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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03738
VALIC Company I
(Exact name of registrant as specified in charter)
2929 Allen Parkway, Houston, TX 77019
(Address of principal executive offices) (Zip code)
John T. Genoy
Senior Vice President
SunAmerica Asset Management, LLC
Harborside Financial Center
3200 Plaza 5
Jersey City, NJ 07311
(Name and address of agent for service)
Registrant’s telephone number, including area code: (201) 324-6414
Date of fiscal year end: May 31
Date of reporting period: November 30, 2015
Table of Contents
Item 1. Reports to Stockholders
Table of Contents
VALIC Company I
Semi-Annual Report, November 30, 2015
SAVING :INVESTING :PLANNING
Table of Contents
VALIC Company I
SEMI-ANNUAL REPORT NOVEMBER 30, 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 Semi-Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the six-month period ended November 30, 2015. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.
It was an interesting period in the markets. Internationally, the period began on solid footing with Greece creditor concerns finally reaching resolution. However, volatility quickly returned to the markets amid signs of a steeper than expected economic slowdown in China and the subsequent decision by the Chinese Government to devalue the Chinese currency. Oil prices continued to fall during the period, reaching lows not seen for almost seven years. Domestically, while job growth remained positive and inflation remained in check, the Federal Reserve chose to leave rates unchanged during its meetings during the semi-annual period. This created uncertainty in the markets as to when the Federal Reserve would initiate an increase in interest rates.
This environment led to increased volatility in the equity markets. The total return for the S&P 500® (“S&P500”) Index*, widely regarded as the best single gauge of the U.S. equity market, was fairly flat, finishing the period down -0.21% for the period. However, underlying this flat return was a month (August) where the S&P 500 declined over 6% followed by a month (October) where the S&P increased over 8%. Overseas, 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, was hit much harder amid global market volatility, declining -7.42%. Emerging markets witnessed a more dramatic downturn. The MSCI Emerging Markets Index (net)****, designed to measure the equity market performance of emerging markets (including China, Russia, Brazil and India) returned -17.67% for the period.
Increased volatility also was experienced in the bond market. While the Barclays U.S. Aggregate Bond Index***, a broad measure of the bond market, was down just slightly at -0.12% for the reporting period, other areas of the bond market saw more meaningful declines. This was particularly witnessed in the high yield market with the Citigroup High Yield Market Index***** returning -6.70% for the period.
Planning for your financial future in such an uncertain world should be a top priority. Your investment with VALIC Company I is an important step that may help you reach your long-term financial goals. Another important step, we believe, is to meet with your financial advisor periodically to ensure that you maintain a diversified portfolio appropriate for your goals and risk tolerance.
We appreciate being part of your investment program and thank you for your ongoing confidence in us. We look forward to helping you meet your investment goals in the years ahead.
Sincerely,
John T. Genoy, President
VALIC Company I
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The MSCI EAFE Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index 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 CMBC (agency and non-agency). |
**** | The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. |
***** | Citi’s US High-Yield Market Index is a US Dollar-denominated index which measures the performance of high-yield debt issued by corporations domiciled in the US or Canada. Recognized as a broad measure of the North American high-yield market amongst all Citi’s fixed income indices, it includes cash-pay and deferred-interest securities. All the bonds are publically placed, have a fixed coupon, and are non-convertible. Bonds issued under Rule 144A are included in their unregistered form. |
Indices are not managed and an investor cannot invest directly into an index. Past performance of an index does not guarantee the future performance of any investment.
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Table of Contents
VALIC Company I
EXPENSE EXAMPLE — November 30, 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 June 1, 2015 and held until November 30, 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 November 30, 2015” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended November 30, 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 November 30, 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 November 30, 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 November 30, 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 — November 30, 2015 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2015 | Ending Account Value Using Actual Return at November 30, 2015 | Expenses Paid During the Six Months Ended November 30, 2015* | Beginning Account Value at June 1, 2015 | Ending Account Value Using a Hypothetical 5% Annual Return at November 30, 2015 | Expenses Paid During the Six Months Ended November 30, 2015* | Annualized Expense Ratio* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 983.84 | $ | 3.52 | $ | 1,000.00 | $ | 1,021.45 | $ | 3.59 | 0.71 | % | ||||||||||||||
Blue Chip Growth | $ | 1,000.00 | $ | 1,040.65 | $ | 4.23 | $ | 1,000.00 | $ | 1,020.85 | $ | 4.19 | 0.83 | % | ||||||||||||||
Broad Cap Value Income# | $ | 1,000.00 | $ | 958.20 | $ | 4.16 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 996.98 | $ | 3.15 | $ | 1,000.00 | $ | 1,021.85 | $ | 3.18 | 0.63 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 971.54 | $ | 3.94 | $ | 1,000.00 | $ | 1,021.00 | $ | 4.04 | 0.80 | % | ||||||||||||||
Dividend Value# | $ | 1,000.00 | $ | 994.71 | $ | 4.09 | $ | 1,000.00 | $ | 1,020.90 | $ | 4.14 | 0.82 | % | ||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | $ | 958.47 | $ | 1.57 | $ | 1,000.00 | $ | 1,023.40 | $ | 1.62 | 0.32 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 836.73 | $ | 4.45 | $ | 1,000.00 | $ | 1,020.15 | $ | 4.90 | 0.97 | % | ||||||||||||||
Foreign Value | $ | 1,000.00 | $ | 883.14 | $ | 3.72 | $ | 1,000.00 | $ | 1,021.05 | $ | 3.99 | 0.79 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 980.23 | $ | 4.16 | $ | 1,000.00 | $ | 1,020.80 | $ | 4.24 | 0.84 | % | ||||||||||||||
Global Social Awareness | $ | 1,000.00 | $ | 964.72 | $ | 3.09 | $ | 1,000.00 | $ | 1,021.85 | $ | 3.18 | 0.63 | % | ||||||||||||||
Global Strategy | $ | 1,000.00 | $ | 937.41 | $ | 3.05 | $ | 1,000.00 | $ | 1,021.85 | $ | 3.18 | 0.63 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 1,000.00 | $ | 3.25 | $ | 1,000.00 | $ | 1,021.75 | $ | 3.29 | 0.65 | % | ||||||||||||||
Growth | $ | 1,000.00 | $ | 1,004.27 | $ | 4.01 | $ | 1,000.00 | $ | 1,021.00 | $ | 4.04 | 0.80 | % | ||||||||||||||
Growth & Income# | $ | 1,000.00 | $ | 985.28 | $ | 4.22 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||||||||
Health Sciences# | $ | 1,000.00 | $ | 921.51 | $ | 5.09 | $ | 1,000.00 | $ | 1,019.70 | $ | 5.35 | 1.06 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 978.02 | $ | 2.92 | $ | 1,000.00 | $ | 1,022.05 | $ | 2.98 | 0.59 | % | ||||||||||||||
International Equities Index | $ | 1,000.00 | $ | 924.26 | $ | 2.02 | $ | 1,000.00 | $ | 1,022.90 | $ | 2.12 | 0.42 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 980.46 | $ | 3.17 | $ | 1,000.00 | $ | 1,021.80 | $ | 3.23 | 0.64 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 932.30 | $ | 4.88 | $ | 1,000.00 | $ | 1,019.95 | $ | 5.10 | 1.01 | % | ||||||||||||||
Large Cap Core | $ | 1,000.00 | $ | 995.63 | $ | 4.14 | $ | 1,000.00 | $ | 1,020.85 | $ | 4.19 | 0.83 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 992.94 | $ | 3.74 | $ | 1,000.00 | $ | 1,021.25 | $ | 3.79 | 0.75 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 965.29 | $ | 1.77 | $ | 1,000.00 | $ | 1,023.20 | $ | 1.82 | 0.36 | % | ||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | $ | 948.53 | $ | 3.99 | $ | 1,000.00 | $ | 1,020.90 | $ | 4.14 | 0.82 | % | ||||||||||||||
Money Market I# | $ | 1,000.00 | $ | 1,000.05 | $ | 0.85 | $ | 1,000.00 | $ | 1,024.15 | $ | 0.86 | 0.17 | % | ||||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | $ | 1,038.61 | $ | 2.70 | $ | 1,000.00 | $ | 1,022.35 | $ | 2.68 | 0.53 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 1,017.62 | $ | 4.99 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.00 | 0.99 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 963.60 | $ | 4.86 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.00 | 0.99 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 962.62 | $ | 4.56 | $ | 1,000.00 | $ | 1,020.35 | $ | 4.70 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 967.50 | $ | 2.02 | $ | 1,000.00 | $ | 1,022.95 | $ | 2.07 | 0.41 | % | ||||||||||||||
Small Cap Special Values | $ | 1,000.00 | $ | 983.26 | $ | 4.31 | $ | 1,000.00 | $ | 1,020.65 | $ | 4.39 | 0.87 | % | ||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 946.21 | $ | 4.87 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.05 | 1.00 | % | ||||||||||||||
Stock Index | $ | 1,000.00 | $ | 996.45 | $ | 1.70 | $ | 1,000.00 | $ | 1,023.30 | $ | 1.72 | 0.34 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 965.07 | $ | 4.18 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % |
* | Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 366 days (to reflect the one-half year period). These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA’s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administrative fees charged by your Plan/IRA sponsor. |
# | During the stated period, the investment adviser waived a portion of or all fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended November 30, 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 November 30, 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 — November 30, 2015 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 8.0 | % | ||
Exchange — Traded Funds | 6.8 | |||
Registered Investment Companies | 6.1 | |||
Time Deposits | 6.1 | |||
Diversified Banking Institutions | 4.4 | |||
United States Treasury Notes | 3.3 | |||
Banks — Commercial | 3.3 | |||
U.S. Government Treasuries | 3.2 | |||
Federal Home Loan Mtg. Corp. | 3.1 | |||
Diversified Financial Services | 2.4 | |||
Real Estate Investment Trusts | 2.2 | |||
Medical — Drugs | 2.2 | |||
Telephone — Integrated | 1.8 | |||
Diversified Manufacturing Operations | 1.7 | |||
Electric — Integrated | 1.6 | |||
Computers | 1.6 | |||
Aerospace/Defense | 1.6 | |||
Medical — Biomedical/Gene | 1.6 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Oil Companies — Integrated | 1.3 | |||
Computer Services | 1.3 | |||
Oil Refining & Marketing | 1.3 | |||
Chemicals — Diversified | 1.1 | |||
Retail — Discount | 1.1 | |||
Cable/Satellite TV | 1.0 | |||
Applications Software | 1.0 | |||
Insurance — Life/Health | 1.0 | |||
Insurance — Property/Casualty | 0.9 | |||
United States Treasury Bonds | 0.9 | |||
Investment Management/Advisor Services | 0.9 | |||
Finance — Other Services | 0.9 | |||
Insurance — Multi-line | 0.8 | |||
Insurance — Reinsurance | 0.8 | |||
Medical — HMO | 0.8 | |||
Retail — Restaurants | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Multimedia | 0.7 | |||
Electronic Components — Semiconductors | 0.7 | |||
E-Commerce/Products | 0.7 | |||
Airlines | 0.7 | |||
Banks — Super Regional | 0.7 | |||
Government National Mtg. Assoc. | 0.6 | |||
Beverages — Non-alcoholic | 0.6 | |||
Web Portals/ISP | 0.6 | |||
Pipelines | 0.6 | |||
Retail — Drug Store | 0.6 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Tobacco | 0.5 | |||
Retail — Building Products | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Cosmetics & Toiletries | 0.5 | |||
Savings & Loans/Thrifts | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Oil — Field Services | 0.5 | |||
Paper & Related Products | 0.5 | |||
Transport — Services | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
Medical Instruments | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Gas — Distribution | 0.4 | |||
Entertainment Software | 0.4 | |||
Electronic Components — Misc. | 0.4 | |||
Networking Products | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Independent Power Producers | 0.4 | |||
Medical Products | 0.4 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Machinery — Farming | 0.3 | |||
Finance — Credit Card | 0.3 | |||
Banks — Fiduciary | 0.3 |
Agricultural Operations | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Internet Content — Entertainment | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Electric — Generation | 0.3 | |||
Insurance — Mutual | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Telecom Services | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Human Resources | 0.2 | |||
Cellular Telecom | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Casino Hotels | 0.2 | |||
Medical — Outpatient/Home Medical | 0.2 | |||
Sovereign | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Pharmacy Services | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Electric — Distribution | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Internet Infrastructure Software | 0.2 | |||
Finance — Auto Loans | 0.2 | |||
Food — Retail | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Building Products — Wood | 0.2 | |||
Computer Data Security | 0.2 | |||
Municipal Bonds & Notes | 0.2 | |||
Data Processing/Management | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Food — Dairy Products | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Satellite Telecom | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Schools | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Athletic Footwear | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Banks — Money Center | 0.1 | |||
Building & Construction — Misc. | 0.1 | |||
Retail — Automobile | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Cruise Lines | 0.1 | |||
Coatings/Paint | 0.1 | |||
X-Ray Equipment | 0.1 | |||
Sovereign Agency | 0.1 | |||
Transport — Truck | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Diversified Minerals | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Home Furnishings | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Insurance Brokers | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Finance — Commercial | 0.1 | |||
Brewery | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Transport — Rail | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
SupraNational Banks | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Wire & Cable Products | 0.1 |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Commercial Services | 0.1 | % | ||
Containers — Metal/Glass | 0.1 | |||
Internet Telephone | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Garden Products | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Internet Security | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Poultry | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Medical Information Systems | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Wireless Equipment | 0.1 | |||
Printing — Commercial | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Computer Aided Design | 0.1 | |||
Consulting Services | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Computer Software | 0.1 | |||
Travel Services | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Rubber — Tires | 0.1 | |||
Transactional Software | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Auto/Truck Parts & Equipment — Replacement | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Retail — Pawn Shops | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
112.0 | % | |||
* | Calculated as a percentage of net assets |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 49.7% | ||||||||
Advertising Agencies — 0.0% | ||||||||
Interpublic Group of Cos., Inc. | 1,713 | $ | 39,399 | |||||
Omnicom Group, Inc.# | 315 | 23,285 | ||||||
62,684 | ||||||||
Advertising Services — 0.0% | ||||||||
Sizmek, Inc.† | 669 | 3,097 | ||||||
Aerospace/Defense — 1.4% | ||||||||
Aerovironment, Inc.† | 663 | 16,960 | ||||||
Boeing Co. | 3,722 | 541,365 | ||||||
Cubic Corp. | 717 | 34,817 | ||||||
General Dynamics Corp. | 4,546 | 665,807 | ||||||
Lockheed Martin Corp. | 2,185 | 478,865 | ||||||
National Presto Industries, Inc. | 152 | 13,215 | ||||||
Northrop Grumman Corp. | 2,892 | 538,953 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 792 | 41,540 | ||||||
2,331,522 | ||||||||
Aerospace/Defense - Equipment — 0.3% | ||||||||
AAR Corp. | 1,093 | 26,844 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 2,008 | 35,220 | ||||||
Curtiss-Wright Corp. | 1,537 | 108,220 | ||||||
Harris Corp. | 993 | 82,548 | ||||||
Kaman Corp. | 885 | 35,524 | ||||||
Moog, Inc., Class A† | 1,250 | 82,588 | ||||||
United Technologies Corp. | 2,035 | 195,462 | ||||||
566,406 | ||||||||
Agricultural Chemicals — 0.0% | ||||||||
Intrepid Potash, Inc.† | 1,824 | 6,548 | ||||||
Agricultural Operations — 0.3% | ||||||||
Andersons, Inc. | 865 | 29,816 | ||||||
Archer-Daniels-Midland Co. | 11,530 | 420,730 | ||||||
Bunge, Ltd. | 1,078 | 71,806 | ||||||
522,352 | ||||||||
Airlines — 0.5% | ||||||||
Alaska Air Group, Inc. | 1,025 | 81,723 | ||||||
Allegiant Travel Co. | 439 | 76,882 | ||||||
American Airlines Group, Inc. | 3,021 | 124,647 | ||||||
Delta Air Lines, Inc. | 5,725 | 265,984 | ||||||
Hawaiian Holdings, Inc.† | 1,796 | 65,015 | ||||||
JetBlue Airways Corp.† | 386 | 9,550 | ||||||
Republic Airways Holdings, Inc.† | 1,642 | 6,962 | ||||||
SkyWest, Inc. | 1,681 | 34,645 | ||||||
Southwest Airlines Co. | 1,426 | 65,425 | ||||||
United Continental Holdings, Inc.† | 1,717 | 95,688 | ||||||
826,521 | ||||||||
Apparel Manufacturers — 0.1% | ||||||||
G-III Apparel Group, Ltd.† | 1,237 | 56,741 | ||||||
Oxford Industries, Inc. | 470 | 31,932 | ||||||
88,673 | ||||||||
Appliances — 0.0% | ||||||||
iRobot Corp.†# | 974 | 32,230 | ||||||
Applications Software — 0.9% | ||||||||
Citrix Systems, Inc.† | 4,499 | 344,938 | ||||||
Constant Contact, Inc.† | 1,044 | 32,667 | ||||||
Ebix, Inc.# | 901 | 33,796 | ||||||
Epiq Systems, Inc. | 1,023 | 13,841 | ||||||
Intuit, Inc. | 1,668 | 167,134 | ||||||
King Digital Entertainment PLC | 256 | 4,529 | ||||||
Microsoft Corp. | 15,788 | 858,078 |
Security Description | Shares | Value (Note 2) | ||||||
Applications Software (continued) | ||||||||
Progress Software Corp.† | 1,650 | $ | 39,583 | |||||
Red Hat, Inc.† | 127 | 10,339 | ||||||
Salesforce.com, Inc.† | 386 | 30,760 | ||||||
Tangoe, Inc.† | 1,206 | 10,372 | ||||||
1,546,037 | ||||||||
Athletic Footwear — 0.1% | ||||||||
NIKE, Inc., Class B | 1,671 | 221,040 | ||||||
Audio/Video Products — 0.0% | ||||||||
Daktronics, Inc. | 1,294 | 11,219 | ||||||
DTS, Inc.† | 560 | 14,409 | ||||||
Universal Electronics, Inc.† | 504 | 26,707 | ||||||
VOXX International Corp.† | 685 | 3,932 | ||||||
56,267 | ||||||||
Auto Repair Centers — 0.1% | ||||||||
Monro Muffler Brake, Inc. | 1,037 | 76,779 | ||||||
Auto-Heavy Duty Trucks — 0.1% | ||||||||
PACCAR, Inc. | 1,453 | 75,498 | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% | ||||||||
Gentherm, Inc.† | 1,171 | 59,534 | ||||||
Superior Industries International, Inc. | 744 | 14,515 | ||||||
Titan International, Inc. | 1,751 | 7,599 | ||||||
81,648 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.1% | ||||||||
Dorman Products, Inc.†# | 1,001 | 47,768 | ||||||
Standard Motor Products, Inc. | 669 | 27,937 | ||||||
75,705 | ||||||||
Banks - Commercial — 1.9% | ||||||||
Banner Corp. | 628 | 32,970 | ||||||
BBCN Bancorp, Inc. | 2,573 | 48,655 | ||||||
Cardinal Financial Corp. | 1,050 | 25,830 | ||||||
Central Pacific Financial Corp. | 995 | 23,124 | ||||||
City Holding Co. | 498 | 24,860 | ||||||
Columbia Banking System, Inc. | 1,723 | 61,235 | ||||||
Community Bank System, Inc. | 1,332 | 57,449 | ||||||
Cullen/Frost Bankers, Inc. | 3,039 | 212,092 | ||||||
CVB Financial Corp. | 3,130 | 57,905 | ||||||
East West Bancorp, Inc. | 4,962 | 215,252 | ||||||
First BanCorp† | 3,371 | 12,641 | ||||||
First Commonwealth Financial Corp. | 2,941 | 28,940 | ||||||
First Financial Bancorp | 1,991 | 40,119 | ||||||
First Financial Bankshares, Inc.# | 2,080 | 74,693 | ||||||
First Horizon National Corp. | 15,283 | 227,258 | ||||||
First Midwest Bancorp, Inc. | 2,548 | 49,788 | ||||||
First NBC Bank Holding Co.† | 514 | 21,763 | ||||||
FNB Corp. | 5,689 | 82,604 | ||||||
Glacier Bancorp, Inc. | 2,464 | 72,392 | ||||||
Hanmi Financial Corp. | 1,050 | 27,405 | ||||||
Home BancShares, Inc. | 1,907 | 86,044 | ||||||
Independent Bank Corp. | 846 | 43,772 | ||||||
LegacyTexas Financial Group, Inc. | 1,177 | 35,910 | ||||||
MB Financial, Inc. | 2,107 | 75,304 | ||||||
National Penn Bancshares, Inc. | 4,508 | 56,305 | ||||||
NBT Bancorp, Inc. | 1,407 | 42,393 | ||||||
OFG Bancorp# | 1,447 | 12,097 | ||||||
Old National Bancorp | 3,415 | 50,371 | ||||||
Pinnacle Financial Partners, Inc. | 1,088 | 59,111 | ||||||
Popular, Inc. | 7,909 | 234,976 | ||||||
PrivateBancorp, Inc. | 2,286 | 100,836 | ||||||
Regions Financial Corp. | 37,281 | 378,029 |
6 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Banks - Commercial (continued) | ||||||||
S&T Bancorp, Inc. | 906 | $ | 30,732 | |||||
Simmons First National Corp., Class A | 516 | 29,753 | ||||||
Southside Bancshares, Inc. | 747 | 21,095 | ||||||
Talmer Bancorp, Inc., Class A | 1,840 | 33,617 | ||||||
Texas Capital Bancshares, Inc.† | 1,475 | 87,438 | ||||||
Tompkins Financial Corp. | 392 | 24,524 | ||||||
TrustCo Bank Corp. NY | 3,112 | 20,415 | ||||||
UMB Financial Corp. | 1,329 | 70,038 | ||||||
United Bankshares, Inc.# | 2,086 | 87,862 | ||||||
United Community Banks, Inc. | 1,447 | 30,213 | ||||||
Westamerica Bancorporation# | 834 | 40,866 | ||||||
Wilshire Bancorp, Inc. | 2,241 | 27,654 | ||||||
Wintrust Financial Corp. | 1,545 | 81,313 | ||||||
3,157,643 | ||||||||
Banks - Fiduciary — 0.0% | ||||||||
Boston Private Financial Holdings, Inc. | 2,722 | 32,936 | ||||||
Banks - Mortgage — 0.0% | ||||||||
Walker & Dunlop, Inc.† | 852 | 25,168 | ||||||
Banks - Super Regional — 0.4% | ||||||||
Comerica, Inc. | 3,085 | 142,990 | ||||||
Fifth Third Bancorp | 442 | 9,136 | ||||||
Wells Fargo & Co. | 8,206 | 452,150 | ||||||
604,276 | ||||||||
Batteries/Battery Systems — 0.1% | ||||||||
EnerSys | 1,445 | 85,110 | ||||||
Beverages - Non-alcoholic — 0.5% | ||||||||
Coca-Cola Co. | 6,302 | 268,591 | ||||||
Coca-Cola Enterprises, Inc. | 1,260 | 63,378 | ||||||
PepsiCo, Inc. | 5,758 | 576,722 | ||||||
908,691 | ||||||||
Broadcast Services/Program — 0.0% | ||||||||
Discovery Communications, Inc., Class C† | 848 | 25,084 | ||||||
MSG Networks, Inc., Class A† | 435 | 8,604 | ||||||
33,688 | ||||||||
Building & Construction Products - Misc. — 0.1% | ||||||||
Drew Industries, Inc. | 784 | 47,377 | ||||||
Gibraltar Industries, Inc.† | 950 | 25,356 | ||||||
Quanex Building Products Corp. | 1,123 | 20,899 | ||||||
Simpson Manufacturing Co., Inc. | 1,379 | 51,202 | ||||||
144,834 | ||||||||
Building & Construction - Misc. — 0.1% | ||||||||
Aegion Corp.† | 1,239 | 27,308 | ||||||
Comfort Systems USA, Inc. | 1,215 | 38,564 | ||||||
Dycom Industries, Inc.† | 1,112 | 97,166 | ||||||
MYR Group, Inc.† | 679 | 14,395 | ||||||
TopBuild Corp. FRS† | 1,253 | 38,166 | ||||||
215,599 | ||||||||
Building Products - Air & Heating — 0.0% | ||||||||
AAON, Inc. | 1,369 | 33,828 | ||||||
Building Products - Cement — 0.0% | ||||||||
Headwaters, Inc.† | 2,392 | 45,855 | ||||||
Building Products - Doors & Windows — 0.1% | ||||||||
Apogee Enterprises, Inc. | 952 | 47,809 | ||||||
Griffon Corp. | 1,312 | 23,800 | ||||||
PGT, Inc.† | 1,567 | 17,425 | ||||||
89,034 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building Products - Wood — 0.1% | ||||||||
Boise Cascade Co.† | 1,277 | $ | 39,970 | |||||
Masco Corp. | 2,181 | 65,234 | ||||||
Universal Forest Products, Inc. | 641 | 49,523 | ||||||
154,727 | ||||||||
Building - Heavy Construction — 0.0% | ||||||||
Orion Marine Group, Inc.† | 888 | 3,889 | ||||||
Building - Maintenance & Services — 0.0% | ||||||||
ABM Industries, Inc. | 1,691 | 50,172 | ||||||
Building - Mobile Home/Manufactured Housing — 0.0% | ||||||||
Winnebago Industries, Inc.# | 893 | 20,093 | ||||||
Building - Residential/Commercial — 0.1% | ||||||||
CalAtlantic Group, Inc.† | 2,508 | 105,587 | ||||||
M/I Homes, Inc.† | 817 | 19,085 | ||||||
Meritage Homes Corp.† | 1,214 | 45,294 | ||||||
169,966 | ||||||||
Cable/Satellite TV — 0.7% | ||||||||
Comcast Corp., Class A | 10,637 | 647,368 | ||||||
Time Warner Cable, Inc. | 2,738 | 505,900 | ||||||
1,153,268 | ||||||||
Casino Hotels — 0.0% | ||||||||
Boyd Gaming Corp.† | 2,573 | 50,405 | ||||||
Monarch Casino & Resort, Inc.† | 313 | 7,018 | ||||||
57,423 | ||||||||
Casino Services — 0.0% | ||||||||
Scientific Games Corp., Class A†# | 1,621 | 14,946 | ||||||
Chemicals - Diversified — 1.0% | ||||||||
Aceto Corp. | 888 | 25,051 | ||||||
Dow Chemical Co. | 11,203 | 584,012 | ||||||
E.I. du Pont de Nemours & Co. | 5,530 | 372,390 | ||||||
Innophos Holdings, Inc. | 685 | 20,358 | ||||||
Koppers Holdings, Inc. | 679 | 15,502 | ||||||
LyondellBasell Industries NV, Class A | 5,790 | 554,798 | ||||||
PPG Industries, Inc. | 430 | 45,468 | ||||||
1,617,579 | ||||||||
Chemicals - Fibers — 0.0% | ||||||||
Rayonier Advanced Materials, Inc. | 1,379 | 15,459 | ||||||
Chemicals - Other — 0.0% | ||||||||
American Vanguard Corp. | 811 | 12,781 | ||||||
Chemicals - Plastics — 0.0% | ||||||||
A. Schulman, Inc. | 944 | 32,672 | ||||||
Chemicals - Specialty — 0.2% | ||||||||
Balchem Corp. | 1,006 | 68,901 | ||||||
Calgon Carbon Corp. | 1,718 | 29,052 | ||||||
H.B. Fuller Co. | 1,632 | 64,970 | ||||||
Hawkins, Inc. | 320 | 13,120 | ||||||
Kraton Performance Polymers, Inc.† | 1,001 | 22,272 | ||||||
Quaker Chemical Corp. | 438 | 37,331 | ||||||
Stepan Co. | 622 | 32,381 | ||||||
268,027 | ||||||||
Circuit Boards — 0.0% | ||||||||
Park Electrochemical Corp. | 623 | 10,909 | ||||||
TTM Technologies, Inc.† | 2,030 | 15,915 | ||||||
26,824 | ||||||||
Coal — 0.0% | ||||||||
Cloud Peak Energy, Inc.†# | 2,129 | 5,557 | ||||||
SunCoke Energy, Inc. | 2,076 | 7,847 | ||||||
13,404 | ||||||||
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Commercial Services — 0.1% | ||||||||
Healthcare Services Group, Inc. | 2,306 | $ | 85,184 | |||||
HMS Holdings Corp.† | 2,873 | 34,849 | ||||||
Medifast, Inc.† | 376 | 11,400 | ||||||
Nutrisystem, Inc. | 958 | 21,977 | ||||||
153,410 | ||||||||
Commercial Services - Finance — 0.3% | ||||||||
Cardtronics, Inc.† | 1,444 | 54,309 | ||||||
Green Dot Corp., Class A† | 1,290 | 21,698 | ||||||
Heartland Payment Systems, Inc. | 1,177 | 93,383 | ||||||
LendingTree, Inc.† | 206 | 20,987 | ||||||
PayPal Holdings, Inc.† | 2,476 | 87,304 | ||||||
Total System Services, Inc. | 901 | 50,420 | ||||||
Western Union Co. | 11,979 | 225,924 | ||||||
554,025 | ||||||||
Communications Equipment — 0.0% | ||||||||
Nortel Networks Corp.(10) | 62 | 0 | ||||||
Communications Software — 0.0% | ||||||||
Digi International, Inc.† | 861 | 10,771 | ||||||
Computer Aided Design — 0.1% | ||||||||
ANSYS, Inc.† | 1,021 | 95,167 | ||||||
Computer Data Security — 0.2% | ||||||||
Fortinet, Inc.† | 7,598 | 273,680 | ||||||
Computer Graphics — 0.0% | ||||||||
Monotype Imaging Holdings, Inc. | 1,315 | 34,755 | ||||||
Computer Services — 1.1% | ||||||||
Accenture PLC, Class A | 4,603 | 493,534 | ||||||
Amdocs, Ltd. | 124 | 7,015 | ||||||
CACI International, Inc., Class A† | 792 | 79,406 | ||||||
Ciber, Inc.† | 2,273 | 8,024 | ||||||
Computer Sciences Corp. | 1,402 | 43,925 | ||||||
CSRA, Inc.† | 1,402 | 44,177 | ||||||
Engility Holdings, Inc. | 579 | 20,033 | ||||||
ExlService Holdings, Inc.† | 1,042 | 48,734 | ||||||
Genpact, Ltd.† | 1,621 | 40,849 | ||||||
Insight Enterprises, Inc.† | 1,250 | 33,475 | ||||||
International Business Machines Corp. | 6,476 | 902,884 | ||||||
LivePerson, Inc.† | 1,650 | 12,870 | ||||||
Sykes Enterprises, Inc.† | 1,269 | 40,379 | ||||||
TeleTech Holdings, Inc. | 568 | 16,483 | ||||||
Virtusa Corp.† | 872 | 42,946 | ||||||
1,834,734 | ||||||||
Computer Software — 0.1% | ||||||||
Blackbaud, Inc. | 1,517 | 93,720 | ||||||
Computers — 1.4% | ||||||||
Apple, Inc. | 19,985 | 2,364,225 | ||||||
Computers - Integrated Systems — 0.1% | ||||||||
Agilysys, Inc.† | 433 | 4,807 | ||||||
Mercury Systems, Inc.† | 1,083 | 21,205 | ||||||
MTS Systems Corp. | 489 | 31,110 | ||||||
Super Micro Computer, Inc.† | 1,182 | 29,030 | ||||||
86,152 | ||||||||
Computers - Memory Devices — 0.2% | ||||||||
Brocade Communications Systems, Inc. | 17,923 | 168,207 | ||||||
EMC Corp. | 1,843 | 46,702 | ||||||
NetApp, Inc. | 1,830 | 56,108 | ||||||
Western Digital Corp. | 130 | 8,113 | ||||||
279,130 | ||||||||
Computers - Periphery Equipment — 0.1% | ||||||||
Electronics For Imaging, Inc.† | 1,529 | 75,043 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Consulting Services — 0.1% | ||||||||
Booz Allen Hamilton Holding Corp. | 983 | $ | 29,932 | |||||
Forrester Research, Inc. | 357 | 11,653 | ||||||
Gartner, Inc.† | 274 | 25,564 | ||||||
Navigant Consulting, Inc.† | 1,582 | 27,685 | ||||||
94,834 | ||||||||
Consumer Products - Misc. — 0.2% | ||||||||
Central Garden & Pet Co., Class A† | 1,415 | 22,343 | ||||||
Clorox Co. | 788 | 97,948 | ||||||
Helen of Troy, Ltd.† | 869 | 89,863 | ||||||
Wausau Paper Corp. | 1,648 | 16,876 | ||||||
WD-40 Co. | 441 | 43,558 | ||||||
270,588 | ||||||||
Containers - Metal/Glass — 0.0% | ||||||||
Ball Corp. | 165 | 11,454 | ||||||
Containers - Paper/Plastic — 0.0% | ||||||||
KapStone Paper and Packaging Corp. | 2,762 | 67,034 | ||||||
Cosmetics & Toiletries — 0.5% | ||||||||
Colgate-Palmolive Co. | 4,772 | 313,425 | ||||||
Inter Parfums, Inc. | 562 | 14,983 | ||||||
Procter & Gamble Co. | 6,804 | 509,211 | ||||||
837,619 | ||||||||
Cruise Lines — 0.0% | ||||||||
Carnival Corp. | 858 | 43,355 | ||||||
Data Processing/Management — 0.1% | ||||||||
CSG Systems International, Inc. | 1,033 | 36,909 | ||||||
Dun & Bradstreet Corp. | 396 | 42,685 | ||||||
79,594 | ||||||||
Decision Support Software — 0.0% | ||||||||
Interactive Intelligence Group, Inc.† | 569 | 19,608 | ||||||
Diagnostic Equipment — 0.0% | ||||||||
Affymetrix, Inc.† | 2,498 | 23,656 | ||||||
Diagnostic Kits — 0.0% | ||||||||
Meridian Bioscience, Inc. | 1,363 | 26,674 | ||||||
Direct Marketing — 0.0% | ||||||||
Harte-Hanks, Inc. | 1,325 | 4,982 | ||||||
Disposable Medical Products — 0.1% | ||||||||
ICU Medical, Inc.† | 457 | 51,842 | ||||||
Merit Medical Systems, Inc.† | 1,445 | 27,990 | ||||||
79,832 | ||||||||
Distribution/Wholesale — 0.1% | ||||||||
Essendant, Inc. | 1,255 | 45,456 | ||||||
Fossil Group, Inc.†# | 233 | 8,963 | ||||||
Pool Corp. | 1,415 | 116,087 | ||||||
ScanSource, Inc.† | 914 | 35,116 | ||||||
Veritiv Corp.† | 254 | 10,025 | ||||||
215,647 | ||||||||
Diversified Banking Institutions — 1.5% | ||||||||
Bank of America Corp. | 21,757 | 379,224 | ||||||
Citigroup, Inc. | 21,335 | 1,154,010 | ||||||
JPMorgan Chase & Co. | 14,473 | 965,060 | ||||||
2,498,294 | ||||||||
Diversified Manufacturing Operations — 1.5% | ||||||||
3M Co. | 5,025 | 786,815 | ||||||
Actuant Corp., Class A | 1,915 | 47,415 | ||||||
AZZ, Inc. | 826 | 49,180 | ||||||
Barnes Group, Inc. | 1,609 | 61,979 |
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Diversified Manufacturing Operations (continued) | ||||||||
Dover Corp. | 6,505 | $ | 428,680 | |||||
EnPro Industries, Inc. | 736 | 36,903 | ||||||
Fabrinet† | 982 | 23,499 | ||||||
Federal Signal Corp. | 2,004 | 33,787 | ||||||
General Electric Co. | 20,913 | 626,135 | ||||||
Harsco Corp. | 2,598 | 27,123 | ||||||
Illinois Tool Works, Inc. | 4,059 | 381,465 | ||||||
LSB Industries, Inc.† | 638 | 4,536 | ||||||
Lydall, Inc.† | 562 | 20,468 | ||||||
Standex International Corp. | 408 | 36,463 | ||||||
Textron, Inc. | 473 | 20,183 | ||||||
Tredegar Corp. | 841 | 13,254 | ||||||
2,597,885 | ||||||||
Diversified Minerals — 0.0% | ||||||||
US Silica Holdings, Inc.# | 1,742 | 37,052 | ||||||
Diversified Operations/Commercial Services — 0.0% | ||||||||
Viad Corp. | 654 | 20,189 | ||||||
Drug Delivery Systems — 0.1% | ||||||||
Depomed, Inc.†# | 1,937 | 37,655 | ||||||
Nektar Therapeutics† | 4,267 | 66,821 | ||||||
104,476 | ||||||||
E-Commerce/Products — 0.7% | ||||||||
Amazon.com, Inc.† | 1,171 | 778,481 | ||||||
Blue Nile, Inc.† | 400 | 14,584 | ||||||
eBay, Inc.† | 10,372 | 306,907 | ||||||
FTD Cos., Inc.† | 611 | 16,204 | ||||||
Stamps.com, Inc.† | 489 | 49,565 | ||||||
1,165,741 | ||||||||
E-Commerce/Services — 0.1% | ||||||||
Expedia, Inc. | 992 | 122,125 | ||||||
Groupon, Inc.†# | 16,361 | 47,283 | ||||||
Priceline Group, Inc.† | 38 | 47,457 | ||||||
216,865 | ||||||||
E-Marketing/Info — 0.0% | ||||||||
comScore, Inc.† | 1,102 | 46,394 | ||||||
Liquidity Services, Inc.† | 749 | 5,108 | ||||||
QuinStreet, Inc.† | 1,085 | 5,306 | ||||||
56,808 | ||||||||
E-Services/Consulting — 0.0% | ||||||||
CDW Corp. | 1,002 | 43,256 | ||||||
Perficient, Inc.† | 1,158 | 20,242 | ||||||
63,498 | ||||||||
Electric Products - Misc. — 0.3% | ||||||||
Emerson Electric Co. | 8,652 | 432,600 | ||||||
Littelfuse, Inc. | 738 | 80,117 | ||||||
512,717 | ||||||||
Electric - Distribution — 0.1% | ||||||||
UIL Holdings Corp. | 1,851 | 94,123 | ||||||
Electric - Integrated — 0.9% | ||||||||
AES Corp. | 18,489 | 184,705 | ||||||
ALLETE, Inc. | 1,461 | 74,438 | ||||||
Avista Corp. | 1,858 | 64,305 | ||||||
Consolidated Edison, Inc. | 719 | 44,686 | ||||||
Duke Energy Corp. | 1,356 | 91,882 | ||||||
Edison International | 1,110 | 65,890 | ||||||
El Paso Electric Co. | 1,329 | 51,366 | ||||||
Entergy Corp. | 528 | 35,181 | ||||||
Exelon Corp. | 17,993 | 491,389 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) | ||||||||
FirstEnergy Corp. | 481 | $ | 15,099 | |||||
MDU Resources Group, Inc. | 5,434 | 94,660 | ||||||
NorthWestern Corp. | 1,529 | 83,376 | ||||||
Public Service Enterprise Group, Inc. | 5,499 | 215,011 | ||||||
1,511,988 | ||||||||
Electronic Components - Misc. — 0.3% | ||||||||
Bel Fuse, Inc., Class B | 336 | 6,962 | ||||||
Benchmark Electronics, Inc.† | 1,715 | 36,804 | ||||||
Corning, Inc. | 11,707 | 219,272 | ||||||
CTS Corp. | 1,080 | 20,498 | ||||||
Methode Electronics, Inc. | 1,236 | 44,595 | ||||||
OSI Systems, Inc.† | 596 | 55,804 | ||||||
Plexus Corp.† | 1,091 | 40,585 | ||||||
Rogers Corp.† | 609 | 33,757 | ||||||
Sanmina Corp.† | 2,687 | 60,914 | ||||||
519,191 | ||||||||
Electronic Components - Semiconductors — 0.6% | ||||||||
Avago Technologies, Ltd. | 2,391 | 311,906 | ||||||
CEVA, Inc.† | 688 | 17,468 | ||||||
Diodes, Inc.† | 1,215 | 28,297 | ||||||
DSP Group, Inc.† | 752 | 7,843 | ||||||
Intel Corp. | 3,606 | 125,381 | ||||||
Kopin Corp.† | 1,992 | 5,717 | ||||||
Microsemi Corp.† | 3,079 | 110,875 | ||||||
Monolithic Power Systems, Inc. | 1,188 | 81,176 | ||||||
NVIDIA Corp. | 4,198 | 133,161 | ||||||
QLogic Corp.† | 2,839 | 36,623 | ||||||
Semtech Corp.† | 2,156 | 43,336 | ||||||
Skyworks Solutions, Inc. | 177 | 14,695 | ||||||
Texas Instruments, Inc. | 1,635 | 95,026 | ||||||
Xilinx, Inc. | 1,031 | 51,230 | ||||||
1,062,734 | ||||||||
Electronic Measurement Instruments — 0.2% | ||||||||
Agilent Technologies, Inc. | 6,561 | 274,381 | ||||||
Badger Meter, Inc. | 460 | 27,982 | ||||||
ESCO Technologies, Inc. | 834 | 32,718 | ||||||
FARO Technologies, Inc.† | 552 | 16,610 | ||||||
Itron, Inc.† | 1,247 | 44,829 | ||||||
396,520 | ||||||||
Electronic Security Devices — 0.0% | ||||||||
American Science & Engineering, Inc. | 222 | 9,710 | ||||||
TASER International, Inc.†# | 1,734 | 32,426 | ||||||
42,136 | ||||||||
Energy - Alternate Sources — 0.0% | ||||||||
FutureFuel Corp. | 758 | 10,855 | ||||||
Green Plains, Inc. | 1,126 | 26,675 | ||||||
REX American Resources Corp.† | 159 | 9,993 | ||||||
47,523 | ||||||||
Engineering/R&D Services — 0.1% | ||||||||
EMCOR Group, Inc. | 2,040 | 102,816 | ||||||
Exponent, Inc. | 831 | 42,905 | ||||||
Jacobs Engineering Group, Inc.† | 1,124 | 49,613 | ||||||
195,334 | ||||||||
Engines - Internal Combustion — 0.0% | ||||||||
Briggs & Stratton Corp. | 1,436 | 27,341 | ||||||
Enterprise Software/Service — 0.2% | ||||||||
ManTech International Corp., Class A | 766 | 25,653 | ||||||
MedAssets, Inc.† | 1,973 | 59,447 |
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Enterprise Software/Service (continued) | ||||||||
MicroStrategy, Inc., Class A† | 297 | $ | 51,491 | |||||
Omnicell, Inc.† | 1,188 | 35,830 | ||||||
SYNNEX Corp. | 912 | 85,974 | ||||||
258,395 | ||||||||
Entertainment Software — 0.4% | ||||||||
Activision Blizzard, Inc. | 12,823 | 482,914 | ||||||
Electronic Arts, Inc.† | 1,422 | 96,398 | ||||||
Take-Two Interactive Software, Inc.† | 2,728 | 96,489 | ||||||
675,801 | ||||||||
Environmental Consulting & Engineering — 0.0% | ||||||||
Tetra Tech, Inc. | 1,969 | 54,719 | ||||||
Finance - Auto Loans — 0.0% | ||||||||
Credit Acceptance Corp.†# | 52 | 10,422 | ||||||
Finance - Consumer Loans — 0.1% | ||||||||
Encore Capital Group, Inc.†# | 793 | 26,145 | ||||||
Enova International, Inc.† | 877 | 6,595 | ||||||
PRA Group, Inc.† | 1,561 | 64,485 | ||||||
World Acceptance Corp.†# | 278 | 11,993 | ||||||
109,218 | ||||||||
Finance - Credit Card — 0.2% | ||||||||
American Express Co. | 117 | 8,382 | ||||||
Discover Financial Services | 1,056 | 59,938 | ||||||
MasterCard, Inc., Class A | 863 | 84,505 | ||||||
Visa, Inc., Class A | 3,165 | 250,067 | ||||||
402,892 | ||||||||
Finance - Investment Banker/Broker — 0.3% | ||||||||
Evercore Partners, Inc., Class A | 1,183 | 65,692 | ||||||
Greenhill & Co., Inc. | 890 | 23,594 | ||||||
Interactive Brokers Group, Inc., Class A | 1,888 | 81,864 | ||||||
Investment Technology Group, Inc. | 1,129 | 22,659 | ||||||
Lazard, Ltd., Class A | 5,574 | 259,024 | ||||||
Piper Jaffray Cos.† | 501 | 20,305 | ||||||
Raymond James Financial, Inc. | 1,280 | 75,174 | ||||||
548,312 | ||||||||
Finance - Other Services — 0.5% | ||||||||
CME Group, Inc. | 2,315 | 226,060 | ||||||
Intercontinental Exchange, Inc. | 217 | 56,385 | ||||||
MarketAxess Holdings, Inc. | 1,212 | 129,417 | ||||||
Nasdaq, Inc. | 5,627 | 329,855 | ||||||
WageWorks, Inc.† | 1,076 | 45,773 | ||||||
787,490 | ||||||||
Firearms & Ammunition — 0.0% | ||||||||
Sturm Ruger & Co., Inc. | 612 | 31,885 | ||||||
Food - Canned — 0.0% | ||||||||
Seneca Foods Corp., Class A† | 232 | 6,389 | ||||||
Food - Misc./Diversified — 0.8% | ||||||||
B&G Foods, Inc. | 1,892 | 71,480 | ||||||
Cal-Maine Foods, Inc.# | 977 | 53,256 | ||||||
Darling Ingredients, Inc.† | 5,351 | 58,593 | ||||||
Diamond Foods, Inc.† | 869 | 35,177 | ||||||
General Mills, Inc. | 4,939 | 285,277 | ||||||
Ingredion, Inc. | 1,768 | 174,272 | ||||||
J&J Snack Foods Corp. | 485 | 56,590 | ||||||
Mondelez International, Inc., Class A | 11,172 | 487,769 | ||||||
Snyder’s-Lance, Inc. | 1,683 | 62,389 | ||||||
1,284,803 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Retail — 0.1% | ||||||||
Kroger Co. | 4,607 | $ | 173,500 | |||||
Food - Wholesale/Distribution — 0.0% | ||||||||
Calavo Growers, Inc. | 493 | 27,894 | ||||||
SpartanNash Co. | 1,236 | 26,722 | ||||||
54,616 | ||||||||
Footwear & Related Apparel — 0.1% | ||||||||
Crocs, Inc.† | 2,462 | 27,390 | ||||||
Iconix Brand Group, Inc.†# | 1,558 | 10,968 | ||||||
Steven Madden, Ltd.† | 1,819 | 58,026 | ||||||
Wolverine World Wide, Inc. | 3,355 | 61,028 | ||||||
157,412 | ||||||||
Forestry — 0.0% | ||||||||
Deltic Timber Corp. | 366 | 23,995 | ||||||
Funeral Services & Related Items — 0.0% | ||||||||
Matthews International Corp., Class A | 969 | 57,956 | ||||||
Gambling (Non-Hotel) — 0.0% | ||||||||
Pinnacle Entertainment, Inc.† | 1,969 | 64,564 | ||||||
Garden Products — 0.1% | ||||||||
Toro Co. | 1,788 | 137,801 | ||||||
Gas - Distribution — 0.4% | ||||||||
Laclede Group, Inc. | 1,399 | 81,646 | ||||||
National Fuel Gas Co. | 1,634 | 74,706 | ||||||
New Jersey Resources Corp. | 2,776 | 83,419 | ||||||
Northwest Natural Gas Co. | 885 | 43,188 | ||||||
Piedmont Natural Gas Co., Inc. | 2,567 | 149,271 | ||||||
South Jersey Industries, Inc. | 2,195 | 50,397 | ||||||
Southwest Gas Corp. | 1,521 | 85,298 | ||||||
UGI Corp. | 2,560 | 88,755 | ||||||
656,680 | ||||||||
Golf — 0.0% | ||||||||
Callaway Golf Co. | 2,535 | 25,553 | ||||||
Hazardous Waste Disposal — 0.0% | ||||||||
US Ecology, Inc. | 707 | 26,753 | ||||||
Health Care Cost Containment — 0.1% | ||||||||
CorVel Corp.† | 297 | 11,509 | ||||||
ExamWorks Group, Inc.† | 1,144 | 30,224 | ||||||
HealthEquity, Inc.† | 1,106 | 36,498 | ||||||
78,231 | ||||||||
Home Furnishings — 0.1% | ||||||||
American Woodmark Corp.† | 409 | 33,542 | ||||||
Ethan Allen Interiors, Inc. | 839 | 23,794 | ||||||
La-Z-Boy, Inc. | 1,648 | 44,183 | ||||||
Leggett & Platt, Inc. | 1,367 | 63,702 | ||||||
Select Comfort Corp.† | 1,686 | 39,824 | ||||||
205,045 | ||||||||
Hotels/Motels — 0.0% | ||||||||
Interval Leisure Group, Inc. | 1,274 | 19,900 | ||||||
Marcus Corp. | 568 | 11,303 | ||||||
Wyndham Worldwide Corp. | 424 | 32,190 | ||||||
63,393 | ||||||||
Human Resources — 0.2% | ||||||||
AMN Healthcare Services, Inc.† | 1,543 | 45,518 | ||||||
CDI Corp. | 439 | 3,003 | ||||||
Cross Country Healthcare, Inc.† | 1,010 | 18,433 | ||||||
Heidrick & Struggles International, Inc. | 525 | 15,152 | ||||||
Insperity, Inc. | 734 | 31,679 |
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Human Resources (continued) | ||||||||
Kelly Services, Inc., Class A | 1,004 | $ | 16,897 | |||||
Korn/Ferry International | 1,628 | 59,910 | ||||||
Monster Worldwide, Inc.† | 2,995 | 19,288 | ||||||
On Assignment, Inc.† | 1,523 | 71,094 | ||||||
Resources Connection, Inc. | 1,252 | 22,849 | ||||||
TrueBlue, Inc.† | 1,355 | 39,688 | ||||||
343,511 | ||||||||
Identification Systems — 0.0% | ||||||||
Brady Corp., Class A | 1,556 | 41,063 | ||||||
Checkpoint Systems, Inc. | 1,383 | 8,699 | ||||||
49,762 | ||||||||
Independent Power Producers — 0.3% | ||||||||
Calpine Corp.† | 13,466 | 199,028 | ||||||
NRG Energy, Inc. | 20,492 | 253,281 | ||||||
452,309 | ||||||||
Industrial Automated/Robotic — 0.1% | ||||||||
Rockwell Automation, Inc. | 996 | 106,014 | ||||||
Industrial Gases — 0.0% | ||||||||
Praxair, Inc. | 50 | 5,640 | ||||||
Instruments - Controls — 0.0% | ||||||||
Watts Water Technologies, Inc., Class A | 917 | 50,903 | ||||||
Insurance Brokers — 0.1% | ||||||||
Aon PLC | 570 | 54,002 | ||||||
eHealth, Inc.† | 549 | 7,109 | ||||||
Marsh & McLennan Cos., Inc. | 1,543 | 85,328 | ||||||
146,439 | ||||||||
Insurance - Life/Health — 0.7% | ||||||||
Aflac, Inc. | 6,003 | 391,636 | ||||||
American Equity Investment Life Holding Co. | 2,648 | 70,993 | ||||||
Principal Financial Group, Inc. | 327 | 16,827 | ||||||
Prudential Financial, Inc. | 7,314 | 633,027 | ||||||
1,112,483 | ||||||||
Insurance - Multi-line — 0.3% | ||||||||
ACE, Ltd. | 1,038 | 119,214 | ||||||
Allstate Corp. | 3,276 | 205,602 | ||||||
Horace Mann Educators Corp. | 1,339 | 46,771 | ||||||
United Fire Group, Inc. | 663 | 26,540 | ||||||
Voya Financial, Inc. | 4,551 | 185,226 | ||||||
583,353 | ||||||||
Insurance - Property/Casualty — 0.9% | ||||||||
Alleghany Corp.† | 55 | 28,015 | ||||||
AMERISAFE, Inc. | 615 | 33,112 | ||||||
AmTrust Financial Services, Inc. | 3,087 | 192,968 | ||||||
Employers Holdings, Inc. | 1,025 | 28,095 | ||||||
HCI Group, Inc.# | 297 | 11,622 | ||||||
Infinity Property & Casualty Corp. | 373 | 31,891 | ||||||
Navigators Group, Inc.† | 347 | 29,932 | ||||||
ProAssurance Corp. | 1,789 | 94,656 | ||||||
Progressive Corp. | 16,070 | 495,277 | ||||||
RLI Corp. | 1,206 | 73,204 | ||||||
Safety Insurance Group, Inc. | 406 | 22,740 | ||||||
Selective Insurance Group, Inc. | 1,839 | 63,464 | ||||||
Stewart Information Services Corp. | 723 | 31,335 | ||||||
Travelers Cos., Inc. | 3,600 | 412,452 | ||||||
United Insurance Holdings Corp. | 568 | 10,758 | ||||||
Universal Insurance Holdings, Inc.# | 1,009 | 19,928 | ||||||
1,579,449 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Reinsurance — 0.8% | ||||||||
Berkshire Hathaway, Inc., Class B† | 8,638 | $ | 1,158,269 | |||||
Everest Re Group, Ltd. | 1,216 | 224,279 | ||||||
1,382,548 | ||||||||
Internet Content - Entertainment — 0.3% | ||||||||
Facebook, Inc., Class A† | 4,672 | 487,009 | ||||||
Internet Content - Information/News — 0.0% | ||||||||
DHI Group, Inc.† | 1,183 | 11,026 | ||||||
HealthStream, Inc.† | 766 | 18,399 | ||||||
XO Group, Inc.† | 796 | 13,405 | ||||||
42,830 | ||||||||
Internet Infrastructure Software — 0.2% | ||||||||
F5 Networks, Inc.† | 2,852 | 293,756 | ||||||
Internet Security — 0.1% | ||||||||
Symantec Corp. | 2,610 | 51,104 | ||||||
VASCO Data Security International, Inc.†# | 949 | 17,727 | ||||||
VeriSign, Inc.†# | 712 | 63,681 | ||||||
132,512 | ||||||||
Internet Telephone — 0.1% | ||||||||
8x8, Inc.† | 2,824 | 33,323 | ||||||
j2 Global, Inc. | 1,488 | 119,740 | ||||||
153,063 | ||||||||
Investment Management/Advisor Services — 0.8% | ||||||||
Affiliated Managers Group, Inc.† | 383 | 67,879 | ||||||
Ameriprise Financial, Inc. | 2,947 | 332,864 | ||||||
BlackRock, Inc. | 221 | 80,382 | ||||||
Calamos Asset Management, Inc., Class A | 554 | 5,269 | ||||||
Eaton Vance Corp. | 3,991 | 143,357 | ||||||
Financial Engines, Inc.# | 1,699 | 61,215 | ||||||
Legg Mason, Inc. | 7,775 | 345,054 | ||||||
T. Rowe Price Group, Inc. | 2,767 | 210,707 | ||||||
Virtus Investment Partners, Inc. | 225 | 30,654 | ||||||
1,277,381 | ||||||||
Lasers - System/Components — 0.1% | ||||||||
Coherent, Inc.† | 769 | 52,231 | ||||||
Electro Scientific Industries, Inc. | 869 | 4,397 | ||||||
II-VI, Inc.† | 1,704 | 31,729 | ||||||
Newport Corp.† | 1,290 | 21,401 | ||||||
Rofin-Sinar Technologies, Inc.† | 906 | 26,038 | ||||||
135,796 | ||||||||
Linen Supply & Related Items — 0.1% | ||||||||
G&K Services, Inc., Class A | 655 | 43,669 | ||||||
UniFirst Corp. | 512 | 55,593 | ||||||
99,262 | ||||||||
Machinery - Construction & Mining — 0.0% | ||||||||
Astec Industries, Inc. | 620 | 24,986 | ||||||
Machinery - Electrical — 0.0% | ||||||||
Franklin Electric Co., Inc. | 1,286 | 41,936 | ||||||
Machinery - Farming — 0.2% | ||||||||
Deere & Co. | 4,776 | 380,026 | ||||||
Lindsay Corp.# | 384 | 26,788 | ||||||
406,814 | ||||||||
Machinery - General Industrial — 0.1% | ||||||||
Albany International Corp., Class A | 922 | 35,921 | ||||||
Applied Industrial Technologies, Inc. | 1,290 | 55,019 | ||||||
Chart Industries, Inc.† | 988 | 21,074 |
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Machinery - General Industrial (continued) | ||||||||
DXP Enterprises, Inc.† | 422 | $ | 13,821 | |||||
Tennant Co. | 598 | 37,237 | ||||||
163,072 | ||||||||
Machinery - Pumps — 0.0% | ||||||||
Xylem, Inc. | 437 | 16,309 | ||||||
Medical Imaging Systems — 0.0% | ||||||||
Analogic Corp. | 401 | 33,504 | ||||||
Medical Information Systems — 0.1% | ||||||||
Computer Programs & Systems, Inc.# | 341 | 16,613 | ||||||
Medidata Solutions, Inc.† | 1,791 | 82,082 | ||||||
Quality Systems, Inc. | 1,451 | 23,579 | ||||||
122,274 | ||||||||
Medical Instruments — 0.4% | ||||||||
Abaxis, Inc. | 700 | 37,219 | ||||||
AngioDynamics, Inc.† | 861 | 10,246 | ||||||
CONMED Corp. | 887 | 37,697 | ||||||
CryoLife, Inc. | 853 | 9,264 | ||||||
Integra LifeSciences Holdings Corp.† | 897 | 56,251 | ||||||
Intuitive Surgical, Inc.† | 126 | 65,522 | ||||||
LivaNova PLC†# | 842 | 50,394 | ||||||
Medtronic PLC | 111 | 8,363 | ||||||
Natus Medical, Inc.† | 1,055 | 51,463 | ||||||
NuVasive, Inc.† | 1,572 | 81,964 | ||||||
St. Jude Medical, Inc. | 4,696 | 296,318 | ||||||
SurModics, Inc.† | 412 | 8,677 | ||||||
Vascular Solutions, Inc.† | 512 | 18,196 | ||||||
731,574 | ||||||||
Medical Laser Systems — 0.0% | ||||||||
Cynosure, Inc., Class A† | 709 | 29,821 | ||||||
Medical Products — 0.3% | ||||||||
ABIOMED, Inc.† | 1,220 | 99,515 | ||||||
Cantel Medical Corp. | 1,137 | 73,712 | ||||||
Greatbatch, Inc.† | 831 | 48,231 | ||||||
Haemonetics Corp.† | 1,683 | 54,260 | ||||||
Hanger, Inc.† | 1,141 | 17,765 | ||||||
Invacare Corp. | 972 | 19,362 | ||||||
Luminex Corp.† | 1,231 | 26,491 | ||||||
MiMedx Group, Inc.†# | 3,101 | 27,785 | ||||||
Varian Medical Systems, Inc.† | 1,530 | 123,594 | ||||||
490,715 | ||||||||
Medical - Biomedical/Gene — 1.4% | ||||||||
Acorda Therapeutics, Inc.†# | 1,401 | 53,504 | ||||||
Amgen, Inc. | 5,568 | 897,005 | ||||||
ANI Pharmaceuticals, Inc.†# | 271 | 11,875 | ||||||
Biogen, Inc.† | 249 | 71,428 | ||||||
Cambrex Corp.† | 1,012 | 54,274 | ||||||
Emergent BioSolutions, Inc.† | 957 | 36,050 | ||||||
Gilead Sciences, Inc. | 8,577 | 908,819 | ||||||
Ligand Pharmaceuticals, Inc.† | 577 | 61,785 | ||||||
Medicines Co.† | 2,129 | 89,439 | ||||||
Momenta Pharmaceuticals, Inc.† | 1,929 | 34,452 | ||||||
Repligen Corp.† | 990 | 28,146 | ||||||
Spectrum Pharmaceuticals, Inc.†# | 1,942 | 11,652 | ||||||
United Therapeutics Corp.† | 570 | 86,999 | ||||||
2,345,428 | ||||||||
Medical - Drugs — 1.9% | ||||||||
Abbott Laboratories | 692 | 31,085 | ||||||
AbbVie, Inc. | 2,195 | 127,639 | ||||||
Baxalta, Inc. | 1,063 | 36,546 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) | ||||||||
Enanta Pharmaceuticals, Inc.†# | 376 | $ | 11,844 | |||||
Jazz Pharmaceuticals PLC† | 286 | 41,925 | ||||||
Johnson & Johnson | 10,484 | 1,061,400 | ||||||
Lannett Co., Inc.†# | 872 | 32,229 | ||||||
Merck & Co., Inc. | 7,043 | 373,349 | ||||||
OPKO Health, Inc.†# | 2,167 | 23,707 | ||||||
Pfizer, Inc. | 41,508 | 1,360,217 | ||||||
PharMerica Corp.† | 1,001 | 34,054 | ||||||
Prestige Brands Holdings, Inc.† | 1,685 | 85,750 | ||||||
Sagent Pharmaceuticals, Inc.† | 749 | 11,482 | ||||||
Supernus Pharmaceuticals, Inc.† | 899 | 14,528 | ||||||
3,245,755 | ||||||||
Medical - Generic Drugs — 0.1% | ||||||||
Impax Laboratories, Inc.† | 2,167 | 95,478 | ||||||
Medical - HMO — 0.7% | ||||||||
Aetna, Inc. | 896 | 92,064 | ||||||
Anthem, Inc. | 3,071 | 400,397 | ||||||
Centene Corp.† | 1,550 | 89,513 | ||||||
Cigna Corp. | 678 | 91,516 | ||||||
Health Net, Inc.† | 1,732 | 109,566 | ||||||
Magellan Health, Inc.† | 880 | 46,332 | ||||||
UnitedHealth Group, Inc. | 3,595 | 405,193 | ||||||
1,234,581 | ||||||||
Medical - Hospitals — 0.1% | ||||||||
HCA Holdings, Inc.† | 483 | 32,873 | ||||||
Select Medical Holdings Corp. | 3,171 | 38,274 | ||||||
Universal Health Services, Inc., Class B | 267 | 32,446 | ||||||
103,593 | ||||||||
Medical - Nursing Homes — 0.1% | ||||||||
Ensign Group, Inc. | 747 | 35,535 | ||||||
Kindred Healthcare, Inc. | 2,692 | 35,938 | ||||||
71,473 | ||||||||
Medical - Outpatient/Home Medical — 0.2% | ||||||||
Air Methods Corp.† | 1,180 | 51,566 | ||||||
Almost Family, Inc.† | 268 | 11,355 | ||||||
Amedisys, Inc.† | 1,093 | 44,365 | ||||||
Amsurg Corp.† | 1,566 | 131,638 | ||||||
Chemed Corp. | 554 | 85,587 | ||||||
LHC Group, Inc.† | 400 | 18,620 | ||||||
Providence Service Corp.† | 395 | 19,126 | ||||||
362,257 | ||||||||
Medical - Wholesale Drug Distribution — 0.5% | ||||||||
AmerisourceBergen Corp. | 2,867 | 282,801 | ||||||
Cardinal Health, Inc. | 3,734 | 324,298 | ||||||
McKesson Corp. | 1,281 | 242,557 | ||||||
849,656 | ||||||||
Metal Processors & Fabrication — 0.1% | ||||||||
CIRCOR International, Inc. | 566 | 25,725 | ||||||
Haynes International, Inc. | 412 | 16,109 | ||||||
Mueller Industries, Inc. | 1,846 | 58,130 | ||||||
99,964 | ||||||||
Metal Products - Distribution — 0.0% | ||||||||
Olympic Steel, Inc. | 314 | 3,536 | ||||||
Metal - Aluminum — 0.0% | ||||||||
Century Aluminum Co.†# | 1,681 | 6,270 | ||||||
Kaiser Aluminum Corp. | 566 | 48,518 | ||||||
54,788 | ||||||||
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
AptarGroup, Inc. | 231 | $ | 17,205 | |||||
Hillenbrand, Inc. | 2,046 | 61,973 | ||||||
John Bean Technologies Corp. | 963 | 47,091 | ||||||
126,269 | ||||||||
Multimedia — 0.6% | ||||||||
E.W. Scripps Co., Class A | 1,718 | 37,693 | ||||||
FactSet Research Systems, Inc. | 584 | 99,006 | ||||||
Time Warner, Inc. | 4,540 | 317,709 | ||||||
Twenty-First Century Fox, Inc., Class A | 1,306 | 38,540 | ||||||
Viacom, Inc., Class B | 3,730 | 185,717 | ||||||
Walt Disney Co. | 3,196 | 362,650 | ||||||
1,041,315 | ||||||||
Networking Products — 0.4% | ||||||||
Anixter International, Inc.† | 887 | 60,458 | ||||||
Black Box Corp. | 485 | 5,485 | ||||||
Cisco Systems, Inc. | 14,608 | 398,068 | ||||||
Ixia† | 1,918 | 25,049 | ||||||
LogMeIn, Inc.† | 801 | 57,208 | ||||||
NETGEAR, Inc.† | 1,120 | 49,403 | ||||||
595,671 | ||||||||
Non - Ferrous Metals — 0.0% | ||||||||
Globe Specialty Metals, Inc. | 2,078 | 21,133 | ||||||
Materion Corp. | 657 | 19,066 | ||||||
40,199 | ||||||||
Office Automation & Equipment — 0.0% | ||||||||
Pitney Bowes, Inc. | 2,552 | 55,123 | ||||||
Office Furnishings - Original — 0.0% | ||||||||
Interface, Inc. | 2,165 | 43,040 | ||||||
Office Supplies & Forms — 0.1% | ||||||||
Avery Dennison Corp. | 2,526 | 166,615 | ||||||
Oil & Gas Drilling — 0.0% | ||||||||
Transocean, Ltd.# | 3,291 | 47,259 | ||||||
Oil Companies - Exploration & Production — 0.6% | ||||||||
Anadarko Petroleum Corp. | 680 | 40,732 | ||||||
Antero Resources Corp.†# | 495 | 10,202 | ||||||
Approach Resources, Inc.† | 1,198 | 2,672 | ||||||
Bill Barrett Corp.†# | 1,686 | 10,588 | ||||||
Bonanza Creek Energy, Inc.† | 1,245 | 10,570 | ||||||
Carrizo Oil & Gas, Inc.† | 1,532 | 61,862 | ||||||
Contango Oil & Gas Co.† | 490 | 3,778 | ||||||
Devon Energy Corp. | 1,192 | 54,844 | ||||||
EOG Resources, Inc. | 209 | 17,437 | ||||||
EP Energy Corp.†# | 33,514 | 189,689 | ||||||
Hess Corp. | 770 | 45,430 | ||||||
Northern Oil and Gas, Inc.†# | 1,953 | 10,019 | ||||||
PDC Energy, Inc.† | 1,298 | 73,324 | ||||||
Penn Virginia Corp.†# | 2,270 | 1,018 | ||||||
Rex Energy Corp.†# | 1,639 | 2,246 | ||||||
Southwestern Energy Co.† | 11,709 | 105,498 | ||||||
Stone Energy Corp.† | 1,853 | 13,508 | ||||||
Synergy Resources Corp.†# | 2,963 | 33,749 | ||||||
Unit Corp.† | 1,520 | 27,466 | ||||||
WPX Energy, Inc.† | 24,545 | 210,596 | ||||||
925,228 | ||||||||
Oil Companies - Integrated — 0.9% | ||||||||
Chevron Corp. | 4,815 | 439,706 | ||||||
Exxon Mobil Corp. | 9,510 | 776,587 | ||||||
Marathon Oil Corp. | 17,635 | 308,789 | ||||||
Murphy Oil Corp. | 2,066 | 59,046 | ||||||
1,584,128 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Field Machinery & Equipment — 0.1% | ||||||||
Cameron International Corp.† | 1,200 | $ | 81,948 | |||||
Exterran Corp.† | 1,126 | 18,433 | ||||||
Flotek Industries, Inc.†# | 1,635 | 18,672 | ||||||
Gulf Island Fabrication, Inc. | 385 | 3,811 | ||||||
122,864 | ||||||||
Oil Refining & Marketing — 1.2% | ||||||||
CVR Energy, Inc.# | 3,681 | 175,768 | ||||||
Marathon Petroleum Corp. | 9,116 | 532,466 | ||||||
Phillips 66 | 4,138 | 378,751 | ||||||
Tesoro Corp. | 2,650 | 305,200 | ||||||
Valero Energy Corp. | 7,957 | 571,790 | ||||||
1,963,975 | ||||||||
Oil - Field Services — 0.4% | ||||||||
Archrock, Inc. | 2,253 | 23,814 | ||||||
Baker Hughes, Inc. | 4,621 | 249,857 | ||||||
Basic Energy Services, Inc.†# | 1,144 | 4,565 | ||||||
Bristow Group, Inc. | 1,123 | 34,308 | ||||||
CARBO Ceramics, Inc.# | 639 | 11,911 | ||||||
Era Group, Inc.† | 609 | 7,180 | ||||||
Gulfmark Offshore, Inc., Class A# | 826 | 5,344 | ||||||
Halliburton Co. | 275 | 10,959 | ||||||
Matrix Service Co.† | 895 | 20,576 | ||||||
Newpark Resources, Inc.† | 2,781 | 18,077 | ||||||
Pioneer Energy Services Corp.† | 2,165 | 5,477 | ||||||
Schlumberger, Ltd. | 3,092 | 238,548 | ||||||
SEACOR Holdings, Inc.† | 558 | 31,683 | ||||||
Tesco Corp. | 1,137 | 9,562 | ||||||
TETRA Technologies, Inc.† | 2,641 | 24,614 | ||||||
696,475 | ||||||||
Optical Recognition Equipment — 0.0% | ||||||||
Lumentum Holdings, Inc.† | 1,519 | 30,380 | ||||||
Paper & Related Products — 0.1% | ||||||||
Clearwater Paper Corp.† | 617 | 30,116 | ||||||
International Paper Co. | 2,594 | 108,507 | ||||||
Neenah Paper, Inc. | 535 | 35,561 | ||||||
P.H. Glatfelter Co. | 1,375 | 24,461 | ||||||
Schweitzer-Mauduit International, Inc. | 985 | 41,193 | ||||||
239,838 | ||||||||
Patient Monitoring Equipment — 0.0% | ||||||||
Masimo Corp.† | 1,548 | 64,211 | ||||||
Pharmacy Services — 0.2% | ||||||||
Express Scripts Holding Co.† | 3,858 | 329,782 | ||||||
Physicians Practice Management — 0.0% | ||||||||
Healthways, Inc.† | 1,155 | 15,327 | ||||||
Platinum — 0.0% | ||||||||
Stillwater Mining Co.† | 3,905 | 36,551 | ||||||
Poultry — 0.1% | ||||||||
Pilgrim’s Pride Corp.# | 3,608 | 77,680 | ||||||
Sanderson Farms, Inc.# | 639 | 47,804 | ||||||
125,484 | ||||||||
Power Converter/Supply Equipment — 0.0% | ||||||||
Advanced Energy Industries, Inc.† | 1,240 | 36,171 | ||||||
Powell Industries, Inc. | 287 | 10,077 | ||||||
Vicor Corp.† | 525 | 4,861 | ||||||
51,109 | ||||||||
Protection/Safety — 0.0% | ||||||||
Landauer, Inc. | 316 | 12,877 | ||||||
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Publishing - Books — 0.0% | ||||||||
Scholastic Corp. | 872 | $ | 37,252 | |||||
Publishing - Newspapers — 0.1% | ||||||||
Gannett Co., Inc. | 3,674 | 62,752 | ||||||
News Corp., Class A | 1,046 | 15,010 | ||||||
77,762 | ||||||||
Real Estate Investment Trusts — 1.7% | ||||||||
Acadia Realty Trust | 2,222 | 74,526 | ||||||
Agree Realty Corp. | 584 | 19,587 | ||||||
American Assets Trust, Inc. | 1,201 | 47,812 | ||||||
Boston Properties, Inc. | 335 | 41,872 | ||||||
Brixmor Property Group, Inc. | 4,390 | 110,233 | ||||||
Capstead Mtg. Corp. | 3,108 | 29,495 | ||||||
CareTrust REIT, Inc. | 1,485 | 16,573 | ||||||
Cedar Realty Trust, Inc. | 2,451 | 17,941 | ||||||
Chesapeake Lodging Trust | 1,918 | 52,093 | ||||||
CoreSite Realty Corp. | 865 | 50,663 | ||||||
Cousins Properties, Inc. | 6,710 | 65,959 | ||||||
DiamondRock Hospitality Co. | 6,524 | 72,612 | ||||||
Digital Realty Trust, Inc. | 2,527 | 182,222 | ||||||
EastGroup Properties, Inc. | 1,058 | 61,586 | ||||||
Education Realty Trust, Inc. | 1,578 | 58,149 | ||||||
EPR Properties | 1,862 | 104,346 | ||||||
Equity Residential | 1,621 | 129,388 | ||||||
Franklin Street Properties Corp. | 2,860 | 29,944 | ||||||
General Growth Properties, Inc. | 1,974 | 50,278 | ||||||
GEO Group, Inc. | 2,419 | 70,925 | ||||||
Getty Realty Corp. | 844 | 14,728 | ||||||
Government Properties Income Trust | 2,289 | 38,753 | ||||||
Healthcare Realty Trust, Inc. | 3,236 | 87,987 | ||||||
Hospitality Properties Trust | 562 | 15,607 | ||||||
Host Hotels & Resorts, Inc. | 28,050 | 465,630 | ||||||
Inland Real Estate Corp. | 2,839 | 27,283 | ||||||
Kite Realty Group Trust | 2,725 | 73,330 | ||||||
Lexington Realty Trust | 6,932 | 59,546 | ||||||
LTC Properties, Inc. | 1,158 | 49,366 | ||||||
Medical Properties Trust, Inc. | 7,610 | 91,396 | ||||||
Parkway Properties, Inc. | 2,752 | 47,004 | ||||||
Pennsylvania Real Estate Investment Trust | 2,251 | 48,532 | ||||||
Post Properties, Inc. | 1,766 | 104,123 | ||||||
PS Business Parks, Inc. | 625 | 55,262 | ||||||
Public Storage | 667 | 160,120 | ||||||
Retail Opportunity Investments Corp. | 3,183 | 58,217 | ||||||
Sabra Health Care REIT, Inc. | 2,118 | 43,800 | ||||||
Saul Centers, Inc. | 368 | 20,472 | ||||||
Sovran Self Storage, Inc. | 1,152 | 115,764 | ||||||
Summit Hotel Properties, Inc. | 2,833 | 37,764 | ||||||
Universal Health Realty Income Trust | 443 | 23,342 | ||||||
Urstadt Biddle Properties, Inc., Class A | 915 | 18,318 | ||||||
2,942,548 | ||||||||
Real Estate Management/Services — 0.1% | ||||||||
CBRE Group, Inc., Class A† | 2,470 | 92,551 | ||||||
Four Corners Property Trust, Inc.† | 0 | 7 | ||||||
HFF, Inc., Class A | 1,068 | 36,707 | ||||||
129,265 | ||||||||
Real Estate Operations & Development — 0.0% | ||||||||
Forestar Group, Inc.† | 1,071 | 14,555 | ||||||
Recreational Vehicles — 0.0% | ||||||||
Arctic Cat, Inc.# | 408 | 9,082 | ||||||
Rental Auto/Equipment — 0.0% | ||||||||
Aaron’s, Inc. | 965 | 23,421 | ||||||
United Rentals, Inc.† | 175 | 13,767 | ||||||
37,188 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Research & Development — 0.0% | ||||||||
Albany Molecular Research, Inc.†# | 806 | $ | 16,056 | |||||
Resort/Theme Parks — 0.0% | ||||||||
Marriott Vacations Worldwide Corp. | 898 | 54,625 | ||||||
Respiratory Products — 0.0% | ||||||||
Inogen, Inc.† | 310 | 11,858 | ||||||
Retail - Apparel/Shoe — 0.4% | ||||||||
Buckle, Inc. | 926 | 29,401 | ||||||
Caleres, Inc. | 1,420 | 39,902 | ||||||
Cato Corp., Class A | 831 | 32,642 | ||||||
Children’s Place, Inc. | 660 | 31,891 | ||||||
Christopher & Banks Corp.†# | 1,214 | 1,700 | ||||||
Express, Inc.† | 2,742 | 45,901 | ||||||
Finish Line, Inc., Class A | 1,509 | 25,034 | ||||||
Foot Locker, Inc. | 188 | 12,220 | ||||||
Francesca’s Holdings Corp.† | 1,388 | 20,723 | ||||||
Gap, Inc. | 8,786 | 234,850 | ||||||
Genesco, Inc.† | 784 | 42,461 | ||||||
Men’s Wearhouse, Inc. | 1,491 | 29,805 | ||||||
PVH Corp. | 1,091 | 99,597 | ||||||
Stein Mart, Inc. | 974 | 7,529 | ||||||
653,656 | ||||||||
Retail - Auto Parts — 0.2% | ||||||||
O’Reilly Automotive, Inc.† | 1,298 | 342,503 | ||||||
Pep Boys-Manny Moe & Jack† | 1,734 | 26,929 | ||||||
369,432 | ||||||||
Retail - Automobile — 0.1% | ||||||||
Group 1 Automotive, Inc. | 695 | 56,448 | ||||||
Lithia Motors, Inc., Class A | 742 | 92,186 | ||||||
Sonic Automotive, Inc., Class A | 1,077 | 26,128 | ||||||
174,762 | ||||||||
Retail - Bookstores — 0.0% | ||||||||
Barnes & Noble Education, Inc.† | 945 | 13,655 | ||||||
Barnes & Noble, Inc. | 1,496 | 19,149 | ||||||
32,804 | ||||||||
Retail - Building Products — 0.5% | ||||||||
Home Depot, Inc. | 2,052 | 274,722 | ||||||
Lowe’s Cos., Inc. | 7,758 | 594,263 | ||||||
Lumber Liquidators Holdings, Inc.†# | 884 | 13,808 | ||||||
882,793 | ||||||||
Retail - Catalog Shopping — 0.2% | ||||||||
Liberty Interactive Corp. QVC Group, Class A† | 10,541 | 279,126 | ||||||
Retail - Computer Equipment — 0.0% | ||||||||
GameStop Corp., Class A# | 216 | 7,566 | ||||||
Retail - Consumer Electronics — 0.1% | ||||||||
Best Buy Co., Inc. | 3,635 | 115,520 | ||||||
Retail - Discount — 1.0% | ||||||||
Dollar General Corp. | 2,143 | 140,174 | ||||||
Fred’s, Inc., Class A | 1,141 | 18,804 | ||||||
Target Corp. | 7,600 | 551,000 | ||||||
Tuesday Morning Corp.† | 1,421 | 9,492 | ||||||
Wal-Mart Stores, Inc. | 15,443 | 908,666 | ||||||
1,628,136 | ||||||||
Retail - Drug Store — 0.5% | ||||||||
CVS Health Corp. | 9,299 | 874,943 | ||||||
Retail - Hair Salons — 0.0% | ||||||||
Regis Corp.† | 1,439 | 23,974 | ||||||
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Home Furnishings — 0.0% | ||||||||
Haverty Furniture Cos., Inc. | 681 | $ | 16,439 | |||||
Kirkland’s, Inc. | 498 | 7,326 | ||||||
23,765 | ||||||||
Retail - Jewelry — 0.0% | ||||||||
Movado Group, Inc. | 568 | 15,194 | ||||||
Retail - Leisure Products — 0.0% | ||||||||
MarineMax, Inc.† | 815 | 14,792 | ||||||
Retail - Major Department Stores — 0.0% | ||||||||
TJX Cos., Inc. | 229 | 16,167 | ||||||
Retail - Misc./Diversified — 0.0% | ||||||||
Sally Beauty Holdings, Inc.† | 2,634 | 68,115 | ||||||
Retail - Office Supplies — 0.0% | ||||||||
Office Depot, Inc.† | 742 | 4,890 | ||||||
Staples, Inc. | 1,907 | 23,017 | ||||||
27,907 | ||||||||
Retail - Pawn Shops — 0.1% | ||||||||
Cash America International, Inc. | 885 | 29,869 | ||||||
EZCORP, Inc., Class A† | 1,504 | 8,708 | ||||||
First Cash Financial Services, Inc.† | 907 | 35,273 | ||||||
73,850 | ||||||||
Retail-Pet Food & Supplies — 0.0% | ||||||||
PetMed Express, Inc. | 685 | 11,508 | ||||||
Retail - Regional Department Stores — 0.1% | ||||||||
Macy’s, Inc. | 4,397 | 171,835 | ||||||
Stage Stores, Inc.# | 1,042 | 8,065 | ||||||
179,900 | ||||||||
Retail - Restaurants — 0.7% | ||||||||
Biglari Holdings, Inc.† | 41 | 15,130 | ||||||
BJ’s Restaurants, Inc.† | 706 | 32,335 | ||||||
Bob Evans Farms, Inc. | 725 | 28,891 | ||||||
Brinker International, Inc. | 613 | 27,965 | ||||||
Darden Restaurants, Inc. | 1,477 | 82,963 | ||||||
DineEquity, Inc. | 535 | 45,389 | ||||||
Papa John’s International, Inc. | 960 | 55,181 | ||||||
Popeyes Louisiana Kitchen, Inc.† | 758 | 43,858 | ||||||
Red Robin Gourmet Burgers, Inc.† | 463 | 31,243 | ||||||
Ruby Tuesday, Inc.† | 1,927 | 10,656 | ||||||
Ruth’s Hospitality Group, Inc. | 1,155 | 19,924 | ||||||
Sonic Corp. | 1,591 | 46,235 | ||||||
Starbucks Corp. | 11,340 | 696,163 | ||||||
Texas Roadhouse, Inc. | 2,050 | 71,751 | ||||||
1,207,684 | ||||||||
Retail - Sporting Goods — 0.0% | ||||||||
Big 5 Sporting Goods Corp. | 554 | 5,352 | ||||||
Hibbett Sports, Inc.†# | 787 | 25,821 | ||||||
Zumiez, Inc.† | 704 | 10,623 | ||||||
41,796 | ||||||||
Retail - Video Rentals — 0.0% | ||||||||
Outerwall, Inc.# | 593 | 36,707 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.0% | ||||||||
Vitamin Shoppe, Inc.† | 957 | 29,189 | ||||||
Rubber - Tires — 0.1% | ||||||||
Goodyear Tire & Rubber Co. | 2,439 | 85,072 | ||||||
Rubber/Plastic Products — 0.0% | ||||||||
Myers Industries, Inc. | 768 | 11,904 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Satellite Telecom — 0.0% | ||||||||
EchoStar Corp., Class A† | 1,057 | $ | 41,339 | |||||
Iridium Communications, Inc.†# | 2,633 | 21,512 | ||||||
62,851 | ||||||||
Savings & Loans/Thrifts — 0.2% | ||||||||
Astoria Financial Corp. | 2,900 | 46,748 | ||||||
Bank Mutual Corp. | 1,472 | 11,364 | ||||||
BofI Holding, Inc.†# | 1,756 | 35,173 | ||||||
Brookline Bancorp, Inc. | 2,270 | 26,650 | ||||||
Dime Community Bancshares, Inc. | 979 | 18,121 | ||||||
Northfield Bancorp, Inc. | 1,521 | 24,230 | ||||||
Northwest Bancshares, Inc. | 3,092 | 43,102 | ||||||
Oritani Financial Corp. | 1,198 | 20,773 | ||||||
Provident Financial Services, Inc. | 1,742 | 36,373 | ||||||
Sterling Bancorp | 3,856 | 67,634 | ||||||
330,168 | ||||||||
Schools — 0.1% | ||||||||
American Public Education, Inc.† | 543 | 12,636 | ||||||
Capella Education Co. | 355 | 17,040 | ||||||
Career Education Corp.† | 1,818 | 7,672 | ||||||
Graham Holdings Co., Class B | 54 | 29,227 | ||||||
Strayer Education, Inc.† | 360 | 21,308 | ||||||
Universal Technical Institute, Inc. | 684 | 3,933 | ||||||
91,816 | ||||||||
Security Services — 0.0% | ||||||||
Brink’s Co. | 1,575 | 50,683 | ||||||
Seismic Data Collection — 0.0% | ||||||||
Geospace Technologies Corp.†# | 416 | 5,296 | ||||||
ION Geophysical Corp.†# | 4,051 | 2,259 | ||||||
7,555 | ||||||||
Semiconductor Components - Integrated Circuits — 0.2% |
| |||||||
Analog Devices, Inc. | 1,629 | 100,395 | ||||||
Cirrus Logic, Inc.† | 2,061 | 68,137 | ||||||
Exar Corp.† | 1,513 | 9,744 | ||||||
Maxim Integrated Products, Inc. | 2,143 | 83,084 | ||||||
Power Integrations, Inc. | 950 | 49,115 | ||||||
310,475 | ||||||||
Semiconductor Equipment — 0.2% | ||||||||
Brooks Automation, Inc. | 2,208 | 24,619 | ||||||
Cabot Microelectronics Corp.† | 796 | 33,400 | ||||||
Cohu, Inc. | 863 | 11,314 | ||||||
Kulicke & Soffa Industries, Inc.† | 2,462 | 29,076 | ||||||
MKS Instruments, Inc. | 1,734 | 63,933 | ||||||
Nanometrics, Inc.† | 812 | 12,797 | ||||||
Rudolph Technologies, Inc.† | 1,020 | 14,515 | ||||||
Tessera Technologies, Inc. | 1,524 | 48,539 | ||||||
Ultratech, Inc.† | 882 | 14,650 | ||||||
Veeco Instruments, Inc.† | 1,296 | 26,503 | ||||||
279,346 | ||||||||
Software Tools — 0.0% | ||||||||
VMware, Inc., Class A† | 542 | 33,284 | ||||||
Steel Pipe & Tube — 0.0% | ||||||||
TimkenSteel Corp. | 1,220 | 12,456 | ||||||
Steel - Producers — 0.0% | ||||||||
AK Steel Holding Corp.†# | 5,719 | 13,611 | ||||||
Nucor Corp. | 1,177 | 48,787 | ||||||
62,398 | ||||||||
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Storage/Warehousing — 0.0% | ||||||||
Mobile Mini, Inc. | 1,505 | $ | 53,352 | |||||
Telecom Equipment - Fiber Optics — 0.0% | ||||||||
Harmonic, Inc.† | 2,900 | 16,037 | ||||||
Viavi Solutions, Inc.† | 7,595 | 48,304 | ||||||
64,341 | ||||||||
Telecom Services — 0.0% | ||||||||
Consolidated Communications Holdings, Inc. | 1,521 | 33,143 | ||||||
Lumos Networks Corp. | 685 | 8,076 | ||||||
Spok Holdings, Inc. | 685 | 12,652 | ||||||
53,871 | ||||||||
Telecommunication Equipment — 0.1% | ||||||||
ADTRAN, Inc. | 1,734 | 28,282 | ||||||
Comtech Telecommunications Corp. | 533 | 11,742 | ||||||
Juniper Networks, Inc. | 3,058 | 92,137 | ||||||
132,161 | ||||||||
Telephone - Integrated — 1.0% | ||||||||
AT&T, Inc. | 6,121 | 206,094 | ||||||
Atlantic Tele-Network, Inc. | 324 | 25,489 | ||||||
CenturyLink, Inc. | 14,203 | 382,487 | ||||||
Cincinnati Bell, Inc.† | 6,750 | 25,447 | ||||||
General Communication, Inc., Class A† | 952 | 19,773 | ||||||
Verizon Communications, Inc. | 23,639 | 1,074,393 | ||||||
1,733,683 | ||||||||
Television — 0.0% | ||||||||
ION Media Networks, Inc.(2)(10)† | 18 | 18,284 | ||||||
Textile - Apparel — 0.0% | ||||||||
Perry Ellis International, Inc.† | 408 | 8,462 | ||||||
Unifi, Inc.† | 477 | 14,229 | ||||||
22,691 | ||||||||
Textile - Home Furnishings — 0.0% | ||||||||
Mohawk Industries, Inc.† | 102 | 19,453 | ||||||
Therapeutics — 0.0% | ||||||||
Anika Therapeutics, Inc.† | 489 | 20,518 | ||||||
Tobacco — 0.5% | ||||||||
Altria Group, Inc. | 68 | 3,917 | ||||||
Philip Morris International, Inc. | 9,619 | 840,604 | ||||||
Universal Corp.# | 728 | 41,161 | ||||||
885,682 | ||||||||
Tools - Hand Held — 0.0% | ||||||||
Stanley Black & Decker, Inc. | 184 | 20,085 | ||||||
Toys — 0.0% | ||||||||
Hasbro, Inc. | 497 | 36,326 | ||||||
Transactional Software — 0.1% | ||||||||
Bottomline Technologies de, Inc.† | 1,209 | 37,370 | ||||||
Synchronoss Technologies, Inc.† | 1,202 | 47,323 | ||||||
84,693 | ||||||||
Transport - Air Freight — 0.0% | ||||||||
Atlas Air Worldwide Holdings, Inc.† | 806 | 33,304 | ||||||
Transport - Marine — 0.0% | ||||||||
Hornbeck Offshore Services, Inc.†# | 1,049 | 12,850 | ||||||
Tidewater, Inc.# | 1,526 | 14,513 | ||||||
27,363 | ||||||||
Transport - Rail — 0.0% | ||||||||
Union Pacific Corp. | 641 | 53,812 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Transport - Services — 0.5% | ||||||||
C.H. Robinson Worldwide, Inc. | 592 | $ | 39,918 | |||||
Echo Global Logistics, Inc.† | 771 | 18,196 | ||||||
Expeditors International of Washington, Inc. | 1,103 | 53,540 | ||||||
Hub Group, Inc., Class A† | 1,098 | 42,306 | ||||||
Matson, Inc. | 1,417 | 73,273 | ||||||
United Parcel Service, Inc., Class B | 4,999 | 514,947 | ||||||
UTi Worldwide, Inc.† | 2,952 | 20,664 | ||||||
762,844 | ||||||||
Transport - Truck — 0.1% | ||||||||
ArcBest Corp. | 773 | 18,614 | ||||||
Celadon Group, Inc. | 899 | 12,496 | ||||||
Forward Air Corp. | 1,007 | 48,427 | ||||||
Heartland Express, Inc.# | 1,808 | 34,641 | ||||||
Knight Transportation, Inc. | 1,997 | 52,960 | ||||||
Marten Transport, Ltd. | 773 | 13,976 | ||||||
Roadrunner Transportation Systems, Inc.† | 970 | 10,689 | ||||||
Saia, Inc.† | 825 | 20,221 | ||||||
212,024 | ||||||||
Veterinary Diagnostics — 0.0% | ||||||||
Neogen Corp.† | 1,196 | 70,636 | ||||||
Water — 0.0% | ||||||||
American States Water Co. | 1,210 | 50,614 | ||||||
Web Hosting/Design — 0.0% | ||||||||
NIC, Inc. | 2,005 | 40,922 | ||||||
Web Portals/ISP — 0.6% | ||||||||
Alphabet, Inc., Class A† | 520 | 396,682 | ||||||
Alphabet, Inc., Class C† | 867 | 643,834 | ||||||
Blucora, Inc.† | 1,358 | 14,436 | ||||||
1,054,952 | ||||||||
Wire & Cable Products — 0.0% | ||||||||
Encore Wire Corp. | 600 | 26,202 | ||||||
General Cable Corp. | 1,613 | 24,582 | ||||||
50,784 | ||||||||
Wireless Equipment — 0.1% | ||||||||
CalAmp Corp.† | 1,163 | 21,492 | ||||||
ViaSat, Inc.†# | 1,425 | 88,322 | ||||||
109,814 | ||||||||
X-Ray Equipment — 0.1% | ||||||||
Hologic, Inc.† | 5,496 | 221,764 | ||||||
Total Common Stocks | ||||||||
(cost $81,892,632) | 84,823,540 | |||||||
EXCHANGE-TRADED FUNDS — 6.8% | ||||||||
iShares Core S&P Small-Cap ETF# | 13,124 | 1,523,696 | ||||||
iShares MSCI Emerging Markets Asia ETF | 25,500 | 1,331,355 | �� | |||||
iShares Russell 1000 Growth ETF | 1,212 | 122,897 | ||||||
iShares Russell 1000 Value ETF | 1,964 | 197,755 | ||||||
iShares U.S. Real Estate ETF JDR# | 55,000 | 4,136,550 | ||||||
SPDR S&P 500 ETF Trust, Series 1# | 20,452 | 4,268,128 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $11,246,389) | 11,580,381 | |||||||
PREFERRED SECURITIES — 0.1% | ||||||||
Electric - Distribution — 0.0% | ||||||||
Entergy Louisiana LLC | 3,575 | 85,764 | ||||||
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
PREFERRED SECURITIES (continued) | ||||||||
Sovereign Agency — 0.0% | ||||||||
Federal Home Loan Mtg. Corp. FRS | 2,200 | $ | 9,548 | |||||
Telecom Services — 0.1% | ||||||||
Qwest Corp.# | 6,925 | 170,355 | ||||||
Total Preferred Securities | ||||||||
(cost $296,449) | 265,667 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.3% |
| |||||||
Banks - Fiduciary — 0.1% | ||||||||
Bank of New York Mellon Corp. FRS | $ | 98,000 | 97,142 | |||||
Banks - Super Regional — 0.1% | ||||||||
Capital One Financial Corp. FRS | 53,000 | 53,398 | ||||||
Fifth Third Bancorp FRS | 83,000 | 78,331 | ||||||
Wells Fargo & Co. FRS | 80,000 | 84,300 | ||||||
Wells Fargo Capital X | 28,000 | 28,350 | ||||||
244,379 | ||||||||
Diversified Banking Institutions — 0.6% | ||||||||
BAC Capital Trust XIII FRS | 178,000 | 134,390 | ||||||
Bank of America Corp. FRS | 155,000 | 155,872 | ||||||
BNP Paribas SA FRS | 545,000 | 559,988 | ||||||
Deutsche Bank AG FRS | 200,000 | 193,686 | ||||||
Goldman Sachs Group, Inc. FRS | 55,000 | 54,931 | ||||||
JPMorgan Chase & Co. FRS | 133,000 | 134,487 | ||||||
1,233,354 | ||||||||
Electric - Integrated — 0.0% | ||||||||
Dominion Resources, Inc. FRS | 47,000 | 48,028 | ||||||
Finance - Investment Banker/Broker — 0.0% | ||||||||
Lehman Brothers Holdings Capital | 45,000 | 5 | ||||||
Finance - Other Services — 0.1% | ||||||||
National Rural Utilities Cooperative Finance Corp. FRS | 100,000 | 99,000 | ||||||
Food - Dairy Products — 0.1% | ||||||||
Land O’Lakes Capital Trust I | 125,000 | 132,500 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Insurance - Life/Health — 0.1% | ||||||||
Prudential Financial, Inc. FRS | $ | 52,000 | $ | 54,080 | ||||
Prudential Financial, Inc. FRS | 35,000 | 35,525 | ||||||
89,605 | ||||||||
Insurance - Multi-line — 0.1% | ||||||||
MetLife, Inc. | 81,000 | 89,201 | ||||||
Pipelines — 0.0% | ||||||||
TransCanada Trust FRS | 45,000 | 42,750 | ||||||
Tools - Hand Held — 0.1% | ||||||||
Stanley Black & Decker, Inc. FRS | 128,000 | 136,448 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $2,132,269) | 2,212,412 | |||||||
ASSET BACKED SECURITIES — 2.2% | ||||||||
Diversified Financial Services — 2.2% | ||||||||
AmeriCredit Automobile Receivables Trust | 74,000 | 73,827 | ||||||
Applebee’s Funding LLC/IHOP Funding LLC | 50,000 | 51,001 | ||||||
Asset Backed Securities Corp. Home Equity Loan Trust FRS | 77,720 | 72,640 | ||||||
Avis Budget Rental Car Funding AESOP LLC | 123,000 | 123,261 | ||||||
B2R Mtg. Trust | 98,043 | 96,530 | ||||||
BA Credit Card Trust | 79,000 | 78,797 | ||||||
Capital Auto Receivables Asset Trust | 85,000 | 84,782 | ||||||
Chase Issuance Trust FRS | 228,000 | 227,046 | ||||||
Citigroup Commercial Mtg. Trust | 95,000 | 97,174 | ||||||
Citigroup Commercial Mtg. Trust | 627,000 | 640,862 | ||||||
Core Industrial Trust | 91,000 | 91,600 | ||||||
Countrywide Home Loan Mtg. Pass Through Trust | 2,861 | 2,881 | ||||||
DB Master Finance LLC | 38,708 | 38,859 | ||||||
Dell Equipment Finance Trust | 100,000 | 99,416 | ||||||
Discover Card Execution Note Trust | 185,000 | 184,889 |
17 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES (continued) | ||||||||
Diversified Financial Services (continued) | ||||||||
First Franklin Mtg. Loan Trust FRS | $ | 70,917 | $ | 61,973 | ||||
Ford Credit Auto Owner Trust | 52,000 | 52,257 | ||||||
Ford Credit Auto Owner Trust | 100,000 | 99,560 | ||||||
GS Mtg. Securities Trust | 24,000 | 24,555 | ||||||
Invitation Homes Trust FRS | 100,000 | 98,039 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 100,000 | 102,624 | ||||||
NRP Mtg. Trust VRS | 104,413 | 102,844 | ||||||
Santander Drive Auto Receivables Trust | 262,000 | 262,210 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 84,000 | 84,087 | ||||||
Wells Fargo Mtg. Backed Securities Trust FRS | 20,390 | 20,449 | ||||||
Wendys Funding LLC | 66,000 | 66,289 | ||||||
Wendys Funding LLC | 36,000 | 35,645 | ||||||
WF-RBS Commercial Mtg. Trust | 100,000 | 102,556 | ||||||
WF-RBS Commercial Mtg. Trust | 600,000 | 614,787 | ||||||
Total Asset Backed Securities | ||||||||
(cost $3,712,666) | 3,691,440 | |||||||
U.S. CORPORATE BONDS & NOTES — 15.8% | ||||||||
Advertising Agencies — 0.0% | ||||||||
Interpublic Group of Cos., Inc. | 37,000 | 36,823 | ||||||
Aerospace/Defense — 0.2% | ||||||||
BAE Systems Holdings, Inc. | 90,000 | 90,014 | ||||||
Boeing Co. | 92,000 | 91,146 | ||||||
Boeing Co. | 77,000 | 75,196 | ||||||
Lockheed Martin Corp. | 62,000 | 63,485 | ||||||
319,841 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Aerospace/Defense - Equipment — 0.2% | ||||||||
Harris Corp. | $ | 92,000 | $ | 90,381 | ||||
Harris Corp. | 87,000 | 85,213 | ||||||
Moog, Inc. | 29,000 | 29,653 | ||||||
Orbital ATK, Inc. | 52,000 | 52,780 | ||||||
Orbital ATK, Inc. | 79,000 | 81,370 | ||||||
339,397 | ||||||||
Airlines — 0.1% | ||||||||
Allegiant Travel Co. | 76,000 | 77,757 | ||||||
Atlas Air, Inc. | 800 | 814 | ||||||
Atlas Air, Inc. | 2,671 | 2,697 | ||||||
United Airlines Pass-Through Trust | 125,000 | 125,000 | ||||||
206,268 | ||||||||
Alternative Waste Technology — 0.0% | ||||||||
ADS Waste Holdings, Inc. | 43,000 | 44,505 | ||||||
Applications Software — 0.1% | ||||||||
Microsoft Corp. | 83,000 | 82,836 | ||||||
Microsoft Corp. | 73,000 | 74,962 | ||||||
157,798 | ||||||||
Athletic Footwear — 0.0% | ||||||||
NIKE, Inc. | 72,000 | 69,712 | ||||||
Auto - Cars/Light Trucks — 0.4% | ||||||||
American Honda Finance Corp. | 88,000 | 87,776 | ||||||
Daimler Finance North America LLC | 158,000 | 156,769 | ||||||
Daimler Finance North America LLC | 158,000 | 156,501 |
18 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Auto - Cars/Light Trucks (continued) | ||||||||
Ford Motor Credit Co. LLC | $ | 58,000 | $ | 57,798 | ||||
Hyundai Capital America | 199,000 | 198,552 | ||||||
Toyota Motor Credit Corp. | 63,000 | 63,043 | ||||||
720,439 | ||||||||
Auto - Heavy Duty Trucks — 0.1% | ||||||||
JB Poindexter & Co., Inc. | 41,000 | 42,845 | ||||||
PACCAR Financial Corp. | 96,000 | 95,688 | ||||||
138,533 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.1% | ||||||||
Affinia Group, Inc. | 47,000 | 48,645 | ||||||
Omega US Sub LLC | 60,000 | 55,500 | ||||||
104,145 | ||||||||
Banks - Commercial — 0.6% | ||||||||
BankUnited, Inc. | 190,000 | 188,865 | ||||||
Fifth Third Bank | 213,000 | 211,828 | ||||||
First Horizon National Corp. | 242,000 | 241,121 | ||||||
MUFG Union Bank NA | 273,000 | 276,032 | ||||||
Regions Financial Corp. | 131,000 | 166,692 | ||||||
1,084,538 | ||||||||
Banks - Fiduciary — 0.1% | ||||||||
Citizens Financial Group, Inc. | 207,000 | 209,224 | ||||||
Banks - Super Regional — 0.2% | ||||||||
Capital One Financial Corp. | 68,000 | 67,764 | ||||||
Wells Fargo & Co. | 82,000 | 84,426 | ||||||
Wells Fargo & Co. | 129,000 | 131,284 | ||||||
283,474 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Batteries/Battery Systems — 0.0% | ||||||||
EnerSys | $ | 64,000 | $ | 63,840 | ||||
Brewery — 0.1% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | 188,000 | 187,432 | ||||||
Broadcast Services/Program — 0.0% | ||||||||
Clear Channel Worldwide Holdings, Inc. | 46,000 | 44,620 | ||||||
Building & Construction Products - Misc. — 0.0% | ||||||||
Building Materials Corp. of America | 54,000 | 55,688 | ||||||
Building & Construction - Misc. — 0.0% | ||||||||
Weekley Homes LLC/Weekley | 38,000 | 35,530 | ||||||
Building Products - Wood — 0.1% | ||||||||
Masco Corp. | 123,000 | 120,540 | ||||||
Cable/Satellite TV — 0.3% | ||||||||
Altice US Finance I Corp | 200,000 | 200,000 | ||||||
Cable One, Inc. | 85,000 | 85,213 | ||||||
CCO Safari II LLC | 116,000 | 116,576 | ||||||
CCO Safari II LLC | 52,000 | 53,832 | ||||||
CCOH Safari LLC | 45,000 | 45,225 | ||||||
DISH DBS Corp. | 75,000 | 64,875 | ||||||
565,721 | ||||||||
Casino Hotels — 0.2% | ||||||||
Caesars Entertainment Resort | 90,000 | 87,300 | ||||||
Caesars Entertainment | 47,000 | 43,122 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | 54,000 | 56,160 | ||||||
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock | 125,000 | 123,750 | ||||||
310,332 | ||||||||
19 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Cellular Telecom — 0.2% | ||||||||
Sprint Corp. | $ | 84,000 | $ | 64,260 | ||||
Sprint Corp. | 25,000 | 20,250 | ||||||
Sprint Corp. | 223,000 | 175,194 | ||||||
T-Mobile USA, Inc. | 110,000 | 109,863 | ||||||
369,567 | ||||||||
Chemicals - Diversified — 0.1% | ||||||||
Solvay Finance America LLC | 226,000 | 225,729 | ||||||
Chemicals - Specialty — 0.1% | ||||||||
Chemtura Corp. | 55,000 | 55,275 | ||||||
Lubrizol Corp. | 45,000 | 57,448 | ||||||
Tronox Finance LLC | 66,000 | 43,890 | ||||||
156,613 | ||||||||
Coal — 0.0% | ||||||||
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. | 46,000 | 36,340 | ||||||
Coatings/Paint — 0.1% | ||||||||
RPM International, Inc. | 154,000 | 144,575 | ||||||
Sherwin-Williams Co. | 41,000 | 42,553 | ||||||
Valspar Corp. | 40,000 | 40,120 | ||||||
227,248 | ||||||||
Commercial Services - Finance — 0.1% | ||||||||
Automatic Data Processing, Inc. | 47,000 | 47,441 | ||||||
Global Cash Access, Inc. | 61,000 | 53,832 | ||||||
Harland Clarke Holdings Corp. | 86,000 | 69,660 | ||||||
170,933 | ||||||||
Computer Services — 0.2% | ||||||||
Hewlett Packard Enterprise Co. | 89,000 | 87,839 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Computer Services (continued) | ||||||||
Hewlett Packard Enterprise Co. | $ | 104,000 | $ | 100,836 | ||||
Hewlett Packard Enterprise Co. | 95,000 | 91,338 | ||||||
Leidos, Inc. | 7,000 | 7,179 | ||||||
287,192 | ||||||||
Computers — 0.2% | ||||||||
Apple, Inc. | 137,000 | 140,583 | ||||||
Apple, Inc. | 15,000 | 12,885 | ||||||
Hewlett-Packard Co. | 165,000 | 151,849 | ||||||
305,317 | ||||||||
Consumer Products - Misc. — 0.2% | ||||||||
Kimberly-Clark Corp. | 33,000 | 32,777 | ||||||
SC Johnson & Son, Inc. | 259,000 | 268,859 | ||||||
301,636 | ||||||||
Containers - Metal/Glass — 0.1% | ||||||||
Crown Cork & Seal Co., Inc. | 130,000 | 141,700 | ||||||
Containers - Paper/Plastic — 0.1% | ||||||||
Brambles USA, Inc. | 40,000 | 40,399 | ||||||
Consolidated Container Co. | 68,000 | 57,800 | ||||||
98,199 | ||||||||
Data Processing/Management — 0.1% | ||||||||
Fidelity National Information Services, Inc. | 40,000 | 41,373 | ||||||
First Data Corp. | 25,000 | 25,484 | ||||||
First Data Corp. | 84,000 | 84,000 | ||||||
First Data Corp. | 32,000 | 32,280 | ||||||
183,137 | ||||||||
20 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Diagnostic Equipment — 0.1% | ||||||||
Danaher Corp. | $ | 69,000 | $ | 70,274 | ||||
Danaher Corp. | 38,000 | 38,853 | ||||||
109,127 | ||||||||
Disposable Medical Products — 0.0% | ||||||||
Sterigenics-Nordion Holdings LLC | 24,000 | 24,030 | ||||||
Distribution/Wholesale — 0.1% | ||||||||
American Builders & Contractors Supply Co., Inc. | 65,000 | 65,894 | ||||||
H&E Equipment Services, Inc. | 57,000 | 57,142 | ||||||
123,036 | ||||||||
Diversified Banking Institutions — 1.5% | ||||||||
Bank of America Corp. | 63,000 | 63,688 | ||||||
Bank of America Corp. | 58,000 | 57,727 | ||||||
Bank of America Corp. | 94,000 | 92,848 | ||||||
Bank of America Corp. | 104,000 | 104,388 | ||||||
Bank of America Corp. | 216,000 | 248,812 | ||||||
Bank of America Corp. | 21,000 | 25,502 | ||||||
Citigroup, Inc. | 31,000 | 30,302 | ||||||
Citigroup, Inc. | 82,000 | 83,360 | ||||||
Citigroup, Inc. | 86,000 | 85,949 | ||||||
Citigroup, Inc. | 54,000 | 61,068 | ||||||
Goldman Sachs Group, Inc. | 111,000 | 113,977 | ||||||
Goldman Sachs Group, Inc. | 162,000 | 162,515 | ||||||
Goldman Sachs Group, Inc. | 35,000 | 34,996 | ||||||
Goldman Sachs Group, Inc. | 40,000 | 39,762 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) | ||||||||
Goldman Sachs Group, Inc. | $ | 83,000 | $ | 92,399 | ||||
Goldman Sachs Group, Inc. | 76,000 | 91,107 | ||||||
Goldman Sachs Group, Inc. | 189,000 | 226,545 | ||||||
JPMorgan Chase & Co. | 117,000 | 117,137 | ||||||
JPMorgan Chase & Co. | 43,000 | 43,490 | ||||||
JPMorgan Chase & Co. | 98,000 | 99,125 | ||||||
JPMorgan Chase & Co. | 52,000 | 52,596 | ||||||
Morgan Stanley | 88,000 | 88,355 | ||||||
Morgan Stanley | 58,000 | 58,648 | ||||||
Morgan Stanley | 159,000 | 162,824 | ||||||
Morgan Stanley | 94,000 | 97,906 | ||||||
Morgan Stanley | 81,000 | 87,289 | ||||||
Morgan Stanley | 86,000 | 97,592 | ||||||
2,519,907 | ||||||||
Diversified Financial Services — 0.2% | ||||||||
General Electric Capital Corp. | 114,000 | 114,425 | ||||||
General Electric Capital Corp. | 89,000 | 109,148 | ||||||
USAA Capital Corp. | 159,000 | 159,848 | ||||||
383,421 | ||||||||
Diversified Manufacturing Operations — 0.2% | ||||||||
General Electric Co. | 76,000 | 76,230 | ||||||
Ingersoll-Rand Global Holding Co., Ltd. | 95,000 | 104,292 | ||||||
Textron, Inc. | 99,000 | 101,512 | ||||||
Trinity Industries, Inc. | 51,000 | 48,189 | ||||||
330,223 | ||||||||
21 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Diversified Operations — 0.0% | ||||||||
MUFG Americas Holdings Corp. | $ | 43,000 | $ | 42,737 | ||||
E-Commerce/Services — 0.1% | ||||||||
Netflix, Inc. | 75,000 | 77,531 | ||||||
Electric - Distribution — 0.0% | ||||||||
Entergy Louisiana LLC | 48,000 | 48,486 | ||||||
Electric - Integrated — 0.7% | ||||||||
AES Corp. | 147,000 | 132,484 | ||||||
AES Corp. | 54,000 | 49,204 | ||||||
Arizona Public Service Co. | 46,000 | 45,775 | ||||||
Dominion Resources, Inc. | 75,000 | 78,700 | ||||||
Entergy Arkansas, Inc. | 69,000 | 66,853 | ||||||
Exelon Corp. | 44,000 | 44,433 | ||||||
Exelon Corp. | 44,000 | 44,534 | ||||||
Exelon Generation Co. LLC | 63,000 | 63,018 | ||||||
FirstEnergy Corp. | 119,000 | 143,462 | ||||||
Georgia Power Co. | 37,000 | 37,304 | ||||||
Louisville Gas & Electric Co. | 12,000 | 12,463 | ||||||
South Carolina Electric & Gas Co. | 56,000 | 59,166 | ||||||
Southern California Edison Co. | 101,000 | 100,823 | ||||||
Southern Co. | 82,000 | 81,355 | ||||||
Southern Power Co. | 87,000 | 87,464 | ||||||
Talen Energy Supply LLC | 100,000 | 86,000 | ||||||
Trans-Allegheny Interstate Line Co. | 49,000 | 49,049 | ||||||
1,182,087 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Electronic Components - Misc. — 0.1% | ||||||||
Corning, Inc. | $ | 61,000 | $ | 60,058 | ||||
Corning, Inc. | 61,000 | 58,538 | ||||||
118,596 | ||||||||
Electronic Components - Semiconductors — 0.1% |
| |||||||
Intel Corp. | 74,000 | 74,247 | ||||||
Micron Technology, Inc. | 100,000 | 91,875 | ||||||
166,122 | ||||||||
Electronics - Military — 0.0% | ||||||||
L-3 Communications Corp. | 27,000 | 25,656 | ||||||
Energy - Alternate Sources — 0.0% | ||||||||
TerraForm Power Operating LLC | 60,000 | 44,700 | ||||||
Enterprise Software/Service — 0.1% | ||||||||
Infor US, Inc. | 60,000 | 60,150 | ||||||
Oracle Corp. | 61,000 | 58,175 | ||||||
118,325 | ||||||||
Finance - Auto Loans — 0.2% | ||||||||
Ally Financial, Inc. | 79,000 | 81,860 | ||||||
Ally Financial, Inc. | 99,000 | 99,680 | ||||||
Credit Acceptance Corp. | 100,000 | 101,000 | ||||||
282,540 | ||||||||
Finance - Commercial — 0.1% | ||||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp. | 200,000 | 193,750 | ||||||
Finance - Consumer Loans — 0.1% | ||||||||
Enova International, Inc. | 108,000 | 83,700 | ||||||
Navient Corp. | 25,000 | 21,312 | ||||||
OneMain Financial Holdings, Inc. | 36,000 | 37,710 | ||||||
SLM Corp. | 6,000 | 4,410 |
22 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Finance - Consumer Loans (continued) | ||||||||
Synchrony Financial | $ | 73,000 | $ | 72,952 | ||||
220,084 | ||||||||
Finance - Credit Card — 0.1% | ||||||||
American Express Credit Corp. | 100,000 | 99,924 | ||||||
Discover Financial Services | 105,000 | 102,999 | ||||||
202,923 | ||||||||
Finance - Investment Banker/Broker — 0.0% | ||||||||
Lehman Brothers Holdings, Inc. | 44,000 | 3,300 | ||||||
Lehman Brothers Holdings, Inc. | 71,000 | 7 | ||||||
Lehman Brothers Holdings, Inc. | 69,000 | 7 | ||||||
TD Ameritrade Holding Corp. | 67,000 | 66,890 | ||||||
70,204 | ||||||||
Finance - Leasing Companies — 0.1% | ||||||||
Air Lease Corp. | 150,000 | 158,157 | ||||||
Finance - Mortgage Loan/Banker — 0.1% | ||||||||
Quicken Loans, Inc. | 100,000 | 96,625 | ||||||
Finance - Other Services — 0.3% | ||||||||
Intercontinental Exchange, Inc. | 46,000 | 46,395 | ||||||
National Rural Utilities Cooperative | 52,000 | 51,881 | ||||||
National Rural Utilities Cooperative | 143,000 | 142,944 | ||||||
National Rural Utilities Cooperative | 103,000 | 101,314 | ||||||
National Rural Utilities Cooperative | 47,000 | 46,694 | ||||||
National Rural Utilities Cooperative | 49,000 | 48,865 | ||||||
438,093 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Firearms & Ammunition — 0.0% | ||||||||
FGI Operating Co. LLC/FGI Finance, Inc. | $ | 39,000 | $ | 29,445 | ||||
Food - Dairy Products — 0.1% | ||||||||
Dean Foods Co. | 100,000 | 103,000 | ||||||
Food - Meat Products — 0.0% | ||||||||
JBS USA LLC/JBS USA Finance, Inc. | 60,000 | 59,100 | ||||||
Food - Misc./Diversified — 0.0% | ||||||||
Darling Ingredients, Inc. | 30,000 | 29,400 | ||||||
Food - Retail — 0.1% | ||||||||
SUPERVALU, Inc. | 84,000 | 78,120 | ||||||
Whole Foods Market, Inc. | 33,000 | 32,954 | ||||||
111,074 | ||||||||
Food - Wholesale/Distribution — 0.0% | ||||||||
C&S Group Enterprises LLC | 36,000 | 32,040 | ||||||
Gambling (Non-Hotel) — 0.0% | ||||||||
Scientific Games International, Inc. | 30,000 | 28,950 | ||||||
Gas - Distribution — 0.0% | ||||||||
Dominion Gas Holdings LLC | 35,000 | 33,948 | ||||||
Hotels/Motels — 0.0% | ||||||||
Interval Acquisition Corp. | 60,000 | 60,000 | ||||||
Human Resources — 0.0% | ||||||||
Team Health, Inc. | 50,000 | 51,500 | ||||||
Independent Power Producers — 0.1% | ||||||||
Dynegy, Inc. | 50,000 | 48,197 | ||||||
GenOn Energy, Inc. | 43,000 | 38,055 | ||||||
NRG Energy, Inc. | 85,000 | 78,625 | ||||||
164,877 | ||||||||
Industrial Gases — 0.0% | ||||||||
Airgas, Inc. | 32,000 | 32,443 | ||||||
23 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Insurance Brokers — 0.0% | ||||||||
USI, Inc. | $ | 55,000 | $ | 53,900 | ||||
Insurance - Life/Health — 0.2% | ||||||||
CNO Financial Group, Inc. | 46,000 | 46,805 | ||||||
Pacific LifeCorp | 45,000 | 50,353 | ||||||
Pricoa Global Funding I | 159,000 | 158,489 | ||||||
Principal Financial Group, Inc. | 33,000 | 33,166 | ||||||
288,813 | ||||||||
Insurance - Multi-line — 0.3% | ||||||||
Assurant, Inc. | 139,000 | 162,497 | ||||||
MetLife, Inc. | 52,000 | 53,030 | ||||||
Metropolitan Life Global Funding I | 350,000 | 350,674 | ||||||
566,201 | ||||||||
Insurance - Mutual — 0.3% | ||||||||
Massachusetts Mutual Life Insurance Co. | 64,000 | 58,144 | ||||||
MassMutual Global Funding II | 215,000 | 217,138 | ||||||
New York Life Global Funding | 180,000 | 181,098 | ||||||
456,380 | ||||||||
Internet Connectivity Services — 0.0% | ||||||||
Cogent Communications Group, Inc. | 75,000 | 73,313 | ||||||
Investment Management/Advisor Services — 0.1% | ||||||||
National Financial Partners Corp. | 89,000 | 85,440 | ||||||
Machinery - Farming — 0.1% | ||||||||
John Deere Capital Corp. | 85,000 | 84,881 | ||||||
John Deere Capital Corp. | 124,000 | 124,348 | ||||||
209,229 | ||||||||
Marine Services — 0.0% | ||||||||
Great Lakes Dredge & Dock Corp. | 50,000 | 47,250 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical Labs & Testing Services — 0.3% | ||||||||
Laboratory Corp. of America Holdings | $ | 25,000 | $ | 24,663 | ||||
Laboratory Corp. of America Holdings | 80,000 | 77,816 | ||||||
Laboratory Corp. of America Holdings | 41,000 | 37,487 | ||||||
Roche Holdings, Inc. | 135,000 | 135,360 | ||||||
Roche Holdings, Inc. | 204,000 | 206,038 | ||||||
481,364 | ||||||||
Medical Products — 0.1% | ||||||||
Greatbatch, Ltd. | 58,000 | 58,000 | ||||||
Universal Hospital Services, Inc. | 46,000 | 43,010 | ||||||
101,010 | ||||||||
Medical - Biomedical/Gene — 0.2% | ||||||||
Biogen, Inc. | 78,000 | 78,628 | ||||||
Biogen, Inc. | 76,000 | 76,308 | ||||||
Celgene Corp. | 81,000 | 80,994 | ||||||
Gilead Sciences, Inc. | 53,000 | 53,843 | ||||||
289,773 | ||||||||
Medical - Drugs — 0.2% | ||||||||
Baxalta, Inc. | 82,000 | 81,401 | ||||||
Baxalta, Inc. | 44,000 | 43,601 | ||||||
Endo Finance LLC/Endo Finco, Inc. | 50,000 | 50,375 | ||||||
Forest Laboratories LLC | 68,000 | 74,347 | ||||||
249,724 | ||||||||
Medical - Generic Drugs — 0.0% | ||||||||
Mylan, Inc. | 48,000 | 45,690 | ||||||
Medical - HMO — 0.1% | ||||||||
UnitedHealth Group, Inc. | 76,000 | 75,948 |
24 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Medical - HMO (continued) | ||||||||
UnitedHealth Group, Inc. | $ | 58,000 | $ | 59,575 | ||||
135,523 | ||||||||
Medical - Hospitals — 0.1% | ||||||||
HCA, Inc. | 30,000 | 29,775 | ||||||
HCA, Inc. | 24,000 | 23,580 | ||||||
IASIS Healthcare LLC/IASIS Capital Corp. | 100,000 | 94,000 | ||||||
Tenet Healthcare Corp. | 75,000 | 75,750 | ||||||
Tenet Healthcare Corp. | 16,000 | 13,540 | ||||||
236,645 | ||||||||
Metal - Copper — 0.0% | ||||||||
Freeport-McMoRan, Inc. | 38,000 | 34,295 | ||||||
Multimedia — 0.1% | ||||||||
21st Century Fox America, Inc. | 35,000 | 35,431 | ||||||
Viacom, Inc. | 45,000 | 38,350 | ||||||
Viacom, Inc. | 91,000 | 77,598 | ||||||
Walt Disney Co. | 81,000 | 81,477 | ||||||
232,856 | ||||||||
Music — 0.0% | ||||||||
WMG Acquisition Corp. | 42,000 | 42,525 | ||||||
Networking Products — 0.0% | ||||||||
Cisco Systems, Inc. | 67,000 | 67,866 | ||||||
Oil & Gas Drilling — 0.0% | ||||||||
Summit Midstream Holdings | 24,000 | 20,640 | ||||||
Oil Companies - Exploration & Production — 0.7% |
| |||||||
Anadarko Petroleum Corp. | 89,000 | 97,633 | ||||||
Atlas Energy Holdings Operating Co. | 76,000 | 25,840 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Carrizo Oil & Gas, Inc. | $ | 100,000 | $ | 91,250 | ||||
Continental Resources, Inc. | 10,000 | 8,705 | ||||||
EP Energy LLC/Everest Acquisition Finance, Inc. | 52,000 | 40,820 | ||||||
EV Energy Partners LP/EV Energy Finance Corp. | 170,000 | 110,500 | ||||||
Halcon Resources Corp. | 125,000 | 98,437 | ||||||
Halcon Resources Corp. | 40,000 | 12,600 | ||||||
Hess Corp. | 38,000 | 37,158 | ||||||
Hess Corp. | 28,000 | 33,086 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | 50,000 | 44,969 | ||||||
Memorial Production Partners LP/Memorial Production Finance Corp. | 115,000 | 66,413 | ||||||
Newfield Exploration Co. | 110,000 | 100,375 | ||||||
Noble Energy, Inc. | 43,000 | 40,740 | ||||||
Noble Energy, Inc. | 47,000 | 42,484 | ||||||
Northern Oil and Gas, Inc. | 100,000 | 79,000 | ||||||
Oasis Petroleum, Inc. | 75,000 | 64,313 | ||||||
Penn Virginia Corp. | 43,000 | 9,836 | ||||||
Sanchez Energy Corp. | 60,000 | 41,250 | ||||||
SM Energy Co. | 56,000 | 49,980 | ||||||
Southwestern Energy Co. | 25,000 | 22,892 | ||||||
Southwestern Energy Co. | 54,000 | 44,477 | ||||||
1,162,758 | ||||||||
25 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Oil Companies - Integrated — 0.2% |
| |||||||
Chevron Corp. | $ | 110,000 | $ | 109,798 | ||||
Chevron Corp. | 61,000 | 60,671 | ||||||
ConocoPhillips Co. | 43,000 | 42,756 | ||||||
Exxon Mobil Corp. | 111,000 | 111,078 | ||||||
Marathon Oil Corp. | 67,000 | 67,855 | ||||||
392,158 | ||||||||
Oil Refining & Marketing — 0.1% | ||||||||
Calumet Specialty Products Partner LP/ Calumet Finance Corp. | 34,000 | 31,620 | ||||||
Murphy Oil USA, Inc. | 30,000 | 31,575 | ||||||
PBF Holding Co LLC/PBF Finance Corp. | 60,000 | 60,000 | ||||||
123,195 | ||||||||
Oil - Field Services — 0.1% | ||||||||
Exterran Holdings, Inc. | 30,000 | 30,543 | ||||||
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. | 47,000 | 38,070 | ||||||
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. | 74,000 | 59,940 | ||||||
128,553 | ||||||||
Paper & Related Products — 0.3% | ||||||||
Clearwater Paper Corp. | 67,000 | 63,985 | ||||||
Domtar Corp. | 80,000 | 78,476 | ||||||
Georgia-Pacific LLC | 150,000 | 148,644 | ||||||
Georgia-Pacific LLC | 109,000 | 110,140 | ||||||
Georgia-Pacific LLC | 64,000 | 70,865 | ||||||
472,110 | ||||||||
Pipelines — 0.6% | ||||||||
Columbia Pipeline Group, Inc. | 22,000 | 21,881 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Pipelines (continued) |
| |||||||
Energy Transfer Equity LP | $ | 36,000 | $ | 37,620 | ||||
Energy Transfer Partners LP | 104,000 | 80,585 | ||||||
Energy Transfer Partners LP | 40,000 | 30,244 | ||||||
Energy Transfer Partners LP | 108,000 | 100,003 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | 86,000 | 73,100 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | 100,000 | 87,750 | ||||||
Kinder Morgan Energy Partners LP | 27,000 | 18,499 | ||||||
Kinder Morgan Energy Partners LP | 117,000 | 123,948 | ||||||
Kinder Morgan, Inc. | 82,000 | 78,016 | ||||||
Rose Rock Midstream LP/Rose Rock Finance Corp. | 91,000 | 76,440 | ||||||
Tesoro Logistics LP/Tesoro Logistics Finance Corp. | 136,000 | 139,740 | ||||||
Williams Partners LP | 40,000 | 32,669 | ||||||
Williams Partners LP/ACMP Finance Corp. | 121,000 | 106,469 | ||||||
1,006,964 | ||||||||
Printing - Commercial — 0.1% | ||||||||
Multi-Color Corp. | 54,000 | 53,932 | ||||||
Quad/Graphics, Inc. | 70,000 | 54,075 | ||||||
108,007 | ||||||||
Publishing - Newspapers — 0.1% | ||||||||
Lee Enterprises, Inc. | 100,000 | 92,750 | ||||||
McClatchy Co. | 65,000 | 60,959 | ||||||
153,709 | ||||||||
Publishing - Periodicals — 0.1% | ||||||||
Expo Event Transco, Inc. | 100,000 | 99,250 | ||||||
26 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Radio — 0.0% |
| |||||||
Sirius XM Radio, Inc. | $ | 60,000 | $ | 59,400 | ||||
Real Estate Investment Trusts — 0.5% | ||||||||
Communications Sales & Leasing, Inc./CSL Capital LLC | 36,000 | 34,020 | ||||||
Communications Sales & Leasing, Inc./CSL Capital LLC | 54,000 | 48,060 | ||||||
DuPont Fabros Technology LP | 70,000 | 70,700 | ||||||
Equinix, Inc. | 55,000 | 55,825 | ||||||
ESH Hospitality, Inc. | 35,000 | 34,563 | ||||||
HCP, Inc. | 54,000 | 54,254 | ||||||
Host Hotels & Resorts LP | 60,000 | 57,933 | ||||||
National Retail Properties, Inc. | 32,000 | 31,833 | ||||||
Omega Healthcare Investors, Inc. | 120,000 | 114,273 | ||||||
Omega Healthcare Investors, Inc. | 78,000 | 78,847 | ||||||
Omega Healthcare Investors, Inc. | 137,000 | 140,722 | ||||||
Omega Healthcare Investors, Inc. | 46,000 | 47,782 | ||||||
768,812 | ||||||||
Real Estate Management/Services — 0.1% | ||||||||
American Campus Communities Operating Partnership LP | 48,000 | 47,989 | ||||||
Kennedy-Wilson, Inc. | 50,000 | 49,375 | ||||||
97,364 | ||||||||
Real Estate Operations & Development — 0.0% | ||||||||
Greystar Real Estate Partners LLC | 60,000 | 63,150 | ||||||
Rental Auto/Equipment — 0.1% | ||||||||
United Rentals North America, Inc. | 25,000 | 24,844 | ||||||
United Rentals North America, Inc. | 50,000 | 50,000 | ||||||
74,844 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc. | $ | 57,000 | $ | 53,438 | ||||
Retail - Automobile — 0.0% | ||||||||
AutoNation, Inc. | 54,000 | 55,206 | ||||||
Retail - Computer Equipment — 0.0% | ||||||||
GameStop Corp. | 36,000 | 35,820 | ||||||
Retail - Discount — 0.1% | ||||||||
Costco Wholesale Corp. | 100,000 | 98,858 | ||||||
Dollar General Corp. | 62,000 | 63,990 | ||||||
162,848 | ||||||||
Retail - Drug Store — 0.1% | ||||||||
CVS Pass-Through Trust | 41,814 | 42,360 | ||||||
CVS Pass-Through Trust | 33,166 | 35,698 | ||||||
CVS Pass-Through Trust | 50,663 | 55,907 | ||||||
133,965 | ||||||||
Retail - Regional Department Stores — 0.0% | ||||||||
Kohl’s Corp. | 33,000 | 31,389 | ||||||
Retail - Restaurants — 0.1% | ||||||||
Landry’s, Inc. | 43,000 | 45,634 | ||||||
PF Chang’s China Bistro, Inc. | 105,000 | 96,862 | ||||||
142,496 | ||||||||
Satellite Telecom — 0.1% | ||||||||
Hughes Satellite Systems Corp. | 75,000 | 80,914 | ||||||
Savings & Loans/Thrifts — 0.3% | ||||||||
Astoria Financial Corp. | 92,000 | 95,571 | ||||||
First Niagara Financial Group, Inc. | 257,000 | 293,819 | ||||||
First Niagara Financial Group, Inc. | 99,000 | 116,809 | ||||||
506,199 | ||||||||
27 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Schools — 0.1% | ||||||||
President and Fellows of Harvard College | $ | 52,000 | $ | 50,856 | ||||
University of Pennsylvania | 71,000 | 66,830 | ||||||
117,686 | ||||||||
Specified Purpose Acquisitions — 0.1% | ||||||||
Opal Acquisition, Inc. | 115,000 | 99,188 | ||||||
Steel Pipe & Tube — 0.1% | ||||||||
Valmont Industries, Inc. | 96,000 | 82,200 | ||||||
Steel - Producers — 0.0% | ||||||||
AK Steel Corp. | 56,000 | 21,140 | ||||||
Steel Dynamics, Inc. | 54,000 | 52,515 | ||||||
73,655 | ||||||||
Steel - Specialty — 0.0% | ||||||||
Allegheny Technologies, Inc. | 63,000 | 48,510 | ||||||
Telecommunication Equipment — 0.0% | ||||||||
CommScope Technologies Finance LLC | 42,000 | 40,215 | ||||||
Telephone - Integrated — 0.7% | ||||||||
AT&T, Inc. | 201,000 | 198,776 | ||||||
AT&T, Inc. | 106,000 | 92,519 | ||||||
AT&T, Inc. | 139,000 | 130,449 | ||||||
AT&T, Inc. | 50,000 | 46,837 | ||||||
AT&T, Inc. | 49,000 | 54,480 | ||||||
CenturyLink, Inc. | 28,000 | 24,080 | ||||||
CenturyLink, Inc. | 64,000 | 59,360 | ||||||
Consolidated Communications, Inc. | 26,000 | 22,165 | ||||||
Frontier Communications Corp. | 43,000 | 43,054 | ||||||
Frontier Communications Corp. | 20,000 | 19,550 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Telephone - Integrated (continued) | ||||||||
Frontier Communications Corp. | $ | 25,000 | $ | 24,781 | ||||
Frontier Communications Corp. | 80,000 | 78,400 | ||||||
Verizon Communications, Inc. | 98,000 | 98,162 | ||||||
Verizon Communications, Inc. | 31,000 | 29,360 | ||||||
Verizon Communications, Inc. | 10,000 | 10,857 | ||||||
Verizon Communications, Inc. | 142,000 | 126,214 | ||||||
Verizon Communications, Inc. | 165,000 | 160,398 | ||||||
Verizon Communications, Inc. | 5,000 | 5,831 | ||||||
1,225,273 | ||||||||
Theaters — 0.0% | ||||||||
National CineMedia LLC | 35,000 | 36,225 | ||||||
Regal Entertainment Group | 18,000 | 18,270 | ||||||
54,495 | ||||||||
Transport - Rail — 0.0% | ||||||||
Union Pacific Corp. | 28,000 | 24,958 | ||||||
Travel Services — 0.1% | ||||||||
Sabre GLBL, Inc. | 93,000 | 93,000 | ||||||
Trucking/Leasing — 0.0% | ||||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 34,000 | 33,224 | ||||||
Wire & Cable Products — 0.1% | ||||||||
General Cable Corp. | 124,000 | 104,160 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $27,958,547) | 26,941,698 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 4.2% |
| |||||||
Airlines — 0.1% | ||||||||
Air Canada | 100,000 | 105,250 | ||||||
28 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Auto - Cars/Light Trucks — 0.1% | ||||||||
Volkswagen International Finance NV | $ | 110,000 | $ | 109,077 | ||||
Banks - Commercial — 0.8% | ||||||||
BPCE SA | 204,000 | 200,935 | ||||||
Credit Suisse AG | 103,000 | 102,853 | ||||||
Credit Suisse AG | 78,000 | 86,355 | ||||||
DBS Group Holdings, Ltd. | 214,000 | 213,840 | ||||||
Kookmin Bank | 250,000 | 249,237 | ||||||
Santander Issuances SAU | 200,000 | 200,820 | ||||||
Sumitomo Mitsui Banking Corp. | 264,000 | 261,910 | ||||||
1,315,950 | ||||||||
Banks - Fiduciary — 0.1% | ||||||||
Mitsubishi UFJ Trust & Banking Corp. | 218,000 | 217,379 | ||||||
Banks - Money Center — 0.1% | ||||||||
Lloyds TSB Bank PLC | 227,000 | 265,946 | ||||||
Beverages - Non-alcoholic — 0.1% | ||||||||
Coca-Cola Femsa SAB de CV | 164,000 | 163,590 | ||||||
Beverages - Wine/Spirits — 0.1% | ||||||||
Diageo Capital PLC | 134,000 | 144,748 | ||||||
Broadcast Services/Program — 0.1% | ||||||||
Grupo Televisa SAB | 204,000 | 207,127 | ||||||
Building - Residential/Commercial — 0.0% | ||||||||
Mattamy Group Corp. | 60,000 | 58,350 | ||||||
Consumer Products - Misc. — 0.1% | ||||||||
Kimberly-Clark de Mexico SAB de CV | 103,000 | 98,253 | ||||||
Cruise Lines — 0.1% | ||||||||
NCL Corp., Ltd. | 90,000 | 90,225 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Cruise Lines (continued) | ||||||||
Viking Cruises, Ltd. | $ | 100,000 | $ | 94,000 | ||||
184,225 | ||||||||
Diversified Banking Institutions — 0.8% | ||||||||
Deutsche Bank AG | 300,000 | 298,955 | ||||||
Deutsche Bank AG | 237,000 | 223,838 | ||||||
HSBC Holdings PLC | 200,000 | 201,347 | ||||||
Lloyds Banking Group PLC | 201,000 | 203,740 | ||||||
Societe Generale SA | 200,000 | 197,938 | ||||||
UBS AG | 262,000 | 261,944 | ||||||
1,387,762 | ||||||||
Diversified Manufacturing Operations — 0.0% | ||||||||
Ingersoll-Rand Luxembourg Finance SA | 29,000 | 27,904 | ||||||
Diversified Minerals — 0.1% | ||||||||
Anglo American Capital PLC | 46,000 | 34,270 | ||||||
FMG Resources August 2006 Pty, Ltd. | 55,000 | 53,075 | ||||||
Teck Resources, Ltd. | 46,000 | 35,880 | ||||||
123,225 | ||||||||
Electric - Generation — 0.3% | ||||||||
Electricite de France SA | 267,000 | 263,809 | ||||||
Electricite de France SA | 49,000 | 48,495 | ||||||
Electricite de France SA | 105,000 | 103,017 | ||||||
Electricite de France SA | 42,000 | 41,496 | ||||||
456,817 | ||||||||
Electronic Components - Misc. — 0.0% | ||||||||
Flextronics International, Ltd. | 30,000 | 28,892 | ||||||
29 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Finance - Leasing Companies — 0.0% | ||||||||
Aircastle, Ltd. | $ | 14,000 | $ | 14,420 | ||||
Aircastle, Ltd. | 34,000 | 36,720 | ||||||
51,140 | ||||||||
Gold Mining — 0.0% | ||||||||
Goldcorp, Inc. | 47,000 | 41,421 | ||||||
Kinross Gold Corp. | 26,000 | 20,490 | ||||||
61,911 | ||||||||
Insurance - Multi-line — 0.1% | ||||||||
XLIT, Ltd. | 52,000 | 51,270 | ||||||
XLIT, Ltd. | 116,000 | 109,490 | ||||||
160,760 | ||||||||
Insurance - Property/Casualty — 0.0% | ||||||||
Allied World Assurance Co. Holdings, Ltd. | 77,000 | 75,985 | ||||||
Machinery - General Industrial — 0.0% | ||||||||
ATS Automation Tooling Systems, Inc. | 47,000 | 47,940 | ||||||
Medical - Drugs — 0.1% | ||||||||
Valeant Pharmaceuticals International, Inc. | 75,000 | 67,125 | ||||||
Valeant Pharmaceuticals International, Inc. | 22,000 | 19,195 | ||||||
86,320 | ||||||||
Medical - Generic Drugs — 0.1% | ||||||||
Actavis Funding SCS | 103,000 | 104,396 | ||||||
Oil & Gas Drilling — 0.0% | ||||||||
Pacific Drilling SA | 50,000 | 25,625 | ||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
Anadarko Finance Co. | 41,000 | 49,480 | ||||||
Baytex Energy Corp. | 12,000 | 10,020 | ||||||
Baytex Energy Corp. | 135,000 | 110,362 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
MEG Energy Corp. | $ | 49,000 | $ | 40,670 | ||||
MEG Energy Corp. | 75,000 | 64,500 | ||||||
Talisman Energy, Inc. | 112,000 | 89,383 | ||||||
364,415 | ||||||||
Oil Companies - Integrated — 0.2% | ||||||||
BP Capital Markets PLC | 71,000 | 71,795 | ||||||
BP Capital Markets PLC | 61,000 | 61,622 | ||||||
Petroleos Mexicanos | 26,000 | 21,450 | ||||||
Shell International Finance BV | 79,000 | 78,867 | ||||||
Shell International Finance BV | 83,000 | 82,711 | ||||||
Shell International Finance BV | 91,000 | 90,806 | ||||||
407,251 | ||||||||
Paper & Related Products — 0.1% | ||||||||
Cascades, Inc. | 100,000 | 95,500 | ||||||
Satellite Telecom — 0.1% | ||||||||
Intelsat Jackson Holdings SA | 75,000 | 62,250 | ||||||
Intelsat Luxembourg SA | 60,000 | 23,400 | ||||||
85,650 | ||||||||
Security Services — 0.0% | ||||||||
Garda World Security Corp. | 56,000 | 49,840 | ||||||
Steel - Producers — 0.0% | ||||||||
ArcelorMittal | 75,000 | 56,625 | ||||||
SupraNational Banks — 0.1% | ||||||||
North American Development Bank | 157,000 | 158,763 | ||||||
Telecom Services — 0.1% | ||||||||
Virgin Media Secured Finance PLC | 200,000 | 196,000 | ||||||
30 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Telephone - Integrated — 0.1% | ||||||||
Telecom Italia Capital SA | $ | 123,000 | $ | 131,180 | ||||
Transport - Rail — 0.1% | ||||||||
Canadian Pacific Railway Co. | 85,000 | 86,743 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $7,329,616) | 7,140,539 | |||||||
U.S. GOVERNMENT AGENCIES — 11.7% | ||||||||
Federal Home Loan Mtg. Corp. — 3.1% | ||||||||
1.89% due 02/01/2037 FRS | 22,608 | 23,582 | ||||||
2.50% due 01/01/2028 | 73,773 | 75,364 | ||||||
2.56% due 11/01/2037 FRS | 197,004 | 210,115 | ||||||
3.00% due 08/01/2027 | 296,141 | 306,892 | ||||||
3.00% due 10/01/2042 | 174,082 | 175,022 | ||||||
3.00% due 11/01/2042 | 343,903 | 345,766 | ||||||
3.00% due 04/01/2043 | 479,372 | 481,841 | ||||||
3.00% due 07/01/2045 | 172,743 | 173,423 | ||||||
3.00% due 10/01/2045 | 145,719 | 146,295 | ||||||
3.50% due 02/01/2042 | 156,984 | 162,544 | ||||||
3.50% due 03/01/2042 | 90,703 | 94,150 | ||||||
3.50% due 08/01/2042 | 509,286 | 528,638 | ||||||
3.50% due 09/01/2043 | 176,784 | 183,386 | ||||||
3.50% due 03/01/2045 | 586,828 | 607,140 | ||||||
3.50% due 07/01/2045 | 210,305 | 217,593 | ||||||
3.50% due 08/01/2045 | 232,664 | 241,016 | ||||||
3.50% due 10/01/2045 | 299,160 | 309,516 | ||||||
4.00% due 09/01/2040 | 81,337 | 86,382 | ||||||
4.50% due 01/01/2039 | 5,934 | 6,403 | ||||||
4.50% due 12/01/2039 | 270,146 | 296,854 | ||||||
5.00% due 10/01/2033 | 1,973 | 2,185 | ||||||
5.00% due 11/01/2043 | 166,059 | 183,571 | ||||||
6.00% due 08/01/2036 | 59,973 | 68,113 | ||||||
6.00% due 03/01/2040 | 35,693 | 40,501 | ||||||
6.50% due 05/01/2036 | 195 | 222 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 11,427 | 11,420 | ||||||
Federal Home Loan Mtg. Corp. | 103,000 | 103,177 | ||||||
Series 2014-HQ2, Class M2 | 150,000 | 149,082 | ||||||
5,230,193 | ||||||||
Federal National Mtg. Assoc. — 8.0% | ||||||||
2.01% due 09/01/2035 FRS | 172,908 | 180,562 | ||||||
2.25% due 05/01/2037 FRS | 39,486 | 41,537 | ||||||
2.35% due 07/01/2039 FRS | 120,345 | 126,770 | ||||||
2.42% due 10/01/2035 FRS | 166,317 | 176,566 | ||||||
2.47% due 05/01/2040 FRS | 185,972 | 197,766 | ||||||
2.50% due 11/01/2036 FRS | 58,492 | 62,357 | ||||||
2.50% due 04/01/2028 | 239,568 | 244,007 | ||||||
2.50% due December 15 TBA | 553,000 | 560,172 | ||||||
2.58% due 10/01/2040 FRS | 39,405 | 41,873 | ||||||
2.62% due 08/01/2035 FRS | 74,684 | 79,721 | ||||||
2.67% due 10/01/2040 FRS | 91,926 | 97,678 | ||||||
3.00% due 10/01/2027 | 130,984 | 136,130 | ||||||
3.00% due 12/01/2027 | 110,168 | 114,323 | ||||||
3.00% due 01/01/2028 | 199,043 | 206,793 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) | ||||||||
3.00% due December 15 TBA | $ | 200,000 | $ | 207,044 | ||||
3.00% due 03/01/2042 | 107,332 | 108,211 | ||||||
3.00% due 12/01/2042 | 58,286 | 58,700 | ||||||
3.00% due 05/01/2043 | 330,582 | 332,876 | ||||||
3.00% due 02/01/2045 | 212,708 | 213,785 | ||||||
3.00% due 06/01/2045 | 195,628 | 196,806 | ||||||
3.00% due December 30 TBA | 688,000 | 691,037 | ||||||
3.50% due 08/01/2026 | 147,659 | 155,459 | ||||||
3.50% due 08/01/2027 | 21,686 | 22,823 | ||||||
3.50% due 10/01/2028 | 228,389 | 241,257 | ||||||
3.50% due 08/01/2042 | 334,110 | 346,938 | ||||||
3.50% due 08/01/2043 | 757,517 | 785,606 | ||||||
3.50% due 07/01/2045 | 141,141 | 146,306 | ||||||
3.50% due 09/01/2045 | 159,973 | 165,814 | ||||||
3.50% due December 30 TBA | 446,000 | 461,924 | ||||||
4.00% due 09/01/2040 | 76,348 | 81,193 | ||||||
4.00% due 12/01/2040 | 460,623 | 489,778 | ||||||
4.00% due 11/01/2041 | 168,656 | 179,261 | ||||||
4.00% due 01/01/2042 | 97,774 | 103,861 | ||||||
4.00% due 10/01/2043 | 10,499 | 11,179 | ||||||
4.00% due 12/01/2043 | 103,149 | 110,541 | ||||||
4.00% due 10/01/2044 | 469,596 | 498,795 | ||||||
4.00% due 11/01/2044 | 143,056 | 151,912 | ||||||
4.00% due December 30 TBA | 2,300,000 | 2,440,066 | ||||||
4.50% due 10/01/2024 | 87,911 | 94,832 | ||||||
4.50% due 03/01/2025 | 129,117 | 137,772 | ||||||
4.50% due 01/01/2039 | 17,192 | 18,602 | ||||||
4.50% due 09/01/2039 | 83,412 | 90,271 | ||||||
4.50% due 11/01/2040 | 23,634 | 25,594 | ||||||
4.50% due 05/01/2041 | 88,497 | 95,836 | ||||||
4.50% due 07/01/2041 | 38,551 | 41,758 | ||||||
4.50% due December 30 TBA | 1,251,000 | 1,352,253 | ||||||
5.00% due 03/15/2016 | 67,000 | 67,912 | ||||||
5.00% due 11/01/2033 | 3,206 | 3,554 | ||||||
5.00% due 05/01/2040 | 52,351 | 57,906 | ||||||
5.00% due 06/01/2040 | 159,430 | 176,209 | ||||||
5.00% due 07/01/2040 | 340,152 | 375,333 | ||||||
5.50% due 12/01/2029 | 21,288 | 23,764 | ||||||
5.50% due 08/01/2037 | 102,315 | 114,560 | ||||||
6.00% due 05/01/2017 | 5,954 | 6,077 | ||||||
6.00% due 11/01/2038 | 80,579 | 91,386 | ||||||
6.00% due 06/01/2040 | 4,899 | 5,554 | ||||||
6.50% due 02/01/2017 | 2,464 | 2,502 | ||||||
Fannie Mae Connecticut Avenue Securities FRS | 314,372 | 314,717 | ||||||
Federal National Mtg. Assoc. REMIC | 83,639 | 82,993 | ||||||
13,646,812 | ||||||||
Government National Mtg. Assoc. — 0.6% | ||||||||
3.00% due 02/20/2045 | 230,229 | 234,383 | ||||||
3.00% due 05/20/2045 | 164,724 | 167,696 | ||||||
3.00% due December 30 TBA | 175,000 | 177,888 | ||||||
3.50% due 03/20/2045 | 182,719 | 191,100 | ||||||
3.50% due 04/20/2045 | 266,962 | 279,207 | ||||||
4.00% due 03/20/2044 | 20,478 | 21,835 | ||||||
6.00% due 02/15/2029 | 2,071 | 2,356 | ||||||
6.00% due 06/15/2029 | 8,225 | 9,555 | ||||||
1,084,020 | ||||||||
31 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) | ||||||||
Tennessee Valley Authority — 0.0% | ||||||||
Tennessee Valley Authority | $ | 50,000 | $ | 50,635 | ||||
Total U.S. Government Agencies | ||||||||
(cost $19,981,065) | 20,011,660 | |||||||
U.S. GOVERNMENT TREASURIES — 4.2% | ||||||||
United States Treasury Bonds — 0.9% | ||||||||
United States Treasury Bonds | ||||||||
3.00% due 11/15/2044 | 1,352,000 | 1,351,313 | ||||||
3.00% due 05/15/2045 | 44,000 | 43,959 | ||||||
3.38% due 05/15/2044 | 33,000 | 35,508 | ||||||
3.63% due 02/15/2044 | 19,000 | 21,439 | ||||||
4.50% due 02/15/2036 | 27,000 | 34,768 | ||||||
1,486,987 | ||||||||
United States Treasury Notes — 3.3% | ||||||||
United States Treasury Notes | ||||||||
0.13% due 04/15/2018 TIPS(5) | 222,350 | 222,327 | ||||||
0.63% due 05/31/2017 | 1,500,000 | 1,494,961 | ||||||
1.38% due 03/31/2020 | 409,000 | 405,437 | ||||||
1.38% due 04/30/2020 | 122,000 | 120,847 | ||||||
1.38% due 09/30/2020 | 352,000 | 347,353 | ||||||
1.50% due 01/31/2022 | 48,000 | 46,856 | ||||||
2.00% due 07/31/2022 | 45,000 | 45,088 | ||||||
2.00% due 02/15/2025 | 1,019,000 | 1,000,650 | ||||||
2.13% due 12/31/2021 | 232,000 | 235,118 | ||||||
2.13% due 05/15/2025 | 256,000 | 253,820 | ||||||
2.25% due 11/15/2024 | 1,071,000 | 1,075,936 | ||||||
2.25% due 11/15/2025 | 450,000 | 451,283 | ||||||
5,699,676 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $7,390,716) | 7,186,663 | |||||||
MUNICIPAL BONDS & NOTES — 0.2% | ||||||||
Ohio State University Revenue Bonds | 91,000 | 87,446 | ||||||
Port Authority of New York & New Jersey | 83,000 | 88,076 | ||||||
Port Authority of New York & New Jersey | 100,000 | 96,985 | ||||||
Total Municipal Bonds & Notes | ||||||||
(cost $273,113) | 272,507 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.4% |
| |||||||
Electric - Distribution — 0.1% | ||||||||
Hydro-Quebec | 90,000 | 90,324 | ||||||
Sovereign — 0.2% | ||||||||
Government of Canada | 91,000 | 91,011 | ||||||
United Mexican States | 149,000 | 151,757 |
Security Description | Shares/ Principal | Value (Note 2) | ||||||
Sovereign (continued) | ||||||||
United Mexican States | $ | 121,000 | $ | 113,740 | ||||
356,508 | ||||||||
Sovereign Agency — 0.1% | ||||||||
Nacional Financiera SNC | 203,000 | 202,746 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $642,171) | 649,578 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $162,855,633) | 164,776,085 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 15.4% |
| |||||||
Registered Investment Companies — 6.1% | ||||||||
State Street Navigator Securities Lending Prime Portfolio(6)(7) | 10,480,222 | 10,480,222 | ||||||
Time Deposits — 6.1% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | 10,461,000 | 10,461,000 | ||||||
U.S. Government Treasuries — 3.2% | ||||||||
United States Treasury Bills(9) | 100,000 | 99,930 | ||||||
0.15% due 03/31/2016 | 400,000 | 399,719 | ||||||
0.16% due 03/31/2016 | 2,450,000 | 2,448,280 | ||||||
0.18% due 03/31/2016 | 150,000 | 149,895 | ||||||
0.19% due 03/31/2016 | 40,000 | 39,972 | ||||||
0.20% due 03/31/2016 | 560,000 | 559,607 | ||||||
0.20% due 03/31/2016 | 400,000 | 399,719 | ||||||
0.20% due 03/31/2016 | 500,000 | 499,649 | ||||||
0.20% due 03/31/2016 | 450,000 | 449,684 | ||||||
0.21% due 03/31/2016 | 100,000 | 99,930 | ||||||
0.24% due 03/31/2016 | 300,000 | 299,789 | ||||||
5,446,174 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $26,388,033) | 26,387,396 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $189,243,666)(8) | 112.0 | % | 191,163,481 | |||||
Liabilities in excess of other assets | (12.0 | ) | (20,427,631 | ) | ||||
NET ASSETS | 100.0 | % | $ | 170,735,850 | ||||
# | The security or a portion thereof is out on loan |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $13,708,351 representing 8.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Perpetual maturity — maturity date reflects the next call date. |
(2) | Illiquid security. At November 30, 2015, the aggregate value of these securities was $18,303 representing 0.0% of net assets. |
(3) | Commercial Mortgage Backed Security |
(4) | Collateralized Mortgage Obligation |
(5) | Principal amount of security is adjusted for inflation. |
(6) | The rate shown is the 7-day yield as of November 30, 2015. |
32 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
(7) | At November 30, 2015, the Fund had loaned securities with a total value of $11,654,837. This was secured by collateral of $10,480,222, which was received in cash and subsequently invested in short-term investments currently valued at $10,480,222 as reported in the Portfolio of Investments. Additional collateral of $1,465,879 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
United States Treasury Bills | 0.00% | 12/10/2015 to 10/13/2016 | $ | 683,705 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 01/15/2016 to 05/15/2045 | 782,174 |
(8) | See Note 5 for cost of investments on a tax basis. |
(9) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts |
(10) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
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.
