Table of Contents
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: May 31, 2015
Table of Contents
Item 1. Reports to Stockholders
Table of Contents
VALIC Company I
Annual Report, May 31, 2015
SAVING :INVESTING :PLANNING
Table of Contents
VALIC Company I
ANNUAL REPORT MAY 31, 2015
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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 Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the twelve-month period ending May 31, 2015. We encourage you to carefully read this report and thank you for your investment.
Domestically, the total return for the S&P 500® Index*, widely regarded as the best single gauge of the U.S. equity market, rose 11.81%. International equity markets did not fare as well as their domestic counterparts. 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, declined modestly -0.48%. The domestic bond market experienced respectable returns, with the Barclays U.S. Aggregate Bond Index***, a broad measure of the bond market, rising 3.03%.
The U.S. markets continued to deliver strong performance, buoyed by a mid-cycle economic expansion and signs of continued positive momentum. With falling oil prices and weakening economies elsewhere, the U.S. dollar has continued to strengthen. Job growth and job creation have begun to pick up pace. Additionally, U.S. companies reported an upward trend in corporate margins and profits along with renewed merger and acquisition activity, both signs of a strengthening domestic economy.
Overseas, the picture was mixed. Geopolitical tensions flared in the Middle East and the Ukraine. Oil prices declined amid a supply glut. Europe (with the exception of Greece) showed signs of economic improvement as the European Central Bank stepped in with additional monetary easing measures in 2015. In Asia, Japan’s Q1 GDP grew at an annualized 3.9%, and the Bank of Japan signaled that it will continue its accommodative policies. Meanwhile, China cut interest rates to stimulate growth as they face a weakening economy influenced by the high debt accumulated after years of credit expansion.
The key question centers around when the Federal Reserve will raise interest rates. The Fed reiterated its message that it needs to see more improvement in the labor market and have confidence that inflation will rise toward their 2% target. Fed Chairwoman Janet Yellen stated that the Fed is on track to raise rates this year but will proceed cautiously and that it could be “several years” before the Fed’s benchmark short-term rate is back to a level the central bank considers to be normal.
As always, we encourage you to maintain a well-diversified, long-term investment portfolio to help smooth the inevitable ups-and-downs of market performance. Your financial advisor can assist by reviewing your financial situation and developing a plan that utilizes diversification, asset allocation, tax planning and other investment strategies to better help you reach your long-term investment goals.
Thank you again for your trust and valued investment.
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 is comprised of the MSCI country indices that represent developed markets outside of North America, Europe, Australasia and the Far East. 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 a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market that includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass throughs), ABS, and CMBS (agency and non-agency). |
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 — May 31, 2015 (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 December 1, 2014 and held until May 31, 2015. 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 (“IRAs”) 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, Plans or IRAs.
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 May 31, 2015” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended May 31, 2015” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2015” 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 May 31, 2015” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2015” 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 IRAs. 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 — May 31, 2015 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at December 1, 2014 | Ending Account Value Using Actual Return at May 31, 2015 | Expenses Paid During the Six Months Ended May 31, 2015* | Beginning Account Value at December 1, 2014 | Ending Account Value Using a Hypothetical 5% Annual Return at May 31, 2015 | Expenses Paid During the Six Months Ended May 31, 2015* | Annualized Expense Ratio* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 1,037.81 | $ | 3.51 | $ | 1,000.00 | $ | 1,021.49 | $ | 3.48 | 0.69 | % | ||||||||||||||
Blue Chip Growth | $ | 1,000.00 | $ | 1,057.83 | $ | 4.26 | $ | 1,000.00 | $ | 1,020.79 | $ | 4.18 | 0.83 | % | ||||||||||||||
Broad Cap Value Income# | $ | 1,000.00 | $ | 1,052.26 | $ | 4.35 | $ | 1,000.00 | $ | 1,020.69 | $ | 4.28 | 0.85 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 1,010.13 | $ | 3.16 | $ | 1,000.00 | $ | 1,021.79 | $ | 3.18 | 0.63 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 1,037.81 | $ | 4.06 | $ | 1,000.00 | $ | 1,020.94 | $ | 4.03 | 0.80 | % | ||||||||||||||
Dividend Value# | $ | 1,000.00 | $ | 1,025.67 | $ | 4.14 | $ | 1,000.00 | $ | 1,020.84 | $ | 4.13 | 0.82 | % | ||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | $ | 1,009.12 | $ | 1.60 | $ | 1,000.00 | $ | 1,023.34 | $ | 1.61 | 0.32 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 1,008.85 | $ | 4.71 | $ | 1,000.00 | $ | 1,020.24 | $ | 4.73 | 0.94 | % | ||||||||||||||
Foreign Value | $ | 1,000.00 | $ | 1,042.45 | $ | 4.02 | $ | 1,000.00 | $ | 1,020.99 | $ | 3.98 | 0.79 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 1,020.44 | $ | 4.23 | $ | 1,000.00 | $ | 1,020.74 | $ | 4.23 | 0.84 | % | ||||||||||||||
Global Social Awareness | $ | 1,000.00 | $ | 1,040.78 | $ | 3.15 | $ | 1,000.00 | $ | 1,021.84 | $ | 3.13 | 0.62 | % | ||||||||||||||
Global Strategy | $ | 1,000.00 | $ | 1,024.32 | $ | 3.23 | $ | 1,000.00 | $ | 1,021.74 | $ | 3.23 | 0.64 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 1,010.88 | $ | 3.16 | $ | 1,000.00 | $ | 1,021.79 | $ | 3.18 | 0.63 | % | ||||||||||||||
Growth | $ | 1,000.00 | $ | 1,034.22 | $ | 4.06 | $ | 1,000.00 | $ | 1,020.94 | $ | 4.03 | 0.80 | % | ||||||||||||||
Growth & Income# | $ | 1,000.00 | $ | 1,031.52 | $ | 4.31 | $ | 1,000.00 | $ | 1,020.69 | $ | 4.28 | 0.85 | % | ||||||||||||||
Health Sciences | $ | 1,000.00 | $ | 1,207.20 | $ | 5.94 | $ | 1,000.00 | $ | 1,019.55 | $ | 5.44 | 1.08 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 992.22 | $ | 2.93 | $ | 1,000.00 | $ | 1,021.99 | $ | 2.97 | 0.59 | % | ||||||||||||||
International Equities Index | $ | 1,000.00 | $ | 1,049.31 | $ | 2.40 | $ | 1,000.00 | $ | 1,022.59 | $ | 2.37 | 0.47 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 969.50 | $ | 3.19 | $ | 1,000.00 | $ | 1,021.69 | $ | 3.28 | 0.65 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 1,044.76 | $ | 5.15 | $ | 1,000.00 | $ | 1,019.90 | $ | 5.09 | 1.01 | % | ||||||||||||||
Large Cap Core | $ | 1,000.00 | $ | 1,043.82 | $ | 4.23 | $ | 1,000.00 | $ | 1,020.79 | $ | 4.18 | 0.83 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 1,035.91 | $ | 3.81 | $ | 1,000.00 | $ | 1,021.19 | $ | 3.78 | 0.75 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 1,062.96 | $ | 1.80 | $ | 1,000.00 | $ | 1,023.19 | $ | 1.77 | 0.35 | % | ||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | $ | 1,032.66 | $ | 4.10 | $ | 1,000.00 | $ | 1,020.89 | $ | 4.08 | 0.81 | % | ||||||||||||||
Money Market I# | $ | 1,000.00 | $ | 1,000.05 | $ | 0.75 | $ | 1,000.00 | $ | 1,024.18 | $ | 0.76 | 0.15 | % | ||||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | $ | 1,041.94 | $ | 2.70 | $ | 1,000.00 | $ | 1,022.29 | $ | 2.67 | 0.53 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 1,055.74 | $ | 5.07 | $ | 1,000.00 | $ | 1,020.00 | $ | 4.99 | 0.99 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 1,150.81 | $ | 5.31 | $ | 1,000.00 | $ | 1,020.00 | $ | 4.99 | 0.99 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 1,060.76 | $ | 4.78 | $ | 1,000.00 | $ | 1,020.29 | $ | 4.68 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 1,068.81 | $ | 2.06 | $ | 1,000.00 | $ | 1,022.94 | $ | 2.02 | 0.40 | % | ||||||||||||||
Small Cap Special Values | $ | 1,000.00 | $ | 1,052.75 | $ | 4.45 | $ | 1,000.00 | $ | 1,020.59 | �� | $ | 4.38 | 0.87 | % | |||||||||||||
Small-Mid Growth | $ | 1,000.00 | $ | 1,090.94 | $ | 5.16 | $ | 1,000.00 | $ | 1,020.00 | $ | 4.99 | 0.99 | % | ||||||||||||||
Stock Index | $ | 1,000.00 | $ | 1,027.78 | $ | 1.67 | $ | 1,000.00 | $ | 1,023.29 | $ | 1.66 | 0.33 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 1,032.89 | $ | 4.31 | $ | 1,000.00 | $ | 1,020.69 | $ | 4.28 | 0.85 | % |
* | Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182 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 May 31, 2015” 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 May 31, 2015” and the “Annualized Expense Ratio” would have been lower. |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 8.1 | % | ||
Registered Investment Companies | 6.9 | |||
Time Deposits | 6.3 | |||
Exchange-Traded Funds | 5.6 | |||
Real Estate Investment Trusts | 3.6 | |||
Banks — Commercial | 3.4 | |||
Diversified Banking Institutions | 3.2 | |||
Medical — Drugs | 3.1 | |||
Federal Home Loan Mtg. Corp. | 2.8 | |||
United States Treasury Notes | 2.5 | |||
Telephone — Integrated | 2.4 | |||
Diversified Financial Services | 2.3 | |||
Computers | 2.1 | |||
Oil Companies — Exploration & Production | 1.8 | |||
Electric — Integrated | 1.6 | |||
Oil Companies — Integrated | 1.5 | |||
Aerospace/Defense | 1.4 | |||
Diversified Manufacturing Operations | 1.3 | |||
Insurance — Multi-line | 1.3 | |||
Medical — Biomedical/Gene | 1.3 | |||
Auto — Cars/Light Trucks | 1.3 | |||
Cable/Satellite TV | 1.2 | |||
Applications Software | 1.1 | |||
Chemicals — Diversified | 1.1 | |||
Electronic Components — Semiconductors | 1.0 | |||
Insurance — Life/Health | 1.0 | |||
United States Treasury Bonds | 0.9 | |||
Oil — Field Services | 0.9 | |||
Banks — Super Regional | 0.9 | |||
Retail — Discount | 0.9 | |||
Medical — HMO | 0.9 | |||
Pipelines | 0.8 | |||
Tobacco | 0.8 | |||
Retail — Restaurants | 0.8 | |||
Investment Management/Advisor Services | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
Multimedia | 0.7 | |||
Oil Refining & Marketing | 0.6 | |||
Insurance — Reinsurance | 0.6 | |||
Insurance — Property/Casualty | 0.6 | |||
Transport — Services | 0.6 | |||
Government National Mtg. Assoc. | 0.6 | |||
Finance — Other Services | 0.6 | |||
U.S. Government Treasuries | 0.5 | |||
Real Estate Operations & Development | 0.5 | |||
Computer Services | 0.5 | |||
Paper & Related Products | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
Beverages — Non-alcoholic | 0.5 | |||
Retail — Drug Store | 0.5 | |||
Medical — Hospitals | 0.5 | |||
Medical Instruments | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Electronic Components — Misc. | 0.4 | |||
Brewery | 0.4 | |||
Finance — Credit Card | 0.4 | |||
Retail — Building Products | 0.4 | |||
Airlines | 0.4 | |||
Food — Retail | 0.4 | |||
Savings & Loans/Thrifts | 0.4 | |||
E-Commerce/Products | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Real Estate Management/Services | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Transport — Rail | 0.3 | |||
Telecommunication Equipment | 0.3 | |||
Gas — Distribution | 0.3 | |||
Web Portals/ISP | 0.3 |
Industrial Gases | 0.3 | |||
Pharmacy Services | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Networking Products | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Casino Hotels | 0.3 | |||
Agricultural Operations | 0.3 | |||
Diversified Minerals | 0.3 | |||
Machinery — Electrical | 0.3 | |||
Entertainment Software | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Medical — Generic Drugs | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Medical Products | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Steel — Producers | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Import/Export | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Cruise Lines | 0.2 | |||
Sovereign | 0.2 | |||
Machinery — Farming | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Independent Power Producers | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Audio/Video Products | 0.2 | |||
Internet Security | 0.2 | |||
Cellular Telecom | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Human Resources | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Food — Dairy Products | 0.2 | |||
Satellite Telecom | 0.2 | |||
Electric — Distribution | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Municipal Bonds & Notes | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Insurance — Mutual | 0.1 | |||
Telecom Services | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Computer Aided Design | 0.1 | |||
Special Purpose Entities | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Athletic Footwear | 0.1 | |||
Building & Construction — Misc. | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Finance — Commercial | 0.1 | |||
Poultry | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Printing — Commercial | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
Advertising Services | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Hotels/Motels | 0.1 | |||
Building Products — Wood | 0.1 |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Retail — Consumer Electronics | 0.1 | % | ||
Soap & Cleaning Preparation | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Metal — Copper | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Schools | 0.1 | |||
SupraNational Banks | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Transport — Truck | 0.1 | |||
Coal | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Security Services | 0.1 | |||
Commercial Services | 0.1 | |||
Coatings/Paint | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Transactional Software | 0.1 | |||
Electronics — Military | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Communications Software | 0.1 | |||
Transport — Marine | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Rubber — Tires | 0.1 | |||
Building Products — Cement | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Home Furnishings | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Investment Companies | 0.1 | |||
Retail — Automobile | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Data Processing/Management | 0.1 | |||
Travel Services | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Medical Information Systems | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Research & Development | 0.1 | |||
Consulting Services | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Retail — Appliances | 0.1 | |||
110.6 | % | |||
* | Calculated as a percentage of net assets |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 54.5% |
| |||||||
Advertising Agencies — 0.0% |
| |||||||
Interpublic Group of Cos., Inc. | 2,231 | $ | 45,557 | |||||
Advertising Services — 0.1% |
| |||||||
Dentsu, Inc.#(1) | 1,500 | 75,224 | ||||||
Publicis Groupe SA#(1) | 1,039 | 83,435 | ||||||
Sizmek, Inc.† | 422 | 2,950 | ||||||
161,609 | ||||||||
Aerospace/Defense — 1.3% |
| |||||||
Aerovironment, Inc.† | 418 | 10,805 | ||||||
BAE Systems PLC(1) | 18,416 | 145,059 | ||||||
Boeing Co. | 2,232 | 313,641 | ||||||
Cubic Corp. | 437 | 20,889 | ||||||
General Dynamics Corp. | 3,615 | 506,678 | ||||||
Lockheed Martin Corp. | 2,917 | 548,979 | ||||||
National Presto Industries, Inc.# | 96 | 6,672 | ||||||
Northrop Grumman Corp. | 3,175 | 505,397 | ||||||
Raytheon Co. | 1,085 | 112,037 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 1,195 | 65,235 | ||||||
2,235,392 | ||||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
AAR Corp. | 689 | 20,353 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 1,266 | 26,269 | ||||||
Airbus Group SE(1) | 1,470 | 100,159 | ||||||
Curtiss-Wright Corp. | 969 | 69,855 | ||||||
Kaman Corp. | 558 | 23,637 | ||||||
Moog, Inc., Class A† | 804 | 55,179 | ||||||
295,452 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
CF Industries Holdings, Inc. | 56 | 17,689 | ||||||
Intrepid Potash, Inc.†# | 1,083 | 12,585 | ||||||
30,274 | ||||||||
Agricultural Operations — 0.3% |
| |||||||
Andersons, Inc. | 545 | 24,165 | ||||||
Archer-Daniels-Midland Co. | 8,418 | 444,891 | ||||||
Bunge, Ltd. | 308 | 28,509 | ||||||
497,565 | ||||||||
Airlines — 0.2% |
| |||||||
Alaska Air Group, Inc. | 1,547 | 99,998 | ||||||
Allegiant Travel Co. | 277 | 43,619 | ||||||
Delta Air Lines, Inc. | 1,541 | 66,140 | ||||||
Hawaiian Holdings, Inc.† | 1,101 | 26,666 | ||||||
Republic Airways Holdings, Inc.† | 959 | 10,031 | ||||||
SkyWest, Inc. | 1,060 | 15,688 | ||||||
Southwest Airlines Co. | 1,163 | 43,089 | ||||||
United Continental Holdings, Inc.† | 1,227 | 66,982 | ||||||
372,213 | ||||||||
Airport Development/Maintenance — 0.0% |
| |||||||
Aeroports de Paris#(1) | 578 | 71,516 | ||||||
Apparel Manufacturers — 0.2% |
| |||||||
Burberry Group PLC(1) | 5,503 | 142,788 | ||||||
Christian Dior SE(1) | 717 | 144,012 | ||||||
G-III Apparel Group, Ltd.† | 780 | 44,351 | ||||||
Michael Kors Holdings, Ltd.† | 349 | 16,228 | ||||||
Oxford Industries, Inc. | 296 | 22,457 | ||||||
Quiksilver, Inc.†# | 2,338 | 3,203 | ||||||
Ralph Lauren Corp. | 178 | 23,211 | ||||||
396,250 | ||||||||
Appliances — 0.0% |
| |||||||
iRobot Corp.† | 614 | 19,617 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Applications Software — 1.1% |
| |||||||
Citrix Systems, Inc.† | 554 | $ | 36,015 | |||||
Dealertrack Technologies, Inc.† | 907 | 37,822 | ||||||
Ebix, Inc.# | 606 | 21,574 | ||||||
Epiq Systems, Inc. | 645 | 10,817 | ||||||
Intuit, Inc. | 4,491 | 467,738 | ||||||
Microsoft Corp. | 27,983 | 1,311,283 | ||||||
Progress Software Corp.† | 1,040 | 27,383 | ||||||
Tangoe, Inc.† | 760 | 9,660 | ||||||
1,922,292 | ||||||||
Athletic Footwear — 0.1% |
| |||||||
adidas AG(1) | 997 | 78,332 | ||||||
NIKE, Inc., Class B | 1,365 | 138,780 | ||||||
217,112 | ||||||||
Audio/Video Products — 0.2% |
| |||||||
Daktronics, Inc. | 751 | 8,096 | ||||||
DTS, Inc.† | 353 | 11,201 | ||||||
Panasonic Corp.#(1) | 9,500 | 139,275 | ||||||
Sony Corp.†#(1) | 3,800 | 117,428 | ||||||
Universal Electronics, Inc.† | 318 | 16,479 | ||||||
VOXX International Corp.† | 346 | 2,958 | ||||||
295,437 | ||||||||
Auto Repair Centers — 0.0% |
| |||||||
Monro Muffler Brake, Inc. | 642 | 37,884 | ||||||
Auto-Cars/Light Trucks — 0.7% |
| |||||||
Bayerische Motoren Werke AG(1) | 1,529 | 169,138 | ||||||
Daimler AG(1) | 1,059 | 99,215 | ||||||
Fiat Chrysler Automobiles NV†(1) | 636 | 10,166 | ||||||
Fuji Heavy Industries, Ltd.(1) | 2,900 | 109,187 | ||||||
Honda Motor Co., Ltd.(1) | 5,600 | 191,719 | ||||||
Nissan Motor Co., Ltd.#(1) | 4,500 | 46,832 | ||||||
Suzuki Motor Corp.#(1) | 2,000 | 69,529 | ||||||
Toyota Motor Corp.(1) | 7,300 | 503,324 | ||||||
1,199,110 | ||||||||
Auto-Heavy Duty Trucks — 0.0% |
| |||||||
Isuzu Motors, Ltd.(1) | 3,600 | 48,807 | ||||||
Auto/Truck Parts & Equipment - Original — 0.5% |
| |||||||
Aisin Seiki Co., Ltd.(1) | 1,800 | 82,977 | ||||||
Allison Transmission Holdings, Inc. | 4,070 | 124,542 | ||||||
Delphi Automotive PLC | 4,158 | 361,663 | ||||||
Denso Corp.#(1) | 2,200 | 114,714 | ||||||
Gentherm, Inc.† | 725 | 37,163 | ||||||
Superior Industries International, Inc. | 430 | 8,295 | ||||||
Titan International, Inc.# | 1,033 | 11,001 | ||||||
Toyoda Gosei Co., Ltd.†(1) | 2,400 | 59,432 | ||||||
799,787 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Dorman Products, Inc.†# | 616 | 28,742 | ||||||
Standard Motor Products, Inc. | 422 | 14,842 | ||||||
43,584 | ||||||||
Banks - Commercial — 2.1% |
| |||||||
Banco de Sabadell SA(1) | 8,688 | 22,005 | ||||||
Banco Santander SA(1) | 37,622 | 267,934 | ||||||
Bank of Ireland†(1) | 23,858 | 9,131 | ||||||
Bank of Kyoto, Ltd.(1) | 7,000 | 79,749 | ||||||
Bank of Yokohama, Ltd.(1) | 13,000 | 80,600 | ||||||
Bankia SA†(1) | 5,049 | 6,530 | ||||||
Banner Corp. | 396 | 17,828 | ||||||
BBCN Bancorp, Inc. | 1,622 | 23,357 | ||||||
Cardinal Financial Corp. | 662 | 13,664 |
6 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Central Pacific Financial Corp. | 527 | $ | 12,342 | |||||
Chiba Bank, Ltd.(1) | 7,000 | 54,972 | ||||||
City Holding Co.# | 298 | 13,458 | ||||||
Columbia Banking System, Inc. | 1,086 | 32,808 | ||||||
Community Bank System, Inc. | 820 | 28,954 | ||||||
Cullen/Frost Bankers, Inc. | 2,311 | 169,651 | ||||||
CVB Financial Corp. | 1,973 | 32,357 | ||||||
Danske Bank A/S(1) | 2,595 | 76,115 | ||||||
DNB ASA(1) | 1,362 | 23,958 | ||||||
East West Bancorp, Inc. | 3,278 | 140,626 | ||||||
First BanCorp† | 2,005 | 12,271 | ||||||
First Commonwealth Financial Corp. | 1,775 | 16,153 | ||||||
First Financial Bancorp | 1,255 | 21,799 | ||||||
First Financial Bankshares, Inc.# | 1,311 | 39,500 | ||||||
First Horizon National Corp. | 11,375 | 167,895 | ||||||
First Midwest Bancorp, Inc. | 1,566 | 27,812 | ||||||
FNB Corp. | 3,533 | 47,660 | ||||||
Glacier Bancorp, Inc. | 1,526 | 42,942 | ||||||
Hanmi Financial Corp. | 662 | 14,647 | ||||||
Home BancShares, Inc. | 1,202 | 41,000 | ||||||
Independent Bank Corp. | 533 | 24,044 | ||||||
Intesa Sanpaolo SpA(1) | 12,531 | 45,205 | ||||||
Joyo Bank, Ltd.(1) | 12,000 | 64,721 | ||||||
KBC Groep NV(1) | 1,757 | 117,882 | ||||||
LegacyTexas Financial Group, Inc. | 742 | 19,247 | ||||||
MB Financial, Inc. | 1,291 | 41,596 | ||||||
Mizuho Financial Group, Inc.(1) | 53,300 | 117,094 | ||||||
National Penn Bancshares, Inc. | 2,842 | 30,409 | ||||||
NBT Bancorp, Inc. | 887 | 21,838 | ||||||
OFG Bancorp | 859 | 11,287 | ||||||
Old National Bancorp | 2,205 | 30,010 | ||||||
Pinnacle Financial Partners, Inc. | 639 | 31,637 | ||||||
Popular, Inc.† | 4,240 | 137,758 | ||||||
PrivateBancorp, Inc. | 1,441 | 54,945 | ||||||
Regions Financial Corp. | 57,897 | 584,181 | ||||||
S&T Bancorp, Inc. | 571 | 15,468 | ||||||
Signature Bank† | 1,191 | 166,323 | ||||||
Simmons First National Corp., Class A | 309 | 13,299 | ||||||
Southside Bancshares, Inc. | 445 | 11,948 | ||||||
Sumitomo Mitsui Financial Group, Inc.(1) | 3,400 | 153,971 | ||||||
Sumitomo Mitsui Trust Holdings, Inc.#(1) | 13,000 | 59,214 | ||||||
Susquehanna Bancshares, Inc. | 3,692 | 51,282 | ||||||
Swedbank AB, Class A(1) | 6,230 | 146,291 | ||||||
Talmer Bancorp, Inc., Class A | 1,113 | 17,686 | ||||||
Texas Capital Bancshares, Inc.† | 930 | 50,592 | ||||||
Tompkins Financial Corp. | 247 | 12,597 | ||||||
TrustCo Bank Corp. NY | 1,962 | 13,263 | ||||||
UMB Financial Corp. | 770 | 39,878 | ||||||
United Bankshares, Inc. | 1,295 | 49,029 | ||||||
United Community Banks, Inc. | 870 | 16,661 | ||||||
Westamerica Bancorporation# | 496 | 22,697 | ||||||
Wilshire Bancorp, Inc. | 1,351 | 14,915 | ||||||
Wintrust Financial Corp. | 957 | 47,946 | ||||||
3,772,632 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Boston Private Financial Holdings, Inc. | 1,716 | 21,519 | ||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 567 | 13,960 | ||||||
Banks - Super Regional — 0.7% |
| |||||||
Comerica, Inc. | 2,875 | 140,731 | ||||||
Fifth Third Bancorp | 16,873 | 341,510 | ||||||
KeyCorp | 3,475 | 50,666 | ||||||
Wells Fargo & Co. | 12,139 | 679,298 | ||||||
1,212,205 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Batteries/Battery Systems — 0.0% |
| |||||||
EnerSys | 901 | $ | 60,043 | |||||
Beverages - Non-alcoholic — 0.4% |
| |||||||
Coca-Cola Co. | 1,684 | 68,977 | ||||||
Coca-Cola Enterprises, Inc. | 1,033 | 45,689 | ||||||
Monster Beverage Corp.† | 335 | 42,639 | ||||||
PepsiCo, Inc. | 5,018 | 483,886 | ||||||
641,191 | ||||||||
Brewery — 0.3% |
| |||||||
Anheuser-Busch InBev NV(1) | 178 | 21,469 | ||||||
Asahi Group Holdings, Ltd.(1) | 2,100 | 66,967 | ||||||
Carlsberg A/S, Class B(1) | 977 | 89,817 | ||||||
Heineken Holding NV(1) | 1,960 | 136,346 | ||||||
Heineken NV(1) | 1,991 | 156,331 | ||||||
Kirin Holdings Co., Ltd.(1) | 4,000 | 57,369 | ||||||
528,299 | ||||||||
Broadcast Services/Program — 0.2% |
| |||||||
Discovery Communications, Inc., Class C† | 8,947 | 281,338 | ||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Drew Industries, Inc. | 481 | 29,534 | ||||||
Gibraltar Industries, Inc.† | 599 | 10,734 | ||||||
Quanex Building Products Corp. | 670 | 11,919 | ||||||
Simpson Manufacturing Co., Inc. | 847 | 28,730 | ||||||
80,917 | ||||||||
Building & Construction - Misc. — 0.1% |
| |||||||
Aegion Corp.† | 781 | 13,917 | ||||||
Bouygues SA(1) | 565 | 22,256 | ||||||
Comfort Systems USA, Inc. | 734 | 16,478 | ||||||
Dycom Industries, Inc.† | 689 | 39,673 | ||||||
Ferrovial SA(1) | 4,023 | 86,878 | ||||||
179,202 | ||||||||
Building Products - Air & Heating — 0.1% |
| |||||||
AAON, Inc. | 863 | 20,427 | ||||||
Daikin Industries, Ltd.(1) | 1,100 | 84,013 | ||||||
104,440 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
Headwaters, Inc.† | 1,508 | 28,622 | ||||||
Holcim, Ltd.(1) | 62 | 4,902 | ||||||
33,524 | ||||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
Apogee Enterprises, Inc. | 588 | 31,593 | ||||||
Asahi Glass Co., Ltd.(1) | 10,000 | 65,058 | ||||||
Griffon Corp. | 827 | 13,207 | ||||||
PGT, Inc.† | 938 | 11,219 | ||||||
121,077 | ||||||||
Building Products - Wood — 0.0% |
| |||||||
Boise Cascade Co.† | 805 | 28,529 | ||||||
Universal Forest Products, Inc. | 404 | 22,366 | ||||||
50,895 | ||||||||
Building - Heavy Construction — 0.0% |
| |||||||
ACS Actividades de Construccion y Servicios SA(1) | 868 | 28,002 | ||||||
Orion Marine Group, Inc.† | 560 | 4,206 | ||||||
32,208 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 1,066 | 34,581 | ||||||
Babcock International Group PLC(1) | 6,160 | 106,099 | ||||||
140,680 | ||||||||
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building - Mobile Home/Manufactured Housing — 0.0% |
| |||||||
Winnebago Industries, Inc. | 563 | $ | 12,234 | |||||
Building - Residential/Commercial — 0.2% |
| |||||||
Daiwa House Industry Co., Ltd.#(1) | 3,000 | 71,779 | ||||||
M/I Homes, Inc.† | 515 | 11,984 | ||||||
Meritage Homes Corp.† | 765 | 33,553 | ||||||
Persimmon PLC(1) | 1,217 | 36,555 | ||||||
Ryland Group, Inc. | 945 | 39,756 | ||||||
Sekisui Chemical Co., Ltd.(1) | 5,000 | 67,316 | ||||||
Standard Pacific Corp.† | 2,906 | 23,946 | ||||||
284,889 | ||||||||
Cable/Satellite TV — 1.1% |
| |||||||
Cablevision Systems Corp., Class A# | 1,137 | 27,868 | ||||||
Comcast Corp., Class A | 16,182 | 946,000 | ||||||
DIRECTV† | 3,979 | 362,248 | ||||||
Sky PLC(1) | 6,233 | 100,616 | ||||||
Time Warner Cable, Inc. | 3,001 | 542,851 | ||||||
1,979,583 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp.† | 1,622 | 23,211 | ||||||
MGM Resorts International† | 3,364 | 67,448 | ||||||
Monarch Casino & Resort, Inc.† | 197 | 3,818 | ||||||
94,477 | ||||||||
Casino Services — 0.0% |
| |||||||
Scientific Games Corp., Class A†# | 948 | 14,429 | ||||||
Cellular Telecom — 0.1% |
| |||||||
NTT DOCOMO, Inc.(1) | 3,300 | 59,175 | ||||||
Vodafone Group PLC(1) | 14,582 | 57,021 | ||||||
116,196 | ||||||||
Chemicals - Diversified — 1.1% |
| |||||||
Aceto Corp. | 560 | 13,199 | ||||||
Akzo Nobel NV(1) | 1,350 | 103,100 | ||||||
Arkema SA(1) | 1,284 | 95,408 | ||||||
Asahi Kasei Corp.(1) | 10,000 | 88,426 | ||||||
BASF SE(1) | 1,991 | 184,165 | ||||||
Dow Chemical Co. | 8,678 | 451,863 | ||||||
E.I. du Pont de Nemours & Co. | 3,119 | 221,480 | ||||||
Innophos Holdings, Inc. | 432 | 22,512 | ||||||
K+S AG(1) | 652 | 21,252 | ||||||
Koppers Holdings, Inc. | 399 | 10,302 | ||||||
Kuraray Co., Ltd.(1) | 5,300 | 69,397 | ||||||
LyondellBasell Industries NV, Class A | 5,346 | 540,481 | ||||||
Mitsubishi Chemical Holdings Corp.(1) | 10,000 | 62,577 | ||||||
1,884,162 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc.# | 821 | 13,538 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp.# | 511 | 7,042 | ||||||
Chemicals - Plastics — 0.0% |
| |||||||
A. Schulman, Inc. | 595 | 25,448 | ||||||
Chemicals - Specialty — 0.2% |
| |||||||
Balchem Corp. | 634 | 35,796 | ||||||
Calgon Carbon Corp. | 1,083 | 22,483 | ||||||
H.B. Fuller Co. | 1,029 | 43,331 | ||||||
Hawkins, Inc. | 202 | 8,234 | ||||||
Kraton Performance Polymers, Inc.† | 631 | 14,986 | ||||||
Lonza Group AG(1) | 361 | 50,827 | ||||||
OM Group, Inc. | 609 | 16,163 | ||||||
Quaker Chemical Corp. | 267 | 22,797 |
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Specialty (continued) | ||||||||
Shin-Etsu Chemical Co., Ltd.(1) | 1,200 | $ | 72,976 | |||||
Stepan Co. | 392 | 20,172 | ||||||
Toray Industries, Inc.#(1) | 7,000 | 58,081 | ||||||
Zep, Inc. | 464 | 9,261 | ||||||
375,107 | ||||||||
Circuit Boards — 0.0% |
| |||||||
Park Electrochemical Corp. | 446 | 9,580 | ||||||
TTM Technologies, Inc.† | 1,280 | 12,646 | ||||||
22,226 | ||||||||
Coal — 0.0% |
| |||||||
Arch Coal, Inc.†# | 3,908 | 1,915 | ||||||
Cloud Peak Energy, Inc.† | 1,178 | 6,797 | ||||||
SunCoke Energy, Inc. | 1,360 | 22,114 | ||||||
30,826 | ||||||||
Commercial Services — 0.1% |
| |||||||
Aggreko PLC(1) | 922 | 22,673 | ||||||
Cintas Corp. | 590 | 50,793 | ||||||
Edenred(1) | 581 | 14,679 | ||||||
Healthcare Services Group, Inc. | 1,454 | 43,925 | ||||||
Medifast, Inc.† | 214 | 6,889 | ||||||
Nutrisystem, Inc. | 604 | 13,747 | ||||||
152,706 | ||||||||
Commercial Services - Finance — 0.2% |
| |||||||
Cardtronics, Inc.† | 910 | 33,215 | ||||||
Green Dot Corp., Class A† | 813 | 11,910 | ||||||
H&R Block, Inc. | 6,609 | 209,704 | ||||||
Heartland Payment Systems, Inc. | 742 | 39,660 | ||||||
Moody’s Corp. | 360 | 38,916 | ||||||
Total System Services, Inc. | 2,340 | 96,408 | ||||||
429,813 | ||||||||
Communications Software — 0.1% |
| |||||||
Digi International, Inc.† | 470 | 4,681 | ||||||
SolarWinds, Inc.† | 2,793 | 132,528 | ||||||
137,209 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
ANSYS, Inc.† | 1,619 | 144,091 | ||||||
Autodesk, Inc.† | 1,397 | 75,648 | ||||||
219,739 | ||||||||
Computer Data Security — 0.0% |
| |||||||
Gemalto NV#(1) | 370 | 32,415 | ||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc. | 799 | 20,726 | ||||||
Computer Services — 0.5% |
| |||||||
Accenture PLC, Class A | 2,507 | 240,772 | ||||||
Amdocs, Ltd. | 187 | 10,257 | ||||||
CACI International, Inc., Class A† | 490 | 41,954 | ||||||
Ciber, Inc.† | 1,433 | 4,815 | ||||||
Computer Sciences Corp. | 1,061 | 72,785 | ||||||
DST Systems, Inc. | 1,268 | 150,131 | ||||||
Engility Holdings, Inc. | 338 | 9,437 | ||||||
ExlService Holdings, Inc.† | 636 | 22,832 | ||||||
IGATE Corp.† | 724 | 34,397 | ||||||
Insight Enterprises, Inc.† | 788 | 23,112 | ||||||
International Business Machines Corp. | 800 | 135,720 | ||||||
LivePerson, Inc.† | 956 | 9,149 | ||||||
Manhattan Associates, Inc.† | 1,514 | 83,043 | ||||||
Sykes Enterprises, Inc.† | 800 | 19,384 | ||||||
TeleTech Holdings, Inc. | 330 | 8,389 |
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Services (continued) | ||||||||
Virtusa Corp.† | 550 | $ | 25,025 | |||||
891,202 | ||||||||
Computer Software — 0.0% |
| |||||||
Blackbaud, Inc. | 941 | 48,236 | ||||||
Computers — 1.8% |
| |||||||
Apple, Inc. | 20,266 | 2,640,254 | ||||||
Hewlett-Packard Co. | 16,304 | 544,554 | ||||||
3,184,808 | ||||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Agilysys, Inc.† | 273 | 2,465 | ||||||
Fujitsu, Ltd.#(1) | 10,000 | 55,915 | ||||||
Mercury Systems, Inc.† | 633 | 8,640 | ||||||
MTS Systems Corp. | 308 | 20,956 | ||||||
NetScout Systems, Inc.†# | 760 | 30,461 | ||||||
Super Micro Computer, Inc.† | 722 | 24,158 | ||||||
142,595 | ||||||||
Computers - Memory Devices — 0.2% |
| |||||||
Brocade Communications Systems, Inc. | 13,725 | 169,710 | ||||||
EMC Corp. | 3,958 | 104,254 | ||||||
Western Digital Corp. | 90 | 8,762 | ||||||
282,726 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Electronics for Imaging, Inc.† | 947 | 40,939 | ||||||
Synaptics, Inc.† | 744 | 74,132 | ||||||
115,071 | ||||||||
Consulting Services — 0.1% |
| |||||||
Booz Allen Hamilton Holding Corp. | 2,463 | 62,437 | ||||||
Forrester Research, Inc. | 204 | 6,938 | ||||||
Navigant Consulting, Inc.† | 997 | 13,569 | ||||||
82,944 | ||||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Central Garden & Pet Co., Class A† | 822 | 8,023 | ||||||
Helen of Troy, Ltd.† | 540 | 47,245 | ||||||
Kimberly-Clark Corp. | 5,519 | 600,798 | ||||||
WD-40 Co. | 278 | 23,455 | ||||||
679,521 | ||||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
KapStone Paper and Packaging Corp. | 1,712 | 46,138 | ||||||
Cosmetics & Toiletries — 0.3% |
| |||||||
Inter Parfums, Inc. | 354 | 11,834 | ||||||
Kao Corp.(1) | 2,000 | 90,674 | ||||||
Procter & Gamble Co. | 4,337 | 339,978 | ||||||
Svenska Cellulosa AB SCA, Class B(1) | 2,407 | 62,841 | ||||||
505,327 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Carnival PLC(1) | 399 | 19,280 | ||||||
Data Processing/Management — 0.1% |
| |||||||
CSG Systems International, Inc. | 689 | 21,490 | ||||||
Dun & Bradstreet Corp. | 428 | 54,754 | ||||||
Fiserv, Inc.† | 231 | 18,515 | ||||||
94,759 | ||||||||
Decision Support Software — 0.0% |
| |||||||
Interactive Intelligence Group, Inc.† | 343 | 14,828 | ||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
DENTSPLY International, Inc. | 5,384 | 280,156 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Diagnostic Equipment — 0.0% |
| |||||||
Affymetrix, Inc.† | 1,506 | $ | 17,665 | |||||
Diagnostic Kits — 0.0% |
| |||||||
Meridian Bioscience, Inc. | 859 | 15,634 | ||||||
QIAGEN NV†(1) | 2,084 | 51,089 | ||||||
66,723 | ||||||||
Dialysis Centers — 0.0% |
| |||||||
Fresenius SE & Co. KGaA(1) | 776 | 49,469 | ||||||
Direct Marketing — 0.0% |
| |||||||
Harte-Hanks, Inc. | 835 | 5,227 | ||||||
Disposable Medical Products — 0.0% |
| |||||||
ICU Medical, Inc.† | 280 | 27,160 | ||||||
Merit Medical Systems, Inc.† | 877 | 18,031 | ||||||
45,191 | ||||||||
Distribution/Wholesale — 0.1% |
| |||||||
Essendant, Inc. | 791 | 30,723 | ||||||
Pool Corp. | 881 | 58,393 | ||||||
ScanSource, Inc.† | 576 | 22,406 | ||||||
111,522 | ||||||||
Diversified Banking Institutions — 1.1% |
| |||||||
Bank of America Corp. | 17,816 | 293,964 | ||||||
Barclays PLC(1) | 32,723 | 135,044 | ||||||
BNP Paribas SA(1) | 3,700 | 224,144 | ||||||
Citigroup, Inc. | 1,742 | 94,207 | ||||||
Credit Agricole SA#(1) | 4,543 | 68,122 | ||||||
Credit Suisse Group AG(1) | 1,087 | 28,859 | ||||||
HSBC Holdings PLC(1) | 41,829 | 398,265 | ||||||
JPMorgan Chase & Co. | 4,705 | 309,495 | ||||||
Mitsubishi UFJ Financial Group, Inc.(1) | 32,600 | 240,209 | ||||||
Natixis SA(1) | 5,440 | 40,806 | ||||||
Royal Bank of Scotland Group PLC†(1) | 9,459 | 49,923 | ||||||
1,883,038 | ||||||||
Diversified Manufacturing Operations — 1.1% |
| |||||||
3M Co. | 3,354 | 533,554 | ||||||
Actuant Corp., Class A | 1,261 | 29,633 | ||||||
AZZ, Inc. | 521 | 24,972 | ||||||
Barnes Group, Inc. | 995 | 40,059 | ||||||
Dover Corp. | 3,669 | 276,643 | ||||||
EnPro Industries, Inc. | 493 | 29,817 | ||||||
Fabrinet† | 619 | 11,253 | ||||||
Federal Signal Corp. | 1,263 | 18,793 | ||||||
General Electric Co. | 14,337 | 390,970 | ||||||
Illinois Tool Works, Inc. | 1,559 | 146,281 | ||||||
IMI PLC(1) | 1,356 | 25,815 | ||||||
ITT Corp. | 1,219 | 52,027 | ||||||
LSB Industries, Inc.† | 402 | 17,097 | ||||||
Lydall, Inc.† | 328 | 8,990 | ||||||
Parker-Hannifin Corp. | 885 | 106,581 | ||||||
Pentair PLC | 3,074 | 196,828 | ||||||
Siemens AG(1) | 101 | 10,626 | ||||||
Standex International Corp. | 257 | 20,563 | ||||||
Toshiba Corp.#(1) | 13,000 | 45,436 | ||||||
Tredegar Corp. | 530 | 10,521 | ||||||
1,996,459 | ||||||||
Diversified Minerals — 0.2% |
| |||||||
Anglo American PLC(1) | 6,124 | 96,065 | ||||||
BHP Billiton PLC(1) | 8,479 | 178,818 | ||||||
US Silica Holdings, Inc.# | 1,073 | 33,102 | ||||||
307,985 | ||||||||
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Operations — 0.0% |
| |||||||
Wharf Holdings, Ltd.(1) | 10,000 | $ | 68,979 | |||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Bunzl PLC(1) | 1,572 | 45,571 | ||||||
Viad Corp. | 412 | 11,058 | ||||||
56,629 | ||||||||
Drug Delivery Systems — 0.0% |
| |||||||
Depomed, Inc.† | 1,221 | 25,470 | ||||||
E-Commerce/Products — 0.4% |
| |||||||
Amazon.com, Inc.† | 427 | 183,281 | ||||||
Blue Nile, Inc.† | 227 | 6,268 | ||||||
eBay, Inc.† | 6,447 | 395,588 | ||||||
FTD Cos., Inc.† | 359 | 9,883 | ||||||
Stamps.com, Inc.† | 298 | 20,052 | ||||||
615,072 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
Expedia, Inc. | 290 | 31,106 | ||||||
Groupon, Inc.†# | 22,453 | 143,250 | ||||||
Priceline Group, Inc.† | 133 | 155,881 | ||||||
330,237 | ||||||||
E-Marketing/Info — 0.0% |
| |||||||
comScore, Inc.† | 695 | 39,323 | ||||||
Liquidity Services, Inc.† | 472 | 4,682 | ||||||
QuinStreet, Inc.† | 684 | 4,056 | ||||||
48,061 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
CDW Corp. | 2,090 | 77,539 | ||||||
Perficient, Inc.† | 730 | 13,812 | ||||||
91,351 | ||||||||
Electric Products - Misc. — 0.3% |
| |||||||
Emerson Electric Co. | 8,159 | 492,069 | ||||||
Littelfuse, Inc. | 457 | 44,192 | ||||||
536,261 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
PG&E Corp. | 959 | 51,278 | ||||||
UIL Holdings Corp. | 1,152 | 58,395 | ||||||
109,673 | ||||||||
Electric - Generation — 0.0% |
| |||||||
Electricite de France SA#(1) | 719 | 17,676 | ||||||
Enel Green Power SpA#(1) | 15,454 | 29,259 | ||||||
46,935 | ||||||||
Electric - Integrated — 1.0% |
| |||||||
AES Corp. | 14,898 | 202,613 | ||||||
ALLETE, Inc. | 906 | 45,617 | ||||||
Ameren Corp. | 171 | 6,879 | ||||||
Avista Corp. | 1,171 | 37,472 | ||||||
Chubu Electric Power Co., Inc.#(1) | 4,800 | 72,223 | ||||||
Consolidated Edison, Inc. | 586 | 36,238 | ||||||
DTE Energy Co. | 613 | 48,568 | ||||||
Duke Energy Corp. | 364 | 27,566 | ||||||
E.ON SE(1) | 5,197 | 76,330 | ||||||
EDP - Energias de Portugal SA(1) | 8,080 | 31,553 | ||||||
El Paso Electric Co. | 817 | 29,714 | ||||||
Enel SpA(1) | 22,500 | 109,255 | ||||||
Entergy Corp. | 431 | 32,959 | ||||||
Exelon Corp. | 11,477 | 388,267 | ||||||
Fortum Oyj(1) | 2,188 | 41,656 | ||||||
GDF Suez(1) | 4,494 | 90,758 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) | ||||||||
Iberdrola SA(1) | 9,046 | $ | 62,577 | |||||
Integrys Energy Group, Inc. | 4,495 | 323,235 | ||||||
NorthWestern Corp. | 949 | 49,367 | ||||||
Public Service Enterprise Group, Inc. | 205 | 8,739 | ||||||
RWE AG(1) | 646 | 15,087 | ||||||
Wisconsin Energy Corp. | 2,002 | 96,656 | ||||||
1,833,329 | ||||||||
Electronic Components - Misc. — 0.3% |
| |||||||
Bel Fuse, Inc., Class B | 212 | 4,749 | ||||||
Benchmark Electronics, Inc.† | 1,081 | 25,122 | ||||||
Corning, Inc. | 2,489 | 52,070 | ||||||
CTS Corp. | 642 | 12,102 | ||||||
Hoya Corp.(1) | 3,000 | 110,266 | ||||||
Koninklijke Philips NV(1) | 1,397 | 38,076 | ||||||
Kyocera Corp.#(1) | 1,200 | 65,159 | ||||||
Methode Electronics, Inc. | 779 | 36,559 | ||||||
Murata Manufacturing Co., Ltd.(1) | 800 | 129,771 | ||||||
OSI Systems, Inc.† | 376 | 27,162 | ||||||
Plexus Corp.† | 688 | 31,290 | ||||||
Rogers Corp.† | 373 | 26,949 | ||||||
Sanmina Corp.† | 1,694 | 36,692 | ||||||
595,967 | ||||||||
Electronic Components - Semiconductors — 0.9% |
| |||||||
ARM Holdings PLC(1) | 2,621 | 46,379 | ||||||
CEVA, Inc.† | 397 | 8,154 | ||||||
Diodes, Inc.† | 736 | 19,489 | ||||||
DSP Group, Inc.† | 474 | 5,299 | ||||||
Intel Corp. | 17,779 | 612,664 | ||||||
Kopin Corp.† | 1,256 | 4,371 | ||||||
Micron Technology, Inc.† | 1,006 | 28,098 | ||||||
Microsemi Corp.† | 1,941 | 70,633 | ||||||
Monolithic Power Systems, Inc. | 734 | 40,076 | ||||||
QLogic Corp.† | 1,790 | 27,781 | ||||||
Texas Instruments, Inc. | 12,591 | 704,089 | ||||||
1,567,033 | ||||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Badger Meter, Inc. | 278 | 17,937 | ||||||
ESCO Technologies, Inc. | 506 | 18,874 | ||||||
FARO Technologies, Inc.† | 348 | 15,183 | ||||||
Keyence Corp.(1) | 200 | 107,393 | ||||||
159,387 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
American Science & Engineering, Inc. | 159 | 6,222 | ||||||
TASER International, Inc.†# | 1,069 | 33,759 | ||||||
39,981 | ||||||||
Electronics - Military — 0.1% |
| |||||||
L-3 Communications Holdings, Inc. | 241 | 28,392 | ||||||
Safran SA(1) | 1,223 | 86,559 | ||||||
114,951 | ||||||||
Energy - Alternate Sources — 0.0% |
| |||||||
FutureFuel Corp. | 422 | 5,064 | ||||||
Green Plains, Inc. | 710 | 23,331 | ||||||
28,395 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
EMCOR Group, Inc. | 1,270 | 57,620 | ||||||
Exponent, Inc. | 262 | 22,302 | ||||||
JGC Corp.#(1) | 3,000 | 60,362 | ||||||
140,284 | ||||||||
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Briggs & Stratton Corp. | 905 | $ | 17,276 | |||||
Enterprise Software/Service — 0.1% |
| |||||||
ManTech International Corp., Class A | 458 | 13,044 | ||||||
MedAssets, Inc.† | 1,210 | 25,253 | ||||||
MicroStrategy, Inc., Class A† | 183 | 32,204 | ||||||
Omnicell, Inc.† | 730 | 26,995 | ||||||
Oracle Corp. | 877 | 38,141 | ||||||
SYNNEX Corp. | 566 | 46,791 | ||||||
182,428 | ||||||||
Entertainment Software — 0.3% |
| |||||||
Activision Blizzard, Inc. | 11,800 | 298,068 | ||||||
Electronic Arts, Inc.† | 1,536 | 96,392 | ||||||
Take-Two Interactive Software, Inc.† | 1,720 | 47,076 | ||||||
441,536 | ||||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
Tetra Tech, Inc. | 1,241 | 32,465 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Encore Capital Group, Inc.†# | 482 | 19,140 | ||||||
Enova International, Inc.† | 513 | 10,003 | ||||||
PRA Group, Inc.†# | 984 | 55,852 | ||||||
World Acceptance Corp.†# | 175 | 14,275 | ||||||
99,270 | ||||||||
Finance - Credit Card — 0.3% |
| |||||||
Discover Financial Services | 862 | 50,229 | ||||||
Visa, Inc., Class A | 6,442 | 442,436 | ||||||
492,665 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Daiwa Securities Group, Inc.(1) | 8,000 | 63,171 | ||||||
Evercore Partners, Inc., Class A | 746 | 38,024 | ||||||
FXCM, Inc., Class A# | 816 | 1,175 | ||||||
Greenhill & Co., Inc. | 542 | 21,105 | ||||||
Interactive Brokers Group, Inc., Class A | 1,190 | 42,483 | ||||||
Investment Technology Group, Inc. | 712 | 19,124 | ||||||
Lazard, Ltd., Class A | 5,537 | 307,636 | ||||||
Nomura Holdings, Inc.(1) | 11,000 | 72,482 | ||||||
Piper Jaffray Cos.† | 345 | 16,360 | ||||||
581,560 | ||||||||
Finance - Leasing Companies — 0.0% |
| |||||||
ORIX Corp.(1) | 4,500 | 71,004 | ||||||
Finance - Other Services — 0.3% |
| |||||||
CME Group, Inc. | 1,880 | 177,096 | ||||||
Intercontinental Exchange, Inc. | 177 | 41,910 | ||||||
MarketAxess Holdings, Inc. | 756 | 66,868 | ||||||
NASDAQ OMX Group, Inc. | 3,946 | 204,205 | ||||||
WageWorks, Inc.† | 678 | 29,073 | ||||||
519,152 | ||||||||
Firearms & Ammunition — 0.0% |
| |||||||
Sturm Ruger & Co., Inc.# | 373 | 20,045 | ||||||
Food - Canned — 0.0% |
| |||||||
Seneca Foods Corp., Class A† | 146 | 4,117 | ||||||
Food - Catering — 0.0% |
| |||||||
Compass Group PLC(1) | 1,030 | 18,035 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Chocoladefabriken Lindt & Sprungli AG (Participation Certificate)(1) | 10 | 52,939 | ||||||
Food - Meat Products — 0.0% |
| |||||||
Darling Ingredients, Inc.† | 3,324 | 52,187 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 0.7% |
| |||||||
Ajinomoto Co., Inc.(1) | 4,000 | $ | 82,282 | |||||
Associated British Foods PLC(1) | 2,924 | 135,557 | ||||||
B&G Foods, Inc. | 1,168 | 36,138 | ||||||
Cal-Maine Foods, Inc.# | 616 | 34,921 | ||||||
Calbee, Inc.(1) | 1,600 | 61,182 | ||||||
Diamond Foods, Inc.† | 548 | 15,596 | ||||||
General Mills, Inc. | 879 | 49,356 | ||||||
Ingredion, Inc. | 2,025 | 165,989 | ||||||
J&J Snack Foods Corp. | 306 | 32,987 | ||||||
Kellogg Co. | 1,397 | 87,690 | ||||||
Mondelez International, Inc., Class A | 488 | 20,296 | ||||||
Nestle SA(1) | 4,299 | 333,982 | ||||||
Orkla ASA#(1) | 3,854 | 30,219 | ||||||
Snyder’s-Lance, Inc. | 1,061 | 31,692 | ||||||
Unilever PLC(1) | 775 | 34,246 | ||||||
1,152,133 | ||||||||
Food - Retail — 0.3% |
| |||||||
Carrefour SA†(1) | 2,399 | 81,467 | ||||||
Casino Guichard Perrachon SA#(1) | 746 | 58,594 | ||||||
Koninklijke Ahold NV(1) | 6,085 | 123,982 | ||||||
Kroger Co. | 2,563 | 186,586 | ||||||
Metro AG(1) | 275 | 9,544 | ||||||
Seven & I Holdings Co., Ltd.(1) | 2,200 | 90,873 | ||||||
551,046 | ||||||||
Food - Wholesale/Distribution — 0.0% |
| |||||||
Calavo Growers, Inc. | 296 | 14,933 | ||||||
SpartanNash Co. | 779 | 24,352 | ||||||
39,285 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Crocs, Inc.† | 1,601 | 24,079 | ||||||
Iconix Brand Group, Inc.† | 982 | 25,355 | ||||||
Skechers U.S.A., Inc., Class A† | 832 | 88,084 | ||||||
Steven Madden, Ltd.† | 1,147 | 43,334 | ||||||
Wolverine World Wide, Inc. | 2,089 | 61,375 | ||||||
242,227 | ||||||||
Forestry — 0.0% |
| |||||||
Deltic Timber Corp. | 231 | 14,909 | ||||||
Funeral Services & Related Items — 0.0% |
| |||||||
Matthews International Corp., Class A | 611 | 30,336 | ||||||
Gambling (Non-Hotel) — 0.0% |
| |||||||
Pinnacle Entertainment, Inc.† | 1,221 | 45,140 | ||||||
William Hill PLC(1) | 3,167 | 20,416 | ||||||
65,556 | ||||||||
Garden Products — 0.0% |
| |||||||
Toro Co. | 1,127 | 77,076 | ||||||
Gas - Distribution — 0.3% |
| |||||||
AGL Resources, Inc. | 1,527 | 76,915 | ||||||
Enagas SA(1) | 1,477 | 42,491 | ||||||
Gas Natural SDG SA(1) | 1,895 | 46,628 | ||||||
Laclede Group, Inc. | 882 | 47,196 | ||||||
New Jersey Resources Corp. | 1,724 | 51,841 | ||||||
Northwest Natural Gas Co. | 558 | 24,943 | ||||||
Osaka Gas Co., Ltd.(1) | 17,000 | 67,826 | ||||||
Piedmont Natural Gas Co., Inc. | 1,598 | 59,589 | ||||||
South Jersey Industries, Inc. | 1,384 | 36,524 | ||||||
Southwest Gas Corp. | 945 | 51,465 | ||||||
Tokyo Gas Co., Ltd.(1) | 13,000 | 71,599 | ||||||
577,017 | ||||||||
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co. | 1,489 | $ | 14,056 | |||||
Hazardous Waste Disposal — 0.0% |
| |||||||
US Ecology, Inc. | 446 | 20,565 | ||||||
Health Care Cost Containment — 0.0% |
| |||||||
CorVel Corp.† | 164 | 5,887 | ||||||
ExamWorks Group, Inc.† | 703 | 28,739 | ||||||
34,626 | ||||||||
Home Furnishings — 0.1% |
| |||||||
American Woodmark Corp.† | 258 | 13,246 | ||||||
Ethan Allen Interiors, Inc. | 501 | 12,575 | ||||||
La-Z-Boy, Inc. | 1,039 | 27,565 | ||||||
Leggett & Platt, Inc. | 623 | 29,455 | ||||||
Select Comfort Corp.† | 1,063 | 33,112 | ||||||
115,953 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
Accor SA(1) | 403 | 22,164 | ||||||
InterContinental Hotels Group PLC(1) | 878 | 36,778 | ||||||
Interval Leisure Group, Inc. | 803 | 20,894 | ||||||
Marcus Corp. | 358 | 7,017 | ||||||
Wyndham Worldwide Corp. | 348 | 29,549 | ||||||
116,402 | ||||||||
Human Resources — 0.2% |
| |||||||
Adecco SA(1) | 1,132 | 90,168 | ||||||
AMN Healthcare Services, Inc.† | 947 | 25,181 | ||||||
CDI Corp. | 277 | 3,427 | ||||||
Cross Country Healthcare, Inc.† | 576 | 6,117 | ||||||
Heidrick & Struggles International, Inc. | 331 | 8,321 | ||||||
Insperity, Inc. | 463 | 24,363 | ||||||
Kelly Services, Inc., Class A | 583 | 9,048 | ||||||
Korn/Ferry International | 1,026 | 32,925 | ||||||
Monster Worldwide, Inc.† | 1,888 | 11,460 | ||||||
On Assignment, Inc.† | 941 | 35,278 | ||||||
Resources Connection, Inc. | 741 | 11,626 | ||||||
TrueBlue, Inc.† | 854 | 24,322 | ||||||
282,236 | ||||||||
Identification Systems — 0.0% |
| |||||||
Brady Corp., Class A | 981 | 24,819 | ||||||
Checkpoint Systems, Inc. | 802 | 7,836 | ||||||
32,655 | ||||||||
Import/Export — 0.2% |
| |||||||
ITOCHU Corp.(1) | 7,700 | 103,790 | ||||||
Marubeni Corp.(1) | 12,800 | 74,897 | ||||||
Mitsubishi Corp.(1) | 2,900 | 64,872 | ||||||
Mitsui & Co., Ltd.(1) | 5,400 | 75,790 | ||||||
Sumitomo Corp.(1) | 5,000 | 59,426 | ||||||
378,775 | ||||||||
Independent Power Producers — 0.1% |
| |||||||
Calpine Corp.† | 8,309 | 167,011 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
FANUC Corp.#(1) | 500 | 109,880 | ||||||
Rockwell Automation, Inc. | 828 | 101,753 | ||||||
211,633 | ||||||||
Industrial Gases — 0.3% |
| |||||||
Air Liquide SA(1) | 1,052 | 135,608 | ||||||
Linde AG(1) | 76 | 14,597 | ||||||
Praxair, Inc. | 3,730 | 458,268 | ||||||
608,473 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Instruments - Controls — 0.0% |
| |||||||
Watts Water Technologies, Inc., Class A | 578 | $ | 30,709 | |||||
Insurance Brokers — 0.0% |
| |||||||
eHealth, Inc.† | 346 | 4,512 | ||||||
Erie Indemnity Co., Class A | 359 | 29,197 | ||||||
33,709 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
Aflac, Inc. | 4,860 | 302,389 | ||||||
American Equity Investment Life Holding Co. | 1,554 | 39,487 | ||||||
Aviva PLC(1) | 10,516 | 84,298 | ||||||
Dai-ichi Life Insurance Co., Ltd.#(1) | 3,800 | 66,235 | ||||||
Legal & General Group PLC(1) | 31,182 | 126,842 | ||||||
Old Mutual PLC(1) | 13,400 | 45,312 | ||||||
Principal Financial Group, Inc. | 267 | 13,801 | ||||||
Prudential Financial, Inc. | 4,666 | 394,790 | ||||||
StanCorp Financial Group, Inc. | 1,394 | 103,463 | ||||||
1,176,617 | ||||||||
Insurance - Multi-line — 0.8% |
| |||||||
ACE, Ltd. | 2,797 | 297,825 | ||||||
Allianz SE(1) | 708 | 111,008 | ||||||
Allstate Corp. | 2,643 | 177,927 | ||||||
Assicurazioni Generali SpA#(1) | 4,706 | 91,021 | ||||||
AXA SA(1) | 5,861 | 148,111 | ||||||
Baloise Holding AG(1) | 1,019 | 126,987 | ||||||
Horace Mann Educators Corp. | 844 | 29,050 | ||||||
MetLife, Inc. | 6,356 | 332,165 | ||||||
United Fire Group, Inc. | 418 | 12,753 | ||||||
Voya Financial, Inc. | 3,913 | 177,298 | ||||||
1,504,145 | ||||||||
Insurance - Property/Casualty — 0.6% |
| |||||||
Admiral Group PLC(1) | 791 | 18,002 | ||||||
AMERISAFE, Inc. | 388 | 16,583 | ||||||
Employers Holdings, Inc. | 646 | 14,613 | ||||||
HCI Group, Inc. | 170 | 7,349 | ||||||
Infinity Property & Casualty Corp. | 235 | 17,002 | ||||||
Meadowbrook Insurance Group, Inc. | 920 | 7,838 | ||||||
MS&AD Insurance Group Holdings, Inc.(1) | 2,000 | 61,925 | ||||||
Navigators Group, Inc.† | 219 | 16,999 | ||||||
ProAssurance Corp. | 1,128 | 50,963 | ||||||
Progressive Corp. | 11,819 | 323,131 | ||||||
RLI Corp. | 760 | 36,989 | ||||||
Safety Insurance Group, Inc. | 243 | 13,559 | ||||||
Selective Insurance Group, Inc. | 1,159 | 31,420 | ||||||
Sompo Japan Nipponkoa Holdings, Inc.(1) | 2,000 | 72,487 | ||||||
Stewart Information Services Corp. | 456 | 17,132 | ||||||
Tokio Marine Holdings, Inc.(1) | 2,300 | 94,662 | ||||||
Travelers Cos., Inc. | 2,097 | 212,049 | ||||||
United Insurance Holdings Corp. | 310 | 4,470 | ||||||
Universal Insurance Holdings, Inc. | 605 | 15,446 | ||||||
1,032,619 | ||||||||
Insurance - Reinsurance — 0.6% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 3,745 | 535,535 | ||||||
Everest Re Group, Ltd. | 931 | 168,986 | ||||||
Montpelier Re Holdings, Ltd. | 760 | 28,933 | ||||||
PartnerRe, Ltd. | 1,307 | 171,779 | ||||||
Swiss Re AG(1) | 1,529 | 137,352 | ||||||
1,042,585 | ||||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Facebook, Inc., Class A† | 3,216 | 254,675 | ||||||
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Internet Content - Information/News — 0.0% |
| |||||||
DHI Group, Inc.† | 746 | $ | 6,319 | |||||
HealthStream, Inc.† | 409 | 11,603 | ||||||
XO Group, Inc.† | 457 | 7,422 | ||||||
25,344 | ||||||||
Internet Infrastructure Software — 0.1% |
| |||||||
F5 Networks, Inc.† | 1,111 | 139,642 | ||||||
Internet Security — 0.2% |
| |||||||
Symantec Corp. | 2,140 | 52,697 | ||||||
VASCO Data Security International, Inc.†# | 565 | 15,052 | ||||||
VeriSign, Inc.†# | 3,549 | 224,261 | ||||||
292,010 | ||||||||
Internet Telephone — 0.0% |
| |||||||
8x8, Inc.† | 1,868 | 15,579 | ||||||
j2 Global, Inc. | 927 | 61,562 | ||||||
77,141 | ||||||||
Investment Companies — 0.1% |
| |||||||
Groupe Bruxelles Lambert SA(1) | 749 | 62,299 | ||||||
Investment AB Kinnevik, Class B(1) | 467 | 15,601 | ||||||
Investor AB, Class B(1) | 632 | 24,968 | ||||||
102,868 | ||||||||
Investment Management/Advisor Services — 0.7% |
| |||||||
Aberdeen Asset Management PLC(1) | 10,771 | 73,567 | ||||||
Affiliated Managers Group, Inc.† | 413 | 92,371 | ||||||
Ameriprise Financial, Inc. | 3,786 | 471,698 | ||||||
BlackRock, Inc. | 244 | 89,250 | ||||||
Calamos Asset Management, Inc., Class A | 349 | 4,275 | ||||||
Financial Engines, Inc.# | 1,054 | 45,217 | ||||||
Franklin Resources, Inc. | 6,185 | 314,878 | ||||||
Legg Mason, Inc. | 1,027 | 54,801 | ||||||
Partners Group Holding AG(1) | 228 | 71,532 | ||||||
Virtus Investment Partners, Inc. | 142 | 17,666 | ||||||
1,235,255 | ||||||||
Lasers - System/Components — 0.1% |
| |||||||
Coherent, Inc.† | 502 | 31,244 | ||||||
Electro Scientific Industries, Inc. | 548 | 2,998 | ||||||
II-VI, Inc.† | 1,035 | 19,323 | ||||||
Newport Corp.† | 813 | 15,358 | ||||||
Rofin-Sinar Technologies, Inc.† | 571 | 16,245 | ||||||
85,168 | ||||||||
Linen Supply & Related Items — 0.0% |
| |||||||
G&K Services, Inc., Class A | 402 | 28,011 | ||||||
UniFirst Corp. | 316 | 36,122 | ||||||
64,133 | ||||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Astec Industries, Inc. | 391 | 16,168 | ||||||
Atlas Copco AB, Class B(1) | 2,967 | 79,916 | ||||||
Atlas Copco AB, Class B Redemption Shares† | 2,967 | 2,070 | ||||||
Caterpillar, Inc. | 4,391 | 374,640 | ||||||
Komatsu, Ltd.(1) | 3,100 | 65,116 | ||||||
537,910 | ||||||||
Machinery - Electrical — 0.3% |
| |||||||
ABB, Ltd.(1) | 7,313 | 160,327 | ||||||
Franklin Electric Co., Inc. | 811 | 28,539 | ||||||
Hitachi, Ltd.(1) | 15,000 | 102,296 | ||||||
Mitsubishi Electric Corp.(1) | 7,000 | 95,531 | ||||||
SMC Corp.(1) | 200 | 60,283 | ||||||
446,976 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Machinery - Farming — 0.1% |
| |||||||
Kubota Corp.(1) | 5,000 | $ | 82,973 | |||||
Lindsay Corp.# | 242 | 19,491 | ||||||
102,464 | ||||||||
Machinery - General Industrial — 0.2% |
| |||||||
Albany International Corp., Class A | 581 | 22,996 | ||||||
Alstom SA†(1) | 1,042 | 32,637 | ||||||
Applied Industrial Technologies, Inc. | 834 | 35,337 | ||||||
DXP Enterprises, Inc.† | 249 | 10,211 | ||||||
Hexagon AB, Class B(1) | 2,830 | 103,912 | ||||||
Mitsubishi Heavy Industries, Ltd.#(1) | 13,000 | 82,240 | ||||||
Tennant Co. | 377 | 24,038 | ||||||
311,371 | ||||||||
Medical Imaging Systems — 0.0% |
| |||||||
Analogic Corp. | 253 | 21,406 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Computer Programs & Systems, Inc.# | 201 | 10,518 | ||||||
Medidata Solutions, Inc.† | 1,108 | 64,275 | ||||||
Quality Systems, Inc. | 915 | 14,494 | ||||||
89,287 | ||||||||
Medical Instruments — 0.4% |
| |||||||
Abaxis, Inc. | 427 | 22,678 | ||||||
AngioDynamics, Inc.† | 498 | 7,993 | ||||||
CONMED Corp. | 559 | 31,047 | ||||||
CryoLife, Inc. | 471 | 5,044 | ||||||
Edwards Lifesciences Corp.† | 3,889 | 508,370 | ||||||
Getinge AB, Class B(1) | 1,347 | 32,569 | ||||||
Integra LifeSciences Holdings Corp.† | 514 | 34,525 | ||||||
Medtronic PLC | 99 | 7,556 | ||||||
Natus Medical, Inc.† | 646 | 25,233 | ||||||
NuVasive, Inc.† | 976 | 49,337 | ||||||
St. Jude Medical, Inc. | 453 | 33,409 | ||||||
SurModics, Inc.† | 260 | 6,417 | ||||||
Vascular Solutions, Inc.† | 301 | 9,821 | ||||||
773,999 | ||||||||
Medical Labs & Testing Services — 0.0% |
| |||||||
Bio-Reference Laboratories, Inc.† | 497 | 16,510 | ||||||
Miraca Holdings, Inc.(1) | 1,200 | 57,744 | ||||||
74,254 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cynosure, Inc., Class A† | 418 | 14,923 | ||||||
Medical Products — 0.2% |
| |||||||
ABIOMED, Inc.† | 750 | 44,790 | ||||||
Cantel Medical Corp. | 717 | 33,383 | ||||||
Cyberonics, Inc.† | 531 | 33,989 | ||||||
Greatbatch, Inc.† | 510 | 26,510 | ||||||
Haemonetics Corp.† | 1,043 | 43,097 | ||||||
Hanger, Inc.† | 719 | 16,530 | ||||||
Invacare Corp. | 580 | 12,603 | ||||||
Luminex Corp.† | 732 | 12,276 | ||||||
Sonova Holding AG(1) | 410 | 61,831 | ||||||
Terumo Corp.#(1) | 2,300 | 52,140 | ||||||
West Pharmaceutical Services, Inc. | 1,450 | 78,503 | ||||||
415,652 | ||||||||
Medical - Biomedical/Gene — 1.1% |
| |||||||
Acorda Therapeutics, Inc.† | 861 | 26,243 | ||||||
Amgen, Inc. | 4,475 | 699,263 | ||||||
ANI Pharmaceuticals, Inc.† | 171 | 8,615 | ||||||
Biogen, Inc.† | 296 | 117,509 | ||||||
Cambrex Corp.† | 638 | 25,533 |
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Emergent Biosolutions, Inc.† | 603 | $ | 19,212 | |||||
Gilead Sciences, Inc.† | 8,045 | 903,212 | ||||||
Ligand Pharmaceuticals, Inc.†# | 364 | 32,072 | ||||||
Medicines Co.† | 1,342 | 38,059 | ||||||
Momenta Pharmaceuticals, Inc.† | 1,090 | 21,637 | ||||||
Repligen Corp.† | 624 | 25,434 | ||||||
Spectrum Pharmaceuticals, Inc.†# | 1,116 | 6,997 | ||||||
1,923,786 | ||||||||
Medical - Drugs — 2.8% |
| |||||||
AbbVie, Inc. | 3,625 | 241,389 | ||||||
Actelion, Ltd.(1) | 62 | 8,672 | ||||||
Astellas Pharma, Inc.(1) | 6,900 | 100,133 | ||||||
AstraZeneca PLC(1) | 2,798 | 187,360 | ||||||
Bayer AG#(1) | 1,951 | 276,780 | ||||||
Daiichi Sankyo Co., Ltd.#(1) | 3,500 | 65,804 | ||||||
Eisai Co., Ltd.(1) | 1,800 | 112,568 | ||||||
GlaxoSmithKline PLC(1) | 1,759 | 39,024 | ||||||
Johnson & Johnson | 13,914 | 1,393,348 | ||||||
Lannett Co., Inc.†# | 537 | 29,873 | ||||||
Merck & Co., Inc. | 2,674 | 162,820 | ||||||
Merck KGaA(1) | 1,106 | 118,304 | ||||||
Novartis AG(1) | 2,177 | 224,047 | ||||||
Novo Nordisk A/S, Class B(1) | 3,892 | 220,543 | ||||||
Ono Pharmaceutical Co., Ltd.#(1) | 800 | 87,272 | ||||||
Orion Oyj, Class B(1) | 875 | 29,291 | ||||||
Pfizer, Inc. | 35,364 | 1,228,899 | ||||||
PharMerica Corp.† | 608 | 20,222 | ||||||
Prestige Brands Holdings, Inc.† | 1,062 | 46,643 | ||||||
Roche Holding AG(1) | 592 | 174,302 | ||||||
Sagent Pharmaceuticals, Inc.† | 441 | 9,848 | ||||||
Sanofi(1) | 533 | 52,241 | ||||||
Shire PLC(1) | 1,917 | 165,922 | ||||||
Takeda Pharmaceutical Co., Ltd.(1) | 2,000 | 96,938 | ||||||
5,092,243 | ||||||||
Medical - Generic Drugs — 0.0% |
| |||||||
Impax Laboratories, Inc.† | 1,346 | 63,275 | ||||||
Medical - HMO — 0.8% |
| |||||||
Aetna, Inc. | 719 | 84,820 | ||||||
Anthem, Inc. | 2,512 | 421,639 | ||||||
Centene Corp.† | 1,959 | 147,591 | ||||||
Cigna Corp. | 846 | 119,142 | ||||||
Health Net, Inc.† | 2,183 | 135,870 | ||||||
Magellan Health, Inc.† | 542 | 36,656 | ||||||
Molina Healthcare, Inc.† | 658 | 47,863 | ||||||
UnitedHealth Group, Inc. | 3,466 | 416,648 | ||||||
1,410,229 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
HCA Holdings, Inc.† | 2,808 | 229,778 | ||||||
Select Medical Holdings Corp. | 1,999 | 32,684 | ||||||
262,462 | ||||||||
Medical - Nursing Homes — 0.0% |
| |||||||
Ensign Group, Inc. | 457 | 21,191 | ||||||
Kindred Healthcare, Inc. | 1,697 | 38,878 | ||||||
60,069 | ||||||||
Medical - Outpatient/Home Medical — 0.1% |
| |||||||
Air Methods Corp.† | 726 | 30,608 | ||||||
Almost Family, Inc.† | 169 | 6,490 | ||||||
Amedisys, Inc.† | 689 | 21,373 | ||||||
Amsurg Corp.† | 959 | 64,579 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Outpatient/Home Medical (continued) |
| |||||||
Chemed Corp. | 343 | $ | 42,597 | |||||
LHC Group, Inc.† | 233 | 8,565 | ||||||
Providence Service Corp.† | 249 | 11,967 | ||||||
186,179 | ||||||||
Medical - Wholesale Drug Distribution — 0.2% |
| |||||||
AmerisourceBergen Corp. | 1,593 | 179,308 | ||||||
Celesio AG(1) | 275 | 8,004 | ||||||
McKesson Corp. | 824 | 195,478 | ||||||
382,790 | ||||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
CIRCOR International, Inc. | 357 | 19,035 | ||||||
Haynes International, Inc. | 260 | 12,259 | ||||||
Mueller Industries, Inc. | 1,164 | 40,577 | ||||||
RTI International Metals, Inc.† | 620 | 21,868 | ||||||
93,739 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
A.M. Castle & Co.†# | 309 | 1,854 | ||||||
Olympic Steel, Inc. | 157 | 2,754 | ||||||
4,608 | ||||||||
Metal - Aluminum — 0.0% |
| |||||||
Century Aluminum Co.† | 995 | 11,124 | ||||||
Kaiser Aluminum Corp. | 357 | 28,964 | ||||||
40,088 | ||||||||
Metal - Copper — 0.1% |
| |||||||
Antofagasta PLC(1) | 9,256 | 105,598 | ||||||
Metal - Diversified — 0.0% |
| |||||||
South32, Ltd.† | 8,479 | 13,996 | ||||||
Miscellaneous Manufacturing — 0.1% |
| |||||||
AptarGroup, Inc. | 348 | 22,192 | ||||||
Hillenbrand, Inc. | 1,290 | 39,629 | ||||||
John Bean Technologies Corp. | 607 | 22,805 | ||||||
84,626 | ||||||||
Multimedia — 0.4% |
| |||||||
E.W. Scripps Co., Class A | 1,083 | 25,375 | ||||||
Time Warner, Inc. | 761 | 64,289 | ||||||
Twenty-First Century Fox, Inc., Class A | 1,066 | 35,818 | ||||||
Viacom, Inc., Class B | 3,011 | 201,376 | ||||||
Vivendi SA(1) | 3,491 | 89,164 | ||||||
Walt Disney Co. | 2,904 | 320,514 | ||||||
736,536 | ||||||||
Networking Products — 0.3% |
| |||||||
Anixter International, Inc.† | 559 | 38,012 | ||||||
Black Box Corp. | 306 | 6,139 | ||||||
Cisco Systems, Inc. | 10,143 | 297,291 | ||||||
Ixia† | 1,209 | 15,209 | ||||||
LogMeIn, Inc.† | 494 | 31,354 | ||||||
NETGEAR, Inc.† | 706 | 21,879 | ||||||
Telefonaktiebolaget LM Ericsson, Class B(1) | 7,179 | 80,637 | ||||||
490,521 | ||||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Globe Specialty Metals, Inc. | 1,310 | 25,322 | ||||||
Materion Corp. | 414 | 15,397 | ||||||
40,719 | ||||||||
Non-Hazardous Waste Disposal — 0.1% |
| |||||||
Republic Services, Inc. | 6,367 | 256,526 | ||||||
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Canon, Inc.(1) | 3,900 | $ | 134,621 | |||||
Pitney Bowes, Inc. | 2,006 | 43,831 | ||||||
178,452 | ||||||||
Office Furnishings - Original — 0.0% |
| |||||||
Interface, Inc. | 1,365 | 29,388 | ||||||
Office Supplies & Forms — 0.1% |
| |||||||
Avery Dennison Corp. | 1,777 | 110,014 | ||||||
Societe BIC SA(1) | 366 | 60,346 | ||||||
170,360 | ||||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Ensco PLC, Class A | 1,305 | 30,668 | ||||||
Paragon Offshore PLC# | 1,528 | 2,536 | ||||||
Transocean, Ltd.# | 3,280 | 61,828 | ||||||
95,032 | ||||||||
Oil Companies - Exploration & Production — 0.5% |
| |||||||
Anadarko Petroleum Corp. | 621 | 51,922 | ||||||
Apache Corp. | 281 | 16,815 | ||||||
Approach Resources, Inc.†# | 755 | 5,293 | ||||||
Bill Barrett Corp.† | 969 | 8,556 | ||||||
Bonanza Creek Energy, Inc.† | 785 | 16,312 | ||||||
California Resources Corp. | 2,725 | 21,391 | ||||||
Carrizo Oil & Gas, Inc.† | 947 | 47,501 | ||||||
Chesapeake Energy Corp.# | 3,851 | 54,338 | ||||||
Comstock Resources, Inc.# | 803 | 2,843 | ||||||
Contango Oil & Gas Co.† | 309 | 4,258 | ||||||
Devon Energy Corp. | 101 | 6,587 | ||||||
EOG Resources, Inc. | 171 | 15,166 | ||||||
EP Energy Corp.†# | 10,374 | 136,418 | ||||||
Hess Corp. | 4,714 | 318,289 | ||||||
Newfield Exploration Co.† | 1,150 | 43,481 | ||||||
Northern Oil and Gas, Inc.†# | 1,123 | 7,670 | ||||||
PDC Energy, Inc.† | 804 | 47,951 | ||||||
Penn Virginia Corp.†# | 1,431 | 6,654 | ||||||
PetroQuest Energy, Inc.† | 1,060 | 1,834 | ||||||
QEP Resources, Inc. | 2,007 | 37,792 | ||||||
Rex Energy Corp.†# | 883 | 4,433 | ||||||
Stone Energy Corp.† | 1,085 | 14,734 | ||||||
Swift Energy Co.†# | 790 | 1,675 | ||||||
Synergy Resources Corp.† | 1,868 | 21,501 | ||||||
893,414 | ||||||||
Oil Companies - Integrated — 1.1% |
| |||||||
BP PLC(1) | 46,747 | 322,159 | ||||||
Chevron Corp. | 2,459 | 253,277 | ||||||
Exxon Mobil Corp. | 10,338 | 880,798 | ||||||
Marathon Oil Corp. | 7,355 | 199,982 | ||||||
Royal Dutch Shell PLC, Class A(1) | 6,306 | 187,704 | ||||||
Royal Dutch Shell PLC, Class B(1) | 3,360 | 101,584 | ||||||
Statoil ASA(1) | 1,741 | 32,580 | ||||||
Total SA(1) | 678 | 34,314 | ||||||
2,012,398 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Flotek Industries, Inc.† | 967 | 11,111 | ||||||
FMC Technologies, Inc.† | 3,685 | 153,996 | ||||||
Gulf Island Fabrication, Inc. | 243 | 2,736 | ||||||
167,843 | ||||||||
Oil Refining & Marketing — 0.6% |
| |||||||
JX Holdings, Inc.#(1) | 15,900 | 70,344 | ||||||
Marathon Petroleum Corp. | 3,191 | 330,141 | ||||||
Neste Oyj#(1) | 2,519 | 63,810 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Refining & Marketing (continued) | ||||||||
Phillips 66 | 2,306 | $ | 182,451 | |||||
Tesoro Corp. | 396 | 35,046 | ||||||
Valero Energy Corp. | 7,675 | 454,667 | ||||||
1,136,459 | ||||||||
Oil - Field Services — 0.8% |
| |||||||
Baker Hughes, Inc. | 7,648 | 492,990 | ||||||
Basic Energy Services, Inc.† | 621 | 5,409 | ||||||
Bristow Group, Inc. | 708 | 41,064 | ||||||
CARBO Ceramics, Inc.# | 378 | 16,122 | ||||||
Exterran Holdings, Inc. | 1,398 | 46,218 | ||||||
Gulfmark Offshore, Inc., Class A# | 521 | 6,997 | ||||||
Matrix Service Co.† | 564 | 9,515 | ||||||
Newpark Resources, Inc.† | 1,753 | 14,866 | ||||||
Petrofac, Ltd.#(1) | 2,416 | 33,429 | ||||||
Pioneer Energy Services Corp.† | 1,250 | 8,775 | ||||||
Schlumberger, Ltd. | 5,956 | 540,626 | ||||||
SEACOR Holdings, Inc.† | 341 | 23,911 | ||||||
Technip SA(1) | 1,352 | 89,303 | ||||||
Tesco Corp. | 717 | 8,618 | ||||||
TETRA Technologies, Inc.† | 1,549 | 9,743 | ||||||
1,347,586 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Clearwater Paper Corp.† | 376 | 22,564 | ||||||
International Paper Co. | 1,317 | 68,260 | ||||||
Neenah Paper, Inc. | 337 | 20,318 | ||||||
P.H. Glatfelter Co. | 867 | 20,366 | ||||||
Schweitzer-Mauduit International, Inc. | 621 | 25,063 | ||||||
UPM-Kymmene Oyj(1) | 3,838 | 68,880 | ||||||
Veritiv Corp.† | 160 | 6,622 | ||||||
232,073 | ||||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
Masimo Corp.† | 976 | 34,258 | ||||||
Pharmacy Services — 0.3% |
| |||||||
Catamaran Corp.† | 261 | 15,621 | ||||||
Express Scripts Holding Co.† | 6,775 | 590,373 | ||||||
605,994 | ||||||||
Photo Equipment & Supplies — 0.1% |
| |||||||
FUJIFILM Holdings Corp.(1) | 3,300 | 125,885 | ||||||
Physicians Practice Management — 0.0% |
| |||||||
Healthways, Inc.† | 680 | 10,309 | ||||||
IPC Healthcare, Inc.† | 348 | 17,181 | ||||||
27,490 | ||||||||
Pipelines — 0.0% |
| |||||||
ONEOK, Inc. | 1,703 | 71,390 | ||||||
Platinum — 0.0% |
| |||||||
Stillwater Mining Co.† | 2,462 | 35,674 | ||||||
Poultry — 0.1% |
| |||||||
Pilgrim’s Pride Corp. | 3,931 | 100,555 | ||||||
Sanderson Farms, Inc.# | 418 | 34,080 | ||||||
134,635 | ||||||||
Power Converter/Supply Equipment — 0.0% |
| |||||||
Advanced Energy Industries, Inc.† | 782 | 22,303 | ||||||
Powell Industries, Inc. | 181 | 6,567 | ||||||
Vicor Corp.† | 331 | 4,511 | ||||||
33,381 | ||||||||
Printing - Commercial — 0.0% |
| |||||||
Dai Nippon Printing Co., Ltd.(1) | 6,000 | 63,180 | ||||||
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Private Equity — 0.0% |
| |||||||
3i Group PLC(1) | 3,232 | $ | 27,825 | |||||
Eurazeo SA(1) | 162 | 10,858 | ||||||
38,683 | ||||||||
Protection/Safety — 0.0% |
| |||||||
Landauer, Inc. | 178 | 6,066 | ||||||
Public Thoroughfares — 0.0% |
| |||||||
Abertis Infraestructuras SA(1) | 2,215 | 38,933 | ||||||
Publishing - Books — 0.0% |
| |||||||
Scholastic Corp. | 550 | 24,447 | ||||||
Publishing - Periodicals — 0.0% |
| |||||||
Axel Springer SE(1) | 183 | 9,968 | ||||||
Real Estate Investment Trusts — 3.3% |
| |||||||
Acadia Realty Trust | 1,377 | 42,715 | ||||||
Agree Realty Corp. | 368 | 11,154 | ||||||
American Assets Trust, Inc. | 757 | 29,788 | ||||||
Associated Estates Realty Corp. | 1,171 | 33,479 | ||||||
AvalonBay Communities, Inc. | 979 | 163,003 | ||||||
Boston Properties, Inc. | 1,126 | 146,414 | ||||||
British Land Co. PLC(1) | 7,308 | 96,432 | ||||||
Brixmor Property Group, Inc. | 4,289 | 106,281 | ||||||
Capstead Mtg. Corp. | 1,959 | 23,175 | ||||||
CareTrust REIT, Inc. | 550 | 7,172 | ||||||
Cedar Realty Trust, Inc. | 1,545 | 10,429 | ||||||
Chesapeake Lodging Trust | 1,085 | 33,711 | ||||||
CoreSite Realty Corp. | 529 | 24,969 | ||||||
Cousins Properties, Inc. | 4,161 | 40,154 | ||||||
DiamondRock Hospitality Co. | 4,057 | 53,431 | ||||||
Digital Realty Trust, Inc. | 5,115 | 337,795 | ||||||
EastGroup Properties, Inc. | 654 | 36,382 | ||||||
Education Realty Trust, Inc. | 972 | 32,018 | ||||||
EPR Properties | 1,161 | 66,955 | ||||||
Equity LifeStyle Properties, Inc. | 242 | 13,259 | ||||||
Equity Residential | 2,695 | 200,292 | ||||||
Essex Property Trust, Inc. | 476 | 105,967 | ||||||
Federal Realty Investment Trust | 506 | 68,042 | ||||||
Franklin Street Properties Corp. | 1,803 | 20,933 | ||||||
General Growth Properties, Inc. | 4,797 | 135,899 | ||||||
GEO Group, Inc. | 1,504 | 57,047 | ||||||
Getty Realty Corp. | 532 | 8,954 | ||||||
Goodman Group(1) | 11,318 | 56,334 | ||||||
Government Properties Income Trust | 1,443 | 28,167 | ||||||
Hammerson PLC(1) | 5,590 | 57,212 | ||||||
HCP, Inc. | 3,422 | 132,500 | ||||||
Health Care REIT, Inc. | 2,562 | 180,006 | ||||||
Healthcare Realty Trust, Inc. | 2,009 | 47,854 | ||||||
Host Hotels & Resorts, Inc. | 26,670 | 531,266 | ||||||
Inland Real Estate Corp. | 1,790 | 18,151 | ||||||
Japan Real Estate Investment Corp.(1) | 9 | 41,335 | ||||||
Kimco Realty Corp. | 3,010 | 72,120 | ||||||
Kite Realty Group Trust | 1,690 | 45,714 | ||||||
Klepierre(1) | 1,613 | 71,940 | ||||||
Lamar Advertising Co. Class A | 4,063 | 246,299 | ||||||
Land Securities Group PLC(1) | 5,801 | 116,588 | ||||||
Lexington Realty Trust | 4,290 | 39,382 | ||||||
Link REIT(1) | 17,000 | 98,881 | ||||||
LTC Properties, Inc. | 712 | 29,968 | ||||||
Macerich Co. | 1,045 | 85,805 | ||||||
Medical Properties Trust, Inc. | 4,230 | 57,359 | ||||||
Parkway Properties, Inc. | 1,735 | 29,825 | ||||||
Pennsylvania Real Estate Investment Trust | 1,419 | 31,672 | ||||||
Post Properties, Inc. | 1,113 | 63,230 | ||||||
Prologis, Inc. | 3,717 | 147,156 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) | ||||||||
PS Business Parks, Inc. | 394 | $ | 28,801 | |||||
Public Storage | 1,650 | 319,341 | ||||||
Realty Income Corp.# | 1,652 | 75,282 | ||||||
Retail Opportunity Investments Corp. | 1,909 | 31,174 | ||||||
RioCan Real Estate Investment Trust | 2,319 | 51,653 | ||||||
Sabra Health Care REIT, Inc. | 1,214 | 32,171 | ||||||
Saul Centers, Inc. | 217 | 10,930 | ||||||
Scentre Group(1) | 39,160 | 117,795 | ||||||
Segro PLC(1) | 776 | 5,058 | ||||||
Simon Property Group, Inc. | 1,266 | 229,652 | ||||||
SL Green Realty Corp. | 717 | 85,079 | ||||||
Sovran Self Storage, Inc. | 718 | 65,489 | ||||||
Stockland(1) | 17,238 | 56,888 | ||||||
Summit Hotel Properties, Inc. | 1,729 | 23,099 | ||||||
UDR, Inc. | 1,893 | 61,636 | ||||||
Unibail-Rodamco SE(1) | 738 | 189,968 | ||||||
Universal Health Realty Income Trust | 264 | 12,646 | ||||||
Urstadt Biddle Properties, Inc., Class A | 538 | 10,825 | ||||||
Ventas, Inc. | 2,390 | 158,983 | ||||||
Vornado Realty Trust | 1,297 | 129,557 | ||||||
Westfield Corp.†(1) | 13,864 | 101,872 | ||||||
5,932,513 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
CBRE Group, Inc., Class A† | 1,573 | 60,152 | ||||||
Daito Trust Construction Co., Ltd.(1) | 500 | 55,556 | ||||||
Deutsche Annington Immobilien SE(1) | 1,863 | 58,996 | ||||||
Deutsche Wohnen AG (BR)(1) | 2,197 | 53,519 | ||||||
HFF, Inc., Class A | 656 | 26,397 | ||||||
IMMOFINANZ AG†#(1) | 17,229 | 45,888 | ||||||
Mitsubishi Estate Co., Ltd.(1) | 14,000 | 311,478 | ||||||
611,986 | ||||||||
Real Estate Operations & Development — 0.5% |
| |||||||
China Overseas Land & Investment, Ltd.(1) | 28,000 | 101,081 | ||||||
Forestar Group, Inc.† | 675 | 9,011 | ||||||
Hongkong Land Holdings, Ltd.(1) | 8,800 | 75,381 | ||||||
Mitsui Fudosan Co., Ltd.(1) | 9,000 | 261,445 | ||||||
Sumitomo Realty & Development Co., Ltd.(1) | 5,000 | 191,893 | ||||||
Sun Hung Kai Properties, Ltd.(1) | 12,000 | 202,874 | ||||||
841,685 | ||||||||
Recreational Vehicles — 0.0% |
| |||||||
Arctic Cat, Inc. | 257 | 8,502 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
United Rentals, Inc.† | 1,773 | 157,637 | ||||||
Research & Development — 0.1% |
| |||||||
Albany Molecular Research, Inc.†# | 476 | 9,591 | ||||||
PAREXEL International Corp.† | 1,117 | 74,247 | ||||||
83,838 | ||||||||
Resorts/Theme Parks — 0.1% |
| |||||||
Marriott Vacations Worldwide Corp. | 566 | 49,967 | ||||||
Oriental Land Co., Ltd.(1) | 900 | 57,614 | ||||||
107,581 | ||||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Aeropostale, Inc.†# | 1,622 | 3,066 | ||||||
Buckle, Inc. | 568 | 24,185 | ||||||
Caleres, Inc. | 895 | 27,682 | ||||||
Cato Corp., Class A | 524 | 19,540 | ||||||
Children’s Place, Inc. | 432 | 28,253 | ||||||
Christopher & Banks Corp.† | 765 | 4,391 | ||||||
Fast Retailing Co., Ltd.(1) | 200 | 82,099 | ||||||
Finish Line, Inc., Class A | 951 | 24,888 |
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Apparel/Shoe (continued) | ||||||||
Foot Locker, Inc. | 2,294 | $ | 144,981 | |||||
Francesca’s Holdings Corp.† | 875 | 13,711 | ||||||
Gap, Inc. | 5,836 | 223,694 | ||||||
Genesco, Inc.† | 494 | 32,698 | ||||||
Hennes & Mauritz AB, Class B(1) | 245 | 9,665 | ||||||
Men’s Wearhouse, Inc. | 928 | 53,833 | ||||||
Next PLC(1) | 209 | 24,042 | ||||||
Stein Mart, Inc. | 546 | 5,799 | ||||||
722,527 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
O’Reilly Automotive, Inc.† | 2,387 | 524,018 | ||||||
Pep Boys-Manny Moe & Jack† | 1,028 | 10,414 | ||||||
534,432 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
Group 1 Automotive, Inc. | 430 | 35,393 | ||||||
Lithia Motors, Inc., Class A | 461 | 49,073 | ||||||
Sonic Automotive, Inc., Class A | 679 | 15,787 | ||||||
100,253 | ||||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble, Inc.† | 915 | 21,521 | ||||||
Retail - Building Products — 0.4% |
| |||||||
Home Depot, Inc. | 2,160 | 240,667 | ||||||
Kingfisher PLC(1) | 1,380 | 7,815 | ||||||
Lowe’s Cos., Inc. | 5,463 | 382,301 | ||||||
Lumber Liquidators Holdings, Inc.†# | 521 | 10,628 | ||||||
641,411 | ||||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 4,407 | 152,923 | ||||||
Dixons Carphone PLC(1) | 3,029 | 22,020 | ||||||
174,943 | ||||||||
Retail - Convenience Store — 0.0% |
| |||||||
Casey’s General Stores, Inc. | 787 | 68,619 | ||||||
Retail - Discount — 0.8% |
| |||||||
Dollar General Corp. | 2,744 | 199,187 | ||||||
Dollar Tree, Inc.† | 5,140 | 385,449 | ||||||
Fred’s, Inc., Class A | 719 | 12,597 | ||||||
Tuesday Morning Corp.† | 842 | 10,794 | ||||||
Wal-Mart Stores, Inc. | 9,929 | 737,427 | ||||||
1,345,454 | ||||||||
Retail - Drug Store — 0.4% |
| |||||||
CVS Health Corp. | 6,088 | 623,289 | ||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.† | 861 | 13,914 | ||||||
Retail - Home Furnishings — 0.0% |
| |||||||
Haverty Furniture Cos., Inc. | 395 | 8,299 | ||||||
Kirkland’s, Inc. | 285 | 7,487 | ||||||
15,786 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Movado Group, Inc. | 351 | 9,182 | ||||||
Swatch Group AG(1) | 662 | 52,744 | ||||||
61,926 | ||||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 514 | 12,295 | ||||||
Retail - Major Department Stores — 0.0% |
| |||||||
TJX Cos., Inc. | 951 | 61,225 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Office Supplies — 0.0% |
| |||||||
Staples, Inc. | 1,555 | $ | 25,603 | |||||
Retail - Pawn Shops — 0.0% |
| |||||||
Cash America International, Inc. | 558 | 14,999 | ||||||
Ezcorp, Inc., Class A† | 948 | 7,527 | ||||||
First Cash Financial Services, Inc.† | 572 | 26,650 | ||||||
49,176 | ||||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetMed Express, Inc.# | 390 | 6,509 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Isetan Mitsukoshi Holdings, Ltd.#(1) | 5,500 | 92,030 | ||||||
Kohl’s Corp. | 1,195 | 78,261 | ||||||
Macy’s, Inc. | 999 | 66,883 | ||||||
Stage Stores, Inc. | 615 | 9,957 | ||||||
247,131 | ||||||||
Retail - Restaurants — 0.7% |
| |||||||
Biglari Holdings, Inc.† | 34 | 12,012 | ||||||
BJ’s Restaurants, Inc.† | 445 | 20,372 | ||||||
Bob Evans Farms, Inc.# | 484 | 22,230 | ||||||
Chipotle Mexican Grill, Inc.† | 102 | 62,783 | ||||||
Cracker Barrel Old Country Store, Inc. | 485 | 68,424 | ||||||
Darden Restaurants, Inc. | 2,743 | 179,776 | ||||||
DineEquity, Inc. | 337 | 32,891 | ||||||
Jack in the Box, Inc. | 771 | 66,931 | ||||||
Papa John’s International, Inc. | 595 | 40,882 | ||||||
Popeyes Louisiana Kitchen, Inc.† | 465 | 25,859 | ||||||
Red Robin Gourmet Burgers, Inc.† | 283 | 23,599 | ||||||
Ruby Tuesday, Inc.† | 1,215 | 7,582 | ||||||
Ruth’s Hospitality Group, Inc. | 681 | 10,031 | ||||||
Sonic Corp. | 1,029 | 31,014 | ||||||
Starbucks Corp. | 11,683 | 607,049 | ||||||
Texas Roadhouse, Inc. | 1,272 | 44,545 | ||||||
1,255,980 | ||||||||
Retail - Sporting Goods — 0.0% |
| |||||||
Big 5 Sporting Goods Corp. | 349 | 5,071 | ||||||
Hibbett Sports, Inc.†# | 512 | 23,833 | ||||||
Zumiez, Inc.† | 415 | 12,392 | ||||||
41,296 | ||||||||
Retail - Video Rentals — 0.0% |
| |||||||
Outerwall, Inc.# | 388 | 29,744 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
Vitamin Shoppe, Inc.† | 636 | 25,249 | ||||||
Rubber - Tires — 0.1% |
| |||||||
Bridgestone Corp.(1) | 2,100 | 87,168 | ||||||
Continental AG(1) | 162 | 37,415 | ||||||
124,583 | ||||||||
Rubber/Plastic Products — 0.0% |
| |||||||
Myers Industries, Inc. | 484 | 8,368 | ||||||
Satellite Telecom — 0.1% |
| |||||||
EchoStar Corp., Class A† | 1,965 | 98,446 | ||||||
Eutelsat Communications SA(1) | 122 | 4,157 | ||||||
Iridium Communications, Inc.†# | 1,585 | 16,405 | ||||||
119,008 | ||||||||
Savings & Loans/Thrifts — 0.1% |
| |||||||
Astoria Financial Corp. | 1,774 | 23,257 | ||||||
Bank Mutual Corp. | 827 | 5,872 | ||||||
BofI Holding, Inc.†# | 269 | 25,329 | ||||||
Brookline Bancorp, Inc. | 1,431 | 15,655 |
17 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Savings & Loans/Thrifts (continued) | ||||||||
Dime Community Bancshares, Inc. | 573 | $ | 9,391 | |||||
Northwest Bancshares, Inc. | 1,949 | 23,583 | ||||||
Oritani Financial Corp. | 755 | 11,114 | ||||||
Provident Financial Services, Inc. | 1,098 | 19,962 | ||||||
Sterling Bancorp# | 1,857 | 25,088 | ||||||
159,251 | ||||||||
Schools — 0.0% |
| |||||||
American Public Education, Inc.† | 342 | 8,266 | ||||||
Capella Education Co. | 211 | 11,240 | ||||||
Career Education Corp.† | 1,146 | 4,321 | ||||||
Strayer Education, Inc.† | 227 | 10,403 | ||||||
Universal Technical Institute, Inc. | 431 | 3,620 | ||||||
37,850 | ||||||||
Security Services — 0.1% |
| |||||||
Brink’s Co. | 993 | 31,736 | ||||||
Secom Co., Ltd.(1) | 1,000 | 66,560 | ||||||
98,296 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Geospace Technologies Corp.†# | 262 | 5,392 | ||||||
ION Geophysical Corp.† | 2,554 | 3,627 | ||||||
9,019 | ||||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
Cirrus Logic, Inc.† | 1,278 | 48,245 | ||||||
Exar Corp.† | 883 | 9,590 | ||||||
Marvell Technology Group, Ltd. | 2,463 | 34,457 | ||||||
Micrel, Inc. | 861 | 11,985 | ||||||
Pericom Semiconductor Corp. | 390 | 5,105 | ||||||
Power Integrations, Inc. | 599 | 30,405 | ||||||
QUALCOMM, Inc. | 56 | 3,902 | ||||||
143,689 | ||||||||
Semiconductor Equipment — 0.2% |
| |||||||
ASML Holding NV#(1) | 1,407 | 157,761 | ||||||
Brooks Automation, Inc. | 1,392 | 15,646 | ||||||
Cabot Microelectronics Corp.† | 487 | 22,490 | ||||||
Cohu, Inc. | 486 | 6,517 | ||||||
Kulicke & Soffa Industries, Inc.† | 1,552 | 20,579 | ||||||
Lam Research Corp. | 84 | 6,909 | ||||||
MKS Instruments, Inc. | 1,073 | 40,463 | ||||||
Nanometrics, Inc.† | 463 | 7,195 | ||||||
Rudolph Technologies, Inc.† | 643 | 8,192 | ||||||
Tessera Technologies, Inc. | 961 | 37,046 | ||||||
Tokyo Electron, Ltd.(1) | 700 | 44,456 | ||||||
Ultratech, Inc.† | 556 | 11,087 | ||||||
Veeco Instruments, Inc.† | 817 | 24,739 | ||||||
403,080 | ||||||||
Soap & Cleaning Preparation — 0.0% |
| |||||||
Wausau Paper Corp. | 1,039 | 10,161 | ||||||
Steel - Producers — 0.1% |
| |||||||
AK Steel Holding Corp.†# | 3,415 | 17,963 | ||||||
JFE Holdings, Inc.#(1) | 2,500 | 60,796 | ||||||
Nippon Steel & Sumitomo Metal Corp.#(1) | 31,000 | 85,178 | ||||||
United States Steel Corp.# | 1,860 | 45,384 | ||||||
209,321 | ||||||||
Storage/Warehousing — 0.0% |
| |||||||
Mobile Mini, Inc. | 931 | 36,942 | ||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Harmonic, Inc.† | 1,725 | 11,747 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Telecom Services — 0.0% |
| |||||||
Consolidated Communications Holdings, Inc. | 905 | $ | 18,752 | |||||
Lumos Networks Corp. | 382 | 5,451 | ||||||
Spok Holdings, Inc. | 432 | 7,495 | ||||||
31,698 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
ADTRAN, Inc. | 1,093 | 18,822 | ||||||
Alcatel-Lucent†(1) | 2,687 | 10,746 | ||||||
Comtech Telecommunications Corp. | 311 | 9,342 | ||||||
Harris Corp. | 2,454 | 194,406 | ||||||
Nortel Networks Corp.† | 62 | 0 | ||||||
233,316 | ||||||||
Telephone - Integrated — 1.5% |
| |||||||
AT&T, Inc. | 9,138 | 315,626 | ||||||
Atlantic Tele-Network, Inc. | 192 | 12,874 | ||||||
Belgacom SA(1) | 616 | 21,406 | ||||||
BT Group PLC(1) | 20,300 | 138,785 | ||||||
CenturyLink, Inc. | 9,703 | 322,528 | ||||||
Cincinnati Bell, Inc.† | 4,255 | 15,573 | ||||||
Deutsche Telekom AG(1) | 11,329 | 194,680 | ||||||
Elisa Oyj(1) | 644 | 19,773 | ||||||
General Communication, Inc., Class A† | 645 | 10,365 | ||||||
KDDI Corp.(1) | 4,400 | 98,806 | ||||||
Nippon Telegraph & Telephone Corp.(1) | 1,100 | 76,437 | ||||||
Orange SA#(1) | 3,514 | 55,685 | ||||||
SoftBank Corp.(1) | 2,600 | 155,210 | ||||||
Swisscom AG(1) | 167 | 96,787 | ||||||
Telecom Italia SpA†#(1) | 49,696 | 60,917 | ||||||
Verizon Communications, Inc. | 21,973 | 1,086,345 | ||||||
2,681,797 | ||||||||
Television — 0.0% |
| |||||||
ION Media Networks, Inc.(2)(4) | 18 | 11,632 | ||||||
ITV PLC(1) | 4,095 | 17,073 | ||||||
RTL Group SA(1) | 304 | 27,301 | ||||||
56,006 | ||||||||
Textile - Apparel — 0.0% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE(1) | 100 | 17,894 | ||||||
Perry Ellis International, Inc.† | 226 | 5,551 | ||||||
Unifi, Inc.† | 278 | 9,040 | ||||||
32,485 | ||||||||
Therapeutics — 0.0% |
| |||||||
Anika Therapeutics, Inc.† | 308 | 10,389 | ||||||
Tobacco — 0.8% |
| |||||||
Altria Group, Inc. | 5,484 | 280,781 | ||||||
British American Tobacco PLC(1) | 3,043 | 168,013 | ||||||
Imperial Tobacco Group PLC(1) | 4,120 | 212,651 | ||||||
Japan Tobacco, Inc.#(1) | 2,800 | 101,601 | ||||||
Lorillard, Inc. | 2,713 | 196,638 | ||||||
Philip Morris International, Inc. | 5,234 | 434,788 | ||||||
Universal Corp.# | 446 | 22,965 | ||||||
1,417,437 | ||||||||
Tools - Hand Held — 0.0% |
| |||||||
Stanley Black & Decker, Inc. | 153 | 15,673 | ||||||
Toys — 0.0% |
| |||||||
Nintendo Co., Ltd.(1) | 400 | 67,634 | ||||||
Transactional Software — 0.1% |
| |||||||
Amadeus IT Holding SA, Class A(1) | 1,979 | 90,109 | ||||||
Bottomline Technologies de, Inc.† | 736 | 19,379 | ||||||
Synchronoss Technologies, Inc.† | 743 | 32,722 | ||||||
142,210 | ||||||||
18 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Transport - Air Freight — 0.0% |
| |||||||
Atlas Air Worldwide Holdings, Inc.† | 508 | $ | 27,676 | |||||
Transport - Marine — 0.1% |
| |||||||
AP Moeller - Maersk A/S, Series B(1) | 37 | 71,485 | ||||||
Hornbeck Offshore Services, Inc.†# | 625 | 13,906 | ||||||
Tidewater, Inc.# | 1,901 | 46,651 | ||||||
132,042 | ||||||||
Transport - Rail — 0.3% |
| |||||||
Central Japan Railway Co.(1) | 400 | 69,338 | ||||||
East Japan Railway Co.(1) | 900 | 82,055 | ||||||
Hankyu Hanshin Holdings, Inc.(1) | 16,000 | 95,848 | ||||||
Keikyu Corp.#(1) | 6,000 | 46,031 | ||||||
Keio Corp.(1) | 9,000 | 66,215 | ||||||
Tobu Railway Co., Ltd.#(1) | 12,000 | 52,756 | ||||||
Union Pacific Corp. | 1,879 | 189,610 | ||||||
601,853 | ||||||||
Transport - Services — 0.6% |
| |||||||
C.H. Robinson Worldwide, Inc. | 2,601 | 160,560 | ||||||
Deutsche Post AG(1) | 2,718 | 81,936 | ||||||
Echo Global Logistics, Inc.† | 486 | 15,639 | ||||||
Era Group, Inc.† | 384 | 8,064 | ||||||
FedEx Corp. | 2,854 | 494,370 | ||||||
Hub Group, Inc., Class A† | 692 | 29,355 | ||||||
Matson, Inc. | 875 | 35,245 | ||||||
United Parcel Service, Inc., Class B | 1,515 | 150,318 | ||||||
UTi Worldwide, Inc.†# | 1,861 | 17,903 | ||||||
993,390 | ||||||||
Transport - Truck — 0.1% |
| |||||||
ArcBest Corp. | 487 | 16,651 | ||||||
Celadon Group, Inc. | 567 | 13,222 | ||||||
Forward Air Corp. | 621 | 32,211 | ||||||
Heartland Express, Inc. | 1,140 | 24,225 | ||||||
Knight Transportation, Inc. | 1,232 | 35,235 | ||||||
Roadrunner Transportation Systems, Inc.† | 535 | 13,306 | ||||||
Saia, Inc.† | 502 | 20,552 | ||||||
155,402 | ||||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Neogen Corp.† | 754 | 35,242 | ||||||
Vitamins & Nutrition Products — 0.0% |
| |||||||
Herbalife, Ltd.†# | 254 | 13,216 | ||||||
Water — 0.0% |
| |||||||
American States Water Co. | 783 | 30,091 | ||||||
Web Hosting/Design — 0.0% |
| |||||||
NIC, Inc. | 1,223 | 20,608 | ||||||
Web Portals/ISP — 0.3% |
| |||||||
AOL, Inc.† | 3,333 | 166,683 | ||||||
Blucora, Inc.† | 811 | 12,862 | ||||||
Google, Inc., Class A† | 333 | 181,592 | ||||||
Google, Inc., Class C† | 470 | 250,092 | ||||||
611,229 | ||||||||
Wire & Cable Products — 0.0% |
| |||||||
Encore Wire Corp. | 357 | 15,594 | ||||||
General Cable Corp. | 1,017 | 19,211 | ||||||
Prysmian SpA(1) | 365 | 8,243 | ||||||
43,048 | ||||||||
Wireless Equipment — 0.0% |
| |||||||
CalAmp Corp.†# | 695 | 13,719 |
Security Description | Shares | Value (Note 2) | ||||||
Wireless Equipment (continued) |
| |||||||
ViaSat, Inc.† | 886 | $ | 55,809 | |||||
69,528 | ||||||||
Total Common Stocks | ||||||||
(cost $90,673,716) | 97,673,018 | |||||||
EXCHANGE-TRADED FUNDS — 5.6% |
| |||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF# | 246,000 | 7,276,680 | ||||||
First Trust FTSE EPRA/NAREIT Developed Markets Real Estate Index Fund | 553 | 24,053 | ||||||
iShares Core S&P Small-Cap ETF# | 4,767 | 557,691 | ||||||
iShares MSCI Emerging Markets Asia ETF# | 25,500 | 1,606,755 | ||||||
iShares MSCI Japan Index Fund | 5,922 | 77,282 | ||||||
iShares Russell 1000 Growth ETF | 713 | 71,849 | ||||||
iShares Russell 1000 Value ETF | 724 | 76,223 | ||||||
SPDR S&P 500 ETF Trust, Series 1# | 613 | 129,423 | ||||||
Vanguard FTSE Emerging Markets ETF | 3,887 | 220,315 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $9,350,005) | 10,040,271 | |||||||
PREFERRED SECURITIES — 0.3% |
| |||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Bayerische Motoren Werke AG(1) | 1,384 | 116,943 | ||||||
Electric - Integrated — 0.0% | ||||||||
Entergy Louisiana LLC | 3,575 | 85,121 | ||||||
Soap & Cleaning Preparation — 0.1% | ||||||||
Henkel AG & Co. KGaA(1) | 1,348 | 161,316 | ||||||
Sovereign Agency — 0.0% | ||||||||
Federal Home Loan Mtg. Corp. FRS | 2,200 | 9,130 | ||||||
Telecom Services — 0.1% | ||||||||
Qwest Corp. | 6,925 | 173,471 | ||||||
Total Preferred Securities | ||||||||
(cost $581,413) | 545,981 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.1% |
| |||||||
Banks - Fiduciary — 0.1% | ||||||||
Bank of New York Mellon Corp. FRS | 98,000 | 98,000 | ||||||
State Street Corp. FRS | 46,000 | 46,517 | ||||||
144,517 | ||||||||
Banks - Super Regional — 0.1% | ||||||||
Capital One Financial Corp. FRS | 53,000 | 53,066 | ||||||
Fifth Third Bancorp FRS | 83,000 | 79,576 | ||||||
Wells Fargo & Co. FRS | 80,000 | 84,100 | ||||||
Wells Fargo Capital X | 28,000 | 28,490 | ||||||
245,232 | ||||||||
Diversified Banking Institutions — 0.4% | ||||||||
BAC Capital Trust XIII FRS | 178,000 | 140,620 |
19 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
Bank of America Corp. FRS | 155,000 | $ | 156,356 | |||||
Deutsche Bank AG FRS | 200,000 | 203,000 | ||||||
Goldman Sachs Group, Inc. FRS | 55,000 | 54,863 | ||||||
JPMorgan Chase & Co FRS | 53,000 | 53,127 | ||||||
JPMorgan Chase & Co. FRS | 80,000 | 82,400 | ||||||
JPMorgan Chase & Co. FRS | 179,000 | 190,903 | ||||||
881,269 | ||||||||
Electric - Integrated — 0.0% | ||||||||
Dominion Resources, Inc. FRS | 47,000 | 50,345 | ||||||
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 | 100,800 | ||||||
Food - Dairy Products — 0.1% | ||||||||
Land O’Lakes Capital Trust I | 125,000 | 135,000 | ||||||
Insurance - Life/Health — 0.1% | ||||||||
Prudential Financial, Inc. FRS | 35,000 | 35,241 | ||||||
Prudential Financial, Inc. FRS | 52,000 | 55,185 | ||||||
90,426 | ||||||||
Insurance - Multi-line — 0.1% | ||||||||
MetLife, Inc. | 81,000 | 92,583 | ||||||
Pipelines — 0.0% | ||||||||
TransCanada Trust FRS | 45,000 | 45,788 | ||||||
Tools - Hand Held — 0.1% | ||||||||
Stanley Black & Decker, Inc. FRS | 128,000 | 139,200 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $1,821,191) | 1,925,165 | |||||||
RIGHTS — 0.0% | ||||||||
Real Estate Management/Services — 0.0% | ||||||||
Deutsche Wohnen AG† | 2,197 | 72 | ||||||
ASSET BACKED SECURITIES — 2.1% | ||||||||
Diversified Financial Services — 2.1% | ||||||||
AmeriCredit Automobile Receivables Trust | $ | 74,000 | 73,865 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
Applebee’s Funding LLC/IHOP Funding LLC | $ | 50,000 | $ | 51,558 | ||||
Asset Backed Securities Corp. Home Equity Loan Trust FRS | 83,351 | 77,945 | ||||||
Avis Budget Rental Car Funding AESOP LLC | 123,000 | 124,222 | ||||||
B2R Mtg. Trust | 99,779 | 99,655 | ||||||
BA Credit Card Trust | 79,000 | 79,024 | ||||||
Capital Auto Receivables Asset Trust | 85,000 | 85,013 | ||||||
Chase Issuance Trust FRS | 228,000 | 228,089 | ||||||
Citigroup Commercial Mtg. Trust | 95,000 | 98,468 | ||||||
Citigroup Commercial Mtg. Trust | 627,000 | 652,325 | ||||||
Commercial Mtg. Trust | 106,000 | 109,824 | ||||||
Core Industrial Trust | 91,000 | 93,180 | ||||||
Countrywide Home Loan Mtg. Pass Through Trust | 5,366 | 5,440 | ||||||
CSAIL Commercial Mtg. Trust | 57,869 | 58,212 | ||||||
DB Master Finance LLC | 78,803 | 79,644 | ||||||
Dell Equipment Finance Trust | 100,000 | 99,961 | ||||||
First Franklin Mtg. Loan Trust FRS | 77,311 | 67,576 | ||||||
Ford Credit Auto Owner Trust | 52,000 | 52,402 | ||||||
Ford Credit Auto Owner Trust | 100,000 | 100,564 | ||||||
Ford Credit Floorplan Master Owner Trust | 83,000 | 83,232 | ||||||
GS Mtg. Securities Corp. II | 66,000 | 66,579 | ||||||
GS Mtg. Securities Trust | 24,000 | 24,879 | ||||||
Invitation Homes Trust FRS | 100,000 | 99,680 |
20 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES (continued) | ||||||||
Diversified Financial Services (continued) |
| |||||||
NRP Mtg. Trust VRS | $ | 109,022 | $ | 108,857 | ||||
Santander Drive Auto Receivables Trust | 262,000 | 264,707 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 84,000 | 85,954 | ||||||
Wells Fargo Mtg. Backed Securities Trust FRS | 22,956 | 22,986 | ||||||
Wendys Funding LLC | 66,000 | 66,257 | ||||||
Wendys Funding LLC | 66,000 | 66,000 | ||||||
WF-RBS Commercial Mtg. Trust | 100,000 | 103,945 | ||||||
WF-RBS Commercial Mtg. Trust | 600,000 | 623,716 | ||||||
Total Asset Backed Securities | ||||||||
(cost $3,834,612) | 3,853,759 | |||||||
U.S. CORPORATE BONDS & NOTES — 14.6% |
| |||||||
Advertising Agencies — 0.0% |
| |||||||
Interpublic Group of Cos., Inc. | 37,000 | 38,466 | ||||||
Advertising Services — 0.0% |
| |||||||
Visant Corp. | 26,000 | 21,905 | ||||||
Aerospace/Defense — 0.1% |
| |||||||
BAE Systems Holdings, Inc. | 31,000 | 32,018 | ||||||
BAE Systems Holdings, Inc. | 46,000 | 47,355 | ||||||
Boeing Co. | 92,000 | 91,039 | ||||||
170,412 | ||||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
Alliant Techsystems, Inc. | 52,000 | 53,950 | ||||||
Moog, Inc. | 29,000 | 29,870 | ||||||
83,820 | ||||||||
Airlines — 0.1% |
| |||||||
Allegiant Travel Co. | 76,000 | 77,995 | ||||||
Atlas Air, Inc. | 16,632 | 16,965 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Airlines (continued) |
| |||||||
Atlas Air, Inc. | $ | 4,608 | $ | 4,677 | ||||
United Airlines Pass Through Trust | 125,000 | 128,594 | ||||||
228,231 | ||||||||
Alternative Waste Technology — 0.0% |
| |||||||
ADS Waste Holdings, Inc. | 43,000 | 45,311 | ||||||
Apparel Manufacturers — 0.0% |
| |||||||
Quiksilver, Inc./QS Wholesale, Inc. | 49,000 | 30,870 | ||||||
Auto - Cars/Light Trucks — 0.3% |
| |||||||
American Honda Finance Corp. | 88,000 | 88,177 | ||||||
Daimler Finance North America LLC | 158,000 | 158,056 | ||||||
Daimler Finance North America LLC | 158,000 | 158,482 | ||||||
Ford Motor Credit Co. LLC | 58,000 | 58,062 | ||||||
462,777 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
JB Poindexter & Co., Inc. | 41,000 | 44,280 | ||||||
PACCAR Financial Corp. | 96,000 | 97,240 | ||||||
141,520 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.0% |
| |||||||
Affinia Group, Inc. | 47,000 | 48,998 | ||||||
Banks - Commercial — 0.4% |
| |||||||
Fifth Third Bank | 213,000 | 213,762 | ||||||
MUFG Union Bank NA | 273,000 | 278,696 | ||||||
Regions Financial Corp. | 131,000 | 167,384 | ||||||
659,842 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Citizens Financial Group, Inc. | 207,000 | 214,371 | ||||||
21 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Banks - Super Regional — 0.1% |
| |||||||
Wells Fargo & Co. | $ | 74,000 | $ | 74,258 | ||||
Batteries/Battery Systems — 0.0% |
| |||||||
EnerSys | 64,000 | 64,800 | ||||||
Brewery — 0.1% |
| |||||||
Anheuser-Busch InBev Worldwide, Inc. | 188,000 | 189,401 | ||||||
Building & Construction - Misc. — 0.0% |
| |||||||
Weekley Homes LLC/Weekley Finance Corp. | 38,000 | 36,195 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Vulcan Materials Co. | 88,000 | 88,880 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 123,000 | 126,229 | ||||||
Cable/Satellite TV — 0.1% |
| |||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 54,000 | 56,801 | ||||||
DISH DBS Corp. | 75,000 | 72,281 | ||||||
129,082 | ||||||||
Casino Hotels — 0.2% |
| |||||||
Boyd Gaming Corp. | 91,000 | 92,593 | ||||||
Caesars Entertainment Resort Properties LLC | 48,000 | 48,600 | ||||||
Caesars Entertainment Resort Properties LLC | 89,000 | 82,930 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | 54,000 | 53,325 | ||||||
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC | 125,000 | 126,250 | ||||||
403,698 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
Crown Castle Towers LLC | 64,000 | 64,000 | ||||||
Sprint Corp. | 84,000 | 81,270 | ||||||
Sprint Corp. | 25,000 | 25,156 | ||||||
170,426 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Chemicals - Specialty — 0.1% |
| |||||||
Chemtura Corp. | $ | 90,000 | $ | 92,475 | ||||
Evolution Escrow Issuer LLC | 61,000 | 60,695 | ||||||
Lubrizol Corp. | 45,000 | 58,899 | ||||||
212,069 | ||||||||
Coal — 0.1% |
| |||||||
Murray Energy Corp. | 80,000 | 77,200 | ||||||
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. | 46,000 | 47,150 | ||||||
124,350 | ||||||||
Coatings/Paint — 0.1% |
| |||||||
RPM International, Inc. | 154,000 | 151,115 | ||||||
Commercial Services - Finance — 0.1% |
| |||||||
Global Cash Access, Inc. | 61,000 | 59,627 | ||||||
Harland Clarke Holdings Corp. | 86,000 | 82,130 | ||||||
141,757 | ||||||||
Computers — 0.3% |
| |||||||
Apple, Inc. | 141,000 | 141,400 | ||||||
Apple, Inc. | 91,000 | 91,915 | ||||||
Apple, Inc. | 60,000 | 52,344 | ||||||
Dell, Inc. | 109,000 | 107,910 | ||||||
Hewlett-Packard Co. | 108,000 | 113,798 | ||||||
507,367 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Kimberly-Clark Corp. | 33,000 | 32,911 | ||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Crown Cork & Seal Co., Inc. | 189,000 | 217,350 | ||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Berry Plastics Corp. | 89,000 | 88,555 |
22 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Containers - Paper/Plastic (continued) |
| |||||||
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. | $ | 100,000 | $ | 89,000 | ||||
177,555 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
First Quality Finance Co., Inc. | 113,000 | 106,220 | ||||||
Decision Support Software — 0.0% |
| |||||||
MSCI, Inc. | 57,000 | 59,494 | ||||||
Disposable Medical Products — 0.0% |
| |||||||
Sterigenics-Nordion Holdings LLC | 49,000 | 49,368 | ||||||
Distribution/Wholesale — 0.1% |
| |||||||
H&E Equipment Services, Inc. | 82,000 | 86,510 | ||||||
LKQ Corp. | 2,000 | 1,975 | ||||||
88,485 | ||||||||
Diversified Banking Institutions — 1.2% |
| |||||||
Bank of America Corp. | 109,000 | 110,738 | ||||||
Bank of America Corp. | 94,000 | 93,148 | ||||||
Bank of America Corp. | 104,000 | 104,681 | ||||||
Citigroup, Inc. | 31,000 | 30,707 | ||||||
Goldman Sachs Group, Inc. | 91,000 | 91,586 | ||||||
Goldman Sachs Group, Inc. | 66,000 | 67,358 | ||||||
Goldman Sachs Group, Inc. | 5,000 | 5,643 | ||||||
Goldman Sachs Group, Inc. | 83,000 | 93,277 | ||||||
Goldman Sachs Group, Inc. | 76,000 | 93,527 | ||||||
Goldman Sachs Group, Inc. | 189,000 | 232,107 | ||||||
JPMorgan Chase & Co. | 117,000 | 116,735 | ||||||
JPMorgan Chase & Co. | 43,000 | 43,497 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
JPMorgan Chase & Co. | $ | 98,000 | $ | 98,925 | ||||
JPMorgan Chase & Co. | 110,000 | 111,442 | ||||||
Merrill Lynch & Co., Inc. | 216,000 | 251,535 | ||||||
Morgan Stanley | 147,000 | 147,752 | ||||||
Morgan Stanley | 184,000 | 189,015 | ||||||
Morgan Stanley | 94,000 | 99,649 | ||||||
Morgan Stanley | 81,000 | 87,502 | ||||||
Morgan Stanley | 86,000 | 98,518 | ||||||
NationsBank Corp. | 21,000 | 26,037 | ||||||
2,193,379 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
General Electric Capital Corp. | 114,000 | 115,058 | ||||||
General Electric Capital Corp. | 89,000 | 111,734 | ||||||
USAA Capital Corp. | 159,000 | 160,929 | ||||||
387,721 | ||||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
General Electric Co. | 76,000 | 76,090 | ||||||
Ingersoll-Rand Global Holding Co., Ltd. | 95,000 | 108,723 | ||||||
Textron, Inc. | 99,000 | 103,270 | ||||||
Trinity Industries, Inc. | 51,000 | 49,891 | ||||||
337,974 | ||||||||
Diversified Operations — 0.0% |
| |||||||
MUFG Americas Holdings Corp. | 43,000 | 43,003 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
Netflix, Inc. | 106,000 | 110,505 | ||||||
23 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Electric - Integrated — 0.6% |
| |||||||
AES Corp. | $ | 147,000 | $ | 141,120 | ||||
AES Corp. | 54,000 | 54,270 | ||||||
Arizona Public Service Co. | 46,000 | 46,319 | ||||||
Dominion Resources, Inc. | 75,000 | 82,451 | ||||||
Entergy Arkansas, Inc. | 69,000 | 70,704 | ||||||
Entergy Louisiana LLC | 48,000 | 48,586 | ||||||
Exelon Generation Co. LLC | 63,000 | 63,885 | ||||||
FirstEnergy Corp. | 119,000 | 149,717 | ||||||
Georgia Power Co. | 37,000 | 37,746 | ||||||
PPL Energy Supply LLC | 45,000 | 45,919 | ||||||
South Carolina Electric & Gas Co. | 56,000 | 58,546 | ||||||
Southern California Edison Co. | 101,000 | 101,376 | ||||||
Southern Co. | 82,000 | 82,074 | ||||||
Trans-Allegheny Interstate Line Co. | 49,000 | 50,318 | ||||||
1,033,031 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Corning, Inc. | 61,000 | 61,119 | ||||||
Corning, Inc. | 61,000 | 61,542 | ||||||
122,661 | ||||||||
Electronic Components - Semiconductors — 0.1% |
| |||||||
Intel Corp. | 74,000 | 74,437 | ||||||
Electronics - Military — 0.0% |
| |||||||
L-3 Communications Corp. | 27,000 | 26,775 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
TerraForm Power Operating LLC | $ | 41,000 | $ | 42,333 | ||||
Enterprise Software/Service — 0.1% |
| |||||||
Oracle Corp. | 93,000 | 90,029 | ||||||
Oracle Corp. | 93,000 | 90,020 | ||||||
180,049 | ||||||||
Finance - Auto Loans — 0.1% |
| |||||||
Ally Financial, Inc. | 97,000 | 97,000 | ||||||
Ally Financial, Inc. | 29,000 | 29,652 | ||||||
Credit Acceptance Corp. | 100,000 | 103,750 | ||||||
230,402 | ||||||||
Finance - Commercial — 0.1% |
| |||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp. | 200,000 | 200,500 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Enova International, Inc. | 87,000 | 83,955 | ||||||
OneMain Financial Holdings, Inc. | 36,000 | 38,543 | ||||||
Synchrony Financial | 73,000 | 74,876 | ||||||
197,374 | ||||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Credit Corp. | 18,000 | 18,086 | ||||||
American Express Credit Corp. | 100,000 | 100,211 | ||||||
Discover Financial Services | 105,000 | 102,795 | ||||||
221,092 | ||||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. | 44,000 | 5,012 | ||||||
Lehman Brothers Holdings, Inc. | 71,000 | 7 | ||||||
Lehman Brothers Holdings, Inc. | 69,000 | 7 |
24 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Finance - Investment Banker/Broker (continued) |
| |||||||
TD Ameritrade Holding Corp. | $ | 67,000 | $ | 67,715 | ||||
72,741 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Air Lease Corp. | 150,000 | 160,125 | ||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
Quicken Loans, Inc. | 100,000 | 100,125 | ||||||
Finance - Other Services — 0.2% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 52,000 | 51,973 | ||||||
National Rural Utilities Cooperative Finance Corp. | 143,000 | 143,682 | ||||||
National Rural Utilities Cooperative Finance Corp. | 103,000 | 102,912 | ||||||
298,567 | ||||||||
Firearms & Ammunition — 0.0% |
| |||||||
FGI Operating Co. LLC/FGI Finance, Inc. | 39,000 | 31,200 | ||||||
Food - Dairy Products — 0.1% |
| |||||||
Dean Foods Co. | 100,000 | 104,000 | ||||||
Food - Meat Products — 0.0% |
| |||||||
JBS USA LLC/JBS USA Finance, Inc. | 60,000 | 61,800 | ||||||
Food - Misc./Diversified — 0.0% |
| |||||||
Darling Ingredients, Inc. | 30,000 | 30,188 | ||||||
Food - Retail — 0.1% |
| |||||||
Albertson’s Holdings LLC/Saturn Acquisition Merger Sub, Inc. | 41,000 | 44,280 | ||||||
SUPERVALU, Inc. | 59,000 | 63,277 | ||||||
107,557 | ||||||||
Food - Wholesale/Distribution — 0.0% |
| |||||||
C&S Group Enterprises LLC | 39,000 | 38,415 | ||||||
Gambling (Non-Hotel) — 0.0% |
| |||||||
Scientific Games International, Inc. | 30,000 | 31,275 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Gas - Distribution — 0.0% |
| |||||||
Dominion Gas Holdings LLC | $ | 35,000 | $ | 37,389 | ||||
Hotels/Motels — 0.0% |
| |||||||
Interval Acquisition Corp. | 60,000 | 61,200 | ||||||
Independent Power Producers — 0.1% |
| |||||||
Dynegy, Inc. | 50,000 | 53,250 | ||||||
GenOn Energy, Inc. | 43,000 | 44,397 | ||||||
NRG Energy, Inc. | 35,000 | 36,663 | ||||||
134,310 | ||||||||
Insurance - Life/Health — 0.2% |
| |||||||
CNO Financial Group, Inc. | 46,000 | 47,725 | ||||||
Pacific LifeCorp | 45,000 | 51,240 | ||||||
Pricoa Global Funding I | 159,000 | 159,076 | ||||||
Principal Financial Group, Inc. | 33,000 | 33,294 | ||||||
291,335 | ||||||||
Insurance - Multi-line — 0.3% |
| |||||||
Assurant, Inc. | 139,000 | 170,457 | ||||||
Metropolitan Life Global Funding I | 350,000 | 350,843 | ||||||
521,300 | ||||||||
Insurance - Mutual — 0.1% |
| |||||||
Massachusetts Mutual Life Insurance Co. | 64,000 | 59,616 | ||||||
New York Life Global Funding | 180,000 | 182,120 | ||||||
241,736 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Cogent Communications Group, Inc. | 75,000 | 75,000 | ||||||
Zayo Group LLC/Zayo Capital, Inc. | 67,000 | 67,468 | ||||||
142,468 | ||||||||
25 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Investment Management/Advisor Services — 0.0% |
| |||||||
National Financial Partners Corp. | $ | 64,000 | $ | 64,720 | ||||
Machinery - Farming — 0.1% |
| |||||||
John Deere Capital Corp. | 85,000 | 85,318 | ||||||
John Deere Capital Corp. | 124,000 | 125,085 | ||||||
210,403 | ||||||||
Medical Instruments — 0.0% |
| |||||||
Medtronic, Inc. | 53,000 | 54,272 | ||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Laboratory Corp. of America Holdings | 25,000 | 25,034 | ||||||
Laboratory Corp. of America Holdings | 80,000 | 78,702 | ||||||
Laboratory Corp. of America Holdings | 41,000 | 39,558 | ||||||
Roche Holdings, Inc. | 135,000 | 135,963 | ||||||
Roche Holdings, Inc. | 204,000 | 207,153 | ||||||
486,410 | ||||||||
Medical Products — 0.0% |
| |||||||
Universal Hospital Services, Inc. | 46,000 | 42,895 | ||||||
Medical - Biomedical/Gene — 0.2% |
| |||||||
Amgen, Inc. | 126,000 | 122,566 | ||||||
Amgen, Inc. | 139,000 | 134,581 | ||||||
257,147 | ||||||||
Medical - Drugs — 0.2% |
| |||||||
AbbVie, Inc. | 37,000 | 37,163 | ||||||
AbbVie, Inc. | 43,000 | 43,275 | ||||||
Endo Finance LLC | 46,000 | 46,690 | ||||||
Forest Laboratories, Inc. | 68,000 | 74,318 | ||||||
Quintiles Transnational Corp. | 100,000 | 101,500 | ||||||
302,946 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan, Inc. | $ | 90,000 | $ | 96,722 | ||||
Mylan, Inc. | 141,000 | 147,701 | ||||||
244,423 | ||||||||
Medical - HMO — 0.1% |
| |||||||
UnitedHealth Group, Inc. | 76,000 | 76,458 | ||||||
Medical - Hospitals — 0.3% |
| |||||||
Capella Healthcare, Inc. | 32,000 | 32,880 | ||||||
HCA, Inc. | 30,000 | 31,050 | ||||||
HCA, Inc. | 24,000 | 24,720 | ||||||
HCA, Inc. | 89,000 | 99,457 | ||||||
HCA, Inc. | 125,000 | 135,000 | ||||||
IASIS Healthcare LLC/IASIS Capital Corp. | 50,000 | 52,281 | ||||||
Tenet Healthcare Corp. | 75,000 | 76,313 | ||||||
Tenet Healthcare Corp. | 16,000 | 14,800 | ||||||
466,501 | ||||||||
Metal - Copper — 0.0% |
| |||||||
Freeport-McMoRan, Inc. | 62,000 | 62,091 | ||||||
Multimedia — 0.3% |
| |||||||
Time Warner Entertainment Co. LP | 32,000 | 40,503 | ||||||
Time Warner, Inc. | 315,000 | 313,871 | ||||||
Viacom, Inc. | 45,000 | 43,529 | ||||||
Viacom, Inc. | 46,000 | 44,820 | ||||||
442,723 | ||||||||
Music — 0.0% |
| |||||||
Gibson Brands, Inc. | 15,000 | 15,375 | ||||||
26 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Networking Products — 0.0% |
| |||||||
Cisco Systems, Inc. | $ | 67,000 | $ | 68,262 | ||||
Oil & Gas Drilling — 0.0% |
| |||||||
Summit Midstream Holdings | 24,000 | 23,040 | ||||||
Oil Companies - Exploration & Production — 1.1% |
| |||||||
Anadarko Petroleum Corp. | 89,000 | 106,945 | ||||||
Atlas Energy Holdings Operating Co. | 85,000 | 63,750 | ||||||
Carrizo Oil & Gas, Inc. | 100,000 | 102,000 | ||||||
Chaparral Energy, Inc. | 100,000 | 80,000 | ||||||
Continental Resources, Inc. | 10,000 | 9,852 | ||||||
Denbury Resources, Inc. | 50,000 | 47,719 | ||||||
EP Energy LLC | 76,000 | 76,095 | ||||||
EP Energy LLC/Everest Acquisition Finance, Inc. | 49,000 | 51,450 | ||||||
EV Energy Partners LP/EV Energy Finance Corp. | 170,000 | 164,050 | ||||||
Halcon Resources Corp. | 60,000 | 60,900 | ||||||
Halcon Resources Corp. | 80,000 | 57,800 | ||||||
Hess Corp. | 104,000 | 111,138 | ||||||
Hess Corp. | 28,000 | 36,412 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | 58,000 | 56,405 | ||||||
Memorial Production Partners | 115,000 | 112,700 | ||||||
Newfield Exploration Co. | 110,000 | 113,850 | ||||||
Noble Energy, Inc. | 43,000 | 43,526 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) | ||||||||
Noble Energy, Inc. | $ | 47,000 | $ | 47,238 | ||||
Northern Oil and Gas, Inc. | 100,000 | 94,500 | ||||||
Penn Virginia Corp. | 85,000 | 76,075 | ||||||
Rosetta Resources, Inc. | 75,000 | 79,507 | ||||||
Sanchez Energy Corp. | 60,000 | 57,000 | ||||||
SM Energy Co. | 56,000 | 56,490 | ||||||
Southwestern Energy Co. | 25,000 | 25,706 | ||||||
Southwestern Energy Co. | 46,000 | 47,656 | ||||||
Southwestern Energy Co. | 90,000 | 93,480 | ||||||
1,872,244 | ||||||||
Oil Companies - Integrated — 0.2% |
| |||||||
Chevron Corp. | 110,000 | 110,304 | ||||||
Chevron Corp. | 61,000 | 61,167 | ||||||
ConocoPhillips Co. | 43,000 | 43,078 | ||||||
Exxon Mobil Corp. | 111,000 | 111,248 | ||||||
Marathon Oil Corp. | 67,000 | 78,792 | ||||||
404,589 | ||||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Calumet Specialty Products Partner | 34,000 | 34,043 | ||||||
Murphy Oil USA, Inc. | 30,000 | 31,875 | ||||||
65,918 | ||||||||
Oil - Field Services — 0.1% |
| |||||||
Exterran Holdings, Inc. | 30,000 | 30,975 | ||||||
Exterran Partners LP/EXLP Finance Corp. | 90,000 | 87,975 |
27 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Oil - Field Services (continued) | ||||||||
Freeport-McMoran Oil & Gas | $ | 47,000 | $ | 49,350 | ||||
Plains Exploration & Production Co. | 74,000 | 79,457 | ||||||
247,757 | ||||||||
Paper & Related Products — 0.3% |
| |||||||
Clearwater Paper Corp. | 67,000 | 65,493 | ||||||
Domtar Corp. | 80,000 | 88,231 | ||||||
Georgia-Pacific LLC | 124,000 | 125,075 | ||||||
Georgia-Pacific LLC | 109,000 | 112,369 | ||||||
Georgia-Pacific LLC | 91,000 | 102,878 | ||||||
International Paper Co. | 44,000 | 44,255 | ||||||
538,301 | ||||||||
Pipelines — 0.8% |
| |||||||
Access Midstream Partners LP/ACMP Finance Corp. | 121,000 | 123,571 | ||||||
Access Midstream Partners LP/ACMP Finance Corp. | 15,000 | 16,144 | ||||||
Columbia Pipeline Group, Inc. | 22,000 | 22,203 | ||||||
Columbia Pipeline Group, Inc. | 107,000 | 108,590 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 27,000 | 23,695 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 117,000 | 134,828 | ||||||
Energy Transfer Equity LP | 36,000 | 41,130 | ||||||
Energy Transfer Partners LP | 104,000 | 99,097 | ||||||
Energy Transfer Partners LP | 85,000 | 79,755 | ||||||
Energy Transfer Partners LP | 108,000 | 119,298 | ||||||
EnLink Midstream Partners LP | 62,000 | 62,139 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Pipelines (continued) | ||||||||
EnLink Midstream Partners LP | $ | 38,000 | $ | 36,273 | ||||
Enterprise Products Operating LLC | 43,000 | 43,218 | ||||||
Genesis Energy LP | 100,000 | 101,250 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | 86,000 | 84,710 | ||||||
Kinder Morgan, Inc. | 82,000 | 88,051 | ||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. | 42,000 | 45,045 | ||||||
Rose Rock Midstream LP/Rose Rock Finance Corp. | 91,000 | 90,772 | ||||||
Tesoro Logistics LP/Tesoro Logistics Finance Corp. | 136,000 | 142,800 | ||||||
1,462,569 | ||||||||
Poultry — 0.0% |
| |||||||
Pilgrim’s Pride Corp. | 58,000 | 58,870 | ||||||
Printing - Commercial — 0.1% |
| |||||||
Multi-Color Corp. | 54,000 | 56,025 | ||||||
Quad/Graphics, Inc. | 70,000 | 68,687 | ||||||
124,712 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
Lee Enterprises, Inc. | 100,000 | 101,812 | ||||||
McClatchy Co. | 65,000 | 63,375 | ||||||
165,187 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Expo Event Transco, Inc. | 100,000 | 103,000 | ||||||
Radio — 0.0% |
| |||||||
Sirius XM Radio, Inc. | 60,000 | 60,090 | ||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
AvalonBay Communities, Inc. | 39,000 | 39,511 | ||||||
Communications Sales & Leasing, Inc. | 90,000 | 91,800 |
28 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Real Estate Investment Trusts (continued) | ||||||||
ESH Hospitality, Inc. | $ | 60,000 | $ | 60,450 | ||||
HCP, Inc. | 54,000 | 54,993 | ||||||
Omega Healthcare Investors, Inc. | 120,000 | 118,133 | ||||||
Omega Healthcare Investors, Inc. | 78,000 | 81,467 | ||||||
Omega Healthcare Investors, Inc. | 46,000 | 48,990 | ||||||
RHP Hotel Properties LP/RHP Finance Corp. | 60,000 | 60,000 | ||||||
555,344 | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
American Campus Communities | 48,000 | 49,373 | ||||||
Real Estate Operations & Development — 0.0% |
| |||||||
Greystar Real Estate Partners LLC | 60,000 | 63,600 | ||||||
Retail - Appliances — 0.1% |
| |||||||
Conn’s, Inc. | 82,000 | 78,720 | ||||||
Retail - Building Products — 0.0% |
| |||||||
Home Depot, Inc. | 71,000 | 71,409 | ||||||
Retail - Computer Equipment — 0.0% |
| |||||||
GameStop Corp. | 36,000 | 37,350 | ||||||
Retail - Discount — 0.1% | ||||||||
Costco Wholesale Corp. | 100,000 | 99,118 | ||||||
Dollar General Corp. | 62,000 | 64,969 | ||||||
164,087 | ||||||||
Retail - Drug Store — 0.1% | ||||||||
CVS Pass-Through Trust | 42,429 | 45,492 | ||||||
CVS Pass-Through Trust | 33,776 | 39,082 | ||||||
CVS Pass-Through Trust | 51,430 | 60,867 | ||||||
145,441 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Retail - Regional Department Stores — 0.0% | ||||||||
Bon-Ton Department Stores, Inc. | $ | 45,000 | $ | 36,450 | ||||
Retail - Restaurants — 0.1% | ||||||||
Landry’s, Inc. | 43,000 | 46,279 | ||||||
McDonald’s Corp. | 45,000 | 45,609 | ||||||
PF Chang’s China Bistro, Inc. | 55,000 | 56,650 | ||||||
148,538 | ||||||||
Savings & Loans/Thrifts — 0.3% | ||||||||
Astoria Financial Corp. | 92,000 | 97,122 | ||||||
First Niagara Financial Group, Inc. | 257,000 | 284,475 | ||||||
First Niagara Financial Group, Inc. | 99,000 | 110,677 | ||||||
492,274 | ||||||||
Schools — 0.1% | ||||||||
President and Fellows of Harvard College | 52,000 | 51,002 | ||||||
University of Pennsylvania | 71,000 | 73,481 | ||||||
124,483 | ||||||||
Semiconductor Equipment — 0.0% | ||||||||
Entegris, Inc. | 55,000 | 57,475 | ||||||
Shipbuilding — 0.0% | ||||||||
Huntington Ingalls Industries, Inc. | 36,000 | 37,440 | ||||||
Special Purpose Entity — 0.1% | ||||||||
MassMutual Global Funding II | 215,000 | 218,677 | ||||||
Specified Purpose Acquisitions — 0.1% | ||||||||
Opal Acquisition, Inc. | 115,000 | 113,275 | ||||||
Steel Pipe & Tube — 0.1% | ||||||||
Valmont Industries, Inc. | 96,000 | 89,295 | ||||||
Steel - Producers — 0.1% | ||||||||
AK Steel Corp. | 78,000 | 67,762 | ||||||
Steel Dynamics, Inc. | 54,000 | 54,675 | ||||||
122,437 | ||||||||
29 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Steel - Specialty — 0.0% | ||||||||
Allegheny Technologies, Inc. | $ | 63,000 | $ | 65,363 | ||||
Storage/Warehousing — 0.0% | ||||||||
Mobile Mini, Inc. | 65,000 | 68,900 | ||||||
Telecom Services — 0.0% | ||||||||
Consolidated Communications, Inc. | 26,000 | 26,260 | ||||||
Telecommunication Equipment — 0.2% | ||||||||
CommScope Technologies Finance LLC | 95,000 | 96,187 | ||||||
Harris Corp. | 25,000 | 25,041 | ||||||
Harris Corp. | 92,000 | 90,698 | ||||||
Harris Corp. | 87,000 | 86,432 | ||||||
Plantronics, Inc. | 100,000 | 101,500 | ||||||
399,858 | ||||||||
Telephone - Integrated — 0.8% | ||||||||
AT&T, Inc. | 201,000 | 197,904 | ||||||
AT&T, Inc. | 57,000 | 55,438 | ||||||
AT&T, Inc. | 106,000 | 94,494 | ||||||
AT&T, Inc. | 139,000 | 131,772 | ||||||
AT&T, Inc. | 131,000 | 124,746 | ||||||
CenturyLink, Inc. | 60,000 | 57,975 | ||||||
CenturyLink, Inc. | 64,000 | 65,600 | ||||||
Frontier Communications Corp. | 43,000 | 46,010 | ||||||
Frontier Communications Corp. | 45,000 | 49,275 | ||||||
Sprint Capital Corp. | 110,000 | 112,200 | ||||||
Verizon Communications, Inc. | 98,000 | 98,561 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Telephone - Integrated (continued) | ||||||||
Verizon Communications, Inc. | $ | 31,000 | $ | 29,837 | ||||
Verizon Communications, Inc. | 10,000 | 10,907 | ||||||
Verizon Communications, Inc. | 142,000 | 127,771 | ||||||
Verizon Communications, Inc. | 165,000 | 159,225 | ||||||
Verizon Communications, Inc. | 5,000 | 5,881 | ||||||
1,367,596 | ||||||||
Theaters — 0.0% | ||||||||
National CineMedia LLC | 43,000 | 44,505 | ||||||
Transport - Equipment & Leasing — 0.0% | ||||||||
Jurassic Holdings III, Inc. | 75,000 | 62,438 | ||||||
Transport - Rail — 0.0% | ||||||||
Union Pacific Corp. | 56,000 | 51,923 | ||||||
Transport - Services — 0.0% | ||||||||
Era Group, Inc. | 36,000 | 35,460 | ||||||
Travel Services — 0.1% | ||||||||
Sabre GLBL, Inc. | 93,000 | 94,628 | ||||||
Trucking/Leasing — 0.0% | ||||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 68,000 | 68,949 | ||||||
Web Hosting/Design — 0.0% | ||||||||
Equinix, Inc. | 28,000 | 29,138 | ||||||
Wire & Cable Products — 0.1% | ||||||||
Anixter, Inc. | 45,000 | 46,462 | ||||||
General Cable Corp. | 74,000 | 67,710 | ||||||
114,172 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $26,159,088) | 26,120,261 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 3.4% | ||||||||
Airlines — 0.1% | ||||||||
Air Canada | 100,000 | 106,750 | ||||||
30 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Auto - Cars/Light Trucks — 0.2% | ||||||||
Hyundai Capital Services, Inc. | $ | 222,000 | $ | 230,022 | ||||
Volkswagen International Finance NV | 110,000 | 112,298 | ||||||
342,320 | ||||||||
Banks - Commercial — 0.9% | ||||||||
BPCE SA | 204,000 | 202,843 | ||||||
Credit Suisse | 103,000 | 102,559 | ||||||
Credit Suisse | 78,000 | 86,918 | ||||||
DBS Group Holdings, Ltd. | 214,000 | 215,762 | ||||||
Intesa Sanpaolo SpA | 239,000 | 239,773 | ||||||
Kookmin Bank | 250,000 | 249,983 | ||||||
Standard Chartered PLC | 210,000 | 207,854 | ||||||
Standard Chartered PLC | 237,000 | 228,982 | ||||||
1,534,674 | ||||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Coca-Cola Femsa SAB de CV | 164,000 | 166,952 | ||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Diageo Capital PLC | 189,000 | 208,867 | ||||||
Building - Residential/Commercial — 0.0% |
| |||||||
Mattamy Group Corp. | 60,000 | 58,200 | ||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Kimberly-Clark de Mexico SAB de CV | 103,000 | 102,099 | ||||||
Cruise Lines — 0.2% |
| |||||||
NCL Corp, Ltd. | 49,000 | 50,651 | ||||||
Royal Caribbean Cruises, Ltd. | 150,000 | 158,250 | ||||||
Viking Cruises, Ltd. | 100,000 | 100,250 | ||||||
309,151 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions — 0.5% |
| |||||||
Deutsche Bank AG | $ | 300,000 | $ | 300,649 | ||||
Deutsche Bank AG | 237,000 | 232,709 | ||||||
Royal Bank of Scotland Group PLC | 59,000 | 59,274 | ||||||
UBS AG | 262,000 | 262,198 | ||||||
854,830 | ||||||||
Diversified Manufacturing Operations — 0.0% |
| |||||||
Ingersoll-Rand Luxembourg Finance SA | 29,000 | 29,003 | ||||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | 46,000 | 45,974 | ||||||
FMG Resources August 2006 Pty, Ltd. | 68,000 | 52,105 | ||||||
FMG Resources August 2006 Pty, Ltd. | 55,000 | 57,750 | ||||||
155,829 | ||||||||
Electric - Generation — 0.0% |
| |||||||
Electricite de France SA | 42,000 | 47,103 | ||||||
Finance - Leasing Companies — 0.0% |
| |||||||
Aircastle, Ltd. | 14,000 | 14,595 | ||||||
Aircastle, Ltd. | 34,000 | 37,443 | ||||||
52,038 | ||||||||
Gold Mining — 0.0% |
| |||||||
Goldcorp, Inc. | 47,000 | 46,600 | ||||||
Kinross Gold Corp. | 26,000 | 25,259 | ||||||
71,859 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
XLIT, Ltd. | 52,000 | 52,443 | ||||||
XLIT, Ltd. | 116,000 | 114,129 | ||||||
166,572 | ||||||||
Medical - Drugs — 0.1% |
| |||||||
Valeant Pharmaceuticals International, Inc. | 22,000 | 22,825 |
31 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Medical - Drugs (continued) |
| |||||||
Valeant Pharmaceuticals International, Inc. | $ | 71,000 | $ | 73,574 | ||||
96,399 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Actavis Funding SCS | 103,000 | 104,424 | ||||||
Actavis Funding SCS | 64,000 | 64,449 | ||||||
Actavis Funding SCS | 91,000 | 92,005 | ||||||
260,878 | ||||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Pacific Drilling SA | 50,000 | 41,250 | ||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
Anadarko Finance Co. | 41,000 | 53,712 | ||||||
Baytex Energy Corp. | 12,000 | 11,670 | ||||||
Baytex Energy Corp. | 65,000 | 62,725 | ||||||
MEG Energy Corp. | 49,000 | 46,305 | ||||||
MEG Energy Corp. | 75,000 | 72,750 | ||||||
Talisman Energy, Inc. | 112,000 | 106,473 | ||||||
353,635 | ||||||||
Oil Companies - Integrated — 0.2% |
| |||||||
BP Capital Markets PLC | 61,000 | 61,380 | ||||||
BP Capital Markets PLC | 71,000 | 80,036 | ||||||
Petroleos Mexicanos | 26,000 | 25,324 | ||||||
Shell International Finance BV | 83,000 | 83,391 | ||||||
Shell International Finance BV | 72,000 | 73,029 | ||||||
Shell International Finance BV | 46,000 | 47,075 | ||||||
370,235 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Paper & Related Products — 0.1% |
| |||||||
Cascades, Inc. | $ | 100,000 | $ | 99,250 | ||||
Satellite Telecom — 0.1% |
| |||||||
Intelsat Jackson Holdings SA | 120,000 | 110,213 | ||||||
Security Services — 0.0% |
| |||||||
Garda World Security Corp. | 56,000 | 54,880 | ||||||
Steel - Producers — 0.0% |
| |||||||
ArcelorMittal | 75,000 | 75,563 | ||||||
SupraNational Banks — 0.1% |
| |||||||
North American Development Bank | 157,000 | 159,951 | ||||||
Telephone - Integrated — 0.1% |
| |||||||
Telecom Italia Capital SA | 66,000 | 74,745 | ||||||
Telecom Italia Capital SA | 123,000 | 141,450 | ||||||
216,195 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $6,046,773) | 6,044,696 | |||||||
U.S. GOVERNMENT AGENCIES — 11.5% |
| |||||||
Federal Home Loan Mtg. Corp. — 2.8% |
| |||||||
1.89% due 02/01/2037 FRS | 23,513 | 24,764 | ||||||
2.48% due 11/01/2037 FRS | 219,517 | 235,584 | ||||||
2.50% due 01/01/2028 | 80,836 | 82,908 | ||||||
3.00% due 08/01/2027 | 314,500 | 329,304 | ||||||
3.00% due 10/01/2042 | 190,881 | 193,778 | ||||||
3.00% due 11/01/2042 | 814,687 | 826,527 | ||||||
3.00% due 04/01/2043 | 495,202 | 502,307 | ||||||
3.50% due 02/01/2042 | 174,319 | 182,025 | ||||||
3.50% due 03/01/2042 | 95,421 | 99,751 | ||||||
3.50% due 08/01/2042 | 545,524 | 571,070 | ||||||
3.50% due 09/01/2043 | 179,316 | 187,896 | ||||||
3.50% due 03/01/2045 | 610,458 | 637,764 | ||||||
4.00% due 09/01/2040 | 82,422 | 88,227 | ||||||
4.50% due 01/01/2039 | 7,143 | 7,751 | ||||||
4.50% due 12/01/2039 | 307,762 | 340,967 | ||||||
5.00% due 10/01/2033 | 2,338 | 2,590 | ||||||
6.00% due 08/01/2036 | 60,672 | 69,352 | ||||||
6.00% due 03/01/2040 | 42,866 | 48,916 | ||||||
6.50% due 05/01/2036 | 197 | 226 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 13,215 | 13,409 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
Series 2014-HQ1, Class M1 1.83% due 08/25/2024(6) | 52,976 | 53,230 | ||||||
Series 2014-DN1, Class M2 2.38% due 02/25/2024(6) | 101,000 | 102,224 | ||||||
Series 2014-HQ2, Class M2 2.38% due 09/25/2024(6) | 200,000 | 201,574 |
32 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) | ||||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
Series 2015-HQ1, Class M2 | ||||||||
2.38% due 03/25/2025 FRS(6) | $ | 208,000 | $ | 209,624 | ||||
5,011,768 | ||||||||
Federal National Mtg. Assoc. — 8.1% |
| |||||||
2.11% due 05/01/2037 FRS | 42,877 | 45,539 | ||||||
2.28% due 07/01/2039 FRS | 132,052 | 139,599 | ||||||
2.32% due 05/01/2040 FRS | 211,895 | 226,135 | ||||||
2.39% due 06/01/2034 FRS | 174,632 | 186,868 | ||||||
2.41% due 11/01/2036 FRS | 66,202 | 70,823 | ||||||
2.44% due 08/01/2035 FRS | 82,951 | 89,010 | ||||||
2.50% due 04/01/2028 | 248,015 | 254,634 | ||||||
2.50% due June 15 TBA | 553,000 | 565,288 | ||||||
3.00% due 10/01/2040 FRS | 49,495 | 52,718 | ||||||
3.00% due 10/01/2027 | 142,262 | 148,896 | ||||||
3.00% due 12/01/2027 | 128,980 | 134,864 | ||||||
3.00% due 01/01/2028 | 232,608 | 243,464 | ||||||
3.00% due 03/01/2042 | 112,723 | 114,658 | ||||||
3.00% due 12/01/2042 | 61,278 | 62,329 | ||||||
3.00% due 05/01/2043 | 351,630 | 357,358 | ||||||
3.00% due 02/01/2045 | 220,297 | 223,569 | ||||||
3.00% due June 15 TBA | 200,000 | 208,961 | ||||||
3.00% due June 30 TBA | 1,203,000 | 1,219,753 | ||||||
3.21% due 10/01/2040 FRS | 115,823 | 123,678 | ||||||
3.50% due 08/01/2026 | 165,884 | 176,316 | ||||||
3.50% due 08/01/2027 | 22,554 | 23,932 | ||||||
3.50% due 10/01/2028 | 248,373 | 265,025 | ||||||
3.50% due 08/01/2042 | 356,463 | 373,488 | ||||||
3.50% due 08/01/2043 | 839,062 | 877,846 | ||||||
3.50% due June 30 TBA | 875,000 | 914,580 | ||||||
4.00% due 09/01/2040 | 86,279 | 92,416 | ||||||
4.00% due 12/01/2040 | 493,517 | 528,512 | ||||||
4.00% due 10/01/2041 | 152,835 | 163,705 | ||||||
4.00% due 11/01/2041 | 196,662 | 210,560 | ||||||
4.00% due 01/01/2042 | 113,390 | 121,410 | ||||||
4.00% due 10/01/2043 | 12,267 | 13,091 | ||||||
4.00% due 12/01/2043 | 110,521 | 119,444 | ||||||
4.00% due 10/01/2044 | 210,131 | 224,529 | ||||||
4.00% due June 30 TBA | 2,300,000 | 2,456,104 | ||||||
4.50% due 10/01/2024 | 101,712 | 109,222 | ||||||
4.50% due 03/01/2025 | 149,261 | 160,306 | ||||||
4.50% due 01/01/2039 | 19,409 | 21,117 | ||||||
4.50% due 09/01/2039 | 95,725 | 104,295 | ||||||
4.50% due 09/01/2040 | 214,595 | 234,015 | ||||||
4.50% due 11/01/2040 | 25,301 | 27,579 | ||||||
4.50% due 05/01/2041 | 104,866 | 114,354 | ||||||
4.50% due 07/01/2041 | 43,847 | 47,824 | ||||||
4.50% due June 30 TBA | 1,251,000 | 1,360,150 | ||||||
5.00% due 03/15/2016 | 67,000 | 69,452 | ||||||
5.00% due 11/01/2033 | 3,934 | 4,390 | ||||||
5.00% due 05/01/2040 | 58,810 | 65,728 | ||||||
5.00% due 06/01/2040 | 180,428 | 200,468 | ||||||
5.00% due 07/01/2040 | 392,484 | 436,271 | ||||||
5.50% due 12/01/2029 | 24,535 | 27,736 | ||||||
5.50% due 08/01/2037 | 119,879 | 135,567 | ||||||
6.00% due 05/01/2017 | 8,541 | 8,803 | ||||||
6.00% due 11/01/2038 | 96,544 | 110,407 | ||||||
6.00% due 06/01/2040 | 5,863 | 6,709 | ||||||
6.50% due 02/01/2017 | 4,077 | 4,169 | ||||||
Fannie Mae Connecticut Avenue Securities FRS | ||||||||
1.78% due 01/25/2024(6) | 51,475 | 51,803 | ||||||
Series 2013-C01, Class M1 | ||||||||
2.18% due 10/25/2023(6) | 116,580 | 118,312 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
Federal National Mtg. Assoc. REMIC | $ | 91,558 | $ | 92,008 | ||||
14,539,787 | ||||||||
Government National Mtg. Assoc. — 0.6% |
| |||||||
3.00% due 02/20/2045 | 243,329 | 249,762 | ||||||
3.50% due 03/20/2045 | 195,802 | 206,142 | ||||||
3.50% due 04/20/2045 | 279,387 | 294,155 | ||||||
3.50% due June 30 TBA | 168,000 | 176,469 | ||||||
4.00% due 03/20/2044 | 24,216 | 25,797 | ||||||
6.00% due 02/15/2029 | 2,963 | 3,401 | ||||||
6.00% due 06/15/2029 | 8,826 | 10,357 | ||||||
966,083 | ||||||||
Tennessee Valley Authority — 0.0% |
| |||||||
1.75% due 10/15/2018 | 50,000 | 50,901 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $20,438,769) | 20,568,539 | |||||||
U.S. GOVERNMENT TREASURIES — 3.4% |
| |||||||
United States Treasury Bonds — 0.9% |
| |||||||
3.00% due 11/15/2044 | 1,459,000 | 1,499,464 | ||||||
3.38% due 05/15/2044 | 33,000 | 36,344 | ||||||
3.63% due 02/15/2044 | 24,000 | 27,633 | ||||||
4.50% due 02/15/2036 | 27,000 | 35,098 | ||||||
1,598,539 | ||||||||
United States Treasury Notes — 2.5% |
| |||||||
0.13% due 04/15/2018 TIPS(7) | 220,592 | 224,590 | ||||||
1.25% due 10/31/2015 | 16,000 | 16,076 | ||||||
1.38% due 03/31/2020 | 409,000 | 407,594 | ||||||
1.38% due 04/30/2020 | 154,000 | 153,314 | ||||||
1.50% due 01/31/2022 | 48,000 | 47,018 | ||||||
1.75% due 03/31/2022 | 51,000 | 50,721 | ||||||
2.00% due 02/15/2025# | 1,112,000 | 1,102,617 | ||||||
2.13% due 12/31/2021 | 232,000 | 236,676 | ||||||
2.25% due 11/15/2024 | 2,071,000 | 2,100,286 | ||||||
2.38% due 08/15/2024 | 103,000 | 105,672 | ||||||
4,444,564 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $6,217,099) | 6,043,103 | |||||||
MUNICIPAL BONDS & NOTES — 0.1% |
| |||||||
Ohio State University | 91,000 | 91,059 | ||||||
Port Authority of New York & New Jersey | 100,000 | 103,157 | ||||||
Port Authority of New York & New Jersey | 83,000 | 94,315 | ||||||
Total Municipal Bonds & Notes | ||||||||
(cost $273,113) | 288,531 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.3% |
| |||||||
Electric - Distribution — 0.1% |
| |||||||
Hydro-Quebec | 90,000 | 90,831 | ||||||
Regional Authority — 0.0% |
| |||||||
Province of British Columbia | 89,000 | 89,080 | ||||||
33 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Sovereign — 0.2% |
| |||||||
Government of Canada | $ | 91,000 | $ | 91,360 | ||||
United Mexican States | 149,000 | 153,619 | ||||||
United Mexican States | 73,000 | 73,566 | ||||||
318,545 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $482,589) | 498,456 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $165,878,368) | 173,601,852 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 13.7% |
| |||||||
Registered Investment Companies — 6.9% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(8) | 12,365,001 | 12,365,001 | ||||||
Time Deposits — 6.3% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | 11,187,000 | 11,187,000 | ||||||
U.S. Government Treasuries — 0.5% |
| |||||||
United States Treasury Bills | 400,000 | 399,999 | ||||||
0.20% due 03/31/2016(9) | 560,000 | 558,995 | ||||||
958,994 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $24,511,048) | 24,510,995 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $190,389,416)(10) | 110.6 | % | 198,112,847 | |||||
Liabilities in excess of other assets | (10.6 | ) | (18,986,727 | ) | ||||
NET ASSETS | 100.0 | % | $ | 179,126,120 | ||||
# | 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 May 31, 2015, the aggregate value of these securities was $11,478,900 representing 6.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $23,618,022 representing 13.2% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | 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) | Illiquid security. At May 31, 2015, the aggregate value of these securities was $11,651 representing 0.0% of net assets. |
(5) | Commercial Mortgage Backed Security |
(6) | Collateralized Mortgage Obligation |
(7) | Principal amount of security is adjusted for inflation. |
(8) | At May 31, 2015, the Fund had loaned securities with a total value of $12,133,526. This was secured by collateral of $12,365,001, which was received in cash and subsequently invested in short-term investments currently valued at $12,365,001 as reported in the Portfolio of Investments. Additional collateral of $240,490 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 11/01/2034 to 12/15/2044 | $ | 9,198 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 10/25/2029 to 02/25/2044 | 43,340 | |||||
Government National Mtg. Assoc. | 0.38% to 4.00% | 04/20/2039 to 12/16/2052 | 8,159 | |||||
United States Treasury Bills | zero coupon | 07/23/2015 to 02/04/2016 | 9,537 | |||||
United States Treasury Notes/Bonds | zero coupon to 6.00% | 06/30/2015 to 05/15/2044 | 170,256 |
(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. |
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.
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of May 31, 2015 and unless noted otherwise, the dates shown are the original maturity dates.
