 2014, VALIC voluntarily waived $682,033 of expenses for the Money Market I Fund.
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 six months ended November 30, 2014, the amount recouped by VALIC for the Dynamic Allocation Fund was $16,329.
At November 30, 2014, 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 | May 31, 2016 | May 31, 2017 | |||||||||
Dynamic Allocation | $ | 32,617 | $ | 34,131 | $ | 6,191 |
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, Inflation Protected Fund, and International Government Bond Fund.
RS Investment Management Co., LLC (“RS Investments”)—subadviser for the Small Cap Aggressive Growth Fund
SunAmerica Asset Management, LLC (“SunAmerica”)†*—subadviser for the Global Social Awareness Fund, International Equities Index Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, and a portion of the 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 June 16, 2014, SunAmerica replaced PineBridge as subadviser of the Global Social Awareness Fund. |
* | Effective June 16, 2014, SunAmerica replaced PineBridge as subadviser of the International Equities Index Fund**. |
VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (the “Administrator”), an affiliate of the Adviser. The Administrator 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@: 0.0075% on the first $75 billion; 0.0060% on the next $25 billion; and 0.0050% in excess of $100 billion. Pursuant to the Administrative Services Agreement, the Administrator provides administrative services to the Funds, 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
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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 six months ended November 30, 2014, VALIC earned fees as reflected in the Statement of Operations based upon the aforementioned rates.
Effective September 1, 2014, VC I, on behalf of each Fund, entered into a Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of the Funds’ adviser, VALIC. VRSCO receives from the Series and VC II an annual fee of $132,510, which is allocated to each Fund in the Series and VC II based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides “Blue Sky” registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable [universal] life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. Prior to September 1, 2014, VALIC provided the aforementioned services to the Series and VC II under a substantially similar agreement for the same annual fee. For the six months ended November 30, 2014, VRSCO and/or VALIC earned fees as reflected in the Statement of Operations based upon the aforementioned rates.
On January 23, 2001, the Board 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 six months ended November 30, 2014, certain directors of VC I have deferred $13,688 of director compensation.
At November 30, 2014, VALIC, through its 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 | 100.00% | |||
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 | 98.91% | |||
Growth | 100.00% | |||
Growth & Income | 97.21% | |||
Health Sciences | 99.97% | |||
Inflation Protected | 100.00% | |||
International Equities Index | 99.64% | |||
International Government Bond | 100.00% | |||
International Growth | 100.00% | |||
Large Cap Core | 100.00% | |||
Large Capital Growth | 100.00% | |||
Mid Cap Index | 99.47% | |||
Mid Cap Strategic Growth | 100.00% | |||
Money Market I | 95.54% | |||
Nasdaq-100® Index | 98.04% | |||
Science & Technology | 99.75% | |||
Small Cap Aggressive Growth | 100.00% | |||
Small Cap | 100.00% | |||
Small Cap Index | 98.85% | |||
Small Cap Special Values | 100.00% | |||
Small-Mid Growth | 100.00% | |||
Stock Index | 96.39% | |||
Value | 100.00% |
@ | The 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 SunAmerica 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, 2014, transactions in these securities were as follows:
Dynamic Allocation Fund
Security | Value at 05/31/2014 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value at 11/30/2014 | ||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | 10,158,904 | $ | — | $ | — | $ | 618,682 | $ | 262,982 | $ | 68,408 | $ | 903,017 | $ | 11,486,029 | ||||||||||||||||
VALIC Co. I Broad Cap Value Income Fund | 10,183,124 | — | — | 618,682 | 262,982 | 68,184 | 476,139 | 11,083,147 | ||||||||||||||||||||||||
VALIC Co. I Capital Conservation Fund | 14,245,965 | — | — | 866,154 | 368,175 | (7,430 | ) | 262,384 | 14,998,898 | |||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 6,208,175 | — | — | 371,209 | 157,789 | 38,545 | 343,689 | 6,803,829 | ||||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 6,256,988 | — | — | 371,209 | 157,789 | (1,072 | ) | (147,525 | ) | 6,321,811 | ||||||||||||||||||||||
VALIC Co. I Foreign Value Fund | 6,564,665 | — | — | 4,321,271 | 262,982 | 38,478 | (1,107,508 | ) | 9,553,924 | |||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 4,283,433 | — | — | 247,472 | 105,193 | 2,791 | 151,012 | 4,579,515 | ||||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 9,822,076 | — | — | 492,356 | 1,910,386 | (76,320 | ) | 234,689 | 8,562,415 | |||||||||||||||||||||||
VALIC Co. I Growth Fund | 10,438,887 | — | — | 618,681 | 262,982 | 68,484 | 708,334 | 11,571,404 | ||||||||||||||||||||||||
VALIC Co. I Growth & Income Fund | 5,992,051 | — | — | 244,882 | 1,855,193 | 416,221 | (35,757 | ) | 4,762,204 | |||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 4,100,582 | — | — | 247,473 | 105,193 | (5,415 | ) | (28,387 | ) | 4,209,060 | ||||||||||||||||||||||
VALIC Co. I International Equities Index Fund | 7,873,485 | — | — | 244,883 | 3,805,193 | 535,098 | (750,476 | ) | 4,097,797 | |||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 2,069,373 | — | — | 123,736 | 52,596 | (2,395 | ) | (50,147 | ) | 2,087,971 | ||||||||||||||||||||||
VALIC Co. I International Growth Fund | 6,147,311 | — | — | 4,883,573 | 240,899 | 36,710 | (182,119 | ) | 10,644,576 | |||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 6,547,769 | — | — | 2,247,535 | �� | 210,386 | 48,846 | 760,065 | 9,393,829 | |||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 31,482,774 | — | — | 1,856,045 | 788,947 | 206,071 | 2,522,710 | 35,278,653 | ||||||||||||||||||||||||
VALIC Co. I Value Fund | 10,405,675 | — | — | 618,682 | 262,982 | 70,790 | 690,390 | 11,522,555 | ||||||||||||||||||||||||
VALIC Co. II Capital Appreciation Fund | 6,137,045 | — | — | 371,209 | 157,789 | 41,219 | 438,549 | 6,830,233 | ||||||||||||||||||||||||
VALIC Co. II Core Bond Fund | 14,261,635 | — | — | 866,154 | 368,175 | 1,014 | 200,864 | 14,961,492 | ||||||||||||||||||||||||
VALIC Co. II High Yield Bond Fund | 2,040,344 | — | — | 123,735 | 52,596 | 2,362 | (10,448 | ) | 2,103,397 | |||||||||||||||||||||||
VALIC Co. II Large Cap Value Fund | 6,215,066 | — | — | 371,209 | 157,789 | 43,980 | 357,428 | 6,829,894 | ||||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | 5,896,773 | — | — | 300,773 | 2,301,980 | 162,391 | 60,722 | 4,118,679 | ||||||||||||||||||||||||
VALIC Co. II Mid Cap Value Fund | 6,230,975 | — | — | 300,773 | 2,301,980 | 358,602 | (309,186 | ) | 4,279,184 | |||||||||||||||||||||||
VALIC Co. II Small Cap Growth Fund | 3,604,003 | — | — | 247,473 | 105,193 | 15,807 | 315,544 | 4,077,634 | ||||||||||||||||||||||||
VALIC Co. II Small Cap Value Fund | 4,017,507 | — | — | 247,473 | 105,193 | 17,187 | 94,454 | 4,271,428 | ||||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 4,423,046 | — | — | 2,073,798 | 157,789 | 977 | (3,667 | ) | 6,336,365 | |||||||||||||||||||||||
$ | 205,607,631 | $ | — | $ | — | $ | 23,895,122 | $ | 16,781,133 | $ | 2,149,533 | $ | 5,894,770 | $ | 220,765,923 | |||||||||||||||||
Stock Index Fund | ||||||||||||||||||||||||||||||||
Security | Value at 05/31/2014 | Income | Capital Gain Distribution Received | Purchases | Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value at 11/30/2014 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $ | 20,151,348 | $ | 92,624 | $ | — | $ | — | $ | 887,905 | $ | 413,480 | $ | (172,836 | ) | $ | 19,504,087 |
During the period, the following funds incurred brokerage commissions with brokers which are affiliates of a sub-adviser:
Affiliated Broker | Emerging Economies Fund | International Growth Fund | Small-Mid Growth Fund | |||||||||
CIBC World Markets, Inc. | $ | — | $ | 310 | $ | — | ||||||
Goldman Sachs & Co. | — | — | 138 | |||||||||
JP Morgan Clearing Corp. | 5,353 | — | — |
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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 six months ended November 30, 2014 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 | $ | 63,500,441 | $ | 74,066,618 | $ | 15,128,256 | $ | 14,567,428 | ||||||||
Blue Chip Growth | 87,125,063 | 106,389,675 | — | — | ||||||||||||
Broad Cap Value Income | 8,124,827 | 6,451,164 | — | — | ||||||||||||
Capital Conservation | 73,149,653 | 63,208,323 | 129,217,732 | 105,605,171 | ||||||||||||
Core Equity | 61,268,841 | 76,777,116 | — | — | ||||||||||||
Dividend Value | 164,862,773 | 144,005,266 | — | — | ||||||||||||
Dynamic Allocation | 23,895,129 | 16,781,137 | 10,867,426 | 7,572,745 | ||||||||||||
Emerging Economies | 251,527,336 | 213,917,775 | — | — | ||||||||||||
Foreign Value | 265,431,370 | 225,023,867 | — | — | ||||||||||||
Global Real Estate | 169,608,517 | 73,261,206 | — | — | ||||||||||||
Global Social Awareness | 275,381,681 | 284,663,117 | — | — | ||||||||||||
Global Strategy | 75,598,255 | 75,234,396 | — | — | ||||||||||||
Government Securities | 3,439,207 | 1,825,442 | 2,739,537 | 2,512,061 | ||||||||||||
Growth | 616,531,900 | 693,599,598 | — | — | ||||||||||||
Growth & Income | 20,034,520 | 21,516,061 | — | — | ||||||||||||
Health Sciences | 118,680,928 | 96,465,794 | — | — | ||||||||||||
Inflation Protected | 82,972,256 | 60,957,733 | 37,884,173 | 15,755,511 | ||||||||||||
International Equities Index | 334,299,451 | 395,279,212 | — | — | ||||||||||||
International Government Bond | 20,081,481 | 22,081,123 | 8,499,599 | — | ||||||||||||
International Growth | 126,995,570 | 136,592,022 | — | — | ||||||||||||
Large Cap Core | 55,071,915 | 66,056,449 | — | — | ||||||||||||
Large Capital Growth | 41,300,952 | 58,119,096 | — | — | ||||||||||||
Mid Cap Index | 182,464,458 | 286,123,620 | — | — | ||||||||||||
Mid Cap Strategic Growth | 86,501,608 | 107,890,134 | — | — | ||||||||||||
Nasdaq-100® Index | 26,038,543 | 4,051,159 | — | — | ||||||||||||
Science & Technology | 422,384,154 | 469,791,521 | — | — | ||||||||||||
Small Cap Aggressive Growth | 45,095,956 | 55,600,596 | — | — | ||||||||||||
Small Cap | 58,721,584 | 80,693,208 | — | — | ||||||||||||
Small Cap Index | 129,599,954 | 163,923,011 | — | — | ||||||||||||
Small Cap Special Values | 64,426,479 | 75,648,858 | — | — | ||||||||||||
Small-Mid Growth | 27,487,810 | 40,955,898 | — | — | ||||||||||||
Stock Index | 69,097,329 | 161,712,096 | — | — | ||||||||||||
Value | 8,976,880 | 15,084,954 | — | — |
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, 2014.
