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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, 2016
Table of Contents
Item 1. Reports to Stockholders
Table of Contents
VALIC Company I
Semi-Annual Report, November 30, 2016
SAVING :INVESTING :PLANNING
Table of Contents
VALIC Company I
SEMI-ANNUAL REPORT NOVEMBER 30, 2016
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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, 2016. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.
Domestically, the total return for the S&P 500® Index,* widely regarded as the best single gauge of the U.S. equity market, rose 6.01%. Following several months of flat to negative performance, the market trajectory trended upward following the election of Donald Trump as the next U.S. President. After the S&P 500’s nearly 2% decline in October, the U.S. equity market reversed itself and rallied into year-end, supported by continued improvement of economic fundamentals and ignited by the anticipation of tax cuts and reform, regulatory relief and infrastructure spending under the new administration. In short, a renewed optimism of stronger economic growth captured the markets, rallying U.S. equities and raising U.S. Treasury yields. There also was important news in the oil markets. At the end of the period, OPEC reached an agreement to cut oil production. This served to increase oil prices, a dramatic reversal from the low price levels seen earlier in the year.
As anticipated prior to the presidential election, the Federal Reserve (the “Fed”) increased the federal funds target rate by 0.25% to a range between 0.50% and 0.75%. Notes released from the Fed reference a better labor market and inflation moving toward the Fed’s 2% target level were cited to support this increase. More importantly, the Fed is forecasted to raise rates by another 0.75% in 2017—likely in three moves. With the December increase being only the second in more than a decade, rates are widely perceived as being too low. It is important to recall that entering 2016, multiple interest rate increases were predicted, yet only one actually occurred.
Fixed income markets declined across most of the spectrum, with the Bloomberg Barclays U.S. Aggregate Bond Index,** a broad measure of the bond market, down 0.92%. Long Treasuries, as measured by the Bloomberg Barclays US Treasury Long Index,*** erasing most of the gains made in the first half of the year declined -6.08% for the period. Only risk assets, such as high yield assets, gained some ground.
The MSCI EAFE Index (net),**** designed to measure the equity market performance of developed foreign markets (Europe, Australasia, Far East), excluding the U.S. and Canada, declined -1.25%. Global growth continued to slow during the period which weighed heavily on international markets. Further compounding global pressures was the shadow that was cast over the Eurozone amidst the fallout and potential ramifications from the United Kingdom’s vote to leave the European Union, dubbed “Brexit” (British Exit).
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 Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
*** | Bloomberg Barclays US Treasury Long Index. The Bloomberg Barclays Capital Long U.S. Treasury Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face 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 MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. 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. |
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, 2016 (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, 2016 and held until November 30, 2016. 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, 2016” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended November 30, 2016” 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, 2016” 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, 2016” 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, 2016” 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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VALIC Company I
EXPENSE EXAMPLE — November 30, 2016 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2016 | Ending Account Value Using Actual Return at November 30, 2016 | Expenses Paid During the Six Months Ended November 30, 2016 | Beginning Account Value at June 1, 2016 | Ending Account Value Using a Hypothetical 5% Annual Return at November 30, 2016 | Expenses Paid During the Six Months Ended November 30, 2016 | Annualized Expense Ratio* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 1,030.80 | $ | 3.56 | $ | 1,000.00 | $ | 1,021.56 | $ | 3.55 | 0.70 | % | ||||||||||||||
Blue Chip Growth | $ | 1,000.00 | $ | 1,041.99 | $ | 4.30 | $ | 1,000.00 | $ | 1,020.86 | $ | 4.26 | 0.84 | % | ||||||||||||||
Broad Cap Value Income# | $ | 1,000.00 | $ | 1,097.35 | $ | 4.47 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 988.94 | $ | 3.19 | $ | 1,000.00 | $ | 1,021.86 | $ | 3.24 | 0.64 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 1,087.65 | $ | 4.19 | $ | 1,000.00 | $ | 1,021.06 | $ | 4.05 | 0.80 | % | ||||||||||||||
Dividend Value# | $ | 1,000.00 | $ | 1,094.45 | $ | 4.31 | $ | 1,000.00 | $ | 1,020.96 | $ | 4.15 | 0.82 | % | ||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | $ | 1,016.73 | $ | 1.62 | $ | 1,000.00 | $ | 1,023.46 | $ | 1.62 | 0.32 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 1,101.94 | $ | 4.95 | $ | 1,000.00 | $ | 1,020.36 | $ | 4.76 | 0.94 | % | ||||||||||||||
Foreign Value | $ | 1,000.00 | $ | 1,064.92 | $ | 4.14 | $ | 1,000.00 | $ | 1,021.06 | $ | 4.05 | 0.80 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 958.85 | $ | 4.12 | $ | 1,000.00 | $ | 1,020.86 | $ | 4.26 | 0.84 | % | ||||||||||||||
Global Social Awareness | $ | 1,000.00 | $ | 1,023.80 | $ | 3.20 | $ | 1,000.00 | $ | 1,021.91 | $ | 3.19 | 0.63 | % | ||||||||||||||
Global Strategy | $ | 1,000.00 | $ | 1,040.08 | $ | 3.38 | $ | 1,000.00 | $ | 1,021.76 | $ | 3.35 | 0.66 | % | ||||||||||||||
Government Money Market I Fund# | $ | 1,000.00 | $ | 1,000.05 | $ | 2.01 | $ | 1,000.00 | $ | 1,023.06 | $ | 2.03 | 0.40 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 985.25 | $ | 3.19 | $ | 1,000.00 | $ | 1,021.86 | $ | 3.24 | 0.64 | % | ||||||||||||||
Growth# | $ | 1,000.00 | $ | 1,031.92 | $ | 3.92 | $ | 1,000.00 | $ | 1,021.21 | $ | 3.90 | 0.77 | % | ||||||||||||||
Growth & Income# | $ | 1,000.00 | $ | 1,061.28 | $ | 4.39 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Health Sciences# | $ | 1,000.00 | $ | 987.42 | $ | 5.28 | $ | 1,000.00 | $ | 1,019.75 | $ | 5.37 | 1.06 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 1,005.58 | $ | 2.92 | $ | 1,000.00 | $ | 1,022.16 | $ | 2.94 | 0.58 | % | ||||||||||||||
International Equities Index | $ | 1,000.00 | $ | 985.53 | $ | 2.19 | $ | 1,000.00 | $ | 1,022.86 | $ | 2.23 | 0.44 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 972.88 | $ | 3.12 | $ | 1,000.00 | $ | 1,021.91 | $ | 3.19 | 0.63 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 960.45 | $ | 4.96 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.11 | 1.01 | % | ||||||||||||||
Large Cap Core | $ | 1,000.00 | $ | 1,036.21 | $ | 4.24 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 1,001.64 | $ | 3.76 | $ | 1,000.00 | $ | 1,021.31 | $ | 3.80 | 0.75 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 1,098.91 | $ | 1.89 | $ | 1,000.00 | $ | 1,023.26 | $ | 1.83 | 0.36 | % | ||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | $ | 1,054.05 | $ | 4.22 | $ | 1,000.00 | $ | 1,020.96 | $ | 4.15 | 0.82 | % | ||||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | $ | 1,067.54 | $ | 2.75 | $ | 1,000.00 | $ | 1,022.41 | $ | 2.69 | 0.53 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 1,077.47 | $ | 5.16 | $ | 1,000.00 | $ | 1,020.10 | $ | 5.01 | 0.99 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 1,114.06 | $ | 5.25 | $ | 1,000.00 | $ | 1,020.10 | $ | 5.01 | 0.99 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 1,095.80 | $ | 4.89 | $ | 1,000.00 | $ | 1,020.41 | $ | 4.71 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 1,153.55 | $ | 2.21 | $ | 1,000.00 | $ | 1,023.01 | $ | 2.08 | 0.41 | % | ||||||||||||||
Small Cap Special Values | $ | 1,000.00 | $ | 1,156.85 | $ | 4.70 | $ | 1,000.00 | $ | 1,020.71 | $ | 4.41 | 0.87 | % | ||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 997.33 | $ | 5.01 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.06 | 1.00 | % | ||||||||||||||
Stock Index | $ | 1,000.00 | $ | 1,058.54 | $ | 1.81 | $ | 1,000.00 | $ | 1,023.31 | $ | 1.78 | 0.35 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 1,059.61 | $ | 4.39 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % |
* | Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 days (to reflect the one-half year period). These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA’s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administrative fees charged by your Plan/IRA sponsor. |
# | During the stated period, the investment adviser either 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, 2016” 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, 2016” and the “Annualized Expense Ratio” would have been lower. |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Time Deposits | 9.7 | % | ||
Sovereign | 8.9 | |||
Federal National Mtg. Assoc. | 7.2 | |||
Diversified Banking Institutions | 6.2 | |||
Federal Home Loan Mtg. Corp. | 4.5 | |||
Banks — Commercial | 4.4 | |||
U.S. Government Treasuries | 3.2 | |||
Banks — Super Regional | 3.2 | |||
Registered Investment Companies | 3.1 | |||
Electric — Integrated | 1.7 | |||
Telephone — Integrated | 1.7 | |||
Real Estate Investment Trusts | 1.6 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Diversified Financial Services | 1.3 | |||
Medical — Drugs | 1.2 | |||
United States Treasury Notes | 1.2 | |||
Oil Companies — Integrated | 1.1 | |||
Banks — Fiduciary | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Pipelines | 0.9 | |||
Medical — HMO | 0.8 | |||
Auto — Cars/Light Trucks | 0.7 | |||
Applications Software | 0.7 | |||
Savings & Loans/Thrifts | 0.7 | |||
Computers | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Networking Products | 0.7 | |||
Insurance — Multi-line | 0.7 | |||
Chemicals — Diversified | 0.7 | |||
Retail — Discount | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Airlines | 0.5 | |||
Insurance — Reinsurance | 0.5 | |||
Web Portals/ISP | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Multimedia | 0.5 | |||
Electronic Components — Semiconductors | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Cable/Satellite TV | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Government National Mtg. Assoc. | 0.4 | |||
Finance — Credit Card | 0.4 | |||
Paper & Related Products | 0.4 | |||
Steel — Producers | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Retail — Restaurants | 0.4 | |||
Medical — Biomedical/Gene | 0.4 | |||
Medical Products | 0.4 | |||
Internet Content — Entertainment | 0.4 | |||
Finance — Other Services | 0.4 | |||
Computer Services | 0.3 | |||
Retail — Building Products | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Medical Instruments | 0.3 | |||
Cellular Telecom | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
United States Treasury Bonds | 0.3 | |||
Brewery | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Cruise Lines | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Cosmetics & Toiletries | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Food — Retail | 0.3 | |||
Advertising Agencies | 0.3 |
Coatings/Paint | 0.3 | |||
Instruments — Controls | 0.3 | |||
Oil — Field Services | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Telecom Services | 0.3 | |||
Electronic Components — Misc. | 0.2 | |||
Agricultural Operations | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Insurance — Mutual | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Electronic Forms | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Casino Hotels | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Machinery — Farming | 0.2 | |||
Gas — Distribution | 0.2 | |||
X-Ray Equipment | 0.2 | |||
Electric — Generation | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Data Processing/Management | 0.2 | |||
Commercial Services | 0.2 | |||
Home Furnishings | 0.2 | |||
Building Products — Wood | 0.2 | |||
Diversified Minerals | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Machinery — General Industrial | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Electric — Distribution | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Human Resources | 0.1 | |||
Pharmacy Services | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Transport — Truck | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Insurance Brokers | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Finance — Commercial | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Independent Power Producers | 0.1 | |||
Satellite Telecom | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Tobacco | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Building & Construction — Misc. | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Hotels/Motels | 0.1 | |||
Transport — Services | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Retail — Automobile | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Medical — Generic Drugs | 0.1 |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited) — (continued)
Industry Allocation* (continued)
Engines — Internal Combustion | 0.1 | % | ||
Linen Supply & Related Items | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Coal | 0.1 | |||
Marine Services | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Schools | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Medical Information Systems | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Travel Services | 0.1 | |||
Auto/Truck Parts & Equipment — Replacement | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Entertainment Software | 0.1 | |||
Poultry | 0.1 | |||
Water | 0.1 | |||
Financial Guarantee Insurance | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Retail — Appliances | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Transactional Software | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
106.9 | % | |||
* | 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, 2016 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 1.1% |
| |||||||
Diversified Financial Services — 1.1% |
| |||||||
Americredit Automobile Receivables Trust | $ | 49,000 | $ | 48,772 | ||||
BA Credit Card Trust | 79,000 | 79,059 | ||||||
Capital One Multi-Asset Execution Trust | 25,000 | 24,779 | ||||||
CarMax Auto Owner Trust | 60,000 | 59,019 | ||||||
CGGS Commercial Mtg. Trust | 100,000 | 100,639 | ||||||
Chase Issuance Trust FRS | 78,000 | 78,323 | ||||||
Chase Mtg. Trust VRS | 6,369 | 6,379 | ||||||
Citigroup Commercial Mtg. Trust | 95,000 | 97,147 | ||||||
Core Industrial Trust | 91,000 | 93,403 | ||||||
Discover Card Execution Note Trust | 85,000 | 85,752 | ||||||
Ford Credit Auto Owner Trust | 52,000 | 52,345 | ||||||
GS Mtg. Securities Trust | 24,000 | 24,606 | ||||||
Honda Auto Receivables Owner Trust | 30,000 | 30,039 | ||||||
Hudson Yards Mtg. Trust | 130,000 | 126,179 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 100,000 | 102,448 | ||||||
Morgan Stanley Capital Barclays Bank Trust | 25,000 | 24,572 | ||||||
NRP Mtg. Trust VRS | 95,293 | 93,031 | ||||||
Taco Bell Funding LLC | 29,925 | 30,157 | ||||||
Wells Fargo Mtg. Backed Securities Trust VRS | 15,816 | 15,809 | ||||||
WF-RBS Commercial Mtg. Trust | 600,000 | 615,580 | ||||||
Total Asset Backed Securities | ||||||||
(cost $1,798,927) |
| 1,788,038 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES — 16.6% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | $ | 32,000 | $ | 33,012 | ||||
Omnicom Group, Inc. | 63,000 | 62,894 | ||||||
95,906 | ||||||||
Aerospace/Defense — 0.0% |
| |||||||
Boeing Co. | 67,000 | 65,898 | ||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
Harris Corp. | 80,000 | 81,393 | ||||||
Moog, Inc. | 29,000 | 29,507 | ||||||
Triumph Group, Inc. | 26,000 | 23,530 | ||||||
134,430 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
CF Industries, Inc. | 20,000 | 19,825 | ||||||
CF Industries, Inc. | 49,000 | 48,109 | ||||||
67,934 | ||||||||
Agricultural Operations — 0.0% |
| |||||||
Archer-Daniels-Midland Co. | 22,000 | 20,747 | ||||||
Airlines — 0.1% |
| |||||||
Allegiant Travel Co. | 80,000 | 81,600 | ||||||
Atlas Air, Inc. | 2,671 | 2,680 | ||||||
United Airlines Pass-Through Trust | 113,028 | 115,430 | ||||||
199,710 | ||||||||
Appliances — 0.0% |
| |||||||
Whirlpool Corp. | 45,000 | 43,425 | ||||||
Applications Software — 0.1% |
| |||||||
Microsoft Corp. | 72,000 | 71,897 | ||||||
Microsoft Corp. | 66,000 | 62,670 | ||||||
Microsoft Corp. | 69,000 | 65,117 |
6 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Applications Software (continued) |
| |||||||
Microsoft Corp. | $ | 26,000 | $ | 24,198 | ||||
223,882 | ||||||||
Auto - Cars/Light Trucks — 0.7% |
| |||||||
American Honda Finance Corp. | 77,000 | 77,051 | ||||||
American Honda Finance Corp. | 98,000 | 96,220 | ||||||
BMW US Capital LLC | 68,000 | 67,389 | ||||||
Daimler Finance North America LLC | 158,000 | 158,077 | ||||||
Daimler Finance North America LLC | 158,000 | 157,866 | ||||||
Ford Motor Credit Co. LLC | 200,000 | 197,636 | ||||||
Ford Motor Credit Co. LLC | 200,000 | 192,667 | ||||||
Hyundai Capital America | 174,000 | 174,763 | ||||||
Toyota Motor Credit Corp. | 55,000 | 55,342 | ||||||
1,177,011 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
JB Poindexter & Co., Inc. | 41,000 | 43,050 | ||||||
PACCAR Financial Corp. | 24,000 | 23,948 | ||||||
PACCAR Financial Corp. | 84,000 | 84,663 | ||||||
151,661 | ||||||||
Banks - Commercial — 0.7% |
| |||||||
BankUnited, Inc. | 166,000 | 161,967 | ||||||
Citizens Bank NA | 268,000 | 266,686 | ||||||
Fifth Third Bank | 205,000 | 206,441 | ||||||
First Horizon National Corp. | 211,000 | 212,528 | ||||||
Regions Financial Corp. | 79,000 | 80,375 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Regions Financial Corp. | $ | 114,000 | $ | 136,592 | ||||
1,064,589 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Citizens Financial Group, Inc. | 207,000 | 208,234 | ||||||
Banks - Super Regional — 0.4% |
| |||||||
Capital One Financial Corp. | 38,000 | 36,608 | ||||||
JPMorgan Chase Bank NA | 257,000 | 255,051 | ||||||
Wells Fargo & Co. | 212,000 | 202,858 | ||||||
Wells Fargo & Co. | 71,000 | 73,403 | ||||||
Wells Fargo & Co. | 11,000 | 10,598 | ||||||
Wells Fargo & Co. | 16,000 | 16,548 | ||||||
595,066 | ||||||||
Batteries/Battery Systems — 0.0% |
| |||||||
EnerSys | 60,000 | 60,150 | ||||||
Brewery — 0.3% |
| |||||||
Anheuser-Busch InBev Finance, Inc. | 54,000 | 53,999 | ||||||
Anheuser-Busch InBev Finance, Inc. | 101,000 | 101,351 | ||||||
Anheuser-Busch InBev Finance, Inc. | 44,000 | 44,451 | ||||||
Anheuser-Busch InBev Finance, Inc. | 85,000 | 89,140 | ||||||
Anheuser-Busch InBev Finance, Inc. | 31,000 | 33,167 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 164,000 | 164,101 | ||||||
486,209 | ||||||||
Broadcast Services/Program — 0.0% |
| |||||||
Clear Channel Worldwide Holdings, Inc. | 61,000 | 59,780 | ||||||
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Standard Industries, Inc. | $ | 54,000 | $ | 56,160 | ||||
Building & Construction - Misc. — 0.0% |
| |||||||
Weekley Homes LLC/Weekley Finance Corp. | 38,000 | 34,580 | ||||||
Building Products - Air & Heating — 0.1% |
| |||||||
Lennox International, Inc. | 76,000 | 73,645 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Boise Cascade Co. | 45,000 | 43,987 | ||||||
Masco Corp. | 107,000 | 108,605 | ||||||
152,592 | ||||||||
Building - Residential/Commercial — 0.0% |
| |||||||
K. Hovnanian Enterprises, Inc. | 45,000 | 41,625 | ||||||
Cable/Satellite TV — 0.3% |
| |||||||
Block Communications, Inc. | 52,000 | 52,910 | ||||||
Cable One, Inc. | 53,000 | 54,590 | ||||||
Cablevision Systems Corp. | 10,000 | 9,325 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 80,000 | 82,200 | ||||||
Charter Communications Operating LLC/Charter Communications | 58,000 | 59,196 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 45,000 | 50,220 | ||||||
Charter Communications Operating LLC/Charter Communications | 28,000 | 31,459 | ||||||
Comcast Corp. | 23,000 | 21,246 | ||||||
Comcast Corp. | 51,000 | 45,768 | ||||||
Comcast Corp. | 51,000 | 43,826 | ||||||
DISH DBS Corp. | 79,000 | 87,196 | ||||||
537,936 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Casino Hotels — 0.1% |
| |||||||
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. | $ | 75,000 | $ | 80,250 | ||||
Chester Downs & Marina LLC | 45,000 | 43,312 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | 56,000 | 57,120 | ||||||
Golden Nugget Escrow, Inc. | 40,000 | 41,900 | ||||||
222,582 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
Sprint Corp. | 235,000 | 240,875 | ||||||
T-Mobile USA, Inc. | 55,000 | 56,770 | ||||||
297,645 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Eastman Chemical Co. | 51,000 | 49,342 | ||||||
Westlake Chemical Corp. | 54,000 | 51,867 | ||||||
101,209 | ||||||||
Chemicals - Plastics — 0.0% |
| |||||||
A. Schulman, Inc. | 63,000 | 64,260 | ||||||
Chemicals - Specialty — 0.1% |
| |||||||
Lubrizol Corp. | 39,000 | 49,100 | ||||||
Unifrax I LLC/Unifrax Holding Co. | 49,000 | 46,795 | ||||||
95,895 | ||||||||
Coal — 0.1% |
| |||||||
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. | 71,000 | 70,290 | ||||||
Coatings/Paint — 0.1% |
| |||||||
RPM International, Inc. | 114,000 | 109,229 | ||||||
Commercial Services — 0.0% |
| |||||||
Ecolab, Inc. | 11,000 | 9,996 | ||||||
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Commercial Services - Finance — 0.0% |
| |||||||
Automatic Data Processing, Inc. | $ | 41,000 | $ | 41,171 | ||||
Computer Services — 0.1% |
| |||||||
Harland Clarke Holdings Corp. | 35,000 | 33,163 | ||||||
Harland Clarke Holdings Corp. | 66,000 | 56,017 | ||||||
Hewlett Packard Enterprise Co. | 139,000 | 135,381 | ||||||
224,561 | ||||||||
Computer Software — 0.0% |
| |||||||
Rackspace Hosting, Inc. | 55,000 | 62,838 | ||||||
Computers — 0.4% |
| |||||||
Apple, Inc. | 51,000 | 47,961 | ||||||
Apple, Inc. | 85,000 | 86,894 | ||||||
Apple, Inc. | 83,000 | 83,207 | ||||||
Apple, Inc. | 35,000 | 37,223 | ||||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp. | 148,000 | 155,698 | ||||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp. | 17,000 | 18,572 | ||||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp. | 89,000 | 101,373 | ||||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp. | 59,000 | 69,183 | ||||||
600,111 | ||||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Diebold, Inc. | 76,000 | 79,458 | ||||||
Computers - Memory Devices — 0.0% |
| |||||||
Western Digital Corp. | 55,000 | 63,663 | ||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Kimberly-Clark Corp. | 29,000 | 28,828 | ||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Crown Cork & Seal Co., Inc. | 50,000 | 56,625 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Containers - Metal/Glass (continued) |
| |||||||
Owens-Brockway Glass Container, Inc. | $ | 50,000 | $ | 50,062 | ||||
106,687 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Amcor Finance USA, Inc. | 89,000 | 86,623 | ||||||
Brambles USA, Inc. | 35,000 | 35,630 | ||||||
Multi-Color Corp. | 59,000 | 61,508 | ||||||
183,761 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Procter & Gamble Co. | 90,000 | 88,354 | ||||||
Data Processing/Management — 0.1% |
| |||||||
Fidelity National Information Services, Inc. | 34,000 | 31,648 | ||||||
Fidelity National Information Services, Inc. | 35,000 | 37,905 | ||||||
69,553 | ||||||||
Diagnostic Equipment — 0.1% |
| |||||||
Abbott Laboratories | 82,000 | 81,075 | ||||||
Abbott Laboratories | 53,000 | 53,551 | ||||||
Abbott Laboratories | 89,000 | 89,753 | ||||||
224,379 | ||||||||
Distribution/Wholesale — 0.0% |
| |||||||
WW Grainger, Inc. | 36,000 | 33,456 | ||||||
Diversified Banking Institutions — 1.6% |
| |||||||
Bank of America Corp. | 38,000 | 37,530 | ||||||
Bank of America Corp. | 55,000 | 55,485 | ||||||
Bank of America Corp. | 51,000 | 50,999 | ||||||
Bank of America Corp. | 49,000 | 48,670 | ||||||
Bank of America Corp. | 98,000 | 97,784 |
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
Bank of America Corp. | $ | 28,000 | $ | 28,201 | ||||
Bank of America Corp. | 116,000 | 135,816 | ||||||
Bank of America Corp. | 18,000 | 21,158 | ||||||
Citigroup, Inc. | 36,000 | 36,776 | ||||||
Citigroup, Inc. | 403,000 | 408,598 | ||||||
Citigroup, Inc. | 47,000 | 53,243 | ||||||
Goldman Sachs Group, Inc. FRS | 62,000 | 62,563 | ||||||
Goldman Sachs Group, Inc. | 68,000 | 66,819 | ||||||
Goldman Sachs Group, Inc. | 44,000 | 45,053 | ||||||
Goldman Sachs Group, Inc. | 31,000 | 32,386 | ||||||
Goldman Sachs Group, Inc. | 9,000 | 9,271 | ||||||
Goldman Sachs Group, Inc. | 72,000 | 78,237 | ||||||
Goldman Sachs Group, Inc. | 91,000 | 108,963 | ||||||
Goldman Sachs Group, Inc. | 89,000 | 109,674 | ||||||
JPMorgan Chase & Co. | 102,000 | 102,331 | ||||||
JPMorgan Chase & Co. | 87,000 | 86,774 | ||||||
JPMorgan Chase & Co. | 39,000 | 37,999 | ||||||
JPMorgan Chase & Co. | 68,000 | 68,618 | ||||||
JPMorgan Chase & Co. | 88,000 | 85,697 | ||||||
JPMorgan Chase & Co. | 85,000 | 87,210 | ||||||
Morgan Stanley | 46,000 | 46,146 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Morgan Stanley | $ | 51,000 | $ | 51,440 | ||||
Morgan Stanley | 139,000 | 142,487 | ||||||
Morgan Stanley | 206,000 | 220,181 | ||||||
Morgan Stanley | 75,000 | 83,428 | ||||||
2,499,537 | ||||||||
Diversified Financial Services — 0.1% |
| |||||||
USAA Capital Corp. | 159,000 | 159,887 | ||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
General Electric Capital Corp. | 99,000 | 99,046 | ||||||
General Electric Co. | 66,000 | 66,217 | ||||||
Illinois Tool Works, Inc. | 69,000 | 66,249 | ||||||
Ingersoll-Rand Global Holding Co., Ltd. | 98,000 | 113,845 | ||||||
Textron, Inc. | 67,000 | 66,807 | ||||||
Trinity Industries, Inc. | 51,000 | 48,764 | ||||||
460,928 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
Entergy Louisiana LLC | 120,000 | 123,074 | ||||||
Electric - Integrated — 0.8% |
| |||||||
AES Corp. | 114,000 | 112,290 | ||||||
Arizona Public Service Co. | 40,000 | 40,052 | ||||||
Consolidated Edison Co. of New York, Inc. | 36,000 | 35,528 | ||||||
Dominion Resources, Inc. | 30,000 | 30,403 | ||||||
Dominion Resources, Inc. | 65,000 | 69,296 | ||||||
Duke Energy Corp. | 48,000 | 42,914 | ||||||
Duke Energy Progress LLC | 72,000 | 73,036 |
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Electric - Integrated (continued) |
| |||||||
Exelon Generation Co. LLC | $ | 55,000 | $ | 55,720 | ||||
FirstEnergy Corp. | 104,000 | 130,004 | ||||||
Louisville Gas & Electric Co. | 10,000 | 10,333 | ||||||
Massachusetts Electric Co. | 140,000 | 133,294 | ||||||
Pacific Gas & Electric Co. | 98,000 | 95,609 | ||||||
South Carolina Electric & Gas Co. | 49,000 | 50,905 | ||||||
Southern California Edison Co. | 88,000 | 88,084 | ||||||
Southern Co. | 72,000 | 72,031 | ||||||
Southern Power Co. | 71,000 | 68,672 | ||||||
Talen Energy Supply LLC | 75,000 | 71,344 | ||||||
Trans-Allegheny Interstate Line Co. | 22,000 | 22,443 | ||||||
1,201,958 | ||||||||
Electric - Transmission — 0.0% |
| |||||||
AEP Transmission Co. LLC | 21,000 | 20,872 | ||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Corning, Inc. | 53,000 | 52,807 | ||||||
Electronic Components - Semiconductors — 0.1% |
| |||||||
Amkor Technology, Inc. | 40,000 | 41,150 | ||||||
Intel Corp. | 65,000 | 65,130 | ||||||
106,280 | ||||||||
Electronic Parts Distribution — 0.0% |
| |||||||
Avnet, Inc. | 36,000 | 34,982 | ||||||
Electronics - Military — 0.0% |
| |||||||
L-3 Communications Corp. | 45,000 | 44,970 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
TerraForm Power Operating LLC | 60,000 | 61,368 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Enterprise Software/Service — 0.2% |
| |||||||
Donnelley Financial Solutions, Inc. | $ | 45,000 | $ | 45,788 | ||||
Oracle Corp. | 98,000 | 95,780 | ||||||
Oracle Corp. | 48,000 | 45,556 | ||||||
Oracle Corp. | 70,000 | 67,807 | ||||||
Oracle Corp. | 27,000 | 26,413 | ||||||
281,344 | ||||||||
Finance - Auto Loans — 0.1% |
| |||||||
Ally Financial, Inc. | 114,000 | 112,860 | ||||||
Credit Acceptance Corp. | 60,000 | 61,350 | ||||||
174,210 | ||||||||
Finance - Commercial — 0.1% |
| |||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp. | 200,000 | 195,500 | ||||||
Finance - Consumer Loans — 0.2% |
| |||||||
Enova International, Inc. | 105,000 | 101,850 | ||||||
Navient Corp. | 106,000 | 85,860 | ||||||
OneMain Financial Holdings LLC | 59,000 | 60,032 | ||||||
247,742 | ||||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Credit Corp. | 61,000 | 60,433 | ||||||
American Express Credit Corp. | 98,000 | 96,992 | ||||||
157,425 | ||||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. | 44,000 | 2,596 | ||||||
Lehman Brothers Holdings, Inc. | 71,000 | 7 | ||||||
Lehman Brothers Holdings, Inc. | 69,000 | 7 | ||||||
TD Ameritrade Holding Corp. | 58,000 | 58,741 | ||||||
61,351 | ||||||||
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Finance - Leasing Companies — 0.0% |
| |||||||
International Lease Finance Corp. | $ | 56,000 | $ | 61,196 | ||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
Quicken Loans, Inc. | 100,000 | 96,000 | ||||||
Finance - Other Services — 0.2% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 45,000 | 44,991 | ||||||
National Rural Utilities Cooperative Finance Corp. | 125,000 | 125,033 | ||||||
National Rural Utilities Cooperative Finance Corp. | 90,000 | 89,373 | ||||||
National Rural Utilities Cooperative Finance Corp. | 41,000 | 40,931 | ||||||
300,328 | ||||||||
Firearms & Ammunition — 0.0% |
| |||||||
FGI Operating Co. LLC/FGI Finance, Inc. | 39,000 | 32,370 | ||||||
Food - Misc./Diversified — 0.1% |
| |||||||
Kraft Heinz Foods Co. | 98,000 | 106,576 | ||||||
Food - Retail — 0.1% |
| |||||||
Albertsons Cos. LLC/Safeway, Inc. | 25,000 | 24,532 | ||||||
Albertsons Cos. LLC/Safeway, Inc. | 43,000 | 44,445 | ||||||
Kroger Co. | 73,000 | 67,450 | ||||||
136,427 | ||||||||
Food - Wholesale/Distribution — 0.0% |
| |||||||
C&S Group Enterprises LLC | 36,000 | 34,380 | ||||||
Footwear & Related Apparel — 0.0% |
| |||||||
Wolverine World Wide, Inc. | 8,000 | 7,680 | ||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Mohegan Tribal Gaming Authority | 65,000 | 65,081 | ||||||
Scientific Games International, Inc. | 90,000 | 84,375 | ||||||
149,456 | ||||||||
Gas - Distribution — 0.0% |
| |||||||
Dominion Gas Holdings LLC | 31,000 | 31,326 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Hazardous Waste Disposal — 0.0% |
| |||||||
Clean Harbors, Inc. | $ | 37,000 | $ | 37,740 | ||||
Home Decoration Products — 0.0% |
| |||||||
Newell Rubbermaid, Inc. | 37,000 | 38,578 | ||||||
Newell Rubbermaid, Inc. | 26,000 | 28,865 | ||||||
67,443 | ||||||||
Hotels/Motels — 0.0% |
| |||||||
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | 37,000 | 37,925 | ||||||
Independent Power Producers — 0.1% |
| |||||||
Dynegy, Inc. | 90,000 | 85,500 | ||||||
NRG Energy, Inc. | 90,000 | 90,225 | ||||||
175,725 | ||||||||
Industrial Gases — 0.0% |
| |||||||
Airgas, Inc. | 28,000 | 28,648 | ||||||
Instruments - Controls — 0.1% |
| |||||||
Honeywell International, Inc. | 136,000 | 128,760 | ||||||
Insurance - Life/Health — 0.3% |
| |||||||
Aflac, Inc. | 44,000 | 41,223 | ||||||
Jackson National Life Global Funding | 126,000 | 120,561 | ||||||
Pacific LifeCorp | 39,000 | 42,296 | ||||||
Pricoa Global Funding I | 159,000 | 159,128 | ||||||
Unum Group | 30,000 | 31,708 | ||||||
394,916 | ||||||||
Insurance - Multi-line — 0.3% |
| |||||||
Assurant, Inc. | 121,000 | 142,730 | ||||||
MetLife, Inc. | 45,000 | 46,744 | ||||||
Metropolitan Life Global Funding I | 200,000 | 200,804 | ||||||
390,278 | ||||||||
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Insurance - Mutual — 0.2% |
| |||||||
Massachusetts Mutual Life Insurance Co. | $ | 64,000 | $ | 57,431 | ||||
MassMutual Global Funding II | 220,000 | 222,533 | ||||||
New York Life Global Funding | 65,000 | 65,384 | ||||||
345,348 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Berkshire Hathaway, Inc. | 60,000 | 59,702 | ||||||
Internet Connectivity Services — 0.1% |
| |||||||
Cogent Communications Group, Inc. | 75,000 | 75,844 | ||||||
Zayo Group LLC/Zayo Capital, Inc. | 45,000 | 46,800 | ||||||
122,644 | ||||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Netflix, Inc. | 80,000 | 85,609 | ||||||
Machinery - Farming — 0.1% |
| |||||||
John Deere Capital Corp. | 74,000 | 74,028 | ||||||
John Deere Capital Corp. | 108,000 | 108,405 | ||||||
182,433 | ||||||||
Machinery - General Industrial — 0.0% |
| |||||||
Wabtec Corp. | 55,000 | 52,938 | ||||||
Machinery - Pumps — 0.0% |
| |||||||
Xylem, Inc. | 19,000 | 18,231 | ||||||
Marine Services — 0.1% |
| |||||||
Great Lakes Dredge & Dock Corp. | 105,000 | 103,425 | ||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Laboratory Corp. of America Holdings | 22,000 | 22,145 | ||||||
Laboratory Corp. of America Holdings | 70,000 | 69,800 | ||||||
Laboratory Corp. of America Holdings | 36,000 | 35,804 | ||||||
Quest Diagnostics, Inc. | 51,000 | 50,254 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical Labs & Testing Services (continued) |
| |||||||
Roche Holdings, Inc. | $ | 135,000 | $ | 135,152 | ||||
Roche Holdings, Inc. | 204,000 | 206,139 | ||||||
519,294 | ||||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Amgen, Inc. | 31,000 | 29,600 | ||||||
Celgene Corp. | 65,000 | 65,422 | ||||||
Gilead Sciences, Inc. | 24,000 | 22,940 | ||||||
117,962 | ||||||||
Medical - Drugs — 0.1% |
| |||||||
Baxalta, Inc. | 72,000 | 72,950 | ||||||
Endo Finance LLC/Endo Finco, Inc. | 40,000 | 38,250 | ||||||
Forest Laboratories LLC | 59,000 | 63,617 | ||||||
174,817 | ||||||||
Medical - HMO — 0.2% |
| |||||||
Centene Corp. | 40,000 | 38,300 | ||||||
Opal Acquisition, Inc. | 65,000 | 50,863 | ||||||
UnitedHealth Group, Inc. | 66,000 | 66,028 | ||||||
UnitedHealth Group, Inc. | 72,000 | 71,369 | ||||||
UnitedHealth Group, Inc. | 51,000 | 52,584 | ||||||
279,144 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
CHS/Community Health Systems, Inc. | 100,000 | 66,688 | ||||||
HCA, Inc. | 52,000 | 52,056 | ||||||
IASIS Healthcare LLC/IASIS Capital Corp. | 63,000 | 55,125 | ||||||
RegionalCare Hospital Partners Holdings, Inc. | 110,000 | 109,587 | ||||||
283,456 | ||||||||
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
Novelis Corp. | $ | 40,000 | $ | 39,950 | ||||
Novelis Corp. | 29,000 | 30,015 | ||||||
69,965 | ||||||||
Multimedia — 0.2% |
| |||||||
Time Warner, Inc. | 49,000 | 48,765 | ||||||
Time Warner, Inc. | 72,000 | 70,572 | ||||||
Viacom, Inc. | 46,000 | 43,961 | ||||||
Viacom, Inc. | 32,000 | 34,038 | ||||||
Walt Disney Co. | 71,000 | 71,141 | ||||||
Walt Disney Co. | 34,000 | 34,081 | ||||||
302,558 | ||||||||
Networking Products — 0.2% |
| |||||||
Cisco Systems, Inc. | 92,000 | 92,046 | ||||||
Cisco Systems, Inc. | 58,000 | 58,548 | ||||||
Cisco Systems, Inc. | 79,000 | 78,580 | ||||||
Cisco Systems, Inc. | 21,000 | 19,910 | ||||||
249,084 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Pitney Bowes, Inc. | 20,000 | 19,467 | ||||||
Oil Companies - Exploration & Production — 0.7% |
| |||||||
Anadarko Petroleum Corp. | 161,000 | 142,647 | ||||||
Anadarko Petroleum Corp. | 32,000 | 36,029 | ||||||
Carrizo Oil & Gas, Inc. | 50,000 | 51,000 | ||||||
Denbury Resources, Inc. | 55,000 | 44,963 | ||||||
Denbury Resources, Inc. | 60,000 | 62,250 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
EP Energy LLC/Everest Acquisition Finance, Inc. | $ | 90,000 | $ | 92,700 | ||||
Hess Corp. | 43,000 | 40,800 | ||||||
Hess Corp. | 33,000 | 30,573 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | 50,000 | 50,500 | ||||||
Laredo Petroleum, Inc. | 56,000 | 58,240 | ||||||
Newfield Exploration Co. | 110,000 | 111,650 | ||||||
Noble Energy, Inc. | 66,000 | 65,570 | ||||||
Noble Energy, Inc. | 69,000 | 65,589 | ||||||
Occidental Petroleum Corp. | 49,000 | 48,615 | ||||||
Sanchez Energy Corp. | 37,000 | 32,375 | ||||||
SM Energy Co. | 56,000 | 53,760 | ||||||
WPX Energy, Inc. | 59,000 | 62,245 | ||||||
1,049,506 | ||||||||
Oil Companies - Integrated — 0.1% |
| |||||||
Chevron Corp. | 96,000 | 95,857 | ||||||
Chevron Corp. | 53,000 | 52,502 | ||||||
Exxon Mobil Corp. | 57,000 | 56,961 | ||||||
205,320 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
Forum Energy Technologies, Inc. | 29,000 | 28,493 | ||||||
Oil Refining & Marketing — 0.0% |
| |||||||
PBF Holding Co LLC/PBF Finance Corp. | 60,000 | 57,300 | ||||||
Oil - Field Services — 0.1% |
| |||||||
Bristow Group, Inc. | 75,000 | 58,500 |
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil - Field Services (continued) |
| |||||||
SESI LLC | $ | 32,000 | $ | 31,280 | ||||
89,780 | ||||||||
Paper & Related Products — 0.3% |
| |||||||
Clearwater Paper Corp. | 67,000 | 65,325 | ||||||
Domtar Corp. | 70,000 | 71,547 | ||||||
Georgia-Pacific LLC | 131,000 | 132,668 | ||||||
Georgia-Pacific LLC | 95,000 | 97,896 | ||||||
Georgia-Pacific LLC | 56,000 | 61,633 | ||||||
International Paper Co. | 30,000 | 27,658 | ||||||
PH Glatfelter Co. | 40,000 | 40,700 | ||||||
497,427 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
Express Scripts Holding Co. | 36,000 | 34,930 | ||||||
Express Scripts Holding Co. | 66,000 | 68,354 | ||||||
Express Scripts Holding Co. | 80,000 | 76,680 | ||||||
179,964 | ||||||||
Pipelines — 0.8% |
| |||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | 42,000 | 42,840 | ||||||
Colorado Interstate Gas Co. LLC /Colorado Interstate Issuing Corp. | 48,000 | 45,716 | ||||||
Columbia Pipeline Group, Inc. | 19,000 | 19,102 | ||||||
Energy Transfer Equity LP | 36,000 | 40,230 | ||||||
Energy Transfer Partners LP | 35,000 | 31,867 | ||||||
Energy Transfer Partners LP | 11,000 | 10,874 | ||||||
Energy Transfer Partners LP | 94,000 | 98,634 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Pipelines (continued) |
| |||||||
EnLink Midstream Partners LP | $ | 26,000 | $ | 25,310 | ||||
EnLink Midstream Partners LP | 65,000 | 63,930 | ||||||
Enterprise Products Operating LLC | 38,000 | 38,099 | ||||||
Enterprise Products Operating LLC | 25,000 | 23,837 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. | 100,000 | 100,000 | ||||||
Holly Energy Partners LP/Holly Energy Finance Corp. | 54,000 | 56,160 | ||||||
Kinder Morgan Energy Partners LP | 39,000 | 38,045 | ||||||
Kinder Morgan Energy Partners LP | 24,000 | 20,947 | ||||||
Kinder Morgan Energy Partners LP | 24,000 | 22,900 | ||||||
Kinder Morgan, Inc. | 23,000 | 24,416 | ||||||
Phillips 66 | 36,000 | 33,651 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 31,000 | 29,184 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 37,000 | 36,130 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 41,000 | 40,488 | ||||||
Sabine Pass Liquefaction LLC | 100,000 | 107,750 | ||||||
Spectra Energy Partners LP | 37,000 | 35,123 | ||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. | 20,000 | 19,550 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | 60,000 | 59,400 | ||||||
Tesoro Logistics LP/Tesoro Logistics Finance Corp. | 136,000 | 142,290 | ||||||
Western Gas Partners LP | 68,000 | 69,173 | ||||||
1,275,646 | ||||||||
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Power Converter/Supply Equipment — 0.0% |
| |||||||
Hubbell, Inc. | $ | 64,000 | $ | 63,799 | ||||
Printing - Commercial — 0.0% |
| |||||||
Quad/Graphics, Inc. | 65,000 | 61,913 | ||||||
Radio — 0.0% |
| |||||||
Sirius XM Radio, Inc. | 60,000 | 59,550 | ||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
American Tower Corp. | 70,000 | 64,689 | ||||||
American Tower Corp. | 52,000 | 49,236 | ||||||
Columbia Property Trust Operating Partnership LP | 23,000 | 21,862 | ||||||
CubeSmart LP | 44,000 | 41,604 | ||||||
DuPont Fabros Technology LP | 40,000 | 42,100 | ||||||
ESH Hospitality, Inc. | 50,000 | 48,375 | ||||||
Federal Realty Investment Trust | 10,000 | 8,738 | ||||||
iStar, Inc. | 78,000 | 78,195 | ||||||
Kimco Realty Corp. | 24,000 | 22,389 | ||||||
Realty Income Corp. | 20,000 | 18,834 | ||||||
Simon Property Group LP | 42,000 | 41,211 | ||||||
437,233 | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
Kennedy-Wilson, Inc. | 50,000 | 50,375 | ||||||
Real Estate Operations & Development — 0.0% |
| |||||||
Greystar Real Estate Partners LLC | 47,000 | 50,878 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | 9,000 | 8,685 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | 26,000 | 23,985 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Rental Auto/Equipment (continued) |
| |||||||
ERAC USA Finance LLC | $ | 78,000 | $ | 70,629 | ||||
Hertz Corp. | 44,000 | 38,335 | ||||||
141,634 | ||||||||
Retail - Appliances — 0.1% |
| |||||||
Conn’s, Inc. | 84,000 | 70,140 | ||||||
Retail - Building Products — 0.0% |
| |||||||
Home Depot, Inc. | 6,000 | 5,945 | ||||||
Home Depot, Inc. | 32,000 | 27,922 | ||||||
33,867 | ||||||||
Retail - Discount — 0.1% |
| |||||||
Costco Wholesale Corp. | 87,000 | 86,437 | ||||||
Dollar General Corp. | 63,000 | 62,453 | ||||||
Dollar General Corp. | 33,000 | 33,967 | ||||||
182,857 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
CVS Pass-Through Trust | 40,540 | 42,656 | ||||||
CVS Pass-Through Trust | 32,001 | 35,936 | ||||||
CVS Pass-Through Trust | 49,060 | 56,350 | ||||||
134,942 | ||||||||
Retail - Restaurants — 0.1% |
| |||||||
Brinker International, Inc. | 60,000 | 60,000 | ||||||
McDonald’s Corp. | 12,000 | 12,469 | ||||||
PF Chang’s China Bistro, Inc. | 45,000 | 42,862 | ||||||
115,331 | ||||||||
Satellite Telecom — 0.1% |
| |||||||
Hughes Satellite Systems Corp. | 80,000 | 86,000 | ||||||
Savings & Loans/Thrifts — 0.3% |
| |||||||
Astoria Financial Corp. | 80,000 | 81,180 |
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Savings & Loans/Thrifts (continued) |
| |||||||
First Niagara Financial Group, Inc. | $ | 240,000 | $ | 270,365 | ||||
First Niagara Financial Group, Inc. | 86,000 | 102,507 | ||||||
454,052 | ||||||||
Semiconductor Components - Integrated Circuits — 0.0% |
| |||||||
Analog Devices, Inc. | 23,000 | 22,854 | ||||||
Analog Devices, Inc. | 9,000 | 8,942 | ||||||
31,796 | ||||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Valmont Industries, Inc. | 84,000 | 73,095 | ||||||
Steel - Producers — 0.1% |
| |||||||
AK Steel Corp. | 50,000 | 54,375 | ||||||
Steel Dynamics, Inc. | 54,000 | 56,295 | ||||||
United States Steel Corp. | 34,000 | 37,570 | ||||||
148,240 | ||||||||
Telecom Services — 0.1% |
| |||||||
Embarq Corp. | 80,000 | 76,808 | ||||||
Telecommunication Equipment — 0.0% |
| |||||||
Plantronics, Inc. | 60,000 | 60,150 | ||||||
Telephone - Integrated — 0.6% |
| |||||||
AT&T, Inc. | 175,000 | 171,738 | ||||||
AT&T, Inc. | 92,000 | 80,658 | ||||||
AT&T, Inc. | 121,000 | 114,727 | ||||||
AT&T, Inc. | 79,000 | 73,787 | ||||||
AT&T, Inc. | 43,000 | 46,248 | ||||||
Cincinnati Bell, Inc. | 16,000 | 16,720 | ||||||
Frontier Communications Corp. | 55,000 | 55,138 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Telephone - Integrated (continued) |
| |||||||
Sprint Capital Corp. | $ | 40,000 | $ | 42,000 | ||||
Verizon Communications, Inc. | 85,000 | 85,756 | ||||||
Verizon Communications, Inc. | 27,000 | 26,298 | ||||||
Verizon Communications, Inc. | 124,000 | 115,670 | ||||||
Verizon Communications, Inc. | 55,000 | 55,149 | ||||||
883,889 | ||||||||
Transport - Equipment & Leasing — 0.0% |
| |||||||
GATX Corp. | 30,000 | 28,258 | ||||||
Transport - Rail — 0.0% |
| |||||||
Burlington Northern Santa Fe LLC | 34,000 | 32,616 | ||||||
CSX Corp. | 38,000 | 34,253 | ||||||
66,869 | ||||||||
Travel Services — 0.1% |
| |||||||
Sabre GLBL, Inc. | 93,000 | 94,163 | ||||||
Trucking/Leasing — 0.0% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 30,000 | 30,251 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 65,000 | 64,675 | ||||||
General Cable Corp. | 49,000 | 46,795 | ||||||
111,470 | ||||||||
Total U.S. Corporate Bonds & Notes |
| |||||||
(cost $26,282,771) |
| 26,347,578 | ||||||
FOREIGN CORPORATE BONDS & NOTES — 2.4% |
| |||||||
Banks - Commercial — 0.6% |
| |||||||
Credit Suisse AG | 103,000 | 102,688 | ||||||
Credit Suisse AG | 68,000 | 72,522 | ||||||
DBS Group Holdings, Ltd. | 214,000 | 215,678 | ||||||
Kookmin Bank | 250,000 | 249,609 |
17 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Royal Bank of Canada | $ | 79,000 | $ | 82,771 | ||||
Toronto-Dominion Bank | 98,000 | 95,241 | ||||||
Toronto-Dominion Bank VRS | 27,000 | 25,985 | ||||||
Westpac Banking Corp. VRS | 43,000 | 42,630 | ||||||
887,124 | ||||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Diageo Capital PLC | 117,000 | 121,507 | ||||||
Building - Residential/Commercial — 0.0% |
| |||||||
Mattamy Group Corp. | 60,000 | 59,700 | ||||||
Cable/Satellite TV — 0.1% |
| |||||||
Numericable-SFR SA | 200,000 | 199,500 | ||||||
Cruise Lines — 0.1% |
| |||||||
NCL Corp., Ltd. | 20,000 | 20,250 | ||||||
Royal Caribbean Cruises, Ltd. | 80,000 | 85,800 | ||||||
106,050 | ||||||||
Diversified Banking Institutions — 0.0% |
| |||||||
Lloyds Banking Group PLC | 60,000 | 59,104 | ||||||
Diversified Financial Services — 0.1% |
| |||||||
GE Capital International Funding Co. ULC | 200,000 | 208,194 | ||||||
Diversified Manufacturing Operations — 0.0% |
| |||||||
Ingersoll-Rand Luxembourg Finance SA | 25,000 | 25,156 | ||||||
Diversified Minerals — 0.1% |
| |||||||
FMG Resources August 2006 Pty, Ltd. | 100,000 | 115,360 | ||||||
Electric - Generation — 0.2% |
| |||||||
Electricite de France SA | 233,000 | 231,957 | ||||||
Electricite de France SA | 37,000 | 36,205 | ||||||
268,162 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Gold Mining — 0.0% |
| |||||||
Goldcorp, Inc. | $ | 28,000 | $ | 27,476 | ||||
Insurance - Multi-line — 0.1% |
| |||||||
XLIT, Ltd. | 45,000 | 44,481 | ||||||
XLIT, Ltd. | 83,000 | 76,954 | ||||||
121,435 | ||||||||
Machinery - General Industrial — 0.0% |
| |||||||
ATS Automation Tooling Systems, Inc. | 47,000 | 48,645 | ||||||
Medical - Drugs — 0.1% |
| |||||||
Teva Pharmaceutical Finance Netherlands III BV | 68,000 | 64,088 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 15,000 | 13,836 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 7,000 | 6,065 | ||||||
83,989 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Actavis Funding SCS | 90,000 | 91,281 | ||||||
Motion Pictures & Services — 0.0% |
| |||||||
LG FinanceCo Corp. | 40,000 | 39,800 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Pacific Drilling SA | 50,000 | 15,250 | ||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Anadarko Finance Co. | 36,000 | 44,664 | ||||||
MEG Energy Corp. | 175,000 | 157,500 | ||||||
202,164 | ||||||||
Oil Companies - Integrated — 0.4% |
| |||||||
BP Capital Markets PLC | 56,000 | 55,539 | ||||||
BP Capital Markets PLC | 38,000 | 36,405 | ||||||
BP Capital Markets PLC | 62,000 | 63,214 | ||||||
BP Capital Markets PLC | 63,000 | 63,398 |
18 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies - Integrated (continued) |
| |||||||
Petroleos Mexicanos | $ | 26,000 | $ | 20,111 | ||||
Petroleos Mexicanos | 103,000 | 90,343 | ||||||
Shell International Finance BV | 69,000 | 69,049 | ||||||
Shell International Finance BV | 72,000 | 71,836 | ||||||
Shell International Finance BV | 79,000 | 78,743 | ||||||
548,638 | ||||||||
Paper & Related Products — 0.0% |
| |||||||
Cascades, Inc. | 5,000 | 5,044 | ||||||
Pipelines — 0.0% |
| |||||||
Enbridge, Inc. | 43,000 | 44,119 | ||||||
Satellite Telecom — 0.0% |
| |||||||
Telesat Canada/Telesat LLC | 65,000 | 66,381 | ||||||
Security Services — 0.0% |
| |||||||
Garda World Security Corp. | 56,000 | 51,800 | ||||||
Semiconductor Equipment — 0.0% |
| |||||||
Sensata Technologies BV | 40,000 | 39,400 | ||||||
Steel - Producers — 0.1% |
| |||||||
ArcelorMittal | 100,000 | 112,500 | ||||||
Telephone - Integrated — 0.2% |
| |||||||
Deutsche Telekom International Finance BV | 161,000 | 153,659 | ||||||
Telecom Italia Capital SA | 70,000 | 73,150 | ||||||
226,809 | ||||||||
Transport - Rail — 0.0% |
| |||||||
Canadian Pacific Railway Co. | 51,000 | 58,907 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $3,887,956) | 3,833,495 | |||||||
U.S. GOVERNMENT AGENCIES — 12.1% |
| |||||||
Federal Home Loan Mtg. Corp. — 4.5% |
| |||||||
2.49% due 02/01/2037 FRS | 18,395 | 19,180 | ||||||
2.50% due 01/01/2028 | 63,372 | 63,736 | ||||||
2.50% due 03/01/2031 | 142,836 | 143,495 | ||||||
3.00% due 08/01/2027 | 222,386 | 228,836 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
3.00% due 10/01/2042 | $ | 151,065 | $ | 151,764 | ||||
3.00% due 11/01/2042 | 311,837 | 311,199 | ||||||
3.00% due 04/01/2043 | 425,034 | 424,940 | ||||||
3.00% due 07/01/2045 | 299,469 | 298,403 | ||||||
3.00% due December 30 TBA | 1,112,000 | 1,107,048 | ||||||
3.03% due 11/01/2037 FRS | 165,338 | 175,105 | ||||||
3.50% due 03/01/2042 | 77,724 | 79,828 | ||||||
3.50% due 08/01/2042 | 259,139 | 267,592 | ||||||
3.50% due 09/01/2043 | 136,901 | 141,177 | ||||||
3.50% due 03/01/2045 | 298,193 | 306,250 | ||||||
3.50% due 07/01/2045 | 721,591 | 742,413 | ||||||
3.50% due 08/01/2045 | 208,848 | 215,155 | ||||||
4.00% due 09/01/2040 | 187,941 | 198,304 | ||||||
4.00% due 07/01/2044 | 195,558 | 205,727 | ||||||
4.00% due 11/01/2045 | 404,300 | 425,392 | ||||||
4.50% due 01/01/2039 | 4,065 | 4,381 | ||||||
4.50% due 12/01/2039 | 155,894 | 167,985 | ||||||
4.50% due 04/01/2044 | 52,402 | 56,474 | ||||||
4.50% due 09/01/2044 | 471,634 | 508,145 | ||||||
4.50% due 03/01/2046 | 362,983 | 391,210 | ||||||
5.00% due 10/01/2033 | 919 | 1,014 | ||||||
5.00% due 11/01/2043 | 130,290 | 143,657 | ||||||
6.00% due 08/01/2036 | 29,078 | 33,046 | ||||||
6.00% due 03/01/2040 | 26,415 | 30,181 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
2.78% due 02/25/2024 FRS(3) | 103,000 | 104,785 | ||||||
Series 2014-HQ2, Class M2 |
| |||||||
2.78% due 09/25/2024 FRS(3) | 150,000 | 153,350 | ||||||
Series 2014-HQ3, Class M2 |
| |||||||
3.23% due 10/25/2024 FRS(3) | 1,158 | 1,167 | ||||||
Series 2015-HQA1, Class M2 |
| |||||||
3.24% due 03/25/2028 FRS(3) | 21,690 | 22,032 | ||||||
Series 2016-HQA1, Class M2 |
| |||||||
3.34% due 09/25/2028 FRS(3) | 77,000 | 79,080 | ||||||
7,202,051 | ||||||||
Federal National Mtg. Assoc. — 7.2% |
| |||||||
2.50% due 09/01/2027 | 40,839 | 41,077 | ||||||
2.50% due 04/01/2028 | 201,722 | 202,906 | ||||||
2.50% due 05/01/2031 | 421,819 | 424,088 | ||||||
2.50% due December 15 TBA | 125,000 | 125,547 | ||||||
2.53% due 09/01/2035 FRS | 125,492 | 132,113 | ||||||
2.67% due 10/01/2035 FRS | 143,008 | 150,916 | ||||||
2.75% due 05/01/2037 FRS | 30,031 | 31,488 | ||||||
2.79% due 11/01/2036 FRS | 44,730 | 47,390 | ||||||
2.85% due 07/01/2039 FRS | 96,628 | 101,493 | ||||||
2.91% due 05/01/2040 FRS | 148,267 | 156,590 | ||||||
3.00% due 04/01/2027 | 82,163 | 84,560 | ||||||
3.00% due 10/01/2027 | 102,933 | 105,936 | ||||||
3.00% due 12/01/2027 | 99,221 | 102,144 | ||||||
3.00% due 01/01/2028 | 129,980 | 133,772 | ||||||
3.00% due 10/01/2030 | 185,691 | 191,108 | ||||||
3.00% due 03/01/2042 | 94,512 | 94,564 | ||||||
3.00% due 12/01/2042 | 52,304 | 52,370 | ||||||
3.00% due 05/01/2043 | 283,369 | 283,728 | ||||||
3.00% due 06/01/2045 | 186,479 | 186,945 | ||||||
3.00% due 08/01/2045 | 371,427 | 370,316 | ||||||
3.00% due 09/01/2046 | 128,101 | 127,718 | ||||||
3.00% due December 15 TBA | 77,000 | 79,190 | ||||||
3.00% due December 30 TBA | 248,000 | 247,031 | ||||||
3.09% due 10/01/2040 FRS | 32,480 | 34,393 | ||||||
3.14% due 08/01/2035 FRS | 59,894 | 63,960 | ||||||
3.27% due 10/01/2040 FRS | 68,778 | 72,699 |
19 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
3.50% due 08/01/2026 | $ | 115,776 | $ | 120,744 | ||||
3.50% due 08/01/2027 | 19,966 | 20,821 | ||||||
3.50% due 10/01/2028 | 182,899 | 192,000 | ||||||
3.50% due 08/01/2042 | 293,728 | 303,098 | ||||||
3.50% due 07/01/2045 | 120,755 | 124,080 | ||||||
3.50% due 08/01/2045 | 173,381 | 178,569 | ||||||
3.50% due 09/01/2045 | 142,656 | 146,597 | ||||||
3.50% due 10/01/2045 | 207,393 | 213,782 | ||||||
3.50% due 11/01/2045 | 235,298 | 241,783 | ||||||
3.50% due 12/01/2045 | 586,493 | 602,540 | ||||||
3.50% due 02/01/2046 | 353,574 | 363,249 | ||||||
3.50% due 03/01/2046 | 838,860 | 861,813 | ||||||
3.50% due 07/01/2046 | 54,878 | 56,559 | ||||||
3.50% due December 15 TBA | 164,000 | 170,823 | ||||||
3.50% due December 30 TBA | 17,000 | 17,459 | ||||||
4.00% due 09/01/2040 | 59,088 | 62,312 | ||||||
4.00% due 12/01/2040 | 368,534 | 389,628 | ||||||
4.00% due 11/01/2041 | 139,187 | 147,220 | ||||||
4.00% due 01/01/2042 | 75,924 | 80,305 | ||||||
4.00% due 01/01/2043 | 559,556 | 594,175 | ||||||
4.00% due 12/01/2043 | 89,126 | 94,969 | ||||||
4.00% due 10/01/2044 | 231,909 | 244,294 | ||||||
4.00% due 02/01/2045 | 369,113 | 390,828 | ||||||
4.00% due 02/01/2046 | 8,025 | 8,457 | ||||||
4.50% due 10/01/2024 | 65,355 | 69,177 | ||||||
4.50% due 03/01/2025 | 96,547 | 102,170 | ||||||
4.50% due 06/01/2039 | 456,635 | 497,223 | ||||||
4.50% due 11/01/2040 | 17,929 | 19,377 | ||||||
4.50% due 05/01/2041 | 55,628 | 59,992 | ||||||
4.50% due 07/01/2041 | 25,369 | 27,407 | ||||||
4.50% due 08/01/2045 | 506,372 | 555,375 | ||||||
4.50% due December 30 TBA | 61,000 | 65,803 | ||||||
5.00% due 11/01/2033 | 2,656 | 2,925 | ||||||
5.00% due 05/01/2040 | 40,576 | 44,580 | ||||||
5.00% due 06/01/2040 | 123,213 | 135,166 | ||||||
5.00% due 07/01/2040 | 303,066 | 332,681 | ||||||
5.50% due 12/01/2029 | 17,030 | 18,996 | ||||||
5.50% due 08/01/2037 | 80,744 | 90,504 | ||||||
6.00% due 05/01/2017 | 1,481 | 1,489 | ||||||
6.00% due 11/01/2038 | 60,758 | 69,168 | ||||||
6.00% due 06/01/2040 | 3,632 | 4,134 | ||||||
6.50% due 02/01/2017 | 162 | 162 | ||||||
11,366,476 | ||||||||
Government National Mtg. Assoc. — 0.4% |
| |||||||
3.00% due 05/20/2045 | 138,532 | 140,898 | ||||||
3.00% due 07/20/2045 | 25,738 | 26,175 | ||||||
3.00% due Decemeber 30 TBA | 175,000 | 177,707 | ||||||
3.50% due 04/20/2045 | 201,585 | 210,042 | ||||||
3.50% due 07/20/2045 | 44,428 | 46,298 | ||||||
4.00% due 03/20/2044 | 14,872 | 15,782 | ||||||
4.00% due 07/20/2045 | 16,531 | 17,540 | ||||||
4.00% due 10/20/2045 | 32,744 | 34,782 | ||||||
6.00% due 02/15/2029 | 1,854 | 2,116 | ||||||
6.00% due 06/15/2029 | 7,003 | 8,193 | ||||||
679,533 | ||||||||
Tennessee Valley Authority — 0.0% |
| |||||||
Tennessee Valley Authority | 50,000 | 50,508 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $19,566,389) | 19,298,568 | |||||||
Security Description | Principal | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 1.5% |
| |||||||
United States Treasury Bonds — 0.3% |
| |||||||
United States Treasury Bonds |
| |||||||
2.25% due 08/15/2046# | $ | 122,000 | $ | 103,243 | ||||
2.50% due 02/15/2046 | 60,000 | 53,707 | ||||||
2.50% due 05/15/2046# | 122,000 | 109,180 | ||||||
3.00% due 11/15/2044 | 39,000 | 38,858 | ||||||
3.00% due 05/15/2045 | 8,000 | 7,959 | ||||||
3.00% due 11/15/2045 | 153,000 | 152,091 | ||||||
3.63% due 02/15/2044 | 17,000 | 19,023 | ||||||
4.50% due 02/15/2036# | 6,000 | 7,642 | ||||||
491,703 | ||||||||
United States Treasury Notes — 1.2% |
| |||||||
United States Treasury Notes |
| |||||||
0.13% due 04/15/2018 TIPS(6) | 196,336 | 197,679 | ||||||
0.75% due 01/31/2018 | 72,000 | 71,820 | ||||||
1.00% due 12/15/2017 | 137,000 | 137,134 | ||||||
1.13% due 06/30/2021 | 331,000 | 320,863 | ||||||
1.13% due 07/31/2021 | 109,000 | 105,538 | ||||||
1.25% due 03/31/2021 | 37,000 | 36,186 | ||||||
1.38% due 03/31/2020 | 357,000 | 355,382 | ||||||
1.50% due 01/31/2022 | 24,000 | 23,497 | ||||||
1.50% due 03/31/2023# | 73,000 | 70,280 | ||||||
1.50% due 08/15/2026# | 263,000 | 242,905 | ||||||
1.63% due 05/15/2026 | 170,000 | 159,176 | ||||||
1.75% due 12/31/2020 | 27,000 | 27,023 | ||||||
2.13% due 12/31/2021 | 61,000 | 61,632 | ||||||
1,809,115 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $2,387,467) | 2,300,818 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 8.9% |
| |||||||
Electric - Distribution — 0.0% |
| |||||||
Hydro-Quebec | 79,000 | 79,070 | ||||||
Sovereign — 8.9% |
| |||||||
Federative Republic of Brazil | 1,000,000 | 887,500 | ||||||
Federative Republic of Brazil | 800,000 | 822,000 | ||||||
Federative Republic of Brazil | 1,500,000 | 1,541,250 | ||||||
Federative Republic of Brazil | 1,255,000 | 1,312,102 | ||||||
Federative Republic of Brazil | 900,000 | 940,500 | ||||||
Republic of Argentina | 570,000 | 530,100 | ||||||
Republic of Argentina | 980,000 | 1,021,650 | ||||||
Republic of Argentina | 200,000 | 184,100 | ||||||
Republic of Argentina | 830,000 | 838,300 |
20 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sovereign (continued) |
| |||||||
Republic of Indonesia | $ | 965,000 | $ | 1,015,763 | ||||
Republic of Indonesia | 915,000 | 972,248 | ||||||
Republic of Indonesia | 590,000 | 706,519 | ||||||
Republic of Panama | 155,000 | 166,625 | ||||||
Republic of Panama | 135,000 | 165,713 | ||||||
Republic of Peru | 1,100,000 | 1,619,750 | ||||||
Republic of Poland | 335,000 | 329,556 | ||||||
Republic of Poland | 335,000 | 324,112 | ||||||
United Mexican States | 238,000 | 241,332 | ||||||
United Mexican States | 325,000 | 320,938 | ||||||
United Mexican States | 209,000 | 185,488 | ||||||
14,125,546 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $15,186,697) | 14,204,616 | |||||||
COMMON STOCKS — 40.7% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Interpublic Group of Cos., Inc. | 222 | 5,343 | ||||||
Omnicom Group, Inc. | 3,288 | 285,859 | ||||||
291,202 | ||||||||
Aerospace/Defense — 0.6% |
| |||||||
Aerovironment, Inc.†# | 780 | 22,074 | ||||||
Arconic, Inc. | 794 | 15,308 | ||||||
Boeing Co. | 2,399 | 361,193 | ||||||
Cubic Corp. | 856 | 39,633 | ||||||
General Dynamics Corp. | 1,681 | 294,763 | ||||||
Lockheed Martin Corp. | 47 | 12,467 | ||||||
National Presto Industries, Inc. | 95 | 9,039 | ||||||
Northrop Grumman Corp. | 503 | 125,574 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 18 | 1,049 | ||||||
881,100 | ||||||||
Aerospace/Defense - Equipment — 0.4% |
| |||||||
AAR Corp. | 1,071 | 39,509 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 1,335 | 27,127 | ||||||
Harris Corp. | 380 | 39,353 | ||||||
Kaman Corp.# | 974 | 47,453 | ||||||
Moog, Inc., Class A† | 1,079 | 75,347 | ||||||
United Technologies Corp. | 3,313 | 356,876 | ||||||
585,665 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Agricultural Chemicals — 0.0% |
| |||||||
Monsanto Co. | 79 | $ | 8,114 | |||||
Agricultural Operations — 0.2% |
| |||||||
Andersons, Inc. | 897 | 35,297 | ||||||
Archer-Daniels-Midland Co. | 7,810 | 337,626 | ||||||
372,923 | ||||||||
Airlines — 0.4% |
| |||||||
Allegiant Travel Co. | 250 | 40,850 | ||||||
American Airlines Group, Inc.# | 6,538 | 303,625 | ||||||
Delta Air Lines, Inc. | 2,560 | 123,341 | ||||||
Hawaiian Holdings, Inc.† | 1,039 | 53,352 | ||||||
JetBlue Airways Corp.† | 190 | 3,817 | ||||||
SkyWest, Inc. | 1,680 | 61,908 | ||||||
Southwest Airlines Co. | 793 | 36,962 | ||||||
United Continental Holdings, Inc.† | 510 | 35,164 | ||||||
659,019 | ||||||||
Apparel Manufacturers — 0.1% |
| |||||||
Michael Kors Holdings, Ltd.† | 1,096 | 50,953 | ||||||
Oxford Industries, Inc. | 286 | 20,781 | ||||||
Ralph Lauren Corp. | 37 | 3,870 | ||||||
75,604 | ||||||||
Appliances — 0.0% |
| |||||||
iRobot Corp.† | 753 | 42,921 | ||||||
Whirlpool Corp. | 38 | 6,173 | ||||||
49,094 | ||||||||
Applications Software — 0.6% |
| |||||||
Citrix Systems, Inc.† | 3,427 | 297,224 | ||||||
Ebix, Inc.# | 430 | 25,628 | ||||||
Microsoft Corp. | 9,113 | 549,149 | ||||||
Progress Software Corp. | 1,314 | 38,855 | ||||||
Red Hat, Inc.† | 168 | 13,291 | ||||||
salesforce.com, Inc.† | 171 | 12,312 | ||||||
Tangoe, Inc.† | 446 | 3,532 | ||||||
939,991 | ||||||||
Athletic Equipment — 0.0% |
| |||||||
Nautilus, Inc.† | 597 | 10,268 | ||||||
Audio/Video Products — 0.0% |
| |||||||
Daktronics, Inc. | 1,521 | 15,651 | ||||||
DTS, Inc. | 338 | 14,351 | ||||||
Universal Electronics, Inc.†# | 411 | 27,681 | ||||||
57,683 | ||||||||
Auto Repair Centers — 0.0% |
| |||||||
Monro Muffler Brake, Inc. | 619 | 37,016 | ||||||
Auto - Truck Trailers — 0.0% |
| |||||||
Wabash National Corp.† | 1,226 | 16,907 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
American Axle & Manufacturing Holdings, Inc.† | 2,105 | 32,964 | ||||||
Cooper-Standard Holding, Inc.† | 487 | 46,421 | ||||||
Gentherm, Inc.† | 700 | 22,295 | ||||||
Lear Corp. | 1,805 | 233,766 | ||||||
Superior Industries International, Inc. | 888 | 22,333 | ||||||
Titan International, Inc. | 1,515 | 17,513 | ||||||
375,292 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.1% |
| |||||||
Dorman Products, Inc.† | 592 | 42,766 | ||||||
Motorcar Parts of America, Inc.† | 357 | 8,732 | ||||||
Standard Motor Products, Inc.# | 721 | 36,007 | ||||||
87,505 | ||||||||
21 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
B2B/E-Commerce — 0.0% |
| |||||||
ePlus, Inc.† | 127 | $ | 14,122 | |||||
Banks - Commercial — 3.1% |
| |||||||
Ameris Bancorp | 1,034 | 46,375 | ||||||
Associated Banc-Corp. | 1,578 | 36,057 | ||||||
BancorpSouth, Inc. | 867 | 24,753 | ||||||
Bank of Hawaii Corp.# | 457 | 38,100 | ||||||
Bank of the Ozarks, Inc.# | 959 | 46,531 | ||||||
Banner Corp. | 786 | 40,974 | ||||||
BB&T Corp. | 8,504 | 384,806 | ||||||
Cardinal Financial Corp. | 959 | 30,678 | ||||||
Cathay General Bancorp, Class B | 797 | 27,975 | ||||||
Central Pacific Financial Corp. | 940 | 27,777 | ||||||
Chemical Financial Corp. | 733 | 38,028 | ||||||
City Holding Co. | 433 | 26,621 | ||||||
Columbia Banking System, Inc. | 1,758 | 70,004 | ||||||
Commerce Bancshares, Inc. | 895 | 49,033 | ||||||
Community Bank System, Inc. | 1,683 | 95,426 | ||||||
Cullen/Frost Bankers, Inc. | 578 | 47,575 | ||||||
Customers Bancorp, Inc.† | 1,455 | 44,377 | ||||||
CVB Financial Corp. | 2,968 | 61,645 | ||||||
East West Bancorp, Inc. | 6,768 | 324,052 | ||||||
Fidelity Southern Corp. | 642 | 14,317 | ||||||
First BanCorp† | 5,261 | 31,145 | ||||||
First Commonwealth Financial Corp. | 2,612 | 32,963 | ||||||
First Financial Bancorp | 2,915 | 78,122 | ||||||
First Financial Bankshares, Inc.# | 1,974 | 84,981 | ||||||
First Horizon National Corp. | 2,464 | 47,013 | ||||||
First Midwest Bancorp, Inc. | 2,392 | 58,078 | ||||||
First NBC Bank Holding Co.†# | 537 | 3,786 | ||||||
First Republic Bank | 1,482 | 121,376 | ||||||
FNB Corp. | 2,209 | 33,754 | ||||||
Fulton Financial Corp. | 1,785 | 31,684 | ||||||
Glacier Bancorp, Inc. | 2,270 | 77,861 | ||||||
Great Western Bancorp, Inc. | 2,149 | 85,960 | ||||||
Hancock Holding Co. | 831 | 34,528 | ||||||
Hanmi Financial Corp. | 974 | 29,902 | ||||||
Home BancShares, Inc. | 3,689 | 95,434 | ||||||
Hope Bancorp, Inc. | 3,786 | 75,341 | ||||||
Independent Bank Corp. | 780 | 50,778 | ||||||
International Bancshares Corp. | 617 | 24,017 | ||||||
LegacyTexas Financial Group, Inc. | 1,246 | 48,918 | ||||||
M&T Bank Corp.# | 1,726 | 248,440 | ||||||
MB Financial, Inc. | 738 | 31,933 | ||||||
NBT Bancorp, Inc. | 1,267 | 48,957 | ||||||
OFG Bancorp | 2,101 | 28,363 | ||||||
Old National Bancorp | 6,174 | 105,267 | ||||||
Opus Bank | 573 | 14,497 | ||||||
PacWest Bancorp | 1,243 | 63,704 | ||||||
Pinnacle Financial Partners, Inc. | 1,301 | 83,914 | ||||||
PrivateBancorp, Inc. | 832 | 38,921 | ||||||
Prosperity Bancshares, Inc. | 728 | 48,143 | ||||||
Regions Financial Corp. | 16,683 | 225,888 | ||||||
S&T Bancorp, Inc. | 1,022 | �� | 36,169 | |||||
ServisFirst Bancshares, Inc. | 642 | 47,264 | ||||||
Signature Bank† | 555 | 83,200 | ||||||
Simmons First National Corp., Class A | 851 | 51,443 | ||||||
Southside Bancshares, Inc. | 1,273 | 48,972 | ||||||
SVB Financial Group† | 538 | 85,020 | ||||||
Synovus Financial Corp. | 1,299 | 50,284 | ||||||
TCF Financial Corp. | 1,817 | 31,525 | ||||||
Texas Capital Bancshares, Inc.† | 1,663 | 120,983 | ||||||
Tompkins Financial Corp.# | 357 | 30,809 | ||||||
TrustCo Bank Corp. NY | 5,386 | 43,896 | ||||||
Trustmark Corp. | 694 | 23,395 | ||||||
UMB Financial Corp. | 1,938 | 147,327 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Umpqua Holdings Corp. | 2,258 | $ | 40,125 | |||||
United Bankshares, Inc.# | 2,541 | 117,267 | ||||||
United Community Banks, Inc. | 2,111 | 57,377 | ||||||
Valley National Bancorp | 2,607 | 29,563 | ||||||
Webster Financial Corp. | 938 | 46,534 | ||||||
Westamerica Bancorporation# | 1,122 | 69,598 | ||||||
Western Alliance Bancorp† | 1,201 | 56,111 | ||||||
Wintrust Financial Corp. | 2,278 | 149,983 | ||||||
Zions Bancorporation | 2,148 | 85,469 | ||||||
4,911,086 | ||||||||
Banks - Fiduciary — 0.8% |
| |||||||
Bank of New York Mellon Corp. | 11,157 | 529,065 | ||||||
Boston Private Financial Holdings, Inc. | 4,168 | 62,520 | ||||||
Citizens Financial Group, Inc. | 5,444 | 182,429 | ||||||
Northern Trust Corp. | 2,215 | 181,962 | ||||||
State Street Corp. | 3,833 | 302,040 | ||||||
1,258,016 | ||||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 817 | 24,012 | ||||||
Banks - Super Regional — 2.7% |
| |||||||
Comerica, Inc. | 6,353 | 405,004 | ||||||
Fifth Third Bancorp | 8,000 | 208,160 | ||||||
Huntington Bancshares, Inc. | 11,317 | 141,010 | ||||||
KeyCorp | 11,329 | 196,105 | ||||||
PNC Financial Services Group, Inc. | 5,127 | 566,738 | ||||||
SunTrust Banks, Inc. | 5,732 | 297,777 | ||||||
US Bancorp | 16,790 | 833,120 | ||||||
Wells Fargo & Co. | 30,978 | 1,639,356 | ||||||
4,287,270 | ||||||||
Beverages - Non-alcoholic — 0.2% |
| |||||||
Coca-Cola Co. | 1,034 | 41,722 | ||||||
Dr Pepper Snapple Group, Inc. | 1,433 | 124,298 | ||||||
Monster Beverage Corp.† | 99 | 4,430 | ||||||
PepsiCo, Inc. | 1,525 | 152,653 | ||||||
323,103 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Brown-Forman Corp., Class A | 65 | 3,070 | ||||||
Brown-Forman Corp., Class B | 185 | 8,390 | ||||||
11,460 | ||||||||
Bicycle Manufacturing — 0.0% |
| |||||||
Fox Factory Holding Corp.† | 559 | 14,031 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery Communications, Inc., Class C† | 677 | 17,900 | ||||||
Scripps Networks Interactive, Inc., Class A | 23 | 1,593 | ||||||
Starz, Class A† | 43 | 1,456 | ||||||
TiVo Corp.†# | 4,043 | 81,871 | ||||||
World Wrestling Entertainment, Inc., Class A | 708 | 13,296 | ||||||
116,116 | ||||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Drew Industries, Inc. | 480 | 50,448 | ||||||
Gibraltar Industries, Inc.† | 858 | 38,610 | ||||||
Owens Corning | 987 | 50,712 | ||||||
Patrick Industries, Inc.† | 279 | 19,907 | ||||||
Quanex Building Products Corp. | 657 | 12,779 | ||||||
Simpson Manufacturing Co., Inc. | 789 | 37,193 | ||||||
Trex Co., Inc.† | 563 | 37,040 | ||||||
246,689 | ||||||||
22 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building & Construction - Misc. — 0.1% |
| |||||||
Aegion Corp.† | 1,318 | $ | 31,883 | |||||
Comfort Systems USA, Inc. | 712 | 22,926 | ||||||
MYR Group, Inc.† | 683 | 25,585 | ||||||
TopBuild Corp.† | 1,003 | 36,399 | ||||||
116,793 | ||||||||
Building Products - Air & Heating — 0.0% |
| |||||||
AAON, Inc. | 761 | 25,037 | ||||||
Building Products - Cement — 0.0% |
| |||||||
Headwaters, Inc.† | 1,422 | 33,702 | ||||||
US Concrete, Inc.†# | 272 | 15,463 | ||||||
49,165 | ||||||||
Building Products - Doors & Windows — 0.0% |
| |||||||
Apogee Enterprises, Inc. | 552 | 26,330 | ||||||
Griffon Corp.# | 583 | 13,934 | ||||||
PGT, Inc.† | 939 | 10,423 | ||||||
50,687 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Boise Cascade Co.† | 1,315 | 29,982 | ||||||
Masco Corp. | 216 | 6,836 | ||||||
Universal Forest Products, Inc. | 390 | 38,743 | ||||||
75,561 | ||||||||
Building - Heavy Construction — 0.0% |
| |||||||
Orion Group Holdings, Inc.† | 1,206 | 12,024 | ||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 1,835 | 80,740 | ||||||
Building - Mobile Home/Manufactured Housing — 0.0% |
| |||||||
Cavco Industries, Inc.† | 162 | 15,317 | ||||||
Winnebago Industries, Inc.# | 516 | 16,744 | ||||||
32,061 | ||||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc. | 126 | 3,493 | ||||||
Installed Building Products, Inc.† | 381 | 15,811 | ||||||
LGI Homes, Inc.†# | 323 | 10,546 | ||||||
M/I Homes, Inc.† | 473 | 11,049 | ||||||
MDC Holdings, Inc.# | 752 | 20,214 | ||||||
Meritage Homes Corp.† | 722 | 26,028 | ||||||
WCI Communities, Inc.† | 419 | 9,742 | ||||||
96,883 | ||||||||
Cable/Satellite TV — 0.0% |
| |||||||
Comcast Corp., Class A | 436 | 30,306 | ||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp.† | 1,572 | 29,617 | ||||||
MGM Resorts International† | 1,837 | 52,740 | ||||||
Monarch Casino & Resort, Inc.† | 209 | 5,200 | ||||||
87,557 | ||||||||
Casino Services — 0.0% |
| |||||||
Scientific Games Corp., Class A†# | 1,405 | 20,724 | ||||||
Cellular Telecom — 0.1% |
| |||||||
ATN International, Inc. | 204 | 14,751 | ||||||
T-Mobile US, Inc.† | 3,380 | 183,230 | ||||||
197,981 | ||||||||
Chemicals - Diversified — 0.6% |
| |||||||
Aceto Corp. | 569 | 11,625 | ||||||
AdvanSix, Inc.† | 592 | 11,070 | ||||||
Dow Chemical Co. | 7,970 | 444,088 | ||||||
E.I. du Pont de Nemours & Co. | 254 | 18,697 |
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Diversified (continued) |
| |||||||
Innophos Holdings, Inc. | 661 | $ | 36,038 | |||||
Innospec, Inc. | 460 | 30,222 | ||||||
Koppers Holdings, Inc.† | 709 | 27,190 | ||||||
LyondellBasell Industries NV, Class A | 3,102 | 280,173 | ||||||
PPG Industries, Inc. | 67 | 6,427 | ||||||
865,530 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc.# | 1,445 | 20,057 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 495 | 9,009 | ||||||
Chemicals - Plastics — 0.0% |
| |||||||
A. Schulman, Inc. | 992 | 33,034 | ||||||
Chemicals - Specialty — 0.3% |
| |||||||
Balchem Corp. | 617 | 49,274 | ||||||
Calgon Carbon Corp. | 1,805 | 31,949 | ||||||
Chemours Co. | 5,910 | 146,095 | ||||||
H.B. Fuller Co. | 1,660 | 78,003 | ||||||
Hawkins, Inc. | 436 | 21,168 | ||||||
Ingevity Corp.† | 808 | 42,315 | ||||||
Kraton Corp.† | 1,022 | 31,508 | ||||||
Quaker Chemical Corp. | 359 | 45,679 | ||||||
Stepan Co. | 642 | 52,111 | ||||||
498,102 | ||||||||
Circuit Boards — 0.0% |
| |||||||
Park Electrochemical Corp. | 867 | 15,719 | ||||||
TTM Technologies, Inc.† | 2,826 | 38,349 | ||||||
54,068 | ||||||||
Coal — 0.0% |
| |||||||
Cloud Peak Energy, Inc.† | 2,101 | 12,060 | ||||||
SunCoke Energy, Inc. | 2,100 | 23,982 | ||||||
36,042 | ||||||||
Coatings/Paint — 0.2% |
| |||||||
Sherwin-Williams Co. | 1,007 | 270,551 | ||||||
Commercial Services — 0.2% |
| |||||||
CoreLogic, Inc.† | 1,338 | 50,483 | ||||||
Healthcare Services Group, Inc. | 1,409 | 54,881 | ||||||
HMS Holdings Corp.† | 2,814 | 51,552 | ||||||
Medifast, Inc. | 214 | 8,363 | ||||||
Nielsen Holdings PLC | 264 | 11,378 | ||||||
Nutrisystem, Inc.# | 566 | 20,801 | ||||||
Team, Inc.† | 853 | 29,258 | ||||||
226,716 | ||||||||
Commercial Services - Finance — 0.3% |
| |||||||
Cardtronics PLC, Class A† | 1,089 | 53,873 | ||||||
Green Dot Corp., Class A† | 1,471 | 35,466 | ||||||
LendingTree, Inc.†# | 209 | 21,903 | ||||||
PayPal Holdings, Inc.† | 353 | 13,866 | ||||||
S&P Global, Inc. | 50 | 5,950 | ||||||
Western Union Co. | 12,976 | 272,885 | ||||||
WEX, Inc.† | 183 | 20,223 | ||||||
424,166 | ||||||||
Communications Software — 0.0% |
| |||||||
Digi International, Inc.† | 498 | 6,673 | ||||||
Computer Aided Design — 0.0% |
| |||||||
ANSYS, Inc.† | 502 | 47,203 | ||||||
Computer Data Security — 0.0% |
| |||||||
Qualys, Inc.† | 550 | 18,260 | ||||||
23 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc. | 783 | $ | 15,347 | |||||
Computer Services — 0.2% |
| |||||||
Accenture PLC, Class A | 180 | 21,497 | ||||||
CACI International, Inc., Class A† | 812 | 105,073 | ||||||
Ciber, Inc.† | 1,418 | 1,177 | ||||||
Cognizant Technology Solutions Corp., Class A† | 158 | 8,702 | ||||||
Engility Holdings, Inc.† | 595 | 21,569 | ||||||
ExlService Holdings, Inc.† | 643 | 30,581 | ||||||
Hewlett Packard Enterprise Co. | 503 | 11,971 | ||||||
Insight Enterprises, Inc.† | 1,186 | 41,534 | ||||||
International Business Machines Corp. | 32 | 5,191 | ||||||
Sykes Enterprises, Inc.† | 760 | 21,417 | ||||||
TeleTech Holdings, Inc. | 308 | 8,855 | ||||||
Teradata Corp.† | 748 | 20,084 | ||||||
Tessera Holdings Corp. | 932 | 36,907 | ||||||
Virtusa Corp.†# | 527 | 11,710 | ||||||
346,268 | ||||||||
Computer Software — 0.0% |
| |||||||
Akamai Technologies, Inc.† | 52 | 3,468 | ||||||
Blackbaud, Inc. | 924 | 58,009 | ||||||
61,477 | ||||||||
Computers — 0.3% |
| |||||||
Apple, Inc. | 3,329 | 367,921 | ||||||
HP, Inc. | 4,170 | 64,218 | ||||||
432,139 | ||||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Agilysys, Inc.† | 286 | 2,920 | ||||||
Cray, Inc.† | 781 | 15,073 | ||||||
Mercury Systems, Inc.†# | 1,013 | 30,096 | ||||||
MTS Systems Corp. | 489 | 26,333 | ||||||
Super Micro Computer, Inc.† | 1,044 | 28,554 | ||||||
102,976 | ||||||||
Computers - Memory Devices — 0.0% |
| |||||||
NetApp, Inc. | 63 | 2,303 | ||||||
Computers - Other — 0.0% |
| |||||||
Lumentum Holdings, Inc.† | 1,503 | 60,270 | ||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Electronics For Imaging, Inc.† | 1,131 | 49,221 | ||||||
Consulting Services — 0.0% |
| |||||||
Forrester Research, Inc. | 191 | 7,812 | ||||||
Navigant Consulting, Inc.† | 1,283 | 31,690 | ||||||
39,502 | ||||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Central Garden & Pet Co.† | 801 | 23,133 | ||||||
Central Garden & Pet Co., Class A† | 643 | 17,599 | ||||||
Clorox Co. | 658 | 76,038 | ||||||
Kimberly-Clark Corp. | 2,761 | 319,199 | ||||||
WD-40 Co. | 273 | 29,457 | ||||||
465,426 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Bemis Co., Inc. | 433 | 21,680 | ||||||
KapStone Paper and Packaging Corp. | 2,106 | 43,026 | ||||||
Multi-Color Corp. | 252 | 18,119 | ||||||
82,825 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
Colgate-Palmolive Co. | 499 | 32,550 | ||||||
Inter Parfums, Inc. | 606 | 20,877 |
Security Description | Shares | Value (Note 2) | ||||||
Cosmetics & Toiletries (continued) |
| |||||||
Procter & Gamble Co. | 3,647 | $ | 300,731 | |||||
354,158 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Carnival Corp. | 6,731 | 346,041 | ||||||
Data Processing/Management — 0.1% |
| |||||||
CSG Systems International, Inc. | 621 | 27,635 | ||||||
First Data Corp., Class A† | 3,572 | 52,044 | ||||||
Fiserv, Inc.† | 1,050 | 109,851 | ||||||
189,530 | ||||||||
Decision Support Software — 0.0% |
| |||||||
Interactive Intelligence Group, Inc.† | 500 | 30,225 | ||||||
Diagnostic Equipment — 0.0% |
| |||||||
Abbott Laboratories | 125 | 4,759 | ||||||
BioTelemetry, Inc.† | 538 | 10,464 | ||||||
Danaher Corp. | 183 | 14,305 | ||||||
Repligen Corp.† | 648 | 20,866 | ||||||
Thermo Fisher Scientific, Inc. | 18 | 2,522 | ||||||
52,916 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.† | 477 | 56,119 | ||||||
Meridian Bioscience, Inc. | 807 | 13,961 | ||||||
70,080 | ||||||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 563 | 35,666 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
ICU Medical, Inc.† | 353 | 53,038 | ||||||
Merit Medical Systems, Inc.† | 852 | 20,065 | ||||||
73,103 | ||||||||
Distribution/Wholesale — 0.1% |
| |||||||
Anixter International, Inc.† | 936 | 73,148 | ||||||
Core-Mark Holding Co., Inc. | 1,231 | 44,944 | ||||||
Essendant, Inc. | 1,285 | 24,891 | ||||||
G-III Apparel Group, Ltd.† | 1,009 | 27,404 | ||||||
Ingram Micro, Inc., Class A† | 149 | 5,579 | ||||||
ScanSource, Inc.† | 890 | 33,687 | ||||||
Veritiv Corp.† | 184 | 8,620 | ||||||
218,273 | ||||||||
Diversified Banking Institutions — 4.5% |
| |||||||
Bank of America Corp. | 80,306 | 1,696,063 | ||||||
Citigroup, Inc. | 35,136 | 1,981,319 | ||||||
Goldman Sachs Group, Inc. | 3,935 | 862,906 | ||||||
JPMorgan Chase & Co. | 23,961 | 1,920,953 | ||||||
Morgan Stanley | 15,388 | 636,448 | ||||||
7,097,689 | ||||||||
Diversified Manufacturing Operations — 0.6% | ||||||||
3M Co. | 1,437 | 246,790 | ||||||
Actuant Corp., Class A | 1,986 | 51,537 | ||||||
AZZ, Inc. | 497 | 32,355 | ||||||
Barnes Group, Inc. | 1,320 | 60,984 | ||||||
Dover Corp. | 54 | 3,921 | ||||||
EnPro Industries, Inc. | 726 | 44,141 | ||||||
Fabrinet† | 695 | 29,746 | ||||||
Federal Signal Corp. | 1,150 | 18,170 | ||||||
General Electric Co. | 11,035 | 339,437 | ||||||
Harsco Corp. | 2,710 | 37,940 | ||||||
Ingersoll-Rand PLC | 89 | 6,634 | ||||||
LSB Industries, Inc.†# | 386 | 2,972 | ||||||
Lydall, Inc.† | 329 | 19,641 |
24 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Parker-Hannifin Corp. | 53 | $ | 7,363 | |||||
Raven Industries, Inc. | 1,114 | 27,906 | ||||||
Standex International Corp. | 245 | 21,584 | ||||||
Tredegar Corp. | 997 | 22,233 | ||||||
973,354 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
US Silica Holdings, Inc. | 1,745 | 88,314 | ||||||
Diversified Operations — 0.0% |
| |||||||
Leucadia National Corp. | 745 | 16,405 | ||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Viad Corp. | 736 | 32,310 | ||||||
Drug Delivery Systems — 0.0% |
| |||||||
Depomed, Inc.†# | 1,177 | 22,481 | ||||||
Nektar Therapeutics†# | 2,911 | 35,761 | ||||||
58,242 | ||||||||
E-Commerce/Products — 0.1% |
| |||||||
Amazon.com, Inc.† | 254 | 190,645 | ||||||
Blue Nile, Inc. | 223 | 8,991 | ||||||
FTD Cos., Inc.† | 681 | 15,568 | ||||||
215,204 | ||||||||
E-Commerce/Services — 0.0% |
| |||||||
Priceline Group, Inc.† | 12 | 18,044 | ||||||
Stamps.com, Inc.†# | 308 | 32,710 | ||||||
50,754 | ||||||||
E-Marketing/Info — 0.0% |
| |||||||
Liquidity Services, Inc.† | 460 | 4,232 | ||||||
QuinStreet, Inc.† | 693 | 2,211 | ||||||
6,443 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
Perficient, Inc.† | 693 | 12,474 | ||||||
Electric Products - Misc. — 0.2% |
| |||||||
Emerson Electric Co. | 6,513 | 367,594 | ||||||
Littelfuse, Inc. | 99 | 14,433 | ||||||
382,027 | ||||||||
Electric - Integrated — 0.9% |
| |||||||
AES Corp. | 22,269 | 254,980 | ||||||
ALLETE, Inc. | 1,630 | 100,766 | ||||||
Ameren Corp. | 1,501 | 73,729 | ||||||
Avista Corp. | 2,028 | 82,073 | ||||||
Duke Energy Corp. | 122 | 9,000 | ||||||
Edison International | 123 | 8,459 | ||||||
El Paso Electric Co. | 1,403 | 63,205 | ||||||
Entergy Corp. | 4,631 | 318,289 | ||||||
Exelon Corp. | 8,018 | 260,665 | ||||||
Great Plains Energy, Inc. | 1,733 | 45,734 | ||||||
Public Service Enterprise Group, Inc. | 2,944 | 121,617 | ||||||
1,338,517 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Bel Fuse, Inc., Class B | 440 | 12,892 | ||||||
Benchmark Electronics, Inc.† | 1,672 | 47,401 | ||||||
Corning, Inc. | 1,275 | 30,638 | ||||||
CTS Corp. | 1,239 | 27,382 | ||||||
Garmin, Ltd. | 7 | 365 | ||||||
Methode Electronics, Inc. | 709 | 26,198 | ||||||
OSI Systems, Inc.† | 345 | 26,117 | ||||||
Plexus Corp.† | 1,129 | 57,692 | ||||||
Rogers Corp.† | 604 | 44,889 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Misc. (continued) |
| |||||||
Sanmina Corp.† | 2,432 | $ | 79,891 | |||||
353,465 | ||||||||
Electronic Components - Semiconductors — 0.4% |
| |||||||
Broadcom, Ltd. | 22 | 3,751 | ||||||
CEVA, Inc.† | 402 | 12,784 | ||||||
Diodes, Inc.† | 1,377 | 33,530 | ||||||
DSP Group, Inc.† | 420 | 4,914 | ||||||
Intel Corp. | 3,077 | 106,772 | ||||||
Kopin Corp.† | 1,166 | 2,985 | ||||||
NVIDIA Corp. | 141 | 13,000 | ||||||
Rambus, Inc.† | 2,108 | 27,720 | ||||||
Semtech Corp.† | 1,848 | 51,929 | ||||||
Texas Instruments, Inc. | 4,911 | 363,070 | ||||||
Xilinx, Inc.# | 50 | 2,699 | ||||||
623,154 | ||||||||
Electronic Forms — 0.2% |
| |||||||
Adobe Systems, Inc.† | 3,170 | 325,908 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Badger Meter, Inc. | 558 | 20,228 | ||||||
ESCO Technologies, Inc. | 493 | 27,559 | ||||||
FARO Technologies, Inc.† | 610 | 22,204 | ||||||
Itron, Inc.† | 1,107 | 71,069 | ||||||
141,060 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
TASER International, Inc.†# | 1,001 | 27,257 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
FutureFuel Corp. | 436 | 5,986 | ||||||
Green Plains, Inc. | 1,177 | 31,897 | ||||||
REX American Resources Corp.†# | 203 | 19,829 | ||||||
57,712 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
AECOM† | 809 | 29,407 | ||||||
Exponent, Inc. | 498 | 30,204 | ||||||
Jacobs Engineering Group, Inc.† | 94 | 5,829 | ||||||
65,440 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Briggs & Stratton Corp. | 1,524 | 31,577 | ||||||
Cummins, Inc. | 640 | 90,739 | ||||||
122,316 | ||||||||
Enterprise Software/Service — 0.1% |
| |||||||
CA, Inc. | 224 | 7,159 | ||||||
Donnelley Financial Solutions, Inc.† | 903 | 17,220 | ||||||
LivePerson, Inc.†# | 1,757 | 14,056 | ||||||
ManTech International Corp., Class A | 911 | 39,182 | ||||||
MicroStrategy, Inc., Class A† | 252 | 48,896 | ||||||
Omnicell, Inc.† | 694 | 24,880 | ||||||
SPS Commerce, Inc.† | 330 | 22,859 | ||||||
174,252 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Take-Two Interactive Software, Inc.†# | 1,673 | 82,362 | ||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc. | 1,874 | 80,301 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Encore Capital Group, Inc.†# | 817 | 22,427 | ||||||
Enova International, Inc.† | 446 | 5,196 | ||||||
PRA Group, Inc.†# | 1,136 | 40,839 | ||||||
Synchrony Financial | 212 | 7,327 |
25 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Consumer Loans (continued) |
| |||||||
World Acceptance Corp.† | 115 | $ | 6,471 | |||||
82,260 | ||||||||
Finance - Credit Card — 0.3% |
| |||||||
American Express Co. | 6,175 | 444,847 | ||||||
Discover Financial Services | 78 | 5,286 | ||||||
MasterCard, Inc., Class A | 301 | 30,762 | ||||||
Visa, Inc., Class A | 355 | 27,449 | ||||||
508,344 | ||||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 227 | 8,776 | ||||||
E*TRADE Financial Corp.† | 7,866 | 271,456 | ||||||
Evercore Partners, Inc., Class A | 757 | 51,022 | ||||||
Greenhill & Co., Inc.# | 843 | 23,351 | ||||||
Interactive Brokers Group, Inc., Class A# | 1,657 | 60,845 | ||||||
INTL. FCStone, Inc.† | 562 | 23,104 | ||||||
Investment Technology Group, Inc. | 600 | 11,184 | ||||||
Lazard, Ltd., Class A | 6,038 | 234,576 | ||||||
Piper Jaffray Cos.†# | 495 | 36,110 | ||||||
720,424 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
CME Group, Inc. | 110 | 12,420 | ||||||
WageWorks, Inc.† | 1,029 | 75,992 | ||||||
88,412 | ||||||||
Firearms & Ammunition — 0.0% |
| |||||||
Sturm Ruger & Co., Inc. | 364 | 18,710 | ||||||
Food - Canned — 0.0% |
| |||||||
Seneca Foods Corp., Class A† | 120 | 4,512 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Hershey Co. | 116 | 11,210 | ||||||
J.M. Smucker Co. | 29 | 3,653 | ||||||
14,863 | ||||||||
Food - Meat Products — 0.0% |
| |||||||
Tyson Foods, Inc., Class A | 918 | 52,152 | ||||||
Food - Misc./Diversified — 0.4% |
| |||||||
B&G Foods, Inc. | 1,291 | 55,255 | ||||||
Cal-Maine Foods, Inc.# | 570 | 23,199 | ||||||
Campbell Soup Co. | 24 | 1,365 | ||||||
Darling Ingredients, Inc.† | 5,418 | 73,197 | ||||||
General Mills, Inc. | 4,323 | 263,444 | ||||||
J&J Snack Foods Corp. | 286 | 34,729 | ||||||
Kraft Heinz Co. | 58 | 4,736 | ||||||
Mondelez International, Inc., Class A | 2,864 | 118,111 | ||||||
574,036 | ||||||||
Food - Retail — 0.2% |
| |||||||
Kroger Co. | 7,691 | 248,419 | ||||||
SUPERVALU, Inc.† | 6,955 | 32,271 | ||||||
280,690 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Calavo Growers, Inc. | 294 | 15,861 | ||||||
SpartanNash Co. | 1,283 | 46,457 | ||||||
Sysco Corp. | 742 | 39,512 | ||||||
101,830 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Crocs, Inc.† | 2,598 | 18,186 | ||||||
Iconix Brand Group, Inc.† | 2,027 | 18,182 | ||||||
Steven Madden, Ltd.† | 1,476 | 54,686 |
Security Description | Shares | Value (Note 2) | ||||||
Footwear & Related Apparel (continued) |
| |||||||
Wolverine World Wide, Inc. | 3,286 | $ | 74,034 | |||||
165,088 | ||||||||
Forestry — 0.0% |
| |||||||
Deltic Timber Corp.# | 203 | 14,151 | ||||||
Funeral Services & Related Items — 0.0% |
| |||||||
Matthews International Corp., Class A | 626 | 45,542 | ||||||
Garden Products — 0.0% |
| |||||||
Toro Co. | 628 | 33,240 | ||||||
Gas - Distribution — 0.2% |
| |||||||
Northwest Natural Gas Co. | 955 | 54,722 | ||||||
South Jersey Industries, Inc. | 2,651 | 87,483 | ||||||
Spire, Inc. | 1,515 | 97,778 | ||||||
239,983 | ||||||||
Gold Mining — 0.0% |
| |||||||
Newmont Mining Corp. | 69 | 2,238 | ||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co. | 1,804 | 21,919 | ||||||
Hazardous Waste Disposal — 0.0% |
| |||||||
US Ecology, Inc.# | 418 | 19,416 | ||||||
Health Care Cost Containment — 0.0% |
| |||||||
CorVel Corp.† | 192 | 6,182 | ||||||
HealthEquity, Inc.†# | 1,092 | 48,627 | ||||||
54,809 | ||||||||
Home Furnishings — 0.2% |
| |||||||
American Woodmark Corp.† | 269 | 20,619 | ||||||
Ethan Allen Interiors, Inc. | 907 | 31,291 | ||||||
La-Z-Boy, Inc. | 1,342 | 35,898 | ||||||
Leggett & Platt, Inc. | 194 | 9,324 | ||||||
Select Comfort Corp.† | 881 | 19,928 | ||||||
Tempur Sealy International, Inc.†# | 1,772 | 112,168 | ||||||
229,228 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
Belmond, Ltd., Class A† | 2,564 | 33,204 | ||||||
ILG, Inc. | 3,550 | 64,148 | ||||||
Marcus Corp. | 362 | 10,860 | ||||||
Wyndham Worldwide Corp. | 11 | 792 | ||||||
109,004 | ||||||||
Human Resources — 0.1% |
| |||||||
AMN Healthcare Services, Inc.†# | 922 | 30,703 | ||||||
CDI Corp. | 264 | 1,901 | ||||||
Cross Country Healthcare, Inc.† | 633 | 9,077 | ||||||
Heidrick & Struggles International, Inc. | 356 | 7,547 | ||||||
Insperity, Inc. | 485 | 35,114 | ||||||
Kelly Services, Inc., Class A# | 1,047 | 21,086 | ||||||
Korn/Ferry International | 1,099 | 27,893 | ||||||
ManpowerGroup, Inc. | 249 | 21,267 | ||||||
On Assignment, Inc.† | 942 | 38,895 | ||||||
Resources Connection, Inc. | 576 | 9,274 | ||||||
TrueBlue, Inc.† | 815 | 17,074 | ||||||
219,831 | ||||||||
Identification Systems — 0.0% |
| |||||||
Brady Corp., Class A | 1,236 | 45,423 | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 573 | 6,498 | ||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Rockwell Automation, Inc. | 102 | 13,638 | ||||||
26 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Instruments - Controls — 0.2% |
| |||||||
Honeywell International, Inc. | 1,555 | $ | 177,177 | |||||
Watts Water Technologies, Inc., Class A | 790 | 53,957 | ||||||
231,134 | ||||||||
Insurance Brokers — 0.1% |
| |||||||
Aon PLC | 1,530 | 174,573 | ||||||
Arthur J. Gallagher & Co. | 376 | 18,932 | ||||||
eHealth, Inc.†# | 318 | 3,231 | ||||||
Marsh & McLennan Cos., Inc. | 162 | 11,228 | ||||||
207,964 | ||||||||
Insurance - Life/Health — 0.3% |
| |||||||
Aflac, Inc. | 4,751 | 339,126 | ||||||
American Equity Investment Life Holding Co. | 2,949 | 61,133 | ||||||
Principal Financial Group, Inc. | 60 | 3,461 | ||||||
Unum Group | 1,470 | 62,137 | ||||||
465,857 | ||||||||
Insurance - Multi-line — 0.3% |
| |||||||
Chubb, Ltd. | 143 | 18,304 | ||||||
Cincinnati Financial Corp. | 3,682 | 282,557 | ||||||
Horace Mann Educators Corp. | 1,353 | 54,323 | ||||||
Loews Corp. | 317 | 14,154 | ||||||
United Fire Group, Inc. | 414 | 18,795 | ||||||
388,133 | ||||||||
Insurance - Property/Casualty — 0.7% |
| |||||||
AMERISAFE, Inc. | 368 | 23,386 | ||||||
AmTrust Financial Services, Inc. | 9,438 | 240,292 | ||||||
Arch Capital Group, Ltd.† | 496 | 41,029 | ||||||
Employers Holdings, Inc. | 622 | 21,988 | ||||||
Hanover Insurance Group, Inc. | 294 | 25,457 | ||||||
HCI Group, Inc. | 165 | 5,336 | ||||||
Infinity Property & Casualty Corp. | 437 | 37,691 | ||||||
Navigators Group, Inc. | 387 | 40,790 | ||||||
ProAssurance Corp. | 1,339 | 75,051 | ||||||
RLI Corp.# | 741 | 44,490 | ||||||
Safety Insurance Group, Inc. | 528 | 37,145 | ||||||
Selective Insurance Group, Inc. | 1,522 | 62,554 | ||||||
Stewart Information Services Corp. | 809 | 38,379 | ||||||
Travelers Cos., Inc. | 2,703 | 306,385 | ||||||
United Insurance Holdings Corp. | 340 | 4,617 | ||||||
Universal Insurance Holdings, Inc. | 626 | 15,024 | ||||||
1,019,614 | ||||||||
Insurance - Reinsurance — 0.5% |
| |||||||
Aspen Insurance Holdings, Ltd. | 4,851 | 247,158 | ||||||
Berkshire Hathaway, Inc., Class B† | 3,165 | 498,298 | ||||||
Maiden Holdings, Ltd. | 2,138 | 32,925 | ||||||
778,381 | ||||||||
Internet Connectivity Services — 0.0% |
| |||||||
Cogent Communications Holdings, Inc. | 787 | 29,473 | ||||||
Internet Content - Entertainment — 0.3% |
| |||||||
Facebook, Inc., Class A† | 3,477 | 411,747 | ||||||
Netflix, Inc.† | 15 | 1,755 | ||||||
Shutterstock, Inc.† | 520 | 24,471 | ||||||
437,973 | ||||||||
Internet Content - Information/News — 0.0% |
| |||||||
DHI Group, Inc.† | 961 | 5,862 | ||||||
HealthStream, Inc.† | 487 | 12,204 | ||||||
XO Group, Inc.† | 477 | 8,815 | ||||||
26,881 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Internet Infrastructure Software — 0.1% |
| |||||||
F5 Networks, Inc.† | 1,350 | $ | 190,012 | |||||
Internet Security — 0.0% |
| |||||||
VASCO Data Security International, Inc.† | 578 | 8,381 | ||||||
VeriSign, Inc.†# | 86 | 6,781 | ||||||
15,162 | ||||||||
Internet Telephone — 0.0% |
| |||||||
8x8, Inc.† | 1,720 | 23,478 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 249 | 28,438 | ||||||
BlackRock, Inc. | 21 | 7,787 | ||||||
Calamos Asset Management, Inc., Class A | 319 | 2,182 | ||||||
Federated Investors, Inc., Class B | 4,469 | 122,853 | ||||||
Financial Engines, Inc.# | 1,019 | 35,512 | ||||||
Invesco, Ltd. | 167 | 5,229 | ||||||
T. Rowe Price Group, Inc. | 122 | 9,035 | ||||||
Virtus Investment Partners, Inc. | 110 | 12,738 | ||||||
223,774 | ||||||||
Lasers - System/Components — 0.1% |
| |||||||
Coherent, Inc.† | 625 | 81,562 | ||||||
Electro Scientific Industries, Inc.† | 604 | 3,141 | ||||||
II-VI, Inc.† | 1,045 | 31,559 | ||||||
116,262 | ||||||||
Linen Supply & Related Items — 0.1% |
| |||||||
G&K Services, Inc., Class A | 517 | 49,591 | ||||||
UniFirst Corp. | 504 | 71,240 | ||||||
120,831 | ||||||||
Machinery - Construction & Mining — 0.0% |
| |||||||
Astec Industries, Inc. | 640 | 42,432 | ||||||
Caterpillar, Inc.# | 184 | 17,583 | ||||||
60,015 | ||||||||
Machinery - Electrical — 0.0% |
| |||||||
Franklin Electric Co., Inc. | 1,070 | 41,784 | ||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 181 | 13,226 | ||||||
Deere & Co. | 742 | 74,348 | ||||||
Lindsay Corp.# | 381 | 32,111 | ||||||
119,685 | ||||||||
Machinery - General Industrial — 0.1% |
| |||||||
Albany International Corp., Class A | 791 | 36,940 | ||||||
Applied Industrial Technologies, Inc. | 1,288 | 77,087 | ||||||
Chart Industries, Inc.† | 1,038 | 36,901 | ||||||
DXP Enterprises, Inc.† | 523 | 17,620 | ||||||
Tennant Co. | 505 | 37,925 | ||||||
206,473 | ||||||||
Machinery - Pumps — 0.0% |
| |||||||
SPX FLOW, Inc.† | 1,392 | 43,625 | ||||||
Medical Imaging Systems — 0.0% |
| |||||||
Analogic Corp. | 364 | 33,543 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp.† | 411 | 20,460 | ||||||
Computer Programs & Systems, Inc.# | 205 | 4,930 | ||||||
Medidata Solutions, Inc.† | 1,062 | 58,654 | ||||||
Quality Systems, Inc. | 873 | 11,454 | ||||||
95,498 | ||||||||
Medical Instruments — 0.3% |
| |||||||
Abaxis, Inc.# | 644 | 33,224 |
27 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Instruments (continued) |
| |||||||
AngioDynamics, Inc.† | 1,188 | $ | 19,364 | |||||
CONMED Corp. | 644 | 28,065 | ||||||
CryoLife, Inc. | 515 | 10,120 | ||||||
Edwards Lifesciences Corp.† | 96 | 7,954 | ||||||
Integra LifeSciences Holdings Corp.† | 581 | 46,945 | ||||||
Intuitive Surgical, Inc.† | 438 | 281,958 | ||||||
Medtronic PLC | 394 | 28,766 | ||||||
Natus Medical, Inc.† | 632 | 25,185 | ||||||
Vascular Solutions, Inc.† | 336 | 18,514 | ||||||
500,095 | ||||||||
Medical Labs & Testing Services — 0.0% |
| |||||||
Laboratory Corp. of America Holdings† | 53 | 6,670 | ||||||
Medical Laser Systems — 0.0% |
| |||||||
Cynosure, Inc., Class A† | 455 | 20,634 | ||||||
Medical Products — 0.4% |
| |||||||
Baxter International, Inc. | 7,557 | 335,304 | ||||||
Cantel Medical Corp.† | 705 | 57,507 | ||||||
Haemonetics Corp.† | 1,425 | 56,473 | ||||||
Integer Holdings Corp.† | 526 | 14,859 | ||||||
Invacare Corp.# | 1,263 | 14,524 | ||||||
Luminex Corp.† | 760 | 15,451 | ||||||
MiMedx Group, Inc.†# | 1,942 | 18,410 | ||||||
Surmodics, Inc.† | 250 | 5,988 | ||||||
Zeltiq Aesthetics, Inc.† | 684 | 30,103 | ||||||
548,619 | ||||||||
Medical - Biomedical/Gene — 0.3% |
| |||||||
Acorda Therapeutics, Inc.† | 885 | 18,408 | ||||||
Alexion Pharmaceuticals, Inc.† | 23 | 2,820 | ||||||
AMAG Pharmaceuticals, Inc.† | 887 | 29,448 | ||||||
Amgen, Inc. | 676 | 97,391 | ||||||
ANI Pharmaceuticals, Inc.† | 152 | 8,957 | ||||||
Biogen, Inc.† | 225 | 66,166 | ||||||
Cambrex Corp.† | 617 | 30,912 | ||||||
Celgene Corp.† | 125 | 14,814 | ||||||
Emergent BioSolutions, Inc.† | 660 | 17,662 | ||||||
Gilead Sciences, Inc. | 202 | 14,887 | ||||||
Illumina, Inc.† | 11 | 1,464 | ||||||
Innoviva, Inc.† | 2,277 | 23,544 | ||||||
Ligand Pharmaceuticals, Inc.† | 364 | 38,002 | ||||||
Medicines Co.†# | 1,769 | 62,092 | ||||||
Momenta Pharmaceuticals, Inc.† | 1,200 | 16,980 | ||||||
Regeneron Pharmaceuticals, Inc.† | 16 | 6,068 | ||||||
Spectrum Pharmaceuticals, Inc.† | 2,448 | 9,572 | ||||||
459,187 | ||||||||
Medical - Drugs — 1.0% |
| |||||||
AbbVie, Inc. | 2,199 | 133,699 | ||||||
Allergan PLC† | 86 | 16,710 | ||||||
Bristol-Myers Squibb Co. | 308 | 17,384 | ||||||
Eagle Pharmaceuticals, Inc.†# | 153 | 12,081 | ||||||
Enanta Pharmaceuticals, Inc.† | 537 | 16,883 | ||||||
Endo International PLC† | 122 | 1,953 | ||||||
Johnson & Johnson | 4,362 | 485,491 | ||||||
Lannett Co., Inc.†# | 559 | 12,801 | ||||||
Mallinckrodt PLC† | 666 | 35,098 | ||||||
Merck & Co., Inc. | 9,601 | 587,485 | ||||||
Pfizer, Inc. | 6,704 | 215,467 | ||||||
PharMerica Corp.† | 1,065 | 25,613 | ||||||
SciClone Pharmaceuticals, Inc.† | 958 | 9,532 | ||||||
Supernus Pharmaceuticals, Inc.† | 950 | 20,472 | ||||||
1,590,669 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Generic Drugs — 0.0% |
| |||||||
Amphastar Pharmaceuticals, Inc.† | 684 | $ | 13,865 | |||||
Impax Laboratories, Inc.† | 1,417 | 20,475 | ||||||
34,340 | ||||||||
Medical - HMO — 0.6% |
| |||||||
Aetna, Inc. | 2,498 | 326,838 | ||||||
Anthem, Inc. | 2,019 | 287,768 | ||||||
Cigna Corp. | 1,463 | 197,125 | ||||||
Humana, Inc. | 16 | 3,402 | ||||||
Magellan Health, Inc.† | 812 | 59,113 | ||||||
UnitedHealth Group, Inc. | 493 | 78,052 | ||||||
WellCare Health Plans, Inc.† | 188 | 25,760 | ||||||
978,058 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
Adeptus Health, Inc., Class A†# | 289 | 2,422 | ||||||
Community Health Systems, Inc.†# | 3,861 | 21,004 | ||||||
HCA Holdings, Inc.† | 1,080 | 76,561 | ||||||
Quorum Health Corp.† | 566 | 3,237 | ||||||
Select Medical Holdings Corp.†# | 3,504 | 42,574 | ||||||
Surgical Care Affiliates, Inc.† | 532 | 22,371 | ||||||
168,169 | ||||||||
Medical - Nursing Homes — 0.0% |
| |||||||
Ensign Group, Inc.# | 910 | 19,674 | ||||||
Kindred Healthcare, Inc. | 2,816 | 18,727 | ||||||
38,401 | ||||||||
Medical - Outpatient/Home Medical — 0.1% |
| |||||||
Air Methods Corp.†# | 909 | 29,724 | ||||||
Almost Family, Inc.† | 171 | 6,874 | ||||||
Amedisys, Inc.† | 743 | 29,341 | ||||||
Chemed Corp. | 316 | 47,075 | ||||||
LHC Group, Inc.† | 286 | 12,029 | ||||||
Providence Service Corp.† | 239 | 8,774 | ||||||
133,817 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Cardinal Health, Inc. | 212 | 15,054 | ||||||
McKesson Corp. | 1,078 | 155,027 | ||||||
170,081 | ||||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
CIRCOR International, Inc.# | 572 | 36,247 | ||||||
Haynes International, Inc. | 468 | 20,391 | ||||||
Mueller Industries, Inc. | 1,891 | 71,839 | ||||||
128,477 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
Olympic Steel, Inc. | 174 | 4,254 | ||||||
Metal - Aluminum — 0.0% |
| |||||||
Century Aluminum Co.† | 1,676 | 15,453 | ||||||
Kaiser Aluminum Corp. | 345 | 28,424 | ||||||
43,877 | ||||||||
Metal - Copper — 0.0% |
| |||||||
Freeport-McMoRan, Inc.† | 824 | 12,648 | ||||||
Miscellaneous Manufacturing — 0.1% |
| |||||||
Hillenbrand, Inc. | 1,231 | 43,085 | ||||||
John Bean Technologies Corp. | 569 | 51,324 | ||||||
94,409 | ||||||||
Motorcycle/Motor Scooter — 0.0% |
| |||||||
Harley-Davidson, Inc. | 16 | 974 | ||||||
28 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Multimedia — 0.3% |
| |||||||
E.W. Scripps Co., Class A†# | 1,627 | $ | 27,854 | |||||
Time Warner, Inc. | 287 | 26,353 | ||||||
Twenty-First Century Fox, Inc., Class A | 328 | 9,220 | ||||||
Twenty-First Century Fox, Inc., Class B | 197 | 5,528 | ||||||
Walt Disney Co. | 3,869 | 383,495 | ||||||
452,450 | ||||||||
Networking Products — 0.5% |
| |||||||
Black Box Corp. | 291 | 4,467 | ||||||
Cisco Systems, Inc. | 21,114 | 629,619 | ||||||
Ixia† | 1,201 | 16,514 | ||||||
LogMeIn, Inc.# | 492 | 49,618 | ||||||
NETGEAR, Inc.† | 813 | 43,658 | ||||||
743,876 | ||||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Materion Corp. | 735 | 28,187 | ||||||
Non-Hazardous Waste Disposal — 0.1% |
| |||||||
Republic Services, Inc. | 1,224 | 67,920 | ||||||
Office Automation & Equipment — 0.0% |
| |||||||
Pitney Bowes, Inc. | 143 | 2,052 | ||||||
Xerox Corp. | 6,469 | 60,485 | ||||||
62,537 | ||||||||
Office Furnishings - Original — 0.0% |
| |||||||
Interface, Inc. | 1,243 | 21,628 | ||||||
Office Supplies & Forms — 0.1% |
| |||||||
Avery Dennison Corp. | 1,149 | 82,797 | ||||||
Oil & Gas Drilling — 0.4% |
| |||||||
Atwood Oceanics, Inc.# | 1,990 | 18,825 | ||||||
Diamond Offshore Drilling, Inc.†# | 8,313 | 150,133 | ||||||
Nabors Industries, Ltd. | 17,667 | 284,439 | ||||||
Rowan Cos. PLC, Class A†# | 3,366 | 59,982 | ||||||
Transocean, Ltd.†# | 6,161 | 79,477 | ||||||
592,856 | ||||||||
Oil Companies - Exploration & Production — 0.7% |
| |||||||
Anadarko Petroleum Corp. | 57 | 3,942 | ||||||
Apache Corp. | 177 | 11,673 | ||||||
Bill Barrett Corp.† | 2,071 | 16,195 | ||||||
Carrizo Oil & Gas, Inc.† | 1,517 | 64,230 | ||||||
Chesapeake Energy Corp.†# | 713 | 4,991 | ||||||
Concho Resources, Inc.† | 58 | 8,295 | ||||||
ConocoPhillips | 254 | 12,324 | ||||||
Contango Oil & Gas Co.† | 425 | 4,203 | ||||||
Devon Energy Corp. | 203 | 9,811 | ||||||
EOG Resources, Inc. | 71 | 7,279 | ||||||
Hess Corp. | 64 | 3,581 | ||||||
Laredo Petroleum, Inc.† | 16,449 | 263,020 | ||||||
Marathon Oil Corp. | 216 | 3,901 | ||||||
Newfield Exploration Co.† | 51 | 2,306 | ||||||
Noble Energy, Inc. | 7,458 | 284,597 | ||||||
Northern Oil and Gas, Inc.† | 855 | 1,924 | ||||||
Occidental Petroleum Corp. | 17 | 1,213 | ||||||
PDC Energy, Inc.†# | 1,299 | 96,711 | ||||||
Pioneer Natural Resources Co. | 18 | 3,439 | ||||||
Range Resources Corp. | 5,007 | 176,146 | ||||||
Southwestern Energy Co.† | 167 | 1,895 | ||||||
Synergy Resources Corp.† | 3,846 | 36,499 | ||||||
Unit Corp.† | 1,675 | 40,702 | ||||||
1,058,877 | ||||||||
Oil Companies - Integrated — 0.6% |
| |||||||
Chevron Corp. | 2,392 | 266,852 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Integrated (continued) |
| |||||||
Exxon Mobil Corp. | 7,017 | $ | 612,584 | |||||
Murphy Oil Corp. | 85 | 2,882 | ||||||
882,318 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
Exterran Corp.† | 1,089 | 21,889 | ||||||
Flotek Industries, Inc.†# | 1,827 | 24,592 | ||||||
FMC Technologies, Inc.† | 38 | 1,302 | ||||||
Gulf Island Fabrication, Inc. | 258 | 3,057 | ||||||
National Oilwell Varco, Inc. | 256 | 9,564 | ||||||
60,404 | ||||||||
Oil Refining & Marketing — 0.4% |
| |||||||
Marathon Petroleum Corp. | 6,547 | 307,840 | ||||||
Phillips 66 | 37 | 3,074 | ||||||
Tesoro Corp. | 125 | 10,169 | ||||||
Valero Energy Corp. | 5,540 | 341,042 | ||||||
662,125 | ||||||||
Oil - Field Services — 0.2% |
| |||||||
Archrock, Inc. | 2,276 | 30,612 | ||||||
Baker Hughes, Inc. | 202 | 12,995 | ||||||
Bristow Group, Inc.# | 1,098 | 17,140 | ||||||
CARBO Ceramics, Inc.†# | 352 | 2,897 | ||||||
Era Group, Inc.† | 372 | 4,356 | ||||||
Halliburton Co. | 318 | 16,883 | ||||||
Helix Energy Solutions Group, Inc.† | 3,684 | 38,498 | ||||||
Matrix Service Co.† | 509 | 10,613 | ||||||
Newpark Resources, Inc.† | 2,926 | 21,506 | ||||||
Pioneer Energy Services Corp.† | 2,341 | 11,705 | ||||||
Schlumberger, Ltd. | 228 | 19,163 | ||||||
SEACOR Holdings, Inc.†# | 548 | 33,970 | ||||||
Tesco Corp.† | 1,851 | 14,345 | ||||||
TETRA Technologies, Inc.† | 1,778 | 9,655 | ||||||
244,338 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Clearwater Paper Corp.† | 579 | 36,014 | ||||||
International Paper Co. | 333 | 16,224 | ||||||
Neenah Paper, Inc. | 322 | 27,338 | ||||||
P.H. Glatfelter Co. | 1,516 | 34,822 | ||||||
Schweitzer-Mauduit International, Inc. | 1,051 | 44,184 | ||||||
158,582 | ||||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
Masimo Corp.† | 854 | 52,837 | ||||||
Pharmacy Services — 0.0% |
| |||||||
Diplomat Pharmacy, Inc.† | 828 | 11,724 | ||||||
Express Scripts Holding Co.† | 311 | 23,599 | ||||||
35,323 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.0% |
| |||||||
U.S. Physical Therapy, Inc. | 240 | 15,360 | ||||||
Physicians Practice Management — 0.0% |
| |||||||
Healthways, Inc.† | 1,138 | 26,402 | ||||||
Pipelines — 0.1% |
| |||||||
Kinder Morgan, Inc. | 172 | 3,818 | ||||||
ONEOK, Inc. | 1,345 | 73,881 | ||||||
Williams Cos., Inc. | 68 | 2,088 | ||||||
79,787 | ||||||||
Platinum — 0.0% |
| |||||||
Stillwater Mining Co.† | 3,939 | 59,203 | ||||||
29 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Poultry — 0.1% |
| |||||||
Pilgrim’s Pride Corp.# | 1,645 | $ | 28,968 | |||||
Sanderson Farms, Inc. | 650 | 52,423 | ||||||
81,391 | ||||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Advanced Energy Industries, Inc.† | 992 | 54,768 | ||||||
Powell Industries, Inc. | 164 | 7,058 | ||||||
SPX Corp.† | 1,406 | 34,349 | ||||||
Vicor Corp.† | 306 | 4,468 | ||||||
100,643 | ||||||||
Printing - Commercial — 0.0% |
| |||||||
LSC Communications, Inc. | 891 | 18,390 | ||||||
RR Donnelley & Sons Co. | 2,326 | 40,449 | ||||||
58,839 | ||||||||
Protection/Safety — 0.0% |
| |||||||
Landauer, Inc. | 184 | 9,108 | ||||||
Publishing - Books — 0.0% |
| |||||||
Scholastic Corp. | 928 | 40,916 | ||||||
Publishing - Newspapers — 0.0% |
| |||||||
Gannett Co., Inc. | 3,835 | 36,586 | ||||||
Real Estate Investment Trusts — 1.3% |
| |||||||
Acadia Realty Trust | 1,548 | 51,177 | ||||||
AGNC Investment Corp. | 13,276 | 247,730 | ||||||
Agree Realty Corp. | 492 | 22,086 | ||||||
American Assets Trust, Inc. | 767 | 30,726 | ||||||
AvalonBay Communities, Inc. | 259 | 42,603 | ||||||
Boston Properties, Inc. | 1,389 | 172,069 | ||||||
Brixmor Property Group, Inc. | 9,403 | 228,963 | ||||||
Capstead Mtg. Corp. | 3,657 | 37,813 | ||||||
CareTrust REIT, Inc. | 1,236 | 17,489 | ||||||
Cedar Realty Trust, Inc. | �� | 1,457 | 9,398 | |||||
Chesapeake Lodging Trust | 2,133 | 50,573 | ||||||
CoreCivic, Inc. | 1,744 | 39,606 | ||||||
CoreSite Realty Corp.# | 660 | 46,550 | ||||||
DiamondRock Hospitality Co. | 5,322 | 56,360 | ||||||
EastGroup Properties, Inc. | 924 | 63,119 | ||||||
Equity Residential | 3,914 | 234,879 | ||||||
Essex Property Trust, Inc. | 76 | 16,410 | ||||||
Four Corners Property Trust, Inc. | 1,149 | 22,038 | ||||||
Franklin Street Properties Corp. | 3,891 | 48,871 | ||||||
General Growth Properties, Inc. | 192 | 4,865 | ||||||
GEO Group, Inc. | 2,477 | 82,385 | ||||||
Getty Realty Corp.# | 505 | 12,130 | ||||||
Government Properties Income Trust# | 2,123 | 39,891 | ||||||
Host Hotels & Resorts, Inc. | 894 | 15,949 | ||||||
Kimco Realty Corp. | 80 | 2,043 | ||||||
Kite Realty Group Trust | 2,854 | 68,639 | ||||||
Lexington Realty Trust | 7,270 | 75,099 | ||||||
LTC Properties, Inc.# | 752 | 34,186 | ||||||
Parkway, Inc.† | 827 | 16,209 | ||||||
Pennsylvania Real Estate Investment Trust | 2,047 | 39,241 | ||||||
PS Business Parks, Inc. | 374 | 41,787 | ||||||
Public Storage | 184 | 38,511 | ||||||
Retail Opportunity Investments Corp. | 2,123 | 43,819 | ||||||
Sabra Health Care REIT, Inc. | 2,238 | 49,527 | ||||||
Saul Centers, Inc. | 226 | 14,349 | ||||||
Simon Property Group, Inc. | 52 | 9,342 | ||||||
Summit Hotel Properties, Inc. | 1,674 | 23,804 | ||||||
Universal Health Realty Income Trust | 240 | 14,234 | ||||||
Urstadt Biddle Properties, Inc., Class A | 1,184 | 26,818 | ||||||
Welltower, Inc. | 93 | 5,839 | ||||||
2,097,127 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Management/Services — 0.0% |
| |||||||
HFF, Inc., Class A | 672 | $ | 19,488 | |||||
RE/MAX Holdings, Inc., Class A | 601 | 29,449 | ||||||
48,937 | ||||||||
Real Estate Operations & Development — 0.0% |
| |||||||
Forestar Group, Inc.† | 510 | 6,834 | ||||||
Recreational Vehicles — 0.0% |
| |||||||
Arctic Cat, Inc.# | 250 | 3,810 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
Rent-A-Center, Inc. | 1,824 | 21,067 | ||||||
United Rentals, Inc.† | 24 | 2,427 | ||||||
23,494 | ||||||||
Research & Development — 0.0% |
| |||||||
Albany Molecular Research, Inc.†# | 428 | 7,212 | ||||||
Resort/Theme Parks — 0.0% |
| |||||||
Marriott Vacations Worldwide Corp.# | 797 | 61,879 | ||||||
Respiratory Products — 0.0% |
| |||||||
Inogen, Inc.†# | 305 | 19,651 | ||||||
Retail - Apparel/Shoe — 0.3% |
| |||||||
Abercrombie & Fitch Co., Class A# | 2,240 | 32,189 | ||||||
Ascena Retail Group, Inc.† | 5,565 | 33,612 | ||||||
Buckle, Inc.# | 967 | 24,465 | ||||||
Caleres, Inc. | 1,481 | 48,488 | ||||||
Cato Corp., Class A | 901 | 26,670 | ||||||
Children’s Place, Inc.# | 607 | 63,037 | ||||||
Express, Inc.† | 2,623 | 35,043 | ||||||
Finish Line, Inc., Class A# | 1,407 | 31,573 | ||||||
Francesca’s Holdings Corp.† | 770 | 12,305 | ||||||
Gap, Inc.# | 52 | 1,298 | ||||||
Genesco, Inc.† | 690 | 43,608 | ||||||
Guess?, Inc. | 2,062 | 31,590 | ||||||
Ross Stores, Inc. | 86 | 5,813 | ||||||
Shoe Carnival, Inc.# | 271 | 7,076 | ||||||
Stein Mart, Inc. | 594 | 2,958 | ||||||
Tailored Brands, Inc. | 1,635 | 30,673 | ||||||
Urban Outfitters, Inc.† | 141 | 4,456 | ||||||
Vera Bradley, Inc.† | 375 | 5,407 | ||||||
440,261 | ||||||||
Retail - Auto Parts — 0.1% |
| |||||||
AutoZone, Inc.† | 241 | 188,747 | ||||||
Genuine Parts Co. | 245 | 23,576 | ||||||
212,323 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
Asbury Automotive Group, Inc.† | 558 | 32,782 | ||||||
Group 1 Automotive, Inc. | 647 | 46,966 | ||||||
Lithia Motors, Inc., Class A# | 449 | 41,263 | ||||||
Sonic Automotive, Inc., Class A | 938 | 19,839 | ||||||
140,850 | ||||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble Education, Inc.† | 1,504 | 17,101 | ||||||
Barnes & Noble, Inc. | 1,897 | 23,902 | ||||||
41,003 | ||||||||
Retail - Building Products — 0.3% |
| |||||||
Home Depot, Inc. | 3,016 | 390,271 | ||||||
Lowe’s Cos., Inc. | 1,077 | 75,982 | ||||||
Lumber Liquidators Holdings, Inc.†# | 959 | 16,926 | ||||||
Tile Shop Holdings, Inc.† | 641 | 12,852 | ||||||
496,031 | ||||||||
30 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 1,616 | $ | 73,851 | |||||
Retail - Discount — 0.5% |
| |||||||
Dollar General Corp. | 135 | 10,438 | ||||||
Dollar Tree, Inc.† | 851 | 75,024 | ||||||
Fred’s, Inc., Class A# | 1,372 | 13,706 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 1,343 | 40,357 | ||||||
Target Corp. | 1,461 | 112,848 | ||||||
Tuesday Morning Corp.† | 855 | 3,976 | ||||||
Wal-Mart Stores, Inc. | 7,610 | 535,972 | ||||||
792,321 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
CVS Health Corp. | 2,400 | 184,536 | ||||||
Walgreens Boots Alliance, Inc. | 165 | 13,980 | ||||||
198,516 | ||||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.† | 1,356 | 18,306 | ||||||
Retail - Home Furnishings — 0.0% |
| |||||||
Haverty Furniture Cos., Inc. | 781 | 16,870 | ||||||
Kirkland’s, Inc.† | 280 | 4,113 | ||||||
20,983 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Movado Group, Inc.# | 611 | 17,261 | ||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.†# | 466 | 8,761 | ||||||
Retail - Major Department Stores — 0.1% |
| |||||||
Nordstrom, Inc.# | 60 | 3,355 | ||||||
TJX Cos., Inc. | 2,083 | 163,182 | ||||||
166,537 | ||||||||
Retail - Misc./Diversified — 0.1% |
| |||||||
FirstCash, Inc. | 1,605 | 73,670 | ||||||
Five Below, Inc.†# | 1,498 | 58,961 | ||||||
132,631 | ||||||||
Retail - Office Supplies — 0.0% |
| |||||||
Staples, Inc. | 635 | 6,140 | ||||||
Retail - Pawn Shops — 0.0% |
| |||||||
EZCORP, Inc., Class A†# | 1,667 | 19,421 | ||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetMed Express, Inc. | 394 | 8,601 | ||||||
Retail - Petroleum Products — 0.0% |
| |||||||
World Fuel Services Corp. | 727 | 32,322 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Macy’s, Inc. | 21 | 886 | ||||||
Stage Stores, Inc.# | 483 | 2,101 | ||||||
2,987 | ||||||||
Retail - Restaurants — 0.3% |
| |||||||
Biglari Holdings, Inc.† | 19 | 8,910 | ||||||
BJ’s Restaurants, Inc.†# | 385 | 14,283 | ||||||
Bob Evans Farms, Inc. | 710 | 31,701 | ||||||
Chuy’s Holdings, Inc.† | 322 | 10,095 | ||||||
Darden Restaurants, Inc. | 909 | 66,630 | ||||||
Dave & Buster’s Entertainment, Inc.† | 723 | 33,872 | ||||||
DineEquity, Inc. | 487 | 40,703 | ||||||
El Pollo Loco Holdings, Inc.†# | 413 | 5,204 | ||||||
Fiesta Restaurant Group, Inc.† | 778 | 22,290 | ||||||
McDonald’s Corp. | 700 | 83,489 | ||||||
Papa John’s International, Inc. | 519 | 45,859 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Restaurants (continued) |
| |||||||
Popeyes Louisiana Kitchen, Inc.† | 408 | $ | 24,431 | |||||
Red Robin Gourmet Burgers, Inc.† | 408 | 20,992 | ||||||
Ruby Tuesday, Inc.† | 1,154 | 3,485 | ||||||
Ruth’s Hospitality Group, Inc. | 583 | 9,911 | ||||||
Sonic Corp. | 912 | 23,803 | ||||||
Starbucks Corp. | 281 | 16,290 | ||||||
461,948 | ||||||||
Retail - Sporting Goods — 0.0% |
| |||||||
Big 5 Sporting Goods Corp. | 663 | 12,829 | ||||||
Hibbett Sports, Inc.†# | 783 | 31,516 | ||||||
Zumiez, Inc.† | 664 | 16,467 | ||||||
60,812 | ||||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
Vitamin Shoppe, Inc.† | 867 | 21,545 | ||||||
Rubber/Plastic Products — 0.0% |
| |||||||
Myers Industries, Inc. | 1,001 | 14,164 | ||||||
Proto Labs, Inc.† | 466 | 24,279 | ||||||
38,443 | ||||||||
Satellite Telecom — 0.0% |
| |||||||
Iridium Communications, Inc.†# | 2,712 | 23,866 | ||||||
Savings & Loans/Thrifts — 0.4% |
| |||||||
Astoria Financial Corp. | 4,044 | 66,119 | ||||||
Banc of California, Inc.# | 1,412 | 21,321 | ||||||
Bank Mutual Corp. | 1,186 | 10,615 | ||||||
BofI Holding, Inc.†# | 1,730 | 40,880 | ||||||
Brookline Bancorp, Inc. | 2,046 | 30,485 | ||||||
Dime Community Bancshares, Inc. | 962 | 17,989 | ||||||
New York Community Bancorp, Inc. | 5,134 | 82,041 | ||||||
Northfield Bancorp, Inc. | 1,326 | 24,571 | ||||||
Northwest Bancshares, Inc. | 4,568 | 83,001 | ||||||
Oritani Financial Corp. | 1,111 | 19,609 | ||||||
People’s United Financial, Inc.# | 3,260 | 61,027 | ||||||
Provident Financial Services, Inc. | 2,742 | 73,870 | ||||||
Sterling Bancorp | 4,689 | 106,675 | ||||||
Washington Federal, Inc. | 925 | 30,016 | ||||||
668,219 | ||||||||
Schools — 0.1% |
| |||||||
American Public Education, Inc.† | 609 | 14,068 | ||||||
Capella Education Co. | 394 | 34,376 | ||||||
Career Education Corp.† | 2,233 | 22,308 | ||||||
Strayer Education, Inc.† | 371 | 27,168 | ||||||
97,920 | ||||||||
Security Services — 0.0% |
| |||||||
Brink’s Co. | 1,456 | 58,822 | ||||||
Seismic Data Collection — 0.0% |
| |||||||
Geospace Technologies Corp.†# | 256 | 5,420 | ||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
Exar Corp.† | 799 | 7,982 | ||||||
Linear Technology Corp. | 116 | 7,254 | ||||||
Maxim Integrated Products, Inc. | 975 | 38,288 | ||||||
Power Integrations, Inc. | 554 | 37,284 | ||||||
QUALCOMM, Inc. | 549 | 37,403 | ||||||
128,211 | ||||||||
Semiconductor Equipment — 0.2% |
| |||||||
Applied Materials, Inc. | 443 | 14,265 | ||||||
Brooks Automation, Inc. | 2,386 | 38,892 | ||||||
Cabot Microelectronics Corp. | 813 | 48,438 | ||||||
Cohu, Inc. | 476 | 5,926 |
31 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Equipment (continued) |
| |||||||
KLA-Tencor Corp. | 187 | $ | 14,930 | |||||
Kulicke & Soffa Industries, Inc.† | 2,423 | 37,387 | ||||||
Lam Research Corp. | 54 | 5,725 | ||||||
MKS Instruments, Inc. | 1,403 | 80,743 | ||||||
Nanometrics, Inc.† | 799 | 19,104 | ||||||
Rudolph Technologies, Inc.†# | 594 | 11,642 | ||||||
Ultratech, Inc.† | 927 | 21,247 | ||||||
Veeco Instruments, Inc.† | 1,406 | 37,470 | ||||||
335,769 | ||||||||
Software Tools — 0.0% |
| |||||||
VMware, Inc., Class A†# | 500 | 40,570 | ||||||
Steel Pipe & Tube — 0.0% |
| |||||||
TimkenSteel Corp.† | 1,357 | 21,441 | ||||||
Steel - Producers — 0.2% |
| |||||||
AK Steel Holding Corp.† | 7,948 | 72,565 | ||||||
Nucor Corp. | 4,689 | 291,609 | ||||||
364,174 | ||||||||
Storage/Warehousing — 0.0% |
| |||||||
Mobile Mini, Inc. | 1,157 | 35,520 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Harmonic, Inc.† | 2,884 | 13,410 | ||||||
Viavi Solutions, Inc.† | 7,754 | 60,869 | ||||||
74,279 | ||||||||
Telecom Services — 0.1% |
| |||||||
Consolidated Communications Holdings, Inc.# | 1,440 | 41,155 | ||||||
Inteliquent, Inc. | 992 | 22,459 | ||||||
Lumos Networks Corp.† | 1,030 | 14,976 | ||||||
Spok Holdings, Inc. | 876 | 15,943 | ||||||
94,533 | ||||||||
Telecommunication Equipment — 0.0% |
| |||||||
ADTRAN, Inc. | 1,728 | 35,165 | ||||||
Comtech Telecommunications Corp. | 447 | 5,140 | ||||||
Juniper Networks, Inc. | 74 | 2,038 | ||||||
Nortel Networks Corp.†(4)(5) | 62 | 0 | ||||||
42,343 | ||||||||
Telephone - Integrated — 0.9% |
| |||||||
AT&T, Inc. | 22,427 | 866,355 | ||||||
CenturyLink, Inc. | 8,995 | 211,562 | ||||||
Cincinnati Bell, Inc.† | 806 | 16,604 | ||||||
Frontier Communications Corp.# | 905 | 3,303 | ||||||
General Communication, Inc., Class A† | 528 | 8,902 | ||||||
Verizon Communications, Inc. | 5,826 | 290,718 | ||||||
1,397,444 | ||||||||
Television — 0.0% |
| |||||||
CBS Corp., Class B | 560 | 34,003 | ||||||
ION Media Networks, Inc.†(4)(5) | 18 | 22,107 | ||||||
56,110 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Perry Ellis International, Inc.† | 232 | 5,921 | ||||||
Unifi, Inc.† | 584 | 18,174 | ||||||
24,095 | ||||||||
Textile - Home Furnishings — 0.0% |
| |||||||
Mohawk Industries, Inc.† | 38 | 7,503 | ||||||
Therapeutics — 0.0% |
| |||||||
Anika Therapeutics, Inc.† | 283 | 13,205 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Tobacco — 0.1% |
| |||||||
Altria Group, Inc. | 752 | $ | 48,075 | |||||
Philip Morris International, Inc. | 826 | 72,919 | ||||||
Universal Corp.# | 771 | 42,444 | ||||||
163,438 | ||||||||
Tools - Hand Held — 0.0% |
| |||||||
Stanley Black & Decker, Inc. | 74 | 8,779 | ||||||
Toys — 0.0% |
| |||||||
Hasbro, Inc. | 141 | 12,040 | ||||||
Mattel, Inc. | 26 | 821 | ||||||
12,861 | ||||||||
Transactional Software — 0.1% |
| |||||||
Bottomline Technologies de, Inc.† | 1,057 | 26,489 | ||||||
Synchronoss Technologies, Inc.† | 819 | 39,705 | ||||||
66,194 | ||||||||
Transport - Air Freight — 0.0% |
| |||||||
Atlas Air Worldwide Holdings, Inc.† | 811 | 40,063 | ||||||
Transport - Equipment & Leasing — 0.0% |
| |||||||
Greenbrier Cos., Inc.# | 916 | 35,541 | ||||||
Transport - Marine — 0.0% |
| |||||||
Hornbeck Offshore Services, Inc.†# | 620 | 3,168 | ||||||
Tidewater, Inc.# | 903 | 2,068 | ||||||
5,236 | ||||||||
Transport - Rail — 0.0% |
| |||||||
CSX Corp. | 21 | 752 | ||||||
Transport - Services — 0.1% |
| |||||||
C.H. Robinson Worldwide, Inc. | 101 | 7,560 | ||||||
Echo Global Logistics, Inc.†# | 1,049 | 26,330 | ||||||
Expeditors International of Washington, Inc. | 187 | 9,862 | ||||||
Hub Group, Inc., Class A† | 1,137 | 48,720 | ||||||
Matson, Inc. | 824 | 30,991 | ||||||
United Parcel Service, Inc., Class B | 184 | 21,329 | ||||||
144,792 | ||||||||
Transport - Truck — 0.1% |
| |||||||
ArcBest Corp. | 870 | 26,492 | ||||||
Celadon Group, Inc.# | 530 | 4,267 | ||||||
Forward Air Corp. | 580 | 28,060 | ||||||
Heartland Express, Inc.# | 831 | 17,875 | ||||||
Knight Transportation, Inc.# | 1,760 | 61,600 | ||||||
Landstar System, Inc. | 41 | 3,339 | ||||||
Marten Transport, Ltd. | 927 | 22,572 | ||||||
Roadrunner Transportation Systems, Inc.† | 1,232 | 12,357 | ||||||
Saia, Inc.† | 859 | 35,863 | ||||||
212,425 | ||||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Neogen Corp.† | 733 | 46,384 | ||||||
Phibro Animal Health Corp., Class A | 355 | 9,745 | ||||||
56,129 | ||||||||
Water — 0.1% |
| |||||||
American States Water Co. | 701 | 29,722 | ||||||
California Water Service Group | 1,480 | 51,134 | ||||||
80,856 | ||||||||
Web Hosting/Design — 0.0% |
| |||||||
NIC, Inc. | 1,190 | 29,869 | ||||||
Web Portals/ISP — 0.5% |
| |||||||
Alphabet, Inc., Class A† | 450 | 349,146 | ||||||
Alphabet, Inc., Class C† | 619 | 469,227 |
32 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Web Portals/ISP (continued) |
| |||||||
Blucora, Inc.† | 1,321 | $ | 18,692 | |||||
837,065 | ||||||||
Wire & Cable Products — 0.1% |
| |||||||
Encore Wire Corp. | 747 | 31,747 | ||||||
General Cable Corp. | 1,669 | 31,294 | ||||||
Insteel Industries, Inc. | 339 | 13,414 | ||||||
76,455 | ||||||||
Wireless Equipment — 0.0% |
| |||||||
CalAmp Corp.† | 695 | 10,105 | ||||||
Motorola Solutions, Inc. | 43 | 3,452 | ||||||
13,557 | ||||||||
X-Ray Equipment — 0.2% |
| |||||||
Hologic, Inc.† | 7,021 | 268,764 | ||||||
Total Common Stocks |
| |||||||
(cost $60,775,377) | 64,804,404 | |||||||
EXCHANGE-TRADED FUNDS — 6.9% |
| |||||||
iShares Core S&P Small-Cap ETF# | 2,174 | 290,294 | ||||||
iShares Russell 1000 Growth ETF | 450 | 46,787 | ||||||
iShares Russell 1000 Value ETF | 4,107 | 451,400 | ||||||
SPDR S&P 500 ETF Trust, Series 1 | 443 | 97,628 | ||||||
iShares MSCI Indonesia ETF# | 6,528,670 | 5,781,460 | ||||||
iShares MSCI Japan ETF | 4,217,769 | 4,260,606 | ||||||
Total Exchange-Traded Funds |
| |||||||
(cost $11,578,908) | 10,928,175 | |||||||
PREFERRED SECURITIES — 0.1% |
| |||||||
Electric - Distribution — 0.0% |
| |||||||
Entergy Louisiana LLC | 3,125 | 70,344 | ||||||
Sovereign Agency — 0.0% |
| |||||||
Federal Home Loan Mtg. Corp. FRS | 1,925 | 15,785 | ||||||
Telecom Services — 0.1% |
| |||||||
Qwest Corp. | 3,700 | 86,506 | ||||||
Total Preferred Securities |
| |||||||
(cost $200,346) | 172,635 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.6% |
| |||||||
Banks - Super Regional — 0.1% |
| |||||||
Fifth Third Bancorp FRS | $ | 72,000 | 67,320 | |||||
Wells Fargo Capital X | 24,000 | 25,500 | ||||||
92,820 | ||||||||
Diversified Banking Institutions — 0.1% |
| |||||||
BAC Capital Trust XIII FRS | 155,000 | 127,100 | ||||||
JPMorgan Chase & Co. FRS | 116,000 | 116,942 | ||||||
244,042 | ||||||||
Electric - Integrated — 0.0% |
| |||||||
Dominion Resources, Inc. FRS | 41,000 | 42,025 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | $ | 45,000 | $ | 5 | ||||
Finance - Other Services — 0.1% |
| |||||||
National Rural Utilities Cooperative Finance Corp. FRS | 87,000 | 87,870 | ||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
Assured Guaranty Municipal Holdings, Inc. FRS | 100,000 | 80,750 | ||||||
Food - Dairy Products — 0.1% |
| |||||||
Land O’Lakes Capital Trust I | 125,000 | 138,125 | ||||||
Insurance - Life/Health — 0.0% |
| |||||||
Prudential Financial, Inc. FRS | 45,000 | 46,688 | ||||||
Prudential Financial, Inc. FRS | 31,000 | 31,626 | ||||||
78,314 | ||||||||
Insurance - Multi-line — 0.0% |
| |||||||
MetLife, Inc. | 71,000 | 76,857 | ||||||
Pipelines — 0.0% |
| |||||||
Transcanada Trust FRS | 39,000 | 39,106 | ||||||
Tools - Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. FRS | 112,000 | 117,600 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $917,611) | 997,514 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $142,582,449) | 144,675,841 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 16.0% |
| |||||||
Registered Investment Companies — 3.1% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | 4,942,780 | 4,942,780 | ||||||
Time Deposits — 9.7% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | 15,416,000 | 15,416,000 | ||||||
U.S. Government Treasuries — 3.2% |
| |||||||
United States Treasury Bills |
| |||||||
0.50% due 03/30/2017(9) | 50,000 | 49,919 | ||||||
0.52% due 03/30/2017(9) | 80,000 | 79,869 | ||||||
0.56% due 03/30/2017(9) | 4,940,000 | 4,931,938 | ||||||
5,061,726 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $25,419,415) | 25,420,506 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $168,001,864) (10) | 106.9 | % | 170,096,347 | |||||
Liabilities in excess of other assets | (6.9 | ) | (11,024,970 | ) | ||||
NET ASSETS | 100.0 | % | $ | 159,071,376 | ||||
* | 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, 2016, the aggregate value of these securities was $9,646,486 representing 6.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
33 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Commercial Mortgage Backed Security |
(2) | Perpetual maturity — maturity date reflects the next call date. |
(3) | Collateralized Mortgage Obligation |
(4) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs (see Note 2). |
(5) | Illiquid security. At November 30, 2016, the aggregate value of these securities was $24,806 representing 0.0% of net assets. |
(6) | Principal amount of security is adjusted for inflation. |
(7) | At November 30, 2016, the Fund had loaned securities with a total value of $6,869,243. This was secured by collateral of $4,942,780, which was received in cash and subsequently invested in short-term investments currently valued at $4,942,780 as reported in the Portfolio of Investments. Additional collateral of $2,046,044 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, 2016 | |||||
Federal Home Loan Mtg. Corp. | 2.00% to 9.25% | 03/01/2017 to 12/15/2047 | $ | 27,225 | ||||
Federal National Mtg. Assoc. | zero coupon to 7.50% | 12/25/2018 to 08/01/2048 | 106,259 | |||||
Government National Mtg. Assoc. | 1.21% to 9.00% | 12/15/2022 to 10/20/2066 | 65,309 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 05/25/2017 | 807,704 | |||||
United States Treasury Notes/Bonds | 0.13% to 7.63% | 01/15/2017 to 05/15/2046 | 1,039,547 |
(8) | The rate shown is the 7-day yield as of November 30, 2016. |
(9) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(10) | See Note 5 for cost of investments on a tax basis. |
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, 2016 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, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
77 | Long | Russell 2000 Mini Index | December 2016 | $ | 9,768,483 | $ | 10,181,710 | $ | 413,227 | |||||||||||||
748 | Long | SGX Nifty 50 Index | December 2016 | 11,994,372 | 12,327,040 | 332,668 | ||||||||||||||||
81 | Long | TOPIX Index | December 2016 | 9,416,851 | 10,436,082 | 1,019,231 | ||||||||||||||||
49 | Short | Russell 1000 Growth Index | December 2016 | 5,006,004 | 5,100,410 | (94,406 | ) | |||||||||||||||
20 | Short | Russell 1000 Value Index | December 2016 | 2,058,040 | 2,155,600 | (97,560 | ) | |||||||||||||||
46 | Short | S&P 500 E-Mini Index | December 2016 | 4,881,160 | 5,057,240 | (176,080 | ) | |||||||||||||||
26 | Short | U.S. 5-Year Treasury Note | March 2017 | 3,061,846 | 3,063,938 | (2,092 | ) | |||||||||||||||
31 | Short | U.S. 10-Year Treasury Note | March 2017 | 3,856,034 | 3,859,984 | (3,950 | ) | |||||||||||||||
28 | Short | U.S. Treasury Long Bond | March 2017 | 4,211,963 | 4,235,875 | (23,912 | ) | |||||||||||||||
$ | 1,367,126 | |||||||||||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | — | $ | 1,788,038 | $ | — | $ | 1,788,038 | ||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Airlines | — | 197,030 | 2,680 | 199,710 | ||||||||||||
Finance-Investment Banker/Broker | — | 61,337 | 14 | 61,351 | ||||||||||||
Other Industries | — | 26,086,517 | — | 26,086,517 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 3,833,495 | — | 3,833,495 | ||||||||||||
U.S. Government Agencies | — | 19,298,568 | — | 19,298,568 | ||||||||||||
U.S. Government Treasuries | — | 2,300,818 | — | 2,300,818 | ||||||||||||
Foreign Government Obligations | — | 14,204,616 | — | 14,204,616 | ||||||||||||
Common Stocks: | ||||||||||||||||
Telecommunication Equipment | 42,343 | — | 0 | 42,343 | ||||||||||||
Television | 34,003 | — | 22,107 | 56,110 | ||||||||||||
Other Industries | 64,705,951 | — | — | 64,705,951 | ||||||||||||
Exchange-Traded Funds | 10,928,175 | — | — | 10,928,175 | ||||||||||||
Preferred Securities | 172,635 | — | — | 172,635 |
34 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Preferred Securities/Capital Securities | ||||||||||||||||
Finance-Investment Banker/Broker | $ | — | $ | — | $ | 5 | $ | 5 | ||||||||
Other Industries | — | 997,509 | — | 997,509 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 4,942,780 | — | — | 4,942,780 | ||||||||||||
Other Short-Term Investment Securities | — | 20,477,726 | — | 20,477,726 | ||||||||||||
Total Investments at Value | $ | 80,825,887 | $ | 89,245,654 | $ | 24,806 | $ | 170,096,347 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,765,126 | $ | — | $ | — | $ | 1,765,126 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 398,000 | $ | — | $ | — | $ | 398,000 | ||||||||
* | 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
35 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
E-Commerce/Products | 10.4 | % | ||
Web Portals/ISP | 7.1 | |||
Applications Software | 6.7 | |||
Internet Content — Entertainment | 5.9 | |||
Finance — Credit Card | 5.6 | |||
E-Commerce/Services | 4.8 | |||
Medical — HMO | 4.4 | |||
Medical — Biomedical/Gene | 4.3 | |||
Diagnostic Equipment | 3.8 | |||
Airlines | 3.3 | |||
Medical — Drugs | 2.8 | |||
Diversified Banking Institutions | 2.8 | |||
Retail — Building Products | 2.2 | |||
Real Estate Investment Trusts | 1.9 | |||
Medical Products | 1.9 | |||
Aerospace/Defense | 1.9 | |||
Internet Application Software | 1.6 | |||
Finance — Investment Banker/Broker | 1.6 | |||
Banks — Fiduciary | 1.6 | |||
Retail — Auto Parts | 1.5 | |||
Finance — Other Services | 1.5 | |||
Data Processing/Management | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.2 | |||
Commercial Services — Finance | 1.2 | |||
Retail — Drug Store | 1.2 | |||
Hotels/Motels | 1.2 | |||
Casino Hotels | 1.0 | |||
Electronic Measurement Instruments | 0.9 | |||
Medical Instruments | 0.9 | |||
Computers | 0.8 | |||
Retail — Restaurants | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Transport — Rail | 0.8 | |||
Transport — Services | 0.8 | |||
Cable/Satellite TV | 0.8 | |||
Insurance Brokers | 0.7 | |||
Auto — Cars/Light Trucks | 0.7 | |||
Registered Investment Companies | 0.7 | |||
Electronic Components — Semiconductors | 0.6 | |||
Entertainment Software | 0.5 | |||
Food — Misc./Diversified | 0.4 | |||
Retail — Discount | 0.4 | |||
Cruise Lines | 0.4 | |||
Tobacco | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Beverages — Wine/Spirits | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Investment Management/Advisor Services | 0.3 | |||
Enterprise Software/Service | 0.2 | |||
Retail — Gardening Products | 0.2 | |||
Electric — Integrated | 0.2 | |||
Brewery | 0.2 | |||
Transport — Truck | 0.2 | |||
Multimedia | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Beverages — Non-alcoholic | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Commercial Services | 0.1 | |||
Coatings/Paint | 0.1 | |||
100.2 | % | |||
* | Calculated as a percentage of net assets |
36 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.5% |
| |||||||
Aerospace/Defense — 1.9% |
| |||||||