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
135 | Long | EURO STOXX 50 Index# | June 2015 | $ | 5,419,732 | $ | 5,291,229 | $ | (128,503 | ) | ||||||||||||
56 | Short | S&P 500 E-Mini Index | June 2015 | 5,857,432 | 5,896,800 | (39,368 | ) | |||||||||||||||
43 | Short | U.S. Treasury 10 Year Notes | June 2015 | 5,534,808 | 5,517,438 | 17,370 | ||||||||||||||||
$ | (150,501 | ) | ||||||||||||||||||||
# | Foreign equity futures contracts valued using fair value procedures at May 31, 2015. The aggregate depreciation of these futures contracts was $128,503 representing 0.07% of net assets. Foreign equity futures contracts are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity futures contracts. |
34 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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: | ||||||||||||||||
Advertising Services | $ | 2,950 | $ | 158,659 | $ | — | $ | 161,609 | ||||||||
Aerospace/Defense | 2,090,333 | 145,059 | — | 2,235,392 | ||||||||||||
Aerospace/Defense - Equipment | 195,293 | 100,159 | — | 295,452 | ||||||||||||
Airport Development/Maintenance | — | 71,516 | — | 71,516 | ||||||||||||
Apparel Manufacturers | 109,450 | 286,800 | — | 396,250 | ||||||||||||
Athletic Footwear | 138,780 | 78,332 | — | 217,112 | ||||||||||||
Audio/Video Products | 38,734 | 256,703 | — | 295,437 | ||||||||||||
Auto-Cars/Light Trucks | — | 1,199,110 | — | 1,199,110 | ||||||||||||
Auto-Heavy Duty Trucks | — | 48,807 | — | 48,807 | ||||||||||||
Auto/Truck Parts & Equipment - Original | 542,664 | 257,123 | — | 799,787 | ||||||||||||
Banks - Commercial | 2,447,260 | 1,325,372 | — | 3,772,632 | ||||||||||||
Brewery | — | 528,299 | — | 528,299 | ||||||||||||
Building & Construction - Misc. | 70,068 | 109,134 | — | 179,202 | ||||||||||||
Building Products - Air & Heating | 20,427 | 84,013 | — | 104,440 | ||||||||||||
Building Products - Cement | 28,622 | 4,902 | — | 33,524 | ||||||||||||
Building Products - Doors & Windows | 56,019 | 65,058 | — | 121,077 | ||||||||||||
Building - Heavy Construction | 4,206 | 28,002 | — | 32,208 | ||||||||||||
Building - Maintenance & Services | 34,581 | 106,099 | — | 140,680 | ||||||||||||
Building - Residential/Commercial | 109,239 | 175,650 | — | 284,889 | ||||||||||||
Cable/Satellite TV | 1,878,967 | 100,616 | — | 1,979,583 | ||||||||||||
Cellular Telecom | — | 116,196 | — | 116,196 | ||||||||||||
Chemicals - Diversified | 1,259,837 | 624,325 | — | 1,884,162 | ||||||||||||
Chemicals - Specialty | 193,223 | 181,884 | — | 375,107 | ||||||||||||
Commercial Services | 115,354 | 37,352 | — | 152,706 | ||||||||||||
Computer Data Security | — | 32,415 | — | 32,415 | ||||||||||||
Computers - Integrated Systems | 86,680 | 55,915 | — | 142,595 | ||||||||||||
Cosmetics & Toiletries | 351,812 | 153,515 | — | 505,327 | ||||||||||||
Cruise Lines | — | 19,280 | — | 19,280 | ||||||||||||
Diagnostic Kits | 15,634 | 51,089 | — | 66,723 | ||||||||||||
Dialysis Centers | — | 49,469 | — | 49,469 | ||||||||||||
Diversified Banking Institutions | 697,666 | 1,185,372 | — | 1,883,038 | ||||||||||||
Diversified Manufacturing Operations | 1,914,582 | 81,877 | — | 1,996,459 | ||||||||||||
Diversified Minerals | 33,102 | 274,883 | — | 307,985 | ||||||||||||
Diversified Operations | — | 68,979 | — | 68,979 | ||||||||||||
Diversified Operations/Commercial Services | 11,058 | 45,571 | — | 56,629 | ||||||||||||
Electric - Generation | — | 46,935 | — | 46,935 | ||||||||||||
Electric - Integrated | 1,333,790 | 499,539 | — | 1,833,329 | ||||||||||||
Electronic Components - Misc. | 252,695 | 343,272 | — | 595,967 | ||||||||||||
Electronic Components - Semiconductors | 1,520,654 | 46,379 | — | 1,567,033 | ||||||||||||
Electronic Measurement Instruments | 51,994 | 107,393 | — | 159,387 | ||||||||||||
Electronics - Military | 28,392 | 86,559 | — | 114,951 | ||||||||||||
Engineering/R&D Services | 79,922 | 60,362 | — | 140,284 | ||||||||||||
Finance - Investment Banker/Broker | 445,907 | 135,653 | — | 581,560 | ||||||||||||
Finance - Leasing Companies | — | 71,004 | — | 71,004 | ||||||||||||
Food - Catering | — | 18,035 | — | 18,035 | ||||||||||||
Food - Confectionery | — | 52,939 | — | 52,939 | ||||||||||||
Food - Misc./Diversified | 474,665 | 677,468 | — | 1,152,133 | ||||||||||||
Food - Retail | 186,586 | 364,460 | — | 551,046 | ||||||||||||
Gambling (Non-Hotel) | 45,140 | 20,416 | — | 65,556 | ||||||||||||
Gas - Distribution | 348,473 | 228,544 | — | 577,017 | ||||||||||||
Hotels/Motels | 57,460 | 58,942 | — | 116,402 | ||||||||||||
Human Resources | 192,068 | 90,168 | — | 282,236 | ||||||||||||
Import/Export | — | 378,775 | — | 378,775 | ||||||||||||
Industrial Automated/Robotic | 101,753 | 109,880 | — | 211,633 | ||||||||||||
Industrial Gases | 458,268 | 150,205 | — | 608,473 | ||||||||||||
Insurance - Life/Health | 853,930 | 322,687 | — | 1,176,617 | ||||||||||||
Insurance - Multi-line | 1,027,018 | 477,127 | — | 1,504,145 |
35 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Insurance - Property/Casualty | $ | 785,543 | $ | 247,076 | $ | — | $ | 1,032,619 | ||||||||
Insurance - Reinsurance | 905,233 | 137,352 | — | 1,042,585 | ||||||||||||
Investment Companies | — | 102,868 | — | 102,868 | ||||||||||||
Investment Management/Advisor Services | 1,090,156 | 145,099 | — | 1,235,255 | ||||||||||||
Machinery - Construction & Mining | 392,878 | 145,032 | — | 537,910 | ||||||||||||
Machinery - Electrical | 28,539 | 418,437 | — | 446,976 | ||||||||||||
Machinery - Farming | 19,491 | 82,973 | — | 102,464 | ||||||||||||
Machinery - General Industrial | 92,582 | 218,789 | — | 311,371 | ||||||||||||
Medical Instruments | 741,430 | 32,569 | — | 773,999 | ||||||||||||
Medical Labs & Testing Services | 16,510 | 57,744 | — | 74,254 | ||||||||||||
Medical Products | 301,681 | 113,971 | — | 415,652 | ||||||||||||
Medical - Drugs | 3,133,042 | 1,959,201 | — | 5,092,243 | ||||||||||||
Medical - Wholesale Drug Distribution | 374,786 | 8,004 | — | 382,790 | ||||||||||||
Metal - Copper | — | 105,598 | — | 105,598 | ||||||||||||
Multimedia | 647,372 | 89,164 | — | 736,536 | ||||||||||||
Networking Products | 409,884 | 80,637 | — | 490,521 | ||||||||||||
Office Automation & Equipment | 43,831 | 134,621 | — | 178,452 | ||||||||||||
Office Supplies & Forms | 110,014 | 60,346 | — | 170,360 | ||||||||||||
Oil Companies - Integrated | 1,334,057 | 678,341 | — | 2,012,398 | ||||||||||||
Oil Refining & Marketing | 1,002,305 | 134,154 | — | 1,136,459 | ||||||||||||
Oil - Field Services | 1,224,854 | 122,732 | — | 1,347,586 | ||||||||||||
Paper & Related Products | 163,193 | 68,880 | — | 232,073 | ||||||||||||
Photo Equipment & Supplies | — | 125,885 | — | 125,885 | ||||||||||||
Printing - Commercial | — | 63,180 | — | 63,180 | ||||||||||||
Private Equity | — | 38,683 | — | 38,683 | ||||||||||||
Public Thoroughfares | — | 38,933 | — | 38,933 | ||||||||||||
Publishing - Periodicals | — | 9,968 | — | 9,968 | ||||||||||||
Real Estate Investment Trusts | 4,922,210 | 1,010,303 | — | 5,932,513 | ||||||||||||
Real Estate Management/Services | 86,549 | 525,437 | — | 611,986 | ||||||||||||
Real Estate Operations & Development | 9,011 | 832,674 | — | 841,685 | ||||||||||||
Resorts/Theme Parks | 49,967 | 57,614 | — | 107,581 | ||||||||||||
Retail - Apparel/Shoe | 606,721 | 115,806 | — | 722,527 | ||||||||||||
Retail - Building Products | 633,596 | 7,815 | — | 641,411 | ||||||||||||
Retail - Consumer Electronics | 152,923 | 22,020 | — | 174,943 | ||||||||||||
Retail - Jewelry | 9,182 | 52,744 | — | 61,926 | ||||||||||||
Retail - Regional Department Stores | 155,101 | 92,030 | — | 247,131 | ||||||||||||
Rubber - Tires | — | 124,583 | — | 124,583 | ||||||||||||
Satellite Telecom | 114,851 | 4,157 | — | 119,008 | ||||||||||||
Security Services | 31,736 | 66,560 | — | 98,296 | ||||||||||||
Semiconductor Equipment | 200,863 | 202,217 | — | 403,080 | ||||||||||||
Steel - Producers | 63,347 | 145,974 | — | 209,321 | ||||||||||||
Telecommunication Equipment | 222,570 | 10,746 | — | 233,316 | ||||||||||||
Telephone - Integrated | 1,763,311 | 918,486 | — | 2,681,797 | ||||||||||||
Television | — | 44,374 | 11,632 | 56,006 | ||||||||||||
Textile - Apparel | 14,591 | 17,894 | — | 32,485 | ||||||||||||
Tobacco | 935,172 | 482,265 | — | 1,417,437 | ||||||||||||
Toys | — | 67,634 | — | 67,634 | ||||||||||||
Transactional Software | 52,101 | 90,109 | — | 142,210 | ||||||||||||
Transport - Marine | 60,557 | 71,485 | — | 132,042 | ||||||||||||
Transport - Rail | 189,610 | �� | 412,243 | — | 601,853 | |||||||||||
Transport - Services | 911,454 | 81,936 | — | 993,390 | ||||||||||||
Wire & Cable Products | 34,805 | 8,243 | — | 43,048 | ||||||||||||
Other Industries | 30,378,658 | — | — | 30,378,658 | ||||||||||||
Exchange Traded Funds | 10,040,271 | — | — | 10,040,271 | ||||||||||||
Preferred Securities: | ||||||||||||||||
Auto - Cars/Light Trucks | — | 116,943 | — | 116,943 | ||||||||||||
Soap & Cleaning Preparation | — | 161,316 | — | 161,316 | ||||||||||||
Other Industries | 267,722 | — | — | 267,722 | ||||||||||||
Preferred Securities/Capital Securities | — | 1,925,165 | — | 1,925,165 | ||||||||||||
Rights | 72 | — | — | 72 | ||||||||||||
Asset Backed Securities | — | 3,853,759 | — | 3,853,759 |
36 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Airlines | $ | — | $ | 94,960 | $ | 133,271 | $ | 228,231 | ||||||||
Other Industries | — | 25,892,030 | — | 25,892,030 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 6,044,696 | — | 6,044,696 | ||||||||||||
U.S. Government Agencies | — | 20,568,539 | — | 20,568,539 | ||||||||||||
U.S. Government Treasuries | — | 6,043,103 | — | 6,043,103 | ||||||||||||
Municipal Bonds & Notes | — | 288,531 | — | 288,531 | ||||||||||||
Foreign Government Obligations | — | 498,456 | — | 498,456 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 12,365,001 | — | — | 12,365,001 | ||||||||||||
Other Short-Term Investment Securities | — | 12,145,994 | — | 12,145,994 | ||||||||||||
Total Investments at Value | $ | 96,994,589 | $ | 100,973,355 | $ | 144,903 | $ | 198,112,847 | ||||||||
Other Financial Instruments:+ | ||||||||||||||||
Futures Contracts | $ | 17,370 | $ | — | $ | — | $ | 17,370 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Futures Contracts | $ | 39,368 | $ | 128,503 | $ | — | $ | 167,871 | ||||||||
* | 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. Securities currently valued at $19,668,385 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
37 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 10.4 | % | ||
E-Commerce/Products | 6.9 | |||
Web Portals/ISP | 6.5 | |||
E-Commerce/Services | 4.5 | |||
Medical — Wholesale Drug Distribution | 4.2 | |||
Applications Software | 3.6 | |||
Medical — Drugs | 3.3 | |||
Finance — Credit Card | 2.7 | |||
Diagnostic Equipment | 2.7 | |||
Internet Content — Entertainment | 2.6 | |||
Commercial Services — Finance | 2.6 | |||
Retail — Building Products | 2.5 | |||
Medical — Generic Drugs | 2.5 | |||
Computers | 2.5 | |||
Retail — Restaurants | 2.0 | |||
Airlines | 2.0 | |||
Oil Companies — Exploration & Production | 1.9 | |||
Medical — HMO | 1.9 | |||
Coatings/Paint | 1.9 | |||
Retail — Drug Store | 1.8 | |||
Registered Investment Companies | 1.7 | |||
Real Estate Investment Trusts | 1.6 | |||
Retail — Auto Parts | 1.6 | |||
Aerospace/Defense | 1.5 | |||
Machinery — General Industrial | 1.5 | |||
Instruments — Scientific | 1.3 | |||
Investment Management/Advisor Services | 1.3 | |||
Internet Application Software | 1.3 | |||
Chemicals — Specialty | 1.2 | |||
Diversified Banking Institutions | 1.2 | |||
Medical Products | 1.1 | |||
Retail — Apparel/Shoe | 1.0 | |||
Finance — Investment Banker/Broker | 1.0 | |||
Medical Instruments | 0.9 | |||
Casino Hotels | 0.9 | |||
Multimedia | 0.9 | |||
Transport — Services | 0.9 | |||
Banks — Fiduciary | 0.8 | |||
Metal Processors & Fabrication | 0.8 | |||
Hotels/Motels | 0.8 | |||
Finance — Other Services | 0.7 | |||
Data Processing/Management | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Retail — Gardening Products | 0.7 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Athletic Footwear | 0.5 | |||
Cruise Lines | 0.5 | |||
Computer Services | 0.4 | |||
Transport — Rail | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Entertainment Software | 0.4 | |||
Diversified Manufacturing Operations | 0.4 | |||
Retail — Automobile | 0.4 | |||
Internet Content — Information/News | 0.4 | |||
Insurance Brokers | 0.3 | |||
Transport — Truck | 0.3 | |||
Retail — Discount | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Computer Software | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Machinery — Pumps | 0.1 | |||
Consulting Services | 0.1 | |||
101.3 | % | |||
* | Calculated as a percentage of net assets |
38 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.6% |
| |||||||
Aerospace/Defense — 1.5% |
| |||||||
Boeing Co. | 70,500 | $ | 9,906,660 | |||||
Airlines — 2.0% |
| |||||||
American Airlines Group, Inc. | 181,400 | 7,685,918 | ||||||
Delta Air Lines, Inc. | 1,000 | 42,920 | ||||||
United Continental Holdings, Inc.† | 97,100 | 5,300,689 | ||||||
13,029,527 | ||||||||
Apparel Manufacturers — 0.7% |
| |||||||
Hanesbrands, Inc. | 136,600 | 4,352,076 | ||||||
VF Corp. | 700 | 49,301 | ||||||
4,401,377 | ||||||||
Applications Software — 3.6% |
| |||||||
Intuit, Inc. | 2,500 | 260,375 | ||||||
Microsoft Corp. | 158,700 | 7,436,682 | ||||||
Red Hat, Inc.† | 54,600 | 4,218,942 | ||||||
Salesforce.com, Inc.† | 140,100 | 10,192,275 | ||||||
ServiceNow, Inc.† | 17,300 | 1,325,353 | ||||||
23,433,627 | ||||||||
Athletic Footwear — 0.5% |
| |||||||
NIKE, Inc., Class B | 32,700 | 3,324,609 | ||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Tesla Motors, Inc.†# | 15,700 | 3,937,560 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
BorgWarner, Inc. | 8,800 | 529,320 | ||||||
Delphi Automotive PLC | 7,300 | 634,954 | ||||||
1,164,274 | ||||||||
Banks - Fiduciary — 0.8% |
| |||||||
Bank of New York Mellon Corp. | 7,800 | 338,208 | ||||||
Northern Trust Corp. | 9,400 | 700,770 | ||||||
State Street Corp. | 55,900 | 4,356,287 | ||||||
5,395,265 | ||||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Monster Beverage Corp.† | 1,800 | 229,104 | ||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Constellation Brands, Inc., Class A | 11,700 | 1,379,313 | ||||||
Casino Hotels — 0.9% |
| |||||||
Las Vegas Sands Corp. | 6,700 | 340,561 | ||||||
MGM Resorts International† | 155,400 | 3,115,770 | ||||||
Wynn Resorts, Ltd. | 25,700 | 2,587,733 | ||||||
6,044,064 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
PPG Industries, Inc. | 6,000 | 1,373,340 | ||||||
Chemicals - Specialty — 1.2% |
| |||||||
Ashland, Inc. | 14,100 | 1,796,340 | ||||||
Ecolab, Inc. | 55,100 | 6,317,215 | ||||||
8,113,555 | ||||||||
Coatings/Paint — 1.9% |
| |||||||
Sherwin-Williams Co. | 42,900 | 12,362,922 | ||||||
Coffee — 0.0% |
| |||||||
Keurig Green Mountain, Inc. | 1,100 | 94,864 | ||||||
Commercial Services - Finance — 2.6% |
| |||||||
MasterCard, Inc., Class A | 182,500 | 16,837,450 | ||||||
Computer Aided Design — 0.0% |
| |||||||
Autodesk, Inc.† | 2,800 | 151,620 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Services — 0.4% |
| |||||||
Cognizant Technology Solutions Corp., Class A† | 21,100 | $ | 1,365,592 | |||||
IHS, Inc., Class A† | 10,900 | 1,345,060 | ||||||
2,710,652 | ||||||||
Computer Software — 0.2% |
| |||||||
Akamai Technologies, Inc.† | 15,900 | 1,212,693 | ||||||
Computers — 2.5% |
| |||||||
Apple, Inc. | 122,900 | 16,011,412 | ||||||
Consulting Services — 0.1% |
| |||||||
Verisk Analytics, Inc., Class A† | 10,700 | 776,606 | ||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Estee Lauder Cos., Inc., Class A | 30,900 | 2,701,587 | ||||||
Cruise Lines — 0.5% |
| |||||||
Carnival Corp. | 8,400 | 389,172 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 41,300 | 2,253,328 | ||||||
Royal Caribbean Cruises, Ltd. | 4,400 | 334,312 | ||||||
2,976,812 | ||||||||
Data Processing/Management — 0.7% |
| |||||||
Fiserv, Inc.† | 58,000 | 4,648,700 | ||||||
Diagnostic Equipment — 2.7% |
| |||||||
Danaher Corp. | 201,880 | 17,426,282 | ||||||
Diversified Banking Institutions — 1.2% |
| |||||||
Citigroup, Inc. | 800 | 43,264 | ||||||
Morgan Stanley | 201,400 | 7,693,480 | ||||||
7,736,744 | ||||||||
Diversified Manufacturing Operations — 0.4% |
| |||||||
3M Co. | 1,200 | 190,896 | ||||||
Ingersoll-Rand PLC | 10,200 | 701,556 | ||||||
Textron, Inc. | 35,300 | 1,596,266 | ||||||
2,488,718 | ||||||||
E-Commerce/Products — 6.9% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 90,721 | 8,103,200 | ||||||
Amazon.com, Inc.† | 76,200 | 32,707,326 | ||||||
Vipshop Holdings, Ltd. ADR†# | 172,900 | 4,317,313 | ||||||
45,127,839 | ||||||||
E-Commerce/Services — 4.5% |
| |||||||
Ctrip.com International, Ltd. ADR† | 6,600 | 527,142 | ||||||
Netflix, Inc.† | 15,700 | 9,797,742 | ||||||
Priceline Group, Inc.† | 16,400 | 19,221,456 | ||||||
29,546,340 | ||||||||
Entertainment Software — 0.4% |
| |||||||
Electronic Arts, Inc.† | 39,700 | 2,491,373 | ||||||
Finance - Credit Card — 2.7% |
| |||||||
Visa, Inc., Class A | 257,300 | 17,671,364 | ||||||
Finance - Investment Banker/Broker — 1.0% |
| |||||||
TD Ameritrade Holding Corp. | 166,000 | 6,166,900 | ||||||
Finance - Other Services — 0.7% |
| |||||||
Intercontinental Exchange, Inc. | 20,400 | 4,830,312 | ||||||
Hotels/Motels — 0.8% |
| |||||||
Hilton Worldwide Holdings, Inc.† | 138,259 | 4,003,981 | ||||||
Marriott International, Inc., Class A | 12,890 | 1,005,291 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 1,400 | 115,864 | ||||||
5,125,136 | ||||||||
Instruments - Controls — 0.0% |
| |||||||
Honeywell International, Inc. | 1,000 | 104,200 | ||||||
39 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Instruments - Scientific — 1.3% |
| |||||||
Thermo Fisher Scientific, Inc. | 67,100 | $ | 8,698,173 | |||||
Insurance Brokers — 0.3% |
| |||||||
Marsh & McLennan Cos., Inc. | 36,600 | 2,131,218 | ||||||
Internet Application Software — 1.3% |
| |||||||
Tencent Holdings, Ltd.(1) | 415,700 | 8,328,421 | ||||||
Internet Content - Entertainment — 2.6% |
| |||||||
Facebook, Inc., Class A† | 212,541 | 16,831,122 | ||||||
Twitter, Inc.†# | 1,000 | 36,670 | ||||||
16,867,792 | ||||||||
Internet Content - Information/News — 0.4% |
| |||||||
LinkedIn Corp., Class A† | 12,400 | 2,417,132 | ||||||
Investment Management/Advisor Services — 1.3% |
| |||||||
Ameriprise Financial, Inc. | 34,440 | 4,290,880 | ||||||
Invesco, Ltd. | 104,100 | 4,146,303 | ||||||
8,437,183 | ||||||||
Machinery - General Industrial — 1.5% |
| |||||||
Roper Technologies, Inc. | 28,800 | 5,038,848 | ||||||
Wabtec Corp. | 44,300 | 4,443,290 | ||||||
9,482,138 | ||||||||
Machinery - Pumps — 0.1% |
| |||||||
Flowserve Corp. | 16,400 | 902,000 | ||||||
Medical Instruments — 0.9% |
| |||||||
Intuitive Surgical, Inc.† | 9,000 | 4,389,750 | ||||||
Medtronic PLC | 21,892 | 1,670,797 | ||||||
6,060,547 | ||||||||
Medical Products — 1.1% |
| |||||||
Becton Dickinson and Co. | 30,100 | 4,229,351 | ||||||
Cooper Cos., Inc. | 5,300 | 963,381 | ||||||
Stryker Corp. | 23,400 | 2,249,442 | ||||||
7,442,174 | ||||||||
Medical - Biomedical/Gene — 10.4% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 80,500 | 13,189,120 | ||||||
Biogen, Inc.† | 43,300 | 17,189,667 | ||||||
Celgene Corp.† | 114,700 | 13,126,268 | ||||||
Gilead Sciences, Inc.† | 136,700 | 15,347,309 | ||||||
Regeneron Pharmaceuticals, Inc.† | 11,300 | 5,791,928 | ||||||
Vertex Pharmaceuticals, Inc.† | 26,100 | 3,348,369 | ||||||
67,992,661 | ||||||||
Medical - Drugs — 3.3% |
| |||||||
AbbVie, Inc. | 2,000 | 133,180 | ||||||
Bristol-Myers Squibb Co. | 36,400 | 2,351,440 | ||||||
Eli Lilly & Co. | 33,100 | 2,611,590 | ||||||
Shire PLC ADR | 12,700 | 3,303,905 | ||||||
Valeant Pharmaceuticals International, Inc.† | 55,700 | 13,299,489 | ||||||
21,699,604 | ||||||||
Medical - Generic Drugs — 2.5% |
| |||||||
Actavis PLC† | 52,051 | 15,969,767 | ||||||
Perrigo Co. PLC | 400 | 76,120 | ||||||
16,045,887 | ||||||||
Medical - HMO — 1.9% |
| |||||||
Anthem, Inc. | 24,400 | 4,095,540 | ||||||
Humana, Inc. | 7,600 | 1,631,340 | ||||||
UnitedHealth Group, Inc. | 55,700 | 6,695,697 | ||||||
12,422,577 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Wholesale Drug Distribution — 4.2% |
| |||||||
AmerisourceBergen Corp. | 26,700 | $ | 3,005,352 | |||||
Cardinal Health, Inc. | 47,400 | 4,179,258 | ||||||
McKesson Corp. | 86,000 | 20,401,780 | ||||||
27,586,390 | ||||||||
Metal Processors & Fabrication — 0.8% |
| |||||||
Precision Castparts Corp. | 24,400 | 5,163,772 | ||||||
Multimedia — 0.9% |
| |||||||
Time Warner, Inc. | 6,400 | 540,672 | ||||||
Walt Disney Co. | 48,100 | 5,308,797 | ||||||
5,849,469 | ||||||||
Oil Companies - Exploration & Production — 1.9% |
| |||||||
Cimarex Energy Co. | 9,200 | 1,062,692 | ||||||
Concho Resources, Inc.† | 11,900 | 1,431,570 | ||||||
Continental Resources, Inc.†# | 8,300 | 378,148 | ||||||
EQT Corp. | 55,900 | 4,755,413 | ||||||
Pioneer Natural Resources Co. | 18,600 | 2,749,638 | ||||||
Range Resources Corp. | 39,928 | 2,212,410 | ||||||
12,589,871 | ||||||||
Real Estate Investment Trusts — 1.6% |
| |||||||
American Tower Corp. | 113,900 | 10,568,781 | ||||||
Recreational Vehicles — 0.0% |
| |||||||
Polaris Industries, Inc. | 1,000 | 143,050 | ||||||
Retail - Apparel/Shoe — 1.0% |
| |||||||
L Brands, Inc. | 28,100 | 2,431,212 | ||||||
PVH Corp. | 1,300 | 136,032 | ||||||
Ross Stores, Inc. | 41,500 | 4,011,805 | ||||||
6,579,049 | ||||||||
Retail - Auto Parts — 1.6% |
| |||||||
AutoZone, Inc.† | 3,900 | 2,627,118 | ||||||
O’Reilly Automotive, Inc.† | 34,200 | 7,507,926 | ||||||
10,135,044 | ||||||||
Retail - Automobile — 0.4% |
| |||||||
CarMax, Inc.† | 35,000 | 2,486,400 | ||||||
Retail - Building Products — 2.5% |
| |||||||
Home Depot, Inc. | 63,100 | 7,030,602 | ||||||
Lowe’s Cos., Inc. | 130,000 | 9,097,400 | ||||||
16,128,002 | ||||||||
Retail - Discount — 0.2% |
| |||||||
Costco Wholesale Corp. | 9,800 | 1,397,382 | ||||||
Retail - Drug Store — 1.8% |
| |||||||
CVS Health Corp. | 66,000 | 6,757,080 | ||||||
Walgreens Boots Alliance, Inc. | 54,500 | 4,678,280 | ||||||
11,435,360 | ||||||||
Retail - Gardening Products — 0.7% |
| |||||||
Tractor Supply Co. | 48,900 | 4,261,146 | ||||||
Retail - Restaurants — 2.0% |
| |||||||
Chipotle Mexican Grill, Inc.† | 3,900 | 2,400,528 | ||||||
Starbucks Corp. | 209,800 | 10,901,208 | ||||||
13,301,736 | ||||||||
Transport - Rail — 0.4% |
| |||||||
Canadian Pacific Railway, Ltd. | 9,400 | 1,548,274 | ||||||
Kansas City Southern | 500 | 45,250 | ||||||
Union Pacific Corp. | 11,000 | 1,110,010 | ||||||
2,703,534 | ||||||||
40 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Transport - Services — 0.9% |
| |||||||
FedEx Corp. | 33,500 | $ | 5,802,870 | |||||
Transport - Truck — 0.3% |
| |||||||
J.B. Hunt Transport Services, Inc. | 20,100 | 1,688,802 | ||||||
Web Portals/ISP — 6.5% |
| |||||||
Baidu, Inc. ADR† | 63,900 | 12,613,860 | ||||||
Google, Inc., Class A† | 24,300 | 13,251,276 | ||||||
Google, Inc., Class C† | 30,984 | 16,486,896 | ||||||
42,352,032 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $406,771,842) | 650,032,998 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.7% |
| |||||||
Registered Investment Companies — 1.7% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 8,074,528 | 8,074,528 | ||||||
T. Rowe Price Reserve Investment Fund | 2,871,448 | 2,871,448 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $10,945,976) | 10,945,976 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $417,717,818)(3) | 101.3 | % | 660,978,974 | |||||
Liabilities in excess of other assets | (1.3 | ) | (8,160,379 | ) | ||||
NET ASSETS | 100.0 | % | $ | 652,818,595 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $8,328,421 representing 1.3% 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. |
(2) | At May 31, 2015, the Fund had loaned securities with a total value of $7,997,198. This was secured by collateral of $8,074,528, which was received in cash and subsequently invested in short-term investments currently valued at $8,074,528 as reported in the portfolio of investments. Additional collateral of $169,242 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 07/23/2015 | $ | 30,200 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 06/30/2015 to 05/15/2044 | 139,042 |
(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 May 31, 2015 (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 Application Software | $ | — | $ | 8,328,421 | $ | — | $ | 8,328,421 | ||||||||
Other industries | 641,704,577 | — | — | 641,704,577 | ||||||||||||
Short-Term Investment Securities | 10,945,976 | — | — | 10,945,976 | ||||||||||||
Total Investments at Value | $ | 652,650,553 | $ | 8,328,421 | $ | — | $ | 660,978,974 | ||||||||
* | 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. Securities currently valued at $8,328,421 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
41 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Banks — Super Regional | 7.0 | % | ||
Diversified Banking Institutions | 6.4 | |||
Medical — Drugs | 5.8 | |||
Electronic Components — Semiconductors | 5.5 | |||
Aerospace/Defense | 4.7 | |||
Medical — HMO | 4.4 | |||
Cruise Lines | 4.2 | |||
Registered Investment Companies | 3.9 | |||
Tobacco | 3.9 | |||
Auto/Truck Parts & Equipment — Original | 3.6 | |||
Savings & Loans/Thrifts | 3.3 | |||
Finance — Consumer Loans | 3.1 | |||
Time Deposits | 3.1 | |||
Retail — Discount | 2.8 | |||
Finance — Credit Card | 2.6 | |||
Diversified Manufacturing Operations | 2.4 | |||
Oil Companies — Exploration & Production | 2.2 | |||
Enterprise Software/Service | 2.2 | |||
Apparel Manufacturers | 1.8 | |||
Building & Construction Products — Misc. | 1.7 | |||
Tools — Hand Held | 1.7 | |||
Medical — Wholesale Drug Distribution | 1.7 | |||
Building Products — Cement | 1.6 | |||
Medical Instruments | 1.6 | |||
Banks — Fiduciary | 1.6 | |||
Telephone — Integrated | 1.6 | |||
Medical — Generic Drugs | 1.5 | |||
Applications Software | 1.5 | |||
Building — Residential/Commercial | 1.5 | |||
Semiconductor Components — Integrated Circuits | 1.4 | |||
Resorts/Theme Parks | 1.4 | |||
Investment Management/Advisor Services | 1.3 | |||
Chemicals — Diversified | 1.2 | |||
Machinery — Farming | 1.0 | |||
Oil Companies — Integrated | 1.0 | |||
Oil Refining & Marketing | 1.0 | |||
Electric Products — Misc. | 1.0 | |||
Pharmacy Services | 1.0 | |||
Instruments — Controls | 1.0 | |||
Engineering/R&D Services | 0.9 | |||
Machinery — Construction & Mining | 0.9 | |||
Finance — Investment Banker/Broker | 0.8 | |||
Cellular Telecom | 0.8 | |||
Oil & Gas Drilling | 0.4 | |||
104.0 | % | |||
* | Calculated as a percentage of net assets |
42 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.0% |
| |||||||
Aerospace/Defense — 4.7% |
| |||||||
General Dynamics Corp. | 4,900 | $ | 686,784 | |||||
Raytheon Co. | 5,660 | 584,452 | ||||||
Rolls-Royce Holdings PLC | 8,400 | 642,180 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 18,800 | 1,026,292 | ||||||
2,939,708 | ||||||||
Apparel Manufacturers — 1.8% |
| |||||||
Hanesbrands, Inc. | 34,300 | 1,092,798 | ||||||
Applications Software — 1.5% |
| |||||||
Microsoft Corp. | 20,335 | 952,898 | ||||||
Auto/Truck Parts & Equipment - Original — 3.6% |
| |||||||
Delphi Automotive PLC | 14,000 | 1,217,720 | ||||||
Johnson Controls, Inc. | 20,100 | 1,045,602 | ||||||
2,263,322 | ||||||||
Banks - Fiduciary — 1.6% |
| |||||||
State Street Corp. | 12,810 | 998,283 | ||||||
Banks - Super Regional — 7.0% |
| |||||||
Capital One Financial Corp. | 18,125 | 1,514,525 | ||||||
Fifth Third Bancorp | 29,400 | 595,056 | ||||||
PNC Financial Services Group, Inc. | 9,025 | 863,602 | ||||||
Wells Fargo & Co. | 24,745 | 1,384,730 | ||||||
4,357,913 | ||||||||
Building & Construction Products - Misc. — 1.7% |
| |||||||
Owens Corning | 25,200 | 1,067,472 | ||||||
Building Products - Cement — 1.6% |
| |||||||
CRH PLC ADR | 36,500 | 1,023,460 | ||||||
Building - Residential/Commercial — 1.5% |
| |||||||
NVR, Inc.† | 699 | 951,059 | ||||||
Cellular Telecom — 0.8% |
| |||||||
Vodafone Group PLC ADR | 13,354 | 521,207 | ||||||
Chemicals - Diversified — 1.2% |
| |||||||
FMC Corp. | 12,500 | 714,625 | ||||||
Cruise Lines — 4.2% |
| |||||||
Carnival Corp. | 22,300 | 1,033,159 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 14,700 | 802,032 | ||||||
Royal Caribbean Cruises, Ltd. | 10,500 | 797,790 | ||||||
2,632,981 | ||||||||
Diversified Banking Institutions — 6.4% |
| |||||||
Bank of America Corp. | 74,826 | 1,234,629 | ||||||
Citigroup, Inc. | 28,810 | 1,558,045 | ||||||
JPMorgan Chase & Co. | 18,505 | 1,217,259 | ||||||
4,009,933 | ||||||||
Diversified Manufacturing Operations — 2.4% |
| |||||||
Eaton Corp. PLC | 11,100 | 794,649 | ||||||
SPX Corp. | 9,800 | 728,238 | ||||||
1,522,887 | ||||||||
Electric Products - Misc. — 1.0% |
| |||||||
Emerson Electric Co. | 10,440 | 629,636 | ||||||
Electronic Components - Semiconductors — 5.5% |
| |||||||
Fairchild Semiconductor International, Inc.† | 47,700 | 950,184 | ||||||
Intel Corp. | 15,800 | 544,468 | ||||||
Microchip Technology, Inc.# | 20,900 | 1,026,817 | ||||||
Texas Instruments, Inc. | 16,820 | 940,574 | ||||||
3,462,043 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Engineering/R&D Services — 0.9% |
| |||||||
KBR, Inc. | 29,900 | $ | 572,585 | |||||
Enterprise Software/Service — 2.2% |
| |||||||
CA, Inc. | 14,200 | 432,390 | ||||||
Oracle Corp. | 21,100 | 917,639 | ||||||
1,350,029 | ||||||||
Finance - Consumer Loans — 3.1% |
| |||||||
Navient Corp. | 51,305 | 988,648 | ||||||
SLM Corp.† | 94,905 | 973,725 | ||||||
1,962,373 | ||||||||
Finance - Credit Card — 2.6% |
| |||||||
American Express Co. | 11,655 | 929,137 | ||||||
Discover Financial Services | 11,400 | 664,278 | ||||||
1,593,415 | ||||||||
Finance - Investment Banker/Broker — 0.8% |
| |||||||
E*TRADE Financial Corp.† | 17,700 | 521,442 | ||||||
Instruments - Controls — 1.0% |
| |||||||
Honeywell International, Inc. | 6,000 | 625,200 | ||||||
Investment Management/Advisor Services — 1.3% |
| |||||||
Ameriprise Financial, Inc. | 6,700 | 834,753 | ||||||
Machinery - Construction & Mining — 0.9% |
| |||||||
Joy Global, Inc. | 14,100 | 549,054 | ||||||
Machinery - Farming — 1.0% |
| |||||||
Deere & Co. | 6,900 | 646,392 | ||||||
Medical Instruments — 1.6% |
| |||||||
Medtronic PLC | 13,130 | 1,002,082 | ||||||
Medical - Drugs — 5.8% |
| |||||||
Johnson & Johnson | 8,485 | 849,688 | ||||||
Merck & Co., Inc. | 14,400 | 876,816 | ||||||
Pfizer, Inc. | 27,241 | 946,625 | ||||||
Sanofi ADR | 19,100 | 943,731 | ||||||
3,616,860 | ||||||||
Medical - Generic Drugs — 1.5% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 16,000 | 961,600 | ||||||
Medical - HMO — 4.4% |
| |||||||
Anthem, Inc. | 5,915 | 992,833 | ||||||
Cigna Corp. | 6,200 | 873,146 | ||||||
UnitedHealth Group, Inc. | 7,220 | 867,916 | ||||||
2,733,895 | ||||||||
Medical - Wholesale Drug Distribution — 1.7% |
| |||||||
Cardinal Health, Inc. | 11,800 | 1,040,406 | ||||||
Oil & Gas Drilling — 0.4% |
| |||||||
Seadrill, Ltd.# | 22,700 | 270,357 | ||||||
Oil Companies - Exploration & Production — 2.2% |
| |||||||
ConocoPhillips | 7,265 | 462,635 | ||||||
FMSA Holdings, Inc.†# | 39,200 | 350,056 | ||||||
Occidental Petroleum Corp. | 6,965 | 544,593 | ||||||
1,357,284 | ||||||||
Oil Companies - Integrated — 1.0% |
| |||||||
BP PLC ADR | 15,535 | 644,081 | ||||||
Oil Refining & Marketing — 1.0% |
| |||||||
Phillips 66 | 8,100 | 640,872 | ||||||
Pharmacy Services — 1.0% |
| |||||||
Omnicare, Inc. | 6,600 | 628,914 | ||||||
43 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Resort/Theme Parks — 1.4% |
| |||||||
SeaWorld Entertainment, Inc. | 40,100 | $ | 866,160 | |||||
Retail - Discount — 2.8% |
| |||||||
Target Corp. | 11,200 | 888,384 | ||||||
Wal-Mart Stores, Inc. | 11,700 | 868,959 | ||||||
1,757,343 | ||||||||
Savings & Loans/Thrifts — 3.3% |
| |||||||
First Niagara Financial Group, Inc. | 53,300 | 474,903 | ||||||
New York Community Bancorp, Inc.# | 44,300 | 785,882 | ||||||
People’s United Financial, Inc. | 49,400 | 768,664 | ||||||
2,029,449 | ||||||||
Semiconductor Components - Integrated Circuits — 1.4% |
| |||||||
QUALCOMM, Inc. | 12,900 | 898,872 | ||||||
Telephone - Integrated — 1.6% |
| |||||||
Verizon Communications, Inc. | 19,638 | 970,903 | ||||||
Tobacco — 3.9% |
| |||||||
Altria Group, Inc. | 18,770 | 961,024 | ||||||
Lorillard, Inc. | 11,100 | 804,528 | ||||||
Philip Morris International, Inc. | 8,400 | 697,788 | ||||||
2,463,340 | ||||||||
Tools - Hand Held — 1.7% |
| |||||||
Stanley Black & Decker, Inc. | 10,160 | 1,040,790 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $46,606,069) | 60,718,676 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 7.0% |
| |||||||
Registered Investment Companies — 3.9% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 2,477,574 | $ | 2,477,574 | |||||
Time Deposits — 3.1% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 1,935,000 | 1,935,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $4,412,574) | 4,412,574 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $51,018,643)(2) | 104.0 | % | 65,131,250 | |||||
Liabilities in excess of other assets | (4.0 | ) | (2,512,227 | ) | ||||
NET ASSETS | 100.0 | % | $ | 62,619,023 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At May 31, 2015, the Fund had loaned securities with a total value of $2,417,109. This was secured by collateral of $2,477,574, which was received in cash and subsequently invested in short-term investments currently valued at $2,477,574 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 May 31, 2015 (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 | $ | 60,718,676 | $ | — | $ | — | $ | 60,718,676 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 2,477,574 | — | — | 2,477,574 | ||||||||||||
Time Deposits | — | 1,935,000 | — | 1,935,000 | ||||||||||||
Total Investments at Value | $ | 63,196,250 | $ | 1,935,000 | $ | — | $ | 65,131,250 | ||||||||
* | 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
44 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
United States Treasury Notes | 23.8 | % | ||
Federal National Mtg. Assoc. | 23.1 | |||
Time Deposits | 12.1 | |||
Federal Home Loan Mtg. Corp. | 9.8 | |||
Diversified Financial Services | 5.9 | |||
Diversified Banking Institutions | 4.2 | |||
United States Treasury Bonds | 3.6 | |||
Banks — Commercial | 3.4 | |||
Telephone — Integrated | 1.5 | |||
Electric — Integrated | 1.1 | |||
Government National Mtg. Assoc. | 1.0 | |||
Pipelines | 1.0 | |||
Oil Companies — Integrated | 0.9 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Registered Investment Companies | 0.9 | |||
Insurance — Multi-line | 0.9 | |||
Auto — Cars/Light Trucks | 0.8 | |||
Medical — Generic Drugs | 0.7 | |||
Diversified Manufacturing Operations | 0.7 | |||
Savings & Loans/Thrifts | 0.7 | |||
Paper & Related Products | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Multimedia | 0.5 | |||
Sovereign | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Banks — Super Regional | 0.4 | |||
Computers | 0.4 | |||
Finance — Other Services | 0.4 | |||
Banks — Fiduciary | 0.3 | |||
Municipal Bonds & Notes | 0.3 | |||
Real Estate Investment Trusts | 0.3 | |||
Machinery — Farming | 0.3 | |||
Medical — Biomedical/Gene | 0.3 | |||
Brewery | 0.2 | |||
Finance — Credit Card | 0.2 | |||
Medical — Drugs | 0.2 | |||
Insurance — Mutual | 0.2 | |||
Special Purpose Entities | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Networking Products | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Retail — Discount | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Coatings/Paint | 0.2 | |||
Oil — Field Services | 0.1 | |||
Telecom Services | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Diversified Minerals | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Federal Home Loan Bank | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Electric — Distribution | 0.1 | |||
Schools | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Regional Authority | 0.1 | |||
SupraNational Banks | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Electronic Components — Semiconductors | 0.1 | |||
Gold Mining | 0.1 | |||
Banks — Money Center | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Metal — Copper | 0.1 | |||
Building Products — Cement | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Medical — HMO | 0.1 |
Trucking/Leasing | 0.1 | |||
Retail — Building Products | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Steel — Specialty | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Cellular Telecom | 0.1 | |||
Medical Instruments | 0.1 | |||
Tennessee Valley Authority | 0.1 | |||
Transport — Rail | 0.1 | |||
Electric — Generation | 0.1 | |||
Diversified Operations | 0.1 | |||
Advertising Agencies | 0.1 | |||
108.7 | % | |||
Credit Quality†#
Aaa | 63.9 | % | ||
Aa | 4.2 | |||
A | 11.3 | |||
Baa | 15.9 | |||
Ba | 2.0 | |||
Not Rated@ | 2.7 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
@ | Represents debt issues that either have no rating, or the rating is unvailable from the data source. |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
45 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 5.5% |
| |||||||
Diversified Financial Services — 5.5% |
| |||||||
American Express Credit Account Master Trust | $ | 102,000 | $ | 102,780 | ||||
AmeriCredit Automobile Receivables Trust | 314,000 | 313,429 | ||||||
AmeriCredit Automobile Receivables Trust | 375,000 | 382,802 | ||||||
Applebee’s Funding LLC/IHOP Funding LLC | 185,000 | 190,765 | ||||||
B2R Mtg. Trust | 276,387 | 276,045 | ||||||
BA Credit Card Trust | 333,000 | 333,101 | ||||||
Capital Auto Receivables Asset Trust | 409,000 | 409,061 | ||||||
Chase Issuance Trust FRS | 228,000 | 228,089 | ||||||
Citibank Credit Card Issuance Trust | 343,000 | 343,372 | ||||||
Citibank Credit Card Issuance Trust | 73,000 | 75,945 | ||||||
Citigroup Commercial Mtg. Trust | 420,000 | 435,333 | ||||||
Citigroup Commercial Mtg. Trust | 216,000 | 224,724 | ||||||
CLI Funding V LLC | 151,608 | 153,220 | ||||||
Commercial Mtg. Trust | 219,000 | 226,899 | ||||||
Commercial Mtg. Trust | 470,000 | 486,324 | ||||||
Core Industrial Trust | 1,224,000 | 1,253,320 | ||||||
CSAIL Commercial Mtg. Trust | 143,201 | 144,049 | ||||||
DB Master Finance LLC | 332,168 | 335,713 | ||||||
Dell Equipment Finance Trust | 335,000 | 334,869 | ||||||
Ford Credit Auto Owner Trust | 282,000 | 284,180 | ||||||
Ford Credit Floorplan Master Owner Trust | 361,000 | 362,010 | ||||||
GS Mtg. Securities Corp. II | 192,000 | 193,683 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
GS Mtg. Securities Trust | $ | 240,000 | $ | 248,787 | ||||
JPM-BB Commercial Mtg. Securities Trust | 206,000 | 214,459 | ||||||
LB-UBS Commercial Mtg. Trust | 957,136 | 1,009,870 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 320,000 | 334,904 | ||||||
Nissan Auto Lease Trust | 375,000 | 375,444 | ||||||
NRP Mtg. Trust VRS | 491,973 | 491,227 | ||||||
Santander Drive Auto Receivables Trust | 282,000 | 284,914 | ||||||
Sierra Timeshare Receivables Funding LLC | 136,440 | 137,443 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 1,000,000 | 1,023,271 | ||||||
Wells Fargo Commercial Mtg. Trust | 1,100,000 | 1,129,758 | ||||||
Wendys Funding LLC | 215,000 | 215,838 | ||||||
Wendys Funding LLC | 215,000 | 215,000 | ||||||
WF-RBS Commercial Mtg. Trust | 251,000 | 260,902 | ||||||
WF-RBS Commercial Mtg. Trust | 900,000 | 935,574 | ||||||
Total Asset Backed Securities | 13,967,104 | |||||||
U.S. CORPORATE BONDS & NOTES — 19.6% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 126,000 | 130,994 | ||||||
Aerospace/Defense — 0.2% |
| |||||||
BAE Systems Holdings, Inc. | 102,000 | 105,349 | ||||||
BAE Systems Holdings, Inc. | 151,000 | 155,448 | ||||||
Boeing Co. | 302,000 | 298,846 | ||||||
559,643 | ||||||||
46 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
American Honda Finance Corp. | $ | 305,000 | $ | 305,615 | ||||
Daimler Finance North America LLC | 393,000 | 393,139 | ||||||
Daimler Finance North America LLC | 413,000 | 414,261 | ||||||
Daimler Finance North America LLC | 150,000 | 152,948 | ||||||
Ford Motor Credit Co. LLC | 163,000 | 163,173 | ||||||
1,429,136 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR Financial Corp. | 335,000 | 339,327 | ||||||
Banks - Commercial — 0.9% |
| |||||||
Fifth Third Bank | 621,000 | 623,221 | ||||||
First Tennessee Bank NA | 258,000 | 260,195 | ||||||
KeyBank NA | 313,000 | 313,639 | ||||||
MUFG Union Bank NA | 810,000 | 826,901 | ||||||
PNC Bank NA | 325,000 | 325,489 | ||||||
2,349,445 | ||||||||
Banks - Fiduciary — 0.2% |
| |||||||
Citizens Financial Group, Inc. | 540,000 | 559,229 | ||||||
Banks - Super Regional — 0.3% |
| |||||||
Bank of America NA | 275,000 | 275,058 | ||||||
Wells Fargo & Co. | 293,000 | 294,021 | ||||||
Wells Fargo & Co. | 297,000 | 306,523 | ||||||
875,602 | ||||||||
Brewery — 0.2% |
| |||||||
Anheuser-Busch InBev Worldwide, Inc. | 630,000 | 634,695 | ||||||
Building Products - Cement — 0.1% |
| |||||||
CRH America, Inc. | 211,000 | 213,618 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Cellular Telecom — 0.1% |
| |||||||
Crown Castle Towers LLC | $ | 169,000 | $ | 169,000 | ||||
Chemicals - Specialty — 0.1% |
| |||||||
Lubrizol Corp. | 179,000 | 234,286 | ||||||
Coatings/Paint — 0.2% |
| |||||||
RPM International, Inc. | 409,000 | 401,337 | ||||||
Computers — 0.4% |
| |||||||
Apple, Inc. | 367,000 | 368,042 | ||||||
Apple, Inc. | 236,000 | 238,372 | ||||||
Apple, Inc. | 184,000 | 160,521 | ||||||
Hewlett-Packard Co. | 320,000 | 337,180 | ||||||
1,104,115 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Kimberly-Clark Corp. | 87,000 | 86,766 | ||||||
Diversified Banking Institutions — 2.9% |
| |||||||
Bank of America Corp. | 878,000 | 891,998 | ||||||
Bank of America Corp. | 247,000 | 244,762 | ||||||
Bank of America Corp. | 296,000 | 297,937 | ||||||
Citigroup, Inc. | 245,000 | 242,685 | ||||||
Goldman Sachs Group, Inc. | 310,000 | 311,997 | ||||||
Goldman Sachs Group, Inc. | 174,000 | 177,581 | ||||||
Goldman Sachs Group, Inc. | 274,000 | 309,211 | ||||||
Goldman Sachs Group, Inc. | 261,000 | 321,191 | ||||||
Goldman Sachs Group, Inc. | 726,000 | 891,588 | ||||||
JPMorgan Chase & Co. | 399,000 | 398,097 | ||||||
JPMorgan Chase & Co. | 175,000 | 177,022 |
47 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
JPMorgan Chase & Co. | $ | 274,000 | $ | 276,586 | ||||
JPMorgan Chase & Co. | 290,000 | 293,800 | ||||||
Merrill Lynch & Co., Inc. | 334,000 | 388,948 | ||||||
Morgan Stanley | 409,000 | 411,091 | ||||||
Morgan Stanley | 892,000 | 916,314 | ||||||
Morgan Stanley | 423,000 | 448,419 | ||||||
Morgan Stanley | 248,000 | 267,909 | ||||||
NationsBank Corp. | 44,000 | 54,553 | ||||||
7,321,689 | ||||||||
Diversified Financial Services — 0.4% |
| |||||||
General Electric Capital Corp. | 399,000 | 402,702 | ||||||
General Electric Capital Corp. | 272,000 | 341,480 | ||||||
USAA Capital Corp. | 359,000 | 363,356 | ||||||
1,107,538 | ||||||||
Diversified Manufacturing Operations — 0.4% |
| |||||||
General Electric Co. | 262,000 | 262,312 | ||||||
Ingersoll-Rand Global Holding Co., Ltd. | 330,000 | 377,669 | ||||||
Textron, Inc. | 305,000 | 318,154 | ||||||
958,135 | ||||||||
Diversified Operations — 0.1% |
| |||||||
MUFG Americas Holdings Corp. | 131,000 | 131,009 | ||||||
Electric - Integrated — 0.9% |
| |||||||
Arizona Public Service Co. | 134,000 | 134,928 | ||||||
Dominion Resources, Inc. | 326,000 | 358,388 | ||||||
Entergy Arkansas, Inc. | 192,000 | 196,742 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
Entergy Louisiana LLC | $ | 172,000 | $ | 174,101 | ||||
Exelon Generation Co. LLC | 180,000 | 182,529 | ||||||
FirstEnergy Corp. | 262,000 | 329,630 | ||||||
Georgia Power Co. | 112,000 | 114,258 | ||||||
South Carolina Electric & Gas Co. | 146,000 | 152,637 | ||||||
Southern California Edison Co. | 310,000 | 311,153 | ||||||
Southern Co. | 259,000 | 259,233 | ||||||
Trans-Allegheny Interstate Line Co. | 137,000 | 140,686 | ||||||
2,354,285 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Corning, Inc. | 160,000 | 160,310 | ||||||
Corning, Inc. | 160,000 | 161,423 | ||||||
321,733 | ||||||||
Electronic Components - Semiconductors — 0.1% |
| |||||||
Intel Corp. | 249,000 | 250,469 | ||||||
Electronics - Military — 0.0% |
| |||||||
L-3 Communications Corp. | 72,000 | 71,399 | ||||||
Enterprise Software/Service — 0.2% |
| |||||||
Oracle Corp. | 241,000 | 233,303 | ||||||
Oracle Corp. | 242,000 | 234,245 | ||||||
467,548 | ||||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Synchrony Financial | 253,000 | 259,503 | ||||||
Finance - Credit Card — 0.2% |
| |||||||
American Express Credit Corp. | 95,000 | 95,454 | ||||||
American Express Credit Corp. | 266,000 | 266,562 |
48 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Finance - Credit Card (continued) |
| |||||||
Discover Financial Services | $ | 275,000 | $ | 269,225 | ||||
631,241 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Lehman Brothers Holdings, Inc. | 89,000 | 10,137 | ||||||
Lehman Brothers Holdings, Inc. | 87,000 | 9 | ||||||
Lehman Brothers Holdings, Inc. | 112,000 | 11 | ||||||
TD Ameritrade Holding Corp. | 176,000 | 177,879 | ||||||
188,036 | ||||||||
Finance - Other Services — 0.3% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 134,000 | 133,929 | ||||||
National Rural Utilities Cooperative Finance Corp. | 478,000 | 480,281 | ||||||
National Rural Utilities Cooperative Finance Corp. | 269,000 | 268,769 | ||||||
882,979 | ||||||||
Gas - Distribution — 0.0% |
| |||||||
Dominion Gas Holdings LLC | 109,000 | 116,439 | ||||||
Insurance - Life/Health — 0.3% |
| |||||||
Pacific LifeCorp | 185,000 | 210,653 | ||||||
Pricoa Global Funding I | 320,000 | 320,152 | ||||||
Principal Financial Group, Inc. | 117,000 | 118,043 | ||||||
648,848 | ||||||||
Insurance - Multi-line — 0.6% |
| |||||||
Assurant, Inc. | 477,000 | 584,950 | ||||||
Metropolitan Life Global Funding I | 876,000 | 878,109 | ||||||
1,463,059 | ||||||||
Insurance - Mutual — 0.2% |
| |||||||
Massachusetts Mutual Life Insurance Co. | 169,000 | 157,423 | ||||||
New York Life Global Funding | 453,000 | 458,337 | ||||||
615,760 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Machinery - Farming — 0.3% |
| |||||||
John Deere Capital Corp. | $ | 351,000 | $ | 352,313 | ||||
John Deere Capital Corp. | 429,000 | 432,754 | ||||||
785,067 | ||||||||
Medical Instruments — 0.1% |
| |||||||
Medtronic, Inc. | 162,000 | 165,888 | ||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Laboratory Corp. of America Holdings | 71,000 | 71,096 | ||||||
Laboratory Corp. of America Holdings | 229,000 | 225,285 | ||||||
Laboratory Corp. of America Holdings | 117,000 | 112,885 | ||||||
Roche Holdings, Inc. | 441,000 | 444,146 | ||||||
Roche Holdings, Inc. | 548,000 | 556,469 | ||||||
1,409,881 | ||||||||
Medical Products — 0.0% |
| |||||||
Becton Dickinson and Co. | 56,000 | 56,967 | ||||||
Medical - Biomedical/Gene — 0.3% |
| |||||||
Amgen, Inc. | 330,000 | 321,007 | ||||||
Amgen, Inc. | 362,000 | 350,491 | ||||||
671,498 | ||||||||
Medical - Drugs — 0.1% |
| |||||||
AbbVie, Inc. | 98,000 | 98,433 | ||||||
AbbVie, Inc. | 114,000 | 114,729 | ||||||
213,162 | ||||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Mylan, Inc. | 238,000 | 255,775 | ||||||
Mylan, Inc. | 519,000 | 543,666 | ||||||
799,441 | ||||||||
Medical - HMO — 0.1% |
| |||||||
UnitedHealth Group, Inc. | 211,000 | 212,270 | ||||||
49 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | $ | 230,000 | $ | 230,336 | ||||
Multimedia — 0.5% |
| |||||||
Time Warner Entertainment Co. LP | 100,000 | 126,573 | ||||||
Time Warner, Inc. | 830,000 | 827,024 | ||||||
Viacom, Inc. | 118,000 | 114,143 | ||||||
Viacom, Inc. | 121,000 | 117,897 | ||||||
1,185,637 | ||||||||
Networking Products — 0.2% |
| |||||||
Cisco Systems, Inc. | 528,000 | 537,949 | ||||||
Oil Companies - Exploration & Production — 0.8% |
| |||||||
Anadarko Petroleum Corp. | 600,000 | 720,979 | ||||||
Hess Corp. | 338,000 | 361,197 | ||||||
Hess Corp. | 154,000 | 200,264 | ||||||
Noble Energy, Inc. | 148,000 | 149,811 | ||||||
Noble Energy, Inc. | 130,000 | 130,659 | ||||||
Southwestern Energy Co. | 71,000 | 73,005 | ||||||
Southwestern Energy Co. | 133,000 | 137,789 | ||||||
Southwestern Energy Co. | 263,000 | 273,169 | ||||||
2,046,873 | ||||||||
Oil Companies - Integrated — 0.4% |
| |||||||
Chevron Corp. | 289,000 | 289,799 | ||||||
Chevron Corp. | 159,000 | 159,436 | ||||||
ConocoPhillips Co. | 114,000 | 114,207 | ||||||
Exxon Mobil Corp. | 290,000 | 290,649 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Integrated (continued) |
| |||||||
Marathon Oil Corp. | $ | 204,000 | $ | 239,903 | ||||
1,093,994 | ||||||||
Oil - Field Services — 0.1% |
| |||||||
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. | 126,000 | 132,300 | ||||||
Plains Exploration & Production Co. | 210,000 | 225,487 | ||||||
357,787 | ||||||||
Paper & Related Products — 0.6% |
| |||||||
Domtar Corp. | 251,000 | 276,825 | ||||||
Georgia-Pacific LLC | 425,000 | 428,686 | ||||||
Georgia-Pacific LLC | 368,000 | 379,375 | ||||||
Georgia-Pacific LLC | 366,000 | 413,774 | ||||||
International Paper Co. | 118,000 | 118,683 | ||||||
1,617,343 | ||||||||
Pipelines — 1.0% |
| |||||||
Columbia Pipeline Group, Inc. | 59,000 | 59,543 | ||||||
Columbia Pipeline Group, Inc. | 286,000 | 290,251 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 131,000 | 114,964 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 607,000 | 699,495 | ||||||
Energy Transfer Partners LP | 270,000 | 257,271 | ||||||
Energy Transfer Partners LP | 222,000 | 208,303 | ||||||
Energy Transfer Partners LP | 371,000 | 409,810 | ||||||
EnLink Midstream Partners LP | 163,000 | 163,365 | ||||||
EnLink Midstream Partners LP | 137,000 | 130,772 | ||||||
Enterprise Products Operating LLC | 113,000 | 113,573 | ||||||
2,447,347 | ||||||||
50 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
AvalonBay Communities, Inc. | $ | 101,000 | $ | 102,323 | ||||
HCP, Inc. | 160,000 | 162,943 | ||||||
Omega Healthcare Investors, Inc. | 311,000 | 306,162 | ||||||
Omega Healthcare Investors, Inc. | 239,000 | 249,622 | ||||||
821,050 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
American Campus Communities Operating Partnership LP | 168,000 | 172,804 | ||||||
Retail - Building Products — 0.1% |
| |||||||
Home Depot, Inc. | 188,000 | 189,084 | ||||||
Retail - Discount — 0.2% |
| |||||||
Costco Wholesale Corp. | 306,000 | 303,301 | ||||||
Dollar General Corp. | 215,000 | 225,296 | ||||||
528,597 | ||||||||
Retail - Drug Store — 0.2% |
| |||||||
CVS Pass-Through Trust | 132,108 | 141,646 | ||||||
CVS Pass-Through Trust | 151,104 | 174,840 | ||||||
CVS Pass-Through Trust | 147,860 | 174,992 | ||||||
491,478 | ||||||||
Retail - Restaurants — 0.0% |
| |||||||
McDonald’s Corp. | 121,000 | 122,638 | ||||||
Savings & Loans/Thrifts — 0.7% |
| |||||||
Astoria Financial Corp. | 363,000 | 383,210 | ||||||
First Niagara Financial Group, Inc. | 791,000 | 875,564 | ||||||
First Niagara Financial Group, Inc. | 400,000 | 447,180 | ||||||
1,705,954 | ||||||||
Schools — 0.1% |
| |||||||
President and Fellows of Harvard College | 113,000 | 110,830 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Schools (continued) |
| |||||||
University of Pennsylvania | $ | 180,000 | $ | 186,291 | ||||
297,121 | ||||||||
Special Purpose Entities — 0.2% |
| |||||||
MassMutual Global Funding II | 435,000 | 442,439 | ||||||
MassMutual Global Funding II | 162,000 | 158,974 | ||||||
601,413 | ||||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Valmont Industries, Inc. | 303,000 | 281,837 | ||||||
Steel - Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc. | 175,000 | 181,562 | ||||||
Telecommunication Equipment — 0.2% |
| |||||||
Harris Corp. | 66,000 | 66,107 | ||||||
Harris Corp. | 241,000 | 237,589 | ||||||
Harris Corp. | 228,000 | 226,512 | ||||||
530,208 | ||||||||
Telephone - Integrated — 1.2% |
| |||||||
AT&T, Inc. | 523,000 | 514,944 | ||||||
AT&T, Inc. | 148,000 | 143,945 | ||||||
AT&T, Inc. | 277,000 | 246,934 | ||||||
AT&T, Inc. | 362,000 | 343,175 | ||||||
AT&T, Inc. | 343,000 | 326,625 | ||||||
Verizon Communications, Inc. | 313,000 | 314,792 | ||||||
Verizon Communications, Inc. | 104,000 | 100,098 | ||||||
Verizon Communications, Inc. | 30,000 | 32,720 | ||||||
Verizon Communications, Inc. | 674,000 | 606,464 |
51 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Telephone - Integrated (continued) |
| |||||||
Verizon Communications, Inc. | $ | 504,000 | $ | 486,361 | ||||
Verizon Communications, Inc. | 15,000 | 17,642 | ||||||
3,133,700 | ||||||||
Transport - Rail — 0.1% |
| |||||||
Union Pacific Corp. | 170,000 | 157,625 | ||||||
Trucking/Leasing — 0.1% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 189,000 | 191,639 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $49,869,343) | 50,115,013 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 6.5% |
| |||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
Hyundai Capital Services, Inc. | 375,000 | 388,551 | ||||||
Volkswagen International Finance NV | 163,000 | 166,404 | ||||||
554,955 | ||||||||
Banks - Commercial — 2.4% |
| |||||||
Abbey National Treasury Services PLC | 24,000 | 24,108 | ||||||
ANZ New Zealand Int’l, Ltd. | 760,000 | 763,052 | ||||||
Bank of Tokyo-Mitsubishi UFJ, Ltd. | 324,000 | 323,221 | ||||||
BPCE SA | 314,000 | 312,219 | ||||||
Credit Suisse | 268,000 | 266,853 | ||||||
Credit Suisse | 466,000 | 519,277 | ||||||
Credit Suisse Group Funding Guernsey, Ltd. | 363,000 | 367,796 | ||||||
DBS Group Holdings, Ltd. | 336,000 | 338,766 | ||||||
ING Bank NV | 278,000 | 284,508 | ||||||
Intesa Sanpaolo SpA | 480,000 | 481,553 | ||||||
Kookmin Bank | 783,000 | 782,945 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
National Australia Bank, Ltd. | $ | 506,000 | $ | 521,436 | ||||
National Bank of Canada | 650,000 | 648,792 | ||||||
Standard Chartered PLC | 431,000 | 426,597 | ||||||
Standard Chartered PLC | 209,000 | 201,930 | ||||||
6,263,053 | ||||||||
Banks - Money Center — 0.1% |
| |||||||
Mizuho Bank, Ltd. | 239,000 | 242,008 | ||||||
Beverages - Non-alcoholic — 0.2% |
| |||||||
Coca-Cola Femsa SAB de CV | 410,000 | 417,380 | ||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Diageo Capital PLC | 497,000 | 549,244 | ||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Kimberly-Clark de Mexico SAB de CV | 259,000 | 256,734 | ||||||
Diversified Banking Institutions — 0.9% |
| |||||||
Credit Agricole SA | 222,000 | 220,451 | ||||||
Deutsche Bank AG | 916,000 | 917,981 | ||||||
Deutsche Bank AG | 381,000 | 374,101 | ||||||
UBS AG | 495,000 | 495,374 | ||||||
UBS AG | 223,000 | 227,316 | ||||||
2,235,223 | ||||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
Ingersoll-Rand Luxembourg Finance SA | 98,000 | 98,011 | ||||||
Siemens Financieringsmaatschappij NV | 266,000 | 267,995 | ||||||
Siemens Financieringsmaatschappij NV | 382,000 | 392,551 | ||||||
758,557 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | 218,000 | 222,021 |
52 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Minerals (continued) |
| |||||||
Anglo American Capital PLC | $ | 118,000 | $ | 117,935 | ||||
339,956 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Electricite de France SA | 122,000 | 136,823 | ||||||
Gold Mining — 0.1% |
| |||||||
Goldcorp, Inc. | 165,000 | 163,595 | ||||||
Kinross Gold Corp. | 88,000 | 85,494 | ||||||
249,089 | ||||||||
Insurance - Multi-line — 0.2% |
| |||||||
XLIT, Ltd. | 135,000 | 136,152 | ||||||
XLIT, Ltd. | 304,000 | 299,096 | ||||||
435,248 | ||||||||
Medical - Drugs — 0.1% |
| |||||||
Takeda Pharmaceutical Co., Ltd. | 404,000 | 407,543 | ||||||
Medical - Generic Drugs — 0.4% |
| |||||||
Actavis Funding SCS | 269,000 | 272,718 | ||||||
Actavis Funding SCS | 168,000 | 169,179 | ||||||
Actavis Funding SCS | 237,000 | 239,619 | ||||||
Perrigo Finance PLC | 237,000 | 242,184 | ||||||
923,700 | ||||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Talisman Energy, Inc. | 343,000 | 326,074 | ||||||
Oil Companies - Integrated — 0.5% |
| |||||||
BP Capital Markets PLC | 475,000 | 475,981 | ||||||
BP Capital Markets PLC | 167,000 | 168,039 | ||||||
BP Capital Markets PLC | 201,000 | 226,582 | ||||||
Petroleos Mexicanos | 22,000 | 21,428 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Integrated (continued) |
| |||||||
Shell International Finance BV | $ | 216,000 | $ | 217,017 | ||||
Shell International Finance BV | 188,000 | 190,688 | ||||||
Shell International Finance BV | 121,000 | 123,827 | ||||||
1,423,562 | ||||||||
Petrochemicals — 0.1% |
| |||||||
Mexichem SAB de CV | 219,000 | 212,540 | ||||||
SupraNational Banks — 0.1% |
| |||||||
North American Development Bank | 257,000 | 261,831 | ||||||
Telephone - Integrated — 0.3% |
| |||||||
Telecom Italia Capital SA | 212,000 | 240,090 | ||||||
Telecom Italia Capital SA | 423,000 | 486,450 | ||||||
726,540 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $16,609,789) | 16,720,060 | |||||||
MUNICIPAL BONDS & NOTES — 0.3% |
| |||||||
Port Authority of New York & New Jersey | 335,000 | 345,576 | ||||||
Ohio State University | 241,000 | 241,157 | ||||||
Port Authority of New York & New Jersey | 216,000 | 245,445 | ||||||
Total Municipal Bonds & Notes | ||||||||
(cost $789,577) | 832,178 | |||||||
U.S. GOVERNMENT AGENCIES — 34.1% |
| |||||||
Federal Home Loan Bank — 0.1% |
| |||||||
Federal Home Loan Bank | 250,000 | 336,035 | ||||||
Federal Home Loan Mtg. Corp. — 9.8% |
| |||||||
1.89% due 02/01/2037 FRS | 113,013 | 119,028 | ||||||
2.48% due 11/01/2037 FRS | 910,782 | 977,442 | ||||||
2.50% due 01/01/2028 | 372,397 | 381,943 | ||||||
2.50% due 04/01/2028 | 906,674 | 929,926 | ||||||
3.00% due 08/01/2027 | 711,867 | 745,332 | ||||||
3.00% due 10/01/2042 | 769,186 | 780,860 | ||||||
3.00% due 11/01/2042 | 1,328,652 | 1,347,953 | ||||||
3.00% due 02/01/2043 | 436,490 | 442,731 | ||||||
3.00% due 04/01/2043 | 885,590 | 898,058 | ||||||
3.00% due 05/01/2043 | 1,253,497 | 1,272,533 | ||||||
3.00% due 08/01/2043 | 910,987 | 923,513 | ||||||
3.50% due 11/01/2041 | 999,340 | 1,044,553 | ||||||
3.50% due 03/01/2042 | 286,891 | 299,910 |
53 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
3.50% due 04/01/2042 | $ | 1,668,209 | $ | 1,743,859 | ||||
3.50% due 06/01/2042 | 2,169,006 | 2,267,446 | ||||||
3.50% due 08/01/2042 | 399,577 | 418,698 | ||||||
3.50% due 03/01/2045 | 2,530,330 | 2,643,513 | ||||||
4.00% due 09/01/2040 | 165,282 | 176,924 | ||||||
4.50% due 01/01/2039 | 27,777 | 30,141 | ||||||
4.50% due 06/01/2041 | 1,120,721 | 1,220,179 | ||||||
5.00% due 10/01/2033 | 2,082 | 2,307 | ||||||
5.00% due 06/01/2039 | 656,095 | 734,245 | ||||||
5.00% due 07/01/2040 | 1,209,380 | 1,351,547 | ||||||
5.50% due 11/01/2018 | 44,293 | 46,456 | ||||||
5.50% due 02/01/2035 | 201,343 | 227,878 | ||||||
6.00% due 10/01/2033 | 164,987 | 189,224 | ||||||
6.00% due 03/01/2040 | 1,464 | 1,670 | ||||||
6.50% due 02/01/2035 | 7,436 | 8,691 | ||||||
6.50% due 01/01/2036 | 22,143 | 25,440 | ||||||
6.75% due 09/15/2029 | 500,000 | 739,990 | ||||||
6.75% due 03/15/2031 | 250,000 | 369,701 | ||||||
7.00% due 11/01/2016 | 1,793 | 1,832 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 59,222 | 60,093 | ||||||
Federal Home Loan Mtg. Corp., REMIC FRS | 550,692 | 91,921 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
Series 2014-HQ1, Class M1 1.83% due 08/25/2024 FRS(2) | 373,067 | 374,856 | ||||||
Series 2014-DN1, Class M2 2.38% due 02/25/2024 FRS(2) | 611,000 | 618,402 | ||||||
Series 2014-HQ2, Class M2 2.38% due 09/25/2024 FRS(2) | 800,000 | 806,297 | ||||||
Series 2015-HQ1, Class M2 2.38% due 03/25/2025 FRS(2) | 861,000 | 867,722 | ||||||
25,182,814 | ||||||||
Federal National Mtg. Assoc. — 23.1% |
| |||||||
Fannie Mae Connecticut Avenue Securities | 432,392 | 435,146 | ||||||
Series 2013-C01, Class M1 2.18% due 10/25/2023(2) | 529,709 | 537,579 | ||||||
Federal National Mtg. Assoc. | 192,831 | 204,801 | ||||||
2.28% due 07/01/2039 FRS | 595,068 | 629,080 | ||||||
2.32% due 05/01/2040 FRS | 888,648 | 948,368 | ||||||
2.39% due 06/01/2034 FRS | 721,812 | 772,387 | ||||||
2.41% due 11/01/2036 FRS | 387,314 | 414,347 | ||||||
2.44% due 08/01/2035 FRS | 435,223 | 467,013 | ||||||
2.50% due 04/01/2028 | 496,029 | 509,269 | ||||||
2.50% due June 15 TBA | 1,700,000 | 1,737,774 | ||||||
3.00% due 10/01/2040 FRS | 223,771 | 238,346 | ||||||
3.00% due 10/01/2027 | 177,828 | 186,120 | ||||||
3.00% due 12/01/2027 | 1,289,803 | 1,348,642 | ||||||
3.00% due 01/01/2028 | 1,550,723 | 1,623,093 | ||||||
3.00% due 03/01/2042 | 969,422 | 986,061 | ||||||
3.00% due 12/01/2042 | 1,014,931 | 1,032,350 | ||||||
3.00% due 02/01/2045 | 943,423 | 957,438 | ||||||
3.00% due June 15 TBA | 315,000 | 329,114 | ||||||
3.00% due June 30 TBA | 6,450,000 | 6,539,821 | ||||||
3.21% due 10/01/2040 FRS | 565,472 | 603,822 | ||||||
3.50% due 08/01/2026 | 301,607 | 320,575 | ||||||
3.50% due 09/01/2026 | 90,234 | 96,122 | ||||||
3.50% due 08/01/2027 | 140,810 | 149,411 | ||||||
3.50% due 10/01/2028 | 827,910 | 883,417 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
3.50% due 12/01/2041 | $ | 720,884 | $ | 756,593 | ||||
3.50% due 06/01/2042 | 450,588 | 471,504 | ||||||
3.50% due 07/01/2042 | 125,002 | 128,848 | ||||||
3.50% due 08/01/2042 | 2,104,662 | 2,194,909 | ||||||
3.50% due 08/01/2043 | 870,675 | 910,920 | ||||||
3.50% due June 15 TBA | 400,000 | 424,250 | ||||||
3.50% due June 30 TBA | 4,607,000 | 4,815,394 | ||||||
4.00% due 04/01/2039 | 302,486 | 322,834 | ||||||
4.00% due 07/01/2040 | 242,979 | 263,280 | ||||||
4.00% due 09/01/2040 | 153,610 | 163,927 | ||||||
4.00% due 10/01/2040 | 164,870 | 176,664 | ||||||
4.00% due 12/01/2040 | 1,850,690 | 1,981,922 | ||||||
4.00% due 03/01/2041 | 298,465 | 319,641 | ||||||
4.00% due 10/01/2041 | 1,817,619 | 1,947,030 | ||||||
4.00% due 11/01/2041 | 984,284 | 1,053,600 | ||||||
4.00% due 01/01/2042 | 145,139 | 155,405 | ||||||
4.00% due 12/01/2043 | 918,931 | 993,116 | ||||||
4.00% due 10/01/2044 | 878,647 | 938,851 | ||||||
4.00% due June 30 TBA | 3,843,000 | 4,103,829 | ||||||
4.50% due 11/01/2022 | 224,180 | 235,993 | ||||||
4.50% due 10/01/2024 | 457,706 | 491,501 | ||||||
4.50% due 01/01/2039 | 72,000 | 78,338 | ||||||
4.50% due 09/01/2039 | 406,306 | 442,681 | ||||||
4.50% due 09/01/2040 | 1,095,470 | 1,194,603 | ||||||
4.50% due 11/01/2040 | 324,949 | 354,211 | ||||||
4.50% due 12/01/2040 | 662,707 | 722,848 | ||||||
4.50% due 05/01/2041 | 587,259 | 640,392 | ||||||
4.50% due 07/01/2041 | 232,638 | 253,739 | ||||||
4.50% due June 30 TBA | 2,615,000 | 2,843,159 | ||||||
5.00% due 03/15/2016 | 1,140,000 | 1,181,719 | ||||||
5.00% due 05/11/2017 | 500,000 | 541,490 | ||||||
5.00% due 10/01/2033 | 5,912 | 6,569 | ||||||
5.00% due 03/01/2034 | 82,566 | 92,125 | ||||||
5.00% due 05/01/2039 | 437,190 | 485,955 | ||||||
5.00% due 05/01/2040 | 204,909 | 229,012 | ||||||
5.00% due 06/01/2040 | 126,757 | 140,835 | ||||||
5.00% due 07/01/2040 | 479,080 | 532,932 | ||||||
5.00% due June 30 TBA | 511,000 | 568,408 | ||||||
5.50% due 12/01/2029 | 141,147 | 159,561 | ||||||
5.50% due 04/01/2033 | 112,280 | 127,692 | ||||||
5.50% due 12/01/2033 | 110,612 | 125,709 | ||||||
5.50% due 07/01/2037 | 664,937 | 751,687 | ||||||
5.50% due 08/01/2037 | 404,593 | 457,539 | ||||||
5.50% due 06/01/2038 | 62,262 | 71,057 | ||||||
6.00% due 03/01/2016 | 61 | 61 | ||||||
6.00% due 12/01/2016 | 3,437 | 3,527 | ||||||
6.00% due 11/01/2017 | 11,465 | 11,876 | ||||||
6.00% due 12/01/2020 | 33,952 | 35,758 | ||||||
6.00% due 12/01/2036 | 808,506 | 924,803 | ||||||
6.00% due 11/01/2038 | 236,971 | 270,999 | ||||||
6.00% due 06/01/2040 | 175,875 | 201,283 | ||||||
6.50% due 10/01/2037 | 69,798 | 82,943 | ||||||
7.50% due 08/01/2015 | 3 | 3 | ||||||
Federal National Mtg. Assoc. REMIC | 722,827 | 726,382 | ||||||
59,060,003 | ||||||||
Government National Mtg. Assoc. — 1.0% |
| |||||||
3.00% due 02/20/2045 | 1,007,937 | 1,034,583 | ||||||
3.50% due 03/20/2045 | 809,052 | 851,776 | ||||||
3.50% due June 30 TBA | 706,000 | 741,589 | ||||||
2,627,948 | ||||||||
54 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Tennessee Valley Authority — 0.1% |
| |||||||
Tennessee Valey Authority | $ | 155,000 | $ | 157,793 | ||||
Total U.S. Government Agencies | ||||||||
(cost $86,460,161) | 87,364,593 | |||||||
U.S. GOVERNMENT TREASURIES — 27.4% |
| |||||||
United States Treasury Bonds — 3.6% |
| |||||||
2.75% due 11/15/2042 | 423,000 | 412,822 | ||||||
3.00% due 11/15/2044 | 452,000 | 464,536 | ||||||
3.13% due 11/15/2041 | 809,000 | 852,863 | ||||||
3.13% due 02/15/2042 | 408,000 | 429,452 | ||||||
3.13% due 08/15/2044 | 362,000 | 380,977 | ||||||
3.38% due 05/15/2044 | 259,000 | 285,244 | ||||||
3.50% due 02/15/2039 | 483,000 | 541,866 | ||||||
3.63% due 02/15/2044 | 1,115,000 | 1,283,818 | ||||||
3.88% due 08/15/2040 | 54,000 | 64,370 | ||||||
4.25% due 05/15/2039 | 267,000 | 335,043 | ||||||
4.38% due 11/15/2039 | 934,000 | 1,195,374 | ||||||
4.50% due 02/15/2036 | 875,000 | 1,137,432 | ||||||
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 | 220,525 | ||||||
5.25% due 11/15/2028 | 404,000 | 538,993 | ||||||
8.13% due 08/15/2019 | 92,000 | 117,760 | ||||||
9,204,694 | ||||||||
United States Treasury Notes — 23.8% |
| |||||||
1.50% due 01/31/2022 | 3,444,000 | 3,373,505 | ||||||
0.38% due 11/15/2015 | 9,000 | 9,010 | ||||||
0.50% due 07/31/2017 | 3,351,000 | 3,338,956 | ||||||
0.63% due 08/31/2017 | 6,669,000 | 6,657,536 | ||||||
0.75% due 12/31/2017 | 234,000 | 233,616 | ||||||
0.88% due 02/28/2017 | 1,600,000 | 1,609,501 | ||||||
0.88% due 01/15/2018 | 600,000 | 600,656 | ||||||
1.00% due 08/31/2016 | 103,000 | 103,780 | ||||||
1.38% due 11/30/2015 | 53,000 | 53,323 | ||||||
1.38% due 02/28/2019 | 510,000 | 513,387 | ||||||
1.38% due 03/31/2020 | 814,000 | 811,201 | ||||||
1.38% due 04/30/2020 | 441,000 | 439,036 | ||||||
1.50% due 01/31/2019 | 4,400,000 | 4,452,593 | ||||||
1.63% due 12/31/2019 | 1,200,000 | 1,211,531 | ||||||
1.63% due 08/15/2022 | 2,390,000 | 2,351,349 | ||||||
1.75% due 10/31/2018 | 7,911,000 | 8,087,146 | ||||||
1.75% due 03/31/2022 | 134,000 | 133,267 | ||||||
2.00% due 02/15/2025# | 4,503,000 | 4,465,004 | ||||||
2.13% due 12/31/2015 | 150,000 | 151,699 | ||||||
2.13% due 09/30/2021 | 800,000 | 817,250 | ||||||
2.13% due 12/31/2021 | 1,700,000 | 1,734,265 | ||||||
2.25% due 11/15/2024 | 5,907,000 | 5,990,531 | ||||||
2.38% due 08/15/2024 | 958,000 | 982,849 | ||||||
2.50% due 05/15/2024 | 4,538,000 | 4,707,467 | ||||||
2.75% due 12/31/2017 | 1,511,000 | 1,585,606 | ||||||
3.13% due 05/15/2019 | 11,000 | 11,793 | ||||||
3.63% due 08/15/2019 | 27,000 | 29,552 | ||||||
3.88% due 05/15/2018 | 4,109,000 | 4,463,081 | ||||||
4.00% due 08/15/2018 | 1,403,000 | 1,537,162 | ||||||
4.25% due 08/15/2015 | 538,000 | 542,666 | ||||||
60,998,318 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $69,017,113) | 70,203,012 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.7% |
| |||||||
Electric - Distribution — 0.1% |
| |||||||
Hydro-Quebec | 298,000 | 300,751 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Regional Authority — 0.1% |
| |||||||
Province of British Columbia | $ | 272,000 | $ | 272,245 | ||||
Sovereign — 0.5% |
| |||||||
Government of Canada | 308,000 | 309,220 | ||||||
United Mexican States | 195,000 | 196,511 | ||||||
United Mexican States | 423,000 | 436,113 | ||||||
United Mexican States | 240,000 | 241,320 | ||||||
1,183,164 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $1,708,643) | 1,756,160 | |||||||
PREFERRED SECURITIES — 0.2% | ||||||||
Electric - Integrated — 0.1% | ||||||||
Entergy Louisiana LLC | 7,100 | 169,051 | ||||||
Telecom Services — 0.1% | ||||||||
Qwest Corp. | 13,750 | 344,438 | ||||||
Total Preferred Securities | ||||||||
(cost $521,212) | 513,489 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.4% |
| |||||||
Banks - Commercial — 0.1% | ||||||||
Nordea Bank AB FRS | 212,000 | 217,169 | ||||||
Banks - fiduciary — 0.1% | ||||||||
Bank of New York Mellon Corp. FRS | 259,000 | 259,000 | ||||||
State Street Corp. FRS | 125,000 | 126,406 | ||||||
385,406 | ||||||||
Banks - Super Regional — 0.1% | ||||||||
Wells Fargo & Co. FRS | 228,000 | 239,685 | ||||||
Wells Fargo Capital X | 97,000 | 98,697 | ||||||
338,382 | ||||||||
Diversified Banking Institutions — 0.4% | ||||||||
HSBC Holdings PLC FRS | 206,000 | 211,356 | ||||||
JPMorgan Chase & Co. FRS | 158,000 | 162,740 | ||||||
JPMorgan Chase & Co. FRS | 137,000 | 137,329 | ||||||
JPMorgan Chase & Co. FRS | 549,000 | 585,508 | ||||||
1,096,933 | ||||||||
55 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) | ||||||||
Electric - Integrated — 0.1% | ||||||||
Dominion Resources, Inc. FRS | $ | 154,000 | $ | 164,960 | ||||
Finance - Investment Banker/Broker — 0.0% | ||||||||
Lehman Brothers Holdings Capital Trust VII | 78,000 | 8 | ||||||
Finance - Other Services — 0.1% |
| |||||||
National Rural Utilities Cooperative Finance Corp. FRS | 216,000 | 217,728 | ||||||
Insurance - Life/Health — 0.2% | ||||||||
Prudential Financial, Inc. FRS | 94,000 | 94,646 | ||||||
Prudential Financial, Inc. FRS | 283,000 | 300,334 | ||||||
394,980 | ||||||||
Insurance - Multi-line — 0.1% | ||||||||
MetLife, Inc. | 284,000 | 324,612 | ||||||
Pipelines — 0.0% | ||||||||
TransCanada Trust FRS | 118,000 | 120,065 | ||||||
Tools - Hand Held — 0.2% | ||||||||
Stanley Black & Decker, Inc. FRS | 396,000 | 430,650 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $3,555,069) | 3,690,893 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $242,564,992) | 245,162,502 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 13.0% |
| |||||||
Registered Investment Companies — 0.9% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(5) | 2,359,086 | 2,359,086 | ||||||
Security Description | Principal | Value (Note 2) | ||||||
Time Deposits — 12.1% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 30,892,000 | $ | 30,892,000 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $33,251,086) | 33,251,086 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $275,816,078)(7) | 108.7 | % | 278,413,588 | |||||
Liabilities in excess of other assets | (8.7 | ) | (22,371,022 | ) | ||||
NET ASSETS | 100.0 | % | $ | 256,042,566 | ||||
* | 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 May 31, 2015, the aggregate value of these securities was $21,305,414 representing 8.3% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Commercial Mortgage Backed Security |
(2) | Collateralized Mortgage Obligation |
(3) | Illiquid security. At May 31, 2015, the aggregate value of these securities was $28 representing 0.0% of net assets. |
(4) | Interest Only |
(5) | At May 31, 2015, the Fund had loaned securities with a total value of $2,315,695. This was secured by collateral of $2,359,086, which was received in cash and subsequently invested in short-term investments currently valued at $2,359,086 as reported in the Portfolio of Investments |
(6) | Perpetual maturity — maturity date reflects the next call date. |
(7) | See Note 5 for cost of investments on a tax basis. |
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 amount 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 May 31, 2015 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 May 31, 2015 (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 | $ | — | $ | 13,967,104 | $ | — | $ | 13,967,104 | ||||||||
U.S. Corporate Bonds & Notes | — | 50,115,013 | — | 50,115,013 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 16,720,060 | — | 16,720,060 | ||||||||||||
Municipal Bonds & Notes | — | 832,178 | — | 832,178 | ||||||||||||
U.S. Government Agencies | — | 87,364,593 | — | 87,364,593 | ||||||||||||
U.S. Government Treasuries | — | 70,203,012 | — | 70,203,012 | ||||||||||||
Foreign Government Obligations | — | 1,756,160 | — | 1,756,160 | ||||||||||||
Preferred Securities | 513,489 | — | — | 513,489 | ||||||||||||
Preferred Securities/Capital Securities | — | 3,690,893 | — | 3,690,893 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 2,359,086 | — | — | 2,359,086 | ||||||||||||
Time Deposits | — | 30,892,000 | — | 30,892,000 | ||||||||||||
Total Investments at Value | $ | 2,872,575 | $ | 275,541,013 | $ | — | $ | 278,413,588 | ||||||||
* | 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
56 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 9.5 | % | ||
Medical — HMO | 5.4 | |||
Banks — Super Regional | 4.7 | |||
Oil Companies — Integrated | 3.4 | |||
Networking Products | 2.9 | |||
Medical — Drugs | 2.9 | |||
Computers — Memory Devices | 2.8 | |||
Retail — Building Products | 2.8 | |||
Electronic Components — Semiconductors | 2.8 | |||
Repurchase Agreements | 2.4 | |||
Retail — Drug Store | 2.3 | |||
Diversified Manufacturing Operations | 2.2 | |||
Cable/Satellite TV | 2.1 | |||
Oil Refining & Marketing | 1.9 | |||
Medical — Generic Drugs | 1.9 | |||
Commercial Services — Finance | 1.8 | |||
Finance — Credit Card | 1.8 | |||
Auto/Truck Parts & Equipment — Original | 1.8 | |||
Web Portals/ISP | 1.7 | |||
Medical Labs & Testing Services | 1.7 | |||
Oil — Field Services | 1.7 | |||
Computers | 1.6 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Chemicals — Diversified | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.4 | |||
Medical — Hospitals | 1.3 | |||
Applications Software | 1.3 | |||
Aerospace/Defense | 1.2 | |||
Medical — Biomedical/Gene | 1.2 | |||
Telephone — Integrated | 1.2 | |||
Beverages — Non-alcoholic | 1.1 | |||
Insurance — Multi-line | 1.1 | |||
Cruise Lines | 1.0 | |||
Medical — Wholesale Drug Distribution | 1.0 | |||
Computer Services | 1.0 | |||
Retail — Regional Department Stores | 1.0 | |||
Internet Content — Entertainment | 0.9 | |||
Airlines | 0.8 | |||
Transport — Services | 0.8 | |||
Insurance — Property/Casualty | 0.8 | |||
Medical Products | 0.8 | |||
Finance — Consumer Loans | 0.8 | |||
Engineering/R&D Services | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Insurance — Life/Health | 0.8 | |||
Registered Investment Companies | 0.8 | |||
Brewery | 0.7 | |||
Finance — Other Services | 0.6 | |||
Multimedia | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Electric — Integrated | 0.6 | |||
Real Estate Investment Trusts | 0.6 | |||
Medical Instruments | 0.5 | |||
Home Decoration Products | 0.5 | |||
Retail — Vitamins & Nutrition Supplements | 0.5 | |||
Electric — Generation | 0.5 | |||
Retail — Discount | 0.5 | |||
Food — Retail | 0.5 | |||
Paper & Related Products | 0.5 | |||
Containers — Paper/Plastic | 0.5 | |||
Food — Meat Products | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Publishing — Periodicals | 0.4 | |||
Advertising Agencies | 0.4 | |||
X-Ray Equipment | 0.4 | |||
E-Commerce/Services | 0.3 | |||
Casino Hotels | 0.3 | |||
Semiconductor Equipment | 0.3 |
Banks — Commercial | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Pharmacy Services | 0.2 | |||
Exchange-Traded Fund | 0.2 | |||
Independent Power Producers | 0.2 | |||
Instruments — Controls | 0.2 | |||
Transport — Rail | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Footwear & Related Apparel | 0.1 | |||
Poultry | 0.1 | |||
Cellular Telecom | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Gas — Distribution | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Electronic Parts Distribution | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Housewares | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
100.7 | % | |||
* | Calculated as a percentage of net assets |
57 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.2% |
| |||||||
Advertising Agencies — 0.4% |
| |||||||
Interpublic Group of Cos., Inc. | 13,140 | $ | 268,319 | |||||
Omnicom Group, Inc. | 10,000 | 745,300 | ||||||
1,013,619 | ||||||||
Aerospace/Defense — 1.2% |
| |||||||
Northrop Grumman Corp. | 1,670 | 265,830 | ||||||
Raytheon Co. | 26,950 | 2,782,857 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 2,920 | 159,403 | ||||||
3,208,090 | ||||||||
Airlines — 0.8% |
| |||||||
American Airlines Group, Inc. | 7,440 | 315,233 | ||||||
Southwest Airlines Co. | 23,600 | 874,380 | ||||||
United Continental Holdings, Inc.† | 18,700 | 1,020,833 | ||||||
2,210,446 | ||||||||
Applications Software — 1.3% |
| |||||||
Microsoft Corp. | 73,905 | 3,463,188 | ||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
General Motors Co. | 30,050 | 1,080,898 | ||||||
Auto/Truck Parts & Equipment - Original — 1.8% |
| |||||||
Lear Corp. | 28,800 | 3,341,376 | ||||||
WABCO Holdings, Inc.† | 11,000 | 1,390,620 | ||||||
4,731,996 | ||||||||
Banks - Commercial — 0.2% |
| |||||||
Regions Financial Corp. | 63,360 | 639,302 | ||||||
Banks - Fiduciary — 0.0% |
| |||||||
State Street Corp. | 660 | 51,434 | ||||||
Banks - Super Regional — 4.7% |
| |||||||
Capital One Financial Corp. | 24,690 | 2,063,096 | ||||||
KeyCorp | 33,720 | 491,638 | ||||||
SunTrust Banks, Inc. | 59,700 | 2,547,996 | ||||||
US Bancorp | 105,085 | 4,530,214 | ||||||
Wells Fargo & Co. | 51,655 | 2,890,614 | ||||||
12,523,558 | ||||||||
Beverages - Non-alcoholic — 1.1% |
| |||||||
Dr Pepper Snapple Group, Inc. | 39,700 | 3,042,608 | ||||||
Brewery — 0.7% |
| |||||||
Molson Coors Brewing Co., Class B | 26,800 | 1,966,584 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Starz, Class A† | 5,049 | 211,856 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Thor Industries, Inc. | 1,960 | 119,736 | ||||||
Cable/Satellite TV — 2.1% |
| |||||||
Cablevision Systems Corp., Class A# | 10,830 | 265,443 | ||||||
Comcast Corp., Class A | 80,900 | 4,729,414 | ||||||
Comcast Corp., Special Class A | 2,850 | 165,300 | ||||||
Time Warner Cable, Inc. | 2,450 | 443,181 | ||||||
5,603,338 | ||||||||
Casino Hotels — 0.3% |
| |||||||
Las Vegas Sands Corp. | 16,600 | 843,778 | ||||||
Cellular Telecom — 0.1% |
| |||||||
U.S. Cellular Corp.† | 7,485 | 292,664 | ||||||
Chemicals - Diversified — 1.4% |
| |||||||
Akzo Nobel NV ADR | 38,880 | 992,218 | ||||||
Celanese Corp., Series A | 1,520 | 104,652 | ||||||
Dow Chemical Co. | 12,800 | 666,496 |
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Diversified (continued) | ||||||||
LyondellBasell Industries NV, Class A | 6,850 | $ | 692,535 | |||||
PPG Industries, Inc. | 5,980 | 1,368,762 | ||||||
3,824,663 | ||||||||
Chemicals - Specialty — 0.2% |
| |||||||
Cabot Corp. | 10,812 | 448,374 | ||||||
Commercial Services - Finance — 1.8% |
| |||||||
MasterCard, Inc., Class A | 37,000 | 3,413,620 | ||||||
Total System Services, Inc. | 32,843 | 1,353,132 | ||||||
Western Union Co. | 5,740 | 125,993 | ||||||
4,892,745 | ||||||||
Computer Services — 1.0% |
| |||||||
Amdocs, Ltd. | 24,188 | 1,326,712 | ||||||
Cognizant Technology Solutions Corp., Class A† | 12,800 | 828,416 | ||||||
DST Systems, Inc. | 3,524 | 417,241 | ||||||
2,572,369 | ||||||||
Computers — 1.6% |
| |||||||
Apple, Inc. | 20,690 | 2,695,493 | ||||||
Hewlett-Packard Co. | 43,447 | 1,451,130 | ||||||
4,146,623 | ||||||||
Computers - Memory Devices — 2.8% |
| |||||||
Brocade Communications Systems, Inc. | 129,689 | 1,603,604 | ||||||
EMC Corp. | 94,820 | 2,497,559 | ||||||
Western Digital Corp. | 34,550 | 3,363,788 | ||||||
7,464,951 | ||||||||
Containers - Metal/Glass — 0.0% |
| |||||||
Crown Holdings, Inc.† | 1,600 | 88,464 | ||||||
Containers - Paper/Plastic — 0.5% |
| |||||||
Packaging Corp. of America | 17,105 | 1,183,324 | ||||||
Cruise Lines — 1.0% |
| |||||||
Carnival Corp. | 59,973 | 2,778,549 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fossil Group, Inc.†# | 8,000 | 568,080 | ||||||
Diversified Banking Institutions — 9.5% |
| |||||||
Bank of America Corp. | 293,074 | 4,835,721 | ||||||
Citigroup, Inc. | 148,063 | 8,007,247 | ||||||
Goldman Sachs Group, Inc. | 10,640 | 2,193,862 | ||||||
JPMorgan Chase & Co. | 146,244 | 9,619,930 | ||||||
Morgan Stanley | 18,810 | 718,542 | ||||||
25,375,302 | ||||||||
Diversified Manufacturing Operations — 2.2% |
| |||||||
3M Co. | 27,950 | 4,446,286 | ||||||
Parker-Hannifin Corp.# | 11,784 | 1,419,147 | ||||||
5,865,433 | ||||||||
E-Commerce/Services — 0.3% |
| |||||||
Priceline Group, Inc.† | 740 | 867,310 | ||||||
Electric - Generation — 0.5% |
| |||||||
AES Corp. | 92,100 | 1,252,560 | ||||||
Electric - Integrated — 0.6% |
| |||||||
Exelon Corp. | 16,000 | 541,280 | ||||||
PPL Corp. | 8,590 | 298,159 | ||||||
Public Service Enterprise Group, Inc. | 18,000 | 767,340 | ||||||
1,606,779 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
TE Connectivity, Ltd. | 2,550 | 175,950 | ||||||
58 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Components - Semiconductors — 2.8% |
| |||||||
Intel Corp. | 114,460 | $ | 3,944,292 | |||||
Micron Technology, Inc.† | 91,450 | 2,554,198 | ||||||
NVIDIA Corp. | 36,900 | 816,597 | ||||||
7,315,087 | ||||||||
Electronic Parts Distribution — 0.1% |
| |||||||
Avnet, Inc. | 4,510 | 198,485 | ||||||
Engineering/R&D Services — 0.8% |
| |||||||
AECOM† | 51,810 | 1,711,284 | ||||||
Jacobs Engineering Group, Inc.† | 8,310 | 359,491 | ||||||
2,070,775 | ||||||||
Enterprise Software/Service — 0.8% |
| |||||||
Oracle Corp. | 47,150 | 2,050,553 | ||||||
Finance - Consumer Loans — 0.8% |
| |||||||
SLM Corp.† | 207,957 | 2,133,639 | ||||||
Finance - Credit Card — 1.8% |
| |||||||
Alliance Data Systems Corp.† | 1,220 | 363,597 | ||||||
Discover Financial Services | 75,400 | 4,393,558 | ||||||
4,757,155 | ||||||||
Finance - Other Services — 0.6% |
| |||||||
NASDAQ OMX Group, Inc. | 32,980 | 1,706,715 | ||||||
Food - Meat Products — 0.3% |
| |||||||
Tyson Foods, Inc., Class A# | 21,110 | 896,119 | ||||||
Food - Misc./Diversified — 0.0% |
| |||||||
Kellogg Co. | 490 | 30,757 | ||||||
Food - Retail — 0.5% |
| |||||||
Kroger Co. | 16,868 | 1,227,990 | ||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Deckers Outdoor Corp.† | 4,800 | 327,120 | ||||||
Gas - Distribution — 0.1% |
| |||||||
UGI Corp. | 6,225 | 232,815 | ||||||
Home Decoration Products — 0.5% |
| |||||||
Newell Rubbermaid, Inc. | 34,640 | 1,369,319 | ||||||
Hotels/Motels — 0.0% |
| |||||||
Wyndham Worldwide Corp. | 280 | 23,775 | ||||||
Housewares — 0.1% |
| |||||||
Tupperware Brands Corp. | 2,380 | 156,461 | ||||||
Human Resources — 0.0% |
| |||||||
ManpowerGroup, Inc. | 1,050 | 88,883 | ||||||
Independent Power Producers — 0.2% |
| |||||||
Dynegy, Inc.† | 16,600 | 536,844 | ||||||
Instruments - Controls — 0.2% |
| |||||||
Honeywell International, Inc. | 4,985 | 519,437 | ||||||
Insurance - Life/Health — 0.8% |
| |||||||
CNO Financial Group, Inc. | 3,330 | 59,940 | ||||||
Lincoln National Corp. | 21,497 | 1,225,544 | ||||||
Prudential Financial, Inc. | 8,665 | 733,146 | ||||||
2,018,630 | ||||||||
Insurance - Multi-line — 1.1% |
| |||||||
ACE, Ltd. | 2,015 | 214,557 | ||||||
Genworth Financial, Inc., Class A† | 74,120 | 588,513 | ||||||
Hartford Financial Services Group, Inc. | 25,099 | 1,031,820 | ||||||
MetLife, Inc. | 5,995 | 313,299 | ||||||
XL Group PLC | 21,980 | 828,206 | ||||||
2,976,395 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty — 0.8% |
| |||||||
Travelers Cos., Inc. | 21,580 | $ | 2,182,170 | |||||
Internet Content - Entertainment — 0.9% |
| |||||||
Facebook, Inc., Class A† | 31,310 | 2,479,439 | ||||||
Machinery - General Industrial — 0.4% |
| |||||||
Zebra Technologies Corp., Class A† | 10,170 | 1,115,039 | ||||||
Medical Instruments — 0.5% |
| |||||||
Medtronic PLC | 18,334 | 1,399,251 | ||||||
Medical Labs & Testing Services — 1.7% |
| |||||||
Laboratory Corp. of America Holdings† | 27,720 | 3,269,574 | ||||||
Quest Diagnostics, Inc. | 17,440 | 1,312,011 | ||||||
4,581,585 | ||||||||
Medical Products — 0.8% |
| |||||||
Baxter International, Inc. | 25,140 | 1,674,575 | ||||||
Zimmer Holdings, Inc. | 4,440 | 506,560 | ||||||
2,181,135 | ||||||||
Medical - Biomedical/Gene — 1.2% |
| |||||||
Amgen, Inc. | 20,300 | 3,172,078 | ||||||
Medical - Drugs — 2.9% |
| |||||||
AstraZeneca PLC ADR | 27,500 | 1,857,625 | ||||||
Johnson & Johnson | 10,880 | 1,089,523 | ||||||
Merck & Co., Inc. | 8,078 | 491,869 | ||||||
Pfizer, Inc. | 124,622 | 4,330,615 | ||||||
7,769,632 | ||||||||
Medical - Generic Drugs — 1.9% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 81,902 | 4,922,310 | ||||||
Medical - HMO — 5.4% |
| |||||||
Aetna, Inc. | 36,500 | 4,305,905 | ||||||
Centene Corp.† | 28,300 | 2,132,122 | ||||||
Cigna Corp. | 22,400 | 3,154,592 | ||||||
Humana, Inc. | 7,700 | 1,652,805 | ||||||
UnitedHealth Group, Inc. | 25,900 | 3,113,439 | ||||||
14,358,863 | ||||||||
Medical - Hospitals — 1.3% |
| |||||||
Community Health Systems, Inc.† | 17,620 | 974,562 | ||||||
Universal Health Services, Inc., Class B | 19,358 | 2,508,410 | ||||||
3,482,972 | ||||||||
Medical - Wholesale Drug Distribution — 1.0% |
| |||||||
McKesson Corp. | 11,230 | 2,664,093 | ||||||
Multimedia — 0.6% |
| |||||||
Viacom, Inc., Class B | 24,700 | 1,651,936 | ||||||
Networking Products — 2.9% |
| |||||||
Cisco Systems, Inc. | 231,140 | 6,774,714 | ||||||
Telefonaktiebolaget LM Ericsson ADR | 89,590 | 1,008,783 | ||||||
7,783,497 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Xerox Corp. | 20,640 | 235,709 | ||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Atwood Oceanics, Inc.# | 19,300 | 593,861 | ||||||
Oil Companies - Exploration & Production — 1.5% |
| |||||||
Apache Corp. | 28,030 | 1,677,315 | ||||||
Gulfport Energy Corp.† | 23,150 | 999,154 | ||||||
Hess Corp. | 17,800 | 1,201,856 | ||||||
3,878,325 | ||||||||
59 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Integrated — 3.4% |
| |||||||
BP PLC ADR | 52,900 | $ | 2,193,234 | |||||
Exxon Mobil Corp. | 7,080 | 603,216 | ||||||
Marathon Oil Corp. | 101,964 | 2,772,401 | ||||||
Suncor Energy, Inc. | 115,910 | 3,388,049 | ||||||
8,956,900 | ||||||||
Oil Refining & Marketing — 1.9% |
| |||||||
Marathon Petroleum Corp. | 19,811 | 2,049,646 | ||||||
PBF Energy, Inc., Class A | 13,750 | 368,775 | ||||||
Tesoro Corp. | 5,609 | 496,396 | ||||||
Valero Energy Corp. | 37,120 | 2,198,989 | ||||||
5,113,806 | ||||||||
Oil - Field Services — 1.7% |
| |||||||
Halliburton Co. | 8,690 | 394,526 | ||||||
Schlumberger, Ltd. | 34,190 | 3,103,426 | ||||||
Superior Energy Services, Inc. | 15,050 | 347,505 | ||||||
Weatherford International PLC† | 46,310 | 640,004 | ||||||
4,485,461 | ||||||||
Paper & Related Products — 0.5% |
| |||||||
Domtar Corp. | 27,800 | 1,201,516 | ||||||
Pharmacy Services — 0.2% |
| |||||||
Express Scripts Holding Co.† | 6,300 | 548,982 | ||||||
Poultry — 0.1% |
| |||||||
Pilgrim’s Pride Corp.# | 12,200 | 312,076 | ||||||
Publishing - Periodicals — 0.4% |
| |||||||
Nielsen NV | 22,630 | 1,018,124 | ||||||
Real Estate Investment Trusts — 0.6% |
| |||||||
Brixmor Property Group, Inc. | 6,650 | 164,787 | ||||||
Outfront Media, Inc. | 29,499 | 817,417 | ||||||
Starwood Property Trust, Inc.# | 21,550 | 514,830 | ||||||
1,497,034 | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
Jones Lang LaSalle, Inc. | 300 | 51,969 | ||||||
Retail - Apparel/Shoe — 0.6% |
| |||||||
Gap, Inc. | 16,390 | 628,229 | ||||||
Ross Stores, Inc. | 10,494 | 1,014,455 | ||||||
1,642,684 | ||||||||
Retail - Building Products — 2.8% |
| |||||||
Home Depot, Inc. | 25,500 | 2,841,210 | ||||||
Lowe’s Cos., Inc. | 64,700 | 4,527,706 | ||||||
7,368,916 | ||||||||
Retail - Discount — 0.5% |
| |||||||
Wal-Mart Stores, Inc. | 16,590 | 1,232,139 | ||||||
Retail - Drug Store — 2.3% |
| |||||||
CVS Health Corp. | 59,740 | 6,116,181 | ||||||
Retail - Regional Department Stores — 1.0% |
| |||||||
Macy’s, Inc. | 37,850 | 2,534,057 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.5% |
| |||||||
GNC Holdings, Inc., Class A | 28,890 | 1,286,761 | ||||||
Semiconductor Components-Integrated Circuits — 1.4% |
| |||||||
QUALCOMM, Inc. | 53,760 | 3,745,997 | ||||||
Semiconductor Equipment — 0.3% |
| |||||||
Teradyne, Inc. | 36,210 | 765,842 | ||||||
Telephone - Integrated — 1.2% |
| |||||||
Telephone & Data Systems, Inc. | 36,929 | 1,096,422 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Telephone - Integrated (continued) | ||||||||
Verizon Communications, Inc. | 40,000 | $ | 1,977,600 | |||||
3,074,022 | ||||||||
Transport - Rail — 0.2% |
| |||||||
Union Pacific Corp. | 5,000 | 504,550 | ||||||
Transport - Services — 0.8% |
| |||||||
FedEx Corp. | 12,600 | 2,182,572 | ||||||
Web Portals/ISP — 1.7% |
| |||||||
Google, Inc., Class A† | 4,150 | 2,263,078 | ||||||
Google, Inc., Class C† | 4,412 | 2,347,669 | ||||||
4,610,747 | ||||||||
Wireless Equipment — 0.0% |
| |||||||
Motorola Solutions, Inc. | 1,580 | 93,220 | ||||||
X-Ray Equipment — 0.4% |
| |||||||
Hologic, Inc.† | 27,000 | 965,790 | ||||||
Total Common Stocks | ||||||||
(cost $202,754,846) | 258,512,766 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.1% |
| |||||||
Food - Meat Products — 0.1% |
| |||||||
Tyson Foods, Inc. | 4,572 | 237,607 | ||||||
Tools - Hand Held — 0.0% |
| |||||||
Stanley Black & Decker, Inc. | 530 | 62,005 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $281,600) | 299,612 | |||||||
EXCHANGE-TRADED FUNDS — 0.2% |
| |||||||
Utilities Select Sector SPDR Fund# | 14400 | 640,800 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $203,671,030) | 259,453,178 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.8% |
| |||||||
Registered Investment Companies — 0.8% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 2,006,883 | 2,006,883 | ||||||
REPURCHASE AGREEMENTS — 2.4% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 05/29/2015, to be repurchased 06/01/2015 in the amount $603,000 collateralized by $635,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $616,020 | $ | 603,000 | 603,000 | |||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 05/29/2015, to be repurchased 06/01/2015 in the amount $5,650,000 collateralized by $5,945,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $5,767,310 | 5,650,000 | 5,650,000 | ||||||
Total Repurchase Agreements | ||||||||
(cost $6,253,000) | 6,253,000 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $211,930,913)(2) | 100.7 | % | 267,713,061 | |||||
Liabilities in excess of other assets | (0.7 | ) | (1,758,360 | ) | ||||
NET ASSETS | 100.0 | % | $ | 265,954,701 | ||||
60 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At May 31, 2015, the Fund had loaned securities with a total value of $5,233,214. This was secured by collateral of $2,006,883 which was received in cash and subsequently invested in short-term investments currently valued at $2,006,883 as reported in the Portfolio of Investments. Additional collateral of $3,396,247 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 02/04/2016 | $ | 540,919 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 06/30/2015 to 05/15/2044 | 2,855,328 |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
7 | Long | S&P 500 E-Mini Index | June 2015 | $ | 719,759 | $ | 737,100 | $ | 17,341 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | 258,512,766 | $ | — | $ | — | $ | 258,512,766 | ||||||||
Convertible Preferred Securities | 299,612 | — | — | 299,612 | ||||||||||||
Exchange-Traded Funds | 640,800 | — | — | 640,800 | ||||||||||||
Short-Term Investment Securities | 2,006,883 | — | — | 2,006,883 | ||||||||||||
Repurchase Agreements | — | 6,253,000 | — | 6,253,000 | ||||||||||||
Total Investments at Value | $ | 261,460,061 | $ | 6,253,000 | $ | — | $ | 267,713,061 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 17,341 | $ | — | $ | — | $ | 17,341 | ||||||||
* | 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
61 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 8.5 | % | ||
Tobacco | 6.5 | |||
Diversified Banking Institutions | 5.7 | |||
Banks — Super Regional | 4.5 | |||
Aerospace/Defense | 4.3 | |||
Oil Companies — Integrated | 3.9 | |||
Telephone — Integrated | 3.5 | |||
Oil Companies — Exploration & Production | 3.5 | |||
Food — Misc./Diversified | 3.4 | |||
Diversified Manufacturing Operations | 3.3 | |||
Computer Services | 3.3 | |||
Chemicals — Diversified | 2.8 | |||
Cosmetics & Toiletries | 2.3 | |||
Electric — Integrated | 2.1 | |||
Retail — Restaurants | 1.9 | |||
Beverages — Non-alcoholic | 1.8 | |||
Registered Investment Companies | 1.7 | |||
Medical — HMO | 1.7 | |||
Electronic Components — Semiconductors | 1.6 | |||
Retail — Building Products | 1.6 | |||
Retail — Office Supplies | 1.6 | |||
Insurance — Multi-line | 1.5 | |||
Retail — Apparel/Shoe | 1.5 | |||
Networking Products | 1.5 | |||
Commercial Services — Finance | 1.3 | |||
Enterprise Software/Service | 1.3 | |||
Advertising Agencies | 1.3 | |||
Applications Software | 1.3 | |||
Retail — Computer Equipment | 1.3 | |||
Cable/Satellite TV | 1.2 | |||
Internet Security | 1.2 | |||
Oil & Gas Drilling | 1.2 | |||
Insurance — Property/Casualty | 1.1 | |||
Time Deposits | 1.0 | |||
Oil Refining & Marketing | 0.9 | |||
Insurance — Life/Health | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Instruments — Controls | 0.9 | |||
Food — Retail | 0.8 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Transport — Services | 0.6 | |||
Paper & Related Products | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Retail — Discount | 0.6 | |||
Finance — Other Services | 0.5 | |||
Transport — Rail | 0.5 | |||
Finance — Credit Card | 0.5 | |||
Water | 0.5 | |||
Beverages — Wine/Spirits | 0.4 | |||
Wireless Equipment | 0.4 | |||
Industrial Gases | 0.4 | |||
Medical Products | 0.4 | |||
Gas — Distribution | 0.3 | |||
Oil — Field Services | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Cellular Telecom | 0.3 | |||
Real Estate Investment Trusts | 0.3 | |||
Electronic Security Devices | 0.3 | |||
Diversified Minerals | 0.3 | |||
Pipelines | 0.3 | |||
Industrial Automated/Robotic | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Repurchase Agreements | 0.2 | |||
Telecom Services | 0.2 | |||
Electric — Transmission | 0.2 | |||
100.7 | % | |||
* | Calculated as a percentage of net assets |
62 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.8% |
| |||||||
Advertising Agencies — 1.3% |
| |||||||
Omnicom Group, Inc. | 111,317 | $ | 8,296,456 | |||||
Aerospace/Defense — 4.3% |
| |||||||
Lockheed Martin Corp. | 72,696 | 13,681,387 | ||||||
Northrop Grumman Corp. | 37,245 | 5,928,659 | ||||||
Raytheon Co. | 75,815 | 7,828,657 | ||||||
27,438,703 | ||||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
United Technologies Corp. | 38,420 | 4,501,671 | ||||||
Apparel Manufacturers — 0.3% |
| |||||||
VF Corp. | 27,653 | 1,947,601 | ||||||
Applications Software — 1.3% |
| |||||||
Microsoft Corp. | 175,875 | 8,241,503 | ||||||
Banks - Super Regional — 4.5% |
| |||||||
Fifth Third Bancorp | 61,165 | 1,237,980 | ||||||
SunTrust Banks, Inc. | 160,543 | 6,851,975 | ||||||
US Bancorp | 143,020 | 6,165,592 | ||||||
Wells Fargo & Co. | 255,575 | 14,301,977 | ||||||
28,557,524 | ||||||||
Beverages - Non-alcoholic — 1.8% |
| |||||||
Coca-Cola Co. | 276,137 | 11,310,572 | ||||||
Beverages - Wine/Spirits — 0.4% |
| |||||||
Diageo PLC(1) | 102,875 | 2,859,427 | ||||||
Cable/Satellite TV — 1.2% |
| |||||||
Comcast Corp., Special Class A | 136,685 | 7,927,730 | ||||||
Cellular Telecom — 0.3% |
| |||||||
SK Telecom Co., Ltd. ADR | 75,680 | 1,849,619 | ||||||
Chemicals - Diversified — 2.8% |
| |||||||
Dow Chemical Co. | 55,075 | 2,867,755 | ||||||
E.I. du Pont de Nemours & Co. | 82,700 | 5,872,527 | ||||||
LyondellBasell Industries NV, Class A | 93,213 | 9,423,835 | ||||||
18,164,117 | ||||||||
Commercial Services - Finance — 1.3% |
| |||||||
Automatic Data Processing, Inc. | 5,715 | 488,690 | ||||||
H&R Block, Inc. | 255,088 | 8,093,942 | ||||||
8,582,632 | ||||||||
Computer Services — 3.3% |
| |||||||
Accenture PLC, Class A | 97,391 | 9,353,432 | ||||||
International Business Machines Corp. | 70,793 | 12,010,032 | ||||||
21,363,464 | ||||||||
Cosmetics & Toiletries — 2.3% |
| |||||||
Procter & Gamble Co. | 180,330 | 14,136,069 | ||||||
Unilever NV | 18,535 | 791,444 | ||||||
14,927,513 | ||||||||
Diversified Banking Institutions — 5.7% |
| |||||||
Bank of America Corp. | 273,200 | 4,507,800 | ||||||
Citigroup, Inc. | 170,720 | 9,232,538 | ||||||
Goldman Sachs Group, Inc. | 20,100 | 4,144,419 | ||||||
JPMorgan Chase & Co. | 219,839 | 14,461,009 | ||||||
Morgan Stanley | 112,890 | 4,312,398 | ||||||
36,658,164 | ||||||||
Diversified Manufacturing Operations — 3.3% |
| |||||||
3M Co. | 17,735 | 2,821,284 | ||||||
General Electric Co. | 681,398 | 18,581,723 | ||||||
21,403,007 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Minerals — 0.3% |
| |||||||
BHP Billiton, Ltd.#(1) | 74,122 | $ | 1,662,474 | |||||
Electric - Integrated — 2.1% |
| |||||||
CMS Energy Corp. | 47,900 | 1,635,306 | ||||||
Dominion Resources, Inc. | 57,330 | 4,042,911 | ||||||
Eversource Energy | 33,595 | 1,654,554 | ||||||
NextEra Energy, Inc. | 42,970 | 4,397,550 | ||||||
Wisconsin Energy Corp. | 34,770 | 1,678,696 | ||||||
13,409,017 | ||||||||
Electric - Transmission — 0.2% |
| |||||||
ITC Holdings Corp. | 29,215 | 1,030,997 | ||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Intel Corp. | 215,955 | 7,441,810 | ||||||
Samsung Electronics Co., Ltd. GDR*(1) | 5,200 | 3,078,803 | ||||||
10,520,613 | ||||||||
Electronic Security Devices — 0.3% |
| |||||||
Tyco International PLC | 42,600 | 1,719,336 | ||||||
Enterprise Software/Service — 1.3% |
| |||||||
CA, Inc. | 275,787 | 8,397,714 | ||||||
Finance - Credit Card — 0.5% |
| |||||||
American Express Co. | 42,044 | 3,351,748 | ||||||
Finance - Other Services — 0.5% |
| |||||||
CME Group, Inc. | 36,270 | 3,416,634 | ||||||
Food - Misc./Diversified — 3.4% |
| |||||||
Kellogg Co. | 128,378 | 8,058,287 | ||||||
Kraft Foods Group, Inc. | 142,222 | 12,010,648 | ||||||
Mondelez International, Inc., Class A | 48,775 | 2,028,552 | ||||||
22,097,487 | ||||||||
Food - Retail — 0.8% |
| |||||||
Kroger Co. | 66,400 | 4,833,920 | ||||||
Gas - Distribution — 0.3% |
| |||||||
Sempra Energy | 20,425 | 2,195,075 | ||||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Rockwell Automation, Inc. | 12,830 | 1,576,679 | ||||||
Industrial Gases — 0.4% |
| |||||||
Praxair, Inc. | 20,155 | 2,476,243 | ||||||
Instruments - Controls — 0.9% |
| |||||||
Honeywell International, Inc. | 54,605 | 5,689,841 | ||||||
Insurance - Life/Health — 0.9% |
| |||||||
Prudential Financial, Inc. | 70,228 | 5,941,991 | ||||||
Insurance - Multi-line — 1.5% |
| |||||||
ACE, Ltd. | 36,235 | 3,858,303 | ||||||
MetLife, Inc. | 116,334 | 6,079,615 | ||||||
9,937,918 | ||||||||
Insurance - Property/Casualty — 1.1% |
| |||||||
Chubb Corp. | 20,361 | 1,985,197 | ||||||
Travelers Cos., Inc. | 47,630 | 4,816,346 | ||||||
6,801,543 | ||||||||
Internet Security — 1.2% |
| |||||||
Symantec Corp. | 320,831 | 7,900,463 | ||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Quest Diagnostics, Inc. | 52,095 | 3,919,107 | ||||||
Medical Products — 0.4% |
| |||||||
Becton Dickinson and Co. | 16,300 | 2,290,313 | ||||||
63 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs — 8.5% |
| |||||||
Abbott Laboratories | 33,085 | $ | 1,607,931 | |||||
AbbVie, Inc. | 33,085 | 2,203,130 | ||||||
Bristol-Myers Squibb Co. | 123,680 | 7,989,728 | ||||||
Johnson & Johnson | 63,735 | 6,382,423 | ||||||
Merck & Co., Inc. | 279,881 | 17,041,954 | ||||||
Pfizer, Inc. | 550,063 | 19,114,689 | ||||||
54,339,855 | ||||||||
Medical - HMO — 1.7% |
| |||||||
Anthem, Inc. | 20,367 | 3,418,601 | ||||||
UnitedHealth Group, Inc. | 60,353 | 7,255,034 | ||||||
10,673,635 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
South32, Ltd.†# | 74,122 | 124,107 | ||||||
Networking Products — 1.5% |
| |||||||
Cisco Systems, Inc. | 319,332 | 9,359,621 | ||||||
Oil & Gas Drilling — 1.2% |
| |||||||
Helmerich & Payne, Inc.# | 102,743 | 7,499,212 | ||||||
Oil Companies - Exploration & Production — 3.5% |
| |||||||
ConocoPhillips | 145,742 | 9,280,851 | ||||||
Occidental Petroleum Corp. | 166,633 | 13,029,034 | ||||||
22,309,885 | ||||||||
Oil Companies - Integrated — 3.9% |
| |||||||
Chevron Corp. | 107,420 | 11,064,260 | ||||||
Exxon Mobil Corp. | 72,870 | 6,208,524 | ||||||
Marathon Oil Corp. | 83,435 | 2,268,598 | ||||||
Total SA ADR | 111,622 | 5,635,795 | ||||||
25,177,177 | ||||||||
Oil Refining & Marketing — 0.9% |
| |||||||
Marathon Petroleum Corp. | 52,623 | 5,444,376 | ||||||
Phillips 66 | 6,713 | 531,132 | ||||||
5,975,508 | ||||||||
Oil - Field Services — 0.3% |
| |||||||
Schlumberger, Ltd. | 22,765 | 2,066,379 | ||||||
Paper & Related Products — 0.6% |
| |||||||
International Paper Co. | 77,600 | 4,022,008 | ||||||
Pipelines — 0.3% |
| |||||||
Spectra Energy Corp. | 47,100 | 1,656,507 | ||||||
Publishing - Periodicals — 0.2% |
| |||||||
Nielsen NV | 32,300 | 1,453,177 | ||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
Weyerhaeuser Co. | 53,790 | 1,751,402 | ||||||
Retail - Apparel/Shoe — 1.5% |
| |||||||
Coach, Inc. | 236,251 | 8,356,198 | ||||||
Gap, Inc. | 34,048 | 1,305,060 | ||||||
9,661,258 | ||||||||
Retail - Building Products — 1.6% |
| |||||||
Home Depot, Inc. | 90,570 | 10,091,309 | ||||||
Retail - Computer Equipment — 1.3% |
| |||||||
GameStop Corp., Class A# | 185,393 | 8,047,910 | ||||||
Retail - Discount — 0.6% |
| |||||||
Dollar General Corp. | 52,321 | 3,797,981 | ||||||
�� | ||||||||
Retail - Office Supplies — 1.6% |
| |||||||
Staples, Inc. | 611,240 | 10,064,067 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Retail - Restaurants — 1.9% |
| |||||||
McDonald’s Corp. | 126,282 | $ | 12,114,232 | |||||
Semiconductor Components - Integrated Circuits — 0.9% |
| |||||||
QUALCOMM, Inc. | 82,440 | 5,744,419 | ||||||
Telecom Services — 0.2% |
| |||||||
BCE, Inc. | 25,280 | 1,107,011 | ||||||
Telephone - Integrated — 3.5% |
| |||||||
AT&T, Inc. | 229,816 | 7,937,844 | ||||||
Verizon Communications, Inc. | 294,913 | 14,580,499 | ||||||
22,518,343 | ||||||||
Tobacco — 6.5% |
| |||||||
Altria Group, Inc. | 210,904 | 10,798,285 | ||||||
Lorillard, Inc. | 162,250 | 11,759,880 | ||||||
Philip Morris International, Inc. | 114,613 | 9,520,902 | ||||||
Reynolds American, Inc. | 126,015 | 9,671,651 | ||||||
41,750,718 | ||||||||
Transport - Rail — 0.5% |
| |||||||
Union Pacific Corp. | 33,367 | 3,367,064 | ||||||
Transport - Services — 0.6% |
| |||||||
United Parcel Service, Inc., Class B | 41,025 | 4,070,501 | ||||||
Water — 0.5% |
| |||||||
American Water Works Co., Inc. | 55,920 | 2,956,490 | ||||||
Wireless Equipment — 0.4% |
| |||||||
Motorola Solutions, Inc. | 44,440 | 2,621,960 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $517,383,545) | 627,520,552 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.7% |
| |||||||
Registered Investment Companies — 1.7% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 10,869,042 | 10,869,042 | ||||||
Time Deposits — 1.0% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 06/01/2015 | $ | 6,522,000 | 6,522,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $17,391,042) | 17,391,042 | |||||||
REPURCHASE AGREEMENTS — 0.2% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(3) | 1,192,000 | 1,192,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $535,966,587)(4) | 100.7 | % | 646,103,594 | |||||
Liabilities in excess of other assets | (0.7 | ) | (4,384,331 | ) | ||||
NET ASSETS | 100.0 | % | $ | 641,719,263 | ||||
# | 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 May 31, 2015, the aggregate value of these securities was $3,078,803 representing 0.5% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
† | Non-income producing security |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $7,600,704 representing 1.2% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
64 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
(2) | At May 31, 2015, the Fund had loaned securities with a total value of $13,222,492. This was secured by collateral of $10,869,042, which was received in cash and subsequently invested in short-term investments currently valued at $10,869,042 as reported in the Portfolio of Investments. Additional collateral of $2,187,859 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
United States Treasury Bills | zero coupon | 07/23/2015 to 02/04/2016 | $ | 112,556 | ||||
United States Treasury Notes/Bonds | 0.08% to 4.75% | 06/30/2015 to 11/15/2043 | 2,075,303 |
(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
GDR—Global Depository Receipt
The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2015 (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: | ||||||||||||||||
Beverages - Wine/Spirits | $ | — | $ | 2,859,427 | $ | — | $ | 2,859,427 | ||||||||
Diversified Minerals | — | 1,662,474 | — | 1,662,474 | ||||||||||||
Electronic Components - Semiconductors | 7,441,810 | 3,078,803 | — | 10,520,613 | ||||||||||||
Other industries | 612,478,038 | — | — | 612,478,038 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 10,869,042 | — | — | 10,869,042 | ||||||||||||
Time Deposits | — | 6,522,000 | — | 6,522,000 | ||||||||||||
Repurchase Agreements | — | 1,192,000 | — | 1,192,000 | ||||||||||||
Total Investments at Value | $ | 630,788,890 | $ | 15,314,704 | $ | — | $ | 646,103,594 | ||||||||
�� |
* | 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
65
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 47.9 | % | ||
Domestic Fixed Income Investment Companies | 19.0 | |||
United States Treasury Notes | 14.6 | |||
International Equity Investment Companies | 12.8 | |||
Registered Investment Companies | 2.1 | |||
United States Treasury Bonds | 1.2 | |||
International Fixed Income Investment Companies | 0.8 | |||
Options — Purchased | 0.4 | |||
98.8 | % | |||
* | Calculated as a percentage of net assets |
66 |
Table of Contents
VALIC Company I Dynamic Allocation Fund@
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 80.5% |
| |||||||
Domestic Equity Investment Companies — 47.9% |
| |||||||
VALIC Co. I Blue Chip Growth Fund | 615,583 | $ | 11,055,863 | |||||
VALIC Co. I Broad Cap Value Income Fund | 697,912 | 11,187,528 | ||||||
VALIC Co. I Dividend Value Fund | 499,098 | 6,603,063 | ||||||
VALIC Co. I Growth & Income Fund | 225,935 | 4,450,919 | ||||||
VALIC Co. I Growth Fund | 672,834 | 11,041,206 | ||||||
VALIC Co. I Large Cap Core Fund | 650,830 | 8,942,406 | ||||||
VALIC Co. I Large Capital Growth Fund | 696,819 | 8,884,446 | ||||||
VALIC Co. I Stock Index Fund | 909,461 | 33,286,285 | ||||||
VALIC Co. I Value Fund | 711,642 | 11,001,993 | ||||||
VALIC Co. II Capital Appreciation Fund | 392,306 | 6,696,657 | ||||||
VALIC Co. II Mid Cap Growth Fund | 468,467 | 4,394,225 | ||||||
VALIC Co. II Mid Cap Value Fund | 188,700 | 4,426,907 | ||||||
VALIC Co. II Small Cap Growth Fund | 269,605 | 4,375,680 | ||||||
VALIC Co. II Small Cap Value Fund | 287,607 | 4,342,870 | ||||||
Total Domestic Equity Investment Companies |
| |||||||
(cost $119,500,294) | 130,690,048 | |||||||
Domestic Fixed Income Investment Companies — 19.0% |
| |||||||
VALIC Co. I Capital Conservation Fund | 1,524,811 | 15,110,877 | ||||||
VALIC Co. I Government Securities Fund | 799,586 | 8,651,523 | ||||||
VALIC Co. I Inflation Protected Fund | 197,319 | 2,154,723 | ||||||
VALIC Co. II Core Bond Fund | 1,565,256 | 17,296,081 | ||||||
VALIC Co. II High Yield Bond Fund | 287,123 | 2,199,358 | ||||||
VALIC Co. II Strategic Bond Fund | 577,168 | 6,522,000 | ||||||
Total Domestic Fixed Income Investment Companies | ||||||||
(cost $51,923,000) | 51,934,562 | |||||||
International Equity Investment Companies — 12.8% |
| |||||||
VALIC Co. I Emerging Economies Fund | 812,058 | 6,366,533 | ||||||
VALIC Co. I Foreign Value Fund | 1,037,153 | 10,827,865 | ||||||
VALIC Co. I Global Real Estate Fund | 248,034 | 2,133,092 | ||||||
VALIC Co. I International Equities Index Fund | 618,666 | 4,411,092 | ||||||
VALIC Co. I International Growth Fund | 781,943 | 11,087,954 | ||||||
Total International Equity Investment Companies |
| |||||||
(cost $34,326,472) | 34,826,536 | |||||||
International Fixed Income Investment Companies — 0.8% |
| |||||||
VALIC Co. I International Government Bond Fund (cost $2,287,721) | 190,990 | 2,150,548 | ||||||
Total Affiliated Registered Investment Companies | ||||||||
(cost $208,037,487) | 219,601,694 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 15.8% |
| |||||||
United States Treasury Bonds — 1.2% |
| |||||||
6.25% due 08/15/2023 | $ | 470,000 | $ | 623,998 | ||||
7.13% due 02/15/2023 | 70,000 | 96,442 | ||||||
7.50% due 11/15/2024 | 575,000 | 846,373 | ||||||
7.63% due 11/15/2022 | 911,300 | 1,281,872 | ||||||
7.63% due 02/15/2025 | 375,000 | 559,775 | ||||||
3,408,460 | ||||||||
United States Treasury Notes — 14.6% |
| |||||||
1.63% due 11/15/2022 | 2,155,000 | 2,115,098 | ||||||
1.75% due 05/15/2022 | 1,100,000 | 1,093,641 | ||||||
1.75% due 05/15/2023 | 4,625,000 | 4,555,986 | ||||||
2.00% due 02/15/2023 | 3,262,000 | 3,282,642 | ||||||
2.00% due 02/15/2025 | 3,090,000 | 3,063,926 | ||||||
2.25% due 11/15/2024 | 4,200,000 | 4,259,392 | ||||||
2.38% due 08/15/2024 | 4,845,000 | 4,970,670 | ||||||
2.50% due 08/15/2023 | 3,211,000 | 3,343,203 | ||||||
2.50% due 05/15/2024 | 3,427,000 | 3,554,978 | ||||||
2.75% due 11/15/2023 | 4,168,000 | 4,416,450 | ||||||
2.75% due 02/15/2024 | 4,777,000 | 5,056,531 | ||||||
39,712,517 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $42,009,861) | 43,120,977 | |||||||
OPTIONS - PURCHASED — 0.4% | ||||||||
Options-Purchased(1) | 82,740 | 1,133,471 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $252,218,397) | 263,856,142 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.1% |
| |||||||
Registered Investment Companies — 2.1% | ||||||||
AllianceBernstein Government STIF Portfolio (cost $5,536,735) | 5,536,735 | 5,536,735 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $257,755,132)(2) | 98.8 | % | 269,392,877 | |||||
Other assets less liabilities | 1.2 | 3,311,895 | ||||||
NET ASSETS — | 100.0 | % | $ | 272,704,772 | ||||
@ | The Dynamic Allocation Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information on the underlying funds including such funds’ prospectuses and shareholder reports are available at our website, www.valic.com. |
(1) | Options — Purchased |
Put Options — Purchased | ||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Paid | Value at May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
S&P 500 Index | July 2015 | $ | 1,825 | 740 | $ | 621,065 | $ | 203,500 | $ | (417,565 | ) | |||||||||||
S&P 500 Index | August 2015 | 1,880 | 82,000 | 1,549,984 | 929,971 | (620,013 | ) | |||||||||||||||
82,740 | $ | 2,171,049 | $ | 1,133,471 | $ | (1,037,578 | ) | |||||||||||||||
(2) | See Note 5 for cost of investments on a tax basis. |
STIF—Short Term Index Fund
Written Call Options | ||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||
S&P 500 Index | August 2015 | $2,240 | 82,000 | $417,830 | $216,226 | $201,604 | ||||||
67 |
Table of Contents
VALIC Company I Dynamic Allocation Fund@
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Written Put Options | ||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||
S&P 500 Index | July 2015 | $1,825 | 74,000 | $550,400 | $197,121 | $353,279 | ||||||
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
890 | Long | S&P 500 E-Mini Index | June 2015 | $ | 94,015,914 | $ | 93,717,000 | $ | (298,914 | ) | ||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | 219,601,694 | $ | — | $ | — | $ | 219,601,694 | ||||||||
U.S. Government Treasuries | — | 43,120,977 | — | 43,120,977 | ||||||||||||
Options Purchased | 1,133,471 | — | — | 1,133,471 | ||||||||||||
Short-Term Investment Securities | 5,536,735 | — | — | 5,536,735 | ||||||||||||
Total Investments at Value | $ | 226,271,900 | $ | 43,120,977 | $ | — | $ | 269,392,877 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Options Contracts Written | $ | 554,883 | $ | — | $ | — | $ | 554,883 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 298,914 | $ | — | $ | — | $ | 298,914 | ||||||||
* | 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
68 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Banks — Commercial | 17.8 | % | ||
Electronic Components — Semiconductors | 7.3 | |||
Semiconductor Components — Integrated Circuits | 5.8 | |||
Cellular Telecom | 5.1 | |||
Oil Companies — Integrated | 4.8 | |||
Auto — Cars/Light Trucks | 4.1 | |||
Registered Investment Companies | 3.8 | |||
Diversified Financial Services | 2.9 | |||
Electric — Generation | 2.3 | |||
Oil Refining & Marketing | 2.3 | |||
Telecom Services | 2.2 | |||
Oil Companies — Exploration & Production | 2.2 | |||
Electronic Components — Misc. | 1.7 | |||
Electric — Integrated | 1.7 | |||
Home Furnishings | 1.4 | |||
Retail — Apparel/Shoe | 1.3 | |||
Airlines | 1.3 | |||
Metal Processors & Fabrication | 1.3 | |||
Entertainment Software | 1.3 | |||
Real Estate Operations & Development | 1.2 | |||
Finance — Mortgage Loan/Banker | 1.2 | |||
Computers | 1.2 | |||
Public Thoroughfares | 1.2 | |||
Metal — Diversified | 1.2 | |||
Internet Application Software | 1.1 | |||
Tobacco | 1.1 | |||
Rubber — Tires | 1.1 | |||
Steel — Producers | 1.0 | |||
Applications Software | 0.9 | |||
Diversified Operations | 0.9 | |||
Computers — Periphery Equipment | 0.9 | |||
Banks — Special Purpose | 0.9 | |||
Schools | 0.8 | |||
Medical — Wholesale Drug Distribution | 0.8 | |||
Appliances | 0.8 | |||
Medical — Hospitals | 0.8 | |||
Multimedia | 0.7 | |||
Food — Canned | 0.7 | |||
Time Deposits | 0.6 | |||
Engineering/R&D Services | 0.6 | |||
Non-Ferrous Metals | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Internet Content — Entertainment | 0.5 | |||
Food — Meat Products | 0.5 | |||
Telecommunication Equipment | 0.5 | |||
Audio/Video Products | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Retail — Consumer Electronics | 0.4 | |||
Telephone — Integrated | 0.4 | |||
Advertising Services | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Transport — Marine | 0.4 | |||
Circuit Boards | 0.4 | |||
Airport Development/Maintenance | 0.4 | |||
Textile — Products | 0.4 | |||
Retail — Convenience Store | 0.4 | |||
Finance — Commercial | 0.3 | |||
Cosmetics & Toiletries | 0.3 | |||
Transport — Services | 0.3 | |||
Athletic Footwear | 0.3 | |||
Satellite Telecom | 0.3 | |||
Medical — Drugs | 0.3 | |||
Electric — Distribution | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Communications Software | 0.2 | |||
Finance — Other Services | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Retail — Misc./Diversified | 0.2 |
Steel — Specialty | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Food — Misc./Diversified | 0.2 | |||
Auto/Truck Parts & Equipment — Replacement | 0.2 | |||
Travel Services | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Lottery Services | 0.2 | |||
Banks — Super Regional | 0.1 | |||
Music | 0.1 | |||
Wireless Equipment | 0.1 | |||
Television | 0.1 | |||
103.4 | % | |||
Country Allocation*
South Korea | 19.4 | % | ||
China | 15.9 | |||
Taiwan | 13.1 | |||
India | 7.1 | |||
Hong Kong | 7.1 | |||
Russia | 6.8 | |||
Brazil | 5.7 | |||
Cayman Islands | 5.7 | |||
Thailand | 4.8 | |||
Turkey | 4.7 | |||
United States | 4.5 | |||
South Africa | 3.3 | |||
Bermuda | 2.0 | |||
Indonesia | 1.5 | |||
Poland | 0.6 | |||
United Arab Emirates | 0.6 | |||
Egypt | 0.3 | |||
Qatar | 0.2 | |||
Mexico | 0.1 | |||
103.4 | % | |||
* | Calculated as a percentage of net assets |
69 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS — 97.9% |
| |||||||
Bermuda — 2.0% |
| |||||||
China Singyes Solar Technologies Holdings, Ltd.#(1) | 854,000 | $ | 1,328,727 | |||||
GOME Electrical Appliances Holding, Ltd.#(1) | 10,366,000 | 2,726,305 | ||||||
Huabao International Holdings, Ltd.(1) | 1,368,000 | 1,301,168 | ||||||
REXLot Holdings, Ltd.#(1) | 14,050,000 | 1,013,545 | ||||||
Shenzhen International Holdings, Ltd.(1) | 1,393,000 | 2,484,488 | ||||||
Skyworth Digital Holdings, Ltd.(1) | 2,954,000 | 2,814,802 | ||||||
VimpelCom, Ltd. ADR | 254,950 | 1,583,239 | ||||||
13,252,274 | ||||||||
Brazil — 5.1% |
| |||||||
Banco do Brasil SA† | 974,630 | 6,955,744 | ||||||
Cia Energetica de Minas Gerais ADR# | 785,590 | 3,550,867 | ||||||
Itau Unibanco Holding SA ADR | 1,076,986 | 11,523,750 | ||||||
JBS SA | 633,140 | 3,099,829 | ||||||
Kroton Educacional SA | 1,501,860 | 5,387,521 | ||||||
Smiles SA | 161,480 | 2,578,065 | ||||||
33,095,776 | ||||||||
Cayman Islands — 5.7% |
| |||||||
ANTA Sports Products, Ltd.(1) | 1,489,000 | 3,445,292 | ||||||
Belle International Holdings, Ltd.(1) | 4,095,000 | 5,222,400 | ||||||
Geely Automobile Holdings, Ltd.#(1) | 8,665,000 | 4,457,091 | ||||||
Jintian Pharmaceutical Group, Ltd.#(1) | 3,081,000 | 1,680,663 | ||||||
NetEase, Inc. ADR | 58,650 | 8,293,697 | ||||||
TCL Communication Technology Holdings, Ltd.(1) | 1,008,000 | 1,077,408 | ||||||
Tencent Holdings, Ltd.(1) | 370,000 | 7,412,835 | ||||||
Truly International Holdings, Ltd.(1) | 2,584,000 | 1,299,319 | ||||||
Xinyi Glass Holdings ,Ltd.(1) | 2,238,000 | 1,348,244 | ||||||
Zhen Ding Technology Holding, Ltd.(1) | 714,000 | 2,516,851 | ||||||
36,753,800 | ||||||||
China — 15.9% |
| |||||||
Anhui Expressway Co., Ltd.(1) | 888,000 | 865,831 | ||||||
Bank of China, Ltd.(1) | 23,328,000 | 15,447,714 | ||||||
China CITIC Bank Corp., Ltd.†(1) | 9,781,000 | 8,256,971 | ||||||
China Construction Bank Corp.(1) | 18,965,000 | 18,929,150 | ||||||
China Everbright Bank Co., Ltd.(1) | 6,133,000 | 3,851,867 | ||||||
China Merchants Bank Co., Ltd.(1) | 3,590,500 | 10,904,260 | ||||||
China Southern Airlines Co., Ltd.(1) | 1,962,000 | 1,942,555 | ||||||
China Telecom Corp., Ltd.(1) | 12,234,000 | 8,305,000 | ||||||
Great Wall Motor Co., Ltd.(1) | 1,036,500 | 6,632,097 | ||||||
Huadian Power International Corp., Ltd.(1) | 6,656,000 | 7,698,262 | ||||||
Huaneng Power International, Inc.(1) | 5,222,000 | 6,945,522 | ||||||
Shanghai Electric Group Co., Ltd.#(1) | 1,452,000 | 1,518,567 | ||||||
Shenzhen Expressway Co., Ltd.(1) | 2,114,000 | 1,858,748 | ||||||
Sinopharm Group Co., Ltd.(1) | 1,125,600 | 5,362,477 | ||||||
Sinotrans, Ltd.(1) | 2,581,000 | 2,016,574 | ||||||
Zhejiang Expressway Co., Ltd.(1) | 1,738,000 | 2,693,064 | ||||||
103,228,659 | ||||||||
Egypt — 0.3% |
| |||||||
Commercial International Bank of Egypt SAE GDR | 265,280 | 1,814,515 | ||||||
Hong Kong — 7.1% |
| |||||||
BYD Electronic International Co., Ltd.(1) | 1,114,500 | 1,818,679 | ||||||
China Mobile, Ltd.(1) | 1,536,000 | 20,219,578 | ||||||
China Overseas Land & Investment, Ltd.(1) | 1,996,000 | 7,205,611 | ||||||
CNOOC, Ltd.(1) | 5,628,000 | 8,761,455 | ||||||
Lenovo Group, Ltd.#(1) | 5,002,000 | 7,971,937 | ||||||
45,977,260 | ||||||||
India — 7.1% |
| |||||||
Apollo Tyres, Ltd.(1) | 813,650 | 2,411,085 | ||||||
Bharat Petroleum Corp., Ltd.(1) | 381,810 | 5,069,155 | ||||||
Canara Bank(1) | 254,950 | 1,370,270 |
Security Description | Shares | (Note 2) | ||||||
India (continued) |
| |||||||
HCL Technologies, Ltd.(1) | 380,300 | $ | 5,918,480 | |||||
Hindustan Petroleum Corp., Ltd.(1) | 472,670 | 5,033,089 | ||||||
Housing Development Finance Corp., Ltd.(1) | 418,633 | 8,086,281 | ||||||
IRB Infrastructure Developers, Ltd.(1) | 658,240 | 2,532,748 | ||||||
Power Finance Corp., Ltd.(1) | 488,430 | 2,083,513 | ||||||
Rural Electrification Corp., Ltd.(1) | 476,890 | 2,206,153 | ||||||
Sintex Industries, Ltd.(1) | 1,024,210 | 1,772,019 | ||||||
Tata Motors, Ltd. ADR# | 165,961 | 6,356,306 | ||||||
Tech Mahindra, Ltd.(1) | 183,200 | 1,593,444 | ||||||
Wockhardt, Ltd.(1) | 81,250 | 1,850,146 | ||||||
46,282,689 | ||||||||
Indonesia — 1.5% |
| |||||||
Bank Negara Indonesia Persero Tbk PT(1) | 6,848,300 | 3,559,409 | ||||||
Telekomunikasi Indonesia Persero Tbk PT(1) | 22,060,200 | 4,745,111 | ||||||
United Tractors Tbk PT(1) | 835,900 | 1,276,791 | ||||||
9,581,311 | ||||||||
Mexico — 0.1% |
| |||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 48,300 | 344,052 | ||||||
Poland — 0.6% |
| |||||||
Energa SA(1) | 298,870 | 1,830,161 | ||||||
PGE Polska Grupa Energetyczna SA(1) | 347,900 | 1,910,198 | ||||||
3,740,359 | ||||||||
Qatar — 0.2% |
| |||||||
Gulf International Services QSC(1) | 71,190 | 1,499,146 | ||||||
Russia — 6.3% |
| |||||||
Lukoil OAO ADR | 203,540 | 9,717,000 | ||||||
MegaFon OAO GDR | 185,950 | 2,854,333 | ||||||
MMC Norilsk Nickel OJSC ADR# | 443,030 | 7,803,974 | ||||||
Mobile TeleSystems OJSC ADR | 440,990 | 4,612,755 | ||||||
Moscow Exchange MICEX-RTS OAO | 1,137,690 | 1,552,827 | ||||||
Sberbank of Russia ADR | 1,100,181 | 6,194,019 | ||||||
Severstal OAO GDR | 178,980 | 2,162,078 | ||||||
Tatneft OAO ADR | 180,466 | 6,049,220 | ||||||
40,946,206 | ||||||||
South Africa — 3.3% |
| |||||||
Naspers, Ltd., Class N(1) | 32,880 | 4,836,400 | ||||||
Netcare, Ltd.(1) | 1,514,860 | 4,855,263 | ||||||
Steinhoff International Holdings, Ltd.#(1) | 1,451,131 | 8,992,745 | ||||||
Telkom SA SOC, Ltd.†(1) | 453,310 | 2,595,039 | ||||||
21,279,447 | ||||||||
South Korea — 19.4% |
| |||||||
Amorepacific Corp.(1) | 5,800 | 2,109,123 | ||||||
BNK Financial Group, Inc.(1) | 150,484 | 2,130,291 | ||||||
Com2uS Corp.†#(1) | 11,310 | 1,369,377 | ||||||
Coway Co., Ltd.(1) | 64,420 | 5,317,199 | ||||||
Daesang Corp.(1) | 41,660 | 1,386,728 | ||||||
GS Home Shopping, Inc.(1) | 6,990 | 1,481,099 | ||||||
GS Retail Co., Ltd.(1) | 63,340 | 2,251,973 | ||||||
Halla Visteon Climate Control Corp.(1) | 53,760 | 1,785,234 | ||||||
Hana Tour Service, Inc.†(1) | 12,050 | 1,329,546 | ||||||
Hankook Tire Co., Ltd.(1) | 110,240 | 4,354,491 | ||||||
Industrial Bank of Korea(1) | 431,880 | 5,646,992 | ||||||
KB Financial Group, Inc.(1) | 88,820 | 3,217,946 | ||||||
KEPCO Plant Service & Engineering Co., Ltd.(1) | 41,050 | 3,980,630 | ||||||
KH Vatec Co., Ltd.#(1) | 69,108 | 1,311,125 | ||||||
Kia Motors Corp.(1) | 143,220 | 6,136,509 | ||||||
Korea Electric Power Corp.(1) | 140,160 | 5,819,013 | ||||||
Korea Zinc Co., Ltd.(1) | 8,450 | 3,825,139 | ||||||
KT&G Corp.(1) | 83,232 | 7,236,093 |
70 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
South Korea — (continued) |
| |||||||
LG Hausys, Ltd.#(1) | 10,290 | $ | 1,446,409 | |||||
LG Innotek Co., Ltd.(1) | 18,770 | 1,603,474 | ||||||
Mando Corp.(1) | 11,929 | 1,514,684 | ||||||
Meritz Securities Co., Ltd.(1) | 241,800 | 1,406,639 | ||||||
NCsoft Corp.(1) | 10,750 | 1,908,069 | ||||||
Partron Co., Ltd.#(1) | 77,360 | 663,297 | ||||||
Samsung Electronics Co., Ltd.(1) | 25,898 | 30,475,271 | ||||||
Seah Besteel Corp.(1) | 38,820 | 1,476,268 | ||||||
SK Holdings Co., Ltd.(1) | 34,940 | 5,641,695 | ||||||
SK Hynix, Inc.(1) | 236,550 | 10,831,489 | ||||||
SK Telecom Co., Ltd.(1) | 23,870 | 5,308,663 | ||||||
Wonik IPS Co., Ltd.†(1) | 214,130 | 2,793,766 | ||||||
125,758,232 | ||||||||
Taiwan — 13.1% |
| |||||||
Advanced Semiconductor Engineering, Inc.(1) | 5,788,000 | 8,260,980 | ||||||
Catcher Technology Co., Ltd.(1) | 714,000 | 8,334,911 | ||||||
Chicony Electronics Co., Ltd.(1) | 1,184,794 | 3,304,032 | ||||||
Coretronic Corp.(1) | 1,096,500 | 1,405,949 | ||||||
Fubon Financial Holding Co., Ltd.(1) | 3,964,000 | 8,127,090 | ||||||
Innolux Corp.(1) | 3,896,000 | 2,395,662 | ||||||
Inotera Memories, Inc.†(1) | 3,165,000 | 3,709,271 | ||||||
Mega Financial Holding Co., Ltd.(1) | 3,682,000 | 3,291,211 | ||||||
Pegatron Corp.(1) | 1,720,000 | 5,106,732 | ||||||
Pou Chen Corp.(1) | 1,301,000 | 1,861,714 | ||||||
Radiant Opto-Electronics Corp.(1) | 624,000 | 2,277,977 | ||||||
Realtek Semiconductor Corp.(1) | 931,441 | 2,827,672 | ||||||
Taiwan Paiho, Ltd.(1) | 796,000 | 2,351,490 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,027,140 | 24,938,959 | ||||||
Vanguard International Semiconductor Corp.(1) | 1,311,000 | 2,128,512 | ||||||
Wan Hai Lines, Ltd.(1) | 2,664,000 | 2,532,416 | ||||||
Win Semiconductors Corp.(1) | 1,379,000 | 2,144,885 | ||||||
84,999,463 | ||||||||
Thailand — 4.8% |
| |||||||
Kasikornbank PCL NVDR(1) | 1,160,600 | 6,725,120 | ||||||
Krung Thai Bank PCL# | 9,224,200 | 4,963,080 | ||||||
PTT PCL | 738,000 | 7,612,545 | ||||||
Quality Houses PCL | 17,052,250 | 1,328,089 | ||||||
RS PCL | 2,000,500 | 755,242 | ||||||
Samart Corp PCL# | 2,429,200 | 1,859,450 | ||||||
Siam Commercial Bank PCL | 596,100 | 2,808,616 | ||||||
Supalai PCL† | 1,763,800 | 959,499 | ||||||
Thai Union Frozen Products PCL | 7,388,200 | 4,480,359 | ||||||
31,492,000 | ||||||||
Turkey — 4.7% |
| |||||||
Eregli Demir ve Celik Fabrikalari TAS(1) | 3,020,630 | 4,832,127 | ||||||
Ford Otomotiv Sanayi AS(1) | 100,610 | 1,341,535 | ||||||
KOC Holding AS(1) | 885,320 | 3,955,450 | ||||||
TAV Havalimanlari Holding AS(1) | 246,990 | 2,045,091 | ||||||
Tofas Turk Otomobil Fabrikasi AS(1) | 196,000 | 1,327,531 | ||||||
Tupras Turkiye Petrol Rafinerileri AS†(1) | 150,450 | 3,759,770 | ||||||
Turk Hava Yollari†(1) | 1,492,104 | 5,018,365 | ||||||
Turkiye Halk Bankasi AS(1) | 608,930 | 3,020,803 | ||||||
Turkiye Is Bankasi, Class C(1) | 2,396,850 | 5,089,659 | ||||||
30,390,331 | ||||||||
United Arab Emirates — 0.6% |
| |||||||
Air Arabia PJSC(1) | 3,205,060 | 1,389,200 | ||||||
Dubai Islamic Bank PJSC(1) | 1,262,180 | 2,323,725 | ||||||
3,712,925 | ||||||||
Security Description | Shares/ Principal Amount | (Note 2) | ||||||
United States — 0.1% |
| |||||||
CTC Media, Inc. | 172,590 | $ | 552,288 | |||||
Total Common Stocks | ||||||||
(cost $593,613,338) | 634,700,733 | |||||||
PREFERRED SECURITIES — 1.1% |
| |||||||
Brazil — 0.6% |
| |||||||
Banco do Estado do Rio Grande do Sul SA, Class B | 287,980 | 902,000 | ||||||
Petroleo Brasileiro SA ADR† | 378,410 | 2,925,109 | ||||||
3,827,109 | ||||||||
Russia — 0.5% |
| |||||||
Surgutneftegas OAO† | 4,442,110 | 3,248,164 | ||||||
Total Preferred Securities | ||||||||
(cost $9,685,054) | 7,075,273 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $603,298,392) | 641,776,006 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.4% |
| |||||||
Registered Investment Companies — 3.8% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 24,525,757 | 24,525,757 | ||||||
Time Deposits — 0.6% |
| |||||||
Euro Time Deposit with State Street | 4,053,000 | 4,053,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $28,578,757) | 28,578,757 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $631,877,149)(3) | 103.4 | % | 670,354,763 | |||||
Liabilities in excess of other assets | (3.4 | ) | (22,015,332 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 648,339,431 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $492,008,815 representing 75.9% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | At May 31, 2015, the Fund had loaned securities with a total value of $23,121,248. This was secured by collateral of $24,525,757, which was received in cash and subsequently invested in short-term investments currently valued at $24,525,757 as reported in the Portfolio of Investments. Additional collateral of $138,053 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 May 31, 2015 | |||
United States Treasury Notes/Bonds | 1.50% | 08/31/2018 | $138,053 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
GDR—Global Depository Receipt
NVDR—Non-voting Depository Receipt
71 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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: | ||||||||||||||||
Bermuda | $ | 1,583,239 | $ | 11,669,035 | $ | — | $ | 13,252,274 | ||||||||
Brazil | 33,095,776 | — | — | 33,095,776 | ||||||||||||
Cayman Islands | 8,293,697 | 28,460,103 | — | 36,753,800 | ||||||||||||
Egypt | 1,814,515 | — | — | 1,814,515 | ||||||||||||
India | 6,356,306 | 39,926,383 | — | 46,282,689 | ||||||||||||
Mexico | 344,052 | — | — | 344,052 | ||||||||||||
Russia | 40,946,206 | — | — | 40,946,206 | ||||||||||||
Taiwan | 24,938,959 | 60,060,504 | — | 84,999,463 | ||||||||||||
Thailand | 24,766,880 | 6,725,120 | — | 31,492,000 | ||||||||||||
United States | 552,288 | — | — | 552,288 | ||||||||||||
Other Industries | — | 345,167,670 | — | 345,167,670 | ||||||||||||
Preferred Securities | 7,075,273 | — | — | 7,075,273 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 24,525,757 | — | — | 24,525,757 | ||||||||||||
Time Deposits | — | 4,053,000 | — | 4,053,000 | ||||||||||||
Total Investments at Value | $ | 174,292,948 | $ | 496,061,815 | $ | — | $ | 670,354,763 | ||||||||
* | 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. Securities currently valued at $287,663,641 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
72 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Registered Investment Companies | 10.0 | % | ||
Diversified Banking Institutions | 8.3 | |||
Oil — Field Services | 7.3 | |||
Medical — Drugs | 7.1 | |||
Oil Companies — Integrated | 6.0 | |||
Diversified Financial Services | 4.3 | |||
Electronic Components — Semiconductors | 3.8 | |||
Banks — Commercial | 3.4 | |||
Insurance — Multi-line | 3.1 | |||
Energy — Alternate Sources | 3.0 | |||
Auto — Cars/Light Trucks | 3.0 | |||
U.S. Government Agencies | 2.5 | |||
Oil & Gas Drilling | 2.4 | |||
Import/Export | 2.3 | |||
Food — Retail | 2.2 | |||
Telephone — Integrated | 2.1 | |||
Telecom Services | 2.1 | |||
Finance — Other Services | 1.8 | |||
Insurance — Life/Health | 1.8 | |||
Medical — Generic Drugs | 1.6 | |||
Retail — Major Department Stores | 1.6 | |||
Cellular Telecom | 1.4 | |||
Retail — Building Products | 1.4 | |||
Finance — Investment Banker/Broker | 1.3 | |||
Diversified Manufacturing Operations | 1.2 | |||
Rubber — Tires | 1.2 | |||
Chemicals — Diversified | 1.2 | |||
Insurance — Reinsurance | 1.1 | |||
Aerospace/Defense | 1.1 | |||
Steel — Producers | 1.1 | |||
Medical — Biomedical/Gene | 1.0 | |||
Diagnostic Kits | 1.0 | |||
Building Products — Cement | 1.0 | |||
Retail — Drug Store | 0.9 | |||
Metal — Diversified | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Building & Construction Products — Misc. | 0.9 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Investment Management/Advisor Services | 0.8 | |||
Chemicals — Other | 0.8 | |||
Building & Construction — Misc. | 0.8 | |||
Machinery — Electrical | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Airlines | 0.7 | |||
Distribution/Wholesale | 0.7 | |||
Office Automation & Equipment | 0.6 | |||
Medical — Wholesale Drug Distribution | 0.6 | |||
Medical Instruments | 0.6 | |||
Containers — Metal/Glass | 0.5 | |||
Photo Equipment & Supplies | 0.4 | |||
Entertainment Software | 0.4 | |||
Retail — Misc./Diversified | 0.4 | |||
Machine Tools & Related Products | 0.4 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Motorcycle/Motor Scooter | 0.3 | |||
Diamonds/Precious Stones | 0.3 | |||
Food — Misc./Diversified | 0.2 | |||
Consulting Services | 0.2 | |||
Metal Products — Distribution | 0.2 | |||
Rubber/Plastic Products | 0.2 | |||
Time Deposits | 0.1 | |||
109.4 | % | |||
Country Allocation*
United Kingdom | 15.6 | % | ||
United States | 13.7 | |||
South Korea | 12.3 | |||
France | 10.1 | |||
Germany | 7.5 | |||
Switzerland | 7.0 | |||
Japan | 6.9 | |||
Netherlands | 6.1 | |||
Canada | 4.8 | |||
Cayman Islands | 4.2 | |||
China | 4.1 | |||
Italy | 2.9 | |||
Israel | 1.6 | |||
Bermuda | 1.6 | |||
Jersey | 1.5 | |||
Ireland | 1.5 | |||
Hong Kong | 1.0 | |||
Spain | 1.0 | |||
Norway | 0.9 | |||
India | 0.8 | |||
Singapore | 0.8 | |||
Thailand | 0.6 | |||
Sweden | 0.6 | |||
Luxembourg | 0.6 | |||
Brazil | 0.6 | |||
Belgium | 0.5 | |||
Australia | 0.3 | |||
Russia | 0.3 | |||
109.4 | % | |||
* | Calculated as a percentage of net assets |
73 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.8% |
| |||||||
Australia — 0.3% |
| |||||||
WorleyParsons, Ltd.#(1) | 398,300 | $ | 3,298,291 | |||||
Belgium — 0.5% |
| |||||||
UCB SA(1) | 66,370 | 4,748,633 | ||||||
Bermuda — 1.6% |
| |||||||
Digital China Holdings, Ltd.(1) | 3,635,000 | 6,560,217 | ||||||
First Pacific Co., Ltd.(1) | 2,621,250 | 2,481,267 | ||||||
Kunlun Energy Co., Ltd.(1) | 3,448,000 | 3,738,857 | ||||||
Petra Diamonds, Ltd.†#(1) | 1,048,240 | 2,794,586 | ||||||
15,574,927 | ||||||||
Brazil — 0.6% |
| |||||||
BM&FBovespa SA | 1,570,900 | 5,536,581 | ||||||
Canada — 4.8% |
| |||||||
Cenovus Energy, Inc. | 518,100 | 8,548,900 | ||||||
Ensign Energy Services, Inc.# | 718,600 | 6,801,159 | ||||||
HudBay Minerals, Inc.# | 1,031,800 | 9,226,131 | ||||||
Precision Drilling Corp.# | 1,346,700 | 8,923,133 | ||||||
Suncor Energy, Inc. | 365,400 | 10,680,516 | ||||||
Trican Well Service, Ltd. | 1,059,900 | 3,298,338 | ||||||
47,478,177 | ||||||||
Cayman Islands — 4.2% |
| |||||||
GCL-Poly Energy Holdings, Ltd.#(1) | 56,955,000 | 15,201,193 | ||||||
Kingboard Chemical Holdings, Ltd.(1) | 4,044,500 | 7,905,111 | ||||||
Springland International Holdings, Ltd.(1) | 10,541,700 | 3,833,284 | ||||||
Trina Solar, Ltd. ADR†# | 1,219,582 | 15,086,229 | ||||||
42,025,817 | ||||||||
China — 4.1% |
| |||||||
China Life Insurance Co., Ltd.(1) | 1,580,000 | 7,598,998 | ||||||
China Telecom Corp., Ltd.(1) | 17,829,823 | 12,103,701 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd.(1) | 2,852,500 | 9,527,040 | ||||||
Sinopec Engineering Group Co., Ltd.(1) | 5,880,000 | 5,751,647 | ||||||
Sinopharm Group Co., Ltd.(1) | 1,218,800 | 5,806,492 | ||||||
40,787,878 | ||||||||
France — 10.1% |
| |||||||
AXA SA#(1) | 706,432 | 17,851,912 | ||||||
BNP Paribas SA(1) | 353,230 | 21,398,520 | ||||||
Cie de Saint-Gobain#(1) | 190,100 | 8,892,879 | ||||||
Cie Generale des Etablissements Michelin#(1) | 109,590 | 11,777,376 | ||||||
Sanofi(1) | 129,420 | 12,684,947 | ||||||
Societe Generale SA#(1) | 100,703 | 4,703,646 | ||||||
Technip SA(1) | 202,710 | 13,389,553 | ||||||
Total SA(1) | 179,620 | 9,090,600 | ||||||
99,789,433 | ||||||||
Germany — 7.5% |
| |||||||
Bayer AG#(1) | 78,400 | 11,122,274 | ||||||
Deutsche Boerse AG(1) | 151,690 | 12,150,682 | ||||||
Deutsche Lufthansa AG†(1) | 466,720 | 6,562,082 | ||||||
Gerresheimer AG(1) | 78,750 | 4,493,086 | ||||||
Kloeckner & Co. SE#(1) | 211,880 | 1,850,107 | ||||||
Merck KGaA(1) | 77,902 | 8,332,846 | ||||||
Metro AG#(1) | 173,577 | 6,024,066 | ||||||
MorphoSys AG†#(1) | 81,370 | 5,974,197 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG(1) | 35,060 | 6,469,949 | ||||||
Siemens AG(1) | 112,625 | 11,849,135 | ||||||
74,828,424 | ||||||||
Hong Kong — 1.0% |
| |||||||
China Mobile, Ltd.(1) | 782,500 | 10,300,664 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
India — 0.8% |
| |||||||
Hero Motocorp, Ltd.(1) | 73,400 | $ | 3,091,418 | |||||
Jain Irrigation Systems, Ltd.(1) | 1,609,577 | 1,690,634 | ||||||
LIC Housing Finance, Ltd.(1) | 516,974 | 3,394,365 | ||||||
8,176,417 | ||||||||
Ireland — 1.5% |
| |||||||
CRH PLC(1) | 352,760 | 9,893,575 | ||||||
Dragon Oil PLC(1) | 464,030 | 4,843,986 | ||||||
14,737,561 | ||||||||
Israel — 1.6% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 269,170 | 16,177,117 | ||||||
Italy — 2.9% |
| |||||||
Eni SpA(1) | 524,979 | 9,451,608 | ||||||
Saipem SpA†#(1) | 337,148 | 4,280,852 | ||||||
UniCredit SpA(1) | 2,106,054 | 14,743,905 | ||||||
28,476,365 | ||||||||
Japan — 6.9% |
| |||||||
Canon, Inc.(1) | 169,000 | 5,833,583 | ||||||
Capcom Co., Ltd.(1) | 213,840 | 4,129,808 | ||||||
ITOCHU Corp.(1) | 1,386,200 | 18,684,904 | ||||||
Konica Minolta, Inc.(1) | 335,900 | 4,220,816 | ||||||
Nissan Motor Co., Ltd.(1) | 1,604,000 | 16,693,126 | ||||||
SoftBank Corp.(1) | 186,100 | 11,109,437 | ||||||
Toyota Motor Corp.(1) | 109,200 | 7,529,172 | ||||||
68,200,846 | ||||||||
Jersey — 1.5% |
| |||||||
Petrofac, Ltd.(1) | 1,071,650 | 14,828,063 | ||||||
Luxembourg — 0.6% |
| |||||||
Subsea 7 SA†#(1) | 546,769 | 5,717,926 | ||||||
Netherlands — 6.1% |
| |||||||
Aegon NV(1) | 1,708,953 | 13,039,911 | ||||||
Akzo Nobel NV(1) | 147,780 | 11,286,017 | ||||||
ING Groep NV CVA(1) | 675,404 | 11,154,832 | ||||||
QIAGEN NV†(1) | 411,070 | 10,077,322 | ||||||
SBM Offshore NV†#(1) | 1,083,110 | 14,428,678 | ||||||
59,986,760 | ||||||||
Norway — 0.9% |
| |||||||
Telenor ASA#(1) | 394,298 | 8,952,818 | ||||||
Russia — 0.3% |
| |||||||
Lukoil OAO ADR(OTC) | 43,008 | 2,053,202 | ||||||
Lukoil OAO ADR (LSE)(1) | 13,510 | 648,232 | ||||||
2,701,434 | ||||||||
Singapore — 0.8% |
| |||||||
United Overseas Bank, Ltd.(1) | 436,300 | 7,480,066 | ||||||
South Korea — 12.3% |
| |||||||
Daewoo International Corp.(1) | 183,090 | 4,387,227 | ||||||
Hana Financial Group, Inc.(1) | 763,978 | 20,459,357 | ||||||
Hyundai Mobis(1) | 45,365 | 9,122,270 | ||||||
Hyundai Motor Co.(1) | 34,432 | 4,890,379 | ||||||
KB Financial Group, Inc.(1) | 622,023 | 22,535,878 | ||||||
KIWOOM Securities Co., Ltd.(1) | 68,423 | 4,611,018 | ||||||
Korea Investment Holdings Co., Ltd.(1) | 130,228 | 7,754,079 | ||||||
POSCO(1) | 48,515 | 10,665,643 | ||||||
Samsung Electronics Co., Ltd.(1) | 31,905 | 37,543,961 | ||||||
121,969,812 | ||||||||
74 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Spain — 1.0% |
| |||||||
Telefonica SA(1) | 705,745 | $ | 9,987,107 | |||||
Telefonica SA ADR | 859 | 12,163 | ||||||
9,999,270 | ||||||||
Sweden — 0.6% |
| |||||||
Getinge AB, Class B(1) | 239,574 | 5,792,665 | ||||||
Switzerland — 7.0% |
| |||||||
ABB, Ltd.#(1) | 333,560 | 7,312,817 | ||||||
Basilea Pharmaceutica†(1) | 33,210 | 4,497,070 | ||||||
Credit Suisse Group AG#(1) | 721,105 | 19,144,899 | ||||||
GAM Holding AG(1) | 186,050 | 4,149,789 | ||||||
Lonza Group AG(1) | 49,050 | 6,905,939 | ||||||
Meyer Burger Technology AG#(1) | 440,180 | 3,524,453 | ||||||
Roche Holding AG(1) | 65,980 | 19,426,417 | ||||||
Swiss Re AG(1) | 53,270 | 4,785,322 | ||||||
69,746,706 | ||||||||
Thailand — 0.6% |
| |||||||
Bangkok Bank PCL NVDR(1) | 1,195,200 | 6,454,249 | ||||||
United Kingdom — 15.6% |
| |||||||
Aberdeen Asset Management PLC(1) | 614,400 | 4,196,405 | ||||||
Aviva PLC(1) | 1,227,958 | 9,843,556 | ||||||
BAE Systems PLC(1) | 1,415,310 | 11,148,125 | ||||||
Barclays PLC(1) | 2,147,540 | 8,862,634 | ||||||
BP PLC(1) | 1,507,452 | 10,388,668 | ||||||
BP PLC ADR | 180 | 7,463 | ||||||
Carillion PLC#(1) | 1,538,340 | 7,800,840 | ||||||
GlaxoSmithKline PLC(1) | 610,401 | 13,541,917 | ||||||
HSBC Holdings PLC#(1) | 1,363,300 | 12,980,343 | ||||||
Kingfisher PLC(1) | 2,363,125 | 13,381,915 | ||||||
Marks & Spencer Group PLC(1) | 1,753,350 | 15,643,895 | ||||||
Noble Corp. PLC# | 474,270 | 7,944,022 | ||||||
Royal Dutch Shell PLC, Class B(1) | 268,205 | 8,108,758 | ||||||
Serco Group PLC#(1) | 908,248 | 1,912,695 | ||||||
Standard Chartered PLC(1) | 566,680 | 9,068,500 | ||||||
Tesco PLC(1) | 4,895,470 | 15,915,629 | ||||||
Vodafone Group PLC(1) | 957,821 | 3,745,465 | ||||||
154,490,830 | ||||||||
United States — 1.1% |
| |||||||
Halliburton Co. | 233,310 | 10,592,273 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $915,498,273) | 958,850,003 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 12.6% |
| |||||||
Registered Investment Companies — 10.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 99,776,798 | 99,776,798 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Time Deposits — 0.1% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 06/01/2015 | $ | 501,000 | $ | 501,000 | ||||
U.S. Government Agencies — 2.5% |
| |||||||
Federal Farm Credit Bank | 12,500,000 | 12,500,000 | ||||||
Federal Home Loan Mtg. Corp. 0.03% due 06/01/2015 | 12,500,000 | 12,500,000 | ||||||
25,000,000 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $125,277,798) | 125,277,798 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $1,040,776,071)(3) | 109.4 | % | 1,084,127,801 | |||||
Liabilities in excess of other assets | (9.4 | ) | (93,164,050 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 990,963,751 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $853,962,776 representing 86.2% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | At May 31, 2015, the Fund had loaned securities with a total value of $96,854,671. This was secured by collateral of $99,776,798, which was received in cash and subsequently invested in short-term investments currently valued at $99,776,798 as reported in the Portfolio of Investments. Additional collateral of $3,706,661 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 01/07/2016 | $ | 337,920 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.88% | 06/30/2015 to 05/15/2044 | 3,368,741 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
LSE—London Stock Exchange
NVDR—Non-Voting Depository Receipt
OTC—Over The Counter US
75 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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: | ||||||||||||||||
Brazil | $ | 5,536,581 | $ | — | $ | — | $ | 5,536,581 | ||||||||
Canada | 47,478,177 | — | — | 47,478,177 | ||||||||||||
Cayman Islands | 15,086,229 | 26,939,588 | — | 42,025,817 | ||||||||||||
Israel | 16,177,117 | — | — | 16,177,117 | ||||||||||||
Russia | 2,053,202 | 648,232 | — | 2,701,434 | ||||||||||||
Spain | 12,163 | 9,987,107 | — | 9,999,270 | ||||||||||||
United Kingdom | 7,951,485 | 146,539,345 | — | 154,490,830 | ||||||||||||
United States | 10,592,273 | — | — | 10,592,273 | ||||||||||||
Other Countries | — | 669,848,504 | — | 669,848,504 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 99,776,798 | — | — | 99,776,798 | ||||||||||||
Other Short-Term Investment Securities | — | 25,501,000 | — | 25,501,000 | ||||||||||||
Total Investments at Value | $ | 204,664,025 | $ | 879,463,776 | $ | — | $ | 1,084,127,801 | ||||||||
* | 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. Securities currently valued at $704,522,672 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Portfolio of Investments
See Notes to Financial Statements
76 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 70.6 | % | ||
Real Estate Operations & Development | 13.6 | |||
Real Estate Management/Services | 10.2 | |||
Registered Investment Companies | 3.4 | |||
Hotels/Motels | 2.0 | |||
Web Hosting/Design | 1.1 | |||
Building — Residential/Commercial | 0.9 | |||
Time Deposits | 0.7 | |||
102.5 | % | |||
Country Allocation*
United States | 46.7 | % | ||
Japan | 13.4 | |||
Australia | 7.2 | |||
United Kingdom | 6.9 | |||
France | 5.8 | |||
Hong Kong | 4.9 | |||
Singapore | 3.8 | |||
Canada | 3.6 | |||
Bermuda | 2.9 | |||
Germany | 1.4 | |||
Jersey | 1.0 | |||
Switzerland | 1.0 | |||
Spain | 1.0 | |||
Sweden | 0.6 | |||
Netherlands | 0.6 | |||
India | 0.4 | |||
China | 0.4 | |||
Finland | 0.3 | |||
Norway | 0.3 | |||
Taiwan | 0.3 | |||
102.5 | % | |||
* | Calculated as a percentage of net assets |
77 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.4% |
| |||||||
Australia — 7.2% |
| |||||||
BGP Holdings PLC(1)(2) | 479,213 | $ | 0 | |||||
Charter Hall Group(3) | 659,664 | 2,404,101 | ||||||
Dexus Property Group(3) | 816,891 | 4,976,873 | ||||||
GPT Group(3) | 2,289,920 | 8,044,338 | ||||||
Mirvac Group(3) | 773,862 | 1,182,330 | ||||||
Scentre Group(3) | 1,924,122 | 5,787,824 | ||||||
Stockland(3) | 2,175,321 | 7,178,926 | ||||||
Westfield Corp.(3) | 1,014,821 | 7,456,838 | ||||||
37,031,230 | ||||||||
Bermuda — 2.9% |
| |||||||
Hongkong Land Holdings, Ltd. (OTC) | 1,700 | 14,382 | ||||||
Hongkong Land Holdings, Ltd. (SGX)(3) | 1,273,200 | 10,906,202 | ||||||
Kerry Properties, Ltd.(3) | 1,033,000 | 4,309,016 | ||||||
15,229,600 | ||||||||
Canada — 3.6% |
| |||||||
Allied Properties Real Estate Investment Trust | 68,124 | 1,987,406 | ||||||
Artis Real Estate Investment Trust | 130,039 | 1,471,252 | ||||||
Calloway Real Estate Investment Trust | 92,827 | 2,157,951 | ||||||
Canadian Apartment Properties REIT | 71,132 | 1,571,814 | ||||||
Canadian Real Estate Investment Trust | 47,197 | 1,636,107 | ||||||
Dream Office Real Estate Investment Trust | 30,473 | 636,365 | ||||||
Granite Real Estate Investment Trust | 35,566 | 1,154,265 | ||||||
H&R Real Estate Investment Trust | 157,315 | 2,860,158 | ||||||
InnVest Real Estate Investment Trust | 146,393 | 645,090 | ||||||
RioCan Real Estate Investment Trust | 189,985 | 4,231,734 | ||||||
18,352,142 | ||||||||
China — 0.4% |
| |||||||
China Vanke Co., Ltd.†#(3) | 709,700 | 1,871,620 | ||||||
Finland — 0.3% |
| |||||||
Citycon OYJ(3) | 635,465 | 1,839,796 | ||||||
France — 5.8% |
| |||||||
Fonciere Des Regions(3) | 35,492 | 3,127,516 | ||||||
Klepierre(3) | 253,083 | 11,287,589 | ||||||
Unibail-Rodamco SE (Euronext Amsterdam)(3) | 41,853 | 10,773,357 | ||||||
Unibail-Rodamco SE (Euronext Paris) | 17,588 | 4,517,257 | ||||||
29,705,719 | ||||||||
Germany — 1.4% |
| |||||||
Deutsche Wohnen AG(3) | 302,160 | 7,360,655 | ||||||
Hong Kong — 4.9% |
| |||||||
Henderson Land Development Co., Ltd.(3) | 179,580 | 1,445,531 | ||||||
Link REIT(3) | 747,500 | 4,347,861 | ||||||
Sino Land Co., Ltd.(3) | 1,570,958 | 2,673,710 | ||||||
Sun Hung Kai Properties, Ltd.(3) | 906,504 | 15,325,528 | ||||||
Wheelock & Co., Ltd.(3) | 287,000 | 1,538,894 | ||||||
25,331,524 | ||||||||
India — 0.4% |
| |||||||
Sobha Developers, Ltd.(3) | 296,987 | 2,009,900 | ||||||
Japan — 13.4% |
| |||||||
Comforia Residential REIT, Inc.(3) | 861 | 1,816,052 | ||||||
Daibiru Corp.(3) | 132,000 | 1,220,536 | ||||||
Invesco Office J-Reit, Inc.#(3) | 1,498 | 1,297,174 | ||||||
Invincible Investment Corp.(3) | 5,113 | 2,656,428 | ||||||
Japan Excellent, Inc.(3) | 1,257 | 1,583,605 | ||||||
Japan Retail Fund Investment Corp.(3) | 2,866 | 5,733,793 | ||||||
Mitsubishi Estate Co., Ltd.#(3) | 887,000 | 19,734,381 | ||||||
Mitsui Fudosan Co., Ltd.(3) | 443,000 | 12,868,910 | ||||||
Nomura Real Estate Office Fund, Inc.(3) | 1,723 | 7,840,059 | ||||||
Sekisui House, Ltd.(3) | 162,600 | 2,703,799 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Sumitomo Realty & Development Co., Ltd.#(3) | 204,000 | $ | 7,829,255 | |||||
Top REIT, Inc.(3) | 858 | 3,601,823 | ||||||
68,885,815 | ||||||||
Jersey — 1.0% |
| |||||||
Kennedy Wilson Europe Real Estate PLC(3) | 289,343 | 5,343,523 | ||||||
Netherlands — 0.6% |
| |||||||
Wereldhave NV(3) | 48,676 | 2,946,984 | ||||||
Norway — 0.3% |
| |||||||
Entra ASA*(3) | 164,711 | 1,552,418 | ||||||
Singapore — 3.8% |
| |||||||
City Developments, Ltd.#(3) | 970,700 | 7,564,643 | ||||||
Fortune Real Estate Investment Trust(3) | 3,003,000 | 3,026,632 | ||||||
Global Logistic Properties, Ltd.#(3) | 1,162,400 | 2,365,430 | ||||||
Mapletree Greater China Commercial Trust(3) | 5,803,000 | 4,602,453 | ||||||
OUE Commercial Real Estate Investment Trust(3) | 3,203,500 | 1,959,235 | ||||||
19,518,393 | ||||||||
Spain — 1.0% |
| |||||||
Merlin Properties Socimi SA†#(3) | 380,793 | 4,957,210 | ||||||
Sweden — 0.6% |
| |||||||
Hufvudstaden AB, Class A(3) | 230,859 | 2,960,213 | ||||||
Switzerland — 1.0% |
| |||||||
PSP Swiss Property AG(3) | 59,331 | 5,097,619 | ||||||
Taiwan — 0.3% |
| |||||||
Chong Hong Construction Co., Ltd.(3) | 614,550 | 1,346,055 | ||||||
United Kingdom — 6.9% |
| |||||||
Big Yellow Group PLC(3) | 467,496 | 4,671,834 | ||||||
British Land Co. PLC(3) | 668,220 | 8,817,474 | ||||||
Derwent London PLC(3) | 123,459 | 6,723,928 | ||||||
Hammerson PLC(3) | 753,114 | 7,707,890 | ||||||
Helical Bar PLC(3) | 254,775 | 1,615,562 | ||||||
Quintain Estates & Development PLC†(3) | 1,672,573 | 2,773,667 | ||||||
UNITE Group PLC(3) | 357,622 | 3,403,764 | ||||||
35,714,119 | ||||||||
United States — 42.6% |
| |||||||
American Campus Communities, Inc. | 57,000 | 2,223,570 | ||||||
American Tower Corp. | 126,397 | 11,728,378 | ||||||
AvalonBay Communities, Inc. | 91,480 | 15,231,420 | ||||||
Boston Properties, Inc. | 75,005 | 9,752,900 | ||||||
Brixmor Property Group, Inc. | 213,446 | 5,289,192 | ||||||
Cousins Properties, Inc. | 357,700 | 3,451,805 | ||||||
Crown Castle International Corp. | 91,668 | 7,475,525 | ||||||
DDR Corp. | 377,365 | 6,385,016 | ||||||
EastGroup Properties, Inc. | 31,300 | 1,741,219 | ||||||
Empire State Realty Trust, Inc., Class A | 208,348 | 3,766,932 | ||||||
Equinix, Inc. | 21,100 | 5,656,277 | ||||||
Essex Property Trust, Inc. | 30,989 | 6,898,771 | ||||||
Extra Space Storage, Inc. | 63,900 | 4,474,917 | ||||||
Federal Realty Investment Trust | 64,900 | 8,727,103 | ||||||
General Growth Properties, Inc. | 53,494 | 1,515,485 | ||||||
Health Care REIT, Inc. | 68,374 | 4,803,957 | ||||||
Healthcare Realty Trust, Inc. | 98,236 | 2,339,982 | ||||||
Healthcare Trust of America, Inc., Class A | 211,266 | 5,237,284 | ||||||
Hilton Worldwide Holdings, Inc.† | 80,298 | 2,325,430 | ||||||
Host Hotels & Resorts, Inc. | 275,563 | 5,489,215 | ||||||
Hudson Pacific Properties, Inc. | 109,251 | 3,331,063 | ||||||
Kilroy Realty Corp. | 34,922 | 2,412,063 | ||||||
LaSalle Hotel Properties | 139,500 | 5,086,170 | ||||||
Mid-America Apartment Communities, Inc. | 88,400 | 6,752,876 |
78 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
National Health Investors, Inc. | 38,700 | $ | 2,559,618 | |||||
National Retail Properties, Inc. | 80,979 | 3,037,522 | ||||||
Paramount Group, Inc. | 148,550 | 2,724,407 | ||||||
Piedmont Office Realty Trust, Inc., Class A# | 184,193 | 3,166,278 | ||||||
Prologis, Inc. | 276,915 | 10,963,065 | ||||||
Public Storage | 40,300 | 7,799,662 | ||||||
Realty Income Corp.# | 93,391 | 4,255,828 | ||||||
Retail Opportunity Investments Corp. | 199,812 | 3,262,930 | ||||||
RLJ Lodging Trust | 95,100 | 2,874,873 | ||||||
Simon Property Group, Inc. | 112,603 | 20,426,184 | ||||||
SL Green Realty Corp. | 23,993 | 2,847,009 | ||||||
Taubman Centers, Inc. | 46,200 | 3,420,186 | ||||||
UDR, Inc. | 50,706 | 1,650,987 | ||||||
Ventas, Inc. | 135,300 | 9,000,156 | ||||||
Weyerhaeuser Co. | 273,690 | 8,911,346 | ||||||
218,996,601 | ||||||||
Total Common Stocks | ||||||||
(cost $467,067,057) | 506,051,136 | |||||||
RIGHTS — 0.0% |
| |||||||
Germany — 0.0% |
| |||||||
Deutsche Wohnen AG | 301,345 | 9,929 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $467,067,719) | 506,061,065 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.1% |
| |||||||
Registered Investment Companies — 3.4% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(4) | 10,098,118 | 10,098,118 | ||||||
SSgA U.S. Government Money Market Fund | 7,235,651 | 7,235,651 | ||||||
17,333,769 | ||||||||
Time Deposits — 0.7% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 3,938,000 | 3,938,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $21,271,769) | 21,271,769 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $488,339,488)(6) | 102.5 | % | 527,332,834 | |||||
Liabilities in excess of other assets | (2.5 | ) | (12,986,022 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 514,346,812 | ||||
† | 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 May 31, 2015, the aggregate value of these securities was $1,552,418 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 May 31, 2015, the aggregate value of these securities was $9,929 representing 0.0% of net assets. |
(3) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $264,170,754 representing 51.4% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(4) | At May 31, 2015, the Fund had loaned securities with a total value of $10,423,291. This was secured by collateral of $10,098,118, which was received in cash and subsequently invested in short-term investments currently valued at $10,098,118 as reported in the Portfolio of Investments. Additional collateral of $834,430 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 11/01/2034 to 12/15/2044 | $ | 58,074 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 10/25/2029 to 02/25/2044 | 273,648 | |||||
Government National Mtg. Assoc. | 0.38% to 4.00% | 04/20/2039 to 12/16/2052 | 51,516 | |||||
United States Treasury Notes/Bonds | 0.63% to 6.13% | 05/31/2017 to 05/15/2044 | 451,192 |
(5) | Denotes a restricted security that: (a) cannot be offered for public sale without first being 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 May 31, 2015, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Rights | ||||||||||||||||||||||||
Deutsche Wohnen AG | 05/27/2015 | 301,345 | $ | 662 | $ | 9,929 | $ | 0.03 | 0.00% | |||||||||||||||
(6) | See Note 5 for cost of investments on a tax basis. |
Euronext Amsterdam—Euronext Stock Exchange, Amsterdam
Euronext Paris—Euronext Stock Exchange, Paris
OTC—Over The Counter US
SGX—Singapore Exchange
79 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | — | $ | 37,031,230 | $ | 0 | $ | 37,031,230 | ||||||||
Bermuda | 14,382 | 15,215,218 | — | 15,229,600 | ||||||||||||
Canada | 18,352,142 | — | — | 18,352,142 | ||||||||||||
France | 4,517,257 | 25,188,462 | — | 29,705,719 | ||||||||||||
United States | 218,996,601 | — | — | 218,996,601 | ||||||||||||
Other Countries | — | 186,735,844 | — | 186,735,844 | ||||||||||||
Rights | 9,929 | — | — | 9,929 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 17,333,769 | — | — | 17,333,769 | ||||||||||||
Time Deposits | — | 3,938,000 | — | 3,938,000 | ||||||||||||
Total Investments at Value | $ | 259,224,080 | $ | 268,108,754 | $ | 0 | $ | 527,332,834 | ||||||||
* | 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. Securities currently valued at $176,061,637 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
80 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 5.8 | % | ||
Banks — Commercial | 4.5 | |||
Real Estate Investment Trusts | 2.9 | |||
Insurance — Life/Health | 2.4 | |||
Insurance — Multi-line | 2.3 | |||
Medical — Biomedical/Gene | 2.1 | |||
Telephone — Integrated | 2.0 | |||
Food — Misc./Diversified | 1.9 | |||
Oil Companies — Exploration & Production | 1.7 | |||
U.S. Government Treasuries | 1.7 | |||
Applications Software | 1.7 | |||
Cosmetics & Toiletries | 1.6 | |||
Multimedia | 1.6 | |||
Insurance — Property/Casualty | 1.6 | |||
Cable/Satellite TV | 1.6 | |||
Electronic Components — Semiconductors | 1.5 | |||
Auto — Cars/Light Trucks | 1.5 | |||
Transport — Rail | 1.4 | |||
Diversified Banking Institutions | 1.2 | |||
Insurance — Reinsurance | 1.2 | |||
Chemicals — Diversified | 1.1 | |||
Investment Management/Advisor Services | 1.1 | |||
Commercial Services — Finance | 1.1 | |||
Time Deposits | 1.1 | |||
Pipelines | 1.1 | |||
Finance — Credit Card | 1.1 | |||
Chemicals — Specialty | 1.1 | |||
Web Portals/ISP | 1.0 | |||
Registered Investment Companies | 1.0 | |||
Banks — Super Regional | 1.0 | |||
Medical — HMO | 1.0 | |||
Retail — Discount | 1.0 | |||
Finance — Other Services | 0.9 | |||
Electric — Integrated | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Transport — Services | 0.8 | |||
E-Commerce/Products | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Medical — Generic Drugs | 0.8 | |||
Beverages — Non-alcoholic | 0.8 | |||
Networking Products | 0.8 | |||
Oil — Field Services | 0.7 | |||
Data Processing/Management | 0.7 | |||
Retail — Building Products | 0.7 | |||
Food — Retail | 0.7 | |||
Computer Services | 0.7 | |||
Consumer Products — Misc. | 0.7 | |||
Oil Refining & Marketing | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Real Estate Operations & Development | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Electric Products — Misc. | 0.6 | |||
Medical Products | 0.6 | |||
Gas — Distribution | 0.6 | |||
Investment Companies | 0.6 | |||
Industrial Gases | 0.6 | |||
Electronic Components — Misc. | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Telecom Services | 0.6 | |||
Real Estate Management/Services | 0.5 | |||
Retail — Restaurants | 0.5 | |||
Retail — Drug Store | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Building & Construction Products — Misc. | 0.5 | |||
Retail — Major Department Stores | 0.5 | |||
Hotels/Motels | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Internet Content — Entertainment | 0.4 |
E-Commerce/Services | 0.4 | |||
Advertising Agencies | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Machinery — Electrical | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Water | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Machinery — Farming | 0.4 | |||
Oil Field Machinery & Equipment | 0.4 | |||
Import/Export | 0.4 | |||
Building Products — Cement | 0.4 | |||
Computers — Memory Devices | 0.3 | |||
Television | 0.3 | |||
Commercial Services | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Pharmacy Services | 0.3 | |||
Human Resources | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Athletic Footwear | 0.3 | |||
Oil Companies — Integrated | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Consulting Services | 0.3 | |||
Rubber — Tires | 0.3 | |||
Soap & Cleaning Preparation | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Toys | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Office Automation & Equipment | 0.3 | |||
Dialysis Centers | 0.3 | |||
Savings & Loans/Thrifts | 0.3 | |||
Medical Instruments | 0.2 | |||
Gold Mining | 0.2 | |||
Airport Development/Maintenance | 0.2 | |||
Computer Aided Design | 0.2 | |||
Satellite Telecom | 0.2 | |||
Food — Catering | 0.2 | |||
Diversified Operations/Commercial Services | 0.2 | |||
Agricultural Operations | 0.2 | |||
Computers | 0.2 | |||
Cellular Telecom | 0.2 | |||
Audio/Video Products | 0.2 | |||
Retail — Jewelry | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Insurance Brokers | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Retail — Regional Department Stores | 0.2 | |||
Food — Confectionery | 0.2 | |||
Private Equity | 0.2 | |||
Wireless Equipment | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Publishing — Books | 0.2 | |||
Steel — Producers | 0.2 | |||
Electric — Transmission | 0.2 | |||
Diversified Financial Services | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Entertainment Software | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Office Supplies & Forms | 0.2 | |||
Diversified Operations | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Electronic Forms | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Containers — Metal/Glass | 0.1 |
81 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Internet Security | 0.1 | % | ||
Filtration/Separation Products | 0.1 | |||
Coatings/Paint | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Metal — Copper | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Paper & Related Products | 0.1 | |||
Security Services | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Transport — Truck | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Medical Information Systems | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Advertising Services | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Optical Supplies | 0.1 | |||
Food — Baking | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Metal — Diversified | 0.1 | |||
Home Decoration Products | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Transactional Software | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Retail — Bedding | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
100.5 | % | |||
Country Allocation*
United States | 54.4 | % | ||
Japan | 8.9 | |||
United Kingdom | 6.5 | |||
Canada | 4.5 | |||
France | 4.1 | |||
Switzerland | 3.7 | |||
Germany | 2.7 | |||
Australia | 2.3 | |||
Hong Kong | 1.6 | |||
Netherlands | 1.5 | |||
Ireland | 1.4 | |||
Sweden | 1.3 | |||
Spain | 1.1 | |||
Singapore | 1.0 | |||
Denmark | 0.8 | |||
Italy | 0.7 | |||
Jersey | 0.7 | |||
Finland | 0.5 | |||
Belgium | 0.5 | |||
Luxembourg | 0.5 | |||
Bermuda | 0.4 | |||
New Zealand | 0.3 | |||
Israel | 0.3 | |||
Curacao | 0.2 | |||
Cayman Islands | 0.2 | |||
Norway | 0.2 | |||
Portugal | 0.1 | |||
Austria | 0.1 | |||
100.5 | % | |||
* | Calculated as a percentage of net assets |
82 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.5% |
| |||||||
Australia — 2.3% |
| |||||||
Amcor, Ltd.(1) | 23,746 | $ | 261,917 | |||||
APA Group(1) | 51,752 | 366,136 | ||||||
Asciano, Ltd.(1) | 12,359 | 63,541 | ||||||
ASX, Ltd.(1) | 15,816 | 501,654 | ||||||
Aurizon Holdings, Ltd.(1) | 57,252 | 232,708 | ||||||
Australia & New Zealand Banking Group, Ltd.(1) | 15,154 | 382,562 | ||||||
BGP Holdings PLC†(2)(3) | 60,919 | 0 | ||||||
Caltex Australia, Ltd.(1) | 2,359 | 60,554 | ||||||
Commonwealth Bank of Australia(1) | 10,423 | 673,471 | ||||||
Computershare, Ltd.(1) | 22,663 | 222,497 | ||||||
CSL, Ltd.(1) | 5,444 | 387,471 | ||||||
Dexus Property Group(1) | 66,257 | 403,668 | ||||||
Federation Centres(1) | 26,415 | 61,202 | ||||||
Flight Centre Travel Group, Ltd.(1) | 3,623 | 128,414 | ||||||
Goodman Group(1) | 25,960 | 129,213 | ||||||
GPT Group(1) | 108,965 | 382,787 | ||||||
Harvey Norman Holdings, Ltd.(1) | 8,792 | 31,441 | ||||||
Iluka Resources, Ltd.(1) | 6,351 | 43,481 | ||||||
Insurance Australia Group, Ltd.(1) | 97,983 | 422,456 | ||||||
National Australia Bank, Ltd.(1) | 16,470 | 429,630 | ||||||
Newcrest Mining, Ltd.†(1) | 12,213 | 132,014 | ||||||
Novion Property Group(1) | 208,053 | 386,236 | ||||||
QBE Insurance Group, Ltd.(1) | 20,518 | 228,633 | ||||||
Ramsay Health Care, Ltd.(1) | 6,584 | 318,588 | ||||||
Scentre Group(1) | 73,969 | 222,501 | ||||||
Seek, Ltd.(1) | 6,622 | 85,197 | ||||||
Sonic Healthcare, Ltd.(1) | 6,460 | 98,654 | ||||||
Stockland(1) | 84,650 | 279,359 | ||||||
Sydney Airport(1) | 40,644 | 175,986 | ||||||
Transurban Group(1) | 97,719 | 756,412 | ||||||
Wesfarmers, Ltd.(1) | 5,446 | 181,167 | ||||||
Westfield Corp.†(1) | 37,343 | 274,394 | ||||||
Westpac Banking Corp.(1) | 30,333 | 774,665 | ||||||
Woodside Petroleum, Ltd.(1) | 15,999 | 445,484 | ||||||
WorleyParsons, Ltd.(1) | 11,479 | 95,057 | ||||||
9,639,150 | ||||||||
Austria — 0.1% | ||||||||
IMMOFINANZ AG†(1) | 77,207 | 205,632 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe(1) | 4,668 | 177,486 | ||||||
383,118 | ||||||||
Belgium — 0.5% | ||||||||
Ageas(1) | 5,475 | 205,056 | ||||||
Belgacom SA(1) | 11,756 | 408,512 | ||||||
Colruyt SA(1) | 740 | 33,294 | ||||||
Delhaize Group SA(1) | 2,460 | 219,607 | ||||||
Groupe Bruxelles Lambert SA(1) | 5,394 | 448,652 | ||||||
KBC Groep NV(1) | 2,565 | 172,094 | ||||||
Telenet Group Holding NV†(1) | 1,725 | 93,873 | ||||||
UCB SA(1) | 1,705 | 121,989 | ||||||
Umicore SA(1) | 7,250 | 356,173 | ||||||
2,059,250 | ||||||||
Bermuda — 0.4% | ||||||||
Arch Capital Group, Ltd.† | 5,395 | 344,686 | ||||||
Bunge, Ltd. | 3,496 | 323,590 | ||||||
Everest Re Group, Ltd. | 2,835 | 514,581 | ||||||
Li & Fung, Ltd.(1) | 186,000 | 160,806 | ||||||
Marvell Technology Group, Ltd. | 9,438 | 132,038 | ||||||
NWS Holdings, Ltd.(1) | 114,000 | 185,223 | ||||||
RenaissanceRe Holdings, Ltd. | 2,126 | 217,086 | ||||||
1,878,010 | ||||||||
British Virgin Islands — 0.0% | ||||||||
Michael Kors Holdings, Ltd.† | 3,299 | 153,403 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Canada — 4.5% | ||||||||
Agnico Eagle Mines, Ltd. | 3,973 | $ | 127,854 | |||||
Agrium, Inc. | 3,495 | 363,074 | ||||||
Alimentation Couche-Tard, Inc., Class B | 3,729 | 145,310 | ||||||
AltaGas, Ltd. | 12,039 | 383,939 | ||||||
ARC Resources, Ltd. | 20,327 | 372,346 | ||||||
ATCO, Ltd., Class I | 400 | 13,995 | ||||||
Bank of Nova Scotia | 7,817 | 411,090 | ||||||
BCE, Inc. | 9,666 | 423,607 | ||||||
BlackBerry, Ltd.† | 5,559 | 54,580 | ||||||
Brookfield Asset Management, Inc., Class A | 15,000 | 530,476 | ||||||
Canadian Natural Resources, Ltd. | 8,628 | 266,277 | ||||||
Canadian Oil Sands, Ltd. | 18,485 | 161,721 | ||||||
Canadian Pacific Railway, Ltd. | 1,933 | 318,519 | ||||||
Canadian Tire Corp., Ltd., Class A | 2,587 | 268,248 | ||||||
Canadian Utilities, Ltd., Class A | 1,600 | 47,514 | ||||||
Catamaran Corp.† | 2,600 | 155,653 | ||||||
CGI Group, Inc., Class A† | 5,333 | 225,911 | ||||||
CI Financial Corp | 13,900 | 390,756 | ||||||
Dollarama, Inc. | 6,128 | 339,415 | ||||||
Empire Co., Ltd., Class A | 5,700 | 408,295 | ||||||
Encana Corp. | 13,769 | 174,493 | ||||||
Enerplus Corp. | 36,266 | 350,529 | ||||||
Fairfax Financial Holdings, Ltd. | 892 | 449,292 | ||||||
First Capital Realty, Inc. | 31,468 | 475,714 | ||||||
First Quantum Minerals, Ltd. | 12,881 | 166,554 | ||||||
Fortis, Inc. | 8,986 | 274,436 | ||||||
Franco-Nevada Corp. | 3,900 | 200,582 | ||||||
Gildan Activewear, Inc. | 3,000 | 95,023 | ||||||
Great-West Lifeco, Inc. | 23,315 | 675,490 | ||||||
IGM Financial, Inc. | 10,684 | 361,689 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 4,394 | 151,578 | ||||||
Intact Financial Corp. | 8,447 | 605,812 | ||||||
Inter Pipeline, Ltd. | 11,025 | 274,295 | ||||||
Kinross Gold Corp.† | 39,604 | 93,628 | ||||||
Loblaw Cos., Ltd. | 397 | 20,192 | ||||||
Manulife Financial Corp. | 33,110 | 607,833 | ||||||
Methanex Corp. | 3,748 | 208,015 | ||||||
Metro, Inc., Class A | 19,683 | 543,989 | ||||||
Onex Corp | 3,843 | 217,026 | ||||||
Open Text Corp. | 3,100 | 132,042 | ||||||
Paramount Resources, Ltd., Class A† | 6,565 | 169,140 | ||||||
Pembina Pipeline Corp. | 11,110 | 358,154 | ||||||
Peyto Exploration & Development Corp. | 2,723 | 73,812 | ||||||
Potash Corp. of Saskatchewan, Inc. | 9,815 | 308,909 | ||||||
Power Corp. of Canada | 15,812 | 409,286 | ||||||
Power Financial Corp. | 11,571 | 334,029 | ||||||
RioCan Real Estate Investment Trust | 8,342 | 185,810 | ||||||
Royal Bank of Canada | 15,078 | 958,682 | ||||||
Saputo, Inc. | 19,502 | 530,518 | ||||||
Shaw Communications, Inc., Class B | 30,851 | 680,975 | ||||||
Silver Wheaton Corp. | 4,863 | 92,873 | ||||||
Sun Life Financial, Inc. | 9,179 | 293,025 | ||||||
Teck Resources, Ltd., Class B | 11,756 | 136,788 | ||||||
Thomson Reuters Corp. | 15,465 | 617,555 | ||||||
Toronto-Dominion Bank | 18,083 | 787,387 | ||||||
Tourmaline Oil Corp.† | 4,224 | 136,509 | ||||||
TransAlta Corp. | 22,969 | 199,474 | ||||||
Turquoise Hill Resources, Ltd.† | 32,435 | 142,405 | ||||||
Valeant Pharmaceuticals International, Inc.† | 4,500 | 1,072,676 | ||||||
Vermilion Energy, Inc. | 5,150 | 221,016 | ||||||
19,195,815 | ||||||||
Cayman Islands — 0.2% |
| |||||||
ASM Pacific Technology, Ltd.(1) | 2,800 | 29,120 | ||||||
Cheung Kong Property Holdings, Ltd.†(4) | 27,000 | 164,013 |
83 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Cayman Islands (continued) |
| |||||||
CK Hutchison Holdings, Ltd.(1) | 27,000 | $ | 418,963 | |||||
HKT Trust & HKT, Ltd.(1) | 123,000 | 154,685 | ||||||
WH Group, Ltd.†*(1) | 39,000 | 29,872 | ||||||
796,653 | ||||||||
Curacao — 0.2% |
| |||||||
Schlumberger, Ltd. | 11,314 | 1,026,972 | ||||||
Denmark — 0.8% |
| |||||||
Coloplast A/S, Class B(1) | 3,794 | 286,517 | ||||||
Danske Bank A/S(1) | 6,163 | 180,770 | ||||||
DSV A/S(1) | 9,202 | 320,633 | ||||||
Novo Nordisk A/S, Class B(1) | 25,437 | 1,441,405 | ||||||
Pandora A/S(1) | 1,530 | 154,264 | ||||||
TDC A/S(1) | 43,217 | 323,795 | ||||||
Tryg A/S(1) | 16,390 | 327,453 | ||||||
Vestas Wind Systems A/S(1) | 2,209 | 113,218 | ||||||
William Demant Holding A/S†(1) | 1,959 | 161,369 | ||||||
3,309,424 | ||||||||
Finland — 0.5% |
| |||||||
Elisa Oyj(1) | 19,153 | 588,063 | ||||||
Kone Oyj, Class B(1) | 391 | 16,399 | ||||||
Metso Oyj(1) | 5,795 | 166,974 | ||||||
Nokia Oyj(1) | 48,731 | 356,171 | ||||||
Nokian Renkaat Oyj(1) | 6,820 | 220,119 | ||||||
Orion Oyj, Class B(1) | 10,695 | 358,022 | ||||||
Sampo Oyj, Class A(1) | 11,806 | 557,540 | ||||||
2,263,288 | ||||||||
France — 4.1% |
| |||||||
Accor SA(1) | 4,740 | 260,686 | ||||||
Aeroports de Paris(1) | 2,955 | 365,620 | ||||||
Air Liquide SA(1) | 4,391 | 566,020 | ||||||
Alcatel-Lucent†(1) | 41,725 | 166,863 | ||||||
Arkema SA(1) | 1,665 | 123,718 | ||||||
Atos SE(1) | 2,792 | 214,932 | ||||||
AXA SA(1) | 25,679 | 648,922 | ||||||
BNP Paribas SA(1) | 13,117 | 794,622 | ||||||
Bureau Veritas SA(1) | 13,335 | 305,652 | ||||||
Cap Gemini SA(1) | 2,879 | 251,176 | ||||||
Carrefour SA†(1) | 5,606 | 190,373 | ||||||
Casino Guichard Perrachon SA(1) | 3,033 | 238,223 | ||||||
Christian Dior SE(1) | 188 | 37,760 | ||||||
Cie de Saint-Gobain(1) | 5,514 | 257,945 | ||||||
Cie Generale des Etablissements Michelin(1) | 722 | 77,592 | ||||||
CNP Assurances(1) | 15,126 | 250,188 | ||||||
Credit Agricole SA(1) | 16,617 | 249,172 | ||||||
Danone SA(1) | 3,915 | 268,977 | ||||||
Dassault Systemes(1) | 6,167 | 482,131 | ||||||
Edenred(1) | 3,869 | 97,753 | ||||||
Essilor International SA(1) | 3,085 | 376,839 | ||||||
Eutelsat Communications SA(1) | 5,516 | 187,932 | ||||||
Fonciere Des Regions(1) | 2,087 | 183,904 | ||||||
Gecina SA(1) | 2,214 | 291,673 | ||||||
Groupe Eurotunnel SE(1) | 3,256 | 49,056 | ||||||
Hermes International(1) | 208 | 81,445 | ||||||
ICADE(1) | 2,394 | 186,715 | ||||||
Iliad SA(1) | 762 | 172,752 | ||||||
Imerys SA(1) | 2,983 | 223,327 | ||||||
Kering(1) | 1,975 | 347,084 | ||||||
Klepierre(1) | 9,363 | 417,593 | ||||||
L’Oreal SA(1) | 5,831 | 1,101,938 | ||||||
Lafarge SA(1) | 3,476 | 245,426 | ||||||
Lagardere SCA(1) | 9,932 | 301,114 | ||||||
Legrand SA(1) | 5,651 | 318,255 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Natixis SA(1) | 8,373 | $ | 62,806 | |||||
Numericable-SFR SAS†(1) | 894 | 51,611 | ||||||
Orange SA(1) | 27,328 | 433,055 | ||||||
Peugeot SA†(1) | 5,665 | 118,878 | ||||||
Publicis Groupe SA(1) | 4,682 | 375,979 | ||||||
Renault SA(1) | 2,282 | 238,240 | ||||||
Sanofi(1) | 17,045 | 1,670,645 | ||||||
Schneider Electric SE(1) | 4,942 | 374,837 | ||||||
SCOR SE(1) | 8,736 | 299,506 | ||||||
Societe BIC SA(1) | 1,567 | 258,366 | ||||||
Societe Generale SA(1) | 9,665 | 451,434 | ||||||
Sodexo SA(1) | 5,354 | 552,413 | ||||||
Suez Environnement Co.(1) | 3,883 | 74,922 | ||||||
Technip SA(1) | 3,201 | 211,435 | ||||||
Unibail-Rodamco SE | 1,431 | 367,534 | ||||||
Valeo SA(1) | 1,165 | 186,981 | ||||||
Vallourec SA(1) | 6,510 | 161,116 | ||||||
Veolia Environnement SA(1) | 10,717 | 222,765 | ||||||
Vivendi SA(1) | 17,822 | 455,192 | ||||||
Wendel SA(1) | 1,542 | 196,581 | ||||||
Zodiac Aerospace(1) | 7,356 | 268,347 | ||||||
17,366,021 | ||||||||
Germany — 2.5% |
| |||||||
Allianz SE(1) | 6,117 | 959,091 | ||||||
BASF SE(1) | 10,869 | 1,005,366 | ||||||
Bayerische Motoren Werke AG(1) | 5,135 | 568,035 | ||||||
Beiersdorf AG(1) | 8,073 | 730,945 | ||||||
Brenntag AG(1) | 5,679 | 342,908 | ||||||
Celesio AG(1) | 3,035 | 88,335 | ||||||
Commerzbank AG†(1) | 13,337 | 177,502 | ||||||
Continental AG(1) | 1,446 | 333,960 | ||||||
Deutsche Bank AG(1) | 18,477 | 556,399 | ||||||
Deutsche Boerse AG(1) | 3,048 | 244,151 | ||||||
Deutsche Post AG(1) | 11,949 | 360,211 | ||||||
Deutsche Telekom AG(1) | 39,051 | 671,060 | ||||||
Deutsche Wohnen AG (BR)(1) | 5,120 | 124,724 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(1) | 3,078 | 202,067 | ||||||
Fresenius Medical Care AG & Co. KGaA(1) | 3,260 | 278,498 | ||||||
Fresenius SE & Co. KGaA(1) | 5,174 | 329,837 | ||||||
Hannover Rueck SE(1) | 3,127 | 303,816 | ||||||
Infineon Technologies AG(1) | 13,940 | 181,733 | ||||||
K+S AG(1) | 4,900 | 159,713 | ||||||
LANXESS AG(1) | 2,986 | 165,739 | ||||||
Linde AG(1) | 1,544 | 296,561 | ||||||
Merck KGaA(1) | 3,837 | 410,428 | ||||||
Muenchener Rueckversicherungs-Gesellschaft | 3,536 | 652,531 | ||||||
OSRAM Licht AG(1) | 2,844 | 149,910 | ||||||
ProSiebenSat.1 Media AG(1) | 644 | 30,798 | ||||||
SAP SE(1) | 14,459 | 1,070,678 | ||||||
Telefonica Deutschland Holding AG(1) | 41,017 | 226,865 | ||||||
United Internet AG(1) | 1,205 | 56,309 | ||||||
10,678,170 | ||||||||
Hong Kong — 1.6% |
| |||||||
AIA Group, Ltd.(1) | 183,600 | 1,203,445 | ||||||
Bank of East Asia, Ltd.(1) | 79,800 | 358,854 | ||||||
BOC Hong Kong Holdings, Ltd.(1) | 58,500 | 241,014 | ||||||
Hang Lung Properties, Ltd.(1) | 81,000 | 255,369 | ||||||
Hang Seng Bank, Ltd.(1) | 18,600 | 372,340 | ||||||
Henderson Land Development Co., Ltd.(1) | 20,900 | 168,235 | ||||||
Hong Kong & China Gas Co., Ltd.(1) | 321,600 | 774,455 | ||||||
Hong Kong Exchanges and Clearing, Ltd.(1) | 34,100 | 1,308,688 | ||||||
Hutchison Whampoa, Ltd.(1) | 37,000 | 548,089 | ||||||
Link REIT(1) | 66,000 | 383,891 |
84 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Hong Kong (continued) |
| |||||||
New World Development Co., Ltd.(1) | 57,000 | $ | 75,558 | |||||
Sino Land Co., Ltd.(1) | 156,000 | 265,506 | ||||||
Sun Hung Kai Properties, Ltd.(1) | 14,000 | 236,687 | ||||||
Swire Pacific, Ltd., Class A(1) | 13,000 | 173,957 | ||||||
Swire Properties, Ltd.(1) | 18,800 | 63,877 | ||||||
Techtronic Industries Co., Ltd.(1) | 25,000 | 85,901 | ||||||
Wharf Holdings, Ltd.(1) | 29,000 | 200,039 | ||||||
Wheelock & Co., Ltd.(1) | 19,000 | 101,878 | ||||||
6,817,783 | ||||||||
Ireland — 1.4% |
| |||||||
Accenture PLC, Class A | 9,105 | 874,444 | ||||||
Actavis PLC† | 5,682 | 1,743,295 | ||||||
Bank of Ireland†(1) | 387,394 | 148,074 | ||||||
CRH PLC(1) | 9,163 | 256,987 | ||||||
Endo International PLC† | 3,209 | 268,786 | ||||||
Jazz Pharmaceuticals PLC† | 892 | 159,980 | ||||||
Kerry Group PLC, Class A(1) | 7,640 | 570,795 | ||||||
Mallinckrodt PLC† | 1,577 | 204,127 | ||||||
Pentair PLC | 5,052 | 323,480 | ||||||
Perrigo Co. PLC | 1,481 | 281,834 | ||||||
Seagate Technology PLC | 3,319 | 184,669 | ||||||
Tyco International PLC | 3,882 | 156,678 | ||||||
Weatherford International PLC† | 29,668 | 410,012 | ||||||
XL Group PLC | 10,599 | 399,370 | ||||||
5,982,531 | ||||||||
Israel — 0.3% |
| |||||||
Israel Chemicals, Ltd.(1) | 4,792 | 34,266 | ||||||
Israel Corp., Ltd.(1) | 244 | 87,003 | ||||||
NICE Systems, Ltd.(1) | 4,365 | 274,327 | ||||||
Teva Pharmaceutical Industries, Ltd.(1) | 10,909 | 656,827 | ||||||
1,052,423 | ||||||||
Italy — 0.7% |
| |||||||
Assicurazioni Generali SpA(1) | 36,554 | 707,012 | ||||||
Atlantia SpA(1) | 7,951 | 204,632 | ||||||
Banca Monte dei Paschi di Siena SpA†(1) | 1,475 | 2,991 | ||||||
Banco Popolare SC†(1) | 5,484 | 92,554 | ||||||
Exor SpA(1) | 4,327 | 215,480 | ||||||
Intesa Sanpaolo SpA(1) | 153,826 | 554,921 | ||||||
Intesa Sanpaolo SpA RSP(1) | 1,236 | 3,939 | ||||||
Luxottica Group SpA(1) | 2,638 | 177,825 | ||||||
Mediobanca SpA(1) | 7,769 | 80,006 | ||||||
Telecom Italia SpA†(1) | 129,384 | 158,598 | ||||||
Terna Rete Elettrica Nazionale SpA(1) | 63,991 | 305,114 | ||||||
UniCredit SpA(1) | 54,222 | 379,593 | ||||||
Unione di Banche Italiane SCpA(1) | 15,285 | 124,922 | ||||||
UnipolSai SpA(1) | 10,420 | 28,327 | ||||||
3,035,914 | ||||||||
Japan — 8.9% |
| |||||||
ABC-Mart, Inc.(1) | 300 | 17,368 | ||||||
Acom Co., Ltd.†(1) | 10,500 | 33,582 | ||||||
Advantest Corp.(1) | 2,800 | 33,282 | ||||||
Aeon Co., Ltd.(1) | 28,000 | 373,196 | ||||||
AEON Financial Service Co., Ltd.(1) | 7,600 | 183,569 | ||||||
Aeon Mall Co., Ltd.(1) | 1,400 | 25,528 | ||||||
Air Water, Inc.(1) | 3,000 | 53,778 | ||||||
Ajinomoto Co., Inc.(1) | 12,000 | 246,845 | ||||||
Alfresa Holdings Corp.(1) | 800 | 12,213 | ||||||
Amada Holdings Co., Ltd.(1) | 13,000 | 132,606 | ||||||
ANA Holdings, Inc.(1) | 21,000 | 57,755 | ||||||
Aozora Bank, Ltd.(1) | 35,000 | 134,375 | ||||||
Asahi Glass Co., Ltd.(1) | 47,000 | 305,771 | ||||||
Asahi Kasei Corp.(1) | 21,000 | 185,695 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Asics Corp.(1) | 2,000 | $ | 53,217 | |||||
Astellas Pharma, Inc.(1) | 34,500 | 500,666 | ||||||
Bank of Yokohama, Ltd.(1) | 34,000 | 210,800 | ||||||
Bridgestone Corp.(1) | 8,200 | 340,371 | ||||||
Brother Industries, Ltd.(1) | 3,700 | 57,745 | ||||||
Calbee, Inc.(1) | 1,600 | 61,182 | ||||||
Canon, Inc.(1) | 18,500 | 638,587 | ||||||
Casio Computer Co., Ltd.(1) | 3,900 | 73,255 | ||||||
Central Japan Railway Co.(1) | 2,000 | 346,688 | ||||||
Chiba Bank, Ltd.(1) | 47,000 | 369,097 | ||||||
Chubu Electric Power Co., Inc.(1) | 9,600 | 144,446 | ||||||
Chugai Pharmaceutical Co., Ltd.(1) | 3,700 | 110,343 | ||||||
Citizen Holdings Co., Ltd.(1) | 4,000 | 29,011 | ||||||
Credit Saison Co., Ltd.(1) | 5,200 | 102,015 | ||||||
Dai Nippon Printing Co., Ltd.(1) | 10,000 | 105,300 | ||||||
Dai-ichi Life Insurance Co., Ltd.(1) | 14,900 | 259,710 | ||||||
Daikin Industries, Ltd.(1) | 2,400 | 183,300 | ||||||
Daito Trust Construction Co., Ltd.(1) | 1,400 | 155,556 | ||||||
Daiwa House Industry Co., Ltd.(1) | 10,000 | 239,264 | ||||||
Daiwa Securities Group, Inc.(1) | 29,000 | 228,996 | ||||||
Denso Corp.(1) | 3,400 | 177,285 | ||||||
Don Quijote Holdings Co., Ltd.(1) | 1,000 | 76,761 | ||||||
East Japan Railway Co.(1) | 5,900 | 537,919 | ||||||
Eisai Co., Ltd.(1) | 4,100 | 256,404 | ||||||
FANUC Corp.(1) | 3,000 | 659,280 | ||||||
Fast Retailing Co., Ltd.(1) | 400 | 164,199 | ||||||
Fuji Heavy Industries, Ltd.(1) | 9,400 | 353,916 | ||||||
Hakuhodo DY Holdings, Inc.(1) | 1,800 | 19,372 | ||||||
Hamamatsu Photonics KK(1) | 2,200 | 67,349 | ||||||
Hankyu Hanshin Holdings, Inc.(1) | 20,000 | 119,810 | ||||||
Hirose Electric Co., Ltd.(1) | 600 | 85,222 | ||||||
Hisamitsu Pharmaceutical Co., Inc.(1) | 2,700 | 109,153 | ||||||
Hitachi Chemical Co., Ltd.(1) | 8,500 | 166,971 | ||||||
Hitachi Construction Machinery Co., Ltd.(1) | 600 | 10,911 | ||||||
Hitachi High-Technologies Corp.(1) | 1,300 | 36,453 | ||||||
Hitachi, Ltd.(1) | 40,000 | 272,791 | ||||||
Honda Motor Co., Ltd.(1) | 16,000 | 547,767 | ||||||
Hoya Corp.(1) | 13,500 | 496,198 | ||||||
Hulic Co., Ltd.(1) | 4,300 | 44,138 | ||||||
Ibiden Co., Ltd.(1) | 1,700 | 31,716 | ||||||
Isetan Mitsukoshi Holdings, Ltd.(1) | 6,100 | 102,070 | ||||||
Isuzu Motors, Ltd.(1) | 10,000 | 135,575 | ||||||
ITOCHU Corp.(1) | 29,900 | 403,029 | ||||||
Iyo Bank, Ltd.(1) | 6,500 | 79,160 | ||||||
Japan Exchange Group, Inc.(1) | 3,300 | 99,818 | ||||||
Joyo Bank, Ltd.(1) | 19,000 | 102,475 | ||||||
JSR Corp.(1) | 3,200 | 58,215 | ||||||
Kajima Corp.(1) | 19,000 | 83,399 | ||||||
Kakaku.com, Inc.(1) | 2,100 | 32,601 | ||||||
Kaneka Corp.(1) | 6,000 | 43,695 | ||||||
Kansai Paint Co., Ltd.(1) | 4,000 | 68,938 | ||||||
Kao Corp.(1) | 10,500 | 476,037 | ||||||
KDDI Corp.(1) | 24,900 | 559,154 | ||||||
Keikyu Corp.(1) | 28,000 | 214,811 | ||||||
Keio Corp.(1) | 4,000 | 29,429 | ||||||
Keisei Electric Railway Co., Ltd.(1) | 2,000 | 23,025 | ||||||
Keyence Corp.(1) | 800 | 429,573 | ||||||
Kintetsu Group Holdings Co., Ltd.(1) | 32,000 | 106,838 | ||||||
Komatsu, Ltd.(1) | 10,600 | 222,656 | ||||||
Konica Minolta, Inc.(1) | 10,000 | 125,657 | ||||||
Kubota Corp.(1) | 14,000 | 232,324 | ||||||
Kuraray Co., Ltd.(1) | 5,900 | 77,253 | ||||||
Kurita Water Industries, Ltd.(1) | 4,700 | 112,825 | ||||||
Kyocera Corp.(1) | 5,900 | 320,364 | ||||||
Kyowa Hakko Kirin Co., Ltd.(1) | 2,000 | 25,128 |
85 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
LIXIL Group Corp.(1) | 9,300 | $ | 177,221 | |||||
M3, Inc.(1) | 1,600 | 30,349 | ||||||
Mabuchi Motor Co., Ltd.(1) | 2,800 | 168,755 | ||||||
Makita Corp.(1) | 3,300 | 178,624 | ||||||
Marui Group Co., Ltd.(1) | 3,500 | 43,936 | ||||||
Maruichi Steel Tube, Ltd.(1) | 1,800 | 47,471 | ||||||
Mazda Motor Corp.(1) | 6,000 | 128,632 | ||||||
McDonald’s Holdings Co. Japan, Ltd.(1) | 4,600 | 96,455 | ||||||
Medipal Holdings Corp.(1) | 1,300 | 20,054 | ||||||
MEIJI Holdings Co., Ltd.(1) | 1,400 | 158,446 | ||||||
Mitsubishi Chemical Holdings Corp.(1) | 28,500 | 178,346 | ||||||
Mitsubishi Corp.(1) | 17,000 | 380,286 | ||||||
Mitsubishi Electric Corp.(1) | 31,000 | 423,064 | ||||||
Mitsubishi Estate Co., Ltd.(1) | 7,000 | 155,739 | ||||||
Mitsubishi Gas Chemical Co., Inc.(1) | 8,000 | 46,401 | ||||||
Mitsubishi Logistics Corp.(1) | 14,000 | 197,625 | ||||||
Mitsubishi Motors Corp.(1) | 7,000 | 64,973 | ||||||
Mitsubishi Tanabe Pharma Corp.(1) | 3,100 | 49,229 | ||||||
Mitsubishi UFJ Financial Group, Inc.(1) | 83,100 | 612,312 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd.(1) | 7,800 | 40,855 | ||||||
Mitsui & Co., Ltd.(1) | 17,100 | 240,001 | ||||||
Mitsui Chemicals, Inc.(1) | 13,000 | 42,223 | ||||||
Mitsui Fudosan Co., Ltd.(1) | 13,000 | 377,643 | ||||||
Mixi, Inc.(1) | 600 | 25,632 | ||||||
MS&AD Insurance Group Holdings, Inc.(1) | 8,600 | 266,276 | ||||||
Murata Manufacturing Co., Ltd.(1) | 900 | 145,993 | ||||||
Nabtesco Corp.(1) | 4,100 | 105,341 | ||||||
NGK Insulators, Ltd.(1) | 9,000 | 223,063 | ||||||
NGK Spark Plug Co., Ltd.(1) | 4,000 | 120,451 | ||||||
NH Foods, Ltd.(1) | 4,000 | 86,276 | ||||||
NHK Spring Co., Ltd.(1) | 3,500 | 41,034 | ||||||
Nidec Corp.(1) | 4,000 | 290,905 | ||||||
Nintendo Co., Ltd.(1) | 1,600 | 270,536 | ||||||
Nippon Express Co., Ltd.(1) | 9,000 | 49,562 | ||||||
Nippon Paint Holdings Co., Ltd.(1) | 4,000 | 123,477 | ||||||
Nippon Steel & Sumitomo Metal Corp.(1) | 69,000 | 189,589 | ||||||
Nippon Telegraph & Telephone Corp.(1) | 7,200 | 500,318 | ||||||
Nissan Motor Co., Ltd.(1) | 43,300 | 450,631 | ||||||
Nisshin Seifun Group, Inc.(1) | 3,600 | 44,784 | ||||||
Nissin Foods Holdings Co., Ltd.(1) | 800 | 34,047 | ||||||
Nitori Holdings Co., Ltd.(1) | 1,200 | 91,950 | ||||||
Nitto Denko Corp.(1) | 1,000 | 77,241 | ||||||
NOK Corp.(1) | 1,200 | 39,543 | ||||||
Nomura Holdings, Inc.(1) | 33,300 | 219,423 | ||||||
Nomura Real Estate Holdings, Inc.(1) | 2,200 | 44,883 | ||||||
Nomura Research Institute, Ltd.(1) | 2,000 | 76,549 | ||||||
NSK, Ltd.(1) | 6,000 | 98,355 | ||||||
NTT Data Corp.(1) | 2,400 | 106,188 | ||||||
NTT DOCOMO, Inc.(1) | 26,000 | 466,225 | ||||||
NTT Urban Development Corp.(1) | 1,700 | 17,656 | ||||||
Obayashi Corp.(1) | 4,000 | 26,132 | ||||||
Odakyu Electric Railway Co., Ltd.(1) | 8,000 | 75,648 | ||||||
Oji Holdings Corp.(1) | 20,000 | 88,672 | ||||||
Olympus Corp.(1) | 2,700 | 91,918 | ||||||
Omron Corp.(1) | 3,900 | 180,940 | ||||||
Ono Pharmaceutical Co., Ltd.(1) | 500 | 54,545 | ||||||
Oracle Corp. Japan(1) | 2,100 | 90,572 | ||||||
Oriental Land Co., Ltd.(1) | 4,400 | 281,669 | ||||||
ORIX Corp.(1) | 20,200 | 318,729 | ||||||
Osaka Gas Co., Ltd.(1) | 39,000 | 155,602 | ||||||
Otsuka Corp.(1) | 1,200 | 57,966 | ||||||
Otsuka Holdings Co., Ltd.(1) | 6,500 | 202,325 | ||||||
Panasonic Corp.(1) | 29,200 | 428,089 | ||||||
Park24 Co., Ltd.(1) | 1,300 | 22,901 | ||||||
Rakuten, Inc.(1) | 12,400 | 202,325 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Resona Holdings, Inc.(1) | 31,300 | $ | 178,589 | |||||
Rinnai Corp.(1) | 600 | 46,147 | ||||||
Rohm Co., Ltd.(1) | 1,400 | 98,681 | ||||||
Sanrio Co., Ltd.(1) | 1,600 | 44,838 | ||||||
Santen Pharmaceutical Co., Ltd.(1) | 17,500 | 242,264 | ||||||
Secom Co., Ltd.(1) | 4,300 | 286,206 | ||||||
Seiko Epson Corp.(1) | 2,200 | 40,590 | ||||||
Sekisui Chemical Co., Ltd.(1) | 8,000 | 107,705 | ||||||
Sekisui House, Ltd.(1) | 12,000 | 199,542 | ||||||
Sharp Corp.†(1) | 20,000 | 27,993 | ||||||
Shikoku Electric Power Co., Inc.(1) | 3,100 | 45,791 | ||||||
Shimamura Co., Ltd.(1) | 500 | 53,687 | ||||||
Shimano, Inc.(1) | 1,300 | 183,916 | ||||||
Shimizu Corp.(1) | 8,000 | 61,103 | ||||||
Shin-Etsu Chemical Co., Ltd.(1) | 7,100 | 431,775 | ||||||
Shinsei Bank, Ltd.(1) | 30,000 | 60,581 | ||||||
Shionogi & Co., Ltd.(1) | 4,300 | 151,211 | ||||||
Shiseido Co., Ltd.(1) | 8,200 | 163,890 | ||||||
Shizuoka Bank, Ltd.(1) | 24,000 | 261,516 | ||||||
SMC Corp.(1) | 800 | 241,133 | ||||||
SoftBank Corp.(1) | 13,500 | 805,897 | ||||||
Sompo Japan Nipponkoa Holdings, Inc.(1) | 4,900 | 177,594 | ||||||
Sony Corp.†(1) | 13,600 | 420,267 | ||||||
Sony Financial Holdings, Inc.(1) | 2,200 | 38,380 | ||||||
Sumitomo Chemical Co., Ltd.(1) | 30,000 | 174,304 | ||||||
Sumitomo Dainippon Pharma Co., Ltd.(1) | 9,400 | 106,496 | ||||||
Sumitomo Metal Mining Co., Ltd.(1) | 10,000 | 153,931 | ||||||
Sumitomo Mitsui Financial Group, Inc.(1) | 8,800 | 398,514 | ||||||
Sumitomo Mitsui Trust Holdings, Inc.(1) | 49,000 | 223,191 | ||||||
Sumitomo Realty & Development Co., Ltd.(1) | 1,000 | 38,379 | ||||||
Sumitomo Rubber Industries, Ltd.(1) | 4,500 | 79,166 | ||||||
Suntory Beverage & Food, Ltd.(1) | 5,200 | 216,680 | ||||||
Suruga Bank, Ltd.(1) | 5,000 | 105,977 | ||||||
Suzuken Co., Ltd.(1) | 700 | 22,731 | ||||||
Sysmex Corp.(1) | 2,400 | 138,763 | ||||||
T&D Holdings, Inc.(1) | 7,900 | 117,700 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd.(1) | 200 | 13,809 | ||||||
Taiyo Nippon Sanso Corp.(1) | 3,000 | 36,756 | ||||||
Takashimaya Co., Ltd.(1) | 3,000 | 28,745 | ||||||
TDK Corp.(1) | 2,200 | 174,913 | ||||||
Teijin, Ltd.(1) | 8,000 | 29,676 | ||||||
Terumo Corp.(1) | 5,400 | 122,417 | ||||||
THK Co., Ltd.(1) | 3,800 | 91,190 | ||||||
Tobu Railway Co., Ltd.(1) | 42,000 | 184,647 | ||||||
Toho Co., Ltd.(1) | 1,100 | 27,632 | ||||||
Toho Gas Co., Ltd.(1) | 3,000 | 18,661 | ||||||
Tohoku Electric Power Co., Inc.(1) | 7,900 | 110,475 | ||||||
Tokio Marine Holdings, Inc.(1) | 11,000 | 452,730 | ||||||
Tokyo Electron, Ltd.(1) | 2,800 | 177,825 | ||||||
Tokyo Gas Co., Ltd.(1) | 49,000 | 269,875 | ||||||
Tokyo Tatemono Co., Ltd.(1) | 5,000 | 38,658 | ||||||
Tokyu Corp.(1) | 29,000 | 189,773 | ||||||
Tokyu Fudosan Holdings Corp.(1) | 7,900 | 59,209 | ||||||
TonenGeneral Sekiyu KK(1) | 38,000 | 358,903 | ||||||
Toppan Printing Co., Ltd.(1) | 21,000 | 177,280 | ||||||
Toray Industries, Inc.(1) | 30,000 | 248,920 | ||||||
TOTO, Ltd.(1) | 12,000 | 197,811 | ||||||
Toyota Motor Corp.(1) | 29,300 | 2,020,190 | ||||||
Toyota Tsusho Corp.(1) | 6,600 | 184,363 | ||||||
Trend Micro, Inc.(1) | 4,600 | 161,026 | ||||||
Unicharm Corp.(1) | 9,000 | 198,266 | ||||||
USS Co., Ltd.(1) | 4,300 | 80,386 | ||||||
West Japan Railway Co.(1) | 3,300 | 195,701 | ||||||
Yahoo Japan Corp.(1) | 26,500 | 118,216 | ||||||
Yakult Honsha Co., Ltd.(1) | 1,900 | 105,048 |
86 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Yamada Denki Co., Ltd.(1) | 17,100 | $ | 71,807 | |||||
Yamaguchi Financial Group, Inc.(1) | 20,000 | 253,136 | ||||||
Yamato Holdings Co., Ltd.(1) | 6,900 | 140,346 | ||||||
Yamato Kogyo Co., Ltd.(1) | 1,700 | 40,776 | ||||||
Yaskawa Electric Corp.(1) | 5,000 | 69,930 | ||||||
Yokohama Rubber Co., Ltd.(1) | 5,000 | 56,230 | ||||||
37,595,831 | ||||||||
Jersey — 0.7% |
| |||||||
Delphi Automotive PLC | 3,670 | 319,217 | ||||||
Experian PLC(1) | 14,129 | 269,377 | ||||||
Petrofac, Ltd.(1) | 19,565 | 270,714 | ||||||
Randgold Resources, Ltd.(1) | 2,916 | 210,818 | ||||||
Shire PLC(1) | 8,973 | 776,638 | ||||||
Wolseley PLC(1) | 4,432 | 273,885 | ||||||
WPP PLC(1) | 29,975 | 706,724 | ||||||
2,827,373 | ||||||||
Liberia — 0.0% |
| |||||||
Royal Caribbean Cruises, Ltd. | 1,007 | 76,512 | ||||||
Luxembourg — 0.5% |
| |||||||
Altice SA†(1) | 1,446 | 188,776 | ||||||
Millicom International Cellular SA SDR(1) | 2,936 | 235,573 | ||||||
RTL Group SA(1) | 6,638 | 596,122 | ||||||
SES SA FDR(1) | 15,612 | 554,074 | ||||||
Subsea 7 SA†(1) | 13,591 | 142,130 | ||||||
Tenaris SA(1) | 14,213 | 205,212 | ||||||
1,921,887 | ||||||||
Netherlands — 1.5% |
| |||||||
Aegon NV(1) | 17,443 | 133,096 | ||||||
Akzo Nobel NV(1) | 3,909 | 298,532 | ||||||
ASML Holding NV(1) | 4,179 | 468,573 | ||||||
Boskalis Westminster NV(1) | 3,272 | 162,390 | ||||||
CNH Industrial NV(1) | 28,931 | 257,703 | ||||||
Core Laboratories NV# | 1,510 | 177,395 | ||||||
Delta Lloyd NV(1) | 11,804 | 205,285 | ||||||
Fiat Chrysler Automobiles NV†(1) | 11,683 | 186,739 | ||||||
Gemalto NV(1) | 1,286 | 112,664 | ||||||
ING Groep NV CVA(1) | 51,148 | 844,750 | ||||||
Koninklijke KPN NV(1) | 53,318 | 193,553 | ||||||
Koninklijke Philips NV(1) | 12,884 | 351,155 | ||||||
Koninklijke Vopak NV(1) | 701 | 34,910 | ||||||
LyondellBasell Industries NV, Class A | 6,963 | 703,959 | ||||||
Mylan NV† | 6,206 | 450,742 | ||||||
Nielsen NV | 6,362 | 286,226 | ||||||
OCI NV†(1) | 1,062 | 31,408 | ||||||
Reed Elsevier NV(1) | 26,649 | 647,513 | ||||||
STMicroelectronics NV(1) | 17,514 | 149,669 | ||||||
Wolters Kluwer NV(1) | 18,013 | 560,705 | ||||||
6,256,967 | ||||||||
New Zealand — 0.3% |
| |||||||
Auckland International Airport, Ltd.(1) | 113,558 | 390,021 | ||||||
Contact Energy, Ltd.(1) | 31,255 | 136,315 | ||||||