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Asset Allocation | $ | 178,050,871 | $ | 19,050,719 | $ | (4,059,077 | ) | $ | 14,991,642 | |||||||
Blue Chip Growth | 402,770,587 | 258,520,983 | (4,975,097 | ) | 253,545,886 | |||||||||||
Broad Cap Value Income | 48,533,907 | 15,280,362 | (2,229,576 | ) | 13,050,786 | |||||||||||
Capital Conservation | 251,185,863 | 4,492,571 | (893,671 | ) | 3,598,900 | |||||||||||
Core Equity | 214,243,486 | 62,986,393 | (5,463,379 | ) | 57,523,014 | |||||||||||
Dividend Value | 554,328,535 | 138,392,614 | (10,278,012 | ) | 128,114,602 | |||||||||||
Dynamic Allocation | 246,968,583 | 22,288,499 | (1,010,447 | ) | 21,278,052 |
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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) | ||||||||||||
Emerging Economies | $ | 682,434,519 | $ | 82,371,333 | $ | (54,751,963 | ) | $ | 27,619,370 | |||||||
Foreign Value | 1,012,285,232 | 117,613,241 | (104,550,766 | ) | 13,062,475 | |||||||||||
Global Real Estate | 493,215,697 | 64,160,070 | (18,736,792 | ) | 45,423,278 | |||||||||||
Global Social Awareness | 416,661,849 | 45,596,617 | (21,714,263 | ) | 23,882,354 | |||||||||||
Global Strategy | 479,095,149 | 92,964,318 | (31,415,196 | ) | 61,549,122 | |||||||||||
Government Securities | 161,728,556 | 4,580,468 | (555,722 | ) | 4,024,746 | |||||||||||
Growth | 952,112,755 | 154,504,619 | (12,917,528 | ) | 141,587,091 | |||||||||||
Growth & Income | 103,699,995 | 20,482,082 | (1,791,988 | ) | 18,690,094 | |||||||||||
Health Sciences | 502,807,134 | 271,301,860 | (7,152,508 | ) | 264,149,352 | |||||||||||
Inflation Protected | 487,643,578 | 24,943,749 | (10,462,691 | ) | 14,481,058 | |||||||||||
International Equities Index | 1,074,544,002 | 107,220,883 | (83,348,782 | ) | 23,872,101 | |||||||||||
International Government Bond* | 190,692,740 | 6,428,331 | (11,116,271 | ) | (4,687,940 | ) | ||||||||||
International Growth | 533,285,541 | 114,555,331 | (25,150,816 | ) | 89,404,515 | |||||||||||
Large Cap Core | 147,425,451 | 38,134,872 | (1,013,103 | ) | 37,121,769 | |||||||||||
Large Capital Growth | 356,173,276 | 67,566,336 | (2,936,991 | ) | 64,629,345 | |||||||||||
Mid Cap Index | 2,484,352,911 | 1,078,846,655 | (134,808,814 | ) | 944,037,841 | |||||||||||
Mid Cap Strategic Growth | 285,551,364 | 64,886,710 | (16,924,586 | ) | 47,962,124 | |||||||||||
Money Market I | 352,752,981 | — | — | — | ||||||||||||
Nasdaq-100® Index | 170,017,421 | 152,098,238 | (2,359,048 | ) | 149,739,190 | |||||||||||
Science & Technology | 908,329,756 | 202,901,967 | (16,775,025 | ) | 186,126,942 | |||||||||||
Small Cap Aggressive Growth | 103,446,638 | 19,082,388 | (3,346,596 | ) | 15,735,792 | |||||||||||
Small Cap | 296,942,124 | 102,074,218 | (19,062,993 | ) | 83,011,225 | |||||||||||
Small Cap Index | 943,268,079 | 359,140,118 | (101,231,315 | ) | 257,908,803 | |||||||||||
Small Cap Special Values | 225,189,324 | 44,861,317 | (16,029,164 | ) | 28,832,153 | |||||||||||
Small-Mid Growth | 123,194,399 | 21,183,101 | (4,571,587 | ) | 16,611,514 | |||||||||||
Stock Index | 2,566,546,515 | 2,221,819,087 | (119,443,284 | ) | 2,102,375,803 | |||||||||||
Value | 85,790,748 | 37,761,959 | (966,499 | ) | 36,795,460 |
* | The tax adjustments for International Government Bond Fund are for the 12 months ended September 30, 2014. |
The tax basis distributable earnings at May 31, 2014 and the tax character of distributions paid during the year ended May 31, 2014 were as follows:
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the period ended May 31, 2014 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Asset Allocation | $ | 7,519,421 | $ | 6,682,112 | $ | 18,529,771 | $ | 7,547,795 | $ | 4,956,536 | ||||||||||
Blue Chip Growth | 2,948,071 | 55,612,748 | 228,537,018 | 1,020,429 | 22,993,791 | |||||||||||||||
Broad Cap Value Income | 1,017,689 | 1,884,876 | 12,168,881 | 658,578 | — | |||||||||||||||
Capital Conservation | 4,829,813 | (1,460,787 | ) | 3,153,842 | 6,589,241 | 1,707,327 | ||||||||||||||
Core Equity | 2,463,039 | (32,365,833 | ) | 60,203,382 | 3,126,657 | — | ||||||||||||||
Dividend Value | 13,426,887 | 40,820,403 | 128,042,232 | 12,390,438 | — | |||||||||||||||
Dynamic Allocation | 3,971,964 | 2,743,563 | 14,818,996 | 237,825 | 357,011 | |||||||||||||||
Emerging Economies | 13,724,791 | (123,436,684 | ) | 42,696,870 | 9,729,373 | — | ||||||||||||||
Foreign Value | 25,076,265 | (63,823,179 | ) | 164,546,035 | 19,579,170 | — | ||||||||||||||
Global Real Estate | 13,761,875 | 12,441,383 | 40,774,802 | 22,580,240 | 22,276,202 | |||||||||||||||
Global Social Awareness | 8,542,776 | (88,380,692 | ) | 52,684,398 | 6,041,120 | — | ||||||||||||||
Global Strategy | 13,523,654 | 15,854,531 | 93,583,889 | 17,494,448 | — | |||||||||||||||
Government Securities | 3,617,730 | (1,422,039 | ) | 2,535,050 | 3,859,116 | 372,547 | ||||||||||||||
Growth | 18,509,615 | 99,547,956 | 178,738,735 | 8,021,572 | — | |||||||||||||||
Growth & Income | 1,149,106 | (579,300 | ) | 11,964,965 | 842,484 | — | ||||||||||||||
Health Sciences | 6,580,925 | 98,998,177 | 173,708,586 | 3,397,651 | 16,067,670 | |||||||||||||||
Inflation Protected | 10,192,451 | 266,190 | 22,986,375 | 10,529,835 | 272,023 | |||||||||||||||
International Equities Index | 36,690,578 | (165,755,525 | ) | 137,001,962 | 27,041,667 | — | ||||||||||||||
International Government Bond* | 4,707,653 | (57,381 | ) | (3,981,015 | ) | 4,859,749 | 549,016 |
292 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the period ended May 31, 2014 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
International Growth | $ | 8,720,692 | $ | 3,866,978 | $ | 120,263,829 | $ | 10,866,892 | $ | — | ||||||||||
Large Cap Core | 5,174,439 | 22,702,040 | 37,511,549 | 6,103,448 | 7,322,679 | |||||||||||||||
Large Capital Growth | 44,123,126 | 30,511,749 | 41,389,235 | 16,441,860 | 15,311,798 | |||||||||||||||
Mid Cap Index | 38,094,247 | 172,320,161 | 933,758,201 | 42,879,409 | 122,236,308 | |||||||||||||||
Mid Cap Strategic Growth | 7,648,738 | 33,126,009 | 45,585,831 | 1,496,140 | 3,561,209 | |||||||||||||||
Money Market I | 9,326 | (634,289 | ) | — | 37,954 | — | ||||||||||||||
Nasdaq-100® Index | 3,665,912 | 2,745,558 | 111,193,025 | 2,645,521 | 575,512 | |||||||||||||||
Science & Technology | 9,721,146 | 90,239,373 | 133,307,389 | 1,174,500 | — | |||||||||||||||
Small Cap Aggressive Growth | 6,915,031 | 15,241,078 | 8,350,780 | 2,503,260 | 7,260,207 | |||||||||||||||
Small Cap | 4,466,872 | 48,613,828 | 92,761,173 | 1,201,353 | 16,963,418 | |||||||||||||||
Small Cap Index | 14,723,408 | 55,590,870 | 281,363,873 | 16,056,809 | 23,735,605 | |||||||||||||||
Small Cap Special Values | 2,248,647 | 17,856,384 | 37,381,720 | 1,802,415 | — | |||||||||||||||
Small-Mid Growth | 11,912,196 | 15,480,820 | 10,159,727 | 41,716 | 4,202,101 | |||||||||||||||
Stock Index | 76,962,802 | 157,065,909 | 1,871,941,606 | 74,753,175 | 96,505,149 | |||||||||||||||
Value | 1,711,405 | (47,532,901 | ) | 34,043,639 | 1,912,183 | — |
* | The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2014. |
@ | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
As of May 31, 2014, 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 | — | — | — | — | — | |||||||||||||||
Capital Conservation | — | — | — | 1,005,949 | 454,838 | |||||||||||||||
Core Equity | — | 32,365,833 | — | — | — | |||||||||||||||
Dividend Value | — | — | — | — | — | |||||||||||||||
Dynamic Allocation | — | — | — | — | — | |||||||||||||||
Emerging Economies | 26,872,567 | 71,874,688 | — | 24,689,429 | — | |||||||||||||||
Foreign Value | — | 63,823,179 | — | — | — | |||||||||||||||
Global Real Estate | — | — | — | — | — | |||||||||||||||
Global Social Awareness | — | 88,380,692 | — | — | — | |||||||||||||||
Global Strategy | — | — | — | — | — | |||||||||||||||
Government Securities | — | — | — | 867,076 | 554,963 | |||||||||||||||
Growth | — | — | — | — | — | |||||||||||||||
Growth & Income | — | 579,300 | — | — | — | |||||||||||||||
Health Sciences | — | — | — | — | — | |||||||||||||||
Inflation Protected | — | — | — | — | — | |||||||||||||||
International Equities Index | 36,713,038 | 128,172,760 | — | — | 869,727 | |||||||||||||||
International Government Bond | — | — | — | — | — | |||||||||||||||
International Growth | — | — | — | — | — | |||||||||||||||
Large Cap Core | — | — | — | — | — | |||||||||||||||
Large Capital Growth | — | — | — | — | — | |||||||||||||||
Mid Cap Index | — | — | — | — | — | |||||||||||||||
Mid Cap Strategic Growth | — | — | — | — | — | |||||||||||||||
Money Market I | 634,289 | — | — | — | — | |||||||||||||||
Nasdaq-100® Index | — | — | — | — | — | |||||||||||||||
Science & Technology | — | — | — | — | — | |||||||||||||||
Small Cap Aggressive Growth | — | — | — | — | — | |||||||||||||||
Small Cap | — | — | — | — | — | |||||||||||||||
Small Cap Index | — | — | — | — | — |
293 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Capital Loss Carryforward† | Unlimited† | |||||||||||||||||||
Fund | 2017 | 2018 | 2019 | ST | LT | |||||||||||||||
Small Cap Special Values | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Small-Mid Growth | — | — | — | — | — | |||||||||||||||
Stock Index | — | — | — | — | — | |||||||||||||||
Value | — | 47,532,901 | — | — | — |
† | 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, 2014, 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 | 296,616 | — | — | |||||||||
Broad Cap Value Income | — | — | — | |||||||||
Capital Conservation | — | — | 74,437 | |||||||||
Core Equity | — | — | — | |||||||||
Dividend Value | — | — | — | |||||||||
Dynamic Allocation | — | — | — | |||||||||
Emerging Economies | — | 1,600,021 | 540,007 | |||||||||
Foreign Value | — | — | — | |||||||||
Global Real Estate | — | 768,919 | — | |||||||||
Global Social Awareness | — | — | — | |||||||||
Global Strategy | — | — | — | |||||||||
Government Securities | — | 81,803 | 85,570 | |||||||||
Growth | — | — | — | |||||||||
Growth & Income | — | — | — | |||||||||
Health Sciences | 1,505,196 | — | — | |||||||||
Inflation Protected | — | — | 239,213 | |||||||||
International Equities Index | — | — | — | |||||||||
International Government Bond | — | — | — | |||||||||
International Growth | — | — | — | |||||||||
Large Cap Core | — | — | — | |||||||||
Large Capital Growth | — | — | — | |||||||||
Mid Cap Index | — | — | — | |||||||||
Mid Cap Strategic Growth | — | — | — | |||||||||
Money Market I | — | — | — | |||||||||
Nasdaq-100® Index | — | — | — | |||||||||
Science & Technology | 955,701 | — | — | |||||||||
Small Cap Aggressive Growth | 359,182 | — | — | |||||||||
Small Cap | — | — | — | |||||||||
Small Cap Index | — | — | — | |||||||||
Small Cap Special Values | — | — | — | |||||||||
Small-Mid Growth | 179,597 | — | — | |||||||||
Stock Index | — | — | — | |||||||||
Value | — | 125,919 | — |
294 |
Table of Contents
VALIC Company I
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, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 634,676 | $ | 8,121,926 | 2,043,500 | $ | 25,597,828 | 822,289 | $ | 14,369,344 | 2,762,241 | $ | 46,334,234 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,033,416 | 12,504,331 | — | — | 1,414,265 | 24,014,220 | ||||||||||||||||||||||||
Shares redeemed | (873,227 | ) | (11,137,579 | ) | (2,581,098 | ) | (32,295,350 | ) | (1,912,050 | ) | (34,148,595 | ) | (3,107,684 | ) | (49,509,260 | ) | ||||||||||||||||
Net increase (decrease) | (238,551 | ) | $ | (3,015,653 | ) | 495,818 | $ | 5,806,809 | (1,089,761 | ) | $ | (19,779,251 | ) | 1,068,822 | $ | 20,839,194 | ||||||||||||||||
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 362,506 | $ | 5,607,337 | 904,018 | $ | 12,918,781 | 4,253,177 | $ | 42,238,060 | 3,342,905 | $ | 32,794,098 | ||||||||||||||||||||
Reinvested dividends | — | — | 45,232 | 658,578 | — | — | 866,030 | 8,296,568 | ||||||||||||||||||||||||
Shares redeemed | (179,771 | ) | (2,790,202 | ) | (633,641 | ) | (8,853,522 | ) | (1,023,067 | ) | (10,109,530 | ) | (7,212,309 | ) | (70,879,979 | ) | ||||||||||||||||
Net increase (decrease) | 182,735 | $ | 2,817,135 | 315,609 | $ | 4,723,837 | 3,230,110 | $ | 32,128,530 | (3,003,374 | ) | $ | (29,789,313 | ) | ||||||||||||||||||
Core Equity | Dividend Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 47,451 | $ | 915,092 | 199,165 | $ | 3,402,924 | 4,567,755 | $ | 61,606,463 | 8,790,949 | $ | 108,999,613 | ||||||||||||||||||||