Boeing Co. | 48,100 | $ | 7,241,936 | |||||
Northrop Grumman Corp. | 9,700 | 2,421,605 | ||||||
Raytheon Co. | 7,600 | 1,136,504 | ||||||
Rockwell Collins, Inc.# | 4,200 | 389,424 | ||||||
11,189,469 | ||||||||
Airlines — 3.3% |
| |||||||
Alaska Air Group, Inc. | 54,500 | 4,483,715 | ||||||
American Airlines Group, Inc.# | 235,000 | 10,913,400 | ||||||
Delta Air Lines, Inc. | 26,600 | 1,281,588 | ||||||
United Continental Holdings, Inc.† | 46,900 | 3,233,755 | ||||||
19,912,458 | ||||||||
Apparel Manufacturers — 0.2% |
| |||||||
Hanesbrands, Inc. | 48,700 | 1,131,301 | ||||||
Applications Software — 6.7% |
| |||||||
Intuit, Inc. | 10,100 | 1,148,168 | ||||||
Microsoft Corp. | 340,300 | 20,506,478 | ||||||
Red Hat, Inc.† | 39,700 | 3,140,667 | ||||||
salesforce.com, Inc.†# | 134,100 | 9,655,200 | ||||||
ServiceNow, Inc.†# | 71,900 | 5,978,485 | ||||||
40,428,998 | ||||||||
Auto - Cars/Light Trucks — 0.7% |
| |||||||
Ferrari NV# | 19,000 | 1,028,280 | ||||||
Tesla Motors, Inc.†# | 16,567 | 3,137,790 | ||||||
4,166,070 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Adient PLC† | 2,720 | 145,683 | ||||||
Delphi Automotive PLC# | 33,800 | 2,163,200 | ||||||
2,308,883 | ||||||||
Banks - Fiduciary — 1.6% |
| |||||||
Bank of New York Mellon Corp. | 74,500 | 3,532,790 | ||||||
Northern Trust Corp. | 6,900 | 566,835 | ||||||
State Street Corp. | 67,800 | 5,342,640 | ||||||
9,442,265 | ||||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Monster Beverage Corp.† | 12,300 | 550,425 | ||||||
Beverages - Wine/Spirits — 0.3% |
| |||||||
Constellation Brands, Inc., Class A | 12,400 | 1,874,136 | ||||||
Brewery — 0.2% |
| |||||||
Molson Coors Brewing Co., Class B | 13,700 | 1,343,011 | ||||||
Building Products - Air & Heating — 0.3% |
| |||||||
Johnson Controls International PLC | 35,805 | 1,610,509 | ||||||
Cable/Satellite TV — 0.8% |
| |||||||
Charter Communications, Inc., Class A† | 11,103 | 3,056,767 | ||||||
Comcast Corp., Class A | 21,100 | 1,466,661 | ||||||
4,523,428 | ||||||||
Casino Hotels — 1.0% |
| |||||||
Las Vegas Sands Corp.# | 44,000 | 2,757,480 | ||||||
MGM Resorts International† | 124,400 | 3,571,524 | ||||||
6,329,004 | ||||||||
Chemicals - Diversified — 0.0% |
| |||||||
E.I. du Pont de Nemours & Co. | 900 | 66,249 | ||||||
Coatings/Paint — 0.1% |
| |||||||
Sherwin-Williams Co. | 1,600 | 429,872 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services — 0.1% |
| |||||||
Ecolab, Inc. | 3,700 | $ | 431,901 | |||||
Commercial Services - Finance — 1.2% |
| |||||||
FleetCor Technologies, Inc.†# | 6,500 | 970,710 | ||||||
IHS Markit, Ltd.† | 22,116 | 794,849 | ||||||
PayPal Holdings, Inc.† | 110,000 | 4,320,800 | ||||||
S&P Global, Inc. | 10,700 | 1,273,193 | ||||||
7,359,552 | ||||||||
Computers — 0.8% |
| |||||||
Apple, Inc. | 45,900 | 5,072,868 | ||||||
Containers - Metal/Glass — 0.3% |
| |||||||
Ball Corp.# | 20,600 | 1,546,236 | ||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
Estee Lauder Cos., Inc., Class A | 1,700 | 132,090 | ||||||
Cruise Lines — 0.4% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.†# | 14,900 | 593,169 | ||||||
Royal Caribbean Cruises, Ltd.# | 24,300 | 1,967,571 | ||||||
2,560,740 | ||||||||
Data Processing/Management — 1.4% |
| |||||||
Fidelity National Information Services, Inc. | 26,000 | 2,006,940 | ||||||
Fiserv, Inc.† | 59,500 | 6,224,890 | ||||||
8,231,830 | ||||||||
Dental Supplies & Equipment — 0.0% |
| |||||||
DENTSPLY SIRONA, Inc. | 4,600 | 267,628 | ||||||
Diagnostic Equipment — 3.8% |
| |||||||
Danaher Corp. | 190,580 | 14,897,639 | ||||||
Thermo Fisher Scientific, Inc. | 55,332 | 7,752,566 | ||||||
22,650,205 | ||||||||
Disposable Medical Products — 0.0% |
| |||||||
C.R. Bard, Inc. | 900 | 189,495 | ||||||
Diversified Banking Institutions — 2.8% |
| |||||||
Citigroup, Inc. | 27,300 | 1,539,447 | ||||||
JPMorgan Chase & Co. | 33,500 | 2,685,695 | ||||||
Morgan Stanley | 309,000 | 12,780,240 | ||||||
17,005,382 | ||||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
Pentair PLC | 2,300 | 132,158 | ||||||
Textron, Inc. | 22,500 | 1,035,675 | ||||||
1,167,833 | ||||||||
E-Commerce/Products — 10.4% |
| |||||||
Alibaba Group Holding, Ltd. ADR†# | 129,421 | 12,168,163 | ||||||
Amazon.com, Inc.† | 67,300 | 50,513,361 | ||||||
62,681,524 | ||||||||
E-Commerce/Services — 4.8% |
| |||||||
Ctrip.com International, Ltd. ADR†# | 67,780 | 3,065,690 | ||||||
Priceline Group, Inc.†# | 17,240 | 25,923,443 | ||||||
28,989,133 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
NextEra Energy, Inc. | 11,800 | 1,347,914 | ||||||
Electronic Components - Semiconductors — 0.6% |
| |||||||
Broadcom, Ltd. | 20,300 | 3,460,947 | ||||||
Microchip Technology, Inc. | 900 | 59,562 | ||||||
3,520,509 | ||||||||
37 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Measurement Instruments — 0.9% |
| |||||||
Agilent Technologies, Inc. | 7,400 | $ | 325,452 | |||||
Fortive Corp. | 97,290 | 5,349,977 | ||||||
5,675,429 | ||||||||
Enterprise Software/Service — 0.2% |
| |||||||
Workday, Inc., Class A†# | 17,700 | 1,492,464 | ||||||
Entertainment Software — 0.5% |
| |||||||
Activision Blizzard, Inc. | 5,300 | 194,033 | ||||||
Electronic Arts, Inc.†# | 38,500 | 3,050,740 | ||||||
3,244,773 | ||||||||
Finance - Credit Card — 5.6% |
| |||||||
MasterCard, Inc., Class A | 160,000 | 16,352,000 | ||||||
Visa, Inc., Class A# | 223,800 | 17,304,216 | ||||||
33,656,216 | ||||||||
Finance - Investment Banker/Broker — 1.6% |
| |||||||
Charles Schwab Corp. | 49,016 | 1,894,959 | ||||||
TD Ameritrade Holding Corp.# | 185,600 | 7,611,456 | ||||||
9,506,415 | ||||||||
Finance - Other Services — 1.5% |
| |||||||
CME Group, Inc. | 7,900 | 891,989 | ||||||
Intercontinental Exchange, Inc. | 144,100 | 7,983,140 | ||||||
8,875,129 | ||||||||
Food - Misc./Diversified — 0.4% |
| |||||||
Kraft Heinz Co.# | 4,000 | 326,600 | ||||||
Mondelez International, Inc., Class A | 57,000 | 2,350,680 | ||||||
2,677,280 | ||||||||
Hotels/Motels — 1.2% |
| |||||||
Hilton Worldwide Holdings, Inc.# | 148,459 | 3,721,867 | ||||||
Marriott International, Inc., Class A | 40,790 | 3,213,436 | ||||||
6,935,303 | ||||||||
Insurance Brokers — 0.7% |
| |||||||
Aon PLC | 2,200 | 251,020 | ||||||
Marsh & McLennan Cos., Inc. | 38,400 | 2,661,504 | ||||||
Willis Towers Watson PLC | 10,400 | 1,293,448 | ||||||
4,205,972 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Chubb, Ltd. | 3,600 | 460,800 | ||||||
Internet Application Software — 1.6% |
| |||||||
Tencent Holdings, Ltd. | 390,400 | 9,749,305 | ||||||
Internet Content - Entertainment — 5.9% |
| |||||||
Facebook, Inc., Class A† | 239,941 | 28,413,813 | ||||||
Netflix, Inc.† | 59,900 | 7,008,300 | ||||||
35,422,113 | ||||||||
Investment Management/Advisor Services — 0.3% |
| |||||||
Ameriprise Financial, Inc. | 3,240 | 370,040 | ||||||
BlackRock, Inc. | 3,100 | 1,149,449 | ||||||
1,519,489 | ||||||||
Machinery - General Industrial — 0.4% |
| |||||||
Roper Technologies, Inc.# | 9,700 | 1,756,767 | ||||||
Wabtec Corp.# | 5,500 | 465,685 | ||||||
2,222,452 | ||||||||
Medical Instruments — 0.9% |
| |||||||
Intuitive Surgical, Inc.† | 8,800 | 5,664,912 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Products — 1.9% |
| |||||||
Becton Dickinson and Co.# | 28,500 | $ | 4,819,350 | |||||
Henry Schein, Inc.†# | 2,200 | 327,712 | ||||||
Stryker Corp.# | 54,500 | 6,194,470 | ||||||
11,341,532 | ||||||||
Medical - Biomedical/Gene — 4.3% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 51,602 | 6,325,889 | ||||||
Biogen, Inc.† | 19,600 | 5,763,772 | ||||||
Celgene Corp.† | 76,700 | 9,089,717 | ||||||
Regeneron Pharmaceuticals, Inc.†# | 700 | 265,468 | ||||||
Vertex Pharmaceuticals, Inc.†# | 52,000 | 4,243,720 | ||||||
25,688,566 | ||||||||
Medical - Drugs — 2.8% |
| |||||||
Allergan PLC†# | 36,351 | 7,062,999 | ||||||
Bristol-Myers Squibb Co. | 40,200 | 2,268,888 | ||||||
Eli Lilly & Co. | 18,000 | 1,208,160 | ||||||
Merck & Co., Inc. | 21,700 | 1,327,823 | ||||||
Shire PLC ADR | 17,686 | 3,087,976 | ||||||
Zoetis, Inc. | 40,800 | 2,055,504 | ||||||
17,011,350 | ||||||||
Medical - HMO — 4.4% |
| |||||||
Aetna, Inc. | 55,977 | 7,324,031 | ||||||
Anthem, Inc.# | 700 | 99,771 | ||||||
Centene Corp.† | 8,859 | 510,544 | ||||||
Cigna Corp. | 14,100 | 1,899,834 | ||||||
Humana, Inc. | 18,000 | 3,827,520 | ||||||
UnitedHealth Group, Inc. | 80,700 | 12,776,424 | ||||||
26,438,124 | ||||||||
Medical - Wholesale Drug Distribution — 0.0% |
| |||||||
Cardinal Health, Inc.# | 500 | 35,505 | ||||||
McKesson Corp. | 500 | 71,905 | ||||||
107,410 | ||||||||
Multimedia — 0.2% |
| |||||||
Time Warner, Inc. | 9,800 | 899,836 | ||||||
Walt Disney Co. | 3,300 | 327,096 | ||||||
1,226,932 | ||||||||
Real Estate Investment Trusts — 1.9% |
| |||||||
American Tower Corp. | 102,000 | 10,431,540 | ||||||
Equinix, Inc. | 3,100 | 1,050,156 | ||||||
11,481,696 | ||||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Coach, Inc. | 18,900 | 687,771 | ||||||
L Brands, Inc.# | 700 | 49,154 | ||||||
Ross Stores, Inc. | 61,700 | 4,170,303 | ||||||
4,907,228 | ||||||||
Retail - Auto Parts — 1.5% |
| |||||||
AutoZone, Inc.†# | 3,800 | 2,976,084 | ||||||
O’Reilly Automotive, Inc.† | 22,300 | 6,121,350 | ||||||
9,097,434 | ||||||||
Retail - Building Products — 2.2% |
| |||||||
Home Depot, Inc. | 50,800 | 6,573,520 | ||||||
Lowe’s Cos., Inc. | 97,100 | 6,850,405 | ||||||
13,423,925 | ||||||||
Retail - Discount — 0.4% |
| |||||||
Costco Wholesale Corp.# | 7,800 | 1,170,858 | ||||||
Dollar General Corp. | 19,000 | 1,469,080 | ||||||
2,639,938 | ||||||||
38 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Drug Store — 1.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 86,400 | $ | 7,320,672 | |||||
Retail - Gardening Products — 0.2% |
| |||||||
Tractor Supply Co.# | 19,800 | 1,486,386 | ||||||
Retail - Restaurants — 0.8% |
| |||||||
Domino’s Pizza, Inc. | 2,200 | 369,688 | ||||||
Starbucks Corp.# | 41,400 | 2,399,958 | ||||||
Yum! Brands, Inc. | 33,878 | 2,147,526 | ||||||
4,917,172 | ||||||||
Semiconductor Components - Integrated Circuits — 1.2% |
| |||||||
NXP Semiconductors NV† | 74,893 | 7,425,641 | ||||||
Tobacco — 0.4% |
| |||||||
Philip Morris International, Inc. | 26,300 | 2,321,764 | ||||||
Transport - Rail — 0.8% |
| |||||||
Canadian Pacific Railway, Ltd.# | 24,500 | 3,754,625 | ||||||
Kansas City Southern# | 6,200 | 550,002 | ||||||
Norfolk Southern Corp. | 2,300 | 244,858 | ||||||
Union Pacific Corp. | 500 | 50,665 | ||||||
4,600,150 | ||||||||
Transport - Services — 0.8% |
| |||||||
FedEx Corp. | 23,800 | 4,561,746 | ||||||
Transport - Truck — 0.2% |
| |||||||
JB Hunt Transport Services, Inc. | 13,700 | 1,306,569 | ||||||
Web Portals/ISP — 7.1% |
| |||||||
Alphabet, Inc., Class A† | 19,400 | 15,052,072 | ||||||
Alphabet, Inc., Class C† | 34,084 | 25,837,034 | ||||||
Baidu, Inc. ADR† | 10,200 | 1,702,890 | ||||||
42,591,996 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $402,776,320) | 599,665,201 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.7% |
| |||||||
Registered Investment Companies — 0.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.28%(2) | 892,932 | $ | 892,932 | |||||
State Street Navigator Securities Lending Prime Portfolio(1)(2) 0.26% | 1,721,787 | 1,721,787 | ||||||
T. Rowe Price Government Reserve Fund 0.36%(2) | 1,367,734 | 1,367,734 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $3,982,453) | 3,982,453 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $406,758,773)(3) | 100.2 | % | 603,647,654 | |||||
Liabilities in excess of other assets | (0.2 | ) | (1,005,839 | ) | ||||
NET ASSETS | 100.0 | % | $ | 602,641,815 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $118,005,182. This was secured by collateral of $1,721,787, which was received in cash and subsequently invested in short-term investments currently valued at $1,721,787 as reported in the Portfolio of Investments. Additional collateral of $120,150,587 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, 2016 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 11/01/2027 to 06/15/2044 | $ | 11,212,684 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 11/01/2027 to 02/25/2044 | 20,297,384 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 01/20/2043 to 11/20/2046 | 33,942,028 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 05/25/2017 | 9,380,911 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/15/2017 to 05/15/2046 | 45,317,580 |
(2) | The rate shown is the 7-day yield as of November 30, 2016. |
(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, 2016 (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 | $ | 599,665,201 | $ | — | $ | — | $ | 599,665,201 | ||||||||
Short-Term Investment Securities | 3,982,453 | — | — | 3,982,453 | ||||||||||||
Total Investments at Value | $ | 603,647,654 | $ | — | $ | — | $ | 603,647,654 | ||||||||
* | 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
39 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 7.2 | % | ||
Banks — Super Regional | 6.7 | |||
Medical — Drugs | 5.7 | |||
Oil Companies — Exploration & Production | 4.9 | |||
Medical — HMO | 4.5 | |||
Cruise Lines | 4.1 | |||
Tobacco | 4.0 | |||
Aerospace/Defense | 3.5 | |||
Chemicals — Diversified | 3.4 | |||
Oil Companies — Integrated | 3.3 | |||
Finance — Credit Card | 3.1 | |||
Electronic Components — Semiconductors | 3.0 | |||
Finance — Consumer Loans | 2.9 | |||
Building Products — Air & Heating | 1.8 | |||
Banks — Fiduciary | 1.6 | |||
Aerospace/Defense — Equipment | 1.6 | |||
Savings & Loans/Thrifts | 1.6 | |||
Oil Refining & Marketing | 1.5 | |||
Retail — Drug Store | 1.5 | |||
Insurance — Reinsurance | 1.5 | |||
Industrial Gases | 1.5 | |||
Pharmacy Services | 1.5 | |||
Medical — Wholesale Drug Distribution | 1.5 | |||
Tools — Hand Held | 1.4 | |||
Building & Construction Products — Misc. | 1.4 | |||
Computers | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.4 | |||
Applications Software | 1.4 | |||
Medical — Generic Drugs | 1.3 | |||
Enterprise Software/Service | 1.3 | |||
Beverages — Non-alcoholic | 1.3 | |||
Finance — Investment Banker/Broker | 1.3 | |||
Apparel Manufacturers | 1.3 | |||
Telephone — Integrated | 1.2 | |||
Investment Management/Advisor Services | 1.2 | |||
Commercial Services | 1.1 | |||
Multimedia | 1.1 | |||
Machinery — Farming | 1.1 | |||
Medical Instruments | 1.0 | |||
Building Products — Cement | 1.0 | |||
Finance — Mortgage Loan/Banker | 1.0 | |||
Diversified Minerals | 1.0 | |||
Insurance — Property/Casualty | 0.9 | |||
Instruments — Controls | 0.9 | |||
Building — Residential/Commercial | 0.9 | |||
Insurance Brokers | 0.9 | |||
Registered Investment Companies | 0.6 | |||
Chemicals — Specialty | 0.3 | |||
99.6 | % | |||
* | Calculated as a percentage of net assets |
40 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.0% |
| |||||||
Aerospace/Defense — 3.5% |
| |||||||
General Dynamics Corp. | 3,300 | $ | 578,655 | |||||
Raytheon Co. | 3,860 | 577,225 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 14,500 | 844,625 | ||||||
2,000,505 | ||||||||
Aerospace/Defense - Equipment — 1.6% |
| |||||||
United Technologies Corp. | 8,390 | 903,771 | ||||||
Apparel Manufacturers — 1.3% |
| |||||||
Hanesbrands, Inc. | 30,900 | 717,807 | ||||||
Applications Software — 1.4% |
| |||||||
Microsoft Corp. | 13,035 | 785,489 | ||||||
Banks - Fiduciary — 1.6% |
| |||||||
State Street Corp. | 11,610 | 914,868 | ||||||
Banks - Super Regional — 6.7% |
| |||||||
Capital One Financial Corp. | 9,325 | 783,673 | ||||||
KeyCorp | 58,300 | 1,009,173 | ||||||
PNC Financial Services Group, Inc. | 7,725 | 853,922 | ||||||
Wells Fargo & Co. | 22,245 | 1,177,205 | ||||||
3,823,973 | ||||||||
Beverages - Non-alcoholic — 1.3% |
| |||||||
Coca-Cola European Partners PLC | 22,300 | 723,858 | ||||||
Building & Construction Products - Misc. — 1.4% |
| |||||||
Owens Corning | 15,800 | 811,804 | ||||||
Building Products - Air & Heating — 1.8% |
| |||||||
Johnson Controls International PLC | 22,943 | 1,031,976 | ||||||
Building Products - Cement — 1.0% |
| |||||||
CRH PLC ADR | 18,100 | 599,291 | ||||||
Building - Residential/Commercial — 0.9% |
| |||||||
NVR, Inc.† | 333 | 531,135 | ||||||
Chemicals - Diversified — 3.4% |
| |||||||
Celanese Corp. | 8,300 | 658,356 | ||||||
E.I. du Pont de Nemours & Co. | 1,700 | 125,137 | ||||||
FMC Corp. | 10,400 | 583,648 | ||||||
LyondellBasell Industries NV, Class A | 6,700 | 605,144 | ||||||
1,972,285 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
Versum Materials, Inc.† | 7,200 | 176,112 | ||||||
Commercial Services — 1.1% |
| |||||||
Nielsen Holdings PLC | 15,000 | 646,500 | ||||||
Computers — 1.4% |
| |||||||
Apple, Inc. | 7,300 | 806,796 | ||||||
Cruise Lines — 4.1% |
| |||||||
Carnival Corp. | 17,900 | 920,239 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 14,200 | 565,302 | ||||||
Royal Caribbean Cruises, Ltd. | 10,800 | 874,476 | ||||||
2,360,017 | ||||||||
Diversified Banking Institutions — 7.2% |
| |||||||
Bank of America Corp. | 62,026 | 1,309,989 | ||||||
Citigroup, Inc. | 25,910 | 1,461,065 | ||||||
JPMorgan Chase & Co. | 16,705 | 1,339,240 | ||||||
4,110,294 | ||||||||
Diversified Minerals — 1.0% |
| |||||||
Fairmount Santrol Holdings, Inc.†# | 56,600 | 545,058 | ||||||
Electronic Components - Semiconductors — 3.0% |
| |||||||
Microchip Technology, Inc. | 13,300 | 880,194 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Texas Instruments, Inc. | 11,020 | $ | 814,709 | |||||
1,694,903 | ||||||||
Enterprise Software/Service — 1.3% |
| |||||||
Oracle Corp. | 19,000 | 763,610 | ||||||
Finance - Consumer Loans — 2.9% |
| |||||||
Navient Corp. | 46,005 | 792,666 | ||||||
SLM Corp.† | 85,405 | 860,029 | ||||||
1,652,695 | ||||||||
Finance - Credit Card — 3.1% |
| |||||||
American Express Co. | 13,355 | 962,094 | ||||||
Discover Financial Services | 12,200 | 826,794 | ||||||
1,788,888 | ||||||||
Finance - Investment Banker/Broker — 1.3% |
| |||||||
E*TRADE Financial Corp.† | 20,900 | 721,259 | ||||||
Finance - Mortgage Loan/Banker — 1.0% |
| |||||||
FNF Group | 17,800 | 568,532 | ||||||
Industrial Gases — 1.5% |
| |||||||
Air Products & Chemicals, Inc. | 6,100 | 881,206 | ||||||
Instruments - Controls — 0.9% |
| |||||||
Honeywell International, Inc. | 4,700 | 535,518 | ||||||
Insurance Brokers — 0.9% |
| |||||||
Willis Towers Watson PLC | 4,100 | 509,917 | ||||||
Insurance - Property/Casualty — 0.9% |
| |||||||
XL Group, Ltd. | 15,000 | 541,950 | ||||||
Insurance - Reinsurance — 1.5% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 5,600 | 881,664 | ||||||
Investment Management/Advisor Services — 1.2% |
| |||||||
Ameriprise Financial, Inc. | 6,100 | 696,681 | ||||||
Machinery - Farming — 1.1% |
| |||||||
Deere & Co. | 6,300 | 631,260 | ||||||
Medical Instruments — 1.0% |
| |||||||
Medtronic PLC | 8,230 | 600,872 | ||||||
Medical - Drugs — 5.7% |
| |||||||
Bayer AG ADR | 5,500 | 515,460 | ||||||
Johnson & Johnson | 6,385 | 710,650 | ||||||
Merck & Co., Inc. | 10,700 | 654,733 | ||||||
Pfizer, Inc. | 24,541 | 788,748 | ||||||
Sanofi ADR | 15,700 | 631,140 | ||||||
3,300,731 | ||||||||
Medical - Generic Drugs — 1.3% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 20,400 | 769,080 | ||||||
Medical - HMO — 4.5% |
| |||||||
Anthem, Inc. | 5,415 | 771,800 | ||||||
Cigna Corp. | 5,600 | 754,544 | ||||||
UnitedHealth Group, Inc. | 6,620 | 1,048,078 | ||||||
2,574,422 | ||||||||
Medical - Wholesale Drug Distribution — 1.5% |
| |||||||
Cardinal Health, Inc. | 12,000 | 852,120 | ||||||
Multimedia — 1.1% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 22,500 | 632,475 | ||||||
Oil Companies - Exploration & Production — 4.9% |
| |||||||
ConocoPhillips | 19,665 | 954,146 | ||||||
Hess Corp. | 16,600 | 928,936 |
41 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Occidental Petroleum Corp. | 12,665 | $ | 903,774 | |||||
2,786,856 | ||||||||
Oil Companies - Integrated — 3.3% | ||||||||
BP PLC ADR | 26,235 | 918,487 | ||||||
Chevron Corp. | 8,900 | 992,884 | ||||||
1,911,371 | ||||||||
Oil Refining & Marketing — 1.5% | ||||||||
Phillips 66 | 10,700 | 888,956 | ||||||
Pharmacy Services — 1.5% | ||||||||
Express Scripts Holding Co.† | 11,500 | 872,620 | ||||||
Retail - Drug Store — 1.5% | ||||||||
CVS Health Corp. | 11,500 | 884,235 | ||||||
Savings & Loans/Thrifts — 1.6% | ||||||||
New York Community Bancorp, Inc.# | 55,800 | 891,684 | ||||||
Semiconductor Components - Integrated Circuits — 1.4% | ||||||||
QUALCOMM, Inc. | 11,700 | 797,121 | ||||||
Telephone - Integrated — 1.2% | ||||||||
Verizon Communications, Inc. | 14,138 | 705,486 | ||||||
Tobacco — 4.0% | ||||||||
Altria Group, Inc. | 14,770 | 944,246 | ||||||
Philip Morris International, Inc. | 7,500 | 662,100 | ||||||
Reynolds American, Inc. | 12,356 | 668,460 | ||||||
2,274,806 | ||||||||
Tools - Hand Held — 1.4% | ||||||||
Stanley Black & Decker, Inc. | 6,960 | 825,665 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $44,028,771) | 56,898,122 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% | ||||||||
Registered Investment Companies — 0.6% | ||||||||
State Street Navigator Securities Lending Prime Portfolio 0.26%(1)(2) | 353,925 | $ | 353,925 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $44,382,696)(3) | 99.6 | % | 57,252,047 | |||||
Other assets less liabilities | 0.4 | 241,015 | ||||||
NET ASSETS | 100.0 | % | $ | 57,493,062 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $423,945. This was secured by collateral of $353,925, which was received in cash and subsequently invested in short-term investments currently valued at $353,925 as reported in the Portfolio of Investments. Additional collateral of $11,010 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, 2016 | |||||
United States Treasury Bills | 0.00% | 12/15/2016 to 04/27/2017 | $ | 6,428 | ||||
United States Treasury Notes/Bonds | 0.13% to 4.25% | 04/15/2017 to 05/15/2045 | 4,582 |
(2) | The rate shown is the 7-day-yield as of November 30, 3016. |
(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, 2016 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 56,898,122 | $ | — | $ | — | $ | 56,898,122 | ||||||||
Short-Term Investment Securities | 353,925 | — | — | 353,925 | ||||||||||||
Total Investments at Value* | $ | 57,252,047 | $ | — | $ | — | $ | 57,252,047 | ||||||||
* | 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
42 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 21.6 | % | ||
Federal Home Loan Mtg. Corp. | 16.0 | |||
United States Treasury Notes | 15.2 | |||
United States Treasury Bonds | 5.9 | |||
Diversified Banking Institutions | 4.7 | |||
Diversified Financial Services | 4.3 | |||
Government National Mtg. Assoc. | 3.4 | |||
Banks — Commercial | 3.0 | |||
Electric — Integrated | 1.7 | |||
Telephone — Integrated | 1.5 | |||
Auto — Cars/Light Trucks | 1.4 | |||
Pipelines | 1.3 | |||
Oil Companies — Integrated | 1.1 | |||
Registered Investment Companies | 1.0 | |||
Medical Labs & Testing Services | 1.0 | |||
Savings & Loans/Thrifts | 0.9 | |||
Paper & Related Products | 0.8 | |||
Banks — Super Regional | 0.8 | |||
Insurance — Life/Health | 0.7 | |||
Brewery | 0.7 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Computers | 0.7 | |||
Diversified Manufacturing Operations | 0.7 | |||
Insurance — Multi-line | 0.6 | |||
Time Deposits | 0.6 | |||
Networking Products | 0.5 | |||
Enterprise Software/Service | 0.5 | |||
Insurance — Mutual | 0.5 | |||
Multimedia | 0.4 | |||
Electric — Distribution | 0.4 | |||
Medical — Drugs | 0.4 | |||
Real Estate Investment Trusts | 0.4 | |||
Cable/Satellite TV | 0.4 | |||
Diagnostic Equipment | 0.3 | |||
Applications Software | 0.3 | |||
Finance — Other Services | 0.3 | |||
Retail — Discount | 0.3 | |||
Banks — Fiduciary | 0.3 | |||
Medical — HMO | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Pharmacy Services | 0.3 | |||
Beverages — Wine/Spirits | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Finance — Credit Card | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Computer Services | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Sovereign | 0.2 | |||
Transport — Rail | 0.2 | |||
Coatings/Paint | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Advertising Agencies | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Federal Home Loan Bank | 0.2 | |||
Consumer Products — Misc. | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
SupraNational Banks | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Electronic Components — Semiconductors | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Telecom Services | 0.1 | |||
Data Processing/Management | 0.1 | |||
Food — Retail | 0.1 |
Home Decoration Products | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Aerospace/Defense | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Tennessee Valley Authority | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Instruments — Controls | 0.1 | |||
Electronics — Military | 0.1 | |||
Electric — Generation | 0.1 | |||
Appliances | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Gold Mining | 0.1 | |||
Gas — Distribution | 0.1 | |||
Electronic Parts Distribution | 0.1 | |||
102.3 | % | |||
Credit Quality†#
Aaa | 65.7 | % | ||
Aa | 3.6 | |||
A | 12.1 | |||
Baa | 15.8 | |||
Ba | 1.4 | |||
Not Rated@ | 1.4 | |||
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. |
43 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 3.8% | ||||||||
Diversified Financial Services — 3.8% |
| |||||||
AmeriCredit Automobile Receivables Trust | $ | 200,000 | $ | 202,476 | ||||
BA Credit Card Trust | 333,000 | 333,250 | ||||||
Capital One Multi-Asset Execution Trust | 110,000 | 109,028 | ||||||
CarMax Auto Owner Trust | 230,000 | 226,240 | ||||||
CGGS Commercial Mtg. Trust | 200,000 | 201,278 | ||||||
Chase Issuance Trust FRS | 228,000 | 228,945 | ||||||
Chase Mtg. Trust VRS | 140,893 | 141,098 | ||||||
Citigroup Commercial Mtg. Trust | 100,000 | 97,850 | ||||||
Citigroup Commercial Mtg. Trust | 420,000 | 429,494 | ||||||
Commercial Mtg. Trust | 313,000 | 322,203 | ||||||
Commercial Mtg. Trust VRS | 125,000 | 129,975 | ||||||
CSAIL Commercial Mtg. Trust | 500,000 | 505,582 | ||||||
CSMC Trust | 467,000 | 493,538 | ||||||
Ford Credit Auto Owner Trust | 282,000 | 283,871 | ||||||
Ford Credit Auto Owner Trust | 250,000 | 253,239 | ||||||
GS Mtg. Securities Trust | 240,000 | 246,059 | ||||||
Honda Auto Receivables Owner Trust | 112,000 | 112,144 | ||||||
Hudson Yards Mtg. Trust | 862,000 | 836,661 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 390,000 | 399,547 | ||||||
Morgan Stanley Capital Barclays Bank Trust | 34,000 | 33,418 | ||||||
NRP Mtg. Trust VRS | 430,018 | 419,813 | ||||||
Synchrony Credit Card Master Note Trust | 100,000 | 100,591 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
Synchrony Credit Card Master Note Trust | $ | 100,000 | $ | 100,227 | ||||
Taco Bell Funding LLC | 114,713 | 115,599 | ||||||
WF-RBS Commercial Mtg. Trust | 900,000 | 923,370 | ||||||
Total Asset Backed Securities | ||||||||
(cost $7,305,939) | 7,245,496 | |||||||
U.S. CORPORATE BONDS & NOTES — 27.1% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Interpublic Group of Cos., Inc. | 116,000 | 119,669 | ||||||
Omnicom Group, Inc. | 174,000 | 173,706 | ||||||
293,375 | ||||||||
Aerospace/Defense — 0.1% |
| |||||||
Boeing Co. | 171,000 | 168,187 | ||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
Harris Corp. | 222,000 | 225,865 | ||||||
Agricultural Chemicals — 0.1% |
| |||||||
CF Industries, Inc. | 57,000 | 56,502 | ||||||
CF Industries, Inc. | 144,000 | 141,382 | ||||||
197,884 | ||||||||
Agricultural Operations — 0.0% |
| |||||||
Archer-Daniels-Midland Co. | 65,000 | 61,299 | ||||||
Appliances — 0.1% |
| |||||||
Whirlpool Corp. | 123,000 | 118,694 | ||||||
Applications Software — 0.3% |
| |||||||
Microsoft Corp. | 186,000 | 185,733 | ||||||
Microsoft Corp. | 188,000 | 178,516 | ||||||
Microsoft Corp. | 196,000 | 184,970 | ||||||
Microsoft Corp. | 79,000 | 73,525 | ||||||
622,744 | ||||||||
44 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Auto - Cars/Light Trucks — 1.4% | ||||||||
American Honda Finance Corp. | $ | 281,000 | $ | 281,185 | ||||
American Honda Finance Corp. | 260,000 | 255,279 | ||||||
BMW US Capital LLC | 188,000 | 186,310 | ||||||
Daimler Finance North America LLC | 243,000 | 243,119 | ||||||
Daimler Finance North America LLC | 192,000 | 186,497 | ||||||
Daimler Finance North America LLC | 413,000 | 412,649 | ||||||
Ford Motor Credit Co. LLC | 274,000 | 270,761 | ||||||
Ford Motor Credit Co. LLC | 273,000 | 262,990 | ||||||
Hyundai Capital America | 446,000 | 447,957 | ||||||
Toyota Motor Credit Corp. | 154,000 | 154,958 | ||||||
2,701,705 | ||||||||
Auto - Heavy Duty Trucks — 0.2% | ||||||||
PACCAR Financial Corp. | 60,000 | 59,870 | ||||||
PACCAR Financial Corp. | 308,000 | 310,430 | ||||||
370,300 | ||||||||
Banks - Commercial — 1.2% | ||||||||
BankUnited, Inc. | 435,000 | 424,430 | ||||||
Discover Bank | 250,000 | 240,089 | ||||||
Fifth Third Bank | 207,000 | 204,163 | ||||||
Fifth Third Bank | 221,000 | 224,071 | ||||||
First Horizon National Corp. | 541,000 | 544,916 | ||||||
First Tennessee Bank NA | 258,000 | 259,242 | ||||||
Regions Financial Corp. | 201,000 | 204,499 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks - Commercial (continued) | ||||||||
Regions Financial Corp. | $ | 190,000 | $ | 227,654 | ||||
2,329,064 | ||||||||
Banks - Fiduciary — 0.3% | ||||||||
Citizens Financial Group, Inc. | 540,000 | 543,219 | ||||||
Banks - Super Regional — 0.7% | ||||||||
Capital One Financial Corp. | 97,000 | 93,447 | ||||||
JPMorgan Chase Bank NA | 373,000 | 370,172 | ||||||
Wells Fargo & Co. | 304,000 | 290,890 | ||||||
Wells Fargo & Co. | 273,000 | 277,804 | ||||||
Wells Fargo & Co. | 190,000 | 196,432 | ||||||
Wells Fargo & Co. | 33,000 | 31,793 | ||||||
Wells Fargo & Co. | 41,000 | 42,403 | ||||||
1,302,941 | ||||||||
Brewery — 0.7% | ||||||||
Anheuser-Busch InBev Finance, Inc. | 140,000 | 139,998 | ||||||
Anheuser-Busch InBev Finance, Inc. | 263,000 | 263,913 | ||||||
Anheuser-Busch InBev Finance, Inc. | 115,000 | 116,180 | ||||||
Anheuser-Busch InBev Finance, Inc. | 198,000 | 207,642 | ||||||
Anheuser-Busch InBev Finance, Inc. | 73,000 | 78,104 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 579,000 | 579,358 | ||||||
1,385,195 | ||||||||
Building Products - Air & Heating — 0.1% | ||||||||
Lennox International, Inc. | 205,000 | 198,648 | ||||||
Cable/Satellite TV — 0.4% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 160,000 | 163,300 |
45 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Cable/Satellite TV (continued) | ||||||||
Charter Communications Operating LLC/Charter | $ | 136,000 | $ | 151,774 | ||||
Charter Communications Operating LLC/Charter | 81,000 | 91,006 | ||||||
Comcast Corp. | 55,000 | 50,807 | ||||||
Comcast Corp. | 135,000 | 121,150 | ||||||
Comcast Corp. | 135,000 | 116,010 | ||||||
694,047 | ||||||||
Chemicals - Diversified — 0.2% | ||||||||
Eastman Chemical Co. | 140,000 | 135,448 | ||||||
Westlake Chemical Corp. | 154,000 | 147,918 | ||||||
283,366 | ||||||||
Chemicals - Specialty — 0.1% | ||||||||
Lubrizol Corp. | 179,000 | 225,354 | ||||||
Coatings/Paint — 0.2% | ||||||||
RPM International, Inc. | 349,000 | 334,393 | ||||||
Commercial Services — 0.0% | ||||||||
Ecolab, Inc. | 28,000 | 25,446 | ||||||
Commercial Services - Finance — 0.1% | ||||||||
Automatic Data Processing, Inc. | 113,000 | 113,472 | ||||||
Computer Services — 0.2% | ||||||||
Hewlett Packard Enterprise Co. | 382,000 | 372,055 | ||||||
Computers — 0.7% | ||||||||
Apple, Inc. | 145,000 | 136,358 | ||||||
Apple, Inc. | 238,000 | 243,304 | ||||||
Apple, Inc. | 211,000 | 211,527 | ||||||
Apple, Inc. | 82,000 | 87,209 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Computers (continued) | ||||||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp. | $ | 143,000 | $ | 150,438 | ||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp. | 241,000 | 274,504 | ||||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp. | 161,000 | 188,787 | ||||||
1,292,127 | ||||||||
Consumer Products - Misc. — 0.0% | ||||||||
Kimberly-Clark Corp. | 80,000 | 79,525 | ||||||
Containers - Paper/Plastic — 0.2% | ||||||||
Amcor Finance USA, Inc. | 264,000 | 256,950 | ||||||
Brambles USA, Inc. | 89,000 | 90,602 | ||||||
347,552 | ||||||||
Cosmetics & Toiletries — 0.1% | ||||||||
Procter & Gamble Co. | 242,000 | 237,575 | ||||||
Data Processing/Management — 0.1% | ||||||||
Fidelity National Information Services, Inc. | 96,000 | 89,360 | ||||||
Fidelity National Information Services, Inc. | 92,000 | 99,636 | ||||||
188,996 | ||||||||
Diagnostic Equipment — 0.3% | ||||||||
Abbott Laboratories | 239,000 | 236,305 | ||||||
Abbott Laboratories | 155,000 | 156,612 | ||||||
Abbott Laboratories | 259,000 | 261,191 | ||||||
654,108 | ||||||||
Distribution/Wholesale — 0.0% | ||||||||
WW Grainger, Inc. | 98,000 | 91,076 | ||||||
Diversified Banking Institutions — 3.9% | ||||||||
Bank of America Corp. | 100,000 | 98,763 | ||||||
Bank of America Corp. | 697,000 | 676,940 | ||||||
Bank of America Corp. | 132,000 | 131,999 |
46 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Diversified Banking Institutions (continued) | ||||||||
Bank of America Corp. | $ | 132,000 | $ | 131,112 | ||||
Bank of America Corp. | 271,000 | 270,403 | ||||||
Bank of America Corp. | 97,000 | 97,696 | ||||||
Bank of America Corp. | 334,000 | 391,057 | ||||||
Bank of America Corp. | 40,000 | 47,019 | ||||||
Citigroup, Inc. | 111,000 | 110,294 | ||||||
Citigroup, Inc. | 733,000 | 748,806 | ||||||
Citigroup, Inc. | 392,000 | 397,445 | ||||||
Citigroup, Inc. | 131,000 | 148,401 | ||||||
Goldman Sachs Group, Inc. FRS | 166,000 | 167,507 | ||||||
Goldman Sachs Group, Inc. | 180,000 | 176,874 | ||||||
Goldman Sachs Group, Inc. | 51,000 | 52,221 | ||||||
Goldman Sachs Group, Inc. | 79,000 | 82,531 | ||||||
Goldman Sachs Group, Inc. | 28,000 | 28,843 | ||||||
Goldman Sachs Group, Inc. | 308,000 | 368,796 | ||||||
Goldman Sachs Group, Inc. | 459,000 | 565,621 | ||||||
JPMorgan Chase & Co. | 367,000 | 368,190 | ||||||
JPMorgan Chase & Co. | 169,000 | 164,664 | ||||||
JPMorgan Chase & Co. | 285,000 | 287,592 | ||||||
JPMorgan Chase & Co. | 236,000 | 229,823 | ||||||
JPMorgan Chase & Co. | 252,000 | 258,552 | ||||||
Morgan Stanley | 324,000 | 325,030 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) | ||||||||
Morgan Stanley | $ | 140,000 | $ | 141,207 | ||||
Morgan Stanley | 709,000 | 726,786 | ||||||
Morgan Stanley | 320,000 | 342,028 | ||||||
7,536,200 | ||||||||
Diversified Financial Services — 0.2% | ||||||||
USAA Capital Corp. | 359,000 | 361,003 | ||||||
Diversified Manufacturing Operations — 0.5% | ||||||||
General Electric Co. | 241,000 | 241,792 | ||||||
Illinois Tool Works, Inc. | 184,000 | 176,665 | ||||||
Ingersoll-Rand Global Holding Co., Ltd. | 303,000 | 351,991 | ||||||
Textron, Inc. | 186,000 | 185,464 | ||||||
955,912 | ||||||||
Electric - Distribution — 0.2% | ||||||||
Entergy Louisiana LLC | 376,000 | 385,630 | ||||||
Electric - Integrated — 1.6% | ||||||||
Arizona Public Service Co. | 123,000 | 123,159 | ||||||
Consolidated Edison Co. of New York, Inc. | 97,000 | 95,727 | ||||||
Dominion Resources, Inc. | 87,000 | 88,169 | ||||||
Dominion Resources, Inc. | 300,000 | 319,830 | ||||||
Duke Energy Corp. | 137,000 | 122,483 | ||||||
Duke Energy Progress LLC | 190,000 | 192,735 | ||||||
Exelon Generation Co. LLC | 165,000 | 167,160 | ||||||
FirstEnergy Corp. | 241,000 | 301,259 | ||||||
Louisville Gas & Electric Co. | 28,000 | 28,932 | ||||||
Massachusetts Electric Co. | 433,000 | 412,259 |
47 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Electric - Integrated (continued) | ||||||||
Pacific Gas & Electric Co. | $ | 271,000 | $ | 264,389 | ||||
South Carolina Electric & Gas Co. | 134,000 | 139,209 | ||||||
Southern California Edison Co. | 285,000 | 285,274 | ||||||
Southern Co. | 238,000 | 238,102 | ||||||
Southern Power Co. | 189,000 | 182,802 | ||||||
Trans-Allegheny Interstate Line Co. | 61,000 | 62,228 | ||||||
3,023,717 | ||||||||
Electric - Transmission — 0.0% | ||||||||
AEP Transmission Co. LLC | 60,000 | 59,634 | ||||||
Electronic Components - Misc. — 0.1% | ||||||||
Corning, Inc. | 147,000 | 146,465 | ||||||
Electronic Components - Semiconductors — 0.1% | ||||||||
Intel Corp. | 229,000 | 229,458 | ||||||
Electronic Parts Distribution — 0.1% | ||||||||
Avnet, Inc. | 97,000 | 94,256 | ||||||
Electronics - Military — 0.1% | ||||||||
L-3 Communications Corp. | 125,000 | 124,917 | ||||||
Enterprise Software/Service — 0.5% | ||||||||
Oracle Corp. | 262,000 | 256,064 | ||||||
Oracle Corp. | 140,000 | 132,872 | ||||||
Oracle Corp. | 373,000 | 379,258 | ||||||
Oracle Corp. | 94,000 | 91,055 | ||||||
Oracle Corp. | 75,000 | 73,370 | ||||||
932,619 | ||||||||
Finance - Credit Card — 0.2% | ||||||||
American Express Credit Corp. | 163,000 | 161,485 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Finance - Credit Card (continued) | ||||||||
American Express Credit Corp. | $ | 267,000 | $ | 264,254 | ||||
425,739 | ||||||||
Finance - Investment Banker/Broker — 0.1% | ||||||||
Lehman Brothers Holdings, Inc. | 89,000 | 5,251 | ||||||
Lehman Brothers Holdings, Inc. | 87,000 | 9 | ||||||
Lehman Brothers Holdings, Inc. | 112,000 | 11 | ||||||
TD Ameritrade Holding Corp. | 162,000 | 164,069 | ||||||
169,340 | ||||||||
Finance - Leasing Companies — 0.1% | ||||||||
International Lease Finance Corp. | 143,000 | 156,268 | ||||||
Finance - Other Services — 0.2% | ||||||||
National Rural Utilities Cooperative Finance Corp. | 247,000 | 245,280 | ||||||
National Rural Utilities Cooperative Finance Corp. | 105,000 | 104,823 | ||||||
350,103 | ||||||||
Food - Misc./Diversified — 0.1% | ||||||||
Kraft Heinz Foods Co. | 254,000 | 276,228 | ||||||
Food - Retail — 0.1% | ||||||||
Kroger Co. | 203,000 | 187,566 | ||||||
Gas - Distribution — 0.1% | ||||||||
Dominion Gas Holdings LLC | 100,000 | 101,053 | ||||||
Home Decoration Products — 0.1% | ||||||||
Newell Rubbermaid, Inc. | 99,000 | 103,221 | ||||||
Newell Rubbermaid, Inc. | 73,000 | 81,044 | ||||||
184,265 | ||||||||
Industrial Gases — 0.0% | ||||||||
Airgas, Inc. | 77,000 | 78,781 | ||||||
Instruments - Controls — 0.1% | ||||||||
Honeywell International, Inc. | 136,000 | 128,760 | ||||||
48 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Insurance - Life/Health — 0.5% | ||||||||
Aflac, Inc. | $ | 121,000 | $ | 113,363 | ||||
Jackson National Life Global Funding | 339,000 | 324,365 | ||||||
Pacific LifeCorp | 170,000 | 184,366 | ||||||
Pricoa Global Funding I | 320,000 | 320,258 | ||||||
Unum Group | 82,000 | 86,669 | ||||||
1,029,021 | ||||||||
Insurance - Multi-line — 0.3% | ||||||||
Assurant, Inc. | 438,000 | 516,660 | ||||||
MetLife, Inc. | 121,000 | 125,689 | ||||||
642,349 | ||||||||
Insurance - Mutual — 0.5% | ||||||||
Massachusetts Mutual Life Insurance Co. | 169,000 | 151,653 | ||||||
MassMutual Global Funding II | 442,000 | 447,088 | ||||||
MassMutual Global Funding II | 162,000 | 158,866 | ||||||
New York Life Global Funding | 172,000 | 173,017 | ||||||
930,624 | ||||||||
Insurance - Reinsurance — 0.1% | ||||||||
Berkshire Hathaway, Inc. | 171,000 | 170,150 | ||||||
Machinery - General Industrial — 0.1% | ||||||||
Wabtec Corp. | 147,000 | 141,489 | ||||||
Machinery - Pumps — 0.0% | ||||||||
Xylem, Inc. | 52,000 | 49,897 | ||||||
Medical Labs & Testing Services — 1.0% | ||||||||
Laboratory Corp. of America Holdings | 65,000 | 65,428 | ||||||
Laboratory Corp. of America Holdings | 210,000 | 209,399 | ||||||
Laboratory Corp. of America Holdings | 108,000 | 107,414 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical Labs & Testing Services (continued) | ||||||||
Quest Diagnostics, Inc. | $ | 141,000 | $ | 138,938 | ||||
Roche Holdings, Inc. | 441,000 | 441,496 | ||||||
Roche Holdings, Inc. | 204,000 | 197,339 | ||||||
Roche Holdings, Inc. | 548,000 | 553,746 | ||||||
Roche Holdings, Inc. | 206,000 | 192,178 | ||||||
1,905,938 | ||||||||
Medical Products — 0.0% | ||||||||
Becton Dickinson and Co. | 52,000 | 53,068 | ||||||
Medical - Biomedical/Gene — 0.2% | ||||||||
Amgen, Inc. | 87,000 | 83,072 | ||||||
Celgene Corp. | 175,000 | 176,136 | ||||||
Gilead Sciences, Inc. | 65,000 | 62,129 | ||||||
321,337 | ||||||||
Medical - Drugs — 0.1% | ||||||||
Baxalta, Inc. | 198,000 | 200,612 | ||||||
Medical - HMO — 0.3% | ||||||||
UnitedHealth Group, Inc. | 211,000 | 211,091 | ||||||
UnitedHealth Group, Inc. | 180,000 | 178,422 | ||||||
UnitedHealth Group, Inc. | 140,000 | 144,349 | ||||||
533,862 | ||||||||
Multimedia — 0.4% | ||||||||
Time Warner, Inc. | 135,000 | 134,351 | ||||||
Time Warner, Inc. | 193,000 | 189,171 | ||||||
Viacom, Inc. | 129,000 | 123,282 | ||||||
Viacom, Inc. | 90,000 | 95,732 | ||||||
Walt Disney Co. | 190,000 | 190,379 |
49 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Multimedia (continued) | ||||||||
Walt Disney Co. | $ | 89,000 | $ | 89,212 | ||||
822,127 | ||||||||
Networking Products — 0.5% | ||||||||
Cisco Systems, Inc. | 235,000 | 235,116 | ||||||
Cisco Systems, Inc. | 486,000 | 490,595 | ||||||
Cisco Systems, Inc. | 200,000 | 198,938 | ||||||
Cisco Systems, Inc. | 62,000 | 58,781 | ||||||
983,430 | ||||||||
Office Automation & Equipment — 0.0% | ||||||||
Pitney Bowes, Inc. | 60,000 | 58,402 | ||||||
Oil Companies - Exploration & Production — 0.7% | ||||||||
Anadarko Petroleum Corp. | 540,000 | 607,987 | ||||||
Hess Corp. | 118,000 | 111,962 | ||||||
Hess Corp. | 114,000 | 105,616 | ||||||
Noble Energy, Inc. | 210,000 | 208,632 | ||||||
Noble Energy, Inc. | 169,000 | 160,647 | ||||||
Occidental Petroleum Corp. | 135,000 | 133,941 | ||||||
1,328,785 | ||||||||
Oil Companies - Integrated — 0.3% | ||||||||
Chevron Corp. | 266,000 | 265,605 | ||||||
Chevron Corp. | 146,000 | 144,626 | ||||||
Exxon Mobil Corp. | 152,000 | 151,896 | ||||||
562,127 | ||||||||
Paper & Related Products — 0.8% | ||||||||
Domtar Corp. | 231,000 | 236,104 | ||||||
Georgia-Pacific LLC | 487,000 | 493,202 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Paper & Related Products (continued) | ||||||||
Georgia-Pacific LLC | $ | 368,000 | $ | 379,219 | ||||
Georgia-Pacific LLC | 235,000 | 258,639 | ||||||
International Paper Co. | 92,000 | 84,817 | ||||||
1,451,981 | ||||||||
Pharmacy Services — 0.3% | ||||||||
Express Scripts Holding Co. | 97,000 | 94,117 | ||||||
Express Scripts Holding Co. | 168,000 | 173,992 | ||||||
Express Scripts Holding Co. | 216,000 | 207,035 | ||||||
475,144 | ||||||||
Pipelines — 1.1% | ||||||||
Colorado Interstate Gas Co. LLC / | 136,000 | 129,530 | ||||||
Columbia Pipeline Group, Inc. | 59,000 | 59,317 | ||||||
Energy Transfer Partners LP | 98,000 | 89,227 | ||||||
Energy Transfer Partners LP | 29,000 | 28,668 | ||||||
Energy Transfer Partners LP | 341,000 | 357,810 | ||||||
EnLink Midstream Partners LP | 72,000 | 70,089 | ||||||
EnLink Midstream Partners LP | 170,000 | 167,201 | ||||||
Enterprise Products Operating LLC | 107,000 | 107,280 | ||||||
Enterprise Products Operating LLC | 70,000 | 66,744 | ||||||
Kinder Morgan Energy Partners LP | 270,000 | 263,391 | ||||||
Kinder Morgan Energy Partners LP | 120,000 | 104,736 | ||||||
Kinder Morgan Energy Partners LP | 67,000 | 63,928 | ||||||
Phillips 66 | 78,000 | 72,910 |
50 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Pipelines (continued) | ||||||||
Plains All American Pipeline LP/PAA Finance Corp. | $ | 82,000 | $ | 77,197 | ||||
Plains All American Pipeline LP/PAA Finance Corp. | 98,000 | 95,696 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 119,000 | 117,514 | ||||||
Spectra Energy Partners LP | 90,000 | 85,434 | ||||||
Western Gas Partners LP | 183,000 | 186,156 | ||||||
2,142,828 | ||||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Hubbell, Inc. | 161,000 | 160,493 | ||||||
Real Estate Investment Trusts — 0.4% |
| |||||||
American Tower Corp. | 193,000 | 178,356 | ||||||
American Tower Corp. | 143,000 | 135,400 | ||||||
Columbia Property Trust Operating Partnership LP | 70,000 | 66,538 | ||||||
CubeSmart LP | 125,000 | 118,193 | ||||||
Federal Realty Investment Trust | 28,000 | 24,467 | ||||||
Kimco Realty Corp. | 66,000 | 61,569 | ||||||
Realty Income Corp. | 55,000 | 51,794 | ||||||
Simon Property Group LP | 123,000 | 120,689 | ||||||
757,006 | ||||||||
Rental Auto/Equipment — 0.1% |
| |||||||
ERAC USA Finance LLC | 187,000 | 169,329 | ||||||
Retail - Building Products — 0.0% |
| |||||||
Home Depot, Inc. | 90,000 | 78,531 | ||||||
Retail - Discount — 0.3% |
| |||||||
Costco Wholesale Corp. | 281,000 | 279,183 | ||||||
Dollar General Corp. | 178,000 | 176,454 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Retail - Discount (continued) |
| |||||||
Dollar General Corp. | $ | 91,000 | $ | 93,666 | ||||
549,303 | ||||||||
Retail - Drug Store — 0.2% |
| |||||||
CVS Pass-Through Trust | 126,226 | 132,816 | ||||||
CVS Pass-Through Trust | 133,899 | 150,364 | ||||||
CVS Pass-Through Trust | 131,412 | 150,936 | ||||||
434,116 | ||||||||
Retail - Restaurants — 0.0% |
| |||||||
McDonald’s Corp. | 29,000 | 30,133 | ||||||
Savings & Loans/Thrifts — 0.9% |
| |||||||
First Niagara Financial Group, Inc. | 1,037,000 | 1,168,202 | ||||||
First Niagara Financial Group, Inc. | 400,000 | 476,777 | ||||||
1,644,979 | ||||||||
Semiconductor Components - Integrated Circuits — 0.0% |
| |||||||
Analog Devices, Inc. | 64,000 | 63,594 | ||||||
Analog Devices, Inc. | 25,000 | 24,837 | ||||||
88,431 | ||||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Valmont Industries, Inc. | 279,000 | 242,780 | ||||||
Telephone - Integrated — 1.2% |
| |||||||
AT&T, Inc. | 481,000 | 472,034 | ||||||
AT&T, Inc. | 254,000 | 222,687 | ||||||
AT&T, Inc. | 333,000 | 315,737 | ||||||
AT&T, Inc. | 204,000 | 190,540 | ||||||
AT&T, Inc. | 119,000 | 127,988 | ||||||
Verizon Communications, Inc. | 288,000 | 290,561 | ||||||
Verizon Communications, Inc. | 96,000 | 93,505 |
51 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Telephone - Integrated (continued) | ||||||||
Verizon Communications, Inc. | $ | 436,000 | $ | 406,710 | ||||
Verizon Communications, Inc. | 98,000 | 98,265 | ||||||
2,218,027 | ||||||||
Transport - Equipment & Leasing — 0.0% |
| |||||||
GATX Corp. | 82,000 | 77,238 | ||||||
Transport - Rail — 0.1% |
| |||||||
Burlington Northern Santa Fe LLC | 92,000 | 88,256 | ||||||
CSX Corp. | 99,000 | 89,237 | ||||||
177,493 | ||||||||
Trucking/Leasing — 0.0% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 87,000 | 87,728 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $52,130,307) | 51,884,884 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 5.9% |
| |||||||
Banks - Commercial — 1.8% |
| |||||||
Australia & New Zealand Banking Group, Ltd. | 253,000 | 249,885 | ||||||
Cooperatieve Rabobank UA | 250,000 | 241,405 | ||||||
Credit Suisse AG | 414,000 | 412,746 | ||||||
Credit Suisse AG | 254,000 | 254,839 | ||||||
DBS Group Holdings, Ltd. | 336,000 | 338,634 | ||||||
Mizuho Bank, Ltd. | 215,000 | 215,286 | ||||||
Mizuho Bank, Ltd. | 239,000 | 240,009 | ||||||
National Bank of Canada | 650,000 | 650,045 | ||||||
National Bank of Canada | 253,000 | 254,171 | ||||||
Royal Bank of Canada | 198,000 | 207,450 | ||||||
Toronto-Dominion Bank | 261,000 | 253,652 | ||||||
Toronto-Dominion Bank VRS | 76,000 | 73,144 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Westpac Banking Corp. VRS | $ | 125,000 | $ | 123,926 | ||||
3,515,192 | ||||||||
Beverages - Non-alcoholic — 0.2% |
| |||||||
Coca-Cola Femsa SAB de CV | 410,000 | 413,620 | ||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Diageo Capital PLC | 325,000 | 337,519 | ||||||
Pernod Ricard SA | 167,000 | 160,618 | ||||||
498,137 | ||||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Kimberly-Clark de Mexico SAB de CV | 259,000 | 246,047 | ||||||
Diversified Banking Institutions — 0.7% |
| |||||||
BNP Paribas SA | 209,000 | 205,171 | ||||||
HSBC Holdings PLC | 218,000 | 212,464 | ||||||
HSBC Holdings PLC | 204,000 | 203,149 | ||||||
Lloyds Banking Group PLC | 262,000 | 258,087 | ||||||
Mizuho Financial Group, Inc. | 208,000 | 202,001 | ||||||
Royal Bank of Scotland Group PLC | 201,000 | 190,010 | ||||||
1,270,882 | ||||||||
Diversified Financial Services — 0.3% | ||||||||
GE Capital International Funding Co. ULC | 649,000 | 675,588 | ||||||
Diversified Manufacturing Operations — 0.2% | ||||||||
Ingersoll-Rand Luxembourg Finance SA | 90,000 | 90,560 | ||||||
Siemens Financieringsmaatschappij NV | 257,000 | 238,189 | ||||||
328,749 | ||||||||
Electric - Generation — 0.1% | ||||||||
Electricite de France SA | 122,000 | 119,377 | ||||||
Gold Mining — 0.1% | ||||||||
Goldcorp, Inc. | 111,000 | 108,921 | ||||||
52 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Insurance - Multi-line — 0.2% | ||||||||
XLIT, Ltd. | $ | 124,000 | $ | 122,568 | ||||
XLIT, Ltd. | 228,000 | 211,393 | ||||||
333,961 | ||||||||
Medical - Drugs — 0.3% | ||||||||
Takeda Pharmaceutical Co., Ltd. | 404,000 | 404,402 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 181,000 | 170,586 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 11,000 | 9,531 | ||||||
584,519 | ||||||||
Medical - Generic Drugs — 0.3% | ||||||||
Actavis Funding SCS | 247,000 | 250,516 | ||||||
Perrigo Co. PLC | 269,000 | 268,187 | ||||||
518,703 | ||||||||
Oil Companies - Integrated — 0.8% | ||||||||
BP Capital Markets PLC | 151,000 | 149,758 | ||||||
BP Capital Markets PLC | 105,000 | 100,592 | ||||||
BP Capital Markets PLC | 185,000 | 188,621 | ||||||
BP Capital Markets PLC | 176,000 | 177,111 | ||||||
Petroleos Mexicanos | 22,000 | 17,017 | ||||||
Petroleos Mexicanos | 318,000 | 278,924 | ||||||
Shell International Finance BV | 180,000 | 180,128 | ||||||
Shell International Finance BV | 199,000 | 198,547 | ||||||
Shell International Finance BV | 209,000 | 208,321 | ||||||
1,499,019 | ||||||||
Pipelines — 0.1% | ||||||||
Enbridge, Inc. | 119,000 | 122,098 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
SupraNational Banks — 0.1% | ||||||||
North American Development Bank | $ | 257,000 | $ | 260,207 | ||||
Telephone - Integrated — 0.3% | ||||||||
Deutsche Telekom International Finance BV | 422,000 | 402,759 | ||||||
Telecom Italia Capital SA | 252,000 | 263,340 | ||||||
666,099 | ||||||||
Transport - Rail — 0.1% | ||||||||
Canadian Pacific Railway Co. | 140,000 | 161,705 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $11,527,750) | 11,322,824 | |||||||
U.S. GOVERNMENT AGENCIES — 41.3% | ||||||||
Federal Home Loan Bank — 0.2% | ||||||||
5.50% due 07/15/2036 | 250,000 | 330,885 | ||||||
Federal Home Loan Mtg. Corp. — 16.0% | ||||||||
2.49% due 02/01/2037 FRS | 88,414 | 92,187 | ||||||
2.50% due 01/01/2028 | 291,942 | 293,619 | ||||||
2.50% due 04/01/2028 | 726,223 | 730,510 | ||||||
2.50% due 03/01/2031 | 896,298 | 900,434 | ||||||
3.00% due 08/01/2027 | 481,399 | 495,253 | ||||||
3.00% due 10/01/2042 | 608,741 | 611,558 | ||||||
3.00% due 11/01/2042 | 734,581 | 733,078 | ||||||
3.00% due 04/01/2043 | 761,747 | 759,874 | ||||||
3.00% due 05/01/2043 | 1,104,595 | 1,109,704 | ||||||
3.00% due 08/01/2043 | 771,809 | 769,793 | ||||||
3.00% due 07/01/2045 | 1,028,532 | 1,024,873 | ||||||
3.00% due 10/01/2045 | 508,762 | 506,955 | ||||||
3.00% due December 30 TBA | 2,963,000 | 2,949,805 | ||||||
3.03% due 11/01/2037 FRS | 685,992 | 726,513 | ||||||
3.50% due 11/01/2041 | 740,909 | 763,356 | ||||||
3.50% due 03/01/2042 | 233,683 | 240,010 | ||||||
3.50% due 04/01/2042 | 1,289,409 | 1,328,285 | ||||||
3.50% due 06/01/2042 | 1,755,403 | 1,808,666 | ||||||
3.50% due 08/01/2042 | 323,924 | 334,490 | ||||||
3.50% due 03/01/2045 | 1,674,808 | 1,719,977 | ||||||
3.50% due 07/01/2045 | 1,434,529 | 1,476,715 | ||||||
3.50% due 08/01/2045 | 867,996 | 894,211 | ||||||
3.50% due 10/01/2045 | 18,632 | 19,132 | ||||||
3.50% due 11/01/2045 | 571,347 | 586,670 | ||||||
4.00% due 09/01/2040 | 545,759 | 575,679 | ||||||
4.00% due 07/01/2044 | 19,346 | 20,352 | ||||||
4.00% due 10/01/2045 | 1,167,659 | 1,228,543 | ||||||
4.00% due 11/01/2045 | 1,341,617 | 1,411,608 | ||||||
4.50% due 01/01/2039 | 15,808 | 17,036 | ||||||
4.50% due 04/01/2044 | 250,100 | 269,534 | ||||||
4.50% due 09/01/2044 | 1,787,529 | 1,925,910 | ||||||
4.50% due 03/01/2046 | 383,909 | 413,763 | ||||||
5.00% due 10/01/2033 | 818 | 903 | ||||||
5.00% due 06/01/2039 | 512,850 | 569,515 | ||||||
5.00% due 11/01/2043 | 664,975 | 733,200 | ||||||
5.50% due 11/01/2018 | 17,766 | 18,141 | ||||||
5.50% due 02/01/2035 | 102,810 | 114,390 | ||||||
6.00% due 10/01/2033 | 156,782 | 180,186 | ||||||
6.00% due 03/01/2040 | 902 | 1,031 | ||||||
6.50% due 02/01/2035 | 6,686 | 7,591 | ||||||
6.50% due 01/01/2036 | 18,636 | 21,047 |
53 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) | ||||||||
Federal Home Loan Mtg. Corp. (continued) | ||||||||
6.75% due 09/15/2029 | $ | 500,000 | $ | 700,029 | ||||
6.75% due 03/15/2031 | 250,000 | 357,257 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 359,109 | 50,998 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
2.78% due 02/25/2024(3) | 431,000 | 438,469 | ||||||
Series 2014-HQ2, Class M2 | ||||||||
2.78% due 09/25/2024(3) | 600,000 | 613,399 | ||||||
Series 2014-HQ3, Class M2 | ||||||||
3.23% due 10/25/2024(3) | 125,610 | 126,601 | ||||||
Series 2016-HQA1, Class M2 | ||||||||
3.34% due 09/25/2028(3) | 9,000 | 9,243 | ||||||
30,680,093 | ||||||||
Federal National Mtg. Assoc. — 21.6% | ||||||||
2.50% due 09/01/2027 | 78,956 | 79,416 | ||||||
2.50% due 04/01/2028 | 403,444 | 405,812 | ||||||
2.50% due 02/01/2031 | 683,085 | 686,760 | ||||||
2.50% due 05/01/2031 | 829,577 | 834,040 | ||||||
2.50% due December 15 TBA | 245,000 | 246,072 | ||||||
2.53% due 09/01/2035 FRS | 523,415 | 551,033 | ||||||
2.67% due 10/01/2035 FRS | 589,307 | 621,894 | ||||||
2.72% due 05/01/2037 FRS | 135,060 | 141,610 | ||||||
2.79% due 11/01/2036 FRS | 261,691 | 277,254 | ||||||
2.81% due 07/01/2039 FRS | 435,437 | 457,360 | ||||||
2.91% due 05/01/2040 FRS | 621,805 | 656,707 | ||||||
3.00% due 10/01/2027 | 128,666 | 132,420 | ||||||
3.00% due 12/01/2027 | 992,213 | 1,021,444 | ||||||
3.00% due 01/01/2028 | 866,532 | 891,814 | ||||||
3.00% due 10/01/2030 | 696,543 | 716,865 | ||||||
3.00% due 03/01/2042 | 812,800 | 813,247 | ||||||
3.00% due 12/01/2042 | 876,459 | 877,573 | ||||||
3.00% due 02/01/2045 | 718,736 | 716,586 | ||||||
3.00% due 06/01/2045 | 885,775 | 887,988 | ||||||
3.00% due 09/01/2046 | 111,220 | 110,887 | ||||||
3.08% due 10/01/2040 FRS | 146,844 | 155,493 | ||||||
3.11% due 08/01/2035 FRS | 314,250 | 335,580 | ||||||
3.27% due 10/01/2040 FRS | 335,788 | 354,936 | ||||||
3.50% due 08/01/2026 | 210,501 | 219,535 | ||||||
3.50% due 09/01/2026 | 60,126 | 62,783 | ||||||
3.50% due 08/01/2027 | 124,650 | 129,992 | ||||||
3.50% due 10/01/2028 | 609,663 | 640,001 | ||||||
3.50% due 12/01/2041 | 510,767 | 526,999 | ||||||
3.50% due 06/01/2042 | 358,028 | 369,238 | ||||||
3.50% due 07/01/2042 | 120,191 | 122,310 | ||||||
3.50% due 08/01/2042 | 1,483,895 | 1,527,687 | ||||||
3.50% due 07/01/2045 | 600,375 | 616,903 | ||||||
3.50% due 08/01/2045 | 657,622 | 677,301 | ||||||
3.50% due 09/01/2045 | 597,206 | 613,706 | ||||||
3.50% due 10/01/2045 | 786,760 | 811,001 | ||||||
3.50% due 11/01/2045 | 443,958 | 456,195 | ||||||
3.50% due 12/01/2045 | 2,197,561 | 2,257,689 | ||||||
3.50% due 02/01/2046 | 946,695 | 972,598 | ||||||
3.50% due 03/01/2046 | 501,493 | 515,214 | ||||||
3.50% due 07/01/2046 | 606,601 | 625,178 | ||||||
3.50% due December 15 TBA | 1,047,000 | 1,090,557 | ||||||
4.00% due 07/01/2040 | 222,946 | 239,947 | ||||||
4.00% due 10/01/2040 | 116,137 | 122,325 | ||||||
4.00% due 12/01/2040 | 1,382,002 | 1,461,106 | ||||||
4.00% due 10/01/2041 | 596,423 | 629,502 | ||||||
4.00% due 11/01/2041 | 710,729 | 751,775 | ||||||
4.00% due 01/01/2042 | 97,183 | 102,791 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) | ||||||||
4.00% due 01/01/2043 | $ | 763,031 | $ | 810,239 | ||||
4.00% due 12/01/2043 | 741,042 | 789,626 | ||||||
4.00% due 10/01/2044 | 1,438,854 | 1,515,696 | ||||||
4.00% due 02/01/2045 | 1,631,957 | 1,728,367 | ||||||
4.00% due 06/01/2046 | 485,110 | 511,185 | ||||||
4.50% due 11/01/2022 | 128,681 | 134,034 | ||||||
4.50% due 10/01/2024 | 294,098 | 311,295 | ||||||
4.50% due 06/01/2039 | 913,270 | 994,446 | ||||||
4.50% due 11/01/2040 | 230,271 | 248,867 | ||||||
4.50% due 12/01/2040 | 456,299 | 493,212 | ||||||
4.50% due 05/01/2041 | 311,524 | 335,963 | ||||||
4.50% due 07/01/2041 | 134,599 | 145,414 | ||||||
4.50% due 08/01/2045 | 1,973,992 | 2,165,020 | ||||||
5.00% due 05/11/2017 | 500,000 | 509,559 | ||||||
5.00% due 10/01/2033 | 3,809 | 4,178 | ||||||
5.00% due 03/01/2034 | 54,830 | 60,231 | ||||||
5.00% due 05/01/2040 | 141,378 | 155,329 | ||||||
5.00% due 06/01/2040 | 86,561 | 94,959 | ||||||
5.00% due 07/01/2040 | 307,597 | 337,089 | ||||||
5.00% due 02/01/2045 | 449,939 | 501,760 | ||||||
5.50% due 12/01/2029 | 97,971 | 109,279 | ||||||
5.50% due 04/01/2033 | 79,590 | 89,547 | ||||||
5.50% due 12/01/2033 | 67,753 | 76,158 | ||||||
5.50% due 07/01/2037 | 409,292 | 459,164 | ||||||
5.50% due 08/01/2037 | 272,512 | 305,450 | ||||||
5.50% due 06/01/2038 | 38,371 | 43,095 | ||||||
6.00% due 12/01/2016 | 1 | 1 | ||||||
6.00% due 11/01/2017 | 1,657 | 1,671 | ||||||
6.00% due 12/01/2020 | 9,398 | 9,768 | ||||||
6.00% due 12/01/2036 | 526,655 | 599,218 | ||||||
6.00% due 11/01/2038 | 149,134 | 169,776 | ||||||
6.00% due 06/01/2040 | 108,949 | 124,029 | ||||||
6.50% due 10/01/2037 | 36,343 | 41,166 | ||||||
41,389,915 | ||||||||
Government National Mtg. Assoc. — 3.4% | ||||||||
3.00% due 02/20/2045 | 763,265 | 776,282 | ||||||
3.00% due 05/20/2045 | 581,177 | 591,107 | ||||||
3.00% due 07/20/2045 | 92,658 | 94,229 | ||||||
3.00% due 11/20/2045 | 1,858,735 | 1,890,248 | ||||||
3.00% due December 30 TBA | 727,000 | 738,246 | ||||||
3.50% due 03/20/2045 | 562,078 | 585,704 | ||||||
3.50% due 04/20/2045 | 1,079,917 | 1,125,225 | ||||||
3.50% due 07/20/2045 | 223,701 | 233,112 | ||||||
4.00% due 07/20/2045 | 272,077 | 288,679 | ||||||
4.00% due 10/20/2045 | 153,755 | 163,324 | ||||||
6,486,156 | ||||||||
Tennessee Valley Authority — 0.1% | ||||||||
1.75% due 10/15/2018 | 143,000 | 144,454 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $79,697,090) | 79,031,503 | |||||||
U.S. GOVERNMENT TREASURIES — 21.1% | ||||||||
United States Treasury Bonds — 5.9% | ||||||||
2.25% due 08/15/2046# | 363,000 | 307,189 | ||||||
2.50% due 05/15/2046# | 111,000 | 99,336 | ||||||
2.75% due 11/15/2042 | 423,000 | 403,057 | ||||||
2.88% due 08/15/2045 | 57,000 | 55,288 | ||||||
3.00% due 05/15/2045 | 1,500,000 | 1,492,266 | ||||||
3.00% due 11/15/2045 | 2,800,000 | 2,783,374 | ||||||
3.13% due 11/15/2041 | 1,278,000 | 1,308,153 | ||||||
3.13% due 02/15/2042 | 408,000 | 417,658 | ||||||
3.63% due 02/15/2044 | 800,000 | 895,187 | ||||||
3.88% due 08/15/2040 | 174,000 | 201,405 |
54 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) | ||||||||
United States Treasury Bonds (continued) | ||||||||
4.25% due 05/15/2039 | $ | 267,000 | $ | 326,835 | ||||
4.38% due 11/15/2039 | 934,000 | 1,162,137 | ||||||
4.50% due 02/15/2036# | 200,000 | 254,727 | ||||||
4.75% due 02/15/2037 | 587,000 | 769,245 | ||||||
5.00% due 05/15/2037 | 159,000 | 215,041 | ||||||
5.25% due 11/15/2028 | 404,000 | 518,146 | ||||||
8.13% due 08/15/2019 | 92,000 | 108,574 | ||||||
11,317,618 | ||||||||
United States Treasury Notes — 15.2% | ||||||||
0.75% due 02/28/2018 | 1,545,000 | 1,540,716 | ||||||
0.88% due 01/15/2018 | 600,000 | 599,508 | ||||||
1.13% due 02/28/2021 | 160,000 | 155,856 | ||||||
1.13% due 06/30/2021 | 485,000 | 470,147 | ||||||
1.13% due 07/31/2021 | 908,000 | 879,164 | ||||||
1.25% due 11/30/2018 | 7,911,000 | 7,929,852 | ||||||
1.38% due 07/31/2018 | 809,000 | 813,077 | ||||||
1.38% due 02/28/2019 | 510,000 | 512,032 | ||||||
1.38% due 01/31/2020 | 996,000 | 993,355 | ||||||
1.38% due 01/31/2021 | 250,000 | 246,279 | ||||||
1.50% due 01/31/2022 | 3,444,000 | 3,371,755 | ||||||
1.63% due 08/15/2022 | 2,390,000 | 2,339,119 | ||||||
1.63% due 02/15/2026 | 10,000 | 9,382 | ||||||
1.63% due 05/15/2026 | 427,000 | 399,812 | ||||||
2.00% due 07/31/2022 | 118,000 | 117,843 | ||||||
2.00% due 02/15/2025 | 1,800,000 | 1,757,180 | ||||||
2.00% due 11/15/2026 | 175,000 | 169,319 | ||||||
2.25% due 11/15/2024 | 620,000 | 617,917 | ||||||
2.50% due 05/15/2024 | 4,538,000 | 4,619,543 | ||||||
3.13% due 05/15/2019 | 11,000 | 11,493 | ||||||
3.63% due 08/15/2019 | 27,000 | 28,649 | ||||||
4.00% due 08/15/2018 | 1,403,000 | 1,473,369 | ||||||
29,055,367 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $40,271,645) | 40,372,985 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.3% | ||||||||
Electric - Distribution — 0.1% | ||||||||
Hydro-Quebec | 274,000 | 274,242 | ||||||
Sovereign — 0.2% | ||||||||
United Mexican States | 159,000 | 161,226 | ||||||
United Mexican States | 215,000 | 178,988 | ||||||
340,214 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $646,748) | 614,456 | |||||||
PREFERRED SECURITIES — 0.2% | ||||||||
Electric - Distribution — 0.1% | ||||||||
Entergy Louisiana LLC | 7,100 | 159,821 | ||||||
Telecom Services — 0.1% | ||||||||
Qwest Corp. | 8,425 | 196,976 | ||||||
Total Preferred Securities | ||||||||
(cost $388,087) | 356,797 | |||||||
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.0% |
| |||||||
Banks - Super Regional — 0.1% | ||||||||
Wells Fargo Capital X | $ | 89,000 | $ | 94,563 | ||||
Diversified Banking Institutions — 0.1% | ||||||||
JPMorgan Chase & Co. FRS | 271,000 | 273,202 | ||||||
Electric - Integrated — 0.1% | ||||||||
Dominion Resources, Inc. FRS | 142,000 | 145,550 | ||||||
Finance - Investment Banker/Broker — 0.0% | ||||||||
Lehman Brothers Holdings Capital Trust VII | 78,000 | 8 | ||||||
Finance - Other Services — 0.1% | ||||||||
National Rural Utilities Cooperative Finance Corp. FRS | 199,000 | 200,990 | ||||||
Insurance - Life/Health — 0.2% | ||||||||
Prudential Financial, Inc. FRS | 86,000 | 87,737 | ||||||
Prudential Financial, Inc. FRS | 260,000 | 269,750 | ||||||
357,487 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
MetLife, Inc. | 261,000 | 282,532 | ||||||
Pipelines — 0.1% |
| |||||||
Transcanada Trust FRS | 108,000 | 108,294 | ||||||
Tools - Hand Held — 0.2% |
| |||||||
Stanley Black & Decker, Inc. FRS | 396,000 | 415,800 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $1,820,047) | 1,878,426 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $193,787,613) | 192,707,371 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.6% |
| |||||||
Registered Investment Companies — 1.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | 1,916,371 | 1,916,371 | ||||||
Time Deposits — 0.6% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2016 | 1,119,000 | 1,119,000 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $3,035,371) | 3,035,371 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $196,822,984)(10) | 102.3 | % | 195,742,742 | |||||
Liabilities in excess of other assets | (2.3 | ) | (4,356,314 | ) | ||||
NET ASSETS | 100.0 | % | $ | 191,386,428 | ||||
* | 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, 2016, the aggregate value of these securities was $16,408,033 representing 8.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
55 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
(1) | Commercial Mortgage Backed Security |
(2) | Perpetual maturity — maturity date reflects the next call date. |
(3) | Collateralized Mortgage Obligation |
(4) | Illiquid security. At November 30, 2016, the aggregate value of these securities was $28 representing 0.0% of net assets. |
(5) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs (see Note 2). |
(6) | Interest Only |
(7) | 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, 2016. |
(8) | At November 30, 2016, the Fund had loaned securities with a total value of $4,480,004. This was secured by collateral of $1,916,371, which was received in cash and subsequently invested in short-term investments currently valued at $1,916,371 as reported in the Portfolio of Investments. Additional collateral of $2,683,269 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, 2016 | |||||
Federal Home Loan Mtg. Corp. | 2.00% to 9.25% | 11/15/2019 to 12/15/2047 | $ | 105,906 | ||||
Federal National Mtg. Assoc. | 1.74% to 10.00% | 07/25/2018 to 12/01/2046 | 216,589 | |||||
Government National Mtg. Assoc. | 1.20% to 7.55% | 12/16/2024 to 10/20/2066 | 67,399 | |||||
United States Treasury Notes/Bonds | 0.13% to 5.38% | 01/15/2017 to 11/15/2045 | 2,293,375 |
(9) | The rate shown is the 7-day yield as of November 30, 2016. |
(10) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
TBA—Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of November 30, 2016, 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, 2016 (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 | $ | — | $ | 7,245,496 | $ | — | $ | 7,245,496 | ||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Finance-Investment Banker/Broker | — | 169,320 | 20 | 169,340 | ||||||||||||
Other Industries | — | 51,715,544 | — | 51,715,544 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 11,322,824 | — | 11,322,824 | ||||||||||||
U.S. Government Agencies | — | 79,031,503 | — | 79,031,503 | ||||||||||||
U.S. Government Treasuries | — | 40,372,985 | — | 40,372,985 | ||||||||||||
Foreign Government Obligations | — | 614,456 | — | 614,456 | ||||||||||||
Preferred Securities | 356,797 | — | — | 356,797 | ||||||||||||
Preferred Securities/Capital Securities | ||||||||||||||||
Finance-Investment Banker/Broker | — | — | 8 | 8 | ||||||||||||
Other Industries | — | 1,878,418 | — | 1,878,418 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 1,916,371 | — | — | 1,916,371 | ||||||||||||
Time Deposits | — | 1,119,000 | — | 1,119,000 | ||||||||||||
Total Investments at Value | $ | 2,273,168 | $ | 193,469,546 | $ | 28 | $ | 195,742,742 | ||||||||
* | 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
56 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 11.9 | % | ||
Medical — HMO | 4.9 | |||
Oil Companies — Exploration & Production | 4.8 | |||
Banks — Super Regional | 4.0 | |||
Computers | 3.5 | |||
Medical — Biomedical/Gene | 3.4 | |||
Medical — Drugs | 3.4 | |||
Oil Companies — Integrated | 3.3 | |||
Networking Products | 3.2 | |||
Retail — Drug Store | 3.1 | |||
Retail — Building Products | 3.0 | |||
Repurchase Agreements | 2.8 | |||
Web Portals/ISP | 2.7 | |||
Cable/Satellite TV | 2.5 | |||
Applications Software | 2.5 | |||
Electric — Integrated | 2.2 | |||
Tobacco | 1.6 | |||
Auto/Truck Parts & Equipment — Original | 1.6 | |||
Semiconductor Components — Integrated Circuits | 1.5 | |||
Semiconductor Equipment | 1.5 | |||
Cruise Lines | 1.5 | |||
Computer Services | 1.5 | |||
Airlines | 1.5 | |||
Finance — Credit Card | 1.3 | |||
Telephone — Integrated | 1.3 | |||
Entertainment Software | 1.3 | |||
Medical Products | 1.3 | |||
Finance — Consumer Loans | 1.2 | |||
Aerospace/Defense | 1.0 | |||
Building — Residential/Commercial | 1.0 | |||
Beverages — Non-alcoholic | 0.9 | |||
Advertising Agencies | 0.9 | |||
Rubber — Tires | 0.9 | |||
Electronic Components — Semiconductors | 0.9 | |||
Containers — Paper/Plastic | 0.8 | |||
Retail — Discount | 0.8 | |||
Oil Refining & Marketing | 0.8 | |||
Chemicals — Diversified | 0.7 | |||
Medical Labs & Testing Services | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Commercial Services | 0.7 | |||
Transport — Rail | 0.6 | |||
E-Services/Consulting | 0.6 | |||
Food — Retail | 0.6 | |||
Metal — Diversified | 0.6 | |||
Engineering/R&D Services | 0.5 | |||
Oil — Field Services | 0.5 | |||
Medical — Generic Drugs | 0.4 | |||
Office Supplies & Forms | 0.4 | |||
Hotels/Motels | 0.4 | |||
Insurance — Multi-line | 0.4 | |||
Real Estate Investment Trusts | 0.3 | |||
Electronics — Military | 0.3 | |||
Finance — Other Services | 0.3 | |||
Insurance — Property/Casualty | 0.3 | |||
Banks — Commercial | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Human Resources | 0.3 | |||
Building & Construction Products — Misc. | 0.3 | |||
Home Decoration Products | 0.3 | |||
Savings & Loans/Thrifts | 0.3 | |||
Medical Instruments | 0.2 | |||
Independent Power Producers | 0.2 | |||
Registered Investment Companies | 0.2 | |||
Steel — Producers | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Web Hosting/Design | 0.1 | |||
Shipbuilding | 0.1 |
Food — Meat Products | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
Data Processing/Management | 0.1 | |||
Wireless Equipment | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Instruments — Controls | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Cellular Telecom | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
57 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.9% |
| |||||||
Advertising Agencies — 0.9% |
| |||||||
Interpublic Group of Cos., Inc. | 16,310 | $ | 392,582 | |||||
Omnicom Group, Inc. | 19,730 | 1,715,326 | ||||||
2,107,908 | ||||||||
Aerospace/Defense — 1.0% |
| |||||||
Boeing Co. | 1,980 | 298,109 | ||||||
Northrop Grumman Corp. | 270 | 67,406 | ||||||
Raytheon Co. | 13,110 | 1,960,469 | ||||||
2,325,984 | ||||||||
Airlines — 1.5% |
| |||||||
American Airlines Group, Inc. | 11,840 | 549,849 | ||||||
Delta Air Lines, Inc. | 29,776 | 1,434,608 | ||||||
Southwest Airlines Co. | 31,547 | 1,470,406 | ||||||
3,454,863 | ||||||||
Applications Software — 2.5% |
| |||||||
Microsoft Corp. | 97,629 | 5,883,124 | ||||||
Auto/Truck Parts & Equipment - Original — 1.6% |
| |||||||
Lear Corp. | 23,581 | 3,053,975 | ||||||
Magna International, Inc. | 1,840 | 74,428 | ||||||
WABCO Holdings, Inc.† | 6,268 | 617,461 | ||||||
3,745,864 | ||||||||
Banks - Commercial — 0.3% |
| |||||||
Regions Financial Corp. | 51,470 | 696,904 | ||||||
Banks - Super Regional — 4.0% |
| |||||||
Capital One Financial Corp. | 27,560 | 2,316,142 | ||||||
KeyCorp | 34,870 | 603,600 | ||||||
SunTrust Banks, Inc. | 53,445 | 2,776,468 | ||||||
US Bancorp | 73,845 | 3,664,189 | ||||||
9,360,399 | ||||||||
Beverages - Non-alcoholic — 0.9% |
| |||||||
Dr Pepper Snapple Group, Inc. | 24,473 | 2,122,788 | ||||||
PepsiCo, Inc. | 210 | 21,021 | ||||||
2,143,809 | ||||||||
Broadcast Services/Program — 0.3% |
| |||||||
Scripps Networks Interactive, Inc., Class A# | 9,706 | 672,238 | ||||||
Building & Construction Products - Misc. — 0.3% |
| |||||||
Owens Corning | 12,298 | 631,871 | ||||||
Building - Mobile Home/Manufactured Housing — 0.0% |
| |||||||
Thor Industries, Inc. | 1,110 | 111,633 | ||||||
Building - Residential/Commercial — 1.0% |
| |||||||
D.R. Horton, Inc. | 42,790 | 1,186,139 | ||||||
Lennar Corp., Class A | 14,701 | 625,380 | ||||||
NVR, Inc.† | 297 | 473,715 | ||||||
2,285,234 | ||||||||
Cable/Satellite TV — 2.5% |
| |||||||
Comcast Corp., Class A | 84,640 | 5,883,326 | ||||||
Cellular Telecom — 0.1% |
| |||||||
United States Cellular Corp.† | 3,508 | 132,006 | ||||||
Chemicals - Diversified — 0.7% |
| |||||||
Akzo Nobel NV ADR | 14,868 | 307,470 | ||||||
Dow Chemical Co. | 10,811 | 602,389 | ||||||
PPG Industries, Inc. | 8,518 | 817,132 | ||||||
1,726,991 | ||||||||
Chemicals - Specialty — 0.0% |
| |||||||
Ashland Global Holdings, Inc.# | 880 | 99,176 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services — 0.7% |
| |||||||
Nielsen Holdings PLC | 35,890 | $ | 1,546,859 | |||||
Commercial Services - Finance — 0.1% |
| |||||||
Total System Services, Inc. | 2,650 | 130,433 | ||||||
Computer Services — 1.5% |
| |||||||
Amdocs, Ltd. | 23,305 | 1,374,296 | ||||||
Cognizant Technology Solutions Corp., Class A† | 30,256 | 1,666,500 | ||||||
Dell Technologies, Inc. - VMware, Inc., Class V† | 8,896 | 476,470 | ||||||
3,517,266 | ||||||||
Computers — 3.5% |
| |||||||
Apple, Inc. | 75,324 | 8,324,809 | ||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Crown Holdings, Inc.† | 2,630 | 143,046 | ||||||
Containers - Paper/Plastic — 0.8% |
| |||||||
Bemis Co., Inc. | 4,330 | 216,803 | ||||||
Graphic Packaging Holding Co. | 8,430 | 105,965 | ||||||
Packaging Corp. of America# | 19,263 | 1,632,732 | ||||||
Sealed Air Corp. | 470 | 21,432 | ||||||
1,976,932 | ||||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
Unilever NV | 2,710 | 107,939 | ||||||
Cruise Lines — 1.5% |
| |||||||
Carnival Corp.# | 69,073 | 3,551,043 | ||||||
Data Processing/Management — 0.1% |
| |||||||
Dun & Bradstreet Corp. | 449 | 54,652 | ||||||
Fidelity National Information Services, Inc. | 750 | 57,893 | ||||||
First Data Corp., Class A† | 7,660 | 111,606 | ||||||
224,151 | ||||||||
Diversified Banking Institutions — 11.9% |
| |||||||
Bank of America Corp. | 374,684 | 7,913,326 | ||||||
Citigroup, Inc. | 102,170 | 5,761,366 | ||||||
Goldman Sachs Group, Inc. | 14,759 | 3,236,501 | ||||||
JPMorgan Chase & Co. | 131,404 | 10,534,659 | ||||||
Morgan Stanley | 13,600 | 562,496 | ||||||
28,008,348 | ||||||||
E-Services/Consulting — 0.6% |
| |||||||
CDW Corp. | 27,350 | 1,401,414 | ||||||
Electric - Integrated — 2.2% |
| |||||||
AES Corp. | 165,290 | 1,892,570 | ||||||
American Electric Power Co., Inc. | 1,960 | 115,738 | ||||||
Duke Energy Corp. | 1,380 | 101,803 | ||||||
Exelon Corp. | 61,600 | 2,002,616 | ||||||
Public Service Enterprise Group, Inc. | 23,306 | 962,771 | ||||||
5,075,498 | ||||||||
Electronic Components - Misc. — 0.7% |
| |||||||
Flex, Ltd.† | 110,610 | 1,575,086 | ||||||
Electronic Components - Semiconductors — 0.9% |
| |||||||
Intel Corp. | 34,206 | 1,186,948 | ||||||
NVIDIA Corp.# | 8,914 | 821,871 | ||||||
2,008,819 | ||||||||
Electronics - Military — 0.3% |
| |||||||
L-3 Communications Holdings, Inc. | 5,164 | 814,724 | ||||||
Engineering/R&D Services — 0.5% |
| |||||||
AECOM† | 18,711 | 680,145 | ||||||
EMCOR Group, Inc. | 8,120 | 563,284 | ||||||
1,243,429 | ||||||||
58 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Enterprise Software/Service — 0.0% |
| |||||||
Oracle Corp. | 1,720 | $ | 69,127 | |||||
Entertainment Software — 1.3% |
| |||||||
Activision Blizzard, Inc. | 82,190 | 3,008,976 | ||||||
Finance - Consumer Loans — 1.2% |
| |||||||
SLM Corp.† | 270,987 | 2,728,839 | ||||||
Finance - Credit Card — 1.3% |
| |||||||
Discover Financial Services | 46,910 | 3,179,091 | ||||||
Finance - Other Services — 0.3% |
| |||||||
Nasdaq, Inc. | 12,040 | 771,644 | ||||||
Food - Misc./Diversified — 0.1% |
| |||||||
Mondelez International, Inc., Class A | 5,470 | 225,583 | ||||||
Food - Retail — 0.6% |
| |||||||
Kroger Co. | 43,216 | 1,395,877 | ||||||
Home Decoration Products — 0.3% |
| |||||||
Newell Brands, Inc. | 12,980 | 610,190 | ||||||
Hotels/Motels — 0.4% |
| |||||||
Wyndham Worldwide Corp. | 13,481 | 970,497 | ||||||
Housewares — 0.0% |
| |||||||
Tupperware Brands Corp.# | 1,290 | 71,518 | ||||||
Human Resources — 0.3% |
| |||||||
Robert Half International, Inc. | 14,453 | 648,506 | ||||||
Independent Power Producers — 0.2% |
| |||||||
Dynegy, Inc.†# | 57,730 | 499,365 | ||||||
Instruments - Controls — 0.1% |
| |||||||
Honeywell International, Inc. | 1,275 | 145,274 | ||||||
Insurance - Life/Health — 0.7% |
| |||||||
Lincoln National Corp. | 10,977 | 703,626 | ||||||
Prudential Financial, Inc. | 9,205 | 926,023 | ||||||
1,629,649 | ||||||||
Insurance - Multi-line — 0.4% |
| |||||||
Genworth Financial, Inc., Class A†# | 23,270 | 99,595 | ||||||
Hartford Financial Services Group, Inc. | 15,849 | 746,805 | ||||||
846,400 | ||||||||
Insurance - Property/Casualty — 0.3% |
| |||||||
Travelers Cos., Inc. | 1,914 | 216,952 | ||||||
XL Group, Ltd. | 13,480 | 487,032 | ||||||
703,984 | ||||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Facebook, Inc., Class A† | 2,045 | 242,169 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 1,620 | 185,020 | ||||||
Medical Instruments — 0.2% |
| |||||||
Medtronic PLC | 7,324 | 534,725 | ||||||
Medical Labs & Testing Services — 0.7% | ||||||||
Laboratory Corp. of America Holdings† | 12,480 | 1,570,608 | ||||||
Quintiles IMS Holdings, Inc.† | 1,067 | 81,978 | ||||||
1,652,586 | ||||||||
Medical Products — 1.3% |
| |||||||
Baxter International, Inc. | 38,450 | 1,706,026 | ||||||
Zimmer Biomet Holdings, Inc. | 12,608 | 1,284,251 | ||||||
2,990,277 | ||||||||
Medical - Biomedical/Gene — 3.4% |
| |||||||
Amgen, Inc. | 1,281 | 184,554 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Biogen, Inc.† | 10,992 | $ | 3,232,417 | |||||
Gilead Sciences, Inc. | 61,534 | 4,535,056 | ||||||
7,952,027 | ||||||||
Medical - Drugs — 3.4% |
| |||||||
Allergan PLC†# | 5,079 | 986,850 | ||||||
Johnson & Johnson | 6,250 | 695,625 | ||||||
Mallinckrodt PLC† | 17,315 | 912,500 | ||||||
Merck & Co., Inc. | 15,493 | 948,017 | ||||||
Pfizer, Inc. | 135,640 | 4,359,469 | ||||||
7,902,461 | ||||||||
Medical - Generic Drugs — 0.4% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 26,235 | 989,060 | ||||||
Medical - HMO — 4.9% |
| |||||||
Aetna, Inc. | 26,393 | 3,453,260 | ||||||
Centene Corp.† | 25,258 | 1,455,619 | ||||||
Cigna Corp. | 4,376 | 589,622 | ||||||
Humana, Inc. | 15,672 | 3,332,494 | ||||||
UnitedHealth Group, Inc. | 17,289 | 2,737,194 | ||||||
11,568,189 | ||||||||
Metal - Diversified — 0.6% |
| |||||||
Rio Tinto PLC ADR# | 35,473 | 1,344,781 | ||||||
Networking Products — 3.2% |
| |||||||
Cisco Systems, Inc. | 250,830 | 7,479,751 | ||||||
Office Supplies & Forms — 0.4% |
| |||||||
Avery Dennison Corp. | 13,707 | 987,726 | ||||||
Oil Companies - Exploration & Production — 4.8% |
| |||||||
Anadarko Petroleum Corp. | 9,220 | 637,563 | ||||||
Apache Corp.# | 47,500 | 3,132,625 | ||||||
Devon Energy Corp. | 53,370 | 2,579,372 | ||||||
Gulfport Energy Corp.† | 40,560 | 1,041,987 | ||||||
Hess Corp.# | 13,480 | 754,341 | ||||||
Marathon Oil Corp.# | 149,638 | 2,702,462 | ||||||
Parsley Energy, Inc., Class A† | 10,780 | 411,257 | ||||||
11,259,607 | ||||||||
Oil Companies - Integrated — 3.3% |
| |||||||
BP PLC ADR# | 65,900 | 2,307,159 | ||||||
Chevron Corp. | 23,003 | 2,566,215 | ||||||
Statoil ASA ADR# | 35,260 | 613,524 | ||||||
Suncor Energy, Inc. | 52,605 | 1,675,995 | ||||||
TOTAL SA ADR | 11,694 | 557,336 | ||||||
7,720,229 | ||||||||
Oil Refining & Marketing — 0.8% |
| |||||||
Marathon Petroleum Corp. | 13,620 | 640,412 | ||||||
Valero Energy Corp. | 20,280 | 1,248,437 | ||||||
1,888,849 | ||||||||
Oil - Field Services — 0.5% |
| |||||||
Schlumberger, Ltd. | 6,230 | 523,632 | ||||||
Superior Energy Services, Inc. | 32,435 | 559,179 | ||||||
1,082,811 | ||||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
Brixmor Property Group, Inc. | 7,720 | 187,982 | ||||||
Starwood Property Trust, Inc. | 28,340 | 636,800 | ||||||
824,782 | ||||||||
Retail - Apparel/Shoe — 0.2% |
| |||||||
Ross Stores, Inc. | 5,488 | 370,934 | ||||||
59 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Building Products — 3.0% |
| |||||||
Home Depot, Inc. | 27,064 | $ | 3,502,082 | |||||
Lowe’s Cos., Inc. | 48,762 | 3,440,159 | ||||||
6,942,241 | ||||||||
Retail - Discount — 0.8% |
| |||||||
Dollar General Corp. | 13,136 | 1,015,675 | ||||||
Wal-Mart Stores, Inc. | 12,465 | 877,910 | ||||||
1,893,585 | ||||||||
Retail - Drug Store — 3.1% |
| |||||||
CVS Health Corp. | 36,371 | 2,796,566 | ||||||
Rite Aid Corp.† | 1,827 | 14,543 | ||||||
Walgreens Boots Alliance, Inc. | 53,974 | 4,573,217 | ||||||
7,384,326 | ||||||||
Retail - Restaurants — 0.0% |
| |||||||
Darden Restaurants, Inc.# | 670 | 49,111 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.0% | ||||||||
GNC Holdings, Inc., Class A# | 3,030 | 43,784 | ||||||
Rubber - Tires — 0.9% |
| |||||||
Goodyear Tire & Rubber Co.# | 65,670 | 2,015,412 | ||||||
Savings & Loans/Thrifts — 0.3% | ||||||||
New York Community Bancorp, Inc.# | 37,410 | 597,812 | ||||||
Semiconductor Components - Integrated Circuits — 1.5% |
| |||||||
QUALCOMM, Inc. | 53,170 | 3,622,472 | ||||||
Semiconductor Equipment — 1.5% |
| |||||||
Lam Research Corp. | 31,761 | 3,367,301 | ||||||
Teradyne, Inc. | 9,590 | 233,804 | ||||||
3,601,105 | ||||||||
Shipbuilding — 0.1% |
| |||||||
Huntington Ingalls Industries, Inc. | 1,540 | 275,290 | ||||||
Steel - Producers — 0.2% |
| |||||||
Reliance Steel & Aluminum Co. | 5,150 | 417,665 | ||||||
Telephone - Integrated — 1.3% |
| |||||||
AT&T, Inc. | 9,300 | 359,259 | ||||||
Telephone & Data Systems, Inc. | 37,779 | 1,017,388 | ||||||
Verizon Communications, Inc. | 36,010 | 1,796,899 | ||||||
3,173,546 | ||||||||
Tobacco — 1.6% |
| |||||||
Altria Group, Inc. | 60,695 | 3,880,231 | ||||||
Transport - Rail — 0.6% | ||||||||
CSX Corp. | 1,250 | 44,763 | ||||||
Norfolk Southern Corp. | 13,529 | 1,440,297 | ||||||
1,485,060 | ||||||||
Web Hosting/Design — 0.1% |
| |||||||
GoDaddy, Inc., Class A†# | 9,900 | 349,866 | ||||||
Web Portals/ISP — 2.7% |
| |||||||
Alphabet, Inc., Class A† | 4,061 | 3,150,849 | ||||||
Alphabet, Inc., Class C† | 4,084 | 3,095,835 | ||||||
6,246,684 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Nokia OYJ ADR# | 51,670 | 222,181 | ||||||
X-Ray Equipment — 0.0% |
| |||||||
Hologic, Inc.† | 583 | 22,317 | ||||||
Total Common Stocks | ||||||||
(cost $183,625,277) | 227,614,318 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES — 0.1% |
| |||||||
Food - Meat Products — 0.1% | ||||||||
Tyson Foods, Inc. | 4,272 | $ | 267,982 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $183,838,877) | 227,882,300 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.2% |
| |||||||
Registered Investment Companies — 0.2% | ||||||||
State Street Navigator Securities Lending Prime Portfolio 0.26% (1)(2) | 493,965 | 493,965 | ||||||
REPURCHASE AGREEMENTS — 2.8% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.01%, dated 11/30/2016, to be repurchased 12/01/2016 in the amount $1,622,000 collateralized by $1,570,000 of United States Treasury Notes, bearing interest at 3.13% due 05/15/2021 and having an approximate value of $1,659,364 | $ | 1,622,000 | 1,622,000 | |||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.01%, dated 11/30/2016, to be repurchased 12/01/2016 in the amount $4,949,001 collateralized by $4,990,000 of United States Treasury Notes, bearing interest at 1.63% due 12/31/2019 and having an approximate value of $5,051,781 | 4,949,000 | 4,949,000 | ||||||
Total Repurchase Agreements | ||||||||
(cost $6,571,000) | 6,571,000 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $190,903,842)(3) | 100.0 | % | 234,947,265 | |||||
Liabilities in excess of other assets | (0.0 | ) | (103,100 | ) | ||||
NET ASSETS | 100.0 | % | $ | 234,844,165 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $18,887,324. This was secured by collateral of $493,965, which was received in cash and subsequently invested in short-term investments currently valued at $493,965 as reported in the Portfolio of Investments. Additional collateral of $18,449,805 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, 2016 | |||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 11/01/2027 to 06/15/2044 | $670,712 | |||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 11/01/2027 to 02/25/2044 | 1,214,133 | |||
Government National Mtg. Assoc. | 2.50% to 3.50% | 01/20/2043 to 11/20/2046 | 2,030,318 | |||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | 1,062,887 | |||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 01/15/2017 to 05/15/2046 | 13,471,755 |
(2) | The rate shown is the 7-day yield as of November 30, 2016. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
60 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 227,614,318 | $ | — | $ | — | $ | 227,614,318 | ||||||||
Convertible Preferred Securities | 267,982 | — | — | 267,982 | ||||||||||||
Short-Term Investment Securities | 493,965 | — | — | 493,965 | ||||||||||||
Repurchase Agreements | — | 6,571,000 | — | 6,571,000 | ||||||||||||
Total Investments at Value | $ | 228,376,265 | $ | 6,571,000 | $ | — | $ | 234,947,265 | ||||||||
* | 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
61 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 8.2 | % | ||
Medical — Drugs | 7.2 | |||
Oil Companies — Integrated | 6.3 | |||
Telephone — Integrated | 4.4 | |||
Tobacco | 4.4 | |||
Aerospace/Defense | 3.7 | �� | ||
Banks — Super Regional | 3.7 | |||
Chemicals — Diversified | 3.0 | |||
Medical — HMO | 2.9 | |||
Electric — Integrated | 2.7 | |||
Retail — Apparel/Shoe | 2.7 | |||
Retail — Restaurants | 2.7 | |||
Retail — Regional Department Stores | 2.6 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Time Deposits | 2.0 | |||
Diversified Manufacturing Operations | 2.0 | |||
Beverages — Non-alcoholic | 1.9 | |||
Oil Refining & Marketing | 1.7 | |||
Computers | 1.5 | |||
Insurance — Multi-line | 1.5 | |||
Electric Products — Misc. | 1.4 | |||
Engines — Internal Combustion | 1.4 | |||
Semiconductor Equipment | 1.4 | |||
Machinery — Construction & Mining | 1.4 | |||
Retail — Consumer Electronics | 1.4 | |||
Electronic Components — Semiconductors | 1.4 | |||
Advertising Agencies | 1.3 | |||
Computer Services | 1.3 | |||
Applications Software | 1.3 | |||
Insurance — Life/Health | 1.3 | |||
Medical — Biomedical/Gene | 1.3 | |||
Networking Products | 1.3 | |||
Enterprise Software/Service | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Cosmetics & Toiletries | 1.1 | |||
Registered Investment Companies | 0.9 | |||
Retail — Discount | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Food — Retail | 0.8 | |||
Instruments — Controls | 0.7 | |||
Retail — Building Products | 0.7 | |||
Medical Labs & Testing Services | 0.7 | |||
Transport — Services | 0.5 | |||
Wireless Equipment | 0.5 | |||
Beverages — Wine/Spirits | 0.5 | |||
Insurance — Property/Casualty | 0.5 | |||
Finance — Other Services | 0.5 | |||
Medical Products | 0.4 | |||
Investment Management/Advisor Services | 0.4 | |||
Transport — Rail | 0.3 | |||
Commercial Services | 0.3 | |||
Hotels/Motels | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Insurance Brokers | 0.3 | |||
Cellular Telecom | 0.3 | |||
Paper & Related Products | 0.3 | |||
Food — Misc./Diversified | 0.3 | |||
Pipelines | 0.3 | |||
Oil — Field Services | 0.3 | |||
Advertising Services | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Vitamins & Nutrition Products | 0.2 | |||
Repurchase Agreements | 0.2 | |||
Industrial Gases | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Telecom Services | 0.2 | |||
Water | 0.1 | |||
100.4 | % | |||
* | Calculated as a percentage of net assets |
62 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.3% | ||||||||
Advertising Agencies — 1.3% | ||||||||
Omnicom Group, Inc. | 112,813 | $ | 9,807,962 | |||||
Advertising Services — 0.2% | ||||||||
Publicis Groupe SA | 27,590 | 1,790,442 | ||||||
Aerospace/Defense — 3.7% | ||||||||
Boeing Co. | 69,353 | 10,441,788 | ||||||
Lockheed Martin Corp. | 20,320 | 5,389,880 | ||||||
Northrop Grumman Corp. | 27,105 | 6,766,763 | ||||||
Raytheon Co. | 28,615 | 4,279,087 | ||||||
26,877,518 | ||||||||
Applications Software — 1.3% | ||||||||
Microsoft Corp. | 156,275 | 9,417,131 | ||||||
Banks - Super Regional — 3.7% | ||||||||
KeyCorp | 119,980 | 2,076,854 | ||||||
SunTrust Banks, Inc. | 112,333 | 5,835,699 | ||||||
US Bancorp | 128,160 | 6,359,299 | ||||||
Wells Fargo & Co. | 233,225 | 12,342,267 | ||||||
26,614,119 | ||||||||
Beverages - Non-alcoholic — 1.9% | ||||||||
Coca-Cola Co. | 335,383 | 13,532,704 | ||||||
Beverages - Wine/Spirits — 0.5% | ||||||||
Diageo PLC | 140,575 | 3,526,542 | ||||||
Cable/Satellite TV — 1.1% | ||||||||
Comcast Corp., Class A | 114,505 | 7,959,243 | ||||||
Cellular Telecom — 0.3% | ||||||||
SK Telecom Co., Ltd. ADR | 101,900 | 2,160,280 | ||||||
Chemicals - Diversified — 3.0% | ||||||||
Dow Chemical Co. | 123,195 | 6,864,425 | ||||||
E.I. du Pont de Nemours & Co. | 65,100 | 4,792,011 | ||||||
LyondellBasell Industries NV, Class A | 115,877 | 10,466,011 | ||||||
22,122,447 | ||||||||
Commercial Services — 0.3% | ||||||||
Nielsen Holdings PLC | 54,170 | 2,334,727 | ||||||
Commercial Services - Finance — 0.3% | ||||||||
Experian PLC | 117,560 | 2,221,074 | ||||||
Computer Services — 1.3% | ||||||||
International Business Machines Corp. | 59,868 | 9,711,787 | ||||||
Computers — 1.5% | ||||||||
HP, Inc. | 611,133 | 9,411,448 | ||||||
Lenovo Group, Ltd. | 2,902,000 | 1,799,603 | ||||||
11,211,051 | ||||||||
Cosmetics & Toiletries — 1.1% | ||||||||
Procter & Gamble Co. | 52,235 | 4,307,298 | ||||||
Unilever NV | 90,145 | 3,590,475 | ||||||
7,897,773 | ||||||||
Diversified Banking Institutions — 8.2% | ||||||||
Bank of America Corp. | 913,300 | 19,288,896 | ||||||
Citigroup, Inc. | 211,650 | 11,934,943 | ||||||
Goldman Sachs Group, Inc. | 20,800 | 4,561,232 | ||||||
JPMorgan Chase & Co. | 197,815 | 15,858,829 | ||||||
Morgan Stanley | 182,780 | 7,559,781 | ||||||
59,203,681 | ||||||||
Diversified Manufacturing Operations — 2.0% | ||||||||
3M Co. | 10,295 | 1,768,063 | ||||||
General Electric Co. | 409,095 | 12,583,762 | ||||||
14,351,825 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric Products - Misc. — 1.4% | ||||||||
Emerson Electric Co. | 185,283 | $ | 10,457,373 | |||||
Electric - Integrated — 2.7% | ||||||||
CMS Energy Corp. | 60,720 | 2,442,158 | ||||||
Dominion Resources, Inc. | 58,550 | 4,291,130 | ||||||
DTE Energy Co. | 7,960 | 740,996 | ||||||
Exelon Corp. | 83,260 | 2,706,783 | ||||||
FirstEnergy Corp. | 34,870 | 1,091,082 | ||||||
NextEra Energy, Inc. | 45,430 | 5,189,469 | ||||||
Public Service Enterprise Group, Inc. | 81,770 | 3,377,919 | ||||||
19,839,537 | ||||||||
Electronic Components - Semiconductors — 1.4% | ||||||||
Intel Corp. | 116,965 | 4,058,686 | ||||||
Samsung Electronics Co., Ltd. GDR | 7,969 | 5,845,261 | ||||||
9,903,947 | ||||||||
Engines - Internal Combustion — 1.4% | ||||||||
Cummins, Inc. | 73,405 | 10,407,361 | ||||||
Enterprise Software/Service — 1.1% | ||||||||
Oracle Corp. | 206,130 | 8,284,365 | ||||||
Finance - Other Services — 0.5% | ||||||||
CME Group, Inc. | 29,340 | 3,312,779 | ||||||
Food - Misc./Diversified — 0.3% | ||||||||
Mondelez International, Inc., Class A | 50,265 | 2,072,929 | ||||||
Food - Retail — 0.8% | ||||||||
Kroger Co. | 175,290 | 5,661,867 | ||||||
Hotels/Motels — 0.3% | ||||||||
Hilton Worldwide Holdings, Inc. | 89,214 | 2,236,595 | ||||||
Industrial Automated/Robotic — 0.2% | ||||||||
Rockwell Automation, Inc. | 9,420 | 1,259,548 | ||||||
Industrial Gases — 0.2% | ||||||||
Praxair, Inc. | 10,485 | 1,261,346 | ||||||
Instruments - Controls — 0.7% | ||||||||
Honeywell International, Inc. | 47,065 | 5,362,586 | ||||||
Insurance Brokers — 0.3% | ||||||||
Marsh & McLennan Cos., Inc. | 31,310 | 2,170,096 | ||||||
Insurance - Life/Health — 1.3% | ||||||||
Prudential Financial, Inc. | 93,315 | 9,387,489 | ||||||
Insurance - Multi-line — 1.5% | ||||||||
Allstate Corp. | 29,180 | 2,040,266 | ||||||
MetLife, Inc. | 158,960 | 8,744,389 | ||||||
10,784,655 | ||||||||
Insurance - Property/Casualty — 0.5% | ||||||||
Travelers Cos., Inc. | 30,180 | 3,420,903 | ||||||
Investment Management/Advisor Services — 0.4% | ||||||||
Invesco, Ltd. | 87,971 | 2,754,372 | ||||||
Machinery - Construction & Mining — 1.4% | ||||||||
Caterpillar, Inc.# | 106,457 | 10,173,031 | ||||||
Medical Labs & Testing Services — 0.7% | ||||||||
Quest Diagnostics, Inc. | 56,195 | 4,914,815 | ||||||
Medical Products — 0.4% | ||||||||
Becton Dickinson and Co. | 16,610 | 2,808,751 | ||||||
Medical - Biomedical/Gene — 1.3% |
| |||||||
Gilead Sciences, Inc. | 127,266 | 9,379,504 | ||||||
Medical - Drugs — 7.2% |
| |||||||
AbbVie, Inc. | 153,873 | 9,355,478 | ||||||
AstraZeneca PLC | 109,730 | 5,697,020 |
63 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Johnson & Johnson | 30,395 | $ | 3,382,964 | |||||
Merck & Co., Inc. | 150,885 | 9,232,653 | ||||||
Pfizer, Inc. | 755,006 | 24,265,893 | ||||||
51,934,008 | ||||||||
Medical - HMO — 2.9% |
| |||||||
Aetna, Inc. | 64,753 | 8,472,282 | ||||||
Anthem, Inc. | 48,607 | 6,927,956 | ||||||
UnitedHealth Group, Inc. | 36,643 | 5,801,320 | ||||||
21,201,558 | ||||||||
Networking Products — 1.3% |
| |||||||
Cisco Systems, Inc. | 306,253 | 9,132,464 | ||||||
Oil Companies - Exploration & Production — 2.6% |
| |||||||
Anadarko Petroleum Corp. | 20,270 | 1,401,670 | ||||||
ConocoPhillips | 45,680 | 2,216,394 | ||||||
Hess Corp. | 81,435 | 4,557,103 | ||||||
Marathon Oil Corp. | 84,245 | 1,521,465 | ||||||
Occidental Petroleum Corp. | 113,101 | 8,070,887 | ||||||
Pioneer Natural Resources Co. | 6,170 | 1,178,717 | ||||||
18,946,236 | ||||||||
Oil Companies - Integrated — 6.3% |
| |||||||
Chevron Corp. | 151,720 | 16,925,883 | ||||||
Exxon Mobil Corp. | 182,752 | 15,954,250 | ||||||
Suncor Energy, Inc. | 196,620 | 6,264,313 | ||||||
TOTAL SA ADR | 132,072 | 6,294,552 | ||||||
45,438,998 | ||||||||
Oil Refining & Marketing — 1.7% |
| |||||||
Marathon Petroleum Corp. | 69,720 | 3,278,234 | ||||||
Valero Energy Corp. | 146,935 | 9,045,319 | ||||||
12,323,553 | ||||||||
Oil-Field Services — 0.3% |
| |||||||
Schlumberger, Ltd. | 23,335 | 1,961,307 | ||||||
Paper & Related Products — 0.3% |
| |||||||
International Paper Co. | 44,250 | 2,155,860 | ||||||
Pipelines — 0.3% |
| |||||||
Spectra Energy Corp. | 47,990 | 1,965,191 | ||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Weyerhaeuser Co. | 54,890 | 1,692,259 | ||||||
Retail - Apparel/Shoe — 2.7% |
| |||||||
Gap, Inc.# | 428,394 | 10,696,998 | ||||||
L Brands, Inc. | 127,353 | 8,942,728 | ||||||
19,639,726 | ||||||||
Retail - Building Products — 0.7% |
| |||||||
Home Depot, Inc. | 38,430 | 4,972,842 | ||||||
Retail - Consumer Electronics — 1.4% |
| |||||||
Best Buy Co., Inc. | 217,886 | 9,957,390 | ||||||
Retail - Discount — 0.8% |
| |||||||
Dollar General Corp. | 75,581 | 5,843,923 | ||||||
Retail - Regional Department Stores — 2.6% |
| |||||||
Kohl’s Corp.# | 176,278 | 9,489,045 | ||||||
Macy’s, Inc. | 226,016 | 9,537,875 | ||||||
19,026,920 | ||||||||
Retail - Restaurants — 2.7% |
| |||||||
Darden Restaurants, Inc. | 132,777 | 9,732,554 | ||||||
McDonald’s Corp. | 80,224 | 9,568,317 | ||||||
19,300,871 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits — 0.8% |
| |||||||
QUALCOMM, Inc. | 67,700 | $ | 4,612,401 | |||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 36,700 | 1,089,623 | ||||||
5,702,024 | ||||||||
Semiconductor Equipment — 1.4% |
| |||||||
KLA-Tencor Corp. | 128,645 | 10,271,017 | ||||||
Telecom Services — 0.2% |
| |||||||
BCE, Inc. | 25,810 | 1,111,895 | ||||||
Telephone - Integrated — 4.4% |
| |||||||
AT&T, Inc. | 236,068 | 9,119,307 | ||||||
CenturyLink, Inc. | 338,649 | 7,965,025 | ||||||
Verizon Communications, Inc. | 303,156 | 15,127,484 | ||||||
32,211,816 | ||||||||
Tobacco — 4.4% |
| |||||||
Altria Group, Inc. | 174,328 | 11,144,789 | ||||||
Philip Morris International, Inc. | 113,518 | 10,021,369 | ||||||
Reynolds American, Inc. | 203,064 | 10,985,762 | ||||||
32,151,920 | ||||||||
Transport - Rail — 0.3% |
| |||||||
Union Pacific Corp. | 23,837 | 2,415,403 | ||||||
Transport - Services — 0.5% |
| |||||||
United Parcel Service, Inc., Class B | 34,045 | 3,946,496 | ||||||
Vitamins & Nutrition Products — 0.2% |
| |||||||
Mead Johnson Nutrition Co. | 21,890 | 1,578,050 | ||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 10,900 | 789,923 | ||||||
Wireless Equipment — 0.5% |
| |||||||
Motorola Solutions, Inc. | 45,350 | 3,639,337 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $624,080,159) | 705,905,142 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.9% |
| |||||||
Registered Investment Companies — 0.9% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.26%(1)(2) | 6,290,434 | 6,290,434 | ||||||
Time Deposits — 2.0% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2016 | $ | 14,720,000 | 14,720,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $21,010,434) | 21,010,434 | |||||||
REPURCHASE AGREEMENTS — 0.2% | ||||||||
State Street Bank and Trust Co. | 1,413,000 | $ | 1,413,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $646,503,593)(4) | 100.4 | % | 728,328,576 | |||||
Liabilities in excess of other assets | (0.4 | ) | (2,742,406 | ) | ||||
NET ASSETS | 100.0 | % | $ | 725,586,170 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $27,581,811. This was secured by collateral of $6,290,434, which was received in cash and subsequently invested in short-term investments currently valued at $6,290,434 as reported in the Portfolio of Investments. Additional collateral of $21,996,820 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and |
64 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
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, 2016 | |||
United States Treasury Bills | 0.00% | 12/15/2016 to 04/27/2017 | $ 2,014,446 | |||
United States Treasury Notes/Bonds | 0.13% to 4.25% | 04/15/2017 to 05/15/2045 | 19,982,374 |
(2) | The rate shown is the 7-day yield as of November 30, 2016. |
(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
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 705,905,142 | $ | — | $ | — | $ | 705,905,142 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 6,290,434 | — | — | 6,290,434 | ||||||||||||
Time Deposits | — | 14,720,000 | — | 14,720,000 | ||||||||||||
Repurchase Agreements | — | 1,413,000 | — | 1,413,000 | ||||||||||||
Total Investments at Value | $ | 712,195,576 | $ | 16,133,000 | $ | — | $ | 728,328,576 | ||||||||
* | 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
65 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO PROFILE — November 30, 2016 — (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 51.5 | % | ||
Domestic Fixed Income Investment Companies | 19.0 | |||
United States Treasury Notes | 11.4 | |||
International Equity Investment Companies | 10.8 | |||
Registered Investment Companies | 3.7 | |||
United States Treasury Bonds | 3.0 | |||
International Fixed Income Investment Companies | 0.8 | |||
Options — Purchased | 0.4 | |||
100.6 | % | |||
* | Calculated as a percentage of net assets |
66 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 — (unaudited)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES (1)@ — 82.1% |
| |||||||
Domestic Equity Investment Companies — 51.5% | ||||||||
VALIC Co. I Blue Chip Growth Fund | 596,426 | $ | 9,620,344 | |||||
VALIC Co. I Broad Cap Value Income Fund | 699,537 | 10,723,909 | ||||||
VALIC Co. I Dividend Value Fund | 813,978 | 10,280,536 | ||||||
VALIC Co. I Growth & Income Fund | 207,897 | 4,068,548 | ||||||
VALIC Co. I Growth Fund | 715,059 | 9,939,328 | ||||||
VALIC Co. I Large Cap Core Fund | 725,549 | 8,097,123 | ||||||
VALIC Co. I Large Capital Growth Fund | 636,729 | 7,787,197 | ||||||
VALIC Co. I Mid Cap Index Fund | 152,843 | 4,177,192 | ||||||
VALIC Co. I Stock Index Fund | 877,404 | 30,779,317 | ||||||
VALIC Co. I Value Fund | 662,116 | 10,474,680 | ||||||
VALIC Co. II Capital Appreciation Fund | 372,015 | 5,859,239 | ||||||
VALIC Co. II Mid Cap Growth Fund | 232,482 | 1,962,149 | ||||||
VALIC Co. II Mid Cap Value Fund | 100,500 | 2,153,713 | ||||||
VALIC Co. II Small Cap Growth Fund | 302,289 | 4,374,125 | ||||||
VALIC Co. II Small Cap Value Fund | 292,657 | 4,398,641 | ||||||
Total Domestic Equity Investment Companies | ||||||||
(cost $120,316,835) | 124,696,041 | |||||||
Domestic Fixed Income Investment Companies — 19.0% |
| |||||||
VALIC Co. I Capital Conservation Fund | 1,344,653 | 13,231,387 | ||||||
VALIC Co. I Government Securities Fund | 801,562 | 8,568,703 | ||||||
VALIC Co. I Inflation Protected Fund | 183,136 | 1,981,527 | ||||||
VALIC Co. II Core Bond Fund | 1,315,589 | 14,418,852 | ||||||
VALIC Co. II High Yield Bond Fund | 395,503 | 2,982,092 | ||||||
VALIC Co. II Strategic Bond Fund | 446,048 | 4,933,288 | ||||||
Total Domestic Fixed Income Investment Companies | ||||||||
(cost $46,464,547) | 46,115,849 | |||||||
International Equity Investment Companies — 10.8% | ||||||||
VALIC Co. I Emerging Economies Fund | 402,424 | 2,740,511 | ||||||
VALIC Co. I Foreign Value Fund | 919,693 | 8,599,129 | ||||||
VALIC Co. I Global Real Estate Fund | 217,646 | 1,673,696 | ||||||
VALIC Co. I International Equities Index Fund | 768,882 | 4,713,246 | ||||||
VALIC Co. I International Growth Fund | 745,272 | 8,324,684 | ||||||
Total International Equity Investment Companies | ||||||||
(cost $29,015,280) | 26,051,266 | |||||||
International Fixed Income Investment Companies — 0.8% |
| |||||||
VALIC Co. I International Government Bond Fund | 180,820 | 2,010,720 | ||||||
Total Affiliated Registered Investment Companies | ||||||||
(cost $197,943,162) | 198,873,876 | |||||||
U.S. GOVERNMENT TREASURIES — 14.4% | ||||||||
United States Treasury Bonds — 3.0% | ||||||||
6.00% due 02/15/2026 | 1,098,000 | 1,430,359 | ||||||
6.75% due 08/15/2026 | 2,320,000 | 3,203,412 |
Security Description | Principal | Value (Note 2) | ||||||
United States Treasury Bonds (continued) | ||||||||
6.88% due 08/15/2025 | 1,080,000 | $ | 1,471,753 | |||||
7.50% due 11/15/2024 | 490,000 | 678,842 | ||||||
7.63% due 02/15/2025 | 375,000 | 526,406 | ||||||
7,310,772 | ||||||||
United States Treasury Notes — 11.4% | ||||||||
1.50% due 08/15/2026 | 415,000 | 383,292 | ||||||
1.63% due 02/15/2026 | 2,857,000 | 2,680,557 | ||||||
1.63% due 05/15/2026# | 2,791,000 | 2,613,291 | ||||||
2.00% due 02/15/2025 | 3,090,000 | 3,016,492 | ||||||
2.00% due 08/15/2025# | 3,090,000 | 3,005,387 | ||||||
2.00% due 11/15/2026 | 881,500 | 852,886 | ||||||
2.13% due 05/15/2025 | 3,450,000 | 3,394,476 | ||||||
2.25% due 11/15/2024# | 2,123,800 | 2,116,666 | ||||||
2.25% due 11/15/2025 | 1,825,000 | 1,809,102 | ||||||
2.38% due 08/15/2024 | 3,280,000 | 3,304,344 | ||||||
2.50% due 05/15/2024 | 2,682,000 | 2,730,193 | ||||||
2.75% due 02/15/2024 | 1,647,000 | 1,706,318 | ||||||
27,613,004 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $35,741,137) | 34,923,776 | |||||||
OPTIONS PURCHASED — 0.4% | ||||||||
Options-Purchased(2) | 75,000 | 1,062,965 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $234,931,946) | 234,860,617 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.7% | ||||||||
Registered Investment Companies — 3.7% | ||||||||
AllianceBernstein Government STIF Fund | 8,902,948 | 8,902,948 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $243,834,894)(4) | 100.6 | % | 243,763,565 | |||||
Liabilities in excess of other assets | (0.6 | ) | (1,521,053 | ) | ||||
NET ASSETS | 100.0 | % | $ | 242,242,512 | ||||
@ | 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 |
# | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(1) | See Note 3 |
(2) | Options — Purchased |
Over the Counter Put Options — Purchased | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Paid | Value at November 30, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
S&P 500 Index | February 2017 | $ | 1,940 | 36,000 | $ | 525,191 | $ | 331,197 | $ | (193,994 | ) | |||||||||||||
S&P 500 Index | March 2017 | 1,975 | 39,000 | 722,456 | 731,768 | 9,312 | ||||||||||||||||||
75,000 | $ | 1,247,647 | $ | 1,062,965 | $ | (184,682 | ) | |||||||||||||||||
(3) | The rate shown is the 7-day yield as of November 30, 2016. |
(4) | See Note 5 for cost of investments on a tax basis. |
67 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
STIF—Short Term Investment Fund
Over the Counter Written Call Options | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
S&P 500 Index | February 2017 | $ | 2,275 | 36,000 | $ | 384,000 | $ | 502,206 | $ | (118,206 | ) | |||||||||||||
S&P 500 Index | March 2017 | 2,325 | 39,000 | 404,268 | 375,408 | 28,860 | ||||||||||||||||||
75,000 | $ | 788,268 | $ | 877,614 | $ | (89,346 | ) | |||||||||||||||||
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
960 | Long | S&P 500 E-Mini Index | December 2016 | $ | 103,761,581 | $ | 105,542,400 | $ | 1,780,819 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 198,873,876 | $ | — | $ | — | $ | 198,873,876 | ||||||||
U.S. Government Treasuries | — | 34,923,776 | — | 34,923,776 | ||||||||||||
Options Purchased | — | 1,062,965 | — | 1,062,965 | ||||||||||||
Short-Term Investment Securities | 8,902,948 | — | — | 8,902,948 | ||||||||||||
Total Investments at Value | $ | 207,776,824 | $ | 35,986,741 | $ | — | $ | 243,763,565 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,780,819 | $ | — | $ | — | $ | 1,780,819 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Written Call Options | $ | — | $ | 89,346 | $ | — | $ | 89,346 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
68 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Banks — Commercial | 15.4 | % | ||
Electronic Components — Semiconductors | 8.1 | |||
Oil Companies — Integrated | 5.9 | |||
Semiconductor Components — Integrated Circuits | 4.9 | |||
Oil Refining & Marketing | 4.3 | |||
Electronic Components — Misc. | 3.6 | |||
Internet Application Software | 3.1 | |||
Food — Misc./Diversified | 2.7 | |||
Cellular Telecom | 2.6 | |||
Steel — Producers | 2.4 | |||
Registered Investment Companies | 2.4 | |||
Diversified Financial Services | 2.4 | |||
Electric — Integrated | 2.2 | |||
Insurance — Property/Casualty | 1.8 | |||
E-Commerce/Products | 1.6 | |||
Beverages — Non-alcoholic | 1.5 | |||
Auto — Cars/Light Trucks | 1.5 | |||
Metal — Iron | 1.5 | |||
Entertainment Software | 1.5 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Tobacco | 1.4 | |||
Time Deposits | 1.3 | |||
Finance — Mortgage Loan/Banker | 1.3 | |||
Real Estate Operations & Development | 1.3 | |||
Photo Equipment & Supplies | 1.3 | |||
Schools | 1.2 | |||
Food — Meat Products | 1.2 | |||
Food — Retail | 1.2 | |||
Building Products — Cement | 1.1 | |||
Medical — Wholesale Drug Distribution | 0.9 | |||
Electric — Generation | 0.8 | |||
Public Thoroughfares | 0.8 | |||
Non-Ferrous Metals | 0.8 | |||
Metal — Diversified | 0.8 | |||
Circuit Boards | 0.8 | |||
Real Estate Investment Trusts | 0.7 | |||
Internet Content — Entertainment | 0.7 | |||
Finance — Other Services | 0.7 | |||
Diversified Operations | 0.7 | |||
Building — Residential/Commercial | 0.6 | |||
Rubber — Tires | 0.6 | |||
Diamonds/Precious Stones | 0.6 | |||
Cosmetics & Toiletries | 0.5 | |||
Petrochemicals | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Food — Canned | 0.5 | |||
Airlines | 0.5 | |||
Metal Processors & Fabrication | 0.5 | |||
Metal Products — Distribution | 0.5 | |||
Distribution/Wholesale | 0.4 | |||
Multimedia | 0.4 | |||
Shipbuilding | 0.4 | |||
Brewery | 0.4 | |||
Applications Software | 0.4 | |||
Containers — Paper/Plastic | 0.4 | |||
Appliances | 0.4 | |||
Audio/Video Products | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Retail — Hypermarkets | 0.3 | |||
Chemicals — Other | 0.3 | |||
Auto/Truck Parts & Equipment — Replacement | 0.3 | |||
Textile — Apparel | 0.3 | |||
Consulting Services | 0.3 | |||
Optical Supplies | 0.2 | |||
Paper & Related Products | 0.2 | |||
Housewares | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Wireless Equipment | 0.2 |
Food — Wholesale/Distribution | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Networking Products | 0.2 | |||
Power Converter/Supply Equipment | 0.1 | |||
Wire & Cable Products | 0.1 | |||
102.0 | % | |||
Country Allocation*
South Korea | 19.6 | % | ||
China | 14.5 | |||
Cayman Islands | 12.3 | |||
Taiwan | 11.2 | |||
Russia | 8.4 | |||
Brazil | 6.4 | |||
Thailand | 5.6 | |||
Turkey | 3.8 | |||
United States | 3.7 | |||
India | 3.5 | |||
South Africa | 2.9 | |||
Poland | 2.0 | |||
Mexico | 1.8 | |||
Hong Kong | 1.8 | |||
Hungary | 1.3 | |||
Bermuda | 0.6 | |||
United Arab Emirates | 0.5 | |||
Malaysia | 0.5 | |||
Singapore | 0.4 | |||
Netherlands | 0.4 | |||
Chile | 0.3 | |||
Cyprus | 0.3 | |||
Indonesia | 0.2 | |||
102.0 | % | |||
* | Calculated as a percentage of net assets |
69 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.0% |
| |||||||
Bermuda — 0.6% |
| |||||||
Nine Dragons Paper Holdings, Ltd. | 1,888,000 | $ | 1,657,614 | |||||
Shenzhen International Holdings, Ltd. | 274,500 | 404,150 | ||||||
Skyworth Digital Holdings, Ltd. | 3,358,000 | 2,108,355 | ||||||
4,170,119 | ||||||||
Brazil — 6.1% |
| |||||||
Banco do Brasil SA | 830,734 | 7,000,464 | ||||||
Braskem SA, Class A (preference shares) | 273,708 | 2,225,565 | ||||||
Cia Brasileira de Distribuicao ADR# | 216,901 | 3,453,064 | ||||||
Cia Energetica de Minas Gerais (preference shares) | 770,809 | 1,800,503 | ||||||
EDP - Energias do Brasil SA | 756,042 | 3,169,875 | ||||||
Kroton Educacional SA | 1,507,046 | 6,438,939 | ||||||
Marfrig Global Foods SA† | 1,019,596 | 1,962,588 | ||||||
MRV Engenharia e Participacoes SA | 1,249,296 | 4,270,150 | ||||||
Qualicorp SA | 313,942 | 1,703,356 | ||||||
Transmissora Alianca de Energia Eletrica SA | 339,674 | 1,863,057 | ||||||
Vale SA ADR | 901,290 | 7,651,952 | ||||||
41,539,513 | ||||||||
Cayman Islands — 12.3% |
| |||||||
AAC Technologies Holdings, Inc. | 486,000 | 4,398,530 | ||||||
Alibaba Group Holding, Ltd. ADR†# | 114,759 | 10,789,641 | ||||||
China High Speed Transmission Equipment Group Co., Ltd. | 653,000 | 873,866 | ||||||
China Lesso Group Holdings, Ltd. | 1,765,000 | 1,276,562 | ||||||
Chlitina Holding, Ltd. | 361,000 | 1,602,657 | ||||||
Geely Automobile Holdings, Ltd. | 5,255,000 | 5,433,520 | ||||||
Jiangnan Group, Ltd.# | 5,334,000 | 825,217 | ||||||
Kingboard Chemical Holdings, Ltd. | 728,500 | 2,042,787 | ||||||
Kingboard Laminates Holdings, Ltd. | 116,500 | 102,434 | ||||||
Lee & Man Paper Manufacturing, Ltd. | 3,261,000 | 2,505,713 | ||||||
NetEase, Inc. ADR | 44,582 | 9,990,826 | ||||||
New Oriental Education & Technology Group, Inc. ADR†# | 46,951 | 2,355,532 | ||||||
Shenzhou International Group Holdings, Ltd.# | 307,000 | 1,887,952 | ||||||
Silicon Motion Technology Corp. ADR | 113,808 | 5,234,030 | ||||||
Sunny Optical Technology Group Co., Ltd. | 405,000 | 2,038,967 | ||||||
Tencent Holdings, Ltd. | 847,200 | 21,156,790 | ||||||
WH Group, Ltd.* | 7,597,500 | 6,317,782 | ||||||
Xinyi Glass Holdings, Ltd. | 2,558,000 | 1,906,174 | ||||||
Xinyi Solar Holdings, Ltd.# | 4,336,000 | 1,481,390 | ||||||
Zhen Ding Technology Holding, Ltd. | 1,042,000 | 2,095,573 | ||||||
84,315,943 | ||||||||
Chile — 0.3% |
| |||||||
Cencosud SA | 678,517 | 1,992,406 | ||||||
China — 14.5% |
| |||||||
Anhui Conch Cement Co., Ltd.# | 2,695,000 | 7,800,264 | ||||||
Bank of China, Ltd. | 32,247,000 | 14,675,680 | ||||||
China CITIC Bank Corp., Ltd. | 10,614,000 | 6,924,107 | ||||||
China Construction Bank Corp. | 24,081,000 | 17,944,715 | ||||||
China Everbright Bank Co., Ltd. | 4,132,000 | 1,960,389 | ||||||
China Merchants Bank Co., Ltd. | 3,638,500 | 8,987,773 | ||||||
China Vanke Co., Ltd. | 2,201,700 | 6,755,684 | ||||||
Guangzhou Automobile Group Co., Ltd. | 3,704,000 | 4,851,755 | ||||||
Huadian Power International Corp., Ltd.# | 3,860,000 | 1,637,259 | ||||||
Huaneng Power International, Inc. | 2,976,000 | 1,864,676 | ||||||
PICC Property & Casualty Co., Ltd. | 5,096,000 | 8,540,966 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 841,800 | 2,105,450 | ||||||
Shenzhen Expressway Co., Ltd. | 2,406,000 | 2,310,926 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd. | 2,910,000 | 1,530,690 | ||||||
Sinopharm Group Co., Ltd. | 1,279,600 | 5,971,962 | ||||||
TravelSky Technology, Ltd. | 1,278,000 | 2,679,079 | ||||||
Zhejiang Expressway Co., Ltd. | 2,764,000 | 2,954,111 | ||||||
99,495,486 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Cyprus — 0.3% |
| |||||||
Ros Agro PLC GDR | 143,740 | $ | 1,811,124 | |||||
Hong Kong — 1.8% |
| |||||||
China Mobile, Ltd. | 933,500 | 10,187,684 | ||||||
China Power International Development, Ltd. | 6,094,000 | 2,254,855 | ||||||
12,442,539 | ||||||||
Hungary — 1.3% |
| |||||||
MOL Hungarian Oil & Gas PLC | 53,669 | 3,354,609 | ||||||
OTP Bank PLC | 214,993 | 5,794,836 | ||||||
9,149,445 | ||||||||
India — 3.5% |
| |||||||
Bharat Petroleum Corp., Ltd. | 573,818 | 5,404,200 | ||||||
Hindustan Petroleum Corp., Ltd. | 778,270 | 5,306,416 | ||||||
Housing Development Finance Corp., Ltd. | 475,628 | 8,790,046 | ||||||
Oil & Natural Gas Corp., Ltd. | 993,129 | 4,169,900 | ||||||
23,670,562 | ||||||||
Indonesia — 0.2% |
| |||||||
Gudang Garam Tbk PT | 325,700 | 1,562,110 | ||||||
Malaysia — 0.5% |
| |||||||
AirAsia Bhd | 5,467,100 | 3,378,683 | ||||||
Mexico — 1.8% |
| |||||||
Arca Continental SAB de CV | 579,384 | 3,065,588 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 51,737 | 4,038,073 | ||||||
Grupo Mexico SAB de CV, Class B | 1,986,487 | 5,441,213 | ||||||
12,544,874 | ||||||||
Netherlands — 0.4% |
| |||||||
X5 Retail Group NV GDR† | 92,662 | 2,779,860 | ||||||
Poland — 2.0% |
| |||||||
Eurocash SA | 142,546 | 1,320,015 | ||||||
KGHM Polska Miedz SA | 258,837 | 5,380,094 | ||||||
Polski Koncern Naftowy Orlen SA | 379,651 | 6,905,784 | ||||||
13,605,893 | ||||||||
Russia — 8.4% |
| |||||||
Alrosa PJSC†(3) | 2,733,369 | 3,985,072 | ||||||
Lukoil PJSC ADR | 219,745 | 10,813,651 | ||||||
Magnitogorsk Iron & Steel Works OJSC†(3) | 4,897,914 | 2,619,096 | ||||||
Mobile TeleSystems PJSC ADR | 560,780 | 4,390,907 | ||||||
Moscow Exchange MICEX-RTS PJSC(3) | 2,602,033 | 4,844,142 | ||||||
Rosneft OAO GDR | 1,395,514 | 7,340,404 | ||||||
Sberbank of Russia PJSC ADR# | 1,151,528 | 11,613,160 | ||||||
Severstal PJSC GDR | 157,626 | 2,375,424 | ||||||
Surgutneftegas OJSC†(3) (preference shares) | 8,480,769 | 4,172,606 | ||||||
Tatneft PJSC ADR | 149,463 | 5,470,346 | ||||||
57,624,808 | ||||||||
Singapore — 0.4% |
| |||||||
Jardine Cycle & Carriage, Ltd. | 106,800 | 2,991,607 | ||||||
South Africa — 2.9% |
| |||||||
Imperial Holdings, Ltd. | 174,842 | 2,106,053 | ||||||
Naspers, Ltd., Class N | 20,163 | 2,943,146 | ||||||
Pick n Pay Stores, Ltd. | 421,998 | 1,963,479 | ||||||
Standard Bank Group, Ltd. | 846,799 | 9,083,051 | ||||||
Tiger Brands, Ltd.# | 133,705 | 3,742,980 | ||||||
19,838,709 | ||||||||
South Korea — 19.6% |
| |||||||
BGF retail Co., Ltd. | 1,234 | 91,834 | ||||||
Hana Financial Group, Inc. | 266,360 | 7,325,156 |
70 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
South Korea (continued) |
| |||||||
Hankook Tire Co., Ltd. | 86,559 | $ | 4,013,086 | |||||
Hyosung Corp. | 25,311 | 3,009,477 | ||||||
Hyundai Heavy Industries Co., Ltd.† | 23,722 | 2,881,420 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 103,051 | 3,208,636 | ||||||
Hyundai Mobis Co., Ltd. | 16,184 | 3,447,086 | ||||||
Korea Electric Power Corp. | 187,193 | 7,445,768 | ||||||
KT&G Corp. | 87,741 | 7,880,591 | ||||||
LG Display Co., Ltd. | 267,237 | 6,400,612 | ||||||
LG Household & Health Care, Ltd. | 3,338 | 2,247,129 | ||||||
LG Uplus Corp. | 318,424 | 3,118,733 | ||||||
NCSoft Corp. | 21,572 | 5,019,104 | ||||||
Partron Co., Ltd.# | 175,929 | 1,354,400 | ||||||
POSCO | 39,792 | 8,492,455 | ||||||
S-Oil Corp.# | 65,463 | 4,703,727 | ||||||
Samsung Electronics Co., Ltd. | 25,330 | 37,830,871 | ||||||
Shinhan Financial Group Co., Ltd. | 242,810 | 9,159,506 | ||||||
SK Hynix, Inc. | 268,775 | 9,863,092 | ||||||
SK Innovation Co., Ltd. | 53,443 | 6,971,522 | ||||||
134,464,205 | ||||||||
Taiwan — 11.2% |
| |||||||
Accton Technology Corp. | 909,000 | 1,240,595 | ||||||
Catcher Technology Co., Ltd. | 431,000 | 3,130,440 | ||||||
Coretronic Corp. | 997,800 | 1,064,387 | ||||||
Elite Material Co., Ltd. | 1,406,000 | 3,696,634 | ||||||
FLEXium Interconnect, Inc. | 1,208,760 | 3,238,732 | ||||||
Grape King Bio, Ltd. | 490,000 | 3,674,270 | ||||||
King Yuan Electronics Co., Ltd. | 1,357,000 | 1,121,857 | ||||||
Largan Precision Co., Ltd. | 57,000 | 6,599,002 | ||||||
Merry Electronics Co., Ltd. | 36,000 | 137,232 | ||||||
Micro-Star International Co., Ltd. | 1,963,000 | 5,234,995 | ||||||
Pegatron Corp. | 1,957,000 | 4,660,255 | ||||||
St. Shine Optical Co., Ltd. | 88,000 | 1,684,184 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,093,489 | 32,465,688 | ||||||
Uni-President Enterprises Corp. | 3,542,000 | 6,056,505 | ||||||
Win Semiconductors Corp. | 909,525 | 2,588,207 | ||||||
76,592,983 | ||||||||
Thailand — 5.6% |
| |||||||
Charoen Pokphand Foods PCL | 4,428,300 | 3,568,257 | ||||||
Charoen Pokphand Foods PCL NVDR | 3,585,200 | 2,888,900 | ||||||
Kiatnakin Bank PCL | 1,539,900 | 2,384,548 | ||||||
Krung Thai Bank PCL | 13,739,000 | 6,738,673 | ||||||
PTT PCL | 870,200 | 8,511,885 | ||||||
Star Petroleum Refining PCL† | 6,282,600 | 2,236,271 | ||||||
Thai Beverage PCL | 4,545,900 | 2,775,081 | ||||||
Thai Oil PCL | 1,513,000 | 3,116,790 | ||||||
Thai Union Group PCL | 5,910,300 | 3,428,949 | ||||||
Thanachart Capital PCL | 144,900 | 178,691 | ||||||
Thanachart Capital PCL NVDR | 1,855,300 | 2,287,958 | ||||||
38,116,003 | ||||||||
Turkey — 3.8% |
| |||||||
Akbank TAS | 2,759,347 | 6,063,704 | ||||||
Arcelik AS | 428,705 | 2,500,582 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 6,019,754 | 5,063,623 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 3,133,880 | 4,296,235 | ||||||
Tekfen Holding AS | 1,545,864 | 2,731,145 | ||||||
Turkiye Is Bankasi, Class C | 2,768,865 | 3,884,486 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 1,712,382 | 1,654,716 | ||||||
26,194,491 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United Arab Emirates — 0.5% |
| |||||||
Aldar Properties PJSC | 2,423,642 | $ | 1,636,526 | |||||
Emaar Properties PJSC | 1,046,148 | 1,942,586 | ||||||
3,579,112 | ||||||||
Total Common Stocks | ||||||||
(cost $625,718,963) | 671,860,475 | |||||||
PREFERRED SECURITIES — 0.3% |
| |||||||
Brazil — 0.3% |
| |||||||
Metalurgica Gerdau SA† (preference shares) | 1,152,921 | 1,990,822 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $627,422,231) | 673,851,297 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.7% |
| |||||||
Registered Investment Companies — 2.4% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(1)(2) | 16,545,929 | 16,545,929 | ||||||
Time Deposits — 1.3% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2016 | $ | 9,190,000 | 9,190,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $25,735,929) | 25,735,929 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $653,158,160)(4) | 102.0 | % | 699,587,226 | |||||
Liabilities in excess of other assets | (2.0 | ) | (14,016,744 | ) | ||||
NET ASSETS | 100.0 | % | $ | 685,570,482 | ||||
# | 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, 2016, the aggregate value of these securities was $6,317,782 representing 0.9% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $27,552,832. This was secured by collateral of $16,545,929, which was received in cash and subsequently invested in short-term investments currently valued at $16,545,929 as reported in the Portfolio of Investments. Additional collateral of $12,651,618 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, 2016 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | $ | 1,468,049 | ||||
United States Treasury Notes/Bonds | 0.13% to 4.38% | 12/31/2016 to 05/15/2045 | 11,183,569 |
(2) | The rate shown is the 7-day yield as November 30, 2016 |
(3) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs (see Note 2). |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
NVDR—Non-Voting Depositary Receipt
71 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
90 | Long | mini MSCI Emerging Markets | December 2016 | $ | 3,786,418 | $ | 3,883,500 | $ | 97,082 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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: | ||||||||||||||||
Russia | $ | 42,003,892 | $ | 15,620,916 | $ | — | $ | 57,624,808 | ||||||||
Other Countries | 614,235,667 | — | — | 614,235,667 | ||||||||||||
Preferred Securities: | 1,990,822 | — | — | 1,990,822 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 16,545,929 | — | — | 16,545,929 | ||||||||||||
Time Deposits | — | 9,190,000 | — | 9,190,000 | ||||||||||||
Total Investments at Value* | $ | 674,776,310 | $ | 24,810,916 | $ | — | $ | 699,587,226 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 97,082 | $ | — | $ | — | $ | 97,082 | ||||||||
* | 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
72 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Oil Companies — Integrated | 9.1 | % | ||
Diversified Banking Institutions | 9.0 | |||
Medical — Drugs | 6.3 | |||
Oil — Field Services | 5.3 | |||
Diversified Financial Services | 4.6 | |||
Banks — Commercial | 4.5 | |||
Electronic Components — Semiconductors | 4.5 | |||
U.S. Government Agencies | 3.7 | |||
Energy — Alternate Sources | 3.6 | |||
Auto — Cars/Light Trucks | 3.3 | |||
Insurance — Multi-line | 3.1 | |||
Registered Investment Companies | 3.0 | |||
Telephone — Integrated | 2.6 | |||
Medical — Generic Drugs | 1.9 | |||
Telecom Services | 1.9 | |||
Oil & Gas Drilling | 1.8 | |||
Rubber — Tires | 1.7 | |||
Web Portals/ISP | 1.7 | |||
Insurance — Life/Health | 1.6 | |||
Computers | 1.6 | |||
Diversified Manufacturing Operations | 1.5 | |||
Diagnostic Kits | 1.4 | |||
Cellular Telecom | 1.4 | |||
Aerospace/Defense | 1.3 | |||
Silver Mining | 1.3 | |||
Machinery — Electrical | 1.3 | |||
Gold Mining | 1.2 | |||
Auto/Truck Parts & Equipment — Original | 1.2 | |||
Platinum | 1.0 | |||
Import/Export | 0.9 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Steel Pipe & Tube | 0.9 | |||
Finance — Investment Banker/Broker | 0.9 | |||
Retail — Drug Store | 0.9 | |||
Electric — Integrated | 0.9 | |||
Metal — Diversified | 0.8 | |||
Engineering/R&D Services | 0.8 | |||
Chemicals — Diversified | 0.7 | |||
Medical — Biomedical/Gene | 0.7 | |||
Containers — Metal/Glass | 0.7 | |||
Medical — Wholesale Drug Distribution | 0.7 | |||
Building & Construction — Misc. | 0.6 | |||
Airlines | 0.6 | |||
Metal Processors & Fabrication | 0.5 | |||
Retail — Building Products | 0.5 | |||
Brewery | 0.5 | |||
Appliances | 0.5 | |||
Investment Management/Advisor Services | 0.5 | |||
Diamonds/Precious Stones | 0.5 | |||
Motorcycle/Motor Scooter | 0.5 | |||
Medical Instruments | 0.5 | |||
Agricultural Chemicals | 0.4 | |||
Photo Equipment & Supplies | 0.4 | |||
Non — Ferrous Metals | 0.4 | |||
Rubber/Plastic Products | 0.2 | |||
Diversified Minerals | 0.2 | |||
103.0 | % | |||
Country Allocation*
United Kingdom | 14.1 | % | ||
South Korea | 12.5 | |||
United States | 10.3 | |||
France | 8.3 | |||
Japan | 6.7 | |||
Canada | 6.4 | |||
Netherlands | 6.2 | |||
Germany | 6.2 | |||
Switzerland | 5.2 | |||
Cayman Islands | 4.6 | |||
China | 4.1 | |||
Jersey | 2.1 | |||
Italy | 2.1 | |||
Israel | 1.9 | |||
Australia | 1.7 | |||
Luxembourg | 1.5 | |||
Bermuda | 1.3 | |||
Taiwan | 1.2 | |||
Thailand | 1.2 | |||
Norway | 1.2 | |||
Hong Kong | 1.1 | |||
Singapore | 1.0 | |||
India | 0.7 | |||
Belgium | 0.5 | |||
Sweden | 0.5 | |||
Mexico | 0.4 | |||
103.0 | % | |||
* | Calculated as a percentage of net assets |
73 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.3% | ||||||||
Australia — 1.7% | ||||||||
Origin Energy, Ltd. | 1,566,595 | $ | 6,871,700 | |||||
WorleyParsons, Ltd.†# | 1,016,205 | 6,491,103 | ||||||
13,362,803 | ||||||||
Belgium — 0.5% | ||||||||
UCB SA | 66,370 | 4,269,773 | ||||||
Bermuda — 1.3% | ||||||||
Haier Electronics Group Co., Ltd. | 2,342,000 | 3,907,108 | ||||||
Kunlun Energy Co., Ltd. | 3,448,000 | 2,520,487 | ||||||
Petra Diamonds, Ltd.† | 1,821,150 | 3,755,169 | ||||||
10,182,764 | ||||||||
Canada — 6.4% | ||||||||
Barrick Gold Corp. | 621,540 | 9,335,531 | ||||||
Cenovus Energy, Inc.# | 518,100 | 8,010,822 | ||||||
Eldorado Gold Corp.† | 176,700 | 486,704 | ||||||
Ensign Energy Services, Inc. | 718,600 | 4,916,202 | ||||||
Precision Drilling Corp. | 1,770,100 | 9,382,202 | ||||||
Silver Wheaton Corp. | 583,700 | 10,619,838 | ||||||
Suncor Energy, Inc. | 284,900 | 9,073,194 | ||||||
51,824,493 | ||||||||
Cayman Islands — 4.6% | ||||||||
Baidu, Inc. ADR† | 79,370 | 13,250,822 | ||||||
GCL-Poly Energy Holdings, Ltd.# | 97,335,000 | 13,050,783 | ||||||
Trina Solar, Ltd. ADR† | 1,132,212 | 10,654,115 | ||||||
36,955,720 | ||||||||
China — 4.1% | ||||||||
China Life Insurance Co., Ltd., Class H | 2,257,000 | 6,561,638 | ||||||
China Telecom Corp., Ltd., Class H | 17,829,823 | 8,620,104 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 2,852,500 | 7,134,468 | ||||||
Sinopec Engineering Group Co., Ltd. | 5,880,000 | 5,079,095 | ||||||
Sinopharm Group Co., Ltd., Class H | 1,218,800 | 5,688,205 | ||||||
33,083,510 | ||||||||
France — 8.3% | ||||||||
AXA SA | 441,932 | 10,412,121 | ||||||
BNP Paribas SA | 369,070 | 21,427,675 | ||||||
Cie Generale des Etablissements Michelin | 71,530 | 7,656,916 | ||||||
Sanofi | 186,470 | 15,041,633 | ||||||
Societe Generale SA | 100,703 | 4,331,639 | ||||||
TOTAL SA | 179,620 | 8,558,092 | ||||||
67,428,076 | ||||||||
Germany — 6.2% | ||||||||
Bayer AG | 78,400 | 7,361,139 | ||||||
Deutsche Lufthansa AG | 359,760 | 4,661,289 | ||||||
Gerresheimer AG | 78,750 | 5,746,439 | ||||||
Innogy SE† | 153,000 | 5,402,261 | ||||||
Merck KGaA | 77,902 | 7,805,639 | ||||||
MorphoSys AG†# | 81,370 | 3,622,079 | ||||||
Siemens AG | 107,655 | 12,162,860 | ||||||
Telefonica Deutschland Holding AG | 843,460 | 3,309,369 | ||||||
50,071,075 | ||||||||
Hong Kong — 1.1% | ||||||||
China Mobile, Ltd. | 782,500 | 8,539,757 | ||||||
India — 0.7% | ||||||||
Hero MotoCorp, Ltd. | 81,301 | 3,753,800 | ||||||
Jain Irrigation Systems, Ltd. | 1,609,577 | 2,110,471 | ||||||
5,864,271 | ||||||||
Israel — 1.9% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR | 398,180 | 15,011,386 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Italy — 2.1% | ||||||||
Eni SpA | 796,013 | $ | 11,085,615 | |||||
UniCredit SpA | 2,673,892 | 5,730,194 | ||||||
16,815,809 | ||||||||
Japan — 6.7% | ||||||||
Kirin Holdings Co., Ltd. | 249,300 | 4,060,754 | ||||||
Konica Minolta, Inc. | 335,900 | 3,206,178 | ||||||
Nissan Motor Co., Ltd. | 1,604,000 | 14,812,517 | ||||||
SoftBank Group Corp. | 309,600 | 18,163,850 | ||||||
Sumitomo Metal Mining Co., Ltd. | 97,500 | 1,302,216 | ||||||
Sumitomo Rubber Industries, Ltd. | 374,800 | 6,188,516 | ||||||
Toyota Motor Corp. | 109,200 | 6,346,495 | ||||||
54,080,526 | ||||||||
Jersey — 2.1% | ||||||||
Glencore PLC† | 1,896,660 | 6,628,069 | ||||||
Petrofac, Ltd. | 1,071,650 | 10,653,038 | ||||||
17,281,107 | ||||||||
Luxembourg — 1.5% | ||||||||
Subsea 7 SA† | 448,969 | 5,241,848 | ||||||
Tenaris SA | 455,229 | 7,270,888 | ||||||
12,512,736 | ||||||||
Mexico — 0.4% | ||||||||
Industrias Penoles SAB de CV | 130,965 | 2,813,240 | ||||||
Netherlands — 6.2% | ||||||||
Aegon NV | 2,792,223 | 14,198,898 | ||||||
Flow Traders | 85,574 | 2,709,984 | ||||||
ING Groep NV CVA | 652,284 | 8,883,501 | ||||||
QIAGEN NV†# | 411,070 | 11,349,266 | ||||||
SBM Offshore NV# | 921,270 | 13,293,791 | ||||||
50,435,440 | ||||||||
Norway — 1.2% | ||||||||
Telenor ASA | 430,178 | 6,356,390 | ||||||
Yara International ASA | 95,800 | 3,544,522 | ||||||
9,900,912 | ||||||||
Singapore — 1.0% | ||||||||
United Overseas Bank, Ltd. | 591,400 | 8,421,163 | ||||||
South Korea — 12.5% | ||||||||
Hana Financial Group, Inc. | 708,288 | 19,478,602 | ||||||
Hyundai Mobis Co., Ltd. | 45,365 | 9,662,448 | ||||||
Hyundai Motor Co. | 50,107 | 5,700,552 | ||||||
KB Financial Group, Inc. | 495,594 | 17,847,404 | ||||||
Korea Investment Holdings Co., Ltd.# | 130,228 | 4,461,427 | ||||||
Posco Daewoo Corp. | 327,925 | 7,475,473 | ||||||
Samsung Electronics Co., Ltd. | 24,553 | 36,670,406 | ||||||
101,296,312 | ||||||||
Spain — 0.0% | ||||||||
Telefonica SA ADR# | 859 | 7,121 | ||||||
Sweden — 0.5% | ||||||||
Getinge AB, Class B | 239,574 | 3,662,655 | ||||||
Switzerland — 5.2% | ||||||||
ABB, Ltd. | 508,940 | 10,372,024 | ||||||
Basilea Pharmaceutica AG†# | 33,210 | 2,240,785 | ||||||
Credit Suisse Group AG | 430,935 | 5,730,541 | ||||||
GAM Holding AG | 186,050 | 1,818,960 | ||||||
Roche Holding AG | 53,240 | 11,871,258 | ||||||
UBS Group AG | 621,650 | 9,886,968 | ||||||
41,920,536 | ||||||||
74 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Taiwan — 1.2% | ||||||||
Catcher Technology Co., Ltd. | 603,000 | $ | 4,379,710 | |||||
Quanta Computer, Inc. | 3,061,000 | 5,704,622 | ||||||
10,084,332 | ||||||||
Thailand — 1.2% | ||||||||
Bangkok Bank PCL NVDR | 1,195,200 | 5,225,723 | ||||||
PTT Exploration & Production PCL | 2,070,900 | 4,788,443 | ||||||
10,014,166 | ||||||||
United Kingdom — 14.1% | ||||||||