Fletcher Building, Ltd.(1) | 16,653 | 103,381 | ||||||
Ryman Healthcare, Ltd.(1) | 47,274 | 267,653 | ||||||
Spark New Zealand, Ltd.(1) | 100,213 | 196,365 | ||||||
1,093,735 | ||||||||
Norway — 0.2% |
| |||||||
DNB ASA(1) | 12,849 | 226,015 | ||||||
Gjensidige Forsikring ASA(1) | 6,762 | 104,328 | ||||||
Norsk Hydro ASA(1) | 21,994 | 102,817 | ||||||
Orkla ASA(1) | 36,942 | 289,663 | ||||||
722,823 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Portugal — 0.1% |
| |||||||
Banco Comercial Portugues SA†(1) | 198,000 | $ | 18,610 | |||||
Banco Espirito Santo SA†(2)(3) | 126,030 | 8,305 | ||||||
Galp Energia SGPS SA(1) | 35,620 | 419,442 | ||||||
Jeronimo Martins SGPS SA(1) | 3,635 | 50,077 | ||||||
496,434 | ||||||||
Singapore — 1.0% |
| |||||||
Ascendas Real Estate Investment Trust(1) | 9,000 | 16,002 | ||||||
Avago Technologies, Ltd. | 4,497 | 665,871 | ||||||
CapitaLand Mall Trust(1) | 21,000 | 33,732 | ||||||
CapitaLand, Ltd.(1) | 48,000 | 124,061 | ||||||
City Developments, Ltd.(1) | 31,000 | 241,582 | ||||||
ComfortDelGro Corp., Ltd.(1) | 167,000 | 378,797 | ||||||
DBS Group Holdings, Ltd.(1) | 29,000 | 434,804 | ||||||
Global Logistic Properties, Ltd.(1) | 48,000 | 97,678 | ||||||
Jardine Cycle & Carriage, Ltd.(1) | 2,000 | 58,324 | ||||||
Kenon Holdings, Ltd.†(1) | 1,708 | 34,612 | ||||||
Keppel Corp., Ltd.(1) | 4,000 | 25,903 | ||||||
Oversea-Chinese Banking Corp., Ltd.(1) | 112,000 | 846,091 | ||||||
Singapore Telecommunications, Ltd.(1) | 102,000 | 311,306 | ||||||
StarHub, Ltd.(1) | 118,000 | 350,544 | ||||||
United Overseas Bank, Ltd.(1) | 29,000 | 497,185 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd.(1) | 41,000 | 43,898 | ||||||
4,160,390 | ||||||||
Spain — 1.1% |
| |||||||
Amadeus IT Holding SA, Class A(1) | 7,099 | 323,237 | ||||||
Banco Bilbao Vizcaya Argentaria SA(1) | 74,635 | 737,207 | ||||||
Banco de Sabadell SA(1) | 63,499 | 160,828 | ||||||
Banco Popular Espanol SA(1) | 32,426 | 160,013 | ||||||
Banco Santander SA(1) | 154,137 | 1,097,724 | ||||||
Bankia SA†(1) | 52,327 | 67,680 | ||||||
Bankinter SA(1) | 17,411 | 128,289 | ||||||
CaixaBank SA(1) | 52,080 | 249,774 | ||||||
Grifols SA(1) | 5,542 | 221,075 | ||||||
Inditex SA(1) | 11,777 | 390,315 | ||||||
Mapfre SA(1) | 9,740 | 34,740 | ||||||
Red Electrica Corp. SA(1) | 3,596 | 302,577 | ||||||
Telefonica SA(1) | 63,342 | 896,362 | ||||||
4,769,821 | ||||||||
Sweden — 1.3% |
| |||||||
Assa Abloy AB, Class B(1) | 5,705 | 336,367 | ||||||
Atlas Copco AB, Class A(1) | 11,881 | 359,443 | ||||||
Atlas Copco AB, Class A Redemption Shares† | 11,881 | 8,291 | ||||||
Atlas Copco AB, Class B(1) | 6,918 | 186,335 | ||||||
Atlas Copco AB, Class B Redemption Shares† | 6,918 | 4,828 | ||||||
Boliden AB(1) | 8,721 | 187,099 | ||||||
Electrolux AB, Series B(1) | 1,819 | 55,580 | ||||||
Elekta AB, Series B(1) | 4,590 | 32,311 | ||||||
Getinge AB, Class B(1) | 7,633 | 184,559 | ||||||
Hennes & Mauritz AB, Class B(1) | 6,880 | 271,397 | ||||||
Hexagon AB, Class B(1) | 4,029 | 147,938 | ||||||
Husqvarna AB, Class B(1) | 3,853 | 29,335 | ||||||
Industrivarden AB, Class C(1) | 7,286 | 145,313 | ||||||
Investment AB Kinnevik, Class B(1) | 2,051 | 68,518 | ||||||
Investor AB, Class B(1) | 17,752 | 701,317 | ||||||
Nordea Bank AB(1) | 22,078 | 287,639 | ||||||
Skandinaviska Enskilda Banken AB, Class A(1) | 41,153 | 508,697 | ||||||
Skanska AB, Class B(1) | 13,875 | 288,807 | ||||||
Svenska Handelsbanken AB, Class A(1) | 40,467 | 610,034 | ||||||
Swedbank AB, Class A(1) | 15,493 | 363,801 | ||||||
Tele2 AB, Class B(1) | 4,636 | 54,552 | ||||||
Telefonaktiebolaget LM Ericsson, Class B(1) | 34,597 | 388,606 | ||||||
TeliaSonera AB(1) | 31,326 | 184,714 | ||||||
5,405,481 | ||||||||
87 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Switzerland — 3.7% |
| |||||||
ABB, Ltd.(1) | 30,009 | $ | 657,903 | |||||
ACE, Ltd. | 13,152 | 1,400,425 | ||||||
Actelion, Ltd.(1) | 1,159 | 162,112 | ||||||
Aryzta AG(1) | 5,920 | 375,851 | ||||||
Baloise Holding AG(1) | 1,826 | 227,555 | ||||||
Coca-Cola HBC AG CDI(1) | 11,950 | 261,830 | ||||||
Credit Suisse Group AG(1) | 16,970 | 450,543 | ||||||
EMS-Chemie Holding AG(1) | 924 | 393,638 | ||||||
Garmin, Ltd.# | 5,762 | 262,056 | ||||||
Geberit AG(1) | 1,820 | 655,732 | ||||||
Holcim, Ltd.(1) | 3,423 | 270,646 | ||||||
Julius Baer Group, Ltd.(1) | 5,258 | 287,226 | ||||||
Lonza Group AG(1) | 1,882 | 264,974 | ||||||
Novartis AG(1) | 27,835 | 2,864,647 | ||||||
Pargesa Holding SA (BR)(1) | 7,073 | 497,837 | ||||||
Partners Group Holding AG(1) | 534 | 167,535 | ||||||
Roche Holding AG(1) | 8,715 | 2,565,948 | ||||||
Sika AG (BR)(1) | 105 | 360,859 | ||||||
Sonova Holding AG(1) | 946 | 142,663 | ||||||
Sulzer AG(1) | 95 | 10,472 | ||||||
Swatch Group AG (BR)(1) | 704 | 279,979 | ||||||
Swiss Prime Site AG(1) | 12,920 | 1,034,619 | ||||||
Swiss Re AG(1) | 4,842 | 434,964 | ||||||
Swisscom AG(1) | 1,983 | 1,149,277 | ||||||
Zurich Insurance Group AG(1) | 1,836 | 586,584 | ||||||
15,765,875 | ||||||||
United Arab Emirates — 0.0% | ||||||||
Orascom Construction, Ltd.† | 531 | 6,845 | ||||||
United Kingdom — 6.5% | ||||||||
3i Group PLC(1) | 56,633 | 487,575 | ||||||
Aberdeen Asset Management PLC(1) | 30,775 | 210,196 | ||||||
Admiral Group PLC(1) | 14,876 | 338,552 | ||||||
Aggreko PLC(1) | 10,584 | 260,272 | ||||||
Amec Foster Wheeler PLC(1) | 41,933 | 610,067 | ||||||
Antofagasta PLC(1) | 28,635 | 326,686 | ||||||
Aon PLC | 3,415 | 345,666 | ||||||
ARM Holdings PLC(1) | 20,379 | 360,606 | ||||||
Ashtead Group PLC(1) | 11,826 | 202,758 | ||||||
Associated British Foods PLC(1) | 6,371 | 295,360 | ||||||
AstraZeneca PLC(1) | 18,433 | 1,234,313 | ||||||
Aviva PLC(1) | 67,054 | 537,518 | ||||||
British Land Co. PLC(1) | 37,713 | 497,641 | ||||||
BT Group PLC(1) | 110,357 | 754,476 | ||||||
Bunzl PLC(1) | 35,380 | 1,025,638 | ||||||
Burberry Group PLC(1) | 12,431 | 322,550 | ||||||
Capita PLC(1) | 37,471 | 717,663 | ||||||
Compass Group PLC(1) | 27,713 | 485,237 | ||||||
Croda International PLC(1) | 2,497 | 111,679 | ||||||
Direct Line Insurance Group PLC(1) | 97,689 | 504,147 | ||||||
Dixons Carphone PLC(1) | 24,086 | 175,100 | ||||||
easyJet PLC†(1) | 2,450 | 60,278 | ||||||
Ensco PLC, Class A | 5,048 | 118,628 | ||||||
Fresnillo PLC(1) | 15,224 | 176,978 | ||||||
GKN PLC(1) | 40,445 | 226,765 | ||||||
Hammerson PLC(1) | 55,335 | 566,337 | ||||||
Hargreaves Lansdown PLC(1) | 5,273 | 102,218 | ||||||
ICAP PLC(1) | 21,415 | 181,105 | ||||||
Inmarsat PLC(1) | 20,887 | 317,398 | ||||||
InterContinental Hotels Group PLC(1) | 9,797 | 410,387 | ||||||
Intertek Group PLC(1) | 11,307 | 432,459 | ||||||
Intu Properties PLC(1) | 109,352 | 558,734 | ||||||
Investec PLC(1) | 33,105 | 303,482 | ||||||
ITV PLC(1) | 70,878 | 295,502 |
Security Description | Shares | Value (Note 2) | ||||||
United Kingdom (continued) | ||||||||
Johnson Matthey PLC(1) | 6,620 | $ | 354,089 | |||||
Kingfisher PLC(1) | 35,741 | 202,394 | ||||||
Land Securities Group PLC(1) | 22,040 | 442,958 | ||||||
Legal & General Group PLC(1) | 169,013 | 687,510 | ||||||
Liberty Global PLC, Class A† | 5,543 | 318,889 | ||||||
London Stock Exchange Group PLC(1) | 1,951 | 73,420 | ||||||
Marks & Spencer Group PLC(1) | 32,944 | 293,936 | ||||||
Next PLC(1) | 4,551 | 523,517 | ||||||
Old Mutual PLC(1) | 103,007 | 348,316 | ||||||
Pearson PLC(1) | 27,538 | 550,774 | ||||||
Persimmon PLC(1) | 8,628 | 259,162 | ||||||
Prudential PLC(1) | 37,209 | 927,095 | ||||||
Reckitt Benckiser Group PLC(1) | 9,324 | 842,726 | ||||||
Reed Elsevier PLC(1) | 34,559 | 573,849 | ||||||
Rexam PLC(1) | 62,922 | 538,146 | ||||||
Royal Mail PLC(1) | 25,810 | 206,828 | ||||||
RSA Insurance Group PLC(1) | 60,812 | 400,881 | ||||||
Sage Group PLC(1) | 2,784 | 24,229 | ||||||
Schroders PLC(1) | 10,060 | 518,786 | ||||||
Segro PLC(1) | 57,135 | 372,434 | ||||||
Severn Trent PLC(1) | 10,014 | 336,794 | ||||||
Sky PLC(1) | 20,061 | 323,835 | ||||||
Smith & Nephew PLC(1) | 21,495 | 381,630 | ||||||
Smiths Group PLC(1) | 18,912 | 346,814 | ||||||
SSE PLC(1) | 16,067 | 409,569 | ||||||
Standard Chartered PLC(1) | 39,177 | 626,944 | ||||||
Standard Life PLC(1) | 81,729 | 610,020 | ||||||
Tate & Lyle PLC(1) | 36,451 | 324,548 | ||||||
Travis Perkins PLC(1) | 8,045 | 272,710 | ||||||
Tullow Oil PLC(1) | 46,035 | 278,063 | ||||||
United Utilities Group PLC(1) | 45,263 | 690,446 | ||||||
Weir Group PLC(1) | 8,051 | 249,288 | ||||||
Whitbread PLC(1) | 4,912 | 384,863 | ||||||
WM Morrison Supermarkets PLC(1) | 87,926 | 229,914 | ||||||
27,479,348 | ||||||||
United States — 50.6% | ||||||||
3M Co. | 6,007 | 955,594 | ||||||
Abbott Laboratories | 16,897 | 821,194 | ||||||
AbbVie, Inc. | 21,175 | 1,410,032 | ||||||
Activision Blizzard, Inc. | 10,219 | 258,132 | ||||||
Adobe Systems, Inc.† | 8,021 | 634,381 | ||||||
ADT Corp.# | 5,153 | 187,981 | ||||||
Advance Auto Parts, Inc. | 1,669 | 255,724 | ||||||
Aetna, Inc. | 5,814 | 685,878 | ||||||
Affiliated Managers Group, Inc.† | 2,171 | 485,566 | ||||||
Aflac, Inc. | 10,410 | 647,710 | ||||||
Agilent Technologies, Inc. | 2,733 | 112,572 | ||||||
Air Products & Chemicals, Inc. | 7,497 | 1,100,260 | ||||||
Airgas, Inc. | 2,968 | 302,558 | ||||||
Akamai Technologies, Inc.† | 2,360 | 179,997 | ||||||
Albemarle Corp. | 3,514 | 211,367 | ||||||
Alexion Pharmaceuticals, Inc.† | 3,307 | 541,819 | ||||||
Alliance Data Systems Corp.† | 841 | 250,643 | ||||||
Allstate Corp. | 14,672 | 987,719 | ||||||
Altera Corp. | 8,388 | 409,754 | ||||||
Amazon.com, Inc.† | 5,197 | 2,230,708 | ||||||
American Airlines Group, Inc. | 1,865 | 79,020 | ||||||
American Express Co. | 15,987 | 1,274,484 | ||||||
American Realty Capital Properties, Inc. | 21,523 | 190,909 | ||||||
American Tower Corp. | 8,198 | 760,692 | ||||||
American Water Works Co., Inc. | 1,295 | 68,467 | ||||||
Ameriprise Financial, Inc. | 4,688 | 584,078 | ||||||
AmerisourceBergen Corp. | 4,612 | 519,127 |
88 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) | ||||||||
AMETEK, Inc. | 5,175 | $ | 278,208 | |||||
Amgen, Inc. | 10,241 | 1,600,259 | ||||||
Amphenol Corp., Class A | 3,410 | 194,540 | ||||||
Anadarko Petroleum Corp. | 8,708 | 728,076 | ||||||
Analog Devices, Inc. | 7,865 | 534,505 | ||||||
ANSYS, Inc.† | 4,926 | 438,414 | ||||||
Antero Resources Corp.†# | 4,598 | 183,966 | ||||||
Anthem, Inc. | 4,403 | 739,044 | ||||||
Apache Corp. | 8,500 | 508,640 | ||||||
Applied Materials, Inc. | 22,164 | 446,161 | ||||||
Archer-Daniels-Midland Co. | 12,138 | 641,493 | ||||||
Arrow Electronics, Inc.† | 1,320 | 80,243 | ||||||
Assurant, Inc. | 3,129 | 206,045 | ||||||
Autodesk, Inc.† | 2,952 | 159,851 | ||||||
Automatic Data Processing, Inc. | 12,864 | 1,100,001 | ||||||
AutoNation, Inc.† | 1,343 | 83,817 | ||||||
AvalonBay Communities, Inc. | 1,205 | 200,632 | ||||||
Avery Dennison Corp. | 3,851 | 238,415 | ||||||
Avnet, Inc. | 3,294 | 144,969 | ||||||
Avon Products, Inc.# | 17,145 | 115,214 | ||||||
B/E Aerospace, Inc. | 4,466 | 256,080 | ||||||
Baker Hughes, Inc. | 8,946 | 576,659 | ||||||
Ball Corp. | 1,103 | 78,302 | ||||||
Bank of New York Mellon Corp. | 22,791 | 988,218 | ||||||
Baxter International, Inc. | 7,794 | 519,158 | ||||||
BB&T Corp. | 10,304 | 406,699 | ||||||
Bed Bath & Beyond, Inc.† | 4,089 | 291,627 | ||||||
Berkshire Hathaway, Inc., Class B† | 13,815 | 1,975,545 | ||||||
Best Buy Co., Inc. | 4,940 | 171,418 | ||||||
Biogen, Inc.† | 3,337 | 1,324,756 | ||||||
BioMarin Pharmaceutical, Inc.† | 3,277 | 411,493 | ||||||
BlackRock, Inc. | 2,336 | 854,462 | ||||||
BorgWarner, Inc. | 4,398 | 264,540 | ||||||
Boston Scientific Corp.† | 9,353 | 170,879 | ||||||
Bristol-Myers Squibb Co. | 25,576 | 1,652,210 | ||||||
Broadcom Corp., Class A | 10,666 | 606,362 | ||||||
C.H. Robinson Worldwide, Inc.# | 4,348 | 268,402 | ||||||
CA, Inc. | 13,516 | 411,562 | ||||||
Cablevision Systems Corp., Class A# | 8,927 | 218,801 | ||||||
Cabot Oil & Gas Corp.# | 6,708 | 227,804 | ||||||
Calpine Corp.† | 5,559 | 111,736 | ||||||
Cameron International Corp.† | 6,032 | 309,623 | ||||||
Capital One Financial Corp. | 9,435 | 788,389 | ||||||
Cardinal Health, Inc. | 8,104 | 714,530 | ||||||
CarMax, Inc.† | 2,131 | 151,386 | ||||||
Caterpillar, Inc. | 4,318 | 368,412 | ||||||
CBRE Group, Inc., Class A† | 5,598 | 214,068 | ||||||
CBS Corp., Class B | 9,062 | 559,307 | ||||||
Celanese Corp., Series A | 5,507 | 379,157 | ||||||
Celgene Corp.† | 10,700 | 1,224,508 | ||||||
CenterPoint Energy, Inc. | 10,416 | 212,174 | ||||||
CenturyLink, Inc. | 12,442 | 413,572 | ||||||
Cerner Corp.† | 6,558 | 441,288 | ||||||
CF Industries Holdings, Inc. | 509 | 160,783 | ||||||
Charles Schwab Corp. | 16,682 | 527,985 | ||||||
Charter Communications, Inc., Class A†# | 1,559 | 279,092 | ||||||
Cheniere Energy, Inc.† | 2,851 | 216,191 | ||||||
Chesapeake Energy Corp.# | 10,877 | 153,474 | ||||||
Chipotle Mexican Grill, Inc.† | 292 | 179,732 | ||||||
Chubb Corp. | 2,091 | 203,872 | ||||||
Church & Dwight Co., Inc. | 3,092 | 259,635 | ||||||
Cigna Corp. | 3,576 | 503,608 | ||||||
Cimarex Energy Co. | 1,978 | 228,479 | ||||||
Cincinnati Financial Corp. | 7,397 | 374,140 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) | ||||||||
Cintas Corp. | 1,960 | $ | 168,736 | |||||
Cisco Systems, Inc. | 82,918 | 2,430,327 | ||||||
CIT Group, Inc. | 4,745 | 219,504 | ||||||
Citrix Systems, Inc.† | 4,196 | 272,782 | ||||||
Clorox Co. | 11,118 | 1,196,964 | ||||||
CME Group, Inc. | 5,954 | 560,867 | ||||||
Coach, Inc. | 6,152 | 217,596 | ||||||
Cobalt International Energy, Inc.† | 5,337 | 54,224 | ||||||
Cognizant Technology Solutions Corp., Class A† | 5,733 | 371,040 | ||||||
Colgate-Palmolive Co. | 17,825 | 1,190,532 | ||||||
Comcast Corp., Class A | 31,482 | 1,840,438 | ||||||
Comcast Corp., Special Class A | 10,442 | 605,636 | ||||||
ConAgra Foods, Inc. | 9,393 | 362,664 | ||||||
CONSOL Energy, Inc. | 3,234 | 90,035 | ||||||
Consolidated Edison, Inc. | 16,304 | 1,008,239 | ||||||
Continental Resources, Inc.†# | 2,894 | 131,851 | ||||||
Cooper Cos., Inc. | 473 | 85,977 | ||||||
Corning, Inc. | 15,575 | 325,829 | ||||||
Costco Wholesale Corp. | 10,603 | 1,511,882 | ||||||
Cree, Inc.†# | 2,275 | 68,887 | ||||||
Crown Castle International Corp. | 8,622 | 703,124 | ||||||
CSX Corp.# | 18,464 | 629,253 | ||||||
Cummins, Inc. | 3,747 | 507,906 | ||||||
CVS Health Corp. | 12,581 | 1,288,043 | ||||||
D.R. Horton, Inc. | 4,923 | 128,589 | ||||||
Danaher Corp. | 16,152 | 1,394,241 | ||||||
DaVita HealthCare Partners, Inc.† | 3,417 | 286,276 | ||||||
Deere & Co. | 9,106 | 853,050 | ||||||
Delta Air Lines, Inc. | 1,648 | 70,732 | ||||||
Devon Energy Corp. | 6,943 | 452,822 | ||||||
Digital Realty Trust, Inc.# | 3,019 | 199,375 | ||||||
DIRECTV† | 7,348 | 668,962 | ||||||
Discover Financial Services | 6,101 | 355,505 | ||||||
DISH Network Corp., Class A† | 5,332 | 377,452 | ||||||
Dollar General Corp. | 3,261 | 236,716 | ||||||
Dollar Tree, Inc.† | 4,905 | 367,826 | ||||||
Dover Corp. | 9,448 | 712,379 | ||||||
Dr Pepper Snapple Group, Inc. | 10,868 | 832,924 | ||||||
Dun & Bradstreet Corp. | 2,927 | 374,451 | ||||||
Eaton Vance Corp. | 7,738 | 314,163 | ||||||
eBay, Inc.† | 16,672 | 1,022,994 | ||||||
Ecolab, Inc. | 6,727 | 771,251 | ||||||
Edwards Lifesciences Corp.† | 1,474 | 192,681 | ||||||
Electronic Arts, Inc.† | 4,625 | 290,242 | ||||||
EMC Corp. | 24,261 | 639,035 | ||||||
Emerson Electric Co. | 23,618 | 1,424,402 | ||||||
Energen Corp. | 645 | 44,634 | ||||||
Energizer Holdings, Inc. | 1,477 | 209,276 | ||||||
EOG Resources, Inc. | 4,298 | 381,190 | ||||||
EQT Corp. | 4,234 | 360,186 | ||||||
Equifax, Inc. | 1,132 | 113,574 | ||||||
Equinix, Inc. | 1,516 | 406,394 | ||||||
Equity Residential | 4,565 | 339,271 | ||||||
Estee Lauder Cos., Inc., Class A | 5,809 | 507,881 | ||||||
Eversource Energy | 3,717 | 183,062 | ||||||
Expedia, Inc. | 1,835 | 196,822 | ||||||
Expeditors International of Washington, Inc. | 12,311 | 564,336 | ||||||
Express Scripts Holding Co.† | 12,501 | 1,089,337 | ||||||
F5 Networks, Inc.† | 1,513 | 190,169 | ||||||
Facebook, Inc., Class A† | 24,092 | 1,907,845 | ||||||
Fastenal Co.# | 8,596 | 356,820 | ||||||
FedEx Corp. | 4,198 | 727,178 | ||||||
Fidelity National Information Services, Inc. | 12,902 | 808,955 | ||||||
Fifth Third Bancorp | 16,520 | 334,365 |
89 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) | ||||||||
FireEye, Inc.†# | 839 | $ | 39,072 | |||||
First Republic Bank | 4,068 | 246,317 | ||||||
Fiserv, Inc.† | 12,873 | 1,031,771 | ||||||
FleetCor Technologies, Inc.† | 936 | 142,403 | ||||||
Flowserve Corp. | 2,899 | 159,445 | ||||||
FMC Technologies, Inc.† | 7,696 | 321,616 | ||||||
FNF Group | 9,708 | 368,516 | ||||||
Ford Motor Co. | 48,312 | 732,893 | ||||||
Franklin Resources, Inc. | 8,094 | 412,066 | ||||||
Frontier Communications Corp. | 23,562 | 121,344 | ||||||
GameStop Corp., Class A# | 2,482 | 107,744 | ||||||
General Growth Properties, Inc. | 7,510 | 212,758 | ||||||
General Mills, Inc. | 29,452 | 1,653,730 | ||||||
Genworth Financial, Inc., Class A† | 5,764 | 45,766 | ||||||
Gilead Sciences, Inc.† | 19,623 | 2,203,074 | ||||||
Goldman Sachs Group, Inc. | 5,393 | 1,111,983 | ||||||
Google, Inc., Class A† | 4,285 | 2,336,696 | ||||||
Google, Inc., Class C† | 3,159 | 1,680,935 | ||||||
Hanesbrands, Inc. | 9,632 | 306,876 | ||||||
Harley-Davidson, Inc. | 4,962 | 265,417 | ||||||
Hartford Financial Services Group, Inc. | 6,147 | 252,703 | ||||||
Hasbro, Inc. | 5,545 | 399,961 | ||||||
HCA Holdings, Inc.† | 3,732 | 305,390 | ||||||
HCP, Inc. | 8,258 | 319,750 | ||||||
Health Care REIT, Inc. | 4,275 | 300,361 | ||||||
Helmerich & Payne, Inc.# | 1,589 | 115,981 | ||||||
Hershey Co. | 8,053 | 747,802 | ||||||
Hertz Global Holdings, Inc.† | 8,567 | 170,398 | ||||||
Hewlett-Packard Co. | 25,977 | 867,632 | ||||||
HollyFrontier Corp. | 5,847 | 243,528 | ||||||
Home Depot, Inc. | 14,732 | 1,641,439 | ||||||
Hormel Foods Corp. | 113 | 6,466 | ||||||
Host Hotels & Resorts, Inc. | 17,677 | 352,126 | ||||||
Hudson City Bancorp, Inc. | 22,717 | 216,152 | ||||||
Humana, Inc. | 2,058 | 441,750 | ||||||
IHS, Inc., Class A† | 4,224 | 521,242 | ||||||
Illinois Tool Works, Inc. | 2,573 | 241,425 | ||||||
Illumina, Inc.† | 1,563 | 322,103 | ||||||
Incyte Corp.† | 1,811 | 199,482 | ||||||
Intel Corp. | 64,704 | 2,229,700 | ||||||
Intercontinental Exchange, Inc. | 3,293 | 779,717 | ||||||
International Flavors & Fragrances, Inc. | 1,914 | 227,843 | ||||||
International Paper Co. | 7,527 | 390,124 | ||||||
Interpublic Group of Cos., Inc. | 11,182 | 228,336 | ||||||
Intuit, Inc. | 7,862 | 818,827 | ||||||
Intuitive Surgical, Inc.† | 524 | 255,581 | ||||||
Iron Mountain, Inc. | 3,992 | 145,588 | ||||||
J.B. Hunt Transport Services, Inc. | 3,691 | 310,118 | ||||||
Johnson & Johnson | 47,102 | 4,716,794 | ||||||
Johnson Controls, Inc. | 8,966 | 466,411 | ||||||
Joy Global, Inc.# | 2,645 | 102,996 | ||||||
Juniper Networks, Inc.# | 6,921 | 192,404 | ||||||
Kansas City Southern | 3,351 | 303,265 | ||||||
Kellogg Co. | 16,326 | 1,024,783 | ||||||
Keurig Green Mountain, Inc. | 1,589 | 137,035 | ||||||
KeyCorp | 14,820 | 216,076 | ||||||
Kimberly-Clark Corp. | 13,784 | 1,500,526 | ||||||
Kinder Morgan, Inc. | 23,577 | 978,210 | ||||||
KLA-Tencor Corp. | 4,765 | 284,280 | ||||||
Kohl’s Corp. | 3,702 | 242,444 | ||||||
Kraft Foods Group, Inc. | 3,167 | 267,453 | ||||||
Kroger Co. | 4,274 | 311,147 | ||||||
L Brands, Inc. | 5,008 | 433,292 | ||||||
Lam Research Corp. | 3,141 | 258,347 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) | ||||||||
Lennar Corp., Class A | 4,922 | $ | 229,513 | |||||
Level 3 Communications, Inc.† | 5,205 | 288,773 | ||||||
Liberty Interactive Corp., Class A† | 16,032 | 448,415 | ||||||
Liberty Media Corp., Class A† | 2,073 | 79,427 | ||||||
Liberty Media Corp., Class C† | 4,146 | 157,382 | ||||||
Lincoln National Corp. | 4,737 | 270,056 | ||||||
Linear Technology Corp. | 11,587 | 554,438 | ||||||
LinkedIn Corp., Class A† | 1,119 | 218,127 | ||||||
LKQ Corp.† | 11,532 | 329,469 | ||||||
Loews Corp. | 4,054 | 162,646 | ||||||
Lowe’s Cos., Inc. | 9,855 | 689,653 | ||||||
lululemon athletica, Inc.† | 2,121 | 126,815 | ||||||
M&T Bank Corp. | 2,297 | 277,661 | ||||||
Macy’s, Inc. | 6,590 | 441,200 | ||||||
ManpowerGroup, Inc. | 3,677 | 311,258 | ||||||
Marathon Oil Corp. | 8,430 | 229,212 | ||||||
Marathon Petroleum Corp. | 3,631 | 375,663 | ||||||
Marriott International, Inc., Class A | 2,877 | 224,377 | ||||||
Marsh & McLennan Cos., Inc. | 8,173 | 475,914 | ||||||
Masco Corp. | 5,943 | 160,877 | ||||||
MasterCard, Inc., Class A | 15,591 | 1,438,426 | ||||||
Mattel, Inc.# | 13,550 | 349,725 | ||||||
McCormick & Co., Inc. | 2,257 | 177,175 | ||||||
McDonald’s Corp. | 9,409 | 902,605 | ||||||
McGraw Hill Financial, Inc. | 4,459 | 462,621 | ||||||
McKesson Corp. | 3,134 | 743,479 | ||||||
MDU Resources Group, Inc. | 13,201 | 276,429 | ||||||
Mead Johnson Nutrition Co. | 2,194 | 213,476 | ||||||
Medivation, Inc.† | 970 | 128,089 | ||||||
MetLife, Inc. | 16,768 | 876,296 | ||||||
Microchip Technology, Inc.# | 8,180 | 401,883 | ||||||
Micron Technology, Inc.† | 16,060 | 448,556 | ||||||
Microsoft Corp. | 105,915 | 4,963,177 | ||||||
Mondelez International, Inc., Class A | 46,342 | 1,927,364 | ||||||
Monster Beverage Corp.† | 1,631 | 207,594 | ||||||
Moody’s Corp. | 3,583 | 387,322 | ||||||
Mosaic Co. | 4,808 | 220,447 | ||||||
Motorola Solutions, Inc. | 5,861 | 345,799 | ||||||
Murphy Oil Corp. | 11,083 | 481,667 | ||||||
NASDAQ OMX Group, Inc. | 7,049 | 364,786 | ||||||
National Oilwell Varco, Inc. | 14,334 | 705,089 | ||||||
Navient Corp. | 15,533 | 299,321 | ||||||
NetApp, Inc. | 7,797 | 260,420 | ||||||
Netflix, Inc.† | 702 | 438,090 | ||||||
New York Community Bancorp, Inc.# | 12,673 | 224,819 | ||||||
Newell Rubbermaid, Inc. | 8,252 | 326,202 | ||||||
Newmont Mining Corp. | 15,793 | 430,201 | ||||||
News Corp., Class A† | 30,490 | 461,923 | ||||||
NIKE, Inc., Class B | 10,868 | 1,104,950 | ||||||
NiSource, Inc. | 11,297 | 532,992 | ||||||
Noble Energy, Inc. | 9,951 | 435,655 | ||||||
Nordstrom, Inc. | 3,501 | 254,313 | ||||||
Norfolk Southern Corp. | 4,598 | 423,016 | ||||||
Northern Trust Corp. | 5,512 | 410,920 | ||||||
Nucor Corp. | 8,191 | 387,434 | ||||||
NVIDIA Corp. | 10,828 | 239,624 | ||||||
Oceaneering International, Inc.# | 7,530 | 382,524 | ||||||
Omnicom Group, Inc. | 12,465 | 929,016 | ||||||
ONEOK, Inc. | 11,712 | 490,967 | ||||||
Oracle Corp. | 41,981 | 1,825,754 | ||||||
PACCAR, Inc. | 8,234 | 523,353 | ||||||
Pall Corp. | 4,486 | 558,238 | ||||||
Palo Alto Networks, Inc.† | 1,380 | 233,896 | ||||||
Parker-Hannifin Corp.# | 4,358 | 524,834 |
90 |
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VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) | ||||||||
Paychex, Inc. | 20,448 | $ | 1,010,336 | |||||
People’s United Financial, Inc.# | 23,098 | 359,405 | ||||||
Pepco Holdings, Inc. | 18,882 | 514,534 | ||||||
PepsiCo, Inc. | 16,435 | 1,584,827 | ||||||
Phillips 66 | 6,725 | 532,082 | ||||||
Pioneer Natural Resources Co. | 981 | 145,021 | ||||||
Plum Creek Timber Co., Inc. | 5,220 | 215,377 | ||||||
PNC Financial Services Group, Inc. | 8,369 | 800,830 | ||||||
Polaris Industries, Inc. | 1,001 | 143,193 | ||||||
PPG Industries, Inc. | 3,658 | 837,280 | ||||||
Priceline Group, Inc.† | 647 | 758,310 | ||||||
Principal Financial Group, Inc. | 9,934 | 513,488 | ||||||
Procter & Gamble Co. | 31,507 | 2,469,834 | ||||||
Progressive Corp. | 25,688 | 702,310 | ||||||
Prologis, Inc. | 6,319 | 250,169 | ||||||
Prudential Financial, Inc. | 9,296 | 786,535 | ||||||
Public Storage | 2,098 | 406,047 | ||||||
PulteGroup, Inc. | 3,257 | 62,469 | ||||||
PVH Corp. | 1,872 | 195,886 | ||||||
QEP Resources, Inc. | 7,429 | 139,888 | ||||||
QUALCOMM, Inc. | 22,611 | 1,575,534 | ||||||
Quanta Services, Inc.† | 5,273 | 154,604 | ||||||
Quest Diagnostics, Inc. | 6,809 | 512,241 | ||||||
Rackspace Hosting, Inc.† | 2,700 | 108,243 | ||||||
Range Resources Corp. | 4,423 | 245,078 | ||||||
Realogy Holdings Corp.† | 2,522 | 118,408 | ||||||
Red Hat, Inc.† | 2,780 | 214,811 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,092 | 559,716 | ||||||
Regions Financial Corp. | 21,247 | 214,382 | ||||||
Republic Services, Inc. | 7,122 | 286,945 | ||||||
ResMed, Inc.# | 3,014 | 177,283 | ||||||
Robert Half International, Inc. | 2,949 | 166,235 | ||||||
Rockwell Automation, Inc. | 4,854 | 596,508 | ||||||
Roper Technologies, Inc. | 2,407 | 421,129 | ||||||
Ross Stores, Inc. | 2,642 | 255,402 | ||||||
Salesforce.com, Inc.† | 5,904 | 429,516 | ||||||
SanDisk Corp. | 3,864 | 264,220 | ||||||
SBA Communications Corp., Class A† | 5,953 | 665,605 | ||||||
Scripps Networks Interactive, Inc., Class A# | 4,782 | 320,442 | ||||||
Sealed Air Corp. | 2,792 | 135,970 | ||||||
Sempra Energy | 4,335 | 465,882 | ||||||
ServiceNow, Inc.† | 1,941 | 148,700 | ||||||
Sherwin-Williams Co. | 1,149 | 331,119 | ||||||
Sigma-Aldrich Corp. | 4,700 | 654,710 | ||||||
Simon Property Group, Inc. | 2,544 | 461,482 | ||||||
Sirius XM Holdings, Inc.† | 21,912 | 84,580 | ||||||
Skyworks Solutions, Inc. | 2,939 | 321,409 | ||||||
Southwest Airlines Co. | 3,503 | 129,786 | ||||||
Southwestern Energy Co.† | 9,397 | 242,161 | ||||||
Spectra Energy Corp. | 19,093 | 671,501 | ||||||
Sprint Corp.†# | 13,752 | 63,947 | ||||||
SPX Corp. | 800 | 59,448 | ||||||
St. Jude Medical, Inc. | 7,346 | 541,767 | ||||||
Stanley Black & Decker, Inc. | 3,672 | 376,160 | ||||||
Staples, Inc. | 9,979 | 164,304 | ||||||
Starbucks Corp. | 13,974 | 726,089 | ||||||
State Street Corp. | 10,416 | 811,719 | ||||||
Stericycle, Inc.† | 2,368 | 325,126 | ||||||
Stryker Corp. | 2,743 | 263,685 | ||||||
SunTrust Banks, Inc. | 10,812 | 461,456 | ||||||
Superior Energy Services, Inc. | 8,346 | 192,709 | ||||||
Symantec Corp. | 15,261 | 375,802 | ||||||
Sysco Corp. | 12,083 | 449,004 | ||||||
T-Mobile US, Inc.† | 2,887 | 112,247 | ||||||
T. Rowe Price Group, Inc. | 7,196 | 580,645 | ||||||
Target Corp. | 4,840 | 383,909 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) | ||||||||
TD Ameritrade Holding Corp. | 8,777 | $ | 326,066 | |||||
Teradata Corp.† | 4,805 | 187,107 | ||||||
Tesla Motors, Inc.†# | 985 | 247,038 | ||||||
Tesoro Corp. | 2,489 | 220,276 | ||||||
Texas Instruments, Inc. | 10,454 | 584,588 | ||||||
Thermo Fisher Scientific, Inc. | 8,596 | 1,114,299 | ||||||
Tiffany & Co. | 4,125 | 386,636 | ||||||
Time Warner Cable, Inc. | 4,527 | 818,889 | ||||||
Time Warner, Inc. | 13,874 | 1,172,076 | ||||||
TJX Cos., Inc. | 13,985 | 900,354 | ||||||
Toll Brothers, Inc.† | 4,064 | 146,995 | ||||||
Torchmark Corp. | 14,422 | 823,064 | ||||||
Total System Services, Inc. | 12,635 | 520,562 | ||||||
Towers Watson & Co., Class A | 2,199 | 303,352 | ||||||
TransDigm Group, Inc. | 873 | 197,333 | ||||||
Travelers Cos., Inc. | 10,430 | 1,054,682 | ||||||
Trimble Navigation, Ltd.† | 10,603 | 248,534 | ||||||
TripAdvisor, Inc.† | 1,514 | 115,458 | ||||||
Twenty-First Century Fox, Inc., Class A | 22,141 | 743,938 | ||||||
Twitter, Inc.†# | 4,548 | 166,775 | ||||||
Tyson Foods, Inc., Class A# | 1,916 | 81,334 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 1,523 | 232,440 | ||||||
Under Armour, Inc., Class A† | 2,349 | 184,185 | ||||||
Union Pacific Corp. | 14,729 | 1,486,303 | ||||||
United Continental Holdings, Inc.† | 1,625 | 88,709 | ||||||
United Parcel Service, Inc., Class B | 5,399 | 535,689 | ||||||
United Rentals, Inc.† | 1,800 | 160,038 | ||||||
UnitedHealth Group, Inc. | 12,885 | 1,548,906 | ||||||
Universal Health Services, Inc., Class B | 2,666 | 345,460 | ||||||
US Bancorp | 31,693 | 1,366,285 | ||||||
Valero Energy Corp. | 4,635 | 274,577 | ||||||
Vantiv, Inc., Class A† | 3,770 | 150,800 | ||||||
Varian Medical Systems, Inc.† | 3,303 | 286,040 | ||||||
Ventas, Inc. | 5,600 | 372,512 | ||||||
Verisk Analytics, Inc., Class A† | 6,944 | 503,996 | ||||||
Vertex Pharmaceuticals, Inc.† | 3,015 | 386,794 | ||||||
VF Corp. | 6,055 | 426,454 | ||||||
Viacom, Inc., Class B | 8,294 | 554,703 | ||||||
Visa, Inc., Class A | 28,656 | 1,968,094 | ||||||
VMware, Inc., Class A† | 1,838 | 160,494 | ||||||
Voya Financial, Inc. | 5,965 | 270,274 | ||||||
Vulcan Materials Co. | 3,322 | 298,747 | ||||||
Walgreens Boots Alliance, Inc. | 11,189 | 960,464 | ||||||
Walt Disney Co. | 22,620 | 2,496,569 | ||||||
Waste Management, Inc. | 7,911 | 392,781 | ||||||
Western Digital Corp. | 2,164 | 210,687 | ||||||
Western Union Co. | 12,196 | 267,702 | ||||||
Whirlpool Corp. | 1,103 | 203,228 | ||||||
Whiting Petroleum Corp.† | 3,533 | 116,554 | ||||||
Whole Foods Market, Inc. | 7,269 | 299,774 | ||||||
Williams Cos., Inc. | 16,431 | 839,624 | ||||||
Wisconsin Energy Corp. | 7,248 | 349,933 | ||||||
Workday, Inc., Class A† | 622 | 49,088 | ||||||
WR Berkley Corp. | 8,094 | 396,606 | ||||||
WW Grainger, Inc. | 1,827 | 439,083 | ||||||
Wyndham Worldwide Corp. | 2,223 | 188,755 | ||||||
Xerox Corp. | 23,434 | 267,616 | ||||||
Xylem, Inc. | 2,175 | 79,540 | ||||||
Yahoo!, Inc.† | 12,787 | 549,010 | ||||||
Yum! Brands, Inc. | 5,347 | 481,818 | ||||||
Zimmer Holdings, Inc. | 2,708 | 308,956 | ||||||
Zoetis, Inc. | 8,951 | 445,491 | ||||||
214,261,004 | ||||||||
Total Common Stocks | ||||||||
(cost $380,298,980) | 408,478,251 | |||||||
91 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
PREFERRED SECURITIES — 0.2% |
| |||||||
Germany — 0.2% |
| |||||||
Fuchs Petrolub SE(1) | 5,571 | $ | 244,301 | |||||
Porsche Automobil Holding SE(1) | 2,787 | 246,175 | ||||||
Volkswagen AG(1) | 1,559 | 378,415 | ||||||
Total Preferred Securities | ||||||||
(cost $916,163) | 868,891 | |||||||
RIGHTS — 0.0% |
| |||||||
Banca Monte dei Paschi di Siena SpA | 1,476 | 9,788 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $381,225,851) | 409,356,930 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.8% |
| |||||||
Registered Investment Companies — 1.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(5) | 4,199,569 | 4,199,569 | ||||||
Time Deposits — 1.1% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 06/01/2015 | $ | 4,628,000 | 4,628,000 | |||||
U.S. Government Treasuries — 1.7% |
| |||||||
United States Treasury Bills | 6,000,000 | 5,896,546 | ||||||
0.02% due 06/11/2015(6) | 1,125,000 | 1,228,447 | ||||||
7,124,993 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $15,952,556) | 15,952,562 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $397,178,407)(7) | 100.5 | % | 425,309,492 | |||||
Liabilities in excess of other assets | (0.5 | ) | (2,067,262 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 423,242,230 | ||||
† | 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 May 31, 2015, the aggregate value of these securities was $29,872 representing 0.0% 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) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $162,485,890 representing 38.4% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Illiquid security. At May 31, 2015, the aggregate value of these securities was $8,305 representing 0.0% of net assets. |
(4) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(5) | At May 31, 2015, the Fund had loaned securities with a total value of $7,317,818. This was secured by collateral of $4,199,569, which was received in cash and subsequently invested in short-term investments currently valued at $4,199,569 as reported in the Portfolio of Investments. Additional collateral of $3,330,113 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 02/04/2016 | $ | 451,554 | ||||
United States Treasury Notes/Bonds | 0.08% to 8.88% | 06/30/2015 to 05/15/2044 | 2,878,559 |
(6) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(7) | 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
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
174 | Long | S&P 500 E-Mini Index | June 2015 | $ | 17,978,202 | $ | 18,322,200 | $ | 343,998 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | — | $ | 9,639,150 | $ | 0 | $ | 9,639,150 | ||||||||
Bermuda | 1,531,981 | 346,029 | — | 1,878,010 | ||||||||||||
British Virgin Islands | 153,403 | — | — | 153,403 | ||||||||||||
Canada | 19,195,815 | — | — | 19,195,815 | ||||||||||||
Curacao | 1,026,972 | — | — | 1,026,972 | ||||||||||||
France | 367,534 | 16,998,487 | — | 17,366,021 | ||||||||||||
Ireland | 5,006,675 | 975,856 | — | 5,982,531 | ||||||||||||
Jersey | 319,217 | 2,508,156 | — | 2,827,373 | ||||||||||||
Liberia | 76,512 | — | — | 76,512 |
92 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Netherlands | $ | 1,618,322 | $ | 4,638,645 | $ | — | $ | 6,256,967 | ||||||||
Portugal | — | 488,129 | 8,305 | 496,434 | ||||||||||||
Singapore | 665,871 | 3,494,519 | — | 4,160,390 | ||||||||||||
Sweden | 13,119 | 5,392,362 | — | 5,405,481 | ||||||||||||
Switzerland | 1,662,481 | 14,103,394 | — | 15,765,875 | ||||||||||||
United Arab Emirates | 6,845 | — | — | 6,845 | ||||||||||||
United Kingdom | 783,183 | 26,696,165 | — | 27,479,348 | ||||||||||||
United States | 214,261,004 | — | — | 214,261,004 | ||||||||||||
Other Countries | — | 76,500,120 | — | 76,500,120 | ||||||||||||
Preferred Securities | — | 868,891 | — | 868,891 | ||||||||||||
Rights | 9,788 | — | — | 9,788 | ||||||||||||
Short Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 4,199,569 | — | — | 4,199,569 | ||||||||||||
Other Short-Term Investment Securities | — | 11,752,993 | — | 11,752,993 | ||||||||||||
Total Investments at Value | $ | 250,898,291 | $ | 174,402,896 | $ | 8,305 | $ | 425,309,492 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 343,998 | $ | — | $ | — | $ | 343,998 | ||||||||
* | 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. Securities currently valued at $82,862,771 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
93 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Sovereign | 23.2 | % | ||
Diversified Banking Institutions | 7.7 | |||
Registered Investment Companies | 5.3 | |||
Medical — Drugs | 5.1 | |||
U.S. Government Agencies | 5.0 | |||
Time Deposits | 3.5 | |||
Oil Companies — Integrated | 3.4 | |||
Medical — Biomedical/Gene | 2.9 | |||
Medical — Generic Drugs | 2.4 | |||
Foreign Government Obligations | 2.3 | |||
Auto — Cars/Light Trucks | 2.3 | |||
Banks — Commercial | 2.2 | |||
Oil — Field Services | 2.0 | |||
Telecom Services | 2.0 | |||
Cable/Satellite TV | 1.7 | |||
Insurance — Multi-line | 1.6 | |||
Retail — Drug Store | 1.5 | |||
Insurance — Life/Health | 1.4 | |||
Electronic Components — Semiconductors | 1.3 | |||
Applications Software | 1.3 | |||
Building Products — Cement | 1.2 | |||
Medical Instruments | 1.1 | |||
Telephone — Integrated | 1.0 | |||
Food — Retail | 0.8 | |||
Cellular Telecom | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Chemicals — Diversified | 0.8 | |||
Retail — Major Department Stores | 0.8 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Retail — Regional Department Stores | 0.7 | |||
Banks — Super Regional | 0.7 | |||
Beverages — Non-alcoholic | 0.7 | |||
Steel — Specialty | 0.7 | |||
Diversified Financial Services | 0.7 | |||
Rubber — Tires | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Photo Equipment & Supplies | 0.6 | |||
Insurance — Reinsurance | 0.6 | |||
Tools — Hand Held | 0.6 | |||
Machinery — General Industrial | 0.6 | |||
Aerospace/Defense | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Electronic Components — Misc. | 0.5 | |||
Import/Export | 0.5 | |||
Retail — Building Products | 0.5 | |||
Publishing — Newspapers | 0.5 | |||
Machinery — Electrical | 0.5 | |||
Apparel Manufacturers | 0.4 | |||
Steel — Producers | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Airlines | 0.4 | |||
Diversified Operations | 0.4 | |||
Finance — Other Services | 0.3 | |||
Retail — Discount | 0.3 | |||
Web Portals/ISP | 0.3 | |||
Multimedia | 0.3 | |||
Transport — Services | 0.3 | |||
Auto/Truck Parts & Equipment — Replacement | 0.3 | |||
Metal — Diversified | 0.3 | |||
Diagnostic Kits | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Networking Products | 0.2 | |||
102.6 | % | |||
Country Allocation*
United States | 33.0 | % | ||
United Kingdom | 9.5 | |||
South Korea | 7.4 | |||
France | 5.8 | |||
Mexico | 5.3 | |||
Japan | 4.2 | |||
Singapore | 3.6 | |||
Ireland | 3.3 | |||
Switzerland | 3.1 | |||
Germany | 3.0 | |||
China | 2.7 | |||
Poland | 2.6 | |||
Malaysia | 2.5 | |||
Hungary | 2.1 | |||
Brazil | 1.9 | |||
Netherlands | 1.8 | |||
Indonesia | 1.4 | |||
Italy | 1.3 | |||
Israel | 1.0 | |||
Portugal | 0.9 | |||
Spain | 0.7 | |||
Philippines | 0.7 | |||
Bermuda | 0.7 | |||
Norway | 0.7 | |||
Ukraine | 0.6 | |||
Sweden | 0.5 | |||
Thailand | 0.5 | |||
British Virgin Islands | 0.4 | |||
Jersey | 0.4 | |||
Russia | 0.3 | |||
Taiwan | 0.2 | |||
Slovenia | 0.2 | |||
Luxembourg | 0.2 | |||
Serbia | 0.1 | |||
102.6 | % | |||
* | Calculated as a percentage of net assets |
94 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 63.3% |
| |||||||
Bermuda — 0.7% |
| |||||||
Kunlun Energy Co., Ltd.(1) | 1,564,000 | $ | 1,695,932 | |||||
Noble Group, Ltd.#(1) | 3,109,500 | 1,828,573 | ||||||
3,524,505 | ||||||||
British Virgin Islands — 0.4% |
| |||||||
Michael Kors Holdings, Ltd.† | 49,730 | 2,312,445 | ||||||
China — 2.7% |
| |||||||
China Life Insurance Co., Ltd.(1) | 680,000 | 3,270,455 | ||||||
China Telecom Corp., Ltd.(1) | 5,202,000 | 3,531,356 | ||||||
CSR Corp., Ltd., Class H#(6)(7)(8) | 1,502,000 | 2,886,494 | ||||||
Sinopharm Group Co., Ltd.(1) | 576,800 | 2,747,936 | ||||||
Weichai Power Co., Ltd.(1) | 423,000 | 1,573,412 | ||||||
14,009,653 | ||||||||
France — 5.8% |
| |||||||
AXA SA(1) | 147,995 | 3,739,912 | ||||||
BNP Paribas SA(1) | 84,230 | 5,102,617 | ||||||
Cie de Saint-Gobain(1) | 68,730 | 3,215,190 | ||||||
Cie Generale des Etablissements Michelin#(1) | 30,140 | 3,239,074 | ||||||
Credit Agricole SA#(1) | 217,250 | 3,257,666 | ||||||
Sanofi(1) | 52,522 | 5,147,881 | ||||||
Technip SA(1) | 31,420 | 2,075,377 | ||||||
Total SA(1) | 77,670 | 3,930,893 | ||||||
29,708,610 | ||||||||
Germany — 3.0% |
| |||||||
Deutsche Boerse AG(1) | 23,880 | 1,912,837 | ||||||
Deutsche Lufthansa AG†(1) | 142,140 | 1,998,488 | ||||||
HeidelbergCement AG(1) | 25,080 | 2,034,769 | ||||||
Merck KGaA(1) | 34,840 | 3,726,687 | ||||||
Metro AG#(1) | 57,570 | 1,997,992 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG(1) | 8,180 | 1,509,532 | ||||||
Siemens AG ADR# | 23,750 | 2,500,875 | ||||||
15,681,180 | ||||||||
Ireland — 2.8% |
| |||||||
Actavis PLC† | 23,045 | 7,070,437 | ||||||
CRH PLC(1) | 140,421 | 3,938,274 | ||||||
Medtronic PLC | 44,020 | 3,359,606 | ||||||
14,368,317 | ||||||||
Israel — 1.0% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 82,171 | 4,938,477 | ||||||
Italy — 1.3% |
| |||||||
Eni SpA(1) | 168,822 | 3,039,435 | ||||||
UniCredit SpA(1) | 520,578 | 3,644,423 | ||||||
6,683,858 | ||||||||
Japan — 4.2% |
| |||||||
ITOCHU Corp.(1) | 183,600 | 2,474,786 | ||||||
Konica Minolta, Inc.(1) | 255,700 | 3,213,047 | ||||||
Nissan Motor Co., Ltd.(1) | 479,600 | 4,991,286 | ||||||
SoftBank Corp.(1) | 27,000 | 1,611,794 | ||||||
Suntory Beverage & Food, Ltd.(1) | 82,500 | 3,437,710 | ||||||
Toshiba Corp.#(1) | 434,000 | 1,516,869 | ||||||
Toyota Motor Corp. ADR | 31,123 | 4,291,550 | ||||||
21,537,042 | ||||||||
Jersey — 0.4% |
| |||||||
Petrofac, Ltd.#(1) | 156,220 | 2,161,564 | ||||||
Luxembourg — 0.2% |
| |||||||
Subsea 7 SA†#(1) | 95,390 | 997,557 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Netherlands — 1.8% |
| |||||||
Akzo Nobel NV(1) | 52,420 | $ | 4,003,336 | |||||
ING Groep NV CVA(1) | 241,381 | 3,986,598 | ||||||
QIAGEN NV†(1) | 60,672 | 1,487,366 | ||||||
9,477,300 | ||||||||
Norway — 0.7% |
| |||||||
Telenor ASA(1) | 148,762 | 3,377,748 | ||||||
Portugal — 0.4% |
| |||||||
Galp Energia SGPS SA(1) | 169,130 | 1,991,583 | ||||||
Russia — 0.3% |
| |||||||
MMC Norilsk Nickel OJSC ADR(1) | 87,679 | 1,543,048 | ||||||
Singapore — 1.2% |
| |||||||
DBS Group Holdings, Ltd.(1) | 224,695 | 3,368,909 | ||||||
Singapore Telecommunications, Ltd.(1) | 946,400 | 2,888,432 | ||||||
6,257,341 | ||||||||
South Korea — 2.7% |
| |||||||
Hana Financial Group, Inc.(1) | 68,042 | 1,822,167 | ||||||
Hyundai Mobis(1) | 6,516 | 1,310,277 | ||||||
KB Financial Group, Inc. ADR | 38,288 | 1,372,625 | ||||||
POSCO ADR | 40,515 | 2,218,601 | ||||||
Samsung Electronics Co., Ltd.(1) | 5,898 | 6,940,426 | ||||||
13,664,096 | ||||||||
Spain — 0.7% |
| |||||||
Telefonica SA ADR | 261,902 | 3,708,532 | ||||||
Sweden — 0.5% |
| |||||||
Getinge AB, Class B(1) | 101,630 | 2,457,314 | ||||||
Switzerland — 3.1% |
| |||||||
ABB, Ltd.(1) | 102,030 | 2,236,859 | ||||||
ACE, Ltd. | 16,077 | 1,711,879 | ||||||
Credit Suisse Group AG(1) | 126,100 | 3,347,878 | ||||||
Novartis AG(1) | 16,020 | 1,648,703 | ||||||
Roche Holding AG(1) | 17,480 | 5,146,617 | ||||||
Swiss Re AG(1) | 18,860 | 1,694,222 | ||||||
15,786,158 | ||||||||
Taiwan — 0.2% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd.(1) | 232,914 | 1,109,463 | ||||||
Thailand — 0.5% |
| |||||||
Bangkok Bank PCL NVDR(1) | 448,000 | 2,419,263 | ||||||
United Kingdom — 9.5% |
| |||||||
Aviva PLC(1) | 518,300 | 4,154,796 | ||||||
BAE Systems PLC(1) | 362,869 | 2,858,249 | ||||||
Barclays PLC(1) | 483,290 | 1,994,478 | ||||||
BP PLC(1) | 583,955 | 4,024,350 | ||||||
GlaxoSmithKline PLC(1) | 184,956 | 4,103,301 | ||||||
HSBC Holdings PLC(1) | 462,783 | 4,415,832 | ||||||
Kingfisher PLC(1) | 422,280 | 2,391,289 | ||||||
Lloyds Banking Group PLC(1) | 2,108,060 | 2,831,925 | ||||||
Marks & Spencer Group PLC(1) | 442,210 | 3,945,525 | ||||||
Noble Corp. PLC# | 121,350 | 2,032,613 | ||||||
Rexam PLC(1) | 171,124 | 1,463,553 | ||||||
Royal Dutch Shell PLC, Class B(1) | 86,426 | 2,612,955 | ||||||
Sky PLC(1) | 240,080 | 3,875,491 | ||||||
Standard Chartered PLC(1) | 116,360 | 1,862,093 | ||||||
Tesco PLC(1) | 665,310 | 2,162,985 | ||||||
Vodafone Group PLC ADR | 105,379 | 4,112,942 | ||||||
48,842,377 | ||||||||
95 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount(4) | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States — 19.2% |
| |||||||
Allegheny Technologies, Inc. | 104,910 | $ | 3,409,575 | |||||
Amgen, Inc. | 36,310 | 5,673,801 | ||||||
Applied Materials, Inc. | 131,530 | 2,647,699 | ||||||
Baker Hughes, Inc. | 24,380 | 1,571,535 | ||||||
Capital One Financial Corp. | 42,590 | 3,558,820 | ||||||
Chesapeake Energy Corp.# | 139,120 | 1,962,983 | ||||||
Chevron Corp. | 15,480 | 1,594,440 | ||||||
Cisco Systems, Inc. | 34,970 | 1,024,971 | ||||||
Citigroup, Inc. | 97,990 | 5,299,299 | ||||||
Comcast Corp., Special Class A | 90,385 | 5,242,330 | ||||||
CVS Health Corp. | 42,110 | 4,311,222 | ||||||
General Motors Co. | 67,440 | 2,425,817 | ||||||
Gilead Sciences, Inc.† | 61,250 | 6,876,537 | ||||||
Google, Inc., Class A† | 3,080 | 1,679,586 | ||||||
Halliburton Co. | 80,200 | 3,641,080 | ||||||
Isis Pharmaceuticals, Inc.†# | 35,590 | 2,395,919 | ||||||
JPMorgan Chase & Co. | 85,450 | 5,620,901 | ||||||
Knowles Corp.†# | 132,970 | 2,572,970 | ||||||
Macy’s, Inc. | 53,260 | 3,565,757 | ||||||
Merck & Co., Inc. | 26,390 | 1,606,887 | ||||||
Microsoft Corp. | 144,224 | 6,758,337 | ||||||
Morgan Stanley | 92,930 | 3,549,926 | ||||||
News Corp., Class A† | 148,793 | 2,254,214 | ||||||
Pfizer, Inc. | 143,479 | 4,985,895 | ||||||
Stanley Black & Decker, Inc. | 31,180 | 3,194,079 | ||||||
Target Corp. | 21,853 | 1,733,380 | ||||||
Twenty-First Century Fox, Inc., Class A | 49,237 | 1,654,363 | ||||||
United Parcel Service, Inc., Class B | 15,990 | 1,586,528 | ||||||
Voya Financial, Inc. | 64,440 | 2,919,776 | ||||||
Walgreens Boots Alliance, Inc. | 42,930 | 3,685,111 | ||||||
99,003,738 | ||||||||
Total Common Stocks | ||||||||
(cost $261,527,214) | 325,561,169 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 23.2% |
| |||||||
Brazil — 1.9% |
| |||||||
Brazil Letras do Tesouro Nacional | BRL | 1,010,000 | 303,141 | |||||
Brazil Letras do Tesouro Nacional | BRL | 300,000 | 81,864 | |||||
Brazil Letras do Tesouro Nacional | BRL | 950,000 | 251,273 | |||||
Brazil Notas de Tesouro Nacional | BRL | 2,510,000 | 729,234 | |||||
Brazil Notas do Tesouro Nacional | BRL | 1,220,732 | 385,763 | |||||
Brazil Notas do Tesouro Nacional | BRL | 4,376,708 | 1,385,171 | |||||
Brazil Notas do Tesouro Nacional | BRL | 12,523,711 | 4,017,294 | |||||
Brazil Notas do Tesouro Nacional | BRL | 7,840,000 | 2,451,214 | |||||
9,604,954 | ||||||||
�� | ||||||||
Hungary — 2.1% |
| |||||||
Republic of Hungary | EUR | 135,000 | 152,748 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Hungary (continued) |
| |||||||
Republic of Hungary | EUR | 495,000 | $ | 605,320 | ||||
Republic of Hungary | HUF | 60,440,000 | 225,730 | |||||
Republic of Hungary | EUR | 685,000 | 803,187 | |||||
Republic of Hungary | HUF | 167,520,000 | 657,427 | |||||
Republic of Hungary | HUF | 151,220,000 | 626,844 | |||||
Republic of Hungary | EUR | 2,165,000 | 2,700,599 | |||||
Republic of Hungary | HUF | 29,180,000 | 123,166 | |||||
Republic of Hungary | 910,000 | 1,033,505 | ||||||
Republic of Hungary | 400,000 | 462,000 | ||||||
Republic of Hungary | HUF | 155,700,000 | 636,842 | |||||
Republic of Hungary | HUF | 505,140,000 | 1,945,457 | |||||
Republic of Hungary | HUF | 128,040,000 | 508,197 | |||||
Republic of Hungary | HUF | 50,400,000 | 220,003 | |||||
10,701,025 | ||||||||
Indonesia — 1.4% |
| |||||||
Republic of Indonesia | IDR | 11,190,000,000 | 856,766 | |||||
Republic of Indonesia | IDR | 8,380,000,000 | 633,696 | |||||
Republic of Indonesia | IDR | 2,780,000,000 | 215,795 | |||||
Republic of Indonesia | IDR | 13,282,000,000 | 1,129,934 | |||||
Republic of Indonesia | IDR | 44,962,000,000 | 3,811,434 | |||||
Republic of Indonesia | IDR | 6,847,000,000 | 631,163 | |||||
7,278,788 | ||||||||
Ireland — 0.5% |
| |||||||
Republic of Ireland | EUR | 1,827,110 | 2,778,678 | |||||
96 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Malaysia — 1.7% |
| |||||||
Government of Malaysia | MYR | 18,610,000 | $ | 5,091,850 | ||||
Government of Malaysia | MYR | 4,220,000 | 1,152,124 | |||||
Government of Malaysia | MYR | 3,115,000 | 856,877 | |||||
Government of Malaysia | MYR | 3,945,000 | 1,077,901 | |||||
Government of Malaysia | MYR | 1,522,000 | 417,619 | |||||
8,596,371 | ||||||||
Mexico — 4.4% |
| |||||||
United Mexican States | MXN | 2,211,122 | 144,771 | |||||
United Mexican States | MXN | 4,242,392 | 291,495 | |||||
United Mexican States | MXN | 2,835,315 | 198,806 | |||||
United Mexican States | MXN | 4,432,824 | 301,012 | |||||
United Mexican States | MXN | 80,372,000 | 5,225,696 | |||||
United Mexican States | MXN | 9,217,000 | 615,734 | |||||
United Mexican States | MXN | 136,906,000 | 9,367,342 | |||||
United Mexican States | MXN | 19,000,000 | 1,331,903 | |||||
United Mexican States | MXN | 75,395,000 | 5,023,551 | |||||
22,500,310 | ||||||||
Philippines — 0.5% |
| |||||||
Republic of the Philippines | PHP | 38,840,000 | 864,534 | |||||
Republic of the Philippines | PHP | 64,480,000 | 1,489,309 | |||||
2,353,843 | ||||||||
Poland — 2.6% |
| |||||||
Government of Poland | PLN | 14,052,000 | 3,716,539 | |||||
Government of Poland FRS | PLN | 1,357,000 | 362,495 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Poland (continued) |
| |||||||
Government of Poland FRS | PLN | 1,376,000 | $ | 363,784 | ||||
Government of Poland | PLN | 17,245,000 | 4,799,711 | |||||
Government of Poland | PLN | 30,000 | 8,434 | |||||
Government of Poland | PLN | 9,015,000 | 2,480,194 | |||||
Government of Poland | PLN | 5,902,000 | 1,605,615 | |||||
13,336,772 | ||||||||
Portugal — 0.5% |
| |||||||
Republic of Portugal Obrigacoes Do Tesouro | EUR | 15,000 | 19,886 | |||||
Republic of Portugal Obrigacoes Do Tesouro | EUR | 37,400 | 51,704 | |||||
Republic of Portugal Obrigacoes Do Tesouro | EUR | 2,140,000 | 2,591,857 | |||||
2,663,447 | ||||||||
Serbia — 0.1% |
| |||||||
Republic of Serbia | 270,000 | 280,152 | ||||||
Republic of Serbia | 280,000 | 321,919 | ||||||
602,071 | ||||||||
Singapore — 2.1% |
| |||||||
Republic of Singapore | SGD | 14,740,000 | 10,950,439 | |||||
Slovenia — 0.2% |
| |||||||
Republic of Slovenia | 690,000 | 784,934 | ||||||
Republic of Slovenia | 240,000 | 279,720 | ||||||
1,064,654 | ||||||||
South Korea — 4.6% |
| |||||||
Bank of Korea | KRW | 1,376,500,000 | 1,252,567 | |||||
Bank of Korea | KRW | 297,530,000 | 270,376 | |||||
Bank of Korea | KRW | 7,413,000,000 | 6,761,044 | |||||
Bank of Korea | KRW | 2,887,440,000 | 2,610,110 |
97 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
South Korea (continued) |
| |||||||
Bank of Korea | KRW | 2,468,200,000 | $ | 2,247,373 | ||||
Bank of Korea | KRW | 60,000,000 | 54,339 | |||||
Bank of Korea | KRW | 3,729,700,000 | 3,385,598 | |||||
Republic of South Korea | KRW | 1,530,800,000 | 1,388,770 | |||||
Republic of South Korea | KRW | 4,579,500,000 | 4,175,500 | |||||
Republic of South Korea | KRW | 1,345,300,000 | 1,236,836 | |||||
Republic of South Korea | KRW | 314,300,000 | 283,685 | |||||
23,666,198 | ||||||||
Ukraine — 0.6% |
| |||||||
Government of Ukraine | 600,000 | 300,750 | ||||||
Government of Ukraine | 1,280,000 | 598,400 | ||||||
Government of Ukraine | 770,000 | 364,595 | ||||||
Government of Ukraine | 4,420,000 | 2,106,130 | ||||||
3,369,875 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $135,369,232) | 119,467,425 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $396,896,446) | 445,028,594 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 16.1% |
| |||||||
Foreign Government Obligations — 2.3% |
| |||||||
Bank Negara Malaysia Monetary Notes | ||||||||
2.95% due 06/04/2015 | MYR | 150,000 | 40,770 | |||||
2.95% due 11/12/2015 | MYR | 190,000 | 51,115 | |||||
3.05% due 08/04/2015 | MYR | 100,000 | 27,128 | |||||
3.07% due 07/16/2015 | MYR | 1,860,000 | 505,427 | |||||
3.09% due 07/16/2015 | MYR | 1,740,000 | 472,819 | |||||
3.10% due 06/03/2015 | MYR | 10,000 | 2,727 | |||||
3.10% due 06/30/2015 | MYR | 20,000 | 5,442 | |||||
3.12% due 06/03/2015 | MYR | 70,000 | 19,091 | |||||
3.12% due 06/16/2015 | MYR | 180,000 | 49,037 | |||||
3.14% due 08/11/2015 | MYR | 460,000 | 124,723 | |||||
3.15% due 06/30/2015 | MYR | 10,000 | 2,721 | |||||
3.19% due 06/04/2015 | MYR | 320,000 | 87,266 | |||||
3.19% due 06/18/2015 | MYR | 80,000 | 21,794 | |||||
3.19% due 06/30/2015 | MYR | 380,000 | 103,400 | |||||
3.20% due 06/03/2015 | MYR | 60,000 | 16,364 | |||||
3.20% due 06/18/2015 | MYR | 40,000 | �� | 10,897 | ||||
3.20% due 06/30/2015 | MYR | 100,000 | 27,210 | |||||
3.20% due 08/18/2015 | MYR | 960,000 | 260,137 | |||||
3.20% due 09/22/2015 | MYR | 60,000 | 16,211 | |||||
3.20% due 10/01/2015 | MYR | 670,000 | 180,879 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Foreign Government Obligations (continued) |
| |||||||
Bank Negara Malaysia Monetary Notes | ||||||||
3.20% due 11/03/2015 | MYR | 140,000 | $ | 37,687 | ||||
3.21% due 08/18/2015 | MYR | 80,000 | 21,678 | |||||
3.21% due 11/12/2015 | MYR | 160,000 | 43,045 | |||||
3.22% due 06/30/2015 | MYR | 170,000 | 46,258 | |||||
3.23% due 11/24/2015 | MYR | 120,000 | 32,249 | |||||
3.28% due 10/27/2015 | MYR | 280,000 | 75,421 | |||||
3.28% due 11/03/2015 | MYR | 570,000 | 153,441 | |||||
3.30% due 08/11/2015 | MYR | 60,000 | 16,268 | |||||
3.34% due 06/30/2015 | MYR | 150,000 | 40,815 | |||||
3.35% due 06/04/2015 | MYR | 440,000 | 119,991 | |||||
3.35% due 07/16/2015 | MYR | 350,000 | 95,107 | |||||
3.37% due 08/11/2015 | MYR | 500,000 | 135,568 | |||||
3.37% due 09/08/2015 | MYR | 550,000 | 148,773 | |||||
3.40% due 08/11/2015 | MYR | 360,000 | 97,609 | |||||
3,089,068 | ||||||||
Bank of Korea | ||||||||
2.66% due 06/09/2015 | KRW | 328,200,000 | 296,189 | |||||
Government of Malaysia | ||||||||
2.95% due 06/19/2015 | MYR | 20,000 | 5,448 | |||||
2.95% due 07/24/2015 | MYR | 70,000 | 19,011 | |||||
2.95% due 09/04/2015 | MYR | 10,000 | 2,706 | |||||
2.95% due 10/23/2015 | MYR | 80,000 | 21,556 | |||||
2.95% due 03/18/2016 | MYR | 10,000 | 2,659 | |||||
2.97% due 04/29/2016 | MYR | 40,000 | 10,597 | |||||
2.98% due 07/24/2015 | MYR | 40,000 | 10,862 | |||||
2.98% due 03/18/2016 | MYR | 40,000 | 10,634 | |||||
2.99% due 07/31/2015 | MYR | 70,000 | 18,996 | |||||
3.00% due 06/26/2015 | MYR | 60,000 | 16,333 | |||||
3.00% due 07/10/2015 | MYR | 60,000 | 16,313 | |||||
3.00% due 09/11/2015 | MYR | 40,000 | 10,816 | |||||
3.00% due 10/09/2015 | MYR | 70,000 | 18,883 | |||||
3.03% due 06/05/2015 | MYR | 30,000 | 8,180 | |||||
3.04% due 09/25/2015 | MYR | 70,000 | 18,906 | |||||
3.13% due 08/14/2015 | MYR | 300,000 | 81,321 | |||||
3.22% due 08/14/2015 | MYR | 480,000 | 130,113 | |||||
3.25% due 01/22/2016 | MYR | 30,000 | 8,016 | |||||
411,350 | ||||||||
Republic of Indonesia | ||||||||
6.44% due 01/07/2016 | IDR | 2,610,000,000 | 190,496 | |||||
6.19% due 02/04/2016 | IDR | 1,150,000,000 | 83,541 | |||||
6.28% due 02/04/2016 | IDR | 460,000,000 | 33,417 | |||||
307,454 | ||||||||
Republic of Singapore | ||||||||
0.89% due 07/10/2015 | SGD | 120,000 | 88,939 | |||||
0.95% due 07/20/2015 | SGD | 10,000 | 7,410 | |||||
0.99% due 07/31/2015 | SGD | 650,000 | 481,526 | |||||
0.99% due 07/31/2015 | SGD | 750,000 | 555,606 | |||||
1.00% due 07/03/2015 | SGD | 480,000 | 355,812 | |||||
1,489,293 | ||||||||
Republic of the Philippines | ||||||||
1.36% due 11/04/2015 | PHP | 3,460,000 | 76,885 | |||||
1.36% due 06/03/2015 | PHP | 4,530,000 | 101,587 | |||||
1.42% due 08/05/2015 | PHP | 4,650,000 | 103,883 | |||||
1.43% due 12/02/2015 | PHP | 8,560,000 | 189,854 | |||||
1.43% due 02/03/2016 | PHP | 6,430,000 | 142,046 | |||||
1.43% due 03/02/2016 | PHP | 4,870,000 | 107,601 | |||||
1.49% due 10/07/2015 | PHP | 11,090,000 | 246,813 | |||||
1.72% due 08/05/2015 | PHP | 11,120,000 | 248,426 | |||||
1,217,095 | ||||||||
98 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount(4) | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
Foreign Government Obligations (continued) |
| |||||||
United Mexican States |
| |||||||
0.36% due 10/01/2015 | MXN | 452,000 | $ | 29,037 | ||||
0.65% due 07/23/2015 | MXN | 4,251,000 | 274,794 | |||||
0.68% due 09/17/2015 | MXN | 223,300 | 14,363 | |||||
0.70% due 06/25/2015 | MXN | 2,353,800 | 152,511 | |||||
0.71% due 06/11/2015 | MXN | 1,905,700 | 123,621 | |||||
0.71% due 06/25/2015 | MXN | 900,000 | 58,314 | |||||
0.77% due 09/17/2015 | MXN | 256,400 | 16,492 | |||||
0.78% due 06/25/2015 | MXN | 132,700 | 8,598 | |||||
1.19% due 09/17/2015 | MXN | 9,012,000 | 579,677 | |||||
1.25% due 11/12/2015 | MXN | 372,200 | 23,820 | |||||
1.87% due 01/07/2016 | MXN | 268,900 | 17,119 | |||||
2.01% due 01/07/2016 | MXN | 297,700 | 18,952 | |||||
2.03% due 10/01/2015 | MXN | 352,100 | 22,619 | |||||
2.11% due 07/23/2015 | MXN | 514,000 | 33,226 | |||||
2.18% due 01/07/2016 | MXN | 122,100 | 7,773 | |||||
2.56% due 02/04/2016 | MXN | 231,300 | 14,683 | |||||
2.56% due 03/03/2016 | MXN | 3,442,400 | 217,893 | |||||
2.61% due 09/17/2015 | MXN | 14,635,400 | 941,390 | |||||
2.69% due 11/12/2015 | MXN | 234,800 | 15,027 | |||||
2.85% due 10/01/2015 | MXN | 9,756,900 | 626,793 | |||||
3.01% due 09/17/2015 | MXN | 685,000 | 44,061 | |||||
3.02% due 03/03/2016 | MXN | 558,300 | 35,339 | |||||
3.15% due 10/15/2015 | MXN | 32,870 | 21,089 | |||||
3.15% due 03/03/2016 | MXN | 105,600 | 6,684 | |||||
3.19% due 12/10/2015 | MXN | 484,600 | 30,936 | |||||
3.28% due 01/07/2016 | MXN | 9,447,000 | 601,412 | |||||
3.36% due 03/31/2016 | MXN | 632,570 | 399,205 | |||||
3.37% due 04/14/2016 | MXN | 201,310 | 126,850 | |||||
3.43% due 03/03/2016 | MXN | 894,900 | 56,644 | |||||
3.47% due 03/31/2016 | MXN | 313,650 | 197,940 | |||||
3.52% due 03/03/2016 | MXN | 417,000 | 26,395 | |||||
3.63% due 03/03/2016 | MXN | 1,283,000 | 81,210 | |||||
3.64% due 03/03/2016 | MXN | 1,332,300 | 84,330 | |||||
3.64% due 03/31/2016 | MXN | 18,610 | 11,744 | |||||
3.67% due 03/31/2016 | MXN | 242,610 | 153,108 | |||||
5,073,649 | ||||||||
Total Foreign Government Obligations |
| |||||||
(cost $12,579,415) | 11,884,098 | |||||||
Registered Investment Companies — 5.3% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | ||||||||
(cost $27,175,987) | 27,175,987 | 27,175,987 | ||||||
Time Deposit — 3.5% |
| |||||||
Euro Time Deposit with State Street Bank and | ||||||||
(cost $18,036,000) | 18,036,000 | 18,036,000 | ||||||
U.S. Government Agencies — 5.0% | ||||||||
Federal Home Loan Bank | 17,500,000 | 17,500,000 | ||||||
Federal Home Loan Mtg. Corp. | 8,500,000 | 8,500,000 | ||||||
(cost $26,000,000) | 26,000,000 | |||||||
Total Short Term Investments Securities |
| |||||||
(cost $83,791,402) | 83,096,085 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $480,687,848)(5) | 102.6 | % | 528,124,679 | |||||
Liabilities in excess of other assets | (2.6 | ) | (13,561,124 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 514,563,555 | ||||
# | 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 May 31, 2015, the aggregate value of these securities was $7,700,047 representing 1.5% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $184,040,355 representing 35.8% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Principal amount of security is adjusted for inflation. |
(3) | At May 31, 2015, the Fund had loaned securities with a total value of $26,622,266. This was secured by collateral of $27,175,987, which was received in cash and subsequently invested in short-term investments currently valued at $27,175,987 as reported in the Portfolio of Investments. Additional collateral of $795,705 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||
United States Treasury Notes/Bonds | 0.13% to 3.75% | 10/15/2015 to 02/15/2044 | $795,705 |
(4) | Denominated in United States Dollar unless otherwise indicated. |
(5) | See Note 5 for cost of investments on a tax basis. |
(6) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(7) | Illiquid security. At May 31, 2015, the aggregate value of these securities was $2,886,494 representing 0.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(8) | Denotes a restricted security that: (a) cannot be offered for public sale with out 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 of 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 transactions or in a public offering registered under the 1933 Act. The Portfolio 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 Portfolio 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 May 31, 2015, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
CSR Corp., Ltd., Class H | 08/29/2014 | 121,300 | $ | 109,819 | ||||||||||||||||||||
09/01/2014 | 56,000 | 50,685 | ||||||||||||||||||||||
09/02/2014 | 5,600 | 5,074 | ||||||||||||||||||||||
09/15/2014 | 44,800 | 40,573 | ||||||||||||||||||||||
09/16/2014 | 28,000 | 25,362 | ||||||||||||||||||||||
09/19/2014 | 100,800 | 91,287 | ||||||||||||||||||||||
09/22/2014 | 100,800 | 91,125 | ||||||||||||||||||||||
09/23/2014 | 168,000 | 151,271 | ||||||||||||||||||||||
09/24/2014 | 128,800 | 115,433 | ||||||||||||||||||||||
09/26/2014 | 50,400 | 45,447 | ||||||||||||||||||||||
09/29/2014 | 165,300 | 147,029 | ||||||||||||||||||||||
09/30/2014 | 142,500 | 125,827 | ||||||||||||||||||||||
10/03/2014 | 74,100 | 65,640 | ||||||||||||||||||||||
10/06/2014 | 57,000 | 50,842 | ||||||||||||||||||||||
10/07/2014 | 22,400 | 20,235 | ||||||||||||||||||||||
10/08/2014 | 16,800 | 15,150 | ||||||||||||||||||||||
10/10/2014 | 89,600 | 81,015 | ||||||||||||||||||||||
10/13/2014 | 57,000 | 50,886 | ||||||||||||||||||||||
10/14/2014 | 67,200 | 60,362 | ||||||||||||||||||||||
10/16/2014 | 5,600 | 5,068 | ||||||||||||||||||||||
1,502,000 | 1,348,132 | $ | 2,886,494 | $ | 1.92 | 0.56 | % | |||||||||||||||||
ADR—American Depository Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
BRL—Brazilian Real
EUR—Euro Dollar
HUF—Hungarian Forint
IDR—Indonesian Rupiah
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
NVDR—Non-voting Depository Receipt
PHP—Philippine Peso
PLN—Polish Zloty
SGD—Singapore Dollar
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at May 31, 2015 and unless noted otherwise, the dates shown are the original maturity dates.
99 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
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 | 245,150 | 02/26/2016 | $ | 8,215 | $ | – | |||||||||||||||||||
EUR | 3,325,400 | USD | 3,672,641 | 03/29/2016 | – | (395 | ) | |||||||||||||||||||||
EUR | 934,000 | USD | 1,035,587 | 03/30/2016 | 3,917 | – | ||||||||||||||||||||||
12,132 | (395 | ) | ||||||||||||||||||||||||||
Barclays Investments, Inc. | EUR | 154,000 | USD | 210,342 | 07/16/2015 | 41,104 | – | |||||||||||||||||||||
EUR | 453,000 | USD | 608,957 | 08/05/2015 | 110,986 | – | ||||||||||||||||||||||
EUR | 214,240 | USD | 285,073 | 08/26/2015 | 49,491 | – | ||||||||||||||||||||||
EUR | 54,521 | USD | 70,952 | 09/21/2015 | 10,974 | – | ||||||||||||||||||||||
EUR | 131,194 | USD | 169,159 | 09/24/2015 | 24,827 | – | ||||||||||||||||||||||
EUR | 391,113 | USD | 496,702 | 10/27/2015 | 66,179 | – | ||||||||||||||||||||||
EUR | 1,007,000 | USD | 1,256,927 | 11/13/2015 | 148,137 | – | ||||||||||||||||||||||
EUR | 2,163,000 | USD | 2,559,852 | 01/19/2016 | 174,873 | – | ||||||||||||||||||||||
EUR | 181,000 | USD | 211,245 | 01/21/2016 | 11,661 | – | ||||||||||||||||||||||
EUR | 664,629 | USD | 754,600 | 01/27/2016 | 21,631 | – | ||||||||||||||||||||||
EUR | 1,629,000 | USD | 1,851,407 | 02/11/2016 | 54,303 | – | ||||||||||||||||||||||
EUR | 1,014,686 | USD | 1,157,889 | 02/26/2016 | 38,115 | – | ||||||||||||||||||||||
EUR | 709,208 | USD | 790,086 | 03/09/2016 | 7,184 | – | ||||||||||||||||||||||
EUR | 130,161 | USD | 139,290 | 03/16/2016 | – | (4,424 | ) | |||||||||||||||||||||
EUR | 72,605 | USD | 78,008 | 03/23/2016 | – | (2,174 | ) | |||||||||||||||||||||
EUR | 188,102 | USD | 205,402 | 04/01/2016 | – | (2,382 | ) | |||||||||||||||||||||
EUR | 453,864 | USD | 510,403 | 05/05/2016 | 8,563 | – | ||||||||||||||||||||||
JPY | 65,630,000 | USD | 642,754 | 06/10/2015 | 113,941 | – | ||||||||||||||||||||||
JPY | 39,800,000 | USD | 369,627 | 10/13/2015 | 48,351 | – | ||||||||||||||||||||||
JPY | 557,000,000 | USD | 4,938,381 | 11/06/2015 | 440,204 | – | ||||||||||||||||||||||
JPY | 24,850,000 | USD | 210,162 | 12/22/2015 | 9,277 | – | ||||||||||||||||||||||
JPY | 39,140,000 | USD | 333,126 | 01/15/2016 | 16,515 | – | ||||||||||||||||||||||
JPY | 116,230,000 | USD | 996,177 | 02/09/2016 | 55,326 | – | ||||||||||||||||||||||
JPY | 22,560,000 | USD | 191,151 | 02/25/2016 | 8,453 | – | ||||||||||||||||||||||
JPY | 45,070,000 | USD | 379,713 | 02/26/2016 | 14,713 | – | ||||||||||||||||||||||
JPY | 40,123,600 | USD | 336,421 | 03/09/2016 | 11,366 | – | ||||||||||||||||||||||
SGD | 1,318,751 | USD | 995,434 | 08/12/2015 | 18,791 | – | ||||||||||||||||||||||
SGD | 485,000 | USD | 366,065 | 08/17/2015 | 6,928 | – | ||||||||||||||||||||||
USD | 352,455 | CLP | 200,300,000 | 06/04/2015 | – | (28,425 | ) | |||||||||||||||||||||
USD | 548,672 | JPY | 65,630,000 | 06/10/2015 | – | (19,859 | ) | |||||||||||||||||||||
USD | 125,517 | CLP | 77,400,000 | 08/05/2015 | – | (1,058 | ) | |||||||||||||||||||||
USD | 973,104 | SGD | 1,318,751 | 08/12/2015 | 3,538 | – | ||||||||||||||||||||||
USD | 357,749 | SGD | 485,000 | 08/17/2015 | 1,389 | – | ||||||||||||||||||||||
1,516,820 | (58,322 | ) | ||||||||||||||||||||||||||
Citibank N.A. | AUD | 638,000 | USD | 509,051 | 11/19/2015 | 25,594 | – | |||||||||||||||||||||
EUR | 134,537 | USD | 181,481 | 07/28/2015 | 33,605 | – | ||||||||||||||||||||||
EUR | 124,811 | USD | 166,914 | 08/10/2015 | 29,703 | – | ||||||||||||||||||||||
EUR | 157,344 | USD | 202,927 | 09/28/2015 | 29,814 | – | ||||||||||||||||||||||
EUR | 735,500 | USD | 935,482 | 10/15/2015 | 126,037 | – | ||||||||||||||||||||||
EUR | 1,203,000 | USD | 1,429,405 | 01/13/2016 | 103,124 | – | ||||||||||||||||||||||
EUR | 375,660 | USD | 445,326 | 01/15/2016 | 31,151 | – | ||||||||||||||||||||||
EUR | 795,744 | USD | 873,170 | 03/10/2016 | – | (5,285 | ) | |||||||||||||||||||||
EUR | 89,576 | USD | 95,981 | 03/16/2016 | – | (2,923 | ) | |||||||||||||||||||||
EUR | 419,900 | USD | 465,997 | 04/08/2016 | 2,069 | – | ||||||||||||||||||||||
JPY | 32,100,000 | USD | 314,299 | 06/09/2015 | 55,658 | – | ||||||||||||||||||||||
JPY | 79,600,000 | USD | 778,393 | 06/10/2015 | 137,016 | – | ||||||||||||||||||||||
JPY | 72,889,000 | USD | 721,231 | 07/24/2015 | 133,565 | – | ||||||||||||||||||||||
JPY | 80,345,200 | USD | 785,196 | 08/05/2015 | 137,328 | – | ||||||||||||||||||||||
JPY | 44,980,000 | USD | 377,422 | 08/17/2015 | 14,669 | – | ||||||||||||||||||||||
JPY | 161,237,200 | USD | 1,410,662 | 11/12/2015 | 108,415 | – | ||||||||||||||||||||||
JPY | 38,770,000 | USD | 328,337 | 12/22/2015 | 14,924 | – | ||||||||||||||||||||||
JPY | 90,060,000 | USD | 757,513 | 02/16/2016 | 28,361 | – | ||||||||||||||||||||||
USD | 518,546 | CLP | 327,410,000 | 06/10/2015 | 10,781 | – | ||||||||||||||||||||||
USD | 376,021 | JPY | 44,980,000 | 08/17/2015 | – | (13,268 | ) | |||||||||||||||||||||
USD | 141,912 | INR | 9,291,000 | 09/11/2015 | 710 | – | ||||||||||||||||||||||
USD | 1,350,225 | JPY | 161,237,200 | 11/12/2015 | – | (47,978 | ) | |||||||||||||||||||||
1,022,524 | (69,454 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | EUR | 336,030 | MYR | 1,491,000 | 07/20/2015 | 35,757 | – | |||||||||||||||||||||
EUR | 381,624 | MYR | 1,683,000 | 07/22/2015 | 37,722 | – | ||||||||||||||||||||||
EUR | 133,000 | USD | 180,335 | 07/22/2015 | 34,161 | – | ||||||||||||||||||||||
EUR | 120,000 | USD | 162,562 | 07/23/2015 | 30,674 | – | ||||||||||||||||||||||
EUR | 496,080 | MYR | 2,164,000 | 07/27/2015 | 42,298 | – | ||||||||||||||||||||||
EUR | 316,000 | USD | 426,145 | 07/27/2015 | 78,820 | – | ||||||||||||||||||||||
EUR | 80,784 | USD | 106,847 | 08/31/2015 | 18,009 | – | ||||||||||||||||||||||
EUR | 630,927 | USD | 687,048 | 10/08/2015 | – | (7,228 | ) |
100 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
EUR | 3,623,141 | MYR | 14,333,653 | 10/15/2015 | $ | – | $ | (119,371 | ) | |||||||||||||||||||
EUR | 746,000 | USD | 932,425 | 11/18/2015 | 110,948 | – | ||||||||||||||||||||||
EUR | 137,755 | USD | 172,201 | 11/19/2015 | 20,505 | – | ||||||||||||||||||||||
EUR | 122,735 | USD | 153,005 | 11/30/2015 | 17,824 | – | ||||||||||||||||||||||
EUR | 2,501,000 | USD | 2,955,932 | 01/19/2016 | 198,265 | – | ||||||||||||||||||||||
EUR | 1,083,000 | USD | 1,235,649 | 01/29/2016 | 41,237 | – | ||||||||||||||||||||||
EUR | 1,190,000 | USD | 1,352,197 | 02/03/2016 | 39,631 | – | ||||||||||||||||||||||
EUR | 234,000 | USD | 257,891 | 03/29/2016 | – | (571 | ) | |||||||||||||||||||||
EUR | 36,531 | USD | 40,096 | 03/31/2016 | – | (256 | ) | |||||||||||||||||||||
EUR | 133,071 | USD | 144,093 | 04/13/2016 | – | (2,952 | ) | |||||||||||||||||||||
EUR | 6,500,000 | USD | 7,131,345 | 04/29/2016 | – | (54,513 | ) | |||||||||||||||||||||
JPY | 23,100,000 | USD | 226,160 | 06/11/2015 | 40,029 | – | ||||||||||||||||||||||
JPY | 43,210,000 | USD | 424,335 | 06/22/2015 | 76,099 | – | ||||||||||||||||||||||
JPY | 58,120,000 | USD | 499,807 | 07/21/2015 | 31,231 | – | ||||||||||||||||||||||
JPY | 39,300,000 | USD | 365,208 | 10/13/2015 | 47,968 | – | ||||||||||||||||||||||
JPY | 762,755,000 | USD | 6,650,290 | 11/16/2015 | 489,392 | – | ||||||||||||||||||||||
JPY | 686,286,000 | USD | 5,917,279 | 11/18/2015 | 373,835 | – | ||||||||||||||||||||||
JPY | 43,140,000 | USD | 369,286 | 12/21/2015 | 20,556 | – | ||||||||||||||||||||||
MYR | 1,043,400 | USD | 288,878 | 07/08/2015 | 5,136 | – | ||||||||||||||||||||||
MYR | 3,540,000 | USD | 977,226 | 07/15/2015 | 15,115 | – | ||||||||||||||||||||||
MYR | 1,621,000 | USD | 447,308 | 07/20/2015 | 6,931 | – | ||||||||||||||||||||||
MYR | 2,557,000 | USD | 705,496 | 07/22/2015 | 10,950 | – | ||||||||||||||||||||||
MYR | 3,109,000 | USD | 857,490 | 07/27/2015 | 13,356 | – | ||||||||||||||||||||||
MYR | 1,259,000 | USD | 345,746 | 10/26/2015 | 6,270 | – | ||||||||||||||||||||||
MYR | 810,160 | USD | 222,126 | 11/19/2015 | 4,058 | – | ||||||||||||||||||||||
SGD | 816,200 | USD | 616,372 | 06/23/2015 | 11,208 | – | ||||||||||||||||||||||
SGD | 624,000 | USD | 470,872 | 08/06/2015 | 8,681 | – | ||||||||||||||||||||||
SGD | 1,242,000 | USD | 937,076 | 08/12/2015 | 17,273 | – | ||||||||||||||||||||||
SGD | 363,500 | USD | 274,195 | 08/24/2015 | 5,073 | – | ||||||||||||||||||||||
SGD | 471,000 | USD | 355,284 | 08/26/2015 | 6,591 | – | ||||||||||||||||||||||
USD | 86,571 | INR | 5,431,000 | 06/09/2015 | – | (1,657 | ) | |||||||||||||||||||||
USD | 100,016 | CLP | 64,045,000 | 06/17/2015 | 3,451 | – | ||||||||||||||||||||||
USD | 98,047 | CLP | 63,250,000 | 06/18/2015 | 4,125 | – | ||||||||||||||||||||||
USD | 622,673 | SGD | 816,200 | 06/23/2015 | – | (17,509 | ) | |||||||||||||||||||||
USD | 613,178 | INR | 39,235,750 | 07/06/2015 | – | (3,025 | ) | |||||||||||||||||||||
USD | 41,339 | CLP | 26,075,000 | 07/07/2015 | 701 | – | ||||||||||||||||||||||
USD | 288,352 | MYR | 1,043,400 | 07/08/2015 | – | (4,609 | ) | |||||||||||||||||||||
USD | 498,499 | INR | 31,543,000 | 07/15/2015 | – | (8,847 | ) | |||||||||||||||||||||
USD | 1,092,593 | MYR | 3,540,000 | 07/15/2015 | – | (130,482 | ) | |||||||||||||||||||||
USD | 1,035,493 | INR | 65,614,000 | 07/20/2015 | – | (17,953 | ) | |||||||||||||||||||||
USD | 496,554 | MYR | 1,621,000 | 07/20/2015 | – | (56,177 | ) | |||||||||||||||||||||
USD | 167,188 | INR | 10,622,000 | 07/22/2015 | – | (2,527 | ) | |||||||||||||||||||||
USD | 786,164 | MYR | 2,557,000 | 07/22/2015 | – | (91,619 | ) | |||||||||||||||||||||
USD | 248,556 | INR | 15,966,000 | 07/27/2015 | – | (1,298 | ) | |||||||||||||||||||||
USD | 961,318 | MYR | 3,109,000 | 07/27/2015 | – | (117,185 | ) | |||||||||||||||||||||
USD | 315,281 | INR | 20,324,759 | 07/31/2015 | – | (769 | ) | |||||||||||||||||||||
USD | 501,285 | SGD | 624,000 | 08/06/2015 | – | (39,094 | ) | |||||||||||||||||||||
USD | 81,437 | INR | 5,308,000 | 08/12/2015 | 510 | – | ||||||||||||||||||||||
USD | 916,166 | SGD | 1,242,000 | 08/12/2015 | 3,637 | – | ||||||||||||||||||||||
USD | 43,834 | CLP | 26,660,000 | 08/24/2015 | – | (1,041 | ) | |||||||||||||||||||||
USD | 266,574 | SGD | 363,500 | 08/24/2015 | 2,548 | – | ||||||||||||||||||||||
USD | 204,362 | INR | 13,258,000 | 08/26/2015 | – | (232 | ) | |||||||||||||||||||||
USD | 346,018 | SGD | 471,000 | 08/26/2015 | 2,675 | – | ||||||||||||||||||||||
USD | 260,988 | CLP | 156,410,000 | 08/27/2015 | – | (9,999 | ) | |||||||||||||||||||||
USD | 241,908 | CLP | 150,532,000 | 08/31/2015 | – | (442 | ) | |||||||||||||||||||||
USD | 598,184 | CLP | 362,260,000 | 09/08/2015 | – | (17,528 | ) | |||||||||||||||||||||
USD | 310,251 | CLP | 189,160,000 | 09/09/2015 | – | (7,081 | ) | |||||||||||||||||||||
USD | 269,534 | INR | 17,617,391 | 09/30/2015 | – | (41 | ) | |||||||||||||||||||||
USD | 377,817 | MYR | 1,259,000 | 10/26/2015 | – | (38,341 | ) | |||||||||||||||||||||
USD | 237,055 | MYR | 810,160 | 11/19/2015 | – | (18,987 | ) | |||||||||||||||||||||
1,913,250 | (771,334 | ) | ||||||||||||||||||||||||||
Goldman Sachs International | EUR | 316,000 | USD | 426,331 | 07/27/2015 | 79,007 | – | |||||||||||||||||||||
EUR | 849,000 | USD | 975,442 | 02/17/2016 | 38,703 | – | ||||||||||||||||||||||
JPY | 11,563,000 | USD | 97,648 | 01/08/2016 | 4,131 | – | ||||||||||||||||||||||
JPY | 45,170,000 | USD | 383,027 | 02/17/2016 | 17,308 | – | ||||||||||||||||||||||
139,149 | – | |||||||||||||||||||||||||||
HSBC Bank PLC | EUR | 1,058,658 | USD | 1,378,733 | 06/08/2015 | 215,927 | – | |||||||||||||||||||||
EUR | 1,444,671 | MYR | 5,686,371 | 07/14/2015 | – | (41,995 | ) | |||||||||||||||||||||
EUR | 686,000 | USD | 920,629 | 08/04/2015 | 166,539 | – | ||||||||||||||||||||||
EUR | 1,719,516 | KRW | 2,228,406,400 | 09/30/2015 | 112,825 | – |
101 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
EUR | 372,921 | USD | 459,395 | 12/09/2015 | $ | 48,579 | $ | – | ||||||||||||||||||||
EUR | 235,000 | USD | 266,899 | 02/10/2016 | 7,654 | – | ||||||||||||||||||||||
JPY | 48,100,000 | USD | 470,908 | 06/09/2015 | 83,349 | – | ||||||||||||||||||||||
JPY | 69,900,000 | USD | 684,827 | 06/10/2015 | 121,609 | – | ||||||||||||||||||||||
JPY | 78,700,000 | USD | 730,411 | 10/09/2015 | 95,170 | – | ||||||||||||||||||||||
JPY | 43,210,000 | USD | 369,474 | 12/21/2015 | 20,179 | – | ||||||||||||||||||||||
JPY | 67,990,000 | USD | 577,170 | 02/12/2016 | 26,763 | – | ||||||||||||||||||||||
MYR | 883,000 | USD | 243,997 | 07/31/2015 | 4,330 | – | ||||||||||||||||||||||
MYR | 1,800,000 | USD | 496,977 | 08/12/2015 | 8,886 | – | ||||||||||||||||||||||
MYR | 1,680,000 | USD | 461,424 | 10/23/2015 | 8,331 | – | ||||||||||||||||||||||
MYR | 840,371 | USD | 230,751 | 10/26/2015 | 4,154 | – | ||||||||||||||||||||||
MYR | 483,000 | USD | 132,405 | 11/20/2015 | 2,407 | – | ||||||||||||||||||||||
SGD | 652,000 | USD | 492,261 | 06/22/2015 | 8,831 | – | ||||||||||||||||||||||
SGD | 624,000 | USD | 470,766 | 08/11/2015 | 8,631 | – | ||||||||||||||||||||||
SGD | 363,500 | USD | 274,215 | 08/17/2015 | 5,047 | – | ||||||||||||||||||||||
SGD | 363,500 | USD | 274,195 | 08/18/2015 | 5,033 | – | ||||||||||||||||||||||
SGD | 1,053,000 | USD | 793,878 | 09/16/2015 | 14,624 | – | ||||||||||||||||||||||
SGD | 867,000 | USD | 653,600 | 09/21/2015 | 12,042 | – | ||||||||||||||||||||||
USD | 168,005 | INR | 10,553,250 | 06/03/2015 | – | (2,800 | ) | |||||||||||||||||||||
USD | 496,233 | SGD | 652,000 | 06/22/2015 | – | (12,802 | ) | |||||||||||||||||||||
USD | 612,098 | INR | 39,026,000 | 06/30/2015 | – | (4,482 | ) | |||||||||||||||||||||
USD | 271,843 | MYR | 883,000 | 07/31/2015 | – | (32,176 | ) | |||||||||||||||||||||
USD | 164,042 | INR | 10,553,250 | 08/05/2015 | – | (897 | ) | |||||||||||||||||||||
USD | 517,717 | INR | 33,693,000 | 08/11/2015 | 2,548 | – | ||||||||||||||||||||||
USD | 462,188 | SGD | 624,000 | 08/11/2015 | – | (54 | ) | |||||||||||||||||||||
USD | 87,944 | INR | 5,733,000 | 08/12/2015 | 564 | – | ||||||||||||||||||||||
USD | 548,062 | MYR | 1,800,000 | 08/12/2015 | – | (59,971 | ) | |||||||||||||||||||||
USD | 222,960 | INR | 14,470,000 | 08/13/2015 | 390 | – | ||||||||||||||||||||||
USD | 267,658 | SGD | 363,500 | 08/17/2015 | 1,510 | – | ||||||||||||||||||||||
USD | 267,658 | SGD | 363,500 | 08/18/2015 | 1,503 | – | ||||||||||||||||||||||
USD | 755,380 | SGD | 1,053,000 | 09/16/2015 | 23,874 | – | ||||||||||||||||||||||
USD | 687,005 | SGD | 867,000 | 09/21/2015 | – | (45,447 | ) | |||||||||||||||||||||
USD | 502,437 | MYR | 1,680,000 | 10/23/2015 | – | (49,344 | ) | |||||||||||||||||||||
USD | 252,212 | MYR | 840,371 | 10/26/2015 | – | (25,615 | ) | |||||||||||||||||||||
USD | 140,944 | MYR | 483,000 | 11/20/2015 | – | (10,946 | ) | |||||||||||||||||||||
USD | 933,638 | MXN | 14,850,450 | 03/11/2016 | 10,931 | – | ||||||||||||||||||||||
1,022,230 | (286,529 | ) | ||||||||||||||||||||||||||
JPMorgan Chase & Co. | AUD | 2,775,000 | USD | 2,232,210 | 11/18/2015 | 129,293 | – | |||||||||||||||||||||
AUD | 2,032,000 | USD | 1,619,504 | 11/19/2015 | 79,717 | – | ||||||||||||||||||||||
CLP | 79,240,000 | USD | 128,741 | 06/03/2015 | 539 | – | ||||||||||||||||||||||
EUR | 2,584,781 | MYR | 11,097,756 | 07/14/2015 | 175,957 | – | ||||||||||||||||||||||
EUR | 496,194 | MYR | 2,164,000 | 07/30/2015 | 42,004 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 922,300 | 07/31/2015 | 168,254 | – | ||||||||||||||||||||||
EUR | 112,835 | USD | 149,447 | 08/27/2015 | 25,370 | – | ||||||||||||||||||||||
EUR | 1,070,000 | USD | 1,392,177 | 09/08/2015 | 215,345 | – | ||||||||||||||||||||||
EUR | 2,711,072 | USD | 3,207,394 | 01/15/2016 | 218,364 | – | ||||||||||||||||||||||
EUR | 2,541,126 | MYR | 11,153,000 | 01/19/2016 | 189,385 | – | ||||||||||||||||||||||
EUR | 2,153,000 | USD | 2,544,092 | 01/19/2016 | 170,139 | – | ||||||||||||||||||||||
EUR | 375,660 | USD | 438,132 | 01/22/2016 | 23,892 | – | ||||||||||||||||||||||
EUR | 2,174,000 | USD | 2,544,947 | 01/25/2016 | 147,517 | – | ||||||||||||||||||||||
INR | 8,121,000 | USD | 127,089 | 06/02/2015 | – | (67 | ) | |||||||||||||||||||||
JPY | 64,760,000 | USD | 633,895 | 06/11/2015 | 112,083 | – | ||||||||||||||||||||||
JPY | 27,300,000 | USD | 268,382 | 06/17/2015 | 48,387 | – | ||||||||||||||||||||||
JPY | 112,000,000 | USD | 1,107,650 | 07/24/2015 | 204,653 | – | ||||||||||||||||||||||
JPY | 39,100,000 | USD | 386,899 | 07/27/2015 | 71,646 | – | ||||||||||||||||||||||
JPY | 158,200,000 | USD | 1,460,420 | 10/07/2015 | 183,526 | – | ||||||||||||||||||||||
JPY | 52,770,000 | USD | 499,257 | 10/19/2015 | 73,239 | – | ||||||||||||||||||||||
JPY | 99,670,000 | USD | 942,729 | 10/20/2015 | 138,066 | – | ||||||||||||||||||||||
JPY | 56,320,000 | USD | 494,851 | 11/12/2015 | 39,978 | – | ||||||||||||||||||||||
JPY | 25,450,000 | USD | 215,795 | 01/15/2016 | 9,925 | – | ||||||||||||||||||||||
JPY | 52,770,000 | USD | 454,176 | 01/20/2016 | 27,250 | – | ||||||||||||||||||||||
JPY | 116,200,000 | USD | 996,100 | 02/08/2016 | 55,517 | – | ||||||||||||||||||||||
JPY | 116,480,000 | USD | 997,987 | 02/09/2016 | 55,111 | – | ||||||||||||||||||||||
JPY | 67,952,000 | USD | 576,859 | 02/12/2016 | 26,760 | – | ||||||||||||||||||||||
JPY | 45,100,000 | USD | 380,599 | 02/16/2016 | 15,456 | – | ||||||||||||||||||||||
JPY | 45,120,000 | USD | 381,925 | 02/17/2016 | 16,610 | – | ||||||||||||||||||||||
MYR | 2,432,356 | USD | 674,287 | 06/16/2015 | 11,587 | – | ||||||||||||||||||||||
MYR | 3,269,000 | USD | 902,889 | 07/30/2015 | 15,534 | – | ||||||||||||||||||||||
MYR | 1,342,000 | USD | 370,626 | 07/31/2015 | 6,376 | – | ||||||||||||||||||||||
MYR | 200,000 | USD | 55,127 | 08/27/2015 | 959 | – | ||||||||||||||||||||||
MYR | 916,000 | USD | 251,503 | 10/20/2015 | 4,405 | – | ||||||||||||||||||||||
MYR | 833,000 | USD | 228,564 | 10/30/2015 | 4,020 | – |
102 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
MYR | 389,000 | USD | 106,206 | 01/11/2016 | $ | 1,828 | $ | – | ||||||||||||||||||||
SGD | 106,000 | USD | 80,154 | 06/15/2015 | 1,548 | – | ||||||||||||||||||||||
SGD | 110,000 | USD | 83,141 | 07/23/2015 | 1,638 | – | ||||||||||||||||||||||
SGD | 1,831,000 | USD | 1,383,850 | 07/27/2015 | 27,324 | – | ||||||||||||||||||||||
USD | 127,578 | INR | 8,121,000 | 06/02/2015 | – | (422 | ) | |||||||||||||||||||||
USD | 139,630 | CLP | 79,240,000 | 06/03/2015 | – | (11,428 | ) | |||||||||||||||||||||
USD | 127,685 | INR | 8,121,000 | 06/08/2015 | – | (686 | ) | |||||||||||||||||||||
USD | 129,200 | INR | 8,121,000 | 06/15/2015 | – | (2,380 | ) | |||||||||||||||||||||
USD | 80,793 | SGD | 106,000 | 06/15/2015 | – | (2,186 | ) | |||||||||||||||||||||
USD | 685,557 | MYR | 2,432,356 | 06/16/2015 | – | (22,857 | ) | |||||||||||||||||||||
USD | 164,087 | CLP | 105,590,000 | 06/18/2015 | 6,479 | – | ||||||||||||||||||||||
USD | 196,719 | CLP | 118,700,000 | 06/22/2015 | – | (5,056 | ) | |||||||||||||||||||||
USD | 253,615 | INR | 16,267,000 | 06/29/2015 | – | (295 | ) | |||||||||||||||||||||
USD | 181,007 | INR | 11,460,000 | 07/17/2015 | – | (3,180 | ) | |||||||||||||||||||||
USD | 80,374 | INR | 5,104,000 | 07/22/2015 | – | (1,252 | ) | |||||||||||||||||||||
USD | 82,292 | SGD | 110,000 | 07/23/2015 | – | (789 | ) | |||||||||||||||||||||
USD | 327,580 | JPY | 39,100,000 | 07/27/2015 | – | (12,327 | ) | |||||||||||||||||||||
USD | 1,365,297 | SGD | 1,831,000 | 07/27/2015 | – | (8,771 | ) | |||||||||||||||||||||
USD | 166,300 | CLP | 96,770,000 | 07/30/2015 | – | (10,608 | ) | |||||||||||||||||||||
USD | 1,010,823 | MYR | 3,269,000 | 07/30/2015 | – | (123,467 | ) | |||||||||||||||||||||
USD | 413,279 | MYR | 1,342,000 | 07/31/2015 | – | (49,029 | ) | |||||||||||||||||||||
USD | 59,014 | CLP | 35,010,000 | 08/20/2015 | – | (2,797 | ) | |||||||||||||||||||||
USD | 134,169 | EUR | 112,835 | 08/27/2015 | – | (10,092 | ) | |||||||||||||||||||||
USD | 61,816 | MYR | 200,000 | 08/27/2015 | – | (7,649 | ) | |||||||||||||||||||||
USD | 53,738 | CLP | 32,200,000 | 08/28/2015 | – | (2,072 | ) | |||||||||||||||||||||
USD | 127,693 | CLP | 79,240,000 | 09/02/2015 | – | (609 | ) | |||||||||||||||||||||
USD | 1,272,551 | EUR | 1,070,000 | 09/08/2015 | – | (95,719 | ) | |||||||||||||||||||||
USD | 124,996 | INR | 8,121,000 | 09/10/2015 | – | (311 | ) | |||||||||||||||||||||
USD | 1,326,986 | JPY | 158,200,000 | 10/07/2015 | – | (50,092 | ) | |||||||||||||||||||||
USD | 273,702 | MYR | 916,000 | 10/20/2015 | – | (26,604 | ) | |||||||||||||||||||||
USD | 249,439 | MYR | 833,000 | 10/30/2015 | – | (24,895 | ) | |||||||||||||||||||||
USD | 105,235 | MYR | 389,000 | 01/11/2016 | – | (857 | ) | |||||||||||||||||||||
2,745,681 | (476,497 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 138,000 | USD | 172,686 | 11/16/2015 | 20,729 | – | |||||||||||||||||||||
EUR | 43,000 | USD | 54,083 | 11/23/2015 | 6,729 | – | ||||||||||||||||||||||
EUR | 75,000 | USD | 93,500 | 11/25/2015 | 10,902 | – | ||||||||||||||||||||||
SGD | 1,467,690 | USD | 1,109,633 | 08/26/2015 | 23,065 | – | ||||||||||||||||||||||
USD | 280,289 | CLP | 174,340,000 | 06/04/2015 | 1,744 | – | ||||||||||||||||||||||
USD | 133,684 | CLP | 76,300,000 | 06/05/2015 | – | (10,264 | ) | |||||||||||||||||||||
USD | 130,479 | CLP | 84,360,000 | 06/19/2015 | 5,778 | – | ||||||||||||||||||||||
USD | 223,834 | CLP | 130,090,000 | 07/28/2015 | – | (14,496 | ) | |||||||||||||||||||||
USD | 109,563 | CLP | 65,020,000 | 08/18/2015 | – | (5,138 | ) | |||||||||||||||||||||
USD | 1,077,837 | SGD | 1,467,690 | 08/26/2015 | 8,732 | – | ||||||||||||||||||||||
77,679 | (29,898 | ) | ||||||||||||||||||||||||||
Standard Chartered Bank | EUR | 1,333,312 | USD | 1,513,589 | 08/26/2015 | 47,458 | – | |||||||||||||||||||||
EUR | 195,111 | USD | 241,025 | 12/09/2015 | 26,088 | – | ||||||||||||||||||||||
EUR | 3,447,257 | USD | 4,094,480 | 01/13/2016 | 293,957 | – | ||||||||||||||||||||||
EUR | 1,210,000 | USD | 1,376,405 | 02/16/2016 | 41,390 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 755,492 | 04/29/2016 | – | (2,893 | ) | |||||||||||||||||||||
JPY | 116,210,000 | USD | 996,015 | 02/08/2016 | 55,351 | – | ||||||||||||||||||||||
464,244 | (2,893 | ) | ||||||||||||||||||||||||||
UBS AG | EUR | 685,000 | USD | 919,270 | 08/04/2015 | 166,279 | – | |||||||||||||||||||||
EUR | 974,000 | USD | 1,214,481 | 11/18/2015 | 141,935 | – | ||||||||||||||||||||||
308,214 | – | |||||||||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | 9,221,923 | $ | (1,695,322 | ) | |||||||||||||||||||||||
Currency Legend
AUD—Australian Dollar
CLP—Chilean Peso
EUR—Euro Dollar
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
SGD—Singapore Dollar
USD—United States Dollar
103 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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: | ||||||||||||||||
British Virgin Islands | $ | 2,312,445 | $ | — | $ | — | $ | 2,312,445 | ||||||||
China | — | 11,123,159 | 2,886,494 | 14,009,653 | ||||||||||||
Germany | 2,500,875 | 13,180,305 | — | 15,681,180 | ||||||||||||
Ireland | 10,430,043 | 3,938,274 | — | 14,368,317 | ||||||||||||
Israel | 4,938,477 | — | — | 4,938,477 | ||||||||||||
Japan | 4,291,550 | 17,245,492 | — | 21,537,042 | ||||||||||||
South Korea | 3,591,226 | 10,072,870 | — | 13,664,096 | ||||||||||||
Spain | 3,708,532 | — | — | 3,708,532 | ||||||||||||
Switzerland | 1,711,879 | 14,074,279 | — | 15,786,158 | ||||||||||||
United Kingdom | 6,145,555 | 42,696,822 | — | 48,842,377 | ||||||||||||
United States | 99,003,738 | — | — | 99,003,738 | ||||||||||||
Other Countries | — | 71,709,154 | — | 71,709,154 | ||||||||||||
Foreign Government Obligations | — | 119,467,425 | — | 119,467,425 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 27,175,987 | — | — | 27,175,987 | ||||||||||||
Other Short-Term Investment Securities | — | 55,920,098 | — | 55,920,098 | ||||||||||||
Total Investments at value | $ | 165,810,307 | $ | 359,427,878 | $ | 2,886,494 | $ | 528,124,679 | ||||||||
Other Financial Instruments:+ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 9,221,923 | $ | — | $ | 9,221,923 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 1,695,322 | $ | — | $ | 1,695,322 | ||||||||
* | 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. Securities currently valued at $154,842,361 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the portfolio.
See Notes to Financial Statements
104 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 27.4 | % | ||
United States Treasury Notes | 21.3 | |||
Federal Home Loan Mtg. Corp. | 17.8 | |||
United States Treasury Bonds | 9.6 | |||
Investment Companies | 6.2 | |||
Government National Mtg. Assoc. | 4.9 | |||
Federal Farm Credit Bank | 2.9 | |||
Repurchase Agreements | 2.4 | |||
Diversified Financial Services | 1.5 | |||
Resolution Funding Corp | 1.1 | |||
Insurance — Reinsurance | 0.8 | |||
Federal Home Loan Bank | 0.6 | |||
Multimedia | 0.4 | |||
Diversified Banking Institutions | 0.4 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Cable/Satellite TV | 0.2 | |||
Computers | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Pipelines | 0.2 | |||
Medical Instruments | 0.2 | |||
Oil Companies — Integrated | 0.2 | |||
Banks — Commercial | 0.2 | |||
Electric — Integrated | 0.2 | |||
Chemicals — Diversified | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Networking Products | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Medical — Biomedical/Gene | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Transport — Rail | 0.1 | |||
Finance — Credit Card | 0.1 | |||
100.2 | % | |||
Credit Quality Allocation+#
Aaa | 92.1 | % | ||
Aa | 4.8 | |||
A | 1.0 | |||
Baa | 1.8 | |||
Not Rated@ | 0.3 | |||
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. |
105 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 1.5% |
| |||||||
Diversified Financial Services — 1.5% |
| |||||||
A10 Securitization LLC | $ | 510,000 | $ | 509,394 | ||||
Barclays Commercial Mtg. Securities Trust | 503,666 | 501,166 | ||||||
Commercial Mtg. Pass Through Certs. VRS | 957,786 | 89,957 | ||||||
DBUBS Mtg. Trust | 266,956 | 280,663 | ||||||
Progress Residential Trust | 455,000 | 455,730 | ||||||
UBS-BAMLL Trust | 217,000 | 227,344 | ||||||
Wells Fargo Resecuritization Trust | 91,327 | 91,327 | ||||||
WF-RBS Commercial Mtg. Trust | 310,000 | 341,564 | ||||||
Total Asset Backed Securities | ||||||||
(cost $2,466,379) | 2,497,145 | |||||||
U.S. CORPORATE BONDS & NOTES — 3.9% |
| |||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Johnson Controls, Inc. | 200,000 | 222,114 | ||||||
Banks - Super Regional — 0.1% |
| |||||||
Wells Fargo & Co. | 237,000 | 237,222 | ||||||
Cable/Satellite TV — 0.2% |
| |||||||
Comcast Corp. | 200,000 | 225,002 | ||||||
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. | 171,000 | 172,710 | ||||||
397,712 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Dow Chemical Co. | 200,000 | 245,795 | ||||||
Computers — 0.2% |
| |||||||
Apple, Inc. | 227,000 | 220,405 | ||||||
Apple, Inc. | 151,000 | 155,242 | ||||||
375,647 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Procter & Gamble Co. | 176,000 | 177,982 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Citigroup, Inc. | $ | 162,000 | $ | 177,250 | ||||
Goldman Sachs Group, Inc. | 200,000 | 221,063 | ||||||
Morgan Stanley | 200,000 | 205,430 | ||||||
603,743 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
San Diego Gas & Electric Co. | 200,000 | 253,773 | ||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. | 104,000 | 103,861 | ||||||
Insurance - Reinsurance — 0.8% |
| |||||||
Berkshire Hathaway Finance Corp. | 1,250,000 | 1,254,501 | ||||||
Medical Instruments — 0.2% |
| |||||||
Medtronic, Inc. | 250,000 | 255,785 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 144,000 | 147,342 | ||||||
Multimedia — 0.3% |
| |||||||
Time Warner, Inc. | 500,000 | 498,207 | ||||||
Networking Products — 0.1% |
| |||||||
Cisco Systems, Inc. | 200,000 | 223,520 | ||||||
Oil Companies - Exploration & Production — 0.3% |
| |||||||
CNOOC Finance 2015 USA LLC | 402,000 | 398,770 | ||||||
Noble Energy, Inc. | 116,000 | 117,420 | ||||||
516,190 | ||||||||
Pipelines — 0.2% |
| |||||||
Enterprise Products Operating LLC | 127,000 | 127,644 | ||||||
Magellan Midstream Partners LP | 137,000 | 134,544 | ||||||
262,188 | ||||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 325,000 | 326,973 | ||||||
106 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Telephone - Integrated — 0.1% |
| |||||||
Verizon Communications, Inc. | $ | 110,000 | $ | 111,902 | ||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 89,000 | 88,216 | ||||||
Norfolk Southern Corp. | 19,000 | 22,416 | ||||||
110,632 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $6,203,413) | 6,325,089 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 6.8% |
| |||||||
Banks - Commercial — 0.2% |
| |||||||
Australia & New Zealand Banking Group, Ltd. | 250,000 | 254,850 | ||||||
Investment Companies — 6.2% |
| |||||||
Temasek Financial I, Ltd. | 10,000,000 | 10,119,400 | ||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Actavis Funding SCS | 126,000 | 127,097 | ||||||
Multimedia — 0.1% |
| |||||||
Thomson Reuters Corp. | 200,000 | 227,109 | ||||||
Oil Companies - Integrated — 0.2% |
| |||||||
BP Capital Markets PLC | 250,000 | 254,890 | ||||||
Telephone - Integrated — 0.0% |
| |||||||
Nippon Telegraph & Telephone Corp. | 60,000 | 60,203 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $10,996,313) | 11,043,549 | |||||||
U.S. GOVERNMENT AGENCIES — 54.7% |
| |||||||
Federal Farm Credit Bank — 2.9% |
| |||||||
3.35% due 10/21/2025 | 1,500,000 | 1,596,365 | ||||||
4.88% due 12/16/2015 | 2,000,000 | 2,049,948 | ||||||
4.88% due 01/17/2017 | 1,000,000 | 1,068,947 | ||||||
4,715,260 | ||||||||
Federal Home Loan Bank — 0.6% |
| |||||||
4.75% due 09/11/2015 | 1,000,000 | 1,012,867 | ||||||
Federal Home Loan Mtg. Corp. — 17.8% |
| |||||||
2.32% due 12/01/2035 FRS | 22,250 | 23,863 | ||||||
3.00% due 11/01/2042 | 1,674,191 | 1,698,561 | ||||||
3.50% due 06/01/2033 | 2,504,628 | 2,636,953 | ||||||
4.50% due 09/01/2019 | 71,404 | 74,581 | ||||||
4.50% due 09/01/2039 | 1,199,050 | 1,303,009 | ||||||
4.50% due 11/01/2039 | 532,764 | 579,012 | ||||||
4.50% due 02/01/2040 | 769,254 | 836,073 | ||||||
4.50% due 04/01/2040 | 64,146 | 69,671 | ||||||
4.50% due 06/01/2040 | 190,771 | 207,377 | ||||||
4.50% due 08/01/2040 | 812,608 | 883,460 | ||||||
4.50% due 03/01/2041 | 2,446,123 | 2,661,703 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
4.50% due 04/01/2041 | $ | 323,538 | $ | 351,773 | ||||
4.50% due 06/01/2041 | 589,705 | 641,594 | ||||||
4.75% due 11/17/2015 | 3,000,000 | 3,063,483 | ||||||
5.00% due 12/14/2018 | 1,000,000 | 1,126,849 | ||||||
5.00% due 10/01/2034 | 25,638 | 28,410 | ||||||
5.50% due 12/01/2036 | 28,404 | 31,998 | ||||||
6.00% due 11/01/2033 | 91,250 | 105,176 | ||||||
6.50% due 02/01/2032 | 52,183 | 60,869 | ||||||
8.00% due 02/01/2030 | 3,530 | 3,681 | ||||||
8.00% due 08/01/2030 | 345 | 400 | ||||||
8.00% due 06/01/2031 | 2,670 | 3,132 | ||||||
Federal Home Loan Mtg. Corp. | 1,647,611 | 1,686,846 | ||||||
Federal Home Loan Mtg. Corp. REMIC | ||||||||
2.00% due 01/15/2033(3) | 2,360,023 | 2,349,781 | ||||||
Series 4186, Class JE | ||||||||
2.00% due 03/15/2033(3) | 597,279 | 597,270 | ||||||
Series 3981, Class PA | ||||||||
3.00% due 04/15/2031(3) | 556,668 | 571,115 | ||||||
Series 4150, Class IG | ||||||||
3.00% due 01/15/2033(2)(3) | 7,666,002 | 861,945 | ||||||
Series 4365, Class HZ | ||||||||
3.00% due 01/15/2040(3) | 717,698 | 694,900 | ||||||
Series 4057, Class WY | ||||||||
3.50% due 06/15/2027(3) | 1,000,000 | 1,066,778 | ||||||
Series 3813, Class D | ||||||||
4.00% due 02/15/2026(3) | 1,000,000 | 1,106,870 | ||||||
Series 3917, Class B | ||||||||
4.50% due 08/15/2026(3) | 465,000 | 525,205 | ||||||
Series 3927, Class AY | ||||||||
4.50% due 09/15/2026(3) | 1,494,968 | 1,669,710 | ||||||
Series 3786, Class PB | ||||||||
4.50% due 07/15/2040(3) | 1,000,000 | 1,097,149 | ||||||
Series 4039, Class SA | ||||||||
6.31% due 05/15/2042 FRS(2)(3)(4) | 1,081,819 | 216,060 | ||||||
28,835,257 | ||||||||
Federal National Mtg. Assoc. — 27.4% |
| |||||||
zero coupon due 10/09/2019 | 4,250,000 | 3,903,081 | ||||||
1.87% due 01/01/2036 FRS | 18,007 | 18,941 | ||||||
1.95% due 02/01/2035 FRS | 7,636 | 8,084 | ||||||
2.26% due 11/01/2034 FRS | 32,001 | 34,104 | ||||||
2.81% due 04/01/2025 | 800,000 | 805,069 | ||||||
4.00% due 09/01/2040 | 214,364 | 229,539 | ||||||
4.00% due 10/01/2040 | 217,534 | 232,267 | ||||||
4.00% due 12/01/2040 | 247,152 | 264,832 | ||||||
4.00% due 01/01/2041 | 562,177 | 602,115 | ||||||
4.00% due 02/01/2041 | 2,511,535 | 2,683,895 | ||||||
4.00% due 03/01/2041 | 3,353,584 | 3,591,254 | ||||||
4.00% due 06/01/2042 | 1,899,026 | 2,058,769 | ||||||
5.00% due 02/01/2019 | 93,616 | 98,290 | ||||||
5.00% due 12/01/2036 | 53,605 | 59,595 | ||||||
5.50% due 12/01/2033 | 67,935 | 76,835 | ||||||
5.50% due 10/01/2034 | 64,908 | 73,388 | ||||||
6.00% due 06/01/2035 | 5,534 | 6,314 | ||||||
6.00% due 08/25/2037(2)(3) | 474,425 | 92,722 | ||||||
6.50% due 02/01/2017 | 5,424 | 5,567 | ||||||
6.50% due 07/01/2032 | 11,103 | 13,149 | ||||||
7.00% due 09/01/2031 | 24,863 | 28,495 | ||||||
11.50% due 09/01/2019 | 5 | 5 | ||||||
Federal National Mtg. Assoc. | ||||||||
3.02% due 08/25/2024 VRS(1) | 1,273,000 | 1,305,253 |
107 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. REMIC | ||||||||
zero coupon due 05/18/2032(3)(5) | $ | 529,090 | $ | 517,125 | ||||
Series 2013-15, Class DC 2.00% due 03/25/2033(3) | 1,609,524 | 1,605,727 | ||||||
Series 2011-126, Class EC 2.00% due 04/25/2040(3) | 923,870 | 914,814 | ||||||
Series 2012-38, Class PA 2.00% due 09/25/2041(3) | 3,652,074 | 3,515,921 | ||||||
Series 2013-23, Class KJ 2.25% due 05/25/2042(3) | 2,493,841 | 2,488,834 | ||||||
Series 2012-93, Class ME 2.50% due 01/25/2042(3) | 3,800,923 | 3,875,475 | ||||||
Series 2013-73, Class TD 2.50% due 09/25/2042(3) | 1,206,916 | 1,213,362 | ||||||
Series 2013-100, Class DE 3.00% due 11/25/2030(3) | 5,006,139 | 5,162,651 | ||||||
Series 2011-145, Class PB 3.50% due 01/25/2032(3) | 2,500,000 | 2,618,260 | ||||||
Series 2012-50, Class VB 4.00% due 01/25/2029(3) | 1,355,000 | 1,460,744 | ||||||
Series 2012-47, Class VB 4.00% due 04/25/2031(3) | 2,000,000 | 2,163,516 | ||||||
Series 2004-90, Class GC 4.35% due 11/25/2034(3) | 1,000,000 | 1,053,450 | ||||||
Series 2010-117, Class DY 4.50% due 10/25/2025(3) | 974,930 | 1,081,242 | ||||||
Series 2010-134, Class MB 4.50% due 12/25/2040(3) | 250,000 | 286,746 | ||||||
Series 2007-116, Class PB 5.50% due 08/25/2035(3) | 148,914 | 168,448 | ||||||
Series 2010-28, Class SA 6.37% due 10/25/2027 FRS(2)(3)(4) | 120,649 | 838 | ||||||
44,318,716 | ||||||||
Government National Mtg. Assoc. — 4.9% |
| |||||||
4.50% due 03/15/2038 | 78,803 | 86,302 | ||||||
4.50% due 03/15/2039 | 15,503 | 17,000 | ||||||
4.50% due 05/15/2039 | 424,858 | 465,950 | ||||||
4.50% due 06/15/2039 | 433,479 | 475,181 | ||||||
4.50% due 07/15/2039 | 581,625 | 638,129 | ||||||
4.50% due 09/15/2039 | 9,656 | 10,585 | ||||||
4.50% due 12/15/2039 | 191,341 | 209,549 | ||||||
4.50% due 04/15/2040 | 214,707 | 235,996 | ||||||
4.50% due 06/15/2040 | 737,882 | 809,030 | ||||||
4.50% due 08/15/2040 | 97,572 | 107,301 | ||||||
5.00% due 09/15/2035 | 2,954 | 3,313 | ||||||
5.00% due 02/15/2036 | 155,686 | 174,828 | ||||||
5.00% due 05/15/2036 | 6,837 | 7,633 | ||||||
6.00% due 01/15/2032 | 21,510 | 25,249 | ||||||
6.50% due 08/15/2031 | 63,350 | 72,402 | ||||||
7.50% due 02/15/2029 | 6,141 | 6,434 | ||||||
7.50% due 07/15/2030 | 419 | 480 | ||||||
7.50% due 01/15/2031 | 5,998 | 6,887 | ||||||
7.50% due 02/15/2031 | 1,464 | 1,470 | ||||||
Government National Mtg. Assoc. REMIC | ||||||||
4.00% due 04/20/2044(3) | 432,000 | 475,716 | ||||||
Series 2004-18, Class Z 4.50% due 03/16/2034(3) | 625,143 | 688,999 | ||||||
Series 2008-6, Class GL 4.50% due 02/20/2038(3) | 1,000,000 | 1,102,746 | ||||||
Series 2005-21, Class Z 5.00% due 03/20/2035(3) | 1,077,168 | 1,203,242 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Government National Mtg. Assoc. (continued) |
| |||||||
Series 2009-91, Class PR 5.00% due 09/20/2038(3) | $ | 1,000,000 | $ | 1,072,611 | ||||
7,897,033 | ||||||||
Resolution Funding Corp — 1.1% |
| |||||||
Resolution Funding Corp. | 2,000,000 | 1,822,036 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $86,471,796) | 88,601,169 | |||||||
U.S. GOVERNMENT TREASURIES — 30.9% |
| |||||||
United States Treasury Bonds — 9.6% |
| |||||||
zero coupon due 08/15/2024 STRIPS | 2,040,000 | 1,665,966 | ||||||
2.00% due 01/15/2026 TIPS(6) | 2,355,052 | 2,752,467 | ||||||
3.13% due 02/15/2043 | 1,000,000 | 1,049,609 | ||||||
3.75% due 08/15/2041 | 6,000,000 | 7,042,500 | ||||||
3.88% due 08/15/2040 | 2,500,000 | 2,980,077 | ||||||
15,490,619 | ||||||||
United States Treasury Notes — 21.3% |
| |||||||
0.63% due 10/15/2016 | 5,000,000 | 5,012,890 | ||||||
0.63% due 05/31/2017 | 4,000,000 | 4,001,564 | ||||||
1.75% due 05/15/2023 | 10,000,000 | 9,850,780 | ||||||
2.00% due 02/15/2022 | 5,000,000 | 5,060,545 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 3,123,516 | ||||||
2.63% due 08/15/2020 | 3,250,000 | 3,426,465 | ||||||
4.25% due 08/15/2015 | 4,000,000 | 4,034,688 | ||||||
34,510,448 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $48,143,983) | 50,001,067 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $154,281,884) | 158,468,019 | |||||||
REPURCHASE AGREEMENTS — 2.4% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 05/29/2015, to be repurchased 06/01/2015 in the amount $3,864,000 collateralized by $4,105,000 of Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $3,982,306 | 3,864,000 | 3,864,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $158,145,884)(7) | 100.2 | % | 162,332,019 | |||||
Liabilities in excess of other assets | (0.2 | ) | (355,294 | ) | ||||
NET ASSETS | 100.0 | % | $ | 161,976,725 | ||||
* | 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 May 31, 2015, the aggregate value of these securities was $12,581,493 representing 7.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Commercial Mortgage Backed Security |
(2) | Interest Only |
(3) | Collateralized Mortgage Obligation |
(4) | Inverse Floating Rate Security that pays interest and varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2015. |
(5) | Principal Only |
(6) | Principal amount of security is adjusted for inflation. |
(7) | 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
108 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
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 May 31, 2015 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 May 31, 2015 (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 | $ | — | $ | 2,497,145 | $ | — | $ | 2,497,145 | ||||||||
U.S. Corporate Bonds & Notes | — | 6,325,089 | — | 6,325,089 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 11,043,549 | — | 11,043,549 | ||||||||||||
U.S. Government Agencies | — | 88,601,169 | — | 88,601,169 | ||||||||||||
U.S. Government Treasuries | — | 50,001,067 | — | 50,001,067 | ||||||||||||
Repurchase Agreements | — | 3,864,000 | — | 3,864,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 162,332,019 | $ | — | $ | 162,332,019 | ||||||||
* | 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
109 |
Table of Contents
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 7.0 | % | ||
Registered Investment Companies | 6.4 | |||
Computers | 6.1 | |||
Finance — Credit Card | 3.9 | |||
Aerospace/Defense | 3.4 | |||
Medical — Drugs | 3.2 | |||
Internet Content — Entertainment | 2.8 | |||
Beverages — Non-alcoholic | 2.6 | |||
Diversified Manufacturing Operations | 2.6 | |||
Cable/Satellite TV | 2.3 | |||
Applications Software | 2.3 | |||
Computer Services | 2.0 | |||
Enterprise Software/Service | 1.8 | |||
Electronic Components — Semiconductors | 1.7 | |||
Semiconductor Components — Integrated Circuits | 1.6 | |||
Multimedia | 1.6 | |||
Web Portals/ISP | 1.5 | |||
Transport — Rail | 1.4 | |||
E-Commerce/Services | 1.4 | |||
Oil Companies — Integrated | 1.4 | |||
Machinery — Construction & Mining | 1.4 | |||
Chemicals — Diversified | 1.3 | |||
Retail — Apparel/Shoe | 1.3 | |||
Pharmacy Services | 1.2 | |||
Medical Instruments | 1.1 | |||
Retail — Auto Parts | 1.1 | |||
Retail — Bedding | 1.1 | |||
Retail — Regional Department Stores | 1.0 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Building — Heavy Construction | 1.0 | |||
Hotels/Motels | 1.0 | |||
Retail — Restaurants | 1.0 | |||
Real Estate Investment Trusts | 1.0 | |||
Oil — Field Services | 1.0 | |||
Retail — Major Department Stores | 1.0 | |||
Entertainment Software | 1.0 | |||
Vitamins & Nutrition Products | 1.0 | |||
E-Commerce/Products | 1.0 | |||
Casino Hotels | 0.9 | |||
Investment Management/Advisor Services | 0.9 | |||
Tobacco | 0.9 | |||
Cosmetics & Toiletries | 0.9 | |||
Electronic Forms | 0.8 | |||
Food — Retail | 0.8 | |||
Insurance — Life/Health | 0.8 | |||
Airlines | 0.8 | |||
Banks — Commercial | 0.8 | |||
Retail — Discount | 0.8 | |||
Coatings/Paint | 0.7 | |||
Medical — Wholesale Drug Distribution | 0.7 | |||
Internet Content — Information/News | 0.7 | |||
Computers — Memory Devices | 0.6 | |||
Data Processing/Management | 0.6 | |||
Dental Supplies & Equipment | 0.6 | |||
Instruments — Controls | 0.6 | |||
Food — Misc./Diversified | 0.6 | |||
Machinery — General Industrial | 0.5 | |||
Telephone — Integrated | 0.5 | |||
Networking Products | 0.5 | |||
Medical Information Systems | 0.5 | |||
Internet Application Software | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Retail — Building Products | 0.4 | |||
Soap & Cleaning Preparation | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Disposable Medical Products | 0.4 | |||
Radio | 0.4 | |||
Audio/Video Products | 0.4 | |||
Power Converter/Supply Equipment | 0.4 |
Medical Products | 0.3 | |||
Human Resources | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Retail — Jewelry | 0.3 | |||
Motorcycle/Motor Scooter | 0.3 | |||
Internet Security | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Engines — Internal Combustion | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Advertising Agencies | 0.2 | |||
Agricultural Operations | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Electronic Design Automation | 0.2 | |||
Poultry | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Auto — Cars/Light Trucks | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Steel — Producers | 0.2 | |||
Transport — Services | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Finance — Other Services | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Schools | 0.1 | |||
Diversified Banking Institutions | 0.1 | |||
X-Ray Equipment | 0.1 | |||
Consulting Services | 0.1 | |||
Dialysis Centers | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Medical — HMO | 0.1 | |||
Commercial Services | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Food — Meat Products | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Computer Aided Design | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Appliances | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Wireless Equipment | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Building Products — Cement | 0.1 | |||
Software Tools | 0.1 | |||
Shipbuilding | 0.1 | |||
Time Deposits | 0.1 | |||
105.5 | % | |||
* | Calculated as a percentage of net assets |
110 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.0% | ||||||||
Advertising Agencies — 0.2% | ||||||||
Omnicom Group, Inc. | 26,223 | $ | 1,954,400 | |||||
Aerospace/Defense — 3.4% | ||||||||
Boeing Co. | 113,867 | 16,000,591 | ||||||
Lockheed Martin Corp. | 73,538 | 13,839,852 | ||||||
Raytheon Co. | 30,623 | 3,162,131 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 26,073 | 1,423,325 | ||||||
Teledyne Technologies, Inc.† | 3,426 | 347,156 | ||||||
34,773,055 | ||||||||
Aerospace/Defense - Equipment — 0.1% | ||||||||
Astronics Corp.† | 14,557 | 1,017,389 | ||||||
Agricultural Chemicals — 0.1% | ||||||||
Monsanto Co. | 10,575 | 1,237,063 | ||||||
Agricultural Operations — 0.2% | ||||||||
Andersons, Inc. | 129 | 5,720 | ||||||
Archer-Daniels-Midland Co. | 36,439 | 1,925,801 | ||||||
1,931,521 | ||||||||
Airlines — 0.8% | ||||||||
Alaska Air Group, Inc. | 62,103 | 4,014,338 | ||||||
Southwest Airlines Co. | 57,638 | 2,135,488 | ||||||
United Continental Holdings, Inc.† | 38,645 | 2,109,630 | ||||||
8,259,456 | ||||||||
Apparel Manufacturers — 0.1% | ||||||||
Michael Kors Holdings, Ltd.† | 16,049 | 746,279 | ||||||
Appliances — 0.1% | ||||||||
Electrolux AB, Series B(1) | 25,250 | 771,515 | ||||||
Applications Software — 2.3% | ||||||||
Intuit, Inc. | 152,623 | 15,895,685 | ||||||
Microsoft Corp. | 68,015 | 3,187,183 | ||||||
NetSuite, Inc.†# | 38,429 | 3,590,037 | ||||||
Tableau Software, Inc., Class A† | 4,904 | 555,182 | ||||||
23,228,087 | ||||||||
Audio/Video Products — 0.4% | ||||||||
Harman International Industries, Inc. | 32,855 | 3,959,685 | ||||||
Auto - Cars/Light Trucks — 0.2% | ||||||||
Maruti Suzuki India, Ltd.(1) | 12,500 | 739,290 | ||||||
Peugeot SA†(1) | 47,630 | 999,499 | ||||||
1,738,789 | ||||||||
Auto - Heavy Duty Trucks — 0.1% | ||||||||
PACCAR, Inc. | 17,167 | 1,091,135 | ||||||
Auto/Truck Parts & Equipment - Original — 0.5% | ||||||||
WABCO Holdings, Inc.† | 38,224 | 4,832,278 | ||||||
Banks - Commercial — 0.8% | ||||||||
Credicorp, Ltd. | 4,677 | 660,112 | ||||||
Erste Group Bank AG†(1) | 32,420 | 940,840 | ||||||
Hang Seng Bank, Ltd.(1) | 22,700 | 454,414 | ||||||
HDFC Bank, Ltd.(1) | 32,590 | 535,002 | ||||||
HDFC Bank, Ltd. ADR | 1,380 | 82,276 | ||||||
ICICI Bank, Ltd. ADR | 46,680 | 492,941 | ||||||
Intesa Sanpaolo SpA(1) | 659,540 | 2,379,265 | ||||||
Skandinaviska Enskilda Banken AB, Class A(1) | 103,140 | 1,274,926 | ||||||
Zions Bancorporation | 42,880 | 1,238,374 | ||||||
8,058,150 | ||||||||
Beverages - Non-alcoholic — 2.6% | ||||||||
Coca-Cola Co. | 39,123 | 1,602,478 | ||||||
Dr Pepper Snapple Group, Inc. | 25,119 | 1,925,120 |
Security Description | Shares | Value (Note 2) | ||||||
Beverages - Non-alcoholic (continued) | ||||||||
PepsiCo, Inc. | 244,925 | $ | 23,618,118 | |||||
27,145,716 | ||||||||
Broadcast Services/Program — 0.1% | ||||||||
Scripps Networks Interactive, Inc., Class A# | 18,265 | 1,223,938 | ||||||
Building & Construction Products - Misc. — 0.2% | ||||||||
Fortune Brands Home & Security, Inc. | 29,970 | 1,374,424 | ||||||
Owens Corning | 19,751 | 836,653 | ||||||
2,211,077 | ||||||||
Building Products - Cement — 0.1% | ||||||||
Cemex SAB de CV ADR† | 39,790 | 370,047 | ||||||
Continental Building Products, Inc.† | 10,766 | 240,082 | ||||||
610,129 | ||||||||
Building Products - Wood — 0.0% | ||||||||
Masco Corp. | 4,416 | 119,541 | ||||||
Building - Heavy Construction — 1.0% | ||||||||
SBA Communications Corp., Class A† | 92,656 | 10,359,867 | ||||||
Cable/Satellite TV — 2.3% | ||||||||
Cablevision Systems Corp., Class A# | 49,390 | 1,210,549 | ||||||
Comcast Corp., Class A | 346,962 | 20,283,398 | ||||||
Liberty Global PLC, Class A† | 19,257 | 1,107,855 | ||||||
Liberty Global PLC, Class C† | 22,957 | 1,233,939 | ||||||
23,835,741 | ||||||||
Casino Hotels — 0.9% | ||||||||
Boyd Gaming Corp.† | 9,629 | 137,791 | ||||||
Las Vegas Sands Corp.# | 124,276 | 6,316,949 | ||||||
MGM Resorts International† | 151,610 | 3,039,781 | ||||||
9,494,521 | ||||||||
Chemicals - Diversified — 1.3% | ||||||||
Dow Chemical Co. | 137,115 | 7,139,578 | ||||||
Innophos Holdings, Inc. | 117 | 6,097 | ||||||
Johnson Matthey PLC(1) | 18,830 | 1,007,176 | ||||||
PPG Industries, Inc. | 22,089 | 5,055,951 | ||||||
Symrise AG(1) | 9,290 | 591,402 | ||||||
13,800,204 | ||||||||
Chemicals - Specialty — 0.2% | ||||||||
Cabot Corp. | 33,251 | 1,378,919 | ||||||
International Flavors & Fragrances, Inc. | 1,972 | 234,747 | ||||||
Minerals Technologies, Inc. | 4,547 | 306,058 | ||||||
1,919,724 | ||||||||
Coatings/Paint — 0.7% | ||||||||
Sherwin-Williams Co. | 25,331 | 7,299,888 | ||||||
Commercial Services — 0.1% | ||||||||
RPX Corp.† | 16,121 | 256,485 | ||||||
Wirecard AG(1) | 21,320 | 885,111 | ||||||
1,141,596 | ||||||||
Commercial Services - Finance — 0.4% | ||||||||
EVERTEC, Inc. | 3,289 | 73,114 | ||||||
H&R Block, Inc. | 59,718 | 1,894,852 | ||||||
MasterCard, Inc., Class A | 15,860 | 1,463,244 | ||||||
Total System Services, Inc. | 19,030 | 784,036 | ||||||
Western Union Co. | 9,968 | 218,798 | ||||||
4,434,044 | ||||||||
Computer Aided Design — 0.1% | ||||||||
Autodesk, Inc.† | 18,150 | 982,822 | ||||||
111 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Computer Services — 2.0% | ||||||||
Accenture PLC, Class A | 27,316 | $ | 2,623,429 | |||||
Cognizant Technology Solutions Corp., Class A† | 131,983 | 8,541,940 | ||||||
Computer Sciences Corp. | 3,282 | 225,145 | ||||||
International Business Machines Corp. | 28,798 | 4,885,581 | ||||||
Teradata Corp.†# | 98,340 | 3,829,359 | ||||||
20,105,454 | ||||||||
Computers — 6.1% | ||||||||
Apple, Inc. | 480,310 | 62,574,787 | ||||||
Computers - Memory Devices — 0.6% | ||||||||
EMC Corp. | 215,512 | 5,676,586 | ||||||
SanDisk Corp. | 13,685 | 935,780 | ||||||
6,612,366 | ||||||||
Consulting Services — 0.1% | ||||||||
Towers Watson & Co., Class A | 10,480 | 1,445,716 | ||||||
Consumer Products - Misc. — 0.1% | ||||||||
Central Garden & Pet Co., Class A† | 12,620 | 123,171 | ||||||
Clorox Co. | 3,924 | 422,458 | ||||||
Spectrum Brands Holdings, Inc. | 4,427 | 427,870 | ||||||
973,499 | ||||||||
Containers - Paper/Plastic — 0.1% | ||||||||
Berry Plastics Group, Inc.† | 33,931 | 1,135,671 | ||||||
Cosmetics & Toiletries — 0.9% | ||||||||
Estee Lauder Cos., Inc., Class A | 70,082 | 6,127,269 | ||||||
Procter & Gamble Co. | 23,874 | 1,871,483 | ||||||
Unicharm Corp.(1) | 35,000 | 771,035 | ||||||
8,769,787 | ||||||||
Data Processing/Management — 0.6% | ||||||||
Fiserv, Inc.† | 77,068 | 6,177,000 | ||||||
Dental Supplies & Equipment — 0.6% | ||||||||
DENTSPLY International, Inc. | 113,760 | 5,919,502 | ||||||
Dialysis Centers — 0.1% | ||||||||
Fresenius Medical Care AG & Co. KGaA(1) | 16,805 | 1,435,633 | ||||||
Disposable Medical Products — 0.4% | ||||||||
C.R. Bard, Inc. | 25,766 | 4,388,465 | ||||||
Diversified Banking Institutions — 0.1% | ||||||||
Royal Bank of Scotland Group PLC†(1) | 280,857 | 1,482,305 | ||||||
Diversified Manufacturing Operations — 2.6% | ||||||||
3M Co. | 102,423 | 16,293,451 | ||||||
Ingersoll-Rand PLC | 33,460 | 2,301,379 | ||||||
Parker-Hannifin Corp.# | 64,157 | 7,726,427 | ||||||
26,321,257 | ||||||||
Drug Delivery Systems — 0.0% | ||||||||
Nektar Therapeutics†# | 21,204 | 243,846 | ||||||
E-Commerce/Products — 1.0% | ||||||||
Amazon.com, Inc.† | 13,992 | 6,005,786 | ||||||
eBay, Inc.† | 55,007 | 3,375,229 | ||||||
Vipshop Holdings, Ltd. ADR† | 18,880 | 471,434 | ||||||
9,852,449 | ||||||||
E-Commerce/Services — 1.4% | ||||||||
Expedia, Inc. | 134,326 | 14,407,807 | ||||||
Electric Products - Misc. — 0.3% | ||||||||
Emerson Electric Co. | 31,681 | 1,910,681 | ||||||
Nidec Corp.(1) | 16,900 | 1,229,074 | ||||||
3,139,755 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors — 1.7% | ||||||||
Altera Corp. | 123,545 | $ | 6,035,173 | |||||
Intel Corp. | 52,122 | 1,796,124 | ||||||
Skyworks Solutions, Inc. | 31,554 | 3,450,746 | ||||||
Texas Instruments, Inc. | 56,195 | 3,142,424 | ||||||
Xilinx, Inc. | 61,141 | 2,899,306 | ||||||
17,323,773 | ||||||||
Electronic Design Automation — 0.2% | ||||||||
Cadence Design Systems, Inc.†# | 95,409 | 1,888,144 | ||||||
Electronic Forms — 0.8% | ||||||||
Adobe Systems, Inc.† | 108,139 | 8,552,714 | ||||||
Electronic Measurement Instruments — 0.2% | ||||||||
Keyence Corp.(1) | 2,900 | 1,557,203 | ||||||
Electronic Security Devices — 0.1% | ||||||||
Tyco International PLC | 15,280 | 616,701 | ||||||
Energy - Alternate Sources — 0.1% | ||||||||
Enphase Energy, Inc.†# | 31,903 | 302,121 | ||||||
SolarCity Corp.†# | 8,480 | 509,818 | ||||||
811,939 | ||||||||
Engines - Internal Combustion — 0.2% | ||||||||
Cummins, Inc. | 16,010 | 2,170,155 | ||||||
Enterprise Software/Service — 1.8% | ||||||||
Oracle Corp. | 429,978 | 18,699,743 | ||||||
Entertainment Software — 1.0% | ||||||||
Activision Blizzard, Inc. | 45,423 | 1,147,385 | ||||||
Electronic Arts, Inc.† | 140,570 | 8,821,470 | ||||||
9,968,855 | ||||||||
Finance - Credit Card — 3.9% | ||||||||
Alliance Data Systems Corp.† | 28,440 | 8,475,973 | ||||||
Visa, Inc., Class A# | 458,221 | 31,470,618 | ||||||
39,946,591 | ||||||||
Finance - Investment Banker/Broker — 0.1% | ||||||||
Charles Schwab Corp. | 41,080 | 1,300,182 | ||||||
Moelis & Co. | 7,181 | 207,244 | ||||||
1,507,426 | ||||||||
Finance - Leasing Companies — 0.1% | ||||||||
ORIX Corp.(1) | 57,200 | 902,538 | ||||||
Finance - Mortgage Loan/Banker — 0.1% | ||||||||
Nationstar Mtg. Holdings, Inc.†# | 42,290 | 833,959 | ||||||
Finance - Other Services — 0.2% | ||||||||
Intercontinental Exchange, Inc. | 6,553 | 1,551,619 | ||||||
Food - Dairy Products — 0.1% | ||||||||
WhiteWave Foods Co.† | 28,363 | 1,362,275 | ||||||
Food - Flour & Grain — 0.0% | ||||||||
Seaboard Corp.† | 15 | 51,450 | ||||||
Food - Meat Products — 0.1% | ||||||||
Hormel Foods Corp. | 19,561 | 1,119,280 | ||||||
Food - Misc./Diversified — 0.6% | ||||||||
Cal-Maine Foods, Inc.# | 5,012 | 284,130 | ||||||
Campbell Soup Co. | 12,261 | 592,697 | ||||||
ConAgra Foods, Inc. | 104,074 | 4,018,297 | ||||||
Mondelez International, Inc., Class A | 18,536 | 770,912 | ||||||
5,666,036 | ||||||||
Food - Retail — 0.8% | ||||||||
Carrefour SA†(1) | 39,250 | 1,332,881 |
112 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Food - Retail (continued) | ||||||||
Kroger Co. | 96,517 | $ | 7,026,437 | |||||
8,359,318 | ||||||||
Footwear & Related Apparel — 0.1% | ||||||||
Wolverine World Wide, Inc.# | 35,128 | 1,032,061 | ||||||
Hotels/Motels — 1.0% | ||||||||
Accor SA(1) | 40,710 | 2,238,928 | ||||||
Marriott International, Inc., Class A | 75,325 | 5,874,597 | ||||||
Whitbread PLC(1) | 14,880 | 1,165,870 | ||||||
Wyndham Worldwide Corp. | 12,484 | 1,060,017 | ||||||
10,339,412 | ||||||||
Human Resources — 0.3% | ||||||||
Adecco SA(1) | 29,162 | 2,322,860 | ||||||
Capita PLC(1) | 57,346 | 1,098,318 | ||||||
3,421,178 | ||||||||
Industrial Automated/Robotic — 0.2% | ||||||||
Rockwell Automation, Inc. | 17,356 | 2,132,879 | ||||||
Instruments - Controls — 0.6% | ||||||||
Honeywell International, Inc. | 25,346 | 2,641,053 | ||||||
Mettler-Toledo International, Inc.† | 10,019 | 3,252,969 | ||||||
5,894,022 | ||||||||
Instruments - Scientific — 0.3% | ||||||||
Waters Corp.† | 23,596 | 3,152,898 | ||||||
Insurance - Life/Health — 0.8% | ||||||||
Aflac, Inc. | 101,520 | 6,316,574 | ||||||
AIA Group, Ltd.(1) | 137,600 | 901,928 | ||||||
Prudential PLC(1) | 45,750 | 1,139,902 | ||||||
8,358,404 | ||||||||
Insurance - Property/Casualty — 0.1% | ||||||||
Admiral Group PLC(1) | 36,590 | 832,724 | ||||||
AmTrust Financial Services, Inc.# | 4,716 | 283,809 | ||||||
Federated National Holding Co. | 1,481 | 38,032 | ||||||
1,154,565 | ||||||||
Insurance - Reinsurance — 0.0% | ||||||||
Essent Group, Ltd.† | 13,545 | 345,533 | ||||||
Internet Application Software — 0.5% | ||||||||
Splunk, Inc.†# | 56,408 | 3,814,309 | ||||||
Tencent Holdings, Ltd.(1) | 54,800 | 1,097,901 | ||||||
4,912,210 | ||||||||
Internet Content - Entertainment — 2.8% | ||||||||
Facebook, Inc., Class A† | 318,172 | 25,196,041 | ||||||
Pandora Media, Inc.†# | 219,268 | 4,093,733 | ||||||
29,289,774 | ||||||||
Internet Content - Information/News — 0.7% | ||||||||
LinkedIn Corp., Class A† | 22,443 | 4,374,814 | ||||||
Yelp, Inc.†# | 51,237 | 2,454,765 | ||||||
6,829,579 | ||||||||
Internet Security — 0.2% | ||||||||
VeriSign, Inc.†# | 39,500 | 2,496,005 | ||||||
Investment Management/Advisor Services — 0.9% | ||||||||
Ameriprise Financial, Inc. | 991 | 123,469 | ||||||
Artisan Partners Asset Management, Inc., Class A | 9,958 | 439,247 | ||||||
Franklin Resources, Inc. | 174,778 | 8,897,948 | ||||||
9,460,664 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Machinery - Construction & Mining — 1.4% | ||||||||
Caterpillar, Inc. | 165,098 | $ | 14,086,161 | |||||
Machinery - General Industrial — 0.5% | ||||||||
Wabtec Corp. | 55,242 | 5,540,773 | ||||||
Medical Information Systems — 0.5% | ||||||||
Cerner Corp.† | 74,765 | 5,030,937 | ||||||
Everyday Health, Inc.† | 5,484 | 68,002 | ||||||
Merge Healthcare, Inc.† | 7,956 | 36,279 | ||||||
5,135,218 | ||||||||
Medical Instruments — 1.1% | ||||||||
Boston Scientific Corp.† | 56,569 | 1,033,516 | ||||||
Edwards Lifesciences Corp.† | 13,754 | 1,797,923 | ||||||
Intuitive Surgical, Inc.† | 13,943 | 6,800,698 | ||||||
St. Jude Medical, Inc. | 28,936 | 2,134,030 | ||||||
11,766,167 | ||||||||
Medical Products — 0.3% | ||||||||
Becton Dickinson and Co. | 9,800 | 1,376,998 | ||||||
Stryker Corp. | 21,701 | 2,086,117 | ||||||
3,463,115 | ||||||||
Medical - Biomedical/Gene — 7.0% | ||||||||
Alexion Pharmaceuticals, Inc.† | 70,821 | 11,603,313 | ||||||
Amgen, Inc. | 24,680 | 3,856,497 | ||||||
Biogen, Inc.† | 37,682 | 14,959,377 | ||||||
Celgene Corp.† | 43,653 | 4,995,649 | ||||||
Gilead Sciences, Inc.† | 174,795 | 19,624,235 | ||||||
Illumina, Inc.† | 29,272 | 6,032,374 | ||||||
Incyte Corp.†# | 32,497 | 3,579,544 | ||||||
Regeneron Pharmaceuticals, Inc.† | 14,004 | 7,177,890 | ||||||
71,828,879 | ||||||||
Medical - Drugs — 3.2% | ||||||||
AbbVie, Inc. | 59,536 | 3,964,502 | ||||||
Bristol-Myers Squibb Co. | 23,990 | 1,549,754 | ||||||
Jazz Pharmaceuticals PLC†# | 22,275 | 3,995,021 | ||||||
Johnson & Johnson | 92,839 | 9,296,897 | ||||||
Merck & Co., Inc. | 37,443 | 2,279,904 | ||||||
Ophthotech Corp.† | 10,651 | 532,763 | ||||||
Pfizer, Inc. | 100,377 | 3,488,101 | ||||||
Roche Holding AG(1) | 4,961 | 1,460,662 | ||||||
Shire PLC(1) | 28,040 | 2,426,940 | ||||||
Zoetis, Inc. | 74,941 | 3,729,814 | ||||||
32,724,358 | ||||||||
Medical - Generic Drugs — 0.3% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 48,611 | 2,921,521 | ||||||
Medical - HMO — 0.1% | ||||||||
Humana, Inc. | 5,340 | 1,146,231 | ||||||
Medical - Wholesale Drug Distribution — 0.7% | ||||||||
Cardinal Health, Inc. | 56,839 | 5,011,495 | ||||||
McKesson Corp. | 8,770 | 2,080,507 | ||||||
7,092,002 | ||||||||
Motorcycle/Motor Scooter — 0.3% | ||||||||
Harley-Davidson, Inc. | 52,150 | 2,789,503 | ||||||
Multimedia — 1.6% | ||||||||
Walt Disney Co. | 148,823 | 16,425,595 | ||||||
Networking Products — 0.5% | ||||||||
Cisco Systems, Inc. | 176,135 | 5,162,517 | ||||||
LogMeIn, Inc.† | 3,387 | 214,973 | ||||||
5,377,490 | ||||||||
113 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Non-Ferrous Metals — 0.1% | ||||||||
Materion Corp. | 22,126 | $ | 822,866 | |||||
Non-Hazardous Waste Disposal — 0.1% | ||||||||
Waste Management, Inc. | 21,299 | 1,057,495 | ||||||
Office Automation & Equipment — 0.0% | ||||||||
Pitney Bowes, Inc.# | 12,221 | 267,029 | ||||||
Office Furnishings - Original — 0.0% | ||||||||
Herman Miller, Inc. | 10,647 | 294,922 | ||||||
Oil Companies - Exploration & Production — 1.0% | ||||||||
Concho Resources, Inc.† | 55,715 | 6,702,515 | ||||||
Continental Resources, Inc.†# | 15,404 | 701,806 | ||||||
EOG Resources, Inc. | 18,460 | 1,637,217 | ||||||
EQT Corp. | 16,550 | 1,407,909 | ||||||
10,449,447 | ||||||||
Oil Companies - Integrated — 1.4% | ||||||||
Exxon Mobil Corp. | 156,488 | 13,332,778 | ||||||
Total SA(1) | 16,750 | 847,720 | ||||||
14,180,498 | ||||||||
Oil Field Machinery & Equipment — 0.2% | ||||||||
FMC Technologies, Inc.† | 2,670 | 111,579 | ||||||
National Oilwell Varco, Inc. | 29,368 | 1,444,612 | ||||||
1,556,191 | ||||||||
Oil Refining & Marketing — 0.3% | ||||||||
Murphy USA, Inc.† | 15,303 | 891,093 | ||||||
Valero Energy Corp. | 36,045 | 2,135,306 | ||||||
3,026,399 | ||||||||
Oil - Field Services — 1.0% | ||||||||
Halliburton Co. | 138,335 | 6,280,409 | ||||||
Schlumberger, Ltd. | 42,433 | 3,851,643 | ||||||
10,132,052 | ||||||||
Pharmacy Services — 1.2% | ||||||||
Express Scripts Holding Co.† | 141,450 | 12,325,953 | ||||||
Poultry — 0.2% | ||||||||
Pilgrim’s Pride Corp.# | 73,299 | 1,874,988 | ||||||
Power Converter/Supply Equipment — 0.4% | ||||||||
Generac Holdings, Inc.†# | 87,884 | 3,671,794 | ||||||
Radio — 0.4% | ||||||||
Sirius XM Holdings, Inc.†# | 1,102,183 | 4,254,426 | ||||||
Real Estate Investment Trusts — 1.0% | ||||||||
American Tower Corp. | 16,704 | 1,549,964 | ||||||
Lamar Advertising Co. Class A | 29,368 | 1,780,288 | ||||||
Public Storage | 4,770 | 923,186 | ||||||
Simon Property Group, Inc. | 32,521 | 5,899,310 | ||||||
10,152,748 | ||||||||
Real Estate Management/Services — 0.2% | ||||||||
Jones Lang LaSalle, Inc. | 10,373 | 1,796,915 | ||||||
Marcus & Millichap, Inc.† | 13,761 | 645,528 | ||||||
2,442,443 | ||||||||
Rental Auto/Equipment — 0.0% | ||||||||
Ashtead Group PLC(1) | 26,578 | 455,684 | ||||||
Resort/Theme Parks — 0.1% | ||||||||
Vail Resorts, Inc. | 12,269 | 1,272,786 | ||||||
Retail - Apparel/Shoe — 1.3% | ||||||||
Foot Locker, Inc. | 29,707 | 1,877,483 | ||||||
Gap, Inc.# | 121,709 | 4,665,106 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Apparel/Shoe (continued) | ||||||||
Ross Stores, Inc. | 68,675 | $ | 6,638,812 | |||||
13,181,401 | ||||||||
Retail - Auto Parts — 1.1% | ||||||||
O’Reilly Automotive, Inc.† | 53,512 | 11,747,489 | ||||||
Retail - Bedding — 1.1% | ||||||||
Bed Bath & Beyond, Inc.†# | 152,366 | 10,866,743 | ||||||
Retail - Building Products — 0.4% | ||||||||
Home Depot, Inc. | 30,781 | 3,429,619 | ||||||
Lowe’s Cos., Inc. | 16,373 | 1,145,783 | ||||||
4,575,402 | ||||||||
Retail - Discount — 0.8% | ||||||||
Big Lots, Inc. | 24,379 | 1,070,238 | ||||||
Costco Wholesale Corp. | 7,954 | 1,134,161 | ||||||
Dollar Tree, Inc.† | 27,370 | 2,052,476 | ||||||
Target Corp. | 21,990 | 1,744,247 | ||||||
Wal-Mart Stores, Inc. | 25,424 | 1,888,241 | ||||||
7,889,363 | ||||||||
Retail - Drug Store — 0.2% | ||||||||
CVS Health Corp. | 15,002 | 1,535,905 | ||||||
Retail - Gardening Products — 0.1% | ||||||||
Tractor Supply Co. | 13,057 | 1,137,787 | ||||||
Retail - Jewelry — 0.3% | ||||||||
Pandora A/S(1) | 11,920 | 1,201,844 | ||||||
Signet Jewelers, Ltd. | 12,940 | 1,673,530 | ||||||
2,875,374 | ||||||||
Retail - Major Department Stores — 1.0% | ||||||||
TJX Cos., Inc. | 156,987 | 10,106,823 | ||||||
Retail - Perfume & Cosmetics — 0.1% | ||||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 9,920 | 1,513,990 | ||||||
Retail - Pet Food & Supplies — 0.0% | ||||||||
PetMed Express, Inc.# | 5,620 | 93,798 | ||||||
Retail - Regional Department Stores — 1.0% | ||||||||
Dillard’s, Inc., Class A | 13,556 | 1,572,631 | ||||||
Kohl’s Corp. | 25,835 | 1,691,934 | ||||||
Macy’s, Inc. | 111,985 | 7,497,396 | ||||||
10,761,961 | ||||||||
Retail - Restaurants — 1.0% | ||||||||
Brinker International, Inc. | 16,866 | 930,666 | ||||||
Chipotle Mexican Grill, Inc.† | 11,874 | 7,308,685 | ||||||
Cracker Barrel Old Country Store, Inc.# | 11,902 | 1,679,134 | ||||||
McDonald’s Corp. | 2,045 | 196,177 | ||||||
Starbucks Corp. | 3,894 | 202,332 | ||||||
10,316,994 | ||||||||
Retail - Toy Stores — 0.0% | ||||||||
Build-A-Bear Workshop, Inc.† | 16,714 | 268,928 | ||||||
Schools — 0.1% | ||||||||
Capella Education Co. | 2,321 | 123,640 | ||||||
K12, Inc.† | 30,828 | 422,035 | ||||||
Strayer Education, Inc.† | 20,616 | 944,831 | ||||||
1,490,506 | ||||||||
Semiconductor Components - Integrated Circuits — 1.6% |
| |||||||
NXP Semiconductor NV† | 6,650 | 746,462 | ||||||
QUALCOMM, Inc. | 230,991 | 16,095,453 | ||||||
16,841,915 | ||||||||
114 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Shipbuilding — 0.1% | ||||||||
Huntington Ingalls Industries, Inc. | 4,278 | $ | 530,429 | |||||
Soap & Cleaning Preparation — 0.4% | ||||||||
Church & Dwight Co., Inc. | 53,053 | 4,454,860 | ||||||
Software Tools — 0.1% | ||||||||
VMware, Inc., Class A† | 6,456 | 563,738 | ||||||
Steel - Producers — 0.2% | ||||||||
United States Steel Corp.# | 68,009 | 1,659,420 | ||||||
Telecommunication Equipment — 0.0% | ||||||||
ARRIS Group, Inc.† | 11,422 | 377,040 | ||||||
Telephone - Integrated — 0.5% | ||||||||
CenturyLink, Inc. | 47,997 | 1,595,420 | ||||||
Shenandoah Telecommunications Co. | 1,606 | 50,477 | ||||||
Verizon Communications, Inc. | 76,678 | 3,790,960 | ||||||
5,436,857 | ||||||||
Tobacco — 0.9% | ||||||||
Philip Morris International, Inc. | 109,501 | 9,096,248 | ||||||
Tools - Hand Held — 0.2% | ||||||||
Stanley Black & Decker, Inc. | 17,277 | 1,769,856 | ||||||
Transport - Rail — 1.4% | ||||||||
Kansas City Southern | 8,657 | 783,458 | ||||||
Union Pacific Corp. | 138,082 | 13,933,855 | ||||||
14,717,313 | ||||||||
Transport - Services — 0.2% | ||||||||
FedEx Corp. | 9,033 | 1,564,696 | ||||||
Vitamins & Nutrition Products — 1.0% | ||||||||
Mead Johnson Nutrition Co. | 101,500 | 9,875,950 | ||||||
Web Hosting/Design — 0.2% | ||||||||
Endurance International Group Holdings, Inc.†# | 15,034 | 305,641 | ||||||
Equinix, Inc. | 5,180 | 1,388,603 | ||||||
1,694,244 | ||||||||
Web Portals/ISP — 1.5% | ||||||||
Baidu, Inc. ADR† | 3,910 | 771,834 | ||||||
Google, Inc., Class A† | 24,244 | 13,220,738 | ||||||
Google, Inc., Class C† | 2,837 | 1,509,596 | ||||||
15,502,168 | ||||||||
Wireless Equipment — 0.1% | ||||||||
GN Store Nord A/S(1) | 29,099 | 629,497 | ||||||
X-Ray Equipment — 0.1% | ||||||||
Hologic, Inc.† | 40,636 | 1,453,550 | ||||||
Total Common Stocks | ||||||||
(cost $886,597,766) | 1,017,936,791 | |||||||
EXCHANGE-TRADED FUNDS — 0.0% | ||||||||
iShares Russell 1000 Growth | 4,151 | 418,296 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $887,018,518) | 1,018,355,087 | |||||||
Security Description | Shares/ Principal | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 6.5% | ||||||||
Registered Investment Companies — 6.4% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 66,182,024 | $ | 66,182,024 | |||||
Time Deposits — 0.1% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 06/01/2015 | $ | 404,000 | 404,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $66,586,024) | 66,586,024 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $953,604,542)(3) | 105.5 | % | 1,084,941,111 | |||||
Liabilities in excess of other assets | (5.5 | ) | (56,953,413 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,027,987,698 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $37,109,887 representing 3.6% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | At May 31, 2015, the Fund had loaned securities with a total value of $87,019,281. This was secured by collateral of $66,182,024, which was received in cash and subsequently invested in short-term investments currently valued at $66,182,024 as reported in the Portfolio of Investments. Additional collateral of $23,706,554 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 11/01/2034 to 12/15/2044 | $ | 888,307 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 10/25/2029 to 02/25/2044 | 4,185,763 | |||||
Government National Mtg. Assoc. | 0.38% to 4.00% | 04/20/2039 to 12/16/2052 | 787,999 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 02/04/2016 | 675,105 | |||||
United States Treasury Notes/Bonds | 0.08% to 8.88% | 06/30/2015 to 05/15/2044 | 17,169,380 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
115 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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: | ||||||||||||||||
Appliances | $ | — | $ | 771,515 | $ | — | $ | 771,515 | ||||||||
Auto - Cars/Light Trucks | — | 1,738,789 | — | 1,738,789 | ||||||||||||
Banks - Commercial | 2,473,703 | 5,584,447 | — | 8,058,150 | ||||||||||||
Chemicals - Diversified | 12,201,626 | 1,598,578 | — | 13,800,204 | ||||||||||||
Commercial Services | 256,485 | 885,111 | — | 1,141,596 | ||||||||||||
Cosmetics & Toiletries | 7,998,752 | 771,035 | — | 8,769,787 | ||||||||||||
Dialysis Centers | — | 1,435,633 | — | 1,435,633 | ||||||||||||
Diversified Banking Institutions | — | 1,482,305 | — | 1,482,305 | ||||||||||||
Electric Products - Misc. | 1,910,681 | 1,229,074 | — | 3,139,755 | ||||||||||||
Electronic Measurement Instruments | — | 1,557,203 | — | 1,557,203 | ||||||||||||
Finance - Leasing Companies | — | 902,538 | — | 902,538 | ||||||||||||
Food - Retail | 7,026,437 | 1,332,881 | — | 8,359,318 | ||||||||||||
Hotels/Motels | 6,934,614 | 3,404,798 | — | 10,339,412 | ||||||||||||
Human Resources | — | 3,421,178 | — | 3,421,178 | ||||||||||||
Insurance - Life/Health | 6,316,574 | 2,041,830 | — | 8,358,404 | ||||||||||||
Insurance - Property/Casualty | 321,841 | 832,724 | — | 1,154,565 | ||||||||||||
Internet Application Software | 3,814,309 | 1,097,901 | — | 4,912,210 | ||||||||||||
Medical - Drugs | 28,836,756 | 3,887,602 | — | 32,724,358 | ||||||||||||
Oil Companies - Integrated | 13,332,778 | 847,720 | — | 14,180,498 | ||||||||||||
Rental Auto/Equipment | — | 455,684 | — | 455,684 | ||||||||||||
Retail - Jewelry | 1,673,530 | 1,201,844 | — | 2,875,374 | ||||||||||||
Wireless Equipment | — | 629,497 | — | 629,497 | ||||||||||||
Other Industries | 887,728,818 | — | — | 887,728,818 | ||||||||||||
Exchange-Traded Funds | 418,296 | — | — | 418,296 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 66,182,024 | — | — | 66,182,024 | ||||||||||||
Time Deposits | — | 404,000 | — | 404,000 | ||||||||||||
Total Investments at Value | $ | 1,047,427,224 | $ | 37,513,887 | $ | — | $ | 1,084,941,111 | ||||||||
* | 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. Securities currently valued at $21,661,771 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
116 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 6.2 | % | ||
Computers | 4.8 | |||
Diversified Banking Institutions | 4.3 | |||
Medical — Biomedical/Gene | 3.3 | |||
Oil Companies — Integrated | 3.3 | |||
Banks — Super Regional | 2.7 | |||
Applications Software | 2.6 | |||
Electric — Integrated | 2.5 | |||
Insurance — Multi-line | 2.5 | |||
Real Estate Investment Trusts | 2.4 | |||
Medical — HMO | 2.3 | |||
Multimedia | 2.2 | |||
Retail — Building Products | 2.2 | |||
Transport — Rail | 2.2 | |||
Cable/Satellite TV | 2.2 | |||
Diversified Manufacturing Operations | 2.1 | |||
Oil Companies — Exploration & Production | 2.0 | |||
Web Portals/ISP | 1.9 | |||
Electronic Components — Semiconductors | 1.9 | |||
Beverages — Non-alcoholic | 1.8 | |||
Computer Services | 1.8 | |||
Internet Content — Entertainment | 1.5 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Cosmetics & Toiletries | 1.5 | |||
Telephone — Integrated | 1.4 | |||
Retail — Discount | 1.3 | |||
Time Deposits | 1.3 | |||
Oil — Field Services | 1.3 | |||
Finance — Credit Card | 1.2 | |||
Medical — Wholesale Drug Distribution | 1.2 | |||
Semiconductor Equipment | 1.1 | |||
Insurance — Reinsurance | 1.1 | |||
Instruments — Controls | 1.0 | |||
Food — Misc./Diversified | 1.0 | |||
Tobacco | 1.0 | |||
Chemicals — Diversified | 1.0 | |||
Medical — Generic Drugs | 1.0 | |||
Electronic Forms | 0.9 | |||
Medical Instruments | 0.9 | |||
E-Commerce/Products | 0.9 | |||
Investment Management/Advisor Services | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Apparel Manufacturers | 0.7 | |||
Gas — Distribution | 0.7 | |||
Networking Products | 0.7 | |||
Retail — Restaurants | 0.7 | |||
Auto — Heavy Duty Trucks | 0.6 | |||
Airlines | 0.6 | |||
Retail — Major Department Stores | 0.6 | |||
Finance — Investment Banker/Broker | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Engineering/R&D Services | 0.6 | |||
Oil Refining & Marketing | 0.6 | |||
Agricultural Chemicals | 0.6 | |||
Banks — Fiduciary | 0.5 | |||
Electric — Distribution | 0.5 | |||
Beverages — Wine/Spirits | 0.5 | |||
Agricultural Operations | 0.5 | |||
Engines — Internal Combustion | 0.5 | |||
Enterprise Software/Service | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Cruise Lines | 0.4 | |||
Audio/Video Products | 0.4 | |||
Finance — Other Services | 0.4 | |||
Medical Products | 0.4 | |||
Television | 0.4 | |||
Food — Confectionery | 0.4 | |||
Containers — Metal/Glass | 0.3 |
Data Processing/Management | 0.3 | |||
Brewery | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Electronics — Military | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Banks — Commercial | 0.3 | |||
Food — Retail | 0.2 | |||
Building Products — Wood | 0.2 | |||
Instruments — Scientific | 0.2 | |||
Registered Investment Companies | 0.2 | |||
Steel — Producers | 0.2 | |||
Metal — Aluminum | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Building Products — Cement | 0.2 | |||
Retail — Consumer Electronics | 0.2 | |||
Insurance — Life/Health | 0.2 | |||
Machinery — Construction & Mining | 0.1 | |||
Retail — Apparel/Shoe | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Coffee | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Pharmacy Services | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
117 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.6% |
| |||||||
Aerospace/Defense - Equipment — 1.5% |
| |||||||
United Technologies Corp. | 15,836 | $ | 1,855,504 | |||||
Agricultural Chemicals — 0.6% |
| |||||||
Mosaic Co. | 14,861 | 681,377 | ||||||
Agricultural Operations — 0.5% |
| |||||||
Archer-Daniels-Midland Co. | 11,026 | 582,724 | ||||||
Airlines — 0.6% |
| |||||||
Delta Air Lines, Inc. | 7,636 | 327,737 | ||||||
United Continental Holdings, Inc.† | 8,192 | 447,201 | ||||||
774,938 | ||||||||
Apparel Manufacturers — 0.7% |
| |||||||
Ralph Lauren Corp. | 2,060 | 268,624 | ||||||
VF Corp. | 8,750 | 616,263 | ||||||
884,887 | ||||||||
Applications Software — 2.6% |
| |||||||
Intuit, Inc. | 607 | 63,219 | ||||||
Microsoft Corp. | 67,422 | 3,159,395 | ||||||
3,222,614 | ||||||||
Audio/Video Products — 0.4% |
| |||||||
Harman International Industries, Inc. | 4,040 | 486,901 | ||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
General Motors Co. | 20,397 | 733,680 | ||||||
Auto - Heavy Duty Trucks — 0.6% |
| |||||||
PACCAR, Inc. | 12,318 | 782,932 | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Johnson Controls, Inc. | 1,450 | 75,429 | ||||||
Banks - Commercial — 0.3% |
| |||||||
BB&T Corp. | 6,920 | 273,133 | ||||||
SVB Financial Group† | 730 | 98,484 | ||||||
371,617 | ||||||||
Banks - Fiduciary — 0.5% |
| |||||||
State Street Corp. | 7,879 | 614,011 | ||||||
Banks - Super Regional — 2.7% |
| |||||||
Capital One Financial Corp. | 4,637 | 387,468 | ||||||
KeyCorp | 6,258 | 91,242 | ||||||
Wells Fargo & Co. | 51,013 | 2,854,687 | ||||||
3,333,397 | ||||||||
Beverages - Non-alcoholic — 1.8% |
| |||||||
Coca-Cola Co. | 20,224 | 828,375 | ||||||
Coca-Cola Enterprises, Inc. | 3,646 | 161,262 | ||||||
Dr Pepper Snapple Group, Inc. | 2,820 | 216,125 | ||||||
PepsiCo, Inc. | 10,104 | 974,329 | ||||||
2,180,091 | ||||||||
Beverages - Wine/Spirits — 0.5% |
| |||||||
Constellation Brands, Inc., Class A | 5,001 | 589,568 | ||||||
Brewery — 0.3% |
| |||||||
Molson Coors Brewing Co., Class B | 5,446 | 399,628 | ||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Fortune Brands Home & Security, Inc. | 1,476 | 67,689 | ||||||
Building Products - Cement — 0.2% |
| |||||||
Martin Marietta Materials, Inc. | 1,436 | 213,978 | ||||||
Building Products - Wood — 0.2% |
| |||||||
Masco Corp. | 10,353 | 280,256 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building - Residential/Commercial — 0.3% |
| |||||||
D.R. Horton, Inc. | 2,000 | $ | 52,240 | |||||
PulteGroup, Inc. | 14,287 | 274,025 | ||||||
Toll Brothers, Inc.† | 1,592 | 57,582 | ||||||
383,847 | ||||||||
Cable/Satellite TV — 2.2% |
| |||||||
Charter Communications, Inc., Class A† | 2,292 | 410,314 | ||||||
Comcast Corp., Class A | 24,544 | 1,434,842 | ||||||
DIRECTV† | 1,130 | 102,875 | ||||||
DISH Network Corp., Class A† | 4,925 | 348,641 | ||||||
Time Warner Cable, Inc. | 1,791 | 323,974 | ||||||
2,620,646 | ||||||||
Chemicals - Diversified — 1.0% |
| |||||||
Axiall Corp. | 3,745 | 141,224 | ||||||
Dow Chemical Co. | 2,148 | 111,846 | ||||||
E.I. du Pont de Nemours & Co. | 13,157 | 934,279 | ||||||
1,187,349 | ||||||||
Coffee — 0.1% |
| |||||||
Keurig Green Mountain, Inc. | 800 | 68,992 | ||||||
Commercial Services - Finance — 0.1% |
| |||||||
Equifax, Inc. | 776 | 77,856 | ||||||
Computer Services — 1.8% |
| |||||||
Accenture PLC, Class A | 13,548 | 1,301,150 | ||||||
Cognizant Technology Solutions Corp., Class A† | 12,874 | 833,205 | ||||||
2,134,355 | ||||||||
Computers — 4.8% |
| |||||||
Apple, Inc. | 40,313 | 5,251,978 | ||||||
Hewlett-Packard Co. | 18,044 | 602,669 | ||||||
5,854,647 | ||||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Kimberly-Clark Corp. | 4,869 | 530,039 | ||||||
Containers - Metal/Glass — 0.3% |
| |||||||
Crown Holdings, Inc.† | 7,566 | 418,324 | ||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
Rock-Tenn Co., Class A | 2,900 | 188,906 | ||||||
Sealed Air Corp. | 970 | 47,239 | ||||||
236,145 | ||||||||
Cosmetics & Toiletries — 1.5% |
| |||||||
Estee Lauder Cos., Inc., Class A | 3,735 | 326,551 | ||||||
Procter & Gamble Co. | 19,483 | 1,527,272 | ||||||
1,853,823 | ||||||||
Cruise Lines — 0.4% |
| |||||||
Carnival Corp. | 400 | 18,532 | ||||||
Royal Caribbean Cruises, Ltd. | 6,202 | 471,228 | ||||||
489,760 | ||||||||
Data Processing/Management — 0.3% |
| |||||||
Fidelity National Information Services, Inc. | 6,400 | 401,280 | ||||||
Diversified Banking Institutions — 4.3% |
| |||||||
Bank of America Corp. | 96,571 | 1,593,422 | ||||||
Citigroup, Inc. | 33,606 | 1,817,412 | ||||||
Goldman Sachs Group, Inc. | 3,126 | 644,550 | ||||||
Morgan Stanley | 30,945 | 1,182,099 | ||||||
5,237,483 | ||||||||
Diversified Manufacturing Operations — 2.1% |
| |||||||
Eaton Corp. PLC | 14,025 | 1,004,049 |
118 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Manufacturing Operations (continued) |
| |||||||
General Electric Co. | 26,277 | $ | 716,574 | |||||
Ingersoll-Rand PLC | 1,601 | 110,117 | ||||||
Parker-Hannifin Corp. | 4,830 | 581,677 | ||||||
SPX Corp. | 2,303 | 171,136 | ||||||
2,583,553 | ||||||||
E-Commerce/Products — 0.9% |
| |||||||
Amazon.com, Inc.† | 2,430 | 1,043,029 | ||||||
Electric - Distribution — 0.5% |
| |||||||
PG&E Corp. | 11,435 | 611,430 | ||||||
Electric - Integrated — 2.5% |
| |||||||
CMS Energy Corp. | 11,942 | 407,700 | ||||||
Edison International | 13,304 | 809,016 | ||||||
Exelon Corp. | 15,984 | 540,739 | ||||||
NextEra Energy, Inc. | 9,172 | 938,662 | ||||||
Public Service Enterprise Group, Inc. | 2,500 | 106,575 | ||||||
Xcel Energy, Inc. | 8,100 | 275,805 | ||||||
3,078,497 | ||||||||
Electronic Components - Misc. — 0.8% |
| |||||||
Corning, Inc. | 8,283 | 173,280 | ||||||
TE Connectivity, Ltd. | 11,075 | 764,175 | ||||||
937,455 | ||||||||
Electronic Components - Semiconductors — 1.9% |
| |||||||
Avago Technologies, Ltd. | 8,709 | 1,289,541 | ||||||
Broadcom Corp., Class A | 11,902 | 676,629 | ||||||
Freescale Semiconductor, Ltd.† | 3,548 | 160,086 | ||||||
Micron Technology, Inc.† | 1,307 | 36,504 | ||||||
Texas Instruments, Inc. | 3,278 | 183,306 | ||||||
2,346,066 | ||||||||
Electronic Forms — 0.9% |
| |||||||
Adobe Systems, Inc.† | 13,570 | 1,073,251 | ||||||
Electronics - Military — 0.3% |
| |||||||
L-3 Communications Holdings, Inc. | 3,210 | 378,170 | ||||||
Engineering/R&D Services — 0.6% |
| |||||||
Fluor Corp. | 12,705 | 714,275 | ||||||
Engines - Internal Combustion — 0.5% |
| |||||||
Cummins, Inc. | 4,043 | 548,029 | ||||||
Enterprise Software/Service — 0.4% |
| |||||||
Oracle Corp. | 12,354 | 537,276 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
Pall Corp. | 628 | 78,148 | ||||||
Finance - Consumer Loans — 0.0% |
| |||||||
Navient Corp. | 1,575 | 30,350 | ||||||
Finance - Credit Card — 1.2% |
| |||||||
Alliance Data Systems Corp.† | 893 | 266,141 | ||||||
Visa, Inc., Class A | 17,622 | 1,210,279 | ||||||
1,476,420 | ||||||||
Finance - Investment Banker/Broker — 0.6% |
| |||||||
Charles Schwab Corp. | 15,744 | 498,298 | ||||||
TD Ameritrade Holding Corp. | 6,600 | 245,190 | ||||||
743,488 | ||||||||
Finance - Other Services — 0.4% |
| |||||||
Intercontinental Exchange, Inc. | 1,961 | 464,326 | ||||||
Food - Confectionery — 0.4% |
| |||||||
Hershey Co. | 4,685 | 435,049 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 1.0% |
| |||||||
Mondelez International, Inc., Class A | 29,420 | $ | 1,223,578 | |||||
Food - Retail — 0.2% |
| |||||||
Kroger Co. | 4,095 | 298,116 | ||||||
Gas - Distribution — 0.7% |
| |||||||
AGL Resources, Inc. | 1,882 | 94,796 | ||||||
CenterPoint Energy, Inc. | 11,205 | 228,246 | ||||||
NiSource, Inc. | 7,731 | 364,749 | ||||||
Questar Corp. | 8,240 | 187,048 | ||||||
874,839 | ||||||||
Instruments - Controls — 1.0% |
| |||||||
Honeywell International, Inc. | 11,951 | 1,245,294 | ||||||
Instruments - Scientific — 0.2% |
| |||||||
Thermo Fisher Scientific, Inc. | 2,160 | 280,001 | ||||||
Insurance - Life/Health — 0.2% |
| |||||||
Prudential Financial, Inc. | 2,225 | 188,257 | ||||||
Insurance - Multi-line — 2.5% |
| |||||||
ACE, Ltd. | 11,086 | 1,180,437 | ||||||
MetLife, Inc. | 20,714 | 1,082,514 | ||||||
XL Group PLC | 19,533 | 736,003 | ||||||
2,998,954 | ||||||||
Insurance - Reinsurance — 1.1% |
| |||||||
Axis Capital Holdings, Ltd. | 2,313 | 127,308 | ||||||
Berkshire Hathaway, Inc., Class B† | 8,807 | 1,259,401 | ||||||
1,386,709 | ||||||||
Internet Content - Entertainment — 1.5% |
| |||||||
Facebook, Inc., Class A† | 23,559 | 1,865,637 | ||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
BlackRock, Inc. | 697 | 254,949 | ||||||
Invesco, Ltd. | 17,800 | 708,974 | ||||||
963,923 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Caterpillar, Inc. | 1,990 | 169,787 | ||||||
Medical Information Systems — 0.0% |
| |||||||
Cerner Corp.† | 836 | 56,254 | ||||||
Medical Instruments — 0.9% |
| |||||||
Boston Scientific Corp.† | 57,852 | 1,056,956 | ||||||
Medical Products — 0.4% |
| |||||||
Becton Dickinson and Co. | 291 | 40,888 | ||||||
Stryker Corp. | 4,183 | 402,112 | ||||||
443,000 | ||||||||
Medical - Biomedical/Gene — 3.3% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 2,791 | 457,278 | ||||||
Biogen, Inc.† | 3,460 | 1,373,585 | ||||||
Celgene Corp.† | 10,373 | 1,187,086 | ||||||
Gilead Sciences, Inc.† | 5,051 | 567,076 | ||||||
Regeneron Pharmaceuticals, Inc.† | 207 | 106,100 | ||||||
Vertex Pharmaceuticals, Inc.† | 2,952 | 378,712 | ||||||
4,069,837 | ||||||||
Medical - Drugs — 6.2% |
| |||||||
Abbott Laboratories | 27,215 | 1,322,649 | ||||||
Bristol-Myers Squibb Co. | 22,655 | 1,463,513 | ||||||
Eli Lilly & Co. | 3,698 | 291,772 | ||||||
Johnson & Johnson | 18,038 | 1,806,325 | ||||||
Merck & Co., Inc. | 18,427 | 1,122,020 |
119 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Pfizer, Inc. | 42,801 | $ | 1,487,335 | |||||
7,493,614 | ||||||||
Medical - Generic Drugs — 1.0% |
| |||||||
Actavis PLC† | 2,444 | 749,843 | ||||||
Mylan NV† | 2,538 | 184,335 | ||||||
Perrigo Co. PLC | 1,329 | 252,909 | ||||||
1,187,087 | ||||||||
Medical - HMO — 2.3% |
| |||||||
Aetna, Inc. | 5,221 | 615,921 | ||||||
Cigna Corp. | 756 | 106,467 | ||||||
Humana, Inc. | 4,092 | 878,348 | ||||||
UnitedHealth Group, Inc. | 10,198 | 1,225,902 | ||||||
2,826,638 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
HCA Holdings, Inc.† | 900 | 73,647 | ||||||
Medical - Wholesale Drug Distribution — 1.2% |
| |||||||
McKesson Corp. | 6,123 | 1,452,559 | ||||||
Metal - Aluminum — 0.2% |
| |||||||
Alcoa, Inc. | 19,308 | 241,350 | ||||||
Multimedia — 2.2% |
| |||||||
Time Warner, Inc. | 18,545 | 1,566,682 | ||||||
Twenty-First Century Fox, Inc., Class A | 34,675 | 1,165,080 | ||||||
2,731,762 | ||||||||
Networking Products — 0.7% |
| |||||||
Cisco Systems, Inc. | 27,651 | 810,451 | ||||||
Office Automation & Equipment — 0.0% |
| |||||||
Xerox Corp. | 3,863 | 44,116 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Ensco PLC, Class A | 1,453 | 34,146 | ||||||
Oil Companies - Exploration & Production — 2.0% |
| |||||||
Anadarko Petroleum Corp. | 4,607 | 385,191 | ||||||
Cabot Oil & Gas Corp. | 5,277 | 179,207 | ||||||
Devon Energy Corp. | 1,811 | 118,113 | ||||||
EOG Resources, Inc. | 5,578 | 494,713 | ||||||
EQT Corp. | 3,522 | 299,617 | ||||||
Occidental Petroleum Corp. | 10,992 | 859,464 | ||||||
Pioneer Natural Resources Co. | 290 | 42,871 | ||||||
2,379,176 | ||||||||
Oil Companies - Integrated — 3.3% |
| |||||||
Chevron Corp. | 14,857 | 1,530,271 | ||||||
Exxon Mobil Corp. | 22,112 | 1,883,943 | ||||||
Marathon Oil Corp. | 20,259 | 550,842 | ||||||
3,965,056 | ||||||||
Oil Refining & Marketing — 0.6% |
| |||||||
Cheniere Energy, Inc.† | 1,671 | 126,712 | ||||||
Marathon Petroleum Corp. | 2,170 | 224,508 | ||||||
Phillips 66 | 1,642 | 129,915 | ||||||
Valero Energy Corp. | 3,931 | 232,873 | ||||||
714,008 | ||||||||
Oil - Field Services — 1.3% |
| |||||||
Baker Hughes, Inc. | 6,251 | 402,940 | ||||||
Halliburton Co. | 9,866 | 447,916 | ||||||
Schlumberger, Ltd. | 7,622 | 691,849 | ||||||
1,542,705 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Pharmacy Services — 0.1% |
| |||||||
Express Scripts Holding Co.† | 717 | $ | 62,479 | |||||
Radio — 0.0% |
| |||||||
Sirius XM Holdings, Inc.† | 15,127 | 58,390 | ||||||
Real Estate Investment Trusts — 2.4% |
| |||||||
American Tower Corp. | 3,563 | 330,611 | ||||||
AvalonBay Communities, Inc. | 2,822 | 469,863 | ||||||
Boston Properties, Inc. | 1,450 | 188,544 | ||||||
Brixmor Property Group, Inc. | 7,794 | 193,135 | ||||||
DiamondRock Hospitality Co. | 8,999 | 118,517 | ||||||
Douglas Emmett, Inc. | 764 | 22,446 | ||||||
Highwoods Properties, Inc. | 2,880 | 120,816 | ||||||
Host Hotels & Resorts, Inc. | 6,895 | 137,348 | ||||||
LaSalle Hotel Properties | 2,597 | 94,687 | ||||||
Liberty Property Trust | 4,749 | 165,930 | ||||||
Mid-America Apartment Communities, Inc. | 1,455 | 111,147 | ||||||
Prologis, Inc. | 9,218 | 364,941 | ||||||
Public Storage | 396 | 76,642 | ||||||
Simon Property Group, Inc. | 2,803 | 508,464 | ||||||
Strategic Hotels & Resorts, Inc.† | 1,891 | 22,843 | ||||||
2,925,934 | ||||||||
Retail - Apparel/Shoe — 0.1% |
| |||||||
lululemon athletica, Inc.† | 1,680 | 100,447 | ||||||
PVH Corp. | 518 | 54,204 | ||||||
154,651 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
AutoZone, Inc.† | 570 | 383,963 | ||||||
Retail - Building Products — 2.2% |
| |||||||
Home Depot, Inc. | 13,065 | 1,455,702 | ||||||
Lowe’s Cos., Inc. | 17,026 | 1,191,480 | ||||||
2,647,182 | ||||||||
Retail - Consumer Electronics — 0.2% |
| |||||||
Best Buy Co., Inc. | 5,822 | 202,023 | ||||||
Retail - Discount — 1.3% |
| |||||||
Costco Wholesale Corp. | 5,152 | 734,623 | ||||||
Dollar General Corp. | 1,847 | 134,074 | ||||||
Target Corp. | 7,188 | 570,152 | ||||||
Wal-Mart Stores, Inc. | 2,603 | 193,325 | ||||||
1,632,174 | ||||||||
Retail - Drug Store — 0.3% |
| |||||||
CVS Health Corp. | 3,007 | 307,857 | ||||||
Walgreens Boots Alliance, Inc. | 800 | 68,672 | ||||||
376,529 | ||||||||
Retail - Jewelry — 0.1% |
| |||||||
Tiffany & Co. | 1,251 | 117,256 | ||||||
Retail - Major Department Stores — 0.6% |
| |||||||
TJX Cos., Inc. | 12,009 | 773,139 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Macy’s, Inc. | 896 | 59,987 | ||||||
Retail - Restaurants — 0.7% |
| |||||||
Chipotle Mexican Grill, Inc.† | 100 | 61,552 | ||||||
Starbucks Corp. | 14,408 | 748,640 | ||||||
810,192 | ||||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
NXP Semiconductor NV† | 567 | 63,646 | ||||||
QUALCOMM, Inc. | 6,170 | 429,925 | ||||||
493,571 | ||||||||
120 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Equipment — 1.1% |
| |||||||
Applied Materials, Inc. | 11,042 | $ | 222,275 | |||||
KLA-Tencor Corp. | 3,419 | 203,978 | ||||||
Lam Research Corp. | 11,808 | 971,208 | ||||||
1,397,461 | ||||||||
Steel - Producers — 0.2% |
| |||||||
United States Steel Corp.# | 10,321 | 251,832 | ||||||
Telephone - Integrated — 1.4% |
| |||||||
AT&T, Inc. | 24,902 | 860,115 | ||||||
Verizon Communications, Inc. | 16,861 | 833,608 | ||||||
1,693,723 | ||||||||
Television — 0.4% |
| |||||||
CBS Corp., Class B | 7,096 | 437,965 | ||||||
Tobacco — 1.0% |
| |||||||
Philip Morris International, Inc. | 14,566 | 1,209,998 | ||||||
Tools - Hand Held — 0.0% |
| |||||||
Snap-on, Inc. | 217 | 33,723 | ||||||
Transport - Rail — 2.2% |
| |||||||
Canadian Pacific Railway, Ltd. | 2,169 | 357,256 | ||||||
CSX Corp. | 21,082 | 718,474 | ||||||
Union Pacific Corp. | 15,370 | 1,550,987 | ||||||
2,626,717 | ||||||||
Web Portals/ISP — 1.9% |
| |||||||
Google, Inc., Class A† | 2,020 | 1,101,547 | ||||||
Google, Inc., Class C† | 2,339 | 1,244,605 | ||||||
2,346,152 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $101,526,585) | 120,017,077 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.5% |
| |||||||
Registered Investment Companies — 0.2% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 258,025 | $ | 258,025 | |||||
Time Deposits — 1.3% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | ||||||||
0.01% due 06/01/2015 | $ | 1,609,000 | 1,609,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $1,867,025) | 1,867,025 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $103,393,610)(2) | 100.1 | % | 121,884,102 | |||||
Liabilities in excess of other assets | (0.1 | ) | (142,053 | ) | ||||
NET ASSETS | 100.0 | % | $ | 121,742,049 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At May 31, 2015, the Fund had loaned securities with a total value of $251,832. This was secured by collateral of $258,025, which was received in cash and subsequently invested in short-term investments currently valued at $258,025 as reported in the Portfolio of Investments. |
(2) | See Note 5 for cost of investments on a tax basis. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
15 | Long | S&P 500 E-Mini Index | June 2015 | $ | 1,587,743 | $ | 1,579,500 | $ | (8,243 | ) | ||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | 120,017,077 | $ | — | $ | — | $ | 120,017,077 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 258,025 | — | — | 258,025 | ||||||||||||
Time Deposits | — | 1,609,000 | — | 1,609,000 | ||||||||||||
Total Investments at Value | $ | 120,275,102 | $ | 1,609,000 | $ | — | $ | 121,884,102 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 8,243 | $ | — | $ | — | $ | 8,243 | ||||||||
* | 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
121 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 25.7 | % | ||
Medical — Drugs | 17.4 | |||
Medical — HMO | 13.8 | |||
Registered Investment Companies | 10.8 | |||
Medical — Generic Drugs | 6.7 | |||
Medical Products | 5.8 | |||
Medical — Hospitals | 3.4 | |||
Medical Instruments | 3.2 | |||
Medical — Wholesale Drug Distribution | 3.2 | |||
Dialysis Centers | 2.0 | |||
Therapeutics | 1.9 | |||
Diagnostic Equipment | 1.9 | |||
Electronic Measurement Instruments | 1.7 | |||
Retail — Drug Store | 1.6 | |||
Instruments — Scientific | 0.8 | |||
Drug Delivery Systems | 0.7 | |||
Pharmacy Services | 0.7 | |||
Physicians Practice Management | 0.5 | |||
Medical Information Systems | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Consulting Services | 0.4 | |||
Wireless Equipment | 0.3 | |||
Human Resources | 0.3 | |||
Instruments — Controls | 0.3 | |||
Insurance — Property/Casualty | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Diversified Operations | 0.2 | |||
Enterprise Software/Service | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
104.8 | % | |||
* | Calculated as a percentage of net assets |
122 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS — 93.3% | ||||||||
Consulting Services — 0.4% | ||||||||
Advisory Board Co.† | 73,000 | $ | 3,706,210 | |||||
Decision Support Software — 0.0% | ||||||||
Castlight Health, Inc., Class B†# | 46,051 | 402,025 | ||||||
Dental Supplies & Equipment — 0.2% | ||||||||
Align Technology, Inc.† | 29,700 | 1,801,899 | ||||||
Diagnostic Equipment — 1.9% | ||||||||
Danaher Corp. | 193,500 | 16,702,920 | ||||||
GenMark Diagnostics, Inc.†# | 59,600 | 546,532 | ||||||
Oxford Immunotec Global PLC†# | 20,500 | 280,850 | ||||||
17,530,302 | ||||||||
Diagnostic Kits — 0.4% | ||||||||
IDEXX Laboratories, Inc.† | 28,500 | 3,864,600 | ||||||
Dialysis Centers — 2.0% | ||||||||
DaVita HealthCare Partners, Inc.† | 184,100 | 15,423,898 | ||||||
Fresenius SE & Co. KGaA(1) | 45,674 | 2,911,665 | ||||||
18,335,563 | ||||||||
Diversified Operations — 0.2% | ||||||||
Horizon Pharma PLC† | 42,700 | 1,384,761 | ||||||
Drug Delivery Systems — 0.7% | ||||||||
Catalent, Inc.† | 144,600 | 4,621,416 | ||||||
DexCom, Inc.† | 30,700 | 2,201,804 | ||||||
6,823,220 | ||||||||
Electronic Measurement Instruments — 1.7% | ||||||||
Agilent Technologies, Inc. | 270,700 | 11,150,133 | ||||||
Keysight Technologies, Inc.† | 138,250 | 4,542,895 | ||||||
15,693,028 | ||||||||
Enterprise Software/Service — 0.1% | ||||||||
Veeva Systems, Inc., Class A†# | 34,100 | 924,792 | ||||||
Heart Monitors — 0.0% | ||||||||
HeartWare International, Inc.† | 5,900 | 435,243 | ||||||
Human Resources — 0.3% | ||||||||
Team Health Holdings, Inc.† | 40,300 | 2,356,744 | ||||||
TriNet Group, Inc.† | 16,800 | 502,824 | ||||||
2,859,568 | ||||||||
Instruments - Controls — 0.3% | ||||||||
Mettler-Toledo International, Inc.† | 7,300 | 2,370,164 | ||||||
Instruments - Scientific — 0.8% | ||||||||
FEI Co. | 59,400 | 4,847,040 | ||||||
Thermo Fisher Scientific, Inc. | 20,400 | 2,644,452 | ||||||
7,491,492 | ||||||||
Insurance - Life/Health — 0.1% | ||||||||
Odontoprev SA | 159,400 | 565,802 | ||||||
Insurance - Property/Casualty — 0.2% | ||||||||
ProAssurance Corp. | 50,900 | 2,299,662 | ||||||
Medical Information Systems — 0.4% | ||||||||
athenahealth, Inc.†# | 33,400 | 3,894,440 | ||||||
Medical Instruments — 3.2% | ||||||||
Bruker Corp.† | 92,000 | 1,825,280 | ||||||
Entellus Medical, Inc.† | 4,300 | 100,405 | ||||||
Intuitive Surgical, Inc.† | 22,160 | 10,808,540 | ||||||
Medtronic PLC | 174,421 | 13,311,811 | ||||||
Thoratec Corp.† | 97,100 | 4,407,369 | ||||||
30,453,405 | ||||||||
Security Description | Shares | (Note 2) | ||||||
Medical Products — 5.8% | ||||||||
Aspen Pharmacare Holdings, Ltd.(1) | 127,812 | $ | 3,846,168 | |||||
Becton Dickinson and Co. | 139,300 | 19,573,043 | ||||||
China Medical System Holdings, Ltd.(1) | 1,266,500 | 2,103,394 | ||||||
Cooper Cos., Inc. | 36,400 | 6,616,428 | ||||||
EnteroMedics, Inc.†# | 105,150 | 125,128 | ||||||
Henry Schein, Inc.† | 38,200 | 5,411,794 | ||||||
Sirona Dental Systems, Inc.† | 96,000 | 9,477,120 | ||||||
Teleflex, Inc. | 13,900 | 1,789,486 | ||||||
Tornier NV†# | 95,500 | 2,538,390 | ||||||
West Pharmaceutical Services, Inc. | 43,200 | 2,338,848 | ||||||
Wright Medical Group, Inc.†# | 34,500 | 945,300 | ||||||
Wright Medical Group, Inc. CVR† | 7,700 | 32,725 | ||||||
54,797,824 | ||||||||
Medical - Biomedical/Gene — 25.6% | ||||||||
Abcam PLC(1) | 235,747 | 1,930,110 | ||||||
Acceleron Pharma, Inc.†# | 63,200 | 2,131,736 | ||||||
Acorda Therapeutics, Inc.† | 10,075 | 307,086 | ||||||
Aduro Biotech, Inc.†# | 7,900 | 266,862 | ||||||
Advaxis, Inc.†# | 121,625 | 3,060,085 | ||||||
Alexion Pharmaceuticals, Inc.† | 186,340 | 30,529,946 | ||||||
Bellicum Pharmaceuticals, Inc.†# | 12,900 | 319,146 | ||||||
Bellicum Pharmaceuticals, Inc.(2)(3)(4) | 41,324 | 971,238 | ||||||
Biogen, Inc.† | 49,100 | 19,492,209 | ||||||
BioMarin Pharmaceutical, Inc.† | 100,500 | 12,619,785 | ||||||
Bluebird Bio, Inc.† | 47,500 | 9,226,875 | ||||||
Blueprint Medicines Corp.† | 14,200 | 407,398 | ||||||
Celgene Corp.† | 71,780 | 8,214,503 | ||||||
Cellectis SA ADR†# | 5,600 | 240,240 | ||||||
Exelixis, Inc.†# | 367,100 | 1,156,365 | ||||||
Five Prime Therapeutics, Inc.† | 28,900 | 740,996 | ||||||
Gilead Sciences, Inc.† | 270,000 | 30,312,900 | ||||||
Illumina, Inc.† | 7,300 | 1,504,384 | ||||||
Incyte Corp.† | 222,600 | 24,519,390 | ||||||
Insmed, Inc.† | 223,900 | 4,912,366 | ||||||
Intercept Pharmaceuticals, Inc.†# | 8,958 | 2,286,037 | ||||||
Ligand Pharmaceuticals, Inc.†# | 11,000 | 969,210 | ||||||
Medicines Co.† | 80,350 | 2,278,726 | ||||||
Medivation, Inc.† | 8,100 | 1,069,605 | ||||||
Momenta Pharmaceuticals, Inc.† | 96,000 | 1,905,600 | ||||||
Novavax, Inc.† | 610,500 | 5,494,500 | ||||||
Prothena Corp. PLC†# | 101,587 | 4,006,591 | ||||||
Puma Biotechnology, Inc.†# | 80,124 | 15,660,236 | ||||||
Regeneron Pharmaceuticals, Inc.† | 39,100 | 20,041,096 | ||||||
Retrophin, Inc.†# | 24,100 | 762,524 | ||||||
Spark Therapeutics, Inc.† | 11,400 | 839,496 | ||||||
Spark Therapeutics, Inc.(2)(3)(4) | 19,225 | 1,344,942 | ||||||
Sunesis Pharmaceuticals, Inc.† | 145,400 | 344,598 | ||||||
Synageva BioPharma Corp.† | 29,700 | 6,338,277 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 25,232 | 2,195,184 | ||||||
United Therapeutics Corp.† | 31,751 | 5,833,294 | ||||||
Vertex Pharmaceuticals, Inc.† | 124,694 | 15,996,993 | ||||||
Zeneca, Inc. CVR(3)(4)(5) | 23,110 | 58,699 | ||||||
240,289,228 | ||||||||
Medical - Drugs — 17.4% | ||||||||
AbbVie, Inc. | 319,878 | 21,300,703 | ||||||
ACADIA Pharmaceuticals, Inc.†# | 146,000 | 6,015,200 | ||||||
Alkermes PLC† | 195,000 | 11,914,500 | ||||||
Amicus Therapeutics, Inc.† | 19,600 | 241,276 | ||||||
Array BioPharma, Inc.†# | 358,600 | 2,743,290 | ||||||
Astellas Pharma, Inc.(1) | 313,800 | 4,553,880 | ||||||
Bristol-Myers Squibb Co. | 171,500 | 11,078,900 | ||||||
Carbylan Therapeutics, Inc.† | 80,200 | 600,698 | ||||||
Chimerix, Inc.† | 67,800 | 2,837,430 |
123 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs (continued) | ||||||||
Clovis Oncology, Inc.†# | 59,500 | $ | 5,500,180 | |||||
CoLucid Pharmaceuticals, Inc.† | 26,000 | 225,680 | ||||||
Eli Lilly & Co. | 193,700 | 15,282,930 | ||||||
FibroGen, Inc.† | 33,300 | 606,393 | ||||||
Immune Design Corp.†# | 36,100 | 788,063 | ||||||
Ironwood Pharmaceuticals, Inc.† | 147,700 | 2,084,047 | ||||||
Jazz Pharmaceuticals PLC† | 14,100 | 2,528,835 | ||||||
Mallinckrodt PLC† | 20,144 | 2,607,439 | ||||||
Natco Pharma, Ltd.(1) | 9,801 | 337,865 | ||||||
Novartis AG(1) | 15,900 | 1,636,353 | ||||||
Novartis AG ADR | 16,400 | 1,684,772 | ||||||
Ophthotech Corp.† | 33,800 | 1,690,676 | ||||||
Orexigen Therapeutics, Inc.†# | 317,900 | 1,557,710 | ||||||
Pacira Pharmaceuticals, Inc.† | 59,700 | 4,669,137 | ||||||
Receptos, Inc.† | 16,000 | 2,638,240 | ||||||
Relypsa, Inc.† | 43,900 | 1,615,081 | ||||||
Shire PLC ADR | 17,400 | 4,526,610 | ||||||
Supernus Pharmaceuticals, Inc.† | 32,600 | 463,572 | ||||||
Takeda Pharmaceutical Co., Ltd.#(1) | 58,000 | 2,811,214 | ||||||
TESARO, Inc.† | 89,272 | 5,245,623 | ||||||
TherapeuticsMD, Inc.†# | 187,300 | 1,326,084 | ||||||
Valeant Pharmaceuticals International, Inc.† | 156,533 | 37,375,384 | ||||||
Zoetis, Inc. | 50,000 | 2,488,500 | ||||||
ZS Pharma, Inc.†# | 36,900 | 2,158,650 | ||||||
163,134,915 | ||||||||
Medical - Generic Drugs — 6.4% |
| |||||||
Actavis PLC† | 157,780 | 48,408,482 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 198,700 | 11,941,870 | ||||||
60,350,352 | ||||||||
Medical - HMO — 13.7% |
| |||||||
Aetna, Inc. | 264,100 | 31,155,877 | ||||||
Anthem, Inc. | 95,400 | 16,012,890 | ||||||
Centene Corp.† | 27,800 | 2,094,452 | ||||||
Cigna Corp. | 144,200 | 20,307,686 | ||||||
Humana, Inc. | 117,100 | 25,135,515 | ||||||
UnitedHealth Group, Inc. | 232,300 | 27,924,783 | ||||||
Universal American Corp.† | 43,600 | 447,336 | ||||||
WellCare Health Plans, Inc.† | 64,000 | 5,482,880 | ||||||
128,561,419 | �� | |||||||
Medical - Hospitals — 3.4% |
| |||||||
Acadia Healthcare Co., Inc.† | 25,080 | 1,859,431 | ||||||
Adeptus Health, Inc., Class A†# | 14,900 | 1,043,745 | ||||||
Community Health Systems, Inc.† | 31,800 | 1,758,858 | ||||||
HCA Holdings, Inc.† | 206,400 | 16,889,712 | ||||||
Mediclinic International, Ltd.(1) | 108,168 | 951,722 | ||||||
Universal Health Services, Inc., Class B | 74,400 | 9,640,752 | ||||||
32,144,220 | ||||||||
Medical - Wholesale Drug Distribution — 3.2% |
| |||||||
McKesson Corp. | 124,700 | 29,582,581 | ||||||
Pharmacy Services — 0.4% |
| |||||||
Diplomat Pharmacy, Inc.† | 92,500 | 3,575,125 | ||||||
JAND, Inc. (dba Warby Parker)., Class A(3)(4)(5) | 33,706 | 387,123 | ||||||
3,962,248 | ||||||||
Physicians Practice Management — 0.5% |
| |||||||
Envision Healthcare Holdings, Inc.† | 45,500 | 1,681,225 | ||||||
MEDNAX, Inc.† | 47,100 | 3,352,578 | ||||||
5,033,803 | ||||||||
Security Description | Shares | (Note 2) | ||||||
Retail - Convenience Store — 0.1% |
| |||||||
CP ALL PCL | 494,800 | $ | 672,922 | |||||
Retail - Drug Store — 1.6% |
| |||||||
CVS Health Corp. | 28,900 | 2,958,782 | ||||||
Rite Aid Corp.† | 1,384,300 | 12,071,096 | ||||||
15,029,878 | ||||||||
Therapeutics — 2.0% |
| |||||||
Agios Pharmaceuticals, Inc.†# | 3,400 | 414,868 | ||||||
aTyr Pharma, Inc.(2)(3)(4) | 18,425 | 400,661 | ||||||
aTyr Pharma, Inc.† | 10,600 | 242,634 | ||||||
Calithera Biosciences, Inc.† | 17,238 | 180,482 | ||||||
Dyax Corp.† | 154,100 | 4,058,994 | ||||||
Neurocrine Biosciences, Inc.† | 265,035 | 11,624,435 | ||||||
Portola Pharmaceuticals, Inc.† | 11,100 | 464,202 | ||||||
Vital Therapies, Inc.†# | 33,900 | 735,630 | ||||||
Xencor, Inc.† | 30,200 | 547,828 | ||||||
18,669,734 | ||||||||
Wireless Equipment — 0.3% |
| |||||||
GN Store Nord A/S#(1) | 139,630 | 3,020,606 | ||||||
Total Common Stocks | ||||||||
(cost $527,633,541) | 876,085,906 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.4% | ||||||||
Medical Information Systems — 0.0% | ||||||||
Doximity, Inc. | 64,785 | 312,316 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
BeiGene Co., Ltd. | 212,162 | 248,230 | ||||||
REGENXBIO, Inc. | 16,965 | 162,353 | ||||||
410,583 | ||||||||
Medical - HMO — 0.1% |
| |||||||
Anthem, Inc. | 15,000 | 816,600 | ||||||
Pharmacy Services — 0.2% |
| |||||||
Acerta Pharma B.V. | 108,621 | 1,249,141 | ||||||
JAND, Inc. (dba Warby Parker) | 75,264 | 864,430 | ||||||
2,113,571 | ||||||||
Therapeutics — 0.0% |
| |||||||
Seres Health, Inc. | 20,906 | 301,046 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $3,840,754) | 3,954,116 | |||||||
PREFERRED SECURITIES — 0.3% | ||||||||
Medical - Generic Drugs — 0.3% | ||||||||
Actavis PLC | 2,814 | 2,982,756 | ||||||
WARRANTS — 0.0% | ||||||||
Medical Products — 0.0% | ||||||||
EnteroMedics, Inc. | 6,300 | 1,020 | ||||||
Enteromedics, Inc. | 42,300 | 3,748 | ||||||
4,768 | ||||||||
124 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount | (Note 2) | ||||||
WARRANTS (continued) | ||||||||
Medical - Drugs — 0.0% | ||||||||
Alexza Pharmaceuticals, Inc. | 1,305 | $ | 1 | |||||
Total Warrants | ||||||||
(cost $1,631) | 4,769 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $534,289,926) | 883,027,547 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.8% | ||||||||
Registered Investment Companies — 10.8% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(6) | 46,760,036 | 46,760,036 | ||||||
T. Rowe Price Reserve Investment Fund | 54,467,572 | 54,467,572 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $101,227,608) | 101,227,608 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $635,517,534)(7) | 104.8 | % | 984,255,155 | |||||
Liabilities in excess of other assets | (4.8 | ) | (44,943,995 | ) | ||||
NET ASSETS | 100.0 | % | $ | 939,311,160 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $24,102,977 representing 2.6% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(3) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2015, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
aTyr Pharma, Inc. | 03/31/2015 | 18,425 | $ | 199,613 | $ | 400,661 | $ | 21.75 | 0.04 | % | ||||||||||||||
Bellicum Pharma | 08/22/2014 | 25,045 | 232,045 | |||||||||||||||||||||
12/18/2014 | 16,279 | 166,050 | ||||||||||||||||||||||
41,324 | 398,095 | 971,238 | 23.50 | 0.11 | % | |||||||||||||||||||
JAND, Inc. (dba Warby Parker)., Class A | 04/23/2015 | 33,706 | 387,123 | 387,123 | 11.49 | 0.04 | % | |||||||||||||||||
Spark Therapeutics, Inc. | 05/23/2014 | 18,918 | 152,290 | |||||||||||||||||||||
2/4/2015 | 307 | 1,534 | ||||||||||||||||||||||
19,225 | 153,824 | 1,344,942 | 69.96 | 0.14 | % | |||||||||||||||||||
Zeneca, Inc. CVR | 07/19/2013 | 23,110 | – | 58,699 | 2.54 | 0.01 | % | |||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Acerta Pharma B.V. | 5/12/2015 | 108,621 | 1,249,141 | 1,249,141 | 11.50 | 0.13 | % | |||||||||||||||||
BeiGene Co., Ltd. | 4/21/2015 | 212,162 | 248,230 | 248,230 | 1.17 | 0.03 | % | |||||||||||||||||
Doximity, Inc. | 04/10/2014 | 64,785 | 312,316 | 312,316 | 4.82 | 0.03 | % | |||||||||||||||||
JAND, Inc. (dba Warby Parker). | 04/23/2015 | 75,264 | 864,430 | 864,430 | 11.49 | 0.09 | % | |||||||||||||||||
REGENXBIO, Inc. | 5/5/2015 | 16,965 | 162,353 | 162,353 | 9.57 | 0.02 | % | |||||||||||||||||
Seres Health, Inc. | 11/24/2014 | 20,906 | 254,284 | 301,046 | 14.40 | 0.03 | % | |||||||||||||||||
Warrants | ||||||||||||||||||||||||
Alexza Pharma | ||||||||||||||||||||||||
Strike price $27.70 | 10/05/2009 | 1,305 | 1,631 | 1 | 0.00 | 0.00 | % | |||||||||||||||||
$ | 6,300,180 | 0.67 | % | |||||||||||||||||||||
(4) | Illiquid security. At May 31, 2015, the aggregate value of these securities was $6,300,180 representing 0.7% of net assets. |
(5) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(6) | At May 31, 2015, the Fund had loaned securities with a total value of $45,738,523. This was secured by collateral of $46,760,036, which was received in cash and subsequently invested in short-term investments currently valued at $46,760,036 as reported in the Portfolio of Investments. |
(7) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
CVR—Contingent Value Right
Call option contracts written at May 31, 2015 for the Health Sciences Fund were as follows: | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Chimerix, Inc. | Aug-15 | $ | 50.00 | 25 | $ | 3,550 | $ | 3,375 | $ | 175 | ||||||||||||||
Clovis Oncology, Inc. | Jun-15 | 85.00 | 55 | 41,629 | 62,700 | (21,071 | ) | |||||||||||||||||
Humana, Inc. | Nov-15 | 220.00 | 45 | 40,364 | 40,364 | – | ||||||||||||||||||
Incyte Corp. | Jun-15 | 90.00 | 101 | 45,251 | 210,080 | (164,829 | ) | |||||||||||||||||
226 | $ | 130,794 | $ | 316,519 | $ | (185,725 | ) | |||||||||||||||||
125 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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: | ||||||||||||||||
Dialysis Centers | $ | 15,423,898 | $ | 2,911,665 | $ | — | $ | 18,335,563 | ||||||||
Medical Products | 48,848,262 | 5,949,562 | — | 54,797,824 | ||||||||||||
Medical-Biomedical/Gene | 235,984,239 | 4,246,290 | 58,699 | 240,289,228 | ||||||||||||
Medical - Drugs | 153,795,603 | 9,339,312 | — | 163,134,915 | ||||||||||||
Medical - Hospitals | 31,192,498 | 951,722 | — | 32,144,220 | ||||||||||||
Pharmacy Services | 3,575,125 | — | 387,123 | 3,962,248 | ||||||||||||
Therapeutics | 18,269,073 | 400,661 | — | 18,669,734 | ||||||||||||
Wireless Equipment | — | 3,020,606 | — | 3,020,606 | ||||||||||||
Other Industries | 341,731,568 | — | — | 341,731,568 | ||||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Medical - HMO | 816,600 | — | — | 816,600 | ||||||||||||
Other Industries | — | — | 3,137,516 | 3,137,516 | ||||||||||||
Preferred Securities | 2,982,756 | — | — | 2,982,756 | ||||||||||||
Warrants | — | 4,769 | — | 4,769 | ||||||||||||
Short-Term Investment Securities | 101,227,608 | — | — | 101,227,608 | ||||||||||||
Total Investments at Value | $ | 953,847,230 | $ | 26,824,587 | $ | 3,583,338 | $ | 984,255,155 | ||||||||
Other Financial Instruments:+ | ||||||||||||||||
Written Call Options | $ | 175 | $ | — | $ | — | $ | 175 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Written Call Options | $ | 185,900 | $ | — | $ | — | $ | 185,900 | ||||||||
* | 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. Securities currently valued at $21,191,311 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
126 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
United States Treasury Notes | 31.7 | % | ||
United States Treasury Bonds | 22.0 | |||
Diversified Banking Institutions | 12.3 | |||
Sovereign | 10.4 | |||
Insurance — Life/Health | 3.0 | |||
Banks — Commercial | 2.3 | |||
Insurance — Multi-line | 2.2 | |||
Federal Home Loan Mtg. Corp. | 1.9 | |||
Finance — Consumer Loans | 1.6 | |||
Federal National Mtg. Assoc. | 1.1 | |||
Banks — Super Regional | 1.1 | |||
Special Purpose Entities | 0.9 | |||
Auto — Cars/Light Trucks | 0.9 | |||
Diversified Financial Services | 0.9 | |||
Registered Investment Companies | 0.8 | |||
Certificates of Deposit | 0.6 | |||
Gold Mining | 0.5 | |||
Steel — Producers | 0.5 | |||
Electric — Integrated | 0.4 | |||
Telecom Services | 0.4 | |||
Steel — Specialty | 0.4 | |||
Banks — Money Center | 0.4 | |||
Telephone — Integrated | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Retail — Drug Store | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Metal — Copper | 0.2 | |||
Diversified Minerals | 0.2 | |||
Pipelines | 0.2 | |||
Oil Companies — Integrated | 0.2 | |||
Government National Mtg. Assoc. | 0.1 | |||
Time Deposits | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Metal — Diversified | 0.1 | |||
Medical — Biomedical/Gene | 0.1 | |||
Building Products — Wood | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Coatings/Paint | 0.1 | |||
Federal Home Loan Bank | 0.1 | |||
Building Products — Cement | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
SupraNational Banks | 0.1 | |||
99.6 | % | |||
Credit Quality†#
Aaa | 68.2 | % | ||
Aa | 7.3 | |||
A | 9.4 | |||
Baa | 7.6 | |||
Ba | 4.2 | |||
B | 0.4 | |||
Not Rated@ | 2.9 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
@ | Represent debt issues that either have no rating, or the rating is unavailable from the data source. |
† | Source: Moody’s |
# | Calculated as percentage of total debt issues, excluding short-term securities. |
127 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Principal Amount** | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 0.3% |
| |||||||
Diversified Financial Services — 0.3% |
| |||||||
Invitation Homes Trust FRS | $ | 800,000 | $ | 797,439 | ||||
JPMorgan Chase Commercial Mtg. Securities Trust FRS | 500,000 | 500,332 | ||||||
Total Asset Backed Securities | ||||||||
(cost $1,303,125) | 1,297,771 | |||||||
U.S. CORPORATE BONDS & NOTES — 18.0% |
| |||||||
Auto - Cars/Light Trucks — 0.9% |
| |||||||
Ford Motor Credit Co. LLC FRS | 500,000 | 500,844 | ||||||
Toyota Motor Credit Corp. | 1,700,000 | 1,701,625 | ||||||
Toyota Motor Credit Corp. FRS | 2,000,000 | 1,992,760 | ||||||
4,195,229 | ||||||||
Banks - Commercial — 0.3% |
| |||||||
Zions Bancorporation FRS | 1,300,000 | 1,345,500 | ||||||
Banks - Super Regional — 0.6% |
| |||||||
Fifth Third Bancorp FRS | 700,000 | 696,227 | ||||||
Wells Fargo & Co. FRS | 2,000,000 | 2,037,538 | ||||||
2,733,765 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Vulcan Materials Co. | 456,000 | 460,560 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 530,000 | 543,913 | ||||||
Coatings/Paint — 0.1% |
| |||||||
RPM International, Inc. | 523,000 | 513,201 | ||||||
Diversified Banking Institutions — 8.2% |
| |||||||
Bank of America Corp. FRS | 2,000,000 | 1,947,500 | ||||||
Bank of America Corp. FRS | 1,600,000 | 1,595,520 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,916,380 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,907,520 | ||||||
Citigroup, Inc. FRS | 4,000,000 | 4,193,880 |
Security Description | Principal Amount** | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Goldman Sachs Group, Inc. FRS | $ | 4,000,000 | $ | 3,942,596 | ||||
Goldman Sachs Group, Inc. FRS | 2,000,000 | 2,020,122 | ||||||
Goldman Sachs Group, Inc. FRS | 1,057,000 | 1,068,979 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 1,976,600 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 1,970,200 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 997,300 | ||||||
JPMorgan Chase & Co. FRS | 5,000,000 | 5,109,000 | ||||||
Morgan Stanley FRS | 884,000 | 887,615 | ||||||
Morgan Stanley FRS | 468,000 | 458,640 | ||||||
Morgan Stanley FRS | 1,400,000 | 1,409,677 | ||||||
Morgan Stanley FRS | 1,813,000 | 1,853,792 | ||||||
Morgan Stanley FRS | 2,203,000 | 2,225,030 | ||||||
Morgan Stanley FRS | 3,870,000 | 3,952,237 | ||||||
Morgan Stanley FRS | 664,000 | 679,770 | ||||||
40,112,358 | ||||||||
Diversified Financial Services — 0.6% |
| |||||||
General Electric Capital Corp. | 830,000 | 837,702 | ||||||
Morgan Stanley & Co. LLC FRS | 2,000,000 | 2,047,500 | ||||||
2,885,202 | ||||||||
Finance - Consumer Loans — 1.0% |
| |||||||
SLM Corp. FRS | 424,000 | 423,576 | ||||||
SLM Corp. FRS | 1,317,000 | 1,198,865 | ||||||
SLM Corp. FRS | 3,176,000 | 3,005,449 | ||||||
4,627,890 | ||||||||
128 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount** | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. FRS | $ | 400,000 | $ | 44,560 | ||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 63,580 | ||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 111,400 | ||||||
219,540 | ||||||||
Insurance - Life/Health — 2.1% |
| |||||||
Allstate Life Global Funding Trusts FRS | 1,744,000 | 1,739,309 | ||||||
Pacific Life Global Funding FRS | 300,000 | 301,950 | ||||||
Pacific Life Global Funding FRS | 6,000,000 | 5,976,000 | ||||||
Pacific LifeCorp | 307,000 | �� | 349,571 | |||||
Prudential Financial, Inc. FRS | 2,000,000 | 2,037,440 | ||||||
10,404,270 | ||||||||
Insurance - Multi-line — 1.1% |
| |||||||
Monumental Global Funding III FRS | 5,000,000 | 5,424,615 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Amgen, Inc. | 570,000 | 554,467 | ||||||
Medical - Drugs — 0.0% |
| |||||||
AbbVie, Inc. | 53,000 | 53,234 | ||||||
Metal - Copper — 0.2% |
| |||||||
Freeport-McMoRan, Inc. | 883,000 | 884,289 | ||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
Southwestern Energy Co. | 186,000 | 191,253 | ||||||
Pipelines — 0.1% |
| |||||||
Kinder Morgan, Inc. | 456,000 | 457,016 | ||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
Omega Healthcare Investors, Inc. | 406,000 | 399,684 | ||||||
Retail - Building Products — 0.0% |
| |||||||
Home Depot, Inc. | 120,000 | 120,692 | ||||||
Security Description | Principal Amount** | Value (Note 2) | ||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. FRS | $ | 1,200,000 | $ | 1,201,589 | ||||
Special Purpose Entity — 0.6% |
| |||||||
Hartford Life Institutional Funding FRS | 3,000,000 | 3,042,960 | ||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Valmont Industries, Inc. | 270,000 | 251,142 | ||||||
Steel - Producers — 0.5% |
| |||||||
Glencore Funding LLC FRS | 2,400,000 | 2,370,694 | ||||||
Steel - Specialty — 0.4% |
| |||||||
Allegheny Technologies, Inc. | 1,880,000 | 1,950,500 | ||||||
Telecom Services — 0.4% |
| |||||||
Qwest Corp. | 2,000,000 | 2,008,250 | ||||||
Telecommunication Equipment — 0.1% |
| |||||||
Harris Corp. | 285,000 | 283,140 | ||||||
Telephone - Integrated — 0.1% |
| |||||||
AT&T, Inc. | 428,000 | 407,568 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $87,385,508) | 87,642,521 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 6.3% |
| |||||||
Banks - Commercial — 1.6% |
| |||||||
Banco Santander Chile FRS | 800,000 | 797,755 | ||||||
Barclays Bank PLC FRS | 2,466,000 | 2,427,777 | ||||||
BNP Paribas LLC FRS | 674,000 | 671,506 | ||||||
Industrial & Commercial Bank of China, Ltd. FRS | 1,800,000 | 1,808,901 | ||||||
Intesa Sanpaolo SpA | 1,000,000 | 1,003,235 | ||||||
Royal Bank of Canada FRS | 1,000,000 | 1,002,062 | ||||||
7,711,236 | ||||||||
Banks - Money Center — 0.3% |
| |||||||
ABN AMRO Bank NV VRS | 1,000,000 | 1,082,500 |
129 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount** | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks - Money Center (continued) |
| |||||||
Royal Bank of Scotland NV | $ | 300,000 | $ | 315,834 | ||||
1,398,334 | ||||||||
Chemicals - Plastics — 0.1% |
| |||||||
Mexichem SAB de CV | 320,000 | 310,560 | ||||||
Diversified Banking Institutions — 2.7% |
| |||||||
Royal Bank of Scotland PLC FRS | 2,000,000 | 2,019,560 | ||||||
Societe Generale SA FRS | 10,000,000 | 9,440,000 | ||||||
UBS AG VRS | 1,800,000 | 1,841,863 | ||||||
13,301,423 | ||||||||
Diversified Minerals — 0.2% |
| |||||||
Anglo American Capital PLC | 350,000 | 353,113 | ||||||
Anglo American Capital PLC | 527,000 | 531,054 | ||||||
884,167 | ||||||||
Gold Mining — 0.5% |
| |||||||
Goldcorp, Inc. | 529,000 | 536,273 | ||||||
Goldcorp, Inc. | 462,000 | 458,067 | ||||||
Kinross Gold Corp. | 475,000 | 480,750 | ||||||
Kinross Gold Corp. | 1,036,000 | 1,006,496 | ||||||
2,481,586 | ||||||||
Insurance - Multi-line — 0.0% |
| |||||||
XLIT, Ltd. | 162,000 | 159,387 | ||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Actavis Funding SCS FRS | 1,066,000 | 1,070,146 | ||||||
Actavis Funding SCS FRS | 439,000 | 443,679 | ||||||
1,513,825 | ||||||||
Metal - Diversified — 0.1% |
| |||||||
Noranda, Inc. | 600,000 | 610,467 | ||||||
Oil Companies - Integrated — 0.2% |
| |||||||
Petrobras Global Finance BV FRS | 250,000 | 245,673 |
Security Description | Principal Amount** | Value (Note 2) | ||||||
Oil Companies - Integrated (continued) |
| |||||||
Petrobras Global Finance BV FRS | $ | 500,000 | $ | 470,625 | ||||
716,298 | ||||||||
SupraNational Banks — 0.1% |
| |||||||
Inter-American Development Bank FRS | 250,000 | 250,945 | ||||||
Telephone - Integrated — 0.2% |
| |||||||
Telefonica Emisiones SAU FRS | 1,200,000 | 1,199,233 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $31,140,694) | 30,537,461 | |||||||
U.S. GOVERNMENT AGENCIES — 3.2% |
| |||||||
Federal Home Loan Bank — 0.1% |
| |||||||
Federal Home Loan Bank FRS | 500,000 | 502,118 | ||||||
Federal Home Loan Mtg. Corp. — 1.9% |
| |||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 1,310,632 | 1,324,686 | ||||||
Series 3925, Class FL 0.64% due 01/15/2041(4) | 1,275,110 | 1,286,990 | ||||||
Series 4001, Class FM 0.69% due 02/15/2042(4) | 684,223 | 689,702 | ||||||
Series 3355, Class BF 0.89% due 08/15/2037(4) | 816,359 | 829,079 | ||||||
Federal Home Loan Mtg. Corp. | 2,500,000 | 2,491,805 | ||||||
Series 2014-DN1, Class M2 2.38% due 02/25/2024(4) | 1,775,000 | 1,796,504 | ||||||
Series 2015-HQ1, Class M2 2.38% due 03/25/2025(4) | 1,000,000 | 1,007,807 | ||||||
9,426,573 | ||||||||
Federal National Mtg. Assoc. — 1.1% |
| |||||||
Federal National Mtg. Assoc. REMIC FRS | 1,925,384 | 1,935,371 | ||||||
Series 2011-103, Class FD 0.63% due 05/25/2040(4) | 3,193,183 | 3,209,229 | ||||||
5,144,600 | ||||||||
Government National Mtg. Assoc. — 0.1% |
| |||||||
Government National Mtg. Assoc. REMIC FRS | 683,704 | 691,049 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $15,682,060) | 15,764,340 | |||||||
U.S. GOVERNMENT TREASURIES — 53.7% |
| |||||||
United States Treasury Bonds TIPS(5) — 22.0% |
| |||||||
0.75% due 02/15/2045 | 1,531,450 | 1,465,167 | ||||||
1.38% due 02/15/2044 | 4,340,448 | 4,833,835 | ||||||
1.75% due 01/15/2028 | 20,170,794 | 23,286,234 | ||||||
2.00% due 01/15/2026 | 9,527,254 | 11,134,978 | ||||||
2.13% due 02/15/2040 | 2,621,352 | 3,346,318 | ||||||
2.13% due 02/15/2041 | 5,034,307 | 6,477,345 | ||||||
2.50% due 01/15/2029 | 9,346,175 | 11,749,899 |
130 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount**/ Shares | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Bonds TIPS(5) (continued) |
| |||||||
3.63% due 04/15/2028 | $ | 13,136,310 | $ | 18,239,977 | ||||
3.88% due 04/15/2029 | 18,309,383 | 26,455,630 | ||||||
106,989,383 | ||||||||
United States Treasury Notes TIPS(5) — 31.7% |
| |||||||
0.13% due 04/15/2016 | 13,288,686 | 13,367,594 | ||||||
0.13% due 04/15/2017 | 19,628,502 | 19,933,667 | ||||||
0.13% due 04/15/2018 | 14,910,396 | 15,180,647 | ||||||
0.13% due 04/15/2019 | 3,909,061 | 3,973,193 | ||||||
0.13% due 07/15/2022 | 3,592,995 | 3,603,098 | ||||||
0.13% due 01/15/2023 | 13,295,750 | 13,224,073 | ||||||
0.13% due 07/15/2024 | 5,219,655 | 5,170,314 | ||||||
0.25% due 01/15/2025 | 4,485,195 | 4,472,583 | ||||||
0.63% due 07/15/2021 | 1,047,430 | 1,089,327 | ||||||
0.63% due 01/15/2024 | 1,972,932 | 2,034,894 | ||||||
1.13% due 01/15/2021 | 7,014,670 | 7,468,982 | ||||||
1.25% due 07/15/2020 | 3,247,440 | 3,495,564 | ||||||
1.38% due 07/15/2018 | 10,838,124 | 11,541,757 | ||||||
1.38% due 01/15/2020 | 6,550,140 | 7,040,379 | ||||||
1.88% due 07/15/2015 | 15,777,970 | 15,876,582 | ||||||
1.88% due 07/15/2019 | 1,658,460 | 1,816,662 | ||||||
2.00% due 01/15/2016 | 5,947,100 | 6,051,174 | ||||||
2.38% due 01/15/2017 | 4,682,520 | 4,927,622 | ||||||
2.38% due 01/15/2025 | 3,757,200 | 4,498,954 | ||||||
2.63% due 07/15/2017 | 9,112,320 | 9,822,798 | ||||||
154,589,864 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $242,608,643) | 261,579,247 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 10.4% |
| |||||||
Sovereign — 10.4% |
| |||||||
Brazil Notas do Tesouro Nacional | BRL | 9,491,655 | 2,970,144 | |||||
Commonwealth of Australia | AUD | 3,091,825 | 2,956,868 | |||||
Commonwealth of Australia | AUD | 16,133,600 | 15,447,579 | |||||
Government of Canada | CAD | 1,201,541 | 1,225,483 | |||||
Government of Canada | CAD | 18,026,251 | 19,126,728 | |||||
United Kingdom Inflation Linked Gilt Treasury | GBP | 3,800,768 | 6,599,712 | |||||
United Kingdom Inflation Linked Gilt Treasury | GBP | 1,166,539 | 2,334,401 | |||||
Total Foreign Government Obligations | ||||||||
(cost $56,284,125) | 50,660,915 | |||||||
PREFERRED SECURITIES — 2.3% |
| |||||||
Banks - Commercial — 0.2% |
| |||||||
HSBC USA, Inc. FRS | 54,400 | 1,230,528 | ||||||
Banks - Money Center — 0.1% |
| |||||||
UBS Preferred Funding Trust IV FRS | 21,000 | 412,650 | ||||||
Security Description | | Value (Note 2) | ||||||
Banks - Super Regional — 0.2% |
| |||||||
Wells Fargo & Co. FRS | 40,000 | $ | 1,034,400 | |||||
Diversified Banking Institutions — 0.1% |
| |||||||
JPMorgan Chase & Co. | 10,000 | 247,200 | ||||||
Electric - Integrated — 0.2% |
| |||||||
Alabama Power Co. | 770 | 21,214 | ||||||
Southern California Edison Co. FRS | 10,000 | 1,010,000 | ||||||
1,031,214 | ||||||||
Finance - Consumer Loans — 0.6% |
| |||||||
SLM Corp. FRS | 84,412 | 2,060,497 | ||||||
SLM Corp. FRS | 33,871 | 811,549 | ||||||
2,872,046 | ||||||||
Insurance - Life/Health — 0.9% |
| |||||||
Principal Financial Group, Inc. FRS | 11,000 | 1,110,450 | ||||||
Prudential Financial, Inc. FRS | 138,486 | 3,538,317 | ||||||
4,648,767 | ||||||||
Total Preferred Securities | ||||||||
(cost $11,363,921) | 11,476,805 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 3.9% |
| |||||||
Banks - Commercial — 0.2% |
| |||||||
Banco do Brasil SA VRS | 800,000 | 735,000 | ||||||
Standard Chartered PLC VRS | 280,000 | 283,475 | ||||||
1,018,475 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
UBS Preferred Funding Trust V FRS | 600,000 | 621,000 | ||||||
Banks - Super Regional — 0.3% |
| |||||||
Capital One Financial Corp. FRS | 368,000 | 368,460 | ||||||
PNC Preferred Funding Trust II FRS | 1,000,000 | 922,500 | ||||||
1,290,960 | ||||||||
Diversified Banking Institutions — 1.3% |
| |||||||
BAC Capital Trust XIV FRS | 1,800,000 | 1,444,500 | ||||||
BNP Paribas SA FRS | GBP | 200,000 | 335,817 | |||||
Credit Suisse Group AG VRS | 500,000 | 490,625 | ||||||
Deutsche Bank AG VRS | 800,000 | 812,000 | ||||||
Goldman Sachs Group, Inc. FRS | 783,000 | 781,042 | ||||||
HSBC Holdings PLC VRS | 492,000 | 504,792 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,002,400 |
131 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount**/ Shares | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
JPMorgan Chase & Co. FRS | 135,000 | $ | 139,050 | |||||
Societe Generale SA VRS | 700,000 | 668,500 | ||||||
6,178,726 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
Dominion Resources, Inc. FRS | 1,200,000 | 1,103,986 | ||||||
Insurance - Life/Health — 0.0% |
| |||||||
Prudential Financial, Inc. FRS | 121,000 | 121,832 | ||||||
Insurance - Multi-line — 1.1% |
| |||||||
Genworth Holdings, Inc. FRS | 800,000 | 502,000 | ||||||
XL Group PLC FRS | 4,083,000 | 3,517,505 | ||||||
ZFS Finance USA Trust V FRS | 1,000,000 | 1,063,750 | ||||||
5,083,255 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
ZFS Finance USA Trust II FRS | 500,000 | 517,500 | ||||||
Insurance - Reinsurance — 0.2% |
| |||||||
Swiss Re Capital I LP FRS | 1,000,000 | 1,033,750 | ||||||
Pipelines — 0.1% |
| |||||||
DCP Midstream LLC FRS | 493,000 | 406,725 | ||||||
Special Purpose Entity — 0.3% |
| |||||||
Goldman Sachs Capital III FRS | 1,900,000 | 1,467,750 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $19,858,946) | 18,843,959 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $465,627,022) | 477,803,019 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.5% |
| |||||||
Certificates of Deposit — 0.6% |
| |||||||
Banco Bilbao Vizcaya Argentaria FRS | $ | 3,000,000 | 2,988,294 | |||||
Registered Investment Companies — 0.8% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(7) | 3,957,958 | 3,957,958 | ||||||
Security Description | Principal Amount** | Value (Note 2) | ||||||
Time Deposits — 0.1% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 655,000 | $ | 655,000 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $7,607,324) | 7,601,252 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $473,234,346)(8) | 99.6 | % | 485,404,271 | |||||
Other assets less liabilities | 0.4 | 2,073,194 | ||||||
NET ASSETS | 100.0 | % | $ | 487,477,465 | ||||
* | 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 May 31, 2015, the aggregate value of these securities was $28,280,787 representing 5.8% 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 May 31, 2015. |
(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 May 31, 2015, the Fund had loaned securities with a total value of $3,864,663. This was secured by collateral of $3,957,958, which was received in cash and subsequently invested in short-term investments currently valued at $3,957,958 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 May 31, 2015 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 May 31, 2015 (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 | $ | — | $ | 1,297,771 | $ | — | $ | 1,297,771 | ||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Special Purpose Entity | — | — | 3,042,960 | 3,042,960 | ||||||||||||
Other Industries | — | 84,599,561 | — | 84,599,561 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 3,861,423 | 9,440,000 | 13,301,423 | ||||||||||||
Other Industries | — | 17,236,038 | — | 17,236,038 |
132 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
U.S. Government Agencies | $ | — | $ | 15,764,340 | $ | — | $ | 15,764,340 | ||||||||
U.S. Government Treasuries | — | 261,579,247 | — | 261,579,247 | ||||||||||||
Foreign Government Obligations | — | 50,660,915 | — | 50,660,915 | ||||||||||||
Preferred Securities | 11,476,805 | — | — | 11,476,805 | ||||||||||||
Preferred Securities/Capital Securities | — | 18,843,959 | — | 18,843,959 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 3,957,958 | — | — | 3,957,958 | ||||||||||||
Other Short-Term Investment Securities | — | 3,643,294 | — | 3,643,294 | ||||||||||||
Total Investments at Value | $ | 15,434,763 | $ | 457,486,548 | $ | 12,482,960 | $ | 485,404,271 | ||||||||
* | 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.