Reinvested dividends | — | — | 176,249 | 3,126,657 | — | — | 992,029 | 12,390,438 | ||||||||||||||||||||||||
Shares redeemed | (810,811 | ) | (15,495,031 | ) | (1,473,698 | ) | (25,222,204 | ) | (3,250,886 | ) | (44,367,923 | ) | (11,681,385 | ) | (145,892,199 | ) | ||||||||||||||||
Net increase (decrease) | (763,360 | ) | $ | (14,579,939 | ) | (1,098,284 | ) | $ | (18,692,623 | ) | 1,316,869 | $ | 17,238,540 | (1,898,407 | ) | $ | (24,502,148 | ) | ||||||||||||||
Dynamic Allocation | Emerging Economies | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,539,211 | $ | 18,572,805 | 15,353,023 | $ | 172,469,198 | 7,163,512 | $ | 56,996,655 | 12,876,234 | $ | 99,937,655 | ||||||||||||||||||||
Reinvested dividends | — | — | 51,725 | 594,836 | — | — | 1,292,081 | 9,729,373 | ||||||||||||||||||||||||
Shares redeemed | (766,696 | ) | (9,270,920 | ) | (2,028,358 | ) | (22,705,293 | ) | (3,795,194 | ) | (31,053,301 | ) | (16,921,121 | ) | (133,868,857 | ) | ||||||||||||||||
Net increase (decrease) | 772,515 | $ | 9,301,885 | 13,376,390 | $ | 150,358,741 | 3,368,318 | $ | 25,943,354 | (2,752,806 | ) | $ | (24,201,829 | ) | ||||||||||||||||||
Foreign Value | Global Real Estate | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 3,748,180 | $ | 41,255,712 | 9,026,525 | $ | 98,531,451 | 12,797,553 | $ | 109,479,194 | 5,232,559 | $ | 44,918,947 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,788,052 | 19,579,170 | — | — | 5,614,073 | 44,856,442 | ||||||||||||||||||||||||
Shares redeemed | (3,558,107 | ) | (39,247,309 | ) | (11,681,582 | ) | (123,774,557 | ) | (2,272,209 | ) | (19,707,180 | ) | (5,647,409 | ) | (49,422,985 | ) | ||||||||||||||||
Net increase (decrease) | 190,073 | $ | 2,008,403 | (867,005 | ) | $ | (5,663,936 | ) | 10,525,344 | $ | 89,772,014 | 5,199,223 | $ | 40,352,404 | ||||||||||||||||||
Global Social Awareness | Global Strategy | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 462,766 | $ | 9,754,098 | 5,103,228 | $ | 95,370,600 | 355,730 | $ | 5,008,353 | 3,337,318 | $ | 44,325,404 | ||||||||||||||||||||
Reinvested dividends | — | — | 306,656 | 6,041,120 | — | — | 1,299,736 | 17,494,448 | ||||||||||||||||||||||||
Shares redeemed | (1,266,506 | ) | (26,842,632 | ) | (1,755,619 | ) | (33,833,675 | ) | (2,031,779 | ) | (28,487,671 | ) | (2,251,387 | ) | (30,068,538 | ) | ||||||||||||||||
Net increase (decrease) | (803,740 | ) | $ | (17,088,534 | ) | 3,654,265 | $ | 67,578,045 | (1,676,049 | ) | $ | (23,479,318 | ) | 2,385,667 | $ | 31,751,314 | ||||||||||||||||
295 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Government Securities | Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,738,243 | $ | 18,821,892 | 4,898,342 | $ | 52,348,477 | 216,011 | $ | 3,671,404 | 5,336,270 | $ | 84,907,566 | ||||||||||||||||||||
Reinvested dividends | — | — | 402,632 | 4,231,663 | — | — | 501,348 | 8,021,572 | ||||||||||||||||||||||||
Shares redeemed | (1,641,259 | ) | (17,712,907 | ) | (2,677,790 | ) | (28,641,757 | ) | (4,655,083 | ) | (79,676,481 | ) | (4,425,497 | ) | (66,996,405 | ) | ||||||||||||||||
Net increase (decrease) | 96,984 | $ | 1,108,985 | 2,623,184 | $ | 27,938,383 | (4,439,072 | ) | $ | (76,005,077 | ) | 1,412,121 | $ | 25,932,733 | ||||||||||||||||||
Growth & Income | Health Sciences | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 389,889 | $ | 7,166,948 | 901,083 | $ | 14,483,430 | 1,581,193 | $ | 36,607,848 | 3,481,915 | $ | 68,643,042 | ||||||||||||||||||||
Reinvested dividends | — | — | 50,268 | 842,484 | — | — | 908,321 | 19,465,321 | ||||||||||||||||||||||||
Shares redeemed | (517,207 | ) | (9,392,459 | ) | (973,622 | ) | (15,737,456 | ) | (747,293 | ) | (16,833,946 | ) | (1,846,972 | ) | (36,147,259 | ) | ||||||||||||||||
Net increase (decrease) | (127,318 | ) | $ | (2,225,511 | ) | (22,271 | ) | $ | (411,542 | ) | 833,900 | $ | 19,773,902 | 2,543,264 | $ | 51,961,104 | ||||||||||||||||
Inflation Protected | International Equities Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 4,509,961 | $ | 50,735,371 | 4,759,837 | $ | 53,096,405 | 4,987,085 | $ | 35,733,327 | 23,562,068 | $ | 164,092,817 | ||||||||||||||||||||
Reinvested dividends | — | — | 990,088 | 10,801,858 | — | — | 3,819,444 | 27,041,667 | ||||||||||||||||||||||||
Shares redeemed | (1,408,806 | ) | (15,918,062 | ) | (3,047,720 | ) | (33,935,365 | ) | (14,154,825 | ) | (101,843,117 | ) | (24,188,197 | ) | (167,661,730 | ) | ||||||||||||||||
Net increase (decrease) | 3,101,155 | $ | 34,817,309 | 2,702,205 | $ | 29,962,898 | (9,167,740 | ) | $ | (66,109,790 | ) | 3,193,315 | $ | 23,472,754 | ||||||||||||||||||
International Government Bond | International Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,154,395 | $ | 26,074,498 | 3,355,401 | $ | 40,173,045 | 1,223,753 | $ | 16,913,846 | 4,732,967 | $ | 63,857,694 | ||||||||||||||||||||
Reinvested dividends | — | — | 463,079 | 5,408,765 | — | — | 800,803 | 10,866,892 | ||||||||||||||||||||||||
Shares redeemed | (1,887,743 | ) | (22,897,846 | ) | (3,594,927 | ) | (42,864,192 | ) | (2,960,207 | ) | (40,619,876 | ) | (8,646,107 | ) | (114,449,363 | ) | ||||||||||||||||
Net increase (decrease) | 266,652 | $ | 3,176,652 | 223,553 | $ | 2,717,618 | (1,736,454 | ) | $ | (23,706,030 | ) | (3,112,337 | ) | $ | (39,724,777 | ) | ||||||||||||||||
Large Cap Core | Large Capital Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 594,751 | $ | 8,742,592 | 956,613 | $ | 13,127,525 | 66,907 | $ | 948,529 | 237,318 | $ | 3,239,660 | ||||||||||||||||||||
Reinvested dividends | — | — | 990,858 | 13,426,127 | — | — | 2,380,334 | 31,753,658 | ||||||||||||||||||||||||
Shares redeemed | (1,417,863 | ) | (20,942,178 | ) | (1,841,672 | ) | (25,147,132 | ) | (1,462,705 | ) | (20,659,804 | ) | (2,891,816 | ) | (38,813,468 | ) | ||||||||||||||||
Net increase (decrease) | (823,112 | ) | $ | (12,199,586 | ) | 105,799 | $ | 1,406,520 | (1,395,798 | ) | $ | (19,711,275 | ) | (274,164 | ) | $ | (3,820,150 | ) | ||||||||||||||
Mid Cap Index | Mid Cap Strategic Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 581,387 | $ | 15,981,255 | 2,039,341 | $ | 53,974,497 | 175,957 | $ | 2,913,924 | 2,018,380 | $ | 32,851,349 | ||||||||||||||||||||
Reinvested dividends | — | — | 6,294,919 | 165,115,717 | — | — | 299,251 | 5,057,349 | ||||||||||||||||||||||||
Shares redeemed | (5,742,999 | ) | (159,501,176 | ) | (11,346,589 | ) | (296,224,529 | ) | (1,375,553 | ) | (22,982,470 | ) | (2,111,700 | ) | (33,077,460 | ) | ||||||||||||||||
Net increase (decrease) | (5,161,612 | ) | $ | (143,519,921 | ) | (3,012,329 | ) | $ | (77,134,315 | ) | (1,199,596 | ) | $ | (20,068,546 | ) | 205,931 | $ | 4,831,238 | ||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Money Market I | Nasdaq-100® Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 45,249,650 | $ | 45,249,650 | 114,828,899 | $ | 114,828,899 | 2,609,149 | $ | 24,510,631 | 3,076,574 | $ | 24,656,065 | ||||||||||||||||||||
Reinvested dividends | 18,226 | 18,226 | 37,954 | 37,954 | — | — | 381,639 | 3,221,033 | ||||||||||||||||||||||||
Shares redeemed | (59,124,567 | ) | (59,124,567 | ) | (126,193,328 | ) | (126,193,328 | ) | (884,586 | ) | (8,172,523 | ) | (3,193,619 | ) | (25,007,617 | ) | ||||||||||||||||
Net increase (decrease) | (13,856,691 | ) | $ | (13,856,691 | ) | (11,326,475 | ) | $ | (11,326,475 | ) | 1,724,563 | $ | 16,338,108 | 264,594 | $ | 2,869,481 | ||||||||||||||||
Science & Technology | Small Cap Aggressive Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 261,583 | $ | 6,873,852 | 826,155 | $ | 19,299,106 | 348,322 | $ | 5,146,739 | 1,627,649 | $ | 24,835,513 | ||||||||||||||||||||
Reinvested dividends | — | — | 47,474 | 1,174,500 | — | — | 649,599 | 9,763,467 | ||||||||||||||||||||||||
Shares redeemed | (1,653,667 | ) | (43,442,859 | ) | (3,400,457 | ) | (75,232,049 | ) | (981,631 | ) | (14,505,905 | ) | (1,336,767 | ) | (20,211,073 | ) | ||||||||||||||||
Net increase (decrease) | (1,392,084 | ) | $ | (36,569,007 | ) | (2,526,828 | ) | $ | (54,758,443 | ) | (633,309 | ) | $ | (9,359,166 | ) | 940,481 | $ | 14,387,907 | ||||||||||||||
Small Cap | Small Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 124,150 | $ | 1,879,387 | 219,649 | $ | 3,284,064 | 657,987 | $ | 13,701,354 | 3,233,362 | $ | 65,984,871 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,210,985 | 18,164,771 | — | — | 1,961,184 | 39,792,414 | ||||||||||||||||||||||||
Shares redeemed | (1,610,884 | ) | (24,479,927 | ) | (3,250,392 | ) | (48,233,351 | ) | (3,918,297 | ) | (81,582,854 | ) | (5,231,671 | ) | (105,621,297 | ) | ||||||||||||||||
Net increase (decrease) | (1,486,734 | ) | $ | (22,600,540 | ) | (1,819,758 | ) | $ | (26,784,516 | ) | (3,260,310 | ) | (67,881,500 | ) | (37,125 | ) | 155,988 | |||||||||||||||
Small Cap Special Values | Small-Mid Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 126,265 | $ | 1,772,498 | 498,720 | $ | 6,504,639 | 159,197 | $ | 2,382,406 | 546,377 | $ | 7,723,856 | ||||||||||||||||||||
Reinvested dividends | — | — | 135,520 | 1,802,415 | — | — | 290,275 | 4,243,817 | ||||||||||||||||||||||||
Shares redeemed | (1,161,806 | ) | (16,340,986 | ) | (2,616,671 | ) | (33,711,516 | ) | (1,251,189 | ) | (18,992,563 | ) | (877,708 | ) | (12,496,250 | ) | ||||||||||||||||
Net increase (decrease) | (1,035,541 | ) | $ | (14,568,488 | ) | (1,982,431 | ) | $ | (25,404,462 | ) | (1,091,992 | ) | $ | (16,610,157 | ) | (41,056 | ) | $ | (528,577 | ) | ||||||||||||
Stock Index | Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | For the six months ended November 30, 2014 (unaudited) | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,639,064 | $ | 94,015,994 | 5,853,755 | $ | 189,479,508 | 109,457 | $ | 1,590,572 | 721,518 | $ | 9,529,947 | ||||||||||||||||||||
Reinvested dividends | — | — | 5,253,323 | 171,258,324 | — | — | 143,127 | 1,912,183 | ||||||||||||||||||||||||
Shares redeemed | (8,704,149 | ) | (308,664,556 | ) | (14,188,302 | ) | (461,585,167 | ) | (648,710 | ) | (9,492,048 | ) | (1,247,091 | ) | (16,538,907 | ) | ||||||||||||||||
Net increase (decrease) | (6,065,085 | ) | $ | (214,648,562 | ) | (3,081,224 | ) | $ | (100,847,335 | ) | (539,253 | ) | $ | (7,901,476 | ) | (382,446 | ) | $ | (5,096,777 | ) | ||||||||||||
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 period ended November 30, 2014, the amount of expense reductions received by each Fund used to offset non-affiliated expenses was as follows:
Fund | Expense Reductions | |||
Blue Chip Growth | $ | 3,219 | ||
Broad Cap Value Income | 1,619 | |||
Core Equity | 1,715 | |||
Emerging Economies | 18,685 | |||
Foreign Value | 10,056 | |||
Global Real Estate | 4,420 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Fund | Expense Reductions | |||
Global Strategy | $ | 4,232 | ||
Growth & Income | 278 | |||
Health Sciences | 3,010 | |||
International Growth | 759 | |||
Large Cap Core | 4,681 | |||
Large Capital Growth | 1,477 | |||
Mid Cap Strategic Growth | 10,484 | |||
Science & Technology | 28,475 | |||
Small Cap | 12,738 | |||
Small Cap Special Values | 10,093 | |||
Small-Mid Growth | 5,022 |
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 Index Fund, the International Government Bond Fund and the International Growth Fund. At November 30, 2014, the Emerging Economies Fund had 18.9%, 11.3% and 10.1% of its net assets invested in equity securities domiciled in South Korea, Taiwan and China respectively. The Foreign Value Fund had 15.7%, 13.5% and, 11.0% of its net assets invested in equity securities domiciled in the United Kingdom, South Korea and France, respectively. The Global Real Estate Fund had 13.9% of its net assets invested in equity securities domiciled in Japan. The International Equities Index Fund had 20.3% and 19.0% of its net assets invested in equity securities domiciled in the Japan and United Kingdom, respectively. The International Government Bond Fund had 11.5% of its net assets invested in fixed income securities domiciled in Japan. The International Growth Fund had 18.3% and 13.8% 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, 2014, the Funds had 34.8%, 53.4% and 34.0%, 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, 2014, the Global Real Estate Fund had 70.1% of its net assets invested in Real Estate Investment Trusts.