Aberdeen Asset Management PLC | 614,400 | 2,060,215 | ||||||
Aviva PLC | 1,227,958 | 6,867,800 | ||||||
BAE Systems PLC | 1,415,310 | 10,633,866 | ||||||
Barclays PLC | 4,899,340 | 13,237,848 | ||||||
BP PLC | 3,344,622 | 19,227,016 | ||||||
BP PLC ADR | 180 | 6,302 | ||||||
Carillion PLC# | 1,538,340 | 4,750,333 | ||||||
HSBC Holdings PLC | 1,681,260 | 13,362,015 | ||||||
Johnson Matthey PLC | 154,621 | 6,055,352 | ||||||
Kingfisher PLC | 986,565 | 4,358,630 | ||||||
Royal Dutch Shell PLC, Class B | 649,435 | 17,214,355 | ||||||
Standard Chartered PLC† | 1,779,408 | 14,273,415 | ||||||
Vodafone Group PLC | 957,821 | 2,323,747 | ||||||
114,370,894 | ||||||||
United States — 3.6% | ||||||||
Apple, Inc. | 66,400 | 7,338,528 | ||||||
Eli Lilly & Co. | 55,460 | 3,722,475 | ||||||
Halliburton Co. | 190,760 | 10,127,449 | ||||||
Stillwater Mining Co.† | 553,400 | 8,317,603 | ||||||
29,506,055 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $814,450,521) | 779,716,632 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 6.7% |
| |||||||
Registered Investment Companies — 3.0% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | 24,029,425 | 24,029,425 | ||||||
Time Deposits — 0.0% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 149,000 | 149,000 | |||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
U.S. Government Agencies — 3.7% | ||||||||
Federal Agricultural Mtg. Corp. | $ | 19,800,000 | $ | 19,800,000 | ||||
Federal Home Loan Mtg. Corp. | 10,000,000 | 10,000,000 | ||||||
29,800,000 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $53,978,425) | 53,978,425 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $868,428,946)(3) | 103.0 | % | 833,695,057 | |||||
Liabilities in excess of other assets | (3.0 | ) | (24,293,099 | ) | ||||
NET ASSETS | 100.0 | % | $ | 809,401,958 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $38,553,530. This was secured by collateral of $24,029,425, which was received in cash and subsequently invested in short-term investments currently valued at $24,029,425 as reported in the Portfolio of Investments. Additional collateral of $16,902,907 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, 2016 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 3.50% | 05/01/2032 to 12/01/2041 | $ | 377,737 | ||||
Federal National Mtg. Assoc. | 2.50% to 4.40% | 01/25/2032 to 10/01/2041 | 1,024,679 | |||||
Government National Mtg. Assoc. | 3.00% to 3.00% | 08/20/2046 to 08/20/2046 | 594,757 | |||||
United States Treasury Bills | 0.00% | 12/15/2016 to 06/22/2017 | 747,499 | |||||
United States Treasury Notes/Bonds | 0.13% to 4.25% | 12/31/2016 to 05/15/2045 | 14,158,235 |
(2) | The rate shown is the 7-day yield as of November 30, 2016. |
(3) | 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
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 779,716,632 | $ | — | $ | — | $ | 779,716,632 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 24,029,425 | — | — | 24,029,425 | ||||||||||||
Other Short-Term Investment Securities | — | 29,949,000 | — | 29,949,000 | ||||||||||||
Total Investments at Value | $ | 803,746,057 | $ | 29,949,000 | $ | — | $ | 833,695,057 | ||||||||
* | 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
75 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 73.5 | % | ||
Real Estate Operations & Development | 12.0 | |||
Real Estate Management/Services | 10.0 | |||
Registered Investment Companies | 1.1 | |||
Building-Residential/Commercial | 1.1 | |||
Hotels/Motels | 1.1 | |||
Time Deposits | 0.9 | |||
Retirement/Aged Care | 0.4 | |||
100.1 | % | |||
Country Allocation*
United States | 49.1 | % | ||
Japan | 13.6 | |||
Australia | 6.7 | |||
France | 5.8 | |||
Singapore | 3.4 | |||
United Kingdom | 3.4 | |||
Canada | 2.8 | |||
Hong Kong | 2.7 | |||
Germany | 2.5 | |||
Cayman Islands | 2.2 | |||
Bermuda | 1.8 | |||
Switzerland | 1.1 | |||
Spain | 0.9 | |||
Sweden | 0.8 | |||
Jersey | 0.8 | |||
Ireland | 0.7 | |||
Finland | 0.7 | |||
Norway | 0.6 | |||
Netherlands | 0.5 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
76 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.1% |
| |||||||
Australia — 6.7% |
| |||||||
BGP Holdings PLC†(1)(2) | 479,213 | $ | 28,442 | |||||
Charter Hall Group | 1,484,615 | 4,955,338 | ||||||
GPT Group | 2,513,615 | 8,983,905 | ||||||
Mirvac Group | 3,260,714 | 4,936,142 | ||||||
Scentre Group | 1,900,796 | 5,951,445 | ||||||
Vicinity Centres | 2,778,310 | 5,990,797 | ||||||
30,846,069 | ||||||||
Bermuda — 1.8% |
| |||||||
Hongkong Land Holdings, Ltd. (OTC) | 1,700 | 10,642 | ||||||
Hongkong Land Holdings, Ltd. (SGX) | 1,323,200 | 8,481,712 | ||||||
8,492,354 | ||||||||
Canada — 2.8% |
| |||||||
Allied Properties Real Estate Investment Trust | 67,432 | 1,701,236 | ||||||
Canadian Real Estate Investment Trust | 46,715 | 1,575,714 | ||||||
Cominar Real Estate Investment Trust | 173,796 | 1,811,318 | ||||||
Granite Real Estate Investment Trust | 69,012 | 2,241,490 | ||||||
H&R Real Estate Investment Trust | 189,462 | 3,076,131 | ||||||
Smart Real Estate Investment Trust | 111,858 | 2,591,395 | ||||||
12,997,284 | ||||||||
Cayman Islands — 2.2% | ||||||||
Cheung Kong Property Holdings, Ltd. | 1,244,500 | 8,519,687 | ||||||
China Resources Land, Ltd. | 640,000 | 1,554,515 | ||||||
10,074,202 | ||||||||
Finland — 0.7% |
| |||||||
Citycon OYJ | 1,319,984 | 3,038,595 | ||||||
France — 5.8% |
| |||||||
Fonciere Des Regions | 62,418 | 4,903,974 | ||||||
Klepierre | 241,596 | 9,009,311 | ||||||
Unibail-Rodamco SE (Euronext Amsterdam) | 38,773 | 8,557,733 | ||||||
Unibail-Rodamco SE (Euronext Paris) | 19,360 | 4,273,017 | ||||||
26,744,035 | ||||||||
Germany — 2.5% |
| |||||||
Vonovia SE | 364,622 | 11,759,507 | ||||||
Hong Kong — 2.7% |
| |||||||
Sun Hung Kai Properties, Ltd. | 952,504 | 12,464,276 | ||||||
Ireland — 0.7% |
| |||||||
Green REIT PLC | 2,337,238 | 3,183,101 | ||||||
Japan — 13.6% |
| |||||||
Japan Retail Fund Investment Corp. | 1,340 | 2,719,706 | ||||||
Mitsubishi Estate Co., Ltd. | 736,000 | 14,831,939 | ||||||
Mitsui Fudosan Co., Ltd. | 337,000 | 7,925,340 | ||||||
Nippon Building Fund, Inc. | 1,095 | 6,096,893 | ||||||
Nomura Real Estate Master Fund, Inc. | 5,711 | 8,511,214 | ||||||
Orix JREIT, Inc. | 5,127 | 7,757,386 | ||||||
Sekisui House, Ltd. | 305,100 | 4,986,993 | ||||||
Sumitomo Realty & Development Co., Ltd. | 367,000 | 10,133,762 | ||||||
62,963,233 | ||||||||
Jersey — 0.8% |
| |||||||
Kennedy Wilson Europe Real Estate PLC | 292,382 | 3,592,433 | ||||||
Netherlands — 0.5% |
| |||||||
Wereldhave NV | 56,704 | 2,368,451 | ||||||
Norway — 0.6% |
| |||||||
Entra ASA* | 272,983 | 2,821,629 | ||||||
Singapore — 3.4% |
| |||||||
Ascendas Hospitality Trust# | 3,225,500 | 1,563,974 | ||||||
Ascendas Real Estate Investment Trust | 1,327,500 | 2,176,457 |
Security Description | Shares | Value (Note 2) | ||||||
Singapore (continued) |
| |||||||
City Developments, Ltd. | 817,300 | $ | 4,812,511 | |||||
Fortune Real Estate Investment Trust | 2,474,000 | 2,921,658 | ||||||
Mapletree Greater China Commercial Trust# | 6,099,100 | 4,106,207 | ||||||
15,580,807 | ||||||||
Spain — 0.9% |
| |||||||
Merlin Properties Socimi SA | 416,585 | 4,198,831 | ||||||
Sweden — 0.8% |
| |||||||
Hufvudstaden AB, Class A | 237,049 | 3,608,631 | ||||||
Switzerland — 1.1% |
| |||||||
PSP Swiss Property AG | 61,164 | 5,269,958 | ||||||
United Kingdom — 3.4% |
| |||||||
Big Yellow Group PLC | 318,605 | 2,648,953 | ||||||
British Land Co. PLC | 682,563 | 5,051,543 | ||||||
Hammerson PLC | 726,567 | 4,949,942 | ||||||
UNITE Group PLC | 404,857 | 2,831,653 | ||||||
15,482,091 | ||||||||
United States — 47.1% |
| |||||||
Acadia Realty Trust# | 61,676 | 2,039,009 | ||||||
American Campus Communities, Inc. | 51,702 | 2,435,681 | ||||||
American Homes 4 Rent, Class A | 124,661 | 2,626,607 | ||||||
American Tower Corp. | 110,270 | 11,277,313 | ||||||
Apartment Investment & Management Co., Class A | 22,214 | 935,209 | ||||||
Apple Hospitality REIT, Inc. | 111,313 | 2,052,612 | ||||||
AvalonBay Communities, Inc. | 48,336 | 7,950,789 | ||||||
Boston Properties, Inc. | 61,112 | 7,570,555 | ||||||
Brandywine Realty Trust | 144,222 | 2,213,808 | ||||||
Brixmor Property Group, Inc. | 150,724 | 3,670,129 | ||||||
Brookdale Senior Living, Inc.† | 153,113 | 1,780,704 | ||||||
Care Capital Properties, Inc. | 56,371 | 1,357,414 | ||||||
Cousins Properties, Inc. | 367,190 | 2,904,473 | ||||||
Crown Castle International Corp. | 89,847 | 7,498,631 | ||||||
CyrusOne, Inc. | 66,235 | 2,826,910 | ||||||
DiamondRock Hospitality Co. | 231,714 | 2,453,851 | ||||||
Digital Realty Trust, Inc.# | 23,162 | 2,138,547 | ||||||
EPR Properties | 37,053 | 2,576,666 | ||||||
Equinix, Inc. | 19,527 | 6,614,967 | ||||||
Equity LifeStyle Properties, Inc. | 28,515 | 1,979,796 | ||||||
Equity Residential | 97,860 | 5,872,579 | ||||||
Essex Property Trust, Inc. | 28,112 | 6,069,943 | ||||||
Extra Space Storage, Inc. | 59,143 | 4,149,473 | ||||||
Federal Realty Investment Trust | 39,176 | 5,501,094 | ||||||
First Industrial Realty Trust, Inc. | 69,398 | 1,835,577 | ||||||
General Growth Properties, Inc. | 212,960 | 5,396,406 | ||||||
HCP, Inc. | 218,524 | 6,453,014 | ||||||
Healthcare Realty Trust, Inc. | 99,115 | 2,911,999 | ||||||
Host Hotels & Resorts, Inc. | 274,541 | 4,897,811 | ||||||
Hudson Pacific Properties, Inc. | 131,945 | 4,600,922 | ||||||
InfraREIT, Inc.† | 54,956 | 941,946 | ||||||
Lamar Advertising Co., Class A | 25,801 | 1,710,348 | ||||||
Liberty Property Trust | 88,347 | 3,480,872 | ||||||
Mid-America Apartment Communities, Inc. | 39,645 | 3,632,671 | ||||||
National Health Investors, Inc. | 30,763 | 2,176,790 | ||||||
National Retail Properties, Inc. | 102,643 | 4,380,803 | ||||||
Paramount Group, Inc. | 120,635 | 1,896,382 | ||||||
Physicians Realty Trust# | 52,187 | 945,628 | ||||||
Prologis, Inc. | 130,794 | 6,657,415 | ||||||
Public Storage | 37,643 | 7,878,680 | ||||||
QTS Realty Trust, Inc., Class A | 27,563 | 1,289,948 | ||||||
Realty Income Corp. | 49,714 | 2,756,144 | ||||||
Retail Opportunity Investments Corp. | 151,217 | 3,121,119 | ||||||
Rexford Industrial Realty, Inc. | 54,872 | 1,212,122 |
77 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
RLJ Lodging Trust | 87,082 | $ | 1,984,599 | |||||
Simon Property Group, Inc. | 96,734 | 17,378,262 | ||||||
SL Green Realty Corp. | 17,274 | 1,819,989 | ||||||
Sun Communities, Inc. | 25,866 | 1,866,749 | ||||||
Terreno Realty Corp. | 16,493 | 448,939 | ||||||
Ventas, Inc. | 50,161 | 3,030,728 | ||||||
Vornado Realty Trust | 98,240 | 9,602,960 | ||||||
Washington Real Estate Investment Trust | 89,561 | 2,781,765 | ||||||
Weingarten Realty Investors | 81,494 | 2,893,852 | ||||||
Welltower, Inc. | 56,535 | 3,549,267 | ||||||
Weyerhaeuser Co. | 228,959 | 7,058,806 | ||||||
217,089,273 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $473,552,064) | 452,574,760 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.0% |
| |||||||
Registered Investment Companies — 1.1% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class | 4,277,193 | 4,277,193 | ||||||
State Street Navigator Securities Lending Prime Portfolio | 964,810 | 964,810 | ||||||
5,242,003 | ||||||||
Time Deposits — 0.9% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 4,039,000 | 4,039,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $9,281,003) | 9,281,003 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $482,833,067)(5) | 100.1 | % | 461,855,763 | |||||
Liabilities in excess of other assets | (0.1 | ) | (575,904 | ) | ||||
NET ASSETS | 100.0 | % | $ | 461,279,859 | ||||
† | 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, 2016, the aggregate value of these securities was $2,821,629 representing 0.6% 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, 2016, the aggregate value of these securities was $28,442 representing 0.0% of net assets. |
(3) | The rate shown is the 7-day yield as of November 30, 2016. |
(4) | At November 30, 2016, the Fund had loaned securities with a total value of $5,777,498. This was secured by collateral of $964,810, which was received in cash and subsequently invested in short-term investments currently valued at $964,810 as reported in the Portfolio of Investments. Additional collateral of $5,105,440 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 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, 2016 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 05/25/2017 | $ | 1,702,288 | ||||
United States Treasury Notes/Bonds | 0.13% to 7.63% | 01/15/2017 to 05/15/2046 | 3,403,152 |
(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
SGX—Singapore Exchange
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 30,817,627 | $ | — | $ | 28,442 | $ | 30,846,069 | ||||||||
Other Countries | 421,728,691 | — | — | 421,728,691 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 5,242,003 | — | — | 5,242,003 | ||||||||||||
Time Deposits | — | 4,039,000 | — | 4,039,000 | ||||||||||||
Total Investments at Value | $ | 457,788,321 | $ | 4,039,000 | $ | 28,442 | $ | 461,855,763 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
78 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
U.S. Government Treasuries | 6.5 | % | ||
Time Deposits | 5.0 | |||
Real Estate Investment Trusts | 3.5 | |||
Banks — Commercial | 3.1 | |||
Insurance — Life/Health | 2.7 | |||
Applications Software | 2.2 | |||
Oil Companies — Exploration & Production | 2.2 | |||
Cosmetics & Toiletries | 2.1 | |||
Insurance — Multi-line | 2.1 | |||
Medical — Drugs | 1.9 | |||
Medical — Biomedical/Gene | 1.9 | |||
Insurance — Property/Casualty | 1.9 | |||
Web Portals/ISP | 1.6 | |||
Electronic Components — Semiconductors | 1.6 | |||
Finance — Credit Card | 1.4 | |||
Insurance — Reinsurance | 1.4 | |||
Telephone — Integrated | 1.4 | |||
Beverages — Non-alcoholic | 1.3 | |||
Multimedia | 1.3 | |||
Transport — Rail | 1.2 | |||
Banks — Super Regional | 1.2 | |||
Computer Services | 1.2 | |||
Investment Management/Advisor Services | 1.2 | |||
Food — Misc./Diversified | 1.1 | |||
Cable/Satellite TV | 1.0 | |||
Chemicals — Diversified | 1.0 | |||
Commercial Services — Finance | 0.9 | |||
Diagnostic Equipment | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Chemicals — Specialty | 0.9 | |||
Internet Content — Entertainment | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Transport — Services | 0.8 | |||
Gas — Distribution | 0.8 | |||
Commercial Services | 0.8 | |||
Pipelines | 0.8 | |||
Oil — Field Services | 0.8 | |||
Finance — Other Services | 0.7 | |||
Electric — Integrated | 0.7 | |||
Data Processing/Management | 0.7 | |||
Consumer Products — Misc. | 0.7 | |||
Distribution/Wholesale | 0.7 | |||
Real Estate Management/Services | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Electric Products — Misc. | 0.7 | |||
Oil Refining & Marketing | 0.7 | |||
Medical Products | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Medical — HMO | 0.6 | |||
Machinery — Electrical | 0.6 | |||
Food — Retail | 0.6 | |||
Telecom Services | 0.6 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Networking Products | 0.5 | |||
Diversified Manufacturing Operations | 0.5 | |||
Real Estate Operations & Development | 0.5 | |||
Building & Construction Products — Misc. | 0.5 | |||
Import/Export | 0.5 | |||
Retail — Apparel/Shoe | 0.5 | |||
Diversified Operations | 0.5 | |||
Retail — Restaurants | 0.4 | |||
Advertising Agencies | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Oil Companies — Integrated | 0.4 | |||
Investment Companies | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Machinery — Farming | 0.4 |
Registered Investment Companies | 0.4 | |||
Industrial Gases | 0.4 | |||
Steel — Producers | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Hotels/Motels | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Insurance Brokers | 0.3 | |||
Toys | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Computer Aided Design | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Building Products — Cement | 0.3 | |||
Retail — Discount | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Paper & Related Products | 0.3 | |||
Computers — Memory Devices | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Machinery — General Industrial | 0.2 | |||
Medical Instruments | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Airport Development/Maintenance | 0.2 | |||
Television | 0.2 | |||
Water | 0.2 | |||
Electric — Distribution | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Food — Catering | 0.2 | |||
Consulting Services | 0.2 | |||
Internet Security | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Public Thoroughfares | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Pharmacy Services | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Soap & Cleaning Preparation | 0.2 | |||
Cellular Telecom | 0.2 | |||
Electronic Forms | 0.2 | |||
Wireless Equipment | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Rubber — Tires | 0.2 | |||
Private Equity | 0.2 | |||
Office Automation & Equipment | 0.2 | |||
Entertainment Software | 0.2 | |||
Gold Mining | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Retail — Regional Department Stores | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Audio/Video Products | 0.2 | |||
Food — Dairy Products | 0.2 | |||
Retail — Consumer Electronics | 0.2 | |||
Metal — Diversified | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Electric — Transmission | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Human Resources | 0.2 | |||
Retail — Building Products | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Satellite Telecom | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Savings & Loans/Thrifts | 0.1 | |||
Optical Supplies | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Food — Meat Products | 0.1 |
79 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited) — (continued)
Industry Allocation* (continued)
Medical Information Systems | 0.1 | % | ||
Metal Processors & Fabrication | 0.1 | |||
Transport — Truck | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Metal — Copper | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Agricultural Operations | 0.1 | |||
Diversified Banking Institutions | 0.1 | |||
Food — Baking | 0.1 | |||
Cruise Lines | 0.1 | |||
Computer Software | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Silver Mining | 0.1 | |||
Computers | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Home Decoration Products | 0.1 | |||
Dialysis Centers | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Retail — Catalog Shopping | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Transactional Software | 0.1 | |||
Metal — Iron | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Security Services | 0.1 | |||
Gas — Transportation | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Physicians Practice Management | 0.1 | |||
Travel Services | 0.1 | |||
Coatings/Paint | 0.1 | |||
Food — Confectionery | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Finance — Commercial | 0.1 | |||
Steel — Specialty | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Electronic Connectors | 0.1 | |||
Retail — Automobile | 0.1 | |||
Airlines | 0.1 | |||
Radio | 0.1 | |||
Aerospace/Defense | 0.1 | |||
99.8 | % | |||
Country Allocation*
United States | 59.4 | % | ||
Japan | 8.7 | |||
United Kingdom | 5.5 | |||
Canada | 3.3 | |||
France | 2.8 | |||
Switzerland | 2.7 | |||
Germany | 2.2 | |||
Netherlands | 2.0 | |||
Australia | 1.9 | |||
Hong Kong | 1.3 | |||
Bermuda | 1.2 | |||
Ireland | 1.1 | |||
Spain | 1.0 | |||
Sweden | 1.0 | |||
Singapore | 0.9 | |||
Denmark | 0.7 | |||
Jersey | 0.5 |
Country Allocation* (continued)
Italy | 0.5 | |||
Finland | 0.5 | |||
Belgium | 0.5 | |||
Curacao | 0.4 | |||
Cayman Islands | 0.3 | |||
Norway | 0.3 | |||
New Zealand | 0.3 | |||
Luxembourg | 0.2 | |||
Portugal | 0.2 | |||
Austria | 0.2 | |||
Israel | 0.1 | |||
Liberia | 0.1 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
80 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 87.9% | ||||||||
Australia — 1.9% | ||||||||
Amcor, Ltd. | 22,626 | $ | 240,263 | |||||
APA Group | 49,311 | 290,217 | ||||||
ASX, Ltd. | 15,070 | 541,510 | ||||||
BGP Holdings PLC†(1)(2) | 60,919 | 3,616 | ||||||
Computershare, Ltd. | 26,169 | 224,164 | ||||||
CSL, Ltd. | 7,914 | 572,721 | ||||||
Dexus Property Group | 63,132 | 425,173 | ||||||
Domino’s Pizza Enterprises, Ltd. | 3,540 | 177,185 | ||||||
Fortescue Metals Group, Ltd. | 69,960 | 303,256 | ||||||
Goodman Group | 33,750 | 166,484 | ||||||
GPT Group | 103,827 | 371,088 | ||||||
Insurance Australia Group, Ltd. | 93,362 | 385,392 | ||||||
QBE Insurance Group, Ltd. | 23,435 | 193,303 | ||||||
Ramsay Health Care, Ltd. | 6,273 | 328,013 | ||||||
Santos, Ltd. | 117,251 | 340,275 | ||||||
Scentre Group | 70,481 | 220,678 | ||||||
Sonic Healthcare, Ltd. | 11,410 | 183,681 | ||||||
South32, Ltd. | 154,813 | 309,812 | ||||||
Stockland | 80,658 | 257,903 | ||||||
Sydney Airport | 38,727 | 179,595 | ||||||
Transurban Group | 93,111 | 724,707 | ||||||
Vicinity Centres | 94,165 | 203,045 | ||||||
Wesfarmers, Ltd. | 11,407 | 351,934 | ||||||
Westfield Corp. | 35,582 | 240,158 | ||||||
Woodside Petroleum, Ltd. | 15,244 | 333,430 | ||||||
Woolworths, Ltd. | 11,583 | 195,789 | ||||||
7,763,392 | ||||||||
Austria — 0.2% | ||||||||
Erste Group Bank AG | 7,963 | 221,455 | ||||||
OMV AG | 6,429 | 207,786 | ||||||
voestalpine AG | 5,591 | 211,870 | ||||||
641,111 | ||||||||
Belgium — 0.5% | ||||||||
Ageas | 5,216 | 194,675 | ||||||
Groupe Bruxelles Lambert SA | 5,139 | 421,837 | ||||||
KBC Group NV | 3,665 | 219,776 | ||||||
Proximus SADP | 11,201 | 316,669 | ||||||
UCB SA | 8,212 | 528,302 | ||||||
Umicore SA | 6,908 | 413,881 | ||||||
2,095,140 | ||||||||
Bermuda — 1.2% | ||||||||
Arch Capital Group, Ltd.† | 5,140 | 425,181 | ||||||
Axis Capital Holdings, Ltd. | 3,374 | 205,848 | ||||||
Bunge, Ltd. | 6,224 | 424,975 | ||||||
Everest Re Group, Ltd. | 2,701 | 568,695 | ||||||
Hongkong Land Holdings, Ltd. | 29,900 | 191,659 | ||||||
IHS Markit, Ltd.† | 14,311 | 514,337 | ||||||
Invesco, Ltd. | 12,366 | 387,179 | ||||||
Jardine Matheson Holdings, Ltd. | 4,000 | 216,800 | ||||||
Li & Fung, Ltd. | 380,000 | 166,570 | ||||||
Norwegian Cruise Line Holdings, Ltd.†# | 5,016 | 199,687 | ||||||
NWS Holdings, Ltd. | 120,000 | 207,310 | ||||||
RenaissanceRe Holdings, Ltd.# | 5,045 | 658,675 | ||||||
Shangri-La Asia, Ltd. | 344,000 | 374,757 | ||||||
XL Group, Ltd. | 10,099 | 364,877 | ||||||
4,906,550 | ||||||||
Canada — 3.3% | ||||||||
Agnico Eagle Mines, Ltd. | 5,318 | 218,532 | ||||||
Alimentation Couche-Tard, Inc., Class B | 4,191 | 193,404 | ||||||
AltaGas, Ltd. | 7,389 | 179,541 | ||||||
ARC Resources, Ltd. | 19,368 | 339,117 |
Security Description | Shares | Value (Note 2) | ||||||
Canada (continued) | ||||||||
Bank of Montreal | 7,598 | $ | 500,745 | |||||
BCE, Inc. | 9,210 | 396,908 | ||||||
Brookfield Asset Management, Inc., Class A | 14,200 | 472,840 | ||||||
Cameco Corp. | 16,563 | 152,400 | ||||||
Canadian Imperial Bank of Commerce | 2,567 | 202,524 | ||||||
Canadian National Railway Co. | 7,893 | 527,708 | ||||||
Canadian Tire Corp., Ltd., Class A | 2,465 | 256,758 | ||||||
CGI Group, Inc., Class A† | 5,081 | 240,679 | ||||||
CI Financial Corp. | 13,200 | 261,091 | ||||||
Crescent Point Energy Corp. | 13,896 | 176,894 | ||||||
Empire Co., Ltd., Class A | 16,200 | 219,972 | ||||||
Encana Corp. | 22,021 | 276,553 | ||||||
Fairfax Financial Holdings, Ltd. | 849 | 403,434 | ||||||
First Capital Realty, Inc. | 29,984 | 454,459 | ||||||
Fortis, Inc. | 8,562 | 255,209 | ||||||
Franco-Nevada Corp. | 2,469 | 143,420 | ||||||
Great-West Lifeco, Inc. | 22,215 | 584,771 | ||||||
IGM Financial, Inc. | 10,180 | 294,798 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 5,774 | 244,792 | ||||||
Intact Financial Corp. | 8,048 | 560,179 | ||||||
Keyera Corp. | 8,694 | 249,888 | ||||||
Manulife Financial Corp. | 31,548 | 549,324 | ||||||
Metro, Inc., Class A | 9,254 | 281,829 | ||||||
National Bank of Canada | 5,260 | 197,039 | ||||||
Onex Corp. | 3,661 | 256,949 | ||||||
Open Text Corp. | 3,046 | 194,080 | ||||||
Pembina Pipeline Corp. | 10,586 | 311,047 | ||||||
Power Corp. of Canada | 15,066 | 336,470 | ||||||
Power Financial Corp. | 11,025 | 278,395 | ||||||
RioCan Real Estate Investment Trust | 7,948 | 158,451 | ||||||
Rogers Communications, Inc., Class B | 5,695 | 220,033 | ||||||
Saputo, Inc. | 6,025 | 203,764 | ||||||
Shaw Communications, Inc., Class B | 29,396 | 575,315 | ||||||
Silver Wheaton Corp. | 7,836 | 142,568 | ||||||
Sun Life Financial, Inc. | 8,746 | 335,829 | ||||||
Suncor Energy, Inc. | 12,839 | 408,883 | ||||||
Thomson Reuters Corp. | 14,735 | 636,107 | ||||||
Tourmaline Oil Corp.† | 6,974 | 188,147 | ||||||
Turquoise Hill Resources, Ltd.† | 54,175 | 181,081 | ||||||
Valeant Pharmaceuticals International, Inc.† | 4,200 | 66,410 | ||||||
Vermilion Energy, Inc. | 5,604 | 227,322 | ||||||
Waste Connections, Inc. | 2,472 | 188,960 | ||||||
Yamana Gold, Inc. | 37,744 | 112,673 | ||||||
13,857,292 | ||||||||
Cayman Islands — 0.3% | ||||||||
ASM Pacific Technology, Ltd. | 24,900 | 248,952 | ||||||
Cheung Kong Property Holdings, Ltd. | 30,808 | 210,908 | ||||||
CK Hutchison Holdings, Ltd. | 49,808 | 606,827 | ||||||
WH Group, Ltd.* | 232,000 | 192,922 | ||||||
1,259,609 | ||||||||
Curacao — 0.4% | ||||||||
Schlumberger, Ltd. | 19,117 | 1,606,784 | ||||||
Denmark — 0.7% | ||||||||
Chr Hansen Holding A/S | 3,663 | 202,759 | ||||||
Danske Bank A/S | 6,869 | 200,678 | ||||||
DSV A/S | 8,768 | 394,540 | ||||||
Genmab A/S† | 1,023 | 177,195 | ||||||
Novo Nordisk A/S, Class B | 24,237 | 821,669 | ||||||
Novozymes A/S, Class B | 7,595 | 257,265 | ||||||
Pandora A/S | 1,457 | 173,399 | ||||||
TDC A/S† | 41,179 | 209,522 | ||||||
Tryg A/S | 10,121 | 182,083 |
81 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Denmark (continued) | ||||||||
Vestas Wind Systems A/S | 2,688 | $ | 177,353 | |||||
William Demant Holding A/S† | 9,330 | 157,885 | ||||||
2,954,348 | ||||||||
Finland — 0.5% | ||||||||
Elisa Oyj | 8,794 | 276,068 | ||||||
Kone Oyj, Class B | 3,953 | 174,119 | ||||||
Metso Oyj | 7,856 | 222,309 | ||||||
Nokia OYJ | 74,983 | 322,651 | ||||||
Nokian Renkaat Oyj | 5,042 | 182,115 | ||||||
Orion Oyj, Class B | 5,436 | 231,145 | ||||||
Sampo Oyj, Class A | 11,249 | 497,277 | ||||||
UPM-Kymmene Oyj | 10,130 | 231,904 | ||||||
2,137,588 | ||||||||
France — 2.8% | ||||||||
Accor SA | 4,597 | 162,875 | ||||||
Aeroports de Paris | 2,815 | 276,897 | ||||||
Air Liquide SA | 4,183 | 425,956 | ||||||
Arkema SA | 2,361 | 226,158 | ||||||
Atos SE | 2,660 | 274,957 | ||||||
AXA SA | 24,468 | 576,477 | ||||||
Bureau Veritas SA | 12,706 | 239,164 | ||||||
Capgemini SA | 2,743 | 216,584 | ||||||
Casino Guichard Perrachon SA | 3,259 | 148,282 | ||||||
Cie de Saint-Gobain | 5,254 | 227,889 | ||||||
CNP Assurances | 12,364 | 217,133 | ||||||
Credit Agricole SA | 21,290 | 240,309 | ||||||
Danone SA | 8,969 | 564,264 | ||||||
Dassault Systemes | 5,876 | 448,517 | ||||||
Essilor International SA | 5,692 | 603,870 | ||||||
Eutelsat Communications SA | 9,358 | 168,458 | ||||||
Fonciere Des Regions | 2,037 | 160,040 | ||||||
Gecina SA | 2,109 | 276,944 | ||||||
ICADE | 2,531 | 174,898 | ||||||
Iliad SA | 890 | 169,316 | ||||||
Imerys SA | 2,842 | 198,045 | ||||||
Ingenico Group SA | 3,079 | 239,916 | ||||||
Kering | 1,881 | 408,683 | ||||||
Klepierre | 8,921 | 332,671 | ||||||
L’Oreal SA | 5,556 | 948,347 | ||||||
Lagardere SCA | 9,463 | 233,333 | ||||||
Legrand SA | 5,384 | 301,004 | ||||||
Renault SA | 2,353 | 185,391 | ||||||
Schneider Electric SE | 4,708 | 313,458 | ||||||
SCOR SE | 8,324 | 264,357 | ||||||
Societe BIC SA | 1,493 | 193,127 | ||||||
Sodexo SA | 5,101 | 557,930 | ||||||
Technip SA | 3,357 | 232,545 | ||||||
Unibail-Rodamco SE | 1,363 | 300,833 | ||||||
Veolia Environnement SA | 10,211 | 176,455 | ||||||
Vivendi SA | 16,981 | 323,772 | ||||||
Wendel SA | 1,751 | 202,653 | ||||||
Zodiac Aerospace | 7,756 | 171,966 | ||||||
11,383,474 | ||||||||
Germany — 2.2% | ||||||||
Allianz SE | 5,828 | 925,285 | ||||||
Bayerische Motoren Werke AG | 4,892 | 416,909 | ||||||
Beiersdorf AG | 7,692 | 628,384 | ||||||
Brenntag AG | 5,411 | 284,821 | ||||||
Continental AG | 1,377 | 244,306 | ||||||
Daimler AG | 9,784 | 650,794 | ||||||
Deutsche Wohnen AG (BR) | 5,229 | 161,049 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 3,354 | 194,800 |
Security Description | Shares | Value (Note 2) | ||||||
Germany (continued) | ||||||||
Fresenius SE & Co. KGaA | 4,930 | $ | 353,998 | |||||
FUCHS PETROLUB SE (preference shares) | 5,308 | 210,344 | ||||||
Hannover Rueck SE | 2,979 | 316,203 | ||||||
Henkel AG & Co. KGaA | 1,677 | 170,752 | ||||||
Henkel AG & Co. KGaA (preference shares) | 3,268 | 378,570 | ||||||
Infineon Technologies AG | 13,282 | 222,134 | ||||||
LANXESS AG | 4,176 | 257,545 | ||||||
Linde AG | 1,471 | 245,081 | ||||||
Merck KGaA | 5,817 | 582,853 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 3,369 | 613,613 | ||||||
SAP SE | 14,724 | 1,230,940 | ||||||
Symrise AG | 4,994 | 302,277 | ||||||
Telefonica Deutschland Holding AG | 42,775 | 167,830 | ||||||
TUI AG | 19,530 | 257,555 | ||||||
Vonovia SE | 9,834 | 317,159 | ||||||
9,133,202 | ||||||||
Hong Kong — 1.3% | ||||||||
AIA Group, Ltd. | 174,800 | 1,065,950 | ||||||
Bank of East Asia, Ltd. | 76,000 | 315,013 | ||||||
BOC Hong Kong Holdings, Ltd. | 61,000 | 228,853 | ||||||
Hang Lung Properties, Ltd. | 92,000 | 207,331 | ||||||
Hang Seng Bank, Ltd. | 17,700 | 335,448 | ||||||
Henderson Land Development Co., Ltd. | 34,189 | 188,874 | ||||||
HK Electric Investments & HK Electric Investments, Ltd.* | 191,000 | 167,939 | ||||||
HKT Trust & HKT, Ltd. | 123,000 | 160,162 | ||||||
Hong Kong & China Gas Co., Ltd. | 370,436 | 689,627 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 15,800 | 415,548 | ||||||
Link REIT | 62,500 | 430,284 | ||||||
PCCW, Ltd. | 360,000 | 209,321 | ||||||
Power Assets Holdings, Ltd. | 20,000 | 190,808 | ||||||
Sun Hung Kai Properties, Ltd. | 15,000 | 196,287 | ||||||
Swire Pacific, Ltd., Class A | 16,500 | 164,330 | ||||||
Swire Properties, Ltd. | 113,600 | 343,444 | ||||||
Techtronic Industries Co., Ltd. | 43,500 | 169,648 | ||||||
5,478,867 | ||||||||
Ireland — 1.1% | ||||||||
Accenture PLC, Class A | 8,675 | 1,036,055 | ||||||
Adient PLC† | 1,488 | 79,697 | ||||||
Alkermes PLC† | 4,103 | 233,174 | ||||||
CRH PLC | 8,730 | 291,407 | ||||||
DCC PLC | 4,121 | 316,075 | ||||||
Jazz Pharmaceuticals PLC† | 1,834 | 190,058 | ||||||
Johnson Controls International PLC | 14,883 | 669,437 | ||||||
Kerry Group PLC, Class A | 6,361 | 450,548 | ||||||
Pentair PLC | 4,813 | 276,555 | ||||||
Perrigo Co. PLC# | 5,230 | 451,558 | ||||||
Weatherford International PLC†# | 47,110 | 240,732 | ||||||
Willis Towers Watson PLC | 3,025 | 376,219 | ||||||
4,611,515 | ||||||||
Israel — 0.1% | ||||||||
Check Point Software Technologies, Ltd.†# | 2,287 | 188,289 | ||||||
Nice, Ltd. | 4,159 | 274,857 | ||||||
463,146 | ||||||||
Italy — 0.5% | ||||||||
Assicurazioni Generali SpA | 34,830 | 440,022 | ||||||
Atlantia SpA | 7,576 | 168,297 | ||||||
EXOR SpA | 4,981 | 209,106 | ||||||
Intesa Sanpaolo SpA | 146,572 | 325,602 | ||||||
Italgas SpA† | 12,326 | 44,103 | ||||||
Luxottica Group SpA | 3,520 | 183,176 | ||||||
Snam SpA | 61,634 | 238,689 |
82 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Italy (continued) | ||||||||
Terna Rete Elettrica Nazionale SpA | 60,973 | $ | 264,434 | |||||
UniCredit SpA | 83,442 | 178,817 | ||||||
Unione di Banche Italiane SpA | 64,284 | 143,621 | ||||||
2,195,867 | ||||||||
Japan — 8.7% | ||||||||
Aeon Co., Ltd. | 14,600 | 201,124 | ||||||
AEON Financial Service Co., Ltd. | 8,700 | 144,791 | ||||||
Aisin Seiki Co., Ltd. | 8,300 | 354,766 | ||||||
Ajinomoto Co., Inc. | 11,000 | 212,731 | ||||||
Amada Holdings Co., Ltd. | 18,000 | 200,288 | ||||||
Aozora Bank, Ltd. | 52,000 | 178,629 | ||||||
Astellas Pharma, Inc. | 32,800 | 452,844 | ||||||
Bridgestone Corp. | 7,800 | 297,737 | ||||||
Canon, Inc. | 17,600 | 501,670 | ||||||
Central Japan Railway Co. | 1,900 | 310,231 | ||||||
Chiba Bank, Ltd. | 79,000 | 468,179 | ||||||
Chubu Electric Power Co., Inc. | 12,500 | 175,418 | ||||||
Chugai Pharmaceutical Co., Ltd. | 5,000 | 140,510 | ||||||
Concordia Financial Group, Ltd. | 45,800 | 210,375 | ||||||
Dai Nippon Printing Co., Ltd. | 16,000 | 151,322 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 16,600 | 266,038 | ||||||
Daiichi Sankyo Co., Ltd. | 15,200 | 316,476 | ||||||
Daikin Industries, Ltd. | 2,200 | 206,049 | ||||||
Daito Trust Construction Co., Ltd. | 1,300 | 201,980 | ||||||
Daiwa House Industry Co., Ltd. | 9,500 | 270,041 | ||||||
Denso Corp. | 13,700 | 596,355 | ||||||
Dentsu, Inc. | 3,800 | 173,716 | ||||||
East Japan Railway Co. | 5,600 | 478,035 | ||||||
Eisai Co., Ltd. | 3,900 | 225,297 | ||||||
FANUC Corp. | 2,800 | 472,479 | ||||||
Fuji Electric Co., Ltd. | 45,000 | 221,057 | ||||||
FUJIFILM Holdings Corp. | 4,600 | 170,844 | ||||||
Hankyu Hanshin Holdings, Inc. | 4,800 | 151,672 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 3,000 | 144,224 | ||||||
Hitachi Chemical Co., Ltd. | 9,900 | 217,202 | ||||||
Hitachi Metals, Ltd. | 17,700 | 231,297 | ||||||
Hitachi, Ltd. | 44,000 | 234,336 | ||||||
Hoya Corp. | 12,800 | 503,363 | ||||||
Idemitsu Kosan Co., Ltd. | 10,300 | 233,000 | ||||||
Inpex Corp. | 24,600 | 233,303 | ||||||
Isuzu Motors, Ltd. | 15,000 | 176,872 | ||||||
JFE Holdings, Inc. | 14,000 | 204,362 | ||||||
JTEKT Corp. | 16,100 | 257,532 | ||||||
Kajima Corp. | 25,000 | 175,255 | ||||||
Kao Corp. | 10,000 | 460,382 | ||||||
KDDI Corp. | 23,700 | 621,269 | ||||||
Keikyu Corp. | 26,000 | 279,306 | ||||||
Keio Corp. | 31,000 | 247,122 | ||||||
Keyence Corp. | 700 | 478,659 | ||||||
Kintetsu Group Holdings Co., Ltd. | 42,000 | 162,266 | ||||||
Komatsu, Ltd. | 10,600 | 244,002 | ||||||
Kubota Corp. | 25,000 | 377,497 | ||||||
Kurita Water Industries, Ltd. | 7,900 | 164,208 | ||||||
Kyocera Corp. | 5,600 | 266,086 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 10,000 | 142,651 | ||||||
LIXIL Group Corp. | 10,600 | 235,710 | ||||||
Mabuchi Motor Co., Ltd. | 4,500 | 250,557 | ||||||
Marubeni Corp. | 66,200 | 362,406 | ||||||
McDonald’s Holdings Co. Japan, Ltd. | 6,400 | 175,936 | ||||||
MEIJI Holdings Co., Ltd. | 1,700 | 135,519 | ||||||
Mitsubishi Chemical Holdings Corp. | 39,800 | 250,305 | ||||||
Mitsubishi Corp. | 16,100 | 347,810 | ||||||
Mitsubishi Electric Corp. | 29,000 | 399,620 | ||||||
Mitsubishi Estate Co., Ltd. | 10,000 | 201,521 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
Mitsubishi Logistics Corp. | 14,000 | $ | 189,310 | |||||
Mitsubishi Materials Corp. | 7,700 | 227,827 | ||||||
Mitsui & Co., Ltd. | 29,600 | 398,832 | ||||||
Mitsui Fudosan Co., Ltd. | 12,000 | 282,208 | ||||||
MS&AD Insurance Group Holdings, Inc. | 8,100 | 251,273 | ||||||
Murata Manufacturing Co., Ltd. | 1,600 | 215,725 | ||||||
Nagoya Railroad Co., Ltd. | 31,000 | 152,013 | ||||||
NGK Insulators, Ltd. | 10,000 | 191,076 | ||||||
NGK Spark Plug Co., Ltd. | 14,200 | 291,187 | ||||||
Nidec Corp. | 3,800 | 340,125 | ||||||
Nikon Corp. | 13,400 | 196,775 | ||||||
Nintendo Co., Ltd. | 1,500 | 364,167 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 12,600 | 270,161 | ||||||
Nippon Telegraph & Telephone Corp. | 13,700 | 553,844 | ||||||
Nissan Motor Co., Ltd. | 41,200 | 380,471 | ||||||
Nitori Holdings Co., Ltd. | 1,400 | 146,112 | ||||||
NOK Corp. | 10,500 | 208,798 | ||||||
NSK, Ltd. | 45,900 | 499,903 | ||||||
NTT Data Corp. | 3,700 | 184,022 | ||||||
NTT DOCOMO, Inc. | 24,700 | 566,521 | ||||||
Omron Corp. | 5,600 | 206,564 | ||||||
Ono Pharmaceutical Co., Ltd. | 5,900 | 130,656 | ||||||
Oracle Corp. Japan | 3,200 | 159,434 | ||||||
Oriental Land Co., Ltd. | 4,100 | 233,554 | ||||||
ORIX Corp. | 19,200 | 298,980 | ||||||
Osaka Gas Co., Ltd. | 46,000 | 173,940 | ||||||
Otsuka Holdings Co., Ltd. | 6,100 | 247,775 | ||||||
Panasonic Corp. | 27,800 | 282,848 | ||||||
Rakuten, Inc. | 17,000 | 167,615 | ||||||
Resona Holdings, Inc. | 115,700 | 556,327 | ||||||
Ryohin Keikaku Co., Ltd. | 700 | 137,240 | ||||||
Santen Pharmaceutical Co., Ltd. | 16,600 | 202,558 | ||||||
Secom Co., Ltd. | 4,000 | 290,861 | ||||||
Sekisui House, Ltd. | 11,400 | 186,338 | ||||||
Shimadzu Corp. | 13,000 | 198,059 | ||||||
Shimano, Inc. | 1,200 | 197,089 | ||||||
Shin-Etsu Chemical Co., Ltd. | 6,700 | 495,450 | ||||||
Shionogi & Co., Ltd. | 4,000 | 189,153 | ||||||
Shiseido Co., Ltd. | 7,800 | 198,332 | ||||||
Shizuoka Bank, Ltd. | 74,000 | 598,313 | ||||||
SMC Corp. | 700 | 198,977 | ||||||
SoftBank Group Corp. | 12,800 | 750,960 | ||||||
Sompo Holdings, Inc. | 6,700 | 218,326 | ||||||
Sony Corp. | 12,900 | 370,746 | ||||||
Sumitomo Chemical Co., Ltd. | 43,000 | 196,574 | ||||||
Sumitomo Corp. | 34,800 | 415,209 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 10,300 | 168,268 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 14,200 | 522,051 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 5,800 | 210,393 | ||||||
Suntory Beverage & Food, Ltd. | 4,900 | 209,654 | ||||||
Sysmex Corp. | 2,700 | 162,606 | ||||||
TDK Corp. | 3,300 | 221,817 | ||||||
Terumo Corp. | 5,100 | 179,428 | ||||||
Tobu Railway Co., Ltd. | 40,000 | 191,600 | ||||||
Tohoku Electric Power Co., Inc. | 14,100 | 164,287 | ||||||
Tokio Marine Holdings, Inc. | 10,400 | 445,344 | ||||||
Tokyo Electron, Ltd. | 2,600 | 238,058 | ||||||
Tokyo Gas Co., Ltd. | 46,000 | 200,517 | ||||||
Tokyu Corp. | 27,000 | 201,547 | ||||||
TonenGeneral Sekiyu KK | 36,000 | 342,677 | ||||||
Toppan Printing Co., Ltd. | 20,000 | 181,286 | ||||||
Toray Industries, Inc. | 28,000 | 227,466 | ||||||
TOTO, Ltd. | 5,500 | 210,808 | ||||||
Toyoda Gosei Co., Ltd. | 13,600 | 293,623 | ||||||
Toyota Industries Corp. | 7,200 | 337,328 |
83 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Toyota Motor Corp. | 3,500 | $ | 203,413 | |||||
Toyota Tsusho Corp. | 8,500 | 212,416 | ||||||
Trend Micro, Inc. | 9,900 | 355,657 | ||||||
Unicharm Corp. | 8,500 | 180,877 | ||||||
West Japan Railway Co. | 4,500 | 273,646 | ||||||
Yahoo Japan Corp. | 40,100 | 145,812 | ||||||
Yakult Honsha Co., Ltd. | 3,400 | 149,189 | ||||||
Yamaguchi Financial Group, Inc. | 19,000 | 197,631 | ||||||
Yamato Holdings Co., Ltd. | 7,900 | 158,235 | ||||||
Yamazaki Baking Co., Ltd. | 9,000 | 178,497 | ||||||
36,140,591 | ||||||||
Jersey — 0.5% | ||||||||
Delphi Automotive PLC | 3,496 | 223,744 | ||||||
Randgold Resources, Ltd. | 3,036 | 216,523 | ||||||
Shire PLC | 16,732 | 975,574 | ||||||
Wolseley PLC | 4,223 | 245,433 | ||||||
WPP PLC | 28,561 | 610,720 | ||||||
2,271,994 | ||||||||
Liberia — 0.1% | ||||||||
Royal Caribbean Cruises, Ltd. | 2,630 | 212,951 | ||||||
Luxembourg — 0.2% | ||||||||
RTL Group SA | 6,325 | 429,764 | ||||||
SES SA FDR | 14,875 | 321,533 | ||||||
Tenaris SA | 13,542 | 216,292 | ||||||
967,589 | ||||||||
Netherlands — 2.0% | ||||||||
Aegon NV | 70,452 | 358,260 | ||||||
Akzo Nobel NV | 3,724 | 231,919 | ||||||
ASML Holding NV | 3,981 | 411,884 | ||||||
Boskalis Westminster NV | 5,238 | 163,491 | ||||||
CNH Industrial NV | 27,566 | 234,895 | ||||||
Core Laboratories NV# | 3,430 | 383,337 | ||||||
ING Groep NV | 48,736 | 663,739 | ||||||
Koninklijke Ahold Delhaize NV | 21,039 | 414,969 | ||||||
Koninklijke DSM NV | 3,564 | 216,137 | ||||||
Koninklijke KPN NV | 50,803 | 146,401 | ||||||
Koninklijke Philips NV | 22,996 | 661,464 | ||||||
Koninklijke Vopak NV | 4,605 | 215,235 | ||||||
LyondellBasell Industries NV, Class A | 6,634 | 599,183 | ||||||
Mylan NV† | 5,913 | 216,475 | ||||||
NN Group NV | 13,556 | 435,761 | ||||||
QIAGEN NV† | 15,761 | 435,147 | ||||||
RELX NV | 25,248 | 407,808 | ||||||
STMicroelectronics NV | 31,470 | 320,994 | ||||||
Unilever NV CVA | 36,605 | 1,469,391 | ||||||
Wolters Kluwer NV | 11,114 | 400,727 | ||||||
8,387,217 | ||||||||
New Zealand — 0.3% | ||||||||
Auckland International Airport, Ltd. | 69,767 | 304,112 | ||||||
Contact Energy, Ltd. | 48,523 | 161,511 | ||||||
Fletcher Building, Ltd. | 30,262 | 220,316 | ||||||
Ryman Healthcare, Ltd. | 45,044 | 279,127 | ||||||
Spark New Zealand, Ltd. | 95,487 | 245,813 | ||||||
1,210,879 | ||||||||
Norway — 0.3% | ||||||||
DNB ASA | 15,128 | 222,823 | ||||||
Gjensidige Forsikring ASA | 23,102 | 369,580 | ||||||
Marine Harvest ASA | 10,328 | 185,726 | ||||||
Orkla ASA | 35,200 | 313,810 |
Security Description | Shares | Value (Note 2) | ||||||
Norway (continued) | ||||||||
Telenor ASA | 11,202 | $ | 165,523 | |||||
1,257,462 | ||||||||
Papua New Guinea — 0.0% | ||||||||
Oil Search, Ltd. | 36,637 | 174,502 | ||||||
Portugal — 0.2% | ||||||||
Banco Espirito Santo SA†(1)(2) | 126,030 | 8,014 | ||||||
EDP - Energias de Portugal SA | 93,029 | 268,873 | ||||||
Galp Energia SGPS SA | 33,940 | 459,174 | ||||||
736,061 | ||||||||
Singapore — 0.9% | ||||||||
Broadcom, Ltd. | 4,530 | 772,320 | ||||||
CapitaLand, Ltd. | 80,000 | 171,905 | ||||||
City Developments, Ltd. | 29,500 | 173,705 | ||||||
ComfortDelGro Corp., Ltd. | 159,000 | 279,541 | ||||||
DBS Group Holdings, Ltd. | 27,000 | 330,589 | ||||||
Jardine Cycle & Carriage, Ltd. | 9,200 | 257,704 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 106,000 | 671,490 | ||||||
Singapore Telecommunications, Ltd. | 97,000 | 253,776 | ||||||
StarHub, Ltd. | 112,000 | 225,039 | ||||||
United Overseas Bank, Ltd. | 27,000 | 384,463 | ||||||
3,520,532 | ||||||||
Spain — 1.0% | ||||||||
Aena SA* | 1,353 | 179,390 | ||||||
Amadeus IT Group SA | 6,764 | 306,539 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 92,461 | 570,918 | ||||||
Banco de Sabadell SA | 138,750 | 173,083 | ||||||
Banco Santander SA | 182,417 | 833,852 | ||||||
Bankinter SA | 27,525 | 206,890 | ||||||
CaixaBank SA | 80,880 | 235,132 | ||||||
Enagas SA | 7,953 | 195,974 | ||||||
Grifols SA | 10,560 | 207,052 | ||||||
Red Electrica Corp. SA | 13,704 | 244,006 | ||||||
Repsol SA | 25,496 | 340,476 | ||||||
Telefonica SA | 60,355 | 502,271 | ||||||
3,995,583 | ||||||||
Sweden — 1.0% | ||||||||
ASSA ABLOY AB, Class B | 30,513 | 576,990 | ||||||
Atlas Copco AB, Class A | 11,320 | 342,443 | ||||||
Atlas Copco AB, Class B | 7,859 | 211,242 | ||||||
Boliden AB | 9,577 | 247,348 | ||||||
Getinge AB, Class B | 9,028 | 138,022 | ||||||
Hennes & Mauritz AB, Class B | 7,515 | 218,293 | ||||||
Hexagon AB, Class B | 5,022 | 177,895 | ||||||
Industrivarden AB, Class C | 11,313 | 193,808 | ||||||
Investor AB, Class B | 16,914 | 571,270 | ||||||
Nordea Bank AB | 21,352 | 224,336 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 20,839 | 207,649 | ||||||
Svenska Cellulosa AB SCA, Class B | 6,725 | 179,376 | ||||||
Svenska Handelsbanken AB, Class A | 38,558 | 535,133 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 32,965 | 169,743 | ||||||
3,993,548 | ||||||||
Switzerland — 2.7% | ||||||||
ABB, Ltd. | 28,594 | 582,736 | ||||||
Actelion, Ltd. | 2,230 | 429,901 | ||||||
Aryzta AG | 5,640 | 240,312 | ||||||
Baloise Holding AG | 1,739 | 209,528 | ||||||
Chubb, Ltd. | 13,729 | 1,757,312 | ||||||
Coca-Cola HBC AG | 11,386 | 242,185 | ||||||
EMS-Chemie Holding AG | 379 | 194,402 | ||||||
Galenica AG | 156 | 164,945 |
84 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Switzerland (continued) | ||||||||
Garmin, Ltd.# | 4,306 | $ | 224,601 | |||||
Geberit AG | 1,734 | 686,471 | ||||||
Givaudan SA | 203 | 361,794 | ||||||
Kuehne & Nagel International AG | 1,294 | 169,021 | ||||||
LafargeHolcim, Ltd. | 10,479 | 555,025 | ||||||
Pargesa Holding SA (BR) | 6,739 | 427,526 | ||||||
Partners Group Holding AG | 508 | 246,830 | ||||||
Schindler Holding AG | 1,585 | 278,119 | ||||||
Schindler Holding AG (Participation Certificate) | 1,303 | 231,456 | ||||||
SGS SA | 169 | 339,596 | ||||||
Sika AG (BR) | 52 | 252,302 | ||||||
Sonova Holding AG | 3,591 | 434,085 | ||||||
Swatch Group AG (BR) | 670 | 196,973 | ||||||
Swiss Life Holding AG | 909 | 249,982 | ||||||
Swiss Prime Site AG | 12,310 | 1,007,369 | ||||||
Swiss Re AG | 4,613 | 424,685 | ||||||
Swisscom AG | 1,889 | 807,289 | ||||||
Zurich Insurance Group AG | 1,749 | 458,452 | ||||||
11,172,897 | ||||||||
United Kingdom — 5.5% | ||||||||
3i Group PLC | 53,962 | 465,194 | ||||||
Aberdeen Asset Management PLC | 49,339 | 165,444 | ||||||
Admiral Group PLC | 14,174 | 337,133 | ||||||
Aggreko PLC | 10,823 | 110,704 | ||||||
Antofagasta PLC | 29,780 | 256,726 | ||||||
Aon PLC | 3,253 | 371,167 | ||||||
Ashtead Group PLC | 12,566 | 246,373 | ||||||
Auto Trader Group PLC* | 37,662 | 188,349 | ||||||
Aviva PLC | 77,931 | 435,857 | ||||||
Berkeley Group Holdings PLC | 9,279 | 287,577 | ||||||
British Land Co. PLC | 35,934 | 265,942 | ||||||
BT Group PLC | 174,256 | 778,582 | ||||||
Bunzl PLC | 33,711 | 868,891 | ||||||
Burberry Group PLC | 11,844 | 211,766 | ||||||
Capita PLC | 35,704 | 234,309 | ||||||
Compass Group PLC | 26,406 | 452,967 | ||||||
Croda International PLC | 4,382 | 178,848 | ||||||
Direct Line Insurance Group PLC | 85,325 | 370,666 | ||||||
Dixons Carphone PLC | 73,651 | 305,761 | ||||||
Fresnillo PLC | 16,790 | 252,092 | ||||||
GKN PLC | 50,050 | 194,067 | ||||||
Hammerson PLC | 52,725 | 359,204 | ||||||
Hargreaves Lansdown PLC | 10,788 | 158,871 | ||||||
Hikma Pharmaceuticals PLC | 10,925 | 232,516 | ||||||
ICAP PLC | 31,861 | 194,100 | ||||||
Inmarsat PLC | 21,082 | 187,414 | ||||||
InterContinental Hotels Group PLC | 7,779 | 319,342 | ||||||
Intertek Group PLC | 10,773 | 443,330 | ||||||
Intu Properties PLC | 104,195 | 350,822 | ||||||
Investec PLC | 31,544 | 205,233 | ||||||
ITV PLC | 74,244 | 156,062 | ||||||
Johnson Matthey PLC | 5,956 | 233,252 | ||||||
Kingfisher PLC | 40,468 | 178,787 | ||||||
Land Securities Group PLC | 21,000 | 254,869 | ||||||
Legal & General Group PLC | 161,043 | 475,130 | ||||||
Liberty Global PLC LiLAC, Class C† | 5,443 | 115,228 | ||||||
Liberty Global PLC, Class A† | 6,033 | 188,954 | ||||||
Liberty Global PLC, Class C† | 7,042 | 214,429 | ||||||
London Stock Exchange Group PLC | 7,068 | 243,019 | ||||||
Marks & Spencer Group PLC | 41,696 | 171,483 | ||||||
Mediclinic International PLC | 12,171 | 108,045 | ||||||
Merlin Entertainments PLC* | 36,892 | 201,162 | ||||||
Mondi PLC | 10,072 | 205,792 | ||||||
National Grid PLC | 76,776 | 877,239 |
Security Description | Shares | Value (Note 2) | ||||||
United Kingdom (continued) | ||||||||
Next PLC | 6,024 | $ | 369,626 | |||||
Nielsen Holdings PLC | 6,062 | 261,272 | ||||||
Old Mutual PLC | 98,150 | 233,207 | ||||||
Pearson PLC | 26,239 | 261,164 | ||||||
Persimmon PLC | 9,136 | 194,326 | ||||||
Provident Financial PLC | 5,712 | 208,331 | ||||||
Prudential PLC | 35,454 | 686,915 | ||||||
RELX PLC | 32,929 | 566,510 | ||||||
Royal Mail PLC | 26,021 | 152,564 | ||||||
RSA Insurance Group PLC | 57,944 | 391,860 | ||||||
Sage Group PLC | 44,535 | 366,373 | ||||||
Schroders PLC | 9,585 | 331,599 | ||||||
Segro PLC | 54,440 | 284,722 | ||||||
Sky PLC | 53,434 | 522,150 | ||||||
Smith & Nephew PLC | 25,446 | 358,815 | ||||||
Smiths Group PLC | 18,020 | 318,133 | ||||||
SSE PLC | 33,488 | 618,028 | ||||||
St James’s Place PLC | 33,593 | 395,097 | ||||||
Standard Life PLC | 77,875 | 336,743 | ||||||
Tate & Lyle PLC | 34,732 | 294,636 | ||||||
Travis Perkins PLC | 8,814 | 147,997 | ||||||
Unilever PLC | 25,164 | 1,006,267 | ||||||
United Utilities Group PLC | 43,128 | 476,482 | ||||||
Weir Group PLC | 9,425 | 213,209 | ||||||
Whitbread PLC | 4,680 | 202,838 | ||||||
Worldpay Group PLC* | 130,782 | 440,504 | ||||||
22,692,066 | ||||||||
United States — 47.5% | ||||||||
A.O. Smith Corp. | 4,170 | 202,787 | ||||||
Abbott Laboratories | 35,011 | 1,332,869 | ||||||
AbbVie, Inc. | 20,175 | 1,226,640 | ||||||
Activision Blizzard, Inc. | 9,737 | 356,472 | ||||||
Acuity Brands, Inc.# | 725 | 182,272 | ||||||
Adobe Systems, Inc.† | 7,642 | 785,674 | ||||||
Advance Auto Parts, Inc. | 1,590 | 269,855 | ||||||
Affiliated Managers Group, Inc.† | 2,068 | 306,271 | ||||||
Aflac, Inc. | 9,919 | 708,018 | ||||||
Agilent Technologies, Inc. | 8,640 | 379,987 | ||||||
AGNC Investment Corp.# | 9,173 | 171,168 | ||||||
Air Products & Chemicals, Inc. | 5,168 | 746,569 | ||||||
Akamai Technologies, Inc.† | 3,270 | 218,109 | ||||||
Albemarle Corp. | 3,348 | 293,887 | ||||||
Alexion Pharmaceuticals, Inc.† | 3,951 | 484,353 | ||||||
Alleghany Corp.† | 398 | 226,044 | ||||||
Alliance Data Systems Corp.# | 920 | 210,478 | ||||||
Allstate Corp. | 13,980 | 977,482 | ||||||
Alphabet, Inc., Class A† | 4,082 | 3,167,142 | ||||||
Alphabet, Inc., Class C† | 3,801 | 2,881,310 | ||||||
American Express Co. | 15,233 | 1,097,385 | ||||||
American Tower Corp. | 10,755 | 1,099,914 | ||||||
American Water Works Co., Inc. | 5,568 | 403,513 | ||||||
Ameriprise Financial, Inc. | 4,466 | 510,062 | ||||||
AmerisourceBergen Corp. | 4,394 | 342,688 | ||||||
AMETEK, Inc. | 4,930 | 233,436 | ||||||
Amgen, Inc. | 13,075 | 1,883,715 | ||||||
Amphenol Corp., Class A | 3,249 | 221,777 | ||||||
Anadarko Petroleum Corp. | 8,297 | 573,738 | ||||||
Analog Devices, Inc.# | 7,494 | 556,355 | ||||||
Annaly Capital Management, Inc. | 16,295 | 166,535 | ||||||
ANSYS, Inc.†# | 4,693 | 441,283 | ||||||
Antero Resources Corp.† | 6,732 | 164,867 | ||||||
Apache Corp.# | 11,520 | 759,744 | ||||||
Applied Materials, Inc. | 9,271 | 298,526 | ||||||
Assurant, Inc. | 5,876 | 507,334 |
85 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Atmos Energy Corp. | 4,547 | $ | 323,383 | |||||
Autodesk, Inc.†# | 3,354 | 243,534 | ||||||
Automatic Data Processing, Inc. | 12,257 | 1,176,917 | ||||||
AvalonBay Communities, Inc. | 1,148 | 188,835 | ||||||
Avery Dennison Corp. | 3,669 | 264,388 | ||||||
B/E Aerospace, Inc. | 4,255 | 255,470 | ||||||
Baker Hughes, Inc. | 4,989 | 320,942 | ||||||
Ball Corp. | 3,176 | 238,391 | ||||||
Baxter International, Inc. | 9,257 | 410,733 | ||||||
BB&T Corp.# | 10,844 | 490,691 | ||||||
Becton Dickinson and Co.# | 3,884 | 656,784 | ||||||
Bed Bath & Beyond, Inc. | 4,159 | 186,365 | ||||||
Berkshire Hathaway, Inc., Class B† | 17,072 | 2,687,816 | ||||||
Best Buy Co., Inc.# | 5,850 | 267,345 | ||||||
Biogen, Inc.† | 2,412 | 709,297 | ||||||
BioMarin Pharmaceutical, Inc.†# | 3,122 | 267,337 | ||||||
BlackRock, Inc. | 2,225 | 825,008 | ||||||
Boston Properties, Inc. | 1,856 | 229,921 | ||||||
Brixmor Property Group, Inc. | 13,251 | 322,662 | ||||||
Broadridge Financial Solutions, Inc. | 2,802 | 181,401 | ||||||
C.H. Robinson Worldwide, Inc.# | 4,142 | 310,029 | ||||||
CA, Inc. | 12,878 | 411,581 | ||||||
Cabot Oil & Gas Corp. | 10,408 | 230,225 | ||||||
Calpine Corp.†# | 12,240 | 136,476 | ||||||
Campbell Soup Co. | 2,840 | 161,568 | ||||||
Capital One Financial Corp. | 8,990 | 755,520 | ||||||
Cardinal Health, Inc. | 7,721 | 548,268 | ||||||
CarMax, Inc.†# | 3,715 | 214,690 | ||||||
Caterpillar, Inc.# | 4,114 | 393,134 | ||||||
CBRE Group, Inc., Class A† | 6,735 | 195,584 | ||||||
CBS Corp., Class B# | 8,634 | 524,256 | ||||||
CDW Corp. | 4,492 | 230,170 | ||||||
Celanese Corp. | 5,247 | 416,192 | ||||||
Celgene Corp.† | 10,195 | 1,208,209 | ||||||
Centene Corp.† | 3,324 | 191,562 | ||||||
CenterPoint Energy, Inc. | 9,924 | 236,787 | ||||||
CenturyLink, Inc. | 16,446 | 386,810 | ||||||
Cerner Corp.† | 10,843 | 539,765 | ||||||
Charles Schwab Corp. | 16,947 | 655,171 | ||||||
Chipotle Mexican Grill, Inc.†# | 435 | 172,404 | ||||||
Church & Dwight Co., Inc. | 5,892 | 258,011 | ||||||
Cimarex Energy Co. | 1,884 | 259,766 | ||||||
Cincinnati Financial Corp. | 7,048 | 540,864 | ||||||
Cintas Corp. | 2,934 | 336,236 | ||||||
Cisco Systems, Inc. | 76,377 | 2,277,562 | ||||||
CIT Group, Inc. | 5,817 | 237,624 | ||||||
Citizens Financial Group, Inc. | 9,141 | 306,315 | ||||||
Citrix Systems, Inc.† | 3,998 | 346,747 | ||||||
Clorox Co. | 10,593 | 1,224,127 | ||||||
CME Group, Inc. | 5,673 | 640,538 | ||||||
CMS Energy Corp. | 10,564 | 424,884 | ||||||
Coach, Inc. | 5,861 | 213,282 | ||||||
Cognizant Technology Solutions Corp., Class A† | 8,995 | 495,445 | ||||||
Colgate-Palmolive Co. | 16,984 | 1,107,866 | ||||||
Comcast Corp., Class A | 36,022 | 2,503,889 | ||||||
Comerica, Inc.# | 4,468 | 284,835 | ||||||
Concho Resources, Inc.†# | 1,786 | 255,434 | ||||||
Cooper Cos., Inc. | 1,050 | 172,715 | ||||||
Corning, Inc. | 14,840 | 356,605 | ||||||
Crown Castle International Corp. | 8,215 | 685,624 | ||||||
CSX Corp. | 17,593 | 630,005 | ||||||
D.R. Horton, Inc. | 5,759 | 159,639 | ||||||
Danaher Corp. | 15,390 | 1,203,036 | ||||||
Deere & Co.# | 8,676 | 869,335 | ||||||
DENTSPLY SIRONA, Inc. | 5,808 | 337,909 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) | ||||||||
Devon Energy Corp. | 11,720 | $ | 566,428 | |||||
Digital Realty Trust, Inc. | 2,876 | 265,541 | ||||||
Discover Financial Services | 7,023 | 475,949 | ||||||
Discovery Communications, Inc., Class A†# | 14,639 | 396,571 | ||||||
Discovery Communications, Inc., Class C† | 15,464 | 408,868 | ||||||
DISH Network Corp., Class A† | 5,080 | 291,846 | ||||||
Dollar General Corp. | 3,107 | 240,233 | ||||||
Dollar Tree, Inc.† | 4,673 | 411,972 | ||||||
Dover Corp. | 9,002 | 653,635 | ||||||
Dr Pepper Snapple Group, Inc. | 16,163 | 1,401,979 | ||||||
Dun & Bradstreet Corp. | 2,788 | 339,355 | ||||||
E*TRADE Financial Corp.† | 7,743 | 267,211 | ||||||
Eaton Vance Corp. | 7,373 | 298,164 | ||||||
eBay, Inc.† | 16,919 | 470,517 | ||||||
Ecolab, Inc. | 6,409 | 748,123 | ||||||
Edgewell Personal Care Co.† | 2,539 | 200,936 | ||||||
Edwards Lifesciences Corp.† | 4,134 | 342,502 | ||||||
Electronic Arts, Inc.†# | 4,406 | 349,131 | ||||||
Emerson Electric Co.# | 22,504 | 1,270,126 | ||||||
EOG Resources, Inc. | 6,297 | 645,568 | ||||||
EQT Corp. | 4,034 | 282,703 | ||||||
Equifax, Inc. | 2,762 | 316,111 | ||||||
Equinix, Inc. | 1,497 | 507,124 | ||||||
Equity Residential | 4,349 | 260,983 | ||||||
Estee Lauder Cos., Inc., Class A | 5,535 | 430,069 | ||||||
Eversource Energy# | 9,632 | 497,204 | ||||||
Expedia, Inc.# | 2,598 | 322,282 | ||||||
Expeditors International of Washington, Inc.# | 11,730 | 618,640 | ||||||
Express Scripts Holding Co.† | 10,839 | 822,463 | ||||||
Extra Space Storage, Inc. | 3,906 | 274,045 | ||||||
Facebook, Inc., Class A† | 26,433 | 3,130,196 | ||||||
Fastenal Co.# | 8,190 | 388,206 | ||||||
Federal Realty Investment Trust | 3,058 | 429,404 | ||||||
Fidelity National Information Services, Inc. | 8,745 | 675,027 | ||||||
Fifth Third Bancorp | 15,741 | 409,581 | ||||||
First Republic Bank# | 3,876 | 317,444 | ||||||
Fiserv, Inc.† | 7,981 | 834,972 | ||||||
FleetCor Technologies, Inc.†# | 1,246 | 186,078 | ||||||
Flowserve Corp. | 4,021 | 190,796 | ||||||
FMC Technologies, Inc.† | 9,093 | 311,526 | ||||||
FNF Group | 9,250 | 295,445 | ||||||
Ford Motor Co. | 46,034 | 550,567 | ||||||
Fortive Corp. | 7,695 | 423,148 | ||||||
Franklin Resources, Inc. | 7,712 | 302,773 | ||||||
Frontier Communications Corp.# | 36,790 | 134,284 | ||||||
Gartner, Inc.† | 1,876 | 192,890 | ||||||
General Growth Properties, Inc. | 7,155 | 181,308 | ||||||
General Mills, Inc. | 20,561 | 1,252,987 | ||||||
Genuine Parts Co.# | 3,093 | 297,639 | ||||||
Gilead Sciences, Inc. | 16,851 | 1,241,919 | ||||||
Hanesbrands, Inc. | 9,177 | 213,182 | ||||||
Hartford Financial Services Group, Inc. | 5,857 | 275,982 | ||||||
Hasbro, Inc.# | 5,283 | 451,115 | ||||||
HCA Holdings, Inc.† | 3,556 | 252,085 | ||||||
HCP, Inc. | 7,868 | 232,342 | ||||||
Helmerich & Payne, Inc.# | 2,696 | 203,952 | ||||||
Hess Corp.# | 6,603 | 369,504 | ||||||
Hewlett Packard Enterprise Co. | 19,643 | 467,503 | ||||||
Hilton Worldwide Holdings, Inc.# | 8,005 | 200,685 | ||||||
HollyFrontier Corp.# | 7,449 | 214,308 | ||||||
Hormel Foods Corp.# | 10,317 | 353,254 | ||||||
Host Hotels & Resorts, Inc. | 16,843 | 300,479 | ||||||
HP, Inc. | 24,752 | 381,181 | ||||||
Humana, Inc. | 1,960 | 416,774 | ||||||
Illinois Tool Works, Inc. | 2,451 | 306,816 |
86 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Illumina, Inc.†# | 1,489 | $ | 198,245 | |||||
Incyte Corp.†# | 2,512 | 256,952 | ||||||
Ingredion, Inc. | 1,834 | 215,275 | ||||||
Intel Corp. | 67,608 | 2,345,998 | ||||||
Intercontinental Exchange, Inc. | 16,675 | 923,795 | ||||||
International Business Machines Corp.# | 12,454 | 2,020,288 | ||||||
International Flavors & Fragrances, Inc.# | 4,707 | 569,782 | ||||||
International Paper Co. | 7,172 | 349,420 | ||||||
Interpublic Group of Cos., Inc. | 10,654 | 256,442 | ||||||
Intuit, Inc. | 7,491 | 851,577 | ||||||
Iron Mountain, Inc. | 4,511 | 148,863 | ||||||
J.M. Smucker Co. | 1,985 | 250,011 | ||||||
JB Hunt Transport Services, Inc. | 3,516 | 335,321 | ||||||
Jones Lang LaSalle, Inc. | 2,807 | 284,293 | ||||||
Juniper Networks, Inc. | 8,086 | 222,688 | ||||||
Kansas City Southern# | 2,001 | 177,509 | ||||||
KeyCorp | 16,491 | 285,459 | ||||||
Kimberly-Clark Corp. | 15,783 | 1,824,673 | ||||||
Kinder Morgan, Inc. | 22,465 | 498,723 | ||||||
KLA-Tencor Corp. | 9,492 | 757,841 | ||||||
Kohl’s Corp.# | 7,846 | 422,350 | ||||||
Kraft Heinz Co.# | 7,293 | 595,473 | ||||||
Kroger Co. | 9,558 | 308,723 | ||||||
L Brands, Inc. | 4,771 | 335,020 | ||||||
Laboratory Corp. of America Holdings† | 3,264 | 410,774 | ||||||
Lam Research Corp. | 4,219 | 447,298 | ||||||
Lear Corp. | 2,301 | 298,003 | ||||||
Level 3 Communications, Inc.† | 4,959 | 273,092 | ||||||
Liberty Interactive Corp. QVC Group, Class A†# | 15,276 | 316,366 | ||||||
Liberty SiriusXM Group, Series C† | 5,871 | 209,947 | ||||||
Lincoln National Corp. | 4,705 | 301,590 | ||||||
Linear Technology Corp. | 11,040 | 690,331 | ||||||
LinkedIn Corp., Class A† | 1,428 | 278,803 | ||||||
LKQ Corp.† | 10,988 | 360,736 | ||||||
Loews Corp. | 5,566 | 248,522 | ||||||
Lowe’s Cos., Inc. | 9,390 | 662,464 | ||||||
M&T Bank Corp.# | 3,811 | 548,555 | ||||||
Macerich Co. | 2,125 | 144,266 | ||||||
Macy’s, Inc.# | 6,279 | 264,974 | ||||||
Marathon Oil Corp.# | 19,432 | 350,942 | ||||||
Marathon Petroleum Corp. | 6,919 | 325,331 | ||||||
Markel Corp.† | 505 | 453,662 | ||||||
Marriott International, Inc., Class A | 4,761 | 375,072 | ||||||
Marsh & McLennan Cos., Inc. | 7,787 | 539,717 | ||||||
Masco Corp. | 5,856 | 185,342 | ||||||
MasterCard, Inc., Class A | 14,855 | 1,518,181 | ||||||
Mattel, Inc.# | 12,911 | 407,600 | ||||||
Maxim Integrated Products, Inc. | 5,112 | 200,748 | ||||||
McCormick & Co., Inc. | 2,150 | 196,080 | ||||||
McKesson Corp. | 2,986 | 429,417 | ||||||
Mead Johnson Nutrition Co. | 6,619 | 477,164 | ||||||
MEDNAX, Inc.†# | 4,160 | 272,355 | ||||||
Microchip Technology, Inc. | 7,794 | 515,807 | ||||||
Micron Technology, Inc.† | 15,302 | 298,848 | ||||||
Microsoft Corp. | 105,527 | 6,359,057 | ||||||
Mid-America Apartment Communities, Inc.# | 1,694 | 155,221 | ||||||
Monster Beverage Corp.† | 6,084 | 272,259 | ||||||
Mosaic Co.# | 6,964 | 197,778 | ||||||
Motorola Solutions, Inc. | 5,584 | 448,116 | ||||||
MSCI, Inc. | 2,388 | 188,174 | ||||||
Murphy Oil Corp.# | 10,560 | 358,090 | ||||||
Nasdaq, Inc. | 6,716 | 430,428 | ||||||
National Oilwell Varco, Inc.# | 13,658 | 510,263 | ||||||
Navient Corp. | 15,252 | 262,792 | ||||||
NetApp, Inc. | 7,429 | 271,604 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) | ||||||||
Netflix, Inc.† | 4,682 | $ | 547,794 | |||||
New York Community Bancorp, Inc.# | 12,075 | 192,959 | ||||||
Newell Brands, Inc. | 7,862 | 369,593 | ||||||
Newfield Exploration Co.† | 4,586 | 207,379 | ||||||
NiSource, Inc. | 13,830 | 303,430 | ||||||
Noble Energy, Inc. | 9,481 | 361,795 | ||||||
Nordstrom, Inc.# | 4,711 | 263,439 | ||||||
Norfolk Southern Corp. | 4,381 | 466,401 | ||||||
Northern Trust Corp. | 5,252 | 431,452 | ||||||
Nucor Corp. | 9,846 | 612,323 | ||||||
NVIDIA Corp.# | 10,317 | 951,227 | ||||||
O’Reilly Automotive, Inc.† | 1,151 | 315,949 | ||||||
Occidental Petroleum Corp.# | 6,941 | 495,310 | ||||||
OGE Energy Corp.# | 6,618 | 209,460 | ||||||
Omnicom Group, Inc. | 11,877 | 1,032,586 | ||||||
ONEOK, Inc.# | 7,889 | 433,343 | ||||||
Oracle Corp. | 40,001 | 1,607,640 | ||||||
PACCAR, Inc.# | 4,720 | 293,348 | ||||||
Palo Alto Networks, Inc.†# | 1,448 | 194,568 | ||||||
Parker-Hannifin Corp. | 4,152 | 576,837 | ||||||
Paychex, Inc.# | 19,483 | 1,148,523 | ||||||
PayPal Holdings, Inc.† | 15,885 | 623,963 | ||||||
People’s United Financial, Inc.# | 22,008 | 411,990 | ||||||
PepsiCo, Inc. | 28,141 | 2,816,914 | ||||||
Phillips 66 | 6,407 | 532,294 | ||||||
Pioneer Natural Resources Co. | 1,932 | 369,089 | ||||||
PNC Financial Services Group, Inc. | 10,505 | 1,161,223 | ||||||
PPL Corp. | 31,005 | 1,037,427 | ||||||
Priceline Group, Inc.† | 616 | 926,267 | ||||||
Principal Financial Group, Inc.# | 9,465 | 546,036 | ||||||
Procter & Gamble Co. | 38,851 | 3,203,653 | ||||||
Progressive Corp. | 24,476 | 815,051 | ||||||
Prologis, Inc.# | 6,021 | 306,469 | ||||||
Prudential Financial, Inc. | 8,857 | 891,014 | ||||||
Public Storage | 1,999 | 418,391 | ||||||
QUALCOMM, Inc. | 21,544 | 1,467,793 | ||||||
Quality Care Properties, Inc.† | 1,573 | 23,595 | ||||||
Quest Diagnostics, Inc. | 6,487 | 567,353 | ||||||
Quintiles IMS Holdings, Inc.† | 2,810 | 215,892 | ||||||
Range Resources Corp. | 5,909 | 207,879 | ||||||
Raymond James Financial, Inc. | 5,302 | 381,426 | ||||||
Red Hat, Inc.† | 2,648 | 209,483 | ||||||
Regeneron Pharmaceuticals, Inc.†# | 1,040 | 394,410 | ||||||
Regions Financial Corp. | 21,191 | 286,926 | ||||||
Republic Services, Inc.# | 6,786 | 376,555 | ||||||
ResMed, Inc.# | 2,871 | 176,509 | ||||||
Robert Half International, Inc. | 4,872 | 218,607 | ||||||
Rockwell Automation, Inc. | 4,117 | 550,484 | ||||||
Roper Technologies, Inc.# | 4,838 | 876,210 | ||||||
Ross Stores, Inc. | 6,969 | 471,035 | ||||||
S&P Global, Inc. | 4,248 | 505,470 | ||||||
salesforce.com, Inc.† | 8,590 | 618,480 | ||||||
SBA Communications Corp., Class A† | 5,672 | 561,301 | ||||||
Scripps Networks Interactive, Inc., Class A# | 4,556 | 315,549 | ||||||
Sealed Air Corp. | 3,953 | 180,257 | ||||||
SEI Investments Co. | 4,295 | 202,638 | ||||||
ServiceNow, Inc.†# | 2,686 | 223,341 | ||||||
Simon Property Group, Inc.# | 3,310 | 594,641 | ||||||
Snap-on, Inc. | 2,120 | 354,464 | ||||||
Southwest Airlines Co. | 4,588 | 213,847 | ||||||
Southwestern Energy Co.†# | 14,608 | 165,801 | ||||||
Spectra Energy Corp.# | 18,192 | 744,962 | ||||||
Splunk, Inc.†# | 3,227 | 185,940 | ||||||
St. Jude Medical, Inc. | 6,999 | 554,321 | ||||||
Stanley Black & Decker, Inc. | 3,498 | 414,968 |
87 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Starbucks Corp.# | 23,035 | $ | 1,335,339 | |||||
Stericycle, Inc.† | 2,256 | 164,620 | ||||||
Stryker Corp.# | 4,534 | 515,334 | ||||||
SunTrust Banks, Inc. | 10,302 | 535,189 | ||||||
Synchrony Financial | 10,798 | 373,179 | ||||||
T. Rowe Price Group, Inc. | 6,856 | 507,755 | ||||||
TD Ameritrade Holding Corp. | 8,363 | 342,967 | ||||||
Tesla Motors, Inc.† | 938 | 177,657 | ||||||
Texas Instruments, Inc. | 11,801 | 872,448 | ||||||
Thermo Fisher Scientific, Inc. | 8,190 | 1,147,501 | ||||||
Tiffany & Co.# | 3,930 | 324,146 | ||||||
TJX Cos., Inc. | 13,325 | 1,043,880 | ||||||
Toll Brothers, Inc.† | 6,710 | 199,019 | ||||||
Torchmark Corp. | 13,741 | 963,107 | ||||||
Total System Services, Inc. | 7,477 | 368,018 | ||||||
Tractor Supply Co. | 1,874 | 140,681 | ||||||
TransDigm Group, Inc.# | 831 | 208,938 | ||||||
Travelers Cos., Inc. | 9,938 | 1,126,472 | ||||||
Trimble, Inc.† | 10,103 | 284,804 | ||||||
TripAdvisor, Inc.† | 2,793 | 134,846 | ||||||
Twenty-First Century Fox, Inc., Class A | 21,097 | 593,037 | ||||||
Twenty-First Century Fox, Inc., Class B | 14,171 | 397,638 | ||||||
UGI Corp. | 5,791 | 259,437 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.†# | 1,451 | 376,534 | ||||||
Union Pacific Corp. | 14,034 | 1,422,065 | ||||||
United Parcel Service, Inc., Class B | 13,351 | 1,547,648 | ||||||
United Rentals, Inc.†# | 2,725 | 275,525 | ||||||
United Therapeutics Corp.†# | 2,180 | 273,830 | ||||||
UnitedHealth Group, Inc. | 12,277 | 1,943,695 | ||||||
US Bancorp | 30,198 | 1,498,425 | ||||||
Valero Energy Corp. | 4,416 | 271,849 | ||||||
Valspar Corp. | 2,461 | 251,243 | ||||||
Vantiv, Inc., Class A† | 3,592 | 202,697 | ||||||
Varian Medical Systems, Inc.†# | 3,147 | 282,695 | ||||||
Ventas, Inc. | 5,335 | 322,341 | ||||||
VeriSign, Inc.†# | 5,122 | 403,870 | ||||||
Verisk Analytics, Inc.† | 6,616 | 549,657 | ||||||
Vertex Pharmaceuticals, Inc.†# | 4,679 | 381,853 | ||||||
VF Corp. | 5,769 | 314,468 | ||||||
Viacom, Inc., Class B | 7,902 | 296,167 | ||||||
Visa, Inc., Class A# | 27,304 | 2,111,145 | ||||||
Vornado Realty Trust | 3,640 | 355,810 | ||||||
Voya Financial, Inc. | 7,253 | 281,924 | ||||||
Vulcan Materials Co. | 2,163 | 271,781 | ||||||
Walgreens Boots Alliance, Inc. | 10,661 | 903,307 | ||||||
Walt Disney Co. | 21,553 | 2,136,333 | ||||||
Waters Corp.† | 1,325 | 178,305 | ||||||
WEC Energy Group, Inc. | 6,906 | 386,805 | ||||||
Welltower, Inc. | 4,073 | 255,703 | ||||||
Western Digital Corp. | 3,913 | 249,102 | ||||||
Western Union Co. | 11,620 | 244,369 | ||||||
WestRock Co. | 4,699 | 240,589 | ||||||
Weyerhaeuser Co. | 7,956 | 245,283 | ||||||
Whirlpool Corp. | 1,088 | 176,735 | ||||||
WhiteWave Foods Co.† | 4,556 | 250,990 | ||||||
Whole Foods Market, Inc.# | 6,926 | 210,481 | ||||||
WR Berkley Corp.# | 7,712 | 476,524 | ||||||
WW Grainger, Inc.# | 1,740 | 401,192 | ||||||
Wyndham Worldwide Corp.# | 2,547 | 183,359 | ||||||
Xerox Corp. | 22,329 | 208,776 | ||||||
Yahoo!, Inc.† | 12,184 | 499,788 | ||||||
Yum China Holdings, Inc.† | 5,094 | 143,243 | ||||||
Yum! Brands, Inc. | 5,094 | 322,909 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United States (continued) | ||||||||
Zoetis, Inc. | 6,582 | $ | 331,601 | |||||
196,366,196 | ||||||||
Total Common Stocks | ||||||||
(cost $346,234,837) | 363,587,953 | |||||||
RIGHTS — 0.0% | ||||||||
CaixaBank SA | 80,880 | 3,343 | ||||||
Yamana Gold, Inc. | 4,718 | 1,159 | ||||||
Total Rights | ||||||||
(cost $5,073) | 4,502 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $346,239,910) | 363,592,455 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 11.9% | ||||||||
Registered Investment Companies — 0.4% | ||||||||
State Street Navigator Securities Lending Prime Portfolio | 1,456,184 | 1,456,184 | ||||||
Time Deposits — 5.0% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2016 | $ | 20,773,000 | 20,773,000 | |||||
U.S. Government Treasuries — 6.5% | ||||||||
United States Treasury Bills | ||||||||
0.11% due 12/15/2016(4) | 450,000 | 449,974 | ||||||
0.16% due 12/15/2016(4) | 1,150,000 | 1,149,935 | ||||||
0.19% due 12/15/2016(4) | 100,000 | 99,994 | ||||||
0.23% due 12/15/2016(4) | 100,000 | 99,994 | ||||||
0.23% due 12/01/2016 | 25,000,000 | 25,000,000 | ||||||
26,799,897 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $49,029,077) | 49,029,081 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $395,268,987)(6) | 99.8 | % | 412,621,536 | |||||
Other assets less liabilities | 0.2 | 1,030,046 | ||||||
NET ASSETS | 100.0 | % | $ | 413,651,582 | ||||
† | 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, 2016, the aggregate value of these securities was $1,370,266 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, 2016, the aggregate value of these securities was $11,630 representing 0.0% of net assets. |
(3) | At November 30, 2016, the Fund had loaned securities with a total value of $39,125,094. This was secured by collateral of $1,456,184, which was received in cash and subsequently invested in short-term investments currently valued at $1,456,184 as reported in the Portfolio of Investments. Additional collateral of $38,312,951 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. |
88 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (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, 2016 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 11/01/2027 to 06/15/2044 | $ | 3,006,708 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 11/01/2027 to 02/25/2044 | 5,442,792 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 01/20/2043 to 11/20/2046 | 9,101,637 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | 2,326,987 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/15/2017 to 05/15/2046 | 18,434,827 |
(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, 2016. |
(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
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
369 | Long | S&P 500 E-Mini Index | December 2016 | $ | 38,989,647 | $ | 40,567,860 | $ | 1,578,213 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 7,759,776 | $ | — | $ | 3,616 | $ | 7,763,392 | ||||||||
Portugal | 728,047 | — | 8,014 | 736,061 | ||||||||||||
Other Countries | 355,088,500 | — | — | 355,088,500 | ||||||||||||
Rights | 4,502 | — | — | 4,502 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 1,456,184 | — | — | 1,456,184 | ||||||||||||
Other Short-Term Investment Securities | — | 47,572,897 | — | 47,572,897 | ||||||||||||
Total Investments at Value | $ | 365,037,009 | $ | 47,572,897 | $ | 11,630 | $ | 412,621,536 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,578,213 | $ | — | $ | — | $ | 1,578,213 | ||||||||
* | 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
89 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Sovereign | 26.3 | % | ||
Diversified Banking Institutions | 6.7 | |||
U.S. Government Agencies | 6.1 | |||
Foreign Government Obligations | 5.5 | |||
Oil Companies — Integrated | 4.5 | |||
Medical — Drugs | 4.0 | |||
Medical — Biomedical/Gene | 2.5 | |||
Oil Companies — Exploration & Production | 2.1 | |||
Electronic Components — Semiconductors | 1.8 | |||
Banks — Commercial | 1.7 | |||
Insurance — Multi-line | 1.7 | |||
Chemicals — Diversified | 1.7 | |||
Telecom Services | 1.7 | |||
Cable/Satellite TV | 1.6 | |||
Web Portals/ISP | 1.5 | |||
Oil — Field Services | 1.5 | |||
Applications Software | 1.2 | |||
Registered Investment Companies | 1.2 | |||
Electronic Components — Misc. | 1.2 | |||
Telephone — Integrated | 1.2 | |||
Time Deposits | 1.1 | |||
Computers | 1.1 | |||
Auto — Cars/Light Trucks | 1.1 | |||
Building Products — Cement | 1.1 | |||
Enterprise Software/Service | 1.0 | |||
Banks — Super Regional | 1.0 | |||
Aerospace/Defense | 0.9 | |||
Banks — Fiduciary | 0.9 | |||
Medical Instruments | 0.9 | |||
Diversified Manufacturing Operations | 0.8 | |||
Photo Equipment & Supplies | 0.8 | |||
Insurance — Life/Health | 0.8 | |||
Diversified Financial Services | 0.7 | |||
Medical — Generic Drugs | 0.7 | |||
Building & Construction Products — Misc. | 0.7 | |||
Retail — Drug Store | 0.7 | |||
Cellular Telecom | 0.7 | |||
Beverages — Non-alcoholic | 0.6 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Medical — Wholesale Drug Distribution | 0.6 | |||
Metal — Diversified | 0.6 | |||
Tools — Hand Held | 0.6 | |||
Machinery — Electrical | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Airlines | 0.5 | |||
Multimedia | 0.5 | |||
Rubber — Tires | 0.5 | |||
Steel — Specialty | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Audio/Video Products | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Diversified Minerals | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Food — Retail | 0.3 | |||
Retail — Building Products | 0.3 | |||
Finance — Other Services | 0.3 | |||
99.8 | % | |||
Country Allocation*
United States | 27.6 | % | ||
South Korea | 8.7 | |||
Mexico | 8.2 | |||
United Kingdom | 7.6 | |||
Brazil | 5.9 | |||
Japan | 5.8 | |||
France | 5.4 | |||
Indonesia | 4.1 | |||
Germany | 3.8 | |||
Malaysia | 2.7 | |||
Switzerland | 2.1 | |||
Ireland | 2.0 | |||
China | 1.8 | |||
Philippines | 1.5 | |||
Ukraine | 1.5 | |||
Netherlands | 1.5 | |||
Argentina | 1.4 | |||
Colombia | 1.4 | |||
Jersey | 1.0 | |||
Italy | 0.7 | |||
Israel | 0.7 | |||
Singapore | 0.7 | |||
Norway | 0.6 | |||
Portugal | 0.5 | |||
Taiwan | 0.5 | |||
Thailand | 0.4 | |||
Spain | 0.4 | |||
Cayman Islands | 0.4 | |||
Sweden | 0.4 | |||
Bermuda | 0.3 | |||
South Africa | 0.1 | |||
Serbia | 0.1 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
90 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 58.7% |
| |||||||
Bermuda — 0.3% |
| |||||||
Kunlun Energy Co., Ltd. | 1,460,000 | $ | 1,067,260 | |||||
Cayman Islands — 0.4% |
| |||||||
Baidu, Inc. ADR† | 9,990 | 1,667,831 | ||||||
China — 1.8% |
| |||||||
China Life Insurance Co., Ltd., Class H | 634,000 | 1,843,189 | ||||||
China Telecom Corp., Ltd., Class H | 5,876,000 | 2,840,843 | ||||||
Sinopharm Group Co., Ltd., Class H | 538,000 | 2,510,875 | ||||||
7,194,907 | ||||||||
France — 5.4% |
| |||||||
AXA SA | 138,045 | 3,252,404 | ||||||
BNP Paribas SA | 69,910 | 4,058,875 | ||||||
Cie de Saint-Gobain | 64,110 | 2,780,730 | ||||||
Cie Generale des Etablissements Michelin | 16,940 | 1,813,339 | ||||||
Credit Agricole SA | 135,390 | 1,528,201 | ||||||
Sanofi | 39,392 | 3,177,562 | ||||||
Technip SA | 20,120 | 1,393,748 | ||||||
TOTAL SA | 52,880 | 2,519,496 | ||||||
Zodiac Aerospace | 54,960 | 1,218,576 | ||||||
21,742,931 | ||||||||
Germany — 3.8% |
| |||||||
Deutsche Boerse AG† | 14,300 | 1,155,634 | ||||||
Deutsche Lufthansa AG | 164,150 | 2,126,836 | ||||||
HeidelbergCement AG | 15,850 | 1,421,331 | ||||||
Innogy SE†* | 35,710 | 1,260,881 | ||||||
LANXESS AG | 54,890 | 3,385,212 | ||||||
Merck KGaA | 30,220 | 3,027,989 | ||||||
METRO AG | 41,850 | 1,250,581 | ||||||
Siemens AG ADR | 15,830 | 1,782,616 | ||||||
15,411,080 | ||||||||
Ireland — 2.0% |
| |||||||
Allergan PLC† | 16,175 | 3,142,803 | ||||||
CRH PLC | 86,271 | 2,879,723 | ||||||
Medtronic PLC | 27,730 | 2,024,567 | ||||||
8,047,093 | ||||||||
Israel — 0.7% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 76,651 | 2,889,743 | ||||||
Italy — 0.7% |
| |||||||
Eni SpA | 209,779 | 2,921,472 | ||||||
Japan — 5.8% |
| |||||||
IHI Corp.† | 479,000 | 1,327,241 | ||||||
Inpex Corp. | 151,400 | 1,435,855 | ||||||
Konica Minolta, Inc. | 338,200 | 3,228,132 | ||||||
Nissan Motor Co., Ltd. | 322,100 | 2,974,509 | ||||||
Omron Corp. | 76,000 | 2,803,374 | ||||||
Panasonic Corp. | 155,800 | 1,585,168 | ||||||
SoftBank Group Corp. | 52,100 | 3,056,643 | ||||||
Sumitomo Metal Mining Co., Ltd. | 97,000 | 1,295,538 | ||||||
Suntory Beverage & Food, Ltd. | 61,200 | 2,618,539 | ||||||
Toshiba Corp.† | 405,000 | 1,505,231 | ||||||
Toyota Motor Corp. ADR | 12,454 | 1,476,173 | ||||||
23,306,403 | ||||||||
Jersey — 1.0% |
| |||||||
Glencore PLC† | 698,830 | 2,442,132 | ||||||
Petrofac, Ltd. | 145,720 | 1,448,570 | ||||||
3,890,702 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Netherlands — 1.5% |
| |||||||
Akzo Nobel NV | 37,350 | $ | 2,326,037 | |||||
ING Groep NV | 153,781 | 2,094,354 | ||||||
QIAGEN NV† | 60,672 | 1,675,099 | ||||||
6,095,490 | ||||||||
Norway — 0.6% |
| |||||||
Telenor ASA | 162,472 | 2,400,716 | ||||||
Portugal — 0.5% |
| |||||||
Galp Energia SGPS SA | 157,760 | 2,134,332 | ||||||
Singapore — 0.7% |
| |||||||
DBS Group Holdings, Ltd. | 109,995 | 1,346,783 | ||||||
Singapore Telecommunications, Ltd.# | 515,100 | 1,347,630 | ||||||
2,694,413 | ||||||||
South Korea — 2.9% |
| |||||||
Hana Financial Group, Inc. | 63,469 | 1,745,458 | ||||||
Hyundai Mobis Co., Ltd. | 7,673 | 1,634,299 | ||||||
KB Financial Group, Inc. ADR | 35,718 | 1,279,419 | ||||||
Samsung Electronics Co., Ltd. | 4,687 | 7,000,130 | ||||||
11,659,306 | ||||||||
Spain — 0.4% |
| |||||||
Telefonica SA ADR | 203,725 | 1,688,880 | ||||||
Sweden — 0.4% |
| |||||||
Getinge AB, Class B | 94,800 | 1,449,321 | ||||||
Switzerland — 2.1% |
| |||||||
ABB, Ltd. | 112,050 | 2,283,541 | ||||||
Chubb, Ltd. | 10,037 | 1,284,736 | ||||||
Novartis AG | 14,950 | 1,032,987 | ||||||
Roche Holding AG | 11,250 | 2,508,483 | ||||||
UBS Group AG | 96,770 | 1,539,068 | ||||||
8,648,815 | ||||||||
Taiwan — 0.5% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 370,914 | 2,129,616 | ||||||
Thailand — 0.4% |
| |||||||
Bangkok Bank PCL NVDR | 417,900 | 1,827,167 | ||||||
United Kingdom — 7.6% |
| |||||||
Aviva PLC | 241,340 | 1,349,781 | ||||||
BAE Systems PLC | 338,479 | 2,543,146 | ||||||
Barclays PLC | 1,045,720 | 2,825,499 | ||||||
BP PLC | 875,875 | 5,035,087 | ||||||
GlaxoSmithKline PLC | 115,966 | 2,169,920 | ||||||
HSBC Holdings PLC | 521,183 | 4,102,137 | ||||||
Kingfisher PLC | 278,980 | 1,232,530 | ||||||
Royal Dutch Shell PLC, Class B | 161,776 | 4,288,142 | ||||||
Sky PLC | 223,940 | 2,188,312 | ||||||
Standard Chartered PLC† | 254,235 | 2,039,331 | ||||||
Vodafone Group PLC ADR | 108,276 | 2,646,266 | ||||||
30,420,151 | ||||||||
United States — 19.2% |
| |||||||
Allegheny Technologies, Inc.# | 97,860 | 1,716,464 | ||||||
Alphabet, Inc., Class A† | 5,780 | 4,484,586 | ||||||
Amgen, Inc. | 21,870 | 3,150,811 | ||||||
Apache Corp. | 29,610 | 1,952,779 | ||||||
Apple, Inc. | 40,630 | 4,490,428 | ||||||
Applied Materials, Inc. | 46,540 | 1,498,588 | ||||||
Baker Hughes, Inc. | 24,550 | 1,579,302 | ||||||
Capital One Financial Corp. | 46,540 | 3,911,222 | ||||||
Celgene Corp.† | 17,740 | 2,102,367 | ||||||
Chevron Corp. | 10,980 | 1,224,929 | ||||||
Citigroup, Inc. | 91,400 | 5,154,046 |
91 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares/ Principal Amount(5) | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Comcast Corp., Class A | 56,075 | $ | 3,897,773 | |||||
ConocoPhillips | 48,360 | 2,346,427 | ||||||
Devon Energy Corp. | 20,980 | 1,013,963 | ||||||
Eastman Chemical Co. | 17,790 | 1,336,385 | ||||||
Gilead Sciences, Inc. | 43,920 | 3,236,904 | ||||||
Halliburton Co. | 28,360 | 1,505,632 | ||||||
Ionis Pharmaceuticals, Inc.†# | 33,190 | 1,452,394 | ||||||
JPMorgan Chase & Co. | 66,180 | 5,305,651 | ||||||
Knowles Corp.†# | 124,030 | 1,988,201 | ||||||
Microsoft Corp. | 83,364 | 5,023,515 | ||||||
Morgan Stanley | 59,820 | 2,474,155 | ||||||
Oracle Corp. | 97,520 | 3,919,329 | ||||||
Pfizer, Inc. | 39,859 | 1,281,068 | ||||||
Rockwell Collins, Inc. | 14,730 | 1,365,766 | ||||||
Stanley Black & Decker, Inc. | 20,190 | 2,395,140 | ||||||
Twenty-First Century Fox, Inc., Class A | 70,157 | 1,972,113 | ||||||
Voya Financial, Inc. | 66,640 | 2,590,297 | ||||||
Walgreens Boots Alliance, Inc. | 32,770 | 2,776,602 | ||||||
77,146,837 | ||||||||
Total Common Stocks | ||||||||
(cost $214,965,021) | 236,434,466 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 27.2% |
| |||||||
Argentina — 1.4% |
| |||||||
Republic of Argentina | ARS | 38,757,000 | 2,421,549 | |||||
Republic of Argentina | ARS | 10,409,000 | 647,897 | |||||
Republic of Argentina | ARS | 38,016,000 | 2,469,303 | |||||
5,538,749 | ||||||||
Brazil — 5.9% |
| |||||||
Brazil Letras do Tesouro Nacional | BRL | 6,263,000 | 1,249,229 | |||||
Brazil Notas do Tesouro Nacional | BRL | 4,893,650 | 1,468,734 | |||||
Brazil Notas do Tesouro Nacional | BRL | 14,002,914 | 4,123,848 | |||||
Brazil Notas do Tesouro Nacional | BRL | 3,540,000 | 1,034,762 | |||||
Brazil Notas do Tesouro Nacional | BRL | 1,733,000 | 494,854 | |||||
Brazil Notas do Tesouro Nacional | BRL | 30,970,000 | 8,717,963 | |||||
Brazil Notas do Tesouro Nacional | BRL | 24,590,000 | 6,835,061 | |||||
23,924,451 | ||||||||
Security Description | Principal Amount(5) | Value (Note 2) | ||||||
Colombia — 1.4% |
| |||||||
Colombian Titulos De Tesoreria, Class B | COP | 2,472,300,000 | $ | 711,655 | ||||
Colombian Titulos De Tesoreria, Class B | COP | 4,945,700,000 | 1,631,811 | |||||
Colombian Titulos De Tesoreria, Class B | COP | 7,660,000,000 | 2,534,167 | |||||
Colombian Titulos De Tesoreria, Class B | COP | 1,269,000,000 | 481,477 | |||||
Republic of Colombia | COP | 64,000,000 | 17,956 | |||||
Republic of Colombia | COP | 329,000,000 | 111,257 | |||||
5,488,323 | ||||||||
Indonesia — 4.1% |
| |||||||
Republic of Indonesia | IDR | 87,000,000 | 5,603 | |||||
Republic of Indonesia | IDR | 294,000,000 | 20,619 | |||||
Republic of Indonesia | IDR | 739,000,000 | 50,493 | |||||
Republic of Indonesia | IDR | 347,000,000 | 25,502 | |||||
Republic of Indonesia | IDR | 4,525,000,000 | 337,726 | |||||
Republic of Indonesia | IDR | 122,146,000,000 | 9,035,334 | |||||
Republic of Indonesia | IDR | 6,176,000,000 | 464,874 | |||||
Republic of Indonesia | IDR | 8,380,000,000 | 615,244 | |||||
Republic of Indonesia | IDR | 2,973,000,000 | 228,802 | |||||
Republic of Indonesia | IDR | 2,780,000,000 | 210,319 | |||||
Republic of Indonesia | IDR | 2,285,000,000 | 177,455 | |||||
Republic of Indonesia | IDR | 116,000,000 | 9,369 | |||||
Republic of Indonesia | IDR | 260,000,000 | 22,526 | |||||
Republic of Indonesia | IDR | 13,282,000,000 | 1,067,068 | |||||
Republic of Indonesia | IDR | 44,962,000,000 | 3,587,614 |
92 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount(5) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Indonesia (continued) |
| |||||||
Republic of Indonesia | IDR | 7,078,000,000 | $ | 610,805 | ||||
Republic of Indonesia | IDR | 229,000,000 | 20,296 | |||||
16,489,649 | ||||||||
Malaysia — 1.5% |
| |||||||
Government of Malaysia | MYR | 6,706,000 | 1,490,276 | |||||
Government of Malaysia | MYR | 3,280,000 | 733,271 | |||||
Government of Malaysia | MYR | 7,020,000 | 1,572,873 | |||||
Government of Malaysia | MYR | 4,705,000 | 1,055,285 | |||||
Government of Malaysia | MYR | 1,457,000 | 327,196 | |||||
Government of Malaysia | MYR | 3,163,000 | 710,209 | |||||
5,889,110 | ||||||||
Mexico — 4.1% |
| |||||||
United Mexican States | MXN | 2,310,674 | 110,393 | |||||
United Mexican States | MXN | 4,433,399 | 220,151 | |||||
United Mexican States | MXN | 2,962,970 | 148,087 | |||||
United Mexican States | MXN | 95,020,000 | 4,510,264 | |||||
United Mexican States | MXN | 102,220,000 | 4,940,153 | |||||
United Mexican States | MXN | 117,780,000 | 5,462,826 | |||||
United Mexican States | MXN | 19,000,000 | 939,192 | |||||
16,331,066 | ||||||||
Philippines — 1.3% |
| |||||||
Republic of the Philippines | PHP | 111,305,000 | 2,199,860 | |||||
Republic of the Philippines | PHP | 9,510,000 | 191,549 | |||||
Republic of the Philippines | PHP | 3,200,000 | 62,931 | |||||
Republic of the Philippines | PHP | 121,440,000 | 2,452,604 |
Security Description | Principal Amount(5) | Value (Note 2) | ||||||
Philippines (continued) |
| |||||||
Republic of the Philippines | PHP | 2,700,000 | $ | 55,609 | ||||
Republic of the Philippines | PHP | 5,150,000 | 107,008 | |||||
5,069,561 | ||||||||
Poland — 0.0% |
| |||||||
Republic of Poland FRS | PLN | 124,000 | 28,931 | |||||
Portugal — 0.0% |
| |||||||
Republic of Portugal Obrigacoes Do Tesouro | EUR | 15,000 | 17,608 | |||||
Republic of Portugal Obrigacoes Do Tesouro | EUR | 37,400 | 44,979 | |||||
62,587 | ||||||||
Serbia — 0.1% |
| |||||||
Republic of Serbia | 270,000 | 276,759 | ||||||
South Africa — 0.1% |
| |||||||
Republic of South Africa | ZAR | 470,000 | 27,077 | |||||
Republic of South Africa | ZAR | 2,300,000 | 146,062 | |||||
Republic of South Africa | ZAR | 1,610,000 | 102,339 | |||||
Republic of South Africa | ZAR | 1,440,000 | 95,151 | |||||
Republic of South Africa | ZAR | 1,900,000 | 147,858 | |||||
518,487 | ||||||||
South Korea — 5.8% |
| |||||||
Bank of Korea | KRW | 527,000,000 | 447,263 | |||||
Bank of Korea | KRW | 3,146,300,000 | 2,689,021 | |||||
Bank of Korea | KRW | 60,100,000 | 51,411 | |||||
Bank of Korea | KRW | 617,100,000 | 528,027 | |||||
Republic of South Korea | KRW | 1,147,600,000 | 958,283 | |||||
Republic of South Korea | KRW | 9,028,000,000 | 7,680,291 | |||||
Republic of South Korea | KRW | 1,386,600,000 | 1,186,510 |
93 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount(5) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
South Korea (continued) |
| |||||||
Republic of South Korea | KRW | 2,294,600,000 | $ | 1,968,991 | ||||
Republic of South Korea | KRW | 7,844,590,000 | 6,729,766 | |||||
Republic of South Korea | KRW | 1,545,600,000 | 1,322,594 | |||||
23,562,157 | ||||||||
Ukraine — 1.5% |
| |||||||
Government of Ukraine VRS | 1,520,000 | 445,062 | ||||||
Government of Ukraine | 138,000 | 133,757 | ||||||
Government of Ukraine | 925,000 | 879,730 | ||||||
Government of Ukraine | 859,000 | 806,300 | ||||||
Government of Ukraine | 859,000 | 797,667 | ||||||
Government of Ukraine | 859,000 | 785,985 | ||||||
Government of Ukraine | 633,000 | 573,977 | ||||||
Government of Ukraine | 633,000 | 568,118 | ||||||
Government of Ukraine | 633,000 | 566,472 | ||||||
Government of Ukraine | 633,000 | 560,838 | ||||||
6,117,906 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $117,821,968) | 109,297,736 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $332,786,989) | 345,732,202 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 13.9% |
| |||||||
Foreign Government Obligations — 5.5% |
| |||||||
Bank Negara Malaysia Monetary Notes | ||||||||
1.25% due 04/20/2017 | MYR | 1,070,000 | 236,737 | |||||
1.28% due 04/20/2017 | MYR | 8,470,000 | 1,873,981 | |||||
2.54% due 07/20/2017 | MYR | 13,320,000 | 2,923,379 | |||||
5,034,097 | ||||||||
Government of Malaysia | ||||||||
2.35% due 08/11/2017 | MYR | 500,000 | 109,536 | |||||
2.50% due 01/20/2017 | MYR | 170,000 | 37,908 | |||||
2.70% due 01/20/2017 | MYR | 220,000 | 49,057 | |||||
196,501 | ||||||||
Republic of the Philippines | ||||||||
1.15% due 02/08/2017 | PHP | 4,690,000 | 94,076 | |||||
1.15% due 03/29/2017 | PHP | 720,000 | 14,423 |
Security Description | Principal Amount(5) | Value (Note 2) | ||||||
Foreign Government Obligations (continued) |
| |||||||
1.19% due 02/15/2017 | PHP | 770,000 | $ | 15,438 | ||||
1.32% due 03/15/2017 | PHP | 6,350,000 | 127,259 | |||||
1.33% due 09/27/2017 | PHP | 1,370,000 | 27,132 | |||||
1.36% due 02/22/2017 | PHP | 9,450,000 | 189,543 | |||||
1.37% due 01/18/2017 | PHP | 25,910,000 | 520,013 | |||||
1.45% due 05/17/2017 | PHP | 1,660,000 | 33,183 | |||||
1.48% due 05/03/2017 | PHP | 3,580,000 | 71,989 | |||||
1.53% due 12/07/2016 | PHP | 4,350,000 | 87,432 | |||||
1,180,488 | ||||||||
United Mexican States |
| |||||||
3.49% due 12/08/2016 | MXN | 265,300 | 12,878 | |||||
4.03% due 02/02/2017 | MXN | 2,076,800 | 99,935 | |||||
4.03% due 03/30/2017 | MXN | 4,955,300 | 236,078 | |||||
4.03% due 12/08/2016 | MXN | 486,900 | 23,636 | |||||
4.06% due 03/30/2017 | MXN | 1,038,400 | 49,471 | |||||
4.07% due 03/30/2017 | MXN | 1,557,600 | 74,206 | |||||
4.08% due 02/02/2017 | MXN | 6,284,800 | 302,422 | |||||
4.11% due 02/02/2017 | MXN | 9,302,200 | 447,619 | |||||
4.14% due 12/08/2016 | MXN | 294,700 | 14,306 | |||||
4.21% due 02/02/2017 | MXN | 2,486,700 | 119,659 | |||||
4.28% due 03/30/2017 | MXN | 3,730,000 | 177,703 | |||||
4.32% due 02/02/2017 | MXN | 2,102,200 | 101,157 | |||||
4.36% due 03/02/2017 | MXN | 23,675,700 | 1,133,295 | |||||
4.43% due 05/25/2017 | MXN | 10,511,100 | 496,049 | |||||
4.48% due 12/08/2016 | MXN | 270,000 | 13,107 | |||||
4.49% due 12/22/2016 | MXN | 3,813,200 | 184,698 | |||||
4.51% due 12/08/2016 | MXN | 1,261,800 | 61,252 | |||||
4.53% due 05/25/2017 | MXN | 15,028,100 | 709,219 | |||||
4.57% due 03/30/2017 | MXN | 2,859,900 | 136,250 | |||||
4.59% due 03/30/2017 | MXN | 3,154,500 | 150,285 | |||||
4.70% due 05/25/2017 | MXN | 6,673,100 | 314,923 | |||||
4.73% due 05/25/2017 | MXN | 5,362,700 | 253,081 | |||||
4.81% due 01/19/2017 | MXN | 7,843,600 | 378,247 | |||||
4.90% due 02/16/2017 | MXN | 5,229,100 | 250,880 | |||||
4.94% due 03/16/2017 | MXN | 8,893,500 | 424,706 | |||||
4.94% due 03/30/2017 | MXN | 11,858,000 | 564,932 | |||||
4.95% due 04/12/2017 | MXN | 3,858,600 | 183,422 | |||||
4.96% due 04/27/2017 | MXN | 2,315,100 | 109,767 | |||||
4.97% due 04/12/2017 | MXN | 13,944,200 | 662,851 | |||||
4.98% due 03/30/2017 | MXN | 4,830,400 | 230,127 | |||||
5.00% due 03/30/2017 | MXN | 3,486,000 | 166,078 | |||||
5.00% due 04/12/2017 | MXN | 5,229,100 | 248,570 | |||||
5.05% due 05/11/2017 | MXN | 30,428,100 | 1,439,301 | |||||
5.05% due 05/25/2017 | MXN | 14,822,400 | 699,511 | |||||
5.06% due 05/25/2017 | MXN | 10,286,600 | 485,454 | |||||
5.07% due 07/06/2017 | MXN | 14,864,700 | 696,646 | |||||
5.10% due 07/20/2017 | MXN | 7,411,200 | 346,525 | |||||
5.14% due 07/20/2017 | MXN | 17,787,000 | 831,665 | |||||
5.17% due 07/20/2017 | MXN | 5,606,100 | 262,124 | |||||
5.22% due 09/14/2017 | MXN | 27,636,500 | 1,280,270 | |||||
5.32% due 11/09/2017 | MXN | 27,662,000 | 1,269,632 | |||||
15,641,937 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $24,311,169) | 22,053,023 | |||||||
Registered Investment Companies — 1.2% | ||||||||
State Street Navigator Securities Lending Prime Portfolio | 4,972,141 | 4,972,141 | ||||||
Time Deposits — 1.1% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | ||||||||
(cost $4,519,000) | 4,519,000 | 4,519,000 | ||||||
94 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount(5) | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
U.S. Government Agencies — 6.1% | ||||||||
Federal Home Loan Bank | $ | 17,205,000 | $ | 17,205,000 | ||||
Federal Agricultural Mtg. Corp. | 4,800,000 | 4,800,000 | ||||||
Federal Home Loan Mtg. Corp. | 2,400,000 | 2,400,000 | ||||||
(cost $24,405,000) | 24,405,000 | |||||||
Total Short-Term Investment Securities | ||||||||
(cost $58,207,310) | 55,949,164 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $390,994,299)(4) | 99.8 | % | 401,681,366 | |||||
Other assets less liabilities | 0.2 | 882,403 | ||||||
NET ASSETS | 100.0 | % | $ | 402,563,769 | ||||
† | 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, 2016, the aggregate value of these securities was $7,718,133 representing 1.9% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Principal amount of security is adjusted for inflation. |
(2) | At November 30, 2016, the Fund had loaned securities with a total value of $4,910,016. This was secured by collateral of $4,972,141, which was received in cash and subsequently invested in short-term investments currently value at $4,972,141 as reported in the portfolio of investments. The remaining collateral of $52,730 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, 2016 | |||
United States Treasury Bills | 0.00% | 12/08/2016 to 04/27/2017 | $15,968 | |||
United States Treasury Notes/Bonds | 0.13% to 3.50% | 07/15/2017 to 08/15/2044 | 36,762 |
(3) | The rate shown is the 7-day yield as of November 30, 2016. |
(4) | See Note 5 for cost of investments on a tax basis. |
(5) | Denominated in United States Dollar unless indicated. |
ADR—American Depositary Receipt
ARS—Argentine Peso
BRL—Brazilian Real
COP—Columbian Peso
EUR—Euro Dollar
IDR—Indonesian Rupiah
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
NVDR—Non-Voting Depositary Receipt
PHP—Philippine Peso
PLN—Polish Zloty
ZAR—South African Rand
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates at November 30, 2016 and unless noted otherwise, the dates shown are the original maturity dates.
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Bank of America, N.A. | EUR | 1,007,000 | USD | 1,127,266 | 01/12/2017 | $ | 57,578 | $ | – | |||||||||||||||||||
EUR | 4,259,400 | USD | 4,672,136 | 01/31/2017 | 143,504 | – | ||||||||||||||||||||||
EUR | 214,240 | USD | 228,382 | 02/27/2017 | 309 | – | ||||||||||||||||||||||
201,391 | – | |||||||||||||||||||||||||||
Barclays Investment, Inc. | EUR | 226,932 | USD | 250,644 | 12/05/2016 | 10,107 | – | |||||||||||||||||||||
EUR | 176,932 | USD | 196,580 | 12/07/2016 | 9,029 | – | ||||||||||||||||||||||
EUR | 312,194 | USD | 350,311 | 12/22/2016 | 19,080 | – | ||||||||||||||||||||||
EUR | 130,161 | USD | 142,161 | 01/17/2017 | 3,864 | – | ||||||||||||||||||||||
EUR | 2,317,000 | USD | 2,554,768 | 01/20/2017 | 92,597 | – | ||||||||||||||||||||||
EUR | 1,055,742 | USD | 1,155,198 | 01/27/2017 | 32,936 | – | ||||||||||||||||||||||
EUR | 188,102 | USD | 206,268 | 01/31/2017 | 6,276 | – | ||||||||||||||||||||||
EUR | 453,000 | USD | 513,306 | 02/08/2017 | 31,490 | – | ||||||||||||||||||||||
EUR | 1,629,000 | USD | 1,866,671 | 02/13/2017 | 133,638 | – | ||||||||||||||||||||||
EUR | 709,208 | USD | 783,759 | 02/14/2017 | 29,223 | – | ||||||||||||||||||||||
EUR | 72,605 | USD | 77,461 | 02/27/2017 | 168 | – | ||||||||||||||||||||||
JPY | 39,140,000 | USD | 384,686 | 01/13/2017 | 41,720 | – | ||||||||||||||||||||||
JPY | 116,230,000 | USD | 1,007,847 | 02/09/2017 | – | (11,874 | ) | |||||||||||||||||||||
JPY | 22,560,000 | USD | 204,034 | 02/27/2017 | 5,962 | – | ||||||||||||||||||||||
JPY | 45,070,000 | USD | 444,490 | 02/28/2017 | 48,770 | – | ||||||||||||||||||||||
JPY | 40,123,600 | USD | 398,900 | 03/09/2017 | 46,458 | – | ||||||||||||||||||||||
JPY | 24,850,000 | USD | 244,298 | 03/21/2017 | 25,887 | – | ||||||||||||||||||||||
JPY | 39,800,000 | USD | 387,043 | 04/13/2017 | 36,831 | – | ||||||||||||||||||||||
JPY | 557,000,000 | USD | 5,439,076 | 05/08/2017 | 531,730 | – | ||||||||||||||||||||||
1,105,766 | (11,874 | ) | ||||||||||||||||||||||||||
Citibank N.A. | AUD | 1,364,000 | USD | 1,006,796 | 12/14/2016 | – | (112 | ) | ||||||||||||||||||||
AUD | 638,000 | USD | 481,116 | 02/21/2017 | 10,906 | – | ||||||||||||||||||||||
AUD | 1,355,000 | USD | 1,035,450 | 03/13/2017 | 37,269 | – |
95 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
EUR | 89,576 | USD | 101,076 | 12/15/2016 | $ | 6,080 | $ | – | ||||||||||||||||||||
EUR | 291,881 | USD | 320,027 | 01/30/2017 | 9,711 | – | ||||||||||||||||||||||
EUR | 685,000 | USD | 753,048 | 02/02/2017 | 24,681 | – | ||||||||||||||||||||||
EUR | 419,900 | USD | 468,356 | 02/08/2017 | 21,746 | – | ||||||||||||||||||||||
EUR | 1,906,904 | USD | 2,093,489 | 02/14/2017 | 64,709 | – | ||||||||||||||||||||||
JPY | 79,600,000 | USD | 749,858 | 12/12/2016 | 53,793 | – | ||||||||||||||||||||||
JPY | 80,345,200 | USD | 800,809 | 02/08/2017 | 95,945 | – | ||||||||||||||||||||||
JPY | 90,060,000 | USD | 817,316 | 02/16/2017 | 26,965 | – | ||||||||||||||||||||||
JPY | 32,100,000 | USD | 304,081 | 06/08/2017 | 20,825 | – | ||||||||||||||||||||||
JPY | 38,770,000 | USD | 377,737 | 06/20/2017 | 35,404 | – | ||||||||||||||||||||||
JPY | 72,889,000 | USD | 698,104 | 07/25/2017 | 53,298 | – | ||||||||||||||||||||||
KRW | 786,000,000 | USD | 668,822 | 12/15/2016 | – | (3,512 | ) | |||||||||||||||||||||
KRW | 2,989,000,000 | USD | 2,561,268 | 02/21/2017 | 4,675 | – | ||||||||||||||||||||||
KRW | 1,048,000,000 | USD | 956,684 | 03/20/2017 | 60,202 | – | ||||||||||||||||||||||
KRW | 1,051,000,000 | USD | 917,343 | 05/15/2017 | 17,966 | – | ||||||||||||||||||||||
KRW | 721,000,000 | USD | 627,066 | 05/16/2017 | 10,077 | – | ||||||||||||||||||||||
USD | 138,630 | INR | 9,291,000 | 12/14/2016 | – | (3,043 | ) | |||||||||||||||||||||
554,252 | (6,667 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | EUR | 3,072,726 | MYR | 14,333,653 | 01/17/2017 | – | (60,663 | ) | ||||||||||||||||||||
EUR | 2,501,000 | USD | 2,762,905 | 01/19/2017 | 105,331 | – | ||||||||||||||||||||||
EUR | 376,569 | MYR | 1,683,000 | 01/23/2017 | – | (24,077 | ) | |||||||||||||||||||||
EUR | 133,000 | USD | 146,885 | 01/23/2017 | 5,532 | – | ||||||||||||||||||||||
EUR | 484,116 | MYR | 2,164,000 | 01/27/2017 | – | (31,038 | ) | |||||||||||||||||||||
EUR | 5,690,315 | USD | 6,242,219 | 01/30/2017 | 192,512 | – | ||||||||||||||||||||||
EUR | 1,190,000 | USD | 1,312,951 | 02/03/2017 | 47,552 | – | ||||||||||||||||||||||
EUR | 540,927 | USD | 594,976 | 02/14/2017 | 19,477 | – | ||||||||||||||||||||||
EUR | 746,000 | USD | 804,218 | 02/17/2017 | 10,426 | – | ||||||||||||||||||||||
EUR | 137,755 | USD | 148,398 | 02/21/2017 | 1,790 | – | ||||||||||||||||||||||
EUR | 122,735 | USD | 130,971 | 02/27/2017 | 311 | – | ||||||||||||||||||||||
EUR | 331,054 | MYR | 1,491,000 | 07/20/2017 | – | (23,593 | ) | |||||||||||||||||||||
JPY | 23,100,000 | USD | 218,341 | 12/13/2016 | 16,328 | – | ||||||||||||||||||||||
JPY | 58,120,000 | USD | 503,530 | 01/23/2017 | – | (5,988 | ) | |||||||||||||||||||||
JPY | 39,300,000 | USD | 382,411 | 04/13/2017 | 36,599 | – | ||||||||||||||||||||||
JPY | 762,755,000 | USD | 7,116,646 | 05/16/2017 | 393,840 | – | ||||||||||||||||||||||
JPY | 43,140,000 | USD | 413,072 | 06/19/2017 | 32,173 | – | ||||||||||||||||||||||
JPY | 43,210,000 | USD | 419,841 | 06/22/2017 | 38,262 | – | ||||||||||||||||||||||
JPY | 686,286,000 | USD | 6,397,505 | 11/21/2017 | 285,904 | – | ||||||||||||||||||||||
KRW | 920,000,000 | USD | 782,459 | 12/20/2016 | – | (4,490 | ) | |||||||||||||||||||||
KRW | 920,000,000 | USD | 783,532 | 05/22/2017 | – | (3,779 | ) | |||||||||||||||||||||
USD | 271,845 | CLP | 181,130,000 | 12/12/2016 | – | (4,093 | ) | |||||||||||||||||||||
USD | 80,915 | INR | 5,431,000 | 12/14/2016 | – | (1,658 | ) | |||||||||||||||||||||
USD | 95,291 | CLP | 64,045,000 | 01/18/2017 | – | (885 | ) | |||||||||||||||||||||
USD | 25,568 | CLP | 17,290,000 | 01/20/2017 | – | (86 | ) | |||||||||||||||||||||
USD | 970,883 | INR | 65,614,000 | 01/20/2017 | – | (16,973 | ) | |||||||||||||||||||||
USD | 26,326 | CLP | 17,720,000 | 01/24/2017 | – | (219 | ) | |||||||||||||||||||||
USD | 156,807 | INR | 10,622,000 | 01/25/2017 | – | (2,468 | ) | |||||||||||||||||||||
USD | 992,148 | INR | 67,166,150 | 01/27/2017 | – | (16,435 | ) | |||||||||||||||||||||
USD | 144,496 | CLP | 97,152,000 | 01/30/2017 | – | (1,440 | ) | |||||||||||||||||||||
USD | 218,480 | CLP | 145,729,000 | 01/31/2017 | – | (3,912 | ) | |||||||||||||||||||||
USD | 327,852 | CLP | 215,235,000 | 02/08/2017 | – | (11,137 | ) | |||||||||||||||||||||
USD | 581,744 | INR | 39,235,750 | 02/08/2017 | – | (12,515 | ) | |||||||||||||||||||||
USD | 78,590 | INR | 5,308,000 | 02/10/2017 | – | (1,599 | ) | |||||||||||||||||||||
USD | 464,693 | INR | 31,543,000 | 02/16/2017 | – | (7,458 | ) | |||||||||||||||||||||
USD | 268,341 | CLP | 181,130,000 | 02/17/2017 | – | (1,981 | ) | |||||||||||||||||||||
USD | 93,028 | CLP | 63,250,000 | 02/27/2017 | – | (83 | ) | |||||||||||||||||||||
USD | 132,662 | CLP | 90,721,000 | 02/28/2017 | 643 | – | ||||||||||||||||||||||
1,186,680 | (236,570 | ) | ||||||||||||||||||||||||||
Goldman Sachs International | EUR | 120,000 | USD | 135,084 | 12/27/2016 | 7,726 | – | |||||||||||||||||||||
EUR | 316,000 | USD | 346,775 | 01/27/2017 | 10,865 | – | ||||||||||||||||||||||
EUR | 849,000 | USD | 968,174 | 02/16/2017 | 64,826 | – | ||||||||||||||||||||||
JPY | 11,563,000 | USD | 98,697 | 01/10/2017 | – | (2,609 | ) | |||||||||||||||||||||
JPY | 45,170,000 | USD | 406,158 | 02/16/2017 | 9,754 | – | ||||||||||||||||||||||
KRW | 2,075,000,000 | USD | 1,864,079 | 12/07/2016 | 89,134 | – | ||||||||||||||||||||||
KRW | 2,075,000,000 | USD | 1,774,263 | 03/07/2017 | – | (589 | ) | |||||||||||||||||||||
USD | 1,776,237 | KRW | 2,075,000,000 | 12/07/2016 | – | (1,291 | ) | |||||||||||||||||||||
USD | 371,258 | CLP | 250,640,000 | 01/18/2017 | – | (1,800 | ) | |||||||||||||||||||||
182,305 | (6,289 | ) | ||||||||||||||||||||||||||
HSBC Bank PLC | EUR | 1,058,658 | USD | 1,178,530 | 12/08/2016 | 56,294 | – | |||||||||||||||||||||
EUR | 686,000 | USD | 772,265 | 01/09/2017 | 43,663 | – |
96 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
EUR | 372,921 | USD | 418,970 | 01/11/2017 | $ | 22,852 | $ | – | ||||||||||||||||||||
EUR | 235,000 | USD | 264,431 | 02/10/2017 | 14,459 | – | ||||||||||||||||||||||
EUR | 1,212,420 | MYR | 5,686,371 | 04/18/2017 | – | (26,403 | ) | |||||||||||||||||||||
JPY | 48,100,000 | USD | 449,953 | 12/09/2016 | 29,431 | – | ||||||||||||||||||||||
JPY | 69,900,000 | USD | 660,057 | 12/13/2016 | 48,770 | – | ||||||||||||||||||||||
JPY | 43,210,000 | USD | 410,507 | 12/16/2016 | 32,549 | – | ||||||||||||||||||||||
JPY | 67,990,000 | USD | 603,470 | 02/16/2017 | 6,802 | – | ||||||||||||||||||||||
JPY | 78,700,000 | USD | 765,359 | 04/11/2017 | 72,924 | – | ||||||||||||||||||||||
JPY | 521,435,000 | USD | 5,049,973 | 07/31/2017 | 435,666 | – | ||||||||||||||||||||||
KRW | 2,011,000,000 | USD | 1,697,046 | 12/02/2016 | – | (23,154 | ) | |||||||||||||||||||||
KRW | 1,485,000,000 | USD | 1,360,264 | 03/20/2017 | 89,961 | – | ||||||||||||||||||||||
KRW | 1,658,000,000 | USD | 1,480,820 | 03/27/2017 | 62,465 | – | ||||||||||||||||||||||
KRW | 1,666,000,000 | USD | 1,503,814 | 03/28/2017 | 78,606 | – | ||||||||||||||||||||||
KRW | 323,600,000 | USD | 284,734 | 04/18/2017 | 7,867 | – | ||||||||||||||||||||||
KRW | 2,214,000,000 | USD | 1,942,361 | 04/25/2017 | 48,012 | – | ||||||||||||||||||||||
KRW | 617,000,000 | USD | 538,418 | 04/26/2017 | 10,495 | – | ||||||||||||||||||||||
KRW | 2,644,000,000 | USD | 2,308,868 | 05/02/2017 | 46,498 | – | ||||||||||||||||||||||
KRW | 2,045,000,000 | USD | 1,748,536 | 05/17/2017 | – | (1,464 | ) | |||||||||||||||||||||
KRW | 1,128,000,000 | USD | 963,855 | 05/18/2017 | – | (1,432 | ) | |||||||||||||||||||||
KRW | 1,665,000,000 | USD | 1,415,937 | 05/25/2017 | – | (8,954 | ) | |||||||||||||||||||||
KRW | 2,011,000,000 | USD | 1,721,010 | 06/02/2017 | – | (74 | ) | |||||||||||||||||||||
USD | 1,721,010 | KRW | 2,011,000,000 | 12/02/2016 | – | (810 | ) | |||||||||||||||||||||
USD | 577,888 | INR | 39,026,000 | 01/31/2017 | – | (11,215 | ) | |||||||||||||||||||||
USD | 313,087 | INR | 21,106,500 | 02/07/2017 | – | (6,843 | ) | |||||||||||||||||||||
USD | 803,938 | INR | 53,896,000 | 02/16/2017 | – | (22,683 | ) | |||||||||||||||||||||
USD | 805,907 | MXN | 14,850,450 | 03/10/2017 | – | (92,907 | ) | |||||||||||||||||||||
1,107,314 | (195,939 | ) | ||||||||||||||||||||||||||
JPMorgan Chase & Co. | AUD | 1,371,000 | USD | 975,712 | 12/12/2016 | – | (36,411 | ) | ||||||||||||||||||||
AUD | 2,023,000 | USD | 1,492,802 | 12/13/2016 | – | (616 | ) | |||||||||||||||||||||
AUD | 682,000 | USD | 488,230 | 12/14/2016 | – | (15,224 | ) | |||||||||||||||||||||
AUD | 4,807,000 | USD | 3,611,691 | 02/16/2017 | 68,477 | – | ||||||||||||||||||||||
AUD | 5,929,000 | USD | 4,359,001 | 03/20/2017 | – | (7,993 | ) | |||||||||||||||||||||
AUD | 1,740,000 | USD | 1,321,669 | 04/27/2017 | 41,183 | – | ||||||||||||||||||||||
EUR | 507,355 | USD | 553,727 | 01/17/2017 | 14,661 | – | ||||||||||||||||||||||
EUR | 2,513,562 | MYR | 11,153,000 | 01/19/2017 | – | (177,959 | ) | |||||||||||||||||||||
EUR | 2,153,000 | USD | 2,384,458 | 01/19/2017 | 96,671 | – | ||||||||||||||||||||||
EUR | 482,014 | MYR | 2,164,000 | 01/23/2017 | – | (28,643 | ) | |||||||||||||||||||||
EUR | 375,660 | USD | 414,590 | 01/23/2017 | 15,336 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 752,837 | 02/01/2017 | 23,441 | – | ||||||||||||||||||||||
EUR | 2,404,714 | MYR | 11,097,756 | 02/03/2017 | – | (77,648 | ) | |||||||||||||||||||||
EUR | 2,174,000 | USD | 2,322,267 | 02/23/2017 | 8,333 | – | ||||||||||||||||||||||
JPY | 64,760,000 | USD | 611,269 | 12/13/2016 | 44,933 | – | ||||||||||||||||||||||
JPY | 52,770,000 | USD | 455,804 | 01/19/2017 | – | (6,726 | ) | |||||||||||||||||||||
JPY | 112,000,000 | USD | 1,062,528 | 01/25/2017 | 80,569 | – | ||||||||||||||||||||||
JPY | 116,200,000 | USD | 1,004,048 | 02/08/2017 | – | (15,369 | ) | |||||||||||||||||||||
JPY | 116,480,000 | USD | 1,007,578 | 02/09/2017 | – | (14,338 | ) | |||||||||||||||||||||
JPY | 158,172,000 | USD | 1,492,164 | 02/16/2017 | 104,074 | – | ||||||||||||||||||||||
JPY | 577,091,720 | USD | 5,718,960 | 03/23/2017 | 646,286 | – | ||||||||||||||||||||||
JPY | 152,440,000 | USD | 1,441,346 | 04/20/2017 | 99,511 | – | ||||||||||||||||||||||
JPY | 27,300,000 | USD | 261,736 | 06/16/2017 | 20,733 | – | ||||||||||||||||||||||
JPY | 25,450,000 | USD | 248,729 | 07/14/2017 | 23,721 | – | ||||||||||||||||||||||
JPY | 56,320,000 | USD | 549,992 | 11/14/2017 | 48,644 | – | ||||||||||||||||||||||
USD | 176,729 | CLP | 118,700,000 | 01/11/2017 | – | (1,651 | ) | |||||||||||||||||||||
USD | 289,304 | INR | 19,581,000 | 01/18/2017 | – | (4,568 | ) | |||||||||||||||||||||
USD | 72,028 | CLP | 48,385,000 | 01/24/2017 | – | (744 | ) | |||||||||||||||||||||
USD | 240,494 | INR | 16,267,000 | 01/27/2017 | – | (4,185 | ) | |||||||||||||||||||||
USD | 120,347 | INR | 8,121,000 | 02/03/2017 | – | (2,465 | ) | |||||||||||||||||||||
USD | 116,723 | CLP | 79,435,872 | 02/21/2017 | 58 | – | ||||||||||||||||||||||
USD | 2,056,714 | INR | 141,152,250 | 02/21/2017 | – | (11,712 | ) | |||||||||||||||||||||
USD | 118,306 | CLP | 80,389,128 | 02/22/2017 | – | (133 | ) | |||||||||||||||||||||
USD | 117,926 | INR | 8,121,000 | 02/27/2017 | – | (345 | ) | |||||||||||||||||||||
1,336,631 | (406,730 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 138,000 | USD | 155,485 | 12/16/2016 | 9,126 | – | |||||||||||||||||||||
EUR | 118,000 | USD | 125,729 | 02/23/2017 | 134 | – | ||||||||||||||||||||||
USD | 600,543 | CLP | 392,455,000 | 12/12/2016 | – | (20,405 | ) | |||||||||||||||||||||
USD | 78,979 | CLP | 52,118,250 | 01/27/2017 | – | (2,216 | ) | |||||||||||||||||||||
USD | 170,376 | CLP | 112,073,500 | 02/06/2017 | – | (5,438 | ) |
97 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 98,181 | CLP | 65,045,000 | 02/15/2017 | $ | – | $ | (2,516 | ) | |||||||||||||||||||
USD | 76,882 | CLP | 52,118,250 | 02/27/2017 | – | (294 | ) | |||||||||||||||||||||
9,260 | (30,869 | ) | ||||||||||||||||||||||||||
Standard Chartered Bank | EUR | 195,111 | USD | 219,305 | 01/11/2017 | 12,057 | – | |||||||||||||||||||||
EUR | 3,447,257 | USD | 3,792,672 | 01/13/2017 | 130,642 | – | ||||||||||||||||||||||
EUR | 1,210,000 | USD | 1,378,710 | 02/16/2017 | 91,252 | – | ||||||||||||||||||||||
EUR | 1,333,312 | USD | 1,421,791 | 02/27/2017 | 2,389 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 728,693 | 02/28/2017 | – | (1,635 | ) | |||||||||||||||||||||
JPY | 116,210,000 | USD | 1,006,304 | 02/08/2017 | – | (13,201 | ) | |||||||||||||||||||||
236,340 | (14,836 | ) | ||||||||||||||||||||||||||
UBS AG | EUR | 974,000 | USD | 1,049,855 | 02/21/2017 | 13,260 | – | |||||||||||||||||||||
EUR | 54,521 | USD | 58,230 | 02/23/2017 | 199 | – | ||||||||||||||||||||||
13,459 | – | |||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 5,933,398 | $ | (909,774 | ) | |||||||||||||||||||||||
AUD—Australian Dollar
CLP—Chilean Peso
EUR—Euro Dollar
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 236,434,466 | $ | — | $ | — | $ | 236,434,466 | ||||||||
Foreign Government Obligations | — | 109,297,736 | — | 109,297,736 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 4,972,141 | — | — | 4,972,141 | ||||||||||||
Other Short-Term Investment Securities | — | 50,977,023 | — | 50,977,023 | ||||||||||||
Total Investments at Value* | $ | 241,406,607 | $ | 160,274,759 | $ | — | $ | 401,681,366 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 5,933,398 | $ | — | $ | 5,933,398 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 909,774 | $ | — | $ | 909,774 | ||||||||
* | 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 Other 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
98 |
Table of Contents
VALIC Company I Government Money Market I Fund†
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
U.S. Government Agencies | 64.8 | % | ||
U.S. Government Treasuries | 33.9 | |||
Repurchase Agreements | 1.2 | |||
99.9 | % | |||
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. |
† | See Note 1 |
Weighted Average days to Maturity — 26.2 days
99 |
Table of Contents
VALIC Company I Government Money Market I Fund†
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 98.7% |
| |||||||
U.S. Government Agencies — 64.8% |
| |||||||
Federal Farm Credit Bank | ||||||||
0.50% due 04/10/2017 FRS | $ | 4,000,000 | $ | 3,999,708 | ||||
0.54% due 02/06/2017 FRS | 550,000 | 550,093 | ||||||
0.55% due 12/19/2016 FRS | 750,000 | 749,999 | ||||||
0.56% due 01/03/2017 FRS | 1,300,000 | 1,299,954 | ||||||
0.58% due 02/13/2017 FRS | 3,100,000 | 3,099,722 | ||||||
0.62% due 09/22/2017 FRS | 1,800,000 | 1,801,989 | ||||||
0.62% due 02/16/2017 FRS | 5,850,000 | 5,850,125 | ||||||
0.63% due 03/29/2017 FRS | 10,700,000 | 10,698,229 | ||||||
0.63% due 05/24/2017 FRS | 9,500,000 | 9,500,000 | ||||||
0.64% due 02/21/2017 FRS | 6,000,000 | 5,999,225 | ||||||
0.66% due 03/27/2017 FRS | 2,500,000 | 2,499,733 | ||||||
Federal Home Loan Bank | ||||||||
0.26% due 12/14/2016 | 2,750,000 | 2,749,730 | ||||||
0.26% due 12/16/2016 | 14,500,000 | 14,498,429 | ||||||
0.27% due 12/14/2016 | 10,000,000 | 9,999,025 | ||||||
0.28% due 12/14/2016 | 9,000,000 | 8,999,118 | ||||||
0.44% due 03/16/2017 FRS | 14,500,000 | 14,499,762 | ||||||
0.50% due 10/06/2017 FRS | 18,000,000 | 18,000,000 | ||||||
0.51% due 08/07/2017 FRS | 3,300,000 | 3,300,000 | ||||||
0.53% due 05/05/2017 | 6,000,000 | 5,986,567 | ||||||
0.57% due 08/04/2017 FRS | 7,000,000 | 7,000,000 | ||||||
0.58% due 01/27/2017 FRS | 8,500,000 | 8,500,208 | ||||||
0.59% due 04/25/2017 FRS | 6,800,000 | 6,800,300 | ||||||
0.60% due 02/27/2017 FRS | 6,000,000 | 5,999,924 | ||||||
0.60% due 12/07/2017 FRS(1) | 2,505,000 | 2,506,835 | ||||||
0.68% due 08/22/2017 FRS | 7,000,000 | 7,000,000 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
0.38% due 02/14/2017 | 6,000,000 | 5,995,375 | ||||||
0.40% due 12/14/2016 | 7,000,000 | 6,999,014 | ||||||
0.41% due 03/02/2017 | 2,000,000 | 1,997,978 | ||||||
0.41% due 05/04/2017 FRS | 8,750,000 | 8,750,000 | ||||||
0.44% due 01/18/2017 | 10,000,000 | 9,994,267 | ||||||
0.54% due 01/13/2017 FRS | 3,800,000 | 3,799,769 | ||||||
0.69% due 07/21/2017 FRS | 4,050,000 | �� | 4,052,465 | |||||
Federal National Mtg. Assoc. | ||||||||
0.45% due 02/15/2017 | 9,000,000 | 8,991,640 | ||||||
0.52% due 03/20/2017 | 8,500,000 | 8,486,875 | ||||||
0.54% due 10/05/2017 FRS | 1,520,000 | 1,520,934 | ||||||
0.58% due 07/20/2017 FRS | 2,590,000 | 2,591,177 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $225,068,169) | 225,068,169 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Treasuries — 33.9% |
| |||||||
United States Treasury Bills | ||||||||
0.15% due 12/01/2016 | $ | 10,000,000 | $ | 10,000,000 | ||||
0.23% due 12/01/2016 | 32,000,000 | 32,000,000 | ||||||
0.27% due 12/08/2016 | 49,000,000 | 48,997,427 | ||||||
0.27% due 12/15/2016 | 1,000,000 | 999,896 | ||||||
0.28% due 12/01/2016 | 3,000,000 | 3,000,000 | ||||||
0.28% due 12/29/2016 | 7,000,000 | 6,998,465 | ||||||
0.33% due 01/19/2017 | 16,000,000 | 15,992,922 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $117,988,710) | 117,988,710 | |||||||
Total Short-Term Investment Securities — 98.7% | ||||||||
(amortized cost $343,056,879) | 343,056,879 | |||||||
REPURCHASE AGREEMENTS — 1.2% | ||||||||
State Street Bank and Trust Co. | 4,084,000 | 4,084,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(amortized cost $347,140,879)(3) | 99.9 | % | 347,140,879 | |||||
Other assets less liabilities | 0.1 | 324,200 | ||||||
NET ASSETS | 100.0 | % | $ | 347,465,079 | ||||
† | See Note 1 |
(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, 2016 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, 2016 (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 | $ | — | $ | 343,056,879 | $ | — | $ | 343,056,879 | ||||||||
Repurchase Agreements | — | 4,084,000 | — | 4,084,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 347,140,879 | $ | — | $ | 347,140,879 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Invesments. |
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
100 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 33.2 | % | ||
United States Treasury Notes | 19.6 | |||
Federal Home Loan Mtg. Corp. | 16.4 | |||
United States Treasury Bonds | 7.8 | |||
Repurchase Agreements | 4.2 | |||
Government National Mtg. Assoc. | 4.1 | |||
Diversified Financial Services | 3.6 | |||
Federal Farm Credit Bank | 1.8 | |||
Sovereign | 1.5 | |||
Resolution Funding Corp | 1.3 | |||
Diversified Banking Institutions | 0.9 | |||
Oil Companies — Integrated | 0.7 | |||
Airlines | 0.5 | |||
Multimedia | 0.5 | |||
Pipelines | 0.4 | |||
Oil Companies — Exploration & Production | 0.4 | |||
Computers | 0.3 | |||
Retail — Drug Store | 0.2 | |||
Brewery | 0.2 | |||
Registered Investment Companies | 0.2 | |||
Medical Instruments | 0.2 | |||
Electric — Integrated | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Insurance — Life/Health | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Telephone — Integrated | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Networking Products | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Insurance — Mutual | 0.1 | |||
Medical — Biomedical/Gene | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Transport — Rail | 0.1 | |||
Finance — Credit Card | 0.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
Credit Quality Allocation†#
Aaa | 86.8 | % | ||
Aa | 5.8 | |||
A | 2.1 | |||
Baa | 2.5 | |||
Not Rated@ | 2.8 | |||
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. |
101 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 3.6% |
| |||||||
Diversified Financial Services — 3.6% |
| |||||||
A10 Securitization LLC | $ | 250,544 | $ | 249,560 | ||||
Barclays Commercial Mtg. Securities Trust | 445,147 | 436,016 | ||||||
Cabela’s Credit Card Master Note Trust | 1,186,000 | 1,184,250 | ||||||
Commercial Mtg. Pass Through Certs. VRS | 859,568 | 63,756 | ||||||
DBUBS Mtg. Trust | 190,569 | 196,723 | ||||||
DT Auto Owner Trust | 303,627 | 303,931 | ||||||
Eleven Madison Trust 2015-11MD | 398,000 | 412,712 | ||||||
Progress Residential Trust | 450,562 | 449,029 | ||||||
Progress Residential Trust | 699,466 | 705,752 | ||||||
Tricon American Homes Trust | 565,000 | 552,329 | ||||||
UBS-BAMLL Trust | 217,000 | 222,855 | ||||||
WF-RBS Commercial Mtg. Trust | 310,000 | 334,647 | ||||||
Total Asset Backed Securities | ||||||||
(cost $5,111,336) | 5,111,560 | |||||||
U.S. CORPORATE BONDS & NOTES — 5.2% |
| |||||||
Airlines — 0.5% |
| |||||||
American Airlines Pass-Through Trust | 748,000 | 723,690 | ||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
American Honda Finance Corp. | 135,000 | 126,146 | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Johnson Controls, Inc. | 200,000 | 215,320 | ||||||
Brewery — 0.2% |
| |||||||
Anheuser-Busch InBev Finance, Inc. | 288,000 | 290,250 | ||||||
Cable/Satellite TV — 0.1% |
| |||||||
Comcast Corp. | 200,000 | 211,850 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Chemicals - Diversified — 0.2% |
| |||||||
Dow Chemical Co. | $ | 200,000 | $ | 229,790 | ||||
Computers — 0.3% |
| |||||||
Apple, Inc. | 227,000 | 220,957 | ||||||
Apple, Inc. | 151,000 | 154,365 | ||||||
375,322 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Procter & Gamble Co. | 176,000 | 177,295 | ||||||
Diversified Banking Institutions — 0.8% |
| |||||||
Citigroup, Inc. | 400,000 | 389,044 | ||||||
Citigroup, Inc. | 162,000 | 173,782 | ||||||
Goldman Sachs Group, Inc. | 133,000 | 132,230 | ||||||
Goldman Sachs Group, Inc. | 200,000 | 208,986 | ||||||
Morgan Stanley | 319,000 | 315,494 | ||||||
1,219,536 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
San Diego Gas & Electric Co. | 200,000 | 244,732 | ||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. | 104,000 | 104,061 | ||||||
Insurance - Life/Health — 0.2% |
| |||||||
Jackson National Life Global Funding | 225,000 | 225,581 | ||||||
Insurance - Mutual — 0.1% |
| |||||||
New York Life Global Funding | 154,000 | 151,528 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
ACE INA Holdings, Inc. | 125,000 | 125,806 | ||||||
Medical Instruments — 0.2% |
| |||||||
Medtronic, Inc. | 250,000 | 256,792 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 144,000 | 144,627 | ||||||
102 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Multimedia — 0.3% |
| |||||||
Time Warner, Inc. | $ | 500,000 | $ | 494,585 | ||||
Networking Products — 0.1% |
| |||||||
Cisco Systems, Inc. | 200,000 | 213,759 | ||||||
Oil Companies - Exploration & Production — 0.4% |
| |||||||
CNOOC Finance 2015 USA LLC | 402,000 | 391,471 | ||||||
Noble Energy, Inc. | 116,000 | 115,245 | ||||||
506,716 | ||||||||
Pipelines — 0.4% |
| |||||||
Buckeye Partners LP | 190,000 | 201,653 | ||||||
Enterprise Products Operating LLC | 127,000 | 125,262 | ||||||
Magellan Midstream Partners LP | 137,000 | 131,885 | ||||||
Plains All American Pipeline LP/PAA | 171,000 | 171,072 | ||||||
629,872 | ||||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Boston Properties LP | 240,000 | 221,430 | ||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 325,000 | 330,493 | ||||||
Telephone - Integrated — 0.1% |
| |||||||
AT&T, Inc. | 171,000 | 170,884 | ||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 89,000 | 88,426 | ||||||
Norfolk Southern Corp. | 19,000 | 21,740 | ||||||
110,166 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $7,506,902) | 7,500,231 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 1.1% |
| |||||||
Diversified Banking Institutions — 0.1% |
| |||||||
Mitsubishi UFJ Financial Group, Inc. | 217,000 | 204,889 | ||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Actavis Funding SCS | 126,000 | 127,817 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Multimedia — 0.2% |
| |||||||
Thomson Reuters Corp. | $ | 200,000 | $ | 214,124 | ||||
Oil Companies - Integrated — 0.7% |
| |||||||
BP Capital Markets PLC | 250,000 | 251,286 | ||||||
Shell International Finance BV | 367,000 | 341,855 | ||||||
Shell International Finance BV | 403,000 | 361,602 | ||||||
954,743 | ||||||||
Telephone - Integrated — 0.0% |
| |||||||
Nippon Telegraph & Telephone Corp. | 60,000 | 60,033 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $1,627,707) | 1,561,606 | |||||||
U.S. GOVERNMENT AGENCIES — 56.8% |
| |||||||
Federal Farm Credit Bank — 1.8% |
| |||||||
3.35% due 10/21/2025 | 1,500,000 | 1,578,216 | ||||||
4.88% due 01/17/2017 | 1,000,000 | 1,005,637 | ||||||
2,583,853 | ||||||||
Federal Home Loan Mtg. Corp. — 16.4% |
| |||||||
2.77% due 12/01/2035 FRS | 20,021 | 21,333 | ||||||
3.50% due 06/01/2033 | 1,992,739 | 2,071,113 | ||||||
4.50% due 09/01/2019 | 35,237 | 36,291 | ||||||
4.50% due 09/01/2039 | 753,458 | 813,354 | ||||||
4.50% due 11/01/2039 | 357,731 | 386,301 | ||||||
4.50% due 02/01/2040 | 505,161 | 545,414 | ||||||
4.50% due 04/01/2040 | 47,247 | 51,006 | ||||||
4.50% due 06/01/2040 | 117,546 | 126,986 | ||||||
4.50% due 08/01/2040 | 560,867 | 605,966 | ||||||
4.50% due 03/01/2041 | 2,061,781 | 2,230,900 | ||||||
4.50% due 04/01/2041 | 245,813 | 265,465 | ||||||
4.50% due 06/01/2041 | 381,660 | 412,094 | ||||||
5.00% due 12/14/2018 | 1,000,000 | 1,074,038 | ||||||
5.00% due 10/01/2034 | 24,481 | 26,786 | ||||||
5.50% due 12/01/2036 | 19,344 | 21,736 | ||||||
6.00% due 11/01/2033 | 67,645 | 77,012 | ||||||
6.50% due 02/01/2032 | 36,051 | 41,455 | ||||||
8.00% due 02/01/2030 | 1,503 | 1,503 | ||||||
8.00% due 08/01/2030 | 249 | 307 | ||||||
8.00% due 06/01/2031 | 2,530 | 2,893 | ||||||
Federal Home Loan Mtg. Corp. | 430,000 | 439,158 | ||||||
Federal Home Loan Mtg. Corp. | 1,000,000 | 1,041,994 | ||||||
Federal Home Loan Mtg. Corp. REMIC(3) | ||||||||
Series 4150, Class GE | ||||||||
2.00% due 01/15/2033 | 1,772,590 | 1,747,573 | ||||||
Series 4186, Class JE | ||||||||
2.00% due 03/15/2033 | 476,811 | 466,232 | ||||||
Series 4594, Class GN | ||||||||
2.50% due 02/15/2045 | 984,304 | 991,730 | ||||||
Series 3981, Class PA | ||||||||
3.00% due 04/15/2031 | 368,085 | 372,006 |
103 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
Series 4097, Class YK | ||||||||
3.00% due 08/15/2032 | $ | 1,750,000 | $ | 1,717,797 | ||||
Series 4150, Class IG | ||||||||
3.00% due 01/15/2033(2) | 5,819,652 | 612,035 | ||||||
Series 4365, Class HZ | ||||||||
3.00% due 01/15/2040 | 750,690 | 698,762 | ||||||
Series 4057, Class WY | ||||||||
3.50% due 06/15/2027 | 1,000,000 | 1,044,471 | ||||||
Series 3813, Class D | ||||||||
4.00% due 02/15/2026 | 1,000,000 | 1,077,698 | ||||||
Series 3917, Class B | ||||||||
4.50% due 08/15/2026 | 465,000 | 507,818 | ||||||
Series 3927, Class AY | ||||||||
4.50% due 09/15/2026 | 1,494,968 | 1,617,173 | ||||||
Series 3786, Class PB | ||||||||
4.50% due 07/15/2040 | 1,000,000 | 1,068,071 | ||||||
Series 4039, Class SA | ||||||||
5.96% due 05/15/2042 FRS(2)(4) | 738,230 | 146,326 | ||||||
Federal Home Loan Mtg. Corp. STRIPS | 1,330,444 | 1,331,620 | ||||||
23,692,417 | ||||||||
Federal National Mtg. Assoc. — 33.2% |
| |||||||
zero coupon due 10/09/2019 | 4,250,000 | 4,030,156 | ||||||
2.19% due 02/01/2035 FRS | 3,192 | 3,318 | ||||||
2.41% due 01/01/2036 FRS | 11,887 | 12,402 | ||||||
2.70% due 11/01/2034 FRS | 16,751 | 17,768 | ||||||
2.81% due 04/01/2025 | 800,000 | 803,587 | ||||||
2.94% due 01/01/2026 | 1,595,000 | 1,613,856 | ||||||
3.00% due 03/01/2043 | 1,282,707 | 1,285,922 | ||||||
4.00% due 09/01/2040 | 155,690 | 164,480 | ||||||
4.00% due 10/01/2040 | 153,764 | 162,237 | ||||||
4.00% due 12/01/2040 | 190,276 | 201,164 | ||||||
4.00% due 01/01/2041 | 404,254 | 427,303 | ||||||
4.00% due 02/01/2041 | 1,555,680 | 1,639,600 | ||||||
4.00% due 03/01/2041 | 2,398,446 | 2,536,276 | ||||||
4.00% due 06/01/2042 | 1,494,925 | 1,590,227 | ||||||
5.00% due 02/01/2019 | 29,323 | 29,970 | ||||||
5.00% due 12/01/2036 | 21,868 | 23,939 | ||||||
5.50% due 12/01/2033 | 29,850 | 33,295 | ||||||
5.50% due 10/01/2034 | 32,509 | 36,261 | ||||||
6.50% due 02/01/2017 | 475 | 476 | ||||||
6.50% due 07/01/2032 | 8,090 | 9,332 | ||||||
7.00% due 09/01/2031 | 21,315 | 23,809 | ||||||
Federal National Mtg. Assoc. STRIPS | ||||||||
Series 384, Class 23 | ||||||||
6.00% due 08/25/2037(2)(3) | 311,269 | 64,945 | ||||||
Federal National Mtg. Assoc. REMIC(3) | ||||||||
Series 2002-34, Class AO | ||||||||
zero coupon due 05/18/2032(5) | 401,093 | 370,382 | ||||||
Series 2013-15, Class DC | ||||||||
2.00% due 03/25/2033 | 1,272,418 | 1,248,694 | ||||||
Series 2011-126, Class EC | ||||||||
2.00% due 04/25/2040 | 550,577 | 549,612 | ||||||
Series 2012-38, Class PA | ||||||||
2.00% due 09/25/2041 | 2,920,939 | 2,867,982 | ||||||
Series 2013-23, Class KJ | ||||||||
2.25% due 05/25/2042 | 2,062,687 | 2,040,165 | ||||||
Series 2012-93, Class ME | ||||||||
2.50% due 01/25/2042 | 2,993,744 | 3,025,433 | ||||||
Series 2013-73, Class TD | ||||||||
2.50% due 09/25/2042 | 956,678 | 951,570 | ||||||
Series 2015-M13, Class A2 | ||||||||
2.80% due 06/25/2025 VRS(1) | 515,000 | 512,120 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
Series 2016-M1, Class A2 | ||||||||
2.94% due 01/25/2026 VRS(1) | $ | 1,239,000 | $ | 1,249,173 | ||||
Series 2013-100, Class DE | ||||||||
3.00% due 11/25/2030 | 3,629,713 | 3,741,768 | ||||||
Series 2013-106, Class PY | ||||||||
3.00% due 10/25/2033 | 2,900,000 | 2,912,635 | ||||||
Series 2016-30, Class PA | ||||||||
3.00% due 04/25/2045 | 1,060,480 | 1,085,623 | ||||||
Series 2016-25, Class LA | ||||||||
3.00% due 07/25/2045 | 746,183 | 763,969 | ||||||
Series 2016-33, Class JA | ||||||||
3.00% due 07/25/2045 | 753,814 | 771,156 | ||||||
Series 2015-97, Class N | ||||||||
3.00% due 11/25/2045 | 2,000,000 | 1,924,280 | ||||||
Series 2016-38, Class NA | ||||||||
3.00% due 01/25/2046 | 1,348,310 | 1,374,864 | ||||||
Series 2014-M13, Class A2 | ||||||||
3.02% due 08/25/2024 VRS(1) | 1,273,000 | 1,295,416 | ||||||
Series 2016-30, Class LY | ||||||||
3.50% due 05/25/2036 | 800,000 | 829,952 | ||||||
Series 2012-50, Class VB | ||||||||
4.00% due 01/25/2029 | 1,355,000 | 1,452,492 | ||||||
Series 2012-47, Class VB | ||||||||
4.00% due 04/25/2031 | 2,000,000 | 2,115,678 | ||||||
Series 2004-90, Class GC | ||||||||
4.35% due 11/25/2034 | 590,427 | 609,803 | ||||||
Series 2010-117, Class DY | ||||||||
4.50% due 10/25/2025 | 974,930 | 1,053,348 | ||||||
Series 2010-134, Class MB | ||||||||
4.50% due 12/25/2040 | 250,000 | 279,768 | ||||||
Series 2007-116, Class PB | ||||||||
5.50% due 08/25/2035 | 104,130 | 116,068 | ||||||
47,852,274 | ||||||||
Government National Mtg. Assoc. — 4.1% |
| |||||||
4.50% due 03/15/2038 | 38,801 | 42,278 | ||||||
4.50% due 03/15/2039 | 9,583 | 10,450 | ||||||
4.50% due 05/15/2039 | 265,865 | 289,933 | ||||||
4.50% due 06/15/2039 | 243,031 | 264,787 | ||||||
4.50% due 07/15/2039 | 392,364 | 430,129 | ||||||
4.50% due 09/15/2039 | 5,722 | 6,235 | ||||||
4.50% due 12/15/2039 | 129,071 | 140,571 | ||||||
4.50% due 04/15/2040 | 169,297 | 184,866 | ||||||
4.50% due 06/15/2040 | 451,489 | 492,346 | ||||||
4.50% due 08/15/2040 | 64,630 | 70,542 | ||||||
5.00% due 09/15/2035 | 2,151 | 2,395 | ||||||
5.00% due 02/15/2036 | 87,792 | 97,267 | ||||||
5.00% due 05/15/2036 | 6,558 | 7,230 | ||||||
6.00% due 01/15/2032 | 13,076 | 14,925 | ||||||
6.50% due 08/15/2031 | 53,151 | 60,704 | ||||||
7.50% due 02/15/2029 | 5,420 | 5,630 | ||||||
7.50% due 07/15/2030 | 386 | 431 | ||||||
7.50% due 01/15/2031 | 5,558 | 6,228 | ||||||
7.50% due 02/15/2031 | 1,233 | 1,237 | ||||||
Government National Mtg. Assoc. REMIC | ||||||||
Series 2014-58, Class EP | ||||||||
4.00% due 04/20/2044(3) | 432,000 | 468,822 | ||||||
Series 2004-18, Class Z | ||||||||
4.50% due 03/16/2034(3) | 444,676 | 487,156 | ||||||
Series 2008-6, Class GL | ||||||||
4.50% due 02/20/2038(3) | 1,000,000 | 1,088,791 | ||||||
Series 2005-21, Class Z | ||||||||
5.00% due 03/20/2035(3) | 762,501 | 842,398 | ||||||
Series 2009-91, Class PR | ||||||||
5.00% due 09/20/2038(3) | 825,056 | 854,758 | ||||||
5,870,109 | ||||||||
104 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Resolution Funding Corp — 1.3% |
| |||||||
zero coupon due 07/15/2020 STRIPS | $ | 2,000,000 | $ | 1,871,608 | ||||
Total U.S. Government Agencies | ||||||||
(cost $81,602,854) | 81,870,261 | |||||||
U.S. GOVERNMENT TREASURIES — 27.4% |
| |||||||
United States Treasury Bonds — 7.8% |
| |||||||
zero coupon due 08/15/2024 STRIPS | 2,040,000 | 1,704,061 | ||||||
3.13% due 02/15/2043 | 1,000,000 | 1,022,695 | ||||||
3.75% due 08/15/2041 | 5,000,000 | 5,680,275 | ||||||
3.88% due 08/15/2040 | 2,500,000 | 2,893,750 | ||||||
11,300,781 | ||||||||
United States Treasury Notes — 19.6% |
| |||||||
0.63% due 05/31/2017 | 4,000,000 | 3,999,220 | ||||||
0.88% due 03/31/2018 | 5,000,000 | 4,992,385 | ||||||
1.75% due 05/15/2023 | 8,000,000 | 7,810,936 | ||||||
2.00% due 02/15/2022 | 5,000,000 | 5,016,405 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 3,061,524 | ||||||
2.63% due 08/15/2020 | 3,250,000 | 3,365,148 | ||||||
28,245,618 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $38,605,168) | 39,546,399 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.5% |
| |||||||
Sovereign — 1.5% |
| |||||||
Israel Government AID Government Guar. Notes zero coupon due 02/15/2024 | 2,641,000 | 2,169,119 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $136,722,809) | 137,759,176 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.2% |
| |||||||
Registered Investment Companies — 0.2% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio(6)(7) 0.26% | 269,978 | 269,978 | ||||||
REPURCHASE AGREEMENTS — 4.2% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.01%, dated 11/30/2016, to be repurchased 12/01/2016 in the amount $5,999,002 collateralized by $5,850,000 of United States Treasury Notes, bearing interest at 3.13% due 05/15/2021 and having an approximate value of $6,182,982 | 5,999,000 | 5,999,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $142,991,787)(8) | 100.0 | % | 144,028,154 | |||||
Other assets less liabilities | 0.0 | 60,946 | ||||||
NET ASSETS | 100.0 | % | $ | 144,089,100 | ||||
* | 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, 2016, the aggregate value of these securities was $4,240,663 representing 2.9% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | 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, 2016. |
(5) | Principal Only |
(6) | At November 30, 2016, the Fund had loaned securities with a total value of $1,360,250. This was secured by collateral of $269,978, which was received in cash and subsequently invested in short-term investments currently valued at $269,978 as reported in the Portfolio of Investments. Additional collateral of $1,122,050 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, 2016 | |||
United States Treasury Notes/Bonds | 0.13% to 5.38% | 12/31/2016 to 05/15/2045 | $1,122,050 |
(7) | The rate shown is the 7-day yield as of November 30, 2016. |
(8) | 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
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of November 30, 2016 and unless noted otherwise, the dates shown are the original maturity dates.