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 | — | 1,434 | ||||||
Accrued premiums | (25,356 | ) | — | |||||
Realized gain | — | — | ||||||
Realized loss | (301,463 | ) | — | |||||
Change in unrealized appreciation(1) | 273,685 | — | ||||||
Change in unrealized depreciation(1) | (80,796 | ) | (293,474 | ) | ||||
Net purchases | 3,148,890 | — | ||||||
Net sales | (697,053 | ) | — | |||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | (2,019,560 | ) | |||||
Balance as of 5/31/2015 | $ | 3,042,960 | $ | 9,440,000 | ||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at May 31, 2015 includes: |
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
$ | (80,796 | ) | $ | (260,000 | ) | |||
Any difference between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities no longer classified as Level 3 or sold/no longer held at May 31, 2015.
The Fund’s securities classified as Level 3, with a fair value of $12,482,960 at May 31, 2015, 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
133 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 8.8 | % | ||
Banks — Commercial | 8.7 | |||
Registered Investment Companies | 7.8 | |||
Diversified Banking Institutions | 5.4 | |||
Auto — Cars/Light Trucks | 4.1 | |||
Oil Companies — Integrated | 3.6 | |||
Exchange-Traded Funds | 3.3 | |||
Food — Misc./Diversified | 3.0 | |||
Telephone — Integrated | 2.9 | |||
Insurance — Life/Health | 2.2 | |||
Electric — Integrated | 2.2 | |||
Insurance — Multi-line | 1.8 | |||
Brewery | 1.6 | |||
Chemicals — Diversified | 1.5 | |||
Real Estate Investment Trusts | 1.5 | |||
Tobacco | 1.5 | |||
Repurchase Agreements | 1.4 | |||
Cosmetics & Toiletries | 1.4 | |||
Food — Retail | 1.3 | |||
Transport — Rail | 1.2 | |||
Diversified Minerals | 1.1 | |||
Real Estate Operations & Development | 1.1 | |||
Gas — Distribution | 1.0 | |||
Retail — Apparel/Shoe | 1.0 | |||
Machinery — Electrical | 0.9 | |||
Cellular Telecom | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Electronic Components — Misc. | 0.9 | |||
U.S. Government Treasuries | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Import/Export | 0.9 | |||
Metal — Diversified | 0.8 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Finance — Other Services | 0.8 | |||
Beverages — Wine/Spirits | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Soap & Cleaning Preparation | 0.7 | |||
Steel — Producers | 0.7 | |||
Rubber — Tires | 0.6 | |||
Industrial Gases | 0.6 | |||
Diversified Operations | 0.6 | |||
Building Products — Cement | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Retail — Jewelry | 0.5 | |||
Enterprise Software/Service | 0.5 | |||
Audio/Video Products | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Building & Construction Products — Misc. | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Insurance — Reinsurance | 0.4 | |||
Telecom Services | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Investment Companies | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Agricultural Chemicals | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Electronic Components — Semiconductors | 0.4 | |||
Medical — Generic Drugs | 0.4 | |||
Office Automation & Equipment | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Textile — Apparel | 0.4 | |||
Medical Products | 0.4 | |||
Building & Construction — Misc. | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Transport — Services | 0.3 | |||
Multimedia | 0.3 | |||
Dialysis Centers | 0.3 |
Industrial Automated/Robotic | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Hotels/Motels | 0.3 | |||
Food — Catering | 0.3 | |||
Human Resources | 0.3 | |||
Metal Processors & Fabrication | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Water | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Commercial Services | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Networking Products | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Casino Hotels | 0.2 | |||
Advertising Agencies | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Machinery — Farming | 0.2 | |||
Television | 0.2 | |||
Transport — Marine | 0.2 | |||
Advertising Services | 0.2 | |||
Photo Equipment & Supplies | 0.2 | |||
Computer Services | 0.2 | |||
Wireless Equipment | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Medical Instruments | 0.2 | |||
Security Services | 0.2 | |||
Optical Supplies | 0.2 | |||
Diversified Operations/Commercial Services | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Satellite Telecom | 0.2 | |||
Retail — Building Products | 0.2 | |||
Transactional Software | 0.2 | |||
Electric — Transmission | 0.2 | |||
Gold Mining | 0.2 | |||
Airlines | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Athletic Footwear | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Oil — Field Services | 0.1 | |||
Toys | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Electronics — Military | 0.1 | |||
Paper & Related Products | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Publishing — Books | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Retail — Discount | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Pipelines | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Private Equity | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Printing — Commercial | 0.1 | |||
Computer Aided Design | 0.1 |
134 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — May 31, 2015 — (continued)
Industry Allocation* (continued)
Gas — Transportation | 0.1 | % | ||
Retail — Regional Department Stores | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Applications Software | 0.1 | |||
Cruise Lines | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Appliances | 0.1 | |||
Transport — Truck | 0.1 | |||
Computer Data Security | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Mining Services | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
107.9 | % | |||
Country Allocation*
Japan | 21.3 | % | ||
United Kingdom | 18.0 | |||
United States | 13.4 | |||
Switzerland | 8.9 | |||
France | 8.7 | |||
Germany | 8.4 | |||
Australia | 6.5 | |||
Spain | 3.2 | |||
Netherlands | 3.1 | |||
Sweden | 2.8 | |||
Hong Kong | 2.6 | |||
Italy | 2.0 | |||
Denmark | 1.6 | |||
Singapore | 1.3 | |||
Jersey | 1.2 | |||
Belgium | 1.2 | |||
Finland | 0.8 | |||
Norway | 0.6 | |||
Israel | 0.5 | |||
Ireland | 0.4 | |||
Cayman Islands | 0.4 | |||
Luxembourg | 0.4 | |||
Bermuda | 0.2 | |||
Austria | 0.2 | |||
Portugal | 0.1 | |||
New Zealand | 0.1 | |||
107.9 | % | |||
* | Calculated as a percentage of net assets |
135 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS — 93.9% |
| |||||||
Australia — 6.5% | ||||||||
AGL Energy, Ltd.(1) | 50,755 | $ | 627,404 | |||||
ALS, Ltd.#(1) | 30,987 | 144,210 | ||||||
Alumina, Ltd.(1) | 197,532 | 265,989 | ||||||
Amcor, Ltd.(1) | 93,991 | 1,036,715 | ||||||
AMP, Ltd.(1) | 227,997 | 1,151,820 | ||||||
APA Group(1) | 84,538 | 598,091 | ||||||
Asciano, Ltd.(1) | 76,186 | 391,695 | ||||||
ASX, Ltd.(1) | 14,935 | 473,711 | ||||||
Aurizon Holdings, Ltd.(1) | 161,995 | 658,448 | ||||||
AusNet Services(1) | 131,509 | 152,925 | ||||||
Australia & New Zealand Banking Group, Ltd.(1) | 210,925 | 5,324,793 | ||||||
Bank of Queensland, Ltd.(1) | 27,861 | 280,523 | ||||||
Bendigo & Adelaide Bank, Ltd.(1) | 33,627 | 315,028 | ||||||
BGP Holdings PLC†(2)(7) | 835,027 | 0 | ||||||
BHP Billiton, Ltd.(1) | 246,625 | 5,531,523 | ||||||
Boral, Ltd.(1) | 61,189 | 291,523 | ||||||
Brambles, Ltd.(1) | 121,910 | 1,062,743 | ||||||
Caltex Australia, Ltd.(1) | 10,464 | 268,605 | ||||||
CIMIC Group, Ltd.(1) | 7,987 | 147,331 | ||||||
Coca-Cola Amatil, Ltd.(1) | 44,505 | 341,786 | ||||||
Cochlear, Ltd.(1) | 4,434 | 299,058 | ||||||
Commonwealth Bank of Australia(1) | 124,080 | 8,017,292 | ||||||
Computershare, Ltd.(1) | 36,757 | 360,866 | ||||||
Crown Resorts, Ltd.(1) | 28,179 | 280,394 | ||||||
CSL, Ltd.(1) | 36,297 | 2,583,399 | ||||||
Dexus Property Group(1) | 72,260 | 440,241 | ||||||
Federation Centres(1) | 111,339 | 257,965 | ||||||
Flight Centre Travel Group, Ltd.#(1) | 4,399 | 155,919 | ||||||
Fortescue Metals Group, Ltd.#(1) | 128,473 | 235,464 | ||||||
Goodman Group(1) | 133,938 | 666,661 | ||||||
GPT Group(1) | 130,772 | 459,393 | ||||||
Harvey Norman Holdings, Ltd.(1) | 41,371 | 147,948 | ||||||
Healthscope, Ltd.(1) | 85,336 | 181,439 | ||||||
Iluka Resources, Ltd.#(1) | 32,753 | 224,236 | ||||||
Incitec Pivot, Ltd.(1) | 129,131 | 391,577 | ||||||
Insurance Australia Group, Ltd.(1) | 181,806 | 783,862 | ||||||
Lend Lease Group(1) | 42,775 | 541,335 | ||||||
Macquarie Group, Ltd.(1) | 22,533 | 1,399,753 | ||||||
Medibank Private, Ltd.†(1) | 210,107 | 342,569 | ||||||
Mirvac Group(1) | 287,211 | 438,810 | ||||||
National Australia Bank, Ltd.(1) | 181,452 | 4,733,283 | ||||||
Newcrest Mining, Ltd.†(1) | 58,287 | 630,040 | ||||||
Novion Property Group(1) | 164,245 | 304,910 | ||||||
Orica, Ltd.#(1) | 29,022 | 483,006 | ||||||
Origin Energy, Ltd.(1) | 84,611 | 853,482 | ||||||
Platinum Asset Management, Ltd.(1) | 17,244 | 102,938 | ||||||
Qantas Airways, Ltd.†(1) | 42,254 | 113,328 | ||||||
QBE Insurance Group, Ltd.(1) | 103,202 | 1,149,984 | ||||||
Ramsay Health Care, Ltd.(1) | 10,350 | 500,819 | ||||||
REA Group, Ltd.#(1) | 4,157 | 123,364 | ||||||
Rio Tinto, Ltd.(1) | 33,396 | 1,476,535 | ||||||
Santos, Ltd.(1) | 74,449 | 466,730 | ||||||
Scentre Group(1) | 404,061 | 1,215,429 | ||||||
Seek, Ltd.(1) | 25,888 | 333,067 | ||||||
Sonic Healthcare, Ltd.(1) | 29,633 | 452,540 | ||||||
South32, Ltd. (ASE)†# | 246,625 | 412,940 | ||||||
South32, Ltd. (LSE)† | 162,127 | 267,618 | ||||||
Stockland(1) | 180,497 | 595,670 | ||||||
Suncorp Group, Ltd.(1) | 99,549 | 1,024,913 | ||||||
Sydney Airport(1) | 84,807 | 367,209 | ||||||
Tabcorp Holdings, Ltd.(1) | 58,533 | 223,792 | ||||||
Tatts Group, Ltd.(1) | 108,548 | 343,930 | ||||||
Telstra Corp., Ltd.(1) | 325,547 | 1,540,739 | ||||||
TPG Telecom, Ltd.#(1) | 21,960 | 150,956 |
Security Description | Shares | (Note 2) | ||||||
Australia (continued) | ||||||||
Transurban Group(1) | 134,455 | $ | 1,040,774 | |||||
Treasury Wine Estates, Ltd.(1) | 50,378 | 206,105 | ||||||
Wesfarmers, Ltd.(1) | 86,534 | 2,878,651 | ||||||
Westfield Corp.†(1) | 150,757 | 1,107,753 | ||||||
Westpac Banking Corp.(1) | 238,355 | 6,087,277 | ||||||
Woodside Petroleum, Ltd.(1) | 56,890 | 1,584,075 | ||||||
Woolworths, Ltd.#(1) | 97,394 | 2,077,394 | ||||||
WorleyParsons, Ltd.#(1) | 15,753 | 130,449 | ||||||
70,252,744 | ||||||||
Austria — 0.2% | ||||||||
ANDRITZ AG(1) | 5,683 | 351,502 | ||||||
Erste Group Bank AG†#(1) | 21,641 | 628,030 | ||||||
IMMOFINANZ AG†#(1) | 74,676 | 198,891 | ||||||
OMV AG#(1) | 11,211 | 318,383 | ||||||
Raiffeisen Bank International AG(1) | 9,092 | 139,860 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe#(1) | 2,968 | 112,849 | ||||||
Voestalpine AG(1) | 8,648 | 359,828 | ||||||
2,109,343 | ||||||||
Belgium — 1.2% | ||||||||
Ageas#(1) | 17,224 | 645,094 | ||||||
Anheuser-Busch InBev NV(1) | 61,629 | 7,433,153 | ||||||
Belgacom SA(1) | 11,801 | 410,076 | ||||||
Colruyt SA(1) | 5,803 | 261,092 | ||||||
Delhaize Group SA#(1) | 8,072 | 720,595 | ||||||
Groupe Bruxelles Lambert SA(1) | 6,303 | 524,259 | ||||||
KBC Groep NV(1) | 19,283 | 1,293,754 | ||||||
Solvay SA(1) | 4,600 | 637,004 | ||||||
Telenet Group Holding NV†#(1) | 4,104 | 223,335 | ||||||
UCB SA(1) | 9,717 | 695,231 | ||||||
Umicore SA(1) | 7,186 | 353,029 | ||||||
13,196,622 | ||||||||
Bermuda — 0.2% | ||||||||
Cheung Kong Infrastructure Holdings, Ltd.(1) | 46,000 | 379,067 | ||||||
First Pacific Co., Ltd.(1) | 182,000 | 172,281 | ||||||
Kerry Properties, Ltd.(1) | 49,500 | 206,482 | ||||||
Li & Fung, Ltd.(1) | 446,000 | 385,590 | ||||||
Noble Group, Ltd.#(1) | 333,000 | 195,824 | ||||||
NWS Holdings, Ltd.(1) | 114,000 | 185,223 | ||||||
Seadrill, Ltd.#(1) | 28,740 | 345,082 | ||||||
Shangri-La Asia, Ltd.(1) | 80,000 | 124,825 | ||||||
Yue Yuen Industrial Holdings, Ltd.(1) | 55,000 | 189,374 | ||||||
2,183,748 | ||||||||
Cayman Islands — 0.4% | ||||||||
ASM Pacific Technology, Ltd.#(1) | 18,500 | 192,402 | ||||||
Cheung Kong Property Holdings, Ltd.†(6) | 105,000 | 637,829 | ||||||
CK Hutchison Holdings, Ltd.(1) | 105,000 | 1,629,299 | ||||||
HKT Trust and HKT, Ltd.(1) | 204,000 | 256,551 | ||||||
MGM China Holdings, Ltd.#(1) | 73,600 | 133,495 | ||||||
Sands China, Ltd.(1) | 185,600 | 717,419 | ||||||
WH Group, Ltd.†*(1) | 280,500 | 214,844 | ||||||
Wynn Macau, Ltd.#(1) | 120,400 | 225,208 | ||||||
4,007,047 | ||||||||
Denmark — 1.6% | ||||||||
AP Moeller - Maersk A/S, Series A(1) | 295 | 555,151 | ||||||
AP Moeller - Maersk A/S, Series B(1) | 548 | 1,058,749 | ||||||
Carlsberg A/S, Class B(1) | 8,260 | 759,352 | ||||||
Coloplast A/S, Class B(1) | 8,636 | 652,176 | ||||||
Danske Bank A/S(1) | 50,500 | 1,481,243 | ||||||
DSV A/S(1) | 14,033 | 488,964 |
136 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Denmark (continued) | ||||||||
ISS A/S(1) | 9,042 | $ | 310,609 | |||||
Novo Nordisk A/S, Class B(1) | 153,816 | 8,716,091 | ||||||
Novozymes A/S, Class B(1) | 18,636 | 896,386 | ||||||
Pandora A/S(1) | 8,943 | 901,685 | ||||||
TDC A/S(1) | 62,075 | 465,085 | ||||||
Tryg A/S(1) | 8,340 | 166,623 | ||||||
Vestas Wind Systems A/S(1) | 17,117 | 877,297 | ||||||
William Demant Holding A/S†(1) | 1,754 | 144,482 | ||||||
17,473,893 | ||||||||
Finland — 0.8% | ||||||||
Elisa Oyj(1) | 11,218 | 344,431 | ||||||
Fortum Oyj(1) | 34,254 | 652,136 | ||||||
Kone Oyj, Class B#(1) | 24,104 | 1,010,928 | ||||||
Metso Oyj(1) | 8,711 | 250,995 | ||||||
Neste Oyj#(1) | 9,796 | 248,149 | ||||||
Nokia Oyj#(1) | 287,278 | 2,099,695 | ||||||
Nokian Renkaat Oyj#(1) | 8,774 | 283,185 | ||||||
Orion Oyj, Class B#(1) | 7,747 | 259,336 | ||||||
Sampo Oyj, Class A(1) | 34,169 | 1,613,636 | ||||||
Stora Enso Oyj, Class R(1) | 42,854 | 448,603 | ||||||
UPM-Kymmene Oyj(1) | 41,298 | 741,167 | ||||||
Wartsila Oyj Abp(1) | 11,451 | 511,832 | ||||||
8,464,093 | ||||||||
France — 8.7% | ||||||||
Accor SA(1) | 13,405 | 737,235 | ||||||
Aeroports de Paris#(1) | 2,302 | 284,825 | ||||||
Air Liquide SA#(1) | 26,301 | 3,390,318 | ||||||
Alcatel-Lucent†(1) | 218,838 | 875,159 | ||||||
Alstom SA†(1) | 16,675 | 522,279 | ||||||
Arkema SA(1) | 4,967 | 369,074 | ||||||
Atos SE(1) | 6,139 | 472,589 | ||||||
AXA SA(1) | 139,186 | 3,517,304 | ||||||
BNP Paribas SA(1) | 80,934 | 4,902,947 | ||||||
Bollore SA(1) | 42,238 | 241,938 | ||||||
Bouygues SA(1) | 12,924 | 509,102 | ||||||
Bureau Veritas SA#(1) | 17,398 | 398,780 | ||||||
Cap Gemini SA#(1) | 11,129 | 970,939 | ||||||
Carrefour SA†(1) | 48,040 | 1,631,378 | ||||||
Casino Guichard Perrachon SA#(1) | 4,374 | 343,550 | ||||||
Christian Dior SE(1) | 4,195 | 842,579 | ||||||
Cie de Saint-Gobain(1) | 34,610 | 1,619,056 | ||||||
Cie Generale des Etablissements Michelin#(1) | 14,446 | 1,552,477 | ||||||
CNP Assurances(1) | 13,363 | 221,028 | ||||||
Credit Agricole SA#(1) | 77,324 | 1,159,474 | ||||||
Danone SA(1) | 44,511 | 3,058,098 | ||||||
Dassault Systemes#(1) | 9,964 | 778,977 | ||||||
Edenred(1) | 15,896 | 401,622 | ||||||
Electricite de France SA#(1) | 18,697 | 459,658 | ||||||
Essilor International SA(1) | 15,747 | 1,923,529 | ||||||
Eurazeo SA(1) | 3,116 | 208,841 | ||||||
Eutelsat Communications SA(1) | 11,799 | 401,997 | ||||||
Fonciere Des Regions(1) | 2,208 | 194,566 | ||||||
GDF Suez(1) | 110,824 | 2,238,125 | ||||||
Gecina SA(1) | 2,169 | 285,744 | ||||||
Groupe Eurotunnel SE(1) | 36,473 | 549,520 | ||||||
Hermes International(1) | 2,007 | 785,864 | ||||||
ICADE(1) | 2,881 | 224,698 | ||||||
Iliad SA(1) | 2,047 | 464,072 | ||||||
Imerys SA(1) | 2,665 | 199,520 | ||||||
JCDecaux SA(1) | 5,180 | 211,475 | ||||||
Kering(1) | 5,771 | �� | 1,014,189 | |||||
Klepierre(1) | 13,977 | 623,379 |
Security Description | Shares | (Note 2) | ||||||
France (continued) | ||||||||
L’Oreal SA(1) | 19,293 | $ | 3,645,976 | |||||
Lafarge SA(1) | 14,268 | 1,007,404 | ||||||
Lagardere SCA(1) | 9,521 | 288,654 | ||||||
Legrand SA#(1) | 20,150 | 1,134,816 | ||||||
LVMH Moet Hennessy Louis Vuitton SE(1) | 21,396 | 3,828,572 | ||||||
Natixis SA(1) | 71,670 | 537,601 | ||||||
Numericable-SFR SAS†(1) | 7,476 | 431,591 | ||||||
Orange SA(1) | 141,758 | 2,246,378 | ||||||
Pernod Ricard SA(1) | 16,393 | 2,027,524 | ||||||
Peugeot SA†(1) | 30,558 | 641,249 | ||||||
Publicis Groupe SA#(1) | 14,170 | 1,137,894 | ||||||
Remy Cointreau SA(1) | 1,868 | 134,769 | ||||||
Renault SA(1) | 14,699 | 1,534,569 | ||||||
Rexel SA#(1) | 20,699 | 379,763 | ||||||
Safran SA(1) | 20,750 | 1,468,603 | ||||||
Sanofi(1) | 91,102 | 8,929,254 | ||||||
Schneider Electric SE(1) | 40,163 | 3,046,250 | ||||||
SCOR SE(1) | 11,847 | 406,163 | ||||||
Societe BIC SA(1) | 2,238 | 369,000 | ||||||
Societe Generale SA#(1) | 55,414 | 2,588,283 | ||||||
Sodexo SA(1) | 7,379 | 761,347 | ||||||
Suez Environnement Co.(1) | 21,762 | 419,896 | ||||||
Technip SA(1) | 7,801 | 515,277 | ||||||
Thales SA#(1) | 7,184 | 447,194 | ||||||
Total SA(1) | 163,594 | 8,279,521 | ||||||
Unibail-Rodamco(1) | 7,523 | 1,936,491 | ||||||
Valeo SA#(1) | 5,872 | 942,448 | ||||||
Vallourec SA#(1) | 8,558 | 211,801 | ||||||
Veolia Environnement SA(1) | 31,753 | 660,022 | ||||||
Vinci SA(1) | 35,943 | 2,136,199 | ||||||
Vivendi SA(1) | 93,127 | 2,378,561 | ||||||
Wendel SA(1) | 2,485 | 316,798 | ||||||
Zodiac Aerospace(1) | 14,647 | 534,323 | ||||||
93,910,096 | ||||||||
Germany — 7.8% | ||||||||
adidas AG#(1) | 16,215 | 1,273,979 | ||||||
Allianz SE(1) | 34,991 | 5,486,278 | ||||||
Axel Springer SE#(1) | 3,084 | 167,983 | ||||||
BASF SE(1) | 70,144 | 6,488,215 | ||||||
Bayer AG#(1) | 63,382 | 8,991,734 | ||||||
Bayerische Motoren Werke AG#(1) | 25,357 | 2,804,995 | ||||||
Beiersdorf AG#(1) | 7,835 | 709,396 | ||||||
Brenntag AG(1) | 11,672 | 704,776 | ||||||
Celesio AG(1) | 3,931 | 114,413 | ||||||
Commerzbank AG†(1) | 75,080 | 999,238 | ||||||
Continental AG(1) | 8,440 | 1,949,256 | ||||||
Daimler AG#(1) | 73,582 | 6,893,732 | ||||||
Deutsche Annington Immobilien SE(1) | 26,173 | 828,832 | ||||||
Deutsche Bank AG#(1) | 105,766 | 3,184,941 | ||||||
Deutsche Boerse AG(1) | 14,904 | 1,193,841 | ||||||
Deutsche Lufthansa AG†(1) | 18,384 | 258,479 | ||||||
Deutsche Post AG(1) | 74,042 | 2,232,051 | ||||||
Deutsche Telekom AG(1) | 243,167 | 4,178,629 | ||||||
Deutsche Wohnen AG (BR)(1) | 22,489 | 547,835 | ||||||
E.ON SE#(1) | 153,272 | 2,251,147 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(1) | 2,902 | 190,513 | ||||||
Fresenius Medical Care AG & Co. KGaA#(1) | 16,752 | 1,431,106 | ||||||
Fresenius SE & Co. KGaA(1) | 29,283 | 1,866,757 | ||||||
GEA Group AG#(1) | 13,910 | 676,350 | ||||||
Hannover Rueck SE(1) | 4,685 | 455,189 | ||||||
HeidelbergCement AG(1) | 10,976 | 890,496 | ||||||
Henkel AG & Co. KGaA(1) | 9,123 | 937,069 | ||||||
Hugo Boss AG(1) | 4,280 | 488,705 |
137 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Germany (continued) | ||||||||
Infineon Technologies AG(1) | 87,377 | $ | 1,139,118 | |||||
K+S AG(1) | 13,462 | 438,787 | ||||||
Kabel Deutschland Holding AG†(1) | 1,703 | 230,084 | ||||||
LANXESS AG(1) | 7,163 | 397,586 | ||||||
Linde AG(1) | 14,239 | 2,734,932 | ||||||
MAN SE#(1) | 2,728 | 281,947 | ||||||
Merck KGaA(1) | 9,795 | 1,047,730 | ||||||
Metro AG#(1) | 12,621 | 438,017 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG(1) | 13,281 | 2,450,867 | ||||||
OSRAM Licht AG(1) | 7,019 | 369,978 | ||||||
ProSiebenSat.1 Media AG#(1) | 16,677 | 797,533 | ||||||
RWE AG#(1) | 37,591 | 877,920 | ||||||
SAP SE(1) | 70,325 | 5,207,512 | ||||||
Siemens AG(1) | 60,735 | 6,389,853 | ||||||
Symrise AG(1) | 9,400 | 598,405 | ||||||
Telefonica Deutschland Holding AG#(1) | 45,185 | 249,918 | ||||||
ThyssenKrupp AG#(1) | 34,514 | 914,421 | ||||||
TUI AG(1) | 16,390 | 290,742 | ||||||
United Internet AG(1) | 9,138 | 427,013 | ||||||
Volkswagen AG(1) | 2,303 | 555,251 | ||||||
84,033,549 | ||||||||
Hong Kong — 2.6% | ||||||||
AIA Group, Ltd.(1) | 923,800 | 6,055,241 | ||||||
Bank of East Asia, Ltd.(1) | 96,600 | 434,402 | ||||||
BOC Hong Kong Holdings, Ltd.(1) | 289,000 | 1,190,651 | ||||||
Cathay Pacific Airways, Ltd.(1) | 90,000 | 230,103 | ||||||
CLP Holdings, Ltd.(1) | 145,000 | 1,267,014 | ||||||
Galaxy Entertainment Group, Ltd.(1) | 178,000 | 849,064 | ||||||
Hang Lung Properties, Ltd.(1) | 171,000 | 539,113 | ||||||
Hang Seng Bank, Ltd.(1) | 58,900 | 1,179,076 | ||||||
Henderson Land Development Co., Ltd.(1) | 80,000 | 643,961 | ||||||
Hong Kong & China Gas Co., Ltd.(1) | 484,000 | 1,165,536 | ||||||
Hong Kong Exchanges and Clearing, Ltd.(1) | 85,000 | 3,262,125 | ||||||
Hutchison Whampoa, Ltd.(1) | 162,000 | 2,399,743 | ||||||
Hysan Development Co., Ltd.(1) | 47,000 | 214,856 | ||||||
Link REIT(1) | 178,000 | 1,035,343 | ||||||
MTR Corp., Ltd.(1) | 109,500 | 525,307 | ||||||
New World Development Co., Ltd.(1) | 398,000 | 527,581 | ||||||
PCCW, Ltd.(1) | 310,000 | 193,772 | ||||||
Power Assets Holdings, Ltd.(1) | 105,500 | 1,009,129 | ||||||
Sino Land Co., Ltd.(1) | 226,000 | 384,643 | ||||||
SJM Holdings, Ltd.#(1) | 148,000 | 189,143 | ||||||
Sun Hung Kai Properties, Ltd.(1) | 129,000 | 2,180,898 | ||||||
Swire Pacific, Ltd., Class A(1) | 48,000 | 642,304 | ||||||
Swire Properties, Ltd.(1) | 88,800 | 301,716 | ||||||
Techtronic Industries Co., Ltd.(1) | 104,500 | 359,067 | ||||||
Wharf Holdings, Ltd.(1) | 112,000 | 772,563 | ||||||
Wheelock & Co., Ltd.(1) | 67,000 | 359,254 | ||||||
27,911,605 | ||||||||
Ireland — 0.4% | ||||||||
Bank of Ireland†(1) | 2,119,954 | 810,311 | ||||||
CRH PLC(1) | 62,285 | 1,746,857 | ||||||
James Hardie Industries PLC CDI(1) | 35,168 | 474,148 | ||||||
Kerry Group PLC, Class A(1) | 12,203 | 911,704 | ||||||
Ryanair Holdings PLC(1) | 14,287 | 181,545 | ||||||
4,124,565 | ||||||||
Isle of Man — 0.0% | ||||||||
Genting Singapore PLC#(1) | 469,000 | 319,653 | ||||||
Israel — 0.5% | ||||||||
Bank Hapoalim BM(1) | 81,463 | 427,192 | ||||||
Bank Leumi Le-Israel BM†(1) | 102,146 | 399,339 |
Security Description | Shares | (Note 2) | ||||||
Israel (continued) | ||||||||
Bezeq The Israeli Telecommunication Corp., Ltd.(1) | 147,227 | $ | 246,412 | |||||
Delek Group, Ltd.(1) | 361 | 104,200 | ||||||
Israel Chemicals, Ltd.(1) | 34,306 | 245,312 | ||||||
Israel Corp., Ltd.(1) | 207 | 73,810 | ||||||
Mizrahi Tefahot Bank, Ltd.(1) | 10,606 | 120,623 | ||||||
NICE Systems, Ltd.(1) | 4,513 | 283,628 | ||||||
Teva Pharmaceutical Industries, Ltd.(1) | 65,786 | 3,960,950 | ||||||
5,861,466 | ||||||||
Italy — 2.0% | ||||||||
Assicurazioni Generali SpA#(1) | 90,574 | 1,751,843 | ||||||
Atlantia SpA#(1) | 32,184 | 828,306 | ||||||
Banca Monte dei Paschi di Siena SpA†#(1) | 16,207 | 32,848 | ||||||
Banco Popolare SC†#(1) | 28,292 | 477,487 | ||||||
Enel Green Power SpA#(1) | 135,300 | 256,159 | ||||||
Enel SpA(1) | 506,334 | 2,458,645 | ||||||
Eni SpA(1) | 195,650 | 3,522,440 | ||||||
EXOR SpA(1) | 7,743 | 385,592 | ||||||
Finmeccanica SpA†(1) | 30,471 | 404,587 | ||||||
Intesa Sanpaolo SpA(1) | 969,103 | 3,496,001 | ||||||
Intesa Sanpaolo SpA RSP(1) | 72,633 | 231,463 | ||||||
Luxottica Group SpA(1) | 12,980 | 874,971 | ||||||
Mediobanca SpA(1) | 46,173 | 475,497 | ||||||
Pirelli & C. SpA(1) | 18,387 | 312,208 | ||||||
Prysmian SpA(1) | 15,708 | 354,754 | ||||||
Saipem SpA†#(1) | 20,254 | 257,170 | ||||||
Snam SpA#(1) | 157,294 | 778,470 | ||||||
Telecom Italia SpA†#(1) | 789,877 | 968,226 | ||||||
Telecom Italia SpA RSP†(1) | 471,452 | 465,968 | ||||||
Terna Rete Elettrica Nazionale SpA(1) | 117,022 | 557,970 | ||||||
UniCredit SpA(1) | 339,203 | 2,374,667 | ||||||
Unione di Banche Italiane SCpA(1) | 66,263 | 541,559 | ||||||
UnipolSai SpA#(1) | 69,887 | 189,986 | ||||||
21,996,817 | ||||||||
Japan — 21.3% |
| |||||||
ABC-Mart, Inc.#(1) | 1,900 | 109,996 | ||||||
Acom Co., Ltd.†#(1) | 30,900 | 98,828 | ||||||
Advantest Corp.#(1) | 11,800 | 140,258 | ||||||
Aeon Co., Ltd.#(1) | 48,800 | 650,428 | ||||||
AEON Financial Service Co., Ltd.#(1) | 8,600 | 207,723 | ||||||
Aeon Mall Co., Ltd.(1) | 8,700 | 158,641 | ||||||
Air Water, Inc.(1) | 12,000 | 215,113 | ||||||
Aisin Seiki Co., Ltd.(1) | 14,700 | 677,643 | ||||||
Ajinomoto Co., Inc.(1) | 43,000 | 884,529 | ||||||
Alfresa Holdings Corp.(1) | 13,500 | 206,090 | ||||||
Amada Holdings Co., Ltd.(1) | 26,000 | 265,213 | ||||||
ANA Holdings, Inc.(1) | 90,000 | 247,523 | ||||||
Aozora Bank, Ltd.(1) | 88,000 | 337,856 | ||||||
Asahi Glass Co., Ltd.(1) | 78,000 | 507,450 | ||||||
Asahi Group Holdings, Ltd.(1) | 29,600 | 943,924 | ||||||
Asahi Kasei Corp.(1) | 96,000 | 848,893 | ||||||
Asics Corp.(1) | 12,400 | 329,946 | ||||||
Astellas Pharma, Inc.(1) | 164,900 | 2,393,036 | ||||||
Bandai Namco Holdings, Inc.(1) | 13,600 | 279,180 | ||||||
Bank of Kyoto, Ltd.#(1) | 26,000 | 296,209 | ||||||
Bank of Yokohama, Ltd.(1) | 88,000 | 545,600 | ||||||
Benesse Holdings, Inc.#(1) | 5,000 | 130,495 | ||||||
Bridgestone Corp.(1) | 50,100 | 2,079,582 | ||||||
Brother Industries, Ltd.(1) | 18,000 | 280,920 | ||||||
Calbee, Inc.(1) | 5,500 | 210,312 | ||||||
Canon, Inc.(1) | 87,000 | 3,003,087 | ||||||
Casio Computer Co., Ltd.#(1) | 16,100 | 302,412 | ||||||
Central Japan Railway Co.(1) | 11,000 | 1,906,785 |
138 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) | ||||||||
Chiba Bank, Ltd.(1) | 56,000 | $ | 439,776 | |||||
Chiyoda Corp.#(1) | 11,000 | 96,943 | ||||||
Chubu Electric Power Co., Inc.(1) | 49,700 | 747,809 | ||||||
Chugai Pharmaceutical Co., Ltd.(1) | 17,100 | 509,962 | ||||||
Chugoku Bank, Ltd.(1) | 12,900 | 197,997 | ||||||
Chugoku Electric Power Co., Inc.(1) | 22,900 | 346,485 | ||||||
Citizen Holdings Co., Ltd.(1) | 20,200 | 146,507 | ||||||
COLOPL, Inc.#(1) | 3,779 | 78,110 | ||||||
Credit Saison Co., Ltd.#(1) | 11,300 | 221,686 | ||||||
Dai Nippon Printing Co., Ltd.(1) | 43,000 | 452,792 | ||||||
Dai-ichi Life Insurance Co., Ltd.(1) | 82,200 | 1,432,761 | ||||||
Daicel Corp.(1) | 20,000 | 259,255 | ||||||
Daihatsu Motor Co., Ltd.#(1) | 14,700 | 214,829 | ||||||
Daiichi Sankyo Co., Ltd.(1) | 48,500 | 911,858 | ||||||
Daikin Industries, Ltd.(1) | 17,900 | 1,367,116 | ||||||
Daito Trust Construction Co., Ltd.(1) | 5,400 | 600,003 | ||||||
Daiwa House Industry Co., Ltd.#(1) | 46,200 | 1,105,399 | ||||||
Daiwa Securities Group, Inc.(1) | 127,000 | 1,002,845 | ||||||
Denso Corp.(1) | 37,300 | 1,944,919 | ||||||
Dentsu, Inc.(1) | 16,700 | 837,501 | ||||||
Don Quijote Holdings Co., Ltd.(1) | 4,500 | 345,425 | ||||||
East Japan Railway Co.(1) | 25,900 | 2,361,374 | ||||||
Eisai Co., Ltd.#(1) | 19,200 | 1,200,722 | ||||||
Electric Power Development Co., Ltd.(1) | 9,000 | 312,272 | ||||||
FamilyMart Co., Ltd.(1) | 4,500 | 188,707 | ||||||
FANUC Corp.(1) | 14,700 | 3,230,471 | ||||||
Fast Retailing Co., Ltd.(1) | 4,200 | 1,724,090 | ||||||
Fuji Electric Co., Ltd.(1) | 43,000 | 204,529 | ||||||
Fuji Heavy Industries, Ltd.(1) | 45,400 | 1,709,340 | ||||||
FUJIFILM Holdings Corp.(1) | 35,500 | 1,354,215 | ||||||
Fujitsu, Ltd.(1) | 140,000 | 782,804 | ||||||
Fukuoka Financial Group, Inc.(1) | 58,000 | 310,388 | ||||||
GungHo Online Entertainment, Inc.(1) | 31,300 | 115,622 | ||||||
Gunma Bank, Ltd.(1) | 28,000 | 195,721 | ||||||
Hachijuni Bank, Ltd.(1) | 31,000 | 234,625 | ||||||
Hakuhodo DY Holdings, Inc.(1) | 17,900 | 192,645 | ||||||
Hamamatsu Photonics KK(1) | 10,600 | 324,501 | ||||||
Hankyu Hanshin Holdings, Inc.(1) | 87,000 | 521,173 | ||||||
Hikari Tsushin, Inc.(1) | 1,200 | 84,242 | ||||||
Hino Motors, Ltd.(1) | 19,300 | 261,069 | ||||||
Hirose Electric Co., Ltd.(1) | 2,400 | 340,888 | ||||||
Hiroshima Bank, Ltd.(1) | 38,000 | 222,769 | ||||||
Hisamitsu Pharmaceutical Co., Inc.(1) | 4,300 | 173,836 | ||||||
Hitachi Chemical Co., Ltd.(1) | 8,000 | 157,149 | ||||||
Hitachi Construction Machinery Co., Ltd.(1) | 8,300 | 150,935 | ||||||
Hitachi High-Technologies Corp.(1) | 4,700 | 131,792 | ||||||
Hitachi Metals, Ltd.(1) | 17,000 | 282,037 | ||||||
Hitachi, Ltd.(1) | 369,000 | 2,516,493 | ||||||
Hokuhoku Financial Group, Inc.(1) | 92,000 | 216,866 | ||||||
Hokuriku Electric Power Co.(1) | 13,000 | 196,743 | ||||||
Honda Motor Co., Ltd.(1) | 124,900 | 4,276,004 | ||||||
Hoya Corp.(1) | 32,800 | 1,205,576 | ||||||
Hulic Co., Ltd.(1) | 18,400 | 188,869 | ||||||
Ibiden Co., Ltd.(1) | 9,100 | 169,776 | ||||||
Idemitsu Kosan Co., Ltd.#(1) | 6,700 | 132,433 | ||||||
IHI Corp.#(1) | 104,000 | 499,959 | ||||||
Iida Group Holdings Co., Ltd.#(1) | 12,400 | 201,773 | ||||||
Inpex Corp.(1) | 64,900 | 799,115 | ||||||
Isetan Mitsukoshi Holdings, Ltd.#(1) | 25,600 | 428,360 | ||||||
Isuzu Motors, Ltd.(1) | 46,200 | 626,355 | ||||||
ITOCHU Corp.(1) | 120,700 | 1,626,943 | ||||||
ITOCHU Techno-Solutions Corp.(1) | 3,400 | 80,180 | ||||||
Iyo Bank, Ltd.(1) | 18,600 | 226,521 | ||||||
J. Front Retailing Co., Ltd.#(1) | 18,400 | 323,016 |
Security Description | Shares | (Note 2) | ||||||
Japan (continued) | ||||||||
Japan Airlines Co., Ltd.(1) | 9,300 | $ | 319,169 | |||||
Japan Display, Inc.†(1) | 26,800 | 112,293 | ||||||
Japan Exchange Group, Inc.(1) | 19,900 | 601,934 | ||||||
Japan Prime Realty Investment Corp.(1) | 59 | 193,509 | ||||||
Japan Real Estate Investment Corp.(1) | 91 | 417,942 | ||||||
Japan Retail Fund Investment Corp.(1) | 176 | 352,110 | ||||||
Japan Tobacco, Inc.(1) | 84,100 | 3,051,669 | ||||||
JFE Holdings, Inc.(1) | 37,800 | 919,239 | ||||||
JGC Corp.(1) | 15,000 | 301,812 | ||||||
Joyo Bank, Ltd.(1) | 51,000 | 275,065 | ||||||
JSR Corp.#(1) | 13,700 | 249,233 | ||||||
JTEKT Corp.(1) | 15,600 | 284,564 | ||||||
JX Holdings, Inc.#(1) | 176,100 | 779,095 | ||||||
Kajima Corp.#(1) | 63,000 | 276,535 | ||||||
Kakaku.com, Inc.#(1) | 11,300 | 175,427 | ||||||
Kamigumi Co., Ltd.(1) | 17,000 | 157,209 | ||||||
Kaneka Corp.(1) | 21,000 | 152,933 | ||||||
Kansai Electric Power Co., Inc.†#(1) | 54,000 | 597,478 | ||||||
Kansai Paint Co., Ltd.#(1) | 17,000 | 292,985 | ||||||
Kao Corp.(1) | 39,800 | 1,804,407 | ||||||
Kawasaki Heavy Industries, Ltd.(1) | 109,000 | 548,388 | ||||||
KDDI Corp.(1) | 134,700 | 3,024,820 | ||||||
Keihan Electric Railway Co., Ltd.(1) | 38,000 | 216,895 | ||||||
Keikyu Corp.#(1) | 35,000 | 268,513 | ||||||
Keio Corp.(1) | 44,000 | 323,719 | ||||||
Keisei Electric Railway Co., Ltd.#(1) | 20,000 | 230,253 | ||||||
Keyence Corp.(1) | 3,500 | 1,879,383 | ||||||
Kikkoman Corp.#(1) | 12,000 | 333,591 | ||||||
Kintetsu Group Holdings Co., Ltd.#(1) | 140,000 | 467,415 | ||||||
Kirin Holdings Co., Ltd.(1) | 62,900 | 902,131 | ||||||
Kobe Steel, Ltd.(1) | 234,000 | 436,242 | ||||||
Koito Manufacturing Co., Ltd.(1) | 7,400 | 289,175 | ||||||
Komatsu, Ltd.(1) | 71,600 | 1,503,976 | ||||||
Konami Corp.#(1) | 7,600 | 141,753 | ||||||
Konica Minolta, Inc.(1) | 37,200 | 467,444 | ||||||
Kubota Corp.(1) | 85,000 | 1,410,540 | ||||||
Kuraray Co., Ltd.(1) | 26,500 | 346,983 | ||||||
Kurita Water Industries, Ltd.(1) | 7,700 | 184,840 | ||||||
Kyocera Corp.(1) | 24,600 | 1,335,753 | ||||||
Kyowa Hakko Kirin Co., Ltd.#(1) | 16,000 | 201,023 | ||||||
Kyushu Electric Power Co., Inc.†#(1) | 33,000 | 384,350 | ||||||
Lawson, Inc.(1) | 4,900 | 341,736 | ||||||
LIXIL Group Corp.#(1) | 20,400 | 388,742 | ||||||
M3, Inc.(1) | 14,900 | 282,624 | ||||||
Mabuchi Motor Co., Ltd.(1) | 3,600 | 216,971 | ||||||
Makita Corp.(1) | 9,200 | 497,982 | ||||||
Marubeni Corp.(1) | 125,000 | 731,416 | ||||||
Marui Group Co., Ltd.#(1) | 18,300 | 229,725 | ||||||
Maruichi Steel Tube, Ltd.#(1) | 3,500 | 92,305 | ||||||
Mazda Motor Corp.(1) | 41,700 | 893,991 | ||||||
McDonald’s Holdings Co. Japan, Ltd.#(1) | 5,000 | 104,842 | ||||||
Medipal Holdings Corp.(1) | 10,300 | 158,890 | ||||||
MEIJI Holdings Co., Ltd.(1) | 4,600 | 520,607 | ||||||
Minebea Co., Ltd.#(1) | 24,000 | 440,602 | ||||||
Miraca Holdings, Inc.(1) | 4,300 | 206,914 | ||||||
Mitsubishi Chemical Holdings Corp.(1) | 105,000 | 657,063 | ||||||
Mitsubishi Corp.(1) | 106,000 | 2,371,193 | ||||||
Mitsubishi Electric Corp.(1) | 148,000 | 2,019,789 | ||||||
Mitsubishi Estate Co., Ltd.(1) | 96,000 | 2,135,852 | ||||||
Mitsubishi Gas Chemical Co., Inc.(1) | 28,000 | 162,402 | ||||||
Mitsubishi Heavy Industries, Ltd.(1) | 232,000 | 1,467,673 | ||||||
Mitsubishi Logistics Corp.#(1) | 8,000 | 112,929 | ||||||
Mitsubishi Materials Corp.(1) | 84,000 | 332,385 | ||||||
Mitsubishi Motors Corp.(1) | 50,000 | 464,095 |
139 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) | ||||||||
Mitsubishi Tanabe Pharma Corp.(1) | 17,100 | $ | 271,556 | |||||
Mitsubishi UFJ Financial Group, Inc.(1) | 977,900 | 7,205,534 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd.#(1) | 38,300 | 200,607 | ||||||
Mitsui & Co., Ltd.(1) | 130,700 | 1,834,396 | ||||||
Mitsui Chemicals, Inc.#(1) | 61,000 | 198,121 | ||||||
Mitsui Fudosan Co., Ltd.(1) | 71,000 | 2,062,512 | ||||||
Mitsui OSK Lines, Ltd.#(1) | 83,000 | 284,211 | ||||||
Mixi, Inc.#(1) | 2,800 | 119,617 | ||||||
Mizuho Financial Group, Inc.(1) | 1,771,200 | 3,891,109 | ||||||
MS&AD Insurance Group Holdings, Inc.(1) | 38,500 | 1,192,051 | ||||||
Murata Manufacturing Co., Ltd.(1) | 15,700 | 2,546,763 | ||||||
Nabtesco Corp.(1) | 8,800 | 226,098 | ||||||
Nagoya Railroad Co., Ltd.#(1) | 63,000 | 238,128 | ||||||
NEC Corp.(1) | 199,000 | 652,086 | ||||||
Nexon Co., Ltd.(1) | 10,000 | 133,692 | ||||||
NGK Insulators, Ltd.(1) | 20,000 | 495,695 | ||||||
NGK Spark Plug Co., Ltd.#(1) | 14,000 | 421,578 | ||||||
NH Foods, Ltd.(1) | 12,000 | 258,828 | ||||||
NHK Spring Co., Ltd.(1) | 12,200 | 143,034 | ||||||
Nidec Corp.(1) | 16,600 | 1,207,256 | ||||||
Nikon Corp.#(1) | 26,100 | 323,880 | ||||||
Nintendo Co., Ltd.#(1) | 8,000 | 1,352,681 | ||||||
Nippon Building Fund, Inc.(1) | 105 | 489,438 | ||||||
Nippon Electric Glass Co., Ltd.#(1) | 29,000 | 153,559 | ||||||
Nippon Express Co., Ltd.(1) | 65,000 | 357,950 | ||||||
Nippon Paint Holdings Co., Ltd.#(1) | 12,000 | 370,432 | ||||||
Nippon Prologis REIT, Inc.(1) | 101 | 194,533 | ||||||
Nippon Steel & Sumitomo Metal Corp.(1) | 583,000 | 1,601,887 | ||||||
Nippon Telegraph & Telephone Corp.(1) | 28,800 | 2,001,272 | ||||||
Nippon Yusen KK(1) | 123,000 | 371,079 | ||||||
Nissan Motor Co., Ltd.(1) | 191,600 | 1,994,017 | ||||||
Nisshin Seifun Group, Inc.(1) | 16,200 | 201,526 | ||||||
Nissin Foods Holdings Co., Ltd.#(1) | 4,500 | 191,516 | ||||||
Nitori Holdings Co., Ltd.(1) | 5,200 | 398,452 | ||||||
Nitto Denko Corp.(1) | 12,100 | 934,611 | ||||||
NOK Corp.(1) | 7,200 | 237,257 | ||||||
Nomura Holdings, Inc.(1) | 276,700 | 1,823,251 | ||||||
Nomura Real Estate Holdings, Inc.(1) | 9,500 | 193,815 | ||||||
Nomura Research Institute, Ltd.(1) | 8,500 | 325,334 | ||||||
NSK, Ltd.(1) | 35,000 | 573,737 | ||||||
NTT Data Corp.(1) | 9,400 | 415,902 | ||||||
NTT DOCOMO, Inc.(1) | 117,800 | 2,112,357 | ||||||
NTT Urban Development Corp.(1) | 8,700 | 90,358 | ||||||
Obayashi Corp.(1) | 49,000 | 320,111 | ||||||
Odakyu Electric Railway Co., Ltd.(1) | 47,000 | 444,434 | ||||||
Oji Holdings Corp.#(1) | 60,000 | 266,017 | ||||||
Olympus Corp.(1) | 18,400 | 626,403 | ||||||
Omron Corp.(1) | 15,700 | 728,400 | ||||||
Ono Pharmaceutical Co., Ltd.(1) | 6,200 | 676,360 | ||||||
Oracle Corp. Japan(1) | 2,800 | 120,763 | ||||||
Oriental Land Co., Ltd.(1) | 15,200 | 973,037 | ||||||
ORIX Corp.(1) | 100,600 | 1,587,332 | ||||||
Osaka Gas Co., Ltd.(1) | 143,000 | 570,539 | ||||||
Otsuka Corp.(1) | 3,600 | 173,899 | ||||||
Otsuka Holdings Co., Ltd.(1) | 29,900 | 930,696 | ||||||
Panasonic Corp.(1) | 167,130 | 2,450,221 | ||||||
Park24 Co., Ltd.(1) | 7,600 | 133,881 | ||||||
Rakuten, Inc.#(1) | 61,600 | 1,005,098 | ||||||
Recruit Holdings Co., Ltd.#(1) | 10,861 | 339,030 | ||||||
Resona Holdings, Inc.(1) | 170,600 | 973,394 | ||||||
Ricoh Co., Ltd.(1) | 53,800 | 559,967 | ||||||
Rinnai Corp.(1) | 2,700 | 207,663 | ||||||
Rohm Co., Ltd.(1) | 7,200 | 507,502 | ||||||
Sankyo Co., Ltd.(1) | 3,600 | 132,702 |
Security Description | Shares | (Note 2) | ||||||
Japan (continued) | ||||||||
Sanrio Co., Ltd.#(1) | 3,600 | $ | 100,886 | |||||
Santen Pharmaceutical Co., Ltd.(1) | 28,000 | 387,623 | ||||||
SBI Holdings, Inc.(1) | 15,200 | 216,734 | ||||||
Secom Co., Ltd.(1) | 16,200 | 1,078,266 | ||||||
Sega Sammy Holdings, Inc.(1) | 13,800 | 199,216 | ||||||
Seibu Holdings, Inc.(1) | 9,200 | 207,032 | ||||||
Seiko Epson Corp.(1) | 19,200 | 354,241 | ||||||
Sekisui Chemical Co., Ltd.(1) | 32,000 | 430,821 | ||||||
Sekisui House, Ltd.(1) | 42,400 | 705,050 | ||||||
Seven & I Holdings Co., Ltd.(1) | 58,100 | 2,399,868 | ||||||
Seven Bank, Ltd.#(1) | 45,600 | 215,117 | ||||||
Sharp Corp.†#(1) | 114,000 | 159,560 | ||||||
Shikoku Electric Power Co., Inc.#(1) | 13,700 | 202,369 | ||||||
Shimadzu Corp.#(1) | 17,000 | 224,846 | ||||||
Shimamura Co., Ltd.(1) | 1,600 | 171,799 | ||||||
Shimano, Inc.(1) | 5,900 | 834,696 | ||||||
Shimizu Corp.(1) | 45,000 | 343,703 | ||||||
Shin-Etsu Chemical Co., Ltd.(1) | 31,500 | 1,915,620 | ||||||
Shinsei Bank, Ltd.(1) | 125,000 | 252,422 | ||||||
Shionogi & Co., Ltd.(1) | 22,600 | 794,735 | ||||||
Shiseido Co., Ltd.#(1) | 27,600 | 551,628 | ||||||
Shizuoka Bank, Ltd.#(1) | 40,000 | 435,860 | ||||||
Showa Shell Sekiyu KK#(1) | 14,300 | 133,841 | ||||||
SMC Corp.(1) | 4,200 | 1,265,946 | ||||||
SoftBank Corp.(1) | 73,400 | 4,381,691 | ||||||
Sompo Japan Nipponkoa Holdings, Inc.(1) | 25,800 | 935,084 | ||||||
Sony Corp.†(1) | 87,800 | 2,713,196 | ||||||
Sony Financial Holdings, Inc.(1) | 13,400 | 233,767 | ||||||
Stanley Electric Co., Ltd.#(1) | 10,800 | 256,925 | ||||||
Sumitomo Chemical Co., Ltd.#(1) | 114,000 | 662,356 | ||||||
Sumitomo Corp.(1) | 87,100 | 1,035,198 | ||||||
Sumitomo Dainippon Pharma Co., Ltd.#(1) | 12,000 | 135,953 | ||||||
Sumitomo Electric Industries, Ltd.(1) | 58,100 | 926,215 | ||||||
Sumitomo Heavy Industries, Ltd.(1) | 42,000 | 274,804 | ||||||
Sumitomo Metal Mining Co., Ltd.(1) | 40,000 | 615,722 | ||||||
Sumitomo Mitsui Financial Group, Inc.(1) | 97,600 | 4,419,882 | ||||||
Sumitomo Mitsui Trust Holdings, Inc.#(1) | 254,000 | 1,156,949 | ||||||
Sumitomo Realty & Development Co., Ltd.(1) | 27,000 | 1,036,225 | ||||||
Sumitomo Rubber Industries, Ltd.(1) | 13,300 | 233,979 | ||||||
Suntory Beverage & Food, Ltd.(1) | 10,700 | 445,861 | ||||||
Suruga Bank, Ltd.(1) | 13,000 | 275,540 | ||||||
Suzuken Co., Ltd.(1) | 5,800 | 188,347 | ||||||
Suzuki Motor Corp.(1) | 27,600 | 959,504 | ||||||
Sysmex Corp.(1) | 11,100 | 641,779 | ||||||
T&D Holdings, Inc.(1) | 45,000 | 670,446 | ||||||
Taiheiyo Cement Corp.(1) | 89,000 | 260,054 | ||||||
Taisei Corp.(1) | 78,000 | 424,893 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd.(1) | 2,400 | 165,706 | ||||||
Taiyo Nippon Sanso Corp.(1) | 10,000 | 122,521 | ||||||
Takashimaya Co., Ltd.(1) | 20,000 | 191,631 | ||||||
Takeda Pharmaceutical Co., Ltd.(1) | 60,900 | 2,951,775 | ||||||
TDK Corp.(1) | 9,300 | 739,404 | ||||||
Teijin, Ltd.(1) | 71,000 | 263,373 | ||||||
Terumo Corp.(1) | 22,700 | 514,603 | ||||||
THK Co., Ltd.(1) | 8,600 | 206,378 | ||||||
Tobu Railway Co., Ltd.#(1) | 79,000 | 347,312 | ||||||
Toho Co., Ltd.(1) | 8,500 | 213,522 | ||||||
Toho Gas Co., Ltd.(1) | 30,000 | 186,607 | ||||||
Tohoku Electric Power Co., Inc.(1) | 35,100 | 490,847 | ||||||
Tokio Marine Holdings, Inc.(1) | 53,000 | 2,181,335 | ||||||
Tokyo Electric Power Co., Inc.†(1) | 111,700 | 635,815 | ||||||
Tokyo Electron, Ltd.(1) | 13,300 | 844,667 | ||||||
Tokyo Gas Co., Ltd.(1) | 178,000 | 980,364 | ||||||
Tokyo Tatemono Co., Ltd.(1) | 31,000 | 239,677 |
140 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) | ||||||||
Tokyu Corp.#(1) | 87,000 | $ | 569,320 | |||||
Tokyu Fudosan Holdings Corp.#(1) | 36,900 | 276,560 | ||||||
TonenGeneral Sekiyu KK(1) | 21,000 | 198,341 | ||||||
Toppan Printing Co., Ltd.(1) | 43,000 | 363,002 | ||||||
Toray Industries, Inc.(1) | 111,000 | 921,004 | ||||||
Toshiba Corp.(1) | 308,000 | 1,076,487 | ||||||
TOTO, Ltd.#(1) | 21,000 | 346,169 | ||||||
Toyo Seikan Group Holdings, Ltd.#(1) | 12,400 | 186,833 | ||||||
Toyo Suisan Kaisha, Ltd.(1) | 6,000 | 206,894 | ||||||
Toyoda Gosei Co., Ltd.†(1) | 4,900 | 121,341 | ||||||
Toyota Industries Corp.(1) | 12,500 | 750,475 | ||||||
Toyota Motor Corp.(1) | 209,100 | 14,417,123 | ||||||
Toyota Tsusho Corp.(1) | 16,200 | 452,527 | ||||||
Trend Micro, Inc.(1) | 7,900 | 276,544 | ||||||
Unicharm Corp.(1) | 28,800 | 634,451 | ||||||
United Urban Investment Corp.(1) | 191 | 285,692 | ||||||
USS Co., Ltd.(1) | 17,099 | 319,656 | ||||||
West Japan Railway Co.(1) | 12,700 | 753,153 | ||||||
Yahoo Japan Corp.#(1) | 110,200 | 491,602 | ||||||
Yakult Honsha Co., Ltd.#(1) | 6,600 | 364,903 | ||||||
Yamada Denki Co., Ltd.#(1) | 67,400 | 283,029 | ||||||
Yamaguchi Financial Group, Inc.#(1) | 15,000 | 189,852 | ||||||
Yamaha Corp.(1) | 12,800 | 258,862 | ||||||
Yamaha Motor Co., Ltd.#(1) | 20,200 | 503,725 | ||||||
Yamato Holdings Co., Ltd.#(1) | 26,800 | 545,112 | ||||||
Yamato Kogyo Co., Ltd.(1) | 2,800 | 67,161 | ||||||
Yamazaki Baking Co., Ltd.#(1) | 7,000 | 115,771 | ||||||
Yaskawa Electric Corp.#(1) | 17,400 | 243,356 | ||||||
Yokogawa Electric Corp.#(1) | 16,200 | 191,036 | ||||||
Yokohama Rubber Co., Ltd.#(1) | 15,000 | 168,689 | ||||||
230,382,692 | ||||||||
Jersey — 1.2% | ||||||||
Experian PLC(1) | 75,467 | 1,438,817 | ||||||
Glencore PLC(1) | 805,265 | 3,544,752 | ||||||
Petrofac, Ltd.(1) | 19,723 | 272,900 | ||||||
Randgold Resources, Ltd.#(1) | 6,735 | 486,921 | ||||||
Shire PLC(1) | 45,195 | 3,911,753 | ||||||
Wolseley PLC(1) | 19,905 | 1,230,071 | ||||||
WPP PLC(1) | 101,068 | 2,382,892 | ||||||
13,268,106 | ||||||||
Luxembourg — 0.4% | ||||||||
Altice SA†(1) | 6,635 | 866,205 | ||||||
ArcelorMittal#(1) | 78,196 | 832,144 | ||||||
Millicom International Cellular SA SDR#(1) | 5,078 | 407,439 | ||||||
RTL Group SA#(1) | 3,002 | 269,593 | ||||||
SES SA FDR(1) | 23,526 | 834,943 | ||||||
Subsea 7 SA†(1) | 21,333 | 223,093 | ||||||
Tenaris SA#(1) | 36,410 | 525,700 | ||||||
3,959,117 | ||||||||
Mauritius — 0.0% | ||||||||
Golden Agri-Resources, Ltd.#(1) | 544,000 | 169,454 | ||||||
Netherlands — 3.1% | ||||||||
Aegon NV(1) | 140,574 | 1,072,629 | ||||||
Airbus Group SE#(1) | 45,092 | 3,072,361 | ||||||
Akzo Nobel NV(1) | 18,759 | 1,432,632 | ||||||
ASML Holding NV(1) | 26,744 | 2,998,685 | ||||||
Boskalis Westminster NV(1) | 6,682 | 331,630 | ||||||
CNH Industrial NV#(1) | 71,772 | 639,308 | ||||||
Delta Lloyd NV(1) | 15,346 | 266,884 | ||||||
Fiat Chrysler Automobiles NV†(1) | 68,416 | 1,093,550 | ||||||
Gemalto NV#(1) | 6,122 | 536,338 |
Security Description | Shares | (Note 2) | ||||||
Netherlands (continued) | ||||||||
Heineken Holding NV(1) | 7,781 | $ | 541,278 | |||||
Heineken NV(1) | 17,699 | 1,389,708 | ||||||
ING Groep NV CVA(1) | 295,721 | 4,884,066 | ||||||
Koninklijke Ahold NV(1) | 68,430 | 1,394,260 | ||||||
Koninklijke DSM NV#(1) | 13,410 | 796,908 | ||||||
Koninklijke KPN NV(1) | 245,133 | 889,871 | ||||||
Koninklijke Philips NV(1) | 71,350 | 1,944,655 | ||||||
Koninklijke Vopak NV(1) | 5,428 | 270,319 | ||||||
NN Group NV(1) | 11,873 | 332,203 | ||||||
OCI NV†#(1) | 6,560 | 194,008 | ||||||
QIAGEN NV†(1) | 18,621 | 456,491 | ||||||
Randstad Holding NV(1) | 9,820 | 569,122 | ||||||
Reed Elsevier NV(1) | 53,838 | 1,308,146 | ||||||
STMicroelectronics NV(1) | 50,134 | 428,430 | ||||||
TNT Express NV(1) | 33,779 | 285,227 | ||||||
Unilever NV CVA(1) | 124,819 | 5,325,731 | ||||||
Wolters Kluwer NV#(1) | 23,393 | 728,173 | ||||||
33,182,613 | ||||||||
New Zealand — 0.1% | ||||||||
Auckland International Airport, Ltd.(1) | 75,233 | 258,392 | ||||||
Contact Energy, Ltd.(1) | 28,785 | 125,542 | ||||||
Fletcher Building, Ltd.(1) | 53,865 | 334,390 | ||||||
Meridian Energy, Ltd.#(1) | 94,457 | 154,544 | ||||||
Mighty River Power, Ltd.(1) | 51,050 | 103,532 | ||||||
Ryman Healthcare, Ltd.#(1) | 29,175 | 165,181 | ||||||
Spark New Zealand, Ltd.(1) | 141,395 | 277,061 | ||||||
1,418,642 | ||||||||
Norway — 0.6% | ||||||||
DNB ASA(1) | 75,662 | 1,330,903 | ||||||
Gjensidige Forsikring ASA(1) | 15,648 | 241,425 | ||||||
Norsk Hydro ASA(1) | 103,911 | 485,759 | ||||||
Orkla ASA#(1) | 63,821 | 500,422 | ||||||
Statoil ASA#(1) | 84,465 | 1,580,641 | ||||||
Telenor ASA(1) | 57,190 | 1,298,540 | ||||||
Yara International ASA#(1) | 13,858 | 700,978 | ||||||
6,138,668 | ||||||||
Portugal — 0.1% | ||||||||
Banco Comercial Portugues SA†#(1) | 2,719,684 | 255,624 | ||||||
Banco Espirito Santo SA†(2)(7) | 213,818 | 14,090 | ||||||
EDP - Energias de Portugal SA(1) | 178,488 | 697,009 | ||||||
Galp Energia SGPS SA(1) | 29,340 | 345,492 | ||||||
Jeronimo Martins SGPS SA(1) | 19,273 | 265,510 | ||||||
1,577,725 | ||||||||
Singapore — 1.3% | ||||||||
Ascendas Real Estate Investment Trust(1) | 158,000 | 280,919 | ||||||
CapitaLand Commercial Trust(1) | 155,000 | 185,010 | ||||||
CapitaLand Mall Trust(1) | 187,000 | 300,377 | ||||||
CapitaLand, Ltd.(1) | 197,000 | 509,168 | ||||||
City Developments, Ltd.#(1) | 31,000 | 241,582 | ||||||
ComfortDelGro Corp., Ltd.(1) | 157,000 | 356,114 | ||||||
DBS Group Holdings, Ltd.(1) | 132,000 | 1,979,109 | ||||||
Global Logistic Properties, Ltd.(1) | 238,000 | 484,319 | ||||||
Hutchison Port Holdings Trust#(1) | 438,000 | 287,973 | ||||||
Jardine Cycle & Carriage, Ltd.(1) | 8,000 | 233,296 | ||||||
Kenon Holdings, Ltd.†(1) | 1,449 | 29,364 | ||||||
Keppel Corp., Ltd.#(1) | 110,000 | 712,333 | ||||||
Keppel Land, Ltd. | 23,757 | 77,187 | ||||||
Oversea-Chinese Banking Corp., Ltd.(1) | 226,000 | 1,707,291 | ||||||
Sembcorp Industries, Ltd.(1) | 75,000 | 231,040 | ||||||
Sembcorp Marine, Ltd.#(1) | 63,000 | 140,402 | ||||||
Singapore Airlines, Ltd.(1) | 42,000 | 353,555 |
141 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Singapore (continued) | ||||||||
Singapore Exchange, Ltd.(1) | 61,000 | $ | 380,918 | |||||
Singapore Press Holdings, Ltd.#(1) | 124,000 | 382,369 | ||||||
Singapore Technologies Engineering, Ltd.(1) | 119,000 | 299,739 | ||||||
Singapore Telecommunications, Ltd.(1) | 614,000 | 1,878,094 | ||||||
StarHub, Ltd.(1) | 46,000 | 136,653 | ||||||
Suntec Real Estate Investment Trust#(1) | 173,000 | 229,864 | ||||||
United Overseas Bank, Ltd.(1) | 97,000 | 1,662,999 | ||||||
UOL Group, Ltd.(1) | 35,000 | 190,438 | ||||||
Wilmar International, Ltd.#(1) | 146,000 | 363,204 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd.(1) | 146,000 | 156,318 | ||||||
13,789,635 | ||||||||
Spain — 3.2% | ||||||||
Abertis Infraestructuras SA(1) | 31,448 | 552,766 | ||||||
ACS Actividades de Construccion y Servicios SA(1) | 13,353 | 430,775 | ||||||
Amadeus IT Holding SA, Class A(1) | 34,185 | 1,556,539 | ||||||
Banco Bilbao Vizcaya Argentaria SA(1) | 476,245 | 4,704,108 | ||||||
Banco de Sabadell SA#(1) | 262,200 | 664,091 | ||||||
Banco Popular Espanol SA#(1) | 136,615 | 674,157 | ||||||
Banco Santander SA(1) | 1,075,643 | 7,660,450 | ||||||
Bankia SA†(1) | 353,009 | 456,581 | ||||||
Bankinter SA(1) | 51,748 | 381,294 | ||||||
CaixaBank SA(1) | 173,512 | 832,156 | ||||||
Distribuidora Internacional de Alimentacion SA#(1) | 47,731 | 380,508 | ||||||
Enagas SA(1) | 15,529 | 446,742 | ||||||
Endesa SA(1) | 23,965 | 448,234 | ||||||
Ferrovial SA(1) | 31,412 | 678,349 | ||||||
Gas Natural SDG SA(1) | 26,893 | 661,726 | ||||||
Grifols SA(1) | 11,529 | 459,902 | ||||||
Iberdrola SA(1) | 392,370 | 2,714,273 | ||||||
Inditex SA(1) | 83,220 | 2,758,087 | ||||||
International Consolidated Airlines Group SA†(1) | 61,901 | 523,337 | ||||||
Mapfre SA(1) | 71,430 | 254,772 | ||||||
Red Electrica Corp. SA(1) | 8,328 | 700,739 | ||||||
Repsol SA(1) | 78,411 | 1,493,963 | ||||||
Telefonica SA(1) | 322,509 | 4,563,875 | ||||||
Zardoya Otis SA#(1) | 12,998 | 167,220 | ||||||
34,164,644 | ||||||||
Sweden — 2.8% | ||||||||
Alfa Laval AB#(1) | 24,073 | 454,482 | ||||||
Assa Abloy AB, Class B†(1) | 25,802 | 1,521,286 | ||||||
Atlas Copco AB, Class A(1) | 51,821 | 1,567,770 | ||||||
Atlas Copco AB, Class A Redemption Shares†# | 51,821 | 36,162 | ||||||
Atlas Copco AB, Class B(1) | 30,011 | 808,342 | ||||||
Atlas Copco AB, Class B Redemption Shares† | 30,011 | 20,942 | ||||||
Boliden AB(1) | 21,032 | 451,218 | ||||||
Electrolux AB, Series B(1) | 18,646 | 569,729 | ||||||
Elekta AB, Series B#(1) | 28,109 | 197,873 | ||||||
Getinge AB, Class B(1) | 15,438 | 373,276 | ||||||
Hennes & Mauritz AB, Class B(1) | 72,864 | 2,874,284 | ||||||
Hexagon AB, Class B#(1) | 19,700 | 723,349 | ||||||
Husqvarna AB, Class B#(1) | 31,435 | 239,331 | ||||||
ICA Gruppen AB#(1) | 5,922 | 206,525 | ||||||
Industrivarden AB, Class C#(1) | 12,344 | 246,191 | ||||||
Investment AB Kinnevik, Class B#(1) | 18,127 | 605,573 | ||||||
Investor AB, Class B#(1) | 35,084 | 1,386,042 | ||||||
Lundin Petroleum AB†#(1) | 16,970 | 267,134 | ||||||
Nordea Bank AB(1) | 234,270 | 3,052,142 | ||||||
Sandvik AB#(1) | 81,291 | 979,482 | ||||||
Securitas AB, Class B(1) | 24,189 | 328,595 | ||||||
Skandinaviska Enskilda Banken AB, Class A(1) | 116,631 | 1,441,690 | ||||||
Skanska AB, Class B(1) | 29,319 | 610,273 | ||||||
SKF AB, Class B(1) | 30,423 | 735,751 |
Security Description | Shares | (Note 2) | ||||||
Sweden (continued) | ||||||||
Svenska Cellulosa AB SCA, Class B(1) | 45,557 | $ | 1,189,388 | |||||
Svenska Handelsbanken AB, Class A(1) | 115,407 | 1,739,743 | ||||||
Swedbank AB, Class A(1) | 69,970 | 1,643,012 | ||||||
Swedish Match AB(1) | 15,670 | 466,975 | ||||||
Tele2 AB, Class B#(1) | 24,641 | 289,950 | ||||||
Telefonaktiebolaget LM Ericsson, Class B(1) | 233,599 | 2,623,871 | ||||||
TeliaSonera AB(1) | 197,814 | 1,166,408 | ||||||
Volvo AB, Class B#(1) | 116,744 | 1,516,741 | ||||||
30,333,530 | ||||||||
Switzerland — 8.9% | ||||||||
ABB, Ltd.(1) | 168,337 | 3,690,543 | ||||||
Actelion, Ltd.(1) | 7,764 | 1,085,972 | ||||||
Adecco SA(1) | 13,282 | 1,057,960 | ||||||
Aryzta AG(1) | 6,836 | 434,006 | ||||||
Baloise Holding AG(1) | 3,658 | 455,858 | ||||||
Barry Callebaut AG(1) | 170 | 191,703 | ||||||
Chocoladefabriken Lindt & Sprungli AG(1) | 7 | 440,228 | ||||||
Chocoladefabriken Lindt & Sprungli AG (Participation Certificate)(1) | 70 | 370,570 | ||||||
Cie Financiere Richemont SA(1) | 39,991 | 3,464,819 | ||||||
Coca-Cola HBC AG CDI(1) | 15,242 | 333,959 | ||||||
Credit Suisse Group AG(1) | 117,083 | 3,108,482 | ||||||
EMS-Chemie Holding AG(1) | 638 | 271,798 | ||||||
Geberit AG(1) | 2,869 | 1,033,678 | ||||||
Givaudan SA(1) | 703 | 1,288,830 | ||||||
Holcim, Ltd.(1) | 17,492 | 1,383,037 | ||||||
Julius Baer Group, Ltd.(1) | 17,359 | 948,263 | ||||||
Kuehne & Nagel International AG(1) | 4,202 | 590,866 | ||||||
Lonza Group AG(1) | 4,067 | 572,609 | ||||||
Nestle SA(1) | 246,294 | 19,134,195 | ||||||
Novartis AG(1) | 175,875 | 18,100,228 | ||||||
Pargesa Holding SA (BR)(1) | 2,378 | 167,377 | ||||||
Partners Group Holding AG(1) | 1,347 | 422,601 | ||||||
Roche Holding AG(1) | 53,692 | 15,808,475 | ||||||
Schindler Holding AG(1) | 1,653 | 287,108 | ||||||
Schindler Holding AG (Participation Certificate)(1) | 3,353 | 588,727 | ||||||
SGS SA(1) | 422 | 812,137 | ||||||
Sika AG (BR)(1) | 167 | 573,937 | ||||||
Sonova Holding AG(1) | 4,169 | 628,711 | ||||||
Sulzer AG(1) | 1,857 | 204,698 | ||||||
Swatch Group AG(1) | 3,839 | 305,869 | ||||||
Swatch Group AG (BR)#(1) | 2,388 | 949,702 | ||||||
Swiss Life Holding AG(1) | 2,471 | 593,937 | ||||||
Swiss Prime Site AG(1) | 4,446 | 356,031 | ||||||
Swiss Re AG(1) | 26,959 | 2,421,767 | ||||||
Swisscom AG(1) | 1,804 | 1,045,535 | ||||||
Syngenta AG(1) | 7,115 | 3,258,569 | ||||||
Transocean, Ltd.#(1) | 26,925 | 520,098 | ||||||
UBS Group AG(1) | 279,232 | 6,007,645 | ||||||
Zurich Insurance Group AG(1) | 11,432 | 3,652,411 | ||||||
96,562,939 | ||||||||
United Arab Emirates — 0.0% |
| |||||||
Orascom Construction, Ltd.† | 3,280 | 42,279 | ||||||
United Kingdom — 18.0% |
| |||||||
3i Group PLC(1) | 75,375 | 648,932 | ||||||
Aberdeen Asset Management PLC(1) | 71,615 | 489,137 | ||||||
Admiral Group PLC#(1) | 14,649 | 333,385 | ||||||
Aggreko PLC#(1) | 20,010 | 492,068 | ||||||
Amec Foster Wheeler PLC(1) | 29,739 | 432,661 | ||||||
Anglo American PLC(1) | 107,372 | 1,684,297 | ||||||
Antofagasta PLC(1) | 30,317 | 345,875 | ||||||
ARM Holdings PLC(1) | 107,333 | 1,899,255 |
142 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom (continued) | ||||||||
Ashtead Group PLC(1) | 38,576 | $ | 661,391 | |||||
Associated British Foods PLC(1) | 27,549 | 1,277,173 | ||||||
AstraZeneca PLC(1) | 96,767 | 6,479,726 | ||||||
Aviva PLC(1) | 306,128 | 2,453,983 | ||||||
Babcock International Group PLC(1) | 19,102 | 329,011 | ||||||
BAE Systems PLC(1) | 240,773 | 1,896,523 | ||||||
Barclays PLC(1) | 1,258,108 | 5,192,057 | ||||||
BG Group PLC#(1) | 260,765 | 4,532,678 | ||||||
BHP Billiton PLC(1) | 162,127 | 3,419,185 | ||||||
BP PLC(1) | 1,393,609 | 9,604,115 | ||||||
British American Tobacco PLC(1) | 142,827 | 7,885,889 | ||||||
British Land Co. PLC(1) | 73,869 | 974,736 | ||||||
BT Group PLC(1) | 623,761 | 4,264,459 | ||||||
Bunzl PLC(1) | 25,950 | 752,270 | ||||||
Burberry Group PLC(1) | 34,225 | 888,044 | ||||||
Capita PLC(1) | 51,143 | 979,515 | ||||||
Carnival PLC(1) | 14,428 | 697,173 | ||||||
Centrica PLC(1) | 382,058 | 1,623,601 | ||||||
Cobham PLC(1) | 87,133 | 393,901 | ||||||
Compass Group PLC(1) | 126,728 | 2,218,926 | ||||||
Croda International PLC(1) | 10,751 | 480,843 | ||||||
Diageo PLC(1) | 192,036 | 5,337,672 | ||||||
Direct Line Insurance Group PLC(1) | 114,948 | 593,216 | ||||||
Dixons Carphone PLC(1) | 75,550 | 549,232 | ||||||
easyJet PLC†(1) | 12,519 | 308,006 | ||||||
Fresnillo PLC#(1) | 16,739 | 194,590 | ||||||
G4S PLC(1) | 117,842 | 537,794 | ||||||
GKN PLC(1) | 128,565 | 720,832 | ||||||
GlaxoSmithKline PLC(1) | 372,039 | 8,253,790 | ||||||
Hammerson PLC(1) | 59,759 | 611,615 | ||||||
Hargreaves Lansdown PLC(1) | 18,475 | 358,140 | ||||||
HSBC Holdings PLC(1) | 1,468,452 | 13,981,523 | ||||||
ICAP PLC(1) | 43,101 | 364,502 | ||||||
IMI PLC(1) | 21,048 | 400,708 | ||||||
Imperial Tobacco Group PLC(1) | 73,435 | 3,790,305 | ||||||
Inmarsat PLC(1) | 33,236 | 505,053 | ||||||
InterContinental Hotels Group PLC(1) | 18,598 | 779,052 | ||||||
Intertek Group PLC(1) | 12,588 | 481,453 | ||||||
Intu Properties PLC#(1) | 69,258 | 353,874 | ||||||
Investec PLC(1) | 42,755 | 391,946 | ||||||
ITV PLC(1) | 291,832 | 1,216,696 | ||||||
J Sainsbury PLC#(1) | 95,521 | 367,474 | ||||||
Johnson Matthey PLC(1) | 15,994 | 855,484 | ||||||
Kingfisher PLC(1) | 181,052 | 1,025,262 | ||||||
Land Securities Group PLC(1) | 60,511 | 1,216,146 | ||||||
Legal & General Group PLC(1) | 453,099 | 1,843,115 | ||||||
Lloyds Banking Group PLC(1) | 4,363,866 | 5,862,328 | ||||||
London Stock Exchange Group PLC(1) | 17,180 | 646,521 | ||||||
Lonmin PLC†(1) | 8,689 | 18,777 | ||||||
Marks & Spencer Group PLC(1) | 124,458 | 1,110,450 | ||||||
Meggitt PLC(1) | 61,120 | 475,325 | ||||||
Melrose Industries PLC(1) | 77,784 | 315,466 | ||||||
Merlin Entertainments PLC(1)* | 37,569 | 263,545 | ||||||
National Grid PLC(1) | 286,848 | 4,102,502 | ||||||
Next PLC(1) | 11,814 | 1,359,006 | ||||||
Old Mutual PLC(1) | 374,646 | 1,266,859 | ||||||
Pearson PLC(1) | 63,277 | 1,265,573 | ||||||
Persimmon PLC(1) | 23,404 | 702,993 | ||||||
Prudential PLC(1) | 196,196 | 4,888,396 | ||||||
Reckitt Benckiser Group PLC(1) | 49,724 | 4,494,176 | ||||||
Reed Elsevier PLC(1) | 87,286 | 1,449,375 | ||||||
Rexam PLC(1) | 54,162 | 463,225 | ||||||
Rio Tinto PLC(1) | 97,561 | 4,262,729 | ||||||
Rolls-Royce Holdings PLC(1) | 144,974 | 2,214,586 |
Security Description | Shares | (Note 2) | ||||||
United Kingdom (continued) | ||||||||
Rolls-Royce Holdings PLC (Entitlement Shares)† | 20,441,334 | $ | 31,243 | |||||
Rolls-Royce Holdings PLC, Class C† | 13,810,410 | 21,108 | ||||||
Royal Bank of Scotland Group PLC†(1) | 194,048 | 1,024,145 | ||||||
Royal Dutch Shell PLC, Class A(1) | 299,198 | 8,905,884 | ||||||
Royal Dutch Shell PLC, Class B(1) | 187,288 | 5,662,359 | ||||||
Royal Mail PLC(1) | 50,063 | 401,180 | ||||||
RSA Insurance Group PLC(1) | 77,858 | 513,251 | ||||||
SABMiller PLC(1) | 73,824 | 3,943,987 | ||||||
Sage Group PLC(1) | 82,128 | 714,758 | ||||||
Schroders PLC(1) | 9,722 | 501,356 | ||||||
Segro PLC(1) | 58,490 | 381,267 | ||||||
Severn Trent PLC(1) | 18,287 | 615,033 | ||||||
Sky PLC(1) | 78,955 | 1,274,531 | ||||||
Smith & Nephew PLC(1) | 69,530 | 1,234,460 | ||||||
Smiths Group PLC(1) | 30,696 | 562,913 | ||||||
Sports Direct International PLC†(1) | 21,654 | 223,796 | ||||||
SSE PLC(1) | 75,180 | 1,916,436 | ||||||
Standard Chartered PLC(1) | 189,005 | 3,024,620 | ||||||
Standard Life PLC(1) | 152,375 | 1,137,317 | ||||||
Tate & Lyle PLC#(1) | 36,031 | 320,809 | ||||||
Tesco PLC(1) | 620,208 | 2,016,354 | ||||||
Travis Perkins PLC(1) | 19,395 | 657,454 | ||||||
Tullow Oil PLC(1) | 69,737 | 421,229 | ||||||
Unilever PLC(1) | 98,382 | 4,347,356 | ||||||
United Utilities Group PLC(1) | 51,834 | 790,680 | ||||||
Vodafone Group PLC(1) | 2,029,991 | 7,938,081 | ||||||
Weir Group PLC(1) | 16,616 | 514,490 | ||||||
Whitbread PLC(1) | 14,185 | 1,111,416 | ||||||
William Hill PLC(1) | 68,324 | 440,444 | ||||||
WM Morrison Supermarkets PLC#(1) | 161,680 | 422,770 | ||||||
194,600,848 | ||||||||
Total Common Stocks | ||||||||
(cost $940,045,632) | 1,015,436,133 | |||||||
PREFERRED SECURITIES — 0.6% |
| |||||||
Germany — 0.6% |
| |||||||
Bayerische Motoren Werke AG(1) | 4,168 | 352,182 | ||||||
Fuchs Petrolub SE(1) | 5,656 | 248,028 | ||||||
Henkel AG & Co. KGaA(1) | 13,665 | 1,635,297 | ||||||
Porsche Automobil Holding SE(1) | 11,930 | 1,053,772 | ||||||
Volkswagen AG#(1) | 12,514 | 3,037,516 | ||||||
Total Preferred Securities | ||||||||
(cost $5,771,851) | 6,326,795 | |||||||
EXCHANGE-TRADED FUNDS — 3.3% |
| |||||||
United States — 3.3% |
| |||||||
iShares MSCI EAFE Index Fund | 530,536 | 35,354,919 | ||||||
RIGHTS — 0.0% |
| |||||||
Italy — 0.0% |
| |||||||
Banca Monte dei Paschi di Siena SpA†# | 16,207 | 107,512 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $981,154,633) | 1,057,225,359 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.7% |
| |||||||
Registered Investment Companies — 7.8% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | 84,594,842 | 84,594,842 | ||||||
143 |
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VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount | (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
U.S. Government Treasuries — 0.9% |
| |||||||
United States Treasury Bills | $ | 7,000,000 | $ | 7,000,000 | ||||
0.02% due 06/11/2015@ | 2,100,000 | 2,099,998 | ||||||
9,099,998 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $93,694,824) | 93,694,840 | |||||||
REPURCHASE AGREEMENTS — 1.4% |
| |||||||
State Street Bank and Trust Co. Joint | 15,236,000 | 15,236,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(cost $1,090,085,457)(5) | 107.9 | % | 1,166,156,199 | |||||
Liabilities in excess of other assets | (7.9 | ) | (84,982,276 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 1,081,173,923 | ||||
# | 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 May 31, 2015, the aggregate value of these securities was $478,389 representing 0.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
@ | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $1,020,201,530 representing 94.4% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | At May 31, 2015, the Fund had loaned securities with a total value of $80,657,134. This was secured by collateral of $84,594,842, which was received in cash and subsequently invested in short-term investments currently valued at $84,594,842 as reported in the Portfolio of Investments. Additional collateral of $1,286,205 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 01/07/2016 | $ | 237,982 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 06/30/2015 to 11/15/2043 | 1,048,223 |
(4) | See Note 2 for details of Joint Repurchase Agreements. |
(5) | See Note 5 for cost of investments on a tax basis. |
(6) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(7) | Illiquid security. At May 31, 2015, the aggregate value of these securities was $14,090 representing 0.0% of net assets. |
ASE—Australian Stock Exchange
BR—Bearer Shares
CDI—Chess Depository Interest
CVA—Certification Van Aandelen (Dutch Cert.)
EUR—Euro Dollar
FDR—Federal Depository Receipt
LSE—London Stock Exchange
RSP—Risparmio Savings Shares
SDR—Swedish Depository Receipt
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
250 | Long | E-Mini MSCI EAFE Index | June 2015 | $ | 22,700,215 | $ | 23,750,000 | $ | 1,049,785 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | 680,558 | $ | 69,572,186 | $ | 0 | $ | 70,252,744 | ||||||||
Portugal | — | 1,563,635 | 14,090 | 1,577,725 | ||||||||||||
Sweden | 57,104 | 30,276,426 | — | 30,333,530 | ||||||||||||
United Arab Emirates | 42,279 | — | — | 42,279 | ||||||||||||
United Kingdom | — | 194,600,848 | — | 194,600,848 | ||||||||||||
Other Countries | — | 718,629,007 | — | 718,629,007 | ||||||||||||
Preferred Securities | — | 6,326,795 | — | 6,326,795 | ||||||||||||
Exchange-Traded Funds | 35,354,919 | — | — | 35,354,919 | ||||||||||||
Rights | 107,512 | — | — | 107,512 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 84,594,842 | — | — | 84,594,842 | ||||||||||||
U.S. Government Treasuries | — | 9,099,998 | — | 9,099,998 | ||||||||||||
Repurchase Agreements | — | 15,236,000 | — | 15,236,000 | ||||||||||||
Total Investments at value | $ | 120,837,214 | $ | 1,045,304,895 | $ | 14,090 | $ | 1,166,156,199 | ||||||||
144 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Futures Contracts | $ | 1,049,785 | $ | — | $ | — | $ | 1,049,785 | ||||||||
* | 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. Securities currently valued at $980,119,004 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Fund.
See Notes to Financial Statements
145 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Sovereign | 67.7 | % | ||
United States Treasury Notes | 14.2 | |||
United States Treasury Bonds | 3.2 | |||
Banks — Commercial | 2.0 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Sovereign Agency | 0.8 | |||
Oil Companies — Integrated | 0.7 | |||
Electric — Integrated | 0.6 | |||
Real Estate Operations & Development | 0.4 | |||
Time Deposits | 0.4 | |||
Metal — Iron | 0.3 | |||
Food — Meat Products | 0.3 | |||
Gold Mining | 0.3 | |||
Independent Power Producers | 0.3 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Brewery | 0.3 | |||
Pipelines | 0.3 | |||
Building Products — Cement | 0.3 | |||
Paper & Related Products | 0.2 | |||
Banks — Export/Import | 0.2 | |||
Industrial Gases | 0.2 | |||
Transport — Marine | 0.2 | |||
Building — Heavy Construction | 0.2 | |||
Transport — Rail | 0.2 | |||
Banks — Special Purpose | 0.2 | |||
Cellular Telecom | 0.2 | |||
Steel — Producers | 0.2 | |||
Petrochemicals | 0.2 | |||
Municipal Bonds & Notes | 0.2 | |||
Registered Investment Companies | 0.2 | |||
Diversified Minerals | 0.2 | |||
Transport — Services | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Retail — Major Department Stores | 0.1 | |||
Sugar | 0.1 | |||
Coal | 0.1 | |||
Electric — Distribution | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Diamonds/Precious Stones | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Gas — Transportation | 0.1 | |||
Steel — Specialty | 0.1 | |||
Metal — Diversified | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
Telephone — Integrated | 0.1 | |||
SupraNational Banks | 0.1 | |||
98.0 | % | |||
Country Allocation*
United States | 18.7 | % | ||
Japan | 11.9 | |||
Italy | 5.2 | |||
Spain | 4.7 | |||
United Kingdom | 3.6 | |||
Indonesia | 2.9 | |||
Germany | 2.7 | |||
Canada | 2.3 | |||
Netherlands | 2.2 | |||
Poland | 2.1 | |||
Turkey | 2.1 | |||
South Africa | 2.1 | |||
Mexico | 1.8 | |||
Lebanon | 1.8 | |||
Australia | 1.8 | |||
Belgium | 1.6 |
Brazil | 1.5 | |||
Philippines | 1.4 | |||
France | 1.3 | |||
Peru | 1.3 | |||
Lithuania | 1.2 | |||
Ireland | 1.2 | |||
Dominican Republic | 1.2 | |||
Venezuela | 1.2 | |||
Colombia | 1.1 | |||
Kenya | 0.9 | |||
British Virgin Islands | 0.9 | |||
El Salvador | 0.9 | |||
Kazakhstan | 0.9 | |||
Singapore | 0.8 | |||
Luxembourg | 0.8 | |||
Panama | 0.8 | |||
Uruguay | 0.8 | |||
Croatia | 0.8 | |||
Malaysia | 0.7 | |||
Thailand | 0.7 | |||
Russia | 0.7 | |||
Norway | 0.7 | |||
Costa Rica | 0.7 | |||
Romania | 0.7 | |||
Sweden | 0.6 | |||
Armenia | 0.5 | |||
Zambia | 0.4 | |||
Denmark | 0.4 | |||
Bahrain | 0.4 | |||
Chile | 0.4 | |||
Senegal | 0.4 | |||
Ghana | 0.4 | |||
Finland | 0.4 | |||
Jersey | 0.3 | |||
Hungary | 0.3 | |||
Cayman Islands | 0.3 | |||
Serbia | 0.3 | |||
Sri Lanka | 0.3 | |||
Belarus | 0.2 | |||
Ukraine | 0.2 | |||
Honduras | 0.2 | |||
Egypt | 0.2 | |||
Ethiopia | 0.2 | |||
Latvia | 0.2 | |||
Paraguay | 0.2 | |||
Nigeria | 0.2 | |||
South Korea | 0.1 | |||
Austria | 0.1 | |||
SupraNational | 0.1 | |||
98.0 | % | |||
Credit Quality Allocation†#
Aaa | 26.8 | % | ||
Aa | 5.7 | |||
A | 19.9 | |||
Baa | 26.9 | |||
Ba | 6.5 | |||
B | 5.0 | |||
Caa | 0.8 | |||
Ca | 0.7 | |||
Not Rated@ | 7.7 | |||
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. |
146 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES — 11.5% |
| |||||||
Australia — 0.2% |
| |||||||
Westpac Banking Corp. | $ | 270,000 | $ | 270,621 | ||||
Austria — 0.1% |
| |||||||
ESAL GmbH | 200,000 | 203,500 | ||||||
Belgium — 0.3% |
| |||||||
Anheuser-Busch InBev NV | EUR | 400,000 | 469,355 | |||||
Brazil — 0.7% |
| |||||||
Banco ABC Brasil SA | BRL | 1,600,000 | 483,319 | |||||
BRF SA | 200,000 | 192,400 | ||||||
BRF SA | BRL | 500,000 | 131,281 | |||||
Oi SA | BRL | 500,000 | 145,545 | |||||
Samarco Mineracao SA | 250,000 | 233,125 | ||||||
1,185,670 | ||||||||
British Virgin Islands — 0.9% |
| |||||||
China Cinda Finance 2015 I, Ltd. | 275,000 | 268,306 | ||||||
Gold Fields Orogen Holdings BVI, Ltd. | 320,000 | 288,400 | ||||||
GTL Trade Finance, Inc. | 200,000 | 191,400 | ||||||
LS Finance 2022, Ltd. | 250,000 | 254,091 | ||||||
Sinopec Group Overseas Development 2014, Ltd. | 275,000 | 294,649 | ||||||
State Grid Overseas Investment 2014, Ltd. | 200,000 | 214,397 | ||||||
1,511,243 | ||||||||
Canada — 0.1% |
| |||||||
Pacific Rubiales Energy Corp. | 300,000 | 240,000 | ||||||
Cayman Islands — 0.3% |
| |||||||
Country Garden Holdings Co., Ltd. | 200,000 | 202,260 | ||||||
Country Garden Holdings Co., Ltd. | 200,000 | 200,500 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Cayman Islands (continued) |
| |||||||
MIE Holdings Corp. | $ | 200,000 | $ | 148,000 | ||||
550,760 | ||||||||
Chile — 0.4% |
| |||||||
Celulosa Arauco y Constitucion SA | 200,000 | 208,473 | ||||||
Colbun SA | 250,000 | 255,203 | ||||||
E.CL SA | 200,000 | 207,257 | ||||||
670,933 | ||||||||
Colombia — 0.6% |
| |||||||
Banco de Bogota SA | 225,000 | 233,325 | ||||||
Ecopetrol SA | 300,000 | 283,650 | ||||||
Empresas Publicas de Medellin ESP | COP | 80,000,000 | 33,372 | |||||
Transportadora de Gas Internacional SA ESP | 400,000 | 426,400 | ||||||
976,747 | ||||||||
Indonesia — 0.7% |
| |||||||
Pelabuhan Indonesia II PT | 400,000 | 385,000 | ||||||
Pertamina Persero PT | 318,000 | 327,937 | ||||||
Perusahaan Listrik Negara PT | 480,000 | 517,200 | ||||||
1,230,137 | ||||||||
Ireland — 0.4% |
| |||||||
Mobile Telesystems OJSC via MTS International Funding, Ltd. | 375,000 | 344,625 | ||||||
OJSC Novolipetsk Steel via Steel Funding, Ltd. | 350,000 | 341,722 | ||||||
686,347 | ||||||||
Jersey — 0.3% |
| |||||||
Burgan Finance No. 1 Jersey, Ltd. | 300,000 | 349,140 | ||||||
Polyus Gold International, Ltd. | 250,000 | 238,750 | ||||||
587,890 | ||||||||
147 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) |
| |||||||
Kazakhstan — 0.3% |
| |||||||
KazMunayGas National Co. JSC | $ | 200,000 | $ | 207,836 | ||||
KazMunayGas National Co. JSC | 250,000 | 259,795 | ||||||
467,631 | ||||||||
Luxembourg — 0.8% |
| |||||||
Cosan Luxembourg SA | BRL | 825,000 | 220,083 | |||||
Gazprom Neft OAO Via GPN Capital SA | 200,000 | 173,960 | ||||||
Gazprom OAO Via Gaz Capital SA | 240,000 | 240,000 | ||||||
Klabin Finance SA | 200,000 | 199,400 | ||||||
Severstal OAO Via Steel Capital SA | 350,000 | 339,500 | ||||||
Tupy Overseas SA | 270,000 | 270,270 | ||||||
1,443,213 | ||||||||
Malaysia — 0.1% |
| |||||||
Petronas Capital, Ltd. | 200,000 | 202,284 | ||||||
Mexico — 0.4% |
| |||||||
Alpek SAB de CV | 310,000 | 332,444 | ||||||
Elementia SAB de CV | 200,000 | 203,250 | ||||||
Empresas ICA SAB de CV | 200,000 | 172,500 | ||||||
708,194 | ||||||||
Netherlands — 0.9% |
| |||||||
Enel Finance International NV | EUR | 350,000 | 455,723 | |||||
Indo Energy Finance BV | 250,000 | 215,625 | ||||||
Kazakhstan Temir Zholy Finance BV | 350,000 | 367,500 | ||||||
Linde Finance BV | EUR | 350,000 | 405,032 | |||||
Petrobras Global Finance BV | 120,000 | 107,100 | ||||||
1,550,980 | ||||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Nigeria — 0.2% |
| |||||||
Zenith Bank PLC | $ | 275,000 | $ | 263,656 | ||||
Peru — 0.4% |
| |||||||
Alicorp SAA | 150,000 | 147,188 | ||||||
Transportadora de Gas del Peru SA | 200,000 | 201,000 | ||||||
Volcan Cia Minera SAA | 310,000 | 307,706 | ||||||
655,894 | ||||||||
Singapore — 0.4% |
| |||||||
Alam Synergy Pte, Ltd. | 210,000 | 206,850 | ||||||
Oversea-Chinese Banking Corp., Ltd. VRS | 200,000 | 206,707 | ||||||
Theta Capital Pte, Ltd. | 300,000 | 303,714 | ||||||
717,271 | ||||||||
South Africa — 0.2% |
| |||||||
Transnet SOC, Ltd. | 320,000 | 307,430 | ||||||
South Korea — 0.1% |
| |||||||
Hana Bank | 200,000 | 211,027 | ||||||
SupraNational — 0.1% |
| |||||||
Eurasian Development Bank | RUB | 6,000,000 | 104,677 | |||||
Sweden — 0.4% |
| |||||||
PKO Bank Polski SA | 305,000 | 320,250 | ||||||
Svensk Exportkredit AB | 400,000 | 406,903 | ||||||
727,153 | ||||||||
Thailand — 0.7% |
| |||||||
Bangkok Bank PCL | 500,000 | 508,011 | ||||||
Bangkok Bank PCL | 300,000 | 311,284 | ||||||
Siam Commercial Bank PCL | 200,000 | 206,281 | ||||||
Thai Oil PCL | 200,000 | 201,233 | ||||||
1,226,809 | ||||||||
148 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) |
| |||||||
Turkey — 0.2% |
| |||||||
Turkiye Halk Bankasi AS | $ | 200,000 | $ | 192,672 | ||||
Turkiye Is Bankasi AS | 200,000 | 202,612 | ||||||
395,284 | ||||||||
United Kingdom — 0.4% |
| |||||||
City of Kyiv Via Kyiv Finance PLC | 750,000 | 331,350 | ||||||
Petra Diamonds US Treasury PLC | 200,000 | 205,000 | ||||||
Vedanta Resources PLC | 200,000 | 184,480 | ||||||
720,830 | ||||||||
United States — 0.7% |
| |||||||
Cemex Finance LLC | 400,000 | 405,800 | ||||||
Fifth Third Bancorp | 200,000 | 207,381 | ||||||
Toyota Motor Credit Corp. | 500,000 | 507,951 | ||||||
1,121,132 | ||||||||
Venezuela — 0.2% |
| |||||||
Petroleos de Venezuela SA | 300,000 | 108,000 | ||||||
Petroleos de Venezuela SA | 350,000 | 259,438 | ||||||
367,438 | ||||||||
Total Corporate Bonds & Notes | ||||||||
(cost $21,185,544) | 19,774,106 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 68.5% |
| |||||||
Armenia — 0.5% |
| |||||||
Republic of Armenia | 830,000 | 853,879 | ||||||
Australia — 1.6% |
| |||||||
Commonwealth of Australia | AUD | 1,000,000 | 798,336 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 787,005 | |||||
Commonwealth of Australia | AUD | 1,225,000 | 1,116,152 | |||||
2,701,493 | ||||||||
Bahrain — 0.4% |
| |||||||
Kingdom of Bahrain | 700,000 | 679,000 | ||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Belarus — 0.2% |
| |||||||
Republic of Belarus | $ | 400,000 | $ | 394,000 | ||||
Belgium — 1.3% |
| |||||||
Kingdom of Belgium | EUR | 1,735,000 | 2,158,116 | |||||
Brazil — 0.8% |
| |||||||
Federative Republic of Brazil | 700,000 | 743,750 | ||||||
Federative Republic of Brazil | 300,000 | 304,500 | ||||||
Federative Republic of Brazil | 300,000 | 359,250 | ||||||
1,407,500 | ||||||||
Canada — 2.2% |
| |||||||
Government of Canada | CAD | 885,000 | 726,588 | |||||
Government of Canada | CAD | 1,200,000 | 1,021,872 | |||||
Government of Canada | CAD | 600,000 | 530,418 | |||||
Government of Canada | CAD | 1,085,000 | 977,067 | |||||
Government of Canada | CAD | 410,000 | 493,250 | |||||
3,749,195 | ||||||||
Colombia — 0.5% |
| |||||||
Republic of Colombia | 420,000 | 390,600 | ||||||
Republic of Colombia | COP | 900,000,000 | 443,599 | |||||
834,199 | ||||||||
Costa Rica — 0.7% |
| |||||||
Republic of Costa Rica | 350,000 | 314,125 | ||||||
Republic of Costa Rica | 200,000 | 170,000 | ||||||
Republic of Costa Rica | 500,000 | 425,000 | ||||||
Republic of Costa Rica | 250,000 | 246,875 | ||||||
1,156,000 | ||||||||
Croatia — 0.8% |
| |||||||
Republic of Croatia | EUR | 640,000 | 659,233 |
149 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Croatia (continued) |
| |||||||
Republic of Croatia | $ | 650,000 | $ | 684,696 | ||||
1,343,929 | ||||||||
Denmark — 0.4% |
| |||||||
Kingdom of Denmark | DKK | 4,300,000 | 701,464 | |||||
Dominican Republic — 1.2% |
| |||||||
Dominican Republic | 600,000 | 609,000 | ||||||
Dominican Republic | 300,000 | 314,250 | ||||||
Dominican Republic | 300,000 | 332,250 | ||||||
Dominican Republic | 390,000 | 436,800 | ||||||
Dominican Republic | 300,000 | 360,000 | ||||||
2,052,300 | ||||||||
Egypt — 0.2% |
| |||||||
Arab Republic of Egypt | 330,000 | 337,425 | ||||||
El Salvador — 0.9% |
| |||||||
Republic of El Salvador | 700,000 | 677,250 | ||||||
Republic of El Salvador | 800,000 | 814,000 | ||||||
1,491,250 | ||||||||
Ethiopia — 0.2% |
| |||||||
Federal Democratic Republic of Ethiopia | 330,000 | 332,887 | ||||||
Finland — 0.4% |
| |||||||
Government of Finland | EUR | 440,000 | 653,052 | |||||
France — 1.3% |
| |||||||
Government of France | EUR | 400,000 | 559,254 | |||||
Government of France | EUR | 350,000 | 653,582 | |||||
Government of France | EUR | 600,000 | 1,083,486 | |||||
Government of France | EUR | 347 | 596 | |||||
2,296,918 | ||||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Germany — 2.7% |
| |||||||
Federal Republic of Germany | EUR | 1,000,000 | $ | 1,217,477 | ||||
Federal Republic of Germany | EUR | 380,000 | 478,596 | |||||
Federal Republic of Germany | EUR | 1,710,000 | 2,963,755 | |||||
4,659,828 | ||||||||
Ghana — 0.4% | ||||||||
Republic of Ghana | 700,000 | 659,281 | ||||||
Honduras — 0.2% | ||||||||
Republic of Honduras | 330,000 | 359,700 | ||||||
Hungary — 0.3% | ||||||||
Republic of Hungary | 308,000 | 350,004 | ||||||
Republic of Hungary | 150,000 | 210,750 | ||||||
560,754 | ||||||||
Indonesia — 2.2% | ||||||||
Republic of Indonesia | 980,000 | 976,080 | ||||||
Republic of Indonesia | 330,000 | 307,725 | ||||||
Republic of Indonesia | 230,000 | 258,750 | ||||||
Republic of Indonesia | 830,000 | 1,152,662 | ||||||
Republic of Indonesia | 790,000 | 1,045,763 | ||||||
3,740,980 | ||||||||
Ireland — 0.8% | ||||||||
Republic of Ireland | EUR | 790,000 | 1,033,570 | |||||
Republic of Ireland | EUR | 270,000 | 354,530 | |||||
1,388,100 | ||||||||
Italy — 5.2% | ||||||||
Republic of Italy | EUR | 1,800,000 | 2,290,627 | |||||
Republic of Italy | EUR | 1,150,000 | 1,525,132 | |||||
Republic of Italy | EUR | 1,020,000 | 1,428,724 |
150 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Italy (continued) | ||||||||
Republic of Italy | EUR | 600,000 | $ | 895,032 | ||||
Republic of Italy | EUR | 600,000 | 973,920 | |||||
Republic of Italy | EUR | 600,000 | 967,580 | |||||
Republic of Italy | EUR | 532,912 | 919,280 | |||||
9,000,295 | ||||||||
Japan — 11.9% | ||||||||
Government of Japan | JPY | 205,000,000 | 1,734,127 | |||||
Government of Japan | JPY | 185,000,000 | 1,560,725 | |||||
Government of Japan | JPY | 132,000,000 | 1,117,118 | |||||
Government of Japan | JPY | 254,000,000 | 2,160,440 | |||||
Government of Japan | JPY | 190,000,000 | 1,605,897 | |||||
Government of Japan | JPY | 200,000,000 | 1,618,802 | |||||
Government of Japan | JPY | 62,500,000 | 516,827 | |||||
Government of Japan | JPY | 110,000,000 | 928,456 | |||||
Government of Japan | JPY | 100,000,000 | 917,989 | |||||
Government of Japan | JPY | 53,000,000 | 482,993 | |||||
Government of Japan | JPY | 225,000,000 | 1,960,779 | |||||
Government of Japan | JPY | 182,700,000 | 1,698,881 | |||||
Government of Japan | JPY | 285,000,000 | 2,595,813 | |||||
Government of Japan | JPY | 128,000,000 | 1,218,946 | |||||
Government of Japan | JPY | 33,000,000 | 311,814 | |||||
20,429,607 | ||||||||
Kazakhstan — 0.6% | ||||||||
Republic of Kazakhstan | 360,000 | 346,050 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Kazakhstan (continued) | ||||||||
Republic of Kazakhstan | $ | 730,000 | $ | 653,350 | ||||
999,400 | ||||||||
Kenya — 0.9% | ||||||||
Republic of Kenya | 600,000 | 628,050 | ||||||
Republic of Kenya | 860,000 | 900,205 | ||||||
1,528,255 | ||||||||
Latvia — 0.2% | ||||||||
Republic of Latvia | 300,000 | 320,685 | ||||||
Lebanon — 1.8% | ||||||||
Lebanese Republic | 1,980,000 | 2,002,275 | ||||||
Lebanese Republic | 1,050,000 | 1,090,687 | ||||||
3,092,962 | ||||||||
Lithuania — 1.2% | ||||||||
Republic of Lithuania | 600,000 | 732,750 | ||||||
Republic of Lithuania | 1,150,000 | 1,395,812 | ||||||
2,128,562 | ||||||||
Malaysia — 0.6% | ||||||||
Government of Malaysia | MYR | 3,800,000 | 1,047,970 | |||||
Mexico — 1.4% | ||||||||
United Mexican States | 700,000 | 703,850 | ||||||
United Mexican States | MXN | 21,760,000 | 1,488,857 | |||||
United Mexican States | MXN | 2,900,000 | 212,730 | |||||
2,405,437 | ||||||||
Netherlands — 1.3% | ||||||||
Government of Netherlands | EUR | 885,000 | 1,101,857 | |||||
Republic of Mozambique | 1,100,000 | 1,056,176 | ||||||
2,158,033 | ||||||||
Norway — 0.7% | ||||||||
Kingdom of Norway | NOK | 5,000,000 | 739,114 |
151 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Norway (continued) | ||||||||
Kingdom of Norway | NOK | 3,240,000 | $ | 445,716 | ||||
1,184,830 | ||||||||
Panama — 0.8% | ||||||||
Republic of Panama | 600,000 | 664,500 | ||||||
Republic of Panama | 600,000 | 763,500 | ||||||
1,428,000 | ||||||||
Paraguay — 0.2% | ||||||||
Republic of Paraguay | 250,000 | 268,750 | ||||||
Peru — 0.9% | ||||||||
Republic of Peru | 379,000 | 445,325 | ||||||
Republic of Peru | 300,000 | 389,250 | ||||||
Republic of Peru | 490,000 | 766,850 | ||||||
1,601,425 | ||||||||
Philippines — 1.4% | ||||||||
Republic of the Philippines | 580,000 | 606,100 | ||||||
Republic of the Philippines | 500,000 | 692,500 | ||||||
Republic of the Philippines | 710,000 | 1,151,975 | ||||||
2,450,575 | ||||||||
Poland — 2.1% | ||||||||
Republic of Poland | 700,000 | 699,398 | ||||||
Republic of Poland | 1,250,000 | 1,336,063 | ||||||
Republic of Poland | PLN | 3,300,000 | 1,041,734 | |||||
Republic of Poland | 500,000 | 583,000 | ||||||
3,660,195 | ||||||||
Romania — 0.7% | ||||||||
Government of Romania | 600,000 | 634,026 | ||||||
Government of Romania | 400,000 | 486,880 | ||||||
1,120,906 | ||||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Russia — 0.7% | ||||||||
Russian Federation | $ | 800,000 | $ | 771,328 | ||||
Russian Federation | 353,125 | 413,509 | ||||||
1,184,837 | ||||||||
Senegal — 0.4% | ||||||||
Republic of Senegal | 680,000 | 666,400 | ||||||
Serbia — 0.3% | ||||||||
Republic of Serbia | 500,000 | 530,000 | ||||||
Singapore — 0.4% | ||||||||
Republic of Singapore | SGD | 970,000 | 736,878 | |||||
South Africa — 1.9% | ||||||||
Republic of South Africa | 290,000 | 302,045 | ||||||
Republic of South Africa | 700,000 | 794,346 | ||||||
Republic of South Africa | 1,000,000 | 1,147,000 | ||||||
Republic of South Africa | ZAR | 10,000,000 | 965,932 | |||||
3,209,323 | ||||||||
Spain — 4.7% | ||||||||
Kingdom of Spain | EUR | 1,000,000 | 1,263,485 | |||||
Kingdom of Spain | EUR | 2,200,000 | 2,699,156 | |||||
Kingdom of Spain | EUR | 1,230,000 | 1,638,653 | |||||
Kingdom of Spain | EUR | 320,000 | 408,708 | |||||
Kingdom of Spain | EUR | 650,000 | 1,038,503 | |||||
Kingdom of Spain | EUR | 600,000 | 941,379 | |||||
7,989,884 | ||||||||
Sri Lanka — 0.3% | ||||||||
Republic of Sri Lanka | 460,000 | 469,798 | ||||||
Sweden — 0.2% | ||||||||
Kingdom of Sweden | SEK | 3,000,000 | 426,456 | |||||
152 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Turkey — 1.9% | ||||||||
Republic of Turkey | $ | 250,000 | $ | 275,552 | ||||
Republic of Turkey | 330,000 | 363,825 | ||||||
Republic of Turkey | 600,000 | 677,083 | ||||||
Republic of Turkey | 700,000 | 855,750 | ||||||
Republic of Turkey | 200,000 | 267,500 | ||||||
Republic of Turkey | TRY | 900,000 | 365,585 | |||||
Republic of Turkey | 228,000 | 394,440 | ||||||
3,199,735 | ||||||||
Ukraine — 0.2% | ||||||||
Financing of Infrastructural Projects | 810,000 | 360,450 | ||||||
United Kingdom — 3.2% | ||||||||
United Kingdom Gilt Treasury | GBP | 890,000 | 1,375,070 | |||||
United Kingdom Gilt Treasury | GBP | 1,000,000 | 1,591,156 | |||||
United Kingdom Gilt Treasury | GBP | 135,000 | 215,499 | |||||
United Kingdom Gilt Treasury | GBP | 410,000 | 813,635 | |||||
United Kingdom Gilt Treasury | GBP | 450,000 | 916,803 | |||||
United Kingdom Gilt Treasury | GBP | 290,000 | 588,192 | |||||
5,500,355 | ||||||||
Uruguay — 0.8% | ||||||||
Oriental Republic of Uruguay | 650,000 | 654,875 | ||||||
Oriental Republic of Uruguay | 300,000 | 417,000 | ||||||
Oriental Republic of Uruguay | 250,000 | 348,750 | ||||||
1,420,625 | ||||||||
Venezuela — 1.0% | ||||||||
Republic of Venezuela | 400,000 | 192,000 |
Security Description | Principal Amount(3)/ Shares | Value (Note 2) | ||||||
Venezuela (continued) | ||||||||
Republic of Venezuela | $ | 800,000 | $ | 340,000 | ||||
Republic of Venezuela | 870,000 | 354,525 | ||||||
Republic of Venezuela | 830,000 | 381,800 | ||||||
Republic of Venezuela | 750,000 | 367,500 | ||||||
1,635,825 | ||||||||
Zambia — 0.4% | ||||||||
Republic of Zambia | 650,000 | 702,000 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $126,781,906) | 117,369,703 | |||||||
U.S. GOVERNMENT TREASURIES — 17.4% | ||||||||
United States Treasury Bonds | ||||||||
3.00% due 05/15/2042 | 1,720,000 | 1,766,763 | ||||||
4.38% due 02/15/2038 | 1,520,000 | 1,940,732 | ||||||
5.38% due 02/15/2031 | 700,000 | 965,289 | ||||||
5.50% due 08/15/2028 | 580,000 | 789,389 | ||||||
United States Treasury Notes | ||||||||
1.38% due 09/30/2018 | 2,000,000 | 2,020,156 | ||||||
1.88% due 08/31/2017 | 2,305,000 | 2,364,425 | ||||||
2.00% due 11/30/2020 | 5,000,000 | 5,104,690 | ||||||
2.13% due 12/31/2015 | 2,125,000 | 2,149,072 | ||||||
2.38% due 03/31/2016 | 3,308,000 | 3,365,890 | ||||||
2.75% due 11/30/2016 | 2,370,000 | 2,450,727 | ||||||
2.75% due 12/31/2017 | 2,150,000 | 2,256,156 | ||||||
2.75% due 02/28/2018 | 3,030,000 | 3,184,579 | ||||||
3.13% due 05/15/2021 | 1,360,000 | 1,470,393 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $29,212,938) | 29,828,261 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $177,180,388) | 166,972,070 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.2% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 314,650 | 314,650 | ||||||
Time Deposits — 0.4% | ||||||||
Euro Time Deposit with State Street | 622,000 | 622,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $936,650) | 936,650 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $178,117,038)(2) | 98.0 | % | 167,908,720 | |||||
Other assets less liabilities | 2.0 | 3,403,543 | ||||||
NET ASSETS — | 100.0 | % | $ | 171,312,263 | ||||
* | 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 May 31, 2015, the aggregate value of these securities was $28,262,955 representing 16.5% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
153 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2015, the Fund had loaned securities with a total value of $307,465. This was secured by collateral of $314,650, which was received in cash and subsequently invested in short-term investments currently valued at $314,650 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) | Illiquid security. At May 31, 2015, the aggregate value of these securities was $980,228 representing 0.6% of net assets. |
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
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 May 31, 2015 and unless noted otherwise, the dates shown are the original maturity dates.