Note 9 — Line of Credit
The Series and VC II have established an $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 15 basis points per annum on the daily unused
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
portion of the committed line of credit and a one-time closing fee of 5 basis points on the uncommitted line of credit which is included in other expenses on the Statement of Operations. Prior to October 10, 2014, the committed fee was 10 basis points per annum on the daily unused portion of the committed line of credit and there was no closing fee on the uncommitted line of credit. 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, 2014, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Asset Allocation | 1 | $ | 9 | $ | 248,416 | 1.34 | % | |||||||||
Core Equity | 8 | 38 | 127,583 | 1.35 | % | |||||||||||
Dividend Value | 3 | 110 | 976,606 | 1.35 | % | |||||||||||
Emerging Economies | 4 | 92 | 616,253 | 1.35 | % | |||||||||||
Foreign Value | 1 | 12 | 310,721 | 1.35 | % | |||||||||||
Growth | 22 | 3,234 | 3,938,640 | 1.35 | % | |||||||||||
Growth & Income | 2 | 29 | 384,361 | 1.34 | % | |||||||||||
International Equities Index | 1 | 107 | 2,857,180 | 1.35 | % | |||||||||||
International Growth | 18 | 487 | 721,285 | 1.35 | % | |||||||||||
Large Cap Core | 7 | 111 | 421,415 | 1.35 | % | |||||||||||
Large Capital Growth | 8 | 309 | 1,029,276 | 1.35 | % | |||||||||||
Mid Cap Strategic Growth | 27 | 222 | 219,829 | 1.35 | % | |||||||||||
Nasdaq-100® Index | 1 | 60 | 1,610,758 | 1.35 | % | |||||||||||
Science & Technology | 1 | 10 | 276,732 | 1.35 | % | |||||||||||
Small Cap Aggressive Growth | 1 | 6 | 166,464 | 1.34 | % | |||||||||||
Small Cap | 30 | 167 | 148,609 | 1.35 | % | |||||||||||
Small Cap Index | 1 | 292 | 7,779,369 | 1.35 | % |
As of November 30, 2014, the following funds had outstanding borrowings:
Fund | Amount | |||
International Growth | $ | 369,286 | ||
Mid Cap Strategic Growth | 208,280 |
Note 10 — Interfund Lending Agreement
Pursuant to the exemptive relief granted by the SEC, 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, 2014, 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 period ended November 30, 2014, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain/ (Loss) | |||||||||
Growth | $ | 3,190,669 | $ | 7,231,107 | $ | 705,191 | ||||||
Health Sciences | 223,560 | 342,925 | 167,526 | |||||||||
International Growth | 397,087 | 946,066 | 160,334 | |||||||||
Large Cap Growth | 248,494 | 50,384 | 5,712 | |||||||||
Mid Cap Strategic Growth | — | 123,182 | 55,591 | |||||||||
Small Cap | — | 3,477,973 | 794,397 |
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FINANCIAL HIGHLIGHTS
Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.67 | $ | 12.20 | $ | 10.89 | $ | 11.05 | $ | 9.38 | $ | 8.08 | $ | 17.12 | $ | 14.19 | $ | 11.63 | $ | 11.18 | $ | 8.77 | $ | 7.29 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.25 | 0.21 | 0.23 | 0.25 | 0.20 | (0.01 | ) | (0.02 | ) | 0.03 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.19 | 1.17 | 1.39 | (0.12 | ) | 1.63 | 1.36 | 1.60 | 3.66 | 2.54 | 0.45 | 2.41 | 1.50 | |||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.30 | 1.42 | 1.60 | 0.11 | 1.88 | 1.56 | 1.59 | 3.64 | 2.57 | 0.45 | 2.41 | 1.50 | ||||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.23 | ) | (0.24 | ) | (0.27 | ) | (0.21 | ) | (0.26 | ) | – | (0.03 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.72 | ) | (0.05 | ) | – | – | – | – | (0.68 | ) | – | – | – | – | |||||||||||||||||||||||||||||||||
Total distributions | – | (0.95 | ) | (0.29 | ) | (0.27 | ) | (0.21 | ) | (0.26 | ) | – | (0.71 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 12.97 | $ | 12.67 | $ | 12.20 | $ | 10.89 | $ | 11.05 | $ | 9.38 | $ | 18.71 | $ | 17.12 | $ | 14.19 | $ | 11.63 | $ | 11.18 | $ | 8.77 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 2.37 | % | 12.04 | % | 14.93 | % | 1.10 | % | 20.16 | % | 19.38 | %(e) | 9.29 | % | 25.69 | % | 22.08 | % | 4.04 | % | 27.53 | % | 20.54 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.68 | %@ | 0.69 | % | 0.75 | % | 0.75 | % | 0.74 | % | 0.78 | % | 0.83 | %@ | 0.84 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.68 | %@ | 0.69 | % | 0.75 | % | 0.75 | % | 0.74 | % | 0.78 | % | 0.83 | %@ | 0.84 | % | 0.86 | % | 0.86 | % | 0.87 | % | 0.88 | % | ||||||||||||||||||||||||
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 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.71 | %@ | 1.96 | % | 1.79 | % | 2.16 | % | 2.43 | % | 2.18 | % | (0.12 | )%@ | (0.10 | )% | 0.21 | % | 0.04 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.71 | %@ | 1.96 | % | 1.79 | % | 2.16 | % | 2.43 | % | 2.18 | % | (0.12 | )%@ | (0.10 | )% | 0.20 | % | 0.02 | % | (0.01 | )% | (0.02 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 46 | % | 99 | % | 119 | % | 115 | % | 133 | % | 143 | % | 14 | % | 34 | % | 32 | % | 25 | % | 38 | % | 47 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,678 | 13,917 | 13,421 | 13,302 | 13,129 | 13,551 | 34,867 | 35,957 | 34,888 | 34,789 | 39,707 | 48,453 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 177,418 | $ | 176,344 | $ | 163,788 | $ | 144,854 | $ | 145,049 | $ | 127,129 | $ | 652,274 | $ | 615,447 | $ | 495,226 | $ | 404,646 | $ | 444,092 | $ | 424,966 |
# | 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
300 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.19 | $ | 13.02 | $ | 10.02 | $ | 10.72 | $ | 8.69 | $ | 7.12 | $ | 9.84 | $ | 10.01 | $ | 10.11 | $ | 9.77 | $ | 9.38 | $ | 8.78 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.31 | 0.22 | 0.20 | 0.15 | 0.16 | 0.09 | 0.19 | 0.18 | 0.27 | 0.32 | 0.34 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.68 | 2.06 | 2.85 | (0.73 | ) | 2.04 | 1.58 | 0.08 | 0.07 | (0.05 | ) | 0.38 | 0.38 | 0.70 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.79 | 2.37 | 3.07 | (0.53 | ) | 2.19 | 1.74 | 0.17 | 0.26 | 0.13 | 0.65 | 0.70 | 1.04 | |||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.20 | ) | (0.07 | ) | (0.17 | ) | (0.16 | ) | (0.17 | ) | – | (0.29 | ) | (0.23 | ) | (0.31 | ) | (0.31 | ) | (0.44 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.14 | ) | – | – | – | – | |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.20 | ) | (0.07 | ) | (0.17 | ) | (0.16 | ) | (0.17 | ) | – | (0.43 | ) | (0.23 | ) | (0.31 | ) | (0.31 | ) | (0.44 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 15.98 | $ | 15.19 | $ | 13.02 | $ | 10.02 | $ | 10.72 | $ | 8.69 | $ | 10.01 | $ | 9.84 | $ | 10.01 | $ | 10.11 | $ | 9.77 | $ | 9.38 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 5.20 | % | 18.24 | % | 30.82 | % | (4.87 | )% | 25.42 | % | 24.41 | % | 1.73 | % | 2.73 | % | 1.28 | % | 6.81 | % | 7.56 | % | 12.04 | %(e)(f) | ||||||||||||||||||||||||
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 | %@ | 0.64 | % | 0.66 | % | 0.66 | % | 0.67 | % | 0.69 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.93 | %@ | 0.95 | % | 1.01 | % | 1.06 | % | 1.15 | % | 1.14 | % | 0.64 | %@ | 0.64 | % | 0.66 | % | 0.66 | % | 0.67 | % | 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) | 1.44 | %@ | 2.14 | % | 1.96 | % | 1.97 | % | 1.60 | % | 1.90 | % | 1.85 | %@ | 1.95 | % | 1.73 | % | 2.79 | % | 3.37 | % | 3.71 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.36 | %@ | 2.04 | % | 1.80 | % | 1.76 | % | 1.30 | % | 1.61 | % | 1.85 | %@ | 1.95 | % | 1.73 | % | 2.79 | % | 3.37 | % | 3.71 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 12 | % | 27 | % | 34 | % | 18 | % | 21 | % | 22 | % | 86 | % | 129 | % | 149 | % | 141 | % | 164 | % | 170 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 3,716 | 3,533 | 3,217 | 2,841 | 2,708 | 2,337 | 23,195 | 19,965 | 22,968 | 23,049 | 14,599 | 13,871 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 59,381 | $ | 53,675 | $ | 41,901 | $ | 28,476 | $ | 29,023 | $ | 20,302 | $ | 232,206 | $ | 196,550 | $ | 230,018 | $ | 232,990 | $ | 142,652 | $ | 130,157 |
# | 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
301 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Core Equity Fund | Dividend Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.63 | $ | 15.61 | $ | 12.27 | $ | 13.44 | $ | 10.77 | $ | 9.24 | $ | 13.23 | $ | 11.62 | $ | 9.33 | $ | 9.31 | $ | 7.45 | $ | 6.49 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.09 | 0.16 | 0.19 | 0.18 | 0.13 | 0.14 | 0.14 | 0.28 | 0.27 | 0.23 | 0.21 | 0.12 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.10 | 3.07 | 3.36 | (1.21 | ) | 2.69 | 1.59 | 0.65 | 1.59 | 2.17 | (0.08 | ) | 1.75 | 1.02 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.19 | 3.23 | 3.55 | (1.03 | ) | 2.82 | 1.73 | 0.79 | 1.87 | 2.44 | 0.15 | 1.96 | 1.14 | |||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.21 | ) | (0.21 | ) | (0.14 | ) | (0.15 | ) | (0.20 | ) | – | (0.26 | ) | (0.15 | ) | (0.13 | ) | (0.10 | ) | (0.18 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.21 | ) | (0.21 | ) | (0.14 | ) | (0.15 | ) | (0.20 | ) | – | (0.26 | ) | (0.15 | ) | (0.13 | ) | (0.10 | ) | (0.18 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 19.82 | $ | 18.63 | $ | 15.61 | $ | 12.27 | $ | 13.44 | $ | 10.77 | $ | 14.02 | $ | 13.23 | $ | 11.62 | $ | 9.33 | $ | 9.31 | $ | 7.45 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 6.39 | % | 20.78 | % | 29.19 | % | (7.63 | )% | 26.32 | % | 18.73 | %(e) | 5.97 | % | 16.22 | % | 26.34 | % | 1.62 | % | 26.50 | % | 17.49 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.80 | %@ | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.82 | %@ | 0.82 | % | 0.82 | % | 0.82 | % | 0.82 | % | 0.83 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.92 | %@ | 0.93 | % | 0.95 | % | 0.94 | % | 0.94 | % | 0.95 | % | 0.82 | %@ | 0.83 | % | 0.86 | % | 0.89 | % | 0.96 | % | 1.00 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | – | 0.00 | % | – | – | – | – | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.93 | %@ | 0.95 | % | 1.38 | % | 1.48 | % | 1.07 | % | 1.30 | % | 2.10 | %@ | 2.20 | % | 2.62 | % | 2.58 | % | 2.58 | % | 1.60 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.81 | %@ | 0.82 | % | 1.23 | % | 1.34 | % | 0.93 | % | 1.16 | % | 2.10 | %@ | 2.19 | % | 2.58 | % | 2.52 | % | 2.44 | % | 1.43 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 23 | % | 39 | % | 72 | % | 81 | % | 103 | % | 103 | % | 23 | % | 37 | % | 27 | % | 12 | % | 70 | % | 41 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,669 | 14,433 | 15,531 | 17,200 | 18,743 | 20,445 | 48,253 | 46,936 | 48,835 | 37,111 | 20,559 | 16,350 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 270,883 | $ | 268,866 | $ | 242,367 | $ | 210,989 | $ | 251,962 | $ | 220,172 | $ | 676,684 | $ | 621,033 | $ | 567,499 | $ | 346,432 | $ | 191,319 | $ | 121,769 |
# | 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
302 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Dynamic Allocation Fund | Emerging Economies Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, 2014 | December 19, 2012* to May 31, 2013 | Six Months Ended November 30, 2014# | Year Ended May 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.93 | $ | 10.87 | $ | 10.00 | $ | 8.12 | $ | 8.09 | $ | 7.09 | $ | 8.53 | $ | 6.88 | $ | 6.17 | ||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.18 | (0.00 | ) | 0.12 | 0.17 | 0.13 | 0.11 | 0.09 | 0.10 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.37 | 0.92 | 0.87 | (0.30 | ) | (0.02 | ) | 0.92 | (1.47 | ) | 1.70 | 0.63 | ||||||||||||||||||||||||
Total income (loss) from investment operations | 0.37 | 1.10 | 0.87 | (0.18 | ) | 0.15 | 1.05 | (1.36 | ) | 1.79 | 0.73 | |||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | (0.12 | ) | (0.05 | ) | (0.08 | ) | (0.14 | ) | (0.02 | ) | ||||||||||||||||||||||
Net realized gain on securities | – | (0.04 | ) | – | – | – | – | – | – | – | ||||||||||||||||||||||||||
Total distributions | – | (0.04 | ) | – | – | (0.12 | ) | (0.05 | ) | (0.08 | ) | (0.14 | ) | (0.02 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 12.30 | $ | 11.93 | $ | 10.87 | $ | 7.94 | $ | 8.12 | $ | 8.09 | $ | 7.09 | $ | 8.53 | $ | 6.88 | ||||||||||||||||||
TOTAL RETURN(a) | 3.10 | % | 10.11 | % | 8.70 | % | (2.22 | )% | 1.97 | % | 14.79 | % | (15.99 | )% | 26.09 | %(f) | 11.86 | %(e) | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.32 | %@ | 0.32 | % | 0.32 | %@ | 0.95 | %@ | 0.95 | % | 0.98 | % | 1.04 | % | 1.00 | % | 1.02 | % | ||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.31 | %@ | 0.34 | % | 0.63 | %@ | 0.95 | %@ | 0.95 | % | 0.98 | % | 1.04 | % | 1.00 | % | 1.02 | % | ||||||||||||||||||
Ratio of expense reductions to average net assets | – | 0.00 | % | – | 0.01 | %@ | – | 0.00 | % | – | – | 0.01 | % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.05 | %@ | 1.65 | % | (0.04 | )%@ | 2.86 | %@ | 2.18 | % | 1.71 | % | 1.50 | % | 1.09 | % | 1.44 | % | ||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.06 | %@ | 1.63 | % | (0.35 | )%@ | 2.86 | %@ | 2.18 | % | 1.71 | % | 1.50 | % | 1.09 | % | 1.44 | % | ||||||||||||||||||
Portfolio turnover rate | 10 | % | 9 | % | 2 | % | 31 | % | 55 | % | 53 | % | 108 | % | 131 | % | 236 | % | ||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 22,145 | 21,373 | 7,996 | 86,962 | 83,593 | 86,346 | 70,660 | 30,187 | 32,153 | |||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 272,436 | $ | 255,001 | $ | 86,904 | $ | 690,791 | $ | 678,406 | $ | 698,480 | $ | 501,317 | $ | 257,560 | $ | 221,201 |
# | 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/recoupments, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements/recoupments 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
303 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Foreign Value Fund | Global Real Estate Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.44 | $ | 9.61 | $ | 7.30 | $ | 10.18 | $ | 7.74 | $ | 7.26 | $ | 8.58 | $ | 8.95 | $ | 7.46 | $ | 9.00 | $ | 7.44 | $ | 6.45 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.07 | 0.27 | 0.20 | 0.25 | 0.24 | 0.17 | 0.09 | 0.22 | 0.15 | 0.17 | 0.16 | 0.20 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.22 | ) | 1.78 | 2.39 | (2.89 | ) | 2.35 | 0.52 | 0.21 | 0.48 | 1.72 | (0.95 | ) | 2.04 | 1.64 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.15 | ) | 2.05 | 2.59 | (2.64 | ) | 2.59 | 0.69 | 0.30 | 0.70 | 1.87 | (0.78 | ) | 2.20 | 1.84 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.22 | ) | (0.28 | ) | (0.24 | ) | (0.15 | ) | (0.21 | ) | – | (0.49 | ) | (0.13 | ) | (0.29 | ) | (0.53 | ) | (0.85 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.58 | ) | (0.25 | ) | (0.47 | ) | (0.11 | ) | – | ||||||||||||||||||||||||||||||||
Total distributions | – | (0.22 | ) | (0.28 | ) | (0.24 | ) | (0.15 | ) | (0.21 | ) | – | (1.07 | ) | (0.38 | ) | (0.76 | ) | (0.64 | ) | (0.85 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.29 | $ | 11.44 | $ | 9.61 | $ | 7.30 | $ | 10.18 | $ | 7.74 | $ | 8.88 | $ | 8.58 | $ | 8.95 | $ | 7.46 | $ | 9.00 | $ | 7.44 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (10.05 | )% | 21.39 | % | 35.97 | % | (26.11 | )% | 33.69 | % | 9.23 | % | 3.50 | % | 8.76 | % | 25.49 | % | (7.94 | )% | 30.56 | % | 28.56 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.79 | %@ | 0.80 | % | 0.83 | % | 0.83 | % | 0.84 | % | 0.84 | % | 0.85 | %@ | 0.86 | % | 0.89 | % | 0.92 | % | 0.92 | % | 0.93 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.79 | %@ | 0.80 | % | 0.83 | % | 0.83 | % | 0.84 | % | 0.84 | % | 0.85 | %@ | 0.86 | % | 0.89 | % | 0.92 | % | 0.92 | % | 0.93 | % | ||||||||||||||||||||||||