105 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | — | $ | 5,111,560 | $ | — | $ | 5,111,560 | ||||||||
U.S. Corporate Bonds & Notes | — | 7,500,231 | — | 7,500,231 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 1,561,606 | — | 1,561,606 | ||||||||||||
U.S. Government Agencies | — | 81,870,261 | — | 81,870,261 | ||||||||||||
U.S. Government Treasuries | — | 39,546,399 | — | 39,546,399 | ||||||||||||
Foreign Government Obligations | — | 2,169,119 | — | 2,169,119 | ||||||||||||
Short-Term Investment Securities | 269,978 | — | — | 269,978 | ||||||||||||
Repurchase Agreements | — | 5,999,000 | — | 5,999,000 | ||||||||||||
Total Investments at Value | $ | 269,978 | $ | 143,758,176 | $ | — | $ | 144,028,154 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.
See Notes to Financial Statements
106 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 5.7 | % | ||
Computers | 5.4 | |||
Web Portals/ISP | 5.3 | |||
E-Commerce/Products | 4.4 | |||
Applications Software | 4.3 | |||
Finance — Credit Card | 3.7 | |||
Medical — Drugs | 3.1 | |||
Internet Content — Entertainment | 3.1 | |||
Multimedia | 2.3 | |||
Registered Investment Companies | 2.2 | |||
Aerospace/Defense | 2.1 | |||
Retail — Restaurants | 1.8 | |||
Beverages — Non-alcoholic | 1.8 | |||
Medical — HMO | 1.7 | |||
Medical Instruments | 1.6 | |||
Retail — Discount | 1.5 | |||
Electronic Components — Semiconductors | 1.5 | |||
Tobacco | 1.4 | |||
Retail — Apparel/Shoe | 1.4 | |||
Auto/Truck Parts & Equipment — Original | 1.4 | |||
Chemicals — Diversified | 1.3 | |||
Retail — Major Department Stores | 1.3 | |||
Diversified Manufacturing Operations | 1.3 | |||
Retail — Auto Parts | 1.2 | |||
Cable/Satellite TV | 1.1 | |||
Airlines | 1.1 | |||
Cosmetics & Toiletries | 1.1 | |||
Oil Companies — Exploration & Production | 1.1 | |||
Machinery — General Industrial | 1.0 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Computer Services | 0.9 | |||
Data Processing/Management | 0.8 | |||
Time Deposits | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Medical Information Systems | 0.7 | |||
Commercial Services | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Diversified Banking Institutions | 0.7 | |||
Building Products — Cement | 0.6 | |||
Beverages — Wine/Spirits | 0.6 | |||
Soap & Cleaning Preparation | 0.6 | |||
Athletic Footwear | 0.6 | |||
Food — Meat Products | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Real Estate Investment Trusts | 0.6 | |||
Banks — Commercial | 0.6 | |||
Exchange-Traded Funds | 0.6 | |||
Food — Misc./Diversified | 0.6 | |||
Food — Retail | 0.6 | |||
Entertainment Software | 0.5 | |||
Medical Products | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Casino Hotels | 0.5 | |||
Internet Application Software | 0.5 | |||
Lighting Products & Systems | 0.5 | |||
Retail — Building Products | 0.5 | |||
Disposable Medical Products | 0.5 | |||
Oil Companies — Integrated | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Oil — Field Services | 0.4 | |||
Vitamins & Nutrition Products | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Insurance — Multi-line | 0.4 | |||
Agricultural Chemicals | 0.4 | |||
Steel — Producers | 0.4 | |||
Electronic Forms | 0.4 | |||
Internet Security | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Software Tools | 0.4 |
Consumer Products — Misc. | 0.4 | |||
Distribution/Wholesale | 0.3 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Computer Software | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Engines — Internal Combustion | 0.3 | |||
Pharmacy Services | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Finance — Other Services | 0.3 | |||
Building & Construction Products — Misc. | 0.3 | |||
Food — Wholesale/Distribution | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Industrial Gases | 0.3 | |||
Garden Products | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Banks — Super Regional | 0.3 | |||
Toys | 0.3 | |||
Transport — Truck | 0.3 | |||
Transport — Rail | 0.2 | |||
Textile — Home Furnishings | 0.2 | |||
Food — Confectionery | 0.2 | |||
Recreational Vehicles | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Racetracks | 0.2 | |||
Metal — Diversified | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Retail — Jewelry | 0.2 | |||
Brewery | 0.2 | |||
X-Ray Equipment | 0.2 | |||
Insurance Brokers | 0.2 | |||
E-Marketing/Info | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Machinery — Pumps | 0.2 | |||
E-Services/Consulting | 0.2 | |||
Diversified Financial Services | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Filtration/Separation Products | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Advertising Agencies | 0.1 | |||
Radio | 0.1 | |||
Optical Supplies | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Advertising Services | 0.1 | |||
Transport — Services | 0.1 | |||
Retail — Automobile | 0.1 | |||
Retail — Mail Order | 0.1 | |||
Dialysis Centers | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Metal — Iron | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Cellular Telecom | 0.1 | |||
Food — Catering | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Pipelines | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Satellite Telecom | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Coatings/Paint | 0.1 | |||
101.9% | ||||
* | Calculated as a percentage of net assets |
107 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.3% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Omnicom Group, Inc. | 14,397 | $ | 1,251,675 | |||||
Advertising Services — 0.1% |
| |||||||
Publicis Groupe SA | 16,920 | 1,098,017 | ||||||
Aerospace/Defense — 2.1% |
| |||||||
Boeing Co.# | 80,152 | 12,067,685 | ||||||
Lockheed Martin Corp. | 16,800 | 4,456,200 | ||||||
Raytheon Co. | 733 | 109,613 | ||||||
Thales SA | 13,340 | 1,302,570 | ||||||
17,936,068 | ||||||||
Aerospace/Defense - Equipment — 0.3% |
| |||||||
Aerojet Rocketdyne Holdings, Inc.† | 6,966 | 141,549 | ||||||
United Technologies Corp. | 20,230 | 2,179,176 | ||||||
2,320,725 | ||||||||
Agricultural Chemicals — 0.4% |
| |||||||
Monsanto Co. | 32,871 | 3,376,180 | ||||||
Airlines — 1.1% |
| |||||||
Delta Air Lines, Inc. | 85,566 | 4,122,570 | ||||||
Hawaiian Holdings, Inc.† | 40,397 | 2,074,386 | ||||||
JetBlue Airways Corp.† | 117,817 | 2,366,943 | ||||||
Ryanair Holdings PLC ADR† | 13,720 | 1,095,405 | ||||||
9,659,304 | ||||||||
Apparel Manufacturers — 0.5% |
| |||||||
Carter’s, Inc. | 20,047 | 1,830,091 | ||||||
Under Armour, Inc., Class A†# | 29,450 | 907,060 | ||||||
Under Armour, Inc., Class C† | 61,900 | 1,595,782 | ||||||
4,332,933 | ||||||||
Appliances — 0.0% |
| |||||||
iRobot Corp.†# | 2,521 | 143,697 | ||||||
Applications Software — 4.3% |
| |||||||
Citrix Systems, Inc.† | 28,757 | 2,494,095 | ||||||
Microsoft Corp. | 443,896 | 26,749,173 | ||||||
salesforce.com, Inc.†# | 110,896 | 7,984,512 | ||||||
37,227,780 | ||||||||
Athletic Footwear — 0.6% |
| |||||||
adidas AG | 9,170 | 1,350,916 | ||||||
NIKE, Inc., Class B | 77,040 | 3,857,393 | ||||||
5,208,309 | ||||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Fuji Heavy Industries, Ltd. | 8,100 | 328,871 | ||||||
Tata Motors, Ltd. | 160,740 | 1,076,470 | ||||||
Tesla Motors, Inc.†# | 15,870 | 3,005,778 | ||||||
4,411,119 | ||||||||
Auto - Heavy Duty Trucks — 0.0% |
| |||||||
Isuzu Motors, Ltd.# | 22,200 | 261,770 | ||||||
Auto/Truck Parts & Equipment - Original — 1.4% |
| |||||||
Lear Corp. | 19,690 | 2,550,052 | ||||||
Mobileye NV† | 20,560 | 765,449 | ||||||
Valeo SA | 22,130 | 1,233,940 | ||||||
Visteon Corp. | 25,690 | 2,021,032 | ||||||
WABCO Holdings, Inc.† | 53,440 | 5,264,374 | ||||||
11,834,847 | ||||||||
Banks - Commercial — 0.6% |
| |||||||
Bank Mandiri Persero Tbk PT | 1,095,200 | 848,522 | ||||||
DNB ASA | 59,250 | 872,705 | ||||||
Erste Group Bank AG | 37,710 | 1,048,732 | ||||||
HDFC Bank, Ltd. | 26,280 | 460,147 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
KBC Group NV | 27,370 | $ | 1,641,278 | |||||
4,871,384 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Citizens Financial Group, Inc. | 22,809 | 764,330 | ||||||
Banks - Super Regional — 0.3% |
| |||||||
US Bancorp | 45,440 | 2,254,733 | ||||||
Beverages - Non-alcoholic — 1.8% |
| |||||||
Coca-Cola Co. | 23,594 | 952,018 | ||||||
Dr Pepper Snapple Group, Inc. | 30,395 | 2,636,462 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 4,110 | 320,786 | ||||||
PepsiCo, Inc. | 110,940 | 11,105,094 | ||||||
15,014,360 | ||||||||
Beverages - Wine/Spirits — 0.6% |
| |||||||
Constellation Brands, Inc., Class A | 30,050 | 4,541,757 | ||||||
Treasury Wine Estates, Ltd. | 115,470 | 920,050 | ||||||
5,461,807 | ||||||||
Brewery — 0.2% |
| |||||||
Boston Beer Co., Inc., Class A†# | 9,930 | 1,718,883 | ||||||
Broadcast Services/Program — 0.3% |
| |||||||
Scripps Networks Interactive, Inc., Class A# | 35,950 | 2,489,897 | ||||||
Building & Construction Products - Misc. — 0.3% |
| |||||||
Drew Industries, Inc. | 18,518 | 1,946,242 | ||||||
NCI Building Systems, Inc.† | 36,372 | 607,412 | ||||||
2,553,654 | ||||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Daikin Industries, Ltd. | 13,900 | 1,301,853 | ||||||
Building Products - Cement — 0.6% |
| |||||||
Cemex SAB de CV ADR† | 128,200 | 1,001,242 | ||||||
CRH PLC | 56,610 | 1,889,640 | ||||||
Eagle Materials, Inc.# | 12,071 | 1,173,301 | ||||||
HeidelbergCement AG | 15,640 | 1,402,500 | ||||||
5,466,683 | ||||||||
Building - Heavy Construction — 0.1% |
| |||||||
Vinci SA | 13,980 | 907,226 | ||||||
Cable/Satellite TV — 1.1% |
| |||||||
Comcast Corp., Class A | 141,458 | 9,832,746 | ||||||
Casino Hotels — 0.5% |
| |||||||
Las Vegas Sands Corp. | 30,565 | 1,915,509 | ||||||
Sands China, Ltd. | 239,200 | 1,178,036 | ||||||
Wynn Resorts, Ltd.# | 11,400 | 1,162,686 | ||||||
�� | ||||||||
4,256,231 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
NTT DOCOMO, Inc. | 35,700 | 818,817 | ||||||
Chemicals - Diversified — 1.3% |
| |||||||
Arkema SA | 11,630 | 1,114,029 | ||||||
Celanese Corp., Series A | 24,450 | 1,939,374 | ||||||
Dow Chemical Co. | 68,200 | 3,800,104 | ||||||
FMC Corp. | 5,470 | 306,976 | ||||||
Koninklijke DSM NV | 16,360 | 992,146 | ||||||
LyondellBasell Industries NV, Class A | 27,735 | 2,505,025 | ||||||
Symrise AG# | 5,489 | 332,238 | ||||||
10,989,892 | ||||||||
Chemicals - Specialty — 0.2% |
| |||||||
W.R. Grace & Co. | 26,899 | 1,755,429 | ||||||
Coatings/Paint — 0.1% |
| |||||||
Sherwin-Williams Co. | 1,651 | 443,574 | ||||||
108 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Commercial Services — 0.7% |
| |||||||
Ecolab, Inc. | 29,040 | $ | 3,389,839 | |||||
Nielsen Holdings PLC | 55,030 | 2,371,793 | ||||||
RELX PLC | 20,530 | 353,198 | ||||||
6,114,830 | ||||||||
Computer Aided Design — 0.0% |
| |||||||
Synopsys, Inc.† | 3,174 | 191,964 | ||||||
Computer Services — 0.9% |
| |||||||
Computer Sciences Corp.# | 18,402 | 1,115,713 | ||||||
Convergys Corp.# | 17,736 | 458,830 | ||||||
Hewlett Packard Enterprise Co. | 47,258 | 1,124,741 | ||||||
International Business Machines Corp.# | 26,247 | 4,257,788 | ||||||
Teradata Corp.†# | 26,003 | 698,181 | ||||||
7,655,253 | ||||||||
Computer Software — 0.3% |
| |||||||
Splunk, Inc.†# | 48,660 | 2,803,789 | ||||||
Computers — 5.4% |
| |||||||
Apple, Inc. | 421,101 | 46,540,083 | ||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Kimberly-Clark Corp. | 11,253 | 1,300,959 | ||||||
Spectrum Brands Holdings, Inc.# | 14,000 | 1,678,460 | ||||||
2,979,419 | ||||||||
Cosmetics & Toiletries — 1.1% |
| |||||||
Amorepacific Corp. | 1,440 | 404,020 | ||||||
Estee Lauder Cos., Inc., Class A | 90,425 | 7,026,023 | ||||||
L’Oreal SA | 4,460 | 761,272 | ||||||
Procter & Gamble Co. | 15,092 | 1,244,486 | ||||||
9,435,801 | ||||||||
Data Processing/Management — 0.8% |
| |||||||
CSG Systems International, Inc. | 40,204 | 1,789,078 | ||||||
Fiserv, Inc.† | 36,577 | 3,826,686 | ||||||
Jack Henry & Associates, Inc. | 18,109 | 1,565,342 | ||||||
7,181,106 | ||||||||
Diagnostic Equipment — 0.2% |
| |||||||
Danaher Corp. | 24,563 | 1,920,090 | ||||||
Diagnostic Kits — 0.0% |
| |||||||
IDEXX Laboratories, Inc.†# | 3,400 | 400,010 | ||||||
Dialysis Centers — 0.1% |
| |||||||
Fresenius Medical Care AG & Co. KGaA | 12,285 | 958,291 | ||||||
Disposable Medical Products — 0.5% |
| |||||||
C.R. Bard, Inc. | 18,649 | 3,926,547 | ||||||
Distribution/Wholesale — 0.3% |
| |||||||
Bunzl PLC | 31,320 | 807,264 | ||||||
Rexel SA | 40,410 | 624,868 | ||||||
Wolseley PLC | 24,800 | 1,441,332 | ||||||
2,873,464 | ||||||||
Diversified Banking Institutions — 0.7% |
| |||||||
BNP Paribas SA | 27,440 | 1,593,127 | ||||||
JPMorgan Chase & Co. | 55,590 | 4,456,650 | ||||||
6,049,777 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
Julius Baer Group, Ltd. | 32,590 | 1,440,217 | ||||||
Diversified Manufacturing Operations — 1.3% |
| |||||||
3M Co.# | 30,699 | 5,272,246 | ||||||
Carlisle Cos., Inc. | 15,587 | 1,748,394 | ||||||
Ingersoll-Rand PLC | 30,341 | 2,261,618 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Parker-Hannifin Corp. | 10,709 | $ | 1,487,802 | |||||
10,770,060 | ||||||||
E-Commerce/Products — 4.4% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 15,630 | 1,469,533 | ||||||
Amazon.com, Inc.† | 40,454 | 30,363,559 | ||||||
ASOS PLC† | 18,006 | 1,137,044 | ||||||
eBay, Inc.† | 69,300 | 1,927,233 | ||||||
Shutterfly, Inc.† | 39,866 | 2,020,010 | ||||||
Start Today Co., Ltd. | 48,500 | 744,849 | ||||||
37,662,228 | ||||||||
E-Commerce/Services — 0.4% |
| |||||||
Auto Trader Group PLC* | 170,930 | 854,829 | ||||||
Expedia, Inc.# | 11,419 | 1,416,527 | ||||||
TripAdvisor, Inc.† | 23,105 | 1,115,509 | ||||||
3,386,865 | ||||||||
E-Marketing/Info — 0.2% |
| |||||||
Criteo SA ADR†# | 19,410 | 801,050 | ||||||
CyberAgent, Inc. | 15,600 | 379,211 | ||||||
New Media Investment Group, Inc. | 30,080 | 462,029 | ||||||
1,642,290 | ||||||||
E-Services/Consulting — 0.2% |
| |||||||
CDW Corp. | 28,337 | 1,451,988 | ||||||
Electric Products - Misc. — 0.1% |
| |||||||
Emerson Electric Co.# | 5,552 | 313,355 | ||||||
Legrand SA | 7,840 | 438,311 | ||||||
751,666 | ||||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Stoneridge, Inc.† | 4,905 | 77,842 | ||||||
Electronic Components - Semiconductors — 1.5% |
| |||||||
Broadcom, Ltd. | 15,466 | 2,636,798 | ||||||
Infineon Technologies AG | 46,480 | 777,352 | ||||||
Intel Corp. | 68,845 | 2,388,922 | ||||||
NVIDIA Corp.# | 27,750 | 2,558,550 | ||||||
Texas Instruments, Inc. | 30,141 | 2,228,324 | ||||||
Xilinx, Inc.# | 44,380 | 2,395,632 | ||||||
12,985,578 | ||||||||
Electronic Forms — 0.4% |
| |||||||
Adobe Systems, Inc.† | 31,998 | 3,289,714 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 42,015 | 1,847,820 | ||||||
Keyence Corp. | 1,700 | 1,162,458 | ||||||
3,010,278 | ||||||||
Engines - Internal Combustion — 0.3% |
| |||||||
Cummins, Inc. | 19,270 | 2,732,101 | ||||||
Enterprise Software/Service — 0.7% |
| |||||||
Oracle Corp. | 116,777 | 4,693,267 | ||||||
SAP SE | 16,770 | 1,401,988 | ||||||
6,095,255 | ||||||||
Entertainment Software — 0.5% |
| |||||||
Electronic Arts, Inc.†# | 58,912 | 4,668,187 | ||||||
Filtration/Separation Products — 0.2% |
| |||||||
CLARCOR, Inc.# | 5,746 | 404,806 | ||||||
Donaldson Co., Inc. | 23,110 | 937,341 | ||||||
1,342,147 | ||||||||
Finance - Credit Card — 3.7% |
| |||||||
American Express Co. | 31,884 | 2,296,923 | ||||||
MasterCard, Inc., Class A | 73,100 | 7,470,820 |
109 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Credit Card (continued) |
| |||||||
Visa, Inc., Class A# | 271,253 | $ | 20,973,282 | |||||
Worldpay Group PLC* | 331,730 | 1,117,343 | ||||||
31,858,368 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 72,465 | 2,801,497 | ||||||
Finance - Leasing Companies — 0.2% |
| |||||||
ORIX Corp. | 84,900 | 1,322,052 | ||||||
Finance - Other Services — 0.3% |
| |||||||
BM&F Bovespa SA | 104,300 | 512,241 | ||||||
Deutsche Boerse AG†(3) | 12,380 | 1,000,472 | ||||||
London Stock Exchange Group PLC | 33,670 | 1,157,674 | ||||||
2,670,387 | ||||||||
Food - Catering — 0.1% |
| |||||||
Compass Group PLC | 46,140 | 791,483 | ||||||
Food - Confectionery — 0.2% |
| |||||||
Hershey Co. | 20,598 | 1,990,591 | ||||||
Food - Meat Products — 0.6% |
| |||||||
Hormel Foods Corp. | 101,299 | 3,468,478 | ||||||
Tyson Foods, Inc., Class A | 28,602 | 1,624,879 | ||||||
5,093,357 | ||||||||
Food - Misc./Diversified — 0.6% |
| |||||||
Calbee, Inc.# | 30,700 | 956,649 | ||||||
Campbell Soup Co. | 36,381 | 2,069,715 | ||||||
Danone SA | 14,110 | 887,698 | ||||||
General Mills, Inc. | 11,421 | 695,996 | ||||||
Kellogg Co.# | 1,330 | 95,760 | ||||||
4,705,818 | ||||||||
Food - Retail — 0.6% |
| |||||||
Jeronimo Martins SGPS SA | 77,710 | 1,228,001 | ||||||
Kroger Co. | 90,829 | 2,933,777 | ||||||
Magnit PJSC GDR | 13,160 | 530,085 | ||||||
4,691,863 | ||||||||
Food - Wholesale/Distribution — 0.3% |
| |||||||
Sysco Corp.# | 47,553 | 2,532,197 | ||||||
Garden Products — 0.3% |
| |||||||
Toro Co. | 45,078 | 2,385,979 | ||||||
Identification Systems — 0.0% |
| |||||||
Brady Corp., Class A | 7,352 | 270,186 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
FANUC Corp. | 3,000 | 506,228 | ||||||
Industrial Gases — 0.3% |
| |||||||
Air Products & Chemicals, Inc. | 16,844 | 2,433,284 | ||||||
Instruments - Controls — 0.0% |
| |||||||
Honeywell International, Inc. | 852 | 97,077 | ||||||
Instruments - Scientific — 0.1% |
| |||||||
Waters Corp.† | 5,296 | 712,683 | ||||||
Insurance Brokers — 0.2% |
| |||||||
Aon PLC | 14,897 | 1,699,748 | ||||||
Insurance - Life/Health — 0.6% |
| |||||||
AIA Group, Ltd. | 372,200 | 2,269,717 | ||||||
Aviva PLC | 274,749 | 1,536,633 | ||||||
Lincoln National Corp. | 3,888 | 249,221 | ||||||
St James’s Place PLC | 77,300 | 909,147 | ||||||
4,964,718 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Multi-line — 0.4% |
| |||||||
MetLife, Inc. | 55,290 | $ | 3,041,503 | |||||
Zurich Insurance Group AG | 1,310 | 343,380 | ||||||
3,384,883 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Admiral Group PLC | 23,299 | 554,174 | ||||||
Internet Application Software — 0.5% |
| |||||||
Tencent Holdings, Ltd. | 170,100 | 4,247,840 | ||||||
Internet Content - Entertainment — 3.1% |
| |||||||
Facebook, Inc., Class A† | 191,839 | 22,717,574 | ||||||
LINE Corp.†# | 21,200 | 817,202 | ||||||
Netflix, Inc.† | 23,080 | 2,700,360 | ||||||
26,235,136 | ||||||||
Internet Security — 0.4% |
| |||||||
Symantec Corp. | 51,940 | 1,266,817 | ||||||
VeriSign, Inc.†# | 22,330 | 1,760,720 | ||||||
3,027,537 | ||||||||
Investment Management/Advisor Services — 0.0% |
| |||||||
Azimut Holding SpA# | 24,840 | 370,679 | ||||||
Lighting Products & Systems — 0.5% |
| |||||||
Acuity Brands, Inc.# | 16,710 | 4,201,061 | ||||||
Machinery - Construction & Mining — 0.4% |
| |||||||
Caterpillar, Inc. | 25,295 | 2,417,190 | ||||||
Komatsu, Ltd. | 51,300 | 1,180,880 | ||||||
3,598,070 | ||||||||
Machinery - General Industrial — 1.0% |
| |||||||
Hexagon AB, Class B | 33,300 | 1,179,589 | ||||||
Wabtec Corp.# | 86,070 | 7,287,547 | ||||||
8,467,136 | ||||||||
Machinery - Pumps — 0.2% |
| |||||||
Weir Group PLC | 68,610 | 1,552,074 | ||||||
Medical Information Systems — 0.7% |
| |||||||
Cerner Corp.† | 102,381 | 5,096,526 | ||||||
Medidata Solutions, Inc.† | 21,306 | 1,176,731 | ||||||
6,273,257 | ||||||||
Medical Instruments — 1.6% |
| |||||||
Boston Scientific Corp.† | 54,953 | 1,124,338 | ||||||
Edwards Lifesciences Corp.† | 40,650 | 3,367,852 | ||||||
Intuitive Surgical, Inc.† | 13,851 | 8,916,443 | ||||||
Sysmex Corp. | 10,700 | 644,404 | ||||||
14,053,037 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Quest Diagnostics, Inc. | 10,403 | 909,846 | ||||||
Medical Products — 0.5% |
| |||||||
ABIOMED, Inc.† | 2,490 | 279,478 | ||||||
Becton Dickinson and Co.# | 15,775 | 2,667,552 | ||||||
Zimmer Biomet Holdings, Inc. | 15,805 | 1,609,897 | ||||||
4,556,927 | ||||||||
Medical - Biomedical/Gene — 5.7% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 8,465 | 1,037,724 | ||||||
Amgen, Inc. | 63,348 | 9,126,546 | ||||||
Biogen, Inc.† | 18,539 | 5,451,764 | ||||||
Celgene Corp.† | 96,438 | 11,428,867 | ||||||
CSL, Ltd. | 8,210 | 594,142 | ||||||
Gilead Sciences, Inc. | 128,582 | 9,476,494 | ||||||
Illumina, Inc.†# | 3,734 | 497,145 | ||||||
Incyte Corp.† | 10,919 | 1,116,905 |
110 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Ionis Pharmaceuticals, Inc.†# | 18,770 | $ | 821,375 | |||||
Kite Pharma, Inc.†# | 14,510 | 738,994 | ||||||
Regeneron Pharmaceuticals, Inc.†# | 21,582 | 8,184,758 | ||||||
Spark Therapeutics, Inc.†# | 11,920 | 655,719 | ||||||
49,130,433 | ||||||||
Medical - Drugs — 3.1% |
| |||||||
AbbVie, Inc. | 63,781 | 3,877,885 | ||||||
Allergan PLC† | 5,473 | 1,063,404 | ||||||
Bristol-Myers Squibb Co. | 119,268 | 6,731,486 | ||||||
Eli Lilly & Co. | 48,770 | 3,273,442 | ||||||
Johnson & Johnson | 23,302 | 2,593,513 | ||||||
Pfizer, Inc. | 91,380 | 2,936,953 | ||||||
Roche Holding AG | 14,251 | 3,177,635 | ||||||
Shire PLC | 34,690 | 2,022,632 | ||||||
UCB SA | 11,460 | 737,255 | ||||||
26,414,205 | ||||||||
Medical - HMO — 1.7% |
| |||||||
Cigna Corp. | 10,930 | 1,472,708 | ||||||
UnitedHealth Group, Inc. | 81,167 | 12,850,360 | ||||||
14,323,068 | ||||||||
Medical - Wholesale Drug Distribution — 0.3% |
| |||||||
Cardinal Health, Inc. | 39,800 | 2,826,198 | ||||||
Metal - Diversified — 0.2% |
| |||||||
Rio Tinto PLC | 48,590 | 1,817,794 | ||||||
Metal - Iron — 0.1% |
| |||||||
Fortescue Metals Group, Ltd.# | 209,760 | 909,247 | ||||||
Multimedia — 2.3% |
| |||||||
Time Warner, Inc. | 70,540 | 6,476,983 | ||||||
Twenty-First Century Fox, Inc., Class A | 81,267 | 2,284,415 | ||||||
Vivendi SA | 66,380 | 1,265,647 | ||||||
Walt Disney Co. | 94,779 | 9,394,495 | ||||||
19,421,540 | ||||||||
Oil Companies - Exploration & Production — 1.1% |
| |||||||
Concho Resources, Inc.†# | 25,866 | 3,699,355 | ||||||
Diamondback Energy, Inc.† | 18,265 | 1,969,880 | ||||||
EOG Resources, Inc. | 18,830 | 1,930,452 | ||||||
Lundin Petroleum AB† | 56,760 | 1,069,620 | ||||||
Tullow Oil PLC†# | 160,880 | 599,450 | ||||||
9,268,757 | ||||||||
Oil Companies - Integrated — 0.4% |
| |||||||
Royal Dutch Shell PLC, Class A | 41,400 | 1,052,189 | ||||||
Statoil ASA | 60,940 | 1,044,334 | ||||||
TOTAL SA | 35,994 | 1,714,954 | ||||||
3,811,477 | ||||||||
Oil - Field Services — 0.4% |
| |||||||
Core Laboratories NV# | 14,790 | 1,652,930 | ||||||
Halliburton Co. | 36,464 | 1,935,874 | ||||||
3,588,804 | ||||||||
Optical Supplies — 0.1% |
| |||||||
Essilor International SA | 11,640 | 1,234,899 | ||||||
Pharmacy Services — 0.3% |
| |||||||
Express Scripts Holding Co.† | 36,005 | 2,732,059 | ||||||
Pipelines — 0.1% |
| |||||||
Koninklijke Vopak NV | 16,080 | 751,569 | ||||||
Racetracks — 0.2% |
| |||||||
Churchill Downs, Inc. | 12,321 | 1,886,345 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Radio — 0.1% |
| |||||||
Sirius XM Holdings, Inc.# | 272,081 | $ | 1,243,410 | |||||
Real Estate Investment Trusts — 0.6% |
| |||||||
American Tower Corp. | 22,991 | 2,351,290 | ||||||
Simon Property Group, Inc.# | 14,391 | 2,585,343 | ||||||
4,936,633 | ||||||||
Real Estate Management/Services — 0.2% |
| |||||||
Daito Trust Construction Co., Ltd. | 8,200 | 1,274,026 | ||||||
Recreational Vehicles — 0.2% |
| |||||||
Brunswick Corp. | 38,579 | 1,933,579 | ||||||
Rental Auto/Equipment — 0.3% |
| |||||||
Ashtead Group PLC | 79,428 | 1,557,289 | ||||||
United Rentals, Inc.†# | 11,333 | 1,145,880 | ||||||
2,703,169 | ||||||||
Retail - Apparel/Shoe — 1.4% |
| |||||||
Children’s Place, Inc.# | 20,218 | 2,099,639 | ||||||
Coach, Inc. | 42,341 | 1,540,789 | ||||||
Fast Retailing Co., Ltd. | 2,400 | 830,103 | ||||||
Genesco, Inc.† | 10,359 | 654,689 | ||||||
Industria de Diseno Textil SA | 46,510 | 1,590,951 | ||||||
Ross Stores, Inc. | 35,052 | 2,369,165 | ||||||
Urban Outfitters, Inc.† | 44,461 | 1,404,968 | ||||||
Zalando SE†#* | 40,505 | 1,509,606 | ||||||
11,999,910 | ||||||||
Retail - Auto Parts — 1.2% |
| |||||||
O’Reilly Automotive, Inc.† | 36,900 | 10,129,050 | ||||||
Retail - Automobile — 0.1% |
| |||||||
Astra International Tbk PT | 1,795,900 | 1,000,483 | ||||||
Retail - Building Products — 0.5% |
| |||||||
Home Depot, Inc. | 31,366 | 4,058,760 | ||||||
Retail - Convenience Store — 0.1% |
| |||||||
Alimentation Couche-Tard, Inc., Class B# | 24,920 | 1,149,997 | ||||||
Retail - Discount — 1.5% |
| |||||||
Costco Wholesale Corp. | 31,230 | 4,687,935 | ||||||
Dollar Tree, Inc.† | 40,755 | 3,592,961 | ||||||
Target Corp. | 25,283 | 1,952,859 | ||||||
Wal-Mart Stores, Inc. | 41,519 | 2,924,183 | ||||||
13,157,938 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
CVS Health Corp. | 2,749 | 211,371 | ||||||
Walgreens Boots Alliance, Inc. | 11,970 | 1,014,218 | ||||||
1,225,589 | ||||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Nitori Holdings Co., Ltd. | 10,700 | 1,116,717 | ||||||
Retail - Hypermarkets — 0.0% |
| |||||||
BGF retail Co., Ltd.(3) | 5,360 | 398,888 | ||||||
Retail - Jewelry — 0.2% |
| |||||||
Cie Financiere Richemont SA | 8,060 | 526,790 | ||||||
Pandora A/S | 10,160 | 1,209,153 | ||||||
1,735,943 | ||||||||
Retail - Mail Order — 0.1% |
| |||||||
Williams-Sonoma, Inc.# | 17,844 | 977,494 | ||||||
Retail - Major Department Stores — 1.3% |
| |||||||
Kering | 7,570 | 1,644,728 | ||||||
TJX Cos., Inc. | 117,154 | 9,177,844 | ||||||
10,822,572 | ||||||||
111 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Misc./Diversified — 0.1% |
| |||||||
Ryohin Keikaku Co., Ltd.# | 5,800 | $ | 1,137,136 | |||||
Retail - Restaurants — 1.8% |
| |||||||
Chipotle Mexican Grill, Inc.†# | 2,946 | 1,167,588 | ||||||
Darden Restaurants, Inc.# | 31,912 | 2,339,150 | ||||||
McDonald’s Corp. | 5,913 | 705,243 | ||||||
Starbucks Corp.# | 199,299 | 11,553,363 | ||||||
15,765,344 | ||||||||
Rubber/Plastic Products — 0.1% |
| |||||||
Trinseo SA | 9,879 | 578,415 | ||||||
Satellite Telecom — 0.1% |
| |||||||
Cellnex Telecom SAU#* | 43,190 | 605,144 | ||||||
Semiconductor Components - Integrated Circuits — 1.0% |
| |||||||
Linear Technology Corp. | 44,500 | 2,782,585 | ||||||
Marvell Technology Group, Ltd. | 79,689 | 1,142,740 | ||||||
Maxim Integrated Products, Inc. | 49,607 | 1,948,067 | ||||||
QUALCOMM, Inc. | 33,011 | 2,249,040 | ||||||
8,122,432 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Applied Materials, Inc. | 93,502 | 3,010,765 | ||||||
ASML Holding NV | 28,917 | 2,991,826 | ||||||
Lam Research Corp. | 7,210 | 764,404 | ||||||
6,766,995 | ||||||||
Soap & Cleaning Preparation — 0.6% |
| |||||||
Church & Dwight Co., Inc. | 87,705 | 3,840,602 | ||||||
Reckitt Benckiser Group PLC | 19,130 | 1,618,754 | ||||||
5,459,356 | ||||||||
Software Tools — 0.4% |
| |||||||
VMware, Inc., Class A†# | 36,722 | 2,979,623 | ||||||
Steel - Producers — 0.4% |
| |||||||
ArcelorMittal† | 191,760 | 1,448,672 | ||||||
Steel Dynamics, Inc. | 53,554 | 1,900,096 | ||||||
3,348,768 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Verizon Communications, Inc. | 26,801 | 1,337,370 | ||||||
Textile - Home Furnishings — 0.2% |
| |||||||
Mohawk Industries, Inc.† | 10,281 | 2,029,881 | ||||||
Tobacco — 1.4% |
| |||||||
Altria Group, Inc. | 72,118 | 4,610,504 | ||||||
British American Tobacco PLC | 33,440 | 1,838,245 | ||||||
Philip Morris International, Inc. | 66,465 | 5,867,530 | ||||||
12,316,279 | ||||||||
Tools - Hand Held — 0.2% |
| |||||||
Snap-on, Inc. | 5,430 | 907,896 | ||||||
Stanley Black & Decker, Inc. | 6,182 | 733,371 | ||||||
1,641,267 | ||||||||
Toys — 0.3% |
| |||||||
Hasbro, Inc.# | 25,326 | 2,162,587 | ||||||
Transport - Rail — 0.2% |
| |||||||
Union Pacific Corp. | 20,823 | 2,109,995 | ||||||
Transport - Services — 0.1% |
| |||||||
DSV A/S | 24,390 | 1,097,495 | ||||||
Transport - Truck — 0.3% |
| |||||||
JB Hunt Transport Services, Inc. | 22,540 | 2,149,640 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Veterinary Diagnostics — 0.2% |
| |||||||
VCA, Inc.† | 21,586 | $ | 1,351,284 | |||||
Vitamins & Nutrition Products — 0.4% |
| |||||||
Mead Johnson Nutrition Co.# | 43,327 | 3,123,443 | ||||||
Natural Health Trends Corp.# | 6,482 | 163,930 | ||||||
Omega Protein Corp.† | 10,604 | 253,966 | ||||||
3,541,339 | ||||||||
Web Hosting/Design — 0.0% |
| |||||||
GoDaddy, Inc., Class A†# | 10,519 | 371,741 | ||||||
Web Portals/ISP — 5.3% |
| |||||||
Alphabet, Inc., Class A† | 45,769 | 35,511,252 | ||||||
Alphabet, Inc., Class C† | 10,930 | 8,285,377 | ||||||
Baidu, Inc. ADR† | 9,930 | 1,657,813 | ||||||
45,454,442 | ||||||||
X-Ray Equipment — 0.2% |
| |||||||
Hologic, Inc.†# | 44,636 | 1,708,666 | ||||||
Total Common Stocks |
| |||||||
(cost $777,941,213) | 843,275,688 | |||||||
EXCHANGE-TRADED FUNDS — 0.6% |
| |||||||
Financial Select Sector SPDR Fund | 63,219 | 1,423,060 | ||||||
iShares Russell 1000 Growth ETF | 22,710 | 2,361,159 | ||||||
iShares Russell 2000 Index Fund | 7,056 | 928,640 | ||||||
Total Exchange-Traded Funds |
| |||||||
(cost $4,518,311) | 4,712,859 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $782,459,524) | 847,988,547 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.0% |
| |||||||
Registered Investment Companies — 2.2% |
| |||||||
State Street Navigator Securities Lending | 18,754,602 | 18,754,602 | ||||||
Time Deposits — 0.8% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2016 | $ | 6,852,000 | 6,852,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $25,606,602) | 25,606,602 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $808,066,126)(4) | 101.9 | % | 873,595,149 | |||||
Liabilities in excess of other assets | (1.9 | ) | (16,005,549 | ) | ||||
NET ASSETS | 100.0 | % | $ | 857,589,600 | ||||
† | 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, 2016, the aggregate value of these securities was $4,086,922 representing 0.5% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $120,811,274. This was secured by collateral of $18,754,602, which was received in cash and subsequently invested in short-term investments currently valued at $18,754,602 as reported in the Portfolio of Investments. Additional collateral of $105,509,669 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. |
112 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (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, 2016 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 11/01/2027 to 06/15/2044 | $ | 10,104,926 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 11/01/2027 to 02/25/2044 | 18,292,102 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 01/20/2043 to 11/20/2046 | 30,588,722 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | 5,582,190 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 01/15/2017 to 08/15/2046 | 40,941,729 |
(2) | The rate shown is the 7-day yield as of November 30, 2016. |
(3) | Illiquid security. At November 30, 2016, the aggregate value of these securities was $1,399,360 representing 0.2% of net assets. |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
Futures Contracts | ||||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
14 | Long | S&P 500 E-Mini Index | December 2016 | $ | 1,535,122 | $ | 1,539,160 | $ | 4,038 | |||||||||||||||
8 | Long | NASDAQ 100 E-Mini Index | December 2016 | 779,577 | 770,560 | (9,017 | ) | |||||||||||||||||
$ | (4,979 | ) | ||||||||||||||||||||||
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
UBS AG | EUR | 1,889,649 | USD | 2,113,337 | 12/30/2016 | $ | 107,426 | $ | – | |||||||||||||||||||
USD | 186,831 | EUR | 167,698 | 12/30/2016 | – | (8,815 | ) | |||||||||||||||||||||
Net Unrealized Appreciation(Depreciation) | $ | 107,426 | $ | (8,815 | ) | |||||||||||||||||||||||
EUR—Euro Dollar
USD—United States Dollar
The following is a summary of the inputs used to value the Portfolio’s net assets as of November 30, 2016 (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 | $ | 843,275,688 | $ | — | $ | — | $ | 843,275,688 | ||||||||
Exchange-Traded Funds | 4,712,859 | — | — | 4,712,859 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 18,754,602 | — | — | 18,754,602 | ||||||||||||
Time Deposit | — | 6,852,000 | — | 6,852,000 | ||||||||||||
Total Investments at Value | $ | 866,743,149 | $ | 6,852,000 | $ | — | $ | 873,595,149 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 4,038 | $ | — | $ | — | $ | 4,038 | ||||||||
Forward Foreign Currency Contracts | — | 107,426 | — | 107,426 | ||||||||||||
Total Other Financial Instruments | $ | 4,038 | $ | 107,426 | $ | — | $ | 111,464 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 9,017 | $ | — | $ | — | $ | 9,017 | ||||||||
Forward Foreign Currency Contracts | — | 8,815 | — | 8,815 | ||||||||||||
Total Other Financial Instruments | $ | 9,017 | $ | 8,815 | $ | — | $ | 17,832 | ||||||||
* | 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 Portfolio’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
113 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Medical — Drugs | 5.5 | % | ||
Diversified Banking Institutions | 4.3 | |||
Computers | 3.6 | |||
Medical — Biomedical/Gene | 3.3 | |||
Oil Companies — Exploration & Production | 3.2 | |||
Electric — Integrated | 3.0 | |||
Applications Software | 3.0 | |||
Web Portals/ISP | 2.9 | |||
Banks — Super Regional | 2.9 | |||
Oil Companies — Integrated | 2.7 | |||
Medical — HMO | 2.6 | |||
Diversified Manufacturing Operations | 2.5 | |||
Real Estate Investment Trusts | 2.3 | |||
Cable/Satellite TV | 2.2 | |||
Multimedia | 2.1 | |||
Insurance — Multi-line | 2.0 | |||
Beverages — Non-alcoholic | 2.0 | |||
Retail — Building Products | 2.0 | |||
Computer Services | 2.0 | |||
Electronic Components — Semiconductors | 1.9 | |||
Internet Content — Entertainment | 1.8 | |||
E-Commerce/Products | 1.7 | |||
Chemicals — Diversified | 1.6 | |||
Insurance — Reinsurance | 1.6 | |||
Telephone — Integrated | 1.6 | |||
Transport — Rail | 1.5 | |||
Finance — Credit Card | 1.4 | |||
Tobacco | 1.3 | |||
Diagnostic Equipment | 1.1 | |||
Instruments — Controls | 1.1 | |||
Time Deposits | 1.0 | |||
Retail — Discount | 1.0 | |||
Electronic Forms | 1.0 | |||
Cosmetics & Toiletries | 1.0 | |||
Banks — Fiduciary | 0.9 | |||
Oil — Field Services | 0.9 | |||
Retail — Restaurants | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Food — Misc./Diversified | 0.9 | |||
Aerospace/Defense | 0.9 | |||
Finance — Investment Banker/Broker | 0.9 | |||
Retail — Major Department Stores | 0.9 | |||
Tools — Hand Held | 0.8 | |||
Airlines | 0.8 | |||
Consumer Products — Misc. | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Retail — Drug Store | 0.6 | |||
Brewery | 0.6 | |||
Electronic Connectors | 0.6 | |||
Beverages — Wine/Spirits | 0.6 | |||
Medical Instruments | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Agricultural Chemicals | 0.5 | |||
Data Processing/Management | 0.5 | |||
Retail — Auto Parts | 0.5 | |||
Investment Management/Advisor Services | 0.5 | |||
Auto — Heavy Duty Trucks | 0.5 | |||
Oil Refining & Marketing | 0.5 | |||
Banks — Commercial | 0.5 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Networking Products | 0.4 | |||
Finance — Other Services | 0.4 | |||
Food — Retail | 0.4 | |||
Building — Residential/Commercial | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Insurance Brokers | 0.3 | |||
Cruise Lines | 0.3 | |||
Containers — Metal/Glass | 0.3 |
Enterprise Software/Service | 0.3 | |||
Building Products — Wood | 0.3 | |||
Medical Products | 0.3 | |||
Containers — Paper/Plastic | 0.2 | |||
Insurance — Property/Casualty | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Engines — Internal Combustion | 0.2 | |||
Pipelines | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Electronics — Military | 0.2 | |||
Retail — Consumer Electronics | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Engineering/R&D Services | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Cellular Telecom | 0.2 | |||
Medical Labs & Testing Services | 0.1 | |||
Registered Investment Companies | 0.1 | |||
Building Products — Cement | 0.1 | |||
Radio | 0.1 | |||
Transport — Services | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Machinery — Farming | 0.1 | |||
Athletic Footwear | 0.1 | |||
Gold Mining | 0.1 | |||
Agricultural Operations | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Home Decoration Products | 0.1 | |||
Television | 0.1 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
114 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.0% |
| |||||||
Aerospace/Defense — 0.9% |
| |||||||
General Dynamics Corp. | 3,602 | $ | 631,611 | |||||
Northrop Grumman Corp. | 1,497 | 373,726 | ||||||
1,005,337 | ||||||||
Aerospace/Defense - Equipment — 0.4% |
| |||||||
United Technologies Corp. | 4,505 | 485,279 | ||||||
Agricultural Chemicals — 0.5% |
| |||||||
Monsanto Co. | 1,301 | 133,626 | ||||||
Mosaic Co. | 14,986 | 425,602 | ||||||
559,228 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 2,016 | 87,152 | ||||||
Airlines — 0.8% |
| |||||||
Delta Air Lines, Inc. | 6,916 | 333,213 | ||||||
United Continental Holdings, Inc.† | 7,664 | 528,433 | ||||||
861,646 | ||||||||
Apparel Manufacturers — 0.1% |
| |||||||
Ralph Lauren Corp. | 610 | 63,812 | ||||||
Applications Software — 3.0% |
| |||||||
Microsoft Corp. | 54,924 | 3,309,720 | ||||||
Athletic Footwear — 0.1% |
| |||||||
NIKE, Inc., Class B | 1,916 | 95,934 | ||||||
Audio/Video Products — 0.0% |
| |||||||
Harman International Industries, Inc. | 329 | 35,983 | ||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Ford Motor Co. | 5,234 | 62,599 | ||||||
General Motors Co. | 14,513 | 501,134 | ||||||
563,733 | ||||||||
Auto - Heavy Duty Trucks — 0.5% |
| |||||||
PACCAR, Inc. | 8,524 | 529,767 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Delphi Automotive PLC | 4,159 | 266,176 | ||||||
Lear Corp. | 868 | 112,415 | ||||||
378,591 | ||||||||
Banks - Commercial — 0.5% |
| |||||||
BB&T Corp. | 3,257 | 147,379 | ||||||
Regions Financial Corp. | 10,672 | 144,499 | ||||||
SVB Financial Group† | 863 | 136,380 | ||||||
Zions Bancorporation | 2,130 | 84,753 | ||||||
513,011 | ||||||||
Banks - Fiduciary — 0.9% |
| |||||||
Bank of New York Mellon Corp. | 11,184 | 530,345 | ||||||
Citizens Financial Group, Inc. | 2,166 | 72,583 | ||||||
State Street Corp. | 5,520 | 434,976 | ||||||
1,037,904 | ||||||||
Banks - Super Regional — 2.9% |
| |||||||
Capital One Financial Corp. | 7,151 | 600,970 | ||||||
Huntington Bancshares, Inc. | 4,527 | 56,407 | ||||||
KeyCorp | 25,215 | 436,472 | ||||||
SunTrust Banks, Inc. | 1,036 | 53,820 | ||||||
Wells Fargo & Co. | 38,321 | 2,027,947 | ||||||
3,175,616 | ||||||||
Beverages - Non-alcoholic — 2.0% |
| |||||||
Coca-Cola Co. | 14,888 | 600,731 | ||||||
Dr Pepper Snapple Group, Inc. | 1,058 | 91,771 |
Security Description | Shares | Value (Note 2) | ||||||
Beverages - Non-alcoholic (continued) |
| |||||||
PepsiCo, Inc. | 15,255 | $ | 1,527,025 | |||||
2,219,527 | ||||||||
Beverages - Wine/Spirits — 0.6% |
| |||||||
Constellation Brands, Inc., Class A | 4,075 | 615,895 | ||||||
Brewery — 0.6% |
| |||||||
Molson Coors Brewing Co., Class B | 7,161 | 701,993 | ||||||
Building Products - Air & Heating — 0.1% |
| |||||||
Johnson Controls International PLC | 2,532 | 113,889 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 687 | 150,762 | ||||||
Building Products - Wood — 0.3% |
| |||||||
Masco Corp. | 9,462 | 299,472 | ||||||
Building - Residential/Commercial — 0.3% |
| |||||||
D.R. Horton, Inc. | 5,818 | 161,275 | ||||||
PulteGroup, Inc. | 8,691 | 163,912 | ||||||
Toll Brothers, Inc.† | 1,857 | 55,079 | ||||||
380,266 | ||||||||
Cable/Satellite TV — 2.2% |
| |||||||
Charter Communications, Inc., Class A† | 3,312 | 911,827 | ||||||
Comcast Corp., Class A | 18,738 | 1,302,478 | ||||||
DISH Network Corp., Class A† | 4,750 | 272,888 | ||||||
2,487,193 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
T-Mobile US, Inc.† | 3,193 | 173,093 | ||||||
Chemicals - Diversified — 1.6% |
| |||||||
Dow Chemical Co. | 6,562 | 365,635 | ||||||
E.I. du Pont de Nemours & Co. | 11,486 | 845,484 | ||||||
Eastman Chemical Co. | 8,059 | 605,392 | ||||||
1,816,511 | ||||||||
Commercial Services - Finance — 0.4% |
| |||||||
PayPal Holdings, Inc.† | 3,975 | 156,138 | ||||||
Vantiv, Inc., Class A† | 1,498 | 84,532 | ||||||
WEX, Inc.† | 2,047 | 226,214 | ||||||
466,884 | ||||||||
Computer Services — 2.0% |
| |||||||
Accenture PLC, Class A | 12,609 | 1,505,893 | ||||||
Cognizant Technology Solutions Corp., Class A† | 2,769 | 152,516 | ||||||
Hewlett Packard Enterprise Co. | 10,107 | 240,547 | ||||||
International Business Machines Corp. | 1,764 | 286,156 | ||||||
2,185,112 | ||||||||
Computers — 3.6% |
| |||||||
Apple, Inc. | 31,672 | 3,500,390 | ||||||
HP, Inc. | 30,013 | 462,200 | ||||||
3,962,590 | ||||||||
Consumer Products - Misc. — 0.7% |
| |||||||
Kimberly-Clark Corp. | 7,182 | 830,311 | ||||||
Containers - Metal/Glass — 0.3% |
| |||||||
Crown Holdings, Inc.† | 6,285 | 341,841 | ||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
Sealed Air Corp. | 1,156 | 52,714 | ||||||
WestRock Co. | 4,363 | 223,385 | ||||||
276,099 | ||||||||
Cosmetics & Toiletries — 1.0% |
| |||||||
Procter & Gamble Co. | 13,228 | 1,090,781 | ||||||
115 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Cruise Lines — 0.3% |
| |||||||
Royal Caribbean Cruises, Ltd. | 4,297 | $ | 347,928 | |||||
Data Processing/Management — 0.5% | ||||||||
Fidelity National Information Services, Inc. | 7,128 | 550,210 | ||||||
Diagnostic Equipment — 1.1% | ||||||||
Abbott Laboratories | 19,314 | 735,284 | ||||||
Danaher Corp. | 2,374 | 185,576 | ||||||
Thermo Fisher Scientific, Inc. | 2,212 | 309,923 | ||||||
1,230,783 | ||||||||
Diversified Banking Institutions — 4.3% | ||||||||
Bank of America Corp. | 88,044 | 1,859,489 | ||||||
Citigroup, Inc. | 31,057 | 1,751,304 | ||||||
Goldman Sachs Group, Inc. | 379 | 83,111 | ||||||
Morgan Stanley | 26,235 | 1,085,080 | ||||||
4,778,984 | ||||||||
Diversified Manufacturing Operations — 2.5% | ||||||||
Eaton Corp. PLC | 9,389 | 624,463 | ||||||
General Electric Co. | 56,441 | 1,736,125 | ||||||
Ingersoll-Rand PLC | 3,080 | 229,583 | ||||||
Parker-Hannifin Corp. | 803 | 111,561 | ||||||
Pentair PLC | 1,029 | 59,126 | ||||||
Textron, Inc. | 1,423 | 65,501 | ||||||
2,826,359 | ||||||||
E-Commerce/Products — 1.7% | ||||||||
Amazon.com, Inc.† | 2,505 | 1,880,178 | ||||||
E-Commerce/Services — 0.0% | ||||||||
TripAdvisor, Inc.† | 696 | 33,603 | ||||||
Electric Products - Misc. — 0.0% | ||||||||
Emerson Electric Co. | 13 | 734 | ||||||
Electric - Integrated — 3.0% | ||||||||
Ameren Corp. | 3,380 | 166,026 | ||||||
CMS Energy Corp. | 8,658 | 348,225 | ||||||
Edison International | 7,537 | 518,319 | ||||||
Exelon Corp. | 8,932 | 290,379 | ||||||
NextEra Energy, Inc. | 7,186 | 820,857 | ||||||
PG&E Corp. | 10,337 | 607,816 | ||||||
Pinnacle West Capital Corp. | 2,242 | 165,751 | ||||||
WEC Energy Group, Inc. | 903 | 50,577 | ||||||
Xcel Energy, Inc. | 9,729 | 379,528 | ||||||
3,347,478 | ||||||||
Electronic Components - Semiconductors — 1.9% | ||||||||
Broadcom, Ltd. | 7,316 | 1,247,305 | ||||||
NVIDIA Corp. | 518 | 47,759 | ||||||
Texas Instruments, Inc. | 11,573 | 855,592 | ||||||
2,150,656 | ||||||||
Electronic Connectors — 0.6% | ||||||||
TE Connectivity, Ltd. | 10,016 | 677,482 | ||||||
Electronic Forms — 1.0% | ||||||||
Adobe Systems, Inc.† | 10,687 | 1,098,730 | ||||||
Electronic Measurement Instruments — 0.2% | ||||||||
Agilent Technologies, Inc. | 4,259 | 187,311 | ||||||
Fortive Corp. | 874 | 48,061 | ||||||
235,372 | ||||||||
Electronic Security Devices — 0.2% | ||||||||
Allegion PLC | 3,950 | 264,295 | ||||||
Electronics - Military — 0.2% | ||||||||
L-3 Communications Holdings, Inc. | 1,366 | 215,514 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Engineering/R&D Services — 0.2% | ||||||||
Fluor Corp. | 3,863 | $ | 206,709 | |||||
Engines - Internal Combustion — 0.2% | ||||||||
Cummins, Inc. | 1,832 | 259,741 | ||||||
Enterprise Software/Service — 0.3% | ||||||||
Oracle Corp. | 3,964 | 159,313 | ||||||
Workday, Inc., Class A† | 1,940 | 163,581 | ||||||
322,894 | ||||||||
Finance - Credit Card — 1.4% | ||||||||
Discover Financial Services | 7,233 | 490,181 | ||||||
MasterCard, Inc., Class A | 1,057 | 108,025 | ||||||
Visa, Inc., Class A | 13,044 | 1,008,562 | ||||||
1,606,768 | ||||||||
Finance - Investment Banker/Broker — 0.9% | ||||||||
Charles Schwab Corp. | 23,357 | 902,982 | ||||||
TD Ameritrade Holding Corp. | 1,250 | 51,262 | ||||||
954,244 | ||||||||
Finance - Other Services — 0.4% | ||||||||
Intercontinental Exchange, Inc. | 8,171 | 452,673 | ||||||
Food - Confectionery — 0.0% | ||||||||
J.M. Smucker Co. | 345 | 43,453 | ||||||
Food - Misc./Diversified — 0.9% | ||||||||
Kraft Heinz Co. | 2,138 | 174,568 | ||||||
Mondelez International, Inc., Class A | 20,514 | 845,997 | ||||||
1,020,565 | ||||||||
Food - Retail — 0.4% | ||||||||
Kroger Co. | 13,776 | 444,965 | ||||||
Gold Mining — 0.1% | ||||||||
Newmont Mining Corp. | 2,844 | 92,259 | ||||||
Home Decoration Products — 0.1% | ||||||||
Newell Brands, Inc. | 1,297 | 60,972 | ||||||
Instruments - Controls — 1.1% | ||||||||
Honeywell International, Inc. | 10,794 | 1,229,868 | ||||||
Insurance Brokers — 0.3% | ||||||||
Arthur J. Gallagher & Co. | 6,970 | 350,939 | ||||||
Insurance - Multi-line — 2.0% | ||||||||
Chubb, Ltd. | 7,857 | 1,005,696 | ||||||
Hartford Financial Services Group, Inc. | 2,352 | 110,826 | ||||||
MetLife, Inc. | 20,332 | 1,118,464 | ||||||
Voya Financial, Inc. | 138 | 5,364 | ||||||
2,240,350 | ||||||||
Insurance - Property/Casualty — 0.2% | ||||||||
XL Group, Ltd. | 7,386 | 266,856 | ||||||
Insurance - Reinsurance — 1.6% | ||||||||
Berkshire Hathaway, Inc., Class B† | 10,155 | 1,598,803 | ||||||
Everest Re Group, Ltd. | 902 | 189,916 | ||||||
1,788,719 | ||||||||
Internet Content - Entertainment — 1.8% | ||||||||
Facebook, Inc., Class A† | 16,761 | 1,984,838 | ||||||
Investment Management/Advisor Services — 0.5% | ||||||||
Ameriprise Financial, Inc. | 471 | 53,793 | ||||||
BlackRock, Inc. | 1,289 | 477,948 | ||||||
531,741 | ||||||||
Machinery - Farming — 0.1% | ||||||||
Deere & Co. | 1,009 | 101,102 | ||||||
116 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Instruments — 0.5% | ||||||||
Boston Scientific Corp.† | 29,613 | $ | 605,882 | |||||
Medical Labs & Testing Services — 0.1% | ||||||||
Laboratory Corp. of America Holdings† | 540 | 67,959 | ||||||
Quest Diagnostics, Inc. | 1,021 | 89,297 | ||||||
157,256 | ||||||||
Medical Products — 0.3% | ||||||||
Becton Dickinson and Co. | 646 | 109,239 | ||||||
Cooper Cos., Inc. | 301 | 49,511 | ||||||
Stryker Corp.# | 580 | 65,923 | ||||||
Zimmer Biomet Holdings, Inc. | 513 | 52,254 | ||||||
276,927 | ||||||||
Medical - Biomedical/Gene — 3.3% | ||||||||
Alexion Pharmaceuticals, Inc.† | 3,078 | 377,332 | ||||||
Amgen, Inc. | 634 | 91,340 | ||||||
Biogen, Inc.† | 2,590 | 761,641 | ||||||
BioMarin Pharmaceutical, Inc.† | 569 | 48,723 | ||||||
Celgene Corp.† | 7,715 | 914,305 | ||||||
Gilead Sciences, Inc. | 12,561 | 925,746 | ||||||
Illumina, Inc.† | 1,783 | 237,389 | ||||||
Vertex Pharmaceuticals, Inc.† | 3,785 | 308,894 | ||||||
3,665,370 | ||||||||
Medical - Drugs — 5.5% | ||||||||
Allergan PLC† | 3,656 | 710,361 | ||||||
Bristol-Myers Squibb Co. | 20,536 | 1,159,052 | ||||||
Eli Lilly & Co. | 12,032 | 807,588 | ||||||
Johnson & Johnson | 8,567 | 953,507 | ||||||
Merck & Co., Inc. | 10,533 | 644,514 | ||||||
Pfizer, Inc. | 57,009 | 1,832,269 | ||||||
6,107,291 | ||||||||
Medical - Generic Drugs — 0.1% | ||||||||
Mylan NV† | 2,055 | 75,234 | ||||||
Medical - HMO — 2.6% | ||||||||
Aetna, Inc. | 5,457 | 713,994 | ||||||
Cigna Corp. | 1,475 | 198,741 | ||||||
Humana, Inc. | 2,203 | 468,446 | ||||||
UnitedHealth Group, Inc. | 9,694 | 1,534,754 | ||||||
2,915,935 | ||||||||
Medical - Hospitals — 0.0% | ||||||||
HCA Holdings, Inc.† | 753 | 53,380 | ||||||
Medical - Wholesale Drug Distribution — 0.2% | ||||||||
McKesson Corp. | 1,249 | 179,619 | ||||||
Multimedia — 2.1% | ||||||||
Time Warner, Inc. | 8,420 | 773,124 | ||||||
Twenty-First Century Fox, Inc., Class A | 41,218 | 1,158,638 | ||||||
Walt Disney Co. | 4,226 | 418,881 | ||||||
2,350,643 | ||||||||
Networking Products — 0.4% | ||||||||
Cisco Systems, Inc. | 15,605 | 465,341 | ||||||
Oil Companies - Exploration & Production — 3.2% | ||||||||
Anadarko Petroleum Corp. | 1,610 | 111,332 | ||||||
Apache Corp. | 1,232 | 81,250 | ||||||
Cabot Oil & Gas Corp. | 8,009 | 177,159 | ||||||
Concho Resources, Inc.† | 1,835 | 262,442 | ||||||
ConocoPhillips | 4,071 | 197,525 | ||||||
Diamondback Energy, Inc.† | 4,370 | 471,304 | ||||||
EOG Resources, Inc. | 7,275 | 745,833 | ||||||
EQT Corp. | 4,684 | 328,255 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) | ||||||||
Occidental Petroleum Corp. | 4,465 | $ | 318,622 | |||||
Pioneer Natural Resources Co. | 4,391 | 838,857 | ||||||
3,532,579 | ||||||||
Oil Companies - Integrated — 2.7% | ||||||||
Chevron Corp. | 7,688 | 857,673 | ||||||
Exxon Mobil Corp. | 24,024 | 2,097,295 | ||||||
2,954,968 | ||||||||
Oil Refining & Marketing — 0.5% | ||||||||
Marathon Petroleum Corp. | 4,270 | 200,775 | ||||||
Valero Energy Corp. | 5,303 | 326,453 | ||||||
527,228 | ||||||||
Oil - Field Services — 0.9% | ||||||||
Halliburton Co. | 4,559 | 242,038 | ||||||
Schlumberger, Ltd. | 9,424 | 792,087 | ||||||
1,034,125 | ||||||||
Pipelines — 0.2% | ||||||||
Cheniere Energy, Inc.† | 2,747 | 112,242 | ||||||
Kinder Morgan, Inc. | 6,600 | 146,520 | ||||||
258,762 | ||||||||
Radio — 0.1% | ||||||||
Sirius XM Holdings, Inc.# | 26,108 | 119,314 | ||||||
Real Estate Investment Trusts — 2.3% | ||||||||
American Tower Corp. | 492 | 50,317 | ||||||
Apartment Investment & Management Co., Class A | 2,383 | 100,324 | ||||||
AvalonBay Communities, Inc. | 2,402 | 395,105 | ||||||
Brixmor Property Group, Inc. | 2,599 | 63,286 | ||||||
Equinix, Inc. | 768 | 260,168 | ||||||
HCP, Inc. | 5,802 | 171,333 | ||||||
Kimco Realty Corp. | 8,793 | 224,573 | ||||||
Liberty Property Trust | 2,945 | 116,033 | ||||||
Macerich Co. | 327 | 22,200 | ||||||
Prologis, Inc. | 4,662 | 237,296 | ||||||
Public Storage | 495 | 103,603 | ||||||
Regency Centers Corp. | 1,263 | 84,419 | ||||||
Simon Property Group, Inc. | 2,016 | 362,174 | ||||||
SL Green Realty Corp. | 1,491 | 157,092 | ||||||
Spirit Realty Capital, Inc. | 4,608 | 49,720 | ||||||
STORE Capital Corp. | 4,773 | 117,989 | ||||||
2,515,632 | ||||||||
Retail - Apparel/Shoe — 0.2% | ||||||||
PVH Corp. | 451 | 47,779 | ||||||
Ross Stores, Inc. | 2,360 | 159,512 | ||||||
207,291 | ||||||||
Retail - Auto Parts — 0.5% | ||||||||
AutoZone, Inc.† | 43 | 33,677 | ||||||
O’Reilly Automotive, Inc.† | 1,829 | 502,060 | ||||||
535,737 | ||||||||
Retail - Building Products — 2.0% | ||||||||
Home Depot, Inc. | 9,817 | 1,270,320 | ||||||
Lowe’s Cos., Inc. | 13,117 | 925,404 | ||||||
2,195,724 | ||||||||
Retail - Consumer Electronics — 0.2% | ||||||||
Best Buy Co., Inc. | 4,549 | 207,889 | ||||||
Retail - Discount — 1.0% | ||||||||
Costco Wholesale Corp. | 4,251 | 638,118 | ||||||
Dollar General Corp. | 4,678 | 361,703 |
117 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Discount (continued) | ||||||||
Wal-Mart Stores, Inc. | 1,447 | $ | 101,912 | |||||
1,101,733 | ||||||||
Retail - Drug Store — 0.6% | ||||||||
Walgreens Boots Alliance, Inc. | 8,499 | 720,120 | ||||||
Retail - Jewelry — 0.1% | ||||||||
Signet Jewelers, Ltd.# | 287 | 26,200 | ||||||
Tiffany & Co.# | 665 | 54,849 | ||||||
81,049 | ||||||||
Retail - Major Department Stores — 0.9% | ||||||||
TJX Cos., Inc. | 12,085 | 946,739 | ||||||
Retail - Restaurants — 0.9% | ||||||||
Starbucks Corp. | 13,397 | 776,624 | ||||||
Yum China Holdings, Inc.† | 515 | 14,482 | ||||||
Yum! Brands, Inc. | 3,682 | 233,402 | ||||||
1,024,508 | ||||||||
Semiconductor Components - Integrated Circuits — 0.9% | ||||||||
Analog Devices, Inc. | 10,919 | 810,626 | ||||||
NXP Semiconductors NV† | 2,146 | 212,776 | ||||||
1,023,402 | ||||||||
Semiconductor Equipment — 0.7% | ||||||||
Applied Materials, Inc. | 3,296 | 106,131 | ||||||
KLA-Tencor Corp. | 897 | 71,617 | ||||||
Lam Research Corp. | 5,308 | 562,754 | ||||||
740,502 | ||||||||
Steel - Producers — 0.0% | ||||||||
United States Steel Corp.# | 1,057 | 34,183 | ||||||
Telephone - Integrated — 1.6% | ||||||||
AT&T, Inc. | 29,763 | 1,149,745 | ||||||
CenturyLink, Inc. | 3,031 | 71,289 | ||||||
Verizon Communications, Inc. | 11,218 | 559,778 | ||||||
1,780,812 | ||||||||
Television — 0.1% | ||||||||
CBS Corp., Class B | 987 | 59,931 | ||||||
Tobacco — 1.3% | ||||||||
Altria Group, Inc. | 4,968 | 317,604 | ||||||
Philip Morris International, Inc. | 6,180 | 545,571 | ||||||
Reynolds American, Inc. | 9,790 | 529,639 | ||||||
1,392,814 | ||||||||
Tools - Hand Held — 0.8% | ||||||||
Snap-on, Inc. | 2,089 | 349,281 | ||||||
Stanley Black & Decker, Inc. | 4,990 | 591,963 | ||||||
941,244 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Rail — 1.5% | ||||||||
Canadian Pacific Railway, Ltd. | 2,996 | $ | 459,137 | |||||
Union Pacific Corp. | 12,240 | 1,240,279 | ||||||
1,699,416 | ||||||||
Transport - Services — 0.1% | ||||||||
United Parcel Service, Inc., Class B | 989 | 114,645 | ||||||
Web Portals/ISP — 2.9% | ||||||||
Alphabet, Inc., Class A† | 2,114 | 1,640,211 | ||||||
Alphabet, Inc., Class C† | 2,131 | 1,615,383 | ||||||
3,255,594 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $92,951,859) | 110,271,713 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.1% | ||||||||
Registered Investment Companies — 0.1% | ||||||||
State Street Navigator Securities Lending Prime Portfolio 0.26%(1)(2) | 150,919 | 150,919 | ||||||
Time Deposits — 1.0% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2016 | $ | 1,113,000 | 1,113,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $1,263,919) | 1,263,919 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $94,215,778)(3) | 100.1 | % | 111,535,632 | |||||
Liabilities in excess of other assets | (0.1 | ) | (86,099 | ) | ||||
NET ASSETS | 100.0 | % | $ | 111,449,533 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | The rate shown is the 7-day yield as of November 30, 2016. |
(2) | At November 30, 2016, the Fund had loaned securities with a total value of $269,164. This was secured by collateral of $150,919, which was received in cash and subsequently invested in short-term investments currently valued at $150,919 as reported in the Portfolio of Investments. Additional collateral of $125,837 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, 2016 | |||||
United States Treasury Bills | 0.00% | 12/15/2016 to 05/11/2017 | $ | 43,965 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/15/2017 to 11/15/2045 | 81,872 |
(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, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
11 | Long | S&P 500 E-Mini Index | December 2016 | $ | 1,188,885 | $ | 1,209,340 | $ | 20,455 | |||||||||||||
118 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 110,271,713 | $ | — | $ | — | $ | 110,271,713 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 150,919 | — | — | 150,919 | ||||||||||||
Time Deposits | — | 1,113,000 | — | 1,113,000 | ||||||||||||
Total Investments at Value | $ | 110,422,632 | $ | 1,113,000 | $ | — | $ | 111,535,632 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 20,455 | $ | — | $ | — | $ | 20,455 | ||||||||
* | 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
119 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 23.7 | % | ||
Medical — Drugs | 22.5 | |||
Medical — HMO | 18.2 | |||
Registered Investment Companies | 10.3 | |||
Medical Products | 9.0 | |||
Medical — Hospitals | 3.9 | |||
Medical Instruments | 3.9 | |||
Diagnostic Equipment | 3.5 | |||
Therapeutics | 2.4 | |||
Retail — Drug Store | 2.2 | |||
Electronic Measurement Instruments | 2.0 | |||
Medical — Generic Drugs | 1.4 | |||
Medical — Wholesale Drug Distribution | 1.3 | |||
Dialysis Centers | 1.3 | |||
X-Ray Equipment | 1.0 | |||
Drug Delivery Systems | 0.6 | |||
Dental Supplies & Equipment | 0.6 | |||
Medical Information Systems | 0.5 | |||
Instruments — Controls | 0.5 | |||
Medical Imaging Systems | 0.3 | |||
Commercial Services | 0.2 | |||
Pharmacy Services | 0.2 | |||
Consulting Services | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
109.7 | % | |||
* | Calculated as a percentage of net assets |
120 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.8% |
| |||||||
Commercial Services — 0.2% |
| |||||||
Healthcare Services Group, Inc. | 18,020 | $ | 701,879 | |||||
HMS Holdings Corp.† | 41,500 | 760,280 | ||||||
1,462,159 | ||||||||
Consulting Services — 0.1% |
| |||||||
Advisory Board Co.† | 20,794 | 736,108 | ||||||
Dental Supplies & Equipment — 0.6% |
| |||||||
Align Technology, Inc.† | 20,800 | 1,935,440 | ||||||
DENTSPLY SIRONA, Inc. | 37,556 | 2,185,008 | ||||||
4,120,448 | ||||||||
Diagnostic Equipment — 3.5% |
| |||||||
Abbott Laboratories | 30,400 | 1,157,328 | ||||||
Danaher Corp. | 52,300 | 4,088,291 | ||||||
GenMark Diagnostics, Inc.†# | 127,600 | 1,482,712 | ||||||
Oxford Immunotec Global PLC† | 21,000 | 310,170 | ||||||
Thermo Fisher Scientific, Inc. | 126,400 | 17,709,904 | ||||||
24,748,405 | ||||||||
Dialysis Centers — 1.3% |
| |||||||
DaVita, Inc.† | 128,900 | 8,165,815 | ||||||
Fresenius Medical Care AG & Co. KGaA | 9,248 | 721,390 | ||||||
8,887,205 | ||||||||
Drug Delivery Systems — 0.6% |
| |||||||
Catalent, Inc.† | 43,047 | 1,030,115 | ||||||
DexCom, Inc.†# | 47,800 | 3,120,862 | ||||||
Nektar Therapeutics†# | 22,200 | 272,727 | ||||||
4,423,704 | ||||||||
Electronic Measurement Instruments — 2.0% |
| |||||||
Agilent Technologies, Inc. | 290,300 | 12,767,394 | ||||||
Fortive Corp. | 26,550 | 1,459,984 | ||||||
14,227,378 | ||||||||
Human Resources — 0.0% |
| |||||||
Team Health Holdings, Inc.† | 5,746 | 244,492 | ||||||
Instruments - Controls — 0.5% |
| |||||||
Mettler-Toledo International, Inc.† | 7,700 | 3,172,554 | ||||||
Medical Imaging Systems — 0.3% |
| |||||||
Lantheus Holdings, Inc.† | 201,387 | 1,832,622 | ||||||
Medical Information Systems — 0.4% |
| |||||||
athenahealth, Inc.†# | 30,896 | 2,922,761 | ||||||
Medical Instruments — 3.9% |
| |||||||
Bruker Corp. | 104,237 | 2,364,095 | ||||||
Endologix, Inc.†# | 88,800 | 652,680 | ||||||
Intuitive Surgical, Inc.† | 27,960 | 17,998,971 | ||||||
iRhythm Technologies, Inc.† | 6,100 | 186,050 | ||||||
Medtronic PLC | 90,021 | 6,572,433 | ||||||
27,774,229 | ||||||||
Medical Products — 9.0% |
| |||||||
Advanced Accelerator Applications SA ADR†# | 68,240 | 1,996,020 | ||||||
Becton Dickinson and Co. | 160,774 | 27,186,883 | ||||||
Cooper Cos., Inc. | 30,722 | 5,053,462 | ||||||
Henry Schein, Inc.† | 27,097 | 4,036,369 | ||||||
K2M Group Holdings, Inc.†# | 27,079 | 509,085 | ||||||
Medgenics, Inc. | 39,300 | 202,002 | ||||||
Nevro Corp.† | 4,000 | 304,120 | ||||||
Stryker Corp.# | 105,600 | 12,002,496 | ||||||
Teleflex, Inc. | 15,300 | 2,263,329 | ||||||
West Pharmaceutical Services, Inc. | 63,800 | 5,177,370 | ||||||
Wright Medical Group NV†# | 208,214 | 4,797,251 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Products (continued) |
| |||||||
Wright Medical Group NV CVR†# | 7,700 | $ | 10,010 | |||||
63,538,397 | ||||||||
Medical - Biomedical/Gene — 23.7% |
| |||||||
Acceleron Pharma, Inc.†# | 64,900 | 2,186,481 | ||||||
Acerta Pharma B.V., Class A(2)(4)(5) | 854,366 | 806,436 | ||||||
Acerta Pharma B.V., Class B(2)(4)(5) | 9,771,120 | 581,382 | ||||||
Acorda Therapeutics, Inc.† | 29,100 | 605,280 | ||||||
Alder Biopharmaceuticals, Inc.†# | 24,900 | 586,395 | ||||||
Alexion Pharmaceuticals, Inc.† | 157,632 | 19,324,107 | ||||||
Alnylam Pharmaceuticals, Inc.†# | 58,700 | 2,575,169 | ||||||
Amgen, Inc. | 43,600 | 6,281,452 | ||||||
Ardelyx, Inc.†# | 62,972 | 931,985 | ||||||
ARIAD Pharmaceuticals, Inc.† | 102,087 | 1,376,133 | ||||||
Audentes Therapeutics, Inc.(1)(4)(5) | 16,973 | 264,923 | ||||||
Audentes Therapeutics, Inc.† | 13,300 | 218,519 | ||||||
Bellicum Pharmaceuticals, Inc.†# | 39,025 | 699,718 | ||||||
Biogen, Inc.† | 54,009 | 15,882,427 | ||||||
BioMarin Pharmaceutical, Inc.† | 44,500 | 3,810,535 | ||||||
Bluebird Bio, Inc.†# | 73,042 | 4,408,085 | ||||||
Blueprint Medicines Corp.†# | 12,200 | 358,314 | ||||||
Celgene Corp.† | 93,380 | 11,066,464 | ||||||
Corvus Pharmaceuticals, Inc.† | 26,899 | 415,051 | ||||||
Editas Medicine, Inc.† | 37,679 | 537,679 | ||||||
Exelixis, Inc.† | 237,785 | 4,023,322 | ||||||
FibroGen, Inc.†# | 35,400 | 784,110 | ||||||
Gilead Sciences, Inc. | 198,671 | 14,642,053 | ||||||
Incyte Corp.† | 147,600 | 15,098,004 | ||||||
Insmed, Inc.† | 266,400 | 3,636,360 | ||||||
Intercept Pharmaceuticals, Inc.†# | 4,900 | 495,488 | ||||||
Ionis Pharmaceuticals, Inc.†# | 26,700 | 1,168,392 | ||||||
Juno Therapeutics, Inc.†# | 36,600 | 733,830 | ||||||
Kite Pharma, Inc.†# | 29,277 | 1,491,078 | ||||||
Ligand Pharmaceuticals, Inc.† | 11,700 | 1,221,480 | ||||||
Lion Biotechnologies, Inc.† | 5,461 | 36,316 | ||||||
Otonomy, Inc.† | 21,900 | 372,300 | ||||||
Prothena Corp. PLC†# | 109,387 | 6,456,021 | ||||||
Puma Biotechnology, Inc.† | 31,355 | 1,349,833 | ||||||
Regeneron Pharmaceuticals, Inc.† | 40,400 | 15,321,296 | ||||||
REGENXBIO, Inc.† | 28,165 | 626,671 | ||||||
Retrophin, Inc.†# | 35,500 | 726,685 | ||||||
Sage Therapeutics, Inc.†# | 61,322 | 3,072,845 | ||||||
Seattle Genetics, Inc.† | 21,900 | 1,419,339 | ||||||
Spark Therapeutics, Inc.†# | 80,437 | 4,424,839 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 46,422 | 3,634,378 | ||||||
Vertex Pharmaceuticals, Inc.† | 171,605 | 14,004,684 | ||||||
WaVe Life Sciences, Ltd.† | 7,700 | 274,120 | ||||||
Zeneca, Inc. CVR†(2)(4)(5) | 23,110 | 14,213 | ||||||
167,944,192 | ||||||||
Medical - Drugs — 22.1% |
| |||||||
AbbVie, Inc. | 130,377 | 7,926,922 | ||||||
ACADIA Pharmaceuticals, Inc.†# | 129,327 | 3,490,536 | ||||||
Aimmune Therapeutics, Inc.†# | 39,833 | 904,209 | ||||||
Alkermes PLC† | 141,351 | 8,032,977 | ||||||
Allergan PLC† | 104,280 | 20,261,604 | ||||||
Amicus Therapeutics, Inc.†# | 171,841 | 1,027,609 | ||||||
Array BioPharma, Inc.†# | 124,547 | 1,008,208 | ||||||
Astellas Pharma, Inc. | 221,900 | 3,063,599 | ||||||
AstraZeneca PLC ADR# | 214,700 | 5,612,258 | ||||||
BeiGene, Ltd. ADR† | 34,127 | 1,081,826 | ||||||
Bristol-Myers Squibb Co. | 214,537 | 12,108,468 | ||||||
Chugai Pharmaceutical Co., Ltd. | 104,700 | 2,942,271 | ||||||
Clovis Oncology, Inc.†# | 27,100 | 928,717 |
121 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Coherus Biosciences, Inc.† | 44,258 | $ | 1,190,540 | |||||
CoLucid Pharmaceuticals, Inc.†# | 56,686 | 2,003,850 | ||||||
DBV Technologies SA ADR† | 9,050 | 330,506 | ||||||
Eli Lilly & Co. | 107,621 | 7,223,521 | ||||||
Endo International PLC† | 47,200 | 755,672 | ||||||
Inotek Pharmaceuticals Corp.†# | 49,800 | 318,720 | ||||||
Intra-Cellular Therapies, Inc.†# | 18,600 | 259,284 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 323,242 | 5,044,191 | ||||||
Mallinckrodt PLC† | 167,444 | 8,824,299 | ||||||
Merck & Co., Inc. | 192,100 | 11,754,599 | ||||||
Minerva Neurosciences, Inc.†# | 36,900 | 476,010 | ||||||
Ophthotech Corp.†# | 64,800 | 1,986,120 | ||||||
Pacira Pharmaceuticals, Inc.† | 28,771 | 916,356 | ||||||
Radius Health, Inc.†# | 62,326 | 3,316,990 | ||||||
Roche Holding AG | 12,739 | 2,840,495 | ||||||
Sanofi | 40,842 | 3,294,527 | ||||||
Shire PLC ADR | 63,408 | 11,071,037 | ||||||
TESARO, Inc.†# | 151,533 | 20,561,513 | ||||||
TherapeuticsMD, Inc.†# | 583,400 | 3,465,396 | ||||||
Zoetis, Inc. | 45,200 | 2,277,176 | ||||||
156,300,006 | ||||||||
Medical - Generic Drugs — 1.4% |
| |||||||
AveXis, Inc.†# | 35,236 | 2,083,152 | ||||||
Mylan NV† | 16,500 | 604,065 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 200,100 | 7,543,770 | ||||||
10,230,987 | ||||||||
Medical - HMO — 18.2% |
| |||||||
Aetna, Inc. | 179,653 | 23,505,799 | ||||||
Anthem, Inc. | 93,800 | 13,369,314 | ||||||
Centene Corp.† | 188,481 | 10,862,160 | ||||||
Cigna Corp. | 151,000 | 20,345,740 | ||||||
Humana, Inc. | 103,163 | 21,936,580 | ||||||
UnitedHealth Group, Inc. | 221,900 | 35,131,208 | ||||||
Universal American Corp.†# | 52,934 | 531,457 | ||||||
WellCare Health Plans, Inc.† | 25,350 | 3,473,457 | ||||||
129,155,715 | ||||||||
Medical - Hospitals — 3.9% |
| |||||||
Acadia Healthcare Co., Inc.†# | 112,280 | 4,267,763 | ||||||
Envision Healthcare Holdings, Inc.† | 144,584 | 3,284,948 | ||||||
HCA Holdings, Inc.† | 163,316 | 11,577,471 | ||||||
Universal Health Services, Inc., Class B | 71,600 | 8,808,232 | ||||||
27,938,414 | ||||||||
Medical - Outpatient/Home Medical — 0.1% |
| |||||||
Amsurg Corp.†# | 10,257 | 698,707 | ||||||
Medical - Wholesale Drug Distribution — 1.3% |
| |||||||
McKesson Corp. | 61,895 | 8,901,120 | ||||||
Pharmacy Services — 0.1% |
| |||||||
Diplomat Pharmacy, Inc.†# | 19,448 | 275,384 | ||||||
JAND, Inc. (dba Warby Parker) Class A(2)(4)(5) | 33,706 | 344,540 | ||||||
619,924 | ||||||||
Retail - Drug Store — 2.2% |
| |||||||
CVS Health Corp. | 28,298 | 2,175,833 | ||||||
Rite Aid Corp.† | 31,643 | 251,879 | ||||||
Walgreens Boots Alliance, Inc. | 158,255 | 13,408,946 | ||||||
15,836,658 | ||||||||
Therapeutics — 2.4% |
| |||||||
Agios Pharmaceuticals, Inc.†# | 29,700 | 1,728,837 | ||||||
Aquinox Pharmaceuticals, Inc.†# | 91,651 | 1,276,698 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Therapeutics (continued) |
| |||||||
Axovant Sciences, Ltd.†# | 116,968 | $ | 1,582,577 | |||||
Dyax Corp. CVR†(2)(4)(5) | 159,200 | 390,040 | ||||||
GW Pharmaceuticals PLC ADR† | 17,477 | 1,951,307 | ||||||
Merus BV† | 21,900 | 337,260 | ||||||
Neurocrine Biosciences, Inc.† | 153,235 | 7,117,766 | ||||||
Proteostasis Therapeutics, Inc.†# | 11,700 | 123,201 | ||||||
Sarepta Therapeutics, Inc.†# | 23,900 | 818,814 | ||||||
Seres Therapeutics, Inc.†# | 21,444 | 214,226 | ||||||
Xencor, Inc.† | 46,900 | 1,198,764 | ||||||
16,739,490 | ||||||||
X-Ray Equipment — 1.0% |
| |||||||
Hologic, Inc.† | 175,300 | 6,710,484 | ||||||
Total Common Stocks | ||||||||
(cost $621,674,328) | 699,166,159 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.5% |
| |||||||
Medical Information Systems — 0.1% |
| |||||||
Doximity, Inc. | 64,785 | 286,998 | ||||||
Medical Products — 0.0% |
| |||||||
Shockwave Medical, Inc. | 196,966 | 198,932 | ||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Ovid Therapeutics, Inc. | 31,882 | 122,108 | ||||||
Medical - Drugs — 0.3% |
| |||||||
Allergan PLC | 2,970 | 2,129,490 | ||||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker) | 75,264 | 769,342 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $4,097,154) | 3,506,870 | |||||||
CONVERTIBLE BONDS & NOTES — 0.1% |
| |||||||
Medical - Drugs — 0.1% |
| |||||||
Ironwood Pharmaceuticals, Inc. | $ | 865,000 | 1,013,131 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $626,636,482) | 703,686,160 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.3% |
| |||||||
Registered Investment Companies — 10.3% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 500,000 | 500,000 | ||||||
State Street Navigator Securities Lending Prime Portfolio 0.26%(3)(6) | 67,439,256 | 67,439,256 | ||||||
T. Rowe Price Government Reserve Fund | 4,986,946 | 4,986,946 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $72,926,202) | 72,926,202 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $699,562,684)(3) | 109.7 | % | 776,612,362 | |||||
Liabilities in excess of other assets | (9.7 | ) | (68,818,310 | ) | ||||
NET ASSETS | 100.0 | % | $ | 707,794,052 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
122 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
(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) | At November 30, 2016, the Fund had loaned securities with a total value of $90,742,806. This was secured by collateral of $67,439,256, which was received in cash and subsequently invested in short-term investments currently valued at $67,439,256 as reported in the Portfolio of Investments. Additional collateral of $27,548,204 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, 2016 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 05/25/2017 | $ | 11,320,815 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 01/15/2017 to 05/15/2046 | 16,227,389 |
(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, 2016, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Acerta Pharma B.V. Class A | 2/2/2016 | 854,366 | $ | 854,366 | $ | 806,436 | $ | 0.94 | 0.11 | % | ||||||||||||||
Acerta Pharma B.V. Class B | 2/2/2016 | 9,771,120 | 249,853 | 581,382 | 0.06 | 0.08 | % | |||||||||||||||||
Audentes Therapeutics, Inc | 10/8/2015 | 16,973 | 255,036 | 264,923 | 15.61 | 0.04 | % | |||||||||||||||||
Dyax Corp. CVR | 1/25/2016 | 159,200 | 176,712 | 390,040 | 2.45 | 0.06 | % | |||||||||||||||||
JAND, Inc. | 4/23/2015 | 33,706 | 387,123 | 344,540 | 10.22 | 0.05 | % | |||||||||||||||||
Zeneca, Inc. CVR | 7/19/2013 | 23,110 | 0 | 14,213 | 0.62 | 0.00 | % | |||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Doximity, Inc. | 4/10/2014 | 64,785 | 312,316 | 286,998 | 4.43 | 0.04 | % | |||||||||||||||||
JAND, Inc. | 4/23/2015 | 75,264 | 864,430 | 769,342 | 10.22 | 0.11 | % | |||||||||||||||||
Ovid Therapeutics, Inc. Series B | 8/10/2015 | 31,882 | 198,625 | 122,108 | 3.83 | 0.02 | % | |||||||||||||||||
Shockwave Medical, Inc. | 11/10/2016 | 196,966 | 198,936 | 198,932 | 1.00 | 0.03 | % | |||||||||||||||||
$ | 3,778,914 | 0.54 | % | |||||||||||||||||||||
(5) | Illiquid security. At November 30, 2016, the aggregate value of these securities was $3,778,914 representing 0.5% of net assets. |
(6) | The rate shown is the 7-day yield as of November 30,2016 |
(7) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
Exchange-Traded Written Call Options | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Premiums Received | Value at November 30, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Allergan PLC | January 2017 | $ | 270.00 | 70 | $ | 104,802 | $ | 1,750 | $ | 103,052 | ||||||||||||||
Spark Therapeutics, Inc. | December 2016 | 60.00 | 28 | 16,715 | 3,010 | 13,705 | ||||||||||||||||||
98 | $ | 121,517 | $ | 4,760 | $ | 116,757 | ||||||||||||||||||
123 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Medical - Biomedical/Gene | $ | 166,277,238 | $ | 264,923 | $ | 1,402,031 | $ | 167,944,192 | ||||||||
Pharmacy Services | 275,384 | — | 344,540 | 619,924 | ||||||||||||
Therapeutics | 16,349,450 | — | 390,040 | 16,739,490 | ||||||||||||
Other Industries | 513,862,553 | — | — | 513,862,553 | ||||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Medical - Drugs | 2,129,490 | — | — | 2,129,490 | ||||||||||||
Other Industries | — | — | 1,377,380 | 1,377,380 | ||||||||||||
Convertible Bonds & Notes | — | 1,013,131 | — | 1,013,131 | ||||||||||||
Short-Term Investment Securities | 72,926,202 | — | — | 72,926,202 | ||||||||||||
Total Investments at Value | $ | 771,820,317 | $ | 1,278,054 | $ | 3,513,991 | $ | 776,612,362 | ||||||||
Other Financial Instruments:+ | ||||||||||||||||
Written Call Options | $ | 116,757 | $ | — | $ | — | $ | 116,757 | ||||||||
* | 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
124 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
United States Treasury Notes | 34.8 | % | ||
United States Treasury Bonds | 19.4 | |||
Sovereign | 13.3 | |||
Diversified Banking Institutions | 12.3 | |||
Time Deposits | 2.1 | |||
Insurance — Multi-line | 1.8 | |||
Finance — Consumer Loans | 1.8 | |||
Banks — Super Regional | 1.7 | |||
Federal Home Loan Mtg. Corp. | 1.6 | |||
Banks — Commercial | 1.5 | |||
Diversified Financial Services | 1.5 | |||
Insurance — Life/Health | 1.3 | |||
Gold Mining | 0.9 | |||
Special Purpose Entities | 0.8 | |||
Federal National Mtg. Assoc. | 0.7 | |||
Oil Companies — Integrated | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Pipelines | 0.6 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Telephone — Integrated | 0.5 | |||
Registered Investment Companies | 0.3 | |||
Electric — Integrated | 0.3 | |||
Banks — Fiduciary | 0.2 | |||
Metal — Iron | 0.1 | |||
Diversified Minerals | 0.1 | |||
Metal — Diversified | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Government National Mtg. Assoc. | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Banks — Money Center | 0.1 | |||
100.1% | ||||
Credit Quality†#
Aaa | 69.8 | % | ||
Aa | 8.8 | |||
A | 8.2 | |||
Baa | 7.2 | |||
Ba | 2.6 | |||
Not Rated@ | 3.4 | |||
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. |
125 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 1.1% |
| |||||||
Diversified Financial Services — 1.1% |
| |||||||
Chase Issuance Trust FRS | $ | 2,000,000 | $ | 2,008,068 | ||||
Chase Issuance Trust | 2,000,000 | 1,973,774 | ||||||
Commercial Mtg. Trust | 171,855 | 176,776 | ||||||
CSAIL Commercial Mtg. Trust | 102,600 | 105,404 | ||||||
GS Mtg. Securities Corp. II | 192,375 | 196,239 | ||||||
Invitation Homes Trust FRS | 778,922 | 775,983 | ||||||
Total Asset Backed Securities | ||||||||
(cost $5,263,825) | 5,236,244 | |||||||
U.S. CORPORATE BONDS & NOTES — 15.2% |
| |||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Ford Motor Credit Co. LLC FRS | 950,000 | 951,383 | ||||||
Toyota Motor Credit Corp. FRS | 2,000,000 | 1,945,814 | ||||||
2,897,197 | ||||||||
Banks - Commercial — 0.1% |
| |||||||
BB&T Corp. FRS | 653,000 | 653,552 | ||||||
Banks - Super Regional — 0.9% |
| |||||||
Wells Fargo & Co. FRS | 2,000,000 | 2,045,584 | ||||||
Wells Fargo Bank NA FRS | 2,250,000 | 2,255,738 | ||||||
4,301,322 | ||||||||
Diagnostic Equipment — 0.1% |
| |||||||
Abbott Laboratories | 341,000 | 337,155 | ||||||
Diversified Banking Institutions — 8.3% |
| |||||||
Bank of America Corp. FRS | 2,000,000 | 1,818,750 | ||||||
Bank of America Corp. FRS | 1,600,000 | 1,629,264 | ||||||
Bank of America Corp. | 362,000 | 361,203 | ||||||
BNP Paribas US LLC FRS | 674,000 | 674,000 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,922,120 | ||||||
Citigroup, Inc. FRS | 1,103,000 | 1,113,721 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Citigroup, Inc. FRS | $ | 2,245,000 | $ | 2,255,046 | ||||
Citigroup, Inc. FRS | 2,000,000 | 1,936,640 | ||||||
Citigroup, Inc. FRS | 4,000,000 | 4,170,640 | ||||||
Goldman Sachs Group, Inc. FRS | 1,186,000 | 1,201,418 | ||||||
Goldman Sachs Group, Inc. FRS | 1,808,000 | 1,814,131 | ||||||
Goldman Sachs Group, Inc. FRS | 423,000 | 426,841 | ||||||
Goldman Sachs Group, Inc. FRS | 4,000,000 | 4,032,872 | ||||||
JPMorgan Chase & Co. FRS | 538,000 | 541,454 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 1,998,200 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,001,400 | ||||||
JPMorgan Chase & Co. FRS | 5,000,000 | 5,125,000 | ||||||
Morgan Stanley FRS | 468,000 | 453,960 | ||||||
Morgan Stanley FRS | 1,813,000 | 1,785,805 | ||||||
Morgan Stanley FRS | 2,203,000 | 2,169,955 | ||||||
Morgan Stanley FRS | 3,870,000 | 3,937,725 | ||||||
Morgan Stanley FRS | 664,000 | 659,020 | ||||||
41,029,165 | ||||||||
Diversified Financial Services — 0.4% |
| |||||||
Morgan Stanley & Co. LLC FRS | 2,000,000 | 2,020,000 | ||||||
Electronics - Military — 0.0% |
| |||||||
L-3 Communications Corp. | 161,000 | 160,893 | ||||||
Finance - Consumer Loans — 1.1% |
| |||||||
SLM Corp. FRS | 2,017,000 | 1,758,824 | ||||||
SLM Corp. FRS | 3,745,000 | 3,574,602 | ||||||
5,333,426 | ||||||||
126 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. FRS | $ | 400,000 | $ | 23,100 | ||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 34,391 | ||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 57,750 | ||||||
115,241 | ||||||||
Insurance - Life/Health — 0.5% |
| |||||||
Pacific Life Global Funding FRS | 300,000 | 295,653 | ||||||
Pacific LifeCorp | 307,000 | 332,942 | ||||||
Prudential Financial, Inc. FRS | 2,000,000 | 2,055,000 | ||||||
2,683,595 | ||||||||
Insurance - Multi-line — 1.0% |
| |||||||
Monumental Global Funding III FRS | 5,000,000 | 5,207,770 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Glencore Funding LLC | 627,000 | 603,488 | ||||||
Oil Companies - Exploration & Production — 0.5% |
| |||||||
Anadarko Petroleum Corp. | 1,925,000 | 2,049,567 | ||||||
Hess Corp. | 297,000 | 281,803 | ||||||
2,331,370 | ||||||||
Pipelines — 0.5% |
| |||||||
EnLink Midstream Partners LP | 1,338,000 | 1,315,966 | ||||||
Phillips 66 Partners LP | 1,206,000 | 1,150,162 | ||||||
2,466,128 | ||||||||
Real Estate Investment Trusts — 0.0% |
| |||||||
Columbia Property Trust Operating Partnership LP Company Guar. Notes | 204,000 | 193,910 | ||||||
Special Purpose Entity — 0.8% |
| |||||||
Hartford Life Institutional Funding FRS | 3,985,000 | 4,012,935 | ||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Valmont Industries, Inc. | 270,000 | 234,948 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Telephone - Integrated — 0.2% |
| |||||||
Verizon Communications, Inc. FRS | $ | 1,122,000 | $ | 1,123,428 | ||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $75,652,792) | 75,705,523 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 6.3% |
| |||||||
Banks - Commercial — 1.0% |
| |||||||
ANZ New Zealand Int’l, Ltd. FRS | 1,350,000 | 1,355,520 | ||||||
Banco Santander Chile FRS | 950,000 | 947,625 | ||||||
Barclays Bank PLC FRS | 2,466,000 | 2,464,767 | ||||||
Toronto-Dominion Bank VRS | 175,000 | 168,424 | ||||||
Westpac Banking Corp. VRS | 224,000 | 222,075 | ||||||
5,158,411 | ||||||||
Diversified Banking Institutions — 3.3% |
| |||||||
Barclays PLC FRS | 553,000 | 566,798 | ||||||
BNP Paribas SA FRS | 431,000 | 410,168 | ||||||
Credit Suisse Group Funding, Ltd. FRS | 2,299,000 | 2,383,006 | ||||||
HSBC Holdings PLC FRS | 1,400,000 | 1,417,322 | ||||||
HSBC Holdings PLC | 450,000 | 448,123 | ||||||
Royal Bank of Scotland PLC FRS | 2,000,000 | 2,019,280 | ||||||
Societe Generale SA FRS | 10,000,000 | 9,260,000 | ||||||
16,504,697 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Glencore Finance Canada, Ltd. | 614,000 | 615,240 | ||||||
Gold Mining — 0.9% |
| |||||||
Goldcorp, Inc. | 2,634,000 | 2,634,527 | ||||||
Newcrest Finance Pty, Ltd. | 613,000 | 622,708 | ||||||
Newcrest Finance Pty, Ltd. | 1,242,000 | 1,193,804 | ||||||
4,451,039 | ||||||||
127 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Actavis Funding SCS FRS | $ | 439,000 | $ | 442,711 | ||||
Metal - Aluminum — 0.1% |
| |||||||
Alcoa Nederland Holding BV | 536,000 | 574,860 | ||||||
Metal - Iron — 0.1% |
| |||||||
Vale Overseas, Ltd. | 631,000 | 657,029 | ||||||
Oil Companies - Integrated — 0.4% |
| |||||||
BP Capital Markets PLC FRS | 1,226,000 | 1,230,959 | ||||||
BP Capital Markets PLC | 578,000 | 581,649 | ||||||
1,812,608 | ||||||||
Telephone - Integrated — 0.3% |
| |||||||
Telefonica Emisiones SAU FRS | 1,200,000 | 1,200,435 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $32,083,038) | 31,417,030 | |||||||
U.S. GOVERNMENT AGENCIES — 2.4% |
| |||||||
Federal Home Loan Mtg. Corp. — 1.6% |
| |||||||
Federal Home Loan Mtg. Corp. REMIC | 905,574 | 914,689 | ||||||
Series 3925, Class FL 0.99% due 01/15/2041 FRS(5) | 970,797 | 969,958 | ||||||
Series 4001, Class FM 1.04% due 02/15/2042 FRS(5) | 523,626 | 523,563 | ||||||
Series 3355, Class BF 1.24% due 08/15/2037 FRS(5) | 583,880 | 590,680 | ||||||
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk | 2,318,397 | 2,334,083 | ||||||
Series 2014-DN1, Class M2 2.78% due 02/25/2024 FRS(5) | 1,685,000 | 1,714,200 | ||||||
Series 2015-HQ1, Class M2 2.78% due 03/25/2025 FRS(5) | 934,119 | 939,697 | ||||||
7,986,870 | ||||||||
Federal National Mtg. Assoc. — 0.7% |
| |||||||
Fannie Mae Connecticut Avenue Securities | 11,438 | 11,501 | ||||||
Series 2013-C01, Class M1 2.58% due 10/25/2023 FRS(5) | 201,120 | 202,982 | ||||||
Federal National Mtg. Assoc. REMIC | ||||||||
Series 2012-93, Class BF 0.98% due 09/25/2042 FRS(5) | 1,320,534 | 1,314,041 | ||||||
Series 2011-103, Class FD 1.03% due 05/25/2040 FRS(5) | 2,077,895 | 2,086,341 | ||||||
3,614,865 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Government National Mtg. Assoc. — 0.1% |
| |||||||
Government National Mtg. Assoc. REMIC FRS | $ | 522,468 | $ | 526,083 | ||||
Total U.S. Government Agencies | ||||||||
(cost $12,073,360) | 12,127,818 | |||||||
U.S. GOVERNMENT TREASURIES — 54.2% |
| |||||||
United States Treasury Bonds TIPS(6) — 19.4% |
| |||||||
0.13% due 07/15/2024 | 4,956,364 | 4,878,227 | ||||||
0.75% due 02/15/2045 | 8,040,613 | 7,684,165 | ||||||
1.00% due 02/15/2046 | 7,039,777 | 7,202,621 | ||||||
1.38% due 02/15/2044 | 4,438,532 | 4,914,449 | ||||||
2.00% due 01/15/2026 | 4,269,213 | 4,835,392 | ||||||
2.13% due 02/15/2040 | 2,680,584 | 3,363,479 | ||||||
2.13% due 02/15/2041 | 4,596,883 | 5,805,445 | ||||||
2.38% due 01/15/2025 | 3,842,130 | 4,430,033 | ||||||
2.50% due 01/15/2029 | 9,557,400 | 11,613,942 | ||||||
3.63% due 04/15/2028 | 13,433,130 | 17,793,873 | ||||||
3.88% due 04/15/2029 | 17,254,640 | 23,783,916 | ||||||
96,305,542 | ||||||||
United States Treasury Notes TIPS(6) — 34.8% |
| |||||||
0.13% due 04/15/2017 | 6,576,659 | 6,577,172 | ||||||
0.13% due 04/15/2018 | 8,929,107 | 8,990,200 | ||||||
0.13% due 04/15/2019 | 17,184,570 | 17,363,135 | ||||||
0.13% due 04/15/2020 | 4,469,852 | 4,510,112 | ||||||
0.13% due 04/15/2021 | 28,749,138 | 28,894,005 | ||||||
0.13% due 07/15/2022 | 15,221,665 | 15,274,591 | ||||||
0.13% due 01/15/2023 | 27,767,116 | 27,592,933 | ||||||
0.13% due 07/15/2024 | 7,167,665 | 7,054,666 | ||||||
0.13% due 07/15/2026 | 6,426,735 | 6,248,104 | ||||||
0.25% due 01/15/2025 | 4,586,535 | 4,521,580 | ||||||
0.38% due 07/15/2025 | 3,315,186 | 3,307,734 | ||||||
0.63% due 07/15/2021 | 1,071,100 | 1,105,925 | ||||||
0.63% due 01/15/2024 | 6,642,260 | 6,772,787 | ||||||
0.63% due 01/15/2026 | 5,750,142 | 5,830,943 | ||||||
1.13% due 01/15/2021 | 9,380,345 | 9,829,073 | ||||||
1.25% due 07/15/2020 | 3,320,850 | 3,503,932 | ||||||
1.38% due 07/15/2018 | 6,605,050 | 6,843,228 | ||||||
1.38% due 01/15/2020 | 6,698,160 | 7,035,653 | ||||||
1.88% due 07/15/2019 | 1,695,930 | 1,804,005 | ||||||
173,059,778 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $259,646,004) | 269,365,320 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 13.3% |
| |||||||
Sovereign — 13.3% |
| |||||||
Brazil Notas do Tesouro Nacional | BRL | 7,000,000 | 2,098,417 | |||||
Commonwealth of Australia | AUD | 10,541,000 | 7,833,477 | |||||
Commonwealth of Australia | AUD | 3,146,550 | 2,796,650 | |||||
Commonwealth of Australia | AUD | 15,718,200 | 13,804,141 | |||||
Government of France | EUR | 3,307,260 | 4,255,381 | |||||
Government of New Zealand | NZD | 15,532,500 | 11,141,831 |
128 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares/ Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sovereign (continued) |
| |||||||
Republic of Italy | EUR | 2,022,880 | $ | 2,105,186 | ||||
Republic of Italy | EUR | 2,004,480 | 2,121,286 | |||||
United Kingdom Inflation Linked Gilt Treasury | GBP | 6,362,100 | 8,677,396 | |||||
United Kingdom Inflation Linked Gilt Treasury | GBP | 3,916,002 | 6,039,488 | |||||
United Kingdom Inflation Linked Gilt Treasury | GBP | 1,790,229 | 3,417,737 | |||||
United Mexican States | MXN | 38,419,107 | 1,835,476 | |||||
Total Foreign Government Obligations | ||||||||
(cost $69,316,001) | 66,126,466 | |||||||
PREFERRED SECURITIES — 1.7% |
| |||||||
Banks - Money Center — 0.1% |
| |||||||
Santander Finance Preferred SAU FRS | 8,000 | 184,560 | ||||||
Banks - Super Regional — 0.2% |
| |||||||
Wells Fargo & Co. FRS | 44,900 | 1,122,500 | ||||||
Electric - Integrated — 0.0% |
| |||||||
Alabama Power Co. | 870 | 23,220 | ||||||
Finance - Consumer Loans — 0.7% |
| |||||||
Navient Corp. FRS | 94,712 | 2,376,324 | ||||||
Navient Corp. FRS | 42,207 | 1,048,844 | ||||||
3,425,168 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
Prudential Financial, Inc. FRS | 139,445 | 3,583,737 | ||||||
Total Preferred Securities | ||||||||
(cost $8,194,905) | 8,339,185 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 3.5% |
| |||||||
Banks - Commercial — 0.4% |
| |||||||
Corestates Capital II FRS | $ | 512,000 | 453,760 | |||||
Standard Chartered PLC FRS | 1,300,000 | 1,015,625 | ||||||
Standard Chartered PLC VRS | 400,000 | 392,020 | ||||||
1,861,405 | ||||||||
Banks - Fiduciary — 0.2% |
| |||||||
State Street Capital Trust IV FRS | 1,529,000 | 1,334,053 | ||||||
Banks - Super Regional — 0.6% |
| |||||||
PNC Financial Services Group, Inc. FRS | 1,204,000 | 1,167,880 | ||||||
SunTrust Capital III FRS | 793,000 | 669,094 | ||||||
Wachovia Capital Trust II FRS | 774,000 | 678,217 | ||||||
Wells Fargo Capital II FRS | 554,000 | 485,443 | ||||||
3,000,634 | ||||||||
Security Description | Shares/ Principal Amount(1) | Value (Note 2) | ||||||
Diversified Banking Institutions — 0.7% |
| |||||||
BAC Capital Trust XIV FRS | $ | 2,357,000 | $ | 1,912,116 | ||||
BankBoston Capital Trust IV FRS | 546,000 | 477,067 | ||||||
BNP Paribas SA FRS | GBP | 200,000 | 258,185 | |||||
Goldman Sachs Capital III FRS | 85,000 | 66,641 | ||||||
Royal Bank of Scotland Group PLC VRS | 366,000 | 360,053 | ||||||
Societe Generale SA VRS | 270,000 | 259,875 | ||||||
3,333,937 | ||||||||
Electric - Integrated — 0.3% |
| |||||||
Dominion Resources, Inc. FRS | 1,200,000 | 922,800 | ||||||
WEC Energy Group, Inc. FRS | 613,000 | 533,310 | ||||||
1,456,110 | ||||||||
Insurance - Life/Health — 0.1% |
| |||||||
Prudential Financial, Inc. FRS | 622,000 | 671,760 | ||||||
Insurance - Multi-line — 0.8% |
| |||||||
Genworth Holdings, Inc. FRS | 800,000 | 376,000 | ||||||
XLIT, Ltd. FRS | 4,583,000 | 3,494,537 | ||||||
3,870,537 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Chubb Corp. FRS | 561,000 | 523,133 | ||||||
Oil Companies - Integrated — 0.2% |
| |||||||
TOTAL SA VRS | EUR | 1,000,000 | 1,112,842 | |||||
Pipelines — 0.1% |
| |||||||
DCP Midstream LLC FRS | 493,000 | 419,050 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $19,455,245) | 17,583,461 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $481,685,170) | 485,901,047 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.4% | ||||||||
Registered Investment Companies — 0.3% | ||||||||
State Street Navigator Securities Lending Prime Portfolio | 1,605,845 | 1,605,845 | ||||||
Time Deposits — 2.1% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 10,404,000 | 10,404,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $12,009,845) | 12,009,845 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $493,695,015)(10) | 100.1 | % | 497,910,892 | |||||
Liabilities in excess of other assets | (0.1 | ) | (405,047 | ) | ||||
NET ASSETS | 100.0 | % | $ | 497,505,845 | ||||
129 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (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, 2016, the aggregate value of these securities was $23,305,330 representing 4.7% 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) | Denominated in United States dollars unless otherwise indicated. |
(2) | Commercial Mortgage Backed Security |
(3) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs (see Note 2). |
(4) | Illiquid security. At November 30, 2016, the aggregate value of these securities was $9,260,000 representing 1.9% of net assets. |
(5) | Collateralized Mortgage Obligation |
(6) | Principal amount of security is adjusted for inflation. |
(7) | Perpetual maturity—maturity date reflects the next call date. |
(8) | The rate shown is the 7-day yield as of November 30, 2016. |
(9) | At November 30, 2016, the Fund had loaned securities with a total value of $1,574,444. This was secured by collateral of $1,605,845, which was received in cash and subsequently invested in short-term investments currently valued at $1,605,845 as reported in the Portfolio of Investments. |
(10) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
BRL—Brazilian Real
EUR—Euro Dollar
GBP—British Pound
MXN—Mexican Peso
NXD—New Zealand Dollar
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, 2016 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, 2016 (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 | $ | — | $ | 5,236,244 | $ | — | $ | 5,236,244 | ||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 32,681,720 | 8,347,445 | 41,029,165 | ||||||||||||
Diversified Financial Services | — | — | 2,020,000 | 2,020,000 | ||||||||||||
Special Purpose Entity | — | — | 4,012,935 | 4,012,935 | ||||||||||||
Other Industries | — | 28,643,423 | — | 28,643,423 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 7,244,697 | 9,260,000 | 16,504,697 | ||||||||||||
Other Industries | — | 14,912,333 | — | 14,912,333 | ||||||||||||
U.S. Government Agencies | — | 12,127,818 | — | 12,127,818 | ||||||||||||
U.S. Government Treasuries | — | 269,365,320 | — | 269,365,320 | ||||||||||||
Foreign Government Obligations | — | 66,126,466 | — | 66,126,466 | ||||||||||||
Preferred Securities | 8,339,185 | — | — | 8,339,185 | ||||||||||||
Preferred Securities/Capital Securities | — | 17,583,461 | — | 17,583,461 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 1,605,845 | — | — | 1,605,845 | ||||||||||||
Time Deposits | — | 10,404,000 | — | 10,404,000 | ||||||||||||
Total Investments at Value | $ | 9,945,030 | $ | 464,325,482 | $ | 23,640,380 | $ | 497,910,892 | ||||||||
* | 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. Securities currently valued at $10,367,445 were transferred from Level 2 to Level 3 following a reassessment of inputs. There were no additional material transfers between Levels during the reporting period.
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
Balance as of 05/31/2016 | $ | 4,012,935 | $ | 9,901,001 | ||||
Accrued discounts | — | 570 | ||||||
Accrued premiums | (25,908 | ) | — | |||||
Realized gain | — | — | ||||||
Realized loss | — | — | ||||||
Change in unrealized appreciation(1) | — | — | ||||||
Change in unrealized depreciation(1) | 25,908 | (231,403 | ) | |||||
Net purchases | — | — | ||||||
Net sales | — | — | ||||||
Transfers into Level 3 | 10,367,445 | — | ||||||
Transfers out of Level 3 | — | (410,168 | ) | |||||
Balance as of 11/30/2016 | $ | 14,380,380 | $ | 9,260,000 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to level 3 investments still held at November 30, 2016 includes: |
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
$ | 25,908 | $ | (231,403 | ) | ||||
The Fund’s securities classified as Level 3, with a fair value of $23,640,380 at November 30, 2016, are attributable to valuations from a single broker which were deemed to be indicative quotes (which do not necessarily represent prices the broker may be willing to trade on).