154 |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | — | $ | 19,774,106 | $ | — | $ | 19,774,106 | ||||||||
Foreign Government Obligations | — | 117,369,703 | — | 117,369,703 | ||||||||||||
U.S. Government Treasuries | — | 29,828,261 | — | 29,828,261 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 314,650 | 314,650 | ||||||||||||||
Time Deposits | — | 622,000 | — | 622,000 | ||||||||||||
Total Investments at Value | $ | 314,650 | $ | 167,594,070 | $ | — | $ | 167,908,720 | ||||||||
* | 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
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 9.1 | % | ||
Banks — Commercial | 7.6 | |||
Registered Investment Companies | 6.4 | |||
Auto — Cars/Light Trucks | 3.3 | |||
Diversified Banking Institutions | 3.1 | |||
Insurance — Life/Health | 2.8 | |||
Food — Misc./Diversified | 2.6 | |||
Oil Companies — Integrated | 2.3 | |||
Time Deposits | 2.2 | |||
Electronic Components — Misc. | 2.2 | |||
Semiconductor Components — Integrated Circuits | 2.0 | |||
Cable/Satellite TV | 1.8 | |||
Auto/Truck Parts & Equipment — Original | 1.7 | |||
Brewery | 1.7 | |||
Soap & Cleaning Preparation | 1.7 | |||
Tobacco | 1.7 | |||
Electronic Components — Semiconductors | 1.6 | |||
Food — Catering | 1.6 | |||
Hotels/Motels | 1.6 | |||
Retail — Apparel/Shoe | 1.5 | |||
Chemicals — Diversified | 1.5 | |||
Advertising Agencies | 1.4 | |||
Beverages — Wine/Spirits | 1.4 | |||
Food — Retail | 1.3 | |||
Power Converter/Supply Equipment | 1.2 | |||
Human Resources | 1.2 | |||
Cosmetics & Toiletries | 1.1 | |||
Electronic Measurement Instruments | 1.1 | |||
Commercial Services | 1.0 | |||
Web Portals/ISP | 1.0 | |||
Finance — Other Services | 1.0 | |||
Airlines | 1.0 | |||
Retail — Jewelry | 1.0 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Medical Products | 1.0 | |||
Industrial Gases | 0.9 | |||
Enterprise Software/Service | 0.9 | |||
Textile — Apparel | 0.8 | |||
Transport — Rail | 0.8 | |||
E-Commerce/Products | 0.8 | |||
Diversified Financial Services | 0.7 | |||
Machinery — Farming | 0.7 | |||
Metal — Diversified | 0.7 | |||
Television | 0.7 | |||
Diversified Operations/Commercial Services | 0.7 | |||
Aerospace/Defense | 0.6 | |||
Internet Application Software | 0.6 | |||
Medical — Generic Drugs | 0.6 | |||
Diversified Operations | 0.6 | |||
Transactional Software | 0.6 | |||
Finance — Leasing Companies | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Distribution/Wholesale | 0.6 | |||
Chemicals — Specialty | 0.6 | |||
Rental Auto/Equipment | 0.6 | |||
Electric Products — Misc. | 0.6 | |||
Advertising Services | 0.5 | |||
Cruise Lines | 0.5 | |||
Retail — Vision Service Center | 0.5 | |||
Dialysis Centers | 0.5 | |||
Building Products — Air & Heating | 0.5 | |||
Agricultural Chemicals | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
Containers — Paper/Plastic | 0.5 | |||
Industrial Automated/Robotic | 0.4 | |||
Optical Supplies | 0.4 | |||
Building Products — Cement | 0.4 | |||
Investment Companies | 0.4 |
Real Estate Management/Services | 0.4 | |||
Computer Services | 0.4 | |||
Retail — Building Products | 0.4 | |||
Broadcast Services/Program | 0.4 | |||
Medical — Biomedical/Gene | 0.4 | |||
Networking Products | 0.4 | |||
Retail — Home Furnishings | 0.4 | |||
Machinery — Electrical | 0.4 | |||
Casino Hotels | 0.4 | |||
Semiconductor Equipment | 0.3 | |||
Appliances | 0.3 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Advertising Sales | 0.3 | |||
Electric — Integrated | 0.3 | |||
Insurance — Multi-line | 0.3 | |||
Investment Management/Advisor Services | 0.3 | |||
Transport — Services | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Insurance-Property/Casualty | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Rubber — Tires | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Retail — Convenience Store | 0.2 | |||
Multimedia | 0.2 | |||
Toys | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Food — Meat Products | 0.2 | |||
Gas — Distribution | 0.2 | |||
Athletic Footwear | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Computer Aided Design | 0.2 | |||
Mining Services | 0.1 | |||
Consulting Services | 0.1 | |||
Telecom Services | 0.1 | |||
Applications Software | 0.1 | |||
105.8 | % | |||
Country Allocation*
United Kingdom | 17.5 | % | ||
Japan | 14.3 | |||
Switzerland | 11.4 | |||
France | 9.9 | |||
United States | 8.6 | |||
Germany | 7.7 | |||
Netherlands | 4.2 | |||
Canada | 3.2 | |||
Jersey | 2.7 | |||
Hong Kong | 2.3 | |||
Denmark | 2.2 | |||
Belgium | 2.1 | |||
Sweden | 2.0 | |||
Cayman Islands | 1.8 | |||
Spain | 1.7 | |||
Australia | 1.6 | |||
Singapore | 1.5 | |||
Italy | 1.4 | |||
Taiwan | 1.4 | |||
India | 1.1 | |||
Brazil | 1.1 | |||
Mexico | 1.0 | |||
Ireland | 0.8 | |||
Israel | 0.7 | |||
China | 0.7 | |||
South Korea | 0.6 | |||
Norway | 0.6 | |||
Portugal | 0.4 |
155 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited) — (continued)
Country Allocation* (continued)
Thailand | 0.4 | % | ||
Bermuda | 0.4 | |||
Indonesia | 0.3 | |||
Turkey | 0.2 | |||
105.8 | % | |||
* | Calculated as a percentage of net assets |
156 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.9% |
| |||||||
Australia — 1.6% |
| |||||||
Amcor, Ltd.(1) | 255,955 | $ | 2,823,167 | |||||
Aurizon Holdings, Ltd.(1) | 171,747 | 698,086 | ||||||
Brambles, Ltd.(1) | 191,264 | 1,667,332 | ||||||
CSL, Ltd.(1) | 31,996 | 2,277,280 | ||||||
Orica, Ltd.#(1) | 56,806 | 945,409 | ||||||
Qantas Airways, Ltd.†(1) | 588,960 | 1,579,626 | ||||||
9,990,900 | ||||||||
Belgium — 2.1% |
| |||||||
Anheuser-Busch InBev NV(1) | 50,623 | 6,105,705 | ||||||
KBC Groep NV(1) | 74,767 | 5,016,341 | ||||||
UCB SA(1) | 24,620 | 1,761,509 | ||||||
12,883,555 | ||||||||
Bermuda — 0.4% |
| |||||||
Global Brands Group Holding, Ltd.†(1) | 3,954,800 | 882,327 | ||||||
Li & Fung, Ltd.(1) | 1,834,800 | 1,586,279 | ||||||
2,468,606 | ||||||||
Brazil — 1.1% |
| |||||||
Banco Bradesco SA ADR | 271,373 | 2,388,083 | ||||||
BM&FBovespa SA | 709,702 | 2,501,319 | ||||||
BRF SA | 57,241 | 1,157,827 | ||||||
Itau Unibanco Holding SA ADR | 79,872 | 854,630 | ||||||
6,901,859 | ||||||||
Canada — 3.2% |
| |||||||
Alimentation Couche-Tard, Inc., Class B | 37,510 | 1,461,671 | ||||||
Canadian National Railway Co. (NYSE) | 49,479 | 2,937,073 | ||||||
Canadian National Railway Co. (TSX) | 21,600 | 1,281,306 | ||||||
Cenovus Energy, Inc. | 44,353 | 731,846 | ||||||
CGI Group, Inc., Class A† | 68,717 | 2,910,913 | ||||||
Encana Corp. | 135,898 | 1,722,220 | ||||||
Fairfax Financial Holdings, Ltd. | 3,356 | 1,690,387 | ||||||
Great-West Lifeco, Inc.# | 39,516 | 1,144,871 | ||||||
Loblaw Cos., Ltd.# | 24,045 | 1,222,938 | ||||||
Suncor Energy, Inc. | 117,247 | 3,427,090 | ||||||
Valeant Pharmaceuticals International, Inc.† | 5,780 | 1,380,091 | ||||||
19,910,406 | ||||||||
Cayman Islands — 1.8% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 4,751 | 424,359 | ||||||
Baidu, Inc. ADR† | 21,315 | 4,207,581 | ||||||
Tencent Holdings, Ltd.(1) | 203,500 | 4,077,060 | ||||||
Vipshop Holdings, Ltd. ADR† | 89,660 | 2,238,810 | ||||||
10,947,810 | ||||||||
China — 0.7% |
| |||||||
Great Wall Motor Co., Ltd.(1) | 338,000 | 2,162,710 | ||||||
Industrial & Commercial Bank of China, Ltd., Class H(1) | 2,393,000 | 2,082,967 | ||||||
4,245,677 | ||||||||
Denmark — 2.2% |
| |||||||
Carlsberg A/S, Class B(1) | 40,148 | 3,690,854 | ||||||
Coloplast A/S, Class B(1) | 15,620 | 1,179,596 | ||||||
Novo Nordisk A/S, Class B(1) | 65,287 | 3,699,533 | ||||||
Pandora A/S(1) | 47,950 | 4,834,597 | ||||||
13,404,580 | ||||||||
France — 9.9% |
| |||||||
Accor SA(1) | 96,210 | 5,291,263 | ||||||
Air Liquide SA#(1) | 25,483 | 3,284,874 | ||||||
Bureau Veritas SA#(1) | 36,394 | 834,188 | ||||||
Carrefour SA†(1) | 55,322 | 1,878,666 | ||||||
Criteo SA ADR† | 43,900 | 2,108,517 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Danone SA(1) | 47,862 | $ | 3,288,326 | |||||
Dassault Systemes#(1) | 12,308 | 962,229 | ||||||
Essilor International SA#(1) | 22,302 | 2,724,236 | ||||||
GDF Suez(1) | 100,488 | 2,029,386 | ||||||
Hermes International(1) | 887 | 347,315 | ||||||
Legrand SA#(1) | 31,129 | 1,753,136 | ||||||
LVMH Moet Hennessy Louis Vuitton SE(1) | 28,055 | 5,020,124 | ||||||
Pernod Ricard SA(1) | 52,645 | 6,511,253 | ||||||
Peugeot SA†(1) | 163,640 | 3,433,927 | ||||||
Publicis Groupe SA#(1) | 42,345 | 3,400,431 | ||||||
Schneider Electric SE(1) | 101,924 | 7,730,647 | ||||||
Total SA(1) | 82,900 | 4,195,584 | ||||||
Valeo SA#(1) | 24,480 | 3,929,008 | ||||||
Zodiac Aerospace(1) | 80,410 | 2,933,357 | ||||||
61,656,467 | ||||||||
Germany — 7.4% |
| |||||||
adidas AG(1) | 13,837 | 1,087,144 | ||||||
Allianz SE(1) | 12,436 | 1,949,854 | ||||||
Bayer AG#(1) | 74,694 | 10,596,519 | ||||||
Beiersdorf AG(1) | 28,935 | 2,619,832 | ||||||
Continental AG(1) | 6,775 | 1,564,717 | ||||||
Deutsche Boerse AG(1) | 34,483 | 2,762,160 | ||||||
Deutsche Post AG(1) | 38,244 | 1,152,894 | ||||||
Fresenius Medical Care AG & Co. KGaA(1) | 36,000 | 3,075,442 | ||||||
Linde AG(1) | 14,626 | 2,809,264 | ||||||
Merck KGaA(1) | 26,522 | 2,836,946 | ||||||
MTU Aero Engines AG(1) | 6,790 | 647,860 | ||||||
ProSiebenSat.1 Media AG#(1) | 84,743 | 4,052,607 | ||||||
SAP SE#(1) | 71,894 | 5,323,695 | ||||||
Wirecard AG(1) | 75,552 | 3,136,581 | ||||||
Zalando SE†*(1) | 78,982 | 2,550,506 | ||||||
46,166,021 | ||||||||
Hong Kong — 2.3% |
| |||||||
AIA Group, Ltd.(1) | 1,149,600 | 7,535,295 | ||||||
CNOOC, Ltd.(1) | 462,000 | 719,224 | ||||||
Galaxy Entertainment Group, Ltd.(1) | 430,000 | 2,051,109 | ||||||
Hutchison Whampoa, Ltd.(1) | 263,000 | 3,895,878 | ||||||
14,201,506 | ||||||||
India — 1.1% |
| |||||||
Housing Development Finance Corp., Ltd.(1) | 109,439 | 2,113,915 | ||||||
ICICI Bank, Ltd. ADR | 233,710 | 2,467,978 | ||||||
Tata Consultancy Services, Ltd.(1) | 59,590 | 2,442,097 | ||||||
7,023,990 | ||||||||
Indonesia — 0.3% |
| |||||||
Bank Mandiri Persero Tbk PT(1) | 2,373,900 | 1,930,203 | ||||||
Ireland — 0.8% |
| |||||||
Bank of Ireland†(1) | 7,975,500 | 3,048,478 | ||||||
Ryanair Holdings PLC ADR | 24,750 | 1,648,350 | ||||||
4,696,828 | ||||||||
Israel — 0.7% |
| |||||||
Check Point Software Technologies, Ltd.† | 7,857 | 665,645 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 65,058 | 3,909,986 | ||||||
4,575,631 | ||||||||
Italy — 1.4% |
| |||||||
Intesa Sanpaolo SpA(1) | 1,565,580 | 5,647,769 | ||||||
Luxottica Group SpA(1) | 47,925 | 3,230,583 | ||||||
8,878,352 | ||||||||
157 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan — 14.3% |
| |||||||
Daikin Industries, Ltd.(1) | 38,600 | $ | 2,948,083 | |||||
Daito Trust Construction Co., Ltd.(1) | 22,300 | 2,477,789 | ||||||
Denso Corp.(1) | 89,600 | 4,671,978 | ||||||
FANUC Corp.(1) | 12,500 | 2,746,999 | ||||||
Fuji Heavy Industries, Ltd.(1) | 119,700 | 4,506,784 | ||||||
Honda Motor Co., Ltd.(1) | 101,400 | 3,471,471 | ||||||
Hoya Corp.(1) | 91,600 | 3,366,792 | ||||||
Inpex Corp.(1) | 132,311 | 1,629,147 | ||||||
Isuzu Motors, Ltd.(1) | 125,700 | 1,704,174 | ||||||
Japan Tobacco, Inc.(1) | 188,900 | 6,854,463 | ||||||
Keyence Corp.(1) | 12,200 | 6,550,992 | ||||||
Komatsu, Ltd.(1) | 71,400 | 1,499,775 | ||||||
Kubota Corp.(1) | 258,000 | 4,281,404 | ||||||
Kyocera Corp.(1) | 37,300 | 2,025,349 | ||||||
Minebea Co., Ltd.#(1) | 141,000 | 2,588,534 | ||||||
Mizuho Financial Group, Inc.(1) | 1,041,400 | 2,287,828 | ||||||
Murata Manufacturing Co., Ltd.(1) | 29,000 | 4,704,212 | ||||||
Nidec Corp.(1) | 22,400 | 1,629,068 | ||||||
Nintendo Co., Ltd.#(1) | 7,700 | 1,301,955 | ||||||
Nitori Holdings Co., Ltd.(1) | 29,000 | 2,222,136 | ||||||
Ono Pharmaceutical Co., Ltd.(1) | 16,900 | 1,843,627 | ||||||
ORIX Corp.(1) | 238,500 | 3,763,207 | ||||||
Rakuten, Inc.#(1) | 108,943 | 1,777,572 | ||||||
Ryohin Keikaku Co., Ltd.(1) | 9,100 | 1,536,524 | ||||||
Seven & I Holdings Co., Ltd.(1) | 64,300 | 2,655,964 | ||||||
Shin-Etsu Chemical Co., Ltd.(1) | 17,900 | 1,088,559 | ||||||
Suzuki Motor Corp.(1) | 108,500 | 3,771,963 | ||||||
Terumo Corp.(1) | 78,000 | 1,768,239 | ||||||
Toyota Motor Corp.(1) | 34,975 | 2,411,473 | ||||||
Unicharm Corp.(1) | 114,900 | 2,531,197 | ||||||
Yahoo Japan Corp.#(1) | 471,100 | 2,101,577 | ||||||
88,718,835 | ||||||||
Jersey — 2.7% |
| |||||||
Delphi Automotive PLC | 11,692 | 1,016,970 | ||||||
Shire PLC(1) | 56,030 | 4,849,552 | ||||||
Wolseley PLC(1) | 33,920 | 2,096,158 | ||||||
WPP PLC(1) | 365,918 | 8,627,290 | ||||||
16,589,970 | ||||||||
Mexico — 1.0% |
| |||||||
Cemex SAB de CV ADR† | 281,124 | 2,614,453 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 11,441 | 1,017,105 | ||||||
Grupo Televisa SAB ADR | 63,394 | 2,399,463 | ||||||
6,031,021 | ||||||||
Netherlands — 4.2% |
| |||||||
Akzo Nobel NV(1) | 70,263 | 5,366,013 | ||||||
ASML Holding NV(1) | 19,617 | 2,199,566 | ||||||
Heineken NV(1) | 10,269 | 806,312 | ||||||
ING Groep NV CVA(1) | 464,897 | 7,678,142 | ||||||
Mobileye NV†# | 25,530 | 1,201,952 | ||||||
NXP Semiconductor NV† | 44,560 | 5,001,860 | ||||||
Randstad Holding NV(1) | 40,601 | 2,353,045 | ||||||
Unilever NV CVA(1) | 42,218 | 1,801,342 | ||||||
26,408,232 | ||||||||
Norway — 0.6% |
| |||||||
Statoil ASA(1) | 183,890 | 3,441,237 | ||||||
Portugal — 0.4% |
| |||||||
Jeronimo Martins SGPS SA(1) | 197,280 | 2,717,781 | ||||||
Singapore — 1.5% |
| |||||||
Avago Technologies, Ltd. | 22,121 | 3,275,456 | ||||||
DBS Group Holdings, Ltd.#(1) | 193,700 | 2,904,193 |
Security Description | Shares | Value (Note 2) | ||||||
Singapore (continued) |
| |||||||
Singapore Telecommunications, Ltd.(1) | 232,950 | $ | 712,544 | |||||
United Overseas Bank, Ltd.(1) | 152,577 | 2,615,829 | ||||||
9,508,022 | ||||||||
South Korea — 0.6% |
| |||||||
Samsung Electronics Co., Ltd.(1) | 2,112 | 2,485,279 | ||||||
Samsung Electronics Co., Ltd. GDR (LSE)*(1) | 2,123 | 1,256,981 | ||||||
Samsung Electronics Co., Ltd. GDR (OTC)†* | 322 | 190,624 | ||||||
3,932,884 | ||||||||
Spain — 1.7% |
| |||||||
Amadeus IT Holding SA, Class A(1) | 83,058 | 3,781,865 | ||||||
Inditex SA(1) | 111,690 | 3,701,644 | ||||||
International Consolidated Airlines Group SA†(1) | 347,191 | 2,941,349 | ||||||
10,424,858 | ||||||||
Sweden — 2.0% |
| |||||||
Electrolux AB, Series B(1) | 71,470 | 2,183,769 | ||||||
Getinge AB, Class B(1) | 2,914 | 70,458 | ||||||
Hennes & Mauritz AB, Class B(1) | 49,729 | 1,961,672 | ||||||
Investor AB, Class B(1) | 65,044 | 2,569,653 | ||||||
Skandinaviska Enskilda Banken AB, Class A(1) | 291,820 | 3,607,222 | ||||||
Telefonaktiebolaget LM Ericsson, Class B(1) | 200,261 | 2,249,406 | ||||||
12,642,180 | ||||||||
Switzerland — 11.4% |
| |||||||
ABB, Ltd.(1) | 99,081 | 2,172,206 | ||||||
Adecco SA(1) | 62,836 | 5,005,116 | ||||||
Credit Suisse Group AG(1) | 117,680 | 3,124,332 | ||||||
Givaudan SA(1) | 1,410 | 2,584,993 | ||||||
Julius Baer Group, Ltd.(1) | 81,286 | 4,440,375 | ||||||
Kuehne & Nagel International AG(1) | 4,187 | 588,757 | ||||||
Nestle SA(1) | 145,266 | 11,285,488 | ||||||
Novartis AG(1) | 128,322 | 13,206,297 | ||||||
Roche Holding AG(1) | 55,590 | 16,367,301 | ||||||
Sonova Holding AG(1) | 6,036 | 910,267 | ||||||
Swatch Group AG#(1) | 2,799 | 1,113,156 | ||||||
Syngenta AG(1) | 6,428 | 2,943,933 | ||||||
UBS Group AG(1) | 318,914 | 6,861,399 | ||||||
70,603,620 | ||||||||
Taiwan — 1.4% |
| |||||||
Hon Hai Precision Industry Co., Ltd.(1) | 238,042 | 767,194 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd.(1) | 543,269 | 2,587,808 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 208,816 | 5,070,053 | ||||||
8,425,055 | ||||||||
Thailand — 0.4% |
| |||||||
Kasikornbank PCL(1) | 2,200 | 12,724 | ||||||
Kasikornbank PCL NVDR(1) | 464,400 | 2,690,975 | ||||||
2,703,699 | ||||||||
Turkey — 0.2% |
| |||||||
Akbank TAS(1) | 526,385 | 1,550,445 | ||||||
United Kingdom — 17.5% |
| |||||||
Aberdeen Asset Management PLC(1) | 265,723 | 1,814,911 | ||||||
ARM Holdings PLC(1) | 194,050 | 3,433,711 | ||||||
Ashtead Group PLC(1) | 207,341 | 3,554,891 | ||||||
Associated British Foods PLC(1) | 42,677 | 1,978,508 | ||||||
BAE Systems PLC(1) | 197,040 | 1,552,046 | ||||||
Barclays PLC(1) | 1,058,188 | 4,367,012 | ||||||
BG Group PLC(1) | 95,929 | 1,667,460 | ||||||
British American Tobacco PLC(1) | 63,172 | 3,487,908 | ||||||
BT Group PLC(1) | 186,990 | 1,278,392 |
158 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
Bunzl PLC(1) | 77,200 | $ | 2,237,967 | |||||
Burberry Group PLC(1) | 96,243 | 2,497,240 | ||||||
Carnival PLC(1) | 66,900 | 3,232,664 | ||||||
Centrica PLC(1) | 256,263 | 1,089,020 | ||||||
Compass Group PLC(1) | 560,602 | 9,815,780 | ||||||
Diageo PLC(1) | 74,891 | 2,081,607 | ||||||
Hays PLC(1) | 95,467 | 235,757 | ||||||
HSBC Holdings PLC(1) | 332,071 | 3,161,737 | ||||||
Informa PLC(1) | 157,754 | 1,402,624 | ||||||
Johnson Matthey PLC(1) | 69,309 | 3,707,186 | ||||||
Kingfisher PLC(1) | 428,858 | 2,428,539 | ||||||
Liberty Global PLC, Class A† | 65,560 | 3,771,667 | ||||||
Lloyds Banking Group PLC(1) | 1,339,814 | 1,799,879 | ||||||
London Stock Exchange Group PLC(1) | 26,660 | 1,003,274 | ||||||
Next PLC(1) | 13,624 | 1,567,216 | ||||||
Prudential PLC(1) | 216,895 | 5,404,130 | ||||||
Reckitt Benckiser Group PLC(1) | 93,602 | 8,459,976 | ||||||
Reed Elsevier PLC(1) | 205,006 | 3,404,103 | ||||||
Rio Tinto PLC(1) | 97,680 | 4,267,929 | ||||||
Rolls-Royce Holdings PLC(1) | 127,370 | 1,945,672 | ||||||
Rolls-Royce Holdings PLC (Entitlement Shares)† | 17,874,287 | 27,319 | ||||||
Royal Dutch Shell PLC, Class B(1) | 72,842 | 2,202,264 | ||||||
Sky PLC(1) | 472,135 | 7,621,439 | ||||||
Smith & Nephew PLC(1) | 92,661 | 1,645,136 | ||||||
Smiths Group PLC(1) | 88,959 | 1,631,358 | ||||||
St James’s Place PLC(1) | 234,061 | 3,262,178 | ||||||
Standard Chartered PLC(1) | 95,638 | 1,530,481 | ||||||
Whitbread PLC(1) | 52,736 | 4,131,945 | ||||||
108,700,926 | ||||||||
Total Common Stocks |
| |||||||
(cost $499,222,603) | 602,281,156 | |||||||
PREFERRED SECURITIES — 0.3% |
| |||||||
Germany — 0.3% | ||||||||
Henkel AG & Co. KGaA(1) | 16,510 | 1,975,759 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $501,057,147) | 604,256,915 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 8.6% | ||||||||
Registered Investment Companies — 6.4% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 39,731,697 | $ | 39,731,697 | |||||
Time Deposits — 2.2% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 13,498,000 | 13,498,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $53,229,698) | 53,229,697 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $554,286,845)(3) | 105.8 | % | 657,486,612 | |||||
Liabilities in excess of other assets | (5.8 | ) | (36,099,553 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 621,387,059 | ||||
# | 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 May 31, 2015, the aggregate value of these securities was $3,998,111 representing 0.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $534,186,502 representing 86.0% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | At May 31, 2015, the Fund had loaned securities with a total value of $37,679,405. This was secured by collateral of $39,731,697 which was received in cash and subsequently invested in short-term investments currently value at $39,731,697 as reported in the portfolio of investments. The remaining collateral of $569,848 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities. |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 01/07/2016 | $ | 279,731 | ||||
United States Treasury Notes/Bonds | 0.25% to 0.50% | 06/30/2015 to 03/31/2017 | 290,117 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
GDR—Global Depository Receipt
LSE—London Stock Exchange
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 May 31, 2015 (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: | ||||||||||||||||
Brazil | $ | 6,901,859 | $ | — | $ | — | $ | 6,901,859 | ||||||||
Canada | 19,910,406 | — | — | 19,910,406 | ||||||||||||
Cayman Islands | 6,870,750 | 4,077,060 | — | 10,947,810 | ||||||||||||
France | 2,108,517 | 59,547,950 | — | 61,656,467 | ||||||||||||
India | 2,467,978 | 4,556,012 | — | 7,023,990 | ||||||||||||
Ireland | 1,648,350 | 3,048,478 | — | 4,696,828 | ||||||||||||
Israel | 4,575,631 | — | — | 4,575,631 | ||||||||||||
Jersey | 1,016,970 | 15,573,000 | — | 16,589,970 | ||||||||||||
Mexico | 6,031,021 | — | — | 6,031,021 | ||||||||||||
Netherlands | 6,203,812 | 20,204,420 | — | 26,408,232 | ||||||||||||
Singapore | 3,275,456 | 6,232,566 | — | 9,508,022 |
159 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
South Korea | $ | 190,624 | $ | 3,742,260 | $ | — | $ | 3,932,884 | ||||||||
Taiwan | 5,070,053 | 3,355,002 | — | 8,425,055 | ||||||||||||
United Kingdom | 3,771,667 | 104,929,259 | — | 108,700,926 | ||||||||||||
Other Countries | — | 306,972,055 | — | 306,972,055 | ||||||||||||
Preferred Securities | — | 1,975,759 | — | 1,975,759 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 39,731,697 | — | — | 39,731,697 | ||||||||||||
Time Deposits | — | 13,498,000 | — | 13,498,000 | ||||||||||||
Total Investments at Value | $ | 109,774,791 | $ | 547,711,821 | $ | — | $ | 657,486,612 | ||||||||
* | 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. Securities currently valued at $455,182,307 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
160 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 9.6 | % | ||
Computers | 4.9 | |||
Medical Instruments | 3.9 | |||
Medical — Drugs | 3.7 | |||
Medical — Biomedical/Gene | 3.4 | |||
Retail — Drug Store | 3.3 | |||
Applications Software | 3.1 | |||
Web Portals/ISP | 3.1 | |||
Entertainment Software | 2.8 | |||
Telephone — Integrated | 2.7 | |||
Finance — Credit Card | 2.7 | |||
Instruments — Controls | 2.5 | |||
Electronic Components — Semiconductors | 2.5 | |||
Oil Companies — Exploration & Production | 2.3 | |||
Cable/Satellite TV | 2.3 | |||
Investment Management/Advisor Services | 2.2 | |||
Insurance — Reinsurance | 2.1 | |||
Oil Companies — Integrated | 2.0 | |||
Publishing — Periodicals | 1.9 | |||
Diversified Manufacturing Operations | 1.9 | |||
Beverages — Non-alcoholic | 1.9 | |||
Commercial Services — Finance | 1.9 | |||
Auto/Truck Parts & Equipment — Original | 1.8 | |||
Repurchase Agreements | 1.6 | |||
Television | 1.5 | |||
Banks — Super Regional | 1.5 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Insurance Brokers | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.3 | |||
Chemicals — Diversified | 1.3 | |||
Retail — Building Products | 1.3 | |||
Medical — HMO | 1.3 | |||
Electronic Security Devices | 1.3 | |||
Agricultural Chemicals | 1.2 | |||
E-Commerce/Services | 1.2 | |||
Tobacco | 1.2 | |||
Internet Content — Entertainment | 1.2 | |||
Beverages — Wine/Spirits | 1.1 | |||
Computers — Memory Devices | 1.1 | |||
Pipelines | 1.0 | |||
Oil — Field Services | 1.0 | |||
Medical — Wholesale Drug Distribution | 1.0 | |||
Transport — Services | 1.0 | |||
Data Processing/Management | 0.7 | |||
Multimedia | 0.6 | |||
Retail — Arts & Crafts | 0.6 | |||
E-Commerce/Products | 0.6 | |||
Commercial Services | 0.6 | |||
Retail — Apparel/Shoe | 0.5 | |||
Computer Services | 0.5 | |||
Retail — Restaurants | 0.5 | |||
Building & Construction Products — Misc. | 0.5 | |||
Medical — Generic Drugs | 0.4 | |||
Textile — Home Furnishings | 0.4 | |||
Real Estate Investment Trusts | 0.2 | |||
Transport — Rail | 0.2 | |||
Hotels/Motels | 0.2 | |||
Casino Hotels | 0.1 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
161 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.5% |
| |||||||
Aerospace/Defense - Equipment — 1.5% |
| |||||||
United Technologies Corp. | 22,274 | $ | 2,609,845 | |||||
Agricultural Chemicals — 1.2% |
| |||||||
Monsanto Co. | 19,060 | 2,229,639 | ||||||
Applications Software — 3.1% |
| |||||||
Intuit, Inc. | 13,450 | 1,400,818 | ||||||
Microsoft Corp. | 89,840 | 4,209,902 | ||||||
5,610,720 | ||||||||
Auto/Truck Parts & Equipment - Original — 1.8% |
| |||||||
Delphi Automotive PLC | 36,929 | 3,212,084 | ||||||
Banks - Super Regional — 1.5% |
| |||||||
Wells Fargo & Co. | 47,389 | 2,651,888 | ||||||
Beverages - Non-alcoholic — 1.9% |
| |||||||
PepsiCo, Inc. | 35,789 | 3,451,133 | ||||||
Beverages - Wine/Spirits — 1.1% |
| |||||||
Diageo PLC ADR | 18,516 | 2,054,535 | ||||||
Building & Construction Products - Misc. — 0.5% |
| |||||||
Fortune Brands Home & Security, Inc. | 18,636 | 854,647 | ||||||
Cable/Satellite TV — 2.3% |
| |||||||
Comcast Corp., Class A | 70,589 | 4,126,633 | ||||||
Casino Hotels — 0.1% |
| |||||||
Las Vegas Sands Corp. | 2,715 | 138,003 | ||||||
Chemicals - Diversified — 1.3% |
| |||||||
LyondellBasell Industries NV, Class A | 23,220 | 2,347,542 | ||||||
Commercial Services — 0.6% |
| |||||||
Aramark | 31,599 | 990,629 | ||||||
Commercial Services - Finance — 1.9% |
| |||||||
MasterCard, Inc., Class A | 37,190 | 3,431,149 | ||||||
Computer Services — 0.5% |
| |||||||
IHS, Inc., Class A† | 7,790 | 961,286 | ||||||
Computers — 4.9% |
| |||||||
Apple, Inc. | 60,288 | 7,854,321 | ||||||
Hewlett-Packard Co. | 29,685 | 991,479 | ||||||
8,845,800 | ||||||||
Computers - Memory Devices — 1.1% |
| |||||||
EMC Corp. | 74,980 | 1,974,973 | ||||||
Data Processing/Management — 0.7% |
| |||||||
Dun & Bradstreet Corp. | 9,635 | 1,232,606 | ||||||
Diversified Banking Institutions — 9.6% |
| |||||||
Bank of America Corp. | 245,982 | 4,058,703 | ||||||
Citigroup, Inc. | 90,735 | 4,906,949 | ||||||
Goldman Sachs Group, Inc. | 13,295 | 2,741,296 | ||||||
JPMorgan Chase & Co. | 86,115 | 5,664,645 | ||||||
17,371,593 | ||||||||
Diversified Manufacturing Operations — 1.9% |
| |||||||
General Electric Co. | 127,492 | 3,476,707 | ||||||
E-Commerce/Products — 0.6% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 11,415 | 1,019,588 | ||||||
E-Commerce/Services — 1.2% |
| |||||||
Priceline Group, Inc.† | 1,885 | 2,209,295 | ||||||
Electronic Components - Semiconductors — 2.5% |
| |||||||
Broadcom Corp., Class A | 53,820 | 3,059,667 | ||||||
Skyworks Solutions, Inc. | 12,376 | 1,353,439 | ||||||
4,413,106 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Security Devices — 1.3% |
| |||||||
Tyco International PLC | 55,797 | $ | 2,251,967 | |||||
Entertainment Software — 2.8% |
| |||||||
Activision Blizzard, Inc. | 125,075 | 3,159,395 | ||||||
Electronic Arts, Inc.† | 30,080 | 1,887,670 | ||||||
5,047,065 | ||||||||
Finance - Credit Card — 2.7% |
| |||||||
American Express Co. | 60,290 | 4,806,319 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Hilton Worldwide Holdings, Inc.† | 9,356 | 270,950 | ||||||
Instruments - Controls — 2.5% |
| |||||||
Honeywell International, Inc. | 42,671 | 4,446,318 | ||||||
Insurance Brokers — 1.4% |
| |||||||
Aon PLC | 24,356 | 2,465,314 | ||||||
Insurance - Reinsurance — 2.1% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 26,509 | 3,790,787 | ||||||
Internet Content - Entertainment — 1.2% |
| |||||||
Facebook, Inc., Class A† | 26,345 | 2,086,261 | ||||||
Investment Management/Advisor Services — 2.2% |
| |||||||
BlackRock, Inc. | 10,980 | 4,016,264 | ||||||
Medical Instruments — 3.9% |
| |||||||
Medtronic PLC | 68,648 | 5,239,216 | ||||||
St. Jude Medical, Inc. | 25,139 | 1,854,001 | ||||||
7,093,217 | ||||||||
Medical - Biomedical/Gene — 3.4% |
| |||||||
Biogen, Inc.† | 3,635 | 1,443,059 | ||||||
Celgene Corp.† | 25,432 | 2,910,438 | ||||||
Vertex Pharmaceuticals, Inc.† | 14,270 | 1,830,698 | ||||||
6,184,195 | ||||||||
Medical - Drugs — 3.7% |
| |||||||
Abbott Laboratories | 63,287 | 3,075,748 | ||||||
Johnson & Johnson | 36,018 | 3,606,843 | ||||||
6,682,591 | ||||||||
Medical - Generic Drugs — 0.4% |
| |||||||
Perrigo Co. PLC | 4,185 | 796,405 | ||||||
Medical - HMO — 1.3% |
| |||||||
Cigna Corp. | 16,084 | 2,265,110 | ||||||
Medical - Wholesale Drug Distribution — 1.0% |
| |||||||
Cardinal Health, Inc. | 20,534 | 1,810,483 | ||||||
Multimedia — 0.6% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 34,050 | 1,144,080 | ||||||
Oil Companies - Exploration & Production — 2.3% |
| |||||||
Canadian Natural Resources, Ltd. | 51,418 | 1,585,731 | ||||||
ConocoPhillips | 10,446 | 665,201 | ||||||
Noble Energy, Inc. | 22,037 | 964,780 | ||||||
Range Resources Corp. | 16,650 | 922,577 | ||||||
4,138,289 | ||||||||
Oil Companies - Integrated — 2.0% |
| |||||||
Chevron Corp. | 34,670 | 3,571,010 | ||||||
Oil - Field Services — 1.0% |
| |||||||
Halliburton Co. | 13,855 | 629,017 | ||||||
Schlumberger, Ltd. | 13,295 | 1,206,787 | ||||||
1,835,804 | ||||||||
162 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Pipelines — 1.0% |
| |||||||
Williams Cos., Inc. | 36,745 | $ | 1,877,669 | |||||
Publishing - Periodicals — 1.9% |
| |||||||
Nielsen NV | 77,305 | 3,477,952 | ||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Rayonier, Inc. | 17,045 | 440,102 | ||||||
Retail - Apparel/Shoe — 0.5% |
| |||||||
PVH Corp. | 9,212 | 963,944 | ||||||
Retail - Arts & Crafts — 0.6% |
| |||||||
Michaels Cos., Inc.† | 39,716 | 1,086,630 | ||||||
Retail - Building Products — 1.3% |
| |||||||
Lowe’s Cos., Inc. | 33,290 | 2,329,634 | ||||||
Retail - Drug Store — 3.3% |
| |||||||
CVS Health Corp. | 47,429 | 4,855,781 | ||||||
Walgreens Boots Alliance, Inc. | 13,341 | 1,145,191 | ||||||
6,000,972 | ||||||||
Retail - Restaurants — 0.5% |
| |||||||
McDonald’s Corp. | 9,045 | 867,687 | ||||||
Semiconductor Components - Integrated Circuits — 1.3% |
| |||||||
QUALCOMM, Inc. | 34,355 | 2,393,856 | ||||||
Telephone - Integrated — 2.7% |
| |||||||
Verizon Communications, Inc. | 97,318 | 4,811,402 | ||||||
Television — 1.5% |
| |||||||
CBS Corp., Class B | 43,250 | 2,669,390 | ||||||
Textile - Home Furnishings — 0.4% |
| |||||||
Mohawk Industries, Inc.† | 3,784 | 706,246 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Tobacco — 1.2% |
| |||||||
Philip Morris International, Inc. | 26,475 | $ | 2,199,278 | |||||
Transport - Rail — 0.2% |
| |||||||
Kansas City Southern | 4,374 | 395,847 | ||||||
Transport - Services — 1.0% |
| |||||||
FedEx Corp. | 10,250 | 1,775,505 | ||||||
Web Portals/ISP — 3.1% |
| |||||||
Google, Inc., Class A† | 3,582 | 1,953,336 | ||||||
Google, Inc., Class C† | 6,723 | 3,577,376 | ||||||
5,530,712 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $146,812,977) | 177,442,656 | |||||||
REPURCHASE AGREEMENTS — 1.6% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 05/29/2015, to be repurchased 06/01/2015 in the amount of $2,956,000 and collateralized by $3,110,000 of Federal Home Loan Mtg. Corp. Bonds, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $3,017,045 | $ | 2,956,000 | 2,956,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $149,768,977)(1) | 100.1 | % | 180,398,656 | |||||
Liabilities in excess of other assets | (0.1 | ) | (197,445 | ) | ||||
NET ASSETS | 100.0 | % | $ | 180,201,211 | ||||
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | 177,442,656 | $ | — | $ | — | $ | 177,442,656 | ||||||||
Repurchase Agreements | — | 2,956,000 | — | 2,956,000 | ||||||||||||
Total Investments at Value | $ | 177,442,656 | $ | 2,956,000 | $ | — | $ | 180,398,656 | ||||||||
* | 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
163 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Computer Services | 5.7 | % | ||
Multimedia | 5.1 | |||
Cosmetics & Toiletries | 4.8 | |||
Medical — Drugs | 4.3 | |||
Web Portals/ISP | 4.2 | |||
Finance — Credit Card | 4.0 | |||
Instruments — Scientific | 4.0 | |||
Commercial Services — Finance | 3.3 | |||
Diagnostic Equipment | 3.3 | |||
Registered Investment Companies | 3.0 | |||
Electronic Components — Semiconductors | 2.9 | |||
Enterprise Software/Service | 2.8 | |||
Aerospace/Defense — Equipment | 2.6 | |||
Computers | 2.6 | |||
Retail — Drug Store | 2.5 | |||
Instruments — Controls | 2.5 | |||
Distribution/Wholesale | 2.2 | |||
Oil — Field Services | 2.1 | |||
Dental Supplies & Equipment | 2.1 | |||
Apparel Manufacturers | 2.0 | |||
Data Processing/Management | 1.9 | |||
Computers — Memory Devices | 1.8 | |||
Investment Management/Advisor Services | 1.8 | |||
Vitamins & Nutrition Products | 1.8 | |||
Textile — Apparel | 1.8 | |||
Agricultural Chemicals | 1.7 | |||
Food — Misc./Diversified | 1.7 | |||
Retail — Auto Parts | 1.6 | |||
Chemicals — Specialty | 1.5 | |||
Pharmacy Services | 1.5 | |||
Diversified Manufacturing Operations | 1.5 | |||
Industrial Gases | 1.5 | |||
Semiconductor Components — Integrated Circuits | 1.3 | |||
Athletic Footwear | 1.2 | |||
Retail — Major Department Stores | 1.2 | |||
Coatings/Paint | 1.1 | |||
Beverages — Wine/Spirits | 1.1 | |||
Finance — Other Services | 1.1 | |||
Chemicals — Diversified | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Broadcast Services/Program | 0.9 | |||
Electronic Connectors | 0.8 | |||
Metal Processors & Fabrication | 0.8 | |||
E-Commerce/Products | 0.8 | |||
Soap & Cleaning Preparation | 0.7 | |||
Brewery | 0.6 | |||
Transport — Services | 0.6 | |||
Medical Instruments | 0.6 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Beverages — Non-alcoholic | 0.5 | |||
Banks — Commercial | 0.4 | |||
Advertising Agencies | 0.4 | |||
102.6 | % | |||
* | Calculated as a percentage of net assets |
164 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.2% | ||||||||
Advertising Agencies — 0.4% | ||||||||
Omnicom Group, Inc. | 20,338 | $ | 1,515,791 | |||||
Aerospace/Defense - Equipment — 2.6% |
| |||||||
United Technologies Corp. | 94,769 | 11,104,084 | ||||||
Agricultural Chemicals — 1.7% |
| |||||||
Monsanto Co. | 61,684 | 7,215,794 | ||||||
Apparel Manufacturers — 2.0% |
| |||||||
Burberry Group PLC(1) | 142,336 | 3,693,226 | ||||||
VF Corp. | 68,066 | 4,793,888 | ||||||
8,487,114 | ||||||||
Athletic Footwear — 1.2% |
| |||||||
NIKE, Inc., Class B | 51,573 | 5,243,427 | ||||||
Auto/Truck Parts & Equipment - Original — 0.9% |
| |||||||
Johnson Controls, Inc. | 75,605 | 3,932,972 | ||||||
Beverages - Non-alcoholic — 0.5% |
| |||||||
PepsiCo, Inc. | 22,127 | 2,133,707 | ||||||
Beverages - Wine/Spirits — 1.1% |
| |||||||
Pernod Ricard SA(1) | 36,816 | 4,553,487 | ||||||
Brewery — 0.6% |
| |||||||
AMBEV SA ADR | 453,012 | 2,604,819 | ||||||
Broadcast Services/Program — 0.9% |
| |||||||
Discovery Communications, Inc., Class A†# | 108,246 | 3,673,869 | ||||||
Chemicals - Diversified — 1.0% |
| |||||||
LyondellBasell Industries NV, Class A | 42,256 | 4,272,082 | ||||||
Chemicals - Specialty — 1.5% |
| |||||||
Ecolab, Inc. | 56,914 | 6,525,190 | ||||||
Coatings/Paint — 1.1% |
| |||||||
Sherwin-Williams Co. | 16,336 | 4,707,708 | ||||||
Commercial Services - Finance — 3.3% |
| |||||||
Equifax, Inc. | 61,199 | 6,140,096 | ||||||
MasterCard, Inc., Class A | 62,376 | 5,754,810 | ||||||
Moody’s Corp. | 19,766 | 2,136,704 | ||||||
14,031,610 | ||||||||
Computer Services — 5.7% |
| |||||||
Accenture PLC, Class A | 188,580 | 18,111,223 | ||||||
Cognizant Technology Solutions Corp., Class A† | 92,927 | 6,014,236 | ||||||
24,125,459 | ||||||||
Computers — 2.6% |
| |||||||
Apple, Inc. | 83,936 | 10,935,182 | ||||||
Computers - Memory Devices — 1.8% |
| |||||||
EMC Corp. | 296,902 | 7,820,399 | ||||||
Cosmetics & Toiletries — 4.8% |
| |||||||
Colgate-Palmolive Co. | 209,652 | 14,002,657 | ||||||
L’Oreal SA(1) | 19,462 | 3,677,913 | ||||||
Procter & Gamble Co. | 34,161 | 2,677,881 | ||||||
20,358,451 | ||||||||
Data Processing/Management — 1.9% |
| |||||||
Fidelity National Information Services, Inc. | 130,433 | 8,178,149 | ||||||
Dental Supplies & Equipment — 2.1% |
| |||||||
DENTSPLY International, Inc. | 169,791 | 8,835,075 | ||||||
Diagnostic Equipment — 3.3% |
| |||||||
Danaher Corp. | 159,324 | 13,752,848 | ||||||
Distribution/Wholesale — 2.2% |
| |||||||
WW Grainger, Inc. | 38,211 | 9,183,250 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations — 1.5% |
| |||||||
Colfax Corp.†# | 125,032 | $ | 6,300,362 | |||||
E-Commerce/Products — 0.8% |
| |||||||
eBay, Inc.† | 52,319 | 3,210,294 | ||||||
Electronic Components - Semiconductors — 2.9% |
| |||||||
Microchip Technology, Inc.# | 105,315 | 5,174,126 | ||||||
Texas Instruments, Inc. | 123,842 | 6,925,245 | ||||||
12,099,371 | ||||||||
Electronic Connectors — 0.8% |
| |||||||
Amphenol Corp., Class A | 60,530 | 3,453,236 | ||||||
Enterprise Software/Service — 2.8% |
| |||||||
Oracle Corp. | 272,165 | 11,836,456 | ||||||
Finance - Credit Card — 4.0% |
| |||||||
Visa, Inc., Class A | 246,239 | 16,911,694 | ||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 67,856 | 2,147,642 | ||||||
Finance - Other Services — 1.1% |
| |||||||
CME Group, Inc. | 47,764 | 4,499,369 | ||||||
Food - Misc./Diversified — 1.7% |
| |||||||
Danone SA(1) | 102,399 | 7,035,253 | ||||||
Industrial Gases — 1.5% |
| |||||||
Praxair, Inc. | 50,163 | 6,163,026 | ||||||
Instruments - Controls — 2.5% |
| |||||||
Mettler-Toledo International, Inc.† | 24,728 | 8,028,687 | ||||||
Sensata Technologies Holding NV† | 42,214 | 2,325,569 | ||||||
10,354,256 | ||||||||
Instruments - Scientific — 4.0% |
| |||||||
Thermo Fisher Scientific, Inc. | 78,690 | 10,200,585 | ||||||
Waters Corp.† | 49,175 | 6,570,763 | ||||||
16,771,348 | ||||||||
Investment Management/Advisor Services — 1.8% |
| |||||||
Franklin Resources, Inc. | 151,182 | 7,696,676 | ||||||
Medical Instruments — 0.6% |
| |||||||
St. Jude Medical, Inc. | 33,105 | 2,441,494 | ||||||
Medical - Drugs — 4.3% |
| |||||||
Abbott Laboratories | 126,838 | 6,164,327 | ||||||
Eli Lilly & Co. | 29,146 | 2,299,619 | ||||||
Roche Holding AG(1) | 14,525 | 4,276,579 | ||||||
Zoetis, Inc. | 104,784 | 5,215,100 | ||||||
17,955,625 | ||||||||
Metal Processors & Fabrication — 0.8% |
| |||||||
Precision Castparts Corp. | 15,582 | 3,297,619 | ||||||
Multimedia — 5.1% |
| |||||||
Time Warner, Inc. | 89,948 | 7,598,807 | ||||||
Twenty-First Century Fox, Inc., Class A | 277,065 | 9,309,384 | ||||||
Walt Disney Co. | 42,069 | 4,643,155 | ||||||
21,551,346 | ||||||||
Oil - Field Services — 2.1% |
| |||||||
Schlumberger, Ltd. | 97,349 | 8,836,369 | ||||||
Pharmacy Services — 1.5% |
| |||||||
Express Scripts Holding Co.† | 73,572 | 6,411,064 | ||||||
Retail - Auto Parts — 1.6% |
| |||||||
AutoZone, Inc.† | 10,101 | 6,804,236 | ||||||
165 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Drug Store — 2.5% |
| |||||||
CVS Health Corp. | 104,374 | $ | 10,685,810 | |||||
Retail - Major Department Stores — 1.2% |
| |||||||
TJX Cos., Inc. | 79,174 | 5,097,222 | ||||||
Semiconductor Components - Integrated Circuits — 1.3% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 226,231 | 5,492,889 | ||||||
Soap & Cleaning Preparation — 0.7% |
| |||||||
Church & Dwight Co., Inc. | 34,302 | 2,880,339 | ||||||
Textile - Apparel — 1.8% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE(1) | 41,707 | 7,462,995 | ||||||
Transport - Services — 0.6% |
| |||||||
Expeditors International of Washington, Inc. | 55,859 | 2,560,576 | ||||||
Vitamins & Nutrition Products — 1.8% |
| |||||||
Mead Johnson Nutrition Co. | 78,330 | 7,621,509 | ||||||
Web Portals/ISP — 4.2% |
| |||||||
Google, Inc., Class A† | 32,408 | 17,672,730 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $354,533,567) | 418,441,273 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.4% |
| |||||||
Banks - Commercial — 0.4% |
| |||||||
HSBC USA, Inc. | ||||||||
0.05% due 06/01/2015. | $ | 1,634,000 | 1,634,000 | |||||
Registered Investment Companies — 3.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 12,530,936 | 12,530,936 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $14,164,936) | 14,164,936 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $368,698,503)(3) | 102.6 | % | 432,606,209 | |||||
Liabilities in excess of other assets | (2.6 | ) | (11,038,865 | ) | ||||
NET ASSETS | 100.0 | % | $ | 421,567,344 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $30,699,453 representing 7.3% 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. |
(2) | At May 31, 2015, the Fund had loaned securities with a total value of $14,532,013. This was secured by collateral of $12,530,936, which was received in cash and subsequently invested in short-term investments currently valued at $12,530,936 as reported in the Portfolio of Investments. Additional collateral of $2,335,467 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 07/23/2015 | $ | 416,742 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 06/30/2015 to 05/15/2044 | 1,918,725 |
(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 May 31, 2015 (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: | ||||||||||||||||
Apparel Manufacturers | $ | 4,793,888 | $ | 3,693,226 | $ | — | $ | 8,487,114 | ||||||||
Beverages - Wine/Spirits | — | 4,553,487 | — | 4,553,487 | ||||||||||||
Cosmetics & Toiletries | 16,680,538 | 3,677,913 | — | 20,358,451 | ||||||||||||
Food - Misc./Diversified | — | 7,035,253 | — | 7,035,253 | ||||||||||||
Medical - Drugs | 13,679,046 | 4,276,579 | — | 17,955,625 | ||||||||||||
Textile - Apparel | — | 7,462,995 | — | 7,462,995 | ||||||||||||
Other Industries | 352,588,348 | — | — | 352,588,348 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Banks - Commercial | — | 1,634,000 | — | 1,634,000 | ||||||||||||
Registered Investment Companies | 12,530,936 | — | — | 12,530,936 | ||||||||||||
Total Investments at Value | $ | 400,272,756 | $ | 32,333,453 | $ | — | $ | 432,606,209 | ||||||||
* | 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. Securities currently valued at $19,051,734 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
166 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 8.9 | % | ||
Registered Investment Companies | 6.8 | |||
Banks — Commercial | 4.9 | |||
U.S. Government Treasuries | 2.9 | |||
Electric — Integrated | 2.3 | |||
Chemicals — Specialty | 1.9 | |||
Gas — Distribution | 1.8 | |||
Electronic Components — Semiconductors | 1.7 | |||
Retail — Restaurants | 1.6 | |||
Diversified Manufacturing Operations | 1.6 | |||
Insurance — Property/Casualty | 1.6 | |||
Containers — Paper/Plastic | 1.5 | |||
Enterprise Software/Service | 1.4 | |||
Medical Products | 1.4 | |||
Retail — Apparel/Shoe | 1.4 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Insurance — Reinsurance | 1.3 | |||
Consulting Services | 1.3 | |||
Machinery — General Industrial | 1.3 | |||
Steel — Producers | 1.1 | |||
Transport — Truck | 1.1 | |||
Commercial Services — Finance | 1.0 | |||
Medical — HMO | 1.0 | |||
Computers — Integrated Systems | 1.0 | |||
Distribution/Wholesale | 1.0 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Electronic Measurement Instruments | 0.9 | |||
Electronic Design Automation | 0.9 | |||
Medical — Biomedical/Gene | 0.9 | |||
Computer Services | 0.9 | |||
Investment Management/Advisor Services | 0.9 | |||
Oil — Field Services | 0.9 | |||
Electronic Parts Distribution | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Oil Refining & Marketing | 0.8 | |||
Airlines | 0.8 | |||
Recreational Vehicles | 0.8 | |||
Building — Residential/Commercial | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Savings & Loans/Thrifts | 0.8 | |||
Coatings/Paint | 0.8 | |||
Data Processing/Management | 0.7 | |||
Instruments — Controls | 0.7 | |||
Insurance Brokers | 0.7 | |||
Oil & Gas Drilling | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Retail — Auto Parts | 0.7 | |||
Soap & Cleaning Preparation | 0.6 | |||
Finance — Investment Banker/Broker | 0.6 | |||
Retail — Sporting Goods | 0.6 | |||
Retail — Jewelry | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Food — Dairy Products | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Medical — Hospitals | 0.6 | |||
Repurchase Agreements | 0.6 | |||
Athletic Equipment | 0.6 | |||
Oil Field Machinery & Equipment | 0.6 | |||
Pharmacy Services | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Industrial Automated/Robotic | 0.5 | |||
Batteries/Battery Systems | 0.5 | |||
X-Ray Equipment | 0.5 | |||
Multimedia | 0.5 | |||
Respiratory Products | 0.5 | |||
Schools | 0.5 | |||
Machine Tools & Related Products | 0.5 | |||
Computer Aided Design | 0.5 | |||
Engineering/R&D Services | 0.5 |
Real Estate Management/Services | 0.5 | |||
Lighting Products & Systems | 0.5 | |||
Filtration/Separation Products | 0.4 | |||
Energy — Alternate Sources | 0.4 | |||
Printing — Commercial | 0.4 | |||
Decision Support Software | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Physicians Practice Management | 0.4 | |||
Retail — Mail Order | 0.4 | |||
Human Resources | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Telecommunication Equipment | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Medical Instruments | 0.4 | |||
Transactional Software | 0.4 | |||
Non — Hazardous Waste Disposal | 0.4 | |||
Shipbuilding | 0.4 | |||
Funeral Services & Related Items | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Computer Data Security | 0.3 | |||
Commercial Services | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Transport — Marine | 0.3 | |||
Finance — Other Services | 0.3 | |||
Applications Software | 0.3 | |||
Computer Software | 0.3 | |||
Water | 0.3 | |||
Television | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Retail — Office Supplies | 0.3 | |||
Retail — Discount | 0.3 | |||
Dental Supplies & Equipment | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Veterinary Diagnostics | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Gold Mining | 0.3 | |||
Transport — Rail | 0.2 | |||
Theaters | 0.2 | |||
Building Products — Cement | 0.2 | |||
Food — Baking | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Machinery — Farming | 0.2 | |||
Medical Sterilization Products | 0.2 | |||
Miscellaneous Manufacturing | 0.2 | |||
Retail — Automobile | 0.2 | |||
Web Portals/ISP | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Home Furnishings | 0.2 | |||
Medical — Drugs | 0.2 | |||
Retail — Petroleum Products | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Instruments — Scientific | 0.2 | |||
Food — Wholesale/Distribution | 0.2 | |||
Housewares | 0.2 | |||
Communications Software | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Food — Canned | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Cosmetics & Toiletries | 0.2 |
167 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Metal Processors & Fabrication | 0.2 | % | ||
Quarrying | 0.2 | |||
Building — Mobile Home/Manufactured Housing | 0.2 | |||
Computers — Periphery Equipment | 0.2 | |||
Paper & Related Products | 0.2 | |||
Auction Houses/Art Dealers | 0.2 | |||
Garden Products | 0.2 | |||
Publishing — Books | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Recreational Centers | 0.2 | |||
Transport — Equipment & Leasing | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Brewery | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Medical Information Systems | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Computers — Other | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Wireless Equipment | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Food — Retail | 0.1 | |||
Networking Products | 0.1 | |||
Telecom Services | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Racetracks | 0.1 | |||
Coal | 0.1 | |||
106.7% | ||||
* | Calculated as a percentage of net assets |
168 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.4% |
| |||||||
Aerospace/Defense — 0.4% |
| |||||||
Esterline Technologies Corp.† | 61,060 | $ | 6,604,860 | |||||
Teledyne Technologies, Inc.† | 69,213 | 7,013,353 | ||||||
13,618,213 | ||||||||
Aerospace/Defense - Equipment — 1.0% |
| |||||||
B/E Aerospace, Inc. | 207,963 | 11,924,598 | ||||||
KLX, Inc.† | 102,966 | 4,514,030 | ||||||
Orbital ATK, Inc. | 116,370 | 8,902,305 | ||||||
Triumph Group, Inc. | 99,015 | 6,603,310 | ||||||
31,944,243 | ||||||||
Airlines — 0.8% |
| |||||||
Alaska Air Group, Inc. | 257,660 | 16,655,142 | ||||||
JetBlue Airways Corp.†# | 512,473 | 10,331,456 | ||||||
26,986,598 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Carter’s, Inc. | 103,633 | 10,696,998 | ||||||
Applications Software — 0.3% |
| |||||||
PTC, Inc.†# | 225,556 | 9,308,696 | ||||||
Athletic Equipment — 0.6% |
| |||||||
Jarden Corp.† | 352,110 | 18,682,957 | ||||||
Auction Houses/Art Dealers — 0.2% |
| |||||||
Sotheby’s# | 120,511 | 5,402,508 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
Dana Holding Corp. | 323,407 | 7,040,570 | ||||||
Banks - Commercial — 4.9% |
| |||||||
Associated Banc-Corp. | 291,827 | 5,535,958 | ||||||
BancorpSouth, Inc. | 168,175 | 4,068,153 | ||||||
Bank of Hawaii Corp.# | 85,701 | 5,379,452 | ||||||
Bank of the Ozarks, Inc. | 137,935 | 6,065,002 | ||||||
Cathay General Bancorp Class B | 145,691 | 4,402,782 | ||||||
City National Corp. | 94,406 | 8,702,345 | ||||||
Commerce Bancshares, Inc.# | 162,782 | 7,261,705 | ||||||
Cullen/Frost Bankers, Inc. | 107,828 | 7,915,654 | ||||||
East West Bancorp, Inc. | 281,737 | 12,086,517 | ||||||
First Horizon National Corp. | 459,690 | 6,785,024 | ||||||
FirstMerit Corp. | 324,587 | 6,374,889 | ||||||
Fulton Financial Corp. | 351,365 | 4,448,281 | ||||||
Hancock Holding Co.# | 157,866 | 4,598,637 | ||||||
International Bancshares Corp. | 113,384 | 2,959,322 | ||||||
PacWest Bancorp# | 190,016 | 8,529,818 | ||||||
Prosperity Bancshares, Inc. | 118,204 | 6,332,188 | ||||||
Signature Bank† | 98,746 | 13,789,879 | ||||||
SVB Financial Group† | 100,020 | 13,493,698 | ||||||
Synovus Financial Corp. | 267,155 | 7,752,838 | ||||||
TCF Financial Corp. | 322,983 | 5,083,753 | ||||||
Trustmark Corp. | 132,525 | 3,160,721 | ||||||
Umpqua Holdings Corp.# | 432,528 | 7,608,168 | ||||||
Valley National Bancorp | 433,484 | 4,239,474 | ||||||
Webster Financial Corp.# | 177,661 | 6,731,575 | ||||||
163,305,833 | ||||||||
Batteries/Battery Systems — 0.5% |
| |||||||
Energizer Holdings, Inc. | 121,925 | 17,275,553 | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 17,802 | 4,695,812 | ||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Fortune Brands Home & Security, Inc. | 311,402 | 14,280,896 | ||||||
Louisiana-Pacific Corp.†# | 279,404 | 5,054,418 | ||||||
19,335,314 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building Products - Air & Heating — 0.3% |
| |||||||
Lennox International, Inc.# | 80,668 | $ | 9,083,217 | |||||
Building Products - Cement — 0.2% |
| |||||||
Eagle Materials, Inc. | 98,674 | 8,237,306 | ||||||
Building - Heavy Construction — 0.1% |
| |||||||
Granite Construction, Inc. | 70,756 | 2,536,603 | ||||||
Building - Maintenance & Services — 0.1% |
| |||||||
Rollins, Inc. | 188,836 | 4,686,910 | ||||||
Building - Mobile Home/Manufactured Housing — 0.2% |
| |||||||
Thor Industries, Inc. | 91,161 | 5,569,025 | ||||||
Building - Residential/Commercial — 0.8% |
| |||||||
KB Home# | 178,670 | 2,640,743 | ||||||
MDC Holdings, Inc.# | 76,698 | 2,144,476 | ||||||
NVR, Inc.† | 7,549 | 10,271,169 | ||||||
Toll Brothers, Inc.† | 313,662 | 11,345,155 | ||||||
26,401,543 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Olin Corp.# | 151,876 | 4,440,854 | ||||||
Chemicals - Plastics — 0.2% |
| |||||||
PolyOne Corp. | 174,868 | 6,800,617 | ||||||
Chemicals - Specialty — 1.9% |
| |||||||
Albemarle Corp. | 220,118 | 13,240,098 | ||||||
Ashland, Inc. | 125,064 | 15,933,153 | ||||||
Cabot Corp. | 125,053 | 5,185,948 | ||||||
Cytec Industries, Inc. | 139,898 | 8,462,430 | ||||||
Minerals Technologies, Inc. | 68,106 | 4,584,215 | ||||||
NewMarket Corp. | 20,759 | 9,557,651 | ||||||
Sensient Technologies Corp. | 93,267 | 6,314,176 | ||||||
63,277,671 | ||||||||
Coal — 0.1% |
| |||||||
Peabody Energy Corp.# | 539,358 | 1,823,030 | ||||||
Coatings/Paint — 0.8% |
| |||||||
RPM International, Inc. | 262,492 | 13,132,475 | ||||||
Valspar Corp. | 146,701 | 12,243,665 | ||||||
25,376,140 | ||||||||
Commercial Services — 0.3% |
| |||||||
HMS Holdings Corp.†# | 173,410 | 2,954,906 | ||||||
Live Nation Entertainment, Inc.† | 284,736 | 8,143,450 | ||||||
11,098,356 | ||||||||
Commercial Services - Finance — 1.0% |
| |||||||
Global Payments, Inc. | 131,612 | 13,737,661 | ||||||
SEI Investments Co. | 255,391 | 12,217,905 | ||||||
WEX, Inc.†# | 76,141 | 8,633,628 | ||||||
34,589,194 | ||||||||
Communications Software — 0.2% |
| |||||||
SolarWinds, Inc.† | 130,221 | 6,178,986 | ||||||
Computer Aided Design — 0.5% |
| |||||||
ANSYS, Inc.† | 176,681 | 15,724,609 | ||||||
Computer Data Security — 0.3% |
| |||||||
Fortinet, Inc.† | 278,388 | 11,152,223 | ||||||
Computer Services — 0.9% |
| |||||||
Convergys Corp. | 194,384 | 4,826,555 | ||||||
DST Systems, Inc. | 56,072 | 6,638,925 | ||||||
Leidos Holdings, Inc. | 122,106 | 5,189,505 | ||||||
MAXIMUS, Inc. | 129,257 | 8,449,530 |
169 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Services (continued) |
| |||||||
Science Applications International Corp. | 77,114 | $ | 4,087,042 | |||||
29,191,557 | ||||||||
Computer Software — 0.3% |
| |||||||
Rackspace Hosting, Inc.† | 230,480 | 9,239,943 | ||||||
Computers - Integrated Systems — 1.0% |
| |||||||
Diebold, Inc. | 126,994 | 4,340,655 | ||||||
Jack Henry & Associates, Inc. | 160,494 | 10,444,949 | ||||||
NCR Corp.† | 331,061 | 9,948,383 | ||||||
VeriFone Systems, Inc.† | 223,228 | 8,520,613 | ||||||
33,254,600 | ||||||||
Computers - Other — 0.1% |
| |||||||
3D Systems Corp.†# | 205,165 | 4,486,959 | ||||||
Computers - Periphery Equipment — 0.2% |
| |||||||
Lexmark International, Inc., Class A | 119,116 | 5,476,954 | ||||||
Consulting Services — 1.3% |
| |||||||
CEB, Inc. | 65,708 | 5,558,240 | ||||||
FTI Consulting, Inc.† | 81,197 | 3,191,042 | ||||||
Gartner, Inc.† | 162,947 | 14,254,604 | ||||||
Towers Watson & Co., Class A | 136,536 | 18,835,141 | ||||||
41,839,027 | ||||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Greif, Inc., Class A | 66,577 | 2,542,576 | ||||||
Silgan Holdings, Inc. | 81,792 | 4,444,577 | ||||||
6,987,153 | ||||||||
Containers - Paper/Plastic — 1.5% |
| |||||||
Bemis Co., Inc. | 191,285 | 8,787,633 | ||||||
Packaging Corp. of America | 193,120 | 13,360,042 | ||||||
Rock-Tenn Co., Class A | 274,609 | 17,888,030 | ||||||
Sonoco Products Co. | 197,618 | 8,896,762 | ||||||
48,932,467 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
Avon Products, Inc.# | 853,253 | 5,733,860 | ||||||
Data Processing/Management — 0.7% |
| |||||||
Acxiom Corp.† | 151,662 | 2,513,039 | ||||||
Broadridge Financial Solutions, Inc. | 237,206 | 12,851,821 | ||||||
CommVault Systems, Inc.† | 82,828 | 3,680,048 | ||||||
Fair Isaac Corp. | 61,677 | 5,410,307 | ||||||
24,455,215 | ||||||||
Decision Support Software — 0.4% |
| |||||||
MSCI, Inc. | 220,547 | 13,684,941 | ||||||
Dental Supplies & Equipment — 0.3% |
| |||||||
Align Technology, Inc.† | 142,579 | 8,650,268 | ||||||
Diagnostic Kits — 0.4% |
| |||||||
IDEXX Laboratories, Inc.†# | 92,490 | 12,541,644 | ||||||
Distribution/Wholesale — 1.0% |
| |||||||
Ingram Micro, Inc., Class A† | 306,643 | 8,221,099 | ||||||
LKQ Corp.† | 596,794 | 17,050,405 | ||||||
Watsco, Inc. | 53,634 | 6,753,593 | ||||||
32,025,097 | ||||||||
Diversified Manufacturing Operations — 1.6% |
| |||||||
A.O. Smith Corp. | 147,327 | 10,516,201 | ||||||
Carlisle Cos., Inc. | 127,916 | 12,682,871 | ||||||
Crane Co. | 95,915 | 5,805,735 | ||||||
Harsco Corp. | 157,171 | 2,532,025 | ||||||
ITT Corp. | 178,597 | 7,622,520 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations (continued) |
| |||||||
SPX Corp. | 80,435 | $ | 5,977,125 | |||||
Trinity Industries, Inc.# | 305,516 | 9,162,425 | ||||||
54,298,902 | ||||||||
Electric - Integrated — 2.3% |
| |||||||
Alliant Energy Corp. | 217,723 | 13,346,420 | ||||||
Black Hills Corp. | 87,681 | 4,189,398 | ||||||
Cleco Corp. | 118,684 | 6,438,607 | ||||||
Great Plains Energy, Inc. | 302,560 | 7,887,739 | ||||||
Hawaiian Electric Industries, Inc. | 201,581 | 6,156,284 | ||||||
IDACORP, Inc.# | 98,638 | 5,866,002 | ||||||
MDU Resources Group, Inc. | 381,569 | 7,990,055 | ||||||
OGE Energy Corp. | 391,504 | 12,332,376 | ||||||
PNM Resources, Inc. | 156,329 | 4,156,788 | ||||||
Westar Energy, Inc. | 259,334 | 9,509,778 | ||||||
77,873,447 | ||||||||
Electronic Components - Misc. — 0.8% |
| |||||||
Gentex Corp. | 579,519 | 9,956,136 | ||||||
Jabil Circuit, Inc. | 379,222 | 9,317,485 | ||||||
Knowles Corp.†# | 166,958 | 3,230,637 | ||||||
Vishay Intertechnology, Inc. | 266,451 | 3,469,192 | ||||||
25,973,450 | ||||||||
Electronic Components - Semiconductors — 1.7% |
| |||||||
Advanced Micro Devices, Inc.†# | 1,235,679 | 2,817,348 | ||||||
Cree, Inc.†# | 219,085 | 6,633,894 | ||||||
Fairchild Semiconductor International, Inc.† | 229,803 | 4,577,676 | ||||||
Intersil Corp., Class A | 256,131 | 3,457,769 | ||||||
IPG Photonics Corp.†# | 69,891 | 6,628,462 | ||||||
Qorvo, Inc.†# | 291,385 | 23,937,278 | ||||||
Rovi Corp.†# | 180,440 | 3,024,174 | ||||||
Semtech Corp.† | 131,008 | 2,798,331 | ||||||
Silicon Laboratories, Inc.† | 76,911 | 4,263,946 | ||||||
58,138,878 | ||||||||
Electronic Design Automation — 0.9% |
| |||||||
Cadence Design Systems, Inc.†# | 573,715 | 11,353,820 | ||||||
Mentor Graphics Corp. | 192,014 | 5,013,486 | ||||||
Synopsys, Inc.† | 301,626 | 15,048,121 | ||||||
31,415,427 | ||||||||
Electronic Measurement Instruments — 0.9% |
| |||||||
Itron, Inc.† | 75,117 | 2,695,949 | ||||||
Keysight Technologies, Inc.† | 330,602 | 10,863,582 | ||||||
National Instruments Corp. | 198,671 | 5,942,249 | ||||||
Trimble Navigation, Ltd.† | 508,661 | 11,923,014 | ||||||
31,424,794 | ||||||||
Electronic Parts Distribution — 0.8% |
| |||||||
Arrow Electronics, Inc.† | 187,709 | 11,410,830 | ||||||
Avnet, Inc. | 267,650 | 11,779,277 | ||||||
Tech Data Corp.† | 75,079 | 4,738,986 | ||||||
27,929,093 | ||||||||
Energy - Alternate Sources — 0.4% |
| |||||||
SunEdison, Inc.†# | 494,572 | 14,822,323 | ||||||
Engineering/R&D Services — 0.5% |
| |||||||
AECOM†# | 305,137 | 10,078,675 | ||||||
KBR, Inc. | 284,226 | 5,442,928 | ||||||
15,521,603 | ||||||||
Enterprise Software/Service — 1.4% |
| |||||||
Advent Software, Inc. | 88,358 | 3,866,546 | ||||||
CDK Global, Inc. | 315,769 | 16,827,330 |
170 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Enterprise Software/Service (continued) |
| |||||||
Informatica Corp.† | 214,771 | $ | 10,394,917 | |||||
Tyler Technologies, Inc.† | 65,906 | 8,006,261 | ||||||
Ultimate Software Group, Inc.† | 56,142 | 9,083,214 | ||||||
48,178,268 | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 61,743 | 2,759,912 | ||||||
Filtration/Separation Products — 0.4% |
| |||||||
CLARCOR, Inc. | 98,530 | 6,070,433 | ||||||
Donaldson Co., Inc. | 249,226 | 8,887,399 | ||||||
14,957,832 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
SLM Corp.† | 831,115 | 8,527,240 | ||||||
Finance - Investment Banker/Broker — 0.6% |
| |||||||
Raymond James Financial, Inc. | 249,399 | 14,495,070 | ||||||
Stifel Financial Corp.† | 130,120 | 6,930,191 | ||||||
21,425,261 | ||||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
CoreLogic, Inc.† | 176,222 | 6,869,134 | ||||||
Finance - Other Services — 0.3% |
| |||||||
CBOE Holdings, Inc. | 164,864 | 9,647,841 | ||||||
Food - Baking — 0.2% |
| |||||||
Flowers Foods, Inc. | 361,659 | 8,122,861 | ||||||
Food - Canned — 0.2% |
| |||||||
TreeHouse Foods, Inc.† | 83,980 | 5,990,293 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 40,108 | 1,232,920 | ||||||
Food - Dairy Products — 0.6% |
| |||||||
Dean Foods Co. | 184,789 | 3,403,814 | ||||||
WhiteWave Foods Co., Class A†# | 342,342 | 16,442,686 | ||||||
19,846,500 | ||||||||
Food - Flour & Grain — 0.1% |
| |||||||
Post Holdings, Inc.†# | 102,728 | 4,444,013 | ||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Hain Celestial Group, Inc.† | 199,628 | 12,630,464 | ||||||
Ingredion, Inc. | 140,336 | 11,503,342 | ||||||
Lancaster Colony Corp.# | 38,114 | 3,401,293 | ||||||
27,535,099 | ||||||||
Food - Retail — 0.1% |
| |||||||
SUPERVALU, Inc.† | 405,123 | 3,577,236 | ||||||
Food - Wholesale/Distribution — 0.2% |
| |||||||
United Natural Foods, Inc.† | 98,134 | 6,581,847 | ||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Deckers Outdoor Corp.† | 67,843 | 4,623,500 | ||||||
Funeral Services & Related Items — 0.3% |
| |||||||
Service Corp. International | 398,216 | 11,572,157 | ||||||
Garden Products — 0.2% |
| |||||||
Scotts Miracle-Gro Co., Class A | 87,178 | 5,340,524 | ||||||
Gas - Distribution — 1.8% |
| |||||||
Atmos Energy Corp. | 197,836 | 10,687,101 | ||||||
National Fuel Gas Co.# | 165,386 | 10,626,051 | ||||||
ONE Gas, Inc. | 102,340 | 4,536,732 | ||||||
Questar Corp. | 344,427 | 7,818,493 | ||||||
UGI Corp. | 339,112 | 12,682,789 | ||||||
Vectren Corp. | 162,099 | 6,900,554 |
Security Description | Shares | Value (Note 2) | ||||||
Gas - Distribution (continued) |
| |||||||
WGL Holdings, Inc. | 97,584 | $ | 5,614,983 | |||||
58,866,703 | ||||||||
Gold Mining — 0.3% |
| |||||||
Royal Gold, Inc. | 127,989 | 8,289,848 | ||||||
Hazardous Waste Disposal — 0.2% |
| |||||||
Clean Harbors, Inc.†# | 105,215 | 5,927,813 | ||||||
Home Furnishings — 0.2% |
| |||||||
Tempur Sealy International, Inc.† | 119,566 | 7,124,938 | ||||||
Housewares — 0.2% |
| |||||||
Tupperware Brands Corp.# | 97,632 | 6,418,328 | ||||||
Human Resources — 0.4% |
| |||||||
ManpowerGroup, Inc. | 153,680 | 13,009,012 | ||||||
Industrial Automated/Robotic — 0.5% |
| |||||||
Cognex Corp. | 169,851 | 8,572,380 | ||||||
Nordson Corp. | 112,404 | 9,094,608 | ||||||
17,666,988 | ||||||||
Instruments - Controls — 0.7% |
| |||||||
Mettler-Toledo International, Inc.† | 55,202 | 17,922,986 | ||||||
Woodward, Inc. | 113,564 | 5,784,950 | ||||||
23,707,936 | ||||||||
Instruments - Scientific — 0.2% |
| |||||||
FEI Co. | 82,068 | 6,696,749 | ||||||
Insurance Brokers — 0.7% |
| |||||||
Arthur J. Gallagher & Co. | 323,327 | 15,665,193 | ||||||
Brown & Brown, Inc. | 230,971 | 7,481,151 | ||||||
23,146,344 | ||||||||
Insurance - Life/Health — 0.5% |
| |||||||
CNO Financial Group, Inc. | 392,903 | 7,072,254 | ||||||
Primerica, Inc. | 102,526 | 4,534,725 | ||||||
StanCorp Financial Group, Inc. | 82,710 | 6,138,736 | ||||||
17,745,715 | ||||||||
Insurance - Multi-line — 0.6% |
| |||||||
American Financial Group, Inc. | 143,849 | 9,134,412 | ||||||
Kemper Corp. | 98,194 | 3,514,363 | ||||||
Old Republic International Corp. | 472,754 | 7,308,777 | ||||||
19,957,552 | ||||||||
Insurance - Property/Casualty — 1.6% |
| |||||||
Alleghany Corp.† | 31,409 | 14,930,268 | ||||||
First American Financial Corp.# | 211,531 | 7,553,772 | ||||||
Hanover Insurance Group, Inc. | 86,947 | 6,188,887 | ||||||
HCC Insurance Holdings, Inc. | 189,432 | 10,831,722 | ||||||
Mercury General Corp.# | 71,406 | 3,975,886 | ||||||
WR Berkley Corp. | 197,533 | 9,679,117 | ||||||
53,159,652 | ||||||||
Insurance - Reinsurance — 1.3% |
| |||||||
Aspen Insurance Holdings, Ltd. | 122,150 | 5,662,874 | ||||||
Everest Re Group, Ltd. | 87,701 | 15,918,608 | ||||||
Reinsurance Group of America, Inc. | 134,974 | 12,626,818 | ||||||
RenaissanceRe Holdings, Ltd.# | 89,816 | 9,171,112 | ||||||
43,379,412 | ||||||||
Investment Management/Advisor Services — 0.9% |
| |||||||
Eaton Vance Corp. | 232,427 | 9,436,536 | ||||||
Federated Investors, Inc., Class B# | 187,176 | 6,513,725 | ||||||
Janus Capital Group, Inc.# | 290,279 | 5,268,564 |
171 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Investment Management/Advisor Services (continued) |
| |||||||
Waddell & Reed Financial, Inc., Class A | 164,005 | $ | 7,836,159 | |||||
29,054,984 | ||||||||
Lighting Products & Systems — 0.5% |
| |||||||
Acuity Brands, Inc. | 85,116 | 15,022,123 | ||||||
Machine Tools & Related Products — 0.5% |
| |||||||
Kennametal, Inc. | 155,363 | 5,602,390 | ||||||
Lincoln Electric Holdings, Inc. | 152,455 | 10,246,500 | ||||||
15,848,890 | ||||||||
Machinery - Construction & Mining — 0.4% |
| |||||||
Oshkosh Corp. | 153,358 | 7,692,437 | ||||||
Terex Corp.# | 208,428 | 5,154,425 | ||||||
12,846,862 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Regal-Beloit Corp. | 87,744 | 6,860,703 | ||||||
Machinery - Farming — 0.2% |
| |||||||
AGCO Corp.# | 157,901 | 8,018,213 | ||||||
Machinery - General Industrial — 1.3% |
| |||||||
IDEX Corp. | 153,538 | 11,862,346 | ||||||
Wabtec Corp. | 189,085 | 18,965,225 | ||||||
Zebra Technologies Corp., Class A† | 99,940 | 10,957,422 | ||||||
41,784,993 | ||||||||
Machinery - Pumps — 0.3% |
| |||||||
Graco, Inc. | 115,778 | 8,404,325 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Allscripts Healthcare Solutions, Inc.†# | 333,033 | 4,685,774 | ||||||
Medical Instruments — 0.4% |
| |||||||
Bio-Techne Corp. | 72,879 | 7,378,999 | ||||||
Thoratec Corp.† | 106,194 | 4,820,145 | ||||||
12,199,144 | ||||||||
Medical Products — 1.4% |
| |||||||
Cooper Cos., Inc. | 94,772 | 17,226,706 | ||||||
Halyard Health Inc† | 91,332 | 3,782,971 | ||||||
Hill-Rom Holdings, Inc. | 110,901 | 5,718,056 | ||||||
Sirona Dental Systems, Inc.† | 109,032 | 10,763,639 | ||||||
Teleflex, Inc. | 81,336 | 10,471,197 | ||||||
47,962,569 | ||||||||
Medical Sterilization Products — 0.2% |
| |||||||
STERIS Corp.# | 116,922 | 7,813,897 | ||||||
Medical - Biomedical/Gene — 0.9% |
| |||||||
Bio-Rad Laboratories, Inc., Class A† | 40,552 | 5,854,492 | ||||||
Charles River Laboratories International, Inc.† | 92,882 | 6,719,084 | ||||||
United Therapeutics Corp.†# | 91,587 | 16,826,364 | ||||||
29,399,940 | ||||||||
Medical - Drugs — 0.2% |
| |||||||
Akorn, Inc.† | 154,277 | 7,081,314 | ||||||
Medical - HMO — 1.0% |
| |||||||
Centene Corp.† | 233,196 | 17,568,987 | ||||||
Health Net, Inc.† | 150,930 | 9,393,883 | ||||||
WellCare Health Plans, Inc.† | 86,258 | 7,389,723 | ||||||
34,352,593 | ||||||||
Medical - Hospitals — 0.6% |
| |||||||
Community Health Systems, Inc.† | 229,087 | 12,670,802 | ||||||
LifePoint Hospitals, Inc.† | 86,745 | 6,531,031 | ||||||
19,201,833 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Owens & Minor, Inc. | 123,762 | $ | 4,123,750 | |||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Timken Co. | 146,208 | 5,716,733 | ||||||
Miscellaneous Manufacturing — 0.2% |
| |||||||
AptarGroup, Inc. | 122,337 | 7,801,430 | ||||||
Motion Pictures & Services — 0.1% |
| |||||||
DreamWorks Animation SKG, Inc., Class A†# | 142,165 | 3,831,347 | ||||||
Multimedia — 0.5% |
| |||||||
FactSet Research Systems, Inc.# | 76,124 | 12,573,401 | ||||||
Meredith Corp. | 71,670 | 3,784,176 | ||||||
16,357,577 | ||||||||
Networking Products — 0.1% |
| |||||||
Polycom, Inc.† | 263,344 | 3,547,244 | ||||||
Non-Hazardous Waste Disposal — 0.4% |
| |||||||
Waste Connections, Inc. | 243,333 | 11,808,950 | ||||||
Office Furnishings - Original — 0.2% |
| |||||||
Herman Miller, Inc. | 116,745 | 3,233,837 | ||||||
HNI Corp. | 86,682 | 4,203,210 | ||||||
7,437,047 | ||||||||
Oil & Gas Drilling — 0.7% |
| |||||||
Atwood Oceanics, Inc.# | 117,949 | 3,629,291 | ||||||
Nabors Industries, Ltd. | 567,992 | 8,377,882 | ||||||
Patterson-UTI Energy, Inc. | 287,411 | 5,805,702 | ||||||
Rowan Cos. PLC, Class A | 244,481 | 5,251,452 | ||||||
23,064,327 | ||||||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
California Resources Corp. | 605,486 | 4,753,065 | ||||||
Denbury Resources, Inc.# | 693,513 | 5,111,191 | ||||||
Energen Corp. | 143,254 | 9,913,177 | ||||||
Gulfport Energy Corp.† | 186,810 | 8,062,720 | ||||||
Rosetta Resources, Inc.† | 144,387 | 3,372,880 | ||||||
SM Energy Co. | 132,403 | 6,927,325 | ||||||
Unit Corp.† | 90,942 | 2,867,401 | ||||||
WPX Energy, Inc.†# | 400,129 | 5,157,663 | ||||||
46,165,422 | ||||||||
Oil Field Machinery & Equipment — 0.6% |
| |||||||
Dresser-Rand Group, Inc.† | 150,465 | 12,729,339 | ||||||
Dril-Quip, Inc.† | 76,092 | 5,751,033 | ||||||
18,480,372 | ||||||||
Oil Refining & Marketing — 0.8% |
| |||||||
HollyFrontier Corp. | 384,839 | 16,028,544 | ||||||
Murphy USA, Inc.† | 84,398 | 4,914,496 | ||||||
Western Refining, Inc. | 138,639 | 6,097,343 | ||||||
27,040,383 | ||||||||
Oil - Field Services — 0.9% |
| |||||||
Helix Energy Solutions Group, Inc.† | 193,303 | 3,029,058 | ||||||
NOW, Inc.†# | 210,130 | 4,858,206 | ||||||
Oceaneering International, Inc. | 195,526 | 9,932,721 | ||||||
Oil States International, Inc.† | 100,795 | 4,120,500 | ||||||
Superior Energy Services, Inc. | 298,651 | 6,895,851 | ||||||
28,836,336 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Domtar Corp. | 125,128 | 5,408,032 | ||||||
Pharmacy Services — 0.5% |
| |||||||
Omnicare, Inc. | 190,598 | 18,162,083 | ||||||
172 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Physicians Practice Management — 0.4% |
| |||||||
MEDNAX, Inc.† | 188,573 | $ | 13,422,626 | |||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Hubbell, Inc., Class B | 105,640 | 11,412,289 | ||||||
Printing - Commercial — 0.4% |
| |||||||
Deluxe Corp. | 97,914 | 6,249,851 | ||||||
RR Donnelley & Sons Co.# | 392,151 | 7,521,456 | ||||||
13,771,307 | ||||||||
Publishing - Books — 0.2% |
| |||||||
John Wiley & Sons, Inc., Class A | 91,041 | 5,282,199 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
New York Times Co., Class A | 258,140 | 3,588,146 | ||||||
Publishing - Periodicals — 0.1% |
| |||||||
Time, Inc. | 214,889 | 4,837,151 | ||||||
Quarrying — 0.2% |
| |||||||
Compass Minerals International, Inc. | 65,975 | 5,684,406 | ||||||
Racetracks — 0.1% |
| |||||||
International Speedway Corp., Class A | 54,855 | 2,042,252 | ||||||
Real Estate Investment Trusts — 8.9% |
| |||||||
Alexandria Real Estate Equities, Inc. | 141,374 | 13,109,611 | ||||||
American Campus Communities, Inc. | 220,174 | 8,588,988 | ||||||
BioMed Realty Trust, Inc. | 395,140 | 8,056,905 | ||||||
Camden Property Trust | 170,195 | 12,761,221 | ||||||
Communications Sales & Leasing, Inc.†# | 236,548 | 6,162,075 | ||||||
Corporate Office Properties Trust | 181,584 | 4,661,261 | ||||||
Corrections Corp. of America | 229,214 | 8,059,164 | ||||||
Douglas Emmett, Inc. | 267,183 | 7,849,837 | ||||||
Duke Realty Corp. | 676,599 | 13,234,277 | ||||||
Equity One, Inc. | 152,019 | 3,767,031 | ||||||
Extra Space Storage, Inc. | 217,011 | 15,197,280 | ||||||
Federal Realty Investment Trust | 134,760 | 18,121,177 | ||||||
Highwoods Properties, Inc. | 182,359 | 7,649,960 | ||||||
Home Properties, Inc. | 113,419 | 8,429,300 | ||||||
Hospitality Properties Trust | 294,276 | 8,884,192 | ||||||
Kilroy Realty Corp. | 169,524 | 11,709,023 | ||||||
Lamar Advertising Co. Class A | 157,511 | 9,548,317 | ||||||
LaSalle Hotel Properties | 221,603 | 8,079,645 | ||||||
Liberty Property Trust | 292,218 | 10,210,097 | ||||||
Mack-Cali Realty Corp. | 164,342 | 2,777,380 | ||||||
Mid-America Apartment Communities, Inc. | 147,778 | 11,288,761 | ||||||
National Retail Properties, Inc. | 259,489 | 9,733,432 | ||||||
Omega Healthcare Investors, Inc. | 309,933 | 11,166,886 | ||||||
Potlatch Corp. | 79,691 | 2,891,190 | ||||||
Rayonier, Inc. | 248,444 | 6,414,824 | ||||||
Regency Centers Corp. | 184,734 | 11,664,105 | ||||||
Senior Housing Properties Trust | 461,184 | 9,228,292 | ||||||
Tanger Factory Outlet Centers, Inc. | 185,289 | 6,231,269 | ||||||
Taubman Centers, Inc. | 124,262 | 9,199,116 | ||||||
UDR, Inc.# | 507,854 | 16,535,726 | ||||||
Urban Edge Properties | 181,175 | 3,913,380 | ||||||
Weingarten Realty Investors | 221,194 | 7,460,874 | ||||||
WP GLIMCHER, Inc. | 363,287 | 5,111,448 | ||||||
297,696,044 | ||||||||
Real Estate Management/Services — 0.5% |
| |||||||
Jones Lang LaSalle, Inc. | 87,991 | 15,242,681 | ||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Alexander & Baldwin, Inc. | 89,127 | 3,660,446 | ||||||
Recreational Centers — 0.2% |
| |||||||
Life Time Fitness, Inc.† | 70,445 | 5,064,996 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Recreational Vehicles — 0.8% |
| |||||||
Brunswick Corp. | 182,175 | $ | 9,298,212 | |||||
Polaris Industries, Inc.# | 119,742 | 17,129,093 | ||||||
26,427,305 | ||||||||
Rental Auto/Equipment — 0.2% |
| |||||||
Aaron’s, Inc. | 126,689 | 4,437,916 | ||||||
Rent-A-Center, Inc. | 103,826 | 3,140,736 | ||||||
7,578,652 | ||||||||
Respiratory Products — 0.5% |
| |||||||
ResMed, Inc.# | 275,853 | 16,225,673 | ||||||
Retail - Apparel/Shoe — 1.4% |
| |||||||
Abercrombie & Fitch Co., Class A# | 136,079 | 2,785,537 | ||||||
American Eagle Outfitters, Inc. | 344,475 | 5,639,056 | ||||||
ANN, Inc.† | 89,722 | 4,194,503 | ||||||
Ascena Retail Group, Inc.† | 258,683 | 3,823,335 | ||||||
Chico’s FAS, Inc. | 281,355 | 4,673,306 | ||||||
Foot Locker, Inc. | 278,858 | 17,623,826 | ||||||
Guess?, Inc.# | 125,454 | 2,200,463 | ||||||
Kate Spade & Co.† | 250,069 | 6,196,710 | ||||||
47,136,736 | ||||||||
Retail - Auto Parts — 0.7% |
| |||||||
Advance Auto Parts, Inc. | 143,547 | 21,994,271 | ||||||
Retail - Automobile — 0.2% |
| |||||||
Copart, Inc.† | 223,336 | 7,727,426 | ||||||
Retail - Catalog Shopping — 0.2% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 99,573 | 6,907,379 | ||||||
Retail - Discount — 0.3% |
| |||||||
Big Lots, Inc. | 104,905 | 4,605,329 | ||||||
HSN, Inc. | 63,797 | 4,281,417 | ||||||
8,886,746 | ||||||||
Retail - Jewelry — 0.6% |
| |||||||
Signet Jewelers, Ltd. | 157,357 | 20,350,981 | ||||||
Retail - Mail Order — 0.4% |
| |||||||
Williams-Sonoma, Inc. | 168,083 | 13,213,005 | ||||||
Retail - Major Department Stores — 0.2% |
| |||||||
J.C. Penney Co., Inc.†# | 598,397 | 5,140,230 | ||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
CST Brands, Inc. | 151,391 | 6,020,820 | ||||||
Retail - Office Supplies — 0.3% |
| |||||||
Office Depot, Inc.† | 963,318 | 8,929,958 | ||||||
Retail - Petroleum Products — 0.2% |
| |||||||
World Fuel Services Corp. | 141,486 | 7,078,545 | ||||||
Retail - Restaurants — 1.6% |
| |||||||
Brinker International, Inc.# | 123,877 | 6,835,533 | ||||||
Buffalo Wild Wings, Inc.† | 37,166 | 5,674,133 | ||||||
Cheesecake Factory, Inc. | 91,173 | 4,701,792 | ||||||
Domino’s Pizza, Inc. | 109,180 | 11,863,499 | ||||||
Dunkin’ Brands Group, Inc.# | 191,558 | 10,221,535 | ||||||
Panera Bread Co., Class A† | 49,998 | 9,099,636 | ||||||
Wendy’s Co.# | 541,130 | 6,082,301 | ||||||
54,478,429 | ||||||||
Retail - Sporting Goods — 0.6% |
| |||||||
Cabela’s, Inc.†# | 93,567 | 4,771,917 | ||||||
Dick’s Sporting Goods, Inc. | 192,545 | 10,343,517 | ||||||
Vista Outdoor, Inc.† | 125,196 | 5,770,284 | ||||||
20,885,718 | ||||||||
173 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Savings & Loans/Thrifts — 0.8% |
| |||||||
First Niagara Financial Group, Inc. | 694,645 | $ | 6,189,287 | |||||
New York Community Bancorp, Inc.# | 868,622 | 15,409,354 | ||||||
Washington Federal, Inc. | 192,413 | 4,252,328 | ||||||
25,850,969 | ||||||||
Schools — 0.5% |
| |||||||
Apollo Education Group, Inc.† | 189,564 | 3,142,971 | ||||||
DeVry Education Group, Inc.# | 112,678 | 3,584,287 | ||||||
Graham Holdings Co., Class B | 8,688 | 9,304,848 | ||||||
16,032,106 | ||||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Atmel Corp. | 816,933 | 7,246,196 | ||||||
Cypress Semiconductor Corp.# | 623,709 | 8,563,524 | ||||||
Integrated Device Technology, Inc.† | 291,030 | 6,884,315 | ||||||
22,694,035 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Teradyne, Inc. | 427,423 | 9,039,996 | ||||||
Shipbuilding — 0.4% |
| |||||||
Huntington Ingalls Industries, Inc. | 94,801 | 11,754,376 | ||||||
Soap & Cleaning Preparation — 0.6% |
| |||||||
Church & Dwight Co., Inc. | 256,251 | 21,517,396 | ||||||
Steel Pipe & Tube — 0.2% |
| |||||||
TimkenSteel Corp. | 73,768 | 2,194,598 | ||||||
Valmont Industries, Inc.# | 47,093 | 5,860,724 | ||||||
8,055,322 | ||||||||
Steel - Producers — 1.1% |
| |||||||
Carpenter Technology Corp. | 103,207 | 4,214,974 | ||||||
Commercial Metals Co. | 230,455 | 3,703,412 | ||||||
Reliance Steel & Aluminum Co. | 152,210 | 9,710,998 | ||||||
Steel Dynamics, Inc. | 474,027 | 10,338,529 | ||||||
United States Steel Corp.# | 285,874 | 6,975,325 | ||||||
Worthington Industries, Inc. | 98,800 | 2,688,348 | ||||||
37,631,586 | ||||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Ciena Corp.† | 229,903 | 5,545,260 | ||||||
JDS Uniphase Corp.† | 456,668 | 5,854,484 | ||||||
11,399,744 | ||||||||
Telecom Services — 0.1% |
| |||||||
NeuStar, Inc., Class A†# | 109,346 | 2,987,332 | ||||||
Telecommunication Equipment — 0.4% |
| |||||||
ARRIS Group, Inc.† | 259,253 | 8,557,941 | ||||||
Plantronics, Inc. | 76,863 | 4,240,532 | ||||||
12,798,473 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Telephone & Data Systems, Inc. | 192,718 | 5,721,797 | ||||||
Windstream Holdings, Inc.# | 197,122 | 1,603,588 | ||||||
7,325,385 | ||||||||
Television — 0.3% |
| |||||||
AMC Networks, Inc., Class A† | 115,933 | 9,111,174 | ||||||
Theaters — 0.2% |
| |||||||
Cinemark Holdings, Inc. | 204,366 | 8,282,954 | ||||||
Transactional Software — 0.4% |
| |||||||
ACI Worldwide, Inc.†# | 227,426 | 5,415,013 | ||||||
Solera Holdings, Inc.# | 131,877 | 6,505,492 | ||||||
11,920,505 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
GATX Corp. | 86,943 | $ | 4,843,595 | |||||
Transport - Marine — 0.3% |
| |||||||
Kirby Corp.† | 109,323 | 8,386,168 | ||||||
Tidewater, Inc.# | 92,019 | 2,258,146 | ||||||
10,644,314 | ||||||||
Transport - Rail — 0.2% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 100,633 | 8,286,121 | ||||||
Transport - Truck — 1.1% |
| |||||||
Con-way, Inc.# | 113,009 | 4,573,474 | ||||||
J.B. Hunt Transport Services, Inc. | 180,651 | 15,178,297 | ||||||
Landstar System, Inc. | 87,913 | 5,749,510 | ||||||
Old Dominion Freight Line, Inc.† | 133,224 | 9,060,564 | ||||||
Werner Enterprises, Inc.# | 87,718 | 2,414,000 | ||||||
36,975,845 | ||||||||
Veterinary Diagnostics — 0.3% |
| |||||||
VCA, Inc.† | 161,108 | 8,451,726 | ||||||
Water — 0.3% |
| |||||||
Aqua America, Inc. | 347,035 | 9,133,961 | ||||||
Web Portals/ISP — 0.2% |
| |||||||
AOL, Inc.† | 153,893 | 7,696,189 | ||||||
Wire & Cable Products — 0.2% |
| |||||||
Belden, Inc. | 83,444 | 7,044,342 | ||||||
Wireless Equipment — 0.1% |
| |||||||
InterDigital, Inc. | 72,883 | 4,273,130 | ||||||
X-Ray Equipment — 0.5% |
| |||||||
Hologic, Inc.† | 478,006 | 17,098,275 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,211,367,870) | 3,215,351,067 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.7% |
| |||||||
Registered Investment Companies — 6.8% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 229,240,701 | 229,240,701 | ||||||
U.S. Government Treasuries — 2.9% |
| |||||||
United States Treasury Bills | ||||||||
0.00% due 06/11/2015(2) | $ | 800,000 | 799,999 | |||||
0.01% due 06/04/2015 | 5,000,000 | 5,000,000 | ||||||
0.01% due 06/11/2015(2) | 26,000,000 | 25,999,974 | ||||||
0.01% due 06/25/2015 | 10,000,000 | 9,999,930 | ||||||
0.02% due 06/04/2015 | 40,000,000 | 40,000,000 | ||||||
0.02% due 06/11/2015(2) | 4,400,000 | 4,399,996 | ||||||
0.02% due 06/18/2015 | 10,000,000 | 9,999,950 | ||||||
96,199,849 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $325,440,460) | 325,440,550 | |||||||
REPURCHASE AGREEMENTS — 0.6% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(3) | 19,037,000 | 19,037,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,555,845,330)(4) | 106.7 | % | 3,559,828,617 | |||||
Liabilities in excess of other assets | (6.7 | ) | (224,184,851 | ) | ||||
NET ASSETS | 100.0 | % | $ | 3,335,643,766 | ||||
174 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At May 31, 2015, the Fund had loaned securities with a total value of $300,286,494. This was secured by collateral of $229,240,701, which was received in cash and subsequently invested in short-term investments currently valued at $229,240,701 as reported in the Portfolio of Investments. Additional collateral of $79,718,611 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 11/01/2034 to 12/15/2044 | $ | 666,615 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 10/25/2029 to 02/25/2044 | 3,141,136 | |||||
Government National Mtg. Assoc. | 0.38% to 4.00% | 04/20/2039 to 12/16/2052 | 591,340 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 02/04/2016 | 12,282,403 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.88% | 06/30/2015 to 08/15/2044 | 63,037,117 |
(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. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
767 | Long | S&P Mid Cap 400 E-Mini Index | June 2015 | $ | 116,053,101 | $ | 116,829,440 | $ | 776,339 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Signifcant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 3,215,351,067 | $ | — | $ | — | $ | 3,215,351,067 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 229,240,701 | — | — | 229,240,701 | ||||||||||||
U.S. Government Treasuries | — | 96,199,849 | — | 96,199,849 | ||||||||||||
Repurchase Agreements | — | 19,037,000 | — | 19,037,000 | ||||||||||||
Total Investments at Value | $ | 3,444,591,768 | $ | 115,236,849 | $ | — | $ | 3,559,828,617 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 776,339 | $ | — | $ | — | $ | 776,339 | ||||||||
* | 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
175 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Registered Investment Companies | 9.8 | % | ||
Medical — Biomedical/Gene | 5.8 | |||
Medical — Drugs | 5.6 | |||
Time Deposits | 4.8 | |||
Retail — Restaurants | 4.4 | |||
Commercial Services — Finance | 4.2 | |||
Internet Content — Entertainment | 4.1 | |||
Consulting Services | 3.6 | |||
Medical Instruments | 3.4 | |||
Internet Content — Information/News | 3.1 | |||
Applications Software | 2.7 | |||
Auto — Cars/Light Trucks | 2.6 | |||
E-Commerce/Services | 2.5 | |||
Apparel Manufacturers | 2.5 | |||
E-Commerce/Products | 2.2 | |||
Internet Application Software | 2.0 | |||
Vitamins & Nutrition Products | 1.9 | |||
Decision Support Software | 1.8 | |||
Enterprise Software/Service | 1.6 | |||
Medical Information Systems | 1.6 | |||
Retail — Apparel/Shoe | 1.5 | |||
Networking Products | 1.4 | |||
Internet Security | 1.4 | |||
Web Hosting/Design | 1.4 | |||
Auto/Truck Parts & Equipment — Original | 1.3 | |||
Computer Services | 1.3 | |||
Electronic Components — Semiconductors | 1.2 | |||
Coffee | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.1 | |||
Entertainment Software | 1.1 | |||
Data Processing/Management | 1.0 | |||
Internet Infrastructure Software | 1.0 | |||
Diversified Manufacturing Operations | 0.9 | |||
Retail — Auto Parts | 0.9 | |||
Airlines | 0.9 | |||
Audio/Video Products | 0.8 | |||
Retail — Discount | 0.8 | |||
Electric Products — Misc. | 0.8 | |||
Coatings/Paint | 0.8 | |||
Home Decoration Products | 0.7 | |||
Medical — Wholesale Drug Distribution | 0.7 | |||
Food — Meat Products | 0.7 | |||
Pharmacy Services | 0.7 | |||
Beverages — Wine/Spirits | 0.7 | |||
Cruise Lines | 0.7 | |||
Real Estate Management/Services | 0.7 | |||
Television | 0.7 | |||
Lighting Products & Systems | 0.7 | |||
Web Portals/ISP | 0.7 | |||
Beverages — Non-alcoholic | 0.6 | |||
Banks — Commercial | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Hazardous Waste Disposal | 0.6 | |||
Semiconductor Equipment | 0.6 | |||
Medical Products | 0.6 | |||
Computers — Memory Devices | 0.6 | |||
Drug Delivery Systems | 0.6 | |||
Building Products — Cement | 0.6 | |||
Finance — Other Services | 0.6 | |||
Retail — Arts & Crafts | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Home Furnishings | 0.5 | |||
Chemicals — Specialty | 0.5 | |||
Containers — Paper/Plastic | 0.5 | |||
Instruments — Scientific | 0.5 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Investment Management/Advisor Services | 0.5 | |||
Broadcast Services/Program | 0.4 | |||
Internet Incubators | 0.4 |
Food — Dairy Products | 0.4 | |||
Energy — Alternate Sources | 0.3 | |||
Oil — Field Services | 0.3 | |||
Transport — Services | 0.3 | |||
Computers — Other | 0.3 | |||
Finance — Consumer Loans | 0.2 | |||
110.5 | % | |||
* | Calculated as a percentage of net assets |
176 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 94.1% | ||||||||
Aerospace/Defense — 0.6% | ||||||||
TransDigm Group, Inc. | 7,936 | $ | 1,793,853 | |||||
Aerospace/Defense - Equipment — 0.5% | ||||||||
B/E Aerospace, Inc. | 26,810 | 1,537,285 | ||||||
Airlines — 0.9% | ||||||||
United Continental Holdings, Inc.† | 47,365 | 2,585,655 | ||||||
Apparel Manufacturers — 2.5% | ||||||||
Gildan Activewear, Inc.# | 48,980 | 1,550,707 | ||||||
Michael Kors Holdings, Ltd.† | 99,812 | 4,641,258 | ||||||
Under Armour, Inc., Class A† | 12,281 | 962,953 | ||||||
7,154,918 | ||||||||
Applications Software — 2.7% | ||||||||
NetSuite, Inc.† | 15,039 | 1,404,943 | ||||||
ServiceNow, Inc.† | 57,085 | 4,373,282 | ||||||
Tableau Software, Inc., Class A† | 17,533 | 1,984,911 | ||||||
7,763,136 | ||||||||
Audio/Video Products — 0.8% | ||||||||
Harman International Industries, Inc. | 20,010 | 2,411,605 | ||||||
Auto - Cars/Light Trucks — 2.6% | ||||||||
Tesla Motors, Inc.†# | 29,502 | 7,399,102 | ||||||
Auto/Truck Parts & Equipment - Original — 1.3% | ||||||||
Delphi Automotive PLC | 20,835 | 1,812,228 | ||||||
WABCO Holdings, Inc.† | 15,165 | 1,917,160 | ||||||
3,729,388 | ||||||||
Banks - Commercial — 0.6% | ||||||||
First Republic Bank | 30,675 | 1,857,371 | ||||||
Beverages - Non-alcoholic — 0.6% | ||||||||
Monster Beverage Corp.† | 14,622 | 1,861,088 | ||||||
Beverages - Wine/Spirits — 0.7% | ||||||||
Constellation Brands, Inc., Class A | 17,490 | 2,061,896 | ||||||
Broadcast Services/Program — 0.4% | ||||||||
Scripps Networks Interactive, Inc., Class A# | 18,130 | 1,214,891 | ||||||
Building Products - Cement — 0.6% | ||||||||
Vulcan Materials Co. | 17,985 | 1,617,391 | ||||||
Chemicals - Specialty — 0.5% | ||||||||
International Flavors & Fragrances, Inc. | 12,190 | 1,451,098 | ||||||
Coatings/Paint — 0.8% | ||||||||
Sherwin-Williams Co. | 8,035 | 2,315,526 | ||||||
Coffee — 1.1% | ||||||||
Keurig Green Mountain, Inc. | 38,020 | 3,278,845 | ||||||
Commercial Services - Finance — 4.2% | ||||||||
FleetCor Technologies, Inc.† | 26,353 | 4,009,345 | ||||||
McGraw Hill Financial, Inc. | 61,827 | 6,414,551 | ||||||
SEI Investments Co. | 37,945 | 1,815,289 | ||||||
12,239,185 | ||||||||
Computer Services — 1.3% | ||||||||
IHS, Inc., Class A† | 30,128 | 3,717,795 | ||||||
Computers - Memory Devices — 0.6% | ||||||||
Western Digital Corp. | 17,360 | 1,690,170 | ||||||
Computers - Other — 0.3% | ||||||||
3D Systems Corp.†# | 23,017 | 503,382 | ||||||
Stratasys, Ltd.†# | 8,002 | 284,551 | ||||||
787,933 | ||||||||
Security Description | Shares | Value | ||||||
Consulting Services — 3.6% | ||||||||
Gartner, Inc.† | 46,508 | $ | 4,068,520 | |||||
Towers Watson & Co., Class A | 14,735 | 2,032,693 | ||||||
Verisk Analytics, Inc.† | 59,595 | 4,325,405 | ||||||
10,426,618 | ||||||||
Containers - Paper/Plastic — 0.5% | ||||||||
Berry Plastics Group, Inc.† | 40,765 | 1,364,405 | ||||||
Cruise Lines — 0.7% | ||||||||
Royal Caribbean Cruises, Ltd. | 26,690 | 2,027,906 | ||||||
Data Processing/Management — 0.6% | ||||||||
Fidelity National Information Services, Inc. | 28,700 | 1,799,490 | ||||||
Decision Support Software — 1.8% | ||||||||
MSCI, Inc. | 83,250 | 5,165,662 | ||||||
Diversified Manufacturing Operations — 0.9% | ||||||||
Colfax Corp.† | 34,903 | 1,758,762 | ||||||
ITT Corp. | 21,590 | 921,461 | ||||||
2,680,223 | ||||||||
Drug Delivery Systems — 0.6% | ||||||||
Catalent, Inc.† | 18,720 | 598,291 | ||||||
DexCom, Inc.† | 14,495 | 1,039,582 | ||||||
1,637,873 | ||||||||
E-Commerce/Products — 1.5% | ||||||||
MercadoLibre, Inc.# | 13,087 | 1,899,316 | ||||||
Vipshop Holdings, Ltd. ADR† | 68,542 | 1,711,494 | ||||||
zulily, Inc., Class A†# | 59,896 | 792,125 | ||||||
4,402,935 | ||||||||
E-Commerce/Services — 2.5% | ||||||||
Autohome, Inc. ADR† | 37,798 | 1,723,211 | ||||||
Groupon, Inc.† | 133,792 | 853,593 | ||||||
TripAdvisor, Inc.† | 11,065 | 843,817 | ||||||
Zillow Group, Inc., Class A†# | 40,963 | 3,743,608 | ||||||
7,164,229 | ||||||||
Electric Products - Misc. — 0.8% | ||||||||
AMETEK, Inc. | 43,380 | 2,332,109 | ||||||
Electronic Components - Semiconductors — 1.2% | ||||||||
Broadcom Corp., Class A | 40,355 | 2,294,182 | ||||||
Skyworks Solutions, Inc. | 10,755 | 1,176,167 | ||||||
3,470,349 | ||||||||
Energy - Alternate Sources — 0.3% | ||||||||
SolarCity Corp.†# | 15,533 | 933,844 | ||||||
Enterprise Software/Service — 1.6% | ||||||||
Workday, Inc., Class A† | 58,752 | 4,636,708 | ||||||
Entertainment Software — 1.1% | ||||||||
Activision Blizzard, Inc. | 98,190 | 2,480,279 | ||||||
Zynga, Inc., Class A† | 208,281 | 614,429 | ||||||
3,094,708 | ||||||||
Finance - Consumer Loans — 0.2% | ||||||||
LendingClub Corp.†# | 26,875 | 516,269 | ||||||
Finance - Other Services — 0.6% | ||||||||
CBOE Holdings, Inc. | 27,015 | 1,580,918 | ||||||
Food - Dairy Products — 0.4% | ||||||||
WhiteWave Foods Co.† | 21,230 | 1,019,677 | ||||||
Food - Meat Products — 0.7% | ||||||||
Tyson Foods, Inc., Class A | 49,830 | 2,115,284 | ||||||
177 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | �� | |||||||
Hazardous Waste Disposal — 0.6% | ||||||||
Stericycle, Inc.† | 12,938 | $ | 1,776,387 | |||||
Home Decoration Products — 0.7% | ||||||||
Newell Rubbermaid, Inc. | 54,150 | 2,140,549 | ||||||
Home Furnishings — 0.5% | ||||||||
Tempur Sealy International, Inc.† | 24,810 | 1,478,428 | ||||||
Instruments - Scientific — 0.5% | ||||||||
PerkinElmer, Inc. | 25,860 | 1,363,598 | ||||||
Internet Application Software — 2.0% | ||||||||
Splunk, Inc.† | 83,129 | 5,621,183 | ||||||
Internet Content - Entertainment — 4.1% | ||||||||
Pandora Media, Inc.† | 80,152 | 1,496,438 | ||||||
Twitter, Inc.† | 221,949 | 8,138,870 | ||||||
Youku Tudou, Inc. ADR†# | 78,134 | 2,107,274 | ||||||
11,742,582 | ||||||||
Internet Content - Information/News — 3.1% | ||||||||
LinkedIn Corp., Class A† | 34,422 | 6,709,880 | ||||||
Yelp, Inc.†# | 48,714 | 2,333,888 | ||||||
9,043,768 | ||||||||
Internet Incubators — 0.4% | ||||||||
HomeAway, Inc.† | 38,385 | 1,077,467 | ||||||
Internet Infrastructure Software — 1.0% | ||||||||
F5 Networks, Inc.† | 16,365 | 2,056,917 | ||||||
Survey Monkey, Inc.†(1)(2)(3) | 44,965 | 738,550 | ||||||
2,795,467 | ||||||||
Internet Security — 1.4% | ||||||||
FireEye, Inc.† | 88,187 | 4,106,869 | ||||||
Investment Management/Advisor Services — 0.5% | ||||||||
Ameriprise Financial, Inc. | 10,660 | 1,328,129 | ||||||
Lighting Products & Systems — 0.7% | ||||||||
Acuity Brands, Inc. | 10,615 | 1,873,441 | ||||||
Medical Information Systems — 1.6% | ||||||||
athenahealth, Inc.†# | 39,271 | 4,578,999 | ||||||
Medical Instruments — 3.4% | ||||||||
Boston Scientific Corp.† | 98,465 | 1,798,956 | ||||||
Edwards Lifesciences Corp.† | 8,490 | 1,109,813 | ||||||
Intuitive Surgical, Inc.† | 13,910 | 6,784,602 | ||||||
9,693,371 | ||||||||
Medical Products — 0.6% | ||||||||
Cooper Cos., Inc. | 9,590 | 1,743,174 | ||||||
Medical - Biomedical/Gene — 5.8% | ||||||||
Alnylam Pharmaceuticals, Inc.† | 9,118 | 1,195,279 | ||||||
Illumina, Inc.† | 45,069 | 9,287,819 | ||||||
Incyte Corp.† | 13,065 | 1,439,110 | ||||||
Intercept Pharmaceuticals, Inc.†# | 1,122 | 286,329 | ||||||
Medivation, Inc.† | 11,750 | 1,551,587 | ||||||
Seattle Genetics, Inc.†# | 11,497 | 495,406 | ||||||
Vertex Pharmaceuticals, Inc.† | 18,120 | 2,324,615 | ||||||
16,580,145 | ||||||||
Medical - Drugs — 5.6% | ||||||||
Endo International PLC† | 88,673 | 7,427,250 | ||||||
Ironwood Pharmaceuticals, Inc.† | 78,334 | 1,105,293 | ||||||
Quintiles Transnational Holdings, Inc.† | 32,950 | 2,296,945 | ||||||
Zoetis, Inc. | 108,012 | 5,375,757 | ||||||
16,205,245 | ||||||||
Security Description | Shares | Value | ||||||
Medical - Wholesale Drug Distribution — 0.7% | ||||||||
Cardinal Health, Inc. | 24,100 | $ | 2,124,897 | |||||
Networking Products — 1.4% | ||||||||
Palo Alto Networks, Inc.† | 24,492 | 4,151,149 | ||||||
Oil Companies - Exploration & Production — 0.5% | ||||||||
Concho Resources, Inc.† | 11,115 | 1,337,135 | ||||||
Oil - Field Services — 0.3% | ||||||||
Weatherford International PLC† | 66,110 | 913,640 | ||||||
Pharmacy Services — 0.7% | ||||||||
Diplomat Pharmacy, Inc.† | 53,385 | 2,063,330 | ||||||
Real Estate Management/Services — 0.7% | ||||||||
CBRE Group, Inc., Class A† | 51,920 | 1,985,421 | ||||||
Retail - Apparel/Shoe — 1.5% | ||||||||
Kate Spade & Co.† | 47,090 | 1,166,890 | ||||||
lululemon athletica, Inc.† | 35,272 | 2,108,913 | ||||||
Zalando SE†*(4) | 35,345 | 1,141,370 | ||||||
4,417,173 | ||||||||
Retail - Arts & Crafts — 0.5% | ||||||||
Michaels Cos., Inc.† | 56,545 | 1,547,071 | ||||||
Retail - Auto Parts — 0.9% | ||||||||
Advance Auto Parts, Inc. | 17,215 | 2,637,682 | ||||||
Retail - Discount — 0.8% | ||||||||
Dollar Tree, Inc.† | 32,070 | 2,404,929 | ||||||
Retail - Restaurants — 4.4% | ||||||||
Chipotle Mexican Grill, Inc.† | 4,124 | 2,538,405 | ||||||
Dunkin’ Brands Group, Inc. | 117,426 | 6,265,851 | ||||||
Panera Bread Co., Class A† | 21,591 | 3,929,562 | ||||||
12,733,818 | ||||||||
Semiconductor Components - Integrated Circuits — 1.1% |
| |||||||
Atmel Corp. | 138,360 | 1,227,253 | ||||||
NXP Semiconductor NV† | 16,810 | 1,886,923 | ||||||
3,114,176 | ||||||||
Semiconductor Equipment — 0.6% | ||||||||
Lam Research Corp. | 21,280 | 1,750,280 | ||||||
Television — 0.7% | ||||||||
AMC Networks, Inc., Class A† | 25,020 | 1,966,322 | ||||||
Transport - Services — 0.3% | ||||||||
XPO Logistics, Inc.†# | 18,051 | 887,387 | ||||||
Vitamins & Nutrition Products — 1.9% | ||||||||
Mead Johnson Nutrition Co. | 54,734 | 5,325,618 | ||||||
Web Hosting/Design — 0.8% | ||||||||
Equinix, Inc. | 8,125 | 2,178,069 | ||||||
Web Portals/ISP — 0.6% | ||||||||
Dropbox, Inc.†(1)(2)(3) | 89,561 | 1,692,775 | ||||||
Total Common Stocks | ||||||||
(cost $225,650,887) | 271,217,012 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.8% | ||||||||
Auto - Cars/Light Trucks — 0.0% | ||||||||
Better Place LLC, | 314,973 | 0 | ||||||
Data Processing/Management — 0.4% | ||||||||
Palantir Technologies, Inc., | 89,856 | 798,819 | ||||||
Palantir Technologies, Inc., | 24,065 | 213,938 |
178 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount | Value | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) | ||||||||
Data Processing/Management (continued) | ||||||||
Palantir Technologies, Inc., | 24,065 | $ | 213,938 | |||||
1,226,695 | ||||||||
E-Commerce/Products — 0.7% | ||||||||
Flipkart Online Services Pvt., Ltd., | 13,407 | 1,907,012 | ||||||
Peixe Urbano, Inc., | 14,214 | 6,112 | ||||||
1,913,124 | ||||||||
Web Hosting/Design — 0.6% | ||||||||
AirBNB, Inc., | 29,418 | 1,863,929 | ||||||
Web Portals/ISP — 0.1% | ||||||||
Dropbox, Inc., | 8,758 | 165,533 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $3,260,017) | 5,169,281 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $228,910,904) | 276,386,293 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 14.6% |
| |||||||
Registered Investment Companies — 9.8% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(5) | 28,224,525 | 28,224,525 | ||||||
Time Deposits — 4.8% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 06/01/15 | $ | 13,657,000 | 13,657,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $41,881,525) | 41,881,525 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $270,792,429)(6) | 110.5 | % | 318,267,818 | |||||
Liabilities in excess of other assets | (10.5 | ) | (30,129,492 | ) | ||||
NET ASSETS | 100.0 | % | $ | 288,138,326 | ||||
† | 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 May 31, 2015, the aggregate value of these securities was $1,141,370 representing 0.4% 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 May 31, 2015, the aggregate value of these securities was $7,600,606 representing 2.6% of net assets. |
(3) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. |
In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2015, the 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 | $ | 1,692,775 | $ | 18.90 | 0.59 | % | ||||||||||||||
Survey Monkey, Inc. | 11/25/2014 | 44,965 | 739,674 | 738,550 | 16.42 | 0.26 | % | |||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
AirBNB, Inc. | 04/16/2014 | 29,418 | 1,197,696 | 1,863,929 | 63.36 | 0.65 | % | |||||||||||||||||
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 | 165,533 | 18.90 | 0.06 | % | |||||||||||||||||
Flipkart Online Services Pvt., Ltd. | 10/04/2013 | 13,407 | 307,650 | 1,907,012 | 142.24 | 0.66 | % | |||||||||||||||||
Palantir Technologies, Inc. | 07/19/2012 | 89,856 | 274,960 | 798,819 | 8.89 | 0.28 | % | |||||||||||||||||
Palantir Technologies, Inc. | 10/25/2013 | 24,065 | 84,468 | 213,938 | 8.89 | 0.07 | % | |||||||||||||||||
Palantir Technologies, Inc. | 10/25/2013 | 24,065 | 84,468 | 213,938 | 8.89 | 0.07 | % | |||||||||||||||||
Peixe Urbano, Inc. | 12/02/2011 | 14,214 | 443,993 | 6,112 | 0.43 | 0.00 | % | |||||||||||||||||
$ | 7,600,606 | 2.64 | % | |||||||||||||||||||||
(4) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $1,141,370 representing 0.4% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(5) | At May 31, 2015, the Fund had loaned securities with a total value of $27,647,002. This was secured by collateral of $28,224,525, which was received in cash and subsequently invested in short-term investments currently valued at $28,224,525 as reported in the Portfolio of Investments. Additional collateral of $485,143 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 11/01/2034 to 12/15/2044 | $ | 16,954 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 10/25/2029 to 02/25/2044 | 79,888 | |||||
Government National Mtg. Assoc. | 0.38% to 4.00% | 04/20/2039 to 12/16/2052 | 15,040 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 07/23/2015 | 24,427 | |||||
United States Treasury Notes/Bonds | 0.08% to 8.88% | 06/30/2015 to 05/15/2044 | 348,834 |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
179 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | 2,056,917 | $ | — | $ | 738,550 | $ | 2,795,467 | ||||||||
Retail-Apparel/Shoe | 3,275,803 | 1,141,370 | — | 4,417,173 | ||||||||||||
Web Portals/ISP | — | — | 1,692,775 | 1,692,775 | ||||||||||||
Other Industries | 262,311,597 | — | — | 262,311,597 | ||||||||||||
Convertible Preferred Securities | — | — | 5,169,281 | 5,169,281 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 28,224,525 | — | — | 28,224,525 | ||||||||||||
Time Deposits | — | 13,657,000 | — | 13,657,000 | ||||||||||||
Total Investments at Value | $ | 295,868,842 | $ | 14,798,370 | $ | 7,600,606 | $ | 318,267,818 | ||||||||
* | 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) | 136,381 | 2,474,189 | ||||||
Change in unrealized depreciation(1) | (1,124 | ) | — | |||||
Net Purchases | 739,674 | — | ||||||
Net Sales | — | (23,944 | ) | |||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 05/31/2015 | $ | 2,431,325 | $ | 5,169,281 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2015 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$ | 135,257 | $ | 2,474,189 | |||||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2015
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 5/31/15 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stock | $ | 2,431,325 | Market Approach and Income Approach | Transaction Price* Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* | $16.45 - $19.1012 ($17.7756) 11.6x - 12.0x (11.8x) 15.0% 17% 3.0% - 3.5% (3.25%) | |||||
Convertible Preferred Securities | $ | 3,133,707 | Market Approach | Transaction Price* | $8.89 - $142.24 ($56.3033) | |||||
$ | 6,112 | Income Approach | Future Cash Flows* Discount for Potential Claims | $0.86 50.0% | ||||||
$ | 0 | Cost Approach | Net Tangible Assets* | $0.00 | ||||||
$ | 2,029,462 | Market Approach and Income Approach | Transaction Price* Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* | $19.1012 - $77.7303 ($49.0805) 12.0x - 15.3x (13.65x) 15.0% 17% 3.0% - 3.5% (3.25%) |
(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
180 |
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
U.S. Government Agencies | 40.1 | % | ||
Foreign Bank | 18.3 | |||
Money Center Banks | 15.2 | |||
U.S. Government Treasuries | 12.2 | |||
Commercial Banks-Canadian | 4.9 | |||
Domestic Bank | 4.6 | |||
Repurchase Agreement | 2.4 | |||
Diversified Financial Services | 2.0 | |||
Finance | 0.6 | |||
100.3 | % | |||
Credit Quality@#
A-1…………………………..………….………………… | 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 — 48.9 days
181 |
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 97.9% |
| |||||||
Certificates of Deposit — 24.0% |
| |||||||
Credit Agricole Corporate and Investment Bank NY FRS | $ | 7,250,000 | $ | 7,250,000 | ||||
Deutsche Bank AG NY FRS | 8,250,000 | 8,252,580 | ||||||
Nordea Bank Finland PLC NY FRS | 7,250,000 | 7,250,000 | ||||||
Nordea Bank Finland PLC NY FRS | 7,250,000 | 7,256,968 | ||||||
Rabobank Nederland NV NY FRS | 7,400,000 | 7,400,000 | ||||||
Rabobank Nederland NV NY FRS | 1,200,000 | 1,200,016 | ||||||
Rabobank Nederland NV NY FRS | 7,250,000 | 7,250,489 | ||||||
Royal Bank of Canada NY FRS | 7,250,000 | 7,250,000 | ||||||
Royal Bank of Canada NY FRS | 7,700,000 | 7,700,000 | ||||||
Svenska Handelsbanken NY | 7,250,000 | 7,250,010 | ||||||
UBS AG Stamford CT FRS | 7,250,000 | 7,250,000 | ||||||
Wells Fargo Bank NA FRS | 7,000,000 | 7,000,000 | ||||||
Total Certificates of Deposit | ||||||||
(amortized cost $82,310,063) | 82,310,063 | |||||||
Commercial Paper — 14.1% |
| |||||||
BNP Paribas NY | 16,750,000 | 16,750,000 | ||||||
Credit Agricole Corporate and Investment Bank NY | 8,900,000 | 8,899,968 | ||||||
Lloyds Bank PLC | 8,900,000 | 8,899,978 | ||||||
Lloyds Bank PLC | 7,000,000 | 6,999,965 | ||||||
UBS Finance Delaware LLC | 7,000,000 | 6,997,326 | ||||||
Total Commercial Paper | ||||||||
(amortized cost $48,547,237) | 48,547,237 | |||||||
U.S. Corporate Bonds & Notes — 7.6% |
| |||||||
General Electric Capital Corp. FRS | 1,000,000 | 1,001,238 | ||||||
General Electric Capital Corp. FRS | 1,000,000 | 1,003,366 | ||||||
JPMorgan Chase Bank NA FRS | 5,900,000 | 5,900,000 | ||||||
JPMorgan Chase Bank NA FRS | 7,400,000 | 7,402,806 | ||||||
Royal Bank of Canada | 1,800,000 | 1,802,711 | ||||||
Wells Fargo Bank NA FRS | 8,850,000 | 8,853,272 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(amortized cost $25,963,393) | 25,963,393 | |||||||
U.S. Government Agencies — 40.1% |
| |||||||
Federal Farm Credit Bank | ||||||||
0.12% due 11/20/2015 FRS | 7,250,000 | 7,249,822 | ||||||
0.14% due 07/01/2015 | 500,000 | 499,942 | ||||||
0.16% due 10/05/2015 | 2,950,000 | 2,948,348 | ||||||
0.20% due 08/03/2015 FRS | 4,900,000 | 4,900,340 | ||||||
Federal Home Loan Bank | ||||||||
0.06% due 06/03/2015 | 4,500,000 | 4,499,985 | ||||||
0.06% due 06/19/2015 | 7,500,000 | 7,499,775 |
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Agencies (continued) |
| |||||||
0.06% due 07/02/2015 | $ | 7,000,000 | $ | 6,999,638 | ||||
0.06% due 07/14/2015 | 9,500,000 | 9,499,319 | ||||||
0.08% due 07/24/2015 | 8,000,000 | 7,999,117 | ||||||
0.10% due 07/17/2015 | 4,200,000 | 4,199,463 | ||||||
0.10% due 09/01/2015 | 9,200,000 | 9,197,649 | ||||||
0.14% due 09/08/2015 | 4,500,000 | 4,498,267 | ||||||
0.15% due 06/18/2015 FRS | 8,750,000 | 8,750,000 | ||||||
0.15% due 08/10/2015 FRS | 2,000,000 | 2,000,060 | ||||||
0.17% due 07/31/2015 | 2,750,000 | 2,749,221 | ||||||
0.19% due 12/08/2015 | 2,000,000 | 1,998,047 | ||||||
0.20% due 01/20/2016 | 7,300,000 | 7,290,551 | ||||||
0.20% due 01/22/2016 | 1,450,000 | 1,448,107 | ||||||
0.20% due 01/26/2016 | 4,500,000 | 4,494,025 | ||||||
0.22% due 10/07/2015 FRS | 9,500,000 | 9,502,509 | ||||||
0.29% due 02/02/2016 | 5,500,000 | 5,489,101 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
0.08% due 07/27/2015 | 7,400,000 | 7,399,079 | ||||||
0.12% due 10/30/2015 | 6,000,000 | 5,996,980 | ||||||
0.16% due 10/16/2015 FRS | 7,000,000 | 7,001,361 | ||||||
Federal National Mtg. Assoc. | 3,500,000 | 3,526,313 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $137,637,019) | 137,637,019 | |||||||
U.S. Government Treasuries — 12.1% |
| |||||||
United States Treasury Bills | 7,000,000 | 6,999,942 | ||||||
0.02% due 06/18/2015 | 16,000,000 | 15,999,886 | ||||||
United States Treasury Notes | 7,200,000 | 7,205,219 | ||||||
1.25% due 08/31/2015 | 11,500,000 | 11,532,995 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $41,738,042) | 41,738,042 | |||||||
Total Short-Term Investment Securities — 97.9% | ||||||||
(amortized cost $336,195,754) | 336,195,754 | |||||||
REPURCHASE AGREEMENTS — 2.4% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(2) | 8,096,000 | 8,096,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(amortized cost $344,291,754)(3) | 100.3 | % | 344,291,754 | |||||
Liabilities in excess of other assets | (0.3 | ) | (928,919 | ) | ||||
NET ASSETS | 100.0 | % | $ | 343,362,835 | ||||
(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 May 31, 2015 and unless noted otherwise, the dates shown are the original maturity dates.
182 |
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Short-Term Investment Securities | $ | — | $ | 336,195,754 | $ | — | $ | 336,195,754 | ||||||||
Repurchase Agreements | — | 8,096,000 | — | 8,096,000 | ||||||||||||
$ | — | $ | 344,291,754 | $ | — | $ | 344,291,754 | |||||||||
* | 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
183 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Computers | 14.1 | % | ||
Medical — Biomedical/Gene | 11.5 | |||
Applications Software | 8.2 | |||
Web Portals/ISP | 8.1 | |||
Electronic Components — Semiconductors | 6.7 | |||
Cable/Satellite TV | 5.2 | |||
E-Commerce/Products | 5.1 | |||
Internet Content — Entertainment | 3.3 | |||
Semiconductor Components — Integrated Circuits | 3.2 | |||
Networking Products | 2.8 | |||
Repurchase Agreements | 2.8 | |||
E-Commerce/Services | 2.4 | |||
Food — Misc./Diversified | 2.2 | |||
Multimedia | 1.8 | |||
Retail — Drug Store | 1.7 | |||
Registered Investment Companies | 1.6 | |||
Retail — Discount | 1.5 | |||
Retail — Restaurants | 1.5 | |||
Pharmacy Services | 1.4 | |||
Computers — Memory Devices | 1.2 | |||
Semiconductor Equipment | 0.9 | |||
Commercial Services — Finance | 0.8 | |||
Electronic Forms | 0.7 | |||
Computer Services | 0.7 | |||
Entertainment Software | 0.7 | |||
Data Processing/Management | 0.7 | |||
Medical — Generic Drugs | 0.7 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Airlines | 0.5 | |||
Medical Information Systems | 0.4 | |||
Auto — Heavy Duty Trucks | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Hotels/Motels | 0.4 | |||
Radio | 0.4 | |||
Beverages — Non-alcoholic | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Medical Instruments | 0.3 | |||
Transport — Services | 0.3 | |||
Cellular Telecom | 0.3 | |||
Internet Security | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Food — Retail | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Coffee | 0.3 | |||
Computer Software | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Retail — Bedding | 0.2 | |||
Television | 0.2 | |||
Computer Aided Design | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Medical Products | 0.2 | |||
Retail — Gardening Products | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Consulting Services | 0.2 | |||
Telecom Services | 0.2 | |||
Retail — Office Supplies | 0.2 | |||
Casino Hotels | 0.2 | |||
Toys | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
101.6 | % | |||
* | Calculated as a percentage of net assets |
184 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.9% |
| |||||||
Airlines — 0.5% |
| |||||||
American Airlines Group, Inc. | 42,862 | $ | 1,816,063 | |||||
Applications Software — 8.2% |
| |||||||
Check Point Software Technologies, Ltd.† | 11,309 | 958,099 | ||||||
Citrix Systems, Inc.† | 9,833 | 639,243 | ||||||
Intuit, Inc. | 17,026 | 1,773,258 | ||||||
Microsoft Corp. | 504,747 | 23,652,444 | ||||||
27,023,044 | ||||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Tesla Motors, Inc.†# | 7,738 | 1,940,690 | ||||||
Auto - Heavy Duty Trucks — 0.4% |
| |||||||
PACCAR, Inc. | 21,812 | 1,386,371 | ||||||
Beverages - Non-alcoholic — 0.4% |
| |||||||
Monster Beverage Corp.† | 10,319 | 1,313,402 | ||||||
Broadcast Services/Program — 0.3% |
| |||||||
Discovery Communications, Inc., Class A†# | 9,145 | 310,381 | ||||||
Discovery Communications, Inc., Class C† | 17,478 | 549,596 | ||||||
859,977 | ||||||||
Building - Heavy Construction — 0.3% |
| |||||||
SBA Communications Corp., Class A† | 7,945 | 888,331 | ||||||
Cable/Satellite TV — 5.2% |
| |||||||
Charter Communications, Inc., Class A†# | 6,891 | 1,233,627 | ||||||
Comcast Corp., Class A | 131,121 | 7,665,334 | ||||||
Comcast Corp., Special Class A | 24,640 | 1,429,120 | ||||||
DIRECTV† | 30,935 | 2,816,322 | ||||||
DISH Network Corp., Class A† | 13,745 | 973,009 | ||||||
Liberty Global PLC, Class A† | 15,461 | 889,471 | ||||||
Liberty Global PLC, Class C† | 38,499 | 2,069,321 | ||||||
17,076,204 | ||||||||
Casino Hotels — 0.2% |
| |||||||
Wynn Resorts, Ltd. | 6,246 | 628,910 | ||||||
Cellular Telecom — 0.3% |
| |||||||
Vodafone Group PLC ADR | 26,523 | 1,035,193 | ||||||
Chemicals - Specialty — 0.3% |
| |||||||
Sigma-Aldrich Corp. | 7,348 | 1,023,576 | ||||||
Coffee — 0.3% |
| |||||||
Keurig Green Mountain, Inc. | 9,947 | 857,829 | ||||||
Commercial Services - Finance — 0.8% |
| |||||||
Automatic Data Processing, Inc. | 29,234 | 2,499,799 | ||||||
Computer Aided Design — 0.2% |
| |||||||
Autodesk, Inc.† | 13,998 | 757,992 | ||||||
Computer Services — 0.7% |
| |||||||
Cognizant Technology Solutions Corp., Class A† | 37,507 | 2,427,453 | ||||||
Computer Software — 0.3% |
| |||||||
Akamai Technologies, Inc.† | 10,952 | 835,309 | ||||||
Computers — 14.1% |
| |||||||
Apple, Inc. | 358,374 | 46,688,965 | ||||||
Computers - Memory Devices — 1.2% |
| |||||||
NetApp, Inc. | 19,181 | 640,645 | ||||||
SanDisk Corp. | 13,106 | 896,188 | ||||||
Seagate Technology PLC | 20,201 | 1,123,984 | ||||||
Western Digital Corp. | 14,214 | 1,383,875 | ||||||
4,044,692 | ||||||||
Consulting Services — 0.2% |
| |||||||
Verisk Analytics, Inc., Class A† | 9,728 | 706,058 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Data Processing/Management — 0.7% |
| |||||||
Fiserv, Inc.† | 14,686 | $ | 1,177,083 | |||||
Paychex, Inc. | 22,343 | 1,103,968 | ||||||
2,281,051 | ||||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co.# | 18,181 | 754,693 | ||||||
E-Commerce/Products — 5.1% |
| |||||||
Amazon.com, Inc.† | 28,572 | 12,263,960 | ||||||
eBay, Inc.† | 74,450 | 4,568,252 | ||||||
16,832,212 | ||||||||
E-Commerce/Services — 2.4% |
| |||||||
Liberty Interactive Corp., Class A† | 27,411 | 766,686 | ||||||
Liberty Ventures, Series A† | 8,277 | 343,495 | ||||||
Netflix, Inc.† | 3,722 | 2,322,751 | ||||||
Priceline Group, Inc.† | 3,196 | 3,745,840 | ||||||
TripAdvisor, Inc.† | 8,006 | 610,538 | ||||||
7,789,310 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Garmin, Ltd.# | 11,802 | 536,755 | ||||||
Electronic Components - Semiconductors — 6.7% |
| |||||||
Altera Corp. | 18,513 | 904,360 | ||||||
Avago Technologies, Ltd. | 15,773 | 2,335,508 | ||||||
Broadcom Corp., Class A | 33,839 | 1,923,747 | ||||||
Intel Corp. | 291,388 | 10,041,231 | ||||||
Micron Technology, Inc.† | 66,283 | 1,851,284 | ||||||
NVIDIA Corp. | 33,442 | 740,071 | ||||||
Texas Instruments, Inc. | 64,427 | 3,602,758 | ||||||
Xilinx, Inc. | 16,085 | 762,751 | ||||||
22,161,710 | ||||||||
Electronic Forms — 0.7% |
| |||||||
Adobe Systems, Inc.† | 30,820 | 2,437,554 | ||||||
Enterprise Software/Service — 0.3% |
| |||||||
CA, Inc. | 27,244 | 829,580 | ||||||
Entertainment Software — 0.7% |
| |||||||
Activision Blizzard, Inc. | 44,478 | 1,123,514 | ||||||
Electronic Arts, Inc.† | 19,075 | 1,197,052 | ||||||
2,320,566 | ||||||||
Food - Misc./Diversified — 2.2% |
| |||||||
Kraft Foods Group, Inc. | 36,177 | 3,055,147 | ||||||
Mondelez International, Inc., Class A | 101,486 | 4,220,803 | ||||||
7,275,950 | ||||||||
Food - Retail — 0.3% |
| |||||||
Whole Foods Market, Inc. | 22,196 | 915,363 | ||||||
Hazardous Waste Disposal — 0.2% |
| |||||||
Stericycle, Inc.† | 5,225 | 717,393 | ||||||
Hotels/Motels — 0.4% |
| |||||||
Marriott International, Inc., Class A | 17,015 | 1,327,000 | ||||||
Internet Content - Entertainment — 3.3% |
| |||||||
Facebook, Inc., Class A† | 137,593 | 10,895,990 | ||||||
Internet Security — 0.3% |
| |||||||
Symantec Corp. | 41,984 | 1,033,856 | ||||||
Medical Information Systems — 0.4% |
| |||||||
Cerner Corp.† | 21,078 | 1,418,339 | ||||||
Medical Instruments — 0.3% |
| |||||||
Intuitive Surgical, Inc.† | 2,252 | 1,098,413 | ||||||
185 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products — 0.2% |
| |||||||
Henry Schein, Inc.† | 5,156 | $ | 730,451 | |||||
Medical - Biomedical/Gene — 11.5% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 12,437 | 2,037,678 | ||||||
Amgen, Inc. | 46,690 | 7,295,779 | ||||||
Biogen, Inc.† | 14,435 | 5,730,551 | ||||||
Celgene Corp.† | 49,257 | 5,636,971 | ||||||
Gilead Sciences, Inc.† | 91,637 | 10,288,086 | ||||||
Illumina, Inc.† | 8,847 | 1,823,190 | ||||||
Regeneron Pharmaceuticals, Inc.† | 6,192 | 3,173,771 | ||||||
Vertex Pharmaceuticals, Inc.† | 14,895 | 1,910,880 | ||||||
37,896,906 | ||||||||
Medical - Generic Drugs — 0.7% |
| |||||||
Mylan NV† | 30,111 | 2,186,962 | ||||||
Multimedia — 1.8% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 81,683 | 2,744,549 | ||||||
Twenty-First Century Fox, Inc., Class B | 49,130 | 1,642,907 | ||||||
Viacom, Inc., Class B | 21,851 | 1,461,395 | ||||||
5,848,851 | ||||||||
Networking Products — 2.8% |
| |||||||
Cisco Systems, Inc. | 314,075 | 9,205,538 | ||||||
Pharmacy Services — 1.4% |
| |||||||
Catamaran Corp.† | 12,766 | 764,045 | ||||||
Express Scripts Holding Co.† | 44,723 | 3,897,162 | ||||||
4,661,207 | ||||||||
Radio — 0.4% |
| |||||||
Sirius XM Holdings, Inc.† | 343,404 | 1,325,539 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Ross Stores, Inc. | 12,827 | 1,239,986 | ||||||
Retail - Auto Parts — 0.4% |
| |||||||
O’Reilly Automotive, Inc.† | 6,254 | 1,372,941 | ||||||
Retail - Bedding — 0.2% |
| |||||||
Bed Bath & Beyond, Inc.† | 11,419 | 814,403 | ||||||
Retail - Discount — 1.5% |
| |||||||
Costco Wholesale Corp. | 27,103 | 3,864,617 | ||||||
Dollar Tree, Inc.† | 12,653 | 948,848 | ||||||
4,813,465 | ||||||||
Retail - Drug Store — 1.7% |
| |||||||
Walgreens Boots Alliance, Inc. | 67,062 | 5,756,602 | ||||||
Retail - Gardening Products — 0.2% |
| |||||||
Tractor Supply Co. | 8,380 | 730,233 | ||||||
Retail - Office Supplies — 0.2% |
| |||||||
Staples, Inc. | 39,396 | 648,655 | ||||||
Retail - Restaurants — 1.5% |
| |||||||
Starbucks Corp. | 92,264 | 4,794,037 | ||||||
Semiconductor Components - Integrated Circuits — 3.2% |
| |||||||
Analog Devices, Inc. | 19,173 | 1,302,997 | ||||||
Linear Technology Corp. | 14,717 | 704,209 | ||||||
NXP Semiconductor NV† | 14,197 | 1,593,613 | ||||||
QUALCOMM, Inc. | 101,491 | 7,071,893 | ||||||
10,672,712 | ||||||||
Semiconductor Equipment — 0.9% |
| |||||||
Applied Materials, Inc. | 75,597 | 1,521,768 | ||||||
KLA-Tencor Corp. | 10,008 | 597,077 | ||||||
Lam Research Corp. | 9,802 | 806,214 | ||||||
2,925,059 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Telecom Services — 0.2% |
| |||||||
VimpelCom, Ltd. ADR | 108,085 | $ | 671,208 | |||||
Television — 0.2% |
| |||||||
Liberty Media Corp., Class A† | 6,430 | 246,366 | ||||||
Liberty Media Corp., Class C† | 14,046 | 533,186 | ||||||
779,552 | ||||||||
Toys — 0.2% |
| |||||||
Mattel, Inc.# | 20,811 | 537,132 | ||||||
Transport-Services — 0.3% |
| |||||||
C.H. Robinson Worldwide, Inc.# | 9,011 | 556,249 | ||||||
Expeditors International of Washington, Inc. | 11,798 | 540,820 | ||||||
1,097,069 | ||||||||
Web Portals/ISP — 8.1% |
| |||||||
Baidu, Inc. ADR† | 17,047 | 3,365,078 | ||||||
Google, Inc., Class A† | 17,654 | 9,627,079 | ||||||
Google, Inc., Class C† | 21,017 | 11,183,356 | ||||||
Yahoo!, Inc.† | 57,596 | 2,472,884 | ||||||
26,648,397 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $166,591,047) | 319,792,498 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.9% |
| |||||||
Registered Investment Companies — 1.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 5,450,637 | 5,450,637 | ||||||
U.S. Government Treasuries — 0.3% |
| |||||||
United States Treasury Bills | $ | 900,000 | 899,999 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $6,350,633) | 6,350,636 | |||||||
REPURCHASE AGREEMENTS — 2.8% |
| |||||||
State Street Bank & Trust Co. Joint Repurchase Agreement (cost $9,190,000)(2) | 9,190,000 | 9,190,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $182,131,680)(3) | 101.6 | % | 335,333,134 | |||||
Liabilities in excess of other assets | (1.6 | ) | (5,256,048 | ) | ||||
NET ASSETS | 100.0 | % | $ | 330,077,086 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At May 31, 2015, the Fund had loaned securities with a total value of $5,869,528. This was secured by collateral of $5,450,637, which was received in cash and subsequently invested in short-term investments currently valued at $5,450,637 as reported in the Portfolio of Investments. Additional collateral of $554,472 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
United States Treasury Notes/Bonds | 0.75% to 2.50% | 10/31/2017 to 05/15/2024 | $ | 554,472 |
(2) | See Note 2 for details of Joint Repurchase Agreements. |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
186 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
112 | Long | Nasdaq 100® E-Mini Index | June 2015 | $ | 9,823,801 | $ | 10,104,640 | $ | 280,839 | |||||||||||||
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | 319,792,498 | $ | — | $ | — | $ | 319,792,498 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 5,450,637 | — | — | 5,450,637 | ||||||||||||
U.S. Government Treasuries | — | 899,999 | — | 899,999 | ||||||||||||
Repurchase Agreements | — | 9,190,000 | — | 9,190,000 | ||||||||||||
Total Investments at Value | $ | 325,243,135 | $ | 10,089,999 | $ | — | $ | 335,333,134 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 280,839 | $ | — | $ | — | $ | 280,839 | ||||||||
* | 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 swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
187 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Applications Software | 9.9 | % | ||
Registered Investment Companies | 8.4 | |||
Electronic Components — Semiconductors | 8.1 | |||
E-Commerce/Products | 7.6 | |||
Web Portals/ISP | 7.3 | |||
Computers | 6.6 | |||
E-Commerce/Services | 5.3 | |||
Networking Products | 4.4 | |||
Computers — Memory Devices | 4.2 | |||
Computer Services | 3.5 | |||
Finance — Credit Card | 3.0 | |||
Semiconductor Components — Integrated Circuits | 2.8 | |||
Internet Content — Entertainment | 2.7 | |||
Commercial Services — Finance | 2.5 | |||
Enterprise Software/Service | 2.0 | |||
Internet Application Software | 1.9 | |||
Electronic Components — Misc. | 1.7 | |||
Internet Content — Information/News | 1.6 | |||
Time Deposits | 1.4 | |||
Telephone — Integrated | 1.4 | |||
Auto — Cars/Light Trucks | 1.3 | |||
Electric Products — Misc. | 1.1 | |||
Electronic Measurement Instruments | 0.9 | |||
Semiconductor Equipment | 0.9 | |||
Internet Security | 0.8 | |||
Computers — Other | 0.8 | |||
Advertising Sales | 0.7 | |||
Cellular Telecom | 0.7 | |||
Computer Aided Design | 0.6 | |||
Telecom Equipment — Fiber Optics | 0.6 | |||
Electronic Forms | 0.6 | |||
E-Services/Consulting | 0.6 | |||
Data Processing/Management | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
Computer Software | 0.5 | |||
Entertainment Software | 0.5 | |||
Medical Instruments | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Photo Equipment & Supplies | 0.4 | |||
Industrial Audio & Video Products | 0.4 | |||
Toys | 0.4 | |||
Computer Data Security | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Audio/Video Products | 0.4 | |||
Real Estate Investment Trusts | 0.3 | |||
Metal Processors & Fabrication | 0.3 | |||
E-Marketing/Info | 0.3 | |||
Virtual Reality Products | 0.3 | |||
Publishing — Newspapers | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Aerospace/Defense | 0.3 | |||
Appliances | 0.3 | |||
Transactional Software | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Internet Infrastructure Software | 0.3 | |||
Consulting Services | 0.2 | |||
Medical — Drugs | 0.2 | |||
Multimedia | 0.2 | |||
Decision Support Software | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Office Automation & Equipment | 0.2 | |||
Computer Graphics | 0.1 | |||
Repurchase Agreements | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Finance — Other Services | 0.1 | |||
Electronic Parts Distribution | 0.1 | |||
106.3 | % | |||
* | Calculated as a percentage of net assets |
188 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.1% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
STR Holdings, Inc.# | 91,532 | $ | 101,601 | |||||
Advertising Sales — 0.7% |
| |||||||
Criteo SA ADR† | 153,955 | 7,394,459 | ||||||
Aerospace/Defense — 0.3% |
| |||||||
Boeing Co. | 21,700 | 3,049,284 | ||||||
Appliances — 0.3% |
| |||||||
iRobot Corp.†# | 94,400 | 3,016,080 | ||||||
Applications Software — 9.9% |
| |||||||
Check Point Software Technologies, Ltd.† | 44,570 | 3,775,970 | ||||||
Dealertrack Technologies, Inc.† | 143,000 | 5,963,100 | ||||||
Imperva, Inc.† | 47,610 | 2,895,164 | ||||||
Intuit, Inc. | 77,975 | 8,121,096 | ||||||
Microsoft Corp. | 704,870 | 33,030,208 | ||||||
Red Hat, Inc.† | 165,942 | 12,822,338 | ||||||
Salesforce.com, Inc.† | 174,010 | 12,659,228 | ||||||
ServiceNow, Inc.† | 188,575 | 14,446,731 | ||||||
Tableau Software, Inc., Class A† | 63,155 | 7,149,778 | ||||||
100,863,613 | ||||||||
Audio/Video Products — 0.4% |
| |||||||
Harman International Industries, Inc. | 17,790 | 2,144,051 | ||||||
Sony Corp.†#(1) | 48,400 | 1,495,657 | ||||||
3,639,708 | ||||||||
Auto - Cars/Light Trucks — 1.3% |
| |||||||
Tesla Motors, Inc.†# | 51,690 | 12,963,852 | ||||||
Cable/Satellite TV — 0.3% |
| |||||||
Liberty Global PLC, Class C† | 57,400 | 3,085,250 | ||||||
Cellular Telecom — 0.7% |
| |||||||
T-Mobile US, Inc.† | 173,000 | 6,726,240 | ||||||
Commercial Services - Finance — 2.5% |
| |||||||
Automatic Data Processing, Inc. | 39,260 | 3,357,123 | ||||||
Cardtronics, Inc.† | 57,045 | 2,082,142 | ||||||
Equifax, Inc. | 31,110 | 3,121,266 | ||||||
EVERTEC, Inc. | 58,480 | 1,300,010 | ||||||
Heartland Payment Systems, Inc. | 61,073 | 3,264,352 | ||||||
MasterCard, Inc., Class A | 71,145 | 6,563,838 | ||||||
Vantiv, Inc., Class A† | 34,700 | 1,388,000 | ||||||
WEX, Inc.† | 34,482 | 3,909,914 | ||||||
24,986,645 | ||||||||
Computer Aided Design — 0.6% |
| |||||||
Aspen Technology, Inc.† | 12,445 | 532,646 | ||||||
Autodesk, Inc.† | 78,220 | 4,235,613 | ||||||
Dassault Systemes#(1) | 17,975 | 1,405,270 | ||||||
6,173,529 | ||||||||
Computer Data Security — 0.4% |
| |||||||
Fortinet, Inc.† | 92,915 | 3,722,175 | ||||||
Computer Graphics — 0.1% |
| |||||||
Atlassian Class A†(2)(3)(4) | 3,707 | 70,433 | ||||||
Atlassian Class A FDR†(2)(3)(4) | 2,554 | 48,526 | ||||||
Atlassian Series 1†(2)(3)(4) | 6,508 | 123,652 | ||||||
Atlassian Series 2†(2)(3)(4) | 17,424 | 331,056 | ||||||
573,667 | ||||||||
Computer Services — 3.5% |
| |||||||
Accenture PLC, Class A | 98,013 | 9,413,169 | ||||||
Cognizant Technology Solutions Corp., Class A† | 242,774 | 15,712,333 | ||||||
Computer Sciences Corp. | 17,255 | 1,183,693 | ||||||
Fleetmatics Group PLC†# | 84,950 | 3,551,759 |
Security Description | Shares | Value (Note 2) | ||||||
Computer Services (continued) |
| |||||||
Genpact, Ltd.† | 240,797 | $ | 5,415,525 | |||||
35,276,479 | ||||||||
Computer Software — 0.5% |
| |||||||
Akamai Technologies, Inc.† | 70,545 | 5,380,467 | ||||||
Computers — 6.6% |
| |||||||
Apple, Inc. | 499,020 | 65,012,325 | ||||||
Quanta Computer, Inc.(1) | 827,000 | 2,092,900 | ||||||
67,105,225 | ||||||||
Computers - Integrated Systems — 0.5% |
| |||||||
VeriFone Systems, Inc.† | 144,510 | 5,515,947 | ||||||
Computers - Memory Devices — 4.1% |
| |||||||
NetApp, Inc. | 53,160 | 1,775,544 | ||||||
Nimble Storage, Inc.†# | 138,735 | 3,590,462 | ||||||
SanDisk Corp. | 171,900 | 11,754,522 | ||||||
Seagate Technology PLC | 106,200 | 5,908,968 | ||||||
TDK Corp.#(1) | 26,690 | 2,122,009 | ||||||
Western Digital Corp. | 169,410 | 16,493,758 | ||||||
41,645,263 | ||||||||
Computers - Other — 0.6% |
| |||||||
Stratasys, Ltd.†# | 183,900 | 6,539,484 | ||||||
Consulting Services — 0.2% |
| |||||||
Huron Consulting Group, Inc.† | 38,265 | 2,460,439 | ||||||
Data Processing/Management — 0.4% |
| |||||||
Fidelity National Information Services, Inc. | 21,580 | 1,353,066 | ||||||
Fiserv, Inc.† | 33,455 | 2,681,418 | ||||||
4,034,484 | ||||||||
Decision Support Software — 0.2% |
| |||||||
Interactive Intelligence Group, Inc.†# | 45,600 | 1,971,288 | ||||||
E-Commerce/Products — 7.5% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 159,885 | 14,280,928 | ||||||
Amazon.com, Inc.† | 83,325 | 35,765,590 | ||||||
eBay, Inc.† | 131,555 | 8,072,215 | ||||||
Flipkart Online Services Pvt., Ltd.†(2)(3)(4) | 626 | 89,042 | ||||||
JD.com, Inc. ADR† | 75,560 | 2,544,861 | ||||||
MercadoLibre, Inc.# | 15,300 | 2,220,489 | ||||||
Vipshop Holdings, Ltd. ADR† | 533,620 | 13,324,491 | ||||||
76,297,616 | ||||||||
E-Commerce/Services — 4.9% |
| |||||||
58.com, Inc. ADR† | 11,600 | 870,116 | ||||||
Angie’s List, Inc.†# | 215,732 | 1,352,640 | ||||||
Coupons.com, Inc.†# | 48,825 | 609,824 | ||||||
Ctrip.com International, Ltd. ADR† | 34,100 | 2,723,567 | ||||||
Etsy, Inc.†# | 17,200 | 288,272 | ||||||
Expedia, Inc. | 66,870 | 7,172,476 | ||||||
GrubHub, Inc.† | 91,168 | 3,675,894 | ||||||
Netflix, Inc.† | 11,395 | 7,111,164 | ||||||
Priceline Group, Inc.† | 18,100 | 21,213,924 | ||||||
SouFun Holdings, Ltd. ADR# | 368,120 | 2,735,131 | ||||||
Zillow Group, Inc.†# | 26,110 | 2,386,193 | ||||||
50,139,201 | ||||||||
E-Marketing/Info — 0.3% |
| |||||||
CyberAgent, Inc.#(1) | 34,400 | 1,586,082 | ||||||
Marketo, Inc.†# | 54,771 | 1,633,819 | ||||||
3,219,901 | ||||||||
E-Services/Consulting — 0.6% |
| |||||||
CDW Corp. | 155,155 | 5,756,250 | ||||||
189 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electric Products - Misc. — 1.1% |
| |||||||
Hermes Microvision, Inc.(1) | 34,875 | $ | 2,742,239 | |||||
Nidec Corp.#(1) | 109,645 | 7,974,071 | ||||||
10,716,310 | ||||||||
Electronic Components - Misc. — 1.7% |
| |||||||
AAC Technologies Holdings, Inc.#(1) | 204,415 | 1,139,071 | ||||||
Corning, Inc. | 131,970 | 2,760,812 | ||||||
Flextronics International, Ltd.† | 347,270 | 4,219,331 | ||||||
Hoya Corp.(1) | 32,500 | 1,194,550 | ||||||
Murata Manufacturing Co., Ltd.(1) | 42,710 | 6,928,169 | ||||||
NEC Corp.(1) | 26,000 | 85,197 | ||||||
Yaskawa Electric Corp.#(1) | 51,900 | 725,873 | ||||||
17,053,003 | ||||||||
Electronic Components - Semiconductors — 8.1% |
| |||||||
Altera Corp. | 91,000 | 4,445,350 | ||||||
ARM Holdings PLC ADR | 42,400 | 2,258,648 | ||||||
Avago Technologies, Ltd. | 58,315 | 8,634,702 | ||||||
Broadcom Corp., Class A | 173,835 | 9,882,520 | ||||||
Freescale Semiconductor, Ltd.† | 98,680 | 4,452,441 | ||||||
Infineon Technologies AG(1) | 212,420 | 2,769,281 | ||||||
Intel Corp. | 129,100 | 4,448,786 | ||||||
IPG Photonics Corp.† | 15,900 | 1,507,956 | ||||||
Microchip Technology, Inc.# | 15,490 | 761,024 | ||||||
Micron Technology, Inc.† | 162,800 | 4,547,004 | ||||||
Qorvo, Inc.† | 13,105 | 1,076,576 | ||||||
Rohm Co., Ltd.(1) | 28,200 | 1,987,716 | ||||||
Samsung Electronics Co., Ltd.(1) | 730 | 859,022 | ||||||
Semtech Corp.† | 40,600 | 867,216 | ||||||
SK Hynix, Inc.(1) | 236,304 | 10,820,225 | ||||||
Skyworks Solutions, Inc. | 176,820 | 19,337,035 | ||||||
Sumco Corp.#(1) | 179,000 | 2,695,111 | ||||||
SunEdison Semiconductor, Ltd.†# | 53,750 | 1,299,675 | ||||||
82,650,288 | ||||||||
Electronic Forms — 0.6% |
| |||||||
Adobe Systems, Inc.† | 76,670 | 6,063,830 | ||||||
Electronic Measurement Instruments — 0.9% |
| |||||||
Agilent Technologies, Inc. | 66,600 | 2,743,254 | ||||||
Keyence Corp.(1) | 2,545 | 1,366,580 | ||||||
National Instruments Corp. | 51,800 | 1,549,338 | ||||||
Trimble Navigation, Ltd.† | 170,100 | 3,987,144 | ||||||
9,646,316 | ||||||||
Electronic Parts Distribution — 0.1% |
| |||||||
Arrow Electronics, Inc.† | 9,890 | 601,213 | ||||||
Energy - Alternate Sources — 0.3% |
| |||||||
SolarCity Corp.† | 19,125 | 1,149,795 | ||||||
SunEdison, Inc.† | 51,990 | 1,558,140 | ||||||
2,707,935 | ||||||||
Enterprise Software/Service — 2.0% |
| |||||||
OPOWER, Inc.†# | 4,100 | 48,544 | ||||||
Oracle Corp. | 172,785 | 7,514,420 | ||||||
Proofpoint, Inc.† | 63,580 | 3,759,485 | ||||||
SAP AG ADR# | 18,180 | 1,343,502 | ||||||
Veeva Systems, Inc., Class A†# | 253,300 | 6,869,496 | ||||||
Workday, Inc., Class A† | 16,440 | 1,297,445 | ||||||
20,832,892 | ||||||||
Entertainment Software — 0.5% |
| |||||||
NetEase, Inc. ADR | 35,605 | 5,034,903 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Credit Card — 3.0% |
| |||||||
Alliance Data Systems Corp.† | 16,868 | $ | 5,027,170 | |||||
Visa, Inc., Class A | 367,519 | 25,241,205 | ||||||
30,268,375 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
WageWorks, Inc.† | 29,600 | 1,269,248 | ||||||
Industrial Audio & Video Products — 0.4% |
| |||||||
GoPro, Inc., Class A†# | 74,790 | 4,147,853 | ||||||
Instruments - Controls — 0.0% |
| |||||||
Control4 Corp.†# | 39,200 | 356,720 | ||||||
Internet Application Software — 1.9% |
| |||||||
Splunk, Inc.† | 60,470 | 4,088,982 | ||||||
Tencent Holdings, Ltd.(1) | 736,000 | 14,745,532 | ||||||
18,834,514 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
21Vianet Group, Inc. ADR†# | 74,510 | 1,345,651 | ||||||
Internet Content - Entertainment — 2.7% |
| |||||||
Facebook, Inc., Class A† | 344,713 | 27,297,822 | ||||||
Youku.com, Inc. Class A†(3)(4) | 16 | 24 | ||||||
27,297,846 | ||||||||
Internet Content - Information/News — 1.6% |
| |||||||
LinkedIn Corp., Class A† | 66,800 | 13,021,324 | ||||||
M3, Inc.#(1) | 157,070 | 2,979,315 | ||||||
16,000,639 | ||||||||
Internet Infrastructure Software — 0.3% |
| |||||||
F5 Networks, Inc.† | 20,805 | 2,614,980 | ||||||
Internet Security — 0.8% |
| |||||||
FireEye, Inc.†# | 111,625 | 5,198,376 | ||||||
VeriSign, Inc.†# | 48,400 | 3,058,396 | ||||||
8,256,772 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Disco Corp.(1) | 17,700 | 1,644,433 | ||||||
Medical Instruments — 0.5% |
| |||||||
Intuitive Surgical, Inc.† | 10,200 | 4,975,050 | ||||||
Medical - Drugs — 0.2% |
| |||||||
Grifols SA ADR | 74,400 | 2,365,920 | ||||||
Medical - Generic Drugs — 0.5% |
| |||||||
Hospira, Inc.† | 54,500 | 4,818,890 | ||||||
Metal Processors & Fabrication — 0.3% |
| |||||||
Largan Precision Co., Ltd.(1) | 29,085 | 3,229,092 | ||||||
Multimedia — 0.2% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 59,500 | 1,999,200 | ||||||
Networking Products — 4.4% | ||||||||
Arista Networks, Inc.†# | 54,865 | 3,835,612 | ||||||
Cisco Systems, Inc. | 837,025 | 24,533,203 | ||||||
Palo Alto Networks, Inc.† | 96,810 | 16,408,327 | ||||||
44,777,142 | ||||||||
Office Automation & Equipment — 0.2% | ||||||||
Canon, Inc.(1) | 45,700 | 1,577,484 | ||||||
Photo Equipment & Supplies — 0.4% | ||||||||
FUJIFILM Holdings Corp.(1) | 25,000 | 953,673 | ||||||
Sunny Optical Technology Group Co., Ltd.#(1) | 1,525,925 | 3,342,664 | ||||||
4,296,337 | ||||||||
190 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Power Converter/Supply Equipment — 0.4% |
| |||||||
Canadian Solar, Inc.†# | 46,635 | $ | 1,523,099 | |||||
SunPower Corp.†# | 71,405 | 2,169,998 | ||||||
3,693,097 | ||||||||
Publishing - Newspapers — 0.3% |
| |||||||
News Corp., Class A† | 204,300 | 3,095,145 | ||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
American Tower Corp. | 37,200 | 3,451,788 | ||||||
Semiconductor Components - Integrated Circuits — 2.8% |
| |||||||
Analog Devices, Inc. | 15,100 | 1,026,196 | ||||||
Atmel Corp. | 400,600 | 3,553,322 | ||||||
Cypress Semiconductor Corp.† | 51,623 | 708,784 | ||||||
Linear Technology Corp. | 19,780 | 946,473 | ||||||
Marvell Technology Group, Ltd. | 56,390 | 788,896 | ||||||
NXP Semiconductor NV† | 42,655 | 4,788,024 | ||||||
Power Integrations, Inc. | 17,715 | 899,213 | ||||||
QUALCOMM, Inc. | 187,550 | 13,068,484 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd.(1) | 638,780 | 3,042,766 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,595 | 38,726 | ||||||
28,860,884 | ||||||||
Semiconductor Equipment — 0.9% |
| |||||||
Applied Materials, Inc. | 68,900 | 1,386,957 | ||||||
ASML Holding NV | 12,700 | 1,426,210 | ||||||
Lam Research Corp. | 61,210 | 5,034,522 | ||||||
MKS Instruments, Inc. | 24,970 | 941,619 | ||||||
8,789,308 | ||||||||
Telecom Equipment - Fiber Optics — 0.6% |
| |||||||
Ciena Corp.† | 179,740 | 4,335,329 | ||||||
JDS Uniphase Corp.† | 141,300 | 1,811,466 | ||||||
6,146,795 | ||||||||
Telephone - Integrated — 1.4% |
| |||||||
SoftBank Corp.(1) | 233,700 | 13,950,970 | ||||||
Toys — 0.4% | ||||||||
Nintendo Co., Ltd.#(1) | 22,700 | 3,838,231 | ||||||
Transactional Software — 0.3% |
| |||||||
Amadeus IT Holding SA, Class A(1) | 61,350 | 2,793,438 | ||||||
Virtual Reality Products — 0.3% |
| |||||||
RealD, Inc.† | 246,900 | 3,115,878 | ||||||
Web Hosting/Design — 0.0% |
| |||||||
GoDaddy, Inc., Class A† | 9,450 | 254,489 | ||||||
Web Portals/ISP — 6.9% |
| |||||||
Baidu, Inc. ADR† | 93,500 | 18,456,900 | ||||||
Dropbox, Inc.†(2)(3)(4) | 135,924 | 2,569,072 | ||||||
Google, Inc., Class A† | 63,816 | 34,800,141 | ||||||
Google, Inc., Class C† | 18,697 | 9,948,861 | ||||||
NAVER Corp.(1) | 968 | 529,689 | ||||||
SINA Corp.† | 37,300 | 1,519,229 | ||||||
Yandex NV, Class A† | 140,200 | 2,527,806 | ||||||
70,351,698 | ||||||||
Total Common Stocks | ||||||||
(cost $819,840,015) | 965,362,704 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.9% |
| |||||||
Computers - Memory Devices — 0.1% |
| |||||||
Pure Storage, Inc. Series F†(2)(3)(4) | 63,153 | 1,052,129 | ||||||
Computers - Other — 0.2% |
| |||||||
Nutanix, Inc. Series E†(2)(3)(4) | 95,451 | 1,715,254 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Data Processing/Management — 0.1% |
| |||||||
Cloudera, Inc. Series F†(2)(3)(4) | 54,446 | $ | 1,655,921 | |||||
E-Commerce/Products — 0.1% |
| |||||||
Flipkart Online Services, Ltd., Series A†(2)(3)(4) | 216 | 30,724 | ||||||
Flipkart Online Services, Ltd., Series C†(2)(3)(4) | 377 | 53,625 | ||||||
Flipkart Online Services, Ltd., Series E†(2)(3)(4) | 700 | 99,568 | ||||||
Flipkart Online Services, Ltd., Series G†(2)(3)(4) | 4,085 | 581,050 | ||||||
764,967 | ||||||||
E-Commerce/Services — 0.4% |
| |||||||
Uber Technologies, Inc.†(2)(3)(4) | 86,516 | 3,429,371 | ||||||
Web Portals/ISP — 0.4% |
| |||||||
Dropbox, Inc.†(2)(3)(4) Class A-1 | 119,521 | 2,259,043 | ||||||
Dropbox, Inc.,†(2)(3)(4) Series A | 12,378 | 233,954 | ||||||
Pinterest, Inc.†(2)(3)(4) Series G | 41,130 | 1,476,380 | ||||||
3,969,377 | ||||||||
Total Convertible Preferred Securities | ||||||||
(cost $7,713,276) | 12,587,019 | |||||||
PREFERRED SECURITIES — 0.0% |
| |||||||
Computer Graphics — 0.0% |
| |||||||
Atlassian Class A FDR†(2)(3)(4) | 13,337 | 253,403 | ||||||
Atlassian Series A†(2)(3)(4) | 12,885 | 244,815 | ||||||
Total Preferred Securities | ||||||||
(cost $419,552) | 498,218 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $827,972,843) | 978,447,941 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.8% |
| |||||||
Registered Investment Companies — 8.4% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(5) | 68,551,148 | 68,551,148 | ||||||
T. Rowe Price Reserve Investment Fund | 16,567,271 | 16,567,271 | ||||||
85,118,419 | ||||||||
Time Deposits — 1.4% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 06/01/2015 | $ | 14,036,000 | 14,036,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $99,154,419) | 99,154,419 | |||||||
REPURCHASE AGREEMENTS — 0.1% | ||||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 05/29/2015, to be repurchased 06/01/2015 in the amount $1,394,000 collateralized by $1,470,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $1,426,063 (cost $1,394,000) | 1,394,000 | 1,394,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $928,521,262)(6) | 106.3 | % | 1,078,996,360 | |||||
Liabilities in excess of other assets | (6.3 | ) | (64,094,672 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,014,901,688 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
191 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $102,616,310 representing 10.1% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Illiquid security. At May 31, 2015, the aggregate value of these securities was $16,317,042 representing 1.6% of net assets. |
(4) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2015, the Fund held the following restricted securities: |
Description | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Atlassian Class A | 4/9/2014 | 3,707 | $ | 59,312 | $ | 70,433 | $ | 19.00 | 0.01% | |||||||||||||||
Atlassian Class A 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 | 2,569,072 | 18.90 | 0.25% | ||||||||||||||||||
Flipkart Online Services, Pvt., Ltd. | 3/19/2015 | 626 | 71,363 | 89,042 | 142.24 | 0.01% | ||||||||||||||||||
Youku.Com, Inc. | 7/11/2011 | 16 | – | 24 | 1.50 | 0.00% | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Cloudera, Inc. | 2/5/2014 | 54,446 | 792,733 | 1,655,921 | 30.41 | 0.16% | ||||||||||||||||||
Dropbox, Inc. | 5/1/2012 | 12,378 | 112,010 | 233,954 | 18.90 | 0.02% | ||||||||||||||||||
Dropbox, Inc. | 5/1/2012 | 60,803 | 550,212 | |||||||||||||||||||||
5/29/2012 | 58,718 | 531,345 | ||||||||||||||||||||||
119,521 | 1,081,557 | 2,259,043 | 18.90 | 0.22% | ||||||||||||||||||||
Flipkart Online Services, Ltd. | 3/19/2015 | 216 | 12,312 | 30,724 | 142.24 | 0.00% |
Description | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Flipkart Online Services, Ltd. | 3/19/2015 | 377 | $ | 42,978 | $ | 53,625 | $ | 142.24 | 0.01% | |||||||||||||||
Flipkart Online Services, Ltd. | 3/19/2015 | 700 | 79,799 | 99,568 | 142.24 | 0.01% | ||||||||||||||||||
Flipkart Online Services, Ltd. | 12/17/2014 | 4,085 | 489,220 | 581,050 | 142.24 | 0.06% | ||||||||||||||||||
Nutanix, Inc. | 6/5/2014 | 95,451 | 1,278,709 | 1,715,254 | 17.97 | 0.17% | ||||||||||||||||||
Pinterest, Inc. | 3/19/2015 | 41,130 | 1,476,380 | 1,476,380 | 35.90 | 0.15% | ||||||||||||||||||
Pure Storage, Inc. | 4/16/2014 | 63,153 | 993,138 | 1,052,129 | 16.66 | 0.10% | ||||||||||||||||||
Uber Technologies, Inc. | 6/5/2014 | 86,516 | 1,342,127 | 3,429,371 | 39.64 | 0.34% | ||||||||||||||||||
Preferred Securities | ||||||||||||||||||||||||
Atlassian Series A | 4/9/2014 | 12,885 | 206,160 | 244,815 | 19.00 | 0.02% | ||||||||||||||||||
Atlassian Class A FDR | 4/9/2014 | 13,337 | 213,392 | 253,403 | 19.00 | 0.02% | ||||||||||||||||||
$ | 16,317,042 | 1.59% | ||||||||||||||||||||||
(5) | At May 31, 2015, the Fund had loaned securities with a total value of $67,557,878. This was secured by collateral of $68,551,148, which was received in cash and subsequently invested in short-term investments currently valued at $68,551,148 as reported in the Portfolio of Investments. Additional collateral of $1,833,174 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 01/07/2016 | $ | 110,062 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.88% | 06/15/2015 to 11/15/2044 | 1,723,112 |
(6) | See Note 5 for cost of investments on a tax basis. |
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 May 31, 2015 (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: | ||||||||||||||||
Audio/Video Products | $ | 2,144,051 | $ | 1,495,657 | $ | — | $ | 3,639,708 | ||||||||
Computer Aided Design | 4,768,259 | 1,405,270 | — | 6,173,529 | ||||||||||||
Computer Graphics | — | — | 573,667 | 573,667 | ||||||||||||
Computers | 65,012,325 | 2,092,900 | — | 67,105,225 | ||||||||||||
Computers-Memory Devices | 39,523,254 | 2,122,009 | — | 41,645,263 | ||||||||||||
E-Commerce/Products | 76,208,574 | — | 89,042 | 76,297,616 | ||||||||||||
E-Marketing/Info | 1,633,819 | 1,586,082 | — | 3,219,901 | ||||||||||||
Electric Products-Misc. | — | 10,716,310 | — | 10,716,310 | ||||||||||||
Electronic Components-Misc. | 6,980,143 | 10,072,860 | — | 17,053,003 |
192 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | �� | ||||||||||||
Electronic Components-Semiconductors | $ | 63,518,933 | $ | 19,131,355 | $ | — | $ | 82,650,288 | ||||||||
Electronic Measurement Instruments | 8,279,736 | 1,366,580 | — | 9,646,316 | ||||||||||||
Internet Application Software | 4,088,982 | 14,745,532 | — | 18,834,514 | ||||||||||||
Internet Content-Entertainment | 27,297,822 | 24 | — | 27,297,846 | ||||||||||||
Internet Content-Information/News | 13,021,324 | 2,979,315 | — | 16,000,639 | ||||||||||||
Machinery-Electrical | — | 1,644,433 | — | 1,644,433 | ||||||||||||
Metal Processors & Fabrication | — | 3,229,092 | — | 3,229,092 | ||||||||||||
Office Automation & Equipment | — | 1,577,484 | — | 1,577,484 | ||||||||||||
Photo Equipment & Supplies | — | 4,296,337 | — | 4,296,337 | ||||||||||||
Semiconductor Components-Integrated Circuits | 25,818,118 | 3,042,766 | — | 28,860,884 | ||||||||||||
Telephone-Integrated | — | 13,950,970 | — | 13,950,970 | ||||||||||||
Toys | — | 3,838,231 | — | 3,838,231 | ||||||||||||
Transactional Software | — | 2,793,438 | — | 2,793,438 | ||||||||||||
Web Portals | 67,252,937 | 529,689 | 2,569,072 | 70,351,698 | ||||||||||||
Other Industries | 453,966,312 | — | — | 453,966,312 | ||||||||||||
Convertible Preferred Securities | — | — | 12,587,019 | 12,587,019 | ||||||||||||
Preferred Securities | — | — | 498,218 | 498,218 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 85,118,419 | — | — | 85,118,419 | ||||||||||||
Time Deposits | — | 14,036,000 | — | 14,036,000 | ||||||||||||
Repurchase Agreements | — | 1,394,000 | — | 1,394,000 | ||||||||||||
Total Investments at Value | $ | 944,633,008 | $ | 118,046,334 | $ | 16,317,018 | $ | 1,078,996,360 | ||||||||
* | 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. Securities currently valued at $72,328,561 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities.
There are no additional material 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 | 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) . | 183,027 | 3,753,931 | 78,666 | |||||||||
Change in unrealized depreciation(1) . | — | — | — | |||||||||
Net Purchases . . . . . . . . . . . . . . . . . | 71,363 | 4,733,838 | — | |||||||||
Net Sales . . . . . . . . . . . . . . . . . . . . . | (302,509 | ) | — | — | ||||||||
Transfers into Level 3 . . . . . . . . . . . . | — | — | — | |||||||||
Transfers out of Level 3 . . . . . . . . . . | — | — | — | |||||||||
Balance as of 05/31/2015 . . . . . . . . . | $ | 3,231,781 | $ | 12,587,019 | $ | 498,218 | ||||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2015 includes: |
Convertible | ||||||||||||
Common Stocks | Preferred Securities | Preferred Securities | ||||||||||
$ | 183,027 | $ | 3,753,931 | $ | 78,666 | |||||||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2015.