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 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.19 | %@ | 2.53 | % | 2.33 | % | 2.94 | % | 2.60 | % | 1.98 | % | 2.11 | %@ | 2.51 | % | 1.79 | % | 2.25 | % | 1.88 | % | 2.68 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.19 | %@ | 2.53 | % | 2.33 | % | 2.94 | % | 2.60 | % | 1.98 | % | 2.11 | %@ | 2.51 | % | 1.79 | % | 2.25 | % | 1.88 | % | 2.68 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 22 | % | 27 | % | 23 | % | 25 | % | 25 | % | 28 | % | 16 | % | 41 | % | 52 | % | 88 | % | 75 | % | 86 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 94,321 | 94,131 | 94,998 | 103,881 | 104,883 | 98,873 | 58,693 | 48,168 | 42,969 | 37,728 | 34,869 | 37,199 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 971,032 | $ | 1,077,192 | $ | 913,025 | $ | 758,094 | $ | 1,067,577 | $ | 765,267 | $ | 521,230 | $ | 413,082 | $ | 384,543 | $ | 281,639 | $ | 313,781 | $ | 276,688 |
# | 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
304 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Social Awareness Fund | Global Strategy Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.00 | $ | 17.38 | $ | 13.72 | $ | 15.79 | $ | 12.56 | $ | 11.21 | $ | 14.12 | $ | 12.66 | $ | 10.41 | $ | 12.19 | $ | 10.07 | $ | 9.74 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.42 | 0.33 | 0.29 | 0.25 | 0.21 | 0.14 | 0.39 | 0.34 | 0.41 | 0.36 | 0.37 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.54 | 3.49 | 3.61 | (2.06 | ) | 3.21 | 1.48 | (0.18 | ) | 1.53 | 2.65 | (1.66 | ) | 2.11 | 0.99 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.68 | 3.91 | 3.94 | (1.77 | ) | 3.46 | 1.69 | (0.04 | ) | 1.92 | 2.99 | (1.25 | ) | 2.47 | 1.36 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.29 | ) | (0.28 | ) | (0.30 | ) | (0.23 | ) | (0.34 | ) | – | (0.46 | ) | (0.74 | ) | (0.53 | ) | (0.35 | ) | (1.03 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.29 | ) | (0.28 | ) | (0.30 | ) | (0.23 | ) | (0.34 | ) | – | (0.46 | ) | (0.74 | ) | (0.53 | ) | (0.35 | ) | (1.03 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 21.68 | $ | 21.00 | $ | 17.38 | $ | 13.72 | $ | 15.79 | $ | 12.56 | $ | 14.08 | $ | 14.12 | $ | 12.66 | $ | 10.41 | $ | 12.19 | $ | 10.07 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 3.24 | % | 22.60 | % | 28.99 | % | (11.20 | )% | 27.71 | % | 14.88 | % | (0.28 | )% | 15.32 | % | 29.44 | % | (10.28 | )% | 24.85 | % | 13.79 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.62 | %@ | 0.64 | % | 0.68 | % | 0.68 | % | 0.67 | % | 0.69 | % | 0.63 | %@ | 0.64 | % | 0.67 | % | 0.67 | % | 0.68 | % | 0.68 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.62 | %@ | 0.64 | % | 0.68 | % | 0.68 | % | 0.67 | % | 0.69 | % | 0.63 | %@ | 0.64 | % | 0.67 | % | 0.67 | % | 0.68 | % | 0.68 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.29 | %@ | 2.18 | % | 2.07 | % | 1.98 | % | 1.74 | % | 1.63 | % | 1.92 | %@ | 2.90 | % | 2.84 | % | 3.65 | % | 3.26 | % | 3.47 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.29 | %@ | 2.18 | % | 2.07 | % | 1.98 | % | 1.74 | % | 1.63 | % | 1.92 | %@ | 2.90 | % | 2.84 | % | 3.65 | % | 3.26 | % | 3.47 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 64 | % | 99 | % | 101 | % | 102 | % | 119 | % | 91 | % | 16 | % | 25 | % | 23 | % | 28 | % | 17 | % | 20 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 20,145 | 20,949 | 17,295 | 17,590 | 18,506 | 20,713 | 37,432 | 39,108 | 36,722 | 42,243 | 44,818 | 39,169 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 436,780 | $ | 439,972 | $ | 300,545 | $ | 241,281 | $ | 292,234 | $ | 260,145 | $ | 527,186 | $ | 552,074 | $ | 465,060 | $ | 439,884 | $ | 546,500 | $ | 394,548 |
# | 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
305 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Government Securities Fund | Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.73 | $ | 10.95 | $ | 11.34 | $ | 10.70 | $ | 10.67 | $ | 10.50 | $ | 16.76 | $ | 13.93 | $ | 11.67 | $ | 11.85 | $ | 9.20 | $ | 7.60 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.24 | 0.23 | 0.27 | 0.24 | 0.28 | 0.05 | 0.10 | 0.12 | 0.09 | 0.07 | 0.06 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.10 | (0.17 | ) | (0.28 | ) | 0.70 | 0.12 | 0.29 | 1.15 | 2.87 | 2.23 | (0.19 | ) | 2.65 | 1.61 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.21 | 0.07 | (0.05 | ) | 0.97 | 0.36 | 0.57 | 1.20 | 2.97 | 2.35 | (0.10 | ) | 2.72 | 1.67 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.25 | ) | (0.28 | ) | (0.33 | ) | (0.33 | ) | (0.40 | ) | – | (0.14 | ) | (0.09 | ) | (0.08 | ) | (0.07 | ) | (0.07 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.04 | ) | (0.06 | ) | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||
Total distributions | – | (0.29 | ) | (0.34 | ) | (0.33 | ) | (0.33 | ) | (0.40 | ) | – | (0.14 | ) | (0.09 | ) | (0.08 | ) | (0.07 | ) | (0.07 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.94 | $ | 10.73 | $ | 10.95 | $ | 11.34 | $ | 10.70 | $ | 10.67 | $ | 17.96 | $ | 16.76 | $ | 13.93 | $ | 11.67 | $ | 11.85 | $ | 9.20 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 1.96 | % | 0.67 | % | (0.49 | )% | 9.19 | %(f) | 3.45 | % | 5.56 | %(e) | 7.16 | % | 21.34 | % | 20.22 | % | (0.78 | )% | 29.60 | % | 22.01 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.64 | %@ | 0.65 | % | 0.66 | % | 0.67 | % | 0.65 | % | 0.71 | % | 0.80 | %@ | 0.81 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.64 | %@ | 0.65 | % | 0.66 | % | 0.69 | % | 0.65 | % | 0.71 | % | 0.80 | %@ | 0.81 | % | 0.83 | % | 0.84 | % | 0.85 | % | 0.88 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.02 | %@ | 2.19 | % | 2.04 | % | 2.51 | % | 2.22 | % | 2.58 | % | 0.54 | %@ | 0.65 | % | 0.95 | % | 0.77 | % | 0.71 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.02 | %@ | 2.19 | % | 2.04 | % | 2.49 | % | 2.22 | % | 2.58 | % | 0.54 | %@ | 0.65 | % | 0.93 | % | 0.74 | % | 0.67 | % | 0.64 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 3 | % | 28 | % | 64 | % | 230 | % | 353 | % | 216 | % | 62 | % | 90 | % | 81 | % | 87 | % | 95 | % | 99 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 15,212 | 15,115 | 12,492 | 12,866 | 10,389 | 11,721 | 56,104 | 60,543 | 59,131 | 65,596 | 67,486 | 71,366 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 166,365 | $ | 162,121 | $ | 136,786 | $ | 145,929 | $ | 111,118 | $ | 125,053 | $ | 1,007,905 | $ | 1,014,642 | $ | 823,541 | $ | 765,515 | $ | 800,022 | $ | 656,380 |
# | 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
306 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Growth & Income Fund | Health Sciences Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 17.74 | $ | 14.78 | $ | 12.03 | $ | 12.80 | $ | 10.48 | $ | 9.35 | $ | 21.10 | $ | 16.52 | $ | 12.61 | $ | 12.78 | $ | 9.07 | $ | 7.18 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.18 | 0.13 | 0.11 | 0.09 | 0.13 | (0.07 | ) | (0.12 | ) | (0.07 | ) | (0.07 | ) | 0.00 | (0.05 | ) | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.43 | 2.91 | 2.74 | (0.79 | ) | 2.37 | 1.24 | 4.75 | 5.43 | 4.82 | 0.68 | 3.71 | 1.94 | |||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.54 | 3.09 | 2.87 | (0.68 | ) | 2.46 | 1.37 | 4.68 | 5.31 | 4.75 | 0.61 | 3.71 | 1.89 | |||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.13 | ) | (0.12 | ) | (0.09 | ) | (0.14 | ) | (0.24 | ) | – | – | – | (0.26 | ) | – | – | ||||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.73 | ) | (0.84 | ) | (0.52 | ) | – | – | |||||||||||||||||||||||||||||||||
Total distributions | – | (0.13 | ) | (0.12 | ) | (0.09 | ) | (0.14 | ) | (0.24 | ) | – | (0.73 | ) | (0.84 | ) | (0.78 | ) | – | – | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 19.28 | $ | 17.74 | $ | 14.78 | $ | 12.03 | $ | 12.80 | $ | 10.48 | $ | 25.78 | $ | 21.10 | $ | 16.52 | $ | 12.61 | $ | 12.78 | $ | 9.07 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 8.68 | % | 20.97 | % | 24.00 | % | (5.23 | )% | 23.60 | % | 14.58 | %(e) | 22.18 | % | 32.09 | % | 39.14 | % | 5.81 | % | 40.90 | % | 26.32 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 1.09 | %@ | 1.11 | % | 1.15 | % | 1.16 | % | 1.17 | % | 1.18 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.90 | %@ | 0.93 | % | 0.96 | % | 0.98 | % | 0.96 | % | 0.95 | % | 1.09 | %@ | 1.11 | % | 1.15 | % | 1.16 | % | 1.17 | % | 1.18 | % | ||||||||||||||||||||||||
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 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.21 | %@ | 1.10 | % | 1.01 | % | 0.92 | % | 0.76 | % | 1.21 | % | (0.58 | )%@ | (0.59 | )% | (0.48 | )% | (0.60 | )% | 0.01 | % | (0.62 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.15 | %@ | 1.02 | % | 0.90 | % | 0.79 | % | 0.65 | % | 1.11 | % | (0.58 | )%@ | (0.59 | )% | (0.48 | )% | (0.60 | )% | 0.01 | % | (0.62 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 17 | % | 169 | % | 299 | % | 227 | % | 167 | % | 174 | % | 15 | % | 59 | % | 16 | % | 21 | % | 38 | % | 38 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 6,321 | 6,449 | 6,471 | 6,737 | 7,119 | 7,598 | 28,326 | 27,492 | 24,949 | 20,668 | 17,920 | 18,776 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 121,907 | $ | 114,405 | $ | 95,667 | $ | 81,057 | $ | 91,114 | $ | 79,602 | $ | 730,166 | $ | 580,157 | $ | 412,098 | $ | 260,654 | $ | 229,069 | $ | 170,216 |
# | 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
307 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Inflation Protected Fund | International Equities Index Fund† | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.33 | $ | 11.53 | $ | 11.79 | $ | 10.89 | $ | 10.17 | $ | 9.20 | $ | 7.44 | $ | 6.47 | $ | 5.22 | $ | 6.84 | $ | 5.38 | $ | 5.15 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.24 | 0.23 | 0.37 | 0.34 | 0.24 | 0.06 | 0.23 | 0.17 | 0.16 | 0.16 | 0.13 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.20 | ) | (0.17 | ) | (0.18 | ) | 0.70 | 0.62 | 0.81 | (0.45 | ) | 0.92 | 1.25 | (1.60 | ) | 1.45 | 0.25 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.09 | ) | 0.07 | 0.05 | 1.07 | 0.96 | 1.05 | (0.39 | ) | 1.15 | 1.42 | (1.44 | ) | 1.61 | 0.38 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.22 | ) | (0.31 | ) | (0.17 | ) | (0.24 | ) | (0.08 | ) | – | (0.18 | ) | (0.17 | ) | (0.18 | ) | (0.15 | ) | (0.15 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.05 | ) | – | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.27 | ) | (0.31 | ) | (0.17 | ) | (0.24 | ) | (0.08 | ) | – | (0.18 | ) | (0.17 | ) | (0.18 | ) | (0.15 | ) | (0.15 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.24 | $ | 11.33 | $ | 11.53 | $ | 11.79 | $ | 10.89 | $ | 10.17 | $ | 7.05 | $ | 7.44 | $ | 6.47 | $ | 5.22 | $ | 6.84 | $ | 5.38 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (0.79 | )% | 0.73 | % | 0.32 | % | 9.93 | % | 9.57 | % | 11.47 | % | (5.24 | )% | 17.90 | % | 27.39 | % | (21.18 | )% | 30.18 | % | 7.06 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.59 | %@ | 0.59 | % | 0.60 | % | 0.61 | % | 0.63 | % | 0.65 | % | 0.42 | %@ | 0.46 | % | 0.53 | % | 0.52 | % | 0.47 | % | 0.52 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.59 | %@ | 0.59 | % | 0.60 | % | 0.61 | % | 0.63 | % | 0.65 | % | 0.42 | %@ | 0.46 | % | 0.53 | % | 0.52 | % | 0.47 | % | 0.52 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.97 | %@ | 2.16 | % | 1.94 | % | 3.22 | % | 3.30 | % | 2.55 | % | 1.71 | %@ | 3.27 | % | 2.85 | % | 2.78 | % | 2.53 | % | 2.29 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.97 | %@ | 2.16 | % | 1.94 | % | 3.22 | % | 3.30 | % | 2.55 | % | 1.71 | %@ | 3.27 | % | 2.85 | % | 2.78 | % | 2.53 | % | 2.29 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 17 | % | 45 | % | 60 | % | 52 | % | 49 | % | 48 | % | 31 | % | 60 | % | 51 | % | 99 | % | 56 | % | 66 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 44,514 | 41,413 | 38,711 | 35,093 | 31,956 | 22,673 | 148,657 | 157,825 | 154,632 | 132,279 | 150,421 | 145,793 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 500,361 | $ | 469,056 | $ | 446,317 | $ | 413,818 | $ | 347,947 | $ | 230,538 | $ | 1,047,818 | $ | 1,174,840 | $ | 1,000,950 | $ | 689,840 | $ | 1,028,197 | $ | 783,839 |
# | Unaudited |
@ | Annualized |
† | See Note 1 |
(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
308 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Government Bond Fund | International Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.24 | $ | 12.12 | $ | 12.62 | $ | 12.86 | $ | 11.92 | $ | 11.55 | $ | 14.14 | $ | 12.36 | $ | 9.81 | $ | 12.04 | $ | 9.04 | $ | 8.29 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.16 | 0.33 | 0.35 | 0.39 | 0.42 | 0.45 | 0.04 | 0.16 | 0.17 | 0.18 | 0.17 | 0.13 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.46 | ) | 0.15 | (0.06 | ) | (0.03 | ) | 1.12 | 0.40 | (0.31 | ) | 1.87 | 2.55 | (2.22 | ) | 2.98 | 0.80 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.30 | ) | 0.48 | 0.29 | 0.36 | 1.54 | 0.85 | (0.27 | ) | 2.03 | 2.72 | (2.04 | ) | 3.15 | 0.93 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.22 | ) | (0.45 | ) | (0.46 | ) | (0.60 | ) | (0.48 | ) | – | (0.25 | ) | (0.17 | ) | (0.19 | ) | (0.15 | ) | (0.18 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.14 | ) | (0.34 | ) | (0.14 | ) | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||
Total distributions | – | (0.36 | ) | (0.79 | ) | (0.60 | ) | (0.60 | ) | (0.48 | ) | – | (0.25 | ) | (0.17 | ) | (0.19 | ) | (0.15 | ) | (0.18 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.94 | $ | 12.24 | $ | 12.12 | $ | 12.62 | $ | 12.86 | $ | 11.92 | $ | 13.87 | $ | 14.14 | $ | 12.36 | $ | 9.81 | $ | 12.04 | $ | 9.04 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (2.45 | )% | 4.12 | % | 2.03 | % | 2.86 | % | 13.16 | % | 7.32 | % | (1.91 | )% | 16.48 | % | 27.92 | % | (16.96 | )% | 35.00 | %(e) | 11.07 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.65 | %@ | 0.65 | % | 0.66 | % | 0.67 | % | 0.67 | % | 0.68 | % | 1.01 | %@ | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.65 | %@ | 0.65 | % | 0.66 | % | 0.67 | % | 0.67 | % | 0.68 | % | 1.04 | %@ | 1.06 | % | 1.10 | % | 1.11 | % | 1.12 | % | 1.12 | % | ||||||||||||||||||||||||
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) | 2.68 | %@ | 2.78 | % | 2.75 | % | 3.08 | % | 3.34 | % | 3.70 | % | 0.53 | %@ | 1.22 | % | 1.51 | % | 1.72 | % | 1.53 | % | 1.35 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.68 | %@ | 2.78 | % | 2.75 | % | 3.08 | % | 3.34 | % | 3.70 | % | 0.49 | %@ | 1.17 | % | 1.42 | % | 1.62 | % | 1.42 | % | 1.24 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 12 | % | 42 | % | 74 | % | 126 | % | 113 | % | 147 | % | 21 | % | 53 | % | 55 | % | 53 | % | 67 | % | 79 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 15,726 | 15,459 | 15,235 | 15,494 | 14,721 | 12,409 | 43,948 | 45,685 | 48,797 | 49,532 | 51,294 | 52,207 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 187,690 | $ | 189,241 | $ | 184,590 | $ | 195,494 | $ | 189,309 | $ | 147,932 | $ | 609,574 | $ | 646,032 | $ | 603,086 | $ | 485,839 | $ | 617,720 | $ | 471,764 |