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 at November 30, 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 November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
710 | Long | EURO STOXX 50 Index | December 2015 | $ | 24,026,289 | $ | 26,292,768 | $ | 2,266,479 | |||||||||||||
31 | Long | Russell 1000 Value Index | December 2015 | 3,062,040 | 3,061,870 | (170 | ) | |||||||||||||||
14 | Long | Russell 2000 Mini Index | December 2015 | 1,605,842 | 1,674,260 | 68,418 | ||||||||||||||||
339 | Short | S&P 500 E-Mini Index | December 2015 | 32,949,783 | 35,252,610 | (2,302,827 | ) | |||||||||||||||
53 | Long | TOPIX Index | December 2015 | 6,230,277 | 6,811,210 | 580,933 | ||||||||||||||||
43 | Short | U.S. Treasury 10 Year Notes | March 2016 | 5,436,714 | 5,436,813 | (99 | ) | |||||||||||||||
$ | 612,734 | |||||||||||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Communications Equipment | $ | — | $ | — | $ | 0 | $ | 0 | ||||||||
Television | — | — | 18,284 | 18,284 | ||||||||||||
Other Industries | 84,805,256 | — | — | 84,805,256 | ||||||||||||
Exchange-Traded Funds | 11,580,381 | — | �� | — | 11,580,381 | |||||||||||
Preferred Securities | 265,667 | — | — | 265,667 | ||||||||||||
Preferred Securities/Capital Securities | — | 2,212,412 | — | 2,212,412 | ||||||||||||
Asset Backed Securities | — | 3,691,440 | — | 3,691,440 | ||||||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Airlines | — | 203,571 | 2,697 | 206,268 | ||||||||||||
Other Industries | — | 26,735,430 | — | 26,735,430 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 7,140,539 | — | 7,140,539 | ||||||||||||
U.S. Government Agencies | — | 20,011,660 | — | 20,011,660 | ||||||||||||
U.S. Government Treasuries | — | 7,186,663 | — | 7,186,663 | ||||||||||||
Municipal Bonds & Notes | — | 272,507 | — | 272,507 | ||||||||||||
Foreign Government Obligations | — | 649,578 | — | 649,578 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 10,480,222 | — | — | 10,480,222 | ||||||||||||
Other Short-Term Investment Securities | — | 15,907,174 | — | 15,907,174 | ||||||||||||
Total Investments at Value | $ | 107,131,526 | $ | 84,010,974 | $ | 20,981 | $ | 191,163,481 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 2,915,830 | $ | — | $ | — | $ | 2,915,830 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 2,303,096 | $ | — | $ | — | $ | 2,303,096 | ||||||||
* | 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 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
33 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 9.2 | % | ||
E-Commerce/Products | 8.8 | |||
Web Portals/ISP | 7.5 | |||
Finance — Credit Card | 5.6 | |||
Medical — Drugs | 5.4 | |||
Applications Software | 5.4 | |||
E-Commerce/Services | 5.1 | |||
Internet Content — Entertainment | 3.5 | |||
Diagnostic Equipment | 3.2 | |||
Medical — Wholesale Drug Distribution | 3.1 | |||
Medical — HMO | 2.8 | |||
Retail — Building Products | 2.7 | |||
Airlines | 2.1 | |||
Retail — Auto Parts | 1.8 | |||
Retail — Restaurants | 1.8 | |||
Aerospace/Defense | 1.7 | |||
Computers | 1.6 | |||
Retail — Drug Store | 1.6 | |||
Real Estate Investment Trusts | 1.6 | |||
Instruments — Scientific | 1.4 | |||
Medical Products | 1.3 | |||
Registered Investment Companies | 1.3 | |||
Internet Application Software | 1.3 | |||
Diversified Banking Institutions | 1.2 | |||
Cruise Lines | 1.2 | |||
Machinery — General Industrial | 1.1 | |||
Data Processing/Management | 1.1 | |||
Multimedia | 1.0 | |||
Finance — Other Services | 1.0 | |||
Medical Instruments | 1.0 | |||
Athletic Footwear | 1.0 | |||
Retail — Apparel/Shoe | 0.9 | |||
Finance — Investment Banker/Broker | 0.9 | |||
Banks — Fiduciary | 0.8 | |||
Apparel Manufacturers | 0.8 | |||
Hotels/Motels | 0.8 | |||
Chemicals — Specialty | 0.8 | |||
Internet Content — Information/News | 0.7 | |||
Retail — Gardening Products | 0.7 | |||
Transport — Services | 0.7 | |||
Coatings/Paint | 0.5 | |||
Transport — Rail | 0.5 | |||
Casino Hotels | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Investment Management/Advisor Services | 0.4 | |||
Beverages — Wine/Spirits | 0.4 | |||
Insurance Brokers | 0.3 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Computer Services | 0.3 | |||
Entertainment Software | 0.3 | |||
Retail — Discount | 0.3 | |||
Transport — Truck | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Computer Software | 0.1 | |||
X-Ray Equipment | 0.1 | |||
Retail — Automobile | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
100.9 | % | |||
* | Calculated as a percentage of net assets |
34 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.6% | ||||||||
Aerospace/Defense — 1.7% | ||||||||
Boeing Co. | 70,800 | $ | 10,297,860 | |||||
Lockheed Martin Corp. | 4,100 | 898,556 | ||||||
Rockwell Collins, Inc. | 1,500 | 139,020 | ||||||
11,335,436 | ||||||||
Airlines — 2.1% | ||||||||
Alaska Air Group, Inc. | 28,700 | 2,288,251 | ||||||
American Airlines Group, Inc. | 198,300 | 8,181,858 | ||||||
Delta Air Lines, Inc. | 1,000 | 46,460 | ||||||
United Continental Holdings, Inc.† | 66,600 | 3,711,618 | ||||||
14,228,187 | ||||||||
Apparel Manufacturers — 0.8% | ||||||||
Hanesbrands, Inc. | 164,800 | 5,054,416 | ||||||
VF Corp. | 5,600 | 362,320 | ||||||
5,416,736 | ||||||||
Applications Software — 5.4% | ||||||||
Microsoft Corp. | 312,300 | 16,973,505 | ||||||
Red Hat, Inc.† | 49,600 | 4,037,936 | ||||||
Salesforce.com, Inc.† | 133,100 | 10,606,739 | ||||||
ServiceNow, Inc.† | 45,800 | 3,985,058 | ||||||
35,603,238 | ||||||||
Athletic Footwear — 1.0% | ||||||||
NIKE, Inc., Class B | 48,100 | 6,362,668 | ||||||
Auto - Cars/Light Trucks — 0.4% | ||||||||
Ferrari NV†# | 4,000 | 185,400 | ||||||
Tesla Motors, Inc.†# | 11,060 | 2,546,676 | ||||||
2,732,076 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.2% | ||||||||
BorgWarner, Inc. | 3,800 | 162,222 | ||||||
Delphi Automotive PLC | 11,400 | 1,001,832 | ||||||
1,164,054 | ||||||||
Banks - Fiduciary — 0.8% | ||||||||
Bank of New York Mellon Corp. | 29,900 | 1,310,816 | ||||||
Northern Trust Corp. | 10,700 | 801,858 | ||||||
State Street Corp. | 46,400 | 3,367,712 | ||||||
5,480,386 | ||||||||
Beverages - Non-alcoholic — 0.1% | ||||||||
Monster Beverage Corp.† | 3,500 | 541,135 | ||||||
Beverages - Wine/Spirits — 0.4% | ||||||||
Constellation Brands, Inc., Class A | 16,800 | 2,356,368 | ||||||
Brewery — 0.0% | ||||||||
Molson Coors Brewing Co., Class B | 1,400 | 128,842 | ||||||
Casino Hotels — 0.4% | ||||||||
Las Vegas Sands Corp. | 1,800 | 79,308 | ||||||
MGM Resorts International† | 121,200 | 2,756,088 | ||||||
2,835,396 | ||||||||
Cellular Telecom — 0.0% | ||||||||
T-Mobile US, Inc.† | 3,800 | 134,900 | ||||||
Chemicals - Diversified — 0.0% | ||||||||
PPG Industries, Inc. | 500 | 52,870 | ||||||
Chemicals - Specialty — 0.8% | ||||||||
Ashland, Inc.# | 16,400 | 1,847,460 | ||||||
Ecolab, Inc. | 27,900 | 3,324,564 | ||||||
5,172,024 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Coatings/Paint — 0.5% | ||||||||
Sherwin-Williams Co. | 12,000 | $ | 3,312,840 | |||||
Commercial Services - Finance — 0.1% | ||||||||
PayPal Holdings, Inc.† | 12,600 | 444,276 | ||||||
Computer Services — 0.3% | ||||||||
Cognizant Technology Solutions Corp., Class A† | 20,300 | 1,310,974 | ||||||
IHS, Inc., Class A† | 6,900 | 850,839 | ||||||
2,161,813 | ||||||||
Computer Software — 0.1% | ||||||||
Akamai Technologies, Inc.† | 12,700 | 731,647 | ||||||
Computers — 1.6% | ||||||||
Apple, Inc. | 92,600 | 10,954,580 | ||||||
Cosmetics & Toiletries — 0.2% | ||||||||
Estee Lauder Cos., Inc., Class A | 12,200 | 1,026,264 | ||||||
Cruise Lines — 1.2% | ||||||||
Carnival Corp. | 6,800 | 343,604 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 68,100 | 3,911,664 | ||||||
Royal Caribbean Cruises, Ltd. | 41,900 | 3,880,359 | ||||||
8,135,627 | ||||||||
Data Processing/Management — 1.1% | ||||||||
First Data Corp., Class A† | 48,900 | 821,520 | ||||||
Fiserv, Inc.† | 64,300 | 6,188,232 | ||||||
7,009,752 | ||||||||
Diagnostic Equipment — 3.2% | ||||||||
Danaher Corp. | 219,680 | 21,174,955 | ||||||
Diversified Banking Institutions — 1.2% | ||||||||
Citigroup, Inc. | 10,600 | 573,354 | ||||||
Morgan Stanley | 223,700 | 7,672,910 | ||||||
8,246,264 | ||||||||
Diversified Manufacturing Operations — 0.2% | ||||||||
Textron, Inc. | 35,000 | 1,493,450 | ||||||
E-Commerce/Products — 8.8% | ||||||||
Alibaba Group Holding, Ltd. ADR† | 108,521 | 9,124,446 | ||||||
Amazon.com, Inc.† | 73,700 | 48,995,760 | ||||||
JD.com, Inc. ADR† | 23,300 | 714,844 | ||||||
58,835,050 | ||||||||
E-Commerce/Services — 5.1% | ||||||||
Ctrip.com International, Ltd. ADR† | 34,500 | 3,691,845 | ||||||
Netflix, Inc.† | 75,100 | 9,262,083 | ||||||
Priceline Group, Inc.† | 16,800 | 20,980,680 | ||||||
33,934,608 | ||||||||
Entertainment Software — 0.3% | ||||||||
Electronic Arts, Inc.† | 30,000 | 2,033,700 | ||||||
Finance - Credit Card — 5.6% | ||||||||
MasterCard, Inc., Class A | 178,000 | 17,429,760 | ||||||
Visa, Inc., Class A | 247,300 | 19,539,173 | ||||||
36,968,933 | ||||||||
Finance - Investment Banker/Broker — 0.9% | ||||||||
TD Ameritrade Holding Corp. | 162,000 | 5,934,060 | ||||||
Finance - Other Services — 1.0% | ||||||||
Intercontinental Exchange, Inc. | 25,200 | 6,547,968 | ||||||
Hotels/Motels — 0.8% | ||||||||
Hilton Worldwide Holdings, Inc. | 148,859 | 3,456,506 | ||||||
Marriott International, Inc., Class A | 26,790 | 1,899,679 | ||||||
5,356,185 | ||||||||
35 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Instruments - Scientific — 1.4% | ||||||||
Thermo Fisher Scientific, Inc. | 66,200 | $ | 9,162,080 | |||||
Insurance Brokers — 0.3% | ||||||||
Marsh & McLennan Cos., Inc. | 39,800 | 2,200,940 | ||||||
Internet Application Software — 1.3% | ||||||||
Tencent Holdings, Ltd. | 416,800 | 8,316,164 | ||||||
Internet Content - Entertainment — 3.5% | ||||||||
Facebook, Inc., Class A† | 221,441 | 23,083,010 | ||||||
Internet Content - Information/News — 0.7% | ||||||||
LinkedIn Corp., Class A† | 20,200 | 4,910,822 | ||||||
Investment Management/Advisor Services — 0.4% | ||||||||
Ameriprise Financial, Inc. | 23,640 | 2,670,138 | ||||||
Machinery - General Industrial — 1.1% | ||||||||
Roper Technologies, Inc. | 24,000 | 4,643,760 | ||||||
Wabtec Corp. | 36,500 | 2,924,380 | ||||||
7,568,140 | ||||||||
Machinery - Pumps — 0.0% | ||||||||
Flowserve Corp. | 1,900 | 87,856 | ||||||
Medical Instruments — 1.0% | ||||||||
Intuitive Surgical, Inc.† | 9,000 | 4,680,180 | ||||||
Medtronic PLC | 24,492 | 1,845,227 | ||||||
6,525,407 | ||||||||
Medical Products — 1.3% | ||||||||
Becton Dickinson and Co. | 34,500 | 5,183,625 | ||||||
Henry Schein, Inc.† | 6,100 | 954,528 | ||||||
Stryker Corp. | 27,300 | 2,633,358 | ||||||
8,771,511 | ||||||||
Medical - Biomedical/Gene — 9.2% | ||||||||
Alexion Pharmaceuticals, Inc.† | 88,700 | 15,827,628 | ||||||
Amgen, Inc. | 2,000 | 322,200 | ||||||
Biogen, Inc.† | 21,200 | 6,081,432 | ||||||
Celgene Corp.† | 112,200 | 12,280,290 | ||||||
Gilead Sciences, Inc. | 112,600 | 11,931,096 | ||||||
Incyte Corp.† | 7,800 | 891,072 | ||||||
Regeneron Pharmaceuticals, Inc.† | 14,500 | 7,895,250 | ||||||
Vertex Pharmaceuticals, Inc.† | 48,000 | 6,209,280 | ||||||
61,438,248 | ||||||||
Medical - Drugs — 5.4% | ||||||||
AbbVie, Inc. | 5,800 | 337,270 | ||||||
Allergan PLC† | 54,351 | 17,060,235 | ||||||
Bristol-Myers Squibb Co. | 108,400 | 7,263,884 | ||||||
Eli Lilly & Co. | 66,300 | 5,439,252 | ||||||
Shire PLC ADR | 2,500 | 520,900 | ||||||
Valeant Pharmaceuticals International, Inc.† | 53,700 | 4,830,852 | ||||||
Zoetis, Inc. | 10,000 | 467,000 | ||||||
35,919,393 | ||||||||
Medical - Generic Drugs — 0.0% | ||||||||
Perrigo Co. PLC | 400 | 59,756 | ||||||
Medical - HMO — 2.8% | ||||||||
Aetna, Inc. | 28,500 | 2,928,375 | ||||||
Anthem, Inc. | 41,200 | 5,371,656 | ||||||
Cigna Corp. | 2,500 | 337,450 | ||||||
Humana, Inc. | 6,600 | 1,113,156 | ||||||
UnitedHealth Group, Inc. | 81,200 | 9,152,052 | ||||||
18,902,689 | ||||||||
Medical - Wholesale Drug Distribution — 3.1% | ||||||||
AmerisourceBergen Corp. | 22,800 | 2,248,992 | ||||||
Cardinal Health, Inc. | 51,600 | 4,481,460 | ||||||
McKesson Corp. | 74,200 | 14,049,770 | ||||||
20,780,222 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Multimedia — 1.0% | ||||||||
Time Warner, Inc. | 800 | $ | 55,984 | |||||
Walt Disney Co. | 58,800 | 6,672,036 | ||||||
6,728,020 | ||||||||
Oil Companies - Exploration & Production — 0.3% | ||||||||
Cimarex Energy Co. | 7,700 | 916,454 | ||||||
Concho Resources, Inc.† | 5,100 | 558,144 | ||||||
EQT Corp. | 2,300 | 131,606 | ||||||
Pioneer Natural Resources Co. | 4,100 | 593,475 | ||||||
2,199,679 | ||||||||
Real Estate Investment Trusts — 1.6% | ||||||||
American Tower Corp. | 107,500 | 10,683,350 | ||||||
Retail - Apparel/Shoe — 0.9% | ||||||||
L Brands, Inc. | 21,500 | 2,051,315 | ||||||
PVH Corp. | 1,500 | 136,935 | ||||||
Ross Stores, Inc. | 78,600 | 4,087,986 | ||||||
6,276,236 | ||||||||
Retail - Auto Parts — 1.8% | ||||||||
AutoZone, Inc.† | 5,300 | 4,153,981 | ||||||
O’Reilly Automotive, Inc.† | 30,200 | 7,968,874 | ||||||
12,122,855 | ||||||||
Retail - Automobile — 0.1% | ||||||||
CarMax, Inc.† | 11,000 | 630,300 | ||||||
Retail - Building Products — 2.7% | ||||||||
Home Depot, Inc. | 62,700 | 8,394,276 | ||||||
Lowe’s Cos., Inc. | 127,300 | 9,751,180 | ||||||
18,145,456 | ||||||||
Retail - Discount — 0.3% | ||||||||
Costco Wholesale Corp. | 10,900 | 1,759,478 | ||||||
Retail - Drug Store — 1.6% | ||||||||
CVS Health Corp. | 51,100 | 4,807,999 | ||||||
Walgreens Boots Alliance, Inc. | 72,800 | 6,117,384 | ||||||
10,925,383 | ||||||||
Retail - Gardening Products — 0.7% | ||||||||
Tractor Supply Co. | 52,400 | 4,681,940 | ||||||
Retail - Restaurants — 1.8% | ||||||||
Chipotle Mexican Grill, Inc.† | 4,300 | 2,492,065 | ||||||
Starbucks Corp. | 148,900 | 9,140,971 | ||||||
11,633,036 | ||||||||
Transport - Rail — 0.5% | ||||||||
Canadian Pacific Railway, Ltd. | 19,200 | 2,831,424 | ||||||
Union Pacific Corp. | 5,700 | 478,515 | ||||||
3,309,939 | ||||||||
Transport - Services — 0.7% | ||||||||
FedEx Corp. | 28,100 | 4,454,974 | ||||||
Transport - Truck — 0.2% | ||||||||
J.B. Hunt Transport Services, Inc. | 19,200 | 1,502,208 | ||||||
Web Portals/ISP — 7.5% | ||||||||
Alphabet, Inc., Class A† | 22,700 | 17,316,695 | ||||||
Alphabet, Inc., Class C† | 36,884 | 27,390,058 | ||||||
Baidu, Inc. ADR† | 22,800 | 4,969,716 | ||||||
49,676,469 | ||||||||
X-Ray Equipment — 0.1% | ||||||||
Hologic, Inc.† | 17,400 | 702,090 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $425,486,356) | 663,674,077 | |||||||
36 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.3% | ||||||||
Registered Investment Companies — 1.3% | ||||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) | 4,682,825 | $ | 4,682,825 | |||||
T. Rowe Price Reserve Investment Fund 0.12%(2) | 3,772,885 | 3,772,885 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $8,455,710) | 8,455,710 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $433,942,066)(3) | 100.9 | % | 672,129,787 | |||||
Liabilities in excess of other assets | (0.9 | ) | (6,155,521 | ) | ||||
NET ASSETS | 100.0 | % | $ | 665,974,266 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $4,579,536. This was secured by collateral of $4,682,825, which was received in cash and subsequently invested in short-term investments currently valued at $4,682,825 as reported in the portfolio of investments. |
(2) | The rate shown is the 7-day yield as of November 30, 2015. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 663,674,077 | $ | — | $ | — | $ | 663,674,077 | ||||||||
Short-Term Investment Securities | 8,455,710 | — | — | 8,455,710 | ||||||||||||
Total Investments at Value | $ | 672,129,787 | $ | — | $ | — | $ | 672,129,787 | ||||||||
* | 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 $8,316,164 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
37 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Banks — Super Regional | 7.0 | % | ||
Diversified Banking Institutions | 6.9 | |||
Medical — Drugs | 5.4 | |||
Aerospace/Defense | 5.0 | |||
Electronic Components — Semiconductors | 5.0 | |||
Cruise Lines | 5.0 | |||
Tobacco | 5.0 | |||
Medical — HMO | 3.9 | |||
Oil Companies — Exploration & Production | 3.2 | |||
Savings & Loans/Thrifts | 3.1 | |||
Oil Companies — Integrated | 2.9 | |||
Time Deposits | 2.8 | |||
Auto/Truck Parts & Equipment — Original | 2.6 | |||
Finance — Credit Card | 2.5 | |||
Registered Investment Companies | 2.2 | |||
Finance — Consumer Loans | 2.1 | |||
Building — Residential/Commercial | 2.0 | |||
Building & Construction Products — Misc. | 2.0 | |||
Tools — Hand Held | 1.9 | |||
Apparel Manufacturers | 1.8 | |||
Building Products — Cement | 1.6 | |||
Banks — Fiduciary | 1.6 | |||
Industrial Gases | 1.5 | |||
Medical — Generic Drugs | 1.5 | |||
Applications Software | 1.5 | |||
Telephone — Integrated | 1.5 | |||
Advertising Services | 1.5 | |||
Medical — Wholesale Drug Distribution | 1.4 | |||
Medical Instruments | 1.4 | |||
Enterprise Software/Service | 1.4 | |||
Investment Management/Advisor Services | 1.3 | |||
Aerospace/Defense — Equipment | 1.2 | |||
Resorts/Theme Parks | 1.2 | |||
Oil Refining & Marketing | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.1 | |||
Instruments — Controls | 1.0 | |||
Engineering/R&D Services | 1.0 | |||
Electronic Security Devices | 1.0 | |||
Machinery — Farming | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Finance — Investment Banker/Broker | 0.9 | |||
Retail — Discount | 0.9 | |||
Cellular Telecom | 0.8 | |||
Machinery — Pumps | 0.6 | |||
Chemicals — Diversified | 0.5 | |||
Oil & Gas Drilling | 0.2 | |||
Machinery — Construction & Mining | 0.1 | |||
101.9 | % | |||
* | Calculated as a percentage of net assets |
38 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.9% |
| |||||||
Advertising Services — 1.5% |
| |||||||
Nielsen Holdings PLC | 18,100 | $ | 844,908 | |||||
Aerospace/Defense — 5.0% |
| |||||||
General Dynamics Corp. | 4,700 | 688,362 | ||||||
Raytheon Co. | 5,460 | 677,204 | ||||||
Rolls-Royce Holdings PLC ADR | 63,000 | 575,190 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 18,200 | 954,590 | ||||||
2,895,346 | ||||||||
Aerospace/Defense - Equipment — 1.2% |
| |||||||
United Technologies Corp. | 7,290 | 700,205 | ||||||
Apparel Manufacturers — 1.8% |
| |||||||
Hanesbrands, Inc. | 33,300 | 1,021,311 | ||||||
Applications Software — 1.5% |
| |||||||
Microsoft Corp. | 15,935 | 866,067 | ||||||
Auto/Truck Parts & Equipment - Original — 2.6% |
| |||||||
Delphi Automotive PLC | 6,900 | 606,372 | ||||||
Johnson Controls, Inc. | 19,500 | 897,000 | ||||||
1,503,372 | ||||||||
Banks - Fiduciary — 1.6% |
| |||||||
State Street Corp. | 12,410 | 900,718 | ||||||
Banks - Super Regional — 7.0% |
| |||||||
Capital One Financial Corp. | 16,025 | 1,258,123 | ||||||
Fifth Third Bancorp | 28,400 | 587,028 | ||||||
PNC Financial Services Group, Inc. | 8,725 | 833,325 | ||||||
Wells Fargo & Co. | 23,945 | 1,319,369 | ||||||
3,997,845 | ||||||||
Building & Construction Products - Misc. — 2.0% |
| |||||||
Owens Corning | 24,400 | 1,142,896 | ||||||
Building Products - Cement — 1.6% |
| |||||||
CRH PLC ADR | 31,400 | 920,648 | ||||||
Building - Residential/Commercial — 2.0% |
| |||||||
NVR, Inc.† | 699 | 1,176,054 | ||||||
Cellular Telecom — 0.8% |
| |||||||
Vodafone Group PLC ADR | 12,954 | 434,736 | ||||||
Chemicals - Diversified — 0.5% |
| |||||||
FMC Corp. | 6,100 | 262,117 | ||||||
Cruise Lines — 5.0% |
| |||||||
Carnival Corp. | 19,300 | 975,229 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 14,200 | 815,648 | ||||||
Royal Caribbean Cruises, Ltd. | 11,600 | 1,074,276 | ||||||
2,865,153 | ||||||||
Diversified Banking Institutions — 6.9% |
| |||||||
Bank of America Corp. | 72,326 | 1,260,642 | ||||||
Citigroup, Inc. | 27,810 | 1,504,243 | ||||||
JPMorgan Chase & Co. | 17,905 | 1,193,905 | ||||||
3,958,790 | ||||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
Eaton Corp. PLC | 9,100 | 529,256 | ||||||
Electronic Components - Semiconductors — 5.0% |
| |||||||
Fairchild Semiconductor International, Inc.† | 22,000 | 429,880 | ||||||
Intel Corp. | 15,300 | 531,981 | ||||||
Microchip Technology, Inc.# | 20,200 | 975,256 | ||||||
Texas Instruments, Inc. | 16,320 | 948,518 | ||||||
2,885,635 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Security Devices — 1.0% |
| |||||||
Tyco International PLC | 15,800 | $ | 557,898 | |||||
Engineering/R&D Services — 1.0% |
| |||||||
KBR, Inc. | 29,000 | 563,760 | ||||||
Enterprise Software/Service — 1.4% |
| |||||||
Oracle Corp. | 20,400 | 794,988 | ||||||
Finance - Consumer Loans — 2.1% |
| |||||||
Navient Corp. | 49,605 | 590,795 | ||||||
SLM Corp.† | 91,805 | 620,143 | ||||||
1,210,938 | ||||||||
Finance - Credit Card — 2.5% |
| |||||||
American Express Co. | 11,255 | 806,308 | ||||||
Discover Financial Services | 11,000 | 624,360 | ||||||
1,430,668 | ||||||||
Finance - Investment Banker/Broker — 0.9% |
| |||||||
E*TRADE Financial Corp.† | 17,100 | 520,353 | ||||||
Industrial Gases — 1.5% |
| |||||||
Air Products & Chemicals, Inc. | 6,500 | 889,785 | ||||||
Instruments - Controls — 1.0% |
| |||||||
Honeywell International, Inc. | 5,800 | 602,910 | ||||||
Investment Management/Advisor Services — 1.3% |
| |||||||
Ameriprise Financial, Inc. | 6,500 | 734,175 | ||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Joy Global, Inc.# | 2,900 | 44,515 | ||||||
Machinery - Farming — 0.9% |
| |||||||
Deere & Co. | 6,700 | 533,119 | ||||||
Machinery - Pumps — 0.6% |
| |||||||
SPX FLOW, Inc.† | 9,500 | 319,200 | ||||||
Medical Instruments — 1.4% |
| |||||||
Medtronic PLC | 10,730 | 808,398 | ||||||
Medical - Drugs — 5.4% |
| |||||||
Johnson & Johnson | 8,185 | 828,649 | ||||||
Merck & Co., Inc. | 13,900 | 736,839 | ||||||
Pfizer, Inc. | 26,341 | 863,195 | ||||||
Sanofi ADR | 15,600 | 689,832 | ||||||
3,118,515 | ||||||||
Medical - Generic Drugs — 1.5% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 13,800 | 868,434 | ||||||
Medical - HMO — 3.9% |
| |||||||
Anthem, Inc. | 4,715 | 614,742 | ||||||
Cigna Corp. | 6,000 | 809,880 | ||||||
UnitedHealth Group, Inc. | 7,020 | 791,224 | ||||||
2,215,846 | ||||||||
Medical - Wholesale Drug Distribution — 1.4% |
| |||||||
Cardinal Health, Inc. | 9,600 | 833,760 | ||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Seadrill, Ltd.†# | 22,000 | 133,760 | ||||||
Oil Companies - Exploration & Production — 3.2% |
| |||||||
ConocoPhillips | 15,765 | 852,098 | ||||||
Fairmount Santrol Holdings, Inc.†# | 37,900 | 111,047 | ||||||
Occidental Petroleum Corp. | 11,365 | 859,081 | ||||||
1,822,226 | ||||||||
39 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Integrated — 2.9% |
| |||||||
BP PLC ADR | 23,835 | $ | 824,691 | |||||
Chevron Corp. | 9,200 | 840,144 | ||||||
1,664,835 | ||||||||
Oil Refining & Marketing — 1.1% |
| |||||||
Phillips 66 | 6,900 | 631,557 | ||||||
Resort/Theme Parks — 1.2% |
| |||||||
SeaWorld Entertainment, Inc.# | 38,900 | 681,139 | ||||||
Retail - Discount — 0.9% |
| |||||||
Target Corp. | 7,100 | 514,750 | ||||||
Savings & Loans/Thrifts — 3.1% |
| |||||||
First Niagara Financial Group, Inc. | 25,800 | 278,124 | ||||||
New York Community Bancorp, Inc. | 43,500 | 713,400 | ||||||
People’s United Financial, Inc. | 47,800 | 800,650 | ||||||
1,792,174 | ||||||||
Semiconductor Components - Integrated Circuits — 1.1% |
| |||||||
QUALCOMM, Inc. | 12,500 | 609,875 | ||||||
Telephone - Integrated — 1.5% |
| |||||||
Verizon Communications, Inc. | 19,038 | 865,277 | ||||||
Tobacco — 5.0% |
| |||||||
Altria Group, Inc. | 18,170 | 1,046,592 | ||||||
Philip Morris International, Inc. | 8,100 | 707,859 | ||||||
Reynolds American, Inc. | 23,656 | 1,094,090 | ||||||
2,848,541 | ||||||||
Tools - Hand Held — 1.9% |
| |||||||
Stanley Black & Decker, Inc. | 9,860 | 1,076,318 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $45,566,838) | 55,592,771 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 5.0% |
| |||||||
Registered Investment Companies — 2.2% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) | $ | 1,259,296 | $ | 1,259,296 | ||||
Time Deposits — 2.8% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | 1,594,000 | 1,594,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $2,853,296) | 2,853,296 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $48,420,134)(3) | 101.9 | % | 58,446,067 | |||||
Liabilities in excess of other assets | (1.9 | ) | (1,097,376 | ) | ||||
NET ASSETS | 100.0 | % | $ | 57,348,691 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $1,458,682. This was secured by collateral of $1,259,296, which was received in cash and subsequently invested in short-term investments currently valued at $1,259,296 as reported in the Portfolio of Investments. Additional collateral of $225,555 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
United States Treasury Bills | 0.00% | 04/07/2016 | $ | 8,128 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 01/31/2016 to 08/15/2044 | 217,427 |
(2) | The rate shown is the 7-day yield as of November 30, 2015. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 55,592,771 | $ | — | $ | — | $ | 55,592,771 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 1,259,296 | — | — | 1,259,296 | ||||||||||||
Time Deposits | — | 1,594,000 | — | 1,594,000 | ||||||||||||
Total Investments at Value* | $ | 56,852,067 | $ | 1,594,000 | $ | — | $ | 58,446,067 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
40 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 22.6 | % | ||
United States Treasury Notes | 21.2 | |||
Federal Home Loan Mtg. Corp. | 10.6 | |||
Time Deposits | 7.6 | |||
Diversified Financial Services | 6.4 | |||
Diversified Banking Institutions | 4.9 | |||
United States Treasury Bonds | 4.4 | |||
Banks — Commercial | 3.9 | |||
Government National Mtg. Assoc. | 2.0 | |||
Telephone — Integrated | 1.4 | |||
Electric — Integrated | 1.2 | |||
Oil Companies — Integrated | 1.1 | |||
Auto — Cars/Light Trucks | 1.0 | |||
Savings & Loans/Thrifts | 0.8 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Insurance — Multi-line | 0.7 | |||
Pipelines | 0.6 | |||
Banks — Super Regional | 0.6 | |||
Finance — Other Services | 0.6 | |||
Paper & Related Products | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Insurance — Mutual | 0.5 | |||
Electric — Generation | 0.5 | |||
Banks — Money Center | 0.5 | |||
Banks — Fiduciary | 0.4 | |||
Diversified Manufacturing Operations | 0.4 | |||
Real Estate Investment Trusts | 0.4 | |||
Sovereign | 0.4 | |||
Registered Investment Companies | 0.4 | |||
Computers | 0.4 | |||
Electric — Distribution | 0.4 | |||
Municipal Bonds & Notes | 0.3 | |||
Machinery — Farming | 0.3 | |||
Medical — Biomedical/Gene | 0.3 | |||
Medical — Drugs | 0.3 | |||
Computer Services | 0.3 | |||
Brewery | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Coatings/Paint | 0.3 | |||
Multimedia | 0.3 | |||
Enterprise Software/Service | 0.2 | |||
Finance — Credit Card | 0.2 | |||
Networking Products | 0.2 | |||
Retail — Discount | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Cable/Satellite TV | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Applications Software | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Medical — HMO | 0.2 | |||
Electronic Components — Misc. | 0.1 | |||
Diversified Minerals | 0.1 | |||
Telecom Services | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Federal Home Loan Bank | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Transport — Rail | 0.1 | |||
Sovereign Agency | 0.1 | |||
Schools | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Oil — Field Services | 0.1 | |||
SupraNational Banks | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Finance — Consumer Loans | 0.1 |
Electronic Components — Semiconductors | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Gold Mining | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Athletic Footwear | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Tennessee Valley Authority | 0.1 | |||
Retail — Automobile | 0.1 | |||
Steel — Specialty | 0.1 | |||
Diversified Operations | 0.1 | |||
Metal — Copper | 0.1 | |||
Advertising Agencies | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
107.1 | % | |||
Credit Quality†#
Aaa | 62.5 | % | ||
Aa | 3.8 | |||
A | 13.6 | |||
Baa | 15.9 | |||
Ba | 2.1 | |||
B | 0.1 | |||
Not Rated@ | 2.0 | |||
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. |
41 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 5.9% |
| |||||||
Diversified Financial Services — 5.9% |
| |||||||
American Express Credit Account Master Trust | $ | 102,000 | $ | 102,340 | ||||
AmeriCredit Automobile Receivables Trust | 314,000 | 313,264 | ||||||
AmeriCredit Automobile Receivables Trust | 375,000 | 379,051 | ||||||
Applebee’s Funding LLC/IHOP Funding LLC | 35,000 | 35,701 | ||||||
B2R Mtg. Trust | 271,580 | 267,389 | ||||||
BA Credit Card Trust | 333,000 | 332,144 | ||||||
Capital Auto Receivables Asset Trust | 409,000 | 407,952 | ||||||
CarMax Auto Owner Trust | 542,000 | 541,502 | ||||||
Chase Issuance Trust FRS | 228,000 | 227,046 | ||||||
Citigroup Commercial Mtg. Trust | 420,000 | 429,610 | ||||||
Citigroup Commercial Mtg. Trust | 216,000 | 220,775 | ||||||
Commercial Mtg. Trust | 470,000 | 485,580 | ||||||
Core Industrial Trust | 1,224,000 | 1,232,071 | ||||||
DB Master Finance LLC | 163,763 | 164,403 | ||||||
Dell Equipment Finance Trust | 335,000 | 333,044 | ||||||
Discover Card Execution Note Trust | 569,000 | 568,659 | ||||||
Ford Credit Auto Owner Trust | 282,000 | 283,393 | ||||||
Ford Credit Auto Owner Trust | 250,000 | 250,819 | ||||||
GS Mtg. Securities Trust | 240,000 | 245,553 | ||||||
Hyundai Auto Lease Securitization Trust | 122,000 | 121,596 | ||||||
LB-UBS Commercial Mtg. Trust | 948,991 | 974,366 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
Morgan Stanley Bank of America Merrill Lynch Trust | $ | 390,000 | $ | 400,232 | ||||
Morgan Stanley Bank of America Merrill Lynch Trust | 320,000 | 330,008 | ||||||
Nissan Auto Lease Trust | 375,000 | 374,518 | ||||||
NRP Mtg. Trust VRS | 471,172 | 464,094 | ||||||
Santander Drive Auto Receivables Trust | 282,000 | 282,226 | ||||||
Sierra Timeshare Receivables Funding LLC | 104,080 | 104,398 | ||||||
Sierra Timeshare Receivables Funding LLC | 166,891 | 164,753 | ||||||
Synchrony Credit Card Master Note Trust | 343,000 | 342,998 | ||||||
Wachovia Bank Commercial Mtg. Trust VRS | 1,000,000 | 1,001,039 | ||||||
Wells Fargo Commercial Mtg. Trust | 1,100,000 | 1,115,025 | ||||||
Wendys Funding LLC | 215,000 | 215,942 | ||||||
Wendys Funding LLC | 115,000 | 113,867 | ||||||
WF-RBS Commercial Mtg. Trust | 251,000 | 257,415 | ||||||
WF-RBS Commercial Mtg. Trust | 900,000 | 922,181 | ||||||
Total Asset Backed Securities | ||||||||
(cost $14,238,072) | 14,004,954 | |||||||
U.S. CORPORATE BONDS & NOTES — 21.8% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 126,000 | 125,398 | ||||||
Aerospace/Defense — 0.4% |
| |||||||
BAE Systems Holdings, Inc. | 252,000 | 252,040 | ||||||
BAE Systems Holdings, Inc. | 32,000 | 31,068 | ||||||
Boeing Co. | 302,000 | 299,197 | ||||||
Boeing Co. | 186,000 | 181,643 |
42 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Aerospace/Defense (continued) | ||||||||
Lockheed Martin Corp. | $ | 154,000 | $ | 157,687 | ||||
921,635 | ||||||||
Aerospace/Defense-Equipment — 0.2% |
| |||||||
Harris Corp. | 241,000 | 236,760 | ||||||
Harris Corp. | 228,000 | 223,316 | ||||||
460,076 | ||||||||
Applications Software — 0.2% |
| |||||||
Microsoft Corp. | 202,000 | 201,600 | ||||||
Microsoft Corp. | 177,000 | 181,758 | ||||||
383,358 | ||||||||
Athletic Footwear — 0.1% |
| |||||||
NIKE, Inc. | 176,000 | 170,406 | ||||||
Auto-Cars/Light Trucks — 0.9% |
| |||||||
American Honda Finance Corp. | 305,000 | 304,223 | ||||||
Daimler Finance North America LLC | 393,000 | 389,937 | ||||||
Daimler Finance North America LLC | 413,000 | 409,083 | ||||||
Daimler Finance North America LLC | 150,000 | 151,656 | ||||||
Ford Motor Credit Co. LLC | 163,000 | 162,433 | ||||||
Hyundai Capital America | 485,000 | 483,909 | ||||||
Toyota Motor Credit Corp. | 167,000 | 167,113 | ||||||
2,068,354 | ||||||||
Auto-Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR Financial Corp. | 335,000 | 333,913 | ||||||
Banks-Commercial — 1.5% |
| |||||||
BankUnited, Inc. | 473,000 | 470,175 | ||||||
Fifth Third Bank | 621,000 | 617,583 | ||||||
First Horizon National Corp. | 589,000 | 586,859 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks-Commercial (continued) | ||||||||
First Tennessee Bank NA | $ | 258,000 | $ | 256,948 | ||||
KeyBank NA | 313,000 | 310,817 | ||||||
MUFG Union Bank NA | 810,000 | 818,997 | ||||||
PNC Bank NA | 490,000 | 491,495 | ||||||
3,552,874 | ||||||||
Banks-Fiduciary — 0.2% |
| |||||||
Citizens Financial Group, Inc. | 540,000 | 545,801 | ||||||
Banks-Super Regional — 0.4% |
| |||||||
Capital One Financial Corp. | 167,000 | 166,422 | ||||||
Wells Fargo & Co. | 297,000 | 301,821 | ||||||
Wells Fargo & Co. | 216,000 | 222,391 | ||||||
Wells Fargo & Co. | 320,000 | 325,665 | ||||||
1,016,299 | ||||||||
Brewery — 0.3% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | 630,000 | 628,097 | ||||||
Cable/Satellite TV — 0.2% |
| |||||||
CCO Safari II LLC | 284,000 | 285,411 | ||||||
CCO Safari II LLC | 136,000 | 140,791 | ||||||
426,202 | ||||||||
Chemicals-Diversified — 0.1% |
| |||||||
Solvay Finance America LLC | 302,000 | 301,638 | ||||||
Chemicals-Specialty — 0.1% | ||||||||
Lubrizol Corp. | 179,000 | 228,516 | ||||||
Coatings/Paint — 0.3% | ||||||||
RPM International, Inc. | 409,000 | 383,969 | ||||||
Sherwin-Williams Co. | 109,000 | 113,129 |
43 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Coatings/Paint (continued) | ||||||||
Valspar Corp. | $ | 106,000 | $ | 106,318 | ||||
603,416 | ||||||||
Commercial Services - Finance — 0.0% |
| |||||||
Automatic Data Processing, Inc. | 123,000 | 124,154 | ||||||
Computer Services — 0.3% |
| |||||||
Hewlett Packard Enterprise Co. | 228,000 | 225,024 | ||||||
Hewlett Packard Enterprise Co. | 266,000 | 257,908 | ||||||
Hewlett Packard Enterprise Co. | 242,000 | 232,672 | ||||||
715,604 | ||||||||
Computers — 0.4% | ||||||||
Apple, Inc. | 363,000 | 372,492 | ||||||
Apple, Inc. | 65,000 | 55,836 | ||||||
Hewlett-Packard Co. | 473,000 | 435,301 | ||||||
863,629 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Kimberly-Clark Corp. | 87,000 | 86,413 | ||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Brambles USA, Inc. | 97,000 | 97,968 | ||||||
Data Processing/Management — 0.0% |
| |||||||
Fidelity National Information Services, Inc. | 100,000 | 103,432 | ||||||
Diagnostic Equipment — 0.1% | ||||||||
Danaher Corp. | 176,000 | 179,249 | ||||||
Danaher Corp. | 98,000 | 100,201 | ||||||
279,450 | ||||||||
Diversified Banking Institutions — 3.6% |
| |||||||
Bank of America Corp. | 757,000 | 765,266 | ||||||
Bank of America Corp. | 143,000 | 142,326 | ||||||
Bank of America Corp. | 247,000 | 243,974 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) | ||||||||
Bank of America Corp. | $ | 296,000 | $ | 297,105 | ||||
Bank of America Corp. | 334,000 | 384,737 | ||||||
Bank of America Corp. | 44,000 | 53,433 | ||||||
Citigroup, Inc. | 245,000 | 239,484 | ||||||
Citigroup, Inc. | 989,000 | 1,005,398 | ||||||
Citigroup, Inc. | 211,000 | 210,876 | ||||||
Citigroup, Inc. | 142,000 | 160,586 | ||||||
Goldman Sachs Group, Inc. | 295,000 | 302,912 | ||||||
Goldman Sachs Group, Inc. | 403,000 | 404,281 | ||||||
Goldman Sachs Group, Inc. | 86,000 | 85,990 | ||||||
Goldman Sachs Group, Inc. | 106,000 | 105,368 | ||||||
Goldman Sachs Group, Inc. | 261,000 | 312,879 | ||||||
Goldman Sachs Group, Inc. | 726,000 | 870,221 | ||||||
JPMorgan Chase & Co. | 399,000 | 399,468 | ||||||
JPMorgan Chase & Co. | 175,000 | 176,996 | ||||||
JPMorgan Chase & Co. | 274,000 | 277,144 | ||||||
JPMorgan Chase & Co. | 138,000 | 139,582 | ||||||
Morgan Stanley | 253,000 | 254,020 | ||||||
Morgan Stanley | 152,000 | 153,698 | ||||||
Morgan Stanley | 772,000 | 790,568 | ||||||
Morgan Stanley | 423,000 | 440,578 | ||||||
Morgan Stanley | 248,000 | 267,256 | ||||||
8,484,146 | ||||||||
44 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
General Electric Capital Corp. | $ | 78,000 | $ | 95,658 | ||||
USAA Capital Corp. | 359,000 | 360,914 | ||||||
456,572 | ||||||||
Diversified Manufacturing Operations — 0.4% |
| |||||||
General Electric Co. | 262,000 | 262,794 | ||||||
Ingersoll-Rand Global Holding Co., Ltd. | 330,000 | 362,276 | ||||||
Textron, Inc. | 305,000 | 312,740 | ||||||
937,810 | ||||||||
Diversified Operations — 0.1% |
| |||||||
MUFG Americas Holdings Corp. | 131,000 | 130,199 | ||||||
Electric - Distribution — 0.1% |
| |||||||
Entergy Louisiana LLC Company | 172,000 | 173,740 | ||||||
Electric - Integrated — 1.1% |
| |||||||
Arizona Public Service Co. | 134,000 | 133,344 | ||||||
Dominion Resources, Inc. | 326,000 | 342,084 | ||||||
Entergy Arkansas, Inc. | 192,000 | 186,027 | ||||||
Exelon Corp. | 115,000 | 116,131 | ||||||
Exelon Corp. | 118,000 | 119,432 | ||||||
Exelon Generation Co. LLC | 180,000 | 180,051 | ||||||
FirstEnergy Corp. | 262,000 | 315,857 | ||||||
Georgia Power Co. | 112,000 | 112,921 | ||||||
Louisville Gas & Electric Co. | 30,000 | 31,157 | ||||||
South Carolina Electric & Gas Co. | 146,000 | 154,253 | ||||||
Southern California Edison Co. | 310,000 | 309,458 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
Southern Co. | $ | 259,000 | $ | 256,963 | ||||
Southern Power Co. | 217,000 | 218,157 | ||||||
Trans-Allegheny Interstate Line Co. | 137,000 | 137,138 | ||||||
2,612,973 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Corning, Inc. | 160,000 | 157,530 | ||||||
Corning, Inc. | 160,000 | 153,541 | ||||||
311,071 | ||||||||
Electronic Components - Semiconductors — 0.1% |
| |||||||
Intel Corp. | 249,000 | 249,832 | ||||||
Electronics - Military — 0.0% | ||||||||
L-3 Communications Corp. | 72,000 | 68,417 | ||||||
Enterprise Software/Service — 0.2% |
| |||||||
Oracle Corp. | 406,000 | 412,574 | ||||||
Oracle Corp. | 160,000 | 152,591 | ||||||
565,165 | ||||||||
Finance - Consumer Loans — 0.1% | ||||||||
Synchrony Financial | 253,000 | 252,833 | ||||||
Finance - Credit Card — 0.2% |
| |||||||
American Express Credit Corp. | 266,000 | 265,799 | ||||||
Discover Financial Services | 275,000 | 269,759 | ||||||
535,558 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Lehman Brothers Holdings, Inc. | 89,000 | 6,675 | ||||||
Lehman Brothers Holdings, Inc. | 87,000 | 9 | ||||||
Lehman Brothers Holdings, Inc. | 112,000 | 11 | ||||||
TD Ameritrade Holding Corp. | 176,000 | 175,711 | ||||||
182,406 | ||||||||
45 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Finance - Other Services — 0.5% |
| |||||||
Intercontinental Exchange, Inc. | $ | 115,000 | $ | 115,987 | ||||
National Rural Utilities Cooperative Finance Corp. | 134,000 | 133,692 | ||||||
National Rural Utilities Cooperative Finance Corp. | 478,000 | 477,815 | ||||||
National Rural Utilities Cooperative Finance Corp. | 269,000 | 264,596 | ||||||
National Rural Utilities Cooperative Finance Corp. | 114,000 | 113,259 | ||||||
National Rural Utilities Cooperative Finance Corp. | 120,000 | 119,669 | ||||||
1,225,018 | ||||||||
Food - Retail — 0.0% |
| |||||||
Whole Foods Market, Inc. | 83,000 | 82,885 | ||||||
Gas - Distribution — 0.0% | ||||||||
Dominion Gas Holdings LLC | 109,000 | 105,723 | ||||||
Industrial Gases — 0.0% | ||||||||
Airgas, Inc. | 84,000 | 85,163 | ||||||
Insurance - Life/Health — 0.3% | ||||||||
Pacific LifeCorp | 185,000 | 207,005 | ||||||
Pricoa Global Funding I | 320,000 | 318,973 | ||||||
Principal Financial Group, Inc. | 117,000 | 117,590 | ||||||
643,568 | ||||||||
Insurance - Multi-line — 0.3% |
| |||||||
Assurant, Inc. | 477,000 | 557,633 | ||||||
MetLife, Inc. | 131,000 | 133,596 | ||||||
691,229 | ||||||||
Insurance - Mutual — 0.5% |
| |||||||
Massachusetts Mutual Life Insurance Co. | 169,000 | 153,536 | ||||||
MassMutual Global Funding II | 435,000 | 439,326 | ||||||
MassMutual Global Funding II | 162,000 | 155,796 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Insurance - Mutual (continued) | ||||||||
New York Life Global Funding | $ | 453,000 | $ | 455,764 | ||||
1,204,422 | ||||||||
Machinery - Farming — 0.3% |
| |||||||
John Deere Capital Corp. | 351,000 | 350,507 | ||||||
John Deere Capital Corp. | 429,000 | 430,205 | ||||||
780,712 | ||||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Laboratory Corp. of America Holdings | 71,000 | 70,043 | ||||||
Laboratory Corp. of America Holdings | 229,000 | 222,749 | ||||||
Laboratory Corp. of America Holdings | 117,000 | 106,976 | ||||||
Roche Holdings, Inc. | 441,000 | 442,174 | ||||||
Roche Holdings, Inc. | 548,000 | 553,474 | ||||||
1,395,416 | ||||||||
Medical Products — 0.0% |
| |||||||
Becton Dickinson and Co. | 56,000 | 56,759 | ||||||
Medical - Biomedical/Gene — 0.3% |
| |||||||
Biogen, Inc. | 199,000 | 200,603 | ||||||
Biogen, Inc. | 194,000 | 194,785 | ||||||
Celgene Corp. | 212,000 | 211,983 | ||||||
Gilead Sciences, Inc. | 136,000 | 138,164 | ||||||
745,535 | ||||||||
Medical - Drugs — 0.1% |
| |||||||
Baxalta, Inc. | 216,000 | 214,422 | ||||||
Baxalta, Inc. | 117,000 | 115,940 | ||||||
330,362 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan, Inc. | 127,000 | 120,889 | ||||||
46 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Medical - HMO — 0.2% |
| |||||||
UnitedHealth Group, Inc. | $ | 211,000 | $ | 210,855 | ||||
UnitedHealth Group, Inc. | 152,000 | 156,129 | ||||||
366,984 | ||||||||
Metal - Copper — 0.1% |
| |||||||
Freeport - McMoRan, Inc. | 143,000 | 129,057 | ||||||
Multimedia — 0.3% |
| |||||||
21st Century Fox America, Inc. | 87,000 | 88,071 | ||||||
Viacom, Inc. | 118,000 | 100,561 | ||||||
Viacom, Inc. | 240,000 | 204,654 | ||||||
Walt Disney Co. | 207,000 | 208,220 | ||||||
601,506 | ||||||||
Networking Products — 0.2% |
| |||||||
Cisco Systems, Inc. | 528,000 | 534,821 | ||||||
Oil Companies - Exploration & Production — 0.6% | ||||||||
Anadarko Petroleum Corp. | 600,000 | 658,202 | ||||||
Hess Corp. | 124,000 | 121,253 | ||||||
Hess Corp. | 154,000 | 181,975 | ||||||
Noble Energy, Inc. | 148,000 | 140,220 | ||||||
Noble Energy, Inc. | 130,000 | 117,509 | ||||||
Southwestern Energy Co. | 71,000 | 65,013 | ||||||
Southwestern Energy Co. | 170,000 | 140,021 | ||||||
1,424,193 | ||||||||
Oil Companies - Integrated — 0.5% | ||||||||
Chevron Corp. | 289,000 | 288,470 | ||||||
Chevron Corp. | 159,000 | 158,143 | ||||||
ConocoPhillips Co. | 114,000 | 113,353 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Integrated (continued) | ||||||||
Exxon Mobil Corp. | $ | 290,000 | $ | 290,203 | ||||
Marathon Oil Corp. | 204,000 | 206,604 | ||||||
1,056,773 | ||||||||
Oil - Field Services — 0.1% | ||||||||
Freeport - McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. | 126,000 | 102,060 | ||||||
Freeport - McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. | 210,000 | 170,100 | ||||||
272,160 | ||||||||
Paper & Related Products — 0.6% | ||||||||
Domtar Corp. | 251,000 | 246,218 | ||||||
Georgia - Pacific LLC | 530,000 | 525,210 | ||||||
Georgia - Pacific LLC | 368,000 | 371,848 | ||||||
Georgia - Pacific LLC | 256,000 | 283,461 | ||||||
1,426,737 | ||||||||
Pipelines — 0.6% | ||||||||
Columbia Pipeline Group, Inc. | 59,000 | 58,682 | ||||||
Energy Transfer Partners LP | 270,000 | 209,211 | ||||||
Energy Transfer Partners LP | 103,000 | 77,877 | ||||||
Energy Transfer Partners LP | 371,000 | 343,531 | ||||||
Kinder Morgan Energy Partners LP | 131,000 | 89,754 | ||||||
Kinder Morgan Energy Partners LP | 607,000 | 643,044 | ||||||
Williams Partners LP | 104,000 | 84,938 | ||||||
1,507,037 | ||||||||
Real Estate Investment Trusts — 0.4% | ||||||||
HCP, Inc. | 160,000 | 160,753 | ||||||
National Retail Properties, Inc. | 79,000 | 78,587 | ||||||
Omega Healthcare Investors, Inc. | 311,000 | 296,158 |
47 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Real Estate Investment Trusts (continued) | ||||||||
Omega Healthcare Investors, Inc. | $ | 239,000 | $ | 241,596 | ||||
Omega Healthcare Investors, Inc. | 195,000 | 200,298 | ||||||
977,392 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
American Campus Communities Operating | 168,000 | 167,960 | ||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc. | 139,000 | 142,105 | ||||||
Retail - Discount — 0.2% |
| |||||||
Costco Wholesale Corp. | 306,000 | 302,504 | ||||||
Dollar General Corp. | 215,000 | 221,901 | ||||||
524,405 | ||||||||
Retail - Drug Store — 0.2% |
| |||||||
CVS Pass-Through Trust | 130,193 | 131,895 | ||||||
CVS Pass-Through Trust | 148,374 | 159,701 | ||||||
CVS Pass-Through Trust | 145,657 | 160,732 | ||||||
452,328 | ||||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Kohl’s Corp. | 89,000 | 84,655 | ||||||
Savings & Loans/Thrifts — 0.8% |
| |||||||
Astoria Financial Corp. | 363,000 | 377,089 | ||||||
First Niagara Financial Group, Inc. | 991,000 | 1,132,975 | ||||||
First Niagara Financial Group, Inc. | 400,000 | 471,957 | ||||||
1,982,021 | ||||||||
Schools — 0.1% |
| |||||||
President and Fellows of Harvard College | 113,000 | 110,515 | ||||||
University of Pennsylvania | 180,000 | 169,427 | ||||||
279,942 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Valmont Industries, Inc. | $ | 303,000 | $ | 259,443 | ||||
Steel - Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc. | 175,000 | 134,750 | ||||||
Telephone - Integrated — 1.2% |
| |||||||
AT&T, Inc. | 523,000 | 517,213 | ||||||
AT&T, Inc. | 277,000 | 241,770 | ||||||
AT&T, Inc. | 362,000 | 339,730 | ||||||
AT&T, Inc. | 130,000 | 121,777 | ||||||
AT&T, Inc. | 130,000 | 144,538 | ||||||
Verizon Communications, Inc. | 313,000 | 313,516 | ||||||
Verizon Communications, Inc. | 104,000 | 98,500 | ||||||
Verizon Communications, Inc. | 30,000 | 32,571 | ||||||
Verizon Communications, Inc. | 674,000 | 599,074 | ||||||
Verizon Communications, Inc. | 504,000 | 489,943 | ||||||
Verizon Communications, Inc. | 15,000 | 17,493 | ||||||
2,916,125 | ||||||||
Transport - Rail — 0.0% |
| |||||||
Union Pacific Corp. | 84,000 | 74,873 | ||||||
Trucking/Leasing — 0.0% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 95,000 | 92,830 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $52,621,841) | 51,873,133 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 7.8% | ||||||||
Aerospace/Defense — 0.2% | ||||||||
Rolls-Royce PLC | 416,000 | 409,347 | ||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Volkswagen International Finance NV | 163,000 | 161,632 | ||||||
48 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Banks - Commercial — 2.4% |
| |||||||
Abbey National Treasury Services PLC | $ | 24,000 | $ | 23,968 | ||||
ANZ New Zealand Int’l, Ltd. | 760,000 | 761,333 | ||||||
Bank of Tokyo-Mitsubishi UFJ, Ltd. | 324,000 | 321,408 | ||||||
BPCE SA | 314,000 | 309,282 | ||||||
Credit Suisse AG | 414,000 | 413,409 | ||||||
Credit Suisse AG | 254,000 | 255,132 | ||||||
DBS Group Holdings, Ltd. | 336,000 | 335,748 | ||||||
ING Bank NV | 278,000 | 280,584 | ||||||
Intesa Sanpaolo SpA | 280,000 | 280,292 | ||||||
Kookmin Bank | 783,000 | 780,610 | ||||||
National Australia Bank, Ltd. | 506,000 | 515,772 | ||||||
National Bank of Canada | 650,000 | 647,882 | ||||||
Santander Issuances SAU | 400,000 | 401,640 | ||||||
Sumitomo Mitsui Banking Corp. | 458,000 | 454,375 | ||||||
5,781,435 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Mitsubishi UFJ Trust & Banking Corp. | 249,000 | 248,291 | ||||||
Banks - Money Center — 0.5% | ||||||||
Lloyds TSB Bank PLC | 570,000 | 667,795 | ||||||
Mizuho Bank, Ltd. | 215,000 | 214,910 | ||||||
Mizuho Bank, Ltd. | 239,000 | 239,522 | ||||||
1,122,227 | ||||||||
Beverages - Non-alcoholic — 0.2% |
| |||||||
Coca-Cola Femsa SAB de CV | 410,000 | 408,975 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Diageo Capital PLC | $ | 353,000 | $ | 381,313 | ||||
Chemicals - Plastics — 0.1% |
| |||||||
Mexichem SAB de CV | 219,000 | 188,614 | ||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Kimberly-Clark de Mexico SAB de CV | 259,000 | 247,063 | ||||||
Diversified Banking Institutions — 1.1% |
| |||||||
Credit Agricole SA | 222,000 | 218,130 | ||||||
Deutsche Bank AG | 916,000 | 912,810 | ||||||
Deutsche Bank AG | 381,000 | 359,840 | ||||||
HSBC Holdings PLC | 280,000 | 281,885 | ||||||
Societe Generale SA | 200,000 | 197,938 | ||||||
UBS AG | 495,000 | 494,894 | ||||||
UBS Group Funding Jersey, Ltd. | 202,000 | 202,886 | ||||||
2,668,383 | ||||||||
Diversified Financial Services — 0.3% |
| |||||||
GE Capital International Funding Co. | 406,000 | 406,492 | ||||||
GE Capital International Funding Co. | 249,000 | 255,422 | ||||||
661,914 | ||||||||
Diversified Manufacturing Operations — 0.0% |
| |||||||
Ingersoll-Rand Luxembourg Finance SA | 98,000 | 94,297 | ||||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | 218,000 | 179,870 | ||||||
Anglo American Capital PLC | 118,000 | 87,910 | ||||||
Teck Resources, Ltd. | 122,000 | 95,160 | ||||||
362,940 | ||||||||
Electric - Generation — 0.5% |
| |||||||
Electricite de France SA | 677,000 | 668,908 |
49 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Electric - Generation (continued) | ||||||||
Electricite de France SA | $ | 124,000 | $ | 122,721 | ||||
Electricite de France SA | 266,000 | 260,977 | ||||||
Electricite de France SA | 122,000 | 120,536 | ||||||
1,173,142 | ||||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Flextronics International, Ltd. | 79,000 | 76,082 | ||||||
Gold Mining — 0.1% |
| |||||||
Goldcorp, Inc. | 165,000 | 145,415 | ||||||
Kinross Gold Corp. | 88,000 | 69,349 | ||||||
214,764 | ||||||||
Insurance - Multi-line — 0.2% |
| |||||||
XLIT, Ltd. | 135,000 | 133,105 | ||||||
XLIT, Ltd. | 304,000 | 286,939 | ||||||
420,044 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Allied World Assurance Co. Holdings, Ltd. | 188,000 | 185,523 | ||||||
Medical - Drugs — 0.2% |
| |||||||
Takeda Pharmaceutical Co., Ltd. | 404,000 | 404,771 | ||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Actavis Funding SCS | 269,000 | 272,647 | ||||||
Perrigo Finance PLC | 237,000 | 232,771 | ||||||
505,418 | ||||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Talisman Energy, Inc. | 343,000 | 273,735 | ||||||
Oil Companies - Integrated — 0.6% |
| |||||||
BP Capital Markets PLC | 475,000 | 474,121 | ||||||
BP Capital Markets PLC | 201,000 | 203,250 | ||||||
BP Capital Markets PLC | 167,000 | 168,704 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Integrated (continued) | ||||||||
Petroleos Mexicanos | $ | 22,000 | $ | 18,150 | ||||
Shell International Finance BV | 196,000 | 195,670 | ||||||
Shell International Finance BV | 216,000 | 215,248 | ||||||
Shell International Finance BV | 227,000 | 226,515 | ||||||
1,501,658 | ||||||||
SupraNational Banks — 0.1% |
| |||||||
North American Development Bank | 257,000 | 259,886 | ||||||
Telephone - Integrated — 0.2% |
| |||||||
Telecom Italia Capital SA | 423,000 | 451,129 | ||||||
Transport - Rail — 0.1% |
| |||||||
Canadian Pacific Railway Co. | 219,000 | 223,491 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $18,720,090) | 18,426,074 | |||||||
MUNICIPAL BONDS & NOTES — 0.3% | ||||||||
Ohio State University | 241,000 | 231,586 | ||||||
Port Authority of New York & New Jersey | 335,000 | 324,900 | ||||||
Port Authority of New York & New Jersey | 216,000 | 229,211 | ||||||
Total Municipal Bonds & Notes | ||||||||
(cost $789,578) | 785,697 | |||||||
U.S. GOVERNMENT AGENCIES — 35.4% | ||||||||
Federal Home Loan Bank — 0.1% | ||||||||
5.50% due 07/15/2036 | 250,000 | 328,249 | ||||||
Federal Home Loan Mtg. Corp. — 10.6% |
| |||||||
1.89% due 02/01/2037 FRS | 108,664 | 113,346 | ||||||
2.50% due 01/01/2028 | 339,859 | 347,188 | ||||||
2.50% due 04/01/2028 | 849,495 | 867,837 | ||||||
2.56% due 11/01/2037 FRS | 817,372 | 871,771 | ||||||
3.00% due 08/01/2027 | 661,965 | 685,867 | ||||||
3.00% due 10/01/2042 | 701,492 | 705,279 | ||||||
3.00% due 11/01/2042 | 810,117 | 814,507 | ||||||
3.00% due 02/01/2043 | 411,397 | 413,571 | ||||||
3.00% due 04/01/2043 | 857,625 | 862,101 | ||||||
3.00% due 05/01/2043 | 1,176,194 | 1,182,571 | ||||||
3.00% due 08/01/2043 | 867,292 | 871,602 | ||||||
3.00% due 07/01/2045 | 592,261 | 594,591 | ||||||
3.00% due 10/01/2045 | 580,882 | 583,176 | ||||||
3.50% due 11/01/2041 | 896,567 | 930,467 | ||||||
3.50% due 03/01/2042 | 272,706 | 283,069 |
50 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (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 | $ | 1,552,829 | $ | 1,611,833 | ||||
3.50% due 06/01/2042 | 2,007,702 | 2,084,004 | ||||||
3.50% due 08/01/2042 | 374,408 | 388,634 | ||||||
3.50% due 03/01/2045 | 2,432,383 | 2,516,575 | ||||||
3.50% due 08/01/2045 | 966,981 | 1,001,691 | ||||||
3.50% due 10/01/2045 | 997,199 | 1,031,720 | ||||||
3.50% due 11/01/2045 | 669,000 | 692,160 | ||||||
4.00% due 09/01/2040 | 163,107 | 173,224 | ||||||
4.50% due 01/01/2039 | 23,077 | 24,899 | ||||||
5.00% due 10/01/2033 | 1,758 | 1,946 | ||||||
5.00% due 06/01/2039 | 611,022 | 679,631 | ||||||
5.00% due 07/01/2040 | 1,073,394 | 1,181,171 | ||||||
5.00% due 11/01/2043 | 847,538 | 936,912 | ||||||
5.50% due 11/01/2018 | 35,255 | 36,543 | ||||||
5.50% due 02/01/2035 | 151,656 | 168,890 | ||||||
6.00% due 10/01/2033 | 162,338 | 184,575 | ||||||
6.00% due 03/01/2040 | 1,219 | 1,383 | ||||||
6.50% due 02/01/2035 | 7,319 | 8,440 | ||||||
6.50% due 01/01/2036 | 21,164 | 24,129 | ||||||
6.75% due 09/15/2029 | 500,000 | 720,552 | ||||||
6.75% due 03/15/2031 | 250,000 | 360,691 | ||||||
7.00% due 11/01/2016 | 696 | 705 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 51,210 | 51,179 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 479,721 | 70,444 | ||||||
Federal Home Loan Mtg. Corp. | 431,000 | 431,742 | ||||||
Series 2014-HQ2, Class M2 2.42% due 09/25/2024(2) | 600,000 | 596,328 | ||||||
25,106,944 | ||||||||
Federal National Mtg. Assoc. — 22.6% | ||||||||
2.01% due 09/01/2035 FRS | 721,183 | 753,108 | ||||||
2.25% due 05/01/2037 FRS | 177,579 | 186,806 | ||||||
2.35% due 07/01/2039 FRS | 542,314 | 571,269 | ||||||
2.42% due 10/01/2035 FRS | 685,360 | 727,596 | ||||||
2.47% due 05/01/2040 FRS | 779,932 | 829,391 | ||||||
2.50% due 11/01/2036 FRS | 342,208 | 364,818 | ||||||
2.50% due 04/01/2028 | 479,136 | 488,014 | ||||||
2.50% due December 15 TBA | 1,700,000 | 1,722,047 | ||||||
2.58% due 10/01/2040 FRS | 178,154 | 189,315 | ||||||
2.62% due 08/01/2035 FRS | 391,846 | 418,275 | ||||||
2.67% due 10/01/2040 FRS | 448,806 | 476,888 | ||||||
3.00% due 10/01/2027 | 163,730 | 170,162 | ||||||
3.00% due 12/01/2027 | 1,101,680 | 1,143,228 | ||||||
3.00% due 01/01/2028 | 1,326,951 | 1,378,618 | ||||||
3.00% due 03/01/2042 | 923,057 | 930,614 | ||||||
3.00% due 12/01/2042 | 984,980 | 992,252 | ||||||
3.00% due 02/01/2045 | 910,925 | 915,537 | ||||||
3.00% due 06/01/2045 | 929,232 | 934,827 | ||||||
3.00% due December 15 TBA | 315,000 | 326,094 | ||||||
3.00% due December 30 TBA | 2,659,000 | 2,670,737 | ||||||
3.50% due 08/01/2026 | 268,471 | 282,652 | ||||||
3.50% due 09/01/2026 | 79,020 | 83,327 | ||||||
3.50% due 08/01/2027 | 135,389 | 142,489 | ||||||
3.50% due 10/01/2028 | 761,296 | 804,191 | ||||||
3.50% due 12/01/2041 | | 627,372 | | 651,824 | ||||
3.50% due 06/01/2042 | 415,216 | 430,995 | ||||||
3.50% due 07/01/2042 | 123,764 | 126,474 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) | ||||||||
3.50% due 08/01/2042 | $ | 1,882,587 | $ | 1,946,988 | ||||
3.50% due 08/01/2043 | 790,151 | 819,520 | ||||||
3.50% due 07/01/2045 | 701,730 | 727,409 | ||||||
3.50% due 09/01/2045 | 669,699 | 694,151 | ||||||
3.50% due December 15 TBA | 400,000 | 420,383 | ||||||
3.50% due December 30 TBA | 2,164,000 | 2,241,261 | ||||||
4.00% due 04/01/2039 | 267,855 | 284,272 | ||||||
4.00% due 07/01/2040 | 239,614 | 257,048 | ||||||
4.00% due 09/01/2040 | 145,497 | 154,737 | ||||||
4.00% due 10/01/2040 | 147,800 | 157,155 | ||||||
4.00% due 12/01/2040 | 1,727,337 | 1,836,668 | ||||||
4.00% due 10/01/2041 | 743,055 | 790,120 | ||||||
4.00% due 11/01/2041 | 841,714 | 894,457 | ||||||
4.00% due 01/01/2042 | 125,151 | 132,942 | ||||||
4.00% due 12/01/2043 | 857,633 | 919,096 | ||||||
4.00% due 10/01/2044 | 2,523,437 | 2,680,689 | ||||||
4.00% due 11/01/2044 | 613,095 | 651,050 | ||||||
4.00% due December 30 TBA | 3,843,000 | 4,077,033 | ||||||
4.50% due 11/01/2022 | 188,615 | 198,332 | ||||||
4.50% due 10/01/2024 | 395,598 | 426,742 | ||||||
4.50% due 01/01/2039 | 63,778 | 69,008 | ||||||
4.50% due 09/01/2039 | 354,044 | 383,155 | ||||||
4.50% due 11/01/2040 | 303,539 | 328,716 | ||||||
4.50% due 12/01/2040 | 583,274 | 631,529 | ||||||
4.50% due 05/01/2041 | 495,593 | 536,690 | ||||||
4.50% due 07/01/2041 | 204,539 | 221,556 | ||||||
4.50% due December 30 TBA | 3,615,000 | 3,907,589 | ||||||
5.00% due 03/15/2016 | 1,140,000 | 1,155,520 | ||||||
5.00% due 05/11/2017 | 500,000 | 529,683 | ||||||
5.00% due 10/01/2033 | 5,266 | 5,828 | ||||||
5.00% due 03/01/2034 | 70,746 | 78,390 | ||||||
5.00% due 05/01/2039 | 429,634 | 476,777 | ||||||
5.00% due 05/01/2040 | 182,404 | 201,760 | ||||||
5.00% due 06/01/2040 | 112,005 | 123,792 | ||||||
5.00% due 07/01/2040 | 430,049 | 475,606 | ||||||
5.00% due December 30 TBA | 511,000 | 563,585 | ||||||
5.50% due 12/01/2029 | 122,464 | 136,707 | ||||||
5.50% due 04/01/2033 | 98,801 | 111,345 | ||||||
5.50% due 12/01/2033 | 86,257 | 96,289 | ||||||
5.50% due 07/01/2037 | 516,662 | 576,754 | ||||||
5.50% due 08/01/2037 | 345,312 | 386,641 | ||||||
5.50% due 06/01/2038 | 51,948 | 58,151 | ||||||
6.00% due 12/01/2016 | 1,971 | 2,004 | ||||||
6.00% due 11/01/2017 | 6,961 | 7,126 | ||||||
6.00% due 12/01/2020 | 23,955 | 25,064 | ||||||
6.00% due 12/01/2036 | 696,452 | 790,145 | ||||||
6.00% due 11/01/2038 | 197,785 | 224,311 | ||||||
6.00% due 06/01/2040 | 146,967 | 166,615 | ||||||
6.50% due 10/01/2037 | 50,792 | 58,213 | ||||||
Fannie Mae Connecticut Avenue Securities FRS | 1,721,272 | 1,723,161 | ||||||
Federal National Mtg. Assoc. REMIC | 660,308 | 655,204 | ||||||
53,728,515 | ||||||||
Government National Mtg. Assoc. — 2.0% | ||||||||
3.00% due 02/20/2045 | 953,671 | 970,877 | ||||||
3.00% due 05/20/2045 | 691,059 | 703,527 | ||||||
3.00% due December 30 TBA | 727,000 | 738,999 | ||||||
3.50% due 03/20/2045 | 754,992 | 789,622 | ||||||
3.50% due 04/20/2045 | 1,430,154 | 1,495,753 | ||||||
4,698,778 | ||||||||
51 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) | ||||||||
Tennessee Valley Authority — 0.1% | ||||||||
1.75% due 10/15/2018 | $ | 155,000 | $ | 156,968 | ||||
Total U.S. Government Agencies | ||||||||
(cost $83,723,818) | 84,019,454 | |||||||
U.S. GOVERNMENT TREASURIES — 25.6% | ||||||||
United States Treasury Bonds — 4.4% | ||||||||
2.75% due 11/15/2042 | 423,000 | 404,031 | ||||||
3.00% due 11/15/2044 | 397,000 | 396,798 | ||||||
3.00% due 05/15/2045 | 2,109,000 | 2,107,022 | ||||||
3.13% due 11/15/2041 | 1,278,000 | 1,323,379 | ||||||
3.13% due 02/15/2042 | 408,000 | 422,073 | ||||||
3.38% due 05/15/2044 | 259,000 | 278,688 | ||||||
3.63% due 02/15/2044 | 940,000 | 1,060,658 | ||||||
3.88% due 08/15/2040 | 174,000 | 203,872 | ||||||
4.25% due 05/15/2039 | 267,000 | 330,882 | ||||||
4.38% due 11/15/2039 | 934,000 | 1,178,044 | ||||||
4.50% due 02/15/2036 | 875,000 | 1,126,733 | ||||||
4.75% due 02/15/2037 | 587,000 | 781,604 | ||||||
5.00% due 05/15/2037 | 159,000 | 218,898 | ||||||
5.25% due 11/15/2028 | 404,000 | 530,376 | ||||||
8.13% due 08/15/2019 | 92,000 | 114,267 | ||||||
10,477,325 | ||||||||
United States Treasury Notes — 21.2% | ||||||||
0.50% due 03/31/2017 | 1,500,000 | 1,494,199 | ||||||
0.50% due 04/30/2017 | 500,000 | 497,774 | ||||||
0.50% due 07/31/2017 | 3,351,000 | 3,331,102 | ||||||
0.75% due 12/31/2017 | 234,000 | 232,867 | ||||||
0.75% due 02/28/2018 | 1,511,000 | 1,501,203 | ||||||
0.88% due 02/28/2017 | 600,000 | 600,656 | ||||||
0.88% due 01/15/2018 | 600,000 | 598,219 | ||||||
1.00% due 08/31/2016 | 103,000 | 103,286 | ||||||
1.25% due 11/30/2018 | 7,911,000 | 7,914,710 | ||||||
1.38% due 07/31/2018 | 4,109,000 | 4,133,559 | ||||||
1.38% due 02/28/2019 | 510,000 | 510,797 | ||||||
1.38% due 09/30/2020 | 275,000 | 271,369 | ||||||
1.50% due 01/31/2019 | 4,400,000 | 4,428,015 | ||||||
1.50% due 01/31/2022 | 3,444,000 | 3,361,936 | ||||||
1.63% due 08/15/2022 | 2,390,000 | 2,335,197 | ||||||
1.75% due 05/15/2023 | 3,000,000 | 2,937,423 | ||||||
2.00% due 07/31/2022 | 118,000 | 118,230 | ||||||
2.00% due 02/15/2025 | 3,500,000 | 3,436,972 | ||||||
2.00% due 08/15/2025 | 580,000 | 568,423 | ||||||
2.13% due 12/31/2015 | 150,000 | 150,223 | ||||||
2.13% due 12/31/2021 | 1,700,000 | 1,722,845 | ||||||
2.25% due 11/15/2024 | 3,027,000 | 3,040,951 | ||||||
2.25% due 11/15/2025 | 450,000 | 451,283 | ||||||
2.38% due 08/15/2024 | 383,000 | 388,984 | ||||||
2.50% due 05/15/2024 | 4,538,000 | 4,660,844 | ||||||
3.13% due 05/15/2019 | 11,000 | 11,650 | ||||||
3.63% due 08/15/2019 | 27,000 | 29,138 | ||||||
4.00% due 08/15/2018 | 1,403,000 | 1,511,568 | ||||||
50,343,423 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $60,363,833) | 60,820,748 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.7% | ||||||||
Electric - Distribution — 0.2% |
| |||||||
Hydro-Quebec | 298,000 | 299,073 | ||||||
Sovereign — 0.4% |
| |||||||
United Mexican States | 423,000 | 430,825 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Sovereign (continued) |
| |||||||
United Mexican States | $ | 240,000 | $ | 237,120 | ||||
United Mexican States | 319,000 | 299,860 | ||||||
967,805 | ||||||||
Sovereign Agency — 0.1% |
| |||||||
Nacional Financiera SNC | 297,000 | 296,629 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $1,543,589) | 1,563,507 | |||||||
PREFERRED SECURITIES — 0.2% |
| |||||||
Electric - Distribution — 0.1% |
| |||||||
Entergy Louisiana LLC | 7,100 | 170,329 | ||||||
Telecom Services — 0.1% |
| |||||||
Qwest Corp. | 13,750 | 338,250 | ||||||
Total Preferred Securities | ||||||||
(cost $521,212) | 508,579 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.4% | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Bank of New York Mellon Corp. FRS | 259,000 | 256,734 | ||||||
Banks - Super Regional — 0.2% |
| |||||||
PNC Preferred Funding Trust I VRS | 198,000 | 178,200 | ||||||
Wells Fargo & Co. FRS | 228,000 | 240,255 | ||||||
Wells Fargo Capital X | 97,000 | 98,212 | ||||||
516,667 | ||||||||
Diversified Banking Institutions — 0.2% |
| |||||||
HSBC Holdings PLC FRS | 206,000 | 206,105 | ||||||
JPMorgan Chase & Co. FRS | 295,000 | 298,298 | ||||||
504,403 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
Dominion Resources, Inc. FRS | 154,000 | 157,370 | ||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | 78,000 | 8 | ||||||
Finance - Other Services — 0.1% |
| |||||||
National Rural Utilities Cooperative | 216,000 | 213,840 | ||||||
Insurance - Life/Health — 0.3% | ||||||||
Meiji Yasuda Life Insurance Co. FRS | 230,000 | 233,450 |
52 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | | Shares/ Principal Amount | | | Value (Note 2) | | ||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) |
| |||||||
Insurance - Life/Health (continued) | ||||||||
Prudential Financial, Inc. FRS | $ | 94,000 | $ | 95,410 | ||||
Prudential Financial, Inc. FRS | 283,000 | 294,320 | ||||||
623,180 | ||||||||
Insurance - Multi-line — 0.2% | ||||||||
MetLife Capital Trust IV | 150,000 | 186,750 | ||||||
MetLife, Inc. | 284,000 | 312,755 | ||||||
499,505 | ||||||||
Pipelines — 0.0% | ||||||||
TransCanada Trust FRS | 118,000 | 112,100 | ||||||
Tools - Hand Held — 0.2% | ||||||||
Stanley Black & Decker, Inc. FRS | 396,000 | 422,136 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $3,240,483) | 3,305,943 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $235,762,516) | 235,308,089 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.0% |
| |||||||
Registered Investment Companies — 0.4% | ||||||||
State Street Navigator Securities Lending | 900,968 | 900,968 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Time Deposits — 7.6% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 17,975,000 | $ | 17,975,000 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $18,875,968) | 18,875,968 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $254,638,484)(6) | 107.1 | % | 254,184,057 | |||||
Liabilities in excess of other assets | (7.1 | ) | (16,849,072 | ) | ||||
NET ASSETS | 100.0 | % | $ | 237,334,985 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $22,823,319 representing 9.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Commercial Mortgage Backed Security |
(2) | Collateralized Mortgage Obligation |
(3) | Illiquid security. At November 30, 2015, the aggregate value of these securities was $28 representing 0% of net assets. |
(4) | Interest Only |
(5) | Perpetual maturity — maturity date reflects the next call date. |
(6) | See Note 5 for cost of investments on a tax basis. |
(7) | At November 30, 2015, the Fund had loaned securities with a total value of $879,654. This was secured by collateral of $900,968, which was received in cash and subsequently invested in short-term investments currently valued at $900,968 as reported in the Portfolio of Investments. |
(8) | The rate shown is the 7-day yield as of November 30, 2015. |
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 November 30, 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 November 30, 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 | $ | — | $ | 14,004,954 | $ | — | $ | 14,004,954 | ||||||||
U.S. Corporate Bonds & Notes | — | 51,873,133 | — | 51,873,133 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 18,426,074 | — | 18,426,074 | ||||||||||||
Municipal Bonds & Notes | — | 785,697 | — | 785,697 | ||||||||||||
U.S. Government Agencies | — | 84,019,454 | — | 84,019,454 | ||||||||||||
U.S. Government Treasuries | — | 60,820,748 | — | 60,820,748 | ||||||||||||
Foreign Government Obligations | — | 1,563,507 | — | 1,563,507 | ||||||||||||
Preferred Securities | 508,579 | — | — | 508,579 | ||||||||||||
Preferred Securities/Capital Securities | — | 3,305,943 | — | 3,305,943 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 900,968 | — | — | 900,968 | ||||||||||||
Time Deposits | — | 17,975,000 | — | 17,975,000 | ||||||||||||
Total Investments at Value | $ | 1,409,547 | $ | 252,774,510 | $ | — | $ | 254,184,057 | ||||||||
* | 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
53 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 10.5 | % | ||
Medical — HMO | 5.5 | |||
Banks — Super Regional | 4.5 | |||
Medical — Drugs | 3.6 | |||
Retail — Building Products | 3.5 | |||
Networking Products | 3.5 | |||
Oil Companies — Integrated | 2.8 | |||
Web Portals/ISP | 2.7 | |||
Finance — Credit Card | 2.5 | |||
Computer Services | 2.1 | |||
Computers | 2.1 | |||
Oil Refining & Marketing | 2.1 | |||
Retail — Drug Store | 2.1 | |||
Oil — Field Services | 2.1 | |||
Cable/Satellite TV | 2.0 | |||
Medical — Biomedical/Gene | 1.9 | |||
Auto/Truck Parts & Equipment — Original | 1.9 | |||
Registered Investment Companies | 1.8 | |||
Telephone — Integrated | 1.7 | |||
Chemicals — Diversified | 1.7 | |||
Electric — Integrated | 1.6 | |||
Airlines | 1.6 | |||
Medical — Generic Drugs | 1.6 | |||
Computers — Memory Devices | 1.5 | |||
Cruise Lines | 1.4 | |||
Tobacco | 1.4 | |||
Electronic Components — Semiconductors | 1.3 | |||
Aerospace/Defense | 1.2 | |||
Medical Labs & Testing Services | 1.2 | |||
Medical — Hospitals | 1.2 | |||
Oil Companies — Exploration & Production | 1.2 | |||
Applications Software | 1.1 | |||
Insurance — Multi-line | 1.1 | |||
Internet Content — Entertainment | 1.0 | |||
Repurchase Agreements | 1.0 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Beverages — Non-alcoholic | 1.0 | |||
Transport — Services | 0.9 | |||
Building — Residential/Commercial | 0.9 | |||
Insurance — Property/Casualty | 0.8 | |||
Entertainment Software | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Medical Products | 0.7 | |||
Finance — Other Services | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Commercial Services — Finance | 0.6 | |||
Food — Meat Products | 0.6 | |||
Finance — Consumer Loans | 0.6 | |||
Advertising Services | 0.6 | |||
Brewery | 0.6 | |||
Medical — Wholesale Drug Distribution | 0.6 | |||
Real Estate Investment Trusts | 0.5 | |||
Advertising Agencies | 0.5 | |||
Home Decoration Products | 0.5 | |||
Enterprise Software/Service | 0.5 | |||
Containers — Paper/Plastic | 0.5 | |||
Medical Instruments | 0.5 | |||
Rubber — Tires | 0.4 | |||
Multimedia | 0.4 | |||
Paper & Related Products | 0.4 | |||
Diversified Manufacturing Operations | 0.4 | |||
Food — Retail | 0.4 | |||
Building & Construction Products — Misc. | 0.4 | |||
Semiconductor Equipment | 0.3 | |||
Oil & Gas Drilling | 0.3 | |||
Retail — Regional Department Stores | 0.3 | |||
Banks — Commercial | 0.3 | |||
Retail — Vitamins & Nutrition Supplements | 0.3 |
E-Services/Consulting | 0.3 | |||
Exchange-Traded Fund | 0.3 | |||
Broadcast Services/Program | 0.2 | |||
Independent Power Producers | 0.2 | |||
Pharmacy Services | 0.2 | |||
Casino Hotels | 0.2 | |||
Wireless Equipment | 0.2 | |||
Engineering/R&D Services | 0.1 | |||
Cellular Telecom | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Poultry | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Instruments — Controls | 0.1 | |||
Steel — Producers | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
102.0 | % | |||
* | Calculated as a percentage of net assets |
54 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.8% |
| |||||||
Advertising Agencies — 0.5% |
| |||||||
Interpublic Group of Cos., Inc. | 9,310 | $ | 214,130 | |||||
Omnicom Group, Inc. | 13,600 | 1,005,312 | ||||||
1,219,442 | ||||||||
Advertising Services — 0.6% |
| |||||||
Nielsen Holdings PLC | 31,700 | 1,479,756 | ||||||
Aerospace/Defense — 1.2% | ||||||||
Raytheon Co. | 23,580 | 2,924,627 | ||||||
Airlines — 1.6% | ||||||||
American Airlines Group, Inc. | 5,290 | 218,265 | ||||||
Southwest Airlines Co. | 57,800 | 2,651,864 | ||||||
United Continental Holdings, Inc.† | 18,700 | 1,042,151 | ||||||
3,912,280 | ||||||||
Applications Software — 1.1% |
| |||||||
Microsoft Corp. | 49,420 | 2,685,977 | ||||||
Auto/Truck Parts & Equipment - Original — 1.9% |
| |||||||
Lear Corp. | 31,720 | 3,993,548 | ||||||
WABCO Holdings, Inc.† | 5,400 | 580,392 | ||||||
4,573,940 | ||||||||
Banks - Commercial — 0.3% |
| |||||||
Regions Financial Corp. | 65,080 | 659,911 | ||||||
Banks - Super Regional — 4.5% |
| |||||||
Capital One Financial Corp. | 24,730 | 1,941,552 | ||||||
KeyCorp | 33,720 | 442,069 | ||||||
SunTrust Banks, Inc. | 59,700 | 2,592,174 | ||||||
US Bancorp | 92,985 | 4,081,112 | ||||||
Wells Fargo & Co. | 35,055 | 1,931,531 | ||||||
10,988,438 | ||||||||
Beverages - Non-alcoholic — 1.0% |
| |||||||
Dr Pepper Snapple Group, Inc. | 26,000 | 2,333,500 | ||||||
Brewery — 0.6% |
| |||||||
Molson Coors Brewing Co., Class B | 15,700 | 1,444,871 | ||||||
Broadcast Services/Program — 0.2% |
| |||||||
Scripps Networks Interactive, Inc., Class A | 9,970 | 566,296 | ||||||
Building & Construction Products - Misc. — 0.4% |
| |||||||
Owens Corning | 19,200 | 899,328 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Thor Industries, Inc. | 2,200 | 127,424 | ||||||
Building - Residential/Commercial — 0.9% |
| |||||||
D.R. Horton, Inc. | 21,040 | 679,802 | ||||||
Lennar Corp., Class A# | 13,480 | 690,311 | ||||||
NVR, Inc.† | 240 | 403,795 | ||||||
Toll Brothers, Inc.† | 11,104 | 412,847 | ||||||
2,186,755 | ||||||||
Cable/Satellite TV — 2.0% |
| |||||||
Comcast Corp., Class A | 80,900 | 4,923,574 | ||||||
Casino Hotels — 0.2% |
| |||||||
Las Vegas Sands Corp. | 8,500 | 374,510 | ||||||
Cellular Telecom — 0.1% |
| |||||||
United States Cellular Corp.† | 7,895 | 329,143 | ||||||
Chemicals - Diversified — 1.7% |
| |||||||
Akzo Nobel NV ADR | 5,783 | 136,710 | ||||||
Dow Chemical Co. | 27,800 | 1,449,214 | ||||||
Eastman Chemical Co. | 8,400 | 610,260 | ||||||
LyondellBasell Industries NV, Class A | 5,600 | 536,592 |
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Diversified (continued) |
| |||||||
PPG Industries, Inc. | 11,960 | $ | 1,264,651 | |||||
3,997,427 | ||||||||
Chemicals - Specialty — 0.0% |
| |||||||
Ashland, Inc.# | 130 | 14,645 | ||||||
Commercial Services - Finance — 0.6% |
| |||||||
Total System Services, Inc. | 27,233 | 1,523,959 | ||||||
Computer Services — 2.1% |
| |||||||
Amdocs, Ltd. | 25,988 | 1,470,141 | ||||||
Cognizant Technology Solutions Corp., Class A† | 44,500 | 2,873,810 | ||||||
DST Systems, Inc. | 6,724 | 822,211 | ||||||
5,166,162 | ||||||||
Computers — 2.1% |
| |||||||
Apple, Inc. | 43,660 | 5,164,978 | ||||||
Computers - Memory Devices — 1.5% |
| |||||||
Brocade Communications Systems, Inc. | 115,989 | 1,088,557 | ||||||
EMC Corp. | 23,720 | 601,065 | ||||||
Western Digital Corp. | 29,550 | 1,844,215 | ||||||
3,533,837 | ||||||||
Containers - Metal/Glass — 0.0% |
| |||||||
Crown Holdings, Inc.† | 1,780 | 92,400 | ||||||
Containers - Paper/Plastic — 0.5% |
| |||||||
Bemis Co., Inc. | 3,370 | 158,794 | ||||||
Packaging Corp. of America | 13,505 | 918,205 | ||||||
Sonoco Products Co. | 1,080 | 47,326 | ||||||
1,124,325 | ||||||||
Cruise Lines — 1.4% |
| |||||||
Carnival Corp. | 69,073 | 3,490,259 | ||||||
Data Processing/Management — 0.0% |
| |||||||
First Data Corp., Class A† | 2,810 | 47,208 | ||||||
Distribution/Wholesale — 0.1% |
| |||||||
Fossil Group, Inc.†# | 8,000 | 307,760 | ||||||
Diversified Banking Institutions — 10.5% |
| |||||||
Bank of America Corp. | 236,174 | 4,116,513 | ||||||
Citigroup, Inc. | 149,163 | 8,068,226 | ||||||
Goldman Sachs Group, Inc. | 16,440 | 3,123,929 | ||||||
JPMorgan Chase & Co. | 143,604 | 9,575,515 | ||||||
Morgan Stanley | 18,590 | 637,637 | ||||||
25,521,820 | ||||||||
Diversified Manufacturing Operations — 0.4% |
| |||||||
3M Co. | 6,350 | 994,283 | ||||||
E-Commerce/Services — 0.7% |
| |||||||
Priceline Group, Inc.† | 1,340 | 1,673,459 | ||||||
E-Services/Consulting — 0.3% |
| |||||||
CDW Corp. | 13,900 | 600,063 | ||||||
Electric - Integrated — 1.6% |
| |||||||
AES Corp. | 116,650 | 1,165,334 | ||||||
Ameren Corp. | 1,140 | 49,886 | ||||||
American Electric Power Co., Inc. | 390 | 21,844 | ||||||
Edison International | 140 | 8,310 | ||||||
Exelon Corp. | 46,610 | 1,272,919 | ||||||
FirstEnergy Corp. | 710 | 22,287 | ||||||
PG&E Corp. | 170 | 8,964 | ||||||
Public Service Enterprise Group, Inc. | 36,000 | 1,407,600 | ||||||
3,957,144 | ||||||||
55 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Components - Semiconductors — 1.3% |
| |||||||
Intel Corp. | 31,860 | $ | 1,107,772 | |||||
Micron Technology, Inc.† | 49,550 | 789,332 | ||||||
NVIDIA Corp. | 42,500 | 1,348,100 | ||||||
3,245,204 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
AECOM† | 8,310 | 264,507 | ||||||
Jacobs Engineering Group, Inc.† | 1,860 | 82,101 | ||||||
346,608 | ||||||||
Enterprise Software/Service — 0.5% |
| |||||||
Oracle Corp. | 29,820 | 1,162,085 | ||||||
Entertainment Software — 0.8% |
| |||||||
Activision Blizzard, Inc. | 49,100 | 1,849,106 | ||||||
Finance - Consumer Loans — 0.6% |
| |||||||
SLM Corp.† | 223,487 | 1,509,655 | ||||||
Finance - Credit Card — 2.5% |
| |||||||
Discover Financial Services | 44,710 | 2,537,740 | ||||||
MasterCard, Inc., Class A | 37,000 | 3,623,040 | ||||||
6,160,780 | ||||||||
Finance - Other Services — 0.7% |
| |||||||
Nasdaq, Inc. | 30,330 | 1,777,945 | ||||||
Food - Meat Products — 0.5% |
| |||||||
Tyson Foods, Inc., Class A# | 25,540 | 1,277,000 | ||||||
Food - Misc./Diversified — 0.0% |
| |||||||
Kellogg Co. | 320 | 22,006 | ||||||
Food - Retail — 0.4% |
| |||||||
Kroger Co. | 24,576 | 925,532 | ||||||
Home Decoration Products — 0.5% |
| |||||||
Newell Rubbermaid, Inc. | 27,080 | 1,209,393 | ||||||
Hotels/Motels — 0.0% |
| |||||||
Wyndham Worldwide Corp. | 280 | 21,258 | ||||||
Housewares — 0.0% |
| |||||||
Tupperware Brands Corp.# | 1,740 | 98,780 | ||||||
Human Resources — 0.0% |
| |||||||
ManpowerGroup, Inc. | 1,050 | 94,794 | ||||||
Independent Power Producers — 0.2% |
| |||||||
Dynegy, Inc.† | 33,910 | 546,629 | ||||||
Instruments - Controls — 0.1% |
| |||||||
Honeywell International, Inc. | 2,275 | 236,486 | ||||||
Insurance - Life/Health — 0.7% |
| |||||||
Lincoln National Corp. | 17,887 | 983,606 | ||||||
Prudential Financial, Inc. | 8,575 | 742,166 | ||||||
1,725,772 | ||||||||
Insurance - Multi-line — 1.1% |
| |||||||
Genworth Financial, Inc., Class A†# | 76,920 | 388,446 | ||||||
Hartford Financial Services Group, Inc. | 24,089 | 1,099,422 | ||||||
MetLife, Inc. | 5,275 | 269,500 | ||||||
XL Group PLC | 20,880 | 797,198 | ||||||
2,554,566 | ||||||||
Insurance - Property/Casualty — 0.8% |
| |||||||
Travelers Cos., Inc. | 17,280 | 1,979,770 | ||||||
Internet Content - Entertainment — 1.0% |
| |||||||
Facebook, Inc., Class A† | 23,910 | 2,492,378 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 2,390 | $ | 269,950 | |||||
Machinery - General Industrial — 0.1% |
| |||||||
Zebra Technologies Corp., Class A† | 3,770 | 302,354 | ||||||
Medical Instruments — 0.5% |
| |||||||
Bruker Corp.† | 1,302 | 29,477 | ||||||
Medtronic PLC | 14,404 | 1,085,198 | ||||||
1,114,675 | ||||||||
Medical Labs & Testing Services — 1.2% |
| |||||||
Laboratory Corp. of America Holdings† | 17,466 | 2,122,818 | ||||||
Quest Diagnostics, Inc. | 11,176 | 763,544 | ||||||
2,886,362 | ||||||||
Medical Products — 0.7% |
| |||||||
Baxter International, Inc. | 21,850 | 822,653 | ||||||
Zimmer Biomet Holdings, Inc. | 9,530 | 962,625 | ||||||
1,785,278 | ||||||||
Medical - Biomedical/Gene — 1.9% |
| |||||||
Amgen, Inc. | 20,300 | 3,270,330 | ||||||
Gilead Sciences, Inc. | 13,700 | 1,451,652 | ||||||
4,721,982 | ||||||||
Medical - Drugs — 3.6% |
| |||||||
Allergan PLC† | 1,400 | 439,446 | ||||||
AstraZeneca PLC ADR | 20,700 | 704,835 | ||||||
Baxalta, Inc. | 38,390 | 1,319,848 | ||||||
Johnson & Johnson | 6,250 | 632,750 | ||||||
Merck & Co., Inc. | 50,168 | 2,659,406 | ||||||
Pfizer, Inc. | 90,192 | 2,955,592 | ||||||
8,711,877 | ||||||||
Medical - Generic Drugs — 1.6% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 59,852 | 3,766,486 | ||||||
Medical - HMO — 5.5% |
| |||||||
Aetna, Inc. | 36,500 | 3,750,375 | ||||||
Centene Corp.† | 28,300 | 1,634,325 | ||||||
Cigna Corp. | 26,000 | 3,509,480 | ||||||
Humana, Inc. | 9,500 | 1,602,270 | ||||||
UnitedHealth Group, Inc. | 25,900 | 2,919,189 | ||||||
13,415,639 | ||||||||
Medical - Hospitals — 1.2% |
| |||||||
Community Health Systems, Inc.† | 17,090 | 494,585 | ||||||
Universal Health Services, Inc., Class B | 19,358 | 2,352,384 | ||||||
2,846,969 | ||||||||
Medical - Wholesale Drug Distribution — 0.6% |
| |||||||
McKesson Corp. | 7,630 | 1,444,740 | ||||||
Multimedia — 0.4% |
| |||||||
Viacom, Inc., Class B | 20,800 | 1,035,632 | ||||||
Networking Products — 3.5% |
| |||||||
Cisco Systems, Inc. | 275,890 | 7,518,002 | ||||||
Telefonaktiebolaget LM Ericsson ADR | 94,100 | 911,829 | ||||||
8,429,831 | ||||||||
Oil & Gas Drilling — 0.3% |
| |||||||
Atwood Oceanics, Inc.# | 43,100 | 684,428 | ||||||
Oil Companies - Exploration & Production — 1.2% |
| |||||||
Apache Corp. | 34,500 | 1,696,710 | ||||||
Gulfport Energy Corp.† | 32,280 | 820,558 |
56 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Hess Corp. | 5,000 | $ | 295,000 | |||||
2,812,268 | ||||||||
Oil Companies - Integrated — 2.8% |
| |||||||
BP PLC ADR | 52,900 | 1,830,340 | ||||||
Exxon Mobil Corp. | 2,380 | 194,351 | ||||||
Marathon Oil Corp. | 112,004 | 1,961,190 | ||||||
Suncor Energy, Inc.# | 100,920 | 2,785,392 | ||||||
6,771,273 | ||||||||
Oil Refining & Marketing — 2.1% |
| |||||||
Marathon Petroleum Corp. | 15,610 | 911,780 | ||||||
PBF Energy, Inc., Class A | 13,750 | 556,738 | ||||||
Tesoro Corp. | 5,609 | 645,989 | ||||||
Valero Energy Corp. | 41,590 | 2,988,657 | ||||||
5,103,164 | ||||||||
Oil - Field Services — 2.1% |
| |||||||
Baker Hughes, Inc. | 11,670 | 630,997 | ||||||
Halliburton Co. | 6,160 | 245,476 | ||||||
Schlumberger, Ltd. | 39,790 | 3,069,798 | ||||||
Superior Energy Services, Inc. | 37,585 | 588,957 | ||||||
Weatherford International PLC† | 46,310 | 500,611 | ||||||
5,035,839 | ||||||||
Paper & Related Products — 0.4% |
| |||||||
Domtar Corp. | 24,900 | 1,023,141 | ||||||
Pharmacy Services — 0.2% |
| |||||||
Express Scripts Holding Co.† | 6,300 | 538,524 | ||||||
Poultry — 0.1% |
| |||||||
Pilgrim’s Pride Corp.# | 14,000 | 301,420 | ||||||
Real Estate Investment Trusts — 0.5% |
| |||||||
Brixmor Property Group, Inc. | 6,390 | 160,453 | ||||||
Outfront Media, Inc. | 23,884 | 545,749 | ||||||
Starwood Property Trust, Inc. | 27,950 | 568,224 | ||||||
1,274,426 | ||||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Gap, Inc. | 14,930 | 399,079 | ||||||
Ross Stores, Inc. | 27,388 | 1,424,450 | ||||||
1,823,529 | ||||||||
Retail - Building Products — 3.5% |
| |||||||
Home Depot, Inc. | 31,200 | 4,177,056 | ||||||
Lowe’s Cos., Inc. | 55,900 | 4,281,940 | ||||||
8,458,996 | ||||||||
Retail - Drug Store — 2.1% |
| |||||||
CVS Health Corp. | 54,200 | 5,099,678 | ||||||
Retail - Petroleum Products — 0.0% |
| |||||||
World Fuel Services Corp. | 1,370 | 59,718 | ||||||
Retail - Regional Department Stores — 0.3% |
| |||||||
Macy’s, Inc. | 17,040 | 665,923 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.3% |
| |||||||
GNC Holdings, Inc., Class A | 20,510 | 611,403 | ||||||
Rubber - Tires — 0.4% |
| |||||||
Goodyear Tire & Rubber Co. | 30,700 | 1,070,816 | ||||||
Semiconductor Components - Integrated Circuits — 1.0% |
| |||||||
QUALCOMM, Inc. | 50,530 | 2,465,359 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Equipment — 0.3% |
| |||||||
Teradyne, Inc. | 34,830 | $ | 723,767 | |||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 220 | 28,802 | ||||||
Steel - Producers — 0.1% |
| |||||||
Reliance Steel & Aluminum Co. | 2,330 | 137,027 | ||||||
Steel - Specialty — 0.0% |
| |||||||
Allegheny Technologies, Inc. | 2,220 | 28,127 | ||||||
Telephone - Integrated — 1.7% |
| |||||||
Telephone & Data Systems, Inc. | 36,929 | 1,044,721 | ||||||
Verizon Communications, Inc. | 66,890 | 3,040,151 | ||||||
4,084,872 | ||||||||
Tobacco — 1.4% |
| |||||||
Altria Group, Inc. | 58,068 | 3,344,717 | ||||||
Transport - Services — 0.9% |
| |||||||
FedEx Corp. | 14,300 | 2,267,122 | ||||||
Web Portals/ISP — 2.7% |
| |||||||
Alphabet, Inc., Class A† | 4,150 | 3,165,828 | ||||||
Alphabet, Inc., Class C† | 4,412 | 3,276,351 | ||||||
6,442,179 | ||||||||
Wireless Equipment — 0.2% |
| |||||||
Nokia OYJ ADR# | 51,650 | 372,396 | ||||||
Total Common Stocks | ||||||||
(cost $198,416,353) | 240,035,937 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.1% |
| |||||||
Food - Meat Products — 0.1% |
| |||||||
Tyson Foods, Inc. | 4,272 | 244,572 | ||||||
Tools - Hand Held — 0.0% |
| |||||||
Stanley Black & Decker, Inc. | 530 | 65,672 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $266,600) | 310,244 | |||||||
EXCHANGE-TRADED FUNDS — 0.3% |
| |||||||
Utilities Select Sector SPDR Fund# | 14,400 | 616,608 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $199,317,537) | 240,962,789 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.8% |
| |||||||
Registered Investment Companies — 1.8% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(3) | ||||||||
(cost $4,433,852) | 4,433,852 | 4,433,852 | ||||||
57 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 1.0% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/30/2015, to be repurchased 12/01/2015 in the amount $2,484,000 collateralized by $2,605,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $2,538,122 (cost $2,484,000) | $ | 2,484,000 | $ | 2,484,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $206,235,389)(2) | 102.0 | % | 247,880,641 | |||||
Liabilities in excess of other assets | (2.0 | ) | (4,962,691 | ) | ||||
NET ASSETS | 100.0 | % | $ | 242,917,950 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $5,587,155. This was secured by collateral of $4,433,852, which was received in cash and subsequently invested in short-term investments currently valued at $4,433,852 as reported in the Portfolio of Investments. Additional collateral of $1,258,078 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||
Federal National Mtg. Assoc. | 0.75% to 0.75% | 04/20/2017 | $271,521 | |||
United States Treasury Bills | 0.00% | 12/10/2015 to 07/21/2016 | 106,452 | |||
United States Treasury Notes/Bonds | 0.13% to 6.25% | 01/15/2016 to 05/15/2045 | 880,105 |
(2) | See Note 5 for cost of investments on a tax basis |
(3) | The rate shown is the 7-day yield as of November 30, 2015. |
ADR—American Depositary Receipt
Futures Contracts | ||||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
7 | Long | S&P 500 E-Mini Index | December 2015 | $ | 678,931 | $ | 727,930 | $ | 48,999 | |||||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 240,035,937 | $ | — | $ | — | $ | 240,035,937 | ||||||||
Convertible Preferred Securities | 310,244 | — | — | 310,244 | ||||||||||||
Exchange-Traded Funds | 616,608 | — | — | 616,608 | ||||||||||||
Short-Term Investment Securities | 4,433,852 | — | — | 4,433,852 | ||||||||||||
Repurchase Agreements | — | 2,484,000 | — | 2,484,000 | ||||||||||||
Total Investments at Value | $ | 245,396,641 | $ | 2,484,000 | $ | — | $ | 247,880,641 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 48,999 | $ | — | $ | — | $ | 48,999 | ||||||||
* | 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
58 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 7.8 | % | ||
Registered Investment Companies | 6.9 | |||
Diversified Banking Institutions | 6.4 | |||
Oil Companies — Integrated | 5.9 | |||
Diversified Manufacturing Operations | 4.9 | |||
Chemicals — Diversified | 4.3 | |||
Banks — Super Regional | 4.2 | |||
Tobacco | 3.7 | |||
Retail — Apparel/Shoe | 3.2 | |||
Aerospace/Defense | 2.9 | |||
Oil & Gas Drilling | 2.8 | |||
Cosmetics & Toiletries | 2.4 | |||
Electric — Integrated | 2.4 | |||
Telephone — Integrated | 2.3 | |||
Retail — Discount | 2.2 | |||
Time Deposits | 2.2 | |||
Electronic Components — Semiconductors | 2.2 | |||
Retail — Restaurants | 1.9 | |||
Medical — HMO | 1.6 | |||
Retail — Building Products | 1.5 | |||
Computer Services | 1.5 | |||
Insurance — Multi-line | 1.4 | |||
Electric Products — Misc. | 1.4 | |||
Retail — Regional Department Stores | 1.4 | |||
Data Processing/Management | 1.4 | |||
Applications Software | 1.4 | |||
Oil Field Machinery & Equipment | 1.4 | |||
Multimedia | 1.4 | |||
Machinery — Construction & Mining | 1.3 | |||
Advertising Agencies | 1.3 | |||
Engines — Internal Combustion | 1.3 | |||
Internet Security | 1.3 | |||
Insurance — Life/Health | 1.3 | |||
Retail — Office Supplies | 1.2 | |||
Oil Companies — Exploration & Production | 1.2 | |||
Retail — Computer Equipment | 1.0 | |||
Cable/Satellite TV | 0.9 | |||
Instruments — Controls | 0.9 | |||
Food-Retail | 0.8 | |||
Oil Refining & Marketing | 0.8 | |||
Insurance — Property/Casualty | 0.7 | |||
Transport — Services | 0.7 | |||
Beverages — Non-alcoholic | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Enterprise Software/Service | 0.6 | |||
Medical Labs & Testing Services | 0.5 | |||
Finance — Other Services | 0.5 | |||
Paper & Related Products | 0.5 | |||
Water | 0.5 | |||
Wireless Equipment | 0.5 | |||
Beverages — Wine/Spirits | 0.5 | |||
Medical Products | 0.4 | |||
Food — Misc./Diversified | 0.3 | |||
Transport — Rail | 0.3 | |||
Advertising Services | 0.3 | |||
Oil — Field Services | 0.3 | |||
Real Estate Investment Trusts | 0.3 | |||
Cellular Telecom | 0.3 | |||
Industrial Gases | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Finance — Credit Card | 0.2 | |||
Pipelines | 0.2 | |||
Electric — Transmission | 0.2 | |||
Computers | 0.2 | |||
Telecom Services | 0.2 | |||
Aerospace/Defense — Equipment | 0.1 |
Diversified Minerals | 0.1 | % | ||
Repurchase Agreements | 0.1 | |||
106.6 | % | |||
* | Calculated as a percentage of net assets |
59 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.4% |
| |||||||
Advertising Agencies — 1.3% |
| |||||||
Omnicom Group, Inc.# | 100,368 | $ | 7,419,203 | |||||
Advertising Services — 0.3% |
| |||||||
Nielsen Holdings PLC | 34,710 | 1,620,263 | ||||||
Aerospace/Defense — 2.9% |
| |||||||
Lockheed Martin Corp. | 20,420 | 4,475,247 | ||||||
Northrop Grumman Corp. | 26,525 | 4,943,199 | ||||||
Raytheon Co. | 56,005 | 6,946,300 | ||||||
16,364,746 | ||||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
United Technologies Corp. | 8,940 | 858,687 | ||||||
Applications Software — 1.4% |
| |||||||
Microsoft Corp. | 142,795 | 7,760,908 | ||||||
Banks - Super Regional — 4.2% |
| |||||||
SunTrust Banks, Inc. | 141,313 | 6,135,810 | ||||||
US Bancorp | 124,900 | 5,481,861 | ||||||
Wells Fargo & Co. | 223,155 | 12,295,841 | ||||||
23,913,512 | ||||||||
Beverages - Non-alcoholic — 0.6% |
| |||||||
Coca-Cola Co. | 82,445 | 3,513,806 | ||||||
Beverages - Wine/Spirits — 0.5% |
| |||||||
Diageo PLC | 89,805 | 2,583,375 | ||||||
Cable/Satellite TV — 0.9% |
| |||||||
Comcast Corp., Special Class A# | 82,775 | 5,052,586 | ||||||
Cellular Telecom — 0.3% |
| |||||||
SK Telecom Co., Ltd. ADR# | 66,200 | 1,474,936 | ||||||
Chemicals - Diversified — 4.3% |
| |||||||
Dow Chemical Co. | 219,125 | 11,422,986 | ||||||
E.I. du Pont de Nemours & Co. | 72,240 | 4,864,642 | ||||||
LyondellBasell Industries NV, Class A | 82,181 | 7,874,583 | ||||||
24,162,211 | ||||||||
Computer Services — 1.5% |
| |||||||
International Business Machines Corp. | 58,993 | 8,224,804 | ||||||
Computers — 0.2% |
| |||||||
Lenovo Group, Ltd.# | 934,000 | 995,020 | ||||||
Cosmetics & Toiletries — 2.4% |
| |||||||
Procter & Gamble Co. | 175,190 | 13,111,220 | ||||||
Unilever NV | 16,215 | 709,244 | ||||||
13,820,464 | ||||||||
Data Processing/Management — 1.4% |
| |||||||
Paychex, Inc. | 146,073 | 7,924,460 | ||||||
Diversified Banking Institutions — 6.4% |
| |||||||
Bank of America Corp. | 288,080 | 5,021,234 | ||||||
Citigroup, Inc. | 190,260 | 10,291,164 | ||||||
Goldman Sachs Group, Inc. | 17,450 | 3,315,849 | ||||||
JPMorgan Chase & Co. | 203,825 | 13,591,051 | ||||||
Morgan Stanley | 108,440 | 3,719,492 | ||||||
35,938,790 | ||||||||
Diversified Manufacturing Operations — 4.9% |
| |||||||
3M Co. | 8,855 | 1,386,516 | ||||||
Eaton Corp. PLC | 139,213 | 8,096,628 | ||||||
General Electric Co. | 614,848 | 18,408,549 | ||||||
27,891,693 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
BHP Billiton, Ltd. | 63,532 | 831,170 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric Products - Misc. — 1.4% |
| |||||||
Emerson Electric Co. | 160,252 | $ | 8,012,600 | |||||
Electric - Integrated — 2.4% |
| |||||||
CMS Energy Corp. | 52,000 | 1,821,040 | ||||||
Dominion Resources, Inc. | 50,090 | 3,374,563 | ||||||
Exelon Corp. | 53,200 | 1,452,892 | ||||||
NextEra Energy, Inc. | 37,520 | 3,746,747 | ||||||
Public Service Enterprise Group, Inc. | 39,100 | 1,528,810 | ||||||
WEC Energy Group, Inc. | 30,380 | 1,498,342 | ||||||
13,422,394 | ||||||||
Electric - Transmission — 0.2% |
| |||||||
ITC Holdings Corp. | 27,015 | 996,313 | ||||||
Electronic Components - Semiconductors — 2.2% |
| |||||||
Intel Corp. | 232,915 | 8,098,455 | ||||||
NVIDIA Corp. | 30,300 | 961,116 | ||||||
Samsung Electronics Co., Ltd. GDR | 5,840 | 3,249,960 | ||||||
12,309,531 | ||||||||
Electronic Security Devices — 0.2% |
| |||||||
Tyco International PLC | 37,190 | 1,313,179 | ||||||
Engines - Internal Combustion — 1.3% |
| |||||||
Cummins, Inc. | 73,121 | 7,339,155 | ||||||
Enterprise Software/Service — 0.6% |
| |||||||
Oracle Corp. | 85,030 | 3,313,619 | ||||||
Finance - Credit Card — 0.2% |
| |||||||
American Express Co. | 15,474 | 1,108,557 | ||||||
Finance - Other Services — 0.5% |
| |||||||
CME Group, Inc. | 31,780 | 3,103,317 | ||||||
Food - Misc./Diversified — 0.3% |
| |||||||
Mondelez International, Inc., Class A | 42,645 | 1,861,881 | ||||||
Food - Retail — 0.8% |
| |||||||
Kroger Co. | 115,980 | 4,367,807 | ||||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Rockwell Automation, Inc. | 11,260 | 1,198,514 | ||||||
Industrial Gases — 0.2% |
| |||||||
Praxair, Inc. | 11,995 | 1,353,036 | ||||||
Instruments - Controls — 0.9% |
| |||||||
Honeywell International, Inc. | 47,625 | 4,950,619 | ||||||
Insurance - Life/Health — 1.3% |
| |||||||
Prudential Financial, Inc. | 82,885 | 7,173,697 | ||||||
Insurance - Multi-line — 1.4% |
| |||||||
ACE, Ltd. | 8,535 | 980,245 | ||||||
MetLife, Inc. | 138,150 | 7,058,083 | ||||||
8,038,328 | ||||||||
Insurance - Property/Casualty — 0.7% |
| |||||||
Travelers Cos., Inc. | 33,880 | 3,881,632 | ||||||
Internet Security — 1.3% |
| |||||||
Symantec Corp. | 368,996 | 7,224,942 | ||||||
Machinery - Construction & Mining — 1.3% |
| |||||||
Caterpillar, Inc. | 105,054 | 7,632,173 | ||||||
Medical Labs & Testing Services — 0.5% |
| |||||||
Quest Diagnostics, Inc. | 45,485 | 3,107,535 | ||||||
Medical Products — 0.4% |
| |||||||
Becton Dickinson and Co. | 14,200 | 2,133,550 | ||||||
Medical - Drugs — 7.8% |
| |||||||
Abbott Laboratories | 28,825 | 1,294,819 | ||||||
AbbVie, Inc. | 28,825 | 1,676,174 | ||||||
AstraZeneca PLC | 25,200 | 1,708,865 |
60 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs (continued) |
| |||||||
Bristol-Myers Squibb Co. | 42,800 | $ | 2,868,028 | |||||
Johnson & Johnson | 55,665 | 5,635,525 | ||||||
Merck & Co., Inc. | 261,547 | 13,864,606 | ||||||
Pfizer, Inc. | 526,495 | 17,253,241 | ||||||
44,301,258 | ||||||||
Medical - HMO — 1.6% |
| |||||||
Anthem, Inc. | 17,707 | 2,308,639 | ||||||
UnitedHealth Group, Inc. | 59,843 | 6,744,904 | ||||||
9,053,543 | ||||||||
Multimedia — 1.4% |
| |||||||
Viacom, Inc., Class B | 153,641 | 7,649,785 | ||||||
Oil & Gas Drilling — 2.8% |
| |||||||
Helmerich & Payne, Inc.# | 136,821 | 7,969,823 | ||||||
Noble Corp. PLC# | 582,046 | 7,723,751 | ||||||
15,693,574 | ||||||||
Oil Companies - Exploration & Production — 1.2% |
| |||||||
ConocoPhillips | 24,740 | 1,337,197 | ||||||
Occidental Petroleum Corp. | 74,821 | 5,655,719 | ||||||
6,992,916 | ||||||||
Oil Companies - Integrated — 5.9% |
| |||||||
Chevron Corp. | 123,080 | 11,239,666 | ||||||
Exxon Mobil Corp. | 196,256 | 16,026,265 | ||||||
Marathon Oil Corp. | 72,805 | 1,274,816 | ||||||
TOTAL SA ADR# | 97,452 | 4,819,001 | ||||||
33,359,748 | ||||||||
Oil Field Machinery & Equipment — 1.4% |
| |||||||
National Oilwell Varco, Inc. | 207,483 | 7,747,415 | ||||||
Oil Refining & Marketing — 0.8% |
| |||||||
Marathon Petroleum Corp. | 74,240 | 4,336,358 | ||||||
Oil - Field Services — 0.3% |
| |||||||
Schlumberger, Ltd. | 19,905 | 1,535,671 | ||||||
Paper & Related Products — 0.5% |
| |||||||
International Paper Co. | 67,770 | 2,834,819 | ||||||
Pipelines — 0.2% |
| |||||||
Spectra Energy Corp. | 41,170 | 1,078,654 | ||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
Weyerhaeuser Co. | 47,040 | 1,513,277 | ||||||
Retail - Apparel/Shoe — 3.2% |
| |||||||
Coach, Inc. | 245,000 | 7,783,650 | ||||||
Gap, Inc. | 396,342 | 10,594,222 | ||||||
18,377,872 | ||||||||
Retail - Building Products — 1.5% |
| |||||||
Home Depot, Inc. | 62,860 | 8,415,697 | ||||||
Retail - Computer Equipment — 1.0% |
| |||||||
GameStop Corp., Class A# | 165,407 | 5,794,207 | ||||||
Retail - Discount — 2.2% |
| |||||||
Dollar General Corp. | 77,111 | 5,043,831 | ||||||
Wal-Mart Stores, Inc. | 130,447 | 7,675,501 | ||||||
12,719,332 | ||||||||
Retail - Office Supplies — 1.2% |
| |||||||
Staples, Inc. | 584,070 | 7,049,725 | ||||||
Retail - Regional Department Stores — 1.4% |
| |||||||
Kohl’s Corp. | 169,598 | 7,993,154 | ||||||
Retail - Restaurants — 1.9% |
| |||||||
McDonald’s Corp. | 93,338 | 10,655,466 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
QUALCOMM, Inc. | 71,950 | $ | 3,510,440 | |||||
Telecom Services — 0.2% |
| |||||||
BCE, Inc. | 22,140 | 953,348 | ||||||
Telephone - Integrated — 2.3% | ||||||||
Verizon Communications, Inc. | 287,176 | 13,052,149 | ||||||
Tobacco — 3.7% |
| |||||||
Altria Group, Inc. | 162,123 | 9,338,285 | ||||||
Philip Morris International, Inc. | 103,329 | 9,029,921 | ||||||
Reynolds American, Inc. | 51,620 | 2,387,425 | ||||||
20,755,631 | ||||||||
Transport - Rail — 0.3% |
| |||||||
Union Pacific Corp. | 22,167 | 1,860,920 | ||||||
Transport - Services — 0.7% |
| |||||||
United Parcel Service, Inc., Class B | 35,825 | 3,690,333 | ||||||
Water — 0.5% |
| |||||||
American Water Works Co., Inc. | 48,790 | 2,818,110 | ||||||
Wireless Equipment — 0.5% |
| |||||||
Motorola Solutions, Inc. | 38,890 | 2,791,524 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $504,333,034) | 550,727,939 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.1% |
| |||||||
Registered Investment Companies — 6.9% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | $ | 38,858,357 | 38,858,357 | |||||
Time Deposits — 2.2% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | 12,395,000 | 12,395,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $51,253,357) | 51,253,357 | |||||||
REPURCHASE AGREEMENTS — 0.1% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(3) | 736,000 | 736,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $556,322,391)(4) | 106.6 | % | 602,717,296 | |||||
Liabilities in excess of other assets | (6.6 | ) | (37,370,213 | ) | ||||
NET ASSETS | 100.0 | % | $ | 565,347,083 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $39,852,912. This was secured by collateral of $38,858,357, which was received in cash and subsequently invested in short-term investments currently valued at $38,858,357 as reported in the Portfolio of Investments. Additional collateral of $2,224,176 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
United States Treasury Bills | 0.00% | 12/10/2015 to 07/21/2016 | $ | 163,340 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 01/15/2016 to 05/15/2045 | 2,060,836 |
(2) | The rate shown is the 7-day yield as of November 30, 2015. |
(3) | See Note 2 for details of Joint Repurchase Agreements. |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
61 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 550,727,939 | $ | — | $ | — | $ | 550,727,939 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 38,858,357 | — | — | 38,858,357 | ||||||||||||
Time Deposits | — | 12,395,000 | — | 12,395,000 | ||||||||||||
Repurchase Agreements | — | 736,000 | — | 736,000 | ||||||||||||
Total Investments at Value | $ | 589,586,296 | $ | 13,131,000 | $ | — | $ | 602,717,296 | ||||||||
* | 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 $6,664,505 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
62 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 49.0 | % | ||
Domestic Fixed Income Investment Companies | 19.6 | |||
United States Treasury Notes | 14.6 | |||
International Equity Investment Companies | 12.5 | |||
United States Treasury Bonds | 1.4 | |||
Registered Investment Companies | 1.1 | |||
International Fixed Income Investment Companies | 0.8 | |||
Options — Purchased | 0.4 | |||
99.4 | % | |||
* | Calculated as a percentage of net assets |
63 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES@(1) — 81.9% |
| |||||||
Domestic Equity Investment Companies — 49.0% | ||||||||
VALIC Co. I Blue Chip Growth Fund | 575,188 | $ | 10,750,270 | |||||
VALIC Co. I Broad Cap Value Income Fund | 691,342 | 10,619,017 | ||||||
VALIC Co. I Dividend Value Fund | 494,497 | 6,507,585 | ||||||
VALIC Co. I Growth Fund | 666,692 | 10,980,414 | ||||||
VALIC Co. I Growth & Income Fund | 223,854 | 4,344,999 | ||||||
VALIC Co. I Large Cap Core Fund | 644,907 | 8,822,329 | ||||||
VALIC Co. I Large Capital Growth Fund | 690,445 | 8,741,033 | ||||||
VALIC Co. I Stock Index Fund | 880,263 | 32,103,182 | ||||||
VALIC Co. I Value Fund | 704,913 | 10,517,296 | ||||||
VALIC Co. II Capital Appreciation Fund | 388,789 | 6,749,385 | ||||||
VALIC Co. II Mid Cap Growth Fund | 463,895 | 4,091,553 | ||||||
VALIC Co. II Mid Cap Value Fund | 186,919 | 4,308,496 | ||||||
VALIC Co. II Small Cap Growth Fund | 266,990 | 4,167,710 | ||||||
VALIC Co. II Small Cap Value Fund | 284,840 | 4,192,847 | ||||||
Total Domestic Equity Investment Companies | ||||||||
(cost $117,835,655) | 126,896,116 | |||||||
Domestic Fixed Income Investment Companies — 19.6% | ||||||||
VALIC Co. I Capital Conservation Fund | 1,510,243 | 14,936,298 | ||||||
VALIC Co. I Government Securities Fund | 791,978 | 8,569,203 | ||||||
VALIC Co. I Inflation Protected Fund | 195,402 | 2,086,892 | ||||||
VALIC Co. II Core Bond Fund | 1,550,248 | 16,975,213 | ||||||
VALIC Co. II High Yield Bond Fund | 284,345 | 2,072,872 | ||||||
VALIC Co. II Strategic Bond Fund | 571,587 | 6,270,312 | ||||||
Total Domestic Fixed Income Investment Companies | ||||||||
(cost $51,394,806) | 50,910,790 | |||||||
International Equity Investment Companies — 12.5% |
| |||||||
VALIC Co. I Emerging Economies Fund | 792,010 | 5,195,589 | ||||||
VALIC Co. I Foreign Value Fund | 1,094,113 | 10,087,723 | ||||||
VALIC Co. I Global Real Estate Fund | 245,653 | 2,070,853 | ||||||
VALIC Co. I International Equities Index Fund | 739,496 | 4,873,277 | ||||||
VALIC Co. I International Growth Fund | 774,420 | 10,237,828 | ||||||
Total International Equity Investment Companies | ||||||||
(cost $35,046,028) | 32,465,270 | |||||||
International Fixed Income Investment Companies — 0.8% |
| |||||||
VALIC Co. I International Government Bond Fund | ||||||||
(cost $2,259,655) | 189,137 | 2,088,078 | ||||||
Total Affiliated Registered Investment Companies | ||||||||
(cost $206,536,144) | 212,360,254 | |||||||
U.S. GOVERNMENT TREASURIES — 16.0% | ||||||||
United States Treasury Bonds — 1.4% | ||||||||
6.25% due 08/15/2023 | 325,000 | 422,601 | ||||||
6.88% due 08/15/2025 | 1,080,000 | 1,525,078 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United States Treasury Bonds (continued) | ||||||||
7.13% due 02/15/2023 | $ | 70,000 | $ | 94,202 | ||||
7.50% due 11/15/2024 | 575,000 | 825,956 | ||||||
7.63% due 11/15/2022 | 196,300 | 268,739 | ||||||
7.63% due 02/15/2025 | 375,000 | 546,313 | ||||||
3,682,889 | ||||||||
United States Treasury Notes — 14.6% | ||||||||
1.75% due 05/15/2023 | 2,450,000 | 2,398,895 | ||||||
2.00% due 02/15/2023 | 2,626,000 | 2,625,076 | ||||||
2.00% due 02/15/2025 | 3,090,000 | 3,034,355 | ||||||
2.00% due 08/15/2025 | 3,090,000 | 3,028,320 | ||||||
2.13% due 05/15/2025 | 3,625,000 | 3,594,129 | ||||||
2.25% due 11/15/2024 | 4,200,000 | 4,219,358 | ||||||
2.38% due 08/15/2024 | 4,845,000 | 4,920,703 | ||||||
2.50% due 08/15/2023 | 2,591,000 | 2,672,881 | ||||||
2.50% due 05/15/2024 | 3,427,000 | 3,519,769 | ||||||
2.75% due 11/15/2023 | 3,338,000 | 3,503,859 | ||||||
2.75% due 02/15/2024 | 4,097,000 | 4,292,566 | ||||||
37,809,911 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $41,077,427) | 41,492,800 | |||||||
OPTIONS — PURCHASED — 0.4% | ||||||||
Options - Purchased(1) | ||||||||
(cost $1,259,873) | 68,000 | 934,862 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $248,873,444) | 254,787,916 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.1% | ||||||||
Registered Investment Companies — 1.1% | ||||||||
AllianceBernstein Government STIF Portfolio | ||||||||
(cost $2,853,473) | 2,853,473 | 2,853,473 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $251,726,917)(2) | 99.4 | % | 257,641,389 | |||||
Other assets less liabilities | 0.6 | 1,656,951 | ||||||
NET ASSETS — | 100.0 | % | $ | 259,298,340 | ||||
@ | The Dynamic Allocation Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information on the underlying funds including such funds’ prospectuses and shareholder reports are available at our website, www.valic.com. |
(1) | See Note 3 |
(1) | Options — Purchased |
Put Options — Purchased | ||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Paid | Value at November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
S&P 500 Index . . . . . . . . . . . . . | February 2016 | $ | 1,840 | 68,000 | $ | 1,259,873 | $ | 934,862 | $ | (325,011 | ) | |||||||||||
(2) | See Note 5 for cost of investments on a tax basis. |
(3) | The rate shown is the 7-day yield as of November 30, 2015. |
STIF—Short Term Index Fund
64 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Written Call Options | ||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||
S&P 500 Index . . . . . . . . . . . . . | February 2016 | $2,200 | 68,000 | $784,215 | $496,698 | $287,517 | ||||||
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
590 | Long | S&P 500 E-Mini Index | December 2015 | $ | 61,362,701 | $ | 61,354,100 | $ | (8,601 | ) | ||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 212,360,254 | $ | — | $ | — | $ | 212,360,254 | ||||||||
U.S. Government Treasuries | — | 41,492,801 | — | 41,492,800 | ||||||||||||
Options Purchased | 934,861 | — | — | 934,862 | ||||||||||||
Short-Term Investment Securities | 2,853,473 | — | — | 2,853,473 | ||||||||||||
Total Investments at Value | $ | 216,148,588 | $ | 41,492,801 | $ | — | $ | 257,641,389 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Options Contracts Written | $ | 287,517 | $ | — | $ | — | $ | 287,517 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 8,601 | $ | — | $ | — | $ | 8,601 | ||||||||
* | 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
65 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Banks — Commercial | 16.0 | % | ||
Electronic Components — Semiconductors | 6.7 | |||
Semiconductor Components — Integrated Circuits | 5.4 | |||
Oil Companies — Integrated | 4.5 | |||
Registered Investment Companies | 3.8 | |||
Cellular Telecom | 3.6 | |||
Diversified Financial Services | 3.3 | |||
Auto — Cars/Light Trucks | 3.2 | |||
Oil Refining & Marketing | 3.2 | |||
Oil Companies — Exploration & Production | 2.4 | |||
Real Estate Operations & Development | 1.8 | |||
Time Deposits | 1.7 | |||
Internet Application Software | 1.7 | |||
Electronic Components — Misc. | 1.6 | |||
Entertainment Software | 1.5 | |||
Metal Processors & Fabrication | 1.5 | |||
Home Furnishings | 1.5 | |||
Public Thoroughfares | 1.4 | |||
Finance — Mortgage Loan/Banker | 1.4 | |||
Insurance — Property/Casualty | 1.4 | |||
Rubber — Tires | 1.4 | |||
Tobacco | 1.3 | |||
Insurance — Life/Health | 1.3 | |||
Appliances | 1.3 | |||
Retail — Apparel/Shoe | 1.3 | |||
Medical — Drugs | 1.1 | |||
Applications Software | 1.1 | |||
Internet Content — Entertainment | 1.1 | |||
Athletic Footwear | 1.1 | |||
Circuit Boards | 1.0 | |||
Retail — Automobile | 1.0 | |||
Banks — Special Purpose | 0.9 | |||
Medical — Wholesale Drug Distribution | 0.9 | |||
Food — Retail | 0.8 | |||
Electric — Generation | 0.8 | |||
Metal — Diversified | 0.8 | |||
Metal Products — Distribution | 0.8 | |||
Computers — Periphery Equipment | 0.7 | |||
Petrochemicals | 0.7 | |||
Medical — Hospitals | 0.7 | |||
Casino Hotels | 0.7 | |||
Beverages — Non-alcoholic | 0.7 | |||
Metal — Iron | 0.6 | |||
Transport — Marine | 0.6 | |||
Electric — Integrated | 0.5 | |||
Steel — Producers | 0.5 | |||
Food — Canned | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Airport Development/Maintenance | 0.5 | |||
Multimedia | 0.5 | |||
Telecommunication Equipment | 0.5 | |||
Food — Meat Products | 0.5 | |||
Textile — Products | 0.5 | |||
Telecom Services | 0.5 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Retail — Convenience Store | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Insurance — Multi-line | 0.4 | |||
Finance — Other Services | 0.4 | |||
Audio/Video Products | 0.4 | |||
Cosmetics & Toiletries | 0.3 | |||
Retail — Consumer Electronics | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Diversified Operations | 0.3 | |||
Containers — Paper/Plastic | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Retail — Drug Store | 0.3 |
Food — Wholesale/Distribution | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Schools | 0.3 | |||
Building & Construction Products — Misc. | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Food — Confectionery | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Travel Services | 0.2 | |||
Lottery Services | 0.1 | |||
Music | 0.1 | |||
103.2 | % | |||
Country Allocation*
South Korea | 18.7 | % | ||
Taiwan | 16.5 | |||
China | 14.2 | |||
Cayman Islands | 8.7 | |||
Russia | 8.3 | |||
Hong Kong | 5.9 | |||
India | 5.6 | |||
United States | 5.5 | |||
Turkey | 4.3 | |||
Brazil | 3.9 | |||
South Africa | 3.3 | |||
Poland | 1.6 | |||
Thailand | 1.4 | |||
Bermuda | 1.3 | |||
Indonesia | 1.3 | |||
Hungary | 0.8 | |||
Malaysia | 0.6 | |||
United Arab Emirates | 0.4 | |||
Egypt | 0.4 | |||
Cyprus | 0.3 | |||
Qatar | 0.2 | |||
103.2 | % | |||
* | Calculated as a percentage of net assets |
66 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.7% | ||||||||
Bermuda — 1.3% | ||||||||
GOME Electrical Appliances Holding, Ltd.# | 10,271,000 | $ | 1,761,852 | |||||
REXLot Holdings, Ltd.#(5) | 14,050,000 | 518,260 | ||||||
Shenzhen International Holdings, Ltd.(4) | 1,789,000 | 2,944,191 | ||||||
Skyworth Digital Holdings, Ltd. | 2,926,000 | 1,905,771 | ||||||
7,130,074 | ||||||||
Brazil — 3.9% | ||||||||
Banco do Brasil SA | 1,162,400 | 4,894,158 | ||||||
Estacio Participacoes SA | 406,900 | 1,410,320 | ||||||
Itau Unibanco Holding SA ADR | 1,173,724 | 8,309,966 | ||||||
JBS SA | 793,980 | 2,548,780 | ||||||
MRV Engenharia e Participacoes SA | 800,480 | 1,708,960 | ||||||
Porto Seguro SA | 188,590 | 1,586,125 | ||||||
Sul America SA | 105,900 | 589,854 | ||||||
21,048,163 | ||||||||
Cayman Islands — 8.7% | ||||||||
ANTA Sports Products, Ltd. | 1,011,000 | 3,044,690 | ||||||
Belle International Holdings, Ltd. | 4,058,000 | 3,564,217 | ||||||
Casetek Holdings, Ltd. | 277,000 | 1,366,246 | ||||||
China Lesso Group Holdings, Ltd. | 1,538,000 | 1,227,869 | ||||||
Chlitina Holding, Ltd. | 172,000 | 1,915,385 | ||||||
Geely Automobile Holdings, Ltd. | 8,585,000 | 4,495,431 | ||||||
Jiangnan Group, Ltd. | 4,644,000 | 988,283 | ||||||
Lee & Man Paper Manufacturing, Ltd. | 2,842,000 | 1,634,797 | ||||||
NetEase, Inc. ADR | 48,920 | 8,153,007 | ||||||
Sino Biopharmaceutical, Ltd. | 4,562,000 | 4,336,384 | ||||||
Tencent Holdings, Ltd. | 450,100 | 8,980,579 | ||||||
Trina Solar, Ltd. ADR†# | 164,580 | 1,588,197 | ||||||
Vipshop Holdings, Ltd. ADR†# | 86,370 | 1,427,696 | ||||||
Yeong Guan Energy Technology Group Co., Ltd. | 269,000 | 1,454,522 | ||||||
Zhen Ding Technology Holding, Ltd. | 907,000 | 2,575,789 | ||||||
46,753,092 | ||||||||
China — 14.2% | ||||||||
Bank of China, Ltd. | 23,112,000 | 10,313,798 | ||||||
China CITIC Bank Corp., Ltd.† | 9,691,000 | 6,111,988 | ||||||
China Construction Bank Corp. | 20,998,000 | 14,434,779 | ||||||
China Everbright Bank Co., Ltd. | 6,077,000 | 2,743,230 | ||||||
China Merchants Bank Co., Ltd. | 3,172,000 | 7,453,952 | ||||||
China Railway Construction Corp., Ltd., Class H | 1,679,000 | 2,234,783 | ||||||
China Telecom Corp., Ltd. | 5,122,000 | 2,510,315 | ||||||
Great Wall Motor Co., Ltd.# | 3,081,500 | 3,803,462 | ||||||
Huadian Power International Corp., Ltd. | 3,536,000 | 2,234,670 | ||||||
Huaneng Power International, Inc. | 2,588,000 | 2,243,048 | ||||||
PICC Property & Casualty Co., Ltd. | 3,368,000 | 7,297,706 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 734,000 | 1,601,775 | ||||||
Shenzhen Expressway Co., Ltd.(4) | 2,096,000 | 1,735,527 | ||||||
Sinopharm Group Co., Ltd. | 1,115,200 | 4,681,756 | ||||||
Xinjiang Goldwind Science & Technology Co., Ltd.# | 667,800 | 1,131,740 | ||||||
Zhejiang Expressway Co., Ltd. | 2,408,000 | 2,928,689 | ||||||
ZTE Corp. | 1,148,800 | 2,572,167 | ||||||
76,033,385 | ||||||||
Cyprus — 0.3% | ||||||||
QIWI PLC ADR# | 84,310 | 1,609,478 | ||||||
Egypt — 0.4% | ||||||||
Commercial International Bank of Egypt SAE GDR | 454,930 | 2,129,072 | ||||||
Hong Kong — 5.9% | ||||||||
China Mobile, Ltd. | 1,410,500 | 16,063,449 | ||||||
China Overseas Land & Investment, Ltd. | 2,358,000 | 7,831,159 | ||||||
CNOOC, Ltd. | 6,857,000 | 7,587,985 | ||||||
31,482,593 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Hungary — 0.8% | ||||||||
MOL Hungarian Oil & Gas PLC | 32,622 | $ | 1,496,723 | |||||
OTP Bank PLC | 145,150 | 2,994,353 | ||||||
4,491,076 | ||||||||
India — 5.6% | ||||||||
Apollo Tyres, Ltd. | 806,130 | 1,967,705 | ||||||
Bharat Petroleum Corp., Ltd. | 401,450 | 5,442,206 | ||||||
Ceat, Ltd. | 138,680 | 2,142,981 | ||||||
HCL Technologies, Ltd. | 445,870 | 5,826,311 | ||||||
Hindustan Petroleum Corp., Ltd. | 406,640 | 5,124,866 | ||||||
Housing Development Finance Corp., Ltd. | 414,763 | 7,582,157 | ||||||
Jubilant Life Sciences, Ltd. | 274,770 | 1,702,498 | ||||||
29,788,724 | ||||||||
Indonesia — 1.3% | ||||||||
Astra International Tbk PT | 9,302,500 | 3,983,904 | ||||||
Bank Negara Indonesia Persero Tbk PT | 5,184,200 | 1,787,397 | ||||||
United Tractors Tbk PT | 828,200 | 975,761 | ||||||
6,747,062 | ||||||||
Malaysia — 0.6% | ||||||||
MISC BHD | 1,477,900 | 3,202,579 | ||||||
Poland — 1.6% | ||||||||
Eurocash SA | 124,300 | 1,599,485 | ||||||
Polski Koncern Naftowy Orlen SA# | 267,240 | 4,492,301 | ||||||
Polskie Gornictwo Naftowe I Gazownictwo SA | 1,686,870 | 2,249,967 | ||||||
8,341,753 | ||||||||
Qatar — 0.2% | ||||||||
Gulf International Services QSC | 69,602 | 898,226 | ||||||
Russia — 8.3% | ||||||||
Gazprom PAO ADR | 608,840 | 2,508,725 | ||||||
Lukoil PJSC ADR | 201,660 | 7,719,545 | ||||||
Magnit OJSC† | 16,080 | 2,910,407 | ||||||
Magnitogorsk Iron & Steel Works OJSC† | 5,850,850 | 1,867,773 | ||||||
MMC Norilsk Nickel PJSC ADR | 331,420 | 4,457,599 | ||||||
Mobile TeleSystems PJSC ADR | 436,910 | 3,080,215 | ||||||
Moscow Exchange MICEX-RTS PJSC | 1,488,470 | 2,103,614 | �� | |||||
Sberbank of Russia ADR | 1,241,581 | 8,331,009 | ||||||
Severstal PAO GDR | 249,980 | 2,674,786 | ||||||
Surgutneftegas OAO† (Preference Shares) | 7,395,720 | 4,740,849 | ||||||
Tatneft PAO ADR# | 140,026 | 4,123,766 | ||||||
44,518,288 | ||||||||
South Africa — 3.3% | ||||||||
Imperial Holdings, Ltd. | 157,130 | 1,651,626 | ||||||
Naspers, Ltd., Class N | 17,560 | 2,617,528 | ||||||
Netcare, Ltd. | 1,500,850 | 3,737,590 | ||||||
SPAR Group, Ltd.# | 128,460 | 1,613,659 | ||||||
Steinhoff International Holdings, Ltd.(4) | 1,380,921 | 7,737,590 | ||||||
17,357,993 | ||||||||
South Korea — 18.7% | ||||||||
BNK Financial Group, Inc.# | 149,104 | 1,252,780 | ||||||
Coway Co., Ltd. | 63,830 | 4,657,515 | ||||||
Crown Confectionery Co. Ltd. | 2,400 | 1,025,862 | ||||||
GS Home Shopping, Inc. | 6,930 | 1,010,133 | ||||||
GS Retail Co., Ltd.# | 49,390 | 2,354,240 | ||||||
Hana Tour Service, Inc. | 9,040 | 897,716 | ||||||
Hankook Tire Co., Ltd. | 75,460 | 3,007,192 | ||||||
Hyosung Corp. | 42,810 | 4,269,725 | ||||||
Industrial Bank of Korea | 427,890 | 4,914,241 | ||||||
Kangwon Land, Inc. | 108,680 | 3,584,971 | ||||||
KB Financial Group, Inc. | 144,980 | 4,413,061 |
67 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
South Korea (continued) | ||||||||
Kia Motors Corp. | 151,030 | $ | 6,846,919 | |||||
Korea Electric Power Corp. | 65,150 | 2,753,847 | ||||||
KT&G Corp. | 76,492 | 7,067,608 | ||||||
Lotte Chemical Corp. | 18,420 | 3,825,405 | ||||||
Meritz Securities Co., Ltd. | 623,595 | 2,420,500 | ||||||
NCSoft Corp. | 30,180 | 5,798,584 | ||||||
S-Oil Corp. | 67,860 | 4,348,009 | ||||||
Samsung Electronics Co., Ltd. | 24,878 | 27,583,742 | ||||||
SK Hynix, Inc. | 234,370 | 6,395,313 | ||||||
Yuhan Corp. | 6,900 | 1,650,447 | ||||||
100,077,810 | ||||||||
Taiwan — 16.5% | ||||||||
Advanced Semiconductor Engineering, Inc. | 5,735,000 | 6,035,085 | ||||||
Catcher Technology Co., Ltd. | 590,000 | 5,711,660 | ||||||
Cathay Financial Holding Co., Ltd. | 4,956,000 | 6,930,991 | ||||||
Chicony Electronics Co., Ltd. | 1,179,797 | 2,721,608 | ||||||
Coretronic Corp. | 1,086,500 | 965,275 | ||||||
Elite Material Co., Ltd. | 1,223,000 | 2,379,159 | ||||||
Feng TAY Enterprise Co., Ltd. | 442,150 | 2,431,405 | ||||||
FLEXium Interconnect, Inc. | 1,002,000 | 2,821,022 | ||||||
Fubon Financial Holding Co., Ltd. | 4,352,000 | 6,932,908 | ||||||
Grape King Bio, Ltd. | 555,000 | 3,536,548 | ||||||
Hota Industrial Manufacturing Co., Ltd. | 438,000 | 1,690,705 | ||||||
Innolux Corp. | 3,860,000 | 1,181,343 | ||||||
Mega Financial Holding Co., Ltd. | 7,611,000 | 5,246,232 | ||||||
Pegatron Corp. | 1,705,000 | 4,497,289 | ||||||
Pou Chen Corp. | 2,310,000 | 3,074,858 | ||||||
Shin Zu Shing Co., Ltd. | 588,000 | 2,053,551 | ||||||
Taiwan Paiho, Ltd. | 1,126,000 | 2,528,515 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,017,640 | 23,161,486 | ||||||
Uni-President Enterprises Corp. | 1,612,000 | 2,656,871 | ||||||
Win Semiconductors Corp. | 1,093,678 | 1,681,963 | ||||||
88,238,474 | ||||||||
Thailand — 1.4% | ||||||||
Krung Thai Bank PCL | 9,138,900 | 4,334,857 | ||||||
RS PCL | 1,550,200 | 462,811 | ||||||
Thai Union Group PCL | 5,153,900 | 2,660,356 | ||||||
7,458,024 | ||||||||
Turkey — 4.3% | ||||||||
Arcelik AS | 373,830 | 2,027,466 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 201,850 | 789,870 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 1,917,790 | 1,830,072 | ||||||
Ford Otomotiv Sanayi AS | 99,680 | 1,118,866 | ||||||
TAV Havalimanlari Holding AS | 365,980 | 2,643,171 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 194,190 | 1,281,824 | ||||||
Tupras Turkiye Petrol Rafinerileri AS† | 105,810 | 2,613,243 | ||||||
Turkiye Halk Bankasi AS | 1,348,220 | 5,044,400 | ||||||
Turkiye Is Bankasi, Class C | 3,473,010 | 5,638,835 | ||||||
22,987,747 | ||||||||
United Arab Emirates — 0.4% | ||||||||
Dubai Islamic Bank PJSC | 1,250,510 | 2,179,182 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $559,165,383) | 522,472,795 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.5% | ||||||||
Registered Investment Companies — 3.8% | ||||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) | 20,406,832 | 20,406,832 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Time Deposits — 1.7% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015 | $ | 9,058,000 | $ | 9,058,000 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $29,464,832) | 29,464,832 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $588,630,215)(3) | 103.2 | % | 551,937,627 | |||||
Liabilities in excess of other assets | (3.2 | ) | (17,219,683 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 534,717,944 | ||||
# | The security or a portion thereof is out on loan |
† | Non-income producing security |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $20,093,494. This was secured by collateral of $20,406,832, which was received in cash and subsequently invested in short-term investments currently valued at $20,406,832 as reported in the Portfolio of Investments. Additional collateral of $1,536,911 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
United States Treasury Bills | 0.00% | 01/14/2016 to 07/21/2016 | $ | 18,036 | ||||
United States Treasury Notes/Bonds | 0.13% to 7.63% | 02/29/2016 to 05/15/2045 | 1,518,875 |
(2) | The rate shown is the 7-day yield as of November 30, 2015. |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | Fair valued security. Securities are classified as Level 2 based on the securities valuation input; see Note 2. |
(5) | Fair valued security. Securities are classified as Level 3 based on the securities valuation input; see Note 2. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
68 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 3,667,623 | $ | 2,944,191 | $ | 518,260 | $ | 7,130,074 | ||||||||
China | 74,297,858 | 1,735,527 | — | 76,033,385 | ||||||||||||
South Africa | 9,620,403 | 7,737,590 | — | 17,357,993 | ||||||||||||
Other Countries | 421,951,343 | — | — | 421,951,343 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 20,406,832 | — | — | 20,406,832 | ||||||||||||
Time Deposits | — | 9,058,000 | — | 9,058,000 | ||||||||||||
Total Investments at Value | $ | 529,944,059 | $ | 21,475,308 | $ | 518,260 | $ | 551,937,627 | ||||||||
* | 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 $296,218,262 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
See Notes to Financial Statements
69 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Registered Investment Companies | 11.3 | % | ||
Diversified Banking Institutions | 8.5 | |||
Medical — Drugs | 7.6 | |||
Oil — Field Services | 6.8 | |||
Oil Companies — Integrated | 6.2 | |||
Electronic Components — Semiconductors | 4.8 | |||
Diversified Financial Services | 4.2 | |||
Auto — Cars/Light Trucks | 3.4 | |||
Insurance — Multi-line | 2.9 | |||
Energy — Alternate Sources | 2.7 | |||
Banks — Commercial | 2.5 | |||
Telephone — Integrated | 2.4 | |||
Oil & Gas Drilling | 2.3 | |||
Food — Retail | 2.2 | |||
Medical — Generic Drugs | 2.0 | |||
Metal — Diversified | 1.9 | |||
U.S. Government Agencies | 1.9 | |||
Insurance — Life/Health | 1.8 | |||
Silver Mining | 1.6 | |||
Import/Export | 1.6 | |||
Retail — Major Department Stores | 1.6 | |||
Finance — Other Services | 1.5 | |||
Cellular Telecom | 1.5 | |||
Insurance — Reinsurance | 1.4 | |||
Diversified Manufacturing Operations | 1.4 | |||
Aerospace/Defense | 1.3 | |||
Rubber — Tires | 1.3 | |||
Diagnostic Kits | 1.3 | |||
Building Products — Cement | 1.2 | |||
Auto/Truck Parts & Equipment — Original | 1.2 | |||
Finance — Investment Banker/Broker | 1.1 | |||
Telecom Services | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Medical — Biomedical/Gene | 1.0 | |||
Machinery — Electrical | 0.9 | |||
Building & Construction — Misc. | 0.9 | |||
Retail — Building Products | 0.8 | |||
Airlines | 0.8 | |||
Retail — Drug Store | 0.8 | |||
Gold Mining | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Containers — Metal/Glass | 0.7 | |||
Medical Instruments | 0.7 | |||
Chemicals — Other | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Medical — Wholesale Drug Distribution | 0.6 | |||
Office Automation & Equipment | 0.6 | |||
Platinum | 0.5 | |||
Distribution/Wholesale | 0.5 | |||
Chemicals — Diversified | 0.4 | |||
Finance — Mortgage Loan/Banker | 0.4 | |||
Photo Equipment & Supplies | 0.4 | |||
Motorcycle/Motor Scooter | 0.4 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Retail — Misc./Diversified | 0.3 | |||
Diamonds/Precious Stones | 0.2 | |||
Food — Misc./Diversified | 0.2 | |||
Rubber/Plastic Products | 0.2 | |||
Computer Services | 0.2 | |||
Metal Products — Distribution | 0.1 | |||
110.4 | % | |||
Country Allocation*
United Kingdom | 15.2 | % | ||
United States | 14.8 | |||
South Korea | 11.9 | |||
France | 10.6 | |||
Germany | 8.0 | |||
Switzerland | 6.7 | |||
Canada | 6.6 | |||
Japan | 6.5 | |||
Netherlands | 4.9 | |||
Cayman Islands | 3.7 | |||
China | 3.6 | |||
Jersey | 3.0 | |||
Italy | 2.5 | |||
Israel | 2.0 | |||
Bermuda | 1.2 | |||
Ireland | 1.2 | |||
Hong Kong | 1.1 | |||
Spain | 1.0 | |||
India | 1.0 | |||
Brazil | 0.7 | |||
Sweden | 0.7 | |||
Singapore | 0.7 | |||
Belgium | 0.7 | |||
Thailand | 0.7 | |||
Luxembourg | 0.5 | |||
Australia | 0.3 | |||
Taiwan | 0.3 | |||
Russia | 0.3 | |||
110.4% | ||||
* | Calculated as a percentage of net assets |
70 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.2% | ||||||||
Australia — 0.3% |
| |||||||
WorleyParsons, Ltd.# | 644,579 | $ | 2,703,726 | |||||
Belgium — 0.7% | ||||||||
UCB SA | 66,370 | 5,926,813 | ||||||
Bermuda — 1.2% |
| |||||||
Digital China Holdings, Ltd. | 3,635,000 | 4,149,088 | ||||||
First Pacific Co., Ltd. | 2,621,250 | 1,629,523 | ||||||
Kunlun Energy Co., Ltd.# | 3,448,000 | 3,019,549 | ||||||
Petra Diamonds, Ltd.# | 1,821,150 | 1,759,527 | ||||||
10,557,687 | ||||||||
Brazil — 0.7% |
| |||||||
BM&FBovespa SA | 2,096,300 | 6,160,489 | ||||||
Canada — 6.6% |
| |||||||
Barrick Gold Corp.# | 856,750 | 6,288,545 | ||||||
Cenovus Energy, Inc. | 518,100 | 7,666,072 | ||||||
Ensign Energy Services, Inc. | 718,600 | 3,879,671 | ||||||
HudBay Minerals, Inc. | 1,031,800 | 4,581,657 | ||||||
Precision Drilling Corp.# | 2,069,000 | 8,908,420 | ||||||
Silver Wheaton Corp. | 1,043,200 | 13,709,357 | ||||||
Suncor Energy, Inc. | 365,400 | 10,096,417 | ||||||
Trican Well Service, Ltd.†# | 1,059,900 | 515,882 | ||||||
55,646,021 | ||||||||
Cayman Islands — 3.7% |
| |||||||
GCL-Poly Energy Holdings, Ltd.†# | 56,955,000 | 10,798,271 | ||||||
Kingboard Chemical Holdings, Ltd. | 4,044,500 | 5,842,354 | ||||||
Springland International Holdings, Ltd. | 10,541,700 | 2,447,305 | ||||||
Trina Solar, Ltd. ADR†# | 1,219,582 | 11,768,966 | ||||||
30,856,896 | ||||||||
China — 3.6% |
| |||||||
China Life Insurance Co., Ltd. | 1,580,000 | 5,430,744 | ||||||
China Telecom Corp., Ltd. | 17,829,823 | 8,738,475 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 2,852,500 | 6,224,880 | ||||||
Sinopec Engineering Group Co., Ltd. | 5,880,000 | 4,535,065 | ||||||
Sinopharm Group Co., Ltd. | 1,218,800 | 5,116,682 | ||||||
30,045,846 | ||||||||
France — 10.6% |
| |||||||
AXA SA | 503,942 | 13,635,783 | ||||||
BNP Paribas SA | 353,230 | 20,940,536 | ||||||
Cie de Saint-Gobain | 190,100 | 8,401,560 | ||||||
Cie Generale des Etablissements Michelin | 109,590 | 10,988,213 | ||||||
Sanofi | 129,420 | 11,538,008 | ||||||
Societe Generale SA | 100,703 | 4,807,049 | ||||||
Technip SA | 202,710 | 10,625,132 | ||||||
TOTAL SA | 179,620 | 8,919,540 | ||||||
89,855,821 | ||||||||
Germany — 8.0% |
| |||||||
Bayer AG# | 78,400 | 10,461,871 | ||||||
Deutsche Boerse AG | 77,640 | 6,660,058 | ||||||
Deutsche Lufthansa AG†# | 466,720 | 6,689,076 | ||||||
Gerresheimer AG | 78,750 | 6,148,723 | ||||||
Kloeckner & Co. SE# | 47,480 | 406,637 | ||||||
Merck KGaA | 77,902 | 7,978,873 | ||||||
METRO AG# | 173,577 | 5,787,875 | ||||||
MorphoSys AG†# | 81,370 | 4,816,980 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 35,060 | 7,065,882 | ||||||
Siemens AG | 112,625 | 11,678,063 | ||||||
67,694,038 | ||||||||
Hong Kong — 1.1% |
| |||||||
China Mobile, Ltd. | 782,500 | 8,911,485 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
India — 1.0% |
| |||||||
Hero MotoCorp, Ltd. | 81,301 | $ | 3,278,874 | |||||
Jain Irrigation Systems, Ltd. | 1,609,577 | 1,617,908 | ||||||
LIC Housing Finance, Ltd. | 516,974 | 3,758,930 | ||||||
8,655,712 | ||||||||
Ireland — 1.2% |
| |||||||
CRH PLC | 352,760 | 10,379,931 | ||||||
Israel — 2.0% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 269,170 | 16,938,868 | ||||||
Italy — 2.5% |
| |||||||
Eni SpA | 524,979 | 8,552,956 | ||||||
UniCredit SpA | 2,106,054 | 12,360,712 | ||||||
20,913,668 | ||||||||
Japan — 6.5% |
| |||||||
Canon, Inc. | 169,000 | 5,101,576 | ||||||
ITOCHU Corp. | 840,200 | 10,251,668 | ||||||
Konica Minolta, Inc. | 335,900 | 3,530,907 | ||||||
Nissan Motor Co., Ltd.# | 1,604,000 | 17,128,010 | ||||||
SoftBank Group Corp. | 220,000 | 11,682,697 | ||||||
Toyota Motor Corp. | 109,200 | 6,792,400 | ||||||
54,487,258 | ||||||||
Jersey — 3.0% |
| |||||||
Glencore PLC | 8,097,310 | 11,794,123 | ||||||
Petrofac, Ltd.# | 1,071,650 | 13,315,590 | ||||||
25,109,713 | ||||||||
Luxembourg — 0.5% |
| |||||||
Subsea 7 SA†# | 546,769 | 4,350,597 | ||||||
Netherlands — 4.9% |
| |||||||
Aegon NV | 1,708,953 | 10,465,222 | ||||||
ING Groep NV CVA | 317,664 | 4,361,483 | ||||||
QIAGEN NV†# | 411,070 | 10,916,530 | ||||||
SBM Offshore NV†# | 1,083,110 | 15,219,982 | ||||||
40,963,217 | ||||||||
Norway — 0.0% |
| |||||||
Telenor ASA | 7,598 | 132,454 | ||||||
Russia — 0.3% |
| |||||||
Lukoil PJSC ADR (OTC) | 43,008 | 1,646,346 | ||||||
Lukoil PJSC ADR (LSE) | 13,510 | 520,541 | ||||||
2,166,887 | ||||||||
Singapore — 0.7% |
| |||||||
United Overseas Bank, Ltd.# | 436,300 | 5,997,559 | ||||||
South Korea — 11.9% |
| |||||||
Daewoo International Corp. | 183,090 | 3,027,653 | ||||||
Hana Financial Group, Inc. | 763,978 | 16,822,623 | ||||||
Hyundai Mobis Co., Ltd. | 45,365 | 9,773,816 | ||||||
Hyundai Motor Co. | 34,432 | 4,385,579 | ||||||
KB Financial Group, Inc. | 622,023 | 18,933,820 | ||||||
KIWOOM Securities Co., Ltd. | 68,423 | 3,462,362 | ||||||
Korea Investment Holdings Co., Ltd. | 130,228 | 6,151,264 | ||||||
Samsung Electronics Co., Ltd. | 34,003 | 37,701,181 | ||||||
100,258,298 | ||||||||
Spain — 1.0% |
| |||||||
Telefonica SA | 705,745 | 8,705,518 | ||||||
Telefonica SA ADR# | 859 | 10,540 | ||||||
8,716,058 | ||||||||
71 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Sweden — 0.7% |
| |||||||
Getinge AB, Class B | 239,574 | $ | 6,065,025 | |||||
Switzerland — 6.7% |
| |||||||
ABB, Ltd.# | 413,160 | 7,834,720 | ||||||
Basilea Pharmaceutica†# | 33,210 | 3,285,977 | ||||||
Credit Suisse Group AG# | 721,105 | 15,503,565 | ||||||
GAM Holding AG# | 186,050 | 3,227,868 | ||||||
Lonza Group AG† | 34,660 | 5,477,685 | ||||||
Roche Holding AG | 59,770 | 16,004,894 | ||||||
Swiss Re AG | 53,270 | 5,076,662 | ||||||
56,411,371 | ||||||||
Taiwan — 0.3% |
| |||||||
MediaTek, Inc. | 330,000 | 2,633,570 | ||||||
Thailand — 0.7% |
| |||||||
Bangkok Bank PCL NVDR | 1,195,200 | 5,585,826 | ||||||
United Kingdom — 15.2% |
| |||||||
Aberdeen Asset Management PLC# | 614,400 | 2,955,559 | ||||||
Aviva PLC | 1,227,958 | 9,459,815 | ||||||
BAE Systems PLC | 1,415,310 | 11,009,698 | ||||||
Barclays PLC | 2,147,540 | 7,219,198 | ||||||
BP PLC | 1,507,452 | 8,746,608 | ||||||
BP PLC ADR | 180 | 6,228 | ||||||
Carillion PLC# | 1,538,340 | 7,302,844 | ||||||
GlaxoSmithKline PLC | 610,401 | 12,461,441 | ||||||
HSBC Holdings PLC | 1,363,300 | 10,872,037 | ||||||
Johnson Matthey PLC | 88,540 | 3,773,805 | ||||||
Kingfisher PLC | 1,301,615 | 6,927,916 | ||||||
Marks & Spencer Group PLC | 1,753,350 | 13,269,611 | ||||||
Noble Corp. PLC# | 474,270 | 6,293,563 | ||||||
Royal Dutch Shell PLC, Class B | 268,205 | 6,673,143 | ||||||
Serco Group PLC†# | 830,748 | 1,382,563 | ||||||
Standard Chartered PLC | 566,680 | 4,755,569 | ||||||
Tesco PLC† | 4,895,470 | 12,327,760 | ||||||
Vodafone Group PLC | 957,821 | 3,234,970 | ||||||
128,672,328 | ||||||||
United States — 1.6% |
| |||||||
Halliburton Co. | 233,310 | 9,297,404 | ||||||
Stillwater Mining Co.† | 479,440 | 4,487,558 | ||||||
13,784,962 | ||||||||
Total Common Stocks | ||||||||
(cost $903,523,931) | 820,582,124 | |||||||
RIGHTS — 0.0% |
| |||||||
United Kingdom — 0.0% |
| |||||||
Standard Chartered PLC | ||||||||
(cost $0) | 161,908 | 221,904 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $903,523,931) | 820,804,028 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 13.2% |
| |||||||
Registered Investment Companies — 11.3% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | $ | 94,986,987 | $ | 94,986,987 | ||||
U.S. Government Agencies — 1.9% |
| |||||||
Federal Agricultural Mtg. Corp. | 6 | 12 | ||||||
Federal Home Loan Mtg. Corp. | 16,000,000 | 16,000,000 | ||||||
16,000,012 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $110,986,999) | 110,986,999 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $1,014,510,930)(3) | 110.4 | % | 931,791,027 | |||||
Liabilities in excess of other assets | (10.4 | ) | (87,846,851 | ) | ||||
NET ASSETS | 100.0 | % | $ | 843,944,176 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $91,374,767. This was secured by collateral of $94,986,987, which was received in cash and subsequently invested in short-term investments currently valued at $94,986,987 as reported in the Portfolio of Investments. Additional collateral of $2,560,608 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 3.50% | 05/1/2032 to 12/01/2041 | $ | 19,625 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 01/25/2032 to 07/25/2041 | 36,401 | |||||
Government National Mtg. Assoc. | 4.00% | 09/20/2044 | 693 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 01/31/2016 to 08/15/2044 | 2,503,889 |
(2) | The rate shown is the 7-day yield as of November 30, 2015. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
LSE—London Stock Exchange
NVDR—Non-Voting Depositary Receipt
OTC—Over The Counter US
PJSC—Public Joint Stock Company
72 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 820,582,124 | $ | — | $ | — | $ | 820,582,124 | ||||||||
Rights | 221,904 | — | — | 221,904 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 94,986,987 | — | — | 94,986,987 | ||||||||||||
U.S. Government Agencies | — | 16,000,012 | — | 16,000,012 | ||||||||||||
Total Investments at Value | $ | 915,791,015 | $ | 16,000,012 | $ | — | $ | 931,791,027 | ||||||||
* | 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 $689,604,102 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
73 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 71.8 | % | ||
Real Estate Operations & Development | 13.5 | |||
Real Estate Management/Services | 9.3 | |||
Registered Investment Companies | 1.9 | |||
Hotels/Motels | 1.9 | |||
Time Deposits | 1.2 | |||
Building — Residential/Commercial | 0.9 | |||
Retirement/Aged Care | 0.5 | |||
101.0 | % | |||
Country Allocation*
United States | 47.8 | % | ||
Japan | 12.3 | |||
United Kingdom | 6.8 | |||
Australia | 6.1 | |||
France | 6.0 | |||
Hong Kong | 5.5 | |||
Canada | 3.1 | |||
Singapore | 3.1 | |||
Germany | 2.4 | |||
Bermuda | 2.3 | |||
Spain | 1.3 | |||
Jersey | 1.0 | |||
Switzerland | 1.0 | |||
Netherlands | 0.7 | |||
Finland | 0.7 | |||
Sweden | 0.6 | |||
Norway | 0.3 | |||
101.0 | % | |||
* | Calculated as a percentage of net assets |
74 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.9% | ||||||||
Australia — 6.1% |
| |||||||
BGP Holdings PLC†(1)(2) | 479,213 | $ | 0 | |||||
Charter Hall Group | 1,214,314 | 3,925,519 | ||||||
GPT Group | 1,960,655 | 6,550,911 | ||||||
Mirvac Group | 6,250,073 | 8,429,901 | ||||||
Stockland | 1,283,086 | 3,711,712 | ||||||
Vicinity Centres | 2,510,602 | 4,920,460 | ||||||
Westfield Corp. | 380,804 | 2,643,816 | ||||||
30,182,319 | ||||||||
Bermuda — 2.3% |
| |||||||
Hongkong Land Holdings, Ltd. (OTC) | 1,700 | 12,121 | ||||||
Hongkong Land Holdings, Ltd. (SGX) | 1,203,300 | 8,411,067 | ||||||
Kerry Properties, Ltd. | 1,047,500 | 2,965,470 | ||||||
11,388,658 | ||||||||
Canada — 3.1% |
| |||||||
Allied Properties Real Estate Investment Trust | 67,923 | 1,665,714 | ||||||
Artis Real Estate Investment Trust | 129,654 | 1,305,812 | ||||||
Canadian Apartment Properties REIT | 50,972 | 1,013,371 | ||||||
Canadian Real Estate Investment Trust | 47,059 | 1,488,114 | ||||||
Granite Real Estate Investment Trust | 34,884 | 1,062,363 | ||||||
H&R Real Estate Investment Trust | 156,854 | 2,520,564 | ||||||
RioCan Real Estate Investment Trust | 202,032 | 3,865,302 | ||||||
Smart Real Estate Investment Trust | 98,709 | 2,365,261 | ||||||
15,286,501 | ||||||||
Finland — 0.7% |
| |||||||
Citycon OYJ | 1,304,263 | 3,329,293 | ||||||
France — 6.0% |
| |||||||
Fonciere Des Regions | 34,390 | 3,050,302 | ||||||
Klepierre | 261,544 | 11,871,319 | ||||||
Unibail-Rodamco SE (Euronext Amsterdam) | 40,960 | 10,520,462 | ||||||
Unibail-Rodamco SE (Euronext Paris) | 17,597 | 4,519,741 | ||||||
29,961,824 | ||||||||
Germany — 2.4% |
| |||||||
Deutsche Wohnen AG | 152,897 | 4,207,395 | ||||||
Vonovia SE | 253,551 | 7,858,530 | ||||||
12,065,925 | ||||||||
Hong Kong — 5.5% |
| |||||||
China Overseas Land & Investment, Ltd. | 856,000 | 2,842,863 | ||||||
Link REIT | 747,000 | 4,571,533 | ||||||
Sino Land Co., Ltd. | 3,236,958 | 4,776,042 | ||||||
Sun Hung Kai Properties, Ltd. | 1,247,504 | 15,462,166 | ||||||
27,652,604 | ||||||||
Japan — 12.3% |
| |||||||
Comforia Residential REIT, Inc. | 1,686 | 3,300,780 | ||||||
Japan Retail Fund Investment Corp. | 4,641 | 8,878,599 | ||||||
Mitsubishi Estate Co., Ltd.# | 828,000 | 17,417,595 | ||||||
Mitsui Fudosan Co., Ltd. | 589,000 | 14,851,795 | ||||||
Sekisui House, Ltd. | 273,100 | 4,617,853 | ||||||
Sumitomo Realty & Development Co., Ltd.# | 284,000 | 8,633,046 | ||||||
Top REIT, Inc. | 897 | 3,293,615 | ||||||
60,993,283 | ||||||||
Jersey — 1.0% |
| |||||||
Kennedy Wilson Europe Real Estate PLC | 281,674 | 5,158,624 | ||||||
Netherlands — 0.7% |
| |||||||
Wereldhave NV | 64,019 | 3,580,146 | ||||||
Norway — 0.3% |
| |||||||
Entra ASA* | 168,061 | 1,406,866 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Singapore — 3.1% |
| |||||||
City Developments, Ltd. | 939,900 | $ | 4,890,905 | |||||
Fortune Real Estate Investment Trust | 4,519,000 | 4,551,959 | ||||||
Mapletree Greater China Commercial Trust | 6,447,800 | 4,205,435 | ||||||
OUE Commercial Real Estate Investment Trust | 3,207,540 | 1,569,035 | ||||||
15,217,334 | ||||||||
Spain — 1.3% |
| |||||||
Merlin Properties Socimi SA | 522,894 | 6,513,545 | ||||||
Sweden — 0.6% |
| |||||||
Hufvudstaden AB, Class A | 235,429 | 3,258,075 | ||||||
Switzerland — 1.0% |
| |||||||
PSP Swiss Property AG | 60,510 | 5,019,710 | ||||||
United Kingdom — 6.8% |
| |||||||
Big Yellow Group PLC | 485,336 | 5,825,783 | ||||||
British Land Co. PLC | 699,606 | 8,787,657 | ||||||
Derwent London PLC | 129,389 | 7,346,698 | ||||||
Hammerson PLC | 781,936 | 7,189,694 | ||||||
Helical Bar PLC | 248,013 | 1,695,836 | ||||||
UNITE Group PLC | 281,166 | 2,854,146 | ||||||
33,699,814 | ||||||||
United States — 44.7% |
| |||||||
American Campus Communities, Inc. | 116,237 | 4,695,975 | ||||||
American Homes 4 Rent, Class A | 117,061 | 1,964,284 | ||||||
American Tower Corp. | 108,697 | 10,802,308 | ||||||
AvalonBay Communities, Inc. | 80,613 | 14,654,637 | ||||||
Boston Properties, Inc. | 53,705 | 6,712,588 | ||||||
Brandywine Realty Trust | 84,528 | 1,163,105 | ||||||
Brixmor Property Group, Inc. | 295,744 | 7,426,132 | ||||||
Brookdale Senior Living, Inc.† | 109,050 | 2,451,444 | ||||||
Camden Property Trust | 62,506 | 4,774,208 | ||||||
Care Capital Properties, Inc. | 109,926 | 3,479,158 | ||||||
CoreSite Realty Corp. | 12,592 | 737,513 | ||||||
Cousins Properties, Inc. | 409,000 | 4,020,470 | ||||||
Crown Castle International Corp. | 106,668 | 9,163,848 | ||||||
CyrusOne, Inc. | 93,128 | 3,367,508 | ||||||
DiamondRock Hospitality Co. | 309,627 | 3,446,149 | ||||||
Empire State Realty Trust, Inc., Class A | 287,069 | 5,279,199 | ||||||
Equinix, Inc. | 21,449 | 6,359,629 | ||||||
Equity LifeStyle Properties, Inc. | 6,815 | 425,120 | ||||||
Essex Property Trust, Inc. | 9,794 | 2,260,357 | ||||||
Extra Space Storage, Inc. | 59,661 | 4,996,609 | ||||||
Federal Realty Investment Trust | 36,201 | 5,304,171 | ||||||
First Industrial Realty Trust, Inc. | 91,476 | 2,090,227 | ||||||
General Growth Properties, Inc. | 186,300 | 4,745,061 | ||||||
HCP, Inc. | 146,980 | 5,222,199 | ||||||
Healthcare Realty Trust, Inc. | 219,036 | 5,955,589 | ||||||
Healthcare Trust of America, Inc., Class A | 160,303 | 4,185,511 | ||||||
Hilton Worldwide Holdings, Inc. | 182,767 | 4,243,850 | ||||||
Hudson Pacific Properties, Inc. | 146,823 | 4,209,415 | ||||||
InfraREIT, Inc. | 56,500 | 1,139,605 | ||||||
Kilroy Realty Corp. | 52,022 | 3,471,428 | ||||||
LaSalle Hotel Properties | 49,700 | 1,402,037 | ||||||
Mid-America Apartment Communities, Inc. | 59,408 | 5,261,172 | ||||||
Prologis, Inc. | 206,250 | 8,817,187 | ||||||
Public Storage | 28,135 | 6,754,088 | ||||||
QTS Realty Trust, Inc., Class A | 46,103 | 1,946,469 | ||||||
Realty Income Corp.# | 87,157 | 4,324,730 | ||||||
Retail Opportunity Investments Corp. | 213,334 | 3,901,879 | ||||||
Rexford Industrial Realty, Inc. | 124,484 | 2,005,437 | ||||||
RLJ Lodging Trust | 52,000 | 1,268,800 | ||||||
Simon Property Group, Inc. | 104,273 | 19,419,804 | ||||||
Sunstone Hotel Investors, Inc. | 126,178 | 1,852,293 |
75 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) |
| |||||||
Terreno Realty Corp. | 10,423 | $ | 236,081 | |||||
Ventas, Inc. | 59,926 | 3,196,453 | ||||||
Vornado Realty Trust | 57,700 | 5,583,052 | ||||||
Washington Real Estate Investment Trust | 119,896 | 3,298,339 | ||||||
Weingarten Realty Investors | 176,377 | 6,166,140 | ||||||
Weyerhaeuser Co. | 248,990 | 8,010,008 | ||||||
222,191,266 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $478,055,079) | 486,905,787 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.1% |
| |||||||
Registered Investment Companies — 1.9% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | 5,611,586 | 5,611,586 | ||||||
SSgA U.S. Government Money Market Fund | 3,918,980 | 3,918,980 | ||||||
9,530,566 | ||||||||
Time Deposits — 1.2% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015 | $ | 5,926,000 | 5,926,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $15,456,566) | 15,456,566 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $493,511,645)(5) | 101.0 | % | 502,362,353 | |||||
Liabilities in excess of other assets | (1.0 | ) | (4,892,698 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 497,469,655 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $1,406,866 representing 0.3% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(2) | Illiquid security. At November 30, 2015, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(3) | At November 30, 2015, the Fund had loaned securities with a total value of $5,378,285. This was secured by collateral of $5,611,586, which was received in cash and subsequently invested in short-term investments currently valued at $5,611,586 as reported in the Portfolio of Investments. |
(4) | The rate shown is the 7-day yield as of November 30, 2015. |
(5) | 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
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 30,182,319 | $ | — | $ | 0 | $ | 30,182,319 | ||||||||
Other Countries | 456,723,468 | — | — | 456,723,468 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 9,530,566 | — | — | 9,530,566 | ||||||||||||
Time Deposits | — | 5,926,000 | — | 5,926,000 | ||||||||||||
Total Investments at Value | $ | 496,436,353 | $ | 5,926,000 | $ | 0 | $ | 502,362,353 | ||||||||
* | 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 $229,274,304 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
76 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 6.1 | % | ||
Banks — Commercial | 4.3 | |||
Real Estate Investment Trusts | 3.1 | |||
Insurance — Multi-line | 2.6 | |||
Insurance — Life/Health | 2.5 | |||
Time Deposits | 2.2 | |||
Telephone — Integrated | 2.2 | |||
Food — Misc./Diversified | 2.2 | |||
Medical — Biomedical/Gene | 2.1 | |||
Applications Software | 2.0 | |||
Cosmetics & Toiletries | 1.8 | |||
Electronic Components — Semiconductors | 1.7 | |||
Insurance — Property/Casualty | 1.6 | |||
Multimedia | 1.6 | |||
Finance — Credit Card | 1.6 | |||
Cable/Satellite TV | 1.6 | |||
Web Portals/ISP | 1.5 | |||
Transport — Rail | 1.4 | |||
Auto — Cars/Light Trucks | 1.3 | |||
Insurance — Reinsurance | 1.2 | |||
Chemicals — Diversified | 1.1 | |||
Registered Investment Companies | 1.1 | |||
Commercial Services — Finance | 1.1 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
E-Commerce/Products | 1.0 | |||
Banks — Super Regional | 1.0 | |||
Retail — Discount | 1.0 | |||
Pipelines | 1.0 | |||
Data Processing/Management | 0.9 | |||
Transport — Services | 0.9 | |||
Medical — HMO | 0.9 | |||
Diversified Banking Institutions | 0.9 | |||
Beverages — Non-alcoholic | 0.9 | |||
Chemicals — Specialty | 0.9 | |||
Retail — Building Products | 0.9 | |||
Finance — Other Services | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Networking Products | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Computer Services | 0.7 | |||
Consumer Products — Misc. | 0.7 | |||
Oil — Field Services | 0.7 | |||
Retail — Drug Store | 0.7 | |||
Oil Refining & Marketing | 0.7 | |||
Medical Products | 0.7 | |||
Building & Construction Products — Misc. | 0.7 | |||
Internet Content — Entertainment | 0.6 | |||
Retail — Restaurants | 0.6 | |||
Food — Retail | 0.6 | |||
Real Estate Operations & Development | 0.6 | |||
Electric Products — Misc. | 0.6 | |||
Industrial Gases | 0.6 | |||
Banks — Fiduciary | 0.6 | |||
Retail — Apparel/Shoe | 0.5 | |||
Commercial Services | 0.5 | |||
Electric — Integrated | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Electronic Components — Misc. | 0.5 | |||
Investment Companies | 0.5 | |||
Advertising Agencies | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Telecom Services | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Real Estate Management/Services | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.4 | |||
Gas — Distribution | 0.4 |
Medical Instruments | 0.4 | |||
Television | 0.4 | |||
Diagnostic Equipment | 0.4 | |||
Computers — Memory Devices | 0.4 | |||
Athletic Footwear | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Hotels/Motels | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Water | 0.4 | |||
Machinery — Electrical | 0.4 | |||
Medical — Generic Drugs | 0.4 | |||
Machinery — Farming | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Instruments — Scientific | 0.3 | |||
Oil Field Machinery & Equipment | 0.3 | |||
Human Resources | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Soap & Cleaning Preparation | 0.3 | |||
Consulting Services | 0.3 | |||
Pharmacy Services | 0.3 | |||
Rubber — Tires | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Diversified Operations/Commercial Services | 0.3 | |||
Import/Export | 0.3 | |||
Toys | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Dialysis Centers | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Office Automation & Equipment | 0.3 | |||
Computer Aided Design | 0.2 | |||
Airport Development/Maintenance | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Food — Catering | 0.2 | |||
Satellite Telecom | 0.2 | |||
Gold Mining | 0.2 | |||
Oil Companies — Integrated | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Building Products — Cement | 0.2 | |||
Retail — Jewelry | 0.2 | |||
Insurance Brokers | 0.2 | |||
Wireless Equipment | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Non — Hazardous Waste Disposal | 0.2 | |||
Electronic Forms | 0.2 | |||
Audio/Video Products | 0.2 | |||
Entertainment Software | 0.2 | |||
Food — Confectionery | 0.2 | |||
Agricultural Operations | 0.2 | |||
Private Equity | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Electric — Transmission | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Advertising Services | 0.2 | |||
Savings & Loans/Thrifts | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Office Supplies & Forms | 0.2 | |||
Internet Security | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Machinery — General Industrial | 0.1 | |||
Cellular Telecom | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Steel — Producers | 0.1 | |||
Rental Auto/Equipment | 0.1 |
77 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Security Services | 0.1 | % | ||
Medical Labs & Testing Services | 0.1 | |||
Coatings/Paint | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Retail — Catalog Shopping | 0.1 | |||
Transport — Truck | 0.1 | |||
Optical Supplies | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Paper & Related Products | 0.1 | |||
Medical Information Systems | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Computers | 0.1 | |||
Home Decoration Products | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Metal — Copper | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Transactional Software | 0.1 | |||
Food — Baking | 0.1 | |||
Printing — Commercial | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Retail — Bedding | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Aerospace/Defense | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
100.9 | % | |||
Country Allocation*
United States | 56.2 | % | ||
Japan | 8.9 | |||
United Kingdom | 6.5 | |||
Canada | 4.0 | |||
France | 3.9 | |||
Switzerland | 3.6 | |||
Germany | 2.8 | |||
Australia | 2.2 | |||
Ireland | 1.4 | |||
Netherlands | 1.4 | |||
Hong Kong | 1.4 | |||
Sweden | 1.3 | |||
Spain | 1.0 | |||
Singapore | 0.8 | |||
Denmark | 0.8 | |||
Italy | 0.7 | |||
Jersey | 0.7 | |||
Finland | 0.6 | |||
Belgium | 0.5 | |||
Bermuda | 0.4 | |||
Luxembourg | 0.4 | |||
Cayman Islands | 0.3 | |||
New Zealand | 0.3 | |||
Israel | 0.3 | |||
Curacao | 0.2 | |||
Norway | 0.2 | |||
Portugal | 0.1 | |||
100.9 | % | |||
* | Calculated as a percentage of net assets |
78 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.3% | ||||||||
Australia — 2.2% | ||||||||
Amcor, Ltd. | 22,626 | $ | 221,229 | |||||
APA Group | 49,311 | 317,389 | ||||||
Asciano, Ltd. | 11,776 | 72,815 | ||||||
ASX, Ltd. | 15,070 | 451,094 | ||||||
Aurizon Holdings, Ltd. | 54,552 | 219,748 | ||||||
Australia & New Zealand Banking Group, Ltd. | 14,439 | 283,508 | ||||||
BGP Holdings PLC†(1)(2) | 60,919 | 0 | ||||||
Caltex Australia, Ltd. | 2,247 | 55,771 | ||||||
Commonwealth Bank of Australia | 9,931 | 570,474 | ||||||
Computershare, Ltd. | 21,594 | 181,936 | ||||||
CSL, Ltd. | 5,187 | 375,537 | ||||||
Dexus Property Group | 63,132 | 350,646 | ||||||
Flight Centre Travel Group, Ltd. | 3,452 | 89,824 | ||||||
Goodman Group | 24,735 | 109,477 | ||||||
GPT Group | 103,827 | 346,905 | ||||||
Harvey Norman Holdings, Ltd. | 8,377 | 24,718 | ||||||
Iluka Resources, Ltd. | 6,051 | 25,162 | ||||||
Insurance Australia Group, Ltd. | 93,362 | 374,058 | ||||||
National Australia Bank, Ltd. | 15,693 | 333,552 | ||||||
Newcrest Mining, Ltd.† | 11,637 | 91,817 | ||||||
QBE Insurance Group, Ltd. | 19,550 | 176,308 | ||||||
Ramsay Health Care, Ltd. | 6,273 | 304,181 | ||||||
Scentre Group | 70,481 | 203,887 | ||||||
SEEK, Ltd. | 6,309 | 63,330 | ||||||
Sonic Healthcare, Ltd. | 6,155 | 90,495 | ||||||
Stockland | 80,658 | 233,328 | ||||||
Sydney Airport | 38,727 | 184,849 | ||||||
Transurban Group | 93,111 | 698,294 | ||||||
Vicinity Centres | 188,223 | 368,893 | ||||||
Wesfarmers, Ltd. | 5,189 | 142,940 | ||||||
Westfield Corp. | 35,582 | 247,036 | ||||||
Westpac Banking Corp. | 28,902 | 671,997 | ||||||
Woodside Petroleum, Ltd. | 15,244 | 331,947 | ||||||
WorleyParsons, Ltd. | 10,937 | 45,876 | ||||||
8,259,021 | ||||||||
Belgium — 0.5% | ||||||||
Ageas | 5,216 | 228,181 | ||||||
Colruyt SA | 705 | 34,934 | ||||||
Delhaize Group | 2,344 | 234,852 | ||||||
Groupe Bruxelles Lambert SA | 5,139 | 422,261 | ||||||
KBC Groep NV | 2,444 | 145,895 | ||||||
Proximus SADP | 11,201 | 370,003 | ||||||
Telenet Group Holding NV† | 1,643 | 89,729 | ||||||
UCB SA | 1,624 | 145,023 | ||||||
Umicore SA | 6,908 | 285,705 | ||||||
1,956,583 | ||||||||
Bermuda — 0.4% | ||||||||
Arch Capital Group, Ltd.† | 5,140 | 372,496 | ||||||
Bunge, Ltd. | 3,331 | 221,878 | ||||||
Everest Re Group, Ltd. | 2,701 | 498,172 | ||||||
Li & Fung, Ltd. | 176,000 | 120,535 | ||||||
Marvell Technology Group, Ltd. | 8,992 | 79,669 | ||||||
NWS Holdings, Ltd. | 108,000 | 152,386 | ||||||
RenaissanceRe Holdings, Ltd. | 2,025 | 224,289 | ||||||
1,669,425 | ||||||||
British Virgin Islands — 0.0% | ||||||||
Michael Kors Holdings, Ltd.† | 3,143 | 135,212 | ||||||
Canada — 4.0% | ||||||||
Agnico Eagle Mines, Ltd. | 3,785 | 100,559 | ||||||
Agrium, Inc. | 3,330 | 328,748 | ||||||
Alimentation Couche-Tard, Inc., Class B | 3,553 | 161,973 | ||||||
AltaGas, Ltd. | 11,471 | 268,855 |
Security Description | Shares | Value (Note 2) | ||||||
Canada (continued) | ||||||||
ARC Resources, Ltd. | 19,368 | $ | 265,404 | |||||
Atco, Ltd., Class I | 300 | 8,105 | ||||||
Bank of Nova Scotia | 7,448 | 339,592 | ||||||
BCE, Inc. | 9,210 | 396,414 | ||||||
BlackBerry, Ltd.† | 5,296 | 42,116 | ||||||
Brookfield Asset Management, Inc., Class A | 14,200 | 487,529 | ||||||
Canadian Natural Resources, Ltd. | 8,221 | 199,084 | ||||||
Canadian Oil Sands, Ltd. | 17,613 | 112,896 | ||||||
Canadian Pacific Railway, Ltd. | 1,841 | 271,425 | ||||||
Canadian Tire Corp., Ltd., Class A | 2,465 | 230,949 | ||||||
Canadian Utilities, Ltd., Class A | 1,500 | 36,639 | ||||||
CGI Group, Inc., Class A† | 5,081 | 221,168 | ||||||
CI Financial Corp. | 13,200 | 313,728 | ||||||
Dollarama, Inc. | 5,839 | 390,447 | ||||||
Empire Co., Ltd., Class A | 16,200 | 323,163 | ||||||
Encana Corp. | 13,119 | 109,239 | ||||||
Enerplus Corp. | 34,556 | 169,746 | ||||||
Fairfax Financial Holdings, Ltd. | 849 | 407,618 | ||||||
First Capital Realty, Inc. | 29,984 | 439,842 | ||||||
First Quantum Minerals, Ltd. | 12,273 | 44,664 | ||||||
Fortis, Inc. | 8,562 | 236,450 | ||||||
Franco-Nevada Corp. | 3,700 | 177,845 | ||||||
Gildan Activewear, Inc. | 2,800 | 86,865 | ||||||
Great-West Lifeco, Inc. | 22,215 | 603,678 | ||||||
IGM Financial, Inc. | 10,180 | 290,204 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 4,186 | 141,994 | ||||||
Intact Financial Corp. | 8,048 | 536,473 | ||||||
Inter Pipeline, Ltd. | 10,505 | 182,655 | ||||||
Kinross Gold Corp.† | 37,736 | 73,751 | ||||||
Loblaw Cos., Ltd. | 378 | 19,083 | ||||||
Manulife Financial Corp. | 31,548 | 519,244 | ||||||
Methanex Corp. | 3,571 | 140,278 | ||||||
Metro, Inc., Class A | 18,754 | 540,102 | ||||||
Onex Corp. | 3,661 | 225,453 | ||||||
Open Text Corp. | 2,900 | 140,890 | ||||||
Paramount Resources, Ltd., Class A† | 6,255 | 41,873 | ||||||
Pembina Pipeline Corp. | 10,586 | 242,960 | ||||||
Peyto Exploration & Development Corp. | 2,594 | 52,737 | ||||||
Potash Corp. of Saskatchewan, Inc. | 9,352 | 189,288 | ||||||
Power Corp. of Canada | 15,066 | 353,452 | ||||||
Power Financial Corp. | 11,025 | 279,949 | ||||||
RioCan Real Estate Investment Trust | 7,948 | 152,062 | ||||||
Royal Bank of Canada | 14,367 | 818,482 | ||||||
Saputo, Inc. | 18,582 | 454,862 | ||||||
Shaw Communications, Inc., Class B | 29,396 | 610,174 | ||||||
Silver Wheaton Corp. | 4,633 | 60,885 | ||||||
Sun Life Financial, Inc. | 8,746 | 288,423 | ||||||
Teck Resources, Ltd., Class B | 11,201 | 47,641 | ||||||
Thomson Reuters Corp. | 14,735 | 595,932 | ||||||
Toronto-Dominion Bank | 17,230 | 703,676 | ||||||
Tourmaline Oil Corp.† | 4,024 | 76,506 | ||||||
TransAlta Corp. | 21,885 | 88,002 | ||||||
Turquoise Hill Resources, Ltd.† | 30,905 | 81,460 | ||||||
Valeant Pharmaceuticals International, Inc.† | 4,200 | 378,502 | ||||||
Vermilion Energy, Inc. | 4,907 | 146,940 | ||||||
15,248,674 | ||||||||
Cayman Islands — 0.3% | ||||||||
ASM Pacific Technology, Ltd. | 2,600 | 19,734 | ||||||
Cheung Kong Property Holdings, Ltd. | 49,808 | 324,732 | ||||||
CK Hutchison Holdings, Ltd. | 49,808 | 651,392 | ||||||
WH Group, Ltd.†* | 37,000 | 19,184 | ||||||
1,015,042 | ||||||||
79 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Curacao — 0.2% | ||||||||
Schlumberger, Ltd. | 10,780 | $ | 831,677 | |||||
Denmark — 0.8% | ||||||||
Coloplast A/S, Class B | 3,615 | 293,355 | ||||||
Danske Bank A/S | 5,872 | 157,589 | ||||||
DSV A/S | 8,768 | 340,982 | ||||||
Novo Nordisk A/S, Class B | 24,237 | 1,335,240 | ||||||
Pandora A/S | 1,457 | 172,709 | ||||||
TDC A/S | 41,179 | 216,304 | ||||||
Tryg A/S | 15,617 | 304,110 | ||||||
Vestas Wind Systems A/S | 2,104 | 137,276 | ||||||
William Demant Holding A/S† | 1,866 | 179,173 | ||||||
3,136,738 | ||||||||
Finland — 0.6% | ||||||||
Elisa Oyj | 18,249 | 679,847 | ||||||
Kone OYJ, Class B | 372 | 15,875 | ||||||
Metso Oyj | 5,521 | 137,080 | ||||||
Nokia OYJ | 46,433 | 335,317 | ||||||
Nokian Renkaat Oyj | 6,498 | 255,052 | ||||||
Orion Oyj, Class B | 10,190 | 340,321 | ||||||
Sampo Oyj, Class A | 11,249 | 557,650 | ||||||
2,321,142 | ||||||||
France — 3.9% | ||||||||
Accor SA | 4,516 | 190,569 | ||||||
Aeroports de Paris | 2,815 | 318,833 | ||||||
Air Liquide SA | 4,183 | 510,458 | ||||||
Alcatel-Lucent† | 39,757 | 156,596 | ||||||
Arkema SA | 1,586 | 114,265 | ||||||
Atos SE | 2,660 | 217,780 | ||||||
AXA SA | 24,468 | 662,061 | ||||||
Bureau Veritas SA | 12,706 | 261,711 | ||||||
Cap Gemini SA | 2,743 | 253,064 | ||||||
Carrefour SA | 5,341 | 164,664 | ||||||
Casino Guichard Perrachon SA | 2,889 | 165,194 | ||||||
Christian Dior SE | 179 | 32,756 | ||||||
Cie de Saint-Gobain | 5,254 | 232,203 | ||||||
Cie Generale des Etablissements Michelin | 687 | 68,883 | ||||||
CNP Assurances | 14,412 | 200,692 | ||||||
Credit Agricole SA | 15,833 | 191,038 | ||||||
Danone SA | 3,730 | 261,402 | ||||||
Dassault Systemes | 5,876 | 467,670 | ||||||
Edenred | 3,686 | 76,389 | ||||||
Essilor International SA | 2,939 | 383,647 | ||||||
Eutelsat Communications SA | 5,255 | 156,849 | ||||||
Fonciere Des Regions | 1,988 | 176,330 | ||||||
Gecina SA | 2,109 | 254,691 | ||||||
Groupe Eurotunnel SE | 3,102 | 39,640 | ||||||
Hermes International | 198 | 69,715 | ||||||
ICADE | 2,281 | 160,939 | ||||||
Iliad SA | 726 | 161,925 | ||||||
Imerys SA | 2,842 | 192,624 | ||||||
Kering | 1,881 | 325,034 | ||||||
Klepierre | 8,921 | 404,919 | ||||||
L’Oreal SA | 5,556 | 983,844 | ||||||
Lagardere SCA | 9,463 | 279,248 | ||||||
Legrand SA | 5,384 | 316,734 | ||||||
Natixis SA | 7,978 | 48,383 | ||||||
Numericable-SFR SAS† | 851 | 36,437 | ||||||
Orange SA | 26,039 | 450,088 | ||||||
Peugeot SA† | 5,397 | 96,424 | ||||||
Publicis Groupe SA | 4,461 | 281,476 | ||||||
Renault SA | 2,174 | 219,381 | ||||||
Sanofi | 16,241 | 1,447,912 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) | ||||||||
Schneider Electric SE | 4,708 | $ | 298,454 | |||||
SCOR SE | 8,324 | 326,460 | ||||||
Societe BIC SA | 1,493 | 245,606 | ||||||
Societe Generale SA | 9,209 | 439,591 | ||||||
Sodexo SA | 5,101 | 504,238 | ||||||
Suez Environnement Co. | 3,699 | 70,132 | ||||||
Technip SA | 3,050 | 159,867 | ||||||
Unibail-Rodamco SE | 1,363 | 350,083 | ||||||
Valeo SA | 1,110 | 171,869 | ||||||
Vallourec SA | 6,203 | 63,794 | ||||||
Veolia Environnement SA | 10,211 | 244,789 | ||||||
Vivendi SA | 16,981 | 357,570 | ||||||
Wendel SA | 1,469 | 175,074 | ||||||
Zodiac Aerospace | 7,009 | 189,799 | ||||||
14,629,794 | ||||||||
Germany — 2.8% | ||||||||
Allianz SE | 5,828 | 1,032,317 | ||||||
BASF SE | 10,356 | 857,167 | ||||||
Bayerische Motoren Werke AG | 4,892 | 533,921 | ||||||
Beiersdorf AG | 7,692 | 716,312 | ||||||
Brenntag AG | 5,411 | 295,626 | ||||||
Commerzbank AG† | 12,708 | 139,905 | ||||||
Continental AG | 1,377 | 332,729 | ||||||
Deutsche Bank AG | 17,605 | 452,087 | ||||||
Deutsche Boerse AG | 2,904 | 249,109 | ||||||
Deutsche Post AG | 11,385 | 332,777 | ||||||
Deutsche Telekom AG | 37,209 | 686,211 | ||||||
Deutsche Wohnen AG (BR) | 4,878 | 134,232 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 2,932 | 179,332 | ||||||
Fresenius Medical Care AG & Co. KGaA | 3,106 | 256,624 | ||||||
Fresenius SE & Co. KGaA | 4,930 | 361,959 | ||||||
FUCHS PETROLUB SE (Preference Shares) | 5,308 | 251,386 | ||||||
Hannover Rueck SE | 2,979 | 348,581 | ||||||
Infineon Technologies AG | 13,282 | 196,884 | ||||||
K+S AG | 4,668 | 132,867 | ||||||
LANXESS AG | 2,845 | 144,884 | ||||||
Linde AG | 1,471 | 256,829 | ||||||
Merck KGaA | 3,656 | 374,455 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3,369 | 678,978 | ||||||
OSRAM Licht AG | 2,709 | 114,373 | ||||||
ProSiebenSat.1 Media SE | 613 | 32,189 | ||||||
SAP SE | 13,777 | 1,085,738 | ||||||
Telefonica Deutschland Holding AG | 39,082 | 219,715 | ||||||
United Internet AG | 1,148 | 61,192 | ||||||
10,458,379 | ||||||||
Hong Kong — 1.4% | ||||||||
AIA Group, Ltd. | 174,800 | 1,046,079 | ||||||
Bank of East Asia, Ltd. | 76,000 | 275,929 | ||||||
BOC Hong Kong Holdings, Ltd. | 55,500 | 171,437 | ||||||
Hang Lung Properties, Ltd. | 77,000 | 181,738 | ||||||
Hang Seng Bank, Ltd. | 17,700 | 320,741 | ||||||
Henderson Land Development Co., Ltd. | 21,990 | 135,710 | ||||||
HKT Trust & HKT, Ltd. | 117,000 | 146,675 | ||||||
Hong Kong & China Gas Co., Ltd. | 336,760 | 664,533 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 32,400 | 845,786 | ||||||
Link REIT | 62,500 | 382,491 | ||||||
New World Development Co., Ltd. | 54,000 | 54,046 | ||||||
Sino Land Co., Ltd. | 148,000 | 218,370 | ||||||
Sun Hung Kai Properties, Ltd. | 13,000 | 161,128 | ||||||
Swire Pacific, Ltd., Class A | 12,000 | 131,941 | ||||||
Swire Properties, Ltd. | 17,800 | 51,540 |
80 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Hong Kong (continued) | ||||||||
Techtronic Industries Co., Ltd. | 23,500 | $ | 95,625 | |||||
Wharf Holdings, Ltd. | 27,000 | 154,267 | ||||||
Wheelock & Co., Ltd. | 18,000 | 77,772 | ||||||
5,115,808 | ||||||||
Ireland — 1.4% | ||||||||
Accenture PLC, Class A | 8,675 | 930,134 | ||||||
Allergan PLC† | 5,414 | 1,699,401 | ||||||
Bank of Ireland† | 369,127 | 137,670 | ||||||
CRH PLC | 8,730 | 256,879 | ||||||
Endo International PLC† | 3,057 | 187,944 | ||||||
Jazz Pharmaceuticals PLC† | 849 | 124,455 | ||||||
Kerry Group PLC, Class A | 7,279 | 587,487 | ||||||
Mallinckrodt PLC† | 1,502 | 102,001 | ||||||
Pentair PLC | 4,813 | 272,897 | ||||||
Perrigo Co. PLC | 1,411 | 210,789 | ||||||
Seagate Technology PLC | 3,162 | 113,642 | ||||||
Tyco International PLC | 3,698 | 130,576 | ||||||
Weatherford International PLC† | 28,269 | 305,588 | ||||||
XL Group PLC | 10,099 | 385,580 | ||||||
5,445,043 | ||||||||
Israel — 0.3% | ||||||||
Israel Chemicals, Ltd. | 4,566 | 22,962 | ||||||
Israel Corp., Ltd. | 232 | 51,529 | ||||||
NICE-Systems, Ltd. | 4,159 | 252,663 | ||||||
Teva Pharmaceutical Industries, Ltd. | 10,394 | 636,546 | ||||||
963,700 | ||||||||
Italy — 0.7% | ||||||||
Assicurazioni Generali SpA | 34,830 | 662,393 | ||||||
Atlantia SpA | 7,576 | 200,111 | ||||||
Banca Monte dei Paschi di Siena SpA† | 1,405 | 2,206 | ||||||
Banco Popolare SC† | 5,225 | 75,355 | ||||||
EXOR SpA | 4,122 | 184,743 | ||||||
Intesa Sanpaolo SpA | 146,572 | 502,987 | ||||||
Intesa Sanpaolo SpA RSP | 1,177 | 3,698 | ||||||
Luxottica Group SpA | 2,513 | 168,068 | ||||||
Mediobanca SpA | 7,402 | 70,933 | ||||||
Telecom Italia SpA† | 123,283 | 159,432 | ||||||
Terna Rete Elettrica Nazionale SpA | 60,973 | 300,202 | ||||||
UniCredit SpA | 51,665 | 303,229 | ||||||
Unione di Banche Italiane SpA | 14,564 | 99,096 | ||||||
UnipolSai SpA | 9,928 | 25,615 | ||||||
2,758,068 | ||||||||
Japan — 8.9% | ||||||||
ABC-Mart, Inc. | 200 | 10,885 | ||||||
Acom Co., Ltd.† | 10,000 | 49,634 | ||||||
Advantest Corp. | 2,600 | 23,613 | ||||||
Aeon Co., Ltd. | 26,600 | 412,721 | ||||||
AEON Financial Service Co., Ltd. | 7,200 | 165,875 | ||||||
Aeon Mall Co., Ltd. | 1,300 | 22,336 | ||||||
Air Water, Inc. | 2,000 | 32,461 | ||||||
Ajinomoto Co., Inc. | 11,000 | 252,214 | ||||||
Alfresa Holdings Corp. | 700 | 13,875 | ||||||
Amada Holdings Co., Ltd. | 12,000 | 118,148 | ||||||
ANA Holdings, Inc. | 20,000 | 56,296 | ||||||
Aozora Bank, Ltd. | 33,000 | 116,344 | ||||||
Asahi Glass Co., Ltd. | 44,000 | 258,781 | ||||||
Asahi Kasei Corp. | 20,000 | 136,816 | ||||||
Asics Corp. | 1,900 | 43,402 | ||||||
Astellas Pharma, Inc. | 32,800 | 461,891 | ||||||
Bank of Yokohama, Ltd. | 32,000 | 188,335 | ||||||
Bridgestone Corp. | 7,800 | 277,530 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
Brother Industries, Ltd. | 3,500 | $ | 41,881 | |||||
Calbee, Inc. | 1,500 | 62,023 | ||||||
Canon, Inc. | 17,600 | 531,288 | ||||||
Casio Computer Co., Ltd. | 3,700 | 81,604 | ||||||
Central Japan Railway Co. | 1,900 | 339,330 | ||||||
Chiba Bank, Ltd. | 44,000 | 303,461 | ||||||
Chubu Electric Power Co., Inc. | 9,100 | 125,559 | ||||||
Chugai Pharmaceutical Co., Ltd. | 3,500 | 122,258 | ||||||
Citizen Holdings Co., Ltd. | 3,800 | 28,091 | ||||||
Credit Saison Co., Ltd. | 4,900 | 92,507 | ||||||
Dai Nippon Printing Co., Ltd. | 9,000 | 87,953 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 14,100 | 243,972 | ||||||
Daikin Industries, Ltd. | 2,200 | 154,590 | ||||||
Daito Trust Construction Co., Ltd. | 1,300 | 135,069 | ||||||
Daiwa House Industry Co., Ltd. | 9,500 | 264,626 | ||||||
Daiwa Securities Group, Inc. | 27,000 | 174,656 | ||||||
Denso Corp. | 3,200 | 152,669 | ||||||
Don Quijote Holdings Co., Ltd. | 1,900 | 75,244 | ||||||
East Japan Railway Co. | 5,600 | 528,611 | ||||||
Eisai Co., Ltd. | 3,900 | 253,357 | ||||||
FANUC Corp. | 2,800 | 498,587 | ||||||
Fast Retailing Co., Ltd. | 300 | 121,316 | ||||||
Fuji Heavy Industries, Ltd. | 8,900 | 367,857 | ||||||
Hakuhodo DY Holdings, Inc. | 1,700 | 18,257 | ||||||
Hamamatsu Photonics KK | 2,000 | 50,122 | ||||||
Hankyu Hanshin Holdings, Inc. | 19,000 | 121,625 | ||||||
Hirose Electric Co., Ltd. | 500 | 60,845 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 2,500 | 106,621 | ||||||
Hitachi Chemical Co., Ltd. | 8,000 | 133,225 | ||||||
Hitachi Construction Machinery Co., Ltd. | 500 | 7,847 | ||||||
Hitachi High-Technologies Corp. | 1,200 | 33,095 | ||||||
Hitachi, Ltd. | 38,000 | 224,296 | ||||||
Honda Motor Co., Ltd. | 15,200 | 494,154 | ||||||
Hoya Corp. | 12,800 | 518,863 | ||||||
Hulic Co., Ltd. | 4,000 | 36,718 | ||||||
Ibiden Co., Ltd. | 1,600 | 25,085 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 5,800 | 88,437 | ||||||
Isuzu Motors, Ltd. | 9,500 | 106,885 | ||||||
ITOCHU Corp. | 28,400 | 346,522 | ||||||
Iyo Bank, Ltd. | 6,100 | 60,802 | ||||||
Japan Exchange Group, Inc. | 6,200 | 97,206 | ||||||
Joyo Bank, Ltd. | 18,000 | 83,493 | ||||||
JSR Corp. | 3,000 | 47,230 | ||||||
Kajima Corp. | 18,000 | 98,846 | ||||||
Kakaku.com, Inc. | 2,000 | 38,148 | ||||||
Kaneka Corp. | 5,000 | 49,309 | ||||||
Kansai Paint Co., Ltd. | 3,000 | 47,327 | ||||||
Kao Corp. | 10,000 | 512,673 | ||||||
KDDI Corp. | 23,700 | 588,746 | ||||||
Keikyu Corp. | 26,000 | 210,577 | ||||||
Keio Corp. | 3,000 | 24,639 | ||||||
Keisei Electric Railway Co., Ltd. | 1,000 | 12,007 | ||||||
Keyence Corp. | 700 | 379,399 | ||||||
Kintetsu Group Holdings Co., Ltd. | 30,000 | 115,028 | ||||||
Komatsu, Ltd. | 10,100 | 167,048 | ||||||
Konica Minolta, Inc. | 9,500 | 99,862 | ||||||
Kubota Corp. | 13,000 | 216,860 | ||||||
Kuraray Co., Ltd. | 5,600 | 71,285 | ||||||
Kurita Water Industries, Ltd. | 4,400 | 94,970 | ||||||
Kyocera Corp. | 5,600 | 259,620 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 1,000 | 17,620 | ||||||
LIXIL Group Corp. | 8,800 | 205,738 | ||||||
M3, Inc. | 1,500 | 32,998 | ||||||
Mabuchi Motor Co., Ltd. | 2,600 | 149,748 |
81 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Makita Corp. | 3,100 | $ | 176,028 | |||||
Marui Group Co., Ltd. | 3,300 | 48,950 | ||||||
Maruichi Steel Tube, Ltd. | 1,700 | 47,092 | ||||||
Mazda Motor Corp. | 5,700 | 118,422 | ||||||
McDonald’s Holdings Co. Japan, Ltd. | 4,300 | 104,444 | ||||||
Medipal Holdings Corp. | 1,200 | 21,027 | ||||||
MEIJI Holdings Co., Ltd. | 2,600 | 208,042 | ||||||
Mitsubishi Chemical Holdings Corp. | 27,100 | 177,592 | ||||||
Mitsubishi Corp. | 16,100 | 270,993 | ||||||
Mitsubishi Electric Corp. | 29,000 | 321,097 | ||||||
Mitsubishi Estate Co., Ltd. | 6,000 | 126,214 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 7,000 | 37,929 | ||||||
Mitsubishi Logistics Corp. | 13,000 | 181,747 | ||||||
Mitsubishi Motors Corp. | 6,600 | 58,762 | ||||||
Mitsubishi Tanabe Pharma Corp. | 2,900 | 50,673 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 79,100 | 507,628 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 7,400 | 38,894 | ||||||
Mitsui & Co., Ltd. | 16,200 | 198,716 | ||||||
Mitsui Chemicals, Inc. | 12,000 | 50,008 | ||||||
Mitsui Fudosan Co., Ltd. | 12,000 | 302,583 | ||||||
Mixi, Inc. | 500 | 20,471 | ||||||
MS&AD Insurance Group Holdings, Inc. | 8,100 | 228,458 | ||||||
Murata Manufacturing Co., Ltd. | 800 | 124,127 | ||||||
Nabtesco Corp. | 3,900 | 81,643 | ||||||
NGK Insulators, Ltd. | 8,000 | 185,540 | ||||||
NGK Spark Plug Co., Ltd. | 3,800 | 103,566 | ||||||
NH Foods, Ltd. | 3,000 | 57,977 | ||||||
NHK Spring Co., Ltd. | 3,300 | 33,911 | ||||||
Nidec Corp. | 3,800 | 293,813 | ||||||
Nintendo Co., Ltd. | 1,500 | 230,361 | ||||||
Nippon Express Co., Ltd. | 8,000 | 36,133 | ||||||
Nippon Paint Holdings Co., Ltd. | 3,000 | 75,183 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 6,500 | 130,554 | ||||||
Nippon Telegraph & Telephone Corp. | 13,700 | 508,046 | ||||||
Nissan Motor Co., Ltd. | 41,200 | 439,946 | ||||||
Nisshin Seifun Group, Inc. | 3,400 | 53,417 | ||||||
Nissin Foods Holdings Co., Ltd. | 700 | 35,540 | ||||||
Nitori Holdings Co., Ltd. | 1,100 | 90,609 | ||||||
Nitto Denko Corp. | 900 | 60,653 | ||||||
NOK Corp. | 1,100 | 29,667 | ||||||
Nomura Holdings, Inc. | 31,700 | 188,037 | ||||||
Nomura Real Estate Holdings, Inc. | 2,000 | 39,171 | ||||||
Nomura Research Institute, Ltd. | 2,000 | 75,630 | ||||||
NSK, Ltd. | 5,000 | 62,916 | ||||||
NTT Data Corp. | 2,200 | 107,230 | ||||||
NTT DOCOMO, Inc. | 24,700 | 467,113 | ||||||
NTT Urban Development Corp. | 1,600 | 15,597 | ||||||
Obayashi Corp. | 3,000 | 27,709 | ||||||
Odakyu Electric Railway Co., Ltd. | 7,000 | 71,194 | ||||||
Oji Holdings Corp. | 19,000 | 82,421 | ||||||
Olympus Corp. | 2,500 | 99,716 | ||||||
Omron Corp. | 3,700 | 136,007 | ||||||
Ono Pharmaceutical Co., Ltd. | 400 | 64,045 | ||||||
Oracle Corp. Japan | 2,000 | 97,482 | ||||||
Oriental Land Co., Ltd. | 4,100 | 233,044 | ||||||
ORIX Corp. | 19,200 | 277,082 | ||||||
Osaka Gas Co., Ltd. | 37,000 | 137,390 | ||||||
Otsuka Corp. | 1,100 | 55,134 | ||||||
Otsuka Holdings Co., Ltd. | 6,100 | 202,078 | ||||||
Panasonic Corp. | 27,800 | 315,601 | ||||||
Park24 Co., Ltd. | 1,200 | 24,370 | ||||||
Rakuten, Inc. | 11,800 | 148,770 | ||||||
Resona Holdings, Inc. | 29,800 | 145,441 | ||||||
Rinnai Corp. | 500 | 44,760 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
Rohm Co., Ltd. | 1,300 | $ | 69,911 | |||||
Sanrio Co., Ltd. | 1,500 | 35,825 | ||||||
Santen Pharmaceutical Co., Ltd. | 16,600 | 263,227 | ||||||
Secom Co., Ltd. | 4,000 | 274,151 | ||||||
Seiko Epson Corp. | 2,000 | 31,503 | ||||||
Sekisui Chemical Co., Ltd. | 7,000 | 83,420 | ||||||
Sekisui House, Ltd. | 11,400 | 192,763 | ||||||
Sharp Corp.† | 19,000 | 19,448 | ||||||
Shikoku Electric Power Co., Inc. | 2,900 | 41,533 | ||||||
Shimamura Co., Ltd. | 400 | 48,773 | ||||||
Shimano, Inc. | 1,200 | 178,099 | ||||||
Shimizu Corp. | 7,000 | 58,741 | ||||||
Shin-Etsu Chemical Co., Ltd. | 6,700 | 378,977 | ||||||
Shinsei Bank, Ltd. | 28,000 | 53,225 | ||||||
Shionogi & Co., Ltd. | 4,000 | 176,312 | ||||||
Shiseido Co., Ltd. | 7,800 | 186,636 | ||||||
Shizuoka Bank, Ltd. | 22,000 | 214,996 | ||||||
SMC Corp. | 700 | 185,491 | ||||||
SoftBank Group Corp. | 12,800 | 679,721 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 4,600 | 141,812 | ||||||
Sony Corp. | 12,900 | 332,927 | ||||||
Sony Financial Holdings, Inc. | 2,000 | 36,848 | ||||||
Sumitomo Chemical Co., Ltd. | 28,000 | 160,585 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 8,900 | 107,075 | ||||||
Sumitomo Metal Mining Co., Ltd. | 9,000 | 101,478 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 8,300 | 316,695 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 46,000 | 175,630 | ||||||
Sumitomo Rubber Industries, Ltd. | 4,200 | 56,705 | ||||||
Suntory Beverage & Food, Ltd. | 4,900 | 191,263 | ||||||
Suruga Bank, Ltd. | 4,000 | 80,975 | ||||||
Suzuken Co., Ltd. | 600 | 23,420 | ||||||
Sysmex Corp. | 2,200 | 137,433 | ||||||
T&D Holdings, Inc. | 7,500 | 105,097 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 100 | 6,775 | ||||||
Taiyo Nippon Sanso Corp. | 2,000 | 19,123 | ||||||
Takashimaya Co., Ltd. | 2,000 | 18,229 | ||||||
TDK Corp. | 2,000 | 143,786 | ||||||
Teijin, Ltd. | 7,000 | 24,907 | ||||||
Terumo Corp. | 5,100 | 162,819 | ||||||
THK Co., Ltd. | 3,600 | 71,766 | ||||||
Tobu Railway Co., Ltd. | 40,000 | 194,963 | ||||||
Toho Co., Ltd. | 1,000 | 26,604 | ||||||
Toho Gas Co., Ltd. | 2,000 | 12,429 | ||||||
Tohoku Electric Power Co., Inc. | 7,500 | 88,099 | ||||||
Tokio Marine Holdings, Inc. | 10,400 | 383,558 | ||||||
Tokyo Electron, Ltd. | 2,600 | 173,150 | ||||||
Tokyo Gas Co., Ltd. | 46,000 | 219,761 | ||||||
Tokyo Tatemono Co., Ltd. | 1,500 | 18,022 | ||||||
Tokyu Corp. | 27,000 | 209,903 | ||||||
Tokyu Fudosan Holdings Corp. | 7,500 | 50,508 | ||||||
TonenGeneral Sekiyu KK | 36,000 | 347,425 | ||||||
Toppan Printing Co., Ltd. | 20,000 | 175,467 | ||||||
Toray Industries, Inc. | 28,000 | 254,525 | ||||||
TOTO, Ltd. | 5,500 | 189,886 | ||||||
Toyota Motor Corp. | 27,900 | 1,735,421 | ||||||
Toyota Tsusho Corp. | 6,200 | 145,456 | ||||||
Trend Micro, Inc. | 4,300 | 175,353 | ||||||
Unicharm Corp. | 8,500 | 179,253 | ||||||
USS Co., Ltd. | 4,000 | 63,591 | ||||||
West Japan Railway Co. | 3,100 | 195,796 | ||||||
Yahoo Japan Corp. | 25,200 | 103,789 | ||||||
Yakult Honsha Co., Ltd. | 1,800 | 88,903 | ||||||
Yamada Denki Co., Ltd. | 16,200 | 72,907 | ||||||
Yamaguchi Financial Group, Inc. | 19,000 | 220,406 |
82 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Yamato Holdings Co., Ltd. | 6,500 | $ | 124,297 | |||||
Yaskawa Electric Corp. | 4,700 | 62,043 | ||||||
Yokohama Rubber Co., Ltd. | 1,500 | 25,796 | ||||||
33,591,247 | ||||||||
Jersey — 0.7% | ||||||||
Delphi Automotive PLC | 3,496 | 307,228 | ||||||
Experian PLC | 13,462 | 249,587 | ||||||
Petrofac, Ltd. | 18,642 | 231,633 | ||||||
Randgold Resources, Ltd. | 2,778 | 169,115 | ||||||
Shire PLC | 8,549 | 598,202 | ||||||
Wolseley PLC | 4,223 | 245,124 | ||||||
WPP PLC | 28,561 | 660,291 | ||||||
2,461,180 | ||||||||
Liberia — 0.0% | ||||||||
Royal Caribbean Cruises, Ltd. | 959 | 88,813 | ||||||
Luxembourg — 0.4% | ||||||||
Millicom International Cellular SA SDR | 2,797 | 164,514 | ||||||
RTL Group SA | 6,325 | 553,326 | ||||||
SES SA FDR | 14,875 | 412,864 | ||||||
Subsea 7 SA† | 12,950 | 103,042 | ||||||
Tenaris SA | 13,542 | 177,846 | ||||||
1,411,592 | ||||||||
Netherlands — 1.4% | ||||||||
Aegon NV | 16,620 | 101,777 | ||||||
Akzo Nobel NV | 3,724 | 264,877 | ||||||
Altice NV, Class A† | 4,131 | 63,461 | ||||||
Altice NV, Class B† | 1,377 | 21,408 | ||||||
ASML Holding NV | 3,981 | 367,910 | ||||||
Boskalis Westminster NV | 3,117 | 138,712 | ||||||
CNH Industrial NV | 27,566 | 202,854 | ||||||
Core Laboratories NV# | 1,438 | 169,900 | ||||||
Delta Lloyd NV | 11,247 | 80,971 | ||||||
Fiat Chrysler Automobiles NV† | 11,132 | 159,016 | ||||||
Gemalto NV | 1,225 | 77,294 | ||||||
ING Groep NV CVA | 48,736 | 669,139 | ||||||
Koninklijke KPN NV | 50,803 | 193,287 | ||||||
Koninklijke Philips NV | 12,276 | 335,669 | ||||||
Koninklijke Vopak NV | 667 | 28,943 | ||||||
LyondellBasell Industries NV, Class A | 6,634 | 635,670 | ||||||
Mylan NV† | 5,913 | 303,337 | ||||||
OCI NV† | 1,011 | 25,524 | ||||||
RELX NV | 39,053 | 676,068 | ||||||
STMicroelectronics NV | 16,688 | 121,271 | ||||||
Wolters Kluwer NV | 17,163 | 593,058 | ||||||
5,230,146 | ||||||||
New Zealand — 0.3% | ||||||||
Auckland International Airport, Ltd. | 108,203 | 376,066 | ||||||
Contact Energy, Ltd. | 29,781 | 97,625 | ||||||
Fletcher Building, Ltd. | 15,867 | 76,140 | ||||||
Ryman Healthcare, Ltd. | 45,044 | 232,754 | ||||||
Spark New Zealand, Ltd. | 95,487 | 209,619 | ||||||
992,204 | ||||||||
Norway — 0.2% | ||||||||
DNB ASA | 12,243 | 161,163 | ||||||
Gjensidige Forsikring ASA | 6,443 | 104,016 | ||||||
Norsk Hydro ASA | 20,956 | 81,021 | ||||||
Orkla ASA | 35,200 | 285,957 | ||||||
632,157 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Portugal — 0.1% | ||||||||
Banco Comercial Portugues SA† | 188,663 | $ | 10,086 | |||||
Banco Espirito Santo SA†(1)(2) | 126,030 | 7,989 | ||||||
Galp Energia SGPS SA | 33,940 | 361,103 | ||||||
Jeronimo Martins SGPS SA | 3,463 | 48,059 | ||||||
427,237 | ||||||||
Singapore — 0.8% | ||||||||
Ascendas Real Estate Investment Trust | 8,000 | 13,555 | ||||||
Avago Technologies, Ltd. | 4,284 | 558,848 | ||||||
CapitaLand Mall Trust | 20,000 | 27,011 | ||||||
CapitaLand, Ltd. | 45,000 | 96,345 | ||||||
City Developments, Ltd. | 29,000 | 150,906 | ||||||
ComfortDelGro Corp., Ltd. | 159,000 | 330,275 | ||||||
DBS Group Holdings, Ltd. | 27,000 | 315,834 | ||||||
Global Logistic Properties, Ltd. | 45,000 | 62,848 | ||||||
Jardine Cycle & Carriage, Ltd. | 1,000 | 22,651 | ||||||
Keppel Corp., Ltd. | 3,800 | 17,645 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 106,000 | 651,533 | ||||||
Singapore Telecommunications, Ltd. | 97,000 | 262,692 | ||||||
StarHub, Ltd. | 112,000 | 288,228 | ||||||
United Overseas Bank, Ltd. | 27,000 | 371,153 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 39,000 | 30,414 | ||||||
3,199,938 | ||||||||
Spain — 1.0% | ||||||||
Amadeus IT Holding SA, Class A | 6,764 | 271,317 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 71,115 | 590,273 | ||||||
Banco de Sabadell SA | 60,763 | 112,156 | ||||||
Banco Popular Espanol SA | 30,897 | 108,868 | ||||||
Banco Santander SA | 146,869 | 801,941 | ||||||
Bankia SA | 49,859 | 62,477 | ||||||
Bankinter SA | 16,590 | 120,085 | ||||||
CaixaBank SA | 49,624 | 181,776 | ||||||
Grifols SA | 5,280 | 250,590 | ||||||
Industria de Diseno Textil SA | 11,221 | 403,800 | ||||||
Mapfre SA | 9,280 | 25,463 | ||||||
Red Electrica Corp. SA | 3,426 | 293,923 | ||||||
Telefonica SA | 60,355 | 744,492 | ||||||
3,967,161 | ||||||||
Sweden — 1.3% | ||||||||
Assa Abloy AB, Class B | 16,308 | 346,847 | ||||||
Atlas Copco AB, Class A | 11,320 | 303,448 | ||||||
Atlas Copco AB, Class B | 6,591 | 163,079 | ||||||
Boliden AB | 8,309 | 152,713 | ||||||
Electrolux AB, Series B | 1,733 | 50,867 | ||||||
Elekta AB, Series B | 4,373 | 36,351 | ||||||
Getinge AB, Class B | 7,273 | 184,122 | ||||||
Hennes & Mauritz AB, Class B | 6,555 | 243,131 | ||||||
Hexagon AB, Class B | 3,839 | 139,311 | ||||||
Husqvarna AB, Class B | 3,671 | 23,928 | ||||||
Industrivarden AB, Class C | 6,942 | 124,325 | ||||||
Investment AB Kinnevik, Class B | 1,954 | 60,109 | ||||||
Investor AB, Class B | 16,914 | 644,616 | ||||||
Nordea Bank AB | 21,036 | 233,109 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 39,212 | 416,991 | ||||||
Skanska AB, Class B | 13,220 | 263,133 | ||||||
Svenska Handelsbanken AB, Class A | 38,558 | 519,011 | ||||||
Swedbank AB, Class A | 14,762 | 326,999 | ||||||
Tele2 AB, Class B | 4,417 | 44,971 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 32,965 | 321,078 | ||||||
TeliaSonera AB | 29,848 | 146,506 | ||||||
4,744,645 | ||||||||
83 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Switzerland — 3.6% | ||||||||
ABB, Ltd. | 28,594 | $ | 542,226 | |||||
ACE, Ltd. | 12,531 | 1,439,185 | ||||||
Actelion, Ltd.† | 1,104 | 155,055 | ||||||
Aryzta AG | 5,640 | 264,938 | ||||||
Baloise Holding AG | 1,739 | 211,280 | ||||||
Coca-Cola HBC AG | 11,386 | 276,261 | ||||||
Credit Suisse Group AG | 16,169 | 347,629 | ||||||
EMS-Chemie Holding AG | 880 | 358,808 | ||||||
Garmin, Ltd.# | 5,490 | 207,796 | ||||||
Geberit AG | 1,734 | 579,938 | ||||||
Julius Baer Group, Ltd. | 5,010 | 239,775 | ||||||
LafargeHolcim, Ltd.† | 3,424 | 183,039 | ||||||
Lonza Group AG† | 1,793 | 283,367 | ||||||
Novartis AG | 26,522 | 2,267,201 | ||||||
Pargesa Holding SA (BR) | 6,739 | 423,460 | ||||||
Partners Group Holding AG | 508 | 183,430 | ||||||
Roche Holding AG | 8,304 | 2,223,601 | ||||||
Sika AG (BR)† | 100 | 338,728 | ||||||
Sonova Holding AG | 901 | 113,670 | ||||||
Sulzer AG | 90 | 9,395 | ||||||
Swatch Group AG | 670 | 235,609 | ||||||
Swiss Prime Site AG | 12,310 | 920,693 | ||||||
Swiss Re AG | 4,613 | 439,622 | ||||||
Swisscom AG | 1,889 | 930,867 | ||||||
Zurich Insurance Group AG | 1,749 | 460,518 | ||||||
13,636,091 | ||||||||
United Arab Emirates — 0.0% | ||||||||
Orascom Construction, Ltd.† | 531 | 3,300 | ||||||
United Kingdom — 6.5% | ||||||||
3i Group PLC | 53,962 | 408,392 | ||||||
Aberdeen Asset Management PLC | 29,323 | 141,058 | ||||||
Admiral Group PLC | 14,174 | 346,042 | ||||||
Aggreko PLC | 10,084 | 152,634 | ||||||
Amec Foster Wheeler PLC | 39,955 | 262,007 | ||||||
Antofagasta PLC | 27,284 | 208,544 | ||||||
Aon PLC | 3,253 | 308,189 | ||||||
ARM Holdings PLC | 19,418 | 328,719 | ||||||
Ashtead Group PLC | 11,268 | 185,830 | ||||||
Associated British Foods PLC | 6,070 | 324,176 | ||||||
AstraZeneca PLC | 17,563 | 1,190,984 | ||||||
Aviva PLC | 63,892 | 492,205 | ||||||
British Land Co. PLC | 35,934 | 451,362 | ||||||
BT Group PLC | 105,153 | 786,232 | ||||||
Bunzl PLC | 33,711 | 974,824 | ||||||
Burberry Group PLC | 11,844 | 222,086 | ||||||
Capita PLC | 35,704 | 684,002 | ||||||
Compass Group PLC | 26,406 | 458,946 | ||||||
Croda International PLC | 2,379 | 102,761 | ||||||
Direct Line Insurance Group PLC | 85,325 | 529,196 | ||||||
Dixons Carphone PLC | 22,950 | 167,536 | ||||||
easyJet PLC | 2,334 | 58,107 | ||||||
Ensco PLC, Class A | 4,809 | 82,330 | ||||||
Fresnillo PLC | 14,506 | 156,209 | ||||||
GKN PLC | 38,537 | 174,412 | ||||||
Hammerson PLC | 52,725 | 484,792 | ||||||
Hargreaves Lansdown PLC | 5,024 | 113,197 | ||||||
ICAP PLC | 20,405 | 156,426 | ||||||
Inmarsat PLC | 19,902 | 334,214 | ||||||
InterContinental Hotels Group PLC | 9,335 | 359,359 | ||||||
Intertek Group PLC | 10,773 | 458,687 | ||||||
Intu Properties PLC | 104,195 | 507,662 | ||||||
Investec PLC | 31,544 | 268,422 | ||||||
ITV PLC | 67,535 | 275,646 |
Security Description | Shares | Value (Note 2) | ||||||
United Kingdom (continued) | ||||||||
Johnson Matthey PLC | 6,307 | $ | 268,821 | |||||
Kingfisher PLC | 34,055 | 181,260 | ||||||
Land Securities Group PLC | 21,000 | 389,342 | ||||||
Legal & General Group PLC | 161,043 | 658,514 | ||||||
Liberty Global PLC, Class A† | 5,281 | 223,967 | ||||||
London Stock Exchange Group PLC | 1,859 | 74,196 | ||||||
Marks & Spencer Group PLC | 31,390 | 237,564 | ||||||
Next PLC | 4,336 | 517,211 | ||||||
Nielsen Holdings PLC | 6,062 | 282,974 | ||||||
Old Mutual PLC | 98,150 | 308,951 | ||||||
Pearson PLC | 26,239 | 326,423 | ||||||
Persimmon PLC | 8,221 | 237,108 | ||||||
Prudential PLC | 35,454 | 822,050 | ||||||
Reckitt Benckiser Group PLC | 8,884 | 833,585 | ||||||
RELX PLC | 32,929 | 594,140 | ||||||
Rexam PLC | 59,955 | 523,278 | ||||||
Royal Mail PLC | 24,593 | 180,049 | ||||||
RSA Insurance Group PLC | 57,944 | 383,898 | ||||||
Sage Group PLC | 2,652 | 23,426 | ||||||
Schroders PLC | 9,585 | 432,501 | ||||||
Segro PLC | 54,440 | 361,749 | ||||||
Severn Trent PLC | 9,541 | 323,606 | ||||||
Sky PLC | 19,115 | 318,407 | ||||||
Smith & Nephew PLC | 20,481 | 347,022 | ||||||
Smiths Group PLC | 18,020 | 280,355 | ||||||
SSE PLC | 15,309 | 330,636 | ||||||
Standard Chartered PLC | 37,329 | 313,264 | ||||||
Standard Life PLC | 77,875 | 488,502 | ||||||
Tate & Lyle PLC | 34,732 | 308,628 | ||||||
Travis Perkins PLC | 7,665 | 234,695 | ||||||
Tullow Oil PLC† | 43,864 | 129,749 | ||||||
United Utilities Group PLC | 43,128 | 627,791 | ||||||
Weir Group PLC | 7,671 | 138,871 | ||||||
Whitbread PLC | 4,680 | 320,568 | ||||||
WM Morrison Supermarkets PLC | 83,780 | 192,426 | ||||||
24,370,715 | ||||||||
United States — 52.6% | ||||||||
3M Co. | 5,723 | 896,107 | ||||||
Abbott Laboratories | 16,100 | 723,212 | ||||||
AbbVie, Inc. | 20,175 | 1,173,176 | ||||||
Activision Blizzard, Inc. | 9,737 | 366,695 | ||||||
Adobe Systems, Inc.† | 7,642 | 698,937 | ||||||
ADT Corp.# | 4,910 | 174,158 | ||||||
Advance Auto Parts, Inc. | 1,590 | 258,741 | ||||||
Aetna, Inc. | 5,539 | 569,132 | ||||||
Affiliated Managers Group, Inc.† | 2,068 | 366,512 | ||||||
Aflac, Inc. | 9,919 | 647,116 | ||||||
Agilent Technologies, Inc. | 2,604 | 108,899 | ||||||
Air Products & Chemicals, Inc. | 7,143 | 977,805 | ||||||
Airgas, Inc. | 2,828 | 390,830 | ||||||
Akamai Technologies, Inc.† | 2,248 | 129,507 | ||||||
Albemarle Corp. | 3,348 | 179,319 | ||||||
Alexion Pharmaceuticals, Inc.† | 3,151 | 562,264 | ||||||
Alliance Data Systems Corp.† | 801 | 229,767 | ||||||
Allstate Corp. | 13,980 | 877,385 | ||||||
Alphabet, Inc., Class A† | 4,082 | 3,113,954 | ||||||
Alphabet, Inc., Class C† | 3,010 | 2,235,226 | ||||||
Altera Corp. | 7,992 | 421,978 | ||||||
Amazon.com, Inc.† | 4,951 | 3,291,425 | ||||||
American Airlines Group, Inc. | 1,777 | 73,319 | ||||||
American Express Co. | 15,233 | 1,091,292 | ||||||
American Tower Corp. | 7,811 | 776,257 | ||||||
American Water Works Co., Inc. | 1,233 | 71,218 |
84 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Ameriprise Financial, Inc. | 4,466 | $ | 504,435 | |||||
AmerisourceBergen Corp. | 4,394 | 433,424 | ||||||
AMETEK, Inc. | 4,930 | 278,348 | ||||||
Amgen, Inc. | 9,758 | 1,572,014 | ||||||
Amphenol Corp., Class A | 3,249 | 178,857 | ||||||
Anadarko Petroleum Corp. | 8,297 | 496,990 | ||||||
Analog Devices, Inc. | 7,494 | 461,855 | ||||||
ANSYS, Inc.† | 4,693 | 437,435 | ||||||
Antero Resources Corp.†# | 4,381 | 90,292 | ||||||
Anthem, Inc. | 4,195 | 546,944 | ||||||
Apache Corp. | 8,099 | 398,309 | ||||||
Applied Materials, Inc. | 21,118 | 396,385 | ||||||
Archer-Daniels-Midland Co. | 11,565 | 422,007 | ||||||
Arrow Electronics, Inc.† | 1,257 | 71,096 | ||||||
Assurant, Inc. | 2,981 | 254,935 | ||||||
AT&T, Inc. | 13,245 | 445,959 | ||||||
Autodesk, Inc.† | 2,812 | 178,478 | ||||||
Automatic Data Processing, Inc. | 12,257 | 1,057,289 | ||||||
AutoNation, Inc.† | 1,279 | 81,754 | ||||||
AvalonBay Communities, Inc. | 1,148 | 208,695 | ||||||
Avery Dennison Corp. | 3,669 | 242,007 | ||||||
Avon Products, Inc.# | 16,336 | 56,359 | ||||||
B/E Aerospace, Inc. | 4,255 | 196,666 | ||||||
Baker Hughes, Inc. | 8,524 | 460,893 | ||||||
Ball Corp. | 1,050 | 72,891 | ||||||
Bank of New York Mellon Corp. | 21,716 | 952,029 | ||||||
Baxalta, Inc. | 7,426 | 255,306 | ||||||
Baxter International, Inc. | 7,426 | 279,589 | ||||||
BB&T Corp. | 9,818 | 379,171 | ||||||
Bed Bath & Beyond, Inc.† | 3,896 | 212,410 | ||||||
Berkshire Hathaway, Inc., Class B† | 13,163 | 1,765,027 | ||||||
Best Buy Co., Inc. | 4,707 | 149,588 | ||||||
Biogen, Inc.† | 3,179 | 911,928 | ||||||
BioMarin Pharmaceutical, Inc.† | 3,122 | 297,745 | ||||||
BlackRock, Inc. | 2,225 | 809,277 | ||||||
BorgWarner, Inc. | 4,190 | 178,871 | ||||||
Boston Scientific Corp.† | 8,911 | 162,893 | ||||||
Bristol-Myers Squibb Co. | 24,370 | 1,633,034 | ||||||
Broadcom Corp., Class A | 10,163 | 555,205 | ||||||
C.H. Robinson Worldwide, Inc. | 4,142 | 279,295 | ||||||
CA, Inc. | 12,878 | 362,001 | ||||||
Cablevision Systems Corp., Class A | 8,506 | 259,433 | ||||||
Cabot Oil & Gas Corp. | 6,391 | 120,343 | ||||||
Calpine Corp.† | 5,296 | 78,275 | ||||||
Cameron International Corp.† | 5,747 | 392,463 | ||||||
Capital One Financial Corp. | 8,990 | 705,805 | ||||||
Cardinal Health, Inc. | 7,721 | 670,569 | ||||||
CarMax, Inc.† | 2,030 | 116,319 | ||||||
Caterpillar, Inc. | 4,114 | 298,882 | ||||||
CBRE Group, Inc., Class A† | 5,334 | 199,865 | ||||||
CBS Corp., Class B | 8,634 | 435,844 | ||||||
Celanese Corp., Series A | 5,247 | 371,225 | ||||||
Celgene Corp.† | 10,195 | 1,115,843 | ||||||
CenterPoint Energy, Inc. | 9,924 | 168,212 | ||||||
CenturyLink, Inc. | 11,855 | 319,255 | ||||||
Cerner Corp.† | 6,248 | 372,381 | ||||||
CF Industries Holdings, Inc. | 2,424 | 111,843 | ||||||
Charles Schwab Corp. | 15,895 | 535,820 | ||||||
Charter Communications, Inc., Class A†# | 1,485 | 278,230 | ||||||
Cheniere Energy, Inc.† | 2,716 | 129,146 | ||||||
Chesapeake Energy Corp.# | 10,364 | 54,618 | ||||||
Chipotle Mexican Grill, Inc.† | 278 | 161,115 | ||||||
Chubb Corp. | 1,992 | 260,016 | ||||||
Church & Dwight Co., Inc. | 2,946 | 252,678 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) | ||||||||
Cigna Corp. | 3,407 | $ | 459,877 | |||||
Cimarex Energy Co. | 1,884 | 224,234 | ||||||
Cincinnati Financial Corp. | 7,048 | 430,703 | ||||||
Cintas Corp. | 1,867 | 170,999 | ||||||
Cisco Systems, Inc. | 79,008 | 2,152,968 | ||||||
CIT Group, Inc. | 4,521 | 194,222 | ||||||
Citrix Systems, Inc.† | 3,998 | 306,527 | ||||||
Clorox Co. | 10,593 | 1,316,710 | ||||||
CME Group, Inc. | 5,673 | 553,968 | ||||||
Coach, Inc. | 5,861 | 186,204 | ||||||
Cobalt International Energy, Inc.† | 5,085 | 37,476 | ||||||
Cognizant Technology Solutions Corp., Class A† | 5,462 | 352,736 | ||||||
Colgate-Palmolive Co. | 16,984 | 1,115,509 | ||||||
Columbia Pipeline Group, Inc. | 10,764 | 206,346 | ||||||
Comcast Corp., Class A | 29,997 | 1,825,617 | ||||||
Comcast Corp., Special Class A# | 9,949 | 607,287 | ||||||
ConAgra Foods, Inc. | 8,950 | 366,323 | ||||||
CONSOL Energy, Inc.# | 3,081 | 24,278 | ||||||
Continental Resources, Inc.† | 2,757 | 100,079 | ||||||
Cooper Cos., Inc. | 450 | 65,813 | ||||||
Corning, Inc. | 14,840 | 277,953 | ||||||
Costco Wholesale Corp. | 10,103 | 1,630,826 | ||||||
Crown Castle International Corp. | 8,215 | 705,751 | ||||||
CSX Corp. | 17,593 | 500,169 | ||||||
Cummins, Inc. | 3,570 | 358,321 | ||||||
CVS Health Corp. | 11,987 | 1,127,857 | ||||||
D.R. Horton, Inc. | 4,690 | 151,534 | ||||||
Danaher Corp. | 15,390 | 1,483,442 | ||||||
DaVita HealthCare Partners, Inc.† | 3,255 | 237,745 | ||||||
Deere & Co. | 8,676 | 690,349 | ||||||
Delta Air Lines, Inc. | 1,570 | 72,942 | ||||||
Devon Energy Corp. | 6,615 | 304,356 | ||||||
Digital Realty Trust, Inc. | 2,876 | 207,388 | ||||||
Discover Financial Services | 5,813 | 329,946 | ||||||
DISH Network Corp., Class A† | 5,080 | 318,567 | ||||||
Dollar General Corp. | 3,107 | 203,229 | ||||||
Dollar Tree, Inc.† | 4,673 | 352,625 | ||||||
Dover Corp. | 9,002 | 593,232 | ||||||
Dr Pepper Snapple Group, Inc. | 10,355 | 929,361 | ||||||
Dun & Bradstreet Corp. | 2,788 | 300,519 | ||||||
Eaton Vance Corp. | 7,373 | 264,838 | ||||||
eBay, Inc.† | 15,885 | 470,037 | ||||||
Ecolab, Inc. | 6,409 | 763,696 | ||||||
Edgewell Personal Care Co. | 1,407 | 113,263 | ||||||
Edwards Lifesciences Corp.† | 1,404 | 228,852 | ||||||
Electronic Arts, Inc.† | 4,406 | 298,683 | ||||||
EMC Corp. | 23,117 | 585,785 | ||||||
Emerson Electric Co. | 22,504 | 1,125,200 | ||||||
Energen Corp. | 614 | 36,404 | ||||||
EOG Resources, Inc. | 4,095 | 341,646 | ||||||
EQT Corp. | 4,034 | 230,825 | ||||||
Equifax, Inc. | 1,078 | 120,197 | ||||||
Equinix, Inc.# | 1,497 | 443,860 | ||||||
Equity Residential | 4,349 | 347,137 | ||||||
Estee Lauder Cos., Inc., Class A | 5,535 | 465,604 | ||||||
Eversource Energy | 3,541 | 180,414 | ||||||
Expedia, Inc. | 1,748 | 215,196 | ||||||
Expeditors International of Washington, Inc. | 11,730 | 569,374 | ||||||
Express Scripts Holding Co.† | 11,911 | 1,018,152 | ||||||
F5 Networks, Inc.† | 1,441 | 148,423 | ||||||
Facebook, Inc., Class A† | 22,956 | 2,392,933 | ||||||
Fastenal Co.# | 8,190 | 332,350 | ||||||
FedEx Corp. | 4,000 | 634,160 | ||||||
Fidelity National Information Services, Inc. | 12,293 | 782,695 |
85 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Fifth Third Bancorp | 15,741 | $ | 325,366 | |||||
FireEye, Inc.†# | 799 | 18,281 | ||||||
First Republic Bank | 3,876 | 266,901 | ||||||
Fiserv, Inc.† | 12,266 | 1,180,480 | ||||||
FleetCor Technologies, Inc.† | 891 | 136,956 | ||||||
Flowserve Corp. | 2,762 | 127,715 | ||||||
FMC Technologies, Inc.† | 7,333 | 249,469 | ||||||
FNF Group | 9,250 | 331,612 | ||||||
Ford Motor Co. | 46,034 | 659,667 | ||||||
Franklin Resources, Inc. | 7,712 | 323,287 | ||||||
Frontier Communications Corp. | 22,451 | 112,030 | ||||||
GameStop Corp., Class A# | 2,364 | 82,811 | ||||||
General Growth Properties, Inc. | 7,155 | 182,238 | ||||||
General Mills, Inc. | 28,063 | 1,620,919 | ||||||
Gilead Sciences, Inc. | 18,697 | 1,981,134 | ||||||
Goldman Sachs Group, Inc. | 5,138 | 976,323 | ||||||
Hanesbrands, Inc. | 9,177 | 281,459 | ||||||
Harley-Davidson, Inc.# | 4,728 | 231,294 | ||||||
Hartford Financial Services Group, Inc. | 5,857 | 267,313 | ||||||
Hasbro, Inc. | 5,283 | 386,134 | ||||||
HCA Holdings, Inc.† | 3,556 | 242,021 | ||||||
HCP, Inc. | 7,868 | 279,550 | ||||||
Helmerich & Payne, Inc.# | 1,514 | 88,191 | ||||||
Hershey Co. | 7,673 | 662,257 | ||||||
Hertz Global Holdings, Inc.† | 8,163 | 129,465 | ||||||
Hewlett Packard Enterprise Co. | 24,752 | 367,815 | ||||||
HollyFrontier Corp. | 5,571 | 267,854 | ||||||
Home Depot, Inc. | 14,037 | 1,879,274 | ||||||
Hormel Foods Corp. | 107 | 8,016 | ||||||
Host Hotels & Resorts, Inc.# | 16,843 | 279,594 | ||||||
HP, Inc. | 24,752 | 310,390 | ||||||
Humana, Inc. | 1,960 | 330,574 | ||||||
IHS, Inc., Class A† | 4,024 | 496,199 | ||||||
Illinois Tool Works, Inc. | 2,451 | 230,345 | ||||||
Illumina, Inc.† | 1,489 | 273,827 | ||||||
Incyte Corp.† | 1,725 | 197,064 | ||||||
Intel Corp. | 61,653 | 2,143,675 | ||||||
Intercontinental Exchange, Inc. | 3,137 | 815,118 | ||||||
International Flavors & Fragrances, Inc.# | 1,823 | 218,778 | ||||||
International Paper Co. | 7,172 | 300,005 | ||||||
Interpublic Group of Cos., Inc. | 10,654 | 245,042 | ||||||
Intuit, Inc. | 7,491 | 750,598 | ||||||
Intuitive Surgical, Inc.† | 499 | 259,490 | ||||||
Iron Mountain, Inc.# | 3,803 | 105,647 | ||||||
J.B. Hunt Transport Services, Inc. | 3,516 | 275,092 | ||||||
Johnson & Johnson | 44,881 | 4,543,752 | ||||||
Johnson Controls, Inc. | 8,543 | 392,978 | ||||||
Juniper Networks, Inc. | 6,594 | 198,677 | ||||||
Kansas City Southern | 3,192 | 290,217 | ||||||
Kellogg Co. | 15,556 | 1,069,786 | ||||||
Keurig Green Mountain, Inc. | 1,514 | 79,334 | ||||||
KeyCorp | 14,121 | 185,126 | ||||||
Kimberly-Clark Corp. | 13,134 | 1,564,916 | ||||||
Kinder Morgan, Inc. | 22,465 | 529,500 | ||||||
KLA-Tencor Corp. | 4,540 | 301,774 | ||||||
Kohl’s Corp. | 3,527 | 166,228 | ||||||
Kraft Heinz Co. | 3,017 | 222,323 | ||||||
Kroger Co. | 8,144 | 306,703 | ||||||
L Brands, Inc. | 4,771 | 455,201 | ||||||
Lam Research Corp. | 2,992 | 233,974 | ||||||
Lennar Corp., Class A | 4,689 | 240,124 | ||||||
Level 3 Communications, Inc.† | 4,959 | 252,066 | ||||||
Liberty Interactive Corp. QVC Group, Class A† | 15,276 | 404,508 | ||||||
Liberty Media Corp., Class A† | 1,975 | 80,007 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) | ||||||||
Liberty Media Corp., Class C† | 3,950 | $ | 154,445 | |||||
Lincoln National Corp. | 4,513 | 248,170 | ||||||
Linear Technology Corp. | 11,040 | 504,749 | ||||||
LinkedIn Corp., Class A† | 1,066 | 259,155 | ||||||
LKQ Corp.† | 10,988 | 324,036 | ||||||
Loews Corp. | 3,862 | 146,331 | ||||||
Lowe’s Cos., Inc. | 9,390 | 719,274 | ||||||
lululemon athletica, Inc.†# | 2,020 | 96,596 | ||||||
M&T Bank Corp. | 3,811 | 477,633 | ||||||
Macy’s, Inc. | 6,279 | 245,383 | ||||||
ManpowerGroup, Inc. | 3,503 | 316,251 | ||||||
Marathon Oil Corp. | 8,032 | 140,640 | ||||||
Marathon Petroleum Corp. | 6,919 | 404,139 | ||||||
Marriott International, Inc., Class A | 2,741 | 194,364 | ||||||
Marsh & McLennan Cos., Inc. | 7,787 | 430,621 | ||||||
Masco Corp. | 5,662 | 169,350 | ||||||
MasterCard, Inc., Class A | 14,855 | 1,454,602 | ||||||
Mattel, Inc.# | 12,911 | 320,967 | ||||||
McCormick & Co., Inc.# | 2,150 | 184,728 | ||||||
McDonald’s Corp. | 8,965 | 1,023,444 | ||||||
McGraw Hill Financial, Inc. | 4,248 | 409,805 | ||||||
McKesson Corp. | 2,986 | 565,399 | ||||||
MDU Resources Group, Inc. | 12,578 | 219,109 | ||||||
Mead Johnson Nutrition Co. | 2,090 | 168,433 | ||||||
Medivation, Inc.† | 1,848 | 78,133 | ||||||
MetLife, Inc. | 15,977 | 816,265 | ||||||
Microchip Technology, Inc.# | 7,794 | 376,294 | ||||||
Micron Technology, Inc.† | 15,302 | 243,761 | ||||||
Microsoft Corp. | 100,920 | 5,485,002 | ||||||
Mondelez International, Inc., Class A | 44,156 | 1,927,851 | ||||||
Monster Beverage Corp.† | 1,554 | 240,264 | ||||||
Moody’s Corp. | 3,414 | 352,052 | ||||||
Mosaic Co. | 4,581 | 144,943 | ||||||
Motorola Solutions, Inc. | 5,584 | 400,820 | ||||||
Murphy Oil Corp.# | 10,560 | 301,805 | ||||||
Nasdaq, Inc. | 6,716 | 393,692 | ||||||
National Oilwell Varco, Inc. | 13,658 | 509,990 | ||||||
Navient Corp. | 14,800 | 176,268 | ||||||
NetApp, Inc. | 7,429 | 227,773 | ||||||
Netflix, Inc.† | 4,682 | 577,431 | ||||||
New York Community Bancorp, Inc. | 12,075 | 198,030 | ||||||
Newell Rubbermaid, Inc. | 7,862 | 351,117 | ||||||
Newmont Mining Corp. | 15,048 | 277,034 | ||||||
News Corp., Class A | 29,052 | 416,896 | ||||||
NIKE, Inc., Class B | 10,355 | 1,369,759 | ||||||
Noble Energy, Inc. | 9,481 | 347,668 | ||||||
Nordstrom, Inc. | 3,335 | 187,794 | ||||||
Norfolk Southern Corp. | 4,381 | 416,458 | ||||||
Northern Trust Corp. | 5,252 | 393,585 | ||||||
Nucor Corp. | 7,804 | 323,476 | ||||||
NVIDIA Corp. | 10,317 | 327,255 | ||||||
Oceaneering International, Inc. | 7,174 | 313,791 | ||||||
Omnicom Group, Inc. | 11,877 | 877,948 | ||||||
ONEOK, Inc. | 11,159 | 328,967 | ||||||
Oracle Corp. | 40,001 | 1,558,839 | ||||||
PACCAR, Inc. | 7,845 | 407,626 | ||||||
Palo Alto Networks, Inc.† | 1,314 | 246,165 | ||||||
Parker-Hannifin Corp. | 4,152 | 434,548 | ||||||
Paychex, Inc. | 19,483 | 1,056,953 | ||||||
PayPal Holdings, Inc.† | 15,885 | 560,105 | ||||||
People’s United Financial, Inc.# | 22,008 | 368,634 | ||||||
Pepco Holdings, Inc. | 17,991 | 461,829 | ||||||
PepsiCo, Inc. | 15,660 | 1,568,506 | ||||||
Phillips 66 | 6,407 | 586,433 |
86 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Pioneer Natural Resources Co. | 934 | $ | 135,196 | |||||
Plum Creek Timber Co., Inc. | 4,973 | 252,678 | ||||||
PNC Financial Services Group, Inc. | 7,974 | 761,597 | ||||||
Polaris Industries, Inc.# | 953 | 100,475 | ||||||
PPG Industries, Inc. | 6,971 | 737,114 | ||||||
Priceline Group, Inc.† | 616 | 769,292 | ||||||
Principal Financial Group, Inc. | 9,465 | 487,069 | ||||||
Procter & Gamble Co. | 30,021 | 2,246,772 | ||||||
Progressive Corp. | 24,476 | 754,350 | ||||||
Prologis, Inc. | 6,021 | 257,398 | ||||||
Prudential Financial, Inc. | 8,857 | 766,573 | ||||||
Public Storage | 1,999 | 479,880 | ||||||
PulteGroup, Inc. | 3,103 | 60,446 | ||||||
PVH Corp. | 1,783 | 162,770 | ||||||
QUALCOMM, Inc. | 21,544 | 1,051,132 | ||||||
Quanta Services, Inc.† | 5,024 | 110,779 | ||||||
Quest Diagnostics, Inc. | 6,487 | 443,192 | ||||||
Rackspace Hosting, Inc.† | 2,572 | 73,611 | ||||||
Range Resources Corp.# | 4,214 | 120,436 | ||||||
Realogy Holdings Corp.† | 2,403 | 99,268 | ||||||
Red Hat, Inc.† | 2,648 | 215,574 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,040 | 566,280 | ||||||
Regions Financial Corp. | 20,245 | 205,284 | ||||||
Republic Services, Inc. | 6,786 | 298,109 | ||||||
ResMed, Inc. | 2,871 | 171,025 | ||||||
Robert Half International, Inc. | 2,809 | 143,765 | ||||||
Rockwell Automation, Inc. | 4,625 | 492,285 | ||||||
Roper Technologies, Inc. | 2,293 | 443,673 | ||||||
Ross Stores, Inc. | 5,034 | 261,818 | ||||||
Salesforce.com, Inc.† | 5,625 | 448,256 | ||||||
SanDisk Corp. | 3,681 | 271,915 | ||||||
SBA Communications Corp., Class A† | 5,672 | 596,468 | ||||||
Scripps Networks Interactive, Inc., Class A | 4,556 | 258,781 | ||||||
Sealed Air Corp. | 2,660 | 120,658 | ||||||
Sempra Energy | 4,130 | 409,820 | ||||||
ServiceNow, Inc.† | 1,849 | 160,881 | ||||||
Sherwin-Williams Co. | 1,094 | 302,021 | ||||||
Simon Property Group, Inc. | 2,424 | 451,446 | ||||||
Sirius XM Holdings, Inc.† | 20,878 | 85,809 | ||||||
Skyworks Solutions, Inc.# | 2,800 | 232,456 | ||||||
Southwest Airlines Co. | 3,337 | 153,102 | ||||||
Southwestern Energy Co.† | 8,953 | 80,667 | ||||||
Spectra Energy Corp. | 18,192 | 476,630 | ||||||
Sprint Corp.†# | 13,103 | 47,826 | ||||||
St. Jude Medical, Inc. | 6,999 | 441,637 | ||||||
Stanley Black & Decker, Inc. | 3,498 | 381,842 | ||||||
Staples, Inc. | 9,508 | 114,762 | ||||||
Starbucks Corp. | 13,315 | 817,408 | ||||||
State Street Corp. | 9,924 | 720,284 | ||||||
Stericycle, Inc.†# | 2,256 | 272,344 | ||||||
Stryker Corp. | 2,613 | 252,050 | ||||||
SunTrust Banks, Inc. | 10,302 | 447,313 | ||||||
Symantec Corp. | 14,541 | 284,713 | ||||||
Sysco Corp. | 11,513 | 473,184 | ||||||
T-Mobile US, Inc.† | 2,750 | 97,625 | ||||||
T. Rowe Price Group, Inc. | 6,856 | 522,084 | ||||||
Target Corp. | 4,611 | 334,297 | ||||||
TD Ameritrade Holding Corp. | 8,363 | 306,337 | ||||||
Teradata Corp.† | 4,578 | 136,928 | ||||||
Tesla Motors, Inc.†# | 938 | 215,984 | ||||||
Tesoro Corp. | 2,371 | 273,068 | ||||||
Texas Instruments, Inc. | 9,961 | 578,933 | ||||||
Thermo Fisher Scientific, Inc. | 8,190 | 1,133,496 | ||||||
Tiffany & Co. | 3,930 | 313,142 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) | ||||||||
Time Warner Cable, Inc. | 4,313 | $ | 796,913 | |||||
Time Warner, Inc. | 13,219 | 925,066 | ||||||
TJX Cos., Inc. | 13,325 | 940,745 | ||||||
Toll Brothers, Inc.† | 3,872 | 143,961 | ||||||
Torchmark Corp.# | 13,741 | 832,979 | ||||||
Total System Services, Inc. | 12,039 | 673,702 | ||||||
Towers Watson & Co., Class A | 2,095 | 281,798 | ||||||
TransDigm Group, Inc.† | 831 | 194,978 | ||||||
Travelers Cos., Inc. | 9,938 | 1,138,597 | ||||||
Trimble Navigation, Ltd.† | 10,103 | 231,359 | ||||||
TripAdvisor, Inc.† | 1,442 | 118,778 | ||||||
Twenty-First Century Fox, Inc., Class A | 21,097 | 622,572 | ||||||
Twitter, Inc.†# | 4,333 | 110,058 | ||||||
Tyson Foods, Inc., Class A# | 1,825 | 91,250 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 1,451 | 242,317 | ||||||
Under Armour, Inc., Class A†# | 2,238 | 192,960 | ||||||
Union Pacific Corp. | 14,034 | 1,178,154 | ||||||
United Continental Holdings, Inc.† | 1,548 | 86,270 | ||||||
United Parcel Service, Inc., Class B | 5,144 | 529,883 | ||||||
United Rentals, Inc.† | 1,715 | 134,919 | ||||||
UnitedHealth Group, Inc. | 12,277 | 1,383,741 | ||||||
Universal Health Services, Inc., Class B | 2,540 | 308,661 | ||||||
US Bancorp | 30,198 | 1,325,390 | ||||||
Valero Energy Corp. | 4,416 | 317,334 | ||||||
Vantiv, Inc., Class A† | 3,592 | 189,334 | ||||||
Varian Medical Systems, Inc.† | 3,147 | 254,215 | ||||||
Ventas, Inc. | 5,335 | 284,569 | ||||||
VEREIT, Inc. | 20,508 | 170,832 | ||||||
Verisk Analytics, Inc.† | 6,616 | 495,869 | ||||||
Vertex Pharmaceuticals, Inc.† | 2,872 | 371,522 | ||||||
VF Corp. | 5,769 | 373,254 | ||||||
Viacom, Inc., Class B | 7,902 | 393,441 | ||||||
Visa, Inc., Class A | 27,304 | 2,157,289 | ||||||
VMware, Inc., Class A† | 1,751 | 107,529 | ||||||
Voya Financial, Inc. | 5,683 | 231,298 | ||||||
Vulcan Materials Co. | 3,165 | 324,951 | ||||||
Walgreens Boots Alliance, Inc. | 10,661 | 895,844 | ||||||
Walt Disney Co. | 21,553 | 2,445,619 | ||||||
Waste Management, Inc. | 7,537 | 405,264 | ||||||
WEC Energy Group, Inc. | 6,906 | 340,604 | ||||||
Welltower, Inc. | 4,073 | 257,373 | ||||||
Western Digital Corp. | 2,061 | 128,627 | ||||||
Western Union Co. | 11,620 | 219,153 | ||||||
Whirlpool Corp.# | 1,050 | 170,646 | ||||||
Whiting Petroleum Corp.† | 3,366 | 55,573 | ||||||
Whole Foods Market, Inc. | 6,926 | 201,893 | ||||||
Williams Cos., Inc. | 15,656 | 572,383 | ||||||
Workday, Inc., Class A† | 592 | 49,556 | ||||||
WR Berkley Corp. | 7,712 | 429,250 | ||||||
WW Grainger, Inc.# | 1,740 | 348,940 | ||||||
Wyndham Worldwide Corp. | 2,118 | 160,799 | ||||||
Xerox Corp. | 22,329 | 235,571 | ||||||
Xylem, Inc. | 2,072 | 77,327 | ||||||
Yahoo!, Inc.† | 12,184 | 411,941 | ||||||
Yum! Brands, Inc. | 5,094 | 369,366 | ||||||
Zimmer Biomet Holdings, Inc. | 2,580 | 260,606 | ||||||
Zoetis, Inc. | 8,528 | 398,258 | ||||||
198,820,746 | ||||||||
Total Common Stocks | ||||||||
(cost $357,157,055) | 367,521,478 | |||||||
87 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
RIGHTS — 0.0% |
| |||||||
Australia — 0.0% |
| |||||||
Transurban Group | 5,173 | $ | 2,245 | |||||
Italy — 0.0% |
| |||||||
UBI Bancat | 14,564 | 0 | ||||||
Spain — 0.0% |
| |||||||
Telefonica SA | 60,355 | 21,872 | ||||||
United Kingdom — 0.0% |
| |||||||
Standard Chartered PLC | 10,665 | 14,618 | ||||||
Total Rights |
| |||||||
(cost $22,170) | 38,735 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $357,179,225) | 367,560,213 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.6% |
| |||||||
Registered Investment Companies — 1.1% | ||||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(3)(5) | 4,166,169 | 4,166,169 | ||||||
Time Deposits — 2.2% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015 | $ | 8,324,000 | 8,324,000 | |||||
U.S. Government Treasuries — 0.3% |
| |||||||
United States Treasury Bills | 1,125,000 | 1,124,974 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $13,615,169) | 13,615,143 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $370,794,394)(6) | 100.9 | % | 381,175,356 | |||||
Liabilities in excess of other assets | (0.9 | ) | (3,366,352 | ) | ||||
NET ASSETS | 100.0 | % | $ | 377,809,004 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $19,184 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) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(2) | Illiquid security. At November 30, 2015, the aggregate value of these securities was $7,989 representing 0.0% of net assets. |
(3) | At November 30, 2015, the Fund had loaned securities with a total value of $7,017,290. This was secured by collateral of $4,166,169, which was received in cash and subsequently invested in short-term investments currently valued at $4,166,169 as reported in the Portfolio of Investments. Additional collateral of $3,010,671 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
Federal National Mtg. Assoc. | 0.75% | 04/20/2017 | $ | 374,973 | ||||
United States Treasury Bills | 0.00% | 12/10/2015 to 07/21/2016 | 237,981 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 01/15/2016 to 05/15/2045 | 2,397,717 |
(4) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(5) | The rate shown is the 7-day yield as of November 30, 2015. |
(6) | See Note 5 for cost of investments on a tax basis. |
BR—Bearer Shares
CVA—Certification Van Aandelen (Dutch Cert.)