See Notes to Financial Statements
130 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Medical — Drugs | 7.5 | % | ||
Banks — Commercial | 7.4 | |||
Diversified Banking Institutions | 5.1 | |||
Registered Investment Companies | 4.7 | |||
Oil Companies — Integrated | 4.1 | |||
Auto — Cars/Light Trucks | 3.7 | |||
Telephone — Integrated | 2.8 | |||
Food — Misc./Diversified | 2.6 | |||
Insurance — Life/Health | 2.4 | |||
Electric — Integrated | 2.3 | |||
Insurance — Multi-line | 1.9 | |||
Cosmetics & Toiletries | 1.9 | |||
Real Estate Investment Trusts | 1.9 | |||
Chemicals — Diversified | 1.8 | |||
Tobacco | 1.5 | |||
Repurchase Agreements | 1.5 | |||
Exchange — Traded Funds | 1.5 | |||
Food — Retail | 1.4 | |||
Brewery | 1.2 | |||
Transport — Rail | 1.2 | |||
Real Estate Operations & Development | 1.2 | |||
Metal — Diversified | 1.2 | |||
Diversified Minerals | 1.1 | |||
Diversified Manufacturing Operations | 1.0 | |||
Import/Export | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Machinery — Electrical | 0.9 | |||
Gas — Distribution | 0.9 | |||
Electronic Components — Misc. | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Cellular Telecom | 0.8 | |||
Insurance — Property/Casualty | 0.8 | |||
Beverages — Wine/Spirits | 0.8 | |||
Building & Construction Products — Misc. | 0.8 | |||
Chemicals — Specialty | 0.7 | |||
Soap & Cleaning Preparation | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Diversified Operations | 0.7 | |||
Insurance — Reinsurance | 0.7 | |||
Rubber — Tires | 0.6 | |||
Industrial Gases | 0.6 | |||
Finance — Other Services | 0.6 | |||
Building — Residential/Commercial | 0.6 | |||
Building & Construction — Misc. | 0.6 | |||
Real Estate Management/Services | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Commercial Services | 0.5 | |||
Transport — Services | 0.5 | |||
Retail — Jewelry | 0.5 | |||
Audio/Video Products | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Steel — Producers | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Office Automation & Equipment | 0.5 | |||
Machinery — General Industrial | 0.4 | |||
Building Products — Cement | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Textile — Apparel | 0.4 | |||
Telecom Services | 0.4 | |||
Agricultural Chemicals | 0.4 | |||
Medical Products | 0.4 | |||
Medical — Biomedical/Gene | 0.4 | |||
Electronic Components — Semiconductors | 0.4 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Dialysis Centers | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Food — Catering | 0.3 |
Power Converter/Supply Equipment | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Investment Companies | 0.3 | |||
Multimedia | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Toys | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Paper & Related Products | 0.3 | |||
Water | 0.3 | |||
Photo Equipment & Supplies | 0.3 | |||
Hotels/Motels | 0.3 | |||
Distribution/Wholesale | 0.2 | |||
Casino Hotels | 0.2 | |||
Athletic Footwear | 0.2 | |||
Human Resources | 0.2 | |||
Computer Services | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Advertising Agencies | 0.2 | |||
Machinery — Farming | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Medical Instruments | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Advertising Services | 0.2 | |||
Wireless Equipment | 0.2 | |||
Cable/Satellite TV | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Optical Supplies | 0.2 | |||
Electronics — Military | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Transactional Software | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Television | 0.2 | |||
Gold Mining | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Web Portals/ISP | 0.2 | |||
Electric — Transmission | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Printing — Commercial | 0.2 | |||
Security Services | 0.1 | |||
Airport Development/Maintenance | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Transport — Marine | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Networking Products | 0.1 | |||
Retail — Discount | 0.1 | |||
Computer Data Security | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Satellite Telecom | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Food — Confectionery | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Oil — Field Services | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Gas — Transportation | 0.1 | |||
Private Equity | 0.1 |
131 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited) — (continued)
Industry Allocation* (continued)
Casino Services | 0.1 | % | ||
Retail — Misc./Diversified | 0.1 | |||
Retail — Building Products | 0.1 | |||
Pipelines | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Computer Aided Design | 0.1 | |||
Cruise Lines | 0.1 | |||
Fisheries | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Coatings/Paint | 0.1 | |||
Applications Software | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Food — Meat Products | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Travel Services | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Transport — Truck | 0.1 | |||
Metal — Iron | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Leisure Products | 0.1 | |||
103.7 | % | |||
Country Allocation*
Japan | 23.6 | % | ||
United Kingdom | 16.1 | |||
France | 9.0 | |||
Germany | 8.5 | |||
Switzerland | 8.4 | |||
United States | 7.8 | |||
Australia | 7.1 | |||
Netherlands | 3.8 | |||
Spain | 2.8 | |||
Sweden | 2.7 | |||
Hong Kong | 2.5 | |||
Italy | 1.6 | |||
Denmark | 1.5 | |||
Jersey | 1.3 | |||
Belgium | 1.2 | |||
Singapore | 1.2 | |||
Finland | 0.9 | |||
Cayman Islands | 0.7 | |||
Norway | 0.7 | |||
Israel | 0.6 | |||
Ireland | 0.5 | |||
Bermuda | 0.3 | |||
Luxembourg | 0.3 | |||
Austria | 0.2 | |||
New Zealand | 0.2 | |||
Portugal | 0.1 | |||
Papua New Guinea | 0.1 | |||
103.7 | % | |||
* | Calculated as a percentage of net assets |
132 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.9% |
| |||||||
Australia — 7.1% |
| |||||||
AGL Energy, Ltd. | 49,063 | $ | 760,117 | |||||
Alumina, Ltd.# | 190,950 | 233,367 | ||||||
Amcor, Ltd. | 85,249 | 905,251 | ||||||
AMP, Ltd. | 213,627 | 741,438 | ||||||
APA Group | 81,721 | 480,965 | ||||||
Aristocrat Leisure, Ltd. | 39,434 | 436,801 | ||||||
ASX, Ltd. | 14,437 | 518,764 | ||||||
Aurizon Holdings, Ltd. | 156,597 | 575,882 | ||||||
AusNet Services | 127,127 | 139,407 | ||||||
Australia & New Zealand Banking Group, Ltd. | 209,218 | 4,389,260 | ||||||
Bank of Queensland, Ltd. | 26,932 | 223,540 | ||||||
Bendigo & Adelaide Bank, Ltd. | 32,506 | 289,249 | ||||||
BGP Holdings PLC†(1)(2) | 835,027 | 49,560 | ||||||
BHP Billiton, Ltd. | 231,728 | 4,177,027 | ||||||
Boral, Ltd. | 53,899 | 200,203 | ||||||
Brambles, Ltd. | 113,331 | 985,860 | ||||||
Caltex Australia, Ltd. | 19,764 | 438,571 | ||||||
Challenger, Ltd. | 41,808 | 328,799 | ||||||
CIMIC Group, Ltd. | 7,720 | 175,700 | ||||||
Coca-Cola Amatil, Ltd. | 43,022 | 304,670 | ||||||
Cochlear, Ltd. | 4,286 | 375,685 | ||||||
Commonwealth Bank of Australia | 122,982 | 7,142,682 | ||||||
Computershare, Ltd. | 35,532 | 304,368 | ||||||
Crown Resorts, Ltd. | 27,240 | 236,155 | ||||||
CSL, Ltd. | 33,312 | 2,410,726 | ||||||
Dexus Property Group | 69,852 | 470,430 | ||||||
Domino’s Pizza Enterprises, Ltd. | 4,401 | 220,279 | ||||||
DUET Group | 164,776 | 289,596 | ||||||
Flight Centre Travel Group, Ltd.# | 4,252 | 104,872 | ||||||
Fortescue Metals Group, Ltd.# | 112,527 | 487,771 | ||||||
Goodman Group | 129,475 | 638,680 | ||||||
GPT Group | 126,414 | 451,816 | ||||||
Harvey Norman Holdings, Ltd. | 39,992 | 140,277 | ||||||
Healthscope, Ltd. | 117,907 | 195,904 | ||||||
Incitec Pivot, Ltd. | 124,828 | 290,365 | ||||||
Insurance Australia Group, Ltd. | 175,748 | 725,476 | ||||||
LendLease Group | 41,349 | 415,570 | ||||||
Macquarie Group, Ltd. | 21,782 | 1,349,524 | ||||||
Medibank Private, Ltd. | 203,106 | 389,957 | ||||||
Mirvac Group | 277,641 | 420,299 | ||||||
National Australia Bank, Ltd. | 190,363 | 4,066,793 | ||||||
Newcrest Mining, Ltd. | 56,344 | 813,005 | ||||||
Orica, Ltd. | 28,055 | 351,778 | ||||||
Origin Energy, Ltd. | 126,799 | 556,190 | ||||||
Platinum Asset Management, Ltd. | 16,669 | 67,455 | ||||||
Qantas Airways, Ltd. | 38,354 | 93,464 | ||||||
QBE Insurance Group, Ltd. | 99,763 | 822,894 | ||||||
Ramsay Health Care, Ltd.# | 10,005 | 523,158 | ||||||
REA Group, Ltd. | 4,018 | 153,161 | ||||||
Rio Tinto, Ltd.# | 30,955 | 1,320,091 | ||||||
Santos, Ltd. | 120,586 | 349,954 | ||||||
Scentre Group | 382,857 | 1,198,736 | ||||||
SEEK, Ltd. | 25,025 | 273,685 | ||||||
Sonic Healthcare, Ltd. | 28,645 | 461,133 | ||||||
South32, Ltd. | 395,132 | 790,738 | ||||||
Stockland | 174,483 | 557,907 | ||||||
Suncorp Group, Ltd. | 92,201 | 851,073 | ||||||
Sydney Airport | 81,981 | 380,184 | ||||||
Tabcorp Holdings, Ltd. | 56,582 | 195,962 | ||||||
Tatts Group, Ltd.# | 104,931 | 324,668 | ||||||
Telstra Corp., Ltd. | 314,700 | 1,173,570 | ||||||
TPG Telecom, Ltd.# | 24,550 | 129,441 | ||||||
Transurban Group | 146,254 | 1,138,333 | ||||||
Treasury Wine Estates, Ltd. | 53,173 | 423,676 | ||||||
Vicinity Centres | 245,081 | 528,462 |
Security Description | Shares | Value (Note 2) | ||||||
Australia (continued) |
| |||||||
Vocus Communications, Ltd.# | 32,444 | $ | 99,906 | |||||
Wesfarmers, Ltd. | 82,067 | 2,531,967 | ||||||
Westfield Corp. | 142,078 | 958,946 | ||||||
Westpac Banking Corp. | 240,434 | 5,551,940 | ||||||
Woodside Petroleum, Ltd. | 53,379 | 1,167,553 | ||||||
Woolworths, Ltd.# | 92,017 | 1,555,374 | ||||||
62,826,060 | ||||||||
Austria — 0.2% |
| |||||||
ANDRITZ AG | 5,493 | 283,403 | ||||||
Erste Group Bank AG | 20,919 | 581,767 | ||||||
OMV AG | 10,837 | 350,253 | ||||||
Raiffeisen Bank International AG†# | 8,789 | 160,078 | ||||||
voestalpine AG | 8,359 | 316,764 | ||||||
1,692,265 | ||||||||
Belgium — 1.2% |
| |||||||
Ageas | 14,448 | 539,237 | ||||||
Anheuser-Busch InBev SA | 57,982 | 6,024,774 | ||||||
Colruyt SA | 4,820 | 243,597 | ||||||
Groupe Bruxelles Lambert SA | 6,092 | 500,064 | ||||||
KBC Group NV | 18,109 | 1,085,930 | ||||||
Proximus SADP | 11,407 | 322,493 | ||||||
Solvay SA | 5,376 | 613,933 | ||||||
Telenet Group Holding NV† | 3,967 | 209,464 | ||||||
UCB SA | 9,393 | 604,279 | ||||||
Umicore SA | 6,946 | 416,158 | ||||||
10,559,929 | ||||||||
Bermuda — 0.3% |
| |||||||
Cheung Kong Infrastructure Holdings, Ltd. | 48,000 | 401,006 | ||||||
First Pacific Co., Ltd. | 174,000 | 122,259 | ||||||
Hongkong Land Holdings, Ltd. | 84,700 | 542,927 | ||||||
Jardine Matheson Holdings, Ltd. | 17,686 | 958,581 | ||||||
Kerry Properties, Ltd. | 47,500 | 135,950 | ||||||
Li & Fung, Ltd.# | 430,000 | 188,487 | ||||||
Noble Group, Ltd.†# | 321,000 | 35,608 | ||||||
NWS Holdings, Ltd. | 110,000 | 190,034 | ||||||
Shangri-La Asia, Ltd. | 76,000 | 82,795 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 53,000 | 190,982 | ||||||
2,848,629 | ||||||||
Cayman Islands — 0.7% |
| |||||||
ASM Pacific Technology, Ltd. | 17,800 | 177,966 | ||||||
Cheung Kong Property Holdings, Ltd. | 193,808 | 1,326,785 | ||||||
CK Hutchison Holdings, Ltd. | 194,308 | 2,367,318 | ||||||
Melco Crown Entertainment, Ltd. ADR# | 13,823 | 271,760 | ||||||
MGM China Holdings, Ltd. | 70,800 | 157,181 | ||||||
Sands China, Ltd. | 179,200 | 882,542 | ||||||
WH Group, Ltd.* | 433,000 | 360,066 | ||||||
Wynn Macau, Ltd.# | 116,000 | 215,056 | ||||||
5,758,674 | ||||||||
Denmark — 1.5% |
| |||||||
AP Moller - Maersk A/S, Series A | 285 | 361,916 | ||||||
AP Moller - Maersk A/S, Series B | 459 | 608,700 | ||||||
Carlsberg A/S, Class B | 7,703 | 655,051 | ||||||
Chr. Hansen Holding A/S | 7,160 | 396,330 | ||||||
Coloplast A/S, Class B# | 8,348 | 530,226 | ||||||
Danske Bank A/S | 51,804 | 1,513,457 | ||||||
DSV A/S | 13,565 | 610,395 | ||||||
Genmab A/S† | 4,084 | 707,393 | ||||||
ISS A/S | 11,979 | 409,518 | ||||||
Novo Nordisk A/S, Class B | 133,921 | 4,540,115 | ||||||
Novozymes A/S, Class B# | 16,996 | 575,705 | ||||||
Pandora A/S | 8,384 | 997,790 |
133 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Denmark (continued) |
| |||||||
TDC A/S† | 60,006 | $ | 305,314 | |||||
Tryg A/S# | 8,062 | 145,040 | ||||||
Vestas Wind Systems A/S | 16,149 | 1,065,505 | ||||||
William Demant Holding A/S† | 8,477 | 143,450 | ||||||
13,565,905 | ||||||||
Finland — 0.9% |
| |||||||
Elisa Oyj | 10,844 | 340,423 | ||||||
Fortum Oyj | 33,112 | 480,784 | ||||||
Kone Oyj, Class B | 24,711 | 1,088,454 | ||||||
Metso Oyj | 8,420 | 238,269 | ||||||
Neste Oyj | 9,469 | 388,884 | ||||||
Nokia OYJ | 416,327 | 1,791,451 | ||||||
Nokian Renkaat Oyj | 8,481 | 306,331 | ||||||
Orion Oyj, Class B | 7,488 | 318,399 | ||||||
Sampo Oyj, Class A | 32,364 | 1,430,694 | ||||||
Stora Enso Oyj, Class R | 41,426 | 399,758 | ||||||
UPM-Kymmene Oyj | 38,442 | 880,043 | ||||||
Wartsila Oyj Abp | 11,069 | 466,561 | ||||||
8,130,051 | ||||||||
France — 9.0% |
| |||||||
Accor SA | 12,767 | 452,345 | ||||||
Aeroports de Paris# | 2,225 | 218,861 | ||||||
Air Liquide SA | 24,868 | 2,532,317 | ||||||
Alstom SA† | 11,101 | 300,723 | ||||||
Arkema SA | 4,801 | 459,884 | ||||||
Atos SE | 6,342 | 655,554 | ||||||
AXA SA | 140,026 | 3,299,077 | ||||||
BNP Paribas SA | 76,388 | 4,434,978 | ||||||
Bollore SA | 63,544 | 208,507 | ||||||
Bouygues SA | 14,779 | 501,233 | ||||||
Bureau Veritas SA | 19,322 | 363,697 | ||||||
Capgemini SA | 11,874 | 937,557 | ||||||
Carrefour SA | 40,426 | 947,742 | ||||||
Casino Guichard Perrachon SA# | 4,228 | 192,371 | ||||||
Christian Dior SE# | 4,055 | 788,626 | ||||||
Cie de Saint-Gobain | 34,332 | 1,489,128 | ||||||
Cie Generale des Etablissements Michelin | 13,129 | 1,405,391 | ||||||
CNP Assurances | 12,917 | 226,845 | ||||||
Credit Agricole SA | 74,747 | 843,699 | ||||||
Danone SA | 42,545 | 2,676,620 | ||||||
Dassault Systemes | 9,257 | 706,590 | ||||||
Edenred# | 15,366 | 324,003 | ||||||
Eiffage SA | 4,132 | 272,743 | ||||||
Electricite de France SA# | 18,074 | 191,461 | ||||||
Engie SA | 107,131 | 1,322,773 | ||||||
Essilor International SA | 14,782 | 1,568,237 | ||||||
Eurazeo SA | 3,162 | 171,584 | ||||||
Eutelsat Communications SA | 11,405 | 205,308 | ||||||
Fonciere Des Regions | 2,134 | 167,661 | ||||||
Gecina SA | 2,939 | 385,936 | ||||||
Groupe Eurotunnel SE | 35,257 | 310,147 | ||||||
Hermes International | 1,940 | 800,649 | ||||||
ICADE | 2,785 | 192,450 | ||||||
Iliad SA | 1,978 | 376,301 | ||||||
Imerys SA | 2,576 | 179,509 | ||||||
Ingenico Group SA | 4,011 | 312,538 | ||||||
JCDecaux SA# | 5,007 | 130,544 | ||||||
Kering | 5,578 | 1,211,928 | ||||||
Klepierre | 16,000 | 596,653 | ||||||
L’Oreal SA | 18,378 | 3,136,919 | ||||||
Lagardere SCA | 9,203 | 226,922 | ||||||
Legrand SA | 19,478 | 1,088,958 | ||||||
LVMH Moet Hennessy Louis Vuitton SE# | 20,116 | 3,660,633 | ||||||
Natixis SA | 69,282 | 348,932 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Orange SA# | 143,086 | $ | 2,085,941 | |||||
Pernod Ricard SA# | 15,358 | 1,611,440 | ||||||
Peugeot SA† | 34,949 | 515,606 | ||||||
Publicis Groupe SA | 13,697 | 888,861 | ||||||
Remy Cointreau SA | 1,805 | 151,569 | ||||||
Renault SA | 13,841 | 1,090,522 | ||||||
Rexel SA | 21,905 | 338,722 | ||||||
Safran SA | 22,733 | 1,560,540 | ||||||
Sanofi | 84,715 | 6,833,549 | ||||||
Schneider Electric SE | 40,217 | 2,677,638 | ||||||
SCOR SE | 11,452 | 363,697 | ||||||
SFR Group SA | 7,226 | 182,578 | ||||||
Societe BIC SA | 2,163 | 279,794 | ||||||
Societe Generale SA | 55,215 | 2,375,018 | ||||||
Sodexo SA | 6,844 | 748,573 | ||||||
Suez | 23,377 | 326,425 | ||||||
Technip SA | 7,541 | 522,379 | ||||||
Thales SA | 7,521 | 734,380 | ||||||
TOTAL SA | 159,229 | 7,586,552 | ||||||
Unibail-Rodamco SE | 7,115 | 1,570,378 | ||||||
Valeo SA | 17,029 | 949,515 | �� | |||||
Veolia Environnement SA | 33,059 | 571,288 | ||||||
Vinci SA | 36,063 | 2,340,294 | ||||||
Vivendi SA | 84,641 | 1,613,824 | ||||||
Wendel SA | 2,087 | 241,540 | ||||||
Zodiac Aerospace | 14,158 | 313,912 | ||||||
79,299,069 | ||||||||
Germany — 8.5% |
| |||||||
adidas AG# | 13,553 | 1,996,616 | ||||||
Allianz SE | 32,938 | 5,229,418 | ||||||
Axel Springer SE# | 2,981 | 127,861 | ||||||
BASF SE | 66,164 | 5,679,334 | ||||||
Bayer AG | 59,617 | 5,597,565 | ||||||
Bayerische Motoren Werke AG# | 24,154 | 2,058,465 | ||||||
Bayerische Motoren Werke AG (preference shares) | 4,029 | 289,259 | ||||||
Beiersdorf AG | 7,573 | 618,663 | ||||||
Brenntag AG | 11,283 | 593,908 | ||||||
Commerzbank AG# | 78,330 | 545,678 | ||||||
Continental AG | 8,013 | 1,421,657 | ||||||
Covestro AG* | 5,079 | 326,370 | ||||||
Daimler AG | 69,400 | 4,616,222 | ||||||
Deutsche Bank AG† | 100,483 | 1,582,544 | ||||||
Deutsche Lufthansa AG# | 17,771 | 230,253 | ||||||
Deutsche Post AG | 70,083 | 2,190,442 | ||||||
Deutsche Telekom AG# | 232,341 | 3,660,455 | ||||||
Deutsche Wohnen AG (BR) | 24,604 | 757,784 | ||||||
E.ON SE | 144,258 | 952,057 | ||||||
Evonik Industries AG | 10,171 | 283,615 | ||||||
Fraport AG Frankfurt Airport Services Worldwide# | 2,805 | 162,914 | ||||||
Fresenius Medical Care AG & Co. KGaA | 15,775 | 1,230,528 | ||||||
Fresenius SE & Co. KGaA# | 29,454 | 2,114,939 | ||||||
FUCHS PETROLUB SE# (preference shares) | 5,467 | 216,645 | ||||||
GEA Group AG# | 13,446 | 501,199 | ||||||
Hannover Rueck SE | 4,528 | 480,620 | ||||||
HeidelbergCement AG | 10,133 | 908,665 | ||||||
Henkel AG & Co. KGaA | 7,681 | 782,078 | ||||||
Henkel AG & Co. KGaA (preference shares) | 12,834 | 1,486,711 | ||||||
Hochtief AG | 1,479 | 210,361 | ||||||
HUGO BOSS AG# | 4,917 | 281,930 | ||||||
Infineon Technologies AG | 81,564 | 1,364,111 | ||||||
K+S AG# | 13,013 | 264,044 | ||||||
LANXESS AG | 6,924 | 427,021 | ||||||
Linde AG | 13,446 | 2,240,216 | ||||||
MAN SE# | 2,637 | 260,086 | ||||||
Merck KGaA | 9,468 | 948,676 |
134 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Germany (continued) |
| |||||||
METRO AG# | 12,200 | $ | 364,566 | |||||
Muenchener Rueckversicherungs-Gesellschaft AG | 12,047 | 2,194,182 | ||||||
OSRAM Licht AG | 6,785 | 345,424 | ||||||
Porsche Automobil Holding SE (preference shares) | 11,028 | 559,038 | ||||||
ProSiebenSat.1 Media SE | 16,121 | 552,471 | ||||||
RWE AG†# | 36,338 | 456,762 | ||||||
SAP SE | 70,832 | 5,921,622 | ||||||
Schaeffler AG (preference shares) | 12,060 | 156,321 | ||||||
Siemens AG | 55,196 | 6,236,043 | ||||||
Symrise AG# | 9,086 | 549,958 | ||||||
Telefonica Deutschland Holding AG# | 53,675 | 210,597 | ||||||
thyssenkrupp AG | 27,043 | 613,930 | ||||||
TUI AG | 36,188 | 477,234 | ||||||
United Internet AG# | 8,833 | 338,002 | ||||||
Volkswagen AG# | 2,337 | 320,011 | ||||||
Volkswagen AG (preference shares) | 13,530 | 1,746,584 | ||||||
Vonovia SE | 34,131 | 1,100,767 | ||||||
Zalando SE†#* | 6,287 | 234,314 | ||||||
75,016,736 | ||||||||
Hong Kong — 2.5% |
| |||||||
AIA Group, Ltd. | 868,200 | 5,294,380 | ||||||
Bank of East Asia, Ltd.# | 86,600 | 358,949 | ||||||
BOC Hong Kong Holdings, Ltd. | 268,500 | 1,007,329 | ||||||
Cathay Pacific Airways, Ltd.# | 87,000 | 117,772 | ||||||
CLP Holdings, Ltd. | 119,500 | 1,168,578 | ||||||
Galaxy Entertainment Group, Ltd. | 172,000 | 853,736 | ||||||
Hang Lung Properties, Ltd. | 165,000 | 371,843 | ||||||
Hang Seng Bank, Ltd. | 56,900 | 1,078,360 | ||||||
Henderson Land Development Co., Ltd. | 77,800 | 429,798 | ||||||
HK Electric Investments & HK Electric Investments, Ltd.* | 180,769 | 158,944 | ||||||
HKT Trust & HKT, Ltd. | 197,000 | 256,520 | ||||||
Hong Kong & China Gas Co., Ltd. | 565,640 | 1,053,032 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 82,100 | 2,159,273 | ||||||
Hysan Development Co., Ltd. | 45,000 | 198,414 | ||||||
Link REIT | 164,500 | 1,132,508 | ||||||
MTR Corp., Ltd. | 105,500 | 527,738 | ||||||
New World Development Co., Ltd. | 384,000 | 427,739 | ||||||
PCCW, Ltd. | 299,000 | 173,853 | ||||||
Power Assets Holdings, Ltd. | 101,500 | 968,349 | ||||||
Sino Land Co., Ltd. | 218,000 | 342,887 | ||||||
SJM Holdings, Ltd. | 143,000 | 115,779 | ||||||
Sun Hung Kai Properties, Ltd. | 103,000 | 1,347,837 | ||||||
Swire Pacific, Ltd., Class A | 39,000 | 388,416 | ||||||
Swire Properties, Ltd. | 85,800 | 259,397 | ||||||
Techtronic Industries Co., Ltd. | 101,000 | 393,896 | ||||||
Wharf Holdings, Ltd. | 99,000 | 733,901 | ||||||
Wheelock & Co., Ltd. | 58,000 | 344,717 | ||||||
21,663,945 | ||||||||
Ireland — 0.5% |
| |||||||
Bank of Ireland† | 2,049,320 | 436,566 | ||||||
CRH PLC | 60,209 | 2,009,775 | ||||||
DCC PLC | 6,388 | 489,950 | ||||||
James Hardie Industries PLC CDI | 32,025 | 492,369 | ||||||
Kerry Group PLC, Class A | 11,419 | 808,805 | ||||||
Paddy Power Betfair PLC | 5,722 | 597,349 | ||||||
4,834,814 | ||||||||
Isle of Man — 0.0% |
| |||||||
Genting Singapore PLC | 453,000 | 306,562 | ||||||
Israel — 0.6% |
| |||||||
Azrieli Group, Ltd. | 2,676 | 116,852 | ||||||
Bank Hapoalim BM | 78,748 | 473,972 | ||||||
Bank Leumi Le-Israel BM† | 98,742 | 402,050 |
Security Description | Shares | Value (Note 2) | ||||||
Israel (continued) |
| |||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 142,321 | $ | 263,000 | |||||
Check Point Software Technologies, Ltd.†# | 9,395 | 773,490 | ||||||
Israel Chemicals, Ltd. | 33,162 | 127,237 | ||||||
Mizrahi Tefahot Bank, Ltd. | 10,252 | 143,720 | ||||||
Nice, Ltd. | 4,362 | 288,273 | ||||||
Taro Pharmaceutical Industries, Ltd.†# | 1,085 | 110,844 | ||||||
Teva Pharmaceutical Industries, Ltd. | 66,544 | 2,466,329 | ||||||
5,165,767 | ||||||||
Italy — 1.6% |
| |||||||
Assicurazioni Generali SpA | 84,807 | 1,071,402 | ||||||
Atlantia SpA# | 29,759 | 661,080 | ||||||
Enel SpA | 549,725 | 2,222,135 | ||||||
Eni SpA | 183,741 | 2,558,855 | ||||||
EXOR SpA | 7,485 | 314,225 | ||||||
Intesa Sanpaolo SpA | 924,519 | 2,053,768 | ||||||
Intesa Sanpaolo SpA RSP | 70,212 | 145,629 | ||||||
Italgas SpA† | 35,143 | 125,744 | ||||||
Leonardo-Finmeccanica SpA† | 29,455 | 382,419 | ||||||
Luxottica Group SpA# | 12,547 | 652,929 | ||||||
Mediobanca SpA# | 44,634 | 307,958 | ||||||
Poste Italiane SpA* | 37,674 | 234,182 | ||||||
Prysmian SpA | 14,101 | 337,307 | ||||||
Saipem SpA†# | 437,912 | 196,834 | ||||||
Snam SpA | 175,715 | 680,490 | ||||||
Telecom Italia SpA†# | 731,106 | 552,864 | ||||||
Telecom Italia SpA RSP | 455,743 | 284,498 | ||||||
Terna Rete Elettrica Nazionale SpA | 113,122 | 490,599 | ||||||
UniCredit SpA | 366,189 | 784,749 | ||||||
Unione di Banche Italiane SpA# | 64,055 | 143,109 | ||||||
UnipolSai SpA# | 67,558 | 128,882 | ||||||
14,329,658 | ||||||||
Japan — 23.6% |
| |||||||
ABC-Mart, Inc. | 2,400 | 140,763 | ||||||
Acom Co., Ltd.† | 29,800 | 142,482 | ||||||
Aeon Co., Ltd. | 47,100 | 648,832 | ||||||
AEON Financial Service Co., Ltd. | 8,300 | 138,134 | ||||||
Aeon Mall Co., Ltd. | 8,400 | 121,149 | ||||||
Air Water, Inc. | 11,600 | 198,226 | ||||||
Aisin Seiki Co., Ltd. | 14,200 | 606,949 | ||||||
Ajinomoto Co., Inc. | 41,500 | 802,576 | ||||||
Alfresa Holdings Corp. | 13,000 | 207,150 | ||||||
Alps Electric Co., Ltd. | 12,602 | 316,468 | ||||||
Amada Holdings Co., Ltd. | 25,100 | 279,291 | ||||||
ANA Holdings, Inc. | 87,000 | 241,293 | ||||||
Aozora Bank, Ltd. | 85,000 | 291,989 | ||||||
Asahi Glass Co., Ltd.# | 68,000 | 441,624 | ||||||
Asahi Group Holdings, Ltd. | 28,600 | 930,459 | ||||||
Asahi Kasei Corp. | 92,000 | 818,233 | ||||||
Asics Corp.# | 11,900 | 250,472 | ||||||
Astellas Pharma, Inc. | 152,200 | 2,101,306 | ||||||
Bandai Namco Holdings, Inc. | 14,300 | 408,107 | ||||||
Bank of Kyoto, Ltd. | 25,000 | 173,288 | ||||||
Benesse Holdings, Inc.# | 4,800 | 127,337 | ||||||
Bridgestone Corp. | 47,200 | 1,801,690 | ||||||
Brother Industries, Ltd. | 17,400 | 297,490 | ||||||
Calbee, Inc.# | 5,300 | 165,154 | ||||||
Canon, Inc. | 77,200 | 2,200,509 | ||||||
Casio Computer Co., Ltd. | 15,500 | 202,548 | ||||||
Central Japan Railway Co. | 10,300 | 1,681,780 | ||||||
Chiba Bank, Ltd. | 54,000 | 320,021 | ||||||
Chubu Electric Power Co., Inc. | 48,000 | 673,607 | ||||||
Chugai Pharmaceutical Co., Ltd. | 16,500 | 463,682 | ||||||
Chugoku Bank, Ltd. | 12,400 | 167,566 |
135 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Chugoku Electric Power Co., Inc. | 20,000 | $ | 227,612 | |||||
Concordia Financial Group, Ltd. | 85,000 | 390,433 | ||||||
Credit Saison Co., Ltd. | 10,900 | 195,410 | ||||||
CYBERDYNE, Inc.†# | 7,221 | 94,361 | ||||||
Dai Nippon Printing Co., Ltd. | 41,000 | 387,763 | ||||||
Dai-ichi Life Holdings, Inc. | 79,400 | 1,272,496 | ||||||
Daicel Corp. | 19,300 | 212,561 | ||||||
Daiichi Sankyo Co., Ltd. | 43,300 | 901,539 | ||||||
Daikin Industries, Ltd. | 17,300 | 1,620,292 | ||||||
Daito Trust Construction Co., Ltd. | 5,200 | 807,919 | ||||||
Daiwa House Industry Co., Ltd. | 40,600 | 1,154,068 | ||||||
Daiwa Securities Group, Inc. | 122,000 | 733,034 | ||||||
Denso Corp.# | 35,100 | 1,527,888 | ||||||
Dentsu, Inc. | 15,400 | 704,008 | ||||||
Don Quijote Holdings Co., Ltd.# | 8,700 | 332,700 | ||||||
East Japan Railway Co. | 24,200 | 2,065,794 | ||||||
Eisai Co., Ltd. | 18,500 | 1,068,716 | ||||||
Electric Power Development Co., Ltd. | 10,400 | 228,081 | ||||||
FamilyMart UNY Holdings Co., Ltd. | 4,300 | 268,738 | ||||||
FANUC Corp. | 14,200 | 2,396,145 | ||||||
Fast Retailing Co., Ltd. | 3,900 | 1,348,918 | ||||||
Fuji Electric Co., Ltd. | 41,000 | 201,407 | ||||||
Fuji Heavy Industries, Ltd. | 42,700 | 1,733,679 | ||||||
FUJIFILM Holdings Corp. | 31,500 | 1,169,910 | ||||||
Fujitsu, Ltd. | 135,000 | 796,276 | ||||||
Fukuoka Financial Group, Inc. | 56,000 | 242,297 | ||||||
GungHo Online Entertainment, Inc. | 30,200 | 67,050 | ||||||
Hachijuni Bank, Ltd. | 29,900 | 160,209 | ||||||
Hakuhodo DY Holdings, Inc. | 17,300 | 200,816 | ||||||
Hamamatsu Photonics KK | 10,200 | 270,591 | ||||||
Hankyu Hanshin Holdings, Inc. | 16,800 | 530,851 | ||||||
Hikari Tsushin, Inc. | 1,500 | 133,735 | ||||||
Hino Motors, Ltd. | 18,600 | 188,756 | ||||||
Hirose Electric Co., Ltd. | 2,300 | 275,224 | ||||||
Hiroshima Bank, Ltd. | 36,000 | 158,594 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 4,100 | 197,107 | ||||||
Hitachi Chemical Co., Ltd. | 7,700 | 168,935 | ||||||
Hitachi Construction Machinery Co., Ltd.# | 8,000 | 164,608 | ||||||
Hitachi High-Technologies Corp. | 4,500 | 177,396 | ||||||
Hitachi Metals, Ltd.# | 16,400 | 214,309 | ||||||
Hitachi, Ltd.# | 348,000 | 1,853,384 | ||||||
Hokuriku Electric Power Co.# | 12,500 | 135,265 | ||||||
Honda Motor Co., Ltd. | 117,700 | 3,427,966 | ||||||
Hoshizaki Corp. | 3,500 | 296,447 | ||||||
Hoya Corp. | 29,100 | 1,144,363 | ||||||
Hulic Co., Ltd. | 21,700 | 203,713 | ||||||
Idemitsu Kosan Co., Ltd. | 6,400 | 144,777 | ||||||
IHI Corp.† | 100,000 | 277,086 | ||||||
Iida Group Holdings Co., Ltd. | 10,600 | 205,505 | ||||||
Inpex Corp. | 70,000 | 663,870 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 24,700 | 272,249 | ||||||
Isuzu Motors, Ltd. | 44,600 | 525,898 | ||||||
ITOCHU Corp. | 107,600 | 1,469,090 | ||||||
Iyo Bank, Ltd. | 17,900 | 114,843 | ||||||
J. Front Retailing Co., Ltd. | 17,700 | 249,398 | ||||||
Japan Airlines Co., Ltd. | 8,900 | 263,332 | ||||||
Japan Airport Terminal Co., Ltd.# | 3,000 | 111,577 | ||||||
Japan Exchange Group, Inc. | 38,400 | 568,591 | ||||||
Japan Post Bank Co., Ltd.# | 29,900 | 352,564 | ||||||
Japan Post Holdings Co., Ltd.# | 33,200 | 411,209 | ||||||
Japan Prime Realty Investment Corp. | 57 | 231,677 | ||||||
Japan Real Estate Investment Corp. | 94 | 508,597 | ||||||
Japan Retail Fund Investment Corp. | 182 | 369,393 | ||||||
Japan Tobacco, Inc. | 79,200 | 2,731,727 | ||||||
JFE Holdings, Inc.# | 36,500 | 532,800 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
JGC Corp.# | 14,500 | $ | 239,290 | |||||
JSR Corp. | 13,200 | 189,915 | ||||||
JTEKT Corp. | 15,000 | 239,937 | ||||||
JX Holdings, Inc. | 153,600 | 585,910 | ||||||
Kajima Corp. | 64,000 | 448,652 | ||||||
Kakaku.com, Inc.# | 10,900 | 171,020 | ||||||
Kamigumi Co., Ltd. | 16,000 | 146,847 | ||||||
Kaneka Corp. | 20,000 | 159,259 | ||||||
Kansai Electric Power Co., Inc.† | 52,200 | 514,677 | ||||||
Kansai Paint Co., Ltd.# | 16,400 | 300,319 | ||||||
Kao Corp. | 36,300 | 1,671,187 | ||||||
Kawasaki Heavy Industries, Ltd. | 105,000 | 331,323 | ||||||
KDDI Corp. | 135,900 | 3,562,468 | ||||||
Keihan Holdings Co., Ltd. | 36,000 | 229,081 | ||||||
Keikyu Corp. | 33,000 | 354,504 | ||||||
Keio Corp. | 42,000 | 334,811 | ||||||
Keisei Electric Railway Co., Ltd. | 9,600 | 227,738 | ||||||
Keyence Corp. | 3,400 | 2,324,916 | ||||||
Kikkoman Corp. | 10,000 | 305,931 | ||||||
Kintetsu Group Holdings Co., Ltd. | 135,000 | 521,568 | ||||||
Kirin Holdings Co., Ltd.# | 60,800 | 990,348 | ||||||
Kobe Steel, Ltd.†# | 22,600 | 213,150 | ||||||
Koito Manufacturing Co., Ltd. | 8,200 | 427,184 | ||||||
Komatsu, Ltd. | 66,500 | 1,530,770 | ||||||
Konami Holdings Corp. | 7,300 | 246,938 | ||||||
Konica Minolta, Inc. | 35,900 | 342,667 | ||||||
Kose Corp. | 2,179 | 174,655 | ||||||
Kubota Corp. | 75,400 | 1,138,530 | ||||||
Kuraray Co., Ltd. | 25,600 | 362,054 | ||||||
Kurita Water Industries, Ltd. | 7,400 | 153,815 | ||||||
Kyocera Corp. | 23,200 | 1,102,357 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 18,300 | 261,052 | ||||||
Kyushu Electric Power Co., Inc.# | 31,900 | 313,688 | ||||||
Kyushu Financial Group, Inc. | 25,200 | 165,863 | ||||||
Lawson, Inc. | 4,700 | 325,370 | ||||||
LIXIL Group Corp. | 19,700 | 438,065 | ||||||
M3, Inc.# | 14,400 | 371,690 | ||||||
Mabuchi Motor Co., Ltd.# | 3,400 | 189,310 | ||||||
Makita Corp. | 8,000 | 541,934 | ||||||
Marubeni Corp. | 120,800 | 661,309 | ||||||
Marui Group Co., Ltd. | 14,900 | 205,257 | ||||||
Maruichi Steel Tube, Ltd. | 3,300 | 106,293 | ||||||
Mazda Motor Corp. | 40,300 | 646,040 | ||||||
McDonald’s Holdings Co. Japan, Ltd.# | 4,800 | 131,952 | ||||||
Mebuki Financial Group, Inc. | 57,670 | 209,700 | ||||||
Medipal Holdings Corp. | 12,200 | 174,568 | ||||||
MEIJI Holdings Co., Ltd. | 8,200 | 653,678 | ||||||
Minebea Co., Ltd.# | 23,200 | 229,962 | ||||||
Miraca Holdings, Inc. | 4,100 | 183,488 | ||||||
Mitsubishi Chemical Holdings Corp. | 101,500 | 638,340 | ||||||
Mitsubishi Corp. | 108,500 | 2,343,934 | ||||||
Mitsubishi Electric Corp. | 139,200 | 1,918,175 | ||||||
Mitsubishi Estate Co., Ltd. | 90,000 | 1,813,688 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 13,500 | 204,615 | ||||||
Mitsubishi Heavy Industries, Ltd.# | 224,000 | 992,292 | ||||||
Mitsubishi Logistics Corp. | 7,000 | 94,655 | ||||||
Mitsubishi Materials Corp. | 8,100 | 239,662 | ||||||
Mitsubishi Motors Corp. | 48,300 | 223,336 | ||||||
Mitsubishi Tanabe Pharma Corp. | 16,500 | 310,227 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 918,200 | 5,375,730 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 37,000 | 170,438 | ||||||
Mitsui & Co., Ltd. | 123,000 | 1,657,310 | ||||||
Mitsui Chemicals, Inc. | 58,000 | 268,188 | ||||||
Mitsui Fudosan Co., Ltd. | 63,000 | 1,481,592 | ||||||
Mitsui OSK Lines, Ltd.# | 80,000 | 205,585 |
136 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Mixi, Inc. | 2,700 | $ | 94,047 | |||||
Mizuho Financial Group, Inc. | 1,712,100 | 3,031,961 | ||||||
MS&AD Insurance Group Holdings, Inc. | 37,200 | 1,153,995 | ||||||
Murata Manufacturing Co., Ltd. | 13,700 | 1,847,144 | ||||||
Nabtesco Corp. | 8,500 | 216,057 | ||||||
Nagoya Railroad Co., Ltd. | 60,000 | 294,218 | ||||||
NEC Corp. | 192,000 | 500,118 | ||||||
Nexon Co., Ltd. | 12,300 | 171,913 | ||||||
NGK Insulators, Ltd. | 19,300 | 368,776 | ||||||
NGK Spark Plug Co., Ltd.# | 13,500 | 276,832 | ||||||
NH Foods, Ltd. | 11,000 | 283,257 | ||||||
NHK Spring Co., Ltd. | 14,800 | 138,679 | ||||||
Nidec Corp. | 17,100 | 1,530,562 | ||||||
Nikon Corp. | 25,200 | 370,054 | ||||||
Nintendo Co., Ltd. | 8,100 | 1,966,501 | ||||||
Nippon Building Fund, Inc. | 101 | 562,362 | ||||||
Nippon Electric Glass Co., Ltd. | 28,000 | 149,294 | ||||||
Nippon Express Co., Ltd. | 62,000 | 320,283 | ||||||
Nippon Paint Holdings Co., Ltd.# | 11,600 | 366,033 | ||||||
Nippon Prologis REIT, Inc. | 111 | 229,849 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 58,000 | 1,243,599 | ||||||
Nippon Telegraph & Telephone Corp. | 49,800 | 2,013,242 | ||||||
Nippon Yusen KK | 118,000 | 218,662 | ||||||
Nissan Motor Co., Ltd. | 181,100 | 1,672,411 | ||||||
Nisshin Seifun Group, Inc. | 15,600 | 218,581 | ||||||
Nissin Foods Holdings Co., Ltd. | 4,300 | 224,011 | ||||||
Nitori Holdings Co., Ltd. | 5,700 | 594,887 | ||||||
Nitto Denko Corp. | 11,600 | 800,608 | ||||||
NOK Corp. | 6,900 | 137,210 | ||||||
Nomura Holdings, Inc. | 267,400 | 1,435,109 | ||||||
Nomura Real Estate Holdings, Inc. | 9,100 | 147,312 | ||||||
Nomura Real Estate Master Fund, Inc. | 258 | 384,502 | ||||||
Nomura Research Institute, Ltd. | 8,900 | 301,840 | ||||||
NSK, Ltd. | 33,800 | 368,120 | ||||||
NTT Data Corp. | 9,000 | 447,620 | ||||||
NTT DOCOMO, Inc. | 102,900 | 2,360,121 | ||||||
NTT Urban Development Corp. | 8,400 | 72,395 | ||||||
Obayashi Corp. | 47,300 | 449,826 | ||||||
OBIC Co., Ltd. | 4,700 | 206,643 | ||||||
Odakyu Electric Railway Co., Ltd. | 21,199 | 414,511 | ||||||
Oji Holdings Corp. | 58,000 | 237,769 | ||||||
Olympus Corp. | 20,900 | 734,391 | ||||||
Omron Corp.# | 13,800 | 509,034 | ||||||
Ono Pharmaceutical Co., Ltd. | 29,900 | 662,136 | ||||||
Oracle Corp. Japan | 2,700 | 134,522 | ||||||
Oriental Land Co., Ltd. | 15,600 | 888,643 | ||||||
ORIX Corp. | 97,200 | 1,513,586 | ||||||
Osaka Gas Co., Ltd. | 138,000 | 521,820 | ||||||
Otsuka Corp. | 3,400 | 165,535 | ||||||
Otsuka Holdings Co., Ltd. | 28,100 | 1,141,390 | ||||||
Panasonic Corp. | 161,530 | 1,643,468 | ||||||
Park24 Co., Ltd. | 7,300 | 207,377 | ||||||
Pola Orbis Holdings, Inc.# | 1,608 | 124,671 | ||||||
Rakuten, Inc. | 68,200 | 672,432 | ||||||
Recruit Holdings Co., Ltd. | 20,261 | 773,037 | ||||||
Resona Holdings, Inc. | 164,900 | 792,898 | ||||||
Ricoh Co., Ltd. | 48,400 | 389,637 | ||||||
Rinnai Corp. | 2,600 | 221,127 | ||||||
Rohm Co., Ltd. | 6,900 | 376,950 | ||||||
Ryohin Keikaku Co., Ltd. | 1,714 | 336,043 | ||||||
Sankyo Co., Ltd. | 3,400 | 107,434 | ||||||
Santen Pharmaceutical Co., Ltd.# | 27,000 | 329,461 | ||||||
SBI Holdings, Inc. | 14,600 | 182,747 | ||||||
Secom Co., Ltd. | 15,000 | 1,090,730 | ||||||
Sega Sammy Holdings, Inc.# | 13,300 | 198,794 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Seibu Holdings, Inc. | 12,300 | $ | 220,509 | |||||
Seiko Epson Corp. | 20,200 | 404,865 | ||||||
Sekisui Chemical Co., Ltd. | 30,900 | 467,801 | ||||||
Sekisui House, Ltd. | 43,800 | 715,930 | ||||||
Seven & i Holdings Co., Ltd. | 54,700 | 2,120,489 | ||||||
Seven Bank, Ltd.# | 44,000 | 125,379 | ||||||
Shikoku Electric Power Co., Inc.† | 13,200 | 125,879 | ||||||
Shimadzu Corp. | 16,000 | 243,766 | ||||||
Shimamura Co., Ltd. | 1,500 | 178,576 | ||||||
Shimano, Inc.# | 5,300 | 870,478 | ||||||
Shimizu Corp. | 38,000 | 350,090 | ||||||
Shin-Etsu Chemical Co., Ltd. | 27,900 | 2,063,144 | ||||||
Shinsei Bank, Ltd. | 120,000 | 191,950 | ||||||
Shionogi & Co., Ltd. | 21,800 | 1,030,882 | ||||||
Shiseido Co., Ltd. | 26,600 | 676,364 | ||||||
Shizuoka Bank, Ltd. | 38,000 | 307,242 | ||||||
Showa Shell Sekiyu KK | 13,800 | 123,157 | ||||||
SMC Corp. | 4,000 | 1,137,013 | ||||||
SoftBank Group Corp. | 69,200 | 4,059,878 | ||||||
Sohgo Security Services Co., Ltd.# | 5,100 | 207,513 | ||||||
Sompo Holdings, Inc. | 24,900 | 811,391 | ||||||
Sony Corp. | 90,900 | 2,612,466 | ||||||
Sony Financial Holdings, Inc.# | 12,900 | 186,050 | ||||||
Stanley Electric Co., Ltd. | 10,400 | 286,806 | ||||||
Start Today Co., Ltd. | 12,793 | 196,471 | ||||||
Sumitomo Chemical Co., Ltd. | 110,000 | 502,863 | ||||||
Sumitomo Corp. | 84,100 | 1,003,422 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 11,600 | 189,506 | ||||||
Sumitomo Electric Industries, Ltd. | 54,300 | 760,594 | ||||||
Sumitomo Heavy Industries, Ltd. | 40,000 | 240,899 | ||||||
Sumitomo Metal Mining Co., Ltd. | 34,000 | 454,106 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 96,600 | 3,551,415 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 23,700 | 859,709 | ||||||
Sumitomo Realty & Development Co., Ltd. | 26,000 | 717,923 | ||||||
Sumitomo Rubber Industries, Ltd. | 12,800 | 211,347 | ||||||
Sundrug Co., Ltd. | 2,640 | 183,684 | ||||||
Suntory Beverage & Food, Ltd. | 10,300 | 440,702 | ||||||
Suruga Bank, Ltd.# | 12,500 | 281,565 | ||||||
Suzuken Co., Ltd. | 5,600 | 167,405 | ||||||
Suzuki Motor Corp. | 26,600 | 855,627 | ||||||
Sysmex Corp.# | 11,200 | 674,516 | ||||||
T&D Holdings, Inc. | 43,500 | 543,346 | ||||||
Taiheiyo Cement Corp. | 86,000 | 269,114 | ||||||
Taisei Corp. | 75,000 | 542,808 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 2,300 | 196,215 | ||||||
Taiyo Nippon Sanso Corp. | 9,600 | 105,058 | ||||||
Takashimaya Co., Ltd. | 19,000 | 157,607 | ||||||
Takeda Pharmaceutical Co., Ltd.# | 51,100 | 2,092,596 | ||||||
TDK Corp. | 8,900 | 598,234 | ||||||
Teijin, Ltd. | 13,700 | 253,631 | ||||||
Terumo Corp.# | 24,500 | 861,960 | ||||||
THK Co., Ltd. | 8,300 | 178,544 | ||||||
Tobu Railway Co., Ltd. | 70,000 | 335,300 | ||||||
Toho Co., Ltd. | 8,200 | 235,453 | ||||||
Toho Gas Co., Ltd. | 29,000 | 229,658 | ||||||
Tohoku Electric Power Co., Inc. | 33,900 | 394,989 | ||||||
Tokio Marine Holdings, Inc. | 49,400 | 2,115,385 | ||||||
Tokyo Electric Power Co. Holdings, Inc.† | 107,900 | 400,835 | ||||||
Tokyo Electron, Ltd. | 11,200 | 1,025,480 | ||||||
Tokyo Gas Co., Ltd. | 146,000 | 636,425 | ||||||
Tokyo Tatemono Co., Ltd. | 14,900 | 192,233 | ||||||
Tokyu Corp. | 76,000 | 567,318 | ||||||
Tokyu Fudosan Holdings Corp. | 35,600 | 203,820 | ||||||
TonenGeneral Sekiyu KK | 20,000 | 190,376 | ||||||
Toppan Printing Co., Ltd. | 37,000 | 335,379 |
137 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Toray Industries, Inc.# | 107,000 | $ | 869,243 | |||||
Toshiba Corp.† | 297,000 | 1,103,836 | ||||||
TOTO, Ltd. | 10,100 | 387,120 | ||||||
Toyo Seikan Group Holdings, Ltd. | 11,900 | 224,051 | ||||||
Toyo Suisan Kaisha, Ltd. | 5,800 | 205,323 | ||||||
Toyoda Gosei Co., Ltd. | 4,700 | 101,473 | ||||||
Toyota Industries Corp. | 12,000 | 562,213 | ||||||
Toyota Motor Corp. | 196,300 | 11,408,581 | ||||||
Toyota Tsusho Corp. | 15,600 | 389,847 | ||||||
Trend Micro, Inc. | 7,600 | 273,030 | ||||||
Tsuruha Holdings, Inc. | 2,604 | 265,851 | ||||||
Unicharm Corp.# | 27,800 | 591,575 | ||||||
United Urban Investment Corp. | 184 | 280,491 | ||||||
USS Co., Ltd. | 16,499 | 264,059 | ||||||
West Japan Railway Co. | 12,200 | 741,885 | ||||||
Yahoo Japan Corp.# | 106,500 | 387,256 | ||||||
Yakult Honsha Co., Ltd.# | 6,300 | 276,439 | ||||||
Yamada Denki Co., Ltd. | 49,400 | 263,829 | ||||||
Yamaguchi Financial Group, Inc.# | 14,000 | 145,623 | ||||||
Yamaha Corp.# | 12,300 | 374,682 | ||||||
Yamaha Motor Co., Ltd.# | 19,500 | 448,446 | ||||||
Yamato Holdings Co., Ltd.# | 25,900 | 518,770 | ||||||
Yamazaki Baking Co., Ltd. | 8,700 | 172,548 | ||||||
Yaskawa Electric Corp. | 16,800 | 257,716 | ||||||
Yokogawa Electric Corp.# | 15,600 | 216,127 | ||||||
Yokohama Rubber Co., Ltd. | 7,200 | 130,085 | ||||||
208,574,541 | ||||||||
Jersey — 1.3% |
| |||||||
Experian PLC | 69,268 | 1,308,688 | ||||||
Glencore PLC† | 890,786 | 3,112,941 | ||||||
Petrofac, Ltd. | 19,065 | 189,521 | ||||||
Randgold Resources, Ltd. | 6,510 | 464,283 | ||||||
Shire PLC | 64,670 | 3,770,642 | ||||||
Wolseley PLC | 18,381 | 1,068,271 | ||||||
WPP PLC | 93,085 | 1,990,437 | ||||||
11,904,783 | ||||||||
Luxembourg — 0.3% |
| |||||||
ArcelorMittal† | 132,443 | 1,000,555 | ||||||
Millicom International Cellular SA SDR | 4,908 | 207,223 | ||||||
RTL Group SA | 2,901 | 197,114 | ||||||
SES SA FDR | 25,979 | 561,553 | ||||||
Tenaris SA | 35,196 | 562,148 | ||||||
2,528,593 | ||||||||
Mauritius — 0.0% |
| |||||||
Golden Agri-Resources, Ltd. | 525,000 | 157,498 | ||||||
Netherlands — 3.8% |
| |||||||
ABN AMRO Group NV CVA* | 16,728 | 361,675 | ||||||
Aegon NV | 135,890 | 691,022 | ||||||
AerCap Holdings NV† | 12,272 | 525,855 | ||||||
Airbus Group SE | 42,485 | 2,713,820 | ||||||
Akzo Nobel NV | 18,133 | 1,129,265 | ||||||
Altice NV, Class A† | 26,909 | 463,442 | ||||||
Altice NV, Class B† | 6,413 | 111,434 | ||||||
ASML Holding | 26,573 | 2,749,310 | ||||||
Boskalis Westminster NV | 6,459 | 201,602 | ||||||
CNH Industrial NV# | 69,380 | 591,200 | ||||||
Ferrari NV | 8,846 | 484,710 | ||||||
Fiat Chrysler Automobiles NV# | 66,136 | 510,987 | ||||||
Gemalto NV# | 5,918 | 301,818 | ||||||
Heineken Holding NV | 7,521 | 528,406 | ||||||
Heineken NV | 16,568 | 1,241,814 | ||||||
ING Groep NV | 279,115 | 3,801,286 |
Security Description | Shares | Value (Note 2) | ||||||
Netherlands (continued) |
| |||||||
Koninklijke Ahold Delhaize NV | 92,885 | $ | 1,832,046 | |||||
Koninklijke DSM NV | 12,963 | 786,136 | ||||||
Koninklijke KPN NV | 245,870 | 708,531 | ||||||
Koninklijke Philips NV | 67,095 | 1,929,942 | ||||||
Koninklijke Vopak NV# | 5,247 | 245,242 | ||||||
Mobileye NV†# | 12,651 | 470,997 | ||||||
NN Group NV | 22,756 | 731,497 | ||||||
NXP Semiconductors NV† | 21,217 | 2,103,666 | ||||||
OCI NV†# | 6,341 | 92,239 | ||||||
QIAGEN NV†# | 15,939 | 440,061 | ||||||
Randstad Holding NV | 8,546 | 433,944 | ||||||
RELX NV | 71,844 | 1,160,432 | ||||||
STMicroelectronics NV# | 48,463 | 494,322 | ||||||
Unilever NV CVA | 117,299 | 4,708,594 | ||||||
Wolters Kluwer NV | 21,792 | 785,734 | ||||||
33,331,029 | ||||||||
New Zealand — 0.2% |
| |||||||
Auckland International Airport, Ltd. | 72,726 | 317,011 | ||||||
Contact Energy, Ltd. | 52,082 | 173,357 | ||||||
Fletcher Building, Ltd. | 52,070 | 379,085 | ||||||
Mercury NZ, Ltd.# | 49,349 | 105,196 | ||||||
Meridian Energy, Ltd. | 91,309 | 166,189 | ||||||
Ryman Healthcare, Ltd. | 28,202 | 174,761 | ||||||
Spark New Zealand, Ltd. | 136,683 | 351,864 | ||||||
1,667,463 | ||||||||
Norway — 0.7% |
| |||||||
DNB ASA | 70,311 | 1,035,625 | ||||||
Gjensidige Forsikring ASA | 15,126 | 241,982 | ||||||
Marine Harvest ASA# | 27,629 | 496,846 | ||||||
Norsk Hydro ASA# | 100,448 | 473,588 | ||||||
Orkla ASA | 58,775 | 523,982 | ||||||
Schibsted ASA, Class A# | 5,445 | 117,551 | ||||||
Schibsted ASA, Class B | 6,527 | 132,476 | ||||||
Statoil ASA | 81,650 | 1,399,243 | ||||||
Telenor ASA | 55,284 | 816,886 | ||||||
Yara International ASA | 13,396 | 495,641 | ||||||
5,733,820 | ||||||||
Papua New Guinea — 0.1% |
| |||||||
Oil Search, Ltd. | 98,881 | 470,970 | ||||||
Portugal — 0.1% |
| |||||||
Banco Espirito Santo SA†(1)(2) | 213,818 | 13,597 | ||||||
EDP - Energias de Portugal SA | 172,541 | 498,680 | ||||||
Galp Energia SGPS SA | 33,161 | 448,634 | ||||||
Jeronimo Martins SGPS SA | 18,630 | 294,398 | ||||||
1,255,309 | ||||||||
Singapore — 1.2% |
| |||||||
Ascendas Real Estate Investment Trust | 152,000 | 249,206 | ||||||
CapitaLand Commercial Trust, Ltd. | 149,000 | 159,047 | ||||||
CapitaLand Mall Trust | 180,000 | 244,881 | ||||||
CapitaLand, Ltd. | 190,000 | 408,274 | ||||||
City Developments, Ltd. | 29,900 | 176,060 | ||||||
ComfortDelGro Corp., Ltd. | 151,000 | 265,476 | ||||||
DBS Group Holdings, Ltd. | 127,600 | 1,562,340 | ||||||
Global Logistic Properties, Ltd. | 190,900 | 274,360 | ||||||
Hutchison Port Holdings Trust | 423,000 | 177,660 | ||||||
Jardine Cycle & Carriage, Ltd.# | 7,700 | 215,687 | ||||||
Keppel Corp., Ltd. | 106,300 | 404,182 | ||||||
Oversea-Chinese Banking Corp., Ltd.# | 218,000 | 1,380,989 | ||||||
Sembcorp Industries, Ltd.# | 72,000 | 135,626 | ||||||
Sembcorp Marine, Ltd.# | 60,000 | 58,395 | ||||||
Singapore Airlines, Ltd. | 40,600 | 283,253 |
138 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Singapore (continued) |
| |||||||
Singapore Exchange, Ltd. | 58,000 | $ | 295,392 | |||||
Singapore Press Holdings, Ltd.# | 119,000 | 311,334 | ||||||
Singapore Technologies Engineering, Ltd. | 115,000 | 271,183 | ||||||
Singapore Telecommunications, Ltd. | 573,200 | 1,511,631 | ||||||
StarHub, Ltd. | 44,000 | 88,408 | ||||||
Suntec Real Estate Investment Trust | 167,000 | 197,485 | ||||||
United Overseas Bank, Ltd. | 93,000 | 1,324,261 | ||||||
UOL Group, Ltd. | 33,000 | 135,836 | ||||||
Wilmar International, Ltd. | 141,000 | 346,266 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 141,000 | 80,664 | ||||||
10,557,896 | ||||||||
Spain — 2.8% |
| |||||||
Abertis Infraestructuras SA | 37,476 | 500,657 | ||||||
ACS Actividades de Construccion y Servicios SA | 13,917 | 409,827 | ||||||
Aena SA* | 4,975 | 659,621 | ||||||
Amadeus IT Group SA | 31,890 | 1,445,228 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 468,890 | 2,895,248 | ||||||
Banco de Sabadell SA# | 384,484 | 479,622 | ||||||
Banco Popular Espanol SA# | 240,110 | 210,455 | ||||||
Banco Santander SA | 1,040,976 | 4,758,439 | ||||||
Bankia SA# | 341,247 | 304,165 | ||||||
Bankinter SA | 50,023 | 375,996 | ||||||
CaixaBank SA | 190,219 | 552,999 | ||||||
Distribuidora Internacional de Alimentacion SA# | 46,140 | 210,570 | ||||||
Enagas SA | 16,240 | 400,178 | ||||||
Endesa SA | 23,166 | 478,896 | ||||||
Ferrovial SA | 34,982 | 620,090 | ||||||
Gas Natural SDG SA | 25,996 | 444,962 | ||||||
Grifols SA# | 22,289 | 437,025 | ||||||
Iberdrola SA | 392,820 | 2,364,339 | ||||||
Industria de Diseno Textil SA | 78,562 | 2,687,343 | ||||||
International Consolidated Airlines Group SA# | 59,838 | 324,643 | ||||||
Mapfre SA# | 69,050 | 207,107 | ||||||
Red Electrica Corp. SA | 32,202 | 573,372 | ||||||
Repsol SA | 79,796 | 1,065,604 | ||||||
Telefonica SA | 323,039 | 2,688,311 | ||||||
Zardoya Otis SA# | 12,564 | 98,139 | ||||||
25,192,836 | ||||||||
Sweden — 2.7% |
| |||||||
Alfa Laval AB | 20,977 | 314,787 | ||||||
ASSA ABLOY AB, Class B | 72,244 | 1,366,109 | ||||||
Atlas Copco AB, Class A | 48,249 | 1,459,586 | ||||||
Atlas Copco AB, Class B | 29,011 | 779,788 | ||||||
Boliden AB | 20,331 | 525,095 | ||||||
Electrolux AB, Series B | 18,024 | 421,540 | ||||||
Getinge AB, Class B | 14,923 | 228,146 | ||||||
Hennes & Mauritz AB, Class B | 69,275 | 2,012,271 | ||||||
Hexagon AB, Class B | 19,043 | 674,562 | ||||||
Husqvarna AB, Class B | 30,387 | 224,868 | ||||||
ICA Gruppen AB | 5,724 | 169,744 | ||||||
Industrivarden AB, Class C | 11,932 | 204,413 | ||||||
Investor AB, Class B | 33,070 | 1,116,939 | ||||||
Kinnevik AB, Class B | 17,523 | 429,392 | ||||||
Lundin Petroleum AB† | 13,380 | 252,141 | ||||||
Nordea Bank AB | 219,019 | 2,301,139 | ||||||
Sandvik AB | 78,582 | 930,428 | ||||||
Securitas AB, Class B | 23,383 | 343,539 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 109,172 | 1,087,837 | ||||||
Skanska AB, Class B | 24,396 | 560,779 | ||||||
SKF AB, Class B | 29,409 | 529,329 | ||||||
Svenska Cellulosa AB SCA, Class B | 44,039 | 1,174,653 | ||||||
Svenska Handelsbanken AB, Class A | 107,580 | 1,493,065 | ||||||
Swedbank AB, Class A | 65,779 | 1,518,449 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) |
| |||||||
Swedish Match AB | 14,177 | $ | 442,397 | |||||
Tele2 AB, Class B | 23,819 | 181,946 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 221,417 | 1,140,119 | ||||||
Telia Co AB | 191,223 | 718,631 | ||||||
Volvo AB, Class B | 112,854 | 1,206,510 | ||||||
23,808,202 | ||||||||
Switzerland — 8.4% |
| |||||||
ABB, Ltd. | 141,864 | 2,891,140 | ||||||
Actelion, Ltd. | 7,505 | 1,446,818 | ||||||
Adecco Group AG | 12,077 | 744,196 | ||||||
Aryzta AG# | 6,608 | 281,556 | ||||||
Baloise Holding AG | 3,536 | 426,045 | ||||||
Barry Callebaut AG | 164 | 194,696 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 8 | 465,113 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | 67 | 330,156 | ||||||
Cie Financiere Richemont SA | 38,034 | 2,485,846 | ||||||
Coca-Cola HBC AG | 13,019 | 276,919 | ||||||
Credit Suisse Group AG | 134,062 | 1,782,746 | ||||||
Dufry AG†# | 3,277 | 405,475 | ||||||
EMS-Chemie Holding AG | 616 | 315,967 | ||||||
Galenica AG | 284 | 300,285 | ||||||
Geberit AG | 2,773 | 1,097,799 | ||||||
Givaudan SA | 679 | 1,210,139 | ||||||
Julius Baer Group, Ltd. | 16,099 | 711,447 | ||||||
Kuehne & Nagel International AG | 4,061 | 530,442 | ||||||
LafargeHolcim, Ltd. | 32,742 | 1,734,196 | ||||||
Lonza Group AG | 3,931 | 702,144 | ||||||
Nestle SA | 230,024 | 15,475,206 | ||||||
Novartis AG | 164,135 | 11,341,088 | ||||||
Pargesa Holding SA (BR) | 2,298 | 145,786 | ||||||
Partners Group Holding AG | 1,244 | 604,442 | ||||||
Roche Holding AG | 50,665 | 11,297,094 | ||||||
Schindler Holding AG | 1,597 | 280,225 | ||||||
Schindler Holding AG (Participation Certificate) | 3,241 | 575,710 | ||||||
SGS SA | 395 | 793,730 | ||||||
Sika AG (BR) | 154 | 747,204 | ||||||
Sonova Holding AG | 3,827 | 462,613 | ||||||
Swatch Group AG | 3,711 | 213,528 | ||||||
Swatch Group AG (BR) | 2,213 | 650,601 | ||||||
Swiss Life Holding AG | 2,388 | 656,718 | ||||||
Swiss Prime Site AG | 4,875 | 398,938 | ||||||
Swiss Re AG | 24,052 | 2,214,289 | ||||||
Swisscom AG | 1,885 | 805,579 | ||||||
Syngenta AG | 6,704 | 2,564,361 | ||||||
UBS Group AG | 263,601 | 4,192,415 | ||||||
Zurich Insurance Group AG | 10,856 | 2,845,602 | ||||||
74,598,254 | ||||||||
United Kingdom — 16.1% |
| |||||||
3i Group PLC | 69,560 | 599,660 | ||||||
Aberdeen Asset Management PLC | 69,228 | 232,136 | ||||||
Admiral Group PLC | 15,136 | 360,014 | ||||||
Aggreko PLC | 19,343 | 197,851 | ||||||
Anglo American PLC† | 103,794 | 1,538,924 | ||||||
Antofagasta PLC# | 29,306 | 252,640 | ||||||
Ashtead Group PLC | 37,290 | 731,119 | ||||||
Associated British Foods PLC | 25,852 | 824,823 | ||||||
AstraZeneca PLC | 91,145 | 4,732,114 | ||||||
Auto Trader Group PLC* | 72,150 | 360,825 | ||||||
Aviva PLC | 295,928 | 1,655,085 | ||||||
Babcock International Group PLC | 18,465 | 220,637 | ||||||
BAE Systems PLC | 228,933 | 1,720,077 | ||||||
Barclays PLC | 1,212,399 | 3,275,860 |
139 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
Barratt Developments PLC | 73,002 | $ | 428,568 | |||||
Berkeley Group Holdings PLC | 9,336 | 289,343 | ||||||
BHP Billiton PLC | 153,416 | 2,521,316 | ||||||
BP PLC | 1,331,590 | 7,654,827 | ||||||
British American Tobacco PLC | 134,270 | 7,381,017 | ||||||
British Land Co. PLC | 71,407 | 528,472 | ||||||
BT Group PLC | 614,355 | 2,744,959 | ||||||
Bunzl PLC | 25,085 | 646,559 | ||||||
Burberry Group PLC | 33,084 | 591,530 | ||||||
Capita PLC | 49,438 | 324,439 | ||||||
Carnival PLC | 13,947 | 705,697 | ||||||
Centrica PLC | 390,314 | 1,027,023 | ||||||
Cobham PLC# | 122,325 | 251,466 | ||||||
Compass Group PLC | 118,762 | 2,037,237 | ||||||
Croda International PLC | 9,401 | 383,694 | ||||||
Diageo PLC | 181,655 | 4,557,098 | ||||||
Direct Line Insurance Group PLC | 101,858 | 442,488 | ||||||
Dixons Carphone PLC | 73,032 | 303,191 | ||||||
easyJet PLC | 12,101 | 149,894 | ||||||
Fresnillo PLC# | 16,181 | 242,948 | ||||||
G4S PLC# | 113,915 | 347,917 | ||||||
GKN PLC | 124,281 | 481,896 | ||||||
GlaxoSmithKline PLC | 351,418 | 6,575,625 | ||||||
Hammerson PLC | 57,767 | 393,554 | ||||||
Hargreaves Lansdown PLC# | 17,859 | 263,003 | ||||||
Hikma Pharmaceuticals PLC# | 10,379 | 220,895 | ||||||
HSBC Holdings PLC | 1,419,304 | 11,280,089 | ||||||
ICAP PLC | 41,664 | 253,821 | ||||||
IMI PLC | 20,346 | 246,932 | ||||||
Imperial Brands PLC | 69,683 | 2,993,141 | ||||||
Inmarsat PLC | 32,128 | 285,611 | ||||||
InterContinental Hotels Group PLC | 13,361 | 548,494 | ||||||
Intertek Group PLC | 12,168 | 500,737 | ||||||
Intu Properties PLC# | 66,950 | 225,419 | ||||||
Investec PLC | 41,330 | 268,903 | ||||||
ITV PLC | 261,816 | 550,341 | ||||||
J Sainsbury PLC# | 92,338 | 266,882 | ||||||
Johnson Matthey PLC | 13,987 | 547,767 | ||||||
Kingfisher PLC | 167,741 | 741,077 | ||||||
Land Securities Group PLC | 58,494 | 709,920 | ||||||
Legal & General Group PLC | 429,120 | 1,266,045 | ||||||
Lloyds Banking Group PLC | 4,633,241 | 3,354,787 | ||||||
London Stock Exchange Group PLC | 22,979 | 790,086 | ||||||
Marks & Spencer Group PLC | 120,311 | 494,802 | ||||||
Mediclinic International PLC# | 26,650 | 236,579 | ||||||
Meggitt PLC | 59,083 | 349,220 | ||||||
Merlin Entertainments PLC* | 47,647 | 259,806 | ||||||
Mondi PLC | 26,972 | 551,094 | ||||||
National Grid PLC | 270,535 | 3,091,121 | ||||||
Next PLC | 10,390 | 637,518 | ||||||
Old Mutual PLC | 362,163 | 860,509 | ||||||
Pearson PLC | 61,168 | 608,823 | ||||||
Persimmon PLC | 22,624 | 481,221 | ||||||
Provident Financial PLC | 10,623 | 387,447 | ||||||
Prudential PLC | 185,435 | 3,592,771 | ||||||
Reckitt Benckiser Group PLC | 45,819 | 3,877,141 | ||||||
RELX PLC | 79,623 | 1,369,834 | ||||||
Rio Tinto PLC | 89,300 | 3,340,790 | ||||||
Rolls-Royce Holdings PLC | 132,619 | 1,122,536 | ||||||
Rolls-Royce Holdings PLC, Class C (Entitlement Shares)† | 16,123,260 | 20,174 | ||||||
Royal Bank of Scotland Group PLC† | 253,252 | 615,676 | ||||||
Royal Dutch Shell PLC, Class A | 303,363 | 7,690,041 | ||||||
Royal Dutch Shell PLC, Class B | 269,974 | 7,156,110 | ||||||
Royal Mail PLC | 65,846 | 386,063 | ||||||
RSA Insurance Group PLC | 75,263 | 508,984 | ||||||
Sage Group PLC | 79,391 | 653,121 | ||||||
Schroders PLC | 9,398 | 325,130 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
Segro PLC | 56,541 | $ | 295,710 | |||||
Severn Trent PLC | 17,677 | 483,709 | ||||||
Sky PLC | 76,324 | 745,828 | ||||||
Smith & Nephew PLC | 64,970 | 916,143 | ||||||
Smiths Group PLC | 29,673 | 523,860 | ||||||
SSE PLC | 72,675 | 1,341,231 | ||||||
St James’s Place PLC | 38,239 | 449,739 | ||||||
Standard Chartered PLC† | 238,204 | 1,910,739 | ||||||
Standard Life PLC | 141,550 | 612,083 | ||||||
Tate & Lyle PLC | 34,830 | 295,468 | ||||||
Taylor Wimpey PLC | 239,580 | 444,548 | ||||||
Tesco PLC†# | 586,889 | 1,532,516 | ||||||
Travis Perkins PLC | 18,748 | 314,800 | ||||||
Unilever PLC | 92,591 | 3,702,560 | ||||||
United Utilities Group PLC | 50,106 | 553,576 | ||||||
Vodafone Group PLC | 1,914,377 | 4,644,424 | ||||||
Weir Group PLC | 16,062 | 363,350 | ||||||
Whitbread PLC | 13,184 | 571,415 | ||||||
William Hill PLC | 66,047 | 248,988 | ||||||
WM Morrison Supermarkets PLC# | 156,293 | 425,329 | ||||||
Worldpay Group PLC* | 99,669 | 335,708 | ||||||
142,354,708 | ||||||||
Total Common Stocks | ||||||||
(cost $919,844,096) | 848,133,966 | |||||||
EXCHANGE-TRADED FUNDS — 1.5% |
| |||||||
United States — 1.5% |
| |||||||
iShares MSCI EAFE ETF | 232,431 | 13,199,757 | ||||||
RIGHTS†— 0.0% |
| |||||||
Australia — 0.0% |
| |||||||
Boral, Ltd. | 24,279 | 4,213 | ||||||
Spain — 0.0% |
| |||||||
CaixaBank SA | 190,219 | 7,863 | ||||||
Total Rights | ||||||||
(cost $8,086) | 12,076 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $933,341,873) | 861,345,799 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.8% |
| |||||||
Registered Investment Companies — 4.7% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | 41,456,738 | 41,456,738 | ||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | ||||||||
0.16% due 12/15/2016(5) | $ | 950,000 | 949,946 | |||||
0.19% due 12/15/2016(5) | 100,000 | 99,994 | ||||||
0.22% due 12/15/2016(5) | 250,000 | 249,986 | ||||||
1,299,926 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $42,756,650) | 42,756,664 | |||||||
REPURCHASE AGREEMENTS — 1.5% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(6) | 13,369,000 | 13,369,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(cost $989,467,523)(7) | 103.7 | % | 917,471,463 | |||||
Liabilities in excess of other assets | (3.7 | ) | (32,623,271 | ) | ||||
NET ASSETS | 100.0 | % | $ | 884,848,192 | ||||
140 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
# | 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, 2016, the aggregate value of these securities was $3,291,511 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, 2016, the aggregate value of these securities was $63,157 representing 0.0% of net assets. |
(3) | At November 30, 2016, the Fund had loaned securities with a total value of $48,937,663. This was secured by collateral of $41,456,738, which was received in cash and subsequently invested in short-term investments currently valued at $41,456,738 as reported in the Portfolio of Investments. Additional collateral of $11,734,824 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, 2016 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 3.50% | 05/01/2032 to 12/01/2041 | $ | 1,501,240 | ||||
Federal National Mtg. Assoc. | 2.50% to 4.40% | 01/25/2032 to 10/01/2041 | 4,072,386 | |||||
Government National Mtg. Assoc. | 3.00% | 08/20/2046 to 08/20/2046 | 2,363,746 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | 369,787 | |||||
United States Treasury Notes/Bonds | 0.13% to 7.63% | 12/31/2016 to 08/15/2046 | 3,427,665 |
(4) | The rate shown is the 7-day yield as of November 30, 2016. |
(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) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
BR—Bearer Shares
CDI—Chess Depositary Interest
CVA—Certification Van Aandelen (Dutch Cert.)
FDR—Fiduciary 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, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
290 | Long | E-Mini MSCI EAFE Index | December 2016 | $ | 23,888,090 | $ | 23,708,950 | $ | (179,140 | ) | ||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 62,776,500 | $ | — | $ | 49,560 | $ | 62,826,060 | ||||||||
Portugal | 1,241,712 | — | 13,597 | 1,255,309 | ||||||||||||
United Kingdom | 142,334,534 | 20,174 | — | 142,354,708 | ||||||||||||
Other Countries | 641,697,889 | — | — | 641,697,889 | ||||||||||||
Exchange-Traded Funds | 13,199,757 | — | — | 13,199,757 | ||||||||||||
Rights | 12,076 | — | — | 12,076 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 41,456,738 | — | — | 41,456,738 | ||||||||||||
U.S. Government Treasuries | — | 1,299,926 | — | 1,299,926 | ||||||||||||
Repurchase Agreements | — | 13,369,000 | — | 13,369,000 | ||||||||||||
Total Investments at Value | $ | 902,719,206 | $ | 14,689,100 | $ | 63,157 | $ | 917,471,463 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Futures Contracts | $ | 179,140 | $ | — | $ | — | $ | 179,140 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
+ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Fund.
See Notes to Financial Statements
141 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Sovereign | 62.9 | % | ||
United States Treasury Notes | 22.7 | |||
Time Deposits | 1.9 | |||
United States Treasury Bonds | 1.9 | |||
Banks — Commercial | 1.3 | |||
Banks — Fiduciary | 0.9 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Oil Companies — Integrated | 0.6 | |||
Registered Investment Companies | 0.5 | |||
Paper & Related Products | 0.5 | |||
Pipelines | 0.5 | |||
Oil Refining & Marketing | 0.4 | |||
Cellular Telecom | 0.4 | |||
Food — Meat Products | 0.4 | |||
Telecom Services | 0.3 | |||
Petrochemicals | 0.2 | |||
Auto — Cars/Light Trucks | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Import/Export | 0.2 | |||
Electric — Generation | 0.2 | |||
Transport — Marine | 0.2 | |||
Metal — Iron | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Food — Misc./Diversified | 0.2 | |||
Building Products — Cement | 0.2 | |||
Investment Companies | 0.2 | |||
Transport — Services | 0.1 | |||
Gold Mining | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Appliances | 0.1 | |||
Electric — Distribution | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Food — Retail | 0.1 | |||
Gas — Transportation | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
99.4 | % | |||
Country Allocation*
United States | 27.3 | % | ||
Japan | 12.0 | |||
Germany | 5.1 | |||
Italy | 4.4 | |||
Mexico | 4.2 | |||
Spain | 3.1 | |||
France | 3.0 | |||
Canada | 3.0 | |||
Australia | 2.3 | |||
United Kingdom | 2.2 | |||
Turkey | 2.2 | |||
Belgium | 1.7 | |||
Lebanon | 1.4 | |||
Argentina | 1.3 | |||
Brazil | 1.2 | |||
Panama | 1.0 | |||
Indonesia | 1.0 | |||
Poland | 1.0 | |||
Lithuania | 0.9 | |||
Tunisia | 0.9 | |||
Norway | 0.9 | |||
Honduras | 0.9 | |||
Netherlands | 0.9 | |||
Sri Lanka | 0.9 | |||
Serbia | 0.8 |
Country Allocation* (continued)
Chile | 0.8 | |||
Romania | 0.8 | |||
Jamaica | 0.8 | |||
Peru | 0.7 | |||
Paraguay | 0.7 | |||
Kenya | 0.6 | |||
Dominican Republic | 0.6 | |||
Sweden | 0.6 | |||
Ivory Coast | 0.6 | |||
Luxembourg | 0.5 | |||
Jordan | 0.5 | |||
Thailand | 0.5 | |||
British Virgin Islands | 0.5 | |||
Morocco | 0.5 | |||
Egypt | 0.5 | |||
Azerbaijan | 0.4 | |||
South Africa | 0.3 | |||
Venezuela | 0.4 | |||
Cayman Islands | 0.4 | |||
Georgia | 0.4 | |||
Slovenia | 0.3 | |||
Costa Rica | 0.3 | |||
Hungary | 0.3 | |||
Namibia | 0.3 | |||
Russia | 0.3 | |||
El Salvador | 0.3 | |||
Ireland | 0.3 | |||
Austria | 0.3 | |||
Montenegro | 0.3 | |||
Senegal | 0.2 | |||
India | 0.2 | |||
Colombia | 0.2 | |||
Bermuda | 0.2 | |||
China | 0.2 | |||
South Korea | 0.2 | |||
Malaysia | 0.2 | |||
Mozambique | 0.1 | |||
Ethiopia | 0.1 | |||
Isle of Man | 0.1 | |||
Bahrain | 0.1 | |||
Israel | 0.1 | |||
United Arab Emirates | 0.1 | |||
99.4 | % | |||
Credit Quality†#
Aaa | 37.0 | % | ||
Aa | 6.2 | |||
A | 18.7 | |||
Baa | 16.1 | |||
Ba | 7.6 | |||
B | 8.5 | |||
Caa | 0.6 | |||
Not Rated@ | 5.3 | |||
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. |
142 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES — 8.6% | ||||||||
Argentina — 0.1% | ||||||||
Banco Macro SA VRS | $ | 320,000 | $ | 306,400 | ||||
Austria — 0.3% | ||||||||
Bahia Sul Holdings GmbH | 400,000 | 383,500 | ||||||
BRF GmbH | 200,000 | 186,500 | ||||||
570,000 | ||||||||
Azerbaijan — 0.4% | ||||||||
Southern Gas Corridor CJSC | 800,000 | 848,000 | ||||||
Bermuda — 0.2% | ||||||||
Tengizchevroil Finance Co., Inc. | 500,000 | 463,750 | ||||||
Brazil — 0.1% | ||||||||
BRF SA | BRL | 500,000 | 138,230 | |||||
Oi SA | BRL | 500,000 | 27,165 | |||||
165,395 | ||||||||
British Virgin Islands — 0.5% | ||||||||
China Cinda Finance 2015 I, Ltd. | 500,000 | 490,446 | ||||||
Huarong Finance II Co., Ltd. | 300,000 | 315,744 | ||||||
State Grid Overseas Investment 2014, Ltd. | 200,000 | 208,959 | ||||||
1,015,149 | ||||||||
Canada — 0.2% | ||||||||
St Marys Cement, Inc. | 330,000 | 316,899 | ||||||
Cayman Islands — 0.4% | ||||||||
Agile Group Holdings, Ltd. | 200,000 | 203,258 | ||||||
Alibaba Group Holding, Ltd. | 350,000 | 346,021 | ||||||
Fibria Overseas Finance, Ltd. | 250,000 | 245,300 | ||||||
794,579 | ||||||||
Chile — 0.5% | ||||||||
Cencosud SA | 200,000 | 200,675 | ||||||
Empresa Nacional de Telecomunicaciones SA | 250,000 | 250,006 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Chile (continued) | ||||||||
Empresa Nacional del Petroleo | $ | 400,000 | $ | 376,960 | ||||
Inversiones CMPC SA | 300,000 | 303,964 | ||||||
1,131,605 | ||||||||
China — 0.2% | ||||||||
Bank of China, Ltd. | 420,000 | 436,219 | ||||||
Colombia — 0.2% | ||||||||
Ecopetrol SA | 300,000 | 273,285 | ||||||
Transportadora de Gas Internacional SA ESP | 200,000 | 204,000 | ||||||
477,285 | ||||||||
India — 0.2% | ||||||||
Reliance Industries, Ltd. | 500,000 | 498,492 | ||||||
Indonesia — 0.3% | ||||||||
Pertamina Persero PT | 318,000 | 329,112 | ||||||
PT Pelabuhan Indonesia II | 400,000 | 383,400 | ||||||
712,512 | ||||||||
Ireland — 0.3% | ||||||||
NLMK Group | 360,000 | 353,246 | ||||||
Novatek OAO via Novatek Finance, Ltd. | 260,000 | 255,827 | ||||||
609,073 | ||||||||
Isle of Man — 0.1% | ||||||||
AngloGold Holdings PLC | 300,000 | 295,782 | ||||||
Israel — 0.1% | ||||||||
Israel Chemicals, Ltd. | 255,000 | 247,036 | ||||||
Luxembourg — 0.5% | ||||||||
Cosan Luxembourg SA | 265,000 | 262,350 | ||||||
Klabin Finance SA | 200,000 | 190,000 | ||||||
Minerva Luxembourg SA | 500,000 | 470,000 |
143 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) | ||||||||
Luxembourg (continued) | ||||||||
Tupy Overseas SA | $ | 270,000 | $ | 261,225 | ||||
1,183,575 | ||||||||
Malaysia — 0.2% | ||||||||
Petronas Capital, Ltd. | 400,000 | 398,687 | ||||||
Mexico — 0.8% | ||||||||
Alpek SAB de CV | 310,000 | 313,100 | ||||||
Comision Federal de Electricidad | 200,000 | 186,000 | ||||||
El Puerto de Liverpool SAB de CV | 200,000 | 183,000 | ||||||
Elementia SAB de CV | 450,000 | 417,375 | ||||||
Petroleos Mexicanos | 485,000 | 425,403 | ||||||
Trust F/1401 | 200,000 | 192,000 | ||||||
1,716,878 | ||||||||
Netherlands — 0.9% | ||||||||
Bharti Airtel International Netherlands BV | 500,000 | 522,544 | ||||||
Equate Petrochemical BV | 320,000 | 302,000 | ||||||
GTH Finance BV | 200,000 | 212,500 | ||||||
Marfrig Holdings Europe BV | 200,000 | 200,500 | ||||||
Petrobras Global Finance BV | 270,000 | 289,710 | ||||||
VimpelCom Holdings BV | 350,000 | 361,015 | ||||||
1,888,269 | ||||||||
Peru — 0.4% | ||||||||
Alicorp SAA | 150,000 | 145,875 | ||||||
Banco de Credito del Peru/Panama | 275,000 | 295,212 | ||||||
Banco Internacional del Peru SAA/Panama | 250,000 | 270,000 | ||||||
Transportadora de Gas del Peru SA | 200,000 | 198,500 | ||||||
909,587 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
South Africa — 0.1% | ||||||||
Transnet SOC, Ltd. | $ | 320,000 | $ | 296,330 | ||||
South Korea — 0.2% | ||||||||
KEB Hana Bank | 200,000 | 204,739 | ||||||
Shinhan Bank | 200,000 | 197,560 | ||||||
402,299 | ||||||||
Sweden — 0.2% | ||||||||
Svensk Exportkredit AB | 400,000 | 401,322 | ||||||
Thailand — 0.5% | ||||||||
Bangkok Bank PCL | 500,000 | 503,764 | ||||||
Bangkok Bank PCL | 300,000 | 312,220 | ||||||
Thai Oil PCL | 200,000 | 201,169 | ||||||
1,017,153 | ||||||||
Turkey — 0.3% | ||||||||
Akbank TAS | 275,000 | 258,275 | ||||||
Arcelik AS | 250,000 | 236,160 | ||||||
Turkiye Is Bankasi AS | 200,000 | 190,500 | ||||||
684,935 | ||||||||
United Arab Emirates — 0.1% | ||||||||
Abu Dhabi National Energy Co. PJSC | 200,000 | 198,477 | ||||||
United States — 0.3% | ||||||||
Fifth Third Bancorp | 200,000 | 205,610 | ||||||
Toyota Motor Credit Corp. | 500,000 | 501,753 | ||||||
707,363 | ||||||||
Total Corporate Bonds & Notes | ||||||||
(cost $19,409,167) | 18,693,051 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 63.8% | ||||||||
Argentina — 1.2% | ||||||||
Republic of Argentina | 1,500,000 | 896,250 | ||||||
Republic of Argentina | 640,000 | 667,200 |
144 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Argentina (continued) | ||||||||
Republic of Argentina | $ | 651,000 | $ | 657,510 | ||||
Republic of Argentina | 300,000 | 285,750 | ||||||
2,506,710 | ||||||||
Australia — 2.3% | ||||||||
Commonwealth of Australia | AUD | 2,000,000 | 1,512,112 | |||||
Commonwealth of Australia | AUD | 1,500,000 | 1,124,735 | |||||
Commonwealth of Australia | AUD | 500,000 | 357,042 | |||||
Commonwealth of Australia | AUD | 750,000 | 654,551 | |||||
Commonwealth of Australia | AUD | 1,500,000 | 1,311,142 | |||||
4,959,582 | ||||||||
Bahrain — 0.1% | ||||||||
Kingdom of Bahrain | 282,000 | 284,008 | ||||||
Belgium — 1.7% | ||||||||
Kingdom of Belgium | EUR | 1,000,000 | 1,096,628 | |||||
Kingdom of Belgium | EUR | 1,735,000 | 2,116,335 | |||||
Kingdom of Belgium | EUR | 300,000 | 489,511 | |||||
3,702,474 | ||||||||
Brazil — 1.1% | ||||||||
Federative Republic of Brazil | 760,000 | 602,680 | ||||||
Federative Republic of Brazil | 1,040,000 | 1,087,320 | ||||||
Federative Republic of Brazil | 600,000 | 627,000 | ||||||
2,317,000 | ||||||||
Canada — 2.8% | ||||||||
Government of Canada | CAD | 2,000,000 | 1,499,501 | |||||
Government of Canada | CAD | 2,000,000 | 1,479,119 | |||||
Government of Canada | CAD | 2,100,000 | 1,688,583 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Canada (continued) | ||||||||
Government of Canada | CAD | 1,000,000 | $ | 955,885 | ||||
Government of Canada | CAD | 410,000 | 449,913 | |||||
6,073,001 | ||||||||
Chile — 0.3% | ||||||||
Republic of Chile | 650,000 | 614,510 | ||||||
Costa Rica — 0.3% | ||||||||
Republic of Costa Rica | 350,000 | 309,603 | ||||||
Republic of Costa Rica | 200,000 | 157,074 | ||||||
Republic of Costa Rica | 250,000 | 232,338 | ||||||
699,015 | ||||||||
Dominican Republic — 0.6% | ||||||||
Dominican Republic | 300,000 | 287,952 | ||||||
Dominican Republic | 300,000 | 299,922 | ||||||
Dominican Republic | 335,000 | 347,000 | ||||||
Dominican Republic | 300,000 | 335,919 | ||||||
1,270,793 | ||||||||
Egypt — 0.5% | ||||||||
Government of Egypt | 700,000 | 700,000 | ||||||
Government of Egypt | 350,000 | 304,570 | ||||||
1,004,570 | ||||||||
El Salvador — 0.3% | ||||||||
Republic of El Salvador | 450,000 | 457,677 | ||||||
Republic of El Salvador | 200,000 | 172,472 | ||||||
630,149 | ||||||||
Ethiopia — 0.1% | ||||||||
Federal Republic of Ethiopia | 340,000 | 302,263 | ||||||
145 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
France — 3.0% | ||||||||
Government of France | EUR | 600,000 | $ | 764,016 | ||||
Government of France | EUR | 1,200,000 | 1,605,202 | |||||
Government of France | EUR | 350,000 | 624,798 | |||||
Government of France | EUR | 1,400,000 | 1,906,373 | |||||
Government of France | EUR | 347 | 567 | |||||
Government of France | EUR | 1,000,000 | 1,568,853 | |||||
6,469,809 | ||||||||
Georgia — 0.4% | ||||||||
Republic of Georgia | 700,000 | 755,125 | ||||||
Germany — 5.1% | ||||||||
Federal Republic of Germany | EUR | 2,100,000 | 2,290,229 | |||||
Federal Republic of Germany | EUR | 800,000 | 963,890 | |||||
Federal Republic of Germany | EUR | 1,580,000 | 1,860,523 | |||||
Federal Republic of Germany | EUR | 610,000 | 1,041,836 | |||||
Federal Republic of Germany | EUR | 1,000,000 | 1,584,077 | |||||
Federal Republic of Germany | EUR | 350,000 | 624,802 | |||||
Federal Republic of Germany | EUR | 750,000 | 1,333,926 | |||||
Federal Republic of Germany | EUR | 800,000 | 1,395,703 | |||||
11,094,986 | ||||||||
Honduras — 0.9% | ||||||||
Republic of Honduras | 620,000 | 644,800 | ||||||
Republic of Honduras | 1,200,000 | 1,301,544 | ||||||
1,946,344 | ||||||||
Hungary — 0.3% | ||||||||
Republic of Hungary | 308,000 | 343,589 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Hungary (continued) | ||||||||
Republic of Hungary | $ | 300,000 | $ | 337,090 | ||||
680,679 | ||||||||
Indonesia — 0.7% | ||||||||
Republic of Indonesia | 700,000 | 736,824 | ||||||
Republic of Indonesia | 500,000 | 698,754 | ||||||
1,435,578 | ||||||||
Italy — 4.4% | ||||||||
Republic of Italy | EUR | 700,000 | 703,195 | |||||
Republic of Italy | EUR | 2,000,000 | 2,342,268 | |||||
Republic of Italy | EUR | 800,000 | 950,541 | |||||
Republic of Italy | EUR | 750,000 | 955,854 | |||||
Republic of Italy | EUR | 820,000 | 1,087,994 | |||||
Republic of Italy | EUR | 600,000 | 919,276 | |||||
Republic of Italy | EUR | 1,200,000 | 1,819,358 | |||||
Republic of Italy | EUR | 532,912 | 846,261 | |||||
9,624,747 | ||||||||
Ivory Coast — 0.6% |
| |||||||
Republic of Ivory Coast | 650,000 | 622,765 | ||||||
Republic of Ivory Coast | 643,500 | 592,857 | ||||||
1,215,622 | ||||||||
Jamaica — 0.8% |
| |||||||
Government of Jamaica | 350,000 | 372,750 | ||||||
Government of Jamaica | 230,000 | 256,696 | ||||||
Government of Jamaica | 960,000 | 1,039,008 | ||||||
1,668,454 | ||||||||
146 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Japan — 12.0% |
| |||||||
Government of Japan | JPY | 120,000,000 | $ | 1,085,564 | ||||
Government of Japan | JPY | 250,000,000 | 2,262,641 | |||||
Government of Japan | JPY | 150,000,000 | 1,386,023 | |||||
Government of Japan | JPY | 205,000,000 | 1,885,398 | |||||
Government of Japan | JPY | 185,000,000 | 1,685,448 | |||||
Government of Japan | JPY | 132,000,000 | 1,203,709 | |||||
Government of Japan | JPY | 200,000,000 | 1,840,671 | |||||
Government of Japan | JPY | 200,000,000 | 2,000,664 | |||||
Government of Japan | JPY | 254,000,000 | 2,317,338 | |||||
Government of Japan | JPY | 170,000,000 | 1,777,656 | |||||
Government of Japan | JPY | 100,000,000 | 1,067,121 | |||||
Government of Japan | JPY | 53,000,000 | 572,153 | |||||
Government of Japan | JPY | 100,000,000 | 1,063,232 | |||||
Government of Japan | JPY | 185,000,000 | 2,150,677 | |||||
Government of Japan | JPY | 128,000,000 | 1,399,402 | |||||
Government of Japan | JPY | 60,000,000 | 664,628 | |||||
Government of Japan | JPY | 110,000,000 | 1,191,342 | |||||
Government of Japan | JPY | 33,000,000 | 431,087 | |||||
25,984,754 | ||||||||
Jordan — 0.5% |
| |||||||
Kingdom of Jordan | 1,250,000 | 1,175,000 | ||||||
Kenya — 0.6% |
| |||||||
Republic of Kenya | 1,400,000 | 1,330,000 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Lebanon — 1.4% |
| |||||||
Republic of Lebanon | $ | 670,000 | $ | 652,446 | ||||
Republic of Lebanon | 800,000 | 789,216 | ||||||
Republic of Lebanon | 900,000 | 834,750 | ||||||
Republic of Lebanon | 600,000 | 545,856 | ||||||
Republic of Lebanon | 260,000 | 272,350 | ||||||
3,094,618 | ||||||||
Lithuania — 0.9% |
| |||||||
Republic of Lithuania | 750,000 | 874,050 | ||||||
Republic of Lithuania | 1,000,000 | 1,145,000 | ||||||
2,019,050 | ||||||||
Mexico — 3.4% |
| |||||||
United Mexican States | EUR | 1,000,000 | 1,060,062 | |||||
United Mexican States | 700,000 | 670,950 | ||||||
United Mexican States | 500,000 | 498,750 | ||||||
United Mexican States | 1,300,000 | 1,283,750 | ||||||
United Mexican States | 700,000 | 582,750 | ||||||
United Mexican States | 200,000 | 173,500 | ||||||
United Mexican States | 200,000 | 199,000 | ||||||
United Mexican States | 400,000 | 424,000 | ||||||
United Mexican States | MXN | 15,000,000 | 755,788 | |||||
United Mexican States | MXN | 20,000,000 | 1,135,368 | |||||
United Mexican States | MXN | 10,000,000 | 602,779 | |||||
7,386,697 | ||||||||
Montenegro — 0.3% |
| |||||||
Republic of Montenegro | EUR | 500,000 | 550,512 | |||||
147 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Morocco — 0.5% |
| |||||||
Kingdom of Morocco | $ | 650,000 | $ | 657,247 | ||||
Kingdom of Morocco | 350,000 | 354,435 | ||||||
1,011,682 | ||||||||
Mozambique — 0.1% |
| |||||||
Republic of Mozambique | 500,000 | 320,250 | ||||||
Namibia — 0.3% |
| |||||||
Republic of Namibia | 670,000 | 657,431 | ||||||
Norway — 0.9% |
| |||||||
Kingdom of Norway | NOK | 5,000,000 | 648,085 | |||||
Kingdom of Norway | NOK | 10,000,000 | 1,308,998 | |||||
1,957,083 | ||||||||
Panama — 1.0% |
| |||||||
Republic of Panama | 500,000 | 499,375 | ||||||
Republic of Panama | 650,000 | 698,750 | ||||||
Republic of Panama | 800,000 | 982,000 | ||||||
2,180,125 | ||||||||
Paraguay — 0.7% |
| |||||||
Republic of Paraguay | 750,000 | 746,707 | ||||||
Republic of Paraguay | 250,000 | 248,125 | ||||||
Republic of Paraguay | 500,000 | 496,250 | ||||||
1,491,082 | ||||||||
Peru — 0.3% |
| |||||||
Republic of Peru | 151,000 | 157,606 | ||||||
Republic of Peru | 400,000 | 589,000 | ||||||
746,606 | ||||||||
Poland — 1.0% |
| |||||||
Republic of Poland | 1,250,000 | 1,289,687 | ||||||
Republic of Poland | 700,000 | 778,862 | ||||||
2,068,549 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Romania — 0.8% |
| |||||||
Government of Romania | EUR | 1,200,000 | $ | 1,297,447 | ||||
Government of Romania | 340,000 | 404,430 | ||||||
1,701,877 | ||||||||
Russia — 0.3% |
| |||||||
Russian Federation | 200,000 | 211,834 | ||||||
Russian Federation | 400,000 | 435,600 | ||||||
647,434 | ||||||||
Senegal — 0.2% |
| |||||||
Republic of Senegal | 530,000 | 526,179 | ||||||
Serbia — 0.8% |
| |||||||
Republic of Serbia | 450,000 | 458,248 | ||||||
Republic of Serbia | 500,000 | 523,950 | ||||||
Republic of Serbia | 700,000 | 780,976 | ||||||
1,763,174 | ||||||||
Slovenia — 0.3% |
| |||||||
Republic of Slovenia | EUR | 700,000 | 704,662 | |||||
South Africa — 0.2% |
| |||||||
Republic of South Africa | 500,000 | 535,750 | ||||||
�� | ||||||||
Spain — 3.1% |
| |||||||
Kingdom of Spain | EUR | 1,000,000 | 1,093,456 | |||||
Kingdom of Spain | EUR | 750,000 | 974,011 | |||||
Kingdom of Spain | EUR | 1,200,000 | 1,730,463 | |||||
Kingdom of Spain | EUR | 1,500,000 | 1,940,522 | |||||
Kingdom of Spain | EUR | 300,000 | 475,712 | |||||
Kingdom of Spain | EUR | 300,000 | 463,555 | |||||
6,677,719 | ||||||||
148 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Sri Lanka — 0.9% |
| |||||||
Republic of Sri Lanka | $ | 300,000 | $ | 299,651 | ||||
Republic of Sri Lanka | 460,000 | 461,199 | ||||||
Republic of Sri Lanka | 400,000 | 401,558 | ||||||
Republic of Sri Lanka | 700,000 | 702,726 | ||||||
1,865,134 | ||||||||
Sweden — 0.4% |
| |||||||
Kingdom of Sweden | SEK | 5,600,000 | 845,477 | |||||
Tunisia — 0.9% |
| |||||||
Central Bank of Tunisia | 2,150,000 | 1,967,680 | ||||||
Turkey — 1.9% |
| |||||||
Republic of Turkey | 900,000 | 715,500 | ||||||
Republic of Turkey | 650,000 | 654,129 | ||||||
Republic of Turkey | 330,000 | 303,679 | ||||||
Republic of Turkey | 340,000 | 335,915 | ||||||
Republic of Turkey | 470,000 | 490,562 | ||||||
Republic of Turkey | 700,000 | 745,059 | ||||||
Republic of Turkey | 200,000 | 219,871 | ||||||
Republic of Turkey | 380,000 | 572,774 | ||||||
4,037,489 | ||||||||
United Kingdom — 2.2% |
| |||||||
United Kingdom Gilt Treasury | GBP | 600,000 | 764,601 | |||||
United Kingdom Gilt Treasury | GBP | 400,000 | 530,619 | |||||
United Kingdom Gilt Treasury | GBP | 300,000 | 407,116 | |||||
United Kingdom Gilt Treasury | GBP | 370,000 | 607,919 | |||||
United Kingdom Gilt Treasury | GBP | 450,000 | 802,981 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
United Kingdom Gilt Treasury | GBP | 290,000 | $ | 506,099 | ||||
United Kingdom Gilt Treasury | GBP | 700,000 | 1,208,440 | |||||
4,827,775 | ||||||||
Venezuela — 0.4% |
| |||||||
Republic of Venezuela | 1,940,000 | 831,290 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $145,719,720) | 138,160,498 | |||||||
U.S. GOVERNMENT TREASURIES — 24.6% | ||||||||
United States — 24.6% | ||||||||
United States Treasury Bonds | ||||||||
2.88% due 08/15/2045 | 1,000,000 | 969,961 | ||||||
3.00% due 05/15/2042 | 1,720,000 | 1,721,209 | ||||||
3.75% due 11/15/2043 | 500,000 | 572,051 | ||||||
4.38% due 02/15/2038 | 620,000 | 776,429 | ||||||
United States Treasury Notes | ||||||||
0.75% due 02/28/2018 | 1,500,000 | 1,495,840 | ||||||
1.13% due 02/28/2021 | 2,500,000 | 2,435,255 | ||||||
1.38% due 09/30/2018 | 2,000,000 | 2,009,218 | ||||||
1.38% due 04/30/2021 | 2,500,000 | 2,455,665 | ||||||
1.63% due 05/15/2026 | 1,200,000 | 1,123,594 | ||||||
1.75% due 09/30/2019 | 3,000,000 | 3,032,577 | ||||||
1.75% due 12/31/2020 | 2,000,000 | 2,001,718 | ||||||
1.75% due 01/31/2023 | 1,000,000 | 979,609 | ||||||
1.75% due 05/15/2023 | 1,500,000 | 1,464,551 | ||||||
1.88% due 11/30/2021 | 2,000,000 | 1,998,594 | ||||||
1.88% due 10/31/2022 | 2,000,000 | 1,979,062 | ||||||
2.00% due 11/30/2020 | 3,000,000 | 3,033,867 | ||||||
2.00% due 02/15/2025 | 1,000,000 | 976,211 | ||||||
2.00% due 08/15/2025 | 1,000,000 | 972,617 | ||||||
2.25% due 11/15/2025 | 2,000,000 | 1,982,578 | ||||||
2.38% due 08/15/2024 | 2,050,000 | 2,065,215 | ||||||
2.50% due 05/15/2024 | 4,500,000 | 4,580,860 | ||||||
2.63% due 11/15/2020 | 2,600,000 | 2,692,625 | ||||||
2.75% due 12/31/2017 | 2,150,000 | 2,191,824 | ||||||
2.75% due 02/28/2018 | 3,030,000 | 3,095,927 | ||||||
2.75% due 11/15/2023 | 2,000,000 | 2,071,954 | ||||||
2.75% due 02/15/2024 | 1,200,000 | 1,243,219 | ||||||
3.13% due 05/15/2021 | 1,360,000 | 1,436,871 | ||||||
3.38% due 11/15/2019 | 1,800,000 | 1,903,360 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $53,908,629) | 53,262,461 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $219,037,516) | 210,116,010 | |||||||
149 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares/ Principal Amount(1) | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 2.4% |
| |||||||
Registered Investment Companies — 0.5% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | 1,143,775 | $ | 1,143,775 | |||||
Time Deposits — 1.9% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2016 | $ | 4,192,000 | 4,192,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $5,335,775) | 5,335,775 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $224,373,291)(8) | 99.4 | % | 215,451,785 | |||||
Other assets less liabilities | 0.6 | 1,222,367 | ||||||
NET ASSETS | 100.0 | % | $ | 216,674,152 | ||||
* | 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, 2016, the aggregate value of these securities was $27,129,309 representing 12.5% 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) | Denominated in United States dollars unless otherwise indicated. |
(2) | Illiquid security. At November 30, 2016, the aggregate value of these securities was $165,395 representing 0.1% of net assets. |
(3) | Company has filed for bankruptcy protection. |
(4) | Security in default. |
(5) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate. |
(6) | At November 30, 2016, the Fund had loaned securities with a total value of $1,111,774. This was secured by collateral of $1,143,775, which was received in cash and subsequently invested in short-term investments currently valued at $1,143,775 as reported in the Portfolio of Investments. |
(7) | The rate shown is the 7-day yield as of November 30, 2016. |
(8) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
EUR—Euro Dollar
GBP—British Pound
JPY—Japanese Yen
MXN—Mexican Peso
NOK—Norwegian Krone
SEK—Swedish Krona
VRS—Variable Rate Security
The rates shown on VRS are the current interest rates as of November 30, 2016 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, 2016 (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 | $ | — | $ | 18,693,051 | $ | — | $ | 18,693,051 | ||||||||
Foreign Government Obligations | — | 138,160,498 | — | 138,160,498 | ||||||||||||
U.S. Government Treasuries | — | 53,262,461 | — | 53,262,461 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 1,143,775 | — | — | 1,143,775 | ||||||||||||
Time Deposits | — | 4,192,000 | — | 4,192,000 | ||||||||||||
Total Investments at Value | $ | 1,143,775 | $ | 214,308,010 | $ | — | $ | 215,451,785 | ||||||||
* | 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
150 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Medical — Drugs | 6.0 | % | ||
Banks — Commercial | 4.6 | |||
Oil Companies — Integrated | 3.3 | |||
Insurance — Life/Health | 3.0 | |||
Retail — Apparel/Shoe | 2.3 | |||
Diversified Banking Institutions | 2.2 | |||
Finance — Other Services | 2.2 | |||
Tobacco | 2.2 | |||
Food — Misc./Diversified | 2.2 | |||
Time Deposits | 2.0 | |||
Beverages — Wine/Spirits | 2.0 | |||
Enterprise Software/Service | 2.0 | |||
Registered Investment Companies | 1.9 | |||
Building Products — Cement | 1.8 | |||
Cosmetics & Toiletries | 1.8 | |||
E-Commerce/Products | 1.7 | |||
Auto/Truck Parts & Equipment — Original | 1.5 | |||
Distribution/Wholesale | 1.5 | |||
Chemicals — Diversified | 1.4 | |||
Food — Catering | 1.4 | |||
Advertising Agencies | 1.3 | |||
Diversified Financial Services | 1.3 | |||
Electronic Components — Semiconductors | 1.2 | |||
Semiconductor Components — Integrated Circuits | 1.2 | |||
Soap & Cleaning Preparation | 1.2 | |||
Advertising Services | 1.1 | |||
Commercial Services | 1.1 | |||
Electronic Components — Misc. | 1.1 | |||
Cable/Satellite TV | 1.0 | |||
Retail — Jewelry | 1.0 | |||
Metal — Diversified | 1.0 | |||
Casino Hotels | 1.0 | |||
Insurance — Multi-line | 1.0 | |||
Brewery | 1.0 | |||
Food — Retail | 0.9 | |||
Transport — Rail | 0.9 | |||
Power Converter/Supply Equipment | 0.9 | |||
Transport — Services | 0.9 | |||
Transactional Software | 0.9 | |||
Aerospace/Defense | 0.9 | |||
Rental Auto/Equipment | 0.9 | |||
Multimedia | 0.8 | |||
Auto — Cars/Light Trucks | 0.8 | |||
Industrial Gases | 0.8 | |||
Building Products — Air & Heating | 0.8 | |||
Industrial Automated/Robotic | 0.8 | |||
Machinery — Construction & Mining | 0.8 | |||
Medical Products | 0.8 | |||
Computers — Integrated Systems | 0.8 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Internet Application Software | 0.7 | |||
Electronic Measurement Instruments | 0.7 | |||
Retail — Major Department Stores | 0.7 | |||
Diversified Operations | 0.7 | |||
Machinery — Pumps | 0.7 | |||
Web Portals/ISP | 0.6 | |||
Steel — Producers | 0.6 | |||
Medical — Generic Drugs | 0.6 | |||
Containers — Paper/Plastic | 0.6 | |||
Athletic Footwear | 0.6 | |||
Beverages — Non-alcoholic | 0.6 | |||
Finance — Leasing Companies | 0.6 | |||
Medical — Biomedical/Gene | 0.6 | |||
Insurance — Property/Casualty | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Television | 0.5 | |||
Optical Supplies | 0.5 | |||
Medical Instruments | 0.5 | |||
Human Resources | 0.5 |
Electric Products — Misc. | 0.5 | |||
Investment Companies | 0.5 | |||
E-Marketing/Info | 0.5 | |||
Retail — Convenience Store | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Textile — Apparel | 0.5 | |||
Retail — Home Furnishings | 0.5 | |||
Retail — Misc./Diversified | 0.5 | |||
Airlines | 0.5 | |||
Finance — Credit Card | 0.4 | |||
Retail — Automobile | 0.4 | |||
Dialysis Centers | 0.4 | |||
Metal — Iron | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Cellular Telecom | 0.4 | |||
Internet Content — Entertainment | 0.4 | |||
Investment Management/Advisor Services | 0.4 | |||
Computer Services | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Pipelines | 0.3 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Computer Data Security | 0.3 | |||
Publishing — Periodicals | 0.3 | |||
Retail — Restaurants | 0.3 | |||
Retail — Building Products | 0.3 | |||
Electric — Integrated | 0.3 | |||
Satellite Telecom | 0.2 | |||
Machinery — Farming | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Diversified Operations/Commercial Services | 0.2 | |||
Oil — U.S. Royalty Trusts | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
U.S. Government Agencies | 0.2 | |||
Retail — Vision Service Center | 0.2 | |||
Commercial Services — Finance | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Computer Aided Design | 0.2 | |||
Retail — Hypermarkets | 0.2 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Explosives | 0.1 | |||
Telecom Services | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Networking Products | 0.1 | |||
101.6 | % | |||
Country Allocation*
United Kingdom | 15.6 | % | ||
Japan | 12.0 | |||
France | 11.9 | |||
Germany | 9.0 | |||
Switzerland | 7.7 | |||
Canada | 4.6 | |||
United States | 4.4 | |||
Netherlands | 3.8 | |||
Jersey | 3.1 | |||
Cayman Islands | 3.0 | |||
Sweden | 2.3 | |||
Australia | 2.3 | |||
Hong Kong | 2.1 | |||
Denmark | 2.1 | |||
Spain | 1.8 | |||
Singapore | 1.6 | |||
Mexico | 1.3 | |||
Taiwan | 1.3 |
151 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited) — (continued)
Country Allocation* (continued)
India | 1.3 | % | ||
Ireland | 1.3 | |||
Belgium | 1.3 | |||
Israel | 0.9 | |||
Norway | 0.8 | |||
Brazil | 0.8 | |||
Indonesia | 0.8 | |||
Luxembourg | 0.6 | |||
South Korea | 0.6 | |||
Italy | 0.6 | |||
China | 0.5 | |||
Portugal | 0.5 | |||
Austria | 0.5 | |||
Thailand | 0.4 | |||
Bermuda | 0.3 | |||
Turkey | 0.3 | |||
Russia | 0.2 | |||
101.6 | % | |||
* | Calculated as a percentage of net assets |
152 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.5% |
| |||||||
Australia — 2.3% |
| |||||||
Amcor, Ltd. | 231,356 | $ | 2,456,749 | |||||
Brambles, Ltd. | 105,292 | 915,929 | ||||||
CSL, Ltd. | 30,840 | 2,231,832 | ||||||
Fortescue Metals Group, Ltd.# | 373,600 | 1,619,444 | ||||||
Orica, Ltd. | 43,602 | 546,720 | ||||||
Treasury Wine Estates, Ltd. | 205,010 | 1,633,494 | ||||||
9,404,168 | ||||||||
Austria — 0.5% |
| |||||||
Erste Group Bank AG | 67,000 | 1,863,301 | ||||||
Belgium — 1.3% |
| |||||||
KBC Group NV | 64,878 | 3,890,493 | ||||||
UCB SA | 20,030 | 1,288,588 | ||||||
5,179,081 | ||||||||
Bermuda — 0.3% |
| |||||||
Global Brands Group Holding, Ltd.† | 3,606,800 | 562,654 | ||||||
Li & Fung, Ltd.# | 1,396,800 | 612,276 | ||||||
1,174,930 | ||||||||
Brazil — 0.8% |
| |||||||
Ambev SA ADR | 132,559 | 661,470 | ||||||
BM&FBovespa SA | 554,002 | 2,720,827 | ||||||
3,382,297 | ||||||||
Canada — 4.6% |
| |||||||
Alimentation Couche-Tard, Inc., Class B | 45,020 | 2,077,563 | ||||||
Canadian National Railway Co. (NYSE) | 37,713 | 2,520,360 | ||||||
Canadian National Railway Co. (TSX) | 18,776 | 1,255,321 | ||||||
Cenovus Energy, Inc.# | 72,104 | 1,114,866 | ||||||
CGI Group, Inc., Class A† | 65,601 | 3,107,416 | ||||||
Element Fleet Management Corp.# | 79,121 | 659,685 | ||||||
Fairfax Financial Holdings, Ltd. | 2,917 | 1,386,123 | ||||||
Great-West Lifeco, Inc. | 37,069 | 975,776 | ||||||
Loblaw Cos., Ltd. | 16,157 | 839,423 | ||||||
PrairieSky Royalty, Ltd.# | 35,214 | 859,575 | ||||||
Suncor Energy, Inc. | 130,568 | 4,158,192 | ||||||
18,954,300 | ||||||||
Cayman Islands — 3.0% |
| |||||||
Alibaba Group Holding, Ltd. ADR†# | 38,554 | 3,624,847 | ||||||
Baidu, Inc. ADR† | 5,929 | 989,847 | ||||||
CK Hutchison Holdings, Ltd. | 238,392 | 2,904,408 | ||||||
Sands China, Ltd. | 392,400 | 1,932,531 | ||||||
Tencent Holdings, Ltd. | 124,300 | 3,104,095 | ||||||
12,555,728 | ||||||||
China — 0.5% |
| |||||||
Kweichow Moutai Co., Ltd., Class A | 48,051 | 2,226,100 | ||||||
Denmark — 2.1% |
| |||||||
Carlsberg A/S, Class B | 32,390 | 2,754,397 | ||||||
DSV A/S | 43,660 | 1,964,602 | ||||||
Novo Nordisk A/S, Class B | 47,228 | 1,601,097 | ||||||
Pandora A/S | 18,080 | 2,151,722 | ||||||
8,471,818 | ||||||||
France — 11.9% |
| |||||||
Air Liquide SA | 22,027 | 2,243,017 | ||||||
Arkema SA | 20,650 | 1,978,047 | ||||||
BNP Paribas SA | 44,990 | 2,612,055 | ||||||
Bureau Veritas SA# | 8,955 | 168,559 | ||||||
Criteo SA ADR† | 34,410 | 1,420,101 | ||||||
Danone SA | 56,239 | 3,538,146 | ||||||
Dassault Systemes | 9,445 | 720,940 | ||||||
Engie SA | 83,745 | 1,034,020 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Essilor International SA | 20,712 | $ | 2,197,356 | |||||
Hermes International | 676 | 278,989 | ||||||
Kering | 13,410 | 2,913,580 | ||||||
L’Oreal SA | 13,844 | 2,363,016 | ||||||
Legrand SA | 37,704 | 2,107,920 | ||||||
LVMH Moet Hennessy Louis Vuitton SE# | 11,212 | 2,040,317 | ||||||
Pernod Ricard SA# | 26,611 | 2,792,163 | ||||||
Publicis Groupe SA | 69,821 | 4,531,006 | ||||||
Rexel SA | 73,300 | 1,133,453 | ||||||
Schneider Electric SE | 55,912 | 3,722,608 | ||||||
Thales SA | 23,960 | 2,339,549 | ||||||
TOTAL SA | 63,462 | 3,023,682 | ||||||
Valeo SA | 39,530 | 2,204,141 | ||||||
Vinci SA | 24,920 | 1,617,173 | ||||||
Vivendi SA | 117,730 | 2,244,722 | ||||||
49,224,560 | ||||||||
Germany — 9.0% |
| |||||||
adidas AG | 16,270 | 2,396,882 | ||||||
Allianz SE | 14,698 | 2,333,535 | ||||||
Bayer AG | 33,167 | 3,114,119 | ||||||
Beiersdorf AG | 22,420 | 1,831,562 | ||||||
Deutsche Boerse AG# | 32,244 | 2,498,446 | ||||||
Deutsche Boerse AG - Tendered†(1) | 22,930 | 1,853,054 | ||||||
Deutsche Post AG | 42,251 | 1,320,554 | ||||||
Fresenius Medical Care AG & Co. KGaA | 21,830 | 1,702,848 | ||||||
HeidelbergCement AG | 27,570 | 2,472,309 | ||||||
Infineon Technologies AG | 82,520 | 1,380,100 | ||||||
Linde AG | 7,157 | 1,192,416 | ||||||
Merck KGaA | 11,087 | 1,110,897 | ||||||
MTU Aero Engines AG | 5,211 | 547,704 | ||||||
ProSiebenSat.1 Media SE | 65,702 | 2,251,623 | ||||||
SAP SE | 96,654 | 8,080,366 | ||||||
Symrise AG# | 9,648 | 583,974 | ||||||
Zalando SE†* | 70,600 | 2,631,235 | ||||||
37,301,624 | ||||||||
Hong Kong — 2.1% |
| |||||||
AIA Group, Ltd. | 1,065,600 | 6,498,147 | ||||||
Galaxy Entertainment Group, Ltd. | 432,000 | 2,144,266 | ||||||
8,642,413 | ||||||||
India — 1.3% |
| |||||||
HDFC Bank, Ltd. | 48,110 | 842,377 | ||||||
Housing Development Finance Corp., Ltd. | 69,263 | 1,280,044 | ||||||
Tata Consultancy Services, Ltd. | 40,984 | 1,362,163 | ||||||
Tata Motors, Ltd. | 286,110 | 1,916,068 | ||||||
5,400,652 | ||||||||
Indonesia — 0.8% |
| |||||||
Astra International Tbk PT | 3,211,400 | 1,789,048 | ||||||
Bank Mandiri Persero Tbk PT | 1,943,700 | 1,505,910 | ||||||
3,294,958 | ||||||||
Ireland — 1.3% |
| |||||||
CRH PLC | 100,770 | 3,363,699 | ||||||
Ryanair Holdings PLC ADR† | 24,828 | 1,982,268 | ||||||
5,345,967 | ||||||||
Israel — 0.9% |
| |||||||
Check Point Software Technologies, Ltd.†# | 14,402 | 1,185,717 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 65,635 | 2,474,439 | ||||||
3,660,156 | ||||||||
Italy — 0.6% |
| |||||||
Azimut Holding SpA | 44,140 | 658,687 |
153 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Italy (continued) |
| |||||||
Eni SpA | 62,064 | $ | 864,330 | |||||
Luxottica Group SpA# | 14,617 | 760,648 | ||||||
2,283,665 | ||||||||
Japan — 12.0% |
| |||||||
Calbee, Inc. | 53,800 | 1,676,474 | ||||||
CyberAgent, Inc. | 27,900 | 678,204 | ||||||
Daikin Industries, Ltd. | 35,500 | 3,324,877 | ||||||
Daito Trust Construction Co., Ltd. | 14,500 | 2,252,852 | ||||||
Denso Corp. | 60,000 | 2,611,774 | ||||||
FANUC Corp. | 19,600 | 3,307,355 | ||||||
Fast Retailing Co., Ltd. | 4,300 | 1,487,269 | ||||||
Fuji Heavy Industries, Ltd. | 14,200 | 576,540 | ||||||
Hoya Corp. | 70,500 | 2,772,427 | ||||||
Isuzu Motors, Ltd. | 46,700 | 550,660 | ||||||
Japan Tobacco, Inc. | 105,600 | 3,642,302 | ||||||
Kao Corp. | 18,300 | 842,499 | ||||||
Keyence Corp. | 4,300 | 2,940,335 | ||||||
Komatsu, Ltd. | 142,000 | 3,268,712 | ||||||
Kubota Corp. | 63,100 | 952,801 | ||||||
Kyocera Corp. | 29,100 | 1,382,698 | ||||||
LINE Corp.†# | 37,700 | 1,453,232 | ||||||
Nitori Holdings Co., Ltd. | 19,400 | 2,024,702 | ||||||
NTT DOCOMO, Inc. | 63,400 | 1,454,146 | ||||||
ORIX Corp. | 150,900 | 2,349,795 | ||||||
Ryohin Keikaku Co., Ltd. | 10,200 | 1,999,790 | ||||||
Shin-Etsu Chemical Co., Ltd. | 12,500 | 924,348 | ||||||
Start Today Co., Ltd. | 86,200 | 1,323,836 | ||||||
Sysmex Corp. | 19,000 | 1,144,268 | ||||||
Terumo Corp. | 56,100 | 1,973,712 | ||||||
Toyota Motor Corp. | 16,875 | 980,743 | ||||||
Yahoo Japan Corp. | 474,000 | 1,723,561 | ||||||
49,619,912 | ||||||||
Jersey — 3.1% |
| |||||||
Delphi Automotive PLC | 7,350 | 470,400 | ||||||
Experian PLC | 39,492 | 746,127 | ||||||
Shire PLC | 60,610 | 3,533,921 | ||||||
Wolseley PLC | 44,030 | 2,558,945 | ||||||
WPP PLC | 259,990 | 5,559,366 | ||||||
12,868,759 | ||||||||
Luxembourg — 0.6% |
| |||||||
ArcelorMittal† | 332,570 | 2,512,436 | ||||||
Mexico — 1.3% |
| |||||||
Cemex SAB de CV ADR† | 227,588 | 1,777,462 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 30,457 | 2,377,169 | ||||||
Grupo Televisa SAB ADR | 63,142 | 1,311,460 | ||||||
5,466,091 | ||||||||
Netherlands — 3.8% |
| |||||||
Akzo Nobel NV | 28,020 | 1,744,995 | ||||||
ASML Holding NV | 15,050 | 1,557,111 | ||||||
Heineken NV | 4,990 | 374,013 | ||||||
ING Groep NV | 165,353 | 2,251,954 | ||||||
Koninklijke DSM NV | 29,600 | 1,795,080 | ||||||
Koninklijke Vopak NV | 27,750 | 1,297,018 | ||||||
Mobileye NV† | 35,880 | 1,335,813 | ||||||
Randstad Holding NV | 41,863 | 2,125,694 | ||||||
RELX NV | 33,431 | 539,981 | ||||||
Unilever NV CVA | 36,698 | 1,473,124 | ||||||
Wolters Kluwer NV | 31,719 | 1,143,663 | ||||||
15,638,446 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Norway — 0.8% |
| |||||||
DNB ASA | 105,530 | $ | 1,554,373 | |||||
Statoil ASA | 107,300 | 1,838,809 | ||||||
3,393,182 | ||||||||
Portugal — 0.5% |
| |||||||
Jeronimo Martins SGPS SA | 136,568 | 2,158,097 | ||||||
Russia — 0.2% |
| |||||||
Magnit PJSC | 24,080 | 969,942 | ||||||
Singapore — 1.6% |
| |||||||
Broadcom, Ltd. | 17,494 | 2,982,552 | ||||||
DBS Group Holdings, Ltd. | 165,600 | 2,027,614 | ||||||
Singapore Telecommunications, Ltd. | 178,850 | 471,659 | ||||||
United Overseas Bank, Ltd. | 73,277 | 1,043,418 | ||||||
6,525,243 | ||||||||
South Korea — 0.6% |
| |||||||
Amorepacific Corp. | 2,560 | 718,258 | ||||||
BGF retail Co., Ltd.(1) | 9,520 | 708,473 | ||||||
Samsung Electronics Co., Ltd. | 699 | 1,043,971 | ||||||
2,470,702 | ||||||||
Spain — 1.8% |
| |||||||
Amadeus IT Group SA | 80,677 | 3,656,215 | ||||||
Cellnex Telecom SAU* | 75,236 | 1,054,148 | ||||||
Industria de Diseno Textil SA | 81,700 | 2,794,683 | ||||||
7,505,046 | ||||||||
Sweden — 2.3% |
| |||||||
Getinge AB, Class B | 65,926 | 1,007,890 | ||||||
Hennes & Mauritz AB, Class B | 45,436 | 1,319,806 | ||||||
Hexagon AB, Class B | 58,520 | 2,072,959 | ||||||
Investor AB, Class B | 62,317 | 2,104,756 | ||||||
Lundin Petroleum AB† | 99,200 | 1,869,385 | ||||||
Sandvik AB | 62,422 | 739,090 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 87,451 | 450,302 | ||||||
9,564,188 | ||||||||
Switzerland — 7.7% |
| |||||||
Cie Financiere Richemont SA | 31,939 | 2,087,486 | ||||||
Julius Baer Group, Ltd. | 120,885 | 5,342,149 | ||||||
Kuehne & Nagel International AG | 3,214 | 419,808 | ||||||
Nestle SA | 52,244 | 3,514,793 | ||||||
Novartis AG | 37,745 | 2,608,032 | ||||||
Roche Holding AG | 49,575 | 11,054,050 | ||||||
Sonova Holding AG | 1,526 | 184,465 | ||||||
Syngenta AG | 1,233 | 471,637 | ||||||
UBS Group AG | 279,289 | 4,441,923 | ||||||
Zurich Insurance Group AG | 6,000 | 1,572,735 | ||||||
31,697,078 | ||||||||
Taiwan — 1.3% |
| |||||||
Hon Hai Precision Industry Co., Ltd. | 92,123 | 237,006 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 501,269 | 2,878,054 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 78,009 | 2,316,087 | ||||||
5,431,147 | ||||||||
Thailand — 0.4% |
| |||||||
Kasikornbank PCL NVDR | 351,200 | 1,668,420 | ||||||
Turkey — 0.3% |
| |||||||
Akbank TAS | 457,556 | 1,005,486 | ||||||
United Kingdom — 15.6% |
| |||||||
Aberdeen Asset Management PLC | 230,978 | 774,519 | ||||||
Admiral Group PLC | 41,624 | 990,040 | ||||||
Ashtead Group PLC | 139,771 | 2,740,392 |
154 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United Kingdom (continued) |
| |||||||
ASOS PLC† | 32,060 | $ | 2,024,526 | |||||
Auto Trader Group PLC* | 303,444 | 1,517,537 | ||||||
Aviva PLC | 476,155 | 2,663,069 | ||||||
Barclays PLC | 347,650 | 939,338 | ||||||
British American Tobacco PLC | 98,642 | 5,422,494 | ||||||
Bunzl PLC | 55,420 | 1,428,435 | ||||||
Compass Group PLC | 345,762 | 5,931,183 | ||||||
Diageo PLC | 66,690 | 1,673,022 | ||||||
Informa PLC | 173,707 | 1,411,637 | ||||||
Kingfisher PLC | 236,004 | 1,042,662 | ||||||
Lloyds Banking Group PLC | 1,646,078 | 1,191,874 | ||||||
London Stock Exchange Group PLC | 59,400 | 2,042,348 | ||||||
Next PLC | 21,662 | 1,329,155 | ||||||
Prudential PLC | 40,494 | 784,564 | ||||||
Reckitt Benckiser Group PLC | 60,036 | 5,080,164 | ||||||
RELX PLC | 229,141 | 3,942,141 | ||||||
Rio Tinto PLC | 110,781 | 4,144,413 | ||||||
Rolls-Royce Holdings PLC | 85,809 | 726,319 | ||||||
Rolls-Royce Holdings PLC, Class C (Entitlement | 3,981,714 | 4,982 | ||||||
Royal Dutch Shell PLC, Class A | 72,280 | 1,837,010 | ||||||
Royal Dutch Shell PLC, Class B | 50,099 | 1,327,957 | ||||||
Sky PLC | 440,343 | 4,302,974 | ||||||
Smith & Nephew PLC | 74,488 | 1,050,357 | ||||||
Smiths Group PLC | 42,159 | 744,293 | ||||||
St James’s Place PLC | 136,771 | 1,608,602 | ||||||
Tullow Oil PLC†# | 285,400 | 1,063,421 | ||||||
Weir Group PLC | 122,210 | 2,764,597 | ||||||
Worldpay Group PLC* | 542,530 | 1,827,365 | ||||||
64,331,390 | ||||||||
United States — 0.3% |
| |||||||
Yum China Holdings, Inc.† | 38,005 | 1,068,701 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $385,119,559) | 402,259,984 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.1% |
| |||||||
Registered Investment Companies — 1.9% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.26%(2)(3) | 7,799,083 | 7,799,083 | ||||||
Time Deposits — 2.0% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2016 | $ | 8,387,000 | 8,387,000 | |||||
U.S. Government Agencies — 0.2% |
| |||||||
Federal Home Loan Bank | 796,000 | 796,000 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $16,982,083) | 16,982,083 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $402,101,642)(4) | 101.6 | % | 419,242,067 | |||||
Liabilities in excess of other assets | (1.6 | ) | (6,484,461 | ) | ||||
NET ASSETS | 100.0 | % | $ | 412,757,606 | ||||
# | 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, 2016, the aggregate value of these securities was $7,030,285 representing 1.7% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Illiquid security. At November 30, 2016, the aggregate value of these securities was $2,561,527 representing 0.6% of net assets. |
(2) | At November 30, 2016, the Fund had loaned securities with a total value of $14,284,079. This was secured by collateral of $7,799,083, which was received in cash and subsequently invested in short-term investments currently valued at $7,799,083 as reported in the Portfolio of Investments. Additional collateral of $6,878,939 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, 2016 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 3.50% | 05/01/2032 to 12/01/2041 | $ | 4,058 | ||||
Federal National Mtg. Assoc. | 2.50% to 4.40% | 01/25/2032 to 10/01/2041 | 11,008 | |||||
Government National Mtg. Assoc. | 3.00% | 08/20/2046 to 08/20/2046 | 6,390 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | 376,581 | |||||
United States Treasury Notes/Bonds | 0.13% to 4.38% | 12/31/2016 to 08/15/2046 | 6,480,902 |
(3) | The rates shown is the 7-day yield as of November 30, 2016. |
(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
155 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | — | $ | 4,982 | $ | — | $ | 4,982 | ||||||||
Other Countries | 402,255,002 | — | — | 402,255,002 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 7,799,083 | — | — | 7,799,083 | ||||||||||||
Other Short-Term Investment Securities | — | 9,183,000 | — | 9,183,000 | ||||||||||||
Total Investments at Value* | $ | 410,059,067 | $ | 9,183,000 | $ | — | $ | 419,242,067 | ||||||||
* | 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
156 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 9.2 | % | ||
Medical — Drugs | 4.3 | |||
Web Portals/ISP | 4.2 | |||
Computers | 3.9 | |||
Oil Companies — Exploration & Production | 3.8 | |||
Insurance — Reinsurance | 3.5 | |||
Oil Companies — Integrated | 3.3 | |||
Applications Software | 3.1 | |||
Beverages — Non-alcoholic | 3.0 | |||
Cable/Satellite TV | 2.8 | |||
Retail — Drug Store | 2.6 | |||
Medical — Biomedical/Gene | 2.6 | |||
Telephone — Integrated | 2.6 | |||
Tobacco | 2.5 | |||
Internet Content — Entertainment | 2.4 | |||
Transport — Services | 2.3 | |||
Medical — HMO | 2.3 | |||
Medical Products | 2.1 | |||
Retail — Building Products | 2.0 | |||
Instruments — Controls | 1.9 | |||
Retail — Apparel/Shoe | 1.9 | |||
Commercial Services | 1.8 | |||
Banks — Fiduciary | 1.7 | |||
Entertainment Software | 1.7 | |||
Banks — Super Regional | 1.5 | |||
Electric — Integrated | 1.5 | |||
Electronic Components — Semiconductors | 1.5 | |||
Finance — Credit Card | 1.4 | |||
Retail — Restaurants | 1.3 | |||
Data Processing/Management | 1.3 | |||
Real Estate Investment Trusts | 1.3 | |||
Medical Instruments | 1.2 | |||
Coatings/Paint | 1.2 | |||
Diversified Manufacturing Operations | 1.2 | |||
Investment Management/Advisor Services | 1.2 | |||
Oil — Field Services | 1.0 | |||
Diagnostic Equipment | 1.0 | |||
Multimedia | 1.0 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
E-Commerce/Services | 0.9 | |||
Food — Retail | 0.8 | |||
Insurance Brokers | 0.8 | |||
Home Decoration Products | 0.8 | |||
Repurchase Agreements | 0.7 | |||
Medical — Wholesale Drug Distribution | 0.7 | |||
Building Products — Air & Heating | 0.6 | |||
Computer Software | 0.6 | |||
Agricultural Chemicals | 0.6 | |||
Hotels/Motels | 0.5 | |||
Internet Security | 0.5 | |||
Retail — Arts & Crafts | 0.5 | |||
Retail — Auto Parts | 0.4 | |||
Cruise Lines | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Registered Investment Companies | 0.3 | |||
Beverages — Wine/Spirits | 0.3 | |||
Cosmetics & Toiletries | 0.1 | |||
100.3 | % | |||
* | Calculated as a percentage of net assets |
157 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% | ||||||||
Agricultural Chemicals — 0.6% | ||||||||
Monsanto Co. | 8,495 | $ | 872,521 | |||||
Applications Software — 3.1% | ||||||||
Intuit, Inc. | 3,385 | 384,807 | ||||||
Microsoft Corp. | 71,500 | 4,308,590 | ||||||
4,693,397 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.3% | ||||||||
Delphi Automotive PLC# | 7,782 | 498,048 | ||||||
Banks - Fiduciary — 1.7% | ||||||||
Bank of New York Mellon Corp. | 55,581 | 2,635,651 | ||||||
Banks - Super Regional — 1.5% | ||||||||
Wells Fargo & Co. | 42,149 | 2,230,525 | ||||||
Beverages - Non-alcoholic — 3.0% | ||||||||
Coca-Cola Co.# | 41,824 | 1,687,598 | ||||||
PepsiCo, Inc. | 28,834 | 2,886,284 | ||||||
4,573,882 | ||||||||
Beverages - Wine/Spirits — 0.3% | ||||||||
Diageo PLC ADR# | 3,761 | 380,764 | ||||||
Building Products - Air & Heating — 0.6% | ||||||||
Johnson Controls International PLC | 20,083 | 903,333 | ||||||
Cable/Satellite TV — 2.8% | ||||||||
Comcast Corp., Class A | 60,354 | 4,195,207 | ||||||
Coatings/Paint — 1.2% | ||||||||
Sherwin-Williams Co. | 6,643 | 1,784,775 | ||||||
Commercial Services — 1.8% | ||||||||
Aramark | 22,719 | 781,761 | ||||||
Nielsen Holdings PLC | 43,770 | 1,886,487 | ||||||
2,668,248 | ||||||||
Commercial Services - Finance — 0.4% | ||||||||
S&P Global, Inc. | 5,090 | 605,659 | ||||||
Computer Software — 0.6% | ||||||||
Akamai Technologies, Inc.† | 13,225 | 882,107 | ||||||
Computers — 3.9% | ||||||||
Apple, Inc. | 52,968 | 5,854,023 | ||||||
Cosmetics & Toiletries — 0.1% | ||||||||
Coty, Inc., Class A# | 11,187 | 209,309 | ||||||
Cruise Lines — 0.4% | ||||||||
Royal Caribbean Cruises, Ltd. | 7,540 | 610,514 | ||||||
Data Processing/Management — 1.3% | ||||||||
Dun & Bradstreet Corp. | 6,125 | 745,535 | ||||||
Fidelity National Information Services, Inc. | 16,375 | 1,263,986 | ||||||
2,009,521 | ||||||||
Diagnostic Equipment — 1.0% | ||||||||
Abbott Laboratories | 41,032 | 1,562,088 | ||||||
Diversified Banking Institutions — 9.2% | ||||||||
Citigroup, Inc. | 91,270 | 5,146,715 | ||||||
JPMorgan Chase & Co. | 60,480 | 4,848,682 | ||||||
Morgan Stanley | 92,500 | 3,825,800 | ||||||
13,821,197 | ||||||||
Diversified Manufacturing Operations — 1.2% | ||||||||
Eaton Corp. PLC | 11,825 | 786,481 | ||||||
General Electric Co. | 31,747 | 976,537 | ||||||
1,763,018 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Services — 0.9% | ||||||||
Expedia, Inc.# | 11,360 | $ | 1,409,208 | |||||
Electric - Integrated — 1.5% | ||||||||
DTE Energy Co. | 11,416 | 1,062,715 | ||||||
Edison International | 16,924 | 1,163,864 | ||||||
2,226,579 | ||||||||
Electronic Components - Semiconductors — 1.5% | ||||||||
Broadcom, Ltd. | 12,835 | 2,188,239 | ||||||
Entertainment Software — 1.7% | ||||||||
Activision Blizzard, Inc. | 32,675 | 1,196,232 | ||||||
Electronic Arts, Inc.†# | 17,870 | 1,416,019 | ||||||
2,612,251 | ||||||||
Finance - Credit Card — 1.4% | ||||||||
MasterCard, Inc., Class A | 20,372 | 2,082,018 | ||||||
Food - Retail — 0.8% | ||||||||
Kroger Co. | 36,675 | 1,184,602 | ||||||
Home Decoration Products — 0.8% | ||||||||
Newell Brands, Inc. | 24,110 | 1,133,411 | ||||||
Hotels/Motels — 0.5% | ||||||||
Marriott International, Inc., Class A | 10,049 | 791,660 | ||||||
Instruments - Controls — 1.9% | ||||||||
Honeywell International, Inc. | 25,786 | 2,938,057 | ||||||
Insurance Brokers — 0.8% | ||||||||
Aon PLC | 10,131 | 1,155,947 | ||||||
Insurance - Reinsurance — 3.5% | ||||||||
Berkshire Hathaway, Inc., Class B† | 33,094 | 5,210,319 | ||||||
Internet Content - Entertainment — 2.4% | ||||||||
Facebook, Inc., Class A† | 31,000 | 3,671,020 | ||||||
Internet Security — 0.5% | ||||||||
Palo Alto Networks, Inc.†# | 5,840 | 784,721 | ||||||
Investment Management/Advisor Services — 1.2% | ||||||||
BlackRock, Inc. | 2,932 | 1,087,156 | ||||||
Invesco, Ltd. | 20,935 | 655,475 | ||||||
1,742,631 | ||||||||
Medical Instruments — 1.2% | ||||||||
Medtronic PLC | 25,708 | 1,876,941 | ||||||
Medical Products — 2.1% | ||||||||
Cooper Cos., Inc. | 7,792 | 1,281,706 | ||||||
Zimmer Biomet Holdings, Inc. | 19,110 | 1,946,545 | ||||||
3,228,251 | ||||||||
Medical - Biomedical/Gene — 2.6% | ||||||||
Biogen, Inc.† | 6,775 | 1,992,324 | ||||||
Celgene Corp.† | 12,752 | 1,511,240 | ||||||
Vertex Pharmaceuticals, Inc.†# | 4,950 | 403,969 | ||||||
3,907,533 | ||||||||
Medical - Drugs — 4.3% | ||||||||
Johnson & Johnson | 28,603 | 3,183,514 | ||||||
Pfizer, Inc. | 104,255 | 3,350,756 | ||||||
6,534,270 | ||||||||
Medical - HMO — 2.3% | ||||||||
Anthem, Inc. | 11,725 | 1,671,164 | ||||||
Cigna Corp. | 13,429 | 1,809,424 | ||||||
3,480,588 | ||||||||
158 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Wholesale Drug Distribution — 0.7% | ||||||||
Cardinal Health, Inc. | 14,784 | $ | 1,049,812 | |||||
Multimedia — 1.0% | ||||||||
Walt Disney Co. | 15,230 | 1,509,598 | ||||||
Oil Companies - Exploration & Production — 3.8% | ||||||||
Canadian Natural Resources, Ltd. | 62,763 | 2,119,507 | ||||||
ConocoPhillips | 37,876 | 1,837,744 | ||||||
EQT Corp. | 9,630 | 674,870 | ||||||
Noble Energy, Inc. | 30,157 | 1,150,791 | ||||||
5,782,912 | ||||||||
Oil Companies - Integrated — 3.3% | ||||||||
Chevron Corp. | 20,840 | 2,324,911 | ||||||
Exxon Mobil Corp. | 30,951 | 2,702,022 | ||||||
5,026,933 | ||||||||
Oil - Field Services — 1.0% | ||||||||
Schlumberger, Ltd. | 18,685 | 1,570,474 | ||||||
Real Estate Investment Trusts — 1.3% | ||||||||
American Tower Corp. | 19,345 | 1,978,413 | ||||||
Retail - Apparel/Shoe — 1.9% | ||||||||
Coach, Inc. | 41,115 | 1,496,175 | ||||||
PVH Corp. | 13,480 | 1,428,071 | ||||||
2,924,246 | ||||||||
Retail - Arts & Crafts — 0.5% | ||||||||
Michaels Cos., Inc.† | 29,986 | 731,059 | ||||||
Retail - Auto Parts — 0.4% | ||||||||
Advance Auto Parts, Inc. | 3,760 | 638,147 | ||||||
Retail - Building Products — 2.0% | ||||||||
Lowe’s Cos., Inc. | 42,480 | 2,996,964 | ||||||
Retail - Drug Store — 2.6% | ||||||||
CVS Health Corp. | 27,279 | 2,097,482 | ||||||
Walgreens Boots Alliance, Inc. | 22,276 | 1,887,446 | ||||||
3,984,928 | ||||||||
Retail - Restaurants — 1.3% | ||||||||
McDonald’s Corp. | 17,020 | 2,029,975 | ||||||
Semiconductor Components - Integrated Circuits — 1.0% | ||||||||
QUALCOMM, Inc. | 21,215 | 1,445,378 | ||||||
Telephone - Integrated — 2.6% | ||||||||
Verizon Communications, Inc. | 77,393 | 3,861,911 | ||||||
Tobacco — 2.5% | ||||||||
Philip Morris International, Inc. | 42,180 | 3,723,650 | ||||||
Transport - Services — 2.3% | ||||||||
FedEx Corp. | 18,280 | 3,503,728 | ||||||
Web Portals/ISP — 4.2% | ||||||||
Alphabet, Inc., Class A† | 2,502 | 1,941,252 | ||||||
Alphabet, Inc., Class C† | 5,803 | 4,398,906 | ||||||
6,340,158 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $131,303,320) | 150,010,319 | |||||||
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 | 392,084 | $ | 392,084 | |||||
REPURCHASE AGREEMENTS — 0.7% | ||||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.01%, dated 11/30/2016, to be repurchased 12/01//2016 in the amount of $1,125,000 collateralized by $1,090,000 of U.S. Treasury Notes, bearing interest at 3.13% due 05/15/2021 and having an approximate value of $1,152,043 | $ | 1,125,000 | 1,125,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $132,820,404)(3) | 100.3 | % | 151,527,403 | |||||
Liabilities in excess of other assets | (0.3 | ) | (416,652 | ) | ||||
NET ASSETS | 100.0 | % | $ | 151,110,751 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $6,497,478. This was secured by collateral of $392,084, which was received in cash and subsequently invested in short-term investments currently valued at $392,084 as reported in the Portfolio of Investments. Additional collateral of $6,340,822 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, 2016 | |||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 11/01/2027 to 06/15/2044 | $394,872 | |||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 11/01/2027 to 02/25/2044 | 714,804 | |||
Government National Mtg. Assoc. | 2.50% to 3.50% | 01/20/2043 to 11/20/2046 | 1,195,321 | |||
United States Treasury Bills | 0.00% | 12/08/2016 to 05/25/2017 | 321,781 | |||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 01/15/2017 to 05/15/2046 | 3,714,044 |
(2) | The rate shown is the 7-day yield as of November 30, 2016. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
159 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 150,010,319 | $ | — | $ | — | $ | 150,010,319 | ||||||||
Short-Term Investment Securities | 392,084 | — | — | 392,084 | ||||||||||||
Repurchase Agreements | — | 1,125,000 | — | 1,125,000 | ||||||||||||
Total Investments at Value | $ | 150,402,403 | $ | 1,125,000 | $ | — | $ | 151,527,403 | ||||||||
* | 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
160 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Diagnostic Equipment | 7.2 | % | ||
Computer Services | 7.2 | |||
Cosmetics & Toiletries | 6.6 | |||
Web Portals/ISP | 6.0 | |||
Medical — Drugs | 5.0 | |||
Finance — Credit Card | 4.5 | |||
Data Processing/Management | 3.3 | |||
Commercial Services — Finance | 3.1 | |||
Multimedia | 2.9 | |||
Commercial Services | 2.5 | |||
Athletic Footwear | 2.5 | |||
Medical Products | 2.5 | |||
Vitamins & Nutrition Products | 2.4 | |||
Computers | 2.2 | |||
Agricultural Chemicals | 2.1 | |||
Electronic Components — Semiconductors | 2.0 | |||
Coatings/Paint | 2.0 | |||
Retail — Major Department Stores | 2.0 | |||
Chemicals — Diversified | 2.0 | |||
Instruments — Controls | 1.8 | |||
Textile — Apparel | 1.8 | |||
Retail — Auto Parts | 1.8 | |||
Private Equity | 1.7 | |||
Retail — Drug Store | 1.6 | |||
Electronic Connectors | 1.6 | |||
Transport — Rail | 1.6 | |||
Distribution/Wholesale | 1.5 | |||
Insurance Brokers | 1.5 | |||
Apparel Manufacturers | 1.4 | |||
Pharmacy Services | 1.3 | |||
Finance — Investment Banker/Broker | 1.2 | |||
Semiconductor Components — Integrated Circuits | 1.1 | |||
Diversified Manufacturing Operations | 1.1 | |||
Aerospace/Defense — Equipment | 1.1 | |||
Beverages — Non-alcoholic | 1.0 | |||
Instruments — Scientific | 1.0 | |||
Food — Misc./Diversified | 0.9 | |||
Beverages — Wine/Spirits | 0.9 | |||
Dental Supplies & Equipment | 0.8 | |||
Soap & Cleaning Preparation | 0.7 | |||
Electronic Measurement Instruments | 0.7 | |||
U.S. Government Agencies | 0.6 | |||
Oil — Field Services | 0.6 | |||
Enterprise Software/Service | 0.6 | |||
Finance — Other Services | 0.6 | |||
Industrial Gases | 0.6 | |||
Brewery | 0.5 | |||
Advertising Agencies | 0.4 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
161 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.4% |
| |||||||
Advertising Agencies — 0.4% |
| |||||||
Omnicom Group, Inc. | 18,225 | $ | 1,584,482 | |||||
Aerospace/Defense - Equipment — 1.1% |
| |||||||
United Technologies Corp. | 37,217 | 4,009,015 | ||||||
Agricultural Chemicals — 2.1% |
| |||||||
Monsanto Co. | 76,576 | 7,865,121 | ||||||
Apparel Manufacturers — 1.4% |
| |||||||
Burberry Group PLC | 88,235 | 1,577,610 | ||||||
VF Corp. | 67,226 | 3,664,489 | ||||||
5,242,099 | ||||||||
Athletic Footwear — 2.5% |
| |||||||
NIKE, Inc., Class B | 186,172 | 9,321,632 | ||||||
Beverages - Non-alcoholic — 1.0% |
| |||||||
PepsiCo, Inc. | 38,378 | 3,841,638 | ||||||
Beverages - Wine/Spirits — 0.9% |
| |||||||
Pernod Ricard SA | 32,992 | 3,461,690 | ||||||
Brewery — 0.5% |
| |||||||
Ambev SA ADR | 405,967 | 2,025,775 | ||||||
Chemicals - Diversified — 2.0% |
| |||||||
LyondellBasell Industries NV, Class A | 16,077 | 1,452,074 | ||||||
PPG Industries, Inc. | 61,519 | 5,901,518 | ||||||
7,353,592 | ||||||||
Coatings/Paint — 2.0% |
| |||||||
Sherwin-Williams Co. | 27,914 | 7,499,654 | ||||||
Commercial Services — 2.5% |
| |||||||
Ecolab, Inc. | 80,628 | 9,411,706 | ||||||
Commercial Services - Finance — 3.1% |
| |||||||
Equifax, Inc. | 50,577 | 5,788,538 | ||||||
Moody’s Corp. | 57,597 | 5,788,498 | ||||||
11,577,036 | ||||||||
Computer Services — 7.2% |
| |||||||
Accenture PLC, Class A# | 149,399 | 17,842,723 | ||||||
Cognizant Technology Solutions Corp., Class A† | 166,489 | 9,170,214 | ||||||
27,012,937 | ||||||||
Computers — 2.2% |
| |||||||
Apple, Inc. | 75,220 | 8,313,314 | ||||||
Cosmetics & Toiletries — 6.6% |
| |||||||
Colgate-Palmolive Co. | 155,836 | 10,165,182 | ||||||
Coty, Inc., Class A# | 310,495 | 5,809,362 | ||||||
Estee Lauder Cos., Inc., Class A | 76,686 | 5,958,502 | ||||||
L’Oreal SA | 17,441 | 2,976,983 | ||||||
24,910,029 | ||||||||
Data Processing/Management — 3.3% |
| |||||||
Fidelity National Information Services, Inc. | 99,473 | 7,678,321 | ||||||
Fiserv, Inc.† | 45,092 | 4,717,525 | ||||||
12,395,846 | ||||||||
Dental Supplies & Equipment — 0.8% |
| |||||||
DENTSPLY SIRONA, Inc. | 51,276 | 2,983,238 | ||||||
Diagnostic Equipment — 7.2% |
| |||||||
Abbott Laboratories | 250,037 | 9,518,909 | ||||||
Danaher Corp. | 74,147 | 5,796,071 | ||||||
Thermo Fisher Scientific, Inc. | 84,864 | 11,890,295 | ||||||
27,205,275 | ||||||||
Distribution/Wholesale — 1.5% |
| |||||||
Fastenal Co.# | 49,199 | 2,332,032 |
Security Description | Shares | Value (Note 2) | ||||||
Distribution/Wholesale (continued) |
| |||||||
WW Grainger, Inc.# | 14,866 | $ | 3,427,654 | |||||
5,759,686 | ||||||||
Diversified Manufacturing Operations — 1.1% |
| |||||||
Colfax Corp.† | 112,442 | 4,228,944 | ||||||
Electronic Components - Semiconductors — 2.0% | ||||||||
Texas Instruments, Inc. | 102,673 | 7,590,615 | ||||||
Electronic Connectors — 1.6% |
| |||||||
Amphenol Corp., Class A | 87,575 | 5,977,870 | ||||||
Electronic Measurement Instruments — 0.7% |
| |||||||
Fortive Corp. | 47,053 | 2,587,444 | ||||||
Enterprise Software/Service — 0.6% |
| |||||||
Oracle Corp. | 55,835 | 2,244,009 | ||||||
Finance - Credit Card — 4.5% |
| |||||||
MasterCard, Inc., Class A | 55,899 | 5,712,878 | ||||||
Visa, Inc., Class A# | 145,600 | 11,257,792 | ||||||
16,970,670 | ||||||||
Finance - Investment Banker/Broker — 1.2% |
| |||||||
Charles Schwab Corp. | 116,082 | 4,487,730 | ||||||
Finance - Other Services — 0.6% |
| |||||||
CME Group, Inc. | 19,571 | 2,209,762 | ||||||
Food - Misc./Diversified — 0.9% |
| |||||||
Danone SA | 56,506 | 3,554,944 | ||||||
Industrial Gases — 0.6% |
| |||||||
Praxair, Inc.# | 18,159 | 2,184,528 | ||||||
Instruments - Controls — 1.8% |
| |||||||
Mettler-Toledo International, Inc.† | 16,746 | 6,899,687 | ||||||
Instruments - Scientific — 1.0% |
| |||||||
Waters Corp.† | 28,370 | 3,817,751 | ||||||
Insurance Brokers — 1.5% |
| |||||||
Aon PLC | 49,792 | 5,681,267 | ||||||
Medical Products — 2.5% |
| |||||||
Cooper Cos., Inc.# | 23,881 | 3,928,185 | ||||||
Zimmer Biomet Holdings, Inc. | 52,002 | 5,296,924 | ||||||
9,225,109 | ||||||||
Medical - Drugs — 5.0% |
| |||||||
Eli Lilly & Co. | 74,086 | 4,972,652 | ||||||
Roche Holding AG | 22,827 | 5,089,880 | ||||||
Zoetis, Inc. | 169,767 | 8,552,862 | ||||||
18,615,394 | ||||||||
Multimedia — 2.9% |
| |||||||
Time Warner, Inc. | 25,304 | 2,323,414 | ||||||
Twenty-First Century Fox, Inc., Class A | 248,292 | 6,979,488 | ||||||
Walt Disney Co. | 16,859 | 1,671,064 | ||||||
10,973,966 | ||||||||
Oil - Field Services — 0.6% |
| |||||||
Schlumberger, Ltd. | 26,988 | 2,268,341 | ||||||
Pharmacy Services — 1.3% |
| |||||||
Express Scripts Holding Co.† | 65,931 | 5,002,844 | ||||||
Private Equity — 1.7% |
| |||||||
Blackstone Group LP | 249,176 | 6,413,790 | ||||||
Retail - Auto Parts — 1.8% |
| |||||||
AutoZone, Inc.†# | 8,440 | 6,610,039 | ||||||
Retail - Drug Store — 1.6% |
| |||||||
CVS Health Corp. | 79,545 | 6,116,215 | ||||||
162 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Major Department Stores — 2.0% |
| |||||||
TJX Cos., Inc. | 95,228 | $ | 7,460,162 | |||||
Semiconductor Components - Integrated Circuits — 1.1% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 143,463 | 4,259,416 | ||||||
Soap & Cleaning Preparation — 0.7% |
| |||||||
Church & Dwight Co., Inc. | 61,480 | 2,692,209 | ||||||
Textile - Apparel — 1.8% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE | 37,376 | 6,801,542 | ||||||
Transport - Rail — 1.6% |
| |||||||
Union Pacific Corp. | 58,163 | 5,893,657 | ||||||
Vitamins & Nutrition Products — 2.4% |
| |||||||
Mead Johnson Nutrition Co.# | 122,768 | 8,850,345 | ||||||
Web Portals/ISP — 6.0% |
| |||||||
Alphabet, Inc., Class A† | 29,042 | 22,533,107 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $329,699,641) | 373,925,122 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
U.S. Government Agencies — 0.6% |
| |||||||
Federal Home Loan Bank | $ | 2,274,000 | 2,274,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $331,973,641)(1) | 100.0 | % | 376,199,122 | |||||
Liabilities in excess of other assets | (0.0 | ) | (62,670 | ) | ||||
NET ASSETS | 100.0 | % | $ | 376,136,452 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2016, the Fund had loaned securities with a total value of $61,001,565. This was secured by collateral of $63,174,615 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, 2016 | |||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 11/01/2027 to 06/15/2044 | $2,481,437 | |||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 11/01/2027 to 02/25/2044 | 4,491,937 | |||
Government National Mtg. Assoc. | 2.50% to 3.50% | 01/20/2043 to 11/20/2046 | 7,511,581 | |||
United States Treasury Bills | 0.00% | 12/08/2016 to 05/25/2017 | 5,879,741 | |||
United States Treasury Notes/Bonds | 0.00% to 8.13% | 01/15/2017 to 05/15/2046 | 42,809,919 |
(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, 2016 (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 | $ | 373,925,122 | $ | — | $ | — | $ | 373,925,122 | ||||||||
Short-Term Investment Securities | — | 2,274,000 | — | 2,274,000 | ||||||||||||
Total Investments at Value | $ | 373,925,122 | $ | 2,274,000 | $ | — | $ | 376,199,122 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
163 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 9.9 | % | ||
Banks — Commercial | 6.4 | |||
U.S. Government Treasuries | 4.6 | |||
Registered Investment Companies | 3.5 | |||
Electric — Integrated | 2.4 | |||
Retail — Restaurants | 2.3 | |||
Gas — Distribution | 2.2 | |||
Insurance — Reinsurance | 1.8 | |||
Computer Services | 1.7 | |||
Electronic Components — Semiconductors | 1.6 | |||
Enterprise Software/Service | 1.6 | |||
Diversified Manufacturing Operations | 1.5 | |||
Computer Aided Design | 1.5 | |||
Insurance — Property/Casualty | 1.5 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Steel — Producers | 1.4 | |||
Chemicals — Specialty | 1.4 | |||
Data Processing/Management | 1.3 | |||
Food — Misc./Diversified | 1.3 | |||
Medical Products | 1.2 | |||
Aerospace/Defense — Equipment | 1.1 | |||
Machinery — General Industrial | 1.1 | |||
Containers — Paper/Plastic | 1.1 | |||
Electronic Measurement Instruments | 1.0 | |||
Oil & Gas Drilling | 1.0 | |||
Building — Residential/Commercial | 0.9 | |||
Repurchase Agreements | 0.9 | |||
Distribution/Wholesale | 0.9 | |||
Electronic Parts Distribution | 0.9 | |||
Coatings/Paint | 0.9 | |||
Insurance — Multi-line | 0.9 | |||
Electronic Components — Misc. | 0.8 | |||
Medical — Biomedical/Gene | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Consulting Services | 0.7 | |||
Engineering/R&D Services | 0.7 | |||
Finance — Other Services | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Food — Dairy Products | 0.7 | |||
Computers — Integrated Systems | 0.7 | |||
Machinery — Construction & Mining | 0.7 | |||
Medical Instruments | 0.6 | |||
Industrial Automated/Robotic | 0.6 | |||
Savings & Loans/Thrifts | 0.6 | |||
Transport — Truck | 0.6 | |||
Diagnostic Kits | 0.6 | |||
Commercial Services — Finance | 0.6 | |||
Oil Refining & Marketing | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Garden Products | 0.6 | |||
Recreational Vehicles | 0.6 | |||
Oil — Field Services | 0.6 | |||
Filtration/Separation Products | 0.5 | |||
Respiratory Products | 0.5 | |||
Multimedia | 0.5 | |||
Retail — Sporting Goods | 0.5 | |||
Shipbuilding | 0.5 | |||
Medical — HMO | 0.5 | |||
Machine Tools & Related Products | 0.5 | |||
Retail — Misc./Diversified | 0.4 | |||
Decision Support Software | 0.4 | |||
Telecommunication Equipment | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Dental Supplies & Equipment | 0.4 | |||
Commercial Services | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Airlines | 0.4 | |||
Insurance — Life/Health | 0.4 | |||
Wireless Equipment | 0.4 | |||
Batteries/Battery Systems | 0.4 |
Physicians Practice Management | 0.4 | |||
Human Resources | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Disposable Medical Products | 0.3 | |||
Applications Software | 0.3 | |||
Retail — Automobile | 0.3 | |||
Water | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Funeral Services & Related Items | 0.3 | |||
Veterinary Diagnostics | 0.3 | |||
Insurance Brokers | 0.3 | |||
Computers — Memory Devices | 0.3 | |||
Footwear & Related Apparel | 0.3 | |||
Food — Flour & Grain | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Building — Mobile Home/Manufactured Housing | 0.3 | |||
Retail — Convenience Store | 0.3 | |||
Building Products — Cement | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Gold Mining | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Retail — Mail Order | 0.3 | |||
Computer Data Security | 0.3 | |||
Medical — Drugs | 0.3 | |||
Transport — Rail | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Office Furnishings — Original | 0.3 | |||
Theaters | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Schools | 0.2 | |||
Electronic Design Automation | 0.2 | |||
Food — Canned | 0.2 | |||
Machinery — Farming | 0.2 | |||
Instruments — Controls | 0.2 | |||
Physical Therapy/Rehabilitation Centers | 0.2 | |||
Medical — Outpatient/Home Medical | 0.2 | |||
Coal | 0.2 | |||
Computer Software | 0.2 | |||
Retail — Discount | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Transport — Marine | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Television | 0.2 | |||
Printing — Commercial | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Home Furnishings | 0.2 | |||
Retail — Petroleum Products | 0.2 | |||
Research & Development | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Building — Maintenance & Services | 0.2 | |||
Drug Delivery Systems | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Racetracks | 0.2 | |||
Food — Baking | 0.2 | |||
Housewares | 0.2 | |||
Food — Retail | 0.2 | |||
Cable/Satellite TV | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Retail — Office Supplies | 0.2 | |||
Quarrying | 0.2 |
164 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited) — (continued)
Industry Allocation* (continued)
Retail — Computer Equipment | 0.2 | % | ||
Building Products — Light Fixtures | 0.2 | |||
Telephone — Integrated | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Paper & Related Products | 0.1 | |||
Publishing — Books | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Athletic Equipment | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Transactional Software | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Medical Information Systems | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Steel — Specialty | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Brewery | 0.1 | |||
Computers — Other | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Telecom Services | 0.1 | |||
E-Marketing/Info | �� | 0.1 | ||
Electric — Generation | 0.1 | |||
103.5 | % | |||
* | Calculated as a percentage of net assets |
165 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 — (unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS — 94.5% |
| |||||||
Aerospace/Defense — 0.4% |
| |||||||
Esterline Technologies Corp.† | 55,898 | $ | 4,916,229 | |||||
Teledyne Technologies, Inc.†# | 65,901 | 8,229,058 | ||||||
13,145,287 | ||||||||
Aerospace/Defense-Equipment — 1.1% |
| |||||||
B/E Aerospace, Inc. | 193,243 | 11,602,310 | ||||||
Curtiss-Wright Corp. | 84,472 | 8,491,125 | ||||||
KLX, Inc.†# | 100,224 | 3,907,734 | ||||||
Orbital ATK, Inc. | 111,348 | 9,501,325 | ||||||
Triumph Group, Inc.# | 94,183 | 2,618,287 | ||||||
36,120,781 | ||||||||
Airlines — 0.4% |
| |||||||
JetBlue Airways Corp.† | 615,403 | 12,363,446 | ||||||
Apparel Manufacturers — 0.3% |
| |||||||
Carter’s, Inc. | 95,191 | 8,689,986 | ||||||
Applications Software — 0.3% |
| |||||||
PTC, Inc.† | 218,593 | 10,647,665 | ||||||
Athletic Equipment — 0.1% |
| |||||||
Vista Outdoor, Inc.† | 114,729 | 4,606,369 | ||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Sotheby’s†# | 91,210 | 3,562,663 | ||||||
Auto/Truck Parts & Equipment-Original — 0.1% |
| |||||||
Dana, Inc. | 272,743 | 4,606,629 | ||||||
Banks - Commercial — 6.4% |
| |||||||
Associated Banc-Corp.# | 282,540 | 6,456,039 | ||||||
BancorpSouth, Inc. | 163,638 | 4,671,865 | ||||||
Bank of Hawaii Corp.# | 81,513 | 6,795,739 | ||||||
Bank of the Ozarks, Inc.# | 172,718 | 8,380,277 | ||||||
Cathay General Bancorp, Class B# | 140,961 | 4,947,731 | ||||||
Chemical Financial Corp. | 133,045 | 6,902,375 | ||||||
Commerce Bancshares, Inc.# | 165,809 | 9,087,972 | ||||||
Cullen/Frost Bankers, Inc. | 105,108 | 8,651,439 | ||||||
East West Bancorp, Inc. | 274,017 | 13,119,934 | ||||||
First Horizon National Corp.# | 441,192 | 8,417,943 | ||||||
FNB Corp.# | 399,552 | 6,105,155 | ||||||
Fulton Financial Corp.# | 329,080 | 5,841,170 | ||||||
Hancock Holding Co.# | 147,453 | 6,126,672 | ||||||
International Bancshares Corp.# | 110,354 | 4,295,529 | ||||||
MB Financial, Inc. | 135,708 | 5,872,085 | ||||||
PacWest Bancorp | 228,968 | 11,734,610 | ||||||
PrivateBancorp, Inc. | 151,164 | 7,071,452 | ||||||
Prosperity Bancshares, Inc.# | 132,119 | 8,737,029 | ||||||
Signature Bank† | 102,080 | 15,302,813 | ||||||
SVB Financial Group†# | 98,952 | 15,637,384 | ||||||
Synovus Financial Corp.# | 233,759 | 9,048,811 | ||||||
TCF Financial Corp. | 325,246 | 5,643,018 | ||||||
Trustmark Corp.# | 128,591 | 4,334,803 | ||||||
Umpqua Holdings Corp. | 418,710 | 7,440,477 | ||||||
Valley National Bancorp# | 483,893 | 5,487,347 | ||||||
Webster Financial Corp.# | 174,321 | 8,648,065 | ||||||
204,757,734 | ||||||||
Batteries/Battery Systems — 0.4% |
| |||||||
Energizer Holdings, Inc. | 117,713 | 5,281,783 | ||||||
EnerSys | 82,578 | 6,571,557 | ||||||
11,853,340 | ||||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 17,220 | 2,980,782 | ||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Louisiana-Pacific Corp.†# | 270,313 | 5,227,853 | ||||||
Security Description | Shares | Value | ||||||
Building Products - Air & Heating — 0.3% |
| |||||||
Lennox International, Inc.# | 74,399 | $ | 11,060,899 | |||||
Building Products - Cement — 0.3% |
| |||||||
Eagle Materials, Inc.# | 91,730 | 8,916,156 | ||||||
Building Products - Light Fixtures — 0.2% |
| |||||||
Cree, Inc.†# | 191,770 | 4,855,616 | ||||||
Building - Heavy Construction — 0.3% |
| |||||||
Dycom Industries, Inc.†# | 59,758 | 4,376,078 | ||||||
Granite Construction, Inc. | 75,297 | 4,441,770 | ||||||
8,817,848 | ||||||||
Building - Maintenance & Services — 0.2% |
| |||||||
Rollins, Inc.# | 182,646 | 5,868,416 | ||||||
Building - Mobile Home/Manufactured Housing — 0.3% |
| |||||||
Thor Industries, Inc.# | 90,816 | 9,133,365 | ||||||
Building - Residential/Commercial — 0.9% |
| |||||||
CalAtlantic Group, Inc.# | 141,838 | 4,735,970 | ||||||
KB Home# | 157,307 | 2,491,743 | ||||||
NVR, Inc.† | 6,890 | 10,989,550 | ||||||
Toll Brothers, Inc.† | 286,974 | 8,511,649 | ||||||
TRI Pointe Group, Inc.†# | 277,974 | 3,230,058 | ||||||
29,958,970 | ||||||||
Cable/Satellite TV — 0.2% |
| |||||||
Cable One, Inc. | 8,919 | 5,271,664 | ||||||
Chemicals - Diversified — 0.3% |
| |||||||
Olin Corp.# | 314,065 | 8,165,690 | ||||||
Chemicals - Plastics — 0.2% |
| |||||||
PolyOne Corp.# | 159,862 | 5,270,650 | ||||||
Chemicals - Specialty — 1.4% |
| |||||||
Ashland Global Holdings, Inc.# | 118,087 | 13,308,405 | ||||||
Cabot Corp. | 118,614 | 6,041,011 | ||||||
Minerals Technologies, Inc. | 66,244 | 5,365,764 | ||||||
NewMarket Corp. | 17,573 | 7,352,719 | ||||||
Sensient Technologies Corp. | 85,153 | 6,649,598 | ||||||
Versum Materials, Inc.†# | 205,889 | 5,036,045 | ||||||
43,753,542 | ||||||||
Coal — 0.2% |
| |||||||
CONSOL Energy, Inc.# | 335,936 | 6,913,563 | ||||||
Coatings/Paint — 0.9% |
| |||||||
RPM International, Inc. | 253,157 | 13,394,537 | ||||||
Valspar Corp. | 138,678 | 14,157,637 | ||||||
27,552,174 | ||||||||
Commercial Services — 0.4% |
| |||||||
CoreLogic, Inc.† | 167,900 | 6,334,867 | ||||||
Live Nation Entertainment, Inc.†# | 251,013 | 6,948,040 | ||||||
13,282,907 | ||||||||
Commercial Services - Finance — 0.6% |
| |||||||
MarketAxess Holdings, Inc. | 71,549 | 11,860,678 | ||||||
WEX, Inc.† | 73,110 | 8,079,386 | ||||||
19,940,064 | ||||||||
Computer Aided Design — 1.5% |
| |||||||
ANSYS, Inc.†# | 165,848 | 15,594,687 | ||||||
Cadence Design Systems, Inc.†# | 555,893 | 14,608,868 | ||||||
Synopsys, Inc.† | 287,776 | 17,404,693 | ||||||
47,608,248 | ||||||||
Computer Data Security — 0.3% |
| |||||||
Fortinet, Inc.† | 279,116 | 8,401,392 | ||||||
166 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Computer Services — 1.7% |
| |||||||
Computer Sciences Corp.# | 267,027 | $ | 16,189,847 | |||||
Convergys Corp.# | 182,374 | 4,718,015 | ||||||
DST Systems, Inc. | 62,024 | 6,401,497 | ||||||
Leidos Holdings, Inc. | 270,302 | 13,839,463 | ||||||
MAXIMUS, Inc.# | 123,394 | 6,822,454 | ||||||
Science Applications International Corp. | 85,236 | 7,037,937 | ||||||
55,009,213 | ||||||||
Computer Software — 0.2% |
| |||||||
j2 Global, Inc.# | 91,296 | 6,711,169 | ||||||
Computers - Integrated Systems — 0.7% |
| |||||||
Diebold, Inc.# | 142,839 | 3,256,729 | ||||||
NCR Corp.† | 235,410 | 9,122,137 | ||||||
NetScout Systems, Inc.† | 174,928 | 5,457,754 | ||||||
VeriFone Systems, Inc.†# | 211,019 | 3,564,111 | ||||||
21,400,731 | ||||||||
Computers - Memory Devices — 0.3% |
| |||||||
Brocade Communications Systems, Inc. | 762,268 | 9,406,387 | ||||||
Computers - Other — 0.1% |
| |||||||
3D Systems Corp.†# | 202,697 | 2,807,353 | ||||||
Consulting Services — 0.7% |
| |||||||
CEB, Inc.# | 61,239 | 3,610,039 | ||||||
FTI Consulting, Inc.† | 80,207 | 3,424,839 | ||||||
Gartner, Inc.† | 157,109 | 16,153,947 | ||||||
23,188,825 | ||||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Helen of Troy, Ltd.† | 52,931 | 4,504,428 | ||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Greif, Inc., Class A | 49,025 | 2,518,414 | ||||||
Silgan Holdings, Inc. | 78,199 | 3,871,633 | ||||||
6,390,047 | ||||||||
Containers - Paper/Plastic — 1.1% |
| |||||||
Bemis Co., Inc.# | 180,096 | 9,017,407 | ||||||
Packaging Corp. of America | 179,184 | 15,187,636 | ||||||
Sonoco Products Co.# | 190,604 | 10,317,394 | ||||||
34,522,437 | ||||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Avon Products, Inc. †# | 831,007 | 4,462,508 | ||||||
Edgewell Personal Care Co.† | 112,097 | 8,871,356 | ||||||
13,333,864 | ||||||||
Data Processing/Management — 1.3% |
| |||||||
Acxiom Corp.† | 147,196 | 3,905,110 | ||||||
Broadridge Financial Solutions, Inc. | 224,910 | 14,560,673 | ||||||
CommVault Systems, Inc.† | 78,559 | 4,242,186 | ||||||
Fair Isaac Corp. | 58,672 | 6,670,420 | ||||||
Jack Henry & Associates, Inc. | 149,339 | 12,908,863 | ||||||
42,287,252 | ||||||||
Decision Support Software — 0.4% |
| |||||||
MSCI, Inc. | 179,940 | 14,179,272 | ||||||
Dental Supplies & Equipment — 0.4% |
| |||||||
Align Technology, Inc.†# | 143,079 | 13,313,501 | ||||||
Diagnostic Kits — 0.6% |
| |||||||
IDEXX Laboratories, Inc.���# | 170,265 | 20,031,677 | ||||||
Disposable Medical Products — 0.3% |
| |||||||
STERIS PLC# | 163,815 | 10,747,902 | ||||||
Security Description | Shares | Value | ||||||
Distribution/Wholesale — 0.9% |
| |||||||
Fossil Group, Inc.†# | 79,623 | $ | 2,661,001 | |||||
Ingram Micro, Inc., Class A† | 284,584 | 10,654,825 | ||||||
Pool Corp. | 79,954 | 8,044,172 | ||||||
Watsco, Inc. | 49,044 | 7,307,556 | ||||||
28,667,554 | ||||||||
Diversified Manufacturing Operations — 1.5% |
| |||||||
A.O. Smith Corp. | 281,936 | 13,710,548 | ||||||
Carlisle Cos., Inc. | 122,877 | 13,783,113 | ||||||
Crane Co. | 94,392 | 6,936,868 | ||||||
ITT, Inc. | 170,377 | 6,878,120 | ||||||
Trinity Industries, Inc.# | 289,779 | 8,052,958 | ||||||
49,361,607 | ||||||||
Drug Delivery Systems — 0.2% |
| |||||||
Catalent, Inc.† | 237,205 | 5,676,316 | ||||||
E-Marketing/Info — 0.1% |
| |||||||
comScore, Inc.†# | 85,129 | 2,472,146 | ||||||
Electric - Generation — 0.1% |
| |||||||
Talen Energy Corp.†# | 163,747 | 2,285,908 | ||||||
Electric - Integrated — 2.4% |
| |||||||
Black Hills Corp.# | 99,496 | 5,845,390 | ||||||
Great Plains Energy, Inc. | 394,306 | 10,405,735 | ||||||
Hawaiian Electric Industries, Inc. | 205,738 | 6,336,730 | ||||||
IDACORP, Inc. | 95,843 | 7,298,445 | ||||||
MDU Resources Group, Inc.# | 371,377 | 10,331,708 | ||||||
NorthWestern Corp.# | 91,865 | 5,153,627 | ||||||
OGE Energy Corp.# | 379,740 | 12,018,771 | ||||||
PNM Resources, Inc. | 151,465 | 4,786,294 | ||||||
Westar Energy, Inc. | 269,514 | 15,351,517 | ||||||
77,528,217 | ||||||||
Electronic Components - Misc. — 0.8% |
| |||||||
Gentex Corp.# | 545,343 | 10,083,392 | ||||||
Jabil Circuit, Inc. | 363,357 | 7,685,001 | ||||||
Knowles Corp.†# | 168,651 | 2,703,475 | ||||||
Vishay Intertechnology, Inc.# | 256,277 | 3,882,597 | ||||||
24,354,465 | ||||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Advanced Micro Devices, Inc.†# | 1,396,407 | 12,441,986 | ||||||
Intersil Corp., Class A | 257,652 | 5,706,992 | ||||||
IPG Photonics Corp.†# | 70,751 | 6,786,436 | ||||||
Microsemi Corp.†# | 215,231 | 11,783,897 | ||||||
Monolithic Power Systems, Inc.# | 70,837 | 5,811,468 | ||||||
Silicon Laboratories, Inc.† | 79,098 | 5,248,152 | ||||||
Synaptics, Inc.†# | 66,194 | 3,612,869 | ||||||
51,391,800 | ||||||||
Electronic Design Automation — 0.2% |
| |||||||
Mentor Graphics Corp. | 205,662 | 7,516,946 | ||||||
Electronic Measurement Instruments — 1.0% |
| |||||||
Keysight Technologies, Inc.† | 323,141 | 11,901,283 | ||||||
National Instruments Corp. | 200,532 | 5,909,678 | ||||||
Trimble, Inc.†# | 473,815 | 13,356,845 | ||||||
31,167,806 | ||||||||
Electronic Parts Distribution — 0.9% |
| |||||||
Arrow Electronics, Inc.† | 173,545 | 11,847,917 | ||||||
Avnet, Inc. | 242,191 | 11,114,145 | ||||||
Tech Data Corp.†# | 66,961 | 5,682,980 | ||||||
28,645,042 | ||||||||
167 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Engineering/R&D Services — 0.7% |
| |||||||
AECOM† | 292,254 | $ | 10,623,433 | |||||
EMCOR Group, Inc. | 115,613 | 8,020,074 | ||||||
KBR, Inc. | 270,921 | 4,527,090 | ||||||
23,170,597 | ||||||||
Enterprise Software/Service — 1.6% |
| |||||||
CDK Global, Inc. | 285,502 | 16,473,465 | ||||||
Manhattan Associates, Inc.†# | 136,159 | 7,134,732 | ||||||
SYNNEX Corp.# | 55,197 | 6,453,081 | ||||||
Tyler Technologies, Inc.†# | 62,883 | 9,363,279 | ||||||
Ultimate Software Group, Inc.†# | 55,027 | 11,276,683 | ||||||
50,701,240 | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 59,222 | 3,681,240 | ||||||
Filtration/Separation Products — 0.5% |
| |||||||
CLARCOR, Inc.# | 92,721 | 6,532,194 | ||||||
Donaldson Co., Inc. | 253,146 | 10,267,602 | ||||||
16,799,796 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
SLM Corp.† | 813,724 | 8,194,201 | ||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Raymond James Financial, Inc. | 239,781 | 17,249,845 | ||||||
Stifel Financial Corp.†# | 125,901 | 6,276,165 | ||||||
23,526,010 | ||||||||
Finance - Other Services — 0.7% |
| |||||||
CBOE Holdings, Inc.# | 154,566 | 10,649,598 | ||||||
SEI Investments Co. | 257,684 | 12,157,531 | ||||||
22,807,129 | ||||||||
Food - Baking — 0.2% |
| |||||||
Flowers Foods, Inc.# | 346,166 | 5,372,496 | ||||||
Food - Canned — 0.2% |
| |||||||
TreeHouse Foods, Inc.†# | 107,849 | 7,476,093 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 33,441 | 1,262,398 | ||||||
Food - Dairy Products — 0.7% |
| |||||||
Dean Foods Co.# | 171,942 | 3,414,768 | ||||||
WhiteWave Foods Co.† | 336,944 | 18,562,245 | ||||||
21,977,013 | ||||||||
Food - Flour & Grain — 0.3% |
| |||||||
Post Holdings, Inc.† | 122,934 | 9,383,552 | ||||||
Food - Misc./Diversified — 1.3% |
| |||||||
Hain Celestial Group, Inc.† | 196,710 | 7,709,065 | ||||||
Ingredion, Inc. | 137,257 | 16,111,227 | ||||||
Lamb Weston Holdings, Inc.† | 203,568 | 6,815,456 | ||||||
Lancaster Colony Corp. | 37,025 | 5,017,258 | ||||||
Snyder’s-Lance, Inc.# | 162,589 | 6,058,066 | ||||||
41,711,072 | ||||||||
Food - Retail — 0.2% |
| |||||||
Sprouts Farmers Market, Inc.†# | 265,301 | 5,308,673 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
United Natural Foods, Inc.† | 95,801 | 4,497,857 | ||||||
Footwear & Related Apparel — 0.3% |
| |||||||
Deckers Outdoor Corp.†# | 60,925 | 3,623,819 | ||||||
Skechers U.S.A., Inc., Class A† | 253,514 | 5,775,049 | ||||||
9,398,868 | ||||||||
Security Description | Shares | Value | ||||||
Funeral Services & Related Items — 0.3% |
| |||||||
Service Corp. International | 368,194 | $ | 9,937,556 | |||||
Garden Products — 0.6% |
| |||||||
Scotts Miracle-Gro Co., Class A | 86,153 | 7,863,184 | ||||||
Toro Co. | 207,860 | 11,002,030 | ||||||
18,865,214 | ||||||||
Gas - Distribution — 2.2% |
| |||||||
Atmos Energy Corp. | 197,471 | 14,044,137 | ||||||
National Fuel Gas Co.# | 161,608 | 9,111,459 | ||||||
New Jersey Resources Corp.# | 163,817 | 5,643,496 | ||||||
ONE Gas, Inc.# | 99,338 | 5,961,273 | ||||||
Southwest Gas Corp. | 90,289 | 6,693,124 | ||||||
UGI Corp.# | 329,433 | 14,758,598 | ||||||
Vectren Corp. | 157,516 | 7,730,885 | ||||||
WGL Holdings, Inc.# | 97,092 | 7,044,996 | ||||||
70,987,968 | ||||||||
Gold Mining — 0.3% |
| |||||||
Royal Gold, Inc.# | 124,111 | 8,643,090 | ||||||
Hazardous Waste Disposal — 0.2% |
| |||||||
Clean Harbors, Inc.† | 99,489 | 5,257,994 | ||||||
Home Furnishings — 0.2% |
| |||||||
Tempur Sealy International, Inc.†# | 96,635 | 6,116,996 | ||||||
Housewares — 0.2% |
| |||||||
Tupperware Brands Corp.# | 96,096 | 5,327,562 | ||||||
Human Resources — 0.3% |
| |||||||
ManpowerGroup, Inc. | 130,316 | 11,130,290 | ||||||
Industrial Automated/Robotic — 0.6% |
| |||||||
Cognex Corp.# | 161,838 | 9,663,347 | ||||||
Nordson Corp. | 101,140 | 10,794,672 | ||||||
20,458,019 | ||||||||
Instruments - Controls — 0.2% |
| |||||||
Woodward, Inc.# | 105,217 | 7,126,347 | ||||||
Insurance Brokers — 0.3% |
| |||||||
Brown & Brown, Inc.# | 218,001 | 9,450,343 | ||||||
Insurance - Life/Health — 0.4% |
| |||||||
CNO Financial Group, Inc. | 333,033 | 5,961,291 | ||||||
Primerica, Inc. | 88,368 | 6,247,617 | ||||||
12,208,908 | ||||||||
Insurance - Multi-line — 0.9% |
| |||||||
American Financial Group, Inc. | 138,793 | 11,412,948 | ||||||
Genworth Financial, Inc., Class A†# | 947,603 | 4,055,741 | ||||||
Kemper Corp.# | 92,370 | 3,782,552 | ||||||
Old Republic International Corp. | 464,117 | 8,293,771 | ||||||
27,545,012 | ||||||||
Insurance - Property/Casualty — 1.5% |
| |||||||
Alleghany Corp.† | 29,358 | 16,673,876 | ||||||
First American Financial Corp. | 208,633 | 7,873,809 | ||||||
Hanover Insurance Group, Inc.# | 81,279 | 7,037,949 | ||||||
Mercury General Corp.# | 69,344 | 4,049,690 | ||||||
WR Berkley Corp.# | 186,738 | 11,538,541 | ||||||
47,173,865 | ||||||||
Insurance - Reinsurance — 1.8% |
| |||||||
Aspen Insurance Holdings, Ltd. | 114,484 | 5,832,960 | ||||||
Endurance Specialty Holdings, Ltd. | 122,079 | 11,255,684 | ||||||
Everest Re Group, Ltd. | 79,651 | 16,770,518 | ||||||
Reinsurance Group of America, Inc. | 121,824 | 14,868,619 | ||||||
RenaissanceRe Holdings, Ltd.# | 78,358 | 10,230,420 | ||||||
58,958,201 | ||||||||
168 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
WebMD Health Corp.†# | 74,133 | $ | 3,954,254 | |||||
Investment Management/Advisor Services — 0.7% |
| |||||||
Eaton Vance Corp.# | 215,682 | 8,722,180 | ||||||
Federated Investors, Inc., Class B | 178,428 | 4,904,986 | ||||||
Janus Capital Group, Inc. | 272,235 | 3,675,172 | ||||||
Waddell & Reed Financial, Inc., Class A# | 157,525 | 3,076,463 | ||||||
WisdomTree Investments, Inc.# | 218,159 | 2,412,839 | ||||||
22,791,640 | ||||||||
Machine Tools & Related Products — 0.5% |
| |||||||
Kennametal, Inc.# | 151,554 | 5,227,098 | ||||||
Lincoln Electric Holdings, Inc.# | 120,232 | 9,439,414 | ||||||
14,666,512 | ||||||||
Machinery - Construction & Mining — 0.7% |
| |||||||
Joy Global, Inc. | 186,660 | 5,232,080 | ||||||
Oshkosh Corp. | 139,734 | 9,781,380 | ||||||
Terex Corp. | 206,507 | 6,302,593 | ||||||
21,316,053 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Regal Beloit Corp. | 85,099 | 6,203,717 | ||||||
Machinery - Farming — 0.2% |
| |||||||
AGCO Corp. | 129,564 | 7,229,671 | ||||||
Machinery - General Industrial — 1.1% |
| |||||||
IDEX Corp. | 144,766 | 13,551,545 | ||||||
Wabtec Corp.# | 171,368 | 14,509,729 | ||||||
Zebra Technologies Corp., Class A† | 100,338 | 7,931,719 | ||||||
35,992,993 | ||||||||
Machinery - Pumps — 0.3% |
| |||||||
Graco, Inc.# | 105,876 | 8,600,307 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 354,748 | 3,895,133 | ||||||
Medical Instruments — 0.6% |
| |||||||
Bio-Techne Corp. | 70,920 | 7,472,131 | ||||||
Halyard Health, Inc.†# | 88,745 | 3,296,877 | ||||||
LivaNova PLC†# | 83,984 | 3,717,972 | ||||||
NuVasive, Inc.†# | 95,484 | 6,196,911 | ||||||
20,683,891 | ||||||||
Medical Products — 1.2% |
| |||||||
ABIOMED, Inc.† | 76,102 | 8,541,688 | ||||||
Hill-Rom Holdings, Inc. | 113,280 | 6,042,355 | ||||||
Teleflex, Inc.# | 83,736 | 12,387,067 | ||||||
West Pharmaceutical Services, Inc. | 139,227 | 11,298,271 | ||||||
38,269,381 | ||||||||
Medical - Biomedical/Gene — 0.7% |
| |||||||
Bio-Rad Laboratories, Inc., Class A†# | 39,278 | 6,814,733 | ||||||
Charles River Laboratories International, Inc.† | 89,929 | 6,393,952 | ||||||
United Therapeutics Corp.†# | 82,656 | 10,382,420 | ||||||
23,591,105 | ||||||||
Medical - Drugs — 0.3% |
| |||||||
Akorn, Inc.†# | 167,755 | 3,559,761 | ||||||
Prestige Brands Holdings, Inc.† | 100,622 | 4,786,589 | ||||||
8,346,350 | ||||||||
Medical - HMO — 0.5% |
| |||||||
Molina Healthcare, Inc.†# | 81,007 | 4,282,030 | ||||||
WellCare Health Plans, Inc.† | 84,177 | 11,533,933 | ||||||
15,815,963 | ||||||||
Security Description | Shares | Value | ||||||
Medical - Hospitals — 0.2% |
| |||||||
LifePoint Health, Inc.† | 76,358 | $ | 4,195,872 | |||||
Tenet Healthcare Corp.† | 151,390 | 2,305,670 | ||||||
6,501,542 | ||||||||
Medical - Outpatient/Home Medical — 0.2% |
| |||||||
Amsurg Corp.†# | 104,223 | 7,099,671 | ||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Owens & Minor, Inc.# | 118,669 | 4,024,066 | ||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Timken Co. | 133,974 | 5,231,685 | ||||||
Metal Products - Distribution — 0.1% |
| |||||||
Worthington Industries, Inc.# | 83,816 | 4,717,164 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
AptarGroup, Inc. | 119,673 | 8,757,670 | ||||||
Multimedia — 0.5% |
| |||||||
FactSet Research Systems, Inc.# | 77,301 | 12,381,301 | ||||||
Meredith Corp.# | 69,476 | 3,859,392 | ||||||
16,240,693 | ||||||||
Office Furnishings - Original — 0.3% |
| |||||||
Herman Miller, Inc.# | 113,801 | 3,698,533 | ||||||
HNI Corp. | 84,533 | 4,460,806 | ||||||
8,159,339 | ||||||||
Oil & Gas Drilling — 1.0% |
| |||||||
Diamond Offshore Drilling, Inc.†# | 122,592 | 2,214,012 | ||||||
Ensco PLC, Class A | 573,123 | 5,536,368 | ||||||
Nabors Industries, Ltd.# | 538,853 | 8,675,533 | ||||||
Noble Corp. PLC# | 462,487 | 2,876,669 | ||||||
Patterson-UTI Energy, Inc.# | 280,918 | 7,492,083 | ||||||
Rowan Cos. PLC, Class A†# | 238,492 | 4,249,928 | ||||||
31,044,593 | ||||||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
Denbury Resources, Inc.†# | 757,433 | 2,863,097 | ||||||
Energen Corp.† | 184,582 | 11,457,005 | ||||||
Gulfport Energy Corp.†# | 238,390 | 6,124,239 | ||||||
QEP Resources, Inc. † | 455,627 | 8,957,627 | ||||||
SM Energy Co.# | 165,181 | 6,584,114 | ||||||
WPX Energy, Inc.† | 654,767 | 10,175,079 | ||||||
46,161,161 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Dril-Quip, Inc.†# | 71,443 | 4,040,102 | ||||||
Oil Refining & Marketing — 0.6% |
| |||||||
HollyFrontier Corp.# | 335,659 | 9,656,910 | ||||||
Murphy USA, Inc.†# | 70,002 | 4,773,436 | ||||||
Western Refining, Inc.# | 150,507 | 5,398,686 | ||||||
19,829,032 | ||||||||
Oil - Field Services — 0.6% |
| |||||||
NOW, Inc.†# | 204,366 | 4,402,044 | ||||||
Oceaneering International, Inc.# | 186,464 | 4,969,266 | ||||||
Oil States International, Inc.†# | 97,630 | 3,500,035 | ||||||
Superior Energy Services, Inc. | 288,463 | 4,973,102 | ||||||
17,844,447 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Domtar Corp. | 119,008 | 4,673,444 | ||||||
Physical Therapy/Rehabilitation Centers — 0.2% |
| |||||||
HealthSouth Corp. | 170,701 | 7,113,111 | ||||||
Physicians Practice Management — 0.4% |
| |||||||
MEDNAX, Inc.†# | 174,972 | 11,455,417 | ||||||
169 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Hubbell, Inc. | 97,854 | $ | 10,987,047 | |||||
Printing - Commercial — 0.2% |
| |||||||
Deluxe Corp. | 92,732 | 6,277,956 | ||||||
Publishing - Books — 0.1% |
| |||||||
John Wiley & Sons, Inc., Class A | 85,077 | 4,666,473 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
New York Times Co., Class A# | 231,520 | 3,009,760 | ||||||
Publishing - Periodicals — 0.1% |
| |||||||
Time, Inc. | 190,344 | 3,083,573 | ||||||
Quarrying — 0.2% |
| |||||||
Compass Minerals International, Inc.# | 64,253 | 4,982,820 | ||||||
Racetracks — 0.2% |
| |||||||
Churchill Downs, Inc. | 23,658 | 3,622,040 | ||||||
International Speedway Corp., Class A | 49,503 | 1,821,710 | ||||||
5,443,750 | ||||||||
Real Estate Investment Trusts — 9.9% |
| |||||||
Alexandria Real Estate Equities, Inc.# | 148,270 | 16,248,909 | ||||||
American Campus Communities, Inc.# | 248,088 | 11,687,426 | ||||||
Camden Property Trust# | 166,217 | 13,082,940 | ||||||
Care Capital Properties, Inc. | 159,622 | 3,843,698 | ||||||
Communications Sales & Leasing, Inc. | 258,487 | 6,444,081 | ||||||
CoreCivic, Inc. | 223,474 | 5,075,094 | ||||||
Corporate Office Properties Trust# | 180,188 | 5,156,981 | ||||||
Cousins Properties, Inc. | 649,081 | 5,134,231 | ||||||
DCT Industrial Trust, Inc. | 171,423 | 7,876,887 | ||||||
Douglas Emmett, Inc.# | 272,838 | 10,010,426 | ||||||
Duke Realty Corp. | 666,978 | 16,961,250 | ||||||
Education Realty Trust, Inc.# | 138,905 | 5,639,543 | ||||||
EPR Properties# | 120,987 | 8,413,436 | ||||||
Equity One, Inc. | 174,967 | 5,224,515 | ||||||
First Industrial Realty Trust, Inc.# | 222,217 | 5,877,640 | ||||||
Healthcare Realty Trust, Inc. | 220,316 | 6,472,884 | ||||||
Highwoods Properties, Inc. | 187,514 | 9,011,923 | ||||||
Hospitality Properties Trust | 312,251 | 9,053,718 | ||||||
Kilroy Realty Corp. | 175,282 | 12,679,900 | ||||||
Lamar Advertising Co., Class A# | 157,538 | 10,443,194 | ||||||
LaSalle Hotel Properties# | 214,995 | 6,034,910 | ||||||
Liberty Property Trust | 279,027 | 10,993,664 | ||||||
Life Storage, Inc. | 88,224 | 7,166,435 | ||||||
Mack-Cali Realty Corp. | 170,474 | 4,611,322 | ||||||
Medical Properties Trust, Inc.# | 608,752 | 7,256,324 | ||||||
Mid-America Apartment Communities, Inc.# | 143,631 | 13,160,908 | ||||||
National Retail Properties, Inc. | 279,531 | 11,930,383 | ||||||
Omega Healthcare Investors, Inc. | 367,837 | 10,836,478 | ||||||
Post Properties, Inc.# | 101,730 | 6,614,485 | ||||||
Potlatch Corp.# | 77,048 | 3,164,747 | ||||||
Quality Care Properties, Inc.† | 177,826 | 2,667,390 | ||||||
Rayonier, Inc. | 233,636 | 6,193,690 | ||||||
Regency Centers Corp. | 198,691 | 13,280,506 | ||||||
Senior Housing Properties Trust | 451,584 | 8,155,607 | ||||||
Tanger Factory Outlet Centers, Inc. | 182,650 | 6,295,945 | ||||||
Taubman Centers, Inc.# | 114,841 | 8,345,495 | ||||||
Urban Edge Properties# | 173,939 | 4,712,007 | ||||||
Washington Prime Group, Inc. | 352,444 | 3,531,489 | ||||||
Weingarten Realty Investors# | 223,631 | 7,941,137 | ||||||
317,231,598 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
Jones Lang LaSalle, Inc. | 85,909 | 8,700,864 | ||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Alexander & Baldwin, Inc.# | 87,583 | 3,859,783 | ||||||
Security Description | Shares | Value | ||||||
Recreational Vehicles — 0.6% |
| |||||||
Brunswick Corp. | 171,556 | $ | 8,598,387 | |||||
Polaris Industries, Inc.# | 113,340 | 9,844,712 | ||||||
18,443,099 | ||||||||
Rental Auto/Equipment — 0.3% |
| |||||||
Aaron’s, Inc. | 123,159 | 3,586,390 | ||||||
Avis Budget Group, Inc.†# | 167,126 | 6,399,255 | ||||||
9,985,645 | ||||||||
Research & Development — 0.2% |
| |||||||
PAREXEL International Corp.†# | 100,568 | 5,933,512 | ||||||
Respiratory Products — 0.5% |
| |||||||
ResMed, Inc.# | 267,546 | 16,448,728 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
American Eagle Outfitters, Inc.# | 324,891 | 5,380,195 | ||||||
Ascena Retail Group, Inc.†# | 65,067 | 393,005 | ||||||
Chico’s FAS, Inc. | 251,065 | 3,843,805 | ||||||
Kate Spade & Co.† | 243,448 | 3,615,203 | ||||||
13,232,208 | ||||||||
Retail - Automobile — 0.3% |
| |||||||
Copart, Inc.†# | 185,114 | 10,129,438 | ||||||
Retail - Catalog Shopping — 0.2% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 84,571 | 7,555,573 | ||||||
Retail - Computer Equipment — 0.2% |
| |||||||
GameStop Corp., Class A# | 197,668 | 4,880,423 | ||||||
Retail - Convenience Store — 0.3% |
| |||||||
Casey’s General Stores, Inc.# | 74,502 | 8,973,766 | ||||||
Retail - Discount — 0.2% |
| |||||||
Big Lots, Inc.# | 84,379 | 4,270,421 | ||||||
HSN, Inc. | 60,621 | 2,309,660 | ||||||
6,580,081 | ||||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Restoration Hardware Holdings, Inc.†# | 72,583 | 2,616,617 | ||||||
Retail - Mail Order — 0.3% |
| |||||||
Williams-Sonoma, Inc.# | 155,969 | 8,543,982 | ||||||
Retail - Major Department Stores — 0.2% |
| |||||||
J.C. Penney Co., Inc.†# | 585,159 | 5,541,456 | ||||||
Retail - Misc./Diversified — 0.4% |
| |||||||
CST Brands, Inc. | 143,920 | 6,912,478 | ||||||
Sally Beauty Holdings, Inc.†# | 278,470 | 7,293,129 | ||||||
14,205,607 | ||||||||
Retail - Office Supplies — 0.2% |
| |||||||
Office Depot, Inc. | 1,034,302 | 5,037,051 | ||||||
Retail - Petroleum Products — 0.2% |
| |||||||
World Fuel Services Corp. | 133,956 | 5,955,684 | ||||||
Retail - Restaurants — 2.3% |
| |||||||
Brinker International, Inc.# | 94,423 | 5,014,806 | ||||||
Buffalo Wild Wings, Inc.†# | 34,794 | 5,866,268 | ||||||
Cheesecake Factory, Inc.# | 85,026 | 5,030,988 | ||||||
Cracker Barrel Old Country Store, Inc.# | 45,527 | 7,409,064 | ||||||
Domino’s Pizza, Inc. | 91,764 | 15,420,023 | ||||||
Dunkin’ Brands Group, Inc.# | 174,454 | 9,471,108 | ||||||
Jack in the Box, Inc. | 62,140 | 6,463,803 | ||||||
Panera Bread Co., Class A†# | 42,338 | 8,980,313 | ||||||
Texas Roadhouse, Inc. | 121,889 | 5,715,375 | ||||||
Wendy’s Co.# | 387,493 | 4,870,787 | ||||||
74,242,535 | ||||||||
170 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Retail - Sporting Goods — 0.5% |
| |||||||
Cabela’s, Inc.† | 97,641 | $ | 6,077,176 | |||||
Dick’s Sporting Goods, Inc. | 167,358 | 9,885,837 | ||||||
15,963,013 | ||||||||
Savings & Loans/Thrifts — 0.6% |
| |||||||
New York Community Bancorp, Inc.# | 926,177 | 14,800,308 | ||||||
Washington Federal, Inc.# | 172,068 | 5,583,607 | ||||||
20,383,915 | ||||||||
�� | ||||||||
Schools — 0.2% |
| |||||||
DeVry Education Group, Inc.# | 107,897 | 3,220,725 | ||||||
Graham Holdings Co., Class B | 8,846 | 4,332,329 | ||||||
7,553,054 | ||||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
Cirrus Logic, Inc.† | 118,810 | 6,534,550 | ||||||
Cypress Semiconductor Corp.# | 610,737 | 6,870,791 | ||||||
Integrated Device Technology, Inc.† | 255,424 | 5,976,922 | ||||||
19,382,263 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Teradyne, Inc. | 384,739 | 9,379,937 | ||||||
Shipbuilding — 0.5% |
| |||||||
Huntington Ingalls Industries, Inc. | 88,971 | 15,904,456 | ||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Valmont Industries, Inc. | 43,045 | 6,409,400 | ||||||
Steel - Producers — 1.4% |
| |||||||
Carpenter Technology Corp.# | 88,636 | 3,170,510 | ||||||
Commercial Metals Co. | 217,971 | 4,797,542 | ||||||
Reliance Steel & Aluminum Co. | 137,918 | 11,185,150 | ||||||
Steel Dynamics, Inc.# | 463,520 | 16,445,689 | ||||||
United States Steel Corp.# | 320,344 | 10,359,925 | ||||||
45,958,816 | ||||||||
Steel - Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc.# | 207,254 | 3,635,235 | ||||||
Telecom Equipment - Fiber Optics — 0.2% |
| |||||||
Ciena Corp.†# | 262,632 | 5,633,456 | ||||||
Telecom Services — 0.1% |
| |||||||
NeuStar, Inc., Class A†# | 103,656 | 2,513,658 | ||||||
Telecommunication Equipment — 0.4% |
| |||||||
ARRIS International PLC† | 362,575 | 10,402,277 | ||||||
Plantronics, Inc.# | 63,102 | 3,269,945 | ||||||
13,672,222 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Telephone & Data Systems, Inc. | 176,902 | 4,763,971 | ||||||
Television — 0.2% | ||||||||
AMC Networks, Inc., Class A† | 113,930 | 6,294,633 | ||||||
Theaters — 0.2% | ||||||||
Cinemark Holdings, Inc. | 201,107 | 8,012,103 | ||||||
Transactional Software — 0.1% | ||||||||
ACI Worldwide, Inc.† | 222,807 | 4,146,438 | ||||||
Transport - Equipment & Leasing — 0.1% | ||||||||
GATX Corp.# | 76,822 | 4,197,554 | ||||||
Transport - Marine — 0.2% | ||||||||
Kirby Corp.†# | 102,409 | 6,497,851 | ||||||
Transport - Rail — 0.3% | ||||||||
Genesee & Wyoming, Inc., Class A†# | 108,855 | 8,316,522 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Truck — 0.6% | ||||||||
Landstar System, Inc. | 80,070 | $ | 6,521,701 | |||||
Old Dominion Freight Line, Inc.†# | 132,339 | 11,553,195 | ||||||
Werner Enterprises, Inc.# | 84,954 | 2,298,006 | ||||||
20,372,902 | ||||||||
Veterinary Diagnostics — 0.3% |
| |||||||
VCA, Inc.† | 153,769 | 9,625,939 | ||||||
Water — 0.3% | ||||||||
Aqua America, Inc. | 337,199 | 10,024,926 | ||||||
Wire & Cable Products — 0.2% | ||||||||
Belden, Inc. | 80,093 | 5,918,873 | ||||||
Wireless Equipment — 0.4% | ||||||||
InterDigital, Inc. | 65,131 | 5,158,375 | ||||||
ViaSat, Inc.†# | 97,594 | 6,956,501 | ||||||
12,114,876 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,204,096,435) | 3,032,166,313 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.1% |
| |||||||
Registered Investment Companies — 3.5% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | 112,270,163 | 112,270,163 | ||||||
U.S. Government Treasuries — 4.6% | ||||||||
United States Treasury Bills | ||||||||
0.11% due 12/15/2016(3) | $ | 1,000,000 | 999,943 | |||||
0.16% due 12/15/2016(3)…………… | 6,700,000 | 6,699,618 | ||||||
0.23% due 12/01/2016………………. | 140,000,000 | 140,000,000 | ||||||
0.23% due 12/15/2016(3)…………… | 650,000 | 649,963 | ||||||
148,349,524 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $260,619,645) | 260,619,687 | |||||||
REPURCHASE AGREEMENTS — 0.9% |
| |||||||
State Street Bank and Trust Co. | 29,164,000 | 29,164,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,493,880,080)(5) | 103.5 | % | 3,321,950,000 | |||||
Liabilities in excess of other assets | (3.5 | ) | (113,186,472 | ) | ||||
NET ASSETS | 100.0 | % | $ | 3,208,763,528 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $707,476,483. This was secured by collateral of $112,270,163, which was received in cash and subsequently invested in short-term investments currently valued at $112,270,163 as reported in the Portfolio of Investments. Additional collateral of $609,242,221 was received in the form of fixed income pooled securities, which the Fund cannot sell or |
171 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
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, 2016 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 11/01/2027 to 06/15/2044 | $ | 11,446,629 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 11/01/2027 to 02/25/2044 | 20,720,875 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 01/20/2043 to 11/20/2046 | 34,650,205 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | 103,288,433 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/15/2017 to 05/15/2046 | 439,136,079 |
(2) | The rate shown is the 7-day yield as of November 30, 2016. |
(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, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
1,148 | Long | S&P Mid Cap 400 E-Mini Index | December 2016 | $ | 174,549,235 | $ | 186,768,120 | $ | 12,218,885 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 3,032,166,313 | $ | — | $ | — | $ | 3,032,166,313 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 112,270,163 | — | 112,270,163 | |||||||||||||
U.S. Government Treasuries | — | 148,349,524 | — | 148,349,524 | ||||||||||||
Repurchase Agreements | — | 29,164,000 | — | 29,164,000 | ||||||||||||
Total Investments at Value | $ | 3,144,436,476 | $ | 177,513,524 | $ | — | $ | 3,321,950,000 | ||||||||
Other Financial Instruments:+ | ||||||||||||||||
Open Futures Contracts | $ | 12,218,885 | $ | — | $ | — | $ | 12,218,885 | ||||||||
* | 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
172 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Electronic Components — Semiconductors | 5.2 | % | ||
Registered Investment Companies | 4.5 | |||
Commercial Services — Finance | 4.5 | |||
Real Estate Investment Trusts | 3.7 | |||
Medical Products | 2.9 | |||
Medical Instruments | 2.7 | |||
Commercial Services | 2.7 | |||
Data Processing/Management | 2.6 | |||
Computer Software | 2.5 | |||
Finance — Investment Banker/Broker | 2.4 | |||
Medical — Biomedical/Gene | 2.1 | |||
Applications Software | 2.1 | |||
Instruments — Scientific | 2.1 | |||
Retail — Discount | 1.8 | |||
Electronic Connectors | 1.7 | |||
Insurance Brokers | 1.7 | |||
Consulting Services | 1.7 | |||
Computer Services | 1.7 | |||
Banks — Commercial | 1.7 | |||
Containers — Paper/Plastic | 1.6 | |||
Medical Labs & Testing Services | 1.6 | |||
Semiconductor Equipment | 1.6 | |||
Medical — Drugs | 1.5 | |||
Instruments — Controls | 1.5 | |||
E-Commerce/Services | 1.5 | |||
Apparel Manufacturers | 1.4 | |||
Food — Misc./Diversified | 1.3 | |||
Telecommunication Equipment | 1.3 | |||
Chemicals — Specialty | 1.3 | |||
Machinery — General Industrial | 1.3 | |||
Home Decoration Products | 1.2 | |||
Retail — Restaurants | 1.2 | |||
Transport — Truck | 1.2 | |||
Drug Delivery Systems | 1.1 | |||
Building Products — Cement | 1.0 | |||
Diversified Manufacturing Operations | 1.0 | |||
Cruise Lines | 1.0 | |||
Auction Houses/Art Dealers | 1.0 | |||
Electric Products — Misc. | 0.9 | |||
Entertainment Software | 0.9 | |||
Computer Aided Design | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Finance — Consumer Loans | 0.9 | |||
Electronic Measurement Instruments | 0.9 | |||
Retail — Auto Parts | 0.9 | |||
Disposable Medical Products | 0.9 | |||
Wire & Cable Products | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Aerospace/Defense | 0.8 | |||
Printing — Commercial | 0.8 | |||
Retail — Arts & Crafts | 0.8 | |||
Medical Information Systems | 0.7 | |||
Steel Pipe & Tube | 0.7 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Retail — Gardening Products | 0.7 | |||
Real Estate Management/Services | 0.7 | |||
Decision Support Software | 0.7 | |||
Finance — Other Services | 0.7 | |||
Advertising Agencies | 0.7 | |||
Airlines | 0.7 | |||
Television | 0.7 | |||
Textile — Home Furnishings | 0.6 | |||
Toys | 0.6 | |||
Lighting Products & Systems | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Retail — Petroleum Products | 0.6 | |||
Footwear & Related Apparel | 0.5 | |||
Resorts/Theme Parks | 0.5 | |||
E-Commerce/Products | 0.5 |
Enterprise Software/Service | 0.5 | |||
Transport — Services | 0.5 | |||
Lasers — System/Components | 0.5 | |||
Internet Content — Entertainment | 0.5 | |||
Retail — Mail Order | 0.5 | |||
Medical — Hospitals | 0.4 | |||
Transport — Rail | 0.4 | |||
Electronic Security Devices | 0.4 | |||
Multimedia | 0.4 | |||
Internet Security | 0.4 | |||
Recreational Vehicles | 0.4 | |||
Medical — Generic Drugs | 0.4 | |||
Motion Pictures & Services | 0.3 | |||
Patient Monitoring Equipment | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Commercial Paper | 0.2 | |||
Time Deposits | 0.1 | |||
104.4 | % | |||
* | Calculated as a percentage of net assets |
173 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.7% | ||||||||
Advertising Agencies — 0.7% |
| |||||||
Omnicom Group, Inc. | 19,246 | $ | 1,673,247 | |||||
Aerospace/Defense — 0.8% |
| |||||||
Teledyne Technologies, Inc.† | 16,042 | 2,003,165 | ||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
Orbital ATK, Inc. | 21,175 | 1,806,863 | ||||||
Agricultural Chemicals — 0.3% |
| |||||||
Potash Corp. of Saskatchewan, Inc. | 35,969 | 655,715 | ||||||
Airlines — 0.7% |
| |||||||
Ryanair Holdings PLC ADR† | 20,166 | 1,610,053 | ||||||
Apparel Manufacturers — 1.4% |
| |||||||
Carter’s, Inc. | 10,401 | 949,507 | ||||||
Gildan Activewear, Inc.# | 93,707 | 2,547,894 | ||||||
3,497,401 | ||||||||
Applications Software — 2.1% |
| |||||||
Dropbox, Inc., Class B†(1)(2)(3) | 89,561 | 790,226 | ||||||
Intuit, Inc. | 14,531 | 1,651,884 | ||||||
Red Hat, Inc.† | 21,133 | 1,671,832 | ||||||
Tableau Software, Inc., Class A† | 22,527 | 1,011,012 | ||||||
5,124,954 | ||||||||
Auction Houses/Art Dealers — 1.0% |
| |||||||
Ritchie Bros. Auctioneers, Inc. | 63,467 | 2,426,343 | ||||||
Auto/Truck Parts & Equipment - Original — 0.9% |
| |||||||
Delphi Automotive PLC | 33,338 | 2,133,632 | ||||||
Banks - Commercial — 1.7% |
| |||||||
First Republic Bank | 24,275 | 1,988,123 | ||||||
Signature Bank† | 13,695 | 2,053,017 | ||||||
4,041,140 | ||||||||
Building Products - Cement — 1.0% |
| |||||||
Vulcan Materials Co. | 19,930 | 2,504,204 | ||||||
Chemicals - Specialty — 1.3% |
| |||||||
Albemarle Corp. | 19,190 | 1,684,498 | ||||||
Chemours Co. | 55,745 | 1,378,017 | ||||||
3,062,515 | ||||||||
Commercial Services — 2.7% |
| |||||||
Aramark | 39,905 | 1,373,131 | ||||||
CoStar Group, Inc.† | 9,346 | 1,786,114 | ||||||
Edenred | 49,178 | 1,036,953 | ||||||
ServiceMaster Global Holdings, Inc.† | 59,261 | 2,264,956 | ||||||
6,461,154 | ||||||||
Commercial Services - Finance — 4.5% |
| |||||||
Equifax, Inc. | 21,013 | 2,404,938 | ||||||
Global Payments, Inc. | 18,441 | 1,264,131 | ||||||
IHS Markit, Ltd.† | 55,881 | 2,008,363 | ||||||
Vantiv, Inc., Class A† | 38,298 | 2,161,156 | ||||||
WEX, Inc.† | 27,643 | 3,054,828 | ||||||
10,893,416 | ||||||||
Computer Aided Design — 0.9% |
| |||||||
Cadence Design Systems, Inc.† | 81,477 | 2,141,216 | ||||||
Computer Services — 1.7% |
| |||||||
Amdocs, Ltd. | 51,254 | 3,022,449 | ||||||
CSRA, Inc. | 32,735 | 1,047,847 | ||||||
4,070,296 | ||||||||
Computer Software — 2.5% |
| |||||||
Constellation Software, Inc. | 5,550 | 2,588,209 | ||||||
Splunk, Inc.†# | 24,485 | 1,410,826 |
Security Description | Shares | Value (Note 2) | ||||||
Computer Software (continued) |
| |||||||
SS&C Technologies Holdings, Inc. | 71,676 | $ | 2,150,997 | |||||
6,150,032 | ||||||||
Consulting Services — 1.7% |
| |||||||
Gartner, Inc.† | 8,629 | 887,234 | ||||||
Verisk Analytics, Inc.† | 38,385 | 3,189,026 | ||||||
4,076,260 | ||||||||
Containers - Paper/Plastic — 1.6% |
| |||||||
Berry Plastics Group, Inc.† | 29,375 | 1,461,994 | ||||||
Sealed Air Corp. | 53,456 | 2,437,593 | ||||||
3,899,587 | ||||||||
Cruise Lines — 1.0% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 22,005 | 876,019 | ||||||
Royal Caribbean Cruises, Ltd. | 19,285 | 1,561,506 | ||||||
2,437,525 | ||||||||
Data Processing/Management — 2.6% |
| |||||||
Broadridge Financial Solutions, Inc. | 20,779 | 1,345,232 | ||||||
Fidelity National Information Services, Inc. | 44,998 | 3,473,396 | ||||||
Jack Henry & Associates, Inc. | 18,529 | 1,601,647 | ||||||
6,420,275 | ||||||||
Decision Support Software — 0.7% |
| |||||||
MSCI, Inc. | 21,954 | 1,729,975 | ||||||
Disposable Medical Products — 0.9% |
| |||||||
STERIS PLC | 31,739 | 2,082,396 | ||||||
Distribution/Wholesale — 0.3% |
| |||||||
Fastenal Co. | 15,134 | 717,352 | ||||||
Diversified Manufacturing Operations — 1.0% |
| |||||||
A.O. Smith Corp. | 50,436 | 2,452,703 | ||||||
Drug Delivery Systems — 1.1% |
| |||||||
Catalent, Inc.† | 47,332 | 1,132,655 | ||||||
DexCom, Inc.†# | 25,346 | 1,654,840 | ||||||
2,787,495 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
SurveyMonkey, Inc.†(1)(2)(3) | 44,965 | 505,182 | ||||||
Electric Products - Misc. — 0.9% |
| |||||||
AMETEK, Inc. | 47,438 | 2,246,189 | ||||||
Electronic Components - Misc. — 0.8% |
| |||||||
Flex, Ltd.† | 142,605 | 2,030,695 | ||||||
Electronic Components - Semiconductors — 5.2% |
| |||||||
MACOM Technology Solutions Holdings, Inc.† | 25,205 | 1,255,713 | ||||||
Microchip Technology, Inc. | 26,526 | 1,755,491 | ||||||
Monolithic Power Systems, Inc. | 14,265 | 1,170,301 | ||||||
NVIDIA Corp.# | 21,925 | 2,021,485 | ||||||
ON Semiconductor Corp.† | 141,553 | 1,667,494 | ||||||
Skyworks Solutions, Inc. | 24,340 | 1,870,529 | ||||||
Xilinx, Inc.# | 54,942 | 2,965,769 | ||||||
12,706,782 | ||||||||
Electronic Connectors — 1.7% |
| |||||||
Amphenol Corp., Class A | 19,161 | 1,307,930 | ||||||
TE Connectivity, Ltd. | 43,197 | 2,921,845 | ||||||
4,229,775 | ||||||||
Electronic Measurement Instruments — 0.9% |
| |||||||
National Instruments Corp. | 71,499 | 2,107,076 | ||||||
Electronic Security Devices — 0.4% |
| |||||||
Allegion PLC | 14,315 | 957,817 | ||||||
174 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Enterprise Software/Service — 0.5% |
| |||||||
Atlassian Corp. PLC, Class A†# | 45,189 | $ | 1,226,429 | |||||
Entertainment Software — 0.9% |
| |||||||
Activision Blizzard, Inc. | 59,398 | 2,174,561 | ||||||
Finance - Consumer Loans — 0.9% |
| |||||||
Synchrony Financial | 61,565 | 2,127,686 | ||||||
Finance - Investment Banker/Broker — 2.4% |
| |||||||
LPL Financial Holdings, Inc. | 52,581 | 2,165,811 | ||||||
TD Ameritrade Holding Corp. | 90,998 | 3,731,828 | ||||||
5,897,639 | ||||||||
Finance - Other Services — 0.7% |
| |||||||
SEI Investments Co. | 35,746 | 1,686,496 | ||||||
Food - Misc./Diversified — 1.3% |
| |||||||
Blue Buffalo Pet Products, Inc.†# | 71,790 | 1,682,040 | ||||||
Snyder’s-Lance, Inc. | 41,505 | 1,546,476 | ||||||
3,228,516 | ||||||||
Footwear & Related Apparel — 0.5% |
| |||||||
Wolverine World Wide, Inc.# | 57,784 | 1,301,873 | ||||||
Home Decoration Products — 1.2% |
| |||||||
Newell Brands, Inc. | 64,440 | 3,029,324 | ||||||
Instruments - Controls — 1.5% |
| |||||||
Sensata Technologies Holding NV† | 97,051 | 3,626,796 | ||||||
Instruments - Scientific — 2.1% |
| |||||||
PerkinElmer, Inc. | 68,644 | 3,481,623 | ||||||
Waters Corp.† | 11,603 | 1,561,416 | ||||||
5,043,039 | ||||||||
Insurance Brokers — 1.7% |
| |||||||
Aon PLC | 24,155 | 2,756,086 | ||||||
Willis Towers Watson PLC | 10,739 | 1,335,609 | ||||||
4,091,695 | ||||||||
Internet Content - Entertainment — 0.5% |
| |||||||
Twitter, Inc.† | 61,075 | 1,129,277 | ||||||
Internet Security — 0.4% |
| |||||||
Proofpoint, Inc.†# | 12,305 | 947,608 | ||||||
Lasers - System/Components — 0.5% |
| |||||||
Coherent, Inc.† | 8,795 | 1,147,747 | ||||||
Lighting Products & Systems — 0.6% |
| |||||||
Acuity Brands, Inc. | 5,941 | 1,493,627 | ||||||
Machinery - General Industrial — 1.3% |
| |||||||
Middleby Corp.† | 9,153 | 1,253,778 | ||||||
Roper Technologies, Inc. | 5,179 | 937,969 | ||||||
Wabtec Corp.# | 10,139 | 858,469 | ||||||
3,050,216 | ||||||||
Medical Information Systems — 0.7% |
| |||||||
athenahealth, Inc.†# | 19,201 | 1,816,415 | ||||||
Medical Instruments — 2.7% |
| |||||||
Boston Scientific Corp.† | 238,034 | 4,870,175 | ||||||
Edwards Lifesciences Corp.† | 21,102 | 1,748,301 | ||||||
6,618,476 | ||||||||
Medical Labs & Testing Services — 1.6% |
| |||||||
Quintiles IMS Holdings, Inc.† | 49,955 | 3,838,043 | ||||||
Medical Products — 2.9% |
| |||||||
Cooper Cos., Inc. | 5,786 | 951,739 | ||||||
Henry Schein, Inc.† | 12,045 | 1,794,223 | ||||||
Teleflex, Inc. | 9,762 | 1,444,093 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Products (continued) |
| |||||||
Varian Medical Systems, Inc.†# | 32,446 | $ | 2,914,624 | |||||
7,104,679 | ||||||||
Medical - Biomedical/Gene — 2.1% |
| |||||||
BioMarin Pharmaceutical, Inc.† | 16,805 | 1,439,012 | ||||||
Celgene Corp.† | 18,989 | 2,250,386 | ||||||
Incyte Corp.† | 14,920 | 1,526,167 | ||||||
5,215,565 | ||||||||
Medical - Drugs — 1.5% |
| |||||||
AbbVie, Inc. | 11,889 | 722,851 | ||||||
DBV Technologies SA ADR† | 12,648 | 461,905 | ||||||
TESARO, Inc.†# | 5,044 | 684,421 | ||||||
Zoetis, Inc. | 35,740 | 1,800,581 | ||||||
3,669,758 | ||||||||
Medical - Generic Drugs — 0.4% |
| |||||||
Perrigo Co. PLC# | 10,585 | 913,909 | ||||||
Medical - Hospitals — 0.4% |
| |||||||
Universal Health Services, Inc., Class B | 8,781 | 1,080,239 | ||||||
Motion Pictures & Services — 0.3% |
| |||||||
Dolby Laboratories, Inc., Class A | 16,770 | 773,935 | ||||||
Multimedia — 0.4% |
| |||||||
FactSet Research Systems, Inc. | 5,934 | 950,449 | ||||||
Patient Monitoring Equipment — 0.3% |
| |||||||
Masimo Corp.† | 12,193 | 754,381 | ||||||
Printing - Commercial — 0.8% |
| |||||||
Cimpress NV†# | 21,564 | 1,874,990 | ||||||
Real Estate Investment Trusts — 3.7% |
| |||||||
Crown Castle International Corp. | 37,019 | 3,089,606 | ||||||
Equinix, Inc. | 5,578 | 1,889,603 | ||||||
Lamar Advertising Co., Class A# | 58,674 | 3,889,499 | ||||||
8,868,708 | ||||||||
Real Estate Management/Services — 0.7% |
| |||||||
CBRE Group, Inc., Class A† | 60,660 | 1,761,566 | ||||||
Recreational Vehicles — 0.4% |
| |||||||
Polaris Industries, Inc.# | 10,877 | 944,776 | ||||||
Resort/Theme Parks — 0.5% |
| |||||||
Cedar Fair LP | 21,075 | 1,285,996 | ||||||
Retail - Apparel/Shoe — 0.6% |
| |||||||
Burlington Stores, Inc.† | 16,327 | 1,435,470 | ||||||
Retail - Arts & Crafts — 0.8% |
| |||||||
Michaels Cos., Inc.† | 75,995 | 1,852,758 | ||||||
Retail - Auto Parts — 0.9% |
| |||||||
Advance Auto Parts, Inc. | 12,415 | 2,107,074 | ||||||
Retail - Discount — 1.8% |
| |||||||
Dollar General Corp. | 13,691 | 1,058,588 | ||||||
Dollar Tree, Inc.† | 36,600 | 3,226,656 | ||||||
4,285,244 | ||||||||
Retail - Gardening Products — 0.7% |
| |||||||
Tractor Supply Co. | 24,013 | 1,802,656 | ||||||
Retail - Mail Order — 0.5% |
| |||||||
Williams-Sonoma, Inc.# | 20,370 | 1,115,869 | ||||||
Retail - Petroleum Products — 0.6% |
| |||||||
World Fuel Services Corp. | 30,230 | 1,344,026 | ||||||
Retail - Restaurants — 1.2% |
| |||||||
Dunkin’ Brands Group, Inc.# | 54,344 | 2,950,336 | ||||||
175 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Semiconductor Equipment — 1.6% |
| |||||||
KLA-Tencor Corp. | 30,046 | $ | 2,398,872 | |||||
Lam Research Corp. | 13,088 | 1,387,590 | ||||||
3,786,462 | ||||||||
Steel Pipe & Tube — 0.7% |
| |||||||
Mueller Water Products, Inc., Class A | 136,770 | 1,809,467 | ||||||
Telecommunication Equipment — 1.3% |
| |||||||
Nice, Ltd. ADR# | 48,315 | 3,178,644 | ||||||
Television — 0.7% |
| |||||||
AMC Networks, Inc., Class A† | 28,500 | 1,574,625 | ||||||
Textile - Home Furnishings — 0.6% |
| |||||||
Mohawk Industries, Inc.† | 7,735 | 1,527,198 | ||||||
Toys — 0.6% |
| |||||||
Hasbro, Inc.# | 17,605 | 1,503,291 | ||||||
Transport - Rail — 0.4% |
| |||||||
Canadian Pacific Railway, Ltd. | 6,667 | 1,021,718 | ||||||
Transport - Services — 0.5% |
| |||||||
Expeditors International of Washington, Inc. | 22,471 | 1,185,121 | ||||||
Transport - Truck — 1.2% |
| |||||||
Old Dominion Freight Line, Inc.† | 33,242 | 2,902,027 | ||||||
Wire & Cable Products — 0.7% |
| |||||||
Belden, Inc. | 24,385 | 1,802,051 | ||||||
Total Common Stocks | ||||||||
(cost $212,894,809) | 237,500,881 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.9% | ||||||||
Applications Software — 0.0% |
| |||||||
Dropbox, Inc., | 8,758 | 77,274 | ||||||
E-Commerce/Products — 0.5% |
| |||||||
Flipkart, Ltd., | 13,407 | 1,284,927 | ||||||
E-Commerce/Services — 1.3% |
| |||||||
Airbnb, Inc., | 29,418 | 3,088,890 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc.† | 2,200 | 235,510 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $1,804,697) | 4,686,601 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $214,699,506) | 242,187,482 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.8% |
| |||||||
Commercial Paper — 0.2% |
| |||||||
BNP Paribas NY | $ | 400,000 | 400,000 | |||||
Registered Investment Companies — 4.5% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | 11,048,079 | 11,048,079 | ||||||
Time Deposits — 0.1% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/16 | 180,000 | 180,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $11,628,079) | 11,628,079 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $226,327,585)(6) | 104.4 | % | 253,815,561 | |||||
Liabilities in excess of other assets | (4.4 | ) | (10,711,136 | ) | ||||
NET ASSETS | 100.0 | % | $ | 243,104,425 | ||||
† | 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, 2016, the aggregate value of these securities was $5,746,499 representing 2.4% 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, 2016, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Dropbox, Inc. Class B | 05/01/2012 | 89,561 | $ | 810,680 | $ | 790,226 | $ | 8.82 | 0.33 | % | ||||||||||||||
SurveyMonkey, Inc. | 11/25/2014 | 44,965 | 739,674 | 505,182 | 11.24 | 0.20 | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Airbnb, Inc. | 04/16/2014 | 29,418 | 1,197,696 | 3,088,890 | 105.00 | 1.27 | ||||||||||||||||||
Dropbox, Inc. Series A | 05/25/2012 | 8,758 | 79,351 | 77,274 | 8.82 | 0.03 | ||||||||||||||||||
Flipkart, Ltd. | 10/04/2013 | 13,407 | 307,650 | 1,284,927 | 95.84 | 0.53 | ||||||||||||||||||
$ | 5,746,499 | 2.36 | % | |||||||||||||||||||||
(4) | At November 30, 2016, the Fund had loaned securities with a total value of $24,494,514. This was secured by collateral of $11,048,079, which was received in cash and subsequently invested in short-term investments currently valued at $11,048,079 as reported in the Portfolio of Investments. Additional collateral of $14,197,149 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, 2016 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | $ | 5,269,402 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/15/2017 to 05/15/2046 | 8,927,747 |
(5) | The rate shown is the 7-day yield as of November 30, 2016. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
176 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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: | ||||||||||||||||
Applications Software | $ | 4,334,728 | $ | — | $ | 790,226 | $ | 5,124,954 | ||||||||
E-Commerce/Services | — | — | 505,182 | 505,182 | ||||||||||||
Other Industries | 231,870,745 | — | — | 231,870,745 | ||||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Wire & Cable Products | 235,510 | — | — | 235,510 | ||||||||||||
Other Industries | — | — | 4,451,091 | 4,451,091 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 11,048,079 | — | — | 11,048,079 | ||||||||||||
Other Short-Term Investment Securities | — | 580,000 | — | 580,000 | ||||||||||||
Total Investments at Value | $ | 247,489,062 | $ | 580,000 | $ | 5,746,499 | $ | 253,815,561 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Common Stocks | Convertible Preferred Securities | |||||||
Balance as of 5/31/2016 | $ | 1,201,189 | $ | 4,652,660 | ||||
Accrued Discounts | — | — | ||||||
Accrued Premiums | — | — | ||||||
Realized Gain | — | — | ||||||
Realized Loss | — | (431,773 | ) | |||||
Change in unrealized appreciation(1) | 94,219 | 446,347 | ||||||
Change in unrealized depreciation(1) | — | (203,923 | ) | |||||
Net purchases | — | — | ||||||
Net sales | — | (12,220 | ) | |||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of November 30, 2016 | $ | 1,295,408 | $ | 4,451,091 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2016 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$94,219 | $ | (195,457 | ) | |||||
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, 2016.