193 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 5/31/15 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stock | $ | 573,667 | Market Approach | Enterprise Value/Sales Multiple* CY2015 Price/Free Cash Flow Multiple* | 8.00x 30.0x | |||||
$ | 89,042 | Market Approach | Transaction Price* | $142.2400 | ||||||
$ | 2,569,072 | Market Approach and Income Approach | Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* | $19.1012 12.0x 15.0% 17% 3.0% | ||||||
Convertible Preferred Securities | $ | 7,326,639 | Market Approach | Transaction Price* | $30.414 - $142.24 ($96.4154) | |||||
$ | 2,767,383 | Market Approach | Next Twelve Months Revenue Mutliple” Weighted Average Cost of Capital Discount for Lack of Marketability | 4.9x 15% 10.00% | ||||||
$ | 2,492,997 | Market Approach and Income Approach | Enterprise Value/Revenue Multiple* | $19.1012 12.0x | ||||||
Discount for Lack of Marketability | 15.0% | |||||||||
Weighted Average Cost of Capital | 17% | |||||||||
Perpetual Growth Rate* | 3.0% | |||||||||
Preferred Securities | $ | 498,218 | Market Approach | Enterprise Value/Sales Multiple* CY2015 Price/Free Cash Flow Multiple* | 8.00x 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
194 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 11.3 | % | ||
Registered Investment Companies | 10.0 | |||
Medical — Drugs | 5.1 | |||
Enterprise Software/Service | 4.5 | |||
Retail — Restaurants | 4.2 | |||
Medical Products | 3.8 | |||
Commercial Services — Finance | 3.2 | |||
Therapeutics | 3.2 | |||
Networking Products | 3.0 | |||
Electronic Components — Semiconductors | 2.5 | |||
Hotels/Motels | 2.1 | |||
E-Marketing/Info | 2.0 | |||
Retail — Apparel/Shoe | 2.0 | |||
Apparel Manufacturers | 1.9 | |||
Food — Misc./Diversified | 1.8 | |||
Medical Instruments | 1.8 | |||
Advanced Materials | 1.8 | |||
Industrial Audio & Video Products | 1.7 | |||
Finance — Consumer Loans | 1.7 | |||
Internet Telephone | 1.6 | |||
Banks — Commercial | 1.6 | |||
Resorts/Theme Parks | 1.6 | |||
Medical — Hospitals | 1.5 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Entertainment Software | 1.5 | |||
Retail — Automobile | 1.5 | |||
Auction Houses/Art Dealers | 1.4 | |||
Medical Sterilization Products | 1.4 | |||
Steel — Producers | 1.4 | |||
Retail — Home Furnishings | 1.4 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Human Resources | 1.4 | |||
Computer Services | 1.3 | |||
Airlines | 1.3 | |||
Chemicals — Specialty | 1.3 | |||
Office Furnishings — Original | 1.3 | |||
Building Products — Cement | 1.2 | |||
Drug Delivery Systems | 1.2 | |||
Health Care Cost Containment | 1.2 | |||
Electronics — Military | 1.2 | |||
Investment Management/Advisor Services | 1.2 | |||
Aerospace/Defense | 1.2 | |||
Transport — Truck | 1.1 | |||
Retail — Pet Food & Supplies | 1.1 | |||
Finance — Credit Card | 1.1 | |||
Auto/Truck Parts & Equipment — Original | 1.1 | |||
Internet Connectivity Services | 0.9 | |||
Recreational Centers | 0.9 | |||
Oil Refining & Marketing | 0.7 | |||
Electric Products — Misc. | 0.7 | |||
Applications Software | 0.7 | |||
Telecom Services | 0.7 | |||
Finance — Other Services | 0.5 | |||
Oil — Field Services | 0.5 | |||
Repurchase Agreements | 0.4 | |||
Transactional Software | 0.2 | |||
Medical Information Systems | 0.1 | |||
109.9 | % | |||
* | Calculated as a percentage of net assets |
195 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.5% |
| |||||||
Advanced Materials — 1.8% |
| |||||||
Hexcel Corp. | 42,653 | $ | 2,100,234 | |||||
Aerospace/Defense — 1.2% |
| |||||||
Teledyne Technologies, Inc.† | 13,269 | 1,344,548 | ||||||
Aerospace/Defense - Equipment — 1.5% |
| |||||||
HEICO Corp., Class A | 35,372 | 1,768,600 | ||||||
Airlines — 1.3% |
| |||||||
Allegiant Travel Co. | 9,525 | 1,499,902 | ||||||
Apparel Manufacturers — 1.9% | �� | |||||||
Carter’s, Inc. | 11,430 | 1,179,804 | ||||||
G-III Apparel Group, Ltd.† | 17,860 | 1,015,520 | ||||||
2,195,324 | ||||||||
Applications Software — 0.7% |
| |||||||
Constant Contact, Inc.† | 30,770 | 838,790 | ||||||
Auction Houses/Art Dealers — 1.4% |
| |||||||
Ritchie Bros. Auctioneers, Inc.# | 59,220 | 1,673,557 | ||||||
Auto/Truck Parts & Equipment - Original — 1.1% |
| |||||||
Tenneco, Inc.† | 21,000 | 1,233,120 | ||||||
Banks - Commercial — 1.6% |
| |||||||
Western Alliance Bancorp† | 59,740 | 1,872,849 | ||||||
Building Products - Cement — 1.2% |
| |||||||
Headwaters, Inc.† | 76,104 | 1,444,454 | ||||||
Chemicals - Specialty — 1.3% |
| |||||||
Chemtura Corp.† | 52,843 | 1,466,922 | ||||||
Commercial Services - Finance — 3.2% |
| |||||||
Euronet Worldwide, Inc.† | 42,561 | 2,545,148 | ||||||
Heartland Payment Systems, Inc. | 21,380 | 1,142,761 | ||||||
3,687,909 | ||||||||
Computer Services — 1.3% |
| |||||||
Barracuda Networks, Inc.† | 38,488 | 1,514,118 | ||||||
Drug Delivery Systems — 1.2% |
| |||||||
DexCom, Inc.† | 19,185 | 1,375,948 | ||||||
E-Marketing/Info — 2.0% |
| |||||||
comScore, Inc.† | 40,750 | 2,305,635 | ||||||
Electric Products - Misc. — 0.7% |
| |||||||
Littelfuse, Inc. | 8,810 | 851,927 | ||||||
Electronic Components - Semiconductors — 2.5% |
| |||||||
Monolithic Power Systems, Inc. | 26,240 | 1,432,704 | ||||||
Tower Semiconductor, Ltd.†# | 98,480 | 1,519,546 | ||||||
2,952,250 | ||||||||
Electronics - Military — 1.2% |
| |||||||
M/A-COM Technology Solutions Holdings, Inc.† | 35,941 | 1,371,509 | ||||||
Enterprise Software/Service — 4.5% |
| |||||||
Proofpoint, Inc.† | 57,300 | 3,388,149 | ||||||
Ultimate Software Group, Inc.† | 11,263 | 1,822,241 | ||||||
5,210,390 | ||||||||
Entertainment Software — 1.5% |
| |||||||
Take-Two Interactive Software, Inc.† | 62,330 | 1,705,972 | ||||||
Finance - Consumer Loans — 1.7% |
| |||||||
PRA Group, Inc.†# | 34,565 | 1,961,909 | ||||||
Finance - Credit Card — 1.1% |
| |||||||
Blackhawk Network Holdings, Inc.† | 36,510 | 1,255,944 | ||||||
Finance - Other Services — 0.5% |
| |||||||
MarketAxess Holdings, Inc. | 7,154 | 632,771 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 1.8% |
| |||||||
Pinnacle Foods, Inc. | 49,970 | $ | 2,106,236 | |||||
Health Care Cost Containment — 1.2% |
| |||||||
ExamWorks Group, Inc.† | 33,550 | 1,371,524 | ||||||
Hotels/Motels — 2.1% |
| |||||||
La Quinta Holdings, Inc.† | 97,500 | 2,423,850 | ||||||
Human Resources — 1.4% |
| |||||||
TrueBlue, Inc.† | 55,660 | 1,585,197 | ||||||
Industrial Audio & Video Products — 1.7% |
| |||||||
Imax Corp.† | 48,780 | 1,967,785 | ||||||
Internet Connectivity Services — 0.9% |
| |||||||
Cogent Communications Holdings, Inc. | 34,060 | 1,070,165 | ||||||
Internet Telephone — 1.6% |
| |||||||
RingCentral, Inc.†# | 109,870 | 1,877,678 | ||||||
Investment Management/Advisor Services — 1.2% |
| |||||||
WisdomTree Investments, Inc. | 63,120 | 1,348,243 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Press Ganey Holdings, Inc.†# | 3,810 | 104,242 | ||||||
Medical Instruments — 1.8% |
| |||||||
AtriCure, Inc.† | 60,099 | 1,378,671 | ||||||
Entellus Medical, Inc.†# | 31,030 | 724,551 | ||||||
2,103,222 | ||||||||
Medical Products — 3.8% |
| |||||||
NxStage Medical, Inc.† | 127,580 | 2,068,071 | ||||||
West Pharmaceutical Services, Inc. | 29,856 | 1,616,404 | ||||||
Zeltiq Aesthetics, Inc.†# | 25,730 | 706,546 | ||||||
4,391,021 | ||||||||
Medical Sterilization Products — 1.4% |
| |||||||
STERIS Corp. | 24,830 | 1,659,389 | ||||||
Medical - Biomedical/Gene — 11.3% |
| |||||||
Avalanche Biotechnologies, Inc.† | 18,026 | 672,009 | ||||||
Bluebird Bio, Inc.† | 11,265 | 2,188,226 | ||||||
Blueprint Medicines Corp.† | 21,910 | 628,598 | ||||||
Kite Pharma, Inc.†# | 12,430 | 685,514 | ||||||
KYTHERA Biopharmaceuticals, Inc.†# | 24,220 | 1,219,961 | ||||||
Ligand Pharmaceuticals, Inc.†# | 18,037 | 1,589,240 | ||||||
Lion Biotechnologies, Inc.† | 59,140 | 661,777 | ||||||
Loxo Oncology, Inc.† | 42,570 | 525,314 | ||||||
Repligen Corp.† | 28,285 | 1,152,897 | ||||||
Sage Therapeutics, Inc.† | 15,024 | 1,124,847 | ||||||
Spark Therapeutics, Inc.† | 14,190 | 1,044,952 | ||||||
Tekmira Pharmaceuticals Corp.† | 30,280 | 423,012 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 13,728 | 1,194,336 | ||||||
13,110,683 | ||||||||
Medical - Drugs — 5.1% |
| |||||||
Amicus Therapeutics, Inc.† | 121,633 | 1,497,302 | ||||||
Ascendis Pharma A/S ADR†# | 34,400 | 572,760 | ||||||
Chimerix, Inc.† | 24,709 | 1,034,072 | ||||||
Galapagos NV† | 10,160 | 578,409 | ||||||
Immune Design Corp.†# | 28,370 | 619,317 | ||||||
Receptos, Inc.† | 9,625 | 1,587,066 | ||||||
5,888,926 | ||||||||
Medical - Hospitals — 1.5% |
| |||||||
Acadia Healthcare Co., Inc.† | 24,070 | 1,784,550 | ||||||
Networking Products — 3.0% |
| |||||||
LogMeIn, Inc.† | 54,290 | 3,445,786 | ||||||
196 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Office Furnishings - Original — 1.3% |
| |||||||
Steelcase, Inc., Class A | 85,180 | $ | 1,465,096 | |||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
Carrizo Oil & Gas, Inc.† | 14,910 | 747,886 | ||||||
Diamondback Energy, Inc.† | 10,800 | 840,348 | ||||||
1,588,234 | ||||||||
Oil Refining & Marketing — 0.7% |
| |||||||
Western Refining, Inc. | 19,440 | 854,971 | ||||||
Oil - Field Services — 0.5% |
| |||||||
Newpark Resources, Inc.† | 73,000 | 619,040 | ||||||
Recreational Centers — 0.9% |
| |||||||
ClubCorp Holdings, Inc. | 44,100 | 1,002,393 | ||||||
Resort/Theme Parks — 1.6% |
| |||||||
Marriott Vacations Worldwide Corp. | 20,380 | 1,799,146 | ||||||
Retail - Apparel/Shoe — 2.0% |
| |||||||
Boot Barn Holdings, Inc.† | 49,010 | 1,198,784 | ||||||
Burlington Stores, Inc.† | 20,210 | 1,066,482 | ||||||
2,265,266 | ||||||||
Retail - Automobile — 1.5% |
| |||||||
Lithia Motors, Inc., Class A | 15,790 | 1,680,846 | ||||||
Retail - Home Furnishings — 1.4% |
| |||||||
Restoration Hardware Holdings, Inc.† | 17,840 | 1,622,726 | ||||||
Retail - Pet Food & Supplies — 1.1% |
| |||||||
Freshpet, Inc.†# | 65,319 | 1,295,929 | ||||||
Retail - Restaurants — 4.2% |
| |||||||
Papa John’s International, Inc. | 22,030 | 1,513,681 | ||||||
Popeyes Louisiana Kitchen, Inc.† | 22,700 | 1,262,347 | ||||||
Red Robin Gourmet Burgers, Inc.† | 25,120 | 2,094,757 | ||||||
4,870,785 | ||||||||
Steel - Producers — 1.4% |
| |||||||
Steel Dynamics, Inc. | 75,780 | 1,652,762 | ||||||
Telecom Services — 0.7% |
| |||||||
RigNet, Inc.†# | 22,958 | 814,779 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Therapeutics — 3.2% | ||||||||
aTyr Pharma, Inc.†# | 20,910 | $ | 478,630 | |||||
Neurocrine Biosciences, Inc.† | 29,560 | 1,296,502 | ||||||
Vital Therapies, Inc.†# | 61,855 | 1,342,253 | ||||||
Zafgen Inc† | 17,150 | 558,404 | ||||||
3,675,789 | ||||||||
Transactional Software — 0.2% |
| |||||||
Black Knight Financial Services, Inc., Class A† | 7,680 | 211,814 | ||||||
Transport - Truck — 1.1% |
| |||||||
Knight Transportation, Inc. | 45,930 | 1,313,598 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $94,135,875) | 115,236,253 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.0% |
| |||||||
Registered Investment Companies — 10.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 11,630,621 | 11,630,621 | ||||||
REPURCHASE AGREEMENTS — 0.4% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 05/29/2015, to be repurchased 06/01/2015 in the amount $522,000 collateralized by $550,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $533,561 (cost $522,000) | $ | 522,000 | 522,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $106,288,496)(2) | 109.9 | % | 127,388,874 | |||||
Liabilities in excess of other assets | (9.9 | ) | (11,520,239 | ) | ||||
NET ASSETS | 100.0 | % | $ | 115,868,635 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At May 31, 2015, the Fund had loaned securities with a total value of $11,359,470. This was secured by collateral of $11,630,621, which was received in cash and subsequently invested in short-term investments currently valued at $11,630,621 as reported in the Portfolio of Investments. |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipts
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | 115,236,253 | $ | — | $ | — | $ | 115,236,253 | ||||||||
Short-Term Investment Securities | 11,630,621 | — | — | 11,630,621 | ||||||||||||
Repurchase Agreements | — | 522,000 | — | 522,000 | ||||||||||||
Total Investments at Value | $ | 126,866,874 | $ | 522,000 | $ | — | $ | 127,388,874 | ||||||||
* | 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
197 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Banks — Commercial | 8.2 | % | ||
Registered Investment Companies | 7.1 | |||
Retail — Restaurants | 4.5 | |||
Transport — Truck | 3.3 | |||
Medical — Biomedical/Gene | 3.1 | |||
Medical Products | 2.9 | |||
Real Estate Investment Trusts | 2.9 | |||
Electronic Components — Semiconductors | 2.2 | |||
Computer Services | 2.1 | |||
Finance — Investment Banker/Broker | 1.8 | |||
Computers — Integrated Systems | 1.7 | |||
Medical — Hospitals | 1.6 | |||
Computer Software | 1.6 | |||
Metal Processors & Fabrication | 1.5 | |||
Chemicals — Specialty | 1.5 | |||
Investment Management/Advisor Services | 1.5 | |||
Enterprise Software/Service | 1.4 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Applications Software | 1.4 | |||
Real Estate Management/Services | 1.4 | |||
Commercial Services | 1.2 | |||
Time Deposits | 1.2 | |||
Medical — Drugs | 1.2 | |||
Containers — Paper/Plastic | 1.1 | |||
Building & Construction Products — Misc. | 1.1 | |||
Food — Misc./Diversified | 1.0 | |||
Savings & Loans/Thrifts | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Medical — Generic Drugs | 1.0 | |||
Medical Instruments | 1.0 | |||
Pipelines | 1.0 | |||
Building Products — Doors & Windows | 0.9 | |||
Diagnostic Kits | 0.9 | |||
Building & Construction — Misc. | 0.9 | |||
Insurance — Property/Casualty | 0.9 | |||
Diagnostic Equipment | 0.9 | |||
Human Resources | 0.9 | |||
Oil Field Machinery & Equipment | 0.8 | |||
Non-Hazardous Waste Disposal | 0.8 | |||
Telecommunication Equipment | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Oil — Field Services | 0.8 | |||
Retail — Arts & Crafts | 0.7 | |||
Storage/Warehousing | 0.7 | |||
Batteries/Battery Systems | 0.7 | |||
Electronic Design Automation | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Building Products — Cement | 0.7 | |||
Medical Imaging Systems | 0.7 | |||
Instruments — Controls | 0.7 | |||
Gas — Distribution | 0.7 | |||
Satellite Telecom | 0.7 | |||
Wire & Cable Products | 0.7 | |||
Food — Canned | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Telecom Equipment — Fiber Optics | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Building — Mobile Home/Manufactured Housing | 0.6 | |||
Retail — Automobile | 0.6 | |||
Broadcast Services/Program | 0.6 | |||
Chemicals — Plastics | 0.6 | |||
Home Furnishings | 0.6 | |||
Electronic Parts Distribution | 0.6 | |||
Transactional Software | 0.6 | |||
Transport — Marine | 0.6 | |||
Retail — Home Furnishings | 0.5 | |||
Office Automation & Equipment | 0.5 |
Semiconductor Components — Integrated Circuits | 0.5 | |||
Oil & Gas Drilling | 0.5 | |||
Diversified Manufacturing Operations | 0.5 | |||
Medical — HMO | 0.5 | |||
Retail — Vitamins & Nutrition Supplements | 0.4 | |||
Recreational Vehicles | 0.4 | |||
Electric — Integrated | 0.4 | |||
Financial Guarantee Insurance | 0.4 | |||
Miscellaneous Manufacturing | 0.4 | |||
Building Products — Air & Heating | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Advanced Materials | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Garden Products | 0.2 | |||
Medical Sterilization Products | 0.2 | |||
E-Marketing/Info | 0.2 | |||
Gold Mining | 0.2 | |||
Printing — Commercial | 0.2 | |||
Consulting Services | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
Paper & Related Products | 0.2 | |||
Retail — Discount | 0.2 | |||
Environmental Monitoring & Detection | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Retail — Sporting Goods | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Publishing — Books | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Office Furnishings — Original | 0.1 | |||
Therapeutics | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Transport — Services | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Wireless Equipment | 0.1 | |||
Steel — Producers | 0.1 | |||
Telecom Services | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Decision Support Software | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Quarrying | 0.1 | |||
Networking Products | 0.1 | |||
Food — Retail | 0.1 | |||
Agricultural Operations | 0.1 | |||
Diversified Minerals | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Communications Software | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Pharmacy Services | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Internet Telephone | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Data Processing/Management | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Leisure Products | 0.1 | |||
Computer Data Security | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Independent Power Producers | 0.1 | |||
Funeral Services & Related Items | 0.1 |
198 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Web Hosting/Design | 0.1 | % | ||
Internet Security | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Schools | 0.1 | |||
Textile — Products | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Internet Application Software | 0.1 | |||
Brewery | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Heart Monitors | 0.1 | |||
Computers — Voice Recognition | 0.1 | |||
Advertising Services | 0.1 | |||
Metal — Diversified | 0.1 | |||
Telephone — Integrated | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Building Products — Light Fixtures | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Healthcare Safety Devices | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Retail — Leisure Products | 0.1 | |||
106.7 | % | |||
* | Calculated as a percentage of net assets |
199 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.2% |
| |||||||
Advanced Materials — 0.2% |
| |||||||
Core Molding Technologies, Inc.† | 13,000 | $ | 338,130 | |||||
Hexcel Corp. | 10,400 | 512,096 | ||||||
850,226 | ||||||||
Advertising Services — 0.1% |
| |||||||
Marchex, Inc., Class B | 13,500 | 65,610 | ||||||
Millennial Media, Inc.†# | 76,831 | 128,308 | ||||||
193,918 | ||||||||
Aerospace/Defense — 0.2% |
| |||||||
Teledyne Technologies, Inc.† | 8,300 | 841,039 | ||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
Ducommun, Inc.† | 6,400 | 149,056 | ||||||
LMI Aerospace, Inc.† | 6,100 | 60,756 | ||||||
Moog, Inc., Class A† | 7,200 | 494,136 | ||||||
703,948 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Cadiz, Inc.†# | 14,400 | 123,984 | ||||||
MGP Ingredients, Inc. | 13,100 | 231,084 | ||||||
355,068 | ||||||||
Airlines — 0.0% |
| |||||||
Allegiant Travel Co. | 1,000 | 157,470 | ||||||
Apparel Manufacturers — 0.7% |
| |||||||
Columbia Sportswear Co. | 39,785 | 2,229,949 | ||||||
Delta Apparel, Inc.† | 10,500 | 145,425 | ||||||
Quiksilver, Inc.†# | 77,300 | 105,901 | ||||||
2,481,275 | ||||||||
Applications Software — 1.4% |
| |||||||
BSQUARE Corp.† | 28,900 | 199,121 | ||||||
Cvent, Inc.†# | 15,960 | 420,706 | ||||||
Descartes Systems Group, Inc.† | 22,900 | 348,996 | ||||||
Five9, Inc.† | 21,700 | 110,453 | ||||||
HubSpot, Inc.†# | 6,240 | 316,992 | ||||||
Imperva, Inc.† | 4,330 | 263,307 | ||||||
Infoblox, Inc.† | 3,700 | 96,163 | ||||||
New Relic, Inc.†# | 2,340 | 76,588 | ||||||
PDF Solutions, Inc.† | 9,000 | 143,370 | ||||||
Progress Software Corp.† | 11,450 | 301,478 | ||||||
Tangoe, Inc.† | 35,200 | 447,392 | ||||||
Verint Systems, Inc.† | 34,892 | 2,256,466 | ||||||
4,981,032 | ||||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Ritchie Bros. Auctioneers, Inc.# | 17,000 | 480,420 | ||||||
Audio/Video Products — 0.0% |
| |||||||
VOXX International Corp.† | 5,000 | 42,750 | ||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro Muffler Brake, Inc.# | 5,725 | 337,832 | ||||||
Auto/Truck Parts & Equipment-Original — 0.2% |
| |||||||
Gentherm, Inc.† | 3,600 | 184,536 | ||||||
Miller Industries, Inc. | 10,000 | 205,100 | ||||||
SORL Auto Parts, Inc.† | 15,300 | 53,091 | ||||||
Spartan Motors, Inc. | 21,600 | 98,496 | ||||||
Strattec Security Corp. | 4,700 | 324,347 | ||||||
865,570 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Commercial Vehicle Group, Inc.† | 18,700 | 118,558 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial — 8.2% |
| |||||||
American National Bankshares, Inc. | 5,900 | $ | 133,753 | |||||
AmeriServ Financial, Inc. | 22,000 | 73,700 | ||||||
BancorpSouth, Inc. | 2,600 | 62,894 | ||||||
Bank of the Ozarks, Inc. | 52,267 | 2,298,180 | ||||||
BankUnited, Inc. | 19,700 | 661,723 | ||||||
Blue Hills Bancorp, Inc.† | 7,900 | 108,309 | ||||||
Capital Bank Financial Corp., Class A† | 16,200 | 462,024 | ||||||
Capital City Bank Group, Inc. | 9,600 | 138,528 | ||||||
Citizens Holding Co. | 4,500 | 85,500 | ||||||
CNB Financial Corp. | 8,500 | 141,270 | ||||||
East West Bancorp, Inc. | 64,819 | 2,780,735 | ||||||
Eastern Virginia Bankshares, Inc.# | 12,000 | 71,280 | ||||||
Enterprise Bancorp, Inc. | 6,821 | 140,581 | ||||||
Farmers Capital Bank Corp.† | 7,900 | 217,171 | ||||||
First Bancorp, Inc. | 7,165 | 122,235 | ||||||
First Community Bancshares, Inc. | 10,000 | 167,000 | ||||||
First Horizon National Corp. | 50,400 | 743,904 | ||||||
Glacier Bancorp, Inc. | 98,129 | 2,761,350 | ||||||
Green Bancorp, Inc.† | 2,000 | 28,380 | ||||||
Heritage Commerce Corp. | 13,500 | 121,770 | ||||||
IBERIABANK Corp. | 29,579 | 1,901,042 | ||||||
Independent Bank Corp. — Michigan | 14,000 | 189,420 | ||||||
LNB Bancorp, Inc. | 16,300 | 294,378 | ||||||
Merchants Bancshares, Inc. | 4,600 | 137,264 | ||||||
MidWestOne Financial Group, Inc. | 5,400 | 157,464 | ||||||
Northrim BanCorp, Inc. | 7,100 | 173,595 | ||||||
Ohio Valley Banc Corp. | 6,400 | 144,960 | ||||||
Pacific Continental Corp. | 13,000 | 167,310 | ||||||
PacWest Bancorp | 42,831 | 1,922,683 | ||||||
Park Sterling Corp. | 49,800 | 330,672 | ||||||
Peoples Bancorp of North Carolina, Inc. | 5,500 | 101,200 | ||||||
Peoples Bancorp, Inc. | 6,300 | 145,467 | ||||||
Pinnacle Financial Partners, Inc. | 6,100 | 302,011 | ||||||
PrivateBancorp, Inc. | 59,038 | 2,251,119 | ||||||
Prosperity Bancshares, Inc. | 8,700 | 466,059 | ||||||
Sierra Bancorp | 9,400 | 158,484 | ||||||
Signature Bank† | 2,200 | 307,230 | ||||||
Simmons First National Corp., Class A | 3,900 | 167,856 | ||||||
Southcoast Financial Corp.† | 5,000 | 42,750 | ||||||
Southern National Bancorp of Virginia, Inc. | 15,000 | 176,400 | ||||||
Synovus Financial Corp. | 88,831 | 2,577,876 | ||||||
Talmer Bancorp, Inc., Class A | 19,900 | 316,211 | ||||||
TCF Financial Corp. | 15,900 | 250,266 | ||||||
Texas Capital Bancshares, Inc.† | 12,650 | 688,160 | ||||||
United Security Bancshares†# | 21,572 | 108,723 | ||||||
Valley National Bancorp | 21,472 | 209,996 | ||||||
Washington Trust Bancorp, Inc. | 5,000 | 187,900 | ||||||
West Bancorporation, Inc. | 6,944 | 126,902 | ||||||
Westamerica Bancorporation# | 6,100 | 279,136 | ||||||
Western Alliance Bancorp† | 102,364 | 3,209,111 | ||||||
Zions Bancorporation | 9,000 | 259,920 | ||||||
29,071,852 | ||||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 4,100 | 100,942 | ||||||
Batteries/Battery Systems — 0.7% |
| |||||||
EnerSys | 37,698 | 2,512,195 | ||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Primo Water Corp.† | 21,600 | 136,296 | ||||||
Brewery — 0.1% |
| |||||||
Craft Brew Alliance, Inc.† | 18,800 | 202,288 | ||||||
200 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Broadcast Services/Program — 0.6% |
| |||||||
Nexstar Broadcasting Group, Inc., Class A | 36,715 | $ | 2,088,716 | |||||
Building & Construction Products - Misc. — 1.1% |
| |||||||
Aspen Aerogels, Inc.† | 32,300 | 222,870 | ||||||
Louisiana-Pacific Corp.† | 30,500 | 551,745 | ||||||
NCI Building Systems, Inc.† | 8,500 | 127,330 | ||||||
Quanex Building Products Corp. | 10,500 | 186,795 | ||||||
Simpson Manufacturing Co., Inc. | 10,100 | 342,592 | ||||||
Trex Co., Inc.† | 46,147 | 2,335,038 | ||||||
3,766,370 | ||||||||
Building & Construction - Misc. — 0.9% |
| |||||||
Comfort Systems USA, Inc. | 2,900 | 65,105 | ||||||
Dycom Industries, Inc.† | 52,557 | 3,026,232 | ||||||
Integrated Electrical Services, Inc.† | 12,995 | 101,491 | ||||||
3,192,828 | ||||||||
Building Products - Air & Heating — 0.3% |
| |||||||
AAON, Inc. | 13,725 | 324,871 | ||||||
Lennox International, Inc. | 7,800 | 878,280 | ||||||
1,203,151 | ||||||||
Building Products - Cement — 0.7% |
| |||||||
Eagle Materials, Inc. | 26,212 | 2,188,178 | ||||||
Martin Marietta Materials, Inc. | 1,900 | 283,119 | ||||||
2,471,297 | ||||||||
Building Products - Doors & Windows — 0.9% |
| |||||||
Apogee Enterprises, Inc. | 61,607 | 3,310,144 | ||||||
Building Products - Light Fixtures — 0.1% |
| |||||||
LSI Industries, Inc. | 18,400 | 174,248 | ||||||
Building - Heavy Construction — 0.0% |
| |||||||
Orion Marine Group, Inc.† | 16,100 | 120,911 | ||||||
Building - Mobile Home/Manufactured Housing — 0.6% |
| |||||||
Thor Industries, Inc. | 35,913 | 2,193,925 | ||||||
Building - Residential/Commercial — 0.7% |
| |||||||
AV Homes, Inc.† | 11,400 | 174,648 | ||||||
Beazer Homes USA, Inc.† | 93,485 | 1,712,645 | ||||||
Meritage Homes Corp.† | 10,600 | 464,916 | ||||||
Standard Pacific Corp.† | 15,800 | 130,192 | ||||||
2,482,401 | ||||||||
Capacitors — 0.0% |
| |||||||
Kemet Corp.† | 20,929 | 64,671 | ||||||
Casino Hotels — 0.0% |
| |||||||
Monarch Casino & Resort, Inc.† | 4,000 | 77,520 | ||||||
Chemicals - Diversified — 0.0% |
| |||||||
Koppers Holdings, Inc. | 4,100 | 105,862 | ||||||
Chemicals - Plastics — 0.6% |
| |||||||
PolyOne Corp. | 53,401 | 2,076,765 | ||||||
Chemicals - Specialty — 1.5% |
| |||||||
KMG Chemicals, Inc. | 7,800 | 231,738 | ||||||
Minerals Technologies, Inc. | 39,640 | 2,668,168 | ||||||
Oil-Dri Corp. of America | 4,900 | 152,292 | ||||||
Sensient Technologies Corp. | 34,620 | 2,343,774 | ||||||
5,395,972 | ||||||||
Circuit Boards — 0.0% |
| |||||||
UQM Technologies, Inc.†# | 57,300 | 51,570 | ||||||
Commercial Services — 1.2% |
| |||||||
Collectors Universe, Inc. | 7,200 | 153,936 |
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services (continued) |
| |||||||
HMS Holdings Corp.† | 109,059 | $ | 1,858,365 | |||||
Intersections, Inc.†# | 12,500 | 43,500 | ||||||
SP Plus Corp.† | 6,600 | 160,248 | ||||||
StarTek, Inc.† | 18,100 | 114,935 | ||||||
Team, Inc.† | 46,876 | 1,865,665 | ||||||
4,196,649 | ||||||||
Commercial Services - Finance — 0.1% |
| |||||||
PRGX Global, Inc.† | 22,500 | 95,625 | ||||||
Xoom Corp.†# | 8,800 | 165,528 | ||||||
261,153 | ||||||||
Communications Software — 0.1% |
| |||||||
Audience, Inc.†# | 14,200 | 68,018 | ||||||
Digi International, Inc.† | 13,300 | 132,468 | ||||||
Seachange International, Inc.† | 19,500 | 131,820 | ||||||
332,306 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Fortinet, Inc.† | 6,600 | 264,396 | ||||||
Computer Graphics — 0.0% |
| |||||||
CyberArk Software, Ltd.†# | 290 | 18,035 | ||||||
Computer Services — 2.1% |
| |||||||
Barracuda Networks, Inc.† | 1,800 | 70,812 | ||||||
CACI International, Inc., Class A† | 24,666 | 2,111,903 | ||||||
Ciber, Inc.† | 45,000 | 151,200 | ||||||
DST Systems, Inc. | 19,568 | 2,316,851 | ||||||
Fleetmatics Group PLC† | 13,100 | 547,711 | ||||||
Luxoft Holding, Inc.† | 39,652 | 2,122,572 | ||||||
7,321,049 | ||||||||
Computer Software — 1.6% |
| |||||||
Blackbaud, Inc. | 42,518 | 2,179,473 | ||||||
Computer Modelling Group, Ltd. | 12,800 | 141,730 | ||||||
SS&C Technologies Holdings, Inc. | 55,659 | 3,279,985 | ||||||
5,601,188 | ||||||||
Computers - Integrated Systems — 1.6% |
| |||||||
Agilysys, Inc.† | 13,000 | 117,390 | ||||||
Cray, Inc.† | 104,080 | 3,182,766 | ||||||
Jack Henry & Associates, Inc. | 31,234 | 2,032,709 | ||||||
Maxwell Technologies, Inc.†# | 14,800 | 75,480 | ||||||
NCI, Inc., Class A | 10,000 | 106,000 | ||||||
5,514,345 | ||||||||
Computers - Memory Devices — 0.2% |
| |||||||
Datalink Corp.† | 11,100 | 102,564 | ||||||
Dot Hill Systems Corp.† | 62,300 | 438,592 | ||||||
Netlist, Inc.†# | 37,900 | 20,087 | ||||||
561,243 | ||||||||
Computers - Voice Recognition — 0.1% |
| |||||||
Vocera Communications, Inc.† | 18,000 | 195,660 | ||||||
Consulting Services — 0.2% |
| |||||||
CRA International, Inc.† | 7,700 | 212,751 | ||||||
Hackett Group, Inc. | 27,900 | 330,057 | ||||||
Information Services Group, Inc. | 42,400 | 161,968 | ||||||
PDI, Inc.† | 9,800 | 12,544 | ||||||
717,320 | ||||||||
Consumer Products - Misc. — 0.2% |
| |||||||
CSS Industries, Inc. | 3,000 | 82,770 | ||||||
Helen of Troy, Ltd.† | 885 | 77,429 |
201 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Consumer Products - Misc. (continued) |
| |||||||
Tumi Holdings, Inc.† | 19,700 | $ | 380,210 | |||||
540,409 | ||||||||
Containers - Paper/Plastic — 1.1% |
| |||||||
Berry Plastics Group, Inc.† | 21,600 | 722,952 | ||||||
Graphic Packaging Holding Co. | 220,152 | 3,134,965 | ||||||
3,857,917 | ||||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
CCA Industries, Inc.† | 3,421 | 10,605 | ||||||
Data Processing/Management — 0.0% |
| |||||||
Innodata, Inc.† | 25,000 | 68,750 | ||||||
Decision Support Software — 0.1% |
| |||||||
Interactive Intelligence Group, Inc.† | 9,400 | 406,362 | ||||||
Diagnostic Equipment — 0.9% |
| |||||||
Affymetrix, Inc.†# | 226,691 | 2,659,086 | ||||||
BioTelemetry, Inc.† | 36,900 | 356,085 | ||||||
Hansen Medical, Inc.†# | 75,000 | 67,785 | ||||||
3,082,956 | ||||||||
Diagnostic Kits — 0.9% |
| |||||||
Alere, Inc.† | 56,851 | 2,932,375 | ||||||
Meridian Bioscience, Inc. | 20,100 | 365,820 | ||||||
3,298,195 | ||||||||
Diamonds/Precious Stones — 0.0% |
| |||||||
Petra Diamonds, Ltd.†(1) | 40,747 | 108,631 | ||||||
Distribution/Wholesale — 0.1% |
| |||||||
Core-Mark Holding Co., Inc. | 8,500 | 456,535 | ||||||
Diversified Manufacturing Operations — 0.5% |
| |||||||
AZZ, Inc. | 10,700 | 512,851 | ||||||
Chase Corp. | 5,600 | 228,088 | ||||||
EnPro Industries, Inc. | 6,100 | 368,928 | ||||||
Fabrinet† | 11,200 | 203,616 | ||||||
Harsco Corp. | 23,300 | 375,363 | ||||||
1,688,846 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Ring Energy, Inc.†# | 17,400 | 199,926 | ||||||
United States Lime & Minerals, Inc. | 2,600 | 154,414 | ||||||
354,340 | ||||||||
Diversified Operations — 0.0% |
| |||||||
Resource America, Inc., Class A | 17,400 | 138,852 | ||||||
Drug Delivery Systems — 0.1% |
| |||||||
Catalent, Inc.† | 9,600 | 306,816 | ||||||
E-Commerce/Products — 0.1% |
| |||||||
1-800-flowers.com, Inc., Class A† | 14,600 | 138,846 | ||||||
US Auto Parts Network, Inc.† | 20,000 | 45,000 | ||||||
183,846 | ||||||||
E-Commerce/Services — 0.3% |
| |||||||
Angie’s List, Inc.†# | 5,900 | 36,993 | ||||||
Coupons.com, Inc.†# | 7,790 | 97,297 | ||||||
Etsy, Inc.†# | 9,600 | 160,896 | ||||||
GrubHub, Inc.† | 11,167 | 450,254 | ||||||
United Online, Inc.† | 12,500 | 216,125 | ||||||
Zillow Group, Inc.†# | 300 | 27,417 | ||||||
988,982 | ||||||||
E-Marketing/Info — 0.2% |
| |||||||
Marketo, Inc.†# | 18,700 | 557,821 |
Security Description | Shares | Value (Note 2) | ||||||
E-Marketing/Info (continued) |
| |||||||
QuinStreet, Inc.† | 35,000 | $ | 207,550 | |||||
765,371 | ||||||||
Educational Software — 0.0% |
| |||||||
Rosetta Stone, Inc.† | 14,000 | 106,680 | ||||||
Electric Products - Misc. — 0.0% |
| |||||||
Graham Corp. | 5,800 | 128,934 | ||||||
Electric - Integrated — 0.4% |
| |||||||
Cleco Corp. | 2,900 | 157,325 | ||||||
El Paso Electric Co. | 9,900 | 360,063 | ||||||
NorthWestern Corp. | 4,000 | 208,080 | ||||||
PNM Resources, Inc. | 26,800 | 712,612 | ||||||
1,438,080 | ||||||||
Electronic Components - Misc. — 0.3% |
| |||||||
Bel Fuse, Inc., Class B | 6,000 | 134,400 | ||||||
CTS Corp. | 12,400 | 233,740 | ||||||
Gentex Corp. | 10,200 | 175,236 | ||||||
Viasystems Group, Inc.† | 11,000 | 200,970 | ||||||
Vishay Precision Group, Inc.† | 8,800 | 116,160 | ||||||
ZAGG, Inc.† | 15,898 | 148,010 | ||||||
1,008,516 | ||||||||
Electronic Components - Semiconductors — 2.2% |
| |||||||
Cavium, Inc.† | 3,500 | 246,295 | ||||||
Diodes, Inc.† | 4,150 | 109,892 | ||||||
Fairchild Semiconductor International, Inc.† | 108,292 | 2,157,177 | ||||||
GigOptix, Inc.† | 50,000 | 74,000 | ||||||
GSI Technology, Inc.†# | 19,800 | 99,990 | ||||||
Intersil Corp., Class A | 134,919 | 1,821,406 | ||||||
InvenSense, Inc.†# | 10,100 | 143,016 | ||||||
Kopin Corp.† | 13,500 | 46,980 | ||||||
Microsemi Corp.† | 61,608 | 2,241,915 | ||||||
Pixelworks, Inc.†# | 22,000 | 109,560 | ||||||
PMC-Sierra, Inc.† | 34,100 | 309,628 | ||||||
Semtech Corp.† | 17,300 | 369,528 | ||||||
Silicon Laboratories, Inc.† | 4,000 | 221,760 | ||||||
7,951,147 | ||||||||
Electronic Design Automation — 0.7% |
| |||||||
Cadence Design Systems, Inc.† | 125,685 | 2,487,306 | ||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
CyberOptics Corp.† | 18,900 | 197,883 | ||||||
ESCO Technologies, Inc. | 12,400 | 462,520 | ||||||
FARO Technologies, Inc.† | 5,500 | 239,965 | ||||||
National Instruments Corp. | 9,200 | 275,172 | ||||||
1,175,540 | ||||||||
Electronic Parts Distribution — 0.6% |
| |||||||
Tech Data Corp.† | 32,245 | 2,035,304 | ||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science & Engineering, Inc. | 5,400 | 211,302 | ||||||
Vicon Industries, Inc.# | 14,000 | 21,700 | ||||||
233,002 | ||||||||
Electronics - Military — 0.0% |
| |||||||
M/A-COM Technology Solutions Holdings, Inc.† | 4,100 | 156,456 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Aemetis, Inc.†# | 17,800 | 77,964 | ||||||
Amyris, Inc.†# | 50,800 | 101,092 | ||||||
REX American Resources Corp.† | 2,100 | 134,127 | ||||||
313,183 | ||||||||
202 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Engineering/R&D Services — 0.1% |
| |||||||
VSE Corp. | 3,700 | $ | 230,991 | |||||
Enterprise Software/Service — 1.4% |
| |||||||
American Software, Inc., Class A | 11,600 | 101,964 | ||||||
Guidewire Software, Inc.† | 14,400 | 697,680 | ||||||
MicroStrategy, Inc., Class A† | 14,662 | 2,580,219 | ||||||
Proofpoint, Inc.† | 10,100 | 597,213 | ||||||
PROS Holdings, Inc.† | 3,900 | 75,075 | ||||||
Qlik Technologies, Inc.† | 4,700 | 169,999 | ||||||
SciQuest, Inc.† | 58,200 | 888,132 | ||||||
5,110,282 | ||||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
TRC Cos., Inc.† | 8,712 | 89,385 | ||||||
Environmental Monitoring & Detection — 0.2% |
| |||||||
MSA Safety, Inc. | 13,700 | 612,390 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
CLARCOR, Inc. | 6,000 | 369,660 | ||||||
Finance - Consumer Loans — 0.0% |
| |||||||
Asta Funding, Inc.† | 13,200 | 109,296 | ||||||
Finance - Investment Banker/Broker — 1.8% |
| |||||||
E*TRADE Financial Corp.† | 138,560 | 4,081,978 | ||||||
Evercore Partners, Inc., Class A | 36,133 | 1,841,699 | ||||||
FBR & Co.† | 5,750 | 121,727 | ||||||
JMP Group, Inc. | 16,300 | 121,761 | ||||||
Piper Jaffray Cos.† | 1,900 | 90,098 | ||||||
6,257,263 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
California First National Bancorp | 6,000 | 81,360 | ||||||
Marlin Business Services Corp. | 7,500 | 134,025 | ||||||
215,385 | ||||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
PennyMac Financial Services, Inc., Class A† | 4,700 | 88,125 | ||||||
Finance - Other Services — 0.0% |
| |||||||
Higher One Holdings, Inc.† | 20,300 | 57,652 | ||||||
Financial Guarantee Insurance — 0.4% |
| |||||||
Assured Guaranty, Ltd. | 24,577 | 702,656 | ||||||
MGIC Investment Corp.†# | 11,400 | 123,690 | ||||||
Radian Group, Inc.# | 28,800 | 516,096 | ||||||
1,342,442 | ||||||||
Food - Canned — 0.6% |
| |||||||
Seneca Foods Corp., Class B† | 200 | 6,788 | ||||||
TreeHouse Foods, Inc.† | 31,861 | 2,272,645 | ||||||
2,279,433 | ||||||||
Food - Flour & Grain — 0.1% |
| |||||||
Post Holdings, Inc.†# | 8,700 | 376,362 | ||||||
Food - Misc./Diversified — 1.0% |
| |||||||
Inventure Foods, Inc.† | 17,900 | 170,050 | ||||||
Pinnacle Foods, Inc. | 79,216 | 3,338,954 | ||||||
Senomyx, Inc.†# | 30,400 | 172,368 | ||||||
3,681,372 | ||||||||
Food - Retail — 0.1% |
| |||||||
Fresh Market, Inc.†# | 11,200 | 355,600 | ||||||
Food - Wholesale/Distribution — 0.0% |
| |||||||
AMCON Distributing Co. | 500 | 40,400 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Wolverine World Wide, Inc. | 13,900 | $ | 408,382 | |||||
Funeral Services & Related Items — 0.1% |
| |||||||
Matthews International Corp., Class A | 5,100 | 253,215 | ||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Dover Downs Gaming & Entertainment, Inc.† | 43,334 | 48,967 | ||||||
Isle of Capri Casinos, Inc.† | 18,000 | 255,780 | ||||||
Lakes Entertainment, Inc.† | 15,200 | 133,608 | ||||||
438,355 | ||||||||
Garden Products — 0.2% |
| |||||||
Toro Co. | 11,500 | 786,485 | ||||||
Gas - Distribution — 0.7% |
| |||||||
Chesapeake Utilities Corp. | 3,800 | 199,994 | ||||||
Delta Natural Gas Co., Inc. | 3,800 | 78,356 | ||||||
Gas Natural, Inc. | 13,000 | 130,000 | ||||||
ONE Gas, Inc. | 5,900 | 261,547 | ||||||
Southwest Gas Corp. | 10,000 | 544,600 | ||||||
UGI Corp. | 32,083 | 1,199,904 | ||||||
2,414,401 | ||||||||
Gold Mining — 0.2% |
| |||||||
Franco-Nevada Corp. | 5,700 | 293,159 | ||||||
New Gold, Inc. | 71,600 | 232,602 | ||||||
Osisko Gold Royalties, Ltd. | 14,600 | 211,674 | ||||||
737,435 | ||||||||
Health Care Cost Containment — 0.0% |
| |||||||
HealthEquity, Inc.† | 1,100 | 29,161 | ||||||
Healthcare Safety Devices — 0.1% |
| |||||||
Alpha PRO Tech, Ltd.†# | 30,000 | 71,400 | ||||||
Harvard Apparatus Regenerative Technology, Inc.† | 7,500 | 13,800 | ||||||
Unilife Corp.†# | 35,000 | 85,925 | ||||||
171,125 | ||||||||
Heart Monitors — 0.1% |
| |||||||
HeartWare International, Inc.† | 2,700 | 199,179 | ||||||
Home Furnishings — 0.6% |
| |||||||
Hooker Furniture Corp. | 9,100 | 229,957 | ||||||
La-Z-Boy, Inc. | 68,974 | 1,829,880 | ||||||
2,059,837 | ||||||||
Hotels/Motels — 0.0% |
| |||||||
Morgans Hotel Group Co.† | 19,000 | 130,340 | ||||||
Housewares — 0.0% |
| |||||||
Lifetime Brands, Inc. | 8,000 | 116,240 | ||||||
Human Resources — 0.9% |
| |||||||
Cross Country Healthcare, Inc.† | 20,000 | 212,400 | ||||||
Kforce, Inc. | 7,000 | 154,070 | ||||||
Team Health Holdings, Inc.† | 39,980 | 2,338,030 | ||||||
TriNet Group, Inc.† | 11,100 | 332,223 | ||||||
3,036,723 | ||||||||
Independent Power Producers — 0.1% |
| |||||||
Dynegy, Inc.† | 2,600 | 84,084 | ||||||
NRG Yield, Inc., Class A# | 3,200 | 84,800 | ||||||
NRG Yield, Inc., Class C# | 3,200 | 86,624 | ||||||
255,508 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Ballantyne Strong, Inc.† | 14,000 | 65,240 | ||||||
Iteris, Inc.† | 76,210 | 135,654 | ||||||
200,894 | ||||||||
203 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Hurco Cos., Inc. | 5,000 | $ | 167,150 | |||||
Instruments - Controls — 0.7% |
| |||||||
Allied Motion Technologies, Inc. | 14,000 | 437,920 | ||||||
Control4 Corp.†# | 6,400 | 58,240 | ||||||
Frequency Electronics, Inc.† | 10,000 | 129,000 | ||||||
Watts Water Technologies, Inc., Class A | 32,821 | 1,743,780 | ||||||
Woodward, Inc. | 1,250 | 63,675 | ||||||
2,432,615 | ||||||||
Insurance - Life/Health — 0.6% |
| |||||||
Independence Holding Co. | 10,460 | 122,801 | ||||||
StanCorp Financial Group, Inc. | 28,238 | 2,095,824 | ||||||
2,218,625 | ||||||||
Insurance - Multi-line — 0.6% |
| |||||||
American Financial Group, Inc. | 32,123 | 2,039,811 | ||||||
Kemper Corp. | 6,300 | 225,477 | ||||||
2,265,288 | ||||||||
Insurance - Property/Casualty — 0.9% |
| |||||||
Enstar Group, Ltd.† | 1,800 | 272,916 | ||||||
Hallmark Financial Services, Inc.† | 13,000 | 144,300 | ||||||
HCC Insurance Holdings, Inc. | 10,400 | 594,672 | ||||||
Infinity Property & Casualty Corp. | 10,000 | 723,500 | ||||||
RLI Corp. | 8,400 | 408,828 | ||||||
Safety Insurance Group, Inc. | 3,700 | 206,460 | ||||||
Selective Insurance Group, Inc. | 21,200 | 574,732 | ||||||
State Auto Financial Corp. | 9,850 | 209,313 | ||||||
3,134,721 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Essent Group, Ltd.† | 3,800 | 96,938 | ||||||
Internet Application Software — 0.1% |
| |||||||
Lionbridge Technologies, Inc.† | 36,800 | 203,136 | ||||||
Internet Connectivity Services — 0.0% |
| |||||||
PC-Tel, Inc. | 21,200 | 156,880 | ||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Pandora Media, Inc.† | 14,400 | 268,848 | ||||||
Internet Content - Information/News — 0.1% |
| |||||||
Reis, Inc. | 8,000 | 173,760 | ||||||
Internet Financial Services — 0.0% |
| |||||||
TheStreet, Inc. | 48,200 | 93,990 | ||||||
Internet Incubators — 0.0% |
| |||||||
HomeAway, Inc.† | 5,000 | 140,350 | ||||||
ModusLink Global Solutions, Inc.† | 5,000 | 17,250 | ||||||
157,600 | ||||||||
Internet Infrastructure Software — 0.1% |
| |||||||
Support.com, Inc.† | 56,500 | 81,360 | ||||||
Survey Monkey, Inc.†(2)(7)(8) | 5,062 | 83,143 | ||||||
Unwired Planet, Inc.† | 65,400 | 43,962 | ||||||
208,465 | ||||||||
Internet Security — 0.1% |
| |||||||
iPass, Inc.†# | 49,900 | 52,894 | ||||||
Zix Corp.† | 41,500 | 190,485 | ||||||
243,379 | ||||||||
Internet Telephone — 0.1% |
| |||||||
RingCentral, Inc.† | 17,000 | 290,530 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Investment Companies — 0.0% |
| |||||||
KCAP Financial, Inc.# | 16,700 | $ | 101,703 | |||||
Investment Management/Advisor Services — 1.5% |
| |||||||
Artisan Partners Asset Management, Inc., Class A | 1,300 | 57,343 | ||||||
Calamos Asset Management, Inc., Class A | 14,000 | 171,500 | ||||||
Cohen & Steers, Inc.# | 8,800 | 330,000 | ||||||
Financial Engines, Inc.# | 15,400 | 660,660 | ||||||
Janus Capital Group, Inc. | 180,502 | 3,276,111 | ||||||
Manning & Napier, Inc. | 8,400 | 92,904 | ||||||
Pzena Investment Management, Inc., Class A | 2,100 | 18,606 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 10,000 | 130,000 | ||||||
Waddell & Reed Financial, Inc., Class A | 11,600 | 554,248 | ||||||
5,291,372 | ||||||||
Leisure Products — 0.1% |
| |||||||
Escalade, Inc. | 5,200 | 95,056 | ||||||
Johnson Outdoors, Inc., Class A | 7,200 | 172,584 | ||||||
267,640 | ||||||||
Linen Supply & Related Items — 0.1% |
| |||||||
G&K Services, Inc., Class A | 2,600 | 181,168 | ||||||
Machine Tools & Related Products — 0.0% |
| |||||||
Hardinge, Inc. | 11,000 | 117,700 | ||||||
Machinery - Farming — 0.0% |
| |||||||
Alamo Group, Inc. | 2,900 | 153,613 | ||||||
Machinery - General Industrial — 1.0% |
| |||||||
Albany International Corp., Class A | 67,119 | 2,656,570 | ||||||
Chart Industries, Inc.† | 10,600 | 344,076 | ||||||
Manitowoc Co., Inc. | 13,800 | 260,268 | ||||||
Xerium Technologies, Inc.† | 15,000 | 256,500 | ||||||
3,517,414 | ||||||||
Machinery - Pumps — 0.2% |
| |||||||
Graco, Inc. | 8,400 | 609,756 | ||||||
Machinery - Thermal Process — 0.0% |
| |||||||
Global Power Equipment Group, Inc. | 9,800 | 73,304 | ||||||
Medical Imaging Systems — 0.7% |
| |||||||
Analogic Corp. | 27,981 | 2,367,472 | ||||||
Digirad Corp | 25,000 | 100,750 | ||||||
2,468,222 | ||||||||
Medical Instruments — 1.0% |
| |||||||
Bio-Techne Corp. | 21,855 | 2,212,819 | ||||||
Bruker Corp.† | 17,600 | 349,184 | ||||||
Edwards Lifesciences Corp.† | 900 | 117,648 | ||||||
Entellus Medical, Inc.† | 700 | 16,345 | ||||||
Navidea Biopharmaceuticals, Inc.†# | 85,500 | 106,875 | ||||||
Thoratec Corp.† | 11,200 | 508,368 | ||||||
TransEnterix, Inc.†# | 20,000 | 90,200 | ||||||
3,401,439 | ||||||||
Medical Products — 2.9% |
| |||||||
Accuray, Inc.†# | 15,537 | 95,475 | ||||||
Cerus Corp.†# | 35,000 | 174,300 | ||||||
Cooper Cos., Inc. | 600 | 109,062 | ||||||
Globus Medical, Inc., Class A† | 81,810 | 2,122,151 | ||||||
Haemonetics Corp.† | 35,342 | 1,460,331 | ||||||
Halyard Health Inc† | 14,300 | 592,306 | ||||||
Hill-Rom Holdings, Inc. | 44,387 | 2,288,594 | ||||||
K2M Group Holdings, Inc.† | 18,300 | 478,362 | ||||||
Medgenics, Inc.†# | 19,000 | 143,450 | ||||||
NanoString Technologies, Inc.† | 9,000 | 126,360 | ||||||
Span-America Medical Systems, Inc. | 3,100 | 57,443 |
204 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products (continued) |
| |||||||
Tornier NV† | 12,700 | $ | 337,566 | |||||
TriVascular Technologies, Inc.†# | 17,500 | 95,375 | ||||||
Wright Medical Group, Inc.† | 74,849 | 2,050,863 | ||||||
10,131,638 | ||||||||
Medical Sterilization Products — 0.2% |
| |||||||
STERIS Corp. | 11,700 | 781,911 | ||||||
Medical - Biomedical/Gene — 3.1% |
| |||||||
Acceleron Pharma, Inc.† | 4,600 | 155,158 | ||||||
AMAG Pharmaceuticals, Inc.†# | 46,365 | 3,226,077 | ||||||
ArQule, Inc.† | 55,000 | 99,550 | ||||||
BioMarin Pharmaceutical, Inc.† | 1,700 | 213,469 | ||||||
Biota Pharmaceuticals, Inc.† | 34,600 | 76,120 | ||||||
Charles River Laboratories International, Inc.† | 27,361 | 1,979,295 | ||||||
Curis, Inc.†# | 48,225 | 162,518 | ||||||
Endocyte, Inc.†# | 16,000 | 97,120 | ||||||
Enzo Biochem, Inc.† | 33,500 | 81,405 | ||||||
Exelixis, Inc.†# | 22,900 | 72,135 | ||||||
Fibrocell Science, Inc.†# | 33,100 | 152,922 | ||||||
Five Prime Therapeutics, Inc.† | 5,000 | 128,200 | ||||||
Harvard Bioscience, Inc.† | 30,000 | 168,000 | ||||||
Incyte Corp.† | 19,100 | 2,103,865 | ||||||
Insmed, Inc.† | 9,400 | 206,236 | ||||||
Isis Pharmaceuticals, Inc.†# | 8,100 | 545,292 | ||||||
Medicines Co.† | 9,400 | 266,584 | ||||||
Onconova Therapeutics, Inc.†# | 12,000 | 32,520 | ||||||
Oncothyreon, Inc.†# | 84,000 | 287,280 | ||||||
PharmAthene, Inc.†# | 68,300 | 116,793 | ||||||
Protalix BioTherapeutics, Inc.†# | 22,016 | 42,711 | ||||||
pSivida Corp.†# | 32,000 | 125,760 | ||||||
Retrophin, Inc.† | 7,000 | 221,480 | ||||||
Rigel Pharmaceuticals, Inc.† | 40,000 | 139,600 | ||||||
Seattle Genetics, Inc.†# | 5,200 | 224,068 | ||||||
Theravance Biopharma, Inc.†# | 400 | 5,580 | ||||||
Theravance, Inc.# | 1,400 | 23,660 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 500 | 43,500 | ||||||
10,996,898 | ||||||||
Medical - Drugs — 1.2% |
| |||||||
Achaogen, Inc.†# | 10,000 | 59,200 | ||||||
Alimera Sciences, Inc.†# | 25,025 | 105,856 | ||||||
Alkermes PLC† | 13,700 | 837,070 | ||||||
BioSpecifics Technologies Corp.† | 5,200 | 247,728 | ||||||
Chimerix, Inc.† | 3,400 | 142,290 | ||||||
CoLucid Pharmaceuticals, Inc.† | 2,100 | 18,228 | ||||||
Conatus Pharmaceuticals, Inc.† | 9,500 | 51,775 | ||||||
Cumberland Pharmaceuticals, Inc.† | 12,800 | 86,528 | ||||||
Cytori Therapeutics, Inc.†# | 17,000 | 11,239 | ||||||
NanoViricides, Inc.†# | 43,000 | 66,650 | ||||||
Ophthotech Corp.† | 1,400 | 70,028 | ||||||
Pacira Pharmaceuticals, Inc.† | 11,800 | 922,878 | ||||||
Pain Therapeutics, Inc.† | 40,000 | 78,800 | ||||||
POZEN, Inc.† | 15,600 | 100,620 | ||||||
Progenics Pharmaceuticals, Inc.† | 36,800 | 207,184 | ||||||
Relypsa, Inc.† | 2,800 | 103,012 | ||||||
Synergy Pharmaceuticals, Inc.†# | 35,000 | 150,500 | ||||||
Targacept, Inc.†# | 35,000 | 96,600 | ||||||
TESARO, Inc.† | 3,600 | 211,536 | ||||||
Trevena, Inc.† | 20,000 | 139,200 | ||||||
XenoPort, Inc.† | 25,000 | 149,000 | ||||||
Zogenix, Inc.†# | 93,700 | 159,290 | ||||||
ZS Pharma Inc†# | 1,200 | 70,200 | ||||||
�� | 4,085,412 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Generic Drugs — 1.0% |
| |||||||
Impax Laboratories, Inc.† | 74,261 | $ | 3,491,010 | |||||
Medical - HMO — 0.5% |
| |||||||
Centene Corp.† | 11,200 | 843,808 | ||||||
Universal American Corp.† | 6,800 | 69,768 | ||||||
WellCare Health Plans, Inc.† | 9,000 | 771,030 | ||||||
1,684,606 | ||||||||
Medical - Hospitals — 1.6% |
| |||||||
Acadia Healthcare Co., Inc.† | 12,300 | 911,922 | ||||||
Adeptus Health, Inc., Class A†# | 3,300 | 231,165 | ||||||
Community Health Systems, Inc.† | 34,042 | 1,882,863 | ||||||
LifePoint Hospitals, Inc.† | 35,692 | 2,687,251 | ||||||
5,713,201 | ||||||||
Metal Processors & Fabrication — 1.5% |
| |||||||
Ampco-Pittsburgh Corp. | 6,500 | 107,250 | ||||||
Dynamic Materials Corp. | 8,100 | 89,910 | ||||||
Haynes International, Inc. | 46,634 | 2,198,793 | ||||||
RBC Bearings, Inc.† | 8,800 | 616,704 | ||||||
Rexnord Corp.† | 85,942 | 2,201,834 | ||||||
Sun Hydraulics Corp. | 6,600 | 246,708 | ||||||
5,461,199 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
Olympic Steel, Inc. | 5,500 | 96,470 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Constellium NV, Class A† | 22,300 | 303,726 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Luxfer Holdings PLC ADR | 15,500 | 188,170 | ||||||
Miscellaneous Manufacturing — 0.4% |
| |||||||
Hillenbrand, Inc. | 5,700 | 175,104 | ||||||
John Bean Technologies Corp. | 16,600 | 623,662 | ||||||
TriMas Corp.† | 14,700 | 424,830 | ||||||
1,223,596 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
RadNet, Inc.† | 18,000 | 117,180 | ||||||
Networking Products — 0.1% |
| |||||||
Ixia† | 14,200 | 178,636 | ||||||
NeoPhotonics Corp.† | 22,000 | 182,600 | ||||||
361,236 | ||||||||
Non-Hazardous Waste Disposal — 0.8% |
| |||||||
Casella Waste Systems, Inc., Class A† | 32,900 | 180,950 | ||||||
Waste Connections, Inc. | 54,788 | 2,658,862 | ||||||
2,839,812 | ||||||||
Office Automation & Equipment — 0.5% |
| |||||||
Pitney Bowes, Inc. | 82,535 | 1,803,390 | ||||||
Office Furnishings - Original — 0.1% |
| |||||||
Knoll, Inc. | 21,000 | 477,960 | ||||||
Oil & Gas Drilling — 0.5% |
| |||||||
Parsley Energy, Inc., Class A† | 11,900 | 208,131 | ||||||
Precision Drilling Corp. | 229,953 | 1,519,989 | ||||||
1,728,120 | ||||||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
Approach Resources, Inc.†# | 28,300 | 198,383 | ||||||
Bonanza Creek Energy, Inc.† | 5,100 | 105,978 | ||||||
Callon Petroleum Co.† | 13,100 | 102,966 | ||||||
Diamondback Energy, Inc.† | 8,800 | 684,728 | ||||||
Eclipse Resources Corp†# | 12,200 | 76,860 |
205 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Escalera Resources Co.†# | 11,000 | $ | 3,078 | |||||
Evolution Petroleum Corp. | 10,600 | 73,140 | ||||||
FieldPoint Petroleum Corp.† | 31,900 | 69,223 | ||||||
FX Energy, Inc.†# | 15,000 | 13,951 | ||||||
Gastar Exploration, Inc.† | 60,000 | 183,000 | ||||||
Goodrich Petroleum Corp.† | 55,000 | 151,250 | ||||||
Jones Energy, Inc., Class A† | 15,000 | 145,650 | ||||||
Matador Resources Co.† | 22,400 | 616,896 | ||||||
Miller Energy Resources, Inc.†# | 23,400 | 13,195 | ||||||
Oasis Petroleum, Inc.†# | 17,300 | 293,754 | ||||||
Panhandle Oil and Gas, Inc., Class A | 5,000 | 101,050 | ||||||
PetroQuest Energy, Inc.† | 41,000 | 70,930 | ||||||
PostRock Energy Corp.†# | 2,460 | 7,774 | ||||||
Rex Energy Corp.†# | 30,000 | 150,600 | ||||||
Rice Energy, Inc.†# | 5,800 | 127,194 | ||||||
Rosetta Resources, Inc.† | 13,100 | 306,016 | ||||||
RSP Permian, Inc.† | 3,000 | 85,440 | ||||||
Seventy Seven Energy, Inc.† | 33,900 | 200,010 | ||||||
Swift Energy Co.†# | 35,000 | 74,200 | ||||||
Ultra Petroleum Corp.†# | 78,411 | 1,090,697 | ||||||
VAALCO Energy, Inc.† | 30,000 | 66,900 | ||||||
Warren Resources, Inc.†# | 34,500 | 24,153 | ||||||
Yuma Energy, Inc.† | 5,411 | 4,329 | ||||||
5,041,345 | ||||||||
Oil Field Machinery & Equipment — 0.8% |
| |||||||
Flotek Industries, Inc.† | 14,100 | 162,009 | ||||||
Forum Energy Technologies, Inc.† | 107,277 | 2,224,925 | ||||||
Gulf Island Fabrication, Inc. | 16,400 | 184,664 | ||||||
Mitcham Industries, Inc.† | 22,400 | 92,960 | ||||||
Natural Gas Services Group, Inc.† | 7,400 | 178,710 | ||||||
Thermon Group Holdings, Inc.† | 6,300 | 143,073 | ||||||
2,986,341 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Adams Resources & Energy, Inc. | 214 | 9,181 | ||||||
Trecora Resources† | 14,000 | 192,360 | ||||||
201,541 | ||||||||
Oil - Field Services — 0.8% |
| |||||||
Enservco Corp.†# | 19,000 | 29,450 | ||||||
Forbes Energy Services, Ltd.†# | 17,200 | 23,908 | ||||||
Helix Energy Solutions Group, Inc.† | 72,391 | 1,134,367 | ||||||
Independence Contract Drilling, Inc.† | 13,600 | 99,824 | ||||||
Key Energy Services, Inc.† | 111,000 | 249,750 | ||||||
Newpark Resources, Inc.† | 16,400 | 139,072 | ||||||
RPC, Inc.# | 13,500 | 195,210 | ||||||
SEACOR Holdings, Inc.† | 9,400 | 659,128 | ||||||
Tesco Corp. | 17,100 | 205,542 | ||||||
TETRA Technologies, Inc.† | 6,100 | 38,369 | ||||||
2,774,620 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp.†# | 3,100 | 95,759 | ||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 7,300 | 438,073 | ||||||
Schweitzer-Mauduit International, Inc. | 5,700 | 230,052 | ||||||
668,125 | ||||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
Insulet Corp.† | 2,400 | 67,848 | ||||||
Masimo Corp.† | 500 | 17,550 | ||||||
85,398 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Pharmacy Services — 0.1% |
| |||||||
Diplomat Pharmacy, Inc.† | 5,400 | $ | 208,710 | |||||
Liberator Medical Holdings, Inc.# | 35,000 | 91,700 | ||||||
300,410 | ||||||||
Physicians Practice Management — 0.0% |
| |||||||
Healthways, Inc.† | 3,900 | 59,124 | ||||||
Pipelines — 1.0% |
| |||||||
Primoris Services Corp. | 69,767 | 1,309,527 | ||||||
SemGroup Corp., Class A | 26,017 | 2,047,538 | ||||||
3,357,065 | ||||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Advanced Energy Industries, Inc.† | 6,500 | 185,380 | ||||||
PowerSecure International, Inc.† | 15,000 | 223,350 | ||||||
408,730 | ||||||||
Printing - Commercial — 0.2% |
| |||||||
ARC Document Solutions, Inc.† | 9,800 | 73,402 | ||||||
Multi-Color Corp. | 10,050 | 643,702 | ||||||
RR Donnelley & Sons Co. | 916 | 17,569 | ||||||
734,673 | ||||||||
Publishing - Books — 0.1% |
| |||||||
Courier Corp.# | 7,700 | 190,960 | ||||||
Scholastic Corp. | 6,749 | 299,993 | ||||||
490,953 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
AH Belo Corp., Class A | 18,221 | 105,864 | ||||||
Lee Enterprises, Inc.†# | 34,500 | 103,845 | ||||||
209,709 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc. | 4,200 | 361,872 | ||||||
Radio — 0.0% |
| |||||||
Emmis Communications Corp., Class A† | 58,600 | 72,078 | ||||||
Salem Media Group, Inc., Class A | 10,000 | 47,000 | ||||||
119,078 | ||||||||
Real Estate Investment Trusts — 2.9% |
| |||||||
Acadia Realty Trust | 6,800 | 210,936 | ||||||
Associated Estates Realty Corp. | 14,100 | 403,119 | ||||||
CatchMark Timber Trust, Inc., Class A | 14,800 | 176,120 | ||||||
CBL & Associates Properties, Inc. | 22,200 | 391,830 | ||||||
Chesapeake Lodging Trust | 10,600 | 329,342 | ||||||
Colony Financial, Inc. | 5,300 | 135,998 | ||||||
Corporate Office Properties Trust | 14,000 | 359,380 | ||||||
Cousins Properties, Inc. | 198,100 | 1,911,665 | ||||||
DiamondRock Hospitality Co. | 30,808 | 405,741 | ||||||
EastGroup Properties, Inc. | 9,800 | 545,174 | ||||||
Equity One, Inc. | 12,800 | 317,184 | ||||||
First Potomac Realty Trust | 11,300 | 114,130 | ||||||
GEO Group, Inc. | 47,998 | 1,820,564 | ||||||
LaSalle Hotel Properties | 49,340 | 1,798,937 | ||||||
Outfront Media, Inc. | 6,593 | 182,692 | ||||||
PS Business Parks, Inc. | 8,800 | 643,280 | ||||||
Retail Opportunity Investments Corp. | 8,400 | 137,172 | ||||||
Urstadt Biddle Properties, Inc., Class A | 10,500 | 211,260 | ||||||
10,094,524 | ||||||||
Real Estate Management/Services — 1.4% |
| |||||||
Jones Lang LaSalle, Inc. | 15,694 | 2,718,672 | ||||||
Kennedy-Wilson Holdings, Inc. | 78,044 | 1,995,585 |
206 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Management/Services (continued) |
| |||||||
RE/MAX Holdings, Inc., Class A | 2,700 | $ | 90,315 | |||||
4,804,572 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
Alexander & Baldwin, Inc. | 5,700 | 234,099 | ||||||
Consolidated-Tomoka Land Co.# | 3,100 | 172,329 | ||||||
Forestar Group, Inc.† | 8,900 | 118,815 | ||||||
St. Joe Co.†# | 10,400 | 165,672 | ||||||
690,915 | ||||||||
Recreational Vehicles — 0.4% |
| |||||||
Brunswick Corp. | 29,100 | 1,485,264 | ||||||
Recycling — 0.0% |
| |||||||
Metalico, Inc.†# | 31,700 | 10,553 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
Electro Rent Corp. | 5,600 | 57,512 | ||||||
Retail - Apparel/Shoe — 0.6% |
| |||||||
American Eagle Outfitters, Inc. | 22,200 | 363,414 | ||||||
Burlington Stores, Inc.† | 3,700 | 195,249 | ||||||
Chico’s FAS, Inc. | 34,900 | 579,689 | ||||||
Christopher & Banks Corp.† | 30,100 | 172,774 | ||||||
Destination Maternity Corp. | 7,800 | 85,722 | ||||||
Destination XL Group, Inc.† | 30,000 | 145,500 | ||||||
Express, Inc.† | 24,100 | 425,124 | ||||||
Francesca’s Holdings Corp.† | 12,000 | 188,040 | ||||||
Pacific Sunwear of California, Inc.† | 37,200 | 57,660 | ||||||
2,213,172 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
hhgregg, Inc.†# | 19,500 | 75,075 | ||||||
Retail - Arts & Crafts — 0.7% |
| |||||||
Michaels Cos., Inc.† | 95,735 | 2,619,310 | ||||||
Retail - Automobile — 0.6% |
| |||||||
Penske Automotive Group, Inc. | 40,776 | 2,104,449 | ||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Mall, Inc.† | 13,544 | 131,241 | ||||||
Retail - Discount — 0.2% |
| |||||||
HSN, Inc. | 6,200 | 416,082 | ||||||
Tuesday Morning Corp.† | 16,600 | 212,812 | ||||||
628,894 | ||||||||
Retail - Home Furnishings — 0.5% |
| |||||||
Pier 1 Imports, Inc. | 96,521 | 1,226,782 | ||||||
Restoration Hardware Holdings, Inc.† | 6,600 | 600,336 | ||||||
1,827,118 | ||||||||
Retail - Leisure Products — 0.1% |
| |||||||
West Marine, Inc.† | 17,232 | 164,049 | ||||||
Retail - Misc./Diversified — 0.1% |
| |||||||
Five Below, Inc.† | 5,300 | 176,225 | ||||||
Gaiam, Inc., Class A† | 17,400 | 114,492 | ||||||
290,717 | ||||||||
Retail - Restaurants — 4.5% |
| |||||||
BJ’s Restaurants, Inc.† | 5,600 | 256,368 | ||||||
Bloomin’ Brands, Inc. | 24,300 | 545,778 | ||||||
Bojangles’, Inc.† | 1,600 | 44,032 | ||||||
Bravo Brio Restaurant Group, Inc.† | 11,500 | 154,100 | ||||||
Brinker International, Inc. | 45,335 | 2,501,585 | ||||||
Carrols Restaurant Group, Inc.† | 7,500 | 75,150 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Restaurants (continued) |
| |||||||
Cheesecake Factory, Inc. | 6,900 | $ | 355,833 | |||||
Cracker Barrel Old Country Store, Inc.# | 14,868 | 2,097,578 | ||||||
Denny’s Corp.† | 36,300 | 378,609 | ||||||
Famous Dave’s of America, Inc.†# | 6,800 | 141,508 | ||||||
Jack in the Box, Inc. | 5,500 | 477,455 | ||||||
Jamba, Inc.†# | 520 | 7,961 | ||||||
Krispy Kreme Doughnuts, Inc.† | 25,000 | 434,750 | ||||||
Luby’s, Inc.† | 25,000 | 129,750 | ||||||
Papa John’s International, Inc. | 39,452 | 2,710,747 | ||||||
Red Robin Gourmet Burgers, Inc.† | 32,770 | 2,732,690 | ||||||
Shake Shack, Inc.†# | 600 | 49,686 | ||||||
Sonic Corp. | 92,942 | 2,801,272 | ||||||
15,894,852 | ||||||||
Retail - Sporting Goods — 0.2% |
| |||||||
Hibbett Sports, Inc.†# | 3,200 | 148,960 | ||||||
Zumiez, Inc.† | 13,500 | 403,110 | ||||||
552,070 | ||||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 8,000 | 128,720 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.4% |
| |||||||
GNC Holdings, Inc., Class A | 34,683 | 1,544,781 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Five Star Quality Care, Inc.† | 24,000 | 111,120 | ||||||
Rubber/Plastic Products — 0.0% |
| |||||||
Proto Labs, Inc.†# | 600 | 41,508 | ||||||
Satellite Telecom — 0.7% |
| |||||||
Iridium Communications, Inc.†# | 226,218 | 2,341,356 | ||||||
Savings & Loans/Thrifts — 1.0% |
| |||||||
Banc of California, Inc.# | 10,000 | 129,700 | ||||||
Beneficial Bancorp, Inc.† | 25,200 | 308,700 | ||||||
Berkshire Hills Bancorp, Inc. | 6,075 | 166,577 | ||||||
Capitol Federal Financial, Inc. | 41,940 | 507,474 | ||||||
Clifton Bancorp, Inc. | 8,100 | 112,671 | ||||||
ESSA Bancorp, Inc. | 9,000 | 114,930 | ||||||
First Defiance Financial Corp. | 5,800 | 204,740 | ||||||
First Niagara Financial Group, Inc. | 57,100 | 508,761 | ||||||
Fox Chase Bancorp, Inc. | 5,000 | 81,250 | ||||||
Home Bancorp, Inc. | 6,600 | 146,982 | ||||||
Lake Shore Bancorp, Inc. | 10,000 | 136,500 | ||||||
Louisiana Bancorp, Inc. | 5,700 | 119,643 | ||||||
Meridian Bancorp, Inc.† | 14,100 | 181,044 | ||||||
Meta Financial Group, Inc. | 5,200 | 208,676 | ||||||
Naugatuck Valley Financial Corp.† | 9,500 | 88,825 | ||||||
Oneida Financial Corp. | 6,000 | 119,160 | ||||||
Pacific Premier Bancorp, Inc.† | 6,000 | 94,500 | ||||||
Territorial Bancorp, Inc. | 4,000 | 92,240 | ||||||
United Community Financial Corp. | 26,500 | 144,425 | ||||||
Westfield Financial, Inc. | 16,000 | 118,560 | ||||||
3,585,358 | ||||||||
Schools — 0.1% |
| |||||||
American Public Education, Inc.† | 1,200 | 29,004 | ||||||
Learning Tree International, Inc.† | 14,700 | 21,609 | ||||||
Lincoln Educational Services Corp.# | 20,000 | 49,600 | ||||||
Universal Technical Institute, Inc. | 15,500 | 130,200 | ||||||
230,413 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Dawson Geophysical Co.† | 15,664 | 84,742 | ||||||
207 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Pericom Semiconductor Corp. | 7,000 | $ | 91,630 | |||||
Power Integrations, Inc. | 32,642 | 1,656,908 | ||||||
1,748,538 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Cascade Microtech, Inc.† | 15,400 | 246,554 | ||||||
Entegris, Inc.† | 149,123 | 2,077,283 | ||||||
Mattson Technology, Inc.† | 34,500 | 134,550 | ||||||
Ultra Clean Holdings, Inc.† | 14,700 | 95,109 | ||||||
Veeco Instruments, Inc.† | 8,800 | 266,464 | ||||||
2,819,960 | ||||||||
Soap & Cleaning Preparation — 0.0% |
| |||||||
Wausau Paper Corp. | 12,300 | 120,294 | ||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Mueller Water Products, Inc., Class A | 31,000 | 285,820 | ||||||
Valmont Industries, Inc. | 2,300 | 286,235 | ||||||
572,055 | ||||||||
Steel - Producers — 0.1% |
| |||||||
Friedman Industries, Inc. | 10,000 | 67,000 | ||||||
Ryerson Holding Corp†# | 10,400 | 86,320 | ||||||
Worthington Industries, Inc. | 10,400 | 282,984 | ||||||
436,304 | ||||||||
Storage/Warehousing — 0.7% |
| |||||||
Mobile Mini, Inc. | 65,961 | 2,617,333 | ||||||
Telecom Equipment - Fiber Optics — 0.6% |
| |||||||
Ciena Corp.† | 4,500 | 108,540 | ||||||
Finisar Corp.†# | 88,945 | 1,947,895 | ||||||
KVH Industries, Inc.† | 14,357 | 179,032 | ||||||
2,235,467 | ||||||||
Telecom Services — 0.1% |
| |||||||
Allot Communications, Ltd. | 12,000 | 92,400 | ||||||
Consolidated Communications Holdings, Inc. | 1 | 21 | ||||||
Hawaiian Telcom Holdco, Inc.† | 5,000 | 126,550 | ||||||
Premiere Global Services, Inc.† | 3,280 | 33,128 | ||||||
Straight Path Communications, Inc., Class B†# | 5,950 | 171,181 | ||||||
423,280 | ||||||||
Telecommunication Equipment — 0.8% |
| |||||||
ADTRAN, Inc. | 17,600 | 303,072 | ||||||
ARRIS Group, Inc.† | 69,231 | 2,285,315 | ||||||
Aware, Inc. | 14,500 | 61,480 | ||||||
ShoreTel, Inc.† | 20,000 | 137,600 | ||||||
Westell Technologies, Inc., Class A† Class A | 41,700 | 42,951 | ||||||
2,830,418 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Alaska Communications Systems Group, Inc.†# | 77,000 | 186,340 | ||||||
Textile - Apparel — 0.0% |
| |||||||
Cherokee, Inc. | 6,400 | 152,960 | ||||||
Textile - Products — 0.1% |
| |||||||
Culp, Inc. | 5,000 | 131,750 | ||||||
Dixie Group, Inc.†# | 10,000 | 97,000 | ||||||
228,750 | ||||||||
Theaters — 0.0% |
| |||||||
National CineMedia, Inc. | 3,200 | 50,976 | ||||||
Therapeutics — 0.1% |
| |||||||
Akebia Therapeutics, Inc.†# | 11,400 | 89,604 | ||||||
Cara Therapeutics, Inc.† | 14,700 | 139,944 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Therapeutics (continued) |
| |||||||
Egalet Corp.†# | 25,000 | $ | 248,000 | |||||
477,548 | ||||||||
Transactional Software — 0.6% |
| |||||||
Bottomline Technologies de, Inc.† | 77,085 | 2,029,648 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
General Finance Corp.†# | 10,034 | 55,087 | ||||||
Willis Lease Finance Corp.† | 10,000 | 183,000 | ||||||
238,087 | ||||||||
Transport - Marine — 0.6% |
| |||||||
Horizon North Logistics, Inc. | 18,800 | 56,237 | ||||||
Scorpio Tankers, Inc. | 211,855 | 1,932,117 | ||||||
1,988,354 | ||||||||
Transport - Services — 0.1% |
| |||||||
Matson, Inc. | 4,800 | 193,344 | ||||||
Radiant Logistics, Inc.† | 25,000 | 143,750 | ||||||
UTi Worldwide, Inc.†# | 11,100 | 106,782 | ||||||
XPO Logistics, Inc.†# | 1 | 49 | ||||||
443,925 | ||||||||
Transport - Truck — 3.3% |
| |||||||
Celadon Group, Inc. | 93,759 | 2,186,460 | ||||||
Forward Air Corp. | 39,443 | 2,045,909 | ||||||
Heartland Express, Inc. | 85,655 | 1,820,169 | ||||||
Knight Transportation, Inc. | 20,375 | 582,725 | ||||||
Landstar System, Inc. | 35,458 | 2,318,953 | ||||||
Old Dominion Freight Line, Inc.† | 34,537 | 2,348,861 | ||||||
Saia, Inc.† | 7,200 | 294,768 | ||||||
11,597,845 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Nutraceutical International Corp.† | 8,200 | 179,908 | ||||||
Omega Protein Corp.† | 9,000 | 123,750 | ||||||
303,658 | ||||||||
Water — 0.0% |
| |||||||
Artesian Resources Corp., Class A | 7,400 | 157,768 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
Endurance International Group Holdings, Inc.†# | 12,300 | 250,059 | ||||||
Wire & Cable Products — 0.7% |
| |||||||
Belden, Inc. | 25,751 | 2,173,899 | ||||||
Encore Wire Corp. | 3,600 | 157,248 | ||||||
2,331,147 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
CalAmp Corp.†# | 9,300 | 183,582 | ||||||
ID Systems, Inc.† | 22,000 | 144,320 | ||||||
TESSCO Technologies, Inc. | 5,900 | 108,619 | ||||||
436,521 | ||||||||
Total Common Stocks | ||||||||
(cost $265,137,913) | 348,002,307 | |||||||
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 | 204,230 | ||||||
Enterprise Software/Service — 0.0% |
| |||||||
Plex Systems, Inc. | 50,422 | 115,683 | ||||||
208 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) |
| |||||||
Internet Infrastructure Software — 0.0% |
| |||||||
MongoDB, Inc.†(2)(7)(8) | 4,475 | $ | 74,840 | |||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
GeoMet, Inc. 9.60%†(3)(4) | 4,738 | 12,792 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $416,431) | 536,724 | |||||||
WARRANTS — 0.0% |
| |||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
FieldPoint Petroleum Corp. | 31,900 | 6,380 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $265,573,835) | 348,545,411 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.3% |
| |||||||
Registered Investment Companies — 7.1% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(5) | 23,139,822 | 23,139,822 | ||||||
T. Rowe Price Reserve Investment Fund | 2,201,245 | 2,201,245 | ||||||
25,341,067 | ||||||||
Time Deposits — 1.2% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 4,163,000 | 4,163,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $29,504,067) | 29,504,067 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $295,077,902)(6) | 106.7 | % | 378,049,478 | |||||
Liabilities in excess of other assets | (6.7 | ) | (23,755,730 | ) | ||||
NET ASSETS | 100.0 | % | $ | 354,293,748 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $108,631 representing 0.0% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of May 31, 2015. |
(4) | Perpetual maturity — maturity date reflects the next call date. |
(5) | At May 31, 2015, the Fund had loaned securities with a total value of $22,549,683. This was secured by collateral of $23,139,822, which was received in cash and subsequently invested in short-term investments currently valued at $23,139,822 as reported in the portfolio of investments. Additional collateral of $218,590 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s 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 May 31, 2015 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 07/23/2015 | $ | 6,449 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.88% | 06/30/2015 to 05/15/2044 | 212,141 |
(6) | See Note 5 for cost of investments on a tax basis. |
(7) | Illiquid security. At May 31, 2015, the aggregate value of these securities was $607,075 representing 0.2% of net assets. |
(8) | 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 May 31, 2015, the Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Value | Value per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Survey Monkey, Inc. | 11/25/2014 | 5,062 | $ | 83,270 | $ | 83,143 | $ | 16.45 | 0.00% | |||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Apptio, Inc | 03/09/2012 | 5,641 | 101,069 | 129,179 | 22.90 | 0.10% | ||||||||||||||||||
Cloudera, Inc. | 02/05/2014 | 6,715 | 97,770 | 204,230 | 30.41 | 0.10% | ||||||||||||||||||
MongoDB, Inc. | 10/02/2013 | 4,475 | 74,840 | 74,840 | 16.72 | 0.00% | ||||||||||||||||||
Plex Systems, Inc. Series B | 06/09/2014 | 50,422 | 115,683 | 115,683 | 2.29 | 0.00% | ||||||||||||||||||
$ | 607,075 | 0.20% | ||||||||||||||||||||||
ADR—American Depository Receipt
209 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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: | ||||||||||||||||
Diamonds/Precious Stones | $ | — | $ | 108,631 | $ | — | $ | 108,631 | ||||||||
Internet Infrastructure Software | 125,322 | — | 83,143 | 208,465 | ||||||||||||
Other Industries | 347,685,211 | — | — | 347,685,211 | ||||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Oil Companies - Exploration & Production | 12,792 | — | — | 12,792 | ||||||||||||
Other Industries | — | — | 523,932 | 523,932 | ||||||||||||
Warrants | 6,380 | — | — | 6,380 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 25,341,067 | — | — | 25,341,067 | ||||||||||||
Time Deposits | — | 4,163,000 | — | 4,163,000 | ||||||||||||
Total Investments at Value | $ | 373,170,772 | $ | 4,271,631 | $ | 607,075 | $ | 378,049,478 | ||||||||
* | 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
210 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Registered Investment Companies | 9.9 | % | ||
Real Estate Investment Trusts | 8.4 | |||
Banks — Commercial | 7.2 | |||
Medical — Biomedical/Gene | 4.4 | |||
Medical — Drugs | 2.6 | |||
Electronic Components — Semiconductors | 2.4 | |||
Retail — Restaurants | 1.9 | |||
Computer Services | 1.7 | |||
Enterprise Software/Service | 1.7 | |||
Savings & Loans/Thrifts | 1.5 | |||
Medical Products | 1.4 | |||
Electric — Integrated | 1.4 | |||
Retail — Apparel/Shoe | 1.3 | |||
Oil Companies — Exploration & Production | 1.3 | |||
Insurance — Property/Casualty | 1.2 | |||
Applications Software | 1.1 | |||
Chemicals — Specialty | 1.1 | |||
Gas — Distribution | 1.1 | |||
Therapeutics | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Medical Instruments | 0.9 | |||
Commercial Services — Finance | 0.9 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Human Resources | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Oil — Field Services | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
U.S. Government Treasuries | 0.7 | |||
Distribution/Wholesale | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
Transport — Truck | 0.7 | |||
Networking Products | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Repurchase Agreements | 0.7 | |||
Footwear & Related Apparel | 0.7 | |||
Finance — Investment Banker/Broker | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Consulting Services | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Drug Delivery Systems | 0.6 | |||
Computer Software | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Containers — Paper/Plastic | 0.6 | |||
Airlines | 0.6 | |||
Medical — Outpatient/Home Medical | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Transport — Marine | 0.5 | |||
Retail — Automobile | 0.5 | |||
Medical — HMO | 0.5 | |||
Telecom Services | 0.5 | |||
Chemicals — Diversified | 0.5 | |||
Office Furnishings — Original | 0.5 | |||
Printing — Commercial | 0.5 | |||
Transport — Services | 0.4 | |||
Data Processing/Management | 0.4 | |||
Wireless Equipment | 0.4 | |||
Commercial Services | 0.4 | |||
Independent Power Producers | 0.4 | |||
Financial Guarantee Insurance | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Energy — Alternate Sources | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Finance — Other Services | 0.4 | |||
Diagnostic Equipment | 0.4 | |||
Telecom Equipment — Fiber Optics | 0.3 |
Schools | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Computers — Periphery Equipment | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Wire & Cable Products | 0.3 | |||
Filtration/Separation Products | 0.3 | |||
Transactional Software | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Recreational Vehicles | 0.3 | |||
Paper & Related Products | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Hotels/Motels | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Multimedia | 0.3 | |||
Chemicals — Plastics | 0.3 | |||
Instruments — Controls | 0.3 | |||
Satellite Telecom | 0.3 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Retail — Office Supplies | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Medical Information Systems | 0.3 | |||
Research & Development | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Retail — Home Furnishings | 0.3 | |||
Building Products — Doors & Windows | 0.3 | |||
Steel — Producers | 0.3 | |||
Telecommunication Equipment | 0.3 | |||
Food — Retail | 0.3 | |||
Internet Telephone | 0.3 | |||
Water | 0.3 | |||
Physical Therapy/Rehabilitation Centers | 0.3 | |||
E-Marketing/Info | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Home Furnishings | 0.3 | |||
Lasers — System/Components | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Racetracks | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Instruments — Scientific | 0.2 | |||
Recreational Centers | 0.2 | |||
Pipelines | 0.2 | |||
Publishing — Books | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Medical Sterilization Products | 0.2 | |||
Computer Aided Design | 0.2 | |||
Insurance — Multi-line | 0.2 | |||
Retail — Discount | 0.2 | |||
Building — Heavy Construction | 0.2 | |||
Auto/Truck Parts & Equipment — Replacement | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Diversified Operations | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Retail — Convenience Store | 0.2 | |||
Security Services | 0.2 | |||
Food — Canned | 0.2 | |||
Food — Flour & Grain | 0.2 | |||
Electric — Distribution | 0.2 | |||
Patient Monitoring Equipment | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Audio/Video Products | 0.2 |
211 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Linen Supply & Related Items | 0.2 | % | ||
Tobacco | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Television | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Batteries/Battery Systems | 0.2 | |||
Entertainment Software | 0.2 | |||
Gambling (Non-Hotel) | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Auction Houses/Art Dealers | 0.2 | |||
Non-Ferrous Metals | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Internet Application Software | 0.1 | |||
Electronic Design Automation | 0.1 | |||
Retail — Pawn Shops | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Building Products — Wood | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Theaters | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Brewery | 0.1 | |||
Veterinary Diagnostics | 0.1 | |||
Lighting Products & Systems | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Building Products — Cement | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Coal | 0.1 | |||
Rubber — Tires | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Diversified Minerals | 0.1 | |||
Agricultural Operations | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Poultry | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Casino Hotels | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Platinum | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Identification Systems | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Communications Software | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Retail — Video Rentals | 0.1 | |||
Machinery — Farming | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Physicians Practice Management | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Retail — Vitamins & Nutrition Supplements | 0.1 | |||
Housewares | 0.1 | |||
Heart Monitors | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 |
Circuit Boards | 0.1 | |||
Silver Mining | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Retail — Appliances | 0.1 | |||
Pharmacy Services | 0.1 | |||
Internet Security | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
Computer Graphics | 0.1 | |||
Radio | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Advertising Agencies | 0.1 | |||
Decision Support Software | 0.1 | |||
Retail — Bookstores | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
Appliances | 0.1 | |||
Auto — Truck Trailers | 0.1 | |||
Computer Data Security | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Retail — Building Products | 0.1 | |||
SupraNational Banks | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Retail — Bedding | 0.1 | |||
109.9 | % | |||
* | Calculated as a percentage of net assets |
212 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.6% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
MDC Partners, Inc., Class A | 26,094 | $ | 553,193 | |||||
Tremor Video, Inc.† | 21,795 | 58,628 | ||||||
611,821 | ||||||||
Advertising Services — 0.0% |
| |||||||
Journal Media Group, Inc. | 10,164 | 81,414 | ||||||
Marchex, Inc., Class B | 20,178 | 98,065 | ||||||
Marin Software, Inc.† | 16,183 | 92,081 | ||||||
Millennial Media, Inc.†# | 46,313 | 77,343 | ||||||
Sizmek, Inc.† | 13,538 | 94,630 | ||||||
443,533 | ||||||||
Aerospace/Defense — 0.5% |
| |||||||
Aerovironment, Inc.† | 11,703 | 302,523 | ||||||
Cubic Corp. | 12,658 | 605,052 | ||||||
Esterline Technologies Corp.† | 19,547 | 2,114,399 | ||||||
Kratos Defense & Security Solutions, Inc.† | 27,464 | 164,509 | ||||||
National Presto Industries, Inc.# | 2,969 | 206,346 | ||||||
Teledyne Technologies, Inc.† | 21,548 | 2,183,459 | ||||||
5,576,288 | ||||||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
AAR Corp. | 24,313 | 718,206 | ||||||
Aerojet Rocketdyne Holdings, Inc.†# | 36,744 | 762,438 | ||||||
Astronics Corp.† | 11,570 | 808,627 | ||||||
Astronics Corp., Class B† | 2,005 | 140,350 | ||||||
Curtiss-Wright Corp. | 29,609 | 2,134,513 | ||||||
Ducommun, Inc.† | 6,670 | 155,344 | ||||||
HEICO Corp. | 40,858 | 2,341,163 | ||||||
Kaman Corp. | 16,827 | 712,792 | ||||||
LMI Aerospace, Inc.† | 6,608 | 65,816 | ||||||
Moog, Inc., Class A† | 25,435 | 1,745,604 | ||||||
SIFCO Industries, Inc. | 1,558 | 23,261 | ||||||
9,608,114 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Marrone Bio Innovations, Inc.†# | 8,547 | 17,949 | ||||||
Agricultural Chemicals — 0.1% |
| |||||||
Intrepid Potash, Inc.†# | 34,266 | 398,171 | ||||||
Rentech, Inc.† | 139,913 | 165,097 | ||||||
563,268 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc. | 1,786 | 88,121 | ||||||
Andersons, Inc. | 17,327 | 768,279 | ||||||
Limoneira Co. | 6,879 | 148,862 | ||||||
Tejon Ranch Co.† | 8,315 | 207,709 | ||||||
1,212,971 | ||||||||
Airlines — 0.6% |
| |||||||
Allegiant Travel Co. | 8,480 | 1,335,346 | ||||||
Hawaiian Holdings, Inc.† | 27,683 | 670,482 | ||||||
JetBlue Airways Corp.†# | 159,514 | 3,215,802 | ||||||
Republic Airways Holdings, Inc.† | 30,588 | 319,950 | ||||||
SkyWest, Inc. | 31,395 | 464,646 | ||||||
Virgin America, Inc.†# | 9,424 | 268,019 | ||||||
6,274,245 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Columbia Sportswear Co. | 16,876 | 945,900 | ||||||
G-III Apparel Group, Ltd.† | 23,584 | 1,340,986 | ||||||
Oxford Industries, Inc. | 8,933 | 677,747 | ||||||
Quiksilver, Inc.†# | 83,453 | 114,330 |
Security Description | Shares | Value (Note 2) | ||||||
Apparel Manufacturers (continued) | ||||||||
Sequential Brands Group, Inc.†# | 10,371 | $ | 144,883 | |||||
Vince Holding Corp.† | 6,866 | 109,307 | ||||||
3,333,153 | ||||||||
Appliances — 0.1% | ||||||||
iRobot Corp.†# | 18,114 | 578,742 | ||||||
Applications Software — 1.1% | ||||||||
Brightcove, Inc.† | 19,720 | 139,026 | ||||||
Callidus Software, Inc.† | 32,454 | 464,741 | ||||||
Constant Contact, Inc.† | 19,287 | 525,764 | ||||||
Cvent, Inc.†# | 11,022 | 290,540 | ||||||
Dealertrack Technologies, Inc.† | 32,921 | 1,372,806 | ||||||
Demandware, Inc.†# | 18,459 | 1,149,627 | ||||||
Ebix, Inc.# | 17,091 | 608,440 | ||||||
Epiq Systems, Inc. | 19,089 | 320,123 | ||||||
Five9, Inc.† | 7,492 | 38,134 | ||||||
HubSpot, Inc.†# | 3,533 | 179,476 | ||||||
Imperva, Inc.† | 15,631 | 950,521 | ||||||
inContact, Inc.† | 37,307 | 362,624 | ||||||
Infoblox, Inc.† | 33,102 | 860,321 | ||||||
Jive Software, Inc.† | 26,149 | 147,219 | ||||||
New Relic, Inc.†# | 3,180 | 104,081 | ||||||
Park City Group, Inc.†# | 5,862 | 67,589 | ||||||
Paycom Software, Inc.† | 4,004 | 139,179 | ||||||
PDF Solutions, Inc.† | 18,753 | 298,735 | ||||||
Progress Software Corp.† | 31,562 | 831,027 | ||||||
RealPage, Inc.† | 31,826 | 581,143 | ||||||
SciQuest, Inc.† | 16,856 | 257,223 | ||||||
Tangoe, Inc.† | 23,768 | 302,091 | ||||||
Verint Systems, Inc.† | 36,750 | 2,376,622 | ||||||
12,367,052 | ||||||||
Athletic Equipment — 0.0% | ||||||||
Black Diamond, Inc.† | 13,971 | 129,371 | ||||||
Nautilus, Inc.† | 19,163 | 404,723 | ||||||
534,094 | ||||||||
Auction Houses/Art Dealers — 0.2% | ||||||||
Sotheby’s# | 37,439 | 1,678,390 | ||||||
Audio/Video Products — 0.2% | ||||||||
Daktronics, Inc. | 23,199 | 250,085 | ||||||
DTS, Inc.† | 10,426 | 330,817 | ||||||
Skullcandy, Inc.† | 12,249 | 91,868 | ||||||
TiVo, Inc.† | 57,958 | 610,298 | ||||||
Universal Electronics, Inc.† | 9,778 | 506,696 | ||||||
VOXX International Corp.† | 11,964 | 102,292 | ||||||
1,892,056 | ||||||||
Auto Repair Centers — 0.1% | ||||||||
Monro Muffler Brake, Inc.# | 19,361 | 1,142,493 | ||||||
Auto-Truck Trailers — 0.1% | ||||||||
Wabash National Corp.† | 42,345 | 573,351 | ||||||
Auto/Truck Parts & Equipment - Original — 0.9% | ||||||||
Accuride Corp.† | 23,646 | 102,387 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 41,570 | 1,043,823 | ||||||
Cooper-Standard Holding, Inc.† | 8,408 | 526,089 | ||||||
Dana Holding Corp. | 104,089 | 2,266,017 | ||||||
Federal-Mogul Holdings Corp.† | 17,711 | 220,148 | ||||||
Fuel Systems Solutions, Inc.† | 8,702 | 71,095 | ||||||
Gentherm, Inc.† | 21,674 | 1,111,009 | ||||||
Meritor, Inc.† | 60,120 | 860,317 | ||||||
Metaldyne Performance Group, Inc. | 6,647 | 126,293 | ||||||
Miller Industries, Inc. | 6,944 | 142,421 |
213 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Auto/Truck Parts & Equipment - Original (continued) |
| |||||||
Modine Manufacturing Co.† | 29,285 | $ | 327,699 | |||||
Spartan Motors, Inc. | 21,178 | 96,572 | ||||||
Strattec Security Corp. | 2,131 | 147,060 | ||||||
Superior Industries International, Inc. | 14,509 | 279,879 | ||||||
Tenneco, Inc.† | 37,408 | 2,196,598 | ||||||
Titan International, Inc.# | 27,067 | 288,264 | ||||||
Tower International, Inc.† | 12,657 | 348,194 | ||||||
10,153,865 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.2% | ||||||||
Commercial Vehicle Group, Inc.† | 16,256 | 103,063 | ||||||
Dorman Products, Inc.†# | 16,604 | 774,743 | ||||||
Douglas Dynamics, Inc. | 13,685 | 277,805 | ||||||
Motorcar Parts of America, Inc.† | 10,966 | 315,492 | ||||||
Remy International, Inc. | 18,716 | 413,624 | ||||||
Standard Motor Products, Inc. | 12,167 | 427,913 | ||||||
2,312,640 | ||||||||
B2B/E - Commerce — 0.0% | ||||||||
Covisint Corp.† | 23,524 | 63,280 | ||||||
ePlus, Inc.† | 3,202 | 248,635 | ||||||
Global Sources, Ltd.† | 9,351 | 49,280 | ||||||
TechTarget, Inc.† | 10,185 | 94,211 | ||||||
455,406 | ||||||||
Banks - Commercial — 7.2% | ||||||||
1st Source Corp. | 9,215 | 291,010 | ||||||
American National Bankshares, Inc. | 4,857 | 110,108 | ||||||
Ameris Bancorp | 18,129 | 456,670 | ||||||
Ames National Corp. | 5,064 | 120,574 | ||||||
Arrow Financial Corp. | 6,716 | 176,362 | ||||||
BancFirst Corp. | 4,373 | 254,902 | ||||||
Bancorp, Inc.† | 20,322 | 196,514 | ||||||
BancorpSouth, Inc. | 59,007 | 1,427,379 | ||||||
Bank of Kentucky Financial Corp. | 3,859 | 190,287 | ||||||
Bank of Marin Bancorp | 3,633 | 170,351 | ||||||
Bank of the Ozarks, Inc. | 52,264 | 2,298,048 | ||||||
Banner Corp. | 12,028 | 541,501 | ||||||
BBCN Bancorp, Inc. | 48,843 | 703,339 | ||||||
Blue Hills Bancorp, Inc.† | 17,491 | 239,802 | ||||||
BNC Bancorp | 12,261 | 227,564 | ||||||
Bridge Bancorp, Inc. | 7,144 | 176,528 | ||||||
Bridge Capital Holdings† | 6,030 | 168,056 | ||||||
Bryn Mawr Bank Corp. | 8,406 | 242,765 | ||||||
C1 Financial, Inc.†# | 1,999 | 36,162 | ||||||
Camden National Corp. | 4,559 | 174,883 | ||||||
Capital Bank Financial Corp., Class A† | 14,076 | 401,448 | ||||||
Capital City Bank Group, Inc. | 6,538 | 94,343 | ||||||
Cardinal Financial Corp. | 19,639 | 405,349 | ||||||
Cascade Bancorp† | 19,069 | 94,582 | ||||||
Cass Information Systems, Inc. | 7,085 | 353,258 | ||||||
Cathay General Bancorp Class B | 48,922 | 1,478,423 | ||||||
CenterState Banks, Inc. | 21,837 | 270,560 | ||||||
Central Pacific Financial Corp. | 10,520 | 246,378 | ||||||
Century Bancorp, Inc., Class A | 2,141 | 82,150 | ||||||
Chemical Financial Corp. | 20,130 | 609,738 | ||||||
Citizens & Northern Corp. | 7,638 | 148,101 | ||||||
City Holding Co. | 9,647 | 435,659 | ||||||
CNB Financial Corp. | 8,888 | 147,719 | ||||||
CoBiz Financial, Inc. | 22,025 | 260,335 | ||||||
Columbia Banking System, Inc. | 35,291 | 1,066,141 | ||||||
Community Bank System, Inc. | 24,996 | 882,609 | ||||||
Community Trust Bancorp, Inc. | 9,602 | 314,658 | ||||||
CommunityOne Bancorp† | 7,106 | 71,486 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
ConnectOne Bancorp, Inc. | 13,895 | $ | 270,258 | |||||
CU Bancorp† | 6,133 | 129,958 | ||||||
Customers Bancorp, Inc.† | 15,698 | 394,020 | ||||||
CVB Financial Corp. | 65,069 | 1,067,132 | ||||||
Eagle Bancorp, Inc.† | 17,709 | 704,641 | ||||||
Enterprise Bancorp, Inc. | 4,594 | 94,682 | ||||||
Enterprise Financial Services Corp. | 12,138 | 256,355 | ||||||
Fidelity Southern Corp. | 10,176 | 157,321 | ||||||
Financial Institutions, Inc. | 8,511 | 196,349 | ||||||
First BanCorp† | 64,049 | 391,980 | ||||||
First Bancorp | 12,101 | 190,833 | ||||||
First Bancorp, Inc. | 5,894 | 100,552 | ||||||
First Busey Corp. | 44,545 | 279,743 | ||||||
First Business Financial Services, Inc. | 2,424 | 108,547 | ||||||
First Citizens BancShares, Inc., Class A | 5,798 | 1,397,898 | ||||||
First Commonwealth Financial Corp. | 57,778 | 525,780 | ||||||
First Community Bancshares, Inc. | 10,060 | 168,002 | ||||||
First Connecticut Bancorp, Inc. | 9,926 | 144,721 | ||||||
First Financial Bancorp | 35,459 | 615,923 | ||||||
First Financial Bankshares, Inc.# | 39,349 | 1,185,585 | ||||||
First Financial Corp. | 7,054 | 240,259 | ||||||
First Interstate BancSystem, Inc. | 11,123 | 302,991 | ||||||
First Merchants Corp. | 22,135 | 515,524 | ||||||
First Midwest Bancorp, Inc. | 46,248 | 821,364 | ||||||
First NBC Bank Holding Co.† | 9,175 | 311,858 | ||||||
First of Long Island Corp. | 7,418 | 187,230 | ||||||
FirstMerit Corp. | 101,600 | 1,995,424 | ||||||
FNB Corp. | 106,678 | 1,439,086 | ||||||
German American Bancorp, Inc. | 8,117 | 235,555 | ||||||
Glacier Bancorp, Inc. | 45,756 | 1,287,574 | ||||||
Great Southern Bancorp, Inc. | 6,363 | 251,084 | ||||||
Great Western Bancorp, Inc. | 11,305 | 262,050 | ||||||
Green Bancorp, Inc.† | 2,880 | 40,867 | ||||||
Guaranty Bancorp | 9,057 | 149,259 | ||||||
Hampton Roads Bankshares, Inc.† | 20,941 | 42,510 | ||||||
Hancock Holding Co. | 50,559 | 1,472,784 | ||||||
Hanmi Financial Corp. | 19,565 | 432,876 | ||||||
Heartland Financial USA, Inc. | 9,665 | 329,383 | ||||||
Heritage Commerce Corp. | 12,793 | 115,393 | ||||||
Heritage Financial Corp. | 18,548 | 317,356 | ||||||
Heritage Oaks Bancorp | 13,779 | 106,925 | ||||||
Hilltop Holdings, Inc.† | 46,127 | 1,006,952 | ||||||
Home BancShares, Inc. | 33,266 | 1,134,703 | ||||||
Horizon Bancorp | 5,654 | 135,696 | ||||||
Hudson Valley Holding Corp. | 9,052 | 233,904 | ||||||
IBERIABANK Corp. | 19,308 | 1,240,925 | ||||||
Independent Bank Corp. | 14,685 | 662,440 | ||||||
Independent Bank Corp. — Michigan | 14,086 | 190,584 | ||||||
International Bancshares Corp. | 33,417 | 872,184 | ||||||
Kearny Financial Corp.† | 11,881 | 129,148 | ||||||
Lakeland Bancorp, Inc. | 23,295 | 266,262 | ||||||
Lakeland Financial Corp. | 10,160 | 402,234 | ||||||
LegacyTexas Financial Group, Inc. | 24,545 | 636,697 | ||||||
Macatawa Bank Corp. | 16,095 | 81,602 | ||||||
MainSource Financial Group, Inc. | 12,551 | 251,271 | ||||||
MB Financial, Inc. | 40,803 | 1,314,673 | ||||||
Mercantile Bank Corp. | 10,339 | 206,883 | ||||||
Merchants Bancshares, Inc. | 3,165 | 94,444 | ||||||
Metro Bancorp, Inc. | 8,712 | 225,292 | ||||||
MidSouth Bancorp, Inc. | 5,120 | 70,912 | ||||||
MidWestOne Financial Group, Inc. | 4,288 | 125,038 | ||||||
National Bankshares, Inc. | 4,269 | 118,764 | ||||||
National Penn Bancshares, Inc. | 76,170 | 815,019 | ||||||
NBT Bancorp, Inc. | 26,844 | 660,899 |
214 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
NewBridge Bancorp | 20,658 | $ | 162,165 | |||||
Northrim BanCorp, Inc. | 4,195 | 102,568 | ||||||
OFG Bancorp | 27,657 | 363,413 | ||||||
Old Line Bancshares, Inc. | 5,148 | 80,360 | ||||||
Old National Bancorp | 72,356 | 984,765 | ||||||
Opus Bank | 3,150 | 99,508 | ||||||
Pacific Continental Corp. | 11,048 | 142,188 | ||||||
Palmetto Bancshares, Inc. | 2,748 | 50,673 | ||||||
Park National Corp. | 7,864 | 650,117 | ||||||
Park Sterling Corp. | 27,443 | 182,222 | ||||||
Peapack Gladstone Financial Corp. | 7,394 | 149,802 | ||||||
Penns Woods Bancorp, Inc. | 2,962 | 125,618 | ||||||
Peoples Bancorp, Inc. | 8,385 | 193,610 | ||||||
Peoples Financial Services Corp. | 4,638 | 174,157 | ||||||
Pinnacle Financial Partners, Inc. | 21,854 | 1,081,992 | ||||||
Preferred Bank | 7,207 | 198,769 | ||||||
PrivateBancorp, Inc. | 44,009 | 1,678,063 | ||||||
Prosperity Bancshares, Inc. | 42,121 | 2,256,422 | ||||||
Renasant Corp. | 19,345 | 569,517 | ||||||
Republic Bancorp, Inc., Class A | 6,092 | 149,620 | ||||||
Republic First Bancorp, Inc.†# | 19,006 | 66,901 | ||||||
S&T Bancorp, Inc. | 19,601 | 530,991 | ||||||
Sandy Spring Bancorp, Inc. | 15,397 | 402,478 | ||||||
Seacoast Banking Corp. of Florida† | 11,914 | 178,233 | ||||||
ServisFirst Bancshares, Inc. | 1,152 | 40,378 | ||||||
Sierra Bancorp | 7,461 | 125,792 | ||||||
Simmons First National Corp., Class A | 13,719 | 590,466 | ||||||
South State Corp. | 14,822 | 1,064,664 | ||||||
Southside Bancshares, Inc. | 15,060 | 404,361 | ||||||
Southwest Bancorp, Inc. | 12,160 | 215,232 | ||||||
Square 1 Financial, Inc., Class A† | 4,234 | 110,592 | ||||||
State Bank Financial Corp. | 19,738 | 404,234 | ||||||
Stock Yards Bancorp, Inc. | 9,009 | 314,594 | ||||||
Stonegate Bank | 6,116 | 183,725 | ||||||
Suffolk Bancorp | 7,111 | 171,517 | ||||||
Sun Bancorp, Inc./NJ† | 5,212 | 100,644 | ||||||
Susquehanna Bancshares, Inc. | 115,285 | 1,601,309 | ||||||
Talmer Bancorp, Inc., Class A | 10,998 | 174,758 | ||||||
Texas Capital Bancshares, Inc.† | 28,080 | 1,527,552 | ||||||
Tompkins Financial Corp. | 9,129 | 465,579 | ||||||
TowneBank | 26,488 | 417,451 | ||||||
TriCo Bancshares | 13,869 | 327,100 | ||||||
TriState Capital Holdings, Inc.† | 13,567 | 158,056 | ||||||
Triumph Bancorp, Inc.† | 4,734 | 58,844 | ||||||
TrustCo Bank Corp. NY | 58,166 | 393,202 | ||||||
Trustmark Corp. | 41,438 | 988,296 | ||||||
UMB Financial Corp. | 23,183 | 1,200,648 | ||||||
Umpqua Holdings Corp. | 102,368 | 1,800,653 | ||||||
Union Bankshares Corp. | 28,431 | 614,394 | ||||||
United Bankshares, Inc.# | 42,443 | 1,606,892 | ||||||
United Community Banks, Inc. | 30,730 | 588,479 | ||||||
Univest Corp. of Pennsylvania | 9,980 | 191,616 | ||||||
Valley National Bancorp | 139,326 | 1,362,608 | ||||||
Washington Trust Bancorp, Inc. | 9,024 | 339,122 | ||||||
Webster Financial Corp. | 55,494 | 2,102,668 | ||||||
WesBanco, Inc. | 20,105 | 636,122 | ||||||
West Bancorporation, Inc. | 9,822 | 179,497 | ||||||
Westamerica Bancorporation# | 16,165 | 739,710 | ||||||
Western Alliance Bancorp† | 46,360 | 1,453,386 | ||||||
Wilshire Bancorp, Inc. | 43,164 | 476,531 | ||||||
Wintrust Financial Corp. | 28,597 | 1,432,710 | ||||||
Yadkin Financial Corp.† | 12,496 | 246,796 | ||||||
81,064,230 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Banks - Fiduciary — 0.1% |
| |||||||
Boston Private Financial Holdings, Inc. | 49,160 | $ | 616,466 | |||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 11,381 | 280,200 | ||||||
Banks - Super Regional — 0.0% |
| |||||||
Independent Bank Group, Inc. | 5,618 | 227,754 | ||||||
Batteries/Battery Systems — 0.2% |
| |||||||
EnerSys | 26,869 | 1,790,550 | ||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Coca-Cola Bottling Co. Consolidated | 2,861 | 324,924 | ||||||
National Beverage Corp.† | 7,011 | 145,127 | ||||||
470,051 | ||||||||
Bicycle Manufacturing — 0.0% |
| |||||||
Fox Factory Holding Corp.† | 6,866 | 111,984 | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A† | 5,121 | 1,350,818 | ||||||
Craft Brew Alliance, Inc.† | 6,753 | 72,662 | ||||||
1,423,480 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Crown Media Holdings, Inc., Class A† | 21,308 | 86,937 | ||||||
Hemisphere Media Group, Inc.†# | 5,136 | 63,019 | ||||||
Nexstar Broadcasting Group, Inc., Class A | 18,815 | 1,070,385 | ||||||
World Wrestling Entertainment, Inc., Class A# | 18,270 | 261,261 | ||||||
1,481,602 | ||||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Aspen Aerogels, Inc.† | 3,459 | 23,867 | ||||||
Builders FirstSource, Inc.† | 28,058 | 344,552 | ||||||
Drew Industries, Inc. | 14,517 | 891,344 | ||||||
Gibraltar Industries, Inc.† | 18,954 | 339,656 | ||||||
Louisiana-Pacific Corp.† | 86,717 | 1,568,711 | ||||||
NCI Building Systems, Inc.† | 17,243 | 258,300 | ||||||
Nortek, Inc.† | 5,604 | 462,890 | ||||||
Patrick Industries, Inc.† | 5,010 | 299,598 | ||||||
Ply Gem Holdings, Inc.† | 13,120 | 162,032 | ||||||
Quanex Building Products Corp. | 21,242 | 377,895 | ||||||
Simpson Manufacturing Co., Inc. | 25,395 | 861,398 | ||||||
Stock Building Supply Holdings, Inc.† | 8,957 | 149,672 | ||||||
Trex Co., Inc.† | 20,642 | 1,044,485 | ||||||
6,784,400 | ||||||||
Building & Construction - Misc. — 0.2% |
| |||||||
Aegion Corp.† | 23,335 | 415,830 | ||||||
Comfort Systems USA, Inc. | 23,148 | 519,672 | ||||||
Dycom Industries, Inc.† | 20,859 | 1,201,061 | ||||||
Hill International, Inc.† | 18,400 | 97,520 | ||||||
MYR Group, Inc.† | 13,093 | 387,553 | ||||||
2,621,636 | ||||||||
Building Products - Air & Heating — 0.1% |
| |||||||
AAON, Inc. | 25,956 | 614,379 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Continental Building Products, Inc.† | 7,199 | 160,538 | ||||||
Headwaters, Inc.† | 45,127 | 856,510 | ||||||
US Concrete, Inc.† | 8,716 | 329,378 | ||||||
1,346,426 | ||||||||
Building Products - Doors & Windows — 0.3% |
| |||||||
Apogee Enterprises, Inc. | 17,885 | 960,961 | ||||||
Griffon Corp. | 24,491 | 391,122 | ||||||
Masonite International Corp.† | 18,083 | 1,233,622 |
215 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building Products - Doors & Windows (continued) |
| |||||||
PGT, Inc.† | 29,026 | $ | 347,151 | |||||
2,932,856 | ||||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 13,235 | 125,335 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Boise Cascade Co.† | 24,212 | 858,073 | ||||||
Universal Forest Products, Inc. | 12,319 | 681,980 | ||||||
1,540,053 | ||||||||
Building - Heavy Construction — 0.2% |
| |||||||
Granite Construction, Inc. | 24,025 | 861,296 | ||||||
Layne Christensen Co.†# | 12,186 | 99,194 | ||||||
MasTec, Inc.† | 40,203 | 709,985 | ||||||
Orion Marine Group, Inc.† | 16,844 | 126,498 | ||||||
Sterling Construction Co., Inc.† | 11,535 | 45,679 | ||||||
Tutor Perini Corp.† | 22,900 | 479,984 | ||||||
2,322,636 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 34,325 | 1,113,503 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.† | 5,432 | 393,983 | ||||||
Winnebago Industries, Inc.# | 16,737 | 363,695 | ||||||
757,678 | ||||||||
Building - Residential/Commercial — 0.7% |
| |||||||
AV Homes, Inc.† | 6,941 | 106,336 | ||||||
Beazer Homes USA, Inc.† | 16,419 | 300,796 | ||||||
Century Communities, Inc.† | 2,458 | 50,758 | ||||||
Hovnanian Enterprises, Inc., Class A†# | 71,738 | 232,431 | ||||||
Installed Building Products, Inc.† | 5,264 | 112,860 | ||||||
KB Home# | 51,456 | 760,520 | ||||||
LGI Homes, Inc.†# | 8,785 | 165,597 | ||||||
M/I Homes, Inc.† | 15,034 | 349,841 | ||||||
MDC Holdings, Inc.# | 23,990 | 670,761 | ||||||
Meritage Homes Corp.† | 24,033 | 1,054,087 | ||||||
New Home Co., Inc.† | 5,153 | 80,696 | ||||||
Ryland Group, Inc. | 28,827 | 1,212,752 | ||||||
Standard Pacific Corp.† | 88,950 | 732,948 | ||||||
TRI Pointe Homes, Inc.† | 90,052 | 1,298,550 | ||||||
UCP, Inc., Class A† | 4,805 | 39,257 | ||||||
WCI Communities, Inc.† | 7,204 | 167,493 | ||||||
William Lyon Homes, Class A† | 10,781 | 243,974 | ||||||
7,579,657 | ||||||||
Capacitors — 0.0% |
| |||||||
Kemet Corp.† | 27,872 | 86,124 | ||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp.† | 47,644 | 681,786 | ||||||
Caesars Entertainment Corp.†# | 31,504 | 294,877 | ||||||
Monarch Casino & Resort, Inc.† | 5,843 | 113,237 | ||||||
1,089,900 | ||||||||
Casino Services — 0.0% |
| |||||||
Scientific Games Corp., Class A†# | 31,144 | 474,012 | ||||||
Cellular Telecom — 0.0% |
| |||||||
Comverse, Inc.† | 13,771 | 331,468 | ||||||
Leap Wireless CVR(1)(2) | 35,827 | 0 | ||||||
NTELOS Holdings Corp.# | 10,410 | 90,047 | ||||||
Vringo, Inc.†# | 43,899 | 25,830 | ||||||
447,345 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Diversified — 0.5% |
| |||||||
Aceto Corp. | 17,653 | $ | 416,081 | |||||
Axiall Corp. | 42,964 | 1,620,172 | ||||||
Innophos Holdings, Inc. | 13,482 | 702,547 | ||||||
Innospec, Inc. | 14,984 | 642,514 | ||||||
Koppers Holdings, Inc. | 12,568 | 324,506 | ||||||
Olin Corp. | 48,546 | 1,419,485 | ||||||
5,125,305 | ||||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp.# | 17,665 | 243,424 | ||||||
Chemicals - Plastics — 0.3% |
| |||||||
A. Schulman, Inc. | 17,945 | 767,508 | ||||||
Landec Corp.† | 16,455 | 235,142 | ||||||
PolyOne Corp. | 54,180 | 2,107,060 | ||||||
3,109,710 | ||||||||
Chemicals - Specialty — 1.1% |
| |||||||
Balchem Corp. | 18,689 | 1,055,181 | ||||||
Calgon Carbon Corp. | 32,736 | 679,599 | ||||||
Chemtura Corp.† | 41,048 | 1,139,493 | ||||||
Ferro Corp.† | 44,066 | 668,481 | ||||||
H.B. Fuller Co. | 30,782 | 1,296,230 | ||||||
Hawkins, Inc. | 6,521 | 265,796 | ||||||
KMG Chemicals, Inc. | 5,904 | 175,408 | ||||||
Kraton Performance Polymers, Inc.† | 20,140 | 478,325 | ||||||
Minerals Technologies, Inc. | 21,188 | 1,426,164 | ||||||
Oil-Dri Corp. of America | 3,003 | 93,333 | ||||||
OM Group, Inc. | 18,378 | 487,752 | ||||||
OMNOVA Solutions, Inc.† | 29,101 | 218,549 | ||||||
Quaker Chemical Corp. | 8,127 | 693,883 | ||||||
Sensient Technologies Corp. | 30,390 | 2,057,403 | ||||||
Stepan Co. | 11,814 | 607,949 | ||||||
Tronox, Ltd., Class A | 37,762 | 636,667 | ||||||
Zep, Inc. | 14,125 | 281,935 | ||||||
12,262,148 | ||||||||
Circuit Boards — 0.1% |
| |||||||
Multi-Fineline Electronix, Inc.† | 5,504 | 137,930 | ||||||
Park Electrochemical Corp. | 12,831 | 275,610 | ||||||
TTM Technologies, Inc.† | 33,254 | 328,550 | ||||||
742,090 | ||||||||
Coal — 0.1% |
| |||||||
Alpha Natural Resources, Inc.†# | 136,005 | 67,608 | ||||||
Arch Coal, Inc.†# | 130,434 | 63,913 | ||||||
Cloud Peak Energy, Inc.†# | 37,438 | 216,017 | ||||||
Hallador Energy Co. | 6,374 | 54,179 | ||||||
SunCoke Energy, Inc. | 40,685 | 661,538 | ||||||
Walter Energy, Inc.# | 40,446 | 19,135 | ||||||
Westmoreland Coal Co.† | 9,219 | 237,758 | ||||||
1,320,148 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Kronos Worldwide, Inc. | 12,869 | 157,002 | ||||||
Coffee — 0.0% |
| |||||||
Farmer Bros. Co.† | 4,591 | 112,709 | ||||||
Commercial Services — 0.4% |
| |||||||
Care.com, Inc.† | 4,036 | 24,862 | ||||||
Collectors Universe, Inc. | 4,238 | 90,608 | ||||||
Healthcare Services Group, Inc. | 43,176 | 1,304,347 | ||||||
HMS Holdings Corp.† | 53,867 | 917,894 | ||||||
Medifast, Inc.† | 7,411 | 238,560 | ||||||
National Research Corp., Class A | 6,100 | 85,278 |
216 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Commercial Services (continued) |
| |||||||
Nutrisystem, Inc. | 17,687 | $ | 402,556 | |||||
Performant Financial Corp.† | 18,293 | 55,611 | ||||||
RPX Corp.† | 32,573 | 518,236 | ||||||
ServiceSource International, Inc.† | 42,052 | 184,188 | ||||||
SFX Entertainment, Inc.†# | 27,147 | 132,206 | ||||||
SP Plus Corp.† | 9,448 | 229,397 | ||||||
Team, Inc.† | 12,562 | 499,968 | ||||||
Weight Watchers International, Inc.†# | 17,011 | 93,220 | ||||||
4,776,931 | ||||||||
Commercial Services - Finance — 0.9% |
| |||||||
Cardtronics, Inc.† | 27,331 | 997,581 | ||||||
CBIZ, Inc.†# | 25,512 | 231,394 | ||||||
Euronet Worldwide, Inc.† | 31,311 | 1,872,398 | ||||||
EVERTEC, Inc. | 40,355 | 897,092 | ||||||
Global Cash Access Holdings, Inc.† | 40,452 | 312,694 | ||||||
Green Dot Corp., Class A† | 19,126 | 280,196 | ||||||
Heartland Payment Systems, Inc. | 22,020 | 1,176,969 | ||||||
LendingTree, Inc.† | 3,929 | 232,832 | ||||||
Liberty Tax, Inc. | 2,341 | 55,669 | ||||||
MoneyGram International, Inc.† | 17,927 | 174,250 | ||||||
PRGX Global, Inc.† | 16,992 | 72,216 | ||||||
Travelport Worldwide, Ltd.# | 18,433 | 281,841 | ||||||
WEX, Inc.† | 23,810 | 2,699,816 | ||||||
Xoom Corp.†# | 18,994 | 357,277 | ||||||
9,642,225 | ||||||||
Communications Software — 0.1% |
| |||||||
Audience, Inc.†# | 8,604 | 41,213 | ||||||
BroadSoft, Inc.† | 17,564 | 641,262 | ||||||
Digi International, Inc.† | 15,590 | 155,276 | ||||||
Seachange International, Inc.† | 20,193 | 136,505 | ||||||
974,256 | ||||||||
Computer Aided Design — 0.2% |
| |||||||
Aspen Technology, Inc.† | 56,573 | 2,421,324 | ||||||
Computer Data Security — 0.1% |
| |||||||
Qualys, Inc.†# | 12,356 | 503,136 | ||||||
Varonis Systems, Inc.†# | 3,273 | 66,049 | ||||||
569,185 | ||||||||
Computer Graphics — 0.1% |
| |||||||
Monotype Imaging Holdings, Inc. | 24,285 | 629,953 | ||||||
Computer Services — 1.7% |
| |||||||
Barracuda Networks, Inc.† | 4,873 | 191,704 | ||||||
CACI International, Inc., Class A† | 14,437 | 1,236,096 | ||||||
Carbonite, Inc.† | 10,877 | 119,429 | ||||||
Ciber, Inc.† | 47,704 | 160,285 | ||||||
Computer Task Group, Inc. | 9,252 | 68,742 | ||||||
Convergys Corp. | 62,350 | 1,548,150 | ||||||
Engility Holdings, Inc. | 10,787 | 301,173 | ||||||
EPAM Systems, Inc.† | 21,876 | 1,573,103 | ||||||
ExlService Holdings, Inc.† | 20,076 | 720,728 | ||||||
Fleetmatics Group PLC† | 22,944 | 959,289 | ||||||
Globant SA†# | 4,133 | 107,623 | ||||||
IGATE Corp.† | 22,604 | 1,073,916 | ||||||
Insight Enterprises, Inc.† | 25,152 | 737,708 | ||||||
KEYW Holding Corp.†# | 20,098 | 140,686 | ||||||
LivePerson, Inc.† | 33,303 | 318,710 | ||||||
Luxoft Holding, Inc.† | 4,818 | 257,908 | ||||||
Manhattan Associates, Inc.† | 46,568 | 2,554,255 | ||||||
MAXIMUS, Inc. | 41,596 | 2,719,131 | ||||||
Science Applications International Corp. | 24,426 | 1,294,578 | ||||||
Sykes Enterprises, Inc.† | 24,206 | 586,511 |
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services (continued) |
| |||||||
Syntel, Inc.† | 19,070 | $ | 906,016 | |||||
TeleTech Holdings, Inc. | 10,777 | 273,951 | ||||||
Unisys Corp.† | 31,403 | 645,018 | ||||||
Virtusa Corp.† | 15,977 | 726,954 | ||||||
19,221,664 | ||||||||
Computer Software — 0.6% |
| |||||||
AVG Technologies NV† | 21,410 | 524,973 | ||||||
Blackbaud, Inc. | 28,363 | 1,453,888 | ||||||
Cornerstone OnDemand, Inc.† | 32,655 | 1,016,550 | ||||||
Envestnet, Inc.† | 20,922 | 916,593 | ||||||
Guidance Software, Inc.†# | 10,949 | 74,672 | ||||||
SS&C Technologies Holdings, Inc. | 41,854 | 2,466,456 | ||||||
Workiva, Inc.† | 4,157 | 54,997 | ||||||
6,508,129 | ||||||||
Computers — 0.0% |
| |||||||
Silicon Graphics International Corp.†# | 21,233 | 136,316 | ||||||
Computers - Integrated Systems — 0.3% |
| |||||||
Agilysys, Inc.† | 9,005 | 81,315 | ||||||
Cray, Inc.† | 25,002 | 764,561 | ||||||
Maxwell Technologies, Inc.†# | 18,391 | 93,794 | ||||||
Mercury Systems, Inc.† | 20,432 | 278,897 | ||||||
MTS Systems Corp. | 9,303 | 632,976 | ||||||
NetScout Systems, Inc.† | 22,392 | 897,471 | ||||||
Silver Spring Networks, Inc.†# | 21,513 | 294,083 | ||||||
Super Micro Computer, Inc.† | 21,206 | 709,553 | ||||||
3,752,650 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
Datalink Corp.† | 12,102 | 111,823 | ||||||
Dot Hill Systems Corp.† | 36,860 | 259,494 | ||||||
Nimble Storage, Inc.†# | 5,690 | 147,257 | ||||||
Quantum Corp.† | 134,772 | 274,935 | ||||||
Violin Memory, Inc.†# | 49,256 | 165,008 | ||||||
958,517 | ||||||||
Computers - Other — 0.0% |
| |||||||
ExOne Co.†# | 6,098 | 76,530 | ||||||
Computers - Periphery Equipment — 0.3% |
| |||||||
Electronics for Imaging, Inc.† | 28,623 | 1,237,372 | ||||||
Immersion Corp.† | 17,416 | 210,560 | ||||||
Synaptics, Inc.†# | 22,133 | 2,205,332 | ||||||
3,653,264 | ||||||||
Computers - Voice Recognition — 0.0% |
| |||||||
Vocera Communications, Inc.† | 13,875 | 150,821 | ||||||
Consulting Services — 0.6% |
| |||||||
Advisory Board Co.† | 25,506 | 1,294,940 | ||||||
CEB, Inc. | 20,767 | 1,756,680 | ||||||
Civeo Corp. | 57,691 | 230,764 | ||||||
CRA International, Inc.† | 6,163 | 170,284 | ||||||
Forrester Research, Inc. | 6,707 | 228,105 | ||||||
Franklin Covey Co.† | 6,729 | 134,513 | ||||||
FTI Consulting, Inc.† | 25,102 | 986,509 | ||||||
Hackett Group, Inc. | 15,411 | 182,312 | ||||||
Huron Consulting Group, Inc.† | 14,470 | 930,421 | ||||||
ICF International, Inc.† | 12,254 | 438,448 | ||||||
Information Services Group, Inc. | 20,064 | 76,644 | ||||||
Navigant Consulting, Inc.† | 30,199 | 411,008 | ||||||
Pendrell Corp.† | 100,790 | 100,790 | ||||||
6,941,418 | ||||||||
217 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Central Garden & Pet Co., Class A† | 26,540 | $ | 259,031 | |||||
CSS Industries, Inc. | 5,711 | 157,567 | ||||||
Helen of Troy, Ltd.† | 17,570 | 1,537,199 | ||||||
Tumi Holdings, Inc.† | 31,121 | 600,635 | ||||||
WD-40 Co. | 9,203 | 776,457 | ||||||
3,330,889 | ||||||||
Containers - Paper/Plastic — 0.6% |
| |||||||
AEP Industries, Inc.† | 2,502 | 125,175 | ||||||
Berry Plastics Group, Inc.† | 55,251 | 1,849,251 | ||||||
Graphic Packaging Holding Co. | 200,888 | 2,860,645 | ||||||
KapStone Paper and Packaging Corp. | 51,964 | 1,400,430 | ||||||
UFP Technologies, Inc.† | 3,729 | 73,946 | ||||||
6,309,447 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Elizabeth Arden, Inc.†# | 15,907 | 223,811 | ||||||
Inter Parfums, Inc. | 10,218 | 341,588 | ||||||
Revlon, Inc., Class A† | 6,979 | 257,595 | ||||||
822,994 | ||||||||
Data Processing/Management — 0.4% |
| |||||||
Acxiom Corp.† | 47,284 | 783,496 | ||||||
Amber Road, Inc.†# | 5,483 | 39,149 | ||||||
CommVault Systems, Inc.† | 28,994 | 1,288,203 | ||||||
CSG Systems International, Inc. | 20,947 | 653,337 | ||||||
Fair Isaac Corp. | 19,754 | 1,732,821 | ||||||
Pegasystems, Inc. | 21,778 | 476,067 | ||||||
4,973,073 | ||||||||
Decision Support Software — 0.1% |
| |||||||
Castlight Health, Inc., Class B†# | 7,955 | 69,447 | ||||||
Interactive Intelligence Group, Inc.† | 10,299 | 445,226 | ||||||
QAD, Inc., Class A | 3,757 | 89,792 | ||||||
604,465 | ||||||||
Diagnostic Equipment — 0.4% |
| |||||||
Accelerate Diagnostics, Inc.†# | 13,950 | 311,364 | ||||||
Affymetrix, Inc.† | 44,699 | 524,319 | ||||||
BioTelemetry, Inc.† | 16,217 | 156,494 | ||||||
Cepheid† | 42,841 | 2,363,538 | ||||||
GenMark Diagnostics, Inc.†# | 25,567 | 234,449 | ||||||
Genomic Health, Inc.†# | 10,252 | 277,727 | ||||||
Oxford Immunotec Global PLC†# | 7,990 | 109,463 | ||||||
3,977,354 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
Meridian Bioscience, Inc. | 25,534 | 464,719 | ||||||
OraSure Technologies, Inc.† | 34,312 | 212,391 | ||||||
Quidel Corp.† | 17,515 | 379,550 | ||||||
1,056,660 | ||||||||
Direct Marketing — 0.0% |
| |||||||
EVINE Live, Inc.† | 26,237 | 86,844 | ||||||
Harte-Hanks, Inc. | 30,250 | 189,365 | ||||||
276,209 | ||||||||
Disposable Medical Products — 0.1% |
| |||||||
ICU Medical, Inc.† | 8,245 | 799,765 | ||||||
Merit Medical Systems, Inc.† | 26,404 | 542,866 | ||||||
Utah Medical Products, Inc. | 2,310 | 126,427 | ||||||
1,469,058 | ||||||||
Distribution/Wholesale — 0.7% |
| |||||||
Beacon Roofing Supply, Inc.† | 30,297 | 950,114 |
Security Description | Shares | Value (Note 2) | ||||||
Distribution/Wholesale (continued) |
| |||||||
Core-Mark Holding Co., Inc. | 14,153 | $ | 760,158 | |||||
Essendant, Inc. | 24,201 | 939,967 | ||||||
H&E Equipment Services, Inc. | 19,221 | 419,594 | ||||||
Houston Wire & Cable Co. | 10,914 | 97,680 | ||||||
Pool Corp. | 27,721 | 1,837,348 | ||||||
Rentrak Corp.†# | 6,101 | 414,319 | ||||||
ScanSource, Inc.† | 17,523 | 681,645 | ||||||
Speed Commerce, Inc.†# | 29,972 | 7,643 | ||||||
Titan Machinery, Inc.† | 10,654 | 169,292 | ||||||
Watsco, Inc. | 15,873 | 1,998,728 | ||||||
8,276,488 | ||||||||
Diversified Financial Services — 0.0% |
| |||||||
On Deck Capital, Inc.†# | 7,065 | 107,247 | ||||||
Diversified Manufacturing Operations — 0.8% |
| |||||||
Actuant Corp., Class A | 37,598 | 883,553 | ||||||
AZZ, Inc. | 15,716 | 753,268 | ||||||
Barnes Group, Inc. | 33,306 | 1,340,900 | ||||||
Blount International, Inc.† | 30,391 | 351,624 | ||||||
Chase Corp. | 4,139 | 168,581 | ||||||
EnPro Industries, Inc. | 13,959 | 844,240 | ||||||
Fabrinet† | 21,573 | 392,197 | ||||||
Federal Signal Corp. | 38,635 | 574,889 | ||||||
GP Strategies Corp.† | 8,121 | 253,456 | ||||||
Handy & Harman, Ltd.† | 2,468 | 78,186 | ||||||
Harsco Corp. | 49,611 | 799,233 | ||||||
LSB Industries, Inc.† | 11,878 | 505,171 | ||||||
Lydall, Inc.† | 10,455 | 286,572 | ||||||
NL Industries, Inc.† | 4,179 | 33,265 | ||||||
Park-Ohio Holdings Corp. | 5,392 | 258,870 | ||||||
Raven Industries, Inc. | 22,384 | 431,116 | ||||||
Standex International Corp. | 7,849 | 627,999 | ||||||
Tredegar Corp. | 15,269 | 303,090 | ||||||
8,886,210 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Ring Energy, Inc.† | 12,410 | 142,591 | ||||||
United States Lime & Minerals, Inc. | 1,205 | 71,565 | ||||||
US Silica Holdings, Inc.# | 33,031 | 1,019,006 | ||||||
1,233,162 | ||||||||
Diversified Operations — 0.2% |
| |||||||
Horizon Pharma PLC† | 45,158 | 1,464,474 | ||||||
HRG Group, Inc.† | 51,089 | 670,288 | ||||||
Resource America, Inc., Class A | 8,304 | 66,266 | ||||||
Tiptree Financial, Inc., Class A | 4,814 | 32,205 | ||||||
2,233,233 | ||||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Viad Corp. | 12,560 | 337,110 | ||||||
Drug Delivery Systems — 0.6% |
| |||||||
Antares Pharma, Inc.†# | 71,727 | 152,061 | ||||||
BioDelivery Sciences International, Inc.†# | 25,711 | 219,058 | ||||||
Catalent, Inc.† | 30,031 | 959,791 | ||||||
Depomed, Inc.†# | 35,632 | 743,283 | ||||||
DexCom, Inc.† | 46,033 | 3,301,487 | ||||||
Heron Therapeutics, Inc.†# | 14,312 | 282,805 | ||||||
Nektar Therapeutics†# | 78,020 | 897,230 | ||||||
Revance Therapeutics, Inc.†# | 5,285 | 135,296 | ||||||
6,691,011 | ||||||||
E-Commerce/Products — 0.3% |
| |||||||
1-800-flowers.com, Inc., Class A† | 15,270 | 145,218 | ||||||
Blue Nile, Inc.† | 7,443 | 205,501 |
218 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
E-Commerce/Products (continued) |
| |||||||
Chegg, Inc.† | 45,260 | $ | 344,429 | |||||
FTD Cos., Inc.† | 11,634 | 320,284 | ||||||
Lands’ End, Inc.†# | 10,126 | 297,806 | ||||||
Overstock.com, Inc.†# | 7,132 | 154,265 | ||||||
Shutterfly, Inc.† | 23,671 | 1,100,701 | ||||||
Stamps.com, Inc.† | 8,729 | 587,374 | ||||||
3,155,578 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
Angie’s List, Inc.†# | 26,798 | 168,024 | ||||||
Borderfree, Inc.† | 3,671 | 51,357 | ||||||
ChannelAdvisor Corp.†# | 12,719 | 142,580 | ||||||
Coupons.com, Inc.†# | 7,413 | 92,589 | ||||||
GrubHub, Inc.† | 5,488 | 221,276 | ||||||
Orbitz Worldwide, Inc.† | 31,701 | 357,270 | ||||||
RetailMeNot, Inc.† | 18,919 | 381,407 | ||||||
TrueCar, Inc.†# | 4,777 | 66,066 | ||||||
Wayfair, Inc., Class A† | 7,772 | 232,305 | ||||||
1,712,874 | ||||||||
E-Marketing/Info — 0.3% |
| |||||||
comScore, Inc.† | 21,296 | 1,204,928 | ||||||
Liquidity Services, Inc.† | 15,092 | 149,713 | ||||||
Marketo, Inc.†# | 15,752 | 469,882 | ||||||
New Media Investment Group, Inc. | 26,999 | 594,518 | ||||||
QuinStreet, Inc.† | 21,315 | 126,398 | ||||||
ReachLocal, Inc.†# | 8,126 | 23,321 | ||||||
Rocket Fuel, Inc.† | 11,276 | 93,478 | ||||||
Rubicon Project, Inc.† | 4,863 | 83,887 | ||||||
TubeMogul, Inc.†# | 2,170 | 36,738 | ||||||
YuMe, Inc.†# | 11,138 | 52,014 | ||||||
2,834,877 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
Cinedigm Corp., Class A† | 47,016 | 41,167 | ||||||
Perficient, Inc.† | 21,235 | 401,766 | ||||||
442,933 | ||||||||
Educational Software — 0.0% |
| |||||||
2U, Inc.† | 6,305 | 175,027 | ||||||
Rosetta Stone, Inc.† | 13,043 | 99,387 | ||||||
274,414 | ||||||||
Electric Products - Misc. — 0.2% |
| |||||||
GrafTech International, Ltd.† | 72,216 | 366,135 | ||||||
Graham Corp. | 6,189 | 137,581 | ||||||
Littelfuse, Inc. | 13,831 | 1,337,458 | ||||||
1,841,174 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
EnerNOC, Inc.† | 16,602 | 159,711 | ||||||
Spark Energy, Inc., Class A# | 1,843 | 25,507 | ||||||
UIL Holdings Corp. | 34,736 | 1,760,768 | ||||||
1,945,986 | ||||||||
Electric - Generation — 0.0% |
| |||||||
Atlantic Power Corp. | 74,154 | 218,754 | ||||||
Electric - Integrated — 1.4% |
| |||||||
ALLETE, Inc. | 28,936 | 1,456,928 | ||||||
Ameresco, Inc., Class A† | 12,203 | 88,594 | ||||||
Avista Corp. | 36,970 | 1,183,040 | ||||||
Black Hills Corp. | 27,422 | 1,310,223 | ||||||
Cleco Corp. | 37,088 | 2,012,024 | ||||||
El Paso Electric Co. | 24,768 | 900,812 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
Empire District Electric Co. | 26,547 | $ | 619,607 | |||||
IDACORP, Inc. | 30,909 | 1,838,158 | ||||||
MGE Energy, Inc. | 21,301 | 824,988 | ||||||
NorthWestern Corp. | 28,824 | 1,499,424 | ||||||
Otter Tail Corp. | 22,410 | 605,518 | ||||||
PNM Resources, Inc. | 48,943 | 1,301,394 | ||||||
Portland General Electric Co. | 48,038 | 1,679,409 | ||||||
Unitil Corp. | 8,533 | 288,757 | ||||||
15,608,876 | ||||||||
Electronic Components - Misc. — 0.7% |
| |||||||
Bel Fuse, Inc., Class B | 6,161 | 138,006 | ||||||
Benchmark Electronics, Inc.† | 33,125 | 769,825 | ||||||
CTS Corp. | 20,769 | 391,496 | ||||||
GSI Group, Inc.† | 18,665 | 278,668 | ||||||
Kimball Electronics, Inc.† | 15,814 | 246,382 | ||||||
Methode Electronics, Inc. | 23,300 | 1,093,469 | ||||||
NVE Corp. | 2,978 | 213,910 | ||||||
OSI Systems, Inc.† | 12,253 | 885,157 | ||||||
Plexus Corp.† | 20,842 | 947,894 | ||||||
Rogers Corp.† | 11,135 | 804,504 | ||||||
Sanmina Corp.† | 50,580 | 1,095,563 | ||||||
Sparton Corp.† | 6,222 | 164,945 | ||||||
Stoneridge, Inc.† | 17,354 | 207,033 | ||||||
Viasystems Group, Inc.† | 3,180 | 58,099 | ||||||
Vishay Precision Group, Inc.† | 7,819 | 103,211 | ||||||
7,398,162 | ||||||||
Electronic Components - Semiconductors — 2.4% |
| |||||||
Alpha & Omega Semiconductor, Ltd.† | 13,277 | 108,871 | ||||||
Ambarella, Inc.†# | 17,698 | 1,596,537 | ||||||
Amkor Technology, Inc.† | 52,431 | 354,434 | ||||||
Applied Micro Circuits Corp.† | 47,910 | 306,145 | ||||||
Cavium, Inc.† | 32,466 | 2,284,632 | ||||||
CEVA, Inc.† | 12,895 | 264,863 | ||||||
Diodes, Inc.† | 22,394 | 592,993 | ||||||
DSP Group, Inc.† | 13,608 | 152,137 | ||||||
Fairchild Semiconductor International, Inc.† | 71,188 | 1,418,065 | ||||||
Inphi Corp.† | 19,239 | 460,582 | ||||||
Integrated Silicon Solution, Inc. | 18,562 | 380,892 | ||||||
Intersil Corp., Class A | 79,125 | 1,068,187 | ||||||
InvenSense, Inc.†# | 43,671 | 618,381 | ||||||
IXYS Corp. | 15,021 | 183,106 | ||||||
Kopin Corp.† | 40,533 | 141,055 | ||||||
Lattice Semiconductor Corp.† | 72,311 | 452,667 | ||||||
Microsemi Corp.† | 58,352 | 2,123,429 | ||||||
Monolithic Power Systems, Inc. | 23,721 | 1,295,167 | ||||||
OmniVision Technologies, Inc.† | 34,459 | 929,015 | ||||||
PMC-Sierra, Inc.† | 106,526 | 967,256 | ||||||
QLogic Corp.† | 53,580 | 831,562 | ||||||
Qorvo, Inc.† | 87,148 | 7,159,208 | ||||||
QuickLogic Corp.†# | 33,883 | 51,502 | ||||||
Rambus, Inc.† | 69,890 | 1,068,618 | ||||||
Rubicon Technology, Inc.†# | 16,072 | 43,234 | ||||||
Semtech Corp.† | 41,306 | 882,296 | ||||||
Silicon Laboratories, Inc.† | 26,699 | 1,480,193 | ||||||
27,215,027 | ||||||||
Electronic Design Automation — 0.1% |
| |||||||
Mentor Graphics Corp. | 59,502 | 1,553,597 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Badger Meter, Inc. | 8,873 | 572,486 | ||||||
CUI Global, Inc.† | 12,675 | 68,445 | ||||||
ESCO Technologies, Inc. | 16,314 | 608,512 |
219 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Measurement Instruments (continued) |
| |||||||
FARO Technologies, Inc.† | 10,589 | $ | 461,998 | |||||
Itron, Inc.† | 24,162 | 867,174 | ||||||
Mesa Laboratories, Inc. | 1,713 | 151,190 | ||||||
2,729,805 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science & Engineering, Inc. | 4,831 | 189,037 | ||||||
TASER International, Inc.†# | 33,098 | 1,045,235 | ||||||
1,234,272 | ||||||||
Energy - Alternate Sources — 0.4% |
| |||||||
Amyris, Inc.†# | 16,630 | 33,094 | ||||||
Clean Energy Fuels Corp.†# | 43,120 | 322,969 | ||||||
Enphase Energy, Inc.†# | 11,231 | 106,357 | ||||||
FuelCell Energy, Inc.†# | 143,897 | 176,993 | ||||||
FutureFuel Corp. | 13,374 | 160,488 | ||||||
Green Plains, Inc. | 22,984 | 755,254 | ||||||
Pacific Ethanol, Inc.†# | 14,690 | 169,082 | ||||||
Pattern Energy Group, Inc. | 26,559 | 755,338 | ||||||
Plug Power, Inc.†# | 102,660 | 279,235 | ||||||
Renewable Energy Group, Inc.† | 21,220 | 225,569 | ||||||
REX American Resources Corp.† | 3,857 | 246,347 | ||||||
Solazyme, Inc.†# | 46,682 | 147,048 | ||||||
TerraForm Power, Inc., Class A | 17,331 | 695,493 | ||||||
Vivint Solar, Inc.†# | 12,657 | 182,261 | ||||||
4,255,528 | ||||||||
Engineering/R&D Services — 0.3% |
| |||||||
Argan, Inc. | 7,694 | 275,291 | ||||||
EMCOR Group, Inc. | 38,239 | 1,734,903 | ||||||
Exponent, Inc. | 8,051 | 685,301 | ||||||
Mistras Group, Inc.† | 10,058 | 186,174 | ||||||
VSE Corp. | 2,551 | 159,259 | ||||||
3,040,928 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Briggs & Stratton Corp. | 28,709 | 548,055 | ||||||
Power Solutions International, Inc.†# | 2,755 | 151,525 | ||||||
699,580 | ||||||||
Enterprise Software/Service — 1.7% |
| |||||||
Actua Corp.† | 25,291 | 321,449 | ||||||
Advent Software, Inc. | 31,623 | 1,383,822 | ||||||
American Software, Inc., Class A | 15,137 | 133,054 | ||||||
Benefitfocus, Inc.†# | 3,004 | 107,784 | ||||||
Guidewire Software, Inc.† | 41,749 | 2,022,739 | ||||||
Hortonworks, Inc.†# | 4,348 | 114,222 | ||||||
ManTech International Corp., Class A | 14,716 | 419,112 | ||||||
MedAssets, Inc.† | 37,472 | 782,041 | ||||||
MicroStrategy, Inc., Class A† | 5,575 | 981,088 | ||||||
MobileIron, Inc.† | 7,576 | 45,608 | ||||||
Model N, Inc.† | 11,842 | 136,894 | ||||||
Omnicell, Inc.† | 22,492 | 831,754 | ||||||
OPOWER, Inc.†# | 4,772 | 56,500 | ||||||
Proofpoint, Inc.†# | 23,741 | 1,403,805 | ||||||
PROS Holdings, Inc.† | 14,450 | 278,163 | ||||||
Qlik Technologies, Inc.† | 55,078 | 1,992,171 | ||||||
Rally Software Development Corp.† | 15,274 | 296,621 | ||||||
Sapiens International Corp. NV# | 15,061 | 136,302 | ||||||
SPS Commerce, Inc.† | 9,956 | 647,339 | ||||||
SYNNEX Corp. | 17,512 | 1,447,717 | ||||||
Tyler Technologies, Inc.† | 20,282 | 2,463,857 | ||||||
Ultimate Software Group, Inc.† | 17,215 | 2,785,215 | ||||||
18,787,257 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Entertainment Software — 0.2% |
| |||||||
Glu Mobile, Inc.†# | 55,228 | $ | 357,878 | |||||
Take-Two Interactive Software, Inc.† | 51,287 | 1,403,725 | ||||||
1,761,603 | ||||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc. | 37,217 | 973,597 | ||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 18,146 | 811,126 | ||||||
Extended Service Contracts — 0.0% |
| |||||||
James River Group Holdings, Ltd. | 5,638 | 132,549 | ||||||
Female Health Care Products — 0.0% |
| |||||||
Female Health Co.†# | 13,371 | 31,823 | ||||||
Filtration/Separation Products — 0.3% |
| |||||||
CLARCOR, Inc. | 30,978 | 1,908,555 | ||||||
Polypore International, Inc.† | 27,698 | 1,659,387 | ||||||
3,567,942 | ||||||||
Finance - Auto Loans — 0.1% |
| |||||||
Consumer Portfolio Services, Inc.† | 12,908 | 76,028 | ||||||
Credit Acceptance Corp.† | 3,960 | 912,463 | ||||||
Nicholas Financial, Inc.† | 3,715 | 48,667 | ||||||
1,037,158 | ||||||||
Finance - Commercial — 0.0% |
| |||||||
NewStar Financial, Inc.† | 16,418 | 173,538 | ||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Encore Capital Group, Inc.†# | 15,796 | 627,259 | ||||||
Enova International, Inc.† | 15,813 | 308,353 | ||||||
Nelnet, Inc., Class A | 12,790 | 525,797 | ||||||
PRA Group, Inc.†# | 30,759 | 1,745,881 | ||||||
Regional Management Corp.† | 6,556 | 114,206 | ||||||
Springleaf Holdings, Inc.† | 15,079 | 716,554 | ||||||
World Acceptance Corp.†# | 4,839 | 394,717 | ||||||
4,432,767 | ||||||||
Finance - Credit Card — 0.1% |
| |||||||
Blackhawk Network Holdings, Inc.†# | 32,320 | 1,111,808 | ||||||
Finance - Investment Banker/Broker — 0.6% |
| |||||||
Cowen Group, Inc., Class A† | 70,899 | 418,304 | ||||||
Diamond Hill Investment Group, Inc. | 1,743 | 333,436 | ||||||
Evercore Partners, Inc., Class A | 20,323 | 1,035,863 | ||||||
FBR & Co.† | 4,915 | 104,051 | ||||||
FXCM, Inc., Class A# | 27,991 | 40,307 | ||||||
GAIN Capital Holdings, Inc. | 14,224 | 132,283 | ||||||
Greenhill & Co., Inc. | 17,370 | 676,388 | ||||||
INTL. FCStone, Inc.† | 9,483 | 332,569 | ||||||
Investment Technology Group, Inc. | 20,818 | 559,171 | ||||||
KCG Holdings, Inc., Class A† | 27,708 | 373,781 | ||||||
Ladenburg Thalmann Financial Services, Inc.† | 61,318 | 201,736 | ||||||
Moelis & Co. | 4,529 | 130,707 | ||||||
Oppenheimer Holdings, Inc., Class A | 6,252 | 162,177 | ||||||
Piper Jaffray Cos.† | 10,006 | 474,485 | ||||||
RCS Capital Corp., Class A# | 5,806 | 45,403 | ||||||
Stifel Financial Corp.† | 40,232 | 2,142,756 | ||||||
7,163,417 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Aircastle, Ltd. | 39,711 | 963,389 | ||||||
Marlin Business Services Corp. | 5,142 | 91,887 | ||||||
1,055,276 | ||||||||
220 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Mortgage Loan/Banker — 0.3% |
| |||||||
Arlington Asset Investment Corp., Class A# | 13,685 | $ | 283,142 | |||||
Ellie Mae, Inc.† | 17,274 | 1,092,062 | ||||||
Federal Agricultural Mtg. Corp., Class C | 6,403 | 202,143 | ||||||
PennyMac Financial Services, Inc., Class A† | 8,231 | 154,331 | ||||||
PHH Corp.† | 31,237 | 861,829 | ||||||
Stonegate Mtg. Corp.† | 8,783 | 85,898 | ||||||
Walter Investment Management Corp.†# | 23,130 | 382,339 | ||||||
3,061,744 | ||||||||
Finance - Other Services — 0.4% |
| |||||||
BGC Partners, Inc., Class A | 107,063 | 1,011,745 | ||||||
Higher One Holdings, Inc.† | 20,877 | 59,291 | ||||||
JG Wentworth Co.†# | 7,235 | 67,864 | ||||||
MarketAxess Holdings, Inc. | 23,177 | 2,050,006 | ||||||
WageWorks, Inc.† | 21,571 | 924,964 | ||||||
4,113,870 | ||||||||
Financial Guarantee Insurance — 0.4% |
| |||||||
MGIC Investment Corp.†# | 207,998 | 2,256,778 | ||||||
NMI Holdings, Inc., Class A† | 31,054 | 246,258 | ||||||
Radian Group, Inc.# | 117,356 | 2,103,020 | ||||||
4,606,056 | ||||||||
Firearms & Ammunition — 0.1% |
| |||||||
Smith & Wesson Holding Corp.†# | 33,762 | 496,639 | ||||||
Sturm Ruger & Co., Inc.# | 11,920 | 640,581 | ||||||
1,137,220 | ||||||||
Food - Canned — 0.2% |
| |||||||
Seneca Foods Corp., Class A† | 5,017 | 141,480 | ||||||
TreeHouse Foods, Inc.† | 25,846 | 1,843,595 | ||||||
1,985,075 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 11,905 | 365,960 | ||||||
Food - Dairy Products — 0.1% |
| |||||||
Dean Foods Co. | 57,434 | 1,057,934 | ||||||
Lifeway Foods, Inc.† | 2,881 | 51,455 | ||||||
1,109,389 | ||||||||
Food - Flour & Grain — 0.2% |
| |||||||
Post Holdings, Inc.† | 31,814 | 1,376,274 | ||||||
Seaboard Corp.† | 175 | 600,250 | ||||||
1,976,524 | ||||||||
Food - Misc./Diversified — 0.7% |
| |||||||
B&G Foods, Inc. | 32,965 | 1,019,937 | ||||||
Boulder Brands, Inc.† | 37,416 | 344,976 | ||||||
Cal-Maine Foods, Inc.# | 19,069 | 1,081,022 | ||||||
Darling Ingredients, Inc.† | 101,122 | 1,587,615 | ||||||
Diamond Foods, Inc.† | 13,377 | 380,709 | ||||||
Inventure Foods, Inc.† | 9,403 | 89,328 | ||||||
J&J Snack Foods Corp. | 9,152 | 986,586 | ||||||
John B. Sanfilippo & Son, Inc. | 5,082 | 257,200 | ||||||
Lancaster Colony Corp. | 11,368 | 1,014,480 | ||||||
Senomyx, Inc.†# | 26,125 | 148,129 | ||||||
Snyder’s-Lance, Inc. | 29,252 | 873,757 | ||||||
7,783,739 | ||||||||
Food - Retail — 0.3% |
| |||||||
Fairway Group Holdings Corp.†# | 11,372 | 51,401 | ||||||
Fresh Market, Inc.†# | 26,310 | 835,342 | ||||||
Ingles Markets, Inc., Class A | 7,159 | 349,932 | ||||||
Smart & Final Stores, Inc.† | 8,264 | 139,662 | ||||||
SUPERVALU, Inc.† | 124,563 | 1,099,891 |
Security Description | Shares | Value (Note 2) | ||||||
Food - Retail (continued) |
| |||||||
Village Super Market, Inc., Class A | 4,144 | $ | 132,691 | |||||
Weis Markets, Inc. | 6,769 | 292,218 | ||||||
2,901,137 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc. | 8,845 | 446,230 | ||||||
Chefs’ Warehouse, Inc.†# | 11,048 | 207,150 | ||||||
Fresh Del Monte Produce, Inc. | 20,670 | 778,019 | ||||||
SpartanNash Co. | 23,177 | 724,513 | ||||||
United Natural Foods, Inc.† | 30,492 | 2,045,098 | ||||||
4,201,010 | ||||||||
Footwear & Related Apparel — 0.7% |
| |||||||
Crocs, Inc.† | 47,286 | 711,182 | ||||||
Iconix Brand Group, Inc.† | 29,565 | 763,368 | ||||||
Skechers U.S.A., Inc., Class A† | 24,021 | 2,543,103 | ||||||
Steven Madden, Ltd.† | 35,808 | 1,352,826 | ||||||
Weyco Group, Inc. | 4,056 | 113,609 | ||||||
Wolverine World Wide, Inc.# | 62,318 | 1,830,903 | ||||||
7,314,991 | ||||||||
Forestry — 0.0% |
| |||||||
Deltic Timber Corp. | 6,825 | 440,485 | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Carriage Services, Inc. | 9,852 | 245,118 | ||||||
Matthews International Corp., Class A | 18,329 | 910,035 | ||||||
1,155,153 | ||||||||
Gambling (Non-Hotel) — 0.2% |
| |||||||
Caesars Acquisition Co., Class A† | 28,085 | 206,425 | ||||||
Isle of Capri Casinos, Inc.† | 13,311 | 189,149 | ||||||
Pinnacle Entertainment, Inc.† | 36,616 | 1,353,694 | ||||||
1,749,268 | ||||||||
Gas - Distribution — 1.1% |
| |||||||
Chesapeake Utilities Corp. | 8,941 | 470,565 | ||||||
Laclede Group, Inc. | 26,499 | 1,417,961 | ||||||
New Jersey Resources Corp. | 51,780 | 1,557,025 | ||||||
Northwest Natural Gas Co.# | 16,674 | 745,328 | ||||||
ONE Gas, Inc. | 31,936 | 1,415,723 | ||||||
Piedmont Natural Gas Co., Inc. | 47,888 | 1,785,743 | ||||||
South Jersey Industries, Inc. | 40,528 | 1,069,534 | ||||||
Southwest Gas Corp. | 28,573 | 1,556,086 | ||||||
WGL Holdings, Inc. | 31,891 | 1,835,008 | ||||||
11,852,973 | ||||||||
Gold Mining — 0.0% |
| |||||||
Gold Resource Corp.# | 23,135 | 67,786 | ||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co.# | 47,637 | 449,693 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 5,629 | 79,988 | ||||||
US Ecology, Inc. | 13,242 | 610,589 | ||||||
690,577 | ||||||||
Health Care Cost Containment — 0.1% |
| |||||||
CorVel Corp.† | 6,812 | 244,551 | ||||||
ExamWorks Group, Inc.† | 22,302 | 911,706 | ||||||
HealthEquity, Inc.† | 6,430 | 170,459 | ||||||
1,326,716 | ||||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Tandem Diabetes Care, Inc.† | 5,150 | 62,160 |
221 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Healthcare Safety Devices (continued) |
| |||||||
Unilife Corp.†# | 67,206 | $ | 164,991 | |||||
227,151 | ||||||||
Heart Monitors — 0.1% |
| |||||||
HeartWare International, Inc.† | 10,437 | 769,937 | ||||||
Home Furnishings — 0.3% |
| |||||||
American Woodmark Corp.† | 7,564 | 388,336 | ||||||
Ethan Allen Interiors, Inc.# | 15,511 | 389,326 | ||||||
Flexsteel Industries, Inc. | 3,005 | 113,499 | ||||||
La-Z-Boy, Inc. | 32,159 | 853,178 | ||||||
Select Comfort Corp.† | 33,348 | 1,038,790 | ||||||
2,783,129 | ||||||||
Hotels/Motels — 0.3% |
| |||||||
Belmond, Ltd., Class A† | 59,351 | 724,082 | ||||||
Diamond Resorts International, Inc.† | 21,736 | 675,990 | ||||||
Interval Leisure Group, Inc. | 24,405 | 635,018 | ||||||
Intrawest Resorts Holdings, Inc.† | 8,258 | 103,720 | ||||||
La Quinta Holdings, Inc.† | 27,208 | 676,391 | ||||||
Marcus Corp. | 11,045 | 216,482 | ||||||
Morgans Hotel Group Co.† | 17,942 | 123,082 | ||||||
3,154,765 | ||||||||
Housewares — 0.1% |
| |||||||
Libbey, Inc. | 13,197 | 521,281 | ||||||
Lifetime Brands, Inc. | 6,403 | 93,036 | ||||||
NACCO Industries, Inc., Class A | 2,986 | 170,859 | ||||||
785,176 | ||||||||
Human Resources — 0.8% |
| |||||||
AMN Healthcare Services, Inc.† | 28,571 | 759,703 | ||||||
Barrett Business Services, Inc. | 4,409 | 158,768 | ||||||
CDI Corp. | 8,662 | 107,149 | ||||||
Cross Country Healthcare, Inc.† | 19,115 | 203,001 | ||||||
Heidrick & Struggles International, Inc. | 11,185 | 281,191 | ||||||
Insperity, Inc. | 13,931 | 733,049 | ||||||
Kelly Services, Inc., Class A | 16,808 | 260,860 | ||||||
Kforce, Inc. | 15,243 | 335,498 | ||||||
Korn/Ferry International | 30,558 | 980,606 | ||||||
Monster Worldwide, Inc.†# | 55,925 | 339,465 | ||||||
On Assignment, Inc.† | 31,358 | 1,175,611 | ||||||
Paylocity Holding Corp.† | 5,147 | 172,322 | ||||||
Resources Connection, Inc. | 23,812 | 373,610 | ||||||
Team Health Holdings, Inc.† | 43,156 | 2,523,763 | ||||||
TriNet Group, Inc.† | 9,660 | 289,124 | ||||||
TrueBlue, Inc.† | 25,399 | 723,364 | ||||||
9,417,084 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 29,480 | 745,844 | ||||||
Checkpoint Systems, Inc. | 25,607 | 250,181 | ||||||
Imprivata Inc† | 3,649 | 57,654 | ||||||
1,053,679 | ||||||||
Independent Power Producers — 0.4% |
| |||||||
Abengoa Yield plc# | 17,559 | 674,968 | ||||||
Dynegy, Inc.† | 75,504 | 2,441,799 | ||||||
NRG Yield, Inc., Class A# | 14,626 | 387,589 | ||||||
NRG Yield, Inc., Class C# | 14,626 | 395,926 | ||||||
Ormat Technologies, Inc. | 20,232 | 750,607 | ||||||
4,650,889 | ||||||||
Industrial Audio & Video Products — 0.0% |
| |||||||
Turtle Beach Corp.†# | 4,309 | 7,799 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Industrial Automated/Robotic — 0.3% |
| |||||||
Cognex Corp. | 53,358 | $ | 2,692,978 | |||||
Hurco Cos., Inc. | 3,983 | 133,152 | ||||||
2,826,130 | ||||||||
Instruments - Controls — 0.3% |
| |||||||
Control4 Corp.† | 7,022 | 63,900 | ||||||
Watts Water Technologies, Inc., Class A | 17,510 | 930,306 | ||||||
Woodward, Inc. | 40,740 | 2,075,296 | ||||||
3,069,502 | ||||||||
Instruments - Scientific — 0.2% |
| |||||||
FEI Co. | 25,964 | 2,118,662 | ||||||
Fluidigm Corp.†# | 17,242 | 407,601 | ||||||
2,526,263 | ||||||||
Insurance Brokers — 0.0% |
| |||||||
Crawford & Co., Class B | 17,187 | 125,293 | ||||||
eHealth, Inc.† | 10,917 | 142,358 | ||||||
267,651 | ||||||||
Insurance - Life/Health — 0.6% |
| |||||||
American Equity Investment Life Holding Co. | 45,672 | 1,160,525 | ||||||
CNO Financial Group, Inc. | 126,000 | 2,268,000 | ||||||
FBL Financial Group, Inc., Class A | 5,937 | 341,021 | ||||||
Fidelity & Guaranty Life | 6,916 | 151,875 | ||||||
Independence Holding Co. | 4,721 | 55,425 | ||||||
Kansas City Life Insurance Co. | 2,334 | 103,840 | ||||||
National Western Life Insurance Co., Class A | 1,371 | 335,868 | ||||||
Phoenix Cos., Inc.† | 3,502 | 60,620 | ||||||
Primerica, Inc. | 31,147 | 1,377,632 | ||||||
Symetra Financial Corp. | 46,311 | 1,132,767 | ||||||
Trupanion, Inc.†# | 5,132 | 43,006 | ||||||
7,030,579 | ||||||||
Insurance - Multi-line — 0.2% |
| |||||||
Citizens, Inc.†# | 27,022 | 150,242 | ||||||
Horace Mann Educators Corp. | 25,025 | 861,361 | ||||||
Kemper Corp. | 26,507 | 948,686 | ||||||
United Fire Group, Inc. | 12,679 | 386,836 | ||||||
2,347,125 | ||||||||
Insurance - Property/Casualty — 1.2% |
| |||||||
Ambac Financial Group, Inc.† | 27,652 | 646,504 | ||||||
AMERISAFE, Inc. | 11,474 | 490,399 | ||||||
AmTrust Financial Services, Inc.# | 18,459 | 1,110,863 | ||||||
Atlas Financial Holdings, Inc.† | 7,070 | 132,987 | ||||||
Baldwin & Lyons, Inc., Class B | 5,705 | 128,305 | ||||||
Donegal Group, Inc., Class A | 4,997 | 73,956 | ||||||
EMC Insurance Group, Inc. | 3,100 | 109,988 | ||||||
Employers Holdings, Inc. | 19,279 | 436,091 | ||||||
Enstar Group, Ltd.† | 5,241 | 794,640 | ||||||
Federated National Holding Co. | 8,482 | 217,818 | ||||||
First American Financial Corp. | 64,702 | 2,310,508 | ||||||
Global Indemnity PLC† | 5,020 | 137,849 | ||||||
Hallmark Financial Services, Inc.† | 8,701 | 96,581 | ||||||
HCI Group, Inc.# | 5,539 | 239,451 | ||||||
Heritage Insurance Holdings, Inc.† | 4,240 | 89,040 | ||||||
Infinity Property & Casualty Corp. | 7,073 | 511,731 | ||||||
Meadowbrook Insurance Group, Inc. | 30,779 | 262,237 | ||||||
National General Holdings Corp. | 21,808 | 423,511 | ||||||
National Interstate Corp. | 4,353 | 111,306 | ||||||
Navigators Group, Inc.† | 6,437 | 499,640 | ||||||
OneBeacon Insurance Group, Ltd., Class A | 13,926 | 200,534 | ||||||
RLI Corp. | 26,415 | 1,285,618 | ||||||
Safety Insurance Group, Inc. | 7,969 | 444,670 |
222 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty (continued) |
| |||||||
Selective Insurance Group, Inc. | 34,543 | $ | 936,461 | |||||
State Auto Financial Corp. | 9,308 | 197,795 | ||||||
Stewart Information Services Corp. | 13,201 | 495,962 | ||||||
Third Point Reinsurance, Ltd.† | 34,888 | 502,736 | ||||||
United Insurance Holdings Corp. | 10,218 | 147,344 | ||||||
Universal Insurance Holdings, Inc. | 19,152 | 488,951 | ||||||
13,523,476 | ||||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Argo Group International Holdings, Ltd. | 17,688 | 931,273 | ||||||
Essent Group, Ltd.† | 27,367 | 698,132 | ||||||
Greenlight Capital Re, Ltd., Class A† | 17,408 | 533,381 | ||||||
Maiden Holdings, Ltd. | 30,722 | 429,494 | ||||||
Montpelier Re Holdings, Ltd. | 22,469 | 855,395 | ||||||
State National Cos., Inc. | 16,079 | 172,045 | ||||||
3,619,720 | ||||||||
Internet Application Software — 0.1% |
| |||||||
Bazaarvoice, Inc.†# | 30,704 | 175,627 | ||||||
Box, Inc., Class A†# | 7,849 | 138,456 | ||||||
Connecture, Inc.† | 3,858 | 48,881 | ||||||
Intralinks Holdings, Inc.† | 24,125 | 256,449 | ||||||
Lionbridge Technologies, Inc.† | 39,716 | 219,232 | ||||||
RealNetworks, Inc.† | 14,109 | 78,587 | ||||||
Textura Corp.†# | 11,455 | 333,455 | ||||||
VirnetX Holding Corp.†# | 26,132 | 125,695 | ||||||
Yodlee, Inc.†# | 4,308 | 61,777 | ||||||
Zendesk, Inc.†# | 6,982 | 160,795 | ||||||
1,598,954 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Boingo Wireless, Inc.† | 14,254 | 128,144 | ||||||
Cogent Communications Holdings, Inc. | 28,631 | 899,586 | ||||||
Internap Corp.† | 33,372 | 325,043 | ||||||
1,352,773 | ||||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Global Eagle Entertainment, Inc.†# | 23,432 | 317,972 | ||||||
Limelight Networks, Inc.† | 37,038 | 161,856 | ||||||
Shutterstock, Inc.†# | 9,348 | 598,179 | ||||||
1,078,007 | ||||||||
Internet Content - Information/News — 0.2% |
| |||||||
Bankrate, Inc.† | 41,190 | 502,518 | ||||||
DHI Group, Inc.† | 23,805 | 201,628 | ||||||
HealthStream, Inc.† | 13,001 | 368,838 | ||||||
Reis, Inc. | 5,076 | 110,251 | ||||||
Travelzoo, Inc.† | 4,530 | 54,632 | ||||||
WebMD Health Corp.† | 23,806 | 1,092,696 | ||||||
XO Group, Inc.† | 16,539 | 268,593 | ||||||
2,599,156 | ||||||||
Internet Incubators — 0.0% |
| |||||||
ModusLink Global Solutions, Inc.† | 22,719 | 78,380 | ||||||
Safeguard Scientifics, Inc.† | 12,677 | 227,172 | ||||||
305,552 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
Unwired Planet, Inc.† | 60,202 | 40,468 | ||||||
Internet Security — 0.1% |
| |||||||
VASCO Data Security International, Inc.†# | 18,091 | 481,944 | ||||||
Zix Corp.† | 36,411 | 167,127 | ||||||
649,071 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Internet Telephone — 0.3% |
| |||||||
8x8, Inc.† | 54,416 | $ | 453,829 | |||||
j2 Global, Inc. | 29,219 | 1,940,434 | ||||||
magicJack VocalTec, Ltd.†# | 10,957 | 90,395 | ||||||
RingCentral, Inc.†# | 17,218 | 294,256 | ||||||
TeleCommunication Systems, Inc., Class A† | 29,581 | 94,659 | ||||||
2,873,573 | ||||||||
Investment Companies — 0.0% |
| |||||||
Acacia Research Corp.# | 30,761 | 314,070 | ||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Altisource Asset Management Corp.† | 866 | 147,558 | ||||||
Altisource Portfolio Solutions SA†# | 8,165 | 224,701 | ||||||
Ashford, Inc.† | 494 | 47,671 | ||||||
Calamos Asset Management, Inc., Class A | 10,487 | 128,466 | ||||||
CIFC Corp.# | 3,690 | 28,524 | ||||||
Cohen & Steers, Inc. | 11,903 | 446,362 | ||||||
Financial Engines, Inc.# | 31,612 | 1,356,155 | ||||||
GAMCO Investors, Inc., Class A | 3,942 | 271,959 | ||||||
Janus Capital Group, Inc.# | 91,863 | 1,667,313 | ||||||
Manning & Napier, Inc. | 8,386 | 92,749 | ||||||
Medley Management, Inc.# | 3,687 | 42,695 | ||||||
OM Asset Management PLC | 14,888 | 289,869 | ||||||
Pzena Investment Management, Inc., Class A | 6,982 | 61,861 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 3,459 | 44,967 | ||||||
Virtus Investment Partners, Inc. | 4,345 | 540,561 | ||||||
Westwood Holdings Group, Inc. | 4,501 | 255,432 | ||||||
WisdomTree Investments, Inc. | 66,132 | 1,412,580 | ||||||
7,059,423 | ||||||||
Lasers - System/Components — 0.2% |
| |||||||
Applied Optoelectronics, Inc.†# | 9,085 | 162,258 | ||||||
Coherent, Inc.† | 15,320 | 953,517 | ||||||
Electro Scientific Industries, Inc. | 15,038 | 82,258 | ||||||
II-VI, Inc.† | 32,289 | 602,836 | ||||||
Newport Corp.† | 24,490 | 462,616 | ||||||
Rofin-Sinar Technologies, Inc.† | 17,225 | 490,051 | ||||||
2,753,536 | ||||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 6,086 | 111,252 | ||||||
Johnson Outdoors, Inc., Class A | 3,069 | 73,564 | ||||||
Marine Products Corp. | 6,514 | 40,191 | ||||||
225,007 | ||||||||
Lighting Products & Systems — 0.1% |
| |||||||
Revolution Lighting Technologies, Inc.†# | 20,118 | 25,147 | ||||||
TCP International Holdings Ltd†# | 4,389 | 17,249 | ||||||
Universal Display Corp.†# | 24,913 | 1,338,077 | ||||||
1,380,473 | ||||||||
Linen Supply & Related Items — 0.2% |
| |||||||
G&K Services, Inc., Class A | 12,257 | 854,068 | ||||||
UniFirst Corp. | 9,066 | 1,036,334 | ||||||
1,890,402 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 11,600 | 479,660 | ||||||
Hyster-Yale Materials Handling, Inc. | 6,314 | 448,041 | ||||||
927,701 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
Franklin Electric Co., Inc. | 29,311 | 1,031,454 | ||||||
223 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 4,383 | $ | 232,168 | |||||
Lindsay Corp.# | 7,497 | 603,808 | ||||||
835,976 | ||||||||
Machinery - General Industrial — 0.4% |
| |||||||
Albany International Corp., Class A | 17,295 | 684,536 | ||||||
Altra Industrial Motion Corp. | 16,631 | 457,352 | ||||||
Applied Industrial Technologies, Inc. | 25,666 | 1,087,468 | ||||||
Chart Industries, Inc.† | 18,721 | 607,684 | ||||||
DXP Enterprises, Inc.† | 7,956 | 326,276 | ||||||
Intevac, Inc.† | 14,688 | 79,903 | ||||||
Kadant, Inc. | 6,866 | 323,389 | ||||||
Manitex International, Inc.†# | 8,493 | 65,821 | ||||||
Tennant Co. | 11,319 | 721,699 | ||||||
Twin Disc, Inc. | 5,077 | 90,523 | ||||||
Xerium Technologies, Inc.† | 6,700 | 114,570 | ||||||
4,559,221 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Columbus McKinnon Corp. | 12,195 | 278,168 | ||||||
Machinery - Pumps — 0.0% |
| |||||||
Gorman-Rupp Co. | 11,580 | 324,587 | ||||||
Machinery - Thermal Process — 0.0% |
| |||||||
Global Power Equipment Group, Inc. | 10,515 | 78,652 | ||||||
Marine Services — 0.0% |
| |||||||
Great Lakes Dredge & Dock Corp.† | 36,753 | 204,347 | ||||||
Medical Imaging Systems — 0.1% |
| |||||||
Analogic Corp. | 7,628 | 645,405 | ||||||
Medical Information Systems — 0.3% |
| |||||||
Computer Programs & Systems, Inc.# | 6,860 | 358,984 | ||||||
Everyday Health, Inc.† | 4,648 | 57,635 | ||||||
Medidata Solutions, Inc.† | 33,239 | 1,928,194 | ||||||
Merge Healthcare, Inc.† | 43,444 | 198,105 | ||||||
Quality Systems, Inc. | 30,614 | 484,926 | ||||||
3,027,844 | ||||||||
Medical Instruments — 0.9% |
| |||||||
Abaxis, Inc.# | 13,799 | 732,865 | ||||||
AngioDynamics, Inc.† | 15,180 | 243,639 | ||||||
AtriCure, Inc.† | 16,839 | 386,287 | ||||||
Cardiovascular Systems, Inc.† | 16,994 | 475,492 | ||||||
CONMED Corp. | 16,723 | 928,795 | ||||||
CryoLife, Inc. | 17,256 | 184,812 | ||||||
Endologix, Inc.†# | 39,333 | 656,468 | ||||||
Entellus Medical, Inc.† | 3,117 | 72,782 | ||||||
Integra LifeSciences Holdings Corp.† | 15,347 | 1,030,858 | ||||||
Natus Medical, Inc.† | 19,750 | 771,435 | ||||||
Navidea Biopharmaceuticals, Inc.†# | 92,612 | 115,765 | ||||||
NuVasive, Inc.† | 28,632 | 1,447,348 | ||||||
Spectranetics Corp.†# | 25,548 | 634,357 | ||||||
SurModics, Inc.† | 8,353 | 206,152 | ||||||
Symmetry Surgical, Inc.† | 5,759 | 50,852 | ||||||
Thoratec Corp.† | 32,696 | 1,484,071 | ||||||
TransEnterix, Inc.†# | 17,614 | 79,439 | ||||||
Vascular Solutions, Inc.† | 10,523 | 343,365 | ||||||
9,844,782 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Bio-Reference Laboratories, Inc.† | 15,091 | 501,323 | ||||||
Invitae Corp.†# | 3,872 | 48,206 | ||||||
NeoStem, Inc.†# | 14,541 | 30,972 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Labs & Testing Services (continued) |
| |||||||
Roka Bioscience, Inc.†# | 3,086 | $ | 8,240 | |||||
588,741 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cynosure, Inc., Class A† | 13,713 | 489,554 | ||||||
PhotoMedex, Inc.† | 7,996 | 13,673 | ||||||
503,227 | ||||||||
Medical Products — 1.4% |
| |||||||
ABIOMED, Inc.† | 24,533 | 1,465,111 | ||||||
Accuray, Inc.†# | 47,167 | 289,841 | ||||||
Atrion Corp. | 944 | 353,887 | ||||||
Cantel Medical Corp. | 20,766 | 966,865 | ||||||
Cerus Corp.†# | 57,808 | 287,884 | ||||||
Cyberonics, Inc.† | 16,488 | 1,055,397 | ||||||
Exactech, Inc.† | 6,003 | 128,344 | ||||||
Globus Medical, Inc., Class A† | 40,415 | 1,048,365 | ||||||
Greatbatch, Inc.† | 15,287 | 794,618 | ||||||
Haemonetics Corp.† | 31,984 | 1,321,579 | ||||||
Hanger, Inc.† | 21,636 | 497,412 | ||||||
Intersect ENT, Inc.† | 3,603 | 85,535 | ||||||
Invacare Corp. | 19,757 | 429,320 | ||||||
K2M Group Holdings, Inc.† | 5,422 | 141,731 | ||||||
LDR Holding Corp.† | 10,208 | 413,628 | ||||||
Luminex Corp.† | 23,043 | 386,431 | ||||||
MiMedx Group, Inc.†# | 57,206 | 592,082 | ||||||
NanoString Technologies, Inc.†# | 6,173 | 86,669 | ||||||
NxStage Medical, Inc.† | 37,737 | 611,717 | ||||||
Orthofix International NV† | 11,328 | 371,219 | ||||||
Rockwell Medical, Inc.†# | 28,825 | 319,093 | ||||||
Sientra, Inc.† | 3,533 | 79,598 | ||||||
T2 Biosystems, Inc.† | 3,674 | 61,686 | ||||||
Tornier NV† | 21,845 | 580,640 | ||||||
TriVascular Technologies, Inc.†# | 4,565 | 24,879 | ||||||
West Pharmaceutical Services, Inc. | 43,423 | 2,350,921 | ||||||
Wright Medical Group, Inc.† | 30,664 | 840,194 | ||||||
Zeltiq Aesthetics, Inc.†# | 17,861 | 490,463 | ||||||
16,075,109 | ||||||||
Medical Sterilization Products — 0.2% |
| |||||||
STERIS Corp. | 36,306 | 2,426,330 | ||||||
Medical - Biomedical/Gene — 4.4% |
| |||||||
Acceleron Pharma, Inc.† | 10,108 | 340,943 | ||||||
Achillion Pharmaceuticals, Inc.†# | 69,361 | 685,980 | ||||||
Acorda Therapeutics, Inc.† | 25,589 | 779,953 | ||||||
Aegerion Pharmaceuticals, Inc.†# | 18,116 | 352,900 | ||||||
Agenus, Inc.†# | 38,240 | 312,803 | ||||||
Alder Biopharmaceuticals, Inc.† | 6,117 | 260,095 | ||||||
AMAG Pharmaceuticals, Inc.† | 15,902 | 1,106,461 | ||||||
ANI Pharmaceuticals, Inc.† | 4,224 | 212,805 | ||||||
Applied Genetic Technologies Corp.† | 3,467 | 69,513 | ||||||
Aratana Therapeutics, Inc.† | 17,647 | 239,470 | ||||||
Ardelyx, Inc.† | 3,032 | 33,200 | ||||||
Arena Pharmaceuticals, Inc.†# | 146,838 | 576,339 | ||||||
ARIAD Pharmaceuticals, Inc.†# | 101,283 | 929,778 | ||||||
Atara Biotherapeutics, Inc.†# | 3,533 | 149,658 | ||||||
Avalanche Biotechnologies, Inc.† | 4,240 | 158,067 | ||||||
BioCryst Pharmaceuticals, Inc.†# | 43,057 | 482,669 | ||||||
BioTime, Inc.†# | 31,975 | 149,643 | ||||||
Bluebird Bio, Inc.† | 15,016 | 2,916,858 | ||||||
Cambrex Corp.† | 18,815 | 752,976 | ||||||
Celldex Therapeutics, Inc.† | 59,561 | 1,719,526 | ||||||
ChemoCentryx, Inc.†# | 16,807 | 145,717 | ||||||
Coherus Biosciences, Inc.† | 4,180 | 102,703 |
224 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
CTI BioPharma Corp.†# | 92,146 | $ | 178,763 | |||||
Cytokinetics, Inc.† | 21,257 | 135,407 | ||||||
CytRx Corp.†# | 34,272 | 140,858 | ||||||
Dermira, Inc.†# | 4,800 | 72,000 | ||||||
Dynavax Technologies Corp.†# | 16,150 | 367,735 | ||||||
Eleven Biotherapeutics, Inc.†# | 2,816 | 7,913 | ||||||
Emergent Biosolutions, Inc.† | 17,952 | 571,951 | ||||||
Endocyte, Inc.†# | 22,776 | 138,250 | ||||||
Enzo Biochem, Inc.† | 20,995 | 51,018 | ||||||
Epizyme, Inc.† | 7,870 | 149,294 | ||||||
Exact Sciences Corp.†# | 53,916 | 1,456,271 | ||||||
Exelixis, Inc.†# | 119,629 | 376,831 | ||||||
Five Prime Therapeutics, Inc.† | 12,429 | 318,680 | ||||||
Foundation Medicine, Inc.†# | 8,581 | 306,942 | ||||||
Galena Biopharma, Inc.†# | 72,520 | 113,856 | ||||||
Genocea Biosciences, Inc.†# | 2,401 | 25,475 | ||||||
Geron Corp.†# | 96,429 | 372,216 | ||||||
Halozyme Therapeutics, Inc.†# | 63,533 | 1,102,297 | ||||||
Idera Pharmaceuticals, Inc.†# | 52,434 | 201,347 | ||||||
ImmunoGen, Inc.†# | 52,728 | 473,497 | ||||||
Immunomedics, Inc.†# | 50,806 | 196,111 | ||||||
Inovio Pharmaceuticals, Inc.†# | 36,963 | 310,859 | ||||||
Insmed, Inc.† | 37,380 | 820,117 | ||||||
Intrexon Corp.†# | 22,989 | 968,297 | ||||||
Isis Pharmaceuticals, Inc.†# | 71,495 | 4,813,043 | ||||||
Karyopharm Therapeutics, Inc.†# | 8,336 | 224,405 | ||||||
Kite Pharma, Inc.†# | 5,787 | 319,153 | ||||||
KYTHERA Biopharmaceuticals, Inc.†# | 12,012 | 605,044 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 20,060 | 141,020 | ||||||
Ligand Pharmaceuticals, Inc.†# | 12,071 | 1,063,576 | ||||||
Loxo Oncology, Inc.† | 2,224 | 27,444 | ||||||
MacroGenics, Inc.† | 12,276 | 397,129 | ||||||
Medicines Co.† | 39,950 | 1,132,982 | ||||||
Merrimack Pharmaceuticals, Inc.†# | 60,325 | 711,835 | ||||||
Momenta Pharmaceuticals, Inc.† | 29,515 | 585,873 | ||||||
Neuralstem, Inc.†# | 42,242 | 65,053 | ||||||
NewLink Genetics Corp.†# | 12,167 | 525,006 | ||||||
Novavax, Inc.† | 163,011 | 1,467,099 | ||||||
Omeros Corp.†# | 22,863 | 453,831 | ||||||
OncoMed Pharmaceuticals, Inc.†# | 7,764 | 193,479 | ||||||
Oncothyreon, Inc.†# | 49,616 | 169,687 | ||||||
Organovo Holdings, Inc.†# | 38,398 | 192,374 | ||||||
Otonomy, Inc.† | 4,417 | 108,305 | ||||||
OvaScience, Inc.†# | 9,482 | 321,724 | ||||||
Pacific Biosciences of California, Inc.† | 35,339 | 199,312 | ||||||
PDL BioPharma, Inc. | 98,676 | 659,156 | ||||||
Peregrine Pharmaceuticals, Inc.†# | 108,437 | 152,896 | ||||||
Prothena Corp. PLC† | 18,661 | 735,990 | ||||||
PTC Therapeutics, Inc.† | 15,018 | 872,396 | ||||||
Puma Biotechnology, Inc.†# | 14,965 | 2,924,909 | ||||||
Repligen Corp.† | 19,687 | 802,442 | ||||||
Retrophin, Inc.† | 16,706 | 528,578 | ||||||
Rigel Pharmaceuticals, Inc.† | 53,783 | 187,703 | ||||||
RTI Surgical, Inc.† | 34,792 | 225,104 | ||||||
Sage Therapeutics, Inc.† | 3,533 | 264,516 | ||||||
Sangamo BioSciences, Inc.† | 41,757 | 511,523 | ||||||
Second Sight Medical Products, Inc.†# | 2,473 | 35,611 | ||||||
Sequenom, Inc.†# | 71,517 | 239,582 | ||||||
Spark Therapeutics, Inc.† | 4,891 | 360,173 | ||||||
Spectrum Pharmaceuticals, Inc.†# | 40,296 | 252,656 | ||||||
Stemline Therapeutics, Inc.†# | 7,096 | 97,712 | ||||||
Sunesis Pharmaceuticals, Inc.† | 30,398 | 72,043 | ||||||
Synageva BioPharma Corp.† | 14,123 | 3,013,989 | ||||||
Theravance Biopharma, Inc.†# | 14,457 | 201,675 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Theravance, Inc.# | 50,602 | $ | 855,174 | |||||
Tobira Therapeutics, Inc.†# | 1,054 | 13,850 | ||||||
Tokai Pharmaceuticals, Inc.†# | 3,634 | 41,319 | ||||||
Trius Therapeutics, Inc. CVR(1)(2) | 24,953 | 0 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 4,312 | 375,144 | ||||||
Veracyte, Inc.†# | 3,993 | 41,926 | ||||||
Verastem, Inc.† | 17,072 | 147,673 | ||||||
Versartis, Inc.† | 4,259 | 66,185 | ||||||
XOMA Corp.†# | 51,528 | 181,379 | ||||||
Zeneca, Inc. CVR(1)(2) | 3,950 | 10,033 | ||||||
ZIOPHARM Oncology, Inc.†# | 55,205 | 523,343 | ||||||
49,446,096 | ||||||||
Medical - Drugs — 2.6% | ||||||||
ACADIA Pharmaceuticals, Inc.†# | 48,413 | 1,994,616 | ||||||
AcelRx Pharmaceuticals, Inc.†# | 15,231 | 53,309 | ||||||
Achaogen, Inc.†# | 4,240 | 25,101 | ||||||
Adamas Pharmaceuticals, Inc.† | 1,795 | 32,292 | ||||||
Aerie Pharmaceuticals, Inc.†# | 6,456 | 71,855 | ||||||
Akorn, Inc.† | 38,304 | 1,758,154 | ||||||
Alimera Sciences, Inc.†# | 16,112 | 68,154 | ||||||
Ampio Pharmaceuticals, Inc.†# | 25,133 | 60,319 | ||||||
Anacor Pharmaceuticals, Inc.†# | 20,239 | 1,441,422 | ||||||
Array BioPharma, Inc.†# | 84,881 | 649,340 | ||||||
BioSpecifics Technologies Corp.† | 2,234 | 106,428 | ||||||
Cempra, Inc.† | 18,253 | 670,068 | ||||||
Chimerix, Inc.† | 18,567 | 777,029 | ||||||
Clovis Oncology, Inc.†# | 15,162 | 1,401,575 | ||||||
Corcept Therapeutics, Inc.†# | 32,782 | 200,626 | ||||||
Cytori Therapeutics, Inc.†# | 41,470 | 27,416 | ||||||
Dicerna Pharmaceuticals, Inc.† | 2,186 | 36,156 | ||||||
Durata Therapeutics CVR(1)(2) | 9,546 | 0 | ||||||
Enanta Pharmaceuticals, Inc.†# | 6,351 | 259,629 | ||||||
FibroGen, Inc.† | 5,723 | 104,216 | ||||||
Furiex Pharmaceuticals CVR(1)(2) | 4,550 | 0 | ||||||
Galectin Therapeutics, Inc.†# | 11,069 | 27,783 | ||||||
Immune Design Corp.†# | 3,743 | 81,710 | ||||||
Infinity Pharmaceuticals, Inc.† | 29,827 | 386,558 | ||||||
Insys Therapeutics, Inc.†# | 6,138 | 365,825 | ||||||
Intra-Cellular Therapies, Inc.† | 12,076 | 316,995 | ||||||
Ironwood Pharmaceuticals, Inc.† | 73,425 | 1,036,027 | ||||||
Keryx Biopharmaceuticals, Inc.†# | 61,550 | 640,120 | ||||||
Lannett Co., Inc.†# | 15,804 | 879,177 | ||||||
NanoViricides, Inc.†# | 24,631 | 38,178 | ||||||
Ohr Pharmaceutical, Inc.†# | 12,923 | 35,021 | ||||||
Ophthotech Corp.† | 8,525 | 426,420 | ||||||
OPKO Health, Inc.†# | 121,081 | 2,140,712 | ||||||
Orexigen Therapeutics, Inc.†# | 75,291 | 368,926 | ||||||
Pacira Pharmaceuticals, Inc.†# | 21,908 | 1,713,425 | ||||||
Pain Therapeutics, Inc.† | 23,375 | 46,049 | ||||||
Pernix Therapeutics Holdings, Inc.†# | 20,439 | 130,196 | ||||||
PharMerica Corp.† | 18,428 | 612,915 | ||||||
POZEN, Inc.† | 16,790 | 108,295 | ||||||
PRA Health Sciences, Inc.† | 11,996 | 401,386 | ||||||
Prestige Brands Holdings, Inc.† | 31,837 | 1,398,281 | ||||||
Progenics Pharmaceuticals, Inc.†# | 42,738 | 240,615 | ||||||
Radius Health Inc†# | 4,759 | 229,479 | ||||||
Raptor Pharmaceutical Corp.†# | 48,530 | 597,404 | ||||||
Receptos, Inc.† | 13,480 | 2,222,717 | ||||||
Regulus Therapeutics, Inc.†# | 8,431 | 119,046 | ||||||
Relypsa, Inc.† | 12,575 | 462,634 | ||||||
Repros Therapeutics, Inc.†# | 14,192 | 102,324 | ||||||
Sagent Pharmaceuticals, Inc.† | 13,444 | 300,205 | ||||||
SciClone Pharmaceuticals, Inc.† | 31,640 | 292,986 | ||||||
Sucampo Pharmaceuticals, Inc., Class A† | 10,896 | 176,842 |
225 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Supernus Pharmaceuticals, Inc.† | 17,993 | $ | 255,860 | |||||
Synergy Pharmaceuticals, Inc.†# | 57,573 | 247,564 | ||||||
Synta Pharmaceuticals Corp.†# | 39,862 | 85,305 | ||||||
TESARO, Inc.†# | 13,007 | 764,291 | ||||||
Tetraphase Pharmaceuticals, Inc.† | 18,641 | 799,326 | ||||||
TG Therapeutics, Inc.†# | 16,857 | 265,329 | ||||||
TherapeuticsMD, Inc.†# | 72,236 | 511,431 | ||||||
Vanda Pharmaceuticals, Inc.†# | 20,480 | 206,643 | ||||||
VIVUS, Inc.†# | 55,244 | 139,767 | ||||||
XenoPort, Inc.† | 35,553 | 211,896 | ||||||
Zogenix, Inc.†# | 75,482 | 128,319 | ||||||
ZS Pharma Inc† | 4,200 | 245,700 | ||||||
29,497,387 | ||||||||
Medical - Generic Drugs — 0.2% | ||||||||
Amphastar Pharmaceuticals, Inc.† | 5,676 | 87,070 | ||||||
Impax Laboratories, Inc.† | 43,046 | 2,023,592 | ||||||
2,110,662 | ||||||||
Medical - HMO — 0.5% | ||||||||
Magellan Health, Inc.† | 16,933 | 1,145,179 | ||||||
Molina Healthcare, Inc.† | 18,554 | 1,349,618 | ||||||
Triple-S Management Corp., Class B† | 15,309 | 367,416 | ||||||
Universal American Corp.† | 25,964 | 266,391 | ||||||
WellCare Health Plans, Inc.† | 26,956 | 2,309,320 | ||||||
5,437,924 | ||||||||
Medical - Hospitals — 0.3% | ||||||||
Acadia Healthcare Co., Inc.† | 26,278 | 1,948,251 | ||||||
Adeptus Health, Inc., Class A†# | 3,462 | 242,513 | ||||||
Select Medical Holdings Corp. | 48,380 | 791,013 | ||||||
2,981,777 | ||||||||
Medical - Nursing Homes — 0.2% | ||||||||
Ensign Group, Inc. | 13,626 | 631,838 | ||||||
Genesis Healthcare, Inc.† | 14,390 | 91,808 | ||||||
Kindred Healthcare, Inc. | 47,988 | 1,099,405 | ||||||
National HealthCare Corp. | 6,331 | 398,346 | ||||||
2,221,397 | ||||||||
Medical - Outpatient/Home Medical — 0.5% | ||||||||
Addus HomeCare Corp.† | 3,881 | 108,707 | ||||||
Air Methods Corp.†# | 24,056 | 1,014,201 | ||||||
Almost Family, Inc.† | 5,137 | 197,261 | ||||||
Amedisys, Inc.† | 16,785 | 520,671 | ||||||
Amsurg Corp.† | 26,018 | 1,752,052 | ||||||
Chemed Corp. | 10,777 | 1,338,395 | ||||||
Civitas Solutions, Inc.† | 7,189 | 159,452 | ||||||
LHC Group, Inc.† | 7,589 | 278,972 | ||||||
Providence Service Corp.† | 7,081 | 340,313 | ||||||
5,710,024 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% | ||||||||
Owens & Minor, Inc. | 38,766 | 1,291,683 | ||||||
Metal Processors & Fabrication — 0.6% | ||||||||
Ampco-Pittsburgh Corp. | 5,100 | 84,150 | ||||||
ARC Group Worldwide, Inc.† | 1,885 | 10,707 | ||||||
CIRCOR International, Inc. | 10,851 | 578,575 | ||||||
Dynamic Materials Corp. | 8,568 | 95,105 | ||||||
Global Brass & Copper Holdings, Inc. | 13,112 | 225,920 | ||||||
Haynes International, Inc. | 7,621 | 359,330 | ||||||
LB Foster Co., Class A | 6,353 | 242,367 | ||||||
Mueller Industries, Inc. | 34,831 | 1,214,209 | ||||||
NN, Inc. | 10,906 | 297,188 |
Security Description | Shares | Value (Note 2) | ||||||
Metal Processors & Fabrication (continued) |
| |||||||
RBC Bearings, Inc.† | 14,285 | $ | 1,001,093 | |||||
Rexnord Corp.† | 46,164 | 1,182,722 | ||||||
RTI International Metals, Inc.† | 18,861 | 665,227 | ||||||
Sun Hydraulics Corp. | 13,673 | 511,097 | ||||||
6,467,690 | ||||||||
Metal Products - Distribution — 0.0% | ||||||||
A.M. Castle & Co.†# | 11,535 | 69,210 | ||||||
Olympic Steel, Inc. | 5,594 | 98,119 | ||||||
167,329 | ||||||||
Metal - Aluminum — 0.1% | ||||||||
Century Aluminum Co.† | 31,598 | 353,266 | ||||||
Kaiser Aluminum Corp. | 11,078 | 898,758 | ||||||
Noranda Aluminum Holding Corp. | 27,246 | 47,953 | ||||||
1,299,977 | ||||||||
Metal - Diversified — 0.0% | ||||||||
Molycorp, Inc.†# | 111,855 | 59,294 | ||||||
Miscellaneous Manufacturing — 0.3% | ||||||||
American Railcar Industries, Inc.# | 5,806 | 312,189 | ||||||
FreightCar America, Inc. | 7,408 | 166,087 | ||||||
Hillenbrand, Inc. | 38,590 | 1,185,485 | ||||||
John Bean Technologies Corp. | 17,904 | 672,653 | ||||||
TriMas Corp.† | 27,790 | 803,131 | ||||||
3,139,545 | ||||||||
Motion Pictures & Services — 0.0% | ||||||||
Eros International PLC† | 13,669 | 272,697 | ||||||
MRI/Medical Diagnostic Imaging — 0.0% | ||||||||
Alliance HealthCare Services, Inc.† | 3,067 | 56,402 | ||||||
RadNet, Inc.† | 20,089 | 130,779 | ||||||
Surgical Care Affiliates, Inc.† | 7,723 | 293,397 | ||||||
480,578 | ||||||||
Multimedia — 0.3% | ||||||||
Demand Media, Inc.† | 5,359 | 30,010 | ||||||
E.W. Scripps Co., Class A | 33,434 | 783,359 | ||||||
Entravision Communications Corp., Class A | 35,530 | 239,828 | ||||||
Martha Stewart Living Omnimedia, Inc., Class A† | 18,368 | 95,514 | ||||||
Media General, Inc.†# | 48,420 | 801,835 | ||||||
Meredith Corp. | 22,069 | 1,165,243 | ||||||
3,115,789 | ||||||||
Networking Products — 0.7% | ||||||||
A10 Networks, Inc.† | 7,814 | 47,275 | ||||||
Anixter International, Inc.† | 16,693 | 1,135,124 | ||||||
Black Box Corp. | 9,559 | 191,754 | ||||||
Calix, Inc.† | 25,483 | 203,864 | ||||||
Cyan, Inc.† | 16,890 | 89,348 | ||||||
Extreme Networks, Inc.† | 59,288 | 160,670 | ||||||
Gigamon, Inc.† | 14,860 | 457,094 | ||||||
Infinera Corp.† | 78,444 | 1,619,084 | ||||||
Ixia† | 35,383 | 445,118 | ||||||
LogMeIn, Inc.† | 14,919 | 946,909 | ||||||
NETGEAR, Inc.† | 21,251 | 658,569 | ||||||
ParkerVision, Inc.†# | 59,428 | 21,988 | ||||||
Polycom, Inc.† | 84,884 | 1,143,387 | ||||||
Procera Networks, Inc.† | 12,694 | 145,981 | ||||||
Ruckus Wireless, Inc.† | 39,837 | 418,687 | ||||||
7,684,852 | ||||||||
Non-Ferrous Metals — 0.1% | ||||||||
Globe Specialty Metals, Inc. | 39,225 | 758,219 |
226 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Non-Ferrous Metals (continued) | ||||||||
Horsehead Holding Corp.†# | 34,008 | $ | 422,380 | |||||
Materion Corp. | 12,654 | 470,602 | ||||||
1,651,201 | ||||||||
Non-Hazardous Waste Disposal — 0.0% | ||||||||
Casella Waste Systems, Inc., Class A† | 23,992 | 131,956 | ||||||
Quest Resource Holding Corp.†# | 8,551 | 9,235 | ||||||
141,191 | ||||||||
Office Automation & Equipment — 0.0% | ||||||||
Eastman Kodak Co.† | 10,846 | 206,725 | ||||||
Office Furnishings - Original — 0.5% | ||||||||
Herman Miller, Inc. | 36,399 | 1,008,252 | ||||||
HNI Corp. | 27,711 | 1,343,706 | ||||||
Interface, Inc. | 40,843 | 879,350 | ||||||
Kimball International, Inc., Class B | 21,370 | 260,500 | ||||||
Knoll, Inc. | 29,756 | 677,247 | ||||||
Steelcase, Inc., Class A | 50,792 | 873,623 | ||||||
5,042,678 | ||||||||
Office Supplies & Forms — 0.0% | ||||||||
ACCO Brands Corp.† | 70,108 | 515,294 | ||||||
Oil & Gas Drilling — 0.1% | ||||||||
Hercules Offshore, Inc.†# | 98,706 | 63,369 | ||||||
North Atlantic Drilling, Ltd.# | 43,920 | 58,414 | ||||||
Parker Drilling Co.† | 74,431 | 252,321 | ||||||
Parsley Energy, Inc., Class A† | 32,678 | 571,538 | ||||||
Vantage Drilling Co.†# | 126,280 | 43,062 | ||||||
988,704 | ||||||||
Oil Companies - Exploration & Production — 1.3% | ||||||||
Abraxas Petroleum Corp.† | 56,786 | 166,383 | ||||||
Approach Resources, Inc.†# | 24,192 | 169,586 | ||||||
Bill Barrett Corp.† | 30,536 | 269,633 | ||||||
Bonanza Creek Energy, Inc.† | 23,953 | 497,743 | ||||||
Callon Petroleum Co.† | 40,241 | 316,294 | ||||||
Carrizo Oil & Gas, Inc.† | 31,195 | 1,564,741 | ||||||
Clayton Williams Energy, Inc.†# | 3,619 | 186,885 | ||||||
Comstock Resources, Inc.# | 29,393 | 104,051 | ||||||
Contango Oil & Gas Co.† | 10,697 | 147,405 | ||||||
Diamondback Energy, Inc.† | 26,858 | 2,089,821 | ||||||
DLB Oil & Gas, Inc.(1)(2) | 3,000 | 0 | ||||||
Eclipse Resources Corp†# | 18,618 | 117,293 | ||||||
Emerald Oil, Inc.†# | 1,750 | 10,538 | ||||||
Energy XXI, Ltd.# | 57,598 | 199,289 | ||||||
Evolution Petroleum Corp. | 12,056 | 83,186 | ||||||
EXCO Resources, Inc.# | 93,297 | 145,543 | ||||||
FMSA Holdings, Inc.†# | 15,360 | 137,165 | ||||||
FX Energy, Inc.†# | 33,126 | 30,811 | ||||||
Gastar Exploration, Inc.† | 43,117 | 131,507 | ||||||
Goodrich Petroleum Corp.†# | 21,379 | 58,792 | ||||||
Halcon Resources Corp.†# | 160,219 | 168,230 | ||||||
Harvest Natural Resources, Inc.† | 25,864 | 51,728 | ||||||
Isramco, Inc.† | 548 | 67,108 | ||||||
Jones Energy, Inc., Class A† | 6,857 | 66,582 | ||||||
Magnum Hunter Resources Corp.†# | 122,126 | 223,491 | ||||||
Matador Resources Co.† | 47,931 | 1,320,020 | ||||||
Midstates Petroleum Co., Inc.†# | 22,845 | 27,871 | ||||||
Miller Energy Resources, Inc.†# | 18,442 | 10,399 | ||||||
Northern Oil and Gas, Inc.†# | 37,507 | 256,173 | ||||||
Panhandle Oil and Gas, Inc., Class A | 8,597 | 173,745 | ||||||
PDC Energy, Inc.† | 24,297 | 1,449,073 | ||||||
Penn Virginia Corp.†# | 40,305 | 187,418 | ||||||
PetroQuest Energy, Inc.† | 35,926 | 62,152 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Resolute Energy Corp.† | 47,878 | $ | 56,017 | |||||
Rex Energy Corp.†# | 29,540 | 148,291 | ||||||
Rosetta Resources, Inc.† | 44,995 | 1,051,083 | ||||||
RSP Permian, Inc.† | 14,352 | 408,745 | ||||||
Sanchez Energy Corp.†# | 31,295 | 315,454 | ||||||
Stone Energy Corp.† | 34,509 | 468,632 | ||||||
Swift Energy Co.†# | 26,917 | 57,064 | ||||||
Synergy Resources Corp.† | 49,258 | 566,960 | ||||||
TransAtlantic Petroleum, Ltd.† | 13,908 | 76,216 | ||||||
Triangle Petroleum Corp.†# | 41,336 | 212,054 | ||||||
VAALCO Energy, Inc.† | 30,617 | 68,276 | ||||||
W&T Offshore, Inc.# | 21,467 | 116,137 | ||||||
Warren Resources, Inc.†# | 45,247 | 31,677 | ||||||
14,067,262 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Flotek Industries, Inc.†# | 33,049 | 379,733 | ||||||
Forum Energy Technologies, Inc.† | 36,617 | 759,437 | ||||||
Gulf Island Fabrication, Inc. | 8,908 | 100,304 | ||||||
Mitcham Industries, Inc.† | 7,790 | 32,328 | ||||||
Natural Gas Services Group, Inc.† | 7,657 | 184,916 | ||||||
Profire Energy, Inc.†# | 8,999 | 12,419 | ||||||
Thermon Group Holdings, Inc.† | 19,621 | 445,593 | ||||||
1,914,730 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Adams Resources & Energy, Inc. | 1,311 | 56,242 | ||||||
Alon USA Energy, Inc. | 16,089 | 283,649 | ||||||
Delek US Holdings, Inc. | 36,468 | 1,380,678 | ||||||
Trecora Resources† | 12,055 | 165,636 | ||||||
Vertex Energy, Inc.†# | 8,057 | 22,157 | ||||||
Western Refining, Inc. | 30,116 | 1,324,502 | ||||||
3,232,864 | ||||||||
Oil - Field Services — 0.8% |
| |||||||
Basic Energy Services, Inc.† | 19,534 | 170,141 | ||||||
Bristow Group, Inc. | 21,865 | 1,268,170 | ||||||
C&J Energy Services, Ltd.†# | 28,289 | 425,184 | ||||||
CARBO Ceramics, Inc. | 12,128 | 517,259 | ||||||
Exterran Holdings, Inc. | 35,989 | 1,189,796 | ||||||
Glori Energy, Inc.†# | 7,486 | 15,197 | ||||||
Gulfmark Offshore, Inc., Class A# | 16,554 | 222,320 | ||||||
Helix Energy Solutions Group, Inc.† | 64,848 | 1,016,168 | ||||||
Independence Contract Drilling, Inc.† | 6,329 | 46,455 | ||||||
Key Energy Services, Inc.† | 80,707 | 181,591 | ||||||
Matrix Service Co.† | 16,229 | 273,783 | ||||||
McDermott International, Inc.†# | 145,957 | 796,925 | ||||||
Newpark Resources, Inc.† | 52,137 | 442,122 | ||||||
Nuverra Environmental Solutions, Inc.†# | 9,276 | 47,771 | ||||||
PHI, Inc.† | 7,738 | 251,795 | ||||||
Pioneer Energy Services Corp.† | 38,556 | 270,663 | ||||||
SEACOR Holdings, Inc.† | 11,414 | 800,350 | ||||||
Tesco Corp. | 21,320 | 256,267 | ||||||
TETRA Technologies, Inc.† | 48,497 | 305,046 | ||||||
Willbros Group, Inc.† | 24,584 | 45,726 | ||||||
8,542,729 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp.† | 4,012 | 123,931 | ||||||
Optical Supplies — 0.0% |
| |||||||
Ocular Therapeutix, Inc.†# | 3,533 | 85,393 | ||||||
STAAR Surgical Co.†# | 23,589 | 220,321 | ||||||
305,714 | ||||||||
227 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Paper & Related Products — 0.3% |
| |||||||
Clearwater Paper Corp.† | 11,589 | $ | 695,456 | |||||
Neenah Paper, Inc. | 10,175 | 613,451 | ||||||
Orchids Paper Products Co. | 4,960 | 111,600 | ||||||
P.H. Glatfelter Co. | 26,463 | 621,616 | ||||||
Resolute Forest Products, Inc.† | 40,071 | 478,848 | ||||||
Schweitzer-Mauduit International, Inc. | 18,717 | 755,418 | ||||||
3,276,389 | ||||||||
Patient Monitoring Equipment — 0.2% |
| |||||||
Insulet Corp.† | 34,049 | 962,565 | ||||||
Masimo Corp.† | 27,461 | 963,881 | ||||||
1,926,446 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
BioScrip, Inc.†# | 42,043 | 149,253 | ||||||
Diplomat Pharmacy, Inc.†# | 10,556 | 407,989 | ||||||
Liberator Medical Holdings, Inc.# | 19,353 | 50,705 | ||||||
Vitae Pharmaceuticals, Inc.†# | 3,448 | 42,272 | ||||||
650,219 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.3% |
| |||||||
AAC Holdings, Inc.†# | 3,533 | 137,292 | ||||||
HealthSouth Corp. | 54,131 | 2,336,294 | ||||||
U.S. Physical Therapy, Inc. | 7,504 | 374,150 | ||||||
2,847,736 | ||||||||
Physicians Practice Management — 0.1% |
| |||||||
Healthways, Inc.† | 19,307 | 292,694 | ||||||
IPC Healthcare, Inc.† | 10,527 | 519,718 | ||||||
812,412 | ||||||||
Pipelines — 0.2% |
| |||||||
Primoris Services Corp. | 23,333 | 437,960 | ||||||
SemGroup Corp., Class A | 26,184 | 2,060,681 | ||||||
2,498,641 | ||||||||
Platinum — 0.1% |
| |||||||
Stillwater Mining Co.† | 73,611 | 1,066,623 | ||||||
Pollution Control — 0.0% |
| |||||||
CECO Environmental Corp. | 12,927 | 146,721 | ||||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc.# | 14,176 | 1,155,769 | ||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Advanced Energy Industries, Inc.† | 25,259 | 720,387 | ||||||
Capstone Turbine Corp.†# | 202,040 | 84,857 | ||||||
Generac Holdings, Inc.†# | 42,293 | 1,767,002 | ||||||
Powell Industries, Inc. | 5,711 | 207,195 | ||||||
PowerSecure International, Inc.† | 13,741 | 204,603 | ||||||
Vicor Corp.† | 10,091 | 137,540 | ||||||
3,121,584 | ||||||||
Precious Metals — 0.0% |
| |||||||
Coeur Mining, Inc.† | 82,617 | 450,263 | ||||||
Printing - Commercial — 0.5% |
| |||||||
ARC Document Solutions, Inc.† | 25,250 | 189,122 | ||||||
Cenveo, Inc.†# | 34,050 | 85,125 | ||||||
Cimpress NV† | 20,452 | 1,683,609 | ||||||
Deluxe Corp. | 30,755 | 1,963,092 | ||||||
Ennis, Inc. | 16,063 | 270,180 | ||||||
Multi-Color Corp. | 7,632 | 488,829 | ||||||
Quad/Graphics, Inc. | 16,980 | 347,241 | ||||||
5,027,198 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Private Equity — 0.0% |
| |||||||
Fifth Street Asset Management, Inc. | 3,687 | $ | 36,575 | |||||
Protection/Safety — 0.0% |
| |||||||
Landauer, Inc. | 5,869 | 200,016 | ||||||
Publishing-Books — 0.2% |
| |||||||
Houghton Mifflin Harcourt Co.† | 66,977 | 1,766,853 | ||||||
Scholastic Corp. | 16,301 | 724,580 | ||||||
2,491,433 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
A.H. Belo Corp., Class A | 11,553 | 67,123 | ||||||
Daily Journal Corp.†# | 665 | 135,926 | ||||||
Lee Enterprises, Inc.†# | 32,932 | 99,125 | ||||||
McClatchy Co., Class A† | 37,534 | 40,912 | ||||||
New York Times Co., Class A | 85,012 | 1,181,667 | ||||||
1,524,753 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Dex Media, Inc.†# | 9,133 | 7,673 | ||||||
Time, Inc. | 67,750 | 1,525,052 | ||||||
1,532,725 | ||||||||
Racetracks — 0.2% |
| |||||||
Churchill Downs, Inc. | 8,251 | 1,028,735 | ||||||
Empire Resorts, Inc.†# | 9,269 | 43,471 | ||||||
International Speedway Corp., Class A | 17,104 | 636,782 | ||||||
Penn National Gaming, Inc.†# | 48,291 | 803,079 | ||||||
Speedway Motorsports, Inc. | 7,154 | 156,816 | ||||||
2,668,883 | ||||||||
Radio — 0.1% |
| |||||||
Cumulus Media, Inc., Class A† | 88,779 | 209,519 | ||||||
Entercom Communications Corp., Class A† | 15,172 | 172,657 | ||||||
Radio One, Inc., Class D† | 14,199 | 49,981 | ||||||
Saga Communications, Inc., Class A | 2,222 | 87,813 | ||||||
Salem Media Group, Inc., Class A | 6,699 | 31,485 | ||||||
Townsquare Media, Inc.† | 5,483 | 71,663 | ||||||
623,118 | ||||||||
Real Estate Investment Trusts — 8.4% |
| |||||||
Acadia Realty Trust | 40,879 | 1,268,067 | ||||||
AG Mtg. Investment Trust, Inc. | 17,440 | 328,570 | ||||||
Agree Realty Corp. | 10,782 | 326,802 | ||||||
Alexander’s, Inc. | 1,293 | 522,178 | ||||||
Altisource Residential Corp. | 35,094 | 628,884 | ||||||
American Assets Trust, Inc. | 22,025 | 866,684 | ||||||
American Capital Mortgage Investment Corp. | 31,424 | 548,977 | ||||||
American Residential Properties, Inc.†# | 19,767 | 366,678 | ||||||
Anworth Mtg. Asset Corp. | 69,595 | 361,894 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 34,074 | 585,051 | ||||||
Apollo Residential Mortgage, Inc. | 19,693 | 313,513 | ||||||
Ares Commercial Real Estate Corp. | 17,567 | 204,656 | ||||||
Armada Hoffler Properties, Inc. | 15,370 | 162,768 | ||||||
ARMOUR Residential REIT, Inc. | 219,423 | 656,075 | ||||||
Ashford Hospitality Prime, Inc. | 15,595 | 245,465 | ||||||
Ashford Hospitality Trust, Inc. | 48,066 | 413,368 | ||||||
Associated Estates Realty Corp. | 35,371 | 1,011,257 | ||||||
Campus Crest Communities, Inc. | 39,764 | 225,064 | ||||||
Capstead Mtg. Corp. | 58,843 | 696,113 | ||||||
CareTrust REIT, Inc. | 17,096 | 222,932 | ||||||
CatchMark Timber Trust, Inc., Class A | 11,707 | 139,313 | ||||||
Cedar Realty Trust, Inc. | 48,680 | 328,590 | ||||||
Chambers Street Properties | 145,629 | 1,109,693 | ||||||
Chatham Lodging Trust | 23,056 | 644,185 | ||||||
Chesapeake Lodging Trust | 36,028 | 1,119,390 |
228 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
Colony Capital, Inc. | 65,966 | $ | 1,692,688 | |||||
CorEnergy Infrastructure Trust, Inc. | 28,631 | 190,396 | ||||||
CoreSite Realty Corp. | 12,902 | 608,974 | ||||||
Cousins Properties, Inc. | 135,204 | 1,304,719 | ||||||
CubeSmart | 99,574 | 2,368,865 | ||||||
CyrusOne, Inc. | 27,433 | 885,263 | ||||||
CYS Investments, Inc.# | 99,563 | 891,089 | ||||||
DCT Industrial Trust, Inc. | 50,544 | 1,653,294 | ||||||
DiamondRock Hospitality Co. | 120,233 | 1,583,469 | ||||||
DuPont Fabros Technology, Inc. | 39,180 | 1,263,163 | ||||||
Dynex Capital, Inc. | 33,609 | 261,142 | ||||||
EastGroup Properties, Inc. | 19,232 | 1,069,876 | ||||||
Education Realty Trust, Inc. | 28,574 | 941,228 | ||||||
Empire State Realty Trust, Inc., Class A | 56,298 | 1,017,868 | ||||||
EPR Properties | 35,117 | 2,025,197 | ||||||
Equity One, Inc. | 39,846 | 987,384 | ||||||
Excel Trust, Inc. | 37,545 | 596,590 | ||||||
FelCor Lodging Trust, Inc. | 87,086 | 935,304 | ||||||
First Industrial Realty Trust, Inc. | 67,671 | 1,320,261 | ||||||
First Potomac Realty Trust | 36,104 | 364,650 | ||||||
Franklin Street Properties Corp. | 55,278 | 641,778 | ||||||
GEO Group, Inc. | 44,603 | 1,691,792 | ||||||
Getty Realty Corp. | 15,716 | 264,500 | ||||||
Gladstone Commercial Corp. | 10,885 | 188,637 | ||||||
Government Properties Income Trust# | 41,938 | 818,630 | ||||||
Gramercy Property Trust, Inc. | 34,811 | 926,321 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 16,205 | 331,878 | ||||||
Hatteras Financial Corp. | 59,303 | 1,065,082 | ||||||
Healthcare Realty Trust, Inc. | 59,010 | 1,405,618 | ||||||
Hersha Hospitality Trust | 123,272 | 784,010 | ||||||
Highwoods Properties, Inc. | 55,375 | 2,322,981 | ||||||
Hudson Pacific Properties, Inc. | 43,794 | 1,335,279 | ||||||
InfraREIT, Inc.† | 12,413 | 376,114 | ||||||
Inland Real Estate Corp. | 53,633 | 543,839 | ||||||
Invesco Mtg. Capital, Inc. | 75,632 | 1,200,280 | ||||||
Investors Real Estate Trust | 68,814 | 498,213 | ||||||
iStar Financial, Inc.† | 52,138 | 740,881 | ||||||
Kite Realty Group Trust | 20,203 | 546,491 | ||||||
Ladder Capital Corp., Class A | 9,362 | 166,363 | ||||||
LaSalle Hotel Properties | 68,611 | 2,501,557 | ||||||
Lexington Realty Trust | 126,346 | 1,159,856 | ||||||
LTC Properties, Inc. | 21,393 | 900,431 | ||||||
Mack-Cali Realty Corp. | 54,475 | 920,627 | ||||||
Medical Properties Trust, Inc. | 125,806 | 1,705,929 | ||||||
Monmouth Real Estate Investment Corp. | 34,368 | 331,308 | ||||||
National Health Investors, Inc. | 23,032 | 1,523,336 | ||||||
New Residential Investment Corp. | 120,691 | 2,058,988 | ||||||
New York Mortgage Trust, Inc.# | 64,572 | 511,410 | ||||||
New York REIT, Inc. | 99,650 | 923,755 | ||||||
One Liberty Properties, Inc. | 7,544 | 167,477 | ||||||
Owens Realty Mortgage, Inc. | 6,616 | 87,860 | ||||||
Parkway Properties, Inc. | 48,358 | 831,274 | ||||||
Pebblebrook Hotel Trust | 43,885 | 1,881,789 | ||||||
Pennsylvania Real Estate Investment Trust | 42,237 | 942,730 | ||||||
PennyMac Mortgage Investment Trust | 45,462 | 835,137 | ||||||
Physicians Realty Trust | 42,602 | 684,188 | ||||||
Potlatch Corp. | 24,941 | 904,859 | ||||||
PS Business Parks, Inc. | 11,955 | 873,911 | ||||||
QTS Realty Trust, Inc., Class A | 8,693 | 323,640 | ||||||
RAIT Financial Trust | 50,563 | 321,581 | ||||||
Ramco-Gershenson Properties Trust | 47,453 | 817,141 | ||||||
Redwood Trust, Inc. | 50,981 | 821,304 | ||||||
Resource Capital Corp. | 79,385 | 331,829 | ||||||
Retail Opportunity Investments Corp. | 55,453 | 905,547 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Rexford Industrial Realty, Inc. | 34,378 | $ | 501,575 | |||||
RLJ Lodging Trust | 80,432 | 2,431,459 | ||||||
Rouse Properties, Inc. | 22,816 | 394,032 | ||||||
Ryman Hospitality Properties, Inc. | 26,691 | 1,470,941 | ||||||
Sabra Health Care REIT, Inc. | 35,805 | 948,832 | ||||||
Saul Centers, Inc. | 5,985 | 301,464 | ||||||
Select Income REIT | 22,615 | 530,096 | ||||||
Silver Bay Realty Trust Corp. | 23,631 | 364,863 | ||||||
Sovran Self Storage, Inc. | 21,539 | 1,964,572 | ||||||
STAG Industrial, Inc. | 34,805 | 741,347 | ||||||
Starwood Waypoint Residential Trust | 24,031 | 606,062 | ||||||
STORE Capital Corp. | 19,430 | 405,310 | ||||||
Strategic Hotels & Resorts, Inc.† | 164,285 | 1,984,563 | ||||||
Summit Hotel Properties, Inc. | 52,569 | 702,322 | ||||||
Sun Communities, Inc. | 29,499 | 1,861,682 | ||||||
Sunstone Hotel Investors, Inc. | 124,882 | 1,905,699 | ||||||
Terreno Realty Corp. | 26,340 | 536,019 | ||||||
Trade Street Residential, Inc.# | 11,406 | 83,036 | ||||||
UMH Properties, Inc. | 11,800 | 116,466 | ||||||
Universal Health Realty Income Trust | 7,453 | 356,999 | ||||||
Urstadt Biddle Properties, Inc., Class A | 16,500 | 331,980 | ||||||
Washington Real Estate Investment Trust | 40,940 | 1,025,547 | ||||||
Western Asset Mortgage Capital Corp.# | 25,633 | 389,622 | ||||||
Whitestone REIT | 13,770 | 193,193 | ||||||
94,521,419 | ||||||||
Real Estate Management/Services — 0.2% | ||||||||
HFF, Inc., Class A | 20,159 | 811,198 | ||||||
Kennedy-Wilson Holdings, Inc. | 47,718 | 1,220,150 | ||||||
Marcus & Millichap, Inc.† | 4,920 | 230,797 | ||||||
RE/MAX Holdings, Inc., Class A | 6,538 | 218,696 | ||||||
2,480,841 | ||||||||
Real Estate Operations & Development — 0.2% | ||||||||
Alexander & Baldwin, Inc. | 29,940 | 1,229,636 | ||||||
BBX Capital Corp., Class A† | 4,891 | 78,452 | ||||||
Consolidated-Tomoka Land Co.# | 2,632 | 146,313 | ||||||
Forestar Group, Inc.† | 21,453 | 286,397 | ||||||
FRP Holdings, Inc.† | 4,093 | 124,468 | ||||||
St. Joe Co.†# | 38,833 | 618,610 | ||||||
2,483,876 | ||||||||
Recreational Centers — 0.2% | ||||||||
ClubCorp Holdings, Inc. | 13,457 | 305,877 | ||||||
Life Time Fitness, Inc.† | 25,113 | 1,805,625 | ||||||
Steiner Leisure, Ltd.† | 8,335 | 408,915 | ||||||
2,520,417 | ||||||||
Recreational Vehicles — 0.3% | ||||||||
Arctic Cat, Inc. | 7,924 | 262,126 | ||||||
Brunswick Corp. | 56,973 | 2,907,902 | ||||||
Malibu Boats, Inc., Class A† | 5,140 | 107,786 | ||||||
3,277,814 | ||||||||
Rental Auto/Equipment — 0.1% | ||||||||
Electro Rent Corp. | 10,077 | 103,491 | ||||||
McGrath RentCorp | 15,897 | 483,905 | ||||||
Neff Corp.† | 6,437 | 66,043 | ||||||
Rent-A-Center, Inc. | 32,440 | 981,310 | ||||||
1,634,749 | ||||||||
Research & Development — 0.3% | ||||||||
Albany Molecular Research, Inc.†# | 14,471 | 291,591 | ||||||
Arrowhead Research Corp.†# | 31,872 | 200,793 | ||||||
INC Research Holdings, Inc.† | 5,729 | 198,166 |
229 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Research & Development (continued) |
| |||||||
PAREXEL International Corp.† | 34,946 | $ | 2,322,861 | |||||
3,013,411 | ||||||||
Resorts/Theme Parks — 0.3% | ||||||||
Marriott Vacations Worldwide Corp. | 16,481 | 1,454,943 | ||||||
Vail Resorts, Inc. | 22,209 | 2,303,961 | ||||||
3,758,904 | ||||||||
Respiratory Products — 0.0% | ||||||||
Inogen, Inc.† | 3,142 | 117,448 | ||||||
Retail - Apparel/Shoe — 1.3% | ||||||||
Aeropostale, Inc.†# | 48,320 | 91,325 | ||||||
American Eagle Outfitters, Inc. | 119,455 | 1,955,478 | ||||||
ANN, Inc.† | 28,772 | 1,345,091 | ||||||
bebe stores, Inc. | 19,268 | 50,097 | ||||||
Boot Barn Holdings, Inc.† | 3,551 | 86,857 | ||||||
Buckle, Inc.# | 17,325 | 737,698 | ||||||
Burlington Stores, Inc.† | 17,608 | 929,174 | ||||||
Caleres, Inc. | 26,828 | 829,790 | ||||||
Cato Corp., Class A | 16,846 | 628,187 | ||||||
Children’s Place, Inc. | 12,566 | 821,816 | ||||||
Christopher & Banks Corp.† | 22,382 | 128,473 | ||||||
Destination Maternity Corp. | 8,422 | 92,558 | ||||||
Destination XL Group, Inc.† | 21,493 | 104,241 | ||||||
Express, Inc.† | 51,768 | 913,187 | ||||||
Finish Line, Inc., Class A | 29,648 | 775,888 | ||||||
Francesca’s Holdings Corp.† | 25,938 | 406,448 | ||||||
Genesco, Inc.† | 14,737 | 975,442 | ||||||
Guess?, Inc. | 37,764 | 662,381 | ||||||
Men’s Wearhouse, Inc. | 29,468 | 1,709,439 | ||||||
New York & Co., Inc.† | 18,003 | 45,728 | ||||||
Pacific Sunwear of California, Inc.† | 30,512 | 47,294 | ||||||
Shoe Carnival, Inc. | 9,292 | 256,831 | ||||||
Stein Mart, Inc. | 17,056 | 181,135 | ||||||
Tilly’s, Inc., Class A† | 6,512 | 62,776 | ||||||
Vera Bradley, Inc.†# | 13,398 | 181,409 | ||||||
Winmark Corp. | 1,446 | 132,931 | ||||||
14,151,674 | ||||||||
Retail - Appliances — 0.1% | ||||||||
Conn’s, Inc.†# | 17,016 | 629,422 | ||||||
hhgregg, Inc.†# | 7,392 | 28,459 | ||||||
657,881 | ||||||||
Retail - Auto Parts — 0.0% | ||||||||
Pep Boys-Manny Moe & Jack† | 32,712 | 331,373 | ||||||
Retail - Automobile — 0.5% | ||||||||
America’s Car-Mart, Inc.† | 4,778 | 253,521 | ||||||
Asbury Automotive Group, Inc.† | 16,775 | 1,427,888 | ||||||
Group 1 Automotive, Inc. | 14,876 | 1,224,443 | ||||||
Lithia Motors, Inc., Class A | 14,025 | 1,492,961 | ||||||
Rush Enterprises, Inc., Class A† | 21,107 | 560,813 | ||||||
Sonic Automotive, Inc., Class A | 24,492 | 569,439 | ||||||
5,529,065 | ||||||||
Retail - Bedding — 0.1% | ||||||||
Mattress Firm Holding Corp.† | 9,208 | 544,009 | ||||||
Retail - Bookstores — 0.1% | ||||||||
Barnes & Noble, Inc.† | 25,203 | 592,775 | ||||||
Retail - Building Products — 0.1% | ||||||||
Lumber Liquidators Holdings, Inc.†# | 16,853 | 343,801 | ||||||
Tile Shop Holdings, Inc.† | 17,233 | 214,896 | ||||||
558,697 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Computer Equipment — 0.0% | ||||||||
PC Connection, Inc. | 5,942 | $ | 148,075 | |||||
Systemax, Inc.† | 6,953 | 58,057 | ||||||