FDR—Federal Depositary Receipt
RSP—Risparmio Shares-Savings Shares on the Italian Stock Exchange
SDR—Swedish Depositary Receipt
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
95 | Long | S&P 500 E-Mini Index | December 2015 | $ | 9,214,335 | $ | 9,879,050 | $ | 664,715 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 8,259,021 | $ | — | $ | 0 | $ | 8,259,021 | ||||||||
Portugal | 419,248 | — | 7,989 | 427,237 | ||||||||||||
Other Countries | 358,835,220 | — | — | 358,835,220 | ||||||||||||
Rights | 38,735 | — | — | 38,735 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 4,166,169 | — | — | 4,166,169 | ||||||||||||
Other Short-Term Investment Securities | — | 9,448,974 | — | 9,448,974 | ||||||||||||
Total Investments at Value | $ | 371,718,393 | $ | 9,448,974 | $ | 7,989 | $ | 381,175,356 | ||||||||
88 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 664,715 | $ | — | $ | — | $ | 664,715 | ||||||||
* | 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 $140,326,241 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
89 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Sovereign | 17.2 | % | ||
Diversified Banking Institutions | 7.6 | |||
Medical — Drugs | 5.6 | |||
Registered Investment Companies | 5.6 | |||
Federal Home Loan Bank | 5.0 | |||
Time Deposits | 4.9 | |||
Foreign Government Obligations | 4.4 | |||
Oil Companies — Integrated | 3.8 | |||
Medical — Biomedical/Gene | 2.6 | |||
Oil — Field Services | 2.5 | |||
Auto — Cars/Light Trucks | 2.4 | |||
Banks — Fiduciary | 2.1 | |||
Cable/Satellite TV | 1.9 | |||
Banks — Commercial | 1.8 | |||
Insurance — Multi-line | 1.8 | |||
Telecom Services | 1.8 | |||
Applications Software | 1.5 | |||
Electronic Components — Semiconductors | 1.4 | |||
Insurance — Life/Health | 1.4 | |||
Telephone — Integrated | 1.4 | |||
Building Products — Cement | 1.3 | |||
Retail — Drug Store | 1.2 | |||
Medical — Generic Drugs | 1.1 | |||
Medical Instruments | 1.1 | |||
Chemicals — Diversified | 1.0 | |||
Web Portals/ISP | 1.0 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Food — Retail | 0.8 | |||
U.S. Government Agencies | 0.8 | |||
Cellular Telecom | 0.8 | |||
Banks — Super Regional | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Diversified Manufacturing Operations | 0.7 | |||
Tools — Hand Held | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Beverages — Non-alcoholic | 0.7 | |||
Building & Construction Products — Misc. | 0.6 | |||
Rubber — Tires | 0.6 | |||
Retail — Major Department Stores | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Photo Equipment & Supplies | 0.6 | |||
Diversified Financial Services | 0.6 | |||
Publishing — Newspapers | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Machinery — Electrical | 0.5 | |||
Metal — Diversified | 0.5 | |||
Retail — Building Products | 0.5 | |||
Electronic Components — Misc. | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Airlines | 0.5 | |||
Retail — Regional Department Stores | 0.4 | |||
Miscellaneous Manufacturing | 0.4 | |||
Insurance — Reinsurance | 0.4 | |||
Transport — Services | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Diagnostic Kits | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Steel — Producers | 0.3 | |||
Multimedia | 0.3 | |||
Finance — Other Services | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Steel — Specialty | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Networking Products | 0.2 | |||
Diversified Operations | 0.2 | |||
Auto/Truck Parts & Equipment — Replacement | 0.2 | |||
United States Treasury Notes | 0.1 | |||
103.8 | % | |||
Country Allocation*
United States | 36.9 | % | ||
United Kingdom | 9.6 | |||
South Korea | 7.5 | |||
Mexico | 6.3 | |||
France | 5.8 | |||
Japan | 4.1 | |||
Germany | 3.2 | |||
Ireland | 3.0 | |||
Switzerland | 2.9 | |||
Malaysia | 2.4 | |||
Poland | 2.3 | |||
China | 2.3 | |||
Singapore | 1.9 | |||
Netherlands | 1.7 | |||
Indonesia | 1.7 | |||
Brazil | 1.6 | |||
Ukraine | 1.3 | |||
Italy | 1.2 | |||
Israel | 1.1 | |||
Portugal | 0.9 | |||
Spain | 0.7 | |||
Philippines | 0.6 | |||
Jersey | 0.6 | |||
Hungary | 0.6 | |||
Norway | 0.6 | |||
Sweden | 0.6 | |||
Bermuda | 0.5 | |||
British Virgin Islands | 0.5 | |||
Thailand | 0.4 | |||
Luxembourg | 0.3 | |||
Russia | 0.3 | |||
Taiwan | 0.2 | |||
Serbia | 0.1 | |||
Slovenia | 0.1 | |||
103.8 | % | |||
* | Calculated as a percentage of net assets |
90 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 63.7% |
| |||||||
Bermuda — 0.5% |
| |||||||
Kunlun Energy Co., Ltd. | 1,564,000 | $ | 1,369,656 | |||||
Noble Group, Ltd.# | 3,109,500 | 936,895 | ||||||
2,306,551 | ||||||||
British Virgin Islands — 0.5% |
| |||||||
Michael Kors Holdings, Ltd.† | 49,730 | 2,139,385 | ||||||
China — 2.3% |
| |||||||
China Life Insurance Co., Ltd. | 680,000 | 2,337,282 | ||||||
China Telecom Corp., Ltd. | 6,300,000 | 3,087,658 | ||||||
CRRC Corp., Ltd., Class H# | 1,502,000 | 1,925,579 | ||||||
Sinopharm Group Co., Ltd. | 576,800 | 2,421,482 | ||||||
Weichai Power Co., Ltd.# | 846,000 | 867,446 | ||||||
10,639,447 | ||||||||
France — 5.8% |
| |||||||
AXA SA | 147,995 | 4,004,484 | ||||||
BNP Paribas SA | 84,230 | 4,993,407 | ||||||
Cie de Saint-Gobain | 68,730 | 3,037,555 | ||||||
Cie Generale des Etablissements Michelin | 30,140 | 3,022,034 | ||||||
Credit Agricole SA | 217,250 | 2,621,295 | ||||||
Sanofi | 42,232 | 3,765,053 | ||||||
Technip SA | 31,420 | 1,646,893 | ||||||
TOTAL SA | 77,670 | 3,856,924 | ||||||
26,947,645 | ||||||||
Germany — 3.2% |
| |||||||
Deutsche Boerse AG | 16,830 | 1,443,699 | ||||||
Deutsche Lufthansa AG†# | 142,140 | 2,037,164 | ||||||
HeidelbergCement AG | 25,080 | 1,996,909 | ||||||
LANXESS AG# | 30,070 | 1,531,336 | ||||||
Merck KGaA | 34,840 | 3,568,380 | ||||||
METRO AG | 57,570 | 1,919,655 | ||||||
Siemens AG ADR# | 23,750 | 2,473,562 | ||||||
14,970,705 | ||||||||
Ireland — 2.6% |
| |||||||
Allergan PLC† | 18,405 | 5,777,146 | ||||||
CRH PLC | 140,421 | 4,131,875 | ||||||
Medtronic PLC | 29,730 | 2,239,858 | ||||||
12,148,879 | ||||||||
Israel — 1.1% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 82,171 | 5,171,021 | ||||||
Italy — 1.2% |
| |||||||
Eni SpA | 168,822 | 2,750,447 | ||||||
UniCredit SpA | 520,578 | 3,055,342 | ||||||
5,805,789 | ||||||||
Japan — 4.1% |
| |||||||
Konica Minolta, Inc. | 255,700 | 2,687,862 | ||||||
Nissan Motor Co., Ltd.# | 479,600 | 5,121,317 | ||||||
SoftBank Group Corp.# | 55,900 | 2,968,467 | ||||||
Suntory Beverage & Food, Ltd. | 82,500 | 3,220,248 | ||||||
Toshiba Corp.†# | 434,000 | 1,060,850 | ||||||
Toyota Motor Corp. ADR | 31,123 | 3,872,324 | ||||||
18,931,068 | ||||||||
Jersey — 0.6% |
| |||||||
Glencore PLC | 749,180 | 1,091,217 | ||||||
Petrofac, Ltd. | 156,220 | 1,941,083 | ||||||
3,032,300 | ||||||||
Luxembourg — 0.3% |
| |||||||
Subsea 7 SA†# | 162,780 | 1,295,227 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Netherlands — 1.7% |
| |||||||
Akzo Nobel NV | 44,890 | $ | 3,192,888 | |||||
ING Groep NV CVA | 241,381 | 3,314,128 | ||||||
QIAGEN NV† | 60,672 | 1,611,228 | ||||||
8,118,244 | ||||||||
Norway — 0.6% | ||||||||
Telenor ASA | 148,762 | 2,593,328 | ||||||
Portugal — 0.4% | ||||||||
Galp Energia SGPS SA | 169,130 | 1,799,451 | ||||||
Russia — 0.3% | ||||||||
MMC Norilsk Nickel PJSC ADR | 87,679 | 1,185,858 | ||||||
Singapore — 1.0% | ||||||||
DBS Group Holdings, Ltd. | 224,695 | 2,628,384 | ||||||
Singapore Telecommunications, Ltd. | 816,000 | 2,209,862 | ||||||
4,838,246 | ||||||||
South Korea — 2.6% | ||||||||
Hana Financial Group, Inc. | 68,042 | 1,498,270 | ||||||
Hyundai Mobis Co., Ltd. | 6,516 | 1,403,862 | ||||||
KB Financial Group, Inc. ADR | 38,288 | 1,157,063 | ||||||
POSCO ADR | 40,515 | 1,475,151 | ||||||
Samsung Electronics Co., Ltd. | 5,898 | 6,539,469 | ||||||
12,073,815 | ||||||||
Spain — 0.7% | ||||||||
Telefonica SA ADR# | 261,902 | 3,213,538 | ||||||
Sweden — 0.6% | ||||||||
Getinge AB, Class B | 101,630 | 2,572,852 | ||||||
Switzerland — 2.9% | ||||||||
ABB, Ltd. | 120,120 | 2,277,826 | ||||||
ACE, Ltd. | 16,077 | 1,846,444 | ||||||
Credit Suisse Group AG | 126,100 | 2,711,116 | ||||||
Novartis AG | 16,020 | 1,369,450 | ||||||
Roche Holding AG | 13,960 | 3,738,135 | ||||||
Swiss Re AG | 18,860 | 1,797,369 | ||||||
13,740,340 | ||||||||
Taiwan — 0.2% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 232,914 | 991,822 | ||||||
Thailand — 0.4% | ||||||||
Bangkok Bank PCL NVDR | 448,000 | 2,093,750 | ||||||
United Kingdom — 9.6% |
| |||||||
Aviva PLC | 518,300 | 3,992,826 | ||||||
BAE Systems PLC | 362,869 | 2,822,758 | ||||||
Barclays PLC | 647,050 | 2,175,132 | ||||||
BP PLC | 653,445 | 3,791,449 | ||||||
GlaxoSmithKline PLC | 184,956 | 3,775,908 | ||||||
HSBC Holdings PLC | 487,983 | 3,892,686 | ||||||
Kingfisher PLC | 422,280 | 2,247,608 | ||||||
Lloyds Banking Group PLC | 2,108,060 | 2,316,441 | ||||||
Marks & Spencer Group PLC | 383,270 | 2,900,644 | ||||||
Noble Corp. PLC# | 121,350 | 1,610,315 | ||||||
Rexam PLC | 171,124 | 1,493,543 | ||||||
Royal Dutch Shell PLC, Class B | 115,926 | 2,884,326 | ||||||
Sky PLC | 240,080 | 3,999,122 | ||||||
Standard Chartered PLC | 116,360 | 976,491 | ||||||
Tesco PLC† | 816,540 | 2,056,209 | ||||||
Vodafone Group PLC ADR | 116,076 | 3,895,511 | ||||||
44,830,969 | ||||||||
91 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares/ Principal Amount(4) | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States — 20.5% |
| |||||||
Allegheny Technologies, Inc. | 104,910 | $ | 1,329,210 | |||||
Alphabet, Inc., Class A† | 6,110 | 4,661,013 | ||||||
Amgen, Inc. | 29,600 | 4,768,560 | ||||||
Apache Corp. | 42,780 | 2,103,920 | ||||||
Applied Materials, Inc. | 192,910 | 3,620,921 | ||||||
Baker Hughes, Inc. | 42,880 | 2,318,522 | ||||||
Capital One Financial Corp. | 47,900 | 3,760,629 | ||||||
Chesapeake Energy Corp.# | 139,120 | 733,162 | ||||||
Chevron Corp. | 30,030 | 2,742,340 | ||||||
Cisco Systems, Inc. | 34,970 | 952,932 | ||||||
Citigroup, Inc. | 97,990 | 5,300,279 | ||||||
Comcast Corp., Special Class A# | 78,955 | 4,819,413 | ||||||
CVS Health Corp. | 29,850 | 2,808,586 | ||||||
General Motors Co. | 67,440 | 2,441,328 | ||||||
Gilead Sciences, Inc. | 47,080 | 4,988,597 | ||||||
Halliburton Co. | 102,010 | 4,065,098 | ||||||
Isis Pharmaceuticals, Inc.† | 35,590 | 2,172,414 | ||||||
JPMorgan Chase & Co. | 85,450 | 5,697,806 | ||||||
Knowles Corp.†# | 132,970 | 2,190,016 | ||||||
Macy’s, Inc. | 53,260 | 2,081,401 | ||||||
Merck & Co., Inc. | 26,390 | 1,398,934 | ||||||
Microsoft Corp. | 127,894 | 6,951,039 | ||||||
Morgan Stanley | 92,930 | 3,187,499 | ||||||
News Corp., Class A | 170,003 | 2,439,543 | ||||||
Oracle Corp. | 83,060 | 3,236,848 | ||||||
Pfizer, Inc. | 90,669 | 2,971,223 | ||||||
Stanley Black & Decker, Inc. | 31,180 | 3,403,609 | ||||||
Twenty-First Century Fox, Inc., Class A | 49,237 | 1,452,984 | ||||||
United Parcel Service, Inc., Class B | 15,990 | 1,647,130 | ||||||
Voya Financial, Inc. | 52,040 | 2,118,028 | ||||||
Walgreens Boots Alliance, Inc. | 35,130 | 2,951,974 | ||||||
95,314,958 | ||||||||
Total Common Stocks | ||||||||
(cost $270,041,668) | 296,755,188 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 19.6% |
| |||||||
Brazil — 1.6% |
| |||||||
Brazil Letras do Tesouro Nacional Bills | BRL | 2,510,000 | 640,930 | |||||
Brazil Letras do Tesouro Nacional Bills | BRL | 300,000 | 71,450 | |||||
Brazil Letras do Tesouro Nacional Bills | BRL | 950,000 | 217,600 | |||||
Brazil Notas do Tesouro Nacional Notes | BRL | 1,268,769 | 333,753 | |||||
Brazil Notas do Tesouro Nacional Bonds | BRL | 4,548,935 | 1,167,905 | |||||
Brazil Notas do Tesouro Nacional Notes | BRL | 13,016,532 | 2,911,580 | |||||
Brazil Notas do Tesouro Nacional | BRL | 8,345,000 | 2,132,690 | |||||
Brazil Notas do Tesouro Nacional Notes | BRL | 600,000 | 132,192 | |||||
7,608,100 | ||||||||
Hungary — 0.6% |
| |||||||
Republic of Hungary | EUR | 845,000 | 1,001,008 | |||||
Republic of Hungary | 870,000 | 977,889 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Hungary (continued) |
| |||||||
Republic of Hungary | $370,000 | $ | 423,650 | |||||
Republic of Hungary Bonds | HUF | 94,730,000 | 353,990 | |||||
2,756,537 | ||||||||
Indonesia — 1.6% |
| |||||||
Republic of Indonesia | IDR | 63,000,000 | 4,186 | |||||
Republic of Indonesia | IDR | 4,180,000,000 | 299,461 | |||||
Republic of Indonesia | IDR | 11,863,000,000 | 845,201 | |||||
Republic of Indonesia | IDR | 1,582,000,000 | 112,404 | |||||
Republic of Indonesia | IDR | 8,380,000,000 | 579,974 | |||||
Republic of Indonesia | IDR | 2,780,000,000 | 203,068 | |||||
Republic of Indonesia | IDR | 1,124,000,000 | 82,875 | |||||
Republic of Indonesia | IDR | 13,282,000,000 | 1,050,243 | |||||
Republic of Indonesia | IDR | 44,962,000,000 | 3,548,472 | |||||
Republic of Indonesia | IDR | 6,847,000,000 | 584,086 | |||||
Republic of Indonesia | IDR | 189,000,000 | 16,485 | |||||
7,326,455 | ||||||||
Ireland — 0.4% |
| |||||||
Republic of Ireland Bonds | EUR | 1,326,110 | 1,944,600 | |||||
Malaysia — 1.8% |
| |||||||
Government of Malaysia | MYR | 21,256,000 | 4,999,636 | |||||
Government of Malaysia | MYR | 6,710,000 | 1,584,457 | |||||
Government of Malaysia | MYR | 4,215,000 | 999,660 | |||||
Government of Malaysia | MYR | 2,560,000 | 608,598 | |||||
8,192,351 | ||||||||
Mexico — 3.4% |
| |||||||
United Mexican States Bonds | MXN | 2,240,701 | 135,412 |
92 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Mexico (continued) |
| |||||||
United Mexican States Bonds | MXN | 4,299,143 | $ | 273,449 | ||||
United Mexican States Bonds | MXN | 2,873,243 | 184,915 | |||||
United Mexican States Bonds | MXN | 4,492,123 | 278,115 | |||||
United Mexican States Bonds | MXN | 75,460,000 | 4,623,105 | |||||
United Mexican States | MXN | 9,217,000 | 563,654 | |||||
United Mexican States | MXN | 136,906,000 | 8,557,033 | |||||
United Mexican States Bonds | MXN | 19,000,000 | 1,226,685 | |||||
15,842,368 | ||||||||
Philippines — 0.5% |
| |||||||
Republic of the Philippines | PHP | 42,660,000 | 902,270 | |||||
Republic of the Philippines | PHP | 66,540,000 | 1,421,477 | |||||
2,323,747 | ||||||||
Poland — 2.3% |
| |||||||
Government of Poland | PLN | 14,052,000 | 3,469,960 | |||||
Government of Poland FRS | PLN | 1,357,000 | 335,770 | |||||
Government of Poland FRS | PLN | 1,376,000 | 334,070 | |||||
Government of Poland | PLN | 17,245,000 | 4,387,076 | |||||
Government of Poland | PLN | 30,000 | 7,743 | |||||
Government of Poland | PLN | 9,015,000 | 2,260,973 | |||||
10,795,592 | ||||||||
Portugal — 0.5% |
| |||||||
Republic of Portugal Obrigacoes Do Tesouro | EUR | 2,140,000 | 2,506,156 | |||||
Republic of Portugal Obrigacoes Do Tesouro | EUR | 15,000 | 19,237 | |||||
Republic of Portugal Obrigacoes Do Tesouro | EUR | 37,400 | 49,834 | |||||
2,575,227 | ||||||||
Serbia — 0.1% |
| |||||||
Republic of Serbia | 270,000 | 280,557 | ||||||
Republic of Serbia | 280,000 | 319,900 | ||||||
600,457 | ||||||||
Singapore — 0.9% |
| |||||||
Republic of Singapore | SGD | 5,640,000 | 3,999,240 | |||||
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Slovenia — 0.1% |
| |||||||
Republic of Slovenia | $ | 490,000 | $ | 549,788 | ||||
South Korea — 4.4% |
| |||||||
Bank of Korea | KRW | 3,146,300,000 | 2,706,538 | |||||
Bank of Korea | KRW | 617,100,000 | 532,243 | |||||
Bank of Korea | KRW | 1,376,500,000 | 1,194,781 | |||||
Bank of Korea | KRW | 297,530,000 | 257,427 | |||||
Bank of Korea | KRW | 7,413,000,000 | 6,437,228 | |||||
Bank of Korea | KRW | 2,468,200,000 | 2,139,569 | |||||
Republic of South Korea | KRW | 2,294,600,000 | 1,990,313 | |||||
Republic of South Korea | KRW | 4,727,600,000 | 4,104,951 | |||||
Republic of South Korea | KRW | 1,545,600,000 | 1,351,805 | |||||
20,714,855 | ||||||||
Ukraine — 1.3% |
| |||||||
Government of Ukraine | 600,000 | 473,485 | ||||||
Government of Ukraine | 530,000 | 421,350 | ||||||
Government of Ukraine | 1,280,000 | 1,005,211 | ||||||
Government of Ukraine | 770,000 | 605,971 | ||||||
Government of Ukraine | 4,420,000 | 3,491,800 | ||||||
5,997,817 | ||||||||
Total Foreign Government Obligations |
| |||||||
(cost $108,711,562) | 91,227,134 | |||||||
U.S. GOVERNMENT TREASURIES — 0.1% |
| |||||||
United States — 0.1% |
| |||||||
United States Treasury Notes | 243,000 | 255,995 | ||||||
RIGHTS — 0.0% |
| |||||||
Switzerland — 0.0% |
| |||||||
Credit Suisse Group AG† | 126,100 | 77,215 | ||||||
93 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares/ Principal Amount(4) | Value (Note 2) | ||||||
RIGHTS (continued) |
| |||||||
United Kingdom — 0.0% |
| |||||||
Standard Chartered PLC† | 33,246 | $ | 45,565 | |||||
Total Rights |
| |||||||
(cost $0) | 122,780 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $379,009,827) | 388,361,097 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 20.4% |
| |||||||
Foreign Government Obligations — 4.1% |
| |||||||
Bank Negara Malaysia Monetary Notes | ||||||||
2.52% due 09/22/2016 | MYR | 780,000 | 178,896 | |||||
2.70% due 05/12/2016 | MYR | 10,000 | 2,317 | |||||
2.75% due 05/12/2016 | MYR | 630,000 | 145,956 | |||||
2.97% due 04/29/2016 | MYR | 40,000 | 9,276 | |||||
3.00% due 03/01/2016 | MYR | 170,000 | 39,596 | |||||
3.04% due 04/19/2016 | MYR | 282,000 | 65,446 | |||||
3.05% due 03/01/2016 | MYR | 90,000 | 20,963 | |||||
3.05% due 05/03/2016 | MYR | 440,000 | 102,007 | |||||
3.05% due 07/05/2016 | MYR | 670,000 | 154,602 | |||||
3.05% due 07/19/2016 | MYR | 1,060,000 | 244,325 | |||||
3.05% due 09/15/2016 | MYR | 450,000 | 103,267 | |||||
3.05% due 10/06/2016 | MYR | 350,000 | 80,185 | |||||
3.05% due 10/11/2016 | MYR | 1,420,000 | 325,191 | |||||
3.05% due 10/18/2016 | MYR | 1,060,000 | 242,613 | |||||
3.08% due 03/01/2016 | MYR | 970,000 | 225,930 | |||||
3.08% due 06/07/2016 | MYR | 1,490,000 | 344,549 | |||||
3.10% due 09/15/2016 | MYR | 200,000 | 45,896 | |||||
3.11% due 09/15/2016 | MYR | 330,000 | 75,729 | |||||
2,406,744 | ||||||||
Bank of Korea | ||||||||
1.48% due 01/05/2016 | KRW | 60,200,000 | 51,901 | |||||
1.56% due 08/09/2016 | KRW | 1,285,000,000 | 1,108,563 | |||||
1.61% due 11/09/2016 | KRW | 995,700,000 | 859,283 | |||||
2,019,747 | ||||||||
Government of Malaysia | ||||||||
2.65% due 03/18/2016 | MYR | 120,000 | 27,915 | |||||
2.70% due 05/06/2016 | MYR | 10,000 | 2,318 | |||||
2.80% due 05/27/2016 | MYR | 40,000 | 9,257 | |||||
2.80% due 12/11/2015 | MYR | 50,000 | 11,718 | |||||
2.82% due 12/11/2015 | MYR | 180,000 | 42,184 | |||||
2.88% due 01/22/2016 | MYR | 110,000 | 25,697 | |||||
2.95% due 03/18/2016 | MYR | 10,000 | 2,326 | |||||
2.99% due 03/18/2016 | MYR | 40,000 | 9,305 | |||||
3.05% due 12/04/2015 | MYR | 700,000 | 164,139 | |||||
3.05% due 01/22/2016 | MYR | 200,000 | 46,722 | |||||
3.05% due 08/05/2016 | MYR | 410,000 | 94,385 | |||||
3.25% due 01/22/2016 | MYR | 30,000 | 7,008 | |||||
442,974 | ||||||||
Republic of Indonesia | ||||||||
6.19% due 02/04/2016 | IDR | 1,150,000,000 | 82,157 | |||||
6.28% due 02/04/2016 | IDR | 460,000,000 | 32,863 | |||||
6.44% due 01/07/2016 | IDR | 2,610,000,000 | 187,563 | |||||
302,583 | ||||||||
Republic of the Philippines | ||||||||
1.04% due 02/03/2016 | PHP | 1,440,000 | 30,444 | |||||
1.04% due 03/09/2016 | PHP | 9,510,000 | 200,807 | |||||
1.12% due 02/03/2016 | PHP | 7,890,000 | 166,808 | |||||
1.24% due 02/03/2016 | PHP | 2,020,000 | 42,706 | |||||
1.26% due 08/03/2016 | PHP | 7,890,000 | 165,007 | |||||
1.42% due 02/03/2016 | PHP | 6,430,000 | 135,941 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Foreign Government Obligations (continued) |
| |||||||
1.42% due 03/02/2016 | PHP | 4,870,000 | $ | 102,895 | ||||
1.44% due 12/02/2015 | PHP | 8,560,000 | 181,587 | |||||
1,026,195 | ||||||||
United Mexican States | ||||||||
3.15% due 12/24/2015 | MXN | 4,052,400 | 243,962 | |||||
3.15% due 02/18/2016 | MXN | 2,264,900 | 135,649 | |||||
3.15% due 03/03/2016 | MXN | 4,529,800 | 270,956 | |||||
3.16% due 12/10/2015 | MXN | 3,241,900 | 195,393 | |||||
3.16% due 02/18/2016 | MXN | 27,200 | 1,629 | |||||
3.17% due 03/17/2016 | MXN | 647,100 | 38,653 | |||||
3.20% due 12/10/2015 | MXN | 11,130,700 | 670,860 | |||||
3.20% due 04/14/2016 | MXN | 103,700 | 6,176 | |||||
3.21% due 01/07/2016 | MXN | 9,447,000 | 568,105 | |||||
3.21% due 02/04/2016 | MXN | 1,870,300 | 112,214 | |||||
3.22% due 04/28/2016 | MXN | 77,800 | 4,627 | |||||
3.23% due 12/10/2015 | MXN | 313,000 | 18,865 | |||||
3.23% due 02/18/2016 | MXN | 5,403,200 | 323,607 | |||||
3.23% due 03/31/2016 | MXN | 18,551,200 | 1,106,531 | |||||
3.24% due 04/28/2016 | MXN | 1,941,300 | 115,448 | |||||
3.25% due 01/07/2016 | MXN | 268,900 | 16,171 | |||||
3.26% due 12/10/2015 | MXN | 484,600 | 29,207 | |||||
3.26% due 02/04/2016 | MXN | 2,807,200 | 168,426 | |||||
3.27% due 02/04/2016 | MXN | 8,891,900 | 533,495 | |||||
3.27% due 03/17/2016 | MXN | 3,241,900 | 193,649 | |||||
3.27% due 04/14/2016 | MXN | 1,095,400 | 65,242 | |||||
3.28% due 01/21/2016 | MXN | 7,023,500 | 421,891 | |||||
3.32% due 12/24/2015 | MXN | 4,816,100 | 289,937 | |||||
3.34% due 02/04/2016 | MXN | 231,300 | 13,878 | |||||
3.34% due 03/03/2016 | MXN | 3,442,400 | 205,912 | |||||
3.36% due 03/31/2016 | MXN | 6,325,700 | 377,312 | |||||
3.37% due 04/14/2016 | MXN | 2,013,100 | 119,899 | |||||
3.39% due 12/03/2015 | MXN | 2,890,600 | 174,319 | |||||
3.39% due 01/07/2016 | MXN | 122,100 | 7,343 | |||||
3.40% due 02/18/2016 | MXN | 5,418,100 | 324,499 | |||||
3.41% due 04/28/2016 | MXN | 5,565,400 | 330,972 | |||||
3.41% due 05/12/2016 | MXN | 1,855,200 | 110,194 | |||||
3.41% due 05/26/2016 | MXN | 647,100 | 38,378 | |||||
3.43% due 03/03/2016 | MXN | 105,600 | 6,317 | |||||
3.43% due 10/13/2016 | MXN | 129,700 | 7,585 | |||||
3.44% due 04/28/2016 | MXN | 2,436,800 | 144,915 | |||||
3.45% due 01/07/2016 | MXN | 297,700 | 17,902 | |||||
3.47% due 03/03/2016 | MXN | 4,033,900 | 241,293 | |||||
3.47% due 03/31/2016 | MXN | 3,136,500 | 187,084 | |||||
3.47% due 05/26/2016 | MXN | 7,420,500 | 440,098 | |||||
3.48% due 02/04/2016 | MXN | 3,496,000 | 209,753 | |||||
3.48% due 05/26/2016 | MXN | 7,420,500 | 440,098 | |||||
3.48% due 08/18/2016 | MXN | 970,700 | 57,095 | |||||
3.49% due 03/03/2016 | MXN | 866,700 | 51,843 | |||||
3.49% due 06/23/2016 | MXN | 16,582,500 | 980,812 | |||||
3.49% due 08/18/2016 | MXN | 647,100 | 38,061 | |||||
3.50% due 02/18/2016 | MXN | 8,231,300 | 492,987 | |||||
3.50% due 03/03/2016 | MXN | 2,417,000 | 144,576 | |||||
3.50% due 05/26/2016 | MXN | 313,000 | 18,564 | |||||
3.51% due 10/13/2016 | MXN | 198,000 | 11,580 | |||||
3.53% due 02/18/2016 | MXN | 5,445,800 | 326,158 | |||||
3.55% due 06/23/2016 | MXN | 5,926,100 | 350,513 | |||||
3.57% due 03/03/2016 | MXN | 558,300 | 33,395 | |||||
3.57% due 06/23/2016 | MXN | 4,052,400 | 239,689 | |||||
3.60% due 03/03/2016 | MXN | 417,000 | 24,943 | |||||
3.61% due 03/03/2016 | MXN | 894,900 | 53,530 | |||||
3.63% due 05/26/2016 | MXN | 3,612,000 | 214,222 | |||||
3.64% due 03/31/2016 | MXN | 186,100 | 11,100 | |||||
3.66% due 03/03/2016 | MXN | 1,332,300 | 79,693 |
94 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
Foreign Government Obligations (continued) |
| |||||||
United Mexican States (continued) | ||||||||
3.67% due 03/03/2016 | MXN | 1,283,000 | $ | 76,744 | ||||
3.63% due 06/23/2016 | MXN | 3,335,200 | 197,268 | |||||
3.63% due 08/18/2016 | MXN | 9,995,900 | 587,939 | |||||
3.67% due 03/31/2016 | MXN | 2,426,100 | 144,711 | |||||
13,063,867 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $19,819,771) | 19,262,110 | |||||||
Registered Investment Companies — 5.6% |
| |||||||
State Street Navigator Securities | 25,815,499 | 25,815,499 | ||||||
Time Deposits — 4.9% |
| |||||||
Euro Time Deposit with State Street | 22,995,000 | 22,995,000 | ||||||
U.S. Government Agencies — 5.8% |
| |||||||
Federal Agricultural Mtg. Corp. | 1 | 3 | ||||||
Federal Home Loan Bank | 23,315,000 | 23,315,000 | ||||||
Federal Home Loan Mtg. Corp. | 3,900,000 | 3,900,000 | ||||||
(cost $27,215,003) | 27,215,003 | |||||||
Total Short-Term Investment Securities | ||||||||
(cost $95,845,273) | 95,287,612 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $474,855,100)(6) | 103.8 | % | 483,648,709 | |||||
Liabilities in excess of other assets | (3.8 | ) | (17,758,912 | ) | ||||
NET ASSETS | 100.0 | % | $ | 465,889,797 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $9,723,289 representing 2.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Principal amount of security is adjusted for inflation. |
(2) | At November 30, 2015, the Fund had loaned securities with a total value of $24,832,396. This was secured by collateral of $25,815,499, which was received in cash and subsequently invested in short-term investments currently value at $25,815,499 as reported in the portfolio of investments. |
(3) | The rate shown is the 7-day yield as of November 30, 2015. |
(4) | Denominated in United States Dollar unless otherwise indicated. |
(5) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of |
a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2015, the Fund held the following restricted securities: |
Description | Acquisition Date | Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Foreign Government Obligations | ||||||||||||||||||||||||
Republic of Hungary Senior Bonds 5.75% due 06/11/2018 | 02/17/2009 | EUR | 60,000 | $ | 6,142 | $ | 71,077 | $ | 1.18 | 0.02 | % | |||||||||||||
02/18/2009 | 225,000 | 110,555 | 266,541 | 1.18 | 0.06 | |||||||||||||||||||
02/23/2009 | 90,000 | 92,130 | 106,616 | 1.18 | 0.02 | |||||||||||||||||||
02/24/2009 | 110,000 | 73,704 | 130,309 | 1.18 | 0.03 | |||||||||||||||||||
02/25/2009 | 55,000 | 67,562 | 65,154 | 1.18 | 0.01 | |||||||||||||||||||
03/02/2009 | 90,000 | 135,123 | 106,616 | 1.18 | 0.02 | |||||||||||||||||||
03/03/2009 | 5,000 | 276,388 | 5,923 | 1.18 | 0.00 | |||||||||||||||||||
03/05/2009 | 75,000 | 12,284 | 88,847 | 1.18 | 0.02 | |||||||||||||||||||
03/12/2009 | 30,000 | 36,852 | 35,539 | 1.18 | 0.01 | |||||||||||||||||||
03/18/2009 | 10,000 | 110,555 | 11,846 | 1.18 | 0.00 | |||||||||||||||||||
03/24/2009 | 5,000 | 6,142 | 5,923 | 1.18 | 0.00 | |||||||||||||||||||
03/31/2009 | 5,000 | 6,142 | 5,923 | 1.18 | 0.00 | |||||||||||||||||||
04/02/2009 | 25,000 | 30,710 | 29,616 | 1.18 | 0.01 | |||||||||||||||||||
06/04/2009 | 60,000 | 73,704 | 71,078 | 1.18 | 0.02 | |||||||||||||||||||
1,001,008 | 0.22 | % | ||||||||||||||||||||||
Republic of Portugal Obrigacoes Do Tesouro 3.88% due 02/15/2030 | 09/03/2014 | 2,140,000 | 2,799,425 | 2,506,156 | 1.17 | 0.54 | ||||||||||||||||||
Republic of Portugal Obrigacoes Do Tesouro 4.95% due 10/25/2023 | 07/11/2014 | 15,000 | 21,958 | 19,237 | 1.28 | 0.00 | ||||||||||||||||||
Republic of Portugal Obrigacoes Do Tesouro 5.65% due 02/15/2024 | 07/11/2014 | 37,400 | 56,981 | 49,834 | 1.33 | 0.01 | ||||||||||||||||||
$ | 3,576,235 | 0.77 | % | |||||||||||||||||||||
(6) | See Note 5 for cost of investments on a tax basis. |
ADR — American Depositary Receipt
CVA — Certification Van Aandelen (Dutch Cert.)
NVDR — Non-Voting Depositary Receipt
BRL — Brazilian Real
CHF — Swiss Franc
EUR — Euro
GBP — British Pound
HUF — Hungarian Forint
IDR — Indonesian Rupiah
KRW — South Korean Won
MXN — Mexican Peso
MYR — Malaysian Ringgit
PHP — Philippine Peso
PJSC — Public Joint Stock Company
PLN — Polish Zloty
SGD — Singapore Dollar
FRS — Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2015, and unless noted otherwise, the dates shown are the original maturity dates.
95 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (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 | $ | 17,722 | $ | – | |||||||||||||||||||
EUR | 3,325,400 | USD | 3,672,641 | 03/29/2016 | 146,571 | – | ||||||||||||||||||||||
EUR | 934,000 | USD | 1,035,587 | 03/30/2016 | 45,193 | – | ||||||||||||||||||||||
209,486 | – | |||||||||||||||||||||||||||
Barclays Investments, Inc. | CLP | 200,300,000 | USD | 280,532 | 12/02/2015 | – | (1,323 | ) | ||||||||||||||||||||
EUR | 2,317,000 | USD | 2,730,218 | 01/19/2016 | 278,498 | – | ||||||||||||||||||||||
EUR | 181,000 | USD | 211,245 | 01/21/2016 | 19,711 | – | ||||||||||||||||||||||
EUR | 664,629 | USD | 754,600 | 01/27/2016 | 51,173 | – | ||||||||||||||||||||||
EUR | 453,000 | USD | 497,593 | 02/08/2016 | 17,987 | – | ||||||||||||||||||||||
EUR | 1,629,000 | USD | 1,851,407 | 02/11/2016 | 126,580 | – | ||||||||||||||||||||||
EUR | 1,014,686 | USD | 1,157,889 | 02/26/2016 | 83,046 | – | ||||||||||||||||||||||
EUR | 709,208 | USD | 790,086 | 03/09/2016 | 38,557 | – | ||||||||||||||||||||||
EUR | 130,161 | USD | 139,290 | 03/16/2016 | 1,332 | – | ||||||||||||||||||||||
EUR | 54,521 | USD | 61,958 | 03/21/2016 | 4,161 | – | ||||||||||||||||||||||
EUR | 72,605 | USD | 78,008 | 03/23/2016 | 1,036 | – | ||||||||||||||||||||||
EUR | 131,194 | USD | 146,660 | 03/24/2016 | 7,572 | – | ||||||||||||||||||||||
EUR | 188,102 | USD | 205,402 | 04/01/2016 | 5,930 | – | ||||||||||||||||||||||
EUR | 453,864 | USD | 510,403 | 05/05/2016 | 28,587 | – | ||||||||||||||||||||||
EUR | 1,007,000 | USD | 1,085,838 | 05/12/2016 | 16,582 | – | ||||||||||||||||||||||
EUR | 214,240 | USD | 249,541 | 05/26/2016 | 21,956 | – | ||||||||||||||||||||||
EUR | 391,113 | USD | 435,416 | 10/27/2016 | 17,381 | – | ||||||||||||||||||||||
JPY | 24,850,000 | USD | 210,162 | 12/22/2015 | 8,158 | – | ||||||||||||||||||||||
JPY | 39,140,000 | USD | 333,126 | 01/15/2016 | 14,691 | – | ||||||||||||||||||||||
JPY | 116,230,000 | USD | 996,177 | 02/09/2016 | 50,085 | – | ||||||||||||||||||||||
JPY | 22,560,000 | USD | 191,151 | 02/25/2016 | 7,457 | – | ||||||||||||||||||||||
JPY | 45,070,000 | USD | 379,713 | 02/26/2016 | 12,725 | – | ||||||||||||||||||||||
JPY | 40,123,600 | USD | 336,421 | 03/09/2016 | 9,606 | – | ||||||||||||||||||||||
JPY | 557,000,000 | USD | 4,600,454 | 05/06/2016 | 55,542 | – | ||||||||||||||||||||||
JPY | 39,800,000 | USD | 335,003 | 10/13/2016 | 8,290 | – | ||||||||||||||||||||||
USD | 286,388 | CLP | 200,300,000 | 12/02/2015 | – | (4,534 | ) | |||||||||||||||||||||
USD | 111,415 | CLP | 77,400,000 | 12/04/2015 | – | (2,522 | ) | |||||||||||||||||||||
USD | 48,921 | CLP | 35,010,000 | 02/18/2016 | – | (60 | ) | |||||||||||||||||||||
USD | 278,059 | CLP | 200,300,000 | 02/25/2016 | 1,263 | – | ||||||||||||||||||||||
887,906 | (8,439 | ) | ||||||||||||||||||||||||||
Citibank N.A. | AUD | 638,000 | USD | 449,458 | 05/19/2016 | – | (8,219 | ) | ||||||||||||||||||||
EUR | 1,203,000 | USD | 1,429,405 | 01/13/2016 | 156,666 | – | ||||||||||||||||||||||
EUR | 375,660 | USD | 445,326 | 01/15/2016 | 47,867 | – | ||||||||||||||||||||||
EUR | 795,744 | USD | 873,170 | 03/10/2016 | 29,914 | – | ||||||||||||||||||||||
EUR | 89,576 | USD | 95,981 | 03/16/2016 | 1,038 | – | ||||||||||||||||||||||
EUR | 157,344 | USD | 177,689 | 03/29/2016 | 10,850 | – | ||||||||||||||||||||||
EUR | 419,900 | USD | 465,997 | 04/08/2016 | 20,618 | – | ||||||||||||||||||||||
EUR | 735,500 | USD | 839,202 | 04/15/2016 | 58,899 | – | ||||||||||||||||||||||
EUR | 134,537 | USD | 148,560 | 07/28/2016 | 5,303 | – | ||||||||||||||||||||||
EUR | 685,000 | USD | 757,713 | 08/05/2016 | 28,090 | – | ||||||||||||||||||||||
EUR | 124,811 | USD | 137,086 | 08/10/2016 | 4,119 | – | ||||||||||||||||||||||
JPY | 38,770,000 | USD | 328,337 | 12/22/2015 | 13,178 | – | ||||||||||||||||||||||
JPY | 90,060,000 | USD | 757,513 | 02/16/2016 | 24,337 | – | ||||||||||||||||||||||
JPY | 32,100,000 | USD | 260,561 | 06/08/2016 | – | (1,638 | ) | |||||||||||||||||||||
JPY | 79,600,000 | USD | 641,547 | 06/10/2016 | – | (8,689 | ) | |||||||||||||||||||||
JPY | 72,889,000 | USD | 592,603 | 07/25/2016 | – | (3,808 | ) | |||||||||||||||||||||
JPY | 80,345,200 | USD | 653,399 | 08/08/2016 | – | (4,363 | ) | |||||||||||||||||||||
USD | 137,522 | INR | 9,291,000 | 12/11/2015 | 1,653 | – | ||||||||||||||||||||||
USD | 1,295,360 | EUR | 1,203,000 | 01/13/2016 | – | (22,621 | ) | |||||||||||||||||||||
USD | 470,146 | CLP | 327,410,000 | 02/08/2016 | – | (12,697 | ) | |||||||||||||||||||||
402,532 | (62,035 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | CLP | 150,532,000 | USD | 211,704 | 12/02/2015 | – | (119 | ) | ||||||||||||||||||||
EUR | 2,501,000 | USD | 2,955,932 | 01/19/2016 | 309,514 | – | ||||||||||||||||||||||
EUR | 401,422 | MYR | 1,683,000 | 01/22/2016 | – | (31,333 | ) | |||||||||||||||||||||
EUR | 133,000 | USD | 144,810 | 01/22/2016 | 4,066 | – | ||||||||||||||||||||||
EUR | 316,000 | USD | 348,485 | 01/27/2016 | 14,038 | – | ||||||||||||||||||||||
EUR | 1,083,000 | USD | 1,235,649 | 01/29/2016 | 89,365 | – | ||||||||||||||||||||||
EUR | 1,190,000 | USD | 1,352,197 | 02/03/2016 | 92,486 | – | ||||||||||||||||||||||
EUR | 234,000 | USD | 257,891 | 03/29/2016 | 9,771 | – | ||||||||||||||||||||||
EUR | 36,531 | USD | 40,096 | 03/31/2016 | 1,359 | – | ||||||||||||||||||||||
EUR | 133,071 | USD | 144,093 | 04/13/2016 | 2,925 | – | ||||||||||||||||||||||
EUR | 6,500,000 | USD | 7,131,345 | 04/29/2016 | 232,338 | – | ||||||||||||||||||||||
�� | EUR | 137,755 | USD | 147,340 | 05/19/2016 | 1,036 | – | |||||||||||||||||||||
EUR | 344,183 | MYR | 1,491,000 | 07/20/2016 | – | (20,871 | ) | |||||||||||||||||||||
EUR | 120,000 | USD | 132,329 | 07/25/2016 | 4,566 | – |
96 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
EUR | 501,100 | MYR | 2,164,000 | 07/27/2016 | $ | – | $ | (32,257 | ) | |||||||||||||||||||
EUR | 80,784 | USD | 91,367 | 08/31/2016 | 5,234 | – | ||||||||||||||||||||||
EUR | 630,927 | USD | 715,471 | 10/11/2016 | 41,582 | – | ||||||||||||||||||||||
EUR | 2,960,031 | MYR | 14,333,653 | 10/17/2016 | 147,381 | – | ||||||||||||||||||||||
EUR | 746,000 | USD | 809,597 | 11/18/2016 | 11,482 | – | ||||||||||||||||||||||
EUR | 122,735 | USD | 132,561 | 11/28/2016 | 1,195 | – | ||||||||||||||||||||||
JPY | 43,140,000 | USD | 369,286 | 12/21/2015 | 18,620 | – | ||||||||||||||||||||||
JPY | 58,120,000 | USD | 470,379 | 01/22/2016 | – | (2,539 | ) | |||||||||||||||||||||
JPY | 762,755,000 | USD | 6,232,168 | 05/16/2016 | 6,467 | – | ||||||||||||||||||||||
JPY | 23,100,000 | USD | 187,582 | 06/13/2016 | – | (1,138 | ) | |||||||||||||||||||||
JPY | 43,210,000 | USD | 353,601 | 06/22/2016 | 470 | – | ||||||||||||||||||||||
JPY | 39,300,000 | USD | 330,892 | 10/13/2016 | 8,285 | – | ||||||||||||||||||||||
JPY | 686,286,000 | USD | 5,651,375 | 11/18/2016 | 8,997 | – | ||||||||||||||||||||||
USD | 217,595 | CLP | 150,532,000 | 12/02/2015 | – | (5,772 | ) | |||||||||||||||||||||
USD | 261,522 | CLP | 181,130,000 | 12/11/2015 | – | (6,864 | ) | |||||||||||||||||||||
USD | 92,237 | CLP | 64,045,000 | 12/17/2015 | – | (2,246 | ) | |||||||||||||||||||||
USD | 307,347 | CLP | 215,235,000 | 01/06/2016 | – | (5,509 | ) | |||||||||||||||||||||
USD | 82,000 | INR | 5,431,000 | 01/11/2016 | – | (1,073 | ) | |||||||||||||||||||||
USD | 996,194 | INR | 65,614,000 | 01/20/2016 | – | (19,990 | ) | |||||||||||||||||||||
USD | 92,268 | CLP | 63,250,000 | 01/21/2016 | – | (3,719 | ) | |||||||||||||||||||||
USD | 161,125 | INR | 10,622,000 | 01/25/2016 | – | (3,226 | ) | |||||||||||||||||||||
USD | 38,272 | CLP | 26,660,000 | 01/26/2016 | – | (969 | ) | |||||||||||||||||||||
USD | 242,153 | INR | 15,966,000 | 01/27/2016 | – | (4,894 | ) | |||||||||||||||||||||
USD | 201,290 | INR | 13,258,000 | 01/28/2016 | – | (4,306 | ) | |||||||||||||||||||||
USD | 575,179 | INR | 37,942,150 | 01/29/2016 | – | (11,542 | ) | |||||||||||||||||||||
USD | 590,366 | INR | 39,235,750 | 02/08/2016 | – | (8,504 | ) | |||||||||||||||||||||
USD | 79,832 | INR | 5,308,000 | 02/10/2016 | – | (1,141 | ) | |||||||||||||||||||||
USD | 255,473 | CLP | 181,130,000 | 02/16/2016 | – | (2,629 | ) | |||||||||||||||||||||
USD | 469,739 | INR | 31,543,000 | 02/16/2016 | – | (2,595 | ) | |||||||||||||||||||||
USD | 216,649 | CLP | 156,410,000 | 02/29/2016 | 1,370 | – | ||||||||||||||||||||||
USD | 209,830 | CLP | 150,532,000 | 03/02/2016 | – | (51 | ) | |||||||||||||||||||||
1,012,547 | (173,287 | ) | ||||||||||||||||||||||||||
Goldman Sachs International | EUR | 316,000 | USD | 347,440 | 01/27/2016 | 12,994 | – | |||||||||||||||||||||
EUR | 849,000 | USD | 975,442 | 02/17/2016 | 76,342 | – | ||||||||||||||||||||||
JPY | 11,563,000 | USD | 97,648 | 01/08/2016 | 3,587 | – | ||||||||||||||||||||||
JPY | 45,170,000 | USD | 383,027 | 02/17/2016 | 15,292 | – | ||||||||||||||||||||||
108,215 | – | |||||||||||||||||||||||||||
HSBC Bank PLC | EUR | 372,921 | USD | 459,395 | 12/09/2015 | 65,347 | – | |||||||||||||||||||||
EUR | 235,000 | USD | 266,899 | 02/10/2016 | 18,082 | – | ||||||||||||||||||||||
EUR | 1,658,596 | KRW | 2,228,406,400 | 03/31/2016 | 159,731 | – | ||||||||||||||||||||||
EUR | 1,191,787 | MYR | 5,686,371 | 04/15/2016 | 59,192 | – | ||||||||||||||||||||||
EUR | 1,058,658 | USD | 1,200,137 | 06/06/2016 | 75,109 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 757,275 | 08/05/2016 | 26,588 | – | ||||||||||||||||||||||
JPY | 48,100,000 | USD | 384,170 | 12/09/2015 | – | (6,588 | ) | |||||||||||||||||||||
JPY | 43,210,000 | USD | 369,474 | 12/21/2015 | 18,239 | – | ||||||||||||||||||||||
JPY | 67,990,000 | USD | 577,170 | 02/12/2016 | 23,709 | – | ||||||||||||||||||||||
JPY | 69,900,000 | USD | 563,869 | 06/10/2016 | – | (7,130 | ) | |||||||||||||||||||||
JPY | 78,700,000 | USD | 662,263 | 10/11/2016 | 16,284 | – | ||||||||||||||||||||||
USD | 591,834 | INR | 39,026,000 | 01/29/2016 | – | (12,096 | ) | |||||||||||||||||||||
USD | 317,816 | INR | 21,106,500 | 02/05/2016 | – | (4,649 | ) | |||||||||||||||||||||
USD | 799,967 | INR | 53,896,000 | 02/16/2016 | – | (1,780 | ) | |||||||||||||||||||||
USD | 933,638 | MXN | 14,850,450 | 03/11/2016 | – | (43,688 | ) | |||||||||||||||||||||
462,281 | (75,931 | ) | ||||||||||||||||||||||||||
JPMorgan Chase & Co. | AUD | 2,775,000 | USD | 1,964,700 | 05/18/2016 | – | (26,069 | ) | ||||||||||||||||||||
AUD | 2,032,000 | USD | 1,430,528 | 05/19/2016 | – | (27,152 | ) | |||||||||||||||||||||
AUD | 5,929,000 | USD | 4,495,961 | 06/22/2016 | 248,865 | – | ||||||||||||||||||||||
CLP | 79,240,000 | USD | 110,516 | 12/01/2015 | – | (988 | ) | |||||||||||||||||||||
EUR | 2,598,945 | MYR | 11,097,756 | 01/14/2016 | – | (154,133 | ) | |||||||||||||||||||||
EUR | 2,711,072 | USD | 3,207,394 | 01/15/2016 | 339,003 | – | ||||||||||||||||||||||
EUR | 2,541,126 | MYR | 11,153,000 | 01/19/2016 | – | (81,060 | ) | |||||||||||||||||||||
EUR | 2,153,000 | USD | 2,544,092 | 01/19/2016 | 265,908 | – | ||||||||||||||||||||||
EUR | 375,660 | USD | 438,132 | 01/22/2016 | 40,597 | – | ||||||||||||||||||||||
EUR | 2,174,000 | USD | 2,544,947 | 01/25/2016 | 244,164 | – | ||||||||||||||||||||||
EUR | 491,952 | MYR | 2,164,000 | 07/29/2016 | – | (22,602 | ) | |||||||||||||||||||||
EUR | 686,000 | USD | 765,089 | 07/29/2016 | 34,598 | – | ||||||||||||||||||||||
JPY | 25,450,000 | USD | 215,795 | 01/15/2016 | 8,739 | – | ||||||||||||||||||||||
JPY | 52,770,000 | USD | 454,176 | 01/20/2016 | 24,808 | – | ||||||||||||||||||||||
JPY | 116,200,000 | USD | 996,100 | 02/08/2016 | 50,270 | – | ||||||||||||||||||||||
JPY | 116,480,000 | USD | 997,987 | 02/09/2016 | 49,859 | – |
97 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
JPY | 67,952,000 | USD | 576,859 | 02/12/2016 | $ | 23,708 | $ | – | ||||||||||||||||||||
JPY | 45,100,000 | USD | 380,599 | 02/16/2016 | 13,441 | – | ||||||||||||||||||||||
JPY | 45,120,000 | USD | 381,925 | 02/17/2016 | 14,596 | – | ||||||||||||||||||||||
JPY | 99,670,000 | USD | 838,818 | 04/20/2016 | 25,946 | – | ||||||||||||||||||||||
JPY | 64,760,000 | USD | 525,366 | 06/13/2016 | – | (3,704 | ) | |||||||||||||||||||||
JPY | 27,300,000 | USD | 222,480 | 06/16/2016 | – | (577 | ) | |||||||||||||||||||||
JPY | 112,000,000 | USD | 910,421 | 07/25/2016 | – | (6,013 | ) | |||||||||||||||||||||
JPY | 577,091,720 | USD | 4,880,000 | 09/26/2016 | 146,227 | – | ||||||||||||||||||||||
JPY | 52,770,000 | USD | 449,340 | 10/19/2016 | 16,047 | – | ||||||||||||||||||||||
JPY | 56,320,000 | USD | 462,090 | 11/14/2016 | – | (871 | ) | |||||||||||||||||||||
MYR | 389,000 | USD | 106,206 | 01/11/2016 | 15,213 | – | ||||||||||||||||||||||
USD | 114,088 | CLP | 79,240,000 | 12/01/2015 | – | (2,585 | ) | |||||||||||||||||||||
USD | 120,579 | INR | 8,121,000 | 12/03/2015 | 1,236 | – | ||||||||||||||||||||||
USD | 172,768 | CLP | 118,700,000 | 12/21/2015 | – | (6,044 | ) | |||||||||||||||||||||
USD | 105,235 | MYR | 389,000 | 01/11/2016 | – | (14,242 | ) | |||||||||||||||||||||
USD | 297,973 | INR | 19,581,000 | 01/19/2016 | – | (6,598 | ) | |||||||||||||||||||||
USD | 70,035 | CLP | 48,385,000 | 01/28/2016 | – | (2,349 | ) | |||||||||||||||||||||
USD | 247,283 | INR | 16,267,000 | 01/29/2016 | – | (5,634 | ) | |||||||||||||||||||||
USD | 121,914 | INR | 8,121,000 | 02/09/2016 | – | (1,501 | ) | |||||||||||||||||||||
USD | 2,031,177 | INR | 136,048,250 | 02/22/2016 | – | (18,385 | ) | |||||||||||||||||||||
USD | 76,190 | INR | 5,104,000 | 02/23/2016 | – | (691 | ) | |||||||||||||||||||||
USD | 220,947 | CLP | 159,825,000 | 02/25/2016 | �� | 1,932 | – | |||||||||||||||||||||
1,565,157 | (381,198 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co, Inc. | CLP | 250,640,000 | USD | 349,568 | 12/02/2015 | – | (3,124 | ) | ||||||||||||||||||||
EUR | 138,000 | USD | 148,629 | 05/16/2016 | 2,079 | – | ||||||||||||||||||||||
EUR | 118,000 | USD | 127,323 | 11/25/2016 | 1,042 | – | ||||||||||||||||||||||
USD | 357,012 | CLP | 250,640,000 | 12/02/2015 | – | (4,321 | ) | |||||||||||||||||||||
USD | 105,602 | CLP | 74,690,000 | 01/19/2016 | – | (1,012 | ) | |||||||||||||||||||||
USD | 94,143 | CLP | 65,045,000 | 01/22/2016 | – | (3,090 | ) | |||||||||||||||||||||
USD | 347,628 | CLP | 250,640,000 | 01/25/2016 | 3,110 | – | ||||||||||||||||||||||
USD | 151,470 | CLP | 105,590,000 | 02/08/2016 | – | (3,943 | ) | |||||||||||||||||||||
USD | 105,285 | CLP | 74,690,000 | 02/16/2016 | – | (1,023 | ) | |||||||||||||||||||||
USD | 90,152 | CLP | 65,045,000 | 02/22/2016 | 584 | – | ||||||||||||||||||||||
6,815 | (16,513 | ) | ||||||||||||||||||||||||||
Standard Chartered Bank | EUR | 195,111 | USD | 241,025 | 12/09/2015 | 34,861 | – | |||||||||||||||||||||
EUR | 3,447,257 | USD | 4,094,480 | 01/13/2016 | 447,384 | – | ||||||||||||||||||||||
EUR | 1,210,000 | USD | 1,376,405 | 02/16/2016 | 95,040 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 755,492 | 04/29/2016 | 27,381 | – | ||||||||||||||||||||||
EUR | �� | 1,333,312 | USD | 1,553,122 | 08/26/2016 | 131,808 | – | |||||||||||||||||||||
JPY | 116,210,000 | USD | 996,015 | 02/08/2016 | 50,103 | – | ||||||||||||||||||||||
786,577 | – | |||||||||||||||||||||||||||
UBS AG | EUR | 974,000 | USD | 1,042,794 | 05/19/2016 | 8,349 | – | |||||||||||||||||||||
Net Unrealized Appreciation(Depreciation) | $ | 5,449,865 | $ | (717,403 | ) | |||||||||||||||||||||||
Currency Legend
AUD—Australian Dollar
CLP—Chielean Peso
EUR—Euro Dollar
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malasian Ringgit
USD—United States Dollar
98 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 296,755,188 | $ | — | $ | — | $ | 296,755,188 | ||||||||
Foreign Government Obligations | — | 91,227,134 | — | 91,227,134 | ||||||||||||
U.S. Government Treasuries | — | 255,995 | — | 255,995 | ||||||||||||
Rights | 122,780 | — | — | 122,780 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 25,815,499 | — | — | 25,815,499 | ||||||||||||
Other Short-Term Investment Securities | — | 69,472,113 | — | 69,472,113 | ||||||||||||
Total Investments at Value* | $ | 322,693,467 | $ | 160,955,242 | $ | — | $ | 483,648,709 | ||||||||
Other Financial Instruments:+ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 5,449,865 | $ | — | $ | 5,449,865 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 717,403 | $ | — | $ | 717,403 | ||||||||
* | 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 $160,834,924 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
99 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 28.9 | % | ||
United States Treasury Notes | 19.6 | |||
Federal Home Loan Mtg. Corp. | 17.5 | |||
United States Treasury Bonds | 9.7 | |||
Repurchase Agreements | 7.3 | |||
Government National Mtg. Assoc. | 4.9 | |||
Federal Farm Credit Bank | 3.2 | |||
Diversified Financial Services | 2.4 | |||
Sovereign Agency | 1.3 | |||
Insurance — Reinsurance | 0.9 | |||
Multimedia | 0.4 | |||
Pipelines | 0.4 | |||
Diversified Banking Institutions | 0.4 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Computers | 0.3 | |||
Retail — Drug Store | 0.2 | |||
Medical Instruments | 0.2 | |||
Banks — Commercial | 0.2 | |||
Oil Companies — Integrated | 0.2 | |||
Electric — Integrated | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Insurance — Life/Health | 0.1 | |||
Networking Products | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Metal — Copper | 0.1 | |||
Medical — Biomedical/Gene | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Transport — Rail | 0.1 | |||
Finance — Credit Card | 0.1 | |||
100.1 | % | |||
Credit Quality Allocation†#
Aaa | 88.8 | % | ||
Aa | 5.7 | |||
A | 1.5 | |||
Baa | 2.3 | |||
Not Rated@ | 1.7 | |||
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. |
100 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 2.4% |
| |||||||
Diversified Financial Services — 2.4% |
| |||||||
A10 Securitization LLC | $ | 510,000 | $ | 506,971 | ||||
Barclays Commercial Mtg. Securities Trust | 484,638 | 474,934 | ||||||
Commercial Mtg. Pass Through Certs. VRS | 932,508 | 81,715 | ||||||
DBUBS Mtg. Trust | 240,163 | 249,529 | ||||||
Eleven Madison Trust 2015-11MD Mtg. Trust VRS | 398,000 | 407,065 | ||||||
Progress Residential Trust | 455,000 | 447,096 | ||||||
Progress Residential Trust | 701,000 | 696,304 | ||||||
UBS-BAMLL Trust | 217,000 | 226,534 | ||||||
Wells Fargo Resecuritization Trust | 48,140 | 48,140 | ||||||
WF-RBS Commercial Mtg. Trust | 310,000 | 336,051 | ||||||
Total Asset Backed Securities | ||||||||
(cost $3,473,669) | 3,474,339 | |||||||
U.S. CORPORATE BONDS & NOTES — 4.7% |
| |||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Johnson Controls, Inc. | 200,000 | 216,202 | ||||||
Cable/Satellite TV — 0.3% |
| |||||||
Comcast Corp. | 200,000 | 219,847 | ||||||
DIRECTV Holdings LLC/DIRECTV | 171,000 | 170,941 | ||||||
390,788 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
Dow Chemical Co. | 200,000 | 239,064 | ||||||
Computers — 0.3% |
| |||||||
Apple, Inc. | 227,000 | 221,748 | ||||||
Apple, Inc. | 151,000 | 154,948 | ||||||
376,696 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Procter & Gamble Co. | 176,000 | 177,150 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Citigroup, Inc. | $ | 162,000 | $ | 174,955 | ||||
Goldman Sachs Group, Inc. | 200,000 | 217,127 | ||||||
Morgan Stanley | 200,000 | 202,465 | ||||||
594,547 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
San Diego Gas & Electric Co. | 200,000 | 247,755 | ||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. | 104,000 | 103,143 | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
Jackson National Life Global Funding | 225,000 | 224,686 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
ACE INA Holdings, Inc. | 125,000 | 124,668 | ||||||
Insurance - Reinsurance — 0.9% |
| |||||||
Berkshire Hathaway Finance Corp. | 1,250,000 | 1,252,593 | ||||||
Medical Instruments — 0.2% |
| |||||||
Medtronic, Inc. | 250,000 | 253,802 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 144,000 | 144,576 | ||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan Copper & Gold, Inc. | 185,000 | 157,330 | ||||||
Multimedia — 0.3% |
| |||||||
Time Warner, Inc. | 500,000 | 495,263 | ||||||
Networking Products — 0.1% |
| |||||||
Cisco Systems, Inc. | 200,000 | 219,888 | ||||||
Oil Companies - Exploration & Production — 0.3% |
| |||||||
CNOOC Finance 2015 USA LLC | 402,000 | 387,800 | ||||||
Noble Energy, Inc. | 116,000 | 109,902 | ||||||
497,702 | ||||||||
101 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Pipelines — 0.4% |
| |||||||
Buckeye Partners LP | $ | 190,000 | $ | 190,239 | ||||
Enterprise Products Operating LLC | 127,000 | 119,531 | ||||||
Magellan Midstream Partners LP | 137,000 | 124,392 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 171,000 | 163,362 | ||||||
597,524 | ||||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 325,000 | 318,813 | ||||||
Telephone - Integrated — 0.1% |
| |||||||
Verizon Communications, Inc. | 110,000 | 111,265 | ||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 89,000 | 86,190 | ||||||
Norfolk Southern Corp. | 19,000 | 21,853 | ||||||
108,043 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $6,836,175) | 6,851,498 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 0.6% |
| |||||||
Banks - Commercial — 0.2% |
| |||||||
Australia & New Zealand Banking Group | 250,000 | 253,426 | ||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Actavis Funding SCS | 126,000 | 127,414 | ||||||
Multimedia — 0.1% |
| |||||||
Thomson Reuters Corp. | 200,000 | 221,700 | ||||||
Oil Companies - Integrated — 0.2% |
| |||||||
BP Capital Markets PLC | 250,000 | 252,290 | ||||||
Telephone - Integrated — 0.0% |
| |||||||
Nippon Telegraph & Telephone Corp. | 60,000 | 59,947 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $902,144) | 914,777 | |||||||
U.S. GOVERNMENT AGENCIES — 55.8% |
| |||||||
Federal Farm Credit Bank — 3.2% |
| |||||||
3.35% due 10/21/2025 | 1,500,000 | 1,589,391 | ||||||
4.88% due 12/16/2015 | 2,000,000 | 2,004,024 | ||||||
4.88% due 01/17/2017 | 1,000,000 | 1,045,897 | ||||||
4,639,312 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. — 17.5% |
| |||||||
2.40% due 12/01/2035 FRS | $ | 20,790 | $ | 22,212 | ||||
3.00% due 11/01/2042 | 1,607,013 | 1,615,721 | ||||||
3.50% due 06/01/2033 | 2,386,150 | 2,505,422 | ||||||
4.50% due 09/01/2019 | 57,778 | 59,827 | ||||||
4.50% due 09/01/2039 | 1,056,594 | 1,141,564 | ||||||
4.50% due 11/01/2039 | 467,695 | 505,272 | ||||||
4.50% due 02/01/2040 | 672,072 | 726,152 | ||||||
4.50% due 04/01/2040 | 57,204 | 61,807 | ||||||
4.50% due 06/01/2040 | 176,992 | 191,229 | ||||||
4.50% due 08/01/2040 | 723,104 | 781,696 | ||||||
4.50% due 03/01/2041 | 2,108,495 | 2,279,728 | ||||||
4.50% due 04/01/2041 | 294,037 | 317,727 | ||||||
4.50% due 06/01/2041 | 510,846 | 552,199 | ||||||
5.00% due 12/14/2018 | 1,000,000 | 1,106,851 | ||||||
5.00% due 10/01/2034 | 25,262 | 27,667 | ||||||
5.50% due 12/01/2036 | 23,745 | 26,337 | ||||||
6.00% due 11/01/2033 | 80,716 | 92,616 | ||||||
6.50% due 02/01/2032 | 47,029 | 54,628 | ||||||
8.00% due 02/01/2030 | 3,409 | 3,540 | ||||||
8.00% due 08/01/2030 | 308 | 370 | ||||||
8.00% due 06/01/2031 | 2,625 | 3,029 | ||||||
Federal Home Loan Mtg. Corp. STRIPS | 1,553,485 | 1,561,426 | ||||||
Federal Home Loan Mtg. Corp. REMIC(3) | ||||||||
Series 4150, Class GE | ||||||||
2.00% due 01/15/2033 | 2,161,272 | 2,138,049 | ||||||
Series 4186, Class JE | ||||||||
2.00% due 03/15/2033 | 555,590 | 547,889 | ||||||
Series 3981, Class PA | ||||||||
3.00% due 04/15/2031 | 486,581 | 494,061 | ||||||
Series 4150, Class IG | ||||||||
3.00% due 01/15/2033(2) | 7,005,160 | 779,410 | ||||||
Series 4365, Class HZ | ||||||||
3.00% due 01/15/2040 | 728,531 | 670,986 | ||||||
Series 4057, Class WY | ||||||||
3.50% due 06/15/2027 | 1,000,000 | 1,057,652 | ||||||
Series 3813, Class D | ||||||||
4.00% due 02/15/2026 | 1,000,000 | 1,093,267 | ||||||
Series 3917, Class B | ||||||||
4.50% due 08/15/2026 | 465,000 | 517,763 | ||||||
Series 3927, Class AY | ||||||||
4.50% due 09/15/2026 | 1,494,968 | 1,648,232 | ||||||
Series 3786, Class PB | ||||||||
4.50% due 07/15/2040 | 1,000,000 | 1,085,397 | ||||||
Series 4039, Class SA | ||||||||
6.30% due 05/15/2042 FRS(2)(4) | 961,508 | 194,779 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
Series K049, Class A2 | ||||||||
3.01% due 07/25/2025(1) | 430,000 | 436,219 | ||||||
Series K048, Class A2 | ||||||||
3.28% due 06/25/2025 VRS(1) | 1,000,000 | 1,033,406 | ||||||
25,334,130 | ||||||||
Federal National Mtg. Assoc. — 28.9% |
| |||||||
zero coupon due 10/09/2019 | 4,250,000 | 3,931,203 | ||||||
1.87% due 01/01/2036 FRS | 14,332 | 14,902 | ||||||
1.95% due 02/01/2035 FRS | 5,892 | 6,194 | ||||||
2.58% due 11/01/2034 FRS | 25,063 | 26,744 |
102 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
2.81% due 04/01/2025 | $ | 800,000 | $ | 797,700 | ||||
4.00% due 09/01/2040 | 193,237 | 205,481 | ||||||
4.00% due 10/01/2040 | 191,860 | 204,010 | ||||||
4.00% due 12/01/2040 | 231,903 | 246,631 | ||||||
4.00% due 01/01/2041 | 513,404 | 545,973 | ||||||
4.00% due 02/01/2041 | 2,272,877 | 2,417,026 | ||||||
4.00% due 03/01/2041 | 3,037,404 | 3,230,228 | ||||||
4.00% due 06/01/2042 | 1,735,675 | 1,858,181 | ||||||
5.00% due 02/01/2019 | 62,209 | 64,488 | ||||||
5.00% due 12/01/2036 | 43,379 | 47,823 | ||||||
5.50% due 12/01/2033 | 49,019 | 55,268 | ||||||
5.50% due 10/01/2034 | 33,517 | 37,415 | ||||||
6.00% due 08/25/2037 STRIPS(2)(3) | 401,274 | 83,509 | ||||||
6.50% due 02/01/2017 | 3,357 | 3,417 | ||||||
6.50% due 07/01/2032 | 9,947 | 11,529 | ||||||
7.00% due 09/01/2031 | 22,139 | 24,807 | ||||||
Federal National Mtg. Assoc. | ||||||||
Series 2015-M13, Class A2 | ||||||||
2.80% due 06/25/2025 VRS(1) | 515,000 | 511,963 | ||||||
Series 2014-M13, Class A2 | ||||||||
3.02% due 08/25/2024 VRS(1) | 1,273,000 | 1,299,493 | ||||||
Federal National Mtg. Assoc. REMIC(3) | ||||||||
Series 2002-34, Class AO | ||||||||
zero coupon due 05/18/2032(5) | 482,738 | 445,464 | ||||||
Series 2013-15, Class DC | ||||||||
2.00% due 03/25/2033 | 1,491,521 | 1,476,297 | ||||||
Series 2011-126, Class EC | ||||||||
2.00% due 04/25/2040 | 792,897 | 786,229 | ||||||
Series 2012-38, Class PA | ||||||||
2.00% due 09/25/2041 | 3,398,175 | 3,276,596 | ||||||
Series 2013-23, Class KJ | ||||||||
2.25% due 05/25/2042 | 2,346,788 | 2,324,431 | ||||||
Series 2012-93, Class ME | ||||||||
2.50% due 01/25/2042 | 3,521,877 | 3,575,479 | ||||||
Series 2013-73, Class TD | ||||||||
2.50% due 09/25/2042 | 1,119,908 | 1,118,623 | ||||||
Series 2013-100, Class DE | ||||||||
3.00% due 11/25/2030 | 4,617,359 | 4,715,743 | ||||||
Series 2011-145, Class PB | ||||||||
3.50% due 01/25/2032 | 2,500,000 | 2,602,679 | ||||||
Series 2012-50, Class VB | ||||||||
4.00% due 01/25/2029 | 1,355,000 | 1,436,457 | ||||||
Series 2012-47, Class VB | ||||||||
4.00% due 04/25/2031 | 2,000,000 | 2,140,684 | ||||||
Series 2004-90, Class GC | ||||||||
4.35% due 11/25/2034 | 891,974 | 928,154 | ||||||
Series 2010-117, Class DY | ||||||||
4.50% due 10/25/2025 | 974,930 | 1,068,020 | ||||||
Series 2010-134, Class MB | ||||||||
4.50% due 12/25/2040 | 250,000 | 282,804 | ||||||
Series 2007-116, Class PB | ||||||||
5.50% due 08/25/2035 | 132,608 | 148,975 | ||||||
41,950,620 | ||||||||
Government National Mtg. Assoc. — 4.9% |
| |||||||
4.50% due 03/15/2038 | 64,003 | 69,423 | ||||||
4.50% due 03/15/2039 | 13,484 | 14,592 | ||||||
4.50% due 05/15/2039 | 369,762 | 400,084 | ||||||
4.50% due 06/15/2039 | 348,725 | 376,695 | ||||||
4.50% due 07/15/2039 | 464,194 | 501,788 | ||||||
4.50% due 09/15/2039 | 8,088 | 8,743 | ||||||
4.50% due 12/15/2039 | 189,312 | 204,366 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Government National Mtg. Assoc. (continued) |
| |||||||
4.50% due 04/15/2040 | $ | 199,766 | $ | 216,367 | ||||
4.50% due 06/15/2040 | 623,972 | 674,526 | ||||||
4.50% due 08/15/2040 | 83,212 | 89,954 | ||||||
5.00% due 09/15/2035 | 2,711 | 3,024 | ||||||
5.00% due 02/15/2036 | 121,990 | 133,843 | ||||||
5.00% due 05/15/2036 | 6,747 | 7,406 | ||||||
6.00% due 01/15/2032 | 19,793 | 22,900 | ||||||
6.50% due 08/15/2031 | 59,942 | 68,690 | ||||||
7.50% due 02/15/2029 | 5,910 | 6,170 | ||||||
7.50% due 07/15/2030 | 408 | 460 | ||||||
7.50% due 01/15/2031 | 5,859 | 6,631 | ||||||
7.50% due 02/15/2031 | 1,403 | 1,408 | ||||||
Government National Mtg. Assoc. REMIC(3) | ||||||||
Series 2014-58, Class EP | ||||||||
4.00% due 04/20/2044 | 432,000 | 470,040 | ||||||
Series 2004-18, Class Z | ||||||||
4.50% due 03/16/2034 | 555,675 | 603,255 | ||||||
Series 2008-6, Class GL | ||||||||
4.50% due 02/20/2038 | 1,000,000 | 1,094,055 | ||||||
Series 2005-21, Class Z | ||||||||
5.00% due 03/20/2035 | 948,980 | 1,039,034 | ||||||
Series 2009-91, Class PR | ||||||||
5.00% due 09/20/2038 | 1,000,000 | 1,065,803 | ||||||
7,079,257 | ||||||||
Sovereign Agency — 1.3% |
| |||||||
Resolution Funding Corp. STRIPS | 2,000,000 | 1,828,164 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $79,691,840) | 80,831,483 | |||||||
U.S. GOVERNMENT TREASURIES — 29.3% |
| |||||||
United States Treasury Bonds — 9.7% |
| |||||||
zero coupon due 08/15/2024 STRIPS | 2,040,000 | 1,665,527 | ||||||
2.00% due 01/15/2026 TIPS(6) | 2,373,842 | 2,668,996 | ||||||
3.13% due 02/15/2043 | 1,000,000 | 1,027,539 | ||||||
3.75% due 08/15/2041 | 5,000,000 | 5,759,375 | ||||||
3.88% due 08/15/2040 | 2,500,000 | 2,929,200 | ||||||
14,050,637 | ||||||||
United States Treasury Notes — 19.6% |
| |||||||
0.63% due 10/15/2016 | 5,000,000 | 4,997,850 | ||||||
0.63% due 05/31/2017 | 4,000,000 | 3,986,564 | ||||||
1.75% due 05/15/2023 | 8,000,000 | 7,833,128 | ||||||
2.00% due 02/15/2022 | 5,000,000 | 5,031,055 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 3,094,806 | ||||||
2.63% due 08/15/2020 | 3,250,000 | 3,391,934 | ||||||
28,335,337 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $41,097,240) | 42,385,974 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $132,001,068) | �� | 134,458,071 | ||||||
REPURCHASE AGREEMENTS — 7.3% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/30/2015, to be repurchased 12/01/2015 in the amount $10,631,000 collateralized by $11,240,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $10,951,435 | 10,631,000 | 10,631,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $142,632,068)(7) | 100.1 | % | 145,089,071 | |||||
Liabilities in excess of other assets | (0.1 | ) | (214,127 | ) | ||||
NET ASSETS | 100.0 | % | $ | 144,874,944 | ||||
103 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $3,870,736 representing 2.7% 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 that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at November 30, 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
TIPS—Treasury Inflation Protected Securities
IO—Interest only
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of November 30, 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 November 30, 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 | $ | — | $ | 3,474,339 | $ | — | $ | 3,474,339 | ||||||||
U.S. Corporate Bonds & Notes | — | 6,851,498 | — | 6,851,498 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 914,777 | — | 914,777 | ||||||||||||
U.S. Government Agencies | — | 80,831,483 | — | 80,831,483 | ||||||||||||
U.S. Government Treasuries | — | 42,385,974 | — | 42,385,974 | ||||||||||||
Repurchase Agreements | — | 10,631,000 | — | 10,631,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 145,089,071 | $ | — | $ | 145,089,071 | ||||||||
* | 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
104 |
Table of Contents
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 6.2 | % | ||
Registered Investment Companies | 6.0 | |||
Web Portals/ISP | 5.2 | |||
Computers | 4.9 | |||
Medical — Drugs | 4.7 | |||
E-Commerce/Products | 4.2 | |||
Finance — Credit Card | 4.1 | |||
Aerospace/Defense | 3.7 | |||
Internet Content — Entertainment | 3.4 | |||
Beverages — Non-alcoholic | 3.0 | |||
Cable/Satellite TV | 2.2 | |||
Multimedia | 2.1 | |||
Diversified Manufacturing Operations | 1.9 | |||
Chemicals — Diversified | 1.6 | |||
Retail — Auto Parts | 1.6 | |||
Enterprise Software/Service | 1.5 | |||
E-Commerce/Services | 1.5 | |||
Applications Software | 1.5 | |||
Pharmacy Services | 1.4 | |||
Retail — Discount | 1.4 | |||
Insurance — Life/Health | 1.4 | |||
Tobacco | 1.4 | |||
Real Estate Investment Trusts | 1.3 | |||
Medical — Generic Drugs | 1.2 | |||
Medical — Wholesale Drug Distribution | 1.2 | |||
Airlines | 1.2 | |||
Electronic Forms | 1.2 | |||
Retail — Major Department Stores | 1.1 | |||
Food — Retail | 1.1 | |||
Time Deposits | 1.1 | |||
Computer Services | 1.1 | |||
Electronic Components — Semiconductors | 1.0 | |||
Medical Instruments | 1.0 | |||
Building — Heavy Construction | 1.0 | |||
Retail — Apparel/Shoe | 0.9 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Cosmetics & Toiletries | 0.8 | |||
Medical Products | 0.8 | |||
Coatings/Paint | 0.8 | |||
Data Processing/Management | 0.8 | |||
Transport — Rail | 0.8 | |||
Vitamins & Nutrition Products | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Exchange-Traded Funds | 0.7 | |||
Banks — Commercial | 0.7 | |||
Disposable Medical Products | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Telephone — Integrated | 0.6 | |||
Oil — Field Services | 0.6 | |||
Food — Misc./Diversified | 0.6 | |||
Entertainment Software | 0.6 | |||
Medical Information Systems | 0.6 | |||
Internet Application Software | 0.6 | |||
Internet Content — Information/News | 0.5 | |||
Soap & Cleaning Preparation | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Retail — Restaurants | 0.5 | |||
Networking Products | 0.5 | |||
Radio | 0.4 | |||
Instruments — Controls | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Retail — Building Products | 0.4 | |||
Casino Hotels | 0.4 | |||
Transport — Services | 0.4 | |||
Instruments — Scientific | 0.4 | |||
Building & Construction Products — Misc. | 0.4 | |||
Retail — Drug Store | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Retail — Jewelry | 0.3 |
Medical — HMO | 0.3 | % | ||
Audio/Video Products | 0.3 | |||
Television | 0.3 | |||
Commercial Services — Finance | 0.2 | |||
Hotels/Motels | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Human Resources | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Electronic Design Automation | 0.2 | |||
Industrial Gases | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Poultry | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Food — Dairy Products | 0.2 | |||
Insurance — Reinsurance | 0.1 | |||
Finance — Other Services | 0.1 | |||
Athletic Footwear | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Dialysis Centers | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Diversified Banking Institutions | 0.1 | |||
Software Tools | 0.1 | |||
Internet Security | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Commercial Services | 0.1 | |||
Oil Companies — Integrated | 0.1 | |||
Housewares | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Financial Guarantee Insurance | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
X-Ray Equipment | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Schools | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Shipbuilding | 0.1 | |||
Retail — Video Rentals | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Rubber — Tires | 0.1 | |||
Wireless Equipment | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Retail — Bedding | 0.1 | |||
105.8 | % | |||
* | Calculated as a percentage of net assets |
105 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.0% |
| |||||||
Aerospace/Defense — 3.7% |
| |||||||
Boeing Co.# | 110,256 | $ | 16,036,735 | |||||
General Dynamics Corp. | 12,260 | 1,795,600 | ||||||
Lockheed Martin Corp. | 77,092 | 16,895,483 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 33,038 | 1,732,843 | ||||||
36,460,661 | ||||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
Astronics Corp.† | 11,960 | 462,732 | ||||||
B/E Aerospace, Inc. | 28,334 | 1,309,598 | ||||||
Kaman Corp. | 7,742 | 310,764 | ||||||
2,083,094 | ||||||||
Airlines — 1.2% |
| |||||||
Alaska Air Group, Inc. | 48,133 | 3,837,644 | ||||||
Delta Air Lines, Inc. | 105,957 | 4,922,762 | ||||||
Southwest Airlines Co. | 46,031 | 2,111,902 | ||||||
United Continental Holdings, Inc.† | 16,501 | 919,601 | ||||||
11,791,909 | ||||||||
Apparel Manufacturers — 0.4% |
| |||||||
Carter’s, Inc. | 48,824 | 4,210,094 | ||||||
Applications Software — 1.5% |
| |||||||
Citrix Systems, Inc.† | 4,078 | 312,660 | ||||||
Intuit, Inc. | 21,312 | 2,135,463 | ||||||
Microsoft Corp. | 195,421 | 10,621,131 | ||||||
Salesforce.com, Inc.† | 27,562 | 2,196,416 | ||||||
15,265,670 | ||||||||
Athletic Footwear — 0.1% |
| |||||||
NIKE, Inc., Class B | 10,952 | 1,448,731 | ||||||
Audio/Video Products — 0.3% |
| |||||||
Harman International Industries, Inc. | 25,233 | 2,603,036 | ||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Maruti Suzuki India, Ltd. | 12,500 | 854,212 | ||||||
Peugeot SA† | 29,110 | 520,087 | ||||||
1,374,299 | ||||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
PACCAR, Inc. | 36,607 | 1,902,100 | ||||||
Auto/Truck Parts & Equipment - Original — 0.6% |
| |||||||
Cooper-Standard Holding, Inc.† | 991 | 73,275 | ||||||
Delphi Automotive PLC | 18,660 | 1,639,841 | ||||||
Lear Corp. | 8,565 | 1,078,333 | ||||||
Valeo SA | 5,700 | 882,573 | ||||||
WABCO Holdings, Inc.† | 23,953 | 2,574,468 | ||||||
6,248,490 | ||||||||
Banks - Commercial — 0.7% |
| |||||||
Credicorp, Ltd. | 4,677 | 493,938 | ||||||
Erste Group Bank AG† | 36,240 | 1,111,923 | ||||||
Hang Seng Bank, Ltd. | 22,700 | 411,346 | ||||||
HDFC Bank, Ltd. | 48,190 | 780,164 | ||||||
Intesa Sanpaolo SpA | 491,810 | 1,687,731 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 97,580 | 1,037,693 | ||||||
Zions Bancorporation | 46,821 | 1,402,757 | ||||||
6,925,552 | ||||||||
Beverages - Non-alcoholic — 3.0% |
| |||||||
Coca-Cola Co. | 37,882 | 1,614,531 | ||||||
PepsiCo, Inc. | 284,103 | 28,455,756 | ||||||
30,070,287 | ||||||||
Broadcast Services/Program — 0.2% |
| |||||||
Scripps Networks Interactive, Inc., Class A | 30,788 | 1,748,758 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building & Construction Products - Misc. — 0.4% |
| |||||||
Fortune Brands Home & Security, Inc. | 29,920 | $ | 1,644,702 | |||||
Owens Corning | 18,421 | 862,840 | ||||||
USG Corp.† | 43,277 | 1,042,110 | ||||||
3,549,652 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
Continental Building Products, Inc.† | 2,479 | 45,217 | ||||||
Building - Heavy Construction — 1.0% |
| |||||||
SBA Communications Corp., Class A† | 90,432 | 9,509,829 | ||||||
Cable/Satellite TV — 2.2% |
| |||||||
Comcast Corp., Class A | 325,081 | 19,784,430 | ||||||
Liberty Global PLC, Class A† | 23,957 | 1,016,016 | ||||||
Liberty Global PLC, Class C† | 23,947 | 981,827 | ||||||
21,782,273 | ||||||||
Casino Hotels — 0.4% |
| |||||||
Las Vegas Sands Corp.# | 89,226 | 3,931,298 | ||||||
Chemicals - Diversified — 1.6% |
| |||||||
Dow Chemical Co. | 179,553 | 9,360,098 | ||||||
LyondellBasell Industries NV, Class A | 8,733 | 836,796 | ||||||
PPG Industries, Inc. | 49,451 | 5,228,949 | ||||||
Symrise AG | 9,290 | 628,771 | ||||||
16,054,614 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Minerals Technologies, Inc. | 1,821 | 112,064 | ||||||
Sensient Technologies Corp. | 5,953 | 397,899 | ||||||
509,963 | ||||||||
Coatings/Paint — 0.8% |
| |||||||
Sherwin-Williams Co. | 28,671 | 7,915,203 | ||||||
Commercial Services — 0.1% |
| |||||||
Wirecard AG# | 21,930 | 1,074,283 | ||||||
Commercial Services - Finance — 0.2% |
| |||||||
Global Payments, Inc. | 23,042 | 1,632,526 | ||||||
PayPal Holdings, Inc.† | 24,243 | 854,808 | ||||||
2,487,334 | ||||||||
Computer Services — 1.1% |
| |||||||
Accenture PLC, Class A | 28,820 | 3,090,080 | ||||||
Cognizant Technology Solutions Corp., Class A† | 69,737 | 4,503,616 | ||||||
International Business Machines Corp. | 21,079 | 2,938,834 | ||||||
10,532,530 | ||||||||
Computers — 4.9% |
| |||||||
Apple, Inc. | 409,821 | 48,481,824 | ||||||
Computers - Memory Devices — 0.2% |
| |||||||
EMC Corp. | 65,378 | 1,656,679 | ||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Central Garden & Pet Co., Class A† | 7,274 | 114,856 | ||||||
Clorox Co. | 956 | 118,831 | ||||||
Helen of Troy, Ltd.† | 2,377 | 245,806 | ||||||
479,493 | ||||||||
Cosmetics & Toiletries — 0.8% |
| |||||||
Estee Lauder Cos., Inc., Class A | 85,560 | 7,197,307 | ||||||
Unicharm Corp.# | 36,100 | 761,297 | ||||||
7,958,604 | ||||||||
Data Processing/Management — 0.8% |
| |||||||
CSG Systems International, Inc. | 9,717 | 347,189 | ||||||
Fiserv, Inc.† | 77,813 | 7,488,723 |
106 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Data Processing/Management (continued) |
| |||||||
Paychex, Inc. | 797 | $ | 43,237 | |||||
7,879,149 | ||||||||
Dialysis Centers — 0.1% |
| |||||||
Fresenius Medical Care AG & Co. KGaA | 17,145 | 1,416,557 | ||||||
Disposable Medical Products — 0.7% |
| |||||||
C.R. Bard, Inc. | 36,989 | 6,910,285 | ||||||
Distribution/Wholesale — 0.1% |
| |||||||
HD Supply Holdings, Inc.† | 18,250 | 577,248 | ||||||
Diversified Banking Institutions — 0.1% |
| |||||||
Royal Bank of Scotland Group PLC† | 281,977 | 1,284,248 | ||||||
Diversified Manufacturing Operations — 1.9% |
| |||||||
3M Co. | 76,750 | 12,017,515 | ||||||
Carlisle Cos., Inc. | 18,400 | 1,627,480 | ||||||
Ingersoll-Rand PLC | 23,450 | 1,375,812 | ||||||
Parker-Hannifin Corp. | 32,431 | 3,394,228 | ||||||
Textron, Inc. | 16,048 | 684,768 | ||||||
19,099,803 | ||||||||
E-Commerce/Products — 4.2% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 8,020 | 674,322 | ||||||
Amazon.com, Inc.† | 57,484 | 38,215,363 | ||||||
eBay, Inc.† | 84,071 | 2,487,661 | ||||||
41,377,346 | ||||||||
E-Commerce/Services — 1.5% |
| |||||||
Expedia, Inc. | 86,203 | 10,612,451 | ||||||
IAC/InterActiveCorp | 13,023 | 817,714 | ||||||
TripAdvisor, Inc.†# | 47,682 | �� | 3,927,567 | |||||
15,357,732 | ||||||||
Electric Products - Misc. — 0.1% |
| |||||||
Nidec Corp.# | 15,200 | 1,175,253 | ||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Gentex Corp. | 10,842 | 181,441 | ||||||
Electronic Components - Semiconductors — 1.0% |
| |||||||
Avago Technologies, Ltd. | 4,892 | 638,161 | ||||||
Microsemi Corp.† | 4,590 | 165,286 | ||||||
Skyworks Solutions, Inc.# | 28,080 | 2,331,202 | ||||||
Xilinx, Inc. | 144,011 | 7,155,906 | ||||||
10,290,555 | ||||||||
Electronic Design Automation — 0.2% |
| |||||||
Cadence Design Systems, Inc.† | 91,013 | 2,029,590 | ||||||
Electronic Forms — 1.2% |
| |||||||
Adobe Systems, Inc.† | 126,700 | 11,587,982 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Keyence Corp. | 1,700 | 921,397 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
SolarCity Corp.†# | 10,120 | 291,051 | ||||||
Enterprise Software/Service — 1.5% |
| |||||||
Oracle Corp. | 394,349 | 15,367,781 | ||||||
Entertainment Software — 0.6% |
| |||||||
Electronic Arts, Inc.† | 82,609 | 5,600,064 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
LendingClub Corp.†# | 53,550 | 643,671 | ||||||
Finance - Credit Card — 4.1% |
| |||||||
Alliance Data Systems Corp.† | 18,613 | 5,339,139 | ||||||
MasterCard, Inc., Class A | 14,860 | 1,455,091 |
Security Description | Shares | Value (Note 2) | ||||||
Finance - Credit Card (continued) |
| |||||||
Visa, Inc., Class A# | 425,416 | $ | 33,612,118 | |||||
40,406,348 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
Charles Schwab Corp. | 27,590 | 930,059 | ||||||
Interactive Brokers Group, Inc., Class A | 9,630 | 417,557 | ||||||
Moelis & Co. | 13,323 | 393,161 | ||||||
1,740,777 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
ORIX Corp. | 57,300 | 826,917 | ||||||
Finance - Other Services — 0.1% |
| |||||||
Intercontinental Exchange, Inc. | 5,333 | 1,385,727 | ||||||
MarketAxess Holdings, Inc. | 690 | 73,678 | ||||||
1,459,405 | ||||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
MGIC Investment Corp.† | 97,950 | 934,443 | ||||||
Firearms & Ammunition — 0.0% |
| |||||||
Smith & Wesson Holding Corp.† | 16,005 | 293,532 | ||||||
Food - Dairy Products — 0.2% |
| |||||||
Dean Foods Co.# | 32,087 | 601,952 | ||||||
WhiteWave Foods Co.† | 22,843 | 928,111 | ||||||
1,530,063 | ||||||||
Food - Flour & Grain — 0.0% |
| |||||||
Seaboard Corp.† | 15 | 49,500 | ||||||
Food - Misc./Diversified — 0.6% |
| |||||||
Cal-Maine Foods, Inc.# | 28,462 | 1,551,463 | ||||||
ConAgra Foods, Inc. | 76,603 | 3,135,361 | ||||||
Mondelez International, Inc., Class A | 25,356 | 1,107,043 | ||||||
5,793,867 | ||||||||
Food - Retail — 1.1% |
| |||||||
Carrefour SA | 46,400 | 1,430,518 | ||||||
Jeronimo Martins SGPS SA | 27,660 | 383,859 | ||||||
Kroger Co. | 240,698 | 9,064,687 | ||||||
10,879,064 | ||||||||
Footwear & Related Apparel — 0.0% |
| |||||||
Skechers U.S.A., Inc., Class A† | 13,350 | 403,170 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Accor SA | 34,947 | 1,474,715 | ||||||
Whitbread PLC | 14,030 | 961,018 | ||||||
2,435,733 | ||||||||
Housewares — 0.1% |
| |||||||
Tupperware Brands Corp.# | 17,231 | 978,204 | ||||||
Human Resources — 0.2% |
| |||||||
Adecco SA | 13,492 | 923,203 | ||||||
Capita PLC | 58,646 | 1,123,515 | ||||||
Insperity, Inc. | 3,282 | 141,651 | ||||||
2,188,369 | ||||||||
Industrial Audio & Video Products — 0.0% |
| |||||||
GoPro, Inc., Class A†# | 21,311 | 434,744 | ||||||
Industrial Gases — 0.2% |
| |||||||
Air Products & Chemicals, Inc. | 14,508 | 1,986,000 | ||||||
Instruments - Controls — 0.4% |
| |||||||
Honeywell International, Inc. | 28,452 | 2,957,586 | ||||||
Mettler-Toledo International, Inc.† | 3,817 | 1,308,391 | ||||||
4,265,977 | ||||||||
107 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Instruments - Scientific — 0.4% |
| |||||||
Thermo Fisher Scientific, Inc. | 7,922 | $ | 1,096,405 | |||||
Waters Corp.† | 20,340 | 2,701,559 | ||||||
3,797,964 | ||||||||
Insurance - Life/Health — 1.4% |
| |||||||
Aflac, Inc. | 161,783 | 10,554,723 | ||||||
AIA Group, Ltd. | 330,600 | 1,978,454 | ||||||
Prudential PLC | 42,680 | 989,595 | ||||||
13,522,772 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Admiral Group PLC | 33,180 | 810,052 | ||||||
Heritage Insurance Holdings, Inc.† | 6,278 | 141,004 | ||||||
951,056 | ||||||||
Insurance - Reinsurance — 0.1% |
| |||||||
Essent Group, Ltd.† | 59,930 | 1,481,470 | ||||||
Internet Application Software — 0.6% |
| |||||||
Splunk, Inc.†# | 69,384 | 4,128,348 | ||||||
Tencent Holdings, Ltd. | 72,000 | 1,436,573 | ||||||
5,564,921 | ||||||||
Internet Content - Entertainment — 3.4% |
| |||||||
Facebook, Inc., Class A† | 304,449 | 31,735,764 | ||||||
Pandora Media, Inc.†# | 164,732 | 2,273,301 | ||||||
34,009,065 | ||||||||
Internet Content - Information/News — 0.5% |
| |||||||
LinkedIn Corp., Class A† | 22,539 | 5,479,456 | ||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 352 | 36,256 | ||||||
Internet Security — 0.1% |
| |||||||
VeriSign, Inc.†# | 13,239 | 1,184,096 | ||||||
Investment Management/Advisor Services — 0.2% | ||||||||
Ameriprise Financial, Inc. | 7,642 | 863,164 | ||||||
Legg Mason, Inc. | 34,675 | 1,538,876 | ||||||
2,402,040 | ||||||||
Machinery - General Industrial — 0.5% |
| |||||||
Wabtec Corp. | 65,189 | 5,222,943 | ||||||
Medical Information Systems — 0.6% |
| |||||||
Cerner Corp.† | 93,774 | 5,588,930 | ||||||
Medical Instruments — 1.0% |
| |||||||
Boston Scientific Corp.† | 40,210 | 735,039 | ||||||
Edwards Lifesciences Corp.† | 5,641 | 919,483 | ||||||
Intuitive Surgical, Inc.† | 14,031 | 7,296,401 | ||||||
St. Jude Medical, Inc. | 11,882 | 749,754 | ||||||
9,700,677 | ||||||||
Medical Products — 0.8% |
| |||||||
Becton Dickinson and Co. | 12,240 | 1,839,060 | ||||||
Cooper Cos., Inc. | 27,950 | 4,087,688 | ||||||
Stryker Corp. | 20,807 | 2,007,043 | ||||||
7,933,791 | ||||||||
Medical - Biomedical/Gene — 6.2% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 52,913 | 9,441,796 | ||||||
Amgen, Inc. | 25,650 | 4,132,215 | ||||||
Biogen, Inc.† | 48,194 | 13,824,931 | ||||||
Celgene Corp.† | 40,241 | 4,404,377 | ||||||
Gilead Sciences, Inc. | 169,427 | 17,952,485 | ||||||
Illumina, Inc.†# | 12,782 | 2,350,610 | ||||||
Incyte Corp.† | 34,696 | 3,963,671 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Regeneron Pharmaceuticals, Inc.† | 9,000 | $ | 4,900,500 | |||||
Vertex Pharmaceuticals, Inc.† | 5,700 | 737,352 | ||||||
61,707,937 | ||||||||
Medical - Drugs — 4.7% |
| |||||||
AbbVie, Inc. | 58,273 | 3,388,575 | ||||||
Allergan PLC† | 17,084 | 5,362,497 | ||||||
Bristol-Myers Squibb Co. | 184,278 | 12,348,469 | ||||||
Eli Lilly & Co. | 12,447 | 1,021,152 | ||||||
Jazz Pharmaceuticals PLC† | 25,092 | 3,678,236 | ||||||
Johnson & Johnson | 39,624 | 4,011,534 | ||||||
Merck & Co., Inc. | 35,943 | 1,905,338 | ||||||
Pfizer, Inc. | 202,553 | 6,637,662 | ||||||
Roche Holding AG | 9,551 | 2,557,516 | ||||||
Shire PLC | 24,360 | 1,704,551 | ||||||
UCB SA | 7,630 | 681,356 | ||||||
Zoetis, Inc. | 81,869 | 3,823,282 | ||||||
47,120,168 | ||||||||
Medical - Generic Drugs — 1.2% |
| |||||||
Mylan NV† | 6,867 | 352,277 | ||||||
Perrigo Co. PLC | 42,495 | 6,348,328 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 83,497 | 5,254,466 | ||||||
11,955,071 | ||||||||
Medical - HMO — 0.3% |
| |||||||
Aetna, Inc. | 16,096 | 1,653,864 | ||||||
Cigna Corp. | 4,631 | 625,092 | ||||||
UnitedHealth Group, Inc. | 4,141 | 466,732 | ||||||
2,745,688 | ||||||||
Medical - Wholesale Drug Distribution — 1.2% |
| |||||||
AmerisourceBergen Corp. | 19,897 | 1,962,640 | ||||||
Cardinal Health, Inc. | 99,652 | 8,654,776 | ||||||
McKesson Corp. | 6,458 | 1,222,823 | ||||||
11,840,239 | ||||||||
Metal Processors & Fabrication — 0.0% |
| |||||||
Mueller Industries, Inc. | 8,692 | 273,711 | ||||||
Multimedia — 2.1% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 32,592 | 961,790 | ||||||
Viacom, Inc., Class B | 41,728 | 2,077,637 | ||||||
Walt Disney Co. | 155,409 | 17,634,259 | ||||||
20,673,686 | ||||||||
Networking Products — 0.5% |
| |||||||
Cisco Systems, Inc. | 165,730 | 4,516,143 | ||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc. | 40,331 | 871,150 | ||||||
Office Furnishings - Original — 0.0% |
| |||||||
Interface, Inc. | 8,283 | 164,666 | ||||||
Office Supplies & Forms — 0.1% |
| |||||||
Avery Dennison Corp. | 14,822 | 977,659 | ||||||
Oil Companies - Exploration & Production — 0.8% |
| |||||||
Concho Resources, Inc.†# | 45,377 | 4,966,059 | ||||||
Continental Resources, Inc.† | 18,124 | 657,901 | ||||||
EOG Resources, Inc. | 18,210 | 1,519,260 | ||||||
EQT Corp. | 17,470 | 999,634 | ||||||
8,142,854 | ||||||||
Oil Companies - Integrated — 0.1% |
| |||||||
TOTAL SA | 21,494 | 1,067,346 | ||||||
108 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Par Pacific Holdings, Inc.† | 2,980 | $ | 74,649 | |||||
Oil - Field Services — 0.6% |
| |||||||
Halliburton Co. | 123,811 | 4,933,868 | ||||||
Schlumberger, Ltd. | 11,571 | 892,703 | ||||||
5,826,571 | ||||||||
Pharmacy Services — 1.4% |
| |||||||
Express Scripts Holding Co.† | 168,023 | 14,362,606 | ||||||
Poultry — 0.2% |
| |||||||
Pilgrim’s Pride Corp.# | 82,327 | 1,772,500 | ||||||
Racetracks — 0.0% |
| |||||||
Churchill Downs, Inc. | 1,258 | 184,863 | ||||||
Radio — 0.4% |
| |||||||
Sirius XM Holdings, Inc.†# | 1,073,891 | 4,413,692 | ||||||
Real Estate Investment Trusts — 1.3% |
| |||||||
American Tower Corp. | 16,584 | 1,648,118 | ||||||
Equinix, Inc.# | 4,755 | 1,409,858 | ||||||
Lamar Advertising Co. Class A | 30,744 | 1,795,757 | ||||||
Public Storage | 4,770 | 1,145,086 | ||||||
Ryman Hospitality Properties, Inc. | 2,095 | 113,842 | ||||||
Simon Property Group, Inc. | 34,284 | 6,385,052 | ||||||
12,497,713 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
CBRE Group, Inc., Class A† | 29,400 | 1,101,618 | ||||||
Four Corners Property Trust, Inc.† | 8,352 | 165,369 | ||||||
Jones Lang LaSalle, Inc. | 10,623 | 1,764,693 | ||||||
3,031,680 | ||||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Ashtead Group PLC | 32,468 | 535,455 | ||||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
Foot Locker, Inc. | 28,441 | 1,848,665 | ||||||
Ross Stores, Inc. | 130,749 | 6,800,255 | ||||||
8,648,920 | ||||||||
Retail - Arts & Crafts — 0.1% |
| |||||||
Michaels Cos., Inc.† | 32,540 | 722,713 | ||||||
Retail - Auto Parts — 1.6% |
| |||||||
O’Reilly Automotive, Inc.† | 59,263 | 15,637,728 | ||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.† | 9,164 | 499,621 | ||||||
Retail - Building Products — 0.4% | ||||||||
Home Depot, Inc. | 29,641 | 3,968,337 | ||||||
Lowe’s Cos., Inc. | 1,762 | 134,969 | ||||||
4,103,306 | ||||||||
Retail - Catalog Shopping — 0.2% |
| |||||||
Liberty Interactive Corp. QVC Group, Class A† | 63,050 | 1,669,564 | ||||||
Retail - Discount — 1.4% |
| |||||||
Costco Wholesale Corp. | 7,524 | 1,214,524 | ||||||
Dollar Tree, Inc.† | 147,464 | 11,127,633 | ||||||
Target Corp. | 23,039 | 1,670,328 | ||||||
14,012,485 | ||||||||
Retail - Drug Store — 0.3% |
| |||||||
CVS Health Corp. | 35,104 | 3,302,935 | ||||||
Retail - Gardening Products — 0.1% |
| |||||||
Tractor Supply Co. | 15,297 | 1,366,787 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Jewelry — 0.3% |
| |||||||
Pandora A/S | 11,710 | $ | 1,388,075 | |||||
Signet Jewelers, Ltd. | 10,450 | 1,373,026 | ||||||
2,761,101 | ||||||||
Retail - Major Department Stores — 1.1% |
| |||||||
TJX Cos., Inc. | 161,420 | 11,396,252 | ||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 8,170 | 1,364,390 | ||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetMed Express, Inc.# | 17,044 | 286,339 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Macy’s, Inc. | 13,610 | 531,879 | ||||||
Retail - Restaurants — 0.5% |
| |||||||
Bloomin’ Brands, Inc. | 37,202 | 643,967 | ||||||
Brinker International, Inc. | 8,248 | 376,274 | ||||||
Chipotle Mexican Grill, Inc.† | 810 | 469,435 | ||||||
Cracker Barrel Old Country Store, Inc.# | 11,340 | 1,427,933 | ||||||
Darden Restaurants, Inc. | 25,057 | 1,407,452 | ||||||
McDonald’s Corp. | 2,045 | 233,457 | ||||||
4,558,518 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Dick’s Sporting Goods, Inc. | 36,959 | 1,442,510 | ||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 8,847 | 113,772 | ||||||
Retail - Video Rentals — 0.1% |
| |||||||
Outerwall, Inc.# | 10,828 | 670,253 | ||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co. | 13,122 | 550,993 | ||||||
Schools — 0.1% |
| |||||||
Strayer Education, Inc.† | 13,744 | 813,507 | ||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Analog Devices, Inc. | 30,722 | 1,893,397 | ||||||
Maxim Integrated Products, Inc. | 141,662 | 5,492,236 | ||||||
7,385,633 | ||||||||
Semiconductor Equipment — 0.0% |
| |||||||
Applied Materials, Inc. | 8,871 | 166,509 | ||||||
Shipbuilding — 0.1% |
| |||||||
Huntington Ingalls Industries, Inc. | 5,475 | 716,787 | ||||||
Soap & Cleaning Preparation — 0.5% |
| |||||||
Church & Dwight Co., Inc. | 63,225 | 5,422,808 | ||||||
Software Tools — 0.1% |
| |||||||
VMware, Inc., Class A† | 20,347 | 1,249,509 | ||||||
Telephone - Integrated — 0.6% |
| |||||||
AT&T, Inc. | 29,681 | 999,359 | ||||||
Verizon Communications, Inc. | 110,869 | 5,038,996 | ||||||
6,038,355 | ||||||||
Television — 0.3% |
| |||||||
CBS Corp., Class B | 38,787 | 1,957,968 | ||||||
Mediaset SpA# | 143,380 | 630,493 | ||||||
2,588,461 | ||||||||
Tobacco — 1.4% |
| |||||||
Altria Group, Inc. | 9,355 | 538,848 | ||||||
Philip Morris International, Inc. | 147,718 | 12,909,076 | ||||||
13,447,924 | ||||||||
109 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Tools - Hand Held — 0.2% |
| |||||||
Stanley Black & Decker, Inc. | 16,465 | $ | 1,797,319 | |||||
Transport - Rail — 0.8% |
| |||||||
Kansas City Southern | 10,957 | 996,210 | ||||||
Union Pacific Corp. | 79,608 | 6,683,092 | ||||||
7,679,302 | ||||||||
Transport - Services — 0.4% |
| |||||||
FedEx Corp. | 6,223 | 986,594 | ||||||
United Parcel Service, Inc., Class B | 28,452 | 2,930,841 | ||||||
3,917,435 | ||||||||
Vitamins & Nutrition Products — 0.8% |
| |||||||
Mead Johnson Nutrition Co.# | 94,114 | 7,584,647 | ||||||
Web Portals/ISP — 5.2% |
| |||||||
Alphabet, Inc., Class A† | 65,221 | 49,753,840 | ||||||
Alphabet, Inc., Class C† | 2,827 | 2,099,330 | ||||||
51,853,170 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
GN Store Nord A/S | 29,759 | 545,783 | ||||||
X-Ray Equipment — 0.1% |
| |||||||
Hologic, Inc.† | 22,758 | 918,285 | ||||||
Total Common Stocks |
| |||||||
(cost $860,880,400) | 974,095,727 | |||||||
EXCHANGE-TRADED FUNDS — 0.7% |
| |||||||
iShares Russell 1000 Growth ETF | 72,191 | 7,320,167 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $868,106,694) | 981,415,894 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.1% |
| |||||||
Registered Investment Companies — 6.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) | 59,958,568 | 59,958,568 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Time Deposits — 1.1% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015 | $ | 10,710,000 | $ | 10,710,000 | ||||
Total Short-Term Investment Securities |
| |||||||
(cost $70,668,568) | 70,668,568 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $938,775,262)(3) | 105.8 | % | 1,052,084,462 | |||||
Liabilities in excess of other assets | (5.8 | ) | (58,010,167 | ) | ||||
NET ASSETS | 100.0 | % | $ | 994,074,295 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $86,930,370. This was secured by collateral of $59,958,568, which was received in cash and subsequently invested in short-term investments currently valued at $59,958,568 as reported in the Portfolio of Investments. The remaining collateral of $29,611,997 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 08/01/2027 to 12/15/2044 | $ | 5,608,154 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 12/01/2027 to 02/25/2044 | 12,443,296 | |||||
Government National Mtg. Assoc. | 0.40% to 4.00% | 04/20/2039 to 12/16/2052 | 879,034 | |||||
United States Treasury Bills | 0.00% | 12/10/2015 to 08/18/2016 | 22,649 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 01/15/2016 to 05/15/2045 | 10,658,864 |
(2) | The rate shown is the 7-day yield as of November 30, 2015. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 974,095,727 | $ | — | $ | — | $ | 974,095,727 | ||||||||
Exchange-Traded Funds | 7,320,167 | — | — | 7,320,167 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 59,958,568 | — | — | 59,958,568 | ||||||||||||
Time Deposits | — | 10,710,000 | — | 10,710,000 | ||||||||||||
$ | 1,041,374,462 | $ | 10,710,000 | $ | — | $ | 1,052,084,462 | |||||||||
* | 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 $33,418,245 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
110 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 6.7 | % | ||
Diversified Banking Institutions | 4.6 | |||
Computers | 4.0 | |||
Medical — Biomedical/Gene | 3.5 | |||
Applications Software | 3.0 | |||
Web Portals/ISP | 2.7 | |||
Oil Companies — Integrated | 2.7 | |||
Banks — Super Regional | 2.7 | |||
Real Estate Investment Trusts | 2.5 | |||
Retail — Building Products | 2.5 | |||
Insurance — Multi-line | 2.4 | |||
Electric — Integrated | 2.4 | |||
Computer Services | 2.3 | |||
Medical — HMO | 2.2 | |||
Cable/Satellite TV | 2.1 | |||
Multimedia | 2.1 | |||
Beverages — Non-alcoholic | 2.1 | |||
Diversified Manufacturing Operations | 2.0 | |||
Electronic Components — Semiconductors | 1.9 | |||
Oil Companies — Exploration & Production | 1.9 | |||
Internet Content — Entertainment | 1.8 | |||
Transport — Rail | 1.6 | |||
Retail — Discount | 1.5 | |||
Chemicals — Diversified | 1.5 | |||
E-Commerce/Products | 1.5 | |||
Telephone — Integrated | 1.4 | |||
Cosmetics & Toiletries | 1.3 | |||
Insurance — Reinsurance | 1.3 | |||
Aerospace/Defense — Equipment | 1.2 | |||
Instruments — Controls | 1.2 | |||
Semiconductor Equipment | 1.2 | |||
Finance — Credit Card | 1.2 | |||
Tobacco | 1.1 | |||
Investment Management/Advisor Services | 1.0 | |||
Medical — Wholesale Drug Distribution | 1.0 | |||
Electronic Forms | 0.9 | |||
Oil Refining & Marketing | 0.9 | |||
Food — Misc./Diversified | 0.9 | |||
Oil — Field Services | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Airlines | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Retail — Major Department Stores | 0.7 | |||
Retail — Restaurants | 0.7 | |||
Medical Instruments | 0.6 | |||
Networking Products | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Brewery | 0.6 | |||
Time Deposits | 0.6 | |||
Auto — Heavy Duty Trucks | 0.6 | |||
Finance — Investment Banker/Broker | 0.6 | |||
Building — Residential/Commercial | 0.5 | |||
Finance — Other Services | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Engineering/R&D Services | 0.5 | |||
Cruise Lines | 0.4 | |||
Banks — Fiduciary | 0.4 | |||
Beverages — Wine/Spirits | 0.4 | |||
Engines — Internal Combustion | 0.4 | |||
Agricultural Chemicals | 0.4 | |||
Data Processing/Management | 0.4 | |||
Television | 0.4 | |||
Electric — Distribution | 0.4 | |||
Pharmacy Services | 0.4 | |||
Pipelines | 0.4 | |||
Audio/Video Products | 0.4 | |||
Instruments — Scientific | 0.3 | |||
Food — Confectionery | 0.3 |
Electronics — Military | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Building Products — Wood | 0.3 | |||
Aerospace/Defense | 0.3 | |||
Tools — Hand Held | 0.3 | |||
Medical Products | 0.2 | |||
Insurance — Life/Health | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Retail — Consumer Electronics | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Building Products — Cement | 0.2 | |||
Agricultural Operations | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Retail — Jewelry | 0.1 | |||
Food — Retail | 0.1 | |||
Water | 0.1 | |||
Banks — Commercial | 0.1 | |||
Machinery — Farming | 0.1 | |||
Retail — Automobile | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Gas — Distribution | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Cellular Telecom | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Transport — Services | 0.1 | |||
Electronic Connectors | 0.1 | |||
100.5 | % | |||
* | Calculated as a percentage of net assets |
111 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% |
| |||||||
Aerospace/Defense — 0.3% |
| |||||||
Northrop Grumman Corp. | 1,625 | $ | 302,835 | |||||
Aerospace/Defense - Equipment — 1.2% |
| |||||||
United Technologies Corp. | 15,054 | 1,445,937 | ||||||
Agricultural Chemicals — 0.4% |
| |||||||
Mosaic Co. | 14,599 | 461,912 | ||||||
Agricultural Operations — 0.2% |
| |||||||
Archer-Daniels-Midland Co. | 5,572 | 203,322 | ||||||
Airlines — 0.7% |
| |||||||
Delta Air Lines, Inc. | 6,511 | 302,501 | ||||||
United Continental Holdings, Inc.† | 9,820 | 547,269 | ||||||
849,770 | ||||||||
Apparel Manufacturers — 0.7% |
| |||||||
Ralph Lauren Corp. | 2,023 | 251,277 | ||||||
VF Corp. | 8,427 | 545,227 | ||||||
796,504 | ||||||||
Applications Software — 3.0% |
| |||||||
Intuit, Inc. | 891 | 89,278 | ||||||
Microsoft Corp. | 63,599 | 3,456,606 | ||||||
3,545,884 | ||||||||
Audio/Video Products — 0.4% |
| |||||||
Harman International Industries, Inc. | 3,969 | 409,442 | ||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Ford Motor Co. | 28,506 | 408,491 | ||||||
General Motors Co. | 3,262 | 118,084 | ||||||
526,575 | ||||||||
Auto - Heavy Duty Trucks — 0.6% |
| |||||||
PACCAR, Inc. | 13,010 | 676,000 | ||||||
Auto/Truck Parts & Equipment - Original — 0.0% |
| |||||||
Magna International, Inc. | 1,233 | 56,027 | ||||||
Banks - Commercial — 0.1% |
| |||||||
BB&T Corp. | 1,026 | 39,624 | ||||||
SVB Financial Group† | 958 | 126,916 | ||||||
166,540 | ||||||||
Banks - Fiduciary — 0.4% |
| |||||||
Bank of New York Mellon Corp. | 2,744 | 120,297 | ||||||
State Street Corp. | 5,268 | 382,351 | ||||||
502,648 | ||||||||
Banks - Super Regional — 2.7% |
| |||||||
Capital One Financial Corp. | 3,106 | 243,852 | ||||||
Fifth Third Bancorp | 8,341 | 172,409 | ||||||
KeyCorp | 17,399 | 228,101 | ||||||
Wells Fargo & Co. | 45,482 | 2,506,058 | ||||||
3,150,420 | ||||||||
Beverages - Non-alcoholic — 2.1% |
| |||||||
Coca-Cola Co. | 15,861 | 675,996 | ||||||
Coca-Cola Enterprises, Inc. | 1,489 | 74,896 | ||||||
Dr Pepper Snapple Group, Inc. | 2,104 | 188,834 | ||||||
PepsiCo, Inc. | 14,567 | 1,459,031 | ||||||
2,398,757 | ||||||||
Beverages - Wine/Spirits — 0.4% |
| |||||||
Constellation Brands, Inc., Class A | 3,576 | 501,570 | ||||||
Brewery — 0.6% |
| |||||||
Boston Beer Co., Inc., Class A†# | 276 | 58,959 |
Security Description | Shares | Value (Note 2) | ||||||
Brewery (continued) | ||||||||
Molson Coors Brewing Co., Class B | 6,956 | $ | 640,161 | |||||
699,120 | ||||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Fortune Brands Home & Security, Inc. | 1,450 | 79,706 | ||||||
Building Products - Cement — 0.2% |
| |||||||
Martin Marietta Materials, Inc. | 1,338 | 210,601 | ||||||
Building Products - Wood — 0.3% |
| |||||||
Masco Corp. | 10,170 | 304,185 | ||||||
Building - Residential/Commercial — 0.5% |
| |||||||
D.R. Horton, Inc. | 8,455 | 273,181 | ||||||
PulteGroup, Inc. | 14,036 | 273,421 | ||||||
Toll Brothers, Inc.† | 1,563 | 58,113 | ||||||
604,715 | ||||||||
Cable/Satellite TV — 2.1% |
| |||||||
Charter Communications, Inc., Class A†# | 2,610 | 489,009 | ||||||
Comcast Corp., Class A | 22,644 | 1,378,114 | ||||||
DISH Network Corp., Class A† | 5,576 | 349,671 | ||||||
Time Warner Cable, Inc. | 1,519 | 280,666 | ||||||
2,497,460 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
T-Mobile US, Inc.† | 2,456 | 87,188 | ||||||
Chemicals - Diversified — 1.5% |
| |||||||
Axiall Corp. | 3,680 | 76,691 | ||||||
Dow Chemical Co. | 12,274 | 639,844 | ||||||
E.I. du Pont de Nemours & Co. | 11,451 | 771,110 | ||||||
Eastman Chemical Co. | 3,738 | 271,566 | ||||||
1,759,211 | ||||||||
Coffee — 0.0% |
| |||||||
Keurig Green Mountain, Inc. | 787 | 41,239 | ||||||
Commercial Services - Finance — 0.3% |
| |||||||
Automatic Data Processing, Inc. | 767 | 66,161 | ||||||
Equifax, Inc. | 1,886 | 210,289 | ||||||
PayPal Holdings, Inc.† | 3,266 | 115,159 | ||||||
391,609 | ||||||||
Computer Services — 2.3% |
| |||||||
Accenture PLC, Class A | 14,265 | 1,529,493 | ||||||
Cognizant Technology Solutions Corp., Class A† | 13,236 | 854,781 | ||||||
Hewlett Packard Enterprise Co. | 18,925 | 281,226 | ||||||
2,665,500 | ||||||||
Computers — 4.0% |
| |||||||
Apple, Inc. | 37,341 | 4,417,440 | ||||||
HP, Inc. | 18,925 | 237,320 | ||||||
4,654,760 | ||||||||
Consumer Products - Misc. — 0.5% |
| |||||||
Kimberly-Clark Corp. | 4,783 | 569,894 | ||||||
Containers - Metal/Glass — 0.3% |
| |||||||
Crown Holdings, Inc.† | 7,432 | 385,795 | ||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
WestRock Co. | 4,355 | 220,494 | ||||||
Cosmetics & Toiletries — 1.3% |
| |||||||
Estee Lauder Cos., Inc., Class A | 1,480 | 124,498 | ||||||
Procter & Gamble Co. | 19,140 | 1,432,437 | ||||||
1,556,935 | ||||||||
112 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Cruise Lines — 0.4% |
| |||||||
Royal Caribbean Cruises, Ltd. | 5,503 | $ | 509,633 | |||||
Data Processing/Management — 0.4% |
| |||||||
Fidelity National Information Services, Inc. | 7,170 | 456,514 | ||||||
Diversified Banking Institutions — 4.6% |
| |||||||
Bank of America Corp. | 105,065 | 1,831,283 | ||||||
Citigroup, Inc. | 35,764 | 1,934,475 | ||||||
Goldman Sachs Group, Inc. | 2,777 | 527,685 | ||||||
Morgan Stanley | 30,399 | 1,042,686 | ||||||
5,336,129 | ||||||||
Diversified Manufacturing Operations — 2.0% |
| |||||||
Eaton Corp. PLC | 14,770 | 859,023 | ||||||
General Electric Co. | 26,185 | 783,979 | ||||||
Ingersoll-Rand PLC | 2,630 | 154,302 | ||||||
Parker-Hannifin Corp. | 4,663 | 488,030 | ||||||
SPX Corp. | 150 | 1,656 | ||||||
2,286,990 | ||||||||
E-Commerce/Products — 1.5% |
| |||||||
Amazon.com, Inc.† | 2,619 | 1,741,111 | ||||||
Electric - Distribution — 0.4% |
| |||||||
PPL Corp. | 12,340 | 420,054 | ||||||
Electric - Integrated — 2.4% |
| |||||||
CMS Energy Corp. | 5,305 | 185,781 | ||||||
Edison International | 11,092 | 658,421 | ||||||
Exelon Corp. | 11,779 | 321,685 | ||||||
NextEra Energy, Inc. | 6,879 | 686,937 | ||||||
Public Service Enterprise Group, Inc. | 8,763 | 342,633 | ||||||
Xcel Energy, Inc. | 17,380 | 619,771 | ||||||
2,815,228 | ||||||||
Electronic Components - Misc. — 0.8% |
| |||||||
Corning, Inc. | 5,029 | 94,193 | ||||||
TE Connectivity, Ltd. | 12,506 | 839,028 | ||||||
933,221 | ||||||||
Electronic Components - Semiconductors — 1.9% |
| |||||||
Avago Technologies, Ltd. | 8,089 | 1,055,210 | ||||||
Broadcom Corp., Class A | 3,545 | 193,663 | ||||||
Freescale Semiconductor, Ltd.† | 1,806 | 70,271 | ||||||
Texas Instruments, Inc. | 16,213 | 942,300 | ||||||
2,261,444 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 1,076 | 59,234 | ||||||
Electronic Forms — 0.9% |
| |||||||
Adobe Systems, Inc.† | 11,943 | 1,092,307 | ||||||
Electronic Security Devices — 0.1% |
| |||||||
Allegion PLC | 1,446 | 97,186 | ||||||
Electronics - Military — 0.3% |
| |||||||
L-3 Communications Holdings, Inc. | 3,205 | 392,324 | ||||||
Engineering/R&D Services — 0.5% |
| |||||||
Fluor Corp. | 10,788 | 524,297 | ||||||
Engines - Internal Combustion — 0.4% |
| |||||||
Cummins, Inc. | 4,900 | 491,813 | ||||||
Enterprise Software/Service — 0.2% |
| |||||||
Oracle Corp. | 6,662 | 259,618 | ||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Synchrony Financial† | 10,019 | 318,893 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Credit Card — 1.2% |
| |||||||
Discover Financial Services | 2,063 | $ | 117,096 | |||||
Visa, Inc., Class A | 15,985 | 1,262,975 | ||||||
1,380,071 | ||||||||
Finance - Investment Banker/Broker — 0.6% | ||||||||
Charles Schwab Corp. | 18,056 | 608,668 | ||||||
TD Ameritrade Holding Corp. | 1,430 | 52,381 | ||||||
661,049 | ||||||||
Finance - Other Services — 0.5% | ||||||||
Intercontinental Exchange, Inc. | 2,290 | 595,034 | ||||||
Food - Confectionery — 0.3% | ||||||||
Hershey Co. | 4,603 | 397,285 | ||||||
Food - Misc./Diversified — 0.9% | ||||||||
Mondelez International, Inc., Class A | 23,568 | 1,028,979 | ||||||
Food - Retail — 0.1% | ||||||||
Kroger Co. | 4,475 | 168,528 | ||||||
Gas - Distribution — 0.1% | ||||||||
CenterPoint Energy, Inc. | 2,830 | 47,969 | ||||||
Questar Corp. | 2,637 | 49,971 | ||||||
97,940 | ||||||||
Instruments - Controls — 1.2% | ||||||||
Honeywell International, Inc. | 13,325 | 1,385,134 | ||||||
Instruments - Scientific — 0.3% | ||||||||
Thermo Fisher Scientific, Inc. | 2,878 | 398,315 | ||||||
Insurance - Life/Health — 0.2% | ||||||||
Lincoln National Corp. | 1,533 | 84,300 | ||||||
Prudential Financial, Inc. | 2,186 | 189,198 | ||||||
273,498 | ||||||||
Insurance - Multi-line — 2.4% | ||||||||
ACE, Ltd. | 10,989 | 1,262,087 | ||||||
MetLife, Inc. | 20,349 | 1,039,630 | ||||||
XL Group PLC | 14,306 | 546,203 | ||||||
2,847,920 | ||||||||
Insurance - Reinsurance — 1.3% | ||||||||
Axis Capital Holdings, Ltd. | 2,172 | 121,632 | ||||||
Berkshire Hathaway, Inc., Class B† | 10,455 | 1,401,911 | ||||||
1,523,543 | ||||||||
Internet Content - Entertainment — 1.8% | ||||||||
Facebook, Inc., Class A† | 20,251 | 2,110,964 | ||||||
Investment Management/Advisor Services — 1.0% | ||||||||
Ameriprise Financial, Inc. | 971 | 109,675 | ||||||
BlackRock, Inc. | 1,274 | 463,379 | ||||||
Invesco, Ltd. | 17,486 | 589,103 | ||||||
1,162,157 | ||||||||
Machinery - Construction & Mining — 0.0% | ||||||||
Caterpillar, Inc. | 783 | 56,885 | ||||||
Machinery - Farming — 0.1% | ||||||||
Deere & Co. | 1,665 | 132,484 | ||||||
Machinery - Pumps — 0.0% | ||||||||
SPX FLOW, Inc.† | 1,600 | 53,760 | ||||||
Medical Instruments — 0.6% | ||||||||
Boston Scientific Corp.† | 40,570 | 741,620 | ||||||
Medical Products — 0.2% | ||||||||
Stryker Corp. | 2,911 | 280,795 | ||||||
113 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene — 3.5% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 2,535 | $ | 452,345 | |||||
Biogen, Inc.† | 2,995 | 859,146 | ||||||
BioMarin Pharmaceutical, Inc.† | 1,580 | 150,685 | ||||||
Celgene Corp.† | 10,190 | 1,115,295 | ||||||
Gilead Sciences, Inc. | 8,537 | 904,581 | ||||||
Illumina, Inc.† | 1,197 | 220,128 | ||||||
Vertex Pharmaceuticals, Inc.† | 3,149 | 407,355 | ||||||
4,109,535 | ||||||||
Medical - Drugs — 6.7% |
| |||||||
Abbott Laboratories | 19,034 | 855,007 | ||||||
Allergan PLC† | 3,913 | 1,228,252 | ||||||
Bristol-Myers Squibb Co. | 21,201 | 1,420,679 | ||||||
Eli Lilly & Co. | 13,753 | 1,128,296 | ||||||
Johnson & Johnson | 10,077 | 1,020,195 | ||||||
Merck & Co., Inc. | 7,153 | 379,181 | ||||||
Pfizer, Inc. | 50,473 | 1,654,000 | ||||||
Valeant Pharmaceuticals International, Inc.† | 1,521 | 136,829 | ||||||
7,822,439 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Mylan NV† | 2,494 | 127,942 | ||||||
Perrigo Co. PLC | 699 | 104,424 | ||||||
232,366 | ||||||||
Medical - HMO — 2.2% |
| |||||||
Aetna, Inc. | 6,161 | 633,043 | ||||||
Cigna Corp. | 1,660 | 224,067 | ||||||
Humana, Inc. | 3,191 | 538,194 | ||||||
UnitedHealth Group, Inc. | 10,006 | 1,127,776 | ||||||
2,523,080 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
HCA Holdings, Inc.† | 884 | 60,165 | ||||||
Medical - Wholesale Drug Distribution — 1.0% | ||||||||
McKesson Corp. | 6,016 | 1,139,130 | ||||||
Multimedia — 2.1% |
| |||||||
Time Warner, Inc. | 19,485 | 1,363,560 | ||||||
Twenty-First Century Fox, Inc., Class A | 35,228 | 1,039,578 | ||||||
2,403,138 | ||||||||
Networking Products — 0.6% |
| |||||||
Cisco Systems, Inc. | 27,164 | 740,219 | ||||||
Oil Companies - Exploration & Production — 1.9% |
| |||||||
Anadarko Petroleum Corp. | 5,409 | 323,999 | ||||||
Cabot Oil & Gas Corp. | 11,325 | 213,250 | ||||||
Concho Resources, Inc.† | 957 | 104,734 | ||||||
EOG Resources, Inc. | 4,635 | 386,698 | ||||||
EQT Corp. | 3,460 | 197,981 | ||||||
Occidental Petroleum Corp. | 13,216 | 998,998 | ||||||
2,225,660 | ||||||||
Oil Companies - Integrated — 2.7% |
| |||||||
Chevron Corp. | 15,185 | 1,386,694 | ||||||
Exxon Mobil Corp. | 22,038 | 1,799,623 | ||||||
3,186,317 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
National Oilwell Varco, Inc. | 2,652 | 99,026 | ||||||
Oil Refining & Marketing — 0.9% |
| |||||||
Marathon Petroleum Corp. | 4,689 | 273,885 | ||||||
Phillips 66 | 2,102 | 192,396 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Refining & Marketing (continued) | ||||||||
Valero Energy Corp. | 8,033 | $ | 577,251 | |||||
1,043,532 | ||||||||
Oil - Field Services — 0.8% |
| |||||||
Baker Hughes, Inc. | 4,900 | 264,943 | ||||||
Halliburton Co. | 9,692 | 386,226 | ||||||
Schlumberger, Ltd. | 4,049 | 312,380 | ||||||
963,549 | ||||||||
Pharmacy Services — 0.4% |
| |||||||
Express Scripts Holding Co.† | 4,883 | 417,399 | ||||||
Pipelines — 0.4% |
| |||||||
Columbia Pipeline Group, Inc. | 14,319 | 274,495 | ||||||
Kinder Morgan, Inc. | 6,001 | 141,444 | ||||||
415,939 | ||||||||
Real Estate Investment Trusts — 2.5% |
| |||||||
American Tower Corp. | 3,500 | 347,830 | ||||||
AvalonBay Communities, Inc. | 2,772 | 503,922 | ||||||
Boston Properties, Inc. | 2,406 | 300,726 | ||||||
Brixmor Property Group, Inc. | 5,416 | 135,996 | ||||||
DiamondRock Hospitality Co. | 8,840 | 98,389 | ||||||
Equinix, Inc. | 591 | 175,231 | ||||||
Highwoods Properties, Inc. | 2,830 | 123,275 | ||||||
LaSalle Hotel Properties | 4,516 | 127,396 | ||||||
Liberty Property Trust | 4,665 | 158,144 | ||||||
Prologis, Inc. | 9,055 | 387,101 | ||||||
Public Storage | 388 | 93,143 | ||||||
Simon Property Group, Inc. | 2,695 | 501,917 | ||||||
2,953,070 | ||||||||
Retail - Apparel/Shoe — 0.2% |
| |||||||
lululemon athletica, Inc.†# | 1,651 | 78,951 | ||||||
PVH Corp. | 539 | 49,205 | ||||||
Ross Stores, Inc. | 1,107 | 57,575 | ||||||
185,731 | ||||||||
Retail - Auto Parts — 0.1% |
| |||||||
AutoZone, Inc.† | 123 | 96,404 | ||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc.† | 1,830 | 116,974 | ||||||
Retail - Building Products — 2.5% |
| |||||||
Home Depot, Inc. | 12,237 | 1,638,289 | ||||||
Lowe’s Cos., Inc. | 16,231 | 1,243,295 | ||||||
2,881,584 | ||||||||
Retail - Consumer Electronics — 0.2% |
| |||||||
Best Buy Co., Inc. | 7,054 | 224,176 | ||||||
Retail - Discount — 1.5% |
| |||||||
Costco Wholesale Corp. | 4,976 | 803,226 | ||||||
Dollar General Corp. | 7,162 | 468,466 | ||||||
Target Corp. | 6,796 | 492,710 | ||||||
Wal-Mart Stores, Inc. | 268 | 15,769 | ||||||
1,780,171 | ||||||||
Retail - Drug Store — 0.0% |
| |||||||
CVS Health Corp. | 135 | 12,702 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Tiffany & Co. | 2,144 | 170,834 | ||||||
Retail - Major Department Stores — 0.7% |
| |||||||
TJX Cos., Inc. | 10,876 | 767,846 | ||||||
114 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Restaurants — 0.7% |
| |||||||
Chipotle Mexican Grill, Inc.† | 117 | $ | 67,807 | |||||
Dunkin’ Brands Group, Inc.# | 1,166 | 49,462 | ||||||
Starbucks Corp. | 10,536 | 646,805 | ||||||
764,074 | ||||||||
Semiconductor Components - Integrated Circuits — 0.2% |
| |||||||
Marvell Technology Group, Ltd. | 5,371 | 47,587 | ||||||
NXP Semiconductors NV† | 1,270 | 118,694 | ||||||
QUALCOMM, Inc. | 1,694 | 82,650 | ||||||
248,931 | ||||||||
Semiconductor Equipment — 1.2% |
| |||||||
Applied Materials, Inc. | 20,071 | 376,733 | ||||||
KLA-Tencor Corp. | 1,107 | 73,582 | ||||||
Lam Research Corp. | 11,907 | 931,127 | ||||||
1,381,442 | ||||||||
Steel - Producers — 0.0% |
| |||||||
United States Steel Corp.# | 3,985 | 32,159 | ||||||
Telephone - Integrated — 1.4% |
| |||||||
AT&T, Inc. | 34,488 | 1,161,211 | ||||||
Verizon Communications, Inc. | 9,154 | 416,049 | ||||||
1,577,260 | ||||||||
Television — 0.4% |
| |||||||
CBS Corp., Class B | 8,917 | 450,130 | ||||||
Tobacco — 1.1% |
| |||||||
Philip Morris International, Inc. | 14,309 | 1,250,463 | ||||||
Tools - Hand Held — 0.3% |
| |||||||
Stanley Black & Decker, Inc. | 2,752 | 300,408 | ||||||
Transport - Rail — 1.6% |
| |||||||
Canadian Pacific Railway, Ltd. | 2,804 | 413,506 | ||||||
CSX Corp. | 12,673 | 360,293 | ||||||
Union Pacific Corp. | 13,468 | 1,130,639 | ||||||
1,904,438 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Services — 0.1% |
| |||||||
FedEx Corp. | 377 | $ | 59,769 | |||||
Water — 0.1% | ||||||||
American Water Works Co., Inc. | 2,884 | 166,580 | ||||||
Web Portals/ISP — 2.7% | ||||||||
Alphabet, Inc., Class A† | 1,966 | 1,499,763 | ||||||
Alphabet, Inc., Class C† | 2,297 | 1,705,752 | ||||||
3,205,515 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $102,010,946) | 115,926,667 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.2% | ||||||||
Registered Investment Companies — 0.6% | ||||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) | 732,105 | 732,105 | ||||||
Time Deposits — 0.6% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015 | $ | 685,000 | 685,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $1,417,105) | 1,417,105 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $103,428,051)(3) | 100.5 | % | 117,343,772 | |||||
Liabilities in excess of other assets | (0.5 | ) | (605,339 | ) | ||||
NET ASSETS | 100.0 | % | $ | 116,738,433 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $708,540. This was secured by collateral of $732,105, which was received in cash and subsequently invested in short-term investments currently valued at $732,105 as reported in the Portfolio of Investments. |
(2) | The rate shown is the 7-day yield as of November 30, 2015 |
(3) | 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 November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
8 | Long | S&P 500 E-Mini Index | December 2015 | $ | 825,516 | $ | 831,920 | $ | 6,404 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 115,926,667 | $ | — | $ | — | $ | 115,926,667 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 732,105 | — | — | 732,105 | ||||||||||||
Time Deposits | — | 685,000 | — | 685,000 | ||||||||||||
Total Investments at Value | $ | 116,658,772 | $ | 685,000 | $ | — | $ | 117,343,772 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 6,404 | $ | — | $ | — | $ | 6,404 | ||||||||
115 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
116 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 24.8 | % | ||
Medical — Biomedical/Gene | 23.6 | |||
Medical — HMO | 15.8 | |||
Registered Investment Companies | 8.1 | |||
Medical Products | 5.8 | |||
Medical — Hospitals | 3.5 | |||
Instruments — Scientific | 3.2 | |||
Medical Instruments | 3.1 | |||
Therapeutics | 2.6 | |||
Retail — Drug Store | 2.5 | |||
Medical — Wholesale Drug Distribution | 2.4 | |||
Dialysis Centers | 1.7 | |||
Electronic Measurement Instruments | 1.3 | |||
Medical — Generic Drugs | 1.2 | |||
Medical Information Systems | 0.8 | |||
Drug Delivery Systems | 0.7 | |||
Pharmacy Services | 0.6 | |||
Physicians Practice Management | 0.5 | |||
Consulting Services | 0.4 | |||
Insurance — Property/Casualty | 0.3 | |||
Human Resources | 0.3 | |||
Wireless Equipment | 0.3 | |||
Instruments — Controls | 0.3 | |||
Diagnostic Kits | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Diagnostic Equipment | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
104.5 | % | |||
* | Calculated as a percentage of net assets |
117 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.4% |
| |||||||
Consulting Services — 0.4% |
| |||||||
Advisory Board Co.† | 59,600 | $ | 3,208,864 | |||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Align Technology, Inc.† | 24,800 | 1,655,152 | ||||||
Diagnostic Equipment — 0.1% |
| |||||||
GenMark Diagnostics, Inc.†# | 59,600 | 475,012 | ||||||
Oxford Immunotec Global PLC†# | 20,500 | 271,625 | ||||||
746,637 | ||||||||
Diagnostic Kits — 0.2% |
| |||||||
IDEXX Laboratories, Inc.† | 32,100 | 2,273,322 | ||||||
Dialysis Centers — 1.7% |
| |||||||
DaVita HealthCare Partners, Inc.† | 184,100 | 13,446,664 | ||||||
Fresenius SE & Co. KGaA | 26,712 | 1,961,185 | ||||||
15,407,849 | ||||||||
Drug Delivery Systems — 0.7% |
| |||||||
Catalent, Inc.† | 145,300 | 4,046,605 | ||||||
DexCom, Inc.† | 21,000 | 1,785,420 | ||||||
5,832,025 | ||||||||
Electronic Measurement Instruments — 1.3% |
| |||||||
Agilent Technologies, Inc. | 277,400 | 11,600,868 | ||||||
Heart Monitors — 0.0% |
| |||||||
HeartWare International, Inc.† | 5,300 | 253,658 | ||||||
Human Resources — 0.3% |
| |||||||
Team Health Holdings, Inc.† | 48,800 | 2,690,832 | ||||||
Instruments - Controls — 0.3% |
| |||||||
Mettler-Toledo International, Inc.† | 7,400 | 2,536,572 | ||||||
Instruments - Scientific — 3.2% |
| |||||||
FEI Co. | 58,200 | 4,656,582 | ||||||
Thermo Fisher Scientific, Inc. | 172,100 | 23,818,640 | ||||||
28,475,222 | ||||||||
Insurance - Property/Casualty — 0.3% |
| |||||||
ProAssurance Corp. | 51,700 | 2,735,447 | ||||||
Medical Imaging Systems — 0.1% |
| |||||||
Lantheus Holdings, Inc.† | 141,800 | 501,972 | ||||||
Medical Information Systems — 0.8% |
| |||||||
athenahealth, Inc.†# | 44,400 | 7,448,100 | ||||||
Medical Instruments — 3.1% |
| |||||||
Bruker Corp.† | 93,000 | 2,105,520 | ||||||
Intuitive Surgical, Inc.† | 22,660 | 11,783,653 | ||||||
Medtronic PLC | 182,221 | 13,728,530 | ||||||
27,617,703 | ||||||||
Medical Products — 5.8% |
| |||||||
Advanced Accelerator Applications SA ADR(1)(2)(5) | 72,378 | 908,995 | ||||||
Advanced Accelerator Applications SA ADR† | 14,833 | 392,185 | ||||||
Becton Dickinson and Co. | 142,300 | 21,380,575 | ||||||
Cooper Cos., Inc.# | 30,300 | 4,431,375 | ||||||
Henry Schein, Inc.† | 38,200 | 5,977,536 | ||||||
Medgenics, Inc.† | 39,000 | 269,880 | ||||||
Novocure, Ltd. Common Stock# | 16,800 | 409,080 | ||||||
Novocure, Ltd. Series J(1)(2)(5) | 48,280 | 1,116,829 | ||||||
Sirona Dental Systems, Inc.† | 75,900 | 8,233,632 | ||||||
Teleflex, Inc. | 14,500 | 1,909,650 | ||||||
West Pharmaceutical Services, Inc. | 55,900 | 3,524,495 | ||||||
Wright Medical Group NV† | 160,481 | 3,437,503 | ||||||
51,991,735 | ||||||||
Medical - Biomedical/Gene — 23.5% |
| |||||||
Abcam PLC | 44,659 | 386,077 |
Security Description | Shares | Value | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Acceleron Pharma, Inc.† | 61,800 | $ | 2,649,366 | |||||
Achillion Pharmaceuticals, Inc.†# | 138,200 | 1,406,876 | ||||||
Advaxis, Inc.†# | 104,125 | 1,256,789 | ||||||
Alexion Pharmaceuticals, Inc.† | 215,285 | 38,415,455 | ||||||
AveXis, Inc.(1)(2)(6) | 17,345 | 440,563 | ||||||
Bellicum Pharmaceuticals, Inc.†# | 54,224 | 1,248,779 | ||||||
BioCryst Pharmaceuticals, Inc.† | 22,200 | 235,542 | ||||||
Biogen, Inc.† | 42,200 | 12,105,492 | ||||||
BioMarin Pharmaceutical, Inc.† | 102,900 | 9,813,573 | ||||||
Bluebird Bio, Inc.†# | 47,500 | 4,215,625 | ||||||
Blueprint Medicines Corp.†# | 14,200 | 328,872 | ||||||
Celgene Corp.† | 72,680 | 7,954,826 | ||||||
Exelixis, Inc.†# | 656,300 | 3,754,036 | ||||||
Five Prime Therapeutics, Inc.† | 17,600 | 676,720 | ||||||
Gilead Sciences, Inc. | 253,400 | 26,850,264 | ||||||
Illumina, Inc.† | 7,000 | 1,287,300 | ||||||
Incyte Corp.† | 210,800 | 24,081,792 | ||||||
Insmed, Inc.† | 239,400 | 3,904,614 | ||||||
Intercept Pharmaceuticals, Inc.†# | 7,258 | 1,281,109 | ||||||
Ligand Pharmaceuticals, Inc.†# | 11,100 | 1,188,588 | ||||||
Medivation, Inc.† | 22,100 | 934,388 | ||||||
Momenta Pharmaceuticals, Inc.† | 11,100 | 198,246 | ||||||
Novavax, Inc.†# | 588,000 | 5,033,280 | ||||||
Prothena Corp. PLC†# | 95,687 | 6,749,761 | ||||||
Puma Biotechnology, Inc.†# | 53,824 | 4,052,947 | ||||||
Regeneron Pharmaceuticals, Inc.† | 41,600 | 22,651,200 | ||||||
REGENXBIO, Inc.(1)(2)(5) | 16,965 | 386,318 | ||||||
REGENXBIO, Inc.†# | 9,200 | 220,524 | ||||||
Retrophin, Inc.†# | 24,100 | 538,635 | ||||||
Spark Therapeutics, Inc.†# | 37,325 | 2,157,012 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 30,492 | 2,997,973 | ||||||
Vertex Pharmaceuticals, Inc.† | 149,494 | 19,338,544 | ||||||
Zeneca, Inc. CVR(1)(2)(6) | 23,110 | 14,213 | ||||||
208,755,299 | ||||||||
Medical - Drugs — 24.4% |
| |||||||
AbbVie, Inc. | 166,377 | 9,674,822 | ||||||
ACADIA Pharmaceuticals, Inc.† | 146,300 | 5,552,085 | ||||||
Aimmune Therapeutics, Inc.† | 15,600 | 333,684 | ||||||
Alkermes PLC† | 205,500 | 15,075,480 | ||||||
Allergan PLC† | 167,080 | 52,444,741 | ||||||
Amicus Therapeutics, Inc.† | 194,400 | 2,085,912 | ||||||
Array BioPharma, Inc.†# | 69,100 | 273,636 | ||||||
Astellas Pharma, Inc. | 272,000 | 3,830,317 | ||||||
Baxalta, Inc. | 354,700 | 12,194,586 | ||||||
Bristol-Myers Squibb Co. | 287,900 | 19,292,179 | ||||||
Carbylan Therapeutics, Inc.† | 81,200 | 323,988 | ||||||
Chimerix, Inc.† | 72,200 | 2,916,880 | ||||||
Chugai Pharmaceutical Co., Ltd.# | 134,300 | 4,691,227 | ||||||
Clovis Oncology, Inc.† | 42,400 | 1,333,480 | ||||||
CoLucid Pharmaceuticals, Inc.†# | 30,300 | 172,407 | ||||||
Eli Lilly & Co. | 227,400 | 18,655,896 | ||||||
Endo International PLC† | 45,400 | 2,791,192 | ||||||
FibroGen, Inc.† | 33,600 | 999,264 | ||||||
GlaxoSmithKline PLC ADR# | 76,600 | 3,103,066 | ||||||
Immune Design Corp.†# | 19,600 | 410,228 | ||||||
Inotek Pharmaceuticals Corp.†# | 37,700 | 452,023 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 165,400 | 2,017,880 | ||||||
Jazz Pharmaceuticals PLC† | 14,200 | 2,081,578 | ||||||
Mallinckrodt PLC† | 246,344 | 16,729,221 | ||||||
Natco Pharma, Ltd. | 49,005 | 387,379 | ||||||
Ophthotech Corp.† | 42,500 | 2,701,725 | ||||||
Orexigen Therapeutics, Inc.†# | 327,900 | 783,681 | ||||||
Pacira Pharmaceuticals, Inc.†# | 61,400 | 3,975,650 | ||||||
Pfizer, Inc. | 91,700 | 3,005,009 |
118 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs (continued) |
| |||||||
Shire PLC ADR | 25,200 | $ | 5,250,672 | |||||
Takeda Pharmaceutical Co., Ltd. | 26,900 | 1,307,414 | ||||||
TESARO, Inc.† | 94,072 | 4,801,435 | ||||||
TherapeuticsMD, Inc.†# | 280,500 | 2,106,555 | ||||||
Valeant Pharmaceuticals International, Inc.† | 144,833 | 13,029,177 | ||||||
Zoetis, Inc. | 43,300 | 2,022,110 | ||||||
216,806,579 | ||||||||
Medical - Generic Drugs — 1.2% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 165,000 | 10,383,450 | ||||||
Medical - HMO — 15.6% | ||||||||
Aetna, Inc. | 261,800 | 26,899,950 | ||||||
Anthem, Inc. | 132,400 | 17,262,312 | ||||||
Centene Corp.† | 84,800 | 4,897,200 | ||||||
Cigna Corp. | 171,200 | 23,108,576 | ||||||
Humana, Inc. | 171,800 | 28,975,788 | ||||||
UnitedHealth Group, Inc. | 281,700 | 31,750,407 | ||||||
Universal American Corp. | 53,100 | 397,188 | ||||||
WellCare Health Plans, Inc.† | 69,100 | 5,699,368 | ||||||
138,990,789 | ||||||||
Medical - Hospitals — 3.5% | ||||||||
Acadia Healthcare Co., Inc.† | 63,980 | 4,415,260 | ||||||
Adeptus Health, Inc., Class A†# | 40,800 | 2,451,672 | ||||||
Community Health Systems, Inc.† | 14,200 | 410,948 | ||||||
HCA Holdings, Inc.† | 204,100 | 13,891,046 | ||||||
Mediclinic International, Ltd. | 111,229 | 884,846 | ||||||
Universal Health Services, Inc., Class B | 74,300 | 9,028,936 | ||||||
31,082,708 | ||||||||
Medical - Wholesale Drug Distribution — 2.4% | ||||||||
McKesson Corp. | 112,800 | 21,358,680 | ||||||
Pharmacy Services — 0.3% | ||||||||
Diplomat Pharmacy, Inc.†# | 78,400 | 2,754,192 | ||||||
JAND, Inc. (dba Warby Parker)., Class A(1)(2)(6) | 33,706 | 387,124 | ||||||
3,141,316 | ||||||||
Physicians Practice Management — 0.5% | ||||||||
Envision Healthcare Holdings, Inc.† | 41,800 | 1,149,500 | ||||||
MEDNAX, Inc.† | 47,500 | 3,390,075 | ||||||
4,539,575 | ||||||||
Retail - Convenience Store — 0.1% | ||||||||
CP ALL PCL | 494,800 | 648,873 | ||||||
Retail - Drug Store — 2.5% | ||||||||
CVS Health Corp. | 25,500 | 2,399,295 | ||||||
Raia Drogasil SA | 44,000 | 450,918 | ||||||
Rite Aid Corp.† | 1,146,200 | 9,032,056 | ||||||
Walgreens Boots Alliance, Inc. | 122,200 | 10,268,466 | ||||||
22,150,735 | ||||||||
Therapeutics — 2.6% | ||||||||
Agios Pharmaceuticals, Inc.†# | 3,400 | 219,606 | ||||||
aTyr Pharma, Inc.†# | 29,025 | 247,003 | ||||||
Axovant Sciences, Ltd.†# | 29,000 | 550,420 | ||||||
Dyax Corp.† | 154,800 | 5,210,568 | ||||||
Neurocrine Biosciences, Inc.† | 264,335 | 14,371,894 | ||||||
Portola Pharmaceuticals, Inc.† | 8,600 | 426,646 | ||||||
Seres Health, Inc. Series C(1)(2)(5) | 20,906 | 711,609 | ||||||
Seres Therapeutics, Inc.†# | 16,500 | 591,195 | ||||||
Xencor, Inc.†# | 30,200 | 485,616 | ||||||
22,814,557 | ||||||||
Security Description | Shares/ Principal Amount | Value | ||||||
Wireless Equipment — 0.3% | ||||||||
GN Store Nord A/S# | 140,883 | $ | 2,583,801 | |||||
Total Common Stocks | ||||||||
(cost $630,373,041) | 848,232,320 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.9% | ||||||||
Medical Information Systems — 0.0% | ||||||||
Doximity, Inc. Series C(1)(2)(6) | 64,785 | 281,348 | ||||||
Medical - Biomedical/Gene — 0.1% | ||||||||
Audentes Therapeutics, Inc. Series C(1)(2)(6) | 37,847 | 255,036 | ||||||
BeiGene Co., Ltd. Series A-2(1)(2)(6) | 212,162 | 248,230 | ||||||
Corvus Pharmaceuticals, Inc.(1)(2)(6) | 17,999 | 252,166 | ||||||
Ovid Therapeutics, Inc. Series B(1)(2)(6) | 31,882 | 198,625 | ||||||
954,057 | ||||||||
Medical - Drugs — 0.3% | ||||||||
Allergan PLC Series A | 2,814 | 2,947,159 | ||||||
Medical - HMO — 0.2% | ||||||||
Anthem, Inc. | 27,400 | 1,201,216 | ||||||
Pharmacy Services — 0.3% | ||||||||
Acerta Pharma B.V. Series B(1)(2)(6) | 108,621 | 1,249,141 | ||||||
JAND, Inc. (dba Warby Parker) Series D(1)(2)(6) | 75,264 | 864,430 | ||||||
2,113,571 | ||||||||
Therapeutics — 0.0% | ||||||||
Editas Medicine, Inc. Series B(1)(2)(6) | 55,131 | 248,089 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $7,797,296) | 7,745,440 | |||||||
WARRANTS — 0.0% | ||||||||
Medical - Drugs — 0.0% | ||||||||
Alexza Pharmaceuticals, Inc. | 1,305 | 0 | ||||||
CONVERTIBLE BONDS & NOTES — 0.1% | ||||||||
Medical - Drugs — 0.1% | ||||||||
Ironwood Pharmaceuticals, Inc. | $ | 1,240,000 | 1,192,725 | |||||
RIGHTS — 0.0% | ||||||||
Medical Products — 0.0% | ||||||||
Wright Medical Group NV†# | 7,700 | 8,008 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $639,432,142) | 857,178,493 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.1% | ||||||||
Registered Investment Companies — 8.1% | ||||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(3)(4) | 39,533,698 | 39,533,698 | ||||||
T. Rowe Price Reserve Investment Fund | 32,294,701 | 32,294,701 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $71,828,399) | 71,828,399 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $711,260,541)(7) | 104.5 | % | 929,006,892 | |||||
Liabilities in excess of other assets | (4.5 | ) | (39,595,416 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 889,411,476 | ||||
119 |
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $1,192,725 representing 0.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2015, the Health Sciences Fund held the following restricted securities |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Advanced Accelerator Application SA | 6/12/2015 | 72,378 | $ | 441,506 | $ | 908,995 | $ | 12.56 | 0.10 | % | ||||||||||||||
Avexis, Inc. | 9/3/2015 | 17,345 | 503,005 | 440,563 | 25.40 | 0.05 | ||||||||||||||||||
JAND, Inc. | 4/23/2015 | 33,706 | 387,124 | 387,124 | 11.49 | 0.04 | ||||||||||||||||||
Novocure, Ltd | 6/1/2015 | 48,280 | 1,126,362 | 1,116,829 | 23.13 | 0.13 | ||||||||||||||||||
REGENXBIO, Inc. | 5/5/2015 | 16,965 | 162,353 | 386,318 | 22.77 | 0.04 | ||||||||||||||||||
Seres Health, Inc. | 11/24/2014 | 20,906 | 254,284 | 711,609 | 34.04 | 0.08 | ||||||||||||||||||
Zeneca, Inc. CVR | 7/19/2013 | 23,110 | — | 14,213 | 0.62 | 0.00 | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Acerta Pharma B.V. | 5/12/2015 | 108,621 | 1,249,141 | 1,249,141 | 11.50 | 0.14 | ||||||||||||||||||
Audentes Therapeutics, Inc | 10/8/2015 | 37,847 | 255,036 | 255,036 | 6.74 | 0.03 |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
BeiGene Co., Ltd. | 4/21/2015 | 212,162 | $ | 248,230 | $ | 248,230 | $ | 1.17 | 0.03 | % | ||||||||||||||
Corvus Pharmaceuticals, | 9/16/2015 | 17,999 | 252,166 | 252,166 | 14.01 | 0.03 | ||||||||||||||||||
Doximity, Inc. | 4/10/2014 | 64,785 | 312,316 | 281,348 | 4.34 | 0.03 | ||||||||||||||||||
Editas Medicine | 8/4/2015 | 55,131 | $ | 248,090 | $ | 248,089 | $ | 4.50 | 0.03 | |||||||||||||||
JAND, Inc. | 4/23/2015 | 75,264 | 864,430 | 864,430 | 11.49 | 0.10 | ||||||||||||||||||
Ovid Therapeutics, Inc. | 8/10/2015 | 31,882 | 198,625 | 198,625 | 6.23 | 0.02 | ||||||||||||||||||
Warrants | ||||||||||||||||||||||||
Alexza Pharmaceuticals, Inc. Expires 10/05/2016 Strike price $27.70 | 10/5/2009 | 1,305 | 1,631 | 0 | 0.00 | 0.00 | ||||||||||||||||||
$ | 7,562,715 | 0.85 | % | |||||||||||||||||||||
(2) | Illiquid security. At November 30, 2015, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(3) | At November 30, 2015, the Fund had loaned securities with a total value of $41,456,678. This was secured by collateral of $39,533,699, which was received in cash and subsequently invested in short-term investments currently valued at $39,533,699 as reported in the Portfolio of Investments. Additional collateral of $2,775,676 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
United States Treasury Bills | 0.00% | 12/03/2015 to 10/13/2016 | $ | 384,062 | ||||
United States Treasury Notes/Bonds | zero coupon to 6.25% | 01/15/2016 to 05/15/2045 | 2,391,614 |
(4) | The rate shown is the 7-day yield as of November 30, 2015. |
(5) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(6) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(7) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
Written Call Options | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
BioMarin Pharmaceutical, Inc. | Jan-16 | $ | 180.00 | 7 | $ | 4,900 | $ | 105 | $ | 4,795 | ||||||||||||||
Gilead Sciences, Inc. | Jan-16 | 125.00 | 209 | 118,527 | 3,135 | 115,392 | ||||||||||||||||||
United Health Group | Dec-15 | 130.00 | 103 | 28,853 | 721 | 28,132 | ||||||||||||||||||
319 | $ | 152,280 | $ | 3,961 | $ | 148,319 | ||||||||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Medical Products | $ | 49,965,911 | $ | 2,025,824 | $ | — | $ | 51,991,735 | ||||||||
Medical — Biomedical/Gene | 207,914,205 | 386,318 | 454,776 | 208,755,299 | ||||||||||||
Pharmacy Services | 2,754,192 | — | 387,124 | 3,141,316 | ||||||||||||
Therapeutics | 22,102,948 | 711,609 | — | 22,814,557 | ||||||||||||
Other Industries | 561,529,413 | — | — | 561,529,413 |
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Level 1- Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Medical — Drugs | $ | 2,947,159 | $ | — | $ | — | $ | 2,947,159 | ||||||||
Medical — HMO | 1,201,216 | — | — | 1,201,216 | ||||||||||||
Therapeutics | — | — | 248,089 | 248,089 | ||||||||||||
Other Industries | — | — | 3,348,976 | 3,348,976 | ||||||||||||
Warrants | — | 0 | — | 0 | ||||||||||||
Convertible Bonds & Notes | — | 1,192,725 | — | 1,192,725 | ||||||||||||
Rights | 8,008 | — | — | 8,008 | ||||||||||||
Short-Term Investment Securities | 71,828,399 | — | — | 71,828,399 | ||||||||||||
Total Investments at Value | $ | 920,251,451 | $ | 4,316,476 | $ | 4,438,965 | $ | 929,006,892 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Written Call Options | $ | 148,319 | $ | — | $ | — | $ | 148,319 | ||||||||
* | 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 $10,953,641 were transferred
from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
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VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
United States Treasury Notes | 30.9 | % | ||
United States Treasury Bonds | 23.4 | |||
Diversified Banking Institutions | 11.7 | |||
Sovereign | 10.0 | |||
Insurance — Life/Health | 3.1 | |||
Time Deposits | 2.5 | |||
Insurance — Multi-line | 2.2 | |||
Federal Home Loan Mtg. Corp. | 2.0 | |||
Banks — Commercial | 1.9 | |||
Finance — Consumer Loans | 1.4 | |||
Banks — Super Regional | 1.1 | |||
Federal National Mtg. Assoc. | 1.1 | |||
Diversified Financial Services | 1.1 | |||
Special Purpose Entities | 1.0 | |||
Auto — Cars/Light Trucks | 0.9 | |||
Certificates of Deposit | 0.7 | |||
Gold Mining | 0.5 | |||
Banks — Money Center | 0.4 | |||
Registered Investment Companies | 0.4 | |||
Telephone — Integrated | 0.4 | |||
Medical — Generic Drugs | 0.3 | |||
Steel — Specialty | 0.3 | |||
Insurance — Reinsurance | 0.2 | |||
Electric — Integrated | 0.2 | |||
Property Trust | 0.2 | |||
Oil Companies — Integrated | 0.2 | |||
Pipelines | 0.2 | |||
Insurance — Property/Casualty | 0.2 | |||
Oil Companies — Exploration & Production | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Diversified Minerals | 0.1 | |||
Metal — Copper | 0.1 | |||
Government National Mtg. Assoc. | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Federal Home Loan Bank | 0.1 | |||
Coatings/Paint | 0.1 | |||
Regional Authority | 0.1 | |||
Electric — Generation | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
99.9 | % | |||
Credit Quality†#
Aaa | 70.6 | % | ||
Aa | 7.4 | |||
A | 9.1 | |||
Baa | 6.8 | |||
Ba | 2.7 | |||
B | 0.7 | |||
Not Rated@ | 2.7 | |||
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. |
122 |
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Principal Amount** | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 0.4% | ||||||||
Diversified Financial Services — 0.4% | ||||||||
Invitation Homes Trust FRS | $ | 800,000 | $ | 784,308 | ||||
JPMorgan Chase Commercial Mtg. Securities Trust FRS | 500,000 | 499,968 | ||||||
Synchrony Credit Card Master Note Trust | 513,000 | 512,541 | ||||||
Total Asset Backed Securities | ||||||||
(cost $1,816,056) | 1,796,817 | |||||||
U.S. CORPORATE BONDS & NOTES — 17.1% | ||||||||
Auto-Cars/Light Trucks — 0.9% | ||||||||
Hyundai Capital America | 132,000 | 131,703 | ||||||
Hyundai Capital America | 400,000 | 398,713 | ||||||
Toyota Motor Credit Corp. | 1,700,000 | 1,697,819 | ||||||
Toyota Motor Credit Corp. FRS | 2,000,000 | 1,964,556 | ||||||
4,192,791 | ||||||||
Banks-Commercial — 0.3% | ||||||||
First Horizon National Corp. | 198,000 | 197,280 | ||||||
Zions Bancorporation FRS | 1,300,000 | 1,347,125 | ||||||
1,544,405 | ||||||||
Banks-Super Regional — 0.6% | ||||||||
JPMorgan Chase Bank NA FRS | 497,000 | 496,515 | ||||||
Wells Fargo & Co. FRS | 2,000,000 | 2,017,332 | ||||||
2,513,847 | ||||||||
Coatings/Paint — 0.1% | ||||||||
RPM International, Inc. | 523,000 | 490,992 | ||||||
Diversified Banking Institutions — 8.3% | ||||||||
Bank of America Corp. FRS | 2,000,000 | 1,915,000 | ||||||
Bank of America Corp. FRS | 1,600,000 | 1,600,480 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,877,000 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,900,980 | ||||||
Citigroup, Inc. FRS | 4,000,000 | 4,153,840 |
Security Description | Principal Amount** | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) | ||||||||
Goldman Sachs Group, Inc. FRS | $ | 4,000,000 | $ | 3,967,892 | ||||
Goldman Sachs Group, Inc. FRS | 1,057,000 | 1,065,295 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 1,977,200 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 1,971,200 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,000,000 | ||||||
JPMorgan Chase & Co. FRS | 5,000,000 | 5,122,000 | ||||||
JPMorgan Chase & Co. | 400,000 | 398,978 | ||||||
Morgan Stanley FRS | 400,000 | 399,796 | ||||||
Morgan Stanley FRS | 1,400,000 | 1,402,628 | ||||||
Morgan Stanley FRS | 468,000 | 468,000 | ||||||
Morgan Stanley FRS | 664,000 | 680,600 | ||||||
Morgan Stanley FRS | 1,813,000 | 1,867,390 | ||||||
Morgan Stanley FRS | 2,203,000 | 2,280,105 | ||||||
Morgan Stanley FRS | 3,870,000 | 3,947,400 | ||||||
37,995,784 | ||||||||
Diversified Financial Services — 0.5% | ||||||||
Morgan Stanley & Co. LLC FRS | 2,000,000 | 2,065,000 | ||||||
Finance - Consumer Loans — 0.8% | ||||||||
SLM Corp. FRS | 3,176,000 | 2,820,288 | ||||||
SLM Corp. FRS | 1,317,000 | 943,630 | ||||||
3,763,918 | ||||||||
Finance - Investment Banker/Broker — 0.0% | ||||||||
Lehman Brothers Holdings, Inc. FRS | 400,000 | 29,000 | ||||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 43,350 |
123 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount** | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Lehman Brothers Holdings, Inc. FRS | $ | 1,000,000 | $ | 72,500 | ||||
144,850 | ||||||||
Finance - Other Services — 0.0% | ||||||||
National Rural Utilities Cooperative Finance Corp. | 130,000 | 129,155 | ||||||
Insurance - Life/Health — 2.3% | ||||||||
Allstate Life Global Funding Trusts FRS | 1,744,000 | 1,714,352 | ||||||
Pacific Life Global Funding FRS | 6,000,000 | 5,940,000 | ||||||
Pacific Life Global Funding FRS | 300,000 | 291,906 | ||||||
Pacific LifeCorp | 307,000 | 343,517 | ||||||
Prudential Financial, Inc. FRS | 2,000,000 | 2,030,000 | ||||||
10,319,775 | ||||||||
Insurance - Multi-line — 1.2% | ||||||||
Monumental Global Funding III FRS | 5,000,000 | 5,324,590 | ||||||
Insurance - Property/Casualty — 0.1% | ||||||||
ACE INA Holdings, Inc. | 308,000 | 305,955 | ||||||
Metal - Copper — 0.1% | ||||||||
Freeport - McMoRan, Inc. | 753,000 | 679,583 | ||||||
Oil Companies - Exploration & Production — 0.2% | ||||||||
Anadarko Petroleum Corp. | 385,000 | 422,346 | ||||||
Apache Corp. | 400,000 | 377,717 | ||||||
800,063 | ||||||||
Oil Companies - Integrated — 0.1% | ||||||||
Marathon Oil Corp. | 522,000 | 501,134 | ||||||
Pipelines — 0.1% | ||||||||
Kinder Morgan, Inc. | 456,000 | 442,318 | ||||||
Property Trust — 0.2% | ||||||||
WEA Finance LLC/Westfield UK & Europe Finance PLC | 914,000 | 920,626 | ||||||
Security Description | Principal Amount** | Value (Note 2) | ||||||
Real Estate Investment Trusts — 0.1% | ||||||||
National Retail Properties, Inc. | $ | 128,000 | $ | 127,331 | ||||
Omega Healthcare Investors, Inc. | 406,000 | 386,625 | ||||||
Omega Healthcare Investors, Inc. | 111,000 | 114,016 | ||||||
627,972 | ||||||||
Special Purpose Entity — 0.7% | ||||||||
Hartford Life Institutional Funding FRS | 3,000,000 | 3,021,270 | ||||||
Steel Pipe & Tube — 0.1% | ||||||||
Valmont Industries, Inc. | 270,000 | 231,186 | ||||||
Steel - Specialty — 0.3% | ||||||||
Allegheny Technologies, Inc. | 1,880,000 | 1,447,600 | ||||||
Telephone - Integrated — 0.1% | ||||||||
AT&T, Inc. | 428,000 | 400,928 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $78,961,100) | 77,863,742 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 5.7% | ||||||||
Banks - Commercial — 1.2% | ||||||||
Banco Santander Chile FRS | 800,000 | 794,200 | ||||||
Bank of Montreal | 400,000 | 404,951 | ||||||
Barclays Bank PLC FRS | 2,466,000 | 2,435,175 | ||||||
BNP Paribas US LLC FRS | 674,000 | 664,092 | ||||||
Santander Issuances SAU | 600,000 | 602,460 | ||||||
Sumitomo Mitsui Banking Corp. | 500,000 | 496,042 | ||||||
5,396,920 | ||||||||
Banks - Money Center — 0.3% |
| |||||||
ABN AMRO Bank NV VRS | 1,000,000 | 1,055,000 | ||||||
Royal Bank of Scotland NV | 300,000 | 311,382 | ||||||
1,366,382 | ||||||||
124 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount** | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Chemicals - Plastics — 0.1% |
| |||||||
Mexichem SAB de CV | $ | 320,000 | $ | 275,600 | ||||
Diversified Banking Institutions — 2.5% |
| |||||||
Royal Bank of Scotland PLC FRS | 2,000,000 | 2,002,080 | ||||||
Societe Generale SA FRS | 10,000,000 | 9,555,000 | ||||||
11,557,080 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
GE Capital International Funding Co. | 846,000 | 847,025 | ||||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | 350,000 | 331,188 | ||||||
Teck Resources, Ltd. | 509,000 | 397,020 | ||||||
728,208 | ||||||||
Electric - Generation — 0.1% | ||||||||
Electricite de France SA | 320,000 | 316,175 | ||||||
Gold Mining — 0.5% | ||||||||
Goldcorp, Inc. | 789,000 | 757,234 | ||||||
Goldcorp, Inc. | 462,000 | 407,161 | ||||||
Kinross Gold Corp. | 475,000 | 417,895 | ||||||
Kinross Gold Corp. | 1,036,000 | 816,431 | ||||||
2,398,721 | ||||||||
Insurance - Multi-line — 0.0% | ||||||||
XLIT, Ltd. | 162,000 | 152,908 | ||||||
Medical - Generic Drugs — 0.3% | ||||||||
Actavis Funding SCS FRS | 1,066,000 | 1,068,520 | ||||||
Actavis Funding SCS FRS | 439,000 | 440,358 | ||||||
1,508,878 | ||||||||
Oil Companies - Integrated — 0.1% | ||||||||
Petrobras Global Finance BV FRS | 500,000 | 396,250 | ||||||
Security Description | Principal Amount** | Value (Note 2) | ||||||
Telephone - Integrated — 0.3% | ||||||||
Telefonica Emisiones SAU FRS | $ | 1,200,000 | $ | 1,196,198 | ||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $27,278,052) | 26,140,345 | |||||||
U.S. GOVERNMENT AGENCIES — 3.3% | ||||||||
Federal Home Loan Bank — 0.1% | ||||||||
Federal Home Loan Bank FRS | 500,000 | 500,668 | ||||||
Federal Home Loan Mtg. Corp. — 2.0% | ||||||||
Federal Home Loan Mtg. Corp. REMIC FRS(4) | ||||||||
Series 4012, Class NF 0.65% due 12/15/2038 | 1,164,070 | 1,176,567 | ||||||
Series 3925, Class FL 0.65% due 01/15/2041 | 1,168,450 | 1,177,538 | ||||||
Series 4001, Class FM 0.70% due 02/15/2042 | 630,300 | 635,716 | ||||||
Series 3355, Class BF 0.90% due 08/15/2037 | 724,770 | 736,413 | ||||||
Federal Home Loan Mtg. Corp. | 2,500,000 | 2,472,488 | ||||||
Series 2014-DN1, Class M2 2.40% due 02/25/2024 | 1,685,000 | 1,687,902 | ||||||
Series 2015-HQ1, Class M2 2.42% due 03/25/2025 | 1,000,000 | 1,001,508 | ||||||
8,888,132 | ||||||||
Federal National Mtg. Assoc. — 1.1% |
| |||||||
Fannie Mae Connecticut Avenue Securities FRS(4) | ||||||||
Series 2014-C01, Class M1 | ||||||||
1.82% due 01/25/2024 | 17,437 | 17,456 | ||||||
Series 2013-C01, Class M1 | ||||||||
2.22% due 10/25/2023 | 354,810 | 357,713 | ||||||
Federal National Mtg. Assoc. REMIC FRS(4) | ||||||||
Series 2012-93, Class BF | ||||||||
0.62% due 09/25/2042 | 1,642,437 | 1,652,604 | ||||||
Series 2011-103, Class FD | ||||||||
0.67% due 05/25/2040 | 2,847,982 | 2,858,194 | ||||||
4,885,967 | ||||||||
Government National Mtg. Assoc. — 0.1% |
| |||||||
Government National Mtg. Assoc. REMIC FRS | 624,045 | 630,719 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $14,879,741) | 14,905,486 | |||||||
U.S. GOVERNMENT TREASURIES — 54.3% |
| |||||||
United States Treasury Bonds TIPS(5) — 23.4% |
| |||||||
0.75% due 02/15/2045 | 5,109,644 | 4,541,395 | ||||||
1.38% due 02/15/2044 | 4,375,071 | 4,540,273 | ||||||
1.75% due 01/15/2028 | 19,195,865 | 21,296,411 | ||||||
2.00% due 01/15/2026 | 9,603,269 | 10,797,301 | ||||||
2.13% due 02/15/2040 | 2,642,256 | 3,169,365 | ||||||
2.13% due 02/15/2041 | 4,531,164 | 5,461,706 | ||||||
2.38% due 01/15/2025 | 3,787,170 | 4,355,049 | ||||||
2.50% due 01/15/2029 | 9,420,805 | 11,348,386 | ||||||
3.63% due 04/15/2028 | 13,241,070 | 17,580,447 | ||||||
3.88% due 04/15/2029 | 17,008,008 | 23,494,743 | ||||||
106,585,076 | ||||||||
125 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount**/ Shares | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) | ||||||||
United States Treasury Notes — 30.9% |
| |||||||
0.13% due 04/15/2016 TIPS(5) | $ | 13,233,064 | $ | 13,167,243 | ||||
0.13% due 04/15/2017 TIPS(5) | 19,694,834 | 19,668,935 | ||||||
0.13% due 04/15/2018 TIPS(5) | 14,977,770 | 14,976,212 | ||||||
0.13% due 04/15/2019 TIPS(5) | 3,940,218 | 3,928,775 | ||||||
0.13% due 04/15/2020 TIPS(5) | 2,552,417 | 2,531,015 | ||||||
0.13% due 07/15/2022 TIPS(5) | 3,621,660 | 3,539,514 | ||||||
0.13% due 01/15/2023 TIPS(5) | 13,401,830 | 12,956,327 | ||||||
0.13% due 07/15/2024 TIPS(5) | 5,261,288 | 5,044,601 | ||||||
0.25% due 01/15/2025 TIPS(5) | 4,520,970 | 4,357,261 | ||||||
0.38% due 07/15/2025 TIPS(5) | 3,267,770 | 3,195,990 | ||||||
0.63% due 07/15/2021 TIPS(5) | 1,055,790 | 1,071,091 | ||||||
0.63% due 01/15/2024 TIPS(5) | 1,825,496 | 1,822,215 | ||||||
1.13% due 01/15/2021 TIPS(5) | 9,246,215 | 9,598,246 | ||||||
1.25% due 07/15/2020 TIPS(5) | 3,273,360 | 3,423,601 | ||||||
1.38% due 07/15/2018 TIPS(5) | 12,028,041 | 12,484,421 | ||||||
1.38% due 01/15/2020 TIPS(5) | 6,602,400 | 6,900,366 | ||||||
1.63% due 03/31/2019 | 500,000 | 504,531 | ||||||
1.88% due 07/15/2019 TIPS(5) | 1,671,690 | 1,780,982 | ||||||
2.00% due 01/15/2016 TIPS(5) | 5,994,550 | 5,991,972 | ||||||
2.38% due 01/15/2017 TIPS(5) | 4,719,880 | 4,840,520 | ||||||
2.63% due 07/15/2017 TIPS(5) | 8,725,788 | 9,136,738 | ||||||
140,920,556 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $236,251,176) | 247,505,632 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 10.1% |
| |||||||
Regional Authority — 0.1% |
| |||||||
Province of Manitoba Canada | 400,000 | 400,143 | ||||||
Sovereign — 10.0% |
| |||||||
Commonwealth of Australia | AUD | 3,110,525 | 2,746,812 | |||||
Commonwealth of Australia | AUD | 15,535,960 | 13,767,740 | |||||
Government of Canada | CAD | 1,209,494 | 1,079,030 | |||||
Government of Canada | CAD | 18,145,563 | 17,282,750 | |||||
Republic of Italy | EUR | 1,992,980 | 2,251,446 | |||||
United Kingdom Inflation Linked Gilt Treasury | GBP | 3,838,010 | 6,485,287 | |||||
United Kingdom Inflation Linked Gilt Treasury | GBP | 1,177,968 | 2,276,767 | |||||
45,889,832 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $53,220,962) | 46,289,975 | |||||||
PREFERRED SECURITIES — 1.9% |
| |||||||
Banks - Commercial — 0.2% |
| |||||||
HSBC USA, Inc. FRS | 46,918 | 1,042,049 | ||||||
Banks - Money Center — 0.1% |
| |||||||
UBS Preferred Funding Trust IV FRS | 21,000 | 410,760 | ||||||
Security Description | Principal Amount**/ Shares | Value (Note 2) | ||||||
Banks - Super Regional — 0.2% |
| |||||||
Wells Fargo & Co. FRS | 40,000 | $ | 1,032,000 | |||||
Electric - Integrated — 0.0% |
| |||||||
Alabama Power Co. | 770 | 21,652 | ||||||
Finance - Consumer Loans — 0.6% |
| |||||||
Navient Corp. FRS | 84,412 | 2,013,226 | ||||||
Navient Corp. FRS | 33,871 | 772,259 | ||||||
2,785,485 | ||||||||
Insurance - Life/Health — 0.8% |
| |||||||
Prudential Financial, Inc. FRS | 138,486 | 3,545,242 | ||||||
Total Preferred Securities | 8,837,188 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 3.5% |
| |||||||
Banks - Commercial — 0.2% |
| |||||||
Banco do Brasil SA VRS | 800,000 | 555,000 | ||||||
Corestates Capital II FRS | 512,000 | 442,957 | ||||||
997,957 | ||||||||
Banks - Fiduciary — 0.2% |
| |||||||
UBS Preferred Funding Trust V FRS | 600,000 | 609,000 | ||||||
Banks - Super Regional — 0.3% |
| |||||||
PNC Preferred Funding Trust II FRS | 1,000,000 | 896,250 | ||||||
SunTrust Capital III FRS | 707,000 | 569,700 | ||||||
1,465,950 | ||||||||
Diversified Banking Institutions — 0.9% |
| |||||||
BAC Capital Trust XIV FRS | 1,800,000 | 1,356,750 | ||||||
BNP Paribas SA FRS | GBP | 200,000 | 317,561 | |||||
JP Morgan Chase Capital XIII FRS | 1,039,000 | 867,565 | ||||||
JPMorgan Chase & Co. FRS | 635,000 | 642,099 | ||||||
MUFG Capital Finance 1, Ltd. FRS | 255,000 | 261,248 | ||||||
Societe Generale SA VRS | 500,000 | 505,600 | ||||||
3,950,823 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
Dominion Resources, Inc. FRS | 1,200,000 | 935,747 | ||||||
Insurance - Multi-line — 1.0% |
| |||||||
Genworth Holdings, Inc. FRS | 800,000 | 304,000 | ||||||
XL Group PLC FRS | 4,083,000 | 3,184,740 | ||||||
ZFS Finance USA Trust V FRS | 1,000,000 | 1,025,000 | ||||||
4,513,740 | ||||||||
126 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount**/ Shares | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) |
| |||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
ZFS Finance USA Trust II FRS | 500,000 | $ | 506,250 | |||||
Insurance - Reinsurance — 0.2% |
| |||||||
Swiss Re Capital I LP FRS | 1,000,000 | 1,013,378 | ||||||
Pipelines — 0.1% |
| |||||||
DCP Midstream LLC FRS | 493,000 | 389,470 | ||||||
Special Purpose Entity — 0.3% |
| |||||||
Goldman Sachs Capital III FRS | 1,900,000 | 1,368,000 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $18,042,510) | 15,750,315 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $439,286,928) | 439,089,500 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.6% |
| |||||||
Certificates of Deposit — 0.7% |
| |||||||
Banco Bilbao Vizcaya Argentaria NY FRS | $ | 3,000,000 | 2,993,469 | |||||
Registered Investment Companies — 0.4% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | 1,762,313 | 1,762,313 | ||||||
Time Deposits — 2.5% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | 11,627,000 | 11,627,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $16,386,625) | 16,382,782 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $455,673,553)(9) | 99.9 | % | 455,472,282 | |||||
Other assets less liabilities | 0.1 | 648,518 | ||||||
NET ASSETS | 100.0 | % | $ | 456,120,800 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $28,306,781 representing 6.2% 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.) |
** | Denominated in United States Dollars unless otherwise indicated. |
† | Non-income producing security |
(1) | Commercial Mortgage Backed Security |
(2) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 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 November 30, 2015, the Fund had loaned securities with a total value of $1,718,885. This was secured by collateral of $1,762,313, which was received in cash and subsequently invested in short-term investments currently valued at $1,762,313 as reported in the Portfolio of Investments. |
(8) | The rate shown is the 7-day yield as of November 30, 2015. |
(9) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
CAD—Canadian Dollar
EUR—Euro Dollar
GBP—British Pound
REMIC—Real Estate Mortgage Investment Conduit
TIPS—Treasury Inflation Protected Security
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of November 30, 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 November 30, 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 | $ | — | $ | 1,796,817 | $ | — | $ | 1,796,817 | ||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Special Purpose Entity | — | — | 3,021,270 | 3,021,270 | ||||||||||||
Other Industries | — | 74,842,472 | — | 74,842,472 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 2,002,080 | 9,555,000 | 11,557,080 | ||||||||||||
Other Industries | — | 14,583,265 | — | 14,583,265 | ||||||||||||
U.S. Government Agencies | — | 14,905,486 | — | 14,905,486 | ||||||||||||
U.S. Government Treasuries | — | 247,505,632 | — | 247,505,632 | ||||||||||||
Foreign Government Obligations | — | 46,289,975 | — | 46,289,975 | ||||||||||||
Preferred Securities | 8,837,188 | — | — | 8,837,188 | ||||||||||||
Preferred Securities/Capital Securities | — | 15,750,315 | — | 15,750,315 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 1,762,313 | — | — | 1,762,313 | ||||||||||||
Other Short-Term Investment Securities | — | 14,620,469 | — | 14,620,469 | ||||||||||||
Total Investments at Value | $ | 10,599,501 | $ | 432,296,511 | $ | 12,576,270 | $ | 455,472,282 | ||||||||
* | 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.