The following is quantitative information about Level 3 fair value measurements:
Description | Value at 11/30/16 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stocks | $ | 790,226 | Market Approach with Option Pricing Method (“OPM”) | Trailing Twelve Months Sales Multiple* Discount for Lack of Marketability OPM assumptions: Volatility* Term to liquidity event in years Risk-free rate | 4.5x - 6.2x (5.3x) 9.1x 10.0% 39.0% 2.67 0.97% | |||||
$ | 505,182 | Market Approach | Transaction Price* EBITIDA Multiple* Estimated Revenue Multiple* Discount for Lack of Marketability | $16.4500 25.425x 5.8x 10.0% |
177 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Description | Value at 11/30/16 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Convertible Preferred Securities | $ | 1,284,927 | Market Approach and Income Approach | Enterprise Value/Revenue Multiple* Estimated Revenue Mulitiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* | $142.2400 2.9x - 3.1x (3.0x) 2.2x 8.25% - 10% (9.125%) 18% 4.0% | |||||
$ | 3,088,890 | Market Approach | Transaction Price* | $105.0000 | ||||||
$ | 77,274 | Market Approach with Option Pricing Method (“OPM”) | Trailing Twelve Months Sales Multiple* Discount for Lack of Marketability OPM assumptions: Volatility* Term to liquidity event in years Risk-free rate | 4.5x - 6.2x (5.3x) 9.1x 10.0% 39.0% 2.67 0.97% |
(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
178 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Computers | 10.6 | % | ||
Web Portals/ISP | 10.2 | |||
Applications Software | 9.1 | |||
Medical — Biomedical/Gene | 8.9 | |||
Electronic Components — Semiconductors | 7.4 | |||
E-Commerce/Products | 7.3 | |||
Internet Content — Entertainment | 5.8 | |||
Cable/Satellite TV | 5.0 | |||
Semiconductor Components — Integrated Circuits | 3.0 | |||
Food — Misc./Diversified | 2.9 | |||
Networking Products | 2.7 | |||
E-Commerce/Services | 2.1 | |||
Retail — Drug Store | 1.6 | |||
Commercial Services — Finance | 1.6 | |||
Retail — Discount | 1.5 | |||
Retail — Restaurants | 1.5 | |||
Entertainment Software | �� | 1.2 | ||
Multimedia | 1.2 | |||
Cellular Telecom | 1.0 | |||
Semiconductor Equipment | 0.9 | |||
Electronic Forms | 0.9 | |||
Pharmacy Services | 0.9 | |||
Data Processing/Management | 0.8 | |||
Computers — Memory Devices | 0.7 | |||
Transport — Rail | 0.6 | |||
Computer Services | 0.6 | |||
Hotels/Motels | 0.6 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Retail — Apparel/Shoe | 0.5 | |||
Retail — Auto Parts | 0.5 | |||
Beverages — Non-alcoholic | 0.5 | |||
Medical Instruments | 0.4 | |||
Airlines | 0.4 | |||
Registered Investment Companies | 0.4 | |||
Radio | 0.4 | |||
Auto — Heavy Duty Trucks | 0.4 | |||
Medical — Generic Drugs | 0.4 | |||
Repurchase Agreements | 0.3 | |||
Medical Information Systems | 0.3 | |||
Retail — Perfume & Cosmetics | 0.3 | |||
Computer Aided Design | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Medical — Drugs | 0.3 | |||
Internet Security | 0.3 | |||
Computer Data Security | 0.3 | |||
Consulting Services | 0.3 | |||
Distribution/Wholesale | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Building — Heavy Construction | 0.2 | |||
Medical Products | 0.2 | |||
Computer Software | 0.2 | |||
Toys | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Retail — Gardening Products | 0.2 | |||
Food — Retail | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Cruise Lines | 0.2 | |||
Retail — Bedding | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
100.3 | % | |||
* | Calculated as a percentage of net assets |
179 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% |
| |||||||
Airlines — 0.4% |
| |||||||
American Airlines Group, Inc.# | 30,507 | $ | 1,416,745 | |||||
Applications Software — 9.1% |
| |||||||
Citrix Systems, Inc.† | 8,965 | 777,535 | ||||||
Intuit, Inc. | 14,731 | 1,674,620 | ||||||
Microsoft Corp. | �� | 448,617 | 27,033,660 | |||||
29,485,815 | ||||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Tesla Motors, Inc.†# | 8,592 | 1,627,325 | ||||||
Auto - Heavy Duty Trucks — 0.4% |
| |||||||
PACCAR, Inc.# | 20,180 | 1,254,187 | ||||||
Beverages - Non-alcoholic — 0.5% |
| |||||||
Monster Beverage Corp.† | 32,877 | 1,471,246 | ||||||
Broadcast Services/Program — 0.2% |
| |||||||
Discovery Communications, Inc., Class A†# | 8,687 | 235,331 | ||||||
Discovery Communications, Inc., Class C† | 13,733 | 363,100 | ||||||
598,431 | ||||||||
Building - Heavy Construction — 0.2% |
| |||||||
SBA Communications Corp., Class A† | 7,174 | 709,939 | ||||||
Cable/Satellite TV — 5.0% |
| |||||||
Charter Communications, Inc., Class A† | 15,597 | 4,294,010 | ||||||
Comcast Corp., Class A | 138,306 | 9,613,650 | ||||||
DISH Network Corp., Class A† | 13,035 | 748,861 | ||||||
Liberty Global PLC, Class A† | 15,220 | 476,690 | ||||||
Liberty Global PLC, Class C† | 37,119 | 1,130,274 | ||||||
16,263,485 | ||||||||
Cellular Telecom — 1.0% |
| |||||||
T-Mobile US, Inc.†# | 47,365 | 2,567,657 | ||||||
Vodafone Group PLC ADR | 23,030 | 562,853 | ||||||
3,130,510 | ||||||||
Commercial Services - Finance — 1.6% |
| |||||||
Automatic Data Processing, Inc. | 26,262 | 2,521,677 | ||||||
PayPal Holdings, Inc.† | 69,483 | 2,729,292 | ||||||
5,250,969 | ||||||||
Computer Aided Design — 0.3% |
| |||||||
Autodesk, Inc.†# | 12,774 | 927,520 | ||||||
Computer Data Security — 0.3% |
| |||||||
Check Point Software Technologies, Ltd.†# | 9,872 | 812,762 | ||||||
Computer Services — 0.6% |
| |||||||
Cognizant Technology Solutions Corp., Class A† | 34,942 | 1,924,605 | ||||||
Computer Software — 0.2% |
| |||||||
Akamai Technologies, Inc.† | 10,059 | 670,935 | ||||||
Computers — 10.6% |
| |||||||
Apple, Inc. | 310,214 | 34,284,851 | ||||||
Computers - Memory Devices — 0.7% |
| |||||||
NetApp, Inc. | 16,019 | 585,654 | ||||||
Seagate Technology PLC# | 17,258 | 692,046 | ||||||
Western Digital Corp. | 16,365 | 1,041,796 | ||||||
2,319,496 | ||||||||
Consulting Services — 0.3% |
| |||||||
Verisk Analytics, Inc.† | 9,728 | 808,202 | ||||||
Cruise Lines — 0.2% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.†# | 13,075 | 520,516 | ||||||
Data Processing/Management — 0.8% |
| |||||||
Fiserv, Inc.† | 12,655 | 1,323,966 |
Security Description | Shares | Value (Note 2) | ||||||
Data Processing/Management (continued) |
| |||||||
Paychex, Inc.# | 20,756 | $ | 1,223,566 | |||||
2,547,532 | ||||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
DENTSPLY SIRONA, Inc. | 13,415 | 780,485 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co.# | 16,636 | 788,546 | ||||||
E-Commerce/Products — 7.3% |
| |||||||
Amazon.com, Inc.† | 27,293 | 20,485,307 | ||||||
eBay, Inc.† | 64,998 | 1,807,594 | ||||||
JD.com, Inc. ADR† | 52,725 | 1,416,721 | ||||||
23,709,622 | ||||||||
E-Commerce/Services — 2.1% |
| |||||||
Ctrip.com International, Ltd. ADR†# | 21,538 | 974,164 | ||||||
Expedia, Inc.# | 7,892 | 979,003 | ||||||
Liberty Expedia Holdings, Inc., Class A† | 3,114 | 136,891 | ||||||
Liberty Ventures, Series A† | 4,671 | 182,262 | ||||||
Priceline Group, Inc.† | 2,846 | 4,279,473 | ||||||
TripAdvisor, Inc.† | 7,649 | 369,294 | ||||||
6,921,087 | ||||||||
Electronic Components - Semiconductors — 7.4% |
| |||||||
Broadcom, Ltd. | 22,770 | 3,882,057 | ||||||
Intel Corp. | 272,365 | 9,451,066 | ||||||
Microchip Technology, Inc. | 12,394 | 820,235 | ||||||
Micron Technology, Inc.† | 59,780 | 1,167,503 | ||||||
NVIDIA Corp.# | 30,800 | 2,839,760 | ||||||
Skyworks Solutions, Inc.# | 10,794 | 829,519 | ||||||
Texas Instruments, Inc. | 57,755 | 4,269,827 | ||||||
Xilinx, Inc.# | 14,593 | 787,730 | ||||||
24,047,697 | ||||||||
Electronic Forms — 0.9% |
| |||||||
Adobe Systems, Inc.† | 28,687 | 2,949,310 | ||||||
Enterprise Software/Service — 0.2% |
| |||||||
CA, Inc. | 24,119 | 770,843 | ||||||
Entertainment Software — 1.2% |
| |||||||
Activision Blizzard, Inc. | 42,686 | 1,562,734 | ||||||
Electronic Arts, Inc.†# | 17,315 | 1,372,041 | ||||||
NetEase, Inc. ADR | 4,396 | 985,144 | ||||||
3,919,919 | ||||||||
Food - Misc./Diversified — 2.9% |
| |||||||
Kraft Heinz Co.# | 70,100 | 5,723,665 | ||||||
Mondelez International, Inc., Class A | 89,553 | 3,693,166 | ||||||
9,416,831 | ||||||||
Food - Retail — 0.2% |
| |||||||
Whole Foods Market, Inc. | 18,354 | 557,778 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Stericycle, Inc.† | 4,896 | 357,261 | ||||||
Hotels/Motels — 0.6% |
| |||||||
Marriott International, Inc., Class A | 22,483 | 1,771,211 | ||||||
Internet Content - Entertainment — 5.8% |
| |||||||
Facebook, Inc., Class A† | 133,733 | 15,836,662 | ||||||
Netflix, Inc.† | 24,682 | 2,887,794 | ||||||
18,724,456 | ||||||||
Internet Security — 0.3% |
| |||||||
Symantec Corp. | 35,440 | 864,382 | ||||||
180 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Information Systems — 0.3% | ||||||||
Cerner Corp.† | 19,442 | $ | 967,823 | |||||
Medical Instruments — 0.4% | ||||||||
Intuitive Surgical, Inc.† | 2,216 | 1,426,528 | ||||||
Medical Products — 0.2% | ||||||||
Henry Schein, Inc.†# | 4,709 | 701,453 | ||||||
Medical - Biomedical/Gene — 8.9% | ||||||||
Alexion Pharmaceuticals, Inc.† | 12,910 | 1,582,637 | ||||||
Amgen, Inc. | 43,083 | 6,206,968 | ||||||
Biogen, Inc.† | 12,615 | 3,709,693 | ||||||
BioMarin Pharmaceutical, Inc.†# | 9,849 | 843,370 | ||||||
Celgene Corp.† | 44,624 | 5,288,390 | ||||||
Gilead Sciences, Inc. | 75,973 | 5,599,210 | ||||||
Illumina, Inc.†# | 8,440 | 1,123,701 | ||||||
Incyte Corp.†# | 10,823 | 1,107,085 | ||||||
Regeneron Pharmaceuticals, Inc.†# | 5,952 | 2,257,236 | ||||||
Vertex Pharmaceuticals, Inc.†# | 14,265 | 1,164,167 | ||||||
28,882,457 | ||||||||
Medical - Drugs — 0.3% | ||||||||
Shire PLC ADR | 5,103 | 890,984 | ||||||
Medical - Generic Drugs — 0.4% | ||||||||
Mylan NV† | 30,795 | 1,127,405 | ||||||
Multimedia — 1.2% | ||||||||
Twenty-First Century Fox, Inc., Class A | 61,255 | 1,721,878 | ||||||
Twenty-First Century Fox, Inc., Class B | 45,971 | 1,289,947 | ||||||
Viacom, Inc., Class B | 19,990 | 749,225 | ||||||
3,761,050 | ||||||||
Networking Products — 2.7% | ||||||||
Cisco Systems, Inc. | 289,562 | 8,634,739 | ||||||
Pharmacy Services — 0.9% | ||||||||
Express Scripts Holding Co.† | 36,282 | 2,753,078 | ||||||
Radio — 0.4% | ||||||||
Sirius XM Holdings, Inc.# | 280,821 | 1,283,352 | ||||||
Retail - Apparel/Shoe — 0.5% | ||||||||
Ross Stores, Inc. | 23,000 | 1,554,570 | ||||||
Retail - Auto Parts — 0.5% | ||||||||
O’Reilly Automotive, Inc.† | 5,465 | 1,500,142 | ||||||
Retail - Bedding — 0.1% | ||||||||
Bed Bath & Beyond, Inc. | 8,892 | 398,451 | ||||||
Retail - Catalog Shopping — 0.2% | ||||||||
Liberty Interactive Corp. QVC Group, Class A†# | 25,713 | 532,516 | ||||||
Retail - Discount — 1.5% | ||||||||
Costco Wholesale Corp. | 25,220 | 3,785,774 | ||||||
Dollar Tree, Inc.† | 13,567 | 1,196,067 | ||||||
4,981,841 | ||||||||
Retail - Drug Store — 1.6% | ||||||||
Walgreens Boots Alliance, Inc. | 62,309 | 5,279,442 | ||||||
Retail - Gardening Products — 0.2% | ||||||||
Tractor Supply Co. | 7,695 | 577,664 | ||||||
Retail - Perfume & Cosmetics — 0.3% | ||||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 3,591 | 931,865 | ||||||
Retail - Restaurants — 1.5% | ||||||||
Starbucks Corp.# | 84,432 | 4,894,523 | ||||||
Semiconductor Components - Integrated Circuits — 3.0% | ||||||||
Analog Devices, Inc.# | 17,701 | 1,314,122 | ||||||
Maxim Integrated Products, Inc. | 16,322 | 640,965 |
Security Description | Shares/ | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits (continued) |
| |||||||
NXP Semiconductors NV† | 19,528 | $ | 1,936,201 | |||||
QUALCOMM, Inc. | 84,838 | 5,780,013 | ||||||
9,671,301 | ||||||||
Semiconductor Equipment — 0.9% | ||||||||
Applied Materials, Inc. | 62,227 | 2,003,709 | ||||||
Lam Research Corp. | 9,226 | 978,141 | ||||||
2,981,850 | ||||||||
Toys — 0.2% | ||||||||
Mattel, Inc.# | 19,610 | 619,088 | ||||||
Transport - Rail — 0.6% | ||||||||
CSX Corp. | 54,461 | 1,950,248 | ||||||
Web Portals/ISP — 10.2% | ||||||||
Alphabet, Inc., Class A† | 16,974 | 13,169,787 | ||||||
Alphabet, Inc., Class C† | 19,781 | 14,994,789 | ||||||
Baidu, Inc. ADR† | 15,776 | 2,633,803 | ||||||
Yahoo!, Inc.† | 54,794 | 2,247,650 | ||||||
33,046,029 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $172,108,778) | 320,952,898 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.7% | ||||||||
Registered Investment Companies — 0.4% | ||||||||
State Street Navigator Securities Lending Prime Portfolio 0.26%(1)(2) | 1,357,700 | 1,357,700 | ||||||
U.S. Government Treasuries — 0.3% | ||||||||
United States Treasury Bills | $ | 900,000 | 899,949 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $2,257,644) | 2,257,649 | |||||||
REPURCHASE AGREEMENTS — 0.3% | ||||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(4) | 1,106,000 | 1,106,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $175,472,422)(5) | 100.3 | % | 324,316,547 | |||||
Liabilities in excess of other assets | (0.3 | ) | (968,088 | ) | ||||
NET ASSETS | 100.0 | % | $ | 323,348,459 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | The rate shown is the 7-day yield as of November 30, 2016. |
(2) | At November 30, 2016, the Fund had loaned securities with a total value of $38,877,513. This was secured by collateral of $1,357,700, which was received in cash and subsequently invested in short-term investments currently valued at $1,357,700 as reported in the Portfolio of Investments. Additional collateral of $38,942,041 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, 2016 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 11/01/2027 to 06/15/2044 | $ | 2,494,836 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 11/01/2027 to 02/25/2044 | 4,516,194 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 01/20/2043 to 11/20/2046 | 7,552,144 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 05/25/2017 | 1,681,364 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 01/15/2017 to 05/15/2046 | 22,697,503 |
181 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
(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, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
23 | Long | NASDAQ 100 E-Mini Index | December 2016 | $ | 2,175,340 | $ | 2,215,360 | $ | 40,020 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 320,952,898 | $ | — | $ | — | $ | 320,952,898 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 1,357,700 | — | — | 1,357,700 | ||||||||||||
U.S. Government Treasuries | — | 899,949 | — | 899,949 | ||||||||||||
Repurchase Agreements | — | 1,106,000 | — | 1,106,000 | ||||||||||||
Total Investments at Value | $ | 322,310,598 | $ | 2,005,949 | $ | — | $ | 324,316,547 | ||||||||
Other Financial lnstruments:† | ||||||||||||||||
Futures Contracts | $ | 40,020 | $ | — | $ | — | $ | 40,020 | ||||||||
* | 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, 2016 — (unaudited)
Industry Allocation*
Applications Software | 11.3 | % | ||
Electronic Components — Semiconductors | 8.1 | |||
Registered Investment Companies | 7.3 | |||
E-Commerce/Stiervices | 6.5 | |||
E-Commerce/Products | 6.5 | |||
Web Portals/ISP | 6.4 | |||
Commercial Services — Finance | 6.0 | |||
Internet Content — Entertainment | 5.9 | |||
Semiconductor Components — Integrated Circuits | 5.0 | |||
Computers | 3.7 | |||
Finance — Credit Card | 3.4 | |||
Computer Services | 3.4 | |||
Semiconductor Equipment | 2.8 | |||
Networking Products | 2.6 | |||
Computers — Memory Devices | 2.2 | |||
Electronic Components — Misc. | 1.8 | |||
Internet Application Software | 1.6 | |||
Internet Content — Information/News | 1.5 | |||
Time Deposits | 1.4 | |||
Data Processing/Management | 1.2 | |||
Multimedia | 1.2 | |||
Cable/Satellite TV | 1.1 | |||
Entertainment Software | 1.1 | |||
Internet Security | 1.0 | |||
Enterprise Software/Service | 1.0 | |||
Photo Equipment & Supplies | 1.0 | |||
Telephone — Integrated | 0.8 | |||
Electronic Forms | 0.7 | |||
Electronic Connectors | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Publishing — Newspapers | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Real Estate Investment Trusts | 0.4 | |||
E-Services/Consulting | 0.4 | |||
Electric Products — Misc. | 0.4 | |||
Electronic Measurement Instruments | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Software Tools | 0.3 | |||
Metal Processors & Fabrication | 0.3 | |||
Finance — Other Services | 0.3 | |||
Web Hosting/Design | 0.3 | |||
Computer Software | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Lasers — System/Components | 0.3 | |||
Medical — Drugs | 0.2 | |||
Medical Instruments | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Repurchase Agreements | 0.2 | |||
Circuit Boards | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Decision Support Software | 0.1 | |||
Computer Data Security | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Computers — Other | 0.1 | |||
Computer Graphics | 0.1 | |||
Audio/Video Products | 0.1 | |||
Auto/Truck Parts & Equipment — Replacement | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Consulting Services | 0.1 | |||
105.0% | ||||
* | Calculated as a percentage of net assets |
183 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.8% | ||||||||
Advanced Materials — 0.0% | ||||||||
STR Holdings, Inc.†# | 91,532 | $ | 15,112 | |||||
Aerospace/Defense — 0.6% |
| |||||||
Boeing Co. | 35,500 | 5,344,880 | ||||||
Applications Software — 11.1% |
| |||||||
Dropbox, Inc., Class B†(2)(3)(4) | 135,924 | 1,199,303 | ||||||
Intuit, Inc. | 126,291 | 14,356,761 | ||||||
Microsoft Corp. | 701,165 | 42,252,203 | ||||||
Paycom Software, Inc.†# | 144,735 | 6,494,259 | ||||||
Red Hat, Inc.† | 218,442 | 17,280,947 | ||||||
salesforce.com, Inc.† | 163,338 | 11,760,336 | ||||||
ServiceNow, Inc.† | 102,889 | 8,555,220 | ||||||
Tableau Software, Inc., Class A† | 84,810 | 3,806,273 | ||||||
105,705,302 | ||||||||
Audio/Video Products — 0.1% |
| |||||||
Pioneer Corp.†# | 489,800 | 1,010,382 | ||||||
Auto-Cars/Light Trucks — 0.5% |
| |||||||
Tesla Motors, Inc.†# | 26,411 | 5,002,243 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Hota Industrial Manufacturing Co., Ltd. | 340,000 | 1,306,748 | ||||||
Mobileye NV† | 30,016 | 1,117,496 | ||||||
2,424,244 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.1% |
| |||||||
Tung Thih Electronic Co., Ltd. | 111,000 | 957,707 | ||||||
Cable/Satellite TV — 1.1% |
| |||||||
Liberty Global PLC LiLAC, Class C† | 34,644 | 733,413 | ||||||
Liberty Global PLC, Class C† | 329,100 | 10,021,095 | ||||||
10,754,508 | ||||||||
Circuit Boards — 0.2% |
| |||||||
Silergy Corp. | 105,000 | 1,602,689 | ||||||
Commercial Services - Finance — 6.0% | ||||||||
Automatic Data Processing, Inc. | 51,117 | 4,908,254 | ||||||
Cardtronics PLC, Class A† | 18,098 | 895,308 | ||||||
Equifax, Inc. | 24,254 | 2,775,870 | ||||||
FleetCor Technologies, Inc.† | 27,672 | 4,132,536 | ||||||
Global Payments, Inc. | 188,771 | 12,940,252 | ||||||
PayPal Holdings, Inc.† | 257,344 | 10,108,472 | ||||||
Sabre Corp.# | 253,900 | 6,563,315 | ||||||
Square, Inc., Class A† | 101,025 | 1,307,264 | ||||||
Total System Services, Inc. | 36,512 | 1,797,121 | ||||||
TransUnion† | 104,897 | 3,129,078 | ||||||
Vantiv, Inc., Class A† | 74,068 | 4,179,657 | ||||||
WEX, Inc.† | 41,106 | 4,542,624 | ||||||
57,279,751 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Fortinet, Inc.† | 38,470 | 1,157,947 | ||||||
Computer Graphics — 0.1% |
| |||||||
CyberArk Software, Ltd.† | 19,875 | 1,013,824 | ||||||
Computer Services — 3.4% |
| |||||||
Accenture PLC, Class A | 45,904 | 5,482,315 | ||||||
Cognizant Technology Solutions Corp., Class A† | 104,395 | 5,750,076 | ||||||
Computer Sciences Corp. | 96,625 | 5,858,374 | ||||||
CSRA, Inc. | 100,096 | 3,204,073 | ||||||
Dell Technologies, Inc., Class V† | 1,205 | 64,540 | ||||||
Genpact, Ltd.† | 177,050 | 4,236,806 | ||||||
Hewlett Packard Enterprise Co. | 309,255 | 7,360,269 | ||||||
31,956,453 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Software — 0.3% | ||||||||
j2 Global, Inc. | 36,312 | $ | 2,669,295 | |||||
Computers — 3.7% | ||||||||
Apple, Inc. | 271,471 | 30,002,975 | ||||||
HP, Inc. | 228,230 | 3,514,742 | ||||||
Quanta Computer, Inc. | 792,000 | 1,476,008 | ||||||
34,993,725 | ||||||||
Computers - Integrated Systems — 0.2% | ||||||||
VeriFone Systems, Inc.† | 119,168 | 2,012,748 | ||||||
Computers - Memory Devices — 2.2% | ||||||||
NetApp, Inc. | 163,445 | 5,975,549 | ||||||
Pure Storage, Inc., Class A†# | 300,826 | 4,196,523 | ||||||
Seagate Technology PLC# | 202,259 | 8,110,586 | ||||||
Western Digital Corp. | 46,087 | 2,933,898 | ||||||
21,216,556 | ||||||||
Computers - Other — 0.1% | ||||||||
Stratasys, Ltd.†# | 56,511 | 1,020,024 | ||||||
Consulting Services — 0.1% | ||||||||
Booz Allen Hamilton Holding Corp. | 15,235 | 576,035 | ||||||
Data Processing/Management — 1.1% | ||||||||
Fidelity National Information Services, Inc. | 91,505 | 7,063,271 | ||||||
First Data Corp., Class A† | 23,815 | 346,984 | ||||||
Fiserv, Inc.† | 27,345 | 2,860,834 | ||||||
10,271,089 | ||||||||
Decision Support Software — 0.1% | ||||||||
Interactive Intelligence Group, Inc.† | 20,515 | 1,240,132 | ||||||
Diversified Manufacturing Operations — 0.2% | ||||||||
Toshiba Corp.† | 402,600 | 1,496,312 | ||||||
E-Commerce/Products — 6.4% | ||||||||
Alibaba Group Holding, Ltd. ADR†# | 62,283 | 5,855,848 | ||||||
Amazon.com, Inc.† | 67,748 | 50,849,616 | ||||||
Flipkart, Ltd.†(2)(3)(4) | 626 | 59,996 | ||||||
JD.com, Inc. ADR†# | 63,900 | 1,716,993 | ||||||
Vipshop Holdings, Ltd. ADR†# | 192,222 | 2,156,731 | ||||||
60,639,184 | ||||||||
E-Commerce/Services — 5.7% | ||||||||
58.com, Inc. ADR†# | 333,294 | 10,688,738 | ||||||
Angie’s List, Inc.†# | 94,007 | 807,520 | ||||||
Ctrip.com International, Ltd. ADR†# | 71,000 | 3,211,330 | ||||||
Expedia, Inc. | 71,592 | 8,880,988 | ||||||
GrubHub, Inc.† | 38,334 | 1,419,508 | ||||||
Just Eat PLC† | 389,277 | 2,851,755 | ||||||
MercadoLibre, Inc. | 26,719 | 4,216,793 | ||||||
Priceline Group, Inc.†# | 12,512 | 18,814,044 | ||||||
Quotient Technology, Inc.† | 48,825 | 624,960 | ||||||
Zillow Group, Inc., Class C†# | 79,855 | 2,868,392 | ||||||
54,384,028 | ||||||||
E-Services/Consulting — 0.4% | ||||||||
CDW Corp. | 76,322 | 3,910,739 | ||||||
Electric Products - Misc. — 0.4% | ||||||||
Nidec Corp. | 38,345 | 3,432,130 | ||||||
Electronic Components - Misc. — 1.8% |
| |||||||
Bizlink Holding, Inc. | 226,602 | 1,091,313 | ||||||
Corning, Inc. | 220,303 | 5,293,881 | ||||||
Garmin, Ltd.# | 151,207 | 7,886,957 | ||||||
Land Mark Optoelectronics Corp. | 183,976 | 1,552,711 | ||||||
Tongda Group Holdings, Ltd. | 3,840,000 | 1,128,756 | ||||||
16,953,618 | ||||||||
184 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Electronic Components - Semiconductors — 8.1% |
| |||||||
Broadcom, Ltd. | 84,269 | $ | 14,367,022 | |||||
Cavium, Inc.† | 37,447 | 2,135,602 | ||||||
Infineon Technologies AG | 222,754 | 3,725,433 | ||||||
Intel Corp. | 288,004 | 9,993,739 | ||||||
Microchip Technology, Inc.# | 144,988 | 9,595,306 | ||||||
Micron Technology, Inc.† | 800,552 | 15,634,781 | ||||||
Microsemi Corp.† | 76,971 | 4,214,162 | ||||||
NVIDIA Corp.# | 40,055 | 3,693,071 | ||||||
Samsung Electronics Co., Ltd. | 1,776 | 2,652,492 | ||||||
SK Hynix, Inc. | 108,083 | 3,966,264 | ||||||
Skyworks Solutions, Inc. | 34,728 | 2,668,847 | ||||||
Texas Instruments, Inc. | 36,635 | 2,708,426 | ||||||
Win Semiconductors Corp. | 625,983 | 1,781,340 | ||||||
77,136,485 | ||||||||
Electronic Connectors — 0.6% |
| |||||||
TE Connectivity, Ltd. | 80,300 | 5,431,492 | ||||||
Electronic Forms — 0.7% |
| |||||||
Adobe Systems, Inc.† | 63,733 | 6,552,390 | ||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Agilent Technologies, Inc. | 39,100 | 1,719,618 | ||||||
Itron, Inc.† | 22,551 | 1,447,774 | ||||||
3,167,392 | ||||||||
Electronic Parts Distribution — 0.0% |
| |||||||
Tech Data Corp.† | 2,310 | 196,050 | ||||||
Enterprise Software/Service — 1.0% |
| |||||||
Oracle Corp. | 70,786 | 2,844,889 | ||||||
Veeva Systems, Inc., Class A† | 75,639 | 3,515,701 | ||||||
Workday, Inc., Class A† | 38,341 | 3,232,913 | ||||||
9,593,503 | ||||||||
Entertainment Software — 1.1% |
| |||||||
Activision Blizzard, Inc. | 4,831 | 176,863 | ||||||
Electronic Arts, Inc.†# | 104,781 | 8,302,846 | ||||||
NetEase, Inc. ADR | 9,327 | 2,090,181 | ||||||
10,569,890 | ||||||||
Finance - Credit Card — 3.4% |
| |||||||
Alliance Data Systems Corp. | 31,613 | 7,232,422 | ||||||
MasterCard, Inc., Class A | 68,316 | 6,981,895 | ||||||
Visa, Inc., Class A | 234,338 | 18,119,014 | ||||||
32,333,331 | ||||||||
Finance - Other Services — 0.3% |
| |||||||
WageWorks, Inc.†# | 38,367 | 2,833,403 | ||||||
Hazardous Waste Disposal — 0.2% |
| |||||||
Stericycle, Inc.† | 25,200 | 1,838,844 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Cognex Corp. | 12,670 | 756,526 | ||||||
Internet Application Software — 1.6% |
| |||||||
Tencent Holdings, Ltd. | 547,867 | 13,681,665 | ||||||
Zendesk, Inc.†# | 62,430 | 1,329,135 | ||||||
15,010,800 | ||||||||
Internet Content - Entertainment — 5.9% |
| |||||||
Facebook, Inc., Class A† | 404,434 | 47,893,074 | ||||||
Netflix, Inc.† | 70,816 | 8,285,472 | ||||||
56,178,546 | ||||||||
Internet Content - Information/News — 1.5% |
| |||||||
LinkedIn Corp., Class A† | 66,016 | 12,888,964 |
Security Description | Shares | Value (Note 2) | ||||||
Internet Content - Information/News (continued) | ||||||||
M3, Inc. | 63,070 | $ | 1,627,951 | |||||
14,516,915 | ||||||||
Internet Security — 1.0% |
| |||||||
Imperva, Inc.† | 16,919 | 645,460 | ||||||
Palo Alto Networks, Inc.† | 4,611 | 619,580 | ||||||
Proofpoint, Inc.†# | 78,401 | 6,037,661 | ||||||
VeriSign, Inc.†# | 32,586 | 2,569,406 | ||||||
9,872,107 | ||||||||
Lasers - System/Components — 0.3% |
| |||||||
Coherent, Inc.† | 17,923 | 2,338,952 | ||||||
Medical Instruments — 0.2% |
| |||||||
Intuitive Surgical, Inc.† | 3,200 | 2,059,968 | ||||||
Medical - Drugs — 0.2% |
| |||||||
Grifols SA ADR | 136,000 | 2,125,680 | ||||||
Metal Processors & Fabrication — 0.3% |
| |||||||
Catcher Technology Co., Ltd. | 401,000 | 2,912,544 | ||||||
Motion Pictures & Services — 0.1% |
| |||||||
Kingpak Technology, Inc. | 174,707 | 948,273 | ||||||
Multimedia — 1.2% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 194,700 | 5,473,017 | ||||||
Walt Disney Co. | 54,700 | 5,421,864 | ||||||
10,894,881 | ||||||||
Networking Products — 2.6% |
| |||||||
Arista Networks, Inc.†# | 56,275 | 5,335,433 | ||||||
Cisco Systems, Inc. | 660,413 | 19,693,515 | ||||||
25,028,948 | ||||||||
Photo Equipment & Supplies — 1.0% |
| |||||||
Largan Precision Co., Ltd. | 44,532 | 5,155,557 | ||||||
Sunny Optical Technology Group Co., Ltd. | 836,785 | 4,212,784 | ||||||
9,368,341 | ||||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Voltronic Power Technology Corp. | 87,854 | 1,150,787 | ||||||
Publishing - Newspapers — 0.5% |
| |||||||
News Corp., Class A | 444,700 | 5,140,732 | ||||||
Real Estate Investment Trusts — 0.4% |
| |||||||
Equinix, Inc. | 11,900 | 4,031,244 | ||||||
Semiconductor Components - Integrated Circuits — 5.0% |
| |||||||
Analog Devices, Inc. | 38,363 | 2,848,069 | ||||||
Cypress Semiconductor Corp.# | 255,985 | 2,879,831 | ||||||
Himax Technologies, Inc. ADR# | 261,256 | 1,925,457 | ||||||
Marvell Technology Group, Ltd. | 238,900 | 3,425,826 | ||||||
Maxim Integrated Products, Inc. | 29,070 | 1,141,579 | ||||||
MaxLinear, Inc., Class A† | 95,100 | 1,942,893 | ||||||
NXP Semiconductors NV† | 188,606 | 18,700,285 | ||||||
Parade Technologies, Ltd. | 236,000 | 2,491,576 | ||||||
QUALCOMM, Inc. | 116,076 | 7,908,258 | ||||||
Semiconductor Manufacturing International Corp.†# | 7,609,000 | 1,030,033 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 550,780 | 3,162,323 | ||||||
47,456,130 | ||||||||
Semiconductor Equipment — 2.8% |
| |||||||
Applied Materials, Inc. | 355,780 | 11,456,116 | ||||||
Chunghwa Precision Test Tech Co., Ltd. | 31,000 | 1,147,680 | ||||||
FormFactor, Inc.† | 137,092 | 1,535,431 | ||||||
KLA-Tencor Corp. | 47,112 | 3,761,422 | ||||||
Lam Research Corp. | 46,688 | 4,949,862 |
185 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Semiconductor Equipment (continued) |
| |||||||
MKS Instruments, Inc. | 25,704 | $ | 1,479,265 | |||||
Tokyo Electron, Ltd. | 19,500 | 1,785,433 | ||||||
26,115,209 | ||||||||
Software Tools — 0.3% |
| |||||||
Nutanix, Inc., Class B(1)(3)(4) | 95,451 | 3,054,432 | ||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Ciena Corp.† | 20,352 | 436,550 | ||||||
Oclaro, Inc.† | 300,907 | 2,690,109 | ||||||
3,126,659 | ||||||||
Telephone - Integrated — 0.8% |
| |||||||
SoftBank Group Corp. | 125,600 | 7,368,797 | ||||||
Web Hosting/Design — 0.3% |
| |||||||
GoDaddy, Inc., Class A†# | 54,200 | 1,915,428 | ||||||
Wix.com, Ltd.†# | 17,770 | 879,615 | ||||||
2,795,043 | ||||||||
Web Portals/ISP — 6.3% |
| |||||||
Alphabet, Inc., Class A† | 36,577 | 28,379,363 | ||||||
Alphabet, Inc., Class C† | 23,973 | 18,172,493 | ||||||
Baidu, Inc. ADR† | 26,351 | 4,399,299 | ||||||
Yahoo!, Inc.† | 213,600 | 8,761,872 | ||||||
59,713,027 | ||||||||
Total Common Stocks | ||||||||
(cost $800,008,719) | 900,657,978 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.3% |
| |||||||
Applications Software — 0.2% |
| |||||||
Dropbox, Inc. Series A-1†(2)(3)(4) | 119,521 | 1,054,574 | ||||||
Dropbox, Inc., Series A†(2)(3)(4) | 12,378 | 109,215 | ||||||
Snapchat, Inc. Series F†(2)(3)(4) | 38,823 | 1,192,642 | ||||||
2,356,431 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
Cloudera, Inc. Series F†(2)(3)(4) | 54,446 | 1,056,797 | ||||||
E-Commerce/Products — 0.1% |
| |||||||
Flipkart, Ltd. Series A†(2)(3)(4) | 216 | 20,701 | ||||||
Flipkart, Ltd. Series C†(2)(3)(4) | 377 | 36,132 | ||||||
Flipkart, Ltd. Series E†(2)(3)(4) | 700 | 67,088 | ||||||
Flipkart, Ltd. Series G†(2)(3)(4) | 4,085 | 391,506 | ||||||
515,427 | ||||||||
E-Commerce/Services — 0.8% |
| |||||||
Airbnb, Inc. Series E†(2)(3)(4) | 26,943 | 2,829,015 | ||||||
Uber Technologies, Inc. Series E†(2)(3)(4) | 86,516 | 4,219,576 | ||||||
Xiaoju Kuaizhi, Inc. Series A-17†(2)(3)(4) | 11,731 | 448,442 | ||||||
7,497,033 | ||||||||
Web Portals/ISP — 0.1% |
| |||||||
Pinterest, Inc. Series G†(2)(3)(4) | 205,650 | 1,151,640 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $9,464,051) | 12,577,328 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $809,472,770) | 913,235,306 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.7% |
| |||||||
Registered Investment Companies — 7.3% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.28%(5) | 500,000 | 500,000 | ||||||
State Street Navigator Securities Lending Prime Portfolio 0.26%(5)(6) | 53,112,631 | 53,112,631 | ||||||
T. Rowe Price Government Reserve Fund 0.36%(5) | 15,721,649 | 15,721,649 | ||||||
69,334,280 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Time Deposits — 1.4% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 13,570,000 | $ | 13,570,000 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $82,904,280) | 82,904,280 | |||||||
REPURCHASE AGREEMENTS — 0.2% |
| |||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.01%, dated 11/30/2016, to be repurchased 12/01/2016 in the amount $1,670,000 collateralized by $1,615,000 of U.S. Treasury Notes, bearing interest at 3.13% due 05/15/2021 and having an approximate value of $1,706,926 | 1,670,000 | 1,670,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $894,047,050)(7) | 105.0 | % | 997,809,586 | |||||
Liabilities in excess of other assets | (5.0 | ) | (47,546,902 | ) | ||||
NET ASSETS | 100.0 | % | $ | 950,262,684 | ||||
† | 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 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, 2016, the aggregate value of these securities was $16,891,059 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. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2016, the Fund held the following restricted securities: |
186 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Dropbox, Inc., | 05/01/2012 | 135,924 | $ | 1,230,337 | $ | 1,199,303 | $ | 8.82 | 0.13 | % | ||||||||||||||
Flipkart, Ltd. | 03/19/2015 | 626 | 71,363 | 59,996 | 95.84 | 0.01 | ||||||||||||||||||
Nutanix, Inc., | 08/25/2014 | 95,451 | 1,278,709 | 3,054,432 | 32.00 | 0.32 | ||||||||||||||||||
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 | 2,829,015 | 105.00 | 0.30 | ||||||||||||||||||||
Cloudera, Inc. | 02/05/2014 | 54,446 | 792,733 | 1,056,797 | 19.41 | 0.11 | ||||||||||||||||||
Dropbox, Inc. | 05/01/2012 | 60,803 | 550,212 | |||||||||||||||||||||
05/29/2012 | 58,718 | 531,345 | ||||||||||||||||||||||
119,521 | 1,081,557 | 1,054,574 | 8.82 | 0.11 | ||||||||||||||||||||
Dropbox, Inc. | 05/01/2012 | 12,378 | 112,010 | 109,215 | 8.82 | 0.01 | ||||||||||||||||||
Flipkart, Ltd. | 03/19/2015 | 216 | 24,624 | 20,701 | 95.84 | 0.00 | ||||||||||||||||||
Flipkart, Ltd. | 03/19/2015 | 377 | 42,978 | 36,132 | 95.84 | 0.00 | ||||||||||||||||||
Flipkart, Ltd. | 03/19/2015 | 700 | 79,799 | 67,088 | 95.84 | 0.01 | ||||||||||||||||||
Flipkart, Ltd. | 12/17/2014 | 4,085 | 489,220 | 391,506 | 95.84 | 0.04 |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Pinterest, Inc. | 03/19/2015 | 205,650 | $ | 1,476,380 | $ | 1,151,640 | $ | 5.60 | 0.12 | % | ||||||||||||||
Snapchat, Inc. | 05/06/2016 | 38,823 | 1,192,643 | 1,192,642 | 30.72 | 0.13 | ||||||||||||||||||
Uber Technologies, Inc. | 06/05/2014 | 86,516 | 1,342,127 | 4,219,576 | 48.77 | 0.44 | ||||||||||||||||||
Xiaoju Kuaizhi, Inc. | 10/19/2015 | 11,731 | 321,737 | 448,442 | 38.23 | 0.05 | ||||||||||||||||||
$ | 16,891,059 | 1.78 | % | |||||||||||||||||||||
(5) | The rate shown is the 7-day yield as of November 30, 2016. |
(6) | At November 30, 2016, the Fund had loaned securities with a total value of $117,733,208. This was secured by collateral of $53,112,631, which was received in cash and subsequently invested in short-term investments currently valued at $53,112,631 as reported in the Portfolio of Investments. Additional collateral of $69,662,466 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, 2016 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | $ | 14,028,964 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 12/31/2016 to 05/15/2046 | 55,633,502 |
(7) | 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, 2016 (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 | $ | 104,505,999 | $ | — | $ | 1,199,303 | $ | 105,705,302 | ||||||||
E-Commerce/Products | 60,579,188 | — | 59,996 | 60,639,184 | ||||||||||||
Software Tools | — | 3,054,432 | — | 3,054,432 | ||||||||||||
Other Industries | 731,259,060 | — | — | 731,259,060 | ||||||||||||
Convertible Preferred Securities | — | — | 12,577,328 | 12,577,328 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 69,334,280 | — | — | 69,334,280 | ||||||||||||
Time Deposits | — | 13,570,000 | — | 13,570,000 | ||||||||||||
Repurchase Agreements | — | 1,670,000 | — | 1,670,000 | ||||||||||||
Total Investments at Value | $ | 965,678,527 | $ | 18,294,432 | $ | 13,836,627 | $ | 997,809,586 | ||||||||
* | 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.
Common Stocks | Convertible Preferred Securities | |||||||
Balance as of 05/31/2016 | $ | 1,135,546 | $ | 13,736,445 | ||||
Accrued discounts | — | — | ||||||
Accrued premiums | — | — | ||||||
Realized Gain | — | — | ||||||
Realized Loss | — | |||||||
Change in unrealized appreciation(1) | 131,393 | 361,973 | ||||||
Change in unrealized depreciation(1) | (7,640 | ) | (242,381 | ) |
187 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Common Stocks | Convertible Preferred Securities | |||||||
Net Purchases | $ | — | $ | — | ||||
Net Sales | — | (1,278,709 | ) | |||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 11/30/2016 | $ | 1,259,299 | $ | 12,577,328 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2016 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$ | 123,753 | $ | (18,478 | ) | ||||
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/16 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stocks | $ | 59,996 | Market Approach and Income Approach | Enterprise Value/Revenue Multiple* Estimated Revenue Mulitiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* | $142.2400 2.9x - 3.1x (3.0x) 2.2x 8.25% - 10.0% (9.125%) 18.0% 4.0% | |||||
$ | 1,199,303 | Market Approach with Option Pricing Method (“OPM”) | Trailing Twelve Months Sales Multiple* Discount for Lack of Marketability OPM assumptions: Volatility* Term to liquidity event in years Risk-free rate | 4.5x - 6.2x (5.3x) 9.1x 10.0% 39.0% 2.67 0.97% | ||||||
Convertible Preferred Securities | $ | 8,689,675 | Market Approach | Transaction Price* | $30.72 - $105.00 ($55.679825) | |||||
$ | 1,151,640 | Market Approach | Enterprise Value/Revenue Multiple* Discount for Lack of Marketability | 5.2x 10.0% | ||||||
$ | 515,427 | Market Approach and Income Approach | Enterprise Value/Revenue Multiple* Estimated Revenue Mulitiple* Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate* | $142.2400 2.9x - 3.1x (3.0x) 2.2x 8.25% - 10.0% (9.125%) 18.0% 4.0% | ||||||
$ | 1,056,797 | Market Approach | Transaction Price* Estimated Revenue Mulitiple* Discount for Lack of Marketability | $32.8300 3.9x - 6.9x (5.4x) 10.00% | ||||||
$ | 1,163,789 | Market Approach with Option Pricing Method (“OPM”) | Trailing Twelve Months Sales Multiple* Discount for Lack of Marketability OPM assumptions: Volatility* Term to liquidity event in years Risk-free rate | 4.5x - 6.2x (5.3x) 9.1x 10.0% 39.0% 2.67 0.97% |
(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 an inverse relationship. |
See Notes to Financial Statements
188 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Registered Investment Companies | 9.6 | % | ||
Medical — Biomedical/Gene | 8.4 | |||
Electronic Components — Semiconductors | 5.9 | |||
Commercial Services — Finance | 4.9 | |||
Retail — Restaurants | 3.6 | |||
Medical — Drugs | 3.6 | |||
Food — Misc./Diversified | 3.5 | |||
Networking Products | 3.0 | |||
Internet Security | 2.7 | |||
Entertainment Software | 2.6 | |||
Medical Products | 2.6 | |||
Banks — Commercial | 2.4 | |||
Internet Telephone | 2.4 | |||
Enterprise Software/Service | 2.3 | |||
Auction Houses/Art Dealers | 2.2 | |||
Advanced Materials | 2.2 | |||
Computer Software | 2.0 | |||
Schools | 1.9 | |||
Medical Instruments | 1.8 | |||
Machinery — General Industrial | 1.8 | |||
Computers — Other | 1.8 | |||
Repurchase Agreements | 1.8 | |||
Distribution/Wholesale | 1.6 | |||
Transactional Software | 1.6 | |||
Retail — Discount | 1.6 | |||
Building Products — Doors & Windows | 1.5 | |||
Retail — Apparel/Shoe | 1.5 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Therapeutics | 1.4 | |||
Building Products — Cement | 1.4 | |||
Industrial Audio & Video Products | 1.3 | |||
Data Processing/Management | 1.3 | |||
Footwear & Related Apparel | 1.3 | |||
Miscellaneous Manufacturing | 1.2 | |||
Airlines | 1.2 | |||
Metal Processors & Fabrication | 1.2 | |||
Retail — Automobile | 1.1 | |||
Medical — HMO | 1.1 | |||
Insurance — Life/Health | 1.1 | |||
Internet Content — Information/News | 1.1 | |||
Retail — Catalog Shopping | 1.0 | |||
Retail — Misc./Diversified | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Electric Products — Misc. | 1.0 | |||
Computer Services | 0.9 | |||
Gambling (Non — Hotel) | 0.8 | |||
Medical — Outpatient/Home Medical | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Office Furnishings — Original | 0.7 | |||
Web Hosting/Design | 0.6 | |||
Chemicals — Specialty | 0.5 | |||
Diversified Minerals | 0.5 | |||
Racetracks | 0.5 | |||
Banks — Mortgage | 0.5 | |||
Finance — Mortgage Loan/Banker | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Oil — Field Services | 0.2 | |||
109.8 | % | |||
* | Calculated as a percentage of net assets |
189 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.4% |
| |||||||
Advanced Materials — 2.2% |
| |||||||
Hexcel Corp. | 44,513 | $ | 2,302,212 | |||||
Aerospace/Defense-Equipment — 1.5% | ||||||||
HEICO Corp., Class A | 23,304 | 1,566,029 | ||||||
Airlines — 1.2% | ||||||||
Spirit Airlines, Inc.† | 23,230 | 1,291,588 | ||||||
Auction Houses/Art Dealers — 2.2% | ||||||||
Ritchie Bros. Auctioneers, Inc. | 62,479 | 2,388,572 | ||||||
Banks - Commercial — 2.4% | ||||||||
Home BancShares, Inc. | 39,620 | 1,024,970 | ||||||
Western Alliance Bancorp† | 33,313 | 1,556,383 | ||||||
2,581,353 | ||||||||
Banks - Mortgage — 0.5% | ||||||||
Walker & Dunlop, Inc.† | 18,120 | 532,547 | ||||||
Building & Construction Products - Misc. — 1.0% | ||||||||
Drew Industries, Inc. | 10,280 | 1,080,428 | ||||||
Building Products - Cement — 1.4% | ||||||||
Eagle Materials, Inc. | 14,950 | 1,453,140 | ||||||
Building Products - Doors & Windows — 1.5% | ||||||||
Apogee Enterprises, Inc. | 34,413 | 1,641,500 | ||||||
Chemicals - Specialty — 0.5% | ||||||||
Ingevity Corp.† | 11,326 | 593,143 | ||||||
Commercial Services - Finance — 4.9% | ||||||||
Euronet Worldwide, Inc.† | 33,053 | 2,370,561 | ||||||
LendingTree, Inc.†# | 8,693 | 911,026 | ||||||
Square, Inc., Class A† | 54,070 | 699,666 | ||||||
WEX, Inc.† | 11,770 | 1,300,703 | ||||||
5,281,956 | ||||||||
Computer Services — 0.9% | ||||||||
WNS Holdings, Ltd. ADR† | 36,620 | 916,599 | ||||||
Computer Software — 2.0% | ||||||||
Cornerstone OnDemand, Inc.† | 20,180 | 724,664 | ||||||
InterXion Holding NV† | 40,714 | 1,390,790 | ||||||
2,115,454 | ||||||||
Computers - Other — 1.8% | ||||||||
Lumentum Holdings, Inc.† | 46,864 | 1,879,246 | ||||||
Data Processing/Management — 1.3% | ||||||||
Fair Isaac Corp. | 11,970 | 1,360,869 | ||||||
Distribution/Wholesale — 1.6% | ||||||||
Beacon Roofing Supply, Inc.† | 36,650 | 1,700,194 | ||||||
Diversified Minerals — 0.5% | ||||||||
US Silica Holdings, Inc. | 10,720 | 542,539 | ||||||
Electric Products - Misc. — 1.0% | ||||||||
Littelfuse, Inc. | 7,292 | 1,063,101 | ||||||
Electronic Components - Semiconductors — 5.9% | ||||||||
Cavium, Inc.† | 22,828 | 1,301,881 | ||||||
Monolithic Power Systems, Inc. | 17,605 | 1,444,314 | ||||||
Tower Semiconductor, Ltd.†# | 197,776 | 3,552,057 | ||||||
6,298,252 | ||||||||
Enterprise Software/Service — 2.3% | ||||||||
Ultimate Software Group, Inc.† | 12,100 | 2,479,653 | ||||||
Entertainment Software — 2.6% | ||||||||
Take-Two Interactive Software, Inc.† | 57,208 | 2,816,350 | ||||||
Finance - Investment Banker/Broker — 0.4% | ||||||||
Evercore Partners, Inc., Class A | 5,660 | 381,484 | ||||||
Security Description | Shares | Value | ||||||
Finance - Mortgage Loan/Banker — 0.4% | ||||||||
Ellie Mae, Inc.† | 5,395 | $ | 445,357 | |||||
Food - Misc./Diversified — 3.5% | ||||||||
Pinnacle Foods, Inc. | 50,449 | 2,500,253 | ||||||
Snyder’s-Lance, Inc. | 34,266 | 1,276,751 | ||||||
3,777,004 | ||||||||
Footwear & Related Apparel — 1.3% | ||||||||
Steven Madden, Ltd.† | 36,315 | 1,345,471 | ||||||
Gambling (Non-Hotel) — 0.8% | ||||||||
Red Rock Resorts, Inc., Class A | 35,400 | 811,368 | ||||||
Industrial Audio & Video Products — 1.3% | ||||||||
IMAX Corp.†# | 44,295 | 1,415,225 | ||||||
Insurance - Life/Health — 1.1% | ||||||||
Primerica, Inc. | 16,760 | 1,184,932 | ||||||
Insurance - Property/Casualty — 0.7% | ||||||||
AmTrust Financial Services, Inc. | 28,878 | 735,234 | ||||||
Internet Content - Information/News — 1.1% | ||||||||
WebMD Health Corp.† | 21,445 | 1,143,876 | ||||||
Internet Security — 2.7% | ||||||||
Proofpoint, Inc.† | 36,962 | 2,846,444 | ||||||
Internet Telephone — 2.4% | ||||||||
RingCentral, Inc., Class A† | 116,801 | 2,517,062 | ||||||
Machinery - General Industrial — 1.8% | ||||||||
BWX Technologies, Inc. | 21,150 | 828,234 | ||||||
Manitowoc Foodservice, Inc.† | 61,030 | 1,082,672 | ||||||
1,910,906 | ||||||||
Medical Instruments — 1.8% | ||||||||
AtriCure, Inc.†# | 42,077 | 756,965 | ||||||
Integra LifeSciences Holdings Corp.† | 14,610 | 1,180,488 | ||||||
1,937,453 | ||||||||
Medical Products — 2.6% | ||||||||
NxStage Medical, Inc.† | 47,744 | 1,180,232 | ||||||
Wright Medical Group NV† | 26,900 | 619,776 | ||||||
Zeltiq Aesthetics, Inc.† | 22,786 | 1,002,812 | ||||||
2,802,820 | ||||||||
Medical - Biomedical/Gene — 8.4% | ||||||||
Bluebird Bio, Inc.†# | 18,968 | 1,144,719 | ||||||
Blueprint Medicines Corp.†# | 20,112 | 590,690 | ||||||
Celyad SA ADR† | 10,976 | 204,812 | ||||||
Five Prime Therapeutics, Inc.† | 18,612 | 1,070,562 | ||||||
Kite Pharma, Inc.†# | 15,040 | 765,987 | ||||||
Ligand Pharmaceuticals, Inc.† | 16,569 | 1,729,804 | ||||||
Lion Biotechnologies, Inc.†# | 76,578 | 509,244 | ||||||
Loxo Oncology, Inc.†# | 51,313 | 1,414,186 | ||||||
Sage Therapeutics, Inc.†# | 17,398 | 871,814 | ||||||
Spark Therapeutics, Inc.†# | 12,730 | 700,277 | ||||||
9,002,095 | ||||||||
Medical - Drugs — 3.6% | ||||||||
Amicus Therapeutics, Inc.† | 132,967 | 795,142 | ||||||
Eagle Pharmaceuticals, Inc.†# | 19,800 | 1,563,408 | ||||||
Ignyta, Inc.† | 81,087 | 506,794 | ||||||
Immune Design Corp.† | 57,162 | 420,141 | ||||||
Ophthotech Corp.† | 16,920 | 518,598 | ||||||
3,804,083 | ||||||||
Medical - HMO — 1.1% | ||||||||
WellCare Health Plans, Inc.† | 8,769 | 1,201,528 | ||||||
190 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Outpatient/Home Medical — 0.7% | ||||||||
Amedisys, Inc.† | 19,737 | $ | 779,414 | |||||
Metal Processors & Fabrication — 1.2% | ||||||||
Rexnord Corp.† | 56,070 | 1,233,540 | ||||||
Miscellaneous Manufacturing — 1.2% | ||||||||
John Bean Technologies Corp. | 14,477 | 1,305,825 | ||||||
Networking Products — 3.0% | ||||||||
LogMeIn, Inc. | 31,440 | 3,170,724 | ||||||
Office Furnishings - Original — 0.7% | ||||||||
Interface, Inc. | 41,910 | 729,234 | ||||||
Oil Companies - Exploration & Production — 1.4% | ||||||||
Carrizo Oil & Gas, Inc.† | 17,459 | 739,214 | ||||||
Diamondback Energy, Inc.† | 7,424 | 800,678 | ||||||
1,539,892 | ||||||||
Oil - Field Services — 0.2% | ||||||||
Superior Energy Services, Inc. | 12,463 | 214,862 | ||||||
Racetracks — 0.5% | ||||||||
Penn National Gaming, Inc.† | 40,843 | 542,395 | ||||||
Retail - Apparel/Shoe — 1.5% | ||||||||
Burlington Stores, Inc.† | 17,911 | 1,574,735 | ||||||
Retail - Automobile — 1.1% | ||||||||
Lithia Motors, Inc., Class A# | 13,339 | 1,225,854 | ||||||
Retail - Catalog Shopping — 1.0% | ||||||||
MSC Industrial Direct Co., Inc., Class A | 12,540 | 1,120,324 | ||||||
Retail - Discount — 1.6% | ||||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 55,746 | 1,675,167 | ||||||
Retail - Misc./Diversified — 1.0% | ||||||||
Five Below, Inc.†# | 28,145 | 1,107,787 | ||||||
Retail - Restaurants — 3.6% | ||||||||
Dave & Buster’s Entertainment, Inc.† | 19,360 | 907,016 | ||||||
Jack in the Box, Inc. | 18,330 | 1,906,687 | ||||||
Popeyes Louisiana Kitchen, Inc.† | 16,816 | 1,006,942 | ||||||
3,820,645 | ||||||||
Schools — 1.9% | ||||||||
Grand Canyon Education, Inc.† | 35,434 | 2,023,281 | ||||||
Therapeutics — 1.4% | ||||||||
GW Pharmaceuticals PLC ADR†# | 9,660 | 1,078,539 | ||||||
Vital Therapies, Inc.†# | 77,224 | 393,842 | ||||||
1,472,381 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transactional Software — 1.6% | ||||||||
Black Knight Financial Services, Inc., Class A†# | 45,501 | $ | 1,683,537 | |||||
Web Hosting/Design — 0.6% | ||||||||
Wix.com, Ltd.† | 12,700 | 628,650 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $93,014,589) | 104,995,314 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.6% | ||||||||
Registered Investment Companies — 9.6% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio | 10,229,249 | 10,229,249 | ||||||
REPURCHASE AGREEMENTS — 1.8% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/2016, to be repurchased 12/01/2016 in the amount of $1,865,001, and collateralized by $1,800,000 of United States Treasury Notes, bearing interest at 3.13%, due 05/15/2021 and having an approximate value of $1,902,456 | $ | 1,865,000 | 1,865,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $105,108,838)(3) | 109.8 | % | 117,089,563 | |||||
Liabilities in excess of other assets | (9.8 | ) | (10,423,723 | ) | ||||
NET ASSETS | 100.0 | % | $ | 106,665,840 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $10,411,679. This was secured by collateral of $10,229,249, which was received in cash and subsequently invested in short-term investments currently valued at $10,229,249 as reported in the Portfolio of Investments. Additional collateral of $525,394 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s 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, 2016 | |||
United States Treasury Bills | 0.00% | 01/05/2017 to 05/11/2017 | $14,513 | |||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/15/2017 to 11/15/2045 | 510,881 |
(2) | The rate shown is the 7-day yield as of November 30, 2016. |
(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, 2016 (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 | $ | 104,995,314 | $ | — | $ | — | $ | 104,995,314 | ||||||||
Short-Term Investment Securities | 10,229,249 | — | — | 10,229,249 | ||||||||||||
Repurchase Agreements | — | 1,865,000 | — | 1,865,000 | ||||||||||||
Total Investments at Value | $ | 115,224,563 | $ | 1,865,000 | $ | — | $ | 117,089,563 | ||||||||
* | 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
191 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Banks — Commercial | 10.1 | % | ||
Registered Investment Companies | 8.0 | |||
Oil Companies — Exploration & Production | 3.8 | |||
Machinery — General Industrial | 2.8 | |||
Electronic Components — Semiconductors | 2.7 | |||
Real Estate Investment Trusts | 2.6 | |||
Retail — Restaurants | 2.5 | |||
Medical Products | 2.4 | |||
Transport — Truck | 2.1 | |||
Medical — Biomedical/Gene | 2.1 | |||
Time Deposits | 2.0 | |||
Commercial Services | 1.9 | |||
Computer Services | 1.8 | |||
Chemicals — Specialty | 1.8 | |||
Medical — Drugs | 1.7 | |||
Computer Software | 1.6 | |||
Insurance — Property/Casualty | 1.5 | |||
Gas — Distribution | 1.5 | |||
Finance — Investment Banker/Broker | 1.4 | |||
Power Converter/Supply Equipment | 1.4 | |||
Food — Misc./Diversified | 1.4 | |||
Applications Software | 1.2 | |||
Insurance — Multi-line | 1.0 | |||
Containers — Paper/Plastic | 1.0 | |||
Electronic Measurement Instruments | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Oil Field Machinery & Equipment | 1.0 | |||
Retail — Apparel/Shoe | 1.0 | |||
Building — Heavy Construction | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Medical Instruments | 0.9 | |||
Savings & Loans/Thrifts | 0.9 | |||
Semiconductor Equipment | 0.9 | |||
Home Furnishings | 0.9 | |||
Enterprise Software/Service | 0.8 | |||
Entertainment Software | 0.8 | |||
Non-Hazardous Waste Disposal | 0.8 | |||
Oil — Field Services | 0.8 | |||
Lasers — System/Components | 0.8 | |||
Medical Imaging Systems | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Data Processing/Management | 0.7 | |||
Building Products — Cement | 0.7 | |||
Instruments — Controls | 0.7 | |||
Retail — Arts & Crafts | 0.7 | |||
Therapeutics | 0.7 | |||
Consumer Products — Misc. | 0.7 | |||
Batteries/Battery Systems | 0.7 | |||
Apparel Manufacturers | 0.6 | |||
Building Products — Doors & Windows | 0.6 | |||
Building — Maintenance & Services | 0.6 | |||
Food — Canned | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Medical — Hospitals | 0.6 | |||
Chemicals — Plastics | 0.6 | |||
Casino Hotels | 0.6 | |||
Satellite Telecom | 0.6 | |||
Storage/Warehousing | 0.6 | |||
Electronic Parts Distribution | 0.6 | |||
Wire & Cable Products | 0.6 | |||
Building — Residential/Commercial | 0.6 | |||
Commercial Services — Finance | 0.6 | |||
Retail — Misc./Diversified | 0.5 | |||
Electric — Integrated | 0.5 | |||
Medical — HMO | 0.5 | |||
Private Equity | 0.5 | |||
Veterinary Diagnostics | 0.5 | |||
Telecom Equipment — Fiber Optics | 0.4 | |||
Investment Management/Advisor Services | 0.4 |
Metal Processors & Fabrication | 0.4 | |||
Computers — Integrated Systems | 0.4 | |||
Miscellaneous Manufacturing | 0.4 | |||
Office Automation & Equipment | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Financial Guarantee Insurance | 0.3 | |||
Internet Security | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Aerospace/Defense | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Steel Pipe & Tube | 0.3 | |||
Auction Houses/Art Dealers | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Garden Products | 0.3 | |||
Consulting Services | 0.3 | |||
Advanced Materials | 0.3 | |||
Real Estate Operations & Development | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Human Resources | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Environmental Monitoring & Detection | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Security Services | 0.2 | |||
Disposable Medical Products | 0.2 | |||
Filtration/Separation Products | 0.2 | |||
Retail — Building Products | 0.2 | |||
Finance — Other Services | 0.2 | |||
Gold Mining | 0.2 | |||
Food — Flour & Grain | 0.2 | |||
Transport — Services | 0.2 | |||
Retail — Sporting Goods | 0.2 | |||
Retail — Discount | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Computer Graphics | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Brewery | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Water | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Capacitors | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Transactional Software | 0.1 | |||
Coal | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Internet Application Software | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Publishing — Books | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Communications Software | 0.1 | |||
Retail — Automobile | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Medical Laser Systems | 0.1 | |||
Medical Information Systems | 0.1 | |||
Telecom Services | 0.1 | |||
Steel — Producers | 0.1 | |||
Internet Telephone | 0.1 | |||
Independent Power Producers | 0.1 | |||
Oil & Gas Drilling | 0.1 |
192 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited) — (continued)
Industry Allocation* (continued)
Physical Therapy/Rehabilitation Centers | 0.1 | % | ||
Paper & Related Products | 0.1 | |||
Machinery — Farming | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Radio | 0.1 | |||
Schools | 0.1 | |||
Healthcare Safety Devices | 0.1 | |||
Finance — Commercial | 0.1 | |||
Food — Retail | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Textile — Apparel | 0.1 | |||
Wireless Equipment | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Networking Products | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Direct Marketing | 0.1 | |||
Agricultural Operations | 0.1 | |||
Computer Aided Design | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Metal — Diversified | 0.1 | |||
107.4 | % | |||
* | Calculated as a percentage of net assets |
193 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.3% |
| |||||||
Advanced Materials — 0.3% |
| |||||||
Core Molding Technologies, Inc.† | 13,000 | $ | 207,350 | |||||
Hexcel Corp. | 10,900 | 563,748 | ||||||
771,098 | ||||||||
Advertising Agencies — 0.0% |
| |||||||
Tremor Video, Inc.† | 60,000 | 126,000 | ||||||
Advertising Services — 0.0% |
| |||||||
Marchex, Inc., Class B† | 28,500 | 74,670 | ||||||
Aerospace/Defense — 0.3% |
| |||||||
Air Industries Group†# | 25,800 | 92,622 | ||||||
Teledyne Technologies, Inc.† | 7,500 | 936,525 | ||||||
1,029,147 | ||||||||
Aerospace/Defense - Equipment — 0.3% |
| |||||||
CPI Aerostructures, Inc.† | 8,000 | 56,000 | ||||||
Ducommun, Inc.† | 6,400 | 183,040 | ||||||
LMI Aerospace, Inc.† | 6,100 | 55,266 | ||||||
Moog, Inc., Class A† | 5,800 | 405,014 | ||||||
Triumph Group, Inc.# | 11,800 | 328,040 | ||||||
1,027,360 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Cadiz, Inc.†# | 14,400 | 149,760 | ||||||
Apparel Manufacturers — 0.6% |
| |||||||
Columbia Sportswear Co. | 28,789 | 1,637,230 | ||||||
Delta Apparel, Inc.† | 10,500 | 214,305 | ||||||
Lakeland Industries, Inc.† | 14,000 | 158,900 | ||||||
2,010,435 | ||||||||
Applications Software — 1.2% |
| |||||||
BSQUARE Corp.† | 15,000 | 87,000 | ||||||
Descartes Systems Group, Inc.† | 27,000 | 598,050 | ||||||
Five9, Inc.† | 21,800 | 345,094 | ||||||
New Relic, Inc.†# | 9,321 | 295,569 | ||||||
PDF Solutions, Inc.† | 12,600 | 296,730 | ||||||
Progress Software Corp. | 10,050 | 297,179 | ||||||
Tableau Software, Inc., Class A† | 5,700 | 255,816 | ||||||
Tangoe, Inc.† | 29,446 | 233,212 | ||||||
Verint Systems, Inc.† | 32,379 | 1,215,831 | ||||||
3,624,481 | ||||||||
Athletic Equipment — 0.0% |
| |||||||
Nautilus, Inc.† | 5,900 | 101,480 | ||||||
Auction Houses/Art Dealers — 0.3% |
| |||||||
Ritchie Bros. Auctioneers, Inc. | 23,100 | 883,113 | ||||||
Audio/Video Products — 0.0% |
| |||||||
VOXX International Corp.† | 5,000 | 24,250 | ||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro Muffler Brake, Inc.# | 5,325 | 318,435 | ||||||
Auto/Truck Parts & Equipment - Original — 0.9% |
| |||||||
Gentherm, Inc.† | 18,770 | 597,825 | ||||||
SORL Auto Parts, Inc.†# | 15,300 | 58,752 | ||||||
Spartan Motors, Inc. | 21,600 | 193,320 | ||||||
Strattec Security Corp. | 1,500 | 58,350 | ||||||
Supreme Industries, Inc. Class A | 8,900 | 126,202 | ||||||
Visteon Corp. | 23,933 | 1,882,809 | ||||||
2,917,258 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Commercial Vehicle Group, Inc.† | 18,700 | 95,931 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial — 10.1% |
| |||||||
American National Bankshares, Inc. | 5,900 | $ | 183,785 | |||||
AmeriServ Financial, Inc.# | 22,000 | 77,000 | ||||||
Anchor Bancorp, Inc.† | 3,000 | 76,800 | ||||||
Atlantic Capital Bancshares, Inc.† | 8,092 | 130,281 | ||||||
Bank of Commerce Holdings | 7,640 | 64,176 | ||||||
Bank of the Ozarks, Inc.# | 43,530 | 2,112,076 | ||||||
BankUnited, Inc. | 74,912 | 2,654,132 | ||||||
Blue Hills Bancorp, Inc.# | 8,691 | 151,223 | ||||||
BNC Bancorp | 12,637 | 381,638 | ||||||
Bridge Bancorp, Inc. | 8,200 | 275,930 | ||||||
C&F Financial Corp. | 3,000 | 135,300 | ||||||
Capital Bank Financial Corp., Class A | 14,210 | 508,718 | ||||||
Chemical Financial Corp. | 5,422 | 281,293 | ||||||
Chemung Financial Corp.# | 5,500 | 172,920 | ||||||
Citizens Holding Co.# | 4,500 | 108,900 | ||||||
Codorus Valley Bancorp, Inc. | 3,150 | 75,600 | ||||||
East West Bancorp, Inc. | 8,524 | 408,129 | ||||||
Eastern Virginia Bankshares, Inc. | 12,000 | 109,920 | ||||||
Farmers Capital Bank Corp. | 7,900 | 283,610 | ||||||
FB Financial Corp.† | 5,400 | 127,980 | ||||||
First Bancorp, Inc. | 7,165 | 207,928 | ||||||
First Bancshares, Inc.# | 7,000 | 171,850 | ||||||
First Hawaiian, Inc. | 5,785 | 173,492 | ||||||
First Horizon National Corp. | 40,100 | 765,108 | ||||||
Glacier Bancorp, Inc. | 9,671 | 331,715 | ||||||
Great Western Bancorp, Inc. | 56,784 | 2,271,360 | ||||||
Heritage Commerce Corp. | 14,821 | 183,632 | ||||||
Home BancShares, Inc. | 18,300 | 473,421 | ||||||
Hope Bancorp, Inc. | 10,700 | 212,930 | ||||||
IBERIABANK Corp. | 27,448 | 2,274,067 | ||||||
Kearny Financial Corp. | 11,000 | 166,650 | ||||||
Live Oak Bancshares, Inc.# | 2,048 | 35,533 | ||||||
MBT Financial Corp. | 15,300 | 146,115 | ||||||
MidSouth Bancorp, Inc.# | 9,800 | 115,640 | ||||||
Northrim BanCorp, Inc. | 7,100 | 199,510 | ||||||
Ohio Valley Banc Corp. | 6,400 | 155,200 | ||||||
Old Second Bancorp, Inc. | 19,157 | 176,244 | ||||||
Pacific Continental Corp. | 4,751 | 94,307 | ||||||
Park Sterling Corp. | 22,390 | 217,855 | ||||||
Penns Woods Bancorp, Inc.# | 3,200 | 151,424 | ||||||
Peoples Bancorp of North Carolina, Inc.# | 5,500 | 121,880 | ||||||
Pinnacle Financial Partners, Inc. | 37,070 | 2,391,015 | ||||||
Popular, Inc. | 9,800 | 398,370 | ||||||
Premier Financial Bancorp, Inc.# | 4,715 | 86,702 | ||||||
Prosperity Bancshares, Inc. | 9,700 | 641,461 | ||||||
Shore Bancshares, Inc. | 8,000 | 111,600 | ||||||
Sierra Bancorp | 9,400 | 214,790 | ||||||
Simmons First National Corp., Class A | 3,200 | 193,440 | ||||||
Southern National Bancorp of Virginia, Inc. | 15,000 | 222,900 | ||||||
Sussex Bancorp | 6,000 | 109,200 | ||||||
Synovus Financial Corp. | 67,782 | 2,623,841 | ||||||
Texas Capital Bancshares, Inc.† | 10,150 | 738,413 | ||||||
Towne Bank | 11,000 | 354,750 | ||||||
United Security Bancshares† | 22,896 | 151,114 | ||||||
Unity Bancorp, Inc. | 11,000 | 149,600 | ||||||
Webster Financial Corp.# | 55,377 | 2,747,253 | ||||||
Westamerica Bancorporation# | 5,600 | 347,368 | ||||||
Western Alliance Bancorp† | 66,405 | 3,102,442 | ||||||
Western New England Bancorp, Inc. | 16,000 | 134,400 | ||||||
31,683,931 | ||||||||
Batteries/Battery Systems — 0.7% |
| |||||||
EnerSys | 25,784 | 2,051,891 | ||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Primo Water Corp.† | 10,000 | 128,600 | ||||||
194 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 1,800 | $ | 311,580 | |||||
Craft Brew Alliance, Inc.† | 9,200 | 139,840 | ||||||
451,420 | ||||||||
Building & Construction Products - Misc. — 1.0% |
| |||||||
Aspen Aerogels, Inc.† | 38,800 | 149,380 | ||||||
Forterra, Inc.† | 6,100 | 120,841 | ||||||
Gibraltar Industries, Inc.† | 2,455 | 110,475 | ||||||
Louisiana-Pacific Corp.† | 11,000 | 212,740 | ||||||
Quanex Building Products Corp.# | 14,400 | 280,080 | ||||||
Simpson Manufacturing Co., Inc. | 8,000 | 377,120 | ||||||
Trex Co., Inc.† | 28,226 | 1,856,989 | ||||||
3,107,625 | ||||||||
Building & Construction - Misc. — 0.0% |
| |||||||
Comfort Systems USA, Inc. | 3,200 | 103,040 | ||||||
Building Products - Air & Heating — 0.3% |
| |||||||
AAON, Inc. | 9,725 | 319,952 | ||||||
Lennox International, Inc. | 3,700 | 550,079 | ||||||
870,031 | ||||||||
Building Products - Cement — 0.7% |
| |||||||
Eagle Materials, Inc. | 21,725 | 2,111,670 | ||||||
Martin Marietta Materials, Inc. | 700 | 153,615 | ||||||
2,265,285 | ||||||||
Building Products - Doors & Windows — 0.6% |
| |||||||
Apogee Enterprises, Inc. | 38,839 | 1,852,620 | ||||||
PGT, Inc.† | 13,790 | 153,069 | ||||||
2,005,689 | ||||||||
Building - Heavy Construction — 1.0% |
| |||||||
Dycom Industries, Inc.†# | 18,967 | 1,388,954 | ||||||
Orion Group Holdings, Inc.† | 16,100 | 160,517 | ||||||
Primoris Services Corp.# | 64,740 | 1,484,488 | ||||||
3,033,959 | ||||||||
Building - Maintenance & Services — 0.6% |
| |||||||
ABM Industries, Inc. | 44,899 | 1,975,556 | ||||||
Building - Residential/Commercial — 0.6% |
| |||||||
AV Homes, Inc.†# | 11,400 | 180,690 | ||||||
Beazer Homes USA, Inc.†# | 86,747 | 1,169,350 | ||||||
CalAtlantic Group, Inc.# | 2,560 | 85,478 | ||||||
Meritage Homes Corp.† | 8,300 | 299,215 | ||||||
1,734,733 | ||||||||
Cable/Satellite TV — 0.1% |
| |||||||
Cable One, Inc. | 757 | 447,432 | ||||||
Capacitors — 0.1% |
| |||||||
Kemet Corp.† | 70,929 | 402,877 | ||||||
Casino Hotels — 0.6% |
| |||||||
Boyd Gaming Corp.† | 99,164 | 1,868,250 | ||||||
Casino Services — 0.0% |
| |||||||
Gaming Partners International Corp. | 8,967 | 104,197 | ||||||
Chemicals - Diversified — 0.1% |
| |||||||
BioAmber, Inc.†# | 35,000 | 196,350 | ||||||
Codexis, Inc.†# | 33,000 | 156,750 | ||||||
353,100 | ||||||||
Chemicals - Plastics — 0.6% |
| |||||||
PolyOne Corp. | 56,753 | 1,871,146 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Specialty — 1.8% |
| |||||||
Minerals Technologies, Inc. | 34,098 | $ | 2,761,938 | |||||
Oil-Dri Corp. of America | 4,900 | 194,579 | ||||||
Sensient Technologies Corp. | 32,123 | 2,508,485 | ||||||
Univar, Inc.† | 12,140 | 302,286 | ||||||
5,767,288 | ||||||||
Coal — 0.1% |
| |||||||
Westmoreland Coal Co.† | 21,600 | 374,112 | ||||||
Commercial Services — 1.9% |
| |||||||
Collectors Universe, Inc. | 7,200 | 143,712 | ||||||
Healthcare Services Group, Inc. | 3,800 | 148,010 | ||||||
HMS Holdings Corp.† | 116,852 | 2,140,729 | ||||||
Intersections, Inc.†# | 12,500 | 28,125 | ||||||
Performant Financial Corp.† | 50,000 | 179,000 | ||||||
ServiceMaster Global Holdings, Inc.† | 48,055 | 1,836,662 | ||||||
SP Plus Corp.† | 5,300 | 147,075 | ||||||
Team, Inc.†# | 39,042 | 1,339,140 | ||||||
5,962,453 | ||||||||
Commercial Services - Finance — 0.6% |
| |||||||
Euronet Worldwide, Inc.† | 20,328 | 1,457,924 | ||||||
Liberty Tax, Inc. | 9,000 | 110,700 | ||||||
PRGX Global, Inc.† | 26,500 | 144,425 | ||||||
1,713,049 | ||||||||
Communications Software — 0.1% |
| |||||||
BroadSoft, Inc.† | 5,700 | 236,550 | ||||||
Seachange International, Inc.† | 19,500 | 50,895 | ||||||
287,445 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Exa Corp.† | 10,049 | 149,027 | ||||||
Computer Data Security — 0.0% |
| |||||||
Fortinet, Inc.† | 3,000 | 90,300 | ||||||
Computer Graphics — 0.2% |
| |||||||
CyberArk Software, Ltd.†# | 9,390 | 478,984 | ||||||
Computer Services — 1.8% |
| |||||||
Computer Task Group, Inc. | 19,600 | 81,536 | ||||||
CSRA, Inc. | 15,000 | 480,150 | ||||||
DMC Global, Inc. | 17,500 | 286,125 | ||||||
EPAM Systems, Inc.†# | 3,500 | 230,650 | ||||||
Genpact, Ltd.† | 63,308 | 1,514,961 | ||||||
Luxoft Holding, Inc.†# | 22,625 | 1,240,981 | ||||||
StarTek, Inc.† | 18,100 | 155,841 | ||||||
Tessera Holdings Corp. . | 45,394 | 1,797,602 | ||||||
5,787,846 | ||||||||
Computer Software — 1.6% |
| |||||||
Blackbaud, Inc.# | 32,786 | 2,058,305 | ||||||
Computer Modelling Group, Ltd. | 10,700 | 70,096 | ||||||
Concurrent Computer Corp.# | 13,902 | 77,990 | ||||||
Guidance Software, Inc.†# | 18,773 | 132,350 | ||||||
SS&C Technologies Holdings, Inc. | 85,046 | 2,552,230 | ||||||
4,890,971 | ||||||||
Computers - Integrated Systems — 0.4% |
| |||||||
Apptio, Inc., Class B†(1)(4)(5) | 5,641 | 106,161 | ||||||
Cray, Inc.† | 42,229 | 815,019 | ||||||
NCI, Inc., Class A | 10,000 | 131,000 | ||||||
Radisys Corp.† | 36,000 | 150,480 | ||||||
1,202,660 | ||||||||
Computers - Memory Devices — 0.0% |
| |||||||
Datalink Corp.† | 11,100 | 124,320 | ||||||
195 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Key Tronic Corp.† | 9,633 | $ | 74,367 | |||||
TransAct Technologies, Inc. | 15,000 | 95,250 | ||||||
169,617 | ||||||||
Consulting Services — 0.3% |
| |||||||
Booz Allen Hamilton Holding Corp. | 11,200 | 423,472 | ||||||
CRA International, Inc. | 7,700 | 253,022 | ||||||
Information Services Group, Inc.† | 42,400 | 148,824 | ||||||
825,318 | ||||||||
Consumer Products - Misc. — 0.7% |
| |||||||
CSS Industries, Inc. | 4,500 | 122,355 | ||||||
Helen of Troy, Ltd.† | 22,853 | 1,944,790 | ||||||
2,067,145 | ||||||||
Containers - Paper/Plastic — 1.0% |
| |||||||
Graphic Packaging Holding Co. | 204,285 | 2,567,862 | ||||||
Multi Packaging Solutions International, Ltd.† | 19,849 | 277,092 | ||||||
Multi-Color Corp.# | 4,250 | 305,575 | ||||||
3,150,529 | ||||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
CCA Industries, Inc.† | 3,421 | 8,792 | ||||||
Data Processing/Management — 0.7% |
| |||||||
Innodata, Inc.†# | 52,600 | 126,240 | ||||||
Jack Henry & Associates, Inc. | 23,550 | 2,035,662 | ||||||
2,161,902 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
Meridian Bioscience, Inc.# | 8,500 | 147,050 | ||||||
Diamonds/Precious Stones — 0.0% |
| |||||||
Petra Diamonds, Ltd.† | 36,585 | 75,437 | ||||||
Direct Marketing — 0.1% |
| |||||||
EVINE Live, Inc.† | 90,000 | 150,300 | ||||||
Disposable Medical Products — 0.2% |
| |||||||
STERIS PLC | 9,300 | 610,173 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Core-Mark Holding Co., Inc.# | 14,500 | 529,395 | ||||||
Educational Development Corp. | 11,000 | 99,550 | ||||||
Houston Wire & Cable Co. | 14,739 | 89,908 | ||||||
718,853 | ||||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
AZZ, Inc. | 9,200 | 598,920 | ||||||
Synalloy Corp.† | 14,400 | 146,160 | ||||||
745,080 | ||||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Volt Information Sciences, Inc.† | 14,393 | 87,078 | ||||||
Drug Delivery Systems — 0.1% |
| |||||||
Catalent, Inc.† | 12,100 | 289,553 | ||||||
E-Commerce/Products — 0.1% |
| |||||||
Chegg, Inc.†# | 15,192 | 122,903 | ||||||
Etsy, Inc.† | 10,100 | 125,240 | ||||||
US Auto Parts Network, Inc.† | 20,000 | 57,000 | ||||||
305,143 | ||||||||
E-Commerce/Services — 0.3% |
| |||||||
GrubHub, Inc.† | 10,267 | 380,187 | ||||||
Leaf Group, Ltd.† | 25,000 | 165,000 | ||||||
Quotient Technology, Inc.† | 11,590 | 148,352 | ||||||
Spark Networks, Inc.†# | 80,000 | 78,400 | ||||||
SurveyMonkey.com LLC†(2)(4)(5) | 5,062 | 56,872 |
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Services (continued) |
| |||||||
Zillow Group, Inc., Class A†# | 800 | $ | 28,120 | |||||
Zillow Group, Inc., Class C†# | 1,600 | 57,472 | ||||||
914,403 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
New Media Investment Group, Inc. | 8,200 | 125,952 | ||||||
QuinStreet, Inc.† | 35,000 | 111,650 | ||||||
237,602 | ||||||||
Educational Software — 0.0% |
| |||||||
Rosetta Stone, Inc.† | 14,000 | 113,260 | ||||||
Electric Products - Misc. — 0.1% |
| |||||||
Graham Corp. | 7,800 | 173,316 | ||||||
Novanta, Inc.† | 5,300 | �� | 107,325 | |||||
280,641 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Genie Energy, Ltd. Class B | 12,500 | 71,875 | ||||||
Electric - Integrated — 0.5% |
| |||||||
El Paso Electric Co. | 7,000 | 315,350 | ||||||
NorthWestern Corp. | 3,000 | 168,300 | ||||||
PNM Resources, Inc. | 21,500 | 679,400 | ||||||
Portland General Electric Co. | 12,900 | 536,640 | ||||||
1,699,690 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Bel Fuse, Inc., Class B | 6,000 | 175,800 | ||||||
CTS Corp. | 9,800 | 216,580 | ||||||
Sparton Corp.† | 5,900 | 143,842 | ||||||
Vishay Precision Group, Inc.† | 8,800 | 160,600 | ||||||
696,822 | ||||||||
Electronic Components - Semiconductors — 2.7% |
| |||||||
Cavium, Inc.† | 6,400 | 364,992 | ||||||
Diodes, Inc.† | 12,650 | 308,028 | ||||||
GigPeak, Inc.† | 50,000 | 134,500 | ||||||
GSI Technology, Inc.† | 19,800 | 107,910 | ||||||
Lattice Semiconductor Corp.† | 30,825 | 216,083 | ||||||
MACOM Technology Solutions Holdings, Inc.† | 53,508 | 2,665,769 | ||||||
Microsemi Corp.† | 71,058 | 3,890,425 | ||||||
Pixelworks, Inc.†# | 22,000 | 67,760 | ||||||
Rambus, Inc.†# | 21,200 | 278,780 | ||||||
Richardson Electronics, Ltd.# | 15,000 | 90,600 | ||||||
Semtech Corp.† | 11,700 | 328,770 | ||||||
8,453,617 | ||||||||
Electronic Measurement Instruments — 1.0% |
| |||||||
CyberOptics Corp.† | 9,200 | 265,880 | ||||||
ESCO Technologies, Inc. | 12,400 | 693,160 | ||||||
FLIR Systems, Inc. | 48,954 | 1,757,938 | ||||||
National Instruments Corp. | 14,700 | 433,209 | ||||||
3,150,187 | ||||||||
Electronic Parts Distribution — 0.6% |
| |||||||
Tech Data Corp.† | 20,987 | 1,781,167 | ||||||
Electronic Security Devices — 0.0% |
| |||||||
Vicon Industries, Inc.† | 14,000 | 8,820 | ||||||
Electronics - Military — 0.0% |
| |||||||
Arotech Corp.†# | 34,800 | 135,720 | ||||||
Energy - Alternate Sources — 0.2% |
| |||||||
Aemetis, Inc.†# | 17,800 | 30,438 | ||||||
Amyris, Inc.†# | 50,800 | 44,826 | ||||||
NextEra Energy Partners LP | 6,500 | 166,465 | ||||||
REX American Resources Corp.†# | 2,100 | 205,128 |
196 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Energy - Alternate Sources (continued) |
| |||||||
TPI Composites, Inc.† | 1,068 | $ | 16,201 | |||||
463,058 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
Exponent, Inc.# | 4,800 | 291,120 | ||||||
Enterprise Software/Service — 0.8% |
| |||||||
Guidewire Software, Inc.† | 12,600 | 701,946 | ||||||
MicroStrategy, Inc., Class A† | 9,707 | 1,883,449 | ||||||
2,585,395 | ||||||||
Entertainment Software — 0.8% |
| |||||||
Take-Two Interactive Software, Inc.†# | 53,911 | 2,654,039 | ||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
TRC Cos., Inc.† | 8,712 | 84,506 | ||||||
Environmental Monitoring & Detection — 0.2% |
| |||||||
MSA Safety, Inc. | 10,900 | 677,544 | ||||||
Female Health Care Products — 0.0% |
| |||||||
Juniper Pharmaceuticals, Inc.†# | 17,700 | 98,235 | ||||||
Filtration/Separation Products — 0.2% |
| |||||||
CLARCOR, Inc. | 8,300 | 584,735 | ||||||
Finance - Auto Loans — 0.0% |
| |||||||
Consumer Portfolio Services, Inc.† | 24,500 | 123,725 | ||||||
Finance - Commercial — 0.1% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 10,200 | 202,776 | ||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Asta Funding, Inc.† | 13,200 | 117,480 | ||||||
Encore Capital Group, Inc.†# | 10,600 | 290,970 | ||||||
Regional Management Corp.† | 8,200 | 202,212 | ||||||
SLM Corp.† | 44,308 | 446,182 | ||||||
1,056,844 | ||||||||
Finance - Investment Banker/Broker — 1.4% |
| |||||||
E*TRADE Financial Corp.† | 120,617 | 4,162,493 | ||||||
FBR & Co. | 5,750 | 66,412 | ||||||
JMP Group LLC | 16,300 | 101,549 | ||||||
4,330,454 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
California First National Bancorp# | 11,000 | 169,400 | ||||||
Marlin Business Services Corp. | 7,500 | 152,625 | ||||||
322,025 | ||||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
Ellie Mae, Inc.†# | 4,673 | 385,756 | ||||||
PennyMac Financial Services, Inc., Class A† | 5,600 | 97,440 | ||||||
483,196 | ||||||||
Finance - Other Services — 0.2% |
| |||||||
Bats Global Markets, Inc. | 17,502 | 556,564 | ||||||
Financial Guarantee Insurance — 0.3% |
| |||||||
Assured Guaranty, Ltd. | 19,577 | 700,074 | ||||||
Radian Group, Inc.# | 25,800 | 375,648 | ||||||
1,075,722 | ||||||||
Food - Canned — 0.6% |
| |||||||
TreeHouse Foods, Inc.†# | 27,951 | 1,937,563 | ||||||
Food - Dairy Products — 0.0% |
| |||||||
Lifeway Foods, Inc.† | 10,200 | 118,626 | ||||||
Food - Flour & Grain — 0.2% |
| |||||||
Post Holdings, Inc.† | 7,000 | 534,310 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 1.4% |
| |||||||
Cal-Maine Foods, Inc.# | 8,400 | $ | 341,880 | |||||
Inventure Foods, Inc.†# | 17,900 | 161,816 | ||||||
Pinnacle Foods, Inc. | 69,736 | 3,456,116 | ||||||
Senomyx, Inc.†# | 18,300 | 19,764 | ||||||
Snyder’s-Lance, Inc. | 6,600 | 245,916 | ||||||
4,225,492 | ||||||||
Food - Retail — 0.1% |
| |||||||
Sprouts Farmers Market, Inc.†# | 10,100 | 202,101 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
AMCON Distributing Co. | 500 | 48,225 | ||||||
Performance Food Group Co.† | 6,200 | 130,820 | ||||||
179,045 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Rocky Brands, Inc. | 10,711 | 114,072 | ||||||
Skechers U.S.A., Inc., Class A†# | 8,800 | 200,464 | ||||||
314,536 | ||||||||
Forestry — 0.0% |
| |||||||
West Fraser Timber Co., Ltd. | 2,600 | 92,693 | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Matthews International Corp., Class A | 3,000 | 218,250 | ||||||
Gambling (Non-Hotel) — 0.0% |
| |||||||
Dover Downs Gaming & Entertainment, Inc.†# | 43,334 | 46,801 | ||||||
Garden Products — 0.3% |
| |||||||
Toro Co. | 15,700 | 831,001 | ||||||
Gas - Distribution — 1.5% |
| |||||||
Chesapeake Utilities Corp. | 3,400 | 220,320 | ||||||
Delta Natural Gas Co., Inc.# | 3,800 | 96,938 | ||||||
Gas Natural, Inc. | 13,000 | 162,500 | ||||||
ONE Gas, Inc. | 16,000 | 960,160 | ||||||
South Jersey Industries, Inc.# | 6,500 | 214,500 | ||||||
Southwest Gas Corp. | 8,000 | 593,040 | ||||||
UGI Corp. | 51,550 | 2,309,440 | ||||||
4,556,898 | ||||||||
Gold Mining — 0.2% |
| |||||||
Franco-Nevada Corp. | 3,300 | 191,691 | ||||||
New Gold, Inc.† | 68,700 | 244,974 | ||||||
Osisko Gold Royalties, Ltd. | 11,800 | 115,602 | ||||||
552,267 | ||||||||
Health Care Cost Containment — 0.0% |
| |||||||
HealthEquity, Inc.†# | 7 | 312 | ||||||
Healthcare Safety Devices — 0.1% |
| |||||||
Alpha Pro Tech, Ltd.† | 30,000 | 103,500 | ||||||
Retractable Technologies, Inc.†# | 30,000 | 72,600 | ||||||
Unilife Corp.†# | 11,200 | 28,000 | ||||||
204,100 | ||||||||
Home Furnishings — 0.9% |
| |||||||
La-Z-Boy, Inc. | 64,004 | 1,712,107 | ||||||
Stanley Furniture Co., Inc. | 47,500 | 43,700 | ||||||
Tempur Sealy International, Inc.†# | 15,600 | 987,480 | ||||||
2,743,287 | ||||||||
Housewares — 0.0% |
| |||||||
Lifetime Brands, Inc. | 8,000 | 133,600 | ||||||
Human Resources — 0.2% |
| |||||||
Cross Country Healthcare, Inc.† | 11,200 | 160,608 | ||||||
Edgewater Technology, Inc.† | 14,600 | 100,740 | ||||||
Patriot National, Inc.†# | 18,700 | 115,753 |
197 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Human Resources (continued) |
| |||||||
RCM Technologies, Inc. | 20,000 | $ | 129,200 | |||||
Team Health Holdings, Inc.† | 4,700 | 199,985 | ||||||
706,286 | ||||||||
Import/Export — 0.0% |
| |||||||
Castle Brands, Inc.† | 40,000 | 29,672 | ||||||
Independent Power Producers — 0.1% |
| |||||||
NRG Energy, Inc. | 13,600 | 154,224 | ||||||
Synthesis Energy Systems, Inc.†# | 102,200 | 97,090 | ||||||
251,314 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Ballantyne Strong, Inc.† | 14,000 | 100,086 | ||||||
Iteris, Inc.† | 51,210 | 164,896 | ||||||
Turtle Beach Corp.†# | 100,000 | 143,000 | ||||||
407,982 | ||||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Hurco Cos., Inc. | 5,000 | 163,000 | ||||||
Instruments - Controls — 0.7% |
| |||||||
Allied Motion Technologies, Inc. | 8,000 | 171,040 | ||||||
Frequency Electronics, Inc.† | 10,000 | 104,800 | ||||||
Watts Water Technologies, Inc., Class A | 27,883 | 1,904,409 | ||||||
Woodward, Inc. | 950 | 64,343 | ||||||
2,244,592 | ||||||||
Insurance - Life/Health — 0.6% |
| |||||||
CNO Financial Group, Inc. | 102,833 | 1,840,711 | ||||||
Health Insurance Innovations, Inc., Class A†# | 7,000 | 94,500 | ||||||
1,935,211 | ||||||||
Insurance - Multi-line — 1.0% |
| |||||||
American Financial Group, Inc. | 25,356 | 2,085,024 | ||||||
Horace Mann Educators Corp. | 28,299 | 1,136,205 | ||||||
3,221,229 | ||||||||
Insurance - Property/Casualty — 1.5% |
| |||||||
Enstar Group, Ltd.† | 1,500 | 294,975 | ||||||
Federated National Holding Co. | 7,600 | 132,164 | ||||||
First Acceptance Corp.†# | 2,558 | 3,172 | ||||||
Hallmark Financial Services, Inc.† | 13,000 | 138,710 | ||||||
Hanover Insurance Group, Inc. | 22,937 | 1,986,115 | ||||||
Infinity Property & Casualty Corp. | 7,500 | 646,875 | ||||||
RLI Corp.# | 3,200 | 192,128 | ||||||
Safety Insurance Group, Inc. | 3,500 | 246,225 | ||||||
Selective Insurance Group, Inc. | 16,900 | 694,590 | ||||||
State Auto Financial Corp.# | 9,150 | 235,978 | ||||||
4,570,932 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Essent Group, Ltd.† | 4,600 | 140,392 | ||||||
Internet Application Software — 0.1% |
| |||||||
Connecture, Inc.†# | 75,000 | 137,250 | ||||||
Zendesk, Inc.† | 10,400 | 221,416 | ||||||
358,666 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Internap Corp.† | 58,900 | 63,612 | ||||||
PC-Tel, Inc. | 21,200 | 104,728 | ||||||
168,340 | ||||||||
Internet Content - Entertainment — 0.0% |
| |||||||
Pandora Media, Inc.†# | 11,700 | 135,954 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Internet Financial Services — 0.0% |
| |||||||
TheStreet, Inc.# | 75,900 | $ | 67,551 | |||||
Internet Infrastructure Software — 0.0% |
| |||||||
Support.com, Inc.† | 106,500 | 76,201 | ||||||
Internet Security — 0.3% |
| |||||||
iPass, Inc.†# | 49,900 | 80,339 | ||||||
Proofpoint, Inc.† | 12,700 | 978,027 | ||||||
1,058,366 | ||||||||
Internet Telephone — 0.1% |
| |||||||
RingCentral, Inc., Class A† | 11,800 | 254,290 | ||||||
Investment Companies — 0.0% |
| |||||||
KCAP Financial, Inc.# | 16,700 | 66,132 | ||||||
Medallion Financial Corp.# | 17,100 | 55,746 | ||||||
121,878 | ||||||||
Investment Management/Advisor Services — 0.4% |
| |||||||
Calamos Asset Management, Inc., Class A | 14,000 | 95,760 | ||||||
Cohen & Steers, Inc. | 7,100 | 252,760 | ||||||
Financial Engines, Inc.# | 12,300 | 428,655 | ||||||
Janus Capital Group, Inc. | 12,400 | 167,400 | ||||||
Manning & Napier, Inc. | 8,400 | 62,160 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 10,000 | 134,000 | ||||||
WisdomTree Investments, Inc.# | 13,300 | 147,098 | ||||||
1,287,833 | ||||||||
Lasers - System/Components — 0.8% |
| |||||||
Coherent, Inc.† | 19,312 | 2,520,216 | ||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,200 | 71,500 | ||||||
Machine Tools & Related Products — 0.1% |
| |||||||
Hardinge, Inc. | 11,000 | 121,330 | ||||||
LS Starrett Co., Class A | 8,000 | 79,200 | ||||||
200,530 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 3,300 | 241,131 | ||||||
Machinery - General Industrial — 2.8% |
| |||||||
Albany International Corp., Class A | 59,181 | 2,763,753 | ||||||
Applied Industrial Technologies, Inc. | 5,000 | 299,250 | ||||||
BWX Technologies, Inc. | 52,451 | 2,053,981 | ||||||
Chart Industries, Inc.†# | 11,500 | 408,825 | ||||||
Gencor Industries, Inc.† | 16,650 | 233,932 | ||||||
Manitowoc Co., Inc.† | 25,300 | 150,788 | ||||||
Manitowoc Foodservice, Inc.† | 15,600 | 276,744 | ||||||
Tennant Co. | 4,400 | 330,440 | ||||||
Twin Disc, Inc. †# | 12,800 | 185,728 | ||||||
Xerium Technologies, Inc.† | 15,000 | 90,000 | ||||||
Zebra Technologies Corp., Class A† | 26,713 | 2,111,663 | ||||||
8,905,104 | ||||||||
Machinery - Pumps — 0.1% |
| |||||||
Graco, Inc. | 4,800 | 389,904 | ||||||
Medical Imaging Systems — 0.8% |
| |||||||
Analogic Corp. | 22,993 | 2,118,805 | ||||||
Digirad Corp. | 25,000 | 116,250 | ||||||
Lantheus Holdings, Inc.† | 17,298 | 157,412 | ||||||
2,392,467 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Everyday Health, Inc.† | 25,000 | 261,250 | ||||||
Medical Instruments — 0.9% |
| |||||||
Bio-Techne Corp. | 16,971 | 1,788,065 |
198 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Instruments (continued) |
| |||||||
Bruker Corp. | 16,290 | $ | 369,457 | |||||
Entellus Medical, Inc.†# | 2,200 | 40,546 | ||||||
Halyard Health, Inc.† | 12,800 | 475,520 | ||||||
Navidea Biopharmaceuticals, Inc.†# | 85,500 | 67,553 | ||||||
Vascular Solutions, Inc.† | 2,009 | 110,696 | ||||||
2,851,837 | ||||||||
Medical Laser Systems — 0.1% |
| |||||||
Cutera, Inc.† | 9,000 | 147,150 | ||||||
IRIDEX Corp.† | 8,100 | 127,899 | ||||||
275,049 | ||||||||
Medical Products — 2.4% |
| |||||||
Accuray, Inc.†# | 18,637 | 94,117 | ||||||
Advanced Accelerator Applications SA ADR† | 2,400 | 70,200 | ||||||
Hill-Rom Holdings, Inc. | 41,187 | 2,196,915 | ||||||
InfuSystem Holdings, Inc.†# | 25,000 | 43,750 | ||||||
InVivo Therapeutics Holdings Corp.†# | 24,300 | 120,285 | ||||||
K2M Group Holdings, Inc.†# | 32,396 | 609,045 | ||||||
Medgenics, Inc.† | 19,000 | 97,660 | ||||||
Nevro Corp.†# | 20,316 | 1,544,625 | ||||||
Sientra, Inc.†# | 21,000 | 172,830 | ||||||
Span-America Medical Systems, Inc. | 3,100 | 61,318 | ||||||
Wright Medical Group NV†# | 109,475 | 2,522,304 | ||||||
7,533,049 | ||||||||
Medical - Biomedical/Gene — 2.1% |
| |||||||
Acceleron Pharma, Inc.† | 5,500 | 185,295 | ||||||
Argos Therapeutics, Inc.† | 21,600 | 100,440 | ||||||
ARIAD Pharmaceuticals, Inc.†# | 13,266 | 178,826 | ||||||
ArQule, Inc.†# | 55,000 | 75,350 | ||||||
Asterias Biotherapeutics, Inc.†# | 9,454 | 39,234 | ||||||
Aviragen Therapeutics, Inc.† | 34,600 | 48,786 | ||||||
Cambrex Corp.† | 32,533 | 1,629,903 | ||||||
Cascadian Therapeutics, Inc.†# | 14,717 | 82,561 | ||||||
ChemoCentryx, Inc.† | 25,000 | 196,000 | ||||||
Eiger BioPharmaceuticals, Inc.† | 6,600 | 81,180 | ||||||
Endocyte, Inc.†# | 16,000 | 42,560 | ||||||
Enzo Biochem, Inc.† | 33,500 | 228,470 | ||||||
Exelixis, Inc.† | 19,300 | 326,556 | ||||||
Fate Therapeutics, Inc.†# | 70,000 | 205,800 | ||||||
Harvard Bioscience, Inc.† | 45,000 | 110,250 | ||||||
Infinity Pharmaceuticals, Inc.†# | 80,000 | 92,800 | ||||||
Insmed, Inc.† | 11,800 | 161,070 | ||||||
Ionis Pharmaceuticals, Inc.†# | 4,200 | 183,792 | ||||||
Medicines Co.†# | 7,400 | 259,740 | ||||||
Nivalis Therapeutics, Inc.† | 15,000 | 32,550 | ||||||
Pfenex, Inc.† | 14,000 | 129,780 | ||||||
PharmAthene, Inc.†# | 68,300 | 208,315 | ||||||
Protalix BioTherapeutics, Inc.† | 22,016 | 12,109 | ||||||
Prothena Corp. PLC†# | 955 | 56,364 | ||||||
pSivida Corp.†# | 32,000 | 59,520 | ||||||
Retrophin, Inc.†# | 57,449 | 1,175,981 | ||||||
Sage Therapeutics, Inc.† | 346 | 17,338 | ||||||
Seattle Genetics, Inc.† | 4,100 | 265,721 | ||||||
Spark Therapeutics, Inc.† | 2,788 | 153,368 | ||||||
Synthetic Biologics, Inc.†# | 88,300 | 70,357 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 400 | 31,316 | ||||||
Veracyte, Inc.†# | 19,300 | 147,259 | ||||||
Verastem, Inc.† | 63,300 | 72,162 | ||||||
6,660,753 | ||||||||
Medical - Drugs — 1.7% |
| |||||||
ACADIA Pharmaceuticals, Inc.†# | 6,400 | 172,736 | ||||||
AcelRx Pharmaceuticals, Inc.†# | 32,100 | 99,510 | ||||||
Achaogen, Inc.†# | 30,785 | 175,782 | ||||||
Agile Therapeutics, Inc.† | 18,300 | 125,721 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Alimera Sciences, Inc.†# | 25,025 | $ | 27,528 | |||||
Alkermes PLC† | 7,300 | 414,859 | ||||||
Ampio Pharmaceuticals, Inc.†# | 48,900 | 37,164 | ||||||
CoLucid Pharmaceuticals, Inc.†# | 4,007 | 141,647 | ||||||
Conatus Pharmaceuticals, Inc.† | 9,500 | 17,195 | ||||||
Cumberland Pharmaceuticals, Inc.† | 27,800 | 154,012 | ||||||
Dicerna Pharmaceuticals, Inc.†# | 8,300 | 24,734 | ||||||
Ironwood Pharmaceuticals, Inc.† | 7,198 | 112,325 | ||||||
MediciNova, Inc.†# | 13,572 | 95,954 | ||||||
NanoViricides, Inc.†# | 43,000 | 49,450 | ||||||
Neos Therapeutics, Inc.†# | 15,000 | 106,500 | ||||||
Ophthotech Corp.†# | 1,200 | 36,780 | ||||||
Pacira Pharmaceuticals, Inc.† | 9,800 | 312,130 | ||||||
Pain Therapeutics, Inc.†# | 57,100 | 36,527 | ||||||
Pernix Therapeutics Holdings, Inc.†# | 2,900 | 8,758 | ||||||
Radius Health, Inc.†# | 5,300 | 282,066 | ||||||
Regulus Therapeutics, Inc.†# | 40,000 | 98,000 | ||||||
Supernus Pharmaceuticals, Inc.†# | 69,023 | 1,487,446 | ||||||
TESARO, Inc.†# | 5,096 | 691,476 | ||||||
TherapeuticsMD, Inc.†# | 27,300 | 162,162 | ||||||
VIVUS, Inc.†# | 75,000 | 100,500 | ||||||
vTv Therapeutics, Inc., Class A† | 15,000 | 78,300 | ||||||
Zogenix, Inc.†# | 11,712 | 147,571 | ||||||
Zynerba Pharmaceuticals, Inc.†# | 18,000 | 226,440 | ||||||
5,423,273 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Impax Laboratories, Inc.† | 46,426 | 670,856 | ||||||
Medical - HMO — 0.5% |
| |||||||
Centene Corp.† | 8,400 | 484,092 | ||||||
Universal American Corp.†# | 4,700 | 47,188 | ||||||
WellCare Health Plans, Inc.† | 7,600 | 1,041,352 | ||||||
1,572,632 | ||||||||
Medical - Hospitals — 0.6% |
| |||||||
Acadia Healthcare Co., Inc.† | 42,858 | 1,629,033 | ||||||
LifePoint Health, Inc.† | 5,100 | 280,245 | ||||||
1,909,278 | ||||||||
Metal Processors & Fabrication — 0.4% |
| |||||||
Ampco-Pittsburgh Corp. | 6,500 | 101,075 | ||||||
Haynes International, Inc. | 5,000 | 217,850 | ||||||
RBC Bearings, Inc.† | 7,200 | 610,272 | ||||||
Sun Hydraulics Corp. | 8,532 | 339,062 | ||||||
1,268,259 | ||||||||
Metal Products - Distribution — 0.1% |
| |||||||
A.M. Castle & Co.†# | 38,800 | 11,640 | ||||||
Olympic Steel, Inc. | 5,500 | 134,475 | ||||||
146,115 | ||||||||
Metal Products - Fasteners — 0.0% |
| |||||||
TriMas Corp.† | 4,800 | 102,960 | ||||||
Metal - Aluminum — 0.0% |
| |||||||
Constellium NV, Class A† | 14,500 | 88,450 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Luxfer Holdings PLC ADR | 12,500 | 142,000 | ||||||
Miscellaneous Manufacturing — 0.4% |
| |||||||
Hillenbrand, Inc. | 3,088 | 108,080 | ||||||
John Bean Technologies Corp. | 11,700 | 1,055,340 | ||||||
1,163,420 | ||||||||
MRI/Medical Diagnostic Imaging — 0.1% |
| |||||||
Alliance HealthCare Services, Inc.† | 9,200 | 69,920 | ||||||
RadNet, Inc.† | 18,000 | 111,600 | ||||||
181,520 | ||||||||
199 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Networking Products — 0.1% |
| |||||||
Ixia† | 11,800 | $ | 162,250 | |||||
Non-Hazardous Waste Disposal — 0.8% |
| |||||||
Waste Connections, Inc. | 33,529 | 2,562,957 | ||||||
Office Automation & Equipment — 0.4% |
| |||||||
Pitney Bowes, Inc. | 76,586 | 1,099,009 | ||||||
Office Furnishings - Original — 0.2% |
| |||||||
HNI Corp. | 6,248 | 329,707 | ||||||
Knoll, Inc. | 5,533 | 146,680 | ||||||
476,387 | ||||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Diamond Offshore Drilling, Inc. †# | 13,900 | 251,034 | ||||||
Oil Companies - Exploration & Production — 3.8% |
| |||||||
Approach Resources, Inc.†# | 77,300 | 271,323 | ||||||
Centennial Resource Development, Inc., Class A† | 6,840 | 124,488 | ||||||
Comstock Resources, Inc.†# | 9,000 | 85,140 | ||||||
Diamondback Energy, Inc.† | 5,100 | 550,035 | ||||||
Earthstone Energy, Inc.†# | 9,400 | 136,676 | ||||||
Energen Corp.† | 37,041 | 2,299,135 | ||||||
Evolution Petroleum Corp. | 23,100 | 195,195 | ||||||
FieldPoint Petroleum Corp.† | 31,900 | 19,778 | ||||||
Gastar Exploration, Inc.†# | 60,000 | 76,200 | ||||||
Jones Energy, Inc., Class A†# | 15,000 | 69,000 | ||||||
Matador Resources Co.†# | 15,400 | 410,256 | ||||||
Newfield Exploration Co.† | 48,276 | 2,183,041 | ||||||
Panhandle Oil and Gas, Inc., Class A | 5,000 | 122,500 | ||||||
Parsley Energy, Inc., Class A† | 59,848 | 2,283,201 | ||||||
PetroQuest Energy, Inc.†# | 10,250 | 42,947 | ||||||
Rex Energy Corp.†# | 30,000 | 13,596 | ||||||
Rice Energy, Inc.† | 8,500 | 206,975 | ||||||
Ring Energy, Inc.†# | 17,400 | 222,720 | ||||||
RSP Permian, Inc.† | 57,068 | 2,548,086 | ||||||
SM Energy Co. | 3,500 | 139,510 | ||||||
VAALCO Energy, Inc.† | 30,000 | 23,130 | ||||||
Yuma Energy, Inc.† | 270 | 999 | ||||||
12,023,931 | ||||||||
Oil Field Machinery & Equipment — 1.0% |
| |||||||
Dril-Quip, Inc.† | 3,200 | 180,960 | ||||||
Flotek Industries, Inc.†# | 11,100 | 149,406 | ||||||
Forum Energy Technologies, Inc.† | 99,982 | 2,174,608 | ||||||
Gulf Island Fabrication, Inc. | 8,400 | 99,540 | ||||||
Mitcham Industries, Inc.† | 22,400 | 85,568 | ||||||
Natural Gas Services Group, Inc.† | 7,400 | 210,530 | ||||||
Superior Drilling Products, Inc.† | 56,000 | 72,240 | ||||||
Thermon Group Holdings, Inc.† | 5,500 | 105,820 | ||||||
3,078,672 | ||||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Adams Resources & Energy, Inc. | 3,314 | 131,036 | ||||||
Oil - Field Services — 0.8% |
| |||||||
Enservco Corp.†# | 19,000 | 12,696 | ||||||
Forbes Energy Services, Ltd.†# | 17,200 | 895 | ||||||
Frank’s International NV# | 8,000 | 100,720 | ||||||
Independence Contract Drilling, Inc.† | 31,100 | 175,404 | ||||||
SEACOR Holdings, Inc.†# | 6,600 | 409,134 | ||||||
Superior Energy Services, Inc. | 95,468 | 1,645,868 | ||||||
Tesco Corp.† | 10,600 | 82,150 | ||||||
Willbros Group, Inc.† | 50,900 | 131,831 | ||||||
2,558,698 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Clearwater Paper Corp.† | 3,900 | 242,580 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
CareDx, Inc.†# | 27,400 | $ | 97,270 | |||||
Insulet Corp.†# | 766 | 25,776 | ||||||
123,046 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.1% |
| |||||||
U.S. Physical Therapy, Inc.# | 3,810 | 243,840 | ||||||
Power Converter/Supply Equipment — 1.4% |
| |||||||
Generac Holdings, Inc.†# | 46,812 | 1,918,356 | ||||||
SPX Corp.† | 96,750 | 2,363,602 | ||||||
4,281,958 | ||||||||
Private Equity — 0.5% |
| |||||||
Kennedy-Wilson Holdings, Inc. | 72,420 | 1,546,167 | ||||||
Publishing - Books — 0.1% |
| |||||||
Scholastic Corp. | 6,849 | 301,972 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
A.H. Belo Corp., Class A | 18,221 | 112,059 | ||||||
Lee Enterprises, Inc.†# | 84,700 | 258,335 | ||||||
370,394 | ||||||||
Quarrying — 0.0% |
| |||||||
Compass Minerals International, Inc.# | 1,600 | 124,080 | ||||||
Radio — 0.1% |
| |||||||
Emmis Communications Corp., Class A† | 14,650 | 48,052 | ||||||
Saga Communications, Inc., Class A | 123 | 5,879 | ||||||
Salem Media Group, Inc. | 10,000 | 57,000 | ||||||
Townsquare Media, Inc., Class A† | 11,000 | 96,030 | ||||||
206,961 | ||||||||
Real Estate Investment Trusts — 2.6% |
| |||||||
Acadia Realty Trust | 5,300 | 175,218 | ||||||
American Campus Communities, Inc. | 9,500 | 447,545 | ||||||
CatchMark Timber Trust, Inc., Class A | 11,700 | 127,998 | ||||||
Chesapeake Lodging Trust | 8,200 | 194,422 | ||||||
Corporate Office Properties Trust | 14,300 | 409,266 | ||||||
CubeSmart# | 72,375 | 1,784,044 | ||||||
DiamondRock Hospitality Co. | 11,708 | 123,988 | ||||||
EastGroup Properties, Inc. | 7,900 | 539,649 | ||||||
Equity Commonwealth† | 15,000 | 436,200 | ||||||
Equity One, Inc. | 10,300 | 307,558 | ||||||
Healthcare Trust of America, Inc., Class A | 54,376 | 1,537,753 | ||||||
Outfront Media, Inc. | 4,393 | 110,747 | ||||||
Paramount Group, Inc. | 15,500 | 243,660 | ||||||
PS Business Parks, Inc. | 7,256 | 810,713 | ||||||
Retail Opportunity Investments Corp. | 21,000 | 433,440 | ||||||
Urban Edge Properties | 10,300 | 279,027 | ||||||
Urstadt Biddle Properties, Inc., Class A | 8,800 | 199,320 | ||||||
8,160,548 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
FirstService Corp. | 3,591 | 155,885 | ||||||
RE/MAX Holdings, Inc., Class A# | 5,200 | 254,800 | ||||||
410,685 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
Alexander & Baldwin, Inc. | 10,400 | 458,328 | ||||||
Consolidated-Tomoka Land Co.# | 3,100 | 165,447 | ||||||
Forestar Group, Inc.†# | 10,500 | 140,700 | ||||||
764,475 | ||||||||
Recreational Centers — 0.0% |
| |||||||
Town Sports International Holdings, Inc.† | 45,000 | 101,250 | ||||||
200 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Recreational Vehicles — 0.0% |
| |||||||
Arctic Cat, Inc.# | 4,306 | $ | 65,623 | |||||
Research & Development — 0.0% |
| |||||||
AVEO Pharmaceuticals, Inc.† | 66,464 | 41,327 | ||||||
Retail - Apparel/Shoe — 1.0% |
| |||||||
American Eagle Outfitters, Inc.# | 98,746 | 1,635,234 | ||||||
Burlington Stores, Inc.† | 5,300 | 465,976 | ||||||
Chico’s FAS, Inc. | 34,500 | 528,195 | ||||||
Destination Maternity Corp.# | 7,800 | 52,260 | ||||||
Finish Line, Inc., Class A# | 8,000 | 179,520 | ||||||
New York & Co., Inc.† | 33,029 | 67,049 | ||||||
Tilly’s, Inc., Class A† | 14,458 | 142,700 | ||||||
3,070,934 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
hhgregg, Inc.†# | 17,000 | 26,010 | ||||||
Retail - Arts & Crafts — 0.7% |
| |||||||
Michaels Cos., Inc.† | 90,721 | 2,211,778 | ||||||
Retail - Automobile — 0.1% |
| |||||||
Rush Enterprises, Inc., Class A† | 9,400 | 284,350 | ||||||
Retail - Building Products — 0.2% |
| |||||||
At Home Group, Inc.† | 3,678 | 47,373 | ||||||
Tile Shop Holdings, Inc.†# | 26,700 | 535,335 | ||||||
582,708 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PCM, Inc.† | 6,744 | 135,892 | ||||||
Retail - Discount — 0.2% |
| |||||||
Gordmans Stores, Inc.†# | 44,900 | 32,328 | ||||||
HSN, Inc. | 4,800 | 182,880 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.†# | 3,800 | 114,190 | ||||||
Tuesday Morning Corp.† | 42,500 | 197,625 | ||||||
527,023 | ||||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Restoration Hardware Holdings, Inc.†# | 5,600 | 201,880 | ||||||
Retail - Leisure Products — 0.0% |
| |||||||
West Marine, Inc.† | 10,000 | 96,200 | ||||||
Retail - Misc./Diversified — 0.5% |
| |||||||
Five Below, Inc.†# | 4,100 | 161,376 | ||||||
Gaia, Inc.† | 17,400 | 147,900 | ||||||
Sally Beauty Holdings, Inc.† | 53,332 | 1,396,765 | ||||||
1,706,041 | ||||||||
Retail - Restaurants — 2.5% |
| |||||||
Bravo Brio Restaurant Group, Inc.†# | 11,500 | 47,725 | ||||||
Brinker International, Inc.# | 8,600 | 456,746 | ||||||
Cheesecake Factory, Inc. | 5,100 | 301,767 | ||||||
Denny’s Corp.† | 34,200 | 413,478 | ||||||
Famous Dave’s of America, Inc.† | 6,800 | 31,620 | ||||||
J Alexander’s Holdings, Inc.† | 13,000 | 123,500 | ||||||
Jack in the Box, Inc. | 8,300 | 863,366 | ||||||
Jamba, Inc.†# | 13,420 | 133,126 | ||||||
Kona Grill, Inc.†# | 7,700 | 94,710 | ||||||
Luby’s, Inc.† | 25,000 | 106,500 | ||||||
Panera Bread Co., Class A†# | 8,071 | 1,711,940 | ||||||
Papa John’s International, Inc.# | 23,588 | 2,084,236 | ||||||
Red Robin Gourmet Burgers, Inc.† | 8,039 | 413,606 | ||||||
Sonic Corp. | 27,507 | 717,933 | ||||||
Wingstop, Inc.# | 9,000 | 276,210 | ||||||
Zoe’s Kitchen, Inc.†# | 1,100 | 27,126 | ||||||
7,803,589 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Sporting Goods — 0.2% |
| |||||||
Zumiez, Inc.† | 21,400 | $ | 530,720 | |||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 8,000 | 114,800 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
AdCare Health Systems, Inc.†# | 51,100 | 81,760 | ||||||
Five Star Quality Care, Inc.† | 5,027 | 11,562 | ||||||
93,322 | ||||||||
Satellite Telecom — 0.6% |
| |||||||
Iridium Communications, Inc.†# | 209,914 | 1,847,243 | ||||||
Savings & Loans/Thrifts — 0.9% |
| |||||||
Atlantic Coast Financial Corp.† | 20,000 | 140,400 | ||||||
Beneficial Bancorp, Inc. | 22,265 | 387,411 | ||||||
Capitol Federal Financial, Inc. | 29,940 | 476,345 | ||||||
Clifton Bancorp, Inc.# | 6,300 | 102,879 | ||||||
Entegra Financial Corp.† | 6,000 | 114,900 | ||||||
ESSA Bancorp, Inc.# | 9,000 | 133,290 | ||||||
First Financial Northwest, Inc. | 10,000 | 169,600 | ||||||
Home Bancorp, Inc. | 6,600 | 222,420 | ||||||
Lake Shore Bancorp, Inc. | 10,000 | 141,800 | ||||||
Malvern Bancorp, Inc.† | 7,200 | 144,000 | ||||||
Meridian Bancorp, Inc. | 14,900 | 264,475 | ||||||
Provident Financial Holdings, Inc. | 6,714 | 132,333 | ||||||
SI Financial Group, Inc. | 8,500 | 119,000 | ||||||
Southern Missouri Bancorp, Inc. | 5,000 | 144,500 | ||||||
Territorial Bancorp, Inc. | 4,000 | 125,880 | ||||||
2,819,233 | ||||||||
Schools — 0.1% |
| |||||||
American Public Education, Inc.† | 7,200 | 166,320 | ||||||
Lincoln Educational Services Corp.†# | 20,000 | 39,600 | ||||||
205,920 | ||||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 16,600 | 670,640 | ||||||
Seismic Data Collection — 0.1% |
| |||||||
Dawson Geophysical Co.† | 33,264 | 261,122 | ||||||
Geospace Technologies Corp.†# | 8,900 | 188,413 | ||||||
449,535 | ||||||||
Semiconductor Components - Integrated Circuits — 0.8% |
| |||||||
Cirrus Logic, Inc.† | 22,096 | 1,215,280 | ||||||
Integrated Device Technology, Inc.† | 9,600 | 224,640 | ||||||
Power Integrations, Inc. | 13,909 | 936,076 | ||||||
2,375,996 | ||||||||
Semiconductor Equipment — 0.9% |
| |||||||
Entegris, Inc.† | 138,379 | 2,483,903 | ||||||
Magnachip Semiconductor Corp.†# | 24,100 | 155,445 | ||||||
Ultra Clean Holdings, Inc.† | 14,700 | 147,588 | ||||||
2,786,936 | ||||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
Conyers Park Acquisition Corp.† | 15,000 | 159,000 | ||||||
Steel Pipe & Tube — 0.3% |
| |||||||
Mueller Water Products, Inc., Class A | 29,200 | 386,316 | ||||||
Valmont Industries, Inc. | 3,548 | 528,297 | ||||||
914,613 | ||||||||
Steel - Producers — 0.1% |
| |||||||
Friedman Industries, Inc. | 10,000 | 56,590 | ||||||
Shiloh Industries, Inc.†# | 28,100 | 198,105 | ||||||
254,695 | ||||||||
201 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Storage/Warehousing — 0.6% |
| |||||||
Mobile Mini, Inc.# | 59,408 | $ | 1,823,826 | |||||
Telecom Equipment - Fiber Optics — 0.4% |
| |||||||
Ciena Corp.† | 17,300 | 371,085 | ||||||
Finisar Corp.† | 22,974 | 763,426 | ||||||
KVH Industries, Inc.† | 14,357 | 156,491 | ||||||
1,291,002 | ||||||||
Telecom Services — 0.1% |
| |||||||
Consolidated Communications Holdings, Inc.# | 1 | 29 | ||||||
Hawaiian Telcom Holdco, Inc.† | 5,900 | 134,756 | ||||||
HC2 Holdings, Inc.†# | 25,729 | 122,470 | ||||||
257,255 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
ADTRAN, Inc. | 10,600 | 215,710 | ||||||
Aware, Inc.† | 14,500 | 84,100 | ||||||
Westell Technologies, Inc., Class A†# | 41,700 | 22,514 | ||||||
Wireless Telecom Group, Inc.† | 68,200 | 111,848 | ||||||
434,172 | ||||||||
Telephone - Integrated — 0.0% |
| |||||||
Alaska Communications Systems Group, Inc.† | 77,000 | 117,040 | ||||||
Textile - Apparel — 0.1% |
| |||||||
Cherokee, Inc.†# | 6,400 | 66,880 | ||||||
Tandy Leather Factory, Inc.† | 15,000 | 113,250 | ||||||
180,130 | ||||||||
Textile - Products — 0.0% |
| |||||||
Dixie Group, Inc.† | 10,000 | 34,000 | ||||||
Therapeutics — 0.7% |
| |||||||
Aquinox Pharmaceuticals, Inc.†# | 3,483 | 48,518 | ||||||
CorMedix, Inc.†# | 40,000 | 67,600 | ||||||
Egalet Corp.†# | 25,000 | 168,250 | ||||||
Neurocrine Biosciences, Inc.† | 36,283 | 1,685,346 | ||||||
Ocera Therapeutics, Inc.†# | 37,800 | 81,270 | ||||||
Zafgen, Inc.†# | 15,000 | 50,700 | ||||||
2,101,684 | ||||||||
Toys — 0.0% |
| |||||||
JAKKS Pacific, Inc.†# | 15,600 | 109,980 | ||||||
Transactional Software — 0.1% |
| |||||||
Bottomline Technologies de, Inc.† | 15,400 | 385,924 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
General Finance Corp.†# | 10,034 | 40,638 | ||||||
Willis Lease Finance Corp.† | 10,000 | 267,900 | ||||||
308,538 | ||||||||
Transport - Services — 0.2% |
| |||||||
Matson, Inc. | 10,500 | 394,905 | ||||||
Radiant Logistics, Inc.† | 37,800 | 137,592 | ||||||
532,497 | ||||||||
Transport - Truck — 2.1% |
| |||||||
Celadon Group, Inc.# | 76,426 | 615,229 | ||||||
Forward Air Corp. | 36,601 | 1,770,756 | ||||||
Knight Transportation, Inc.# | 15,575 | 545,125 | ||||||
Landstar System, Inc. | 5,100 | 415,395 | ||||||
Old Dominion Freight Line, Inc.† | 32,048 | 2,797,791 | ||||||
P.A.M. Transportation Services, Inc.† | 1,357 | 33,640 | ||||||
Saia, Inc.† | 10,800 | 450,900 | ||||||
USA Truck, Inc.† | 6,900 | 62,169 | ||||||
XPO Logistics, Inc.† | 1 | 45 | ||||||
6,691,050 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Veterinary Diagnostics — 0.5% |
| |||||||
Phibro Animal Health Corp., Class A | 51,354 | $ | 1,409,667 | |||||
Vitamins & Nutrition Products — 0.0% |
| |||||||
Nutraceutical International Corp.† | 3,200 | 103,200 | ||||||
Water — 0.1% |
| |||||||
California Water Service Group | 12,300 | 424,965 | ||||||
Web Hosting/Design — 0.0% |
| |||||||
Rightside Group, Ltd.† | 13,000 | 102,050 | ||||||
Wire & Cable Products — 0.6% |
| |||||||
Belden, Inc. | 23,896 | 1,765,914 | ||||||
Wireless Equipment — 0.1% |
| |||||||
ID Systems, Inc.†# | 22,000 | 106,920 | ||||||
TESSCO Technologies, Inc. | 5,900 | 72,275 | ||||||
179,195 | ||||||||
Total Common Stocks | ||||||||
(cost $248,139,838) | 305,598,498 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.1% |
| |||||||
Data Processing/Management — 0.0% |
| |||||||
Cloudera, Inc., Series F†(2)(4)(5) | 6,715 | 130,338 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
CarGurus, Inc., Series D†(2)(4)(5) | 2,567 | 139,108 | ||||||
CarGurus, Inc., Series E†(2)(4)(5) | 814 | 44,111 | ||||||
183,219 | ||||||||
Enterprise Software/Service — 0.0% |
| |||||||
Plex Systems, Inc., Series B†(2)(4)(5) | 50,422 | 91,768 | ||||||
Internet Infrastructure Software — 0.0% |
| |||||||
MongoDB, Inc., Series F†(2)(4)(5) | 4,475 | 28,819 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $436,736) | 434,144 | |||||||
WARRANTS† — 0.0% |
| |||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Asterias Biotherapeutics, Inc. Expires 02/15/2017 (strike price $5.00)# | 1,890 | 898 | ||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
Centennial Resource Development, Inc. Expires 10/11/2021 (strike price $11.50) | 2,480 | 17,359 | ||||||
Total Warrants | ||||||||
(cost $10,572) | 18,257 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $248,587,146) | 306,050,899 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.0% |
| |||||||
Registered Investment Companies — 8.0% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.28%(6) | 335,006 | 335,006 | ||||||
State Street Navigator Securities Lending Prime Portfolio 0.26%(3)(6) | 23,632,405 | 23,632,405 | ||||||
T. Rowe Price Government Reserve Fund | 1,073,978 | 1,073,978 | ||||||
25,041,389 | ||||||||
202 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
Time Deposits — 2.0% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2016 | $ | 6,499,000 | $ | 6,499,000 | ||||
Total Short-Term Investment Securities |
| |||||||
(cost $31,540,389) | 31,540,389 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $280,127,535)(7) | 107.4 | % | 337,591,288 | |||||
Liabilities in excess of other assets | (7.4 | ) | (23,365,252 | ) | ||||
NET ASSETS | 100.0 | % | $ | 314,226,036 | ||||
† | 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 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) | At November 30, 2016, the Fund had loaned securities with a total value of $50,064,862. This was secured by collateral of $23,632,405, which was received in cash and subsequently invested in short-term investments currently valued at $23,632,405 as reported in the Portfolio of Investments. Additional collateral of $28,257,103 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, 2016 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | $ | 12,725,762 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 12/31/2016 to 11/15/2045 | 15,531,341 |
(4) | Illiquid security. At November 30, 2016, the aggregate value of these securities was $597,177 representing 0.2% of net assets. |
(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, 2016, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares/ Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Apptio, Inc., Class B | 03/09/2012 | 5,641 | $ | 101,069 | $ | 106,161 | $ | 18.82 | 0.03 | % | ||||||||||||||
Survey | 11/25/2014 | 5,062 | 83,270 | 56,872 | 11.24 | 0.02 | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
CarGurus, Inc., Series D | 07/07/2015 | 2,567 | 104,331 | 139,108 | 54.19 | 0.04 | ||||||||||||||||||
CarGurus, Inc., Series E | 08/23/2016 | 814 | 44,111 | 44,111 | 54.19 | 0.01 | ||||||||||||||||||
Cloudera, Inc., Series F | 02/05/2014 | 6,715 | 97,770 | 130,338 | 19.41 | 0.04 | ||||||||||||||||||
MongoDB, Inc., Series F | 10/02/2013 | 4,475 | 74,840 | 28,819 | 6.44 | 0.01 | ||||||||||||||||||
Plex Systems, Inc., Series B | 06/09/2014 | 50,422 | 115,683 | 91,768 | 1.82 | 0.03 | ||||||||||||||||||
$ | 597,177 | 0.18 | % | |||||||||||||||||||||
(6) | The rate shown is the 7-day yield as of November 30, 2016. |
(7) | 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, 2016 (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: | ||||||||||||||||
Computers - Integrated Systems | $ | 1,096,499 | $ | 106,161 | $ | — | $ | 1,202,660 | ||||||||
E-Commerce/Services | 857,531 | — | 56,872 | 914,403 | ||||||||||||
Other Industries | 303,481,435 | — | — | 303,481,435 | ||||||||||||
Convertible Preferred Securities | — | — | 434,144 | 434,144 | ||||||||||||
Warrants | 18,257 | — | — | 18,257 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 25,041,389 | — | — | 25,041,389 | ||||||||||||
Time Deposits | — | 6,499,000 | — | 6,499,000 | ||||||||||||
$ | 330,495,111 | $ | 6,605,161 | $ | 491,016 | $ | 337,591,288 | |||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
203 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Banks — Commercial | 9.6 | % | ||
Registered Investment Companies | 8.5 | |||
Real Estate Investment Trusts | 7.4 | |||
U.S. Government Treasuries | 7.1 | |||
Medical — Biomedical/Gene | 3.2 | |||
Repurchase Agreements | 2.5 | |||
Electronic Components — Semiconductors | 2.1 | |||
Savings & Loans/Thrifts | 1.9 | |||
Retail — Restaurants | 1.8 | |||
Medical — Drugs | 1.8 | |||
Chemicals — Specialty | 1.6 | |||
Electric — Integrated | 1.5 | |||
Computer Services | 1.4 | |||
Oil Companies — Exploration & Production | 1.3 | |||
Medical Products | 1.2 | |||
Gas — Distribution | 1.1 | |||
Insurance — Property/Casualty | 1.0 | |||
Retail — Apparel/Shoe | 1.0 | |||
Building & Construction Products — Misc. | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Medical Instruments | 0.8 | |||
Transport — Truck | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Applications Software | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Human Resources | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
Oil — Field Services | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Distribution/Wholesale | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Enterprise Software/Service | 0.6 | |||
Schools | 0.6 | |||
Computer Software | 0.6 | |||
Building — Residential/Commercial | 0.5 | |||
Data Processing/Management | 0.5 | |||
Investment Management/Advisor Services | 0.5 | |||
Telecom Equipment — Fiber Optics | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Consulting Services | 0.5 | |||
Networking Products | 0.5 | |||
Metal Processors & Fabrication | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
Telecom Services | 0.5 | |||
Commercial Services | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Wireless Equipment | 0.4 | |||
Office Furnishings — Original | 0.4 | |||
Multimedia | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Financial Guarantee Insurance | 0.4 | |||
Transport — Marine | 0.4 | |||
Airlines | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Engineering/R&D Services | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Footwear & Related Apparel | 0.4 | |||
Steel — Producers | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Therapeutics | 0.4 | |||
E-Commerce/Products | 0.3 | |||
Printing — Commercial | 0.3 | |||
Retail — Automobile | 0.3 | |||
Insurance — Multi — line | 0.3 | |||
Medical — Outpatient/Home Medical | 0.3 | |||
Power Converter/Supply Equipment | 0.3 |
Finance — Consumer Loans | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Retail — Misc./Diversified | 0.3 | |||
Water | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Drug Delivery Systems | 0.3 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Instruments — Controls | 0.3 | |||
Research & Development | 0.3 | |||
Wire & Cable Products | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Transactional Software | 0.3 | |||
Lasers — System/Components | 0.3 | |||
Independent Power Producers | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Home Furnishings | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Medical — HMO | 0.3 | |||
Internet Security | 0.3 | |||
Retail — Discount | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Paper & Related Products | 0.3 | |||
Hotels/Motels | 0.2 | |||
Finance — Other Services | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Medical Information Systems | 0.2 | |||
Building Products — Doors & Windows | 0.2 | |||
Computer Aided Design | 0.2 | |||
Physical Therapy/Rehabilitation Centers | 0.2 | |||
Computers — Other | 0.2 | |||
Patient Monitoring Equipment | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Racetracks | 0.2 | |||
Entertainment Software | 0.2 | |||
Security Services | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Auto/Truck Parts & Equipment — Replacement | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Diversified Minerals | 0.2 | |||
Linen Supply & Related Items | 0.2 | |||
Transport — Services | 0.2 | |||
Electronic Design Automation | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Satellite Telecom | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Batteries/Battery Systems | 0.2 | |||
Disposable Medical Products | 0.2 | |||
Tobacco | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Filtration/Separation Products | 0.2 | |||
Building Products — Cement | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Rubber/Plastic Products | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Television | 0.2 | |||
Food — Retail | 0.2 |
204 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited) — (continued)
Industry Allocation* (continued)
Electronic Parts Distribution | 0.2 | % | ||
Metal Products — Distribution | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Building Products — Wood | 0.1 | |||
Theaters | 0.1 | |||
Gambling (Non — Hotel) | 0.1 | |||
Internet Application Software | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
E — Marketing/Info | 0.1 | |||
Publishing — Books | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Internet Telephone | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Casino Hotels | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Retail — Building Products | 0.1 | |||
Silver Mining | 0.1 | |||
Lighting Products & Systems | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Rubber — Tires | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Audio/Video Products | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Steel — Specialty | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Diversified Operations | 0.1 | |||
Platinum | 0.1 | |||
Communications Software | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Private Equity | 0.1 | |||
Agricultural Operations | 0.1 | |||
Brewery | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Identification Systems | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Beverages — Non — alcoholic | 0.1 | |||
Poultry | 0.1 | |||
Pipelines | 0.1 | |||
Retail — Vitamins & Nutrition Supplements | 0.1 | |||
Machinery — Farming | 0.1 | |||
Educational Software | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Metal — Iron | 0.1 | |||
Decision Support Software | 0.1 | |||
Appliances | 0.1 | |||
Electric — Generation | 0.1 | |||
Precious Metals | 0.1 | |||
Electronic Security Devices | 0.1 |
Banks — Fiduciary | 0.1 | |||
Medical Laser Systems | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Circuit Boards | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Retail — Bookstores | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Computer Data Security | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
Travel Services | 0.1 | |||
Casino Services | 0.1 | |||
Recreational Centers | 0.1 | |||
Golf | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Retail — Leisure Products | 0.1 | |||
Coal | 0.1 | |||
Respiratory Products | 0.1 | |||
Housewares | 0.1 | |||
Metal Products — Fasteners | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Finance — Commercial | 0.1 | |||
B2B/E-Commerce | 0.1 | |||
108.5 | % | |||
* | Calculated as a percentage of net assets |
205 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 90.4% |
| |||||||
Advertising Agencies — 0.0% |
| |||||||
MDC Partners, Inc., Class A# | 28,853 | $ | 178,889 | |||||
Advertising Services — 0.0% |
| |||||||
Marchex, Inc., Class B† | 18,816 | 49,298 | ||||||
Aerospace/Defense — 0.5% |
| |||||||
Aerovironment, Inc.†# | 11,529 | 326,271 | ||||||
Cubic Corp. | 14,194 | 657,182 | ||||||
Esterline Technologies Corp.† | 16,657 | 1,464,983 | ||||||
Kratos Defense & Security Solutions, Inc.† | 26,098 | 191,037 | ||||||
National Presto Industries, Inc. | 2,772 | 263,756 | ||||||
Teledyne Technologies, Inc.† | 19,273 | 2,406,620 | ||||||
5,309,849 | ||||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
AAR Corp. | 18,618 | 686,818 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 33,557 | 681,878 | ||||||
Astronics Corp.†# | 10,875 | 401,505 | ||||||
Curtiss-Wright Corp. | 24,953 | 2,508,276 | ||||||
Ducommun, Inc.† | 5,854 | 167,424 | ||||||
Kaman Corp.# | 15,114 | 736,354 | ||||||
KLX, Inc.† | 29,759 | 1,160,303 | ||||||