# | 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
309 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Large Cap Core Fund | Large Capital Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.25 | $ | 12.85 | $ | 11.22 | $ | 12.33 | $ | 9.37 | $ | 7.92 | $ | 13.97 | $ | 12.46 | $ | 11.48 | $ | 12.31 | $ | 9.73 | $ | 8.23 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.15 | 0.14 | 0.12 | 0.09 | 0.10 | 0.04 | 0.08 | 0.07 | 0.02 | 0.03 | 0.04 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.30 | 2.40 | 3.10 | (0.73 | ) | 2.98 | 1.47 | 0.96 | 2.58 | 1.94 | (0.82 | ) | 2.59 | 1.53 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.36 | 2.55 | 3.24 | (0.61 | ) | 3.07 | 1.57 | 1.00 | 2.66 | 2.01 | (0.80 | ) | 2.62 | 1.57 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.14 | ) | (0.12 | ) | (0.11 | ) | (0.11 | ) | (0.12 | ) | – | (0.07 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | (0.07 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (1.01 | ) | (1.49 | ) | (0.39 | ) | – | – | – | (1.08 | ) | (1.00 | ) | – | – | – | |||||||||||||||||||||||||||||||
Total distributions | – | (1.15 | ) | (1.61 | ) | (0.50 | ) | (0.11 | ) | (0.12 | ) | – | (1.15 | ) | (1.03 | ) | (0.03 | ) | (0.04 | ) | (0.07 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 15.61 | $ | 14.25 | $ | 12.85 | $ | 11.22 | $ | 12.33 | $ | 9.37 | $ | 14.97 | $ | 13.97 | $ | 12.46 | $ | 11.48 | $ | 12.31 | $ | 9.73 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.54 | % | 20.28 | % | 31.57 | % | (4.78 | )% | 32.94 | % | 19.81 | % | 7.16 | % | 21.79 | % | 18.63 | % | (6.45 | )% | 27.01 | % | 19.08 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.83 | %@ | 0.84 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.75 | %@ | 0.76 | % | 0.77 | % | 0.78 | % | 0.78 | % | 0.78 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.83 | %@ | 0.84 | % | 0.85 | % | 0.89 | % | 0.85 | % | 0.88 | % | 0.75 | %@ | 0.76 | % | 0.77 | % | 0.78 | % | 0.78 | % | 0.78 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.01 | % | 0.01 | % | – | 0.01 | % | 0.01 | % | 0.00 | %@ | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.86 | %@ | 1.09 | % | 1.14 | % | 1.04 | % | 0.85 | % | 1.08 | % | 0.53 | %@ | 0.57 | % | 0.58 | % | 0.19 | % | 0.25 | % | 0.41 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.86 | %@ | 1.09 | % | 1.14 | % | 0.99 | % | 0.85 | % | 1.05 | % | 0.53 | %@ | 0.57 | % | 0.58 | % | 0.19 | % | 0.25 | % | 0.41 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 31 | % | 76 | % | 64 | % | 106 | % | 44 | % | 33 | % | 10 | % | 137 | % | 195 | % | 173 | % | 129 | % | 59 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 11,783 | 12,606 | 12,501 | 11,170 | 11,843 | 12,406 | 27,819 | 29,214 | 29,489 | 29,965 | 32,735 | 35,736 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 183,906 | $ | 179,649 | $ | 160,617 | $ | 125,281 | $ | 145,975 | $ | 116,227 | $ | 416,440 | $ | 408,050 | $ | 367,527 | $ | 343,971 | $ | 402,977 | $ | 347,731 |
# | 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
310 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Index Fund | Mid Cap Strategic Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.24 | $ | 24.44 | $ | 19.74 | $ | 22.71 | $ | 17.30 | $ | 13.32 | $ | 15.99 | $ | 14.16 | $ | 11.83 | $ | 13.62 | $ | 9.92 | $ | 7.83 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.18 | 0.28 | 0.29 | 0.21 | 0.18 | 0.19 | 0.01 | (0.01 | ) | 0.08 | 0.01 | 0.01 | (0.00 | ) | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.26 | 3.99 | 5.38 | (1.74 | ) | 5.43 | 4.40 | 1.28 | 2.12 | 2.55 | (1.74 | ) | 3.70 | 2.14 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.44 | 4.27 | 5.67 | (1.53 | ) | 5.61 | 4.59 | 1.29 | 2.11 | 2.63 | (1.73 | ) | 3.71 | 2.14 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.31 | ) | (0.22 | ) | (0.26 | ) | (0.20 | ) | (0.25 | ) | – | (0.08 | ) | – | (0.06 | ) | (0.01 | ) | (0.05 | ) | |||||||||||||||||||||||||||
Net realized gain on securities | – | (1.16 | ) | (0.75 | ) | (1.18 | ) | – | (0.36 | ) | – | (0.20 | ) | (0.30 | ) | – | – | – | ||||||||||||||||||||||||||||||
Total distributions | – | (1.47 | ) | (0.97 | ) | (1.44 | ) | (0.20 | ) | (0.61 | ) | – | (0.28 | ) | (0.30 | ) | (0.06 | ) | (0.01 | ) | (0.05 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 28.68 | $ | 27.24 | $ | 24.44 | $ | 19.74 | $ | 22.71 | $ | 17.30 | $ | 17.28 | $ | 15.99 | $ | 14.16 | $ | 11.83 | $ | 13.62 | $ | 9.92 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 5.29 | % | 17.69 | % | 29.61 | % | (6.38 | )% | 32.54 | %(e) | 34.73 | % | 8.07 | % | 14.78 | % | 22.76 | % | (12.67 | )% | 37.37 | % | 27.35 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.36 | %@ | 0.36 | % | 0.38 | % | 0.38 | % | 0.39 | % | 0.39 | % | 0.81 | %@ | 0.82 | % | 0.85 | % | 0.85 | % | 0.84 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.36 | %@ | 0.36 | % | 0.38 | % | 0.38 | % | 0.39 | % | 0.39 | % | 0.81 | %@ | 0.82 | % | 0.86 | % | 0.86 | % | 0.84 | % | 0.86 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.04 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.28 | %@ | 1.06 | % | 1.33 | % | 1.02 | % | 0.93 | % | 1.17 | % | 0.15 | %@ | (0.06 | )% | 0.63 | % | 0.09 | % | 0.10 | % | (0.09 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.28 | %@ | 1.06 | % | 1.33 | % | 1.02 | % | 0.93 | % | 1.17 | % | 0.15 | %@ | (0.06 | )% | 0.62 | % | 0.08 | % | 0.10 | % | (0.10 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 6 | % | 11 | % | 8 | % | 11 | % | 18 | % | 12 | % | 29 | % | 65 | % | 61 | % | 62 | % | 134 | % | 239 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 111,529 | 116,691 | 119,703 | 122,335 | 120,474 | 121,459 | 17,384 | 18,583 | 18,378 | 20,800 | 25,052 | 25,009 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 3,198,833 | $ | 3,179,031 | $ | 2,925,308 | $ | 2,415,464 | $ | 2,736,232 | $ | 2,101,641 | $ | 300,394 | $ | 297,068 | $ | 260,138 | $ | 246,037 | $ | 341,241 | $ | 248,109 |
# | 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
311 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Money Market I Fund | Nasdaq-100® Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 8.71 | $ | 6.98 | $ | 6.03 | $ | 6.45 | $ | 5.03 | $ | 3.89 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.10 | 0.07 | 0.04 | 0.02 | 0.01 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.00 | – | 0.00 | 0.00 | (0.00 | ) | 0.00 | 1.40 | 1.74 | 1.06 | 0.31 | 1.41 | 1.14 | |||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.44 | 1.84 | 1.13 | 0.35 | 1.43 | 1.15 | ||||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | – | (0.07 | ) | (0.03 | ) | (0.02 | ) | (0.01 | ) | (0.01 | ) | |||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.00 | ) | – | (0.04 | ) | (0.15 | ) | (0.75 | ) | – | – | ||||||||||||||||||||||||||||||||
Total distributions | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | – | (0.11 | ) | (0.18 | ) | (0.77 | ) | (0.01 | ) | (0.01 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 10.15 | $ | 8.71 | $ | 6.98 | $ | 6.03 | $ | 6.45 | $ | 5.03 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | %(e) | 0.01 | % | 0.04 | %(e) | 16.53 | % | 26.44 | % | 19.16 | % | 6.91 | % | 28.53 | % | 29.60 | %(f) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.13 | %@ | 0.16 | % | 0.21 | % | 0.17 | % | 0.24 | % | 0.41 | % | 0.53 | %@ | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.54 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.51 | %@ | 0.51 | % | 0.52 | % | 0.52 | % | 0.52 | % | 0.55 | % | 0.54 | %@ | 0.57 | % | 0.57 | % | 0.59 | % | 0.63 | % | 0.60 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | 0.00 | % | – | – | – | – | |||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | 0.85 | %@ | 1.28 | % | 1.06 | % | 0.59 | % | 0.43 | % | 0.25 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.36 | )%@ | (0.34 | )% | (0.30 | )% | (0.33 | )% | (0.27 | )% | (0.10 | )% | 0.84 | %@ | 1.25 | % | 1.02 | % | 0.52 | % | 0.33 | % | 0.18 | % | ||||||||||||||||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A | N/A | 2 | % | 8 | % | 5 | % | 12 | % | 29 | % | 6 | % | ||||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 353,545 | 367,402 | 378,729 | 409,147 | 474,285 | 542,000 | 31,000 | 29,275 | 29,011 | 27,028 | 19,713 | 20,423 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 352,916 | $ | 366,768 | $ | 378,086 | $ | 408,487 | $ | 473,443 | $ | 541,159 | $ | 314,595 | $ | 255,120 | $ | 202,595 | $ | 162,983 | $ | 127,160 | $ | 102,703 |
# | 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
312 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Science & Technology Fund | Small Cap Aggressive Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.83 | $ | 19.19 | $ | 15.84 | $ | 17.57 | $ | 12.93 | $ | 9.98 | $ | 14.12 | $ | 13.18 | $ | 10.33 | $ | 12.63 | $ | 9.84 | $ | 7.05 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.00 | ) | (0.04 | ) | 0.03 | (0.01 | ) | (0.03 | ) | (0.02 | ) | (0.04 | ) | (0.11 | ) | (0.07 | ) | (0.06 | ) | (0.06 | ) | (0.05 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.28 | 5.71 | 3.32 | (1.72 | ) | 4.67 | 2.98 | 1.90 | 2.50 | 3.08 | (1.46 | ) | 2.85 | 2.84 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.28 | 5.67 | 3.35 | (1.73 | ) | 4.64 | 2.96 | 1.86 | 2.39 | 3.01 | (1.52 | ) | 2.79 | 2.79 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.03 | ) | – | – | (0.00 | ) | (0.01 | ) | – | – | – | – | – | (0.00 | ) | ||||||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (1.45 | ) | (0.16 | ) | (0.78 | ) | – | – | |||||||||||||||||||||||||||||||||
Total distributions | – | (0.03 | ) | – | – | (0.00 | ) | (0.01 | ) | – | (1.45 | ) | (0.16 | ) | (0.78 | ) | – | (0.00 | ) | |||||||||||||||||||||||||||||
Net asset value at end of period | $ | 28.11 | $ | 24.83 | $ | 19.19 | $ | 15.84 | $ | 17.57 | $ | 12.93 | $ | 15.98 | $ | 14.12 | $ | 13.18 | $ | 10.33 | $ | 12.63 | $ | 9.84 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 13.21 | % | 29.55 | % | 21.15 | % | (9.85 | )% | 35.89 | % | 29.67 | %(e) | 13.17 | % | 17.46 | % | 29.43 | % | (11.72 | )% | 28.35 | % | 39.59 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.98 | %@ | 0.99 | % | 1.02 | % | 1.02 | % | 1.02 | % | 1.02 | % | 0.99 | %@ | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.98 | %@ | 0.99 | % | 1.02 | % | 1.02 | % | 1.02 | % | 1.02 | % | 1.02 | %@ | 1.02 | % | 1.05 | % | 1.10 | % | 1.05 | % | 1.10 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | – | – | – | – | 0.04 | % | 0.02 | % | ||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.04 | )%@ | (0.18 | )% | 0.15 | % | (0.10 | )% | (0.22 | )% | (0.20 | )% | (0.52 | )%@ | (0.70 | )% | (0.61 | )% | (0.59 | )% | (0.62 | )% | (0.56 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.04 | )%@ | (0.18 | )% | 0.15 | % | (0.10 | )% | (0.22 | )% | (0.20 | )% | (0.55 | )%@ | (0.72 | )% | (0.67 | )% | (0.70 | )% | (0.68 | )% | (0.66 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 45 | % | 102 | % | 99 | % | 113 | % | 111 | % | 138 | % | 45 | % | 111 | % | 97 | % | 169 | % | 42 | % | 73 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 36,334 | 37,726 | 40,253 | 45,092 | 50,582 | 54,912 | 6,547 | 7,180 | 6,240 | 6,994 | 7,230 | 8,809 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,021,361 | $ | 936,688 | $ | 772,614 | $ | 714,118 | $ | 888,918 | $ | 710,097 | $ | 104,595 | $ | 101,410 | $ | 82,222 | $ | 72,224 | $ | 91,326 | $ | 86,711 |
# | 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
313 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Fund | Small Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.00 | $ | 13.46 | $ | 10.33 | $ | 11.22 | $ | 8.31 | $ | 6.39 | $ | 20.40 | $ | 18.13 | $ | 14.03 | $ | 15.60 | $ | 12.15 | $ | 9.43 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.01 | 0.00 | 0.04 | 0.00 | 0.01 | 0.01 | 0.13 | 0.21 | 0.24 | 0.18 | 0.13 | 0.11 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.70 | 2.31 | 3.10 | (0.88 | ) | 2.92 | 1.95 | 0.70 | 2.80 | 4.06 | (1.61 | ) | 3.44 | 3.06 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.71 | 2.31 | 3.14 | (0.88 | ) | 2.93 | 1.96 | 0.83 | 3.01 | 4.30 | (1.43 | ) | 3.57 | 3.17 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.05 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.04 | ) | – | (0.26 | ) | (0.20 | ) | (0.14 | ) | (0.12 | ) | (0.18 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.72 | ) | – | – | – | – | – | (0.48 | ) | – | – | – | (0.27 | ) | |||||||||||||||||||||||||||||||||
Total distributions | – | (0.77 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.04 | ) | – | (0.74 | ) | (0.20 | ) | (0.14 | ) | (0.12 | ) | (0.45 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 15.71 | $ | 15.00 | $ | 13.46 | $ | 10.33 | $ | 11.22 | $ | 8.31 | $ | 21.23 | $ | 20.40 | $ | 18.13 | $ | 14.03 | $ | 15.60 | $ | 12.15 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 4.73 | % | 17.13 | % | 30.40 | % | (7.81 | )% | 35.24 | % | 30.65 | % | 4.07 | % | 16.64 | % | 30.91 | % | (9.13 | )% | 29.44 | % | 34.01 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.93 | %@ | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.40 | %@ | 0.40 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.46 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.01 | %@ | 1.01 | % | 1.04 | % | 1.05 | % | 1.05 | % | 1.06 | % | 0.40 | %@ | 0.40 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.46 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.14 | %@ | 0.01 | % | 0.35 | % | 0.01 | % | 0.05 | % | 0.13 | % | 1.25 | %@ | 1.03 | % | 1.51 | % | 1.26 | % | 0.95 | % | 0.98 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.07 | %@ | (0.07 | )% | 0.24 | % | (0.11 | )% | (0.07 | )% | 0.00 | % | 1.25 | %@ | 1.03 | % | 1.51 | % | 1.26 | % | 0.95 | % | 0.98 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 17 | % | 32 | % | 27 | % | 39 | % | 38 | % | 37 | % | 12 | % | 13 | % | 12 | % | 14 | % | 13 | % | 15 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 22,765 | 24,251 | 26,071 | 28,964 | 31,857 | 34,509 | 50,999 | 54,260 | 54,297 | 57,427 | 62,750 | 66,604 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 357,697 | $ | 363,807 | $ | 350,845 | $ | 299,145 | $ | 357,571 | $ | 286,788 | $ | 1,082,665 | $ | 1,106,865 | $ | 984,357 | $ | 805,784 | $ | 978,592 | $ | 809,018 |