127 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
Balance as of 5/31/2015 | $ | 3,042,960 | $ | 9,440,000 | ||||
Accrued discounts | — | — | ||||||
Accrued premiums | (20,418 | ) | — | |||||
Realized gain | — | — | ||||||
Realized loss | — | — | ||||||
Change in unrealized appreciation (1) | — | 115,000 | ||||||
Change in unrealized depreciation (1) | (1,272 | ) | — | |||||
Net purchases | — | — | ||||||
Net sales | — | — | ||||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 11/30/2015 | $ | 3,021,270 | $ | 9,555,000 | ||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2015 includes: |
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
$ | (1,272 | ) | $ | 115,000 | ||||
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 November 30, 2015.
The Fund’s securities classified as Level 3, with a fair value of $12,576,270 at November 30, 2015, are attributable to valuations form 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
128 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Registered Investment Companies | 11.7 | % | ||
Medical — Drugs | 8.2 | |||
Banks — Commercial | 6.9 | |||
U.S. Government Treasuries | 4.7 | |||
Exchange — Traded Funds | 4.6 | |||
Diversified Banking Institutions | 4.5 | |||
Repurchase Agreements | 3.8 | |||
Auto — Cars/Light Trucks | 3.8 | |||
Oil Companies — Integrated | 3.2 | |||
Telephone — Integrated | 2.9 | |||
Food — Misc./Diversified | 2.5 | |||
Insurance — Life/Health | 2.1 | |||
Insurance — Multi-line | 2.0 | |||
Electric — Integrated | 1.9 | |||
Cosmetics & Toiletries | 1.8 | |||
Brewery | 1.6 | |||
Tobacco | 1.6 | |||
Real Estate Investment Trusts | 1.5 | |||
Chemicals — Diversified | 1.4 | |||
Transport — Rail | 1.2 | |||
Food — Retail | 1.1 | |||
Real Estate Operations & Development | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Electronic Components — Misc. | 0.9 | |||
Machinery — Electrical | 0.9 | |||
Gas — Distribution | 0.9 | |||
Cellular Telecom | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Beverages — Wine/Spirits | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Import/Export | 0.7 | |||
Diversified Minerals | 0.7 | |||
Soap & Cleaning Preparation | 0.6 | |||
Insurance — Property/Casualty | 0.6 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Finance — Other Services | 0.6 | |||
Metal — Diversified | 0.5 | |||
Insurance — Reinsurance | 0.5 | |||
Enterprise Software/Service | 0.5 | |||
Industrial Gases | 0.5 | |||
Rubber — Tires | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Building Products — Cement | 0.5 | |||
Transport — Services | 0.5 | |||
Retail — Jewelry | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Building — Residential/Commercial | 0.5 | |||
Building & Construction Products — Misc. | 0.5 | |||
Commercial Services | 0.4 | |||
Audio/Video Products | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Medical — Generic Drugs | 0.4 | |||
Telecom Services | 0.4 | |||
Building & Construction — Misc. | 0.4 | |||
Metal Processors & Fabrication | 0.4 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Electronic Components — Semiconductors | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Medical Products | 0.3 | |||
Textile — Apparel | 0.3 | |||
Dialysis Centers | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Steel — Producers | 0.3 | |||
Office Automation & Equipment | 0.3 | |||
Food — Catering | 0.3 |
Multimedia | 0.3 | |||
Human Resources | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Diversified Operations | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Water | 0.3 | |||
Hotels/Motels | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Investment Companies | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Television | 0.2 | |||
Advertising Agencies | 0.2 | |||
Networking Products | 0.2 | |||
Computer Services | 0.2 | |||
Medical Instruments | 0.2 | |||
Machinery — Farming | 0.2 | |||
Paper & Related Products | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Optical Supplies | 0.2 | |||
Athletic Footwear | 0.2 | |||
Advertising Services | 0.2 | |||
Wireless Equipment | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Casino Hotels | 0.2 | |||
Diversified Operations/Commercial Services | 0.2 | |||
Electronics — Military | 0.2 | |||
Satellite Telecom | 0.2 | |||
Retail — Building Products | 0.2 | |||
Web Portals/ISP | 0.2 | |||
Electric — Transmission | 0.2 | |||
Gold Mining | 0.2 | |||
Cable/Satellite TV | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Security Services | 0.1 | |||
Airport Development/Maintenance | 0.1 | |||
Transport — Marine | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Toys | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Transactional Software | 0.1 | |||
Retail — Discount | 0.1 | |||
Food — Confectionery | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Gas — Transportation | 0.1 | |||
Printing — Commercial | 0.1 | |||
Computer Aided Design | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Private Equity | 0.1 | |||
Pipelines | 0.1 | |||
Cruise Lines | 0.1 | |||
Applications Software | 0.1 |
129 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Computers — Memory Devices | 0.1 | % | ||
Medical — Hospitals | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Appliances | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Transport — Truck | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
111.2 | % | |||
Country Allocation*
United States | 24.8 | % | ||
Japan | 20.0 | |||
United Kingdom | 16.3 | |||
France | 8.2 | |||
Switzerland | 8.0 | |||
Germany | 8.0 | |||
Australia | 5.5 | |||
Netherlands | 2.9 | |||
Spain | 2.9 | |||
Sweden | 2.5 | |||
Hong Kong | 2.0 | |||
Italy | 1.9 | |||
Denmark | 1.6 | |||
Belgium | 1.2 | |||
Singapore | 1.0 | |||
Jersey | 0.9 | |||
Finland | 0.8 | |||
Israel | 0.5 | |||
Cayman Islands | 0.5 | |||
Norway | 0.5 | |||
Ireland | 0.4 | |||
Luxembourg | 0.2 | |||
Austria | 0.2 | |||
Bermuda | 0.2 | |||
New Zealand | 0.1 | |||
Portugal | 0.1 | |||
111.2 | % | |||
* | Calculated as a percentage of net assets |
130 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 86.4% | ||||||||
Australia — 5.5% | ||||||||
AGL Energy, Ltd. | 50,755 | $ | 607,485 | |||||
Alumina, Ltd.# | 197,532 | 160,712 | ||||||
Amcor, Ltd. | 93,991 | 919,013 | ||||||
AMP, Ltd. | 227,997 | 957,996 | ||||||
APA Group | 84,538 | 544,127 | ||||||
Aristocrat Leisure, Ltd. | 40,794 | 279,976 | ||||||
Asciano, Ltd. | 76,186 | 471,086 | ||||||
ASX, Ltd. | 14,935 | 447,053 | ||||||
Aurizon Holdings, Ltd. | 161,995 | 652,552 | ||||||
AusNet Services | 131,509 | 143,137 | ||||||
Australia & New Zealand Banking Group, Ltd. | 210,925 | 4,141,488 | ||||||
Bank of Queensland, Ltd. | 27,861 | 275,236 | ||||||
Bendigo & Adelaide Bank, Ltd. | 33,627 | 271,401 | ||||||
BGP Holdings PLC†(1)(2) | 835,027 | 0 | ||||||
BHP Billiton, Ltd. | 246,625 | 3,226,519 | ||||||
Boral, Ltd.# | 61,189 | 250,908 | ||||||
Brambles, Ltd. | 121,910 | 960,121 | ||||||
Caltex Australia, Ltd. | 20,446 | 507,474 | ||||||
CIMIC Group, Ltd. | 7,987 | 144,694 | ||||||
Coca-Cola Amatil, Ltd. | 44,505 | 290,640 | ||||||
Cochlear, Ltd. | 4,434 | 302,613 | ||||||
Commonwealth Bank of Australia | 128,658 | 7,390,603 | ||||||
Computershare, Ltd. | 36,757 | 309,688 | ||||||
Crown Resorts, Ltd.# | 28,179 | 237,212 | ||||||
CSL, Ltd. | 35,426 | 2,564,827 | ||||||
Dexus Property Group | 72,260 | 401,345 | ||||||
Flight Centre Travel Group, Ltd.# | 4,399 | 114,465 | ||||||
Fortescue Metals Group, Ltd.# | 128,473 | 182,107 | ||||||
Goodman Group | 133,938 | 592,808 | ||||||
GPT Group | 130,772 | 436,933 | ||||||
Harvey Norman Holdings, Ltd.# | 41,371 | 122,072 | ||||||
Healthscope, Ltd. | 85,336 | 166,013 | ||||||
Iluka Resources, Ltd. | 32,753 | 136,200 | ||||||
Incitec Pivot, Ltd. | 129,131 | 353,005 | ||||||
Insurance Australia Group, Ltd.# | 181,806 | 728,411 | ||||||
LendLease Group | 42,775 | 394,420 | ||||||
Macquarie Group, Ltd. | 22,533 | 1,326,647 | ||||||
Medibank Private, Ltd. | 210,107 | 352,523 | ||||||
Mirvac Group | 287,211 | 387,381 | ||||||
National Australia Bank, Ltd. | 198,576 | 4,220,704 | ||||||
Newcrest Mining, Ltd.† | 58,287 | 459,891 | ||||||
Orica, Ltd.# | 29,022 | 331,622 | ||||||
Origin Energy, Ltd. | 84,611 | 342,668 | ||||||
Platinum Asset Management, Ltd.# | 17,244 | 100,640 | ||||||
Qantas Airways, Ltd. | 39,676 | 104,445 | ||||||
QBE Insurance Group, Ltd. | 103,202 | 930,707 | ||||||
Ramsay Health Care, Ltd. | 10,350 | 501,877 | ||||||
REA Group, Ltd. | 4,157 | 150,918 | ||||||
Rio Tinto, Ltd. | 33,396 | 1,108,818 | ||||||
Santos, Ltd.# | 74,449 | 215,905 | ||||||
Scentre Group | 404,061 | 1,168,868 | ||||||
SEEK, Ltd.# | 25,888 | 259,864 | ||||||
Sonic Healthcare, Ltd. | 29,633 | 435,684 | ||||||
South32, Ltd.†# | 408,752 | 351,775 | ||||||
Stockland | 180,497 | 522,142 | ||||||
Suncorp Group, Ltd. | 99,549 | 963,998 | ||||||
Sydney Airport | 84,807 | 404,794 | ||||||
Tabcorp Holdings, Ltd. | 58,533 | 193,453 | ||||||
Tatts Group, Ltd. | 108,548 | 326,568 | ||||||
Telstra Corp., Ltd. | 325,547 | 1,261,935 | ||||||
TPG Telecom, Ltd. | 21,960 | 164,056 | ||||||
Transurban Group | 144,228 | 1,081,650 | ||||||
Treasury Wine Estates, Ltd. | 50,378 | 275,801 | ||||||
Vicinity Centres | 253,529 | 496,885 | ||||||
Wesfarmers, Ltd. | 86,534 | 2,383,726 | ||||||
Westfield Corp.† | 150,757 | 1,046,664 | ||||||
Westpac Banking Corp. | 238,355 | 5,541,965 |
Security Description | Shares | Value (Note 2) | ||||||
Australia (continued) | ||||||||
Woodside Petroleum, Ltd. | 56,890 | $ | 1,238,811 | |||||
Woolworths, Ltd.# | 97,394 | 1,667,205 | ||||||
WorleyParsons, Ltd.# | 15,753 | 66,077 | ||||||
60,071,007 | ||||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 5,683 | 298,207 | ||||||
Erste Group Bank AG† | 21,641 | 663,994 | ||||||
OMV AG | 11,211 | 319,992 | ||||||
Raiffeisen Bank International AG†# | 9,092 | 142,267 | ||||||
voestalpine AG | 8,648 | 281,421 | ||||||
1,705,881 | ||||||||
Belgium — 1.2% | ||||||||
Ageas | 15,818 | 691,981 | ||||||
Anheuser-Busch InBev SA/NV | 61,089 | 7,871,088 | ||||||
Colruyt SA | 5,803 | 287,551 | ||||||
Delhaize Group | 8,072 | 808,755 | ||||||
Groupe Bruxelles Lambert SA | 6,303 | 517,904 | ||||||
KBC Groep NV | 19,283 | 1,151,100 | ||||||
Proximus SADP | 11,801 | 389,823 | ||||||
Solvay SA# | 4,600 | 529,997 | ||||||
Telenet Group Holding NV†# | 4,104 | 224,132 | ||||||
UCB SA | 9,717 | 867,724 | ||||||
Umicore SA# | 7,186 | 297,203 | ||||||
13,637,258 | ||||||||
Bermuda — 0.2% | ||||||||
Cheung Kong Infrastructure Holdings, Ltd. | 46,000 | 401,950 | ||||||
First Pacific Co., Ltd. | 182,000 | 113,142 | ||||||
Kerry Properties, Ltd. | 49,500 | 140,134 | ||||||
Li & Fung, Ltd.# | 446,000 | 305,446 | ||||||
Noble Group, Ltd.# | 333,000 | 100,333 | ||||||
NWS Holdings, Ltd. | 114,000 | 160,852 | ||||||
Seadrill, Ltd.†# | 28,740 | 170,313 | ||||||
Shangri-La Asia, Ltd. | 80,000 | 74,806 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 55,000 | 197,912 | ||||||
1,664,888 | ||||||||
Cayman Islands — 0.5% | ||||||||
ASM Pacific Technology, Ltd.# | 18,500 | 140,418 | ||||||
Cheung Kong Property Holdings, Ltd. | 205,308 | 1,338,542 | ||||||
CK Hutchison Holdings, Ltd. | 204,808 | 2,678,489 | ||||||
HKT Trust & HKT, Ltd. | 204,000 | 255,742 | ||||||
MGM China Holdings, Ltd. | 73,600 | 97,394 | ||||||
Sands China, Ltd. | 185,600 | 625,972 | ||||||
WH Group, Ltd.†* | 448,000 | 232,278 | ||||||
Wynn Macau, Ltd.# | 120,400 | 150,627 | ||||||
5,519,462 | ||||||||
Denmark — 1.6% | ||||||||
AP Moeller - Maersk A/S, Series A | 295 | 442,434 | ||||||
AP Moeller - Maersk A/S, Series B | 548 | 836,623 | ||||||
Carlsberg A/S, Class B | 8,260 | 702,464 | ||||||
Coloplast A/S, Class B | 8,636 | 700,806 | ||||||
Danske Bank A/S | 53,590 | 1,438,215 | ||||||
DSV A/S | 14,033 | 545,735 | ||||||
ISS A/S | 11,175 | 389,801 | ||||||
Novo Nordisk A/S, Class B | 148,784 | 8,196,653 | ||||||
Novozymes A/S, Class B | 18,636 | 896,031 | ||||||
Pandora A/S | 8,354 | 990,263 | ||||||
TDC A/S | 62,075 | 326,065 | ||||||
Tryg A/S | 8,340 | 162,405 | ||||||
Vestas Wind Systems A/S | 17,117 | 1,116,803 | ||||||
William Demant Holding A/S† | 1,754 | 168,419 | ||||||
16,912,717 | ||||||||
131 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finland — 0.8% | ||||||||
Elisa Oyj | 11,218 | $ | 417,915 | |||||
Fortum Oyj | 34,254 | 500,160 | ||||||
Kone OYJ, Class B# | 25,563 | 1,090,877 | ||||||
Metso Oyj# | 8,711 | 216,285 | ||||||
Neste Oyj | 9,796 | 282,347 | ||||||
Nokia OYJ | 279,526 | 2,018,602 | ||||||
Nokian Renkaat Oyj# | 8,774 | 344,387 | ||||||
Orion Oyj, Class B | 7,747 | 258,731 | ||||||
Sampo Oyj, Class A | 34,169 | 1,693,870 | ||||||
Stora Enso Oyj, Class R | 42,854 | 423,343 | ||||||
UPM-Kymmene Oyj | 41,298 | 788,455 | ||||||
Wartsila Oyj Abp# | 11,451 | 514,672 | ||||||
8,549,644 | ||||||||
France — 8.2% | ||||||||
Accor SA | 15,928 | 672,139 | ||||||
Aeroports de Paris | 2,302 | 260,729 | ||||||
Air Liquide SA | 26,301 | 3,209,550 | ||||||
Alcatel-Lucent† | 218,838 | 861,963 | ||||||
Alstom SA†# | 16,675 | 518,232 | ||||||
Arkema SA | 4,967 | 357,853 | ||||||
Atos SE | 6,139 | 502,612 | ||||||
AXA SA | 148,470 | 4,017,337 | ||||||
BNP Paribas SA | 80,934 | 4,798,011 | ||||||
Bollore SA | 65,735 | 302,604 | ||||||
Bouygues SA | 15,289 | 575,552 | ||||||
Bureau Veritas SA | 19,989 | 411,722 | ||||||
Cap Gemini SA | 11,752 | 1,084,215 | ||||||
Carrefour SA | 41,820 | 1,289,316 | ||||||
Casino Guichard Perrachon SA | 4,374 | 250,107 | ||||||
Christian Dior SE | 4,195 | 767,662 | ||||||
Cie de Saint-Gobain | 36,238 | 1,601,556 | ||||||
Cie Generale des Etablissements Michelin | 14,446 | 1,448,451 | ||||||
CNP Assurances | 13,363 | 186,084 | ||||||
Credit Agricole SA | 77,324 | 932,976 | ||||||
Danone SA | 44,511 | 3,119,373 | ||||||
Dassault Systemes | 9,964 | 793,034 | ||||||
Edenred | 15,896 | 329,432 | ||||||
Electricite de France SA# | 18,697 | 278,635 | ||||||
Engie SA | 110,824 | 1,930,832 | ||||||
Essilor International SA | 15,747 | 2,055,562 | ||||||
Eurazeo SA | 3,116 | 209,483 | ||||||
Eutelsat Communications SA | 11,799 | 352,171 | ||||||
Fonciere Des Regions | 2,208 | 195,844 | ||||||
Gecina SA | 2,640 | 318,816 | ||||||
Groupe Eurotunnel SE | 36,473 | 466,087 | ||||||
Hermes International | 2,007 | 706,655 | ||||||
ICADE | 2,881 | 203,273 | ||||||
Iliad SA | 2,047 | 456,558 | ||||||
Imerys SA | 2,665 | 180,627 | ||||||
Ingenico Group SA | 4,150 | 522,435 | ||||||
JCDecaux SA# | 5,180 | 192,045 | ||||||
Kering | 5,771 | 997,221 | ||||||
Klepierre | 13,977 | 634,407 | ||||||
L’Oreal SA | 19,293 | 3,416,361 | ||||||
Lagardere SCA | 9,521 | 280,959 | ||||||
Legrand SA | 20,150 | 1,185,398 | ||||||
LVMH Moet Hennessy Louis Vuitton SE# | 21,396 | 3,588,693 | ||||||
Natixis SA | 71,670 | 434,650 | ||||||
Numericable-SFR SAS† | 7,476 | 320,097 | ||||||
Orange SA | 150,854 | 2,607,534 | ||||||
Pernod Ricard SA | 16,393 | 1,865,366 | ||||||
Peugeot SA† | 30,558 | 545,957 | ||||||
Publicis Groupe SA | 14,170 | 894,087 | ||||||
Remy Cointreau SA# | 1,868 | 132,510 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) | ||||||||
Renault SA | 14,699 | $ | 1,483,292 | |||||
Rexel SA | 20,699 | 283,538 | ||||||
Safran SA# | 22,172 | 1,636,996 | ||||||
Sanofi | 89,367 | 7,967,217 | ||||||
Schneider Electric SE | 42,162 | 2,672,775 | ||||||
SCOR SE | 11,847 | 464,629 | ||||||
Societe BIC SA | 2,238 | 368,162 | �� | |||||
Societe Generale SA | 55,414 | 2,645,183 | ||||||
Sodexo SA | 7,379 | 729,420 | ||||||
Suez Environnement Co. | 21,762 | 412,603 | ||||||
Technip SA | 7,801 | 408,893 | ||||||
Thales SA# | 7,184 | 534,885 | ||||||
TOTAL SA | 163,594 | 8,123,724 | ||||||
Unibail-Rodamco SE | 7,523 | 1,932,262 | ||||||
Valeo SA | 5,872 | 909,205 | ||||||
Veolia Environnement SA | 34,199 | 819,856 | ||||||
Vinci SA | 35,943 | 2,337,776 | ||||||
Vivendi SA | 87,559 | 1,843,733 | ||||||
Wendel SA | 2,485 | 296,159 | ||||||
Zodiac Aerospace | 14,647 | 396,631 | ||||||
89,529,712 | ||||||||
Germany — 8.0% | ||||||||
adidas AG# | 16,215 | 1,569,116 | ||||||
Allianz SE | 34,991 | 6,197,975 | ||||||
Axel Springer SE | 3,084 | 172,174 | ||||||
BASF SE | 70,144 | 5,805,826 | ||||||
Bayer AG | 62,819 | 8,382,707 | ||||||
Bayerische Motoren Werke AG# | 25,357 | 2,767,503 | ||||||
Bayerische Motoren Werke AG (Preference Shares) | 4,168 | 349,434 | ||||||
Beiersdorf AG# | 7,835 | 729,629 | ||||||
Brenntag AG | 11,672 | 637,690 | ||||||
Commerzbank AG†# | 81,030 | 892,079 | ||||||
Continental AG# | 8,440 | 2,039,382 | ||||||
Daimler AG# | 73,582 | 6,587,168 | ||||||
Deutsche Bank AG# | 105,766 | 2,716,012 | ||||||
Deutsche Boerse AG | 14,904 | 1,278,484 | ||||||
Deutsche Lufthansa AG†# | 18,384 | 263,481 | ||||||
Deutsche Post AG# | 74,042 | 2,164,207 | ||||||
Deutsche Telekom AG# | 243,167 | 4,484,504 | ||||||
Deutsche Wohnen AG (BR) | 25,453 | 700,412 | ||||||
E.ON SE# | 153,272 | 1,456,808 | ||||||
Evonik Industries AG | 10,522 | 359,524 | ||||||
Fraport AG Frankfurt Airport Services Worldwide# | 2,902 | 177,497 | ||||||
Fresenius Medical Care AG & Co. KGaA# | 16,752 | 1,384,087 | ||||||
Fresenius SE & Co. KGaA | 29,283 | 2,149,947 | ||||||
FUCHS PETROLUB SE (Preference Shares) | 5,656 | 267,867 | ||||||
GEA Group AG | 13,910 | 577,283 | ||||||
Hannover Rueck SE# | 4,685 | 548,205 | ||||||
HeidelbergCement AG | 10,976 | 873,927 | ||||||
Henkel AG & Co. KGaA | 7,946 | 762,717 | ||||||
Henkel AG & Co. KGaA# (Preference Shares) | 13,665 | 1,552,058 | ||||||
HUGO BOSS AG | 5,087 | 440,615 | ||||||
Infineon Technologies AG# | 87,377 | 1,295,224 | ||||||
K+S AG# | 13,462 | 383,175 | ||||||
Kabel Deutschland Holding AG | 1,703 | 208,359 | ||||||
LANXESS AG# | 7,163 | 364,781 | ||||||
Linde AG# | 14,239 | 2,486,056 | ||||||
MAN SE# | 2,728 | 270,731 | ||||||
Merck KGaA | 9,795 | 1,003,223 | ||||||
METRO AG | 12,621 | 420,844 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 12,695 | 2,558,510 | ||||||
OSRAM Licht AG | 7,019 | 296,340 |
132 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Germany (continued) | ||||||||
Porsche Automobil Holding SE (Preference Shares) | 11,930 | $ | 626,198 | |||||
ProSiebenSat.1 Media SE | 16,677 | 875,718 | ||||||
RWE AG# | 37,591 | 432,516 | ||||||
SAP SE# | 74,673 | 5,884,833 | ||||||
Siemens AG | 60,150 | 6,236,941 | ||||||
Symrise AG | 9,400 | 636,216 | ||||||
Telefonica Deutschland Holding AG# | 45,185 | 254,026 | ||||||
ThyssenKrupp AG# | 27,976 | 595,447 | ||||||
TUI AG | 16,390 | 272,028 | ||||||
United Internet AG | 9,138 | 487,082 | ||||||
Volkswagen AG | 2,675 | 399,352 | ||||||
Volkswagen AG# (Preference Shares) | 12,514 | 1,739,310 | ||||||
Vonovia SE | 35,308 | 1,094,332 | ||||||
87,109,560 | ||||||||
Hong Kong — 2.0% | ||||||||
AIA Group, Ltd. | 915,400 | 5,478,150 | ||||||
Bank of East Asia, Ltd.# | 96,600 | 350,720 | ||||||
BOC Hong Kong Holdings, Ltd. | 289,000 | 892,706 | ||||||
Cathay Pacific Airways, Ltd.# | 90,000 | 159,026 | ||||||
CLP Holdings, Ltd. | 145,000 | 1,210,913 | ||||||
Galaxy Entertainment Group, Ltd. | 178,000 | 522,284 | ||||||
Hang Lung Properties, Ltd. | 171,000 | 403,601 | ||||||
Hang Seng Bank, Ltd. | 58,900 | 1,067,325 | ||||||
Henderson Land Development Co., Ltd. | 88,000 | 543,087 | ||||||
Hong Kong & China Gas Co., Ltd.# | 532,400 | 1,050,593 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 85,000 | 2,218,883 | ||||||
Hysan Development Co., Ltd. | 47,000 | 198,221 | ||||||
Link REIT | 178,000 | 1,089,334 | ||||||
MTR Corp., Ltd.(7) | 109,500 | 508,419 | ||||||
New World Development Co., Ltd. | 398,000 | 398,336 | ||||||
PCCW, Ltd. | 310,000 | 183,918 | ||||||
Power Assets Holdings, Ltd. | 105,500 | 939,553 | ||||||
Sino Land Co., Ltd. | 226,000 | 333,457 | ||||||
SJM Holdings, Ltd.# | 148,000 | 108,803 | ||||||
Sun Hung Kai Properties, Ltd. | 129,000 | 1,598,888 | ||||||
Swire Pacific, Ltd., Class A | 48,000 | 527,765 | ||||||
Swire Properties, Ltd. | 88,800 | 257,119 | ||||||
Techtronic Industries Co., Ltd. | 104,500 | 425,227 | ||||||
Wharf Holdings, Ltd. | 103,000 | 588,499 | ||||||
Wheelock & Co., Ltd. | 67,000 | 289,484 | ||||||
21,344,311 | ||||||||
Ireland — 0.4% | ||||||||
Bank of Ireland† | 2,119,954 | 790,662 | ||||||
CRH PLC | 62,285 | 1,832,731 | ||||||
James Hardie Industries PLC CDI | 35,168 | 416,092 | ||||||
Kerry Group PLC, Class A | 12,203 | 984,902 | ||||||
Ryanair Holdings PLC# | 13,929 | 208,609 | ||||||
4,232,996 | ||||||||
Isle of Man — 0.0% | ||||||||
Genting Singapore PLC# | 469,000 | 252,696 | ||||||
Israel — 0.5% | ||||||||
Azrieli Group | 2,769 | 106,639 | ||||||
Bank Hapoalim BM | 81,463 | 421,250 | ||||||
Bank Leumi Le-Israel BM† | 102,146 | 369,108 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 147,227 | 317,153 | ||||||
Delek Group, Ltd. | 361 | 81,346 | ||||||
Israel Chemicals, Ltd. | 34,306 | 172,525 | ||||||
Israel Corp., Ltd. | 207 | 45,976 | ||||||
Mizrahi Tefahot Bank, Ltd. | 10,606 | 125,495 | ||||||
NICE-Systems, Ltd. | 4,513 | 274,169 | ||||||
Teva Pharmaceutical Industries, Ltd. | 65,786 | 4,028,841 | ||||||
5,942,502 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Italy — 1.9% | ||||||||
Assicurazioni Generali SpA | 90,574 | $ | 1,722,527 | |||||
Atlantia SpA | 32,184 | 850,100 | ||||||
Banca Monte dei Paschi di Siena SpA† | 192,260 | 301,855 | ||||||
Banco Popolare SC† | 28,292 | 408,025 | ||||||
Enel Green Power SpA# | 135,300 | 285,759 | ||||||
Enel SpA | 536,508 | 2,366,021 | ||||||
Eni SpA | 195,650 | 3,187,529 | ||||||
EXOR SpA | 7,743 | 347,032 | ||||||
Finmeccanica SpA† | 30,471 | 441,381 | ||||||
Intesa Sanpaolo SpA | 969,103 | 3,325,645 | ||||||
Intesa Sanpaolo SpA RSP | 72,633 | 228,226 | ||||||
Luxottica Group SpA | 12,980 | 868,097 | ||||||
Mediobanca SpA# | 46,173 | 442,472 | ||||||
Prysmian SpA | 15,708 | 343,543 | ||||||
Saipem SpA†# | 20,254 | 175,047 | ||||||
Snam SpA | 157,294 | 799,369 | ||||||
Telecom Italia SpA†# | 789,877 | 1,021,482 | ||||||
Telecom Italia SpA RSP | 471,452 | 542,943 | ||||||
Terna Rete Elettrica Nazionale SpA# | 117,022 | 576,160 | ||||||
UniCredit SpA | 363,959 | 2,136,124 | ||||||
Unione di Banche Italiane SpA | 66,263 | 450,865 | ||||||
UnipolSai SpA | 69,887 | 180,315 | ||||||
21,000,517 | ||||||||
Japan — 20.0% | ||||||||
ABC-Mart, Inc. | 1,900 | 103,412 | ||||||
Acom Co., Ltd.†# | 30,900 | 153,370 | ||||||
Aeon Co., Ltd.# | 48,800 | 757,173 | ||||||
AEON Financial Service Co., Ltd. | 8,600 | 198,128 | ||||||
Aeon Mall Co., Ltd. | 8,700 | 149,476 | ||||||
Air Water, Inc. | 12,000 | 194,768 | ||||||
Aisin Seiki Co., Ltd. | 14,700 | 588,716 | ||||||
Ajinomoto Co., Inc. | 43,000 | 985,926 | ||||||
Alfresa Holdings Corp. | 13,500 | 267,587 | ||||||
Alps Electric Co., Ltd. | 13,102 | 411,899 | ||||||
Amada Holdings Co., Ltd.# | 26,000 | 255,987 | ||||||
ANA Holdings, Inc. | 90,000 | 253,331 | ||||||
Aozora Bank, Ltd. | 88,000 | 310,252 | ||||||
Asahi Glass Co., Ltd.# | 78,000 | 458,749 | ||||||
Asahi Group Holdings, Ltd. | 29,600 | 928,156 | ||||||
Asahi Kasei Corp. | 96,000 | 656,715 | ||||||
Asics Corp.# | 12,400 | 283,256 | ||||||
Astellas Pharma, Inc. | 160,000 | 2,253,128 | ||||||
Bandai Namco Holdings, Inc. | 13,600 | 302,824 | ||||||
Bank of Kyoto, Ltd. | 26,000 | 242,258 | ||||||
Bank of Yokohama, Ltd. | 88,000 | 517,920 | ||||||
Benesse Holdings, Inc.# | 5,000 | 126,726 | ||||||
Bridgestone Corp. | 50,100 | 1,782,600 | ||||||
Brother Industries, Ltd. | 18,000 | 215,386 | ||||||
Calbee, Inc.# | 5,500 | 227,417 | ||||||
Canon, Inc. | 80,900 | 2,442,115 | ||||||
Casio Computer Co., Ltd.# | 16,100 | 355,089 | ||||||
Central Japan Railway Co. | 11,000 | 1,964,541 | ||||||
Chiba Bank, Ltd. | 56,000 | 386,223 | ||||||
Chubu Electric Power Co., Inc. | 49,700 | 685,747 | ||||||
Chugai Pharmaceutical Co., Ltd.# | 17,100 | 597,319 | ||||||
Chugoku Bank, Ltd. | 12,900 | 178,881 | ||||||
Chugoku Electric Power Co., Inc. | 22,900 | 293,366 | ||||||
Citizen Holdings Co., Ltd.# | 20,200 | 149,326 | ||||||
COLOPL, Inc.# | 3,779 | 76,409 | ||||||
Credit Saison Co., Ltd.# | 11,300 | 213,332 | ||||||
Dai Nippon Printing Co., Ltd. | 43,000 | 420,219 | ||||||
Dai-ichi Life Insurance Co., Ltd.# | 82,200 | 1,422,307 | ||||||
Daicel Corp. | 20,000 | 292,770 | ||||||
Daihatsu Motor Co., Ltd.# | 14,700 | 190,825 |
133 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Daiichi Sankyo Co., Ltd.# | 48,500 | $ | 999,549 | |||||
Daikin Industries, Ltd.# | 17,900 | 1,257,799 | ||||||
Daito Trust Construction Co., Ltd. | 5,400 | 561,056 | ||||||
Daiwa House Industry Co., Ltd. | 46,200 | 1,286,920 | ||||||
Daiwa Securities Group, Inc.# | 127,000 | 821,528 | ||||||
Denso Corp. | 37,300 | 1,779,552 | ||||||
Dentsu, Inc. | 16,700 | 937,425 | ||||||
Don Quijote Holdings Co., Ltd. | 9,000 | 356,418 | ||||||
East Japan Railway Co. | 25,900 | 2,444,825 | ||||||
Eisai Co., Ltd. | 19,200 | 1,247,298 | ||||||
Electric Power Development Co., Ltd. | 10,800 | 345,232 | ||||||
FamilyMart Co., Ltd. | 4,500 | 200,691 | ||||||
FANUC Corp. | 15,400 | 2,742,226 | ||||||
Fast Retailing Co., Ltd.# | 4,000 | 1,617,547 | ||||||
Fuji Electric Co., Ltd. | 43,000 | 198,058 | ||||||
Fuji Heavy Industries, Ltd. | 45,400 | 1,876,484 | ||||||
FUJIFILM Holdings Corp. | 35,500 | 1,437,880 | ||||||
Fujitsu, Ltd. | 140,000 | 706,937 | ||||||
Fukuoka Financial Group, Inc. | 58,000 | 281,284 | ||||||
GungHo Online Entertainment, Inc.# | 31,300 | 96,621 | ||||||
Gunma Bank, Ltd. | 28,000 | 168,091 | ||||||
Hachijuni Bank, Ltd. | 31,000 | 187,612 | ||||||
Hakuhodo DY Holdings, Inc. | 17,900 | 192,232 | ||||||
Hamamatsu Photonics KK# | 10,600 | 265,646 | ||||||
Hankyu Hanshin Holdings, Inc. | 87,000 | 556,913 | ||||||
Hikari Tsushin, Inc. | 1,200 | 86,369 | ||||||
Hino Motors, Ltd. | 19,300 | 234,391 | ||||||
Hirose Electric Co., Ltd.# | 2,400 | 292,055 | ||||||
Hiroshima Bank, Ltd.# | 38,000 | 216,084 | ||||||
Hisamitsu Pharmaceutical Co., Inc.# | 4,300 | 183,387 | ||||||
Hitachi Chemical Co., Ltd. | 8,000 | 133,225 | ||||||
Hitachi Construction Machinery Co., Ltd.# | 8,300 | 130,265 | ||||||
Hitachi High-Technologies Corp. | 4,700 | 129,622 | ||||||
Hitachi Metals, Ltd. | 17,000 | 220,406 | ||||||
Hitachi, Ltd.# | 369,000 | 2,178,029 | ||||||
Hokuhoku Financial Group, Inc. | 92,000 | 195,061 | ||||||
Hokuriku Electric Power Co. | 13,000 | 177,734 | ||||||
Honda Motor Co., Ltd. | 124,900 | 4,060,518 | ||||||
Hoya Corp. | 32,800 | 1,329,586 | ||||||
Hulic Co., Ltd. | 18,400 | 168,903 | ||||||
Ibiden Co., Ltd.# | 9,100 | 142,673 | ||||||
Idemitsu Kosan Co., Ltd. | 6,700 | 110,923 | ||||||
IHI Corp.# | 104,000 | 272,039 | ||||||
Iida Group Holdings Co., Ltd. | 12,400 | 241,150 | ||||||
Inpex Corp.# | 72,500 | 719,994 | ||||||
Isetan Mitsukoshi Holdings, Ltd.# | 25,600 | 390,343 | ||||||
Isuzu Motors, Ltd. | 46,200 | 519,797 | ||||||
ITOCHU Corp. | 120,700 | 1,472,716 | ||||||
Itochu Techno-Solutions Corp. | 3,400 | 70,237 | ||||||
Iyo Bank, Ltd. | 18,600 | 185,396 | ||||||
J. Front Retailing Co., Ltd. | 18,400 | 303,578 | ||||||
Japan Airlines Co., Ltd. | 9,300 | 318,058 | ||||||
Japan Airport Terminal Co., Ltd.# | 3,200 | 161,430 | ||||||
Japan Exchange Group, Inc. | 39,800 | 623,997 | ||||||
Japan Prime Realty Investment Corp. | 59 | 203,696 | ||||||
Japan Real Estate Investment Corp. | 91 | 433,193 | ||||||
Japan Retail Fund Investment Corp. | 176 | 336,702 | ||||||
Japan Tobacco, Inc. | 84,100 | 3,012,843 | ||||||
JFE Holdings, Inc.# | 37,800 | 596,325 | ||||||
JGC Corp.# | 15,000 | 254,915 | ||||||
Joyo Bank, Ltd. | 51,000 | 236,564 | ||||||
JSR Corp.# | 13,700 | 215,683 | ||||||
JTEKT Corp. | 15,600 | 288,429 | ||||||
JX Holdings, Inc. | 176,100 | 714,271 | ||||||
Kajima Corp.# | 63,000 | 345,963 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
Kakaku.com, Inc.# | 11,300 | $ | 215,535 | |||||
Kamigumi Co., Ltd. | 17,000 | 149,838 | ||||||
Kaneka Corp. | 21,000 | 207,100 | ||||||
Kansai Electric Power Co., Inc.† | 54,000 | 605,361 | ||||||
Kansai Paint Co., Ltd. | 17,000 | 268,188 | ||||||
Kao Corp. | 38,300 | 1,963,536 | ||||||
Kawasaki Heavy Industries, Ltd.# | 109,000 | 432,989 | ||||||
KDDI Corp. | 134,700 | 3,346,162 | ||||||
Keihan Electric Railway Co., Ltd.# | 38,000 | 253,436 | ||||||
Keikyu Corp.# | 35,000 | 283,469 | ||||||
Keio Corp. | 44,000 | 361,365 | ||||||
Keisei Electric Railway Co., Ltd.# | 20,000 | 240,130 | ||||||
Keyence Corp. | 3,500 | 1,896,994 | ||||||
Kikkoman Corp.# | 12,000 | 395,288 | ||||||
Kintetsu Group Holdings Co., Ltd.# | 140,000 | 536,799 | ||||||
Kirin Holdings Co., Ltd. | 62,900 | 884,739 | ||||||
Kobe Steel, Ltd. | 234,000 | 273,729 | ||||||
Koito Manufacturing Co., Ltd. | 7,400 | 300,569 | ||||||
Komatsu, Ltd. | 71,600 | 1,184,221 | ||||||
Konami Holdings Corp.# | 7,600 | 177,868 | ||||||
Konica Minolta, Inc. | 37,200 | 391,038 | ||||||
Kose Corp. | 2,279 | 238,453 | ||||||
Kubota Corp. | 85,000 | 1,417,933 | ||||||
Kuraray Co., Ltd. | 26,500 | 337,331 | ||||||
Kurita Water Industries, Ltd. | 7,700 | 166,197 | ||||||
Kyocera Corp. | 24,600 | 1,140,473 | ||||||
Kyowa Hakko Kirin Co., Ltd.# | 16,000 | 281,917 | ||||||
Kyushu Electric Power Co., Inc.†# | 33,000 | 346,084 | ||||||
Lawson, Inc. | 4,900 | 372,177 | ||||||
LIXIL Group Corp.# | 20,400 | 476,939 | ||||||
M3, Inc.# | 14,900 | 327,776 | ||||||
Mabuchi Motor Co., Ltd.# | 3,600 | 207,344 | ||||||
Makita Corp.# | 9,200 | 522,405 | ||||||
Marubeni Corp. | 125,000 | 692,526 | ||||||
Marui Group Co., Ltd.# | 18,300 | 271,452 | ||||||
Maruichi Steel Tube, Ltd.# | 3,500 | 96,954 | ||||||
Mazda Motor Corp.# | 41,700 | 866,351 | ||||||
McDonald’s Holdings Co. Japan, Ltd.# | 5,000 | 121,446 | ||||||
Medipal Holdings Corp. | 10,300 | 180,480 | ||||||
MEIJI Holdings Co., Ltd. | 9,200 | 736,149 | ||||||
Minebea Co., Ltd.# | 24,000 | 263,396 | ||||||
Miraca Holdings, Inc. | 4,300 | 191,072 | ||||||
Mitsubishi Chemical Holdings Corp. | 105,000 | 688,087 | ||||||
Mitsubishi Corp. | 106,000 | 1,784,175 | ||||||
Mitsubishi Electric Corp. | 148,000 | 1,638,700 | ||||||
Mitsubishi Estate Co., Ltd. | 96,000 | 2,019,431 | ||||||
Mitsubishi Gas Chemical Co., Inc.# | 28,000 | 151,714 | ||||||
Mitsubishi Heavy Industries, Ltd.# | 232,000 | 1,187,516 | ||||||
Mitsubishi Logistics Corp.# | 8,000 | 111,844 | ||||||
Mitsubishi Materials Corp.# | 84,000 | 296,832 | ||||||
Mitsubishi Motors Corp.# | 50,000 | 445,167 | ||||||
Mitsubishi Tanabe Pharma Corp. | 17,100 | 298,799 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 968,100 | 6,212,827 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 38,300 | 201,301 | ||||||
Mitsui & Co., Ltd. | 130,700 | 1,603,225 | ||||||
Mitsui Chemicals, Inc.# | 61,000 | 254,208 | ||||||
Mitsui Fudosan Co., Ltd. | 71,000 | 1,790,284 | ||||||
Mitsui OSK Lines, Ltd.# | 83,000 | 216,434 | ||||||
Mixi, Inc. | 2,800 | 114,639 | ||||||
Mizuho Financial Group, Inc. | 1,771,200 | 3,575,493 | ||||||
MS&AD Insurance Group Holdings, Inc. | 38,500 | 1,085,881 | ||||||
Murata Manufacturing Co., Ltd. | 15,300 | 2,373,924 | ||||||
Nabtesco Corp. | 8,800 | 184,221 | ||||||
Nagoya Railroad Co., Ltd.# | 63,000 | 253,842 | ||||||
NEC Corp. | 199,000 | 666,028 |
134 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Nexon Co., Ltd. | 10,000 | $ | 158,652 | |||||
NGK Insulators, Ltd.# | 20,000 | 463,851 | ||||||
NGK Spark Plug Co., Ltd.# | 14,000 | 381,560 | ||||||
NH Foods, Ltd. | 12,000 | 231,909 | ||||||
NHK Spring Co., Ltd. | 12,200 | 125,370 | ||||||
Nidec Corp. | 16,600 | 1,283,500 | ||||||
Nikon Corp.# | 26,100 | 350,262 | ||||||
Nintendo Co., Ltd.# | 8,000 | 1,228,595 | ||||||
Nippon Building Fund, Inc. | 105 | 495,573 | ||||||
Nippon Electric Glass Co., Ltd.# | 29,000 | 160,902 | ||||||
Nippon Express Co., Ltd. | 65,000 | 293,582 | ||||||
Nippon Paint Holdings Co., Ltd.# | 12,000 | 300,731 | ||||||
Nippon Prologis REIT, Inc.# | 101 | 177,140 | ||||||
Nippon Steel & Sumitomo Metal Corp.# | 58,300 | 1,170,973 | ||||||
Nippon Telegraph & Telephone Corp. | 57,600 | 2,136,019 | ||||||
Nippon Yusen KK | 123,000 | 319,740 | ||||||
Nissan Motor Co., Ltd. | 191,600 | 2,045,964 | ||||||
Nisshin Seifun Group, Inc. | 16,200 | 254,515 | ||||||
Nissin Foods Holdings Co., Ltd. | 4,500 | 228,473 | ||||||
Nitori Holdings Co., Ltd. | 5,200 | 428,335 | ||||||
Nitto Denko Corp. | 12,100 | 815,448 | ||||||
NOK Corp. | 7,200 | 194,184 | ||||||
Nomura Holdings, Inc.# | 276,700 | 1,641,319 | ||||||
Nomura Real Estate Holdings, Inc. | 9,500 | 186,064 | ||||||
Nomura Research Institute, Ltd. | 9,300 | 351,677 | ||||||
NSK, Ltd.# | 35,000 | 440,414 | ||||||
NTT Data Corp. | 9,400 | 458,164 | ||||||
NTT DOCOMO, Inc. | 108,400 | 2,050,002 | ||||||
NTT Urban Development Corp.# | 8,700 | 84,809 | ||||||
Obayashi Corp. | 49,000 | 452,583 | ||||||
Odakyu Electric Railway Co., Ltd. | 47,000 | 478,018 | ||||||
Oji Holdings Corp. | 60,000 | 260,276 | ||||||
Olympus Corp. | 20,800 | 829,634 | ||||||
Omron Corp.# | 15,700 | 577,112 | ||||||
Ono Pharmaceutical Co., Ltd. | 6,200 | 992,705 | ||||||
Oracle Corp. Japan | 2,800 | 136,474 | ||||||
Oriental Land Co., Ltd.# | 15,200 | 863,968 | ||||||
ORIX Corp. | 100,600 | 1,451,794 | ||||||
Osaka Gas Co., Ltd. | 143,000 | 530,993 | ||||||
Otsuka Corp. | 3,600 | 180,439 | ||||||
Otsuka Holdings Co., Ltd. | 29,900 | 990,513 | ||||||
Panasonic Corp.# | 167,130 | 1,897,353 | ||||||
Park24 Co., Ltd. | 7,600 | 154,346 | ||||||
Rakuten, Inc.# | 70,600 | 890,099 | ||||||
Recruit Holdings Co., Ltd.# | 10,861 | 339,241 | ||||||
Resona Holdings, Inc. | 170,600 | 832,628 | ||||||
Ricoh Co., Ltd. | 53,800 | 551,548 | ||||||
Rinnai Corp. | 2,700 | 241,706 | ||||||
Rohm Co., Ltd. | 7,200 | 387,197 | ||||||
Ryohin Keikaku Co., Ltd. | 1,814 | 391,388 | ||||||
Sankyo Co., Ltd. | 3,600 | 142,421 | ||||||
Sanrio Co., Ltd.# | 3,600 | 85,979 | ||||||
Santen Pharmaceutical Co., Ltd. | 28,000 | 443,997 | ||||||
SBI Holdings, Inc. | 15,200 | 172,250 | ||||||
Secom Co., Ltd. | 16,200 | 1,110,312 | ||||||
Sega Sammy Holdings, Inc. | 13,800 | 149,098 | ||||||
Seibu Holdings, Inc. | 9,200 | 194,164 | ||||||
Seiko Epson Corp. | 19,200 | 302,427 | ||||||
Sekisui Chemical Co., Ltd. | 32,000 | 381,348 | ||||||
Sekisui House, Ltd. | 42,400 | 716,942 | ||||||
Seven & i Holdings Co., Ltd. | 58,100 | 2,605,297 | ||||||
Seven Bank, Ltd.# | 45,600 | 199,662 | ||||||
Sharp Corp.†# | 114,000 | 116,686 | ||||||
Shikoku Electric Power Co., Inc.# | 13,700 | 196,207 | ||||||
Shimadzu Corp. | 17,000 | 275,093 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
Shimamura Co., Ltd.# | 1,600 | $ | 195,093 | |||||
Shimano, Inc. | 5,900 | 875,654 | ||||||
Shimizu Corp. | 45,000 | 377,620 | ||||||
Shin-Etsu Chemical Co., Ltd. | 31,500 | 1,781,759 | ||||||
Shinsei Bank, Ltd. | 125,000 | 237,612 | ||||||
Shionogi & Co., Ltd. | 22,600 | 996,162 | ||||||
Shiseido Co., Ltd.# | 27,600 | 660,405 | ||||||
Shizuoka Bank, Ltd.# | 40,000 | 390,902 | ||||||
Showa Shell Sekiyu KK | 14,300 | 126,040 | ||||||
SMC Corp. | 4,000 | 1,059,951 | ||||||
SoftBank Group Corp. | 73,400 | 3,897,773 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 25,800 | 795,378 | ||||||
Sony Corp. | 95,400 | 2,462,110 | ||||||
Sony Financial Holdings, Inc. | 13,400 | 246,882 | ||||||
Stanley Electric Co., Ltd. | 10,800 | 239,074 | ||||||
Sumitomo Chemical Co., Ltd. | 114,000 | 653,810 | ||||||
Sumitomo Corp. | 87,100 | 925,128 | ||||||
Sumitomo Dainippon Pharma Co., Ltd.# | 12,000 | 144,370 | ||||||
Sumitomo Electric Industries, Ltd. | 58,100 | 826,898 | ||||||
Sumitomo Heavy Industries, Ltd. | 42,000 | 199,253 | ||||||
Sumitomo Metal Mining Co., Ltd. | 40,000 | 451,015 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 96,400 | 3,678,236 | ||||||
Sumitomo Mitsui Trust Holdings, Inc.# | 254,000 | 969,781 | ||||||
Sumitomo Realty & Development Co., Ltd. | 27,000 | 820,747 | ||||||
Sumitomo Rubber Industries, Ltd.# | 13,300 | 179,566 | ||||||
Suntory Beverage & Food, Ltd. | 10,700 | 417,656 | ||||||
Suruga Bank, Ltd. | 13,000 | 263,168 | ||||||
Suzuken Co., Ltd. | 5,800 | 226,393 | ||||||
Suzuki Motor Corp. | 27,600 | 848,627 | ||||||
Sysmex Corp. | 11,100 | 693,412 | ||||||
T&D Holdings, Inc. | 45,000 | 630,585 | ||||||
Taiheiyo Cement Corp. | 89,000 | 274,736 | ||||||
Taisei Corp. | 78,000 | 480,926 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd.# | 2,400 | 162,600 | ||||||
Taiyo Nippon Sanso Corp. | 10,000 | 95,613 | ||||||
Takashimaya Co., Ltd. | 20,000 | 182,291 | ||||||
Takeda Pharmaceutical Co., Ltd. | 60,900 | 2,959,908 | ||||||
TDK Corp. | 9,300 | 668,603 | ||||||
Teijin, Ltd. | 71,000 | 252,624 | ||||||
Terumo Corp. | 22,700 | 724,703 | ||||||
THK Co., Ltd. | 8,600 | 171,441 | ||||||
Tobu Railway Co., Ltd.# | 79,000 | 385,053 | ||||||
Toho Co., Ltd.# | 8,500 | 226,137 | ||||||
Toho Gas Co., Ltd.# | 30,000 | 186,434 | ||||||
Tohoku Electric Power Co., Inc. | 35,100 | 412,304 | ||||||
Tokio Marine Holdings, Inc. | 53,000 | 1,954,671 | ||||||
Tokyo Electric Power Co., Inc.† | 111,700 | 684,174 | ||||||
Tokyo Electron, Ltd.# | 13,300 | 885,730 | ||||||
Tokyo Gas Co., Ltd. | 178,000 | 850,380 | ||||||
Tokyo Tatemono Co., Ltd. | 15,500 | 186,227 | ||||||
Tokyu Corp.# | 87,000 | 676,353 | ||||||
Tokyu Fudosan Holdings Corp.# | 36,900 | 248,498 | ||||||
TonenGeneral Sekiyu KK | 21,000 | 202,665 | ||||||
Toppan Printing Co., Ltd. | 43,000 | 377,254 | ||||||
Toray Industries, Inc.# | 111,000 | 1,009,009 | ||||||
Toshiba Corp.†# | 308,000 | 752,861 | ||||||
TOTO, Ltd. | 10,500 | 362,510 | ||||||
Toyo Seikan Group Holdings, Ltd.# | 12,400 | 244,071 | ||||||
Toyo Suisan Kaisha, Ltd. | 6,000 | 214,460 | ||||||
Toyoda Gosei Co., Ltd. | 4,900 | 116,509 | ||||||
Toyota Industries Corp. | 12,500 | 663,079 | ||||||
Toyota Motor Corp. | 207,900 | 12,931,684 | ||||||
Toyota Tsusho Corp. | 16,200 | 380,062 | ||||||
Trend Micro, Inc. | 7,900 | 322,161 | ||||||
Unicharm Corp. | 28,800 | 607,350 |
135 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
United Urban Investment Corp.# | 191 | $ | 254,460 | |||||
USS Co., Ltd. | 17,099 | 271,834 | ||||||
West Japan Railway Co. | 12,700 | 802,132 | ||||||
Yahoo Japan Corp.# | 110,200 | 453,870 | ||||||
Yakult Honsha Co., Ltd.# | 6,600 | 325,979 | ||||||
Yamada Denki Co., Ltd.# | 51,200 | 230,421 | ||||||
Yamaguchi Financial Group, Inc.# | 15,000 | 174,005 | ||||||
Yamaha Corp. | 12,800 | 322,340 | ||||||
Yamaha Motor Co., Ltd.# | 20,200 | 493,103 | ||||||
Yamato Holdings Co., Ltd.# | 26,800 | 512,487 | ||||||
Yamazaki Baking Co., Ltd.# | 7,000 | 131,641 | ||||||
Yaskawa Electric Corp.# | 17,400 | 229,691 | ||||||
Yokogawa Electric Corp.# | 16,200 | 193,452 | ||||||
Yokohama Rubber Co., Ltd. | 7,500 | 128,981 | ||||||
218,171,946 | ||||||||
Jersey — 0.9% | ||||||||
Experian PLC | 75,467 | 1,399,164 | ||||||
Glencore PLC | 845,813 | 1,231,967 | ||||||
Petrofac, Ltd.# | 19,723 | 245,065 | ||||||
Randgold Resources, Ltd. | 6,735 | 410,003 | ||||||
Shire PLC | 45,195 | 3,162,446 | ||||||
Wolseley PLC | 19,905 | 1,155,387 | ||||||
WPP PLC | 98,752 | 2,283,010 | ||||||
9,887,042 | ||||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal# | 78,196 | 383,513 | ||||||
Millicom International Cellular SA SDR | 5,078 | 298,679 | ||||||
RTL Group SA | 3,002 | 262,622 | ||||||
SES SA FDR | 23,526 | 652,977 | ||||||
Subsea 7 SA†# | 21,333 | 169,745 | ||||||
Tenaris SA# | 36,410 | 478,169 | ||||||
2,245,705 | ||||||||
Mauritius — 0.0% | ||||||||
Golden Agri-Resources, Ltd.# | 544,000 | 138,839 | ||||||
Netherlands — 2.9% | ||||||||
Aegon NV | 140,574 | 860,842 | ||||||
Airbus Group SE | 45,092 | 3,260,614 | ||||||
Akzo Nobel NV | 18,759 | 1,334,270 | ||||||
Altice NV, Class A† | 19,905 | 305,785 | ||||||
Altice NV, Class B† | 6,635 | 103,155 | ||||||
ASML Holding NV | 26,744 | 2,471,584 | ||||||
Boskalis Westminster NV | 6,682 | 297,362 | ||||||
CNH Industrial NV# | 71,772 | 528,161 | ||||||
Delta Lloyd NV# | 15,346 | 110,481 | ||||||
Fiat Chrysler Automobiles NV† | 68,416 | 977,292 | ||||||
Gemalto NV | 6,122 | 386,281 | ||||||
Heineken Holding NV | 7,781 | 612,137 | ||||||
Heineken NV | 17,699 | 1,573,781 | ||||||
ING Groep NV CVA | 295,721 | 4,060,209 | ||||||
Koninklijke Ahold NV | 68,430 | 1,488,651 | ||||||
Koninklijke DSM NV | 13,410 | 682,276 | ||||||
Koninklijke KPN NV | 245,133 | 932,642 | ||||||
Koninklijke Philips NV | 71,350 | 1,950,959 | ||||||
Koninklijke Vopak NV# | 5,428 | 235,534 | ||||||
NN Group NV | 14,374 | 490,991 | ||||||
OCI NV†# | 6,560 | 165,615 | ||||||
QIAGEN NV† | 18,621 | 494,506 | ||||||
Randstad Holding NV | 9,820 | 614,115 | ||||||
RELX NV | 76,733 | 1,328,369 | ||||||
STMicroelectronics NV# | 50,134 | 364,321 | ||||||
TNT Express NV | 33,779 | 275,164 |
Security Description | Shares | Value (Note 2) | ||||||
Netherlands (continued) | ||||||||
Unilever NV CVA | 124,819 | $ | 5,476,212 | |||||
Wolters Kluwer NV | 23,393 | 808,332 | ||||||
32,189,641 | ||||||||
New Zealand — 0.1% | ||||||||
Auckland International Airport, Ltd. | 75,233 | 261,477 | ||||||
Contact Energy, Ltd. | 53,878 | 176,617 | ||||||
Fletcher Building, Ltd.# | 53,865 | 258,479 | ||||||
Meridian Energy, Ltd. | 94,457 | 144,249 | ||||||
Mighty River Power, Ltd.# | 51,050 | 97,450 | ||||||
Ryman Healthcare, Ltd.# | 29,175 | 150,755 | ||||||
Spark New Zealand, Ltd. | 141,395 | 310,399 | ||||||
1,399,426 | ||||||||
Norway — 0.5% | ||||||||
DNB ASA | 75,662 | 995,993 | ||||||
Gjensidige Forsikring ASA | 15,648 | 252,621 | ||||||
Norsk Hydro ASA | 103,911 | 401,748 | ||||||
Orkla ASA | 63,821 | 518,467 | ||||||
Statoil ASA# | 84,465 | 1,306,257 | ||||||
Telenor ASA | 57,190 | 996,978 | ||||||
Yara International ASA | 13,858 | 641,510 | ||||||
5,113,574 | ||||||||
Portugal — 0.1% | ||||||||
Banco Comercial Portugues SA†# | 2,719,684 | 145,398 | ||||||
Banco Espirito Santo SA†(1)(2) | 213,818 | 13,555 | ||||||
EDP - Energias de Portugal SA | 178,488 | 594,974 | ||||||
Galp Energia SGPS SA | 29,340 | 312,162 | ||||||
Jeronimo Martins SGPS SA | 19,273 | 267,466 | ||||||
1,333,555 | ||||||||
Singapore — 1.0% | ||||||||
Ascendas Real Estate Investment Trust | 158,000 | 267,711 | ||||||
CapitaLand Commercial Trust, Ltd. | 155,000 | 143,951 | ||||||
CapitaLand Mall Trust | 187,000 | 252,550 | ||||||
CapitaLand, Ltd.# | 197,000 | 421,779 | ||||||
City Developments, Ltd. | 31,000 | 161,313 | ||||||
ComfortDelGro Corp., Ltd. | 157,000 | 326,121 | ||||||
DBS Group Holdings, Ltd. | 132,000 | 1,544,079 | ||||||
Global Logistic Properties, Ltd.# | 238,000 | 332,395 | ||||||
Hutchison Port Holdings Trust# | 438,000 | 236,520 | ||||||
Jardine Cycle & Carriage, Ltd.# | 8,000 | 181,206 | ||||||
Keppel Corp., Ltd.# | 110,000 | 510,794 | ||||||
Oversea-Chinese Banking Corp., Ltd.# | 226,000 | 1,389,118 | ||||||
Sembcorp Industries, Ltd.# | 75,000 | 172,805 | ||||||
Sembcorp Marine, Ltd.# | 63,000 | 92,007 | ||||||
Singapore Airlines, Ltd. | 42,000 | 302,520 | ||||||
Singapore Exchange, Ltd.# | 61,000 | 326,071 | ||||||
Singapore Press Holdings, Ltd.# | 124,000 | 353,394 | ||||||
Singapore Technologies Engineering, Ltd. | 119,000 | 241,282 | ||||||
Singapore Telecommunications, Ltd. | 614,000 | 1,667,165 | ||||||
StarHub, Ltd.# | 46,000 | 118,379 | ||||||
Suntec Real Estate Investment Trust# | 173,000 | 188,264 | ||||||
United Overseas Bank, Ltd. | 97,000 | 1,333,402 | ||||||
UOL Group, Ltd.# | 35,000 | 151,608 | ||||||
Wilmar International, Ltd. | 146,000 | 296,026 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 146,000 | 113,856 | ||||||
11,124,316 | ||||||||
Spain — 2.9% | ||||||||
Abertis Infraestructuras SA# | 35,719 | 553,063 | ||||||
ACS Actividades de Construccion y Servicios SA | 13,353 | 435,517 | ||||||
Aena SA†* | 5,147 | 583,776 | ||||||
Amadeus IT Holding SA, Class A | 34,185 | 1,371,226 |
136 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Spain (continued) | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 476,245 | $ | 3,952,955 | |||||
Banco de Sabadell SA# | 371,323 | 685,385 | ||||||
Banco Popular Espanol SA# | 136,615 | 481,376 | ||||||
Banco Santander SA | 1,091,535 | 5,960,053 | ||||||
Bankia SA# | 353,009 | 442,344 | ||||||
Bankinter SA | 51,748 | 374,574 | ||||||
CaixaBank SA# | 196,776 | 720,802 | ||||||
Distribuidora Internacional de Alimentacion SA# | 47,731 | 301,724 | ||||||
Enagas SA | 15,529 | 462,846 | ||||||
Endesa SA | 23,965 | 495,770 | ||||||
Ferrovial SA | 33,829 | 801,336 | ||||||
Gas Natural SDG SA# | 26,893 | 581,772 | ||||||
Grifols SA# | 11,529 | 547,169 | ||||||
Iberdrola SA | 412,465 | 2,889,722 | ||||||
Industria de Diseno Textil SA | 83,220 | 2,994,762 | ||||||
International Consolidated Airlines Group SA# | 61,901 | 527,594 | ||||||
Mapfre SA# | 71,430 | 195,994 | ||||||
Red Electrica Corp. SA | 8,328 | 714,474 | ||||||
Repsol SA | 78,411 | 1,022,723 | ||||||
Telefonica SA | 338,363 | 4,173,781 | ||||||
Zardoya Otis SA# | 12,998 | 157,243 | ||||||
31,427,981 | ||||||||
Sweden — 2.5% | ||||||||
Alfa Laval AB | 24,073 | 445,203 | ||||||
Assa Abloy AB, Class B | 77,406 | 1,646,313 | ||||||
Atlas Copco AB, Class A | 51,821 | 1,389,134 | ||||||
Atlas Copco AB, Class B | 30,011 | 742,550 | ||||||
Boliden AB | 21,032 | 386,552 | ||||||
Electrolux AB, Series B | 18,646 | 547,293 | ||||||
Getinge AB, Class B | 15,438 | 390,827 | ||||||
Hennes & Mauritz AB, Class B | 72,864 | 2,702,596 | ||||||
Hexagon AB, Class B | 19,700 | 714,881 | ||||||
Husqvarna AB, Class B | 31,435 | 204,898 | ||||||
ICA Gruppen AB | 5,922 | 208,585 | ||||||
Industrivarden AB, Class C | 12,344 | 221,071 | ||||||
Investment AB Kinnevik, Class B | 18,127 | 557,623 | ||||||
Investor AB, Class B | 35,084 | 1,337,100 | ||||||
Lundin Petroleum AB† | 16,970 | 271,425 | ||||||
Nordea Bank AB | 230,221 | 2,551,177 | ||||||
Sandvik AB | 81,291 | 842,102 | ||||||
Securitas AB, Class B | 24,189 | 369,139 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 116,631 | 1,240,286 | ||||||
Skanska AB, Class B | 29,319 | 583,570 | ||||||
SKF AB, Class B | 30,423 | 530,549 | ||||||
Svenska Cellulosa AB SCA, Class B | 45,557 | 1,314,194 | ||||||
Svenska Handelsbanken AB, Class A | 115,407 | 1,553,439 | ||||||
Swedbank AB, Class A | 69,970 | 1,549,933 | ||||||
Swedish Match AB | 15,670 | 540,611 | ||||||
Tele2 AB, Class B | 24,641 | 250,880 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 233,599 | 2,275,245 | ||||||
TeliaSonera AB | 197,814 | 970,948 | ||||||
Volvo AB, Class B | 116,744 | 1,207,355 | ||||||
27,545,479 | ||||||||
Switzerland — 8.0% | ||||||||
ABB, Ltd. | 168,337 | 3,192,161 | ||||||
Actelion, Ltd.† | 7,764 | 1,090,439 | ||||||
Adecco SA | 13,282 | 908,833 | ||||||
Aryzta AG | 6,836 | 321,120 | ||||||
Baloise Holding AG | 3,658 | 444,428 | ||||||
Barry Callebaut AG# | 170 | 176,799 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 8 | 577,694 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | 70 | 422,170 |
Security Description | Shares | Value (Note 2) | ||||||
Switzerland (continued) | ||||||||
Cie Financiere Richemont SA | 39,991 | $ | 2,992,960 | |||||
Coca-Cola HBC AG | 15,242 | 369,821 | ||||||
Credit Suisse Group AG | 117,083 | 2,517,253 | ||||||
Dufry AG† | 3,056 | 365,645 | ||||||
EMS-Chemie Holding AG | 638 | 260,136 | ||||||
Geberit AG | 2,869 | 959,540 | ||||||
Givaudan SA | 703 | 1,268,864 | ||||||
Julius Baer Group, Ltd. | 17,359 | 830,789 | ||||||
Kuehne & Nagel International AG | 4,202 | 568,108 | ||||||
LafargeHolcim, Ltd.† | 33,002 | 1,764,212 | ||||||
Lonza Group AG† | 4,067 | 642,751 | ||||||
Nestle SA | 245,283 | 18,202,223 | ||||||
Novartis AG | 172,733 | 14,765,872 | ||||||
Pargesa Holding SA (BR) | 2,378 | 149,427 | ||||||
Partners Group Holding AG | 1,212 | 437,632 | ||||||
Roche Holding AG | 53,438 | 14,309,344 | ||||||
Schindler Holding AG | 1,653 | 271,042 | ||||||
Schindler Holding AG (Participation Certificate) | 3,353 | 551,745 | ||||||
SGS SA | 422 | 807,208 | ||||||
Sika AG (BR)† | 167 | 565,675 | ||||||
Sonova Holding AG | 4,169 | 525,962 | ||||||
Sulzer AG# | 1,857 | 193,849 | ||||||
Swatch Group AG (BR)# | 2,388 | 839,752 | ||||||
Swatch Group AG | 3,839 | 252,986 | ||||||
Swiss Life Holding AG | 2,471 | 623,244 | ||||||
Swiss Prime Site AG | 4,446 | 332,526 | ||||||
Swiss Re AG | 26,959 | 2,569,208 | ||||||
Swisscom AG | 1,950 | 960,927 | ||||||
Syngenta AG | 7,115 | 2,623,045 | ||||||
Transocean, Ltd.# | 26,925 | 388,624 | ||||||
UBS Group AG | 279,232 | 5,360,191 | ||||||
Zurich Insurance Group AG | 11,432 | 3,010,088 | ||||||
87,414,293 | ||||||||
United Arab Emirates — 0.0% | ||||||||
Orascom Construction, Ltd.† | 3,280 | 20,385 | ||||||
�� | ||||||||
United Kingdom — 16.3% | ||||||||
3i Group PLC | 75,375 | 570,449 | ||||||
Aberdeen Asset Management PLC# | 71,615 | 344,502 | ||||||
Admiral Group PLC | 14,649 | 357,639 | ||||||
Aggreko PLC# | 20,010 | 302,877 | ||||||
Amec Foster Wheeler PLC | 29,739 | 195,015 | ||||||
Anglo American PLC# | 107,372 | 660,840 | ||||||
Antofagasta PLC# | 30,317 | 231,727 | ||||||
ARM Holdings PLC | 107,333 | 1,816,992 | ||||||
Ashtead Group PLC | 38,576 | 636,187 | ||||||
Associated British Foods PLC | 27,549 | 1,471,289 | ||||||
AstraZeneca PLC | 96,044 | 6,512,946 | ||||||
Aviva PLC | 306,128 | 2,358,317 | ||||||
Babcock International Group PLC | 19,102 | 308,121 | ||||||
BAE Systems PLC | 240,773 | 1,872,973 | ||||||
Barclays PLC | 1,272,200 | 4,276,644 | ||||||
Barratt Developments PLC | 75,519 | 683,572 | ||||||
BG Group PLC | 260,765 | 4,051,091 | ||||||
BHP Billiton PLC | 162,127 | 1,945,865 | ||||||
BP PLC | 1,393,609 | 8,086,062 | ||||||
British American Tobacco PLC | 141,524 | 8,244,609 | ||||||
British Land Co. PLC | 73,869 | 927,859 | ||||||
BT Group PLC | 635,530 | 4,751,876 | ||||||
Bunzl PLC | 25,950 | 750,399 | ||||||
Burberry Group PLC | 34,225 | 641,751 | ||||||
Capita PLC | 51,143 | 979,776 | ||||||
Carnival PLC | 14,428 | 752,944 | ||||||
Centrica PLC | 382,058 | 1,254,985 |
137 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United Kingdom (continued) | ||||||||
Cobham PLC | 87,133 | $ | 398,155 | |||||
Compass Group PLC | 126,728 | 2,202,581 | ||||||
Croda International PLC | 10,751 | 464,389 | ||||||
Diageo PLC | 192,036 | 5,524,202 | ||||||
Direct Line Insurance Group PLC | 105,369 | 653,511 | ||||||
Dixons Carphone PLC | 75,550 | 551,520 | ||||||
easyJet PLC | 12,519 | 311,671 | ||||||
Fresnillo PLC# | 16,739 | 180,256 | ||||||
G4S PLC | 117,842 | 402,706 | ||||||
GKN PLC | 128,565 | 581,863 | ||||||
GlaxoSmithKline PLC | 372,039 | 7,595,240 | ||||||
Hammerson PLC | 59,759 | 549,468 | ||||||
Hargreaves Lansdown PLC | 18,475 | 416,265 | ||||||
HSBC Holdings PLC | 1,482,166 | 11,819,968 | ||||||
ICAP PLC | 43,101 | 330,414 | ||||||
IMI PLC | 21,048 | 302,422 | ||||||
Imperial Tobacco Group PLC | 73,435 | 3,968,341 | ||||||
Inmarsat PLC | 33,236 | 558,132 | ||||||
InterContinental Hotels Group PLC | 18,598 | 715,947 | ||||||
Intertek Group PLC | 12,588 | 535,964 | ||||||
Intu Properties PLC# | 69,258 | 337,441 | ||||||
Investec PLC | 42,755 | 363,822 | ||||||
ITV PLC | 291,832 | 1,191,120 | ||||||
J Sainsbury PLC# | 95,521 | 365,127 | ||||||
Johnson Matthey PLC | 15,994 | 681,706 | ||||||
Kingfisher PLC | 181,052 | 963,659 | ||||||
Land Securities Group PLC | 60,511 | 1,121,879 | ||||||
Legal & General Group PLC | 453,099 | 1,852,748 | ||||||
Lloyds Banking Group PLC | 4,363,866 | 4,795,233 | ||||||
London Stock Exchange Group PLC | 23,772 | 948,779 | ||||||
Lonmin PLC†# | 8,689 | 161 | ||||||
Marks & Spencer Group PLC | 124,458 | 941,916 | ||||||
Meggitt PLC | 61,120 | 356,889 | ||||||
Melrose Industries PLC | 77,784 | 339,970 | ||||||
Merlin Entertainments PLC* | 49,290 | 303,772 | ||||||
Mondi PLC | 27,902 | 648,838 | ||||||
National Grid PLC | 286,848 | 3,999,655 | ||||||
Next PLC | 11,108 | 1,324,996 | ||||||
Old Mutual PLC | 374,646 | 1,179,291 | ||||||
Pearson PLC | 63,277 | 787,190 | ||||||
Persimmon PLC | 23,404 | 675,013 | ||||||
Prudential PLC | 196,196 | 4,549,078 | ||||||
Reckitt Benckiser Group PLC | 48,829 | 4,581,623 | ||||||
RELX PLC | 87,286 | 1,574,907 | ||||||
Rexam PLC | 54,162 | 472,717 | ||||||
Rio Tinto PLC | 96,015 | 3,193,670 | ||||||
Rolls-Royce Holdings PLC | 141,166 | 1,289,479 | ||||||
Rolls-Royce Holdings PLC, Class C† (Preference Shares) | 47,337,832 | 71,295 | ||||||
Royal Bank of Scotland Group PLC† | 246,097 | 1,120,835 | ||||||
Royal Dutch Shell PLC, Class A | 295,808 | 7,319,830 | ||||||
Royal Dutch Shell PLC, Class B | 185,404 | 4,612,991 | ||||||
Royal Mail PLC | 60,371 | 441,985 | ||||||
RSA Insurance Group PLC | 77,858 | 515,835 | ||||||
SABMiller PLC | 73,824 | 4,482,474 | ||||||
Sage Group PLC | 82,128 | 725,459 | ||||||
Schroders PLC | 9,722 | 438,683 | ||||||
Segro PLC | 58,490 | 388,661 | ||||||
Severn Trent PLC | 18,287 | 620,247 | ||||||
Sky PLC | 78,955 | 1,315,189 | ||||||
Smith & Nephew PLC | 69,530 | 1,178,089 | ||||||
Smiths Group PLC | 30,696 | 477,568 | ||||||
Sports Direct International PLC† | 21,654 | 238,401 | ||||||
SSE PLC | 75,180 | 1,623,697 | ||||||
St James’s Place PLC | 39,558 | 605,315 | ||||||
Standard Chartered PLC | 193,273 | 1,621,944 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United Kingdom (continued) | ||||||||
Standard Life PLC | 152,375 | $ | 955,833 | |||||
Tate & Lyle PLC | 36,031 | 320,171 | ||||||
Taylor Wimpey PLC | 247,838 | 726,381 | ||||||
Tesco PLC† | 620,208 | 1,561,806 | ||||||
Travis Perkins PLC | 19,395 | 593,855 | ||||||
Tullow Oil PLC†# | 69,737 | 206,281 | ||||||
Unilever PLC | 98,382 | 4,199,224 | ||||||
United Utilities Group PLC | 51,834 | 754,519 | ||||||
Vodafone Group PLC | 2,015,839 | 6,808,349 | ||||||
Weir Group PLC | 16,616 | 300,805 | ||||||
Whitbread PLC | 14,185 | 971,635 | ||||||
William Hill PLC | 68,324 | 367,980 | ||||||
WM Morrison Supermarkets PLC# | 161,680 | 371,347 | ||||||
177,827,685 | ||||||||
Total Common Stocks | ||||||||
(cost $953,094,857) | 943,313,018 | |||||||
EXCHANGE-TRADED FUNDS — 4.6% | ||||||||
iShares MSCI EAFE ETF# | 832,436 | 50,487,243 | ||||||
RIGHTS — 0.0% | ||||||||
Australia — 0.0% | ||||||||
Santos, Ltd.† | 43,793 | 5,067 | ||||||
Transurban Group† | 8,013 | 3,477 | ||||||
8,544 | ||||||||
Italy — 0.0% | ||||||||
UBI Banca† | 66,263 | 0 | ||||||
Spain — 0.0% | ||||||||
Telefonica SA† | 338,363 | 122,622 | ||||||
United Kingdom — 0.0% | ||||||||
Lonmin PLC† | 399,694 | 203 | ||||||
Standard Chartered PLC† | 55,221 | 75,683 | ||||||
75,886 | ||||||||
Total Rights | ||||||||
(cost $141,744) | 207,052 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,006,434,099) | 994,007,313 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 16.4% |
| |||||||
Registered Investment Companies — 11.7% | ||||||||
State Street Navigator Securities Lending Prime Portfolio | 127,446,033 | 127,446,033 | ||||||
U.S. Government Treasuries — 4.7% | ||||||||
United States Treasury Bills | ||||||||
0.00% due 12/17/2015(5) | $ | 10,900,000 | 10,899,749 | |||||
0.03% due 12/03/2015# | 40,000,000 | 39,999,880 | ||||||
0.04% due 12/17/2015(5) | 50,000 | 49,999 | ||||||
50,949,628 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $178,395,971) | 178,395,661 | |||||||
138 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 3.8% | ||||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(6) | $ | 41,903,000 | $ | 41,903,000 | ||||
TOTAL INVESTMENTS — | ||||||||
(cost $1,226,733,070)(8) | 111.2 | % | 1,214,305,974 | |||||
Liabilities in excess of other assets | (11.2 | ) | (122,491,405 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 1,091,814,569 | ||||
# | The security or a portion thereof is out on loan; (see Note 2.) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $1,119,826 representing 0.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(2) | Illiquid security. At November 30, 2015, the aggregate value of these securities was $13,555 representing 0.0% of net assets. |
(3) | At November 30, 2015, the Fund had loaned securities with a total value of $129,371,195. This was secured by collateral of $127,446,033, which was received in cash and subsequently invested in short-term investments currently valued at $127,446,033 as reported in the Portfolio of Investments. Additional collateral of $7,358,452 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 3.50% | 05/01/2032 to 12/01/2041 | $ | 218,863 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.00% | 01/25/2032 to 07/25/2041 | 405,958 | |||||
Government National Mtg. Assoc. | 4.00% to 4.00% | 09/20/2044 | 7,728 | |||||
United States Treasury Bills | 0.00% | 12/10/2015 to 07/21/2016 | 93,331 | |||||
United States Treasury Notes/Bonds | 0.13% to 7.63% | 12/31/2015 to 08/15/2045 | 6,632,572 |
(4) | The rate shown is the 7-day yield as of November 30, 2015. |
(5) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(6) | See Note 2 for details of Joint Repurchase Agreements. |
(7) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; See Note 2. |
(8) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
BR—Bearer Shares
CDI—Chess Depositary Interest
CVA—Certification Van Aandelen (Dutch Cert.)