Moog, Inc., Class A† | 18,007 | 1,257,429 | ||||||
Triumph Group, Inc.# | 27,776 | 772,173 | ||||||
8,372,160 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc.# | 1,794 | 48,976 | ||||||
Andersons, Inc. | 15,137 | 595,641 | ||||||
Limoneira Co.# | 6,605 | 118,494 | ||||||
Tejon Ranch Co.†# | 7,840 | 205,721 | ||||||
968,832 | ||||||||
Airlines — 0.4% |
| |||||||
Allegiant Travel Co. | 7,440 | 1,215,696 | ||||||
Hawaiian Holdings, Inc.† | 29,707 | 1,525,455 | ||||||
SkyWest, Inc. | 28,297 | 1,042,744 | ||||||
Virgin America, Inc.†# | 10,898 | 615,737 | ||||||
4,399,632 | ||||||||
Apparel Manufacturers — 0.2% |
| |||||||
Columbia Sportswear Co. | 15,192 | 863,969 | ||||||
Delta Apparel, Inc.† | 4,008 | 81,803 | ||||||
Oxford Industries, Inc. | 8,557 | 621,752 | ||||||
Sequential Brands Group, Inc.†# | 22,105 | 113,177 | ||||||
Superior Uniform Group, Inc.# | 4,525 | 86,835 | ||||||
Vince Holding Corp.†# | 12,136 | 51,578 | ||||||
1,819,114 | ||||||||
Appliances — 0.1% |
| |||||||
iRobot Corp.†# | 15,121 | 861,897 | ||||||
Applications Software — 0.8% |
| |||||||
Appfolio, Inc.† Class A# | 4,280 | 93,732 | ||||||
Bazaarvoice, Inc.† | 46,246 | 245,104 | ||||||
Brightcove, Inc.† | 16,873 | 140,046 | ||||||
Callidus Software, Inc.† | 31,325 | 491,802 | ||||||
Ebix, Inc.# | 14,200 | 846,320 | ||||||
Five9, Inc.†# | 18,602 | 294,470 | ||||||
HubSpot, Inc.† | 16,256 | 911,962 | ||||||
Jive Software, Inc.† | 32,510 | 123,538 | ||||||
MINDBODY, Inc., Class A†# | 8,113 | 175,241 | ||||||
New Relic, Inc.†# | 12,368 | 392,189 | ||||||
Park City Group, Inc.†# | 7,278 | 106,259 | ||||||
Paycom Software, Inc.†# | 24,787 | 1,112,193 | ||||||
PDF Solutions, Inc.†# | 15,224 | 358,525 | ||||||
Progress Software Corp. | 28,215 | 834,317 |
Security Description | Shares | Value (Note 2) | ||||||
Applications Software (continued) |
| |||||||
RealPage, Inc.† | 30,444 | $ | 870,698 | |||||
Tangoe, Inc.† | 15,567 | 123,291 | ||||||
Verint Systems, Inc.† | 34,985 | 1,313,687 | ||||||
8,433,374 | ||||||||
Athletic Equipment — 0.0% |
| |||||||
Nautilus, Inc.†# | 17,267 | 296,992 | ||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
B. Riley Financial, Inc. | 5,233 | 87,391 | ||||||
Sotheby’s† | 29,468 | 1,151,020 | ||||||
1,238,411 | ||||||||
Audio/Video Products — 0.1% |
| |||||||
Daktronics, Inc. | 20,662 | 212,612 | ||||||
DTS, Inc. | 9,820 | 416,957 | ||||||
Universal Electronics, Inc.†# | 7,976 | 537,184 | ||||||
1,166,753 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro Muffler Brake, Inc.# | 17,686 | 1,057,623 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Blue Bird Corp.† | 3,046 | 49,650 | ||||||
Navistar International Corp.†# | 27,886 | 857,773 | ||||||
Workhorse Group, Inc.†# | 6,444 | 47,750 | ||||||
955,173 | ||||||||
Auto - Truck Trailers — 0.0% |
| |||||||
Wabash National Corp.†# | 36,345 | 501,198 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
American Axle & Manufacturing Holdings, Inc.† | 43,204 | 676,575 | ||||||
Cooper-Standard Holding, Inc.† | 8,351 | 796,017 | ||||||
Dana, Inc. | 83,977 | 1,418,372 | ||||||
Federal-Mogul Holdings Corp.†# | 17,286 | 165,427 | ||||||
Gentherm, Inc.†# | 20,539 | 654,167 | ||||||
Horizon Global Corp.† | 10,273 | 236,382 | ||||||
Meritor, Inc.†# | 48,855 | 616,550 | ||||||
Metaldyne Performance Group, Inc. | 8,467 | 171,033 | ||||||
Miller Industries, Inc. | 6,203 | 158,176 | ||||||
Modine Manufacturing Co.† | 26,524 | 311,657 | ||||||
Spartan Motors, Inc. | 18,729 | 167,625 | ||||||
Strattec Security Corp. | 1,960 | 76,244 | ||||||
Superior Industries International, Inc. | 14,147 | 355,797 | ||||||
Supreme Industries, Inc. Class A# | 7,306 | 103,599 | ||||||
Tenneco, Inc.†# | 31,767 | 1,872,665 | ||||||
Titan International, Inc. | 24,925 | 288,133 | ||||||
Tower International, Inc. | 11,550 | 302,610 | ||||||
Unique Fabricating, Inc. | 3,714 | 52,924 | ||||||
8,423,953 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.2% |
| |||||||
Dorman Products, Inc.†# | 14,934 | 1,078,832 | ||||||
Douglas Dynamics, Inc.# | 12,460 | 398,097 | ||||||
Motorcar Parts of America, Inc.†# | 10,306 | 252,085 | ||||||
Standard Motor Products, Inc.# | 12,098 | 604,174 | ||||||
2,333,188 | ||||||||
B2B/E-Commerce — 0.1% |
| |||||||
ePlus, Inc.† | 3,560 | 395,872 | ||||||
Global Sources, Ltd.† | 4,621 | 41,589 | ||||||
TechTarget, Inc.† | 10,540 | 88,641 | ||||||
526,102 | ||||||||
Banks - Commercial — 9.6% |
| |||||||
1st Source Corp. | 8,813 | 346,880 | ||||||
Access National Corp.# | 4,597 | 125,820 |
206 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
ACNB Corp. | 3,356 | $ | 104,372 | |||||
Allegiance Bancshares, Inc.† | 6,186 | 189,292 | ||||||
American National Bankshares, Inc. | 4,624 | 144,038 | ||||||
Ameris Bancorp | 19,176 | 860,044 | ||||||
Ames National Corp.# | 4,824 | 144,961 | ||||||
Arrow Financial Corp. | 6,374 | 241,256 | ||||||
Atlantic Capital Bancshares, Inc.† | 9,754 | 157,039 | ||||||
BancFirst Corp.# | 4,410 | 361,399 | ||||||
Bancorp, Inc.† | 19,740 | 136,601 | ||||||
BancorpSouth, Inc. | 48,784 | 1,392,783 | ||||||
Bank of Marin Bancorp | 3,360 | 213,192 | ||||||
Bank of the Ozarks, Inc.# | 49,971 | 2,424,593 | ||||||
Bankwell Financial Group, Inc.# | 3,221 | 93,892 | ||||||
Banner Corp. | 16,911 | 881,570 | ||||||
Bar Harbor Bankshares# | 3,348 | 147,546 | ||||||
Blue Hills Bancorp, Inc.# | 13,883 | 241,564 | ||||||
BNC Bancorp# | 21,327 | 644,075 | ||||||
Bridge Bancorp, Inc. | 9,418 | 316,916 | ||||||
Bryn Mawr Bank Corp.# | 9,377 | 345,074 | ||||||
C&F Financial Corp. | 1,814 | 81,811 | ||||||
Camden National Corp. | 8,601 | 335,009 | ||||||
Capital Bank Financial Corp., Class A | 14,205 | 508,527 | ||||||
Capital City Bank Group, Inc. | 6,196 | 116,795 | ||||||
Cardinal Financial Corp. | 17,701 | 566,255 | ||||||
Carolina Financial Corp. | 5,766 | 152,972 | ||||||
Cascade Bancorp† | 17,684 | 128,740 | ||||||
Cass Information Systems, Inc. | 6,176 | 432,320 | ||||||
Cathay General Bancorp, Class B | 41,828 | 1,468,163 | ||||||
CenterState Banks, Inc. | 26,119 | 585,588 | ||||||
Central Pacific Financial Corp. | 17,052 | 503,887 | ||||||
Central Valley Community Bancorp | 4,929 | 81,427 | ||||||
Century Bancorp, Inc., Class A | 1,674 | 90,982 | ||||||
Chemical Financial Corp. | 37,117 | 1,925,630 | ||||||
Chemung Financial Corp. | 1,769 | 55,617 | ||||||
Citizens & Northern Corp.# | 6,596 | 157,315 | ||||||
City Holding Co.# | 8,217 | 505,181 | ||||||
CNB Financial Corp.# | 7,795 | 181,312 | ||||||
CoBiz Financial, Inc. | 20,948 | 316,943 | ||||||
Codorus Valley Bancorp, Inc. | 4,564 | 109,544 | ||||||
Columbia Banking System, Inc. | 32,708 | 1,302,433 | ||||||
Community Bank System, Inc.# | 24,255 | 1,375,258 | ||||||
Community Trust Bancorp, Inc. | 8,577 | 362,378 | ||||||
ConnectOne Bancorp, Inc. | 15,997 | 375,929 | ||||||
County Bancorp, Inc. | 2,708 | 61,147 | ||||||
CU Bancorp† | 9,144 | 255,118 | ||||||
Customers Bancorp, Inc.†# | 13,713 | 418,246 | ||||||
CVB Financial Corp.# | 56,981 | 1,183,495 | ||||||
Eagle Bancorp, Inc.† | 17,224 | 1,011,910 | ||||||
Enterprise Bancorp, Inc.# | 4,725 | 149,074 | ||||||
Enterprise Financial Services Corp. | 10,810 | 415,104 | ||||||
Equity Bancshares, Inc.† | 2,841 | 88,980 | ||||||
Farmers Capital Bank Corp.# | 4,144 | 148,770 | ||||||
Farmers National Banc Corp. | 13,997 | 165,864 | ||||||
FCB Financial Holdings, Inc., Class A† | 16,874 | 746,674 | ||||||
Fidelity Southern Corp. | 11,681 | 260,486 | ||||||
Financial Institutions, Inc. | 7,811 | 239,407 | ||||||
First Bancorp | 11,086 | 277,150 | ||||||
First BanCorp/Puerto Rico† | 66,988 | 396,569 | ||||||
First Bancorp, Inc. | 5,735 | 166,430 | ||||||
First Busey Corp. | 17,437 | 477,948 | ||||||
First Business Financial Services, Inc. | 4,545 | 99,763 | ||||||
First Citizens BancShares, Inc., Class A | 4,273 | 1,522,769 | ||||||
First Commonwealth Financial Corp. | 49,892 | 629,637 | ||||||
First Community Bancshares, Inc. | 8,801 | 248,188 | ||||||
First Community Financial Partners, Inc.†# | 7,654 | 83,429 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
First Connecticut Bancorp, Inc. | 7,871 | $ | 170,407 | |||||
First Financial Bancorp | 34,519 | 925,109 | ||||||
First Financial Bankshares, Inc.# | 35,952 | 1,547,734 | ||||||
First Financial Corp. | 5,635 | 258,083 | ||||||
First Foundation, Inc.† | 7,432 | 208,245 | ||||||
First Internet Bancorp | 2,924 | 84,942 | ||||||
First Interstate BancSystem, Inc., Class A# | 11,099 | 418,987 | ||||||
First Merchants Corp. | 22,951 | 787,908 | ||||||
First Mid-Illinois Bancshares, Inc. | 3,233 | 98,445 | ||||||
First Midwest Bancorp, Inc. | 45,337 | 1,100,782 | ||||||
First NBC Bank Holding Co.†# | 8,810 | 62,111 | ||||||
First Northwest Bancorp† | 6,246 | 92,066 | ||||||
First of Long Island Corp. | 12,035 | 308,083 | ||||||
FNB Corp. | 118,402 | 1,809,183 | ||||||
Franklin Financial Network, Inc.† | 5,278 | 199,244 | ||||||
Fulton Financial Corp. | 96,893 | 1,719,851 | ||||||
German American Bancorp, Inc.# | 7,994 | 379,235 | ||||||
Glacier Bancorp, Inc. | 42,939 | 1,472,808 | ||||||
Great Southern Bancorp, Inc. | 6,041 | 299,936 | ||||||
Great Western Bancorp, Inc. | 33,267 | 1,330,680 | ||||||
Green Bancorp, Inc.†# | 11,647 | 145,588 | ||||||
Guaranty Bancorp | 8,454 | 180,070 | ||||||
Hancock Holding Co. | 43,610 | 1,811,995 | ||||||
Hanmi Financial Corp.# | 17,668 | 542,408 | ||||||
Heartland Financial USA, Inc. | 12,366 | 529,883 | ||||||
Heritage Commerce Corp. | 14,691 | 182,021 | ||||||
Heritage Financial Corp. | 16,608 | 376,171 | ||||||
Heritage Oaks Bancorp | 13,507 | 134,395 | ||||||
Hilltop Holdings, Inc. | 42,261 | 1,187,111 | ||||||
Home BancShares, Inc. | 68,171 | 1,763,584 | ||||||
Hope Bancorp, Inc. | 72,281 | 1,438,392 | ||||||
Horizon Bancorp | 9,485 | 216,057 | ||||||
IBERIABANK Corp.# | 23,075 | 1,911,764 | ||||||
Independent Bank Corp./Rockland, MA | 14,576 | 948,898 | ||||||
Independent Bank Corp./MI | 11,465 | 216,688 | ||||||
International Bancshares Corp. | 30,840 | 1,200,447 | ||||||
Kearny Financial Corp. | 51,969 | 787,330 | ||||||
Lakeland Bancorp, Inc. | 21,863 | 383,696 | ||||||
Lakeland Financial Corp.# | 13,578 | 572,992 | ||||||
LCNB Corp. | 4,959 | 102,651 | ||||||
LegacyTexas Financial Group, Inc. | 24,985 | 980,911 | ||||||
Live Oak Bancshares, Inc.# | 11,015 | 191,110 | ||||||
Macatawa Bank Corp. | 14,895 | 140,460 | ||||||
MainSource Financial Group, Inc.# | 12,992 | 397,165 | ||||||
MB Financial, Inc. | 39,430 | 1,706,136 | ||||||
MBT Financial Corp. | 10,020 | 95,691 | ||||||
Mercantile Bank Corp. | 8,952 | 293,715 | ||||||
Merchants Bancshares, Inc. | 3,241 | 160,105 | ||||||
Middleburg Financial Corp.# | 2,643 | 91,818 | ||||||
Midland States Bancorp, Inc. | 2,073 | 67,497 | ||||||
MidWestOne Financial Group, Inc. | 4,648 | 155,662 | ||||||
National Bankshares, Inc.# | 3,836 | 138,480 | ||||||
National Commerce Corp.† | 4,764 | 155,783 | ||||||
NBT Bancorp, Inc.# | 23,886 | 922,955 | ||||||
Nicolet Bankshares, Inc.†# | 4,276 | 188,871 | ||||||
Northrim BanCorp, Inc. | 3,791 | 106,527 | ||||||
OFG Bancorp | 24,370 | 328,995 | ||||||
Old Line Bancshares, Inc. | 4,712 | 103,146 | ||||||
Old National Bancorp | 74,846 | 1,276,124 | ||||||
Old Second Bancorp, Inc. | 16,188 | 148,930 | ||||||
Opus Bank | 9,661 | 244,423 | ||||||
Orrstown Financial Services, Inc. | 4,166 | 92,694 | ||||||
Pacific Continental Corp. | 10,748 | 213,348 | ||||||
Pacific Mercantile Bancorp†# | 8,626 | 52,187 | ||||||
Park National Corp. | 7,492 | 836,107 |
207 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Park Sterling Corp. | 29,035 | $ | 282,511 | |||||
Peapack Gladstone Financial Corp. | 8,856 | 237,075 | ||||||
Penns Woods Bancorp, Inc.# | 2,607 | 123,363 | ||||||
People’s Utah Bancorp | 7,316 | 169,000 | ||||||
Peoples Bancorp, Inc. | 9,048 | 264,292 | ||||||
Peoples Financial Services Corp. | 3,871 | 170,789 | ||||||
Pinnacle Financial Partners, Inc. | 24,278 | 1,565,931 | ||||||
Preferred Bank# | 6,838 | 308,325 | ||||||
Premier Financial Bancorp, Inc.# | 5,268 | 96,877 | ||||||
PrivateBancorp, Inc. | 44,245 | 2,069,781 | ||||||
Prosperity Bancshares, Inc.# | 37,708 | 2,493,630 | ||||||
Provident Bancorp, Inc.† | 2,485 | 45,724 | ||||||
QCR Holdings, Inc. | 6,703 | 255,719 | ||||||
Renasant Corp. | 23,009 | 953,953 | ||||||
Republic Bancorp, Inc., Class A | 5,441 | 201,480 | ||||||
Republic First Bancorp, Inc.†# | 18,940 | 101,329 | ||||||
S&T Bancorp, Inc.# | 19,233 | 680,656 | ||||||
Sandy Spring Bancorp, Inc. | 13,255 | 482,482 | ||||||
Seacoast Banking Corp. of Florida† | 16,680 | 342,941 | ||||||
ServisFirst Bancshares, Inc. | 12,977 | 955,367 | ||||||
Shore Bancshares, Inc. | 7,062 | 98,515 | ||||||
Sierra Bancorp | 6,558 | 149,850 | ||||||
Simmons First National Corp., Class A# | 16,508 | 997,909 | ||||||
South State Corp.# | 13,320 | 1,131,534 | ||||||
Southern First Bancshares, Inc.† | 3,228 | 99,100 | ||||||
Southern National Bancorp of Virginia, Inc. | 6,307 | 93,722 | ||||||
Southside Bancshares, Inc.# | 13,805 | 531,078 | ||||||
Southwest Bancorp, Inc. | 10,171 | 222,236 | ||||||
State Bank Financial Corp.# | 19,693 | 486,220 | ||||||
Stock Yards Bancorp, Inc.# | 11,967 | 493,040 | ||||||
Stonegate Bank | 6,452 | 251,563 | ||||||
Suffolk Bancorp | 6,448 | 268,624 | ||||||
Summit Financial Group, Inc.# | 4,691 | 114,836 | ||||||
Sun Bancorp, Inc./NJ | 6,043 | 138,687 | ||||||
Texas Capital Bancshares, Inc.†# | 26,017 | 1,892,737 | ||||||
Tompkins Financial Corp.# | 8,170 | 705,071 | ||||||
Towne Bank# | 31,481 | 1,015,262 | ||||||
TriCo Bancshares | 11,391 | 356,083 | ||||||
TriState Capital Holdings, Inc.† | 12,352 | 251,981 | ||||||
Triumph Bancorp, Inc.† | 8,712 | 186,872 | ||||||
TrustCo Bank Corp. NY# | 51,433 | 419,179 | ||||||
Trustmark Corp.# | 37,989 | 1,280,609 | ||||||
UMB Financial Corp. | 25,292 | 1,922,698 | ||||||
Umpqua Holdings Corp. | 124,505 | 2,212,454 | ||||||
Union Bankshares Corp. | 24,434 | 825,869 | ||||||
United Bankshares, Inc.# | 37,001 | 1,707,596 | ||||||
United Community Banks, Inc. | 39,529 | 1,074,398 | ||||||
Univest Corp. of Pennsylvania# | 16,189 | 462,196 | ||||||
Valley National Bancorp | 139,552 | 1,582,520 | ||||||
Veritex Holdings, Inc.† | 4,651 | 92,322 | ||||||
Washington Trust Bancorp, Inc. | 8,385 | 427,216 | ||||||
WashingtonFirst Bankshares, Inc. | 4,553 | 124,570 | ||||||
Webster Financial Corp.# | 51,707 | 2,565,184 | ||||||
WesBanco, Inc.# | 22,618 | 901,780 | ||||||
West Bancorporation, Inc. | 8,938 | 198,870 | ||||||
Westamerica Bancorporation# | 13,904 | 862,465 | ||||||
Western New England Bancorp, Inc. | 8,962 | 75,281 | ||||||
Wintrust Financial Corp. | 27,286 | 1,796,510 | ||||||
Xenith Bankshares, Inc.† | 19,639 | 49,098 | ||||||
Yadkin Financial Corp. | 28,103 | 920,654 | ||||||
108,061,515 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Boston Private Financial Holdings, Inc.# | 46,111 | 691,665 | ||||||
Union Bankshares, Inc.# | 2,189 | 96,097 | ||||||
787,762 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 15,503 | $ | 455,633 | |||||
Banks - Super Regional — 0.1% |
| |||||||
Independent Bank Group, Inc. | 6,259 | 376,166 | ||||||
National Bank Holdings Corp., Class A | 14,754 | 401,309 | ||||||
777,475 | ||||||||
Batteries/Battery Systems — 0.2% |
| |||||||
EnerSys | 24,545 | 1,953,291 | ||||||
Beverages - Non - alcoholic — 0.1% |
| |||||||
Coca-Cola Bottling Co. Consolidated# | 2,655 | 429,526 | ||||||
National Beverage Corp.# | 6,594 | 332,931 | ||||||
Primo Water Corp.† | 11,892 | 152,931 | ||||||
915,388 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
MGP Ingredients, Inc.# | 7,064 | 334,127 | ||||||
Bicycle Manufacturing — 0.0% |
| |||||||
Fox Factory Holding Corp.† | 12,602 | 316,310 | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 4,969 | 860,134 | ||||||
Craft Brew Alliance, Inc.†# | 7,119 | 108,209 | ||||||
968,343 | ||||||||
Broadcast Services/Program — 0.3% |
| |||||||
Hemisphere Media Group, Inc.†# | 3,690 | 43,727 | ||||||
MSG Networks, Inc., Class A† | 33,524 | 685,566 | ||||||
Nexstar Broadcasting Group, Inc., Class A# | 16,812 | 1,002,836 | ||||||
TiVo Corp.†# | 65,953 | 1,335,548 | ||||||
World Wrestling Entertainment, Inc., Class A# | 20,357 | 382,304 | ||||||
3,449,981 | ||||||||
Building & Construction Products - Misc. — 0.8% |
| |||||||
Armstrong Flooring, Inc.† | 13,177 | 246,805 | ||||||
Builders FirstSource, Inc.†# | 47,229 | 522,353 | ||||||
Caesarstone, Ltd.†# | 13,422 | 365,078 | ||||||
Drew Industries, Inc. | 13,372 | 1,405,397 | ||||||
Gibraltar Industries, Inc.† | 17,762 | 799,290 | ||||||
Louisiana-Pacific Corp.† | 81,230 | 1,570,988 | ||||||
NCI Building Systems, Inc.† | 15,322 | 255,877 | ||||||
Patrick Industries, Inc.†# | 8,174 | 583,215 | ||||||
Ply Gem Holdings, Inc.† | 12,395 | 189,024 | ||||||
Quanex Building Products Corp.# | 19,281 | 375,016 | ||||||
Simpson Manufacturing Co., Inc. | 23,380 | 1,102,133 | ||||||
Summit Materials, Inc., Class A† | 35,619 | 846,664 | ||||||
Trex Co., Inc.†# | 16,614 | 1,093,035 | ||||||
9,354,875 | ||||||||
Building & Construction - Misc. — 0.2% |
| |||||||
Aegion Corp.† | 19,683 | 476,132 | ||||||
Comfort Systems USA, Inc. | 20,891 | 672,690 | ||||||
Hill International, Inc.†# | 18,198 | 72,792 | ||||||
IES Holdings, Inc.† | 4,410 | 86,657 | ||||||
MYR Group, Inc.† | 9,575 | 358,679 | ||||||
TopBuild Corp.† | 21,706 | 787,711 | ||||||
2,454,661 | ||||||||
Building Products - Air & Heating — 0.1% |
| |||||||
AAON, Inc. | 22,750 | 748,475 | ||||||
Building Products - Cement — 0.2% |
| |||||||
Continental Building Products, Inc.† | 19,842 | 444,461 | ||||||
Headwaters, Inc.† | 40,977 | 971,155 | ||||||
US Concrete, Inc.† | 8,063 | 458,381 | ||||||
1,873,997 | ||||||||
208 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building Products - Doors & Windows — 0.2% |
| |||||||
Apogee Enterprises, Inc. | 15,993 | $ | 762,866 | |||||
Griffon Corp.# | 17,035 | 407,137 | ||||||
Masonite International Corp.† | 17,105 | 1,108,404 | ||||||
PGT, Inc.† | 26,910 | 298,701 | ||||||
2,577,108 | ||||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc.# | 13,392 | 131,509 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Boise Cascade Co.† | 21,988 | 501,326 | ||||||
Universal Forest Products, Inc. | 11,164 | 1,109,032 | ||||||
1,610,358 | ||||||||
Building - Heavy Construction — 0.5% |
| |||||||
Dycom Industries, Inc.†# | 17,213 | 1,260,508 | ||||||
Granite Construction, Inc. | 22,259 | 1,313,058 | ||||||
Layne Christensen Co.†# | 10,197 | 108,496 | ||||||
MasTec, Inc.† | 37,298 | 1,415,459 | ||||||
Orion Group Holdings, Inc.† | 15,166 | 151,205 | ||||||
Primoris Services Corp.# | 22,674 | 519,915 | ||||||
Tutor Perini Corp.†# | 21,270 | 555,147 | ||||||
5,323,788 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 31,407 | 1,381,908 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.† | 4,770 | 451,003 | ||||||
Winnebago Industries, Inc.# | 15,100 | 489,995 | ||||||
940,998 | ||||||||
Building - Residential/Commercial — 0.5% |
| |||||||
AV Homes, Inc.†# | 6,889 | 109,191 | ||||||
Beazer Homes USA, Inc.† | 17,730 | 239,000 | ||||||
Century Communities, Inc.† | 8,571 | 177,848 | ||||||
Green Brick Partners, Inc.†# | 13,076 | 119,645 | ||||||
Hovnanian Enterprises, Inc., Class A†# | 68,637 | 135,215 | ||||||
Installed Building Products, Inc.† | 11,329 | 470,153 | ||||||
KB Home# | 46,994 | 744,385 | ||||||
LGI Homes, Inc.†# | 8,700 | 284,055 | ||||||
M/I Homes, Inc.†# | 13,333 | 311,459 | ||||||
MDC Holdings, Inc.# | 22,292 | 599,209 | ||||||
Meritage Homes Corp.†# | 21,542 | 776,589 | ||||||
New Home Co., Inc.†# | 7,150 | 82,440 | ||||||
PICO Holdings, Inc.†# | 12,319 | 176,162 | ||||||
Taylor Morrison Home Corp., Class A† | 17,118 | 339,108 | ||||||
TRI Pointe Group, Inc.† | 83,889 | 974,790 | ||||||
UCP, Inc., Class A†# | 4,553 | 49,855 | ||||||
WCI Communities, Inc.† | 12,197 | 283,580 | ||||||
William Lyon Homes, Class A†# | 13,467 | 266,647 | ||||||
6,139,331 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp.† | 46,492 | 875,909 | ||||||
Caesars Entertainment Corp.†# | 31,777 | 238,328 | ||||||
Century Casinos, Inc.† | 12,010 | 82,869 | ||||||
Monarch Casino & Resort, Inc.† | 5,980 | 148,782 | ||||||
1,345,888 | ||||||||
Casino Services — 0.1% |
| |||||||
Eldorado Resorts, Inc.†# | 16,133 | 221,829 | ||||||
Scientific Games Corp., Class A†# | 29,249 | 431,422 | ||||||
653,251 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Cellular Telecom — 0.0% |
| |||||||
ATN International, Inc.# | 5,940 | $ | 429,521 | |||||
Leap Wireless CVR†(1)(2) | 35,827 | 0 | ||||||
NII Holdings, Inc.†# | 30,151 | 51,257 | ||||||
480,778 | ||||||||
Chemicals - Diversified — 0.4% |
| |||||||
Aceto Corp.# | 16,385 | 334,745 | ||||||
Codexis, Inc.† | 18,853 | 89,552 | ||||||
Innophos Holdings, Inc. | 10,892 | 593,832 | ||||||
Innospec, Inc. | 13,300 | 873,810 | ||||||
Koppers Holdings, Inc.† | 11,456 | 439,338 | ||||||
Olin Corp.# | 93,316 | 2,426,216 | ||||||
4,757,493 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc.# | 24,244 | 336,507 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 15,896 | 289,307 | ||||||
Chemicals - Plastics — 0.2% |
| |||||||
A. Schulman, Inc. | 16,196 | 539,327 | ||||||
Landec Corp.†# | 15,066 | 215,444 | ||||||
PolyOne Corp. | 47,278 | 1,558,755 | ||||||
2,313,526 | ||||||||
Chemicals - Specialty — 1.6% |
| |||||||
AgroFresh Solutions, Inc.†# | 12,397 | 34,712 | ||||||
Balchem Corp. | 17,725 | 1,415,518 | ||||||
Calgon Carbon Corp.# | 28,376 | 502,255 | ||||||
Chemours Co. | 103,232 | 2,551,895 | ||||||
Chemtura Corp.† | 35,888 | 1,182,510 | ||||||
CSW Industrials, Inc.† | 8,119 | 296,344 | ||||||
Ferro Corp.† | 46,878 | 693,794 | ||||||
GCP Applied Technologies, Inc.† | 39,950 | 1,118,600 | ||||||
H.B. Fuller Co.# | 28,240 | 1,326,998 | ||||||
Hawkins, Inc. | 5,413 | 262,801 | ||||||
Ingevity Corp.†# | 23,993 | 1,256,513 | ||||||
KMG Chemicals, Inc. | 5,076 | 171,467 | ||||||
Kraton Corp.† | 16,670 | 513,936 | ||||||
Minerals Technologies, Inc. | 19,527 | 1,581,687 | ||||||
Oil-Dri Corp. of America | 2,810 | 111,585 | ||||||
OMNOVA Solutions, Inc.† | 23,926 | 229,690 | ||||||
Quaker Chemical Corp.# | 7,282 | 926,562 | ||||||
Sensient Technologies Corp. | 25,083 | 1,958,731 | ||||||
Stepan Co. | 11,060 | 897,740 | ||||||
Tronox, Ltd., Class A# | 36,320 | 411,869 | ||||||
Univar, Inc.† | 24,218 | 603,028 | ||||||
Valhi, Inc.# | 14,140 | 43,834 | ||||||
�� | ||||||||
18,092,069 | ||||||||
Circuit Boards — 0.1% |
| |||||||
Park Electrochemical Corp. | 10,884 | 197,327 | ||||||
TTM Technologies, Inc.† | 40,822 | 553,954 | ||||||
751,281 | ||||||||
Coal — 0.1% |
| |||||||
SunCoke Energy, Inc. | 36,312 | 414,683 | ||||||
Westmoreland Coal Co.† | 10,372 | 179,643 | ||||||
594,326 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Kronos Worldwide, Inc.# | 12,396 | 154,702 | ||||||
Coffee — 0.0% |
| |||||||
Farmer Bros. Co.† | 4,556 | 158,777 | ||||||
209 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Commercial Services — 0.4% |
| |||||||
Care.com, Inc.† | 9,010 | $ | 76,765 | |||||
Collectors Universe, Inc. | 4,211 | 84,052 | ||||||
Healthcare Services Group, Inc. | 39,657 | 1,544,640 | ||||||
HMS Holdings Corp.† | 47,470 | 869,650 | ||||||
Medifast, Inc. | 5,887 | 230,064 | ||||||
National Research Corp., Class A | 4,719 | 75,504 | ||||||
Nutrisystem, Inc. | 16,403 | 602,810 | ||||||
PFSweb, Inc.† | 8,271 | 65,754 | ||||||
RPX Corp.† | 27,967 | 292,255 | ||||||
ServiceSource International, Inc.†# | 34,369 | 203,808 | ||||||
SP Plus Corp.† | 9,732 | 270,063 | ||||||
Team, Inc.†# | 16,275 | 558,233 | ||||||
Weight Watchers International, Inc.†# | 15,624 | 164,365 | ||||||
5,037,963 | ||||||||
Commercial Services - Finance — 0.4% |
| |||||||
Cardtronics PLC, Class A† | 25,390 | 1,256,043 | ||||||
CBIZ, Inc.†# | 27,801 | 344,732 | ||||||
CPI Card Group, Inc.# | 11,824 | 44,340 | ||||||
EVERTEC, Inc. | 35,791 | 653,186 | ||||||
Green Dot Corp., Class A† | 24,036 | 579,508 | ||||||
LendingTree, Inc.† | 3,579 | 375,079 | ||||||
Liberty Tax, Inc. | 3,832 | 47,134 | ||||||
MoneyGram International, Inc.† | 16,667 | 182,004 | ||||||
Travelport Worldwide, Ltd. | 65,096 | 911,344 | ||||||
4,393,370 | ||||||||
Communications Software — 0.1% |
| |||||||
BroadSoft, Inc.†# | 16,564 | 687,406 | ||||||
Digi International, Inc.† | 14,595 | 195,573 | ||||||
pdvWireless, Inc.†# | 5,501 | 129,824 | ||||||
1,012,803 | ||||||||
Computer Aided Design — 0.2% |
| |||||||
Aspen Technology, Inc.†# | 46,584 | 2,461,033 | ||||||
Exa Corp.† | 7,810 | 115,822 | ||||||
2,576,855 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Qualys, Inc.† | 15,320 | 508,624 | ||||||
Varonis Systems, Inc.† | 6,025 | 175,930 | ||||||
684,554 | ||||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc. | 22,851 | 447,880 | ||||||
Computer Services — 1.4% |
| |||||||
Barracuda Networks, Inc.† | 12,395 | 273,186 | ||||||
CACI International, Inc., Class A† | 13,705 | 1,773,427 | ||||||
Carbonite, Inc.† | 10,013 | 185,241 | ||||||
Cogint, Inc.†# | 8,550 | 28,215 | ||||||
Convergys Corp.# | 50,108 | 1,296,294 | ||||||
DMC Global, Inc.# | 7,895 | 129,083 | ||||||
Engility Holdings, Inc.† | 10,155 | 368,119 | ||||||
EPAM Systems, Inc.†# | 27,158 | 1,789,712 | ||||||
ExlService Holdings, Inc.† | 18,329 | 871,727 | ||||||
Globant SA†# | 14,477 | 495,982 | ||||||
Insight Enterprises, Inc.† | 20,661 | 723,548 | ||||||
KEYW Holding Corp.†# | 20,213 | 253,269 | ||||||
MAXIMUS, Inc. | 36,159 | 1,999,231 | ||||||
Science Applications International Corp. | 23,831 | 1,967,726 | ||||||
SecureWorks Corp., Class A†# | 3,415 | 42,175 | ||||||
Sykes Enterprises, Inc.† | 21,796 | 614,211 | ||||||
Syntel, Inc.# | 18,188 | 352,847 | ||||||
TeleTech Holdings, Inc.# | 9,250 | 265,938 | ||||||
Tessera Holdings Corp. | 27,742 | 1,098,583 |
Security Description | Shares | Value (Note 2) | ||||||
Computer Services (continued) |
| |||||||
Unisys Corp.† | 28,291 | $ | 420,122 | |||||
Virtusa Corp.†# | 15,578 | 346,143 | ||||||
15,294,779 | ||||||||
Computer Software — 0.6% |
| |||||||
Avid Technology, Inc.† | 18,108 | 76,235 | ||||||
Blackbaud, Inc.# | 26,590 | 1,669,320 | ||||||
Box, Inc., Class A† | 27,491 | 418,413 | ||||||
Cornerstone OnDemand, Inc.†# | 28,361 | 1,018,443 | ||||||
Envestnet, Inc.†# | 23,332 | 842,285 | ||||||
Guidance Software, Inc.† | 12,733 | 89,768 | ||||||
j2 Global, Inc.# | 26,525 | 1,949,853 | ||||||
Planet Payment, Inc.† | 23,843 | 95,849 | ||||||
Workiva, Inc.† | 12,372 | 184,343 | ||||||
6,344,509 | ||||||||
Computers - Integrated Systems — 0.5% |
| |||||||
Agilysys, Inc.† | 8,528 | 87,071 | ||||||
Cray, Inc.†# | 22,674 | 437,608 | ||||||
Diebold, Inc.# | 33,638 | 766,946 | ||||||
Maxwell Technologies, Inc.†# | 17,739 | 88,695 | ||||||
Mercury Systems, Inc.†# | 21,944 | 651,956 | ||||||
MTS Systems Corp. | 8,355 | 449,917 | ||||||
NCI, Inc., Class A | 3,400 | 44,540 | ||||||
NetScout Systems, Inc.† | 54,087 | 1,687,515 | ||||||
Radisys Corp.†# | 20,062 | 83,859 | ||||||
Silver Spring Networks, Inc.†# | 21,342 | 297,721 | ||||||
Super Micro Computer, Inc.† | 21,771 | 595,437 | ||||||
USA Technologies, Inc.†# | 20,188 | 85,799 | ||||||
5,277,064 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
Datalink Corp.† | 11,340 | 127,008 | ||||||
Nimble Storage, Inc.†# | 35,457 | 268,764 | ||||||
Pure Storage, Inc., Class A† | 34,381 | 479,615 | ||||||
875,387 | ||||||||
Computers - Other — 0.2% |
| |||||||
3D Systems Corp.†# | 60,436 | 837,039 | ||||||
ExOne Co.†# | 6,149 | 60,691 | ||||||
Lumentum Holdings, Inc.† | 28,458 | 1,141,166 | ||||||
Stratasys, Ltd.†# | 27,630 | 498,721 | ||||||
2,537,617 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Electronics For Imaging, Inc.†# | 26,484 | 1,152,584 | ||||||
Immersion Corp.†# | 16,299 | 167,880 | ||||||
Mitek Systems, Inc.†# | 16,581 | 92,853 | ||||||
1,413,317 | ||||||||
Computers - Voice Recognition — 0.0% |
| |||||||
Vocera Communications, Inc.† | 13,935 | 253,617 | ||||||
Consulting Services — 0.5% |
| |||||||
Advisory Board Co.† | 23,072 | 816,749 | ||||||
CEB, Inc. | 18,106 | 1,067,349 | ||||||
CRA International, Inc. | 4,920 | 161,671 | ||||||
Forrester Research, Inc. | 5,594 | 228,794 | ||||||
Franklin Covey Co.† | 5,752 | 119,642 | ||||||
FTI Consulting, Inc.† | 23,380 | 998,326 | ||||||
Hackett Group, Inc. | 12,643 | 224,540 | ||||||
Huron Consulting Group, Inc.† | 12,176 | 642,284 | ||||||
ICF International, Inc.† | 10,167 | 562,743 | ||||||
Information Services Group, Inc.†# | 17,497 | 61,414 | ||||||
Navigant Consulting, Inc.† | 26,783 | 661,540 | ||||||
Vectrus, Inc.† | 6,019 | 139,039 | ||||||
5,684,091 | ||||||||
210 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Central Garden & Pet Co.†# | 5,701 | $ | 164,645 | |||||
Central Garden & Pet Co., Class A† | 18,836 | 515,541 | ||||||
CSS Industries, Inc. | 4,818 | 131,002 | ||||||
Helen of Troy, Ltd.† | 15,780 | 1,342,878 | ||||||
WD-40 Co. | 7,931 | 855,755 | ||||||
3,009,821 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Greif, Inc., Class A | 14,419 | 740,704 | ||||||
Greif, Inc., Class B | 3,222 | 215,713 | ||||||
956,417 | ||||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
AEP Industries, Inc. | 2,275 | 268,109 | ||||||
KapStone Paper and Packaging Corp. | 48,643 | 993,776 | ||||||
Multi Packaging Solutions International, Ltd.† | 11,939 | 166,668 | ||||||
Multi-Color Corp. | 7,654 | 550,323 | ||||||
UFP Technologies, Inc.†# | 3,609 | 90,586 | ||||||
2,069,462 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
Avon Products, Inc.† | 248,143 | 1,332,528 | ||||||
Inter Parfums, Inc.# | 9,840 | 338,988 | ||||||
Revlon, Inc., Class A† | 6,609 | 183,400 | ||||||
1,854,916 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Lindblad Expeditions Holdings, Inc.† | 8,289 | 79,243 | ||||||
Data Processing/Management — 0.5% |
| |||||||
Acxiom Corp.† | 43,681 | 1,158,857 | ||||||
Amber Road, Inc.† | 9,975 | 116,009 | ||||||
CommVault Systems, Inc.† | 21,804 | 1,177,416 | ||||||
CSG Systems International, Inc. | 18,062 | 803,759 | ||||||
Fair Isaac Corp. | 17,455 | 1,984,459 | ||||||
Pegasystems, Inc.# | 20,316 | 733,408 | ||||||
5,973,908 | ||||||||
Decision Support Software — 0.1% |
| |||||||
Castlight Health, Inc., Class B†# | 22,720 | 105,648 | ||||||
Interactive Intelligence Group, Inc.† | 10,121 | 611,814 | ||||||
QAD, Inc., Class A# | 5,305 | 153,845 | ||||||
871,307 | ||||||||
Diagnostic Equipment — 0.2% |
| |||||||
Accelerate Diagnostics, Inc.† | 12,975 | 323,726 | ||||||
BioTelemetry, Inc.†# | 15,197 | 295,582 | ||||||
GenMark Diagnostics, Inc.†# | 22,606 | 262,682 | ||||||
Genomic Health, Inc.† | 10,519 | 320,093 | ||||||
Oxford Immunotec Global PLC†# | 12,501 | 184,640 | ||||||
Repligen Corp.† | 19,016 | 612,315 | ||||||
1,999,038 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
Meridian Bioscience, Inc. | 23,486 | 406,308 | ||||||
OraSure Technologies, Inc.† | 30,526 | 257,334 | ||||||
Quidel Corp.†# | 15,129 | 346,908 | ||||||
1,010,550 | ||||||||
Dialysis Centers — 0.0% |
| |||||||
American Renal Associates Holdings, Inc.† | 4,916 | 120,049 | ||||||
Disposable Medical Products — 0.2% |
| |||||||
ICU Medical, Inc.† | 8,282 | 1,244,371 | ||||||
Merit Medical Systems, Inc.† | 24,235 | 570,734 | ||||||
Utah Medical Products, Inc. | 1,937 | 132,103 | ||||||
1,947,208 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Distribution/Wholesale — 0.7% |
| |||||||
Anixter International, Inc.† | 16,335 | $ | 1,276,580 | |||||
Beacon Roofing Supply, Inc.† | 33,684 | 1,562,601 | ||||||
Core-Mark Holding Co., Inc.# | 25,730 | 939,402 | ||||||
Essendant, Inc. | 20,988 | 406,538 | ||||||
Fossil Group, Inc.†# | 23,629 | 789,681 | ||||||
G-III Apparel Group, Ltd.†# | 24,221 | 657,842 | ||||||
H&E Equipment Services, Inc. | 17,779 | 327,312 | ||||||
ScanSource, Inc.† | 14,147 | 535,464 | ||||||
SiteOne Landscape Supply, Inc.†# | 6,554 | 219,559 | ||||||
Systemax, Inc. | 6,475 | 55,944 | ||||||
Titan Machinery, Inc.† | 9,980 | 139,620 | ||||||
Triton International, Ltd. | 18,690 | 360,530 | ||||||
Veritiv Corp.† | 4,639 | 217,337 | ||||||
7,488,410 | ||||||||
Diversified Financial Services — 0.0% |
| |||||||
On Deck Capital, Inc.†# | 27,024 | 124,310 | ||||||
Diversified Manufacturing Operations — 0.8% |
| |||||||
Actuant Corp., Class A | 33,101 | 858,971 | ||||||
AZZ, Inc. | 14,592 | 949,939 | ||||||
Barnes Group, Inc. | 28,310 | 1,307,922 | ||||||
Chase Corp. | 3,977 | 320,546 | ||||||
EnPro Industries, Inc. | 12,159 | 739,267 | ||||||
Fabrinet† | 19,636 | 840,421 | ||||||
Federal Signal Corp. | 33,792 | 533,914 | ||||||
GP Strategies Corp.† | 7,172 | 188,265 | ||||||
Handy & Harman, Ltd.† | 1,649 | 38,092 | ||||||
Harsco Corp. | 45,398 | 635,572 | ||||||
LSB Industries, Inc.†# | 11,620 | 89,474 | ||||||
Lydall, Inc.† | 9,356 | 558,553 | ||||||
NL Industries, Inc.† | 4,693 | 29,331 | ||||||
Raven Industries, Inc.# | 20,437 | 511,947 | ||||||
Standex International Corp. | 7,156 | 630,443 | ||||||
Tredegar Corp. | 14,319 | 319,314 | ||||||
8,551,971 | ||||||||
Diversified Minerals — 0.2% |
| |||||||
Fairmount Santrol Holdings, Inc.† | 37,085 | 357,128 | ||||||
United States Lime & Minerals, Inc. | 1,106 | 80,240 | ||||||
US Silica Holdings, Inc. | 36,060 | 1,824,997 | ||||||
2,262,365 | ||||||||
Diversified Operations — 0.1% |
| |||||||
HRG Group, Inc.† | 66,835 | 1,039,953 | ||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Viad Corp. | 11,329 | 497,343 | ||||||
Drug Delivery Systems — 0.3% |
| |||||||
Catalent, Inc.† | 56,111 | 1,342,736 | ||||||
Depomed, Inc.†# | 34,383 | 656,716 | ||||||
Heron Therapeutics, Inc.†# | 17,895 | 274,688 | ||||||
Nektar Therapeutics† | 72,927 | 895,908 | ||||||
Revance Therapeutics, Inc.†# | 11,513 | 192,843 | ||||||
3,362,891 | ||||||||
E-Commerce/Products — 0.3% |
| |||||||
1-800-flowers.com, Inc., Class A† | 14,660 | 154,663 | ||||||
Blue Nile, Inc. | 6,217 | 250,670 | ||||||
Chegg, Inc.†# | 45,340 | 366,801 | ||||||
Etsy, Inc.† | 59,137 | 733,299 | ||||||
FTD Cos., Inc.† | 9,820 | 224,485 | ||||||
Lands’ End, Inc.†# | 8,403 | 149,153 | ||||||
Overstock.com, Inc.†# | 7,439 | 126,091 | ||||||
Shutterfly, Inc.†# | 19,461 | 986,089 | ||||||
Wayfair, Inc., Class A†# | 17,763 | 647,461 | ||||||
3,638,712 | ||||||||
211 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
E-Commerce/Services — 0.4% |
| |||||||
Angie’s List, Inc.†# | 22,387 | $ | 192,304 | |||||
ChannelAdvisor Corp.† | 13,069 | 188,194 | ||||||
GrubHub, Inc.† | 45,499 | 1,684,828 | ||||||
Quotient Technology, Inc.†# | 36,104 | 462,131 | ||||||
RetailMeNot, Inc.† | 21,717 | 199,796 | ||||||
Stamps.com, Inc.†# | 9,113 | 967,801 | ||||||
TrueCar, Inc.† | 30,607 | 378,915 | ||||||
4,073,969 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
comScore, Inc.†# | 26,887 | 780,798 | ||||||
Liquidity Services, Inc.† | 14,039 | 129,159 | ||||||
New Media Investment Group, Inc. | 21,879 | 336,061 | ||||||
QuinStreet, Inc.† | 20,614 | 65,759 | ||||||
Rubicon Project, Inc.† | 20,965 | 158,286 | ||||||
1,470,063 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
Perficient, Inc.†# | 19,861 | 357,498 | ||||||
Educational Software — 0.1% |
| |||||||
2U, Inc.†# | 20,655 | 682,854 | ||||||
Instructure, Inc.†# | 5,917 | 115,678 | ||||||
Rosetta Stone, Inc.† | 10,870 | 87,938 | ||||||
886,470 | ||||||||
Electric Products - Misc. — 0.2% |
| |||||||
Graham Corp. | 5,382 | 119,588 | ||||||
Littelfuse, Inc.# | 12,468 | 1,817,710 | ||||||
Novanta, Inc.† | 17,814 | 360,733 | ||||||
2,298,031 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
EnerNOC, Inc.†# | 15,069 | 88,907 | ||||||
Genie Energy, Ltd. Class B# | 7,262 | 41,757 | ||||||
Spark Energy, Inc., Class A# | 2,753 | 70,201 | ||||||
200,865 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Atlantic Power Corp. | 68,681 | 182,005 | ||||||
Talen Energy Corp.†# | 47,487 | 662,918 | ||||||
844,923 | ||||||||
Electric - Integrated — 1.5% |
| |||||||
ALLETE, Inc. | 27,973 | 1,729,291 | ||||||
Ameresco, Inc., Class A† | 11,970 | 71,222 | ||||||
Avista Corp. | 35,673 | 1,443,686 | ||||||
Black Hills Corp. | 29,084 | 1,708,685 | ||||||
El Paso Electric Co.# | 22,767 | 1,025,653 | ||||||
Empire District Electric Co. | 24,867 | 846,224 | ||||||
IDACORP, Inc. | 28,473 | 2,168,219 | ||||||
MGE Energy, Inc.# | 19,702 | 1,166,358 | ||||||
NorthWestern Corp.# | 27,422 | 1,538,374 | ||||||
Otter Tail Corp.# | 21,388 | 820,230 | ||||||
PNM Resources, Inc. | 45,058 | 1,423,833 | ||||||
Portland General Electric Co.# | 50,432 | 2,097,971 | ||||||
Unitil Corp. | 7,825 | 332,328 | ||||||
16,372,074 | ||||||||
Electronic Components - Misc. — 0.8% |
| |||||||
AVX Corp. | 26,209 | 398,115 | ||||||
Bel Fuse, Inc., Class B | 5,214 | 152,770 | ||||||
Benchmark Electronics, Inc.† | 27,875 | 790,256 | ||||||
CTS Corp. | 17,643 | 389,910 | ||||||
Kimball Electronics, Inc.† | 15,819 | 276,042 | ||||||
Knowles Corp.† | 49,736 | 797,268 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Misc. (continued) |
| |||||||
Methode Electronics, Inc. | 20,546 | $ | 759,175 | |||||
NVE Corp. | 2,691 | 179,678 | ||||||
OSI Systems, Inc.†# | 9,863 | 746,629 | ||||||
Plexus Corp.† | 18,784 | 959,862 | ||||||
Rogers Corp.† | 10,150 | 754,348 | ||||||
Sanmina Corp.† | 41,383 | 1,359,432 | ||||||
Sparton Corp.† | 5,279 | 128,702 | ||||||
Stoneridge, Inc.† | 15,117 | 239,907 | ||||||
Vishay Intertechnology, Inc.# | 76,854 | 1,164,338 | ||||||
Vishay Precision Group, Inc.† | 6,814 | 124,356 | ||||||
ZAGG, Inc.†# | 15,532 | 102,511 | ||||||
9,323,299 | ||||||||
Electronic Components - Semiconductors — 2.1% |
| |||||||
Advanced Micro Devices, Inc.† | 369,308 | 3,290,534 | ||||||
Alpha & Omega Semiconductor, Ltd.† | 10,231 | 222,524 | ||||||
Ambarella, Inc.†# | 18,034 | 1,109,452 | ||||||
Amkor Technology, Inc.† | 56,393 | 666,565 | ||||||
Applied Micro Circuits Corp.†# | 42,752 | 374,080 | ||||||
Cavium, Inc.†# | 36,328 | 2,071,786 | ||||||
CEVA, Inc.† | 11,095 | 352,821 | ||||||
Diodes, Inc.† | 21,453 | 522,381 | ||||||
DSP Group, Inc.† | 12,148 | 142,132 | ||||||
EMCORE Corp.# | 14,719 | 94,202 | ||||||
GigPeak, Inc.†# | 26,152 | 70,349 | ||||||
Inphi Corp.†# | 22,627 | 1,022,062 | ||||||
Intersil Corp., Class A | 75,661 | 1,675,891 | ||||||
InvenSense, Inc.† | 46,052 | 351,837 | ||||||
IXYS Corp. | 14,145 | 165,496 | ||||||
Kopin Corp.† | 34,709 | 88,855 | ||||||
Lattice Semiconductor Corp.† | 67,570 | 473,666 | ||||||
MACOM Technology Solutions Holdings, Inc.†# | 13,115 | 653,389 | ||||||
Microsemi Corp.† | 64,154 | 3,512,431 | ||||||
Monolithic Power Systems, Inc. | 21,941 | 1,800,040 | ||||||
Rambus, Inc.† | 61,255 | 805,503 | ||||||
Semtech Corp.† | 36,412 | 1,023,177 | ||||||
Silicon Laboratories, Inc.† | 23,255 | 1,542,969 | ||||||
Synaptics, Inc.†# | 20,907 | 1,141,104 | ||||||
23,173,246 | ||||||||
Electronic Design Automation — 0.2% |
| |||||||
Mentor Graphics Corp. | 60,366 | 2,206,377 | ||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Badger Meter, Inc.# | 15,804 | 572,895 | ||||||
ESCO Technologies, Inc. | 14,312 | 800,041 | ||||||
FARO Technologies, Inc.†# | 9,342 | 340,049 | ||||||
Itron, Inc.† | 18,838 | 1,209,400 | ||||||
Mesa Laboratories, Inc.# | 1,690 | 209,661 | ||||||
3,132,046 | ||||||||
Electronic Parts Distribution — 0.2% |
| |||||||
Tech Data Corp.† | 19,715 | 1,673,212 | ||||||
Electronic Security Devices — 0.1% |
| |||||||
TASER International, Inc.†# | 29,407 | 800,753 | ||||||
Energy - Alternate Sources — 0.3% |
| |||||||
Clean Energy Fuels Corp.†# | 49,365 | 179,689 | ||||||
FuelCell Energy, Inc.† | 13,978 | 31,450 | ||||||
FutureFuel Corp. | 14,054 | 192,961 | ||||||
Green Plains, Inc.# | 20,388 | 552,515 | ||||||
Pacific Ethanol, Inc.†# | 16,156 | 138,942 | ||||||
Pattern Energy Group, Inc.# | 32,485 | 637,681 | ||||||
Plug Power, Inc.†# | 101,724 | 138,853 | ||||||
Renewable Energy Group, Inc.†# | 24,383 | 237,734 | ||||||
REX American Resources Corp.†# | 3,188 | 311,404 |
212 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Energy - Alternate Sources (continued) |
| |||||||
Sunrun, Inc.†# | 35,619 | $ | 181,657 | |||||
TerraForm Global, Inc. | 51,465 | 195,567 | ||||||
TerraForm Power, Inc., Class A†# | 49,259 | 622,141 | ||||||
Vivint Solar, Inc.†# | 12,800 | 37,120 | ||||||
3,457,714 | ||||||||
Engineering/R&D Services — 0.4% |
| |||||||
Argan, Inc.# | 7,532 | 455,309 | ||||||
EMCOR Group, Inc. | 34,124 | 2,367,182 | ||||||
Exponent, Inc. | 14,406 | 873,724 | ||||||
Mistras Group, Inc.† | 9,660 | 228,362 | ||||||
NV5 Global, Inc.†# | 4,132 | 151,025 | ||||||
VSE Corp.# | 4,850 | 187,744 | ||||||
4,263,346 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Briggs & Stratton Corp.# | 23,925 | 495,726 | ||||||
Power Solutions International, Inc.†# | 2,698 | 34,831 | ||||||
530,557 | ||||||||
Enterprise Software/Service — 0.6% |
| |||||||
Actua Corp.† | 20,256 | 274,469 | ||||||
American Software, Inc., Class A | 14,526 | 160,077 | ||||||
Benefitfocus, Inc.†# | 7,251 | 197,952 | ||||||
Evolent Health, Inc.† Class A# | 8,571 | 161,135 | ||||||
Hortonworks, Inc.†# | 22,715 | 206,479 | ||||||
LivePerson, Inc.†# | 30,012 | 240,096 | ||||||
Majesco† | 3,304 | 16,520 | ||||||
ManTech International Corp., Class A# | 13,921 | 598,742 | ||||||
MicroStrategy, Inc., Class A† | 5,350 | 1,038,061 | ||||||
MobileIron, Inc.† | 26,182 | 108,655 | ||||||
Model N, Inc.†# | 12,511 | 111,974 | ||||||
Omnicell, Inc.† | 20,044 | 718,577 | ||||||
PROS Holdings, Inc.†# | 14,188 | 338,951 | ||||||
Sapiens International Corp. NV | 13,677 | 202,556 | ||||||
SPS Commerce, Inc.† | 9,332 | 646,428 | ||||||
SYNNEX Corp.# | 16,467 | 1,925,157 | ||||||
TubeMogul, Inc.†# | 12,395 | 173,530 | ||||||
Xactly Corp.† | 12,859 | 181,312 | ||||||
7,300,671 | ||||||||
Entertainment Software — 0.2% |
| |||||||
Glu Mobile, Inc.†# | 57,958 | 130,406 | ||||||
Take-Two Interactive Software, Inc.†# | 46,883 | 2,308,050 | ||||||
2,438,456 | ||||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc. | 32,557 | 1,395,068 | ||||||
TRC Cos., Inc.† | 10,476 | 101,617 | ||||||
1,496,685 | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 17,501 | 1,087,862 | ||||||
Filtration/Separation Products — 0.2% |
| |||||||
CLARCOR, Inc. | 26,825 | 1,889,821 | ||||||
Finance - Commercial — 0.1% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.# | 20,592 | 409,369 | ||||||
NewStar Financial, Inc.† | 13,805 | 117,204 | ||||||
526,573 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Encore Capital Group, Inc.†# | 13,413 | 368,187 | ||||||
Enova International, Inc.† | 14,929 | 173,923 | ||||||
LendingClub Corp.†# | 185,265 | 1,048,600 | ||||||
Nelnet, Inc., Class A | 11,391 | 574,676 |
Security Description | Shares | Value (Note 2) | ||||||
Finance - Consumer Loans (continued) |
| |||||||
Ocwen Financial Corp.†# | 56,671 | $ | 291,289 | |||||
PRA Group, Inc.†# | 25,959 | 933,226 | ||||||
Regional Management Corp.† | 5,958 | 146,924 | ||||||
World Acceptance Corp.†# | 3,405 | 191,599 | ||||||
3,728,424 | ||||||||
Finance - Credit Card — 0.1% |
| |||||||
Blackhawk Network Holdings, Inc.†# | 30,939 | 1,113,804 | ||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Cowen Group, Inc., Class A†# | 57,543 | 210,032 | ||||||
Diamond Hill Investment Group, Inc. | 1,709 | 357,352 | ||||||
Evercore Partners, Inc., Class A | 21,992 | 1,482,261 | ||||||
FBR & Co. | 3,525 | 40,714 | ||||||
GAIN Capital Holdings, Inc. | 21,001 | 135,036 | ||||||
Greenhill & Co., Inc.# | 15,647 | 433,422 | ||||||
Houlihan Lokey, Inc. | 6,871 | 195,755 | ||||||
INTL. FCStone, Inc.† | 8,485 | 348,818 | ||||||
Investment Technology Group, Inc. | 18,540 | 345,586 | ||||||
KCG Holdings, Inc., Class A† | 29,547 | 417,795 | ||||||
Ladenburg Thalmann Financial Services, Inc.† | 56,930 | 137,771 | ||||||
Moelis & Co. Class A | 10,466 | 305,607 | ||||||
Oppenheimer Holdings, Inc., Class A# | 5,577 | 98,155 | ||||||
Piper Jaffray Cos.†# | 8,631 | 629,631 | ||||||
PJT Partners, Inc., Class A# | 9,983 | 293,999 | ||||||
Stifel Financial Corp.† | 36,140 | 1,801,579 | ||||||
Virtu Financial, Inc., Class A | 14,191 | 196,545 | ||||||
7,430,058 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Aircastle, Ltd.# | 26,891 | 577,619 | ||||||
California First National Bancorp# | 1,323 | 20,374 | ||||||
Marlin Business Services Corp. | 4,665 | 94,933 | ||||||
692,926 | ||||||||
Finance - Mortgage Loan/Banker — 0.3% |
| |||||||
Arlington Asset Investment Corp., Class A# | 12,702 | 206,281 | ||||||
Ellie Mae, Inc.†# | 16,595 | 1,369,917 | ||||||
Federal Agricultural Mtg. Corp., Class C# | 4,837 | 261,246 | ||||||
FNFV Group† | 37,052 | 474,266 | ||||||
Impac Mortgage Holdings, Inc.†# | 4,462 | 68,447 | ||||||
Nationstar Mtg. Holdings, Inc.†# | 19,246 | 326,797 | ||||||
PennyMac Financial Services, Inc., Class A† | 7,661 | 133,302 | ||||||
PHH Corp.† | 29,839 | 433,262 | ||||||
Walter Investment Management Corp.†# | 10,509 | 59,901 | ||||||
3,333,419 | ||||||||
Finance - Other Services — 0.2% |
| |||||||
BGC Partners, Inc., Class A | 122,637 | 1,198,163 | ||||||
WageWorks, Inc.† | 20,561 | 1,518,430 | ||||||
2,716,593 | ||||||||
Financial Guarantee Insurance — 0.4% |
| |||||||
MBIA, Inc.†# | 74,106 | 769,961 | ||||||
MGIC Investment Corp.† | 192,261 | 1,743,807 | ||||||
NMI Holdings, Inc., Class A† | 27,821 | 239,261 | ||||||
Radian Group, Inc.# | 121,311 | 1,766,288 | ||||||
4,519,317 | ||||||||
Firearms & Ammunition — 0.1% |
| |||||||
Smith & Wesson Holding Corp.†# | 30,868 | 720,151 | ||||||
Sturm Ruger & Co., Inc.# | 10,451 | 537,181 | ||||||
1,257,332 | ||||||||
Food - Canned — 0.0% |
| |||||||
Seneca Foods Corp., Class A† | 3,689 | 138,706 | ||||||
213 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Food - Confectionery — 0.0% |
| |||||||
Amplify Snack Brands, Inc.†# | 16,466 | $ | 156,427 | |||||
Tootsie Roll Industries, Inc.# | 9,697 | 366,062 | ||||||
522,489 | ||||||||
Food - Dairy Products — 0.1% |
| |||||||
Dean Foods Co.# | 51,611 | 1,024,994 | ||||||
Lifeway Foods, Inc.†# | 2,638 | 30,680 | ||||||
1,055,674 | ||||||||
Food - Flour & Grain — 0.1% |
| |||||||
Seaboard Corp.† | 149 | 609,857 | ||||||
Food - Misc./Diversified — 0.7% |
| |||||||
B&G Foods, Inc.# | 34,929 | 1,494,961 | ||||||
Cal-Maine Foods, Inc.# | 17,424 | 709,157 | ||||||
Darling Ingredients, Inc.† | 92,526 | 1,250,026 | ||||||
Inventure Foods, Inc.†# | 10,680 | 96,547 | ||||||
J&J Snack Foods Corp. | 8,459 | 1,027,176 | ||||||
John B. Sanfilippo & Son, Inc.# | 4,797 | 305,569 | ||||||
Lancaster Colony Corp. | 10,580 | 1,433,696 | ||||||
Snyder’s-Lance, Inc.# | 45,359 | 1,690,076 | ||||||
TerraVia Holdings, Inc.†# | 44,236 | �� | 59,719 | |||||
8,066,927 | ||||||||
Food - Retail — 0.2% |
| |||||||
Ingles Markets, Inc., Class A# | 7,874 | 361,417 | ||||||
Smart & Final Stores, Inc.†# | 13,022 | 175,797 | ||||||
SUPERVALU, Inc.†# | 149,782 | 694,988 | ||||||
Village Super Market, Inc., Class A | 4,118 | 142,195 | ||||||
Weis Markets, Inc. | 5,400 | 300,780 | ||||||
1,675,177 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc. | 8,716 | 470,228 | ||||||
Chefs’ Warehouse, Inc.†# | 10,896 | 141,103 | ||||||
Fresh Del Monte Produce, Inc. | 18,211 | 1,129,264 | ||||||
Performance Food Group Co.† | 21,090 | 444,999 | ||||||
SpartanNash Co. | 20,806 | 753,386 | ||||||
United Natural Foods, Inc.† | 27,943 | 1,311,924 | ||||||
4,250,904 | ||||||||
Footwear & Related Apparel — 0.4% |
| |||||||
Crocs, Inc.†# | 41,515 | 290,605 | ||||||
Deckers Outdoor Corp.†# | 18,274 | 1,086,938 | ||||||
Iconix Brand Group, Inc.† | 24,129 | 216,437 | ||||||
Steven Madden, Ltd.† | 34,689 | 1,285,227 | ||||||
Weyco Group, Inc.# | 3,669 | 105,557 | ||||||
Wolverine World Wide, Inc. | 54,586 | 1,229,823 | ||||||
4,214,587 | ||||||||
Forestry — 0.0% |
| |||||||
Deltic Timber Corp.# | 5,980 | 416,866 | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Carriage Services, Inc.# | 8,325 | 225,941 | ||||||
Matthews International Corp., Class A# | 18,007 | 1,310,009 | ||||||
1,535,950 | ||||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Caesars Acquisition Co., Class A† | 26,827 | 321,924 | ||||||
Golden Entertainment, Inc. | 5,803 | 72,073 | ||||||
Isle of Capri Casinos, Inc.† | 14,085 | 315,786 | ||||||
Pinnacle Entertainment, Inc.†# | 32,752 | 446,410 | ||||||
Red Rock Resorts, Inc., Class A | 16,931 | 388,058 | ||||||
1,544,251 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Gas - Distribution — 1.1% |
| |||||||
Chesapeake Utilities Corp. | 8,257 | $ | 535,054 | |||||
Delta Natural Gas Co., Inc. | 3,847 | 98,137 | ||||||
New Jersey Resources Corp. | 48,358 | 1,665,933 | ||||||
Northwest Natural Gas Co. | 15,302 | 876,805 | ||||||
ONE Gas, Inc. | 29,356 | 1,761,653 | ||||||
South Jersey Industries, Inc.# | 44,994 | 1,484,802 | ||||||
Southwest Gas Corp. | 26,679 | 1,977,714 | ||||||
Spire, Inc. | 25,190 | 1,625,763 | ||||||
WGL Holdings, Inc. | 28,443 | 2,063,824 | ||||||
12,089,685 | ||||||||
Gold Mining — 0.0% |
| |||||||
Gold Resource Corp. | 28,162 | 121,378 | ||||||
Golf — 0.1% |
| |||||||
Callaway Golf Co. | 53,103 | 645,201 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 7,188 | 117,164 | ||||||
US Ecology, Inc.# | 12,299 | 571,289 | ||||||
688,453 | ||||||||
Health Care Cost Containment — 0.1% |
| |||||||
CorVel Corp.† | 5,571 | 179,386 | ||||||
HealthEquity, Inc.†# | 24,303 | 1,082,213 | ||||||
1,261,599 | ||||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Tandem Diabetes Care, Inc.†# | 10,474 | 25,661 | ||||||
Home Furnishings — 0.3% |
| |||||||
American Woodmark Corp.† | 7,788 | 596,950 | ||||||
Bassett Furniture Industries, Inc. | 5,793 | 168,287 | ||||||
Ethan Allen Interiors, Inc.# | 13,909 | 479,860 | ||||||
Flexsteel Industries, Inc. | 3,654 | 200,532 | ||||||
Hooker Furniture Corp. | 6,389 | 174,420 | ||||||
La-Z-Boy, Inc. | 27,655 | 739,771 | ||||||
Select Comfort Corp.† | 26,091 | 590,178 | ||||||
2,949,998 | ||||||||
Hotels/Motels — 0.2% |
| |||||||
Belmond, Ltd., Class A†# | 47,135 | 610,398 | ||||||
ILG, Inc. | 63,744 | 1,151,854 | ||||||
La Quinta Holdings, Inc.† | 47,783 | 580,086 | ||||||
Marcus Corp. | 10,478 | 314,340 | ||||||
Red Lion Hotels Corp.†# | 7,991 | 70,321 | ||||||
2,726,999 | ||||||||
Housewares — 0.1% |
| |||||||
Libbey, Inc. | 12,363 | 236,504 | ||||||
Lifetime Brands, Inc. | 6,223 | 103,924 | ||||||
NACCO Industries, Inc., Class A# | 2,185 | 207,575 | ||||||
548,003 | ||||||||
Human Resources — 0.7% |
| |||||||
AMN Healthcare Services, Inc.† | 26,658 | 887,711 | ||||||
Barrett Business Services, Inc.# | 3,975 | 231,703 | ||||||
Cross Country Healthcare, Inc.† | 18,045 | 258,765 | ||||||
Heidrick & Struggles International, Inc. | 10,315 | 218,678 | ||||||
Insperity, Inc. | 8,840 | 640,016 | ||||||
Kelly Services, Inc., Class A# | 16,535 | 333,015 | ||||||
Kforce, Inc.# | 13,811 | 305,223 | ||||||
Korn/Ferry International | 32,274 | 819,114 | ||||||
On Assignment, Inc.† | 28,652 | 1,183,041 | ||||||
Patriot National, Inc.†# | 6,125 | 37,914 | ||||||
Paylocity Holding Corp.†# | 12,138 | 401,889 | ||||||
Resources Connection, Inc. | 20,073 | 323,175 |
214 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Human Resources (continued) |
| |||||||
Team Health Holdings, Inc.†# | 38,225 | $ | 1,626,474 | |||||
TriNet Group, Inc.† | 23,728 | 598,658 | ||||||
TrueBlue, Inc.† | 23,720 | 496,934 | ||||||
8,362,310 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 25,771 | 947,084 | ||||||
Independent Power Producers — 0.3% |
| |||||||
Atlantica Yield PLC# | 33,157 | 600,805 | ||||||
Dynegy, Inc.†# | 65,834 | 569,464 | ||||||
NRG Yield, Inc., Class A | 19,681 | 287,146 | ||||||
NRG Yield, Inc., Class C# | 35,744 | 548,670 | ||||||
Ormat Technologies, Inc. | 21,908 | 1,047,860 | ||||||
3,053,945 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
GoPro, Inc., Class A†# | 56,914 | 568,002 | ||||||
IMAX Corp.†# | 33,181 | 1,060,133 | ||||||
1,628,135 | ||||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Hurco Cos., Inc. | 3,577 | 116,610 | ||||||
Instruments-Controls — 0.3% |
| |||||||
Allied Motion Technologies, Inc. | 3,486 | 74,531 | ||||||
Control4 Corp.†# | 11,317 | 129,466 | ||||||
Watts Water Technologies, Inc., Class A | 15,667 | 1,070,056 | ||||||
Woodward, Inc. | 29,827 | 2,020,183 | ||||||
3,294,236 | ||||||||
Instruments - Scientific — 0.0% |
| |||||||
Fluidigm Corp.†# | 16,375 | 105,291 | ||||||
Insurance Brokers — 0.0% |
| |||||||
Crawford & Co., Class B# | 6,744 | 89,088 | ||||||
eHealth, Inc.†# | 10,156 | 103,185 | ||||||
192,273 | ||||||||
Insurance - Life/Health — 0.5% |
| |||||||
American Equity Investment Life Holding Co. | 45,134 | 935,628 | ||||||
CNO Financial Group, Inc. | 100,949 | 1,806,987 | ||||||
FBL Financial Group, Inc., Class A | 5,539 | 424,010 | ||||||
Fidelity & Guaranty Life# | 6,707 | 158,285 | ||||||
Independence Holding Co. | 4,003 | 79,460 | ||||||
National Western Life Group, Inc., Class A | 1,270 | 332,029 | ||||||
Primerica, Inc.# | 26,479 | 1,872,065 | ||||||
Trupanion, Inc.†# | 8,106 | 134,965 | ||||||
5,743,429 | ||||||||
Insurance - Multi - line — 0.3% |
| |||||||
Citizens, Inc.†# | 26,159 | 241,186 | ||||||
Genworth Financial, Inc., Class A†# | 283,524 | 1,213,483 | ||||||
Horace Mann Educators Corp.# | 22,836 | 916,865 | ||||||
Kemper Corp. | 22,346 | 915,069 | ||||||
United Fire Group, Inc.# | 12,167 | 552,382 | ||||||
3,838,985 | ||||||||
Insurance - Property/Casualty — 1.0% |
| |||||||
Ambac Financial Group, Inc.†# | 25,377 | 621,737 | ||||||
AMERISAFE, Inc. | 10,671 | 678,142 | ||||||
Atlas Financial Holdings, Inc.†# | 5,985 | 101,147 | ||||||
Baldwin & Lyons, Inc., Class B | 5,073 | 134,435 | ||||||
Donegal Group, Inc., Class A | 4,687 | 75,226 | ||||||
EMC Insurance Group, Inc. | 4,701 | 129,795 | ||||||
Employers Holdings, Inc. | 18,072 | 638,845 | ||||||
Enstar Group, Ltd.† | 6,411 | 1,260,723 | ||||||
Federated National Holding Co. | 7,080 | 123,121 |
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty (continued) |
| |||||||
Global Indemnity, Ltd.† | 4,725 | $ | 176,526 | |||||
Hallmark Financial Services, Inc.† | 7,851 | 83,770 | ||||||
HCI Group, Inc.# | 4,865 | 157,334 | ||||||
Heritage Insurance Holdings, Inc. | 14,972 | 216,046 | ||||||
Infinity Property & Casualty Corp.# | 6,079 | 524,314 | ||||||
Investors Title Co.# | 805 | 99,361 | ||||||
James River Group Holdings, Ltd.# | 8,037 | 313,282 | ||||||
National General Holdings Corp.# | 27,270 | 616,029 | ||||||
Navigators Group, Inc. | 6,322 | 666,339 | ||||||
OneBeacon Insurance Group, Ltd., Class A | 11,232 | 172,411 | ||||||
RLI Corp. | 21,425 | 1,286,357 | ||||||
Safety Insurance Group, Inc. | 8,102 | 569,976 | ||||||
Selective Insurance Group, Inc.# | 32,023 | 1,316,145 | ||||||
State Auto Financial Corp.# | 8,709 | 224,605 | ||||||
Stewart Information Services Corp. | 12,876 | 610,838 | ||||||
Third Point Reinsurance, Ltd.† | 37,219 | 441,045 | ||||||
United Insurance Holdings Corp.# | 9,668 | 131,291 | ||||||
Universal Insurance Holdings, Inc.# | 18,419 | 442,056 | ||||||
11,810,896 | ||||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Argo Group International Holdings, Ltd. | 16,238 | 1,030,301 | ||||||
Blue Capital Reinsurance Holdings, Ltd. | 3,326 | 60,034 | ||||||
Essent Group, Ltd.† | 42,073 | 1,284,068 | ||||||
Greenlight Capital Re, Ltd., Class A†# | 16,548 | 376,467 | ||||||
Maiden Holdings, Ltd. | 33,298 | 512,789 | ||||||
State National Cos., Inc. | 17,186 | 230,808 | ||||||
WMIH Corp.†# | 114,354 | 194,402 | ||||||
3,688,869 | ||||||||
Internet Application Software — 0.1% |
| |||||||
Intralinks Holdings, Inc.† | 23,299 | 261,415 | ||||||
Lionbridge Technologies, Inc.† | 32,127 | 161,278 | ||||||
RealNetworks, Inc.†# | 13,227 | 61,902 | ||||||
VirnetX Holding Corp.†# | 27,254 | 85,850 | ||||||
Zendesk, Inc.† | 45,731 | 973,613 | ||||||
1,544,058 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Boingo Wireless, Inc.† | 20,058 | 244,707 | ||||||
Cogent Communications Holdings, Inc.# | 23,413 | 876,817 | ||||||
1,121,524 | ||||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Global Eagle Entertainment, Inc.†# | 26,366 | 169,270 | ||||||
Limelight Networks, Inc.† | 39,961 | 84,717 | ||||||
Shutterstock, Inc.†# | 10,681 | 502,648 | ||||||
756,635 | ||||||||
Internet Content - Information/News — 0.2% |
| |||||||
Autobytel, Inc.† | 4,908 | 67,976 | ||||||
Bankrate, Inc.† | 26,708 | 273,757 | ||||||
DHI Group, Inc.† | 28,253 | 172,343 | ||||||
HealthStream, Inc.† | 14,492 | 363,170 | ||||||
Reis, Inc.# | 4,925 | 107,611 | ||||||
WebMD Health Corp.† | 21,025 | 1,121,473 | ||||||
XO Group, Inc.† | 14,312 | 264,486 | ||||||
2,370,816 | ||||||||
Internet Security — 0.3% |
| |||||||
Corindus Vascular Robotics, Inc.†# | 30,954 | 21,358 | ||||||
Imperva, Inc.† | 16,150 | 616,123 | ||||||
Proofpoint, Inc.†# | 22,994 | 1,770,768 | ||||||
Rapid7, Inc.†# | 11,206 | 129,990 | ||||||
VASCO Data Security International, Inc.†# | 16,984 | 246,268 | ||||||
Zix Corp.† | 29,981 | 133,415 | ||||||
2,917,922 | ||||||||
215 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Internet Telephone — 0.1% |
| |||||||
8x8, Inc.† | 49,697 | $ | 678,364 | |||||
RingCentral, Inc., Class A† | 33,013 | 711,430 | ||||||
1,389,794 | ||||||||
Investment Companies — 0.0% |
| |||||||
Acacia Research Corp. | 28,125 | 194,062 | ||||||
Real Industry, Inc.†# | 14,762 | 86,358 | ||||||
Tiptree Financial, Inc., Class A# | 15,355 | 99,040 | ||||||
379,460 | ||||||||
Investment Management/Advisor Services — 0.5% |
| |||||||
Altisource Portfolio Solutions SA†# | 6,505 | 175,245 | ||||||
Associated Capital Group, Inc. Class A | 2,531 | 85,674 | ||||||
Calamos Asset Management, Inc., Class A# | 9,499 | 64,973 | ||||||
Cohen & Steers, Inc. | 11,767 | 418,905 | ||||||
Financial Engines, Inc.# | 30,128 | 1,049,961 | ||||||
GAMCO Investors, Inc., Class A | 2,471 | 75,687 | ||||||
Hennessy Advisors, Inc. | 1,624 | 55,200 | ||||||
Janus Capital Group, Inc. | 81,360 | 1,098,360 | ||||||
Manning & Napier, Inc.# | 8,416 | 62,278 | ||||||
Medley Management, Inc. Class A | 3,209 | 31,448 | ||||||
OM Asset Management PLC# | 22,598 | 332,191 | ||||||
Pzena Investment Management, Inc., Class A# | 8,233 | 81,424 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 3,961 | 53,077 | ||||||
Virtus Investment Partners, Inc.# | 3,524 | 408,079 | ||||||
Waddell & Reed Financial, Inc., Class A# | 44,728 | 873,538 | ||||||
Westwood Holdings Group, Inc. | 4,496 | 266,973 | ||||||
WisdomTree Investments, Inc.# | 64,746 | 716,091 | ||||||
5,849,104 | ||||||||
Lasers - System/Components — 0.3% |
| |||||||
Applied Optoelectronics, Inc.† | 9,290 | 230,113 | ||||||
Coherent, Inc.† | 13,633 | 1,779,107 | ||||||
Electro Scientific Industries, Inc.† | 15,487 | 80,532 | ||||||
II-VI, Inc.† | 33,522 | 1,012,365 | ||||||
3,102,117 | ||||||||
Leisure Games — 0.0% |
| |||||||
Intrawest Resorts Holdings, Inc.† | 9,070 | 159,088 | ||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,939 | 81,661 | ||||||
Johnson Outdoors, Inc., Class A | 2,761 | 115,410 | ||||||
Marine Products Corp. | 6,068 | 68,690 | ||||||
265,761 | ||||||||
Lighting Products & Systems — 0.1% |
| |||||||
Universal Display Corp.†# | 23,365 | 1,276,897 | ||||||
Linen Supply & Related Items — 0.2% |
| |||||||
G&K Services, Inc., Class A | 11,035 | 1,058,477 | ||||||
UniFirst Corp. | 8,513 | 1,203,313 | ||||||
2,261,790 | ||||||||
Machine Tools & Related Products — 0.2% |
| |||||||
Hardinge, Inc. | 6,585 | 72,633 | ||||||
Kennametal, Inc. | 44,503 | 1,534,908 | ||||||
Milacron Holdings Corp.† | 8,190 | 138,329 | ||||||
1,745,870 | ||||||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Astec Industries, Inc. | 10,902 | 722,802 | ||||||
Hyster-Yale Materials Handling, Inc. | 5,310 | 342,814 | ||||||
Joy Global, Inc. | 55,541 | 1,556,814 | ||||||
2,622,430 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Machinery - Electrical — 0.1% |
| |||||||
Babcock & Wilcox Enterprises, Inc.† | 25,752 | $ | 410,487 | |||||
Franklin Electric Co., Inc.# | 25,943 | 1,013,074 | ||||||
1,423,561 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 5,314 | 388,294 | ||||||
Lindsay Corp. | 5,972 | 503,320 | ||||||
891,614 | ||||||||
Machinery - General Industrial — 0.4% |
| |||||||
Albany International Corp., Class A | 16,126 | 753,084 | ||||||
Altra Industrial Motion Corp. | 14,190 | 496,650 | ||||||
Applied Industrial Technologies, Inc. | 20,457 | 1,224,351 | ||||||
Chart Industries, Inc.† | 17,225 | 612,349 | ||||||
DXP Enterprises, Inc.†# | 7,294 | 245,735 | ||||||
Gencor Industries, Inc.† | 4,362 | 61,286 | ||||||
Kadant, Inc.# | 6,040 | 378,104 | ||||||
Manitowoc Co., Inc.†# | 71,636 | 426,951 | ||||||
Tennant Co.# | 9,864 | 740,786 | ||||||
4,939,296 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Columbus McKinnon Corp. | 10,936 | 287,836 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Gorman-Rupp Co.# | 9,924 | 297,224 | ||||||
NN, Inc.# | 14,777 | 250,470 | ||||||
SPX FLOW, Inc.†# | 19,885 | 623,196 | ||||||
1,170,890 | ||||||||
Marine Services — 0.0% |
| |||||||
Great Lakes Dredge & Dock Corp.† | 33,274 | 141,414 | ||||||
Medical Imaging Systems — 0.1% |
| |||||||
Analogic Corp.# | 7,011 | 646,064 | ||||||
iRadimed Corp.†# | 2,279 | 25,183 | ||||||
671,247 | ||||||||
Medical Information Systems — 0.2% |
| |||||||
Computer Programs & Systems, Inc.# | 6,312 | 151,804 | ||||||
Cotiviti Holdings, Inc.†# | 7,124 | 212,224 | ||||||
Everyday Health, Inc.† | 15,950 | 166,678 | ||||||
Medidata Solutions, Inc.† | 30,970 | 1,710,473 | ||||||
Quality Systems, Inc. | 28,779 | 377,580 | ||||||
2,618,759 | ||||||||
Medical Instruments — 0.8% |
| |||||||
Abaxis, Inc.# | 12,351 | 637,188 | ||||||
AngioDynamics, Inc.† | 15,197 | 247,711 | ||||||
AtriCure, Inc.†# | 17,700 | 318,423 | ||||||
Avinger, Inc.†# | 6,153 | 23,997 | ||||||
Cardiovascular Systems, Inc.† | 17,943 | 434,041 | ||||||
CONMED Corp. | 15,533 | 676,928 | ||||||
CryoLife, Inc.# | 17,748 | 348,748 | ||||||
Endologix, Inc.†# | 45,652 | 335,542 | ||||||
Entellus Medical, Inc.†# | 4,221 | 77,793 | ||||||
Halyard Health, Inc.†# | 26,365 | 979,460 | ||||||
Integra LifeSciences Holdings Corp.† | 17,025 | 1,375,620 | ||||||
Natus Medical, Inc.† | 18,317 | 729,933 | ||||||
NuVasive, Inc.† | 27,911 | 1,811,424 | ||||||
Spectranetics Corp.†# | 24,069 | 525,908 | ||||||
TransEnterix, Inc.†# | 39,189 | 59,567 | ||||||
Vascular Solutions, Inc.† | 9,492 | 523,009 | ||||||
9,105,292 | ||||||||
216 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Labs & Testing Services — 0.0% |
| |||||||
Invitae Corp.† | 12,813 | $ | 88,025 | |||||
Natera, Inc.† | 14,687 | 176,244 | ||||||
Teladoc, Inc.†# | 11,685 | 214,420 | ||||||
478,689 | ||||||||
Medical Laser Systems — 0.1% |
| |||||||
Cutera, Inc.† | 6,608 | 108,041 | ||||||
Cynosure, Inc., Class A† | 13,353 | 605,558 | ||||||
IRIDEX Corp.† | 4,247 | 67,060 | ||||||
780,659 | ||||||||
Medical Products — 1.2% |
| |||||||
Accuray, Inc.†# | 44,893 | 226,710 | ||||||
Atrion Corp.# | 767 | 376,290 | ||||||
AxoGen, Inc.†# | 13,587 | 113,451 | ||||||
Cantel Medical Corp.† | 20,179 | 1,646,001 | ||||||
Cerus Corp.†# | 57,041 | 297,754 | ||||||
ConforMIS, Inc.†# | 20,137 | 180,830 | ||||||
Exactech, Inc.†# | 5,876 | 147,488 | ||||||
Glaukos Corp.† | 9,414 | 293,811 | ||||||
Globus Medical, Inc., Class A† | 39,462 | 853,958 | ||||||
Haemonetics Corp.† | 28,820 | 1,142,137 | ||||||
Integer Holdings Corp.† | 17,223 | 486,550 | ||||||
Intersect ENT, Inc.†# | 14,365 | 149,396 | ||||||
Invacare Corp.# | 17,852 | 205,298 | ||||||
InVivo Therapeutics Holdings Corp.†# | 18,133 | 89,758 | ||||||
K2M Group Holdings, Inc.†# | 14,495 | 272,506 | ||||||
LeMaitre Vascular, Inc. | 7,606 | 172,428 | ||||||
Luminex Corp.†# | 22,365 | 454,680 | ||||||
Medgenics, Inc.† | 13,721 | 70,526 | ||||||
MiMedx Group, Inc.†# | 57,575 | 545,811 | ||||||
NanoString Technologies, Inc.† | 8,343 | 183,546 | ||||||
Nevro Corp.†# | 13,529 | 1,028,610 | ||||||
Novocure, Ltd.†# | 28,524 | 221,061 | ||||||
NxStage Medical, Inc.† | 35,858 | 886,410 | ||||||
Orthofix International NV† | 9,859 | 371,389 | ||||||
Penumbra, Inc.† | 14,337 | 887,460 | ||||||
Rockwell Medical, Inc.†# | 26,985 | 175,402 | ||||||
Surmodics, Inc.† | 7,302 | 174,883 | ||||||
T2 Biosystems, Inc.†# | 8,229 | 47,975 | ||||||
Wright Medical Group NV†# | 58,110 | 1,338,854 | ||||||
Zeltiq Aesthetics, Inc.† | 19,968 | 878,792 | ||||||
13,919,765 | ||||||||
Medical - Biomedical/Gene — 3.2% |
| |||||||
Acceleron Pharma, Inc.†# | 15,434 | 519,971 | ||||||
Achillion Pharmaceuticals, Inc.† | 65,987 | 273,186 | ||||||
Acorda Therapeutics, Inc.†# | 24,218 | 503,734 | ||||||
Aduro Biotech, Inc.†# | 19,972 | 227,681 | ||||||
Advaxis, Inc.†# | 18,810 | 156,311 | ||||||
Adverum Biotechnologies, Inc.†# | 12,955 | 36,922 | ||||||
Agenus, Inc.†# | 41,160 | 169,579 | ||||||
Alder Biopharmaceuticals, Inc.†# | 26,382 | 621,296 | ||||||
AMAG Pharmaceuticals, Inc.†# | 19,640 | 652,048 | ||||||
Anavex Life Sciences Corp.†# | 18,387 | 72,996 | ||||||
ANI Pharmaceuticals, Inc.†# | 4,462 | 262,946 | ||||||
Applied Genetic Technologies Corp.† | 7,149 | 65,771 | ||||||
Aptevo Therapeutics, Inc.† | 9,146 | 17,377 | ||||||
Aratana Therapeutics, Inc.†# | 18,784 | 133,930 | ||||||
Ardelyx, Inc.† | 12,890 | 190,772 | ||||||
Arena Pharmaceuticals, Inc.†# | 138,086 | 200,225 | ||||||
Argos Therapeutics, Inc.† | 6,006 | 27,928 | ||||||
ARIAD Pharmaceuticals, Inc.†# | 99,648 | 1,343,255 | ||||||
Arrowhead Pharmaceuticals, Inc.†# | 34,083 | 49,080 | ||||||
Asterias Biotherapeutics, Inc.†# | 12,774 | 53,012 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Atara Biotherapeutics, Inc.†# | 13,080 | $ | 259,638 | |||||
Athersys, Inc.†# | 42,879 | 70,750 | ||||||
Bellicum Pharmaceuticals, Inc.†# | 11,802 | 211,610 | ||||||
BioCryst Pharmaceuticals, Inc.†# | 41,367 | 231,242 | ||||||
BioTime, Inc.†# | 35,998 | 113,394 | ||||||
Bluebird Bio, Inc.†# | 20,864 | 1,259,142 | ||||||
Blueprint Medicines Corp.†# | 11,270 | 331,000 | ||||||
Cambrex Corp.† | 17,945 | 899,045 | ||||||
Celldex Therapeutics, Inc.†# | 53,820 | 205,054 | ||||||
Cellular Biomedicine Group, Inc.†# | 6,848 | 91,763 | ||||||
ChemoCentryx, Inc.† | 12,016 | 94,205 | ||||||
ChromaDex Corp.†# | 16,119 | 39,169 | ||||||
Corvus Pharmaceuticals, Inc.† | 1,871 | 28,870 | ||||||
Curis, Inc.† | 62,844 | 181,619 | ||||||
Cytokinetics, Inc.†# | 19,070 | 228,840 | ||||||
CytomX Therapeutics, Inc.† | 11,503 | 128,143 | ||||||
CytRx Corp.†# | 37,621 | 18,844 | ||||||
Dermira, Inc.† | 11,822 | 378,068 | ||||||
Dimension Therapeutics, Inc.† | 6,884 | 30,290 | ||||||
Dynavax Technologies Corp.†# | 21,889 | 94,123 | ||||||
Edge Therapeutics, Inc.† | 9,149 | 110,794 | ||||||
Editas Medicine, Inc.† | 3,869 | 55,211 | ||||||
Eiger BioPharmaceuticals, Inc.† | 1,950 | 23,985 | ||||||
Emergent BioSolutions, Inc.† | 18,292 | 489,494 | ||||||
Endocyte, Inc.†# | 21,401 | 56,927 | ||||||
Enzo Biochem, Inc.† | 22,349 | 152,420 | ||||||
Epizyme, Inc.† | 22,664 | 251,570 | ||||||
Esperion Therapeutics, Inc.† | 8,061 | 85,124 | ||||||
Exact Sciences Corp.†# | 54,530 | 805,408 | ||||||
Exelixis, Inc.†# | 128,050 | 2,166,606 | ||||||
FibroGen, Inc.†# | 29,491 | 653,226 | ||||||
Five Prime Therapeutics, Inc.† | 15,194 | 873,959 | ||||||
Flex Pharma, Inc.†# | 5,996 | 36,875 | ||||||
Fortress Biotech, Inc.†# | 19,196 | 45,878 | ||||||
Foundation Medicine, Inc.†# | 7,579 | 155,748 | ||||||
Galena Biopharma, Inc.†# | 5,164 | 15,750 | ||||||
Geron Corp.†# | 85,026 | 173,453 | ||||||
GlycoMimetics, Inc.†# | 5,768 | 36,627 | ||||||
Halozyme Therapeutics, Inc.†# | 61,404 | 725,181 | ||||||
Idera Pharmaceuticals, Inc.†# | 50,139 | 84,735 | ||||||
ImmunoGen, Inc.†# | 47,442 | 84,447 | ||||||
Immunomedics, Inc.†# | 49,145 | 158,247 | ||||||
Infinity Pharmaceuticals, Inc.†# | 27,665 | 32,091 | ||||||
Innoviva, Inc.†# | 45,524 | 470,718 | ||||||
Inovio Pharmaceuticals, Inc.†# | 37,372 | 264,594 | ||||||
Insmed, Inc.† | 34,873 | 476,016 | ||||||
Intellia Therapeutics, Inc.†# | 3,933 | 61,945 | ||||||
Karyopharm Therapeutics, Inc.† | 13,306 | 122,814 | ||||||
Kite Pharma, Inc.†# | 22,068 | 1,123,923 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 23,802 | 362,504 | ||||||
Ligand Pharmaceuticals, Inc.† | 10,728 | 1,120,003 | ||||||
Lion Biotechnologies, Inc.†# | 25,638 | 170,493 | ||||||
Loxo Oncology, Inc.†# | 7,510 | 206,976 | ||||||
MacroGenics, Inc.†# | 17,953 | 465,521 | ||||||
Medicines Co.†# | 37,923 | 1,331,097 | ||||||
Merrimack Pharmaceuticals, Inc.†# | 68,730 | 378,702 | ||||||
Momenta Pharmaceuticals, Inc.† | 36,599 | 517,876 | ||||||
Myriad Genetics, Inc.†# | 38,021 | 634,571 | ||||||
NeoGenomics, Inc.†# | 29,861 | 266,957 | ||||||
NewLink Genetics Corp.†# | 12,184 | 134,999 | ||||||
Novavax, Inc.†# | 152,071 | 184,006 | ||||||
Omeros Corp.†# | 20,850 | 256,247 | ||||||
OncoMed Pharmaceuticals, Inc.†# | 9,865 | 83,754 | ||||||
Organovo Holdings, Inc.†# | 48,486 | 146,428 | ||||||
Otonomy, Inc.† | 13,534 | 230,078 |
217 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
OvaScience, Inc.†# | 17,679 | $ | 59,225 | |||||
Pacific Biosciences of California, Inc.†# | 42,915 | 326,583 | ||||||
Paratek Pharmaceuticals, Inc.†# | 8,117 | 109,174 | ||||||
PDL BioPharma, Inc. | 93,051 | 203,782 | ||||||
Pfenex, Inc.† | 10,253 | 95,045 | ||||||
PharmAthene, Inc.† | 35,090 | 107,025 | ||||||
Prothena Corp. PLC†# | 19,560 | 1,154,431 | ||||||
PTC Therapeutics, Inc.†# | 18,730 | 208,652 | ||||||
Puma Biotechnology, Inc.† | 13,905 | 598,610 | ||||||
REGENXBIO, Inc.† | 11,407 | 253,806 | ||||||
Retrophin, Inc.†# | 20,394 | 417,465 | ||||||
Rigel Pharmaceuticals, Inc.† | 52,446 | 136,360 | ||||||
RTI Surgical, Inc.† | 32,361 | 93,847 | ||||||
Sage Therapeutics, Inc.†# | 14,917 | 747,491 | ||||||
Sangamo BioSciences, Inc.†# | 39,102 | 125,126 | ||||||
Second Sight Medical Products, Inc.†# | 8,001 | 16,242 | ||||||
Senseonics Holdings, Inc.†# | 15,660 | 44,788 | ||||||
Spark Therapeutics, Inc.†# | 9,665 | 531,672 | ||||||
Spectrum Pharmaceuticals, Inc.† | 37,664 | 147,266 | ||||||
Stemline Therapeutics, Inc.†# | 9,494 | 125,321 | ||||||
Syndax Pharmaceuticals, Inc.† | 2,655 | 25,700 | ||||||
Synthetic Biologics, Inc.†# | 42,622 | 33,961 | ||||||
Theravance Biopharma, Inc.†# | 20,427 | 568,688 | ||||||
Tobira Therapeutics, Inc. CVR†(1)(2) | 4,989 | 68,549 | ||||||
Tokai Pharmaceuticals, Inc.†# | 5,582 | 5,749 | ||||||
Trius Therapeutics, Inc. CVR†(1)(2) | 24,953 | 0 | ||||||
Trovagene, Inc.† | 15,866 | 46,011 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 20,289 | 1,588,426 | ||||||
Veracyte, Inc.†# | 7,887 | 60,178 | ||||||
Versartis, Inc.† | 15,387 | 191,568 | ||||||
WaVe Life Sciences, Ltd.† | 4,165 | 148,274 | ||||||
XBiotech, Inc.†# | 9,848 | 137,774 | ||||||
Zeneca, Inc. CVR†(1)(2) | 3,950 | 2,429 | ||||||
ZIOPHARM Oncology, Inc.†# | 68,444 | 443,517 | ||||||
35,579,542 | ||||||||
Medical - Drugs — 1.8% |
| |||||||
AcelRx Pharmaceuticals, Inc.†# | 19,932 | 61,789 | ||||||
Aclaris Therapeutics, Inc.† | 5,075 | 151,996 | ||||||
Adamas Pharmaceuticals, Inc.†# | 9,404 | 141,060 | ||||||
Aerie Pharmaceuticals, Inc.†# | 13,563 | 503,865 | ||||||
Agile Therapeutics, Inc.† | 7,478 | 51,374 | ||||||
Aimmune Therapeutics, Inc.†# | 14,802 | 336,005 | ||||||
Amicus Therapeutics, Inc.†# | 71,717 | 428,868 | ||||||
Ampio Pharmaceuticals, Inc.†# | 24,741 | 18,803 | ||||||
Anthera Pharmaceuticals, Inc.†# | 22,149 | 33,223 | ||||||
Array BioPharma, Inc.†# | 81,349 | 658,520 | ||||||
BioSpecifics Technologies Corp.† | 3,042 | 150,153 | ||||||
Cempra, Inc.†# | 23,306 | 151,489 | ||||||
Chimerix, Inc.†# | 24,041 | 117,560 | ||||||
Cidara Therapeutics, Inc.†# | 6,040 | 62,816 | ||||||
Clovis Oncology, Inc.†# | 17,899 | 613,399 | ||||||
Coherus Biosciences, Inc.† | 16,608 | 446,755 | ||||||
Collegium Pharmaceutical, Inc.†# | 7,626 | 126,287 | ||||||
Corcept Therapeutics, Inc.†# | 42,068 | 352,950 | ||||||
Durata Therapeutics , Inc.(1)(2) | 9,546 | 0 | ||||||
Durect Corp.†# | 71,076 | 93,110 | ||||||
Eagle Pharmaceuticals, Inc.†# | 4,986 | 393,695 | ||||||
Enanta Pharmaceuticals, Inc.† | 8,793 | 276,452 | ||||||
Global Blood Therapeutics, Inc.†# | 7,920 | 151,668 | ||||||
Horizon Pharma PLC† | 90,865 | 1,799,127 | ||||||
Ignyta, Inc.†# | 16,600 | 103,750 | ||||||
Immune Design Corp.†# | 6,300 | 46,305 | ||||||
Inotek Pharmaceuticals Corp.† | 9,829 | 62,906 | ||||||
Insys Therapeutics, Inc.†# | 13,231 | 155,993 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Intra-Cellular Therapies, Inc.†# | 19,327 | $ | 269,418 | |||||
Ironwood Pharmaceuticals, Inc.†# | 72,865 | 1,137,058 | ||||||
Keryx Biopharmaceuticals, Inc.†# | 44,463 | 257,885 | ||||||
Lannett Co., Inc.†# | 15,604 | 357,332 | ||||||
Lipocine, Inc.†# | 9,326 | 31,895 | ||||||
MediciNova, Inc.†# | 16,723 | 118,232 | ||||||
Minerva Neurosciences, Inc.†# | 9,007 | 116,190 | ||||||
MyoKardia, Inc.† | 6,338 | 99,823 | ||||||
NantKwest, Inc.†# | 9,388 | 61,398 | ||||||
Neos Therapeutics, Inc.†# | 7,739 | 54,947 | ||||||
Ocular Therapeutix, Inc.†# | 10,082 | 93,662 | ||||||
Ophthotech Corp.†# | 17,175 | 526,414 | ||||||
Pacira Pharmaceuticals, Inc.† | 20,523 | 653,658 | ||||||
PharMerica Corp.† | 16,634 | 400,048 | ||||||
PRA Health Sciences, Inc.† | 13,626 | 731,989 | ||||||
Prestige Brands Holdings, Inc.† | 29,972 | 1,425,768 | ||||||
Progenics Pharmaceuticals, Inc.†# | 39,201 | 350,849 | ||||||
Radius Health, Inc.†# | 17,771 | 945,773 | ||||||
Reata Pharmaceuticals, Inc., Class A†# | 3,203 | 83,246 | ||||||
Regulus Therapeutics, Inc.†# | 21,846 | 53,523 | ||||||
SciClone Pharmaceuticals, Inc.† | 28,222 | 280,809 | ||||||
Sorrento Therapeutics, Inc.†# | 16,162 | 84,850 | ||||||
Sucampo Pharmaceuticals, Inc., Class A†# | 13,191 | 214,354 | ||||||
Supernus Pharmaceuticals, Inc.† | 26,422 | 569,394 | ||||||
Synergy Pharmaceuticals, Inc.†# | 102,174 | 537,435 | ||||||
TESARO, Inc.†# | 13,827 | 1,876,186 | ||||||
Tetraphase Pharmaceuticals, Inc.† | 20,471 | 85,773 | ||||||
TG Therapeutics, Inc.†# | 20,743 | 119,272 | ||||||
TherapeuticsMD, Inc.†# | 84,524 | 502,073 | ||||||
Titan Pharmaceuticals, Inc.†# | 10,594 | 46,614 | ||||||
Trevena, Inc.†# | 25,193 | 138,058 | ||||||
Vanda Pharmaceuticals, Inc.† | 20,637 | 339,479 | ||||||
vTv Therapeutics, Inc., Class A† | 4,302 | 22,456 | ||||||
Zogenix, Inc.†# | 13,974 | 176,072 | ||||||
20,251,851 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Amphastar Pharmaceuticals, Inc.†# | 20,044 | 406,292 | ||||||
AveXis, Inc.†# | 2,723 | 160,984 | ||||||
Impax Laboratories, Inc.† | 41,245 | 595,990 | ||||||
Teligent, Inc.†# | 23,316 | 167,642 | ||||||
1,330,908 | ||||||||
Medical - HMO — 0.3% |
| |||||||
Magellan Health, Inc.† | 13,999 | 1,019,127 | ||||||
Molina Healthcare, Inc.†# | 24,372 | 1,288,304 | ||||||
Triple-S Management Corp., Class B† | 13,124 | 292,403 | ||||||
Universal American Corp.†# | 32,616 | 327,464 | ||||||
2,927,298 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Adeptus Health, Inc., Class A†# | 6,965 | 58,367 | ||||||
Community Health Systems, Inc.†# | 62,169 | 338,199 | ||||||
Quorum Health Corp.†# | 16,706 | 95,558 | ||||||
Select Medical Holdings Corp.† | 60,123 | 730,495 | ||||||
Surgery Partners, Inc.†# | 10,483 | 154,624 | ||||||
Surgical Care Affiliates, Inc.†# | 15,116 | 635,628 | ||||||
2,012,871 | ||||||||
Medical - Nursing Homes — 0.1% |
| |||||||
Ensign Group, Inc.# | 26,891 | 581,383 | ||||||
Genesis Healthcare, Inc.† | 21,076 | 75,874 | ||||||
Kindred Healthcare, Inc.# | 47,463 | 315,629 | ||||||
National HealthCare Corp. | 6,302 | 432,317 | ||||||
1,405,203 | ||||||||
218 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Outpatient/Home Medical — 0.3% |
| |||||||
Addus HomeCare Corp.†# | 4,163 | $ | 144,456 | |||||
Air Methods Corp.†# | 20,041 | 655,341 | ||||||
Almost Family, Inc.† | 4,566 | 183,553 | ||||||
Amedisys, Inc.†# | 15,750 | 621,968 | ||||||
Chemed Corp.# | 9,111 | 1,357,266 | ||||||
Civitas Solutions, Inc.† | 8,503 | 142,425 | ||||||
LHC Group, Inc.† | 8,440 | 354,986 | ||||||
Nobilis Health Corp.†# | 31,244 | 73,423 | ||||||
Providence Service Corp.†# | 7,294 | 267,763 | ||||||
3,801,181 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Owens & Minor, Inc. | 35,172 | 1,192,683 | ||||||
Metal Processors & Fabrication — 0.5% |
| |||||||
Ampco-Pittsburgh Corp.# | 4,821 | 74,967 | ||||||
CIRCOR International, Inc.# | 9,286 | 588,454 | ||||||
Global Brass & Copper Holdings, Inc. | 11,898 | 340,878 | ||||||
Haynes International, Inc.# | 6,999 | 304,946 | ||||||
Mueller Industries, Inc. | 31,916 | 1,212,489 | ||||||
Park-Ohio Holdings Corp. | 4,793 | 202,025 | ||||||
RBC Bearings, Inc.† | 12,775 | 1,082,809 | ||||||
Rexnord Corp.† | 46,702 | 1,027,444 | ||||||
Sun Hydraulics Corp. | 13,103 | 520,713 | ||||||
5,354,725 | ||||||||
Metal Products - Distribution — 0.1% |
| |||||||
Lawson Products, Inc.† | 3,552 | 84,183 | ||||||
Olympic Steel, Inc. | 5,163 | 126,235 | ||||||
Worthington Industries, Inc. | 25,375 | 1,428,105 | ||||||
1,638,523 | ||||||||
Metal Products - Fasteners — 0.1% |
| |||||||
TriMas Corp.† | 25,385 | 544,508 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Century Aluminum Co.† | 28,099 | 259,073 | ||||||
Kaiser Aluminum Corp. | 9,974 | 821,758 | ||||||
1,080,831 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Ferroglobe PLC | 36,833 | 420,265 | ||||||
Ferroglobe Representation & Warranty Trust(1)(3)† | 36,833 | 0 | ||||||
420,265 | ||||||||
Metal - Iron — 0.1% |
| |||||||
Cliffs Natural Resources, Inc.†# | 98,998 | 872,172 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
American Railcar Industries, Inc.# | 4,367 | 196,034 | ||||||
FreightCar America, Inc.# | 6,819 | 100,103 | ||||||
Hillenbrand, Inc. | 33,257 | 1,163,995 | ||||||
John Bean Technologies Corp.# | 16,409 | 1,480,092 | ||||||
2,940,224 | ||||||||
Motion Pictures & Services — 0.0% |
| |||||||
Eros International PLC†# | 16,662 | 234,101 | ||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
RadNet, Inc.† | 20,916 | 129,679 | ||||||
Multimedia — 0.4% |
| |||||||
E.W. Scripps Co., Class A†# | 33,537 | 574,153 | ||||||
Entravision Communications Corp., Class A | 36,638 | 241,811 | ||||||
Liberty Braves Group, Series A†# | 5,156 | 103,893 | ||||||
Liberty Braves Group, Series C† | 17,723 | 352,156 | ||||||
Liberty Media Group, Series A†# | 12,889 | 403,297 | ||||||
Liberty Media Group, Series C†# | 26,004 | 810,025 | ||||||
Media General, Inc.†# | 61,443 | 1,128,708 |
Security Description | Shares | Value (Note 2) | ||||||
Multimedia (continued) |
| |||||||
Meredith Corp.# | 21,138 | $ | 1,174,216 | |||||
4,788,259 | ||||||||
Networking Products — 0.5% |
| |||||||
A10 Networks, Inc.† | 24,823 | 203,549 | ||||||
Black Box Corp. | 8,446 | 129,646 | ||||||
Calix, Inc.† | 23,247 | 175,515 | ||||||
Extreme Networks, Inc.† | 58,210 | 246,228 | ||||||
Gigamon, Inc.† | 18,303 | 976,465 | ||||||
Infinera Corp.†# | 79,149 | 672,767 | ||||||
Ixia† | 36,143 | 496,966 | ||||||
LogMeIn, Inc.# | 14,184 | 1,430,456 | ||||||
NeoPhotonics Corp.†# | 17,361 | 224,304 | ||||||
NETGEAR, Inc.† | 18,241 | 979,542 | ||||||
Silicom, Ltd. | 3,164 | 124,440 | ||||||
5,659,878 | ||||||||
Non - Ferrous Metals — 0.0% |
| |||||||
Materion Corp.# | 11,210 | 429,903 | ||||||
Non - Hazardous Waste Disposal — 0.0% |
| |||||||
Casella Waste Systems, Inc., Class A† | 21,774 | 275,659 | ||||||
Office Automation & Equipment — 0.0% |
| |||||||
Eastman Kodak Co.† | 9,594 | 145,349 | ||||||
Office Furnishings-Original — 0.4% |
| |||||||
CompX International, Inc. | 898 | 11,387 | ||||||
Herman Miller, Inc. | 33,729 | 1,096,193 | ||||||
HNI Corp. | 25,533 | 1,347,376 | ||||||
Interface, Inc. | 36,445 | 634,143 | ||||||
Kimball International, Inc., Class B | 20,797 | 311,955 | ||||||
Knoll, Inc. | 27,071 | 717,652 | ||||||
Steelcase, Inc., Class A | 48,489 | 754,004 | ||||||
4,872,710 | ||||||||
Office Supplies & Forms — 0.1% |
| |||||||
ACCO Brands Corp.† | 59,876 | 745,456 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Atwood Oceanics, Inc.# | 34,307 | 324,544 | ||||||
Parker Drilling Co.†# | 68,065 | 146,340 | ||||||
Seadrill, Ltd.†# | 212,967 | 594,178 | ||||||
1,065,062 | ||||||||
Oil Companies - Exploration & Production — 1.3% |
| |||||||
Abraxas Petroleum Corp.†# | 69,550 | 146,055 | ||||||
Bill Barrett Corp.†# | 27,610 | 215,910 | ||||||
California Resources Corp.†# | 17,855 | 310,677 | ||||||
Callon Petroleum Co.† | 68,295 | 1,204,724 | ||||||
Carrizo Oil & Gas, Inc.†# | 31,436 | 1,331,000 | ||||||
Clayton Williams Energy, Inc.†# | 3,358 | 378,447 | ||||||
Cobalt International Energy, Inc.†# | 229,841 | 310,285 | ||||||
Contango Oil & Gas Co.†# | 10,020 | 99,098 | ||||||
Denbury Resources, Inc.† | 198,105 | 748,837 | ||||||
DLB Oil & Gas, Inc.(1)(2) | 3,000 | 0 | ||||||
Earthstone Energy, Inc.†# | 932 | 13,551 | ||||||
Eclipse Resources Corp.† | 27,476 | 81,054 | ||||||
EP Energy Corp., Class A†# | 21,799 | 115,753 | ||||||
Erin Energy Corp.†# | 8,146 | 16,292 | ||||||
Evolution Petroleum Corp. | 13,745 | 116,145 | ||||||
EXCO Resources, Inc.†# | 78,859 | 81,225 | ||||||
Isramco, Inc.†# | 413 | 48,631 | ||||||
Jones Energy, Inc., Class A†# | 17,362 | 79,865 | ||||||
Matador Resources Co.†# | 46,770 | 1,245,953 | ||||||
Northern Oil and Gas, Inc.†# | 26,324 | 59,229 | ||||||
Oasis Petroleum, Inc.† | 100,267 | 1,500,997 | ||||||
Panhandle Oil and Gas, Inc., Class A | 8,634 | 211,533 |
219 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
PDC Energy, Inc.† | 25,970 | $ | 1,933,466 | |||||
Ring Energy, Inc.†# | 20,137 | 257,754 | ||||||
RSP Permian, Inc.† | 44,314 | 1,978,620 | ||||||
Sanchez Energy Corp.†# | 31,477 | 264,722 | ||||||
Synergy Resources Corp.†# | 104,701 | 993,612 | ||||||
Unit Corp.† | 28,506 | 692,696 | ||||||
W&T Offshore, Inc.†# | 20,024 | 33,840 | ||||||
14,469,971 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Exterran Corp.† | 17,843 | 358,644 | ||||||
Flotek Industries, Inc.†# | 29,321 | 394,661 | ||||||
Forum Energy Technologies, Inc.† | 33,821 | 735,607 | ||||||
Natural Gas Services Group, Inc.† | 6,945 | 197,585 | ||||||
Thermon Group Holdings, Inc.† | 18,013 | 346,570 | ||||||
2,033,067 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Adams Resources & Energy, Inc. | 1,181 | 46,697 | ||||||
Alon USA Energy, Inc. | 17,776 | 166,028 | ||||||
CVR Energy, Inc.# | 8,909 | 149,047 | ||||||
Delek US Holdings, Inc. | 34,726 | 698,340 | ||||||
Par Pacific Holdings, Inc.†# | 15,747 | 233,055 | ||||||
Trecora Resources†# | 11,173 | 134,635 | ||||||
Western Refining, Inc.# | 38,261 | 1,372,422 | ||||||
2,800,224 | ||||||||
Oil - Field Services — 0.7% |
| |||||||
Archrock, Inc. | 39,193 | 527,146 | ||||||
Bristow Group, Inc.# | 18,926 | 295,435 | ||||||
CARBO Ceramics, Inc.†# | 10,962 | 90,217 | ||||||
Era Group, Inc.† | 11,011 | 128,939 | ||||||
Helix Energy Solutions Group, Inc.† | 56,716 | 592,682 | ||||||
Independence Contract Drilling, Inc.†# | 16,883 | 95,220 | ||||||
Matrix Service Co.† | 14,975 | 312,229 | ||||||
McDermott International, Inc.†# | 136,166 | 936,822 | ||||||
MRC Global, Inc.† | 52,813 | 1,063,126 | ||||||
Newpark Resources, Inc.†# | 46,712 | 343,333 | ||||||
NOW, Inc.† | 60,280 | 1,298,431 | ||||||
Oil States International, Inc.†# | 28,838 | 1,033,842 | ||||||
PHI, Inc.† | 6,615 | 100,019 | ||||||
Pioneer Energy Services Corp.†# | 35,930 | 179,650 | ||||||
SEACOR Holdings, Inc.†# | 8,980 | 556,670 | ||||||
Tesco Corp.† | 22,037 | 170,787 | ||||||
TETRA Technologies, Inc.† | 44,484 | 241,548 | ||||||
Willbros Group, Inc.† | 24,355 | 63,080 | ||||||
8,029,176 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp.†# | 4,708 | 146,183 | ||||||
Optical Supplies — 0.0% |
| |||||||
STAAR Surgical Co.†# | 22,541 | 244,570 | ||||||
Paper & Related Products — 0.3% |
| |||||||
Clearwater Paper Corp.† | 9,552 | 594,135 | ||||||
Neenah Paper, Inc. | 9,348 | 793,645 | ||||||
Orchids Paper Products Co.# | 5,090 | 126,792 | ||||||
P.H. Glatfelter Co.# | 24,487 | 562,466 | ||||||
Schweitzer-Mauduit International, Inc. | 17,057 | 717,076 | ||||||
2,794,114 | ||||||||
Patient Monitoring Equipment — 0.2% |
| |||||||
Insulet Corp.†# | 32,488 | 1,093,221 | ||||||
Masimo Corp.† | 23,016 | 1,424,000 | ||||||
2,517,221 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Pharmacy Services — 0.0% |
| |||||||
BioScrip, Inc.†# | 38,217 | $ | 43,567 | |||||
Diplomat Pharmacy, Inc.†# | 25,755 | 364,691 | ||||||
408,258 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.2% |
| |||||||
AAC Holdings, Inc.†# | 5,584 | 46,850 | ||||||
HealthSouth Corp. | 49,972 | 2,082,333 | ||||||
U.S. Physical Therapy, Inc. | 6,817 | 436,288 | ||||||
2,565,471 | ||||||||
Physicians Practice Management — 0.0% |
| |||||||
Healthways, Inc.†# | 17,946 | 416,347 | ||||||
Pipelines — 0.1% |
| |||||||
SemGroup Corp., Class A | 24,953 | 899,556 | ||||||
Platinum — 0.1% |
| |||||||
Stillwater Mining Co.†# | 68,866 | 1,035,056 | ||||||
Pollution Control — 0.0% |
| |||||||
CECO Environmental Corp. | 16,485 | 233,922 | ||||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc.# | 11,268 | 908,764 | ||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Advanced Energy Industries, Inc.† | 22,252 | 1,228,533 | ||||||
Energous Corp.†# | 8,347 | 132,300 | ||||||
Generac Holdings, Inc.†# | 36,817 | 1,508,761 | ||||||
Powell Industries, Inc. | 4,899 | 210,853 | ||||||
SPX Corp.† | 23,410 | 571,906 | ||||||
Vicor Corp.† | 9,283 | 135,532 | ||||||
3,787,885 | ||||||||
Precious Metals — 0.1% |
| |||||||
Coeur Mining, Inc.†# | 86,057 | 830,450 | ||||||
Printing-Commercial — 0.3% |
| |||||||
ARC Document Solutions, Inc.† | 23,130 | 103,160 | ||||||
Cimpress NV†# | 14,135 | 1,229,038 | ||||||
Deluxe Corp. | 27,545 | 1,864,796 | ||||||
Ennis, Inc. | 14,412 | 232,754 | ||||||
Quad/Graphics, Inc. | 16,330 | 459,363 | ||||||
3,889,111 | ||||||||
Private Equity — 0.1% |
| |||||||
Fifth Street Asset Management, Inc. | 2,869 | 17,788 | ||||||
Kennedy-Wilson Holdings, Inc. | 46,468 | 992,092 | ||||||
1,009,880 | ||||||||
Protection/Safety — 0.0% |
| |||||||
Landauer, Inc. | 5,379 | 266,260 | ||||||
Publishing-Books — 0.1% |
| |||||||
Houghton Mifflin Harcourt Co.†# | 69,869 | 772,053 | ||||||
Scholastic Corp. | 15,234 | 671,667 | ||||||
1,443,720 | ||||||||
Publishing - Newspapers — 0.2% |
| |||||||
Daily Journal Corp.†# | 626 | 151,323 | ||||||
Gannett Co., Inc. | 66,217 | 631,710 | ||||||
New York Times Co., Class A | 70,103 | 911,339 | ||||||
tronc, Inc.# | 15,021 | 195,574 | ||||||
1,889,946 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Time, Inc. | 57,889 | 937,802 | ||||||
Value Line, Inc.# | 659 | 14,564 | ||||||
952,366 | ||||||||
220 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Racetracks — 0.2% |
| |||||||
Churchill Downs, Inc. | 7,605 | $ | 1,164,326 | |||||
Empire Resorts, Inc.†# | 1,877 | 40,919 | ||||||
International Speedway Corp., Class A | 14,844 | 546,259 | ||||||
Penn National Gaming, Inc.† | 41,982 | 557,521 | ||||||
Speedway Motorsports, Inc. | 6,619 | 135,623 | ||||||
2,444,648 | ||||||||
Radio — 0.0% |
| |||||||
Entercom Communications Corp., Class A# | 14,617 | 222,179 | ||||||
Radio One, Inc., Class D†# | 13,902 | 40,316 | ||||||
Saga Communications, Inc., Class A | 2,059 | 98,420 | ||||||
Salem Media Group, Inc.# | 6,226 | 35,488 | ||||||
Townsquare Media, Inc., Class A† | 4,863 | 42,454 | ||||||
438,857 | ||||||||
Real Estate Investment Trusts — 7.4% |
| |||||||
Acadia Realty Trust# | 39,907 | 1,319,325 | ||||||
AG Mtg. Investment Trust, Inc. | 15,822 | 278,309 | ||||||
Agree Realty Corp.# | 12,816 | 575,310 | ||||||
Alexander’s, Inc. | 1,197 | 511,957 | ||||||
Altisource Residential Corp. | 29,472 | 347,180 | ||||||
American Assets Trust, Inc.# | 22,032 | 882,602 | ||||||
Anworth Mtg. Asset Corp. | 53,922 | 280,394 | ||||||
Apollo Commercial Real Estate Finance, Inc.# | 40,628 | 697,176 | ||||||
Ares Commercial Real Estate Corp. | 15,134 | 204,763 | ||||||
Armada Hoffler Properties, Inc. | 17,524 | 246,212 | ||||||
ARMOUR Residential REIT, Inc.# | 20,698 | 460,324 | ||||||
Ashford Hospitality Prime, Inc. | 14,467 | 185,467 | ||||||
Ashford Hospitality Trust, Inc.# | 44,029 | 309,524 | ||||||
Bluerock Residential Growth REIT, Inc. | 10,572 | 133,630 | ||||||
Capstead Mtg. Corp. | 53,802 | 556,313 | ||||||
CareTrust REIT, Inc. | 32,426 | 458,828 | ||||||
CatchMark Timber Trust, Inc., Class A | 21,873 | 239,291 | ||||||
CBL & Associates Properties, Inc. | 95,084 | 1,127,696 | ||||||
Cedar Realty Trust, Inc.# | 46,492 | 299,873 | ||||||
Chatham Lodging Trust | 21,136 | 404,966 | ||||||
Chesapeake Lodging Trust | 33,482 | 793,858 | ||||||
City Office REIT, Inc. | 10,586 | 132,537 | ||||||
Colony Capital, Inc. Class A# | 63,384 | 1,300,006 | ||||||
Colony Starwood Homes# | 36,625 | 1,118,894 | ||||||
Community Healthcare Trust, Inc.# | 7,100 | 154,638 | ||||||
CorEnergy Infrastructure Trust, Inc. | 6,733 | 220,371 | ||||||
CoreSite Realty Corp.# | 18,886 | 1,332,030 | ||||||
Cousins Properties, Inc. | 190,687 | 1,508,334 | ||||||
CYS Investments, Inc.# | 85,364 | 686,327 | ||||||
DiamondRock Hospitality Co.# | 113,119 | 1,197,930 | ||||||
DuPont Fabros Technology, Inc. | 42,030 | 1,708,940 | ||||||
Dynex Capital, Inc. | 25,269 | 174,609 | ||||||
Easterly Government Properties, Inc.# | 13,424 | 260,426 | ||||||
EastGroup Properties, Inc.# | 17,798 | 1,215,781 | ||||||
Education Realty Trust, Inc.# | 37,451 | 1,520,511 | ||||||
FelCor Lodging Trust, Inc. | 76,805 | 557,604 | ||||||
First Industrial Realty Trust, Inc. | 65,439 | 1,730,862 | ||||||
First Potomac Realty Trust# | 32,665 | 321,097 | ||||||
Four Corners Property Trust, Inc. | 34,035 | 652,791 | ||||||
Franklin Street Properties Corp.# | 54,976 | 690,499 | ||||||
GEO Group, Inc.# | 41,833 | 1,391,366 | ||||||
Getty Realty Corp.# | 14,758 | 354,487 | ||||||
Gladstone Commercial Corp. | 12,584 | 231,420 | ||||||
Global Net Lease, Inc.# | 96,093 | 730,307 | ||||||
Government Properties Income Trust# | 39,497 | 742,149 | ||||||
Gramercy Property Trust# | 238,003 | 2,080,146 | ||||||
Great Ajax Corp.# | 7,295 | 94,543 | ||||||
Healthcare Realty Trust, Inc. | 58,798 | 1,727,485 | ||||||
Hersha Hospitality Trust | 23,323 | 470,425 | ||||||
Hudson Pacific Properties, Inc. | 44,214 | 1,541,742 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Independence Realty Trust, Inc. | 22,722 | $ | 194,273 | |||||
InfraREIT, Inc.† | 22,438 | 384,587 | ||||||
Invesco Mtg. Capital, Inc. | 63,418 | 944,928 | ||||||
Investors Real Estate Trust# | 68,244 | 429,255 | ||||||
iStar, Inc.† | 40,927 | 500,128 | ||||||
Kite Realty Group Trust# | 46,577 | 1,120,177 | ||||||
Ladder Capital Corp., Class A | 21,580 | 309,673 | ||||||
LaSalle Hotel Properties | 60,120 | 1,687,568 | ||||||
Lexington Realty Trust | 129,531 | 1,338,055 | ||||||
LTC Properties, Inc.# | 21,231 | 965,161 | ||||||
Mack-Cali Realty Corp. | 50,293 | 1,360,426 | ||||||
Medical Properties Trust, Inc. | 133,617 | 1,592,715 | ||||||
Monmouth Real Estate Investment Corp. | 35,525 | 498,771 | ||||||
Monogram Residential Trust, Inc. | 94,893 | 999,223 | ||||||
MTGE Investment Corp. | 25,912 | 432,730 | ||||||
National Health Investors, Inc. | 20,993 | 1,485,465 | ||||||
National Storage Affiliates Trust# | 12,969 | 266,902 | ||||||
New Residential Investment Corp. | 125,986 | 1,946,484 | ||||||
New Senior Investment Group, Inc. | 42,997 | 435,990 | ||||||
New York Mortgage Trust, Inc. | 61,975 | 413,993 | ||||||
New York REIT, Inc. | 93,097 | 897,455 | ||||||
NexPoint Residential Trust, Inc. | 10,115 | 198,456 | ||||||
NorthStar Realty Europe Corp.# | 33,587 | 360,389 | ||||||
One Liberty Properties, Inc. | 7,439 | 182,032 | ||||||
Orchid Island Capital, Inc.# | 11,527 | 123,569 | ||||||
Owens Realty Mortgage, Inc. | 5,649 | 102,642 | ||||||
Parkway, Inc.† | 23,835 | 467,166 | ||||||
Pebblebrook Hotel Trust# | 40,286 | 1,158,625 | ||||||
Pennsylvania Real Estate Investment Trust | 38,479 | 737,642 | ||||||
PennyMac Mortgage Investment Trust | 38,387 | 624,940 | ||||||
Physicians Realty Trust | 76,129 | 1,379,457 | ||||||
Potlatch Corp. | 22,888 | 940,125 | ||||||
Preferred Apartment Communities, Inc., Class A# | 12,770 | 173,927 | ||||||
PS Business Parks, Inc. | 11,104 | 1,240,650 | ||||||
QTS Realty Trust, Inc., Class A | 26,376 | 1,234,397 | ||||||
RAIT Financial Trust | 51,708 | 158,744 | ||||||
Ramco-Gershenson Properties Trust | 44,374 | 753,027 | ||||||
Redwood Trust, Inc. | 42,960 | 653,851 | ||||||
Resource Capital Corp.# | 17,058 | 143,970 | ||||||
Retail Opportunity Investments Corp. | 56,047 | 1,156,810 | ||||||
Rexford Industrial Realty, Inc. | 36,954 | 816,314 | ||||||
RLJ Lodging Trust | 68,697 | 1,565,605 | ||||||
Ryman Hospitality Properties, Inc. | 24,478 | 1,441,754 | ||||||
Sabra Health Care REIT, Inc. | 36,389 | 805,289 | ||||||
Saul Centers, Inc. | 5,405 | 343,163 | ||||||
Select Income REIT | 35,726 | 873,143 | ||||||
Seritage Growth Properties, Class A# | 14,060 | 669,818 | ||||||
Silver Bay Realty Trust Corp. | 18,727 | 327,161 | ||||||
STAG Industrial, Inc. | 38,724 | 914,274 | ||||||
Summit Hotel Properties, Inc. | 48,757 | 693,325 | ||||||
Sunstone Hotel Investors, Inc. | 122,468 | 1,780,685 | ||||||
Terreno Realty Corp. | 24,029 | 654,069 | ||||||
Tier REIT, Inc.# | 26,900 | 432,283 | ||||||
UMH Properties, Inc.# | 13,735 | 180,203 | ||||||
Universal Health Realty Income Trust | 6,997 | 414,992 | ||||||
Urban Edge Properties# | 50,566 | 1,369,833 | ||||||
Urstadt Biddle Properties, Inc., Class A# | 14,721 | 333,431 | ||||||
Washington Prime Group, Inc. | 104,675 | 1,048,843 | ||||||
Washington Real Estate Investment Trust | 41,369 | 1,284,921 | ||||||
Western Asset Mortgage Capital Corp.# | 23,057 | 246,479 | ||||||
Whitestone REIT# | 14,741 | 197,677 | ||||||
Xenia Hotels & Resorts, Inc. | 58,271 | 1,019,743 | ||||||
83,568,638 | ||||||||
221 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Management/Services — 0.1% |
| |||||||
Farmland Partners, Inc.# | 6,557 | $ | 72,848 | |||||
Griffin Industrial Realty, Inc. | 400 | 12,580 | ||||||
HFF, Inc., Class A | 20,213 | 586,177 | ||||||
Marcus & Millichap, Inc.† | 8,180 | 224,541 | ||||||
RE/MAX Holdings, Inc., Class A# | 9,997 | 489,853 | ||||||
1,385,999 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
Alexander & Baldwin, Inc. | 26,266 | 1,157,543 | ||||||
BBX Capital Corp., Class A†# | 1,702 | 37,035 | ||||||
Consolidated-Tomoka Land Co.# | 2,300 | 122,751 | ||||||
Forestar Group, Inc.†# | 19,252 | 257,977 | ||||||
FRP Holdings, Inc.† | 3,542 | 134,419 | ||||||
RMR Group, Inc., Class A | 3,899 | 161,808 | ||||||
St. Joe Co.†# | 28,451 | 591,781 | ||||||
Stratus Properties, Inc.†# | 3,505 | 104,274 | ||||||
Trinity Place Holdings, Inc.†# | 10,908 | 109,080 | ||||||
2,676,668 | ||||||||
Recreational Centers — 0.1% |
| |||||||
ClubCorp Holdings, Inc. | 36,254 | 471,302 | ||||||
Planet Fitness, Inc., Class A | 8,848 | 179,349 | ||||||
650,651 | ||||||||
Recreational Vehicles — 0.0% |
| |||||||
Arctic Cat, Inc.# | 7,377 | 112,425 | ||||||
Malibu Boats, Inc., Class A† | 10,168 | 185,058 | ||||||
MCBC Holdings, Inc. | 4,341 | 58,343 | ||||||
355,826 | ||||||||
Recycling — 0.0% |
| |||||||
Aqua Metals, Inc.† | 6,053 | 74,452 | ||||||
Rental Auto/Equipment — 0.2% |
| |||||||
Aaron’s, Inc. | 37,026 | 1,078,197 | ||||||
CAI International, Inc.† | 8,828 | 77,951 | ||||||
McGrath RentCorp | 13,219 | 488,046 | ||||||
Neff Corp.† Class A | 5,360 | 70,484 | ||||||
Rent-A-Center, Inc.# | 29,226 | 337,560 | ||||||
Textainer Group Holdings, Ltd.† | 12,774 | 123,908 | ||||||
2,176,146 | ||||||||
Research & Development — 0.3% |
| |||||||
Albany Molecular Research, Inc.†# | 14,636 | 246,617 | ||||||
INC Research Holdings, Inc., Class A† | 23,322 | 1,154,439 | ||||||
PAREXEL International Corp.†# | 29,579 | 1,745,161 | ||||||
3,146,217 | ||||||||
Resorts/Theme Parks — 0.1% |
| |||||||
Marriott Vacations Worldwide Corp.# | 12,621 | 979,895 | ||||||
SeaWorld Entertainment, Inc.†# | 37,676 | 636,724 | ||||||
1,616,619 | ||||||||
Respiratory Products — 0.1% |
| |||||||
Inogen, Inc.†# | 9,186 | 591,854 | ||||||
Retail - Apparel/Shoe — 1.0% |
| |||||||
Abercrombie & Fitch Co., Class A# | 38,355 | 551,161 | ||||||
American Eagle Outfitters, Inc.# | 93,861 | 1,554,338 | ||||||
Ascena Retail Group, Inc.†# | 97,450 | 588,598 | ||||||
Boot Barn Holdings, Inc.†# | 7,504 | 118,413 | ||||||
Buckle, Inc.# | 16,123 | 407,912 | ||||||
Caleres, Inc. | 24,130 | 790,016 | ||||||
Cato Corp., Class A | 14,386 | 425,826 | ||||||
Chico’s FAS, Inc. | 73,503 | 1,125,331 | ||||||
Children’s Place, Inc.# | 10,549 | 1,095,514 | ||||||
Destination XL Group, Inc.†# | 20,429 | 83,759 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Apparel/Shoe (continued) |
| |||||||
DSW, Inc., Class A# | 37,905 | $ | 900,623 | |||||
Duluth Holdings, Inc.† Class B# | 5,403 | 181,055 | ||||||
Express, Inc.† | 41,887 | 559,610 | ||||||
Finish Line, Inc., Class A# | 23,544 | 528,327 | ||||||
Francesca’s Holdings Corp.† | 22,725 | 363,145 | ||||||
Genesco, Inc.† | 11,570 | 731,224 | ||||||
Guess?, Inc. | 34,455 | 527,851 | ||||||
Shoe Carnival, Inc.# | 8,057 | 210,368 | ||||||
Stein Mart, Inc. | 17,538 | 87,339 | ||||||
Tailored Brands, Inc.# | 27,531 | 516,482 | ||||||
Tilly’s, Inc., Class A† | 6,553 | 64,678 | ||||||
Vera Bradley, Inc.† | 11,419 | 164,662 | ||||||
Winmark Corp. | 1,269 | 145,618 | ||||||
11,721,850 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.† | 11,431 | 128,599 | ||||||
Retail - Automobile — 0.3% |
| |||||||
America’s Car-Mart, Inc.† | 4,444 | 202,424 | ||||||
Asbury Automotive Group, Inc.†# | 11,254 | 661,173 | ||||||
Group 1 Automotive, Inc.# | 11,707 | 849,811 | ||||||
Lithia Motors, Inc., Class A# | 13,378 | 1,229,438 | ||||||
Rush Enterprises, Inc., Class A† | 16,597 | 502,059 | ||||||
Rush Enterprises, Inc., Class B† | 3,710 | 102,508 | ||||||
Sonic Automotive, Inc., Class A# | 15,754 | 333,197 | ||||||
3,880,610 | ||||||||
Retail - Bookstores — 0.1% |
| |||||||
Barnes & Noble Education, Inc.† | 22,567 | 256,587 | ||||||
Barnes & Noble, Inc. | 35,600 | 448,560 | ||||||
705,147 | ||||||||
Retail - Building Products — 0.1% |
| |||||||
BMC Stock Holdings, Inc.† | 31,037 | 585,047 | ||||||
GMS, Inc.† | 4,006 | 100,591 | ||||||
Lumber Liquidators Holdings, Inc.†# | 14,830 | 261,750 | ||||||
Tile Shop Holdings, Inc.†# | 18,347 | 367,857 | ||||||
1,315,245 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 6,393 | 171,588 | ||||||
Retail - Discount — 0.3% |
| |||||||
Big Lots, Inc.# | 28,107 | 1,422,495 | ||||||
Citi Trends, Inc. | 8,106 | 140,720 | ||||||
Fred’s, Inc., Class A# | 19,898 | 198,781 | ||||||
HSN, Inc. | 17,624 | 671,475 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.†# | 11,388 | 342,209 | ||||||
Tuesday Morning Corp.† | 25,281 | 117,557 | ||||||
2,893,237 | ||||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.† | 20,923 | 282,460 | ||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Haverty Furniture Cos., Inc. | 11,066 | 239,026 | ||||||
Kirkland’s, Inc.† | 8,308 | 122,044 | ||||||
Pier 1 Imports, Inc. | 45,604 | 254,926 | ||||||
Restoration Hardware Holdings, Inc.†# | 21,798 | 785,818 | ||||||
1,401,814 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Movado Group, Inc.# | 8,665 | 244,786 | ||||||
222 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Leisure Products — 0.1% |
| |||||||
MarineMax, Inc.†# | 13,921 | $ | 261,715 | |||||
Party City Holdco, Inc.†# | 15,170 | 243,478 | ||||||
West Marine, Inc.† | 10,379 | 99,846 | ||||||
605,039 | ||||||||
Retail - Major Department Stores — 0.0% |
| |||||||
Sears Holdings Corp.†# | 6,340 | 81,659 | ||||||
Sears Hometown and Outlet Stores, Inc.† | 6,337 | 38,022 | ||||||
119,681 | ||||||||
Retail - Misc./Diversified — 0.3% |
| |||||||
Container Store Group, Inc.†# | 8,969 | 51,572 | ||||||
FirstCash, Inc. | 26,804 | 1,230,304 | ||||||
Five Below, Inc.†# | 30,177 | 1,187,767 | ||||||
Gaia, Inc.† | 7,587 | 64,489 | ||||||
PriceSmart, Inc.# | 11,284 | 1,030,229 | ||||||
3,564,361 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
Office Depot, Inc. | 311,702 | 1,517,989 | ||||||
Retail - Pawn Shops — 0.0% |
| |||||||
EZCORP, Inc., Class A† | 28,515 | 332,200 | ||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
Freshpet, Inc.† | 12,581 | 116,374 | ||||||
PetMed Express, Inc. | 11,164 | 243,710 | ||||||
360,084 | ||||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Stage Stores, Inc.# | 14,440 | 62,814 | ||||||
Retail - Restaurants — 1.8% |
| |||||||
Biglari Holdings, Inc.† | 581 | 272,448 | ||||||
BJ’s Restaurants, Inc.† | 13,149 | 487,828 | ||||||
Bloomin’ Brands, Inc. | 64,132 | 1,192,855 | ||||||
Bob Evans Farms, Inc.# | 11,181 | 499,232 | ||||||
Bojangles’, Inc.† | 5,522 | 98,844 | ||||||
Buffalo Wild Wings, Inc.†# | 10,662 | 1,797,613 | ||||||
Carrols Restaurant Group, Inc.† | 19,343 | 263,065 | ||||||
Cheesecake Factory, Inc. | 25,591 | 1,514,219 | ||||||
Chuy’s Holdings, Inc.†# | 9,210 | 288,734 | ||||||
Cracker Barrel Old Country Store, Inc.# | 10,815 | 1,760,033 | ||||||
Dave & Buster’s Entertainment, Inc.†# | 21,350 | 1,000,248 | ||||||
Del Frisco’s Restaurant Group, Inc.† | 13,331 | 229,293 | ||||||
Del Taco Restaurants, Inc.† | 13,028 | 189,167 | ||||||
Denny’s Corp.† | 42,700 | 516,243 | ||||||
DineEquity, Inc. | 9,858 | 823,932 | ||||||
El Pollo Loco Holdings, Inc.†# | 11,421 | 143,905 | ||||||
Fiesta Restaurant Group, Inc.†# | 14,998 | 429,693 | ||||||
Fogo De Chao, Inc.†# | 2,801 | 38,794 | ||||||
Habit Restaurants, Inc.†# | 7,583 | 127,394 | ||||||
J Alexander’s Holdings, Inc.† | 7,514 | 71,383 | ||||||
Jack in the Box, Inc. | 18,393 | 1,913,240 | ||||||
Jamba, Inc.†# | 7,169 | 71,116 | ||||||
Kona Grill, Inc.†# | 4,698 | 57,785 | ||||||
Luby’s, Inc.† | 10,955 | 46,668 | ||||||
Nathan’s Famous, Inc.† | 1,713 | 105,949 | ||||||
Noodles & Co.†# | 6,220 | 26,124 | ||||||
Papa John’s International, Inc.# | 15,312 | 1,352,968 | ||||||
Popeyes Louisiana Kitchen, Inc.† | 12,199 | 730,476 | ||||||
Potbelly Corp.†# | 13,419 | 183,169 | ||||||
Red Robin Gourmet Burgers, Inc.† | 7,697 | 396,011 | ||||||
Ruby Tuesday, Inc.† | 33,464 | 101,061 | ||||||
Ruth’s Hospitality Group, Inc. | 17,936 | 304,912 | ||||||
Shake Shack, Inc.†# | 8,845 | 326,204 | ||||||
Sonic Corp. | 26,505 | 691,781 | ||||||
Texas Roadhouse, Inc. | 37,327 | 1,750,263 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Restaurants (continued) |
| |||||||
Wingstop, Inc.# | 8,863 | $ | 272,005 | |||||
Zoe’s Kitchen, Inc.†# | 10,758 | 265,292 | ||||||
20,339,947 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Big 5 Sporting Goods Corp. | 9,999 | 193,481 | ||||||
Hibbett Sports, Inc.†# | 12,868 | 517,937 | ||||||
Sportsman’s Warehouse Holdings, Inc.†# | 14,536 | 130,824 | ||||||
Zumiez, Inc.†# | 10,157 | 251,893 | ||||||
1,094,135 | ||||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.†# | 7,636 | 109,577 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.1% |
| |||||||
GNC Holdings, Inc., Class A# | 38,661 | 558,651 | ||||||
Vitamin Shoppe, Inc.†# | 13,610 | 338,209 | ||||||
896,860 | ||||||||
Retirement/Aged Care — 0.0% |
| |||||||
Capital Senior Living Corp.†# | 15,844 | 246,850 | ||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co. | 31,193 | 1,194,692 | ||||||
Rubber/Plastic Products — 0.2% |
| |||||||
Myers Industries, Inc. | 12,220 | 172,913 | ||||||
Proto Labs, Inc.†# | 13,892 | 723,773 | ||||||
Trinseo SA | 16,189 | 947,866 | ||||||
1,844,552 | ||||||||
Satellite Telecom — 0.2% |
| |||||||
DigitalGlobe, Inc.† | 35,571 | 1,143,607 | ||||||
Globalstar, Inc.†# | 210,105 | 165,983 | ||||||
Intelsat SA†# | 16,414 | 67,626 | ||||||
Iridium Communications, Inc.†# | 46,454 | 408,795 | ||||||
Loral Space & Communications, Inc.†# | 7,252 | 285,729 | ||||||
2,071,740 | ||||||||
Savings & Loans/Thrifts — 1.9% |
| |||||||
Astoria Financial Corp. | 51,862 | 847,944 | ||||||
Banc of California, Inc.# | 27,487 | 415,054 | ||||||
Bank Mutual Corp. | 22,988 | 205,743 | ||||||
BankFinancial Corp. | 8,552 | 120,583 | ||||||
Bear State Financial, Inc. | 10,110 | 100,089 | ||||||
Beneficial Bancorp, Inc. | 39,544 | 688,066 | ||||||
Berkshire Hills Bancorp, Inc. | 17,332 | 588,421 | ||||||
BofI Holding, Inc.†# | 33,777 | 798,151 | ||||||
Brookline Bancorp, Inc.# | 38,992 | 580,981 | ||||||
BSB Bancorp, Inc.† | 4,545 | 121,124 | ||||||
Capitol Federal Financial, Inc. | 71,830 | 1,142,815 | ||||||
Charter Financial Corp. | 7,669 | 109,743 | ||||||
Clifton Bancorp, Inc.# | 12,332 | 201,382 | ||||||
Dime Community Bancshares, Inc. | 17,610 | 329,307 | ||||||
ESSA Bancorp, Inc.# | 4,598 | 68,096 | ||||||
EverBank Financial Corp. | 58,011 | 1,119,612 | ||||||
First Defiance Financial Corp. | 4,960 | 229,598 | ||||||
First Financial Northwest, Inc. | 5,118 | 86,801 | ||||||
Flagstar Bancorp, Inc.† | 11,786 | 332,129 | ||||||
Flushing Financial Corp. | 15,647 | 409,638 | ||||||
Greene County Bancorp, Inc.# | 1,701 | 36,997 | ||||||
Hingham Institution for Savings# | 754 | 126,310 | ||||||
Home Bancorp, Inc. | 3,240 | 109,188 | ||||||
HomeStreet, Inc.† | 13,310 | 386,656 | ||||||
HomeTrust Bancshares, Inc.† | 9,319 | 220,860 | ||||||
Investors Bancorp, Inc.# | 167,615 | 2,269,507 | ||||||
Lake Sunapee Bank Group | 4,413 | 96,203 | ||||||
Meridian Bancorp, Inc. | 27,171 | 482,285 | ||||||
Meta Financial Group, Inc.# | 4,637 | 421,735 |
223 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Savings & Loans/Thrifts (continued) |
| |||||||
MutualFirst Financial, Inc. | 3,065 | $ | 91,184 | |||||
Northfield Bancorp, Inc.# | 23,707 | 439,291 | ||||||
Northwest Bancshares, Inc.# | 54,120 | 983,360 | ||||||
OceanFirst Financial Corp. | 11,545 | 273,847 | ||||||
Oritani Financial Corp. | 21,732 | 383,570 | ||||||
Pacific Premier Bancorp, Inc.† | 15,321 | 491,038 | ||||||
Provident Financial Holdings, Inc. | 3,716 | 73,242 | ||||||
Provident Financial Services, Inc.# | 34,402 | 926,790 | ||||||
SI Financial Group, Inc. | 6,267 | 87,738 | ||||||
Southern Missouri Bancorp, Inc. | 3,292 | 95,139 | ||||||
Sterling Bancorp# | 71,406 | 1,624,487 | ||||||
Territorial Bancorp, Inc. | 4,263 | 134,157 | ||||||
United Community Financial Corp. | 26,198 | 214,300 | ||||||
United Financial Bancorp, Inc. | 28,245 | 476,776 | ||||||
Washington Federal, Inc. | 51,219 | 1,662,057 | ||||||
Waterstone Financial, Inc. | 14,331 | 256,525 | ||||||
WSFS Financial Corp. | 16,131 | 687,987 | ||||||
21,546,506 | ||||||||
Schools — 0.6% |
| |||||||
American Public Education, Inc.†# | 8,723 | 201,501 | ||||||
Apollo Education Group, Inc.† | 48,103 | 453,611 | ||||||
Bridgepoint Education, Inc.† | 10,052 | 102,128 | ||||||
Bright Horizons Family Solutions, Inc.† | 24,740 | 1,702,607 | ||||||
Cambium Learning Group, Inc.† | 7,556 | 37,629 | ||||||
Capella Education Co. | 6,371 | 555,870 | ||||||
Career Education Corp.† | 37,650 | 376,123 | ||||||
DeVry Education Group, Inc.# | 35,236 | 1,051,795 | ||||||
Grand Canyon Education, Inc.† | 25,327 | 1,446,172 | ||||||
K12, Inc.† | 19,039 | 279,492 | ||||||
Strayer Education, Inc.† | 5,938 | 434,840 | ||||||
6,641,768 | ||||||||
Security Services — 0.2% |
| |||||||
Alarm.com Holdings, Inc.†# | 5,809 | 172,063 | ||||||
Ascent Capital Group, Inc., Class A† | 5,747 | 103,848 | ||||||
Brink’s Co. | 25,377 | 1,025,231 | ||||||
LifeLock, Inc.† | 47,613 | 1,133,665 | ||||||
2,434,807 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Dawson Geophysical Co.† | 11,361 | 89,184 | ||||||
Geospace Technologies Corp.†# | 7,343 | 155,451 | ||||||
244,635 | ||||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Cirrus Logic, Inc.† | 35,304 | 1,941,720 | ||||||
Exar Corp.† | 22,994 | 229,710 | ||||||
Integrated Device Technology, Inc.† | 75,925 | 1,776,645 | ||||||
MaxLinear, Inc., Class A† | 31,456 | 642,646 | ||||||
Power Integrations, Inc.# | 15,447 | 1,039,583 | ||||||
Sigma Designs, Inc.† | 20,191 | 151,433 | ||||||
5,781,737 | ||||||||
Semiconductor Equipment — 0.7% |
| |||||||
Axcelis Technologies, Inc.† | 16,414 | 224,051 | ||||||
Brooks Automation, Inc. | 38,266 | 623,736 | ||||||
Cabot Microelectronics Corp. | 13,269 | 790,567 | ||||||
Cohu, Inc. | 14,858 | 184,982 | ||||||
Entegris, Inc.† | 79,670 | 1,430,077 | ||||||
FormFactor, Inc.†# | 38,715 | 433,608 | ||||||
MKS Instruments, Inc. | 29,988 | 1,725,809 | ||||||
Nanometrics, Inc.† | 13,328 | 318,672 | ||||||
Photronics, Inc.† | 36,767 | 367,670 | ||||||
Rudolph Technologies, Inc.†# | 16,868 | 330,613 | ||||||
Ultra Clean Holdings, Inc.† | 18,075 | 181,473 | ||||||
Ultratech, Inc.† | 12,175 | 279,051 | ||||||
Veeco Instruments, Inc.†# | 22,395 | 596,827 |
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Equipment (continued) |
| |||||||
Xcerra Corp.† | 29,805 | $ | 188,964 | |||||
7,676,100 | ||||||||
Silver Mining — 0.1% |
| |||||||
Hecla Mining Co. | 214,984 | 1,307,103 | ||||||
Specified Purpose Acquisitions — 0.0% |
| |||||||
Wins Finance Holdings, Inc.†# | 794 | 121,133 | ||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Advanced Drainage Systems, Inc.# | 19,559 | 397,048 | ||||||
Mueller Water Products, Inc., Class A | 87,805 | 1,161,660 | ||||||
Omega Flex, Inc. | 1,644 | 73,536 | ||||||
TimkenSteel Corp.†# | 22,214 | 350,981 | ||||||
1,983,225 | ||||||||
Steel - Producers — 0.4% |
| |||||||
AK Steel Holding Corp.†# | 133,612 | 1,219,878 | ||||||
ALJ Regional Holdings, Inc.†# | 10,424 | 45,553 | ||||||
Carpenter Technology Corp.# | 26,050 | 931,808 | ||||||
Commercial Metals Co. | 64,718 | 1,424,443 | ||||||
Ryerson Holding Corp.† | 6,140 | 87,802 | ||||||
Schnitzer Steel Industries, Inc., Class A# | 14,701 | 410,158 | ||||||
4,119,642 | ||||||||
Steel - Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc.# | 61,155 | 1,072,659 | ||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc.# | 24,952 | 766,026 | ||||||
Wesco Aircraft Holdings, Inc.† | 31,344 | 462,324 | ||||||
1,228,350 | ||||||||
Superconductor Product & Systems — 0.0% |
| |||||||
American Superconductor Corp.†# | 6,607 | 51,138 | ||||||
SupraNational Banks — 0.0% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E# | 17,046 | 485,470 | ||||||
Telecom Equipment - Fiber Optics — 0.5% |
| |||||||
Acacia Communications, Inc.†# | 2,949 | 204,248 | ||||||
Ciena Corp.† | 77,363 | 1,659,436 | ||||||
Clearfield, Inc.†# | 6,452 | 123,879 | ||||||
Finisar Corp.† | 60,571 | 2,012,774 | ||||||
Harmonic, Inc.†# | 43,071 | 200,280 | ||||||
KVH Industries, Inc.†# | 8,503 | 92,683 | ||||||
Oclaro, Inc.† | 55,583 | 496,912 | ||||||
Viavi Solutions, Inc.† | 132,151 | 1,037,385 | ||||||
5,827,597 | ||||||||
Telecom Services — 0.5% |
| |||||||
Consolidated Communications Holdings, Inc.# | 27,984 | 799,783 | ||||||
EarthLink Holdings Corp. | 59,187 | 312,507 | ||||||
FairPoint Communications, Inc.†# | 11,956 | 199,067 | ||||||
GTT Communications, Inc.†# | 14,854 | 377,292 | ||||||
Hawaiian Telcom Holdco, Inc.† | 3,393 | 77,496 | ||||||
HC2 Holdings, Inc.† | 18,802 | 89,497 | ||||||
Inteliquent, Inc. | 18,364 | 415,761 | ||||||
Lumos Networks Corp.† | 10,655 | 154,924 | ||||||
NeuStar, Inc., Class A†# | 30,501 | 739,649 | ||||||
ORBCOMM, Inc.†# | 36,407 | 306,183 | ||||||
RigNet, Inc.†# | 7,119 | 122,803 | ||||||
Spok Holdings, Inc. | 11,540 | 210,028 | ||||||
Straight Path Communications, Inc., Class B†# | 5,392 | 129,246 | ||||||
Vonage Holdings Corp.† | 107,630 | 709,282 | ||||||
West Corp. | 24,338 | 580,705 | ||||||
5,224,223 | ||||||||
224 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Telecommunication Equipment — 0.2% |
| |||||||
ADTRAN, Inc. | 27,683 | $ | 563,349 | |||||
Comtech Telecommunications Corp.# | 8,813 | 101,350 | ||||||
Numerex Corp., Class A†# | 7,790 | 62,398 | ||||||
Plantronics, Inc. | 18,694 | 968,723 | ||||||
Preformed Line Products Co. | 1,412 | 78,987 | ||||||
ShoreTel, Inc.† | 37,895 | 265,265 | ||||||
Sonus Networks, Inc.† | 26,870 | 162,026 | ||||||
2,202,098 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Cincinnati Bell, Inc.† | 23,700 | 488,220 | ||||||
General Communication, Inc., Class A† | 16,304 | 274,885 | ||||||
IDT Corp., Class B | 9,774 | 206,916 | ||||||
Shenandoah Telecommunications Co.# | 26,057 | 730,899 | ||||||
Windstream Holdings, Inc.# | 54,084 | 400,762 | ||||||
2,101,682 | ||||||||
Television — 0.2% |
| |||||||
Central European Media Enterprises, Ltd., Class A†# | 43,066 | 114,125 | ||||||
Gray Television, Inc.†# | 36,118 | 364,792 | ||||||
Sinclair Broadcast Group, Inc., Class A# | 37,254 | 1,212,617 | ||||||
1,691,534 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Perry Ellis International, Inc.† | 7,075 | 180,554 | ||||||
Unifi, Inc.† | 8,819 | 274,447 | ||||||
455,001 | ||||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 6,063 | 204,626 | ||||||
Theaters — 0.1% |
| |||||||
AMC Entertainment Holdings, Inc., Class A# | 12,190 | 413,850 | ||||||
Carmike Cinemas, Inc.† | 13,567 | 458,565 | ||||||
National CineMedia, Inc. | 34,661 | 531,700 | ||||||
Reading International, Inc., Class A† | 9,474 | 148,836 | ||||||
1,552,951 | ||||||||
Therapeutics — 0.4% |
| |||||||
Akebia Therapeutics, Inc.†# | 20,234 | 174,215 | ||||||
Anika Therapeutics, Inc.† | 7,937 | 370,340 | ||||||
Axovant Sciences, Ltd.†# | 13,764 | 186,227 | ||||||
Axsome Therapeutics, Inc.†# | 6,261 | 41,010 | ||||||
Bio-Path Holdings, Inc.†# | 46,767 | 57,523 | ||||||
Cara Therapeutics, Inc.†# | 11,831 | 106,479 | ||||||
Concert Pharmaceuticals, Inc.† | 9,284 | 83,927 | ||||||
Dyax Corp. CVR†(1)(2) | 82,437 | 201,971 | ||||||
Egalet Corp.†# | 12,474 | 83,950 | ||||||
Flexion Therapeutics, Inc.†# | 10,424 | 171,996 | ||||||
La Jolla Pharmaceutical Co.† | 7,839 | 141,886 | ||||||
MannKind Corp.†# | 182,623 | 85,924 | ||||||
Mirati Therapeutics, Inc.† | 7,149 | 38,247 | ||||||
Osiris Therapeutics, Inc.†# | 11,195 | 66,610 | ||||||
Portola Pharmaceuticals, Inc.†# | 27,740 | 499,043 | ||||||
Proteostasis Therapeutics, Inc.†# | 3,567 | 37,560 | ||||||
Sarepta Therapeutics, Inc.†# | 24,066 | 824,501 | ||||||
Seres Therapeutics, Inc.†# | 10,039 | 100,290 | ||||||
Vital Therapies, Inc.†# | 13,336 | 68,014 | ||||||
Voyager Therapeutics, Inc.†# | 6,610 | 82,361 | ||||||
Xencor, Inc.† | 18,111 | 462,917 | ||||||
Zafgen, Inc.†# | 12,871 | 43,504 | ||||||
3,928,495 | ||||||||
Tobacco — 0.2% |
| |||||||
Alliance One International, Inc.†# | 4,696 | 69,501 | ||||||
Turning Point Brands, Inc.† | 3,355 | 48,714 |
Security Description | Shares | Value (Note 2) | ||||||
Tobacco (continued) |
| |||||||
Universal Corp.# | 12,495 | $ | 687,850 | |||||