206,132 | ||||||||
Retail - Convenience Store — 0.2% | ||||||||
Casey’s General Stores, Inc. | 23,649 | 2,061,956 | ||||||
Retail - Discount — 0.2% | ||||||||
Citi Trends, Inc.† | 9,574 | 230,255 | ||||||
Fred’s, Inc., Class A | 22,645 | 396,740 | ||||||
HSN, Inc. | 20,392 | 1,368,507 | ||||||
Tuesday Morning Corp.† | 26,711 | 342,435 | ||||||
2,337,937 | ||||||||
Retail - Hair Salons — 0.0% | ||||||||
Regis Corp.† | 26,819 | 433,395 | ||||||
Retail - Home Furnishings — 0.3% | ||||||||
Haverty Furniture Cos., Inc. | 12,378 | 260,062 | ||||||
Kirkland’s, Inc. | 8,986 | 236,062 | ||||||
Pier 1 Imports, Inc. | 58,086 | 738,273 | ||||||
Restoration Hardware Holdings, Inc.† | 19,156 | 1,742,430 | ||||||
2,976,827 | ||||||||
Retail - Hypermarkets — 0.0% | ||||||||
Roundy’s, Inc.† | 24,122 | 84,186 | ||||||
Retail - Jewelry — 0.0% | ||||||||
Movado Group, Inc. | 11,269 | 294,797 | ||||||
Retail - Leisure Products — 0.0% | ||||||||
MarineMax, Inc.† | 15,234 | 364,397 | ||||||
West Marine, Inc.† | 10,746 | 102,302 | ||||||
466,699 | ||||||||
Retail - Major Department Stores — 0.0% | ||||||||
Sears Hometown and Outlet Stores, Inc.†# | 7,130 | 50,266 | ||||||
Retail - Misc./Diversified — 0.2% | ||||||||
Container Store Group, Inc.†# | 10,573 | 194,120 | ||||||
Five Below, Inc.† | 33,344 | 1,108,688 | ||||||
Gaiam, Inc., Class A† | 9,217 | 60,648 | ||||||
PriceSmart, Inc.# | 11,502 | 937,873 | ||||||
2,301,329 | ||||||||
Retail - Office Supplies — 0.3% | ||||||||
Office Depot, Inc.† | 328,570 | 3,045,844 | ||||||
Retail - Pawn Shops — 0.1% | ||||||||
Cash America International, Inc. | 17,282 | 464,540 | ||||||
Ezcorp, Inc., Class A† | 31,589 | 250,817 | ||||||
First Cash Financial Services, Inc.† | 17,790 | 828,836 | ||||||
1,544,193 | ||||||||
Retail - Pet Food & Supplies — 0.0% | ||||||||
Freshpet, Inc.†# | 7,360 | 146,022 | ||||||
PetMed Express, Inc.# | 12,405 | 207,040 | ||||||
353,062 | ||||||||
Retail - Regional Department Stores — 0.0% | ||||||||
Bon-Ton Stores, Inc.# | 8,976 | 52,510 | ||||||
Stage Stores, Inc. | 19,474 | 315,284 | ||||||
367,794 | ||||||||
Retail - Restaurants — 1.9% | ||||||||
Biglari Holdings, Inc.† | 1,062 | 375,194 | ||||||
BJ’s Restaurants, Inc.† | 13,341 | 610,751 | ||||||
Bloomin’ Brands, Inc. | 47,428 | 1,065,233 |
230 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Restaurants (continued) | ||||||||
Bob Evans Farms, Inc. | 15,169 | $ | 696,712 | |||||
Bravo Brio Restaurant Group, Inc.† | 8,929 | 119,649 | ||||||
Buffalo Wild Wings, Inc.† | 11,614 | 1,773,109 | ||||||
Carrols Restaurant Group, Inc.† | 21,634 | 216,773 | ||||||
Cheesecake Factory, Inc. | 30,688 | 1,582,580 | ||||||
Chuy’s Holdings, Inc.†# | 10,099 | 262,473 | ||||||
Cracker Barrel Old Country Store, Inc.# | 11,725 | 1,654,163 | ||||||
Dave & Buster’s Entertainment, Inc.† | 4,156 | 131,454 | ||||||
Del Frisco’s Restaurant Group, Inc.† | 14,519 | 270,053 | ||||||
Denny’s Corp.† | 53,509 | 558,099 | ||||||
DineEquity, Inc. | 10,227 | 998,155 | ||||||
El Pollo Loco Holdings, Inc.†# | 5,047 | 104,675 | ||||||
Famous Dave’s of America, Inc.†# | 2,873 | 59,787 | ||||||
Fiesta Restaurant Group, Inc.† | 16,459 | 765,837 | ||||||
Habit Restaurants, Inc.† | 3,533 | 124,114 | ||||||
Ignite Restaurant Group, Inc.†# | 4,665 | 17,260 | ||||||
Jack in the Box, Inc. | 24,601 | 2,135,613 | ||||||
Jamba, Inc.†# | 10,564 | 161,735 | ||||||
Krispy Kreme Doughnuts, Inc.† | 40,030 | 696,122 | ||||||
Nathan’s Famous, Inc. | 1,932 | 75,464 | ||||||
Noodles & Co.†# | 6,652 | 96,587 | ||||||
Papa John’s International, Inc. | 18,812 | 1,292,573 | ||||||
Papa Murphy’s Holdings, Inc.† | 3,584 | 61,573 | ||||||
Popeyes Louisiana Kitchen, Inc.† | 14,532 | 808,125 | ||||||
Potbelly Corp.† | 9,180 | 128,979 | ||||||
Red Robin Gourmet Burgers, Inc.† | 8,781 | 732,248 | ||||||
Ruby Tuesday, Inc.† | 37,752 | 235,572 | ||||||
Ruth’s Hospitality Group, Inc. | 22,136 | 326,063 | ||||||
Shake Shack, Inc.†# | 3,484 | 288,510 | ||||||
Sonic Corp. | 33,394 | 1,006,495 | ||||||
Texas Roadhouse, Inc. | 42,831 | 1,499,942 | ||||||
Zoe’s Kitchen, Inc.†# | 3,584 | 113,541 | ||||||
21,045,213 | ||||||||
Retail - Sporting Goods — 0.1% | ||||||||
Big 5 Sporting Goods Corp. | 11,339 | 164,756 | ||||||
Hibbett Sports, Inc.† | 15,913 | 740,750 | ||||||
Sportsman’s Warehouse Holdings, Inc.† | 5,980 | 57,946 | ||||||
Zumiez, Inc.† | 12,743 | 380,506 | ||||||
1,343,958 | ||||||||
Retail - Toy Stores — 0.0% | ||||||||
Build-A-Bear Workshop, Inc.† | 7,575 | 121,882 | ||||||
Retail - Video Rentals — 0.1% | ||||||||
Outerwall, Inc.# | 11,621 | 890,866 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.1% | ||||||||
Flex Pharma, Inc.† | 3,287 | 58,673 | ||||||
Vitamin Shoppe, Inc.† | 18,913 | 750,846 | ||||||
809,519 | ||||||||
Retirement/Aged Care — 0.1% | ||||||||
Capital Senior Living Corp.† | 17,832 | 459,352 | ||||||
Five Star Quality Care, Inc.† | 26,438 | 122,408 | ||||||
581,760 | ||||||||
Rubber - Tires — 0.1% | ||||||||
Cooper Tire & Rubber Co. | 35,703 | 1,310,657 | ||||||
Rubber/Plastic Products — 0.1% | ||||||||
Myers Industries, Inc. | 16,968 | 293,377 | ||||||
Proto Labs, Inc.† | 13,906 | 962,017 | ||||||
Trinseo SA†# | 7,066 | 206,398 | ||||||
1,461,792 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Satellite Telecom — 0.3% | ||||||||
DigitalGlobe, Inc.† | 46,358 | $ | 1,390,740 | |||||
Globalstar, Inc.†# | 168,694 | 447,039 | ||||||
Intelsat SA†# | 16,811 | 179,710 | ||||||
Iridium Communications, Inc.†# | 49,533 | 512,667 | ||||||
Loral Space & Communications, Inc.† | 8,051 | 537,726 | ||||||
3,067,882 | ||||||||
Savings & Loans/Thrifts — 1.5% | ||||||||
Anchor BanCorp Wisconsin, Inc.† | 4,053 | 150,002 | ||||||
Astoria Financial Corp. | 53,216 | 697,662 | ||||||
Banc of California, Inc. | 20,366 | 264,147 | ||||||
Bank Mutual Corp. | 28,603 | 203,081 | ||||||
BankFinancial Corp. | 11,443 | 135,485 | ||||||
Beneficial Bancorp, Inc.† | 19,820 | 242,795 | ||||||
Berkshire Hills Bancorp, Inc. | 17,002 | 466,195 | ||||||
BofI Holding, Inc.†# | 9,152 | 861,752 | ||||||
Brookline Bancorp, Inc. | 43,383 | 474,610 | ||||||
Capitol Federal Financial, Inc. | 87,939 | 1,064,062 | ||||||
Charter Financial Corp. | 11,869 | 143,734 | ||||||
Clifton Bancorp, Inc.# | 16,269 | 226,302 | ||||||
Dime Community Bancshares, Inc. | 20,137 | 330,045 | ||||||
EverBank Financial Corp. | 55,987 | 1,032,400 | ||||||
First Defiance Financial Corp. | 5,939 | 209,647 | ||||||
First Financial Northwest, Inc. | 8,458 | 98,113 | ||||||
Flagstar Bancorp, Inc.† | 12,461 | 233,519 | ||||||
Flushing Financial Corp. | 18,590 | 360,274 | ||||||
Fox Chase Bancorp, Inc. | 7,453 | 121,111 | ||||||
HomeStreet, Inc.† | 13,397 | 308,667 | ||||||
HomeTrust Bancshares, Inc.† | 12,815 | 198,376 | ||||||
Investors Bancorp, Inc. | 220,094 | 2,643,329 | ||||||
Meridian Bancorp, Inc.† | 12,485 | 160,307 | ||||||
Meta Financial Group, Inc. | 3,766 | 151,130 | ||||||
Northfield Bancorp, Inc. | 31,121 | 455,612 | ||||||
Northwest Bancshares, Inc. | 58,156 | 703,688 | ||||||
OceanFirst Financial Corp. | 8,237 | 142,500 | ||||||
Oritani Financial Corp. | 28,113 | 413,823 | ||||||
Pacific Premier Bancorp, Inc.† | 10,584 | 166,698 | ||||||
Provident Financial Services, Inc. | 37,035 | 673,296 | ||||||
Sterling Bancorp | 54,520 | 736,565 | ||||||
Territorial Bancorp, Inc. | 5,367 | 123,763 | ||||||
United Community Financial Corp. | 31,087 | 169,424 | ||||||
United Financial Bancorp, Inc. | 29,554 | 372,380 | ||||||
Washington Federal, Inc. | 58,090 | 1,283,789 | ||||||
Waterstone Financial, Inc. | 21,139 | 276,921 | ||||||
WSFS Financial Corp. | 16,431 | 405,353 | ||||||
16,700,557 | ||||||||
Schools — 0.3% | ||||||||
American Public Education, Inc.† | 10,738 | 259,538 | ||||||
Bridgepoint Education, Inc.† | 10,146 | 94,358 | ||||||
Bright Horizons Family Solutions, Inc.† | 17,496 | 974,002 | ||||||
Capella Education Co. | 6,715 | 357,708 | ||||||
Career Education Corp.† | 41,305 | 155,720 | ||||||
Grand Canyon Education, Inc.† | 28,661 | 1,224,111 | ||||||
ITT Educational Services, Inc.†# | 14,359 | 62,749 | ||||||
K12, Inc.† | 21,128 | 289,242 | ||||||
Strayer Education, Inc.† | 6,662 | 305,320 | ||||||
Universal Technical Institute, Inc. | 13,321 | 111,896 | ||||||
3,834,644 | ||||||||
Security Services — 0.2% | ||||||||
Ascent Capital Group, Inc., Class A† | 8,527 | 343,894 | ||||||
Brink’s Co. | 29,761 | 951,162 |
231 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Security Services (continued) | ||||||||
LifeLock, Inc.† | 49,455 | $ | 752,705 | |||||
2,047,761 | ||||||||
Seismic Data Collection — 0.0% | ||||||||
Geospace Technologies Corp.†# | 8,071 | 166,101 | ||||||
ION Geophysical Corp.† | 79,389 | 112,733 | ||||||
278,834 | ||||||||
Semiconductor Components - Integrated Circuits — 0.8% | ||||||||
Cirrus Logic, Inc.† | 38,131 | 1,439,445 | ||||||
Cypress Semiconductor Corp.† | 201,234 | 2,762,943 | ||||||
Exar Corp.† | 24,269 | 263,561 | ||||||
Integrated Device Technology, Inc.† | 82,070 | 1,941,366 | ||||||
M/A-COM Technology Solutions Holdings, Inc.†# | 7,390 | 282,003 | ||||||
MaxLinear, Inc., Class A† | 29,126 | 291,843 | ||||||
Micrel, Inc. | 27,410 | 381,547 | ||||||
Pericom Semiconductor Corp. | 13,626 | 178,364 | ||||||
Power Integrations, Inc. | 18,691 | 948,755 | ||||||
8,489,827 | ||||||||
Semiconductor Equipment — 0.7% | ||||||||
Axcelis Technologies, Inc.† | 68,328 | 218,650 | ||||||
Brooks Automation, Inc. | 41,048 | 461,380 | ||||||
Cabot Microelectronics Corp.† | 14,817 | 684,249 | ||||||
Cascade Microtech, Inc.† | 7,851 | 125,694 | ||||||
Cohu, Inc. | 15,513 | 208,029 | ||||||
Entegris, Inc.† | 85,511 | 1,191,168 | ||||||
FormFactor, Inc.† | 34,132 | 317,769 | ||||||
MKS Instruments, Inc. | 32,894 | 1,240,433 | ||||||
Nanometrics, Inc.† | 14,683 | 228,174 | ||||||
Photronics, Inc.† | 37,885 | 382,260 | ||||||
Rudolph Technologies, Inc.† | 20,418 | 260,125 | ||||||
Tessera Technologies, Inc. | 32,850 | 1,266,367 | ||||||
Ultra Clean Holdings, Inc.† | 18,091 | 117,049 | ||||||
Ultratech, Inc.† | 17,234 | 343,646 | ||||||
Veeco Instruments, Inc.† | 24,602 | 744,949 | ||||||
Xcerra Corp.† | 32,646 | 252,027 | ||||||
8,041,969 | ||||||||
Silver Mining — 0.1% | ||||||||
Hecla Mining Co.# | 225,724 | 702,002 | ||||||
Soap & Cleaning Preparation — 0.0% | ||||||||
Wausau Paper Corp. | 25,934 | 253,635 | ||||||
Specified Purpose Acquisitions — 0.1% | ||||||||
FCB Financial Holdings, Inc.† | 5,063 | 145,663 | ||||||
National Bank Holdings Corp., Class A | 20,943 | 400,430 | ||||||
546,093 | ||||||||
Steel Pipe & Tube — 0.1% | ||||||||
Advanced Drainage Systems, Inc. | 9,368 | 272,047 | ||||||
Furmanite Corp.† | 23,107 | 188,091 | ||||||
Mueller Water Products, Inc., Class A | 97,893 | 902,573 | ||||||
Northwest Pipe Co.† | 5,843 | 121,359 | ||||||
Omega Flex, Inc. | 1,769 | 57,263 | ||||||
1,541,333 | ||||||||
Steel - Producers — 0.3% | ||||||||
AK Steel Holding Corp.†# | 108,787 | 572,220 | ||||||
Commercial Metals Co. | 72,346 | 1,162,600 | ||||||
Ryerson Holding Corp†# | 6,759 | 56,100 | ||||||
Schnitzer Steel Industries, Inc., Class A | 16,174 | 289,676 | ||||||
Shiloh Industries, Inc.† | 5,100 | 49,980 | ||||||
Worthington Industries, Inc. | 29,476 | 802,042 | ||||||
2,932,618 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Steel - Specialty — 0.0% | ||||||||
Universal Stainless & Alloy Products, Inc.† | 4,339 | $ | 78,319 | |||||
Storage/Warehousing — 0.1% | ||||||||
Mobile Mini, Inc. | 28,704 | 1,138,975 | ||||||
Wesco Aircraft Holdings, Inc.† | 32,221 | 475,582 | ||||||
1,614,557 | ||||||||
SupraNational Banks — 0.1% | ||||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 18,255 | 553,674 | ||||||
Telecom Equipment-Fiber Optics — 0.3% | ||||||||
Alliance Fiber Optic Products, Inc. | 7,733 | 149,711 | ||||||
Ciena Corp.† | 64,534 | 1,556,560 | ||||||
Clearfield, Inc.†# | 7,006 | 106,421 | ||||||
Finisar Corp.† | 63,544 | 1,391,613 | ||||||
Harmonic, Inc.† | 54,105 | 368,455 | ||||||
KVH Industries, Inc.† | 9,744 | 121,508 | ||||||
Oclaro, Inc.†# | 57,518 | 149,547 | ||||||
3,843,815 | ||||||||
Telecom Services — 0.5% |
| |||||||
Consolidated Communications Holdings, Inc.# | 30,963 | 641,553 | ||||||
EarthLink Holdings Corp. | 62,892 | 436,471 | ||||||
FairPoint Communications, Inc.† | 12,761 | 257,517 | ||||||
GTT Communications, Inc.† | 8,656 | 190,692 | ||||||
Hawaiian Telcom Holdco, Inc.† | 6,504 | 164,616 | ||||||
Inteliquent, Inc. | 19,934 | 351,437 | ||||||
Lumos Networks Corp. | 11,553 | 164,861 | ||||||
NeuStar, Inc., Class A†# | 34,464 | �� | 941,557 | |||||
ORBCOMM, Inc.† | 33,781 | 231,062 | ||||||
Premiere Global Services, Inc.† | 29,644 | 299,404 | ||||||
RigNet, Inc.†# | 7,344 | 260,639 | ||||||
Spok Holdings, Inc. | 13,311 | 230,946 | ||||||
Vonage Holdings Corp.† | 107,043 | 498,820 | ||||||
West Corp. | 23,654 | 723,812 | ||||||
5,393,387 | ||||||||
Telecommunication Equipment — 0.3% |
| |||||||
ADTRAN, Inc. | 32,539 | 560,322 | ||||||
Comtech Telecommunications Corp. | 9,418 | 282,917 | ||||||
Numerex Corp., Class A† | 8,983 | 76,894 | ||||||
Plantronics, Inc. | 26,144 | 1,442,364 | ||||||
Preformed Line Products Co. | 1,633 | 61,989 | ||||||
ShoreTel, Inc.† | 38,417 | 264,309 | ||||||
Sonus Networks, Inc.† | 30,204 | 236,497 | ||||||
2,925,292 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Atlantic Tele-Network, Inc. | 5,763 | 386,409 | ||||||
Cincinnati Bell, Inc.† | 128,458 | 470,156 | ||||||
General Communication, Inc., Class A† | 22,066 | 354,601 | ||||||
IDT Corp., Class B | 10,347 | 186,142 | ||||||
Shenandoah Telecommunications Co. | 14,806 | 465,353 | ||||||
1,862,661 | ||||||||
Television — 0.2% |
| |||||||
Central European Media Enterprises, Ltd., Class A†# | 43,356 | 100,586 | ||||||
Gray Television, Inc.† | 30,446 | 485,918 | ||||||
Sinclair Broadcast Group, Inc., Class A# | 42,193 | 1,267,478 | ||||||
1,853,982 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Perry Ellis International, Inc.† | 7,467 | 183,390 | ||||||
Unifi, Inc.† | 9,006 | 292,875 | ||||||
476,265 | ||||||||
232 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 5,379 | $ | 141,737 | |||||
Dixie Group, Inc.† | 9,198 | 89,220 | ||||||
230,957 | ||||||||
Theaters — 0.1% |
| |||||||
AMC Entertainment Holdings, Inc., Class A | 12,936 | 373,980 | ||||||
Carmike Cinemas, Inc.† | 14,868 | 413,776 | ||||||
National CineMedia, Inc. | 37,381 | 595,479 | ||||||
Reading International, Inc., Class A† | 10,616 | 141,936 | ||||||
1,525,171 | ||||||||
Therapeutics — 0.9% |
| |||||||
Actinium Pharmaceuticals, Inc.†# | 13,039 | 51,374 | ||||||
Agios Pharmaceuticals, Inc.†# | 8,994 | 1,097,448 | ||||||
Akebia Therapeutics, Inc.† | 4,814 | 37,838 | ||||||
Anika Therapeutics, Inc.† | 8,861 | 298,882 | ||||||
Bio-Path Holdings, Inc.†# | 45,090 | 54,108 | ||||||
Calithera Biosciences, Inc.† | 4,915 | 51,460 | ||||||
Cara Therapeutics, Inc.† | 3,311 | 31,521 | ||||||
Dyax Corp.† | 88,284 | 2,325,401 | ||||||
Egalet Corp.†# | 2,436 | 24,165 | ||||||
Esperion Therapeutics, Inc.†# | 3,771 | 405,420 | ||||||
Flexion Therapeutics, Inc.† | 2,799 | 55,728 | ||||||
MannKind Corp.†# | 140,118 | 725,811 | ||||||
Mirati Therapeutics, Inc.† | 4,408 | 161,597 | ||||||
Neurocrine Biosciences, Inc.† | 51,366 | 2,252,913 | ||||||
Nevro Corp.†# | 4,946 | 251,405 | ||||||
Northwest Biotherapeutics, Inc.†# | 23,582 | 198,089 | ||||||
Osiris Therapeutics, Inc.†# | 11,653 | 216,746 | ||||||
Portola Pharmaceuticals, Inc.† | 27,965 | 1,169,496 | ||||||
Sarepta Therapeutics, Inc.†# | 24,994 | 640,346 | ||||||
Threshold Pharmaceuticals, Inc.†# | 32,097 | 124,857 | ||||||
Vital Therapies, Inc.†# | 3,471 | 75,321 | ||||||
Xencor, Inc.† | 11,318 | 205,308 | ||||||
Zafgen Inc† | 4,240 | 138,054 | ||||||
10,593,288 | ||||||||
Tobacco — 0.2% |
| |||||||
22nd Century Group, Inc.†# | 27,691 | 29,630 | ||||||
Alliance One International, Inc.† | 54,164 | 73,663 | ||||||
Universal Corp. | 14,270 | 734,762 | ||||||
Vector Group, Ltd. | 46,376 | 1,025,373 | ||||||
1,863,428 | ||||||||
Toys — 0.0% |
| |||||||
JAKKS Pacific, Inc.†# | 11,464 | 88,043 | ||||||
LeapFrog Enterprises, Inc.† | 40,120 | 81,444 | ||||||
169,487 | ||||||||
Transactional Software — 0.3% |
| |||||||
ACI Worldwide, Inc.† | 69,908 | 1,664,510 | ||||||
Bottomline Technologies de, Inc.† | 24,183 | 636,738 | ||||||
InnerWorkings, Inc.† | 21,544 | 137,020 | ||||||
Synchronoss Technologies, Inc.† | 21,677 | 954,655 | ||||||
3,392,923 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 32,109 | 337,787 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 15,504 | 844,658 | ||||||
Erickson, Inc.† | 3,719 | 13,946 | ||||||
1,196,391 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
General Finance Corp.† | 6,802 | 37,343 | ||||||
Greenbrier Cos., Inc.# | 16,951 | 1,020,959 | ||||||
TAL International Group, Inc. | 20,888 | 758,025 |
Security Description | Shares | Value (Note 2) | ||||||
Transport - Equipment & Leasing (continued) | ||||||||
Textainer Group Holdings, Ltd. | 13,261 | $ | 374,093 | |||||
2,190,420 | ||||||||
Transport - Marine — 0.5% |
| |||||||
Ardmore Shipping Corp.# | 11,091 | 128,877 | ||||||
Baltic Trading, Ltd.# | 30,229 | 45,948 | ||||||
CAI International, Inc.† | 10,064 | 217,584 | ||||||
DHT Holdings, Inc. | 56,842 | 448,483 | ||||||
Dorian LPG, Ltd.† | 4,496 | 62,270 | ||||||
Frontline, Ltd.†# | 40,748 | 105,130 | ||||||
GasLog, Ltd.# | 25,873 | 535,571 | ||||||
Golden Ocean Group, Ltd.# | 42,105 | 178,946 | ||||||
Hornbeck Offshore Services, Inc.†# | 22,275 | 495,619 | ||||||
International Shipholding Corp. | 3,496 | 28,003 | ||||||
Navios Maritime Acquisition Corp. | 50,524 | 180,371 | ||||||
Navios Maritime Holdings, Inc. | 48,753 | 166,735 | ||||||
Nordic American Offshore, Ltd.# | 11,209 | 102,114 | ||||||
Nordic American Tankers, Ltd.# | 54,797 | 707,429 | ||||||
Safe Bulkers, Inc. | 23,908 | 79,614 | ||||||
Scorpio Bulkers, Inc.†# | 82,790 | 196,212 | ||||||
Scorpio Tankers, Inc. | 100,510 | 916,651 | ||||||
Ship Finance International, Ltd.# | 36,317 | 593,783 | ||||||
Teekay Tankers, Ltd., Class A | 48,878 | 329,926 | ||||||
Ultrapetrol Bahamas, Ltd.† | 13,129 | 16,543 | ||||||
5,535,809 | ||||||||
Transport - Services — 0.4% |
| |||||||
CHC Group, Ltd.†# | 20,613 | 27,415 | ||||||
Echo Global Logistics, Inc.† | 14,431 | 464,390 | ||||||
Era Group, Inc.† | 12,501 | 262,521 | ||||||
Hub Group, Inc., Class A† | 22,597 | 958,565 | ||||||
Matson, Inc. | 26,402 | 1,063,473 | ||||||
Universal Truckload Services, Inc. | 4,039 | 81,749 | ||||||
UTi Worldwide, Inc.†# | 56,216 | 540,798 | ||||||
XPO Logistics, Inc.†# | 32,271 | 1,586,442 | ||||||
4,985,353 | ||||||||
Transport - Truck — 0.7% |
| |||||||
ArcBest Corp. | 15,972 | 546,083 | ||||||
Celadon Group, Inc. | 12,856 | 299,802 | ||||||
Forward Air Corp. | 19,171 | 994,400 | ||||||
Heartland Express, Inc.# | 33,400 | 709,750 | ||||||
Knight Transportation, Inc. | 36,701 | 1,049,648 | ||||||
Marten Transport, Ltd. | 14,613 | 331,423 | ||||||
P.A.M. Transportation Services, Inc.† | 1,979 | 119,868 | ||||||
Patriot Transportation Holding, Inc.† | 1,364 | 35,177 | ||||||
Quality Distribution, Inc.† | 16,836 | 266,345 | ||||||
Roadrunner Transportation Systems, Inc.† | 17,125 | 425,899 | ||||||
Saia, Inc.† | 15,153 | 620,364 | ||||||
Swift Transportation Co.† | 52,251 | 1,215,881 | ||||||
USA Truck, Inc.† | 3,848 | 88,658 | ||||||
Werner Enterprises, Inc. | 27,462 | 755,754 | ||||||
YRC Worldwide, Inc.† | 19,211 | 252,625 | ||||||
7,711,677 | ||||||||
Veterinary Diagnostics — 0.1% |
| |||||||
Kindred Biosciences, Inc.†# | 6,447 | 41,583 | ||||||
Neogen Corp.† | 22,530 | 1,053,052 | ||||||
Phibro Animal Health Corp., Class A | 9,006 | 311,878 | ||||||
1,406,513 | ||||||||
Virtual Reality Products — 0.0% |
| |||||||
RealD, Inc.†# | 24,706 | 311,790 | ||||||
233 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.† | 5,491 | $ | 132,937 | |||||
Nature’s Sunshine Products, Inc. | 6,680 | 85,704 | ||||||
Nutraceutical International Corp.† | 5,319 | 116,699 | ||||||
Omega Protein Corp.† | 12,843 | 176,591 | ||||||
Synutra International, Inc.† | 10,628 | 70,783 | ||||||
USANA Health Sciences, Inc.† | 3,693 | 473,036 | ||||||
1,055,750 | ||||||||
Water — 0.3% |
| |||||||
American States Water Co. | 23,827 | 915,672 | ||||||
Artesian Resources Corp., Class A | 4,771 | 101,718 | ||||||
California Water Service Group | 29,373 | 701,721 | ||||||
Connecticut Water Service, Inc. | 6,687 | 235,717 | ||||||
Middlesex Water Co. | 9,823 | 214,436 | ||||||
PICO Holdings, Inc.† | 13,977 | 220,976 | ||||||
SJW Corp. | 9,633 | 290,146 | ||||||
York Water Co. | 7,953 | 177,829 | ||||||
2,858,215 | ||||||||
Water Treatment Systems — 0.0% |
| |||||||
Energy Recovery, Inc.†# | 23,648 | 62,904 | ||||||
Web Hosting/Design — 0.2% |
| |||||||
Endurance International Group Holdings, Inc.†# | 18,522 | 376,553 | ||||||
NIC, Inc. | 40,072 | 675,213 | ||||||
Q2 Holdings, Inc.† | 6,076 | 144,062 | ||||||
Rightside Group, Ltd.†# | 5,359 | 43,890 | ||||||
Web.com Group, Inc.† | 31,815 | 721,246 | ||||||
Wix.com, Ltd.† | 8,520 | 212,233 | ||||||
2,173,197 | ||||||||
Web Portals/ISP — 0.0% |
| |||||||
Blucora, Inc.† | 25,965 | 411,805 | ||||||
Wire & Cable Products — 0.3% |
| |||||||
Belden, Inc. | 26,791 | 2,261,696 | ||||||
Encore Wire Corp. | 12,728 | 555,959 | ||||||
General Cable Corp. | 29,892 | 564,660 | ||||||
Insteel Industries, Inc. | 11,218 | 222,677 | ||||||
3,604,992 | ||||||||
Wireless Equipment — 0.4% |
| |||||||
Aerohive Networks, Inc.†# | 5,854 | 42,266 | ||||||
CalAmp Corp.† | 22,080 | 435,859 | ||||||
Gogo, Inc.†# | 34,334 | 734,747 | ||||||
InterDigital, Inc. | 22,834 | 1,338,757 | ||||||
Telenav, Inc.† | 16,733 | 151,099 | ||||||
TESSCO Technologies, Inc. | 3,504 | 64,509 | ||||||
Ubiquiti Networks, Inc.# | 18,261 | 580,700 | ||||||
ViaSat, Inc.† | 25,421 | 1,601,269 | ||||||
4,949,206 | ||||||||
Wound, Burn & Skin Care — 0.0% |
| |||||||
Derma Sciences, Inc.† | 13,913 | 91,269 | ||||||
IGI Laboratories, Inc.†# | 19,669 | 127,849 | ||||||
219,118 | ||||||||
Total Common Stocks | ||||||||
(cost $787,692,109) | 1,103,652,819 | |||||||
WARRANTS — 0.0% |
| |||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
Magnum Hunter Resources Corp.†# | 11,522 | 0 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Real Estate Management/Services — 0.0% |
| |||||||
Tejon Ranch Co.† | 1,364 | $ | 750 | |||||
Total Warrants | ||||||||
(cost $9,886) | 750 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $787,701,995) | 1,103,653,569 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.6% |
| |||||||
Registered Investment Companies — 9.9% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(3) | 110,447,863 | 110,447,863 | ||||||
U.S. Government Treasuries — 0.7% |
| |||||||
United States Treasury Bills | $ | 5,000,000 | 4,999,995 | |||||
0.02% due 06/11/2015(4) | 3,500,000 | 3,499,997 | ||||||
8,499,992 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $118,947,838) | 118,947,855 | |||||||
REPURCHASE AGREEMENTS — 0.7% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(5) | 7,373,000 | 7,373,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $914,022,833)(6) | 109.9 | % | 1,229,974,424 | |||||
Liabilities in excess of other assets | (9.9 | ) | (110,511,268 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,119,463,156 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(2) | Illiquid security. At May 31, 2015, the aggregate value of these securities was $10,033 representing 0.0% of net assets. |
(3) | At May 31, 2015, the Fund had loaned securities with a total value of $113,169,827. This was secured by collateral of $110,447,863, which was received in cash and subsequently invested in short-term investments currently valued at $110,447,863 as reported in the Portfolio of Investments. Additional collateral of $6,501,394 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s 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 May 31, 2015 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 11/01/2034 to 12/15/2044 | $ | 145,629 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 10/25/2029 to 02/25/2044 | 686,215 | |||||
Government National Mtg. Assoc. | 0.38% to 4.00% | 04/20/2039 to 12/16/2052 | 129,185 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 03/31/2016 | 724,003 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.88% | 06/30/2015 to 05/15/2044 | 4,816,362 |
(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
234 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
135 | Long | Russell 2000 Mini Index | June 2015 | $ | 16,696,250 | $ | 16,798,050 | $ | 101,800 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | 447,345 | $ | — | $ | 0 | $ | 447,345 | ||||||||
Medical-Biomedical/Gene | 49,436,063 | — | 10,033 | 49,446,096 | ||||||||||||
Medical-Drugs | 29,497,387 | — | 0 | 29,497,387 | ||||||||||||
Oil Companies - Exploration & Production | 14,067,262 | — | 0 | 14,067,262 | ||||||||||||
Other Industries | 1,010,194,729 | — | — | 1,010,194,729 | ||||||||||||
Warrants | 750 | — | — | 750 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 110,447,863 | — | — | 110,447,863 | ||||||||||||
U.S. Government Treasuries | — | 8,499,992 | — | 8,499,992 | ||||||||||||
Repurchase Agreements | — | 7,373,000 | — | 7,373,000 | ||||||||||||
Total Investments at Value | $ | 1,214,091,399 | $ | 15,872,992 | $ | 10,033 | $ | 1,229,974,424 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 101,800 | $ | — | $ | — | $ | 101,800 | ||||||||
* | 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
235 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Banks — Commercial | 10.5 | % | ||
Real Estate Investment Trusts | 5.0 | |||
Registered Investment Companies | 4.4 | |||
Electronic Components — Misc. | 3.4 | |||
Retail — Restaurants | 3.1 | |||
Time Deposits | 2.9 | |||
Insurance — Reinsurance | 2.8 | |||
Consumer Products — Misc. | 2.6 | |||
Savings & Loans/Thrifts | 2.1 | |||
Computer Services | 2.1 | |||
Electric — Integrated | 2.0 | |||
Insurance — Property/Casualty | 2.0 | |||
Machinery — Electrical | 2.0 | |||
Electronic Components — Semiconductors | 1.7 | |||
Metal Processors & Fabrication | 1.7 | |||
Chemicals — Specialty | 1.7 | |||
Paper & Related Products | 1.6 | |||
Investment Management/Advisor Services | 1.6 | |||
Medical — Biomedical/Gene | 1.5 | |||
Electronic Measurement Instruments | 1.5 | |||
Building & Construction Products — Misc. | 1.4 | |||
Chemicals — Diversified | 1.1 | |||
Diversified Manufacturing Operations | 1.1 | |||
Retail — Apparel/Shoe | 1.1 | |||
Engineering/R&D Services | 1.1 | |||
Building Products — Cement | 1.1 | |||
Oil — Field Services | 1.0 | |||
Oil & Gas Drilling | 1.0 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Food — Canned | 1.0 | |||
Insurance Brokers | 1.0 | |||
Diversified Operations/Commercial Services | 1.0 | |||
Computers — Memory Devices | 1.0 | |||
Medical Products | 0.9 | |||
Machinery — General Industrial | 0.9 | |||
Funeral Services & Related Items | 0.9 | |||
Batteries/Battery Systems | 0.9 | |||
Chemicals — Plastics | 0.9 | |||
Investment Companies | 0.8 | |||
Medical — HMO | 0.8 | |||
Miscellaneous Manufacturing | 0.8 | |||
Medical Imaging Systems | 0.8 | |||
Medical — Wholesale Drug Distribution | 0.7 | |||
Identification Systems | 0.7 | |||
Auto/Truck Parts & Equipment — Replacement | 0.7 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Office Supplies & Forms | 0.7 | |||
Dental Supplies & Equipment | 0.7 | |||
Telecommunication Equipment | 0.7 | |||
Printing — Commercial | 0.7 | |||
Human Resources | 0.7 | |||
Beverages — Non-alcoholic | 0.6 | |||
Transactional Software | 0.6 | |||
Food — Retail | 0.6 | |||
Networking Products | 0.6 | |||
Medical Instruments | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Applications Software | 0.5 | |||
Rental Auto/Equipment | 0.5 | |||
Electronic Design Automation | 0.5 | |||
Data Processing/Management | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Housewares | 0.5 | |||
Finance — Leasing Companies | 0.5 | |||
Security Services | 0.5 | |||
Garden Products | 0.5 | |||
Medical — Hospitals | 0.5 | |||
Recreational Centers | 0.4 | |||
Distribution/Wholesale | 0.4 |
Tobacco | 0.4 | |||
E-Marketing/Info | 0.4 | |||
Retail — Home Furnishings | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Lasers — System/Components | 0.4 | |||
Engines — Internal Combustion | 0.4 | |||
Textile — Products | 0.4 | |||
Publishing — Newspapers | 0.4 | |||
Multimedia | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Disposable Medical Products | 0.3 | |||
Transport — Truck | 0.3 | |||
Oil Field Machinery & Equipment | 0.3 | |||
Building — Maintenance & Services | 0.3 | |||
Medical Sterilization Products | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Steel Pipe & Tube | 0.3 | |||
Rubber — Tires | 0.3 | |||
Commercial Services | 0.3 | |||
Electronic Parts Distribution | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Retail — Sporting Goods | 0.2 | |||
Footwear & Related Apparel | 0.2 | |||
Computers — Periphery Equipment | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Food — Wholesale/Distribution | 0.2 | |||
Building Products — Wood | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Building — Mobile Home/Manufactured Housing | 0.2 | |||
Publishing — Books | 0.2 | |||
Schools | 0.2 | |||
Retail — Discount | 0.2 | |||
Building & Construction — Misc. | 0.1 | |||
Precious Metals | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Silver Mining | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Telecom Services | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
104.5 | % | |||
* | Calculated as a percentage of net assets |
236 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.2% |
| |||||||
Aerospace/Defense - Equipment — 1.0% |
| |||||||
AAR Corp. | 28,386 | $ | 838,522 | |||||
Orbital ATK, Inc. | 8,625 | 659,813 | ||||||
Triumph Group, Inc. | 13,770 | 918,321 | ||||||
2,416,656 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Delta Apparel, Inc.† | 52,991 | 733,925 | ||||||
Applications Software — 0.5% |
| |||||||
Progress Software Corp.† | 49,072 | 1,292,066 | ||||||
Auto/Truck Parts & Equipment - Original — 0.5% |
| |||||||
American Axle & Manufacturing Holdings, Inc.† | 48,898 | 1,227,829 | ||||||
Auto/Truck Parts & Equipment - Replacement — 0.7% |
| |||||||
Douglas Dynamics, Inc. | 86,917 | 1,764,415 | ||||||
Banks - Commercial — 10.5% |
| |||||||
Associated Banc-Corp. | 156,630 | 2,971,271 | ||||||
BBCN Bancorp, Inc. | 53,466 | 769,910 | ||||||
Blue Hills Bancorp, Inc.† | 11,279 | 154,635 | ||||||
Chemical Financial Corp. | 7,614 | 230,628 | ||||||
First Citizens BancShares, Inc., Class A | 15,741 | 3,795,155 | ||||||
First Horizon National Corp. | 70,790 | 1,044,860 | ||||||
First Midwest Bancorp, Inc. | 27,390 | 486,446 | ||||||
FirstMerit Corp. | 52,445 | 1,030,020 | ||||||
Fulton Financial Corp. | 77,800 | 984,948 | ||||||
Hancock Holding Co. | 82,371 | 2,399,467 | ||||||
International Bancshares Corp. | 20,892 | 545,281 | ||||||
NBT Bancorp, Inc. | 10,512 | 258,806 | ||||||
Old National Bancorp | 62,500 | 850,625 | ||||||
Prosperity Bancshares, Inc. | 13,837 | 741,248 | ||||||
Synovus Financial Corp. | 34,230 | 993,355 | ||||||
TCF Financial Corp. | 158,000 | 2,486,920 | ||||||
UMB Financial Corp. | 51,111 | 2,647,039 | ||||||
Umpqua Holdings Corp. | 25,170 | 442,740 | ||||||
Webster Financial Corp. | 21,410 | 811,225 | ||||||
WesBanco, Inc. | 10,686 | 338,105 | ||||||
Wintrust Financial Corp. | 22,234 | 1,113,924 | ||||||
25,096,608 | ||||||||
Batteries/Battery Systems — 0.9% |
| |||||||
EnerSys | 31,649 | 2,109,089 | ||||||
Beverages - Non-alcoholic — 0.6% |
| |||||||
Cott Corp. | 153,464 | 1,471,720 | ||||||
Building & Construction Products - Misc. — 1.4% |
| |||||||
Quanex Building Products Corp. | 42,514 | 756,324 | ||||||
Simpson Manufacturing Co., Inc. | 74,873 | 2,539,692 | ||||||
3,296,016 | ||||||||
Building & Construction - Misc. — 0.1% |
| |||||||
Aegion Corp.† | 19,728 | 351,553 | ||||||
Building Products - Cement — 1.1% |
| |||||||
Eagle Materials, Inc. | 30,143 | 2,516,338 | ||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
Griffon Corp. | 9,982 | 159,413 | ||||||
Building Products - Wood — 0.2% |
| |||||||
Universal Forest Products, Inc. | 8,510 | 471,114 | ||||||
Building - Heavy Construction — 0.3% |
| |||||||
Tutor Perini Corp.† | 38,538 | 807,757 | ||||||
Building - Maintenance & Services — 0.3% |
| |||||||
ABM Industries, Inc. | 23,115 | 749,851 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building - Mobile Home/Manufactured Housing — 0.2% |
| |||||||
Winnebago Industries, Inc.# | 20,597 | $ | 447,573 | |||||
Building - Residential/Commercial — 0.2% |
| |||||||
KB Home# | 33,000 | 487,740 | ||||||
Chemicals - Diversified — 1.1% |
| |||||||
Innospec, Inc. | 48,716 | 2,088,942 | ||||||
Olin Corp. | 20,715 | 605,707 | ||||||
2,694,649 | ||||||||
Chemicals - Plastics — 0.9% |
| |||||||
A. Schulman, Inc. | 48,147 | 2,059,247 | ||||||
Chemicals - Specialty — 1.7% |
| |||||||
Cabot Corp. | 17,399 | 721,537 | ||||||
H.B. Fuller Co. | 26,137 | 1,100,629 | ||||||
Sensient Technologies Corp. | 23,266 | 1,575,108 | ||||||
Stepan Co. | 11,290 | 580,983 | ||||||
3,978,257 | ||||||||
Commercial Services — 0.3% |
| |||||||
HMS Holdings Corp.† | 38,330 | 653,143 | ||||||
Commercial Services - Finance — 0.4% |
| |||||||
Liberty Tax, Inc. | 39,428 | 937,598 | ||||||
Computer Services — 2.1% |
| |||||||
DST Systems, Inc. | 20,366 | 2,411,335 | ||||||
Science Applications International Corp. | 8,865 | 469,845 | ||||||
Sykes Enterprises, Inc.† | 86,305 | 2,091,170 | ||||||
4,972,350 | ||||||||
Computers - Memory Devices — 1.0% |
| |||||||
Brocade Communications Systems, Inc. | 27,333 | 337,973 | ||||||
Imation Corp.† | 419,142 | 1,940,627 | ||||||
2,278,600 | ||||||||
Computers - Periphery Equipment — 0.2% |
| |||||||
Lexmark International, Inc., Class A | 10,830 | 497,963 | ||||||
Consumer Products - Misc. — 2.6% |
| |||||||
Blyth, Inc.†# | 66,890 | 468,230 | ||||||
Central Garden & Pet Co.† | 78,813 | 748,723 | ||||||
Helen of Troy, Ltd.† | 22,287 | 1,949,890 | ||||||
Spectrum Brands Holdings, Inc. | 13,401 | 1,295,207 | ||||||
WD-40 Co. | 22,165 | 1,870,061 | ||||||
6,332,111 | ||||||||
Containers - Metal/Glass — 0.3% |
| |||||||
Silgan Holdings, Inc. | 14,880 | 808,579 | ||||||
Data Processing/Management — 0.5% |
| |||||||
Acxiom Corp.† | 47,218 | 782,402 | ||||||
CSG Systems International, Inc. | 14,950 | 466,291 | ||||||
1,248,693 | ||||||||
Dental Supplies & Equipment — 0.7% |
| |||||||
Patterson Cos., Inc. | 35,652 | 1,705,592 | ||||||
Diagnostic Kits — 0.2% |
| |||||||
Meridian Bioscience, Inc. | 32,085 | 583,947 | ||||||
Disposable Medical Products — 0.3% |
| |||||||
ICU Medical, Inc.† | 8,313 | 806,361 | ||||||
Distribution/Wholesale — 0.4% |
| |||||||
Ingram Micro, Inc., Class A† | 37,444 | 1,003,874 | ||||||
Diversified Manufacturing Operations — 1.1% |
| |||||||
Barnes Group, Inc. | 29,041 | 1,169,191 | ||||||
Crane Co. | 14,938 | 904,197 |
237 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Manufacturing Operations (continued) |
| |||||||
LSB Industries, Inc.† | 14,378 | $ | 611,496 | |||||
2,684,884 | ||||||||
Diversified Operations/Commercial Services — 1.0% |
| |||||||
Viad Corp. | 85,830 | 2,303,677 | ||||||
E-Marketing/Info — 0.4% |
| |||||||
New Media Investment Group, Inc. | 42,844 | 943,425 | ||||||
Electric - Integrated — 2.0% |
| |||||||
ALLETE, Inc. | 16,770 | 844,370 | ||||||
Hawaiian Electric Industries, Inc. | 52,810 | 1,612,817 | ||||||
IDACORP, Inc. | 20,485 | 1,218,243 | ||||||
Portland General Electric Co. | 33,770 | 1,180,599 | ||||||
4,856,029 | ||||||||
Electronic Components - Misc. — 3.4% |
| |||||||
AVX Corp. | 105,918 | 1,502,976 | ||||||
Celestica, Inc.† | 27,885 | 356,928 | ||||||
GSI Group, Inc.† | 172,728 | 2,578,829 | ||||||
Sanmina Corp.† | 28,772 | 623,202 | ||||||
Vishay Intertechnology, Inc. | 230,970 | 3,007,229 | ||||||
8,069,164 | ||||||||
Electronic Components - Semiconductors — 1.7% |
| |||||||
DSP Group, Inc.† | 72,644 | 812,160 | ||||||
Integrated Silicon Solution, Inc. | 13,530 | 277,635 | ||||||
IXYS Corp. | 16,220 | 197,722 | ||||||
Microsemi Corp.† | 37,625 | 1,369,174 | ||||||
QLogic Corp.† | 85,685 | 1,329,831 | ||||||
Rovi Corp.† | 10,210 | 171,120 | ||||||
4,157,642 | ||||||||
Electronic Design Automation — 0.5% |
| |||||||
Mentor Graphics Corp. | 48,835 | 1,275,082 | ||||||
Electronic Measurement Instruments — 1.5% |
| |||||||
ESCO Technologies, Inc. | 40,647 | 1,516,133 | ||||||
Itron, Inc.† | 13,940 | 500,307 | ||||||
Orbotech, Ltd.† | 70,640 | 1,476,376 | ||||||
3,492,816 | ||||||||
Electronic Parts Distribution — 0.2% |
| |||||||
Tech Data Corp.† | 9,375 | 591,750 | ||||||
Engineering/R&D Services — 1.1% |
| |||||||
EMCOR Group, Inc. | 56,029 | 2,542,036 | ||||||
Engines - Internal Combustion — 0.4% |
| |||||||
Briggs & Stratton Corp. | 47,366 | 904,217 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Nelnet, Inc., Class A | 7,782 | 319,918 | ||||||
Finance - Leasing Companies — 0.5% |
| |||||||
Aircastle, Ltd. | 46,878 | 1,137,260 | ||||||
Food - Canned — 1.0% |
| |||||||
TreeHouse Foods, Inc.† | 32,961 | 2,351,108 | ||||||
Food - Retail — 0.6% |
| |||||||
Fresh Market, Inc.†# | 19,534 | 620,204 | ||||||
SUPERVALU, Inc.† | 91,761 | 810,250 | ||||||
1,430,454 | ||||||||
Food - Wholesale/Distribution — 0.2% |
| |||||||
SpartanNash Co. | 15,290 | 477,965 | ||||||
Footwear & Related Apparel — 0.2% |
| |||||||
Iconix Brand Group, Inc.† | 19,715 | 509,041 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Funeral Services & Related Items — 0.9% |
| |||||||
Matthews International Corp., Class A | 42,933 | $ | 2,131,623 | |||||
Garden Products — 0.5% |
| |||||||
Scotts Miracle-Gro Co., Class A | 18,062 | 1,106,478 | ||||||
Housewares — 0.5% |
| |||||||
Tupperware Brands Corp. | 18,618 | 1,223,947 | ||||||
Human Resources — 0.7% |
| |||||||
Korn/Ferry International | 49,357 | 1,583,866 | ||||||
Identification Systems — 0.7% |
| |||||||
Brady Corp., Class A | 70,112 | 1,773,834 | ||||||
Insurance Brokers — 1.0% |
| |||||||
Brown & Brown, Inc. | 71,761 | 2,324,339 | ||||||
Insurance - Life/Health — 0.6% |
| |||||||
Fidelity & Guaranty Life | 27,691 | 608,094 | ||||||
Symetra Financial Corp. | 29,080 | 711,297 | ||||||
1,319,391 | ||||||||
Insurance - Property/Casualty — 2.0% |
| |||||||
Hanover Insurance Group, Inc. | 18,040 | 1,284,087 | ||||||
ProAssurance Corp. | 49,788 | 2,249,422 | ||||||
Stewart Information Services Corp. | 31,629 | 1,188,302 | ||||||
4,721,811 | ||||||||
Insurance - Reinsurance — 2.8% |
| |||||||
Aspen Insurance Holdings, Ltd. | 22,570 | 1,046,345 | ||||||
Endurance Specialty Holdings, Ltd. | 34,142 | 2,075,151 | ||||||
Montpelier Re Holdings, Ltd. | 16,800 | 639,576 | ||||||
RenaissanceRe Holdings, Ltd. | 9,124 | 931,652 | ||||||
Validus Holdings, Ltd. | 47,242 | 2,027,154 | ||||||
6,719,878 | ||||||||
Investment Companies — 0.8% |
| |||||||
Apollo Investment Corp.# | 118,830 | 932,816 | ||||||
New Mountain Finance Corp.# | 53,359 | 806,788 | ||||||
Prospect Capital Corp.# | 31,398 | 248,044 | ||||||
1,987,648 | ||||||||
Investment Management/Advisor Services — 1.6% |
| |||||||
CIFC Corp.# | 40,429 | 312,516 | ||||||
Federated Investors, Inc., Class B | 15,474 | 538,495 | ||||||
Janus Capital Group, Inc. | 51,455 | 933,908 | ||||||
Westwood Holdings Group, Inc. | 33,942 | 1,926,209 | ||||||
3,711,128 | ||||||||
Lasers - System/Components — 0.4% |
| |||||||
Coherent, Inc.† | 14,815 | 922,086 | ||||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Hyster-Yale Materials Handling, Inc. | 6,354 | 450,880 | ||||||
Machinery - Electrical — 2.0% |
| |||||||
Franklin Electric Co., Inc. | 70,844 | 2,493,000 | ||||||
Regal-Beloit Corp. | 27,737 | 2,168,756 | ||||||
4,661,756 | ||||||||
Machinery - General Industrial — 0.9% |
| |||||||
Kadant, Inc. | 45,469 | 2,141,590 | ||||||
Medical Imaging Systems — 0.8% |
| |||||||
Analogic Corp. | 21,964 | 1,858,374 | ||||||
Medical Instruments — 0.6% |
| |||||||
CryoLife, Inc. | 44,330 | 474,774 | ||||||
Integra LifeSciences Holdings Corp.† | 12,835 | 862,127 | ||||||
1,336,901 | ||||||||
238 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products — 0.9% |
| |||||||
Haemonetics Corp.† | 29,065 | $ | 1,200,966 | |||||
Hill-Rom Holdings, Inc. | 20,094 | 1,036,046 | ||||||
2,237,012 | ||||||||
Medical Sterilization Products — 0.3% |
| |||||||
STERIS Corp. | 11,202 | 748,630 | ||||||
Medical - Biomedical/Gene — 1.5% |
| |||||||
Bio-Rad Laboratories, Inc., Class A† | 10,573 | 1,526,424 | ||||||
Charles River Laboratories International, Inc.† | 5,395 | 390,274 | ||||||
Myriad Genetics, Inc.†# | 19,993 | 678,763 | ||||||
Theravance, Inc.# | 61,777 | 1,044,031 | ||||||
3,639,492 | ||||||||
Medical - HMO — 0.8% |
| |||||||
Triple-S Management Corp., Class B† | 14,643 | 351,432 | ||||||
WellCare Health Plans, Inc.† | 18,775 | 1,608,454 | ||||||
1,959,886 | ||||||||
Medical - Hospitals — 0.5% |
| |||||||
Select Medical Holdings Corp. | 67,280 | 1,100,028 | ||||||
Medical - Wholesale Drug Distribution — 0.7% |
| |||||||
Owens & Minor, Inc. | 53,369 | 1,778,255 | ||||||
Metal Processors & Fabrication — 1.7% |
| |||||||
CIRCOR International, Inc. | 11,028 | 588,013 | ||||||
Global Brass & Copper Holdings, Inc. | 22,515 | 387,933 | ||||||
LB Foster Co., Class A | 3,940 | 150,311 | ||||||
Mueller Industries, Inc. | 83,618 | 2,914,924 | ||||||
4,041,181 | ||||||||
Miscellaneous Manufacturing — 0.8% |
| |||||||
Hillenbrand, Inc. | 60,996 | 1,873,797 | ||||||
Multimedia — 0.4% |
| |||||||
Meredith Corp. | 16,363 | 863,966 | ||||||
Networking Products — 0.6% |
| |||||||
NETGEAR, Inc.† | 43,530 | 1,348,995 | ||||||
Office Supplies & Forms — 0.7% |
| |||||||
ACCO Brands Corp.† | 233,297 | 1,714,733 | ||||||
Oil & Gas Drilling — 1.0% |
| |||||||
Atwood Oceanics, Inc. | 60,006 | 1,846,385 | ||||||
Patterson-UTI Energy, Inc. | 29,033 | 586,466 | ||||||
2,432,851 | ||||||||
Oil Companies - Exploration & Production — 0.7% |
| |||||||
Bellatrix Exploration, Ltd.†# | 93,170 | 262,739 | ||||||
Denbury Resources, Inc.# | 66,300 | 488,631 | ||||||
Gran Tierra Energy, Inc.† | 107,740 | 312,446 | ||||||
Ultra Petroleum Corp.†# | 49,425 | 687,502 | ||||||
1,751,318 | ||||||||
Oil Field Machinery & Equipment — 0.3% |
| |||||||
Forum Energy Technologies, Inc.† | 37,549 | 778,766 | ||||||
Oil - Field Services — 1.0% |
| |||||||
CARBO Ceramics, Inc.# | 25,852 | 1,102,588 | ||||||
Steel Excel, Inc.† | 58,636 | 1,172,720 | ||||||
TETRA Technologies, Inc.† | 32,147 | 202,204 | ||||||
2,477,512 | ||||||||
Paper & Related Products — 1.6% |
| |||||||
Neenah Paper, Inc. | 32,664 | 1,969,313 | ||||||
Schweitzer-Mauduit International, Inc. | 44,667 | 1,802,760 | ||||||
3,772,073 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Precious Metals — 0.1% |
| |||||||
Coeur Mining, Inc.†# | 63,953 | $ | 348,544 | |||||
Printing - Commercial — 0.7% |
| |||||||
Quad/Graphics, Inc. | 30,342 | 620,494 | ||||||
RR Donnelley & Sons Co. | 51,790 | 993,332 | ||||||
1,613,826 | ||||||||
Publishing - Books — 0.2% |
| |||||||
John Wiley & Sons, Inc., Class A | 7,122 | 413,218 | ||||||
Publishing - Newspapers — 0.4% |
| |||||||
A.H. Belo Corp., Class A | 152,074 | 883,550 | ||||||
Real Estate Investment Trusts — 5.0% |
| |||||||
Apollo Commercial Real Estate Finance, Inc. | 38,166 | 655,310 | ||||||
Apollo Residential Mortgage, Inc. | 29,700 | 472,824 | ||||||
Ashford Hospitality Prime, Inc. | 16,692 | 262,732 | ||||||
Ashford Hospitality Trust, Inc. | 58,635 | 504,261 | ||||||
Brandywine Realty Trust | 65,390 | 920,691 | ||||||
CBL & Associates Properties, Inc. | 38,565 | 680,672 | ||||||
Communications Sales & Leasing, Inc.† | 31,961 | 832,584 | ||||||
GEO Group, Inc. | 21,743 | 824,712 | ||||||
Hatteras Financial Corp. | 108,685 | 1,951,983 | ||||||
Hospitality Properties Trust | 19,644 | 593,052 | ||||||
Mack-Cali Realty Corp. | 47,612 | 804,643 | ||||||
Medical Properties Trust, Inc. | 64,030 | 868,247 | ||||||
New Residential Investment Corp. | 51,040 | 870,742 | ||||||
Pennsylvania Real Estate Investment Trust | 40,055 | 894,028 | ||||||
RAIT Financial Trust | 111,163 | 706,997 | ||||||
11,843,478 | ||||||||
Recreational Centers — 0.4% |
| |||||||
Life Time Fitness, Inc.† | 14,910 | 1,072,029 | ||||||
Rental Auto/Equipment — 0.5% |
| |||||||
Aaron’s, Inc. | 36,415 | 1,275,617 | ||||||
Retail - Apparel/Shoe — 1.1% |
| |||||||
Ascena Retail Group, Inc.† | 51,205 | 756,810 | ||||||
Christopher & Banks Corp.† | 84,818 | 486,855 | ||||||
Guess?, Inc. | 74,859 | 1,313,027 | ||||||
2,556,692 | ||||||||
Retail - Convenience Store — 0.1% |
| |||||||
TravelCenters of America LLC† | 10,110 | 159,131 | ||||||
Retail - Discount — 0.2% |
| |||||||
Big Lots, Inc. | 8,640 | 379,296 | ||||||
Retail - Home Furnishings — 0.4% |
| |||||||
Pier 1 Imports, Inc. | 73,820 | 938,252 | ||||||
Retail - Restaurants — 3.1% |
| |||||||
Brinker International, Inc. | 14,115 | 778,866 | ||||||
Denny’s Corp.† | 94,139 | 981,870 | ||||||
DineEquity, Inc. | 17,991 | 1,755,922 | ||||||
Krispy Kreme Doughnuts, Inc.† | 92,455 | 1,607,792 | ||||||
Ruby Tuesday, Inc.† | 116,492 | 726,910 | ||||||
Wendy’s Co. | 140,487 | 1,579,074 | ||||||
7,430,434 | ||||||||
Retail - Sporting Goods — 0.2% |
| |||||||
Big 5 Sporting Goods Corp. | 14,730 | 214,027 | ||||||
Vista Outdoor, Inc.† | 7,810 | 359,963 | ||||||
573,990 | ||||||||
Rubber - Tires — 0.3% |
| |||||||
Cooper Tire & Rubber Co. | 19,320 | 709,237 | ||||||
239 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Savings & Loans/Thrifts — 2.1% |
| |||||||
Clifton Bancorp, Inc.# | 42,300 | $ | 588,393 | |||||
First Niagara Financial Group, Inc. | 260,188 | 2,318,275 | ||||||
People’s United Financial, Inc. | 80,761 | 1,256,641 | ||||||
Washington Federal, Inc. | 44,120 | 975,052 | ||||||
5,138,361 | ||||||||
Schools — 0.2% |
| |||||||
DeVry Education Group, Inc. | 12,420 | 395,080 | ||||||
Security Services — 0.5% |
| |||||||
Brink’s Co. | 35,000 | 1,118,600 | ||||||
Semiconductor Components - Integrated Circuits — 0.3% |
| |||||||
ChipMOS TECHNOLOGIES Bermuda, Ltd. | 9,510 | 220,822 | ||||||
Exar Corp.† | 54,643 | 593,423 | ||||||
814,245 | ||||||||
Semiconductor Equipment — 0.4% |
| |||||||
Kulicke & Soffa Industries, Inc.† | 63,644 | 843,919 | ||||||
Silver Mining — 0.1% |
| |||||||
Pan American Silver Corp. | 31,024 | 292,867 | ||||||
Steel Pipe & Tube — 0.3% |
| |||||||
TimkenSteel Corp. | 24,358 | 724,651 | ||||||
Telecom Services — 0.1% |
| |||||||
Aviat Networks, Inc.† | 180,935 | 206,266 | ||||||
Telecommunication Equipment — 0.7% |
| |||||||
ARRIS Group, Inc.† | 11,921 | 393,512 | ||||||
Plantronics, Inc. | 23,780 | 1,311,943 | ||||||
1,705,455 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Windstream Holdings, Inc.# | 33,696 | 274,117 | ||||||
Textile - Products — 0.4% |
| |||||||
Dixie Group, Inc.†# | 92,749 | 899,665 | ||||||
Tobacco — 0.4% |
| |||||||
Universal Corp.# | 18,375 | 946,129 | ||||||
Transactional Software — 0.6% |
| |||||||
ACI Worldwide, Inc.† | 60,480 | 1,440,029 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Truck — 0.3% |
| |||||||
Con-way, Inc. | 19,470 | $ | 787,951 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $198,833,592) | 232,285,749 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.3% |
| |||||||
Registered Investment Companies — 4.4% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 10,533,821 | 10,533,821 | ||||||
Time Deposits — 2.9% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 06/01/2015 | $ | 6,841,000 | 6,841,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $17,374,821) | 17,374,821 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $216,208,413)(2) | 104.5 | % | 249,660,570 | |||||
Liabilities in excess of other assets | (4.5 | ) | (10,674,639 | ) | ||||
NET ASSETS | 100.0 | % | $ | 238,985,931 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At May 31, 2015, the Fund had loaned securities with a total value of $10,248,543. This was secured by collateral of $10,533,821, which was received in cash and subsequently invested in short-term investments currently valued at $10,533,821 as reported in the portfolio of investments. Additional collateral of $49,033 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
United States Treasury Notes/Bonds | 0.08% to 4.75% | 04/30/2016 to 08/15/2024 | $ | 49,033 |
(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 May 31, 2015 (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 | $ | 232,285,749 | $ | — | $ | — | $ | 232,285,749 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 10,533,821 | — | — | 10,533,821 | ||||||||||||
Time Deposits | — | 6,841,000 | — | 6,841,000 | ||||||||||||
Total Investments at Value | $ | 242,819,570 | $ | 6,841,000 | $ | — | $ | 249,660,570 | ||||||||
* | 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
240 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Registered Investment Companies | 8.9 | % | ||
Applications Software | 5.0 | |||
Retail — Restaurants | 4.5 | |||
Retail — Apparel/Shoe | 4.3 | |||
Medical — Biomedical/Gene | 3.9 | |||
Banks — Commercial | 3.7 | |||
Medical — Drugs | 3.2 | |||
Food — Misc./Diversified | 2.9 | |||
Commercial Services — Finance | 2.8 | |||
Commercial Services | 2.7 | |||
Medical Products | 2.6 | |||
Finance — Consumer Loans | 2.5 | |||
Transport — Truck | 2.4 | |||
Medical — Hospitals | 2.3 | |||
Power Converter/Supply Equipment | 2.3 | |||
Machinery — Pumps | 2.3 | |||
Instruments — Controls | 2.3 | |||
Web Hosting/Design | 2.0 | |||
Chemicals — Specialty | 2.0 | |||
Computers — Periphery Equipment | 1.9 | |||
Coatings/Paint | 1.8 | |||
Drug Delivery Systems | 1.7 | |||
Enterprise Software/Service | 1.7 | |||
Retail — Perfume & Cosmetics | 1.6 | |||
Machinery — General Industrial | 1.4 | |||
Building — Heavy Construction | 1.4 | |||
Food — Canned | 1.4 | |||
Internet Application Software | 1.3 | |||
Retail — Auto Parts | 1.3 | |||
Distribution/Wholesale | 1.3 | |||
Computer Software | 1.3 | |||
Instruments — Scientific | 1.3 | |||
Retail — Home Furnishings | 1.3 | |||
Apparel Manufacturers | 1.2 | |||
Electronic Connectors | 1.2 | |||
Office Furnishings — Original | 1.2 | |||
Diagnostic Equipment | 1.2 | |||
Oil Field Machinery & Equipment | 1.2 | |||
Food — Retail | 1.0 | |||
Real Estate Management/Services | 1.0 | |||
Telecom Services | 1.0 | |||
Consulting Services | 1.0 | |||
Retail — Gardening Products | 1.0 | |||
Transport — Rail | 0.9 | |||
MRI/Medical Diagnostic Imaging | 0.9 | |||
Retail — Misc./Diversified | 0.9 | |||
Office Supplies & Forms | 0.9 | |||
Human Resources | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Building — Residential/Commercial | 0.8 | |||
Hazardous Waste Disposal | 0.8 | |||
Banks — Super Regional | 0.8 | |||
Transactional Software | 0.7 | |||
Physicians Practice Management | 0.7 | |||
Electronic Components — Semiconductors | 0.7 | |||
Internet Content — Entertainment | 0.6 | |||
Financial Guarantee Insurance | 0.6 | |||
Retail — Pet Food & Supplies | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Building & Construction Products — Misc. | 0.5 | |||
Industrial Gases | 0.5 | |||
Television | 0.4 | |||
Oil — Field Services | 0.4 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Medical Laser Systems | 0.1 | |||
108.6 | % | |||
* | Calculated as a percentage of net assets |
241 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.7% |
| |||||||
Aerospace/Defense — 0.6% |
| |||||||
Aerovironment, Inc.† | 29,011 | $ | 749,934 | |||||
Apparel Manufacturers — 1.2% |
| |||||||
Under Armour, Inc., Class A† | 20,813 | 1,631,947 | ||||||
Applications Software — 5.0% |
| |||||||
Demandware, Inc.†# | 19,448 | 1,211,222 | ||||||
NetSuite, Inc.†# | 12,972 | 1,211,844 | ||||||
Red Hat, Inc.† | 20,497 | 1,583,803 | ||||||
ServiceNow, Inc.† | 25,954 | 1,988,336 | ||||||
Tableau Software, Inc., Class A† | 5,761 | 652,203 | ||||||
6,647,408 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.9% |
| |||||||
BorgWarner, Inc. | 18,943 | 1,139,421 | ||||||
Banks - Commercial — 3.7% |
| |||||||
Eagle Bancorp, Inc.† | 56,564 | 2,250,681 | ||||||
First Republic Bank | 43,265 | 2,619,696 | ||||||
4,870,377 | ||||||||
Banks - Super Regional — 0.8% |
| |||||||
Independent Bank Group, Inc. | 25,187 | 1,021,081 | ||||||
Building & Construction Products - Misc. — 0.5% |
| |||||||
Fortune Brands Home & Security, Inc. | 14,411 | 660,888 | ||||||
Building - Heavy Construction — 1.4% |
| |||||||
SBA Communications Corp., Class A† | 16,620 | 1,858,282 | ||||||
Building - Residential/Commercial — 0.8% |
| |||||||
M/I Homes, Inc.† | 45,732 | 1,064,184 | ||||||
Chemicals - Specialty — 2.0% |
| |||||||
Ashland, Inc. | 12,261 | 1,562,051 | ||||||
International Flavors & Fragrances, Inc. | 8,866 | 1,055,409 | ||||||
2,617,460 | ||||||||
Coatings/Paint — 1.8% |
| |||||||
Axalta Coating Systems, Ltd.† | 67,878 | 2,324,822 | ||||||
Commercial Services — 2.7% |
| |||||||
Healthcare Services Group, Inc. | 76,816 | 2,320,612 | ||||||
HMS Holdings Corp.†# | 73,509 | 1,252,593 | ||||||
3,573,205 | ||||||||
Commercial Services - Finance — 2.8% |
| |||||||
EVERTEC, Inc. | 43,006 | 956,024 | ||||||
FleetCor Technologies, Inc.† | 9,188 | 1,397,862 | ||||||
Global Payments, Inc. | 12,653 | 1,320,720 | ||||||
3,674,606 | ||||||||
Computer Software — 1.3% |
| |||||||
InterXion Holding NV† | 55,685 | 1,708,973 | ||||||
Computers - Periphery Equipment — 1.9% |
| |||||||
Electronics for Imaging, Inc.† | 43,096 | 1,863,040 | ||||||
Kornit Digital, Ltd.†# | 44,711 | 638,026 | ||||||
2,501,066 | ||||||||
Consulting Services — 1.0% |
| |||||||
Advisory Board Co.† | 25,157 | 1,277,221 | ||||||
Diagnostic Equipment — 1.2% |
| |||||||
Cepheid† | 27,902 | 1,539,353 | ||||||
Distribution/Wholesale — 1.3% |
| |||||||
LKQ Corp.† | 60,812 | 1,737,399 | ||||||
Drug Delivery Systems — 1.7% |
| |||||||
DexCom, Inc.† | 25,182 | 1,806,053 |
Security Description | Shares | Value (Note 2) | ||||||
Drug Delivery Systems (continued) |
| |||||||
Revance Therapeutics, Inc.†# | 19,101 | $ | 488,986 | |||||
2,295,039 | ||||||||
Electronic Components - Semiconductors — 0.7% |
| |||||||
IPG Photonics Corp.†# | 9,547 | 905,437 | ||||||
Electronic Connectors — 1.2% |
| |||||||
Amphenol Corp., Class A | 27,508 | 1,569,331 | ||||||
Enterprise Software/Service — 1.7% |
| |||||||
Guidewire Software, Inc.† | 34,935 | 1,692,601 | ||||||
OPOWER, Inc.†# | 50,797 | 601,436 | ||||||
2,294,037 | ||||||||
Finance - Consumer Loans — 2.5% |
| |||||||
Navient Corp. | 94,309 | 1,817,334 | ||||||
SLM Corp.† | 145,380 | 1,491,599 | ||||||
3,308,933 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Virtu Financial, Inc., Class A† | 8,959 | 196,157 | ||||||
Financial Guarantee Insurance — 0.6% |
| |||||||
MGIC Investment Corp.†# | 70,262 | 762,343 | ||||||
Food - Canned — 1.4% |
| |||||||
TreeHouse Foods, Inc.† | 25,066 | 1,787,958 | ||||||
Food - Misc./Diversified — 2.9% |
| |||||||
Hain Celestial Group, Inc.† | 34,609 | 2,189,711 | ||||||
McCormick & Co., Inc. | 20,544 | 1,612,704 | ||||||
3,802,415 | ||||||||
Food - Retail — 1.0% |
| |||||||
Sprouts Farmers Market, Inc.†# | 45,091 | 1,352,279 | ||||||
Hazardous Waste Disposal — 0.8% |
| |||||||
Stericycle, Inc.† | 7,684 | 1,055,013 | ||||||
Human Resources — 0.9% |
| |||||||
TriNet Group, Inc.† | 38,835 | 1,162,332 | ||||||
Industrial Gases — 0.5% |
| |||||||
Airgas, Inc. | 6,346 | 646,911 | ||||||
Instruments - Controls — 2.3% |
| |||||||
Mettler-Toledo International, Inc.† | 3,072 | 997,417 | ||||||
Sensata Technologies Holding NV† | 35,919 | 1,978,778 | ||||||
2,976,195 | ||||||||
Instruments - Scientific — 1.3% |
| |||||||
PerkinElmer, Inc. | 31,852 | 1,679,556 | ||||||
Internet Application Software — 1.3% |
| |||||||
Splunk, Inc.† | 26,312 | 1,779,218 | ||||||
Internet Content - Entertainment — 0.6% |
| |||||||
Pandora Media, Inc.† | 41,205 | 769,297 | ||||||
Machinery - General Industrial — 1.4% |
| |||||||
IDEX Corp. | 9,804 | 757,457 | ||||||
Middleby Corp.† | 10,137 | 1,101,892 | ||||||
1,859,349 | ||||||||
Machinery - Pumps — 2.3% |
| |||||||
Flowserve Corp. | 20,138 | 1,107,590 | ||||||
Graco, Inc. | 26,272 | 1,907,085 | ||||||
3,014,675 | ||||||||
Medical Laser Systems — 0.1% |
| |||||||
Lumenis, Ltd., Class B† | 11,041 | 134,369 | ||||||
242 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products — 2.6% |
| |||||||
Henry Schein, Inc.† | 8,155 | $ | 1,155,319 | |||||
Teleflex, Inc. | 10,596 | 1,364,129 | ||||||
Tornier NV† | 32,610 | 866,774 | ||||||
3,386,222 | ||||||||
Medical - Biomedical/Gene — 3.9% |
| |||||||
Achillion Pharmaceuticals, Inc.†# | 49,560 | 490,148 | ||||||
Alder Biopharmaceuticals, Inc.† | 15,952 | 678,279 | ||||||
Corium International, Inc.†# | 43,005 | 606,371 | ||||||
Incyte Corp.† | 5,316 | 585,557 | ||||||
Medivation, Inc.† | 10,168 | 1,342,685 | ||||||
Otonomy, Inc.† | 17,093 | 419,120 | ||||||
Stemline Therapeutics, Inc.†# | 20,132 | 277,218 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 8,313 | 723,231 | ||||||
5,122,609 | ||||||||
Medical - Drugs — 3.2% |
| |||||||
Aerie Pharmaceuticals, Inc.†# | 12,209 | 135,886 | ||||||
Alkermes PLC† | 17,260 | 1,054,586 | ||||||
Amicus Therapeutics, Inc.† | 52,557 | 646,977 | ||||||
Cempra, Inc.† | 28,157 | 1,033,643 | ||||||
Cidara Therapeutics, Inc.† | 15,152 | 237,735 | ||||||
Forward Pharma A/S ADR† | 10,337 | 349,804 | ||||||
Galapagos NV† | 7,832 | 445,876 | ||||||
Ophthotech Corp.† | 6,180 | 309,124 | ||||||
4,213,631 | ||||||||
Medical - Hospitals — 2.3% |
| |||||||
Acadia Healthcare Co., Inc.† | 22,537 | 1,670,893 | ||||||
Adeptus Health, Inc., Class A†# | 20,108 | 1,408,566 | ||||||
3,079,459 | ||||||||
MRI/Medical Diagnostic Imaging — 0.9% |
| |||||||
Surgical Care Affiliates, Inc.† | 32,778 | 1,245,236 | ||||||
Office Furnishings - Original — 1.2% |
| |||||||
Interface, Inc. | 72,649 | 1,564,133 | ||||||
Office Supplies & Forms — 0.9% |
| |||||||
Avery Dennison Corp. | 18,868 | 1,168,118 | ||||||
Oil Field Machinery & Equipment — 1.2% |
| |||||||
Dril-Quip, Inc.† | 20,086 | 1,518,100 | ||||||
Oil - Field Services — 0.4% |
| |||||||
Weatherford International PLC† | 35,657 | 492,780 | ||||||
Physicians Practice Management — 0.7% |
| |||||||
MEDNAX, Inc.† | 13,032 | 927,618 | ||||||
Power Converter/Supply Equipment — 2.3% |
| |||||||
Generac Holdings, Inc.†# | 35,380 | 1,478,176 | ||||||
Hubbell, Inc., Class B | 14,327 | 1,547,746 | ||||||
3,025,922 | ||||||||
Real Estate Management/Services — 1.0% |
| |||||||
CBRE Group, Inc., Class A† | 34,947 | 1,336,373 | ||||||
Retail - Apparel/Shoe — 4.3% |
| |||||||
Burlington Stores, Inc.† | 35,234 | 1,859,298 | ||||||
Kate Spade & Co.† | 77,217 | 1,913,438 | ||||||
PVH Corp. | 18,711 | 1,957,919 | ||||||
5,730,655 | ||||||||
Retail - Auto Parts — 1.3% |
| |||||||
Advance Auto Parts, Inc. | 11,587 | 1,775,360 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Retail - Gardening Products — 1.0% |
| |||||||
Tractor Supply Co. | 14,616 | $ | 1,273,638 | |||||
Retail - Home Furnishings — 1.3% |
| |||||||
Restoration Hardware Holdings, Inc.† | 18,189 | 1,654,471 | ||||||
Retail - Misc./Diversified — 0.9% |
| |||||||
Five Below, Inc.†# | 37,276 | 1,239,427 | ||||||
Retail - Perfume & Cosmetics — 1.6% |
| |||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 13,931 | 2,126,149 | ||||||
Retail - Pet Food & Supplies — 0.6% |
| |||||||
Freshpet, Inc.†# | 38,251 | 758,900 | ||||||
Retail - Restaurants — 4.5% |
| |||||||
Bloomin’ Brands, Inc. | 41,425 | 930,405 | ||||||
Chuy’s Holdings, Inc.†# | 31,323 | 814,085 | ||||||
Jack in the Box, Inc. | 12,048 | 1,045,887 | ||||||
Panera Bread Co., Class A† | 13,510 | 2,458,820 | ||||||
Zoe’s Kitchen, Inc.†# | 22,994 | 728,450 | ||||||
5,977,647 | ||||||||
Telecom Services — 1.0% |
| |||||||
Level 3 Communications, Inc.† | 23,028 | 1,277,593 | ||||||
Television — 0.4% |
| |||||||
AMC Networks, Inc., Class A† | 7,017 | 551,466 | ||||||
Transactional Software — 0.7% |
| |||||||
Black Knight Financial Services, Inc., Class A† | 35,185 | 970,402 | ||||||
Transport - Rail — 0.9% |
| |||||||
Kansas City Southern | 13,807 | 1,249,534 | ||||||
Transport - Truck — 2.4% |
| |||||||
Roadrunner Transportation Systems, Inc.† | 69,604 | 1,731,051 | ||||||
Swift Transportation Co.† | 60,091 | 1,398,318 | ||||||
3,129,369 | ||||||||
Web Hosting/Design — 2.0% |
| |||||||
Equinix, Inc. | 8,916 | 2,390,112 | ||||||
GoDaddy, Inc., Class A† | 8,603 | 231,679 | ||||||
2,621,791 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $110,093,810) | 131,365,074 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.9% |
| |||||||
Registered Investment Companies — 8.9% |
| |||||||
SSgA U.S. Government Money Market Fund | 490,705 | 490,705 | ||||||
State Street Navigator Securities Lending Prime Portfolio(1) | 11,198,341 | 11,198,341 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $11,689,046) | 11,689,046 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $121,782,856)(2) | 108.6 | % | 143,054,120 | |||||
Liabilities in excess of other assets | (8.6 | ) | (11,283,618 | ) | ||||
NET ASSETS | 100.0 | % | $ | 131,770,502 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
243 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
(1) | At May 31, 2015, the Fund had loaned securities with a total value of $11,811,134. This was secured by collateral of $11,198,341, which was received in cash and subsequently invested in short-term investments currently valued at $11,198,341 as reported in the Portfolio of Investments. Additional collateral of $871,844 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 May 31, 2015 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 11/01/2034 to 12/15/2044 | $ | 18,060 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 10/25/2029 to 02/25/2044 | 85,101 | |||||
Government National Mtg. Assoc. | 0.38% to 4.00% | 04/20/2039 to 12/16/2052 | 16,021 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 07/23/2015 | 131,442 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 06/30/2015 to 05/15/2044 | 621,220 |
(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 May 31, 2015 (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 | $ | 131,365,074 | $ | — | $ | — | $ | 131,365,074 | ||||||||
Short-Term Investment Securities | 11,689,046 | — | 11,689,046 | |||||||||||||
Total Investments at Value | $ | 143,054,120 | $ | — | $ | — | $ | 143,054,120 | ||||||||
* | 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
244 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 5.6 | % | ||
Computers | 4.3 | |||
Diversified Banking Institutions | 3.8 | |||
Oil Companies — Integrated | 3.0 | |||
Medical — Biomedical/Gene | 3.0 | |||
Diversified Manufacturing Operations | 2.7 | |||
Banks — Super Regional | 2.6 | |||
Applications Software | 2.5 | |||
Electric — Integrated | 2.4 | |||
Real Estate Investment Trusts | 2.3 | |||
Telephone — Integrated | 2.1 | |||
Oil Companies — Exploration & Production | 2.1 | |||
Electronic Components — Semiconductors | 2.0 | |||
Beverages — Non-alcoholic | 1.8 | |||
Web Portals/ISP | 1.8 | |||
Multimedia | 1.7 | |||
Cosmetics & Toiletries | 1.5 | |||
Tobacco | 1.4 | |||
Retail — Discount | 1.4 | |||
Computer Services | 1.4 | |||
Medical — HMO | 1.4 | |||
Aerospace/Defense | 1.4 | |||
Insurance — Reinsurance | 1.4 | |||
Insurance — Multi-line | 1.3 | |||
Cable/Satellite TV | 1.3 | |||
Finance — Credit Card | 1.3 | |||
Retail — Restaurants | 1.2 | |||
E-Commerce/Products | 1.2 | |||
Commercial Services — Finance | 1.1 | |||
Retail — Building Products | 1.1 | |||
Food — Misc./Diversified | 1.1 | |||
Chemicals — Diversified | 1.0 | |||
Medical — Generic Drugs | 1.0 | |||
Retail — Drug Store | 1.0 | |||
Medical Instruments | 1.0 | |||
Oil — Field Services | 0.9 | |||
Registered Investment Companies | 0.9 | |||
Internet Content — Entertainment | 0.9 | |||
Transport — Rail | 0.8 | |||
Networking Products | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Investment Management/Advisor Services | 0.7 | |||
Pipelines | 0.7 | |||
Transport — Services | 0.7 | |||
Medical Products | 0.7 | |||
E-Commerce/Services | 0.6 | |||
Computers — Memory Devices | 0.6 | |||
Oil Refining & Marketing | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Medical — Wholesale Drug Distribution | 0.6 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Airlines | 0.5 | |||
Agricultural Chemicals | 0.4 | |||
Instruments — Controls | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Athletic Footwear | 0.4 | |||
Industrial Gases | 0.4 | |||
Insurance — Property/Casualty | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Instruments — Scientific | 0.4 | |||
Apparel Manufacturers | 0.3 | |||
Banks — Commercial | 0.3 | |||
Pharmacy Services | 0.3 | |||
Finance — Other Services | 0.3 | |||
Electronic Components — Misc. | 0.3 |
Insurance Brokers | 0.3 | |||
Data Processing/Management | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Gas — Distribution | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Food — Retail | 0.3 | |||
Semiconductor Equipment | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Hotels/Motels | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Electronic Forms | 0.2 | |||
Retail — Regional Department Stores | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Agricultural Operations | 0.2 | |||
Cruise Lines | 0.2 | |||
Machinery — Farming | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
U.S. Government Treasuries | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Television | 0.1 | |||
Advertising Agencies | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Electric — Distribution | 0.1 | |||
Food — Confectionery | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Internet Security | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Coatings/Paint | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Paper & Related Products | 0.1 | |||
Building Products — Cement | 0.1 | |||
Medical Information Systems | 0.1 | |||
Metal — Copper | 0.1 | |||
Food — Meat Products | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Retail — Automobile | 0.1 | |||
Entertainment Software | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Electronic Connectors | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Toys | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Telecom Services | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Steel — Producers | 0.1 | |||
Commercial Services | 0.1 | |||
Dialysis Centers | 0.1 | |||
Appliances | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Computer Software | 0.1 |
245 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — May 31, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Gold Mining | 0.1 | % | ||
Filtration/Separation Products | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Retail — Bedding | 0.1 | |||
Computer Aided Design | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Brewery | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Textile — Home Furnishings | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Wireless Equipment | 0.1 | |||
Home Decoration Products | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Coffee | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Electronics — Military | 0.1 | |||
98.1 | % | |||
* | Calculated as a percentage of net assets |
246 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.1% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 96,944 | $ | 1,979,596 | |||||
Omnicom Group, Inc. | 58,005 | 4,323,113 | ||||||
6,302,709 | ||||||||
Aerospace/Defense — 1.4% |
| |||||||
Boeing Co. | 154,013 | 21,641,907 | ||||||
General Dynamics Corp. | 74,087 | 10,384,034 | ||||||
Lockheed Martin Corp. | 63,066 | 11,869,021 | ||||||
Northrop Grumman Corp. | 46,646 | 7,425,110 | ||||||
Raytheon Co. | 72,253 | 7,460,845 | ||||||
Rockwell Collins, Inc. | 31,256 | 2,975,259 | ||||||
61,756,176 | ||||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
United Technologies Corp. | 194,283 | 22,764,139 | ||||||
Agricultural Chemicals — 0.4% |
| |||||||
CF Industries Holdings, Inc. | 11,263 | 3,557,756 | ||||||
Monsanto Co. | 113,624 | 13,291,736 | ||||||
Mosaic Co. | 73,110 | 3,352,093 | ||||||
20,201,585 | ||||||||
Agricultural Operations — 0.2% |
| |||||||
Archer-Daniels-Midland Co. | 149,125 | 7,881,256 | ||||||
Airlines — 0.5% |
| |||||||
American Airlines Group, Inc. | 168,634 | 7,145,023 | ||||||
Delta Air Lines, Inc. | 193,792 | 8,317,553 | ||||||
Southwest Airlines Co. | 158,930 | 5,888,356 | ||||||
21,350,932 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Hanesbrands, Inc. | 94,230 | 3,002,168 | ||||||
Michael Kors Holdings, Ltd.† | 47,199 | 2,194,753 | ||||||
Ralph Lauren Corp. | 14,164 | 1,846,986 | ||||||
Under Armour, Inc., Class A†# | 39,227 | 3,075,789 | ||||||
VF Corp. | 80,490 | 5,668,911 | ||||||
15,788,607 | ||||||||
Appliances — 0.1% |
| |||||||
Whirlpool Corp. | 18,362 | 3,383,199 | ||||||
Applications Software — 2.5% |
| |||||||
Citrix Systems, Inc.† | 37,575 | 2,442,751 | ||||||
Intuit, Inc. | 65,059 | 6,775,895 | ||||||
Microsoft Corp. | 1,928,767 | 90,382,021 | ||||||
Red Hat, Inc.† | 43,122 | 3,332,037 | ||||||
Salesforce.com, Inc.† | 142,253 | 10,348,906 | ||||||
113,281,610 | ||||||||
Athletic Footwear — 0.4% |
| |||||||
NIKE, Inc., Class B | 164,525 | 16,727,257 | ||||||
Audio/Video Products — 0.0% |
| |||||||
Harman International Industries, Inc.# | 16,135 | 1,944,590 | ||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Ford Motor Co.# | 930,068 | 14,109,132 | ||||||
General Motors Co. | 318,030 | 11,439,539 | ||||||
25,548,671 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR, Inc. | 83,349 | 5,297,662 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
BorgWarner, Inc. | 53,236 | 3,202,145 | ||||||
Delphi Automotive PLC | 68,246 | 5,936,037 |
Security Description | Shares | Value (Note 2) | ||||||
Auto/Truck Parts & Equipment - Original (continued) |
| |||||||
Johnson Controls, Inc.# | 154,534 | $ | 8,038,859 | |||||
17,177,041 | ||||||||
Banks - Commercial — 0.3% |
| |||||||
BB&T Corp. | 169,465 | 6,688,784 | ||||||
M&T Bank Corp.# | 31,249 | 3,777,379 | ||||||
Regions Financial Corp. | 315,723 | 3,185,645 | ||||||
Zions Bancorporation | 47,710 | 1,377,865 | ||||||
15,029,673 | ||||||||
Banks - Fiduciary — 0.5% |
| |||||||
Bank of New York Mellon Corp. | 261,883 | 11,355,247 | ||||||
Northern Trust Corp. | 51,600 | 3,846,780 | ||||||
State Street Corp. | 96,930 | 7,553,755 | ||||||
22,755,782 | ||||||||
Banks - Super Regional — 2.6% |
| |||||||
Capital One Financial Corp. | 129,682 | 10,836,228 | ||||||
Comerica, Inc. | 41,933 | 2,052,620 | ||||||
Fifth Third Bancorp | 191,557 | 3,877,114 | ||||||
Huntington Bancshares, Inc. | 190,442 | 2,119,620 | ||||||
KeyCorp | 201,092 | 2,931,921 | ||||||
PNC Financial Services Group, Inc. | 122,418 | 11,714,178 | ||||||
SunTrust Banks, Inc. | 123,322 | 5,263,383 | ||||||
US Bancorp | 418,769 | 18,053,132 | ||||||
Wells Fargo & Co. | 1,102,316 | 61,685,603 | ||||||
118,533,799 | ||||||||
Beverages - Non-alcoholic — 1.8% |
| |||||||
Coca-Cola Co. | 923,880 | 37,842,125 | ||||||
Coca-Cola Enterprises, Inc. | 51,015 | 2,256,394 | ||||||
Dr Pepper Snapple Group, Inc. | 45,366 | 3,476,850 | ||||||
Monster Beverage Corp.† | 34,375 | 4,375,250 | ||||||
PepsiCo, Inc. | 348,514 | 33,607,205 | ||||||
81,557,824 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Brown-Forman Corp., Class B | 36,635 | 3,453,581 | ||||||
Constellation Brands, Inc., Class A | 39,573 | 4,665,261 | ||||||
8,118,842 | ||||||||
Brewery — 0.1% |
| |||||||
Molson Coors Brewing Co., Class B | 37,583 | 2,757,841 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery Communications, Inc., Class A†# | 34,946 | 1,186,067 | ||||||
Discovery Communications, Inc., Class C† | 63,542 | 1,998,078 | ||||||
Scripps Networks Interactive, Inc., Class A# | 22,906 | 1,534,931 | ||||||
4,719,076 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 14,535 | 2,165,860 | ||||||
Vulcan Materials Co. | 31,058 | 2,793,046 | ||||||
4,958,906 | ||||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp. | 82,180 | 2,224,613 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc. | 78,177 | 2,041,983 | ||||||
Lennar Corp., Class A# | 41,973 | 1,957,201 | ||||||
PulteGroup, Inc. | 77,909 | 1,494,295 | ||||||
5,493,479 | ||||||||
Cable/Satellite TV — 1.3% |
| |||||||
Cablevision Systems Corp., Class A# | 51,575 | 1,264,103 | ||||||
Comcast Corp., Class A | 597,422 | 34,925,290 |
247 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Cable/Satellite TV (continued) |
| |||||||
DIRECTV† | 118,212 | $ | 10,762,020 | |||||
Time Warner Cable, Inc. | 66,041 | 11,946,157 | ||||||
58,897,570 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Wynn Resorts, Ltd. | 19,045 | 1,917,641 | ||||||
Chemicals - Diversified — 1.0% |
| |||||||
Dow Chemical Co. | 255,851 | 13,322,162 | ||||||
E.I. du Pont de Nemours & Co. | 212,869 | 15,115,828 | ||||||
FMC Corp. | 31,344 | 1,791,936 | ||||||
LyondellBasell Industries NV, Class A | 93,109 | 9,413,320 | ||||||
PPG Industries, Inc. | 31,986 | 7,321,275 | ||||||
46,964,521 | ||||||||
Chemicals - Specialty — 0.4% |
| |||||||
Eastman Chemical Co. | 34,947 | 2,682,881 | ||||||
Ecolab, Inc. | 63,320 | 7,259,638 | ||||||
International Flavors & Fragrances, Inc. | 18,982 | 2,259,617 | ||||||
Sigma-Aldrich Corp. | 28,078 | 3,911,266 | ||||||
16,113,402 | ||||||||
Coal — 0.0% |
| |||||||
CONSOL Energy, Inc. | 54,137 | 1,507,174 | ||||||
Coatings/Paint — 0.1% |
| |||||||
Sherwin-Williams Co. | 18,963 | 5,464,757 | ||||||
Coffee — 0.1% |
| |||||||
Keurig Green Mountain, Inc. | 28,508 | 2,458,530 | ||||||
Commercial Services — 0.1% |
| |||||||
Cintas Corp. | 22,894 | 1,970,944 | ||||||
Quanta Services, Inc.† | 49,715 | 1,457,644 | ||||||
3,428,588 | ||||||||
Commercial Services - Finance — 1.1% |
| |||||||
Automatic Data Processing, Inc. | 111,711 | 9,552,408 | ||||||
Equifax, Inc. | 28,092 | 2,818,470 | ||||||
H&R Block, Inc. | 64,712 | 2,053,312 | ||||||
MasterCard, Inc., Class A | 229,507 | 21,174,316 | ||||||
McGraw Hill Financial, Inc. | 64,301 | 6,671,229 | ||||||
Moody’s Corp. | 41,802 | 4,518,796 | ||||||
Total System Services, Inc. | 38,721 | 1,595,305 | ||||||
Western Union Co. | 122,595 | 2,690,960 | ||||||
51,074,796 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 53,298 | 2,886,087 | ||||||
Computer Services — 1.4% |
| |||||||
Accenture PLC, Class A | 147,677 | 14,182,899 | ||||||
Cognizant Technology Solutions Corp., Class A† | 143,325 | 9,275,994 | ||||||
Computer Sciences Corp. | 33,160 | 2,274,776 | ||||||
International Business Machines Corp.# | 216,118 | 36,664,419 | ||||||
Teradata Corp.†# | 34,125 | 1,328,827 | ||||||
63,726,915 | ||||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 42,045 | 3,206,772 | ||||||
Computers — 4.3% |
| |||||||
Apple, Inc. | 1,369,438 | 178,410,383 | ||||||
Hewlett-Packard Co. | 427,320 | 14,272,488 | ||||||
192,682,871 | ||||||||
Computers - Memory Devices — 0.6% |
| |||||||
EMC Corp. | 467,413 | 12,311,659 |
Security Description | Shares | Value (Note 2) | ||||||
Computers - Memory Devices (continued) |
| |||||||
NetApp, Inc. | 73,296 | $ | 2,448,086 | |||||
SanDisk Corp. | 50,081 | 3,424,539 | ||||||
Seagate Technology PLC | 77,194 | 4,295,074 | ||||||
Western Digital Corp. | 51,058 | 4,971,007 | ||||||
27,450,365 | ||||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Clorox Co. | 30,840 | 3,320,234 | ||||||
Kimberly-Clark Corp. | 85,924 | 9,353,687 | ||||||
12,673,921 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp.# | 32,290 | 2,292,267 | ||||||
Owens-Illinois, Inc.† | 38,609 | 922,755 | ||||||
3,215,022 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
MeadWestvaco Corp. | 39,366 | 1,989,558 | ||||||
Sealed Air Corp. | 49,407 | 2,406,121 | ||||||
4,395,679 | ||||||||
Cosmetics & Toiletries — 1.5% |
| |||||||
Colgate-Palmolive Co. | 200,466 | 13,389,124 | ||||||
Estee Lauder Cos., Inc., Class A | 52,443 | 4,585,091 | ||||||
Procter & Gamble Co. | 634,909 | 49,770,517 | ||||||
67,744,732 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Carnival Corp. | 105,902 | 4,906,440 | ||||||
Royal Caribbean Cruises, Ltd. | 38,725 | 2,942,325 | ||||||
7,848,765 | ||||||||
Data Processing/Management — 0.3% |
| |||||||
Dun & Bradstreet Corp. | 8,456 | 1,081,776 | ||||||
Fidelity National Information Services, Inc. | 67,021 | 4,202,217 | ||||||
Fiserv, Inc.† | 56,117 | 4,497,778 | ||||||
Paychex, Inc. | 76,840 | 3,796,664 | ||||||
13,578,435 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
DENTSPLY International, Inc. | 32,997 | 1,716,999 | ||||||
Patterson Cos., Inc. | 20,144 | 963,689 | ||||||
2,680,688 | ||||||||
Diagnostic Equipment — 0.3% |
| |||||||
Danaher Corp.# | 144,361 | 12,461,242 | ||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita HealthCare Partners, Inc.† | 40,588 | 3,400,463 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
C.R. Bard, Inc. | 17,459 | 2,973,617 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co.# | 63,914 | 2,653,070 | ||||||
Fossil Group, Inc.†# | 10,423 | 740,137 | ||||||
Genuine Parts Co. | 35,900 | 3,247,873 | ||||||
WW Grainger, Inc. | 14,111 | 3,391,297 | ||||||
10,032,377 | ||||||||
Diversified Banking Institutions — 3.8% |
| |||||||
Bank of America Corp.# | 2,473,223 | 40,808,180 | ||||||
Citigroup, Inc. | 713,279 | 38,574,128 | ||||||
Goldman Sachs Group, Inc. | 95,248 | 19,639,185 | ||||||
JPMorgan Chase & Co. | 876,552 | 57,659,591 | ||||||
Morgan Stanley | 362,477 | 13,846,621 | ||||||
170,527,705 | ||||||||
248 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Diversified Manufacturing Operations — 2.7% |
| |||||||
3M Co. | 149,233 | $ | 23,739,986 | |||||
Dover Corp. | 38,332 | 2,890,233 | ||||||
Eaton Corp. PLC | 111,582 | 7,988,155 | ||||||
General Electric Co. | 2,366,330 | 64,529,819 | ||||||
Illinois Tool Works, Inc. | 82,073 | 7,700,910 | ||||||
Ingersoll-Rand PLC | 61,908 | 4,258,032 | ||||||
Parker-Hannifin Corp.# | 33,492 | 4,033,441 | ||||||
Pentair PLC | 42,893 | 2,746,439 | ||||||
Textron, Inc. | 65,086 | 2,943,189 | ||||||
120,830,204 | ||||||||
Diversified Operations — 0.0% |
| |||||||
Leucadia National Corp. | 74,132 | 1,825,871 | ||||||
E-Commerce/Products — 1.2% |
| |||||||
Amazon.com, Inc.† | 89,527 | 38,427,674 | ||||||
eBay, Inc.† | 258,885 | 15,885,184 | ||||||
54,312,858 | ||||||||
E-Commerce/Services — 0.6% |
| |||||||
Expedia, Inc.# | 23,238 | 2,492,508 | ||||||
Netflix, Inc.† | 14,223 | 8,876,005 | ||||||
Priceline Group, Inc.† | 12,211 | 14,311,780 | ||||||
TripAdvisor, Inc.† | 26,210 | 1,998,775 | ||||||
27,679,068 | ||||||||
Electric Products - Misc. — 0.3% |
| |||||||
AMETEK, Inc. | 56,676 | 3,046,902 | ||||||
Emerson Electric Co. | 161,095 | 9,715,639 | ||||||
12,762,541 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
PG&E Corp. | 112,005 | 5,988,907 | ||||||
Electric - Integrated — 2.4% |
| |||||||
AES Corp. | 160,539 | 2,183,330 | ||||||
Ameren Corp. | 57,045 | 2,294,920 | ||||||
American Electric Power Co., Inc. | 115,113 | 6,479,711 | ||||||
CMS Energy Corp. | 64,762 | 2,210,975 | ||||||
Consolidated Edison, Inc. | 68,859 | 4,258,241 | ||||||
Dominion Resources, Inc.# | 138,275 | 9,751,153 | ||||||
DTE Energy Co. | 41,667 | 3,301,276 | ||||||
Duke Energy Corp. | 166,350 | 12,597,685 | ||||||
Edison International | 76,600 | 4,658,046 | ||||||
Entergy Corp. | 42,432 | 3,244,775 | ||||||
Eversource Energy# | 74,481 | 3,668,189 | ||||||
Exelon Corp. | 202,152 | 6,838,802 | ||||||
FirstEnergy Corp. | 99,023 | 3,533,141 | ||||||
Integrys Energy Group, Inc. | 18,698 | 1,344,573 | ||||||
NextEra Energy, Inc.# | 104,259 | 10,669,866 | ||||||
Pepco Holdings, Inc. | 59,438 | 1,619,686 | ||||||
Pinnacle West Capital Corp. | 25,996 | 1,583,676 | ||||||
PPL Corp. | 156,808 | 5,442,806 | ||||||
Public Service Enterprise Group, Inc. | 119,006 | 5,073,226 | ||||||
SCANA Corp. | 33,600 | 1,786,176 | ||||||
Southern Co. | 213,919 | 9,346,121 | ||||||
TECO Energy, Inc. | 55,374 | 1,043,800 | ||||||
Wisconsin Energy Corp. | 53,018 | 2,559,709 | ||||||
Xcel Energy, Inc. | 118,960 | 4,050,588 | ||||||
109,540,471 | ||||||||
Electronic Components - Misc. — 0.3% |
| |||||||
Corning, Inc. | 298,900 | 6,252,988 | ||||||
Garmin, Ltd.# | 28,411 | 1,292,132 | ||||||
TE Connectivity, Ltd. | 95,505 | 6,589,845 | ||||||
14,134,965 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors — 2.0% |
| |||||||
Altera Corp. | 70,742 | $ | 3,455,747 | |||||
Avago Technologies, Ltd. | 60,325 | 8,932,323 | ||||||
Broadcom Corp., Class A | 128,154 | 7,285,555 | ||||||
Intel Corp. | 1,113,466 | 38,370,038 | ||||||
Microchip Technology, Inc.# | 47,362 | 2,326,895 | ||||||
Micron Technology, Inc.† | 253,283 | 7,074,194 | ||||||
NVIDIA Corp. | 121,399 | 2,686,560 | ||||||
Skyworks Solutions, Inc.# | 44,862 | 4,906,108 | ||||||
Texas Instruments, Inc. | 246,190 | 13,766,945 | ||||||
Xilinx, Inc. | 61,465 | 2,914,670 | ||||||
91,719,035 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 72,929 | 4,160,599 | ||||||
Electronic Forms — 0.2% |
| |||||||
Adobe Systems, Inc.† | 111,881 | 8,848,668 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc. | 78,951 | 3,251,992 | ||||||
FLIR Systems, Inc. | 32,866 | 1,004,056 | ||||||
4,256,048 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Allegion PLC | 22,571 | 1,409,333 | ||||||
Tyco International PLC | 98,755 | 3,985,752 | ||||||
5,395,085 | ||||||||
Electronics - Military — 0.1% |
| |||||||
L-3 Communications Holdings, Inc. | 19,402 | 2,285,750 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
First Solar, Inc.† | 17,684 | 879,072 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
Fluor Corp. | 34,746 | 1,953,420 | ||||||
Jacobs Engineering Group, Inc.† | 30,165 | 1,304,938 | ||||||
3,258,358 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Cummins, Inc. | 39,597 | 5,367,373 | ||||||
Enterprise Software/Service — 0.8% |
| |||||||
CA, Inc. | 74,956 | 2,282,410 | ||||||
Oracle Corp. | 753,681 | 32,777,587 | ||||||
35,059,997 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Electronic Arts, Inc.† | 73,103 | 4,587,579 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
Pall Corp. | 25,073 | 3,120,084 | ||||||
Finance - Consumer Loans — 0.0% |
| |||||||
Navient Corp. | 94,386 | 1,818,818 | ||||||
Finance - Credit Card — 1.3% |
| |||||||
Alliance Data Systems Corp.† | 14,765 | 4,400,413 | ||||||
American Express Co. | 206,068 | 16,427,741 | ||||||
Discover Financial Services | 105,149 | 6,127,032 | ||||||
Visa, Inc., Class A | 456,090 | 31,324,261 | ||||||
58,279,447 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
Charles Schwab Corp. | 271,249 | 8,585,031 | ||||||
E*TRADE Financial Corp.† | 67,901 | 2,000,363 | ||||||
10,585,394 | ||||||||
249 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Other Services — 0.3% |
| |||||||
CME Group, Inc. | 74,553 | $ | 7,022,893 | |||||
Intercontinental Exchange, Inc. | 26,334 | 6,235,364 | ||||||
NASDAQ OMX Group, Inc. | 27,784 | 1,437,822 | ||||||
14,696,079 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Hershey Co. | 34,785 | 3,230,135 | ||||||
J.M. Smucker Co.# | 22,946 | 2,720,248 | ||||||
5,950,383 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp. | 31,662 | 1,811,700 | ||||||
Tyson Foods, Inc., Class A# | 68,692 | 2,915,975 | ||||||
4,727,675 | ||||||||
Food - Misc./Diversified — 1.1% |
| |||||||
Campbell Soup Co.# | 41,783 | 2,019,790 | ||||||
ConAgra Foods, Inc. | 100,136 | 3,866,251 | ||||||
General Mills, Inc. | 141,944 | 7,970,156 | ||||||
Kellogg Co. | 59,521 | 3,736,133 | ||||||
Kraft Foods Group, Inc. | 138,240 | 11,674,368 | ||||||
McCormick & Co., Inc. | 30,156 | 2,367,246 | ||||||
Mondelez International, Inc., Class A | 387,803 | 16,128,727 | ||||||
�� | 47,762,671 | |||||||
Food - Retail — 0.3% |
| |||||||
Kroger Co. | 115,513 | 8,409,347 | ||||||
Whole Foods Market, Inc. | 84,818 | 3,497,894 | ||||||
11,907,241 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 139,263 | 5,175,013 | ||||||
Gas - Distribution — 0.3% |
| |||||||
AGL Resources, Inc. | 28,131 | 1,416,958 | ||||||
CenterPoint Energy, Inc. | 101,049 | 2,058,368 | ||||||
NiSource, Inc. | 74,344 | 3,507,550 | ||||||
Sempra Energy | 54,436 | 5,850,237 | ||||||
12,833,113 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Mining Corp. | 117,284 | 3,194,816 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Stericycle, Inc.† | 19,970 | 2,741,881 | ||||||
Home Decoration Products — 0.1% |
| |||||||
Newell Rubbermaid, Inc. | 63,737 | 2,519,524 | ||||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc.# | 32,525 | 1,537,782 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Marriott International, Inc., Class A | 48,762 | 3,802,948 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 40,365 | 3,340,608 | ||||||
Wyndham Worldwide Corp. | 28,344 | 2,406,689 | ||||||
9,550,245 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 31,772 | 1,790,988 | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 79,394 | 2,000,729 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 31,857 | 3,914,907 | ||||||
Industrial Gases — 0.4% |
| |||||||
Air Products & Chemicals, Inc. | 45,339 | 6,653,952 |
Security Description | Shares | Value (Note 2) | ||||||
Industrial Gases (continued) |
| |||||||
Airgas, Inc. | 15,895 | $ | 1,620,336 | |||||
Praxair, Inc.# | 67,896 | 8,341,702 | ||||||
16,615,990 | ||||||||
Instruments - Controls — 0.4% |
| |||||||
Honeywell International, Inc. | 184,009 | 19,173,738 | ||||||
Instruments - Scientific — 0.4% |
| |||||||
PerkinElmer, Inc. | 26,573 | 1,401,194 | ||||||
Thermo Fisher Scientific, Inc. | 93,286 | 12,092,664 | ||||||
Waters Corp.† | 19,519 | 2,608,129 | ||||||
16,101,987 | ||||||||
Insurance Brokers — 0.3% |
| |||||||
Aon PLC | 65,888 | 6,669,183 | ||||||
Marsh & McLennan Cos., Inc. | 126,670 | 7,375,994 | ||||||
14,045,177 | ||||||||
Insurance - Life/Health — 0.6% |
| |||||||
Aflac, Inc. | 103,189 | 6,420,420 | ||||||
Lincoln National Corp. | 60,279 | 3,436,506 | ||||||
Principal Financial Group, Inc. | 64,306 | 3,323,977 | ||||||
Prudential Financial, Inc. | 106,738 | 9,031,102 | ||||||
Torchmark Corp.# | 29,884 | 1,705,480 | ||||||
Unum Group | 59,111 | 2,066,520 | ||||||
25,984,005 | ||||||||
Insurance - Multi-line — 1.3% |
| |||||||
ACE, Ltd. | 76,960 | 8,194,701 | ||||||
Allstate Corp. | 97,904 | 6,590,897 | ||||||
American International Group, Inc(1). | 322,669 | 18,911,630 | ||||||
Assurant, Inc. | 16,190 | 1,066,112 | ||||||
Cincinnati Financial Corp.# | 34,736 | 1,756,947 | ||||||
Genworth Financial, Inc., Class A† | 116,777 | 927,209 | ||||||
Hartford Financial Services Group, Inc. | 98,968 | 4,068,574 | ||||||
Loews Corp. | 70,188 | 2,815,943 | ||||||
MetLife, Inc.# | 262,718 | 13,729,643 | ||||||
XL Group PLC | 71,099 | 2,679,010 | ||||||
60,740,666 | ||||||||
Insurance - Property/Casualty — 0.4% |
| |||||||
Chubb Corp. | 54,276 | 5,291,910 | ||||||
Progressive Corp. | 126,000 | 3,444,840 | ||||||
Travelers Cos., Inc. | 75,556 | 7,640,223 | ||||||
16,376,973 | ||||||||
Insurance - Reinsurance — 1.4% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 428,761 | 61,312,823 | ||||||
Internet Content - Entertainment — 0.9% |
| |||||||
Facebook, Inc., Class A† | 493,548 | 39,084,066 | ||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 16,960 | 2,131,702 | ||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp. | 160,432 | 3,950,638 | ||||||
VeriSign, Inc.†# | 24,732 | 1,562,815 | ||||||
5,513,453 | ||||||||
Investment Management/Advisor Services — 0.7% |
| |||||||
Affiliated Managers Group, Inc.† | 12,835 | 2,870,676 | ||||||
Ameriprise Financial, Inc. | 42,909 | 5,346,032 | ||||||
BlackRock, Inc. | 29,825 | 10,909,388 | ||||||
Franklin Resources, Inc. | 92,103 | 4,688,964 | ||||||
Invesco, Ltd. | 100,913 | 4,019,365 | ||||||
Legg Mason, Inc. | 23,307 | 1,243,662 |
250 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Investment Management/Advisor Services (continued) |
| |||||||
T. Rowe Price Group, Inc. | 61,298 | $ | 4,946,136 | |||||
34,024,223 | ||||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Caterpillar, Inc.# | 142,514 | 12,159,295 | ||||||
Joy Global, Inc.# | 22,893 | 891,453 | ||||||
13,050,748 | ||||||||
Machinery - Farming — 0.2% |
| |||||||
Deere & Co. | 79,817 | 7,477,257 | ||||||
Machinery - General Industrial — 0.1% |
| |||||||
Roper Technologies, Inc. | 23,594 | 4,128,006 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Flowserve Corp. | 31,672 | 1,741,960 | ||||||
Xylem, Inc. | 42,862 | 1,567,463 | ||||||
3,309,423 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp.† | 71,685 | 4,823,684 | ||||||
Medical Instruments — 1.0% |
| |||||||
Boston Scientific Corp.† | 312,812 | 5,715,075 | ||||||
Edwards Lifesciences Corp.† | 25,354 | 3,314,275 | ||||||
Intuitive Surgical, Inc.† | 8,605 | 4,197,089 | ||||||
Medtronic PLC# | 335,043 | 25,570,482 | ||||||
St. Jude Medical, Inc. | 66,130 | 4,877,087 | ||||||
43,674,008 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Laboratory Corp. of America Holdings† | 23,580 | 2,781,261 | ||||||
Quest Diagnostics, Inc. | 33,928 | 2,552,403 | ||||||
5,333,664 | ||||||||
Medical Products — 0.7% |
| |||||||
Baxter International, Inc. | 127,564 | 8,497,038 | ||||||
Becton Dickinson and Co. | 49,085 | 6,896,934 | ||||||
Henry Schein, Inc.† | 19,702 | 2,791,182 | ||||||
Stryker Corp. | 70,347 | 6,762,457 | ||||||
Varian Medical Systems, Inc.† | 23,527 | 2,037,438 | ||||||
Zimmer Holdings, Inc. | 39,945 | 4,557,325 | ||||||
31,542,374 | ||||||||
Medical - Biomedical/Gene — 3.0% |
| |||||||
Alexion Pharmaceuticals, Inc.†# | 47,526 | 7,786,660 | ||||||
Amgen, Inc. | 178,413 | 27,878,815 | ||||||
Biogen, Inc.† | 55,159 | 21,897,571 | ||||||
Celgene Corp.† | 188,224 | 21,540,355 | ||||||
Gilead Sciences, Inc.† | 350,168 | 39,313,361 | ||||||
Regeneron Pharmaceuticals, Inc.† | 17,344 | 8,889,841 | ||||||
Vertex Pharmaceuticals, Inc.† | 56,916 | 7,301,754 | ||||||
134,608,357 | ||||||||
Medical - Drugs — 5.6% |
| |||||||
Abbott Laboratories | 354,771 | 17,241,871 | ||||||
AbbVie, Inc. | 374,734 | 24,953,537 | ||||||
Bristol-Myers Squibb Co. | 390,775 | 25,244,065 | ||||||
Eli Lilly & Co. | 229,881 | 18,137,611 | ||||||
Endo International PLC†# | 41,733 | 3,495,556 | ||||||
Johnson & Johnson | 653,712 | 65,462,720 | ||||||
Mallinckrodt PLC† | 27,385 | 3,544,714 | ||||||
Merck & Co., Inc. | 667,278 | 40,630,557 | ||||||
Pfizer, Inc. | 1,440,936 | 50,072,526 | ||||||
Zoetis, Inc. | 117,738 | 5,859,820 | ||||||
254,642,977 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Generic Drugs — 1.0% |
| |||||||
Actavis PLC† | 91,805 | $ | 28,166,692 | |||||
Hospira, Inc.† | 40,299 | 3,563,238 | ||||||
Mylan NV†# | 95,639 | 6,946,260 | ||||||
Perrigo Co. PLC | 33,101 | 6,299,120 | ||||||
44,975,310 | ||||||||
Medical - HMO — 1.4% |
| |||||||
Aetna, Inc. | 82,687 | 9,754,585 | ||||||
Anthem, Inc. | 62,723 | 10,528,056 | ||||||
Cigna Corp. | 60,761 | 8,556,972 | ||||||
Humana, Inc. | 35,173 | 7,549,884 | ||||||
UnitedHealth Group, Inc. | 224,219 | 26,953,366 | ||||||
63,342,863 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
HCA Holdings, Inc.† | 69,215 | 5,663,863 | ||||||
Tenet Healthcare Corp.† | 23,156 | 1,231,668 | ||||||
Universal Health Services, Inc., Class B | 21,401 | 2,773,142 | ||||||
9,668,673 | ||||||||
Medical - Wholesale Drug Distribution — 0.6% |
| |||||||
AmerisourceBergen Corp. | 49,049 | 5,520,955 | ||||||
Cardinal Health, Inc. | 77,615 | 6,843,315 | ||||||
McKesson Corp. | 54,743 | 12,986,682 | ||||||
25,350,952 | ||||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
Precision Castparts Corp. | 33,331 | 7,053,840 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Alcoa, Inc.# | 287,359 | 3,591,987 | ||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 244,479 | 4,804,012 | ||||||
Motorcycle/Motor Scooter — 0.1% |
| |||||||
Harley-Davidson, Inc. | 49,730 | 2,660,058 | ||||||
Multimedia — 1.7% |
| |||||||
Time Warner, Inc.# | 195,261 | 16,495,649 | ||||||
Twenty-First Century Fox, Inc., Class A | 429,888 | 14,444,237 | ||||||
Viacom, Inc., Class B | 85,858 | 5,742,183 | ||||||
Walt Disney Co.# | 367,612 | 40,573,337 | ||||||
77,255,406 | ||||||||
Networking Products — 0.8% |
| |||||||
Cisco Systems, Inc. | 1,200,159 | 35,176,660 | ||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 58,934 | 2,374,451 | ||||||
Waste Management, Inc. | 100,388 | 4,984,264 | ||||||
7,358,715 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc.# | 47,402 | 1,035,734 | ||||||
Xerox Corp. | 245,779 | 2,806,796 | ||||||
3,842,530 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 21,276 | 1,317,197 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Diamond Offshore Drilling, Inc.# | 15,799 | 479,342 | ||||||
Ensco PLC, Class A# | 55,087 | 1,294,544 | ||||||
Helmerich & Payne, Inc.# | 25,306 | 1,847,085 | ||||||
Noble Corp. PLC# | 56,884 | 952,807 | ||||||
Transocean, Ltd.# | 80,067 | 1,509,263 | ||||||
6,083,041 | ||||||||
251 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil Companies - Exploration & Production — 2.1% |
| |||||||
Anadarko Petroleum Corp. | 119,117 | $ | 9,959,372 | |||||
Apache Corp. | 88,593 | 5,301,405 | ||||||
Cabot Oil & Gas Corp.# | 97,139 | 3,298,840 | ||||||
Chesapeake Energy Corp.# | 121,643 | 1,716,383 | ||||||
Cimarex Energy Co. | 21,957 | 2,536,253 | ||||||
ConocoPhillips | 289,524 | 18,436,888 | ||||||
Devon Energy Corp. | 90,852 | 5,925,367 | ||||||
EOG Resources, Inc. | 128,943 | 11,435,955 | ||||||
EQT Corp. | 35,710 | 3,037,850 | ||||||
Hess Corp. | 57,122 | 3,856,877 | ||||||
Newfield Exploration Co.† | 37,801 | 1,429,256 | ||||||
Noble Energy, Inc. | 90,928 | 3,980,828 | ||||||
Occidental Petroleum Corp. | 181,162 | 14,165,057 | ||||||
Pioneer Natural Resources Co. | 35,022 | 5,177,302 | ||||||
QEP Resources, Inc. | 37,970 | 714,975 | ||||||
Range Resources Corp. | 38,987 | 2,160,270 | ||||||
Southwestern Energy Co.† | 90,393 | 2,329,428 | ||||||
95,462,306 | ||||||||
Oil Companies - Integrated — 3.0% |
| |||||||
Chevron Corp. | 442,043 | 45,530,429 | ||||||
Exxon Mobil Corp. | 986,200 | 84,024,240 | ||||||
Marathon Oil Corp. | 158,684 | 4,314,618 | ||||||
Murphy Oil Corp. | 39,227 | 1,704,805 | ||||||
135,574,092 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Cameron International Corp.† | 45,545 | 2,337,825 | ||||||
FMC Technologies, Inc.† | 54,414 | 2,273,961 | ||||||
National Oilwell Varco, Inc. | 91,222 | 4,487,210 | ||||||
9,098,996 | ||||||||
Oil Refining & Marketing — 0.6% |
| |||||||
Marathon Petroleum Corp. | 64,198 | 6,641,925 | ||||||
Phillips 66 | 127,779 | 10,109,875 | ||||||
Tesoro Corp. | 29,364 | 2,598,714 | ||||||
Valero Energy Corp. | 121,054 | 7,171,239 | ||||||
26,521,753 | ||||||||
Oil - Field Services — 0.9% |
| |||||||
Baker Hughes, Inc. | 102,159 | 6,585,169 | ||||||
Halliburton Co. | 199,763 | 9,069,241 | ||||||
Schlumberger, Ltd.# | 299,834 | 27,215,932 | ||||||
42,870,342 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 99,413 | 5,152,576 | ||||||
Pharmacy Services — 0.3% |
| |||||||
Express Scripts Holding Co.† | 170,899 | 14,892,139 | ||||||
Pipelines — 0.7% |
| |||||||
Kinder Morgan, Inc. | 400,632 | 16,622,222 | ||||||
ONEOK, Inc. | 48,996 | 2,053,912 | ||||||
Spectra Energy Corp. | 157,777 | 5,549,017 | ||||||
Williams Cos., Inc. | 158,251 | 8,086,626 | ||||||
32,311,777 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
Gannett Co., Inc. | 53,334 | 1,908,824 | ||||||
News Corp., Class A† | 117,418 | 1,778,883 | ||||||
3,687,707 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Nielsen NV | 87,327 | 3,928,842 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts — 2.3% |
| |||||||
American Tower Corp. | 99,346 | $ | 9,218,315 | |||||
Apartment Investment & Management Co., Class A | 36,741 | 1,393,586 | ||||||
AvalonBay Communities, Inc. | 31,045 | 5,168,993 | ||||||
Boston Properties, Inc. | 36,015 | 4,683,031 | ||||||
Crown Castle International Corp. | 78,492 | 6,401,023 | ||||||
Equity Residential | 85,531 | 6,356,664 | ||||||
Essex Property Trust, Inc. | 15,311 | 3,408,535 | ||||||
General Growth Properties, Inc. | 147,715 | 4,184,766 | ||||||
HCP, Inc. | 108,328 | 4,194,460 | ||||||
Health Care REIT, Inc.# | 82,161 | 5,772,632 | ||||||
Host Hotels & Resorts, Inc. | 178,098 | 3,547,712 | ||||||
Iron Mountain, Inc. | 43,956 | 1,603,075 | ||||||
Kimco Realty Corp. | 96,999 | 2,324,096 | ||||||
Macerich Co. | 33,094 | 2,717,348 | ||||||
Plum Creek Timber Co., Inc. | 41,392 | 1,707,834 | ||||||
Prologis, Inc. | 120,407 | 4,766,913 | ||||||
Public Storage | 34,127 | 6,604,940 | ||||||
Realty Income Corp.# | 52,909 | 2,411,063 | ||||||
Simon Property Group, Inc. | 73,083 | 13,257,256 | ||||||
SL Green Realty Corp. | 23,187 | 2,751,369 | ||||||
Ventas, Inc. | 77,775 | 5,173,593 | ||||||
Vornado Realty Trust | 41,081 | 4,103,581 | ||||||
Weyerhaeuser Co. | 123,430 | 4,018,881 | ||||||
105,769,666 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 65,769 | 2,515,007 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.†# | 22,692 | 2,017,546 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Coach, Inc. | 64,849 | 2,293,709 | ||||||
Gap, Inc. | 62,357 | 2,390,144 | ||||||
L Brands, Inc. | 57,802 | 5,001,029 | ||||||
PVH Corp. | 19,384 | 2,028,342 | ||||||
Ross Stores, Inc. | 48,663 | 4,704,252 | ||||||
Urban Outfitters, Inc.† | 23,522 | 808,686 | ||||||
17,226,162 | ||||||||
Retail - Auto Parts — 0.2% |
| |||||||
AutoZone, Inc.† | 7,499 | 5,051,476 | ||||||
O’Reilly Automotive, Inc.† | 23,897 | 5,246,109 | ||||||
10,297,585 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc.† | 17,623 | 1,099,851 | ||||||
CarMax, Inc.† | 49,374 | 3,507,529 | ||||||
4,607,380 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.† | 40,717 | 2,903,936 | ||||||
Retail - Building Products — 1.1% |
| |||||||
Home Depot, Inc. | 309,830 | 34,521,259 | ||||||
Lowe’s Cos., Inc. | 228,738 | 16,007,085 | ||||||
50,528,344 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
GameStop Corp., Class A# | 25,512 | 1,107,476 | ||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 68,446 | 2,375,076 | ||||||
Retail - Discount — 1.4% |
| |||||||
Costco Wholesale Corp. | 103,441 | 14,749,652 | ||||||
Dollar General Corp. | 71,337 | 5,178,353 |
252 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Discount (continued) |
| |||||||
Dollar Tree, Inc.† | 48,350 | $ | 3,625,767 | |||||
Family Dollar Stores, Inc. | 22,602 | 1,752,107 | ||||||
Target Corp. | 149,754 | 11,878,487 | ||||||
Wal-Mart Stores, Inc. | 371,319 | 27,577,862 | ||||||
64,762,228 | ||||||||
Retail - Drug Store — 1.0% |
| |||||||
CVS Health Corp. | 264,554 | 27,085,038 | ||||||
Walgreens Boots Alliance, Inc. | 205,008 | 17,597,887 | ||||||
44,682,925 | ||||||||
Retail - Gardening Products — 0.1% |
| |||||||
Tractor Supply Co. | 32,020 | 2,790,223 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Tiffany & Co. | 26,458 | 2,479,908 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
Nordstrom, Inc. | 33,073 | 2,402,423 | ||||||
TJX Cos., Inc. | 160,507 | 10,333,440 | ||||||
12,735,863 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
Staples, Inc. | 150,583 | 2,479,349 | ||||||
Retail - Regional Department Stores — 0.2% |
| |||||||
Kohl’s Corp. | 47,493 | 3,110,317 | ||||||
Macy’s, Inc. | 80,077 | 5,361,155 | ||||||
8,471,472 | ||||||||
Retail - Restaurants — 1.2% |
| |||||||
Chipotle Mexican Grill, Inc.† | 7,293 | 4,488,987 | ||||||
Darden Restaurants, Inc. | 29,164 | 1,911,409 | ||||||
McDonald’s Corp.# | 225,965 | 21,676,823 | ||||||
Starbucks Corp. | 352,565 | 18,319,277 | ||||||
Yum! Brands, Inc. | 101,828 | 9,175,721 | ||||||
55,572,217 | ||||||||
Rubber - Tires — 0.0% |
| |||||||
Goodyear Tire & Rubber Co. | 63,375 | 2,018,177 | ||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
Hudson City Bancorp, Inc. | 113,164 | 1,076,756 | ||||||
People’s United Financial, Inc.# | 72,463 | 1,127,524 | ||||||
2,204,280 | ||||||||
Security Services — 0.0% |
| |||||||
ADT Corp.# | 40,238 | 1,467,882 | ||||||
Semiconductor Components - Integrated Circuits — 0.8% |
| |||||||
Analog Devices, Inc. | 73,266 | 4,979,157 | ||||||
Linear Technology Corp. | 56,235 | 2,690,845 | ||||||
QUALCOMM, Inc. | 387,823 | 27,023,507 | ||||||
34,693,509 | ||||||||
Semiconductor Equipment — 0.2% |
| |||||||
Applied Materials, Inc.# | 288,875 | 5,815,054 | ||||||
KLA-Tencor Corp. | 38,244 | 2,281,637 | ||||||
Lam Research Corp. | 37,456 | 3,080,756 | ||||||
11,177,447 | ||||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 75,010 | 3,547,973 | ||||||
Steel - Specialty — 0.0% |
| |||||||
Allegheny Technologies, Inc. | 25,539 | 830,018 | ||||||
Telecom Services — 0.1% |
| |||||||
Level 3 Communications, Inc.† | 67,426 | 3,740,794 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Telecommunication Equipment — 0.1% |
| |||||||
Harris Corp. | 28,978 | $ | 2,295,637 | |||||
Juniper Networks, Inc.# | 85,160 | 2,367,448 | ||||||
4,663,085 | ||||||||
Telephone - Integrated — 2.1% |
| |||||||
AT&T, Inc.# | 1,220,244 | 42,147,228 | ||||||
CenturyLink, Inc. | 133,184 | 4,427,036 | ||||||
Frontier Communications Corp.# | 235,687 | 1,213,788 | ||||||
Verizon Communications, Inc.# | 976,964 | 48,301,100 | ||||||
96,089,152 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp., Class B | 107,559 | 6,638,541 | ||||||
Textile - Home Furnishings — 0.1% |
| |||||||
Mohawk Industries, Inc.† | 14,590 | 2,723,078 | ||||||
Tobacco — 1.4% |
| |||||||
Altria Group, Inc. | 463,000 | 23,705,600 | ||||||
Lorillard, Inc. | 84,649 | 6,135,360 | ||||||
Philip Morris International, Inc. | 363,693 | 30,211,978 | ||||||
Reynolds American, Inc. | 72,446 | 5,560,230 | ||||||
65,613,168 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 13,665 | 2,123,541 | ||||||
Stanley Black & Decker, Inc. | 37,007 | 3,790,997 | ||||||
5,914,538 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 26,303 | 1,897,236 | ||||||
Mattel, Inc.# | 79,525 | 2,052,540 | ||||||
3,949,776 | ||||||||
Transport - Rail — 0.8% |
| |||||||
CSX Corp.# | 232,888 | 7,936,823 | ||||||
Kansas City Southern | 25,958 | 2,349,199 | ||||||
Norfolk Southern Corp. | 72,274 | 6,649,208 | ||||||
Union Pacific Corp. | 207,196 | 20,908,148 | ||||||
37,843,378 | ||||||||
Transport - Services — 0.7% |
| |||||||
C.H. Robinson Worldwide, Inc.# | 34,403 | 2,123,697 | ||||||
Expeditors International of Washington, Inc. | 45,082 | 2,066,559 | ||||||
FedEx Corp. | 61,946 | 10,730,286 | ||||||
Ryder System, Inc. | 12,457 | 1,141,684 | ||||||
United Parcel Service, Inc., Class B | 163,388 | 16,211,358 | ||||||
32,273,584 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Mead Johnson Nutrition Co. | 47,562 | 4,627,783 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
Equinix, Inc. | 13,276 | 3,558,897 | ||||||
Web Portals/ISP — 1.8% |
| |||||||
Google, Inc., Class A† | 67,137 | 36,611,149 | ||||||
Google, Inc., Class C† | 67,461 | 35,896,673 | ||||||
Yahoo!, Inc.† | 204,682 | 8,788,021 | ||||||
81,295,843 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 44,829 | 2,644,911 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,361,391,481) | 4,388,382,395 | |||||||
253 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.0% |
| |||||||
Registered Investment Companies — 0.9% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(2) | 39,724,443 | $ | 39,724,443 | |||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | ||||||||
0.02% due 06/11/2015(4) | $ | 7,100,000 | 7,099,993 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $46,824,413) | 46,824,436 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,408,215,894)(3) | 98.1 | % | 4,435,206,831 | |||||
Other assets less liabilities | 1.9 | 84,418,746 | ||||||
NET ASSETS | 100.0 | % | $ | 4,519,625,577 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Security represents an investment in an affiliated company; See Note 3 |
(2) | At May 31, 2015, the Fund had loaned securities with a total value of $238,298,666. This was secured by collateral of $39,724,443, which was received in cash and subsequently invested in short-term investments currently valued at $39,724,443 as reported in the Portfolio of Investments. Additional collateral of $205,215,935 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2015 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 11/01/2034 to 12/15/2044 | $ | 11,379 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 10/25/2029 to 02/25/2044 | 53,621 | |||||
Government National Mtg. Assoc. | 0.38% to 4.00% | 04/20/2039 to 12/16/2052 | 10,094 | |||||
United States Treasury Bills | zero coupon | 06/18/2015 to 02/04/2016 | 34,449,843 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.88% | 06/30/2015 to 05/15/2044 | 170,690,998 |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of May 31, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
1,231 | Long | S&P 500 E-Mini Index | June 2015 | $ | 129,971,951 | $ | 129,624,300 | $ | (347,651 | ) | ||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2015 (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 | $ | 4,388,382,395 | $ | — | $ | — | $ | 4,388,382,395 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 39,724,443 | — | — | 39,724,443 | ||||||||||||
U.S. Government Treasuries | — | 7,099,993 | — | 7,099,993 | ||||||||||||
Total Investments at Value | $ | 4,428,106,838 | $ | 7,099,993 | $ | — | $ | 4,435,206,831 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 347,651 | $ | — | $ | — | $ | 347,651 | ||||||||
* | 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
254 |
Table of Contents
PORTFOLIO PROFILE — May 31, 2015 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 8.0 | % | ||
Medical — Drugs | 7.6 | |||
Banks — Super Regional | 6.6 | |||
Diversified Manufacturing Operations | 6.5 | |||
Oil Companies — Integrated | 4.6 | |||
Oil Companies — Exploration & Production | 4.3 | |||
Investment Management/Advisor Services | 3.8 | |||
Semiconductor Components — Integrated Circuits | 3.7 | |||
Networking Products | 3.2 | |||
Retail — Building Products | 2.7 | |||
Insurance — Multi-line | 2.6 | |||
Electric — Integrated | 2.6 | |||
Electronic Components — Semiconductors | 2.2 | |||
Medical — HMO | 2.0 | |||
Medical — Biomedical/Gene | 1.9 | |||
Aerospace/Defense — Equipment | 1.7 | |||
Applications Software | 1.6 | |||
Medical Instruments | 1.6 | |||
Telephone — Integrated | 1.6 | |||
Internet Security | 1.3 | |||
Cable/Satellite TV | 1.3 | |||
Finance — Other Services | 1.3 | |||
Steel — Producers | 1.3 | |||
Building & Construction Products — Misc. | 1.3 | |||
Chemicals — Diversified | 1.3 | |||
Retail — Drug Store | 1.2 | |||
Food — Misc./Diversified | 1.2 | |||
Banks — Commercial | 1.2 | |||
Insurance — Life/Health | 1.1 | |||
Television | 1.1 | |||
Repurchase Agreements | 1.1 | |||
Insurance Brokers | 1.1 | |||
Brewery | 1.1 | |||
Hotels/Motels | 1.1 | |||
Oil — Field Services | 1.1 | |||
Retail — Discount | 1.0 | |||
Multimedia | 1.0 | |||
Cruise Lines | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Building — Residential/Commercial | 0.9 | |||
Paper & Related Products | 0.9 | |||
Aerospace/Defense | 0.9 | |||
Home Decoration Products | 0.9 | |||
Transport — Rail | 0.8 | |||
Medical Products | 0.8 | |||
Tobacco | 0.8 | |||
Retail — Major Department Stores | 0.7 | |||
Coatings/Paint | 0.7 | |||
Beverages — Wine/Spirits | 0.4 | |||
Real Estate Investment Trusts | 0.3 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
255 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.7% |
| |||||||
Aerospace/Defense — 0.9% |
| |||||||
Spirit AeroSystems Holdings, Inc., Class A† | 19,715 | $ | 1,076,242 | |||||
Aerospace/Defense - Equipment — 1.7% |
| |||||||
United Technologies Corp. | 16,470 | 1,929,790 | ||||||
Applications Software — 1.6% |
| |||||||
Microsoft Corp. | 40,254 | 1,886,302 | ||||||
Banks - Commercial — 1.2% |
| |||||||
M&T Bank Corp. | 11,090 | 1,340,559 | ||||||
Banks - Super Regional — 6.6% |
| |||||||
PNC Financial Services Group, Inc. | 30,993 | 2,965,720 | ||||||
Wells Fargo & Co. | 84,366 | 4,721,122 | ||||||
7,686,842 | ||||||||
Beverages - Wine/Spirits — 0.4% |
| |||||||
Diageo PLC ADR | 4,620 | 512,635 | ||||||
Brewery — 1.1% |
| |||||||
Anheuser-Busch InBev NV ADR | 10,635 | 1,282,156 | ||||||
Building & Construction Products - Misc. — 1.3% |
| |||||||
Fortune Brands Home & Security, Inc. | 32,880 | 1,507,877 | ||||||
Building - Residential/Commercial — 0.9% |
| |||||||
PulteGroup, Inc. | 56,640 | 1,086,355 | ||||||
Cable/Satellite TV — 1.3% |
| |||||||
Comcast Corp., Class A | 26,414 | 1,544,162 | ||||||
Chemicals - Diversified — 1.3% |
| |||||||
Dow Chemical Co. | 28,613 | 1,489,879 | ||||||
Coatings/Paint — 0.7% |
| |||||||
Axalta Coating Systems, Ltd.† | 22,220 | 761,035 | ||||||
Cruise Lines — 0.9% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 20,140 | 1,098,838 | ||||||
Diversified Banking Institutions — 8.0% |
| |||||||
Citigroup, Inc. | 52,880 | 2,859,750 | ||||||
Goldman Sachs Group, Inc. | 9,632 | 1,986,022 | ||||||
JPMorgan Chase & Co. | 69,207 | 4,552,437 | ||||||
9,398,209 | ||||||||
Diversified Manufacturing Operations — 6.5% |
| |||||||
3M Co. | 7,920 | 1,259,914 | ||||||
Eaton Corp. PLC | 27,675 | 1,981,253 | ||||||
General Electric Co. | 80,634 | 2,198,889 | ||||||
Illinois Tool Works, Inc. | 10,362 | 972,267 | ||||||
Ingersoll-Rand PLC | 16,994 | 1,168,847 | ||||||
7,581,170 | ||||||||
Electric - Integrated — 2.6% |
| |||||||
Edison International | 16,824 | 1,023,067 | ||||||
Eversource Energy | 27,624 | 1,360,482 | ||||||
NextEra Energy, Inc. | 6,255 | 640,137 | ||||||
3,023,686 | ||||||||
Electronic Components - Semiconductors — 2.2% |
| |||||||
Intel Corp. | 73,022 | 2,516,338 | ||||||
Finance - Other Services — 1.3% |
| |||||||
Intercontinental Exchange, Inc. | 6,510 | 1,541,438 | ||||||
Food - Misc./Diversified — 1.2% |
| |||||||
Kraft Foods Group, Inc. | 16,221 | 1,369,863 | ||||||
Home Decoration Products — 0.9% |
| |||||||
Newell Rubbermaid, Inc. | 26,635 | 1,052,882 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Hotels/Motels — 1.1% |
| |||||||
Hilton Worldwide Holdings, Inc.† | 43,150 | $ | 1,249,624 | |||||
Insurance Brokers — 1.1% |
| |||||||
Marsh & McLennan Cos., Inc. | 22,125 | 1,288,339 | ||||||
Insurance - Life/Health — 1.1% |
| |||||||
Principal Financial Group, Inc. | 25,319 | 1,308,739 | ||||||
Insurance - Multi-line — 2.6% |
| |||||||
ACE, Ltd. | 14,874 | 1,583,784 | ||||||
MetLife, Inc. | 28,420 | 1,485,229 | ||||||
3,069,013 | ||||||||
Internet Security — 1.3% |
| |||||||
Symantec Corp. | 63,345 | 1,559,871 | ||||||
Investment Management/Advisor Services — 3.8% |
| |||||||
Ameriprise Financial, Inc. | 12,251 | 1,526,352 | ||||||
BlackRock, Inc. | 5,668 | 2,073,241 | ||||||
Invesco, Ltd. | 21,900 | 872,277 | ||||||
4,471,870 | ||||||||
Medical Instruments — 1.6% |
| |||||||
Medtronic PLC | 24,575 | 1,875,564 | ||||||
Medical Products — 0.8% |
| |||||||
Baxter International, Inc. | 14,430 | 961,182 | ||||||
Medical - Biomedical/Gene — 1.9% |
| |||||||
Amgen, Inc. | 7,636 | 1,193,201 | ||||||
Gilead Sciences, Inc.† | 8,840 | 992,467 | ||||||
2,185,668 | ||||||||
Medical - Drugs — 7.6% |
| |||||||
AstraZeneca PLC ADR | 18,400 | 1,242,920 | ||||||
Bristol-Myers Squibb Co. | 25,560 | 1,651,176 | ||||||
Merck & Co., Inc. | 53,858 | 3,279,414 | ||||||
Pfizer, Inc. | 28,924 | 1,005,109 | ||||||
Roche Holding AG(1) | 5,588 | 1,645,268 | ||||||
8,823,887 | ||||||||
Medical - HMO — 2.0% |
| |||||||
UnitedHealth Group, Inc. | 19,755 | 2,374,749 | ||||||
Multimedia — 1.0% |
| |||||||
Thomson Reuters Corp. | 28,680 | 1,146,053 | ||||||
Networking Products — 3.2% |
| |||||||
Cisco Systems, Inc. | 129,119 | 3,784,478 | ||||||
Oil Companies - Exploration & Production — 4.3% |
| |||||||
Anadarko Petroleum Corp. | 11,860 | 991,615 | ||||||
EOG Resources, Inc. | 14,160 | 1,255,850 | ||||||
Occidental Petroleum Corp. | 11,910 | 931,243 | ||||||
Pioneer Natural Resources Co. | 6,140 | 907,676 | ||||||
Southwestern Energy Co.† | 36,254 | 934,266 | ||||||
5,020,650 | ||||||||
Oil Companies - Integrated — 4.6% |
| |||||||
Chevron Corp. | 23,521 | 2,422,663 | ||||||
Exxon Mobil Corp. | 21,507 | 1,832,396 | ||||||
Marathon Oil Corp. | 40,247 | 1,094,316 | ||||||
5,349,375 | ||||||||
Oil - Field Services — 1.1% |
| |||||||
Halliburton Co. | 27,350 | 1,241,690 | ||||||
Paper & Related Products — 0.9% |
| |||||||
International Paper Co. | 20,945 | 1,085,579 | ||||||
256 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2015 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
Paramount Group, Inc. | 17,380 | $ | 318,749 | |||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
PVH Corp. | �� | 10,450 | 1,093,488 | |||||
Retail - Building Products — 2.7% |
| |||||||
Home Depot, Inc. | 13,064 | 1,455,591 | ||||||
Lowe’s Cos., Inc. | 23,910 | 1,673,222 | ||||||
3,128,813 | ||||||||
Retail - Discount — 1.0% |
| |||||||
Dollar General Corp. | 16,000 | 1,161,440 | ||||||
Retail - Drug Store — 1.2% |
| |||||||
CVS Health Corp. | 14,104 | 1,443,967 | ||||||
Retail - Major Department Stores — 0.7% |
| |||||||
Nordstrom, Inc. | 11,810 | 857,878 | ||||||
Semiconductor Components-Integrated Circuits — 3.7% |
| |||||||
Analog Devices, Inc. | 18,769 | 1,275,541 | ||||||
Marvell Technology Group, Ltd. | 90,870 | 1,271,271 | ||||||
Maxim Integrated Products, Inc. | 51,905 | 1,820,309 | ||||||
4,367,121 | ||||||||
Steel - Producers — 1.3% |
| |||||||
Nucor Corp. | 11,965 | 565,945 | ||||||
Steel Dynamics, Inc. | 43,526 | 949,302 | ||||||
1,515,247 | ||||||||
Telephone - Integrated — 1.6% |
| |||||||
Verizon Communications, Inc. | 36,595 | 1,809,257 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Television — 1.1% |
| |||||||
CBS Corp., Class B | 20,975 | $ | 1,294,577 | |||||
Tobacco — 0.8% |
| |||||||
British American Tobacco PLC(1) | 16,797 | 927,411 | ||||||
Transport - Rail — 0.8% |
| |||||||
Union Pacific Corp. | 9,700 | 978,827 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $82,759,538) | 115,379,364 | |||||||
REPURCHASE AGREEMENTS — 1.1% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 05/29/2015, to be repurchased 06/01/2015 in the amount $1,294,000 collateralized by $1,365,000 of Federal Home Loan Mtg. Corp., bearing interest at 2.00% due 01/30/2023 and having an approximate value of $1,324,202(cost $1,294,000) | $ | 1,294,000 | 1,294,000 | |||||
TOTAL INVESTMENTS |
| |||||||
(cost $84,053,538)(2) | 99.8 | % | 116,673,364 | |||||
Other assets less liabilities | 0.2 | 201,642 | ||||||
NET ASSETS | 100.0 | % | $ | 116,875,006 | ||||
† | Non-income producing security |
(1) | Security was valued using fair value procedures at May 31, 2015. The aggregate value of these securities was $2,572,679 representing 2.2% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | 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 May 31,, 2015 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Signifcant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value * | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Medical-Drugs | $ | 7,178,619 | $ | 1,645,268 | $ | — | $ | 8,823,887 | ||||||||
Tobacco | — | 927,411 | — | 927,411 | ||||||||||||
Other Industries | 105,628,066 | — | — | 105,628,066 | ||||||||||||
Repurchase Agreements | — | 1,294,000 | — | 1,294,000 | ||||||||||||
Total Investments at Value | $ | 112,806,685 | $ | 3,866,679 | $ | — | $ | 116,673,364 | ||||||||
* | 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. Securities currently valued at $1,645,269 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
257 |
Table of Contents
STATEMENT OF ASSETS AND LIABILITIES — May 31, 2015
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 198,112,847 | $ | 660,978,974 | $ | 65,131,250 | $ | 278,413,588 | $ | 261,460,061 | $ | 644,911,594 | $ | 49,791,183 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | 219,601,694 | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 6,253,000 | 1,192,000 | – | |||||||||||||||||||||
Total Investments | 198,112,847 | 660,978,974 | 65,131,250 | 278,413,588 | 267,713,061 | 646,103,594 | 269,392,877 | |||||||||||||||||||||
Cash | 143,037 | – | 465 | 499 | 14,142 | 1,308 | – | |||||||||||||||||||||
Foreign cash* | 43,980 | 19,837 | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | 32,200 | – | 4,395,089 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 21,737 | 113,808 | 108 | 43,896 | 1,402 | 3,001 | 1,375 | |||||||||||||||||||||
Dividends and interest | 733,166 | 291,123 | 145,597 | 1,142,660 | 441,012 | 1,966,110 | 176,914 | |||||||||||||||||||||
Investments sold | 785,451 | 1,420,993 | – | 3,828,574 | 816,758 | 9,568,714 | 169,489 | |||||||||||||||||||||
Securities lending income | 21,431 | 2,240 | 3,025 | 916 | 1,609 | 36,532 | – | |||||||||||||||||||||
Prepaid expenses and other assets | 23,430 | 11,708 | 4,367 | 11,721 | 15,882 | 12,144 | 4,493 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 2,403 | – | 31,811 | 380 | 9,790 | |||||||||||||||||||||
Variation margin on futures contracts | 43,960 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 199,929,039 | 662,838,683 | 65,287,215 | 283,441,854 | 269,067,877 | 657,691,783 | 274,150,027 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 8,258 | 349,754 | 106,220 | 48,087 | 99,489 | 216,755 | 213,236 | |||||||||||||||||||||
Investments purchased | 8,137,594 | 1,062,393 | – | 24,798,043 | 735,482 | 4,357,032 | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 76,184 | 405,317 | 37,427 | 107,608 | 180,374 | 398,251 | 58,170 | |||||||||||||||||||||
Administrative service fee | 10,285 | 37,549 | 3,609 | 14,549 | 15,278 | 37,341 | 3,076 | |||||||||||||||||||||
Transfer agent fees and expenses | 2 | 5 | 3 | 6 | 2 | 5 | – | |||||||||||||||||||||
Directors’ fees and expenses | 5,136 | 8,977 | 656 | 4,328 | 12,233 | 9,407 | 1,406 | |||||||||||||||||||||
Other accrued expenses | 77,522 | 81,565 | 42,703 | 67,581 | 57,940 | 84,687 | 57,370 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | 120,947 | – | – | – | 5,495 | – | 698,650 | |||||||||||||||||||||
Collateral upon return of securities loaned | 12,365,001 | 8,074,528 | 2,477,574 | 2,359,086 | 2,006,883 | 10,869,042 | – | |||||||||||||||||||||
Due to broker | 1,990 | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | 413,347 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 20,802,919 | 10,020,088 | 2,668,192 | 27,399,288 | 3,113,176 | 15,972,520 | 1,445,255 | |||||||||||||||||||||
NET ASSETS | $ | 179,126,120 | $ | 652,818,595 | $ | 62,619,023 | $ | 256,042,566 | $ | 265,954,701 | $ | 641,719,263 | $ | 272,704,772 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 144,731 | $ | 363,537 | $ | 39,057 | $ | 258,216 | $ | 130,469 | $ | 485,045 | $ | 226,460 | ||||||||||||||
Additional paid-in capital | 149,883,591 | 332,123,806 | 44,288,558 | 248,390,051 | 211,378,846 | 457,635,336 | 249,580,786 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 3,294,301 | (279,743 | ) | 788,080 | 4,425,263 | 2,514,932 | 13,473,128 | 4,899,297 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 18,230,878 | 77,349,872 | 3,390,721 | 371,526 | (3,869,035 | ) | 59,988,790 | 6,104,515 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 7,723,431 | 243,261,156 | 14,112,607 | 2,597,510 | 55,782,148 | 110,137,007 | 11,637,745 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | (150,501 | ) | – | – | – | 17,341 | – | 255,969 | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (311 | ) | (33 | ) | – | – | – | (43 | ) | – | ||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 179,126,120 | $ | 652,818,595 | $ | 62,619,023 | $ | 256,042,566 | $ | 265,954,701 | $ | 641,719,263 | $ | 272,704,772 | ||||||||||||||
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 | 14,473,139 | 36,353,727 | 3,905,720 | 25,821,567 | 13,046,911 | 48,504,470 | 22,646,038 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 12.38 | $ | 17.96 | $ | 16.03 | $ | 9.92 | $ | 20.38 | $ | 13.23 | $ | 12.04 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 190,389,416 | $ | 417,717,818 | $ | 51,018,643 | $ | 275,816,078 | $ | 205,677,913 | $ | 534,774,587 | $ | 49,717,645 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 208,037,487 | ||||||||||||||
Foreign cash | $ | 39,977 | $ | 19,852 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 968,230 | ||||||||||||||
† Including securities on loan | $ | 12,133,526 | $ | 7,997,198 | $ | 2,417,109 | $ | 2,315,695 | $ | 5,233,214 | $ | 13,222,492 | $ | – | ||||||||||||||
See Notes to Financial Statements
258 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — May 31, 2015 — (continued)
EMERGING ECONOMIES FUND | FOREIGN VALUE FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 670,354,763 | $ | 1,084,127,801 | $ | 527,332,834 | $ | 425,309,492 | $ | 528,124,679 | $ | 158,468,019 | $ | 1,084,941,111 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | – | 3,864,000 | – | |||||||||||||||||||||
Total Investments | 670,354,763 | 1,084,127,801 | 527,332,834 | 425,309,492 | 528,124,679 | 162,332,019 | 1,084,941,111 | |||||||||||||||||||||
Cash | 990 | 395,688 | 455 | 39 | 105,352 | 774 | 794 | |||||||||||||||||||||
Foreign cash* | 763,297 | 1,141,410 | 288,399 | 1,671,838 | 3,022,768 | – | 115,465 | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 457,134 | 43,678 | 91,309 | 8,167 | 137,090 | 50,489 | 39,885 | |||||||||||||||||||||
Dividends and interest | 1,806,001 | 5,235,807 | 621,438 | 1,199,588 | 3,405,854 | 744,255 | 1,472,685 | |||||||||||||||||||||
Investments sold | 286,661 | 856,632 | 3,441,423 | 159,680 | – | ��� | 15,321,160 | |||||||||||||||||||||
Securities lending income | 31,484 | 236,503 | 8,780 | 1,826 | 75,697 | – | 22,536 | |||||||||||||||||||||
Prepaid expenses and other assets | 12,023 | 20,432 | 27,913 | 16,843 | 12,120 | 10,340 | 24,267 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | 9,221,923 | – | – | |||||||||||||||||||||
TOTAL ASSETS | 673,712,353 | 1,092,057,951 | 531,812,551 | 428,367,473 | 544,105,483 | 163,137,877 | 1,101,937,903 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 27,239 | 235,368 | 19,526 | 433,502 | 14,844 | 70,636 | 123,445 | |||||||||||||||||||||
Investments purchased | 413 | 241,980 | 6,916,571 | 59,042 | 289,880 | 953,791 | 2,587,325 | |||||||||||||||||||||
Accrued foreign tax on capital gains | 159,522 | 44,823 | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 435,861 | 573,890 | 318,420 | 183,369 | 219,602 | 68,899 | 615,651 | |||||||||||||||||||||
Administrative service fee | 38,410 | 58,142 | 29,760 | 24,755 | 29,732 | 9,301 | 59,558 | |||||||||||||||||||||
Transfer agent fees and expenses | – | – | 5 | 3 | 2 | 6 | 3 | |||||||||||||||||||||
Directors’ fees and expenses | 8,819 | 17,686 | 4,981 | 11,638 | 9,345 | 4,648 | 21,489 | |||||||||||||||||||||
Other accrued expenses | 176,901 | 145,513 | 78,358 | 76,775 | 107,214 | 53,871 | 113,635 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | 4,247,075 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | 136,590 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 24,525,757 | 99,776,798 | 10,098,118 | 4,199,569 | 27,175,987 | – | 66,182,024 | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | 1,695,322 | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 25,372,922 | 101,094,200 | 17,465,739 | 5,125,243 | 29,541,928 | 1,161,152 | 73,950,205 | |||||||||||||||||||||
NET ASSETS | $ | 648,339,431 | $ | 990,963,751 | $ | 514,346,812 | $ | 423,242,230 | $ | 514,563,555 | $ | 161,976,725 | $ | 1,027,987,698 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 826,817 | $ | 949,317 | $ | 597,948 | $ | 191,394 | $ | 378,914 | $ | 149,671 | $ | 626,645 | ||||||||||||||
Additional paid-in capital | 737,387,329 | 956,639,623 | 444,547,869 | 427,811,296 | 414,434,282 | 155,964,287 | 744,582,387 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 14,271,801 | 17,101,747 | 11,020,035 | 6,726,364 | 14,905,778 | 3,694,870 | 5,619,937 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (142,448,040 | ) | (26,930,409 | ) | 19,215,252 | (39,896,804 | ) | 29,955,371 | (2,018,238 | ) | 145,829,753 | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | 38,477,614 | 43,351,730 | 38,993,346 | 28,131,085 | 47,436,831 | 4,186,135 | 131,336,569 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | – | 343,998 | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (16,568 | ) | (103,434 | ) | (27,638 | ) | (65,103 | ) | 7,452,379 | – | (7,593 | ) | ||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | (159,522 | ) | (44,823 | ) | – | – | – | – | – | |||||||||||||||||||
NET ASSETS | $ | 648,339,431 | $ | 990,963,751 | $ | 514,346,812 | $ | 423,242,230 | $ | 514,563,555 | $ | 161,976,725 | $ | 1,027,987,698 | ||||||||||||||
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 | 82,681,654 | 94,931,676 | 59,794,773 | 19,139,400 | 37,891,376 | 14,967,147 | 62,664,467 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 7.84 | $ | 10.44 | $ | 8.60 | $ | 22.11 | $ | 13.58 | $ | 10.82 | $ | 16.40 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 631,877,149 | $ | 1,040,776,071 | $ | 488,339,488 | $ | 397,178,407 | $ | 480,687,848 | $ | 154,281,884 | $ | 953,604,542 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 768,914 | $ | 1,149,443 | $ | 289,141 | $ | 1,697,470 | $ | 3,028,101 | $ | – | $ | 114,941 | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 23,121,248 | $ | 96,854,671 | $ | 10,423,291 | $ | 7,317,818 | $ | 26,622,266 | $ | – | $ | 87,019,281 | ||||||||||||||
See Notes to Financial Statements
259 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — May 31, 2015 — (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 | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 121,884,102 | $ | 984,255,155 | $ | 485,404,271 | $ | 1,150,920,199 | $ | 167,908,720 | $ | 657,486,612 | $ | 177,442,656 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | 15,236,000 | – | – | 2,956,000 | |||||||||||||||||||||
Total Investments | 121,884,102 | 984,255,155 | 485,404,271 | 1,166,156,199 | 167,908,720 | 657,486,612 | 180,398,656 | |||||||||||||||||||||
Cash | 280 | – | 30,195 | 709 | 9,164 | 176,557 | 97 | |||||||||||||||||||||
Foreign cash* | – | 31,965 | 4,408,671 | 6,806,892 | 880,844 | 1,451,110 | – | |||||||||||||||||||||
Due from broker | 85,000 | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 22,155 | 1,615,742 | 34,929 | 111,290 | 7,579 | 4,916 | 2,119 | |||||||||||||||||||||
Dividends and interest | 228,265 | 342,170 | 1,910,238 | 5,664,650 | 1,917,139 | 2,466,920 | 219,293 | |||||||||||||||||||||
Investments sold | 188,219 | 2,921,538 | 1,750,716 | – | 1,131,061 | 353,858 | 699,519 | |||||||||||||||||||||
Securities lending income | 78 | 29,895 | 8,561 | 184,717 | 98 | 70,343 | 72 | |||||||||||||||||||||
Prepaid expenses and other assets | 7,793 | 10,639 | 8,992 | 39,124 | 10,014 | 19,192 | 12,544 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 5,722 | – | – | – | – | 54,764 | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 122,421,614 | 989,207,104 | 493,556,573 | 1,178,963,581 | 171,864,619 | 662,084,272 | 181,332,300 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 21,142 | 39,127 | 91,770 | 73,845 | 75,286 | 202,154 | 97,719 | |||||||||||||||||||||
Investments purchased | 247,992 | 1,841,726 | 1,719,593 | 12,139,520 | – | 81,474 | 861,978 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | 49,554 | – | – | – | 17,956 | – | |||||||||||||||||||||
Investment advisory and management fees | 77,246 | 749,451 | 197,196 | 272,335 | 74,749 | 486,413 | 108,168 | |||||||||||||||||||||
Administrative service fee | 6,953 | 51,742 | 27,987 | 62,262 | 10,091 | 36,098 | 10,431 | |||||||||||||||||||||
Transfer agent fees and expenses | 4 | 3 | 5 | – | 13 | 5 | 3 | |||||||||||||||||||||
Directors’ fees and expenses | 4,139 | 7,630 | 5,901 | 21,769 | 5,129 | 15,820 | 2,668 | |||||||||||||||||||||
Other accrued expenses | 52,289 | 80,156 | 78,698 | 395,085 | 72,438 | 125,596 | 50,122 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | 11,775 | – | – | 230,000 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 258,025 | 46,760,036 | 3,957,958 | 84,594,842 | 314,650 | 39,731,697 | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | 316,519 | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 679,565 | 49,895,944 | 6,079,108 | 97,789,658 | 552,356 | 40,697,213 | 1,131,089 | |||||||||||||||||||||
NET ASSETS | $ | 121,742,049 | $ | 939,311,160 | $ | 487,477,465 | $ | 1,081,173,923 | $ | 171,312,263 | $ | 621,387,059 | $ | 180,201,211 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 61,802 | $ | 347,755 | $ | 446,436 | $ | 1,517,180 | $ | 152,196 | $ | 438,172 | $ | 131,106 | ||||||||||||||
Additional paid-in capital | 96,847,898 | 479,556,976 | 471,823,998 | 1,119,955,141 | 181,298,076 | 486,857,907 | 118,321,362 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 1,246,544 | (2,208,673 | ) | 2,915,841 | 25,427,463 | 2,927,580 | 4,884,943 | 1,360,904 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 5,103,556 | 113,121,482 | 634,992 | (142,520,073 | ) | (2,780,271 | ) | 26,120,249 | 29,758,160 | |||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 18,490,492 | 348,737,621 | 12,169,925 | 76,070,742 | (10,208,318 | ) | 103,199,767 | 30,629,679 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | (8,243 | ) | (185,725 | ) | – | 1,049,785 | – | – | – | |||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | (8,722 | ) | (513,727 | ) | (326,315 | ) | (77,000 | ) | (96,023 | ) | – | ||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | (49,554 | ) | – | – | – | (17,956 | ) | – | |||||||||||||||||||
NET ASSETS | $ | 121,742,049 | $ | 939,311,160 | $ | 487,477,465 | $ | 1,081,173,923 | $ | 171,312,263 | $ | 621,387,059 | $ | 180,201,211 | ||||||||||||||
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 | 6,180,181 | 34,775,546 | 44,643,612 | 151,717,972 | 15,219,575 | 43,817,213 | 13,110,576 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 19.70 | $ | 27.01 | $ | 10.92 | $ | 7.13 | $ | 11.26 | $ | 14.18 | $ | 13.74 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 103,393,610 | $ | 635,517,534 | $ | 473,234,346 | $ | 1,074,849,457 | $ | 178,117,038 | $ | 554,286,845 | $ | 146,812,977 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 32,165 | $ | 4,914,181 | $ | 6,901,819 | $ | 921,365 | $ | 1,448,316 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | 130,794 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 251,832 | $ | 45,738,523 | $ | 3,864,663 | $ | 80,657,134 | $ | 307,465 | $ | 37,679,405 | $ | – | ||||||||||||||
See Notes to Financial Statements
260 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — May 31, 2015 — (continued)
LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | MONEY MARKET I FUND | NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 432,606,209 | $ | 3,540,791,617 | $ | 318,267,818 | $ | 336,195,754 | $ | 326,143,134 | $ | 1,077,602,360 | $ | 126,866,874 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 19,037,000 | – | 8,096,000 | 9,190,000 | 1,394,000 | 522,000 | |||||||||||||||||||||
Total Investments | 432,606,209 | 3,559,828,617 | 318,267,818 | 344,291,754 | 335,333,134 | 1,078,996,360 | 127,388,874 | |||||||||||||||||||||
Cash | 1,616,905 | 261 | 425 | 3 | 486 | 25,943 | 448 | |||||||||||||||||||||
Foreign cash* | 211 | – | – | – | – | 2,359,003 | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 32,621 | 286,806 | 8,620 | 323,943 | 144,689 | 60,983 | 82,275 | |||||||||||||||||||||
Dividends and interest | 502,906 | 3,354,166 | 91,158 | 98,708 | 353,858 | 830,121 | 27,523 | |||||||||||||||||||||
Investments sold | – | 9,792,815 | 111,881 | – | – | 14,168,117 | 150,284 | |||||||||||||||||||||
Securities lending income | 3,436 | 227,381 | 20,950 | – | 1,261 | 51,502 | 33,352 | |||||||||||||||||||||
Prepaid expenses and other assets | 11,359 | 82,449 | 10,212 | 24,635 | 7,742 | 34,873 | 5,193 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | 100,722 | 3,739 | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 434,773,647 | 3,573,572,495 | 318,511,064 | 344,839,765 | 335,844,909 | 1,096,526,902 | 127,687,949 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 345,080 | 320,800 | 51,861 | 1,221,589 | 11,119 | 36,845 | 3,306 | |||||||||||||||||||||
Investments purchased | – | 6,240,179 | 1,841,687 | – | – | 12,061,717 | 48,731 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 230,229 | 733,678 | 170,746 | 117,753 | 110,209 | 749,995 | 82,135 | |||||||||||||||||||||
Administrative service fee | 24,282 | 190,288 | 16,629 | 19,871 | 18,822 | 57,872 | 6,522 | |||||||||||||||||||||
Transfer agent fees and expenses | – | – | 5 | 7 | – | 11 | 2 | |||||||||||||||||||||
Directors’ fees and expenses | 7,994 | 68,243 | 5,590 | 15,187 | 4,031 | 31,590 | 1,530 | |||||||||||||||||||||
Other accrued expenses | 67,782 | 275,800 | 61,695 | 102,523 | 101,885 | 136,036 | 46,467 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | 859,040 | – | – | 71,120 | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 12,530,936 | 229,240,701 | 28,224,525 | – | 5,450,637 | 68,551,148 | 11,630,621 | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 13,206,303 | 237,928,729 | 30,372,738 | 1,476,930 | 5,767,823 | 81,625,214 | 11,819,314 | |||||||||||||||||||||
NET ASSETS | $ | 421,567,344 | $ | 3,335,643,766 | $ | 288,138,326 | $ | 343,362,835 | $ | 330,077,086 | $ | 1,014,901,688 | $ | 115,868,635 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 330,708 | $ | 1,169,694 | $ | 187,766 | $ | 3,438,810 | $ | 318,543 | $ | 380,355 | $ | 79,593 | ||||||||||||||
Additional paid-in capital | 336,789,661 | 2,038,124,429 | 209,754,629 | 340,441,012 | 161,925,473 | 706,843,421 | 80,028,799 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 3,392,625 | 36,939,966 | (392,989 | ) | 1,129 | 2,152,921 | (764,228 | ) | (116,255 | ) | ||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 17,152,007 | 254,650,051 | 31,113,531 | (518,116 | ) | 12,197,856 | 157,930,631 | 14,776,120 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 63,907,706 | 1,003,983,287 | 47,475,389 | – | 153,201,454 | 150,475,098 | 21,100,378 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 776,339 | – | – | 280,839 | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (5,363 | ) | – | – | – | – | 36,411 | – | ||||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 421,567,344 | $ | 3,335,643,766 | $ | 288,138,326 | $ | 343,362,835 | $ | 330,077,086 | $ | 1,014,901,688 | $ | 115,868,635 | ||||||||||||||
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 | 33,070,837 | 116,969,447 | 18,776,617 | 343,880,962 | 31,854,272 | 38,035,465 | 7,959,342 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 12.75 | $ | 28.52 | $ | 15.35 | $ | 1.00 | $ | 10.36 | $ | 26.68 | $ | 14.56 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 368,698,503 | $ | 2,536,808,330 | $ | 270,792,429 | $ | 336,195,754 | $ | 172,941,680 | $ | 927,127,262 | $ | 105,766,496 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 219 | $ | – | $ | – | $ | – | $ | – | $ | 2,312,857 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 14,532,013 | $ | 300,286,494 | $ | 27,647,002 | $ | – | $ | 5,869,528 | $ | 67,557,878 | $ | 11,359,470 | ||||||||||||||
See Notes to Financial Statements
261 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — May 31, 2015 — (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)*† | $ | 378,049,478 | $ | 1,222,601,424 | $ | 249,660,570 | $ | 143,054,120 | $ | 4,416,295,201 | $ | 115,379,364 | ||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | 18,911,630 | – | ||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 7,373,000 | – | – | – | 1,294,000 | ||||||||||||||||||
Total Investments | 378,049,478 | 1,229,974,424 | 249,660,570 | 143,054,120 | 4,435,206,831 | 116,673,364 | ||||||||||||||||||
Cash | 105,068 | 4,358 | 1,601 | – | – | 512 | ||||||||||||||||||
Foreign cash* | – | – | – | – | – | – | ||||||||||||||||||
Due from broker | – | – | – | – | – | – | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Fund shares sold | 3,479 | 36,001 | 3,706 | 415 | 1,640,146 | 44,281 | ||||||||||||||||||
Dividends and interest | 237,196 | 778,566 | 286,218 | 59,352 | 9,271,798 | 288,912 | ||||||||||||||||||
Investments sold | 609,117 | 8,218 | 632,016 | 433,254 | 123,228,811 | – | ||||||||||||||||||
Securities lending income | 38,788 | 241,735 | 32,546 | 28,856 | 46,837 | 82 | ||||||||||||||||||
Prepaid expenses and other assets | 17,496 | 28,335 | 15,433 | 5,858 | 201,386 | 6,696 | ||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 21,545 | – | – | – | – | 7,330 | ||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL ASSETS | 379,082,167 | 1,231,071,637 | 250,632,090 | 143,581,855 | 4,569,595,809 | 117,021,177 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Fund shares reacquired | 83,674 | 532,065 | 192,526 | 64,339 | 679,543 | 11,453 | ||||||||||||||||||
Investments purchased | 1,188,314 | – | 689,163 | 396,486 | 356,571 | – | ||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | ||||||||||||||||||
Investment advisory and management fees | 266,103 | 280,021 | 153,158 | 94,855 | 941,452 | 77,652 | ||||||||||||||||||
Administrative service fee | 20,289 | 64,140 | 13,784 | 7,532 | 260,411 | 6,720 | ||||||||||||||||||
Transfer agent fees and expenses | 2 | – | 4 | 2 | – | 5 | ||||||||||||||||||
Directors’ fees and expenses | 13,944 | 24,148 | 4,573 | 2,206 | 125,124 | 3,092 | ||||||||||||||||||
Other accrued expenses | 76,271 | 144,144 | 59,130 | 47,592 | 377,152 | 47,249 | ||||||||||||||||||
Line of credit | – | – | – | – | 6,539,201 | – | ||||||||||||||||||
Variation margin on futures contracts | – | 116,100 | – | – | 966,335 | – | ||||||||||||||||||
Collateral upon return of securities loaned | 23,139,822 | 110,447,863 | 10,533,821 | 11,198,341 | 39,724,443 | – | ||||||||||||||||||
Due to broker | – | – | – | – | – | – | ||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL LIABILITIES | 24,788,419 | 111,608,481 | 11,646,159 | 11,811,353 | 49,970,232 | 146,171 | ||||||||||||||||||
NET ASSETS | $ | 354,293,748 | $ | 1,119,463,156 | $ | 238,985,931 | $ | 131,770,502 | $ | 4,519,625,577 | $ | 116,875,006 | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 249,897 | $ | 527,343 | $ | 173,943 | $ | 97,130 | $ | 1,234,991 | $ | 75,593 | ||||||||||||
Additional paid-in capital | 223,833,278 | 720,602,866 | 182,451,996 | 99,354,911 | 2,161,896,539 | 118,221,394 | ||||||||||||||||||
Accumulated undistributed net investment income (loss) | 346,774 | 12,222,351 | 3,010,639 | (333,698 | ) | 76,018,733 | 1,592,135 | |||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 46,892,113 | 70,057,199 | 19,897,196 | 11,380,895 | 253,832,028 | (35,633,623 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | 82,971,576 | 315,951,591 | 33,452,157 | 21,271,264 | 2,026,990,937 | 32,619,826 | ||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 101,800 | – | – | (347,651 | ) | – | |||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | 110 | 6 | – | – | – | (319 | ) | |||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
NET ASSETS | $ | 354,293,748 | $ | 1,119,463,156 | $ | 238,985,931 | $ | 131,770,502 | $ | 4,519,625,577 | $ | 116,875,006 | ||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||
Outstanding | 24,989,723 | 52,734,275 | 17,394,309 | 9,712,980 | 123,499,070 | 7,559,283 | ||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 14.18 | $ | 21.23 | $ | 13.74 | $ | 13.57 | $ | 36.60 | $ | 15.46 | ||||||||||||
* Cost | ||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 295,077,902 | $ | 906,649,833 | $ | 216,208,413 | $ | 121,782,856 | $ | 2,397,603,825 | $ | 82,759,538 | ||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | 10,612,069 | $ | – | ||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
† Including securities on loan | $ | 22,549,683 | $ | 113,169,827 | $ | 10,248,543 | $ | 11,811,134 | $ | 238,298,666 | $ | – | ||||||||||||
See Notes to Financial Statements
262 |
Table of Contents
STATEMENT OF OPERATIONS — For the Year Ended May 31, 2015
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 2,425,479 | $ | 4,537,298 | $ | 1,274,195 | $ | 29,441 | $ | 4,642,397 | $ | 18,689,882 | $ | – | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | 3,444,405 | |||||||||||||||||||||
Securities lending income | 78,013 | 33,253 | 12,631 | 6,058 | 30,088 | 226,329 | – | |||||||||||||||||||||
Interest (unaffiliated) | 1,921,388 | 1,507 | 184 | 5,277,854 | 3 | 1,216 | 981,883 | |||||||||||||||||||||
Total investment income* | 4,424,880 | 4,572,058 | 1,287,010 | 5,313,353 | 4,672,488 | 18,917,427 | 4,426,288 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 885,643 | 4,650,567 | 412,974 | 1,129,099 | 2,134,397 | 4,733,516 | 671,562 | |||||||||||||||||||||
Administrative service fee | 119,562 | 430,367 | 39,823 | 152,549 | 180,848 | 444,142 | 34,562 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,175 | 3,122 | 1,561 | 2,436 | 1,174 | 3,122 | 639 | |||||||||||||||||||||
Custodian fees | 91,063 | 36,176 | 20,748 | 35,751 | 26,803 | 25,662 | 21,128 | |||||||||||||||||||||
Reports to shareholders | 25,136 | 88,785 | 8,948 | 28,752 | 38,461 | 93,748 | 37,975 | |||||||||||||||||||||
Audit and tax fees | 41,619 | 30,472 | 30,422 | 42,177 | 30,485 | 30,383 | 35,079 | |||||||||||||||||||||
Legal fees | 11,788 | 18,901 | 9,586 | 12,208 | 25,948 | 20,383 | 35,255 | |||||||||||||||||||||
Directors’ fees and expenses | 7,597 | 27,677 | 2,510 | 9,093 | 11,603 | 28,056 | 12,132 | |||||||||||||||||||||
Interest expense | 9 | 33 | 31 | – | 43 | 504 | – | |||||||||||||||||||||
Other expenses | 27,666 | 25,860 | 14,232 | 16,143 | 17,354 | 24,586 | 11,202 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 1,211,258 | 5,311,960 | 540,835 | 1,428,208 | 2,467,116 | 5,404,102 | 859,534 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | (39,367 | ) | – | (323,709 | ) | (8,605 | ) | 64 | ||||||||||||||||||
Fees paid indirectly (Note 7) | – | (6,013 | ) | (2,815 | ) | – | (3,079 | ) | – | – | ||||||||||||||||||
Net expenses | 1,211,258 | 5,305,947 | 498,653 | 1,428,208 | 2,140,328 | 5,395,497 | 859,598 | |||||||||||||||||||||
Net investment income (loss) | 3,213,622 | (733,889 | ) | 788,357 | 3,885,145 | 2,532,160 | 13,521,930 | 3,566,690 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 18,964,186 | 79,091,478 | 3,622,686 | 2,583,098 | 29,747,258 | 61,713,435 | (2,297,394 | ) | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | 5,656,320 | |||||||||||||||||||||
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | 9,181,241 | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (244,386 | ) | – | – | – | 15,842 | – | (1,521,569 | ) | |||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (47,150 | ) | (9,817 | ) | – | – | (635 | ) | (32,257 | ) | – | |||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 18,672,650 | 79,081,661 | 3,622,686 | 2,583,098 | 29,762,465 | 61,681,178 | 11,018,598 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (11,103,738 | ) | 13,747,170 | 1,711,762 | (679,768 | ) | (5,670,647 | ) | (19,630,376 | ) | (186,197 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | (3,098,340 | ) | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (150,501 | ) | – | – | – | 17,341 | – | (731,500 | ) | |||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (3,881 | ) | (79 | ) | – | – | – | (3 | ) | – | ||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (11,258,120 | ) | 13,747,091 | 1,711,762 | (679,768 | ) | (5,653,306 | ) | (19,630,379 | ) | (4,016,037 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 7,414,530 | 92,828,752 | 5,334,448 | 1,903,330 | 24,109,159 | 42,050,799 | 7,002,561 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 10,628,152 | $ | 92,094,863 | $ | 6,122,805 | $ | 5,788,475 | $ | 26,641,319 | $ | 55,572,729 | $ | 10,569,251 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 73,606 | $ | 3,337 | $ | 7,109 | $ | 313 | $ | 47,362 | $ | 82,889 | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
263 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Year Ended May 31, 2015 — (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) | $ | 21,315,274 | $ | 26,074,957 | $ | 16,156,663 | $ | 9,658,908 | $ | 8,435,432 | $ | – | $ | 13,789,900 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 200,173 | 932,711 | 130,505 | 64,243 | 231,073 | 2,469 | 270,958 | |||||||||||||||||||||
Interest (unaffiliated) | 712 | 2,722 | 430 | 1,291 | 6,238,622 | 4,306,047 | 716 | |||||||||||||||||||||
Total investment income* | 21,516,159 | 27,010,390 | 16,287,598 | 9,724,442 | 14,905,127 | 4,308,516 | 14,061,574 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 5,185,730 | 6,679,187 | 3,570,652 | 2,163,047 | 2,616,671 | 812,610 | 7,030,743 | |||||||||||||||||||||
Administrative service fee | 457,358 | 676,887 | 332,859 | 292,011 | 354,634 | 109,702 | 678,542 | |||||||||||||||||||||
Transfer agent fees and expenses | 3,751 | 3,046 | 2,731 | 1,955 | 1,172 | 3,512 | 1,957 | |||||||||||||||||||||
Custodian fees | 479,544 | 207,846 | 84,941 | 58,868 | 145,437 | 15,949 | 67,153 | |||||||||||||||||||||
Reports to shareholders | 94,631 | 145,381 | 65,044 | 45,435 | 77,170 | 23,600 | 142,215 | |||||||||||||||||||||
Audit and tax fees | 44,189 | 40,320 | 34,286 | 41,923 | 42,001 | 35,928 | 30,784 | |||||||||||||||||||||
Legal fees | 30,123 | 31,135 | 19,272 | 19,375 | 24,165 | 11,229 | 29,189 | |||||||||||||||||||||
Directors’ fees and expenses | 28,734 | 43,887 | 20,591 | 19,309 | 23,163 | 7,195 | 43,751 | |||||||||||||||||||||
Interest expense | 9,526 | 57 | 723 | 1,987 | 23 | – | 3,992 | |||||||||||||||||||||
Other expenses | 63,700 | 82,516 | 38,895 | 43,740 | 52,078 | 14,309 | 34,385 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 6,397,286 | 7,910,262 | 4,169,994 | 2,687,650 | 3,336,514 | 1,034,034 | 8,062,711 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Fees paid indirectly (Note 7) | (18,692 | ) | (24,070 | ) | (4,814 | ) | – | (5,589 | ) | – | – | |||||||||||||||||
Net expenses | 6,378,594 | 7,886,192 | 4,165,180 | 2,687,650 | 3,330,925 | 1,034,034 | 8,062,711 | |||||||||||||||||||||
Net investment income (loss) | 15,137,565 | 19,124,198 | 12,122,418 | 7,036,792 | 11,574,202 | 3,274,482 | 5,998,863 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | (16,607,947 | ) | 37,198,739 | 29,755,832 | 48,428,370 | 28,317,719 | 17,956 | 148,058,040 | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | – | – | 1,326,502 | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (507,529 | ) | (751,159 | ) | (138,168 | ) | (111,275 | ) | 11,793,873 | – | (9,868 | ) | ||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (17,115,476 | ) | 36,447,580 | 29,617,664 | 49,643,597 | 40,111,592 | 17,956 | 148,048,172 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (5,353,742 | ) | (123,294,780 | ) | (12,522,482 | ) | (25,708,505 | ) | (47,828,981 | ) | 1,637,323 | (49,984,013 | ) | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | – | 3,694 | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (32,777 | ) | (100,472 | ) | (28,874 | ) | (65,327 | ) | 6,558,828 | – | (7,495 | ) | ||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | 461,247 | 748,053 | 76,012 | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (4,925,272 | ) | (122,647,199 | ) | (12,475,344 | ) | (25,770,138 | ) | (41,270,153 | ) | 1,637,323 | (49,991,508 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (22,040,748 | ) | (86,199,619 | ) | 17,142,320 | 23,873,459 | (1,158,561 | ) | 1,655,279 | 98,056,664 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (6,903,183 | ) | $ | (67,075,421 | ) | $ | 29,264,738 | $ | 30,910,251 | $ | 10,415,641 | $ | 4,929,761 | $ | 104,055,527 | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 2,604,351 | $ | 2,457,000 | $ | 715,558 | $ | 471,717 | $ | 568,498 | $ | – | $ | 65,144 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | 274,067 | $ | 232,725 | $ | 71,191 | $ | – | $ | 1,174 | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
264 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Year Ended May 31, 2015 — (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) | $ | 2,258,977 | $ | 3,373,375 | $ | 364,029 | $ | 32,346,183 | $ | – | $ | 13,081,264 | $ | 2,817,807 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 3,040 | 259,728 | 40,767 | 528,996 | 1,081 | 258,796 | 13,448 | |||||||||||||||||||||
Interest (unaffiliated) | 81 | 14,645 | 7,827,623 | 2,557 | 6,169,488 | 3,183 | – | |||||||||||||||||||||
Total investment income* | 2,262,098 | 3,647,748 | 8,232,419 | 32,877,736 | 6,170,569 | 13,343,243 | 2,831,255 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 891,214 | 7,240,044 | 2,302,140 | 3,177,660 | 924,393 | 5,615,444 | 1,259,729 | |||||||||||||||||||||
Administrative service fee | 80,209 | 496,661 | 326,614 | 725,044 | 124,793 | 416,153 | 121,474 | |||||||||||||||||||||
Transfer agent fees and expenses | 2,340 | 1,568 | 2,801 | 4,410 | 2,148 | 2,731 | 1,561 | |||||||||||||||||||||
Custodian fees | 19,421 | 39,299 | 31,262 | 242,332 | 34,512 | 199,800 | 10,781 | |||||||||||||||||||||
Reports to shareholders | 16,949 | 90,791 | 67,386 | 127,273 | 26,969 | 89,404 | 25,301 | |||||||||||||||||||||
Audit and tax fees | 31,165 | 33,231 | 37,761 | 78,509 | 47,379 | 41,643 | 30,393 | |||||||||||||||||||||
Legal fees | 10,876 | 25,310 | 15,934 | 47,140 | 14,591 | 30,182 | 11,570 | |||||||||||||||||||||
Directors’ fees and expenses | 5,137 | 30,153 | 20,677 | 47,248 | 8,103 | 26,407 | 7,762 | |||||||||||||||||||||
Interest expense | 29 | 10 | 124 | 535 | 23 | 2,215 | 189 | |||||||||||||||||||||
Other expenses | 16,265 | 27,612 | 17,448 | 320,082 | 13,782 | 99,546 | 17,469 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 1,073,605 | 7,984,679 | 2,822,147 | 4,770,233 | 1,196,693 | 6,523,525 | 1,486,229 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | (63,563 | ) | – | – | – | – | (296,645 | ) | – | |||||||||||||||||||
Fees paid indirectly (Note 7) | (661 | ) | (6,357 | ) | – | – | – | (1,599 | ) | (15,697 | ) | |||||||||||||||||
Net expenses | 1,009,381 | 7,978,322 | 2,822,147 | 4,770,233 | 1,196,693 | 6,225,281 | 1,470,532 | |||||||||||||||||||||
Net investment income (loss) | 1,252,717 | (4,330,574 | ) | 5,410,272 | 28,107,503 | 4,973,876 | 7,117,962 | 1,360,723 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 5,996,268 | 117,860,297 | (1,558,712 | ) | 49,417,789 | (2,109,911 | ) | 32,564,062 | 30,092,163 | |||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 71,777 | (445,150 | ) | – | (1,308,464 | ) | – | – | – | |||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (17 | ) | (24,020 | ) | (59,657 | ) | (432,685 | ) | (279,440 | ) | (232,413 | ) | (141 | ) | ||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 6,068,028 | 117,391,127 | (1,618,369 | ) | 47,676,640 | (2,389,351 | ) | 32,331,649 | 30,092,022 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 6,168,509 | 174,351,274 | (10,813,672 | ) | (87,649,836 | ) | (12,875,067 | ) | (25,478,821 | ) | (7,214,329 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (36,414 | ) | (176,145 | ) | – | 870,461 | – | – | – | |||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | (10,469 | ) | (515,458 | ) | (284,299 | ) | (77,066 | ) | (95,650 | ) | – | ||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | 1,535 | – | – | – | 55,294 | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 6,132,095 | 174,166,195 | (11,329,130 | ) | (87,063,674 | ) | (12,952,133 | ) | (25,519,177 | ) | (7,214,329 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 12,200,123 | 291,557,322 | (12,947,499 | ) | (39,387,034 | ) | (15,341,484 | ) | 6,812,472 | 22,877,693 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 13,452,840 | $ | 287,226,748 | $ | (7,537,227 | ) | $ | (11,279,531 | ) | $ | (10,367,608 | ) | $ | 13,930,434 | $ | 24,238,416 | |||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 63 | $ | 69,403 | $ | 236 | $ | 2,334,111 | $ | 502 | $ | 1,079,771 | $ | 9,488 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | 36,308 | $ | – | $ | 26,437 | $ | – | ||||||||||||||
See Notes to Financial Statements
265 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Year Ended May 31, 2015 — (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) | $ | 6,434,044 | $ | 45,944,332 | $ | 1,506,082 | $ | – | $ | 3,702,030 | $ | 7,896,170 | $ | 363,589 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 40,250 | 2,552,277 | 289,213 | – | 31,170 | 590,928 | 239,399 | |||||||||||||||||||||
Interest (unaffiliated) | 606 | 6,649 | 616 | 542,963 | 292 | 11,990 | – | |||||||||||||||||||||
Total investment income* | 6,474,900 | 48,503,258 | 1,795,911 | 542,963 | 3,733,492 | 8,499,088 | 602,988 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 2,633,881 | 8,446,473 | 2,053,304 | 1,425,603 | 1,183,550 | 8,626,923 | 897,098 | |||||||||||||||||||||
Administrative service fee | 277,792 | 2,176,030 | 200,247 | 240,571 | 201,354 | 665,226 | 71,240 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,712 | 6,046 | 2,868 | 4,886 | 4,273 | 4,942 | 1,172 | |||||||||||||||||||||
Custodian fees | 21,180 | 94,536 | 27,153 | 13,265 | 15,655 | 86,443 | 18,802 | |||||||||||||||||||||
Reports to shareholders | 57,037 | 446,699 | 43,411 | 50,926 | 39,349 | 135,756 | 15,057 | |||||||||||||||||||||
Audit and tax fees | 30,405 | 31,235 | 30,856 | 35,928 | 31,197 | 31,965 | 30,527 | |||||||||||||||||||||
Legal fees | 15,382 | 82,165 | 14,351 | 14,444 | 13,432 | 25,064 | 10,410 | |||||||||||||||||||||
Directors’ fees and expenses | 17,595 | 137,804 | 13,053 | 15,374 | 12,609 | 42,899 | 4,534 | |||||||||||||||||||||
Interest expense | 492 | – | 628 | – | 60 | 771 | 6 | |||||||||||||||||||||
Other expenses | 21,634 | 108,034 | 18,494 | 14,990 | 109,062 | 44,239 | 16,193 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 3,077,110 | 11,529,022 | 2,404,365 | 1,815,987 | 1,610,541 | 9,664,228 | 1,065,039 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | – | (1,308,713 | ) | (29,539 | ) | – | (20,183 | ) | ||||||||||||||||||
Fees paid indirectly (Note 7) | (2,787 | ) | – | (19,546 | ) | – | – | (63,190 | ) | – | ||||||||||||||||||
Net expenses | 3,074,323 | 11,529,022 | 2,384,819 | 507,274 | 1,581,002 | 9,601,038 | 1,044,856 | |||||||||||||||||||||
Net investment income (loss) | 3,400,577 | 36,974,236 | (588,908 | ) | 35,689 | 2,152,490 | (1,101,950 | ) | (441,868 | ) | ||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 17,642,440 | 278,455,814 | 32,440,151 | 11,175 | 12,242,809 | 165,886,580 | 15,743,785 | |||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | 5,928,507 | – | – | 1,235,680 | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (4,343 | ) | – | 918 | – | – | (77,167 | ) | – | |||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | 105,000 | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 17,638,097 | 284,384,321 | 32,441,069 | 116,175 | 13,478,489 | 165,809,413 | 15,743,785 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 22,024,266 | 42,052,245 | 759,925 | – | 41,018,517 | 10,431,693 | 12,467,445 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | (785,083 | ) | – | – | (4,329 | ) | – | – | |||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (1,134 | ) | – | 799 | – | – | 24,443 | – | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 22,023,132 | 41,267,162 | 760,724 | – | 41,014,188 | 10,456,136 | 12,467,445 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 39,661,229 | 325,651,483 | 33,201,793 | 116,175 | 54,492,677 | 176,265,549 | 28,211,230 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 43,061,806 | $ | 362,625,719 | $ | 32,612,885 | $ | 151,864 | $ | 56,645,167 | $ | 175,163,599 | $ | 27,769,362 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 236,271 | $ | – | $ | 9,368 | $ | – | $ | 499 | $ | 202,522 | $ | 2,138 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
266 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Year Ended May 31, 2015 — (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) | $ | 3,425,662 | $ | 14,055,347 | $ | 4,900,041 | $ | 585,456 | $ | 90,779,210 | $ | 2,611,042 | ||||||||||||
Dividends (affiliated) | – | – | – | – | 179,327 | – | ||||||||||||||||||
Securities lending income | 437,410 | 2,983,255 | 242,020 | 138,380 | 452,346 | 3,715 | ||||||||||||||||||
Interest (unaffiliated) | 2,629 | 3,751 | 1,096 | – | 8,744 | – | ||||||||||||||||||
Total investment income* | 3,865,701 | 17,042,353 | 5,143,157 | 723,836 | 91,419,627 | 2,614,757 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 3,162,600 | 3,254,089 | 1,831,229 | 1,051,724 | 11,060,171 | 936,098 | ||||||||||||||||||
Administrative service fee | 241,221 | 743,604 | 164,811 | 83,519 | 3,057,808 | 81,008 | ||||||||||||||||||
Transfer agent fees and expenses | 1,174 | 5,605 | 2,341 | 1,172 | 7,149 | 2,731 | ||||||||||||||||||
Custodian fees | 40,336 | 62,589 | 22,202 | 16,591 | 129,407 | 16,143 | ||||||||||||||||||
Reports to shareholders | 51,518 | 153,854 | 35,510 | 17,851 | 634,211 | 18,029 | ||||||||||||||||||
Audit and tax fees | 31,286 | 33,678 | 30,877 | 30,567 | 31,246 | 30,421 | ||||||||||||||||||
Legal fees | 15,894 | 27,386 | 12,632 | 9,965 | 82,508 | 10,812 | ||||||||||||||||||
Directors’ fees and expenses | 15,350 | 47,502 | 10,592 | 5,270 | 195,550 | 5,200 | ||||||||||||||||||
Interest expense | 295 | 292 | 30 | – | 1,841 | 10 | ||||||||||||||||||
Other expenses | 30,826 | 30,455 | 20,160 | 15,051 | 142,141 | 16,290 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 3,590,500 | 4,359,054 | 2,130,384 | 1,231,710 | 15,342,032 | 1,116,742 | ||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | (267,008 | ) | – | – | – | – | (96,636 | ) | ||||||||||||||||
Fees paid indirectly (Note 7) | (21,195 | ) | – | (27,162 | ) | (8,371 | ) | – | (38 | ) | ||||||||||||||
Net expenses | 3,302,297 | 4,359,054 | 2,103,222 | 1,223,339 | 15,342,032 | 1,020,068 | ||||||||||||||||||
Net investment income (loss) | 563,404 | 12,683,299 | 3,039,935 | (499,503 | ) | 76,077,595 | 1,594,689 | |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 47,799,204 | 72,304,254 | 22,870,330 | 11,761,717 | 296,338,988 | 12,226,097 | ||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | 1,356,841 | – | ||||||||||||||||||
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | ||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | 1,001,276 | – | – | 12,473,140 | – | ||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (299 | ) | 62 | – | (10 | ) | – | (1,191 | ) | |||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 47,798,905 | 73,305,592 | 22,870,330 | 11,761,707 | 310,168,969 | 12,224,906 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (10,872,167 | ) | 29,460,659 | (6,929,716 | ) | 11,077,256 | 103,983,226 | (1,624,135 | ) | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | 174,875 | – | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 1,533,984 | – | – | (4,508,248 | ) | – | |||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 35 | 1 | – | (21 | ) | – | (673 | ) | ||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (10,872,132 | ) | 30,994,644 | (6,929,716 | ) | 11,077,235 | 99,649,853 | (1,624,808 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 36,926,773 | 104,300,236 | 15,940,614 | 22,838,942 | 409,818,822 | 10,600,098 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 37,490,177 | $ | 116,983,535 | $ | 18,980,549 | $ | 22,339,439 | $ | 485,896,417 | $ | 12,194,787 | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 9,109 | $ | 7,691 | $ | 10,080 | $ | 1,834 | $ | 8,690 | $ | 18,691 | ||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Notes to Financial Statements
267 |
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 Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 3,213,622 | $ | 3,310,479 | $ | (733,889 | ) | $ | (573,007 | ) | $ | 788,357 | $ | 1,017,630 | $ | 3,885,145 | $ | 3,991,318 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 18,672,650 | 10,481,681 | 79,081,661 | 59,383,511 | 3,622,686 | 3,161,247 | 2,583,098 | (688,221 | ) | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (11,258,120 | ) | 5,460,862 | 13,747,091 | 64,585,834 | 1,711,762 | 3,529,560 | (679,768 | ) | 1,314,991 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 10,628,152 | 19,253,022 | 92,094,863 | 123,396,338 | 6,122,805 | 7,708,437 | 5,788,475 | 4,618,088 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (3,618,858 | ) | (3,034,040 | ) | – | (1,020,429 | ) | (1,017,689 | ) | (658,578 | ) | (4,829,813 | ) | (5,583,373 | ) | |||||||||||||||||
Net realized gain on securities | (10,557,797 | ) | (9,470,291 | ) | (58,560,819 | ) | (22,993,791 | ) | (1,884,876 | ) | – | – | (2,713,195 | ) | ||||||||||||||||||
Total distributions to shareholders | (14,176,655 | ) | (12,504,331 | ) | (58,560,819 | ) | (24,014,220 | ) | (2,902,565 | ) | (658,578 | ) | (4,829,813 | ) | (8,296,568 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 6,331,045 | 5,806,809 | 3,837,529 | 20,839,194 | 5,723,984 | 4,723,837 | 58,533,427 | (29,789,313 | ) | |||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 2,782,542 | 12,555,500 | 37,371,573 | 120,221,312 | 8,944,224 | 11,773,696 | 59,492,089 | (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† | $ | 179,126,120 | $ | 176,343,578 | $ | 652,818,595 | $ | 615,447,022 | $ | 62,619,023 | $ | 53,674,799 | $ | 256,042,566 | $ | 196,550,477 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 3,294,301 | $ | 3,552,750 | $ | (279,743 | ) | $ | (300,629 | ) | $ | 788,080 | $ | 1,017,412 | $ | 4,425,263 | $ | 4,818,914 | ||||||||||||||
See Notes to Financial Statements
268 |
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 Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,532,160 | $ | 2,432,568 | $ | 13,521,930 | $ | 13,411,775 | $ | 3,566,690 | $ | 2,907,659 | $ | 15,137,565 | $ | 14,197,831 | ||||||||||||||||
Net realized gain (loss) on investments and foreign | 29,762,465 | 30,117,631 | 61,681,178 | 65,821,166 | 11,018,598 | 1,652,272 | (17,115,476 | ) | (2,870,766 | ) | ||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (5,653,306 | ) | 15,767,980 | (19,630,379 | ) | 11,193,506 | (4,016,037 | ) | 13,773,665 | (4,925,272 | ) | 2,530,150 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from | 26,641,319 | 48,318,179 | 55,572,729 | 90,426,447 | 10,569,251 | 18,333,596 | (6,903,183 | ) | 13,857,215 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (2,463,039 | ) | (3,126,657 | ) | (13,426,887 | ) | (12,390,438 | ) | (3,684,811 | ) | – | (13,724,791 | ) | (9,729,373 | ) | |||||||||||||||||
Net realized gain on securities | – | – | (40,820,403 | ) | – | (4,429,198 | ) | (594,836 | ) | – | – | |||||||||||||||||||||
Total distributions to shareholders | (2,463,039 | ) | (3,126,657 | ) | (54,247,290 | ) | (12,390,438 | ) | (8,114,009 | ) | (594,836 | ) | (13,724,791 | ) | (9,729,373 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from | (27,089,715 | ) | (18,692,623 | ) | 19,360,662 | (24,502,148 | ) | 15,248,224 | 150,358,741 | (9,438,322 | ) | (24,201,829 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (2,911,435 | ) | 26,498,899 | 20,686,101 | 53,533,861 | 17,703,466 | 168,097,501 | (30,066,296 | ) | (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† | $ | 265,954,701 | $ | 268,866,136 | $ | 641,719,263 | $ | 621,033,162 | $ | 272,704,772 | $ | 255,001,306 | $ | 648,339,431 | $ | 678,405,727 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 2,514,932 | $ | 2,429,554 | $ | 13,473,128 | $ | 13,410,295 | $ | 4,899,297 | $ | 3,580,146 | $ | 14,271,801 | $ | 13,632,651 | ||||||||||||||||
See Notes to Financial Statements
269 |
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 Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 19,124,198 | $ | 24,932,249 | $ | 12,122,418 | $ | 9,575,642 | $ | 7,036,792 | $ | 8,342,756 | $ | 11,574,202 | $ | 14,814,679 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 36,447,580 | 29,005,677 | 29,617,664 | 16,805,675 | 49,643,597 | 49,781,457 | 40,111,592 | 23,400,967 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (122,647,199 | ) | 135,471,988 | (12,475,344 | ) | 6,662,236 | (25,770,138 | ) | 19,765,455 | (41,270,153 | ) | 34,541,390 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (67,075,421 | ) | 189,409,914 | 29,264,738 | 33,043,553 | 30,910,251 | 77,889,668 | 10,415,641 | 72,757,036 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (25,076,265 | ) | (19,579,170 | ) | (13,048,195 | ) | (20,312,399 | ) | (8,510,951 | ) | (6,041,120 | ) | (13,523,654 | ) | (17,494,448 | ) | ||||||||||||||||
Net realized gain on securities | – | – | (13,155,063 | ) | (24,544,043 | ) | – | – | (15,854,531 | ) | – | |||||||||||||||||||||
Total distributions to shareholders | (25,076,265 | ) | (19,579,170 | ) | (26,203,258 | ) | (44,856,442 | ) | (8,510,951 | ) | (6,041,120 | ) | (29,378,185 | ) | (17,494,448 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 5,923,567 | (5,663,936 | ) | 98,202,846 | 40,352,404 | (39,128,693 | ) | 67,578,045 | (18,547,976 | ) | 31,751,314 | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (86,228,119 | ) | 164,166,808 | 101,264,326 | 28,539,515 | (16,729,393 | ) | 139,426,593 | (37,510,520 | ) | 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† | $ | 990,963,751 | $ | 1,077,191,870 | $ | 514,346,812 | $ | 413,082,486 | $ | 423,242,230 | $ | 439,971,623 | $ | 514,563,555 | $ | 552,074,075 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 17,101,747 | $ | 23,718,315 | $ | 11,020,035 | $ | 4,474,808 | $ | 6,726,364 | $ | 8,087,059 | $ | 14,905,778 | $ | 8,533,708 | ||||||||||||||||
See Notes to Financial Statements
270 |
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 Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 3,274,482 | $ | 3,270,126 | $ | 5,998,863 | $ | 5,783,801 | $ | 1,252,717 | $ | 1,151,029 | $ | (4,330,574 | ) | $ | (3,037,445 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 17,956 | (921,210 | ) | 148,048,172 | 123,044,222 | 6,068,028 | 13,429,376 | 117,391,127 | 109,056,907 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 1,637,323 | (720,265 | ) | (49,991,508 | ) | 44,361,961 | 6,132,095 | 5,412,252 | 174,166,195 | 29,544,189 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 4,929,761 | 1,628,651 | 104,055,527 | 173,189,984 | 13,452,840 | 19,992,657 | 287,226,748 | 135,563,651 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (3,617,730 | ) | (3,636,430 | ) | (5,982,168 | ) | (8,021,572 | ) | (1,149,106 | ) | (842,484 | ) | – | – | ||||||||||||||||||
Net realized gain on securities | – | (595,233 | ) | (112,075,403 | ) | – | – | – | (105,579,102 | ) | (19,465,321 | ) | ||||||||||||||||||||
Total distributions to shareholders | (3,617,730 | ) | (4,231,663 | ) | (118,057,571 | ) | (8,021,572 | ) | (1,149,106 | ) | (842,484 | ) | (105,579,102 | ) | (19,465,321 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (1,456,780 | ) | 27,938,383 | 27,347,654 | 25,932,733 | (4,966,949 | ) | (411,542 | ) | 177,506,268 | 51,961,104 | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (144,749 | ) | 25,335,371 | 13,345,610 | 191,101,145 | 7,336,785 | 18,738,631 | 359,153,914 | 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† | $ | 161,976,725 | $ | 162,121,474 | $ | 1,027,987,698 | $ | 1,014,642,088 | $ | 121,742,049 | $ | 114,405,264 | $ | 939,311,160 | $ | 580,157,246 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 3,694,870 | $ | 3,605,098 | $ | 5,619,937 | $ | 5,413,490 | $ | 1,246,544 | $ | 1,142,950 | $ | (2,208,673 | ) | $ | (1,518,888 | ) | ||||||||||||||
See Notes to Financial Statements
271 |
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 Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 5,410,272 | $ | 9,514,314 | $ | 28,107,503 | $ | 35,212,238 | $ | 4,973,876 | $ | 4,935,805 | $ | 7,117,962 | $ | 7,497,314 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (1,618,369 | ) | 706,528 | 47,676,640 | 53,314,826 | (2,389,351 | ) | (1,851,877 | ) | 32,331,649 | 52,945,662 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (11,329,130 | ) | (6,641,933 | ) | (87,063,674 | ) | 88,931,985 | (12,952,133 | ) | 4,257,652 | (25,519,177 | ) | 33,094,524 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (7,537,227 | ) | 3,578,909 | (11,279,531 | ) | 177,459,049 | (10,367,608 | ) | 7,341,580 | 13,930,434 | 93,537,500 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (9,511,833 | ) | (8,540,718 | ) | (36,655,892 | ) | (27,041,667 | ) | (4,426,307 | ) | (3,330,576 | ) | (8,720,692 | ) | (10,866,892 | ) | ||||||||||||||||
Net realized gain on securities | (946,808 | ) | (2,261,140 | ) | – | – | (472,375 | ) | (2,078,189 | ) | (3,866,978 | ) | – | |||||||||||||||||||
Total distributions to shareholders | (10,458,641 | ) | (10,801,858 | ) | (36,655,892 | ) | (27,041,667 | ) | (4,898,682 | ) | (5,408,765 | ) | (12,587,670 | ) | (10,866,892 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 36,416,860 | 29,962,898 | (45,730,797 | ) | 23,472,754 | (2,662,164 | ) | 2,717,618 | (25,987,741 | ) | (39,724,777 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 18,420,992 | 22,739,949 | (93,666,220 | ) | 173,890,136 | (17,928,454 | ) | 4,650,433 | (24,644,977 | ) | 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† | $ | 487,477,465 | $ | 469,056,473 | $ | 1,081,173,923 | $ | 1,174,840,143 | $ | 171,312,263 | $ | 189,240,717 | $ | 621,387,059 | $ | 646,032,036 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 2,915,841 | $ | 9,513,945 | $ | 25,427,463 | $ | 33,251,499 | $ | 2,927,580 | $ | 2,862,008 | $ | 4,884,943 | $ | 6,295,220 | ||||||||||||||||
See Notes to Financial Statements
272 |
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 Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,360,723 | $ | 1,847,913 | $ | 3,400,577 | $ | 2,232,193 | $ | 36,974,236 | $ | 32,525,210 | $ | (588,908 | ) | $ | (158,670 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 30,092,022 | 26,110,031 | 17,638,097 | 76,598,426 | 284,384,321 | 184,974,580 | 32,441,069 | 42,085,599 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (7,214,329 | ) | 3,094,041 | 22,023,132 | (2,734,223 | ) | 41,267,162 | 278,473,292 | 760,724 | (4,771,028 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 24,238,416 | 31,051,985 | 43,061,806 | 76,096,396 | 362,625,719 | 495,973,082 | 32,612,885 | 37,155,901 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (1,848,125 | ) | (1,608,872 | ) | (2,254,711 | ) | (1,893,384 | ) | (32,614,235 | ) | (34,843,990 | ) | – | (1,496,140 | ) | |||||||||||||||||
Net realized gain on securities | (26,028,354 | ) | (11,817,255 | ) | (72,380,164 | ) | (29,860,274 | ) | (177,800,174 | ) | (130,271,727 | ) | (40,774,747 | ) | (3,561,209 | ) | ||||||||||||||||
Total distributions to shareholders | (27,876,479 | ) | (13,426,127 | ) | (74,634,875 | ) | (31,753,658 | ) | (210,414,409 | ) | (165,115,717 | ) | (40,774,747 | ) | (5,057,349 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 4,190,074 | 1,406,520 | 45,090,609 | (3,820,150 | ) | 4,401,581 | (77,134,315 | ) | (767,379 | ) | 4,831,238 | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 552,011 | 19,032,378 | 13,517,540 | 40,522,588 | 156,612,891 | 253,723,050 | (8,929,241 | ) | 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† | $ | 180,201,211 | $ | 179,649,200 | $ | 421,567,344 | $ | 408,049,804 | $ | 3,335,643,766 | $ | 3,179,030,875 | $ | 288,138,326 | $ | 297,067,567 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 1,360,904 | $ | 1,846,903 | $ | 3,392,625 | $ | 2,250,645 | $ | 36,939,966 | $ | 32,579,965 | $ | (392,989 | ) | $ | (2,784 | ) | ||||||||||||||
See Notes to Financial Statements
273 |
Table of Contents
VALIC Company I
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 Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 35,689 | $ | 37,954 | $ | 2,152,490 | $ | 2,911,236 | $ | (1,101,950 | ) | $ | (1,537,461 | ) | $ | (441,868 | ) | $ | (717,026 | ) | ||||||||||||
Net realized gain (loss) on investments and foreign currencies | 116,175 | 8,056 | 13,478,489 | 5,597,196 | 165,809,413 | 182,374,847 | 15,743,785 | 22,832,508 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | – | – | 41,014,188 | 44,368,476 | 10,456,136 | 39,169,583 | 12,467,445 | (7,552,443 | ) | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 151,864 | 46,010 | 56,645,167 | 52,876,908 | 175,163,599 | 220,006,969 | 27,769,362 | 14,563,039 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (35,689 | ) | (37,954 | ) | (2,911,523 | ) | (1,962,139 | ) | – | (1,174,500 | ) | – | – | |||||||||||||||||||
Net realized gain on securities | – | – | (3,499,947 | ) | (1,258,894 | ) | (99,781,720 | ) | – | (22,156,109 | ) | (9,763,467 | ) | |||||||||||||||||||
Total distributions to shareholders | (35,689 | ) | (37,954 | ) | (6,411,470 | ) | (3,221,033 | ) | (99,781,720 | ) | (1,174,500 | ) | (22,156,109 | ) | (9,763,467 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (23,521,148 | ) | (11,326,475 | ) | 24,723,396 | 2,869,481 | 2,832,046 | (54,758,443 | ) | 8,845,436 | 14,387,907 | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (23,404,973 | ) | (11,318,419 | ) | 74,957,093 | 52,525,356 | 78,213,925 | 164,074,026 | 14,458,689 | 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† | $ | 343,362,835 | $ | 366,767,808 | $ | 330,077,086 | $ | 255,119,993 | $ | 1,014,901,688 | $ | 936,687,763 | $ | 115,868,635 | $ | 101,409,946 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 1,129 | $ | 1,129 | $ | 2,152,921 | $ | 2,906,404 | $ | (764,228 | ) | $ | (997,823 | ) | $ | (116,255 | ) | $ | (359,903 | ) | ||||||||||||
See Notes to Financial Statements
274 |
Table of Contents
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 Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 563,404 | $ | 57,479 | $ | 12,683,299 | $ | 11,205,003 | $ | 3,039,935 | $ | 2,168,553 | $ | (499,503 | ) | $ | (603,518 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 47,798,905 | 53,566,087 | 73,305,592 | 61,917,804 | 22,870,330 | 39,977,823 | 11,761,707 | 28,534,628 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (10,872,132 | ) | 4,287,514 | 30,994,644 | 89,021,381 | (6,929,716 | ) | 8,499,367 | 11,077,235 | (7,602,561 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 37,490,177 | 57,911,080 | 116,983,535 | 162,144,188 | 18,980,549 | 50,645,743 | 22,339,439 | 20,328,549 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (1,201,353 | ) | (11,430,032 | ) | (13,977,039 | ) | (2,248,647 | ) | (1,802,415 | ) | – | (41,716 | ) | ||||||||||||||||||
Net realized gain on securities | (53,080,700 | ) | (16,963,418 | ) | (58,884,246 | ) | (25,815,375 | ) | (17,856,384 | ) | – | (27,393,016 | ) | (4,202,101 | ) | |||||||||||||||||
Total distributions to shareholders | (53,080,700 | ) | (18,164,771 | ) | (70,314,278 | ) | (39,792,414 | ) | (20,105,031 | ) | (1,802,415 | ) | (27,393,016 | ) | (4,243,817 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from | 6,077,339 | (26,784,516 | ) | (34,071,129 | ) | 155,988 | (9,468,325 | ) | (25,404,462 | ) | 11,985,271 | (528,577 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (9,513,184 | ) | 12,961,793 | 12,598,128 | 122,507,762 | (10,592,807 | ) | 23,438,866 | 6,931,694 | 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† | $ | 354,293,748 | $ | 363,806,932 | $ | 1,119,463,156 | $ | 1,106,865,028 | $ | 238,985,931 | $ | 249,578,738 | $ | 131,770,502 | $ | 124,838,808 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 346,774 | $ | (311,029 | ) | $ | 12,222,351 | $ | 10,840,232 | $ | 3,010,639 | $ | 1,924,794 | $ | (333,698 | ) | $ | (180,704 | ) | |||||||||||||
See Notes to Financial Statements
275 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
STOCK INDEX FUND | VALUE FUND | |||||||||||||||
For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | For the Year Ended May 31, 2015 | For the Year Ended May 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 76,077,595 | $ | 71,952,192 | $ | 1,594,689 | $ | 1,710,803 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 310,168,969 | 178,654,814 | 12,224,906 | 3,384,662 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 99,649,853 | 519,971,103 | (1,624,808 | ) | 12,474,893 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 485,896,417 | 770,578,109 | 12,194,787 | 17,570,358 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | (72,009,853 | ) | (71,303,393 | ) | (1,711,405 | ) | (1,912,183 | ) | ||||||||
Net realized gain on securities | (162,018,858 | ) | (99,954,931 | ) | – | – | ||||||||||
Total distributions to shareholders | (234,028,711 | ) | (171,258,324 | ) | (1,711,405 | ) | (1,912,183 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (205,245,333 | ) | (100,847,335 | ) | (15,472,382 | ) | (5,096,777 | ) | ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 46,622,373 | 498,472,450 | (4,989,000 | ) | 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† | $ | 4,519,625,577 | $ | 4,473,003,204 | $ | 116,875,006 | $ | 121,864,006 | ||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 76,018,733 | $ | 71,943,928 | $ | 1,592,135 | $ | 1,709,820 | ||||||||
See Notes to Financial Statements
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VALIC Company I
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”). |
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 liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.