FDR—Federal Depositary Receipt
EUR—Euro Dollar
RSP—Risparmio Shares-Savings Shares on the Italian Stock Exchange
SDR—Swedish Depositary Receipt
GBP—British Pound
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
1,116 | Long | E-Mini MSCI EAFE Index | December 2015 | $ | 94,868,218 | $ | 97,315,200 | $ | 2,446,982 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 60,071,007 | $ | — | $ | 0 | $ | 60,071,007 | ||||||||
Hong Kong | 20,835,892 | 508,419 | — | 21,344,311 | ||||||||||||
Portugal | 1,320,000 | — | 13,555 | 1,333,555 | ||||||||||||
United Kingdom | 177,756,390 | 71,295 | 177,827,685 | |||||||||||||
Other Countries | 682,736,460 | — | — | 682,736,460 | ||||||||||||
Exchange-Traded Funds | 50,487,243 | — | — | 50,487,243 | ||||||||||||
Rights | ||||||||||||||||
Australia | 3,477 | 5,067 | — | 8,544 | ||||||||||||
Other Countries | 198,508 | — | — | 198,508 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 127,446,033 | — | — | 127,446,033 | ||||||||||||
U.S. Government Treasuries | — | 50,949,628 | — | 50,949,628 | ||||||||||||
Repurchase Agreements | — | 41,903,000 | — | 41,903,000 | ||||||||||||
Total Investments at Value | $ | 1,120,855,010 | $ | 93,437,409 | $ | 13,555 | $ | 1,214,305,974 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 2,446,982 | $ | — | $ | — | $ | 2,446,982 | ||||||||
139 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $933,016,510 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Portfolio of Investments
140 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Sovereign | 64.4 | % | ||
United States Treasury Notes | 20.3 | |||
Time Deposits | 2.7 | |||
United States Treasury Bonds | 2.5 | |||
Banks — Commercial | 1.9 | |||
Registered Investment Companies | 1.0 | |||
Oil Companies — Integrated | 0.9 | |||
Electric — Integrated | 0.7 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Real Estate Operations & Development | 0.5 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Brewery | 0.3 | |||
Metal — Iron | 0.3 | |||
Banks — Export/Import | 0.3 | |||
Industrial Gases | 0.3 | |||
Transport — Marine | 0.3 | |||
Cellular Telecom | 0.3 | |||
Steel — Producers | 0.2 | |||
Petrochemicals | 0.2 | |||
Transport — Services | 0.2 | |||
Diversified Minerals | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Gold Mining | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Electric — Distribution | 0.1 | |||
Pipelines | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Television | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Gas — Transportation | 0.1 | |||
Paper & Related Products | 0.1 | |||
Building Products — Cement | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Sugar | 0.1 | |||
Diamonds/Precious Stones | 0.1 | |||
Coal | 0.1 | |||
Steel — Specialty | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
Metal — Diversified | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Food — Meat Products | 0.1 | |||
101.3 | % | |||
Country Allocation*
United States | 27.1 | % | ||
Japan | 13.5 | |||
Italy | 6.6 | |||
Germany | 5.4 | |||
United Kingdom | 4.4 | |||
France | 2.7 | |||
Netherlands | 2.1 | |||
Poland | 2.0 | |||
Philippines | 2.0 | |||
Croatia | 1.7 | |||
Belgium | 1.7 | |||
Mexico | 1.7 | |||
Colombia | 1.6 | |||
Venezuela | 1.4 | |||
Turkey | 1.4 | |||
Panama | 1.3 | |||
Canada | 1.4 | |||
Brazil | 1.2 | |||
Dominican Republic | 1.1 | |||
Kazakhstan | 1.0 | |||
Spain | 1.0 |
Lebanon | 0.9 | |||
Luxembourg | 0.9 | |||
Serbia | 0.9 | |||
Australia | 0.9 | |||
Thailand | 0.8 | |||
Indonesia | 0.8 | |||
Sweden | 0.8 | |||
British Virgin Islands | 0.8 | |||
Peru | 0.7 | |||
Austria | 0.8 | |||
New Zealand | 0.7 | |||
Costa Rica | 0.7 | |||
Armenia | 0.7 | |||
Sri Lanka | 0.5 | |||
Jamaica | 0.5 | |||
El Salvador | 0.5 | |||
Ireland | 0.5 | |||
South Africa | 0.5 | |||
Singapore | 0.5 | |||
Denmark | 0.5 | |||
Norway | 0.5 | |||
Finland | 0.4 | |||
Uruguay | 0.4 | |||
Latvia | 0.4 | |||
Zambia | 0.4 | |||
Hungary | 0.4 | |||
Cayman Islands | 0.4 | |||
Pakistan | 0.4 | |||
Lithuania | 0.3 | |||
Azerbaijan | 0.3 | |||
Angola | 0.3 | |||
Malaysia | 0.3 | |||
Nigeria | 0.2 | |||
Paraguay | 0.2 | |||
South Korea | 0.1 | |||
Bahrain | 0.1 | |||
101.3 | % | |||
Credit Quality†#
Aaa | 34.5 | % | ||
Aa | 8.0 | |||
A | 19.8 | |||
Baa | 21.0 | |||
Ba | 5.8 | |||
B | 4.2 | |||
Caa | 1.2 | |||
Not Rated@ | 5.5 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
@ | Represent debt issues that either have no rating, or the rating is unavailable from the data source. |
† | Source: Moody’s |
# | Calculated as percentage of total debt issues, excluding short-term securities. |
141 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Principal Amount** | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES — 10.4% | ||||||||
Belgium — 0.3% | ||||||||
Anheuser-Busch InBev NV | EUR | 400,000 | $ | 447,973 | ||||
Brazil — 0.5% | ||||||||
Banco ABC Brasil SA | BRL | 1,600,000 | 400,517 | |||||
BRF SA | BRL | 500,000 | 107,754 | |||||
Oi SA | BRL | 500,000 | 112,070 | |||||
Samarco Mineracao SA | 250,000 | 87,500 | ||||||
707,841 | ||||||||
British Virgin Islands — 0.8% | ||||||||
China Cinda Finance 2015 I, Ltd. | 275,000 | 262,069 | ||||||
Gold Fields Orogen Holdings BVI, Ltd. | 320,000 | 256,000 | ||||||
GTL Trade Finance, Inc. | 200,000 | 148,000 | ||||||
LS Finance 2022, Ltd. | 250,000 | 248,018 | ||||||
State Grid Overseas Investment 2014, Ltd. | 200,000 | 210,890 | ||||||
1,124,977 | ||||||||
Canada — 0.1% | ||||||||
Pacific Rubiales Energy Corp. | 300,000 | 88,500 | ||||||
Cayman Islands — 0.4% | ||||||||
Country Garden Holdings Co., Ltd. | 200,000 | 207,690 | ||||||
Country Garden Holdings Co., Ltd. | 200,000 | 205,700 | ||||||
MIE Holdings Corp. | 200,000 | 109,980 | ||||||
523,370 | ||||||||
Colombia — 0.3% | ||||||||
Ecopetrol SA | 300,000 | 255,000 | ||||||
Empresas Publicas de Medellin ESP | COP | 80,000,000 | 24,993 | |||||
Transportadora de Gas Internacional SA ESP | 200,000 | 205,000 | ||||||
484,993 | ||||||||
Security Description | Principal Amount** | Value (Note 2) | ||||||
Croatia — 0.1% | ||||||||
Hrvatska Elektroprivreda | COP | 200,000 | $ | 204,516 | ||||
Indonesia — 0.8% | ||||||||
Pertamina Persero PT | 318,000 | 308,595 | ||||||
PT Pelabuhan Indonesia II | 400,000 | 361,000 | ||||||
PT Perusahaan Listrik Negara | 480,000 | 490,800 | ||||||
1,160,395 | ||||||||
Ireland — 0.5% | ||||||||
Mobile Telesystems OJSC via MTS International Funding, Ltd. | 375,000 | 349,687 | ||||||
OJSC Novolipetsk Steel via Steel Funding, Ltd. | 350,000 | 348,688 | ||||||
698,375 | ||||||||
Kazakhstan — 0.3% | ||||||||
KazMunayGas National Co. JSC | 200,000 | 205,200 | ||||||
KazMunayGas National Co. JSC | 250,000 | 256,500 | ||||||
461,700 | ||||||||
Luxembourg — 0.9% | ||||||||
Cosan Luxembourg SA | BRL | 825,000 | 175,576 | |||||
Gazprom Neft OAO Via GPN Capital SA | 200,000 | 180,000 | ||||||
Gazprom OAO Via Gaz Capital SA | 240,000 | 241,870 | ||||||
Klabin Finance SA | 200,000 | 185,940 | ||||||
Severstal OAO Via Steel Capital SA | 350,000 | 349,853 | ||||||
Tupy Overseas SA | 270,000 | 250,425 | ||||||
1,383,664 | ||||||||
Malaysia — 0.1% |
| |||||||
Petronas Capital, Ltd. | 200,000 | 194,834 | ||||||
Mexico — 0.4% |
| |||||||
Alpek SAB de CV | 310,000 | 320,850 |
142 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount** | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) |
| |||||||
Mexico (continued) |
| |||||||
Elementia SAB de CV | BRL | 200,000 | $ | 191,940 | ||||
512,790 | ||||||||
Netherlands — 0.8% |
| |||||||
Enel Finance International NV | EUR | 350,000 | 435,448 | |||||
Indo Energy Finance BV | 250,000 | 149,001 | ||||||
Linde Finance BV | EUR | 350,000 | 389,560 | |||||
Myriad International Holdings BV | 200,000 | 199,400 | ||||||
1,173,409 | ||||||||
Nigeria — 0.2% |
| |||||||
Zenith Bank PLC | 275,000 | 252,312 | ||||||
Peru — 0.4% |
| |||||||
Alicorp SAA | 150,000 | 146,625 | ||||||
Transportadora de Gas del Peru SA | 200,000 | 190,000 | ||||||
Volcan Cia Minera SAA | 310,000 | 268,925 | ||||||
605,550 | ||||||||
Singapore — 0.5% |
| |||||||
Alam Synergy Pte, Ltd. | 210,000 | 177,450 | ||||||
Oversea-Chinese Banking Corp., Ltd. VRS | 200,000 | 204,546 | ||||||
Theta Capital Pte, Ltd. | 300,000 | 290,062 | ||||||
672,058 | ||||||||
South Africa — 0.2% |
| |||||||
Transnet SOC, Ltd. | 320,000 | 300,400 | ||||||
South Korea — 0.1% |
| |||||||
Hana Bank Sub. Notes | 200,000 | 205,719 | ||||||
Sweden — 0.5% |
| |||||||
PKO Bank Polski SA | 305,000 | 321,287 | ||||||
Svensk Exportkredit AB | 400,000 | 404,040 | ||||||
725,327 | ||||||||
Security Description | Principal Amount** | Value (Note 2) | ||||||
Thailand — 0.8% |
| |||||||
Bangkok Bank PCL | EUR | 500,000 | $ | 503,724 | ||||
Bangkok Bank PCL | 300,000 | 307,347 | ||||||
Siam Commercial Bank PCL | 200,000 | 204,315 | ||||||
Thai Oil PCL | 200,000 | 197,512 | ||||||
1,212,898 | ||||||||
Turkey — 0.3% |
| |||||||
Turkiye Halk Bankasi AS | 200,000 | 189,500 | ||||||
Turkiye Is Bankasi | 200,000 | 199,500 | ||||||
389,000 | ||||||||
United Kingdom — 0.2% |
| |||||||
Petra Diamonds US Treasury PLC | 200,000 | 174,500 | ||||||
Vedanta Resources PLC | 200,000 | 135,000 | ||||||
309,500 | ||||||||
United States — 0.6% | ||||||||
Cemex Finance LLC | 200,000 | 184,000 | ||||||
Fifth Third Bancorp | 200,000 | 203,786 | ||||||
Toyota Motor Credit Corp. | 500,000 | 504,757 | ||||||
892,543 | ||||||||
Venezuela — 0.3% | ||||||||
Petroleos de Venezuela SA | 300,000 | 108,000 | ||||||
Petroleos de Venezuela SA | 1,100,000 | 396,000 | ||||||
504,000 | ||||||||
Total Corporate Bonds & Notes | ||||||||
(cost $17,290,328) | 15,236,644 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 64.4% |
| |||||||
Angola — 0.3% | ||||||||
Republic of Angola | 455,000 | 455,660 | ||||||
Armenia — 0.7% | ||||||||
Republic of Armenia | 430,000 | 423,550 |
143 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount** | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Armenia (continued) | ||||||||
Republic of Armenia | EUR | 600,000 | $ | 591,000 | ||||
1,014,550 | ||||||||
Australia — 0.9% | ||||||||
Commonwealth of Australia | AUD | 1,500,000 | 1,290,413 | |||||
Austria — 0.8% | ||||||||
Republic of Austria | EUR | 350,000 | 553,184 | |||||
Republic of Austria | EUR | 370,000 | 549,785 | |||||
1,102,969 | ||||||||
Azerbaijan — 0.3% | ||||||||
Republic of Azerbaijan | 500,000 | 475,290 | ||||||
Bahrain — 0.1% | ||||||||
Kingdom of Bahrain | 200,000 | 200,840 | ||||||
Belgium — 1.4% | ||||||||
Kingdom of Belgium | EUR | 1,735,000 | 2,084,800 | |||||
Brazil — 0.7% | ||||||||
Federative Republic of Brazil | 600,000 | 483,000 | ||||||
Federative Republic of Brazil | 300,000 | 238,500 | ||||||
Federative Republic of Brazil | 300,000 | 285,750 | ||||||
1,007,250 | ||||||||
Canada — 1.3% | ||||||||
Government of Canada | CAD | 600,000 | 492,050 | |||||
Government of Canada | CAD | 1,085,000 | 896,639 | |||||
Government of Canada | CAD | 410,000 | 448,687 | |||||
1,837,376 | ||||||||
Colombia — 1.3% | ||||||||
Republic of Colombia | 500,000 | 488,750 | ||||||
Republic of Colombia | 540,000 | 533,250 | ||||||
Republic of Colombia | 500,000 | 507,500 |
Security Description | Principal Amount** | Value (Note 2) | ||||||
Colombia (continued) | ||||||||
Republic of Colombia | COP | 900,000,000 | $ | 328,263 | ||||
1,857,763 | ||||||||
Costa Rica — 0.7% | ||||||||
Republic of Costa Rica | 350,000 | 296,625 | ||||||
Republic of Costa Rica | 200,000 | 148,500 | ||||||
Republic of Costa Rica | 500,000 | 371,250 | ||||||
Republic of Costa Rica | 250,000 | 217,500 | ||||||
1,033,875 | ||||||||
Croatia — 1.6% | ||||||||
Republic of Croatia | EUR | 640,000 | 622,096 | |||||
Republic of Croatia | 650,000 | 670,313 | ||||||
Republic of Croatia | 550,000 | 583,000 | ||||||
Republic of Croatia | 500,000 | 542,600 | ||||||
2,418,009 | ||||||||
Denmark — 0.5% | ||||||||
Kingdom of Denmark | DKK | 4,300,000 | 667,645 | |||||
Dominican Republic — 1.1% | ||||||||
Dominican Republic | 300,000 | 294,000 | ||||||
Dominican Republic | 300,000 | 302,250 | ||||||
Dominican Republic | 300,000 | 311,250 | ||||||
Dominican Republic | 390,000 | 421,200 | ||||||
Dominican Republic | 300,000 | 351,000 | ||||||
1,679,700 | ||||||||
El Salvador — 0.5% | ||||||||
Republic of El Salvador | 800,000 | 710,000 | ||||||
Finland — 0.4% | ||||||||
Government of Finland | EUR | 440,000 | 590,192 | |||||
144 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount** | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
France — 2.7% | ||||||||
Government of France | EUR | 400,000 | $ | 535,104 | ||||
Government of France | EUR | 350,000 | 583,185 | |||||
Government of France | EUR | 1,400,000 | 1,921,205 | |||||
Government of France | EUR | 600,000 | 995,370 | |||||
Government of France | EUR | 347 | 565 | |||||
4,035,429 | ||||||||
Germany — 5.4% | ||||||||
Federal Republic of Germany | EUR | 2,000,000 | 2,360,045 | |||||
Federal Republic of Germany | EUR | 800,000 | 950,167 | |||||
Federal Republic of Germany | EUR | 1,580,000 | 1,899,764 | |||||
Federal Republic of Germany | EUR | 1,710,000 | 2,748,890 | |||||
7,958,866 | ||||||||
Hungary — 0.4% | ||||||||
Republic of Hungary | 308,000 | 346,885 | ||||||
Republic of Hungary | 150,000 | 205,560 | ||||||
552,445 | ||||||||
Italy — 6.6% | ||||||||
Republic of Italy | EUR | 1,000,000 | 1,214,293 | |||||
Republic of Italy | EUR | 1,800,000 | 2,217,059 | |||||
Republic of Italy | EUR | 750,000 | 997,251 | |||||
Republic of Italy | EUR | 1,150,000 | 1,491,940 | |||||
Republic of Italy | EUR | 20,000 | 27,885 | |||||
Republic of Italy | EUR | 600,000 | 971,127 | |||||
Republic of Italy | EUR | 1,200,000 | 1,919,108 | |||||
Republic of Italy | EUR | 532,912 | 898,681 | |||||
9,737,344 | ||||||||
Security Description | Principal Amount** | Value (Note 2) | ||||||
Jamaica — 0.5% |
| |||||||
Government of Jamaica | EUR | 250,000 | $ | 252,500 | ||||
Government of Jamaica | 230,000 | 250,700 | ||||||
Government of Jamaica | 250,000 | 252,187 | ||||||
755,387 | ||||||||
Japan — 13.5% |
| |||||||
Government of Japan | JPY | 205,000,000 | 1,752,059 | |||||
Government of Japan | JPY | 185,000,000 | 1,571,944 | |||||
Government of Japan | JPY | 132,000,000 | 1,124,048 | |||||
Government of Japan | JPY | 200,000,000 | 1,719,301 | |||||
Government of Japan | JPY | 254,000,000 | 2,169,420 | |||||
Government of Japan | JPY | 190,000,000 | 1,608,517 | |||||
Government of Japan | JPY | 200,000,000 | 1,675,548 | |||||
Government of Japan | JPY | 62,500,000 | 516,831 | |||||
Government of Japan | JPY | 100,000,000 | 940,390 | |||||
Government of Japan | JPY | 53,000,000 | 497,296 | |||||
Government of Japan | JPY | 225,000,000 | 2,027,011 | |||||
Government of Japan | JPY | 285,000,000 | 2,677,356 | |||||
Government of Japan | JPY | 128,000,000 | 1,245,250 | |||||
Government of Japan | JPY | 33,000,000 | 321,931 | |||||
19,846,902 | ||||||||
Kazakhstan — 0.7% |
| |||||||
Republic of Kazakhstan | 730,000 | 627,800 | ||||||
Republic of Kazakhstan | 365,000 | 369,216 | ||||||
997,016 | ||||||||
145 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount** | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Latvia — 0.4% |
| |||||||
Republic of Latvia | JPY | 500,000 | $ | 564,940 | ||||
Lebanon — 0.9% |
| |||||||
Lebanese Republic | 1,400,000 | 1,386,000 | ||||||
Lithuania — 0.3% |
| |||||||
Republic of Lithuania | 400,000 | 479,896 | ||||||
Malaysia — 0.2% |
| |||||||
Government of Malaysia | MYR | 1,000,000 | 234,485 | |||||
Mexico — 1.3% |
| |||||||
United Mexican States | 700,000 | 691,600 | ||||||
United Mexican States | 400,000 | 449,000 | ||||||
United Mexican States | MXN | 5,000,000 | 382,610 | |||||
United Mexican States | MXN | 5,000,000 | 410,691 | |||||
1,933,901 | ||||||||
Netherlands — 1.3% |
| |||||||
Government of Netherlands | EUR | 885,000 | 1,065,341 | |||||
Republic of Mozambique | 1,001,000 | 859,859 | ||||||
1,925,200 | ||||||||
New Zealand — 0.7% | ||||||||
Government of New Zealand | NZD | 1,500,000 | 1,073,476 | |||||
Norway — 0.5% | ||||||||
Kingdom of Norway | NOK | 5,000,000 | 659,509 | |||||
Pakistan — 0.4% | ||||||||
Islamic Republic of Pakistan | 500,000 | 517,360 | ||||||
Panama — 1.3% | ||||||||
Republic of Panama | 500,000 | 493,750 | ||||||
Republic of Panama | 660,000 | 715,275 | ||||||
Republic of Panama | 600,000 | 727,500 | ||||||
1,936,525 | ||||||||
Security Description | Principal Amount** | Value (Note 2) | ||||||
Paraguay — 0.2% | ||||||||
Republic of Paraguay | NOK | 250,000 | $ | 244,375 | ||||
Peru — 0.3% | ||||||||
Republic of Peru | 151,000 | 150,622 | ||||||
Republic of Peru | 300,000 | 355,500 | ||||||
506,122 | ||||||||
Philippines — 2.0% | ||||||||
Republic of the Philippines | 500,000 | 541,698 | ||||||
Republic of the Philippines | 550,000 | 599,299 | ||||||
Republic of the Philippines | 500,000 | 661,718 | ||||||
Republic of the Philippines | 710,000 | 1,121,477 | ||||||
2,924,192 | ||||||||
Poland — 2.0% | ||||||||
Republic of Poland | 1,250,000 | 1,321,250 | ||||||
Republic of Poland | PLN | 4,000,000 | 1,055,769 | |||||
Republic of Poland | 500,000 | 575,625 | ||||||
2,952,644 | ||||||||
Serbia — 0.9% | ||||||||
Republic of Serbia | 500,000 | 530,050 | ||||||
Republic of Serbia | 700,000 | 799,750 | ||||||
1,329,800 | ||||||||
South Africa — 0.3% | ||||||||
Republic of South Africa | ZAR | 5,000,000 | 392,916 | |||||
Spain — 1.0% | ||||||||
Kingdom of Spain | EUR | 350,000 | 457,727 | |||||
Kingdom of Spain | EUR | 300,000 | 473,357 | |||||
Kingdom of Spain | EUR | 300,000 | 465,507 | |||||
1,396,591 | ||||||||
146 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Principal Amount** | (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sri Lanka — 0.5% | ||||||||
Republic of Sri Lanka | EUR | 800,000 | $ | 782,880 | ||||
Sweden — 0.3% | ||||||||
Kingdom of Sweden | SEK | 3,000,000 | 413,171 | |||||
Turkey — 1.1% | ||||||||
Republic of Turkey | 250,000 | 266,150 | ||||||
Republic of Turkey | 330,000 | 337,095 | ||||||
Republic of Turkey | 470,000 | 507,778 | ||||||
Republic of Turkey | 500,000 | 560,800 | ||||||
1,671,823 | ||||||||
United Kingdom — 4.2% |
| |||||||
United Kingdom Gilt Treasury | GBP 500,000 | 779,307 | ||||||
United Kingdom Gilt Treasury | GBP 600,000 | 977,945 | ||||||
United Kingdom Gilt Treasury | GBP 135,000 | 208,778 | ||||||
United Kingdom Gilt Treasury | GBP 500,000 | 954,779 | ||||||
United Kingdom Gilt Treasury | GBP 410,000 | 793,852 | ||||||
United Kingdom Gilt Treasury | GBP 450,000 | 895,822 | ||||||
United Kingdom Gilt Treasury | GBP 290,000 | 574,765 | ||||||
United Kingdom Gilt Treasury | GBP 500,000 | 1,000,793 | ||||||
6,186,041 | ||||||||
Uruguay — 0.4% |
| |||||||
Oriental Republic of Uruguay | 650,000 | 578,500 | ||||||
Venezuela — 1.1% |
| |||||||
Republic of Venezuela | 400,000 | 190,000 | ||||||
Republic of Venezuela | 800,000 | 342,000 | ||||||
Republic of Venezuela | 870,000 | 358,875 |
Security Description | Principal Amount**/ Shares | Value (Note 2) | ||||||
Venezuela (continued) |
| |||||||
Republic of Venezuela | GBP | 830,000 | $ | 391,760 | ||||
Republic of Venezuela | 750,000 | 371,250 | ||||||
1,653,885 | ||||||||
Zambia — 0.4% |
| |||||||
Republic of Zambia | 650,000 | 562,042 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $103,834,009) | 94,615,995 | |||||||
U.S. GOVERNMENT TREASURIES — 22.8% | ||||||||
United States Treasury Bonds | ||||||||
3.00% due 05/15/2042 | 1,720,000 | 1,733,841 | ||||||
4.38% due 02/15/2038 | 1,520,000 | 1,925,115 | ||||||
United States Treasury Notes | ||||||||
0.63% due 09/30/2017 | 2,500,000 | 2,487,500 | ||||||
1.38% due 09/30/2018 | 2,000,000 | 2,010,234 | ||||||
1.88% due 11/30/2021 | 2,000,000 | 1,999,688 | ||||||
1.88% due 10/31/2022 | 2,000,000 | 1,984,454 | ||||||
2.00% due 11/30/2020 | 5,000,000 | 5,070,510 | ||||||
2.00% due 02/15/2025 | 1,000,000 | 981,992 | ||||||
2.13% due 12/31/2015 | 2,125,000 | 2,128,153 | ||||||
2.38% due 03/31/2016 | 3,308,000 | 3,330,355 | ||||||
2.38% due 08/15/2024 | 550,000 | 558,594 | ||||||
2.75% due 11/30/2016 | 2,370,000 | 2,417,308 | ||||||
2.75% due 12/31/2017 | 2,150,000 | 2,228,189 | ||||||
2.75% due 02/28/2018 | 3,030,000 | 3,144,098 | ||||||
3.13% due 05/15/2021 | 1,360,000 | 1,453,341 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $33,004,179) | 33,453,372 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $154,128,516) | 143,306,011 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.7% |
| |||||||
Registered Investment Companies — 1.0% |
| |||||||
State Street Navigator Securities | 1,433,100 | 1,433,100 | ||||||
Time Deposits — 2.7% |
| |||||||
Euro Time Deposit with State Street | 3,995,000 | 3,995,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $5,428,100) | 5,428,100 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $159,556,616)(4) | 101.3 | % | 148,734,111 | |||||
Liabilities in excess of other assets | (1.3 | ) | (1,924,295 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 146,809,816 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $16,814,539 representing 11.5% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
** | Denominated in United States Dollars unless otherwise indicated. |
# | The security or a portion thereof is out on loan (see Note 2.) |
147 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
(1) | Illiquid security. At November 30, 2015, the aggregate value of these securities was $795,917 representing 0.5% of net assets. |
(2) | At November 30, 2015, the Fund had loaned securities with a total value of $1,366,316. This was secured by collateral of $1,433,100, which was received in cash and subsequently invested in short-term investments currently valued at $1,433,100 as reported in the Portfolio of Investments. |
(3) | The rate shown is the 7-day yield as of November 30, 2015. |
(4) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
COP—Colombian Peso
DKK—Danish Krone
EUR—Euro Dollar
GBP—British Pound
JPY—Japanese Yen
MXN—Mexican Peso
MYR—Malaysian Ringgit
NOK—Norwegian Krone
NZD—New Zealand Dollar
PLN—Polish Zloty
SEK—Swedish Krona
ZAR—South African Rand
VRS—Variable Rate Security
The rates shown on VRS are the current interest rates as of November 30, 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 November 30, 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 | $ | — | $ | 15,236,644 | $ | — | $ | 15,236,644 | ||||||||
Foreign Government Obligations | — | 94,615,995 | — | 94,615,995 | ||||||||||||
U.S. Government Treasuries | — | 33,453,372 | — | 33,453,372 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 1,433,100 | — | — | 1,433,100 | ||||||||||||
Time Deposits | — | 3,995,000 | — | 3,995,000 | ||||||||||||
Total Investments at Value* | $ | 1,433,100 | $ | 147,301,011 | $ | — | $ | 148,734,111 | ||||||||
* | 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. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
148 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 9.1 | % | ||
Banks — Commercial | 5.9 | |||
Registered Investment Companies | 5.8 | |||
Insurance — Life/Health | 3.6 | |||
Food — Misc./Diversified | 3.1 | |||
Diversified Banking Institutions | 2.6 | |||
Oil Companies — Integrated | 2.5 | |||
Time Deposits | 2.5 | |||
Auto — Cars/Light Trucks | 2.5 | |||
Chemicals — Diversified | 2.4 | |||
Retail — Apparel/Shoe | 2.0 | |||
Electronic Components — Misc. | 2.0 | |||
Cosmetics & Toiletries | 1.9 | |||
Food — Retail | 1.9 | |||
Cable/Satellite TV | 1.8 | |||
Beverages — Wine/Spirits | 1.7 | |||
Soap & Cleaning Preparation | 1.7 | |||
Auto/Truck Parts & Equipment — Original | 1.6 | |||
Semiconductor Components — Integrated Circuits | 1.6 | |||
Brewery | 1.5 | |||
Tobacco | 1.5 | |||
Retail — Jewelry | 1.5 | |||
Web Portals/ISP | 1.4 | |||
Advertising Agencies | 1.4 | |||
Food — Catering | 1.4 | |||
Finance — Other Services | 1.4 | |||
Airlines | 1.4 | |||
Electronic Components — Semiconductors | 1.4 | |||
Electric Products — Misc. | 1.3 | |||
Commercial Services | 1.2 | |||
Transport — Rail | 1.0 | |||
Enterprise Software/Service | 1.0 | |||
Industrial Gases | 0.9 | |||
Textile — Apparel | 0.9 | |||
Medical Products | 0.9 | |||
Power Converter/Supply Equipment | 0.9 | |||
Distribution/Wholesale | 0.8 | |||
Computers — Integrated Systems | 0.8 | |||
Finance — Leasing Companies | 0.8 | |||
Machinery — Farming | 0.7 | |||
Diversified Operations/Commercial Services | 0.7 | |||
Dialysis Centers | 0.7 | |||
Metal — Diversified | 0.7 | |||
Medical — Generic Drugs | 0.7 | |||
Diversified Financial Services | 0.7 | |||
Hotels/Motels | 0.7 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Television | 0.6 | |||
Retail — Misc./Diversified | 0.6 | |||
Transactional Software | 0.6 | |||
Cruise Lines | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Rental Auto/Equipment | 0.6 | |||
Electronic Measurement Instruments | 0.6 | |||
Internet Application Software | 0.6 | |||
Retail — Drug Store | 0.6 | |||
Medical Instruments | 0.6 | |||
Insurance — Property/Casualty | 0.5 | |||
Satellite Telecom | 0.5 | |||
Industrial Automated/Robotic | 0.5 | |||
Finance — Credit Card | 0.5 | |||
Optical Supplies | 0.5 | |||
Containers — Paper/Plastic | 0.5 | |||
Retail — Home Furnishings | 0.5 | |||
Retail — Convenience Store | 0.5 | |||
Advertising Services | 0.5 | |||
Human Resources | 0.4 | |||
Investment Companies | 0.4 | |||
Insurance — Multi-line | 0.4 |
Agricultural Chemicals | 0.4 | % | ||
Retail — Building Products | 0.4 | |||
Paper & Related Products | 0.4 | |||
Broadcast Services/Program | 0.4 | |||
Rubber — Tires | 0.4 | |||
Networking Products | 0.4 | |||
Transport — Services | 0.3 | |||
Casino Hotels | 0.3 | |||
Athletic Footwear | 0.3 | |||
Electric — Integrated | 0.3 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Building Products — Cement | 0.3 | |||
Multimedia | 0.3 | |||
Commercial Paper | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
E-Marketing/Info | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Applications Software | 0.2 | |||
Toys | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Appliances | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Computer Aided Design | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Food — Meat Products | 0.2 | |||
Machine Tools & Related Products | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Consulting Services | 0.1 | |||
Computer Services | 0.1 | |||
Explosives | 0.1 | |||
Telecom Services | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
105.5% | ||||
Country Allocation*
United Kingdom | 18.8 | % | ||
Japan | 14.0 | |||
Switzerland | 10.0 | |||
France | 9.4 | |||
Germany | 8.9 | |||
United States | 8.5 | |||
Canada | 3.6 | |||
Netherlands | 3.2 | |||
Jersey | 2.7 | |||
Sweden | 2.5 | |||
Belgium | 2.3 | |||
Cayman Islands | 2.2 | |||
Spain | 2.1 | |||
Denmark | 1.9 | |||
Hong Kong | 1.7 | |||
Australia | 1.7 | |||
Ireland | 1.7 | |||
Singapore | 1.4 | |||
Italy | 1.2 | |||
Taiwan | 1.2 | |||
Israel | 0.9 | |||
China | 0.9 | |||
South Korea | 0.6 | |||
Portugal | 0.6 | |||
Mexico | 0.6 | |||
Brazil | 0.6 | |||
Norway | 0.5 |
149 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)
Country Allocation* (continued)
Austria | 0.5 | % | ||
India | 0.4 | |||
Bermuda | 0.3 | |||
Thailand | 0.3 | |||
Turkey | 0.2 | |||
Indonesia | 0.1 | |||
105.5% | ||||
* | Calculated as a percentage of net assets |
150 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.0% | ||||||||
Australia — 1.7% | ||||||||
Amcor, Ltd. | 278,991 | $ | 2,727,881 | |||||
Aurizon Holdings, Ltd. | 431,294 | 1,737,349 | ||||||
Brambles, Ltd. | 146,757 | 1,155,807 | ||||||
CSL, Ltd. | 17,700 | 1,281,472 | ||||||
Orica, Ltd.# | 53,604 | 612,510 | ||||||
Qantas Airways, Ltd. | 763,538 | 2,009,975 | ||||||
9,524,994 | ||||||||
Austria — 0.5% | ||||||||
Erste Group Bank AG† | 86,030 | 2,639,590 | ||||||
Belgium — 2.3% | ||||||||
Anheuser-Busch InBev NV | 40,094 | 5,165,961 | ||||||
KBC Groep NV | 81,433 | 4,861,148 | ||||||
UCB SA | 29,390 | 2,624,514 | ||||||
12,651,623 | ||||||||
Bermuda — 0.3% | ||||||||
Global Brands Group Holding, Ltd.† | 3,946,800 | 763,557 | ||||||
Li & Fung, Ltd.# | 1,722,800 | 1,179,870 | ||||||
1,943,427 | ||||||||
Brazil — 0.6% | ||||||||
BM&FBovespa SA | 585,702 | 1,721,228 | ||||||
BRF SA | 54,941 | 781,585 | ||||||
Itau Unibanco Holding SA ADR | 82,906 | 586,975 | ||||||
3,089,788 | ||||||||
Canada — 3.6% | ||||||||
Alimentation Couche-Tard, Inc., Class B | 57,380 | 2,615,818 | ||||||
Canadian National Railway Co. (NYSE) | 46,364 | 2,770,249 | ||||||
Canadian National Railway Co. (TSX) | 20,745 | 1,238,222 | ||||||
Cenovus Energy, Inc. | 79,668 | 1,178,808 | ||||||
CGI Group, Inc., Class A† | 80,297 | 3,495,200 | ||||||
Element Financial Corp. | 65,696 | 841,216 | ||||||
Fairfax Financial Holdings, Ltd. | 3,223 | 1,547,412 | ||||||
Great-West Lifeco, Inc. | 40,958 | 1,113,007 | ||||||
Loblaw Cos., Ltd. | 19,935 | 1,006,416 | ||||||
Suncor Energy, Inc. | 128,772 | 3,558,117 | ||||||
Valeant Pharmaceuticals International, Inc.† | 7,942 | 714,462 | ||||||
20,078,927 | ||||||||
Cayman Islands — 2.2% | ||||||||
Alibaba Group Holding, Ltd. ADR† | 8,572 | 720,734 | ||||||
Baidu, Inc. ADR† | 20,541 | 4,477,322 | ||||||
CK Hutchison Holdings, Ltd. | 234,392 | 3,065,390 | ||||||
Sands China, Ltd. | 146,400 | 493,762 | ||||||
Tencent Holdings, Ltd. | 156,300 | 3,118,561 | ||||||
11,875,769 | ||||||||
China — 0.9% | ||||||||
Great Wall Motor Co., Ltd.# | 1,139,000 | 1,405,855 | ||||||
Industrial & Commercial Bank of China, Ltd., Class H | 1,824,000 | 1,108,028 | ||||||
Kweichow Moutai Co., Ltd., Class A† | 67,351 | 2,244,402 | ||||||
4,758,285 | ||||||||
Denmark — 1.9% | ||||||||
Carlsberg A/S, Class B | 36,744 | 3,124,857 | ||||||
Novo Nordisk A/S, Class B | 27,592 | 1,520,070 | ||||||
Pandora A/S | 51,450 | 6,098,760 | ||||||
10,743,687 | ||||||||
France — 9.4% | ||||||||
Accor SA | 49,000 | 2,067,731 | ||||||
Air Liquide SA | 24,048 | 2,934,613 | ||||||
Arkema SA | 15,280 | 1,100,865 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) | ||||||||
Bureau Veritas SA | 34,450 | $ | 709,582 | |||||
Carrefour SA | 82,652 | 2,548,171 | ||||||
Criteo SA ADR† | 32,370 | 1,319,401 | ||||||
Danone SA | 46,170 | 3,235,637 | ||||||
Dassault Systemes | 11,613 | 924,277 | ||||||
Engie SA | 94,826 | 1,652,106 | ||||||
Essilor International SA | 20,952 | 2,735,005 | ||||||
Hermes International | 833 | 293,295 | ||||||
Iliad SA | 4,610 | 1,028,204 | ||||||
Ingenico Group SA | 8,930 | 1,124,179 | ||||||
L’Oreal SA | 3,616 | 640,313 | ||||||
Legrand SA | 73,095 | 4,300,083 | ||||||
LVMH Moet Hennessy Louis Vuitton SE# | 29,803 | 4,998,776 | ||||||
Pernod Ricard SA | 44,410 | 5,053,432 | ||||||
Peugeot SA† | 45,440 | 811,843 | ||||||
Publicis Groupe SA | 40,670 | 2,566,161 | ||||||
Schneider Electric SE | 74,602 | 4,729,243 | ||||||
TOTAL SA | 90,344 | 4,486,288 | ||||||
Valeo SA | 16,080 | 2,489,785 | ||||||
51,748,990 | ||||||||
Germany — 8.9% | ||||||||
adidas AG# | 18,450 | 1,785,395 | ||||||
Allianz SE | 13,232 | 2,343,792 | ||||||
Bayer AG | 72,517 | 9,676,830 | ||||||
Beiersdorf AG# | 29,007 | 2,701,256 | ||||||
Continental AG | 8,055 | 1,946,353 | ||||||
Deutsche Boerse AG | 35,626 | 3,056,044 | ||||||
Deutsche Post AG | 46,684 | 1,364,548 | ||||||
Fresenius Medical Care AG & Co. KGaA# | 47,040 | 3,886,548 | ||||||
Linde AG | 13,704 | 2,392,648 | ||||||
Merck KGaA | 13,632 | 1,396,216 | ||||||
MTU Aero Engines AG# | 6,406 | 636,148 | ||||||
ProSiebenSat.1 Media SE | 65,446 | 3,436,603 | ||||||
SAP SE | 68,437 | 5,393,386 | ||||||
Symrise AG | 35,280 | 2,387,841 | ||||||
Wirecard AG# | 54,122 | 2,651,270 | ||||||
Zalando SE†#* | 119,078 | 4,038,560 | ||||||
49,093,438 | ||||||||
Hong Kong — 1.7% | ||||||||
AIA Group, Ltd. | 1,366,600 | 8,178,326 | ||||||
Galaxy Entertainment Group, Ltd. | 477,000 | 1,399,603 | ||||||
9,577,929 | ||||||||
India — 0.4% | ||||||||
Housing Development Finance Corp., Ltd. | 87,755 | 1,604,223 | ||||||
Tata Consultancy Services, Ltd. | 17,784 | 633,279 | ||||||
2,237,502 | ||||||||
Indonesia — 0.1% | ||||||||
Bank Mandiri Persero Tbk PT | 1,232,500 | 757,228 | ||||||
Ireland — 1.7% | ||||||||
Bank of Ireland† | 7,531,380 | 2,808,919 | ||||||
CRH PLC | 53,260 | 1,567,171 | ||||||
Ryanair Holdings PLC ADR | 35,178 | 2,705,188 | ||||||
Smurfit Kappa Group PLC | 77,890 | 2,128,140 | ||||||
9,209,418 | ||||||||
Israel — 0.9% | ||||||||
Check Point Software Technologies, Ltd.†# | 12,699 | 1,108,496 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 60,158 | 3,785,743 | ||||||
4,894,239 | ||||||||
151 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Italy — 1.2% | ||||||||
Intesa Sanpaolo SpA | 1,753,750 | $ | 6,018,298 | |||||
Luxottica Group SpA | 7,755 | 518,651 | ||||||
6,536,949 | ||||||||
Japan — 14.0% | ||||||||
Calbee, Inc. | 20,500 | 847,644 | ||||||
Daito Trust Construction Co., Ltd. | 15,400 | 1,600,049 | ||||||
Denso Corp.# | 83,300 | 3,974,175 | ||||||
FANUC Corp.# | 15,800 | 2,813,452 | ||||||
Fuji Heavy Industries, Ltd. | 87,200 | 3,604,172 | ||||||
Honda Motor Co., Ltd.# | 82,900 | 2,695,092 | ||||||
Hoya Corp. | 86,600 | 3,510,430 | ||||||
Inpex Corp.# | 124,911 | 1,240,485 | ||||||
Isuzu Motors, Ltd. | 120,000 | 1,350,122 | ||||||
Japan Tobacco, Inc. | 132,300 | 4,739,586 | ||||||
Keyence Corp. | 5,800 | 3,143,591 | ||||||
Komatsu, Ltd.# | 68,500 | 1,132,949 | ||||||
Kubota Corp. | 247,000 | 4,120,345 | ||||||
Kyocera Corp.# | 35,500 | 1,645,804 | ||||||
Minebea Co., Ltd.# | 78,000 | 856,036 | ||||||
Mizuho Financial Group, Inc. | 1,000,000 | 2,018,684 | ||||||
Murata Manufacturing Co., Ltd. | 27,600 | 4,282,372 | ||||||
Nidec Corp.# | 36,200 | 2,798,957 | ||||||
Nintendo Co., Ltd. | 7,100 | 1,090,378 | ||||||
Nitori Holdings Co., Ltd. | 32,200 | 2,652,380 | ||||||
Olympus Corp. | 36,200 | 1,443,883 | ||||||
Ono Pharmaceutical Co., Ltd. | 15,900 | 2,545,808 | ||||||
ORIX Corp. | 226,800 | 3,273,032 | ||||||
Ryohin Keikaku Co., Ltd. | 15,400 | 3,322,697 | ||||||
Seven & i Holdings Co., Ltd. | 79,700 | 3,573,875 | ||||||
Shin-Etsu Chemical Co., Ltd. | 15,500 | 876,738 | ||||||
Suzuki Motor Corp.# | 102,800 | 3,160,829 | ||||||
Terumo Corp.# | 73,500 | 2,346,507 | ||||||
Toyota Motor Corp.# | 29,775 | 1,852,048 | ||||||
Unicharm Corp.# | 108,300 | 2,283,889 | ||||||
Yahoo Japan Corp.# | 597,000 | 2,458,806 | ||||||
77,254,815 | ||||||||
Jersey — 2.7% | ||||||||
Delphi Automotive PLC | 10,956 | 962,813 | ||||||
Shire PLC | 35,390 | 2,476,357 | ||||||
Wolseley PLC | 59,710 | 3,465,870 | ||||||
WPP PLC | 335,297 | 7,751,604 | ||||||
14,656,644 | ||||||||
Mexico — 0.6% | ||||||||
Fomento Economico Mexicano SAB de CV ADR | 11,199 | 1,079,360 | ||||||
Grupo Televisa SAB ADR | 73,455 | 2,071,431 | ||||||
3,150,791 | ||||||||
Netherlands — 3.2% | ||||||||
Akzo Nobel NV | 66,650 | 4,740,610 | ||||||
Heineken NV | 7,722 | 686,634 | ||||||
ING Groep NV CVA | 281,600 | 3,866,329 | ||||||
Mobileye NV†# | 29,820 | 1,300,152 | ||||||
NXP Semiconductors NV† | 29,570 | 2,763,612 | ||||||
Randstad Holding NV | 38,311 | 2,395,862 | ||||||
Unilever NV CVA | 40,547 | 1,778,928 | ||||||
17,532,127 | ||||||||
Norway — 0.5% | ||||||||
Statoil ASA# | 174,910 | 2,704,996 | ||||||
Portugal — 0.6% | ||||||||
Jeronimo Martins SGPS SA | 231,508 | 3,212,817 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Singapore — 1.4% | ||||||||
Avago Technologies, Ltd. | 21,246 | $ | 2,771,541 | |||||
DBS Group Holdings, Ltd.# | 190,400 | 2,227,216 | ||||||
Singapore Telecommunications, Ltd. | 219,750 | 596,677 | ||||||
United Overseas Bank, Ltd. | 146,577 | 2,014,908 | ||||||
7,610,342 | ||||||||
South Korea — 0.6% | ||||||||
AMOREPACIFIC Corp. | 3,640 | 1,268,287 | ||||||
Samsung Electronics Co., Ltd. | 1,859 | 2,061,186 | ||||||
3,329,473 | ||||||||
Spain — 2.1% | ||||||||
Amadeus IT Holding SA, Class A | 82,526 | 3,310,275 | ||||||
Cellnex Telecom SAU* | 79,180 | 1,438,493 | ||||||
Industria de Diseno Textil SA | 106,600 | 3,836,116 | ||||||
International Consolidated Airlines Group SA | 327,361 | 2,795,526 | ||||||
11,380,410 | ||||||||
Sweden — 2.5% | ||||||||
Electrolux AB, Series B | 36,506 | 1,071,515 | ||||||
Getinge AB, Class B | 53,574 | 1,356,273 | ||||||
Hennes & Mauritz AB, Class B | 46,926 | 1,740,531 | ||||||
Hexagon AB, Class B | 29,610 | 1,074,499 | ||||||
Investor AB, Class B | 62,470 | 2,380,819 | ||||||
Lundin Petroleum AB† | 78,790 | 1,260,199 | ||||||
Sandvik AB | 74,031 | 766,894 | ||||||
Svenska Cellulosa AB SCA, Class B | 78,208 | 2,256,086 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 192,336 | 1,873,345 | ||||||
13,780,161 | ||||||||
Switzerland — 10.0% | ||||||||
Actelion, Ltd.† | 9,050 | 1,271,055 | ||||||
Cie Financiere Richemont SA | 14,348 | 1,073,816 | ||||||
Credit Suisse Group AG | 32,770 | 704,546 | ||||||
Julius Baer Group, Ltd. | 77,168 | 3,693,203 | ||||||
Kuehne & Nagel International AG | 3,951 | 534,173 | ||||||
Nestle SA | 151,608 | 11,250,689 | ||||||
Novartis AG | 124,415 | 10,635,466 | ||||||
Roche Holding AG | 61,774 | 16,541,514 | ||||||
Sonova Holding AG | 5,163 | 651,366 | ||||||
Swatch Group AG# | 2,688 | 945,248 | ||||||
Syngenta AG | 6,105 | 2,250,694 | ||||||
UBS Group AG | 303,128 | 5,818,903 | ||||||
55,370,673 | ||||||||
Taiwan — 1.2% | ||||||||
Hon Hai Precision Industry Co., Ltd. | 234,294 | 602,925 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 621,269 | 2,645,561 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 138,876 | 3,160,818 | ||||||
6,409,304 | ||||||||
Thailand — 0.3% | ||||||||
Kasikornbank PCL NVDR | 388,000 | 1,851,228 | ||||||
Turkey — 0.2% | ||||||||
Akbank TAS | 505,555 | 1,202,607 | ||||||
United Kingdom — 18.8% | ||||||||
Aberdeen Asset Management PLC# | 255,207 | 1,227,668 | ||||||
Admiral Group PLC | 54,240 | 1,324,208 | ||||||
ARM Holdings PLC | 154,000 | 2,606,997 | ||||||
Ashtead Group PLC | 197,821 | 3,262,421 | ||||||
Associated British Foods PLC | 40,917 | 2,185,224 | ||||||
Aviva PLC | 324,070 | 2,496,537 | ||||||
BAE Systems PLC | 188,250 | 1,464,397 | ||||||
Barclays PLC | 1,189,068 | 3,997,186 |
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Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United Kingdom (continued) | ||||||||
BG Group PLC | 63,082 | $ | 980,005 | |||||
British American Tobacco PLC | 60,673 | 3,534,561 | ||||||
Bunzl PLC | 96,490 | 2,790,211 | ||||||
Carnival PLC | 63,260 | 3,301,307 | ||||||
Compass Group PLC | 439,466 | 7,638,087 | ||||||
Croda International PLC | 36,660 | 1,583,526 | ||||||
Diageo PLC | 81,990 | 2,358,564 | ||||||
HSBC Holdings PLC | 311,159 | 2,481,429 | ||||||
Informa PLC | 149,828 | 1,406,964 | ||||||
Inmarsat PLC | 82,060 | 1,378,034 | ||||||
Johnson Matthey PLC | 71,799 | 3,060,260 | ||||||
Kingfisher PLC | 411,887 | 2,192,291 | ||||||
Liberty Global PLC, Class A† | 51,530 | 2,185,387 | ||||||
Lloyds Banking Group PLC | 1,476,450 | 1,622,397 | ||||||
London Stock Exchange Group PLC | 68,740 | 2,743,525 | ||||||
Next PLC | 13,085 | 1,560,819 | ||||||
Prudential PLC | 204,475 | 4,741,038 | ||||||
Reckitt Benckiser Group PLC | 99,718 | 9,356,536 | ||||||
RELX PLC | 215,976 | 3,896,869 | ||||||
Rio Tinto PLC | 116,446 | 3,873,250 | ||||||
Rolls-Royce Holdings PLC | 128,269 | 1,171,672 | ||||||
Rolls-Royce Holdings PLC (Entitlement Shares)† | 11,890,536 | 17,908 | ||||||
Royal Dutch Shell PLC, Class B | 78,556 | 1,954,533 | ||||||
Sky PLC | 465,230 | 7,749,547 | ||||||
Smith & Nephew PLC | 117,857 | 1,996,923 | ||||||
Smiths Group PLC | 83,945 | 1,306,016 | ||||||
St James’s Place PLC | 190,321 | 2,912,285 | ||||||
Standard Chartered PLC | 66,314 | 556,506 | ||||||
Whitbread PLC | 23,016 | 1,576,536 | ||||||
Worldpay Group PLC†* | 620,170 | 2,792,772 | ||||||
103,284,396 | ||||||||
Total Common Stocks | ||||||||
(cost $480,820,464) | 534,092,567 | |||||||
RIGHTS — 0.0% | ||||||||
Switzerland — 0.0% | ||||||||
Credit Suisse Group AG† | 32,770 | 20,066 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $480,820,464) | 534,112,633 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.5% |
| |||||||
Commercial Paper — 0.2% |
| |||||||
Barclays US Funding LLC | $ | 612,000 | 612,000 | |||||
HSBC USA, Inc. | 785,000 | 785,000 | ||||||
1,397,000 | ||||||||
Registered Investment Companies — 5.8% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(2)(3) | 31,851,666 | 31,851,666 | ||||||
Time Deposits — 2.5% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2015 | 13,799,000 | 13,799,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $47,047,666) | 47,047,666 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $527,868,130)(4) | 105.5 | % | 581,160,299 | |||||
Liabilities in excess of other assets | (5.5 | ) | (30,500,810 | ) | ||||
NET ASSETS | 100.0 | % | $ | 550,659,489 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $9,666,825 representing 1.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2015, the Fund held the following restricted securities: |
Description | Acquisition Date | Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Commercial Paper | ||||||||||||||||||||||||
Barclays US | 11/30/2015 | $ | 612,000 | $ | 611,998 | $ | 612,000 | $ | 1.00 | 0.11 | % | |||||||||||||
HSBC USA, Inc. | 11/30/2015 | 785,000 | 784,999 | 785,000 | 1.00 | 0.14 | % | |||||||||||||||||
$ | 1,397,000 | 0.25 | % | |||||||||||||||||||||
(2) | At November 30, 2015, the Fund had loaned securities with a total value of $31,384,383. This was secured by collateral of $31,851,666, which was received in cash and subsequently invested in short-term investments currently value at $31,856,666 as reported in the Portfolio of Investments. The remaining collateral of $1,118,979 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||
United States Treasury | 0.00% | 12/10/2015 to 07/21/2016 | $126,444 | |||
United States Treasury | 0.13% to 6.25% | 01/15/2016 to 05/15/2045 | 992,535 |
(3) | The rate shown is the 7-day yield as of November 30, 2015. |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
NVDR—Non-Voting Depositary Receipt
NYSE—New York Stock Exchange
TSX—Toronto Stock Exchange
153 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
United Kingdom | $ | 103,266,488 | $ | 17,908 | $ | — | $ | 103,284,396 | ||||||||
Other Countries | 430,808,171 | — | — | 430,808,171 | ||||||||||||
Rights | 20,066 | — | — | 20,066 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 31,851,666 | — | — | 31,851,666 | ||||||||||||
Other Short-Term Investment Securities | — | 15,196,000 | — | 15,196,000 | ||||||||||||
Total Investments at Value* | $ | 565,946,391 | $ | 15,213,908 | $ | — | $ | 581,160,299 | ||||||||
* | 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 $439,798,157 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
154 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 7.9 | % | ||
Medical — Drugs | 6.8 | |||
Computers | 4.6 | |||
Web Portals/ISP | 4.0 | |||
Medical Instruments | 3.3 | |||
Oil Companies — Integrated | 3.2 | |||
Applications Software | 3.2 | |||
Medical — Biomedical/Gene | 3.1 | |||
Retail — Drug Store | 3.0 | |||
Entertainment Software | 3.0 | |||
Finance — Credit Card | 3.0 | |||
Insurance — Reinsurance | 2.7 | |||
Telephone — Integrated | 2.7 | |||
Diversified Manufacturing Operations | 2.4 | |||
Cable/Satellite TV | 2.4 | |||
Electronic Components — Semiconductors | 2.3 | |||
Oil Companies — Exploration & Production | 2.1 | |||
Banks — Super Regional | 2.0 | |||
Repurchase Agreements | 2.0 | |||
Instruments — Controls | 1.9 | |||
Beverages — Non-alcoholic | 1.9 | |||
Advertising Services | 1.9 | |||
Medical — Wholesale Drug Distribution | 1.9 | |||
Retail — Building Products | 1.8 | |||
Investment Management/Advisor Services | 1.7 | |||
Auto/Truck Parts & Equipment — Original | 1.6 | |||
Internet Content — Entertainment | 1.5 | |||
Banks — Fiduciary | 1.4 | |||
Electric — Integrated | 1.4 | |||
Retail — Restaurants | 1.4 | |||
Retail — Apparel/Shoe | 1.3 | |||
Computers — Memory Devices | 1.3 | |||
Tobacco | 1.2 | |||
Computer Services | 1.2 | |||
Television | 1.2 | |||
Agricultural Chemicals | 1.2 | |||
Beverages — Wine/Spirits | 1.2 | |||
Medical — HMO | 1.1 | |||
Transport — Services | 1.1 | |||
Medical Products | 1.1 | |||
Insurance Brokers | 1.0 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Real Estate Investment Trusts | 0.9 | |||
Electronic Security Devices | 0.9 | |||
Oil — Field Services | 0.7 | |||
Data Processing/Management | 0.6 | |||
Commercial Services | 0.6 | |||
Retail — Arts & Crafts | 0.5 | |||
Registered Investment Companies | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Pipelines | 0.3 | |||
E-Commerce/Products | 0.1 | |||
101.1 | % | |||
* | Calculated as a percentage of net assets |
155 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.8% |
| |||||||
Advertising Services — 1.9% |
| |||||||
Nielsen Holdings PLC | 66,775 | $ | 3,117,057 | |||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
United Technologies Corp. | 16,244 | 1,560,236 | ||||||
Agricultural Chemicals — 1.2% |
| |||||||
Monsanto Co. | 20,905 | 1,989,320 | ||||||
Applications Software — 3.2% |
| |||||||
Intuit, Inc. | 8,690 | 870,738 | ||||||
Microsoft Corp. | 82,175 | 4,466,211 | ||||||
5,336,949 | ||||||||
Auto/Truck Parts & Equipment - Original — 1.6% |
| |||||||
Delphi Automotive PLC | 29,454 | 2,588,418 | ||||||
Banks - Fiduciary — 1.4% |
| |||||||
Bank of New York Mellon Corp. | 52,666 | 2,308,877 | ||||||
Banks - Super Regional — 2.0% |
| |||||||
Wells Fargo & Co. | 60,299 | 3,322,475 | ||||||
Beverages - Non-alcoholic — 1.9% |
| |||||||
PepsiCo, Inc. | 31,494 | 3,154,439 | ||||||
Beverages - Wine/Spirits — 1.2% |
| |||||||
Diageo PLC ADR | 16,776 | 1,921,859 | ||||||
Cable/Satellite TV — 2.4% |
| |||||||
Comcast Corp., Class A | 65,494 | 3,985,965 | ||||||
Commercial Services — 0.6% |
| |||||||
Aramark | 28,239 | 921,156 | ||||||
Commercial Services - Finance — 0.3% |
| |||||||
PayPal Holdings, Inc.† | 15,628 | 551,043 | ||||||
Computer Services — 1.2% |
| |||||||
Hewlett Packard Enterprise Co. | 86,381 | 1,283,622 | ||||||
IHS, Inc., Class A† | 6,239 | 769,331 | ||||||
2,052,953 | ||||||||
Computers — 4.6% |
| |||||||
Apple, Inc. | 57,648 | 6,819,758 | ||||||
HP, Inc. | 68,696 | 861,448 | ||||||
7,681,206 | ||||||||
Computers - Memory Devices — 1.3% |
| |||||||
EMC Corp. | 83,025 | 2,103,854 | ||||||
Data Processing/Management — 0.6% |
| |||||||
Dun & Bradstreet Corp. | 9,635 | 1,038,557 | ||||||
Diversified Banking Institutions — 7.9% |
| |||||||
Bank of America Corp. | 157,377 | 2,743,081 | ||||||
Citigroup, Inc. | 91,185 | 4,932,197 | ||||||
Goldman Sachs Group, Inc. | 3,480 | 661,270 | ||||||
JPMorgan Chase & Co. | 70,870 | 4,725,611 | ||||||
13,062,159 | ||||||||
Diversified Manufacturing Operations — 2.4% |
| |||||||
Eaton Corp. PLC | 10,635 | 618,532 | ||||||
General Electric Co. | 113,652 | 3,402,741 | ||||||
4,021,273 | ||||||||
E-Commerce/Products — 0.1% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 2,610 | 219,449 | ||||||
Electric - Integrated — 1.4% |
| |||||||
DTE Energy Co. | 12,181 | 980,449 | ||||||
Edison International | 22,274 | 1,322,184 | ||||||
2,302,633 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors — 2.3% |
| |||||||
Broadcom Corp., Class A | 41,365 | $ | 2,259,770 | |||||
Qorvo, Inc.† | 9,536 | 553,756 | ||||||
Skyworks Solutions, Inc.# | 12,916 | 1,072,286 | ||||||
3,885,812 | ||||||||
Electronic Security Devices — 0.9% |
| |||||||
Tyco International PLC | 40,167 | 1,418,297 | ||||||
Entertainment Software — 3.0% |
| |||||||
Activision Blizzard, Inc. | 106,815 | 4,022,653 | ||||||
Electronic Arts, Inc.† | 14,215 | 963,635 | ||||||
4,986,288 | ||||||||
Finance - Credit Card — 3.0% |
| |||||||
American Express Co. | 36,740 | 2,632,054 | ||||||
MasterCard, Inc., Class A | 23,871 | 2,337,448 | ||||||
4,969,502 | ||||||||
Instruments - Controls — 1.9% |
| |||||||
Honeywell International, Inc. | 30,511 | 3,171,618 | ||||||
Insurance Brokers — 1.0% |
| |||||||
Aon PLC | 17,191 | 1,628,675 | ||||||
Insurance - Reinsurance — 2.7% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 33,784 | 4,530,097 | ||||||
Internet Content - Entertainment — 1.5% |
| |||||||
Facebook, Inc., Class A† | 23,235 | 2,422,016 | ||||||
Investment Management/Advisor Services — 1.7% |
| |||||||
BlackRock, Inc. | 7,870 | 2,862,476 | ||||||
Medical Instruments — 3.3% |
| |||||||
Medtronic PLC | 54,828 | 4,130,741 | ||||||
St. Jude Medical, Inc. | 22,399 | 1,413,377 | ||||||
5,544,118 | ||||||||
Medical Products — 1.1% |
| |||||||
Cooper Cos., Inc. | 5,250 | 767,812 | ||||||
Zimmer Biomet Holdings, Inc. | 10,175 | 1,027,777 | ||||||
1,795,589 | ||||||||
Medical - Biomedical/Gene — 3.1% |
| |||||||
Biogen, Inc.† | 7,190 | 2,062,524 | ||||||
Celgene Corp.† | 14,852 | 1,625,551 | ||||||
Vertex Pharmaceuticals, Inc.† | 11,465 | 1,483,112 | ||||||
5,171,187 | ||||||||
Medical - Drugs — 6.8% |
| |||||||
Abbott Laboratories | 56,407 | 2,533,803 | ||||||
Allergan PLC† | 3,780 | 1,186,504 | ||||||
Baxalta, Inc. | 38,600 | 1,327,068 | ||||||
Endo International PLC† | 14,000 | 860,720 | ||||||
Johnson & Johnson | 38,393 | 3,886,907 | ||||||
Pfizer, Inc. | 45,845 | 1,502,341 | ||||||
11,297,343 | ||||||||
Medical - HMO — 1.1% |
| |||||||
Cigna Corp. | 14,129 | 1,907,132 | ||||||
Medical - Wholesale Drug Distribution — 1.9% |
| |||||||
Cardinal Health, Inc. | 35,394 | 3,073,969 | ||||||
Oil Companies - Exploration & Production — 2.1% |
| |||||||
Canadian Natural Resources, Ltd. | 45,998 | 1,113,151 | ||||||
ConocoPhillips | 24,436 | 1,320,766 | ||||||
Noble Energy, Inc. | 13,407 | 491,635 | ||||||
Range Resources Corp.# | 19,585 | 559,739 | ||||||
3,485,291 | ||||||||
156 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil Companies - Integrated — 3.2% |
| |||||||
Chevron Corp. | 25,730 | $ | 2,349,664 | |||||
Exxon Mobil Corp. | 36,831 | 3,007,619 | ||||||
5,357,283 | ||||||||
Oil - Field Services — 0.7% |
| |||||||
Schlumberger, Ltd. | 14,195 | 1,095,144 | ||||||
Pipelines — 0.3% |
| |||||||
Williams Cos., Inc. | 13,579 | 496,448 | ||||||
Real Estate Investment Trusts — 0.9% |
| |||||||
American Tower Corp. | 11,485 | 1,141,379 | ||||||
Rayonier, Inc. | 15,195 | 366,656 | ||||||
1,508,035 | ||||||||
Retail - Apparel/Shoe — 1.3% |
| |||||||
Coach, Inc. | 43,875 | 1,393,909 | ||||||
PVH Corp. | 8,222 | 750,586 | ||||||
2,144,495 | ||||||||
Retail - Arts & Crafts — 0.5% |
| |||||||
Michaels Cos., Inc.† | 34,826 | 773,485 | ||||||
Retail - Building Products — 1.8% |
| |||||||
Lowe’s Cos., Inc. | 39,870 | 3,054,042 | ||||||
Retail - Drug Store — 3.0% |
| |||||||
CVS Health Corp. | 43,749 | 4,116,343 | ||||||
Walgreens Boots Alliance, Inc. | 11,316 | 950,884 | ||||||
5,067,227 | ||||||||
Retail - Restaurants — 1.4% |
| |||||||
McDonald’s Corp. | 19,980 | 2,280,917 | ||||||
Telephone - Integrated — 2.7% |
| |||||||
Verizon Communications, Inc. | 98,273 | 4,466,508 | ||||||
Television — 1.2% |
| |||||||
CBS Corp., Class B | 40,485 | 2,043,683 | ||||||
Tobacco — 1.2% |
| |||||||
Philip Morris International, Inc. | 23,605 | 2,062,841 | ||||||
Transport - Services — 1.1% |
| |||||||
FedEx Corp. | 11,735 | 1,860,467 | ||||||
Web Portals/ISP — 4.0% |
| |||||||
Alphabet, Inc., Class A† | 3,182 | 2,427,389 | ||||||
Alphabet, Inc., Class C† | 5,638 | 4,186,779 | ||||||
6,614,168 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $142,887,560) | 164,214,031 | |||||||
Security Description | | Shares/ Principal Amount | | | Value (Note 2) | | ||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) | 572,861 | $ | 572,861 | |||||
REPURCHASE AGREEMENTS — 2.0% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00% dated 11/30/2015, to be repurchased 12/01/2015 in the amount of $3,321,000 and collateralized by $3,480,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having approximate value of $3,390,658 | $ | 3,321,000 | 3,321,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $146,781,421)(3) | 101.1 | % | 168,107,892 | |||||
Liabilities in excess of other assets | (1.1 | ) | (1,848,081 | ) | ||||
NET ASSETS | 100.0 | % | $ | 166,259,811 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $1,475,118. This was secured by collateral of $572,861, which was received in cash and subsequently invested in short-term investments currently valued at $572,861 as reported in the Portfolio of Investments. Additional collateral of $920,747 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
United States Treasury Bills | 0.00% | 12/10/2015 to 07/21/2016 | $ | 104,044 | ||||
United States Treasury Notes/Bonds | 0.13% to 6.25% | 01/15/2016 to 05/15/2045 | 816,703 |
(2) | The rate shown in the 7-day yield as of November 30, 2015. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 164,214,031 | $ | — | $ | — | $ | 164,214,031 | ||||||||
Short-Term Investment Securities | 572,861 | — | — | 572,861 | ||||||||||||
Repurchase Agreements | — | 3,321,000 | — | 3,321,000 | ||||||||||||
Total Investments at Value* | $ | 164,786,892 | $ | 3,321,000 | $ | — | $ | 168,107,892 | ||||||||
* | 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
157 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Computer Services | 6.3 | % | ||
Web Portals/ISP | 5.9 | |||
Finance — Credit Card | 5.3 | |||
Medical — Drugs | 5.3 | |||
Instruments — Scientific | 4.7 | |||
Cosmetics & Toiletries | 4.1 | |||
Multimedia | 4.0 | |||
Registered Investment Companies | 3.6 | |||
Electronic Components — Semiconductors | 3.2 | |||
Data Processing/Management | 3.2 | |||
Diagnostic Equipment | 3.1 | |||
Chemicals — Diversified | 2.9 | |||
Distribution/Wholesale | 2.7 | |||
Commercial Services — Finance | 2.5 | |||
Computers | 2.4 | |||
Retail — Drug Store | 2.4 | |||
Apparel Manufacturers | 2.3 | |||
Vitamins & Nutrition Products | 2.3 | |||
Chemicals — Specialty | 2.3 | |||
Aerospace/Defense — Equipment | 2.2 | |||
Retail — Auto Parts | 1.9 | |||
Agricultural Chemicals | 1.9 | |||
Enterprise Software/Service | 1.9 | |||
Retail — Major Department Stores | 1.8 | |||
Textile — Apparel | 1.7 | |||
Instruments — Controls | 1.6 | |||
Investment Management/Advisor Services | 1.5 | |||
Computers — Memory Devices | 1.5 | |||
Pharmacy Services | 1.5 | |||
Food — Misc./Diversified | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.4 | |||
Industrial Gases | 1.4 | |||
Dental Supplies & Equipment | 1.3 | |||
Athletic Footwear | 1.3 | |||
Coatings/Paint | 1.1 | |||
Beverages — Wine/Spirits | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Electronic Connectors | 0.8 | |||
Soap & Cleaning Preparation | 0.7 | |||
Commercial Paper | 0.6 | |||
Oil — Field Services | 0.6 | |||
Finance — Investment Banker/Broker | 0.6 | |||
Beverages — Non-alcoholic | 0.5 | |||
Brewery | 0.5 | |||
Finance — Other Services | 0.5 | |||
Medical Instruments | 0.5 | |||
Broadcast Services/Program | 0.5 | |||
Medical Products | 0.5 | |||
Advertising Agencies | 0.4 | |||
103.2 | % | |||
* | Calculated as a percentage of net assets |
158 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.0% |
| |||||||
Advertising Agencies — 0.4% |
| |||||||
Omnicom Group, Inc.# | 19,611 | $ | 1,449,645 | |||||
Aerospace/Defense - Equipment — 2.2% |
| |||||||
United Technologies Corp. | 91,386 | 8,777,625 | ||||||
Agricultural Chemicals — 1.9% |
| |||||||
Monsanto Co. | 79,303 | 7,546,473 | ||||||
Apparel Manufacturers — 2.3% |
| |||||||
Burberry Group PLC | 185,502 | 3,478,336 | ||||||
VF Corp. | 89,676 | 5,802,037 | ||||||
9,280,373 | ||||||||
Athletic Footwear — 1.3% |
| |||||||
NIKE, Inc., Class B | 39,716 | 5,253,632 | ||||||
Auto/Truck Parts & Equipment - Original — 0.8% |
| |||||||
Johnson Controls, Inc. | 72,906 | 3,353,676 | ||||||
Beverages - Non-alcoholic — 0.5% |
| |||||||
PepsiCo, Inc. | 21,338 | 2,137,214 | ||||||
Beverages - Wine/Spirits — 1.0% |
| |||||||
Pernod Ricard SA | 35,501 | 4,039,673 | ||||||
Brewery — 0.5% |
| |||||||
Ambev SA ADR | 436,837 | 2,083,712 | ||||||
Broadcast Services/Program — 0.5% |
| |||||||
Discovery Communications, Inc., Class A†# | 63,312 | 1,971,536 | ||||||
Chemicals - Diversified — 2.9% |
| |||||||
LyondellBasell Industries NV, Class A | 58,794 | 5,633,641 | ||||||
PPG Industries, Inc. | 58,070 | 6,140,322 | ||||||
11,773,963 | ||||||||
Chemicals - Specialty — 2.3% |
| |||||||
Ecolab, Inc. | 76,150 | 9,074,034 | ||||||
Coatings/Paint — 1.1% |
| |||||||
Sherwin-Williams Co. | 15,752 | 4,348,655 | ||||||
Commercial Services - Finance — 2.5% |
| |||||||
Equifax, Inc. | 47,546 | 5,301,379 | ||||||
Moody’s Corp. | 45,480 | 4,689,898 | ||||||
9,991,277 | ||||||||
Computer Services — 6.3% |
| |||||||
Accenture PLC, Class A | 181,845 | 19,497,421 | ||||||
Cognizant Technology Solutions Corp., Class A† | 89,609 | 5,786,949 | ||||||
25,284,370 | ||||||||
Computers — 2.4% |
| |||||||
Apple, Inc. | 80,939 | 9,575,084 | ||||||
Computers - Memory Devices — 1.5% |
| |||||||
EMC Corp. | 239,759 | 6,075,493 | ||||||
Cosmetics & Toiletries — 4.1% |
| |||||||
Colgate-Palmolive Co. | 202,166 | 13,278,263 | ||||||
L’Oreal SA | 18,767 | 3,323,218 | ||||||
16,601,481 | ||||||||
Data Processing/Management — 3.2% |
| |||||||
Fidelity National Information Services, Inc. | 125,777 | 8,008,222 | ||||||
Fiserv, Inc.† | 48,521 | 4,669,661 | ||||||
12,677,883 | ||||||||
Dental Supplies & Equipment — 1.3% |
| |||||||
DENTSPLY International, Inc. | 87,972 | 5,336,382 | ||||||
Security Description | Shares | Value | ||||||
Diagnostic Equipment — 3.1% |
| |||||||
Danaher Corp. | 130,315 | $ | 12,561,063 | |||||
Distribution/Wholesale — 2.7% |
| |||||||
Fastenal Co.# | 70,947 | 2,879,029 | ||||||
WW Grainger, Inc.# | 40,495 | 8,120,868 | ||||||
10,999,897 | ||||||||
Diversified Manufacturing Operations — 0.8% |
| |||||||
Colfax Corp.† | 120,991 | 3,275,226 | ||||||
Electronic Components - Semiconductors — 3.2% |
| |||||||
Microchip Technology, Inc.# | 76,442 | 3,690,620 | ||||||
Texas Instruments, Inc. | 158,198 | 9,194,468 | ||||||
12,885,088 | ||||||||
Electronic Connectors — 0.8% |
| |||||||
Amphenol Corp., Class A | 58,368 | 3,213,158 | ||||||
Enterprise Software/Service — 1.9% |
| |||||||
Oracle Corp. | 193,122 | 7,525,964 | ||||||
Finance - Credit Card — 5.3% |
| |||||||
MasterCard, Inc., Class A | 60,149 | 5,889,790 | ||||||
Visa, Inc., Class A | 196,816 | 15,550,432 | ||||||
21,440,222 | ||||||||
Finance - Investment Banker/Broker — 0.6% |
| |||||||
Charles Schwab Corp. | 65,432 | 2,205,713 | ||||||
Finance - Other Services — 0.5% |
| |||||||
CME Group, Inc. | 21,061 | 2,056,607 | ||||||
Food - Misc./Diversified — 1.4% |
| |||||||
Danone SA | 82,948 | 5,813,074 | ||||||
Industrial Gases — 1.4% |
| |||||||
Praxair, Inc. | 48,373 | 5,456,474 | ||||||
Instruments - Controls — 1.6% |
| |||||||
Mettler-Toledo International, Inc.† | 19,135 | 6,559,095 | ||||||
Instruments - Scientific — 4.7% |
| |||||||
Thermo Fisher Scientific, Inc. | 91,318 | 12,638,411 | ||||||
Waters Corp.† | 47,419 | 6,298,192 | ||||||
18,936,603 | ||||||||
Investment Management/Advisor Services — 1.5% |
| |||||||
Franklin Resources, Inc. | 145,784 | 6,111,265 | ||||||
Medical Instruments — 0.5% |
| |||||||
St. Jude Medical, Inc. | 31,922 | 2,014,278 | ||||||
Medical Products — 0.5% |
| |||||||
Cooper Cos., Inc. | 13,299 | 1,944,979 | ||||||
Medical - Drugs — 5.3% |
| |||||||
Abbott Laboratories | 158,075 | 7,100,729 | ||||||
Eli Lilly & Co. | 53,162 | 4,361,411 | ||||||
Roche Holding AG | 19,794 | 5,300,332 | ||||||
Zoetis, Inc. | 95,261 | 4,448,689 | ||||||
21,211,161 | ||||||||
Multimedia — 4.0% |
| |||||||
Time Warner, Inc. | 86,736 | 6,069,785 | ||||||
Twenty-First Century Fox, Inc., Class A | 267,172 | 7,884,246 | ||||||
Walt Disney Co. | 18,142 | 2,058,573 | ||||||
16,012,604 | ||||||||
Oil - Field Services — 0.6% |
| |||||||
Schlumberger, Ltd. | 29,040 | 2,240,436 | ||||||
159 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Pharmacy Services — 1.5% |
| |||||||
Express Scripts Holding Co.† | 70,945 | $ | 6,064,379 | |||||
Retail - Auto Parts — 1.9% |
| |||||||
AutoZone, Inc.† | 9,741 | 7,634,704 | ||||||
Retail - Drug Store — 2.4% |
| |||||||
CVS Health Corp. | 100,647 | 9,469,876 | ||||||
Retail - Major Department Stores — 1.8% |
| |||||||
TJX Cos., Inc. | 102,469 | 7,234,311 | ||||||
Semiconductor Components - Integrated Circuits — 1.4% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 255,039 | 5,804,688 | ||||||
Soap & Cleaning Preparation — 0.7% |
| |||||||
Church & Dwight Co., Inc. | 33,077 | 2,837,014 | ||||||
Textile - Apparel — 1.7% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE | 40,217 | 6,745,487 | ||||||
Vitamins & Nutrition Products — 2.3% |
| |||||||
Mead Johnson Nutrition Co. | 113,236 | 9,125,689 | ||||||
Web Portals/ISP — 5.9% |
| |||||||
Alphabet, Inc., Class A† | 31,250 | 23,839,062 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $347,949,979) | 397,850,298 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.2% | ||||||||
Commercial Paper — 0.6% |
| |||||||
HSBC USA, Inc. | $ | 2,319,000 | 2,319,000 | |||||
Registered Investment Companies — 3.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) | 14,650,082 | 14,650,082 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $16,969,082) | 16,969,082 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $364,919,061)(3) | 103.2 | % | 414,819,380 | |||||
Liabilities in excess of other assets | (3.2 | ) | (12,768,839 | ) | ||||
NET ASSETS | 100.0 | % | $ | 402,050,541 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At |
November 30, 2015, the aggregate value of these securities was $2,319,000 representing 0.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $16,408,209. This was secured by collateral of $14,650,082, which was received in cash and subsequently invested in short-term investments currently valued at $14,650,082 as reported in the Portfolio of Investments. Additional collateral of $2,006,974 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 08/01/2027 to 12/15/2044 | $ | 160,687 | ||||
Federal National Mtg. Assoc. | 0.75% to 4.25% | 04/20/2017 to 02/25/2044 | 588,265 | |||||
Government National Mtg. Assoc. | 0.40% to 4.00% | 04/20/2039 to 12/16/2052 | 25,186 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 01/31/2016 to 08/15/2044 | 1,232,836 |
(2) | The rate shown is the 7-day yield as of November 30, 2015. |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2015, the Fund held the following restricted securities: |
Description | Acquisition Date | Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Commercial Paper | ||||||||||||||||||||||||
HSBC USA, Inc. | 11/30/2015 | $ | 2,319,000 | $ | 2,319,000 | $ | 2,319,000 | $ | 1.00 | 0.58 | % | |||||||||||||
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 397,850,298 | $ | — | $ | — | $ | 397,850,298 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Commercial Paper | — | 2,319,000 | — | 2,319,000 | ||||||||||||
Registered Investment Companies | 14,650,082 | — | — | 14,650,082 | ||||||||||||
Total Investments at Value | $ | 412,500,380 | $ | 2,319,000 | $ | — | $ | 414,819,380 | ||||||||
* | 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 $28,700,120 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
160 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 10.2 | % | ||
Registered Investment Companies | 7.0 | |||
Banks — Commercial | 5.5 | |||
Electric — Integrated | 2.5 | |||
Chemicals — Specialty | 2.1 | |||
Retail — Restaurants | 1.9 | |||
Gas — Distribution | 1.8 | |||
Medical Products | 1.8 | |||
Insurance — Reinsurance | 1.7 | |||
Insurance — Property/Casualty | 1.5 | |||
Diversified Manufacturing Operations | 1.4 | |||
Computer Services | 1.4 | |||
Consulting Services | 1.4 | |||
Retail — Apparel/Shoe | 1.3 | |||
Commercial Services — Finance | 1.3 | |||
Building — Residential/Commercial | 1.3 | |||
Data Processing/Management | 1.2 | |||
Enterprise Software/Service | 1.2 | |||
Machinery — General Industrial | 1.2 | |||
Airlines | 1.1 | |||
Medical — HMO | 1.1 | |||
Electronic Components — Semiconductors | 1.1 | |||
Distribution/Wholesale | 1.1 | |||
Oil Companies — Exploration & Production | 1.1 | |||
Electronic Design Automation | 1.0 | |||
Containers — Paper/Plastic | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
Oil Refining & Marketing | 0.9 | |||
Steel — Producers | 0.9 | |||
Electronic Measurement Instruments | 0.9 | |||
Savings & Loans/Thrifts | 0.9 | |||
Electronic Parts Distribution | 0.9 | |||
Food — Misc./Diversified | 0.9 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Medical — Biomedical/Gene | 0.9 | |||
Computers — Integrated Systems | 0.8 | |||
Insurance — Multi-line | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Coatings/Paint | 0.8 | |||
Instruments — Controls | 0.8 | |||
Oil & Gas Drilling | 0.8 | |||
Insurance Brokers | 0.7 | |||
Building & Construction Products — Misc. | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Recreational Vehicles | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Soap & Cleaning Preparation | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Oil — Field Services | 0.7 | |||
Lighting Products & Systems | 0.6 | |||
Finance — Other Services | 0.6 | |||
Repurchase Agreements | 0.6 | |||
X-Ray Equipment | 0.6 | |||
Consumer Products — Misc. | 0.6 | |||
Food — Dairy Products | 0.6 | |||
Retail — Sporting Goods | 0.6 | |||
Multimedia | 0.6 | |||
Computer Aided Design | 0.5 | |||
Transport — Truck | 0.5 | |||
Respiratory Products | 0.5 | |||
Engineering/R&D Services | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Garden Products | 0.5 | |||
Industrial Automated/Robotic | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Human Resources | 0.4 | |||
Non — Hazardous Waste Disposal | 0.4 | |||
Physicians Practice Management | 0.4 | |||
Medical — Hospitals | 0.4 |
Filtration/Separation Products | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Disposable Medical Products | 0.4 | |||
Decision Support Software | 0.4 | |||
Transactional Software | 0.4 | |||
Printing — Commercial | 0.4 | |||
Shipbuilding | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Machine Tools & Related Products | 0.4 | |||
Telecommunication Equipment | 0.4 | |||
Medical Instruments | 0.4 | |||
Funeral Services & Related Items | 0.4 | |||
Footwear & Related Apparel | 0.4 | |||
Building Products — Air & Heating | 0.4 | |||
Retail — Mail Order | 0.3 | |||
Computer Data Security | 0.3 | |||
Water | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Television | 0.3 | |||
Home Furnishings | 0.3 | |||
Dental Supplies & Equipment | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Retail — Convenience Store | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Schools | 0.3 | |||
Veterinary Diagnostics | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Food — Baking | 0.3 | |||
Retail — Automobile | 0.3 | |||
Food — Flour & Grain | 0.3 | |||
Applications Software | 0.3 | |||
Medical — Outpatient/Home Medical | 0.3 | |||
Retail — Discount | 0.3 | |||
Office Furnishings — Original | 0.2 | |||
Machinery — Farming | 0.2 | |||
Research & Development | 0.2 | |||
Food — Canned | 0.2 | |||
Commercial Services | 0.2 | |||
Transport — Rail | 0.2 | |||
Theaters | 0.2 | |||
Communications Software | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Transport — Marine | 0.2 | |||
Building Products — Cement | 0.2 | |||
Computer Software | 0.2 | |||
Instruments — Scientific | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Retail — Office Supplies | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Retail — Petroleum Products | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Medical Information Systems | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Quarrying | 0.2 | |||
Housewares | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Drug Delivery Systems | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Medical — Drugs | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Building — Mobile Home/Manufactured Housing | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Paper & Related Products | 0.2 | |||
Building — Maintenance & Services | 0.2 |
161 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Publishing — Books | 0.2 | % | ||
Rental Auto/Equipment | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Gold Mining | 0.2 | |||
Hazardous Waste Disposal | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Brewery | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Wireless Equipment | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Networking Products | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Food — Retail | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Steel — Specialty | 0.1 | |||
Telecom Services | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Computers — Other | 0.1 | |||
Racetracks | 0.1 | |||
107.0 | % | |||
* | Calculated as a percentage of net assets |
162 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.2% |
| |||||||
Aerospace/Defense — 0.4% |
| |||||||
Esterline Technologies Corp.† | 60,312 | $ | 5,734,465 | |||||
Teledyne Technologies, Inc.†# | 69,284 | 6,409,463 | ||||||
12,143,928 | ||||||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
B/E Aerospace, Inc. | 207,951 | 9,611,495 | ||||||
KLX, Inc.† | 103,276 | 3,315,160 | ||||||
Orbital ATK, Inc. | 115,703 | 9,940,045 | ||||||
Triumph Group, Inc.# | 96,525 | 3,865,826 | ||||||
26,732,526 | ||||||||
Airlines — 1.1% |
| |||||||
Alaska Air Group, Inc. | 249,249 | 19,872,623 | ||||||
JetBlue Airways Corp.† | 616,288 | 15,246,965 | ||||||
35,119,588 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Carter’s, Inc. | 102,274 | 8,819,087 | ||||||
Applications Software — 0.3% |
| |||||||
PTC, Inc.† | 223,500 | 8,054,940 | ||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Sotheby’s# | 121,084 | 3,427,888 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
Dana Holding Corp.# | 313,768 | 5,158,346 | ||||||
Banks - Commercial — 5.5% |
| |||||||
Associated Banc-Corp. | 294,059 | 6,031,150 | ||||||
BancorpSouth, Inc. | 170,626 | 4,589,839 | ||||||
Bank of Hawaii Corp.# | 85,159 | 5,892,151 | ||||||
Bank of the Ozarks, Inc.# | 152,953 | 8,302,289 | ||||||
Cathay General Bancorp | 150,392 | 5,161,453 | ||||||
Commerce Bancshares, Inc. | 164,994 | 7,576,518 | ||||||
Cullen/Frost Bankers, Inc. | 108,841 | 7,596,013 | ||||||
East West Bancorp, Inc. | 281,604 | 12,215,982 | ||||||
First Horizon National Corp. | 458,125 | 6,812,319 | ||||||
FirstMerit Corp. | 324,506 | 6,564,756 | ||||||
Fulton Financial Corp. | 342,475 | 4,955,613 | ||||||
Hancock Holding Co. | 152,857 | 4,451,196 | ||||||
International Bancshares Corp. | 109,305 | 3,334,896 | ||||||
PacWest Bancorp# | 220,667 | 10,375,762 | ||||||
Prosperity Bancshares, Inc. | 128,889 | 7,141,739 | ||||||
Signature Bank† | 99,598 | 15,751,424 | ||||||
SVB Financial Group† | 100,771 | 13,350,142 | ||||||
Synovus Financial Corp. | 258,393 | 8,625,158 | ||||||
TCF Financial Corp. | 331,038 | 5,071,502 | ||||||
Trustmark Corp. | 132,251 | 3,339,338 | ||||||
Umpqua Holdings Corp. | 431,367 | 7,730,097 | ||||||
Valley National Bancorp | 455,584 | 5,075,206 | ||||||
Webster Financial Corp. | 179,951 | 7,235,830 | ||||||
167,180,373 | ||||||||
Batteries/Battery Systems — 0.1% |
| |||||||
Energizer Holdings, Inc. | 121,751 | 4,117,619 | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 18,993 | 4,057,285 | ||||||
Building & Construction Products - Misc. — 0.7% |
| |||||||
Fortune Brands Home & Security, Inc. | 313,099 | 17,211,052 | ||||||
Louisiana-Pacific Corp.† | 279,302 | 5,139,157 | ||||||
22,350,209 | ||||||||
Building Products - Air & Heating — 0.4% |
| |||||||
Lennox International, Inc. | 78,453 | 10,663,332 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building Products - Cement — 0.2% |
| |||||||
Eagle Materials, Inc. | 98,633 | $ | 6,813,568 | |||||
Building - Heavy Construction — 0.1% |
| |||||||
Granite Construction, Inc. | 77,087 | 3,142,837 | ||||||
Building - Maintenance & Services — 0.2% |
| |||||||
Rollins, Inc. | 184,009 | 4,995,844 | ||||||
Building - Mobile Home/Manufactured Housing — 0.2% |
| |||||||
Thor Industries, Inc. | 89,236 | 5,168,549 | ||||||
Building - Residential/Commercial — 1.3% |
| |||||||
CalAtlantic Group, Inc.† | 151,240 | 6,367,204 | ||||||
KB Home# | 178,328 | 2,512,641 | ||||||
MDC Holdings, Inc. | 76,557 | 2,008,090 | ||||||
NVR, Inc.† | 7,473 | 12,573,173 | ||||||
Toll Brothers, Inc.† | 317,431 | 11,802,085 | ||||||
TRI Pointe Group, Inc.† | 284,960 | 3,975,192 | ||||||
39,238,385 | ||||||||
Cable/Satellite TV — 0.1% |
| |||||||
Cable One, Inc. | 8,696 | 3,880,677 | ||||||
Chemicals - Diversified — 0.2% |
| |||||||
Olin Corp. | 323,018 | 7,032,102 | ||||||
Chemicals - Plastics — 0.2% |
| |||||||
PolyOne Corp. | 173,553 | 6,244,437 | ||||||
Chemicals - Specialty — 2.1% |
| |||||||
Albemarle Corp. | 219,649 | 11,764,401 | ||||||
Ashland, Inc.# | 132,382 | 14,912,832 | ||||||
Cabot Corp. | 123,164 | 5,362,561 | ||||||
Chemours Co. | 354,285 | 2,214,281 | ||||||
Cytec Industries, Inc. | 139,898 | 10,474,163 | ||||||
Minerals Technologies, Inc. | 68,026 | 4,186,320 | ||||||
NewMarket Corp. | 20,430 | 8,440,655 | ||||||
Sensient Technologies Corp. | 89,716 | 5,996,617 | ||||||
63,351,830 | ||||||||
Coatings/Paint — 0.8% |
| |||||||
RPM International, Inc. | 261,206 | 12,271,458 | ||||||
Valspar Corp. | 144,722 | 12,227,562 | ||||||
24,499,020 | ||||||||
Commercial Services — 0.2% |
| |||||||
Live Nation Entertainment, Inc.† | 285,227 | 7,241,914 | ||||||
Commercial Services - Finance — 1.3% |
| |||||||
Global Payments, Inc. | 254,958 | 18,063,774 | ||||||
SEI Investments Co. | 272,789 | 14,836,994 | ||||||
WEX, Inc.† | 75,666 | 7,133,034 | ||||||
40,033,802 | ||||||||
Communications Software — 0.2% |
| |||||||
SolarWinds, Inc.† | 122,194 | 7,139,795 | ||||||
Computer Aided Design — 0.5% |
| |||||||
ANSYS, Inc.† | 176,468 | 16,448,582 | ||||||
Computer Data Security — 0.3% |
| |||||||
Fortinet, Inc.† | 284,792 | 10,258,208 | ||||||
Computer Services — 1.4% |
| |||||||
Convergys Corp. | 192,391 | 4,955,992 | ||||||
DST Systems, Inc.# | 65,959 | 8,065,466 | ||||||
Leidos Holdings, Inc. | 125,554 | 7,273,343 | ||||||
Manhattan Associates, Inc.† | 143,721 | 11,009,029 | ||||||
MAXIMUS, Inc. | 129,109 | 7,326,936 | ||||||
Science Applications International Corp.# | 82,000 | 4,119,680 | ||||||
42,750,446 | ||||||||
163 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Software — 0.2% |
| |||||||
Rackspace Hosting, Inc.† | 236,844 | $ | 6,778,475 | |||||
Computers - Integrated Systems — 0.8% |
| |||||||
Diebold, Inc.# | 127,177 | 4,409,227 | ||||||
NCR Corp.† | 309,136 | 8,380,677 | ||||||
NetScout Systems, Inc.† | 197,205 | 6,527,485 | ||||||
VeriFone Systems, Inc.† | 223,743 | 6,416,949 | ||||||
25,734,338 | ||||||||
Computers - Other — 0.1% |
| |||||||
3D Systems Corp.†# | 208,288 | 1,899,587 | ||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Lexmark International, Inc., Class A | 120,607 | 4,141,644 | ||||||
Consulting Services — 1.4% |
| |||||||
CEB, Inc.# | 65,625 | 5,070,844 | ||||||
FTI Consulting, Inc.† | 81,909 | 3,061,758 | ||||||
Gartner, Inc.† | 162,565 | 15,167,315 | ||||||
Towers Watson & Co., Class A | 135,636 | 18,244,398 | ||||||
41,544,315 | ||||||||
Consumer Products - Misc. — 0.6% |
| |||||||
Jarden Corp.† | 388,406 | 18,130,792 | ||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Greif, Inc., Class A# | 50,319 | 1,784,815 | ||||||
Silgan Holdings, Inc. | 79,194 | 4,302,610 | ||||||
6,087,425 | ||||||||
Containers - Paper/Plastic — 1.0% |
| |||||||
Bemis Co., Inc. | 190,753 | 8,988,281 | ||||||
Packaging Corp. of America | 191,307 | 13,006,963 | ||||||
Sonoco Products Co. | 197,581 | 8,658,000 | ||||||
30,653,244 | ||||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Avon Products, Inc.# | 852,115 | 2,939,797 | ||||||
Edgewell Personal Care Co. | 121,751 | 9,800,955 | ||||||
12,740,752 | ||||||||
Data Processing/Management — 1.2% |
| |||||||
Acxiom Corp.† | 152,579 | 3,494,059 | ||||||
Broadridge Financial Solutions, Inc. | 231,534 | 12,729,739 | ||||||
CommVault Systems, Inc.† | 82,804 | 3,393,308 | ||||||
Fair Isaac Corp. | 60,957 | 5,806,154 | ||||||
Jack Henry & Associates, Inc. | 158,554 | 12,586,017 | ||||||
38,009,277 | ||||||||
Decision Support Software — 0.4% |
| |||||||
MSCI, Inc. | 180,900 | 12,684,708 | ||||||
Dental Supplies & Equipment — 0.3% |
| |||||||
Align Technology, Inc.† | 142,654 | 9,520,728 | ||||||
Diagnostic Kits — 0.4% |
| |||||||
IDEXX Laboratories, Inc.† | 180,111 | 12,755,461 | ||||||
Disposable Medical Products — 0.4% |
| |||||||
STERIS PLC# | 166,267 | 12,699,473 | ||||||
Distribution/Wholesale — 1.1% |
| |||||||
Ingram Micro, Inc., Class A | 305,041 | 9,434,918 | ||||||
LKQ Corp.† | 596,923 | 17,603,259 | ||||||
Watsco, Inc. | 50,310 | 6,394,904 | ||||||
33,433,081 | ||||||||
Diversified Manufacturing Operations — 1.4% |
| |||||||
A.O. Smith Corp.# | 148,255 | 11,824,819 | ||||||
Carlisle Cos., Inc. | 127,694 | 11,294,534 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Crane Co. | 96,594 | $ | 5,024,820 | |||||
ITT Corp. | 175,012 | 6,949,727 | ||||||
Trinity Industries, Inc. | 302,363 | 8,209,155 | ||||||
43,303,055 | ||||||||
Drug Delivery Systems — 0.2% |
| |||||||
Catalent, Inc.† | 192,572 | 5,363,130 | ||||||
Electric - Generation — 0.0% |
| |||||||
Talen Energy Corp.† | 125,786 | 979,873 | ||||||
Electric - Integrated — 2.5% |
| |||||||
Alliant Energy Corp. | 221,728 | 13,345,808 | ||||||
Black Hills Corp. | 98,537 | 4,229,208 | ||||||
Cleco Corp. | 118,399 | 5,932,974 | ||||||
Great Plains Energy, Inc.# | 302,128 | 8,154,435 | ||||||
Hawaiian Electric Industries, Inc. | 210,360 | 6,012,089 | ||||||
IDACORP, Inc. | 98,549 | 6,705,274 | ||||||
MDU Resources Group, Inc.# | 381,862 | 6,652,036 | ||||||
OGE Energy Corp. | 390,908 | 10,206,608 | ||||||
PNM Resources, Inc. | 155,933 | 4,522,057 | ||||||
Westar Energy, Inc.# | 276,520 | 11,801,873 | ||||||
77,562,362 | ||||||||
Electronic Components - Misc. — 0.8% |
| |||||||
Gentex Corp. | 573,314 | 9,594,410 | ||||||
Jabil Circuit, Inc. | 379,444 | 9,709,972 | ||||||
Knowles Corp.†# | 172,984 | 2,849,046 | ||||||
Vishay Intertechnology, Inc. | 265,143 | 3,160,505 | ||||||
25,313,933 | ||||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
Advanced Micro Devices, Inc.†# | 1,235,524 | 2,915,837 | ||||||
Cree, Inc.†# | 202,211 | 5,589,112 | ||||||
Fairchild Semiconductor International, Inc.† | 225,961 | 4,415,278 | ||||||
Intersil Corp., Class A | 258,637 | 3,745,064 | ||||||
IPG Photonics Corp.†# | 71,218 | 6,494,369 | ||||||
Silicon Laboratories, Inc.† | 78,227 | 4,232,863 | ||||||
Synaptics, Inc.†# | 71,316 | 6,402,037 | ||||||
33,794,560 | ||||||||
Electronic Design Automation — 1.0% |
| |||||||
Cadence Design Systems, Inc.† | 570,413 | 12,720,210 | ||||||
Mentor Graphics Corp. | 195,067 | 3,653,605 | ||||||
Synopsys, Inc.† | 305,286 | 15,288,723 | ||||||
31,662,538 | ||||||||
Electronic Measurement Instruments — 0.9% |
| |||||||
Keysight Technologies, Inc.† | 331,500 | 10,213,515 | ||||||
National Instruments Corp. | 199,285 | 6,257,549 | ||||||
Trimble Navigation, Ltd.† | 503,205 | 11,523,394 | ||||||
27,994,458 | ||||||||
Electronic Parts Distribution — 0.9% |
| |||||||
Arrow Electronics, Inc.† | 184,839 | 10,454,494 | ||||||
Avnet, Inc. | 263,218 | 11,929,039 | ||||||
Tech Data Corp.† | 69,149 | 4,677,930 | ||||||
27,061,463 | ||||||||
Energy - Alternate Sources — 0.1% |
| |||||||
SunEdison, Inc.†# | 616,756 | 1,967,452 | ||||||
Engineering/R&D Services — 0.5% |
| |||||||
AECOM† | 295,539 | 9,407,006 | ||||||
KBR, Inc. | 282,575 | 5,493,258 | ||||||
14,900,264 | ||||||||
164 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Enterprise Software/Service — 1.2% |
| |||||||
CDK Global, Inc. | 313,341 | $ | 14,855,497 | |||||
Tyler Technologies, Inc.† | 66,293 | 11,829,323 | ||||||
Ultimate Software Group, Inc.† | 55,963 | 11,052,692 | ||||||
37,737,512 | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 62,150 | 2,914,835 | ||||||
Filtration/Separation Products — 0.4% |
| |||||||
CLARCOR, Inc. | 98,071 | 5,181,091 | ||||||
Donaldson Co., Inc.# | 245,780 | 7,717,492 | ||||||
12,898,583 | ||||||||
Finance - Consumer Loans — 0.2% |
| |||||||
SLM Corp.† | 833,719 | 5,631,772 | ||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Raymond James Financial, Inc. | 250,872 | 14,733,712 | ||||||
Stifel Financial Corp.† | 135,924 | 6,165,513 | ||||||
20,899,225 | ||||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
CoreLogic, Inc.† | 174,391 | 6,428,052 | ||||||
Finance - Other Services — 0.6% |
| |||||||
CBOE Holdings, Inc. | 162,064 | 11,702,641 | ||||||
MarketAxess Holdings, Inc. | 73,015 | 7,796,542 | ||||||
19,499,183 | ||||||||
Food - Baking — 0.3% |
| |||||||
Flowers Foods, Inc. | 362,086 | 8,516,263 | ||||||
Food - Canned — 0.2% |
| |||||||
TreeHouse Foods, Inc.† | 84,307 | 7,289,183 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 34,990 | 1,121,430 | ||||||
Food - Dairy Products — 0.6% |
| |||||||
Dean Foods Co.# | 184,859 | 3,467,955 | ||||||
WhiteWave Foods Co.† | 344,070 | 13,979,564 | ||||||
17,447,519 | ||||||||
Food - Flour & Grain — 0.3% |
| |||||||
Post Holdings, Inc.† | 118,832 | 8,261,201 | ||||||
Food - Misc./Diversified — 0.9% |
| |||||||
Hain Celestial Group, Inc.† | 200,874 | 8,577,320 | ||||||
Ingredion, Inc. | 139,718 | 13,772,003 | ||||||
Lancaster Colony Corp. | 38,028 | 4,421,135 | ||||||
26,770,458 | ||||||||
Food - Retail — 0.1% |
| |||||||
SUPERVALU, Inc.† | 518,589 | 3,484,918 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
United Natural Foods, Inc.† | 98,054 | 4,305,551 | ||||||
Footwear & Related Apparel — 0.4% |
| |||||||
Deckers Outdoor Corp.†# | 63,975 | 3,130,936 | ||||||
Skechers U.S.A., Inc., Class A† | 250,695 | 7,570,989 | ||||||
10,701,925 | ||||||||
Funeral Services & Related Items — 0.4% | ||||||||
Service Corp. International | 392,269 | 10,924,692 | ||||||
Garden Products — 0.5% |
| |||||||
Scotts Miracle-Gro Co., Class A | 88,750 | 6,193,862 | ||||||
Toro Co. | 107,295 | 8,269,226 | ||||||
14,463,088 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Gas - Distribution — 1.8% |
| |||||||
Atmos Energy Corp. | 198,444 | $ | 12,365,046 | |||||
National Fuel Gas Co. | 165,550 | 7,568,946 | ||||||
ONE Gas, Inc.# | 102,084 | 4,976,595 | ||||||
Questar Corp.# | 344,029 | 6,519,349 | ||||||
UGI Corp. | 338,234 | 11,726,573 | ||||||
Vectren Corp. | 161,825 | 6,888,890 | ||||||
WGL Holdings, Inc. | 97,351 | 6,002,663 | ||||||
56,048,062 | ||||||||
Gold Mining — 0.2% |
| |||||||
Royal Gold, Inc. | 127,614 | 4,587,723 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Clean Harbors, Inc.†# | 104,089 | 4,506,013 | ||||||
Home Furnishings — 0.3% |
| |||||||
Tempur Sealy International, Inc.† | 121,163 | 9,632,459 | ||||||
Housewares — 0.2% |
| |||||||
Tupperware Brands Corp.# | 97,658 | 5,544,045 | ||||||
Human Resources — 0.4% |
| |||||||
ManpowerGroup, Inc. | 150,340 | 13,572,695 | ||||||
Industrial Automated/Robotic — 0.5% |
| |||||||
Cognex Corp. | 170,513 | 6,326,032 | ||||||
Nordson Corp. | 111,943 | 8,119,226 | ||||||
14,445,258 | ||||||||
Instruments - Controls — 0.8% |
| |||||||
Mettler-Toledo International, Inc.† | 54,224 | 18,586,903 | ||||||
Woodward, Inc. | 112,021 | 5,649,219 | ||||||
24,236,122 | ||||||||
Instruments - Scientific — 0.2% |
| |||||||
FEI Co. | 81,420 | 6,514,414 | ||||||
Insurance Brokers — 0.7% |
| |||||||
Arthur J. Gallagher & Co. | 341,694 | 14,949,113 | ||||||
Brown & Brown, Inc. | 228,894 | 7,429,899 | ||||||
22,379,012 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
CNO Financial Group, Inc.# | 376,297 | 7,612,489 | ||||||
Primerica, Inc.# | 97,088 | 4,974,789 | ||||||
StanCorp Financial Group, Inc. | 82,808 | 9,410,301 | ||||||
21,997,579 | ||||||||
Insurance - Multi-line — 0.8% |
| |||||||
American Financial Group, Inc. | 140,635 | 10,406,990 | ||||||
Genworth Financial, Inc., Class A† | 405,337 | 2,046,952 | ||||||
Kemper Corp. | 95,321 | 3,918,646 | ||||||
Old Republic International Corp. | 472,769 | 8,963,700 | ||||||
25,336,288 | ||||||||
Insurance - Property/Casualty — 1.5% |
| |||||||
Alleghany Corp.† | 31,259 | 15,922,084 | ||||||
First American Financial Corp.# | 212,684 | 8,388,257 | ||||||
Hanover Insurance Group, Inc. | 86,513 | 7,319,000 | ||||||
Mercury General Corp. | 71,274 | 3,688,429 | ||||||
WR Berkley Corp. | 193,203 | 10,753,679 | ||||||
46,071,449 | ||||||||
Insurance - Reinsurance — 1.7% |
| |||||||
Aspen Insurance Holdings, Ltd. | 118,981 | 6,010,920 | ||||||
Endurance Specialty Holdings, Ltd. | 118,600 | 7,822,856 | ||||||
Everest Re Group, Ltd.# | 86,504 | 15,954,798 | ||||||
Reinsurance Group of America, Inc. | 130,119 | 11,955,334 |
165 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Reinsurance (continued) |
| |||||||
RenaissanceRe Holdings, Ltd. | 89,939 | $ | 9,961,643 | |||||
51,705,551 | ||||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
Eaton Vance Corp. | 230,037 | 8,262,929 | ||||||
Federated Investors, Inc., Class B | 186,395 | 5,837,891 | ||||||
Janus Capital Group, Inc.# | 288,618 | 4,557,278 | ||||||
Waddell & Reed Financial, Inc., Class A | 163,931 | 6,131,020 | ||||||
WisdomTree Investments, Inc.# | 224,290 | 4,878,308 | ||||||
29,667,426 | ||||||||
Lighting Products & Systems — 0.6% |
| |||||||
Acuity Brands, Inc. | 85,239 | 19,679,980 | ||||||
Machine Tools & Related Products — 0.4% |
| |||||||
Kennametal, Inc.# | 155,477 | 4,547,702 | ||||||
Lincoln Electric Holdings, Inc. | 133,266 | 7,522,866 | ||||||
12,070,568 | ||||||||
Machinery - Construction & Mining — 0.5% |
| |||||||
Joy Global, Inc.# | 190,778 | 2,928,442 | ||||||
Oshkosh Corp.# | 153,317 | 6,724,484 | ||||||
Terex Corp. | 212,402 | 4,349,993 | ||||||
14,002,919 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Regal Beloit Corp. | 87,776 | 5,658,041 | ||||||
Machinery - Farming — 0.2% |
| |||||||
AGCO Corp.# | 146,714 | 7,373,846 | ||||||
Machinery - General Industrial — 1.2% |
| |||||||
IDEX Corp. | 151,504 | 11,938,516 | ||||||
Wabtec Corp.# | 189,251 | 15,162,790 | ||||||
Zebra Technologies Corp., Class A† | 101,941 | 8,175,668 | ||||||
35,276,974 | ||||||||
Machinery - Pumps — 0.3% |
| |||||||
Graco, Inc. | 113,012 | 8,527,886 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 369,833 | 5,632,557 | ||||||
Medical Instruments — 0.4% |
| |||||||
Bio-Techne Corp. | 72,759 | 6,636,348 | ||||||
LivaNova PLC†# | 82,766 | 4,953,545 | ||||||
11,589,893 | ||||||||
Medical Products — 1.8% |
| |||||||
Cooper Cos., Inc.# | 95,121 | 13,911,446 | ||||||
Halyard Health, Inc.† | 91,249 | 2,919,055 | ||||||
Hill-Rom Holdings, Inc. | 110,397 | 5,620,311 | ||||||
Sirona Dental Systems, Inc.† | 109,347 | 11,861,963 | ||||||
Teleflex, Inc.# | 81,431 | 10,724,463 | ||||||
West Pharmaceutical Services, Inc. | 140,957 | 8,887,339 | ||||||
53,924,577 | ||||||||
Medical - Biomedical/Gene — 0.9% |
| |||||||
Bio-Rad Laboratories, Inc., Class A† | 40,481 | 5,656,005 | ||||||
Charles River Laboratories International, Inc.† | 91,576 | 7,011,974 | ||||||
United Therapeutics Corp.† | 89,150 | 13,606,965 | ||||||
26,274,944 | ||||||||
Medical - Drugs — 0.2% |
| |||||||
Akorn, Inc.†# | 156,812 | 5,221,840 | ||||||
Medical - HMO — 1.1% |
| |||||||
Centene Corp.† | 233,135 | 13,463,546 | ||||||
Health Net, Inc.† | 151,299 | 9,571,175 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - HMO (continued) | ||||||||
Molina Healthcare, Inc.†# | 80,108 | $ | 4,827,308 | |||||
WellCare Health Plans, Inc.† | 86,274 | 7,115,880 | ||||||
34,977,909 | ||||||||
Medical - Hospitals — 0.4% |
| |||||||
Community Health Systems, Inc.† | 231,235 | 6,691,941 | ||||||
LifePoint Health, Inc.† | 86,936 | 6,225,487 | ||||||
12,917,428 | ||||||||
Medical - Outpatient/Home Medical — 0.3% |
| |||||||
Amsurg Corp.† | 94,837 | 7,971,998 | ||||||
Medical - Wholesale Drug Distribution — 0.2% |
| |||||||
Owens & Minor, Inc.# | 123,366 | 4,750,825 | ||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Timken Co. | 143,981 | 4,641,947 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
AptarGroup, Inc. | 122,931 | 9,155,901 | ||||||
Motion Pictures & Services — 0.1% |
| |||||||
DreamWorks Animation SKG, Inc., Class A†# | 138,925 | 3,423,112 | ||||||
Multimedia — 0.6% |
| |||||||
FactSet Research Systems, Inc. | 81,077 | 13,744,984 | ||||||
Meredith Corp. | 73,726 | 3,439,318 | ||||||
17,184,302 | ||||||||
Networking Products — 0.1% |
| |||||||
Polycom, Inc.† | 261,069 | 3,558,370 | ||||||
Non-Hazardous Waste Disposal — 0.4% |
| |||||||
Waste Connections, Inc. | 241,594 | 13,166,873 | ||||||
Office Furnishings - Original — 0.2% |
| |||||||
Herman Miller, Inc. | 117,140 | 3,714,509 | ||||||
HNI Corp. | 86,821 | 3,842,698 | ||||||
7,557,207 | ||||||||
Oil & Gas Drilling — 0.8% |
| |||||||
Atwood Oceanics, Inc.# | 113,910 | 1,808,891 | ||||||
Nabors Industries, Ltd. | 571,309 | 5,775,934 | ||||||
Noble Corp. PLC# | 473,686 | 6,285,813 | ||||||
Patterson-UTI Energy, Inc.# | 288,158 | 4,673,923 | ||||||
Rowan Cos. PLC, Class A | 244,300 | 4,966,619 | ||||||
23,511,180 | ||||||||
Oil Companies - Exploration & Production — 1.1% |
| |||||||
California Resources Corp. | 612,675 | 2,511,967 | ||||||
Denbury Resources, Inc.# | 695,840 | 2,574,608 | ||||||
Energen Corp. | 154,257 | 9,145,897 | ||||||
Gulfport Energy Corp.† | 211,835 | 5,384,846 | ||||||
QEP Resources, Inc. | 314,721 | 4,972,592 | ||||||
SM Energy Co.# | 133,021 | 3,906,827 | ||||||
WPX Energy, Inc.† | 457,898 | 3,928,765 | ||||||
32,425,502 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Dril-Quip, Inc.† | 75,770 | 4,781,845 | ||||||
Oil Refining & Marketing — 0.9% |
| |||||||
HollyFrontier Corp. | 369,136 | 17,748,059 | ||||||
Murphy USA, Inc.† | 78,844 | 4,695,949 | ||||||
Western Refining, Inc.# | 138,467 | 6,267,016 | ||||||
28,711,024 | ||||||||
Oil - Field Services — 0.7% |
| |||||||
NOW, Inc.†# | 209,816 | 3,856,418 | ||||||
Oceaneering International, Inc. | 191,542 | 8,378,047 | ||||||
Oil States International, Inc.† | 100,407 | 3,184,910 |
166 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil - Field Services (continued) |
| |||||||
Superior Energy Services, Inc. | 295,104 | $ | 4,624,280 | |||||
20,043,655 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Domtar Corp. | 123,000 | 5,054,070 | ||||||
Physicians Practice Management — 0.4% |
| |||||||
MEDNAX, Inc.† | 184,171 | 13,144,284 | ||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Hubbell, Inc., Class B | 99,259 | 9,855,426 | ||||||
Printing - Commercial — 0.4% |
| |||||||
Deluxe Corp. | 97,803 | 5,736,146 | ||||||
RR Donnelley & Sons Co.# | 408,556 | 6,573,666 | ||||||
12,309,812 | ||||||||
Publishing - Books — 0.2% |
| |||||||
John Wiley & Sons, Inc., Class A | 96,668 | 4,987,102 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
New York Times Co., Class A | 247,950 | 3,491,136 | ||||||
Publishing - Periodicals — 0.1% |
| |||||||
Time, Inc. | 214,832 | 3,574,804 | ||||||
Quarrying — 0.2% |
| |||||||
Compass Minerals International, Inc. | 65,958 | 5,549,706 | ||||||
Racetracks — 0.1% |
| |||||||
International Speedway Corp., Class A | 52,308 | 1,861,642 | ||||||
Real Estate Investment Trusts — 10.2% |
| |||||||
Alexandria Real Estate Equities, Inc. | 141,552 | 13,035,524 | ||||||
American Campus Communities, Inc. | 219,878 | 8,883,071 | ||||||
BioMed Realty Trust, Inc. | 395,550 | 9,283,559 | ||||||
Camden Property Trust | 170,026 | 12,986,586 | ||||||
Care Capital Properties, Inc. | 161,937 | 5,125,306 | ||||||
Communications Sales & Leasing, Inc. | 235,789 | 4,586,096 | ||||||
Corporate Office Properties Trust | 185,052 | 4,124,809 | ||||||
Corrections Corp. of America | 229,275 | 5,910,710 | ||||||
Douglas Emmett, Inc.# | 272,066 | 8,428,605 | ||||||
Duke Realty Corp. | 675,874 | 13,754,036 | ||||||
Equity One, Inc. | 144,491 | 3,934,490 | ||||||
Extra Space Storage, Inc. | 240,490 | 20,141,038 | ||||||
Federal Realty Investment Trust# | 135,323 | 19,827,526 | ||||||
Highwoods Properties, Inc. | 184,250 | 8,025,930 | ||||||
Hospitality Properties Trust | 296,551 | 8,235,221 | ||||||
Kilroy Realty Corp. | 180,507 | 12,045,232 | ||||||
Lamar Advertising Co. Class A | 160,363 | 9,366,803 | ||||||
LaSalle Hotel Properties# | 221,435 | 6,246,681 | ||||||
Liberty Property Trust | 293,374 | 9,945,379 | ||||||
Mack-Cali Realty Corp. | 174,405 | 4,098,518 | ||||||
Mid-America Apartment Communities, Inc. | 147,556 | 13,067,559 | ||||||
National Retail Properties, Inc. | 263,173 | 10,121,634 | ||||||
Omega Healthcare Investors, Inc. | 316,662 | 10,905,839 | ||||||
Post Properties, Inc. | 106,888 | 6,302,116 | ||||||
Potlatch Corp. | 79,632 | 2,661,301 | ||||||
Rayonier, Inc.# | 246,547 | 5,949,179 | ||||||
Regency Centers Corp. | 184,324 | 12,419,751 | ||||||
Senior Housing Properties Trust | 464,738 | 6,715,464 | ||||||
Sovran Self Storage, Inc. | 70,151 | 7,049,474 | ||||||
Tanger Factory Outlet Centers, Inc. | 187,623 | 6,249,722 | ||||||
Taubman Centers, Inc. | 119,137 | 8,562,376 | ||||||
UDR, Inc. | 512,907 | 18,931,397 | ||||||
Urban Edge Properties# | 180,757 | 4,336,360 | ||||||
Weingarten Realty Investors | 223,214 | 7,803,561 | ||||||
WP GLIMCHER, Inc. | 362,754 | 3,827,055 | ||||||
312,887,908 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Management/Services — 0.5% |
| |||||||
Jones Lang LaSalle, Inc. | 88,021 | $ | 14,622,049 | |||||
Real Estate Operations & Development — 0.1% |
| |||||||
Alexander & Baldwin, Inc. | 89,933 | 3,409,360 | ||||||
Recreational Vehicles — 0.7% |
| |||||||
Brunswick Corp. | 179,998 | 9,473,295 | ||||||
Polaris Industries, Inc.# | 120,428 | 12,696,724 | ||||||
22,170,019 | ||||||||
Rental Auto/Equipment — 0.2% |
| |||||||
Aaron’s, Inc. | 126,452 | 3,068,990 | ||||||
Rent-A-Center, Inc. | 103,862 | 1,782,272 | ||||||
4,851,262 | ||||||||
Research & Development — 0.2% |
| |||||||
PAREXEL International Corp.† | 108,331 | 7,350,258 | ||||||
Respiratory Products — 0.5% |
| |||||||
ResMed, Inc.# | 275,078 | 16,386,396 | ||||||
Retail - Apparel/Shoe — 1.3% |
| |||||||
Abercrombie & Fitch Co., Class A# | 136,190 | 3,482,378 | ||||||
American Eagle Outfitters, Inc.# | 351,971 | 5,480,188 | ||||||
Ascena Retail Group, Inc.† | 335,482 | 3,801,011 | ||||||
Chico’s FAS, Inc. | 272,676 | 3,272,112 | ||||||
Foot Locker, Inc. | 272,703 | 17,725,695 | ||||||
Guess?, Inc.# | 127,592 | 2,512,287 | ||||||
Kate Spade & Co.† | 249,948 | 5,008,958 | ||||||
41,282,629 | ||||||||
Retail - Automobile — 0.3% |
| |||||||
Copart, Inc.† | 214,234 | 8,455,816 | ||||||
Retail - Catalog Shopping — 0.2% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 94,776 | 5,847,679 | ||||||
Retail - Convenience Store — 0.3% |
| |||||||
Casey’s General Stores, Inc. | 76,324 | 8,874,191 | ||||||
Retail - Discount — 0.3% |
| |||||||
Big Lots, Inc. | 101,564 | 4,569,364 | ||||||
HSN, Inc. | 63,161 | 3,151,734 | ||||||
7,721,098 | ||||||||
Retail - Mail Order — 0.3% |
| |||||||
Williams-Sonoma, Inc. | 164,890 | 10,442,484 | ||||||
Retail - Major Department Stores — 0.2% |
| |||||||
J.C. Penney Co., Inc.†# | 598,054 | 4,766,490 | ||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
CST Brands, Inc. | 148,022 | 5,512,339 | ||||||
Retail - Office Supplies — 0.2% |
| |||||||
Office Depot, Inc.† | 965,744 | 6,364,253 | ||||||
Retail - Petroleum Products — 0.2% |
| |||||||
World Fuel Services Corp. | 140,514 | 6,125,005 | ||||||
Retail - Restaurants — 1.9% |
| |||||||
Brinker International, Inc. | 117,663 | 5,367,786 | ||||||
Buffalo Wild Wings, Inc.† | 37,220 | 5,964,133 | ||||||
Cheesecake Factory, Inc. | 88,396 | 4,166,104 | ||||||
Cracker Barrel Old Country Store, Inc.# | 46,901 | 5,905,774 | ||||||
Domino’s Pizza, Inc.# | 107,501 | 11,553,132 | ||||||
Dunkin’ Brands Group, Inc.# | 186,446 | 7,909,039 | ||||||
Jack in the Box, Inc. | 71,604 | 5,308,721 | ||||||
Panera Bread Co., Class A† | 47,788 | 8,687,858 | ||||||
Wendy’s Co. | 426,524 | 4,482,767 | ||||||
59,345,314 | ||||||||
167 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Sporting Goods — 0.6% |
| |||||||
Cabela’s, Inc.†# | 97,740 | $ | 4,581,074 | |||||
Dick’s Sporting Goods, Inc. | 183,361 | 7,156,580 | ||||||
Vista Outdoor, Inc.† | 123,698 | 5,448,897 | ||||||
17,186,551 | ||||||||
Savings & Loans/Thrifts — 0.9% |
| |||||||
First Niagara Financial Group, Inc. | 694,606 | 7,487,853 | ||||||
New York Community Bancorp, Inc. | 949,344 | 15,569,241 | ||||||
Washington Federal, Inc. | 183,981 | 4,754,069 | ||||||
27,811,163 | ||||||||
Schools — 0.3% |
| |||||||
Apollo Education Group, Inc.† | 197,338 | 1,393,206 | ||||||
DeVry Education Group, Inc.# | 111,901 | 2,657,649 | ||||||
Graham Holdings Co., Class B | 8,784 | 4,754,340 | ||||||
8,805,195 | ||||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Atmel Corp. | 819,053 | 7,084,809 | ||||||
Cypress Semiconductor Corp.# | 656,237 | 7,100,484 | ||||||
Integrated Device Technology, Inc.† | 290,253 | 8,138,694 | ||||||
22,323,987 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Teradyne, Inc. | 412,736 | 8,576,654 | ||||||
Shipbuilding — 0.4% |
| |||||||
Huntington Ingalls Industries, Inc. | 93,612 | 12,255,683 | ||||||
Soap & Cleaning Preparation — 0.7% |
| |||||||
Church & Dwight Co., Inc. | 256,349 | 21,987,054 | ||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Valmont Industries, Inc. | 45,513 | 5,336,399 | ||||||
Steel - Producers — 0.9% |
| |||||||
Carpenter Technology Corp. | 96,983 | 3,485,569 | ||||||
Commercial Metals Co. | 226,305 | 3,347,051 | ||||||
Reliance Steel & Aluminum Co. | 143,827 | 8,458,466 | ||||||
Steel Dynamics, Inc. | 473,869 | 8,240,582 | ||||||
United States Steel Corp.# | 286,301 | 2,310,449 | ||||||
Worthington Industries, Inc. | 92,106 | 2,834,101 | ||||||
28,676,218 | ||||||||
Steel - Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc.# | 213,792 | 2,708,745 | ||||||
Telecom Equipment - Fiber Optics — 0.2% |
| |||||||
Ciena Corp.† | 247,971 | 6,209,194 | ||||||
Telecom Services — 0.1% |
| |||||||
NeuStar, Inc., Class A†# | 106,493 | 2,683,624 | ||||||
Telecommunication Equipment — 0.4% |
| |||||||
ARRIS Group, Inc.† | 264,013 | 8,070,877 | ||||||
Plantronics, Inc. | 68,981 | 3,649,785 | ||||||
11,720,662 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Telephone & Data Systems, Inc. | 184,542 | 5,220,693 | ||||||
Television — 0.3% |
| |||||||
AMC Networks, Inc., Class A† | 119,176 | 9,690,201 | ||||||
Theaters — 0.2% |
| |||||||
Cinemark Holdings, Inc. | 206,524 | 7,166,383 | ||||||
Transactional Software — 0.4% |
| |||||||
ACI Worldwide, Inc.†# | 230,602 | 5,423,759 | ||||||
Solera Holdings, Inc. | 131,224 | 7,051,978 | ||||||
12,475,737 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
GATX Corp.# | 84,569 | $ | 3,915,545 | |||||
Transport - Marine — 0.2% |
| |||||||
Kirby Corp.† | 107,235 | 6,927,381 | ||||||
Transport - Rail — 0.2% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 104,234 | 7,220,289 | ||||||
Transport - Truck — 0.5% |
| |||||||
Landstar System, Inc. | 85,305 | 5,324,738 | ||||||
Old Dominion Freight Line, Inc.† | 136,928 | 8,723,683 | ||||||
Werner Enterprises, Inc.# | 87,257 | 2,352,449 | ||||||
16,400,870 | ||||||||
Veterinary Diagnostics — 0.3% |
| |||||||
VCA, Inc.† | 158,867 | 8,742,451 | ||||||
Water — 0.3% |
| |||||||
Aqua America, Inc.# | 346,118 | 10,158,563 | ||||||
Wire & Cable Products — 0.2% |
| |||||||
Belden, Inc. | 83,532 | 5,243,304 | ||||||
Wireless Equipment — 0.1% |
| |||||||
InterDigital, Inc. | 70,306 | 3,704,423 | ||||||
X-Ray Equipment — 0.6% |
| |||||||
Hologic, Inc.† | 479,948 | 19,365,902 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,260,048,838) | 3,041,089,497 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.2% |
| |||||||
Registered Investment Companies — 7.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) | $ | 213,862,443 | 213,862,443 | |||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | 6,150,000 | 6,149,859 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $220,012,443) | 220,012,302 | |||||||
REPURCHASE AGREEMENTS — 0.6% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(4) | 19,465,000 | 19,465,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,499,526,281)(5) | 107.0 | % | 3,280,566,799 | |||||
Liabilities in excess of other assets | (7.0 | ) | (213,649,270 | ) | ||||
NET ASSETS | 100.0 | % | $ | 3,066,917,529 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $279,766,971. This was secured by collateral of $213,862,443, which was received in cash and subsequently invested in short-term investments currently valued at $213,862,443 as reported in the Portfolio of Investments. Additional collateral of $73,571,567 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. |
168 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 08/01/2027 to 12/15/2044 | $ | 429,926 | ||||
Federal National Mtg. Assoc. | 0.75% to 4.25% | 04/20/2017 to 02/25/2044 | 2,675,982 | |||||
Government National Mtg. Assoc. | 0.40% to 4.00% | 04/20/2039 to 12/16/2052 | 67,387 | |||||
United States Treasury Bills | 0.00% | 12/03/2015 to 10/13/2016 | 3,487,948 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.88% | 01/15/2016 to 05/15/2045 | 66,910,324 |
(2) | The rate shown is the 7-day yield as of November 30, 2015. |
(3) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(4) | See Note 2 for details of Joint Repurchase Agreements. |
(5) | See Note 5 for cost of investments on a tax basis. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
196 | Long | S&P Mid Cap 400 E-Mini Index | December 2015 | $ | 27,387,665 | $ | 28,617,960 | $ | 1,230,295 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 3,041,089,497 | $ | — | $ | — | $ | 3,041,089,497 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 213,862,443 | — | — | 213,862,443 | ||||||||||||
U.S. Government Treasuries | — | 6,149,859 | — | 6,149,859 | ||||||||||||
Repurchase Agreements | — | 19,465,000 | — | 19,465,000 | ||||||||||||
Total Investments at Value | $ | 3,254,951,940 | $ | 25,614,859 | $ | — | $ | 3,280,566,799 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,230,295 | $ | — | $ | — | $ | 1,230,295 | ||||||||
* | 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
169 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Commercial Services — Finance | 6.2 | % | ||
Medical — Biomedical/Gene | 4.9 | |||
Applications Software | 4.9 | |||
E-Commerce/Services | 4.6 | |||
Medical Instruments | 4.2 | |||
Medical — Drugs | 3.8 | |||
Internet Content — Information/News | 3.6 | |||
Retail — Restaurants | 3.3 | |||
Time Deposits | 2.7 | |||
Consulting Services | 2.7 | |||
Auto — Cars/Light Trucks | 2.6 | |||
Medical Information Systems | 2.6 | |||
Internet Content — Entertainment | 2.6 | |||
Networking Products | 2.2 | |||
Beverages — Non-alcoholic | 2.0 | |||
Internet Application Software | 1.8 | |||
Enterprise Software/Service | 1.8 | |||
Apparel Manufacturers | 1.8 | |||
Vitamins & Nutrition Products | 1.7 | |||
Auto/Truck Parts & Equipment — Original | 1.6 | |||
Drug Delivery Systems | 1.5 | |||
Retail — Perfume & Cosmetics | 1.5 | |||
Decision Support Software | 1.5 | |||
Hotels/Motels | 1.4 | |||
Data Processing/Management | 1.3 | |||
Finance — Consumer Loans | 1.3 | |||
Registered Investment Companies | 1.2 | |||
Retail — Discount | 1.2 | |||
Airlines | 1.2 | |||
E-Commerce/Products | 1.0 | |||
Real Estate Investment Trusts | 1.0 | |||
Entertainment Software | 1.0 | |||
Retail — Apparel/Shoe | 1.0 | |||
Retail — Auto Parts | 0.9 | |||
Beverages — Wine/Spirits | 0.9 | |||
Food — Meat Products | 0.9 | |||
Electronic Components — Semiconductors | 0.9 | |||
Electric Products — Misc. | 0.8 | |||
Lighting Products & Systems | 0.8 | |||
Home Decoration Products | 0.8 | |||
Cruise Lines | 0.8 | |||
Audio/Video Products | 0.8 | |||
Coatings/Paint | 0.7 | |||
Coffee | 0.7 | |||
Home Furnishings | 0.7 | |||
Real Estate Management/Services | 0.7 | |||
Banks — Commercial | 0.7 | |||
Aerospace/Defense | 0.7 | |||
Medical — Wholesale Drug Distribution | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Financial Guarantee Insurance | 0.7 | |||
Food — Dairy Products | 0.6 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Retail — Gardening Products | 0.6 | |||
Television | 0.6 | |||
Computer Services | 0.6 | |||
Building Products — Cement | 0.6 | |||
Semiconductor Equipment | 0.6 | |||
Containers — Paper/Plastic | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Retail — Arts & Crafts | 0.5 | |||
Internet Infrastructure Software | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Computers — Memory Devices | 0.5 | |||
Instruments — Scientific | 0.5 | |||
Internet Security | 0.4 | |||
Disposable Medical Products | 0.3 | |||
Transport — Services | 0.3 |
Energy — Alternate Sources | 0.2 | |||
Computers — Other | 0.2 | |||
101.3 | % | |||
* | Calculated as a percentage of net assets |
170 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.2% | ||||||||
Aerospace/Defense — 0.7% | ||||||||
TransDigm Group, Inc.† | 7,646 | $ | 1,793,981 | |||||
Aerospace/Defense-Equipment — 0.6% | ||||||||
Orbital ATK, Inc. | 18,985 | 1,631,001 | ||||||
Airlines — 1.2% | ||||||||
United Continental Holdings, Inc.† | 54,030 | 3,011,092 | ||||||
Apparel Manufacturers — 1.8% | ||||||||
Gildan Activewear, Inc. | 41,685 | 1,291,818 | ||||||
Michael Kors Holdings, Ltd.† | 52,585 | 2,262,207 | ||||||
Under Armour, Inc., Class A† | 11,832 | 1,020,155 | ||||||
4,574,180 | ||||||||
Applications Software — 4.8% | ||||||||
Dropbox, Inc.†(1)(2)(3) | 89,561 | 1,293,231 | ||||||
NetSuite, Inc.† | 14,489 | 1,237,360 | ||||||
Red Hat, Inc.† | 29,185 | 2,375,951 | ||||||
ServiceNow, Inc.† | 54,996 | 4,785,202 | ||||||
Tableau Software, Inc., Class A† | 27,461 | 2,664,541 | ||||||
12,356,285 | ||||||||
Audio/Video Products — 0.8% | ||||||||
Harman International Industries, Inc. | 19,105 | 1,970,872 | ||||||
Auto - Cars/Light Trucks — 2.6% | ||||||||
Tesla Motors, Inc.† | 29,536 | 6,800,959 | ||||||
Auto/Truck Parts & Equipment-Original — 1.6% | ||||||||
Delphi Automotive PLC | 27,155 | 2,386,381 | ||||||
Mobileye NV† | 16,823 | 733,483 | ||||||
WABCO Holdings, Inc.† | 9,510 | 1,022,135 | ||||||
4,141,999 | ||||||||
Banks - Commercial — 0.7% | ||||||||
First Republic Bank | 26,255 | 1,807,919 | ||||||
Beverages - Non-alcoholic — 2.0% | ||||||||
Monster Beverage Corp.† | 33,901 | 5,241,434 | ||||||
Beverages - Wine/Spirits — 0.9% | ||||||||
Constellation Brands, Inc., Class A | 17,375 | 2,437,017 | ||||||
Building Products-Cement — 0.6% | ||||||||
Vulcan Materials Co. | 15,395 | 1,580,605 | ||||||
Chemicals - Specialty — 0.7% | ||||||||
International Flavors & Fragrances, Inc. | 14,485 | 1,738,345 | ||||||
Coatings/Paint — 0.7% | ||||||||
Sherwin-Williams Co. | 7,050 | 1,946,293 | ||||||
Coffee — 0.7% | ||||||||
Keurig Green Mountain, Inc. | 36,628 | 1,919,307 | ||||||
Commercial Services - Finance — 6.2% | ||||||||
Equifax, Inc. | 17,790 | 1,983,585 | ||||||
FleetCor Technologies, Inc.† | 25,389 | 3,902,543 | ||||||
McGraw Hill Financial, Inc. | 69,193 | 6,675,049 | ||||||
SEI Investments Co. | 34,530 | 1,878,087 | ||||||
Vantiv, Inc., Class A† | 31,114 | 1,640,019 | ||||||
16,079,283 | ||||||||
Computer Services — 0.6% | ||||||||
IHS, Inc., Class A† | 12,927 | 1,594,028 | ||||||
Computers - Integrated Systems — 0.5% | ||||||||
NetScout Systems, Inc.† | 38,840 | 1,285,604 | ||||||
Computers - Memory Devices — 0.5% | ||||||||
Western Digital Corp. | 19,780 | 1,234,470 | ||||||
Computers - Other — 0.2% | ||||||||
3D Systems Corp.† | 22,175 | 202,236 | ||||||
Stratasys, Ltd.† | 8,002 | 200,050 | ||||||
402,286 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Consulting Services — 2.7% | ||||||||
Gartner, Inc.† | 16,639 | $ | 1,552,419 | |||||
Towers Watson & Co., Class A | 9,900 | 1,331,649 | ||||||
Verisk Analytics, Inc.† | 53,327 | 3,996,858 | ||||||
6,880,926 | ||||||||
Containers - Paper/Plastic — 0.6% | ||||||||
Berry Plastics Group, Inc.† | 41,295 | 1,501,486 | ||||||
Cruise Lines — 0.8% | ||||||||
Royal Caribbean Cruises, Ltd. | 21,345 | 1,976,760 | ||||||
Data Processing/Management — 0.9% | ||||||||
Fidelity National Information Services, Inc. | 35,955 | 2,289,255 | ||||||
Decision Support Software — 1.5% | ||||||||
MSCI, Inc. | 53,901 | 3,779,538 | ||||||
Disposable Medical Products — 0.3% | ||||||||
STERIS PLC | 11,185 | 854,310 | ||||||
Drug Delivery Systems — 1.5% | ||||||||
Catalent, Inc.† | 40,265 | 1,121,380 | ||||||
DexCom, Inc.† | 32,093 | 2,728,547 | ||||||
3,849,927 | ||||||||
E-Commerce/Products — 0.4% | ||||||||
Vipshop Holdings, Ltd. ADR† | 66,034 | 1,091,542 | ||||||
E-Commerce/Services — 3.5% | ||||||||
Autohome, Inc. ADR† | 50,791 | 1,538,967 | ||||||
MercadoLibre, Inc. | 14,843 | 1,829,252 | ||||||
SurveyMonkey.com LLC†(1)(2)(3) | 44,965 | 730,681 | ||||||
TripAdvisor, Inc.† | 10,660 | 878,064 | ||||||
Zillow Group, Inc., Class A† | 54,942 | 1,430,140 | ||||||
Zillow Group, Inc., Class C† | 109,884 | 2,708,641 | ||||||
9,115,745 | ||||||||
Electric Products - Misc. — 0.8% | ||||||||
AMETEK, Inc. | 37,570 | 2,121,202 | ||||||
Electronic Components - Semiconductors — 0.9% | ||||||||
Monolithic Power Systems, Inc. | 20,120 | 1,374,799 | ||||||
Skyworks Solutions, Inc. | 11,480 | 953,070 | ||||||
2,327,869 | ||||||||
Energy - Alternate Sources — 0.2% | ||||||||
SolarCity Corp.† | 16,072 | 462,231 | ||||||
Enterprise Software/Service — 1.8% | ||||||||
Workday, Inc., Class A† | 56,602 | 4,738,153 | ||||||
Entertainment Software — 1.0% | ||||||||
Activision Blizzard, Inc. | 68,215 | 2,568,977 | ||||||
Finance - Consumer Loans — 1.3% | ||||||||
LendingClub Corp.† | 273,841 | 3,291,569 | ||||||
Financial Guarantee Insurance — 0.7% | ||||||||
MGIC Investment Corp.† | 181,805 | 1,734,420 | ||||||
Food - Dairy Products — 0.6% | ||||||||
WhiteWave Foods Co.† | 40,855 | 1,659,939 | ||||||
Food - Meat Products — 0.9% | ||||||||
Tyson Foods, Inc., Class A | 46,625 | 2,331,250 | ||||||
Food - Misc./Diversified — 0.5% | ||||||||
Blue Buffalo Pet Products, Inc.†# | 69,960 | 1,257,181 | ||||||
Home Decoration Products — 0.8% | ||||||||
Newell Rubbermaid, Inc. | 46,330 | 2,069,098 | ||||||
Home Furnishings — 0.7% | ||||||||
Tempur Sealy International, Inc.† | 24,080 | 1,914,360 | ||||||
Hotels/Motels — 1.4% | ||||||||
Marriott International, Inc., Class A | 50,824 | 3,603,930 | ||||||
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Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Instruments - Scientific — 0.5% | ||||||||
PerkinElmer, Inc. | 22,135 | $ | 1,176,697 | |||||
Internet Application Software — 1.8% | ||||||||
Splunk, Inc.† | 80,087 | 4,765,176 | ||||||
Internet Content - Entertainment — 2.6% | ||||||||
Pandora Media, Inc.† | 77,219 | 1,065,622 | ||||||
Twitter, Inc.† | 222,109 | 5,641,569 | ||||||
6,707,191 | ||||||||
Internet Content - Information/News — 3.6% | ||||||||
LinkedIn Corp., Class A† | 34,956 | 8,498,153 | ||||||
Yelp, Inc.† | 27,362 | 824,417 | ||||||
9,322,570 | ||||||||
Internet Infrastructure Software — 0.5% | ||||||||
F5 Networks, Inc.† | 12,725 | 1,310,675 | ||||||
Internet Security — 0.4% | ||||||||
FireEye, Inc.† | 42,097 | 963,179 | ||||||
Lighting Products & Systems — 0.8% | ||||||||
Acuity Brands, Inc. | 9,090 | 2,098,699 | ||||||
Medical Information Systems — 2.6% | ||||||||
athenahealth, Inc.† | 40,096 | 6,726,104 | ||||||
Medical Instruments — 4.2% | ||||||||
Boston Scientific Corp.† | 96,900 | 1,771,332 | ||||||
Edwards Lifesciences Corp.† | 15,405 | 2,511,015 | ||||||
Intuitive Surgical, Inc.† | 12,579 | 6,541,332 | ||||||
10,823,679 | ||||||||
Medical - Biomedical/Gene — 4.9% | ||||||||
Alnylam Pharmaceuticals, Inc.† | 8,784 | 914,063 | ||||||
BioMarin Pharmaceutical, Inc.† | 13,310 | 1,269,375 | ||||||
Illumina, Inc.† | 42,540 | 7,823,106 | ||||||
Incyte Corp.† | 14,155 | 1,617,067 | ||||||
Intrexon Corp.† | 20,233 | 734,660 | ||||||
Seattle Genetics, Inc.† | 11,077 | 465,013 | ||||||
12,823,284 | ||||||||
Medical - Drugs — 3.8% | ||||||||
Anacor Pharmaceuticals, Inc.† | 5,480 | 639,680 | ||||||
Endo International PLC† | 42,534 | 2,614,990 | ||||||
Quintiles Transnational Holdings, Inc.† | 24,250 | 1,648,758 | ||||||
Zoetis, Inc. | 106,985 | 4,996,200 | ||||||
9,899,628 | ||||||||
Medical - Wholesale Drug Distribution — 0.7% | ||||||||
Cardinal Health, Inc. | 20,590 | 1,788,241 | ||||||
Networking Products — 2.2% | ||||||||
Arista Networks, Inc.†# | 16,840 | 1,238,077 | ||||||
Palo Alto Networks, Inc.† | 24,308 | 4,553,861 | ||||||
5,791,938 | ||||||||
Real Estate Investment Trusts — 1.0% | ||||||||
Equinix, Inc. | 8,911 | 2,642,111 | ||||||
Real Estate Management/Services — 0.7% | ||||||||
CBRE Group, Inc., Class A† | 48,905 | 1,832,470 | ||||||
Retail - Apparel/Shoe — 1.0% | ||||||||
lululemon athletica, Inc.† | 28,872 | 1,380,659 | ||||||
Zalando SE†* | 34,052 | 1,154,882 | ||||||
2,535,541 | ||||||||
Retail - Arts & Crafts — 0.5% | ||||||||
Michaels Cos., Inc.† | 59,815 | 1,328,491 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Retail - Auto Parts — 0.9% | ||||||||
Advance Auto Parts, Inc. | 15,030 | $ | 2,445,832 | |||||
Retail - Discount — 1.2% | ||||||||
Dollar Tree, Inc.† | 40,195 | 3,033,115 | ||||||
Retail - Gardening Products — 0.6% | ||||||||
Tractor Supply Co. | 18,110 | 1,618,129 | ||||||
Retail - Perfume & Cosmetics — 1.5% | ||||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 22,949 | 3,832,483 | ||||||
Retail - Restaurants — 3.3% | ||||||||
Chipotle Mexican Grill, Inc.† | 4,908 | 2,844,432 | ||||||
Dunkin’ Brands Group, Inc.# | 132,891 | 5,637,236 | ||||||
8,481,668 | ||||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
NXP Semiconductors NV† | 15,010 | 1,402,835 | ||||||
Semiconductor Equipment — 0.6% | ||||||||
Lam Research Corp. | 19,705 | 1,540,931 | ||||||
Television — 0.6% | ||||||||
AMC Networks, Inc., Class A† | 19,615 | 1,594,896 | ||||||
Transport - Services — 0.3% | ||||||||
XPO Logistics, Inc.† | 27,931 | 851,896 | ||||||
Vitamins & Nutrition Products — 1.7% | ||||||||
Mead Johnson Nutrition Co. | 55,725 | 4,490,878 | ||||||
Total Common Stocks | ||||||||
(cost $215,962,068) | 246,794,965 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 2.2% | ||||||||
Applications Software — 0.1% | ||||||||
Dropbox, Inc., Series A†(1)(2)(3) | 8,758 | 126,462 | ||||||
Auto-Cars/Light Trucks — 0.0% | ||||||||
Better Place LLC, Series B†(1)(2)(3) | 314,973 | 0 | ||||||
Data Processing/Management — 0.4% | ||||||||
Palantir Technologies, Inc., Series G†(1)(2)(3) | 89,856 | 691,891 | ||||||
Palantir Technologies, Inc., Series H†(1)(2)(3) | 24,065 | 185,300 | ||||||
Palantir Technologies, Inc., Series H-1†(1)(2)(3) | 24,065 | 185,301 | ||||||
1,062,492 | ||||||||
E-Commerce/Products — 0.6% | ||||||||
Flipkart Online Services Pvt., Ltd., | 13,407 | 1,650,469 | ||||||
Peixe Urbano, Inc., Series C†(1)(2)(3) | 14,214 | 6,112 | ||||||
1,656,581 | ||||||||
E-Commerce/Services — 1.1% | ||||||||
Airbnb, Inc., Series D†(1)(2)(3) | 29,418 | 2,771,219 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $3,260,017) | 5,616,754 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $219,222,085) | 252,411,719 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.9% | ||||||||
Registered Investment Companies — 1.2% | ||||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(4)(5) | 3,293,226 | 3,293,226 | ||||||
Time Deposits — 2.7% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/15 | $ | 6,943,000 | 6,943,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $10,236,226) | 10,236,226 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $229,458,311)(6) | 101.3 | % | 262,647,945 | |||||
Liabilities in excess of other assets | (1.3 | ) | (3,432,932 | ) | ||||
NET ASSETS | 100.0 | % | $ | 259,215,013 | ||||
172 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $1,154,882 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 November 30, 2015, the aggregate value of these securities was $7,640,666 representing 2.9% of net assets. |
(3) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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 | $ | 1,293,231 | $ | 14.44 | 0.50% | |||||||||||||||
SurveyMonkey.com | 11/25/2014 | 44,965 | 739,674 | 730,681 | 16.25 | 0.28 | ||||||||||||||||||
Convertible | ||||||||||||||||||||||||
Airbnb, Inc. | 04/16/2014 | 29,418 | 1,197,696 | 2,771,219 | 94.20 | 1.07 | ||||||||||||||||||
Better Place | 01/25/2010 | 262,477 | 787,431 | |||||||||||||||||||||
Series B | 11/30/2011 | 52,496 | — | |||||||||||||||||||||
314,973 | 787,431 | 0 | 0.00 | 0.00 | ||||||||||||||||||||
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Dropbox, Inc. | 05/25/2012 | 8,758 | $ | 79,351 | $ | 126,462 | $ | 14.44 | 0.05% | |||||||||||||||
Flipkart Online | 10/04/2013 | 13,407 | 307,650 | 1,650,469 | 123.11 | 0.64 | ||||||||||||||||||
Palantir | 07/19/2012 | 89,856 | 274,960 | 691,891 | 7.70 | 0.27 | ||||||||||||||||||
Palantir | 10/25/2013 | 24,065 | 84,468 | 185,300 | 7.70 | 0.07 | ||||||||||||||||||
Palantir | 10/25/2013 | 24,065 | 84,468 | 185,301 | 7.70 | 0.07 | ||||||||||||||||||
Peixe | 12/02/2011 | 14,214 | 443,993 | 6,112 | 0.43 | 0.00 | ||||||||||||||||||
$ | 7,640,666 | 2.95% | ||||||||||||||||||||||
(4) | At November 30, 2015, the Fund had loaned securities with a total value of $4,154,219. This was secured by collateral of $3,293,226, which was received in cash and subsequently invested in short-term investments currently valued at $3,293,226 as reported in the Portfolio of Investments. Additional collateral of $974,932 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||
United States Treasury | 0.00% | 12/10/2015 to 07/21/2016 | $110,167 | |||
United States Treasury | 0.13% to 6.25% | 01/15/2016 to 05/15/2045 | 864,765 |
(5) | The rate shown is the 7-day yield as of November 30, 2015. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Applications Software | $ | 11,063,054 | $ | — | $ | 1,293,231 | $ | 12,356,285 | ||||||||
E-Commerce/Services | 8,385,064 | — | 730,681 | 9,115,745 | ||||||||||||
Other Industries | 225,322,935 | — | — | 225,322,935 | ||||||||||||
Convertible Preferred Securities | — | — | 5,616,754 | 5,616,754 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 3,293,226 | — | — | 3,293,226 | ||||||||||||
Time Deposits | — | 6,943,000 | — | 6,943,000 | ||||||||||||
Total Investments at Value | $ | 248,064,279 | $ | 6,943,000 | $ | 7,640,666 | $ | 262,647,945 | ||||||||
* | 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.
173 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stocks | Convertible Preferred Securities | |||||||
Balance as of 5/31/2015 | $ | 2,431,325 | $ | 5,169,281 | ||||
Accrued discounts | — | — | ||||||
Accrued premiums | — | — | ||||||
Realized gain | — | — | ||||||
Realized loss | — | — | ||||||
Change in unrealized appreciation(1) | — | 907,290 | ||||||
Change in unrealized depreciation(1) | (407,413 | ) | (459,817 | ) | ||||
Net purchases | — | — | ||||||
Net sales | — | — | ||||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 11/30/2015 | $ | 2,023,912 | $ | 5,616,754 | ||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2015 includes: |
Common Stocks | Convertible Preferred Securities | |||||
$(407,413) | $ | 447,473 | ||||
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 November 30, 2015.
174 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/15 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stocks | $ | 1,293,231 | Market Approach with Option Pricing Method (“OPM”) and Income Approach | OPM assumptions: Volatility* Term to liquidity event in years Risk-free rate | 18% 3.0% 35.0% 1.0 0.50% | |||||
$ | 730,681 | Market Approach and Income Approach | Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* | $16.4500 11.6x 20.0% 17.5% 3.5% | ||||||
Convertible Preferred Securities | $ | 6,112 | Income Approach | Future Cash Flows* Discount for Potential Claims | $0.86 50.0% | |||||
$ | 0 | Cost Approach | Net Tangible Assets* | $0.00 | ||||||
$ | 2,771,219 | Market Approach and Income Approach | Enterprise Value/Revenue Multiple* Enterprise Value/ 2017 Projected EBITDA Multiple” Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* | $93.0944 15.9x 17.2x 10% - 20% (15%) 17% 3.5% | ||||||
$ | 2,712,961 | Market Approach and Income Approach | Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* | $11.38 - $142.24 ($44.095) 3.1x - 11.2x (5.125x) 20.0% 17% - 18% (17.25%) 3% - 4% (3.25%) | ||||||
$ | 126,462 | Market Approach with Option Pricing Method (“OPM”) and Income Approach | OPM assumptions: Volatility* Term to liquidity event in years Risk-free rate | 18% 3.0% 35.0% 1.0 0.50% |
(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
175 |
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
U.S. Government Agencies | 59.0 | % | ||
U.S. Government Treasuries | 16.1 | |||
Foreign Bank | 10.6 | |||
Commercial Banks-Canadian | 4.8 | |||
Finance | 3.6 | |||
Commercial Banks | 2.1 | |||
Repurchase Agreement | 2.1 | |||
Money Center Banks | 1.7 | |||
100.0 | % | |||
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 — 41.6 days |
176 |
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 97.9% | ||||||||
Certificates of Deposit — 10.8% | ||||||||
Nordea Bank Finland PLC NY FRS | $ | 7,250,000 | $ | 7,251,699 | ||||
Royal Bank of Canada NY FRS | 7,250,000 | 7,250,000 | ||||||
Royal Bank of Canada NY FRS | 1,650,000 | 1,650,412 | ||||||
Royal Bank of Canada NY FRS | 7,700,000 | 7,700,000 | ||||||
Svenska Handelsbanken NY FRS | 7,250,000 | 7,250,000 | ||||||
Svenska Handelsbanken NY | 6,000,000 | 6,000,190 | ||||||
Total Certificates of Deposit | ||||||||
(amortized cost $37,102,301) | 37,102,301 | |||||||
Commercial Paper — 8.5% | ||||||||
Credit Agricole Corporate and Investment Bank NY | 16,000,000 | 16,000,000 | ||||||
General Electric Co. | 6,250,000 | 6,249,319 | ||||||
State Street Corp. | 7,250,000 | 7,248,389 | ||||||
Total Commercial Paper | ||||||||
(amortized cost $29,497,708) | 29,497,708 | |||||||
U.S. Corporate Bonds & Notes — 3.5% | ||||||||
General Electric Capital Corp. FRS | 5,200,000 | 5,201,489 | ||||||
General Electric Capital Corp. FRS | 1,000,000 | 1,000,579 | ||||||
JPMorgan Chase Bank NA FRS | 5,900,000 | 5,900,000 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(amortized cost $12,102,068) | 12,102,068 | |||||||
U.S. Government Agencies — 59.0% |
| |||||||
Federal Farm Credit Bank | ||||||||
0.17% due 03/18/2016 FRS | 20,500,000 | 20,496,659 | ||||||
0.18% due 11/09/2016 FRS | 6,700,000 | 6,699,370 | ||||||
0.19% due 05/20/2016 FRS | 7,500,000 | 7,500,733 | ||||||
0.19% due 12/19/2016 FRS(1) | 750,000 | 749,970 | ||||||
0.21% due 10/19/2016 FRS | 6,650,000 | 6,649,744 | ||||||
0.28% due 10/20/2016 FRS | 6,150,000 | 6,149,456 | ||||||
0.32% due 08/03/2016 | 4,000,000 | 3,991,253 | ||||||
Federal Home Loan Bank | ||||||||
0.10% due 01/07/2016 | 2,100,000 | 2,099,795 | ||||||
0.10% due 01/08/2016 | 6,500,000 | 6,499,315 | ||||||
0.10% due 01/11/2016 | 8,000,000 | 7,999,135 | ||||||
0.11% due 01/08/2016 | 6,000,000 | 5,999,368 | ||||||
0.13% due 01/13/2016 | 6,000,000 | 5,999,076 | ||||||
0.16% due 02/09/2016 FRS | 6,250,000 | 6,250,000 | ||||||
0.16% due 07/22/2016 FRS | 7,000,000 | 7,000,107 | ||||||
0.16% due 08/19/2016 FRS | 7,000,000 | 7,000,246 | ||||||
0.17% due 03/02/2016 | 6,200,000 | 6,197,306 | ||||||
0.17% due 03/10/2016 | 7,500,000 | 7,496,458 | ||||||
0.18% due 12/09/2015 | 2,900,000 | 2,899,884 | ||||||
0.18% due 01/26/2016 | 7,000,000 | 6,997,766 | ||||||
0.18% due 03/07/2016 | 6,000,000 | 5,997,090 | ||||||
0.19% due 12/08/2015 | 2,000,000 | 1,999,928 | ||||||
0.19% due 03/24/2016 | 1,000,000 | 999,182 | ||||||
0.20% due 12/02/2015 | 4,000,000 | 3,999,978 | ||||||
0.20% due 01/20/2016 | 7,300,000 | 7,297,972 | ||||||
0.20% due 01/22/2016 | 1,450,000 | 1,449,581 | ||||||
0.20% due 01/26/2016 | 4,500,000 | 4,498,564 |
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Agencies (continued) |
| |||||||
0.21% due 09/02/2016 FRS | $ | 6,750,000 | $ | 6,750,051 | ||||
0.26% due 01/26/2016 | 4,000,000 | 3,998,723 | ||||||
0.27% due 12/21/2015 | 6,300,000 | 6,299,055 | ||||||
0.27% due 03/24/2016 | 6,250,000 | 6,244,888 | ||||||
0.29% due 02/02/2016 | 5,500,000 | 5,497,209 | ||||||
0.34% due 01/25/2016 | 2,250,000 | 2,250,225 | ||||||
0.35% due 06/09/2016 | 2,900,000 | 2,894,615 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
0.40% due 05/27/2016 | 2,200,000 | 2,200,058 | ||||||
Federal National Mtg. Assoc. | ||||||||
0.22% due 08/12/2016 FRS | 1,500,000 | 1,500,279 | ||||||
0.25% due 02/02/2016 | 5,200,000 | 5,197,771 | ||||||
0.26% due 02/08/2016 | 5,000,000 | 4,997,508 | ||||||
0.29% due 03/09/2016 | 4,100,000 | 4,096,730 | ||||||
0.63% due 08/26/2016 | 700,000 | 701,491 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $203,546,539) | 203,546,539 | |||||||
U.S. Government Treasuries — 16.1% |
| |||||||
United States Treasury Bills | ||||||||
0.03% due 12/03/2015 | 11,000,000 | 10,999,975 | ||||||
0.06% due 12/03/2015 | 5,500,000 | 5,499,988 | ||||||
0.06% due 12/17/2015 | 1,000,000 | 999,972 | ||||||
0.07% due 12/10/2015 | 3,000,000 | 2,999,948 | ||||||
0.07% due 12/17/2015 | 6,000,000 | 5,999,830 | ||||||
0.07% due 04/14/2016 | 6,200,000 | 6,198,315 | ||||||
0.08% due 04/14/2016 | 6,000,000 | 5,998,370 | ||||||
0.12% due 12/24/2015 | 17,000,000 | 16,998,697 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $55,695,095) | 55,695,095 | |||||||
Total Short-Term Investment Securities — 97.9% | ||||||||
(amortized cost $337,943,711) | 337,943,711 | |||||||
REPURCHASE AGREEMENTS — 2.1% | ||||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(2) | 7,202,000 | 7,202,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(amortized cost $345,145,711)(3) | 100.0 | % | 345,145,711 | |||||
Liabilities in excess of other assets | (0.0 | ) | (144,991 | ) | ||||
NET ASSETS | 100.0 | % | $ | 345,000,720 | ||||
(1) | The security’s effective maturity date is less than one year. |
(2) | See Note 2 for details of Joint Repurchase Agreements. |
(3) | See Note 5 for cost of investments on a tax basis. |
FRS—Floating | Rate Security |
The rates shown on FRS are the current interest rates at November 30, 2015, and unless noted otherwise, the dates shown are the original maturity dates.
177 |
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | — | $ | 337,943,711 | $ | — | $ | 337,943,711 | ||||||||
Repurchase Agreements | — | 7,202,000 | — | 7,202,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 345,145,711 | $ | — | $ | 345,145,711 | ||||||||
* | 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
178 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Computers | 12.1 | % | ||
Medical — Biomedical/Gene | 11.2 | |||
Web Portals/ISP | 10.2 | |||
Applications Software | 8.8 | |||
E-Commerce/Products | 6.7 | |||
Electronic Components — Semiconductors | 5.8 | |||
Internet Content — Entertainment | 4.2 | |||
Cable/Satellite TV | 4.0 | |||
Repurchase Agreements | 3.7 | |||
Food — Misc./Diversified | 2.9 | |||
Networking Products | 2.5 | |||
E-Commerce/Services | 2.4 | |||
Semiconductor Components — Integrated Circuits | 2.3 | |||
Registered Investment Companies | 1.9 | |||
Retail — Drug Store | 1.7 | |||
Retail — Restaurants | 1.6 | |||
Retail — Discount | 1.6 | |||
Commercial Services — Finance | 1.5 | |||
Multimedia | 1.4 | |||
Pharmacy Services | 1.0 | |||
Computers — Memory Devices | 0.9 | |||
Entertainment Software | 0.9 | |||
Electronic Forms | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Data Processing/Management | 0.8 | |||
Computer Services | 0.7 | |||
Beverages — Non-alcoholic | 0.6 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Airlines | 0.5 | |||
Retail — Auto Parts | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Radio | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Medical Information Systems | 0.4 | |||
Medical Instruments | 0.4 | |||
Hotels/Motels | 0.3 | |||
Transport — Services | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Computer Aided Design | 0.3 | |||
Building — Heavy Construction | 0.2 | |||
Internet Security | 0.2 | |||
Cellular Telecom | 0.2 | |||
Medical Products | 0.2 | |||
Television | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Consulting Services | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Retail — Gardening Products | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Food — Retail | 0.2 | |||
Computer Software | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Retail — Bedding | 0.2 | |||
Toys | 0.2 | |||
Coffee | 0.2 | |||
Retail — Office Supplies | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Casino Hotels | 0.1 | |||
Telecom Services | 0.1 | |||
101.9 | % | |||
* | Calculated as a percentage of net assets |
179 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.0% | ||||||||
Airlines — 0.5% |
| |||||||
American Airlines Group, Inc. | 40,373 | $ | 1,665,790 | |||||
Applications Software — 8.8% |
| |||||||
Check Point Software Technologies, Ltd.† | 10,868 | 948,668 | ||||||
Citrix Systems, Inc.† | 9,657 | 740,402 | ||||||
Intuit, Inc. | 16,566 | 1,659,913 | ||||||
Microsoft Corp. | 480,651 | 26,123,382 | ||||||
29,472,365 | ||||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Tesla Motors, Inc.†# | 7,802 | 1,796,489 | ||||||
Auto - Heavy Duty Trucks — 0.3% |
| |||||||
PACCAR, Inc. | 21,332 | 1,108,411 | ||||||
Beverages - Non - alcoholic — 0.6% |
| |||||||
Monster Beverage Corp.† | 12,349 | 1,909,279 | ||||||
Broadcast Services/Program — 0.2% |
| |||||||
Discovery Communications, Inc., Class A†# | 8,972 | 279,388 | ||||||
Discovery Communications, Inc., Class C† | 16,483 | 487,567 | ||||||
766,955 | ||||||||
Building - Heavy Construction — 0.2% |
| |||||||
SBA Communications Corp., Class A† | 7,675 | 807,103 | ||||||
Cable/Satellite TV — 4.0% |
| |||||||
Charter Communications, Inc., Class A†# | 6,732 | 1,261,308 | ||||||
Comcast Corp., Class A | 127,091 | 7,734,758 | ||||||
Comcast Corp., Special Class A# | 22,127 | 1,350,632 | ||||||
DISH Network Corp., Class A† | 13,504 | 846,836 | ||||||
Liberty Global PLC LiLAC, Class A† | 758 | 28,463 | ||||||
Liberty Global PLC LiLAC, Class C† | 1,849 | 72,518 | ||||||
Liberty Global PLC, Class A† | 15,174 | 643,529 | ||||||
Liberty Global PLC, Class C† | 36,758 | 1,507,078 | ||||||
13,445,122 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Wynn Resorts, Ltd.# | 6,102 | 383,023 | ||||||
Cellular Telecom — 0.2% |
| |||||||
Vodafone Group PLC ADR | 23,958 | 804,030 | ||||||
Coffee — 0.2% |
| |||||||
Keurig Green Mountain, Inc. | 9,258 | 485,119 | ||||||
Commercial Services - Finance — 1.5% |
| |||||||
Automatic Data Processing, Inc. | 27,994 | 2,414,762 | ||||||
PayPal Holdings, Inc.† | 73,418 | 2,588,719 | ||||||
5,003,481 | ||||||||
Computer Aided Design — 0.3% |
| |||||||
Autodesk, Inc.† | 13,593 | 862,748 | ||||||
Computer Services — 0.7% |
| |||||||
Cognizant Technology Solutions Corp., Class A† | 36,630 | 2,365,565 | ||||||
Computer Software — 0.2% |
| |||||||
Akamai Technologies, Inc.† | 10,733 | 618,328 | ||||||
Computers — 12.1% |
| |||||||
Apple, Inc. | 342,714 | 40,543,066 | ||||||
Computers - Memory Devices — 0.9% |
| |||||||
NetApp, Inc. | 18,033 | 552,892 | ||||||
SanDisk Corp. | 12,285 | 907,493 | ||||||
Seagate Technology PLC | 18,151 | 652,347 | ||||||
Western Digital Corp. | 13,846 | 864,129 | ||||||
2,976,861 | ||||||||
Consulting Services — 0.2% |
| |||||||
Verisk Analytics, Inc.† | 10,125 | 758,869 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Data Processing/Management — 0.8% |
| |||||||
Fiserv, Inc.† | 14,097 | $ | 1,356,695 | |||||
Paychex, Inc. | 21,706 | 1,177,551 | ||||||
2,534,246 | ||||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co.# | 17,437 | 707,593 | ||||||
E-Commerce/Products — 6.7% |
| |||||||
Amazon.com, Inc.† | 28,108 | 18,686,198 | ||||||
eBay, Inc.† | 73,211 | 2,166,314 | ||||||
JD.com, Inc. ADR† | 48,713 | 1,494,515 | ||||||
22,347,027 | ||||||||
E-Commerce/Services — 2.4% |
| |||||||
Liberty Ventures, Series A† | 8,095 | 348,166 | ||||||
Netflix, Inc.† | 25,601 | 3,157,372 | ||||||
Priceline Group, Inc.† | 3,046 | 3,803,997 | ||||||
TripAdvisor, Inc.† | 7,890 | 649,899 | ||||||
7,959,434 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Garmin, Ltd.# | 11,474 | 434,291 | ||||||
Electronic Components - Semiconductors — 5.8% |
| |||||||
Avago Technologies, Ltd. | 15,608 | 2,036,064 | ||||||
Intel Corp. | 285,699 | 9,933,754 | ||||||
Micron Technology, Inc.† | 65,111 | 1,037,218 | ||||||
NVIDIA Corp. | 32,392 | 1,027,474 | ||||||
Skyworks Solutions, Inc. | 11,462 | 951,575 | ||||||
Texas Instruments, Inc. | 61,682 | 3,584,958 | ||||||
Xilinx, Inc. | 15,544 | 772,382 | ||||||
19,343,425 | ||||||||
Electronic Forms — 0.8% |
| |||||||
Adobe Systems, Inc.† | 29,906 | 2,735,203 | ||||||
Enterprise Software/Service — 0.2% |
| |||||||
CA, Inc. | 26,521 | 745,505 | ||||||
Entertainment Software — 0.9% |
| |||||||
Activision Blizzard, Inc. | 43,811 | 1,649,922 | ||||||
Electronic Arts, Inc.† | 18,734 | 1,269,978 | ||||||
2,919,900 | ||||||||
Food - Misc./Diversified — 2.9% |
| |||||||
Kraft Heinz Co. | 72,886 | 5,370,969 | ||||||
Mondelez International, Inc., Class A | 96,834 | 4,227,773 | ||||||
9,598,742 | ||||||||
Food - Retail — 0.2% |
| |||||||
Whole Foods Market, Inc. | 21,505 | 626,871 | ||||||
Hazardous Waste Disposal — 0.2% |
| |||||||
Stericycle, Inc.†# | 5,098 | 615,431 | ||||||
Hotels/Motels — 0.3% | ||||||||
Marriott International, Inc., Class A | 15,979 | 1,133,071 | ||||||
Internet Content - Entertainment — 4.2% | ||||||||
Facebook, Inc., Class A† | 135,802 | 14,156,000 | ||||||
Internet Security — 0.2% | ||||||||
Symantec Corp. | 41,116 | 805,051 | ||||||
Medical Information Systems — 0.4% | ||||||||
Cerner Corp.† | 20,738 | 1,235,985 | ||||||
Medical Instruments — 0.4% | ||||||||
Intuitive Surgical, Inc.† | 2,225 | 1,157,044 | ||||||
Medical Products — 0.2% | ||||||||
Henry Schein, Inc.† | 5,011 | 784,121 | ||||||
180 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
SecurityDescription | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene — 11.2% | ||||||||
Alexion Pharmaceuticals, Inc.† | 13,591 | $ | 2,425,178 | |||||
Amgen, Inc. | 45,568 | 7,341,005 | ||||||
Biogen, Inc.† | 14,132 | 4,053,906 | ||||||
BioMarin Pharmaceutical, Inc.† | 9,681 | 923,277 | ||||||
Celgene Corp.† | 47,508 | 5,199,751 | ||||||
Gilead Sciences, Inc. | 88,198 | 9,345,460 | ||||||
Illumina, Inc.† | 8,696 | 1,599,194 | ||||||
Incyte Corp.† | 10,846 | 1,239,047 | ||||||
Regeneron Pharmaceuticals, Inc.† | 6,113 | 3,328,528 | ||||||
Vertex Pharmaceuticals, Inc.† | 14,702 | 1,901,851 | ||||||
37,357,197 | ||||||||
Medical - Generic Drugs — 0.5% | ||||||||
Mylan NV† | 29,540 | 1,515,402 | ||||||
Multimedia — 1.4% | ||||||||
Twenty-First Century Fox, Inc., Class A | 73,374 | 2,165,267 | ||||||
Twenty-First Century Fox, Inc., Class B | 47,988 | 1,437,240 | ||||||
Viacom, Inc., Class B | 20,881 | 1,039,665 | ||||||
4,642,172 | ||||||||
Networking Products — 2.5% | ||||||||
Cisco Systems, Inc. | 305,645 | 8,328,826 | ||||||
Pharmacy Services — 1.0% | ||||||||
Express Scripts Holding Co.† | 40,609 | 3,471,257 | ||||||
Radio — 0.4% | ||||||||
Sirius XM Holdings, Inc.† | 319,909 | 1,314,826 | ||||||
Retail - Apparel/Shoe — 0.4% | ||||||||
Ross Stores, Inc. | 24,720 | 1,285,687 | ||||||
Retail - Auto Parts — 0.5% | ||||||||
O’Reilly Automotive, Inc.† | 5,973 | 1,576,096 | ||||||
Retail - Bedding — 0.2% | ||||||||
Bed Bath & Beyond, Inc.† | 10,192 | 555,668 | ||||||
Retail - Catalog Shopping — 0.2% | ||||||||
Liberty Interactive Corp. QVC Group, Class A† | 25,945 | 687,024 | ||||||
Retail - Discount — 1.6% | ||||||||
Costco Wholesale Corp. | 26,411 | 4,263,264 | ||||||
Dollar Tree, Inc.† | 14,103 | 1,064,212 | ||||||
5,327,476 | ||||||||
Retail - Drug Store — 1.7% | ||||||||
Walgreens Boots Alliance, Inc. | 65,642 | 5,515,897 | ||||||
Retail - Gardening Products — 0.2% | ||||||||
Tractor Supply Co. | 8,161 | 729,185 | ||||||
Retail - Office Supplies — 0.1% | ||||||||
Staples, Inc. | 38,676 | 466,819 | ||||||
Retail - Restaurants — 1.6% | ||||||||
Starbucks Corp. | 89,195 | 5,475,681 | ||||||
Semiconductor Components - Integrated Circuits — 2.3% | ||||||||
Analog Devices, Inc. | 18,850 | 1,161,726 | ||||||
Linear Technology Corp. | 14,408 | 658,734 | ||||||
NXP Semiconductors NV† | 15,129 | 1,413,956 | ||||||
QUALCOMM, Inc. | 94,424 | 4,606,947 | ||||||
7,841,363 | ||||||||
Semiconductor Equipment — 0.8% | ||||||||
Applied Materials, Inc. | 72,153 | 1,354,312 | ||||||
KLA-Tencor Corp. | 9,467 | 629,271 | ||||||
Lam Research Corp. | 9,506 | 743,369 | ||||||
2,726,952 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Telecom Services — 0.1% | ||||||||
VimpelCom, Ltd. ADR# | 105,574 | $ | 380,066 | |||||
Television — 0.2% | ||||||||
Liberty Media Corp., Class A† | 6,134 | 248,488 | ||||||
Liberty Media Corp., Class C† | 13,435 | 525,309 | ||||||
773,797 | ||||||||
Toys — 0.2% | ||||||||
Mattel, Inc.# | 20,350 | 505,901 | ||||||
Transport - Services — 0.3% | ||||||||
C.H. Robinson Worldwide, Inc. | 8,521 | 574,571 | ||||||
Expeditors International of Washington, Inc. | 11,368 | 551,803 | ||||||
1,126,374 | ||||||||
Web Portals/ISP — 10.2% | ||||||||
Alphabet, Inc., Class A† | 17,421 | 13,289,610 | ||||||
Alphabet, Inc., Class C† | 20,669 | 15,348,799 | ||||||
Baidu, Inc. ADR† | 16,650 | 3,629,201 | ||||||
Yahoo!, Inc.† | 56,574 | 1,912,766 | ||||||
34,180,376 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $170,479,985) |
| 321,395,586 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 2.2% | ||||||||
Registered Investment Companies — 1.9% | ||||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) | 6,501,921 | 6,501,921 | ||||||
U.S. Government Treasuries — 0.3% | ||||||||
United States Treasury Bills | $ | 900,000 | 899,979 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $7,401,921) |
| 7,401,900 | ||||||
REPURCHASE AGREEMENTS — 3.7% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(4) | 12,378,000 | 12,378,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $190,259,906)(5) | 101.9 | % | 341,175,486 | |||||
Liabilities in excess of other assets | (1.9 | ) | (6,307,381 | ) | ||||
NET ASSETS | 100.0 | % | $ | 334,868,105 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $7,714,096. This was secured by collateral of $6,501,921, which was received in cash and subsequently invested in short-term investments currently valued at $6,501,921 as reported in the Portfolio of Investments. Additional collateral of $1,349,851 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 08/01/2027 to 12/15/2044 | $ | 79,005 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 12/01/2027 to 02/25/2044 | 175,296 | |||||
Government National Mtg. Assoc. | 0.40% to 4.00% | 04/20/2039 to 12/16/2052 | 12,383 | |||||
United States Treasury Bills | 0.00% | 12/10/2015 to 07/21/2016 | 70,890 | |||||
United States Treasury Notes/Bonds | 0.13% to 6.25% | 01/15/2016 to 05/15/2045 | 1,012,277 |
181 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
(2) | The rate shown is the 7-day yield as of November 30, 2015 |
(3) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(4) | See Note 2 for details of Joint Repurchase Agreements. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
Futures Contracts | ||||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
138 | Long | Nasdaq 100 E-Mini Index | December 2015 | $ | 12,140,734 | $ | 12,885,750 | $ | 745,016 | |||||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (see Note 1):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 321,395,586 | $ | — | $ | — | $ | 321,395,586 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 6,501,921 | — | — | 6,501,921 | ||||||||||||
U.S. Government Treasuries | — | 899,979 | — | 899,979 | ||||||||||||
Repurchase Agreements | — | 12,378,000 | — | 12,378,000 | ||||||||||||
Total Investments at Value | $ | 327,897,507 | $ | 13,277,979 | $ | — | $ | 341,175,486 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 745,016 | $ | — | $ | — | $ | 745,016 | ||||||||
* | 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
182 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Applications Software | 12.1 | % | ||
Web Portals/ISP | 10.3 | |||
E-Commerce/Products | 9.2 | |||
Electronic Components — Semiconductors | 7.8 | |||
Registered Investment Companies | 6.9 | |||
E-Commerce/Services | 5.7 | |||
Finance — Credit Card | 4.9 | |||
Internet Content — Entertainment | 4.4 | |||
Networking Products | 4.3 | |||
Computer Services | 3.7 | |||
Computers — Memory Devices | 3.4 | |||
Commercial Services — Finance | 3.4 | |||
Computers | 2.6 | |||
Semiconductor Components — Integrated Circuits | 2.5 | |||
Semiconductor Equipment | 2.3 | |||
Enterprise Software/Service | 1.5 | |||
Internet Application Software | 1.5 | |||
Entertainment Software | 1.4 | |||
Time Deposits | 1.3 | |||
Electronic Components — Misc. | 1.2 | |||
Electronic Measurement Instruments | 1.2 | |||
Telephone — Integrated | 1.1 | |||
Data Processing/Management | 1.0 | |||
Electronic Forms | 0.9 | |||
Internet Content — Information/News | 0.8 | |||
Photo Equipment & Supplies | 0.8 | |||
E-Marketing/Info | 0.7 | |||
Computers — Other | 0.7 | |||
Publishing — Newspapers | 0.6 | |||
Telecom Equipment — Fiber Optics | 0.5 | |||
Medical Instruments | 0.5 | |||
Cable/Satellite TV | 0.4 | |||
Multimedia | 0.4 | |||
Computers — Integrated Systems | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Aerospace/Defense | 0.3 | |||
Appliances | 0.3 | |||
Cellular Telecom | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Virtual Reality Products | 0.3 | |||
Medical — Drugs | 0.3 | |||
Real Estate Investment Trusts | 0.2 | |||
E-Services/Consulting | 0.2 | |||
Consulting Services | 0.2 | |||
Computer Data Security | 0.2 | |||
Toys | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Decision Support Software | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Computer Graphics | 0.2 | |||
Computer Software | 0.1 | |||
Finance — Other Services | 0.1 | |||
Audio/Video Products | 0.1 | |||
Internet Incubators | 0.1 | |||
Electronic Parts Distribution | 0.1 | |||
Repurchase Agreements | 0.1 | |||
Optical Recognition Equipment | 0.1 | |||
105.1 | % | |||
* | Calculated as a percentage of net assets |
183 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS — 95.3% | ||||||||
Advanced Materials — 0.0% | ||||||||
STR Holdings, Inc.# | 91,532 | $ | 40,274 | |||||
Aerospace/Defense — 0.3% | ||||||||
Boeing Co. | 23,300 | 3,388,985 | ||||||
Appliances — 0.3% | ||||||||
iRobot Corp.†# | 96,800 | 3,203,112 | ||||||
Applications Software — 11.9% | ||||||||
Dropbox, Inc. Class B†(2)(3)(4) | 135,924 | 1,962,697 | ||||||
Imperva, Inc.† | 97,575 | 7,282,022 | ||||||
Intuit, Inc. | 87,405 | 8,757,981 | ||||||
Microsoft Corp. | 1,148,135 | 62,401,137 | ||||||
Paycom Software, Inc.† | 8,450 | 368,420 | ||||||
Red Hat, Inc.† | 149,842 | 12,198,637 | ||||||
Salesforce.com, Inc.† | 84,900 | 6,765,681 | ||||||
ServiceNow, Inc.† | 141,966 | 12,352,462 | ||||||
Tableau Software, Inc., Class A† | 57,610 | 5,589,899 | ||||||
117,678,936 | ||||||||
Audio/Video Products — 0.1% | ||||||||
Sony Corp. | 44,100 | 1,138,145 | ||||||
Auto - Cars/Light Trucks — 0.4% | ||||||||
Tesla Motors, Inc.†# | 15,470 | 3,562,122 | ||||||
Cable/Satellite TV — 0.4% | ||||||||
Comcast Corp., Class A | 71,125 | 4,328,668 | ||||||
Cellular Telecom — 0.3% | ||||||||
T-Mobile US, Inc.† | 87,600 | 3,109,800 | ||||||
Commercial Services - Finance — 3.4% | ||||||||
Automatic Data Processing, Inc. | 102,465 | 8,838,631 | ||||||
Cardtronics, Inc.† | 39,645 | 1,491,048 | ||||||
Equifax, Inc. | 28,520 | 3,179,980 | ||||||
Global Payments, Inc. | 39,160 | 2,774,486 | ||||||
Heartland Payment Systems, Inc. | 70,353 | 5,581,807 | ||||||
PayPal Holdings, Inc.† | 21,910 | 772,547 | ||||||
Total System Services, Inc. | 57,180 | 3,199,793 | ||||||
Vantiv, Inc., Class A† | 88,220 | 4,650,076 | ||||||
WEX, Inc.† | 31,062 | 2,928,215 | ||||||
33,416,583 | ||||||||
Computer Data Security — 0.2% | ||||||||
Fortinet, Inc.† | 53,640 | 1,932,113 | ||||||
Computer Graphics — 0.1% | ||||||||
Atlassian Class A†(2)(3)(4) | 3,707 | 65,150 | ||||||
Atlassian Class A FDR†(2)(3)(4) | 2,554 | 44,887 | ||||||
Atlassian Series 1†(2)(3)(4) | 6,508 | 114,378 | ||||||
Atlassian Series 2†(2)(3)(4) | 17,424 | 306,227 | ||||||
530,642 | ||||||||
Computer Services — 3.7% | ||||||||
Accenture PLC, Class A | 114,898 | 12,319,364 | ||||||
Cognizant Technology Solutions Corp., Class A† | 202,159 | 13,055,428 | ||||||
Computer Sciences Corp. | 5,880 | 184,220 | ||||||
CSRA, Inc.† | 5,880 | 185,279 | ||||||
Fleetmatics Group PLC† | 43,245 | 2,581,727 | ||||||
Genpact, Ltd.† | 216,537 | 5,456,732 | ||||||
SCSK Corp.# | 75,200 | 2,920,032 | ||||||
36,702,782 | ||||||||
Computer Software — 0.1% | ||||||||
Akamai Technologies, Inc.† | 25,985 | 1,496,996 | ||||||
Security Description | Shares | (Note 2) | ||||||
Computers — 2.6% | ||||||||
Apple, Inc. | 202,530 | $ | 23,959,299 | |||||
Quanta Computer, Inc. | 827,000 | 1,292,108 | ||||||
25,251,407 | ||||||||
Computers - Integrated Systems — 0.4% | ||||||||
VeriFone Systems, Inc.† | 127,500 | 3,656,700 | ||||||
Computers - Memory Devices — 3.4% | ||||||||
Nimble Storage, Inc.†# | 88,305 | 924,553 | ||||||
Pure Storage, Inc., Class A†# | 188,000 | 2,427,080 | ||||||
Pure Storage, Inc., Class B†(1)(3)(4) | 63,153 | 807,487 | ||||||
SanDisk Corp. | 143,000 | 10,563,410 | ||||||
Seagate Technology PLC# | 264,700 | 9,513,318 | ||||||
TDK Corp.# | 29,890 | 2,148,875 | ||||||
Western Digital Corp. | 113,095 | 7,058,259 | ||||||
33,442,982 | ||||||||
Computers - Other — 0.5% | ||||||||
Stratasys, Ltd.†# | 192,600 | 4,815,000 | ||||||
Consulting Services — 0.2% | ||||||||
Huron Consulting Group, Inc.† | 38,835 | 2,252,818 | ||||||
Data Processing/Management — 0.8% | ||||||||
Fidelity National Information Services, Inc. | 69,915 | 4,451,488 | ||||||
Fiserv, Inc.† | 39,510 | 3,802,443 | ||||||
8,253,931 | ||||||||
Decision Support Software — 0.2% | ||||||||
Interactive Intelligence Group, Inc.† | 47,600 | 1,640,296 | ||||||
Distribution/Wholesale — 0.2% | ||||||||
Ingram Micro, Inc., Class A | 52,195 | 1,614,391 | ||||||
E-Commerce/Products — 9.1% | ||||||||
Alibaba Group Holding, Ltd. ADR† | 83,760 | 7,042,541 | ||||||
Amazon.com, Inc.† | 100,015 | 66,489,972 | ||||||
Etsy, Inc.† | 19,200 | 178,752 | ||||||
Flipkart Online Services Pvt., Ltd.†(2)(3)(4) | 626 | 77,064 | ||||||
JD.com, Inc. ADR† | 261,400 | 8,019,752 | ||||||
Vipshop Holdings, Ltd. ADR†# | 466,900 | 7,717,857 | ||||||
89,525,938 | ||||||||
E-Commerce/Services — 5.1% | ||||||||
58.com, Inc. ADR†# | 113,000 | 6,803,730 | ||||||
Angie’s List, Inc.†# | 222,932 | 2,409,895 | ||||||
Ctrip.com International, Ltd. ADR† | 45,500 | 4,868,955 | ||||||
Expedia, Inc. | 73,620 | 9,063,358 | ||||||
GrubHub, Inc.†# | 19,163 | 491,339 | ||||||
MercadoLibre, Inc.# | 49,300 | 6,075,732 | ||||||
Netflix, Inc.† | 50,690 | 6,251,598 | ||||||
Priceline Group, Inc.† | 10,125 | 12,644,606 | ||||||
Quotient Technology, Inc.†# | 48,825 | 338,846 | ||||||
Zillow Group, Inc., Class A†# | 5,370 | 139,781 | ||||||
Zillow Group, Inc., Class C†# | 52,585 | 1,296,220 | ||||||
50,384,060 | ||||||||
E-Marketing/Info — 0.7% | ||||||||
Criteo SA ADR† | 145,376 | 5,925,526 | ||||||
Marketo, Inc.†# | 35,976 | 1,088,993 | ||||||
7,014,519 | ||||||||
E-Services/Consulting — 0.2% | ||||||||
CDW Corp. | 53,880 | 2,326,000 | ||||||
Electric Products - Misc. — 0.3% | ||||||||
Nidec Corp.# | 36,345 | 2,810,168 | ||||||
184 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Electronic Components - Misc. — 1.2% | ||||||||
Alps Electric Co., Ltd.# | 107,600 | $ | 3,382,713 | |||||
Corning, Inc. | 39,155 | 733,373 | ||||||
Murata Manufacturing Co., Ltd.# | 20,210 | 3,135,752 | ||||||
TE Connectivity, Ltd. | 70,200 | 4,709,718 | ||||||
11,961,556 | ||||||||
Electronic Components - Semiconductors — 7.8% | ||||||||
ARM Holdings PLC ADR | 44,400 | 2,251,080 | ||||||
Avago Technologies, Ltd. | 16,785 | 2,189,603 | ||||||
Freescale Semiconductor, Ltd.† | 41,920 | 1,631,107 | ||||||
Inotera Memories, Inc.† | 862,000 | 583,610 | ||||||
Intel Corp. | 464,277 | 16,142,911 | ||||||
IPG Photonics Corp.† | 16,700 | 1,522,873 | ||||||
MediaTek, Inc. | 72,000 | 574,597 | ||||||
Microchip Technology, Inc.# | 61,635 | 2,975,738 | ||||||
Micron Technology, Inc.† | 481,465 | 7,669,738 | ||||||
Microsemi Corp.† | 37,100 | 1,335,971 | ||||||
ON Semiconductor Corp.† | 261,065 | 2,861,272 | ||||||
Rohm Co., Ltd. | 26,500 | 1,425,102 | ||||||
Semtech Corp.† | 77,900 | 1,565,790 | ||||||
SK Hynix, Inc. | 509,279 | 13,896,824 | ||||||
Skyworks Solutions, Inc. | 202,651 | 16,824,086 | ||||||
Sumco Corp.# | 210,100 | 2,229,006 | ||||||
SunEdison Semiconductor, Ltd.† | 77,915 | 744,088 | ||||||
Win Semiconductors Corp. | 394,000 | 605,931 | ||||||
77,029,327 | ||||||||
Electronic Forms — 0.9% | ||||||||
Adobe Systems, Inc.† | 97,015 | 8,872,992 | ||||||
Electronic Measurement Instruments — 1.2% | ||||||||
Agilent Technologies, Inc. | 119,600 | 5,001,672 | ||||||
National Instruments Corp. | 48,600 | 1,526,040 | ||||||
Trimble Navigation, Ltd.† | 236,800 | 5,422,720 | ||||||
11,950,432 | ||||||||
Electronic Parts Distribution — 0.1% | ||||||||
Tech Data Corp.† | 14,455 | 977,881 | ||||||
Enterprise Software/Service — 1.5% | ||||||||
Proofpoint, Inc.† | 106,165 | 7,782,956 | ||||||
Veeva Systems, Inc., Class A†# | 260,500 | 7,518,030 | ||||||
15,300,986 | ||||||||
Entertainment Software — 1.4% | ||||||||
Activision Blizzard, Inc. | 32,155 | 1,210,957 | ||||||
Electronic Arts, Inc.† | 17,580 | 1,191,748 | ||||||
NetEase, Inc. ADR | 66,840 | 11,139,555 | ||||||
13,542,260 | ||||||||
Finance - Credit Card — 4.9% | ||||||||
Alliance Data Systems Corp.† | 15,293 | 4,386,797 | ||||||
MasterCard, Inc., Class A | 124,620 | 12,202,790 | ||||||
Visa, Inc., Class A | 392,664 | 31,024,383 | ||||||
Worldpay Group PLC†* | 191,400 | 861,919 | ||||||
48,475,889 | ||||||||
Finance - Other Services — 0.1% | ||||||||
WageWorks, Inc.† | 29,040 | 1,235,362 | ||||||
Instruments - Controls — 0.0% | ||||||||
Control4 Corp.†# | 39,200 | 285,376 | ||||||
Internet Application Software — 1.5% | ||||||||
Tencent Holdings, Ltd. | 729,300 | 14,551,291 | ||||||
Security Description | Shares | (Note 2) | ||||||
Internet Content - Entertainment — 4.4% | ||||||||
Facebook, Inc., Class A† | 415,828 | $ | 43,345,911 | |||||
Youku.com, Inc. Class A†(1)(3)(4) | 16 | 24 | ||||||
43,345,935 | ||||||||
Internet Content - Information/News — 0.8% | ||||||||
LinkedIn Corp., Class A† | 19,000 | 4,619,090 | ||||||
M3, Inc.# | 166,770 | 3,668,669 | ||||||
8,287,759 | ||||||||
Internet Incubators — 0.1% | ||||||||
HomeAway, Inc.† | 28,810 | 1,018,722 | ||||||
Machinery - Electrical — 0.2% | ||||||||
Disco Corp. | 17,400 | 1,676,393 | ||||||
Medical Instruments — 0.5% | ||||||||
Intuitive Surgical, Inc.† | 9,700 | 5,044,194 | ||||||
Medical - Drugs — 0.3% | ||||||||
Grifols SA ADR | 76,800 | 2,668,800 | ||||||
Multimedia — 0.4% | ||||||||
Twenty-First Century Fox, Inc., Class A | 131,800 | 3,889,418 | ||||||
Networking Products — 4.3% | ||||||||
Arista Networks, Inc.†# | 21,890 | 1,609,353 | ||||||
Cisco Systems, Inc. | 976,245 | 26,602,677 | ||||||
Palo Alto Networks, Inc.† | 69,330 | 12,988,282 | ||||||
Ruckus Wireless, Inc.† | 131,745 | 1,508,480 | ||||||
42,708,792 | ||||||||
Optical Recognition Equipment — 0.1% | ||||||||
Lumentum Holdings, Inc.† | 29,760 | 595,200 | ||||||
Photo Equipment & Supplies — 0.8% | ||||||||
FUJIFILM Holdings Corp. | 69,800 | 2,827,155 | ||||||
Largan Precision Co., Ltd. | 33,085 | 2,549,132 | ||||||
Sunny Optical Technology Group Co., Ltd.# | 1,252,925 | 2,857,014 | ||||||
8,233,301 | ||||||||
Publishing - Newspapers — 0.6% | ||||||||
News Corp., Class A | 381,600 | 5,475,960 | ||||||
Real Estate Investment Trusts — 0.2% | ||||||||
American Tower Corp. | 24,900 | 2,474,562 | ||||||
Semiconductor Components - Integrated Circuits — 2.5% | ||||||||
Advanced Semiconductor Engineering, Inc. | 545,000 | 573,517 | ||||||
Atmel Corp. | 429,500 | 3,715,175 | ||||||
Linear Technology Corp. | 65,730 | 3,005,176 | ||||||
Maxim Integrated Products, Inc. | 27,795 | 1,077,612 | ||||||
NXP Semiconductors NV† | 80,890 | 7,559,979 | ||||||
Power Integrations, Inc. | 10,145 | 524,497 | ||||||
Powertech Technology, Inc. | 267,000 | 576,665 | ||||||
QUALCOMM, Inc. | 99,784 | 4,868,461 | ||||||
Siliconware Precision Industries Co., Ltd. | 430,000 | 566,448 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 561,780 | 2,392,238 | ||||||
24,859,768 | ||||||||
Semiconductor Equipment — 2.3% | ||||||||
Applied Materials, Inc. | 480,380 | 9,016,733 | ||||||
ASML Holding NV# | 23,135 | 2,145,077 | ||||||
KLA-Tencor Corp. | 13,435 | 893,024 | ||||||
Lam Research Corp. | 103,875 | 8,123,025 | ||||||
MKS Instruments, Inc. | 24,495 | 903,131 | ||||||
Siltronic AG† | 77,991 | 1,957,856 | ||||||
23,038,846 | ||||||||
185 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Telecom Equipment - Fiber Optics — 0.5% | ||||||||
Ciena Corp.† | 171,305 | $ | 4,289,477 | |||||
Viavi Solutions, Inc.† | 148,800 | 946,368 | ||||||
5,235,845 | ||||||||
Telephone - Integrated — 1.1% | ||||||||
SoftBank Group Corp. | 199,600 | 10,599,392 | ||||||
Toys — 0.2% | ||||||||
Nintendo Co., Ltd.# | 11,300 | 1,735,390 | ||||||
Virtual Reality Products — 0.3% | ||||||||
RealD, Inc.† | 256,900 | 2,697,450 | ||||||
Web Portals/ISP — 10.2% | ||||||||
Alphabet, Inc., Class A† | 57,925 | 44,188,086 | ||||||
Alphabet, Inc., Class C† | 40,743 | 30,255,752 | ||||||
Baidu, Inc. ADR† | 69,500 | 15,148,915 | ||||||
NAVER Corp. | 968 | 527,445 | ||||||
Yahoo!, Inc.† | 265,700 | 8,983,317 | ||||||
Yandex NV, Class A† | 82,700 | 1,375,301 | ||||||
100,478,816 | ||||||||
Total Common Stocks | ||||||||
(cost $818,568,336) | 941,765,263 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.4% | ||||||||
Applications Software — 0.2% | ||||||||
Dropbox, Inc. | 119,521 | 1,725,844 | ||||||
Dropbox, Inc. | 12,378 | 178,734 | ||||||
1,904,578 | ||||||||
Computers - Other — 0.2% | ||||||||
Nutanix, Inc. | 95,451 | 1,909,020 | ||||||
Data Processing/Management — 0.2% | ||||||||
Cloudera, Inc. | 54,446 | 1,583,562 | ||||||
E-Commerce/Products — 0.1% | ||||||||
Flipkart Online Services Pvt., Ltd. | 216 | 26,591 | ||||||
Flipkart Online Services Pvt., Ltd. | 377 | 46,411 | ||||||
Flipkart Online Services Pvt., Ltd. | 700 | 86,173 | ||||||
Flipkart Online Services Pvt., Ltd. | 4,085 | 502,884 | ||||||
662,059 | ||||||||
E-Commerce/Services — 0.6% | ||||||||
Airbnb, Inc. | 26,943 | 2,688,701 | ||||||
Uber Technologies, Inc. | 86,516 | 3,429,372 | ||||||
6,118,073 | ||||||||
Internet Application Software — 0.0% | ||||||||
Xiaoju Kuaizhi, Inc. | 11,731 | 328,802 | ||||||
Web Portals/ISP — 0.1% | ||||||||
Pinterest, Inc. | 41,130 | 1,476,380 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $9,550,118) | 13,982,474 | |||||||
Security Description | Shares/ Principal Amount | (Note 2) | ||||||
PREFERRED SECURITIES — 0.1% | ||||||||
Computer Graphics — 0.1% | ||||||||
Atlassian Class A FDR†(2)(3)(4) | 13,337 | $ | 234,398 | |||||
Atlassian Series A†(2)(3)(4) | 12,885 | 226,454 | ||||||
Total Preferred Securities | ||||||||
(cost $419,552) | 460,852 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $828,538,006) | 956,208,589 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.2% |
| |||||||
Registered Investment Companies — 6.9% | ||||||||
State Street Navigator Securities Lending Prime Portfolio | 53,723,108 | 53,723,108 | ||||||
T. Rowe Price Reserve Investment Fund | 14,267,026 | 14,267,026 | ||||||
67,990,134 | ||||||||
Time Deposits — 1.3% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 12,936,000 | 12,936,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $80,926,134) | 80,926,134 | |||||||
REPURCHASE AGREEMENTS — 0.1% | ||||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/30/2015, to be repurchased 12/01/2015 in the amount $886,000 collateralized by $930,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $906,124 (cost $886,000) | 886,000 | 886,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $910,350,140)(7) | 105.1 | % | 1,038,020,723 | |||||
Liabilities in excess of other assets | (5.1 | ) | (49,948,101 | ) | ||||
NET ASSETS | 100.0 | % | $ | 988,072,622 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2015, the aggregate value of these securities was $861,919 representing 0.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Illiquid security. At November 30, 2015, the aggregate value of these securities was $17,821,240 representing 1.8% 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. |
186 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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 | 04/09/2014 | 3,707 | $ | 59,312 | $ | 65,150 | $ | 17.57 | 0.01 | % | ||||||||||||||
Atlassian | 04/09/2014 | 2,554 | 40,864 | 44,887 | 17.58 | 0.00 | ||||||||||||||||||
Atlassian | 04/09/2014 | 6,508 | 104,128 | 114,378 | 17.58 | 0.01 | ||||||||||||||||||
Atlassian | 04/09/2014 | 17,424 | 278,784 | 306,227 | 17.58 | 0.03 | ||||||||||||||||||
Dropbox, Inc., | 05/01/2012 | 135,924 | 1,230,337 | 1,962,697 | 14.44 | 0.20 | ||||||||||||||||||
Flipkart Online Services Pvt., Ltd. | 03/19/2015 | 626 | 71,363 | 77,064 | 123.11 | 0.01 | ||||||||||||||||||
Pure Storage, Inc. | 04/16/2014 | 63,153 | 993,138 | 807,487 | 12.79 | 0.08 | ||||||||||||||||||
Youku.com, Inc. | 07/11/2011 | 16 | — | 24 | 1.49 | 0.00 | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Airbnb, Inc. | 06/24/2015 | 16,260 | 1,513,715 | |||||||||||||||||||||
07/14/2015 | 10,683 | 994,527 | ||||||||||||||||||||||
26,943 | 2,508,242 | 2,688,701 | 251.68 | 0.27 | ||||||||||||||||||||
Cloudera, Inc. | 02/05/2014 | 54,446 | 792,733 | 1,583,562 | 29.09 | 0.17 | ||||||||||||||||||
Dropbox, Inc. | 05/01/2012 | 60,803 | 550,212 | |||||||||||||||||||||
05/29/2012 | 58,718 | 531,345 | ||||||||||||||||||||||
119,521 | 1,081,557 | 1,725,844 | 14.44 | 0.18 | ||||||||||||||||||||
Dropbox, Inc. | 05/01/2012 | 12,378 | 112,010 | 178,734 | 14.44 | 0.02 | ||||||||||||||||||
Flipkart Online Services Pvt., Ltd. Series A | 03/19/2015 | 216 | 24,624 | 26,591 | 123.11 | 0.00 | ||||||||||||||||||
Flipkart Online Services Pvt., Ltd. Series C | 03/19/2015 | 377 | 42,978 | 46,411 | 123.11 | 0.00 |
Description | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Flipkart Online Services Pvt., Ltd. Series E | 03/19/2015 | 700 | $ | 79,799 | $ | 86,173 | $ | 123.10 | 0.01 | % | ||||||||||||||
Flipkart Online Services Pvt., Ltd. Series G | 12/17/2014 | 4,085 | 489,220 | 502,884 | 123.11 | 0.05 | ||||||||||||||||||
Nutanix, Inc. | 06/05/2014 | 95,451 | 1,278,709 | 1,909,020 | 20.00 | 0.19 | ||||||||||||||||||
Pinterest, Inc. | 03/19/2015 | 41,130 | 1,476,380 | 1,476,380 | 35.90 | 0.15 | ||||||||||||||||||
Uber Technologies, Inc. | 06/05/2014 | 86,516 | 1,342,127 | 3,429,372 | 39.64 | 0.35 | ||||||||||||||||||
Xiaoju Kuaizhi, Inc. | 10/19/2015 | 11,731 | 321,737 | 328,802 | 28.03 | 0.03 | ||||||||||||||||||
Preferred Securities | ||||||||||||||||||||||||
Atlassian Class A FDR | 04/09/2014 | 13,337 | 213,392 | 234,398 | 17.58 | 0.02 | ||||||||||||||||||
Atlassian | 04/09/2014 | 12,885 | 206,160 | 226,454 | 17.58 | 0.02 | ||||||||||||||||||
$ | 17,821,240 | 1.80 | % | |||||||||||||||||||||
(5) | At November 30, 2015, the Fund had loaned securities with a total value of $63,736,790. This was secured by collateral of $53,723,108, which was received in cash and subsequently invested in short-term investments currently valued at $53,723,108 as reported in the Portfolio of Investments. Additional collateral of $11,316,577 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
United States Treasury Bills | 0.00% | 12/10/2015 to 07/21/2016 | $ | 144,901 | ||||
United States Treasury Notes/Bonds | 0.13% to 7.63% | 01/15/2016 to 05/15/2045 | 11,171,676 |
(6) | The rate shown is the 7-day yield as of November 30, 2015. |
(7) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
FDR—Federal Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Applications Software | $ | 115,716,239 | $ | — | $ | 1,962,697 | $ | 117,678,936 | ||||||||
Computer Graphics | — | 530,642 | 530,642 | |||||||||||||
Computers-Memory Devices | 32,635,495 | 807,487 | — | 33,442,982 | ||||||||||||
E-Commerce/Products | 89,448,874 | — | 77,064 | 89,525,938 | ||||||||||||
Internet Content-Entertainment | 43,345,911 | 24 | — | 43,345,935 | ||||||||||||
Other Industries | 657,240,830 | — | — | 657,240,830 | ||||||||||||
Convertible Preferred Securities | — | — | 13,982,474 | 13,982,474 | ||||||||||||
Preferred Securities | — | — | 460,852 | 460,852 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 67,990,134 | — | — | 67,990,134 | ||||||||||||
Time Deposits | — | 12,936,000 | — | 12,936,000 | ||||||||||||
Repurchase Agreements | — | 886,000 | — | 886,000 | ||||||||||||
Total Investments at Value | $ | 1,006,377,483 | $ | 14,629,511 | $ | 17,013,729 | $ | 1,038,020,723 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
187 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $71,460,099 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
Common Stocks | Convertible Preferred Securities | Preferred Securities | ||||||||||
Balance as of 05/31/2015 | $ | 3,231,781 | $ | 12,587,019 | $ | 498,218 | ||||||
Accrued discounts | — | — | — | |||||||||
Accrued premiums | — | — | — | |||||||||
Realized Gain | — | — | — | |||||||||
Realized Loss | — | (58,991 | ) | — | ||||||||
Change in unrealized appreciation(1) | — | 381,290 | — | |||||||||
Change in unrealized depreciation(1) | (661,378 | ) | (763,686 | ) | (37,366 | ) | ||||||
Net Purchases | — | 2,829,980 | �� | — | ||||||||
Net Sales | — | (993,138 | ) | — | ||||||||
Transfers into Level 3 | — | — | — | |||||||||
Transfers out of Level 3 | — | — | — | |||||||||
Balance as of 11/30/2015 | $ | 2,570,403 | $ | 13,982,474 | $ | 460,852 | ||||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2015 includes: |
Common Stocks | Convertible Preferred Securities | Preferred Securities | ||||||||||
$ | (661,378 | ) | $ | (382,396 | ) | $ | (37,366 | ) | ||||
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 November 30, 2015.