# | 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
314 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Special Values Fund | Small-Mid Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.87 | $ | 11.32 | $ | 8.99 | $ | 9.67 | $ | 8.08 | $ | 6.03 | $ | 14.54 | $ | 12.67 | $ | 10.56 | $ | 11.72 | $ | 8.54 | $ | 6.79 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.07 | 0.12 | 0.07 | 0.05 | 0.06 | 0.05 | (0.03 | ) | (0.07 | ) | 0.00 | (0.05 | ) | (0.06 | ) | (0.05 | ) | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.31 | 2.53 | 2.32 | (0.66 | ) | 1.59 | 2.12 | 1.45 | 2.45 | 2.11 | (1.11 | ) | 3.24 | 1.82 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.38 | 2.65 | 2.39 | (0.61 | ) | 1.65 | 2.17 | 1.42 | 2.38 | 2.11 | (1.16 | ) | 3.18 | 1.77 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.10 | ) | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.12 | ) | – | (0.01 | ) | – | – | (0.00 | ) | (0.02 | ) | ||||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.50 | ) | – | – | – | – | |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.10 | ) | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.12 | ) | – | (0.51 | ) | – | – | (0.00 | ) | (0.02 | ) | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 14.25 | $ | 13.87 | $ | 11.32 | $ | 8.99 | $ | 9.67 | $ | 8.08 | $ | 15.96 | $ | 14.54 | $ | 12.67 | $ | 10.56 | $ | 11.72 | $ | 8.54 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 2.74 | % | 23.43 | % | 26.67 | % | (6.27 | )% | 20.40 | % | 36.20 | %(e) | 9.77 | % | 18.77 | % | 19.98 | % | (9.90 | )%(f) | 37.24 | % | 26.03 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.87 | %@ | 0.88 | % | 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) | 0.87 | %@ | 0.88 | % | 0.92 | % | 0.93 | % | 0.92 | % | 0.98 | % | 1.00 | %@ | 1.03 | % | 1.05 | % | 1.06 | % | 1.15 | % | 1.09 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | %@ | 0.00 | % | 0.01 | % | 0.02 | % | 0.02 | % | 0.04 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.00 | %@ | 0.89 | % | 0.74 | % | 0.59 | % | 0.65 | % | 0.69 | % | (0.40 | )%@ | (0.50 | )% | 0.03 | % | (0.52 | )% | (0.61 | )% | (0.63 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.00 | %@ | 0.89 | % | 0.72 | % | 0.57 | % | 0.63 | % | 0.61 | % | (0.40 | )%@ | (0.52 | )% | (0.02 | )% | (0.58 | )% | (0.76 | )% | (0.72 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 27 | % | 65 | % | 58 | % | 60 | % | 41 | % | 98 | % | 23 | % | 148 | % | 107 | % | 120 | % | 155 | % | 74 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 16,958 | 17,993 | 19,976 | 20,167 | 23,569 | 25,867 | 7,492 | 8,584 | 8,625 | 9,581 | 10,329 | 11,165 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 241,704 | $ | 249,579 | $ | 226,140 | $ | 181,376 | $ | 227,951 | $ | 209,121 | $ | 119,583 | $ | 124,839 | $ | 109,283 | $ | 101,132 | $ | 121,033 | $ | 95,319 |
# | 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
315 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Stock Index Fund | Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2014# | Year Ended May 31, | Six Months Ended November 30, 2014# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.65 | $ | 30.07 | $ | 24.50 | $ | 26.71 | $ | 21.93 | $ | 19.06 | $ | 14.18 | $ | 12.40 | $ | 9.63 | $ | 10.28 | $ | 8.28 | $ | 7.20 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.31 | 0.55 | 0.53 | 0.45 | 0.41 | 0.37 | 0.10 | 0.19 | 0.20 | 0.18 | 0.10 | 0.05 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.60 | 5.38 | 5.91 | (0.76 | ) | 5.12 | 3.66 | 0.91 | 1.81 | 2.83 | (0.70 | ) | 1.97 | 1.20 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.91 | 5.93 | 6.44 | (0.31 | ) | 5.53 | 4.03 | 1.01 | 2.00 | 3.03 | (0.52 | ) | 2.07 | 1.25 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.56 | ) | (0.46 | ) | (0.46 | ) | (0.43 | ) | (0.49 | ) | – | (0.22 | ) | (0.26 | ) | (0.13 | ) | (0.07 | ) | (0.17 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.79 | ) | (0.41 | ) | (1.44 | ) | (0.32 | ) | (0.67 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Total distributions | – | (1.35 | ) | (0.87 | ) | (1.90 | ) | (0.75 | ) | (1.16 | ) | – | (0.22 | ) | (0.26 | ) | (0.13 | ) | (0.07 | ) | (0.17 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 37.56 | $ | 34.65 | $ | 30.07 | $ | 24.50 | $ | 26.71 | $ | 21.93 | $ | 15.19 | $ | 14.18 | $ | 12.40 | $ | 9.63 | $ | 10.28 | $ | 8.28 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 8.40 | % | 20.01 | % | 26.86 | % | (0.76 | )% | 25.55 | % | 21.06 | % | 7.12 | % | 16.26 | % | 31.97 | % | (5.00 | )% | 25.03 | % | 17.30 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.34 | %@ | 0.35 | % | 0.36 | % | 0.37 | % | 0.38 | % | 0.38 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.34 | %@ | 0.35 | % | 0.36 | % | 0.37 | % | 0.38 | % | 0.38 | % | 0.93 | %@ | 0.93 | % | 0.95 | % | 0.97 | % | 0.93 | % | 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) | 1.70 | %@ | 1.71 | % | 1.94 | % | 1.83 | % | 1.70 | % | 1.70 | % | 1.32 | %@ | 1.46 | % | 1.87 | % | 1.87 | % | 1.10 | % | 0.56 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.70 | %@ | 1.71 | % | 1.94 | % | 1.83 | % | 1.70 | % | 1.70 | % | 1.24 | %@ | 1.38 | % | 1.77 | % | 1.75 | % | 1.02 | % | 0.47 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 2 | % | 4 | % | 3 | % | 3 | % | 11 | % | 7 | % | 7 | % | 16 | % | 23 | % | 13 | % | 157 | % | 105 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 123,044 | 129,109 | 132,191 | 138,507 | 132,974 | 136,381 | 8,056 | 8,595 | 8,978 | 10,469 | 14,825 | 18,716 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 4,620,972 | $ | 4,473,003 | $ | 3,974,531 | $ | 3,393,666 | $ | 3,551,607 | $ | 2,990,589 | $ | 122,338 | $ | 121,864 | $ | 111,303 | $ | 100,820 | $ | 152,457 | $ | 155,035 |
# | 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
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited)
At an in-person meeting held on August 4-5, 2014, 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,” and together with the Advisory Agreement, the “Advisory Contracts”): AllianceBernstein, LP (“AllianceBernstein”), Allianz Global Investors US, LLC (“Allianz”), American Century Investment Management, Inc. (“American Century”), Barrow, Hanley, Mewhinney & Strauss, LLC (“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”), Morgan Stanley Investment Management, Inc. (“MSIM”), PineBridge Investments, LLC (“PineBridge”), RS Investment Management Co. LLC (“RS Investments”), SunAmerica Asset Management, LLC (“SAAMCo”), T. Rowe Price Associates, Inc. (“T. Rowe Price”), Templeton Global Advisors Limited (“Templeton Global”), Templeton Investment Counsel, LLC (“Templeton Investment”), Wellington Management Company, LLP (“Wellington”) and Wells Capital Management Incorporated (“Wells Capital”) (each a “Sub-adviser,” and collectively, the “Sub-advisers”). Prior to the August 4-5, 2014 meeting at which the Advisory Contracts were approved, the Board also discussed and considered information regarding the proposed continuation of the Advisory Contracts at an in-person meeting held on July 14, 2014.
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 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-Advisory 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 and their respective affiliates; (5) a comparison of advisory fee schedules and performance with respect to other mutual funds and accounts with similar investment strategies and/or objectives to the Funds, as applicable, 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; (9) information regarding VALIC’s and the Sub-advisers’ compliance and regulatory history; and (10) information about the services VALIC provides in connection with the oversight of the Sub-advisers.
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 an executive session at an in-person special meeting held on July 14, 2014, and executive sessions held during the August 2014 meeting during which such independent counsel provided guidance to the Independent Directors. Following the July 14, 2014 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto at the August 2014 meeting. The continuation of all Advisory Contracts was approved at the August 2014 meeting for a one-year term beginning September 1, 2014 and ending August 31, 2015.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality 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 monitors the performance of the Funds and periodically recommends Sub-adviser changes and/or other changes intended to improve the performance of the Funds.
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 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 considered each Sub-adviser’s brokerage practices and 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.
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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 Subadvisory Expense Universe and, in some cases as noted below, the Subadvisory Expense Group. The Board 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 Subadvisory 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 include 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. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated November 30, 2013.
The Board received and reviewed information prepared by management and by an independent third-party regarding each Fund’s investment performance compared against its benchmark and Performance Group/Universe. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2014 and that benchmark information presented by management was through the period ended June 30, 2014. The Board further noted that, although it monitors the Funds’ performance closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the following expense and performance information in its evaluation of each Fund:
• | Asset Allocation Fund (PineBridge). The Board considered that actual management fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the median of the 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 also considered that the Fund underperformed the median of the Performance Group for the one-year period and outperformed the median of the Performance Group for the three- and five-year periods. The Board also considered that the Fund outperformed the median of the Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one- and five-year periods and underperformed its benchmark for the three-year period.
• | Blue Chip Growth Fund (T. Rowe Price). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the 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, 2015. |
The Board considered that the Fund’s performance was above its Lipper peer index and above the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Broad Cap Value Income Fund (Barrow Hanley). The Board considered that actual management fees were above the medians of the Expense Group/Universe. The Board also considered that total net expenses were below the median of the Expense Group and above the median of the Expense Universe. The Board also considered that actual subadvisory fees were above the medians of the Subadvisory 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, 2015. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund equaled the median of its Performance Group for the one-year period, outperformed the median of its Performance Group for the three-year period and underperformed the median of its Performance Group for the five-year period. The Board also considered that the Fund outperformed the median of its Performance Universe for the one- and three-year periods and underperformed 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.
• | Capital Conservation Fund (PineBridge). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also considered 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 any potential actions management is considering taking with respect to the Fund.
• | Core Equity Fund (BlackRock). The Board considered that actual management fees were above the medians of the Expense Group/Universe. The Board also considered that total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Board also considered that actual subadvisory fees were below the medians of the 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, 2015. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Group for the one- year period and underperformed the median of its Performance Group for the three- and five-year periods. The Board
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also considered that the Fund outperformed the median of its Performance Universe for the one- and three-year periods and underperformed the median of its Performance Universe for the five-year period. The Board also considered that the Fund outperformed its benchmark for the one- year period and underperformed its benchmark for the three- and five-year periods. The Board considered management’s discussion of the Fund’s performance and noted the Fund’s more recent improved performance.
• | Dividend Value Fund (BlackRock/SAAMCo). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the medians of the Subadvisory 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, 2015. |
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 considered that the Fund underperformed the medians of its Performance Group/Universe for the one-year period and outperformed the medians of its Performance Group/Universe for the three- and five-year periods. 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 recent performance and potential actions management was considering taking with respect to the Fund.
• | Dynamic Allocation Fund (AllianceBernstein/SAAMCo). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the 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, 2015. |
At an in-person meeting held on October 27-28, 2014, the Board approved an increase in the sub-advisory fee payable by VALIC to AllianceBernstein in connection with a proposed change to the Fund’s volatility management formula, which required additional work by AllianceBernstein to implement. The Board considered that because VALIC pays the sub-advisory fee and not the Fund, the advisory fee payable by the Fund would not increase. The Board also took into account an in-person presentation from AllianceBernstein regarding the proposed change to the formula as well as additional information provided by management regarding the proposed change. The Board also considered comparative fee information provided by an independent third party of investment company data and concluded that the increase in the sub-advisory was fair and reasonable in view of the additional work to be performed by AllianceBernstein.
The Board considered that the Fund underperformed its Lipper peer index for the one-year period and outperformed its Lipper peer index since the Fund’s inception on December 19, 2012. The Board also considered that the Fund underperformed the median of its Performance Group for the one-year period and since inception. The Board also considered that the Fund underperformed the median of its Performance Universe for the one-year period and outperformed the median of its Performance Universe since inception. The Board also considered that the Fund underperformed its benchmark for the one-year period. The Board took into account management’s discussion of the Fund’s performance and noted the Fund’s limited performance history.
• | Emerging Economies Fund (JPMIM). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the medians of the Subadvisory Expense Group/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 also considered that the Fund outperformed the medians of its Performance Group/Universe for the three-year period and underperformed the medians of its Performance Group/Universe for the one- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one- and five-year periods and outperformed its benchmark for the three-year period. The Board noted that JPMIM replaced the previous sub-adviser in October 2011, and as a result, the Fund’s longer term performance reflects that of the previous sub-adviser. The Board considered management’s discussion of the Fund’s performance.