Note 2 — Significant Accounting Policies
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The following is a summary of significant accounting policies consistently followed by the Series 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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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (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 May 31, 2015 is reported on a schedule following each Fund’s 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 a 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, and other debt securities 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.
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 on which they are traded, and are generally categorized as Level 1. Option contracts traded in the over-the-counter (“OTC”) market are 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 p.m. 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 OTC 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 contracts for various purposes, including to facilitate settlement of foreign currency denominated portfolio transactions, to attempt to protect the value of 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 total return. During the year ended May 31, 2015, the Global Strategy Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. As of May 31, 2015, the Global Strategy Fund had open forward contracts, which are reported on a schedule following the Fund’s Portfolio of Investments.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
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 exposure 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 portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.
Futures: Certain 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 year ended May 31, 2015, 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 May 31, 2015, 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 a 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.
At May 31, 2015, the amount shown in the Statements of Assets and Liabilities as due from broker for the Core Equity, Dynamic Allocation, and Growth & Income Fund includes amounts set aside for margin requirements for open futures contracts.
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, to manage and/or gain exposure to certain foreign currencies or to generate income. During the year ended May 31, 2015, the Dynamic Allocation Fund and Health Sciences Fund used options contracts to facilitate trading, increase market exposure, generate income or seek protection against a decline in the value of the Funds’ securities or an increase in prices of securities that may be purchased. As of May 31, 2015, the Dynamic Allocation Fund and 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 OTC market.
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
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
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 year ended May 31, 2015 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 | 1,000,041 | 11,109,425 | 1,350 | 814,808 | ||||||||||||
Options terminated in closing purchase transactions | (844,041 | ) | (10,141,195 | ) | (538 | ) | (296,213 | ) | ||||||||
Options exercised | — | — | (324 | ) | (149,488 | ) | ||||||||||
Options expired | — | — | (699 | ) | (439,263 | ) | ||||||||||
Options Outstanding as of May 31, 2015 | 156,000 | $ | 968,230 | 226 | $ | 130,794 | ||||||||||
Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps 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 a 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 a 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 May 31, 2015, 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 year ended May 31, 2015. The Funds’ derivative contracts held during the year are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of May 31, 2015, please refer to a schedule following each Fund’s Portfolio of Investments.
Asset Derivatives | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Fund | Futures Contracts (1)(6) | Options Purchased (2) | Futures Contracts (1)(6) | Options Purchased (2) | Forward Foreign Currency Contracts (3) | Total | ||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | 43,960 | $ | — | $ | — | $ | 43,960 | ||||||||||||
Dynamic Allocation | — | — | — | 1,133,471 | — | 1,133,471 | ||||||||||||||||||
Global Strategy | — | — | — | — | 9,221,923 | 9,221,923 | ||||||||||||||||||
Liability Derivatives | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Fund | Futures Contracts (1)(6) | Options Written (4) | Futures Contracts (1)(6) | Options Written (4) | Forward Foreign Currency Contracts (5) | Total | ||||||||||||||||||
Asset Allocation | $ | 12,094 | $ | — | $ | 108,853 | $ | — | $ | — | $ | 120,947 | ||||||||||||
Core Equity | — | — | 5,495 | — | — | 5,495 | ||||||||||||||||||
Dynamic Allocation | — | — | 698,650 | 413,347 | — | 1,111,997 | ||||||||||||||||||
Global Social Awareness | — | — | 136,590 | — | — | 136,590 | ||||||||||||||||||
Global Strategy | — | — | — | — | 1,695,322 | 1,695,322 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Liability Derivatives | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Fund | Futures Contracts (1)(6) | Options Written (4) | Futures Contracts (1)(6) | Options Written (4) | Forward Foreign Currency Contracts (5) | Total | ||||||||||||||||||
Growth & Income | $ | — | $ | — | $ | 11,775 | $ | — | $ | — | $ | 11,775 | ||||||||||||
Health Sciences | — | — | — | 316,519 | — | 316,519 | ||||||||||||||||||
International Equities Index | — | — | 230,000 | — | — | 230,000 | ||||||||||||||||||
Mid Cap Index | — | — | 859,040 | — | — | 859,040 | ||||||||||||||||||
Nasdaq-100® Index | — | — | 71,120 | — | — | 71,120 | ||||||||||||||||||
Small Cap Index | — | — | 116,100 | — | — | 116,100 | ||||||||||||||||||
Stock Index | — | — | 966,335 | — | — | 966,335 |
Statement of Assets and Liabilities Location:
(1) | Variation margin on futures contracts |
(2) | Investments, at value |
(3) | Unrealized appreciation on forward foreign currency contracts |
(4) | Call and put options written, at value |
(5) | Unrealized depreciation on forward foreign currency contracts |
(6) | The variation margin on futures contracts is included in the cumulative appreciation (depreciation) as reported on each Fund’s Portfolio of Investments in the following amounts: |
Fund | Cumulative Appreciation (Depreciation) | Fund | Cumulative Appreciation (Depreciation) | |||||||
Asset Allocation | $ | (150,501 | ) | International Equities Index | $ | 1,049,785 | ||||
Core Equity | 17,341 | Mid Cap Index | 776,339 | |||||||
Dynamic Allocation | (298,914 | ) | Nasdaq-100® Index | 280,839 | ||||||
Global Social Awareness | 343,998 | Small Cap Index | 101,800 | |||||||
Growth & Income | (8,243 | ) | Stock Index | (347,651 | ) |
Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Fund | Futures Contracts (1) | Options* | Futures Contracts (1) | Options* | Forward Foreign Currency Contracts (2) | Total | ||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | (244,386 | ) | $ | — | $ | — | $ (244,386 | ) | |||||||||||
Core Equity | — | — | 15,842 | — | — | 15,842 | ||||||||||||||||||
Dynamic Allocation | — | — | (2,911,976 | ) | (1,245,428 | ) | — | (4,157,404 | ) | |||||||||||||||
Global Social Awareness | — | — | 1,326,502 | — | — | 1,326,502 | ||||||||||||||||||
Global Strategy | — | — | — | — | 12,110,086 | 12,110,086 | ||||||||||||||||||
Growth & Income | — | — | 71,777 | — | — | 71,777 | ||||||||||||||||||
Health Sciences | — | — | — | (445,150 | ) | — | (445,150 | ) | ||||||||||||||||
International Equities Index | — | — | (1,308,464 | ) | — | — | (1,308,464 | ) | ||||||||||||||||
Mid Cap Index | — | — | 5,928,507 | — | — | 5,928,507 | ||||||||||||||||||
Nasdaq-100® Index | — | — | 1,235,680 | — | — | 1,235,680 | ||||||||||||||||||
Small Cap Index | — | — | 1,001,276 | — | — | 1,001,276 | ||||||||||||||||||
Stock Index | — | — | 12,473,140 | — | — | 12,473,140 | ||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Fund | Futures Contracts (3) | Options* | Futures Contracts (3) | Options* | Foreign Exchange Contracts (4) | Total | ||||||||||||||||||
Asset Allocation | $ | 17,370 | $ | — | $ | (167,871 | ) | $ | — | $ | — | $ | (150,501 | ) | ||||||||||
Core Equity | — | — | 17,341 | — | — | 17,341 |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Fund | Futures Contracts (3) | Options* | Futures Contracts (3) | Options* | Forward Foreign Currency Contracts (4) | Total | ||||||||||||||||||
Dynamic Allocation | $ | — | $ | — | $ | (1,286,383 | ) | $ | (482,694 | ) | $ | — | $ | (1,769,077 | ) | |||||||||
Global Social Awareness | — | — | 3,694 | — | — | 3,694 | ||||||||||||||||||
Global Strategy | — | — | — | — | 6,641,136 | 6,641,136 | ||||||||||||||||||
Growth & Income | — | — | (36,414 | ) | — | — | (36,414 | ) | ||||||||||||||||
Health Sciences | — | — | — | (176,145 | ) | — | (176,145 | ) | ||||||||||||||||
International Equities Index | — | — | 870,461 | — | — | 870,461 | ||||||||||||||||||
Mid Cap Index | — | — | (785,083 | ) | — | — | (785,083 | ) | ||||||||||||||||
Nasdaq-100® Index | — | — | (4,329 | ) | — | — | (4,329 | ) | ||||||||||||||||
Small Cap Index | — | — | 1,533,984 | — | — | 1,533,984 | ||||||||||||||||||
Stock Index | — | — | (4,508,248 | ) | — | — | (4,508,248 | ) |
* | Includes amounts relating to purchased and written options as follows: |
Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Interest Rate Contracts | Equity Contracts | |||||||||||||||||||||||||||||
Options Purchased (5) | Options Written (1) | Options Purchased (5) | Options Written (1) | Options Purchased (6) | Options Written (3) | Options Purchased (6) | Options Written (3) | |||||||||||||||||||||||||
Dynamic Allocation | $ | — | $ | — | $ | (2,635,835 | ) | $ | 1,390,407 | $ | — | $ | — | $ | (1,037,578 | ) | $ | 554,883 | ||||||||||||||
Health Sciences | — | — | — | (445,150 | ) | — | — | — | (176,145 | ) |
Statement of Operations Location:
(1) | Net realized gain (loss) on futures contracts and written options contracts |
(2) | Net realized foreign exchange gain (loss) on other assets and liabilities |
(3) | Change in unrealized appreciation (depreciation) on futures contracts and written options contracts |
(4) | Change in unrealized foreign exchange gain (loss) on other assets and liabilities |
(5) | Net realized gain (loss) on investments (unaffiliated) |
(6) | Change in unrealized appreciation (depreciation) on investments (unaffiliated) |
The following table represents the average monthly balances of derivatives held during the year ended May 31, 2015.
Average Amount Outstanding During the Year | ||||||||||||||||||||
Fund | Futures Contracts (1) | Foreign Exchange Contracts (2) | Purchased Put Options Contracts (1) | Written Call Option Contracts (1) | Written Put Option Contracts (1) | |||||||||||||||
Asset Allocation | $ | 8,348,593 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Core Equity | 729,493 | — | — | — | — | |||||||||||||||
Dynamic Allocation | 69,600,896 | — | 810,605 | 250,663 | 38,467 | |||||||||||||||
Global Social Awareness | 11,941,527 | — | — | — | — | |||||||||||||||
Global Strategy | — | 174,705,656 | — | — | — | |||||||||||||||
Growth & Income | 991,215 | — | — | — | — | |||||||||||||||
Health Sciences | — | — | — | 352,309 | 1,553 | |||||||||||||||
International Equities Index | 26,631,241 | — | — | — | — | |||||||||||||||
Mid Cap Index | 71,943,882 | — | — | — | — | |||||||||||||||
Nasdaq-100® Index | 11,495,179 | — | — | — | — | |||||||||||||||
Small Cap Index | 21,931,666 | — | — | — | — | |||||||||||||||
Stock Index | 89,410,495 | — | — | — | — |
(1) | Amounts represent values in US dollars. |
(2) | Amounts represent notional amounts in US dollars. |
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NOTES TO FINANCIAL STATEMENTS — (continued)
The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of May 31, 2015. The repurchase agreements held by the Funds and the securities on loan as of May 31, 2015, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Funds’ holdings in repurchase agreements and securities on loan.
Dynamic Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets (1) | Derivative Liabilities (1) | |||||||||||||||||||||||||||||||||||||||||||
Counterparty | Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | Net Derivative Assets (Liabilities) | Collateral Pledged/ (Received) (2) | Net Amounts (3) | |||||||||||||||||||||||||||||||||
Deutsche Bank AG | $ | — | $ | — | $ | 918,630 | $ | 918,630 | $ | — | $ | — | $ | 410,710 | $ | 410,710 | $ | 507,920 | $ | — | $ | 507,920 | ||||||||||||||||||||||
Morgan Stanley and Co., Inc. | — | — | 214,841 | 214,841 | — | — | 2,637 | 2,637 | 212,204 | — | 212,204 | |||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 1,133,471 | $ | 1,133,471 | $ | — | $ | — | $ | 413,347 | $ | 413,347 | $ | 720,124 | $ | — | $ | 720,124 | |||||||||||||||||||||||
Global Strategy Fund | ||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets (1) | Derivative Liabilities (1) | |||||||||||||||||||||||||||||||||||||||||||
Counterparty | Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | Net Derivative Assets (Liabilities) | Collateral Pledged/ (Received) (2) | Net Amounts (3) | |||||||||||||||||||||||||||||||||
Bank of America, N.A. | $ | 12,132 | $ | — | $ | — | $ | 12,132 | $ | 395 | $ | — | $ | — | $ | 395 | $ | 11,737 | $ | — | $ | 11,737 | ||||||||||||||||||||||
Barclays Bank PLC | 1,516,820 | — | — | 1,516,820 | 58,322 | — | — | 58,322 | 1,458,498 | — | 1,458,498 | |||||||||||||||||||||||||||||||||
Citibank N.A. | 1,022,524 | — | — | 1,022,524 | 69,454 | — | — | 69,454 | 953,070 | (953,070 | ) | — | ||||||||||||||||||||||||||||||||
Deutsche Bank AG | 1,913,250 | — | — | 1,913,250 | 771,334 | — | — | 771,334 | 1,141,916 | — | 1,141,916 | |||||||||||||||||||||||||||||||||
Goldman Sachs International | 139,149 | — | — | 139,149 | — | — | — | — | 139,149 | — | 139,149 | |||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. | 1,022,230 | — | — | 1,022,230 | 286,529 | — | — | 286,529 | 735,701 | — | 735,701 | |||||||||||||||||||||||||||||||||
JPMorgan Chase Bank | 2,745,681 | — | — | 2,745,681 | 476,497 | — | — | 476,497 | 2,269,184 | (2,269,184 | ) | — | ||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | 77,679 | — | — | 77,679 | 29,898 | — | — | 29,898 | 47,781 | — | 47,781 | |||||||||||||||||||||||||||||||||
Standard Chartered Bank | 464,244 | — | — | 464,244 | 2,893 | — | — | 2,893 | 461,351 | — | 461,351 | |||||||||||||||||||||||||||||||||
UBS AG | 308,214 | — | — | 308,214 | — | — | — | — | 308,214 | — | 308,214 | |||||||||||||||||||||||||||||||||
Total | $ | 9,221,923 | $ | — | $ | — | $ | 9,221,923 | $ | 1,695,322 | $ | — | $ | — | $ | 1,695,322 | $ | 7,526,601 | $ | (3,222,254 | ) | $ | 4,304,347 | |||||||||||||||||||||
Health Sciences Fund | ||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets (1) | Derivative Liabilities (1) | |||||||||||||||||||||||||||||||||||||||||||
Counterparty | Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | Net Derivative Assets (Liabilities) | Collateral Pledged/ (Received) (2) | Net Amounts (3) | |||||||||||||||||||||||||||||||||
Citigroup Global Markets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 316,519 | $ | 316,519 | $ | (316,519 | ) | $ | — | $ | (316,519 | ) | ||||||||||||||||||||
(1) | Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities. |
(2) | For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the net amount of the derivative asset/liability in the above table. |
(3) | Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement. |
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
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Funds’ 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 May 31, 2015, 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 | 0.68 | % | $ | 1,192,000 | ||||
International Equities Index | 8.72 | % | 15,236,000 | |||||
Mid Cap Index | 10.89 | % | 19,037,000 | |||||
Money Market I | 4.63 | % | 8,096,000 | |||||
Nasdaq-100® Index | 5.26 | % | 9,190,000 | |||||
Small Cap Index | 4.22 | % | 7,373,000 |
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 May 29, 2015, bearing interest at a rate of 0.00% per annum, with a principal amount of $174,785,000, a repurchase price of $174,785,000, and a maturity date of June 1, 2015. The repurchase agreement is collateralized by the following:
Type of Collateral | Interest Rate | Maturity Date | Principal Amount | Value | ||||||||||||
U.S. Treasury Notes | 0.75 | % | 10/31/2017 | $ | 38,285,000 | $ | 38,298,668 | |||||||||
U.S. Treasury Notes | 0.75 | % | 12/31/2017 | 100,000,000 | 100,136,800 | |||||||||||
U.S. Treasury Notes | 1.50 | % | 01/31/2019 | 200,000 | 203,306 | |||||||||||
U.S. Treasury Notes | 3.50 | % | 02/15/2018 | 36,690,000 | 39,643,728 |
Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities (“SMBS”) are 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 year ended May 31, 2015, the Asset Allocation Fund and Capital Conservation Fund entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). TBA 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 and Capital Conservation Fund had TBA Rolls outstanding at period end, which are included in receivable for investments sold and payable for investments purchased in the Statements of Assets and Liabilities. TBA 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 TBA 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 TBA Roll transaction may not exceed the transaction costs. For the year ended May 31, 2015, the Asset Allocation Fund and Capital Conservation Fund had realized gains (losses) from mortgage-backed dollar rolls of $139,067 and $726,816, 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 year. 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 year.
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 Statements 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, each 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
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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.
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 Trust (“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 normally paid annually, except for the Money Market I Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually.
The 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 it 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 2012 — 2014 or expected to be taken in each Fund’s 2015 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 2012.
New Accounting Pronouncement
In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-11, Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The ASU changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements, securities lending, repurchase-to-maturity and similar transactions. The ASU is effective for interim and annual reporting periods beginning after December 15, 2014. Management is currently evaluating the impact, if any, of applying this provision.
Note 3 — Advisory Fees and Other Transactions with Affiliates
VALIC serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.
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NOTES TO FINANCIAL STATEMENTS — (continued)
VALIC receives from VC I a monthly fee based on each Fund’s average daily net asset value at the following annual rates:
International Equities 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 | ||
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 |
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NOTES TO FINANCIAL STATEMENTS — (continued)
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 | ||
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, taxes 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 | % |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Fund | Maximum Expense Limitation | |||
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 year ended May 31, 2015, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Broad Cap Value Income | $ | 39,367 | ||
Core Equity | 323,709 | |||
Dividend Value | 8,605 | |||
Dynamic Allocation | 24,544 | |||
Growth & Income | 63,563 | |||
International Growth | 296,645 | |||
Nasdaq-100® Index | 29,539 | |||
Small Cap Aggressive Growth | 20,183 | |||
Small Cap | 267,008 | |||
Value | 96,636 |
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 year ended May 31, 2015, VALIC voluntarily waived $1,308,713 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 year ended May 31, 2015, the amount recouped by VALIC for the Dynamic Allocation Fund was $24,608.
At May 31, 2015, 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, 2016 | May 31, 2017 | ||||||
Dynamic Allocation | �� | $ | 34,131 | $ | 24,544 |
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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
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 for 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 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 year ended May 31, 2015, 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 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 year ended May 31, 2015, VRSCO and/or VALIC earned fees as reflected in the Statement of Operations based upon the aforementioned rate.
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 year ended May 31, 2015, certain Directors of VC I have deferred $28,725 of director compensation.
At May 31, 2015, VALIC and American General Life Insurance Company (“AGL”), through their insurance company separate accounts, owned over five percent of the outstanding shares of the following Funds:
Fund | VALIC | |||
Asset Allocation | 100.00 | % | ||
Blue Chip Growth | 99.98 | % | ||
Broad Cap Value Income | 100.00 | % | ||
Capital Conservation | 100.00 | % | ||
Core Equity | 100.00 | % | ||
Dividend Value | 99.98 | % | ||
Dynamic Allocation | 99.99 | % | ||
Emerging Economies | 100.00 | % | ||
Foreign Value | 100.00 | % | ||
Global Real Estate | 100.00 | % | ||
Global Social Awareness | 100.00 | % | ||
Global Strategy | 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 the Administrator 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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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Fund | VALIC | |||
Government Securities | 98.92 | % | ||
Growth | 100.00 | % | ||
Growth & Income | 97.28 | % | ||
Health Sciences | 99.97 | % | ||
Inflation Protected | 100.00 | % | ||
International Equities Index | 99.59 | % | ||
International Government Bond | 100.00 | % | ||
International Growth | 100.00 | % | ||
Large Cap Core | 100.00 | % | ||
Large Capital Growth | 100.00 | % | ||
Mid Cap Index | 99.48 | % | ||
Mid Cap Strategic Growth | 100.00 | % | ||
Money Market I | 94.38 | % | ||
Nasdaq-100® Index | 97.94 | % | ||
Science & Technology | 99.72 | % | ||
Small Cap Aggressive Growth | 100.00 | % | ||
Small Cap | 100.00 | % | ||
Small Cap Index | 98.91 | % | ||
Small Cap Special Values | 100.00 | % | ||
Small-Mid Growth | 100.00 | % | ||
Stock Index | 96.24 | % | ||
Value | 100.00 | % |
As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the year ended May 31, 2015, 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 05/31/2015 | ||||||||||||||||||||||||
VC I Blue Chip Growth Fund | $ | 10,158,904 | $ | — | $ | 1,074,177 | $ | 1,930,482 | $ | 1,600,770 | $ | 424,522 | $ | 142,725 | $ | 11,055,863 | ||||||||||||||||
VC I Broad Cap Value Income Fund | 10,183,124 | 182,112 | 337,293 | 1,375,711 | 965,849 | 246,472 | 348,070 | 11,187,528 | ||||||||||||||||||||||||
VC I Capital Conservation Fund | 14,245,965 | 285,266 | — | 1,604,616 | 845,176 | (11,101 | ) | 116,573 | 15,110,877 | |||||||||||||||||||||||
VC I Dividend Value Fund | 6,208,175 | 135,042 | 410,554 | 1,059,380 | 675,371 | 143,346 | (132,467 | ) | 6,603,063 | |||||||||||||||||||||||
VC I Emerging Economies Fund | 6,256,988 | 128,445 | — | 697,513 | 362,218 | (21,660 | ) | (204,090 | ) | 6,366,533 | ||||||||||||||||||||||
VC I Foreign Value Fund | 6,564,665 | 294,712 | — | 6,662,371 | 1,695,289 | 218,246 | (922,128 | ) | 10,827,865 | |||||||||||||||||||||||
VC I Global Real Estate Fund | 4,283,433 | 119,738 | 120,719 | 564,661 | 2,770,258 | (58,041 | ) | 113,297 | 2,133,092 | |||||||||||||||||||||||
VC I Government Securities Fund | 9,822,076 | 185,916 | — | 947,219 | 2,182,958 | (81,818 | ) | 147,004 | 8,651,523 | |||||||||||||||||||||||
VC I Growth & Income Fund | 5,992,051 | 45,094 | — | 385,025 | 2,409,597 | 550,683 | (67,243 | ) | 4,450,919 | |||||||||||||||||||||||
VC I Growth Fund | 10,438,887 | 69,037 | 1,293,405 | 2,218,746 | 1,438,552 | 320,792 | (498,667 | ) | 11,041,206 | |||||||||||||||||||||||
VC I Inflation Protected Fund | 4,100,582 | 78,562 | 7,820 | 410,586 | 2,202,700 | (119,314 | ) | (34,431 | ) | 2,154,723 | ||||||||||||||||||||||
VC I International Equities Index Fund | 7,873,485 | 144,683 | — | 639,919 | 3,941,479 | 546,146 | (706,979 | ) | 4,411,092 | |||||||||||||||||||||||
VC I International Government Bond Fund | 2,069,373 | 49,758 | 5,310 | 375,303 | 120,739 | (8,742 | ) | (164,647 | ) | 2,150,548 | ||||||||||||||||||||||
VC I International Growth Fund | 6,147,311 | 153,692 | 68,151 | 5,418,639 | 581,614 | 78,166 | 25,452 | 11,087,954 | ||||||||||||||||||||||||
VC I Large Cap Core Fund | 6,547,769 | 97,555 | 1,373,932 | 3,909,120 | 1,256,709 | 188,054 | (445,828 | ) | 8,942,406 | |||||||||||||||||||||||
VC I Large Capital Growth Fund | — | 36,639 | 1,176,180 | 9,854,559 | 224,856 | (19,497 | ) | (725,760 | ) | 8,884,446 | ||||||||||||||||||||||
VC I Stock Index Fund | 31,482,774 | 532,387 | 1,197,847 | 4,299,149 | 4,342,008 | 1,046,189 | 800,181 | 33,286,285 | ||||||||||||||||||||||||
VC I Value Fund | 10,405,675 | 168,053 | — | 1,024,358 | 1,397,660 | 373,832 | 595,788 | 11,001,993 | ||||||||||||||||||||||||
VC II Capital Appreciation Fund | 6,137,045 | 20,977 | — | 534,760 | 711,009 | 212,821 | 523,040 | 6,696,657 | ||||||||||||||||||||||||
VC II Core Bond Fund | 14,261,635 | 353,875 | — | 4,111,734 | 1,115,129 | 19,890 | 17,951 | 17,296,081 | ||||||||||||||||||||||||
VC II High Yield Bond Fund | 2,040,344 | 104,575 | — | 338,042 | 120,739 | 4,327 | (62,616 | ) | 2,199,358 | |||||||||||||||||||||||
VC II Large Cap Value Fund | 6,215,066 | — | — | 385,679 | 6,758,105 | 933,447 | (776,087 | ) | — | |||||||||||||||||||||||
VC II Mid Cap Growth Fund | 5,896,773 | — | 632,317 | 1,086,570 | 2,438,266 | 178,191 | (329,043 | ) | 4,394,225 | |||||||||||||||||||||||
VC II Mid Cap Value Fund | 6,230,975 | 8,936 | 430,349 | 835,108 | 2,469,244 | 386,789 | (556,721 | ) | 4,426,907 | |||||||||||||||||||||||
VC II Small Cap Growth Fund | 3,604,003 | — | 456,628 | 799,150 | 257,720 | 48,661 | 181,586 | 4,375,680 | ||||||||||||||||||||||||
VC II Small Cap Value Fund | 4,017,507 | 24,429 | 539,451 | 906,402 | 341,199 | 55,110 | (294,950 | ) | 4,342,870 | |||||||||||||||||||||||
VC II Strategic Bond Fund | 4,423,046 | 224,922 | 57,108 | 2,648,713 | 362,218 | 809 | (188,350 | ) | 6,522,000 | |||||||||||||||||||||||
$ | 205,607,631 | $ | 3,444,405 | $ | 9,181,241 | $ | 55,023,515 | $ | 43,587,432 | $ | 5,656,320 | $ | (3,098,340 | ) | $ | 219,601,694 | ||||||||||||||||
† | Includes reinvestment of distribution paid. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
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 05/31/2015 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $ | 20,151,348 | $ | 179,327 | $ | — | $ | — | $ | 2,771,434 | $ | 1,356,841 | $ | 174,875 | $ | 18,911,630 |
During the year, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:
Affiliated Broker | Emerging Economies Fund | Growth & Income Fund | Mid Cap Strategic Growth Fund | Small-Mid Growth Fund | ||||||||||||
Goldman Sachs & Co. | $ | — | $ | — | $ | — | $ | 244 | ||||||||
JP Morgan Clearing Corp. | 10,219 | — | — | — | ||||||||||||
Investment Technology Group, Inc. | 1,253 | 127 | — | — | ||||||||||||
ITG Securities (Hk) Ltd | 2,927 | — | — | — | ||||||||||||
Morgan Stanley Co. Inc. | — | — | 247 | — |
As a result of losses on medium-term notes issued by Cheyne Finance LLC, that were previously held in the Money Market I Fund, VALIC made capital contributions to the Money Market I Fund in the amount of $105,000 for the year ended May 31, 2015.
Note 4 — Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended May 31, 2015 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 | $ | 157,434,185 | $ | 173,672,123 | $ | 66,862,419 | $ | 56,879,648 | ||||||||
Blue Chip Growth | 190,593,802 | 237,335,841 | — | — | ||||||||||||
Broad Cap Value Income | 16,352,677 | 12,880,104 | — | — | ||||||||||||
Capital Conservation | 138,957,718 | 118,969,207 | 337,579,876 | 301,072,335 | ||||||||||||
Core Equity | 103,886,229 | 130,601,470 | — | — | ||||||||||||
Dividend Value | 226,874,137 | 252,526,881 | — | — | ||||||||||||
Dynamic Allocation | 60,367,154 | 56,749,835 | 28,594,923 | 24,820,216 | ||||||||||||
Emerging Economies | 438,273,963 | 445,668,112 | — | — | ||||||||||||
Foreign Value | 332,259,792 | 302,120,413 | — | — | ||||||||||||
Global Real Estate | 298,841,915 | 214,418,167 | — | — | ||||||||||||
Global Social Awareness | 370,576,081 | 412,042,032 | — | — | ||||||||||||
Global Strategy | 127,616,990 | 168,286,523 | — | — | ||||||||||||
Government Securities | 4,293,498 | 416,031 | 9,458,251 | 9,691,791 | ||||||||||||
Growth | 989,303,835 | 1,077,350,899 | — | — | ||||||||||||
Growth & Income | 44,802,834 | 49,394,880 | — | — | ||||||||||||
Health Sciences | 275,865,049 | 188,594,213 | — | — | ||||||||||||
Inflation Protected | 134,123,219 | 104,291,408 | 68,453,092 | 51,328,632 | ||||||||||||
International Equities Index | 417,146,980 | 478,098,624 | — | — | ||||||||||||
International Government Bond | 61,426,099 | 65,915,971 | 16,772,950 | 13,251,530 | ||||||||||||
International Growth | 264,139,350 | 288,212,780 | — | — | ||||||||||||
Large Cap Core | 112,800,601 | 133,622,979 | — | — | ||||||||||||
Large Capital Growth | 107,814,121 | 135,491,581 | — | — | ||||||||||||
Mid Cap Index | 413,522,110 | 527,262,836 | — | — | ||||||||||||
Mid Cap Strategic Growth | 137,723,425 | 186,169,233 | — | — | ||||||||||||
Nasdaq-100® Index | 42,231,539 | 19,816,084 | — | — | ||||||||||||
Science & Technology | 964,989,115 | 1,065,378,773 | — | — | ||||||||||||
Small Cap Aggressive Growth | 97,643,215 | 111,978,328 | — | — | ||||||||||||
Small Cap | 111,086,328 | 155,123,314 | — | — | ||||||||||||
Small Cap Index | 149,862,027 | 177,404,451 | — | — | ||||||||||||
Small Cap Special Values | 122,208,365 | 138,456,925 | — | — | ||||||||||||
Small-Mid Growth | 67,130,787 | 79,417,342 | — | — | ||||||||||||
Stock Index | 128,681,298 | 492,012,001 | — | — | ||||||||||||
Value | 19,570,409 | 33,995,620 | — | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
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 losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddles, amortization or premium/discount, contingent payment debt instruments, investments in partnerships, treatment of defaulted securities and derivative transactions.
The information in the following table is presented on the basis of cost for federal income tax purposes at May 31, 2015.
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Asset Allocation | $ | 190,602,733 | $ | 11,462,354 | $ | (3,952,240 | ) | $ | 7,510,114 | |||||||
Blue Chip Growth | 418,233,916 | 249,154,982 | (6,409,924 | ) | 242,745,058 | |||||||||||
Broad Cap Value Income | 51,240,036 | 15,862,505 | (1,971,291 | ) | 13,891,214 | |||||||||||
Capital Conservation | 275,920,588 | 3,881,188 | (1,388,188 | ) | 2,493,000 | |||||||||||
Core Equity | 212,924,520 | 60,772,370 | (5,983,829 | ) | 54,788,541 | |||||||||||
Dividend Value | 536,965,681 | 120,089,048 | (10,951,135 | ) | 109,137,913 | |||||||||||
Dynamic Allocation | 256,910,592 | 14,654,427 | (2,172,142 | ) | 12,482,285 | |||||||||||
Emerging Economies | 632,944,480 | 96,245,473 | (58,835,190 | ) | 37,410,283 | |||||||||||
Foreign Value | 1,041,542,015 | 144,106,374 | (101,520,588 | ) | 42,585,786 | |||||||||||
Global Real Estate | 493,905,932 | 51,443,863 | (18,016,961 | ) | 33,426,902 | |||||||||||
Global Social Awareness | 397,805,916 | 47,146,402 | (19,642,826 | ) | 27,503,576 | |||||||||||
Global Strategy | 482,826,178 | 81,169,789 | (35,871,288 | ) | 45,298,501 | |||||||||||
Government Securities | 158,145,884 | 4,700,616 | (514,481 | ) | 4,186,135 | |||||||||||
Growth | 955,055,505 | 147,685,908 | (17,800,302 | ) | 129,885,606 | |||||||||||
Growth & Income | 103,632,669 | 20,177,083 | (1,925,650 | ) | 18,251,433 | |||||||||||
Health Sciences | 635,900,470 | 351,928,338 | (3,573,653 | ) | 348,354,685 | |||||||||||
Inflation Protected | 473,727,220 | 23,693,378 | (12,016,327 | ) | 11,677,051 | |||||||||||
International Equities Index | 1,109,390,589 | 138,043,267 | (81,277,657 | ) | 56,765,610 | |||||||||||
International Government Bond* | 178,170,626 | 3,641,819 | (13,903,724 | ) | (10,261,905 | ) | ||||||||||
International Growth | 561,366,331 | 115,367,482 | (19,247,201 | ) | 96,120,281 | |||||||||||
Large Cap Core | 149,981,039 | 32,008,174 | (1,590,557 | ) | 30,417,617 | |||||||||||
Large Capital Growth | 369,101,750 | 67,011,735 | (3,507,276 | ) | 63,504,459 | |||||||||||
Mid Cap Index | 2,582,579,698 | 1,114,879,159 | (137,630,240 | ) | 977,248,919 | |||||||||||
Mid Cap Strategic Growth | 272,436,562 | 64,630,682 | (18,799,426 | ) | 45,831,256 | |||||||||||
Money Market I | 344,291,754 | — | — | — | ||||||||||||
Nasdaq-100® Index | 182,918,995 | 155,047,745 | (2,633,606 | ) | 152,414,139 | |||||||||||
Science & Technology | 937,017,387 | 170,895,566 | (28,916,593 | ) | 141,978,973 | |||||||||||
Small Cap Aggressive Growth | 106,662,592 | 23,582,139 | (2,855,857 | ) | 20,726,282 | |||||||||||
Small Cap | 296,096,900 | 98,747,864 | (16,795,286 | ) | 81,952,578 | |||||||||||
Small Cap Index | 918,456,067 | 417,103,989 | (105,585,632 | ) | 311,518,357 | |||||||||||
Small Cap Special Values | 219,217,144 | 40,881,946 | (10,438,520 | ) | 30,443,426 | |||||||||||
Small-Mid Growth | 122,197,174 | 24,095,357 | (3,238,411 | ) | 20,856,946 | |||||||||||
Stock Index | 2,456,915,203 | 2,096,015,822 | (117,724,194 | ) | 1,978,291,628 | |||||||||||
Value | 84,253,716 | 34,126,980 | (1,707,332 | ) | 32,419,648 |
* | 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, 2015 and the tax character of distributions paid during the year ended May 31, 2015 were as follows:
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the period ended May 31, 2015 | ||||||||||||||||||||
Fund | Ordinary Income | Long- term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Asset Allocation | $ | 5,365,204 | $ | 16,228,510 | $ | 7,509,803 | $ | 7,494,543 | $ | 6,682,112 | ||||||||||
Blue Chip Growth | 4,362,148 | 73,503,822 | 242,745,025 | 2,948,071 | 55,612,748 | |||||||||||||||
Broad Cap Value Income | 885,359 | 3,515,188 | 13,891,214 | 1,017,689 | 1,884,876 | |||||||||||||||
Capital Conservation | 4,914,381 | — | 2,493,000 | 4,829,813 | — | |||||||||||||||
Core Equity | 2,550,301 | (2,859,623 | ) | 54,788,540 | 2,463,039 | — | ||||||||||||||
Dividend Value | 13,504,973 | 60,987,882 | 109,137,870 | 13,426,887 | 40,820,403 |
292 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the period ended May 31, 2015 | ||||||||||||||||||||
Fund | Ordinary Income | Long- term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Dynamic Allocation | $ | 5,109,861 | $ | 9,569,463 | $ | 12,482,286 | $ | 4,139,395 | $ | 3,974,614 | ||||||||||
Emerging Economies | 14,639,003 | (126,422,446 | ) | 37,234,193 | 13,724,791 | — | ||||||||||||||
Foreign Value | 18,119,304 | (26,930,407 | ) | 42,436,201 | 25,076,265 | — | ||||||||||||||
Global Real Estate | 14,771,778 | 21,079,653 | 33,400,341 | 13,761,875 | 12,441,383 | |||||||||||||||
Global Social Awareness | 7,310,854 | (39,502,979 | ) | 27,438,473 | 8,510,951 | — | ||||||||||||||
Global Strategy | 27,958,543 | 28,433,024 | 44,815,106 | 13,523,654 | 15,854,531 | |||||||||||||||
Government Securities | 3,707,716 | (1,771,168 | ) | 4,186,135 | 3,617,730 | — | ||||||||||||||
Growth | 36,277,214 | 116,640,377 | 129,877,977 | 18,509,615 | 99,547,956 | |||||||||||||||
Growth & Income | 2,586,295 | 4,000,944 | 18,251,433 | 1,149,106 | — | |||||||||||||||
Health Sciences | 21,781,989 | 91,717,157 | 348,110,684 | 6,580,925 | 98,998,177 | |||||||||||||||
Inflation Protected | 6,013,213 | 194,385 | 11,163,324 | 10,192,451 | 266,190 | |||||||||||||||
International Equities Index | 28,310,531 | (124,770,551 | ) | 56,439,296 | 36,655,892 | — | ||||||||||||||
International Government Bond* | 4,707,653 | 191,029 | (3,981,015 | ) | 4,707,653 | 191,029 | ||||||||||||||
International Growth | 7,233,626 | 39,002,240 | 96,004,631 | 8,720,692 | 3,866,978 | |||||||||||||||
Large Cap Core | 5,397,704 | 25,934,878 | 30,417,617 | 5,174,439 | 22,702,040 | |||||||||||||||
Large Capital Growth | 4,596,243 | 16,356,235 | 63,499,096 | 44,123,126 | 30,511,749 | |||||||||||||||
Mid Cap Index | 41,789,679 | 277,349,503 | 977,248,919 | 38,094,248 | 172,320,161 | |||||||||||||||
Mid Cap Strategic Growth | 245,031 | 33,719,622 | 45,831,256 | 7,648,738 | 33,126,009 | |||||||||||||||
Money Market I | 9,797 | (518,114 | ) | — | 35,689 | — | ||||||||||||||
Nasdaq-100® Index | 2,781,422 | 12,643,005 | 152,414,139 | 3,665,912 | 2,745,558 | |||||||||||||||
Science & Technology | 33,816,641 | 131,863,328 | 142,015,384 | 9,494,752 | 90,286,968 | |||||||||||||||
Small Cap Aggressive Growth | 1,158,357 | 13,991,856 | 20,726,282 | 6,915,031 | 15,241,078 | |||||||||||||||
Small Cap | 1,585,496 | 46,713,634 | 81,952,688 | 4,466,872 | 48,613,828 | |||||||||||||||
Small Cap Index | 16,016,490 | 70,811,774 | 311,518,363 | 14,723,408 | 55,590,870 | |||||||||||||||
Small Cap Special Values | 5,926,906 | 21,324,342 | 30,443,426 | 2,248,647 | 17,856,384 | |||||||||||||||
Small-Mid Growth | 4,280,042 | 7,374,256 | 20,856,946 | 11,912,196 | 15,480,820 | |||||||||||||||
Stock Index | 80,137,593 | 299,414,695 | 1,978,291,627 | 76,962,802 | 157,065,909 | |||||||||||||||
Value | 1,593,878 | (35,433,443 | ) | 32,419,329 | 1,711,405 | — |
* | 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. |
The tax character of distributions paid during the period ended May 31, 2014 were as follows:
Tax Distributions | ||||||||
For the period ended May 31, 2014 | ||||||||
Ordinary Income | Long-Term Capital Gains | |||||||
Asset Allocation | $ | 7,547,795 | $ | 4,956,536 | ||||
Blue Chip Growth | 1,020,429 | 22,993,791 | ||||||
Broad Cap Value Income | 658,578 | — | ||||||
Capital Conservation | 6,589,241 | 1,707,327 | ||||||
Core Equity | 3,126,657 | — | ||||||
Dividend Value | 12,390,438 | — | ||||||
Dynamic Allocation | 237,825 | 357,011 | ||||||
Emerging Economies | 9,729,373 | — | ||||||
Foreign Value | 19,579,170 | — | ||||||
Global Real Estate | 22,580,240 | 22,276,202 | ||||||
Global Social Awareness | 6,041,120 | — | ||||||
Global Strategy | 17,494,448 | — | ||||||
Government Securities | 3,859,116 | 372,547 | ||||||
Growth | 8,021,572 | — | ||||||
Growth & Income | 842,484 | — | ||||||
Health Sciences | 3,397,651 | 16,067,670 |
293 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Tax Distributions | ||||||||
For the period ended May 31, 2014 | ||||||||
Ordinary Income | Long-Term Capital Gains | |||||||
Inflation Protected | $ | 10,529,835 | $ | 272,023 | ||||
International Equities Index | 27,041,667 | — | ||||||
International Government Bond | 4,859,749 | 549,016 | ||||||
International Growth | 10,866,892 | — | ||||||
Large Cap Core | 6,103,448 | 7,322,679 | ||||||
Large Capital Growth | 16,441,860 | 15,311,798 | ||||||
Mid Cap Index | 42,879,409 | 122,236,308 | ||||||
Mid Cap Strategic Growth | 1,496,140 | 3,561,209 | ||||||
Money Market I | 37,954 | — | ||||||
Nasdaq-100 Index® | 2,645,521 | 575,512 | ||||||
Science & Technology | 1,174,500 | — | ||||||
Small Cap Aggressive Growth | 2,503,260 | 7,260,207 | ||||||
Small Cap | 1,201,353 | 16,963,418 | ||||||
Small Cap Index | 16,056,809 | 23,735,605 | ||||||
Small Cap Special Values | 1,802,415 | — | ||||||
Small-Mid Growth | 41,716 | 4,202,101 | ||||||
Stock Index | 74,753,175 | 96,505,149 | ||||||
Value | 1,912,183 | — |
As of May 31, 2015, 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 | ST | LT | ||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | ||||||||
Blue Chip Growth | — | — | — | — | ||||||||||||
Broad Cap Value Income | — | — | — | — | ||||||||||||
Capital Conservation | — | — | — | — | ||||||||||||
Core Equity | — | 2,859,623 | — | — | ||||||||||||
Dividend Value | — | — | — | — | ||||||||||||
Dynamic Allocation | — | — | — | — | ||||||||||||
Emerging Economies | 26,872,567 | 71,874,688 | 27,675,191 | — | ||||||||||||
Foreign Value | — | 26,930,407 | — | — | ||||||||||||
Global Real Estate | — | — | — | — | ||||||||||||
Global Social Awareness | — | 39,502,979 | — | — | ||||||||||||
Global Strategy | — | — | — | — | ||||||||||||
Government Securities | — | — | 1,017,516 | 753,652 | ||||||||||||
Growth | — | — | — | — | ||||||||||||
Growth & Income | — | — | — | — | ||||||||||||
Health Sciences | — | — | — | — | ||||||||||||
Inflation Protected | — | — | — | — | ||||||||||||
International Equities Index | — | 124,770,551 | — | — | ||||||||||||
International Government Bond | — | — | — | — | ||||||||||||
International Growth | — | — | — | — | ||||||||||||
Large Cap Core | — | — | — | — | ||||||||||||
Large Capital Growth | — | — | — | — | ||||||||||||
Mid Cap Index | — | — | — | — | ||||||||||||
Mid Cap Strategic Growth | — | — | — | — | ||||||||||||
Money Market I | 518,114 | — | — | — | ||||||||||||
Nasdaq-100® Index | — | — | — | — | ||||||||||||
Science & Technology | — | — | — | — | ||||||||||||
Small Cap Aggressive Growth | — | — | — | — | ||||||||||||
Small Cap | — | — | — | — | ||||||||||||
Small Cap Index | — | — | — | — |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Capital Loss Carryforward† | Unlimited† | |||||||||||||||
Fund | 2017 | 2018 | ST | LT | ||||||||||||
Small Cap Special Values | $ | — | $ | — | $ | — | $ | — | ||||||||
Small-Mid Growth | — | — | — | — | ||||||||||||
Stock Index | — | — | — | — | ||||||||||||
Value | — | 35,433,443 | — | — |
† | 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. |
The Funds indicated below utilized capital loss carryforwards, which offset net taxable gains realized in the current year.
Fund | Capital Loss Carryforward Utilized | |||
Asset Allocation | $ | — | ||
Blue Chip Growth | — | |||
Broad Cap Value Income | — | |||
Capital Conservation | 1,460,787 | |||
Core Equity | 29,506,210 | |||
Dividend Value | — | |||
Dynamic Allocation | — | |||
Emerging Economies | — | |||
Foreign Value | 36,892,772 | |||
Global Real Estate | — | |||
Global Social Awareness | 48,869,170 | |||
Global Strategy | — | |||
Government Securities | — | |||
Growth | — | |||
Growth & Income | 579,300 | |||
Health Sciences | — | |||
Inflation Protected | — | |||
International Equities Index | 40,978,184 | |||
International Government Bond | — | |||
International Growth | — | |||
Large Cap Core | — | |||
Large Capital Growth | — | |||
Mid Cap Index | — | |||
Mid Cap Strategic Growth | — | |||
Money Market I | 116,175 | |||
Nasdaq-100® Index | — | |||
Science & Technology | — | |||
Small Cap Aggressive Growth | — | |||
Small Cap | — | |||
Small Cap Index | — | |||
Small Cap Special Values | — | |||
Small-Mid Growth | — | |||
Stock Index | — | |||
Value | 12,099,458 |
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, 2015, 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 | 274,910 | — | — | |||||||||
Broad Cap Value Income | — | — | — |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Fund | Deferred Late Year Ordinary Loss | Deferred Post-October Short-Term Capital Loss | Deferred Post-October Long-Term Capital Loss | |||||||||
Capital Conservation | $ | — | $ | — | $ | — | ||||||
Core Equity | — | — | — | |||||||||
Dividend Value | 14,911 | — | — | |||||||||
Dynamic Allocation | — | — | — | |||||||||
Emerging Economies | 168,928 | 14,958,263 | — | |||||||||
Foreign Value | — | — | — | |||||||||
Global Real Estate | — | — | — | |||||||||
Global Social Awareness | — | — | — | |||||||||
Global Strategy | — | 363,117 | — | |||||||||
Government Securities | — | 15,301 | 231,769 | |||||||||
Growth | — | — | — | |||||||||
Growth & Income | 13 | — | — | |||||||||
Health Sciences | 2,198,636 | — | — | |||||||||
Inflation Protected | 2,043,578 | — | 116,781 | |||||||||
International Equities Index | — | — | — | |||||||||
International Government Bond | — | — | — | |||||||||
International Growth | — | 8,060,660 | — | |||||||||
Large Cap Core | — | — | — | |||||||||
Large Capital Growth | — | — | — | |||||||||
Mid Cap Index | — | — | — | |||||||||
Mid Cap Strategic Growth | 389,817 | 1,206,988 | — | |||||||||
Money Market I | — | — | — | |||||||||
Nasdaq-100 Index® | — | — | — | |||||||||
Science & Technology | — | — | — | |||||||||
Small Cap Aggressive Growth | 115,399 | — | — | |||||||||
Small Cap | — | — | — | |||||||||
Small Cap Index | — | — | — | |||||||||
Small Cap Special Values | — | 1,332,085 | — | |||||||||
Small-Mid Growth | 191,515 | — | — | |||||||||
Stock Index | — | — | — | |||||||||
Value | — | — | — |
For the period ended May 31, 2015, the reclassifications to the components of net assets arising from book/tax differences resulted in increases (decreases) that were primarily due to tax treatment of net investment losses, principal paydown adjustments, disposition of passive foreign investment companies securities, and foreign currency transactions as follows:
Accumulated Undistributed Net Investment Income (Loss) | Accumulated Undistributed Net Realized Gain (Loss) | Capital Paid-in | ||||||||||
Asset Allocation | $ | 146,787 | $ | (146,787 | ) | $ | — | |||||
Blue Chip Growth | 754,775 | (754,775 | ) | — | ||||||||
Broad Cap Value Income | — | — | — | |||||||||
Capital Conservation | 551,017 | (551,017 | ) | — | ||||||||
Core Equity | 16,257 | (16,257 | ) | — | ||||||||
Dividend Value | (32,210 | ) | 32,210 | — | ||||||||
Dynamic Allocation | 1,437,272 | (1,437,272 | ) | — | ||||||||
Emerging Economies | (773,624 | ) | 773,624 | — | ||||||||
Foreign Value | (664,501 | ) | 664,501 | — | ||||||||
Global Real Estate | 7,471,004 | (7,471,004 | ) | — | ||||||||
Global Social Awareness | 113,464 | (113,464 | ) | — | ||||||||
Global Strategy | 8,321,522 | (8,321,522 | ) | — | ||||||||
Government Securities | 433,020 | (433,020 | ) | — | ||||||||
Growth | 189,752 | (189,752 | ) | — | ||||||||
Growth & Income | (17 | ) | 17 | — | ||||||||
Health Sciences | 3,640,789 | (3,640,789 | ) | — | ||||||||
Inflation Protected | (2,496,543 | ) | 2,496,543 | — |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Accumulated Undistributed Net Investment Income (Loss) | Accumulated Undistributed Net Realized Gain (Loss) | Capital Paid-in | ||||||||||
International Equities Index | $ | 724,353 | $ | (724,353 | ) | $ | — | |||||
International Government Bond* | (481,997 | ) | 481,997 | — | ||||||||
International Growth | 192,453 | (192,453 | ) | — | ||||||||
Large Cap Core | 1,403 | (1,403 | ) | — | ||||||||
Large Capital Growth | (3,886 | ) | 3,886 | — | ||||||||
Mid Cap Index | — | — | — | |||||||||
Mid Cap Strategic Growth | 198,703 | (198,703 | ) | — | ||||||||
Money Market I | — | — | — | |||||||||
Nasdaq-100 Index® | 5,550 | (5,550 | ) | — | ||||||||
Science & Technology | 1,335,545 | (1,335,545 | ) | — | ||||||||
Small Cap Aggressive Growth | 685,516 | (685,516 | ) | — | ||||||||
Small Cap | 94,399 | (94,399 | ) | — | ||||||||
Small Cap Index | 128,852 | (128,852 | ) | — | ||||||||
Small Cap Special Values | 294,557 | (294,557 | ) | — | ||||||||
Small-Mid Growth | 346,509 | (346,509 | ) | — | ||||||||
Stock Index | 7,063 | (7,063 | ) | — | ||||||||
Value | (969 | ) | 969 | — |
* | The reclassifications arising from book/tax differences for International Government Bond Fund are for the tax period ended September 30, 2014. |
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 year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,005,187 | $ | 12,765,796 | 2,043,500 | $ | 25,597,828 | 1,726,744 | $ | 30,725,258 | 2,762,241 | $ | 46,334,234 | ||||||||||||||||||||
Reinvested dividends | 1,180,404 | 14,176,655 | 1,033,416 | 12,504,331 | 3,396,799 | 58,560,819 | 1,414,265 | 24,014,220 | ||||||||||||||||||||||||
Shares redeemed | (1,629,347 | ) | (20,611,406 | ) | (2,581,098 | ) | (32,295,350 | ) | (4,727,005 | ) | (85,448,548 | ) | (3,107,684 | ) | (49,509,260 | ) | ||||||||||||||||
Net increase (decrease) | 556,244 | $ | 6,331,045 | 495,818 | $ | 5,806,809 | 396,538 | $ | 3,837,529 | 1,068,822 | $ | 20,839,194 | ||||||||||||||||||||
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 712,531 | $ | 11,133,762 | 904,018 | $ | 12,918,781 | 8,296,539 | $ | 82,863,706 | 3,342,905 | $ | 32,794,098 | ||||||||||||||||||||
Reinvested dividends | 188,846 | 2,902,565 | 45,232 | 658,578 | 486,876 | 4,829,813 | 866,030 | 8,296,568 | ||||||||||||||||||||||||
Shares redeemed | (528,497 | ) | (8,312,343 | ) | (633,641 | ) | (8,853,522 | ) | (2,926,524 | ) | (29,160,092 | ) | (7,212,309 | ) | (70,879,979 | ) | ||||||||||||||||
Net increase (decrease) | 372,880 | $ | 5,723,984 | 315,609 | $ | 4,723,837 | 5,856,891 | $ | 58,533,427 | (3,003,374 | ) | $ | (29,789,313 | ) | ||||||||||||||||||
Core Equity | Dividend Value | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 94,347 | $ | 1,856,186 | 199,165 | $ | 3,402,924 | 6,615,982 | $ | 89,238,667 | 8,790,949 | $ | 108,999,613 | ||||||||||||||||||||
Reinvested dividends | 124,711 | 2,463,039 | 176,249 | 3,126,657 | 4,172,868 | 54,247,290 | 992,029 | 12,390,438 | ||||||||||||||||||||||||
Shares redeemed | (1,604,756 | ) | (31,408,940 | ) | (1,473,698 | ) | (25,222,204 | ) | (9,220,834 | ) | (124,125,295 | ) | (11,681,385 | ) | (145,892,199 | ) | ||||||||||||||||
Net increase (decrease) | (1,385,698 | ) | $ | (27,089,715 | ) | (1,098,284 | ) | $ | (18,692,623 | ) | 1,568,016 | $ | 19,360,662 | (1,898,407 | ) | $ | (24,502,148 | ) | ||||||||||||||
Dynamic Allocation | Emerging Economies | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,294,451 | $ | 27,634,472 | 15,353,023 | $ | 172,469,198 | 12,063,329 | $ | 94,071,720 | 12,876,234 | $ | 99,937,655 | ||||||||||||||||||||
Reinvested dividends | 684,726 | 8,114,009 | 51,725 | 594,836 | 1,837,321 | 13,724,791 | 1,292,081 | 9,729,373 | ||||||||||||||||||||||||
Shares redeemed | (1,705,848 | ) | (20,500,257 | ) | (2,028,358 | ) | (22,705,293 | ) | (14,812,385 | ) | (117,234,833 | ) | (16,921,121 | ) | (133,868,857 | ) | ||||||||||||||||
Net increase (decrease) | 1,273,329 | $ | 15,248,224 | 13,376,390 | $ | 150,358,741 | (911,735 | ) | $ | (9,438,322 | ) | (2,752,806 | ) | $ | (24,201,829 | ) | ||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS — (continued)
Foreign Value | Global Real Estate | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 7,042,747 | $ | 73,899,532 | 9,026,525 | $ | 98,531,451 | 15,425,938 | $ | 132,638,526 | 5,232,559 | $ | 44,918,947 | ||||||||||||||||||||
Reinvested dividends | 2,603,974 | 25,076,265 | 1,788,052 | 19,579,170 | 3,001,519 | 26,203,258 | 5,614,073 | 44,856,442 | ||||||||||||||||||||||||
Shares redeemed | (8,845,962 | ) | (93,052,230 | ) | (11,681,582 | ) | (123,774,557 | ) | (6,800,584 | ) | (60,638,938 | ) | (5,647,409 | ) | (49,422,985 | ) | ||||||||||||||||
Net increase (decrease) | 800,759 | $ | 5,923,567 | (867,005 | ) | $ | (5,663,936 | ) | 11,626,873 | $ | 98,202,846 | 5,199,223 | $ | 40,352,404 | ||||||||||||||||||
Global Social Awareness | Global Strategy | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 775,485 | $ | 16,519,157 | 5,103,228 | $ | 95,370,600 | 764,123 | $ | 10,574,022 | 3,337,318 | $ | 44,325,404 | ||||||||||||||||||||
Reinvested dividends | 400,515 | 8,510,951 | 306,656 | 6,041,120 | 2,259,860 | 29,378,185 | 1,299,736 | 17,494,448 | ||||||||||||||||||||||||
Shares redeemed | (2,985,796 | ) | (64,158,801 | ) | (1,755,619 | ) | (33,833,675 | ) | (4,240,483 | ) | (58,500,183 | ) | (2,251,387 | ) | (30,068,538 | ) | ||||||||||||||||
Net increase (decrease) | (1,809,796 | ) | $ | (39,128,693 | ) | 3,654,265 | $ | 67,578,045 | (1,216,500 | ) | $ | (18,547,976 | ) | 2,385,667 | $ | 31,751,314 | ||||||||||||||||
Government Securities | Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 3,012,850 | $ | 32,852,788 | 4,898,342 | $ | 52,348,477 | 2,434,588 | $ | 40,358,966 | 5,336,270 | $ | 84,907,566 | ||||||||||||||||||||
Reinvested dividends | 334,665 | 3,617,730 | 402,632 | 4,231,663 | 7,397,091 | 118,057,571 | 501,348 | 8,021,572 | ||||||||||||||||||||||||
Shares redeemed | (3,495,111 | ) | (37,927,298 | ) | (2,677,790 | ) | (28,641,757 | ) | (7,710,195 | ) | (131,068,883 | ) | (4,425,497 | ) | (66,996,405 | ) | ||||||||||||||||
Net increase (decrease) | (147,596 | ) | $ | (1,456,780 | ) | 2,623,184 | $ | 27,938,383 | 2,121,484 | $ | 27,347,654 | 1,412,121 | $ | 25,932,733 | ||||||||||||||||||
Growth & Income | Health Sciences | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 754,517 | $ | 14,222,517 | 901,083 | $ | 14,483,430 | 4,161,559 | $ | 103,722,079 | 3,481,915 | $ | 68,643,042 | ||||||||||||||||||||
Reinvested dividends | 59,663 | 1,149,106 | 50,268 | 842,484 | 4,447,308 | 105,579,102 | 908,321 | 19,465,321 | ||||||||||||||||||||||||
Shares redeemed | (1,082,664 | ) | (20,338,572 | ) | (973,622 | ) | (15,737,456 | ) | (1,325,437 | ) | (31,794,913 | ) | (1,846,972 | ) | (36,147,259 | ) | ||||||||||||||||
Net increase (decrease) | (268,484 | ) | $ | (4,966,949 | ) | (22,271 | ) | $ | (411,542 | ) | 7,283,430 | $ | 177,506,268 | 2,543,264 | $ | 51,961,104 | ||||||||||||||||
Inflation Protected | International Equities Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 6,249,169 | $ | 70,056,193 | 4,759,837 | $ | 53,096,405 | 18,814,065 | $ | 131,144,936 | 23,562,068 | $ | 164,092,817 | ||||||||||||||||||||
Reinvested dividends | 960,389 | 10,458,641 | 990,088 | 10,801,858 | 5,495,636 | 36,655,892 | 3,819,444 | 27,041,667 | ||||||||||||||||||||||||
Shares redeemed | (3,979,230 | ) | (44,097,974 | ) | (3,047,720 | ) | (33,935,365 | ) | (30,416,706 | ) | (213,531,625 | ) | (24,188,197 | ) | (167,661,730 | ) | ||||||||||||||||
Net increase (decrease) | 3,230,328 | $ | 36,416,860 | 2,702,205 | $ | 29,962,898 | (6,107,005 | ) | $ | (45,730,797 | ) | 3,193,315 | $ | 23,472,754 | ||||||||||||||||||
International Government Bond | International Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 3,222,162 | $ | 38,342,743 | 3,355,401 | $ | 40,173,045 | 3,679,653 | $ | 50,373,079 | 4,732,967 | $ | 63,857,694 | ||||||||||||||||||||
Reinvested dividends | 433,896 | 4,898,682 | 463,079 | 5,408,765 | 949,296 | 12,587,670 | 800,803 | 10,866,892 | ||||||||||||||||||||||||
Shares redeemed | (3,895,416 | ) | (45,903,589 | ) | (3,594,927 | ) | (42,864,192 | ) | (6,496,505 | ) | (88,948,490 | ) | (8,646,107 | ) | (114,449,363 | ) | ||||||||||||||||
Net increase (decrease) | (239,358 | ) | $ | (2,662,164 | ) | 223,553 | $ | 2,717,618 | (1,867,556 | ) | $ | (25,987,741 | ) | (3,112,337 | ) | $ | (39,724,777 | ) | ||||||||||||||
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NOTES TO FINANCIAL STATEMENTS — (continued)
Large Cap Core | Large Capital Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,061,546 | $ | 15,477,448 | 956,613 | $ | 13,127,525 | 916,273 | $ | 12,937,493 | 237,318 | $ | 3,239,660 | ||||||||||||||||||||
Reinvested dividends | 2,108,660 | 27,876,479 | 990,858 | 13,426,127 | 6,018,942 | 74,634,875 | 2,380,334 | 31,753,658 | ||||||||||||||||||||||||
Shares redeemed | (2,665,981 | ) | (39,163,853 | ) | (1,841,672 | ) | (25,147,132 | ) | (3,078,765 | ) | (42,481,759 | ) | (2,891,816 | ) | (38,813,468 | ) | ||||||||||||||||
Net increase (decrease) | 504,225 | $ | 4,190,074 | 105,799 | $ | 1,406,520 | 3,856,450 | $ | 45,090,609 | (274,164 | ) | $ | (3,820,150 | ) | ||||||||||||||||||
Mid Cap Index | Mid Cap Strategic Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 3,161,621 | $ | 89,153,762 | 2,039,341 | $ | 53,974,497 | 661,786 | $ | 10,592,873 | 2,018,380 | $ | 32,851,349 | ||||||||||||||||||||
Reinvested dividends | 7,626,474 | 210,414,409 | 6,294,919 | 165,115,717 | 2,711,087 | 40,774,747 | 299,251 | 5,057,349 | ||||||||||||||||||||||||
Shares redeemed | (10,509,490 | ) | (295,166,590 | ) | (11,346,589 | ) | (296,224,529 | ) | (3,179,692 | ) | (52,134,999 | ) | (2,111,700 | ) | (33,077,460 | ) | ||||||||||||||||
Net increase (decrease) | 278,605 | $ | 4,401,581 | (3,012,329 | ) | $ | (77,134,315 | ) | 193,181 | $ | (767,379 | ) | 205,931 | $ | 4,831,238 | |||||||||||||||||
Money Market I | Nasdaq-100® Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 88,396,025 | $ | 88,396,025 | 114,828,899 | $ | 114,828,899 | 4,889,469 | $ | 47,302,021 | 3,076,574 | $ | 24,656,065 | ||||||||||||||||||||
Reinvested dividends | 35,689 | 35,689 | 37,954 | 37,954 | 650,251 | 6,411,470 | 381,639 | 3,221,033 | ||||||||||||||||||||||||
Shares redeemed | (111,952,862 | ) | (111,952,862 | ) | (126,193,328 | ) | (126,193,328 | ) | (2,960,797 | ) | (28,990,095 | ) | (3,193,619 | ) | (25,007,617 | ) | ||||||||||||||||
Net increase (decrease) | (23,521,148 | ) | $ | (23,521,148 | ) | (11,326,475 | ) | $ | (11,326,475 | ) | 2,578,923 | $ | 24,723,396 | 264,594 | $ | 2,869,481 | ||||||||||||||||
Science & Technology | Small Cap Aggressive Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 589,915 | $ | 15,684,928 | 826,155 | $ | 19,299,106 | 935,295 | $ | 13,843,984 | 1,627,649 | $ | 24,835,513 | ||||||||||||||||||||
Reinvested dividends | 3,975,367 | 99,781,720 | 47,474 | 1,174,500 | 1,658,391 | 22,156,109 | 649,599 | 9,763,467 | ||||||||||||||||||||||||
Shares redeemed | (4,255,505 | ) | (112,634,602 | ) | (3,400,457 | ) | (75,232,049 | ) | (1,814,359 | ) | (27,154,657 | ) | (1,336,767 | ) | (20,211,073 | ) | ||||||||||||||||
Net increase (decrease) | 309,777 | $ | 2,832,046 | (2,526,828 | ) | $ | (54,758,443 | ) | 779,327 | $ | 8,845,436 | 940,481 | $ | 14,387,907 | ||||||||||||||||||
Small Cap | Small Cap Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 212,330 | $ | 3,195,651 | 219,649 | $ | 3,284,064 | 2,055,330 | $ | 43,395,413 | 3,233,362 | $ | 65,984,871 | ||||||||||||||||||||
Reinvested dividends | 3,891,547 | 53,080,700 | 1,210,985 | 18,164,771 | 3,448,469 | 70,314,278 | 1,961,184 | 39,792,414 | ||||||||||||||||||||||||
Shares redeemed | (3,365,487 | ) | (50,199,012 | ) | (3,250,392 | ) | (48,233,351 | ) | (7,029,329 | ) | (147,780,820 | ) | (5,231,671 | ) | (105,621,297 | ) | ||||||||||||||||
Net increase (decrease) | 738,390 | $ | 6,077,339 | (1,819,758 | ) | $ | (26,784,516 | ) | (1,525,530 | ) | $ | (34,071,129 | ) | (37,125 | ) | $ | 155,988 | |||||||||||||||
Small Cap Special Values | Small-Mid Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 294,003 | $ | 4,118,460 | 498,720 | $ | 6,504,639 | 742,968 | $ | 10,765,123 | 546,377 | $ | 7,723,856 | ||||||||||||||||||||
Reinvested dividends | 1,502,618 | 20,105,031 | 135,520 | 1,802,415 | 2,138,409 | 27,393,016 | 290,275 | 4,243,817 | ||||||||||||||||||||||||
Shares redeemed | (2,395,704 | ) | (33,691,816 | ) | (2,616,671 | ) | (33,711,516 | ) | (1,752,440 | ) | (26,172,868 | ) | (877,708 | ) | (12,496,250 | ) | ||||||||||||||||
Net increase (decrease) | (599,083 | ) | $ | (9,468,325 | ) | (1,982,431 | ) | $ | (25,404,462 | ) | 1,128,937 | $ | 11,985,271 | (41,056 | ) | $ | (528,577 | ) | ||||||||||||||
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Stock Index | Value | |||||||||||||||||||||||||||||||
For the year ended May 31, 2015 | For the year ended May 31, 2014 | For the year ended May 31, 2015 | For the year ended May 31, 2014 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 5,150,180 | $ | 185,842,811 | 5,853,755 | $ | 189,479,508 | 209,472 | $ | 3,116,598 | 721,518 | $ | 9,529,947 | ||||||||||||||||||||
Reinvested dividends | 6,549,922 | 234,028,711 | 5,253,323 | 171,258,324 | 114,170 | 1,711,405 | 143,127 | 1,912,183 | ||||||||||||||||||||||||
Shares redeemed | (17,310,454 | ) | (625,116,855 | ) | (14,188,302 | ) | (461,585,167 | ) | (1,359,828 | ) | (20,300,385 | ) | (1,247,091 | ) | (16,538,907 | ) | ||||||||||||||||
Net increase (decrease) | (5,610,352 | ) | $ | (205,245,333 | ) | (3,081,224 | ) | $ | (100,847,335 | ) | (1,036,186 | ) | $ | (15,472,382 | ) | (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 year ended May 31, 2015, the amount of expense reductions received by each Fund used to offset non-affiliated expenses were as follows:
Fund | Expense Reductions | |||
Blue Chip Growth | $ | 6,013 | ||
Broad Cap Value Income | 2,815 | |||
Core Equity | 3,079 | |||
Emerging Economies | 18,692 | |||
Foreign Value | 24,070 | |||
Global Real Estate | 4,814 | |||
Global Strategy | 5,589 | |||
Growth & Income | 661 | |||
Health Sciences | 6,357 | |||
International Growth | 1,599 | |||
Large Cap Core | 15,697 | |||
Large Capital Growth | 2,787 | |||
Mid Cap Strategic Growth | 19,546 | |||
Science & Technology | 63,190 | |||
Small Cap | 21,195 | |||
Small Cap Special Values | 27,162 | |||
Small-Mid Growth | 8,371 | |||
Value | 38 |
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 May 31, 2015, the Emerging Economies Fund had 19.4%, 15.9% and 13.1% of its net assets invested in equity securities domiciled in South Korea, China and Taiwan, respectively. The Foreign Value Fund had 15.6%, 12.3% and, 10.1% of its net assets invested in equity securities domiciled in the United Kingdom, South Korea and France, respectively. The Global Real Estate Fund had 13.4% of its net assets invested in equity securities domiciled in Japan. The International Equities Index Fund had 21.3% and 18.0% of its net assets invested in equity securities domiciled in the Japan and United Kingdom, respectively. The International Government Bond Fund had 11.9% of its net assets invested in fixed income securities domiciled in Japan. The International Growth Fund had 17.5%, 14.3% and 11.4% of its net assets invested in equity securities domiciled in the United Kingdom, Japan and Switzerland, 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 Fund’s concentration in such investments, it may be subject to risks associated with the U.S. Government agencies or instrumentalities. At May 31, 2015, the Funds had 34.1%, 54.7% and 40.1%, 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.
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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 May 31, 2015, the Global Real Estate Fund had 70.6% 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 which expires on October 9, 2015. 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 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 commitment 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 year ended May 31, 2015, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Asset Allocation | 1 | $ | 9 | $ | 248,416 | 1.34 | % | |||||||||
Blue Chip Growth | 2 | 33 | 434,285 | 1.38 | % | |||||||||||
Broad Cap Value Income | 4 | 31 | 205,054 | 1.38 | % | |||||||||||
Core Equity | 9 | 43 | 126,923 | 1.35 | % | |||||||||||
Dividend Value | 10 | 504 | 1,319,216 | 1.37 | % | |||||||||||
Emerging Economies | 28 | 9,526 | 8,852,183 | 1.38 | % | |||||||||||
Foreign Value | 2 | 57 | 751,153 | 1.37 | % | |||||||||||
Global Real Estate | 14 | 723 | 1,340,780 | 1.39 | % | |||||||||||
Global Social Awareness | 20 | 1,987 | 2,574,850 | 1.39 | % | |||||||||||
Global Strategy | 2 | 23 | 297,124 | 1.39 | % | |||||||||||
Growth | 59 | 3,992 | 1,804,843 | 1.36 | % | |||||||||||
Growth & Income | 2 | 29 | 384,361 | 1.34 | % | |||||||||||
Health Sciences | 1 | 10 | 254,970 | 1.39 | % | |||||||||||
Inflation Protected | 3 | 124 | 1,083,678 | 1.38 | % | |||||||||||
International Equities Index | 2 | 535 | 7,053,294 | 1.36 | % | |||||||||||
International Government Bond | 4 | 23 | 1,060,120 | 1.38 | % | |||||||||||
International Growth | 88 | 2,215 | 689,009 | 1.38 | % | |||||||||||
Large Cap Core | 13 | 189 | 384,957 | 1.36 | % | |||||||||||
Large Capital Growth | 10 | 492 | 1,302,352 | 1.36 | % | |||||||||||
Mid Cap Strategic Growth | 77 | 628 | 214,475 | 1.37 | % | |||||||||||
Nasdaq-100® Index | 1 | 60 | 1,610,758 | 1.35 | % | |||||||||||
Science & Technology | 20 | 771 | 1,002,009 | 1.38 | % | |||||||||||
Small Cap Aggressive Growth | 1 | 6 | 166,464 | 1.34 | % | |||||||||||
Small Cap | 48 | 295 | 169,136 | 1.36 | % | |||||||||||
Small Cap Index | 1 | 292 | 7,779,369 | 1.35 | % | |||||||||||
Small Cap Special Values | 3 | 30 | 269,646 | 1.35 | % | |||||||||||
Stock Index | 10 | 1,841 | 4,815,458 | 1.38 | % | |||||||||||
Value | 1 | 10 | 265,674 | 1.39 | % |
As of May 31, 2015, the following Funds had outstanding borrowings:
Fund | Amount | |||
Growth | $ | 4,247,075 | ||
Stock Index | 6,539,201 |
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
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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 year ended May 31, 2015, 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. 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 year ended May 31, 2015, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain/ (Loss) | |||||||||
Growth | $ | 6,906,178 | $ | 10,620,719 | $ | 1,389,374 | ||||||
Health Sciences | 1,006,160 | 342,925 | 167,526 | |||||||||
International Growth | 471,568 | 1,285,412 | 320,293 | |||||||||
Large Cap Growth | 262,184 | 146,525 | 17,501 | |||||||||
Mid Cap Strategic Growth | — | 433,410 | 167,517 | |||||||||
Small Cap | 249,986 | 5,697,999 | 1,253,655 |
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Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.67 | $ | 12.20 | $ | 10.89 | $ | 11.05 | $ | 9.38 | $ | 17.12 | $ | 14.19 | $ | 11.63 | $ | 11.18 | $ | 8.77 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.23 | 0.25 | 0.21 | 0.23 | 0.25 | (0.02 | ) | (0.02 | ) | 0.03 | 0.00 | 0.00 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.53 | 1.17 | 1.39 | (0.12 | ) | 1.63 | 2.62 | 3.66 | 2.54 | 0.45 | 2.41 | |||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.76 | 1.42 | 1.60 | 0.11 | 1.88 | 2.60 | 3.64 | 2.57 | 0.45 | 2.41 | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.23 | ) | (0.24 | ) | (0.27 | ) | (0.21 | ) | – | (0.03 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | |||||||||||||||||||||
Net realized gain on securities | (0.78 | ) | (0.72 | ) | (0.05 | ) | – | – | (1.76 | ) | (0.68 | ) | – | – | – | |||||||||||||||||||||||||
Total distributions | (1.05 | ) | (0.95 | ) | (0.29 | ) | (0.27 | ) | (0.21 | ) | (1.76 | ) | (0.71 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 12.38 | $ | 12.67 | $ | 12.20 | $ | 10.89 | $ | 11.05 | $ | 17.96 | $ | 17.12 | $ | 14.19 | $ | 11.63 | $ | 11.18 | ||||||||||||||||||||
TOTAL RETURN(a) | 6.24 | % | 12.04 | % | 14.93 | % | 1.10 | % | 20.16 | % | 15.61 | % | 25.69 | % | 22.08 | % | 4.04 | % | 27.53 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.68 | % | 0.69 | % | 0.75 | % | 0.75 | % | 0.74 | % | 0.83 | % | 0.84 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.68 | % | 0.69 | % | 0.75 | % | 0.75 | % | 0.74 | % | 0.83 | % | 0.84 | % | 0.86 | % | 0.86 | % | 0.87 | % | ||||||||||||||||||||
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 | % | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.81 | % | 1.96 | % | 1.79 | % | 2.16 | % | 2.43 | % | (0.12 | )% | (0.10 | )% | 0.21 | % | 0.04 | % | 0.01 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.81 | % | 1.96 | % | 1.79 | % | 2.16 | % | 2.43 | % | (0.12 | )% | (0.10 | )% | 0.20 | % | 0.02 | % | (0.01 | )% | ||||||||||||||||||||
Portfolio turnover rate | 131 | % | 99 | % | 119 | % | 115 | % | 133 | % | 30 | % | 34 | % | 32 | % | 25 | % | 38 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,473 | 13,917 | 13,421 | 13,302 | 13,129 | 36,354 | 35,957 | 34,888 | 34,789 | 39,707 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 179,126 | $ | 176,344 | $ | 163,788 | $ | 144,854 | $ | 145,049 | $ | 652,819 | $ | 615,447 | $ | 495,226 | $ | 404,646 | $ | 444,092 |
(a) | Total return includes, 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
303 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.19 | $ | 13.02 | $ | 10.02 | $ | 10.72 | $ | 8.69 | $ | 9.84 | $ | 10.01 | $ | 10.11 | $ | 9.77 | $ | 9.38 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.21 | 0.31 | 0.22 | 0.20 | 0.15 | 0.17 | 0.19 | 0.18 | 0.27 | 0.32 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.38 | 2.06 | 2.85 | (0.73 | ) | 2.04 | 0.10 | 0.07 | (0.05 | ) | 0.38 | 0.38 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.59 | 2.37 | 3.07 | (0.53 | ) | 2.19 | 0.27 | 0.26 | 0.13 | 0.65 | 0.70 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.20 | ) | (0.07 | ) | (0.17 | ) | (0.16 | ) | (0.19 | ) | (0.29 | ) | (0.23 | ) | (0.31 | ) | (0.31 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.49 | ) | – | – | – | – | – | (0.14 | ) | – | – | – | ||||||||||||||||||||||||||||
Total distributions | (0.75 | ) | (0.20 | ) | (0.07 | ) | (0.17 | ) | (0.16 | ) | (0.19 | ) | (0.43 | ) | (0.23 | ) | (0.31 | ) | (0.31 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 16.03 | $ | 15.19 | $ | 13.02 | $ | 10.02 | $ | 10.72 | $ | 9.92 | $ | 9.84 | $ | 10.01 | $ | 10.11 | $ | 9.77 | ||||||||||||||||||||
TOTAL RETURN(a) | 10.70 | % | 18.24 | % | 30.82 | % | (4.87 | )% | 25.42 | % | 2.76 | % | 2.73 | % | 1.28 | % | 6.81 | % | 7.56 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.63 | % | 0.64 | % | 0.66 | % | 0.66 | % | 0.67 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.92 | % | 0.95 | % | 1.01 | % | 1.06 | % | 1.15 | % | 0.63 | % | 0.64 | % | 0.66 | % | 0.66 | % | 0.67 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.33 | % | 2.14 | % | 1.96 | % | 1.97 | % | 1.60 | % | 1.72 | % | 1.95 | % | 1.73 | % | 2.79 | % | 3.37 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.26 | % | 2.04 | % | 1.80 | % | 1.76 | % | 1.30 | % | 1.72 | % | 1.95 | % | 1.73 | % | 2.79 | % | 3.37 | % | ||||||||||||||||||||
Portfolio turnover rate | 23 | % | 27 | % | 34 | % | 18 | % | 21 | % | 193 | % | 129 | % | 149 | % | 141 | % | 164 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 3,906 | 3,533 | 3,217 | 2,841 | 2,708 | 25,822 | 19,965 | 22,968 | 23,049 | 14,599 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 62,619 | $ | 53,675 | $ | 41,901 | $ | 28,476 | $ | 29,023 | $ | 256,043 | $ | 196,550 | $ | 230,018 | $ | 232,990 | $ | 142,652 |
(a) | Total return includes, 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)
Core Equity Fund | Dividend Value Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.63 | $ | 15.61 | $ | 12.27 | $ | 13.44 | $ | 10.77 | $ | 13.23 | $ | 11.62 | $ | 9.33 | $ | 9.31 | $ | 7.45 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.19 | 0.16 | 0.19 | 0.18 | 0.13 | 0.28 | 0.28 | 0.27 | 0.23 | 0.21 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.74 | 3.07 | 3.36 | (1.21 | ) | 2.69 | 0.85 | 1.59 | 2.17 | (0.08 | ) | 1.75 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.93 | 3.23 | 3.55 | (1.03 | ) | 2.82 | 1.13 | 1.87 | 2.44 | 0.15 | 1.96 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.21 | ) | (0.21 | ) | (0.14 | ) | (0.15 | ) | (0.28 | ) | (0.26 | ) | (0.15 | ) | (0.13 | ) | (0.10 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.85 | ) | – | – | – | – | |||||||||||||||||||||||||||||
Total distributions | (0.18 | ) | (0.21 | ) | (0.21 | ) | (0.14 | ) | (0.15 | ) | (1.13 | ) | (0.26 | ) | (0.15 | ) | (0.13 | ) | (0.10 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 20.38 | $ | 18.63 | $ | 15.61 | $ | 12.27 | $ | 13.44 | $ | 13.23 | $ | 13.23 | $ | 11.62 | $ | 9.33 | $ | 9.31 | ||||||||||||||||||||
TOTAL RETURN(a) | 10.41 | % | 20.78 | % | 29.19 | % | (7.63 | )% | 26.32 | % | 8.69 | % | 16.22 | % | 26.34 | % | 1.62 | % | 26.50 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.82 | % | 0.82 | % | 0.82 | % | 0.82 | % | 0.82 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.92 | % | 0.93 | % | 0.95 | % | 0.94 | % | 0.94 | % | 0.82 | % | 0.83 | % | 0.86 | % | 0.89 | % | 0.96 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | – | 0.00 | % | – | – | – | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.94 | % | 0.95 | % | 1.38 | % | 1.48 | % | 1.07 | % | 2.06 | % | 2.20 | % | 2.62 | % | 2.58 | % | 2.58 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.82 | % | 0.82 | % | 1.23 | % | 1.34 | % | 0.93 | % | 2.05 | % | 2.19 | % | 2.58 | % | 2.52 | % | 2.44 | % | ||||||||||||||||||||
Portfolio turnover rate | 40 | % | 39 | % | 72 | % | 81 | % | 103 | % | 35 | % | 37 | % | 27 | % | 12 | % | 70 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,047 | 14,433 | 15,531 | 17,200 | 18,743 | 48,504 | 46,936 | 48,835 | 37,111 | 20,559 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 265,955 | $ | 268,866 | $ | 242,367 | $ | 210,989 | $ | 251,962 | $ | 641,719 | $ | 621,033 | $ | 567,499 | $ | 346,432 | $ | 191,319 |
(a) | Total return includes, 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
305 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Dynamic Allocation Fund | Emerging Economies Fund | |||||||||||||||||||||||||||||||
Year Ended May 31, | December 19, 2012* to May 31, 2013 | Year Ended May 31, | ||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
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 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.16 | 0.18 | (0.00 | ) | 0.18 | 0.17 | 0.13 | 0.11 | 0.09 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.32 | 0.92 | 0.87 | (0.30 | ) | (0.02 | ) | 0.92 | (1.47 | ) | 1.70 | |||||||||||||||||||||
Total income (loss) from investment operations | 0.48 | 1.10 | 0.87 | (0.12 | ) | 0.15 | 1.05 | (1.36 | ) | 1.79 | ||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||
Net investment income | (0.17 | ) | – | – | (0.16 | ) | (0.12 | ) | (0.05 | ) | (0.08 | ) | (0.14 | ) | ||||||||||||||||||
Net realized gain on securities | (0.20 | ) | (0.04 | ) | – | – | – | – | – | – | ||||||||||||||||||||||
Total distributions | (0.37 | ) | (0.04 | ) | – |
| (0.16 | ) | (0.12 | ) | (0.05 | ) | (0.08 | ) | (0.14 | ) | ||||||||||||||||
Net asset value at end of period | $ | 12.04 | $ | 11.93 | $ | 10.87 | $ | 7.84 | $ | 8.12 | $ | 8.09 | $ | 7.09 | $ | 8.53 | ||||||||||||||||
TOTAL RETURN(a) | 4.04 | % | 10.11 | % | 8.70 | % | (1.35 | )% | 1.97 | % | 14.79 | % | (15.99 | )% | 26.09 | %(e) | ||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.32 | % | 0.32 | % | 0.32 | %@ | 0.94 | % | 0.95 | % | 0.98 | % | 1.04 | % | 1.00 | % | ||||||||||||||||
Ratio of expenses to average net assets(c) | 0.32 | % | 0.34 | % | 0.63 | %@ | 0.94 | % | 0.95 | % | 0.98 | % | 1.04 | % | 1.00 | % | ||||||||||||||||
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) | 1.33 | % | 1.65 | % | (0.04 | )%@ | 2.23 | % | 2.18 | % | 1.71 | % | 1.50 | % | 1.09 | % | ||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.33 | % | 1.63 | % | (0.35 | )%@ | 2.23 | % | 2.18 | % | 1.71 | % | 1.50 | % | 1.09 | % | ||||||||||||||||
Portfolio turnover rate | 31 | % | 9 | % | 2 | % | 65 | % | 55 | % | 53 | % | 108 | % | 131 | % | ||||||||||||||||
Number of shares outstanding at end of period (000’s) | 22,646 | 21,373 | 7,996 | 82,682 | 83,593 | 86,346 | 70,660 | 30,187 | ||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 272,705 | $ | 255,001 | $ | 86,904 | $ | 648,339 | $ | 678,406 | $ | 698,480 | $ | 501,317 | $ | 257,560 |
@ | Annualized |
* | Commencement of operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement 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)
Foreign Value Fund | Global Real Estate Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.44 | $ | 9.61 | $ | 7.30 | $ | 10.18 | $ | 7.74 | $ | 8.58 | $ | 8.95 | $ | 7.46 | $ | 9.00 | $ | 7.44 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.20 | 0.27 | 0.20 | 0.25 | 0.24 | 0.21 | 0.22 | 0.15 | 0.17 | 0.16 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.94 | ) | 1.78 | 2.39 | (2.89 | ) | 2.35 | 0.28 | 0.48 | 1.72 | (0.95 | ) | 2.04 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.74 | ) | 2.05 | 2.59 | (2.64 | ) | 2.59 | 0.49 | 0.70 | 1.87 | (0.78 | ) | 2.20 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.22 | ) | (0.28 | ) | (0.24 | ) | (0.15 | ) | (0.23 | ) | (0.49 | ) | (0.13 | ) | (0.29 | ) | (0.53 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.24 | ) | (0.58 | ) | (0.25 | ) | (0.47 | ) | (0.11 | ) | |||||||||||||||||||||||||
Total distributions | (0.26 | ) | (0.22 | ) | (0.28 | ) | (0.24 | ) | (0.15 | ) | (0.47 | ) | (1.07 | ) | (0.38 | ) | (0.76 | ) | (0.64 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 10.44 | $ | 11.44 | $ | 9.61 | $ | 7.30 | $ | 10.18 | $ | 8.60 | $ | 8.58 | $ | 8.95 | $ | 7.46 | $ | 9.00 | ||||||||||||||||||||
TOTAL RETURN(a) | (6.23 | )% | 21.39 | % | 35.97 | % | (26.11 | )% | 33.69 | % | 5.61 | % | 8.76 | % | 25.49 | % | (7.94 | )% | 30.56 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.79 | % | 0.80 | % | 0.83 | % | 0.83 | % | 0.84 | % | 0.85 | % | 0.86 | % | 0.89 | % | 0.92 | % | 0.92 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.79 | % | 0.80 | % | 0.83 | % | 0.83 | % | 0.84 | % | 0.85 | % | 0.86 | % | 0.89 | % | 0.92 | % | 0.92 | % | ||||||||||||||||||||
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 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.90 | % | 2.53 | % | 2.33 | % | 2.94 | % | 2.60 | % | 2.46 | % | 2.51 | % | 1.79 | % | 2.25 | % | 1.88 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.90 | % | 2.53 | % | 2.33 | % | 2.94 | % | 2.60 | % | 2.46 | % | 2.51 | % | 1.79 | % | 2.25 | % | 1.88 | % | ||||||||||||||||||||
Portfolio turnover rate | 31 | % | 27 | % | 23 | % | 25 | % | 25 | % | 44 | % | 41 | % | 52 | % | 88 | % | 75 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 94,932 | 94,131 | 94,998 | 103,881 | 104,883 | 59,795 | 48,168 | 42,969 | 37,728 | 34,869 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 990,964 | $ | 1,077,192 | $ | 913,025 | $ | 758,094 | $ | 1,067,577 | $ | 514,347 | $ | 413,082 | $ | 384,543 | $ | 281,639 | $ | 313,781 |
(a) | Total return includes, 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
307 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Social Awareness Fund | Global Strategy Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.00 | $ | 17.38 | $ | 13.72 | $ | 15.79 | $ | 12.56 | $ | 14.12 | $ | 12.66 | $ | 10.41 | $ | 12.19 | $ | 10.07 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.35 | 0.42 | 0.33 | 0.29 | 0.25 | 0.30 | 0.39 | 0.34 | 0.41 | 0.36 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.20 | 3.49 | 3.61 | (2.06 | ) | 3.21 | (0.03 | ) | 1.53 | 2.65 | (1.66 | ) | 2.11 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.55 | 3.91 | 3.94 | (1.77 | ) | 3.46 | 0.27 | 1.92 | 2.99 | (1.25 | ) | 2.47 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.44 | ) | (0.29 | ) | (0.28 | ) | (0.30 | ) | (0.23 | ) | (0.37 | ) | (0.46 | ) | (0.74 | ) | (0.53 | ) | (0.35 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.44 | ) | – | – | – | – | |||||||||||||||||||||||||||||
Total distributions | (0.44 | ) | (0.29 | ) | (0.28 | ) | (0.30 | ) | (0.23 | ) | (0.81 | ) | (0.46 | ) | (0.74 | ) | (0.53 | ) | (0.35 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 22.11 | $ | 21.00 | $ | 17.38 | $ | 13.72 | $ | 15.79 | $ | 13.58 | $ | 14.12 | $ | 12.66 | $ | 10.41 | $ | 12.19 | ||||||||||||||||||||
TOTAL RETURN(a) | 7.45 | % | 22.60 | % | 28.99 | % | (11.20 | )% | 27.71 | % | 2.14 | % | 15.32 | % | 29.44 | % | (10.28 | )% | 24.85 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.62 | % | 0.64 | % | 0.68 | % | 0.68 | % | 0.67 | % | 0.64 | % | 0.64 | % | 0.67 | % | 0.67 | % | 0.68 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.62 | % | 0.64 | % | 0.68 | % | 0.68 | % | 0.67 | % | 0.64 | % | 0.64 | % | 0.67 | % | 0.67 | % | 0.68 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | 0.00 | % | 0.00 | % | 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) | 1.63 | % | 2.18 | % | 2.07 | % | 1.98 | % | 1.74 | % | 2.20 | % | 2.90 | % | 2.84 | % | 3.65 | % | 3.26 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.63 | % | 2.18 | % | 2.07 | % | 1.98 | % | 1.74 | % | 2.20 | % | 2.90 | % | 2.84 | % | 3.65 | % | 3.26 | % | ||||||||||||||||||||
Portfolio turnover rate | 88 | % | 99 | % | 101 | % | 102 | % | 119 | % | 28 | % | 25 | % | 23 | % | 28 | % | 17 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 19,139 | 20,949 | 17,295 | 17,590 | 18,506 | 37,891 | 39,108 | 36,722 | 42,243 | 44,818 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 423,242 | $ | 439,972 | $ | 300,545 | $ | 241,281 | $ | 292,234 | $ | 514,564 | $ | 552,074 | $ | 465,060 | $ | 439,884 | $ | 546,500 |
(a) | Total return includes, 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)
Government Securities Fund | Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.73 | $ | 10.95 | $ | 11.34 | $ | 10.70 | $ | 10.67 | $ | 16.76 | $ | 13.93 | $ | 11.67 | $ | 11.85 | $ | 9.20 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.22 | 0.24 | 0.23 | 0.27 | 0.24 | 0.10 | 0.10 | 0.12 | 0.09 | 0.07 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.11 | (0.17 | ) | (0.28 | ) | 0.70 | 0.12 | 1.67 | 2.87 | 2.23 | (0.19 | ) | 2.65 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.33 | 0.07 | (0.05 | ) | 0.97 | 0.36 | 1.77 | 2.97 | 2.35 | (0.10 | ) | 2.72 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.25 | ) | (0.28 | ) | (0.33 | ) | (0.33 | ) | (0.11 | ) | (0.14 | ) | (0.09 | ) | (0.08 | ) | (0.07 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (0.04 | ) | (0.06 | ) | – | – | (2.02 | ) | – | – | – | – | |||||||||||||||||||||||||||
Total distributions | (0.24 | ) | (0.29 | ) | (0.34 | ) | (0.33 | ) | (0.33 | ) | (2.13 | ) | (0.14 | ) | (0.09 | ) | (0.08 | ) | (0.07 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 10.82 | $ | 10.73 | $ | 10.95 | $ | 11.34 | $ | 10.70 | $ | 16.40 | $ | 16.76 | $ | 13.93 | $ | 11.67 | $ | 11.85 | ||||||||||||||||||||
TOTAL RETURN(a) | 3.07 | % | 0.67 | % | (0.49 | )% | 9.19 | %(e) | 3.45 | % | 10.89 | % | 21.34 | % | 20.22 | % | (0.78 | )% | 29.60 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.64 | % | 0.65 | % | 0.66 | % | 0.67 | % | 0.65 | % | 0.80 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.81 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.64 | % | 0.65 | % | 0.66 | % | 0.69 | % | 0.65 | % | 0.80 | % | 0.81 | % | 0.83 | % | 0.84 | % | 0.85 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.01 | % | 2.19 | % | 2.04 | % | 2.51 | % | 2.22 | % | 0.60 | % | 0.65 | % | 0.95 | % | 0.77 | % | 0.71 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.01 | % | 2.19 | % | 2.04 | % | 2.49 | % | 2.22 | % | 0.60 | % | 0.65 | % | 0.93 | % | 0.74 | % | 0.67 | % | ||||||||||||||||||||
Portfolio turnover rate | 7 | % | 28 | % | 64 | % | 230 | % | 353 | % | 99 | % | 90 | % | 81 | % | 87 | % | 95 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,967 | 15,115 | 12,492 | 12,866 | 10,389 | 62,664 | 60,543 | 59,131 | 65,596 | 67,486 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 161,977 | $ | 162,121 | $ | 136,786 | $ | 145,929 | $ | 111,118 | $ | 1,027,988 | $ | 1,014,642 | $ | 823,541 | $ | 765,515 | $ | 800,022 |
(a) | Total return includes, 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 reimbursements for losses realized 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)
Growth & Income Fund | Health Sciences Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 17.74 | $ | 14.78 | $ | 12.03 | $ | 12.80 | $ | 10.48 | $ | 21.10 | $ | 16.52 | $ | 12.61 | $ | 12.78 | $ | 9.07 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.20 | 0.18 | 0.13 | 0.11 | 0.09 | (0.14 | ) | (0.12 | ) | (0.07 | ) | (0.07 | ) | 0.00 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.94 | 2.91 | 2.74 | (0.79 | ) | 2.37 | 9.66 | 5.43 | 4.82 | 0.68 | 3.71 | |||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.14 | 3.09 | 2.87 | (0.68 | ) | 2.46 | 9.52 | 5.31 | 4.75 | 0.61 | 3.71 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.13 | ) | (0.12 | ) | (0.09 | ) | (0.14 | ) | – | – | – | (0.26 | ) | – | ||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (3.61 | ) | (0.73 | ) | (0.84 | ) | (0.52 | ) | – | ||||||||||||||||||||||||||
Total distributions | (0.18 | ) | (0.13 | ) | (0.12 | ) | (0.09 | ) | (0.14 | ) | (3.61 | ) | (0.73 | ) | (0.84 | ) | (0.78 | ) | – | |||||||||||||||||||||
Net asset value at end of period | $ | 19.70 | $ | 17.74 | $ | 14.78 | $ | 12.03 | $ | 12.80 | $ | 27.01 | $ | 21.10 | $ | 16.52 | $ | 12.61 | $ | 12.78 | ||||||||||||||||||||
TOTAL RETURN(a) | 12.11 | % | 20.97 | % | 24.00 | % | (5.23 | )% | 23.60 | % | 47.50 | % | 32.09 | % | 39.14 | % | 5.81 | % | 40.90 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 1.09 | % | 1.11 | % | 1.15 | % | 1.16 | % | 1.17 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.90 | % | 0.93 | % | 0.96 | % | 0.98 | % | 0.96 | % | 1.09 | % | 1.11 | % | 1.15 | % | 1.16 | % | 1.17 | % | ||||||||||||||||||||
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) | 1.05 | % | 1.10 | % | 1.01 | % | 0.92 | % | 0.76 | % | (0.59 | )% | (0.59 | )% | (0.48 | )% | (0.60 | )% | 0.01 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.00 | % | 1.02 | % | 0.90 | % | 0.79 | % | 0.65 | % | (0.59 | )% | (0.59 | )% | (0.48 | )% | (0.60 | )% | 0.01 | % | ||||||||||||||||||||
Portfolio turnover rate | 38 | % | 169 | % | 299 | % | 227 | % | 167 | % | 26 | % | 59 | % | 16 | % | 21 | % | 38 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 6,180 | 6,449 | 6,471 | 6,737 | 7,119 | 34,776 | 27,492 | 24,949 | 20,668 | 17,920 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 121,742 | $ | 114,405 | $ | 95,667 | $ | 81,057 | $ | 91,114 | $ | 939,311 | $ | 580,157 | $ | 412,098 | $ | 260,654 | $ | 229,069 |
(a) | Total return includes, 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
310 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Inflation Protected Fund | International Equities Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.33 | $ | 11.53 | $ | 11.79 | $ | 10.89 | $ | 10.17 | $ | 7.44 | $ | 6.47 | $ | 5.22 | $ | 6.84 | $ | 5.38 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.12 | 0.24 | 0.23 | 0.37 | 0.34 | 0.19 | 0.23 | 0.17 | 0.16 | 0.16 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.30 | ) | (0.17 | ) | (0.18 | ) | 0.70 | 0.62 | (0.25 | ) | 0.92 | 1.25 | (1.60 | ) | 1.45 | |||||||||||||||||||||||||
Total income (loss) from investment operations | (0.18 | ) | 0.07 | 0.05 | 1.07 | 0.96 | (0.06 | ) | 1.15 | 1.42 | (1.44 | ) | 1.61 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.22 | ) | (0.31 | ) | (0.17 | ) | (0.24 | ) | (0.25 | ) | (0.18 | ) | (0.17 | ) | (0.18 | ) | (0.15 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.02 | ) | (0.05 | ) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||
Total distributions | (0.23 | ) | (0.27 | ) | (0.31 | ) | (0.17 | ) | (0.24 | ) | (0.25 | ) | (0.18 | ) | (0.17 | ) | (0.18 | ) | (0.15 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 10.92 | $ | 11.33 | $ | 11.53 | $ | 11.79 | $ | 10.89 | $ | 7.13 | $ | 7.44 | $ | 6.47 | $ | 5.22 | $ | 6.84 | ||||||||||||||||||||
TOTAL RETURN(a) | (1.57 | )% | 0.73 | % | 0.32 | % | 9.93 | % | 9.57 | % | (0.57 | )% | 17.90 | % | 27.39 | % | (21.18 | )% | 30.18 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.58 | % | 0.59 | % | 0.60 | % | 0.61 | % | 0.63 | % | 0.44 | % | 0.46 | % | 0.53 | % | 0.52 | % | 0.47 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.58 | % | 0.59 | % | 0.60 | % | 0.61 | % | 0.63 | % | 0.44 | % | 0.46 | % | 0.53 | % | 0.52 | % | 0.47 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.12 | % | 2.16 | % | 1.94 | % | 3.22 | % | 3.30 | % | 2.62 | % | 3.27 | % | 2.85 | % | 2.78 | % | 2.53 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.12 | % | 2.16 | % | 1.94 | % | 3.22 | % | 3.30 | % | 2.62 | % | 3.27 | % | 2.85 | % | 2.78 | % | 2.53 | % | ||||||||||||||||||||
Portfolio turnover rate | 33 | % | 45 | % | 60 | % | 52 | % | 49 | % | 40 | % | 60 | % | 51 | % | 99 | % | 56 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 44,644 | 41,413 | 38,711 | 35,093 | 31,956 | 151,718 | 157,825 | 154,632 | 132,279 | 150,421 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 487,477 | $ | 469,056 | $ | 446,317 | $ | 413,818 | $ | 347,947 | $ | 1,081,174 | $ | 1,174,840 | $ | 1,000,950 | $ | 689,840 | $ | 1,028,197 |
(a) | Total return includes, 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
311 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Government Bond Fund | International Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.24 | $ | 12.12 | $ | 12.62 | $ | 12.86 | $ | 11.92 | $ | 14.14 | $ | 12.36 | $ | 9.81 | $ | 12.04 | $ | 9.04 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.32 | 0.33 | 0.35 | 0.39 | 0.42 | 0.16 | 0.16 | 0.17 | 0.18 | 0.17 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.98 | ) | 0.15 | (0.06 | ) | (0.03 | ) | 1.12 | 0.17 | 1.87 | 2.55 | (2.22 | ) | 2.98 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.66 | ) | 0.48 | 0.29 | 0.36 | 1.54 | 0.33 | 2.03 | 2.72 | (2.04 | ) | 3.15 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.22 | ) | (0.45 | ) | (0.46 | ) | (0.60 | ) | (0.20 | ) | (0.25 | ) | (0.17 | ) | (0.19 | ) | (0.15 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.03 | ) | (0.14 | ) | (0.34 | ) | (0.14 | ) | – | (0.09 | ) | – | – | – | – | |||||||||||||||||||||||||
Total distributions | (0.32 | ) | (0.36 | ) | (0.79 | ) | (0.60 | ) | (0.60 | ) | (0.29 | ) | (0.25 | ) | (0.17 | ) | (0.19 | ) | (0.15 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 11.26 | $ | 12.24 | $ | 12.12 | $ | 12.62 | $ | 12.86 | $ | 14.18 | $ | 14.14 | $ | 12.36 | $ | 9.81 | $ | 12.04 | ||||||||||||||||||||
TOTAL RETURN(a) | (5.43 | )% | 4.12 | % | 2.03 | % | 2.86 | % | 13.16 | % | 2.48 | % | 16.48 | % | 27.92 | % | (16.96 | )% | 35.00 | %(e) | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.65 | % | 0.65 | % | 0.66 | % | 0.67 | % | 0.67 | % | 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 | % | 1.06 | % | 1.06 | % | 1.10 | % | 1.11 | % | 1.12 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.69 | % | 2.78 | % | 2.75 | % | 3.08 | % | 3.34 | % | 1.15 | % | 1.22 | % | 1.51 | % | 1.72 | % | 1.53 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.69 | % | 2.78 | % | 2.75 | % | 3.08 | % | 3.34 | % | 1.11 | % | 1.17 | % | 1.42 | % | 1.62 | % | 1.42 | % | ||||||||||||||||||||
Portfolio turnover rate | 43 | % | 42 | % | 74 | % | 126 | % | 113 | % | 44 | % | 53 | % | 55 | % | 53 | % | 67 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 15,220 | 15,459 | 15,235 | 15,494 | 14,721 | 43,817 | 45,685 | 48,797 | 49,532 | 51,294 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 171,312 | $ | 189,241 | $ | 184,590 | $ | 195,494 | $ | 189,309 | $ | 621,387 | $ | 646,032 | $ | 603,086 | $ | 485,839 | $ | 617,720 |
(a) | Total return includes, 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
312 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Large Cap Core Fund | Large Capital Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.25 | $ | 12.85 | $ | 11.22 | $ | 12.33 | $ | 9.37 | $ | 13.97 | $ | 12.46 | $ | 11.48 | $ | 12.31 | $ | 9.73 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.15 | 0.14 | 0.12 | 0.09 | 0.11 | 0.08 | 0.07 | 0.02 | 0.03 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.84 | 2.40 | 3.10 | (0.73 | ) | 2.98 | 1.35 | 2.58 | 1.94 | (0.82 | ) | 2.59 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.95 | 2.55 | 3.24 | (0.61 | ) | 3.07 | 1.46 | 2.66 | 2.01 | (0.80 | ) | 2.62 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.14 | ) | (0.12 | ) | (0.11 | ) | (0.11 | ) | (0.08 | ) | (0.07 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | ||||||||||||||||||||
Net realized gain on securities | (2.30 | ) | (1.01 | ) | (1.49 | ) | (0.39 | ) | – | (2.60 | ) | (1.08 | ) | (1.00 | ) | – | – | |||||||||||||||||||||||
Total distributions | (2.46 | ) | (1.15 | ) | (1.61 | ) | (0.50 | ) | (0.11 | ) | (2.68 | ) | (1.15 | ) | (1.03 | ) | (0.03 | ) | (0.04 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 13.74 | $ | 14.25 | $ | 12.85 | $ | 11.22 | $ | 12.33 | $ | 12.75 | $ | 13.97 | $ | 12.46 | $ | 11.48 | $ | 12.31 | ||||||||||||||||||||
TOTAL RETURN(a) | 14.34 | % | 20.28 | % | 31.57 | % | (4.78 | )% | 32.94 | % | 11.01 | % | 21.79 | % | 18.63 | % | (6.45 | )% | 27.01 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.83 | % | 0.84 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.75 | % | 0.76 | % | 0.77 | % | 0.78 | % | 0.78 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.83 | % | 0.84 | % | 0.85 | % | 0.89 | % | 0.85 | % | 0.75 | % | 0.76 | % | 0.77 | % | 0.78 | % | 0.78 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | % | 0.01 | % | 0.01 | % | – | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.75 | % | 1.09 | % | 1.14 | % | 1.04 | % | 0.85 | % | 0.83 | % | 0.57 | % | 0.58 | % | 0.19 | % | 0.25 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.75 | % | 1.09 | % | 1.14 | % | 0.99 | % | 0.85 | % | 0.83 | % | 0.57 | % | 0.58 | % | 0.19 | % | 0.25 | % | ||||||||||||||||||||
Portfolio turnover rate | 64 | % | 76 | % | 64 | % | 106 | % | 44 | % | 26 | % | 137 | % | 195 | % | 173 | % | 129 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,111 | 12,606 | 12,501 | 11,170 | 11,843 | 33,071 | 29,214 | 29,489 | 29,965 | 32,735 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 180,201 | $ | 179,649 | $ | 160,617 | $ | 125,281 | $ | 145,975 | $ | 421,567 | $ | 408,050 | $ | 367,527 | $ | 343,971 | $ | 402,977 |
(a) | Total return includes, 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
313 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Index Fund | Mid Cap Strategic Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.24 | $ | 24.44 | $ | 19.74 | $ | 22.71 | $ | 17.30 | $ | 15.99 | $ | 14.16 | $ | 11.83 | $ | 13.62 | $ | 9.92 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.32 | 0.28 | 0.29 | 0.21 | 0.18 | (0.03 | ) | (0.01 | ) | 0.08 | 0.01 | 0.01 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.86 | 3.99 | 5.38 | (1.74 | ) | 5.43 | 1.83 | 2.12 | 2.55 | (1.74 | ) | 3.70 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.18 | 4.27 | 5.67 | (1.53 | ) | 5.61 | 1.80 | 2.11 | 2.63 | (1.73 | ) | 3.71 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.31 | ) | (0.22 | ) | (0.26 | ) | (0.20 | ) | – | (0.08 | ) | – | (0.06 | ) | (0.01 | ) | ||||||||||||||||||||||
Net realized gain on securities | (1.61 | ) | (1.16 | ) | (0.75 | ) | (1.18 | ) | – | (2.44 | ) | (0.20 | ) | (0.30 | ) | – | – | |||||||||||||||||||||||
Total distributions | (1.90 | ) | (1.47 | ) | (0.97 | ) | (1.44 | ) | (0.20 | ) | (2.44 | ) | (0.28 | ) | (0.30 | ) | (0.06 | ) | (0.01 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 28.52 | $ | 27.24 | $ | 24.44 | $ | 19.74 | $ | 22.71 | $ | 15.35 | $ | 15.99 | $ | 14.16 | $ | 11.83 | $ | 13.62 | ||||||||||||||||||||
TOTAL RETURN(a) | 11.92 | % | 17.69 | % | 29.61 | % | (6.38 | )% | 32.54 | %(e) | 11.60 | % | 14.78 | % | 22.76 | % | (12.67 | )% | 37.37 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.36 | % | 0.36 | % | 0.38 | % | 0.38 | % | 0.39 | % | 0.81 | % | 0.82 | % | 0.85 | % | 0.85 | % | 0.84 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.36 | % | 0.36 | % | 0.38 | % | 0.38 | % | 0.39 | % | 0.81 | % | 0.82 | % | 0.86 | % | 0.86 | % | 0.84 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.15 | % | 1.06 | % | 1.33 | % | 1.02 | % | 0.93 | % | (0.21 | )% | (0.06 | )% | 0.63 | % | 0.09 | % | 0.10 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.15 | % | 1.06 | % | 1.33 | % | 1.02 | % | 0.93 | % | (0.21 | )% | (0.06 | )% | 0.62 | % | 0.08 | % | 0.10 | % | ||||||||||||||||||||
Portfolio turnover rate | 13 | % | 11 | % | 8 | % | 11 | % | 18 | % | 47 | % | 65 | % | 61 | % | 62 | % | 134 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 116,969 | 116,691 | 119,703 | 122,335 | 120,474 | 18,777 | 18,583 | 18,378 | 20,800 | 25,052 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 3,335,644 | $ | 3,179,031 | $ | 2,925,308 | $ | 2,415,464 | $ | 2,736,232 | $ | 288,138 | $ | 297,068 | $ | 260,138 | $ | 246,037 | $ | 341,241 |
(a) | Total return includes, 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
314 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Money Market I Fund | Nasdaq-100® Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 8.71 | $ | 6.98 | $ | 6.03 | $ | 6.45 | $ | 5.03 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 | 0.10 | 0.07 | 0.04 | 0.02 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.00 | – | 0.00 | 0.00 | (0.00 | ) | 1.79 | 1.74 | 1.06 | 0.31 | 1.41 | |||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.86 | 1.84 | 1.13 | 0.35 | 1.43 | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.09 | ) | (0.07 | ) | (0.03 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.12 | ) | (0.04 | ) | (0.15 | ) | (0.75 | ) | – | ||||||||||||||||||||||||||
Total distributions | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.21 | ) | (0.11 | ) | (0.18 | ) | (0.77 | ) | (0.01 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 10.36 | $ | 8.71 | $ | 6.98 | $ | 6.03 | $ | 6.45 | ||||||||||||||||||||
TOTAL RETURN(a) | 0.01 | %(f) | 0.01 | % | 0.01 | % | 0.01 | %(e) | 0.01 | % | 21.42 | % | 26.44 | % | 19.16 | % | 6.91 | % | 28.53 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.14 | % | 0.16 | % | 0.21 | % | 0.17 | % | 0.24 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.51 | % | 0.51 | % | 0.52 | % | 0.52 | % | 0.52 | % | 0.54 | % | 0.57 | % | 0.57 | % | 0.59 | % | 0.63 | % | ||||||||||||||||||||
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 | % | 0.72 | % | 1.28 | % | 1.06 | % | 0.59 | % | 0.43 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.36 | )% | (0.34 | )% | (0.30 | )% | (0.33 | )% | (0.27 | )% | 0.71 | % | 1.25 | % | 1.02 | % | 0.52 | % | 0.33 | % | ||||||||||||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A | 7 | % | 8 | % | 5 | % | 12 | % | 29 | % | |||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 343,881 | 367,402 | 378,729 | 409,147 | 474,285 | 31,854 | 29,275 | 29,011 | 27,028 | 19,713 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 343,363 | $ | 366,768 | $ | 378,086 | $ | 408,487 | $ | 473,443 | $ | 330,077 | $ | 255,120 | $ | 202,595 | $ | 162,983 | $ | 127,160 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate. |
(f) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate (See Note 3). |
See Notes to Financial Statements
315 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Science & Technology Fund | Small Cap Aggressive Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.83 | $ | 19.19 | $ | 15.84 | $ | 17.57 | $ | 12.93 | $ | 14.12 | $ | 13.18 | $ | 10.33 | $ | 12.63 | $ | 9.84 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.03 | ) | (0.04 | ) | 0.03 | (0.01 | ) | (0.03 | ) | (0.06 | ) | (0.11 | ) | (0.07 | ) | (0.06 | ) | (0.06 | ) | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 4.70 | 5.71 | 3.32 | (1.72 | ) | 4.67 | 4.01 | 2.50 | 3.08 | (1.46 | ) | 2.85 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 4.67 | 5.67 | 3.35 | (1.73 | ) | 4.64 | 3.95 | 2.39 | 3.01 | (1.52 | ) | 2.79 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.03 | ) | – | – | (0.00 | ) | – | – | – | – | – | ||||||||||||||||||||||||||||
Net realized gain on securities | (2.82 | ) | – | – | – | – | (3.51 | ) | (1.45 | ) | (0.16 | ) | (0.78 | ) | – | |||||||||||||||||||||||||
Total distributions | (2.82 | ) | (0.03 | ) | – | – | (0.00 | ) | (3.51 | ) | (1.45 | ) | (0.16 | ) | (0.78 | ) | – | |||||||||||||||||||||||
Net asset value at end of period | $ | 26.68 | $ | 24.83 | $ | 19.19 | $ | 15.84 | $ | 17.57 | $ | 14.56 | $ | 14.12 | $ | 13.18 | $ | 10.33 | $ | 12.63 | ||||||||||||||||||||
TOTAL RETURN(a) | 19.52 | % | 29.55 | % | 21.15 | % | (9.85 | )% | 35.89 | % | 30.24 | % | 17.46 | % | 29.43 | % | (11.72 | )% | 28.35 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.98 | % | 0.99 | % | 1.02 | % | 1.02 | % | 1.02 | % | 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 | % | 1.01 | % | 1.02 | % | 1.05 | % | 1.10 | % | 1.05 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | 0.04 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.12 | )% | (0.18 | )% | 0.15 | % | (0.10 | )% | (0.22 | )% | (0.42 | )% | (0.70 | )% | (0.61 | )% | (0.59 | )% | (0.62 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.12 | )% | (0.18 | )% | 0.15 | % | (0.10 | )% | (0.22 | )% | (0.44 | )% | (0.72 | )% | (0.67 | )% | (0.70 | )% | (0.68 | )% | ||||||||||||||||||||
Portfolio turnover rate | 101 | % | 102 | % | 99 | % | 113 | % | 111 | % | 94 | % | 111 | % | 97 | % | 169 | % | 42 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 38,035 | 37,726 | 40,253 | 45,092 | 50,582 | 7,959 | 7,180 | 6,240 | 6,994 | 7,230 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,014,902 | $ | 936,688 | $ | 772,614 | $ | 714,118 | $ | 888,918 | $ | 115,869 | $ | 101,410 | $ | 82,222 | $ | 72,224 | $ | 91,326 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
316 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Fund | Small Cap Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.00 | $ | 13.46 | $ | 10.33 | $ | 11.22 | $ | 8.31 | $ | 20.40 | $ | 18.13 | $ | 14.03 | $ | 15.60 | $ | 12.15 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.02 | 0.00 | 0.04 | 0.00 | 0.01 | 0.24 | 0.21 | 0.24 | 0.18 | 0.13 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.55 | 2.31 | 3.10 | (0.88 | ) | 2.92 | 1.99 | 2.80 | 4.06 | (1.61 | ) | 3.44 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.57 | 2.31 | 3.14 | (0.88 | ) | 2.93 | 2.23 | 3.01 | 4.30 | (1.43 | ) | 3.57 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.05 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.23 | ) | (0.26 | ) | (0.20 | ) | (0.14 | ) | (0.12 | ) | |||||||||||||||||||||
Net realized gain on securities | (2.39 | ) | (0.72 | ) | – | – | – | (1.17 | ) | (0.48 | ) | – | – | – | ||||||||||||||||||||||||||
Total distributions | (2.39 | ) | (0.77 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | (1.40 | ) | (0.74 | ) | (0.20 | ) | (0.14 | ) | (0.12 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 14.18 | $ | 15.00 | $ | 13.46 | $ | 10.33 | $ | 11.22 | $ | 21.23 | $ | 20.40 | $ | 18.13 | $ | 14.03 | $ | 15.60 | ||||||||||||||||||||
TOTAL RETURN(a) | 11.10 | % | 17.13 | % | 30.40 | % | (7.81 | )% | 35.24 | % | 11.23 | % | 16.64 | % | 30.91 | % | (9.13 | )% | 29.44 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.40 | % | 0.40 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.00 | % | 1.01 | % | 1.04 | % | 1.05 | % | 1.05 | % | 0.40 | % | 0.40 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.15 | % | 0.01 | % | 0.35 | % | 0.01 | % | 0.05 | % | 1.15 | % | 1.03 | % | 1.51 | % | 1.26 | % | 0.95 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.08 | % | (0.07 | )% | 0.24 | % | (0.11 | )% | (0.07 | )% | 1.15 | % | 1.03 | % | 1.51 | % | 1.26 | % | 0.95 | % | ||||||||||||||||||||
Portfolio turnover rate | 32 | % | 32 | % | 27 | % | 39 | % | 38 | % | 14 | % | 13 | % | 12 | % | 14 | % | 13 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 24,990 | 24,251 | 26,071 | 28,964 | 31,857 | 52,734 | 54,260 | 54,297 | 57,427 | 62,750 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 354,294 | $ | 363,807 | $ | 350,845 | $ | 299,145 | $ | 357,571 | $ | 1,119,463 | $ | 1,106,865 | $ | 984,357 | $ | 805,784 | $ | 978,592 |
(a) | Total return includes, 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
317 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Special Values Fund | Small-Mid Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.87 | $ | 11.32 | $ | 8.99 | $ | 9.67 | $ | 8.08 | $ | 14.54 | $ | 12.67 | $ | 10.56 | $ | 11.72 | $ | 8.54 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.18 | 0.12 | 0.07 | 0.05 | 0.06 | (0.06 | ) | (0.07 | ) | 0.00 | (0.05 | ) | (0.06 | ) | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.92 | 2.53 | 2.32 | (0.66 | ) | 1.59 | 2.72 | 2.45 | 2.11 | (1.11 | ) | 3.24 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.10 | 2.65 | 2.39 | (0.61 | ) | 1.65 | 2.66 | 2.38 | 2.11 | (1.16 | ) | 3.18 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.10 | ) | (0.06 | ) | (0.07 | ) | (0.06 | ) | – | (0.01 | ) | – | – | (0.00 | ) | |||||||||||||||||||||||
Net realized gain on securities | (1.09 | ) | – | – | – | – | (3.63 | ) | (0.50 | ) | – | – | – | |||||||||||||||||||||||||||
Total distributions | (1.23 | ) | (0.10 | ) | (0.06 | ) | (0.07 | ) | (0.06 | ) | (3.63 | ) | (0.51 | ) | – | – | (0.00 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 13.74 | $ | 13.87 | $ | 11.32 | $ | 8.99 | $ | 9.67 | $ | 13.57 | $ | 14.54 | $ | 12.67 | $ | 10.56 | $ | 11.72 | ||||||||||||||||||||
TOTAL RETURN(a) | 8.16 | % | 23.43 | % | 26.67 | % | (6.27 | )% | 20.40 | % | 19.75 | % | 18.77 | % | 19.98 | % | (9.90 | )% | 37.24 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.87 | % | 0.88 | % | 0.90 | % | 0.90 | % | 0.90 | % | 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 | % | 1.00 | % | 1.03 | % | 1.05 | % | 1.06 | % | 1.15 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.02 | % | 0.02 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.23 | % | 0.89 | % | 0.74 | % | 0.59 | % | 0.65 | % | (0.41 | )% | (0.50 | )% | 0.03 | % | (0.52 | )% | (0.61 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.23 | % | 0.89 | % | 0.72 | % | 0.57 | % | 0.63 | % | (0.41 | )% | (0.52 | )% | (0.02 | )% | (0.58 | )% | (0.76 | )% | ||||||||||||||||||||
Portfolio turnover rate | 52 | % | 65 | % | 58 | % | 60 | % | 41 | % | 55 | % | 148 | % | 107 | % | 120 | % | 155 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 17,394 | 17,993 | 19,976 | 20,167 | 23,569 | 9,713 | 8,584 | 8,625 | 9,581 | 10,329 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 238,986 | $ | 249,579 | $ | 226,140 | $ | 181,376 | $ | 227,951 | $ | 131,771 | $ | 124,839 | $ | 109,283 | $ | 101,132 | $ | 121,033 |
(a) | Total return includes, 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
318 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Stock Index Fund | Value Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.65 | $ | 30.07 | $ | 24.50 | $ | 26.71 | $ | 21.93 | $ | 14.18 | $ | 12.40 | $ | 9.63 | $ | 10.28 | $ | 8.28 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.62 | 0.55 | 0.53 | 0.45 | 0.41 | 0.21 | 0.19 | 0.20 | 0.18 | 0.10 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.29 | 5.38 | 5.91 | (0.76 | ) | 5.12 | 1.29 | 1.81 | 2.83 | (0.70 | ) | 1.97 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.91 | 5.93 | 6.44 | (0.31 | ) | 5.53 | 1.50 | 2.00 | 3.03 | (0.52 | ) | 2.07 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.60 | ) | (0.56 | ) | (0.46 | ) | (0.46 | ) | (0.43 | ) | (0.22 | ) | (0.22 | ) | (0.26 | ) | (0.13 | ) | (0.07 | ) | ||||||||||||||||||||
Net realized gain on securities | (1.36 | ) | (0.79 | ) | (0.41 | ) | (1.44 | ) | (0.32 | ) | – | – | – | – | – | |||||||||||||||||||||||||
Total distributions | (1.96 | ) | (1.35 | ) | (0.87 | ) | (1.90 | ) | (0.75 | ) | (0.22 | ) | (0.22 | ) | (0.26 | ) | (0.13 | ) | (0.07 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 36.60 | $ | 34.65 | $ | 30.07 | $ | 24.50 | $ | 26.71 | $ | 15.46 | $ | 14.18 | $ | 12.40 | $ | 9.63 | $ | 10.28 | ||||||||||||||||||||
TOTAL RETURN(a) | 11.41 | % | 20.01 | % | 26.86 | % | (0.76 | )% | 25.55 | % | 10.65 | % | 16.26 | % | 31.97 | % | (5.00 | )% | 25.03 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.34 | % | 0.35 | % | 0.36 | % | 0.37 | % | 0.38 | % | 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 | % | 0.93 | % | 0.93 | % | 0.95 | % | 0.97 | % | 0.93 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.68 | % | 1.71 | % | 1.94 | % | 1.83 | % | 1.70 | % | 1.33 | % | 1.46 | % | 1.87 | % | 1.87 | % | 1.10 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.68 | % | 1.71 | % | 1.94 | % | 1.83 | % | 1.70 | % | 1.25 | % | 1.38 | % | 1.77 | % | 1.75 | % | 1.02 | % | ||||||||||||||||||||
Portfolio turnover rate | 3 | % | 4 | % | 3 | % | 3 | % | 11 | % | 16 | % | 16 | % | 23 | % | 13 | % | 157 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 123,499 | 129,109 | 132,191 | 138,507 | 132,974 | 7,559 | 8,595 | 8,978 | 10,469 | 14,825 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 4,519,626 | $ | 4,473,003 | $ | 3,974,531 | $ | 3,393,666 | $ | 3,551,607 | $ | 116,875 | $ | 121,864 | $ | 111,303 | $ | 100,820 | $ | 152,457 |
(a) | Total return includes, 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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Table of Contents
VALIC Company I
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of VALIC Company I:
In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the thirty-four funds constituting VALIC Company I (the “Series”) at May 31, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Series’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2015 by correspondence with the custodian, transfer agent, and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion expressed above.
PricewaterhouseCoopers
Houston, Texas
July 28, 2015
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VALIC Company I
DIRECTOR AND OFFICER INFORMATION — May 31, 2015 (unaudited)
Name, Age and Address at May 31, 2015* | Position Held With VALIC Complex | Term of Office and Length of Time Served(4) | Principal Occupations During Past Five Years | Number of Funds in Fund Complex Overseen by Director(2) | Other Directorships Held by Director(3) | |||||||||
Independent Directors | ||||||||||||||
Thomas J. Brown | Director | | 2005- Present | | Retired, Chief Compliance Officer & Chief Financial Officer, American General Asset Management, an investment adviser (since 2006). | 49 | Trustee, Virtus Series Fund (2011-Present). | |||||||
Dr. Judith L. Craven | Director |
| 1998- Present |
| Retired | 77 | Director, A.G. Belo Corporation, a media company (1992-2013); Director, SYSCO Corporation, a food marketing and distribution company (1996-Present); Director, Luby’s Restaurant (1998-Present); Director, Hilton Hotel — Downtown Houston (1998-2011). | |||||||
William F. Devin | Chairman and Director(5) | | 2001- Present | | Retired, Executive Vice President, Fidelity Management Resources, a broker-dealer (since 1996). | 77 | Director, Boston Options Exchange (2001-2011) | |||||||
Dr. Timothy J. Ebner | Director |
| 1998- Present |
| Professor and Head, Department of Neuroscience Medical School (1980-Present), and Visscher Chair of Physiology, University of Minnesota (1999-2013); and Scientific Director, Society for Research on the Cerebellum (2008-Present); President, Association of Medical School Neuroscience Department Chairpersons (2011-2014). | 49 | Trustee, Minnesota Medical Foundation (2003-2013). | |||||||
Judge Gustavo E. Gonzales, Jr. | Director |
| 1998- Present |
| Semi-Retired Attorney At Law, Criminal Defense and General Practice (2004-2014). Retired Municipal Court Judge, Dallas, TX (since 2004). | 49 | None. | |||||||
Kenneth J. Lavery | Director |
| 2001- Present |
| Retired, Vice President, Massachusetts Capital Resources Co. (1982-2012). | 49 | None. | |||||||
Dr. John E. Maupin, Jr. | Director |
| 1998- Present |
| Retired, President, Morehouse School of Medicine, Atlanta, Georgia (2006-2014). | 49 | Director, LifePoint Hospitals, Inc., hospital management (1999-Present); Director, HealthSouth, Corporation, rehabilitation health care services (2004-Present); Director, Regions Financials Inc., bank holding company (2007-Present). | |||||||
Interested Directors | ||||||||||||||
Peter A. Harbeck(1) | Director |
| 2001- Present |
| President, CEO and Director, SAAMCo (1995-Present); Director, AIG Capital Services, Inc. (“ACS”) (1993-Present); Chairman, President and CEO, Advisor Group, Inc. (2004-Present) | 137 | None. | |||||||
Officers | ||||||||||||||
John T. Genoy | President and Principal Executive Officer |
| 2014- Present |
| Chief Financial Officer (2002-Present), Senior Vice President, (2003-Present) and Chief Operating Officer, SAAMCo (2006-Present). | N/A | N/A |
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VALIC Company I
DIRECTOR AND OFFICER INFORMATION — May 31, 2015 (unaudited) — (continued)
Name, Age and Address at May 31, 2015* | Position Held With VALIC Complex | Term of Office and Length of Time Served(4) | Principal Occupations During Past Five Years | Number of Funds in Fund Complex Overseen by Director(2) | Other Directorships Held by Director(3) | |||||||||
Officers | ||||||||||||||
John Packs | Vice President and Senior Investment Officer |
| 2001- Present |
| Senior Investment Officer, VALIC (2001-Present); Senior Vice President, SAAMCo (2008-Present). | N/A | N/A | |||||||
Gregory R. Kingston | Treasurer and Principal Financial Officer |
| 2000- Present |
| Vice President (2001-2014) and Head of Mutual Fund Administration (2014-Present), SAAMCo. | | N/A | | N/A | |||||
Nori L. Gabert | Vice President, Chief Legal Officer and Secretary |
| 2000- Present |
| Vice President and Deputy General Counsel, SAAMCo (2005-Present). | N/A | N/A | |||||||
Gregory N. Bressler | Vice President |
| 2005- Present |
| Senior Vice President, General Counsel (2005-Present) and Assistant Secretary (2013-Present), SAAMCo. | N/A | N/A | |||||||
Katherine Stoner | Vice President and Chief Compliance Officer |
| 2011- Present |
| Vice President, SAAMCo (May 2011-Present); Vice President, The Variable Annuity Life Insurance Company (“VALIC”) and Western National Life Insurance Company (“WNL”) (2006-2011); Deputy General Counsel and Secretary, VALIC and WNL (2007-2011); Vice President, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company (2010-2011). | N/A | Director, American General Distributors, Inc. (2006-2011) | |||||||
Matthew J. Hackethal | Anti-Money Laundering (“AML”) Compliance Officer |
| 2007- Present |
| Chief Compliance Officer (2007-Present) and Vice President (2011-Present), SAAMCo; AML Compliance Officer, SunAmerica Fund Complex (2006-Present). | N/A | N/A | |||||||
Thomas M. Ward | Vice President |
| 2008- Present |
| Vice President (2009-Present), VALIC and VALIC Financial Advisors, Inc. | N/A | N/A | |||||||
Kathleen Fuentes | Vice President and Assistant Secretary |
| 2015- Present |
| Vice President and Deputy General Counsel, SAAMCo (2006-Present). | N/A | N/A | |||||||
Shawn Parry | Vice President and Assistant Treasurer |
| 2014- Present |
| Vice President (2014-Present) and Assistant Vice President (2005-2014), SAAMCo; and Product Manager (2009-2010), Invesco Advisers, Inc. | N/A | N/A | |||||||
Donna McManus | Vice President and Assistant Treasurer |
| 2014- Present |
| Vice President, SAAMCo (2014-Present); Managing Director, BNY Mellon (2009-2014). | N/A | N/A |
* | The business address for each Director and Officer is, 2929 Allen Parkway, Houston, TX, 77019. |
(1) | Interested Director, as defined within the Investment Company Act of 1940 (the “1940 Act”), because of current employment with SunAmerica, an affiliated company with VALIC. |
(2) | The “Fund Complex” consists of all registered investment company portfolios for which VALIC or an affiliated person of VALIC serves as investment adviser or administrator. The “Fund Complex” includes the SunAmerica Speciality Series (7 funds), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (8 portfolios), Seasons Series Trust (20 portfolios), SunAmerica Series Trust (40 portfolios), VALIC Company I (34 funds) and VALIC Company II (15 funds). |
(3) | Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “public companies”) or other investment companies registered under the 1940 Act. |
(4) | Directors serve until their successors are duly elected and qualified. |
(5) | Effective July 27, 2005, Mr. Devin became Chairman of the Board. |
Additional Information concerning the Directors and Officers is contained in the Statement of Additional Information and is available without charge by calling 1-800-448-2542.
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VALIC Company I
SHAREHOLDER TAX INFORMATION (unaudited)
Certain tax information regarding the VALIC Company I Series is required to be provided to the shareholders based upon each Fund’s income and distributions for the year ended May 31, 2015.
During the year ended May 31, 2015 the Funds paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the 70% dividends received deductions for corporations:
Fund | Net Long-term Capital Gains | Foreign Tax Credit* | Foreign Source Income | Qualifying % for the 70% Dividends Received Deduction | ||||||||||||
Asset Allocation | $ | 6,682,112 | $ | — | $ | — | 21.16 | % | ||||||||
Blue Chip Growth | 55,612,748 | — | — | 100.00 | ||||||||||||
Broad Cap Value Income | 1,884,876 | — | — | 80.84 | ||||||||||||
Capital Conservation | — | — | — | — | ||||||||||||
Core Equity | — | — | — | 100.00 | ||||||||||||
Dividend Value | 40,820,403 | — | — | 100.00 | ||||||||||||
Dynamic Allocation* | 3,974,614 | 44,848 | 662,396 | 29.86 | ||||||||||||
Emerging Economies* | — | 1,965,012 | 21,155,427 | 0.38 | ||||||||||||
Foreign Value* | — | 1,181,838 | 16,133,909 | 0.30 | ||||||||||||
Global Real Estate* | 12,441,383 | 452,948 | 7,182,184 | — | ||||||||||||
Global Social Awareness | — | — | — | 35.57 | ||||||||||||
Global Strategy* | 15,854,531 | 225,914 | 10,587,832 | 12.87 | ||||||||||||
Government Securities | — | — | — | — | ||||||||||||
Growth | 99,547,956 | — | — | 55.80 | ||||||||||||
Growth & Income | — | — | — | 100.00 | ||||||||||||
Health Sciences | 98,998,177 | — | — | 30.55 | ||||||||||||
Inflation Protected | 266,190 | — | — | 1.66 | ||||||||||||
International Equities Index* | — | 1,246,879 | 26,243,392 | — | ||||||||||||
International Government Bond | 191,029 | — | — | — | ||||||||||||
International Growth* | 3,866,978 | 519,167 | 10,260,870 | — | ||||||||||||
Large Cap Core | 22,702,040 | — | — | 47.10 | ||||||||||||
Large Capital Growth | 30,511,749 | — | — | 7.90 | ||||||||||||
Mid Cap Index | 172,320,161 | — | — | 70.11 | ||||||||||||
Mid Cap Strategic Growth | 33,126,009 | — | — | 16.88 | ||||||||||||
Money Market I | — | — | — | — | ||||||||||||
Nasdaq-100 Index® | 2,745,558 | — | — | 75.72 | ||||||||||||
Science & Technology | 90,286,968 | — | — | 46.99 | ||||||||||||
Small Cap Aggressive Growth | 15,241,078 | — | — | 2.95 | ||||||||||||
Small Cap | 48,613,828 | — | — | 52.91 | ||||||||||||
Small Cap Index | 55,590,870 | — | — | 51.55 | ||||||||||||
Small Cap Special Values | 17,856,384 | — | — | 100.00 | ||||||||||||
Small-Mid Growth | 15,480,820 | — | — | 4.07 | ||||||||||||
Stock Index | 157,065,909 | — | — | 97.07 | ||||||||||||
Value | — | — | — | 100.00 |
* | The Funds make an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid to shareholders. |
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VALIC Company I
COMPARISONS: FUNDS VS. INDEXES (unaudited)
In the following pages, we have included graphs that compare the Fund’s performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in each Fund versus the same $10,000 investment in comparable market indices. Descriptions of these market indices are provided below the individual graphs. It is important to note that the VC I Funds are professionally managed mutual funds while the indices are not available for investment and are unmanaged.
Please note that the graphs and tables that accompany the following investment comments include all fund expenses, but do not reflect the charges imposed by the variable annuity contract or variable life insurance policy (collectively, the “Contracts”), qualifying employer-sponsored retirement plan (the “Plans”), or Individual Retirement Accounts (“IRAs”). All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.
Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, are not guaranteed by the U.S. government or any other federal government entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.
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VALIC Company I Asset Allocation Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Pinebridge Investments, LLC
The Asset Allocation Fund posted a return of 6.24% for the twelve-month period ending May 31, 2015, compared to a return of 11.81% for the S&P 500® Index, 3.03% for the Barclays U.S. Aggregate Bond Index, 0.02% for the Citi Treasury Bill 3 Month Index, and 7.58% for the Blended Index.
The Fund consists of four equity components (Index, Growth, Value, and Research Enhanced), a fixed income component, and a cash component. Overall, the underperformance from manager selection outweighed the positive asset allocation. The top performing component over the past twelve months was Growth Equity, which beat the S&P 500® Index return of 11.81% over that period. Research Enhanced Equity’s return also exceeded that of the S&P 500® Index. Lagging the S&P 500® Index’s return were the Value Equity portfolio and the Index Equity portfolio. The Fixed Income component underperformed the Barclays U.S. Aggregate Bond Index over the past twelve months.
Benchmark allocations are: 55% equity, 35% fixed income, and 10% cash. The twelve month period began with an equity overweight of 16%, which trended downward throughout the year, and ended with a 6% equity overweight. The fund had a fixed income underweight of 6% at the beginning of the period, and trended higher over the twelve months, finishing with a 3% overweight.
For the year ended May 31, 2015, the Asset Allocation Fund returned 6.24% compared to 11.81% for the S&P 500® Index, 3.03% for the Barclays U.S. Aggregate Bond Index, 0.02% for the Citi Treasury Bill 3 Month Index and 7.58% for the Blended Index.
* | 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 Blended Index consists of the S&P 500® Index (55%), the Barclays U.S. Aggregate Bond Index (35%), and the Citi Treasury Bill 3 Month Index (10%). |
*** | The Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
† | The Citi Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
6.24% | 10.69% | 7.10% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Blue Chip Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with T. Rowe Price Associates, Inc.
The Blue Chip Growth Fund posted a return of 15.61% for the twelve-month period ended May 31, 2015, compared to a return of 11.81% for the S&P 500® Index.
The Blue Chip Growth Fund’s relative outperformance was driven predominantly by sector allocation. Stock selection was additive to the Fund as a whole.
The health care sector contributed the most to relative performance due to both effective stock selection and a beneficial overweight. Additionally, an underweight to the energy sector contributed to relative results. However, within the energy sector, unfavorable stock selection dampened relative returns as many names within the sector were negatively impacted by falling oil and gas prices. Effective stock selection in the materials sector also contributed to relative performance, particularly within the chemicals industry.
The top performing names in the Fund included Amazon.com, Inc., Gilead Sciences, Inc., and Valeant Pharmaceuticals International, Inc.
Conversely, the industrials and business services sectors detracted the most from relative results due to both an unfavorable overweight and adverse stock selection. While the slight overweight in the information technology sector was additive to the portfolio, on the whole, stock selection within the sector was negative and detracted from results.
The bottom performing names in the Fund included Precision Castparts Corp., Pioneer Natural Resource Co., and Wynn Resorts, Ltd.
For the year ended May 31, 2015, the Blue Chip Growth Fund returned 15.61% compared to 11.81% for the S&P 500® Index.
* | 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. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
15.61% | 18.67% | 9.66% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Broad Cap Value Income Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Barrow, Hanley, Mewhinney & Strauss, LLC
The Broad Cap Value Income Fund posted a return of 10.70% for the twelve-month period ending May 31, 2015, compared to a return of 9.03% for the Russell 1000® Value Index.
Stock selection in the consumer discretionary sector outperformed that of the benchmark, and an overweight in that sector increased its positive contribution to relative performance. Underweighting the poorly performing energy sector was also beneficial.
Large detractors for the period included stock selection in the energy and industrials sector. A relative overweighting within the industrials sector also hurt performance.
Top individual contributors for the year included Hanesbrands, Inc. (consumer discretionary), Omnicare, Inc. (health care), and Spirit AeroSystems Holdings, Inc. (industrials).
Among the most significant individual detractors for the period were Seadrill, Ltd. (energy), Joy Global, Inc. (industrials), and SPX Corp. (industrials).
For the year ended May 31, 2015, the Broad Cap Value Income Fund returned 10.70% compared to 9.03% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | Since Inception* | ||
10.70% | 15.36% | 7.53% |
* | Inception date of Fund: December 5, 2005 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Capital Conservation Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
The Capital Conservation Fund posted a return of 2.76% for the twelve-month period ended May 31, 2015, compared to a return of 3.03% for the Barclays U.S. Aggregate Bond Index.
In aggregate, sector selection had a positive effect on the relative performance of the Fund. Overweight allocations to fixed rate agency mortgage backed securities “MBS”, collateralized mortgage obligations “CMO”, asset-backed securities “ABS”, and collateralized mortgage-backed securities “CMBS” all contributed to performance. The Fund’s residual cash position and overweight allocation to corporate issuers in the financial sector also contributed to performance. An underweight to U.S. treasury securities and other government-related securities detracted from performance over the year as other fixed income sectors experienced spread widening.
Security selection was positive during the period. It was particularly strong within the fixed rate agency MBS and financial and industrial corporate credit sectors. Security selection had a negative impact within local government, treasury and non-U.S. government related securities.
The greatest individual contributors during the period were Escrow Leiner Health (5.50% due 04/04/2016), Quest Corp (6.13 due 06/01/2053) and Federal National Mortgage Association (3.00% due 04/30/2043).
The largest detractors during the period were Transocean, Ltd. (7.50% due 04/15/2031), Anadarko Finance Co. (6.45% due 09/15/2036) and Federal National Mortgage Association (5.00% due 05/01/2039).
For the year ended May 31, 2015, the Capital Conservation Fund returned 2.76% compared to 3.03% for the Barclays U.S. Aggregate Bond Index.
* | The Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
2.76% | 4.18% | 4.09% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Core Equity Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with BlackRock Investment Management, LLC
The Core Equity Fund posted a return of 10.41% for the twelve-month period ending May 31, 2015, compared to a return of 11.91% for the Fund’s benchmark, the Russell 1000® Index.
At the sector level, the greatest detractor to performance was information technology. The financials sector was a second source of underperformance, with selection within multi-line insurer sector the primary detractor. The energy sector was negatively affected by the plunge in crude oil prices. The Fund is overweight energy services names, and they were especially impacted as their stock prices tend to be correlated with the price of oil.
At the stock level, the largest detractor to performance was Genworth Financial, Inc. The Fund’s positions in Halliburton Co. and Suncor Energy, Inc. also detracted. An underweight in strong-performing Apple, Inc. also hindered relative performance.
At the sector level, positive relative performance for the period was driven by health care. The Fund’s tilt toward managed-care companies was especially beneficial. Consumer staples stock selection further contributed. Also contributing to returns was selection within the industrials sector, particularly the Fund’s exposure to airlines.
At the stock level, the largest contributor to performance was Lowe’s Cos, Inc. followed by Aetna, Inc., and Centene Corp.
For the year ended May 31, 2015, the Core Equity Fund returned 10.41% compared to 11.91% for the Russell 1000® Index.
* | The Russell 1000® Index is a market capitalization-weighted benchmark index made up of the 1,000 largest U.S. stocks in the Russell 3000® Index. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
10.41% | 14.99% | 6.33% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Dividend Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Dividend Value Fund posted a return of 8.69% for the twelve-month period ending May 31, 2015, compared to a return of 9.03% for the Russell 1000® Value Index.
A discussion with Blackrock Investment Management, LLC — regarding their portion of the Fund (the “portfolio”)
The portfolio underperformed the benchmark index for the twelve-month period. The most significant detractor from performance during the year was a combination of stock selection and an underweight to the financials sector. In the healthcare sector, stock selection and an underweight to the strong sector were additional large detractors. Finally, a combination of stock selection and an underweight to the information technology sector detracted significantly from relative returns.
The largest contributor to relative returns against the Russell 1000® Value Index during the annual period was a combination of stock selection and an underweight position in the energy sector. Stock selection in the industrials sector also provided a strong contribution to relative returns.
The largest individual detractors from portfolio performance included Total SA, BHP Billiton, Ltd., and American Express Co. Among the largest contributors were Home Depot, Inc., Exxon Mobil Corp., and Northrop Grumman Corp..
A discussion with SunAmerica Asset Management, LLC — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark index for the twelve-month period. The primary driver of outperformance during the year was stock selection, particularly among the consumer staples and materials sectors. An overweight allocation to the information technology sector and an energy sector underweight were additional significant contributors.
Zero exposure to the financial sector and an underweight in the healthcare sector were large detractors. Additionally, stock selection in the consumer discretionary and healthcare sectors negatively impacted results.
In terms of individual holdings, Kraft Foods Group, Inc., Staples, Inc., and Reynolds American, Inc. were the top contributors to performance on a relative basis. Positions in Mattel, Inc., HollyFrontier Corp., and Coach, Inc. were the largest individual detractors.
For the year ended May 31, 2015, the Dividend Value Fund returned 8.69% compared to 9.03% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forcasted growth values. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
8.69% | 15.46% | 6.60% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Dynamic Allocation Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Dynamic Allocation Fund posted a return of 4.04% for the twelve-month period ending May 31, 2015, compared to a return of 11.81% for the S&P 500® Index, 3.03% for the Barclays Capital U.S. Aggregate Bond Index, and 8.34% for the blended benchmark.
The Fund consists of two components: A fund-of funds component representing a combination of VALIC Company I and VALIC Company II Funds, and an overlay component which invests in cash, treasuries and futures, to manage the Fund’s net equity exposure.
For the fiscal period, the fund-of funds component and the overlay component underperformed the blended benchmark.
A discussion with AllianceBernstein L.P. — regarding their portion of the Fund (the “portfolio”)
During the period, approximately 80% of the portfolio’s assets were in a U.S. Treasury portfolio benchmarked to the Barclay’s Capital U.S. Treasury 7-10 Year Index. The U.S. Treasury portfolio performance was consistent with that index. The process to manage the portfolio’s net equity exposure utilizing futures detracted from performance versus the benchmark. Investments in options contracts were incorporated in November. Because the options strategy is designed to protect against market declines, the impact has been modestly negative.
A discussion with SunAmerica Asset Management, LLC — regarding their portion of the Fund (the “portfolio”)
In the fund-of-funds component, leading detractors from performance included the VC I Foreign Value Fund, VC I International Government Bond Fund, and VC I Emerging Economies Fund.
The portfolio benefited the most from holdings in the VC I Stock Index Fund, VC I Blue Chip Growth Fund, and VC I Large Cap Core Fund.
For the year ended May 31, 2015, the Dynamic Allocation Fund returned 4.04% compared to 11.81% for the S&P 500® Index, 3.03% for the Barclays U.S. Aggregate Bond Index and 8.34% for the Blended Index.
* | 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 Blended Index consists of the S&P 500® Index (60%) and the Barclays U.S. Aggregate Bond Index (40%). |
*** | The Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
Average Annual Total Returns as of May 31, 2015 | ||
1 Year | Since Inception* | |
4.04% | 9.37% |
* | Inception date of Fund: December 19, 2012 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Emerging Economies Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management, Inc.
The Emerging Economies Fund posted a return of -1.35% for the twelve-month period ending May 31, 2015, compared to a return of -0.01% for the MSCI Emerging Markets Index (net).
Security selection in the Fund detracted from relative returns over the one-year period. Security selection in Brazil, Thailand and South Africa were the main detractors, while stock selection in Turkey and Taiwan were positive contributors to relative returns. On the positive side, country allocation added to performance. An overweight in China was a large contributor to performance. A zero weight to Malaysia and underweighting Mexico also provided large contributions to relative performance.
At the stock level, an underweight to Tencent Holdings, Ltd. (China) was the leading detractor from performance over the prior year. Holdings in poor-performing Kroton Educacional SA (Brazil) and Sberbank of Russia, and not owning Ping An Insurance (Group) Company of China resulted in additional large detractions from performance.
The holding in NetEase, Inc. (China) was the top contributor to relative performance. Other large contributors included Huadian Power International Corp., Ltd. (China) and underweighting Petroleo Brasileiro SA (Brazil).
For the year ended May 31, 2015, the Emerging Economies Fund returned -1.35% compared to -0.01% for the MSCI Emerging Markets Index (net).
* | MSCI Emerging Markets Index (net) captures large and mid-cap representation across 23 emerging market countries. The index covers approximately 85% of the free-float adjusted market capitalization in each country. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | Since Inception* | ||
-1.35% | 4.17% | 0.56% |
* | Inception date of Fund: December 5, 2005 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Foreign Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Templeton Global Advisors, Ltd.
The Foreign Value Fund posted a return of -6.23% for the twelve-month period ending May 31, 2015, compared to a return of -0.48% for the MSCI EAFE Index (net).
Overall, underperformance was attributable to stock selection, primarily in the industrials, consumer staples, and energy sectors. In addition, a large part of the Fund’s absolute and relative weakness was attributable to a significant overweight position in energy.
Turning to contributors, an overweight to the technology sector proved to be a large boost to relative performance. Also, stock selection in the telecommunication services and utilities sectors made strong contributions to relative performance.
From a regional standpoint, the Fund’s Canadian holdings significantly detracted from absolute and relative performance. Stock selection in Europe (primarily Euro-dominated countries) and in Asia were additional larger drags on performance. In Asia, however, the Fund benefited from a large overweighted position in the strong Chinese market, although an underweighting in Japan notably detracted. Strong contributions to performance also came from stock selection and an underweight to Australia.
Among individual performers, some of the largest detractors were Trican Well Service, Ltd. (Canada), Hana Financial Group, Inc. (Korea), and Tesco PLC (United Kingdom). Sizeable contributions to performance came from China Life Insurance Co., Ltd., Shanghai Pharmaceuticals Holding, Co., Ltd. (China), and China Telecom Corp., Ltd.
For the year ended May 31, 2015, the Foreign Value Fund returned -6.23% compared to -0.48% for the MSCI EAFE Index (net).
* | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | Since Inception* | ||
-6.23% | 8.97% | 4.51% |
* | Inception date of Fund: December 5, 2005 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Global Real Estate Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Global Real Estate Fund posted a return of 5.61% for the twelve-month period ended May 31, 2015, compared to a return of 5.89% for the FTSE EPRA/NAREIT Developed Index.
A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)
The portfolio performed in-line with the U.S. portion of the FTSE EPRA/NAREIT Developed Index during this period. Stock selection was positive while market allocation was negative. Sources of positive relative contribution included security selection in free-standing retail, lodging/resorts and health care REITs. Underweight exposure in free-standing retail and health care REITs was also beneficial to relative performance. Exposure to infrastructure and timber REITs, which the index lacks, detracted from relative performance. Security selection and underweight in regional malls, as well as security selection and overweight in the industrial sector, were also detrimental to relative performance.
The portfolio outperformed the FTSE EPRA/NAREIT Developed Index. The top performing countries in the index on an absolute basis were Israel and Hong Kong, while the U.S. outperformed on a relative basis.
The top individual contributors were AvalonBay Communities, Inc., Simon Property Group, Inc., and Essex Property Trust, Inc.
Bottom performing securities were Cousins Properties, Inc., Ventas, Inc., and Host Hotels & Resorts, Inc.
A discussion with Goldman Sachs Asset Management, L.P. — regarding their portion of the Fund (the “portfolio”)
The international real estate securities market (represented by the FTSE EPRA/NAREIT Developed Index) returned 5.89% for the one-year period ended May 31, 2015. Within the index, Israel and Hong Kong were the top absolute performers during the reporting period. Conversely, China and Canada were the weakest absolute performers during the period.
The portfolio underperformed the FTSE EPRA/NAREIT Developed Index, primarily due to not holding any U.S. securities. The portfolio did not have any holdings in the United States during the reporting period given it is an international-only portfolio.
Investments in Hong Kong and the United Kingdom contributed positively to performance. Conversely, the United States and Continental Europe were top detractors from relative returns.
On an individual security basis, Invincible Investment Corp, Hongkong Land Holdings, Ltd., and Sun Hung Kai Properties Ltd. were the top contributors.
Top individual detractors were Tokyu Fudosan Holdings Corp, Mirvac Group and Mitsubishi Estate Co., Ltd.
For the year ended May 31, 2015, the Global Real Estate Fund returned 5.61% compared to 5.89% for the FTSE EPRA/NAREIT Developed Index.
* | The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | Since Inception* | ||
5.61% | 11.65% | 5.36% |
* | Inception date of Fund: March 10, 2008 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Global Social Awareness Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC — (“SAAMCo”)
The Global Social Awareness Fund posted a return of 7.45% for the twelve-month period ending May 31, 2015, compared to a return of 5.70% for the MSCI World Index (net).
SAAMCo assumed management of the Fund on June 16, 2014. Pinebridge Investments managed the Fund for the first two weeks of the period. The Fund’s sole strategy is to track the performance of the MSCI World Index (net) as closely as possible, while investing in socially compliant companies.
On a sector basis, health care and information technology were the strongest contributors. Conversely, the energy and materials sectors were the largest detractors.
Top individual contributors during the period include; Banco Santander SA, Hong Kong Exchanges & Clearing, Ltd., Schlumberger NV, BASF SE, and Roche Holding AG. Conversely, notable detractors included Home Depot, Inc., National Oilwell Varco, Inc., CVS Health Corp., Novartis AG, and Lowe’s Cos., Inc.
For the year ended May 31, 2015, the Global Social Awareness Fund returned 7.45% compared to 5.70% for MSCI World Index (net).
* | The MSCI World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index (net) consisted of the following 23 developed market country Indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
7.45% | 14.09% | 6.13% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Global Strategy Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Global Strategy Fund posted a return of 2.14% for the twelve-month period ending May 31, 2015, compared to a return of 5.08% for the MSCI ACWI (net), -6.51% for the JPMorgan GBI Global Index (unhedged) and 0.36% for the Blended Index.
A discussion with Templeton Investment Counsel, LLC — regarding their portion of the Fund (the “portfolio”) (Equity)
The portfolio underperformed the benchmark MSCI ACWI (net) for the twelve-month period. From a sector perspective, stock selection detracted from relative performance. Selection in the information technology, industrials, and energy sectors were the largest detractors. On the positive side, an overweight in the health care sector made a strong contribution to performance. Stock selection in the financials and consumer staples sectors also helped relative performance.
From a geographic perspective, an underweighting in the United States was a major detractor from relative performance. In addition, an overweighting in Europe, particularly in France and the U.K., weighed on relative performance. Stock selection contributed to relative performance, led by strong selection in the United States. Additional contributions were an overweight to China and a lack of exposure to Australia.
Significant individual contributors included Actavis PLC (Ireland), China Life Insurance Co., Ltd, and CRRC (China). Larger detractors were Noble Group, Ltd. (Hong Kong), Deutsche Lufthansa AG (Germany) and Knowles Corp. (U.S.).
A discussion with Franklin Advisers, Inc. — regarding their portion of the Fund (the “portfolio”) (Fixed Income)
The portfolio outperformed the benchmark J.P. Morgan GBI Global Index for the twelve-month period. The portfolio’s fixed income benchmark index consists solely of investment-grade global government bonds, while the portfolio’s holdings include investment-grade and below investment-grade global government bonds, sovereign debt and cash. The portfolio also invests in currency-related transactions. The portfolio’s total return was influenced by various factors, including interest rate developments, currency movements and exposure to sovereign debt markets.
During the period under review, currency positions contributed to the portfolio’s outperformance versus the benchmark, while sovereign credit exposures detracted from relative results. The portfolio’s underweighted positions in the Euro and the Japanese yen were large contributors. Duration exposures in Brazil and Mexico also contributed to relative results.
The portfolio’s diversified currency exposure, through the use of foreign currency forwards contributed to relative performance during the period. The U.S. dollar was broadly stronger against its major trading partners during the period, particularly the Euro.
Overweighted currency positions in Latin America and Asia ex-Japan detracted from relative returns, as did overweighted positions in peripheral European currencies against the Euro. An additional detractor was underweighted duration exposure in the U.S.
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VALIC Company I Global Strategy Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2015, the Global Strategy Fund returned 2.14% compared to 5.08% for the MSCI ACWI (net), -6.51% for the JPMorgan GBI Global Index (unhedged) and 0.36% for the Blended Index.
* | The MSCI ACWI (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consisted of 46 country indices comprising 23 developed and 23 emerging market country indices. The developed market country indices included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand and Turkey, and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
** | The Blended Index is comprised of the JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%). |
*** | The JPMorgan GBI Global Index (unhedged) measures local currency denominated fixed rate government debt issued in 13 developed markets countries. The developed markets consist of regularly traded, fixed rate, domestic government bonds that are available to international investors. The index includes only the most liquid developed markets. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | Since Inception* | ||
2.14% | 11.32% | 8.66% |
* | Inception date of Fund: December 5, 2005 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Government Securities Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management, Inc.
The Government Securities Fund posted a return of 3.07% for the twelve-month period ending May 31, 2015, compared to a return of 3.01% for the Barclays U.S. Government Index.
During the period, U.S. Treasury yields flattened significantly as the markets continued to absorb aggressive stimulative efforts from the European Central Bank (ECB) and dovish actions by the U.S. Federal Open Market Committee (FOMC).
The Fund’s duration and yield curve positioning was a net negative for performance, as the Fund maintained an overweight in the belly of the curve (5-10 years), was underweight in the 20-plus year maturities, and maintained a shorter duration than the index. The Fund continues to have a yield advantage over the benchmark, which contributed to results over the period.
The Fund allocation in mortgage-backed securities and commercial mortgage-backed securities was a positive as those sectors outpaced comparable-duration U.S. Treasuries.
For the year ended May 31, 2015, the Government Securities Fund returned 3.07% compared to 3.01% for the Barclays U.S. Government Index.
* | The Barclays U.S. Government Index is a market-value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
3.07% | 3.12% | 3.57% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with American Century Investment Management, Inc.
The Growth Fund posted a return of 10.89% for the twelve-month period ending May 31, 2015, compared to return of 14.73% for the Russell 1000® Growth Index.
The Fund’s relative underperformance was driven predominately by weak stock selection. Sector allocation was positive for the period.
From the sector perspective, consumer staples added the most to relative performance due to both stock selection and an overweight position. Positioning in telecommunication services, where the portfolio is underweight, was also positive.
The top performing names in the Fund included Verizon Communications, Inc., Incyte Corp., and International Business Machines Corp.
Conversely, stock selection in the consumer discretionary, information technology, and financials sectors were key sources of underperformance.
The bottom performing names included Apple, Inc., Exxon Mobil Corp., and Yelp, Inc.
For the year ended May 31, 2015, the Growth Fund returned 10.89% compared to 14.73% for the Russell 1000® Growth Index.
* | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | Since Inception* | ||
10.89% | 15.81% | 7.18% |
* | Inception date of Fund: December 5, 2005 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Growth & Income Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management, Inc.
The Growth & Income Fund posted a return of 12.11% for the twelve-month period ending May 31, 2015, compared to a return of 11.81% for the S&P 500® Index.
Stock selection in the technology, retail and consumer cyclical sectors contributed to performance while stock selection in the industrial cyclical, media and pharmaceutical/medical technology sectors detracted from results.
In technology, Avago Technologies, Ltd. was a major contributor to performance. In retail, an overweight in Lowe’s Cos., Inc. added value. The position in Humana, Inc. within health services and systems had a positive impact on performance.
On the negative side, within industrial cyclicals, an overweight in Fluor Corp. hurt results, due largely to concerns that some of the company’s larger-scale projects might be delayed or cancelled as a result of lower oil prices. In the pharmaceuticals/medical technology space, an overweight in Johnson & Johnson detracted from performance. Within retail, an overweight in Ralph Lauren Corp. weighed on returns.
For the year ended May 31, 2015, the Growth & Income Fund returned 12.11% compared to 11.81% for the S&P 500® Index.
* | 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. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
12.11% | 14.52% | 6.30% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Health Sciences Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with T. Rowe Price Associates, Inc.
The Health Sciences Fund posted a return of 47.50% for the twelve-month period ending May 31, 2015, compared to a return of 27.22% for the S&P 500® Health Care Index.
Overall, stock selection was the main driver of relative outperformance, and industry allocation was also positive. The leading contributor to relative performance was the pharmaceuticals industry due mostly to strong stock selection. Close behind in Fund contribution was the biotechnology industry, again principally due to strong stock selection.
On the negative side, an overweight to the life sciences industry and stock selection in the services industry were the two largest detractors from relative performance.
Significant individual contributors included pharmaceuticals firms Pharmacyclics, Inc. and Valeant Pharmaceuticals International, Inc., and biotechnology firm Incyte Corp. On the negative side, products and devices companies GN Store Nord A/S and Volcano Corp., and biotechnology company Sunesis Pharmaceuticals, Inc. were among the largest detractors from overall performance.
As of May 31, 2015, the portfolio held equity options which had a minimal effect on return.
For the year ended May 31, 2015, the Health Sciences Fund returned 47.50% compared to 27.22% for the S&P 500® Health Care Index.
* | The S&P 500® Health Care Index is an unmanaged, market-capitalization weighted index consisting of healthcare companies in the S&P 500® Index and is designed to measure the performance of the healthcare sector. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
47.50% | 32.25% | 18.92% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Inflation Protected Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
The Inflation Protected Fund posted a return of -1.57% for the twelve-month period ending May 31, 2015, compared to a return of -0.47% for the Barclays U.S. Treasury Inflation-Protected (“TIPS”) Index.
Currency had a negative impact on performance versus the benchmark due to an allocation to non-U.S. inflation protected securities. Shorter duration positioning (yield curve) also had a modest negative impact on performance.
Asset allocation/sector selection had a meaningful positive impact on portfolio performance versus the benchmark index largely through an overweight to the financial sector.
Security selection also had a positive impact on performance. Among specific securities, Government of Canada TIPS (4.25% due 12/01/2021) and Commonwealth of Australia TIPS (3.46% due 09/20/2025) were among the best performers, while Brazilian Inflation Linked Bonds (6.00% due 8/15/2014) and Genworth Holdings, Inc. hybrid floater (6.15% due 11/15/2016) were among the worst performers.
For the year ended May 31, 2015, the Inflation Protected Fund returned -1.57% compared to -0.47% for the Barclays U.S. TIPS Index.
* | The Barclays U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation, as measured by the Consumer Price Index for All Urban Consumers. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
-1.57% | 3.68% | 3.41% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Equities Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The International Equities Index Fund posted a return of -0.57% for the twelve-month period ending May 31, 2015, compared to a return of -0.48% for the MSCI EAFE Index (net).
SAAMCo assumed management of the Fund on June 16, 2014. Pinebridge Investments managed the Fund for the first two weeks of the period. This index fund is a complete replication of the MSCI EAFE Index (net).
Between June 16, 2014 and May 31, 2015, the MSCI EAFE Index (net) underperformed the major U.S. market indices, returning -0.94%, while the S&P 500® Index, Russell 2000® Index, Russell Midcap® Index gained 10.87%, 8.08%, and 10.94%, respectively. Energy and materials dragged the MSCI EAFE (net) lower, returning -25.66% and -6.93%, on average, respectively. Losses were offset, however, by the healthcare and consumer discretionary companies which gained 7.30% and 6.90%, respectively.
During the period, top individual contributors on an absolute basis included Toyota Motors Corp., Novartis AG, Hong Kong Exchanges & Clearing Ltd., Novo Nordisk A/S, Class B, and Mitsubishi UFJ Financial Group, Inc. Gains were offset, however, by positions in Total SA, Banco Santander SA, Royal Dutch Shell PLC, Class A, BHP Billiton, Ltd., and, Royal Dutch Shell PLC, Class B.
The Portfolio utilized derivatives for cash management purposes during the period. The impact to portfolio performance was neutral and achieved the desired objective of minimizing the impact of cash on portfolio performance.
For the year ended May 31, 2015, the International Equities Index Fund returned -0.57% compared to -0.48% for the MSCI EAFE Index (net).
* | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
-0.57% | 8.99% | 4.83% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Government Bond Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
For the year ended May 31, 2015, the International Government Bond Fund posted a return of -5.43% compared to 2.46% for the JP Morgan EMBI Global Diversified Index, -8.04% for the Citigroup WGBI Index (unhedged) and -4.98% for the Blended Index.
Overall, currency had a positive impact on performance, while security selection contributed negatively to performance over the last 12 months.
Within the currency strategy, the Fund generated positive contributions from underweight positions in the euro (EUR) and the Japanese yen (JPY). Holdings in Brazilian real (BRL), Norwegian krone (NOK) and the Polish zloty (PLN) acted as detractors from performance.
Security selection in Italy, Spain and the U.K. detracted from performance, while security selection in France and Austria contributed positively.
On an asset allocation basis, Spain was the main contributor to performance, while overweights in Venezuela and France as well as an underweight to Argentina were the main detractors.
The top three securities on an individual basis were Federal Republic of Germany Bonds (4.00% due 01/04/2037), Republic of Austria Notes (4.15% due 03/15/2037) and Government of France Bonds (4.50% due 04/25/2041).
The top three detractors on an individual security basis were Kingdom of Spain Bonds (4.25% due 10/31/2016), Republic of Italy Bonds (4.50 due 02/01/2018) and Federal Republic of Brazil Bonds (8.00% due 07/02/2021).
For the year ended May 31, 2015, the International Government Bond Fund returned -5.43% compared to 2.46% for the JP Morgan EMBI Global Diversified Index, -8.04% for the Citigroup WGBI Index (unhedged) and -4.98% for the Blended Index.
* | The Citigroup WGBI Index (unhedged) is an unmanaged index of debt securities of major foreign government bond markets. |
** | The JP Morgan EMBI Global Diversified Index which tracks total returns for U.S. dollar-denominated debt instruments (Eurobonds, loans, etc) issued by emerging markets sovereign and quasi-sovereign entities. The Index is uniquely weighted and limits the weights of the countries with larger debt stocks by only including specified portions of these countries eligible current face amounts of debt outstanding. |
*** | The Blended Index is comprised of the Citigroup WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%). |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
-5.43% | 3.18% | 4.13% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The International Growth Fund posted a return of 2.48% for the twelve-month period ending May 31, 2015, compared to a return of -0.48% for the MSCI EAFE Index (net).
A discussion with American Century Investment Management, Inc. — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark during the period.
Overall, the relative impact from both sector allocation and currency factors made up for the relative declines resulting from stock selection during the period. Overweight positions and stock selection in both the information technology and consumer discretionary sectors bolstered relative performance.
From a geographic perspective, stock selection in the U.K. and positioning in the Netherlands enhanced relative performance.
The top performing names included; Murata Manufacturing Co., Ltd., Shire PLC, and NXP Semiconductors NV.
Conversely, stock selection within the materials, financials and telecommunication services sectors detracted from overall performance.
Geographically, holdings in Hong Kong and Mexico proved detrimental.
The bottom performing names included; Weir Group PLC, Bankia SA, and Toyota Motor Corp.
A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark during the period.
At the sector level, overweight exposure and stock selection in the information technology sector added to performance. Stock selection in the materials and health care sectors also contributed to relative performance.
From a geographic perspective, stock selection in the European region was the leading contributor to positive results. Positive stock selection in the U.K., Singapore and Australia as well as the portfolio’s exposure to China led relative performance.
The top performing names included; Avago Technologies, Ltd., Shire PLC., and Great Wall Motor Co., Ltd.
Conversely, negative stock selection in the energy sector was the leading detractor. Additionally, lack of exposure to both the telecommunications sector and stock selection in the industrials sector detracted from relative performance.
Geographically, underweight exposure to Japan was the leading detractor. Stock selection in Hong Kong and exposure to Brazil and Canada also detracted from performance.
The bottom performing names included; Galaxy Entertainment Group, Ltd., Encana Corp., and Suncor Energy, Inc.
A discussion with Massachusetts Financial Services Company — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark during the period.
At the sector level, selection, allocation and currency exposure within the financial services sector contributed the most to both absolute and relative performance. An underweight allocation to the energy sector and an overweight allocation in the technology sector benefited relative results.
From a geographic perspective, lack of exposure to the Netherlands helped relative performance.
The top performing names included; Valeant Pharmaceuticals International, Inc., Royal Dutch Shell PLC., and Taiwan Semiconductor Manufacturing Co.
Conversely, negative stock selection in utilities and communications, industrials goods and services and the consumer staples sectors detracted from performance. The underweight exposure to the autos and housing sectors also detracted from results.
Geographically, lack of exposure to France detracted from relative results for the period.
The bottom performing names included; Standard Chartered Bank PLC., Li & Fung, Ltd., and Schneider Electric SA.
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VALIC Company I International Growth Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2015, the International Growth Fund returned 2.48% compared to -0.48% for the MSCI EAFE Index (net).
* | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
2.48% | 11.47% | 7.51% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Large Cap Core Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Columbia Management Investment Advisers, LLC
The Large Cap Core Fund posted a return of 14.34% for the twelve-month period ending May 31, 2015, compared to a return of 11.91% for the Russell 1000® Index.
During the period, the Fund mostly maintained over-weights to the financials and health care sectors. The Fund was under-weight in the utilities, materials and energy sectors on average. The over and under-weights to the various sectors on the whole contributed positively to performance relative to the Russell 1000® Index.
For the period, the Fund benefited from strong security selection in the information technology, health care and financials sectors, which offset poorer performance in the consumer discretionary and industrials sector.
Electronic Arts, Inc., Broadcom Corp. and Celgene Corp. were the top contributors on an individual security basis.
Halliburton Co., Viacom, Inc., and Noble Energy, Inc. were the largest detractors.
For the year ended May 31, 2015, the Large Cap Core Fund returned 14.34% compared to 11.91% for the Russell 1000® Index.
* | The Russell 1000® Index is a market capitalization weighted benchmark index made up of the 1000 largest U.S. stocks in the Russell 3000® Index. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | Since Inception* | ||
14.34% | 18.03% | 10.02% |
* | Inception date of Fund: December 5, 2005 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Large Capital Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Massachusetts Financial Services Company
The Large Capital Growth Fund posted a return of 11.01% for the twelve-month period ending May 31, 2015, compared to a return of 14.73% for the Russell 1000® Growth Index.
The Fund’s underperformance was driven predominately by weak stock selection.
The Fund’s underweight position and stock selection in the energy sector contributed the most to relative performance. Additionally, an overweight allocation and stock selection in the special products and services sector contributed to both relative and absolute returns.
The top performing names in the Fund included; Zoetis, Inc., CVS Health Corp., and Visa, Inc.
An underweight allocation, as well as weak stock selection, in the information technology sector detracted the most from relative returns. Additionally, weak stock selection in the health care sector also detracted from relative results.
The bottom performing names included; Apple, Inc., Colgate-Palmolive Co., and Franklin Resources, Inc.
For the year ended May 31, 2015, the Large Capital Growth Fund returned 11.01% compared to 14.73% for the Russell 1000® Growth Index.
* | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
11.01% | 13.76% | 7.04% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Mid Cap Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Mid Cap Index Fund posted a return of 11.92% for the twelve-month period ending May 31, 2015, compared to a return of 12.28% for the S&P MidCap 400® Index.
The Fund is passively managed to match the S&P MidCap 400® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.
In terms of sectors, the health care and telecom groups led the mid-cap benchmark higher, while the energy and utilities sectors were the most notable laggards.
Among individual holdings, positions in Qorvo, Inc., Skyworks Solutions, Inc., and JetBlue Airways Corp., were the top contributors to relative performance during the fiscal period. Conversely, URS Corp., Peabody Energy Corp. and CARBO Ceramics, Inc. were among the constituent holdings to detract the most from performance during the twelve-month period.
For the year ended May 31, 2015, the Mid Cap Index Fund returned 11.92% compared to 12.28% for the S&P MidCap 400® Index.
* | The S&P MidCap 400® Index is an index of the stocks of 400 domestic stocks 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. |
“Standard & Poor’s®, “S&P®,” and “S&P MidCap 400®,” are trademarks of S&P.
The Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
11.92% | 16.20% | 9.84% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Mid Cap Strategic Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Mid Cap Strategic Growth Fund posted a return of 11.60% for the twelve-month period ending May 31, 2015, compared to a return of 14.72% for the Russell Midcap® Growth Index.
A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”).
The portfolio performed slightly below the benchmark for the reporting period.
The underweight allocation to the energy sector and the overweight allocation to the healthcare sector contributed to relative returns. Additionally, strong stock selection in the information technology, financials and consumer staples sectors contributed to both absolute and relative performance.
The top performing names in the portfolio included Palo Alto Networks, Inc., NXP Semiconductors NV., and Broadcom Corp.
Conversely, stock selection in the consumer discretionary, energy and healthcare sectors detracted from the relative performance of the portfolio.
The bottom performing names included BioMarin Pharmaceutical, Inc., Concho Resources, Inc., and Pharmacyclics, Inc.
A discussion with Morgan Stanley Investment Management, Inc — regarding their portion of the Fund (the “portfolio”)
The portfolio’s underperformance relative to the benchmark was primarily driven by the overall negative impact of stock selection. Sector allocation was modestly positive for the period.
An underweight allocation to the energy sector was advantageous on a relative basis. Additionally, stock selection and an underweight allocation in the financials sector contributed to both relative and absolute returns.
The top performing names in the portfolio included Illumina, Inc., Splunk Inc., and Intuitive Surgical, Inc.
Conversely, weak stock selection in consumer discretionary, consumer staples and information technology negatively impacted relative returns.
The bottom performing names for the portfolio included Michael Kors Holdings Ltd., Keurig Green Mountain, Inc., and Colfax Corp.
For the year ended May 31, 2015, the Mid Cap Strategic Growth Fund returned 11.60% compared to 14.72% for the Russell Midcap® Growth Index.
* | The Russell Midcap® Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and high forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
11.60% | 13.53% | 8.76% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Money Market I Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC.
The Money Market I Fund posted a return of 0.01% for the twelve-month period ending May 31, 2015, compared to a return of 0.02% for the Citi Treasury Bill 3 Month Index.*
Fund performance was mostly affected by historically low interest rates that persisted during the fiscal period ended May 31, 2015. Yields on money market securities increased steadily throughout the twelve-month period, with one-month certificates of deposit (CDs) yielding approximately 0.16% on May 31, 2015.
While money market yields were higher throughout the fiscal period, the Fund’s investment strategy helped provide current income while meeting its two primary objectives — liquidity and capital preservation. Interest rate risk was navigated by adjusting the Fund’s weighted average maturity as market conditions shifted. Potential credit risk was mitigated by buying high quality, creditworthy names.
More specifically, given the low yield environment that existed throughout the fiscal period, the Fund employed a barbell investment strategy, with greater weightings in fixed-rate securities at the short-term end of the yield curve and in longer-dated floating-rate securities. This strategy enabled us to provide a cushion of liquidity in the near term, i.e., one-to-seven days, and to garner the relatively higher yield available from investments with longer-dated maturities, i.e., greater than 30 days.
The Fund’s weighted average maturity had achieved a range between 45 to 55 days for most of the annual period. In the last months of the annual period, the Fund kept constant its weighted average maturity while maintaining the quality and liquidity of the portfolio. As of May 31, 2015, the Fund’s weighted average maturity stood at approximately 49 days.
Throughout the annual period, the Fund was focused primarily on investments in government agency securities and U.S. Treasury securities, with lesser allocations to shorter-term repurchase agreements, commercial paper and certificates of deposit.
* | The Citi Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
0.01% | 0.01% | 1.36% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Nasdaq-100® Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC.
The Nasdaq-100® Index Fund posted a return of 21.42% for the twelve-month period ending May 31, 2015, compared to a return of 22.06% for the Nasdaq-100® Index.
The Fund is passively managed to match the NASDAQ 100® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.
The equity markets delivered broad-based gains during the 12-month period ended May 31, 2015, led higher by the materials and health care sectors which gained 42.4% and 35.3%, respectively. The information technology group which is the biggest constituent, representing 55.0% of the benchmark, advanced 21.6% on average. On the other hand, the telecommunication services and industrials sectors were the principal laggards, returning 2.0% and 7.8%, respectively.
Top-contributing index holdings during the fiscal period included Apple, Inc., Microsoft Corp., and Amazon.com. On the other hand, QUALCOMM, Inc., Google, Inc., Class C, and Wynn Resorts Ltd. were featured among the index holdings which detracted most significantly from the Fund’s performance.
For the year ended May 31, 2015, the Nasdaq-100® Index Fund returned 21.42% compared to 22.06% for the Nasdaq-100® Index.
* | The Nasdaq-100® Index includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies. |
The Nasdaq-100®, Nasdaq-100 Index®, and Nasdaq® are trade or service marks of The Nasdaq Stock Market, Inc. (which with its affiliates are the Corporations) and are licensed for use by VALIC Company I. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s). |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
21.42% | 20.24% | 11.71% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Science & Technology Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Science & Technology Fund posted a return of 19.52% for the twelve-month period ending May 31, 2015, compared to a return of 17.68% for the S&P® North American Technology Sector Index.
A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark during the one year period, due mostly to strong stock selection. Industry attribution had a slightly negative impact to performance.
Strong stock selection in the communications equipment, semiconductor, and internet software and services industries added to performance. Additionally, the positive allocation effects of the overweight to the technology hardware storage industry and underweight to internet and catalog retail industries was additive to the one year returns.
The top performing names in the portfolio included Skyworks Solutions, Inc., Palo Alto Networks, Inc., and Avago Technologies, Ltd.
Conversely, stock selection in the technology hardware storage, internet and catalog retail, and software industries detracted from relative performance. From an allocation perspective, the overweight to the software industry hurt relative returns.
The bottom performing names in the portfolio included Intel Corp., Microsoft Corp., and Micron Technology, Inc.
A discussion with T. Rowe Price Associates, Inc. — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark during the one year period, due mostly to strong stock selection. Industry attribution had a slightly negative impact to performance.
Strong stock selection in the media, software and health care industries added to the portfolio’s relative performance. Underweight allocations to the IT services and telecommunication services industries also added to performance.
The top performing names in the portfolio included Amazon.com, Inc., Red Hat, Inc., and Linkedin Corp.
Conversely, stock selections in the hardware, telecommunication services and semiconductor industries created a drag to the performance. The overweight allocations to the media and health care industries and the underweight allocation to the hardware industry further weighed on performance.
The bottom performing names in the portfolio included Stratasys, Ltd., Yandex NV, and Softbank Corp.
A discussion with Wellington Management Company, LLP — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark during the one year period, due mostly to strong stock selection. Industry attribution was also positive for the period.
Strong stock selection in the electronic equipment and industries, IT services and internet software and services industries supported relative outperformance. The overweight allocation to the technology hardware storage and peripherals and semiconductors and semiconductor equipment industries, combined with the underweight allocation to the internet and catalog retail industry was also beneficial to performance.
The top performing names in the portfolio included NXP Semiconductors NV, Freescale Semiconductor, Ltd., and IBM Corp.
Conversely, weak stock selection within the semiconductor and semiconductor equipment and software industries detracted from relative performance. An overweight allocation to the media industry, as well as an underweight to the software industry and a residual cash position detracted from relative performance.
The bottom performing names in the portfolio included Intel Corp., Microsoft Corp., Sonus Networks, Inc.
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VALIC Company I Science & Technology Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2015, the Science & Technology Fund returned 19.52% compared to 17.68% for the S&P® North American Technology Sector Index.
* | The S&P® North American Technology Sector Index measures the performance of U.S.-traded stocks of technology-related companies in the U.S. and Canada. The Index includes companies in the following categories: producers of sophisticated computer-related devices; communications equipment and internet services; producers of computer and internet software; consultants for information technology; providers of computer services; and semiconductor equipment manufacturers. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
19.52% | 18.11% | 10.19% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Aggressive Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with RS Investment Management Co. LLC.
The Small Cap Aggressive Growth Fund posted a return of 30.24% for the twelve-month period ending May 31, 2015, compared to a return of 17.73% for the Russell 2000® Growth Index.
The Small Cap Aggressive Growth Fund’s outperformance was driven by both sector allocation and strong stock selection.
An overweight allocation to the health care sector and a slight underweight to the energy sector aided relative performance. Additionally, strong stock selection within the health care, technology, consumer discretionary and energy sectors benefited performance for the period.
The top performing names included Bluebird Bio, Inc., Receptos, Inc., and Proofpoint, Inc.
Conversely, stock selection in the utilities and producer durables sectors detracted from relative returns.
The bottom performing names included GrafTech International, Ltd., H&E Equipment Services, Inc., and Finisar Corp.
For the year ended May 31, 2015, the Small Cap Aggressive Growth Fund returned 30.24% compared to 17.73% for the Russell 2000® Growth Index.
* | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | Since Inception* | ||
30.24% | 17.54% | 10.49% |
* | Inception date of Fund: December 5, 2005 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Small Cap Fund posted a return of 11.10% for the twelve-month period ending May 31, 2015, compared to a return of 11.32% for the Russell 2000® Index.
A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)
Slow and steady improvement in the U.S. economy and continued low interest rates led the U.S. equity market higher during the fiscal year ended May 31, 2015. As the U.S. economy continued along a slow growth path, the U.S. Federal Reserve steadily reduced its asset purchase program, finally ending all new purchases in October 2014. The general trend for U.S. equities was positive.
In this environment, the portfolio posted strong positive returns, outperforming the Russell 2000® Index. Stock selection overall for the portfolio was the positive, while sector weightings detracted overall. Notably, stock selection within the consumer discretionary, financials, and energy sectors were strong contributors. The portfolio lagged the index in the health care and information technology sectors.
The portfolio outperformed by the widest margin in the consumer discretionary sector due to strong stock selection, especially within certain restaurant holdings.
Strong stock selection within the financials sector also contributed to relative portfolio performance. Janus Capital Group, Inc. and E*TRADE Financial Corp. were top contributors.
The area of greatest challenge to the portfolio was the health care sector. The bottom three contributors to the portfolio were all health care stocks; Pharmerica Corp, Kindred Healthcare, Inc and HMS Holdings Corp.
A discussion with T. Rowe Price Associates, Inc — regarding their portion of the Fund (the “portfolio”)
For the twelve-month period ended May 31, 2015, the portfolio outperformed the Russell 2000® Index. Broadly speaking, stock selection added to relative returns during the period, although this was partially offset by the negative impact of sector allocation. At the sector level, the financials, consumer discretionary, and health care sectors added to relative results the most, while the information technology, utilities and materials sectors hurt relative returns for the period.
Stock selection in the financials sectors was the largest contributor to relative performance for the period, followed by the consumer discretionary and health care sectors. Stock selection and an underweight position in the information technology sector made it the leading detractor by a significant margin. Stock selection in the materials sector also hindered relative results.
The top individual stock contributors were Incyte Corp., Avanir Pharmaceutica and E*TRADE Financial Corp.
Top individual detractors were Constellium NV, Quicksilver, Inc., and Oasis Petroleum, Inc.
A discussion with Bridgeway Capital Management, Inc. — regarding their portion of the Fund (the “portfolio”)
For the 12- month period ended May 31, 2015, portfolio underperformed the Russell 2000® Index.
Sector allocation versus the Russell 2000® Index contributed positively to relative performance led by a slight overweighting in the health care sector and an underweighting in the industrials sector. The telecommunications sector was the only sector that had a negative allocation effect over the twelve-month period.
Stock selection contributed to the bulk of underperformance. The information technology, health care, and energy sectors had the biggest negative effect on stock selection. Conversely, stock picks in the industrials and materials sectors contributed positively to performance.
The top contributors to performance over the twelve-month period were Covenant Transportation Group (CVTI), Esperion Therapeutics, Inc. (ESPR) and Allied Motion Technologies, Inc. (AMOT).
The bottom detractors to performance over the twelve-month period were BPZ Resources, Inc. (BPZRQ) , Maxwell Technologies, Inc. (MXWL) and Warren Resources, Inc. (WRES).
In terms of market cap, the portfolio’s broad exposure to the smallest decile of the market detracted from relative performance over the twelve-month period.
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VALIC Company I Small Cap Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2015, the Small Cap Fund returned 11.10% compared to 11.32% for the Russell 2000® Index.
* | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
11.10% | 16.17% | 7.93% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC.
The Small Cap Index Fund posted a return of 11.23% for the twelve-month period ending May 31, 2015, compared to a return of 11.32% for the Russell 2000® Index.
The Fund is passively managed to match the Russell 2000® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.
In terms of industry groups, the health care and technology sectors performed the best, appreciating 41.0% and 22.6%, respectively. On the other hand, the energy and materials groups were the principal laggards, declining 44.1% and 3.1%, respectively.
In terms of contribution, Isis Pharmaceuticals, Inc., Qorvo, Inc., and InterMune, Inc., were the most additive index positions during the fiscal period. At the other end of the spectrum, GT Advanced Technologies, Inc., Civeo Corp., and CARBO Ceramics, Inc., detracted the most from performance.
For the year ended May 31, 2015, the Small Cap Index Fund returned 11.23% compared to 11.32% for the Russell 2000® Index.
* | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index. |
The Russell 2000® Index is a trademark/service mark of the Frank Russell Trust Company. The Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Fund or any associated literature or publications and makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
11.23% | 14.84% | 8.53% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Special Values Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Small Cap Special Values Fund posted a return of 8.16% for the twelve-month period ending May 31, 2015, compared to a return of 5.10% for the Russell 2000® Value Index.
A discussion with Dreman Value Management, LLC — regarding their portion of the Fund (“the portfolio”)
The portfolio outperformed the benchmark index for the twelve-month period. Overall, stock selection resulted in the most significant contribution to performance for the year. Selection was especially strong in the consumer discretionary, industrials, and consumer staples sectors. The portfolio’s sector allocation was also positive for the year. An underweight in the energy sector and an overweight in the information technology sector were significant contributors to performance.
The portfolio experienced a negative selection effect in the energy and materials sectors. An underweight in the financials sector was also a detractor.
Among the largest individual contributors were Aircastle, Ltd. (industrials), Microsemi Corp. and QLogic Corp (electric components). The largest individual detractors included energy firms Ultra Petroleum Corp., Energy XXI, Ltd., and Bellatrix Exploration, Ltd.
A discussion with Wells Capital Management, Inc. — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark index for the twelve-month period. Relative outperformance was driven by strong stock selection. The industrials, materials, and health care sectors were among the leading relative contributing sectors over the twelve month period.
An underweight to the financials sector detracted from performance. Additionally, stock selection in the consumer discretionary and energy sectors detracted from performance.
Some of the top individual contributors to performance included Denny’s Corp. (consumer discretionary), Kadant, Inc. (industrials), and DineEquity, Inc. (consumer discretionary). Among the larger detractors were energy firms Comstock Resources, Inc., Steel Excel, Inc., and Stone Energy Corp.
For the year ended May 31, 2015, the Small Cap Special Values Fund returned 8.16% compared to 5.10% for the Russell 2000® Value Index.
* | The Russell 2000® Value Index measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | Since Inception* | ||
8.16% | 13.80% | 6.44% |
* | Inception date of Fund: December 5, 2005 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small-Mid Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Goldman Sachs Asset Management, L.P.
The Small-Mid Growth Fund posted a return of 19.75% for the twelve-month period ending May 31, 2015, compared to a return of 17.55% for the Russell 2500 Growth® Index.
During the reporting period, outperformance was driven by strong stock selection. On the whole, sector allocation detracted from overall results. Stock selection in the health care and financials sectors supported both absolute and relative outperformance. The top performing names in the Fund included; Bluebird Bio, Inc., Achillion Pharmaceuticals, Inc., and Cempra, Inc.
Conversely, the relative underweight and stock selection within the energy sector detracted from performance. Stock selection in the industrials sector was also negative. The bottom performing names in the Fund included; Whiting Petroleum Corp., Kate Spade & Co., and Dril-Quip, Inc.
For the year ended May 31, 2015, the Small-Mid Growth Fund returned 19.75% compared to 17.55% for the Russell 2500® Growth Index.
* | The Russell 2500® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | Since Inception* | ||
19.75% | 16.11% | 6.98% |
* | Inception date of Fund: December 5, 2005 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Stock Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC.
The Stock Index Fund posted a return of 11.41% for the twelve-month period ending May 31, 2015, compared to a return of 11.81% for the S&P 500® Index.
The Fund is passively managed to match the S&P 500® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.
By sector, health care, consumer discretionary, technology, and financials outperformed, while energy, telecommunications, materials, industrials, utilities, and consumer staples underperformed the broader market.
Top-performing index holdings during the fiscal period included Apple, Inc., Microsoft Corp., and Gilead Sciences, Inc.
Conversely, Exxon Mobil Corp., Chevron Corp., and ConocoPhillips, hindered performance the most during the twelve-month period.
For the year ended May 31, 2015, the Stock Index Fund returned
11.41% compared to 11.81% for the S&P 500® Index.
* | 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. |
“Standard & Poor’s®,” “S&P®,” and “S&P 500®,” are trademarks of S&P. The Stock Index Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
11.41% | 16.14% | 7.77% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Wellington Management Company, LLP
The Value Fund posted a return of 10.65% for the twelve-month period ending May 31, 2015, compared to a return of 9.03% for the Russell 1000® Value Index.
Overall, stock selection was the primary driver of relative outperformance during the period. Security selection was strongest within the materials, industrials, and consumer staples sectors. Sector allocation was also additive to returns in the aggregate.
Unfavorable security selection among the energy and health care sectors partially offset favorable performance elsewhere in the portfolio. An underweight to the financials sector also detracted from relative performance during the period.
Top contributors to benchmark-relative returns were Exxon Mobil Corp. (energy), Spirit AeroSystems Holdings, Inc. (industrials), and Lowe’s Cos. (consumer discretionary). Top detractors to benchmark-relative returns were energy companies Southwestern Energy Co. and Halliburton Co., and consumer discretionary firm PVH Corp.
For the year ended May 31, 2015, the Value Fund returned 10.65% compared to 9.03% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. |
Average Annual Total Returns as of May 31, 2015 | ||||
1 Year | 5 Years | 10 Years | ||
10.65% | 15.06% | 7.24% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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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
VALIC Retirement
Services Company (VRSCO)
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
Kathleen Fuentes,
Vice President and Assistant Secretary
Gregory N. Bressler,
Vice President
Katherine Stoner,
Vice President and Chief Compliance Officer
Thomas M. Ward,
Vice President
Shawn Parry,
Vice President and Assistant Treasurer
Donna McManus,
Vice President and Assistant Treasurer
Diedre L. Phipps,
Assistant Treasurer
Matthew J. Hackethal,
Anti-Money Laundering
Compliance Officer
Louis O. Ducote, II
Assistant Secretary
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.
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VALIC.com — Account access Manage your account online! Print and download account transaction confirmations and tax statements View transaction history and download it to Quicken using Direct ConnectSM Use the Account Aggregation feature to display information from other accounts in addition to your VALIC accounts Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password, and more With VALIC.com, you can initiate account transactions including: Change allocation Transfer money among investment options Rebalance account to your desired allocation mix Change contributions Start exploring VALIC.com today! Visit VALIC.com Click “Register for online access” Click “Register for individual access,” and follow the steps to create a security profile PersonalDeliver- ®enrollment is easy! Go to VALIC.com and log in Select “My profile” on the right side of the “My summary” page Click on “Email delivery” on the right side of the “My profile” page Complete the last three steps on the “PersonalDeliver- ®” page You can also enroll by calling our Contact Center at 1-800-448-2542 Please note: Email delivery is not accessible to certain VALIC annuity contract owners. Sign up today at VALIC.com We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information. You will need to create an online security profile with a unique user ID and password. With your PIN, you can also access your account via the 24-hour VALIC automated phone line at 1-800-448-2542. Easy and secure Sign up for PersonalDeliver- ®today! CLICK VALIC.com CALL 1-800-448-2542 VISIT your VALICfinancial advisor Securities and investment advisory services offered through VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment advisor. Annuities issued by The Variable Annuity Life Insurance Company. Variable annuities distributed by its affiliate, AIG Capital Services, Inc., member FINRA. Copyright © The Variable Annuity Life Insurance Company.All rights reserved. VC 23800 (06/2015) J96304 EE
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VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 | PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765 |
VC 9530 (05/2015) J74462
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Item 2. | Code of Ethics. |
VALIC Company I (the “registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. During the fiscal year ended 2015, there were no reportable amendments, waivers, or implicit waivers to a provision of the Code of Ethics that applies to the registrant’s Principal Executive and Principal Accounting Officers.
Item 3. | Audit Committee Financial Expert. |
The registrant’s Board of Directors has determined that Thomas J. Brown qualifies as an audit committee financial expert, as defined in the instructions to Item 3(b) of Form N-CSR. Mr. Brown is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.
Item 4. | Principal Accountant Fees and Services. |
(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:
2015 | 2014 | |||||||
(a) Audit Fees | $ | 847,030 | $ | 821,955 | ||||
(b) Audit-Related Fees | $ | 0 | $ | 0 | ||||
(c) Tax Fees | $ | 0 | $ | 0 | ||||
(d) All Other Fees | $ | 0 | $ | 0 |
Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.
Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:
2015 | 2014 | |||||||
(b) Audit-Related Fees | $ | 0 | $ | 0 | ||||
(c) Tax Fees | $ | 0 | $ | 0 | ||||
(d) All Other Fees | $ | 236,770 | $ | 370,415 |
All other fees are for professional services rendered by the registrant’s principal accountant for services associated with issuing a SSAE16 report and Third Party Assurance report.
(e) (1) | The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the |
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registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter. |
(2) | No services included in (b) - (d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not applicable. |
(g) | The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2015 and 2014 were $297,640 and $542,947 respectively. |
(h) | Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence. |
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) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code of Ethics. |
(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: August 7, 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: August 7, 2015
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: August 7, 2015