188 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/15 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stock | $ | 530,642 | Market Approach | Initial Public Offering Range Discount for Lack of Marketability | $16.50-$18.50 5.0% | |||||
$ | 77,064 | Market Approach and Income Approach | Transaction Price* Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* | $142.2400 3.1x 20.0% 18% 4.0% | ||||||
$ | 1,962,697 | Market Approach with Option Pricing Method (“OPM”) and Income Approach | Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* OPM assumptions: Volatility* Term to liquidity event in years Risk-free rate | 7.84x - 11.0x (8.947x) 10%-20% (15%) 18% 3.0% 35.0% 1.0 0.50% | ||||||
Convertible Preferred Securities | $ | 7,143,574 | Market Approach | Transaction Price* | $20.00 - $39.63858 ($30.890645) | |||||
$ | 1,583,562 | Market Approach | Transaction Price* 2015 Estimate Revenue Multiple Discount for Lack of Marketability | $32.8300 11.3 10.00% | ||||||
$ | 2,688,701 | Market Approach | Transaction Price* Enterprise Value/ 2017 Projected EBITDA Multiple” Discount for Lack of Marketability | $93.0944 17.2x 10.0% | ||||||
$ | 662,059 | Market Approach and Income Approach | Transaction Price* Enterprise Value/Revenue Multiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* | $142.2400 3.1x 20.0% 18% 4.0% | ||||||
$ | 1,904,578 | Market Approach with Option Pricing Method (“OPM”) and Income Approach | Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* OPM assumptions: Volatility* Term to liquidity event in years Risk-free rate | 7.84x - 11.0x (8.947x) 10%-20% (15%) 18% 3.0% 35.0% 1.0 0.50% | ||||||
Preferred Securities | $ | 460,852 | Market Approach | Initial Public Offering Range Discount for Lack of Marketability | $16.50-$18.50 5.0% |
(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
189 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Registered Investment Companies | 18.0 | % | ||
Medical — Biomedical/Gene | 10.6 | |||
Medical Products | 6.5 | |||
Medical — Drugs | 6.3 | |||
Enterprise Software/Service | 5.7 | |||
Retail — Restaurants | 4.8 | |||
Electronic Components — Semiconductors | 4.6 | |||
Networking Products | 3.5 | |||
Food — Misc./Diversified | 3.3 | |||
Entertainment Software | 2.7 | |||
Commercial Services — Finance | 2.6 | |||
Auction Houses/Art Dealers | 2.3 | |||
Therapeutics | 2.3 | |||
Retail — Home Furnishings | 2.3 | |||
Banks — Commercial | 2.3 | |||
Industrial Audio & Video Products | 2.2 | |||
Apparel Manufacturers | 2.2 | |||
E-Marketing/Info | 2.0 | |||
Disposable Medical Products | 1.9 | |||
Repurchase Agreements | 1.9 | |||
Retail — Automobile | 1.9 | |||
Medical Instruments | 1.8 | |||
Retail — Convenience Store | 1.8 | |||
Internet Telephone | 1.7 | |||
Medical — Hospitals | 1.6 | |||
Recreational Centers | 1.6 | |||
Advanced Materials | 1.5 | |||
Drug Delivery Systems | 1.5 | |||
Aerospace/Defense — Equipment | 1.4 | |||
Chemicals — Specialty | 1.4 | |||
Oil Companies — Exploration & Production | 1.3 | |||
Applications Software | 1.1 | |||
Office Furnishings — Original | 1.1 | |||
Miscellaneous Manufacturing | 1.1 | |||
Building Products — Cement | 1.1 | |||
Steel — Producers | 1.1 | |||
Finance — Other Services | 1.0 | |||
Footwear & Related Apparel | 1.0 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Transactional Software | 0.8 | |||
Finance — Credit Card | 0.7 | |||
Investment Management/Advisor Services | 0.6 | |||
Airlines | 0.5 | |||
Computer Services | 0.3 | |||
117.7 | % | |||
* | Calculated as a percentage of net assets |
190 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.8% | ||||||||
Advanced Materials — 1.5% | ||||||||
Hexcel Corp. | 39,193 | $ | 1,845,598 | |||||
Aerospace/Defense - Equipment — 1.4% | ||||||||
HEICO Corp., Class A | 39,998 | 1,735,913 | ||||||
Airlines — 0.5% | ||||||||
Virgin America, Inc.†# | 16,379 | 596,032 | ||||||
Apparel Manufacturers — 2.2% | ||||||||
Carter’s, Inc. | 17,060 | 1,471,084 | ||||||
G-III Apparel Group, Ltd.† | 26,740 | 1,226,564 | ||||||
2,697,648 | ||||||||
Applications Software — 1.1% | ||||||||
Demandware, Inc.†# | 27,260 | 1,394,349 | ||||||
Auction Houses/Art Dealers — 2.3% | ||||||||
Ritchie Bros. Auctioneers, Inc.# | 106,580 | 2,855,278 | ||||||
Auto/Truck Parts & Equipment - Original — 0.9% | ||||||||
Gentherm, Inc.† | 20,550 | 1,044,762 | ||||||
Banks - Commercial — 2.3% | ||||||||
Western Alliance Bancorp† | 72,180 | 2,799,862 | ||||||
Building Products - Cement — 1.1% | ||||||||
Headwaters, Inc.† | 69,434 | 1,331,050 | ||||||
Chemicals - Specialty — 1.4% | ||||||||
Chemtura Corp.† | 55,353 | 1,700,444 | ||||||
Commercial Services - Finance — 2.6% | ||||||||
Euronet Worldwide, Inc.† | 28,721 | 2,232,196 | ||||||
Heartland Payment Systems, Inc. | 11,410 | 905,270 | ||||||
3,137,466 | ||||||||
Computer Services — 0.3% | ||||||||
Barracuda Networks, Inc.†# | 19,196 | 365,300 | ||||||
Disposable Medical Products — 1.9% | ||||||||
STERIS PLC# | 30,700 | 2,344,866 | ||||||
Drug Delivery Systems — 1.5% | ||||||||
DexCom, Inc.† | 21,425 | 1,821,554 | ||||||
E-Marketing/Info — 2.0% | ||||||||
comScore, Inc.† | 57,120 | 2,404,752 | ||||||
Electronic Components - Semiconductors — 4.6% | ||||||||
Cavium, Inc.† | 9,710 | 651,638 | ||||||
Monolithic Power Systems, Inc. | 39,330 | 2,687,419 | ||||||
Tower Semiconductor, Ltd.†# | 141,148 | 2,232,961 | ||||||
5,572,018 | ||||||||
Enterprise Software/Service — 5.7% | ||||||||
Proofpoint, Inc.† | 49,160 | 3,603,920 | ||||||
Ultimate Software Group, Inc.† | 16,843 | 3,326,492 | ||||||
6,930,412 | ||||||||
Entertainment Software — 2.7% | ||||||||
Take-Two Interactive Software, Inc.† | 93,590 | 3,310,278 | ||||||
Finance - Credit Card — 0.7% | ||||||||
Blackhawk Network Holdings, Inc.† | 18,940 | 896,809 | ||||||
Finance - Other Services — 1.0% | ||||||||
MarketAxess Holdings, Inc. | 11,864 | 1,266,838 | ||||||
Food - Misc./Diversified — 3.3% | ||||||||
Pinnacle Foods, Inc. | 69,340 | 3,019,063 | ||||||
Snyder’s-Lance, Inc.# | 25,840 | 957,889 | ||||||
3,976,952 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Footwear & Related Apparel — 1.0% | ||||||||
Steven Madden, Ltd.† | 38,290 | $ | 1,221,451 | |||||
Industrial Audio & Video Products — 2.2% | ||||||||
IMAX Corp.†# | 71,480 | 2,707,662 | ||||||
Internet Telephone — 1.7% | ||||||||
RingCentral, Inc.† | 90,690 | 2,077,708 | ||||||
Investment Management/Advisor Services — 0.6% | ||||||||
WisdomTree Investments, Inc.# | 31,540 | 685,995 | ||||||
Medical Instruments — 1.8% | ||||||||
AtriCure, Inc.† | 84,569 | 1,816,542 | ||||||
Entellus Medical, Inc.† | 22,242 | 387,901 | ||||||
2,204,443 | ||||||||
Medical Products — 6.5% | ||||||||
ConforMIS, Inc.†# | 47,080 | 1,004,216 | ||||||
Intersect ENT, Inc.† | 43,260 | 852,655 | ||||||
NxStage Medical, Inc.† | 125,960 | 2,457,480 | ||||||
West Pharmaceutical Services, Inc. | 38,406 | 2,421,498 | ||||||
Zeltiq Aesthetics, Inc.† | 38,080 | 1,156,870 | ||||||
7,892,719 | ||||||||
Medical - Biomedical/Gene — 10.6% | ||||||||
Bluebird Bio, Inc.† | 9,285 | 824,044 | ||||||
Blueprint Medicines Corp.†# | 24,820 | 574,831 | ||||||
Celyad SA ADR† | 9,810 | 461,560 | ||||||
Edge Therapeutics, Inc.†# | 11,879 | 164,881 | ||||||
Kite Pharma, Inc.†# | 14,120 | 1,163,064 | ||||||
Ligand Pharmaceuticals, Inc.†# | 14,547 | 1,557,693 | ||||||
Lion Biotechnologies, Inc.†# | 87,460 | 636,709 | ||||||
Loxo Oncology, Inc.†# | 47,718 | 1,571,354 | ||||||
Myriad Genetics, Inc.† | 40,681 | 1,769,623 | ||||||
Pronai Therapeutics, Inc.†# | 23,960 | 459,792 | ||||||
REGENXBIO, Inc.†# | 27,480 | 658,696 | ||||||
Sage Therapeutics, Inc.† | 16,784 | 804,289 | ||||||
Spark Therapeutics, Inc.†# | 16,090 | 929,841 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 13,158 | 1,293,695 | ||||||
12,870,072 | ||||||||
Medical - Drugs — 6.3% | ||||||||
Aimmune Therapeutics, Inc.†# | 28,020 | 599,348 | ||||||
Amicus Therapeutics, Inc.†# | 118,923 | 1,276,044 | ||||||
Ascendis Pharma A/S ADR† | 37,817 | 674,277 | ||||||
Chimerix, Inc.† | 27,799 | 1,123,079 | ||||||
DBV Technologies SA ADR† | 17,880 | 623,476 | ||||||
Global Blood Therapeutics, Inc.† | 12,480 | 586,061 | ||||||
Ignyta, Inc.†# | 49,950 | 734,265 | ||||||
Immune Design Corp.†# | 38,010 | 795,549 | ||||||
Inotek Pharmaceuticals Corp.†# | 54,510 | 653,575 | ||||||
NantKwest, Inc.†# | 34,200 | 557,802 | ||||||
7,623,476 | ||||||||
Medical - Hospitals — 1.6% | ||||||||
Acadia Healthcare Co., Inc.† | 28,460 | 1,964,025 | ||||||
Miscellaneous Manufacturing — 1.1% | ||||||||
John Bean Technologies Corp. | 27,310 | 1,335,459 | ||||||
Networking Products — 3.5% | ||||||||
LogMeIn, Inc.† | 59,510 | 4,250,204 | ||||||
Office Furnishings - Original — 1.1% | ||||||||
Steelcase, Inc., Class A | 68,680 | 1,373,600 | ||||||
Oil Companies - Exploration & Production — 1.3% | ||||||||
Carrizo Oil & Gas, Inc.† | 19,730 | 796,698 |
191 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil Companies - Exploration & Production (continued) | ||||||||
Diamondback Energy, Inc.† | 9,310 | $ | 726,366 | |||||
1,523,064 | ||||||||
Recreational Centers — 1.6% | ||||||||
ClubCorp Holdings, Inc. | 105,934 | 1,901,515 | ||||||
Retail - Automobile — 1.9% | ||||||||
Lithia Motors, Inc., Class A | 18,450 | 2,292,228 | ||||||
Retail - Convenience Store — 1.8% | ||||||||
Casey’s General Stores, Inc. | 18,640 | 2,167,273 | ||||||
Retail - Home Furnishings — 2.3% | ||||||||
Restoration Hardware Holdings, Inc.† | 31,160 | 2,800,349 | ||||||
Retail - Restaurants — 4.8% | ||||||||
Papa John’s International, Inc. | 14,100 | 810,468 | ||||||
Popeyes Louisiana Kitchen, Inc.† | 27,740 | 1,605,036 | ||||||
Red Robin Gourmet Burgers, Inc.† | 37,630 | 2,539,272 | ||||||
Wingstop, Inc.†# | 39,190 | 844,545 | ||||||
5,799,321 | ||||||||
Semiconductor Components - Integrated Circuits — 0.9% |
| |||||||
M/A-COM Technology Solutions Holdings, Inc.† | 29,261 | 1,081,194 | ||||||
Steel - Producers — 1.1% | ||||||||
Steel Dynamics, Inc. | 73,790 | 1,283,208 | ||||||
Therapeutics — 2.3% | ||||||||
aTyr Pharma, Inc.†# | 40,900 | 348,059 | ||||||
Neurocrine Biosciences, Inc.† | 21,820 | 1,186,354 | ||||||
Vital Therapies, Inc.†# | 75,285 | 707,679 | ||||||
Zafgen, Inc.†# | 33,910 | 573,418 | ||||||
2,815,510 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transactional Software — 0.8% | ||||||||
Black Knight Financial Services, Inc., Class A† | 28,278 | $ | 981,247 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $106,443,793) | 118,879,904 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 18.0% |
| |||||||
Registered Investment Companies — 18.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) | 21,824,502 | 21,824,502 | ||||||
REPURCHASE AGREEMENTS — 1.9% | ||||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, date 11/30/2015, to be repurchased 12/01/2015 in the amount of $2,323,000 and collateralized by $2,435,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having approximate value of $2,372,486 | $ | 2,323,000 | 2,323,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $130,591,295)(3) | 117.7 | % | 143,027,406 | |||||
Liabilities in excess of other assets | (17.7 | ) | (21,488,485 | ) | ||||
NET ASSETS | 100.0 | % | $ | 121,538,921 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $21,137,645. This was secured by collateral of $21,824,502, which was received in cash and subsequently invested in short-term investments currently valued at $21,824,502 as reported in the Portfolio of Investments. |
(2) | The rate shown is the 7-day yield as of November 30, 2015. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 118,879,904 | $ | — | $ | — | $ | 118,879,904 | ||||||||
Short-Term Investment Securities | 21,824,502 | — | — | 21,824,502 | ||||||||||||
Repurchase Agreements | — | 2,323,000 | — | 2,323,000 | ||||||||||||
Total Investments at Value | $ | 140,704,406 | $ | 2,323,000 | $ | — | $ | 143,027,406 | ||||||||
* | 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
192 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Banks — Commercial | 11.2 | % | ||
Registered Investment Companies | 7.5 | |||
Retail — Restaurants | 3.4 | |||
Real Estate Investment Trusts | 3.1 | |||
Transport — Truck | 3.0 | |||
Electronic Components — Semiconductors | 2.5 | |||
Computer Services | 2.5 | |||
Medical Products | 2.3 | |||
Finance — Investment Banker/Broker | 1.9 | |||
Computer Software | 1.7 | |||
Medical — Biomedical/Gene | 1.7 | |||
Chemicals — Specialty | 1.7 | |||
Insurance — Property/Casualty | 1.5 | |||
Applications Software | 1.5 | |||
Semiconductor Equipment | 1.4 | |||
Building & Construction — Misc. | 1.4 | |||
Investment Management/Advisor Services | 1.4 | |||
Oil Companies — Exploration & Production | 1.3 | |||
Medical — Hospitals | 1.3 | |||
Real Estate Management/Services | 1.3 | |||
Computers — Integrated Systems | 1.3 | |||
Medical — Drugs | 1.2 | |||
Food — Misc./Diversified | 1.1 | |||
Insurance — Multi-line | 1.1 | |||
Enterprise Software/Service | 1.1 | |||
Savings & Loans/Thrifts | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Metal Processors & Fabrication | 1.0 | |||
Commercial Services | 1.0 | |||
Non — Hazardous Waste Disposal | 1.0 | |||
Containers — Paper/Plastic | 1.0 | |||
Consumer Products — Misc. | 0.9 | |||
Gas — Distribution | 0.9 | |||
Building Products — Doors & Windows | 0.9 | |||
Medical Instruments | 0.8 | |||
Food — Canned | 0.8 | |||
Diagnostic Kits | 0.8 | |||
Oil Field Machinery & Equipment | 0.8 | |||
Resorts/Theme Parks | 0.8 | |||
Telecommunication Equipment | 0.7 | |||
Medical Imaging Systems | 0.7 | |||
Instruments — Controls | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Transactional Software | 0.7 | |||
Diagnostic Equipment | 0.7 | |||
Storage/Warehousing | �� | 0.7 | ||
Human Resources | 0.7 | |||
Data Processing/Management | 0.7 | |||
Chemicals — Plastics | 0.7 | |||
Batteries/Battery Systems | 0.7 | |||
Medical — Generic Drugs | 0.7 | |||
Casino Hotels | 0.6 | |||
Electronic Parts Distribution | 0.6 | |||
Electric — Integrated | 0.6 | |||
Broadcast Services/Program | 0.6 | |||
Retail — Arts & Crafts | 0.6 | |||
Home Furnishings | 0.6 | |||
Building — Residential/Commercial | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Transport — Marine | 0.6 | |||
Building Products — Cement | 0.5 | |||
Satellite Telecom | 0.5 | |||
Oil — Field Services | 0.5 | |||
Veterinary Diagnostics | 0.5 | |||
Office Automation & Equipment | 0.5 | |||
Time Deposits | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Retail — Apparel/Shoe | 0.5 |
Wire & Cable Products | 0.5 | % | ||
Miscellaneous Manufacturing | 0.4 | |||
Medical — HMO | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Diversified Manufacturing Operations | 0.4 | |||
Financial Guarantee Insurance | 0.4 | |||
Building Products — Air & Heating | 0.4 | |||
Electronic Measurement Instruments | 0.3 | |||
Retail — Home Furnishings | 0.3 | |||
Retail — Vitamins & Nutrition Supplements | 0.3 | |||
Oil & Gas Drilling | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Garden Products | 0.3 | |||
E-Marketing/Info | 0.3 | |||
Disposable Medical Products | 0.3 | |||
Aerospace/Defense | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Therapeutics | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
Printing — Commercial | 0.2 | |||
Recreational Vehicles | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Advanced Materials | 0.2 | |||
Environmental Monitoring & Detection | 0.2 | |||
Retail — Discount | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Food — Flour & Grain | 0.2 | |||
Gold Mining | 0.2 | |||
Paper & Related Products | 0.2 | |||
Filtration/Separation Products | 0.2 | |||
Engineering/R&D Services | 0.2 | |||
Networking Products | 0.2 | |||
Auction Houses/Art Dealers | 0.2 | |||
Office Furnishings — Original | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Wireless Equipment | 0.1 | |||
Communications Software | 0.1 | |||
Steel — Producers | 0.1 | |||
Consulting Services | 0.1 | |||
Transport — Services | 0.1 | |||
Schools | 0.1 | |||
Entertainment Software | 0.1 | |||
Agricultural Operations | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Pharmacy Services | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
Internet Security | 0.1 | |||
Publishing — Books | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Telecom Services | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Decision Support Software | 0.1 | |||
Food — Retail | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Pipelines | 0.1 | |||
Advertising Services | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Computer Data Security | 0.1 |
193 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Computers — Voice Recognition | 0.1 | % | ||
Leisure Products | 0.1 | |||
Internet Telephone | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Building Products — Light Fixtures | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Textile — Products | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Water | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Water Treatment Systems | 0.1 | |||
Machinery — Farming | 0.1 | |||
Brewery | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Quarrying | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Retail — Leisure Products | 0.1 | |||
Metal — Diversified | 0.1 | |||
Metal — Aluminum | 0.1 | |||
106.5 | % | |||
* | Calculated as a percentage of net assets |
194 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.3% |
| |||||||
Advanced Materials — 0.2% |
| |||||||
Core Molding Technologies, Inc.† | 13,000 | $ | 185,250 | |||||
Hexcel Corp. | 9,900 | 466,191 | ||||||
651,441 | ||||||||
Advertising Agencies — 0.0% |
| |||||||
Tremor Video, Inc.†# | 60,000 | 123,000 | ||||||
Advertising Services — 0.1% |
| |||||||
Marchex, Inc., Class B | 28,500 | 121,410 | ||||||
Sizmek, Inc.† | 27,800 | 128,714 | ||||||
250,124 | ||||||||
Aerospace/Defense — 0.2% |
| |||||||
Teledyne Technologies, Inc.† | 8,100 | 749,331 | ||||||
Aerospace/Defense-Equipment — 0.2% |
| |||||||
Breeze-Eastern Corp.† | 5,000 | 98,850 | ||||||
Ducommun, Inc.† | 6,400 | 107,136 | ||||||
LMI Aerospace, Inc.† | 6,100 | 62,098 | ||||||
Moog, Inc., Class A† | 7,100 | 469,097 | ||||||
737,181 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Cadiz, Inc.†# | 14,400 | 53,712 | ||||||
MGP Ingredients, Inc.# | 13,100 | 274,052 | ||||||
327,764 | ||||||||
Airlines — 0.0% |
| |||||||
Allegiant Travel Co. | 200 | 35,026 | ||||||
Apparel Manufacturers — 0.6% |
| |||||||
Columbia Sportswear Co. | 37,900 | 1,774,857 | ||||||
Delta Apparel, Inc.† | 10,500 | 159,390 | ||||||
1,934,247 | ||||||||
Applications Software — 1.5% |
| |||||||
BSQUARE Corp.† | 28,900 | 214,438 | ||||||
Cvent, Inc.† | 10,560 | 381,533 | ||||||
Demandware, Inc.†# | 4,700 | 240,405 | ||||||
Descartes Systems Group, Inc.† | 33,100 | 661,007 | ||||||
Five9, Inc.† | 24,900 | 165,585 | ||||||
HubSpot, Inc.† | 2,640 | 143,114 | ||||||
Imperva, Inc.† | 4,030 | 300,759 | ||||||
New Relic, Inc.†# | 6,740 | 253,491 | ||||||
PDF Solutions, Inc.† | 8,500 | 94,775 | ||||||
Progress Software Corp.† | 11,350 | 272,287 | ||||||
SciQuest, Inc.† | 14,800 | 191,068 | ||||||
Tangoe, Inc.† | 35,100 | 301,860 | ||||||
Verint Systems, Inc.† | 33,241 | 1,557,341 | ||||||
4,777,663 | ||||||||
Auction Houses/Art Dealers — 0.2% |
| |||||||
Ritchie Bros. Auctioneers, Inc.# | 18,100 | 484,899 | ||||||
Audio/Video Products — 0.0% |
| |||||||
VOXX International Corp.† | 5,000 | 28,700 | ||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro Muffler Brake, Inc. | 5,625 | 416,475 | ||||||
Auto/Truck Parts & Equipment-Original — 0.4% |
| |||||||
Gentherm, Inc.† | 8,400 | 427,056 | ||||||
Horizon Global Corp.† | 5,980 | 51,966 | ||||||
Miller Industries, Inc. | 10,000 | 219,500 | ||||||
SORL Auto Parts, Inc.† | 15,300 | 35,955 | ||||||
Spartan Motors, Inc. | 21,600 | 78,408 | ||||||
Strattec Security Corp. | 4,700 | 293,092 | ||||||
Supreme Industries, Inc. Class A | 16,900 | 135,200 | ||||||
1,241,177 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Commercial Vehicle Group, Inc.† | 18,700 | $ | 63,580 | |||||
Banks - Commercial — 11.2% |
| |||||||
American National Bankshares, Inc. | 5,900 | 153,400 | ||||||
AmeriServ Financial, Inc. | 22,000 | 73,480 | ||||||
Anchor Bancorp, Inc.†# | 3,000 | 77,310 | ||||||
BancorpSouth, Inc. | 2,600 | 69,940 | ||||||
Bank of Commerce Holdings | 7,640 | 56,001 | ||||||
Bank of the Ozarks, Inc. | 50,143 | 2,721,762 | ||||||
BankUnited, Inc. | 79,428 | 3,002,379 | ||||||
Blue Hills Bancorp, Inc. | 8,100 | 131,706 | ||||||
Capital Bank Financial Corp., Class A | 16,200 | 546,264 | ||||||
Capital City Bank Group, Inc. | 9,600 | 151,200 | ||||||
Chemung Financial Corp. | 5,500 | 153,450 | ||||||
Citizens Holding Co.# | 4,500 | 97,560 | ||||||
CNB Financial Corp. | 8,500 | 158,865 | ||||||
East West Bancorp, Inc. | 56,767 | 2,462,553 | ||||||
Eastern Virginia Bankshares, Inc. | 12,000 | 82,080 | ||||||
Enterprise Bancorp, Inc. | 6,821 | 167,046 | ||||||
Farmers Capital Bank Corp.† | 7,900 | 213,379 | ||||||
First Bancorp, Inc. | 7,165 | 158,991 | ||||||
First Horizon National Corp. | 50,000 | 743,500 | ||||||
Glacier Bancorp, Inc. | 94,299 | 2,770,505 | ||||||
Green Bancorp, Inc.† | 2,600 | 35,256 | ||||||
Heritage Commerce Corp. | 13,500 | 145,800 | ||||||
IBERIABANK Corp. | 28,179 | 1,785,703 | ||||||
Kearny Financial Corp. | 13,200 | 166,320 | ||||||
Merchants Bancshares, Inc. | 4,600 | 150,374 | ||||||
MidSouth Bancorp, Inc. | 9,800 | 107,310 | ||||||
MidWestOne Financial Group, Inc. | 5,400 | 171,450 | ||||||
Northrim BanCorp, Inc. | 7,100 | 208,953 | ||||||
Ohio Valley Banc Corp. | 6,400 | 163,136 | ||||||
Old Second Bancorp, Inc.† | 19,157 | 148,467 | ||||||
Pacific Continental Corp. | 13,000 | 206,830 | ||||||
PacWest Bancorp | 40,803 | 1,918,557 | ||||||
Park Sterling Corp. | 51,200 | 387,584 | ||||||
Penns Woods Bancorp, Inc. | 3,200 | 142,752 | ||||||
Peoples Bancorp of North Carolina, Inc. | 5,500 | 105,105 | ||||||
Pinnacle Financial Partners, Inc. | 21,910 | 1,190,370 | ||||||
Popular, Inc. | 11,100 | 329,781 | ||||||
Premier Financial Bancorp, Inc. | 4,286 | 65,447 | ||||||
PrivateBancorp, Inc. | 56,244 | 2,480,923 | ||||||
Prosperity Bancshares, Inc. | 8,500 | 470,985 | ||||||
QCR Holdings, Inc. | 6,500 | 157,300 | ||||||
Sierra Bancorp | 9,400 | 167,696 | ||||||
Simmons First National Corp., Class A | 3,900 | 224,874 | ||||||
Southern National Bancorp of Virginia, Inc. | 15,000 | 185,250 | ||||||
Sussex BanCorp | 6,000 | 82,320 | ||||||
Synovus Financial Corp. | 85,019 | 2,837,934 | ||||||
Talmer Bancorp, Inc., Class A | 19,900 | 363,573 | ||||||
TCF Financial Corp. | 15,700 | 240,524 | ||||||
Texas Capital Bancshares, Inc.† | 12,350 | 732,108 | ||||||
United Security Bancshares†# | 22,003 | 115,516 | ||||||
Valley National Bancorp | 21,172 | 235,856 | ||||||
Washington Trust Bancorp, Inc. | 4,900 | 200,214 | ||||||
Webster Financial Corp. | 50,994 | 2,050,469 | ||||||
West Bancorporation, Inc. | 6,944 | 143,949 | ||||||
Westamerica Bancorporation# | 6,100 | 298,900 | ||||||
Western Alliance Bancorp† | 98,124 | 3,806,230 | ||||||
36,215,187 | ||||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 3,700 | 109,298 | ||||||
Batteries/Battery Systems — 0.7% |
| |||||||
EnerSys | 35,912 | 2,115,217 | ||||||
195 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Primo Water Corp.† | 21,600 | $ | 192,024 | |||||
Brewery — 0.1% |
| |||||||
Craft Brew Alliance, Inc.†# | 18,800 | 182,736 | ||||||
Broadcast Services/Program — 0.6% |
| |||||||
Nexstar Broadcasting Group, Inc., Class A# | 34,976 | 2,049,244 | ||||||
Building & Construction Products - Misc. — 1.0% |
| |||||||
Aspen Aerogels, Inc.†# | 33,900 | 220,350 | ||||||
Louisiana-Pacific Corp.† | 17,500 | 322,000 | ||||||
NCI Building Systems, Inc.† | 1,900 | 22,534 | ||||||
Quanex Building Products Corp. | 14,900 | 277,289 | ||||||
Simpson Manufacturing Co., Inc. | 11,400 | 423,282 | ||||||
Trex Co., Inc.† | 43,960 | 1,903,468 | ||||||
3,168,923 | ||||||||
Building & Construction - Misc. — 1.4% |
| |||||||
Comfort Systems USA, Inc. | 2,900 | 92,046 | ||||||
Dycom Industries, Inc.† | 50,069 | 4,375,029 | ||||||
Integrated Electrical Services, Inc.† | 12,995 | 99,152 | ||||||
4,566,227 | ||||||||
Building Products - Air & Heating — 0.4% |
| |||||||
AAON, Inc. | 12,925 | 319,377 | ||||||
Lennox International, Inc. | 6,100 | 829,112 | ||||||
1,148,489 | ||||||||
Building Products - Cement — 0.5% |
| |||||||
Eagle Materials, Inc. | 23,004 | 1,589,116 | ||||||
Martin Marietta Materials, Inc. | 1,100 | 173,140 | ||||||
1,762,256 | ||||||||
Building Products - Doors & Windows — 0.9% |
| |||||||
Apogee Enterprises, Inc. | 56,241 | 2,824,423 | ||||||
Building Products - Light Fixtures — 0.1% |
| |||||||
LSI Industries, Inc. | 18,400 | 217,488 | ||||||
Building - Heavy Construction — 0.5% |
| |||||||
Orion Marine Group, Inc.† | 16,100 | 70,518 | ||||||
Primoris Services Corp. | 66,464 | 1,533,989 | ||||||
1,604,507 | ||||||||
Building - Residential/Commercial — 0.6% |
| |||||||
AV Homes, Inc.†# | 11,400 | 158,688 | ||||||
Beazer Homes USA, Inc.† | 89,058 | 1,277,092 | ||||||
CalAtlantic Group, Inc.† | 3,060 | 128,826 | ||||||
Meritage Homes Corp.† | 10,300 | 384,293 | ||||||
1,948,899 | ||||||||
Cable/Satellite TV — 0.1% |
| |||||||
Cable One, Inc. | 700 | 312,382 | ||||||
Capacitors — 0.0% |
| |||||||
Kemet Corp.† | 20,929 | 59,229 | ||||||
Casino Hotels — 0.6% |
| |||||||
Boyd Gaming Corp.† | 101,806 | 1,994,380 | ||||||
Monarch Casino & Resort, Inc.† | 4,000 | 89,680 | ||||||
2,084,060 | ||||||||
Chemicals - Plastics — 0.7% |
| |||||||
PolyOne Corp. | 59,973 | 2,157,829 | ||||||
Chemicals - Specialty — 1.7% |
| |||||||
KMG Chemicals, Inc. | 7,800 | 153,894 | ||||||
Minerals Technologies, Inc. | 43,872 | 2,699,883 | ||||||
Oil-Dri Corp. of America | 4,900 | 152,978 |
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Specialty (continued) |
| |||||||
Sensient Technologies Corp. | 32,979 | $ | 2,204,316 | |||||
Univar, Inc.† | 11,800 | 223,492 | ||||||
5,434,563 | ||||||||
Commercial Services — 1.0% |
| |||||||
Collectors Universe, Inc. | 7,200 | 114,912 | ||||||
HMS Holdings Corp.† | 104,718 | 1,270,229 | ||||||
Intersections, Inc.†# | 12,500 | 35,000 | ||||||
SP Plus Corp.† | 6,400 | 161,088 | ||||||
Team, Inc.† | 40,082 | 1,530,331 | ||||||
3,111,560 | ||||||||
Commercial Services - Finance — 0.0% |
| |||||||
PRGX Global, Inc.† | 26,500 | 104,145 | ||||||
Communications Software — 0.1% |
| |||||||
Concurrent Computer Corp. | 13,902 | 69,093 | ||||||
Digi International, Inc.† | 13,300 | 166,383 | ||||||
Seachange International, Inc.† | 19,500 | 135,915 | ||||||
371,391 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Fortinet, Inc.† | 6,600 | 237,732 | ||||||
Computer Graphics — 0.0% |
| |||||||
CyberArk Software, Ltd.† | 3,490 | 151,082 | ||||||
Computer Services — 2.5% |
| |||||||
Barracuda Networks, Inc.†# | 70,356 | 1,338,875 | ||||||
CACI International, Inc., Class A† | 19,269 | 1,931,910 | ||||||
Ciber, Inc.† | 23,011 | 81,229 | ||||||
DST Systems, Inc. | 17,257 | 2,110,186 | ||||||
Fleetmatics Group PLC† | 9,500 | 567,150 | ||||||
Luxoft Holding, Inc.† | 26,405 | 2,045,595 | ||||||
StarTek, Inc.† | 18,100 | 63,169 | ||||||
8,138,114 | ||||||||
Computer Software — 1.7% |
| |||||||
Blackbaud, Inc. | 31,521 | 1,947,368 | ||||||
Computer Modelling Group, Ltd. | 11,900 | 92,584 | ||||||
Guidance Software, Inc.†# | 18,773 | 114,515 | ||||||
SS&C Technologies Holdings, Inc. | 48,059 | 3,455,442 | ||||||
5,609,909 | ||||||||
Computers - Integrated Systems — 1.2% |
| |||||||
Agilysys, Inc.† | 13,000 | 144,300 | ||||||
Cray, Inc.† | 94,565 | 3,278,569 | ||||||
Maxwell Technologies, Inc.†# | 14,800 | 104,488 | ||||||
NCI, Inc., Class A | 10,000 | 165,100 | ||||||
Radisys Corp.† | 36,000 | 95,400 | ||||||
3,787,857 | ||||||||
Computers - Memory Devices — 0.0% |
| |||||||
Datalink Corp.† | 11,100 | 81,585 | ||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Key Tronic Corp.† | 9,633 | 75,715 | ||||||
Computers - Voice Recognition — 0.1% |
| |||||||
Vocera Communications, Inc.† | 18,000 | 236,340 | ||||||
Consulting Services — 0.1% |
| |||||||
CRA International, Inc.† | 7,700 | 175,714 | ||||||
Information Services Group, Inc. | 42,400 | 158,152 | ||||||
PDI, Inc.†# | 34,800 | 27,492 | ||||||
361,358 | ||||||||
196 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Consumer Products - Misc. — 0.9% |
| |||||||
CSS Industries, Inc. | 3,000 | $ | 87,030 | |||||
Helen of Troy, Ltd.† | 23,461 | 2,426,102 | ||||||
Tumi Holdings, Inc.† | 19,600 | 346,136 | ||||||
Wausau Paper Corp. | 12,000 | 122,880 | ||||||
2,982,148 | ||||||||
Containers - Paper/Plastic — 1.0% |
| |||||||
Graphic Packaging Holding Co. | 209,726 | 2,866,954 | ||||||
Multi Packaging Solutions International, Ltd.† | 12,000 | 202,920 | ||||||
3,069,874 | ||||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
CCA Industries, Inc.† | 3,421 | 10,913 | ||||||
Data Processing/Management — 0.6% |
| |||||||
Innodata, Inc.† | 25,000 | 72,750 | ||||||
Jack Henry & Associates, Inc. | 24,177 | 1,919,170 | ||||||
1,991,920 | ||||||||
Decision Support Software — 0.1% |
| |||||||
Interactive Intelligence Group, Inc.† | 7,700 | 265,342 | ||||||
Diagnostic Equipment — 0.7% |
| |||||||
Affymetrix, Inc.†# | 215,956 | 2,045,103 | ||||||
BioTelemetry, Inc.† | 19,400 | 244,634 | ||||||
2,289,737 | ||||||||
Diagnostic Kits — 0.8% |
| |||||||
Alere, Inc.† | 54,159 | 2,235,142 | ||||||
Meridian Bioscience, Inc. | 19,500 | 381,615 | ||||||
2,616,757 | ||||||||
Diamonds/Precious Stones — 0.0% |
| |||||||
Petra Diamonds, Ltd. | 44,702 | 43,189 | ||||||
Disposable Medical Products — 0.3% |
| |||||||
STERIS PLC# | 11,300 | 863,094 | ||||||
Distribution/Wholesale — 0.3% |
| |||||||
Core-Mark Holding Co., Inc. | 9,300 | 793,197 | ||||||
Houston Wire & Cable Co. | 14,739 | 91,677 | ||||||
884,874 | ||||||||
Diversified Manufacturing Operations — 0.4% |
| |||||||
AZZ, Inc. | 10,400 | 619,216 | ||||||
Chase Corp. | 5,600 | 248,640 | ||||||
Harsco Corp. | 23,300 | 243,252 | ||||||
Synalloy Corp. | 14,400 | 118,080 | ||||||
1,229,188 | ||||||||
Diversified Minerals — 0.0% |
| |||||||
United States Lime & Minerals, Inc. | 2,600 | 134,706 | ||||||
Diversified Operations — 0.0% |
| |||||||
Resource America, Inc., Class A | 17,400 | 101,616 | ||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Volt Information Sciences, Inc.† | 14,393 | 120,901 | ||||||
Drug Delivery Systems — 0.1% |
| |||||||
Catalent, Inc.† | 9,300 | 259,005 | ||||||
E-Commerce/Products — 0.1% |
| |||||||
1-800-flowers.com, Inc., Class A† | 7,000 | 54,110 | ||||||
Etsy, Inc.† | 10,500 | 97,755 | ||||||
US Auto Parts Network, Inc.† | 20,000 | 49,600 | ||||||
201,465 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
GrubHub, Inc.†# | 11,067 | 283,758 |
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Services (continued) |
| |||||||
Quotient Technology, Inc.†# | 7,790 | $ | 54,063 | |||||
SurveyMonkey.com LLC†(1)(2)(4) | 5,062 | 82,257 | ||||||
United Online, Inc.† | 12,500 | 143,750 | ||||||
Zillow Group, Inc., Class A†# | 900 | 23,427 | ||||||
Zillow Group, Inc., Class C†# | 1,800 | 44,370 | ||||||
631,625 | ||||||||
E-Marketing/Info — 0.3% |
| |||||||
Marketo, Inc.†# | 18,000 | 544,860 | ||||||
New Media Investment Group, Inc. | 7,500 | 136,575 | ||||||
QuinStreet, Inc.† | 35,000 | 171,150 | ||||||
ReachLocal, Inc.†# | 15,000 | 15,300 | ||||||
867,885 | ||||||||
Educational Software — 0.0% |
| |||||||
Rosetta Stone, Inc.† | 14,000 | 101,780 | ||||||
Electric Products - Misc. — 0.0% |
| |||||||
Graham Corp. | 5,800 | 104,168 | ||||||
Electric - Integrated — 0.6% |
| |||||||
Cleco Corp. | 2,800 | 140,308 | ||||||
El Paso Electric Co. | 9,700 | 374,905 | ||||||
NorthWestern Corp. | 3,900 | 212,667 | ||||||
PNM Resources, Inc. | 26,100 | 756,900 | ||||||
Portland General Electric Co. | 15,800 | 583,336 | ||||||
2,068,116 | ||||||||
Electronic Components - Misc. — 0.3% |
| |||||||
Bel Fuse, Inc., Class B | 6,000 | 124,320 | ||||||
CTS Corp. | 12,100 | 229,658 | ||||||
Gentex Corp. | 10,200 | 170,697 | ||||||
Sparton Corp.† | 5,900 | 125,198 | ||||||
Vishay Precision Group, Inc.† | 8,800 | 105,864 | ||||||
ZAGG, Inc.† | 15,898 | 164,067 | ||||||
919,804 | ||||||||
Electronic Components - Semiconductors — 2.5% |
| |||||||
Cavium, Inc.† | 3,300 | 221,463 | ||||||
Diodes, Inc.† | 7,650 | 178,169 | ||||||
Fairchild Semiconductor International, Inc.† | 109,019 | 2,130,231 | ||||||
GigOptix, Inc.† | 50,000 | 120,000 | ||||||
GSI Technology, Inc.†# | 19,800 | 79,200 | ||||||
Intersil Corp., Class A | 128,532 | 1,861,143 | ||||||
InvenSense, Inc.†# | 10,500 | 121,695 | ||||||
Kopin Corp.† | 14,500 | 41,615 | ||||||
Microsemi Corp.† | 58,690 | 2,113,427 | ||||||
Pixelworks, Inc.†# | 22,000 | 56,540 | ||||||
PMC-Sierra, Inc.† | 35,200 | 416,416 | ||||||
Richardson Electronics, Ltd. | 15,000 | 84,450 | ||||||
Semtech Corp.† | 31,400 | 631,140 | ||||||
Silicon Laboratories, Inc.† | 2,300 | 124,453 | ||||||
8,179,942 | ||||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
CyberOptics Corp.† | 18,900 | 131,922 | ||||||
ESCO Technologies, Inc. | 12,300 | 482,529 | ||||||
FARO Technologies, Inc.† | 5,500 | 165,495 | ||||||
National Instruments Corp. | 10,300 | 323,420 | ||||||
1,103,366 | ||||||||
Electronic Parts Distribution — 0.6% |
| |||||||
Tech Data Corp.† | 30,717 | 2,078,005 | ||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science & Engineering, Inc. | 4,900 | 214,326 |
197 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Security Devices (continued) |
| |||||||
Vicon Industries, Inc.† | 14,000 | $ | 31,360 | |||||
245,686 | ||||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Aemetis, Inc.†# | 17,800 | 53,044 | ||||||
Amyris, Inc.†# | 50,800 | 84,836 | ||||||
REX American Resources Corp.† | 2,100 | 131,985 | ||||||
269,865 | ||||||||
Engineering/R&D Services — 0.2% |
| |||||||
Exponent, Inc. | 5,200 | 268,476 | ||||||
VSE Corp. | 3,700 | 228,623 | ||||||
497,099 | ||||||||
Enterprise Software/Service — 1.1% |
| |||||||
American Software, Inc., Class A | 11,600 | 120,060 | ||||||
Guidewire Software, Inc.† | 11,900 | 706,027 | ||||||
MicroStrategy, Inc., Class A† | 9,966 | 1,727,805 | ||||||
Proofpoint, Inc.† | 10,900 | 799,079 | ||||||
Qlik Technologies, Inc.† | 1,800 | 57,258 | ||||||
3,410,229 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Take-Two Interactive Software, Inc.† | 9,526 | 336,935 | ||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
TRC Cos., Inc.† | 8,712 | 92,783 | ||||||
Environmental Monitoring & Detection — 0.2% |
| |||||||
MSA Safety, Inc. | 13,500 | 633,150 | ||||||
Filtration/Separation Products — 0.2% |
| |||||||
CLARCOR, Inc. | 9,500 | 501,885 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Asta Funding, Inc.† | 13,200 | 110,616 | ||||||
Regional Management Corp.† | 8,200 | 128,740 | ||||||
239,356 | ||||||||
Finance - Investment Banker/Broker — 1.9% |
| |||||||
E*TRADE Financial Corp.† | 131,298 | 3,995,398 | ||||||
Evercore Partners, Inc., Class A | 34,421 | 1,911,398 | ||||||
FBR & Co. | 5,750 | 121,670 | ||||||
Houlihan Lokey, Inc. | 3,100 | 75,795 | ||||||
JMP Group LLC | 16,300 | 100,734 | ||||||
6,204,995 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
California First National Bancorp | 6,000 | 79,980 | ||||||
Marlin Business Services Corp. | 7,500 | 131,100 | ||||||
211,080 | ||||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
PennyMac Financial Services, Inc., Class A† | 7,000 | 113,610 | ||||||
Finance - Other Services — 0.0% |
| |||||||
Higher One Holdings, Inc.† | 20,300 | 64,351 | ||||||
Financial Guarantee Insurance — 0.4% |
| |||||||
Assured Guaranty, Ltd. | 24,177 | 639,240 | ||||||
MGIC Investment Corp.† | 11,200 | 106,848 | ||||||
Radian Group, Inc. | 28,500 | 406,125 | ||||||
1,152,213 | ||||||||
Food - Canned — 0.8% |
| |||||||
TreeHouse Foods, Inc.† | 30,700 | 2,654,322 | ||||||
Food - Flour & Grain — 0.2% |
| |||||||
Post Holdings, Inc.† | 8,600 | 597,872 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 1.1% |
| |||||||
Inventure Foods, Inc.†# | 17,900 | $ | 135,324 | |||||
Pinnacle Foods, Inc. | 76,600 | 3,335,164 | ||||||
Senomyx, Inc.†# | 30,700 | 142,141 | ||||||
3,612,629 | ||||||||
Food - Retail — 0.1% |
| |||||||
Fresh Market, Inc.†# | 11,000 | 263,780 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
AMCON Distributing Co.# | 500 | 40,125 | ||||||
Performance Food Group Co.† | 6,700 | 154,971 | ||||||
195,096 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Wolverine World Wide, Inc. | 13,600 | 247,384 | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Matthews International Corp., Class A | 5,000 | 299,050 | ||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Dover Downs Gaming & Entertainment, Inc.† | 43,334 | 45,934 | ||||||
Golden Entertainment, Inc.† | 15,200 | 159,600 | ||||||
205,534 | ||||||||
Garden Products — 0.3% |
| |||||||
Toro Co. | 11,300 | 870,891 | ||||||
Gas - Distribution — 0.9% |
| |||||||
Chesapeake Utilities Corp. | 3,800 | 202,502 | ||||||
Delta Natural Gas Co., Inc. | 3,800 | 78,964 | ||||||
Gas Natural, Inc. | 13,000 | 113,620 | ||||||
ONE Gas, Inc. | 17,300 | 843,375 | ||||||
Southwest Gas Corp. | 9,900 | 555,192 | ||||||
UGI Corp. | 30,564 | 1,059,654 | ||||||
2,853,307 | ||||||||
Gold Mining — 0.2% |
| |||||||
Franco-Nevada Corp. | 4,200 | 201,878 | ||||||
New Gold, Inc.† | 97,500 | 214,647 | ||||||
Osisko Gold Royalties, Ltd. | 14,000 | 148,444 | ||||||
564,969 | ||||||||
Health Care Cost Containment — 0.0% |
| |||||||
HealthEquity, Inc.† | 1,000 | 33,000 | ||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Alpha PRO Tech, Ltd.†# | 30,000 | 51,600 | ||||||
Unilife Corp.†# | 35,000 | 26,065 | ||||||
77,665 | ||||||||
Heart Monitors — 0.0% |
| |||||||
HeartWare International, Inc.† | 2,700 | 129,222 | ||||||
Home Furnishings — 0.6% |
| |||||||
Hooker Furniture Corp. | 9,100 | 249,340 | ||||||
La-Z-Boy, Inc. | 65,708 | 1,761,631 | ||||||
2,010,971 | ||||||||
Hotels/Motels — 0.0% |
| |||||||
Morgans Hotel Group Co.† | 19,000 | 59,660 | ||||||
Housewares — 0.0% |
| |||||||
Lifetime Brands, Inc. | 8,000 | 111,280 | ||||||
Human Resources — 0.7% |
| |||||||
RCM Technologies, Inc.# | 20,000 | 101,200 | ||||||
Team Health Holdings, Inc.† | 38,118 | 2,101,827 | ||||||
2,203,027 | ||||||||
198 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Independent Power Producers — 0.0% |
| |||||||
Dynegy, Inc.† | 2,600 | $ | 41,912 | |||||
NRG Yield, Inc., Class A# | 3,300 | 44,847 | ||||||
NRG Yield, Inc., Class C# | 3,200 | 45,248 | ||||||
132,007 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Ballantyne Strong, Inc.† | 14,000 | 63,280 | ||||||
Iteris, Inc.† | 76,210 | 178,331 | ||||||
241,611 | ||||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Hurco Cos., Inc. | 5,000 | 133,250 | ||||||
Instruments - Controls — 0.7% |
| |||||||
Allied Motion Technologies, Inc. | 14,000 | 334,320 | ||||||
Frequency Electronics, Inc.† | 10,000 | 105,400 | ||||||
Watts Water Technologies, Inc., Class A | 33,647 | 1,867,745 | ||||||
Woodward, Inc. | 1,250 | 63,037 | ||||||
2,370,502 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
CNO Financial Group, Inc. | 105,571 | 2,135,701 | ||||||
Independence Holding Co. | 10,460 | 158,260 | ||||||
Trupanion, Inc.†# | 4,200 | 34,356 | ||||||
2,328,317 | ||||||||
Insurance - Multi-line — 1.1% |
| |||||||
American Financial Group, Inc. | 30,600 | 2,264,400 | ||||||
Horace Mann Educators Corp. | 29,052 | 1,014,786 | ||||||
Kemper Corp. | 6,100 | 250,771 | ||||||
3,529,957 | ||||||||
Insurance - Property/Casualty — 1.5% |
| |||||||
Enstar Group, Ltd.† | 2,000 | 308,220 | ||||||
Hallmark Financial Services, Inc.† | 13,000 | 165,750 | ||||||
Hanover Insurance Group, Inc. | 23,547 | 1,992,076 | ||||||
Infinity Property & Casualty Corp. | 10,000 | 855,000 | ||||||
RLI Corp. | 8,100 | 491,670 | ||||||
Safety Insurance Group, Inc. | 4,000 | 224,040 | ||||||
Selective Insurance Group, Inc. | 20,900 | 721,259 | ||||||
State Auto Financial Corp. | 10,050 | 233,261 | ||||||
4,991,276 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Essent Group, Ltd.† | 4,300 | 106,296 | ||||||
Internet Connectivity Services — 0.0% |
| |||||||
PC-Tel, Inc. | 21,200 | 112,996 | ||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Pandora Media, Inc.† | 14,200 | 195,960 | ||||||
Internet Content - Information/News — 0.1% |
| |||||||
Reis, Inc. | 8,000 | 200,240 | ||||||
Internet Financial Services — 0.0% |
| |||||||
TheStreet, Inc. | 48,200 | 82,422 | ||||||
Internet Incubators — 0.0% |
| |||||||
ModusLink Global Solutions, Inc.†# | 5,000 | 13,650 | ||||||
Internet Infrastructure Software — 0.1% |
| |||||||
Support.com, Inc.† | 106,500 | 119,280 | ||||||
Unwired Planet, Inc.†# | 65,400 | 63,438 | ||||||
182,718 | ||||||||
Internet Security — 0.1% |
| |||||||
iPass, Inc.†# | 49,900 | 51,397 | ||||||
Zix Corp.† | 41,500 | 232,815 | ||||||
284,212 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Internet Telephone — 0.1% |
| |||||||
RingCentral, Inc.† | 10,200 | $ | 233,682 | |||||
Investment Companies — 0.0% |
| |||||||
KCAP Financial, Inc.# | 16,700 | 77,154 | ||||||
Investment Management/Advisor Services — 1.4% |
| |||||||
Artisan Partners Asset Management, Inc., Class A | 1,500 | 58,635 | ||||||
Calamos Asset Management, Inc., Class A | 14,000 | 133,140 | ||||||
Cohen & Steers, Inc. | 8,700 | 269,352 | ||||||
Financial Engines, Inc.# | 15,200 | 547,656 | ||||||
Janus Capital Group, Inc. | 175,116 | 2,765,082 | ||||||
Manning & Napier, Inc. | 8,400 | 76,944 | ||||||
Pzena Investment Management, Inc., Class A | 2,900 | 28,130 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 10,000 | 128,700 | ||||||
Waddell & Reed Financial, Inc., Class A | 11,400 | 426,360 | ||||||
4,433,999 | ||||||||
Leisure Products — 0.1% |
| |||||||
Escalade, Inc. | 5,200 | 62,400 | ||||||
Johnson Outdoors, Inc., Class A | 7,200 | 172,800 | ||||||
235,200 | ||||||||
Linen Supply & Related Items — 0.1% |
| |||||||
G&K Services, Inc., Class A | 4,000 | 266,680 | ||||||
Machine Tools & Related Products — 0.1% |
| |||||||
Hardinge, Inc. | 11,000 | 107,030 | ||||||
LS Starrett Co, Class A | 8,000 | 88,480 | ||||||
195,510 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 3,200 | 182,976 | ||||||
Machinery - General Industrial — 1.0% |
| |||||||
Albany International Corp., Class A | 64,165 | 2,499,868 | ||||||
BWX Technologies, Inc. | 3,600 | 109,620 | ||||||
Chart Industries, Inc.† | 10,900 | 232,497 | ||||||
Tennant Co. | 2,900 | 180,583 | ||||||
Xerium Technologies, Inc.† | 15,000 | 174,600 | ||||||
3,197,168 | ||||||||
Machinery - Pumps — 0.2% |
| |||||||
Graco, Inc. | 8,300 | 626,318 | ||||||
Machinery - Thermal Process — 0.0% |
| |||||||
Global Power Equipment Group, Inc. | 9,800 | 45,276 | ||||||
Medical Imaging Systems — 0.7% |
| |||||||
Analogic Corp. | 26,805 | 2,239,558 | ||||||
Digirad Corp. | 25,000 | 146,000 | ||||||
2,385,558 | ||||||||
Medical Instruments — 0.8% |
| |||||||
Bio-Techne Corp. | 20,821 | 1,899,083 | ||||||
Bruker Corp.† | 17,300 | 391,672 | ||||||
Edwards Lifesciences Corp.† | 900 | 146,700 | ||||||
Entellus Medical, Inc.† | 2,100 | 36,624 | ||||||
Navidea Biopharmaceuticals, Inc.†# | 85,500 | 128,250 | ||||||
TransEnterix, Inc.†# | 20,000 | 52,600 | ||||||
2,654,929 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cutera, Inc.† | 9,000 | 127,980 | ||||||
Medical Products — 2.3% |
| |||||||
Accuray, Inc.†# | 18,337 | 129,092 | ||||||
Globus Medical, Inc., Class A† | 77,936 | 2,114,404 | ||||||
Halyard Health, Inc.† | 15,700 | 502,243 | ||||||
Hill-Rom Holdings, Inc. | 42,284 | 2,152,678 |
199 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products (continued) |
| |||||||
K2M Group Holdings, Inc.† | 18,100 | $ | 365,801 | |||||
Medgenics, Inc.†# | 19,000 | 131,480 | ||||||
NanoString Technologies, Inc.† | 9,000 | 137,160 | ||||||
Span-America Medical Systems, Inc. | 3,100 | 59,861 | ||||||
TriVascular Technologies, Inc.†# | 17,500 | 114,275 | ||||||
Wright Medical Group NV† | 86,344 | 1,849,489 | ||||||
7,556,483 | ||||||||
Medical - Biomedical/Gene — 1.7% |
| |||||||
Acceleron Pharma, Inc.† | 4,500 | 192,915 | ||||||
AMAG Pharmaceuticals, Inc.†# | 31,318 | 833,685 | ||||||
ArQule, Inc.† | 55,000 | 124,850 | ||||||
Asterias Biotherapeutics, Inc.†# | 9,454 | 45,379 | ||||||
Biota Pharmaceuticals, Inc.† | 34,600 | 64,356 | ||||||
Curis, Inc.† | 48,225 | 132,136 | ||||||
Endocyte, Inc.†# | 16,000 | 74,080 | ||||||
Enzo Biochem, Inc.† | 33,500 | 152,425 | ||||||
Exelixis, Inc.†# | 31,400 | 179,608 | ||||||
Five Prime Therapeutics, Inc.† | 5,000 | 192,250 | ||||||
Harvard Bioscience, Inc.† | 30,000 | 95,100 | ||||||
Incyte Corp.† | 4,500 | 514,080 | ||||||
Insmed, Inc.† | 9,500 | 154,945 | ||||||
Isis Pharmaceuticals, Inc.† | 8,100 | 494,424 | ||||||
Medicines Co.† | 9,200 | 386,492 | ||||||
Novavax, Inc.†# | 30,100 | 257,656 | ||||||
Onconova Therapeutics, Inc.†# | 12,000 | 16,800 | ||||||
PharmAthene, Inc.†# | 68,300 | 120,208 | ||||||
Protalix BioTherapeutics, Inc.†# | 22,016 | 22,897 | ||||||
pSivida Corp.†# | 32,000 | 124,160 | ||||||
Retrophin, Inc.† | 32,034 | 715,960 | ||||||
Rigel Pharmaceuticals, Inc.† | 40,000 | 131,200 | ||||||
Seattle Genetics, Inc.†# | 5,200 | 218,296 | ||||||
Theravance Biopharma, Inc.†# | 400 | 7,508 | ||||||
Theravance, Inc.# | 1,400 | 12,950 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 500 | 49,160 | ||||||
Verastem, Inc.† | 63,300 | 143,691 | ||||||
5,457,211 | ||||||||
Medical - Drugs — 1.2% |
| |||||||
Achaogen, Inc.†# | 10,000 | 55,800 | ||||||
Agile Therapeutics, Inc.†# | 7,700 | 68,684 | ||||||
Alimera Sciences, Inc.†# | 25,025 | 77,077 | ||||||
Alkermes PLC† | 13,000 | 953,680 | ||||||
BioSpecifics Technologies Corp.† | 2,600 | 125,970 | ||||||
Chimerix, Inc.† | 3,400 | 137,360 | ||||||
CoLucid Pharmaceuticals, Inc.†# | 3,000 | 17,070 | ||||||
Conatus Pharmaceuticals, Inc.† | 9,500 | 30,305 | ||||||
Cumberland Pharmaceuticals, Inc.† | 12,800 | 72,064 | ||||||
Dicerna Pharmaceuticals, Inc.†# | 8,300 | 110,888 | ||||||
MediciNova, Inc.†# | 13,572 | 47,502 | ||||||
NanoViricides, Inc.†# | 43,000 | 52,460 | ||||||
Ophthotech Corp.† | 1,400 | 88,998 | ||||||
Pacira Pharmaceuticals, Inc.†# | 11,600 | 751,100 | ||||||
Pain Therapeutics, Inc.†# | 40,000 | 80,000 | ||||||
Pernix Therapeutics Holdings, Inc.†# | 29,000 | 87,000 | ||||||
POZEN, Inc.†# | 15,600 | 118,404 | ||||||
TESARO, Inc.†# | 4,000 | 204,160 | ||||||
Trevena, Inc.† | 20,000 | 251,800 | ||||||
VIVUS, Inc.†# | 75,000 | 93,750 | ||||||
XenoPort, Inc.† | 25,000 | 151,000 | ||||||
Zogenix, Inc.†# | 11,712 | 180,716 | ||||||
3,755,788 | ||||||||
Medical - Generic Drugs — 0.7% |
| |||||||
Impax Laboratories, Inc.† | 47,662 | 2,099,988 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - HMO — 0.4% |
| |||||||
Centene Corp.† | 10,400 | $ | 600,600 | |||||
Universal American Corp. | 6,600 | 49,368 | ||||||
WellCare Health Plans, Inc.† | 8,800 | 725,824 | ||||||
1,375,792 | ||||||||
Medical - Hospitals — 1.3% |
| |||||||
Acadia Healthcare Co., Inc.† | 12,300 | 848,823 | ||||||
Adeptus Health, Inc., Class A†# | 4,600 | 276,414 | ||||||
Community Health Systems, Inc.† | 23,466 | 679,106 | ||||||
LifePoint Health, Inc.† | 31,283 | 2,240,176 | ||||||
4,044,519 | ||||||||
Metal Processors & Fabrication — 1.0% |
| |||||||
Ampco-Pittsburgh Corp. | 6,500 | 75,465 | ||||||
Dynamic Materials Corp.# | 8,100 | 62,532 | ||||||
Haynes International, Inc. | 44,623 | 1,744,759 | ||||||
RBC Bearings, Inc.† | 8,700 | 614,394 | ||||||
Rexnord Corp.† | 18,800 | 384,084 | ||||||
Sun Hydraulics Corp. | 8,400 | 276,612 | ||||||
3,157,846 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
Olympic Steel, Inc. | 5,500 | 61,930 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Constellium NV, Class A† | 17,800 | 156,462 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Luxfer Holdings PLC ADR | 15,400 | 157,542 | ||||||
Miscellaneous Manufacturing — 0.4% |
| |||||||
Hillenbrand, Inc. | 9,400 | 284,726 | ||||||
John Bean Technologies Corp. | 16,300 | 797,070 | ||||||
TriMas Corp.† | 14,300 | 309,309 | ||||||
1,391,105 | ||||||||
MRI/Medical Diagnostic Imaging — 0.1% |
| |||||||
Alliance HealthCare Services, Inc.† | 9,200 | 82,892 | ||||||
RadNet, Inc.† | 18,000 | 111,600 | ||||||
194,492 | ||||||||
Multimedia — 0.0% |
| |||||||
Demand Media, Inc.†# | 25,000 | 151,000 | ||||||
Networking Products — 0.2% |
| |||||||
Extreme Networks, Inc.† | 55,000 | 243,100 | ||||||
Infoblox, Inc.† | 4,800 | 72,192 | ||||||
Ixia† | 13,700 | 178,922 | ||||||
494,214 | ||||||||
Non-Hazardous Waste Disposal — 1.0% |
| |||||||
Casella Waste Systems, Inc., Class A† | 32,900 | 223,062 | ||||||
Waste Connections, Inc. | 52,719 | 2,873,186 | ||||||
3,096,248 | ||||||||
Office Automation & Equipment — 0.5% |
| |||||||
Pitney Bowes, Inc. | 78,626 | 1,698,322 | ||||||
Office Furnishings - Original — 0.1% |
| |||||||
Knoll, Inc. | 20,500 | 456,740 | ||||||
Oil & Gas Drilling — 0.3% |
| |||||||
Precision Drilling Corp.# | 222,169 | 957,548 | ||||||
Oil Companies - Exploration & Production — 1.3% |
| |||||||
Approach Resources, Inc.†# | 28,300 | 63,109 | ||||||
Diamondback Energy, Inc.† | 7,700 | 600,754 | ||||||
Eclipse Resources Corp.†# | 12,200 | 30,988 | ||||||
Evolution Petroleum Corp. | 10,600 | 65,190 |
200 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
FieldPoint Petroleum Corp.† | 31,900 | $ | 27,434 | |||||
FX Energy, Inc.†# | 15,000 | 17,100 | ||||||
Gastar Exploration, Inc.†# | 60,000 | 66,000 | ||||||
Jones Energy, Inc., Class A†# | 15,000 | 84,150 | ||||||
Matador Resources Co.† | 21,900 | 562,830 | ||||||
Newfield Exploration Co.† | 48,893 | 1,870,646 | ||||||
Panhandle Oil and Gas, Inc., Class A | 5,000 | 94,650 | ||||||
Parsley Energy, Inc., Class A† | 14,500 | 284,925 | ||||||
PetroQuest Energy, Inc.†# | 41,000 | 30,242 | ||||||
Rex Energy Corp.†# | 30,000 | 41,100 | ||||||
Rice Energy, Inc.† | 2,700 | 36,396 | ||||||
Ring Energy, Inc.†# | 17,400 | 173,478 | ||||||
Seventy Seven Energy, Inc.†# | 33,900 | 37,629 | ||||||
Swift Energy Co.†# | 35,000 | 13,300 | ||||||
Synergy Resources Corp.† | 10,300 | 117,317 | ||||||
VAALCO Energy, Inc.† | 30,000 | 61,500 | ||||||
Warren Resources, Inc.†# | 34,500 | 8,556 | ||||||
Yuma Energy, Inc.† | 5,411 | 1,611 | ||||||
4,288,905 | ||||||||
Oil Field Machinery & Equipment — 0.8% |
| |||||||
Dril-Quip, Inc.† | 1,600 | 100,976 | ||||||
Flotek Industries, Inc.†# | 13,700 | 156,454 | ||||||
Forum Energy Technologies, Inc.† | 104,448 | 1,635,656 | ||||||
Gulf Island Fabrication, Inc. | 17,000 | 168,300 | ||||||
Mitcham Industries, Inc.† | 22,400 | 85,344 | ||||||
Natural Gas Services Group, Inc.† | 7,400 | 171,828 | ||||||
Thermon Group Holdings, Inc.† | 6,100 | 111,081 | ||||||
2,429,639 | ||||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Adams Resources & Energy, Inc. | 214 | 9,185 | ||||||
Oil - Field Services — 0.5% |
| |||||||
Enservco Corp.†# | 19,000 | 12,390 | ||||||
Forbes Energy Services, Ltd.†# | 17,200 | 6,364 | ||||||
Helix Energy Solutions Group, Inc.† | 69,454 | 450,062 | ||||||
Independence Contract Drilling, Inc.† | 13,600 | 82,960 | ||||||
Key Energy Services, Inc.†# | 111,000 | 59,074 | ||||||
Newpark Resources, Inc.† | 21,800 | 141,700 | ||||||
RPC, Inc.# | 19,800 | 262,350 | ||||||
SEACOR Holdings, Inc.† | 7,900 | 448,562 | ||||||
Tesco Corp. | 16,800 | 141,288 | ||||||
Willbros Group, Inc.† | 50,900 | 151,173 | ||||||
1,755,923 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 5,600 | 273,336 | ||||||
Schweitzer-Mauduit International, Inc. | 5,700 | 238,374 | ||||||
511,710 | ||||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
Insulet Corp.† | 2,300 | 84,157 | ||||||
Masimo Corp.† | 500 | 20,740 | ||||||
104,897 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
Diplomat Pharmacy, Inc.†# | 5,300 | 186,189 | ||||||
Liberator Medical Holdings, Inc. | 35,000 | 115,850 | ||||||
302,039 | ||||||||
Pipelines — 0.1% |
| |||||||
SemGroup Corp., Class A | 7,410 | 257,349 | ||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Advanced Energy Industries, Inc.† | 6,300 | 183,771 |
Security Description | Shares | Value (Note 2) | ||||||
Power Converter/Supply Equipment (continued) |
| |||||||
PowerSecure International, Inc.† | 15,000 | $ | 209,700 | |||||
393,471 | ||||||||
Printing - Commercial — 0.2% |
| |||||||
ARC Document Solutions, Inc.† | 9,300 | 47,058 | ||||||
Multi-Color Corp. | 9,850 | 615,724 | ||||||
RR Donnelley & Sons Co.# | 916 | 14,738 | ||||||
677,520 | ||||||||
Publishing - Books — 0.1% |
| |||||||
Scholastic Corp. | 6,549 | 279,773 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
A.H. Belo Corp., Class A | 18,221 | 100,944 | ||||||
Lee Enterprises, Inc.†# | 34,500 | 61,065 | ||||||
162,009 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc. | 2,000 | 168,280 | ||||||
Radio — 0.0% |
| |||||||
Emmis Communications Corp., Class A† | 58,600 | 36,332 | ||||||
Saga Communications, Inc., Class A | 123 | 5,301 | ||||||
Salem Media Group, Inc., Class A | 10,000 | 56,600 | ||||||
98,233 | ||||||||
Real Estate Investment Trusts — 3.1% |
| |||||||
Acadia Realty Trust | 6,700 | 224,718 | ||||||
American Campus Communities, Inc. | 11,500 | 464,600 | ||||||
CatchMark Timber Trust, Inc., Class A | 15,000 | 170,250 | ||||||
Chesapeake Lodging Trust | 10,600 | 287,896 | ||||||
Colony Capital, Inc. | 5,800 | 118,668 | ||||||
Corporate Office Properties Trust | 17,700 | 394,533 | ||||||
Cousins Properties, Inc. | 188,900 | 1,856,887 | ||||||
CubeSmart | 74,300 | 2,163,616 | ||||||
DiamondRock Hospitality Co. | 28,908 | 321,746 | ||||||
EastGroup Properties, Inc. | 9,600 | 558,816 | ||||||
Equity One, Inc. | 12,700 | 345,821 | ||||||
First Potomac Realty Trust | 11,500 | 133,630 | ||||||
GEO Group, Inc. | 45,698 | 1,339,865 | ||||||
Outfront Media, Inc. | 6,693 | 152,935 | ||||||
PS Business Parks, Inc. | 8,600 | 760,412 | ||||||
Retail Opportunity Investments Corp. | 12,100 | 221,309 | ||||||
Rouse Properties, Inc.# | 13,600 | 218,960 | ||||||
Urstadt Biddle Properties, Inc., Class A | 10,800 | 216,216 | ||||||
9,950,878 | ||||||||
Real Estate Management/Services — 1.3% |
| |||||||
Jones Lang LaSalle, Inc. | 11,708 | 1,944,933 | ||||||
Kennedy-Wilson Holdings, Inc. | 74,349 | 1,940,509 | ||||||
RE/MAX Holdings, Inc., Class A | 4,100 | 153,791 | ||||||
4,039,233 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
Alexander & Baldwin, Inc. | 9,300 | 352,563 | ||||||
Consolidated-Tomoka Land Co. | 3,100 | 184,884 | ||||||
Forestar Group, Inc.† | 13,000 | 176,670 | ||||||
714,117 | ||||||||
Recreational Vehicles — 0.2% |
| |||||||
Arctic Cat, Inc.# | 3,400 | 75,684 | ||||||
Brunswick Corp. | 11,200 | 589,456 | ||||||
665,140 | ||||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Electro Rent Corp. | 18,900 | 195,615 | ||||||
201 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Resort/Theme Parks — 0.8% |
| |||||||
Vail Resorts, Inc. | 20,011 | $ | 2,413,327 | |||||
Retail - Apparel/Shoe — 0.5% |
| |||||||
American Eagle Outfitters, Inc.# | 18,300 | 284,931 | ||||||
Burlington Stores, Inc.† | 3,700 | 178,007 | ||||||
Chico’s FAS, Inc. | 32,100 | 385,200 | ||||||
Christopher & Banks Corp.†# | 42,900 | 60,060 | ||||||
Destination Maternity Corp. | 7,800 | 43,290 | ||||||
Destination XL Group, Inc.† | 30,000 | 150,000 | ||||||
Express, Inc.† | 5,200 | 87,048 | ||||||
Francesca’s Holdings Corp.† | 15,300 | 228,429 | ||||||
New York & Co., Inc.† | 33,029 | 72,664 | ||||||
Pacific Sunwear of California, Inc.†# | 37,200 | 13,023 | ||||||
Tilly’s, Inc., Class A† | 14,458 | 89,206 | ||||||
1,591,858 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
hhgregg, Inc.†# | 17,000 | 70,040 | ||||||
Retail - Arts & Crafts — 0.6% |
| |||||||
Michaels Cos., Inc.† | 91,652 | 2,035,591 | ||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PCM, Inc.† | 13,544 | 124,605 | ||||||
Retail - Discount — 0.2% |
| |||||||
HSN, Inc. | 6,100 | 304,390 | ||||||
Tuesday Morning Corp.† | 48,200 | 321,976 | ||||||
626,366 | ||||||||
Retail - Home Furnishings — 0.3% |
| |||||||
Pier 1 Imports, Inc.# | 64,200 | 433,992 | ||||||
Restoration Hardware Holdings, Inc.† | 6,500 | 584,155 | ||||||
1,018,147 | ||||||||
Retail - Leisure Products — 0.1% |
| |||||||
West Marine, Inc.† | 17,232 | 158,362 | ||||||
Retail - Misc./Diversified — 0.1% |
| |||||||
Five Below, Inc.† | 5,200 | 145,652 | ||||||
Gaiam, Inc., Class A†# | 17,400 | 117,450 | ||||||
263,102 | ||||||||
Retail - Restaurants — 3.4% |
| |||||||
BJ’s Restaurants, Inc.† | 1,300 | 59,540 | ||||||
Bloomin’ Brands, Inc. | 24,300 | 420,633 | ||||||
Bojangles’, Inc.†# | 1,700 | 30,056 | ||||||
Bravo Brio Restaurant Group, Inc.† | 11,500 | 122,705 | ||||||
Brinker International, Inc. | 8,600 | 392,332 | ||||||
Carrols Restaurant Group, Inc.† | 7,500 | 90,300 | ||||||
Cheesecake Factory, Inc. | 6,800 | 320,484 | ||||||
Cracker Barrel Old Country Store, Inc.# | 14,163 | 1,783,405 | ||||||
Denny’s Corp.† | 35,800 | 345,112 | ||||||
Famous Dave’s of America, Inc.†# | 6,800 | 53,312 | ||||||
Jack in the Box, Inc. | 5,100 | 378,114 | ||||||
Jamba, Inc.†# | 520 | 7,264 | ||||||
Krispy Kreme Doughnuts, Inc.† | 24,600 | 347,844 | ||||||
Luby’s, Inc.† | 25,000 | 119,500 | ||||||
Papa John’s International, Inc. | 28,598 | 1,643,813 | ||||||
Red Robin Gourmet Burgers, Inc.† | 31,489 | 2,124,878 | ||||||
Shake Shack, Inc.†# | 700 | 32,165 | ||||||
Sonic Corp. | 87,801 | 2,551,497 | ||||||
Zoe’s Kitchen, Inc.†# | 1,900 | 64,638 | ||||||
10,887,592 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Zumiez, Inc.† | 13,400 | 202,206 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 8,000 | $ | 102,880 | |||||
Retail - Vitamins & Nutrition Supplements — 0.3% |
| |||||||
GNC Holdings, Inc., Class A | 33,039 | 984,893 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Five Star Quality Care, Inc.† | 24,000 | 86,160 | ||||||
Rubber/Plastic Products — 0.0% |
| |||||||
Proto Labs, Inc.†# | 1,200 | 81,228 | ||||||
Satellite Telecom — 0.5% |
| |||||||
Iridium Communications, Inc.†# | 215,503 | 1,760,660 | ||||||
Savings & Loans/Thrifts — 1.0% |
| |||||||
Beneficial Bancorp, Inc.† | 26,200 | 365,752 | ||||||
Capitol Federal Financial, Inc. | 40,740 | 528,398 | ||||||
Clifton Bancorp, Inc. | 8,100 | 120,204 | ||||||
ESSA Bancorp, Inc. | 9,000 | 120,510 | ||||||
First Defiance Financial Corp. | 5,800 | 240,874 | ||||||
First Financial Northwest, Inc. | 10,000 | 135,400 | ||||||
First Niagara Financial Group, Inc. | 41,700 | 449,526 | ||||||
Fox Chase Bancorp, Inc. | 5,000 | 91,200 | ||||||
Home Bancorp, Inc. | 6,600 | 174,240 | ||||||
Lake Shore Bancorp, Inc.# | 10,000 | 133,600 | ||||||
Meridian Bancorp, Inc. | 14,200 | 208,172 | ||||||
Meta Financial Group, Inc. | 2,500 | 112,500 | ||||||
Oneida Financial Corp. | 6,000 | 120,780 | ||||||
Territorial Bancorp, Inc. | 4,000 | 115,240 | ||||||
United Community Financial Corp. | 26,500 | 155,820 | ||||||
Westfield Financial, Inc. | 16,000 | 128,640 | ||||||
3,200,856 | ||||||||
Schools — 0.1% |
| |||||||
American Public Education, Inc.† | 9,000 | 209,430 | ||||||
Lincoln Educational Services Corp.# | 20,000 | 42,600 | ||||||
Universal Technical Institute, Inc. | 15,500 | 89,125 | ||||||
341,155 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Dawson Geophysical Co.† | 33,264 | 147,360 | ||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
Integrated Device Technology, Inc.† | 4,300 | 120,572 | ||||||
M/A-COM Technology Solutions Holdings, Inc.† | 4,700 | 173,665 | ||||||
294,237 | ||||||||
Semiconductor Equipment — 1.4% |
| |||||||
Cascade Microtech, Inc.† | 15,400 | 250,250 | ||||||
Entegris, Inc.† | 142,063 | 1,934,898 | ||||||
Mattson Technology, Inc.† | 34,500 | 102,810 | ||||||
Tessera Technologies, Inc. | 59,480 | 1,894,438 | ||||||
Ultra Clean Holdings, Inc.† | 14,700 | 74,529 | ||||||
Veeco Instruments, Inc.† | 15,200 | 310,840 | ||||||
4,567,765 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Mueller Water Products, Inc., Class A | 35,400 | 329,928 | ||||||
Valmont Industries, Inc. | 2,800 | 328,300 | ||||||
658,228 | ||||||||
Steel - Producers — 0.1% |
| |||||||
Friedman Industries, Inc. | 10,000 | 59,400 | ||||||
Ryerson Holding Corp.†# | 8,500 | 42,160 | ||||||
Worthington Industries, Inc. | 8,500 | 261,545 | ||||||
363,105 | ||||||||
202 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Storage/Warehousing — 0.7% |
| |||||||
Mobile Mini, Inc. | 63,194 | $ | 2,240,227 | |||||
Telecom Equipment - Fiber Optics — 0.2% |
| |||||||
Ciena Corp.† | 4,400 | 110,176 | ||||||
Finisar Corp.† | 29,374 | 354,544 | ||||||
KVH Industries, Inc.† | 14,357 | 141,560 | ||||||
606,280 | ||||||||
Telecom Services — 0.1% |
| |||||||
Allot Communications, Ltd.† | 14,700 | 77,616 | ||||||
Consolidated Communications Holdings, Inc. | 1 | 22 | ||||||
Hawaiian Telcom Holdco, Inc.† | 5,000 | 118,650 | ||||||
Straight Path Communications, Inc., Class B†# | 5,950 | 71,400 | ||||||
267,688 | ||||||||
Telecommunication Equipment — 0.7% |
| |||||||
ADTRAN, Inc. | 17,400 | 283,794 | ||||||
ARRIS Group, Inc.† | 65,952 | 2,016,153 | ||||||
Aware, Inc.† | 14,500 | 45,820 | ||||||
Westell Technologies, Inc., Class A† Class A | 41,700 | 59,631 | ||||||
2,405,398 | ||||||||
Telephone - Integrated — 0.0% |
| |||||||
Alaska Communications Systems Group, Inc.† | 77,000 | 147,840 | ||||||
Textile - Apparel — 0.0% |
| |||||||
Cherokee, Inc.† | 6,400 | 122,304 | ||||||
Textile - Products — 0.1% |
| |||||||
Culp, Inc. | 5,000 | 140,900 | ||||||
Dixie Group, Inc.†# | 10,000 | 56,400 | ||||||
197,300 | ||||||||
Theaters — 0.0% |
| |||||||
National CineMedia, Inc. | 3,500 | 55,545 | ||||||
Therapeutics — 0.2% |
| |||||||
Akebia Therapeutics, Inc.†# | 11,400 | 122,322 | ||||||
Cara Therapeutics, Inc.† | 14,700 | 243,285 | ||||||
CorMedix, Inc.†# | 40,000 | 96,000 | ||||||
Egalet Corp.†# | 25,000 | 256,500 | ||||||
718,107 | ||||||||
Transactional Software — 0.7% |
| |||||||
Bottomline Technologies de, Inc.† | 75,140 | 2,322,577 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
General Finance Corp.†# | 10,034 | 44,350 | ||||||
Willis Lease Finance Corp.† | 10,000 | 174,900 | ||||||
219,250 | ||||||||
Transport - Marine — 0.6% |
| |||||||
Horizon North Logistics, Inc. | 18,100 | 32,393 | ||||||
Scorpio Tankers, Inc. | 201,819 | 1,745,734 | ||||||
1,778,127 | ||||||||
Transport - Services — 0.1% |
| |||||||
Matson, Inc. | 4,700 | 243,037 | ||||||
Radiant Logistics, Inc.† | 25,000 | 107,000 | ||||||
XPO Logistics, Inc.†# | 1 | 31 | ||||||
350,068 | ||||||||
Transport - Truck — 3.0% |
| |||||||
Celadon Group, Inc. | 89,860 | 1,249,054 | ||||||
Forward Air Corp. | 37,576 | 1,807,030 | ||||||
Heartland Express, Inc.# | 81,645 | 1,564,318 | ||||||
Knight Transportation, Inc. | 19,375 | 513,825 | ||||||
Landstar System, Inc. | 33,929 | 2,117,848 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Truck (continued) |
| |||||||
Old Dominion Freight Line, Inc.† | 32,901 | $ | 2,096,123 | |||||
Saia, Inc.† | 11,300 | 276,963 | ||||||
USA Truck, Inc.† | 6,900 | 137,586 | ||||||
9,762,747 | ||||||||
Veterinary Diagnostics — 0.5% |
| |||||||
Phibro Animal Health Corp., Class A | 52,721 | 1,711,851 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Nutraceutical International Corp.† | 8,200 | 204,836 | ||||||
Omega Protein Corp.† | 9,000 | 221,220 | ||||||
426,056 | ||||||||
Water — 0.1% |
| |||||||
Artesian Resources Corp., Class A | 7,400 | 193,954 | ||||||
Water Treatment Systems — 0.1% |
| |||||||
Energy Recovery, Inc.†# | 25,000 | 183,500 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
Endurance International Group Holdings, Inc.†# | 12,300 | 171,832 | ||||||
Wire & Cable Products — 0.5% |
| |||||||
Belden, Inc. | 24,533 | 1,539,936 | ||||||
Wireless Equipment — 0.1% |
| |||||||
CalAmp Corp.† | 9,100 | 168,168 | ||||||
ID Systems, Inc.†# | 22,000 | 82,940 | ||||||
TESSCO Technologies, Inc. | 5,900 | 125,316 | ||||||
376,424 | ||||||||
Total Common Stocks | ||||||||
(cost $261,590,798) | 316,934,417 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.2% |
| |||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Apptio, Inc. Series D†(1)(2)(4) | 5,641 | 129,179 | ||||||
Data Processing/Management — 0.1% |
| |||||||
Cloudera, Inc. Series F†(1)(2)(4) | 6,715 | 195,306 | ||||||
E-Commerce/Services — 0.0% |
| |||||||
CarGurus, Inc. Series D†(1)(2)(4) | 2,567 | 104,331 | ||||||
Enterprise Software/Service — 0.0% |
| |||||||
Plex Systems, Inc. Series B†(1)(2)(4) | 50,422 | 115,683 | ||||||
Internet Infrastructure Software — 0.0% |
| |||||||
MongoDB, Inc. Series F†(1)(2)(4) | 4,475 | 74,840 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $493,694) | 619,339 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $262,084,492) | 317,553,756 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.0% |
| |||||||
Registered Investment Companies — 7.5% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | 21,931,539 | 21,931,539 | ||||||
T. Rowe Price Reserve Investment Fund | 2,157,870 | 2,157,870 | ||||||
24,089,409 | ||||||||
Time Deposits — 0.5% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 1,687,000 | 1,687,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $25,776,409) | 25,776,409 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $287,860,901)(6) | 106.5 | % | 343,330,165 | |||||
Liabilities in excess of other assets | (6.5 | ) | (20,866,822 | ) | ||||
NET ASSETS | 100.0 | % | $ | 322,463,343 | ||||
203 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(2) | Illiquid security. At November 30, 2015, the aggregate value of these securities was $701,596 representing 0.2% of net assets. |
(3) | At November 30, 2015, the Fund had loaned securities with a total value of $21,209,033. This was secured by collateral of $21,931,539, which was received in cash and subsequently invested in short-term investments currently value at $21,931,539 as reported in the Portfolio of Investments. The remaining collateral of $131,280 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 November 30, 2015 | |||||
United States Treasury Bills | 0.00% | 12/03/2015 to 10/13/2016 | $ | 77,811 | ||||
United States Treasury Notes/Bonds | zero coupon to 7.50% | 01/15/2016 to 05/15/2045 | 53,469 |
(4) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of |
a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2015, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares/ Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
SurveyMonkey.com LLC | 11/25/2014 | 5,062 | $ | 83,270 | $ | 82,257 | $ | 16.25 | 0.03 | % | ||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Apptio, Inc., | 03/09/2012 | 5,641 | 101,069 | 129,179 | 22.90 | 0.04 | ||||||||||||||||||
CarGurus, Inc., Series D | 07/07/2015 | 2,567 | 104,331 | 104,331 | 40.64 | 0.03 | ||||||||||||||||||
Cloudera, Inc., | 02/05/2014 | 6,715 | 97,770 | 195,306 | 29.09 | 0.06 | ||||||||||||||||||
MongoDB, Inc., Series F | 10/02/2013 | 4,475 | 74,840 | 74,840 | 16.72 | 0.02 | ||||||||||||||||||
Plex Systems, Inc., Series B | 06/09/2014 | 50,422 | 115,683 | 115,683 | 2.29 | 0.04 | ||||||||||||||||||
$ | 701,596 | 0.22 | % | |||||||||||||||||||||
(5) | The rate shown is the 7-day yield as of November 30, 2015. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
E-Commerce/Services | $ | 549,368 | $ | — | $ | 82,257 | $ | 631,625 | ||||||||
Other Industries | 316,302,792 | — | — | 316,302,792 | ||||||||||||
Convertible Preferred Securities | — | — | 619,339 | 619,339 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 24,089,409 | — | — | 24,089,409 | ||||||||||||
Time Deposits | — | 1,687,000 | — | 1,687,000 | ||||||||||||
$ | 340,941,569 | $ | 1,687,000 | $ | 701,596 | $ | 343,330,165 | |||||||||
* | 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
204 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Registered Investment Companies | 11.3 | % | ||
Real Estate Investment Trusts | 8.6 | |||
Banks — Commercial | 8.6 | |||
Medical — Biomedical/Gene | 3.7 | |||
Repurchase Agreements | 2.5 | |||
Medical — Drugs | 2.5 | |||
Electronic Components — Semiconductors | 2.1 | |||
Computer Services | 1.9 | |||
Retail — Restaurants | 1.8 | |||
Savings & Loans/Thrifts | 1.8 | |||
U.S. Government Treasuries | 1.8 | |||
Medical Products | 1.6 | |||
Enterprise Software/Service | 1.5 | |||
Electric — Integrated | 1.4 | |||
Retail — Apparel/Shoe | 1.3 | |||
Insurance — Property/Casualty | 1.2 | |||
Gas — Distribution | 1.2 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Applications Software | 1.0 | |||
Therapeutics | 1.0 | |||
Chemicals — Specialty | 1.0 | |||
Human Resources | 0.9 | |||
Electronic Components — Misc. | 0.8 | |||
Networking Products | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Aerospace/Defense — Equipment | 0.8 | |||
Medical Instruments | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Commercial Services — Finance | 0.7 | |||
Diversified Manufacturing Operations | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Distribution/Wholesale | 0.6 | |||
Oil — Field Services | 0.6 | |||
Medical — Outpatient/Home Medical | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Finance — Investment Banker/Broker | 0.6 | |||
Consulting Services | 0.6 | |||
Transport — Truck | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Investment Management/Advisor Services | 0.5 | |||
Telecom Services | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
Schools | 0.5 | |||
Data Processing/Management | 0.5 | |||
Retail — Automobile | 0.5 | |||
Transport — Marine | 0.5 | |||
Metal Processors & Fabrication | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Office Furnishings — Original | 0.5 | |||
Commercial Services | 0.5 | |||
Medical — HMO | 0.4 | |||
Printing — Commercial | 0.4 | |||
Wireless Equipment | 0.4 | |||
Computer Software | 0.4 | |||
Transport — Services | 0.4 | |||
Drug Delivery Systems | 0.4 | |||
Financial Guarantee Insurance | 0.4 | |||
Disposable Medical Products | 0.4 | |||
Finance — Other Services | 0.4 | |||
Resorts/Theme Parks | 0.4 | |||
Containers — Paper/Plastic | 0.4 | |||
Footwear & Related Apparel | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Internet Telephone | 0.4 | |||
E-Commerce/Products | 0.3 |
Airlines | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Steel — Producers | 0.3 | |||
Transactional Software | 0.3 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Food — Wholesale/Distribution | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Home Furnishings | 0.3 | |||
Retail — Discount | 0.3 | |||
Research & Development | 0.3 | |||
Multimedia | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Instruments — Controls | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Independent Power Producers | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Water | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Wire & Cable Products | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Food — Flour & Grain | 0.3 | |||
Hotels/Motels | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Building Products — Doors & Windows | 0.3 | |||
Food — Retail | 0.3 | |||
Chemicals — Plastics | 0.3 | |||
Racetracks | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Retail — Convenience Store | 0.2 | |||
Insurance — Multi-line | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Medical Information Systems | 0.2 | |||
Paper & Related Products | 0.2 | |||
Retail — Home Furnishings | 0.2 | |||
Lasers — System/Components | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
E-Marketing/Info | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Physical Therapy/Rehabilitation Centers | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Food — Canned | 0.2 | |||
Patient Monitoring Equipment | 0.2 | |||
Publishing — Books | 0.2 | |||
Computer Aided Design | 0.2 | |||
Instruments — Scientific | 0.2 | |||
Satellite Telecom | 0.2 | |||
Television | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Auto/Truck Parts & Equipment — Replacement | 0.2 | |||
Tobacco | 0.2 | |||
Entertainment Software | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Internet Application Software | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
Security Services | 0.2 | |||
Electric — Distribution | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Linen Supply & Related Items | 0.2 | |||
Building Products — Cement | 0.2 | |||
Building Products — Wood | 0.2 |
205 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Gambling (Non-Hotel) | 0.2 | % | ||
Audio/Video Products | 0.2 | |||
Broadcast Services/Program | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Communications Software | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Electronic Parts Distribution | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Rubber — Tires | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Retail — Pawn Shops | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Theaters | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Casino Hotels | 0.1 | |||
Travel Services | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Lighting Products & Systems | 0.1 | |||
Brewery | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Electronic Design Automation | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Agricultural Operations | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Poultry | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Identification Systems | 0.1 | |||
Pharmacy Services | 0.1 | |||
Recreational Centers | 0.1 | |||
Non — Ferrous Metals | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Pipelines | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Computers — Other | 0.1 | |||
Machinery — Farming | 0.1 | |||
Diversified Operations | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Athletic Equipment | 0.1 | |||
Diversified Minerals | 0.1 | |||
Retail — Video Rentals | 0.1 | |||
Medical Laser Systems | 0.1 | |||
Retail — Building Products | 0.1 | |||
Platinum | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
Computer Data Security | 0.1 |
Retail — Bookstores | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Computer Graphics | 0.1 | |||
Circuit Boards | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Retail — Bedding | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Appliances | 0.1 | |||
Retail — Vitamins & Nutrition Supplements | 0.1 | |||
Decision Support Software | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Retail — Leisure Products | 0.1 | |||
Internet Security | 0.1 | |||
Advertising Agencies | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Electric — Generation | 0.1 | |||
Auto-Truck Trailers | 0.1 | |||
Housewares | 0.1 | |||
Textile — Apparel | 0.1 | |||
111.1 | % | |||
* | Calculated as a percentage of net assets |
206 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.5% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
Core Molding Technologies, Inc.† | 4,388 | $ | 62,529 | |||||
Advertising Agencies — 0.1% |
| |||||||
MDC Partners, Inc., Class A# | 24,871 | 535,970 | ||||||
Advertising Services — 0.0% |
| |||||||
Journal Media Group, Inc. | 13,955 | 168,297 | ||||||
Marchex, Inc., Class B | 18,640 | 79,406 | ||||||
Marin Software, Inc.†# | 17,123 | 66,609 | ||||||
Sizmek, Inc.† | 12,319 | 57,037 | ||||||
371,349 | ||||||||
Aerospace/Defense — 0.5% |
| |||||||
Aerovironment, Inc.† | 11,287 | 288,721 | ||||||
Cubic Corp. | 12,398 | 602,047 | ||||||
Esterline Technologies Corp.† | 17,809 | 1,693,280 | ||||||
Kratos Defense & Security Solutions, Inc.†# | 25,898 | 120,426 | ||||||
National Presto Industries, Inc. | 2,777 | 241,432 | ||||||
Teledyne Technologies, Inc.† | 20,227 | 1,871,200 | ||||||
4,817,106 | ||||||||
Aerospace/Defense - Equipment — 0.8% |
| |||||||
AAR Corp. | 20,307 | 498,740 | ||||||
Aerojet Rocketdyne Holdings, Inc.†# | 35,834 | 628,528 | ||||||
Astronics Corp.† | 10,966 | 424,275 | ||||||
Astronics Corp., Class B† | 1,644 | 63,573 | ||||||
Curtiss-Wright Corp. | 27,222 | 1,916,701 | ||||||
Ducommun, Inc.† | 6,328 | 105,931 | ||||||
HEICO Corp. | 11,011 | 566,846 | ||||||
HEICO Corp., Class A | 22,849 | 991,647 | ||||||
Kaman Corp. | 15,586 | 625,622 | ||||||
KLX, Inc.† | 30,195 | 969,259 | ||||||
Moog, Inc., Class A† | 22,165 | 1,464,442 | ||||||
8,255,564 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Arcadia Biosciences, Inc.†# | 4,655 | 18,341 | ||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.† | 32,149 | 115,415 | ||||||
Rentech, Inc.† | 13,136 | 37,569 | ||||||
152,984 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc. | 2,205 | 94,109 | ||||||
Andersons, Inc. | 16,257 | 560,379 | ||||||
Limoneira Co.# | 6,583 | 112,108 | ||||||
MGP Ingredients, Inc. | 6,125 | 128,135 | ||||||
Tejon Ranch Co.† | 7,864 | 166,088 | ||||||
1,060,819 | ||||||||
Airlines — 0.3% |
| |||||||
Allegiant Travel Co. | 7,678 | 1,344,648 | ||||||
Hawaiian Holdings, Inc.† | 27,307 | 988,513 | ||||||
Republic Airways Holdings, Inc.† | 29,098 | 123,376 | ||||||
SkyWest, Inc. | 29,581 | 609,664 | ||||||
Virgin America, Inc.†# | 14,418 | 524,671 | ||||||
3,590,872 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Columbia Sportswear Co. | 16,425 | 769,183 | ||||||
G-III Apparel Group, Ltd.† | 22,831 | 1,047,258 | ||||||
Oxford Industries, Inc. | 8,384 | 569,609 | ||||||
Sequential Brands Group, Inc.†# | 14,424 | 129,095 | ||||||
Superior Uniform Group, Inc. | 4,254 | 78,656 | ||||||
Vince Holding Corp.†# | 8,814 | 45,656 | ||||||
2,639,457 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Appliances — 0.1% |
| |||||||
iRobot Corp.†# | 17,015 | $ | 563,026 | |||||
Applications Software — 1.0% |
| |||||||
Brightcove, Inc.† | 18,619 | 129,961 | ||||||
Callidus Software, Inc.† | 31,641 | 656,551 | ||||||
Constant Contact, Inc.† | 18,408 | 575,986 | ||||||
Cvent, Inc.† | 13,385 | 483,600 | ||||||
Demandware, Inc.†# | 19,112 | 977,579 | ||||||
Ebix, Inc.# | 15,346 | 575,628 | ||||||
Epiq Systems, Inc. | 18,515 | 250,508 | ||||||
Five9, Inc.† | 13,580 | 90,307 | ||||||
HubSpot, Inc.† | 10,769 | 583,787 | ||||||
Imperva, Inc.† | 15,193 | 1,133,854 | ||||||
inContact, Inc.†# | 35,197 | 347,394 | ||||||
Jive Software, Inc.†# | 26,714 | 134,104 | ||||||
New Relic, Inc.†# | 3,303 | 124,226 | ||||||
Park City Group, Inc.†# | 6,092 | 70,363 | ||||||
Paycom Software, Inc.† | 18,063 | 787,547 | ||||||
PDF Solutions, Inc.† | 15,453 | 172,301 | ||||||
Progress Software Corp.† | 28,963 | 694,822 | ||||||
RealPage, Inc.† | 30,209 | 670,942 | ||||||
SciQuest, Inc.† | 15,793 | 203,888 | ||||||
Tangoe, Inc.† | 22,325 | 191,995 | ||||||
Verint Systems, Inc.† | 35,123 | 1,645,512 | ||||||
10,500,855 | ||||||||
Athletic Equipment — 0.1% |
| |||||||
Black Diamond, Inc.† | 13,027 | 63,441 | ||||||
Nautilus, Inc.† | 17,965 | 345,108 | ||||||
Performance Sports Group Ltd† | 25,953 | 307,803 | ||||||
716,352 | ||||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Sotheby’s# | 35,609 | 1,008,091 | ||||||
Audio/Video Products — 0.2% |
| |||||||
Daktronics, Inc. | 22,004 | 190,775 | ||||||
DTS, Inc.† | 10,126 | 260,542 | ||||||
Skullcandy, Inc.† | 12,563 | 51,132 | ||||||
TiVo, Inc.† | 55,578 | 499,646 | ||||||
Universal Electronics, Inc.† | 9,082 | 481,255 | ||||||
VOXX International Corp.† | 11,353 | 65,166 | ||||||
1,548,516 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro Muffler Brake, Inc. | 18,220 | 1,349,009 | ||||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
Blue Bird Corp.†# | 2,912 | 31,683 | ||||||
Auto - Heavy Duty Trucks — 0.0% |
| |||||||
Navistar International Corp.†# | 29,201 | 423,707 | ||||||
Auto - Truck Trailers — 0.1% |
| |||||||
Wabash National Corp.† | 38,878 | 504,248 | ||||||
Auto/Truck Parts & Equipment - Original — 0.8% |
| |||||||
Accuride Corp.† | 22,259 | 57,428 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 43,399 | 987,761 | ||||||
Cooper-Standard Holding, Inc.† | 7,774 | 574,810 | ||||||
Dana Holding Corp. | 93,383 | 1,535,216 | ||||||
Federal-Mogul Holdings Corp.† | 17,362 | 142,021 | ||||||
Gentherm, Inc.† | 20,553 | 1,044,915 | ||||||
Horizon Global Corp.† | 10,370 | 90,115 | ||||||
Meritor, Inc.† | 55,891 | 600,269 | ||||||
Metaldyne Performance Group, Inc. | 6,553 | 147,574 | ||||||
Miller Industries, Inc. | 6,482 | 142,280 | ||||||
Modine Manufacturing Co.† | 27,417 | 257,446 | ||||||
Strattec Security Corp. | 2,053 | 128,025 |
207 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Auto/Truck Parts & Equipment - Original (continued) | ||||||||
Superior Industries International, Inc. | 13,415 | $ | 261,727 | |||||
Tenneco, Inc.† | 35,125 | 1,892,535 | ||||||
Titan International, Inc. | 24,730 | 107,328 | ||||||
Tower International, Inc. | 12,080 | 370,373 | ||||||
8,339,823 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.2% |
| |||||||
Commercial Vehicle Group, Inc.† | 17,188 | 58,439 | ||||||
Dorman Products, Inc.†# | 15,307 | 730,450 | ||||||
Douglas Dynamics, Inc. | 12,800 | 297,728 | ||||||
Motorcar Parts of America, Inc.† | 10,283 | 411,937 | ||||||
Standard Motor Products, Inc. | 11,413 | 476,607 | ||||||
1,975,161 | ||||||||
B2B/E-Commerce — 0.0% |
| |||||||
ePlus, Inc.† | 3,213 | 283,354 | ||||||
TechTarget, Inc.† | 11,207 | 96,941 | ||||||
380,295 | ||||||||
Banks - Commercial — 8.6% |
| |||||||
1st Source Corp. | 9,366 | 316,664 | ||||||
Access National Corp. | 4,160 | 90,896 | ||||||
American National Bankshares, Inc. | 4,996 | 129,896 | ||||||
Ameris Bancorp | 18,424 | 629,917 | ||||||
Ames National Corp.# | 5,330 | 135,062 | ||||||
Arrow Financial Corp. | 6,413 | 182,578 | ||||||
BancFirst Corp. | 4,170 | 268,840 | ||||||
Bancorp, Inc.† | 19,297 | 148,201 | ||||||
BancorpSouth, Inc. | 55,266 | 1,486,655 | ||||||
Bank of Marin Bancorp | 3,419 | 187,806 | ||||||
Bank of the Ozarks, Inc. | 44,643 | 2,423,222 | ||||||
Banner Corp. | 12,007 | 630,368 | ||||||
Bar Harbor Bankshares | 3,419 | 119,357 | ||||||
BBCN Bancorp, Inc. | 45,537 | 861,105 | ||||||
Blue Hills Bancorp, Inc. | 16,054 | 261,038 | ||||||
BNC Bancorp | 13,934 | 355,317 | ||||||
Bridge Bancorp, Inc. | 6,703 | 213,692 | ||||||
Bryn Mawr Bank Corp. | 10,189 | 303,123 | ||||||
C1 Financial, Inc.† | 3,405 | 82,503 | ||||||
Camden National Corp. | 4,261 | 191,489 | ||||||
Capital Bank Financial Corp., Class A | 12,868 | 433,909 | ||||||
Capital City Bank Group, Inc. | 6,157 | 96,973 | ||||||
Cardinal Financial Corp. | 18,410 | 452,886 | ||||||
Cascade Bancorp† | 17,685 | 106,110 | ||||||
Cass Information Systems, Inc. | 6,569 | 353,872 | ||||||
Cathay General Bancorp | 45,745 | 1,569,968 | ||||||
CenterState Banks, Inc. | 26,012 | 414,631 | ||||||
Central Pacific Financial Corp. | 13,165 | 305,955 | ||||||
Century Bancorp, Inc., Class A | 1,988 | 89,281 | ||||||
Chemical Financial Corp. | 19,298 | 711,131 | ||||||
Citizens & Northern Corp. | 6,983 | 143,361 | ||||||
City Holding Co. | 8,709 | 434,753 | ||||||
CNB Financial Corp. | 8,245 | 154,099 | ||||||
CoBiz Financial, Inc. | 20,778 | 285,074 | ||||||
Columbia Banking System, Inc. | 33,025 | 1,173,708 | ||||||
Community Bank System, Inc. | 23,338 | 1,006,568 | ||||||
Community Trust Bancorp, Inc. | 8,960 | 328,832 | ||||||
CommunityOne Bancorp† | 7,038 | 99,236 | ||||||
ConnectOne Bancorp, Inc. | 17,114 | 333,894 | ||||||
CU Bancorp† | 9,617 | 258,890 | ||||||
Customers Bancorp, Inc.† | 15,301 | 474,331 | ||||||
CVB Financial Corp. | 60,825 | 1,125,263 | ||||||
Eagle Bancorp, Inc.† | 17,124 | 935,484 | ||||||
Enterprise Bancorp, Inc. | 4,366 | 106,923 | ||||||
Enterprise Financial Services Corp. | 11,411 | 334,342 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) | ||||||||
Farmers Capital Bank Corp.† | 4,289 | $ | 115,846 | |||||
FCB Financial Holdings, Inc.† | 16,014 | 623,745 | ||||||
Fidelity Southern Corp. | 9,555 | 216,134 | ||||||
Financial Institutions, Inc. | 8,111 | 221,187 | ||||||
First BanCorp† | 66,602 | 249,758 | ||||||
First Bancorp | 11,300 | 220,237 | ||||||
First Bancorp, Inc. | 6,147 | 136,402 | ||||||
First Busey Corp. | 13,801 | 303,484 | ||||||
First Business Financial Services, Inc. | 4,962 | 128,615 | ||||||
First Citizens BancShares, Inc., Class A | 4,411 | 1,168,562 | ||||||
First Commonwealth Financial Corp. | 50,923 | 501,082 | ||||||
First Community Bancshares, Inc. | 9,652 | 196,901 | ||||||
First Connecticut Bancorp, Inc. | 9,179 | 167,517 | ||||||
First Financial Bancorp | 35,311 | 711,517 | ||||||
First Financial Bankshares, Inc.# | 36,717 | 1,318,507 | ||||||
First Financial Corp. | 6,326 | 231,279 | ||||||
First Interstate BancSystem, Inc. | 11,254 | 342,234 | ||||||
First Merchants Corp. | 21,628 | 588,282 | ||||||
First Midwest Bancorp, Inc. | 44,630 | 872,070 | ||||||
First NBC Bank Holding Co.† | 8,729 | 369,586 | ||||||
First of Long Island Corp. | 7,004 | 219,786 | ||||||
FirstMerit Corp. | 94,902 | 1,919,867 | ||||||
FNB Corp. | 100,000 | 1,452,000 | ||||||
Franklin Financial Network, Inc.† | 3,119 | 101,368 | ||||||
Fulton Financial Corp. | 101,143 | 1,463,539 | ||||||
German American Bancorp, Inc. | 7,587 | 261,600 | ||||||
Glacier Bancorp, Inc. | 43,236 | 1,270,274 | ||||||
Great Southern Bancorp, Inc. | 6,001 | 305,211 | ||||||
Great Western Bancorp, Inc. | 23,656 | 714,884 | ||||||
Green Bancorp, Inc.† | 5,827 | 79,014 | ||||||
Guaranty Bancorp | 8,484 | 148,640 | ||||||
Hampton Roads Bankshares, Inc.† | 19,619 | 36,688 | ||||||
Hancock Holding Co. | 44,588 | 1,298,403 | ||||||
Hanmi Financial Corp. | 18,281 | 477,134 | ||||||
Heartland Financial USA, Inc. | 10,200 | 388,722 | ||||||
Heritage Commerce Corp. | 12,035 | 129,978 | ||||||
Heritage Financial Corp. | 17,312 | 338,969 | ||||||
Heritage Oaks Bancorp | 13,429 | 111,864 | ||||||
Hilltop Holdings, Inc.† | 43,591 | 972,515 | ||||||
Home BancShares, Inc. | 32,679 | 1,474,476 | ||||||
Horizon Bancorp | 5,285 | 145,496 | ||||||
IBERIABANK Corp. | 21,857 | 1,385,078 | ||||||
Independent Bank Corp. | 13,149 | 203,941 | ||||||
Independent Bank Corp. | 14,968 | 774,444 | ||||||
International Bancshares Corp. | 31,004 | 945,932 | ||||||
Kearny Financial Corp. | 53,539 | 674,591 | ||||||
Lakeland Bancorp, Inc. | 21,695 | 262,293 | ||||||
Lakeland Financial Corp. | 9,509 | 457,763 | ||||||
LegacyTexas Financial Group, Inc. | 27,251 | 831,428 | ||||||
MainSource Financial Group, Inc. | 12,404 | 285,540 | ||||||
MB Financial, Inc. | 43,003 | 1,536,927 | ||||||
Mercantile Bank Corp. | 9,669 | 250,137 | ||||||
Merchants Bancshares, Inc. | 2,848 | 93,101 | ||||||
Metro Bancorp, Inc. | 6,786 | 230,588 | ||||||
MidWestOne Financial Group, Inc. | 4,507 | 143,097 | ||||||
National Bankshares, Inc.# | 3,978 | 142,890 | ||||||
National Commerce Corp.†# | 3,456 | 90,685 | ||||||
National Penn Bancshares, Inc. | 80,198 | 1,001,673 | ||||||
NBT Bancorp, Inc. | 25,216 | 759,758 | ||||||
NewBridge Bancorp | 20,535 | 263,669 | ||||||
OFG Bancorp | 25,514 | 213,297 | ||||||
Old National Bancorp | 66,965 | 987,734 | ||||||
Old Second Bancorp, Inc.† | 16,870 | 130,743 | ||||||
Opus Bank | 5,961 | 234,744 | ||||||
Pacific Continental Corp. | 11,169 | 177,699 |
208 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Banks - Commercial (continued) | ||||||||
PacWest Bancorp | 5,794 | $ | 272,434 | |||||
Park National Corp.# | 7,469 | 724,568 | ||||||
Park Sterling Corp. | 25,759 | 194,996 | ||||||
Peapack Gladstone Financial Corp. | 8,865 | 201,945 | ||||||
Penns Woods Bancorp, Inc. | 2,740 | 122,231 | ||||||
Peoples Bancorp, Inc. | 10,520 | 216,922 | ||||||
Peoples Financial Services Corp.# | 4,321 | 172,451 | ||||||
Pinnacle Financial Partners, Inc. | 20,537 | 1,115,775 | ||||||
Preferred Bank | 6,685 | 243,468 | ||||||
PrivateBancorp, Inc. | 45,000 | 1,984,950 | ||||||
Prosperity Bancshares, Inc. | 40,095 | 2,221,664 | ||||||
QCR Holdings, Inc. | 6,684 | 161,753 | ||||||
Renasant Corp. | 23,008 | 840,482 | ||||||
Republic Bancorp, Inc., Class A | 5,687 | 152,525 | ||||||
S&T Bancorp, Inc. | 19,918 | 675,619 | ||||||
Sandy Spring Bancorp, Inc. | 14,123 | 414,934 | ||||||
Seacoast Banking Corp. of Florida† | 13,626 | 218,697 | ||||||
ServisFirst Bancshares, Inc. | 12,755 | 627,801 | ||||||
Sierra Bancorp | 6,759 | 120,581 | ||||||
Simmons First National Corp., Class A | 17,088 | 985,294 | ||||||
South State Corp. | 13,844 | 1,088,277 | ||||||
Southside Bancshares, Inc. | 14,500 | 409,480 | ||||||
Southwest Bancorp, Inc. | 10,895 | 201,558 | ||||||
State Bank Financial Corp. | 20,458 | 476,876 | ||||||
Stock Yards Bancorp, Inc. | 8,475 | 341,288 | ||||||
Stonegate Bank | 6,371 | 215,467 | ||||||
Suffolk Bancorp | 6,713 | 198,973 | ||||||
Sun Bancorp, Inc.† | 5,494 | 120,428 | ||||||
Talmer Bancorp, Inc., Class A | 31,279 | 571,467 | ||||||
Texas Capital Bancshares, Inc.† | 26,203 | 1,553,314 | ||||||
Tompkins Financial Corp. | 8,571 | 536,202 | ||||||
Towne Bank | 26,066 | 585,182 | ||||||
TriCo Bancshares | 13,018 | 381,427 | ||||||
TriState Capital Holdings, Inc.† | 12,178 | 161,115 | ||||||
Triumph Bancorp, Inc.† | 8,506 | 148,260 | ||||||
TrustCo Bank Corp. NY | 54,413 | 356,949 | ||||||
Trustmark Corp. | 38,672 | 976,468 | ||||||
UMB Financial Corp. | 22,537 | 1,187,700 | ||||||
Umpqua Holdings Corp. | 126,254 | 2,262,472 | ||||||
Union Bankshares Corp. | 25,824 | 693,374 | ||||||
United Bankshares, Inc.# | 39,754 | 1,674,438 | ||||||
United Community Banks, Inc. | 28,759 | 600,488 | ||||||
Univest Corp. of Pennsylvania | 11,261 | 235,130 | ||||||
Valley National Bancorp | 133,104 | 1,482,779 | ||||||
Washington Trust Bancorp, Inc. | 8,486 | 346,738 | ||||||
Webster Financial Corp. | 51,966 | 2,089,553 | ||||||
WesBanco, Inc. | 22,010 | 746,579 | ||||||
West Bancorporation, Inc. | 9,181 | 190,322 | ||||||
Westamerica Bancorporation# | 14,626 | 716,674 | ||||||
Western Alliance Bancorp† | 49,226 | 1,909,477 | ||||||
Wilshire Bancorp, Inc. | 40,399 | 498,524 | ||||||
Wintrust Financial Corp. | 27,145 | 1,428,641 | ||||||
Yadkin Financial Corp. | 14,418 | 379,049 | ||||||
91,252,087 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Boston Private Financial Holdings, Inc. | 47,541 | 575,246 | ||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 15,150 | 447,531 | ||||||
Banks - Super Regional — 0.0% |
| |||||||
Independent Bank Group, Inc. | 5,552 | 221,913 | ||||||
Batteries/Battery Systems — 0.1% |
| |||||||
EnerSys | 25,450 | 1,499,005 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Coca-Cola Bottling Co. Consolidated | 2,666 | $ | 516,324 | |||||
National Beverage Corp.† | 6,537 | 284,033 | ||||||
800,357 | ||||||||
Bicycle Manufacturing — 0.0% |
| |||||||
Fox Factory Holding Corp.† | 9,706 | 172,476 | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A† | 5,203 | 1,111,465 | ||||||
Craft Brew Alliance, Inc.† | 5,860 | 56,959 | ||||||
1,168,424 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Crown Media Holdings, Inc., Class A† | 19,805 | 112,294 | ||||||
Hemisphere Media Group, Inc.†# | 5,782 | 82,278 | ||||||
Nexstar Broadcasting Group, Inc., Class A | 17,912 | 1,049,464 | ||||||
World Wrestling Entertainment, Inc., Class A# | 17,227 | 292,687 | ||||||
1,536,723 | ||||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Builders FirstSource, Inc.† | 26,532 | 357,121 | ||||||
Drew Industries, Inc. | 13,813 | 834,719 | ||||||
Gibraltar Industries, Inc.† | 17,725 | 473,080 | ||||||
Louisiana-Pacific Corp.† | 81,543 | 1,500,391 | ||||||
NCI Building Systems, Inc.† | 15,531 | 184,198 | ||||||
Nortek, Inc.† | 5,526 | 266,022 | ||||||
Patrick Industries, Inc.† | 7,290 | 302,025 | ||||||
Ply Gem Holdings, Inc.† | 12,339 | 162,875 | ||||||
Quanex Building Products Corp. | 19,388 | 360,811 | ||||||
Simpson Manufacturing Co., Inc. | 24,108 | 895,130 | ||||||
Summit Materials, Inc., Class A† | 14,628 | 333,079 | ||||||
Trex Co., Inc.†# | 18,364 | 795,161 | ||||||
6,464,612 | ||||||||
Building & Construction - Misc. — 0.3% |
| |||||||
Aegion Corp.† | 20,990 | 462,620 | ||||||
Comfort Systems USA, Inc. | 21,356 | 677,839 | ||||||
Dycom Industries, Inc.† | 19,510 | 1,704,784 | ||||||
Hill International, Inc.† | 20,941 | 72,246 | ||||||
MYR Group, Inc.† | 11,968 | 253,722 | ||||||
3,171,211 | ||||||||
Building Products - Air & Heating — 0.1% |
| |||||||
AAON, Inc. | 23,430 | 578,955 | ||||||
Building Products - Cement — 0.2% |
| |||||||
Continental Building Products, Inc.† | 18,019 | 328,667 | ||||||
Headwaters, Inc.† | 42,214 | 809,242 | ||||||
US Concrete, Inc.† | 8,349 | 490,337 | ||||||
1,628,246 | ||||||||
Building Products - Doors & Windows — 0.3% |
| |||||||
Apogee Enterprises, Inc. | 16,712 | 839,276 | ||||||
Griffon Corp. | 19,577 | 355,127 | ||||||
Masonite International Corp.† | 17,279 | 1,139,723 | ||||||
PGT, Inc.† | 27,332 | 303,932 | ||||||
2,638,058 | ||||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 12,390 | 146,450 | ||||||
Building Products - Wood — 0.2% |
| |||||||
Boise Cascade Co.† | 22,629 | 708,288 | ||||||
Universal Forest Products, Inc. | 11,517 | 889,803 | ||||||
1,598,091 | ||||||||
209 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Building - Heavy Construction — 0.3% |
| |||||||
Granite Construction, Inc. | 22,523 | $ | 918,262 | |||||
MasTec, Inc.† | 38,217 | 780,773 | ||||||
Orion Marine Group, Inc.† | 16,002 | 70,089 | ||||||
Primoris Services Corp.# | 22,197 | 512,307 | ||||||
Tutor Perini Corp.† | 21,482 | 404,721 | ||||||
2,686,152 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 32,052 | 950,983 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.† | 5,073 | 470,267 | ||||||
Winnebago Industries, Inc.# | 15,416 | 346,860 | ||||||
817,127 | ||||||||
Building - Residential/Commercial — 0.7% |
| |||||||
AV Homes, Inc.†# | 7,086 | 98,637 | ||||||
Beazer Homes USA, Inc.† | 15,713 | 225,324 | ||||||
CalAtlantic Group, Inc.† | 44,043 | 1,854,210 | ||||||
Century Communities, Inc.† | 8,714 | 166,263 | ||||||
Green Brick Partners, Inc.† | 8,224 | 62,091 | ||||||
Hovnanian Enterprises, Inc., Class A†# | 68,304 | 124,996 | ||||||
Installed Building Products, Inc.† | 11,391 | 285,458 | ||||||
KB Home# | 46,719 | 658,271 | ||||||
LGI Homes, Inc.†# | 8,008 | 266,346 | ||||||
M/I Homes, Inc.† | 14,038 | 327,928 | ||||||
MDC Holdings, Inc. | 22,364 | 586,608 | ||||||
Meritage Homes Corp.† | 22,699 | 846,900 | ||||||
New Home Co., Inc.† | 5,094 | 74,729 | ||||||
Taylor Morrison Home Corp., Class A† | 18,610 | 325,675 | ||||||
TRI Pointe Group, Inc.† | 92,530 | 1,290,794 | ||||||
WCI Communities, Inc.† | 8,838 | 213,968 | ||||||
William Lyon Homes, Class A† | 11,168 | 195,105 | ||||||
7,603,303 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp.† | 45,674 | 894,754 | ||||||
Caesars Entertainment Corp.†# | 31,722 | 268,685 | ||||||
Monarch Casino & Resort, Inc.† | 5,814 | 130,350 | ||||||
1,293,789 | ||||||||
Casino Services — 0.0% |
| |||||||
Eldorado Resorts, Inc.† | 16,141 | 156,407 | ||||||
Scientific Games Corp., Class A†# | 28,751 | 265,084 | ||||||
421,491 | ||||||||
Cellular Telecom — 0.0% |
| |||||||
Leap Wireless CVR(1)(2) | 35,827 | 0 | ||||||
NTELOS Holdings Corp.† | 9,941 | 91,159 | ||||||
91,159 | ||||||||
Chemicals - Diversified — 0.4% |
| |||||||
Aceto Corp. | 16,667 | 470,176 | ||||||
Axiall Corp. | 40,204 | 837,851 | ||||||
Innophos Holdings, Inc. | 11,968 | 355,689 | ||||||
Innospec, Inc. | 13,876 | 810,358 | ||||||
Koppers Holdings, Inc. | 11,754 | 268,344 | ||||||
Olin Corp. | 44,371 | 965,957 | ||||||
3,708,375 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc.# | 23,277 | 260,935 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 16,669 | 262,703 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Plastics — 0.3% |
| |||||||
A. Schulman, Inc. | 16,766 | $ | 580,271 | |||||
Landec Corp.† | 15,425 | 197,594 | ||||||
PolyOne Corp. | 51,055 | 1,836,959 | ||||||
2,614,824 | ||||||||
Chemicals - Specialty — 1.0% |
| |||||||
Balchem Corp. | 17,797 | 1,218,916 | ||||||
Calgon Carbon Corp. | 30,171 | 510,192 | ||||||
Chemtura Corp.† | 38,454 | 1,181,307 | ||||||
Ferro Corp.† | 41,780 | 501,778 | ||||||
H.B. Fuller Co. | 28,861 | 1,148,956 | ||||||
Hawkins, Inc. | 6,077 | 249,157 | ||||||
KMG Chemicals, Inc. | 5,535 | 109,206 | ||||||
Kraton Performance Polymers, Inc.† | 17,934 | 399,031 | ||||||
Minerals Technologies, Inc. | 19,881 | 1,223,477 | ||||||
Oil-Dri Corp. of America | 2,808 | 87,666 | ||||||
OMNOVA Solutions, Inc.† | 26,816 | 201,656 | ||||||
Quaker Chemical Corp. | 7,632 | 650,475 | ||||||
Sensient Technologies Corp. | 26,752 | 1,788,104 | ||||||
Stepan Co. | 11,042 | 574,846 | ||||||
Tronox, Ltd., Class A# | 36,408 | 211,895 | ||||||
Valhi, Inc.# | 10,932 | 20,006 | ||||||
10,076,668 | ||||||||
Circuit Boards — 0.1% |
| |||||||
Multi-Fineline Electronix, Inc.† | 5,204 | 128,435 | ||||||
Park Electrochemical Corp. | 11,670 | 204,342 | ||||||
TTM Technologies, Inc.† | 33,791 | 264,921 | ||||||
597,698 | ||||||||
Coal — 0.0% |
| |||||||
Cloud Peak Energy, Inc.†# | 34,938 | 91,188 | ||||||
Hallador Energy Co.# | 6,233 | 42,011 | ||||||
Peabody Energy Corp.# | 10,600 | 120,840 | ||||||
SunCoke Energy, Inc. | 37,340 | 141,145 | ||||||
Westmoreland Coal Co.†# | 10,252 | 61,512 | ||||||
456,696 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Kronos Worldwide, Inc. | 11,994 | 77,601 | ||||||
Coffee — 0.0% |
| |||||||
Farmer Bros. Co.† | 4,432 | 129,547 | ||||||
Commercial Services — 0.5% |
| |||||||
Care.com, Inc.† | 10,970 | 75,693 | ||||||
Collectors Universe, Inc. | 4,089 | 65,260 | ||||||
Healthcare Services Group, Inc. | 40,920 | 1,511,585 | ||||||
HMS Holdings Corp.† | 50,684 | 614,797 | ||||||
Medifast, Inc.† | 6,219 | 188,560 | ||||||
National Research Corp., Class A | 5,614 | 86,792 | ||||||
Nutrisystem, Inc. | 16,557 | 379,818 | ||||||
PFSweb, Inc.†# | 6,898 | 90,916 | ||||||
RPX Corp.† | 31,068 | 430,913 | ||||||
ServiceSource International, Inc.† | 33,709 | 182,029 | ||||||
SFX Entertainment, Inc.†# | 26,200 | 7,339 | ||||||
SP Plus Corp.† | 9,590 | 241,380 | ||||||
Team, Inc.† | 11,900 | 454,342 | ||||||
Weight Watchers International, Inc.†# | 15,801 | 416,830 | ||||||
4,746,254 | ||||||||
Commercial Services-Finance — 0.7% |
| |||||||
Cardtronics, Inc.† | 25,687 | 966,088 | ||||||
CBIZ, Inc.† | 28,331 | 303,425 | ||||||
Euronet Worldwide, Inc.† | 29,697 | 2,308,051 | ||||||
Everi Holdings, Inc.† | 37,665 | 143,880 | ||||||
EVERTEC, Inc. | 37,659 | 646,981 |
210 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Commercial Services - Finance (continued) | ||||||||
Green Dot Corp., Class A† | 26,268 | $ | 441,828 | |||||
Heartland Payment Systems, Inc. | 20,950 | 1,662,173 | ||||||
LendingTree, Inc.† | 3,316 | 337,834 | ||||||
Liberty Tax, Inc. | 3,405 | 75,387 | ||||||
MoneyGram International, Inc.† | 16,747 | 147,039 | ||||||
Travelport Worldwide, Ltd. | 60,423 | 804,230 | ||||||
7,836,916 | ||||||||
Communications Software — 0.1% |
| |||||||
BroadSoft, Inc.† | 16,681 | 667,741 | ||||||
Digi International, Inc.† | 14,269 | 178,505 | ||||||
pdvWireless, Inc.†# | 7,434 | 196,629 | ||||||
Seachange International, Inc.† | 19,089 | 133,050 | ||||||
Xura, Inc.† | 12,992 | 336,103 | ||||||
1,512,028 | ||||||||
Computer Aided Design — 0.2% |
| |||||||
Aspen Technology, Inc.† | 48,876 | 2,148,100 | ||||||
Computer Data Security — 0.1% |
| |||||||
Qualys, Inc.† | 14,226 | 547,132 | ||||||
Varonis Systems, Inc.†# | 5,128 | 91,535 | ||||||
638,667 | ||||||||
Computer Graphics — 0.1% |
| |||||||
Monotype Imaging Holdings, Inc. | 22,917 | 605,696 | ||||||
Computer Services — 1.9% |
| |||||||
Barracuda Networks, Inc.† | 4,629 | 88,090 | ||||||
CACI International, Inc., Class A† | 13,840 | 1,387,598 | ||||||
Carbonite, Inc.† | 10,377 | 101,176 | ||||||
Ciber, Inc.† | 45,128 | 159,302 | ||||||
Convergys Corp. | 56,574 | 1,457,346 | ||||||
Engility Holdings, Inc. | 10,266 | 355,204 | ||||||
EPAM Systems, Inc.† | 27,995 | 2,204,046 | ||||||
ExlService Holdings, Inc.† | 19,061 | 891,483 | ||||||
Fleetmatics Group PLC† | 21,882 | 1,306,355 | ||||||
Globant SA†# | 8,747 | 307,545 | ||||||
Insight Enterprises, Inc.† | 22,189 | 594,221 | ||||||
KEYW Holding Corp.†# | 19,178 | 122,547 | ||||||
LivePerson, Inc.† | 32,658 | 254,732 | ||||||
Luxoft Holding, Inc.† | 10,505 | 813,822 | ||||||
Manhattan Associates, Inc.† | 42,236 | 3,235,278 | ||||||
MAXIMUS, Inc. | 37,719 | 2,140,553 | ||||||
Science Applications International Corp. | 26,354 | 1,324,025 | ||||||
Sykes Enterprises, Inc.† | 22,314 | 710,032 | ||||||
Syntel, Inc.† | 17,964 | 869,997 | ||||||
TeleTech Holdings, Inc. | 9,310 | 270,176 | ||||||
Unisys Corp.† | 28,575 | 367,475 | ||||||
Virtusa Corp.† | 16,971 | 835,822 | ||||||
19,796,825 | ||||||||
Computer Software — 0.4% |
| |||||||
Apigee Corp.† | 2,928 | 20,847 | ||||||
AVG Technologies NV† | 23,447 | 494,497 | ||||||
Avid Technology, Inc.† | 18,496 | 140,385 | ||||||
Blackbaud, Inc. | 26,832 | 1,657,681 | ||||||
Code Rebel Corp.†# | 614 | 2,296 | ||||||
Cornerstone OnDemand, Inc.† | 30,876 | 1,108,757 | ||||||
Envestnet, Inc.† | 22,168 | 719,810 | ||||||
Guidance Software, Inc.†# | 10,897 | 66,472 | ||||||
Workiva, Inc.† | 4,191 | 78,581 | ||||||
4,289,326 | ||||||||
Computers — 0.0% |
| |||||||
Silicon Graphics International Corp.† | 19,927 | 116,772 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Integrated Systems — 0.5% |
| |||||||
Agilysys, Inc.† | 8,781 | $ | 97,469 | |||||
Cray, Inc.† | 23,367 | 810,134 | ||||||
Diebold, Inc. | 37,120 | 1,286,950 | ||||||
Mercury Systems, Inc.† | 19,576 | 383,298 | ||||||
MTS Systems Corp. | 8,532 | 542,806 | ||||||
NetScout Systems, Inc.† | 52,532 | 1,738,809 | ||||||
Silver Spring Networks, Inc.† | 20,859 | 278,051 | ||||||
Super Micro Computer, Inc.† | 21,103 | 518,290 | ||||||
5,655,807 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
Datalink Corp.† | 11,776 | 86,554 | ||||||
Imation Corp.† | 20,110 | 39,214 | ||||||
Nimble Storage, Inc.†# | 28,999 | 303,620 | ||||||
Quantum Corp.† | 123,308 | 108,622 | ||||||
Violin Memory, Inc.†# | 52,011 | 68,134 | ||||||
606,144 | ||||||||
Computers - Other — 0.1% |
| |||||||
ExOne Co.†# | 5,998 | 59,500 | ||||||
Stratasys, Ltd.†# | 29,150 | 728,750 | ||||||
788,250 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Electronics For Imaging, Inc.† | 26,837 | 1,317,160 | ||||||
Immersion Corp.† | 16,037 | 215,056 | ||||||
1,532,216 | ||||||||
Computers - Voice Recognition — 0.0% |
| |||||||
Vocera Communications, Inc.† | 14,727 | 193,366 | ||||||
Consulting Services — 0.6% |
| |||||||
Advisory Board Co.† | 24,290 | 1,307,774 | ||||||
CEB, Inc. | 19,154 | 1,480,030 | ||||||
CRA International, Inc.† | 5,245 | 119,691 | ||||||
Forrester Research, Inc. | 5,753 | 187,778 | ||||||
Franklin Covey Co.† | 7,034 | 107,831 | ||||||
FTI Consulting, Inc.† | 23,812 | 890,093 | ||||||
Hackett Group, Inc. | 13,708 | 259,630 | ||||||
Huron Consulting Group, Inc.† | 13,258 | 769,097 | ||||||
ICF International, Inc.† | 11,177 | 398,236 | ||||||
Navigant Consulting, Inc.† | 27,613 | 483,227 | ||||||
NV5 Holdings, Inc.† | 2,927 | 67,994 | ||||||
Pendrell Corp.† | 95,160 | 50,739 | ||||||
Vectrus, Inc.† | 6,028 | 145,636 | ||||||
6,267,756 | ||||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Central Garden & Pet Co., Class A† | 24,209 | 382,260 | ||||||
CSS Industries, Inc. | 5,349 | 155,174 | ||||||
Helen of Troy, Ltd.† | 16,312 | 1,686,824 | ||||||
Tumi Holdings, Inc.† | 32,109 | 567,045 | ||||||
Wausau Paper Corp. | 23,469 | 240,323 | ||||||
WD-40 Co. | 8,339 | 823,643 | ||||||
3,855,269 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Greif, Inc., Class A | 17,630 | 625,336 | ||||||
Containers - Paper/Plastic — 0.4% |
| |||||||
AEP Industries, Inc.† | 2,269 | 206,888 | ||||||
Berry Plastics Group, Inc.† | 68,348 | 2,485,133 | ||||||
KapStone Paper and Packaging Corp. | 48,748 | 1,183,114 | ||||||
3,875,135 | ||||||||
211 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Elizabeth Arden, Inc.†# | 14,944 | $ | 153,176 | |||||
Inter Parfums, Inc. | 9,717 | 259,055 | ||||||
Revlon, Inc., Class A† | 6,585 | 180,298 | ||||||
592,529 | ||||||||
Data Processing/Management — 0.5% |
| |||||||
Acxiom Corp.† | 44,749 | 1,024,752 | ||||||
Amber Road, Inc.†# | 10,114 | 48,648 | ||||||
CommVault Systems, Inc.† | 25,892 | 1,061,054 | ||||||
CSG Systems International, Inc. | 18,747 | 669,830 | ||||||
Fair Isaac Corp. | 17,775 | 1,693,069 | ||||||
Pegasystems, Inc. | 20,464 | 604,507 | ||||||
5,101,860 | ||||||||
Decision Support Software — 0.1% |
| |||||||
Castlight Health, Inc., Class B†# | 19,312 | 77,248 | ||||||
Interactive Intelligence Group, Inc.† | 9,904 | 341,292 | ||||||
QAD, Inc., Class A | 5,854 | 135,871 | ||||||
554,411 | ||||||||
Diagnostic Equipment — 0.3% |
| |||||||
Accelerate Diagnostics, Inc.†# | 12,315 | 210,956 | ||||||
Affymetrix, Inc.† | 44,263 | 419,171 | ||||||
BioTelemetry, Inc.† | 15,485 | 195,266 | ||||||
Cepheid† | 41,092 | 1,476,846 | ||||||
GenMark Diagnostics, Inc.†# | 24,122 | 192,252 | ||||||
Genomic Health, Inc.† | 10,183 | 308,749 | ||||||
Oxford Immunotec Global PLC†# | 11,530 | 152,772 | ||||||
2,956,012 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
Meridian Bioscience, Inc. | 23,878 | 467,293 | ||||||
OraSure Technologies, Inc.† | 32,295 | 201,844 | ||||||
Quidel Corp.† | 16,473 | 357,299 | ||||||
1,026,436 | ||||||||
Direct Marketing — 0.0% |
| |||||||
EVINE Live, Inc.† | 28,560 | 53,122 | ||||||
Harte-Hanks, Inc. | 27,608 | 103,806 | ||||||
156,928 | ||||||||
Disposable Medical Products — 0.4% |
| |||||||
ICU Medical, Inc.† | 8,091 | 917,843 | ||||||
Merit Medical Systems, Inc.† | 25,204 | 488,201 | ||||||
STERIS PLC# | 34,188 | 2,611,279 | ||||||
Utah Medical Products, Inc. | 2,148 | 121,341 | ||||||
4,138,664 | ||||||||
Distribution/Wholesale — 0.6% |
| |||||||
Beacon Roofing Supply, Inc.† | 28,406 | 1,214,925 | ||||||
Core-Mark Holding Co., Inc. | 13,219 | 1,127,448 | ||||||
Essendant, Inc. | 21,934 | 794,449 | ||||||
H&E Equipment Services, Inc. | 17,868 | 357,539 | ||||||
Pool Corp. | 24,917 | 2,044,191 | ||||||
Rentrak Corp.†# | 7,264 | 351,505 | ||||||
ScanSource, Inc.† | 16,383 | 629,435 | ||||||
Titan Machinery, Inc.†# | 9,917 | 124,657 | ||||||
Veritiv Corp.† | 4,662 | 184,009 | ||||||
6,828,158 | ||||||||
Diversified Financial Services — 0.0% |
| |||||||
On Deck Capital, Inc.†# | 6,629 | 65,959 | ||||||
Diversified Manufacturing Operations — 0.7% |
| |||||||
Actuant Corp., Class A | 34,093 | 844,143 | ||||||
AZZ, Inc. | 14,749 | 878,155 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations (continued) | ||||||||
Barnes Group, Inc. | 31,361 | $ | 1,208,026 | |||||
Blount International, Inc.† | 27,836 | 161,449 | ||||||
Chase Corp. | 3,959 | 175,780 | ||||||
EnPro Industries, Inc.# | 13,065 | 655,079 | ||||||
Fabrinet† | 20,279 | 485,277 | ||||||
Federal Signal Corp. | 35,791 | 603,436 | ||||||
GP Strategies Corp.† | 7,471 | 212,251 | ||||||
Handy & Harman, Ltd.† | 1,499 | 34,522 | ||||||
Harsco Corp. | 45,844 | 478,611 | ||||||
LSB Industries, Inc.† | 11,296 | 80,315 | ||||||
Lydall, Inc.† | 9,740 | 354,731 | ||||||
NL Industries, Inc.† | 3,899 | 13,880 | ||||||
Park-Ohio Holdings Corp. | 5,024 | 211,008 | ||||||
Raven Industries, Inc.# | 21,638 | 360,705 | ||||||
Standex International Corp. | 7,314 | 653,652 | ||||||
Tredegar Corp. | 14,343 | 226,046 | ||||||
7,637,066 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
United States Lime & Minerals, Inc. | 1,139 | 59,012 | ||||||
US Silica Holdings, Inc.# | 30,563 | 650,075 | ||||||
709,087 | ||||||||
Diversified Operations — 0.1% |
| |||||||
HRG Group, Inc.† | 45,017 | 616,283 | ||||||
Resource America, Inc., Class A | 9,142 | 53,389 | ||||||
Tiptree Financial, Inc., Class A# | 17,138 | 117,738 | ||||||
787,410 | ||||||||
Diversified Operations/Commercial Services — 0.1% |
| |||||||
Civeo Corp. | 61,434 | 119,182 | ||||||
Viad Corp. | 11,481 | 354,418 | ||||||
Volt Information Sciences, Inc.† | 5,462 | 45,881 | ||||||
519,481 | ||||||||
Drug Delivery Systems — 0.4% |
| |||||||
Antares Pharma, Inc.†# | 88,584 | 116,045 | ||||||
BioDelivery Sciences International, Inc.†# | 26,490 | 162,384 | ||||||
Catalent, Inc.† | 47,870 | 1,333,179 | ||||||
Depomed, Inc.†# | 34,325 | 667,278 | ||||||
Heron Therapeutics, Inc.†# | 14,108 | 422,535 | ||||||
Nektar Therapeutics†# | 75,289 | 1,179,026 | ||||||
Revance Therapeutics, Inc.†# | 8,956 | 347,582 | ||||||
4,228,029 | ||||||||
E-Commerce/Products — 0.3% |
| |||||||
1-800-flowers.com, Inc., Class A† | 14,308 | 110,601 | ||||||
Blue Nile, Inc.† | 6,794 | 247,709 | ||||||
Chegg, Inc.†# | 43,692 | 317,204 | ||||||
Etsy, Inc.† | 11,442 | 106,525 | ||||||
FTD Cos., Inc.† | 10,453 | 277,214 | ||||||
Lands’ End, Inc.†# | 9,410 | 226,216 | ||||||
Overstock.com, Inc.† | 6,867 | 90,370 | ||||||
Shutterfly, Inc.† | 21,515 | 987,539 | ||||||
Stamps.com, Inc.† | 8,162 | 827,300 | ||||||
Wayfair, Inc., Class A†# | 11,484 | 435,358 | ||||||
3,626,036 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
Angie’s List, Inc.† | 25,076 | 271,072 | ||||||
ChannelAdvisor Corp.† | 12,409 | 162,682 | ||||||
GrubHub, Inc.†# | 43,039 | 1,103,520 | ||||||
Quotient Technology, Inc.†# | 34,946 | 242,525 | ||||||
RetailMeNot, Inc.† | 21,993 | 214,652 | ||||||
TrueCar, Inc.†# | 28,012 | 224,936 | ||||||
United Online, Inc.† | 8,402 | 96,623 | ||||||
2,316,010 | ||||||||
212 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
E-Marketing/Info — 0.2% |
| |||||||
comScore, Inc.† | 19,698 | $ | 829,286 | |||||
Liquidity Services, Inc.† | 13,788 | 94,034 | ||||||
Marketo, Inc.† | 19,917 | 602,887 | ||||||
New Media Investment Group, Inc. | 25,572 | 465,666 | ||||||
QuinStreet, Inc.† | 20,367 | 99,595 | ||||||
Rocket Fuel, Inc.†# | 15,112 | 52,741 | ||||||
Rubicon Project, Inc.† | 14,697 | 216,781 | ||||||
2,360,990 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
Perficient, Inc.† | 20,284 | 354,564 | ||||||
Educational Software — 0.0% |
| |||||||
2U, Inc.†# | 13,715 | 330,806 | ||||||
Electric Products - Misc. — 0.1% |
| |||||||
Graham Corp. | 5,797 | 104,114 | ||||||
Littelfuse, Inc. | 12,923 | 1,402,921 | ||||||
1,507,035 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
EnerNOC, Inc.†# | 15,498 | 66,021 | ||||||
Genie Energy, Ltd.# | 7,169 | 81,942 | ||||||
Spark Energy, Inc., Class A# | 1,722 | 31,099 | ||||||
UIL Holdings Corp. | 32,409 | 1,647,998 | ||||||
1,827,060 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Atlantic Power Corp.# | 69,776 | 139,552 | ||||||
Talen Energy Corp.† | 47,767 | 372,105 | ||||||
511,657 | ||||||||
Electric - Integrated — 1.4% |
| |||||||
ALLETE, Inc. | 27,907 | 1,421,862 | ||||||
Ameresco, Inc., Class A† | 11,484 | 78,436 | ||||||
Avista Corp. | 35,648 | 1,233,777 | ||||||
Black Hills Corp. | 25,657 | 1,101,199 | ||||||
Cleco Corp. | 34,621 | 1,734,858 | ||||||
El Paso Electric Co. | 23,122 | 893,665 | ||||||
Empire District Electric Co. | 24,959 | 568,317 | ||||||
IDACORP, Inc. | 28,820 | 1,960,913 | ||||||
MGE Energy, Inc. | 19,845 | 862,662 | ||||||
NorthWestern Corp. | 26,927 | 1,468,329 | ||||||
Otter Tail Corp. | 21,457 | 571,400 | ||||||
PNM Resources, Inc. | 45,596 | 1,322,284 | ||||||
Portland General Electric Co. | 44,847 | 1,655,751 | ||||||
Unitil Corp. | 7,995 | 280,864 | ||||||
15,154,317 | ||||||||
Electronic Components - Misc. — 0.8% |
| |||||||
AVX Corp. | 26,448 | 356,783 | ||||||
Bel Fuse, Inc., Class B | 5,929 | 122,849 | ||||||
Benchmark Electronics, Inc.† | 29,995 | 643,693 | ||||||
CTS Corp. | 19,003 | 360,677 | ||||||
GSI Group, Inc.† | 19,695 | 282,229 | ||||||
Kimball Electronics, Inc.† | 16,699 | 191,371 | ||||||
Knowles Corp.†# | 48,720 | 802,418 | ||||||
Methode Electronics, Inc. | 21,952 | 792,028 | ||||||
NVE Corp. | 2,781 | 165,636 | ||||||
OSI Systems, Inc.† | 11,340 | 1,061,764 | ||||||
Plexus Corp.† | 19,237 | 715,616 | ||||||
Rogers Corp.† | 10,662 | 590,995 | ||||||
Sanmina Corp.† | 47,298 | 1,072,246 | ||||||
Sparton Corp.† | 5,673 | 120,381 | ||||||
Stoneridge, Inc.† | 16,038 | 234,636 | ||||||
Vishay Intertechnology, Inc. | 77,530 | 924,158 | ||||||
Vishay Precision Group, Inc.† | 7,213 | 86,772 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Misc. (continued) | ||||||||
ZAGG, Inc.† | 16,902 | $ | 174,429 | |||||
8,698,681 | ||||||||
Electronic Components - Semiconductors — 2.1% |
| |||||||
Advanced Micro Devices, Inc.†# | 364,120 | 859,323 | ||||||
Alpha & Omega Semiconductor, Ltd.† | 12,541 | 122,149 | ||||||
Ambarella, Inc.†# | 17,933 | 1,126,372 | ||||||
Amkor Technology, Inc.† | 56,621 | 385,023 | ||||||
Applied Micro Circuits Corp.† | 46,350 | 339,282 | ||||||
Cavium, Inc.† | 31,659 | 2,124,635 | ||||||
CEVA, Inc.† | 11,796 | 299,500 | ||||||
Diodes, Inc.† | 21,462 | 499,850 | ||||||
DSP Group, Inc.† | 12,799 | 133,494 | ||||||
EMCORE Corp.† | 14,220 | 103,095 | ||||||
Fairchild Semiconductor International, Inc.† | 66,650 | 1,302,341 | ||||||
Inphi Corp.† | 21,921 | 704,760 | ||||||
Integrated Silicon Solution, Inc. | 18,182 | 416,186 | ||||||
Intersil Corp., Class A | 75,463 | 1,092,704 | ||||||
InvenSense, Inc.†# | 44,346 | 513,970 | ||||||
IXYS Corp. | 14,205 | 180,830 | ||||||
Kopin Corp.† | 38,064 | 109,244 | ||||||
Lattice Semiconductor Corp.† | 66,862 | 420,562 | ||||||
Microsemi Corp.† | 54,482 | 1,961,897 | ||||||
Monolithic Power Systems, Inc. | 22,628 | 1,546,171 | ||||||
OmniVision Technologies, Inc.† | 33,262 | 971,250 | ||||||
PMC-Sierra, Inc.† | 99,861 | 1,181,356 | ||||||
QLogic Corp.† | 49,950 | 644,355 | ||||||
Rambus, Inc.†# | 66,101 | 788,585 | ||||||
Rovi Corp.† | 50,612 | 597,728 | ||||||
Semtech Corp.† | 38,003 | 763,860 | ||||||
Silicon Laboratories, Inc.† | 24,449 | 1,322,935 | ||||||
Synaptics, Inc.† | 21,084 | 1,892,711 | ||||||
22,404,168 | ||||||||
Electronic Design Automation — 0.1% |
| |||||||
Mentor Graphics Corp. | 57,248 | 1,072,255 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Badger Meter, Inc.# | 8,288 | 504,159 | ||||||
ESCO Technologies, Inc. | 14,935 | 585,900 | ||||||
FARO Technologies, Inc.† | 9,949 | 299,365 | ||||||
Itron, Inc.† | 22,011 | 791,296 | ||||||
Mesa Laboratories, Inc. | 1,653 | 178,855 | ||||||
2,359,575 | ||||||||
Electronic Parts Distribution — 0.1% |
| |||||||
Tech Data Corp.† | 20,977 | 1,419,094 | ||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science & Engineering, Inc. | 4,229 | 184,977 | ||||||
TASER International, Inc.†# | 30,596 | 572,145 | ||||||
757,122 | ||||||||
Energy - Alternate Sources — 0.2% |
| |||||||
Clean Energy Fuels Corp.†# | 40,762 | 191,989 | ||||||
Enphase Energy, Inc.†# | 15,784 | 26,359 | ||||||
FuelCell Energy, Inc.†# | 143,517 | 124,027 | ||||||
FutureFuel Corp. | 13,971 | 200,065 | ||||||
Green Plains, Inc. | 21,723 | 514,618 | ||||||
Pacific Ethanol, Inc.†# | 14,115 | 70,434 | ||||||
Pattern Energy Group, Inc.# | 29,596 | 530,064 | ||||||
Plug Power, Inc.†# | 99,282 | 218,420 | ||||||
Renewable Energy Group, Inc.† | 25,150 | 226,602 | ||||||
REX American Resources Corp.† | 3,784 | 237,824 | ||||||
Solazyme, Inc.†# | 45,833 | 151,249 | ||||||
Vivint Solar, Inc.†# | 11,828 | 95,689 | ||||||
2,587,340 | ||||||||
213 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Engineering/R&D Services — 0.3% |
| |||||||
Argan, Inc. | 7,422 | $ | 291,759 | |||||
EMCOR Group, Inc. | 35,885 | 1,808,604 | ||||||
Exponent, Inc. | 14,873 | 767,893 | ||||||
Mistras Group, Inc.† | 9,592 | 206,516 | ||||||
VSE Corp. | 2,381 | 147,122 | ||||||
3,221,894 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Briggs & Stratton Corp. | 25,530 | 486,091 | ||||||
Power Solutions International, Inc.†# | 2,662 | 62,664 | ||||||
548,755 | ||||||||
Enterprise Software/Service — 1.5% |
| |||||||
Actua Corp.† | 23,237 | 269,317 | ||||||
American Software, Inc., Class A | 14,263 | 147,622 | ||||||
Benefitfocus, Inc.†# | 4,512 | 182,826 | ||||||
Guidewire Software, Inc.† | 40,163 | 2,382,871 | ||||||
Hortonworks, Inc.†# | 4,334 | 73,635 | ||||||
ManTech International Corp., Class A | 13,872 | 464,573 | ||||||
MedAssets, Inc.† | 34,555 | 1,041,142 | ||||||
MicroStrategy, Inc., Class A† | 5,316 | 921,635 | ||||||
MobileIron, Inc.†# | 22,260 | 96,608 | ||||||
Model N, Inc.† | 11,979 | 139,436 | ||||||
Omnicell, Inc.† | 20,749 | 625,790 | ||||||
OPOWER, Inc.†# | 14,966 | 140,531 | ||||||
Proofpoint, Inc.†# | 22,566 | 1,654,314 | ||||||
PROS Holdings, Inc.† | 13,680 | 336,391 | ||||||
Qlik Technologies, Inc.† | 52,282 | 1,663,090 | ||||||
Sapiens International Corp. NV | 13,673 | 148,762 | ||||||
SPS Commerce, Inc.† | 9,461 | 703,142 | ||||||
SYNNEX Corp. | 16,457 | 1,551,401 | ||||||
TubeMogul, Inc.†# | 7,995 | 98,978 | ||||||
Tyler Technologies, Inc.† | 19,275 | 3,439,431 | ||||||
16,081,495 | ||||||||
Entertainment Software — 0.2% |
| |||||||
Glu Mobile, Inc.†# | 68,883 | 232,825 | ||||||
Take-Two Interactive Software, Inc.† | 48,433 | 1,713,075 | ||||||
1,945,900 | ||||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc. | 34,494 | 958,588 | ||||||
TRC Cos., Inc.† | 9,789 | 104,253 | ||||||
1,062,841 | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 16,768 | 786,419 | ||||||
Extended Service Contracts — 0.0% |
| |||||||
James River Group Holdings, Ltd. | 6,297 | 202,134 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
CLARCOR, Inc. | 28,713 | 1,516,908 | ||||||
Finance - Commercial — 0.0% |
| |||||||
NewStar Financial, Inc.† | 13,828 | 133,164 | ||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Encore Capital Group, Inc.†# | 14,899 | 491,220 | ||||||
Enova International, Inc.† | 14,922 | 112,213 | ||||||
Nelnet, Inc., Class A | 13,586 | 448,338 | ||||||
Ocwen Financial Corp.† | 61,498 | 438,481 | ||||||
PRA Group, Inc.†# | 27,660 | 1,142,634 | ||||||
Regional Management Corp.† | 6,171 | 96,885 | ||||||
World Acceptance Corp.†# | 4,312 | 186,020 | ||||||
2,915,791 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Credit Card — 0.1% |
| |||||||
Blackhawk Network Holdings, Inc.† | 31,081 | $ | 1,471,685 | |||||
Finance - Investment Banker/Broker — 0.6% |
| |||||||
Cowen Group, Inc., Class A†# | 63,770 | 302,907 | ||||||
Diamond Hill Investment Group, Inc. | 1,712 | 376,965 | ||||||
Evercore Partners, Inc., Class A | 19,815 | 1,100,327 | ||||||
GAIN Capital Holdings, Inc. | 18,472 | 152,579 | ||||||
Greenhill & Co., Inc. | 16,764 | 444,414 | ||||||
INTL. FCStone, Inc.† | 8,609 | 306,308 | ||||||
Investment Technology Group, Inc. | 19,593 | 393,231 | ||||||
KCG Holdings, Inc., Class A† | 24,853 | 320,852 | ||||||
Ladenburg Thalmann Financial Services, Inc.† | 60,298 | 189,939 | ||||||
Moelis & Co. | 10,070 | 297,166 | ||||||
Oppenheimer Holdings, Inc., Class A | 5,932 | 106,183 | ||||||
Piper Jaffray Cos.† | 9,145 | 370,647 | ||||||
RCS Capital Corp., Class A†# | 28,190 | 15,504 | ||||||
Stifel Financial Corp.† | 38,858 | 1,762,599 | ||||||
Virtu Financial, Inc., Class A | 10,883 | 242,147 | ||||||
6,381,768 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Aircastle, Ltd. | 35,721 | 748,712 | ||||||
Marlin Business Services Corp. | 4,967 | 86,823 | ||||||
835,535 | ||||||||
Finance - Mortgage Loan/Banker — 0.3% |
| |||||||
Arlington Asset Investment Corp., Class A# | 13,087 | 182,171 | ||||||
Ellie Mae, Inc.† | 16,832 | 1,074,555 | ||||||
Federal Agricultural Mtg. Corp., Class C | 5,994 | 179,640 | ||||||
FNFV Group† | 45,807 | 512,580 | ||||||
Impac Mortgage Holdings, Inc.†# | 4,934 | 92,216 | ||||||
Nationstar Mtg. Holdings, Inc.†# | 22,489 | 306,300 | ||||||
PennyMac Financial Services, Inc., Class A† | 7,578 | 122,991 | ||||||
PHH Corp.† | 28,425 | 482,372 | ||||||
Stonegate Mtg. Corp.†# | 8,335 | 43,759 | ||||||
Walter Investment Management Corp.†# | 21,599 | 314,050 | ||||||
3,310,634 | ||||||||
Finance - Other Services — 0.4% |
| |||||||
BGC Partners, Inc., Class A | 104,888 | 952,908 | ||||||
JG Wentworth Co.†# | 8,296 | 15,762 | ||||||
MarketAxess Holdings, Inc. | 21,364 | 2,281,248 | ||||||
WageWorks, Inc.† | 20,456 | 870,198 | ||||||
4,120,116 | ||||||||
Financial Guarantee Insurance — 0.4% |
| |||||||
MBIA, Inc.† | 89,360 | 587,095 | ||||||
MGIC Investment Corp.† | 194,420 | 1,854,767 | ||||||
NMI Holdings, Inc., Class A† | 28,525 | 210,800 | ||||||
Radian Group, Inc. | 109,575 | 1,561,443 | ||||||
4,214,105 | ||||||||
Firearms & Ammunition — 0.1% |
| |||||||
Smith & Wesson Holding Corp.† | 30,776 | 564,432 | ||||||
Sturm Ruger & Co., Inc. | 10,700 | 557,470 | ||||||
1,121,902 | ||||||||
Food - Canned — 0.2% |
| |||||||
Seneca Foods Corp., Class A† | 4,648 | 128,006 | ||||||
TreeHouse Foods, Inc.† | 24,543 | 2,121,988 | ||||||
2,249,994 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 10,666 | 341,845 | ||||||
214 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Food - Dairy Products — 0.1% |
| |||||||
Dean Foods Co. | 54,013 | $ | 1,013,284 | |||||
Lifeway Foods, Inc.† | 2,719 | 29,909 | ||||||
1,043,193 | ||||||||
Food - Flour & Grain — 0.3% |
| |||||||
Post Holdings, Inc.† | 31,394 | 2,182,511 | ||||||
Seaboard Corp.† | 150 | 495,000 | ||||||
2,677,511 | ||||||||
Food - Misc./Diversified — 0.8% |
| |||||||
B&G Foods, Inc. | 33,177 | 1,253,427 | ||||||
Boulder Brands, Inc.†# | 31,298 | 342,087 | ||||||
Cal-Maine Foods, Inc.# | 17,927 | 977,201 | ||||||
Darling Ingredients, Inc.† | 94,577 | 1,035,618 | ||||||
Diamond Foods, Inc.† | 15,080 | 610,438 | ||||||
Inventure Foods, Inc.†# | 11,191 | 84,604 | ||||||
J&J Snack Foods Corp. | 8,523 | 994,464 | ||||||
John B. Sanfilippo & Son, Inc. | 4,760 | 273,938 | ||||||
Lancaster Colony Corp. | 10,601 | 1,232,472 | ||||||
Senomyx, Inc.†# | 25,079 | 116,116 | ||||||
Snyder’s-Lance, Inc. | 27,959 | 1,036,440 | ||||||
7,956,805 | ||||||||
Food - Retail — 0.3% |
| |||||||
Fairway Group Holdings Corp.†# | 11,777 | 9,804 | ||||||
Fresh Market, Inc.†# | 24,671 | 591,611 | ||||||
Ingles Markets, Inc., Class A | 7,636 | 415,933 | ||||||
Smart & Final Stores, Inc.† | 13,897 | 244,170 | ||||||
SUPERVALU, Inc.† | 149,856 | 1,007,032 | ||||||
Village Super Market, Inc., Class A | 4,099 | 106,164 | ||||||
Weis Markets, Inc. | 6,306 | 261,258 | ||||||
2,635,972 | ||||||||
Food - Wholesale/Distribution — 0.3% |
| |||||||
Calavo Growers, Inc. | 8,432 | 477,083 | ||||||
Chefs’ Warehouse, Inc.†# | 10,792 | 211,307 | ||||||
Fresh Del Monte Produce, Inc. | 19,076 | 833,812 | ||||||
SpartanNash Co. | 21,530 | 465,479 | ||||||
United Natural Foods, Inc.† | 28,664 | 1,258,636 | ||||||
3,246,317 | ||||||||
Footwear & Related Apparel — 0.4% |
| |||||||
Crocs, Inc.† | 44,067 | 490,245 | ||||||
Deckers Outdoor Corp.†# | 19,788 | 968,425 | ||||||
Iconix Brand Group, Inc.†# | 27,325 | 192,368 | ||||||
Steven Madden, Ltd.† | 32,216 | 1,027,690 | ||||||
Weyco Group, Inc. | 3,762 | 103,117 | ||||||
Wolverine World Wide, Inc. | 59,085 | 1,074,756 | ||||||
3,856,601 | ||||||||
Forestry — 0.0% |
| |||||||
Deltic Timber Corp. | 6,290 | 412,372 | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Carriage Services, Inc. | 9,315 | 229,987 | ||||||
Matthews International Corp., Class A | 18,869 | 1,128,555 | ||||||
1,358,542 | ||||||||
Gambling (Non-Hotel) — 0.2% |
| |||||||
Caesars Acquisition Co., Class A† | 26,464 | 209,065 | ||||||
Isle of Capri Casinos, Inc.† | 12,656 | 233,377 | ||||||
Pinnacle Entertainment, Inc.† | 34,644 | 1,135,977 | ||||||
1,578,419 | ||||||||
Gas - Distribution — 1.2% |
| |||||||
Chesapeake Utilities Corp. | 8,716 | 464,476 | ||||||
Laclede Group, Inc. | 24,797 | 1,447,153 |
Security Description | Shares | Value (Note 2) | ||||||
Gas - Distribution (continued) | ||||||||
New Jersey Resources Corp. | 48,989 | $ | 1,472,119 | |||||
Northwest Natural Gas Co. | 15,646 | 763,525 | ||||||
ONE Gas, Inc. | 30,106 | 1,467,668 | ||||||
Piedmont Natural Gas Co., Inc. | 45,096 | 2,622,332 | ||||||
South Jersey Industries, Inc. | 39,168 | 899,297 | ||||||
Southwest Gas Corp. | 26,814 | 1,503,729 | ||||||
WGL Holdings, Inc. | 28,466 | 1,755,214 | ||||||
12,395,513 | ||||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co. | 44,684 | 450,415 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 7,194 | 78,415 | ||||||
US Ecology, Inc. | 12,398 | 469,140 | ||||||
547,555 | ||||||||
Health Care Cost Containment — 0.1% |
| |||||||
CorVel Corp.† | 4,924 | 190,805 | ||||||
ExamWorks Group, Inc.† | 23,664 | 625,203 | ||||||
HealthEquity, Inc.† | 20,763 | 685,179 | ||||||
1,501,187 | ||||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Tandem Diabetes Care, Inc.†# | 10,113 | 104,265 | ||||||
Unilife Corp.†# | 66,282 | 49,360 | ||||||
153,625 | ||||||||
Heart Monitors — 0.0% |
| |||||||
HeartWare International, Inc.†# | 9,878 | 472,761 | ||||||
Home Furnishings — 0.3% |
| |||||||
American Woodmark Corp.† | 7,347 | 602,527 | ||||||
Bassett Furniture Industries, Inc. | 6,157 | 193,083 | ||||||
Ethan Allen Interiors, Inc. | 14,558 | 412,865 | ||||||
Flexsteel Industries, Inc. | 3,360 | 161,213 | ||||||
Hooker Furniture Corp. | 6,189 | 169,579 | ||||||
La-Z-Boy, Inc. | 29,302 | 785,587 | ||||||
Select Comfort Corp.† | 29,938 | 707,135 | ||||||
3,031,989 | ||||||||
Hotels/Motels — 0.3% |
| |||||||
Belmond, Ltd., Class A† | 55,456 | 560,105 | ||||||
Diamond Resorts International, Inc.†# | 23,842 | 670,199 | ||||||
Interval Leisure Group, Inc. | 22,403 | 349,935 | ||||||
La Quinta Holdings, Inc.† | 53,601 | 803,479 | ||||||
Marcus Corp. | 10,510 | 209,149 | ||||||
Morgans Hotel Group Co.† | 15,520 | 48,733 | ||||||
2,641,600 | ||||||||
Housewares — 0.1% |
| |||||||
Libbey, Inc. | 12,504 | 313,725 | ||||||
Lifetime Brands, Inc. | 6,162 | 85,714 | ||||||
NACCO Industries, Inc., Class A | 2,370 | 100,156 | ||||||
499,595 | ||||||||
Human Resources — 0.9% |
| |||||||
AMN Healthcare Services, Inc.† | 27,223 | 803,079 | ||||||
Barrett Business Services, Inc. | 4,088 | 182,529 | ||||||
CDI Corp. | 8,176 | 55,924 | ||||||
Cross Country Healthcare, Inc.† | 18,413 | 336,037 | ||||||
Heidrick & Struggles International, Inc. | 10,487 | 302,655 | ||||||
Insperity, Inc. | 11,090 | 478,644 | ||||||
Kelly Services, Inc., Class A | 17,033 | 286,665 | ||||||
Kforce, Inc. | 14,117 | 380,312 | ||||||
Korn/Ferry International | 28,858 | 1,061,974 | ||||||
Monster Worldwide, Inc.† | 52,093 | 335,479 |
215 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Human Resources (continued) | ||||||||
On Assignment, Inc.† | 29,610 | $ | 1,382,195 | |||||
Patriot National, Inc.† | 4,760 | 69,401 | ||||||
Paylocity Holding Corp.† | 8,864 | 389,484 | ||||||
Resources Connection, Inc. | 21,508 | 392,521 | ||||||
Team Health Holdings, Inc.† | 41,225 | 2,273,147 | ||||||
TriNet Group, Inc.† | 23,560 | 465,310 | ||||||
TrueBlue, Inc.† | 24,008 | 703,194 | ||||||
9,898,550 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 27,347 | 721,687 | ||||||
Checkpoint Systems, Inc. | 24,082 | 151,476 | ||||||
Imprivata, Inc.† | 5,213 | 62,139 | ||||||
935,302 | ||||||||
Import/Export — 0.0% |
| |||||||
Castle Brands, Inc.†# | 38,115 | 50,312 | ||||||
Independent Power Producers — 0.3% |
| |||||||
Abengoa Yield PLC# | 28,079 | 406,584 | ||||||
Dynegy, Inc.† | 73,356 | 1,182,499 | ||||||
NRG Yield, Inc., Class A# | 19,753 | 268,443 | ||||||
NRG Yield, Inc., Class C# | 19,798 | 279,944 | ||||||
Ormat Technologies, Inc. | 21,292 | 782,481 | ||||||
2,919,951 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
IMAX Corp.† | 34,574 | 1,309,663 | ||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Hurco Cos., Inc. | 3,743 | 99,751 | ||||||
Instruments - Controls — 0.3% |
| |||||||
Allied Motion Technologies, Inc. | 3,573 | 85,323 | ||||||
Control4 Corp.†# | 11,923 | 86,799 | ||||||
Watts Water Technologies, Inc., Class A | 16,125 | 895,099 | ||||||
Woodward, Inc. | 37,392 | 1,885,679 | ||||||
2,952,900 | ||||||||
Instruments - Scientific — 0.2% |
| |||||||
FEI Co. | 23,790 | 1,903,438 | ||||||
Fluidigm Corp.† | 16,477 | 187,343 | ||||||
2,090,781 | ||||||||
Insurance Brokers — 0.0% |
| |||||||
Crawford & Co., Class B | 16,276 | 97,331 | ||||||
eHealth, Inc.† | 10,252 | 132,763 | ||||||
230,094 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
American Equity Investment Life Holding Co. | 44,110 | 1,182,589 | ||||||
CNO Financial Group, Inc. | 112,734 | 2,280,609 | ||||||
FBL Financial Group, Inc., Class A | 5,504 | 376,033 | ||||||
Fidelity & Guaranty Life | 6,444 | 165,482 | ||||||
Independence Holding Co. | 4,037 | 61,080 | ||||||
Kansas City Life Insurance Co. | 2,112 | 105,431 | ||||||
National Western Life Group, Inc., Class A | 1,276 | 335,907 | ||||||
Primerica, Inc. | 29,395 | 1,506,200 | ||||||
Symetra Financial Corp. | 42,991 | 1,353,357 | ||||||
Trupanion, Inc.†# | 9,351 | 76,491 | ||||||
7,443,179 | ||||||||
Insurance - Multi-line — 0.2% |
| |||||||
Citizens, Inc.†# | 28,095 | 260,721 | ||||||
Horace Mann Educators Corp. | 23,550 | 822,601 | ||||||
Kemper Corp. | 24,897 | 1,023,516 | ||||||
United Fire Group, Inc. | 11,589 | 463,908 | ||||||
2,570,746 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty — 1.2% |
| |||||||
Ambac Financial Group, Inc.† | 25,762 | $ | 434,863 | |||||
AMERISAFE, Inc. | 10,864 | 584,918 | ||||||
Atlas Financial Holdings, Inc.† | 5,942 | 124,604 | ||||||
Baldwin & Lyons, Inc., Class B | 5,378 | 126,114 | ||||||
Donegal Group, Inc., Class A | 4,876 | 67,874 | ||||||
EMC Insurance Group, Inc. | 6,000 | 156,720 | ||||||
Employers Holdings, Inc. | 18,256 | 500,397 | ||||||
Enstar Group, Ltd.† | 5,202 | 801,680 | ||||||
Federated National Holding Co. | 8,113 | 231,951 | ||||||
First American Financial Corp. | 62,050 | 2,447,252 | ||||||
Global Indemnity PLC† | 4,753 | 139,453 | ||||||
Hallmark Financial Services, Inc.† | 8,092 | 103,173 | ||||||
HCI Group, Inc.# | 4,907 | 192,011 | ||||||
Heritage Insurance Holdings, Inc.† | 14,138 | 317,539 | ||||||
Infinity Property & Casualty Corp. | 6,563 | 561,136 | ||||||
National General Holdings Corp. | 20,415 | 447,293 | ||||||
National Interstate Corp. | 4,081 | 106,677 | ||||||
Navigators Group, Inc.† | 6,072 | 523,771 | ||||||
OneBeacon Insurance Group, Ltd., Class A | 13,001 | 180,194 | ||||||
RLI Corp. | 24,723 | 1,500,686 | ||||||
Safety Insurance Group, Inc. | 8,639 | 483,870 | ||||||
Selective Insurance Group, Inc. | 32,599 | 1,124,991 | ||||||
State Auto Financial Corp. | 8,580 | 199,142 | ||||||
Stewart Information Services Corp. | 13,137 | 569,358 | ||||||
Third Point Reinsurance, Ltd.† | 48,316 | 686,570 | ||||||
United Insurance Holdings Corp. | 9,811 | 185,820 | ||||||
Universal Insurance Holdings, Inc.# | 18,334 | 362,097 | ||||||
13,160,154 | ||||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Argo Group International Holdings, Ltd. | 15,990 | 1,015,845 | ||||||
Essent Group, Ltd.† | 31,816 | 786,492 | ||||||
Greenlight Capital Re, Ltd., Class A† | 16,556 | 341,219 | ||||||
Maiden Holdings, Ltd. | 28,954 | 446,181 | ||||||
State National Cos., Inc. | 17,882 | 180,787 | ||||||
2,770,524 | ||||||||
Internet Application Software — 0.2% |
| |||||||
Bazaarvoice, Inc.† | 34,925 | 161,703 | ||||||
Box, Inc., Class A†# | 7,396 | 103,544 | ||||||
Connecture, Inc.†# | 3,802 | 13,573 | ||||||
Intralinks Holdings, Inc.† | 23,003 | 235,321 | ||||||
Lionbridge Technologies, Inc.† | 36,828 | 195,188 | ||||||
RealNetworks, Inc.† | 13,274 | 54,954 | ||||||
Textura Corp.†# | 11,329 | 273,595 | ||||||
VirnetX Holding Corp.†# | 25,913 | 67,374 | ||||||
Zendesk, Inc.† | 30,763 | 787,841 | ||||||
1,893,093 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Boingo Wireless, Inc.† | 20,966 | 138,795 | ||||||
Cogent Communications Holdings, Inc. | 26,360 | 884,641 | ||||||
Internap Corp.† | 31,466 | 225,926 | ||||||
1,249,362 | ||||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Global Eagle Entertainment, Inc.† | 26,534 | 287,363 | ||||||
Limelight Networks, Inc.† | 34,838 | 58,876 | ||||||
Shutterstock, Inc.†# | 11,238 | 407,603 | ||||||
753,842 | ||||||||
Internet Content - Information/News — 0.2% |
| |||||||
Bankrate, Inc.† | 38,198 | 556,927 | ||||||
DHI Group, Inc.† | 25,449 | 237,185 | ||||||
HealthStream, Inc.† | 14,452 | 347,137 | ||||||
MaxPoint Interactive, Inc.† | 3,922 | 6,354 |
216 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Internet Content - Information/News (continued) | ||||||||
Reis, Inc. | 4,876 | $ | 122,046 | |||||
Travelzoo, Inc.† | 3,985 | 33,872 | ||||||
WebMD Health Corp.† | 21,632 | 984,040 | ||||||
XO Group, Inc.† | 15,142 | 254,991 | ||||||
2,542,552 | ||||||||
Internet Incubators — 0.0% |
| |||||||
ModusLink Global Solutions, Inc.†# | 21,605 | 58,981 | ||||||
Safeguard Scientifics, Inc.† | 11,854 | 193,102 | ||||||
252,083 | ||||||||
Internet Security — 0.1% |
| |||||||
Corindus Vascular Robotics, Inc.†# | 12,885 | 41,232 | ||||||
VASCO Data Security International, Inc.†# | 16,801 | 313,843 | ||||||
Zix Corp.† | 32,926 | 184,715 | ||||||
539,790 | ||||||||
Internet Telephone — 0.4% |
| |||||||
8x8, Inc.† | 50,461 | 595,440 | ||||||
j2 Global, Inc. | 27,595 | 2,220,570 | ||||||
RingCentral, Inc.† | 30,671 | 702,672 | ||||||
TeleCommunication Systems, Inc., Class A† | 28,751 | 141,455 | ||||||
3,660,137 | ||||||||
Investment Companies — 0.0% |
| |||||||
6D Global Technologies, Inc.†#(8) | 11,326 | 32,959 | ||||||
Acacia Research Corp. | 29,223 | 172,708 | ||||||
Real Industry, Inc.† | 14,011 | 144,033 | ||||||
349,700 | ||||||||
Investment Management/Advisor Services — 0.5% |
| |||||||
Altisource Asset Management Corp.†# | 517 | 8,768 | ||||||
Ashford, Inc.† | 615 | 38,025 | ||||||
Calamos Asset Management, Inc., Class A | 10,199 | 96,993 | ||||||
CIFC Corp.# | 3,467 | 24,269 | ||||||
Cohen & Steers, Inc. | 11,606 | 359,322 | ||||||
Financial Engines, Inc.# | 29,681 | 1,069,406 | ||||||
GAMCO Investors, Inc., Class A | 3,614 | 236,681 | ||||||
Janus Capital Group, Inc. | 84,046 | 1,327,086 | ||||||
Medley Management, Inc.# | 3,432 | 20,420 | ||||||
OM Asset Management PLC | 14,095 | 228,480 | ||||||
Pzena Investment Management, Inc., Class A | 7,194 | 69,782 | ||||||
Virtus Investment Partners, Inc. | 3,919 | 533,925 | ||||||
Westwood Holdings Group, Inc. | 4,409 | 257,265 | ||||||
WisdomTree Investments, Inc.# | 65,313 | 1,420,558 | ||||||
ZAIS Group Holdings, Inc.† | 2,168 | 21,680 | ||||||
5,712,660 | ||||||||
Lasers - System/Components — 0.2% |
| |||||||
Applied Optoelectronics, Inc.†# | 8,553 | 160,369 | ||||||
Coherent, Inc.† | 13,642 | 926,564 | ||||||
II-VI, Inc.† | 30,019 | 558,954 | ||||||
Newport Corp.† | 22,808 | 378,385 | ||||||
Rofin-Sinar Technologies, Inc.† | 16,121 | 463,317 | ||||||
2,487,589 | ||||||||
Leisure Games — 0.0% |
| |||||||
Intrawest Resorts Holdings, Inc.† | 10,330 | 95,036 | ||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,708 | 68,496 | ||||||
Johnson Outdoors, Inc., Class A | 2,894 | 69,456 | ||||||
Marine Products Corp. | 6,116 | 42,934 | ||||||
180,886 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Lighting Products & Systems — 0.1% |
| |||||||
Universal Display Corp.† | 23,020 | $ | 1,209,931 | |||||
Linen Supply & Related Items — 0.2% |
| |||||||
G&K Services, Inc., Class A | 11,444 | 762,971 | ||||||
UniFirst Corp. | 8,505 | 923,473 | ||||||
1,686,444 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 10,849 | 437,215 | ||||||
Hyster-Yale Materials Handling, Inc. | 5,428 | 313,901 | ||||||
751,116 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
Franklin Electric Co., Inc. | 27,263 | 889,046 | ||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 5,539 | 316,720 | ||||||
Lindsay Corp.# | 6,759 | 471,508 | ||||||
788,228 | ||||||||
Machinery - General Industrial — 0.4% |
| |||||||
Albany International Corp., Class A | 16,203 | 631,269 | ||||||
Altra Industrial Motion Corp. | 15,115 | 423,522 | ||||||
Applied Industrial Technologies, Inc. | 22,988 | 980,438 | ||||||
Chart Industries, Inc.† | 17,484 | 372,934 | ||||||
DXP Enterprises, Inc.† | 7,206 | 235,997 | ||||||
Kadant, Inc. | 6,277 | 271,857 | ||||||
Tennant Co. | 10,534 | 655,952 | ||||||
Twin Disc, Inc. | 4,786 | 55,278 | ||||||
Xerium Technologies, Inc.† | 6,302 | 73,355 | ||||||
3,700,602 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Columbus McKinnon Corp. | 11,488 | 237,112 | ||||||
Machinery - Pumps — 0.0% |
| |||||||
Gorman-Rupp Co. | 10,907 | 350,224 | ||||||
Marine Services — 0.0% |
| |||||||
Great Lakes Dredge & Dock Corp.† | 34,575 | 156,625 | ||||||
Medical Imaging Systems — 0.1% |
| |||||||
Analogic Corp. | 7,102 | 593,372 | ||||||
iRadimed Corp.†# | 1,610 | 49,926 | ||||||
643,298 | ||||||||
Medical Information Systems — 0.2% |
| |||||||
Computer Programs & Systems, Inc.# | 6,478 | 315,608 | ||||||
Everyday Health, Inc.† | 12,359 | 76,008 | ||||||
Medidata Solutions, Inc.† | 31,642 | 1,450,153 | ||||||
Press Ganey Holdings, Inc.† | 5,859 | 189,187 | ||||||
Quality Systems, Inc. | 28,598 | 464,717 | ||||||
2,495,673 | ||||||||
Medical Instruments — 0.8% |
| |||||||
Abaxis, Inc. | 12,902 | 685,999 | ||||||
AngioDynamics, Inc.† | 14,437 | 171,800 | ||||||
AtriCure, Inc.† | 16,240 | 348,835 | ||||||
Cardiovascular Systems, Inc.†# | 18,151 | 290,416 | ||||||
CONMED Corp. | 15,798 | 671,415 | ||||||
CryoLife, Inc. | 14,595 | 158,502 | ||||||
Endologix, Inc.†# | 38,592 | 392,867 | ||||||
Entellus Medical, Inc.† | 3,093 | 53,942 | ||||||
Integra LifeSciences Holdings Corp.† | 14,661 | 919,391 | ||||||
LivaNova PLC† | 14,902 | 891,885 | ||||||
Natus Medical, Inc.† | 18,870 | 920,479 | ||||||
Navidea Biopharmaceuticals, Inc.†# | 86,282 | 129,423 | ||||||
NuVasive, Inc.† | 27,680 | 1,443,235 |
217 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical Instruments (continued) | ||||||||
Spectranetics Corp.†# | 24,265 | $ | 335,585 | |||||
SurModics, Inc.† | 7,448 | 156,855 | ||||||
TransEnterix, Inc.†# | 19,898 | 52,332 | ||||||
Vascular Solutions, Inc.† | 9,882 | 351,206 | ||||||
7,974,167 | ||||||||
Medical Labs & Testing Services — 0.0% |
| |||||||
Invitae Corp.†# | 4,189 | 32,213 | ||||||
Medical Laser Systems — 0.1% |
| |||||||
Cutera, Inc.† | 8,289 | 117,870 | ||||||
Cynosure, Inc., Class A† | 12,686 | 533,573 | ||||||
651,443 | ||||||||
Medical Products — 1.6% |
| |||||||
ABIOMED, Inc.† | 23,892 | 1,948,870 | ||||||
Accuray, Inc.†# | 45,215 | 318,314 | ||||||
Atrion Corp. | 813 | 342,192 | ||||||
Cantel Medical Corp. | 19,664 | 1,274,817 | ||||||
Cerus Corp.†# | 54,593 | 309,542 | ||||||
Exactech, Inc.† | 5,835 | 102,288 | ||||||
Globus Medical, Inc., Class A† | 39,288 | 1,065,883 | ||||||
Greatbatch, Inc.† | 14,607 | 847,790 | ||||||
Haemonetics Corp.† | 29,585 | 953,820 | ||||||
Halyard Health, Inc.† | 26,639 | 852,182 | ||||||
Hanger, Inc.† | 20,202 | 314,545 | ||||||
Intersect ENT, Inc.†# | 8,025 | 158,173 | ||||||
Invacare Corp. | 18,528 | 369,078 | ||||||
InVivo Therapeutics Holdings Corp.†# | 15,205 | 146,728 | ||||||
K2M Group Holdings, Inc.† | 10,084 | 203,798 | ||||||
LDR Holding Corp.† | 13,294 | 359,204 | ||||||
LeMaitre Vascular, Inc. | 6,801 | 104,939 | ||||||
Luminex Corp.† | 24,628 | 529,995 | ||||||
Medgenics, Inc.† | 9,633 | 66,660 | ||||||
MiMedx Group, Inc.†# | 62,183 | 557,160 | ||||||
NanoString Technologies, Inc.†# | 7,298 | 111,222 | ||||||
Nevro Corp.†# | 8,680 | 524,098 | ||||||
NxStage Medical, Inc.† | 36,199 | 706,243 | ||||||
Orthofix International NV† | 10,742 | 424,954 | ||||||
Rockwell Medical, Inc.†# | 28,776 | 349,053 | ||||||
SeaSpine Holdings Corp.† | 4,887 | 80,538 | ||||||
Sientra, Inc.† | 3,841 | 18,590 | ||||||
T2 Biosystems, Inc.†# | 5,203 | 61,343 | ||||||
West Pharmaceutical Services, Inc. | 41,185 | 2,596,714 | ||||||
Wright Medical Group NV† | 51,086 | 1,094,262 | ||||||
Zeltiq Aesthetics, Inc.†# | 18,443 | 560,298 | ||||||
17,353,293 | ||||||||
Medical - Biomedical/Gene — 3.7% |
| |||||||
Abeona Therapeutics, Inc.†# | 5,914 | 27,500 | ||||||
Acceleron Pharma, Inc.† | 12,427 | 532,745 | ||||||
Achillion Pharmaceuticals, Inc.†# | 67,294 | 685,053 | ||||||
Acorda Therapeutics, Inc.†# | 24,495 | 935,464 | ||||||
Aduro Biotech, Inc.†# | 4,779 | 148,101 | ||||||
Advaxis, Inc.†# | 17,350 | 209,414 | ||||||
Aegerion Pharmaceuticals, Inc.†# | 14,354 | 146,985 | ||||||
Affimed NV†# | 8,756 | 65,320 | ||||||
Agenus, Inc.†# | 43,730 | 223,460 | ||||||
Alder Biopharmaceuticals, Inc.† | 11,780 | 438,923 | ||||||
AMAG Pharmaceuticals, Inc.† | 17,478 | 465,264 | ||||||
ANI Pharmaceuticals, Inc.†# | 4,511 | 197,672 | ||||||
Applied Genetic Technologies Corp.† | 5,035 | 85,796 | ||||||
Aratana Therapeutics, Inc.† | 16,967 | 99,427 | ||||||
Ardelyx, Inc.† | 6,850 | 133,986 | ||||||
Arena Pharmaceuticals, Inc.†# | 138,551 | 331,137 | ||||||
ARIAD Pharmaceuticals, Inc.†# | 95,838 | 614,322 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) | ||||||||
Assembly Biosciences, Inc.†# | 8,212 | $ | 80,724 | |||||
Asterias Biotherapeutics, Inc.†# | 5,981 | 28,709 | ||||||
Atara Biotherapeutics, Inc.†# | 8,295 | 325,993 | ||||||
Avalanche Biotechnologies, Inc.†# | 11,190 | 117,271 | ||||||
Bellicum Pharmaceuticals, Inc.†# | 4,735 | 109,047 | ||||||
BioCryst Pharmaceuticals, Inc.† | 41,513 | 440,453 | ||||||
BioTime, Inc.†# | 29,810 | 104,931 | ||||||
Blueprint Medicines Corp.†# | 5,363 | 124,207 | ||||||
Cambrex Corp.† | 17,923 | 961,210 | ||||||
Celldex Therapeutics, Inc.†# | 56,374 | 1,015,296 | ||||||
Cellular Biomedicine Group, Inc.† | 5,632 | 129,367 | ||||||
ChemoCentryx, Inc.†# | 16,013 | 120,898 | ||||||
Coherus Biosciences, Inc.†# | 13,499 | 409,965 | ||||||
Corium International, Inc.†# | 4,974 | 40,787 | ||||||
CTI BioPharma Corp.†# | 94,181 | 115,843 | ||||||
Curis, Inc.† | 63,665 | 174,442 | ||||||
Cytokinetics, Inc.† | 19,858 | 234,722 | ||||||
CytRx Corp.†# | 31,898 | 99,841 | ||||||
Dermira, Inc.† | 7,354 | 226,577 | ||||||
Dynavax Technologies Corp.† | 16,774 | 467,827 | ||||||
Emergent BioSolutions, Inc.† | 17,376 | 654,554 | ||||||
Endocyte, Inc.†# | 21,488 | 99,489 | ||||||
Epizyme, Inc.†# | 16,627 | 267,861 | ||||||
Esperion Therapeutics, Inc.†# | 7,511 | 213,388 | ||||||
Exact Sciences Corp.†# | 50,897 | 462,654 | ||||||
Exelixis, Inc.†# | 112,212 | 641,853 | ||||||
Fibrocell Science, Inc.†# | 14,059 | 82,948 | ||||||
Five Prime Therapeutics, Inc.† | 12,312 | 473,396 | ||||||
Foundation Medicine, Inc.†# | 6,823 | 116,059 | ||||||
Galena Biopharma, Inc.†# | 92,571 | 138,856 | ||||||
Genocea Biosciences, Inc.†# | 10,636 | 68,070 | ||||||
Geron Corp.†# | 90,494 | 461,519 | ||||||
Halozyme Therapeutics, Inc.† | 60,715 | 1,080,727 | ||||||
Harvard Bioscience, Inc.† | 19,149 | 60,702 | ||||||
Idera Pharmaceuticals, Inc.†# | 48,927 | 189,837 | ||||||
ImmunoGen, Inc.† | 49,335 | 669,476 | ||||||
Immunomedics, Inc.†# | 55,219 | 181,671 | ||||||
Infinity Pharmaceuticals, Inc.†# | 28,073 | 247,604 | ||||||
Inovio Pharmaceuticals, Inc.†# | 41,106 | 304,595 | ||||||
Insmed, Inc.† | 35,206 | 574,210 | ||||||
Karyopharm Therapeutics, Inc.†# | 13,220 | 247,214 | ||||||
Kite Pharma, Inc.†# | 16,508 | 1,359,764 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 23,781 | 327,227 | ||||||
Ligand Pharmaceuticals, Inc.† | 10,042 | 1,075,297 | ||||||
Lion Biotechnologies, Inc.†# | 25,777 | 187,657 | ||||||
Loxo Oncology, Inc.† | 4,455 | 146,703 | ||||||
MacroGenics, Inc.† | 16,098 | 556,669 | ||||||
Medicines Co.†# | 37,912 | 1,592,683 | ||||||
Merrimack Pharmaceuticals, Inc.†# | 62,981 | 592,651 | ||||||
Momenta Pharmaceuticals, Inc.† | 34,969 | 624,546 | ||||||
Myriad Genetics, Inc.† | 39,756 | 1,729,386 | ||||||
NeoGenomics, Inc.† | 30,646 | 244,249 | ||||||
NewLink Genetics Corp.†# | 11,906 | 435,760 | ||||||
Novavax, Inc.†# | 153,429 | 1,313,352 | ||||||
Ocata Therapeutics, Inc.†# | 20,417 | 175,178 | ||||||
Omeros Corp.†# | 21,656 | 343,248 | ||||||
OncoMed Pharmaceuticals, Inc.†# | 9,682 | 221,234 | ||||||
Oncothyreon, Inc.† | 58,560 | 207,888 | ||||||
Organovo Holdings, Inc.†# | 46,646 | 158,130 | ||||||
Otonomy, Inc.†# | 8,456 | 223,154 | ||||||
OvaScience, Inc.†# | 13,436 | 126,701 | ||||||
Pacific Biosciences of California, Inc.†# | 34,670 | 354,674 | ||||||
Paratek Pharmaceuticals, Inc.†# | 6,980 | 144,277 | ||||||
PDL BioPharma, Inc.# | 93,931 | 355,529 | ||||||
Peregrine Pharmaceuticals, Inc.†# | 107,808 | 139,072 |
218 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene (continued) | ||||||||
Pfenex, Inc.† | 9,339 | $ | 144,007 | |||||
Prothena Corp. PLC† | 17,909 | 1,263,301 | ||||||
PTC Therapeutics, Inc.†# | 19,376 | 582,055 | ||||||
Repligen Corp.† | 18,805 | 534,626 | ||||||
Retrophin, Inc.† | 20,013 | 447,291 | ||||||
Rigel Pharmaceuticals, Inc.† | 50,456 | 165,496 | ||||||
RTI Surgical, Inc.† | 32,835 | 128,713 | ||||||
Sage Therapeutics, Inc.†# | 7,892 | 378,185 | ||||||
Sangamo BioSciences, Inc.†# | 39,831 | 329,801 | ||||||
Second Sight Medical Products, Inc.†# | 6,766 | 34,236 | ||||||
Sequenom, Inc.†# | 67,602 | 120,332 | ||||||
Spark Therapeutics, Inc.†# | 4,609 | 266,354 | ||||||
Spectrum Pharmaceuticals, Inc.†# | 38,350 | 230,100 | ||||||
Stemline Therapeutics, Inc.† | 8,943 | 73,690 | ||||||
Theravance Biopharma, Inc.† | 14,598 | 274,004 | ||||||
Theravance, Inc.# | 48,740 | 450,845 | ||||||
Tobira Therapeutics, Inc.†# | 1,378 | 18,465 | ||||||
Tokai Pharmaceuticals, Inc.†# | 5,428 | 62,422 | ||||||
Trius Therapeutics, Inc. CVR(1)(2) | 24,953 | 0 | ||||||
Trovagene, Inc.†# | 13,999 | 90,434 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 20,552 | 2,020,673 | ||||||
Veracyte, Inc.†# | 7,718 | 55,492 | ||||||
Verastem, Inc.†# | 18,493 | 41,979 | ||||||
Versartis, Inc.† | 12,877 | 162,894 | ||||||
XBiotech, Inc.† | 2,309 | 17,248 | ||||||
XOMA Corp.†# | 52,182 | 69,402 | ||||||
Zeneca, Inc. CVR(1)(2) | 3,950 | 2,429 | ||||||
ZIOPHARM Oncology, Inc.†# | 65,653 | 858,741 | ||||||
39,363,606 | ||||||||
Medical - Drugs — 2.5% |
| |||||||
ACADIA Pharmaceuticals, Inc.† | 45,623 | 1,731,393 | ||||||
Adamas Pharmaceuticals, Inc.† | 5,950 | 95,021 | ||||||
Aerie Pharmaceuticals, Inc.†# | 11,743 | 322,228 | ||||||
Agile Therapeutics, Inc.†# | 5,959 | 53,154 | ||||||
Alimera Sciences, Inc.†# | 17,409 | 53,620 | ||||||
Amicus Therapeutics, Inc.† | 55,194 | 592,232 | ||||||
Anacor Pharmaceuticals, Inc.† | 23,459 | 2,738,369 | ||||||
Anthera Pharmaceuticals, Inc.†# | 20,502 | 116,656 | ||||||
Array BioPharma, Inc.†# | 80,748 | 319,762 | ||||||
BioSpecifics Technologies Corp.† | 2,819 | 136,581 | ||||||
Carbylan Therapeutics, Inc.† | 7,022 | 28,018 | ||||||
Catalyst Pharmaceuticals, Inc.† | 43,121 | 117,074 | ||||||
Cempra, Inc.†# | 18,215 | 581,241 | ||||||
Chimerix, Inc.† | 23,651 | 955,500 | ||||||
Cidara Therapeutics, Inc.†# | 2,757 | 42,513 | ||||||
Clovis Oncology, Inc.†# | 14,236 | 447,722 | ||||||
Collegium Pharmaceutical, Inc.† | 3,818 | 72,504 | ||||||
Corcept Therapeutics, Inc.†# | 35,429 | 187,065 | ||||||
Dicerna Pharmaceuticals, Inc.†# | 8,648 | 115,537 | ||||||
Durata Therapeutics CVR(1)(2) | 9,546 | 0 | ||||||
Durect Corp.† | 64,357 | 151,883 | ||||||
Eagle Pharmaceuticals, Inc.†# | 4,911 | 450,044 | ||||||
Enanta Pharmaceuticals, Inc.†# | 9,164 | 288,666 | ||||||
FibroGen, Inc.† | 27,394 | 814,698 | ||||||
Foamix Pharmaceuticals, Ltd.†# | 12,948 | 103,455 | ||||||
Furiex Pharmaceuticals CVR(1)(2) | 4,550 | 0 | ||||||
Ignyta, Inc.†# | 10,505 | 154,423 | ||||||
Immune Design Corp.†# | 6,479 | 135,605 | ||||||
Insys Therapeutics, Inc.†# | 13,468 | 429,090 | ||||||
Intra-Cellular Therapies, Inc.† | 12,421 | 662,412 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 72,091 | 879,510 | ||||||
Keryx Biopharmaceuticals, Inc.†# | 59,302 | 342,173 | ||||||
Lannett Co., Inc.†# | 15,184 | 561,201 | ||||||
Ophthotech Corp.† | 13,564 | 862,263 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) | ||||||||
Orexigen Therapeutics, Inc.†# | 58,572 | $ | 139,987 | |||||
Pacira Pharmaceuticals, Inc.†# | 20,861 | 1,350,750 | ||||||
Pernix Therapeutics Holdings, Inc.†# | 24,924 | 74,772 | ||||||
PharMerica Corp.† | 17,395 | 591,778 | ||||||
POZEN, Inc.† | 16,595 | 125,956 | ||||||
PRA Health Sciences, Inc.† | 11,388 | 515,649 | ||||||
Prestige Brands Holdings, Inc.† | 29,936 | 1,523,443 | ||||||
Progenics Pharmaceuticals, Inc.†# | 39,867 | 267,906 | ||||||
Radius Health, Inc.† | 16,747 | 1,018,385 | ||||||
Raptor Pharmaceutical Corp.†# | 46,069 | 291,156 | ||||||
Regulus Therapeutics, Inc.†# | 16,193 | 163,064 | ||||||
Relypsa, Inc.†# | 18,661 | 420,059 | ||||||
Sagent Pharmaceuticals, Inc.† | 12,669 | 194,216 | ||||||
SciClone Pharmaceuticals, Inc.† | 28,394 | 260,373 | ||||||
Sorrento Therapeutics, Inc.†# | 16,238 | 130,066 | ||||||
Sucampo Pharmaceuticals, Inc., Class A† | 14,232 | 244,079 | ||||||
Supernus Pharmaceuticals, Inc.† | 19,662 | 317,738 | ||||||
Synergy Pharmaceuticals, Inc.†# | 57,269 | 359,649 | ||||||
Synta Pharmaceuticals Corp.†# | 52,018 | 22,258 | ||||||
TESARO, Inc.†# | 13,320 | 679,853 | ||||||
Tetraphase Pharmaceuticals, Inc.†# | 20,682 | 221,918 | ||||||
TG Therapeutics, Inc.†# | 20,233 | 266,671 | ||||||
TherapeuticsMD, Inc.†# | 72,756 | 546,398 | ||||||
Trevena, Inc.† | 14,175 | 178,463 | ||||||
Vanda Pharmaceuticals, Inc.†# | 23,927 | 235,920 | ||||||
VIVUS, Inc.†# | 59,427 | 74,284 | ||||||
XenoPort, Inc.†# | 33,626 | 203,101 | ||||||
Zogenix, Inc.† | 10,973 | 169,313 | ||||||
ZS Pharma, Inc.† | 10,397 | 935,314 | ||||||
26,064,132 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Amphastar Pharmaceuticals, Inc.† | 18,186 | 279,155 | ||||||
Impax Laboratories, Inc.† | 41,044 | 1,808,398 | ||||||
Teligent, Inc.†# | 23,664 | 200,671 | ||||||
2,288,224 | ||||||||
Medical - HMO — 0.4% |
| |||||||
Magellan Health, Inc.† | 15,642 | 823,551 | ||||||
Molina Healthcare, Inc.† | 20,166 | 1,215,203 | ||||||
Triple-S Management Corp., Class B† | 13,826 | 365,560 | ||||||
Universal American Corp. | 28,529 | 213,397 | ||||||
WellCare Health Plans, Inc.† | 25,211 | 2,079,403 | ||||||
4,697,114 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
Adeptus Health, Inc., Class A†# | 3,546 | 213,079 | ||||||
Select Medical Holdings Corp. | 60,110 | 725,528 | ||||||
938,607 | ||||||||
Medical - Nursing Homes — 0.2% |
| |||||||
Ensign Group, Inc. | 14,568 | 693,000 | ||||||
Genesis Healthcare, Inc.† | 20,982 | 102,392 | ||||||
Kindred Healthcare, Inc. | 47,772 | 637,756 | ||||||
National HealthCare Corp. | 5,770 | 398,707 | ||||||
1,831,855 | ||||||||
Medical - Outpatient/Home Medical — 0.6% |
| |||||||
Addus HomeCare Corp.† | 3,686 | 84,004 | ||||||
Air Methods Corp.† | 22,478 | 982,288 | ||||||
Almost Family, Inc.† | 4,113 | 174,268 | ||||||
Amedisys, Inc.† | 16,156 | 655,772 | ||||||
Amsurg Corp.† | 27,713 | 2,329,555 | ||||||
Chemed Corp. | 9,775 | 1,510,140 | ||||||
Civitas Solutions, Inc.† | 6,697 | 175,528 | ||||||
LHC Group, Inc.† | 7,447 | 346,658 |
219 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Outpatient/Home Medical (continued) | ||||||||
Nobilis Health Corp.†# | 18,298 | $ | 46,294 | |||||
Providence Service Corp.† | 7,828 | 379,032 | ||||||
6,683,539 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Owens & Minor, Inc. | 36,122 | 1,391,058 | ||||||
Metal Processors & Fabrication — 0.5% |
| |||||||
CIRCOR International, Inc. | 9,816 | 446,137 | ||||||
Global Brass & Copper Holdings, Inc. | 12,301 | 286,121 | ||||||
Haynes International, Inc. | 7,124 | 278,548 | ||||||
LB Foster Co., Class A | 5,948 | 73,755 | ||||||
Mueller Industries, Inc. | 32,611 | 1,026,920 | ||||||
NN, Inc. | 10,956 | 186,800 | ||||||
RBC Bearings, Inc.† | 13,391 | 945,673 | ||||||
Rexnord Corp.† | 58,283 | 1,190,722 | ||||||
Sun Hydraulics Corp. | 13,004 | 428,222 | ||||||
4,862,898 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
Lawson Products, Inc.† | 3,314 | 92,726 | ||||||
Olympic Steel, Inc. | 5,210 | 58,664 | ||||||
151,390 | ||||||||
Metal - Aluminum — 0.1% |
| |||||||
Century Aluminum Co.†# | 28,211 | 105,227 | ||||||
Kaiser Aluminum Corp. | 9,819 | 841,685 | ||||||
946,912 | ||||||||
Metal - Iron — 0.0% |
| |||||||
Cliffs Natural Resources, Inc.# | 87,742 | 196,542 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
American Railcar Industries, Inc.# | 5,413 | 305,997 | ||||||
FreightCar America, Inc. | 7,052 | 171,011 | ||||||
Hillenbrand, Inc. | 36,022 | 1,091,107 | ||||||
John Bean Technologies Corp. | 16,730 | 818,097 | ||||||
TriMas Corp.† | 25,926 | 560,779 | ||||||
2,946,991 | ||||||||
Motion Pictures & Services — 0.1% |
| |||||||
DreamWorks Animation SKG, Inc., Class A† | 43,476 | 1,071,249 | ||||||
Eros International PLC†# | 16,192 | 157,386 | ||||||
1,228,635 | ||||||||
MRI/Medical Diagnostic Imaging — 0.1% |
| |||||||
Alliance HealthCare Services, Inc.† | 2,896 | 26,093 | ||||||
RadNet, Inc.† | 19,682 | 122,029 | ||||||
Surgical Care Affiliates, Inc.† | 12,319 | 457,897 | ||||||
606,019 | ||||||||
Multimedia — 0.3% |
| |||||||
E.W. Scripps Co., Class A | 33,852 | 742,713 | ||||||
Entravision Communications Corp., Class A | 36,478 | 306,050 | ||||||
Martha Stewart Living Omnimedia, Inc., Class A† | 17,650 | 107,136 | ||||||
Media General, Inc.† | 54,853 | 851,867 | ||||||
Meredith Corp. | 21,034 | 981,236 | ||||||
2,989,002 | ||||||||
Networking Products — 0.8% |
| |||||||
A10 Networks, Inc.† | 19,411 | 149,659 | ||||||
Anixter International, Inc.† | 16,331 | 1,113,121 | ||||||
Black Box Corp. | 8,795 | 99,471 | ||||||
Calix, Inc.† | 25,429 | 201,398 | ||||||
Extreme Networks, Inc.† | 57,273 | 253,147 | ||||||
Gigamon, Inc.† | 15,657 | 424,148 | ||||||
Infinera Corp.† | 74,201 | 1,671,007 |
Security Description | Shares | Value (Note 2) | ||||||
Networking Products (continued) | ||||||||
Infoblox, Inc.† | 32,434 | $ | 487,807 | |||||
Ixia† | 34,706 | 453,260 | ||||||
LogMeIn, Inc.† | 14,096 | 1,006,736 | ||||||
NeoPhotonics Corp.† | 15,983 | 165,904 | ||||||
NETGEAR, Inc.† | 19,843 | 875,275 | ||||||
Polycom, Inc.† | 77,310 | 1,053,735 | ||||||
Ruckus Wireless, Inc.† | 43,135 | 493,896 | ||||||
8,448,564 | ||||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Energy Fuels, Inc.†# | 25,013 | 46,774 | ||||||
Globe Specialty Metals, Inc. | 37,195 | 378,273 | ||||||
Horsehead Holding Corp.†# | 32,433 | 79,785 | ||||||
Materion Corp. | 11,535 | 334,746 | ||||||
Uranium Energy Corp.†# | 52,660 | 56,873 | ||||||
896,451 | ||||||||
Non-Hazardous Waste Disposal — 0.0% |
| |||||||
Casella Waste Systems, Inc., Class A† | 22,661 | 153,642 | ||||||
Office Automation & Equipment — 0.0% |
| |||||||
Eastman Kodak Co.† | 10,046 | 131,000 | ||||||
Office Furnishings-Original — 0.5% |
| |||||||
Herman Miller, Inc. | 34,148 | 1,082,833 | ||||||
HNI Corp. | 25,465 | 1,127,081 | ||||||
Interface, Inc. | 37,824 | 751,941 | ||||||
Kimball International, Inc., Class B | 19,658 | 243,169 | ||||||
Knoll, Inc. | 27,941 | 622,526 | ||||||
Steelcase, Inc., Class A | 47,675 | 953,500 | ||||||
4,781,050 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
ACCO Brands Corp.† | 62,918 | 485,727 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Atwood Oceanics, Inc.# | 37,005 | 587,639 | ||||||
North Atlantic Drilling, Ltd.†# | 40,917 | 22,464 | ||||||
Parker Drilling Co.† | 70,000 | 192,500 | ||||||
802,603 | ||||||||
Oil Companies - Exploration & Production — 1.0% |
| |||||||
Abraxas Petroleum Corp.† | 53,751 | 70,951 | ||||||
Approach Resources, Inc.†# | 20,683 | 46,123 | ||||||
Bill Barrett Corp.†# | 28,643 | 179,878 | ||||||
Bonanza Creek Energy, Inc.† | 28,451 | 241,549 | ||||||
Callon Petroleum Co.† | 37,707 | 357,839 | ||||||
Carrizo Oil & Gas, Inc.† | 29,452 | 1,189,272 | ||||||
Clayton Williams Energy, Inc.†# | 3,376 | 190,440 | ||||||
Contango Oil & Gas Co.† | 9,971 | 76,876 | ||||||
DLB Oil & Gas, Inc.(1)(2) | 3,000 | 0 | ||||||
Earthstone Energy, Inc.†# | 744 | 11,525 | ||||||
Eclipse Resources Corp.†# | 27,501 | 69,852 | ||||||
Energy XXI, Ltd.# | 54,057 | 84,869 | ||||||
Erin Energy Corp.†# | 7,939 | 31,518 | ||||||
Evolution Petroleum Corp. | 14,089 | 86,647 | ||||||
EXCO Resources, Inc.†# | 90,378 | 114,780 | ||||||
Fairmount Santrol Holdings, Inc.†# | 36,619 | 107,294 | ||||||
Gastar Exploration, Inc.†# | 46,450 | 51,095 | ||||||
Halcon Resources Corp.†# | 210,211 | 128,229 | ||||||
Isramco, Inc.† | 511 | 47,012 | ||||||
Jones Energy, Inc., Class A†# | 16,580 | 93,014 | ||||||
Matador Resources Co.†# | 41,877 | 1,076,239 | ||||||
Northern Oil and Gas, Inc.†# | 35,270 | 180,935 | ||||||
Oasis Petroleum, Inc.†# | 79,682 | 915,546 | ||||||
Panhandle Oil and Gas, Inc., Class A | 9,463 | 179,135 | ||||||
Parsley Energy, Inc., Class A† | 47,775 | 938,779 |
220 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil Companies - Exploration & Production (continued) | ||||||||
PDC Energy, Inc.† | 22,926 | $ | 1,295,090 | |||||
Penn Virginia Corp.†# | 41,019 | 18,397 | ||||||
Rex Energy Corp.†# | 27,533 | 37,720 | ||||||
Ring Energy, Inc.† | 11,866 | 118,304 | ||||||
RSP Permian, Inc.† | 31,326 | 889,032 | ||||||
Sanchez Energy Corp.†# | 30,185 | 150,925 | ||||||
SandRidge Energy, Inc.†# | 247,848 | 74,478 | ||||||
Seventy Seven Energy, Inc.†# | 32,175 | 35,714 | ||||||
Stone Energy Corp.† | 32,737 | 238,653 | ||||||
Synergy Resources Corp.†# | 59,571 | 678,514 | ||||||
TransAtlantic Petroleum, Ltd.† | 14,781 | 22,910 | ||||||
Triangle Petroleum Corp.†# | 26,693 | 20,447 | ||||||
Ultra Petroleum Corp.†# | 87,693 | 351,649 | ||||||
Unit Corp.† | 28,851 | 521,338 | ||||||
W&T Offshore, Inc. | 20,032 | 75,120 | ||||||
10,997,688 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Exterran Corp.† | 19,866 | 325,206 | ||||||
Flotek Industries, Inc.†# | 30,618 | 349,658 | ||||||
Forum Energy Technologies, Inc.† | 33,955 | 531,735 | ||||||
Natural Gas Services Group, Inc.† | 7,289 | 169,251 | ||||||
Thermon Group Holdings, Inc.† | 18,359 | 334,317 | ||||||
1,710,167 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Adams Resources & Energy, Inc. | 1,221 | 52,405 | ||||||
Alon USA Energy, Inc. | 17,877 | 314,456 | ||||||
Delek US Holdings, Inc. | 32,836 | 909,229 | ||||||
Par Pacific Holdings, Inc.† | 9,169 | 229,684 | ||||||
Trecora Resources† | 11,568 | 167,273 | ||||||
Western Refining, Inc. | 40,718 | 1,842,897 | ||||||
3,515,944 | ||||||||
Oil - Field Services — 0.6% |
| |||||||
Archrock, Inc. | 39,733 | 419,978 | ||||||
Basic Energy Services, Inc.†# | 24,406 | 97,380 | ||||||
Bristow Group, Inc. | 19,943 | 609,259 | ||||||
C&J Energy Services, Ltd.†# | 32,282 | 192,401 | ||||||
CARBO Ceramics, Inc.# | 11,234 | 209,402 | ||||||
Era Group, Inc.† | 11,782 | 138,910 | ||||||
Gulfmark Offshore, Inc., Class A# | 14,675 | 94,947 | ||||||
Helix Energy Solutions Group, Inc.† | 60,628 | 392,869 | ||||||
Independence Contract Drilling, Inc.† | 9,482 | 57,840 | ||||||
Key Energy Services, Inc.†# | 76,165 | 40,535 | ||||||
Matrix Service Co.† | 15,295 | 351,632 | ||||||
McDermott International, Inc.†# | 136,584 | 605,067 | ||||||
MRC Global, Inc.† | 58,959 | 872,003 | ||||||
Newpark Resources, Inc.† | 48,146 | 312,949 | ||||||
Oil States International, Inc.† | 29,533 | 936,787 | ||||||
PHI, Inc.† | 7,183 | 153,501 | ||||||
Pioneer Energy Services Corp.† | 36,872 | 93,286 | ||||||
SEACOR Holdings, Inc.† | 10,446 | 593,124 | ||||||
Tesco Corp. | 22,304 | 187,576 | ||||||
TETRA Technologies, Inc.† | 45,587 | 424,871 | ||||||
6,784,317 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp.†# | 4,379 | 155,805 | ||||||
Optical Supplies — 0.0% |
| |||||||
Ocular Therapeutix, Inc.†# | 7,460 | 70,721 | ||||||
STAAR Surgical Co.†# | 22,240 | 186,593 | ||||||
257,314 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 10,908 | $ | 532,419 | |||||
Neenah Paper, Inc. | 9,574 | 636,384 | ||||||
Orchids Paper Products Co. | 5,254 | 155,886 | ||||||
P.H. Glatfelter Co. | 24,754 | 440,374 | ||||||
Schweitzer-Mauduit International, Inc. | 17,444 | 729,508 | ||||||
2,494,571 | ||||||||
Patient Monitoring Equipment — 0.2% |
| |||||||
Insulet Corp.† | 32,486 | 1,188,663 | ||||||
Masimo Corp.† | 25,035 | 1,038,452 | ||||||
2,227,115 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
BioScrip, Inc.†# | 39,297 | 83,310 | ||||||
Diplomat Pharmacy, Inc.†# | 20,709 | 727,507 | ||||||
Vitae Pharmaceuticals, Inc.†# | 7,593 | 109,035 | ||||||
919,852 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.2% |
| |||||||
AAC Holdings, Inc.†# | 4,557 | 111,829 | ||||||
HealthSouth Corp. | 52,375 | 1,843,076 | ||||||
U.S. Physical Therapy, Inc. | 7,098 | 375,058 | ||||||
2,329,963 | ||||||||
Physicians Practice Management — 0.0% |
| |||||||
Healthways, Inc.† | 17,769 | 235,795 | ||||||
Pipelines — 0.1% |
| |||||||
SemGroup Corp., Class A | 25,130 | 872,765 | ||||||
Platinum — 0.1% |
| |||||||
Stillwater Mining Co.† | 69,089 | 646,673 | ||||||
Pollution Control — 0.0% |
| |||||||
CECO Environmental Corp.# | 12,285 | 106,757 | ||||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc.# | 12,829 | 959,737 | ||||||
Power Converter/Supply Equipment — 0.2% |
| |||||||
Advanced Energy Industries, Inc.† | 23,408 | 682,811 | ||||||
Generac Holdings, Inc.†# | 39,584 | 1,270,647 | ||||||
Powell Industries, Inc. | 5,212 | 182,993 | ||||||
PowerSecure International, Inc.† | 12,849 | 179,629 | ||||||
Vicor Corp.† | 9,424 | 87,266 | ||||||
2,403,346 | ||||||||
Precious Metals — 0.0% |
| |||||||
Coeur Mining, Inc.†# | 77,827 | 199,237 | ||||||
Printing - Commercial — 0.4% |
| |||||||
ARC Document Solutions, Inc.† | 23,358 | 118,191 | ||||||
Cimpress NV†# | 18,778 | 1,732,083 | ||||||
Deluxe Corp. | 28,581 | 1,676,276 | ||||||
Ennis, Inc. | 14,775 | 295,352 | ||||||
Multi-Color Corp. | 7,225 | 451,635 | ||||||
Quad/Graphics, Inc. | 16,445 | 169,712 | ||||||
4,443,249 | ||||||||
Private Equity — 0.0% |
| |||||||
Fifth Street Asset Management, Inc. | 3,329 | 15,180 | ||||||
Protection/Safety — 0.0% |
| |||||||
Landauer, Inc.# | 5,483 | 223,432 | ||||||
Publishing - Books — 0.2% |
| |||||||
Houghton Mifflin Harcourt Co.† | 78,365 | 1,548,492 | ||||||
Scholastic Corp. | 15,264 | 652,078 | ||||||
2,200,570 | ||||||||
221 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
Daily Journal Corp.†# | 619 | $ | 124,648 | |||||
New York Times Co., Class A | 78,714 | 1,108,293 | ||||||
Tribune Publishing Co. | 15,060 | 153,311 | ||||||
1,386,252 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Time, Inc. | 62,694 | 1,043,228 | ||||||
Racetracks — 0.2% |
| |||||||
Churchill Downs, Inc. | 7,700 | 1,131,515 | ||||||
Empire Resorts, Inc.†# | 8,868 | 38,930 | ||||||
International Speedway Corp., Class A | 15,975 | 568,550 | ||||||
Penn National Gaming, Inc.† | 45,687 | 728,708 | ||||||
Speedway Motorsports, Inc. | 6,700 | 130,583 | ||||||
2,598,286 | ||||||||
Radio — 0.0% |
| |||||||
Cumulus Media, Inc., Class A† | 81,635 | 32,401 | ||||||
Entercom Communications Corp., Class A† | 14,540 | 176,080 | ||||||
Saga Communications, Inc., Class A# | 2,080 | 89,648 | ||||||
Townsquare Media, Inc.† | 3,917 | 44,771 | ||||||
342,900 | ||||||||
Real Estate Investment Trusts — 8.6% |
| |||||||
Acadia Realty Trust | 39,375 | 1,320,637 | ||||||
AG Mtg. Investment Trust, Inc. | 16,251 | 240,190 | ||||||
Agree Realty Corp. | 10,076 | 337,949 | ||||||
Alexander’s, Inc. | 1,200 | 480,864 | ||||||
Altisource Portfolio Solutions SA†# | 8,116 | 233,497 | ||||||
Altisource Residential Corp. | 32,745 | 433,544 | ||||||
American Assets Trust, Inc. | 21,274 | 846,918 | ||||||
American Capital Mortgage Investment Corp. | 29,291 | 439,072 | ||||||
American Residential Properties, Inc.# | 18,429 | 322,323 | ||||||
Anworth Mtg. Asset Corp. | 59,996 | 288,581 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 33,447 | 586,995 | ||||||
Apollo Residential Mortgage, Inc. | 18,373 | 238,482 | ||||||
Ares Commercial Real Estate Corp. | 15,521 | 199,755 | ||||||
Armada Hoffler Properties, Inc. | 14,597 | 164,800 | ||||||
ARMOUR Residential REIT, Inc. | 25,214 | 532,772 | ||||||
Ashford Hospitality Prime, Inc. | 15,720 | 223,224 | ||||||
Ashford Hospitality Trust, Inc. | 47,749 | 335,675 | ||||||
Bluerock Residential Growth REIT, Inc.# | 10,789 | 123,426 | ||||||
Campus Crest Communities, Inc. | 37,013 | 247,987 | ||||||
Capstead Mtg. Corp. | 54,846 | 520,489 | ||||||
CareTrust REIT, Inc. | 18,069 | 201,650 | ||||||
CatchMark Timber Trust, Inc., Class A | 22,640 | 256,964 | ||||||
Cedar Realty Trust, Inc. | 48,670 | 356,264 | ||||||
Chambers Street Properties | 135,586 | 1,019,607 | ||||||
Chatham Lodging Trust | 21,923 | 499,625 | ||||||
Chesapeake Lodging Trust | 34,146 | 927,405 | ||||||
Colony Capital, Inc. | 63,941 | 1,308,233 | ||||||
CorEnergy Infrastructure Trust, Inc.# | 26,689 | 134,779 | ||||||
CoreSite Realty Corp. | 13,927 | 815,704 | ||||||
Cousins Properties, Inc. | 123,990 | 1,218,822 | ||||||
CubeSmart | 95,221 | 2,772,836 | ||||||
CyrusOne, Inc. | 30,509 | 1,103,205 | ||||||
CYS Investments, Inc. | 90,522 | 686,157 | ||||||
DCT Industrial Trust, Inc. | 50,861 | 1,941,364 | ||||||
DiamondRock Hospitality Co. | 114,893 | 1,278,759 | ||||||
DuPont Fabros Technology, Inc. | 36,144 | 1,194,198 | ||||||
Dynex Capital, Inc.# | 31,371 | 215,519 | ||||||
Easterly Government Properties, Inc. | 7,831 | 139,862 | ||||||
EastGroup Properties, Inc. | 18,492 | 1,076,419 | ||||||
Education Realty Trust, Inc. | 27,679 | 1,019,971 | ||||||
EPR Properties | 32,735 | 1,834,469 | ||||||
Equity One, Inc. | 42,029 | 1,144,450 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) | ||||||||
FelCor Lodging Trust, Inc. | 82,016 | $ | 657,768 | |||||
First Industrial Realty Trust, Inc. | 63,384 | 1,448,324 | ||||||
First Potomac Realty Trust | 33,617 | 390,630 | ||||||
Franklin Street Properties Corp. | 51,481 | 539,006 | ||||||
GEO Group, Inc. | 42,735 | 1,252,990 | ||||||
Getty Realty Corp. | 14,627 | 255,241 | ||||||
Gladstone Commercial Corp. | 11,867 | 173,140 | ||||||
Government Properties Income Trust# | 40,279 | 681,923 | ||||||
Gramercy Property Trust, Inc. | 32,789 | 783,329 | ||||||
Great Ajax Corp. | 2,484 | 31,621 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 18,619 | 325,088 | ||||||
Hatteras Financial Corp. | 55,406 | 780,116 | ||||||
Healthcare Realty Trust, Inc. | 57,467 | 1,562,528 | ||||||
Hersha Hospitality Trust | 28,094 | 663,299 | ||||||
Highwoods Properties, Inc. | 53,838 | 2,345,183 | ||||||
Hudson Pacific Properties, Inc. | 42,614 | 1,221,743 | ||||||
Independence Realty Trust, Inc. | 18,446 | 144,248 | ||||||
InfraREIT, Inc. | 12,539 | 252,912 | ||||||
Inland Real Estate Corp. | 50,192 | 482,345 | ||||||
Invesco Mtg. Capital, Inc. | 70,486 | 945,922 | ||||||
Investors Real Estate Trust | 70,180 | 573,371 | ||||||
iStar, Inc.† | 48,954 | 646,193 | ||||||
Kite Realty Group Trust | 47,844 | 1,287,482 | ||||||
Ladder Capital Corp., Class A | 22,764 | 322,111 | ||||||
LaSalle Hotel Properties | 64,663 | 1,824,143 | ||||||
Lexington Realty Trust | 117,610 | 1,010,270 | ||||||
LTC Properties, Inc. | 20,345 | 867,307 | ||||||
Mack-Cali Realty Corp. | 51,020 | 1,198,970 | ||||||
Medical Properties Trust, Inc. | 119,590 | 1,436,276 | ||||||
Monmouth Real Estate Investment Corp. | 33,913 | 353,373 | ||||||
Monogram Residential Trust, Inc. | 95,319 | 951,284 | ||||||
National Health Investors, Inc.# | 21,504 | 1,298,627 | ||||||
National Storage Affiliates Trust | 13,110 | 217,102 | ||||||
New Residential Investment Corp. | 113,876 | 1,448,503 | ||||||
New Senior Investment Group, Inc. | 38,018 | 350,906 | ||||||
New York Mortgage Trust, Inc.# | 62,604 | 363,103 | ||||||
New York REIT, Inc. | 92,999 | 1,070,418 | ||||||
NexPoint Residential Trust, Inc.# | 10,850 | 143,763 | ||||||
One Liberty Properties, Inc. | 7,171 | 160,200 | ||||||
Orchid Island Capital, Inc.# | 10,501 | 100,495 | ||||||
Parkway Properties, Inc. | 48,448 | 827,492 | ||||||
Pebblebrook Hotel Trust | 41,132 | 1,310,054 | ||||||
Pennsylvania Real Estate Investment Trust | 39,565 | 853,021 | ||||||
PennyMac Mortgage Investment Trust | 42,695 | 710,445 | ||||||
Physicians Realty Trust | 40,250 | 644,402 | ||||||
Potlatch Corp. | 23,285 | 778,185 | ||||||
Preferred Apartment Communities, Inc., Class A# | 12,723 | 149,241 | ||||||
PS Business Parks, Inc. | 11,159 | 986,679 | ||||||
QTS Realty Trust, Inc., Class A | 13,739 | 580,061 | ||||||
RAIT Financial Trust | 47,450 | 204,984 | ||||||
Ramco-Gershenson Properties Trust | 45,307 | 764,329 | ||||||
Redwood Trust, Inc. | 48,232 | 664,637 | ||||||
Resource Capital Corp.# | 19,200 | 241,728 | ||||||
Retail Opportunity Investments Corp. | 53,790 | 983,819 | ||||||
Rexford Industrial Realty, Inc. | 31,685 | 510,445 | ||||||
RLJ Lodging Trust | 75,665 | 1,846,226 | ||||||
Rouse Properties, Inc.# | 20,948 | 337,263 | ||||||
Ryman Hospitality Properties, Inc. | 24,890 | 1,352,523 | ||||||
Sabra Health Care REIT, Inc. | 33,907 | 701,197 | ||||||
Saul Centers, Inc. | 5,582 | 310,527 | ||||||
Select Income REIT | 35,867 | 736,708 | ||||||
Silver Bay Realty Trust Corp. | 20,813 | 327,388 | ||||||
Sovran Self Storage, Inc. | 20,357 | 2,045,675 | ||||||
STAG Industrial, Inc.# | 37,280 | 760,512 | ||||||
Starwood Waypoint Residential Trust | 21,851 | 516,776 |
222 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Real Estate Investment Trusts (continued) | ||||||||
STORE Capital Corp. | 18,970 | $ | 431,757 | |||||
Strategic Hotels & Resorts, Inc.† | 157,598 | 2,231,588 | ||||||
Summit Hotel Properties, Inc. | 49,955 | 665,900 | ||||||
Sun Communities, Inc. | 26,676 | 1,783,291 | ||||||
Sunstone Hotel Investors, Inc. | 119,458 | 1,753,643 | ||||||
Terreno Realty Corp. | 24,621 | 557,666 | ||||||
UMH Properties, Inc. | 12,774 | 125,185 | ||||||
United Development Funding IV# | 17,540 | 313,440 | ||||||
Universal Health Realty Income Trust | 7,160 | 377,260 | ||||||
Urban Edge Properties | 50,819 | 1,219,148 | ||||||
Urstadt Biddle Properties, Inc., Class A | 15,940 | 319,119 | ||||||
Washington Real Estate Investment Trust# | 39,007 | 1,073,083 | ||||||
Western Asset Mortgage Capital Corp.# | 23,996 | 282,433 | ||||||
Whitestone REIT | 13,299 | 161,450 | ||||||
Xenia Hotels & Resorts, Inc. | 63,924 | 1,070,727 | ||||||
91,334,702 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
HFF, Inc., Class A | 21,657 | 744,351 | ||||||
Kennedy-Wilson Holdings, Inc. | 53,123 | 1,386,510 | ||||||
Marcus & Millichap, Inc.† | 7,778 | 255,196 | ||||||
RE/MAX Holdings, Inc., Class A | 6,740 | 252,818 | ||||||
2,638,875 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
Alexander & Baldwin, Inc. | 27,965 | 1,060,153 | ||||||
BBX Capital Corp., Class A† | 1,555 | 26,513 | ||||||
Consolidated-Tomoka Land Co. | 2,497 | 148,921 | ||||||
Forestar Group, Inc.† | 19,245 | 261,539 | ||||||
FRP Holdings, Inc.† | 3,942 | 122,163 | ||||||
St. Joe Co.†# | 38,479 | 747,262 | ||||||
2,366,551 | ||||||||
Recreational Centers — 0.1% |
| |||||||
ClubCorp Holdings, Inc. | 25,147 | 451,389 | ||||||
Steiner Leisure, Ltd.† | 7,349 | 462,105 | ||||||
913,494 | ||||||||
Recreational Vehicles — 0.0% |
| |||||||
Arctic Cat, Inc.# | 7,415 | 165,058 | ||||||
Malibu Boats, Inc., Class A† | 10,222 | 158,645 | ||||||
323,703 | ||||||||
Recycling — 0.0% |
| |||||||
Fenix Parts, Inc.†# | 7,900 | 50,165 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Electro Rent Corp. | 9,535 | 98,687 | ||||||
McGrath RentCorp | 14,968 | 436,766 | ||||||
Neff Corp.† | 5,997 | 49,835 | ||||||
Rent-A-Center, Inc. | 30,355 | 520,892 | ||||||
1,106,180 | ||||||||
Research & Development — 0.3% |
| |||||||
Albany Molecular Research, Inc.† | 14,284 | 284,537 | ||||||
Arrowhead Research Corp.†# | 34,058 | 215,247 | ||||||
INC Research Holdings, Inc.† | 7,423 | 351,108 | ||||||
PAREXEL International Corp.† | 31,580 | 2,142,703 | ||||||
2,993,595 | ||||||||
Resorts/Theme Parks — 0.4% |
| |||||||
Marriott Vacations Worldwide Corp. | 14,797 | 900,101 | ||||||
SeaWorld Entertainment, Inc.# | 39,138 | 685,306 | ||||||
Vail Resorts, Inc. | 20,806 | 2,509,204 | ||||||
4,094,611 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Respiratory Products — 0.0% |
| |||||||
Inogen, Inc.† | 9,005 | $ | 344,441 | |||||
Retail - Apparel/Shoe — 1.3% |
| |||||||
Abercrombie & Fitch Co., Class A# | 39,813 | 1,018,019 | ||||||
American Eagle Outfitters, Inc.# | 111,865 | 1,741,738 | ||||||
Ascena Retail Group, Inc.† | 98,247 | 1,113,139 | ||||||
bebe stores, Inc.# | 16,299 | 7,501 | ||||||
Boot Barn Holdings, Inc.† | 6,842 | 71,841 | ||||||
Buckle, Inc.# | 16,208 | 514,604 | ||||||
Burlington Stores, Inc.† | 43,165 | 2,076,668 | ||||||
Caleres, Inc. | 25,072 | 704,523 | ||||||
Cato Corp., Class A | 15,061 | 591,596 | ||||||
Chico’s FAS, Inc. | 82,061 | 984,732 | ||||||
Children’s Place, Inc. | 11,802 | 570,273 | ||||||
Christopher & Banks Corp.†# | 21,297 | 29,816 | ||||||
Destination XL Group, Inc.† | 20,561 | 102,805 | ||||||
Express, Inc.† | 48,372 | 809,747 | ||||||
Finish Line, Inc., Class A | 26,360 | 437,312 | ||||||
Francesca’s Holdings Corp.† | 24,224 | 361,664 | ||||||
Genesco, Inc.† | 13,764 | 745,458 | ||||||
Guess?, Inc.# | 35,441 | 697,833 | ||||||
Men’s Wearhouse, Inc. | 27,660 | 552,923 | ||||||
Shoe Carnival, Inc. | 8,573 | 167,002 | ||||||
Stein Mart, Inc. | 16,795 | 129,825 | ||||||
Tilly’s, Inc., Class A† | 6,446 | 39,772 | ||||||
Vera Bradley, Inc.† | 12,177 | 145,028 | ||||||
Winmark Corp. | 1,271 | 121,381 | ||||||
13,735,200 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.†# | 15,659 | 417,626 | ||||||
Retail - Auto Parts — 0.0% |
| |||||||
Pep Boys-Manny Moe & Jack† | 30,786 | 478,107 | ||||||
Retail - Automobile — 0.5% |
| |||||||
America’s Car-Mart, Inc.† | 4,882 | 129,275 | ||||||
Asbury Automotive Group, Inc.† | 15,598 | 1,171,410 | ||||||
Group 1 Automotive, Inc. | 13,359 | 1,085,018 | ||||||
Lithia Motors, Inc., Class A | 13,035 | 1,619,469 | ||||||
Rush Enterprises, Inc., Class A† | 20,264 | 493,023 | ||||||
Sonic Automotive, Inc., Class A | 18,840 | 457,058 | ||||||
4,955,253 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Mattress Firm Holding Corp.†# | 11,734 | 579,190 | ||||||
Retail - Bookstores — 0.1% |
| |||||||
Barnes & Noble Education, Inc.† | 18,358 | 265,273 | ||||||
Barnes & Noble, Inc. | 29,048 | 371,815 | ||||||
637,088 | ||||||||
Retail - Building Products — 0.1% |
| |||||||
BMC Stock Holdings, Inc.† | 8,451 | 145,273 | ||||||
Lumber Liquidators Holdings, Inc.†# | 15,502 | 242,141 | ||||||
Tile Shop Holdings, Inc.† | 15,520 | 262,909 | ||||||
650,323 | ||||||||
Retail - Catalog Shopping — 0.0% |
| |||||||
Liberty Interactive Corp. QVC Group, Class A† | 11,635 | 308,095 | ||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc.† | 6,119 | 136,576 | ||||||
Systemax, Inc.† | 6,471 | 62,575 | ||||||
199,151 | ||||||||
Retail - Convenience Store — 0.2% |
| |||||||
Casey’s General Stores, Inc. | 22,239 | 2,585,729 | ||||||
223 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Discount — 0.3% |