• | Foreign Value Fund (Templeton Global). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the medians of the Subadvisory Expense Group/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 also considered that the Fund outperformed the median of its Performance Group for the one- and five-year periods and equaled the median of its Performance Group for the three-year period. The Board also considered that the Fund outperformed 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 one-, three- and five-year periods.
• | Global Real Estate Fund (GSAM/Invesco). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board noted that the limited size of the Subadvisory Expense Universe was not sufficient for comparative purposes. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2015. |
The Board considered that the Fund underperformed its Lipper peer index for the one- and five-year periods and outperformed its Lipper peer index for the three-year period. The Board also considered that the Fund underperformed the median of its Performance Group for the one- and five-year periods and outperformed the median of its Performance Group for the three-year period. The Board also considered that the Fund underperformed 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 considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board considered management’s discussion of the Fund’s performance and any potential actions management is considering taking with respect to the Fund.
• | Global Social Awareness Fund (SAAMCo). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the medians of the Subadvisory Expense Group/Universe. |
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The Board considered that the Fund outperformed its Lipper peer index for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Group for the one-year period, underperformed the median of its Performance Group for the three-year period, and equaled the median of its Performance Group for the five-year period. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods. The Board noted that SAAMCo replaced the Fund’s previous sub-adviser in June 2014.
• | Global Strategy Fund (Franklin/Templeton Investment). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the medians of the Subadvisory Expense Group/Universe. |
The Board considered that the Fund outperformed its Lipper peer index for the one- and three-year periods. The Fund also considered that the Fund outperformed the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Government Securities Fund (JPMIM). The Board considered that actual management fees were equal to the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the 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, 2015. |
The Board considered that the Fund underperformed its Lipper peer index for the one- and five-year periods and outperformed its Lipper peer index for the three-year period. The Board also considered that the Fund underperformed the medians of its Performance Group/Universe for the one- and five-year periods and outperformed the medians of its Performance Group/Universe for the three-year period. The Board also considered that the Fund outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. The Board noted that JPMIM replaced the previous sub-adviser in August 2013, and as a result, the Fund’s longer term performance reflects that of the previous sub-adviser. The Board considered management’s discussion of the Fund’s performance.
• | Growth & Income Fund (JPMIM). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the medians of the 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, 2015. |
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 also considered that the Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-year period and underperformed the median of its Performance Universe for the three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board noted that JPMIM replaced the previous sub-adviser in September 2013, and as a result, the Fund’s longer term performance reflects that of the previous sub-adviser. The Board considered management’s discussion of the Fund’s performance.
• | Growth Fund (American Century). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual sub-advisory fees were above the median of the 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, 2015. |
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 underperformed the median of its Performance Group for the one-year period and outperformed the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one- and five-year periods and equaled the median of its Performance Universe for the three-year period. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Health Sciences Fund (T. Rowe Price). The Board considered that actual management fees and actual total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the median of the 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 also considered that the Fund underperformed the median of its Performance Group for the one-year period and outperformed the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Inflation Protected Fund (PineBridge). The Board considered that actual management fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the medians of the 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, 2015. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Group for the one- and five-year periods and equaled the median of its Performance Group for the three-year period. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.
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• | International Equities Index Fund (SAAMCo). The Board considered that actual management fees, total net expenses, and actual subadvisory fees were below the medians of the 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 also considered that the Fund equaled the median of its Performance Group for the one-year period and underperformed the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund underperformed the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account that SAAMCo replaced the previous sub-adviser in June 2014, and as a result, the Fund’s performance reflects that of the previous sub-adviser. The Board also noted the changes made to the Fund’s principal investment strategies in connection with the sub-adviser change. The Board considered management’s discussion of the Fund’s performance.
• | International Government Bond Fund (PineBridge). The Board considered that actual management fees, total net expenses, and actual subadvisory fees were below the medians of the Expense Group/Universe. |
The Board considered that the Fund underperformed its Lipper peer index for the one- and five-year periods and outperformed its Lipper peer index for the three-year period. The Board also considered that the Fund equaled the median of the Performance Group for the one-year period and underperformed the median of the Performance Group for the three- and five-year periods. The Board also considered that the Fund underperformed the median of the Performance Universe for the one-and five-year periods and outperformed the median of the Performance Universe for the three-year period. The Board also considered that the Fund underperformed its benchmark for the one- and three-year periods and outperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance.
• | International Growth Fund (American Century/Invesco/MFS). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the medians of the 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, 2015. |
The Board considered that the Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-year period and outperformed its benchmark for the three- and five-year periods.
• | Large Cap Core Fund (Columbia). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the 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, 2015. |
The Board considered that the Fund outperformed 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 the Performance Group for the one- and three-year periods and above the median of the Performance Group for the five-year period. The Board also considered that the Fund outperformed the median of the Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one- and five-year periods and underperformed its benchmark for the three-year period.
• | Large Capital Growth Fund (MFS). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also noted that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the Subadvisory Expense Universe. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2015. |
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 also considered that the Fund outperformed the medians of its Performance Group/Universe for the one-year period and underperformed the medians of its Performance Group/Universe for the three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management discussion of the Fund’s performance and noted that MFS replaced the previous sub-advisers in September 2013, and as a result, the Fund’s medium and longer term performance reflects that of the previous sub-advisers. The Board also noted the improvement in the Fund’s performance since MFS began managing the Fund.
• | Mid Cap Index Fund (SAAMCo). The Board considered that actual management fees and total net expenses were equal to the medians of the Expense Groups and below the medians of the Expense Universes. The Board also considered that actual subadvisory fees were below the medians of the Expense Group/Universe. |
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 considered that the Fund’s performance equaled the median of its Performance Group for the one-year period, underperformed the median of its Performance Group for the three-year period and outperformed the median of its Performance Group for the five-year period. The Board also considered that the Fund underperformed the median of its Performance Universe for the one- and three-year periods and outperformed 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 noted the relatively narrow range of returns of the funds comprising the Performance Group/Universe.
• | Mid Cap Strategic Growth Fund (Allianz/MSIM). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2015. |
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
The Board considered that the Fund underperformed its Lipper peer index, the medians of its Performance Group/Universe, and its benchmark for the one-, three-, and five-year periods. The Board considered management’s discussion of the Fund’s performance and any potential actions management is considering taking with respect to the Fund.
• | Money Market I Fund (SAAMCo). The Board considered that actual management fees and actual subadvisory fees were above the medians of the Expense Group/Universe. The Board also considered that total net expenses were below the medians of the Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses, including the significant reimbursement of Fund expenses by VALIC. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2015. |
The Board considered that the Fund outperformed its Lipper peer index for the one- and three-year periods and equaled its Lipper peer index for the five-year period. The Board also considered that the Fund’s performance equaled the median of its Performance Group for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-year period and equaled the median of its Performance Universe for the three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Nasdaq-100® Index Fund (SAAMCo). The Board considered that actual management fees and actual subadvisory fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the medians of the 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, 2015. |
The Board considered that the Fund outperformed its Lipper peer index and the medians of the Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Science & Technology Fund (T. Rowe Price/Allianz/Wellington). The Board considered that actual management fees were above the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the median of the Expense Group and equal to the median of the Expense Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the 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 and the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one- and five-year periods and underperformed its benchmark for the three-year period.
• | Small Cap Aggressive Growth Fund (RS Investments). The Board considered that actual management fees were equal to the median of the Expense Group and above the median of the Expense Universe. The Board also considered that total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Expense Group and above the median of the 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, 2015. |
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 considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board noted that a portion of the Fund’s five-year track record is attributable to the Fund’s previous sub-adviser, which was replaced in August 2011. The Board considered management’s discussion of the Fund’s performance, including the Fund’s more recent improved performance.
• | Small Cap Fund (Invesco/Bridgeway/T. Rowe Price). The Board considered that actual management fees were above the medians of the Expense Group/Universe. The Board also considered that total net expenses were below the median of the Expense Group and above the median of the Expense Universe. The Board also considered that actual subadvisory fees were below the median of the Subadvisory Expense Group and above the median of the 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, 2015. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three-, and five-year periods. The Board also considered that the Fund underperformed the medians of the Performance Group/Universe for the one-year period and outperformed the medians of the Performance Group/Universe for the three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one- and three-year periods and outperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s recent performance.
• | Small Cap Index Fund (SAAMCo). The Board considered that actual management fees and actual subadvisory fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were equal to the median of the Expense Group and below the median of the Expense Universe. |
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 considered that the Fund underperformed the medians of its Performance Group/Universe for the one- and three-year periods and outperformed the medians of its Performance Group/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 noted the relatively narrow range of returns of the funds comprising the Performance Group/Universe.
• | Small Cap Special Values Fund (Wells Capital/Dreman). The Board considered that actual management fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the 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, 2015. |
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Group for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one- and three- year periods and underperformed the median of its Performance Universe for the five-year period. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Small-Mid Growth Fund (GSAM). The Board considered that actual management fees were equal to the median of the Expense Group and above the median of the Expense 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 equal to the median of the Expense Group and above the median of the 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, 2015. |
The Board considered that the Fund outperformed its Lipper peer index, the medians of its Performance Group/Universe and its benchmark for the one-year period and underperformed its Lipper peer index, the medians of its Performance Group/Universe and its benchmark for the three- and five-year periods. The Board took into account that GSAM replaced the previous sub-advisers in August 2013, and as a result, the Fund’s medium and longer term performance reflects that of the previous sub-advisers. The Board also noted the improvement in the Fund’s performance since GSAM began managing the Fund. The Board considered management’s discussion of the Fund’s performance.
• | Stock Index Fund (SAAMCo). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the medians of the Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
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 underperformed the median of its Performance Group for the one- and three-year periods and outperformed the median of its Performance Group for the five-year period. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. 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 noted the relatively narrow range of returns of the funds comprising the Performance Group/Universe.
• | Value Fund (Wellington). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the median of the 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, 2015. |
The Board considered that the Fund underperformed its Lipper peer index for the one-, three- and five-year periods. The Board considered that the Fund underperformed the median of its Performance Group for the one-year period, equaled the median of its Performance Group for the three-year period and outperformed the median of its Performance Group for the five-year period. The Board also considered that the Fund underperformed the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board considered management’s discussion of the Fund’s performance and any potential actions management is considering taking with respect to the Fund.
The Board considered management’s discussion of each Fund’s expenses and performance and concluded that each Fund’s overall performance was satisfactory in light of the circumstances or was being appropriately addressed by management. 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.
The Board 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) 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, or its affiliates, will receive benefits in addition to the advisory fee to be paid by the Funds, which include transfer agency fees, administrative services fees, and sub-advisory fees. The Board also considered that the transfer agency fees are paid by the Funds for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services are provided at cost, and the payment for such services is allocated to each Fund based on the number of accounts serviced. The Board also considered that the Funds pay SAAMCo, an affiliate of VALIC, an annual fee 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, and the Funds’ custodian, State Street Bank and Trust Company, for the calculation of the daily net asset value. The Board 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 certain 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, the Board 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
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
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.1 In addition, the Board considered the profitability of SAAMCo in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds was reasonable.
In considering the profitability to the Sub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under the Sub-Advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Board also relied on the ability of VALIC to negotiate the Sub-Advisory Agreements and the fees thereunder at arm’s length.
For each of the above reasons, the Directors determined that the profitability to the Sub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the 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 they are 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 Fund 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.
1 | The Board noted that VALIC, effective on or about September 1, 2014, would transfer its responsibilities as the Funds’ transfer agent to an affiliate, VALIC Retirement Services Company. |
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VALIC COMPANY I
Dynamic Allocation Fund
(the “Fund”)
Supplement to the Statutory Prospectus dated October 1, 2014
At a meeting held on October 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 a change in the volatility management formula, which was proposed by the Fund’s affiliated insurers. The operation of the formula is expected to continue to result in an average net equity exposure over long-term periods of approximately 60%-65%.
The change in the volatility management formula will become effective on or about November 10, 2014. Once effective, the derivatives used by AllianceBernstein, L.P., the sub-adviser to the Fund’s Overlay Component (the “Sub-Adviser”), will primarily consist of stock index futures and stock index options but may also include options on stock index futures and stock index swaps. The Fund’s net equity exposure will be primarily adjusted through the use of stock index futures and stock index options. When the market is in a state of higher volatility, the Sub-Adviser may decrease the Fund’s net equity exposure by taking a net short position in derivative instruments.
On the effective date, Risks of Exchange Traded Funds will become a non-principal risk of the Fund.
Date: November 10, 2014
Dynamic Allocation Fund
Supplement to the Prospectus dated October 1, 2014,
as supplemented to date
Effective immediately, in the section titled “MANAGEMENT,” the first paragraph of disclosure for SunAmerica Asset Management, LLC is deleted in its entirety and replaced with the following:
SAAMCo is organized as a Delaware limited liability company and is an indirect, wholly-owned subsidiary of AIG. SAAMCo’s primary focus has been on the management, in either an advisory or sub-advisory capacity of Investment Company Act of 1940 Act-registered product. As of September 30, 2014, SAAMCo managed, advised and/or administered more than $69.9 billion in assets.
Dated: January 14, 2015
VALIC COMPANY I
Supplement to the Prospectus dated October 1, 2014,
as supplemented to date
Effective immediately, in the section titled “MANAGEMENT,” the first paragraph of disclosure for SunAmerica Asset Management, LLC is deleted in its entirety and replaced with the following:
SAAMCo is organized as a Delaware limited liability company and is an indirect, wholly-owned subsidiary of AIG. SAAMCo’s primary focus has been on the management, in either an advisory or sub-advisory capacity of Investment Company Act of 1940 Act-registered product. As of September 30, 2014, SAAMCo managed, advised and/or administered more than $69.9 billion in assets.
Dated: January 14, 2015
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VALIC Company I
BOARD OF DIRECTORS
Thomas J. Brown
Judith L. Craven
William F. Devin
Timothy J. Ebner
Gustavo E. Gonzales, Jr.
Peter A. Harbeck
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, LLC
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
John T. Genoy,
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
Thomas M. Ward,
Vice President
Shawn Parry,
Assistant Vice President and Assistant Treasurer
Donna McManus,
Assistant Vice President and Assistant Treasurer
Diedre L. Phipps,
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 Company I P.O. Box 3206 Houston, TX 77253-3206 | PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765 |
VC 4873 (11/2014) 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/ John T. Genoy | |
John T. Genoy | ||
President |
Date: February 6, 2015
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/ John T. Genoy | |
John T. Genoy | ||
President |
Date: February 6, 2015
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: February 6, 2015
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Exhibit 99.CERT
CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT
I, John T. Genoy, certify that:
1. | I have reviewed this report on Form N-CSR of VALIC Company I; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 5, 2015
/s/ John T. Genoy |
John T. Genoy |
President |
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CERTIFICATION PURSUANT TO SECTION
302 OF THE SARBANES-OXLEY ACT
I, Gregory R. Kingston, certify that:
1. | I have reviewed this report on Form N-CSR of VALIC Company I; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 5, 2015
/s/ Gregory R. Kingston |
Gregory R. Kingston |
Treasurer |
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EXHIBIT 99.906.CERT
CERTIFICATIONS PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT
John T. Genoy, President, and Gregory R. Kingston, Treasurer of VALIC Company I (the “registrant”), each certify to the best of his knowledge that:
1. | The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report. |
Dated: February 5, 2015
/s/ John T. Genoy |
John T. Genoy |
President |
/s/ Gregory R. Kingston |
Gregory R. Kingston |
Treasurer |