| |||||||
Big Lots, Inc. | 30,872 | $ | 1,388,931 | |||||
Citi Trends, Inc. | 8,906 | 176,606 | ||||||
Fred’s, Inc., Class A | 21,269 | 350,513 | ||||||
HSN, Inc. | 18,609 | 928,589 | ||||||
Tuesday Morning Corp.† | 25,220 | 168,470 | ||||||
3,013,109 | ||||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.† | 23,423 | 390,227 | ||||||
Retail - Home Furnishings — 0.2% |
| |||||||
Haverty Furniture Cos., Inc. | 11,665 | 281,593 | ||||||
Kirkland’s, Inc. | 9,911 | 145,791 | ||||||
Pier 1 Imports, Inc.# | 51,601 | 348,823 | ||||||
Restoration Hardware Holdings, Inc.† | 19,113 | 1,717,685 | ||||||
2,493,892 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Movado Group, Inc. | 9,182 | 245,619 | ||||||
Retail - Leisure Products — 0.1% |
| |||||||
MarineMax, Inc.† | 14,594 | 264,881 | ||||||
Party City Holdco, Inc.† | 14,400 | 182,880 | ||||||
West Marine, Inc.† | 10,293 | 94,593 | ||||||
542,354 | ||||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
Container Store Group, Inc.† | 9,020 | 92,635 | ||||||
Five Below, Inc.† | 31,184 | 873,464 | ||||||
PriceSmart, Inc. | 11,141 | 1,038,341 | ||||||
2,004,440 | ||||||||
Retail - Pawn Shops — 0.1% |
| |||||||
Cash America International, Inc. | 15,729 | 530,854 | ||||||
EZCORP, Inc., Class A† | 29,631 | 171,563 | ||||||
First Cash Financial Services, Inc.† | 16,140 | 627,685 | ||||||
1,330,102 | ||||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
Freshpet, Inc.†# | 11,895 | 102,416 | ||||||
PetMed Express, Inc.# | 11,597 | 194,830 | ||||||
297,246 | ||||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Stage Stores, Inc.# | 18,273 | 141,433 | ||||||
Retail - Restaurants — 1.8% |
| |||||||
Biglari Holdings, Inc.† | 949 | 350,209 | ||||||
BJ’s Restaurants, Inc.† | 12,298 | 563,248 | ||||||
Bloomin’ Brands, Inc. | 70,964 | 1,228,387 | ||||||
Bob Evans Farms, Inc.# | 13,535 | 539,370 | ||||||
Bojangles’, Inc.†# | 4,745 | 83,892 | ||||||
Bravo Brio Restaurant Group, Inc.† | 8,700 | 92,829 | ||||||
Buffalo Wild Wings, Inc.† | 10,873 | 1,742,289 | ||||||
Carrols Restaurant Group, Inc.† | 20,321 | 244,665 | ||||||
Cheesecake Factory, Inc. | 27,913 | 1,315,540 | ||||||
Chuy’s Holdings, Inc.†# | 9,426 | 313,414 | ||||||
Cracker Barrel Old Country Store, Inc.# | 10,980 | 1,382,602 | ||||||
Dave & Buster’s Entertainment, Inc.† | 13,043 | 500,069 | ||||||
Del Frisco’s Restaurant Group, Inc.† | 13,511 | 202,530 | ||||||
Denny’s Corp.† | 48,293 | 465,544 | ||||||
DineEquity, Inc. | 9,708 | 823,627 | ||||||
El Pollo Loco Holdings, Inc.†# | 7,701 | 94,568 | ||||||
Fiesta Restaurant Group, Inc.† | 15,354 | 590,054 | ||||||
Habit Restaurants, Inc.†# | 6,580 | 158,512 | ||||||
J Alexander’s Holdings, Inc.† | 7,911 | 84,173 | ||||||
Jack in the Box, Inc. | 21,398 | 1,586,448 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Restaurants (continued) | ||||||||
Jamba, Inc.†# | 7,935 | $ | 110,852 | |||||
Kona Grill, Inc.†# | 4,836 | 67,269 | ||||||
Krispy Kreme Doughnuts, Inc.† | 37,127 | 524,976 | ||||||
Noodles & Co.†# | 7,238 | 80,342 | ||||||
Papa John’s International, Inc.# | 16,572 | 952,559 | ||||||
Papa Murphy’s Holdings, Inc.†# | 5,210 | 63,562 | ||||||
Popeyes Louisiana Kitchen, Inc.† | 13,252 | 766,761 | ||||||
Potbelly Corp.†# | 12,492 | 155,775 | ||||||
Red Robin Gourmet Burgers, Inc.† | 8,085 | 545,576 | ||||||
Ruby Tuesday, Inc.† | 35,534 | 196,503 | ||||||
Ruth’s Hospitality Group, Inc. | 19,984 | 344,724 | ||||||
Shake Shack, Inc.†# | 3,291 | 151,221 | ||||||
Sonic Corp. | 29,766 | 865,000 | ||||||
Texas Roadhouse, Inc. | 40,069 | 1,402,415 | ||||||
Zoe’s Kitchen, Inc.†# | 11,056 | 376,125 | ||||||
18,965,630 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Big 5 Sporting Goods Corp. | 10,466 | 101,102 | ||||||
Hibbett Sports, Inc.†# | 14,252 | 467,608 | ||||||
Sportsman’s Warehouse Holdings, Inc.†# | 10,289 | 117,809 | ||||||
Zumiez, Inc.†# | 12,592 | 190,013 | ||||||
876,532 | ||||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 8,134 | 104,603 | ||||||
Retail - Video Rentals — 0.1% |
| |||||||
Outerwall, Inc.# | 10,562 | 653,788 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.1% |
| |||||||
Flex Pharma, Inc.†# | 3,113 | 37,667 | ||||||
Vitamin Shoppe, Inc.† | 17,026 | 519,293 | ||||||
556,960 | ||||||||
Retirement/Aged Care — 0.0% |
| |||||||
Capital Senior Living Corp.† | 16,876 | 386,798 | ||||||
Five Star Quality Care, Inc.† | 24,732 | 88,788 | ||||||
475,586 | ||||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co. | 32,953 | 1,383,696 | ||||||
Rubber/Plastic Products — 0.1% |
| |||||||
Myers Industries, Inc. | 13,960 | 216,380 | ||||||
Proto Labs, Inc.†# | 13,332 | 902,443 | ||||||
Trinseo SA†# | 6,559 | 187,325 | ||||||
1,306,148 | ||||||||
Satellite Telecom — 0.2% |
| |||||||
DigitalGlobe, Inc.† | 41,506 | 701,451 | ||||||
Globalstar, Inc.†# | 272,543 | 594,144 | ||||||
Intelsat SA†# | 16,082 | 74,781 | ||||||
Iridium Communications, Inc.†# | 47,022 | 384,170 | ||||||
Loral Space & Communications, Inc.† | 7,502 | 331,889 | ||||||
2,086,435 | ||||||||
Savings & Loans/Thrifts — 1.8% |
| |||||||
Anchor BanCorp Wisconsin, Inc.† | 4,388 | 184,252 | ||||||
Astoria Financial Corp. | 51,505 | 830,261 | ||||||
Banc of California, Inc. | 20,725 | 311,290 | ||||||
Bank Mutual Corp. | 26,693 | 206,070 | ||||||
BankFinancial Corp. | 10,518 | 135,156 | ||||||
Bear State Financial, Inc.†# | 7,629 | 81,249 | ||||||
Beneficial Bancorp, Inc.† | 47,345 | 660,936 | ||||||
Berkshire Hills Bancorp, Inc. | 16,897 | 510,965 | ||||||
BofI Holding, Inc.†# | 35,148 | 704,014 |
224 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Savings & Loans/Thrifts (continued) | ||||||||
Brookline Bancorp, Inc. | 40,099 | $ | 470,762 | |||||
BSB Bancorp, Inc.† | 4,634 | 105,192 | ||||||
Capitol Federal Financial, Inc. | 80,520 | 1,044,344 | ||||||
Charter Financial Corp. | 9,493 | 126,637 | ||||||
Clifton Bancorp, Inc. | 15,543 | 230,658 | ||||||
Dime Community Bancshares, Inc. | 17,819 | 329,830 | ||||||
EverBank Financial Corp. | 55,392 | 956,066 | ||||||
First Defiance Financial Corp. | 5,302 | 220,192 | ||||||
Flagstar Bancorp, Inc.† | 11,775 | 289,194 | ||||||
Flushing Financial Corp. | 16,835 | 383,333 | ||||||
Fox Chase Bancorp, Inc. | 6,683 | 121,898 | ||||||
Hingham Institution for Savings | 753 | 98,033 | ||||||
HomeStreet, Inc.† | 12,627 | 273,627 | ||||||
HomeTrust Bancshares, Inc.† | 11,583 | 231,544 | ||||||
Investors Bancorp, Inc. | 199,637 | 2,559,346 | ||||||
Meridian Bancorp, Inc. | 31,453 | 461,101 | ||||||
Meta Financial Group, Inc. | 3,974 | 178,830 | ||||||
Northfield Bancorp, Inc. | 26,849 | 427,705 | ||||||
Northwest Bancshares, Inc. | 54,073 | 753,778 | ||||||
OceanFirst Financial Corp. | 7,612 | 150,413 | ||||||
Oritani Financial Corp. | 25,188 | 436,760 | ||||||
Pacific Premier Bancorp, Inc.† | 12,314 | 288,517 | ||||||
Provident Financial Services, Inc. | 37,565 | 784,357 | ||||||
Sterling Bancorp | 68,623 | 1,203,647 | ||||||
Territorial Bancorp, Inc. | 4,878 | 140,535 | ||||||
United Community Financial Corp. | 28,129 | 165,399 | ||||||
United Financial Bancorp, Inc. | 28,312 | 393,820 | ||||||
Washington Federal, Inc. | 54,285 | 1,402,724 | ||||||
Waterstone Financial, Inc. | 17,281 | 239,342 | ||||||
WSFS Financial Corp. | 16,180 | 552,709 | ||||||
18,644,486 | ||||||||
Schools — 0.5% |
| |||||||
American Public Education, Inc.† | 9,815 | 228,395 | ||||||
Apollo Education Group, Inc.† | 54,004 | 381,268 | ||||||
Bridgepoint Education, Inc.† | 9,662 | 76,426 | ||||||
Bright Horizons Family Solutions, Inc.† | 21,398 | 1,419,329 | ||||||
Cambium Learning Group, Inc.† | 7,438 | 38,603 | ||||||
Capella Education Co. | 6,991 | 335,568 | ||||||
Career Education Corp.† | 38,859 | 163,985 | ||||||
DeVry Education Group, Inc.# | 36,475 | 866,281 | ||||||
Grand Canyon Education, Inc.† | 26,947 | 1,067,640 | ||||||
K12, Inc.† | 19,332 | 196,027 | ||||||
Strayer Education, Inc.† | 6,282 | 371,832 | ||||||
Universal Technical Institute, Inc. | 12,101 | 69,581 | ||||||
5,214,935 | ||||||||
Security Services — 0.2% |
| |||||||
Ascent Capital Group, Inc., Class A† | 7,618 | 152,284 | ||||||
Brink’s Co. | 27,838 | 895,827 | ||||||
LifeLock, Inc.†# | 54,020 | 780,048 | ||||||
1,828,159 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Geospace Technologies Corp.†# | 7,526 | 95,806 | ||||||
ION Geophysical Corp.†# | 80,767 | 45,036 | ||||||
140,842 | ||||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
Cirrus Logic, Inc.† | 36,298 | 1,200,012 | ||||||
Exar Corp.† | 22,515 | 144,997 | ||||||
Integrated Device Technology, Inc.† | 84,923 | 2,381,241 | ||||||
M/A-COM Technology Solutions Holdings, Inc.† | 13,428 | 496,165 | ||||||
MaxLinear, Inc., Class A† | 29,600 | 518,000 | ||||||
Power Integrations, Inc. | 16,846 | 870,938 |
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits (continued) | ||||||||
Sigma Designs, Inc.† | 20,262 | $ | 175,975 | |||||
5,787,328 | ||||||||
Semiconductor Equipment — 0.7% |
| |||||||
Axcelis Technologies, Inc.† | 64,987 | 171,566 | ||||||
Brooks Automation, Inc. | 38,628 | 430,702 | ||||||
Cabot Microelectronics Corp.† | 14,150 | 593,734 | ||||||
Cascade Microtech, Inc.† | 7,781 | 126,441 | ||||||
Cohu, Inc. | 14,831 | 194,434 | ||||||
Entegris, Inc.† | 80,275 | 1,093,346 | ||||||
FormFactor, Inc.† | 32,962 | 287,099 | ||||||
Mattson Technology, Inc.† | 42,856 | 127,711 | ||||||
MKS Instruments, Inc. | 30,552 | 1,126,452 | ||||||
Nanometrics, Inc.† | 13,729 | 216,369 | ||||||
Photronics, Inc.† | 38,035 | 417,244 | ||||||
Rudolph Technologies, Inc.† | 18,281 | 260,139 | ||||||
Tessera Technologies, Inc. | 30,118 | 959,258 | ||||||
Ultra Clean Holdings, Inc.† | 18,097 | 91,752 | ||||||
Ultratech, Inc.† | 15,800 | 262,438 | ||||||
Veeco Instruments, Inc.† | 23,117 | 472,743 | ||||||
Xcerra Corp.† | 31,227 | 188,923 | ||||||
7,020,351 | ||||||||
Silver Mining — 0.0% |
| |||||||
Hecla Mining Co.# | 211,998 | 409,156 | ||||||
Software Tools — 0.0% |
| |||||||
Digital Turbine, Inc.†# | 27,875 | 42,928 | ||||||
Specified Purpose Acquisitions — 0.0% |
| |||||||
National Bank Holdings Corp., Class A | 21,211 | 481,490 | ||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Advanced Drainage Systems, Inc.# | 19,260 | 516,361 | ||||||
Furmanite Corp.† | 21,624 | 177,100 | ||||||
Mueller Water Products, Inc., Class A | 92,091 | 858,288 | ||||||
Northwest Pipe Co.† | 5,469 | 64,862 | ||||||
Omega Flex, Inc. | 1,654 | 66,210 | ||||||
TimkenSteel Corp. | 22,853 | 233,329 | ||||||
1,916,150 | ||||||||
Steel - Producers — 0.3% |
| |||||||
AK Steel Holding Corp.†# | 101,782 | 242,241 | ||||||
Carpenter Technology Corp. | 28,853 | 1,036,977 | ||||||
Commercial Metals Co. | 66,246 | 979,778 | ||||||
Ryerson Holding Corp.†# | 6,268 | 31,089 | ||||||
Schnitzer Steel Industries, Inc., Class A | 15,158 | 250,259 | ||||||
Worthington Industries, Inc. | 27,485 | 845,714 | ||||||
3,386,058 | ||||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc. | 26,236 | 930,066 | ||||||
Wesco Aircraft Holdings, Inc.† | 35,329 | 472,702 | ||||||
1,402,768 | ||||||||
SupraNational Banks — 0.0% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 17,206 | 477,639 | ||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Alliance Fiber Optic Products, Inc. | 8,315 | 131,876 | ||||||
Ciena Corp.† | 70,649 | 1,769,051 | ||||||
Clearfield, Inc.†# | 6,456 | 87,220 | ||||||
Finisar Corp.† | 59,483 | 717,960 | ||||||
Harmonic, Inc.† | 50,679 | 280,255 | ||||||
KVH Industries, Inc.† | �� | 9,200 | 90,712 | |||||
Oclaro, Inc.†# | 55,972 | 192,544 | ||||||
3,269,618 | ||||||||
225 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Telecom Services — 0.5% |
| |||||||
Consolidated Communications Holdings, Inc. | 28,913 | $ | 630,014 | |||||
EarthLink Holdings Corp. | 59,011 | 542,311 | ||||||
FairPoint Communications, Inc.† | 11,937 | 218,567 | ||||||
GTT Communications, Inc.† | 13,996 | 296,575 | ||||||
Hawaiian Telcom Holdco, Inc.† | 6,158 | 146,129 | ||||||
HC2 Holdings, Inc.†# | 11,277 | 70,594 | ||||||
Inteliquent, Inc. | 19,203 | 368,890 | ||||||
Lumos Networks Corp. | 13,025 | 153,565 | ||||||
NeuStar, Inc., Class A†# | 31,692 | 798,638 | ||||||
ORBCOMM, Inc.† | 34,215 | 219,318 | ||||||
Premiere Global Services, Inc.† | 26,600 | 368,942 | ||||||
RigNet, Inc.†# | 6,910 | 152,642 | ||||||
Spok Holdings, Inc. | 12,447 | 229,896 | ||||||
Straight Path Communications, Inc., Class B†# | 5,353 | 64,236 | ||||||
Vonage Holdings Corp.† | 106,275 | 685,474 | ||||||
West Corp. | 29,875 | 761,813 | ||||||
5,707,604 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
ADTRAN, Inc. | 30,521 | 497,798 | ||||||
Comtech Telecommunications Corp. | 9,305 | 204,989 | ||||||
Plantronics, Inc. | 22,419 | 1,186,189 | ||||||
Preformed Line Products Co. | 1,527 | 63,935 | ||||||
ShoreTel, Inc.† | 36,953 | 379,138 | ||||||
Sonus Networks, Inc.† | 28,303 | 199,253 | ||||||
2,531,302 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Atlantic Tele-Network, Inc. | 5,872 | 461,950 | ||||||
Cincinnati Bell, Inc.† | 120,039 | 452,547 | ||||||
General Communication, Inc., Class A† | 20,009 | 415,587 | ||||||
IDT Corp., Class B | 9,577 | 119,617 | ||||||
Shenandoah Telecommunications Co. | 13,841 | 668,244 | ||||||
Windstream Holdings, Inc.# | 57,715 | 359,564 | ||||||
2,477,509 | ||||||||
Television — 0.2% |
| |||||||
Central European Media Enterprises, Ltd., Class A†# | 42,187 | 93,233 | ||||||
Gray Television, Inc.† | 36,136 | 605,278 | ||||||
Sinclair Broadcast Group, Inc., Class A# | 37,930 | 1,331,343 | ||||||
2,029,854 | ||||||||
Textile - Apparel — 0.1% |
| |||||||
Cherokee, Inc.† | 4,901 | 93,658 | ||||||
Perry Ellis International, Inc.† | 7,000 | 145,180 | ||||||
Unifi, Inc.† | 8,515 | 254,003 | ||||||
492,841 | ||||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 5,911 | 166,572 | ||||||
Theaters — 0.1% |
| |||||||
AMC Entertainment Holdings, Inc., Class A | 12,140 | 308,477 | ||||||
Carmike Cinemas, Inc.† | 14,017 | 306,271 | ||||||
National CineMedia, Inc. | 35,185 | 558,386 | ||||||
Reading International, Inc., Class A† | 9,469 | 136,638 | ||||||
1,309,772 | ||||||||
Therapeutics — 1.0% |
| |||||||
Akebia Therapeutics, Inc.†# | 13,956 | 149,748 | ||||||
Anika Therapeutics, Inc.† | 8,373 | 351,331 | ||||||
aTyr Pharma, Inc.†# | 3,458 | 29,428 | ||||||
Calithera Biosciences, Inc.†# | 6,340 | 50,340 | ||||||
Cara Therapeutics, Inc.† | 9,557 | 158,168 | ||||||
Concert Pharmaceuticals, Inc.† | 8,804 | 201,876 | ||||||
CorMedix, Inc.†# | 17,776 | 42,662 |
Security Description | Shares | Value (Note 2) | ||||||
Therapeutics (continued) | ||||||||
Dyax Corp.† | 83,388 | $ | 2,806,840 | |||||
Flexion Therapeutics, Inc.†# | 7,963 | 154,801 | ||||||
La Jolla Pharmaceutical Co.†# | 6,614 | 223,487 | ||||||
MannKind Corp.†# | 141,242 | 282,484 | ||||||
Mirati Therapeutics, Inc.† | 5,701 | 216,809 | ||||||
Neurocrine Biosciences, Inc.† | 48,896 | 2,658,476 | ||||||
Northwest Biotherapeutics, Inc.†# | 26,795 | 123,793 | ||||||
Osiris Therapeutics, Inc.# | 10,917 | 112,008 | ||||||
Portola Pharmaceuticals, Inc.† | 26,449 | 1,312,135 | ||||||
Proteon Therapeutics, Inc.† | 4,413 | 70,343 | ||||||
Sarepta Therapeutics, Inc.†# | 23,736 | 872,535 | ||||||
Threshold Pharmaceuticals, Inc.†# | 36,566 | 127,615 | ||||||
Vital Therapies, Inc.†# | 9,605 | 90,287 | ||||||
Xencor, Inc.† | 16,281 | 261,798 | ||||||
Zafgen, Inc.†# | 9,437 | 159,580 | ||||||
10,456,544 | ||||||||
Tobacco — 0.2% |
| |||||||
Universal Corp.# | 12,933 | 731,232 | ||||||
Vector Group, Ltd.# | 49,106 | 1,242,873 | ||||||
1,974,105 | ||||||||
Toys — 0.0% |
| |||||||
JAKKS Pacific, Inc.†# | 10,849 | 89,287 | ||||||
Transactional Software — 0.3% |
| |||||||
ACI Worldwide, Inc.† | 66,831 | 1,571,865 | ||||||
Bottomline Technologies de, Inc.† | 23,427 | 724,129 | ||||||
InnerWorkings, Inc.† | 21,251 | 181,909 | ||||||
Synchronoss Technologies, Inc.† | 22,190 | 873,620 | ||||||
3,351,523 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 30,209 | 287,288 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 14,313 | 591,413 | ||||||
878,701 | ||||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
Greenbrier Cos., Inc.# | 15,108 | 511,859 | ||||||
TAL International Group, Inc. | 19,036 | 384,147 | ||||||
Textainer Group Holdings, Ltd.# | 12,668 | 195,467 | ||||||
1,091,473 | ||||||||
Transport - Marine — 0.5% |
| |||||||
Ardmore Shipping Corp. | 10,264 | 128,505 | ||||||
CAI International, Inc.† | 9,871 | 110,358 | ||||||
DHT Holdings, Inc. | 53,151 | 398,632 | ||||||
Dorian LPG, Ltd.† | 14,331 | 189,312 | ||||||
Eagle Bulk Shipping, Inc.† | 12,721 | 38,545 | ||||||
Frontline, Ltd.# | 61,862 | 187,442 | ||||||
GasLog, Ltd.# | 23,824 | 285,173 | ||||||
Golden Ocean Group, Ltd.# | 38,256 | 64,653 | ||||||
Hornbeck Offshore Services, Inc.†# | 18,311 | 224,310 | ||||||
Navios Maritime Acquisition Corp. | 46,952 | 158,698 | ||||||
Navios Maritime Holdings, Inc.# | 46,583 | 74,067 | ||||||
Nordic American Offshore, Ltd.# | 10,838 | 60,259 | ||||||
Nordic American Tankers, Ltd.# | 51,050 | 755,540 | ||||||
Safe Bulkers, Inc. | 21,693 | 29,502 | ||||||
Scorpio Bulkers, Inc.†# | 103,307 | 93,245 | ||||||
Scorpio Tankers, Inc. | 102,367 | 885,475 | ||||||
Ship Finance International, Ltd.# | 33,940 | 587,841 | ||||||
Teekay Tankers, Ltd., Class A | 48,444 | 341,046 | ||||||
Tidewater, Inc.# | 26,921 | 256,019 | ||||||
Ultrapetrol Bahamas, Ltd.†# | 12,239 | 5,140 | ||||||
4,873,762 | ||||||||
226 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Transport - Services — 0.4% |
| |||||||
Echo Global Logistics, Inc.† | 16,958 | $ | 400,209 | |||||
Hub Group, Inc., Class A† | 20,654 | 795,799 | ||||||
Matson, Inc. | 24,874 | 1,286,234 | ||||||
Radiant Logistics, Inc.† | 15,482 | 66,263 | ||||||
Universal Truckload Services, Inc. | 4,780 | 77,627 | ||||||
UTi Worldwide, Inc.† | 52,834 | 369,838 | ||||||
XPO Logistics, Inc.†# | 40,942 | 1,248,731 | ||||||
4,244,701 | ||||||||
Transport - Truck — 0.6% | ||||||||
ArcBest Corp. | 14,887 | 358,479 | ||||||
Celadon Group, Inc. | 15,651 | 217,549 | ||||||
Covenant Transportation Group, Inc., Class A† | 6,716 | 141,103 | ||||||
Forward Air Corp. | 17,729 | 852,588 | ||||||
Heartland Express, Inc.# | 28,834 | 552,459 | ||||||
Knight Transportation, Inc. | 35,805 | 949,548 | ||||||
Marten Transport, Ltd. | 13,696 | 247,624 | ||||||
P.A.M. Transportation Services, Inc.† | 1,747 | 53,965 | ||||||
Roadrunner Transportation Systems, Inc.† | 16,102 | 177,444 | ||||||
Saia, Inc.† | 14,362 | 352,013 | ||||||
Swift Transportation Co.†# | 50,412 | 805,080 | ||||||
USA Truck, Inc.† | 5,615 | 111,963 | ||||||
Werner Enterprises, Inc. | 25,395 | 684,649 | ||||||
YRC Worldwide, Inc.† | 18,749 | 317,420 | ||||||
5,821,884 | ||||||||
Travel Services — 0.1% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A† | 42,814 | 1,281,851 | ||||||
Veterinary Diagnostics — 0.2% |
| |||||||
Heska Corp.† | 3,259 | 113,381 | ||||||
Neogen Corp.† | 21,204 | 1,252,308 | ||||||
Phibro Animal Health Corp., Class A | 9,996 | 324,570 | ||||||
1,690,259 | ||||||||
Virtual Reality Products — 0.0% |
| |||||||
RealD, Inc.† | 23,095 | 242,498 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.† | 5,143 | 107,026 | ||||||
Natural Health Trends Corp.# | 4,511 | 218,287 | ||||||
Nature’s Sunshine Products, Inc. | 6,057 | 71,291 | ||||||
Nutraceutical International Corp.† | 4,801 | 119,929 | ||||||
Omega Protein Corp.† | 12,432 | 305,579 | ||||||
Synutra International, Inc.†# | 12,191 | 62,418 | ||||||
USANA Health Sciences, Inc.† | 3,231 | 432,760 | ||||||
1,317,290 | ||||||||
Water — 0.3% |
| |||||||
American States Water Co. | 21,626 | 904,616 | ||||||
Artesian Resources Corp., Class A | 4,486 | 117,578 | ||||||
California Water Service Group | 27,408 | 617,502 | ||||||
Connecticut Water Service, Inc. | 6,384 | 231,803 | ||||||
Consolidated Water Co., Ltd.# | 8,434 | 102,557 | ||||||
Middlesex Water Co. | 9,240 | 236,821 | ||||||
PICO Holdings, Inc.† | 13,169 | 142,620 | ||||||
SJW Corp. | 9,067 | 275,365 | ||||||
York Water Co. | 7,360 | 175,610 | ||||||
2,804,472 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
Endurance International Group Holdings, Inc.†# | 33,554 | 468,749 | ||||||
NIC, Inc. | 37,519 | 765,763 | ||||||
Q2 Holdings, Inc.† | 11,149 | 306,374 | ||||||
Web.com Group, Inc.† | 25,084 | 607,284 | ||||||
Wix.com, Ltd.†# | 10,715 | 266,268 | ||||||
2,414,438 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Web Portals/ISP — 0.0% |
| |||||||
Blucora, Inc.† | 23,419 | $ | 248,944 | |||||
Wire & Cable Products — 0.3% |
| |||||||
Belden, Inc. | 24,414 | 1,532,467 | ||||||
Encore Wire Corp. | 11,872 | 518,450 | ||||||
General Cable Corp. | 27,985 | 426,492 | ||||||
Insteel Industries, Inc. | 10,553 | 257,493 | ||||||
2,734,902 | ||||||||
Wireless Equipment — 0.4% |
| |||||||
Aerohive Networks, Inc.†# | 13,362 | 81,508 | ||||||
CalAmp Corp.† | 20,736 | 383,201 | ||||||
Gogo, Inc.†# | 32,159 | 577,254 | ||||||
InterDigital, Inc. | 20,646 | 1,087,838 | ||||||
Novatel Wireless, Inc.†# | 21,569 | 39,687 | ||||||
Telenav, Inc.† | 16,175 | 115,004 | ||||||
Ubiquiti Networks, Inc.†# | 17,530 | 611,622 | ||||||
ViaSat, Inc.†# | 24,452 | 1,515,535 | ||||||
4,411,649 | ||||||||
Total Common Stocks | ||||||||
(cost $792,720,436) | 1,010,664,933 | |||||||
WARRANTS — 0.0% |
| |||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
Magnum Hunter Resources Corp.†# | ||||||||
Expires 04/15/2016 | ||||||||
(strike price $8.50) | 11,522 | 0 | ||||||
Real Estate Management/Services — 0.0% |
| |||||||
Tejon Ranch Co.† | 1,332 | 21 | ||||||
Total Warrants | ||||||||
(cost $9,583) | 21 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $792,730,019) | 1,010,664,954 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 13.1% |
| |||||||
Registered Investment Companies — 11.3% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(4)(7) | 119,932,894 | 119,932,894 | ||||||
U.S. Government Treasuries — 1.8% |
| |||||||
United States Treasury Bills | ||||||||
0.00% due 12/17/2015(3) | $ | 8,500,000 | 8,499,804 | |||||
0.03% due 12/03/2015 | 10,000,000 | 9,999,970 | ||||||
18,499,774 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $138,432,879) | 138,432,668 | |||||||
REPURCHASE AGREEMENTS — 2.5% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(5) | 26,188,000 | 26,188,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $957,350,898)(6) | 111.1 | % | 1,175,285,622 | |||||
Liabilities in excess of other assets | (11.1 | ) | (117,285,223 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,058,000,399 | ||||
† | Non-income producing security |
# | The security or a portion there of 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. |
227 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
(2) | Illiquid security. At November 30, 2015, the aggregate value of these securities was $10,033 representing 0.0% of net assets. |
(3) | The security or a portion there of was pledged as collateral to cover margin requirements for open futures contracts. |
(4) | At November 30, 2015, the Fund had loaned securities with a total value of $120,710,186. This was secured by collateral of $119,932,894, which was received in cash and subsequently invested in short-term investments currently valued at $119,932,894 as reported in the portfolio of investments. Additional collateral of $4,762,440 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 November 30, 2015 | |||||
Federal National Mtg. Assoc. | 0.75% | 04/20/2017 | $ | 245,871 | ||||
United States Treasury Bills | 0.00% | 12/03/2015 to 10/13/2016 | 325,292 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.88% | 01/15/2016 to 05/15/2045 | 4,191,277 |
(5) | See Note 2 for details of Joint Repurchase Agreements. |
(6) | See Note 5 for cost of investments on a tax basis. |
(7) | The rate shown is the 7-day yield as of November 30, 2015. |
(8) | Fair valued security. Securities are classified as Level 2 based on the securities valuation input; see Note 2. |
CVR—Contingent Value Rights
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
380 | Long | Russelll 2000 Mini Index | December 2015 | $ | 43,634,945 | $ | 45,444,200 | $ | 1,809,255 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 91,159 | $ | — | $ | 0 | $ | 91,159 | ||||||||
Investment Companies | 316,741 | 32,959 | — | 349,700 | ||||||||||||
Medical — Biomedical/Gene | 39,361,177 | — | 2,429 | 39,363,606 | ||||||||||||
Medical — Drugs | 26,064,132 | — | 0 | 26,064,132 | ||||||||||||
Oil Companies — Exploration & Production | 10,997,688 | — | 0 | 10,997,688 | ||||||||||||
Other Industries | 933,798,648 | — | — | 933,798,648 | ||||||||||||
Warrants: | ||||||||||||||||
Oil Companies — Exploration & Production | — | 0 | — | 0 | ||||||||||||
Other Industries | 21 | — | — | 21 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 119,932,894 | — | — | 119,932,894 | ||||||||||||
U.S. Government Treasuries | — | 18,499,774 | — | 18,499,774 | ||||||||||||
Repurchase Agreements | — | 26,188,000 | — | 26,188,000 | ||||||||||||
Total Investments at Value | $ | 1,130,562,460 | $ | 44,720,733 | $ | 2,429 | $ | 1,175,285,622 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,809,255 | $ | — | $ | — | $ | 1,809,255 | ||||||||
* | 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
228 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Banks — Commercial | 10.3 | % | ||
Real Estate Investment Trusts | 5.9 | |||
Retail — Restaurants | 3.6 | |||
Time Deposits | 3.6 | |||
Electronic Components — Misc. | 3.6 | |||
Registered Investment Companies | 3.1 | |||
Insurance — Reinsurance | 2.9 | |||
Chemicals — Specialty | 2.9 | |||
Computer Services | 2.5 | |||
Consumer Products — Misc. | 2.5 | |||
Electric — Integrated | 2.2 | |||
Insurance — Property/Casualty | 2.0 | |||
Machinery — Electrical | 1.9 | |||
Investment Management/Advisor Services | 1.7 | |||
Oil Companies — Exploration & Production | 1.6 | |||
Savings & Loans/Thrifts | 1.6 | |||
Paper & Related Products | 1.6 | |||
Electronic Measurement Instruments | 1.6 | |||
Electronic Components — Semiconductors | 1.4 | |||
Building Products — Cement | 1.4 | |||
Metal Processors & Fabrication | 1.3 | |||
Medical — Biomedical/Gene | 1.3 | |||
Medical Products | 1.3 | |||
Insurance Brokers | 1.2 | |||
Retail — Apparel/Shoe | 1.1 | |||
Building & Construction Products — Misc. | 1.1 | |||
Food — Canned | 1.1 | |||
Diversified Manufacturing Operations | 1.0 | |||
Engineering/R&D Services | 1.0 | |||
Chemicals — Diversified | 1.0 | |||
Auto/Truck Parts & Equipment — Replacement | 1.0 | |||
Miscellaneous Manufacturing | 0.9 | |||
Machinery — General Industrial | 0.9 | |||
Medical — Wholesale Drug Distribution | 0.9 | |||
Oil & Gas Drilling | 0.9 | |||
Batteries/Battery Systems | 0.8 | |||
Medical Imaging Systems | 0.8 | |||
Human Resources | 0.8 | |||
Investment Companies | 0.7 | |||
Office Supplies & Forms | 0.7 | |||
Networking Products | 0.7 | |||
Diversified Operations/Commercial Services | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Dental Supplies & Equipment | 0.7 | |||
Oil — Field Services | 0.7 | |||
Funeral Services & Related Items | 0.7 | |||
Lasers — System/Components | 0.6 | |||
Printing — Commercial | 0.6 | |||
Containers — Metal/Glass | 0.6 | |||
Garden Products | 0.6 | |||
Beverages — Non-alcoholic | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Medical — HMO | 0.6 | |||
Chemicals — Plastics | 0.6 | |||
Identification Systems | 0.6 | |||
Telecommunication Equipment | 0.6 | |||
Transactional Software | 0.5 | |||
Applications Software | 0.5 | |||
Disposable Medical Products | 0.5 | |||
Finance — Leasing Companies | 0.5 | |||
Distribution/Wholesale | 0.5 | |||
Housewares | 0.5 | |||
Computers — Memory Devices | 0.5 | |||
Publishing — Newspapers | 0.4 | |||
Electronic Parts Distribution | 0.4 | |||
Medical — Hospitals | 0.4 | |||
Medical Instruments | 0.4 | |||
Commercial Services | 0.4 |
Data Processing/Management | 0.4 | |||
Multimedia | 0.4 | |||
E — Marketing/Info | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Rubber — Tires | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Building Products — Wood | 0.3 | |||
Computers — Periphery Equipment | 0.3 | |||
Engines — Internal Combustion | 0.3 | |||
Food — Retail | 0.3 | |||
Electronic Design Automation | 0.3 | |||
Gold Mining | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Security Services | 0.3 | |||
Rental Auto/Equipment | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Textile — Products | 0.2 | |||
Retail — Discount | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Publishing — Books | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Building — Maintenance & Services | 0.2 | |||
Schools | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Consulting Services | 0.1 | |||
Silver Mining | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
Precious Metals | 0.1 | |||
Telecom Services | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
102.8 | % | |||
* | Calculated as a percentage of net assets |
229 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS — 96.1% |
| |||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
AAR Corp. | 33,066 | $ | 812,101 | |||||
Orbital ATK, Inc. | 1,855 | 159,363 | ||||||
Triumph Group, Inc. | 16,230 | 650,012 | ||||||
1,621,476 | ||||||||
Apparel Manufacturers — 0.4% |
| |||||||
Delta Apparel, Inc.† | 52,991 | 804,403 | ||||||
Applications Software — 0.5% |
| |||||||
Progress Software Corp.† | 50,423 | 1,209,648 | ||||||
Auto/Truck Parts & Equipment - Original — 0.6% |
| |||||||
American Axle & Manufacturing Holdings, Inc.† | 57,798 | 1,315,482 | ||||||
Auto/Truck Parts & Equipment - Replacement — 1.0% |
| |||||||
Douglas Dynamics, Inc. | 94,284 | 2,193,046 | ||||||
Banks - Commercial — 10.3% |
| |||||||
Associated Banc-Corp. | 152,240 | 3,122,442 | ||||||
BBCN Bancorp, Inc. | 38,016 | 718,883 | ||||||
Chemical Financial Corp. | 8,924 | 328,849 | ||||||
First Citizens BancShares, Inc., Class A | 14,411 | 3,817,762 | ||||||
First Midwest Bancorp, Inc. | 32,340 | 631,924 | ||||||
FirstMerit Corp. | 61,975 | 1,253,754 | ||||||
Fulton Financial Corp. | 83,940 | 1,214,612 | ||||||
Hancock Holding Co. | 80,458 | 2,342,937 | ||||||
International Bancshares Corp. | 24,596 | 750,424 | ||||||
Old National Bancorp | 73,870 | 1,089,583 | ||||||
Prosperity Bancshares, Inc. | 14,117 | 782,223 | ||||||
TCF Financial Corp. | 173,492 | 2,657,898 | ||||||
UMB Financial Corp. | 47,432 | 2,499,666 | ||||||
Umpqua Holdings Corp. | 25,170 | 451,046 | ||||||
WesBanco, Inc. | 12,566 | 426,239 | ||||||
Wintrust Financial Corp. | 26,234 | 1,380,695 | ||||||
23,468,937 | ||||||||
Batteries/Battery Systems — 0.8% |
| |||||||
EnerSys | 32,377 | 1,907,005 | ||||||
Beverages - Non-alcoholic — 0.6% |
| |||||||
Cott Corp. | 128,742 | 1,346,641 | ||||||
Building & Construction Products - Misc. — 1.1% |
| |||||||
Simpson Manufacturing Co., Inc. | 68,215 | 2,532,823 | ||||||
Building & Construction - Misc. — 0.2% |
| |||||||
Aegion Corp.† | 23,288 | 513,268 | ||||||
Building Products - Cement — 1.4% |
| |||||||
Eagle Materials, Inc. | 45,729 | 3,158,959 | ||||||
Building Products - Wood — 0.3% |
| |||||||
Universal Forest Products, Inc. | 10,010 | 773,373 | ||||||
Building - Heavy Construction — 0.4% |
| |||||||
Tutor Perini Corp.† | 45,528 | 857,748 | ||||||
Building - Maintenance & Services — 0.2% |
| |||||||
ABM Industries, Inc. | 13,645 | 404,847 | ||||||
Building - Residential/Commercial — 0.3% |
| |||||||
KB Home | 45,640 | 643,068 | ||||||
Chemicals - Diversified — 1.0% |
| |||||||
Innophos Holdings, Inc. | 5,354 | 159,121 | ||||||
Innospec, Inc. | 25,783 | 1,505,727 | ||||||
Olin Corp. | 24,425 | 531,732 | ||||||
2,196,580 | ||||||||
Chemicals - Plastics — 0.6% |
| |||||||
A. Schulman, Inc. | 37,284 | 1,290,399 | ||||||
Security Description | Shares | (Note 2) | ||||||
Chemicals - Specialty — 2.9% |
| |||||||
Cabot Corp. | 25,389 | $ | 1,105,437 | |||||
H.B. Fuller Co. | 33,970 | 1,352,346 | ||||||
Quaker Chemical Corp. | 21,622 | 1,842,843 | ||||||
Sensient Technologies Corp. | 25,728 | 1,719,660 | ||||||
Stepan Co. | 13,290 | 691,877 | ||||||
6,712,163 | ||||||||
Commercial Services — 0.4% |
| |||||||
HMS Holdings Corp.† | 77,342 | 938,158 | ||||||
Commercial Services - Finance — 0.4% |
| |||||||
Liberty Tax, Inc. | 39,136 | 866,471 | ||||||
Computer Services — 2.5% |
| |||||||
DST Systems, Inc. | 16,820 | 2,056,750 | ||||||
Science Applications International Corp. | 10,425 | 523,752 | ||||||
Sykes Enterprises, Inc.† | 65,990 | 2,099,802 | ||||||
Teradata Corp.† | 36,432 | 1,089,681 | ||||||
5,769,985 | ||||||||
Computers - Memory Devices — 0.5% |
| |||||||
Brocade Communications Systems, Inc. | 27,333 | 256,520 | ||||||
Imation Corp.†# | 419,142 | 817,327 | ||||||
1,073,847 | ||||||||
Computers - Periphery Equipment — 0.3% |
| |||||||
Lexmark International, Inc., Class A | 22,370 | 768,186 | ||||||
Consulting Services — 0.1% |
| |||||||
Navigant Consulting, Inc.† | 14,170 | 247,975 | ||||||
Consumer Products - Misc. — 2.5% |
| |||||||
Central Garden & Pet Co.† | 62,143 | 917,852 | ||||||
Helen of Troy, Ltd.† | 19,907 | 2,058,583 | ||||||
Spectrum Brands Holdings, Inc. | 14,361 | 1,360,130 | ||||||
WD-40 Co. | 14,257 | 1,408,164 | ||||||
5,744,729 | ||||||||
Containers - Metal/Glass — 0.6% |
| |||||||
Owens-Illinois, Inc.† | 21,000 | 405,090 | ||||||
Silgan Holdings, Inc. | 18,637 | 1,012,548 | ||||||
1,417,638 | ||||||||
Data Processing/Management — 0.4% |
| |||||||
Acxiom Corp.† | 12,621 | 289,021 | ||||||
CSG Systems International, Inc. | 17,610 | 629,205 | ||||||
918,226 | ||||||||
Dental Supplies & Equipment — 0.7% |
| |||||||
Patterson Cos., Inc. | 35,410 | 1,613,634 | ||||||
Diagnostic Kits — 0.4% |
| |||||||
Meridian Bioscience, Inc. | 43,387 | 849,084 | ||||||
Disposable Medical Products — 0.5% |
| |||||||
STERIS PLC# | 15,808 | 1,207,415 | ||||||
Distribution/Wholesale — 0.5% |
| |||||||
Ingram Micro, Inc., Class A | 37,444 | 1,158,143 | ||||||
Diversified Manufacturing Operations — 1.0% |
| |||||||
Barnes Group, Inc. | 34,082 | 1,312,839 | ||||||
Crane Co. | 17,598 | 915,448 | ||||||
2,228,287 | ||||||||
Diversified Operations/Commercial Services — 0.7% | ||||||||
Viad Corp. | 53,263 | 1,644,229 | ||||||
E-Marketing/Info — 0.4% | ||||||||
New Media Investment Group, Inc.# | 48,447 | 882,220 | ||||||
230 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Electric - Integrated — 2.2% | ||||||||
ALLETE, Inc. | 19,339 | $ | 985,322 | |||||
Hawaiian Electric Industries, Inc. | 56,824 | 1,624,030 | ||||||
IDACORP, Inc. | 17,548 | 1,193,966 | ||||||
Portland General Electric Co. | 31,961 | 1,180,000 | ||||||
4,983,318 | ||||||||
Electronic Components - Misc. — 3.6% | ||||||||
AVX Corp. | 102,142 | 1,377,895 | ||||||
Celestica, Inc.† | 32,905 | 371,168 | ||||||
GSI Group, Inc.† | 173,631 | 2,488,132 | ||||||
Sanmina Corp.† | 33,992 | 770,599 | ||||||
Vishay Intertechnology, Inc. | 264,967 | 3,158,407 | ||||||
8,166,201 | ||||||||
Electronic Components - Semiconductors — 1.4% | ||||||||
ChipMOS TECHNOLOGIES Bermuda, Ltd. | 10,949 | 211,425 | ||||||
Diodes, Inc.† | 14,300 | 333,047 | ||||||
DSP Group, Inc.† | 72,863 | 759,961 | ||||||
IXYS Corp. | 18,995 | 241,806 | ||||||
Microsemi Corp.† | 28,645 | 1,031,507 | ||||||
QLogic Corp.† | 52,709 | 679,946 | ||||||
3,257,692 | ||||||||
Electronic Design Automation — 0.3% | ||||||||
Mentor Graphics Corp. | 36,225 | 678,494 | ||||||
Electronic Measurement Instruments — 1.6% | ||||||||
ESCO Technologies, Inc. | 43,090 | 1,690,421 | ||||||
Itron, Inc.† | 16,410 | 589,939 | ||||||
Orbotech, Ltd.† | 63,146 | 1,290,073 | ||||||
3,570,433 | ||||||||
Electronic Parts Distribution — 0.4% | ||||||||
Tech Data Corp.† | 14,220 | 961,983 | ||||||
Engineering/R&D Services — 1.0% | ||||||||
EMCOR Group, Inc. | 43,850 | 2,210,040 | ||||||
Engines - Internal Combustion — 0.3% | ||||||||
Briggs & Stratton Corp. | 39,938 | 760,420 | ||||||
Finance - Consumer Loans — 0.1% | ||||||||
Nelnet, Inc., Class A | 8,893 | 293,469 | ||||||
Finance - Leasing Companies — 0.5% | ||||||||
Aircastle, Ltd. | 55,408 | 1,161,352 | ||||||
Food - Canned — 1.1% | ||||||||
TreeHouse Foods, Inc.† | 29,193 | 2,524,027 | ||||||
Food - Misc./Diversified — 0.1% | ||||||||
SunOpta, Inc.† | 34,110 | 243,204 | ||||||
Food - Retail — 0.3% | ||||||||
SUPERVALU, Inc.† | 112,619 | 756,800 | ||||||
Food - Wholesale/Distribution — 0.1% | ||||||||
SpartanNash Co. | 11,620 | 251,224 | ||||||
Funeral Services & Related Items — 0.7% | ||||||||
Matthews International Corp., Class A | 24,879 | 1,488,013 | ||||||
Garden Products — 0.6% | ||||||||
Scotts Miracle-Gro Co., Class A | 19,707 | 1,375,352 | ||||||
Gold Mining — 0.3% | ||||||||
Royal Gold, Inc. | 18,418 | 662,127 | ||||||
Housewares — 0.5% | ||||||||
Tupperware Brands Corp. | 19,889 | 1,129,099 | ||||||
Human Resources — 0.8% | ||||||||
Korn/Ferry International | 47,126 | 1,734,237 | ||||||
Security Description | Shares | (Note 2) | ||||||
Identification Systems — 0.6% | ||||||||
Brady Corp., Class A | 47,516 | $ | 1,253,947 | |||||
Insurance Brokers — 1.2% | ||||||||
Brown & Brown, Inc. | 82,818 | 2,688,272 | ||||||
Insurance - Life/Health — 0.7% | ||||||||
Fidelity & Guaranty Life | 25,415 | 652,657 | ||||||
Symetra Financial Corp. | 31,171 | 981,263 | ||||||
1,633,920 | ||||||||
Insurance - Property/Casualty — 2.0% | ||||||||
Hanover Insurance Group, Inc. | 13,210 | 1,117,566 | ||||||
ProAssurance Corp. | 41,998 | 2,222,114 | ||||||
Stewart Information Services Corp. | 28,010 | 1,213,954 | ||||||
4,553,634 | ||||||||
Insurance - Reinsurance — 2.9% | ||||||||
Aspen Insurance Holdings, Ltd. | 18,519 | 935,580 | ||||||
Endurance Specialty Holdings, Ltd. | 37,287 | 2,459,450 | ||||||
RenaissanceRe Holdings, Ltd. | 8,509 | 942,457 | ||||||
Validus Holdings, Ltd. | 50,443 | 2,379,901 | ||||||
6,717,388 | ||||||||
Investment Companies — 0.7% | ||||||||
Apollo Investment Corp.# | 121,493 | 771,481 | ||||||
New Mountain Finance Corp.# | 46,978 | 665,678 | ||||||
Prospect Capital Corp. | 31,398 | 235,485 | ||||||
1,672,644 | ||||||||
Investment Management/Advisor Services — 1.7% | ||||||||
CIFC Corp. | 40,429 | 283,003 | ||||||
Janus Capital Group, Inc. | 60,634 | 957,411 | ||||||
Waddell & Reed Financial, Inc., Class A | 12,890 | 482,086 | ||||||
Westwood Holdings Group, Inc. | 36,736 | 2,143,545 | ||||||
3,866,045 | ||||||||
Lasers - System/Components — 0.6% | ||||||||
Coherent, Inc.† | 21,370 | 1,451,450 | ||||||
Machinery - Construction & Mining — 0.2% | ||||||||
Hyster-Yale Materials Handling, Inc. | 7,442 | 430,371 | ||||||
Machinery - Electrical — 1.9% | ||||||||
Babcock & Wilcox Enterprises, Inc.† | 12,047 | 230,700 | ||||||
Franklin Electric Co., Inc. | 78,573 | 2,562,266 | ||||||
Regal Beloit Corp. | 24,746 | 1,595,127 | ||||||
4,388,093 | ||||||||
Machinery - General Industrial — 0.9% | ||||||||
Kadant, Inc. | 47,851 | 2,072,427 | ||||||
Medical Imaging Systems — 0.8% | ||||||||
Analogic Corp. | 20,797 | 1,737,589 | ||||||
Medical Instruments — 0.4% | ||||||||
CryoLife, Inc. | 45,251 | 491,426 | ||||||
Integra LifeSciences Holdings Corp.† | 7,465 | 468,130 | ||||||
959,556 | ||||||||
Medical Products — 1.3% | ||||||||
Haemonetics Corp.† | 35,725 | 1,151,774 | ||||||
Halyard Health, Inc.† | 28,196 | 901,990 | ||||||
Hill-Rom Holdings, Inc. | 17,606 | 896,321 | ||||||
2,950,085 | ||||||||
Medical - Biomedical/Gene — 1.3% | ||||||||
Bio-Rad Laboratories, Inc., Class A† | 8,921 | 1,246,442 | ||||||
Charles River Laboratories International, Inc.† | 5,915 | 452,912 | ||||||
Myriad Genetics, Inc.† | 11,665 | 507,427 | ||||||
Theravance, Inc.# | 83,324 | 770,747 | ||||||
2,977,528 | ||||||||
231 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - HMO — 0.6% | ||||||||
Triple-S Management Corp., Class B† | 15,408 | $ | 407,387 | |||||
WellCare Health Plans, Inc.† | 10,883 | 897,630 | ||||||
1,305,017 | ||||||||
Medical - Hospitals — 0.4% | ||||||||
Select Medical Holdings Corp. | 79,530 | 959,927 | ||||||
Medical - Wholesale Drug Distribution — 0.9% | ||||||||
Owens & Minor, Inc. | 51,131 | 1,969,055 | ||||||
Metal Processors & Fabrication — 1.3% | ||||||||
Global Brass & Copper Holdings, Inc. | 19,318 | 449,337 | ||||||
Mueller Industries, Inc. | 80,652 | 2,539,731 | ||||||
2,989,068 | ||||||||
Miscellaneous Manufacturing — 0.9% | ||||||||
Hillenbrand, Inc. | 68,669 | 2,079,984 | ||||||
Multimedia — 0.4% | ||||||||
Meredith Corp. | 19,045 | 888,449 | ||||||
Networking Products — 0.7% | ||||||||
NETGEAR, Inc.† | 37,473 | 1,652,934 | ||||||
Office Supplies & Forms — 0.7% | ||||||||
ACCO Brands Corp.† | 215,015 | 1,659,916 | ||||||
Oil & Gas Drilling — 0.9% | ||||||||
Atwood Oceanics, Inc.# | 67,776 | 1,076,283 | ||||||
Patterson-UTI Energy, Inc. | 54,603 | 885,661 | ||||||
1,961,944 | ||||||||
Oil Companies - Exploration & Production — 1.6% | ||||||||
Bellatrix Exploration, Ltd.† | 100,480 | 161,773 | ||||||
Denbury Resources, Inc. | 71,810 | 265,697 | ||||||
Energen Corp. | 15,373 | 911,465 | ||||||
Gran Tierra Energy, Inc.† | 116,720 | 291,800 | ||||||
Gulfport Energy Corp.† | 28,626 | 727,673 | ||||||
PDC Energy, Inc.† | 11,920 | 673,361 | ||||||
RSP Permian, Inc.† | 17,224 | 488,817 | ||||||
Ultra Petroleum Corp.† | 53,525 | 214,635 | ||||||
3,735,221 | ||||||||
Oil - Field Services — 0.7% | ||||||||
CARBO Ceramics, Inc.# | 30,469 | 567,942 | ||||||
Steel Excel, Inc.† | 63,655 | 930,636 | ||||||
1,498,578 | ||||||||
Paper & Related Products — 1.6% | ||||||||
Neenah Paper, Inc. | 26,044 | 1,731,145 | ||||||
Schweitzer-Mauduit International, Inc. | 44,824 | 1,874,539 | ||||||
3,605,684 | ||||||||
Precious Metals — 0.1% | ||||||||
Coeur Mining, Inc.† | 69,733 | 178,516 | ||||||
Printing - Commercial — 0.6% | ||||||||
Quad/Graphics, Inc. | 49,559 | 511,449 | ||||||
RR Donnelley & Sons Co. | 57,927 | 932,045 | ||||||
1,443,494 | ||||||||
Publishing - Books — 0.2% | ||||||||
John Wiley & Sons, Inc., Class A | 8,342 | 430,364 | ||||||
Publishing - Newspapers — 0.4% | ||||||||
A.H. Belo Corp., Class A | 179,264 | 993,123 | ||||||
Real Estate Investment Trusts — 5.9% | ||||||||
Apollo Commercial Real Estate Finance, Inc. | 40,142 | 704,492 | ||||||
Apollo Residential Mortgage, Inc. | 35,042 | 454,845 | ||||||
Ashford Hospitality Prime, Inc. | 22,450 | 318,790 |
Security Description | Shares | (Note 2) | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Ashford Hospitality Trust, Inc. | 69,305 | $ | 487,214 | |||||
Brandywine Realty Trust | 77,290 | 1,063,510 | ||||||
CBL & Associates Properties, Inc. | 44,879 | 586,569 | ||||||
GEO Group, Inc. | 25,049 | 734,437 | ||||||
Gramercy Property Trust, Inc. | 48,236 | 1,152,358 | ||||||
Hatteras Financial Corp. | 126,815 | 1,785,555 | ||||||
Hospitality Properties Trust | 19,644 | 545,514 | ||||||
LaSalle Hotel Properties | 39,492 | 1,114,069 | ||||||
Mack-Cali Realty Corp. | 56,191 | 1,320,489 | ||||||
Medical Properties Trust, Inc. | 75,275 | 904,053 | ||||||
New Residential Investment Corp. | 57,210 | 727,711 | ||||||
Pennsylvania Real Estate Investment Trust | 46,847 | 1,010,021 | ||||||
RAIT Financial Trust | 131,168 | 566,646 | ||||||
13,476,273 | ||||||||
Rental Auto/Equipment — 0.2% | ||||||||
Aaron’s, Inc. | 11,565 | 280,683 | ||||||
Rent-A-Center, Inc. | 15,184 | 260,557 | ||||||
541,240 | ||||||||
Retail - Apparel/Shoe — 1.1% | ||||||||
Ascena Retail Group, Inc.† | 26,975 | 305,627 | ||||||
Buckle, Inc.# | 38,775 | 1,231,106 | ||||||
Christopher & Banks Corp.†# | 122,467 | 171,454 | ||||||
Finish Line, Inc., Class A | 12,630 | 209,531 | ||||||
Guess?, Inc.# | 31,400 | 618,266 | ||||||
2,535,984 | ||||||||
Retail - Convenience Store — 0.1% | ||||||||
TravelCenters of America LLC† | 11,900 | 118,286 | ||||||
Retail - Discount — 0.2% | ||||||||
Big Lots, Inc. | 10,150 | 456,648 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Movado Group, Inc. | 9,500 | 254,125 | ||||||
Retail - Restaurants — 3.6% |
| |||||||
Bloomin’ Brands, Inc. | 12,450 | 215,509 | ||||||
Brinker International, Inc. | 15,345 | 700,039 | ||||||
Denny’s Corp.† | 89,318 | 861,025 | ||||||
DineEquity, Inc. | 28,046 | 2,379,423 | ||||||
Krispy Kreme Doughnuts, Inc.† | 125,042 | 1,768,094 | ||||||
Ruby Tuesday, Inc.† | 112,596 | 622,656 | ||||||
Wendy’s Co. | 167,733 | 1,762,874 | ||||||
8,309,620 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Big 5 Sporting Goods Corp. | 17,108 | 165,263 | ||||||
Rubber - Tires — 0.4% |
| |||||||
Cooper Tire & Rubber Co. | 19,830 | 832,662 | ||||||
Savings & Loans/Thrifts — 1.6% |
| |||||||
Clifton Bancorp, Inc. | 48,178 | 714,962 | ||||||
First Niagara Financial Group, Inc. | 167,867 | 1,809,606 | ||||||
Washington Federal, Inc. | 46,500 | 1,201,560 | ||||||
3,726,128 | ||||||||
Schools — 0.1% |
| |||||||
DeVry Education Group, Inc. | 13,385 | 317,894 | ||||||
Security Services — 0.3% |
| |||||||
Brink’s Co. | 19,940 | 641,669 | ||||||
Semiconductor Components - Integrated Circuits — 0.2% |
| |||||||
Exar Corp.† | 71,623 | 461,252 | ||||||
Semiconductor Equipment — 0.2% |
| |||||||
Kulicke & Soffa Industries, Inc.† | 35,795 | 422,739 | ||||||
232 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Silver Mining — 0.1% |
| |||||||
Pan American Silver Corp. | 34,994 | $ | 243,558 | |||||
Steel Pipe & Tube — 0.2% |
| |||||||
TimkenSteel Corp. | 48,884 | 499,106 | ||||||
Telecom Services — 0.1% |
| |||||||
Aviat Networks, Inc.† | 180,935 | 168,270 | ||||||
Telecommunication Equipment — 0.6% |
| |||||||
ARRIS Group, Inc.† | 11,921 | 364,425 | ||||||
Plantronics, Inc. | 16,690 | 883,068 | ||||||
1,247,493 | ||||||||
Textile - Products — 0.2% |
| |||||||
Dixie Group, Inc.†# | 81,342 | 458,769 | ||||||
Transactional Software — 0.5% |
| |||||||
ACI Worldwide, Inc.† | 51,750 | 1,217,160 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $201,501,174) | 219,283,940 | |||||||
Security Description | | Shares/ Principal Amount | |
| Value (Note 2) |
| ||
SHORT-TERM INVESTMENT SECURITIES — 6.7% |
| |||||||
Registered Investment Companies — 3.1% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | 7,067,134 | $ | 7,067,134 | |||||
Time Deposits — 3.6% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 8,178,000 | 8,178,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $15,245,134) | 15,245,134 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $216,746,308)(3) | 102.8 | % | 234,529,074 | |||||
Liabilities in excess of other assets | (2.8 | ) | (6,372,957 | ) | ||||
NET ASSETS | 100.0 | % | $ | 228,156,117 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $6,887,301. This was secured by collateral of $7,067,134, which was received in cash and subsequently invested in short-term investments currently valued at $7,067,134 as reported in the Portfolio of Investments. |
(2) | The rate shown is the 7-day yield as of November 30, 2015. |
(3) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 219,283,940 | $ | — | $ | — | $ | 219,283,940 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 7,067,134 | — | — | 7,067,134 | ||||||||||||
Time Deposits | — | 8,178,000 | — | 8,178,000 | ||||||||||||
Total Investments at Value | $ | 226,351,074 | $ | 8,178,000 | $ | — | $ | 234,529,074 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
233 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Registered Investment Companies | 14.1 | % | ||
Applications Software | 5.7 | |||
Retail — Restaurants | 4.6 | |||
Commercial Services — Finance | 4.4 | |||
Medical — Drugs | 4.3 | |||
Banks — Commercial | 4.0 | |||
Retail — Apparel/Shoe | 3.4 | |||
Medical — Biomedical/Gene | 3.0 | |||
Medical Products | 2.9 | |||
Medical — Hospitals | 2.9 | |||
Food — Misc./Diversified | 2.5 | |||
Instruments — Controls | 2.1 | |||
Transactional Software | 2.1 | |||
Retail — Perfume & Cosmetics | 2.0 | |||
Real Estate Investment Trusts | 2.0 | |||
Machinery — General Industrial | 2.0 | |||
Coatings/Paint | 2.0 | |||
Machinery — Pumps | 1.9 | |||
Enterprise Software/Service | 1.8 | |||
Retail — Gardening Products | 1.8 | |||
Electronic Components — Semiconductors | 1.7 | |||
Building — Heavy Construction | 1.7 | |||
Computers — Periphery Equipment | 1.7 | |||
Building & Construction Products — Misc. | 1.7 | |||
Internet Application Software | 1.6 | |||
Food — Retail | 1.6 | |||
Telecom Services | 1.5 | |||
Commercial Services | 1.5 | |||
Retail — Home Furnishings | 1.5 | |||
Auto/Truck Parts & Equipment — Original | 1.5 | |||
Distribution/Wholesale | 1.4 | |||
Drug Delivery Systems | 1.4 | |||
Retail — Auto Parts | 1.4 | |||
Computer Software | 1.4 | |||
Electronic Connectors | 1.4 | |||
Apparel Manufacturers | 1.3 | |||
Diagnostic Equipment | 1.3 | |||
Hazardous Waste Disposal | 1.3 | |||
Instruments — Scientific | 1.3 | |||
Chemicals — Specialty | 1.2 | |||
Consumer Products — Misc. | 1.2 | |||
Food — Canned | 1.2 | |||
Retail — Misc./Diversified | 1.1 | |||
Power Converter/Supply Equipment | 1.0 | |||
Transport — Rail | 1.0 | |||
Transport — Truck | 1.0 | |||
Oil Field Machinery & Equipment | 0.9 | |||
Building — Residential/Commercial | 0.7 | |||
Finance — Consumer Loans | 0.7 | |||
Aerospace/Defense | 0.6 | |||
Retail — Pet Food & Supplies | 0.6 | |||
Office Supplies & Forms | 0.6 | |||
Physicians Practice Management | 0.6 | |||
Consulting Services | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Web Hosting/Design | 0.5 | |||
Financial Guarantee Insurance | 0.5 | |||
Therapeutics | 0.5 | |||
Television | 0.4 | |||
Banks — Super Regional | 0.3 | |||
Computers — Memory Devices | 0.2 | |||
113.5 | % | |||
* | Calculated as a percentage of net assets |
234 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.4% | ||||||||
Aerospace/Defense — 0.6% | ||||||||
Aerovironment, Inc.† | 30,420 | $ | 778,144 | |||||
Apparel Manufacturers — 1.3% | ||||||||
Under Armour, Inc., Class A†# | 18,756 | 1,617,142 | ||||||
Applications Software — 5.7% | ||||||||
Demandware, Inc.†# | 29,791 | 1,523,810 | ||||||
NetSuite, Inc.†# | 7,451 | 636,315 | ||||||
Red Hat, Inc.† | 18,471 | 1,503,724 | ||||||
ServiceNow, Inc.† | 23,433 | 2,038,905 | ||||||
Tableau Software, Inc., Class A† | 13,666 | 1,326,012 | ||||||
7,028,766 | ||||||||
Auto/Truck Parts & Equipment - Original — 1.5% | ||||||||
BorgWarner, Inc. | 42,777 | 1,826,150 | ||||||
Banks - Commercial — 4.0% | ||||||||
Eagle Bancorp, Inc.† | 46,681 | 2,550,183 | ||||||
First Republic Bank | 35,313 | 2,431,653 | ||||||
4,981,836 | ||||||||
Banks - Super Regional — 0.3% | ||||||||
Independent Bank Group, Inc.# | 8,744 | 349,498 | ||||||
Building & Construction Products - Misc. — 1.7% | ||||||||
Fortune Brands Home & Security, Inc. | 37,259 | 2,048,127 | ||||||
Building - Heavy Construction — 1.7% | ||||||||
SBA Communications Corp., Class A† | 20,216 | 2,125,915 | ||||||
Building - Residential/Commercial — 0.7% | ||||||||
M/I Homes, Inc.† | 38,333 | 895,459 | ||||||
Chemicals - Specialty — 1.2% | ||||||||
Ashland, Inc.# | 13,477 | 1,518,184 | ||||||
Coatings/Paint — 2.0% | ||||||||
Axalta Coating Systems, Ltd.† | 83,392 | 2,420,036 | ||||||
Commercial Services — 1.5% | ||||||||
Healthcare Services Group, Inc. | 51,291 | 1,894,689 | ||||||
Commercial Services - Finance — 4.4% | ||||||||
EVERTEC, Inc. | 38,457 | 660,691 | ||||||
FleetCor Technologies, Inc.† | 9,997 | 1,536,639 | ||||||
Global Payments, Inc. | 19,144 | 1,356,352 | ||||||
Sabre Corp. | 66,595 | 1,948,570 | ||||||
5,502,252 | ||||||||
Computer Software — 1.4% | ||||||||
InterXion Holding NV† | 55,288 | 1,698,447 | ||||||
Computers - Memory Devices — 0.2% | ||||||||
Pure Storage, Inc., Class A†# | 17,850 | 230,443 | ||||||
Computers - Periphery Equipment — 1.7% | ||||||||
Electronics For Imaging, Inc.† | 33,526 | 1,645,456 | ||||||
Kornit Digital, Ltd.†# | 39,944 | 473,336 | ||||||
2,118,792 | ||||||||
Consulting Services — 0.5% | ||||||||
Advisory Board Co.† | 12,583 | 677,469 | ||||||
Consumer Products - Misc. — 1.2% | ||||||||
Jarden Corp.† | 31,410 | 1,466,219 | ||||||
Diagnostic Equipment — 1.3% | ||||||||
Cepheid† | 43,921 | 1,578,521 | ||||||
Distribution/Wholesale — 1.4% | ||||||||
LKQ Corp.† | 58,709 | 1,731,328 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Drug Delivery Systems — 1.4% | ||||||||
DexCom, Inc.† | 16,591 | $ | 1,410,567 | |||||
Revance Therapeutics, Inc.†# | 7,978 | 309,626 | ||||||
1,720,193 | ||||||||
E-Commerce/Services — 0.5% | ||||||||
Match Group, Inc.†# | 42,040 | 608,739 | ||||||
Electronic Components - Semiconductors — 1.7% | ||||||||
Qorvo, Inc.† | 37,217 | 2,161,191 | ||||||
Electronic Connectors — 1.4% | ||||||||
Amphenol Corp., Class A | 30,371 | 1,671,924 | ||||||
Enterprise Software/Service — 1.8% | ||||||||
Evolent Health, Inc.†# | 35,860 | 583,801 | ||||||
Guidewire Software, Inc.† | 18,268 | 1,083,840 | ||||||
OPOWER, Inc.†# | 59,943 | 562,865 | ||||||
2,230,506 | ||||||||
Finance - Consumer Loans — 0.7% | ||||||||
SLM Corp.† | 118,928 | 803,359 | ||||||
Financial Guarantee Insurance — 0.5% | ||||||||
MGIC Investment Corp.† | 62,829 | 599,389 | ||||||
Food - Canned — 1.2% | ||||||||
TreeHouse Foods, Inc.† | 16,861 | 1,457,802 | ||||||
Food - Misc./Diversified — 2.5% | ||||||||
Blue Buffalo Pet Products, Inc.†# | 33,504 | 602,067 | ||||||
Hain Celestial Group, Inc.† | 23,058 | 984,577 | ||||||
McCormick & Co., Inc.# | 18,080 | 1,553,433 | ||||||
3,140,077 | ||||||||
Food - Retail — 1.6% | ||||||||
Sprouts Farmers Market, Inc.† | 19,720 | 475,844 | ||||||
Whole Foods Market, Inc. | 49,862 | 1,453,477 | ||||||
1,929,321 | ||||||||
Hazardous Waste Disposal — 1.3% | ||||||||
Stericycle, Inc.†# | 13,062 | 1,576,845 | ||||||
Instruments - Controls — 2.1% | ||||||||
Mettler-Toledo International, Inc.† | 2,201 | 754,459 | ||||||
Sensata Technologies Holding NV† | 41,189 | 1,886,868 | ||||||
2,641,327 | ||||||||
Instruments - Scientific — 1.3% | ||||||||
PerkinElmer, Inc. | 29,262 | 1,555,568 | ||||||
Internet Application Software — 1.6% | ||||||||
Splunk, Inc.† | 33,213 | 1,976,173 | ||||||
Machinery - General Industrial — 2.0% | ||||||||
Middleby Corp.† | 22,020 | 2,423,081 | ||||||
Machinery - Pumps — 1.9% | ||||||||
Graco, Inc. | 23,676 | 1,786,591 | ||||||
Xylem, Inc. | 16,652 | 621,453 | ||||||
2,408,044 | ||||||||
Medical Products — 2.9% | ||||||||
ABIOMED, Inc.† | 8,321 | 678,744 | ||||||
Henry Schein, Inc.† | 9,586 | 1,500,017 | ||||||
Teleflex, Inc.# | 10,938 | 1,440,535 | ||||||
3,619,296 | ||||||||
Medical - Biomedical/Gene — 3.0% | ||||||||
Achillion Pharmaceuticals, Inc.†# | 56,890 | 579,140 | ||||||
Alder Biopharmaceuticals, Inc.† | 12,835 | 478,232 |
235 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene (continued) | ||||||||
Corium International, Inc.†# | 53,356 | $ | 437,519 | |||||
Dynavax Technologies Corp.† | 11,372 | 317,165 | ||||||
Medivation, Inc.† | 11,629 | 491,674 | ||||||
Nivalis Therapeutics, Inc.† | 15,024 | 124,699 | ||||||
Otonomy, Inc.†# | 15,380 | 405,878 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 9,345 | 918,801 | ||||||
3,753,108 | ||||||||
Medical - Drugs — 4.3% | ||||||||
Alkermes PLC† | 21,170 | 1,553,031 | ||||||
Amicus Therapeutics, Inc.†# | 46,999 | 504,299 | ||||||
Cempra, Inc.†# | 46,793 | 1,493,165 | ||||||
Cidara Therapeutics, Inc.†# | 13,340 | 205,703 | ||||||
Galapagos NV ADR† | 16,258 | 808,348 | ||||||
Ophthotech Corp.† | 11,406 | 725,079 | ||||||
5,289,625 | ||||||||
Medical - Hospitals — 2.9% | ||||||||
Acadia Healthcare Co., Inc.† | 27,454 | 1,894,601 | ||||||
Adeptus Health, Inc., Class A†# | 28,634 | 1,720,617 | ||||||
3,615,218 | ||||||||
Office Supplies & Forms — 0.6% | ||||||||
Avery Dennison Corp. | 10,403 | 686,182 | ||||||
Oil Field Machinery & Equipment — 0.9% | ||||||||
Dril-Quip, Inc.† | 17,961 | 1,133,519 | ||||||
Physicians Practice Management — 0.6% | ||||||||
MEDNAX, Inc.† | 9,591 | 684,510 | ||||||
Power Converter/Supply Equipment — 1.0% | ||||||||
Hubbell, Inc., Class B | 12,812 | 1,272,103 | ||||||
Real Estate Investment Trusts — 2.0% | ||||||||
Equinix, Inc. | 8,285 | 2,456,502 | ||||||
Retail - Apparel/Shoe — 3.4% | ||||||||
Burlington Stores, Inc.† | 28,260 | 1,359,589 | ||||||
Kate Spade & Co.† | 67,882 | 1,360,355 | ||||||
PVH Corp. | 16,904 | 1,543,166 | ||||||
4,263,110 | ||||||||
Retail - Auto Parts — 1.4% | ||||||||
Advance Auto Parts, Inc. | 10,442 | 1,699,227 | ||||||
Retail - Gardening Products — 1.8% | ||||||||
Tractor Supply Co. | 24,489 | 2,188,092 | ||||||
Retail - Home Furnishings — 1.5% | ||||||||
Restoration Hardware Holdings, Inc.†# | 20,832 | 1,872,172 | ||||||
Retail - Misc./Diversified — 1.1% | ||||||||
Five Below, Inc.† | 49,095 | 1,375,151 | ||||||
Retail - Perfume & Cosmetics — 2.0% | ||||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 15,165 | 2,532,555 | ||||||
Retail - Pet Food & Supplies — 0.6% | ||||||||
Freshpet, Inc.†# | 88,213 | 759,514 | ||||||
Retail - Restaurants — 4.6% | ||||||||
Bloomin’ Brands, Inc. | 47,340 | 819,455 | ||||||
Jack in the Box, Inc. | 17,771 | 1,317,542 | ||||||
Panera Bread Co., Class A† | 14,183 | 2,578,470 | ||||||
Zoe’s Kitchen, Inc.†# | 30,460 | 1,036,249 | ||||||
5,751,716 | ||||||||
Telecom Services — 1.5% | ||||||||
Level 3 Communications, Inc.† | 37,285 | 1,895,196 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Television — 0.4% | ||||||||
AMC Networks, Inc., Class A† | 6,277 | $ | 510,383 | |||||
Therapeutics — 0.5% | ||||||||
Voyager Therapeutics, Inc.† | 22,224 | 559,823 | ||||||
Transactional Software — 2.1% | ||||||||
Black Knight Financial Services, Inc., Class A† | 76,011 | 2,637,582 | ||||||
Transport - Rail — 1.0% | ||||||||
Kansas City Southern | 13,792 | 1,253,969 | ||||||
Transport - Truck — 1.0% | ||||||||
Swift Transportation Co.†# | 75,986 | 1,213,496 | ||||||
Web Hosting/Design — 0.5% | ||||||||
GoDaddy, Inc., Class A† | 19,577 | 608,257 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $110,782,368) | 123,021,262 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 14.1% | ||||||||
Registered Investment Companies — 14.1% | ||||||||
SSgA U.S. Government Money Market Fund | 1,235,667 | 1,235,667 | ||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(1)(2) | 16,300,374 | 16,300,374 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $17,536,041) | 17,536,041 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $128,318,409)(3) | 113.5 | % | 140,557,303 | |||||
Liabilities in excess of other assets | (13.5 | ) | (16,750,865 | ) | ||||
NET ASSETS | 100.0 | % | $ | 123,806,438 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | At November 30, 2015, the Fund had loaned securities with a total value of $19,639,572. This was secured by collateral of $16,300,374, which was received in cash and subsequently invested in short-term investments currently valued at $16,300,374 as reported in the Portfolio of Investments. Additional collateral of $4,020,121 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 08/01/2027 to 12/15/2044 | $ | 160,810 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 12/01/2027 to 02/25/2044 | 356,803 | |||||
Government National Mtg. Assoc. | 0.40% to 4.00% | 04/20/2039 to 12/16/2052 | 25,206 | |||||
United States Treasury Bills | 0.00% | 12/10/2015 to 07/21/2016 | 361,570 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 01/15/2016 to 05/15/2045 | 3,115,732 |
(2) | The rate shown is the 7-day yield as of November 30, 2015. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
See Notes to Financial Statements
236 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 123,021,262 | $ | — | $ | — | $ | 123,021,262 | ||||||||
Short-Term Investment Securities | 17,536,041 | — | — | 17,536,041 | ||||||||||||
Total Investments at Value | $ | 140,557,303 | $ | — | $ | — | $ | 140,557,303 | ||||||||
* | 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.
237 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 6.3 | % | ||
Diversified Banking Institutions | 3.9 | |||
Computers | 3.8 | |||
Medical — Biomedical/Gene | 3.1 | |||
Applications Software | 2.9 | |||
Oil Companies — Integrated | 2.9 | |||
Diversified Manufacturing Operations | 2.7 | |||
Banks — Super Regional | 2.6 | |||
Real Estate Investment Trusts | 2.6 | |||
Web Portals/ISP | 2.5 | |||
Electric — Integrated | 2.5 | |||
Telephone — Integrated | 2.2 | |||
Electronic Components — Semiconductors | 2.1 | |||
Beverages — Non-alcoholic | 2.0 | |||
Finance — Credit Card | 1.9 | |||
Oil Companies — Exploration & Production | 1.8 | |||
Multimedia | 1.6 | |||
E-Commerce/Products | 1.6 | |||
Tobacco | 1.6 | |||
Cosmetics & Toiletries | 1.5 | |||
Aerospace/Defense | 1.5 | |||
Computer Services | 1.5 | |||
Insurance — Multi-line | 1.4 | |||
Retail — Restaurants | 1.4 | |||
Registered Investment Companies | 1.4 | |||
Insurance — Reinsurance | 1.4 | |||
Retail — Discount | 1.3 | |||
Retail — Building Products | 1.3 | |||
Medical — HMO | 1.3 | |||
Internet Content — Entertainment | 1.3 | |||
Cable/Satellite TV | 1.1 | |||
Food — Misc./Diversified | 1.1 | |||
Chemicals — Diversified | 1.1 | |||
Medical Instruments | 1.0 | |||
Retail — Drug Store | 1.0 | |||
Commercial Services — Finance | 0.9 | |||
Oil — Field Services | 0.8 | |||
Transport — Rail | 0.8 | |||
Networking Products | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Transport — Services | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Oil Refining & Marketing | 0.7 | |||
Medical Products | 0.7 | |||
Airlines | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Computers — Memory Devices | 0.5 | |||
Pipelines | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Athletic Footwear | 0.5 | |||
Repurchase Agreements | 0.5 | |||
Insurance — Property/Casualty | 0.4 | |||
Instruments — Controls | 0.4 | |||
Instruments — Scientific | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Banks — Commercial | 0.4 | |||
Finance — Other Services | 0.4 | |||
Industrial Gases | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Data Processing/Management | 0.3 | |||
Consumer Products — Misc. | 0.3 |
Pharmacy Services | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Insurance Brokers | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Food — Retail | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Electronic Forms | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Gas — Distribution | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Entertainment Software | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Cruise Lines | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Hotels/Motels | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Non — Hazardous Waste Disposal | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Television | 0.2 | |||
U.S. Government Treasuries | 0.1 | |||
Advertising Agencies | 0.1 | |||
Food — Confectionery | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Food — Meat Products | 0.1 | |||
Machinery — Farming | 0.1 | |||
Building Products — Cement | 0.1 | |||
Electric — Distribution | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Internet Security | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Agricultural Operations | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Coatings/Paint | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Medical Information Systems | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Paper & Related Products | 0.1 | |||
Advertising Services | 0.1 | |||
Electronic Connectors | 0.1 | |||
Retail — Automobile | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Toys | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Telecom Services | 0.1 | |||
Brewery | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Computer Aided Design | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Steel — Producers | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Appliances | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Dialysis Centers | 0.1 |
238 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2015 (unaudited) — (continued)
Industry Allocation* (continued)
Metal — Aluminum | 0.1 | % | ||
Retail — Gardening Products | 0.1 | |||
Textile — Home Furnishings | 0.1 | |||
Home Decoration Products | 0.1 | |||
Commercial Services | 0.1 | |||
Consulting Services | 0.1 | |||
Wireless Equipment | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Computer Software | 0.1 | |||
Building Products — Wood | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Electronics — Military | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Gold Mining | 0.1 | |||
Rubber — Tires | 0.1 | |||
Metal — Copper | 0.1 | |||
Retail — Bedding | 0.1 | |||
101.2 | % | |||
* | Calculated as a percentage of net assets |
239 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.2% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 93,106 | $ | 2,141,438 | |||||
Omnicom Group, Inc.# | 55,117 | 4,074,249 | ||||||
6,215,687 | ||||||||
Advertising Services — 0.1% |
| |||||||
Nielsen Holdings PLC | 83,228 | 3,885,083 | ||||||
Aerospace/Defense — 1.5% | ||||||||
Boeing Co. | 144,905 | 21,076,432 | ||||||
General Dynamics Corp. | 68,823 | 10,079,816 | ||||||
Lockheed Martin Corp.# | 60,587 | 13,278,247 | ||||||
Northrop Grumman Corp. | 42,513 | 7,922,723 | ||||||
Raytheon Co. | 68,865 | 8,541,326 | ||||||
Rockwell Collins, Inc. | 29,894 | 2,770,576 | ||||||
63,669,120 | ||||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
Harris Corp. | 28,147 | 2,339,860 | ||||||
United Technologies Corp. | 187,903 | 18,048,083 | ||||||
20,387,943 | ||||||||
Agricultural Chemicals — 0.3% |
| |||||||
CF Industries Holdings, Inc. | 52,871 | 2,439,468 | ||||||
Monsanto Co. | 99,736 | 9,490,878 | ||||||
Mosaic Co. | 76,490 | 2,420,143 | ||||||
14,350,489 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 138,148 | 5,041,021 | ||||||
Airlines — 0.6% |
| |||||||
American Airlines Group, Inc.# | 143,013 | 5,900,716 | ||||||
Delta Air Lines, Inc. | 180,449 | 8,383,660 | ||||||
Southwest Airlines Co. | 149,585 | 6,862,960 | ||||||
United Continental Holdings, Inc.† | 85,701 | 4,776,117 | ||||||
25,923,453 | ||||||||
Apparel Manufacturers — 0.4% |
| |||||||
Hanesbrands, Inc. | 91,308 | 2,800,416 | ||||||
Michael Kors Holdings, Ltd.† | 43,881 | 1,887,761 | ||||||
Ralph Lauren Corp. | 13,559 | 1,684,163 | ||||||
Under Armour, Inc., Class A†# | 40,827 | 3,520,104 | ||||||
VF Corp. | 77,251 | 4,998,140 | ||||||
14,890,584 | ||||||||
Appliances — 0.1% |
| |||||||
Whirlpool Corp.# | 17,790 | 2,891,231 | ||||||
Applications Software — 2.9% |
| |||||||
Citrix Systems, Inc.† | 36,458 | 2,795,235 | ||||||
Intuit, Inc. | 62,911 | 6,303,682 | ||||||
Microsoft Corp. | 1,814,469 | 98,616,390 | ||||||
Red Hat, Inc.† | 41,626 | 3,388,773 | ||||||
Salesforce.com, Inc.† | 140,748 | 11,216,208 | ||||||
122,320,288 | ||||||||
Athletic Footwear — 0.5% |
| |||||||
NIKE, Inc., Class B | 153,791 | 20,343,473 | ||||||
Audio/Video Products — 0.0% |
| |||||||
Harman International Industries, Inc.# | 16,146 | 1,665,621 | ||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Ford Motor Co. | 884,093 | 12,669,053 | ||||||
General Motors Co. | 327,013 | 11,837,870 | ||||||
24,506,923 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto-Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR, Inc. | 80,530 | $ | 4,184,339 | |||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
BorgWarner, Inc. | 51,343 | 2,191,833 | ||||||
Delphi Automotive PLC | 64,509 | 5,669,051 | ||||||
Johnson Controls, Inc. | 148,386 | 6,825,756 | ||||||
14,686,640 | ||||||||
Banks - Commercial — 0.4% |
| |||||||
BB&T Corp. | 176,866 | 6,830,565 | ||||||
M&T Bank Corp.# | 36,928 | 4,628,186 | ||||||
Regions Financial Corp. | 300,576 | 3,047,841 | ||||||
Zions Bancorporation | 46,319 | 1,387,717 | ||||||
15,894,309 | ||||||||
Banks - Fiduciary — 0.5% |
| |||||||
Bank of New York Mellon Corp. | 251,031 | 11,005,199 | ||||||
Northern Trust Corp. | 49,657 | 3,721,296 | ||||||
State Street Corp. | 92,587 | 6,719,964 | ||||||
21,446,459 | ||||||||
Banks - Super Regional — 2.6% |
| |||||||
Capital One Financial Corp. | 123,059 | 9,661,362 | ||||||
Comerica, Inc. | 40,366 | 1,870,964 | ||||||
Fifth Third Bancorp | 182,230 | 3,766,694 | ||||||
Huntington Bancshares, Inc. | 182,188 | 2,129,778 | ||||||
KeyCorp | 190,763 | 2,500,903 | ||||||
PNC Financial Services Group, Inc.# | 116,518 | 11,128,634 | ||||||
SunTrust Banks, Inc. | 117,527 | 5,103,022 | ||||||
US Bancorp | 375,541 | 16,482,495 | ||||||
Wells Fargo & Co.# | 1,059,771 | 58,393,382 | ||||||
111,037,234 | ||||||||
Beverages - Non-alcoholic — 2.0% |
| |||||||
Coca-Cola Co. | 888,181 | 37,854,274 | ||||||
Coca-Cola Enterprises, Inc. | 47,814 | 2,405,044 | ||||||
Dr Pepper Snapple Group, Inc. | 43,306 | 3,886,714 | ||||||
Monster Beverage Corp.† | 34,499 | 5,333,891 | ||||||
PepsiCo, Inc. | 333,264 | 33,379,722 | ||||||
82,859,645 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Brown-Forman Corp., Class B | 24,072 | 2,468,343 | ||||||
Constellation Brands, Inc., Class A | 39,018 | 5,472,665 | ||||||
7,941,008 | ||||||||
Brewery — 0.1% |
| |||||||
Molson Coors Brewing Co., Class B | 35,854 | 3,299,644 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery Communications, Inc., Class A†# | 33,872 | 1,054,774 | ||||||
Discovery Communications, Inc., Class C† | 58,492 | 1,730,193 | ||||||
Scripps Networks Interactive, Inc., Class A# | 21,371 | 1,213,873 | ||||||
3,998,840 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 15,200 | 2,392,480 | ||||||
Vulcan Materials Co. | 30,215 | 3,102,174 | ||||||
5,494,654 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 78,031 | 2,333,907 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc. | 74,056 | 2,392,749 | ||||||
Lennar Corp., Class A# | 39,460 | 2,020,747 | ||||||
PulteGroup, Inc. | 72,833 | 1,418,787 | ||||||
5,832,283 | ||||||||
240 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Cable/Satellite TV — 1.1% |
| |||||||
Cablevision Systems Corp., Class A | 50,441 | $ | 1,538,450 | |||||
Comcast Corp., Class A | 479,772 | 29,198,924 | ||||||
Comcast Corp., Special Class A# | 78,832 | 4,811,905 | ||||||
Time Warner Cable, Inc. | 64,197 | 11,861,680 | ||||||
47,410,959 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Wynn Resorts, Ltd.# | 18,428 | 1,156,726 | ||||||
Chemicals - Diversified — 1.1% |
| |||||||
Dow Chemical Co. | 262,734 | 13,696,323 | ||||||
E.I. du Pont de Nemours & Co. | 205,277 | 13,823,353 | ||||||
Eastman Chemical Co. | 33,727 | 2,450,267 | ||||||
FMC Corp. | 30,313 | 1,302,550 | ||||||
LyondellBasell Industries NV, Class A | 84,553 | 8,101,868 | ||||||
PPG Industries, Inc. | 61,417 | 6,494,234 | ||||||
45,868,595 | ||||||||
Chemicals - Specialty — 0.2% |
| |||||||
Ecolab, Inc. | 60,252 | 7,179,628 | ||||||
International Flavors & Fragrances, Inc.# | 18,282 | 2,194,023 | ||||||
9,373,651 | ||||||||
Coal — 0.0% |
| |||||||
CONSOL Energy, Inc.# | 51,953 | 409,390 | ||||||
Coatings/Paint — 0.1% |
| |||||||
Sherwin-Williams Co. | 17,974 | 4,962,082 | ||||||
Coffee — 0.0% |
| |||||||
Keurig Green Mountain, Inc. | 27,261 | 1,428,476 | ||||||
Commercial Services — 0.1% |
| |||||||
Cintas Corp. | 20,253 | 1,854,972 | ||||||
Quanta Services, Inc.† | 36,916 | 813,998 | ||||||
2,668,970 | ||||||||
Commercial Services - Finance — 0.9% |
| |||||||
Automatic Data Processing, Inc. | 105,676 | 9,115,612 | ||||||
Equifax, Inc. | 26,826 | 2,991,099 | ||||||
H&R Block, Inc. | 53,492 | 1,962,622 | ||||||
McGraw Hill Financial, Inc. | 61,821 | 5,963,872 | ||||||
Moody’s Corp. | 39,534 | 4,076,746 | ||||||
PayPal Holdings, Inc.† | 251,605 | 8,871,592 | ||||||
Total System Services, Inc. | 38,393 | 2,148,472 | ||||||
Western Union Co.# | 116,026 | 2,188,250 | ||||||
37,318,265 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 51,317 | 3,257,090 | ||||||
Computer Services — 1.5% |
| |||||||
Accenture PLC, Class A | 141,595 | 15,181,816 | ||||||
Cognizant Technology Solutions Corp., Class A† | 138,281 | 8,930,187 | ||||||
Computer Sciences Corp. | 31,383 | 983,229 | ||||||
CSRA, Inc.† | 31,383 | 988,878 | ||||||
Hewlett Packard Enterprise Co. | 409,814 | 6,089,836 | ||||||
International Business Machines Corp. | 204,444 | 28,503,583 | ||||||
Teradata Corp.† | 32,124 | 960,829 | ||||||
61,638,358 | ||||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 40,517 | 2,334,184 | ||||||
Computers — 3.8% |
| |||||||
Apple, Inc. | 1,293,753 | 153,050,980 | ||||||
HP, Inc. | 409,814 | 5,139,067 | ||||||
158,190,047 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers-Memory Devices — 0.5% |
| |||||||
EMC Corp. | 436,655 | $ | 11,064,838 | |||||
NetApp, Inc. | 68,079 | 2,087,302 | ||||||
SanDisk Corp. | 46,380 | 3,426,090 | ||||||
Seagate Technology PLC# | 68,521 | 2,462,645 | ||||||
Western Digital Corp. | 52,271 | 3,262,233 | ||||||
22,303,108 | ||||||||
Consulting Services — 0.1% |
| |||||||
Verisk Analytics, Inc.†# | 35,166 | 2,635,692 | ||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Clorox Co.# | 29,185 | 3,627,696 | ||||||
Kimberly-Clark Corp. | 82,642 | 9,846,794 | ||||||
13,474,490 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 31,345 | 2,175,970 | ||||||
Owens-Illinois, Inc.† | 36,473 | 703,564 | ||||||
2,879,534 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Sealed Air Corp. | 46,699 | 2,118,267 | ||||||
WestRock Co. | 59,404 | 3,007,624 | ||||||
5,125,891 | ||||||||
Cosmetics & Toiletries — 1.5% |
| |||||||
Colgate-Palmolive Co. | 204,209 | 13,412,447 | ||||||
Estee Lauder Cos., Inc., Class A | 51,240 | 4,310,309 | ||||||
Procter & Gamble Co. | 615,388 | 46,055,638 | ||||||
63,778,394 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Carnival Corp. | 105,015 | 5,306,408 | ||||||
Royal Caribbean Cruises, Ltd.# | 38,920 | 3,604,381 | ||||||
8,910,789 | ||||||||
Data Processing/Management — 0.3% |
| |||||||
Dun & Bradstreet Corp. | 8,192 | 883,016 | ||||||
Fidelity National Information Services, Inc. | 63,882 | 4,067,367 | ||||||
Fiserv, Inc.† | 53,218 | 5,121,700 | ||||||
Paychex, Inc. | 72,931 | 3,956,507 | ||||||
14,028,590 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
DENTSPLY International, Inc. | 31,718 | 1,924,014 | ||||||
Patterson Cos., Inc. | 19,700 | 897,729 | ||||||
2,821,743 | ||||||||
Diagnostic Equipment — 0.3% |
| |||||||
Danaher Corp. | 134,902 | 13,003,204 | ||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita HealthCare Partners, Inc.† | 38,623 | 2,821,024 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
C.R. Bard, Inc. | 16,833 | 3,144,741 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co.# | 65,829 | 2,671,341 | ||||||
Fossil Group, Inc.†# | 9,394 | 361,387 | ||||||
Genuine Parts Co. | 34,392 | 3,116,947 | ||||||
WW Grainger, Inc.# | 13,770 | 2,761,436 | ||||||
8,911,111 | ||||||||
Diversified Banking Institutions — 3.9% |
| |||||||
Bank of America Corp. | 2,374,955 | 41,395,466 | ||||||
Citigroup, Inc. | 682,831 | 36,934,329 | ||||||
Goldman Sachs Group, Inc. | 91,329 | 17,354,336 |
241 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Diversified Banking Institutions (continued) |
| |||||||
JPMorgan Chase & Co. | 838,965 | $ | 55,942,186 | |||||
Morgan Stanley | 345,662 | 11,856,207 | ||||||
163,482,524 | ||||||||
Diversified Manufacturing Operations — 2.7% |
| |||||||
3M Co. | 141,733 | 22,192,553 | ||||||
Dover Corp. | 35,497 | 2,339,252 | ||||||
Eaton Corp. PLC | 106,060 | 6,168,450 | ||||||
General Electric Co. | 2,138,302 | 64,020,762 | ||||||
Illinois Tool Works, Inc. | 74,748 | 7,024,817 | ||||||
Ingersoll-Rand PLC | 60,200 | 3,531,934 | ||||||
Parker-Hannifin Corp.# | 31,403 | 3,286,638 | ||||||
Pentair PLC | 40,849 | 2,316,138 | ||||||
Textron, Inc. | 62,711 | 2,675,879 | ||||||
113,556,423 | ||||||||
Diversified Operations — 0.0% |
| |||||||
Leucadia National Corp.# | 76,516 | 1,352,803 | ||||||
E-Commerce/Products — 1.6% |
| |||||||
Amazon.com, Inc.† | 87,008 | 57,842,918 | ||||||
eBay, Inc.† | 254,264 | 7,523,672 | ||||||
65,366,590 | ||||||||
E-Commerce/Services — 0.7% |
| |||||||
Expedia, Inc. | 22,697 | 2,794,228 | ||||||
Netflix, Inc.† | 96,646 | 11,919,351 | ||||||
Priceline Group, Inc.† | 11,503 | 14,365,521 | ||||||
TripAdvisor, Inc.† | 25,616 | 2,109,990 | ||||||
31,189,090 | ||||||||
Electric Products - Misc. — 0.3% |
| |||||||
AMETEK, Inc.# | 54,939 | 3,101,856 | ||||||
Emerson Electric Co. | 149,083 | 7,454,150 | ||||||
10,556,006 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
PPL Corp. | 151,993 | 5,173,842 | ||||||
Electric - Integrated — 2.5% |
| |||||||
AES Corp. | 154,910 | 1,547,551 | ||||||
Ameren Corp. | 55,046 | 2,408,813 | ||||||
American Electric Power Co., Inc. | 111,291 | 6,233,409 | ||||||
CMS Energy Corp. | 62,767 | 2,198,100 | ||||||
Consolidated Edison, Inc.# | 66,443 | 4,129,433 | ||||||
Dominion Resources, Inc. | 134,831 | 9,083,565 | ||||||
DTE Energy Co. | 40,717 | 3,277,311 | ||||||
Duke Energy Corp. | 156,159 | 10,581,334 | ||||||
Edison International | 73,915 | 4,387,594 | ||||||
Entergy Corp. | 40,729 | 2,713,773 | ||||||
Eversource Energy | 71,956 | 3,666,158 | ||||||
Exelon Corp. | 208,572 | 5,696,101 | ||||||
FirstEnergy Corp. | 95,840 | 3,008,418 | ||||||
NextEra Energy, Inc. | 104,420 | 10,427,381 | ||||||
Pepco Holdings, Inc. | 57,503 | 1,476,102 | ||||||
PG&E Corp. | 110,975 | 5,851,712 | ||||||
Pinnacle West Capital Corp. | 25,140 | 1,592,870 | ||||||
Public Service Enterprise Group, Inc. | 114,763 | 4,487,233 | ||||||
SCANA Corp. | 32,423 | 1,917,496 | ||||||
Southern Co.# | 206,091 | 9,179,293 | ||||||
TECO Energy, Inc. | 53,362 | 1,404,488 | ||||||
WEC Energy Group, Inc. | 71,618 | 3,532,200 | ||||||
Xcel Energy, Inc.# | 115,069 | 4,103,361 | ||||||
102,903,696 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Misc. — 0.3% |
| |||||||
Corning, Inc. | 278,123 | $ | 5,209,244 | |||||
Garmin, Ltd.# | 26,856 | 1,016,499 | ||||||
TE Connectivity, Ltd. | 91,287 | 6,124,445 | ||||||
12,350,188 | ||||||||
Electronic Components - Semiconductors — 2.1% |
| |||||||
Altera Corp. | 68,621 | 3,623,189 | ||||||
Avago Technologies, Ltd.# | 58,943 | 7,689,114 | ||||||
Broadcom Corp., Class A | 126,818 | 6,928,067 | ||||||
Intel Corp.# | 1,078,520 | 37,500,140 | ||||||
Microchip Technology, Inc.# | 47,889 | 2,312,081 | ||||||
Micron Technology, Inc.† | 244,207 | 3,890,218 | ||||||
NVIDIA Corp.# | 116,167 | 3,684,817 | ||||||
Qorvo, Inc.† | 33,923 | 1,969,909 | ||||||
Skyworks Solutions, Inc.# | 43,272 | 3,592,442 | ||||||
Texas Instruments, Inc. | 232,852 | 13,533,358 | ||||||
Xilinx, Inc. | 58,681 | 2,915,859 | ||||||
87,639,194 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 70,135 | 3,860,932 | ||||||
Electronic Forms — 0.2% |
| |||||||
Adobe Systems, Inc.† | 112,899 | 10,325,743 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc. | 75,184 | 3,144,195 | ||||||
FLIR Systems, Inc. | 31,817 | 972,327 | ||||||
4,116,522 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Allegion PLC | 21,736 | 1,460,876 | ||||||
Tyco International PLC | 95,628 | 3,376,625 | ||||||
4,837,501 | ||||||||
Electronics - Military — 0.1% |
| |||||||
L-3 Communications Holdings, Inc. | 18,225 | 2,230,922 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
First Solar, Inc.† | 17,169 | 970,220 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
Fluor Corp. | 32,883 | 1,598,114 | ||||||
Jacobs Engineering Group, Inc.† | 28,086 | 1,239,716 | ||||||
2,837,830 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Cummins, Inc. | 37,693 | 3,783,246 | ||||||
Enterprise Software/Service — 0.7% |
| |||||||
CA, Inc.# | 71,083 | 1,998,143 | ||||||
Oracle Corp. | 737,781 | 28,751,326 | ||||||
30,749,469 | ||||||||
Entertainment Software — 0.2% |
| |||||||
Activision Blizzard, Inc. | 114,119 | 4,297,721 | ||||||
Electronic Arts, Inc.† | 70,725 | 4,794,448 | ||||||
9,092,169 | ||||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Navient Corp. | 84,855 | 1,010,623 | ||||||
Synchrony Financial† | 98,296 | 3,128,762 | ||||||
4,139,385 | ||||||||
Finance - Credit Card — 1.9% |
| |||||||
Alliance Data Systems Corp.†# | 13,937 | 3,997,828 | ||||||
American Express Co. | 193,083 | 13,832,466 | ||||||
Discover Financial Services | 98,756 | 5,605,391 | ||||||
MasterCard, Inc., Class A | 226,411 | 22,170,165 |
242 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Credit Card (continued) |
| |||||||
Visa, Inc., Class A | 442,703 | $ | 34,977,964 | |||||
80,583,814 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 271,608 | 9,155,906 | ||||||
E*TRADE Financial Corp.† | 65,831 | 2,003,237 | ||||||
11,159,143 | ||||||||
Finance - Other Services — 0.4% |
| |||||||
CME Group, Inc. | 76,625 | 7,482,431 | ||||||
Intercontinental Exchange, Inc. | 25,066 | 6,513,149 | ||||||
Nasdaq, Inc. | 26,827 | 1,572,599 | ||||||
15,568,179 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Hershey Co. | 33,137 | 2,860,054 | ||||||
J.M. Smucker Co. | 27,147 | 3,289,945 | ||||||
6,149,999 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp. | 30,577 | 2,290,829 | ||||||
Tyson Foods, Inc., Class A# | 69,049 | 3,452,450 | ||||||
5,743,279 | ||||||||
Food - Misc./Diversified — 1.1% |
| |||||||
Campbell Soup Co. | 40,859 | 2,134,474 | ||||||
ConAgra Foods, Inc. | 97,946 | 4,008,930 | ||||||
General Mills, Inc. | 135,833 | 7,845,714 | ||||||
Kellogg Co. | 57,755 | 3,971,811 | ||||||
Kraft Heinz Co. | 134,824 | 9,935,181 | ||||||
McCormick & Co., Inc.# | 26,308 | 2,260,383 | ||||||
Mondelez International, Inc., Class A | 365,551 | 15,959,957 | ||||||
46,116,450 | ||||||||
Food - Retail — 0.3% |
| |||||||
Kroger Co. | 220,383 | 8,299,624 | ||||||
Whole Foods Market, Inc. | 81,186 | 2,366,572 | ||||||
10,666,196 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 119,119 | 4,895,791 | ||||||
Gas - Distribution — 0.2% |
| |||||||
AGL Resources, Inc. | 27,244 | 1,704,657 | ||||||
CenterPoint Energy, Inc. | 97,612 | 1,654,524 | ||||||
NiSource, Inc. | 72,111 | 1,383,810 | ||||||
Sempra Energy | 53,431 | 5,301,958 | ||||||
10,044,949 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Mining Corp. | 120,025 | 2,209,660 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Stericycle, Inc.†# | 19,246 | 2,323,377 | ||||||
Home Decoration Products — 0.1% |
| |||||||
Newell Rubbermaid, Inc. | 60,755 | 2,713,318 | ||||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc. | 31,042 | 1,446,557 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Marriott International, Inc., Class A# | 45,241 | 3,208,039 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 38,653 | 2,776,832 | ||||||
Wyndham Worldwide Corp. | 26,795 | 2,034,276 | ||||||
8,019,147 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 30,513 | 1,561,655 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 75,014 | $ | 927,173 | |||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 30,424 | 3,238,331 | ||||||
Industrial Gases — 0.4% |
| |||||||
Air Products & Chemicals, Inc. | 43,895 | 6,008,786 | ||||||
Airgas, Inc. | 15,243 | 2,106,583 | ||||||
Praxair, Inc. | 64,991 | 7,330,985 | ||||||
15,446,354 | ||||||||
Instruments - Controls — 0.4% |
| |||||||
Honeywell International, Inc. | 177,355 | 18,436,052 | ||||||
Instruments - Scientific — 0.4% |
| |||||||
PerkinElmer, Inc. | 25,723 | 1,367,435 | ||||||
Thermo Fisher Scientific, Inc. | 90,403 | 12,511,775 | ||||||
Waters Corp.† | 18,664 | 2,478,952 | ||||||
16,358,162 | ||||||||
�� | ||||||||
Insurance Brokers — 0.3% |
| |||||||
Aon PLC | 63,532 | 6,019,022 | ||||||
Marsh & McLennan Cos., Inc. | 120,237 | 6,649,106 | ||||||
12,668,128 | ||||||||
Insurance - Life/Health — 0.6% |
| |||||||
Aflac, Inc. | 97,710 | 6,374,600 | ||||||
Lincoln National Corp. | 56,932 | 3,130,691 | ||||||
Principal Financial Group, Inc. | 62,187 | 3,200,143 | ||||||
Prudential Financial, Inc. | 102,316 | 8,855,450 | ||||||
Torchmark Corp.# | 26,397 | 1,600,186 | ||||||
Unum Group# | 55,963 | 2,052,723 | ||||||
25,213,793 | ||||||||
Insurance - Multi-line — 1.4% |
| |||||||
ACE, Ltd. | 73,460 | 8,436,881 | ||||||
Allstate Corp.# | 90,835 | 5,700,805 | ||||||
American International Group, Inc.(1) | 293,539 | 18,663,210 | ||||||
Assurant, Inc. | 15,159 | 1,296,398 | ||||||
Cincinnati Financial Corp. | 33,504 | 2,047,429 | ||||||
Hartford Financial Services Group, Inc. | 94,114 | 4,295,363 | ||||||
Loews Corp. | 65,073 | 2,465,616 | ||||||
MetLife, Inc. | 253,382 | 12,945,286 | ||||||
XL Group PLC | 68,585 | 2,618,575 | ||||||
58,469,563 | ||||||||
Insurance - Property/Casualty — 0.4% |
| |||||||
Chubb Corp. | 51,493 | 6,721,381 | ||||||
Progressive Corp. | 132,928 | 4,096,841 | ||||||
Travelers Cos., Inc.# | 70,602 | 8,088,871 | ||||||
18,907,093 | ||||||||
Insurance - Reinsurance — 1.4% |
| |||||||
Berkshire Hathaway, Inc., Class B†# | 425,010 | 56,989,591 | ||||||
Internet Content - Entertainment — 1.3% |
| |||||||
Facebook, Inc., Class A† | 512,657 | 53,439,366 | ||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 16,108 | 1,659,124 | ||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp. | 155,215 | 3,039,110 | ||||||
VeriSign, Inc.†# | 22,658 | 2,026,531 | ||||||
5,065,641 | ||||||||
Investment Management/Advisor Services — 0.7% |
| |||||||
Affiliated Managers Group, Inc.† | 12,315 | 2,182,587 | ||||||
Ameriprise Financial, Inc. | 40,432 | 4,566,794 |
243 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Investment Management/Advisor Services (continued) |
| |||||||
BlackRock, Inc. | 29,064 | $ | 10,571,158 | |||||
Franklin Resources, Inc. | 87,730 | 3,677,642 | ||||||
Invesco, Ltd. | 97,262 | 3,276,757 | ||||||
Legg Mason, Inc. | 24,889 | 1,104,574 | ||||||
T. Rowe Price Group, Inc. | 58,126 | 4,426,295 | ||||||
29,805,807 | ||||||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Caterpillar, Inc.# | 136,717 | 9,932,490 | ||||||
Machinery - Farming — 0.1% |
| |||||||
Deere & Co. | 70,727 | 5,627,747 | ||||||
Machinery - General Industrial — 0.1% |
| |||||||
Roper Technologies, Inc. | 22,838 | 4,418,925 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Flowserve Corp.# | 30,257 | 1,399,084 | ||||||
Xylem, Inc. | 41,176 | 1,536,688 | ||||||
2,935,772 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp.† | 69,674 | 4,152,570 | ||||||
Medical Instruments — 1.0% |
| |||||||
Boston Scientific Corp.† | 304,898 | 5,573,535 | ||||||
Edwards Lifesciences Corp.† | 24,392 | 3,975,896 | ||||||
Intuitive Surgical, Inc.† | 8,398 | 4,367,128 | ||||||
Medtronic PLC | 320,831 | 24,171,408 | ||||||
St. Jude Medical, Inc. | 63,918 | 4,033,226 | ||||||
42,121,193 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Laboratory Corp. of America Holdings† | 22,823 | 2,773,907 | ||||||
Quest Diagnostics, Inc. | 32,567 | 2,224,978 | ||||||
4,998,885 | ||||||||
Medical Products — 0.7% |
| |||||||
Baxter International, Inc. | 123,764 | 4,659,715 | ||||||
Becton Dickinson and Co. | 47,699 | 7,166,775 | ||||||
Henry Schein, Inc.† | 18,920 | 2,960,602 | ||||||
Stryker Corp. | 71,760 | 6,921,969 | ||||||
Varian Medical Systems, Inc.† | 22,396 | 1,809,149 | ||||||
Zimmer Biomet Holdings, Inc. | 38,755 | 3,914,642 | ||||||
27,432,852 | ||||||||
Medical - Biomedical/Gene — 3.1% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 51,307 | 9,155,221 | ||||||
Amgen, Inc. | 172,021 | 27,712,583 | ||||||
Biogen, Inc.† | 50,552 | 14,501,347 | ||||||
Celgene Corp.† | 179,347 | 19,629,529 | ||||||
Gilead Sciences, Inc. | 332,950 | 35,279,382 | ||||||
Illumina, Inc.† | 32,827 | 6,036,885 | ||||||
Regeneron Pharmaceuticals, Inc.† | 17,541 | 9,551,075 | ||||||
Vertex Pharmaceuticals, Inc.† | 55,504 | 7,179,997 | ||||||
129,046,019 | ||||||||
Medical - Drugs — 6.3% |
| |||||||
Abbott Laboratories | 338,130 | 15,188,799 | ||||||
AbbVie, Inc. | 375,526 | 21,836,837 | ||||||
Allergan PLC† | 89,303 | 28,031,319 | ||||||
Baxalta, Inc. | 122,865 | 4,224,099 | ||||||
Bristol-Myers Squibb Co. | 378,299 | 25,349,816 | ||||||
Eli Lilly & Co. | 221,311 | 18,156,354 | ||||||
Endo International PLC† | 47,245 | 2,904,623 | ||||||
Johnson & Johnson | 628,216 | 63,600,588 | ||||||
Mallinckrodt PLC† | 26,621 | 1,807,832 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Merck & Co., Inc. | 638,998 | $ | 33,873,284 | |||||
Pfizer, Inc. | 1,399,161 | 45,850,506 | ||||||
Zoetis, Inc. | 104,138 | 4,863,244 | ||||||
265,687,301 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Mylan NV† | 93,674 | 4,805,476 | ||||||
Perrigo Co. PLC# | 33,186 | 4,957,657 | ||||||
9,763,133 | ||||||||
Medical - HMO — 1.3% |
| |||||||
Aetna, Inc. | 79,085 | 8,125,984 | ||||||
Anthem, Inc. | 59,345 | 7,737,401 | ||||||
Cigna Corp. | 58,417 | 7,885,126 | ||||||
Humana, Inc. | 33,609 | 5,668,494 | ||||||
UnitedHealth Group, Inc. | 216,331 | 24,382,667 | ||||||
53,799,672 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
HCA Holdings, Inc.† | 72,529 | 4,936,324 | ||||||
Tenet Healthcare Corp.†# | 22,588 | 749,696 | ||||||
Universal Health Services, Inc., Class B | 20,812 | 2,529,074 | ||||||
8,215,094 | ||||||||
Medical - Wholesale Drug Distribution — 0.5% |
| |||||||
AmerisourceBergen Corp. | 46,596 | 4,596,230 | ||||||
Cardinal Health, Inc. | 74,267 | 6,450,089 | ||||||
McKesson Corp. | 52,724 | 9,983,289 | ||||||
21,029,608 | ||||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Precision Castparts Corp. | 31,194 | 7,222,659 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Alcoa, Inc.# | 297,149 | 2,781,315 | ||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc.# | 257,892 | 2,109,557 | ||||||
Motorcycle/Motor Scooter — 0.1% |
| |||||||
Harley-Davidson, Inc.# | 46,727 | 2,285,885 | ||||||
Multimedia — 1.6% |
| |||||||
Time Warner, Inc. | 185,027 | 12,948,189 | ||||||
Twenty-First Century Fox, Inc., Class A | 276,990 | 8,173,975 | ||||||
Twenty-First Century Fox, Inc., Class B | 97,825 | 2,929,859 | ||||||
Viacom, Inc., Class B | 78,827 | 3,924,796 | ||||||
Walt Disney Co. | 352,284 | 39,973,666 | ||||||
67,950,485 | ||||||||
Networking Products — 0.7% |
| |||||||
Cisco Systems, Inc. | 1,153,814 | 31,441,431 | ||||||
Non - Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc.# | 54,619 | 2,399,413 | ||||||
Waste Management, Inc. | 95,418 | 5,130,626 | ||||||
7,530,039 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc. | 45,809 | 989,474 | ||||||
Xerox Corp. | 215,925 | 2,278,009 | ||||||
3,267,483 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 20,744 | 1,368,274 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Diamond Offshore Drilling, Inc. | 14,625 | 330,964 | ||||||
Ensco PLC, Class A# | 53,484 | 915,646 |
244 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil & Gas Drilling (continued) |
| |||||||
Helmerich & Payne, Inc.# | 24,445 | $ | 1,423,921 | |||||
Transocean, Ltd.# | 77,529 | 1,113,317 | ||||||
3,783,848 | ||||||||
Oil Companies - Exploration & Production — 1.8% |
| |||||||
Anadarko Petroleum Corp. | 115,251 | 6,903,535 | ||||||
Apache Corp. | 85,752 | 4,217,283 | ||||||
Cabot Oil & Gas Corp. | 93,879 | 1,767,742 | ||||||
Chesapeake Energy Corp.# | 117,319 | 618,271 | ||||||
Cimarex Energy Co. | 21,429 | 2,550,480 | ||||||
ConocoPhillips | 279,830 | 15,124,811 | ||||||
Devon Energy Corp. | 87,647 | 4,032,638 | ||||||
EOG Resources, Inc. | 124,588 | 10,394,377 | ||||||
EQT Corp. | 34,575 | 1,978,382 | ||||||
Hess Corp. | 54,704 | 3,227,536 | ||||||
Newfield Exploration Co.† | 36,971 | 1,414,510 | ||||||
Noble Energy, Inc. | 96,433 | 3,536,198 | ||||||
Occidental Petroleum Corp. | 173,314 | 13,100,805 | ||||||
Pioneer Natural Resources Co. | 33,873 | 4,903,117 | ||||||
Range Resources Corp.# | 38,422 | 1,098,101 | ||||||
Southwestern Energy Co.† | 87,217 | 785,825 | ||||||
75,653,611 | ||||||||
Oil Companies - Integrated — 2.9% |
| |||||||
Chevron Corp. | 426,901 | 38,984,600 | ||||||
Exxon Mobil Corp. | 945,906 | 77,242,684 | ||||||
Marathon Oil Corp. | 153,630 | 2,690,061 | ||||||
Murphy Oil Corp.# | 36,840 | 1,052,887 | ||||||
119,970,232 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Cameron International Corp.† | 43,448 | 2,967,064 | ||||||
FMC Technologies, Inc.† | 52,060 | 1,771,081 | ||||||
National Oilwell Varco, Inc.# | 87,073 | 3,251,306 | ||||||
7,989,451 | ||||||||
Oil Refining & Marketing — 0.7% |
| |||||||
Marathon Petroleum Corp. | 121,636 | 7,104,759 | ||||||
Phillips 66 | 108,628 | 9,942,721 | ||||||
Tesoro Corp. | 27,927 | 3,216,352 | ||||||
Valero Energy Corp. | 112,778 | 8,104,227 | ||||||
28,368,059 | ||||||||
Oil - Field Services — 0.8% |
| |||||||
Baker Hughes, Inc. | 98,887 | 5,346,820 | ||||||
Halliburton Co. | 193,913 | 7,727,433 | ||||||
Schlumberger, Ltd. | 287,087 | 22,148,762 | ||||||
35,223,015 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 94,771 | 3,964,271 | ||||||
Pharmacy Services — 0.3% |
| |||||||
Express Scripts Holding Co.†# | 153,300 | 13,104,084 | ||||||
Pipelines — 0.5% |
| |||||||
Columbia Pipeline Group, Inc. | 72,056 | 1,381,313 | ||||||
Kinder Morgan, Inc. | 407,766 | 9,611,045 | ||||||
ONEOK, Inc. | 47,453 | 1,398,914 | ||||||
Spectra Energy Corp.# | 152,309 | 3,990,496 | ||||||
Williams Cos., Inc. | 154,776 | 5,658,611 | ||||||
22,040,379 | ||||||||
Publishing - Newspapers — 0.0% |
| |||||||
News Corp., Class A | 86,436 | 1,240,356 | ||||||
News Corp., Class B# | 24,456 | 353,634 | ||||||
1,593,990 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts — 2.6% |
| |||||||
American Tower Corp. | 96,028 | $ | 9,543,263 | |||||
Apartment Investment & Management Co., Class A | 35,455 | 1,351,190 | ||||||
AvalonBay Communities, Inc. | 30,151 | 5,481,150 | ||||||
Boston Properties, Inc. | 34,841 | 4,354,777 | ||||||
Crown Castle International Corp. | 75,719 | 6,505,019 | ||||||
Equinix, Inc.# | 13,398 | 3,972,507 | ||||||
Equity Residential | 82,598 | 6,592,972 | ||||||
Essex Property Trust, Inc. | 14,915 | 3,442,233 | ||||||
General Growth Properties, Inc. | 132,611 | 3,377,602 | ||||||
HCP, Inc. | 104,945 | 3,728,696 | ||||||
Host Hotels & Resorts, Inc.# | 170,404 | 2,828,706 | ||||||
Iron Mountain, Inc.# | 43,525 | 1,209,125 | ||||||
Kimco Realty Corp. | 93,726 | 2,445,311 | ||||||
Macerich Co. | 30,530 | 2,385,920 | ||||||
Plum Creek Timber Co., Inc. | 39,640 | 2,014,108 | ||||||
Prologis, Inc.# | 118,907 | 5,083,274 | ||||||
Public Storage | 33,354 | 8,006,961 | ||||||
Realty Income Corp.# | 56,584 | 2,807,698 | ||||||
Simon Property Group, Inc. | 70,195 | 13,073,117 | ||||||
SL Green Realty Corp. | 22,599 | 2,668,490 | ||||||
Ventas, Inc. | 75,433 | 4,023,596 | ||||||
Vornado Realty Trust | 40,198 | 3,889,559 | ||||||
Welltower, Inc. | 79,831 | 5,044,521 | ||||||
Weyerhaeuser Co. | 116,653 | 3,752,727 | ||||||
107,582,522 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 65,761 | 2,464,065 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.† | 21,636 | 1,702,104 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Coach, Inc. | 62,757 | 1,993,790 | ||||||
Gap, Inc.# | 53,970 | 1,442,618 | ||||||
L Brands, Inc. | 58,288 | 5,561,258 | ||||||
PVH Corp. | 18,726 | 1,709,497 | ||||||
Ross Stores, Inc. | 93,875 | 4,882,439 | ||||||
Urban Outfitters, Inc.† | 21,511 | 481,846 | ||||||
16,071,448 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
Advance Auto Parts, Inc. | 16,610 | 2,702,945 | ||||||
AutoZone, Inc.† | 7,004 | 5,489,525 | ||||||
O’Reilly Automotive, Inc.† | 22,551 | 5,950,533 | ||||||
14,143,003 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc.† | 17,758 | 1,135,091 | ||||||
CarMax, Inc.† | 47,198 | 2,704,446 | ||||||
3,839,537 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.†# | 38,476 | 2,097,712 | ||||||
Retail - Building Products — 1.3% |
| |||||||
Home Depot, Inc. | 291,319 | 39,001,788 | ||||||
Lowe’s Cos., Inc. | 209,904 | 16,078,646 | ||||||
55,080,434 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
GameStop Corp., Class A# | 24,211 | 848,111 | ||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 69,628 | 2,212,778 | ||||||
245 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Discount — 1.3% |
| |||||||
Costco Wholesale Corp. | 99,705 | $ | 16,094,381 | |||||
Dollar General Corp. | 66,848 | 4,372,528 | ||||||
Dollar Tree, Inc.† | 53,249 | 4,018,170 | ||||||
Target Corp. | 142,569 | 10,336,252 | ||||||
Wal-Mart Stores, Inc. | 358,010 | 21,065,308 | ||||||
55,886,639 | ||||||||
Retail - Drug Store — 1.0% |
| |||||||
CVS Health Corp. | 252,839 | 23,789,622 | ||||||
Walgreens Boots Alliance, Inc. | 198,241 | 16,658,191 | ||||||
40,447,813 | ||||||||
Retail - Gardening Products — 0.1% |
| |||||||
Tractor Supply Co. | 30,813 | 2,753,142 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Signet Jewelers, Ltd. | 18,057 | 2,372,509 | ||||||
Tiffany & Co. | 25,451 | 2,027,936 | ||||||
4,400,445 | ||||||||
Retail - Major Department Stores — 0.3% |
| |||||||
Nordstrom, Inc.# | 31,601 | 1,779,453 | ||||||
TJX Cos., Inc. | 152,992 | 10,801,235 | ||||||
12,580,688 | ||||||||
Retail - Office Supplies — 0.0% |
| |||||||
Staples, Inc. | 146,003 | 1,762,256 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Kohl’s Corp. | 44,891 | 2,115,713 | ||||||
Macy’s, Inc. | 75,089 | 2,934,478 | ||||||
5,050,191 | ||||||||
Retail - Restaurants — 1.4% |
| |||||||
Chipotle Mexican Grill, Inc.† | 7,065 | 4,094,521 | ||||||
Darden Restaurants, Inc. | 25,863 | 1,452,725 | ||||||
McDonald’s Corp. | 213,665 | 24,391,996 | ||||||
Starbucks Corp. | 336,714 | 20,670,873 | ||||||
Yum! Brands, Inc. | 97,826 | 7,093,363 | ||||||
57,703,478 | ||||||||
Rubber - Tires — 0.1% |
| |||||||
Goodyear Tire & Rubber Co. | 61,117 | 2,131,761 | ||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
People’s United Financial, Inc.# | 70,327 | 1,177,977 | ||||||
Security Services — 0.0% |
| |||||||
ADT Corp.# | 38,552 | 1,367,439 | ||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
Analog Devices, Inc. | 71,162 | 4,385,714 | ||||||
Linear Technology Corp. | 54,393 | 2,486,848 | ||||||
QUALCOMM, Inc. | 356,452 | 17,391,293 | ||||||
24,263,855 | ||||||||
Semiconductor Equipment — 0.2% |
| |||||||
Applied Materials, Inc. | 272,379 | 5,112,554 | ||||||
KLA-Tencor Corp. | 35,738 | 2,375,505 | ||||||
Lam Research Corp. | 35,887 | 2,806,363 | ||||||
10,294,422 | ||||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 72,506 | 3,005,374 | ||||||
Telecom Services — 0.1% |
| |||||||
Level 3 Communications, Inc.† | 65,388 | 3,323,672 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Telecommunication Equipment — 0.1% |
| |||||||
Juniper Networks, Inc. | 80,236 | $ | 2,417,511 | |||||
Telephone - Integrated — 2.2% |
| |||||||
AT&T, Inc. | 1,395,452 | 46,984,869 | ||||||
CenturyLink, Inc. | 127,722 | 3,439,553 | ||||||
Frontier Communications Corp. | 265,026 | 1,322,480 | ||||||
Verizon Communications, Inc. | 922,366 | 41,921,535 | ||||||
93,668,437 | ||||||||
Television — 0.2% |
| |||||||
CBS Corp., Class B | 100,821 | 5,089,444 | ||||||
TEGNA, Inc. | 51,379 | 1,451,457 | ||||||
6,540,901 | ||||||||
Textile - Home Furnishings — 0.1% |
| |||||||
Mohawk Industries, Inc.† | 14,421 | 2,750,373 | ||||||
Tobacco — 1.6% |
| |||||||
Altria Group, Inc. | 444,815 | 25,621,344 | ||||||
Philip Morris International, Inc. | 351,457 | 30,713,827 | ||||||
Reynolds American, Inc. | 188,044 | 8,697,035 | ||||||
65,032,206 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 13,197 | 2,271,996 | ||||||
Stanley Black & Decker, Inc. | 34,765 | �� | 3,794,947 | |||||
6,066,943 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 25,503 | 1,864,014 | ||||||
Mattel, Inc.# | 76,820 | 1,909,745 | ||||||
3,773,759 | ||||||||
Transport - Rail — 0.8% |
| |||||||
CSX Corp. | 223,176 | 6,344,894 | ||||||
Kansas City Southern | 25,037 | 2,276,364 | ||||||
Norfolk Southern Corp. | 68,374 | 6,499,632 | ||||||
Union Pacific Corp. | 196,850 | 16,525,558 | ||||||
31,646,448 | ||||||||
Transport - Services — 0.7% |
| |||||||
C.H. Robinson Worldwide, Inc. | 32,170 | 2,169,223 | ||||||
Expeditors International of Washington, Inc. | 42,914 | 2,083,046 | ||||||
FedEx Corp. | 59,589 | 9,447,240 | ||||||
Ryder System, Inc. | 12,109 | 798,710 | ||||||
United Parcel Service, Inc., Class B | 158,454 | 16,322,346 | ||||||
30,820,565 | ||||||||
Transport - Truck — 0.0% |
| |||||||
J.B. Hunt Transport Services, Inc. | 20,835 | 1,630,130 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Mead Johnson Nutrition Co. | 45,995 | 3,706,737 | ||||||
Web Portals/ISP — 2.5% |
| |||||||
Alphabet, Inc., Class A† | 65,765 | 50,168,830 | ||||||
Alphabet, Inc., Class C† | 67,102 | 49,829,945 | ||||||
Yahoo!, Inc.† | 196,484 | 6,643,124 | ||||||
106,641,899 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 36,475 | 2,618,176 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,311,789,011) | 4,157,609,249 | |||||||
246 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.5% |
| |||||||
Registered Investment Companies — 1.4% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.24%(2)(3) | 57,426,316 | $ | 57,426,316 | |||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | $ | 7,100,000 | 7,099,837 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $64,526,316) | 64,526,153 | |||||||
REPURCHASE AGREEMENTS — 0.5% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(5) | 19,664,000 | 19,664,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,395,979,327)(6) | 101.2 | % | 4,241,799,402 | |||||
Liabilities in excess of other assets | (1.2 | ) | (49,380,941 | ) | ||||
NET ASSETS | 100.0 | % | $ | 4,192,418,461 | ||||
# | The security or a portion thereof is out on loan |
† | Non-income producing security |
(1) | Security represents an investment in an affiliated company; see Note 3 |
(2) | At November 30, 2015, the Fund had loaned securities with a total value of $134,772,550. This was secured by collateral of $57,426,316, which was received in cash and subsequently invested in short-term investments currently valued at $57,426,316 as reported in the Portfolio of Investments. Additional collateral of $80,162,429 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2015 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 08/01/2027 to 12/15/2044 | $ | 1,805 | ||||
Federal National Mtg. Assoc. | 0.75% to 4.25% | 04/20/2017 to 02/25/2044 | 2,988,031 | |||||
Government National Mtg. Assoc. | 0.40% to 4.00% | 04/20/2039 to 12/16/2052 | 283 | |||||
United States Treasury Bills | 0.00% | 12/10/2015 to 07/21/2016 | 4,282,370 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.88% | 01/15/2016 to 05/15/2045 | 72,889,940 |
(3) | The rate shown is the 7-day yield as of November 30, 2015. |
(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. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2015 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
359 | Long | S&P 500 E-Mini Index | December 2015 | $ | 34,934,815 | $ | 37,332,410 | $ | 2,397,595 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2015 (see Note 1):
Level 1- Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 4,157,609,249 | $ | — | $ | — | $ | 4,157,609,249 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 57,426,316 | — | — | 57,426,316 | ||||||||||||
U.S. Government Treasuries | — | 7,099,837 | — | 7,099,837 | ||||||||||||
Repurchase Agreements | — | 19,664,000 | — | 19,664,000 | ||||||||||||
Total Investments at Value | $ | 4,215,035,565 | $ | 26,763,837 | $ | — | $ | 4,241,799,402 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 2,397,595 | $ | — | $ | — | $ | 2,397,595 | ||||||||
* | 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.
247 |
Table of Contents
PORTFOLIO PROFILE — November 30, 2015 (unaudited)
Industry Allocation*
Medical — Drugs | 8.9 | % | ||
Diversified Banking Institutions | 7.9 | |||
Diversified Manufacturing Operations | 6.7 | |||
Banks — Super Regional | 6.4 | |||
Oil Companies — Integrated | 5.0 | |||
Oil Companies — Exploration & Production | 4.3 | |||
Investment Management/Advisor Services | 4.1 | |||
Electric — Integrated | 3.2 | |||
Networking Products | 3.2 | |||
Insurance — Multi-line | 2.8 | |||
Applications Software | 2.8 | |||
Retail — Building Products | 2.6 | |||
Semiconductor Components — Integrated Circuits | 2.4 | |||
Electronic Components — Semiconductors | 2.3 | |||
Medical — Biomedical/Gene | 1.9 | |||
Food — Misc./Diversified | 1.9 | |||
Medical Instruments | 1.7 | |||
Building & Construction Products — Misc | 1.6 | |||
Telephone — Integrated | 1.5 | |||
Aerospace/Defense — Equipment | 1.4 | |||
Chemicals — Diversified | 1.3 | |||
Medical — HMO | 1.3 | |||
Cruise Lines | 1.3 | |||
Finance — Other Services | 1.3 | |||
Oil — Field Services | 1.3 | |||
Banks — Commercial | 1.2 | |||
Retail — Drug Store | 1.2 | |||
Insurance — Life/Health | 1.2 | |||
Advertising Services | 1.1 | |||
Steel — Producers | 1.1 | |||
Internet Security | 1.1 | |||
Insurance Brokers | 1.1 | |||
Tobacco | 1.1 | |||
Multimedia | 1.0 | |||
Cable/Satellite TV | 1.0 | |||
Building — Residential/Commercial | 1.0 | |||
Television | 1.0 | |||
Hotels/Motels | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Retail — Jewelry | 0.8 | |||
Transport — Rail | 0.8 | |||
Paper & Related Products | 0.8 | |||
Repurchase Agreements | 0.7 | |||
Retail — Discount | 0.7 | |||
Retail — Major Department Stores | 0.6 | |||
Agricultural Chemicals | 0.5 | |||
Medical Products | 0.5 | |||
Beverages — Wine/Spirits | 0.5 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
248 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.2% | ||||||||
Advertising Services — 1.1% | ||||||||
Nielsen Holdings PLC | 26,400 | $ | 1,232,352 | |||||
Aerospace/Defense - Equipment — 1.4% | ||||||||
United Technologies Corp. | 15,970 | 1,533,919 | ||||||
Agricultural Chemicals — 0.5% | ||||||||
Agrium, Inc. | 5,500 | 543,015 | ||||||
Applications Software — 2.8% | ||||||||
Microsoft Corp. | 55,554 | 3,019,360 | ||||||
Banks - Commercial — 1.2% | ||||||||
M&T Bank Corp. | 10,790 | 1,352,311 | ||||||
Banks - Super Regional — 6.4% | ||||||||
PNC Financial Services Group, Inc. | 25,893 | 2,473,040 | ||||||
Wells Fargo & Co. | 82,266 | 4,532,857 | ||||||
7,005,897 | ||||||||
Beverages - Wine/Spirits — 0.5% | ||||||||
Diageo PLC ADR | 4,620 | 529,267 | ||||||
Building & Construction Products - Misc. — 1.6% | ||||||||
Fortune Brands Home & Security, Inc. | 32,080 | 1,763,438 | ||||||
Building - Residential/Commercial — 1.0% | ||||||||
PulteGroup, Inc. | 55,140 | 1,074,127 | ||||||
Cable/Satellite TV — 1.0% | ||||||||
Comcast Corp., Class A | 18,414 | 1,120,676 | ||||||
Chemicals - Diversified — 1.3% | ||||||||
Dow Chemical Co. | 27,813 | 1,449,892 | ||||||
Cruise Lines — 1.3% | ||||||||
Norwegian Cruise Line Holdings, Ltd.† | 24,940 | 1,432,554 | ||||||
Diversified Banking Institutions — 7.9% | ||||||||
Citigroup, Inc. | 51,580 | 2,789,962 | ||||||
Goldman Sachs Group, Inc. | 6,632 | 1,260,213 | ||||||
JPMorgan Chase & Co. | 67,407 | 4,494,699 | ||||||
8,544,874 | ||||||||
Diversified Manufacturing Operations — 6.7% | ||||||||
3M Co. | 7,720 | 1,208,797 | ||||||
Eaton Corp. PLC | 30,875 | 1,795,690 | ||||||
General Electric Co. | 78,534 | 2,351,308 | ||||||
Illinois Tool Works, Inc. | 10,062 | 945,627 | ||||||
Ingersoll-Rand PLC | 16,494 | 967,703 | ||||||
7,269,125 | ||||||||
Electric - Integrated — 3.2% | ||||||||
Dominion Resources, Inc. | 8,200 | 552,434 | ||||||
Edison International | 16,324 | 968,993 | ||||||
Eversource Energy | 27,024 | 1,376,873 | ||||||
NextEra Energy, Inc. | 6,055 | 604,652 | ||||||
3,502,952 | ||||||||
Electronic Components - Semiconductors — 2.3% | ||||||||
Intel Corp. | 71,122 | 2,472,912 | ||||||
Finance - Other Services — 1.3% | ||||||||
Intercontinental Exchange, Inc. | 5,310 | 1,379,750 | ||||||
Food - Misc./Diversified — 1.9% | ||||||||
Ingredion, Inc. | 8,900 | 877,273 | ||||||
Kraft Heinz Co. | 15,721 | 1,158,480 | ||||||
2,035,753 | ||||||||
Hotels/Motels — 0.9% | ||||||||
Hilton Worldwide Holdings, Inc. | 42,050 | 976,401 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance Brokers — 1.1% | ||||||||
Marsh & McLennan Cos., Inc. | 21,625 | $ | 1,195,863 | |||||
Insurance - Life/Health — 1.2% | ||||||||
Principal Financial Group, Inc. | 24,619 | 1,266,894 | ||||||
Insurance - Multi-line — 2.8% | ||||||||
ACE, Ltd. | 14,574 | 1,673,824 | ||||||
MetLife, Inc. | 27,620 | 1,411,106 | ||||||
3,084,930 | ||||||||
Internet Security — 1.1% | ||||||||
Symantec Corp. | 61,745 | 1,208,967 | ||||||
Investment Management/Advisor Services — 4.1% | ||||||||
Ameriprise Financial, Inc. | 11,951 | 1,349,865 | ||||||
BlackRock, Inc. | 5,468 | 1,988,821 | ||||||
Invesco, Ltd. | 33,200 | 1,118,508 | ||||||
4,457,194 | ||||||||
Medical Instruments — 1.7% | ||||||||
Medtronic PLC | 23,975 | 1,806,276 | ||||||
Medical Products — 0.5% | ||||||||
Baxter International, Inc. | 14,130 | 531,995 | ||||||
Medical - Biomedical/Gene — 1.9% | ||||||||
Amgen, Inc. | 7,436 | 1,197,940 | ||||||
Gilead Sciences, Inc. | 8,540 | 904,898 | ||||||
2,102,838 | ||||||||
Medical - Drugs — 8.9% | ||||||||
Allergan PLC† | 3,400 | 1,067,226 | ||||||
AstraZeneca PLC ADR | 35,800 | 1,218,990 | ||||||
Baxalta, Inc. | 14,230 | 489,227 | ||||||
Bristol-Myers Squibb Co. | 24,860 | 1,665,869 | ||||||
Merck & Co., Inc. | 52,558 | 2,786,100 | ||||||
Pfizer, Inc. | 28,124 | 921,623 | ||||||
Roche Holding AG | 5,478 | 1,466,870 | ||||||
9,615,905 | ||||||||
Medical - HMO — 1.3% | ||||||||
UnitedHealth Group, Inc. | 12,755 | 1,437,616 | ||||||
Multimedia — 1.0% | ||||||||
Thomson Reuters Corp. | 27,880 | 1,124,679 | ||||||
Networking Products — 3.2% | ||||||||
Cisco Systems, Inc. | 125,819 | 3,428,568 | ||||||
Oil Companies - Exploration & Production — 4.3% | ||||||||
Anadarko Petroleum Corp. | 11,560 | 692,444 | ||||||
EOG Resources, Inc. | 18,460 | 1,540,118 | ||||||
Occidental Petroleum Corp. | 11,610 | 877,600 | ||||||
Pioneer Natural Resources Co. | 7,840 | 1,134,840 | ||||||
Southwestern Energy Co.† | 50,754 | 457,293 | ||||||
4,702,295 | ||||||||
Oil Companies - Integrated — 5.0% | ||||||||
Chevron Corp. | 26,321 | 2,403,634 | ||||||
Exxon Mobil Corp. | 21,007 | 1,715,431 | ||||||
Marathon Oil Corp. | 76,847 | 1,345,591 | ||||||
5,464,656 | ||||||||
Oil - Field Services — 1.3% | ||||||||
Halliburton Co. | 34,550 | 1,376,818 | ||||||
Paper & Related Products — 0.8% | ||||||||
International Paper Co. | 20,445 | 855,214 | ||||||
249 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2015 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
PVH Corp. | 10,150 | $ | 926,594 | |||||
Retail - Building Products — 2.6% | ||||||||
Home Depot, Inc. | 12,764 | 1,708,844 | ||||||
Lowe’s Cos., Inc. | 15,110 | 1,157,426 | ||||||
2,866,270 | ||||||||
Retail - Discount — 0.7% |
| |||||||
Dollar General Corp. | 11,200 | 732,592 | ||||||
Retail - Drug Store — 1.2% |
| |||||||
CVS Health Corp. | 13,804 | 1,298,818 | ||||||
Retail - Jewelry — 0.8% |
| |||||||
Signet Jewelers, Ltd. | 7,000 | 919,730 | ||||||
Retail - Major Department Stores — 0.6% |
| |||||||
Nordstrom, Inc. | 11,510 | 648,128 | ||||||
Semiconductor Components - Integrated Circuits — 2.4% |
| |||||||
Analog Devices, Inc. | 10,169 | 626,715 | ||||||
Maxim Integrated Products, Inc. | 50,605 | 1,961,956 | ||||||
2,588,671 | ||||||||
Steel - Producers — 1.1% | ||||||||
Nucor Corp. | 11,665 | 483,514 | ||||||
Steel Dynamics, Inc. | 42,426 | 737,788 | ||||||
1,221,302 | ||||||||
Telephone - Integrated — 1.5% |
| |||||||
Verizon Communications, Inc. | 35,695 | 1,622,338 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Television — 1.0% |
| |||||||
CBS Corp., Class B | 20,475 | $ | 1,033,578 | |||||
Tobacco — 1.1% |
| |||||||
British American Tobacco PLC | 20,056 | 1,168,380 | ||||||
Transport - Rail — 0.8% |
| |||||||
Union Pacific Corp. | 10,600 | 889,870 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $84,610,097) | 107,815,554 | |||||||
REPURCHASE AGREEMENTS — 0.7% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 11/30/2015, to be repurchased 12/01/2015 in the amount $786,000 collateralized by $825,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 2.00% due 01/30/2023 and having an approximate value of $803,820 | $ | 786,000 | 786,000 | |||||
TOTAL INVESTMENTS |
| |||||||
(cost $85,396,097)(1) | 99.9 | % | 108,601,554 | |||||
Other assets less liabilities | 0.1 | 64,826 | ||||||
NET ASSETS | 100.0 | % | $ | 108,666,380 | ||||
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 107,815,554 | $ | — | $ | — | $ | 107,815,554 | ||||||||
Repurchase Agreements | — | 786,000 | — | 786,000 | ||||||||||||
Total Investments at Value | $ | 107,815,554 | $ | 786,000 | $ | — | $ | 108,601,554 | ||||||||
* | 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 $2,635,250 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
250 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 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)*† | $ | 191,163,481 | $ | 672,129,787 | $ | 58,446,067 | $ | 254,184,057 | $ | 245,396,641 | $ | 601,981,296 | $ | 45,281,135 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | 212,360,254 | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 2,484,000 | 736,000 | – | |||||||||||||||||||||
Total Investments | 191,163,481 | 672,129,787 | 58,446,067 | 254,184,057 | 247,880,641 | 602,717,296 | 257,641,389 | |||||||||||||||||||||
Cash | 69,302 | – | 608 | 78 | 452 | 678 | – | |||||||||||||||||||||
Foreign cash* | 1,515 | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | 5,831 | – | – | – | 32,200 | – | 2,415,357 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 3,450 | 132,804 | 19,892 | 56,942 | 1,259 | 41,989 | 124,916 | |||||||||||||||||||||
Dividends and interest | 712,298 | 391,430 | 127,478 | 1,148,140 | 375,764 | 1,937,987 | 195,292 | |||||||||||||||||||||
Investments sold | 926,813 | 420,304 | 182,726 | 1,676,978 | 197,582 | – | 214,905 | |||||||||||||||||||||
Securities lending income | 8,191 | 2,442 | 1,195 | 372 | 1,562 | 30,314 | – | |||||||||||||||||||||
Prepaid expenses and other assets | 21,032 | 10,322 | 1,933 | 10,467 | 13,367 | 9,095 | 2,141 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 3,350 | – | 24,889 | 6,778 | – | |||||||||||||||||||||
Variation margin on futures contracts | 295,639 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 193,207,552 | 673,087,089 | 58,783,249 | 257,077,034 | 248,527,716 | 604,744,137 | 260,594,000 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 70,869 | 92,302 | 45,454 | 166,929 | 442,426 | 84,801 | 389,951 | |||||||||||||||||||||
Investments purchased | 11,711,452 | 1,835,245 | 60,653 | 18,507,803 | 491,171 | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 69,888 | 395,109 | 32,763 | 97,219 | 160,565 | 342,521 | 53,317 | |||||||||||||||||||||
Administrative service fee | 9,435 | 36,618 | 3,159 | 13,124 | 13,548 | 31,824 | 2,624 | |||||||||||||||||||||
Transfer agent fees and expenses | 186 | 498 | 249 | 429 | 186 | 657 | 163 | |||||||||||||||||||||
Directors’ fees and expenses | 6,211 | 12,532 | 1,042 | 5,436 | 13,876 | 14,363 | 3,176 | |||||||||||||||||||||
Other accrued expenses | 67,320 | 57,694 | 31,942 | 50,141 | 50,607 | 64,531 | 51,180 | |||||||||||||||||||||
Variation margin on futures contracts | 56,119 | – | – | – | 3,535 | – | 297,950 | |||||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | 601 | |||||||||||||||||||||
Collateral upon return of securities loaned | 10,480,222 | 4,682,825 | 1,259,296 | 900,968 | 4,433,852 | 38,858,357 | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | 496,698 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 22,471,702 | 7,112,823 | 1,434,558 | 19,742,049 | 5,609,766 | 39,397,054 | 1,295,660 | |||||||||||||||||||||
NET ASSETS | $ | 170,735,850 | $ | 665,974,266 | $ | 57,348,691 | $ | 237,334,985 | $ | 242,917,950 | $ | 565,347,083 | $ | 259,298,340 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 140,130 | $ | 356,245 | $ | 37,328 | $ | 239,944 | $ | 122,655 | $ | 429,490 | $ | 224,620 | ||||||||||||||
Additional paid-in capital | 144,314,012 | 319,214,424 | 41,513,662 | 230,342,302 | 195,945,961 | 384,786,939 | 247,417,774 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 5,121,821 | (704,397 | ) | 1,201,141 | 6,513,872 | 3,814,936 | 20,048,796 | 4,965,734 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 18,505,640 | 108,920,357 | 4,570,627 | 693,294 | 1,340,176 | 113,686,956 | 496,824 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 1,919,815 | 238,187,721 | 10,025,933 | (454,427 | ) | 41,645,252 | 46,394,905 | 5,914,472 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 612,734 | – | – | – | 48,999 | – | 278,916 | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | 121,698 | (84 | ) | – | – | (29 | ) | (3 | ) | – | ||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 170,735,850 | $ | 665,974,266 | $ | 57,348,691 | $ | 237,334,985 | $ | 242,917,950 | $ | 565,347,083 | $ | 259,298,340 | ||||||||||||||
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 | 14,013,001 | 35,624,457 | 3,732,845 | 23,994,363 | 12,265,505 | 42,948,976 | 22,461,955 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 12.18 | $ | 18.69 | $ | 15.36 | $ | 9.89 | $ | 19.80 | $ | 13.16 | $ | 11.54 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 189,243,666 | $ | 433,942,066 | $ | 48,420,134 | $ | 254,638,484 | $ | 203,751,389 | $ | 555,586,391 | $ | 45,190,773 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 206,536,144 | ||||||||||||||
Foreign cash | $ | 1,617 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 784,215 | ||||||||||||||
† Including securities on loan | $ | 11,654,837 | $ | 4,579,536 | $ | 1,458,682 | $ | 879,654 | $ | 5,587,155 | $ | 39,852,912 | $ | – | ||||||||||||||
See Notes to Financial Statements
251 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 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)*† | $ | 551,937,627 | $ | 931,791,027 | $ | 502,362,353 | $ | 381,175,356 | $ | 483,648,709 | $ | 134,458,071 | $ | 1,052,084,462 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | – | 10,631,000 | – | |||||||||||||||||||||
Total Investments | 551,937,627 | 931,791,027 | 502,362,353 | 381,175,356 | 483,648,709 | 145,089,071 | 1,052,084,462 | |||||||||||||||||||||
Cash | 1,695,484 | 56,146 | 683 | 353 | 316,864 | 293 | 39,023 | |||||||||||||||||||||
Foreign cash* | 5,396,714 | 6,400,924 | 634,774 | 153,564 | 1,592,708 | – | 13,516 | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 418,598 | 438,425 | 27,161 | 70,718 | 44,977 | 32,365 | 13,840 | |||||||||||||||||||||
Dividends and interest | 242,644 | 2,048,761 | 698,788 | 899,489 | 2,175,275 | 571,762 | 1,225,461 | |||||||||||||||||||||
Investments sold | 1,154,493 | 432,372 | 7,492,654 | – | 661,400 | – | 2,162,235 | |||||||||||||||||||||
Securities lending income | 16,227 | 65,681 | 1,905 | 2,961 | 43,031 | 6 | 33,577 | |||||||||||||||||||||
Prepaid expenses and other assets | 9,035 | 19,142 | 6,038 | 13,869 | 9,296 | 7,660 | 20,528 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | 5,449,865 | – | – | |||||||||||||||||||||
TOTAL ASSETS | 560,870,822 | 941,252,478 | 511,224,356 | 382,316,310 | 493,942,125 | 145,701,157 | 1,055,592,642 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 54,057 | 85,246 | 49,682 | 48,905 | 61,804 | 708,598 | 126,648 | |||||||||||||||||||||
Investments purchased | 4,843,843 | 1,511,890 | 7,695,264 | – | 1,131,702 | – | 700,730 | |||||||||||||||||||||
Accrued foreign tax on capital gains | 230,090 | 49,798 | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 352,585 | 470,501 | 301,452 | 155,074 | 191,414 | 59,584 | 561,583 | |||||||||||||||||||||
Administrative service fee | 30,598 | 47,118 | 28,114 | 20,935 | 25,841 | 8,044 | 54,101 | |||||||||||||||||||||
Transfer agent fees and expenses | 697 | 536 | 437 | 217 | 186 | 561 | 312 | |||||||||||||||||||||
Directors’ fees and expenses | 14,168 | 24,723 | 7,694 | 14,617 | 12,883 | 5,727 | 27,454 | |||||||||||||||||||||
Other accrued expenses | 220,008 | 131,503 | 60,472 | 53,414 | 95,596 | 43,699 | 88,951 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | 47,975 | – | – | – | |||||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 20,406,832 | 94,986,987 | 5,611,586 | 4,166,169 | 25,815,499 | – | 59,958,568 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | 717,403 | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 26,152,878 | 97,308,302 | 13,754,701 | 4,507,306 | 28,052,328 | 826,213 | 61,518,347 | |||||||||||||||||||||
NET ASSETS | $ | 534,717,944 | $ | 843,944,176 | $ | 497,469,655 | $ | 377,809,004 | $ | 465,889,797 | $ | 144,874,944 | $ | 994,074,295 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 815,569 | $ | 915,612 | $ | 590,410 | $ | 177,094 | $ | 365,897 | $ | 133,914 | $ | 603,418 | ||||||||||||||
Additional paid-in capital | 730,830,628 | 923,154,972 | 437,426,653 | 396,739,881 | 397,919,392 | 138,994,119 | 707,860,556 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 21,910,459 | 22,006,181 | 17,099,510 | 9,037,984 | 19,543,209 | 5,263,724 | 8,241,498 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (181,915,054 | ) | (19,166,332 | ) | 33,530,240 | (39,149,615 | ) | 34,592,266 | (1,973,816 | ) | 164,070,157 | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | (36,692,588 | ) | (82,719,903 | ) | 8,850,708 | 10,380,962 | 8,793,609 | 2,457,003 | 113,309,200 | |||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | – | 664,715 | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (980 | ) | (196,556 | ) | (27,866 | ) | (42,017 | ) | 4,675,424 | – | (10,534 | ) | ||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | (230,090 | ) | (49,798 | ) | – | – | – | – | – | |||||||||||||||||||
NET ASSETS | $ | 534,717,944 | $ | 843,944,176 | $ | 497,469,655 | $ | 377,809,004 | $ | 465,889,797 | $ | 144,874,944 | $ | 994,074,295 | ||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||
Outstanding | 81,556,878 | 91,561,167 | 59,040,987 | 17,709,408 | 36,589,724 | 13,391,377 | 60,341,755 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 6.56 | $ | 9.22 | $ | 8.43 | $ | 21.33 | $ | 12.73 | $ | 10.82 | $ | 16.47 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 588,630,215 | $ | 1,014,510,930 | $ | 493,511,645 | $ | 370,794,394 | $ | 474,855,100 | $ | 132,001,068 | $ | 938,775,262 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 5,396,347 | $ | 6,486,543 | $ | 636,490 | $ | 154,168 | $ | 1,608,285 | $ | – | $ | 13,513 | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 20,093,494 | $ | 91,374,767 | $ | 5,378,285 | $ | 7,017,290 | $ | 24,832,396 | $ | – | $ | 86,930,370 | ||||||||||||||
See Notes to Financial Statements
252 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 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)*† | $ | 117,343,772 | $ | 929,006,892 | $ | 455,472,282 | $ | 1,172,402,974 | $ | 148,734,111 | $ | 581,160,299 | $ | 164,786,892 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | 41,903,000 | – | – | 3,321,000 | |||||||||||||||||||||
Total Investments | 117,343,772 | 929,006,892 | 455,472,282 | 1,214,305,974 | 148,734,111 | 581,160,299 | 168,107,892 | |||||||||||||||||||||
Cash | 975 | – | 15,028 | 260 | 5,218 | 116,700 | 635 | |||||||||||||||||||||
Foreign cash* | – | 1,934 | 44,267 | 949,710 | 235,239 | 416,386 | – | |||||||||||||||||||||
Due from broker | 115,000 | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 12,084 | 140,285 | 266,145 | 404,241 | 5,203 | 192,409 | 2,416 | |||||||||||||||||||||
Dividends and interest | 237,418 | 492,312 | 1,704,413 | 4,198,025 | 1,356,847 | 1,485,742 | 244,009 | |||||||||||||||||||||
Investments sold | 259,877 | 262,834 | 692,590 | – | – | 431,373 | 1,005,087 | |||||||||||||||||||||
Securities lending income | 673 | 53,038 | 702 | 63,038 | 324 | 19,683 | 244 | |||||||||||||||||||||
Prepaid expenses and other assets | 5,321 | 9,364 | 6,136 | 35,561 | 7,282 | 15,925 | 14,321 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 8,048 | 27,737 | – | – | – | 2,521 | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 117,983,168 | 929,994,396 | 458,201,563 | 1,219,956,809 | 150,344,224 | 583,841,038 | 169,374,604 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 117,514 | 101,843 | 43,615 | 99,091 | 36,067 | 205,473 | 157,248 | |||||||||||||||||||||
Investments purchased | 265,206 | 3,101 | – | – | 1,934,208 | 550,806 | 2,242,773 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | 50,340 | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 72,130 | 708,823 | 176,341 | 269,345 | 60,217 | 414,237 | 95,576 | |||||||||||||||||||||
Administrative service fee | 6,492 | 48,908 | 24,914 | 61,921 | 8,129 | 30,455 | 9,216 | |||||||||||||||||||||
Transfer agent fees and expenses | 375 | 249 | 440 | 734 | 546 | 437 | 249 | |||||||||||||||||||||
Directors’ fees and expenses | 4,831 | 9,102 | 9,359 | 27,525 | 6,549 | 19,764 | 3,864 | |||||||||||||||||||||
Other accrued expenses | 42,042 | 71,333 | 63,781 | 176,211 | 55,592 | 108,711 | 33,006 | |||||||||||||||||||||
Variation margin on futures contracts | 4,040 | – | – | 61,380 | – | – | – | |||||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 732,105 | 39,533,699 | 1,762,313 | 127,446,033 | 1,433,100 | 31,851,666 | 572,861 | |||||||||||||||||||||
Due to custodian | – | 51,561 | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | 3,961 | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 1,244,735 | 40,582,920 | 2,080,763 | 128,142,240 | 3,534,408 | 33,181,549 | 3,114,793 | |||||||||||||||||||||
NET ASSETS | $ | 116,738,433 | $ | 889,411,476 | $ | 456,120,800 | $ | 1,091,814,569 | $ | 146,809,816 | $ | 550,659,489 | $ | 166,259,811 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 60,138 | $ | 357,283 | $ | 427,232 | $ | 1,657,219 | $ | 133,001 | $ | 416,522 | $ | 121,493 | ||||||||||||||
Additional paid-in capital | 93,678,005 | 505,957,398 | 450,922,954 | 1,214,077,364 | 159,903,921 | 456,858,042 | 105,228,518 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 1,885,748 | (4,240,442 | ) | 6,773,754 | 34,254,611 | 4,925,416 | 6,351,285 | 2,159,760 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 7,192,417 | 169,498,789 | (1,793,818 | ) | (147,931,861 | ) | (7,286,327 | ) | 33,890,253 | 37,423,569 | ||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 13,915,721 | 217,746,351 | (201,271 | ) | (12,427,096 | ) | (10,822,505 | ) | 53,292,169 | 21,326,471 | ||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 6,404 | 148,319 | – | 2,446,982 | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | (5,882 | ) | (8,051 | ) | (262,650 | ) | (43,690 | ) | (148,782 | ) | – | ||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | (50,340 | ) | – | – | – | – | – | ||||||||||||||||||||
NET ASSETS | $ | 116,738,433 | $ | 889,411,476 | $ | 456,120,800 | $ | 1,091,814,569 | $ | 146,809,816 | $ | 550,659,489 | $ | 166,259,811 | ||||||||||||||
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 | 6,013,752 | 35,728,259 | 42,723,246 | 165,721,882 | 13,300,075 | 41,652,164 | 12,149,316 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 19.41 | $ | 24.89 | $ | 10.68 | $ | 6.59 | $ | 11.04 | $ | 13.22 | $ | 13.68 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 103,428,051 | $ | 711,260,541 | $ | 455,673,553 | $ | 1,184,830,070 | $ | 159,556,616 | $ | 527,868,130 | $ | 143,460,421 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 1,960 | $ | 45,419 | $ | 954,271 | $ | 255,307 | $ | 418,681 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | 152,280 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 708,540 | $ | 41,456,678 | $ | 1,718,885 | $ | 129,371,195 | $ | 1,366,316 | $ | 31,384,383 | $ | 1,475,118 | ||||||||||||||
See Notes To Financial Statements
253 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 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)*† | $ | 414,819,380 | $ | 3,261,101,799 | $ | 262,647,945 | $ | 337,943,711 | $ | 328,797,486 | $ | 1,037,134,723 | $ | 140,704,406 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 19,465,000 | – | 7,202,000 | 12,378,000 | 886,000 | 2,323,000 | |||||||||||||||||||||
Total Investments | 414,819,380 | 3,280,566,799 | 262,647,945 | 345,145,711 | 341,175,486 | 1,038,020,723 | 143,027,406 | |||||||||||||||||||||
Cash | 1,830,922 | 319 | 881 | 387 | 579 | 62,617 | 39,259 | |||||||||||||||||||||
Foreign cash* | 235 | – | – | – | – | 1,788,277 | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 14,307 | 349,959 | 11,561 | 242,683 | 65,444 | 44,842 | 11,916 | |||||||||||||||||||||
Dividends and interest | 401,467 | 3,904,058 | 122,038 | 40,061 | 417,232 | 1,072,846 | 26,038 | |||||||||||||||||||||
Investments sold | – | – | – | – | – | 2,019,855 | 768,093 | |||||||||||||||||||||
Securities lending income | 5,030 | 105,366 | 32,174 | – | 3,339 | 98,868 | 58,685 | |||||||||||||||||||||
Prepaid expenses and other assets | 9,275 | 75,089 | 14,553 | 21,460 | 5,386 | 46,478 | 2,606 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | 91,856 | 82,036 | – | 7,297 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 417,080,616 | 3,285,001,590 | 262,829,152 | 345,542,158 | 341,749,502 | 1,043,154,506 | 143,941,300 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 79,106 | 855,432 | 106,893 | 311,606 | 100,212 | 385,167 | 17,560 | |||||||||||||||||||||
Investments purchased | – | 2,003,489 | – | – | – | 49,113 | 429,257 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 211,446 | 668,261 | 147,118 | 113,657 | 107,709 | 705,155 | 83,255 | |||||||||||||||||||||
Administrative service fee | 22,301 | 170,212 | 14,213 | 19,180 | 18,405 | 54,370 | 6,611 | |||||||||||||||||||||
Transfer agent fees and expenses | 303 | 987 | 433 | 758 | 735 | 800 | 186 | |||||||||||||||||||||
Directors’ fees and expenses | 10,563 | 87,845 | 7,651 | 17,366 | 5,451 | 37,277 | 1,932 | |||||||||||||||||||||
Other accrued expenses | 56,274 | 221,752 | 44,605 | 78,871 | 109,014 | 126,894 | 39,076 | |||||||||||||||||||||
Variation margin on futures contracts | – | 213,640 | – | – | 37,950 | – | – | |||||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 14,650,082 | 213,862,443 | 3,293,226 | – | 6,501,921 | 53,723,108 | 21,824,502 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 15,030,075 | 218,084,061 | 3,614,139 | 541,438 | 6,881,397 | 55,081,884 | 22,402,379 | |||||||||||||||||||||
NET ASSETS | $ | 402,050,541 | $ | 3,066,917,529 | $ | 259,215,013 | $ | 345,000,720 | $ | 334,868,105 | $ | 988,072,622 | $ | 121,538,921 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 317,671 | $ | 1,114,122 | $ | 178,046 | $ | 3,450,082 | $ | 311,087 | $ | 363,949 | $ | 86,602 | ||||||||||||||
Additional paid-in capital | 320,493,928 | 1,886,433,369 | 195,324,764 | 341,556,946 | 154,646,105 | 664,574,003 | 90,408,822 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 4,632,677 | 57,519,469 | (653,706 | ) | 1,129 | 3,329,616 | (1,091,661 | ) | (216,651 | ) | ||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 26,709,104 | 339,579,756 | 31,176,275 | (7,437 | ) | 24,920,701 | 196,633,617 | 18,824,037 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 49,900,319 | 781,040,518 | 33,189,634 | – | 150,915,580 | 127,670,583 | 12,436,111 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 1,230,295 | – | – | 745,016 | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (3,158 | ) | – | – | – | – | (77,869 | ) | – | |||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 402,050,541 | $ | 3,066,917,529 | $ | 259,215,013 | $ | 345,000,720 | $ | 334,868,105 | $ | 988,072,622 | $ | 121,538,921 | ||||||||||||||
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 | 31,767,098 | 111,412,205 | 17,804,571 | 345,008,168 | 31,108,701 | 36,394,876 | 8,660,178 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 12.66 | $ | 27.53 | $ | 14.56 | $ | 1.00 | $ | 10.76 | $ | 27.15 | $ | 14.03 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 364,919,061 | $ | 2,480,061,281 | $ | 229,458,311 | $ | 337,943,711 | $ | 177,881,906 | $ | 909,464,140 | $ | 128,268,295 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 237 | $ | – | $ | – | $ | – | $ | – | $ | 1,863,217 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 16,408,209 | $ | 279,766,971 | $ | 4,154,219 | $ | – | $ | 7,714,096 | $ | 63,736,790 | $ | 21,137,645 | ||||||||||||||
See Notes to Financial Statements
254 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 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)*† | $ | 343,330,165 | $ | 1,149,097,622 | $ | 234,529,074 | $ | 140,557,303 | $ | 4,203,472,192 | $ | 107,815,554 | ||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | 18,663,210 | – | ||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 26,188,000 | 19,664,000 | 786,000 | ||||||||||||||||||||
Total Investments | 343,330,165 | 1,175,285,622 | 234,529,074 | 140,557,303 | 4,241,799,402 | 108,601,554 | ||||||||||||||||||
Cash | 86,950 | 5,291 | 686 | – | 330,287 | 787 | ||||||||||||||||||
Foreign cash* | – | – | – | – | – | – | ||||||||||||||||||
Due from broker | – | – | – | – | – | – | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Fund shares sold | 1,669 | 641,065 | 4,981 | 1,648 | 1,080,823 | 8,424 | ||||||||||||||||||
Dividends and interest | 287,675 | 935,984 | 293,472 | 50,020 | 9,259,052 | 284,758 | ||||||||||||||||||
Investments sold | 1,600,281 | 1,606,930 | 803,552 | 26,787 | – | – | ||||||||||||||||||
Securities lending income | 27,739 | 272,995 | 11,826 | 24,544 | 51,094 | 1,000 | ||||||||||||||||||
Prepaid expenses and other assets | 18,083 | 24,356 | 11,427 | 4,761 | 191,700 | 4,050 | ||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 20,106 | – | – | 2,444 | – | 7,765 | ||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL ASSETS | 345,372,668 | 1,178,772,243 | 235,655,018 | 140,667,507 | 4,252,712,358 | 108,908,338 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Fund shares reacquired | 153,999 | 179,228 | 120,286 | 67,989 | 1,100,947 | 126,860 | ||||||||||||||||||
Investments purchased | 511,662 | – | 115,127 | 359,723 | – | – | ||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | ||||||||||||||||||
Investment advisory and management fees | 233,174 | 254,958 | 139,037 | 85,364 | 851,487 | 69,751 | ||||||||||||||||||
Administrative service fee | 17,704 | 57,773 | 12,513 | 6,779 | 232,049 | 6,036 | ||||||||||||||||||
Transfer agent fees and expenses | 186 | 900 | 375 | 186 | 1,171 | 437 | ||||||||||||||||||
Directors’ fees and expenses | 16,196 | 30,903 | 6,248 | 2,855 | 154,323 | 3,893 | ||||||||||||||||||
Other accrued expenses | 44,865 | 128,988 | 38,181 | 37,799 | 346,309 | 34,981 | ||||||||||||||||||
Variation margin on futures contracts | – | 186,200 | – | – | 181,295 | – | ||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | ||||||||||||||||||
Collateral upon return of securities loaned | 21,931,539 | 119,932,894 | 7,067,134 | 16,300,374 | 57,426,316 | – | ||||||||||||||||||
Due to custodian | – | – | – | – | – | – | ||||||||||||||||||
Due to broker | – | – | – | – | – | – | ||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL LIABILITIES | 22,909,325 | 120,771,844 | 7,498,901 | 16,861,069 | 60,293,897 | 241,958 | ||||||||||||||||||
NET ASSETS | $ | 322,463,343 | $ | 1,058,000,399 | $ | 228,156,117 | $ | 123,806,438 | $ | 4,192,418,461 | $ | 108,666,380 | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 236,225 | $ | 515,128 | $ | 168,847 | $ | 96,426 | $ | 1,149,695 | $ | 72,842 | ||||||||||||
Additional paid-in capital | 205,202,995 | 696,041,491 | 175,660,788 | 98,230,883 | 1,856,900,209 | 114,161,878 | ||||||||||||||||||
Accumulated undistributed net investment income (loss) | 836,541 | 19,134,900 | 4,672,920 | (530,618 | ) | 114,556,494 | 2,451,370 | |||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 60,718,499 | 122,564,906 | 29,870,796 | 13,770,853 | 371,594,393 | (31,222,264 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | 55,469,264 | 217,934,724 | 17,782,766 | 12,238,894 | 1,845,820,075 | 23,205,457 | ||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 1,809,255 | – | – | 2,397,595 | – | ||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (181 | ) | (5 | ) | – | – | – | (2,903 | ) | |||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
NET ASSETS | $ | 322,463,343 | $ | 1,058,000,399 | $ | 228,156,117 | $ | 123,806,438 | $ | 4,192,418,461 | $ | 108,666,380 | ||||||||||||
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 | 23,622,538 | 51,512,777 | 16,884,732 | 9,642,647 | 114,969,453 | 7,284,164 | ||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 13.65 | $ | 20.54 | $ | 13.51 | $ | 12.84 | $ | 36.47 | $ | 14.92 | ||||||||||||
* Cost | ||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 287,860,901 | $ | 931,162,898 | $ | 216,746,308 | $ | 128,318,409 | $ | 2,366,527,055 | $ | 84,610,097 | ||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | 9,788,272 | $ | – | ||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
† Including securities on loan | $ | 21,209,033 | $ | 120,710,186 | $ | 6,887,301 | $ | 19,639,572 | $ | 134,772,550 | $ | – | ||||||||||||
See Notes To Financial Statements
255 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2015
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,265,984 | $ | 2,255,057 | $ | 648,032 | $ | 14,699 | $ | 2,288,113 | $ | 8,825,058 | $ | – | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 75,803 | 14,586 | 8,303 | 2,874 | 10,324 | 161,054 | – | |||||||||||||||||||||
Interest (unaffiliated) | 1,094,970 | 1,380 | 38 | 2,851,191 | – | 500 | 486,003 | |||||||||||||||||||||
Total investment income* | 2,436,757 | 2,271,023 | 656,373 | 2,868,764 | 2,298,437 | 8,986,612 | 486,003 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 430,768 | 2,362,751 | 201,218 | 618,475 | 998,029 | 2,132,418 | 327,786 | |||||||||||||||||||||
Administrative service fee | 58,154 | 218,796 | 19,403 | 83,542 | 84,314 | 198,462 | 16,695 | |||||||||||||||||||||
Transfer agent fees and expenses | 561 | 1,497 | 748 | 1,335 | 561 | 1,497 | 420 | |||||||||||||||||||||
Custodian fees | 41,997 | 16,167 | 10,194 | 20,314 | 15,357 | 12,062 | 10,676 | |||||||||||||||||||||
Reports to shareholders | 11,172 | 43,883 | 4,272 | 14,792 | 16,753 | 42,837 | 23,033 | |||||||||||||||||||||
Audit and tax fees | 29,268 | 15,128 | 18,415 | 20,746 | 15,142 | 15,092 | 15,555 | |||||||||||||||||||||
Legal fees | 5,965 | 10,347 | 1,772 | 6,422 | 9,666 | 10,093 | 9,318 | |||||||||||||||||||||
Directors’ fees and expenses | 4,888 | 17,500 | 1,661 | 6,518 | 7,363 | 18,124 | 7,433 | |||||||||||||||||||||
Interest expense | – | – | 30 | – | – | 1,307 | – | |||||||||||||||||||||
Other expenses | 28,697 | 12,397 | 6,568 | 8,011 | 7,810 | 11,806 | 5,704 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments, and fees paid indirectly | 611,470 | 2,698,466 | 264,281 | 780,155 | 1,154,995 | 2,443,698 | 416,620 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | (19,945 | ) | – | (155,712 | ) | (32,754 | ) | 2,946 | ||||||||||||||||||
Fees paid indirectly (Note 7) | (2,233 | ) | (2,789 | ) | (1,024 | ) | – | (850 | ) | – | – | |||||||||||||||||
Net expenses | 609,237 | 2,695,677 | 243,312 | 780,155 | 998,433 | 2,410,944 | 419,566 | |||||||||||||||||||||
Net investment income (loss) | 1,827,520 | (424,654 | ) | 413,061 | 2,088,609 | 1,300,004 | 6,575,668 | 66,437 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 1,038,319 | 31,570,648 | 1,179,906 | 321,768 | 5,243,644 | 53,702,737 | (552,966 | ) | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | 552,805 | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (734,897 | ) | – | – | – | (34,525 | ) | – | (5,607,530 | ) | ||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (28,660 | ) | (163 | ) | – | – | 92 | (4,571 | ) | – | ||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 274,762 | 31,570,485 | 1,179,906 | 321,768 | 5,209,211 | 53,698,166 | (5,607,691 | ) | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (5,803,616 | ) | (5,073,435 | ) | (4,086,674 | ) | (3,051,937 | ) | (14,136,896 | ) | (63,742,102 | ) | 16,824 | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | (5,740,097 | ) | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 763,235 | – | – | – | 31,658 | – | 22,947 | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 122,009 | (51 | ) | – | – | (29 | ) | 40 | – | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (4,918,372 | ) | (5,073,486 | ) | (4,086,674 | ) | (3,051,937 | ) | (14,105,267 | ) | (63,742,062 | ) | (5,700,326 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (4,643,610 | ) | 26,496,999 | (2,906,768 | ) | (2,730,169 | ) | (8,896,056 | ) | (10,043,896 | ) | (11,308,017 | ) | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,816,090 | ) | $ | 26,072,345 | $ | (2,493,707 | ) | $ | (641,560 | ) | $ | (7,596,052 | ) | $ | (3,468,228 | ) | $ | (11,241,580 | ) | ||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 7,842 | $ | 851 | $ | 1,720 | $ | 286 | $ | 19,272 | $ | 29,935 | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes To Financial Statements
256 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 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) | $ | 10,243,954 | $ | 7,902,620 | $ | 8,190,833 | $ | 3,515,308 | $ | 3,151,241 | $ | – | $ | 6,451,059 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 176,797 | 506,949 | 43,849 | 13,880 | 185,401 | 52 | 125,766 | |||||||||||||||||||||
Interest (unaffiliated) | 225 | 476 | 186 | – | 2,821,628 | 2,058,435 | 378 | |||||||||||||||||||||
Total investment income* | 10,420,976 | 8,410,045 | 8,234,868 | 3,529,188 | 6,158,270 | 2,058,487 | 6,577,203 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 2,237,539 | 2,988,151 | 1,849,140 | 968,670 | 1,202,162 | 378,675 | 3,448,975 | |||||||||||||||||||||
Administrative service fee | 194,898 | 300,070 | 172,588 | 130,770 | 162,357 | 51,121 | 332,517 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,961 | 1,543 | 1,311 | 936 | 561 | 1,685 | 936 | |||||||||||||||||||||
Custodian fees | 217,404 | 78,977 | 42,243 | 32,758 | 66,876 | 8,397 | 33,575 | |||||||||||||||||||||
Reports to shareholders | 42,064 | 60,848 | 37,735 | 30,766 | 32,981 | 10,821 | 67,421 | |||||||||||||||||||||
Audit and tax fees | 21,569 | 20,026 | 17,136 | 21,188 | 20,303 | 21,611 | 15,367 | |||||||||||||||||||||
Legal fees | 36,335 | 12,774 | 10,364 | 8,903 | 8,016 | 5,864 | 13,456 | |||||||||||||||||||||
Directors’ fees and expenses | 18,544 | 27,393 | 13,659 | 11,839 | 14,282 | 4,479 | 27,803 | |||||||||||||||||||||
Interest expense | 1,408 | – | 62 | 411 | – | – | 363 | |||||||||||||||||||||
Other expenses | 15,225 | 18,426 | 15,433 | 11,327 | 13,346 | 6,980 | 15,229 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments, and fees paid indirectly | 2,786,947 | 3,508,208 | 2,159,671 | 1,217,568 | 1,520,884 | 489,633 | 3,955,642 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Fees paid indirectly (Note 7) | (4,629 | ) | (2,597 | ) | (4,278 | ) | – | (45 | ) | – | – | |||||||||||||||||
Net expenses | 2,782,318 | 3,505,611 | 2,155,393 | 1,217,568 | 1,520,839 | 489,633 | 3,955,642 | |||||||||||||||||||||
Net investment income (loss) | 7,638,658 | 4,904,434 | 6,079,475 | 2,311,620 | 4,637,431 | 1,568,854 | 2,621,561 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | (38,956,540 | ) | 7,986,455 | 14,333,077 | 1,788,677 | 1,495,405 | 44,422 | 18,425,152 | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | – | – | (1,016,327 | ) | – | – | (183,376 | ) | |||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (510,474 | ) | (222,378 | ) | (18,089 | ) | (25,161 | ) | 3,141,490 | – | (1,372 | ) | ||||||||||||||||
Net increase from payment by affiliate (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (39,467,014 | ) | 7,764,077 | 14,314,988 | 747,189 | 4,636,895 | 44,422 | 18,240,404 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (75,170,202 | ) | (126,071,633 | ) | (30,142,638 | ) | (17,750,123 | ) | (38,643,222 | ) | (1,729,132 | ) | (18,027,369 | ) | ||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | – | 320,717 | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 15,588 | (93,122 | ) | (228 | ) | 23,086 | (2,776,955 | ) | – | (2,941 | ) | |||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | (70,568 | ) | (4,975 | ) | – | – | – | – | – | |||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (75,225,182 | ) | (126,169,730 | ) | (30,142,866 | ) | (17,406,320 | ) | (41,420,177 | ) | (1,729,132 | ) | (18,030,310 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (114,692,196 | ) | (118,405,653 | ) | (15,827,878 | ) | (16,659,131 | ) | (36,783,282 | ) | (1,684,710 | ) | 210,094 | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (107,053,538 | ) | $ | (113,501,219 | ) | $ | (9,748,403 | ) | $ | (14,347,511 | ) | $ | (32,145,851 | ) | $ | (115,856 | ) | $ | 2,831,655 | ||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 1,434,030 | $ | 581,037 | $ | 362,523 | $ | 128,940 | $ | 246,060 | $ | – | $ | 19,796 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | 44,665 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes To Financial Statements
257 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2015 — (continued)
GROWTH & FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL FUND | LARGE CAP CORE FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,134,996 | $ | 2,614,767 | $ | 160,397 | $ | 10,839,477 | $ | – | $ | 4,223,209 | $ | 1,479,526 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 2,349 | 222,368 | 5,246 | 295,600 | 1,015 | 108,217 | 2,765 | |||||||||||||||||||||
Interest (unaffiliated) | 47 | 33,667 | 5,038,710 | 4,680 | 2,501,416 | 245 | 1 | |||||||||||||||||||||
Total investment income* | 1,137,392 | 2,870,802 | 5,204,353 | 11,139,757 | 2,502,431 | 4,331,671 | 1,482,292 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 439,906 | 4,505,275 | 1,092,706 | 1,612,253 | 391,257 | 2,600,019 | 584,228 | |||||||||||||||||||||
Administrative service fee | 39,592 | 311,230 | 154,531 | 369,071 | 52,820 | 191,582 | 56,336 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,124 | 748 | 1,313 | 2,467 | 1,352 | 1,311 | 748 | |||||||||||||||||||||
Custodian fees | 11,092 | 26,445 | 15,162 | 62,721 | 15,224 | 79,728 | 4,950 | |||||||||||||||||||||
Reports to shareholders | 8,103 | 96,254 | 31,920 | 61,973 | 11,630 | 36,658 | 11,559 | |||||||||||||||||||||
Audit and tax fees | 20,853 | 16,142 | 18,625 | 41,367 | 14,593 | 20,926 | 15,090 | |||||||||||||||||||||
Legal fees | 2,554 | 12,386 | 8,700 | 18,409 | 5,562 | 9,910 | 5,970 | |||||||||||||||||||||
Directors’ fees and expenses | 3,294 | 21,246 | 13,487 | 29,236 | 5,030 | 16,888 | 4,908 | |||||||||||||||||||||
Interest expense | – | – | 1,073 | – | 203 | 1,370 | – | |||||||||||||||||||||
Other expenses | 7,361 | 13,224 | 8,923 | 115,112 | 6,924 | 19,190 | 7,949 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments, and fees paid indirectly | 533,879 | 5,002,950 | 1,346,440 | 2,312,609 | 504,595 | 2,977,582 | 691,738 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (35,319 | ) | (98,316 | ) | – | – | – | (110,946 | ) | – | ||||||||||||||||||
Fees paid indirectly (Note 7) | (372 | ) | (2,063 | ) | – | – | – | (1,307 | ) | (8,302 | ) | |||||||||||||||||
Net expenses | 498,188 | 4,902,571 | 1,346,440 | 2,312,609 | 504,595 | 2,865,329 | 683,436 | |||||||||||||||||||||
Net investment income (loss) | 639,204 | (2,031,769 | ) | 3,857,913 | 8,827,148 | 1,997,836 | 1,466,342 | 798,856 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 2,117,205 | 56,033,538 | (1,942,240 | ) | (423,965 | ) | (4,413,663 | ) | 7,844,732 | 7,665,637 | ||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (28,329 | ) | 338,769 | – | (4,803,672 | ) | – | – | – | |||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (15 | ) | 5,000 | (486,570 | ) | (184,151 | ) | (92,393 | ) | (74,728 | ) | (228 | ) | |||||||||||||||
Net increase from payment by affiliate (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 2,088,861 | 56,377,307 | (2,428,810 | ) | (5,411,788 | ) | (4,506,056 | ) | 7,770,004 | 7,665,409 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (4,574,771 | ) | (130,991,270 | ) | (12,371,196 | ) | (88,497,838 | ) | (614,187 | ) | (49,907,598 | ) | (9,303,208 | ) | ||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 14,647 | 334,044 | – | 1,397,197 | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | 2,840 | 505,676 | 63,665 | 33,310 | (52,759 | ) | – | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | (786 | ) | – | – | – | 17,956 | – | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (4,560,124 | ) | (130,655,172 | ) | (11,865,520 | ) | (87,036,976 | ) | (580,877 | ) | (49,942,401 | ) | (9,303,208 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (2,471,263 | ) | (74,277,865 | ) | (14,294,330 | ) | (92,448,764 | ) | (5,086,933 | ) | (42,172,397 | ) | (1,637,799 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,832,059 | ) | $ | (76,309,634 | ) | $ | (10,436,417 | ) | $ | (83,621,616 | ) | $ | (3,089,097 | ) | $ | (40,706,055 | ) | $ | (838,943 | ) | |||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 838 | $ | 31,969 | $ | (36 | ) | $ | 609,545 | $ | 1,067 | $ | 322,832 | $ | 5,893 | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 351 | $ | – | ||||||||||||||
See Notes To Financial Statements
258 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 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) | $ | 2,725,394 | $ | 25,502,359 | $ | 617,762 | $ | – | $ | 2,018,584 | $ | 3,992,185 | $ | 237,377 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 30,208 | 754,163 | 205,535 | – | 15,526 | 440,144 | 253,083 | |||||||||||||||||||||
Interest (unaffiliated) | 339 | 7,825 | 438 | 314,764 | 39 | 5,613 | 1 | |||||||||||||||||||||
Total investment income* | 2,755,941 | 26,264,347 | 823,735 | 314,764 | 2,034,149 | 4,437,942 | 490,461 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 1,287,631 | 4,156,231 | 936,090 | 695,180 | 639,778 | 4,233,212 | 507,302 | |||||||||||||||||||||
Administrative service fee | 135,805 | 1,065,534 | 90,723 | 117,312 | 109,204 | 326,240 | 40,286 | |||||||||||||||||||||
Transfer agent fees and expenses | 969 | 3,219 | 1,307 | 2,225 | 2,319 | 2,454 | 561 | |||||||||||||||||||||
Custodian fees | 10,025 | 47,147 | 5,564 | 5,897 | 5,068 | 85,797 | 10,265 | |||||||||||||||||||||
Reports to shareholders | 26,107 | 203,193 | 18,199 | 19,395 | 22,917 | 67,205 | 6,433 | |||||||||||||||||||||
Audit and tax fees | 15,099 | 15,038 | 15,350 | 17,740 | 15,026 | 15,947 | 18,458 | |||||||||||||||||||||
Legal fees | 7,973 | 43,645 | 6,794 | 7,134 | 7,454 | 13,358 | 5,315 | |||||||||||||||||||||
Directors’ fees and expenses | 11,440 | 89,514 | 8,098 | 9,757 | 8,365 | 27,125 | 2,922 | |||||||||||||||||||||
Interest expense | 215 | – | 123 | – | – | 343 | 24 | |||||||||||||||||||||
Other expenses | 22,740 | 61,323 | 14,789 | 7,606 | 136,858 | 24,066 | 10,173 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments, and fees paid indirectly | 1,518,004 | 5,684,844 | 1,097,037 | 882,246 | 946,989 | 4,795,747 | 601,739 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | (584,916 | ) | (89,535 | ) | – | (10,882 | ) | ||||||||||||||||||
Fees paid indirectly (Note 7) | (2,115 | ) | – | (12,585 | ) | – | – | (30,372 | ) | – | ||||||||||||||||||
Net expenses | 1,515,889 | 5,684,844 | 1,084,452 | 297,330 | 857,454 | 4,765,375 | 590,857 | |||||||||||||||||||||
Net investment income (loss) | 1,240,052 | 20,579,503 | (260,717 | ) | 17,434 | 1,176,695 | (327,433 | ) | (100,396 | ) | ||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 9,554,879 | 92,888,031 | 62,717 | 1,490 | 12,779,674 | 38,799,882 | 4,047,917 | |||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | (7,958,326 | ) | – | – | (56,829 | ) | – | – | |||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 2,218 | – | 27 | – | – | (96,896 | ) | – | ||||||||||||||||||||
Net increase from payment by affiliate (Note 3) | – | – | – | 509,189 | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 9,557,097 | 84,929,705 | 62,744 | 510,679 | 12,722,845 | 38,702,986 | 4,047,917 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (14,007,387 | ) | (222,942,769 | ) | (14,285,755 | ) | – | (2,285,874 | ) | (22,804,515 | ) | (8,664,267 | ) | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 453,956 | – | – | 464,177 | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 2,205 | – | – | – | – | (114,280 | ) | – | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (14,005,182 | ) | (222,488,813 | ) | (14,285,755 | ) | – | (1,821,697 | ) | (22,918,795 | ) | (8,664,267 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (4,448,085 | ) | (137,559,108 | ) | (14,223,011 | ) | 510,679 | 10,901,148 | 15,784,191 | (4,616,350 | ) | |||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (3,208,033 | ) | $ | (116,979,605 | ) | $ | (14,483,728 | ) | $ | 528,113 | $ | 12,077,843 | $ | 15,456,758 | $ | (4,716,746 | ) | ||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 45,230 | $ | – | $ | 871 | $ | – | $ | 554 | $ | 85,782 | $ | 4,438 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
259 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 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) | $ | 1,851,178 | $ | 7,628,707 | $ | 2,539,153 | $ | 338,700 | $ | 45,456,950 | $ | 1,324,496 | ||||||||||||
Dividends (affiliated) | – | – | – | – | 126,897 | – | ||||||||||||||||||
Securities lending income | 176,874 | 1,492,881 | 103,735 | 96,141 | 239,640 | 2,505 | ||||||||||||||||||
Interest (unaffiliated) | 981 | 2,276 | 355 | – | 4,906 | – | ||||||||||||||||||
Total investment income* | 2,029,033 | 9,123,864 | 2,643,243 | 434,841 | 45,828,393 | 1,327,001 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 1,475,024 | 1,594,371 | 850,250 | 538,610 | 5,237,530 | 429,245 | ||||||||||||||||||
Administrative service fee | 112,171 | 362,980 | 76,523 | 42,772 | 1,430,166 | 37,146 | ||||||||||||||||||
Transfer agent fees and expenses | 561 | 2,859 | 1,124 | 561 | 3,778 | 1,311 | ||||||||||||||||||
Custodian fees | 19,967 | 23,559 | 8,544 | 7,678 | 62,557 | 8,227 | ||||||||||||||||||
Reports to shareholders | 20,237 | 66,673 | 14,507 | 7,425 | 293,635 | 7,380 | ||||||||||||||||||
Audit and tax fees | 15,565 | 16,382 | 15,351 | 18,628 | 15,054 | 18,403 | ||||||||||||||||||
Legal fees | 7,189 | 13,477 | 6,400 | 5,552 | 44,901 | 2,339 | ||||||||||||||||||
Directors’ fees and expenses | 9,804 | 30,409 | 6,674 | 3,441 | 124,256 | 3,264 | ||||||||||||||||||
Interest expense | 46 | – | – | – | – | – | ||||||||||||||||||
Other expenses | 8,530 | 100,605 | 7,363 | 11,436 | 78,755 | 6,806 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments, and fees paid indirectly | 1,669,094 | 2,211,315 | 986,736 | 636,103 | 7,290,632 | 514,121 | ||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (123,627 | ) | – | – | (2,444 | ) | – | (46,355 | ) | |||||||||||||||
Fees paid indirectly (Note 7) | (6,201 | ) | – | (5,774 | ) | (1,898 | ) | – | – | |||||||||||||||
Net expenses | 1,539,266 | 2,211,315 | 980,962 | 631,761 | 7,290,632 | 467,766 | ||||||||||||||||||
Net investment income (loss) | 489,767 | 6,912,549 | 1,662,281 | (196,920 | ) | 38,537,761 | 859,235 | |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 13,826,289 | 56,320,675 | 9,973,600 | 2,389,958 | 118,153,473 | 4,412,012 | ||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | 920,916 | – | ||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | (3,812,945 | ) | – | – | (1,312,024 | ) | – | ||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 97 | (23 | ) | – | – | – | (653 | ) | ||||||||||||||||
Net increase from payment by affiliate (Note 3) | – | – | – | – | – | – | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 13,826,386 | 52,507,707 | 9,973,600 | 2,389,958 | 117,762,365 | 4,411,359 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (27,502,312 | ) | (98,016,867 | ) | (15,669,391 | ) | (9,032,370 | ) | (181,746,238 | ) | (9,414,369 | ) | ||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | 575,376 | – | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 1,707,455 | – | – | 2,745,246 | – | ||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (291 | ) | (11 | ) | – | – | – | (2,584 | ) | |||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (27,502,603 | ) | (96,309,423 | ) | (15,669,391 | ) | (9,032,370 | ) | (178,425,616 | ) | (9,416,953 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (13,676,217 | ) | (43,801,716 | ) | (5,695,791 | ) | (6,642,412 | ) | (60,663,251 | ) | (5,005,594 | ) | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (13,186,450 | ) | $ | (36,889,167 | ) | $ | (4,033,510 | ) | $ | (6,839,332 | ) | $ | (22,125,490 | ) | $ | (4,146,359 | ) | ||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 5,902 | $ | 2,908 | $ | 4,118 | $ | (39 | ) | $ | 6,335 | $ | 2,817 | |||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Notes to Financial Statements
260 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,827,520 | $ | 3,213,622 | $ | (424,654 | ) | $ | (733,889 | ) | $ | 413,061 | $ | 788,357 | $ | 2,088,609 | $ | 3,885,145 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 274,762 | 18,672,650 | 31,570,485 | 79,081,661 | 1,179,906 | 3,622,686 | 321,768 | 2,583,098 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (4,918,372 | ) | (11,258,120 | ) | (5,073,486 | ) | 13,747,091 | (4,086,674 | ) | 1,711,762 | (3,051,937 | ) | (679,768 | ) | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,816,090 | ) | 10,628,152 | 26,072,345 | 92,094,863 | (2,493,707 | ) | 6,122,805 | (641,560 | ) | 5,788,475 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,618,858 | ) | – | – | – | (1,017,689 | ) | – | (4,829,813 | ) | |||||||||||||||||||||
Net realized gain on securities | – | (10,557,797 | ) | – | (58,560,819 | ) | – | (1,884,876 | ) | – | – | |||||||||||||||||||||
Total distributions to shareholders | – | (14,176,655 | ) | – | (58,560,819 | ) | – | (2,902,565 | ) | – | (4,829,813 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (5,574,180 | ) | 6,331,045 | (12,916,674 | ) | 3,837,529 | (2,776,625 | ) | 5,723,984 | (18,066,021 | ) | 58,533,427 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (8,390,270 | ) | 2,782,542 | 13,155,671 | 37,371,573 | (5,270,332 | ) | 8,944,224 | (18,707,581 | ) | 59,492,089 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period† | $ | 170,735,850 | $ | 179,126,120 | $ | 665,974,266 | $ | 652,818,595 | $ | 57,348,691 | $ | 62,619,023 | $ | 237,334,985 | $ | 256,042,566 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 5,121,821 | $ | 3,294,301 | $ | (704,397 | ) | $ | (279,743 | ) | $ | 1,201,141 | $ | 788,080 | $ | 6,513,872 | $ | 4,425,263 | ||||||||||||||
See Notes to Financial Statements
261 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | EMERGING ECONOMIES FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,300,004 | $ | 2,532,160 | $ | 6,575,668 | $ | 13,521,930 | $ | 66,437 | $ | 3,566,690 | $ | 7,638,658 | $ | 15,137,565 | ||||||||||||||||
Net realized gain (loss) on investments and foreign | 5,209,211 | 29,762,465 | 53,698,166 | 61,681,178 | (5,607,691 | ) | 11,018,598 | (39,467,014 | ) | (17,115,476 | ) | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (14,105,267 | ) | (5,653,306 | ) | (63,742,062 | ) | (19,630,379 | ) | (5,700,326 | ) | (4,016,037 | ) | (75,225,182 | ) | (4,925,272 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from | (7,596,052 | ) | 26,641,319 | (3,468,228 | ) | 55,572,729 | (11,241,580 | ) | 10,569,251 | (107,053,538 | ) | (6,903,183 | ) | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (2,463,039 | ) | – | (13,426,887 | ) | – | (3,684,811 | ) | – | (13,724,791 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | (40,820,403 | ) | – | (4,429,198 | ) | – | – | ||||||||||||||||||||||
Total distributions to shareholders | – | (2,463,039 | ) | – | (54,247,290 | ) | – | (8,114,009 | ) | – | (13,724,791 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (15,440,699 | ) | (27,089,715 | ) | (72,903,952 | ) | 19,360,662 | (2,164,852 | ) | 15,248,224 | (6,567,949 | ) | (9,438,322 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (23,036,751 | ) | (2,911,435 | ) | (76,372,180 | ) | 20,686,101 | (13,406,432 | ) | 17,703,466 | (113,621,487 | ) | (30,066,296 | ) | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period† | $ | 242,917,950 | $ | 265,954,701 | $ | 565,347,083 | $ | 641,719,263 | $ | 259,298,340 | $ | 272,704,772 | $ | 534,717,944 | $ | 648,339,431 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 3,814,936 | $ | 2,514,932 | $ | 20,048,796 | $ | 13,473,128 | $ | 4,965,734 | $ | 4,899,297 | $ | 21,910,459 | $ | 14,271,801 | ||||||||||||||||
See Notes to Financial Statements
262 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
FOREIGN VALUE FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 4,904,434 | $ | 19,124,198 | $ | 6,079,475 | $ | 12,122,418 | $ | 2,311,620 | $ | 7,036,792 | $ | 4,637,431 | $ | 11,574,202 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 7,764,077 | 36,447,580 | 14,314,988 | 29,617,664 | 747,189 | 49,643,597 | 4,636,895 | 40,111,592 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (126,169,730 | ) | (122,647,199 | ) | (30,142,866 | ) | (12,475,344 | ) | (17,406,320 | ) | (25,770,138 | ) | (41,420,177 | ) | (41,270,153 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (113,501,219 | ) | (67,075,421 | ) | (9,748,403 | ) | 29,264,738 | (14,347,511 | ) | 30,910,251 | (32,145,851 | ) | 10,415,641 | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (25,076,265 | ) | – | (13,048,195 | ) | – | (8,510,951 | ) | – | (13,523,654 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | (13,155,063 | ) | – | – | – | (15,854,531 | ) | ||||||||||||||||||||||
Total distributions to shareholders | – | (25,076,265 | ) | – | (26,203,258 | ) | – | (8,510,951 | ) | – | (29,378,185 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (33,518,356 | ) | 5,923,567 | (7,128,754 | ) | 98,202,846 | (31,085,715 | ) | (39,128,693 | ) | (16,527,907 | ) | (18,547,976 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (147,019,575 | ) | (86,228,119 | ) | (16,877,157 | ) | 101,264,326 | (45,433,226 | ) | (16,729,393 | ) | (48,673,758 | ) | (37,510,520 | ) | |||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period† | $ | 843,944,176 | $ | 990,963,751 | $ | 497,469,655 | $ | 514,346,812 | $ | 377,809,004 | $ | 423,242,230 | $ | 465,889,797 | $ | 514,563,555 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 22,006,181 | $ | 17,101,747 | $ | 17,099,510 | $ | 11,020,035 | $ | 9,037,984 | $ | 6,726,364 | $ | 19,543,209 | $ | 14,905,778 | ||||||||||||||||
See Notes to Financial Statements
263 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,568,854 | $ | 3,274,482 | $ | 2,621,561 | $ | 5,998,863 | $ | 639,204 | $ | 1,252,717 | $ | (2,031,769 | ) | $ | (4,330,574 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 44,422 | 17,956 | 18,240,404 | 148,048,172 | 2,088,861 | 6,068,028 | 56,377,307 | 117,391,127 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (1,729,132 | ) | 1,637,323 | (18,030,310 | ) | (49,991,508 | ) | (4,560,124 | ) | 6,132,095 | (130,655,172 | ) | 174,166,195 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (115,856 | ) | 4,929,761 | 2,831,655 | 104,055,527 | (1,832,059 | ) | 13,452,840 | (76,309,634 | ) | 287,226,748 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,617,730 | ) | – | (5,982,168 | ) | – | (1,149,106 | ) | – | – | |||||||||||||||||||||
Net realized gain on securities | – | – | – | (112,075,403 | ) | – | – | – | (105,579,102 | ) | ||||||||||||||||||||||
Total distributions to shareholders | – | (3,617,730 | ) | – | (118,057,571 | ) | – | (1,149,106 | ) | – | (105,579,102 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (16,985,925 | ) | (1,456,780 | ) | (36,745,058 | ) | 27,347,654 | (3,171,557 | ) | (4,966,949 | ) | 26,409,950 | 177,506,268 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (17,101,781 | ) | (144,749 | ) | (33,913,403 | ) | 13,345,610 | (5,003,616 | ) | 7,336,785 | (49,899,684 | ) | 359,153,914 | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period† | $ | 144,874,944 | $ | 161,976,725 | $ | 994,074,295 | $ | 1,027,987,698 | $ | 116,738,433 | $ | 121,742,049 | $ | 889,411,476 | $ | 939,311,160 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 5,263,724 | $ | 3,694,870 | $ | 8,241,498 | $ | 5,619,937 | $ | 1,885,748 | $ | 1,246,544 | $ | (4,240,442 | ) | $ | (2,208,673 | ) | ||||||||||||||
See Notes to Financial Statements
264 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 3,857,913 | $ | 5,410,272 | $ | 8,827,148 | $ | 28,107,503 | $ | 1,997,836 | $ | 4,973,876 | $ | 1,466,342 | $ | 7,117,962 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (2,428,810 | ) | (1,618,369 | ) | (5,411,788 | ) | 47,676,640 | (4,506,056 | ) | (2,389,351 | ) | 7,770,004 | 32,331,649 | |||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (11,865,520 | ) | (11,329,130 | ) | (87,036,976 | ) | (87,063,674 | ) | (580,877 | ) | (12,952,133 | ) | (49,942,401 | ) | (25,519,177 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (10,436,417 | ) | (7,537,227 | ) | (83,621,616 | ) | (11,279,531 | ) | (3,089,097 | ) | (10,367,608 | ) | (40,706,055 | ) | 13,930,434 | |||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (9,511,833 | ) | – | (36,655,892 | ) | – | (4,426,307 | ) | – | (8,720,692 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (946,808 | ) | – | – | – | (472,375 | ) | – | (3,866,978 | ) | |||||||||||||||||||||
Total distributions to shareholders | – | (10,458,641 | ) | – | (36,655,892 | ) | – | (4,898,682 | ) | – | (12,587,670 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (20,920,248 | ) | 36,416,860 | 94,262,262 | (45,730,797 | ) | (21,413,350 | ) | (2,662,164 | ) | (30,021,515 | ) | (25,987,741 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (31,356,665 | ) | 18,420,992 | 10,640,646 | (93,666,220 | ) | (24,502,447 | ) | (17,928,454 | ) | (70,727,570 | ) | (24,644,977 | ) | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period† | $ | 456,120,800 | $ | 487,477,465 | $ | 1,091,814,569 | $ | 1,081,173,923 | $ | 146,809,816 | $ | 171,312,263 | $ | 550,659,489 | $ | 621,387,059 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 6,773,754 | $ | 2,915,841 | $ | 34,254,611 | $ | 25,427,463 | $ | 4,925,416 | $ | 2,927,580 | $ | 6,351,285 | $ | 4,884,943 | ||||||||||||||||
See Notes to Financial Statements
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VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 798,856 | $ | 1,360,723 | $ | 1,240,052 | $ | 3,400,577 | $ | 20,579,503 | $ | 36,974,236 | $ | (260,717 | ) | $ | (588,908 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 7,665,409 | 30,092,022 | 9,557,097 | 17,638,097 | 84,929,705 | 284,384,321 | 62,744 | 32,441,069 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (9,303,208 | ) | (7,214,329 | ) | (14,005,182 | ) | 22,023,132 | (222,488,813 | ) | 41,267,162 | (14,285,755 | ) | 760,724 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (838,943 | ) | 24,238,416 | (3,208,033 | ) | 43,061,806 | (116,979,605 | ) | 362,625,719 | (14,483,728 | ) | 32,612,885 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (1,848,125 | ) | – | (2,254,711 | ) | – | (32,614,235 | ) | – | – | |||||||||||||||||||||
Net realized gain on securities | – | (26,028,354 | ) | – | (72,380,164 | ) | – | (177,800,174 | ) | – | (40,774,747 | ) | ||||||||||||||||||||
Total distributions to shareholders | – | (27,876,479 | ) | – | (74,634,875 | ) | – | (210,414,409 | ) | – | (40,774,747 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (13,102,457 | ) | 4,190,074 | (16,308,770 | ) | 45,090,609 | (151,746,632 | ) | 4,401,581 | (14,439,585 | ) | (767,379 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (13,941,400 | ) | 552,011 | (19,516,803 | ) | 13,517,540 | (268,726,237 | ) | 156,612,891 | (28,923,313 | ) | (8,929,241 | ) | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period† | $ | 166,259,811 | $ | 180,201,211 | $ | 402,050,541 | $ | 421,567,344 | $ | 3,066,917,529 | $ | 3,335,643,766 | $ | 259,215,013 | $ | 288,138,326 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 2,159,760 | $ | 1,360,904 | $ | 4,632,677 | $ | 3,392,625 | $ | 57,519,469 | $ | 36,939,966 | $ | (653,706 | ) | $ | (392,989 | ) | ||||||||||||||
See Notes to Financial Statements
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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 Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 17,434 | $ | 35,689 | $ | 1,176,695 | $ | 2,152,490 | $ | (327,433 | ) | $ | (1,101,950 | ) | $ | (100,396 | ) | $ | (441,868 | ) | ||||||||||||
Net realized gain (loss) on investments and foreign currencies | 510,679 | 116,175 | 12,722,845 | 13,478,489 | 38,702,986 | 165,809,413 | 4,047,917 | 15,743,785 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | – | – | (1,821,697 | ) | 41,014,188 | (22,918,795 | ) | 10,456,136 | (8,664,267 | ) | 12,467,445 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 528,113 | 151,864 | 12,077,843 | 56,645,167 | 15,456,758 | 175,163,599 | (4,716,746 | ) | 27,769,362 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (17,434 | ) | (35,689 | ) | – | (2,911,523 | ) | – | – | – | – | |||||||||||||||||||||
Net realized gain on securities | – | – | – | (3,499,947 | ) | – | (99,781,720 | ) | – | (22,156,109 | ) | |||||||||||||||||||||
Total distributions to shareholders | (17,434 | ) | (35,689 | ) | – | (6,411,470 | ) | – | (99,781,720 | ) | – | (22,156,109 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 1,127,206 | (23,521,148 | ) | (7,286,824 | ) | 24,723,396 | (42,285,824 | ) | 2,832,046 | 10,387,032 | 8,845,436 | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 1,637,885 | (23,404,973 | ) | 4,791,019 | 74,957,093 | (26,829,066 | ) | 78,213,925 | 5,670,286 | 14,458,689 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period† | $ | 345,000,720 | $ | 343,362,835 | $ | 334,868,105 | $ | 330,077,086 | $ | 988,072,622 | $ | 1,014,901,688 | $ | 121,538,921 | $ | 115,868,635 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 1,129 | $ | 1,129 | $ | 3,329,616 | $ | 2,152,921 | $ | (1,091,661 | ) | $ | (764,228 | ) | $ | (216,651 | ) | $ | (116,255 | ) | ||||||||||||
See Notes to Financial Statements
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VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 489,767 | $ | 563,404 | $ | 6,912,549 | $ | 12,683,299 | $ | 1,662,281 | $ | 3,039,935 | $ | (196,920 | ) | $ | (499,503 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 13,826,386 | 47,798,905 | 52,507,707 | 73,305,592 | 9,973,600 | 22,870,330 | 2,389,958 | 11,761,707 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (27,502,603 | ) | (10,872,132 | ) | (96,309,423 | ) | 30,994,644 | (15,669,391 | ) | (6,929,716 | ) | (9,032,370 | ) | 11,077,235 | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (13,186,450 | ) | 37,490,177 | (36,889,167 | ) | 116,983,535 | (4,033,510 | ) | 18,980,549 | (6,839,332 | ) | 22,339,439 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | – | – | (11,430,032 | ) | – | (2,248,647 | ) | – | – | ||||||||||||||||||||||
Net realized gain on securities | – | (53,080,700 | ) | – | (58,884,246 | ) | – | (17,856,384 | ) | – | (27,393,016 | ) | ||||||||||||||||||||
Total distributions to shareholders | – | (53,080,700 | ) | – | (70,314,278 | ) | – | (20,105,031 | ) | – | (27,393,016 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from | (18,643,955 | ) | 6,077,339 | (24,573,590 | ) | (34,071,129 | ) | (6,796,304 | ) | (9,468,325 | ) | (1,124,732 | ) | 11,985,271 | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (31,830,405 | ) | (9,513,184 | ) | (61,462,757 | ) | 12,598,128 | (10,829,814 | ) | (10,592,807 | ) | (7,964,064 | ) | 6,931,694 | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period† | $ | 322,463,343 | $ | 354,293,748 | $ | 1,058,000,399 | $ | 1,119,463,156 | $ | 228,156,117 | $ | 238,985,931 | $ | 123,806,438 | $ | 131,770,502 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 836,541 | $ | 346,774 | $ | 19,134,900 | $ | 12,222,351 | $ | 4,672,920 | $ | 3,010,639 | $ | (530,618 | ) | $ | (333,698 | ) | ||||||||||||||
See Notes to Financial Statements
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VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
STOCK INDEX FUND | VALUE FUND | |||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | For the Six Months Ended November 30, 2015 (Unaudited) | For the Year Ended May 31, 2015 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 38,537,761 | $ | 76,077,595 | $ | 859,235 | $ | 1,594,689 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 117,762,365 | 310,168,969 | 4,411,359 | 12,224,906 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (178,425,616 | ) | 99,649,853 | (9,416,953 | ) | (1,624,808 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (22,125,490 | ) | 485,896,417 | (4,146,359 | ) | 12,194,787 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | – | (72,009,853 | ) | – | (1,711,405 | ) | ||||||||||
Net realized gain on securities | – | (162,018,858 | ) | – | – | |||||||||||
Total distributions to shareholders | – | (234,028,711 | ) | – | (1,711,405 | ) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | $ | (305,081,626 | ) | (205,245,333 | ) | $ | (4,062,267 | ) | (15,472,382 | ) | ||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (327,207,116 | ) | 46,622,373 | (8,208,626 | ) | (4,989,000 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 4,519,625,577 | 4,473,003,204 | 116,875,006 | 121,864,006 | ||||||||||||
End of period† | $ | 4,192,418,461 | $ | 4,519,625,577 | $ | 108,666,380 | $ | 116,875,006 | ||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 114,556,494 | $ | 76,018,733 | $ | 2,451,370 | $ | 1,592,135 | ||||||||
See Notes to Financial Statements
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited)
Note 1 — Organization
VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC” 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, 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 (unaudited) — (continued)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The summary of the Funds’ assets and liabilities classified in the fair value hierarchy as of November 30, 2015, is reported on a schedule following the Portfolio of Investments.
Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.
As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price 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, 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: During the period, 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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (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 a Fund 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.
Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule following each Fund’s Portfolio of Investments.
Futures: During the period, the Asset Allocation Fund, Core Equity Fund, Dynamic Allocation Fund, Global Social Awareness Fund, Growth 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.
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, a Fund records 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 a Fund 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 a Fund 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, the 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 a Fund since the futures contracts are generally exchange-traded.
Futures contracts outstanding at the end of the period, if any, are reported on a schedule following each Fund’s Portfolio of Investments.
Options: During the period, 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.
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 a Fund of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.
Written option contracts outstanding at the end of the period, if any, are reported on a schedule following each Fund’s Portfolio of Investments.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Transactions in options written during the period ended November 30, 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, 2015 | 156,000 | $ | 968,230 | 226 | $ | 130,794 | ||||||||||
Options Written | 399,000 | 3,807,443 | 510 | 383,992 | ||||||||||||
Options terminated in closing purchase transactions | (487,000 | ) | (3,991,458 | ) | (67 | ) | (102,263 | ) | ||||||||
Options exercised | — | — | (156 | ) | (86,880 | ) | ||||||||||
Options expired | — | — | (194 | ) | (173,363 | ) | ||||||||||
Options Outstanding as of November 30, 2015 | 68,000 | $ | 784,215 | 319 | $ | 152,280 | ||||||||||
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 the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
The following tables represent the value of derivatives held as of November 30, 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 period ended November 30, 2015. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of November 30, 2015, please refer to a schedule following each Fund’s Portfolio of Investments.
Asset Derivatives | ||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | Total | |||||||||||||||||
Fund | Futures Contracts(1)(6) | Futures Contracts(1)(6) | Options Purchased(2) | Foreign Exchange Contracts(3) | ||||||||||||||||
Asset Allocation | $ | 2,688 | $ | 292,951 | $ | — | $ | — | $ | 295,639 | ||||||||||
Core Equity | — | — | — | — | — | |||||||||||||||
Dynamic Allocation | — | — | 934,862 | — | 934,862 | |||||||||||||||
Global Social Awareness | — | — | — | — | — | |||||||||||||||
Global Strategy | — | — | — | 5,449,865 | 5,449,865 | |||||||||||||||
Growth | — | — | — | — | — | |||||||||||||||
Growth & Income | — | — | — | — | — | |||||||||||||||
Health Sciences | — | — | — | — | — | |||||||||||||||
International Equities Index | — | — | — | — | — | |||||||||||||||
Mid Cap Index | — | — | — | — | — | |||||||||||||||
Nasdaq-100 Index | — | — | — | — | — | |||||||||||||||
Small Cap Index | — | — | — | — | — | |||||||||||||||
Stock Index | — | — | — | — | — |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Liability Derivatives | ||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | Total | |||||||||||||||||
Fund | Futures Contracts(1)(6) | Futures Contracts(1)(6) | Options Written(4) | Foreign Exchange Contracts(5) | ||||||||||||||||
Asset Allocation | $ | — | $ | 56,119 | $ | — | $ | — | $ | 56,119 | ||||||||||
Core Equity | — | 3,535 | — | — | 3,535 | |||||||||||||||
Dynamic Allocation | — | 297,950 | 496,698 | — | 794,648 | |||||||||||||||
Global Social Awareness | — | 47,975 | — | — | 47,975 | |||||||||||||||
Global Strategy | — | — | — | 717,403 | 717,403 | |||||||||||||||
Growth | — | — | — | — | — | |||||||||||||||
Growth & Income | — | 4,040 | — | — | 4,040 | |||||||||||||||
Health Sciences | — | — | 3,961 | — | 3,961 | |||||||||||||||
International Equities Index | — | 61,380 | — | — | 61,380 | |||||||||||||||
Mid Cap Index | — | 213,640 | — | — | 213,640 | |||||||||||||||
Nasdaq-100 Index | — | 37,950 | — | — | 37,950 | |||||||||||||||
Small Cap Index | — | 186,200 | — | — | 186,200 | |||||||||||||||
Stock Index | — | 181,295 | — | — | 181,295 |
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) | |||
Asset Allocation | $ | 612,734 | ||
Core Equity | 48,999 | |||
Dynamic Allocation | (8,601 | ) | ||
Global Social Awareness | 664,715 | |||
Growth & Income | 6,404 | |||
International Equities Index | 2,446,982 | |||
Mid Cap Index | 1,230,295 | |||
Nasdaq-100 Index | 745,016 | |||
Small Cap Index | 1,809,255 | |||
Stock Index | 2,397,595 |
Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | ||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | Total | |||||||||||||||||
Fund | Futures Contracts(1) | Futures Contracts(1) | Options* | Foreign Exchange Contracts(2) | ||||||||||||||||
Asset Allocation | $ | 13,510 | $ | (748,407 | ) | $ | — | $ | — | $ | (734,897 | ) | ||||||||
Core Equity | — | (34,525 | ) | — | — | (34,525 | ) | |||||||||||||
Dynamic Allocation | — | (6,246,972 | ) | (223,365 | ) | — | (6,470,337 | ) | ||||||||||||
Global Social Awareness | — | (1,016,327 | ) | — | — | (1,016,327 | ) | |||||||||||||
Global Strategy | — | — | — | 3,523,807 | 3,523,807 | |||||||||||||||
Growth | — | (183,376 | ) | — | — | (183,376 | ) | |||||||||||||
Growth & Income | — | (28,329 | ) | — | — | (28,329 | ) | |||||||||||||
Health Sciences | — | — | 338,769 | — | 338,769 | |||||||||||||||
International Equities Index | — | (4,803,672 | ) | — | — | (4,803,672 | ) | |||||||||||||
Mid Cap Index | — | (7,958,326 | ) | — | — | (7,958,326 | ) | |||||||||||||
Nasdaq-100 Index | — | (56,829 | ) | — | — | (56,829 | ) | |||||||||||||
Small Cap Index | — | (3,812,945 | ) | — | — | (3,812,945 | ) | |||||||||||||
Stock Index | — | (1,312,024 | ) | — | — | (1,312,024 | ) |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | ||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | Total | |||||||||||||||||
Fund | Futures Contracts(3) | Futures Contracts(3) | Options* | Foreign Exchange Contracts(4) | ||||||||||||||||
Asset Allocation | $ | (17,469 | ) | $ | 780,704 | $ | — | $ | — | $ | 763,235 | |||||||||
Core Equity | — | 31,658 | — | — | 31,658 | |||||||||||||||
Dynamic Allocation | — | 290,313 | 445,201 | — | 735,514 | |||||||||||||||
Global Social Awareness | — | 320,717 | — | — | 320,717 | |||||||||||||||
Global Strategy | — | — | — | (2,794,137 | ) | (2,794,137 | ) | |||||||||||||
Growth & Income | — | 14,647 | — | — | 14,647 | |||||||||||||||
Health Sciences | — | — | 334,044 | — | 334,044 | |||||||||||||||
International Equities Index | — | 1,397,197 | — | — | 1,397,197 | |||||||||||||||
Mid Cap Index | — | 453,956 | — | — | 453,956 | |||||||||||||||
Nasdaq-100 Index | — | 464,177 | — | — | 464,177 | |||||||||||||||
Small Cap Index | — | 1,707,455 | — | — | 1,707,455 | |||||||||||||||
Stock Index | 2,745,246 | 2,745,246 |
* | 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 | |||||||||||||||
Equity Contracts | Equity Contracts | |||||||||||||||
Fund | Options Purchased(6) | Options Written(1) | Options Purchased(5) | Options Written(3) | ||||||||||||
Dynamic Allocation | $ | (862,807 | ) | $ | 639,442 | $ | 712,567 | $ | (267,366 | ) | ||||||
Health Sciences | — | 338,769 | — | 334,044 |
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) | Change in unrealized appreciation (depreciation) on investments (unaffiliated) |
(6) | Net realized gain (loss) on investments (unaffiliated) |
The following table represents the average monthly balances of derivatives held during the year ended November 30, 2015.
Average Amount Outstanding During the Period | ||||||||||||||||||||
Fund | Futures Contracts(1) | Foreign Exchange Contracts(2) | Purchased Put Options Contracts(1) | Written Call Options Contracts(1) | Written Put Options Contracts(1) | |||||||||||||||
Asset Allocation | $ | 64,720,562 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Core Equity | 710,745 | — | — | — | — | |||||||||||||||
Dynamic Allocation | 53,984,292 | — | 1,299,909 | 376,682 | — | |||||||||||||||
Global Social Awareness | 13,819,294 | — | — | — | — | |||||||||||||||
Global Strategy | — | 153,800,753 | — | — | — | |||||||||||||||
Growth | — | — | — | — | — | |||||||||||||||
Growth & Income | 1,236,478 | — | — | — | — | |||||||||||||||
Health Sciences | — | — | — | 53,083 | — | |||||||||||||||
International Equities Index | 93,405,931 | — | — | — | — | |||||||||||||||
Mid Cap Index | 96,350,632 | — | — | — | — | |||||||||||||||
Nasdaq-100 Index | 10,123,657 | — | — | — | — | |||||||||||||||
Small Cap Index | 50,973,295 | — | — | �� | — | — | ||||||||||||||
Stock Index | 55,909,673 | — | — | — | — |
(1) | Amounts represent values in US dollars. |
(2) | Amounts represent notional amounts in US dollars. |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (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 November 30, 2015. The repurchase agreements held by the Funds and the securities on loan as of November 30, 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 Amount(3) | |||||||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | $ | — | $ | — | $ | 82,488 | 82,488 | $ | — | $ | — | $ | 43,826 | $ | 43,826 | $ | 38,662 | $ | — | $ | 38,662 | |||||||||||||||||||||||
Deutsche Bank AG | — | — | 646,154 | 646,154 | — | — | 343,307 | 343,307 | 302,847 | (280,000 | ) | 22,847 | ||||||||||||||||||||||||||||||||
UBS AG | — | — | 206,220 | 206,220 | — | — | 109,565 | 109,565 | 96,655 | (96,655 | ) | — | ||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 934,862 | $ | 934,862 | $ | — | $ | — | $ | 496,698 | $ | 496,698 | $ | 438,164 | $ | (376,655 | ) | $ | 61,509 | |||||||||||||||||||||
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 Amount(3) | |||||||||||||||||||||||||||||||||
Bank of America, N.A. | $ | 209,486 | $ | — | $ | — | $ | 209,486 | $ | — | $ | — | $ | — | $ | — | $ | 209,486 | $ | — | $ | 209,486 | ||||||||||||||||||||||
Barclays Investments, Inc. | 887,906 | — | — | 887,906 | 8,439 | — | — | 8,439 | 879,467 | — | 879,467 | |||||||||||||||||||||||||||||||||
Citibank N.A. | 402,532 | — | — | 402,532 | 62,035 | — | — | 62,035 | 340,497 | — | 340,497 | |||||||||||||||||||||||||||||||||
Deutsche Bank AG | 1,012,547 | — | — | 1,012,547 | 173,287 | — | — | 173,287 | 839,260 | — | 839,260 | |||||||||||||||||||||||||||||||||
Goldman Sachs International | 108,215 | — | — | 108,215 | — | — | — | — | 108,215 | — | 108,215 | |||||||||||||||||||||||||||||||||
HSBC Bank PLC | 462,281 | — | — | 462,281 | 75,931 | — | — | 75,931 | 386,350 | — | 386,350 | |||||||||||||||||||||||||||||||||
JPMorgan Chase Bank & Co. | 1,565,157 | — | — | 1,565,157 | 381,198 | — | — | 381,198 | 1,183,959 | — | 1,183,959 | |||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | 6,815 | — | — | 6,815 | 16,513 | — | — | 16,513 | (9,698 | ) | — | (9,698 | ) | |||||||||||||||||||||||||||||||
Standard Chartered Bank | 786,577 | — | — | 786,577 | — | — | — | — | 786,577 | — | 786,577 | |||||||||||||||||||||||||||||||||
UBS AG | 8,349 | — | — | 8,349 | — | — | — | — | 8,349 | — | 8,349 | |||||||||||||||||||||||||||||||||
Total | $ | 5,449,865 | $ | — | $ | — | $ | 5,449,865 | $ | 717,403 | $ | — | $ | — | $ | 717,403 | $ | 4,732,462 | $ | — | $ | 4,732,462 | ||||||||||||||||||||||
(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 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.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
As of November 30, 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 | 0.16 | % | $ | 736,000 | ||||
International Equities Index | 9.36 | % | 41,903,000 | |||||
Mid Cap Index | 4.35 | % | 19,465,000 | |||||
Money Market I | 1.61 | % | 7,202,000 | |||||
Nasdaq-100® Index | 2.76 | % | 12,378,000 | |||||
Small Cap Index | 5.85 | % | 26,188,000 | |||||
Stock Index | 4.39 | % | 19,664,000 |
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 November 30, 2015, bearing interest at a rate of 0.00% per annum, with a principal amount of $447,878,000, a repurchase price of $447,878,000, and a maturity date of December 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 | $ | 111,790,000 | $ | 111,492,303 | |||||||||
U.S. Treasury Notes | 2.38 | % | 06/30/2018 | 85,000,000 | 88,548,665 | |||||||||||
U.S. Treasury Notes | 3.13 | % | 05/15/2021 | 150,000,000 | 160,529,100 | |||||||||||
U.S. Treasury Notes | 3.50 | % | 02/15/2018 | 40,000,000 | 42,560,200 | |||||||||||
U.S. Treasury Notes | 3.38 | % | 11/15/2019 | 50,000,000 | 53,710,150 |
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 six months ended November 30, 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.
Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.
The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.
Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the 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 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
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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. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
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 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. All required changes to accounting policies have been made in accordance with ASU No. 2014-11.
Money Market Fund Regulatory Matters
Changes in the laws and regulations applicable to and governing money market funds, such as Rule 2a-7 under the Investment Company Act of 1940, as amended, can impact the Money Market I Fund. On July 23, 2014, the SEC voted to amend Rule 2a-7 and other rules and forms related to money market funds. These amendments will affect the manner in which the Fund and other money market funds are structured and operated, and may impact Fund expenses, returns and liquidity. The degree to which a money market
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fund will be impacted by the rule amendments will depend upon the fund’s portfolio composition and/or the shareholders who qualify to invest in the fund. The amendments have staggered compliance dates. The remainder of the amendments take effect in 2016. As a result of these amendments, the Fund may be required to take certain steps that will impact and may adversely affect the Fund.
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.
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 |
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Capital Conservation Fund | 0.50% on the first $250 million | |
Government Securities Fund | 0.45% on the next $250 million | |
International Government Bond Fund | 0.40% on the next $500 million | |
0.35% on assets over $1 billion | ||
Money Market I Fund | 0.40% | |
Nasdaq-100® Index Fund | 0.40% on the first $250 million | |
0.38% on the next $250 million | ||
0.36% on assets over $500 million | ||
Dividend Value Fund | 0.75% on the first $250 million | |
0.72% on the next $250 million | ||
0.67% on the next $500 million | ||
0.62% on assets over $1 billion | ||
Value Fund | 0.78% on the first $250 million | |
0.73% on the next $250 million | ||
0.68% on the next $500 million | ||
0.63% on assets over $1 billion | ||
Broad Cap Value Income Fund | 0.70% on the first $250 million | |
Large Cap Core Fund | 0.65% on the next $250 million | |
0.60% on the next $500 million | ||
0.55% on assets over $1 billion | ||
Foreign Value Fund | 0.73% on the first $250 million | |
0.68% on the next $250 million | ||
0.63% on the next $500 million | ||
0.58% on assets over $1 billion | ||
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 |
* | Pursuant to an Advisory Fee Waiver Agreement effective August 17, 2015, VALIC has agreed to waive the Health Sciences Fund’s advisory fees in order that such fees equal: (a) 0.97% of the Fund’s average daily net assets when the Fund’s assets are between $700 million and $750 million; and (b) 0.94% of the Fund’s net average daily net assets when the Fund’s assets exceed $750 million. |
For the six months ended November 30, 2015, the amount of investment advisory fees waived were $98,316 for the Health Sciences Fund.
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.
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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 (“Dreman”)@—subadviser for a portion of the Small Cap Special Values Fund.
Franklin Advisers, Inc.—subadviser for a portion of the Global Strategy Fund.
Goldman Sachs Asset Management, L.P.—subadviser for the Small-Mid Growth Fund and a portion of the Global Real Estate Fund.
Invesco Advisers, Inc. (“Invesco”)—subadviser for a portion of the International Growth Fund, a portion of the Global Real Estate Fund, and a portion of the Small Cap Fund.
J.P. Morgan Investment Management, Inc. (“JPMIM”)—subadviser for the Emerging Economies Fund, Growth & Income Fund and Government Securities Fund.
Massachusetts Financial Services Company (“MFS”)—subadviser for the Large Capital Growth Fund and a portion of the International Growth Fund.
Morgan Stanley Investment Management, Inc.†—subadviser for a portion of the Mid Cap Strategic Growth Fund.
PineBridge Investments, LLC (“PineBridge”)—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Inflation Protected Fund, and International Government Bond Fund.
RS Investment Management Co. LLC (“RS Investments”)—subadviser for the Small Cap Aggressive Growth Fund.
SunAmerica Asset Management, LLC (“SunAmerica”)—subadviser for the Global Social Awareness Fund, International Equities Index Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, and a portion of the Dynamic Allocation Fund.
T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, Health Sciences Fund, a portion of the Science & Technology Fund and a portion of the Small Cap Fund.
Templeton Global Advisors, Limited—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, Incorporated@—subadviser for a portion of the Small Cap Special Values Fund.
@ | Effective December 7, 2015, Dreman was terminated as a subadviser and Wells Capital Management, Incorporated assumed responsibility of 100% of the Small Cap Special Values Fund. |
† | Effective December 7, 2015, Janus Capital Management LLC replaced Morgan Stanley Investment Management, Inc. as subadviser of the Mid Cap Strategic Growth Fund. |
The subadvisers are compensated for their services by VALIC.
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, 2016. 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 | % | ||
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 | % |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
For the six months ended November 30, 2015, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Broad Cap Value Income | $ | 19,945 | ||
Core Equity | 155,712 | |||
Dividend Value | 32,754 | |||
Growth & Income | 35,319 | |||
International Growth | 110,946 | |||
Nasdaq-100® Index | 89,535 | |||
Small Cap Aggressive Growth | 10,882 | |||
Small Cap | 123,627 | |||
Small-Mid Growth | 2,444 | |||
Value | 46,355 |
VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Money Market I Fund will be able to avoid a negative yield. For the six months ended November 30, 2015, VALIC voluntarily waived $584,916 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 period ended November 30, 2015, the amount recouped by VALIC for the Dynamic Allocation Fund was $2,946.
At November 30, 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 | May 31, 2018 | |||||||||
Dynamic Allocation | $ | 10,327 | $ | 24,544 | — |
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 period ended November 30, 2015, VALIC earned fees as reflected in the Statement of Operations based upon the aforementioned rates.
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 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. For the six months ended November 30, 2015, VRSCO 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 period ended November 30, 2015, certain Directors of VC I have deferred $14,438 of director compensation.
@ | 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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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
At November 30, 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 | 99.85 | % | ||
Emerging Economies | 100.00 | % | ||
Foreign Value | 100.00 | % | ||
Global Real Estate | 100.00 | % | ||
Global Social Awareness | 100.00 | % | ||
Global Strategy | 100.00 | % | ||
Government Securities | 98.86 | % | ||
Growth | 100.00 | % | ||
Growth & Income | 97.36 | % | ||
Health Sciences | 99.97 | % | ||
Inflation Protected | 100.00 | % | ||
International Equities Index | 99.26 | % | ||
International Government Bond | 100.00 | % | ||
International Growth | 100.00 | % | ||
Large Cap Core | 100.00 | % | ||
Large Capital Growth | 100.00 | % | ||
Mid Cap Index | 99.40 | % | ||
Mid Cap Strategic Growth | 100.00 | % | ||
Money Market I | 94.49 | % | ||
Nasdaq-100® Index | 97.68 | % | ||
Science & Technology | 99.70 | % | ||
Small Cap Aggressive Growth | 100.00 | % | ||
Small Cap | 100.00 | % | ||
Small Cap Index | 98.69 | % | ||
Small Cap Special Values | 100.00 | % | ||
Small-Mid Growth | 100.00 | % | ||
Stock Index | 97.00 | % | ||
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 six months ended November 30, 2015, transactions in these securities were as follows:
Dynamic Allocation Fund
Security | Value at 05/31/2015 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value at 11/30/2015 | ||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | 11,055,863 | $ | — | $ | — | $ | 225,506 | $ | 928,213 | $ | 219,112 | $ | 178,002 | $ | 10,750,270 | ||||||||||||||||
VALIC Co. I Broad Cap Value Income Fund | 11,187,528 | — | — | 225,506 | 328,213 | 74,001 | (539,805 | ) | 10,619,017 | |||||||||||||||||||||||
VALIC Co. I Capital Conservation Fund | 15,110,877 | — | — | 315,709 | 459,499 | (8,639 | ) | (22,150 | ) | 14,936,298 | ||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 6,603,063 | — | — | 135,303 | 196,928 | 32,444 | (66,297 | ) | 6,507,585 | |||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 6,366,533 | — | — | 830,869 | 983,496 | (279,213 | ) | (739,104 | ) | 5,195,589 | ||||||||||||||||||||||
VALIC Co. I Foreign Value Fund | 10,827,865 | — | — | 825,506 | 328,213 | (5,225 | ) | (1,232,210 | ) | 10,087,723 | ||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 2,133,092 | — | — | 45,102 | 65,643 | (3,819 | ) | (37,879 | ) | 2,070,853 | ||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 8,651,523 | — | — | 180,405 | 262,571 | (6,699 | ) | 6,545 | 8,569,203 | |||||||||||||||||||||||
VALIC Co. I Growth & Income Fund | 4,450,919 | — | — | 90,202 | 131,285 | 30,280 | (95,117 | ) | 4,344,999 | |||||||||||||||||||||||
VALIC Co. I Growth Fund | 11,041,206 | — | — | 225,506 | 328,213 | 59,124 | (17,209 | ) | 10,980,414 | |||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 2,154,723 | — | — | 45,101 | 65,643 | (1,829 | ) | (45,460 | ) | 2,086,892 | ||||||||||||||||||||||
VALIC Co. I International Equities Index Fund | 4,411,092 | — | — | 894,637 | 144,718 | 3,209 | (290,943 | ) | 4,873,277 | |||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 2,150,548 | — | — | 45,102 | 65,643 | (7,525 | ) | (34,404 | ) | 2,088,078 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Security | Value at 05/31/2015 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value at 11/30/2015 | ||||||||||||||||||||||||
VALIC Co. I International Growth Fund | $ | 11,087,954 | $ | — | $ | — | $ | 225,506 | $ | 328,213 | $ | 33,267 | $ | (780,686 | ) | $ | 10,237,828 | |||||||||||||||
VALIC Co. I Large Cap Core Fund | 8,942,406 | — | — | 180,405 | 262,571 | 25,859 | (63,770 | ) | 8,822,329 | |||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 8,884,446 | — | — | 180,405 | 262,571 | (42,583 | ) | (18,664 | ) | 8,741,033 | ||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 33,286,285 | — | — | 676,517 | 1,684,640 | 301,399 | (476,379 | ) | 32,103,182 | |||||||||||||||||||||||
VALIC Co. I Value Fund | 11,001,993 | — | — | 225,505 | 328,213 | 70,606 | (452,595 | ) | 10,517,296 | |||||||||||||||||||||||
VALIC Co. II Capital Appreciation Fund | 6,696,657 | — | — | 135,303 | 196,928 | 58,394 | 55,959 | 6,749,385 | ||||||||||||||||||||||||
VALIC Co. II Core Bond Fund | 17,296,081 | — | — | 360,811 | 525,142 | (3,068 | ) | (153,469 | ) | 16,975,213 | ||||||||||||||||||||||
VALIC Co. II High Yield Bond Fund | 2,199,358 | — | — | 45,102 | 65,643 | (1,330 | ) | (104,615 | ) | 2,072,872 | ||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | 4,394,225 | — | — | 90,203 | 131,285 | (6,905 | ) | (254,685 | ) | 4,091,553 | ||||||||||||||||||||||
VALIC Co. II Mid Cap Value Fund | 4,426,907 | — | — | 90,202 | 131,285 | 10,158 | (87,486 | ) | 4,308,496 | |||||||||||||||||||||||
VALIC Co. II Small Cap Growth Fund | 4,375,680 | — | — | 90,202 | 131,285 | 14,945 | (181,832 | ) | 4,167,710 | |||||||||||||||||||||||
VALIC Co. II Small Cap Value Fund | 4,342,870 | — | — | 90,201 | 131,285 | 476 | (109,415 | ) | 4,192,847 | |||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 6,522,000 | — | — | 135,303 | 196,928 | (13,634 | ) | (176,429 | ) | 6,270,312 | ||||||||||||||||||||||
$ | 219,601,694 | $ | — | $ | — | $ | 6,610,119 | $ | 8,664,267 | $ | 552,805 | $ | (5,740,097 | ) | $ | 212,360,254 | ||||||||||||||||
Stock Index Fund
Security | Value at 05/31/2015 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value at 11/30/2015 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $ | 18,911,630 | $ | 126,897 | $ | — | $ | — | $ | 1,744,712 | $ | 920,916 | $ | 575,376 | $ | 18,663,210 | ||||||||||||||||
During the period, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:
Affiliated Broker | Emerging Economies Fund | Small-Mid Growth Fund | ||||||
JP Morgan Securities, Inc. | $ | 5,233 | $ | — | ||||
Wells Fargo Securities, LLC | — | 131 |
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 $509,189 and $105,000 for the periods ended November 30, 2015 and May 31, 2015, respectively.
Note 4 — Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales and maturities of long-term investments during the period ended November 30, 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 | $ | 84,300,374 | $ | 88,369,867 | $ | 6,729,262 | $ | 4,855,250 | ||||||||
Blue Chip Growth | 103,324,699 | 116,180,167 | — | — | ||||||||||||
Broad Cap Value Income | 6,527,157 | 8,179,097 | — | — | ||||||||||||
Capital Conservation | 34,905,283 | 29,900,793 | 52,051,280 | 57,912,389 | ||||||||||||
Core Equity | 45,594,722 | 55,142,968 | — | — | ||||||||||||
Dividend Value | 158,140,192 | 214,360,713 | — | — | ||||||||||||
Dynamic Allocation | 13,829,878 | 15,932,396 | 9,459,853 | 10,665,264 | ||||||||||||
Emerging Economies | 196,623,200 | 201,804,557 | — | — | ||||||||||||
Foreign Value | 60,098,113 | 74,262,220 | 26,199,985 | 26,200,000 | ||||||||||||
Global Real Estate | 208,976,028 | 212,649,020 | — | — | ||||||||||||
Global Social Awareness | 27,091 | 23,807,080 | — | — | ||||||||||||
Global Strategy | 35,231,636 | 43,506,168 | 4,057,307 | 3,800,000 | ||||||||||||
Government Securities | 1,980,691 | 10,326,008 | 1,995,642 | 15,787,166 | ||||||||||||
Growth | 368,211,542 | 405,457,794 | — | — | ||||||||||||
Growth & Income | 19,627,671 | 21,217,590 | — | — | ||||||||||||
Health Sciences | 203,291,326 | 140,662,613 | — | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 | ||||||||||||
Inflation Protected | $ | 37,582,363 | $ | 54,219,707 | $ | 22,342,420 | $ | 31,038,024 | ||||||||
International Equities Index | 36,897,815 | 10,681,741 | — | — | ||||||||||||
International Government Bond | 38,688,542 | 60,617,302 | 15,758,418 | 12,048,865 | ||||||||||||
International Growth | 94,157,103 | 122,323,911 | — | — | ||||||||||||
Large Cap Core | 45,184,363 | 56,724,615 | — | — | ||||||||||||
Large Capital Growth | 46,564,898 | 62,851,665 | — | — | ||||||||||||
Mid Cap Index | 228,600,525 | 181,109,732 | — | — | ||||||||||||
Mid Cap Strategic Growth | 67,805,982 | 77,094,025 | — | — | ||||||||||||
Nasdaq-100® Index | 14,634,931 | 22,131,901 | — | — | ||||||||||||
Science & Technology | 502,820,759 | 541,043,753 | — | — | ||||||||||||
Small Cap Aggressive Growth | 67,447,256 | 59,171,904 | — | — | ||||||||||||
Small Cap | 45,380,530 | 60,225,302 | — | — | ||||||||||||
Small Cap Index | 117,553,791 | 145,564,858 | — | — | ||||||||||||
Small Cap Special Values | 45,795,088 | 52,062,767 | — | — | ||||||||||||
Small-Mid Growth | 37,710,698 | 39,474,575 | — | — | ||||||||||||
Stock Index | 63,855,505 | 209,077,804 | — | — | ||||||||||||
Value | 9,746,069 | 11,836,881 | — | — |
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 November 30, 2015.
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Asset Allocation | $ | 189,456,983 | $ | 8,228,524 | $ | (6,522,026 | ) | $ | 1,706,498 | |||||||
Blue Chip Growth | 434,458,164 | 244,922,841 | (7,251,218 | ) | 237,671,623 | |||||||||||
Broad Cap Value Income | 48,641,527 | 13,451,995 | (3,647,455 | ) | 9,804,540 | |||||||||||
Capital Conservation | 254,742,994 | 2,276,950 | (2,835,887 | ) | (558,937 | ) | ||||||||||
Core Equity | 207,228,996 | 55,023,130 | (14,371,485 | ) | 40,651,645 | |||||||||||
Dividend Value | 557,321,485 | 69,662,294 | (24,266,483 | ) | 45,395,811 | |||||||||||
Dynamic Allocation | 250,882,377 | 11,670,361 | (4,911,349 | ) | 6,759,012 | |||||||||||
Emerging Economies | 589,697,546 | 35,330,200 | (73,090,119 | ) | (37,759,919 | ) | ||||||||||
Foreign Value | 1,015,276,874 | 81,688,569 | (165,174,416 | ) | (83,485,847 | ) | ||||||||||
Global Real Estate | 499,078,089 | 35,131,390 | (31,847,126 | ) | 3,284,264 | |||||||||||
Global Social Awareness | 371,421,903 | 45,500,150 | (35,746,697 | ) | 9,753,453 | |||||||||||
Global Strategy | 476,993,430 | 59,556,534 | (52,901,255 | ) | 6,655,279 | |||||||||||
Government Securities | 142,632,068 | 3,264,137 | (807,134 | ) | 2,457,003 | |||||||||||
Growth | 940,226,225 | 136,127,114 | (24,268,877 | ) | 111,858,237 | |||||||||||
Growth & Income | 103,667,110 | 18,430,186 | (4,753,524 | ) | 13,676,662 | |||||||||||
Health Sciences | 711,643,477 | 235,439,826 | (18,076,412 | ) | 217,363,414 | |||||||||||
Inflation Protected | 456,166,427 | 16,019,358 | (16,713,503 | ) | (694,145 | ) | ||||||||||
International Equities Index | 1,246,038,202 | 110,407,001 | (142,139,229 | ) | (31,732,228 | ) | ||||||||||
International Government Bond* | 159,577,454 | 1,883,276 | (12,726,619 | ) | (10,843,343 | ) | ||||||||||
International Growth | 534,947,616 | 77,216,445 | (31,003,762 | ) | 46,212,683 | |||||||||||
Large Cap Core | 146,993,483 | 24,897,731 | (3,799,187 | ) | 21,098,544 | |||||||||||
Large Capital Growth | 365,322,308 | 65,029,827 | (15,532,755 | ) | 49,497,072 | |||||||||||
Mid Cap Index | 2,526,260,649 | 968,128,759 | (213,822,609 | ) | 754,306,150 | |||||||||||
Mid Cap Strategic Growth | 231,102,444 | 54,785,789 | (23,240,288 | ) | 31,545,501 | |||||||||||
Money Market I | 345,145,711 | — | — | — | ||||||||||||
Nasdaq-100® Index | 191,047,221 | 155,622,851 | (5,494,586 | ) | 150,128,265 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Science & Technology | $ | 918,846,265 | $ | 166,530,561 | $ | (47,356,103 | ) | $ | 119,174,458 | |||||||
Small Cap Aggressive Growth | 130,965,391 | 17,135,667 | (5,073,652 | ) | 12,062,015 | |||||||||||
Small Cap | 288,879,899 | 79,357,729 | (24,907,463 | ) | 54,450,266 | |||||||||||
Small Cap Index | 961,784,132 | 337,831,391 | (124,329,901 | ) | 213,501,490 | |||||||||||
Small Cap Special Values | 219,755,039 | 34,328,733 | (19,554,698 | ) | 14,774,035 | |||||||||||
Small-Mid Growth | 128,732,727 | 18,317,879 | (6,493,303 | ) | 11,824,576 | |||||||||||
Stock Index | 2,444,678,636 | 1,937,356,003 | (140,235,237 | ) | 1,797,120,766 | |||||||||||
Value | 85,596,275 | 27,070,519 | (4,065,240 | ) | 23,005,279 |
* | 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 | |||||||||||||||
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* | 4,865,837 | 2,149 | (10,824,240 | ) | 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, 2015. |
@ | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 | — | — | — | — | ||||||||||||
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. |
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 | — | — | — | |||||||||
Capital Conservation | — | — | — | |||||||||
Core Equity | — | — | — | |||||||||
Dividend Value | 14,911 | — | — | |||||||||
Dynamic Allocation | — | — | — |
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Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Fund | Deferred Late Year Ordinary Loss | Deferred Post-October Short-Term Capital Loss | Deferred Post-October Long-Term Capital Loss | |||||||||
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* | 5,640,629 | — | 515,399 | |||||||||
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 | — | — | — |
* | The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2015. |
Note 6 — Capital Share Transactions
Transactions in capital shares of each class of each Fund were as follows:
Asset Allocation | Blue Chip Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 415,399 | $ | 4,984,175 | 1,005,187 | $ | 12,765,796 | 1,157,236 | $ | 21,010,611 | 1,726,744 | $ | 30,725,258 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,180,404 | 14,176,655 | — | — | 3,396,799 | 58,560,819 | ||||||||||||||||||||||||
Shares redeemed | (875,537 | ) | (10,558,355 | ) | (1,629,347 | ) | (20,611,406 | ) | (1,886,506 | ) | (33,927,285 | ) | (4,727,005 | ) | (85,448,548 | ) | ||||||||||||||||
Net increase (decrease) | (460,138 | ) | $ | (5,574,180 | ) | 556,244 | $ | 6,331,045 | (729,270 | ) | $ | (12,916,674 | ) | 396,538 | $ | 3,837,529 | ||||||||||||||||
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 248,011 | $ | 3,761,745 | 712,531 | $ | 11,133,762 | 873,791 | $ | 8,614,275 | 8,296,539 | $ | 82,863,706 | ||||||||||||||||||||
Reinvested dividends | — | — | 188,846 | 2,902,565 | — | — | 486,876 | 4,829,813 | ||||||||||||||||||||||||
Shares redeemed | (420,886 | ) | (6,538,370 | ) | (528,497 | ) | (8,312,343 | ) | (2,700,995 | ) | (26,680,296 | ) | (2,926,524 | ) | (29,160,092 | ) | ||||||||||||||||
Net increase (decrease) | (172,875 | ) | $ | (2,776,625 | ) | 372,880 | $ | 5,723,984 | (1,827,204 | ) | $ | (18,066,021 | ) | 5,856,891 | $ | 58,533,427 | ||||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Core Equity | Dividend Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 23,087 | $ | 448,237 | 94,347 | $ | 1,856,186 | 640,961 | $ | 8,224,039 | 6,615,982 | $ | 89,238,667 | ||||||||||||||||||||
Reinvested dividends | — | — | 124,711 | 2,463,039 | — | — | 4,172,868 | 54,247,290 | ||||||||||||||||||||||||
Shares redeemed | (804,493 | ) | (15,888,936 | ) | (1,604,756 | ) | (31,408,940 | ) | (6,196,455 | ) | (81,127,991 | ) | (9,220,834 | ) | (124,125,295 | ) | ||||||||||||||||
Net increase (decrease) | (781,406 | ) | $ | (15,440,699 | ) | (1,385,698 | ) | $ | (27,089,715 | ) | (5,555,494 | ) | $ | (72,903,952 | ) | 1,568,016 | $ | 19,360,662 | ||||||||||||||
Dynamic Allocation | Emerging Economies | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 719,075 | $ | 8,311,314 | 2,294,451 | $ | 27,634,472 | 5,096,556 | $ | 35,335,860 | 12,063,329 | $ | 94,071,720 | ||||||||||||||||||||
Reinvested dividends | — | — | 684,726 | 8,114,009 | — | — | 1,837,321 | 13,724,791 | ||||||||||||||||||||||||
Shares redeemed | (903,158 | ) | (10,476,166 | ) | (1,705,848 | ) | (20,500,257 | ) | (6,221,332 | ) | (41,903,809 | ) | (14,812,385 | ) | (117,234,833 | ) | ||||||||||||||||
Net increase (decrease) | (184,083 | ) | $ | (2,164,852 | ) | 1,273,329 | $ | 15,248,224 | (1,124,776 | ) | $ | (6,567,949 | ) | (911,735 | ) | $ | (9,438,322 | ) | ||||||||||||||
Foreign Value | Global Real Estate | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,431,841 | $ | 13,179,788 | 7,042,747 | $ | 73,899,532 | 4,955,661 | $ | 40,892,051 | 15,425,938 | $ | 132,638,526 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,603,974 | 25,076,265 | — | — | 3,001,519 | 26,203,258 | ||||||||||||||||||||||||
Shares redeemed | (4,802,350 | ) | (46,698,144 | ) | (8,845,962 | ) | (93,052,230 | ) | (5,709,447 | ) | (48,020,805 | ) | (6,800,584 | ) | (60,638,938 | ) | ||||||||||||||||
Net increase (decrease) | (3,370,509 | ) | $ | (33,518,356 | ) | 800,759 | $ | 5,923,567 | (753,786 | ) | $ | (7,128,754 | ) | 11,626,873 | $ | 98,202,846 | ||||||||||||||||
Global Social Awareness | Global Strategy | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 195,927 | $ | 4,135,550 | 775,485 | $ | 16,519,157 | 475,046 | $ | 6,243,378 | 764,123 | $ | 10,574,022 | ||||||||||||||||||||
Reinvested dividends | — | — | 400,515 | 8,510,951 | — | — | 2,259,860 | 29,378,185 | ||||||||||||||||||||||||
Shares redeemed | (1,625,919 | ) | (35,221,265 | ) | (2,985,796 | ) | (64,158,801 | ) | (1,776,698 | ) | (22,771,285 | ) | (4,240,483 | ) | (58,500,183 | ) | ||||||||||||||||
Net increase (decrease) | (1,429,992 | ) | $ | (31,085,715 | ) | (1,809,796 | ) | $ | (39,128,693 | ) | (1,301,652 | ) | $ | (16,527,907 | ) | (1,216,500 | ) | $ | (18,547,976 | ) | ||||||||||||
Government Securities | Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 674,951 | $ | 7,306,489 | 3,012,850 | $ | 32,852,788 | 1,914,492 | $ | 31,505,003 | 2,434,588 | $ | 40,358,966 | ||||||||||||||||||||
Reinvested dividends | — | — | 334,665 | 3,617,730 | — | — | 7,397,091 | 118,057,571 | ||||||||||||||||||||||||
Shares redeemed | (2,250,721 | ) | (24,292,414 | ) | (3,495,111 | ) | (37,927,298 | ) | (4,237,204 | ) | (68,250,061 | ) | (7,710,195 | ) | (131,068,883 | ) | ||||||||||||||||
Net increase (decrease) | (1,575,770 | ) | $ | (16,985,925 | ) | (147,596 | ) | $ | (1,456,780 | ) | (2,322,712 | ) | $ | (36,745,058 | ) | 2,121,484 | $ | 27,347,654 | ||||||||||||||
Growth & Income | Health Sciences | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 458,204 | $ | 8,670,119 | 754,517 | $ | 14,222,517 | 2,144,362 | $ | 56,585,130 | 4,161,559 | $ | 103,722,079 | ||||||||||||||||||||
Reinvested dividends | — | — | 59,663 | 1,149,106 | — | — | 4,447,308 | 105,579,102 | ||||||||||||||||||||||||
Shares redeemed | (624,633 | ) | (11,841,676 | ) | (1,082,664 | ) | (20,338,572 | ) | (1,191,649 | ) | (30,175,180 | ) | (1,325,437 | ) | (31,794,913 | ) | ||||||||||||||||
Net increase (decrease) | (166,429 | ) | $ | (3,171,557 | ) | (268,484 | ) | $ | (4,966,949 | ) | 952,713 | $ | 26,409,950 | 7,283,430 | $ | 177,506,268 | ||||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Inflation Protected | International Equities Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,949,884 | $ | 31,473,209 | 6,249,169 | $ | 70,056,193 | 23,954,047 | $ | 160,771,945 | 18,814,065 | $ | 131,144,936 | ||||||||||||||||||||
Reinvested dividends | — | — | 960,389 | 10,458,641 | — | — | 5,495,636 | 36,655,892 | ||||||||||||||||||||||||
Shares redeemed | (4,870,250 | ) | (52,393,457 | ) | (3,979,230 | ) | (44,097,974 | ) | (9,950,137 | ) | (66,509,683 | ) | (30,416,706 | ) | (213,531,625 | ) | ||||||||||||||||
Net increase (decrease) | (1,920,366 | ) | $ | (20,920,248 | ) | 3,230,328 | $ | 36,416,860 | 14,003,910 | $ | 94,262,262 | (6,107,005 | ) | $ | (45,730,797 | ) | ||||||||||||||||
International Government Bond | International Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 604,539 | $ | 6,748,569 | 3,222,162 | $ | 38,342,743 | 1,177,162 | $ | 15,407,602 | 3,679,653 | $ | 50,373,079 | ||||||||||||||||||||
Reinvested dividends | — | — | 433,896 | 4,898,682 | — | — | 949,296 | 12,587,670 | ||||||||||||||||||||||||
Shares redeemed | (2,524,039 | ) | (28,161,919 | ) | (3,895,416 | ) | (45,903,589 | ) | (3,342,211 | ) | (45,429,117 | ) | (6,496,505 | ) | (88,948,490 | ) | ||||||||||||||||
Net increase (decrease) | (1,919,500 | ) | $ | (21,413,350 | ) | (239,358 | ) | $ | (2,662,164 | ) | (2,165,049 | ) | $ | (30,021,515 | ) | (1,867,556 | ) | $ | (25,987,741 | ) | ||||||||||||
Large Cap Core | Large Capital Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 214,351 | $ | 2,856,336 | 1,061,546 | $ | 15,477,448 | 275,173 | $ | 3,369,753 | 916,273 | $ | 12,937,493 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,108,660 | 27,876,479 | — | — | 6,018,942 | 74,634,875 | ||||||||||||||||||||||||
Shares redeemed | (1,175,611 | ) | (15,958,793 | ) | (2,665,981 | ) | (39,163,853 | ) | (1,578,912 | ) | (19,678,523 | ) | (3,078,765 | ) | (42,481,759 | ) | ||||||||||||||||
Net increase (decrease) | (961,260 | ) | $ | (13,102,457 | ) | 504,225 | $ | 4,190,074 | (1,303,739 | ) | $ | (16,308,770 | ) | 3,856,450 | $ | 45,090,609 | ||||||||||||||||
Mid Cap Index | Mid Cap Strategic Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,070,719 | $ | 29,405,666 | 916,273 | $ | 12,937,493 | 70,029 | $ | 995,268 | 661,786 | $ | 10,592,873 | ||||||||||||||||||||
Reinvested dividends | — | — | 6,018,942 | 74,634,875 | — | — | 2,711,087 | 40,774,747 | ||||||||||||||||||||||||
Shares redeemed | (6,627,961 | ) | (181,152,298 | ) | (3,078,765 | ) | (42,481,759 | ) | (1,042,075 | ) | (15,434,853 | ) | (3,179,692 | ) | (52,134,999 | ) | ||||||||||||||||
Net increase (decrease) | (5,557,242 | ) | $ | (151,746,632 | ) | 3,856,450 | $ | 45,090,609 | (972,046 | ) | $ | (14,439,585 | ) | 193,181 | $ | (767,379 | ) | |||||||||||||||
Money Market I | Nasdaq-100®Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 43,861,047 | $ | 43,861,047 | 88,396,025 | $ | 88,396,025 | 1,445,843 | $ | 14,961,938 | 4,889,469 | $ | 47,302,021 | ||||||||||||||||||||
Reinvested dividends | 17,434 | 17,434 | 35,689 | 35,689 | — | — | 650,251 | 6,411,470 | ||||||||||||||||||||||||
Shares redeemed | (42,751,275 | ) | (42,751,275 | ) | (111,952,862 | ) | (111,952,862 | ) | (2,191,414 | ) | (22,248,762 | ) | (2,960,797 | ) | (28,990,095 | ) | ||||||||||||||||
Net increase (decrease) | 1,127,206 | $ | 1,127,206 | (23,521,148 | ) | $ | (23,521,148 | ) | (745,571 | ) | $ | (7,286,824 | ) | 2,578,923 | $ | 24,723,396 | ||||||||||||||||
Science & Technology | Small Cap Aggressive Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 315,081 | $ | 8,211,764 | 589,915 | $ | 15,684,928 | 1,271,603 | $ | 18,227,524 | 935,295 | $ | 13,843,984 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,975,367 | 99,781,720 | — | — | 1,658,391 | 22,156,109 | ||||||||||||||||||||||||
Shares redeemed | (1,955,670 | ) | (50,497,588 | ) | (4,255,505 | ) | (112,634,602 | ) | (570,767 | ) | (7,840,492 | ) | (1,814,359 | ) | (27,154,657 | ) | ||||||||||||||||
Net increase (decrease) | (1,640,589 | ) | $ | (42,285,824 | ) | 309,777 | $ | 2,832,046 | 700,836 | $ | 10,387,032 | 779,327 | $ | 8,845,436 | ||||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Small Cap | Small Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 67,111 | $ | 914,536 | 212,330 | $ | 3,195,651 | 3,036,759 | $ | 63,099,775 | 2,055,330 | $ | 43,395,413 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,891,547 | 53,080,700 | — | — | 3,448,469 | 70,314,278 | ||||||||||||||||||||||||
Shares redeemed | (1,434,296 | ) | (19,558,491 | ) | (3,365,487 | ) | (50,199,012 | ) | (4,258,257 | ) | (87,673,365 | ) | (7,029,329 | ) | (147,780,820 | ) | ||||||||||||||||
Net increase (decrease) | (1,367,185 | ) | $ | (18,643,955 | ) | 738,390 | $ | 6,077,339 | (1,221,498 | ) | $ | (24,573,590 | ) | (1,525,530 | ) | $ | (34,071,129 | ) | ||||||||||||||
Small Cap Special Values | Small-Mid Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 545,381 | $ | 7,191,140 | 294,003 | $ | 4,118,460 | 423,723 | $ | 5,425,642 | 742,968 | $ | 10,765,123 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,502,618 | 20,105,031 | — | — | 2,138,409 | 27,393,016 | ||||||||||||||||||||||||
Shares redeemed | (1,054,958 | ) | (13,987,444 | ) | (2,395,704 | ) | (33,691,816 | ) | (494,056 | ) | (6,550,374 | ) | (1,752,440 | ) | (26,172,868 | ) | ||||||||||||||||
Net increase (decrease) | (509,577 | ) | $ | (6,796,304 | ) | (599,083 | ) | $ | (9,468,325 | ) | (70,333 | ) | $ | (1,124,732 | ) | 1,128,937 | $ | 11,985,271 | ||||||||||||||
Stock Index | Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | For the six months ended November 30, 2015 (unaudited) | For the year ended May 31, 2015 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,474,983 | $ | 52,783,240 | 5,150,180 | $ | 185,842,811 | 170,288 | $ | 2,504,059 | 209,472 | $ | 3,116,598 | ||||||||||||||||||||
Reinvested dividends | — | — | 6,549,922 | 234,028,711 | — | — | 114,170 | 1,711,405 | ||||||||||||||||||||||||
Shares redeemed | (10,004,600 | ) | (357,864,866 | ) | (17,310,454 | ) | (625,116,855 | ) | (445,407 | ) | (6,566,326 | ) | (1,359,828 | ) | (20,300,385 | ) | ||||||||||||||||
Net increase (decrease) | (8,529,617 | ) | $ | (305,081,626 | ) | (5,610,352 | ) | $ | (205,245,333 | ) | (275,119 | ) | $ | (4,062,267 | ) | (1,036,186 | ) | $ | (15,472,382 | ) | ||||||||||||
Note 7 — Expense Reductions
Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of the Funds set forth below have been reduced. For the six months ended November 30, 2015, the amount of expense reductions received by each Fund used to offset non-affiliated expenses were as follows:
Fund | Expense Reductions | |||
Asset Allocation | $ | 2,233 | ||
Blue Chip Growth | 2,789 | |||
Broad Cap Value Income | 1,024 | |||
Core Equity | 850 | |||
Emerging Economies | 4,629 | |||
Foreign Value | 2,597 | |||
Global Real Estate | 4,278 | |||
Global Strategy | 45 | |||
Growth & Income | 372 | |||
Health Sciences | 2,063 | |||
International Growth | 1,307 | |||
Large Cap Core | 8,302 | |||
Large Capital Growth | 2,115 | |||
Mid Cap Strategic Growth | 12,585 | |||
Science & Technology | 30,372 | |||
Small Cap | 6,201 | |||
Small Cap Special Values | 5,774 | |||
Small-Mid Growth | 1,898 |
Note 8 — Investment Concentration
Certain Funds 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 countries. 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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Each Fund 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, these funds may be subject to risks associated with the U.S. Government agencies or instrumentalities.
The Health Sciences Fund is concentrated in the health services industry and is less diversified than stock funds investing in a broader range of industries. The Fund may also invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management or managed care. Developments that could adversely affect the Fund include increased competition in the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation, and obsolescence of popular products.
The Nasdaq-100® Index Fund and Science & Technology Fund invest primarily in the technology sector. There are numerous risks and uncertainties involved in investing in the technology sector. Historically, the prices of securities in this sector have tended to be volatile. A fund that invests primarily in technology-related issuers bears an additional risk that economic events may affect a substantial portion of its investments. In addition, at times equity securities of technology-related issuers may underperform relative to other sectors. The technology sector includes companies from various industries, including computer hardware, software, semiconductors, telecommunications, electronics, aerospace and defense, health care equipment and biotechnology, among others.
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 and 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 a 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.
Note 9 — Line of Credit
The Series, along with certain other funds managed by the Adviser, has access to a $85 million committed unsecured line of credit and a $40 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company, the Series’ custodian. Prior to October 9, 2015, interest on the committed line of credit was payable at the higher of the Federal Funds Rate plus 125 basis points or the Overnight London Interbank Offered Rate plus 125 basis points. There was 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. Borrowings under the line of credit will commence when the respective Fund’s cash shortfall exceeds $100,000. Effective October 9, 2015, the interest payable under the committed line of credit is the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points. In addition, the commitment fee on the daily unused portion of the committed line of credit increased to 20 basis points per annum. For the six months ended November 30, 2015, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Broad Cap Value Income | 5 | $ | 30 | $ | 157,775.17 | 1.38 | % | |||||||||
Dividend Value | 12 | 1,307 | 2,720,440.06 | 1.44 | ||||||||||||
Emerging Economies | 21 | 1,408 | 1,688,351.22 | 1.42 | ||||||||||||
Global Real Estate | 4 | 62 | 381,177.06 | 1.46 | ||||||||||||
Global Social Awareness | 9 | 411 | 1,183,933 | 1.39 | ||||||||||||
Growth | 24 | 363 | 388,341.63 | 1.40 | ||||||||||||
Inflation Protected | 7 | 1,073 | 3,971,382.71 | 1.39 | ||||||||||||
International Government Bond | 8 | 203 | 656,172.35 | 1.38 | ||||||||||||
International Growth | 50 | 1,370 | 712,858.86 | 1.38 | ||||||||||||
Large Capital Growth | 16 | 215 | 349,547.01 | 1.38 | ||||||||||||
Mid Cap Strategic Growth | 26 | 123 | 121,969.46 | 1.40 | ||||||||||||
Science & Technology | 8 | 343 | 1,045,077.48 | 1.44 | ||||||||||||
Small Cap Aggressive Growth | 4 | 24 | 153,145.65 | 1.39 | ||||||||||||
Small Cap | 12 | 46 | 98,268.40 | 1.40 |
As of November 30, 2015, there were no outstanding borrowings.
Note 10 — Interfund Lending Agreement
Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction.
For the six months ended November 30, 2015, none of the Funds participated in this program.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 six months ended November 30, 2015, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain(Loss) | |||||||||
Blue Chip Growth | $ | — | $ | 127,932 | $ | 13,171 | ||||||
Growth | 1,239,651 | 3,364,288 | (37,719 | ) | ||||||||
Health Sciences | — | 3,294,161 | 369,140 | |||||||||
International Growth | 307,902 | 205,536 | 47,702 | |||||||||
Large Capital Growth | 20,203 | 249,967 | 75,606 | |||||||||
Science & Technology | 608,608 | — | — | |||||||||
Small Cap | 5,218 | 1,499,235 | 303,672 |
Note 12 — Subsequent Event Note
At an in-person meeting held on January 25-26, 2016 (the “Meeting”), the Board approved a proposal to convert the Money Market I Fund (the “Fund”) into a “government money market fund” as defined by Rule 2a-7 under the Investment Company Act of 1940, as amended. In connection with this approval, the Board also approved a change in the Fund’s name to the “Government Money Market I Fund.” The conversion and change in the Fund’s name will become effective on or about September 28, 2016. In order to qualify as a government money market fund, the Fund must invest at least 99.5% of its total assets in government securities, cash, or repurchase agreements collateralized by government securities or cash. As a government money market fund, the Fund will seek to maintain a stable $1.00 net asset value per share and will not be subject to liquidity fees and/or redemption gates.
In addition, at the Meeting, the Board also approved Advisory Fee Waiver Agreements, effective February 1, 2016, with respect to the Growth Fund (the “Growth Fund Fee Waiver Agreement”) and International Growth Fund (the “International Growth Fund Fee Waiver Agreement). Pursuant to the Growth Fund Fee Waiver Agreement, VALIC is contractually obligated to waive its advisory fee with respect to the Growth Fund so that the advisory fee rate payable by the Fund to VALIC is 0.68% of the Fund’s average daily net assets on the first $500 million, 0.62% on the next $500 million, 0.59% on the next $500 million and 0.56% thereafter. Pursuant to the International Growth Fund Fee Waiver Agreement, VALIC is contractually obligated to waive a portion of its advisory fee with respect to the International Growth Fund so that the advisory fee rate payable by the Fund to VALIC is 0.92% of the Fund’s average daily net assets on the first $250 million, 0.87% on the next $250 million, 0.82% on the next $500 million and 0.77% thereafter.
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Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.38 | $ | 12.67 | $ | 12.20 | $ | 10.89 | $ | 11.05 | $ | 9.38 | $ | 17.96 | $ | 17.12 | $ | 14.19 | $ | 11.63 | $ | 11.18 | $ | 8.77 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.13 | 0.23 | 0.25 | 0.21 | 0.23 | 0.25 | (0.01 | ) | (0.02 | ) | (0.02 | ) | 0.03 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.33 | ) | 0.53 | 1.17 | 1.39 | (0.12 | ) | 1.63 | 0.74 | 2.62 | 3.66 | 2.54 | 0.45 | 2.41 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.20 | ) | 0.76 | 1.42 | 1.60 | 0.11 | 1.88 | 0.73 | 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 | $ | 12.18 | $ | 12.38 | $ | 12.67 | $ | 12.20 | $ | 10.89 | $ | 11.05 | $ | 18.69 | $ | 17.96 | $ | 17.12 | $ | 14.19 | $ | 11.63 | $ | 11.18 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (1.62 | )% | 6.24 | % | 12.04 | % | 14.93 | % | 1.10 | % | 20.16 | % | 4.06 | % | 15.61 | % | 25.69 | % | 22.08 | % | 4.04 | % | 27.53 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.71 | %@ | 0.68 | % | 0.69 | % | 0.75 | % | 0.75 | % | 0.74 | % | 0.83 | %@ | 0.83 | % | 0.84 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.71 | %@ | 0.68 | % | 0.69 | % | 0.75 | % | 0.75 | % | 0.74 | % | 0.83 | %@ | 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 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.12 | %@ | 1.81 | % | 1.96 | % | 1.79 | % | 2.16 | % | 2.43 | % | (0.13 | )%@ | (0.12 | )% | (0.10 | )% | 0.21 | % | 0.04 | % | 0.01 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.12 | %@ | 1.81 | % | 1.96 | % | 1.79 | % | 2.16 | % | 2.43 | % | (0.13 | )%@ | (0.12 | )% | (0.10 | )% | 0.20 | % | 0.02 | % | (0.01 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 55 | % | 131 | % | 99 | % | 119 | % | 115 | % | 133 | % | 16 | % | 30 | % | 34 | % | 32 | % | 25 | % | 38 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,013 | 14,473 | 13,917 | 13,421 | 13,302 | 13,129 | 35,624 | 36,354 | 35,957 | 34,888 | 34,789 | 39,707 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 170,736 | $ | 179,126 | $ | 176,344 | $ | 163,788 | $ | 144,854 | $ | 145,049 | $ | 665,974 | $ | 652,819 | $ | 615,447 | $ | 495,226 | $ | 404,646 | $ | 444,092 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 16.03 | $ | 15.19 | $ | 13.02 | $ | 10.02 | $ | 10.72 | $ | 8.69 | $ | 9.92 | $ | 9.84 | $ | 10.01 | $ | 10.11 | $ | 9.77 | $ | 9.38 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.21 | 0.31 | 0.22 | 0.20 | 0.15 | 0.08 | 0.17 | 0.19 | 0.18 | 0.27 | 0.32 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.78 | ) | 1.38 | 2.06 | 2.85 | (0.73 | ) | 2.04 | (0.11 | ) | 0.10 | 0.07 | (0.05 | ) | 0.38 | 0.38 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.67 | ) | 1.59 | 2.37 | 3.07 | (0.53 | ) | 2.19 | (0.03 | ) | 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 | $ | 15.36 | $ | 16.03 | $ | 15.19 | $ | 13.02 | $ | 10.02 | $ | 10.72 | $ | 9.89 | $ | 9.92 | $ | 9.84 | $ | 10.01 | $ | 10.11 | $ | 9.77 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (4.18 | )% | 10.70 | % | 18.24 | % | 30.82 | % | (4.87 | )% | 25.42 | % | (0.30 | )% | 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 | % | 0.85 | % | 0.63 | %@ | 0.63 | % | 0.64 | % | 0.66 | % | 0.66 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.92 | %@ | 0.92 | % | 0.95 | % | 1.01 | % | 1.06 | % | 1.15 | % | 0.63 | %@ | 0.63 | % | 0.64 | % | 0.66 | % | 0.66 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.43 | %@ | 1.33 | % | 2.14 | % | 1.96 | % | 1.97 | % | 1.60 | % | 1.69 | %@ | 1.72 | % | 1.95 | % | 1.73 | % | 2.79 | % | 3.37 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.36 | %@ | 1.26 | % | 2.04 | % | 1.80 | % | 1.76 | % | 1.30 | % | 1.69 | %@ | 1.72 | % | 1.95 | % | 1.73 | % | 2.79 | % | 3.37 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 12 | % | 23 | % | 27 | % | 34 | % | 18 | % | 21 | % | 36 | % | 193 | % | 129 | % | 149 | % | 141 | % | 164 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 3,733 | 3,906 | 3,533 | 3,217 | 2,841 | 2,708 | 23,994 | 25,822 | 19,965 | 22,968 | 23,049 | 14,599 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 57,349 | $ | 62,619 | $ | 53,675 | $ | 41,901 | $ | 28,476 | $ | 29,023 | $ | 237,335 | $ | 256,043 | $ | 196,550 | $ | 230,018 | $ | 232,990 | $ | 142,652 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Core Equity Fund | Dividend Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.38 | $ | 18.63 | $ | 15.61 | $ | 12.27 | $ | 13.44 | $ | 10.77 | $ | 13.23 | $ | 13.23 | $ | 11.62 | $ | 9.33 | $ | 9.31 | $ | 7.45 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.19 | 0.16 | 0.19 | 0.18 | 0.13 | 0.15 | 0.28 | 0.28 | 0.27 | 0.23 | 0.21 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.68 | ) | 1.74 | 3.07 | 3.36 | (1.21 | ) | 2.69 | (0.22 | ) | 0.85 | 1.59 | 2.17 | (0.08 | ) | 1.75 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.58 | ) | 1.93 | 3.23 | 3.55 | (1.03 | ) | 2.82 | (0.07 | ) | 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 | $ | 19.80 | $ | 20.38 | $ | 18.63 | $ | 15.61 | $ | 12.27 | $ | 13.44 | $ | 13.16 | $ | 13.23 | $ | 13.23 | $ | 11.62 | $ | 9.33 | $ | 9.31 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (2.85 | )% | 10.41 | % | 20.78 | % | 29.19 | % | (7.63 | )% | 26.32 | % | (0.53 | )% | 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 | % | 0.80 | % | 0.82 | %@ | 0.82 | % | 0.82 | % | 0.82 | % | 0.82 | % | 0.82 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.92 | %@ | 0.92 | % | 0.93 | % | 0.95 | % | 0.94 | % | 0.94 | % | 0.83 | %@ | 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 | % | 0.00 | % | 0.01 | % | – | – | 0.00 | % | – | – | – | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.04 | %@ | 0.94 | % | 0.95 | % | 1.38 | % | 1.48 | % | 1.07 | % | 2.24 | %@ | 2.06 | % | 2.20 | % | 2.62 | % | 2.58 | % | 2.58 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.92 | %@ | 0.82 | % | 0.82 | % | 1.23 | % | 1.34 | % | 0.93 | % | 2.23 | %@ | 2.05 | % | 2.19 | % | 2.58 | % | 2.52 | % | 2.44 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 19 | % | 40 | % | 39 | % | 72 | % | 81 | % | 103 | % | 28 | % | 35 | % | 37 | % | 27 | % | 12 | % | 70 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 12,266 | 13,047 | 14,433 | 15,531 | 17,200 | 18,743 | 42,949 | 48,504 | 46,936 | 48,835 | 37,111 | 20,559 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 242,918 | $ | 265,955 | $ | 268,866 | $ | 242,367 | $ | 210,989 | $ | 251,962 | $ | 565,347 | $ | 641,719 | $ | 621,033 | $ | 567,499 | $ | 346,432 | $ | 191,319 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
296 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Dynamic Allocation Fund | Emerging Economies Fund | |||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | December 19, 2012* to May 31, 2013 | Six Months Ended November 30, 2015# | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.04 | $ | 11.93 | $ | 10.87 | $ | 10.00 | $ | 7.84 | $ | 8.12 | $ | 8.09 | $ | 7.09 | $ | 8.53 | $ | 6.88 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.16 | 0.18 | (0.00 | ) | 0.09 | 0.18 | 0.17 | 0.13 | 0.11 | 0.09 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.50 | ) | 0.32 | 0.92 | 0.87 | (1.37 | ) | (0.30 | ) | (0.02 | ) | 0.92 | (1.47 | ) | 1.70 | |||||||||||||||||||||||||
Total income (loss) from investment operations | (0.50 | ) | 0.48 | 1.10 | 0.87 | (1.28 | ) | (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 | $ | 11.54 | $ | 12.04 | $ | 11.93 | $ | 10.87 | $ | 6.56 | $ | 7.84 | $ | 8.12 | $ | 8.09 | $ | 7.09 | $ | 8.53 | ||||||||||||||||||||
TOTAL RETURN(a) | (4.15 | )% | 4.04 | % | 10.11 | % | 8.70 | % | (16.33 | )% | (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 | % | 0.32 | %@ | 0.97 | %@ | 0.94 | % | 0.95 | % | 0.98 | % | 1.04 | % | 1.00 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.32 | %@ | 0.32 | % | 0.34 | % | 0.63 | %@ | 0.97 | %@ | 0.94 | % | 0.95 | % | 0.98 | % | 1.04 | % | 1.00 | % | ||||||||||||||||||||
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) | 0.05 | %@ | 1.33 | % | 1.65 | % | (0.04 | )%@ | 2.64 | %@ | 2.23 | % | 2.18 | % | 1.71 | % | 1.50 | % | 1.09 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.05 | %@ | 1.33 | % | 1.63 | % | (0.35 | )%@ | 2.64 | %@ | 2.23 | % | 2.18 | % | 1.71 | % | 1.50 | % | 1.09 | % | ||||||||||||||||||||
Portfolio turnover rate | 9 | % | 31 | % | 9 | % | 2 | % | 34 | % | 65 | % | 55 | % | 53 | % | 108 | % | 131 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 22,462 | 22,646 | 21,373 | 7,996 | 81,557 | 82,682 | 83,593 | 86,346 | 70,660 | 30,187 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 259,298 | $ | 272,705 | $ | 255,001 | $ | 86,904 | $ | 534,718 | $ | 648,339 | $ | 678,406 | $ | 698,480 | $ | 501,317 | $ | 257,560 |
# | Unaudited |
@ | Annualized |
* | Commencement of operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement for losses realized on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
297 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Foreign Value Fund | Global Real Estate Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.44 | $ | 11.44 | $ | 9.61 | $ | 7.30 | $ | 10.18 | $ | 7.74 | $ | 8.60 | $ | 8.58 | $ | 8.95 | $ | 7.46 | $ | 9.00 | $ | 7.44 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.20 | 0.27 | 0.20 | 0.25 | 0.24 | 0.10 | 0.21 | 0.22 | 0.15 | 0.17 | 0.16 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.27 | ) | (0.94 | ) | 1.78 | 2.39 | (2.89 | ) | 2.35 | (0.27 | ) | 0.28 | 0.48 | 1.72 | (0.95 | ) | 2.04 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.22 | ) | (0.74 | ) | 2.05 | 2.59 | (2.64 | ) | 2.59 | (0.17 | ) | 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 | $ | 9.22 | $ | 10.44 | $ | 11.44 | $ | 9.61 | $ | 7.30 | $ | 10.18 | $ | 8.43 | $ | 8.60 | $ | 8.58 | $ | 8.95 | $ | 7.46 | $ | 9.00 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (11.69 | )% | (6.23 | )% | 21.39 | % | 35.97 | % | (26.11 | )% | 33.69 | % | (1.98 | )% | 5.61 | % | 8.76 | % | 25.49 | % | (7.94 | )% | 30.56 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.79 | %@ | 0.79 | % | 0.80 | % | 0.83 | % | 0.83 | % | 0.84 | % | 0.84 | %@ | 0.85 | % | 0.86 | % | 0.89 | % | 0.92 | % | 0.92 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.79 | %@ | 0.79 | % | 0.80 | % | 0.83 | % | 0.83 | % | 0.84 | % | 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 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 1.10 | %@ | 1.90 | % | 2.53 | % | 2.33 | % | 2.94 | % | 2.60 | % | 2.38 | %@ | 2.46 | % | 2.51 | % | 1.79 | % | 2.25 | % | 1.88 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 1.10 | %@ | 1.90 | % | 2.53 | % | 2.33 | % | 2.94 | % | 2.60 | % | 2.38 | %@ | 2.46 | % | 2.51 | % | 1.79 | % | 2.25 | % | 1.88 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 10 | % | 31 | % | 27 | % | 23 | % | 25 | % | 25 | % | 42 | % | 44 | % | 41 | % | 52 | % | 88 | % | 75 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 91,561 | 94,932 | 94,131 | 94,998 | 103,881 | 104,883 | 59,041 | 59,795 | 48,168 | 42,969 | 37,728 | 34,869 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 843,944 | $ | 990,964 | $ | 1,077,192 | $ | 913,025 | $ | 758,094 | $ | 1,067,577 | $ | 497,470 | $ | 514,347 | $ | 413,082 | $ | 384,543 | $ | 281,639 | $ | 313,781 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
298 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Social Awareness Fund | Global Strategy Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.11 | $ | 21.00 | $ | 17.38 | $ | 13.72 | $ | 15.79 | $ | 12.56 | $ | 13.58 | $ | 14.12 | $ | 12.66 | $ | 10.41 | $ | 12.19 | $ | 10.07 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.13 | 0.35 | 0.42 | 0.33 | 0.29 | 0.25 | 0.12 | 0.30 | 0.39 | 0.34 | 0.41 | 0.36 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.91 | ) | 1.20 | 3.49 | 3.61 | (2.06 | ) | 3.21 | (0.97 | ) | (0.03 | ) | 1.53 | 2.65 | (1.66 | ) | 2.11 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.78 | ) | 1.55 | 3.91 | 3.94 | (1.77 | ) | 3.46 | (0.85 | ) | 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 | $ | 21.33 | $ | 22.11 | $ | 21.00 | $ | 17.38 | $ | 13.72 | $ | 15.79 | $ | 12.73 | $ | 13.58 | $ | 14.12 | $ | 12.66 | $ | 10.41 | $ | 12.19 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (3.53 | )% | 7.45 | % | 22.60 | % | 28.99 | % | (11.20 | )% | 27.71 | % | (6.26 | )% | 2.14 | % | 15.32 | % | 29.44 | % | (10.28 | )% | 24.85 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.63 | %@ | 0.62 | % | 0.64 | % | 0.68 | % | 0.68 | % | 0.67 | % | 0.63 | %@ | 0.64 | % | 0.64 | % | 0.67 | % | 0.67 | % | 0.68 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.63 | %@ | 0.62 | % | 0.64 | % | 0.68 | % | 0.68 | % | 0.67 | % | 0.63 | %@ | 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 | % | 0.00 | % | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.19 | %@ | 1.63 | % | 2.18 | % | 2.07 | % | 1.98 | % | 1.74 | % | 1.93 | %@ | 2.20 | % | 2.90 | % | 2.84 | % | 3.65 | % | 3.26 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.19 | %@ | 1.63 | % | 2.18 | % | 2.07 | % | 1.98 | % | 1.74 | % | 1.93 | %@ | 2.20 | % | 2.90 | % | 2.84 | % | 3.65 | % | 3.26 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 0 | % | 88 | % | 99 | % | 101 | % | 102 | % | 119 | % | 10 | % | 28 | % | 25 | % | 23 | % | 28 | % | 17 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 17,709 | 19,139 | 20,949 | 17,295 | 17,590 | 18,506 | 36,590 | 37,891 | 39,108 | 36,722 | 42,243 | 44,818 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 377,809 | $ | 423,242 | $ | 439,972 | $ | 300,545 | $ | 241,281 | $ | 292,234 | $ | 465,890 | $ | 514,564 | $ | 552,074 | $ | 465,060 | $ | 439,884 | $ | 546,500 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
299 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Government Securities Fund | Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.82 | $ | 10.73 | $ | 10.95 | $ | 11.34 | $ | 10.70 | $ | 10.67 | $ | 16.40 | $ | 16.76 | $ | 13.93 | $ | 11.67 | $ | 11.85 | $ | 9.20 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.22 | 0.24 | 0.23 | 0.27 | 0.24 | 0.04 | 0.10 | 0.10 | 0.12 | 0.09 | 0.07 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.11 | ) | 0.11 | (0.17 | ) | (0.28 | ) | 0.70 | 0.12 | 0.03 | 1.67 | 2.87 | 2.23 | (0.19 | ) | 2.65 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.00 | ) | 0.33 | 0.07 | (0.05 | ) | 0.97 | 0.36 | 0.07 | 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 | $ | 10.82 | $ | 10.73 | $ | 10.95 | $ | 11.34 | $ | 10.70 | $ | 16.47 | $ | 16.40 | $ | 16.76 | $ | 13.93 | $ | 11.67 | $ | 11.85 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 0.00 | % | 3.07 | % | 0.67 | % | (0.49 | )% | 9.19 | %(e) | 3.45 | % | 0.43 | % | 10.89 | % | 21.34 | % | 20.22 | % | (0.78 | )% | 29.60 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.65 | %@ | 0.64 | % | 0.65 | % | 0.66 | % | 0.67 | % | 0.65 | % | 0.80 | %@ | 0.80 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.81 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.65 | %@ | 0.64 | % | 0.65 | % | 0.66 | % | 0.69 | % | 0.65 | % | 0.80 | %@ | 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) | 2.07 | %@ | 2.01 | % | 2.19 | % | 2.04 | % | 2.51 | % | 2.22 | % | 0.53 | %@ | 0.60 | % | 0.65 | % | 0.95 | % | 0.77 | % | 0.71 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.07 | %@ | 2.01 | % | 2.19 | % | 2.04 | % | 2.49 | % | 2.22 | % | 0.53 | %@ | 0.60 | % | 0.65 | % | 0.93 | % | 0.74 | % | 0.67 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 3 | % | 7 | % | 28 | % | 64 | % | 230 | % | 353 | % | 38 | % | 99 | % | 90 | % | 81 | % | 87 | % | 95 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,391 | 14,967 | 15,115 | 12,492 | 12,866 | 10,389 | 60,342 | 62,664 | 60,543 | 59,131 | 65,596 | 67,486 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 144,875 | $ | 161,977 | $ | 162,121 | $ | 136,786 | $ | 145,929 | $ | 111,118 | $ | 994,074 | $ | 1,027,988 | $ | 1,014,642 | $ | 823,541 | $ | 765,515 | $ | 800,022 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
300 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Growth & Income Fund | Health Sciences Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.70 | $ | 17.74 | $ | 14.78 | $ | 12.03 | $ | 12.80 | $ | 10.48 | $ | 27.01 | $ | 21.10 | $ | 16.52 | $ | 12.61 | $ | 12.78 | $ | 9.07 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.20 | 0.18 | 0.13 | 0.11 | 0.09 | (0.06 | ) | (0.14 | ) | (0.12 | ) | (0.07 | ) | (0.07 | ) | 0.00 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.39 | ) | 1.94 | 2.91 | 2.74 | (0.79 | ) | 2.37 | (2.06 | ) | 9.66 | 5.43 | 4.82 | 0.68 | 3.71 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.29 | ) | 2.14 | 3.09 | 2.87 | (0.68 | ) | 2.46 | (2.12 | ) | 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 | $ | 19.41 | $ | 19.70 | $ | 17.74 | $ | 14.78 | $ | 12.03 | $ | 12.80 | $ | 24.89 | $ | 27.01 | $ | 21.10 | $ | 16.52 | $ | 12.61 | $ | 12.78 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (1.47 | )% | 12.11 | % | 20.97 | % | 24.00 | % | (5.23 | )% | 23.60 | % | (7.85 | )% | 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 | % | 0.85 | % | 1.06 | %@ | 1.09 | % | 1.11 | % | 1.15 | % | 1.16 | % | 1.17 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.91 | %@ | 0.90 | % | 0.93 | % | 0.96 | % | 0.98 | % | 0.96 | % | 1.09 | %@ | 1.09 | % | 1.11 | % | 1.15 | % | 1.16 | % | 1.17 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.09 | %@ | 1.05 | % | 1.10 | % | 1.01 | % | 0.92 | % | 0.76 | % | (0.44 | )%@ | (0.59 | )% | (0.59 | )% | (0.48 | )% | (0.60 | )% | 0.01 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.03 | %@ | 1.00 | % | 1.02 | % | 0.90 | % | 0.79 | % | 0.65 | % | (0.46 | )%@ | (0.59 | )% | (0.59 | )% | (0.48 | )% | (0.60 | )% | 0.01 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 17 | % | 38 | % | 169 | % | 299 | % | 227 | % | 167 | % | 16 | % | 26 | % | 59 | % | 16 | % | 21 | % | 38 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 6,014 | 6,180 | 6,449 | 6,471 | 6,737 | 7,119 | 35,728 | 34,776 | 27,492 | 24,949 | 20,668 | 17,920 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 116,738 | $ | 121,742 | $ | 114,405 | $ | 95,667 | $ | 81,057 | $ | 91,114 | $ | 889,411 | $ | 939,311 | $ | 580,157 | $ | 412,098 | $ | 260,654 | $ | 229,069 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
301 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Inflation Protected Fund | International Equities Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.92 | $ | 11.33 | $ | 11.53 | $ | 11.79 | $ | 10.89 | $ | 10.17 | $ | 7.13 | $ | 7.44 | $ | 6.47 | $ | 5.22 | $ | 6.84 | $ | 5.38 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.09 | 0.12 | 0.24 | 0.23 | 0.37 | 0.34 | 0.05 | 0.19 | 0.23 | 0.17 | 0.16 | 0.16 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.33 | ) | (0.30 | ) | (0.17 | ) | (0.18 | ) | 0.70 | 0.62 | (0.59 | ) | (0.25 | ) | 0.92 | 1.25 | (1.60 | ) | 1.45 | |||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.24 | ) | (0.18 | ) | �� | 0.07 | 0.05 | 1.07 | 0.96 | (0.54 | ) | (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 | $ | 10.68 | $ | 10.92 | $ | 11.33 | $ | 11.53 | $ | 11.79 | $ | 10.89 | $ | 6.59 | $ | 7.13 | $ | 7.44 | $ | 6.47 | $ | 5.22 | $ | 6.84 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (2.20 | )% | (1.57 | )% | 0.73 | % | 0.32 | % | 9.93 | % | 9.57 | % | (7.57 | )% | (0.57 | )% | 17.90 | % | 27.39 | % | (21.18 | )% | 30.18 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.59 | %@ | 0.58 | % | 0.59 | % | 0.60 | % | 0.61 | % | 0.63 | % | 0.42 | %@ | 0.44 | % | 0.46 | % | 0.53 | % | 0.52 | % | 0.47 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.59 | %@ | 0.58 | % | 0.59 | % | 0.60 | % | 0.61 | % | 0.63 | % | 0.42 | %@ | 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) | 1.69 | %@ | 1.12 | % | 2.16 | % | 1.94 | % | 3.22 | % | 3.30 | % | 1.61 | %@ | 2.62 | % | 3.27 | % | 2.85 | % | 2.78 | % | 2.53 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.69 | %@ | 1.12 | % | 2.16 | % | 1.94 | % | 3.22 | % | 3.30 | % | 1.61 | %@ | 2.62 | % | 3.27 | % | 2.85 | % | 2.78 | % | 2.53 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 13 | % | 33 | % | 45 | % | 60 | % | 52 | % | 49 | % | 1 | % | 40 | % | 60 | % | 51 | % | 99 | % | 56 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 42,723 | 44,644 | 41,413 | 38,711 | 35,093 | 31,956 | 165,722 | 151,718 | 157,825 | 154,632 | 132,279 | 150,421 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 456,121 | $ | 487,477 | $ | 469,056 | $ | 446,317 | $ | 413,818 | $ | 347,947 | $ | 1,091,815 | $ | 1,081,174 | $ | 1,174,840 | $ | 1,000,950 | $ | 689,840 | $ | 1,028,197 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
302 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Government Bond Fund | International Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.26 | $ | 12.24 | $ | 12.12 | $ | 12.62 | $ | 12.86 | $ | 11.92 | $ | 14.18 | $ | 14.14 | $ | 12.36 | $ | 9.81 | $ | 12.04 | $ | 9.04 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.32 | 0.33 | 0.35 | 0.39 | 0.42 | 0.03 | 0.16 | 0.16 | 0.17 | 0.18 | 0.17 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.36 | ) | (0.98 | ) | 0.15 | (0.06 | ) | (0.03 | ) | 1.12 | (0.99 | ) | 0.17 | 1.87 | 2.55 | (2.22 | ) | 2.98 | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.22 | ) | (0.66 | ) | 0.48 | 0.29 | 0.36 | 1.54 | (0.96 | ) | 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 | $ | 11.04 | $ | 11.26 | $ | 12.24 | $ | 12.12 | $ | 12.62 | $ | 12.86 | $ | 13.22 | $ | 14.18 | $ | 14.14 | $ | 12.36 | $ | 9.81 | $ | 12.04 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (1.95 | )% | (5.43 | )% | 4.12 | % | 2.03 | % | 2.86 | % | 13.16 | % | (6.77 | )% | 2.48 | % | 16.48 | % | 27.92 | % | (16.96 | )% | 35.00 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.64 | %@ | 0.65 | % | 0.65 | % | 0.66 | % | 0.67 | % | 0.67 | % | 1.01 | %@ | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.64 | %@ | 0.65 | % | 0.65 | % | 0.66 | % | 0.67 | % | 0.67 | % | 1.05 | %@ | 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 | % | 0.00 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.55 | %@ | 2.69 | % | 2.78 | % | 2.75 | % | 3.08 | % | 3.34 | % | 0.52 | %@ | 1.15 | % | 1.22 | % | 1.51 | % | 1.72 | % | 1.53 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.55 | %@ | 2.69 | % | 2.78 | % | 2.75 | % | 3.08 | % | 3.34 | % | 0.48 | %@ | 1.11 | % | 1.17 | % | 1.42 | % | 1.62 | % | 1.42 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 36 | % | 43 | % | 42 | % | 74 | % | 126 | % | 113 | % | 17 | % | 44 | % | 53 | % | 55 | % | 53 | % | 67 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,300 | 15,220 | 15,459 | 15,235 | 15,494 | 14,721 | 41,652 | 43,817 | 45,685 | 48,797 | 49,532 | 51,294 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 146,810 | $ | 171,312 | $ | 189,241 | $ | 184,590 | $ | 195,494 | $ | 189,309 | $ | 550,659 | $ | 621,387 | $ | 646,032 | $ | 603,086 | $ | 485,839 | $ | 617,720 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
303 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Large Cap Core Fund | Large Capital Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.74 | $ | 14.25 | $ | 12.85 | $ | 11.22 | $ | 12.33 | $ | 9.37 | $ | 12.75 | $ | 13.97 | $ | 12.46 | $ | 11.48 | $ | 12.31 | $ | 9.73 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.11 | 0.15 | 0.14 | 0.12 | 0.09 | 0.04 | 0.11 | 0.08 | 0.07 | 0.02 | 0.03 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.12 | ) | 1.84 | 2.40 | 3.10 | (0.73 | ) | 2.98 | (0.13 | ) | 1.35 | 2.58 | 1.94 | (0.82 | ) | 2.59 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.06 | ) | 1.95 | 2.55 | 3.24 | (0.61 | ) | 3.07 | (0.09 | ) | 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 | $ | 13.68 | $ | 13.74 | $ | 14.25 | $ | 12.85 | $ | 11.22 | $ | 12.33 | $ | 12.66 | $ | 12.75 | $ | 13.97 | $ | 12.46 | $ | 11.48 | $ | 12.31 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (0.44 | )% | 14.34 | % | 20.28 | % | 31.57 | % | (4.78 | )% | 32.94 | % | (0.71 | )% | 11.01 | % | 21.79 | % | 18.63 | % | (6.45 | )% | 27.01 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.83 | %@ | 0.83 | % | 0.84 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.75 | %@ | 0.75 | % | 0.76 | % | 0.77 | % | 0.78 | % | 0.78 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.83 | %@ | 0.83 | % | 0.84 | % | 0.85 | % | 0.89 | % | 0.85 | % | 0.75 | %@ | 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 | % | – | 0.01 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.95 | %@ | 0.75 | % | 1.09 | % | 1.14 | % | 1.04 | % | 0.85 | % | 0.62 | %@ | 0.83 | % | 0.57 | % | 0.58 | % | 0.19 | % | 0.25 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.95 | %@ | 0.75 | % | 1.09 | % | 1.14 | % | 0.99 | % | 0.85 | % | 0.62 | %@ | 0.83 | % | 0.57 | % | 0.58 | % | 0.19 | % | 0.25 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 28 | % | 64 | % | 76 | % | 64 | % | 106 | % | 44 | % | 12 | % | 26 | % | 137 | % | 195 | % | 173 | % | 129 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 12,149 | 13,111 | 12,606 | 12,501 | 11,170 | 11,843 | 31,767 | 33,071 | 29,214 | 29,489 | 29,965 | 32,735 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 166,260 | $ | 180,201 | $ | 179,649 | $ | 160,617 | $ | 125,281 | $ | 145,975 | $ | 402,051 | $ | 421,567 | $ | 408,050 | $ | 367,527 | $ | 343,971 | $ | 402,977 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
304 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Index Fund | Mid Cap Strategic Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.52 | $ | 27.24 | $ | 24.44 | $ | 19.74 | $ | 22.71 | $ | 17.30 | $ | 15.35 | $ | 15.99 | $ | 14.16 | $ | 11.83 | $ | 13.62 | $ | 9.92 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.18 | 0.32 | 0.28 | 0.29 | 0.21 | 0.18 | (0.01 | ) | (0.03 | ) | (0.01 | ) | 0.08 | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.17 | ) | 2.86 | 3.99 | 5.38 | (1.74 | ) | 5.43 | (0.78 | ) | 1.83 | 2.12 | 2.55 | (1.74 | ) | 3.70 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.99 | ) | 3.18 | 4.27 | 5.67 | (1.53 | ) | 5.61 | (0.79 | ) | 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 | $ | 27.53 | $ | 28.52 | $ | 27.24 | $ | 24.44 | $ | 19.74 | $ | 22.71 | $ | 14.56 | $ | 15.35 | $ | 15.99 | $ | 14.16 | $ | 11.83 | $ | 13.62 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (3.47 | )% | 11.92 | % | 17.69 | % | 29.61 | % | (6.38 | )% | 32.54 | %(e) | (5.15 | )% | 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 | % | 0.36 | % | 0.38 | % | 0.38 | % | 0.39 | % | 0.82 | %@ | 0.81 | % | 0.82 | % | 0.85 | % | 0.85 | % | 0.84 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.36 | %@ | 0.36 | % | 0.36 | % | 0.38 | % | 0.38 | % | 0.39 | % | 0.82 | %@ | 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 | % | 0.01 | % | 0.02 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.30 | %@ | 1.15 | % | 1.06 | % | 1.33 | % | 1.02 | % | 0.93 | % | (0.20 | )%@ | (0.21 | )% | (0.06 | )% | 0.63 | % | 0.09 | % | 0.10 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.30 | %@ | 1.15 | % | 1.06 | % | 1.33 | % | 1.02 | % | 0.93 | % | (0.20 | )%@ | (0.21 | )% | (0.06 | )% | 0.62 | % | 0.08 | % | 0.10 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 6 | % | 13 | % | 11 | % | 8 | % | 11 | % | 18 | % | 26 | % | 47 | % | 65 | % | 61 | % | 62 | % | 134 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 111,412 | 116,969 | 116,691 | 119,703 | 122,335 | 120,474 | 17,805 | 18,777 | 18,583 | 18,378 | 20,800 | 25,052 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 3,066,918 | $ | 3,335,644 | $ | 3,179,031 | $ | 2,925,308 | $ | 2,415,464 | $ | 2,736,232 | $ | 259,215 | $ | 288,138 | $ | 297,068 | $ | 260,138 | $ | 246,037 | $ | 341,241 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
305 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Money Market I Fund | Nasdaq-100® Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | 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 | $ | 1.00 | $ | 10.36 | $ | 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 | 0.00 | 0.04 | 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 | (0.00 | ) | 0.36 | 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 | 0.00 | 0.40 | 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 | ) | (0.00 | ) | – | (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 | ) | (0.00 | ) | – | (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 | $ | 1.00 | $ | 10.76 | $ | 10.36 | $ | 8.71 | $ | 6.98 | $ | 6.03 | $ | 6.45 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 0.01 | %(f) | 0.01 | %(e) | 0.01 | % | 0.01 | % | 0.01 | %(e) | 0.01 | % | 3.86 | % | 21.42 | % | 26.44 | % | 19.16 | % | 6.91 | % | 28.53 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.17 | %@ | 0.14 | % | 0.16 | % | 0.21 | % | 0.17 | % | 0.24 | % | 0.53 | %@ | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.51 | %@ | 0.51 | % | 0.51 | % | 0.52 | % | 0.52 | % | 0.52 | % | 0.59 | %@ | 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 | % | 0.01 | % | 0.73 | %@ | 0.72 | % | 1.28 | % | 1.06 | % | 0.59 | % | 0.43 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.33 | )%@ | (0.36 | )% | (0.34 | )% | (0.30 | )% | (0.33 | )% | (0.27 | )% | 0.67 | %@ | 0.71 | % | 1.25 | % | 1.02 | % | 0.52 | % | 0.33 | % | ||||||||||||||||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A | N/A | 5 | % | 7 | % | 8 | % | 5 | % | 12 | % | 29 | % | ||||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 345,008 | 343,881 | 367,402 | 378,729 | 409,147 | 474,285 | 31,109 | 31,854 | 29,275 | 29,011 | 27,028 | 19,713 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 345,001 | $ | 343,363 | $ | 366,768 | $ | 378,086 | $ | 408,487 | $ | 473,443 | $ | 334,868 | $ | 330,077 | $ | 255,120 | $ | 202,595 | $ | 162,983 | $ | 127,160 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate. |
(f) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate (See Note 3). |
See Notes to Financial Statements
306 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Science & Technology Fund | Small Cap Aggressive Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.68 | $ | 24.83 | $ | 19.19 | $ | 15.84 | $ | 17.57 | $ | 12.93 | $ | 14.56 | $ | 14.12 | $ | 13.18 | $ | 10.33 | $ | 12.63 | $ | 9.84 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.01 | ) | (0.03 | ) | (0.04 | ) | 0.03 | (0.01 | ) | (0.03 | ) | (0.01 | ) | (0.06 | ) | (0.11 | ) | (0.07 | ) | (0.06 | ) | (0.06 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.48 | 4.70 | 5.71 | 3.32 | (1.72 | ) | 4.67 | (0.52 | ) | 4.01 | 2.50 | 3.08 | (1.46 | ) | 2.85 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.47 | 4.67 | 5.67 | 3.35 | (1.73 | ) | 4.64 | (0.53 | ) | 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 | $ | 27.15 | $ | 26.68 | $ | 24.83 | $ | 19.19 | $ | 15.84 | $ | 17.57 | $ | 14.03 | $ | 14.56 | $ | 14.12 | $ | 13.18 | $ | 10.33 | $ | 12.63 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 1.76 | % | 19.52 | % | 29.55 | % | 21.15 | % | (9.85 | )% | 35.89 | % | (3.64 | )% | 30.24 | % | 17.46 | % | 29.43 | % | (11.72 | )% | 28.35 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.99 | %@ | 0.98 | % | 0.99 | % | 1.02 | % | 1.02 | % | 1.02 | % | 0.99 | %@ | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.99 | %@ | 0.98 | % | 0.99 | % | 1.02 | % | 1.02 | % | 1.02 | % | 1.01 | %@ | 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 | % | 0.01 | % | – | – | – | – | – | 0.04 | % | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.07 | )%@ | (0.12 | )% | (0.18 | )% | 0.15 | % | (0.10 | )% | (0.22 | )% | (0.17 | )%@ | (0.42 | )% | (0.70 | )% | (0.61 | )% | (0.59 | )% | (0.62 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.07 | )%@ | (0.12 | )% | (0.18 | )% | 0.15 | % | (0.10 | )% | (0.22 | )% | (0.19 | )%@ | (0.44 | )% | (0.72 | )% | (0.67 | )% | (0.70 | )% | (0.68 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 54 | % | 101 | % | 102 | % | 99 | % | 113 | % | 111 | % | 51 | % | 94 | % | 111 | % | 97 | % | 169 | % | 42 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 36,395 | 38,035 | 37,726 | 40,253 | 45,092 | 50,582 | 8,660 | 7,959 | 7,180 | 6,240 | 6,994 | 7,230 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 988,073 | $ | 1,014,902 | $ | 936,688 | $ | 772,614 | $ | 714,118 | $ | 888,918 | $ | 121,539 | $ | 115,869 | $ | 101,410 | $ | 82,222 | $ | 72,224 | $ | 91,326 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
307 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Fund | Small Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.18 | $ | 15.00 | $ | 13.46 | $ | 10.33 | $ | 11.22 | $ | 8.31 | $ | 21.23 | $ | 20.40 | $ | 18.13 | $ | 14.03 | $ | 15.60 | $ | 12.15 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.02 | 0.02 | 0.00 | 0.04 | 0.00 | 0.01 | 0.13 | 0.24 | 0.21 | 0.24 | 0.18 | 0.13 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.55 | ) | 1.55 | 2.31 | 3.10 | (0.88 | ) | 2.92 | (0.82 | ) | 1.99 | 2.80 | 4.06 | (1.61 | ) | 3.44 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.53 | ) | 1.57 | 2.31 | 3.14 | (0.88 | ) | 2.93 | (0.69 | ) | 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 | $ | 13.65 | $ | 14.18 | $ | 15.00 | $ | 13.46 | $ | 10.33 | $ | 11.22 | $ | 20.54 | $ | 21.23 | $ | 20.40 | $ | 18.13 | $ | 14.03 | $ | 15.60 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (3.74 | )% | 11.10 | % | 17.13 | % | 30.40 | % | (7.81 | )% | 35.24 | % | (3.25 | )% | 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 | % | 0.93 | % | 0.41 | %@ | 0.40 | % | 0.40 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.00 | %@ | 1.00 | % | 1.01 | % | 1.04 | % | 1.05 | % | 1.05 | % | 0.41 | %@ | 0.40 | % | 0.40 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.01 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.29 | %@ | 0.15 | % | 0.01 | % | 0.35 | % | 0.01 | % | 0.05 | % | 1.29 | %@ | 1.15 | % | 1.03 | % | 1.51 | % | 1.26 | % | 0.95 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.22 | %@ | 0.08 | % | (0.07 | )% | 0.24 | % | (0.11 | )% | (0.07 | )% | 1.29 | %@ | 1.15 | % | 1.03 | % | 1.51 | % | 1.26 | % | 0.95 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 14 | % | 32 | % | 32 | % | 27 | % | 39 | % | 38 | % | 11 | % | 14 | % | 13 | % | 12 | % | 14 | % | 13 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 23,623 | 24,990 | 24,251 | 26,071 | 28,964 | 31,857 | 51,513 | 52,734 | 54,260 | 54,297 | 57,427 | 62,750 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 322,463 | $ | 354,294 | $ | 363,807 | $ | 350,845 | $ | 299,145 | $ | 357,571 | $ | 1,058,000 | $ | 1,119,463 | $ | 1,106,865 | $ | 984,357 | $ | 805,784 | $ | 978,592 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense 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
308 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Special Values Fund | Small-Mid Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.74 | $ | 13.87 | $ | 11.32 | $ | 8.99 | $ | 9.67 | $ | 8.08 | $ | 13.57 | $ | 14.54 | $ | 12.67 | $ | 10.56 | $ | 11.72 | $ | 8.54 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.18 | 0.12 | 0.07 | 0.05 | 0.06 | (0.02 | ) | (0.06 | ) | (0.07 | ) | 0.00 | (0.05 | ) | (0.06 | ) | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.33 | ) | 0.92 | 2.53 | 2.32 | (0.66 | ) | 1.59 | (0.71 | ) | 2.72 | 2.45 | 2.11 | (1.11 | ) | 3.24 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.23 | ) | 1.10 | 2.65 | 2.39 | (0.61 | ) | 1.65 | (0.73 | ) | 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 | $ | 13.51 | $ | 13.74 | $ | 13.87 | $ | 11.32 | $ | 8.99 | $ | 9.67 | $ | 12.84 | $ | 13.57 | $ | 14.54 | $ | 12.67 | $ | 10.56 | $ | 11.72 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (1.67 | )% | 8.16 | % | 23.43 | % | 26.67 | % | (6.27 | )% | 20.40 | % | (5.38 | )% | 19.75 | % | 18.77 | % | 19.98 | % | (9.90 | )% | 37.24 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.87 | %@ | 0.87 | % | 0.88 | % | 0.90 | % | 0.90 | % | 0.90 | % | 1.00 | %@ | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.87 | %@ | 0.87 | % | 0.88 | % | 0.92 | % | 0.93 | % | 0.92 | % | 1.00 | %@ | 1.00 | % | 1.03 | % | 1.05 | % | 1.06 | % | 1.15 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.01 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | %@ | 0.01 | % | 0.00 | % | 0.01 | % | 0.02 | % | 0.02 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.46 | %@ | 1.23 | % | 0.89 | % | 0.74 | % | 0.59 | % | 0.65 | % | (0.31 | )%@ | (0.41 | )% | (0.50 | )% | 0.03 | % | (0.52 | )% | (0.61 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.46 | %@ | 1.23 | % | 0.89 | % | 0.72 | % | 0.57 | % | 0.63 | % | (0.32 | )%@ | (0.41 | )% | (0.52 | )% | (0.02 | )% | (0.58 | )% | (0.76 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 21 | % | 52 | % | 65 | % | 58 | % | 60 | % | 41 | % | 30 | % | 55 | % | 148 | % | 107 | % | 120 | % | 155 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 16,885 | 17,394 | 17,993 | 19,976 | 20,167 | 23,569 | 9,643 | 9,713 | 8,584 | 8,625 | 9,581 | 10,329 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 228,156 | $ | 238,986 | $ | 249,579 | $ | 226,140 | $ | 181,376 | $ | 227,951 | $ | 123,806 | $ | 131,771 | $ | 124,839 | $ | 109,283 | $ | 101,132 | $ | 121,033 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Stock Index Fund | Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2015# | Year Ended May 31, | Six Months Ended November 30, 2015# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.60 | $ | 34.65 | $ | 30.07 | $ | 24.50 | $ | 26.71 | $ | 21.93 | $ | 15.46 | $ | 14.18 | $ | 12.40 | $ | 9.63 | $ | 10.28 | $ | 8.28 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.33 | 0.62 | 0.55 | 0.53 | 0.45 | 0.41 | 0.12 | 0.21 | 0.19 | 0.20 | 0.18 | 0.10 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.46 | ) | 3.29 | 5.38 | 5.91 | (0.76 | ) | 5.12 | (0.66 | ) | 1.29 | 1.81 | 2.83 | (0.70 | ) | 1.97 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.13 | ) | 3.91 | 5.93 | 6.44 | (0.31 | ) | 5.53 | (0.54 | ) | 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 | $ | 36.47 | $ | 36.60 | $ | 34.65 | $ | 30.07 | $ | 24.50 | $ | 26.71 | $ | 14.92 | $ | 15.46 | $ | 14.18 | $ | 12.40 | $ | 9.63 | $ | 10.28 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (0.36 | )% | 11.41 | % | 20.01 | % | 26.86 | % | (0.76 | )% | 25.55 | % | (3.49 | )% | 10.65 | % | 16.26 | % | 31.97 | % | (5.00 | )% | 25.03 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.34 | %@ | 0.34 | % | 0.35 | % | 0.36 | % | 0.37 | % | 0.38 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.34 | %@ | 0.34 | % | 0.35 | % | 0.36 | % | 0.37 | % | 0.38 | % | 0.93 | %@ | 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 | % | 0.00 | % | – | |||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.82 | %@ | 1.68 | % | 1.71 | % | 1.94 | % | 1.83 | % | 1.70 | % | 1.56 | %@ | 1.33 | % | 1.46 | % | 1.87 | % | 1.87 | % | 1.10 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.82 | %@ | 1.68 | % | 1.71 | % | 1.94 | % | 1.83 | % | 1.70 | % | 1.48 | %@ | 1.25 | % | 1.38 | % | 1.77 | % | 1.75 | % | 1.02 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 2 | % | 3 | % | 4 | % | 3 | % | 3 | % | 11 | % | 9 | % | 16 | % | 16 | % | 23 | % | 13 | % | 157 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 114,969 | 123,499 | 129,109 | 132,191 | 138,507 | 132,974 | 7,284 | 7,559 | 8,595 | 8,978 | 10,469 | 14,825 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 4,192,418 | $ | 4,519,626 | $ | 4,473,003 | $ | 3,974,531 | $ | 3,393,666 | $ | 3,551,607 | $ | 108,666 | $ | 116,875 | $ | 121,864 | $ | 111,303 | $ | 100,820 | $ | 152,457 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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Table of Contents
VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
At an in-person meeting held on August 3-4, 2015, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved with respect to each series of VC I (each a “Fund,” and collectively, the “Funds”) the Investment Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and VC I (the “Advisory Agreement”) and the Investment Sub-Advisory Agreements between VALIC and each of the following sub-advisers of VC I (collectively, the “Sub-advisory Agreements,” and together with the Advisory Agreement, the “Advisory Contracts”): AllianceBernstein, LP (“AllianceBernstein”), Allianz Global Investors US, LLC (“Allianz”), American Century Investment Management, Inc. (“American Century”), Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”), BlackRock Investment Management, LLC (“BlackRock”), Bridgeway Capital Management, Inc. (“Bridgeway”), Columbia Management Investment Advisers, LLC (“Columbia”), Dreman Value Management, LLC (“Dreman”), Franklin Advisers, Inc. (“Franklin”), Goldman Sachs Asset Management, L.P. (“GSAM”), Invesco Advisers, Inc. (“Invesco Advisers”), J.P. Morgan Investment Management Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), Morgan Stanley Investment Management, Inc. (“MSIM”), PineBridge Investments, LLC (“PineBridge”), RS Investment Management Co. LLC (“RS Investments”), SunAmerica Asset Management, LLC (“SAAMCo”), T. Rowe Price Associates, Inc. (“T. Rowe Price”), Templeton Global Advisors Limited (“Templeton Global”), Templeton Investment Counsel, LLC (“Templeton Investment”), Wellington Management Company, LLP (“Wellington”) and Wells Capital Management Incorporated (“Wells Capital”) (each a “Sub-adviser,” and collectively, the “Sub-advisers”). Prior to the August 3-4, 2015 meeting at which the Advisory Contracts were approved, the Board also discussed and considered information regarding the proposed continuation of the Advisory Contracts at an in-person meeting held on July 13, 2015.
In connection with the approval of the Advisory Contracts, the Board received materials relating to certain factors the Board considered in determining to renew such Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided by VALIC and the Sub-advisers; (2) the advisory fee and sub-advisory fees charged in connection with VALIC’s and the Sub-advisers’ management of each Fund series of VC I, compared to advisory fee rates and sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Expense Group/Universe” and the “Sub-Advisory Expense Group/Universe”), as selected by an independent third-party provider of investment company data; (3) the investment performance of the Funds compared to performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group/Universe”) and against each Fund’s benchmarks; (4) the costs of services and the benefits potentially derived by VALIC and the Sub-advisers and their respective affiliates; (5) a comparison of advisory fee schedules and performance with respect to other mutual funds and accounts with similar investment strategies and/or objectives to the Funds, as applicable, and which are advised or managed by VALIC or SAAMCo, an affiliated Sub-Adviser; (6) whether the Funds will benefit from possible economies of scale from engaging VALIC and the Sub-advisers; (7) the profitability of VALIC, the Sub-advisers and their respective affiliates, including amounts retained by VALIC after payment of sub-advisory fees; (8) the terms of the Advisory Contracts; (9) information regarding VALIC’s and the Sub-advisers’ compliance and regulatory history; and (10) information about the services VALIC provides in connection with the oversight of the Sub-advisers.
The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in an executive session at an in-person special meeting held on July 13, 2015, and executive sessions held during the August 2015 meeting during which such independent counsel provided guidance to the Independent Directors. Following the July 13, 2015 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto at the August 2015 meeting. The continuation of all Advisory Contracts were approved at the August 2015 meeting for a one-year term beginning September 1, 2015 and ending August 31, 2016.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Funds by VALIC and the Sub-advisers. The Board reviewed information provided by VALIC relating to its operations and personnel. The Board also took into account their knowledge of VALIC’s management and the quality of the performance of VALIC’s duties, through Board meetings, discussions and reports during the preceding year and through VALIC’s long history of service to VC I. The Board considered that VALIC is responsible for the management of the day-to-day operations of VC I, including but not limited to, general supervision of and coordination of the services provided by the Sub-advisers, and is also responsible for monitoring and reviewing the activities of the Sub-advisers and other third-party service providers. The Board also noted that VALIC’s and the Sub-advisers’ management of VC I is subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in VC I’s prospectus and statement of additional information. The Board noted that VALIC monitors the performance of the Funds and from time-to-time recommends Sub-adviser changes and/or other changes intended to improve the performance of the Funds.
The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC I, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generally vis-à-vis competitors. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Advisory Agreement with respect to each Fund. The Board also considered VALIC’s risk management processes.
With respect to the services provided by the Sub-advisers, the Board considered information provided to them regarding the services provided by each Sub-adviser, including information presented throughout the previous year. The Board noted that each Sub-adviser (i) determines the securities to be purchased or sold on behalf of the Fund(s) it manages as may be necessary in connection therewith; (ii) provides VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) renders regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed each Sub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of the Sub-adviser’s investment and compliance personnel who provide services to the Funds. The Board also took into account the financial condition of each Sub-adviser. The Board also considered each Sub-adviser’s brokerage practices and risk management processes.
The Board reviewed VALIC’s and SAAMCo’s compliance program and personnel. The Board noted that SAAMCo is an affiliated company of VALIC and serves as the administrator to the Funds, as well as sub-advises certain VC I Funds and VALIC Company II (“VC II”) Funds. The Board also considered VALIC’s and each Sub-adviser’s regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.
The Board concluded that the scope and quality of the advisory services provided by VALIC and the Sub-advisers were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Funds.
Fees and Expenses; Investment Performance. The Board received and reviewed information regarding each Fund’s total expenses, advisory and sub-advisory fees, and other expenses compared against the expenses and fees of the funds in its Expense Group, Expense Universe and Subadvisory Expense Universe and, in some cases as noted below,
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
the Subadvisory Expense Group. The Board noted that VALIC negotiates the sub-advisory fees with each of the unaffiliated Sub-advisers at arms-length. The Board also considered that the sub-advisory fees are paid by VALIC out of its advisory fees it receives from the Funds and is not paid by the Funds, and that sub-advisory fees may vary widely within the Subadvisory Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board noted the affiliation of SAAMCo with VALIC, noting any potential conflicts of interest. The Board also noted that VALIC annually waives a portion of its advisory fee and/or reimburses the expenses of certain of the Funds.
The Sub-advisers provided and the Board also considered expense information of comparable accounts managed by the Sub-advisers, as applicable, which accounts may include one or more of the following types of accounts: retail mutual funds, mutual funds sold through variable annuity and variable insurance products, and other institutional-type accounts.
The total expense information, advisory fee information, and sub-advisory fee information considered by the Board, among other fee and expense data, is summarized below. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated November 30, 2014.
The Board received and reviewed information prepared by management and by an independent third-party regarding each Fund’s investment performance compared against its benchmark and Performance Group/Universe. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2015 and that benchmark information provided by management was through the period ended June 30, 2015. The Board noted that it regularly reviews the performance of the Funds throughout the year. The Board further noted that, although it monitors the Funds’ performance closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the following expense and performance information in its evaluation of each Fund:
• | Asset Allocation Fund (PineBridge). The Board considered that actual management fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were below the median of the Expense Group and above the median of the Expense Universe. The Board also considered that actual subadvisory fees were below the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of the Performance Group for the one- and five-year periods and underperformed the median of the Performance Group for the three-year period. The Board also considered that the Fund outperformed the median of the Performance Universe for the one-, three- and five- year periods. The Board also considered that the Fund underperformed its blended benchmark for the one- and three-year periods and outperformed its blended benchmark for the five-year period.
• | Blue Chip Growth Fund (T. Rowe Price). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund’s performance was equal to the median of its Performance Group for the one-year period and above the median of its Performance Group for the three- and five-year period. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Broad Cap Value Income Fund (Barrow Hanley). The Board considered that actual management fees, actual subadvisory fees, and total expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund underperformed its Lipper peer index and the median of its Performance Group for the one- and three-year periods and outperformed its Lipper peer index and the median of its Performance Group for the five-year period. The Board also considered that the Fund underperformed the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance and continued monitoring of the Fund.
• | Capital Conservation Fund (PineBridge). The Board considered that actual management fees were above the medians of the Expense Group/Universe. The Board considered that total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Board also considered that actual subadvisory fees were above the median of the Subadvisory Expense Universe and noted the limited size of the peer group. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one- year period and outperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and continued monitoring of the Fund.
• | Core Equity Fund (BlackRock). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-year period and underperformed the median of its Performance Universe for the three- and five-year periods. The Board also considered
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board considered management’s discussion of the Fund’s performance and continued monitoring of the Fund.
• | Dividend Value Fund (BlackRock/SAAMCo). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund underperformed its Lipper peer index and medians of its Performance Group/Universe for the one- and three-year periods and outperformed its Lipper peer index and the medians of its Performance Group/Universe for the five-year period. The Board also considered that the Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and continued monitoring of the Fund.
• | Dynamic Allocation Fund (AllianceBernstein/SAAMCo). The Board considered that actual management fees were equal to the median of the Expense Group and above the median of the Expense Universe. The Board considered that total net expenses were above the median of the Expense Group and below the median of the Expense Universe. The Board also considered that actual subadvisory fees were below the median of the Subadvisory Expense Universe and noted the limited size of the peer group. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-year period. The Board considered that the Fund outperformed the median of its Performance Group for the one-year period. The Board also considered that the Fund underperformed its benchmark for the one-year period. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s investment strategy, and noted the Fund’s relatively limited performance history.
• | Emerging Economies Fund (JPMIM). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were below the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. |
The Board considered that the Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one- and five-year periods and underperformed its Lipper peer index and the medians of its Performance Group/Universe for the three-year period. The Board also considered that the Fund underperformed its benchmark for the one- and three-year periods and outperformed its benchmark for the five-year period.
• | Foreign Value Fund (Templeton Global). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were slightly above the median of the Subadvisory Expense Universe and noted the limited size of the peer group. |
The Board considered that the Fund underperformed the median of its Performance Group for the one-year period and outperformed the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund underperformed the median of its Performance Universe for the one-year period, outperformed the median of its Performance Universe for the three-year period, and equaled the median of its Performance Universe for the five-year period. The Board also noted that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s recent performance and continued monitoring of the Fund.
• | Global Real Estate Fund (GSAM/Invesco). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the median of the Subadvisory Expense Universe and noted the limited size of the peer group. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five- year periods. The Board also considered that the Fund equaled the median of its Performance Group for the one-year period and outperformed the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods.
• | Global Social Awareness Fund (SAAMCo). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and below the median of the Subadvisory Expense Universe. |
The Board considered that the Fund outperformed the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Global Strategy Fund (Franklin/Templeton Investment). The Board considered that actual management fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were above the median of the Expense Group and below the median of the Expense Universe. The Board also considered that actual subadvisory fees were above the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-year period and outperformed its Lipper peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The Board also considered that the Fund outperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s recent performance and continued monitoring of the Fund.
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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
• | Government Securities Fund (JPMIM). The Board considered that actual management fees were above the median of the Expense Group and equal to the median of the Expense Universe. The Board also considered that total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed its Lipper peer index for the five-year period. The Board also considered that the Fund outperformed the median of its Performance Group for the one- and five-year periods and underperformed the median of its Performance Group for the three-year period. The Board also considered that the Fund outperformed the median of its Performance Universe for the one- and five-year periods and equaled the median of its Performance Universe for the three-year period. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Growth & Income Fund (JPMIM). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the medians of the Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-year period and underperformed its Lipper peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The Board also considered that the Fund equaled its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board noted that JPMIM replaced the previous sub-adviser in September 2013, and as a result, the Fund’s longer term performance in part reflects that of the previous sub-adviser. The Board took into account management’s discussion of the Fund’s performance and continued monitoring of the Fund.
• | Growth Fund (American Century). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed the median of its Performance Group for the one- and three- year periods and equaled the median of its Performance Group for the five-year period. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and management continued monitoring of the Fund.
• | Health Sciences Fund (T. Rowe Price). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses and actions management was proposing to reduce the Fund’s expenses. |
The Board considered that the Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Inflation Protected Fund (PineBridge). The Board considered that actual management fees were below the medians of the Expense Group/Universe. The Board also considered that total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Board also considered that actual subadvisory fees were above the medians of the Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund underperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund underperformed the medians of its Performance Group/Universe for the one- and five-year periods and outperformed the medians of its Performance Group/Universe for the three-year period. The Board also considered that the Fund underperformed its benchmark for the one- and five- year periods and outperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance and continued monitoring of the Fund.
• | International Equities Index Fund (SAAMCo). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were below the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. |
The Board considered that the Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account that SAAMCo replaced the previous sub-adviser in June 2014, and as a result, the Fund’s performance largely reflects that of the previous sub-adviser. The Board also noted the changes made to the Fund’s principal investment strategies in connection with the sub-adviser change. The Board took into management’s discussion of the Fund’s performance and continued monitoring of the Fund.
• | International Government Bond Fund (PineBridge). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were below the medians of the Expense Group/Universe or Subadvisory Expense Universe, as applicable. |
The Board considered that the Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed the median of its Performance Group for the one-year period and equaled the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five- year periods. The Board took into account management’s discussion of the Fund’s performance and continued monitoring of the Fund.
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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
• | International Growth Fund (American Century/Invesco/MFS). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-year period and outperformed its Lipper peer index and the median of its Performance Universe for the three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Group for the one- and three-year periods and equaled the median of its Performance Group for the five-year period. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Large Cap Core Fund (Columbia). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the median of the Subadvisory Expense Group and above the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five- year periods.
• | Large Capital Growth Fund (MFS). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were below the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five- year periods. The Board took into account management discussion of the Fund’s performance and continued monitoring of the Fund, and noted that MFS replaced the previous sub-advisers in September 2013, and as a result, the Fund’s medium and longer term in part performance reflects that of the previous sub-advisers.
• | Mid Cap Index Fund (SAAMCo). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were below the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund equaled the median of its Performance Group for the one- and five-year periods and slightly underperformed the median of its Performance Group for the three-year period. The Board also considered that the Fund outperformed the median of its Performance Universe for the one- and five-year periods and slightly underperformed the median of its Performance Universe for the three-year period. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and noted the relatively narrow range of returns of the funds comprising the Performance Group/Universe.
• | Mid Cap Strategic Growth Fund (Allianz/MSIM). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were slightly above the median of the Subadvisory Expense Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund underperformed its Lipper peer index, the medians of its Performance Group/Universe, and its benchmark for the one-, three-, and five-year periods. The Board considered management’s discussion of the Fund’s performance and any potential actions management is considering taking with respect to the Fund.
• | Money Market I Fund (SAAMCo). The Board considered that actual management fees and actual subadvisory fees were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. The Board also considered that total net expenses were equal to the median of the Expense Group and below the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including the significant reimbursement of Fund expenses by VALIC. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund equaled the median of its Performance Group for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one- and three-year periods and equaled the median of its Performance Universe for the five-year period. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Nasdaq-100® Index Fund (SAAMCo). The Board considered that actual management fees and actual subadvisory fees were below the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. The Board also considered that total net expenses were above the medians of the Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index and the medians of the Performance Group/Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Science & Technology Fund (T. Rowe Price/Allianz/Wellington). The Board considered that actual management fees and actual subadvisory fees were above the medians of the Expense Group/Universe or Subadvisory Expense Universe, as applicable. The Board also considered that total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
The Board considered that the Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Small Cap Fund (Invesco/Bridgeway/T. Rowe Price). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three-, and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Small Cap Index Fund (SAAMCo). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were below the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. |
The Board considered that the Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Group for the one-year period and equaled the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one- and three-year periods and underperformed the median of its Performance Universe for the five-year period. The Board also considered that the Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and noted the relatively narrow range of returns of the funds comprising the Performance Group/Universe.
• | Small Cap Aggressive Growth Fund (RS Investments). The Board considered that actual management fees were equal to the median of the Expense Group and above the median of the Expense Universe. The Board also considered that total net expenses and actual subadvisory fees were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Group for the one- and three-year periods and underperformed the median of its Performance Group for the five-year period. The Board also considered that the Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Small Cap Special Values Fund (Wells Capital/Dreman). The Board considered that actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were below the median of the Subadvisory Expense Group and equal to the median of the Subadvisory Expense Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index, the medians of its Performance Group/Universe, and its benchmark for the one-, three- and five- year periods.
• | Small-Mid Growth Fund (GSAM). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed its Lipper peer index for the five-year period. The Board also considered that the Fund outperformed the median of its Performance Group for the one-, three- and five-year periods. The Board also considered that the Fund outperformed the median of its Performance Universe for the one-year period and underperformed the median of its Performance Universe for the three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account that GSAM replaced the previous sub-advisers in August 2013, and as a result, the Fund’s medium and longer term performance in part reflects that of the previous sub-advisers. The Board also noted the improvement in the Fund’s performance since GSAM began managing the Fund.
• | Stock Index Fund (SAAMCo). The Board considered that actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Board also considered that actual subadvisory fees were above the median of the Subadvisory Expense Group and below the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund underperformed its Lipper peer index and the median of its Performance Group for the one-, three- and five-year periods. The Board also considered that the Fund equaled the median of its Performance Universe for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark for the one- three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and noted the relatively narrow range of returns of the funds comprising the Performance Group/Universe.
• | Value Fund (Wellington). The Board considered that actual management fees, actual subadvisory fees, and total net expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2016. |
The Board considered that the Fund outperformed its Lipper peer index and the median of its Performance Universe for the one- and five-year periods and underperformed its Lipper peer index and the median of its Performance Universe for the three-year period. The Board also considered that the Fund outperformed the median of its Performance Group for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods.
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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
The Board considered management’s discussion of each Fund’s expenses and performance and concluded that each Fund’s overall performance was satisfactory in light of the circumstances or was being appropriately addressed by management. The Board concluded that the advisory fee and sub-advisory fee for each Fund are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.
Cost of Services and Indirect Benefits/Profitability. The Board was provided information related to the cost of services and profits realized in connection with the Advisory Agreement. The Board considered the costs that are borne by the Funds. For its services, VALIC receives a fee, payable monthly from each Fund in an amount that is calculated as a percentage of the average daily net assets of the respective Fund.
The Board noted that VALIC reviewed a number of factors in determining appropriate fee levels for the Funds as well as the fee VALIC pays each Sub-adviser. Such factors include review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) fund analysis; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.
The Board considered that VALIC, or its affiliates, will receive benefits in addition to the advisory fee to be paid by the Funds, which include transfer agency fees, administrative services fees, and sub-advisory fees. The Board also considered that the transfer agency fees are paid by the Funds for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services are provided at cost, and the payment for such services is allocated to each Fund based on the number of accounts serviced. The Board also considered that the Funds pay SAAMCo, an affiliate of VALIC, an annual fee based on each Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SAAMCo receives from the Funds, SAAMCo compensates VALIC for certain administrative services, and the Funds’ custodian, State Street Bank and Trust Company for calculation of the daily net asset value. The Board also noted that SAAMCo receives sub-advisory fees for those Funds for which it serves as sub-adviser. The Board also considered that VC II, an affiliated registered investment company advised by VALIC, pays VALIC an annual fee of 0.25% on average daily net assets of certain Funds pursuant to a Shareholder Services Agreement.
The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Board noted that VALIC may receive foreign tax credits with respect to certain foreign securities held or to be held in certain Funds that benefit VALIC. These benefits can be material.
In considering the profitability to VALIC and its affiliates in connection with their relationship with the Funds, the Board reviewed information provided by VALIC setting forth the revenues and other benefits, both direct and indirect, received by VALIC and its affiliates attributable to managing each Fund, the cost of providing such services and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed VALIC’s profitability on a Fund-by-Fund basis. The Board received and reviewed information prepared by VALIC that reflects an allocation of costs that result in a reasonable determination of profitability of VALIC and its affiliates, as adviser, as transfer agent and/or as shareholder servicing agent, as applicable. In addition, the Board considered the profitability of SAAMCo in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds were reasonable.
In considering the profitability to the Sub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under the Sub-Advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Board also relied on the ability of VALIC to negotiate the Sub-Advisory Agreements and the fees thereunder at arm’s length.
For each of the above reasons, the Directors determined that the profitability to the Sub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreements.
Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates payable to VALIC and each of the Sub-advisers with respect to most of the Funds contain breakpoints, which allows the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee and sub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that if the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.
For similar reasons as stated above with respect to the Sub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Sub-advisers’ management of the Funds are not a material factor to the approval of the Sub-advisory Agreements, although it was noted that most of the Funds have breakpoints at the sub-advisory fee level.
Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and the Sub-advisers and noted that VALIC would compensate the Sub-advisers out of the advisory fees it receives from the Funds. The Board noted that the Sub-Advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.
Compliance. The Board reviewed VALIC’s and the Sub-advisers’ compliance personnel and regulatory history, including information whether they are currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entities’ compliance staff that would be responsible for providing compliance functions on behalf of the Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.
Conclusions. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that VALIC and each Sub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.
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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Contracts are reasonable, fair and in the best interests of each Fund and its respective shareholders, and (2) the fee rates payable under the Advisory Contracts are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
Approval of the Janus Sub-Advisory Agreement with respect to the VC I Mid Cap Strategic Growth Fund
At an in-person meeting held on October 26-27, 2015, the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors who are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and Janus Capital Management, LLC (“Janus”) with respect to the VC I Mid Cap Strategic Growth Fund (the “Fund”). In connection with the approval of the Sub-Advisory Agreement with Janus, the Board approved the termination of the existing Investment Sub-Advisory Agreement with Morgan Stanley Investment Management Inc. (“Morgan Stanley”) with respect to the Fund.
In connection with the approval of the Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by Janus; (2) the sub-advisory fees proposed to be charged in connection with Janus’s management of the Fund, compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Subadvisory Expense Group/Universe”); (3) the investment performance of the Fund compared to the performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and against the Fund’s benchmark (“Benchmark”), and the performance of a comparable fund managed by Janus against the Fund’s Benchmark; (4) the costs of services and the benefits potentially to be derived by Janus; (5) whether the Fund will benefit from possible economies of scale from engaging Janus; (6) information regarding Janus’s brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposed Sub-Advisory Agreement.
In considering whether to approve the Sub-Advisory Agreement, the Board also took into account a presentation made at the in-person meeting held on October 26-27, 2015 (the “Meeting”) by members of management as well as presentations made by representatives from Janus who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by Janus. The Board reviewed information provided by Janus relating to its operations and personnel. The Board also took into account their knowledge of Janus’s management, operations and the quality of their performance based on the Board’s experiences with Janus, which also manages the VALIC Company II Large Cap Value Fund. The Board also noted that Janus’s management of the Fund will be subject to the oversight of the VALIC and the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information.
The Board considered information provided to them regarding the services to be provided by Janus. The Board noted that Janus will (i) determine the securities to be purchased or sold on behalf of the portion of the Fund’s assets assigned to Janus; (ii) provide VALIC with records concerning its activities, which VALIC or the Fund is required to maintain; and (iii) render regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board reviewed Janus’s history and investment experience as well as information regarding the qualifications, background and responsibilities of Janus’s investment and compliance personnel who would provide services to the Fund. The Board also took into account the financial condition of Janus. The Board also reviewed Janus’s brokerage practices. The Board also considered Janus’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.
The Board concluded that the scope and quality of the advisory services to be provided by Janus were expected to be satisfactory and that there was a reasonable basis to conclude that Janus would provide a high quality of investment services to the Fund.
Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the fees proposed to be charged by Janus for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Subadvisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with Janus at arm’s length. The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. Therefore, the Board considered that the appointment of Janus will not result in any change to the management fee paid by the Fund to VALIC. The Board also considered expense information of comparable funds or accounts managed by Janus that have comparable investment objectives and strategies to the Fund. The Board also considered that the sub-advisory fee rate payable to Janus contains breakpoints.
The Board considered that the proposed sub-advisory fees payable to Janus are below the medians of the Fund’s Subadvisory Expense Group/Universe. The Board noted that the subadvisory fee currently paid by Morgan Stanley is higher at current asset levels than the fee proposed to be paid to Janus, and that consequently, under the proposed sub-advisory fee schedule, VALIC would retain slightly more of its advisory fee. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.
The Board also received and reviewed information prepared by management regarding the Fund’s investment performance compared against the Benchmark and Performance Group as of the period ended September 30, 2015. The Board considered that management has closely monitored the Fund’s performance since June 2014, and took into account management’s explanation of the reasons for the Fund’s underperformance. The Board also considered the performance of a fund managed by Janus with a similar investment strategy as the Fund (the “Comparable Fund”). The Board noted that the Comparable Fund outperformed the Fund’s Performance Group and Benchmark for the year-to-date, 1- and 3-year periods ended September 30, 2015.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreement. The Board was apprised that VALIC reviewed a number of factors in determining appropriate sub-advisory fee levels for the Fund. Such factors included a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) clone fund analysis; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.
The Board considered that VALIC will receive a benefit under the Sub-Advisory Agreement since the proposed sub-advisory fees payable to Janus are expected to be less than the sub-advisory fees VALIC currently pays to Morgan Stanley, and as a result, VALIC will retain slightly more of its advisory fee. The Board was considered that the sub-advisory fees were negotiated with Janus at arm’s length. In considering the anticipated profitability to Janus in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.
In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of Janus from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreement.
Economies of Scale. For similar reasons as stated above with respect to Janus’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in Janus’s management of the Fund are not a material factor to the approval of the Sub-Advisory Agreement, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.
Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement including the duties and responsibilities to be undertaken. The Board also reviewed the terms of payment for services rendered by Janus and noted that VALIC would compensate Janus out of the advisory fees it receives from the Fund. The Board noted that the Sub-Advisory Agreement provides that Janus will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Sub-Advisory Agreement and other terms contained therein. The Board concluded that the terms of the Sub-Advisory Agreement were reasonable.
Conclusions. In reaching its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that Janus possesses the capability and resources to perform the duties required of it under the Sub-Advisory Agreement.
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SUPPLEMENTS TO THE PROSPECTUS
Filed under Rule 497(e)
Registration No. 002-83631
VALIC COMPANY I (“VC I”)
MID CAP STRATEGIC GROWTH FUND
(the “Fund”)
Supplement dated November 13, 2015 to the Fund’s
Prospectus dated October 1, 2015, as amended
At the October 26-27, 2015 meeting of the Board of Directors (the “Board”) of VC I, the Board approved a new Investment Sub-Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and Janus Capital Management LLC (“Janus”) with respect to the Fund (the “Janus Sub-Advisory Agreement”) and an amendment to the existing Investment Sub-Advisory Agreement between VALIC and Allianz Global Investors U.S. LLC (“AllianzGI”) with respect to the Fund (the “AllianzGI Sub-Advisory Agreement”). In connection with the approval of the Janus Sub-Advisory Agreement, the Board terminated the Investment Sub-Advisory Agreement between VALIC and Morgan Stanley Investment Management Inc. (“MSIM”). Shareholders will receive a notice explaining how to access an Information Statement that will include more information about Janus and the Janus Sub- Advisory Agreement.
Under the AllianzGI Sub-Advisory Agreement, effective on or about December 7, 2015, VALIC will pay AllianzGI a sub-advisory fee equal to an annual rate of 0.45% on the first $40 million, 0.40% on the next $460 million and 0.30% thereafter. Prior to the amendment, VALIC paid AllianzGI a sub- advisory fee equal to an annual rate of 0.45% on the first $250 million, 0.40% on the next $250 million and 0.30% thereafter.
It is currently expected that Janus will replace MSIM as a sub-adviser to a portion of the Fund on or about December 7, 2015 (the “Transition Date”). Janus will manage approximately 60% of the Fund’s assets, and AllianzGI will manage approximately 40% of the Fund’s assets. The percentage of the Fund’s assets that each sub-adviser manages may change from time to time at VALIC’s discretion. Upon the Transition Date, all reference to MSIM will be deleted. In addition, the following changes will become effective:
The information in the section entitled “Fund Summary: Mid Cap Strategic Growth Fund – Investment Adviser” is deleted in its entirety and replaced with the following:
Investment Adviser |
The Fund’s investment adviser is The Variable Annuity Life Insurance Company. The Fund is sub-advised by Janus Capital Management LLC (“Janus”) and Allianz Global Investors U.S. LLC (“AllianzGI”). |
Portfolio Managers
Name | Portfolio Manager of the Fund Since | Title | ||||
Janus | ||||||
Brian Demain, CFA | 2015 | Portfolio Manager | ||||
AllianzGI | ||||||
Steven Klopukh, CFA | 2011 | Director, CIO Mid-Cap Equities and Senior Portfolio Manager | ||||
Tim M. McCarthy, CFA | 2014 | Vice President and Portfolio Manager |
The information in the section entitled “Management – Investment Sub-Advisers” is supplemented as follows:
Mid Cap Strategic Growth Fund
Janus Capital Management LLC (“Janus”)
151 Detroit Street, Denver, CO 80206
Janus is a direct subsidiary of Janus Capital Group Inc. (“JCGI”), a publicly traded company with principal operations in financial asset management businesses that had approximately $189.5 billion in assets under management as of June 30, 2015.
A portion of the Mid Cap Strategic Growth Fund is managed by Brian Demain, CFA. Mr. Demain has been a portfolio manager of the firm’s mid-cap growth strategy since 2007. Mr. Demain joined Janus in 1999 as an equity research analyst. Mr. Demain holds the Chartered Financial Analyst designation and has 16 years of financial industry experience.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS
Filed under Rule 497(e)
Registration No. 002-83631
VALIC COMPANY I (“VC I”) SMALL CAP
SPECIAL VALUES FUND (the “Fund”)
Supplement dated November 13, 2015 to the Fund’s
Prospectus dated October 1, 2015, as amended
At the October 26-27, 2015 meeting of the Board of Directors (the “Board”) of VC I, the Board approved the termination of the Investment Sub-Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and Dreman Value Management, LLC (“Dreman”) with respect to the Fund. It is currently expected that the portion of the Fund’s assets managed by Dreman will be transitioned to Wells Capital Management Incorporated (“Wells Capital”), an existing sub-adviser to the Fund, on or about December 7, 2015. Upon the termination of Dreman, Wells Capital will become the Fund’s sole sub-adviser and all reference to Dreman will be deleted.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS
Filed under Rule 497(e)
Registration No. 002-83631
VALIC COMPANY I
GLOBAL SOCIAL AWARENESS FUND
INTERNATIONAL EQUITIES INDEX FUND
MID CAP INDEX FUND
NASDAQ-100® INDEX FUND
SMALL CAP INDEX FUND
STOCK INDEX FUND
(each, a “Fund,” and collectively, the “Funds”)
Supplement dated December 30, 2015, to the Funds’
Prospectus dated October 1, 2015, as amended
The following changes are effective immediately:
In the section entitled “Fund Summary: Global Social Awareness Fund – Investment Adviser,” the portfolio manager disclosure with respect to SunAmerica Asset Management, LLC (“SAAMCo”) is deleted in its entirety and replaced with the following:
Portfolio Managers
Name | Portfolio Manager of | Title | ||||
Timothy Campion | 2014 | Senior Vice President and Portfolio Manager | ||||
Kara Murphy | 2014 | Senior Vice President, Chief Investment Officer and Portfolio Manager | ||||
Jane Bayar | 2015 | Portfolio Manager |
In the section entitled “Fund Summary: International Equities Index Fund – Investment Adviser,” the portfolio manager disclosure with respect to SunAmerica Asset Management, LLC (“SAAMCo”) is deleted in its entirety and replaced with the following:
Portfolio Managers
Name | Portfolio Manager of | Title | ||||
Timothy Campion | 2014 | Senior Vice President and Portfolio Manager | ||||
Andrew Sheridan | 2014 | Senior Vice President and Portfolio Manager | ||||
Jane Bayar | 2015 | Portfolio Manager |
In the section entitled “Fund Summary: Mid Cap Index Fund – Investment Adviser,” the portfolio manager disclosure with respect to SunAmerica Asset Management, LLC (“SAAMCo”) is deleted in its entirety and replaced with the following:
Portfolio Managers
Name | Portfolio Manager of | Title | ||||
Timothy Campion | 2012 | Lead Portfolio Manager | ||||
Andrew Sheridan | 2013 | Co-Portfolio Manager | ||||
Jane Bayar | 2015 | Co-Portfolio Manager |
In the section entitled “Fund Summary: Nasdaq-100® Index Fund – Investment Adviser,” the portfolio manager disclosure with respect to SunAmerica Asset Management, LLC (“SAAMCo”) is deleted in its entirety and replaced with the following:
Portfolio Managers
Name | Portfolio Manager of | Title | ||||
Timothy Campion | 2012 | Lead Portfolio Manager | ||||
Andrew Sheridan | 2013 | Co-Portfolio Manager | ||||
Jane Bayar | 2015 | Co-Portfolio Manager |
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS
In the section entitled “Fund Summary: Small Cap Index Fund – Investment Adviser,” the portfolio manager disclosure with respect to SunAmerica Asset Management, LLC (“SAAMCo”) is deleted in its entirety and replaced with the following:
Portfolio Managers
Name | Portfolio Manager of | Title | ||||
Timothy Campion | 2012 | Lead Portfolio Manager | ||||
Andrew Sheridan | 2013 | Co-Portfolio Manager | ||||
Jane Bayar | 2015 | Co-Portfolio Manager |
In the section entitled “Fund Summary: Stock Index Fund – Investment Adviser,” the portfolio manager disclosure with respect to SunAmerica Asset Management, LLC (“SAAMCo”) is deleted in its entirety and replaced with the following:
Portfolio Managers
Name | Portfolio Manager of | Title | ||||
Timothy Campion | 2012 | Lead Portfolio Manager | ||||
Andrew Sheridan | 2013 | Co-Portfolio Manager | ||||
Jane Bayar | 2015 | Co-Portfolio Manager |
In the section entitled “Management –Investment Sub-Advisers,” the third paragraph under the heading “SunAmerica Asset Management, LLC” is hereby deleted in its entirety and replaced with the following:
The Global Social Awareness Fund is managed by a team consisting of Timothy Campion, Kara Murphy, CFA, and Jane Bayar, with Mr. Campion serving as team leader. Ms. Murphy is the Chief Investment Officer of SAAMCo. Previously, Ms. Murphy was the Director of Research and a senior research analyst covering the financial sector. Before joining SAAMCo, Ms. Murphy held research positions at Chilton Investment Company and Morgan Stanley Investment Management. Her investment experience dates from 2000. Ms. Bayar joined SAAMCo in 2004. She is a Portfolio Manager on index and social funds. Previously at SAAMCo, Ms. Bayar was an equity analyst and assistant portfolio manager on fixed income funds. Ms. Bayar received her B.A. from Baruch College and her M.B.A. from Rutgers School of Business. Please see above for the biography of Mr. Campion.
In addition, under this heading, the fifth paragraph is hereby deleted in its entirety and replaced with the following:
The International Equities Index Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund and Stock Index Fund are managed by a team consisting of Timothy Campion, Andrew Sheridan, and Jane Bayar. Mr. Sheridan, Vice President, Portfolio Manager and Senior Research Analyst, joined SAAMCo in 2003. In addition to his portfolio management responsibilities, Mr. Sheridan is a member of the SAAMCo research team, covering the technology industry. Please see above for the biographies of Mr. Campion and Ms. Bayar.
Capitalized terms used herein but not defined shall have the meanings assigned to them in the Prospectus.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS
Filed under Rule 497(e)
Registration No. 002-83631
VALIC COMPANY I
MONEY MARKET I FUND
Supplement dated January 26, 2016 to the Prospectus
dated October 1, 2015, as supplemented and amended to date
VALIC COMPANY II
MONEY MARKET II FUND
Supplement dated January 26, 2016 to the Prospectus
dated January 1, 2016, as supplemented and amended to date
In July 2014, the U.S. Securities and Exchange Commission adopted amendments to the rules that govern money market funds that significantly changed the way certain money market funds will be required to operate. At an in-person meeting held on January 25-26, 2016, the Boards of Directors/Trustees of VALIC Company I and VALIC Company II considered the likely effects of the rule changes on the Money Market I Fund and the Money Market II Fund, respectively (the “Funds”), and approved a proposal by the Funds’ investment adviser, The Variable Annuity Life Insurance Company, to convert the Funds into government money market funds. The conversions, and the changes described in this supplement, will become effective on or about September 28, 2016.
In order to qualify as a government money market fund, each Fund must invest at least 99.5% of its total assets in government securities, cash, or repurchase agreements collateralized by government securities or cash. As a government money market fund, each Fund will seek to maintain a stable $1.00 net asset value per share and will not be subject to liquidity fees and/or redemption gates.
In connection with the conversions, the Money Market I Fund and the Money Market II Fund will also change their names to “Government Money Market I Fund” and “Government Money Market II Fund,” respectively. It is expected that the Funds will gradually allocate a larger percentage of their assets to government securities over time until each Fund reaches its new allocation on or about September 28, 2016. Because the yields on government securities generally may be expected to be lower than the yields on comparable non-government securities, it is anticipated that the Funds’ yield may decrease as more assets are invested in government securities.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS
Filed Pursuant to Rule 497(e)
Registration No.: 002-83631
VALIC Company I (“VC I”)
Growth Fund
(the “Fund”)
Supplement dated January 27, 2016 to the Fund’s
Prospectus dated October 1, 2015, as supplemented and amended to date
At the January 25-26, 2016 meeting (the “Meeting”) of the Board of Directors (the “Board”) of VC I, the Board approved an amendment to the existing Investment Sub-Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and American Century Investment Management, Inc. (“ACIM”) with respect to the Fund (the “ACIM Sub-Advisory Agreement”).
Under the ACIM Sub-Advisory Agreement, effective on February 1, 2016, VALIC will pay ACIM a sub-advisory fee equal to an annual rate of 0.32% on the first $500 million, 0.30% on the next $500 million and 0.28% thereafter. Prior to the amendment, VALIC paid ACIM a sub-advisory fee equal to an annual rate of 0.44% on the first $500 million, 0.40% on the next $500 million, 0.36% on the next $500 million and 0.33% thereafter. Under the ACIM Sub-Advisory Agreement, VALIC is solely responsible for payment of fees to ACIM and thus the amendment does not impact any obligation of the Fund pursuant to such agreement. Furthermore, the amendment does not modify the services provided under the ACIM Sub-Advisory Agreement.
At the Meeting, the Board also approved an Advisory Fee Waiver Agreement (the “Fee Waiver Agreement”) with respect to the Fund. Pursuant to the Fee Waiver Agreement, VALIC is contractually obligated to waive a portion of its advisory fee with respect to the Fund so that the advisory fee rate payable by the Fund to VALIC under the Investment Advisory Agreement with VC I (the “Advisory Agreement”) is 0.68% of the Fund’s average daily net assets on the first $500 million, 0.62% on the next $500 million, 0.59% on the next $500 million and 0.56% thereafter. This Fee Waiver Agreement will become effective on February 1, 2016 and will continue in effect until September 30, 2017, unless earlier terminated by mutual agreement of the Board and VALIC. In addition, the Fee Waiver Agreement will automatically terminate upon the termination of the Advisory Agreement. VALIC may not recoup any advisory fees waived with respect to the Fund pursuant to the Fee Waiver Agreement.
Capitalized terms used herein but not defined have the meanings assigned to them in the Prospectus.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS
Filed Pursuant to Rule 497(e)
Registration No.: 002-83631
VALIC Company I (“VC I”)
International Growth Fund
(the “Fund”)
Supplement dated January 27, 2016 to the Fund’s
Prospectus dated October 1, 2015, as supplemented and amended to date
At the January 25-26, 2016 meeting (the “Meeting”) of the Board of Directors (the “Board”) of VC I, the Board approved amendments to the existing Investment Sub-Advisory Agreements between The Variable Annuity Life Insurance Company (“VALIC”) and each of American Century Investment Management, Inc. (“ACIM”) (the “ACIM Sub-Advisory Agreement”) and Massachusetts Financial Services Company (“MFS”) (the “MFS Sub-Advisory Agreement,” and together with the ACIM Sub-Advisory Agreement, the “Sub-Advisory Agreements”) with respect to the Fund.
Under the ACIM Sub-Advisory Agreement, effective on February 1, 2016, VALIC will pay ACIM a sub-advisory fee equal to an annual rate of 0.48% on the first $250 million, 0.46% on the next $250 million and 0.44% thereafter. Prior to the amendment, VALIC paid ACIM a sub-advisory fee equal to an annual rate of 0.65% on the first $250 million, 0.55% on the next $250 million and 0.50% thereafter.
Under the MFS Sub-Advisory Agreement, effective on or about February 1, 2016, VALIC will pay MFS a sub-advisory fee equal to an annual rate of 0.475% on the first $500 million, 0.425% on the next $500 million, 0.400% on the next $1 billion and 0.375% thereafter. Prior to the amendment, VALIC paid MFS a sub-advisory fee equal to an annual rate of 0.525% on the first $250 million, 0.500% on the next $250 million and 0.475% thereafter.
Under the Sub-Advisory Agreements, VALIC is solely responsible for payment of fees to ACIM and MFS, respectively, and thus the amendments do not impact any obligation of the Fund pursuant to such agreements. Furthermore, the amendment does not modify the services provided under the Sub-Advisory Agreements.
At the Meeting, the Board also approved an Advisory Fee Waiver Agreement (the “Fee Waiver Agreement”) with respect to the Fund. Pursuant to the Fee Waiver Agreement, VALIC is contractually obligated to waive a portion of its advisory fee with respect to the Fund so that the advisory fee rate payable by the Fund to VALIC under the Investment Advisory Agreement with VC I (the “Advisory Agreement”) is 0.92% of the Fund’s average daily net assets on the first $250 million, 0.87% on the next $250 million, 0.82% on the next $500 million and 0.77% thereafter. This Fee Waiver Agreement will become effective on February 1, 2016 and will continue in effect until September 30, 2017, unless earlier terminated by mutual agreement of the Board and VALIC. In addition, the Fee Waiver Agreement will automatically terminate upon the termination of the Advisory Agreement. VALIC may not recoup any advisory fees waived with respect to the Fund pursuant to the Fee Waiver Agreement.
Capitalized terms used herein but not defined have the meanings assigned to them in the Prospectus.
Please retain this supplement for future reference.
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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
1776 Heritage Drive
North Quincy, Massachusetts 02171
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, Limited
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, Incorporated
525 Market St.
10th Floor
San Francisco, CA 94105
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
1000 Louisiana Street, Suite 5800
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
Kathleen Fuentes,
Vice President, Chief Legal Officer and Secretary
Gregory N. Bressler,
Vice President
Katherine Stoner,
Vice President and Chief Compliance Officer
Thomas M. Ward,
Vice President
Shawn Parry,
Vice President and Assistant Treasurer
Donna McManus,
Vice President and Assistant Treasurer
Diedre L. Phipps,
Assistant Treasurer
John E. Smith, Jr.
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.
The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.
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VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 | PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765 |
VC 4873 (11/2015) J74499
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Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
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Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
Included in Item 1 to the Form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
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Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.
Item 11. | Controls and Procedures. |
(a) | An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective. |
(b) | There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Exhibits. |
(a) | (1) Not applicable. |
(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. |
(3) Not applicable. |
(b) | Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT. |
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VALIC Company I | ||
By: | /s/ John T. Genoy | |
John T. Genoy | ||
President |
Date: February 5, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John T. Genoy | |
John T. Genoy | ||
President |
Date: February 5, 2016
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: February 5, 2016