Vector Group, Ltd.# | 52,279 | 1,116,157 | ||||||
1,922,222 | ||||||||
Toys — 0.0% |
| |||||||
JAKKS Pacific, Inc.†# | 8,624 | 60,799 | ||||||
Transactional Software — 0.3% |
| |||||||
ACI Worldwide, Inc.† | 64,989 | 1,209,445 | ||||||
Bottomline Technologies de, Inc.† | 22,631 | 567,133 | ||||||
InnerWorkings, Inc.† | 21,642 | 200,189 | ||||||
Synchronoss Technologies, Inc.†# | 23,257 | 1,127,499 | ||||||
3,104,266 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 29,214 | 473,267 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 13,813 | 682,362 | ||||||
1,155,629 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp.# | 23,041 | 1,258,960 | ||||||
Greenbrier Cos., Inc.# | 15,277 | 592,748 | ||||||
Willis Lease Finance Corp.† | 2,401 | 64,323 | ||||||
1,916,031 | ||||||||
Transport - Marine — 0.4% |
| |||||||
Ardmore Shipping Corp.# | 12,290 | 83,572 | ||||||
Costamare, Inc. | 14,903 | 85,841 | ||||||
DHT Holdings, Inc.# | 51,699 | 183,531 | ||||||
Dorian LPG, Ltd.†# | 13,647 | 95,256 | ||||||
Frontline, Ltd.# | 36,591 | 257,235 | ||||||
GasLog, Ltd.# | 23,041 | 361,744 | ||||||
Gener8 Maritime, Inc.†# | 22,109 | 89,762 | ||||||
Golar LNG, Ltd.# | 50,100 | 1,222,440 | ||||||
Hornbeck Offshore Services, Inc.†# | 18,320 | 93,615 | ||||||
Navios Maritime Acquisition Corp.# | 45,431 | 72,690 | ||||||
Nordic American Tankers, Ltd.# | 48,908 | 419,631 | ||||||
Overseas Shipholding Group, Inc., Class A | 20,362 | 157,398 | ||||||
Scorpio Bulkers, Inc.†# | 21,503 | 111,816 | ||||||
Scorpio Tankers, Inc.# | 92,073 | 389,469 | ||||||
Ship Finance International, Ltd.# | 33,758 | 486,115 | ||||||
Teekay Corp. | 24,748 | 195,262 | ||||||
Teekay Tankers, Ltd., Class A# | 65,618 | 152,234 | ||||||
Tidewater, Inc.# | 26,656 | 61,042 | ||||||
4,518,653 | ||||||||
Transport - Services — 0.2% |
| |||||||
Echo Global Logistics, Inc.†# | 16,185 | 406,244 | ||||||
Hub Group, Inc., Class A† | 18,884 | 809,179 | ||||||
Matson, Inc. | 24,368 | 916,480 | ||||||
Radiant Logistics, Inc.† | 21,264 | 77,401 | ||||||
2,209,304 | ||||||||
Transport - Truck — 0.8% |
| |||||||
ArcBest Corp. | 13,862 | 422,098 | ||||||
Celadon Group, Inc.# | 15,350 | 123,568 | ||||||
Covenant Transportation Group, Inc., Class A† | 6,681 | 138,497 | ||||||
Forward Air Corp. | 16,772 | 811,429 | ||||||
Heartland Express, Inc.# | 25,944 | 558,055 | ||||||
Knight Transportation, Inc.# | 37,714 | 1,319,990 | ||||||
Marten Transport, Ltd. | 12,943 | 315,162 | ||||||
P.A.M. Transportation Services, Inc.† | 1,328 | 32,921 | ||||||
Roadrunner Transportation Systems, Inc.† | 17,230 | 172,817 | ||||||
Saia, Inc.† | 14,193 | 592,558 | ||||||
Swift Transportation Co.†# | 42,078 | 1,050,688 | ||||||
Universal Logistics Holdings, Inc. | 4,696 | 66,683 | ||||||
USA Truck, Inc.† | 5,036 | 45,374 | ||||||
Werner Enterprises, Inc. | 25,167 | 680,767 |
225 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Transport - Truck (continued) |
| |||||||
XPO Logistics, Inc.†# | 55,167 | $ | 2,456,587 | |||||
YRC Worldwide, Inc.† | 18,332 | 232,450 | ||||||
9,019,644 | ||||||||
Travel Services — 0.1% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A† | 40,894 | 656,349 | ||||||
Venture Capital — 0.0% |
| |||||||
Safeguard Scientifics, Inc.† | 11,336 | 133,198 | ||||||
Veterinary Diagnostics — 0.2% |
| |||||||
Heska Corp.† | 3,435 | 227,088 | ||||||
Neogen Corp.† | 20,518 | 1,298,379 | ||||||
Phibro Animal Health Corp., Class A | 10,555 | 289,735 | ||||||
1,815,202 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Lifevantage Corp.† | 7,739 | 62,609 | ||||||
Natural Grocers by Vitamin Cottage, Inc.†# | 5,123 | 54,304 | ||||||
Natural Health Trends Corp.# | 4,179 | 105,687 | ||||||
Nature’s Sunshine Products, Inc.# | 4,798 | 72,450 | ||||||
Nutraceutical International Corp.† | 4,646 | 149,833 | ||||||
Omega Protein Corp.† | 12,318 | 295,016 | ||||||
Synutra International, Inc.† | 11,875 | 61,156 | ||||||
USANA Health Sciences, Inc.†# | 5,850 | 356,557 | ||||||
1,157,612 | ||||||||
Water — 0.3% |
| |||||||
American States Water Co.# | 20,580 | 872,592 | ||||||
Artesian Resources Corp., Class A | 4,365 | 137,585 | ||||||
California Water Service Group# | 27,069 | 935,234 | ||||||
Connecticut Water Service, Inc.# | 6,102 | 332,681 | ||||||
Consolidated Water Co., Ltd. | 8,188 | 89,659 | ||||||
Global Water Resources, Inc.# | 4,635 | 39,166 | ||||||
Middlesex Water Co.# | 8,937 | 364,093 | ||||||
SJW Corp. | 9,197 | 493,603 | ||||||
York Water Co.# | 7,245 | 263,718 | ||||||
3,528,331 | ||||||||
Water Treatment Systems — 0.0% |
| |||||||
Energy Recovery, Inc.†# | 19,392 | 211,179 | ||||||
Web Hosting/Design — 0.2% |
| |||||||
Endurance International Group Holdings, Inc.†# | 33,795 | 268,670 | ||||||
NIC, Inc. | 35,763 | 897,651 | ||||||
Q2 Holdings, Inc.†# | 14,399 | 424,771 | ||||||
Rightside Group, Ltd.† | 6,547 | 51,394 | ||||||
Web.com Group, Inc.† | 23,943 | 381,891 | ||||||
2,024,377 | ||||||||
Web Portals/ISP — 0.0% |
| |||||||
Blucora, Inc.†# | 22,083 | 312,474 | ||||||
MeetMe, Inc.†# | 23,245 | 112,041 | ||||||
424,515 | ||||||||
Wire & Cable Products — 0.3% |
| |||||||
Belden, Inc. | 23,620 | 1,745,518 | ||||||
Encore Wire Corp. | 11,388 | 483,990 | ||||||
General Cable Corp.# | 27,316 | 512,175 | ||||||
Insteel Industries, Inc. | 9,870 | 390,556 | ||||||
3,132,239 | ||||||||
Wireless Equipment — 0.4% |
| |||||||
Aerohive Networks, Inc.† | 13,493 | 74,347 | ||||||
CalAmp Corp.†# | 20,164 | 293,185 | ||||||
Gogo, Inc.†# | 31,693 | 297,597 | ||||||
InterDigital, Inc. | 19,517 | 1,545,746 | ||||||
Telenav, Inc.† | 18,351 | 110,106 | ||||||
Ubiquiti Networks, Inc.†# | 14,616 | 817,911 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Wireless Equipment (continued) |
| |||||||
ViaSat, Inc.†# | 25,043 | $ | 1,785,065 | |||||
4,923,957 | ||||||||
X-Ray Equipment — 0.0% |
| |||||||
ViewRay, Inc.† | 3,738 | 12,298 | ||||||
Total Common Stocks | ||||||||
(cost $749,985,115) | 1,022,039,032 | |||||||
RIGHTS 0.0% |
| |||||||
E-Commerce/Products — 0.0% |
| |||||||
Overstocks.com, Inc.† | 744 | 0 | ||||||
WARRANTS — 0.0% |
| |||||||
Finance other services — 0.0% |
| |||||||
Emergent Capital, Inc.† | 1,320 | 0 | ||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Asterias Biotherapeutics, Inc.†# | 1,196 | 568 | ||||||
Total Warrants | ||||||||
(cost $682) | 568 | |||||||
Total Long - Term Investment Securities | ||||||||
(cost $749,985,797) | 1,022,039,600 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 15.6% |
| |||||||
Registered Investment Companies — 8.5% |
| |||||||
State Street Navigator Securities Lending Prime Portfolio 0.26%(4)(5) | 96,254,194 | 96,254,194 | ||||||
U.S. Government Treasuries — 7.1% |
| |||||||
United States Treasury Bills | ||||||||
0.11% due 12/15/2016(3) | $ | 250,000 | 249,986 | |||||
0.16% due 12/15/2016(3) | 4,500,000 | 4,499,744 | ||||||
0.23% due 12/01/2016 | 75,000,000 | 75,000,000 | ||||||
0.25% due 12/15/2016(3) | 300,000 | 299,983 | ||||||
80,049,712 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $176,303,875) | 176,303,906 | |||||||
REPURCHASE AGREEMENTS — 2.5% |
| |||||||
State Street Bank and Trust Co. Joint Repurchase Agreement(6) | 27,624,000 | 27,624,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $953,913,672)(7) | 108.5 | % | 1,225,967,506 | |||||
Liabilities in excess of other assets | (8.5 | ) | (95,868,191 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,130,099,315 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(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, 2016, the aggregate value of these securities was $272,949 representing 0.0% of net assets. |
(3) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(4) | At November 30, 2016, the Fund had loaned securities with a total value of $248,114,804. This was secured by collateral of $96,254,194, which was received in cash and subsequently invested in short-term investments currently valued at $96,254,194 as reported in the Portfolio of Investments. Additional collateral of $159,402,153 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. |
226 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (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, 2016 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 11/01/2027 to 06/15/2044 | $ | 71,809 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 11/01/2027 to 02/25/2044 | 129,990 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 01/20/2043 to 11/20/2046 | 217,373 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | 27,550,244 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2016 to 05/15/2046 | 131,432,737 |
(5) | The rate shown is the 7-day yield as of November 30, 2016. |
(6) | See Note 2 for details of Joint Repurchase Agreements. |
(7) | See Note 5 for cost of investments on a tax basis. |
CVR—Contingent Value Rights
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
815 | Long | Russelll 2000 Mini Index | December 2016 | $ | 99,094,340 | $ | 107,767,450 | $ | 8,673,110 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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: | ||||||||||||||||
Cellular Telecom | $ | 480,778 | $ | — | $ | 0 | $ | 480,778 | ||||||||
Medical-Biomedical/Gene | 35,508,564 | — | 70,978 | 35,579,542 | ||||||||||||
Medical-Drugs | 20,251,851 | — | 0 | 20,251,851 | ||||||||||||
Metal-Diversified | 420,265 | — | 0 | 420,265 | ||||||||||||
Oil Companies - Exploration & Production | 14,469,971 | — | 0 | 14,469,971 | ||||||||||||
Therapeutics | 3,726,524 | — | 201,971 | 3,928,495 | ||||||||||||
Other Industries | 946,908,130 | — | — | 946,908,130 | ||||||||||||
Warrants | 568 | — | — | 568 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 96,254,194 | — | — | 96,254,194 | ||||||||||||
U.S. Government Treasuries | — | 80,049,712 | — | 80,049,712 | ||||||||||||
Repurchase Agreements | — | 27,624,000 | — | 27,624,000 | ||||||||||||
Total Investments at Value | $ | 1,118,020,845 | $ | 107,673,712 | $ | 272,949 | $ | 1,225,967,506 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 8,673,110 | $ | — | $ | — | $ | 8,673,110 | ||||||||
* | 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
227 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
| ||||
Banks — Commercial | 8.2 | % | ||
Time Deposits | 7.7 | |||
Registered Investment Companies | 5.0 | |||
Oil Companies — Exploration & Production | 4.1 | |||
Retail — Restaurants | 3.9 | |||
Chemicals — Specialty | 3.7 | |||
Real Estate Investment Trusts | 2.9 | |||
Insurance — Reinsurance | 2.9 | |||
Printing — Commercial | 2.7 | |||
Computer Services | 2.5 | |||
Electronic Components — Misc. | 2.5 | |||
Electronic Measurement Instruments | 2.3 | |||
Consumer Products — Misc. | 2.3 | |||
Metal Processors & Fabrication | 2.3 | |||
Insurance — Property/Casualty | 2.3 | |||
Investment Management/Advisor Services | 2.1 | |||
Building Products — Cement | 2.1 | |||
Food — Misc./Diversified | 2.0 | |||
Paper & Related Products | 2.0 | |||
Medical Imaging Systems | 1.9 | |||
Electric Products — Misc. | 1.9 | |||
Machinery — General Industrial | 1.8 | |||
Building & Construction Products — Misc. | 1.6 | |||
Machinery — Electrical | 1.6 | |||
Retail — Apparel/Shoe | 1.6 | |||
Human Resources | 1.5 | |||
Auto/Truck Parts & Equipment — Replacement | 1.5 | |||
Chemicals — Diversified | 1.5 | |||
Food — Canned | 1.4 | |||
Containers — Metal/Glass | 1.3 | |||
Insurance Brokers | 1.2 | |||
Electric — Integrated | 1.2 | |||
Disposable Medical Products | 1.2 | |||
Oil & Gas Drilling | 1.2 | |||
Batteries/Battery Systems | 1.1 | |||
Oil — Field Services | 1.1 | |||
Investment Companies | 1.0 | |||
Dental Supplies & Equipment | 1.0 | |||
Diversified Operations/Commercial Services | 0.9 | |||
Miscellaneous Manufacturing | 0.9 | |||
Medical — Biomedical/Gene | 0.9 | |||
Medical Products | 0.9 | |||
Publishing — Newspapers | 0.8 | |||
Office Supplies & Forms | 0.8 | |||
Networking Products | 0.7 | |||
Chemicals — Plastics | 0.6 | |||
Computers — Integrated Systems | 0.6 | |||
Applications Software | 0.6 | |||
Medical — Wholesale Drug Distribution | 0.6 | |||
Quarrying | 0.6 | |||
Identification Systems | 0.5 | |||
Beverages — Non-alcoholic | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Funeral Services & Related Items | 0.5 | |||
Food — Retail | 0.5 | |||
Research & Development | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Electronic Components — Semiconductors | 0.4 | |||
E-Marketing/Info | 0.4 | |||
Transactional Software | 0.3 | |||
Publishing — Periodicals | 0.3 | |||
Medical Instruments | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Computers — Memory Devices | 0.2 | |||
Retail — Office Supplies | 0.2 |
Textile — Products | 0.1 | |||
Telecom Services | 0.1 | |||
105.0 | % | |||
* | Calculated as a percentage of net assets |
228 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 92.3% | ||||||||
Apparel Manufacturers — 0.5% | ||||||||
Delta Apparel, Inc.† | 68,667 | $ | 1,401,493 | |||||
Applications Software — 0.6% | ||||||||
Progress Software Corp. | 55,270 | 1,634,334 | ||||||
Auto/Truck Parts & Equipment - Replacement — 1.5% | ||||||||
Douglas Dynamics, Inc. | 129,235 | 4,129,058 | ||||||
Banks - Commercial — 8.2% | ||||||||
Associated Banc-Corp. | 154,110 | 3,521,413 | ||||||
First Citizens BancShares, Inc., Class A | 20,224 | 7,207,227 | ||||||
Hancock Holding Co. | 85,394 | 3,548,121 | ||||||
TCF Financial Corp. | 197,121 | 3,420,049 | ||||||
UMB Financial Corp. | 66,782 | 5,076,768 | ||||||
22,773,578 | ||||||||
Batteries/Battery Systems — 1.1% | ||||||||
Energizer Holdings, Inc. | 27,828 | 1,248,642 | ||||||
EnerSys | 23,313 | 1,855,249 | ||||||
3,103,891 | ||||||||
Beverages - Non-alcoholic — 0.5% | ||||||||
Cott Corp. | 126,318 | 1,433,709 | ||||||
Building & Construction Products - Misc. — 1.6% | ||||||||
Simpson Manufacturing Co., Inc. | 94,414 | 4,450,676 | ||||||
Building Products - Cement — 2.1% | ||||||||
Eagle Materials, Inc. | 60,031 | 5,835,013 | ||||||
Chemicals - Diversified — 1.5% | ||||||||
Innospec, Inc. | 62,277 | 4,091,599 | ||||||
Chemicals - Plastics — 0.6% | ||||||||
A. Schulman, Inc.# | 54,548 | 1,816,448 | ||||||
Chemicals - Specialty — 3.7% | ||||||||
CSW Industrials, Inc.†# | 73,727 | 2,691,036 | ||||||
Quaker Chemical Corp. | 35,200 | 4,478,848 | ||||||
Sensient Technologies Corp. | 39,260 | 3,065,813 | ||||||
10,235,697 | ||||||||
Commercial Services - Finance — 0.3% | ||||||||
Liberty Tax, Inc. | 59,550 | 732,465 | ||||||
Computer Services — 2.5% | ||||||||
DST Systems, Inc. | 43,428 | 4,482,204 | ||||||
Sykes Enterprises, Inc.† | 91,958 | 2,591,376 | ||||||
7,073,580 | ||||||||
Computers - Integrated Systems — 0.6% | ||||||||
NetScout Systems, Inc.† | 58,054 | 1,811,285 | ||||||
Computers - Memory Devices — 0.2% | ||||||||
Imation Corp.†# | 586,926 | 580,998 | ||||||
Consumer Products - Misc. — 2.3% | ||||||||
Central Garden & Pet Co.†# | 95,133 | 2,747,441 | ||||||
Helen of Troy, Ltd.† | 43,629 | 3,712,828 | ||||||
6,460,269 | ||||||||
Containers - Metal/Glass — 1.3% | ||||||||
Silgan Holdings, Inc. | 71,614 | 3,545,609 | ||||||
Dental Supplies & Equipment — 1.0% | ||||||||
Patterson Cos., Inc.# | 72,321 | 2,801,716 | ||||||
Disposable Medical Products — 1.2% | ||||||||
ICU Medical, Inc.† | 9,598 | 1,442,099 | ||||||
STERIS PLC | 28,619 | 1,877,693 | ||||||
3,319,792 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Operations/Commercial Services — 0.9% | ||||||||
Viad Corp. | 59,180 | $ | 2,598,002 | |||||
E-Marketing/Info — 0.4% | ||||||||
New Media Investment Group, Inc. | 79,211 | 1,216,681 | ||||||
Electric Products - Misc. — 1.9% | ||||||||
Novanta, Inc.† | 262,757 | 5,320,829 | ||||||
Electric - Integrated — 1.2% | ||||||||
Hawaiian Electric Industries, Inc. | 109,225 | 3,364,130 | ||||||
Electronic Components - Misc. — 2.5% | ||||||||
AVX Corp. | 139,008 | 2,111,532 | ||||||
Jabil Circuit, Inc. | 39,463 | 834,642 | ||||||
Vishay Intertechnology, Inc.# | 261,864 | 3,967,240 | ||||||
6,913,414 | ||||||||
Electronic Components - Semiconductors — 0.4% | ||||||||
DSP Group, Inc.† | 104,106 | 1,218,040 | ||||||
Electronic Measurement Instruments — 2.3% | ||||||||
Badger Meter, Inc. | 50,502 | 1,830,698 | ||||||
ESCO Technologies, Inc. | 40,278 | 2,251,540 | ||||||
Orbotech, Ltd.† | 77,343 | 2,449,453 | ||||||
6,531,691 | ||||||||
Food - Canned — 1.4% | ||||||||
TreeHouse Foods, Inc.†# | 57,729 | 4,001,774 | ||||||
Food - Misc./Diversified — 2.0% | ||||||||
Lamb Weston Holdings, Inc.† | 54,275 | 1,817,127 | ||||||
Nomad Foods, Ltd.† | 237,459 | 2,234,489 | ||||||
Snyder’s-Lance, Inc.# | 37,828 | 1,409,471 | ||||||
5,461,087 | ||||||||
Food - Retail — 0.5% | ||||||||
SUPERVALU, Inc.† | 293,975 | 1,364,044 | ||||||
Funeral Services & Related Items — 0.5% | ||||||||
Matthews International Corp., Class A | 19,061 | 1,386,688 | ||||||
Human Resources — 1.5% | ||||||||
Korn/Ferry International | 167,995 | 4,263,713 | ||||||
Identification Systems — 0.5% | ||||||||
Brady Corp., Class A | 41,937 | 1,541,185 | ||||||
Insurance Brokers — 1.2% | ||||||||
Brown & Brown, Inc. | 78,693 | 3,411,342 | ||||||
Insurance - Property/Casualty — 2.3% | ||||||||
ProAssurance Corp. | 72,104 | 4,041,429 | ||||||
Stewart Information Services Corp.# | 47,287 | 2,243,295 | ||||||
6,284,724 | ||||||||
Insurance - Reinsurance — 2.9% | ||||||||
RenaissanceRe Holdings, Ltd. | 23,484 | 3,066,071 | ||||||
Validus Holdings, Ltd. | 91,391 | 4,966,187 | ||||||
8,032,258 | ||||||||
Investment Companies — 1.0% | ||||||||
Apollo Investment Corp.# | 201,903 | 1,243,723 | ||||||
New Mountain Finance Corp. | 96,151 | 1,365,344 | ||||||
Real Industry, Inc.†# | 50,053 | 292,810 | ||||||
2,901,877 | ||||||||
Investment Management/Advisor Services — 2.1% | ||||||||
Artisan Partners Asset Management, Inc., Class A | 81,061 | 2,415,618 | ||||||
Westwood Holdings Group, Inc. | 58,309 | 3,462,388 | ||||||
5,878,006 | ||||||||
229 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Machinery - Electrical — 1.6% | ||||||||
Franklin Electric Co., Inc. | 113,264 | $ | 4,422,959 | |||||
Machinery - General Industrial — 1.8% | ||||||||
Kadant, Inc. | 78,568 | 4,918,357 | ||||||
Medical Imaging Systems — 1.9% | ||||||||
Analogic Corp. | 58,304 | 5,372,714 | ||||||
Medical Instruments — 0.3% | ||||||||
Halyard Health, Inc.†# | 20,047 | 744,746 | ||||||
Medical Products — 0.9% | ||||||||
Haemonetics Corp.† | 60,920 | 2,414,260 | ||||||
Medical - Biomedical/Gene — 0.9% | ||||||||
Bio-Rad Laboratories, Inc., Class A† | 5,423 | 940,891 | ||||||
Innoviva, Inc.†# | 153,122 | 1,583,281 | ||||||
2,524,172 | ||||||||
Medical - Wholesale Drug Distribution — 0.6% | ||||||||
Owens & Minor, Inc. | 47,174 | 1,599,670 | ||||||
Metal Processors & Fabrication — 2.3% | ||||||||
Mueller Industries, Inc. | 168,059 | 6,384,561 | ||||||
Miscellaneous Manufacturing — 0.9% | ||||||||
Hillenbrand, Inc. | 73,497 | 2,572,395 | ||||||
Networking Products — 0.7% | ||||||||
NETGEAR, Inc.† | 37,771 | 2,028,303 | ||||||
Office Supplies & Forms — 0.8% | ||||||||
ACCO Brands Corp.† | 169,264 | 2,107,337 | ||||||
Oil & Gas Drilling — 1.2% | ||||||||
Atwood Oceanics, Inc.# | 78,972 | 747,075 | ||||||
Patterson-UTI Energy, Inc. | 95,210 | 2,539,251 | ||||||
3,286,326 | ||||||||
Oil Companies - Exploration & Production — 4.1% | ||||||||
Carrizo Oil & Gas, Inc.† | 23,176 | 981,272 | ||||||
Energen Corp. | 39,553 | 2,455,055 | ||||||
Laredo Petroleum, Inc.†# | 123,172 | 1,969,520 | ||||||
QEP Resources, Inc. | 72,211 | 1,419,668 | ||||||
Whiting Petroleum Corp.† | 110,300 | 1,347,866 | ||||||
WPX Energy, Inc.† | 218,555 | 3,396,345 | ||||||
11,569,726 | ||||||||
Oil - Field Services — 1.1% | ||||||||
CARBO Ceramics, Inc.†# | 94,362 | 776,599 | ||||||
Steel Excel, Inc.†# | 127,632 | 1,429,479 | ||||||
TETRA Technologies, Inc.† | 135,884 | 737,850 | ||||||
2,943,928 | ||||||||
Paper & Related Products — 2.0% | ||||||||
Neenah Paper, Inc. | 29,207 | 2,479,674 | ||||||
Schweitzer-Mauduit International, Inc. | 70,792 | 2,976,096 | ||||||
5,455,770 | ||||||||
Printing - Commercial — 2.7% | ||||||||
Deluxe Corp. | 44,570 | 3,017,389 | ||||||
Ennis, Inc. | 219,891 | 3,551,240 | ||||||
LSC Communications, Inc. | 52,655 | 1,086,799 | ||||||
7,655,428 | ||||||||
Publishing - Newspapers — 0.8% | ||||||||
A.H. Belo Corp., Class A | 224,875 | 1,382,981 | ||||||
Gannett Co., Inc. | 81,953 | 781,832 | ||||||
2,164,813 | ||||||||
Security Description | Shares/ Principal | Value (Note 2) | ||||||
Publishing - Periodicals — 0.3% | ||||||||
Time, Inc. | 48,874 | $ | 791,759 | |||||
Quarrying — 0.6% | ||||||||
Compass Minerals International, Inc.# | 20,551 | 1,593,730 | ||||||
Real Estate Investment Trusts — 2.9% | ||||||||
Apollo Commercial Real Estate Finance, Inc.# | 103,582 | 1,777,467 | ||||||
Gramercy Property Trust# | 265,375 | 2,319,377 | ||||||
LaSalle Hotel Properties | 121,512 | 3,410,842 | ||||||
Washington Real Estate Investment Trust | 18,293 | 568,181 | ||||||
8,075,867 | ||||||||
Research & Development — 0.5% | ||||||||
PAREXEL International Corp.†# | 21,458 | 1,266,022 | ||||||
Retail - Apparel/Shoe — 1.6% | ||||||||
Buckle, Inc.# | 92,436 | 2,338,631 | ||||||
Christopher & Banks Corp.† | 188,005 | 323,368 | ||||||
Guess?, Inc.# | 114,447 | 1,753,328 | ||||||
4,415,327 | ||||||||
Retail - Office Supplies — 0.2% | ||||||||
Office Depot, Inc. | 100,481 | 489,342 | ||||||
Retail - Restaurants — 3.9% | ||||||||
Denny’s Corp.† | 274,133 | 3,314,268 | ||||||
DineEquity, Inc. | 41,860 | 3,498,659 | ||||||
Ruby Tuesday, Inc.† | 180,901 | 546,321 | ||||||
Wendy’s Co.# | 272,588 | 3,426,431 | ||||||
10,785,679 | ||||||||
Semiconductor Components - Integrated Circuits — 0.4% | ||||||||
Exar Corp.† | 125,767 | 1,256,412 | ||||||
Telecom Services — 0.1% | ||||||||
Aviat Networks, Inc.† | 21,749 | 274,690 | ||||||
Textile - Products — 0.1% | ||||||||
Dixie Group, Inc.† | 98,557 | 335,094 | ||||||
Transactional Software — 0.3% | ||||||||
ACI Worldwide, Inc.† | 48,916 | 910,327 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $219,207,074) | 257,280,409 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 12.7% | ||||||||
Registered Investment Companies — 5.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio 0.26%(1)(2) | 13,911,366 | 13,911,366 | ||||||
Time Deposits — 7.7% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 12/01/2016 | $ | 21,605,000 | 21,605,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $35,516,366) | 35,516,366 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $254,723,440)(3) | 105.0 | % | 292,796,775 | |||||
Liabilities in excess of other assets | (5.0 | ) | (13,849,968 | ) | ||||
NET ASSETS | 100.0 | % $ | 278,946,807 | |||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $25,630,984. This was secured by collateral of $13,911,366, which was received in cash and subsequently invested in short-term investments currently valued at $13,911,366 as reported in the Portfolio of Investments. Additional collateral of $12,340,083 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. |
230 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (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, 2016 | |||
United States Treasury Bills | 0.00% | 12/15/2016 to 06/22/2017 | $3,107,687 | |||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/15/2017 to 05/15/2046 | 9,232,396 |
(2) | The rate shown is the 7-day yield as of November 30, 2016. |
(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, 2016 (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 | $ | 257,280,409 | $ | — | $ | — | $ | 257,280,409 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 13,911,366 | — | — | 13,911,366 | ||||||||||||
Time Deposits | — | 21,605,000 | — | 21,605,000 | ||||||||||||
Total Investments at Value | $ | 271,191,775 | $ | 21,605,000 | $ | — | $ | 292,796,775 | ||||||||
* | 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
231 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Registered Investment Companies | 10.9 | % | ||
Retail — Restaurants | 6.2 | |||
Banks — Commercial | 4.6 | |||
Medical — Biomedical/Gene | 3.7 | |||
Machinery — General Industrial | 3.5 | |||
Food — Misc./Diversified | 3.5 | |||
Commercial Services — Finance | 3.4 | |||
Medical — Drugs | 3.2 | |||
Retail — Apparel/Shoe | 3.2 | |||
Machinery — Pumps | 3.1 | |||
Finance — Investment Banker/Broker | 2.9 | |||
Instruments — Controls | 2.9 | |||
Medical Products | 2.7 | |||
Computers — Periphery Equipment | 2.6 | |||
Enterprise Software/Service | 2.4 | |||
Coatings/Paint | 2.4 | |||
Office Supplies & Forms | 2.3 | |||
Applications Software | 2.2 | |||
Chemicals — Specialty | 2.2 | |||
Veterinary Diagnostics | 2.1 | |||
Disposable Medical Products | 2.0 | |||
Computer Software | 2.0 | |||
Investment Management/Advisor Services | 1.8 | |||
Commercial Services | 1.7 | |||
Electronic Components — Semiconductors | 1.7 | |||
Transactional Software | 1.7 | |||
Web Hosting/Design | 1.7 | |||
Real Estate Management/Services | 1.7 | |||
Electronic Connectors | 1.5 | |||
Miscellaneous Manufacturing | 1.4 | |||
Retail — Perfume & Cosmetics | 1.4 | |||
Instruments — Scientific | 1.4 | |||
Aerospace/Defense | 1.4 | |||
Television | 1.2 | |||
Building — Residential/Commercial | 1.2 | |||
Building — Heavy Construction | 1.2 | |||
Electronic Measurement Instruments | 1.2 | |||
Retail — Misc./Diversified | 1.2 | |||
Building & Construction Products — Misc. | 1.2 | |||
Food — Canned | 1.1 | |||
Power Converter/Supply Equipment | 1.1 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Retail — Gardening Products | 0.8 | |||
Medical — Hospitals | 0.8 | |||
Beverages — Wine/Spirits | 0.8 | |||
Telecom Services | 0.8 | |||
Finance — Consumer Loans | 0.7 | |||
Food — Retail | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Retail — Auto Parts | 0.6 | |||
Industrial Automated/Robotic | 0.5 | |||
Consulting Services | 0.5 | |||
Oil Field Machinery & Equipment | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Drug Delivery Systems | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Therapeutics | 0.2 | |||
110.0% | ||||
* | Calculated as a percentage of net assets |
232 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.1% | ||||||||
Aerospace/Defense — 1.4% | ||||||||
Aerovironment, Inc.†# | 48,518 | $ | 1,373,059 | |||||
Apparel Manufacturers — 0.4% | ||||||||
Under Armour, Inc., Class C† | 14,502 | 373,862 | ||||||
Applications Software — 2.2% | ||||||||
Red Hat, Inc.† | 9,554 | 755,817 | ||||||
ServiceNow, Inc.† | 8,454 | 702,950 | ||||||
Tableau Software, Inc., Class A† | 16,239 | 728,806 | ||||||
2,187,573 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.6% | ||||||||
Mobileye NV†# | 15,681 | 583,804 | ||||||
Banks - Commercial — 4.6% | ||||||||
Eagle Bancorp, Inc.† | 57,590 | 3,383,412 | ||||||
First Republic Bank | 15,773 | 1,291,809 | ||||||
4,675,221 | ||||||||
Beverages - Wine/Spirits — 0.8% | ||||||||
MGP Ingredients, Inc.# | 17,405 | 823,257 | ||||||
Building & Construction Products - Misc. — 1.2% | ||||||||
Fortune Brands Home & Security, Inc. | 21,177 | 1,167,912 | ||||||
Building - Heavy Construction — 1.2% | ||||||||
SBA Communications Corp., Class A† | 12,477 | 1,234,724 | ||||||
Building - Residential/Commercial — 1.2% | ||||||||
M/I Homes, Inc.†# | 53,189 | 1,242,495 | ||||||
Chemicals - Specialty — 2.2% | ||||||||
Ashland Global Holdings, Inc.# | 16,188 | 1,824,388 | ||||||
Valvoline, Inc.# | 16,399 | 344,215 | ||||||
2,168,603 | ||||||||
Coatings/Paint — 2.4% | ||||||||
RPM International, Inc. | 44,864 | 2,373,754 | ||||||
Commercial Services — 1.7% | ||||||||
Healthcare Services Group, Inc. | 45,068 | 1,755,399 | ||||||
Commercial Services - Finance — 3.4% | ||||||||
FleetCor Technologies, Inc.†# | 7,726 | 1,153,801 | ||||||
Global Payments, Inc. | 22,060 | 1,512,213 | ||||||
Total System Services, Inc. | 15,461 | 760,990 | ||||||
3,427,004 | ||||||||
Computer Software — 2.0% | ||||||||
InterXion Holding NV† | 44,781 | 1,529,719 | ||||||
Splunk, Inc.†# | 8,514 | 490,577 | ||||||
2,020,296 | ||||||||
Computers - Periphery Equipment — 2.6% | ||||||||
Electronics For Imaging, Inc.† | 45,993 | 2,001,615 | ||||||
Kornit Digital, Ltd.†# | 53,289 | 607,495 | ||||||
2,609,110 | ||||||||
Consulting Services — 0.5% | ||||||||
Gartner, Inc.† | 4,932 | 507,108 | ||||||
Disposable Medical Products — 2.0% | ||||||||
C.R. Bard, Inc. | 7,426 | 1,563,544 | ||||||
ICU Medical, Inc.† | 3,322 | 499,131 | ||||||
2,062,675 | ||||||||
Drug Delivery Systems — 0.3% | ||||||||
Revance Therapeutics, Inc.†# | 15,637 | 261,920 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Services — 0.3% | ||||||||
Match Group, Inc.†# | 14,085 | $ | 253,248 | |||||
Electronic Components - Semiconductors — 1.7% | ||||||||
Cavium, Inc.†# | 17,819 | 1,016,218 | ||||||
Qorvo, Inc.†# | 13,081 | 698,656 | ||||||
1,714,874 | ||||||||
Electronic Connectors — 1.5% | ||||||||
Amphenol Corp., Class A | 22,754 | 1,553,188 | ||||||
Electronic Measurement Instruments — 1.2% | ||||||||
Agilent Technologies, Inc. | 10,919 | 480,218 | ||||||
Badger Meter, Inc. | 20,466 | 741,892 | ||||||
1,222,110 | ||||||||
Enterprise Software/Service — 2.4% | ||||||||
Evolent Health, Inc., Class A†# | 23,196 | 436,085 | ||||||
Guidewire Software, Inc.† | 14,277 | 795,371 | ||||||
Tyler Technologies, Inc.†# | 7,732 | 1,151,295 | ||||||
2,382,751 | ||||||||
Finance - Consumer Loans — 0.7% | ||||||||
SLM Corp.† | 74,839 | 753,629 | ||||||
Finance - Investment Banker/Broker — 2.9% | ||||||||
Evercore Partners, Inc., Class A | 19,486 | 1,313,356 | ||||||
Lazard, Ltd., Class A | 41,980 | 1,630,923 | ||||||
2,944,279 | ||||||||
Food - Canned — 1.1% | ||||||||
TreeHouse Foods, Inc.†# | 16,355 | 1,133,729 | ||||||
Food - Misc./Diversified — 3.5% | ||||||||
Blue Buffalo Pet Products, Inc.†# | 59,307 | 1,389,563 | ||||||
Hain Celestial Group, Inc.† | 15,493 | 607,171 | ||||||
McCormick & Co., Inc. | 16,636 | 1,517,203 | ||||||
3,513,937 | ||||||||
Food - Retail — 0.7% | ||||||||
Whole Foods Market, Inc.# | 23,377 | 710,427 | ||||||
Industrial Automated/Robotic — 0.5% | ||||||||
Rockwell Automation, Inc. | 3,794 | 507,296 | ||||||
Instruments - Controls — 2.9% | ||||||||
Mettler-Toledo International, Inc.† | 4,071 | 1,677,333 | ||||||
Sensata Technologies Holding NV† | 32,531 | 1,215,684 | ||||||
2,893,017 | ||||||||
Instruments - Scientific — 1.4% | ||||||||
PerkinElmer, Inc. | 27,171 | 1,378,113 | ||||||
Investment Management/Advisor Services — 1.8% | ||||||||
Affiliated Managers Group, Inc.† | 12,493 | 1,850,213 | ||||||
Machinery - General Industrial — 3.5% | ||||||||
IDEX Corp. | 4,816 | 450,826 | ||||||
Middleby Corp.† | 22,568 | 3,091,364 | ||||||
3,542,190 | ||||||||
Machinery - Pumps — 3.1% | ||||||||
Graco, Inc. | 6,163 | 500,620 | ||||||
Xylem, Inc. | 51,115 | 2,636,512 | ||||||
3,137,132 | ||||||||
Medical Products — 2.7% |
| |||||||
ABIOMED, Inc.† | 8,190 | 919,246 | ||||||
Nevro Corp.† | 10,341 | 786,226 | ||||||
Teleflex, Inc. | 7,171 | 1,060,806 | ||||||
2,766,278 | ||||||||
233 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene — 3.7% |
| |||||||
Acceleron Pharma, Inc.†# | 16,541 | $ | 557,266 | |||||
Achillion Pharmaceuticals, Inc.† | 28,526 | 118,098 | ||||||
Alder Biopharmaceuticals, Inc.†# | 18,916 | 445,472 | ||||||
Corium International, Inc.† | 63,371 | 320,657 | ||||||
Emergent BioSolutions, Inc.† | 13,099 | 350,529 | ||||||
Exelixis, Inc.† | 60,245 | 1,019,345 | ||||||
Intellia Therapeutics, Inc.†# | 5,475 | 86,231 | ||||||
Otonomy, Inc.† | 12,935 | 219,895 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 7,278 | 569,795 | ||||||
3,687,288 | ||||||||
Medical - Drugs — 3.2% |
| |||||||
ACADIA Pharmaceuticals, Inc.†# | 27,567 | 744,034 | ||||||
Alkermes PLC† | 25,500 | 1,449,165 | ||||||
Galapagos NV ADR† | 10,210 | 603,615 | ||||||
Myovant Sciences, Ltd.†# | 19,347 | 243,772 | ||||||
Ophthotech Corp.†# | 6,912 | 211,853 | ||||||
3,252,439 | ||||||||
Medical - Hospitals — 0.8% |
| |||||||
Acadia Healthcare Co., Inc.†# | 21,736 | 826,185 | ||||||
Miscellaneous Manufacturig — 1.4% |
| |||||||
John Bean Technologies Corp. | 15,537 | 1,401,437 | ||||||
Office Supplies & Forms — 2.3% |
| |||||||
Avery Dennison Corp. | 32,777 | 2,361,911 | ||||||
Oil Companies - Exploration & Production — 0.8% |
| |||||||
Concho Resources, Inc.†# | 5,924 | 847,250 | ||||||
Oil Field Machinery & Equipment — 0.4% |
| |||||||
Dril-Quip, Inc.†# | 7,012 | 396,529 | ||||||
Power Converter/Supply Equipment — 1.1% |
| |||||||
Hubbell, Inc. | 9,884 | 1,109,776 | ||||||
Real Estate Management/Services — 1.7% |
| |||||||
HFF, Inc., Class A | 57,491 | 1,667,239 | ||||||
Retail - Apparel/Shoe — 3.2% |
| |||||||
Burlington Stores, Inc.† | 20,913 | 1,838,671 | ||||||
Kate Spade & Co.† | 54,745 | 812,963 | ||||||
PVH Corp. | 4,998 | 529,488 | ||||||
3,181,122 | ||||||||
Retail - Auto Parts — 0.6% |
| |||||||
Advance Auto Parts, Inc. | 3,438 | 583,497 | ||||||
Retail - Gardening Products — 0.8% |
| |||||||
Tractor Supply Co.# | 11,183 | 839,508 | ||||||
Retail - Misc./Diversified — 1.2% |
| |||||||
Five Below, Inc.†# | 30,387 | 1,196,032 | ||||||
Retail - Perfume & Cosmetics — 1.4% |
| |||||||
Ulta Salon Cosmetics & Fragrance, Inc.†# | 5,363 | 1,391,699 | ||||||
Retail - Restaurants — 6.2% |
| |||||||
Chipotle Mexican Grill, Inc.†# | 2,963 | 1,174,326 | ||||||
Jack in the Box, Inc. | 9,857 | 1,025,325 | ||||||
Panera Bread Co., Class A†# | 12,413 | 2,632,921 | ||||||
Shake Shack, Inc., Class A†# | 10,873 | 400,996 | ||||||
Wingstop, Inc.# | 31,933 | 980,024 | ||||||
6,213,592 | ||||||||
Telecom Services — 0.8% |
| |||||||
Level 3 Communications, Inc.† | 14,426 | 794,440 | ||||||
Television — 1.2% |
| |||||||
AMC Networks, Inc., Class A† | 22,608 | 1,249,092 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Therapeutics — 0.2% |
| |||||||
Voyager Therapeutics, Inc.†# | 15,746 | $ | 196,195 | |||||
Transactional Software — 1.7% |
| |||||||
Black Knight Financial Services, Inc., Class A†# | 46,323 | 1,713,951 | ||||||
Veterinary Diagnostics — 2.1% |
| |||||||
VCA, Inc.† | 34,182 | 2,139,793 | ||||||
Web Hosting/Design — 1.7% |
| |||||||
GoDaddy, Inc., Class A†# | 48,111 | 1,700,243 | ||||||
Total Long - Term Investment Securities | ||||||||
(cost $91,629,671) | 99,853,405 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.9% |
| |||||||
Registered Investment Companies — 10.9% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,422,785 | 1,422,785 | ||||||
State Street Navigator Securities Lending Prime Portfolio 0.26%(1)(2) | 9,550,157 | 9,550,157 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $10,972,942) | 10,972,942 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $102,602,613)(3) | 110.0 | % | 110,826,347 | |||||
Liabilities in excess of other assets | (10.0 | ) | (10,119,835 | ) | ||||
NET ASSETS | 100.0 | % | $ | 100,706,512 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $21,270,995. This was secured by collateral of $9,550,157, which was received in cash and subsequently invested in short-term investments currently valued at $9,550,157 as reported in the Portfolio of Investments. Additional collateral of $12,448,024 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, 2016 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 11/01/2027 to 06/15/2044 | $ | 177,874 | ||||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 11/01/2027 to 02/25/2044 | 321,989 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 01/20/2043 to 11/20/2046 | 538,442 | |||||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | 2,084,617 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/15/2017 to 05/15/2046 | 9,325,102 |
(2) | The rate shown is the 7-day yield as of November 30, 2016. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
234 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 99,853,405 | $ | — | $ | — | $ | 99,853,405 | ||||||||
Short-Term Investment Securities | 10,972,942 | — | — | 10,972,942 | ||||||||||||
Total Investments at Value | $ | 110,826,347 | $ | — | $ | — | $ | 110,826,347 | ||||||||
* | 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
235 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Medical — Drugs | 5.3 | % | ||
Diversified Banking Institutions | 4.2 | |||
Computers | 3.2 | |||
Oil Companies — Integrated | 3.0 | |||
Applications Software | 2.9 | |||
Diversified Manufacturing Operations | 2.7 | |||
Real Estate Investment Trusts | 2.6 | |||
Banks — Super Regional | 2.6 | |||
Electric — Integrated | 2.6 | |||
Web Portals/ISP | 2.5 | |||
Telephone — Integrated | 2.4 | |||
Medical — Biomedical/Gene | 2.4 | |||
Electronic Components — Semiconductors | 2.2 | |||
Oil Companies — Exploration & Production | 2.2 | |||
Repurchase Agreements | 1.9 | |||
Finance — Credit Card | 1.8 | |||
Beverages — Non-alcoholic | 1.7 | |||
Aerospace/Defense | 1.7 | |||
Internet Content — Entertainment | 1.7 | |||
E-Commerce/Products | 1.7 | |||
Medical — HMO | 1.6 | |||
Tobacco | 1.6 | |||
Insurance — Reinsurance | 1.5 | |||
Cosmetics & Toiletries | 1.5 | |||
Computer Services | 1.5 | |||
Multimedia | 1.4 | |||
Retail — Discount | 1.3 | |||
Insurance — Multi-line | 1.3 | |||
Retail — Restaurants | 1.2 | |||
Cable/Satellite TV | 1.2 | |||
Retail — Building Products | 1.1 | |||
Food — Misc./Diversified | 1.1 | |||
Chemicals — Diversified | 1.0 | |||
Medical Instruments | 1.0 | |||
Oil — Field Services | 1.0 | |||
Commercial Services — Finance | 0.9 | |||
Transport — Rail | 0.8 | |||
Diagnostic Equipment | 0.8 | |||
Retail — Drug Store | 0.8 | |||
Transport — Services | 0.8 | |||
Networking Products | 0.8 | |||
Medical Products | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Insurance — Life/Health | 0.6 | |||
Airlines | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Banks — Fiduciary | 0.6 | |||
Pipelines | 0.5 | |||
Oil Refining & Marketing | 0.5 | |||
Instruments — Controls | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Insurance Brokers | 0.5 | |||
Banks — Commercial | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Finance — Other Services | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Data Processing/Management | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.4 | |||
Athletic Footwear | 0.3 | |||
Industrial Gases | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Insurance — Property/Casualty | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Commercial Services | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Consumer Products — Misc. | 0.3 |
Finance — Investment Banker/Broker | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Electronic Forms | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Registered Investment Companies | 0.3 | |||
Entertainment Software | 0.3 | |||
Pharmacy Services | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Electronic Connectors | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Gas — Distribution | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Food — Retail | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Cruise Lines | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Hotels/Motels | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Building Products — Cement | 0.2 | |||
Advertising Agencies | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Television | 0.2 | |||
Medical — Generic Drugs | 0.1 | |||
Machinery — Farming | 0.1 | |||
Food — Confectionery | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Food — Meat Products | 0.1 | |||
Agricultural Operations | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Electric — Distribution | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Home Decoration Products | 0.1 | |||
Internet Security | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Coatings/Paint | 0.1 | |||
Toys | 0.1 | |||
Paper & Related Products | 0.1 | |||
Steel — Producers | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Metal — Copper | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Brewery | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Gold Mining | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Telecom Services | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Medical Information Systems | 0.1 | |||
Computer Aided Design | 0.1 | |||
Retail — Automobile | 0.1 | |||
Wireless Equipment | 0.1 | |||
Vitamins & Nutrition Products | 0.1 |
236 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2016 (unaudited) — (continued)
��
Industry Allocation* (continued)
Consulting Services | 0.1 | % | ||
Water | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Textile — Home Furnishings | 0.1 | |||
Appliances | 0.1 | |||
Electronics — Military | 0.1 | |||
Computer Software | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
Lighting Products & Systems | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
X-Ray Equipment | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Dialysis Centers | 0.1 | |||
Building Products — Wood | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
237 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.8% | ||||||||
Advertising Agencies — 0.2% | ||||||||
Interpublic Group of Cos., Inc. | 85,207 | $ | 2,050,933 | |||||
Omnicom Group, Inc.# | 50,298 | 4,372,908 | ||||||
6,423,841 | ||||||||
Aerospace/Defense — 1.7% | ||||||||
Arconic, Inc.# | 93,235 | 1,797,571 | ||||||
Boeing Co.# | 123,367 | 18,574,135 | ||||||
General Dynamics Corp. | 61,020 | 10,699,857 | ||||||
Lockheed Martin Corp. | 53,679 | 14,238,355 | ||||||
Northrop Grumman Corp. | 37,973 | 9,479,959 | ||||||
Raytheon Co. | 62,750 | 9,383,635 | ||||||
Rockwell Collins, Inc.# | 27,629 | 2,561,761 | ||||||
TransDigm Group, Inc.# | 10,646 | 2,676,724 | ||||||
69,411,997 | ||||||||
Aerospace/Defense - Equipment — 0.5% | ||||||||
Harris Corp. | 26,414 | 2,735,434 | ||||||
United Technologies Corp. | 165,510 | 17,828,737 | ||||||
20,564,171 | ||||||||
Agricultural Chemicals — 0.3% | ||||||||
CF Industries Holdings, Inc.# | 49,573 | 1,434,643 | ||||||
Monsanto Co. | 93,048 | 9,556,960 | ||||||
Mosaic Co.# | 74,467 | 2,114,863 | ||||||
13,106,466 | ||||||||
Agricultural Operations — 0.1% | ||||||||
Archer-Daniels-Midland Co. | 123,708 | 5,347,897 | ||||||
Airlines — 0.6% | ||||||||
Alaska Air Group, Inc. | 26,173 | 2,153,253 | ||||||
American Airlines Group, Inc.# | 112,683 | 5,232,998 | ||||||
Delta Air Lines, Inc. | 159,251 | 7,672,713 | ||||||
Southwest Airlines Co. | 131,889 | 6,147,346 | ||||||
United Continental Holdings, Inc.† | 62,387 | 4,301,584 | ||||||
25,507,894 | ||||||||
Apparel Manufacturers — 0.3% | ||||||||
Hanesbrands, Inc. | 80,336 | 1,866,205 | ||||||
Michael Kors Holdings, Ltd.† | 35,939 | 1,670,804 | ||||||
Ralph Lauren Corp.# | 11,988 | 1,254,065 | ||||||
Under Armour, Inc., Class A†# | 38,996 | 1,201,077 | ||||||
Under Armour, Inc., Class C† | 39,199 | 1,010,550 | ||||||
VF Corp.# | 70,553 | 3,845,844 | ||||||
10,848,545 | ||||||||
Appliances — 0.1% | ||||||||
Whirlpool Corp. | 16,043 | 2,606,025 | ||||||
Applications Software — 2.9% | ||||||||
Citrix Systems, Inc.† | 33,114 | 2,871,977 | ||||||
Intuit, Inc. | 52,106 | 5,923,410 | ||||||
Microsoft Corp. | 1,657,032 | 99,852,748 | ||||||
Red Hat, Inc.† | 38,508 | 3,046,368 | ||||||
salesforce.com, Inc.†# | 136,921 | 9,858,312 | ||||||
121,552,815 | ||||||||
Athletic Footwear — 0.3% | ||||||||
NIKE, Inc., Class B# | 286,722 | 14,356,171 | ||||||
Audio/Video Products — 0.0% | ||||||||
Harman International Industries, Inc. | 14,838 | 1,622,832 | ||||||
Auto - Cars/Light Trucks — 0.5% | ||||||||
Ford Motor Co. | 829,820 | 9,924,647 | ||||||
General Motors Co. | 302,241 | 10,436,382 | ||||||
20,361,029 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto - Heavy Duty Trucks — 0.1% | ||||||||
PACCAR, Inc.# | 74,537 | $ | 4,632,475 | |||||
Auto/Truck Parts & Equipment - Original — 0.2% | ||||||||
Adient PLC†# | 20,071 | 1,075,003 | ||||||
BorgWarner, Inc.# | 42,828 | 1,524,677 | ||||||
Delphi Automotive PLC# | 58,001 | 3,712,064 | ||||||
6,311,744 | ||||||||
Banks - Commercial — 0.4% | ||||||||
BB&T Corp.# | 173,198 | 7,837,210 | ||||||
M&T Bank Corp.# | 33,335 | 4,798,240 | ||||||
Regions Financial Corp. | 266,910 | 3,613,961 | ||||||
Zions Bancorporation# | 43,615 | 1,735,441 | ||||||
17,984,852 | ||||||||
Banks - Fiduciary — 0.6% | ||||||||
Bank of New York Mellon Corp. | 227,034 | 10,765,952 | ||||||
Citizens Financial Group, Inc. | 110,462 | 3,701,582 | ||||||
Northern Trust Corp. | 45,291 | 3,720,656 | ||||||
State Street Corp.# | 77,957 | 6,143,011 | ||||||
24,331,201 | ||||||||
Banks - Super Regional — 2.6% | ||||||||
Capital One Financial Corp.# | 107,613 | 9,043,797 | ||||||
Comerica, Inc.# | 36,979 | 2,357,411 | ||||||
Fifth Third Bancorp# | 162,965 | 4,240,349 | ||||||
Huntington Bancshares, Inc. | 230,829 | 2,876,130 | ||||||
KeyCorp | 230,119 | 3,983,360 | ||||||
PNC Financial Services Group, Inc. | 104,495 | 11,550,877 | ||||||
SunTrust Banks, Inc. | 106,622 | 5,539,013 | ||||||
US Bancorp | 342,110 | 16,975,498 | ||||||
Wells Fargo & Co. | 965,614 | 51,100,293 | ||||||
107,666,728 | ||||||||
Beverages - Non-alcoholic — 1.7% | ||||||||
Coca-Cola Co.# | 826,000 | 33,329,100 | ||||||
Dr Pepper Snapple Group, Inc. | 39,425 | 3,419,725 | ||||||
Monster Beverage Corp.†# | 86,218 | 3,858,255 | ||||||
PepsiCo, Inc. | 306,028 | 30,633,403 | ||||||
71,240,483 | ||||||||
Beverages - Wine/Spirits — 0.2% | ||||||||
Brown-Forman Corp., Class B# | 38,785 | 1,758,900 | ||||||
Constellation Brands, Inc., Class A | 37,669 | 5,693,292 | ||||||
7,452,192 | ||||||||
Brewery — 0.1% | ||||||||
Molson Coors Brewing Co., Class B | 39,170 | 3,839,835 | ||||||
Broadcast Services/Program — 0.1% | ||||||||
Discovery Communications, Inc., Class A†# | 32,086 | 869,210 | ||||||
Discovery Communications, Inc., Class C† | 47,680 | 1,260,659 | ||||||
Scripps Networks Interactive, Inc., Class A# | 20,242 | 1,401,961 | ||||||
3,531,830 | ||||||||
Building & Construction Products - Misc. — 0.0% | ||||||||
Fortune Brands Home & Security, Inc. | 32,726 | 1,804,839 | ||||||
Building Products - Air & Heating — 0.2% | ||||||||
Johnson Controls International PLC | 200,724 | 9,028,566 | ||||||
Building Products - Cement — 0.2% | ||||||||
Martin Marietta Materials, Inc.# | 13,489 | 2,960,161 | ||||||
Vulcan Materials Co. | 28,296 | 3,555,392 | ||||||
6,515,553 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 70,218 | 2,222,400 | ||||||
238 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc. | 72,039 | $ | 1,996,921 | |||||
Lennar Corp., Class A# | 39,945 | 1,699,260 | ||||||
PulteGroup, Inc.# | 65,762 | 1,240,272 | ||||||
4,936,453 | ||||||||
Cable/Satellite TV — 1.2% |
| |||||||
Charter Communications, Inc., Class A†# | 46,088 | 12,688,487 | ||||||
Comcast Corp., Class A | 510,852 | 35,509,323 | ||||||
48,197,810 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Wynn Resorts, Ltd. | 16,883 | 1,721,897 | ||||||
Chemicals - Diversified — 1.0% |
| |||||||
Dow Chemical Co. | 239,613 | 13,351,236 | ||||||
E.I. du Pont de Nemours & Co. | 185,919 | 13,685,498 | ||||||
Eastman Chemical Co. | 31,409 | 2,359,444 | ||||||
FMC Corp. | 28,453 | 1,596,782 | ||||||
LyondellBasell Industries NV, Class A# | 72,489 | 6,547,207 | ||||||
PPG Industries, Inc. | 56,623 | 5,431,844 | ||||||
42,972,011 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Albemarle Corp. | 23,902 | 2,098,118 | ||||||
International Flavors & Fragrances, Inc.# | 16,924 | 2,048,650 | ||||||
4,146,768 | ||||||||
Coatings/Paint — 0.1% |
| |||||||
Sherwin-Williams Co. | 17,061 | 4,583,779 | ||||||
Commercial Services — 0.3% |
| |||||||
Cintas Corp.# | 18,170 | 2,082,282 | ||||||
Ecolab, Inc. | 55,805 | 6,514,118 | ||||||
Nielsen Holdings PLC | 71,428 | 3,078,547 | ||||||
Quanta Services, Inc.† | 32,124 | 1,083,221 | ||||||
12,758,168 | ||||||||
Commercial Services - Finance — 0.9% |
| |||||||
Automatic Data Processing, Inc. | 97,003 | 9,314,228 | ||||||
Equifax, Inc. | 25,375 | 2,904,169 | ||||||
Global Payments, Inc. | 32,668 | 2,239,391 | ||||||
H&R Block, Inc.# | 46,589 | 1,032,412 | ||||||
Moody’s Corp. | 35,575 | 3,575,288 | ||||||
PayPal Holdings, Inc.† | 238,678 | 9,375,272 | ||||||
S&P Global, Inc. | 56,138 | 6,679,861 | ||||||
Total System Services, Inc. | 35,182 | 1,731,658 | ||||||
Western Union Co.# | 103,713 | 2,181,084 | ||||||
39,033,363 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.†# | 41,521 | 3,014,840 | ||||||
Computer Services — 1.5% |
| |||||||
Accenture PLC, Class A# | 132,379 | 15,810,024 | ||||||
Cognizant Technology Solutions Corp., Class A† | 129,062 | 7,108,735 | ||||||
CSRA, Inc. | 30,967 | 991,254 | ||||||
Hewlett Packard Enterprise Co. | 353,353 | 8,409,801 | ||||||
International Business Machines Corp.# | 184,961 | 30,004,373 | ||||||
Teradata Corp.†# | 27,728 | 744,497 | ||||||
63,068,684 | ||||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 37,153 | 2,478,105 | ||||||
Computers — 3.2% |
| |||||||
Apple, Inc. | 1,145,820 | 126,636,026 | ||||||
HP, Inc. | 363,807 | 5,602,628 | ||||||
132,238,654 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Memory Devices — 0.2% |
| |||||||
NetApp, Inc. | 59,257 | $ | 2,166,436 | |||||
Seagate Technology PLC# | 63,497 | 2,546,230 | ||||||
Western Digital Corp.# | 60,446 | 3,847,992 | ||||||
8,560,658 | ||||||||
Consulting Services — 0.1% |
| |||||||
Verisk Analytics, Inc.† | 33,415 | 2,776,118 | ||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Clorox Co. | 27,531 | 3,181,483 | ||||||
Kimberly-Clark Corp. | 76,474 | 8,841,159 | ||||||
12,022,642 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp.# | 37,836 | 2,839,970 | ||||||
Owens-Illinois, Inc.†# | 34,465 | 633,122 | ||||||
3,473,092 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Sealed Air Corp. | 41,827 | 1,907,311 | ||||||
WestRock Co. | 53,478 | 2,738,074 | ||||||
4,645,385 | ||||||||
Cosmetics & Toiletries — 1.5% |
| |||||||
Colgate-Palmolive Co.# | 189,571 | 12,365,716 | ||||||
Coty, Inc., Class A# | 14,739 | 275,766 | ||||||
Estee Lauder Cos., Inc., Class A | 46,981 | 3,650,424 | ||||||
Procter & Gamble Co. | 567,493 | 46,795,473 | ||||||
63,087,379 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Carnival Corp.# | 92,053 | 4,732,445 | ||||||
Royal Caribbean Cruises, Ltd.# | 35,704 | 2,890,953 | ||||||
7,623,398 | ||||||||
Data Processing/Management — 0.4% |
| |||||||
Dun & Bradstreet Corp.# | 7,720 | 939,678 | ||||||
Fidelity National Information Services, Inc. | 69,710 | 5,380,915 | ||||||
Fiserv, Inc.† | 46,742 | 4,890,148 | ||||||
Paychex, Inc.# | 68,231 | 4,022,218 | ||||||
15,232,959 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
DENTSPLY SIRONA, Inc. | 49,548 | 2,882,703 | ||||||
Patterson Cos., Inc.# | 17,718 | 686,395 | ||||||
3,569,098 | ||||||||
Diagnostic Equipment — 0.8% |
| |||||||
Abbott Laboratories# | 312,585 | 11,900,111 | ||||||
Danaher Corp. | 129,218 | 10,100,971 | ||||||
Thermo Fisher Scientific, Inc. | 83,838 | 11,746,542 | ||||||
33,747,624 | ||||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita, Inc.† | 35,197 | 2,229,730 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
C.R. Bard, Inc. | 15,620 | 3,288,791 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co.# | 61,446 | 2,912,541 | ||||||
LKQ Corp.†# | 65,304 | 2,143,930 | ||||||
WW Grainger, Inc.# | 11,820 | 2,725,337 | ||||||
7,781,808 | ||||||||
Diversified Banking Institutions — 4.2% |
| |||||||
Bank of America Corp.# | 2,169,990 | 45,830,189 | ||||||
Citigroup, Inc. | 617,811 | 34,838,362 |
239 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Diversified Banking Institutions (continued) |
| |||||||
Goldman Sachs Group, Inc.# | 80,183 | $ | 17,583,330 | |||||
JPMorgan Chase & Co. | 768,066 | 61,575,851 | ||||||
Morgan Stanley | 313,032 | 12,947,004 | ||||||
172,774,736 | ||||||||
Diversified Manufacturing Operations — 2.7% |
| |||||||
3M Co.# | 128,521 | 22,072,197 | ||||||
Dover Corp. | 33,005 | 2,396,493 | ||||||
Eaton Corp. PLC | 96,689 | 6,430,785 | ||||||
General Electric Co. | 1,905,552 | 58,614,779 | ||||||
Illinois Tool Works, Inc. | 67,931 | 8,503,603 | ||||||
Ingersoll-Rand PLC | 54,861 | 4,089,339 | ||||||
Parker-Hannifin Corp. | 28,473 | 3,955,754 | ||||||
Pentair PLC# | 35,429 | 2,035,750 | ||||||
Textron, Inc. | 57,299 | 2,637,473 | ||||||
110,736,173 | ||||||||
Diversified Operations — 0.0% |
| |||||||
Leucadia National Corp. | 68,971 | 1,518,741 | ||||||
E-Commerce/Products — 1.7% |
| |||||||
Amazon.com, Inc.† | 83,671 | 62,800,942 | ||||||
eBay, Inc.† | 223,274 | 6,209,250 | ||||||
69,010,192 | ||||||||
E-Commerce/Services — 0.5% |
| |||||||
Expedia, Inc.# | 25,620 | 3,178,161 | ||||||
Priceline Group, Inc.†# | 10,555 | 15,871,342 | ||||||
TripAdvisor, Inc.†# | 24,295 | 1,172,963 | ||||||
20,222,466 | ||||||||
Electric Products - Misc. — 0.2% |
| |||||||
AMETEK, Inc. | 49,422 | 2,340,132 | ||||||
Emerson Electric Co.# | 136,844 | 7,723,475 | ||||||
10,063,607 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
PPL Corp. | 144,192 | 4,824,664 | ||||||
Electric - Integrated — 2.6% |
| |||||||
AES Corp. | 140,151 | 1,604,729 | ||||||
Alliant Energy Corp.# | 48,341 | 1,736,409 | ||||||
Ameren Corp. | 51,594 | 2,534,297 | ||||||
American Electric Power Co., Inc. | 104,558 | 6,174,150 | ||||||
CMS Energy Corp. | 59,333 | 2,386,373 | ||||||
Consolidated Edison, Inc.# | 64,731 | 4,516,282 | ||||||
Dominion Resources, Inc.# | 133,064 | 9,752,260 | ||||||
DTE Energy Co. | 38,155 | 3,551,849 | ||||||
Duke Energy Corp.# | 146,497 | 10,807,084 | ||||||
Edison International | 69,282 | 4,764,523 | ||||||
Entergy Corp. | 38,059 | 2,615,795 | ||||||
Eversource Energy# | 67,452 | 3,481,872 | ||||||
Exelon Corp. | 196,243 | 6,379,860 | ||||||
FirstEnergy Corp.# | 90,416 | 2,829,117 | ||||||
NextEra Energy, Inc. | 99,320 | 11,345,324 | ||||||
PG&E Corp. | 106,004 | 6,233,035 | ||||||
Pinnacle West Capital Corp. | 23,640 | 1,747,705 | ||||||
Public Service Enterprise Group, Inc. | 107,580 | 4,444,130 | ||||||
SCANA Corp. | 30,390 | 2,143,407 | ||||||
Southern Co. | 208,116 | 9,743,991 | ||||||
WEC Energy Group, Inc.# | 67,114 | 3,759,055 | ||||||
Xcel Energy, Inc. | 108,013 | 4,213,587 | ||||||
106,764,834 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Corning, Inc. | 220,485 | 5,298,254 | ||||||
Garmin, Ltd.# | 24,499 | 1,277,868 | ||||||
6,576,122 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors — 2.2% |
| |||||||
Broadcom, Ltd. | 84,104 | $ | 14,338,891 | |||||
Intel Corp.# | 1,006,019 | 34,908,859 | ||||||
Microchip Technology, Inc.# | 45,779 | 3,029,654 | ||||||
Micron Technology, Inc.† | 220,807 | 4,312,361 | ||||||
NVIDIA Corp.# | 113,764 | 10,489,041 | ||||||
Qorvo, Inc.†# | 27,196 | 1,452,538 | ||||||
Skyworks Solutions, Inc.# | 39,870 | 3,064,010 | ||||||
Texas Instruments, Inc.# | 213,326 | 15,771,191 | ||||||
Xilinx, Inc.# | 53,900 | 2,909,522 | ||||||
90,276,067 | ||||||||
Electronic Connectors — 0.2% |
| |||||||
Amphenol Corp., Class A# | 65,648 | 4,481,133 | ||||||
TE Connectivity, Ltd. | 75,605 | 5,113,922 | ||||||
9,595,055 | ||||||||
Electronic Forms — 0.3% |
| |||||||
Adobe Systems, Inc.† | 105,958 | 10,893,542 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Agilent Technologies, Inc. | 69,220 | 3,044,295 | ||||||
FLIR Systems, Inc. | 29,191 | 1,048,249 | ||||||
Fortive Corp. | 63,931 | 3,515,566 | ||||||
7,608,110 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 20,391 | 1,364,362 | ||||||
Electronics - Military — 0.1% |
| |||||||
L-3 Communications Holdings, Inc. | 16,425 | 2,591,372 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
First Solar, Inc.†# | 16,324 | 494,944 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
Fluor Corp.# | 29,610 | 1,584,431 | ||||||
Jacobs Engineering Group, Inc.† | 25,820 | 1,601,098 | ||||||
3,185,529 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Cummins, Inc. | 32,992 | 4,677,606 | ||||||
Enterprise Software/Service — 0.7% |
| |||||||
CA, Inc. | 66,815 | 2,135,407 | ||||||
Oracle Corp. | 639,972 | 25,720,475 | ||||||
27,855,882 | ||||||||
Entertainment Software — 0.3% |
| |||||||
Activision Blizzard, Inc. | 145,054 | 5,310,427 | ||||||
Electronic Arts, Inc.†# | 63,955 | 5,067,794 | ||||||
10,378,221 | ||||||||
Finance - Consumer Loans — 0.2% |
| |||||||
Navient Corp. | 67,414 | 1,161,543 | ||||||
Synchrony Financial | 168,462 | 5,822,047 | ||||||
6,983,590 | ||||||||
Finance - Credit Card — 1.8% |
| |||||||
Alliance Data Systems Corp.# | 12,445 | 2,847,167 | ||||||
American Express Co. | 165,006 | 11,887,032 | ||||||
Discover Financial Services# | 85,828 | 5,816,564 | ||||||
MasterCard, Inc., Class A | 203,911 | 20,839,704 | ||||||
Visa, Inc., Class A# | 401,138 | 31,015,990 | ||||||
72,406,457 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 256,009 | 9,897,308 | ||||||
E*TRADE Financial Corp.† | 58,197 | 2,008,378 | ||||||
11,905,686 | ||||||||
240 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Other Services — 0.4% |
| |||||||
CME Group, Inc. | 72,055 | $ | 8,135,730 | |||||
Intercontinental Exchange, Inc. | 126,664 | 7,017,185 | ||||||
Nasdaq, Inc. | 24,276 | 1,555,849 | ||||||
16,708,764 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Hershey Co. | 29,847 | 2,884,414 | ||||||
J.M. Smucker Co.# | 24,755 | 3,117,892 | ||||||
6,002,306 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp.# | 57,462 | 1,967,499 | ||||||
Tyson Foods, Inc., Class A# | 63,250 | 3,593,232 | ||||||
5,560,731 | ||||||||
Food - Misc./Diversified — 1.1% |
| |||||||
Campbell Soup Co.# | 41,347 | 2,352,231 | ||||||
ConAgra Brands, Inc. | 88,626 | 3,251,688 | ||||||
General Mills, Inc. | 126,953 | 7,736,516 | ||||||
Kellogg Co.# | 53,625 | 3,861,000 | ||||||
Kraft Heinz Co.# | 126,697 | 10,344,810 | ||||||
Lamb Weston Holdings, Inc.† | 29,541 | 989,033 | ||||||
McCormick & Co., Inc. | 24,462 | 2,230,934 | ||||||
Mondelez International, Inc., Class A | 330,775 | 13,641,161 | ||||||
44,407,373 | ||||||||
Food - Retail — 0.2% |
| |||||||
Kroger Co.# | 201,797 | 6,518,043 | ||||||
Whole Foods Market, Inc.# | 67,791 | 2,060,169 | ||||||
8,578,212 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 108,602 | 5,783,057 | ||||||
Gas - Distribution — 0.2% |
| |||||||
CenterPoint Energy, Inc. | 91,581 | 2,185,123 | ||||||
NiSource, Inc. | 68,510 | 1,503,109 | ||||||
Sempra Energy# | 53,118 | 5,301,176 | ||||||
8,989,408 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Mining Corp. | 112,827 | 3,660,108 | ||||||
Hazardous Waste Disposal — 0.0% |
| |||||||
Stericycle, Inc.† | 18,083 | 1,319,517 | ||||||
Home Decoration Products — 0.1% |
| |||||||
Newell Brands, Inc. | 102,536 | 4,820,217 | ||||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc. | 28,424 | 1,366,057 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Marriott International, Inc., Class A | 68,011 | 5,357,907 | ||||||
Wyndham Worldwide Corp.# | 23,364 | 1,681,974 | ||||||
7,039,881 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 27,673 | 1,241,688 | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 67,042 | 760,256 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc.# | 27,516 | 3,679,164 | ||||||
Industrial Gases — 0.3% |
| |||||||
Air Products & Chemicals, Inc. | 46,047 | 6,651,950 | ||||||
Praxair, Inc.# | 60,652 | 7,296,435 | ||||||
13,948,385 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Instruments - Controls — 0.5% |
| |||||||
Honeywell International, Inc. | 161,796 | $ | 18,435,036 | |||||
Mettler-Toledo International, Inc.†# | 5,633 | 2,320,909 | ||||||
20,755,945 | ||||||||
Instruments - Scientific — 0.1% |
| |||||||
PerkinElmer, Inc.# | 23,263 | 1,179,899 | ||||||
Waters Corp.† | 17,134 | 2,305,723 | ||||||
3,485,622 | ||||||||
Insurance Brokers — 0.5% |
| |||||||
Aon PLC | 56,478 | 6,444,140 | ||||||
Arthur J. Gallagher & Co.# | 37,644 | 1,895,375 | ||||||
Marsh & McLennan Cos., Inc. | 110,200 | 7,637,962 | ||||||
Willis Towers Watson PLC | 27,594 | 3,431,866 | ||||||
19,409,343 | ||||||||
Insurance - Life/Health — 0.6% |
| |||||||
Aflac, Inc. | 87,093 | 6,216,698 | ||||||
Lincoln National Corp. | 49,502 | 3,173,078 | ||||||
Principal Financial Group, Inc.# | 56,873 | 3,281,003 | ||||||
Prudential Financial, Inc. | 92,925 | 9,348,255 | ||||||
Torchmark Corp. | 23,684 | 1,660,012 | ||||||
Unum Group | 49,895 | 2,109,062 | ||||||
25,788,108 | ||||||||
Insurance - Multi-line — 1.3% |
| |||||||
Allstate Corp. | 78,989 | 5,522,911 | ||||||
American International Group, Inc.#(1) | 216,286 | 13,697,392 | ||||||
Assurant, Inc. | 12,802 | 1,105,325 | ||||||
Chubb, Ltd. | 98,896 | 12,658,688 | ||||||
Cincinnati Financial Corp.# | 31,846 | 2,443,862 | ||||||
Hartford Financial Services Group, Inc. | 82,073 | 3,867,280 | ||||||
Loews Corp. | 58,780 | 2,624,527 | ||||||
MetLife, Inc. | 233,668 | 12,854,076 | ||||||
54,774,061 | ||||||||
Insurance - Property/Casualty — 0.3% |
| |||||||
Progressive Corp. | 123,741 | 4,120,575 | ||||||
Travelers Cos., Inc. | 61,300 | 6,948,355 | ||||||
XL Group, Ltd. | 58,470 | 2,112,521 | ||||||
13,181,451 | ||||||||
Insurance - Reinsurance — 1.5% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 403,737 | 63,564,353 | ||||||
Internet Content - Entertainment — 1.7% |
| |||||||
Facebook, Inc., Class A† | 493,963 | 58,495,098 | ||||||
Netflix, Inc.†# | 91,167 | 10,666,539 | ||||||
69,161,637 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 14,077 | 1,981,338 | ||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp.# | 130,901 | 3,192,676 | ||||||
VeriSign, Inc.†# | 19,752 | 1,557,445 | ||||||
4,750,121 | ||||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Affiliated Managers Group, Inc.† | 11,455 | 1,696,486 | ||||||
Ameriprise Financial, Inc. | 34,324 | 3,920,144 | ||||||
BlackRock, Inc.# | 25,943 | 9,619,405 | ||||||
Franklin Resources, Inc. | 74,730 | 2,933,900 | ||||||
Invesco, Ltd. | 87,166 | 2,729,167 | ||||||
Legg Mason, Inc. | 19,611 | 625,591 | ||||||
T. Rowe Price Group, Inc. | 52,853 | 3,914,293 | ||||||
25,438,986 | ||||||||
241 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Lighting Products & Systems — 0.1% |
| |||||||
Acuity Brands, Inc.# | 9,332 | $ | 2,346,158 | |||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Caterpillar, Inc.# | 124,232 | 11,871,610 | ||||||
Machinery - Farming — 0.1% |
| |||||||
Deere & Co.# | 61,511 | 6,163,402 | ||||||
Machinery - General Industrial — 0.1% |
| |||||||
Roper Technologies, Inc.# | 21,549 | 3,902,739 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Flowserve Corp. | 27,724 | 1,315,504 | ||||||
Xylem, Inc. | 38,101 | 1,965,249 | ||||||
3,280,753 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp.†# | 63,912 | 3,181,539 | ||||||
Medical Instruments — 1.0% |
| |||||||
Boston Scientific Corp.† | 289,354 | 5,920,183 | ||||||
Edwards Lifesciences Corp.† | 45,267 | 3,750,371 | ||||||
Intuitive Surgical, Inc.† | 8,185 | 5,269,012 | ||||||
Medtronic PLC | 293,860 | 21,454,718 | ||||||
St. Jude Medical, Inc. | 60,588 | 4,798,570 | ||||||
41,192,854 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Laboratory Corp. of America Holdings†# | 21,753 | 2,737,615 | ||||||
Quest Diagnostics, Inc. | 29,561 | 2,585,405 | ||||||
5,323,020 | ||||||||
Medical Products — 0.7% |
| |||||||
Baxter International, Inc. | 104,088 | 4,618,385 | ||||||
Becton Dickinson and Co.# | 45,277 | 7,656,341 | ||||||
Cooper Cos., Inc. | 10,364 | 1,704,774 | ||||||
Henry Schein, Inc.†# | 17,393 | 2,590,861 | ||||||
Stryker Corp.# | 66,062 | 7,508,607 | ||||||
Varian Medical Systems, Inc.†# | 19,857 | 1,783,754 | ||||||
Zimmer Biomet Holdings, Inc. | 42,531 | 4,332,208 | ||||||
30,194,930 | ||||||||
Medical - Biomedical/Gene — 2.4% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 47,685 | 5,845,704 | ||||||
Amgen, Inc. | 159,134 | 22,926,435 | ||||||
Biogen, Inc.† | 46,595 | 13,702,192 | ||||||
Celgene Corp.† | 164,823 | 19,533,174 | ||||||
Gilead Sciences, Inc. | 280,617 | 20,681,473 | ||||||
Illumina, Inc.†# | 31,173 | 4,150,373 | ||||||
Regeneron Pharmaceuticals, Inc.†# | 16,048 | 6,086,043 | ||||||
Vertex Pharmaceuticals, Inc.†# | 52,688 | 4,299,868 | ||||||
97,225,262 | ||||||||
Medical - Drugs — 5.3% |
| |||||||
AbbVie, Inc. | 346,299 | 21,054,979 | ||||||
Allergan PLC†# | 84,196 | 16,359,283 | ||||||
Bristol-Myers Squibb Co. | 355,298 | 20,053,019 | ||||||
Eli Lilly & Co. | 206,558 | 13,864,173 | ||||||
Endo International PLC†# | 42,159 | 674,966 | ||||||
Johnson & Johnson | 581,767 | 64,750,667 | ||||||
Mallinckrodt PLC† | 22,904 | 1,207,041 | ||||||
Merck & Co., Inc. | 588,005 | 35,980,026 | ||||||
Pfizer, Inc. | 1,289,824 | 41,454,943 | ||||||
Zoetis, Inc. | 105,267 | 5,303,351 | ||||||
220,702,448 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan NV†# | 97,821 | 3,581,227 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Generic Drugs (continued) |
| |||||||
Perrigo Co. PLC# | 30,467 | $ | 2,630,521 | |||||
6,211,748 | ||||||||
Medical - HMO — 1.6% |
| |||||||
Aetna, Inc. | 74,595 | 9,760,010 | ||||||
Anthem, Inc.# | 55,962 | 7,976,264 | ||||||
Centene Corp.† | 36,305 | 2,092,257 | ||||||
Cigna Corp. | 54,558 | 7,351,145 | ||||||
Humana, Inc. | 31,698 | 6,740,263 | ||||||
UnitedHealth Group, Inc. | 202,519 | 32,062,808 | ||||||
65,982,747 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
HCA Holdings, Inc.† | 62,802 | 4,452,034 | ||||||
Universal Health Services, Inc., Class B | 19,159 | 2,356,940 | ||||||
6,808,974 | ||||||||
Medical - Wholesale Drug Distribution — 0.4% |
| |||||||
AmerisourceBergen Corp.# | 38,445 | 2,998,326 | ||||||
Cardinal Health, Inc.# | 67,745 | 4,810,572 | ||||||
McKesson Corp. | 47,994 | 6,902,017 | ||||||
14,710,915 | ||||||||
Metal - Aluminum — 0.0% |
| |||||||
Alcoa Corp.# | 31,077 | 900,301 | ||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc.†# | 259,850 | 3,988,698 | ||||||
Motorcycle/Motor Scooter — 0.1% |
| |||||||
Harley-Davidson, Inc.# | 38,020 | 2,315,038 | ||||||
Multimedia — 1.4% |
| |||||||
Time Warner, Inc. | 165,403 | 15,187,303 | ||||||
Twenty-First Century Fox, Inc., Class A | 226,254 | 6,360,000 | ||||||
Twenty-First Century Fox, Inc., Class B | 103,578 | 2,906,399 | ||||||
Viacom, Inc., Class B | 73,835 | 2,767,336 | ||||||
Walt Disney Co.# | 314,401 | 31,163,427 | ||||||
58,384,465 | ||||||||
Networking Products — 0.8% |
| |||||||
Cisco Systems, Inc. | 1,069,538 | 31,893,623 | ||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc.# | 49,574 | 2,750,861 | ||||||
Waste Management, Inc. | 86,525 | 6,015,218 | ||||||
8,766,079 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc.# | 39,464 | 566,308 | ||||||
Xerox Corp. | 180,997 | 1,692,322 | ||||||
2,258,630 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 18,894 | 1,361,502 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Helmerich & Payne, Inc.# | 22,979 | 1,738,361 | ||||||
Transocean, Ltd.†# | 73,036 | 942,165 | ||||||
2,680,526 | ||||||||
Oil Companies - Exploration & Production — 2.2% |
| |||||||
Anadarko Petroleum Corp.# | 116,040 | 8,024,166 | ||||||
Apache Corp.# | 80,682 | 5,320,978 | ||||||
Cabot Oil & Gas Corp. | 98,910 | 2,187,889 | ||||||
Chesapeake Energy Corp.†# | 138,780 | 971,460 | ||||||
Cimarex Energy Co. | 20,197 | 2,784,762 | ||||||
Concho Resources, Inc.†# | 30,224 | 4,322,636 | ||||||
ConocoPhillips# | 263,360 | 12,778,227 | ||||||
Devon Energy Corp. | 111,340 | 5,381,062 |
242 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
EOG Resources, Inc. | 117,091 | $ | 12,004,169 | |||||
EQT Corp.# | 36,733 | 2,574,249 | ||||||
Hess Corp.# | 57,238 | 3,203,038 | ||||||
Marathon Oil Corp.# | 180,164 | 3,253,762 | ||||||
Newfield Exploration Co.† | 42,231 | 1,909,686 | ||||||
Noble Energy, Inc. | 91,367 | 3,486,565 | ||||||
Occidental Petroleum Corp. | 162,444 | 11,592,004 | ||||||
Pioneer Natural Resources Co.# | 36,065 | 6,889,858 | ||||||
Range Resources Corp. | 39,974 | 1,406,285 | ||||||
Southwestern Energy Co.†# | 104,930 | 1,190,956 | ||||||
89,281,752 | ||||||||
Oil Companies - Integrated — 3.0% |
| |||||||
Chevron Corp.# | 401,157 | 44,753,075 | ||||||
Exxon Mobil Corp. | 881,761 | 76,977,736 | ||||||
Murphy Oil Corp.# | 34,419 | 1,167,148 | ||||||
122,897,959 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
FMC Technologies, Inc.† | 47,977 | 1,643,692 | ||||||
National Oilwell Varco, Inc.# | 80,301 | 3,000,045 | ||||||
4,643,737 | ||||||||
Oil Refining & Marketing — 0.5% |
| |||||||
Marathon Petroleum Corp. | 112,437 | 5,286,788 | ||||||
Phillips 66# | 94,503 | 7,851,309 | ||||||
Tesoro Corp. | 25,259 | 2,054,820 | ||||||
Valero Energy Corp. | 98,101 | 6,039,097 | ||||||
21,232,014 | ||||||||
Oil - Field Services — 1.0% |
| |||||||
Baker Hughes, Inc. | 90,991 | 5,853,451 | ||||||
Halliburton Co. | 183,108 | 9,721,204 | ||||||
Schlumberger, Ltd. | 295,723 | 24,855,518 | ||||||
40,430,173 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 87,439 | 4,260,028 | ||||||
Pharmacy Services — 0.2% |
| |||||||
Express Scripts Holding Co.† | 134,012 | 10,168,831 | ||||||
Pipelines — 0.5% |
| |||||||
Kinder Morgan, Inc. | 408,234 | 9,062,795 | ||||||
ONEOK, Inc.# | 44,746 | 2,457,898 | ||||||
Spectra Energy Corp. | 149,085 | 6,105,031 | ||||||
Williams Cos., Inc. | 145,239 | 4,458,837 | ||||||
22,084,561 | ||||||||
Publishing-Newspapers — 0.0% |
| |||||||
News Corp., Class A | 80,919 | 935,424 | ||||||
News Corp., Class B# | 25,469 | 304,354 | ||||||
1,239,778 | ||||||||
Real Estate Investment Trusts — 2.6% |
| |||||||
American Tower Corp. | 90,478 | 9,253,185 | ||||||
Apartment Investment & Management Co., Class A | 33,302 | 1,402,014 | ||||||
AvalonBay Communities, Inc. | 29,198 | 4,802,779 | ||||||
Boston Properties, Inc. | 32,681 | 4,048,522 | ||||||
Crown Castle International Corp. | 71,781 | 5,990,842 | ||||||
Digital Realty Trust, Inc.# | 31,229 | 2,883,374 | ||||||
Equinix, Inc.# | 15,113 | 5,119,680 | ||||||
Equity Residential | 77,733 | 4,664,757 | ||||||
Essex Property Trust, Inc. | 13,927 | 3,007,118 | ||||||
Extra Space Storage, Inc. | 26,747 | 1,876,570 | ||||||
Federal Realty Investment Trust | 15,077 | 2,117,112 | ||||||
General Growth Properties, Inc. | 124,168 | 3,146,417 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
HCP, Inc. | 99,428 | $ | 2,936,109 | |||||
Host Hotels & Resorts, Inc.# | 157,884 | 2,816,651 | ||||||
Iron Mountain, Inc. | 52,060 | 1,717,980 | ||||||
Kimco Realty Corp.# | 89,321 | 2,281,258 | ||||||
Macerich Co. | 25,655 | 1,741,718 | ||||||
Prologis, Inc.# | 112,052 | 5,703,447 | ||||||
Public Storage | 31,710 | 6,636,903 | ||||||
Quality Care Properties, Inc.†# | 19,885 | 298,275 | ||||||
Realty Income Corp.# | 54,983 | 3,048,257 | ||||||
Simon Property Group, Inc. | 66,817 | 12,003,674 | ||||||
SL Green Realty Corp.# | 21,332 | 2,247,540 | ||||||
UDR, Inc. | 56,788 | 1,933,064 | ||||||
Ventas, Inc. | 74,712 | 4,514,099 | ||||||
Vornado Realty Trust | 36,538 | 3,571,589 | ||||||
Welltower, Inc.# | 76,108 | 4,778,060 | ||||||
Weyerhaeuser Co. | 159,213 | 4,908,537 | ||||||
109,449,531 | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
CBRE Group, Inc., Class A† | 63,516 | 1,844,505 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.†# | 18,321 | 1,852,436 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Coach, Inc.# | 59,315 | 2,158,473 | ||||||
Foot Locker, Inc. | 28,772 | 2,062,089 | ||||||
Gap, Inc.# | 46,604 | 1,163,702 | ||||||
L Brands, Inc.# | 51,080 | 3,586,838 | ||||||
PVH Corp. | 17,060 | 1,807,336 | ||||||
Ross Stores, Inc. | 84,330 | 5,699,865 | ||||||
Urban Outfitters, Inc.†# | 18,930 | 598,188 | ||||||
17,076,491 | ||||||||
Retail - Auto Parts — 0.4% |
| |||||||
Advance Auto Parts, Inc.# | 15,659 | 2,657,645 | ||||||
AutoZone, Inc.†# | 6,215 | 4,867,464 | ||||||
Genuine Parts Co.# | 31,665 | 3,047,123 | ||||||
O’Reilly Automotive, Inc.† | 20,186 | 5,541,057 | ||||||
16,113,289 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc.†# | 14,110 | 630,152 | ||||||
CarMax, Inc.†# | 40,716 | 2,352,978 | ||||||
2,983,130 | ||||||||
Retail - Bedding — 0.0% |
| |||||||
Bed Bath & Beyond, Inc.# | 32,825 | 1,470,888 | ||||||
Retail - Building Products — 1.1% |
| |||||||
Home Depot, Inc. | 262,737 | 33,998,168 | ||||||
Lowe’s Cos., Inc.# | 185,991 | 13,121,665 | ||||||
47,119,833 | ||||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc.# | 58,696 | 2,682,407 | ||||||
Retail - Discount — 1.3% |
| |||||||
Costco Wholesale Corp. | 93,152 | 13,983,047 | ||||||
Dollar General Corp. | 55,118 | 4,261,724 | ||||||
Dollar Tree, Inc.† | 50,135 | 4,419,901 | ||||||
Target Corp.# | 122,241 | 9,441,895 | ||||||
Wal-Mart Stores, Inc. | 322,303 | 22,699,800 | ||||||
54,806,367 | ||||||||
Retail - Drug Store — 0.8% |
| |||||||
CVS Health Corp. | 226,724 | 17,432,808 | ||||||
Walgreens Boots Alliance, Inc. | 181,816 | 15,405,270 | ||||||
32,838,078 | ||||||||
243 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Gardening Products — 0.1% |
| |||||||
Tractor Supply Co.# | 28,423 | $ | 2,133,715 | |||||
Retail - Jewelry — 0.1% |
| |||||||
Signet Jewelers, Ltd.# | 16,074 | 1,467,395 | ||||||
Tiffany & Co.# | 22,839 | 1,883,761 | ||||||
3,351,156 | ||||||||
Retail - Major Department Stores — 0.3% |
| |||||||
Nordstrom, Inc.# | 24,710 | 1,381,783 | ||||||
TJX Cos., Inc. | 139,631 | 10,938,693 | ||||||
12,320,476 | ||||||||
Retail - Office Supplies — 0.0% |
| |||||||
Staples, Inc. | 138,308 | 1,337,438 | ||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Salon Cosmetics & Fragrance, Inc.†# | 12,467 | 3,235,187 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Kohl’s Corp.# | 38,189 | 2,055,714 | ||||||
Macy’s, Inc.# | 65,593 | 2,768,024 | ||||||
4,823,738 | ||||||||
Retail - Restaurants — 1.2% |
| |||||||
Chipotle Mexican Grill, Inc.†# | 6,191 | 2,453,679 | ||||||
Darden Restaurants, Inc.# | 26,838 | 1,967,225 | ||||||
McDonald’s Corp. | 181,462 | 21,642,973 | ||||||
Starbucks Corp.# | 311,864 | 18,078,756 | ||||||
Yum China Holdings, Inc.† | 78,761 | 2,214,759 | ||||||
Yum! Brands, Inc. | 78,761 | 4,992,660 | ||||||
51,350,052 | ||||||||
Rubber - Tires — 0.0% |
| |||||||
Goodyear Tire & Rubber Co.# | 55,808 | 1,712,748 | ||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
People’s United Financial, Inc.# | 66,123 | 1,237,823 | ||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Analog Devices, Inc.# | 65,382 | 4,853,959 | ||||||
Linear Technology Corp. | 50,975 | 3,187,467 | ||||||
QUALCOMM, Inc. | 313,362 | 21,349,353 | ||||||
29,390,779 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Applied Materials, Inc. | 229,845 | 7,401,009 | ||||||
KLA-Tencor Corp. | 33,171 | 2,648,373 | ||||||
Lam Research Corp. | 34,078 | 3,612,949 | ||||||
13,662,331 | ||||||||
Soap & Cleaning Preparation — 0.1% |
| |||||||
Church & Dwight Co., Inc.# | 54,776 | 2,398,641 | ||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 67,696 | 4,210,014 | ||||||
Telecom Services — 0.1% |
| |||||||
Level 3 Communications, Inc.† | 61,925 | 3,410,210 | ||||||
Telecommunication Equipment — 0.1% |
| |||||||
Juniper Networks, Inc. | 81,435 | 2,242,720 | ||||||
Telephone - Integrated — 2.4% |
| |||||||
AT&T, Inc.# | 1,308,186 | 50,535,225 | ||||||
CenturyLink, Inc. | 116,097 | 2,730,601 | ||||||
Frontier Communications Corp.# | 249,447 | 910,482 | ||||||
Verizon Communications, Inc. | 866,801 | 43,253,370 | ||||||
97,429,678 | ||||||||
Television — 0.2% |
| |||||||
CBS Corp., Class B# | 86,519 | 5,253,434 |
Security Description | Shares/ | Value (Note 2) | ||||||
Television (continued) |
| |||||||
TEGNA, Inc.# | 45,574 | $ | 1,022,225 | |||||
6,275,659 | ||||||||
Textile - Home Furnishings — 0.1% |
| |||||||
Mohawk Industries, Inc.† | 13,403 | 2,646,288 | ||||||
Tobacco — 1.6% |
| |||||||
Altria Group, Inc. | 415,476 | 26,561,381 | ||||||
Philip Morris International, Inc. | 329,880 | 29,121,806 | ||||||
Reynolds American, Inc. | 176,039 | 9,523,710 | ||||||
65,206,897 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 12,351 | 2,065,087 | ||||||
Stanley Black & Decker, Inc. | 31,987 | 3,794,618 | ||||||
5,859,705 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc.# | 24,000 | 2,049,360 | ||||||
Mattel, Inc.# | 72,430 | 2,286,615 | ||||||
4,335,975 | ||||||||
Transport - Rail — 0.8% |
| |||||||
CSX Corp. | 201,159 | 7,203,504 | ||||||
Kansas City Southern | 22,962 | 2,036,959 | ||||||
Norfolk Southern Corp. | 62,421 | 6,645,340 | ||||||
Union Pacific Corp. | 177,114 | 17,946,961 | ||||||
33,832,764 | ||||||||
Transport - Services — 0.8% |
| |||||||
C.H. Robinson Worldwide, Inc.# | 30,345 | 2,271,323 | ||||||
Expeditors International of Washington, Inc.# | 38,499 | 2,030,437 | ||||||
FedEx Corp. | 51,945 | 9,956,298 | ||||||
Ryder System, Inc. | 11,371 | 890,349 | ||||||
United Parcel Service, Inc., Class B | 146,994 | 17,039,545 | ||||||
32,187,952 | ||||||||
Transport - Truck — 0.0% |
| |||||||
JB Hunt Transport Services, Inc. | 18,688 | 1,782,275 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Mead Johnson Nutrition Co.# | 39,266 | 2,830,686 | ||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 37,829 | 2,741,468 | ||||||
Web Portals/ISP — 2.5% |
| |||||||
Alphabet, Inc., Class A† | 62,697 | 48,645,348 | ||||||
Alphabet, Inc., Class C†# | 62,836 | 47,632,202 | ||||||
Yahoo!, Inc.† | 186,199 | 7,637,883 | ||||||
103,915,433 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 35,452 | 2,845,023 | ||||||
X-Ray Equipment — 0.1% |
| |||||||
Hologic, Inc.†# | 58,992 | 2,258,214 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,207,651,126) | 4,041,414,436 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.4% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending | 10,618,469 | 10,618,469 | ||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | $ | 4,900,000 | 4,899,721 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $15,518,164) | 15,518,190 | |||||||
244 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Principal | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 1.9% |
| |||||||
State Street Bank and Trust Co. Joint | $ | 80,621,000 | $ | 80,621,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $2,303,790,290)(6) | 100.1 | % | 4,137,553,626 | |||||
Liabilities in excess of other assets | (0.1 | ) | (3,311,343 | ) | ||||
NET ASSETS | 100.0 | % | $ | 4,134,242,283 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Security represents an investment in an affiliated company (see Note 3). |
(2) | The rate shown is the 7-day yield as of November 30, 2016. |
(3) | At November 30, 2016, the Fund had loaned securities with a total value of $693,648,428. This was secured by collateral of $10,618,469, which was received in cash and subsequently invested in short-term investments currently valued at $10,618,469 as reported in the Portfolio of Investments. Additional collateral of $697,739,580 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, 2016 | |||
Federal Home Loan Mtg. Corp. | 2.50% to 4.00% | 11/01/2027 to 06/15/2044 | $48,028,155 | |||
Federal National Mtg. Assoc. | 2.00% to 4.25% | 11/01/2027 to 02/25/2044 | 86,941,349 | |||
Government National Mtg. Assoc. | 2.50% to 3.50% | 01/20/2043 to 11/20/2046 | 145,386,507 | |||
United States Treasury Bills | 0.00% | 12/08/2016 to 06/22/2017 | 60,170,389 | |||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 01/15/2017 to 05/15/2046 | 357,213,180 |
(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, 2016 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
834 | Long | S&P 500 E-Mini Index | December 2016 | $ | 91,536,935 | $ | 91,689,960 | $ | 153,025 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2016 (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 | $ | 4,041,414,436 | $ | — | $ | — | $ | 4,041,414,436 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 10,618,469 | — | — | 10,618,469 | ||||||||||||
U.S. Government Treasuries | — | 4,899,721 | — | 4,899,721 | ||||||||||||
Repurchase Agreements | — | 80,621,000 | — | 80,621,000 | ||||||||||||
Total Investments at Value | $ | 4,052,032,905 | $ | 85,520,721 | $ | — | $ | 4,137,553,626 | ||||||||
Other Financial lnstruments:† | ||||||||||||||||
Futures Contracts | $ | 153,025 | $ | — | $ | — | $ | 153,025 | ||||||||
* | 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
245 |
Table of Contents
PORTFOLIO PROFILE — November 30, 2016 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 9.1 | % | ||
Medical — Drugs | 7.7 | |||
Oil Companies — Exploration & Production | 7.0 | |||
Banks — Super Regional | 6.3 | |||
Diversified Manufacturing Operations | 6.1 | |||
Oil Companies — Integrated | 4.2 | |||
Semiconductor Components — Integrated Circuits | 3.8 | |||
Electric — Integrated | 3.3 | |||
Insurance — Multi-line | 2.9 | |||
Networking Products | 2.8 | |||
Investment Management/Advisor Services | 2.7 | |||
Tobacco | 2.6 | |||
Electronic Components — Semiconductors | 2.2 | |||
Aerospace/Defense — Equipment | 2.1 | |||
Food — Misc./Diversified | 1.8 | |||
Retail — Building Products | 1.7 | |||
Oil — Field Services | 1.6 | |||
Telephone — Integrated | 1.6 | |||
Medical Instruments | 1.5 | |||
Medical — HMO | 1.5 | |||
Chemicals — Diversified | 1.4 | |||
Banks — Commercial | 1.4 | |||
Television | 1.3 | |||
Insurance Brokers | 1.3 | |||
Transport — Rail | 1.3 | |||
Hotels/Motels | 1.3 | |||
Insurance — Life/Health | 1.2 | |||
Computer Services | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Applications Software | 1.1 | |||
Multimedia | 1.1 | |||
Building & Construction Products — Misc. | 1.0 | |||
Building — Residential/Commercial | 1.0 | |||
Finance — Other Services | 1.0 | |||
Medical — Biomedical/Gene | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Retail — Drug Store | 0.9 | |||
Machinery — Construction & Mining | 0.9 | |||
Cruise Lines | 0.9 | |||
Commercial Services | 0.9 | |||
Repurchase Agreements | 0.9 | |||
Retail — Catalog Shopping | 0.8 | |||
Registered Investment Companies | 0.7 | |||
Agricultural Chemicals | 0.7 | |||
Computers | 0.7 | |||
Retail — Jewelry | 0.7 | |||
Wireless Equipment | 0.7 | |||
Paper & Related Products | 0.6 | |||
100.3 | % | |||
* | Calculated as a percentage of net assets |
246 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.7% | ||||||||
Aerospace/Defense - Equipment — 2.1% | ||||||||
Triumph Group, Inc.# | 21,710 | $ | 603,538 | |||||
United Technologies Corp. | 15,440 | 1,663,197 | ||||||
2,266,735 | ||||||||
Agricultural Chemicals — 0.7% | ||||||||
Agrium, Inc. | 7,540 | 760,409 | ||||||
Applications Software — 1.1% | ||||||||
Microsoft Corp. | 19,834 | 1,195,197 | ||||||
Banks - Commercial — 1.4% | ||||||||
M&T Bank Corp.# | 10,310 | 1,484,021 | ||||||
Banks - Super Regional — 6.3% | ||||||||
PNC Financial Services Group, Inc. | 24,883 | 2,750,567 | ||||||
Wells Fargo & Co. | 79,086 | 4,185,231 | ||||||
6,935,798 | ||||||||
Building & Construction Products - Misc. — 1.0% | ||||||||
Fortune Brands Home & Security, Inc. | 20,400 | 1,125,060 | ||||||
Building - Residential/Commercial — 1.0% | ||||||||
PulteGroup, Inc. | 59,620 | 1,124,433 | ||||||
Cable/Satellite TV — 1.1% | ||||||||
Comcast Corp., Class A | 17,664 | 1,227,825 | ||||||
Chemicals - Diversified — 1.4% | ||||||||
Dow Chemical Co. | 26,683 | 1,486,777 | ||||||
Commercial Services — 0.9% | ||||||||
Nielsen Holdings PLC | 22,110 | 952,941 | ||||||
Computer Services — 1.1% | ||||||||
Cognizant Technology Solutions Corp., Class A† | 22,510 | 1,239,851 | ||||||
Computers — 0.7% | ||||||||
Apple, Inc. | 6,650 | 734,958 | ||||||
Cruise Lines — 0.9% | ||||||||
Norwegian Cruise Line Holdings, Ltd.† | 24,130 | 960,615 | ||||||
Diversified Banking Institutions — 9.1% | ||||||||
Bank of America Corp. | 27,400 | 578,688 | ||||||
Citigroup, Inc. | 49,660 | 2,800,327 | ||||||
Goldman Sachs Group, Inc. | 6,382 | 1,399,509 | ||||||
JPMorgan Chase & Co. | 64,847 | 5,198,784 | ||||||
9,977,308 | ||||||||
Diversified Manufacturing Operations — 6.1% | ||||||||
3M Co. | 7,460 | 1,281,180 | ||||||
Eaton Corp. PLC | 26,245 | 1,745,555 | ||||||
General Electric Co. | 66,264 | 2,038,281 | ||||||
Ingersoll-Rand PLC | 21,014 | 1,566,384 | ||||||
6,631,400 | ||||||||
Electric - Integrated — 3.3% | ||||||||
Dominion Resources, Inc. | 7,740 | 567,265 | ||||||
Edison International | 15,694 | 1,079,276 | ||||||
Eversource Energy | 25,904 | 1,337,165 | ||||||
NextEra Energy, Inc. | 5,905 | 674,528 | ||||||
3,658,234 | ||||||||
Electronic Components - Semiconductors — 2.2% | ||||||||
Intel Corp. | 68,242 | 2,367,997 | ||||||
Finance - Other Services — 1.0% | ||||||||
Intercontinental Exchange, Inc. | 20,190 | 1,118,526 | ||||||
Food - Misc./Diversified — 1.8% | ||||||||
Kraft Heinz Co. | 10,881 | 888,434 | ||||||
Mondelez International, Inc., Class A | 27,000 | 1,113,480 | ||||||
2,001,914 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Hotels/Motels — 1.3% | ||||||||
Hilton Worldwide Holdings, Inc. | 54,950 | $ | 1,377,596 | |||||
Insurance Brokers — 1.3% | ||||||||
Marsh & McLennan Cos., Inc. | 20,845 | 1,444,767 | ||||||
Insurance - Life/Health — 1.2% | ||||||||
Principal Financial Group, Inc. | 23,609 | 1,362,003 | ||||||
Insurance - Multi-line — 2.9% | ||||||||
Chubb, Ltd. | 13,464 | 1,723,392 | ||||||
MetLife, Inc. | 26,490 | 1,457,215 | ||||||
3,180,607 | ||||||||
Investment Management/Advisor Services — 2.7% | ||||||||
BlackRock, Inc. | 4,338 | 1,608,487 | ||||||
Invesco, Ltd. | 43,730 | 1,369,186 | ||||||
2,977,673 | ||||||||
Machinery - Construction & Mining — 0.9% | ||||||||
Caterpillar, Inc.# | 10,510 | 1,004,336 | ||||||
Medical Instruments — 1.5% | ||||||||
Medtronic PLC | 22,975 | 1,677,405 | ||||||
Medical - Biomedical/Gene — 0.9% | ||||||||
Amgen, Inc. | 7,176 | 1,033,846 | ||||||
Medical - Drugs — 7.7% | ||||||||
Allergan PLC† | 5,950 | 1,156,085 | ||||||
AstraZeneca PLC ADR# | 38,470 | 1,005,606 | ||||||
Bristol-Myers Squibb Co. | 23,850 | 1,346,094 | ||||||
Merck & Co., Inc. | 50,618 | 3,097,316 | ||||||
Pfizer, Inc. | 17,674 | 568,042 | ||||||
Roche Holding AG | 5,691 | 1,268,958 | ||||||
8,442,101 | ||||||||
Medical - HMO — 1.5% | ||||||||
UnitedHealth Group, Inc. | 10,055 | 1,591,908 | ||||||
Multimedia — 1.1% | ||||||||
Thomson Reuters Corp.# | 26,750 | 1,155,867 | ||||||
Networking Products — 2.8% | ||||||||
Cisco Systems, Inc. | 103,529 | 3,087,235 | ||||||
Oil Companies - Exploration & Production — 7.0% | ||||||||
Anadarko Petroleum Corp. | 11,160 | 771,714 | ||||||
Canadian Natural Resources, Ltd. | 26,070 | 880,384 | ||||||
EOG Resources, Inc. | 17,710 | 1,815,629 | ||||||
Marathon Oil Corp. | 85,558 | 1,545,177 | ||||||
Occidental Petroleum Corp. | 11,110 | 792,810 | ||||||
Pioneer Natural Resources Co. | 6,900 | 1,318,176 | ||||||
Southwestern Energy Co.† | 49,634 | 563,346 | ||||||
7,687,236 | ||||||||
Oil Companies - Integrated — 4.2% | ||||||||
Chevron Corp. | 25,311 | 2,823,695 | ||||||
Exxon Mobil Corp. | 20,227 | 1,765,817 | ||||||
4,589,512 | ||||||||
Oil - Field Services — 1.6% | ||||||||
Halliburton Co. | 33,260 | 1,765,773 | ||||||
Paper & Related Products — 0.6% | ||||||||
International Paper Co. | 14,225 | 693,042 | ||||||
Retail - Apparel/Shoe — 0.9% | ||||||||
PVH Corp. | 9,670 | 1,024,440 | ||||||
Retail - Building Products — 1.7% | ||||||||
Home Depot, Inc. | 7,594 | 982,664 | ||||||
Lowe’s Cos., Inc. | 11,640 | 821,202 | ||||||
1,803,866 | ||||||||
247 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2016 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Catalog Shopping — 0.8% | ||||||||
Liberty Interactive Corp. QVC Group, Class A† | 41,240 | $ | 854,080 | |||||
Retail - Drug Store — 0.9% | ||||||||
CVS Health Corp. | 13,294 | 1,022,176 | ||||||
Retail - Jewelry — 0.7% | ||||||||
Signet Jewelers, Ltd.# | 8,030 | 733,059 | ||||||
Semiconductor Components - Integrated Circuits — 3.8% |
| |||||||
Analog Devices, Inc. | 9,689 | 719,311 | ||||||
Maxim Integrated Products, Inc. | 37,655 | 1,478,712 | ||||||
QUALCOMM, Inc. | 28,340 | 1,930,804 | ||||||
4,128,827 | ||||||||
Telephone - Integrated — 1.6% | ||||||||
Verizon Communications, Inc. | 34,405 | 1,716,809 | ||||||
Television — 1.3% | ||||||||
CBS Corp., Class B | 23,835 | 1,447,261 | ||||||
Tobacco — 2.6% | ||||||||
British American Tobacco PLC | 23,911 | 1,314,423 | ||||||
Philip Morris International, Inc. | 17,890 | 1,579,329 | ||||||
2,893,752 | ||||||||
Transport - Rail — 1.3% | ||||||||
Union Pacific Corp. | 13,790 | 1,397,341 | ||||||
Wireless Equipment — 0.7% | ||||||||
Nokia OYJ ADR | 169,140 | 727,302 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $84,327,439) | 108,069,819 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.7% | ||||||||
Registered Investment Companies — 0.7% | ||||||||
State Street Navigator Securities Lending Prime Portfolio | 764,672 | 764,672 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 0.9% | ||||||||
Agreement with State Street Bank and Trust Co., bearing interest at 0.01%, dated 11/30/2016, to be repurchased 12/01/2016 in the amount of $920,000 collateralized by $890,000 of U.S. Treasury Notes, bearing interest at 3.13% due 05/15/2021 and having an approximate value of $940,659 | $ | 920,000 | $ | 920,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $86,012,111)(3) | 100.3 | % | 109,754,491 | |||||
Liabilities in excess of other assets | (0.3 | ) | (294,879 | ) | ||||
NET ASSETS | 100.0 | % | $ | 109,459,612 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At November 30, 2016, the Fund had loaned securities with a total value of $5,986,427. This was secured by collateral of $764,672, which was received in cash and subsequently invested in short-term investments currently valued at $764,672 as reported in the Portfolio of Investments. Additional collateral of $5,366,031 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, 2016 | |||||
United States Treasury Bills | 0.00% | 12/15/2016 to 04/27/2017 | $ | 1,901,286 | ||||
United States Treasury Notes/Bonds | 0.13% to 4.25% | 04/15/2017 to 05/15/2045 | 3,464,745 |
(2) | The rate shown is the 7-day yield as of November 30, 2016. |
(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, 2016 (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 | $ | 108,069,819 | $ | — | $ | — | $ | 108,069,819 | ||||||||
Short-Term Investment Securities | 764,672 | — | — | 764,672 | ||||||||||||
Repurchase Agreements | — | 920,000 | — | 920,000 | ||||||||||||
Total Investments at Value | $ | 108,834,491 | $ | 920,000 | $ | — | $ | 109,754,491 | ||||||||
* | 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
248 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 2016 (unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 170,096,347 | $ | 603,647,654 | $ | 57,252,047 | $ | 195,742,742 | $ | 228,376,265 | $ | 726,915,576 | $ | 44,889,689 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | 198,873,876 | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 6,571,000 | 1,413,000 | – | |||||||||||||||||||||
Total Investments | 170,096,347 | 603,647,654 | 57,252,047 | 195,742,742 | 234,947,265 | 728,328,576 | 243,763,565 | |||||||||||||||||||||
Cash | 65,681 | – | 70,434 | 14,915 | 494 | 3,584 | – | |||||||||||||||||||||
Foreign cash* | – | – | – | – | – | 207 | – | |||||||||||||||||||||
Due from broker | 93,586 | – | – | – | – | – | 657,092 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 6,812 | 37,647 | 5,288 | 64,412 | 4,730 | 108,525 | 46,384 | |||||||||||||||||||||
Dividends and interest | 706,118 | 479,019 | 131,089 | 942,802 | 467,947 | 2,585,839 | 199,786 | |||||||||||||||||||||
Investments sold | 565,491 | 1,602,697 | 895,033 | 5,515,426 | 3,103,781 | 4,081,020 | 885,613 | |||||||||||||||||||||
Securities lending income | 5,405 | 13,957 | 215 | 1,227 | 3,171 | 3,158 | – | |||||||||||||||||||||
Prepaid expenses and other assets | 23,890 | 13,145 | 5,203 | 13,262 | 16,504 | 13,070 | 5,270 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 7,739 | – | 45,300 | 40,164 | – | |||||||||||||||||||||
Variation margin on futures contracts | 227,351 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 171,790,681 | 605,794,119 | 58,367,048 | 202,294,786 | 238,589,192 | 735,164,143 | 245,557,710 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 24,634 | 97,603 | 32,446 | 128,825 | 51,862 | 158,629 | 23,368 | |||||||||||||||||||||
Investments purchased | 7,526,166 | 848,639 | 413,303 | 8,700,545 | 2,971,138 | 2,580,621 | 2,064,354 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 64,839 | 362,484 | 32,227 | 82,952 | 150,094 | 422,073 | 49,552 | |||||||||||||||||||||
Administrative service fee | 8,753 | 33,468 | 3,108 | 11,198 | 12,664 | 39,831 | 2,428 | |||||||||||||||||||||
Transfer agent fees and expenses | 96 | 257 | 128 | 224 | 96 | 245 | 64 | |||||||||||||||||||||
Directors’ fees and expenses | 5,984 | 12,145 | 961 | 5,728 | 13,441 | 12,346 | 2,662 | |||||||||||||||||||||
Other accrued expenses | 73,874 | 75,921 | 37,888 | 62,515 | 51,767 | 73,794 | 52,875 | |||||||||||||||||||||
Variation margin on futures contracts | 72,179 | – | – | – | – | – | 240,000 | |||||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | 2,281 | |||||||||||||||||||||
Collateral upon return of securities loaned | 4,942,780 | 1,721,787 | 353,925 | 1,916,371 | 493,965 | 6,290,434 | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to custodian for foreign cash* | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | 877,614 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 12,719,305 | 3,152,304 | 873,986 | 10,908,358 | 3,745,027 | 9,577,973 | 3,315,198 | |||||||||||||||||||||
NET ASSETS | $ | 159,071,376 | $ | 602,641,815 | $ | 57,493,062 | $ | 191,386,428 | $ | 234,844,165 | $ | 725,586,170 | $ | 242,242,512 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 148,571 | $ | 373,500 | $ | 37,508 | $ | 194,417 | $ | 110,649 | $ | 574,520 | $ | 221,424 | ||||||||||||||
Additional paid-in capital | 150,630,983 | 332,453,469 | 40,969,991 | 184,515,712 | 172,275,723 | 544,870,244 | 242,577,904 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 4,775,584 | 169,659 | 1,369,989 | 6,732,168 | 4,038,524 | 22,281,498 | 4,590,504 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (160,415 | ) | 72,756,381 | 2,246,223 | 1,024,373 | 14,375,850 | 76,034,645 | (6,767,464 | ) | |||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 2,094,483 | 196,888,881 | 12,869,351 | (1,080,242 | ) | 44,043,423 | 81,824,983 | (71,329 | ) | |||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 1,367,126 | – | – | – | – | – | 1,691,473 | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | 215,044 | (75 | ) | – | – | (4 | ) | 280 | – | |||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 159,071,376 | $ | 602,641,815 | $ | 57,493,062 | $ | 191,386,428 | $ | 234,844,165 | $ | 725,586,170 | $ | 242,242,512 | ||||||||||||||
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 | $ | 14,857,104 | $ | 37,350,023 | $ | 3,750,837 | $ | 19,441,658 | $ | 11,064,909 | $ | 57,451,970 | $ | 22,142,357 | ||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 10.71 | $ | 16.13 | $ | 15.33 | $ | 9.84 | $ | 21.22 | $ | 12.63 | $ | 10.94 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 168,001,864 | $ | 406,758,773 | $ | 44,382,696 | $ | 196,822,984 | $ | 184,332,842 | $ | 645,090,593 | $ | 45,891,732 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 197,943,162 | ||||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 206 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 788,268 | ||||||||||||||
† Including securities on loan | $ | 6,869,243 | $ | 118,005,182 | $ | 423,945 | $ | 4,480,004 | $ | 18,887,324 | $ | 27,581,811 | $ | – | ||||||||||||||
See Notes to Financial Statements
249 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 2016 (unaudited) — (continued)
EMERGING ECONOMIES FUND | FOREIGN VALUE FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND# | GOVERNMENT SECURITIES FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 699,587,226 | $ | 833,695,057 | $ | 461,855,763 | $ | 412,621,536 | $ | 401,681,366 | $ | 343,056,879 | $ | 138,029,154 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | – | 4,084,000 | 5,999,000 | |||||||||||||||||||||
Total Investments | 699,587,226 | 833,695,057 | 461,855,763 | 412,621,536 | 401,681,366 | 347,140,879 | 144,028,154 | |||||||||||||||||||||
Cash | 61,476 | 344 | 134 | 385 | 1,573 | 24 | 478 | |||||||||||||||||||||
Foreign cash* | 1,673,699 | 152,337 | 201,628 | 1,850,919 | 1,104,131 | – | – | |||||||||||||||||||||
Due from broker | 198,000 | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 715,602 | 14,127 | 101,798 | 87,783 | 48,858 | 473,581 | 15,311 | |||||||||||||||||||||
Dividends and interest | 78,557 | 1,700,605 | 479,062 | 971,063 | 1,984,962 | 33,829 | 506,989 | |||||||||||||||||||||
Investments sold | 4,928,516 | 1,177,628 | 269,785 | – | 205,367 | – | – | |||||||||||||||||||||
Securities lending income | 12,077 | 42,680 | 872 | 3,402 | 8,631 | – | 139 | |||||||||||||||||||||
Prepaid expenses and other assets | 12,796 | 23,872 | 9,009 | 17,542 | 13,340 | 25,343 | 30,163 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | 122,467 | – | |||||||||||||||||||||
Variation margin on futures contracts | 8,100 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | 5,933,398 | – | – | |||||||||||||||||||||
TOTAL ASSETS | 707,276,049 | 836,806,650 | 462,918,051 | 415,552,630 | 410,981,626 | 347,796,123 | 144,581,234 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 102,884 | 82,017 | 68,757 | 79,586 | 42,205 | 73,225 | 98,938 | |||||||||||||||||||||
Investments purchased | 3,575,672 | 2,570,273 | 203,136 | 638 | 1,722,891 | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | 842,860 | 67,233 | – | – | 26,460 | – | – | |||||||||||||||||||||
Investment advisory and management fees | 417,002 | 449,373 | 282,772 | 168,631 | 164,387 | 115,292 | 62,217 | |||||||||||||||||||||
Administrative service fee | 36,714 | 44,845 | 26,277 | 22,765 | 22,192 | 19,455 | 8,399 | |||||||||||||||||||||
Transfer agent fees and expenses | 108 | 257 | 224 | 192 | 96 | 384 | 289 | |||||||||||||||||||||
Directors’ fees and expenses | 10,714 | 21,587 | 7,743 | 13,483 | 11,324 | 16,904 | 5,414 | |||||||||||||||||||||
Other accrued expenses | 173,684 | 139,682 | 84,473 | 67,319 | 106,387 | 105,784 | 46,899 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | 92,250 | – | – | – | |||||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 16,545,929 | 24,029,425 | 964,810 | 1,456,184 | 4,972,141 | – | 269,978 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to custodian for foreign cash* | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | 440,000 | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | 909,774 | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 21,705,567 | 27,404,692 | 1,638,192 | 1,901,048 | 8,417,857 | 331,044 | 492,134 | |||||||||||||||||||||
NET ASSETS | $ | 685,570,482 | $ | 809,401,958 | $ | 461,279,859 | $ | 413,651,582 | $ | 402,563,769 | $ | 347,465,079 | $ | 144,089,100 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 1,007,256 | $ | 865,241 | $ | 599,546 | $ | 192,320 | $ | 369,257 | $ | 3,474,634 | $ | 134,827 | ||||||||||||||
Additional paid-in capital | 857,757,717 | 872,284,196 | 440,839,471 | 428,280,358 | 394,949,649 | 343,987,639 | 140,300,228 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 16,906,725 | 20,167,565 | 17,392,018 | 8,271,021 | (2,488,368 | ) | 1,129 | 4,933,541 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (235,780,144 | ) | (49,032,259 | ) | 23,479,813 | (41,880,504 | ) | (5,877,996 | ) | 1,677 | (2,315,863 | ) | ||||||||||||||||
Unrealized appreciation (depreciation) on investments | 46,429,066 | (34,733,889 | ) | (20,977,304 | ) | 17,352,549 | 10,687,067 | – | 1,036,367 | |||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 97,082 | – | – | 1,578,213 | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (4,360 | ) | (81,663 | ) | (53,685 | ) | (142,375 | ) | 4,950,620 | – | – | |||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | (842,860 | ) | (67,233 | ) | – | – | (26,460 | ) | – | – | ||||||||||||||||||
NET ASSETS | $ | 685,570,482 | $ | 809,401,958 | $ | 461,279,859 | $ | 413,651,582 | $ | 402,563,769 | $ | 347,465,079 | $ | 144,089,100 | ||||||||||||||
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 | $ | 100,725,583 | $ | 86,524,119 | $ | 59,954,649 | $ | 19,232,046 | $ | 36,925,673 | $ | 347,463,413 | $ | 13,482,705 | ||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 6.81 | $ | 9.35 | $ | 7.69 | $ | 21.51 | $ | 10.90 | $ | 1.00 | $ | 10.69 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 653,158,160 | $ | 868,428,946 | $ | 482,833,067 | $ | 395,268,987 | $ | 390,994,299 | $ | 343,056,879 | $ | 136,992,787 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 1,677,478 | $ | 151,145 | $ | 205,146 | $ | 1,928,276 | $ | 1,111,441 | $ | – | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 27,552,832 | $ | 38,553,530 | $ | 5,777,498 | $ | 39,125,094 | $ | 4,910,016 | $ | – | $ | 1,360,250 | ||||||||||||||
# See Note 1 |
See Notes to Financial Statements
250 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 2016 (unaudited) — (continued)
GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 873,595,149 | $ | 111,535,632 | $ | 776,612,362 | $ | 497,910,892 | $ | 904,102,463 | $ | 215,451,785 | $ | 419,242,067 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 13,369,000 | – | – | |||||||||||||||||||||
Total Investments | 873,595,149 | 111,535,632 | 776,612,362 | 497,910,892 | 917,471,463 | 215,451,785 | 419,242,067 | |||||||||||||||||||||
Cash | 1,813,152 | 225 | – | 151,445 | 424 | 314 | 24,780 | |||||||||||||||||||||
Foreign cash* | 2,792 | – | – | 87,845 | 4,825,467 | 619,665 | 144,161 | |||||||||||||||||||||
Due from broker | 98,515 | 115,000 | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 45,685 | 10,989 | 91,138 | 215,030 | 75,609 | 24,032 | 63,212 | |||||||||||||||||||||
Dividends and interest | 1,357,084 | 239,251 | 478,604 | 1,372,427 | 4,510,789 | 2,025,739 | 1,438,676 | |||||||||||||||||||||
Investments sold | 2,022,356 | 77,208 | 2,052,284 | – | 13,624 | – | 594,529 | |||||||||||||||||||||
Securities lending income | 32,915 | 48 | 21,578 | 1,502 | 31,845 | 251 | 19,483 | |||||||||||||||||||||
Prepaid expenses and other assets | 49,844 | 9,379 | 13,060 | 9,763 | 40,216 | 10,448 | 19,980 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 70,673 | 14,554 | 18,885 | – | – | – | 111,147 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 107,426 | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 879,195,591 | 112,002,286 | 779,287,911 | 499,748,904 | 926,969,437 | 218,132,234 | 421,658,035 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 88,639 | 205,662 | 452,864 | 59,644 | 173,343 | 147,147 | 103,989 | |||||||||||||||||||||
Investments purchased | 2,068,018 | 66,479 | 2,874,496 | 291,363 | – | – | 521,073 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 487,244 | 67,647 | 578,063 | 181,971 | 222,453 | 92,503 | 317,971 | |||||||||||||||||||||
Administrative service fee | 46,604 | 6,088 | 39,613 | 25,757 | 48,966 | 12,488 | 23,078 | |||||||||||||||||||||
Transfer agent fees and expenses | 160 | 192 | 128 | 225 | 417 | 203 | 224 | |||||||||||||||||||||
Directors’ fees and expenses | 26,498 | 4,755 | 12,910 | 8,302 | 26,933 | 5,976 | 18,324 | |||||||||||||||||||||
Other accrued expenses | 112,471 | 48,261 | 91,744 | 69,952 | 169,195 | 55,990 | 116,687 | |||||||||||||||||||||
Variation margin on futures contracts | 12,940 | 2,750 | – | – | 23,200 | – | – | |||||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 18,754,602 | 150,919 | 67,439,256 | 1,605,845 | 41,456,738 | 1,143,775 | 7,799,083 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to custodian for foreign cash* | – | – | 25 | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | 4,760 | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 8,815 | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 21,605,991 | 552,753 | 71,493,859 | 2,243,059 | 42,121,245 | 1,458,082 | 8,900,429 | |||||||||||||||||||||
NET ASSETS | $ | 857,589,600 | $ | 111,449,533 | $ | 707,794,052 | $ | 497,505,845 | $ | 884,848,192 | $ | 216,674,152 | $ | 412,757,606 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 616,999 | $ | 56,942 | $ | 360,632 | $ | 459,712 | $ | 1,443,794 | $ | 194,826 | $ | 369,558 | ||||||||||||||
Additional paid-in capital | 707,599,188 | 86,843,113 | 499,630,791 | 485,908,113 | 1,076,249,452 | 230,599,632 | 396,952,470 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 10,305,308 | 1,875,417 | (2,405,669 | ) | 6,861,204 | 33,404,472 | (1,106,874 | ) | 5,762,789 | |||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 73,460,188 | 5,333,752 | 133,047,936 | 68,371 | (153,563,113 | ) | (4,040,470 | ) | (7,300,589 | ) | ||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 65,529,023 | 17,319,854 | 77,049,678 | 4,215,877 | (71,996,060 | ) | (8,921,506 | ) | 17,140,425 | |||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | (4,979 | ) | 20,455 | 116,757 | – | (179,140 | ) | – | – | |||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | 83,873 | – | (6,073 | ) | (7,432 | ) | (511,213 | ) | (51,456 | ) | (167,047 | ) | ||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 857,589,600 | $ | 111,449,533 | $ | 707,794,052 | $ | 497,505,845 | $ | 884,848,192 | $ | 216,674,152 | $ | 412,757,606 | ||||||||||||||
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 | $ | 61,699,922 | $ | 5,694,153 | $ | 36,063,185 | $ | 45,971,197 | $ | 144,379,446 | $ | 19,482,592 | $ | 36,955,773 | ||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 13.90 | $ | 19.57 | $ | 19.63 | $ | 10.82 | $ | 6.13 | $ | 11.12 | $ | 11.17 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 808,066,126 | $ | 94,215,778 | $ | 699,562,684 | $ | 493,695,015 | $ | 976,098,523 | $ | 224,373,291 | $ | 402,101,642 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 2,841 | $ | – | $ | (26 | ) | $ | 87,477 | $ | 4,963,160 | $ | 628,231 | $ | 145,315 | |||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | 121,517 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 120,811,274 | $ | 269,164 | $ | 90,742,806 | $ | 1,574,444 | $ | 48,937,663 | $ | 1,111,774 | $ | 14,284,079 | ||||||||||||||
See Notes to Financial Statements
251 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 2016 (unaudited) — (continued)
LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 150,402,403 | $ | 376,199,122 | $ | 3,292,786,000 | $ | 253,815,561 | $ | 323,210,547 | $ | 996,139,586 | $ | 115,224,563 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 1,125,000 | – | 29,164,000 | – | 1,106,000 | 1,670,000 | 1,865,000 | |||||||||||||||||||||
Total Investments | 151,527,403 | 376,199,122 | 3,321,950,000 | 253,815,561 | 324,316,547 | 997,809,586 | 117,089,563 | |||||||||||||||||||||
Cash | 234 | 7,711 | 170 | 97,980 | 620 | 1,051 | 391 | |||||||||||||||||||||
Foreign cash* | – | 29,127 | – | 20 | – | 984,736 | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 9,812 | 8,059 | 424,602 | 43,923 | 148,375 | 71,522 | 24,864 | |||||||||||||||||||||
Dividends and interest | 298,626 | 492,722 | 3,690,197 | 192,699 | 505,933 | 860,993 | 26,006 | |||||||||||||||||||||
Investments sold | 857,158 | 54 | 922,679 | 809,105 | – | 10,196,825 | 755,386 | |||||||||||||||||||||
Securities lending income | 583 | 3,773 | 96,076 | 5,353 | 4,644 | 31,168 | 10,402 | |||||||||||||||||||||
Prepaid expenses and other assets | 15,061 | 15,035 | 86,680 | 10,015 | 8,723 | 50,031 | 5,708 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | 12,276 | – | 6,765 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 152,708,877 | 376,755,603 | 3,327,170,404 | 254,974,656 | 324,997,118 | 1,010,005,912 | 117,919,085 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 74,244 | 52,659 | 390,261 | 22,585 | 60,227 | 94,492 | 15,236 | |||||||||||||||||||||
Investments purchased | 991,137 | 273,718 | 4,105,273 | 591,330 | – | 5,634,067 | 886,720 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 86,400 | 198,524 | 670,082 | 138,111 | 105,022 | 686,002 | 73,343 | |||||||||||||||||||||
Administrative service fee | 8,331 | 20,938 | 170,966 | 13,318 | 17,925 | 52,845 | 5,824 | |||||||||||||||||||||
Transfer agent fees and expenses | 128 | 160 | 569 | 225 | 384 | 416 | 96 | |||||||||||||||||||||
Directors’ fees and expenses | 3,462 | 10,150 | 84,048 | 6,749 | 5,806 | 36,379 | 2,112 | |||||||||||||||||||||
Other accrued expenses | 42,340 | 63,002 | 244,834 | 49,834 | 74,455 | 126,396 | 40,665 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 470,680 | – | 27,140 | – | – | |||||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 392,084 | – | 112,270,163 | 11,048,079 | 1,357,700 | 53,112,631 | 10,229,249 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to custodian for foreign cash* | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 1,598,126 | 619,151 | 118,406,876 | 11,870,231 | 1,648,659 | 59,743,228 | 11,253,245 | |||||||||||||||||||||
NET ASSETS | $ | 151,110,751 | $ | 376,136,452 | $ | 3,208,763,528 | $ | 243,104,425 | $ | 323,348,459 | $ | 950,262,684 | $ | 106,665,840 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 135,381 | $ | 307,427 | $ | 1,174,272 | $ | 183,321 | $ | 305,211 | $ | 414,040 | $ | 94,114 | ||||||||||||||
Additional paid-in capital | 114,947,265 | 305,417,115 | 1,982,893,659 | 194,727,842 | 145,982,821 | 736,080,530 | 95,164,572 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 643,710 | 4,152,778 | 59,222,720 | 252,840 | 3,733,580 | (333,620 | ) | (223,423 | ) | |||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 16,677,396 | 22,037,548 | 325,184,072 | 20,452,447 | 24,442,702 | 110,359,856 | (350,148 | ) | ||||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 18,706,999 | 44,225,481 | 828,069,920 | 27,487,976 | 148,844,125 | 103,762,536 | 11,980,725 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | 12,218,885 | – | 40,020 | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | (3,897 | ) | – | (1 | ) | – | (20,658 | ) | – | ||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 151,110,751 | $ | 376,136,452 | $ | 3,208,763,528 | $ | 243,104,425 | $ | 323,348,459 | $ | 950,262,684 | $ | 106,665,840 | ||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||
Outstanding | $ | 13,538,118 | $ | 30,742,717 | $ | 117,427,244 | $ | 18,332,145 | $ | 30,521,097 | $ | 41,403,957 | $ | 9,411,417 | ||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.16 | $ | 12.23 | $ | 27.33 | $ | 13.26 | $ | 10.59 | $ | 22.95 | $ | 11.33 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 131,695,404 | $ | 331,973,641 | $ | 2,464,716,080 | $ | 226,327,585 | $ | 174,366,422 | $ | 892,377,050 | $ | 103,243,838 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 29,258 | $ | – | $ | 21 | $ | – | $ | 1,000,155 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 6,497,478 | $ | 61,001,565 | $ | 707,476,483 | $ | 24,494,514 | $ | 38,877,513 | $ | 117,733,208 | $ | 10,411,679 | ||||||||||||||
See Notes to Financial Statements
252 |
Table of Contents
VALIC Company I
STATEMENT OF ASSETS AND LIABILITIES — November 30, 2016 (unaudited) — (continued)
SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 337,591,288 | $ | 1,198,343,506 | $ | 292,796,775 | $ | 110,826,347 | $ | 4,043,235,234 | $ | 108,834,491 | ||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | 13,697,392 | – | ||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 27,624,000 | – | – | 80,621,000 | 920,000 | ||||||||||||||||||
Total Investments | 337,591,288 | 1,225,967,506 | 292,796,775 | 110,826,347 | 4,137,553,626 | 109,754,491 | ||||||||||||||||||
Cash | 436,131 | 611,878 | 116,634 | – | – | 90 | ||||||||||||||||||
Foreign cash* | – | – | – | – | – | – | ||||||||||||||||||
Due from broker | – | – | – | – | – | – | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Fund shares sold | 2,963 | 177,605 | 90,290 | 8,157 | 120,636 | 29,130 | ||||||||||||||||||
Dividends and interest | 200,303 | 972,544 | 288,263 | 44,649 | 9,711,880 | 295,738 | ||||||||||||||||||
Investments sold | 757,102 | 436 | 1,295,837 | 460,075 | 25,557 | 451,727 | ||||||||||||||||||
Securities lending income | 27,742 | 181,323 | 6,586 | 8,108 | 67,853 | 1,347 | ||||||||||||||||||
Prepaid expenses and other assets | 18,872 | 29,770 | 16,101 | 6,345 | 207,405 | 7,007 | ||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 50,585 | – | – | 1,645 | – | 16,032 | ||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL ASSETS | 339,084,986 | 1,227,941,062 | 294,610,486 | 111,355,326 | 4,147,686,957 | 110,555,562 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Fund shares reacquired | 58,467 | 530,633 | 20,337 | 23,169 | 1,058,449 | 9,146 | ||||||||||||||||||
Investments purchased | 850,098 | – | 1,495,642 | 957,458 | – | 203,178 | ||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | ||||||||||||||||||
Investment advisory and management fees | 222,872 | 264,273 | 162,355 | 69,324 | 834,952 | 68,690 | ||||||||||||||||||
Administrative service fee | 16,883 | 60,258 | 14,612 | 5,505 | 226,316 | 5,944 | ||||||||||||||||||
Transfer agent fees and expenses | 96 | 513 | 187 | 96 | 594 | 224 | ||||||||||||||||||
Directors’ fees and expenses | 15,467 | 29,105 | 10,076 | 2,804 | 146,112 | 3,622 | ||||||||||||||||||
Other accrued expenses | 62,662 | 148,571 | 49,104 | 40,301 | 326,151 | 40,474 | ||||||||||||||||||
Variation margin on futures contracts | – | 554,200 | – | – | 208,500 | – | ||||||||||||||||||
Due to investment advisor for expense recoupment | – | – | – | – | – | – | ||||||||||||||||||
Collateral upon return of securities loaned | 23,632,405 | 96,254,194 | 13,911,366 | 9,550,157 | 10,618,469 | 764,672 | ||||||||||||||||||
Due to custodian | – | – | – | – | 25,131 | – | ||||||||||||||||||
Due to custodian for foreign cash* | – | – | – | – | – | – | ||||||||||||||||||
Due to broker | – | – | – | – | – | – | ||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL LIABILITIES | 24,858,950 | 97,841,747 | 15,663,679 | 10,648,814 | 13,444,674 | 1,095,950 | ||||||||||||||||||
NET ASSETS | $ | 314,226,036 | $ | 1,130,099,315 | $ | 278,946,807 | $ | 100,706,512 | $ | 4,134,242,283 | $ | 109,459,612 | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 261,685 | $ | 547,043 | $ | 200,143 | $ | 89,946 | $ | 1,178,453 | $ | 69,180 | ||||||||||||
Additional paid-in capital | 223,255,173 | 737,215,668 | 209,126,059 | 88,839,756 | 1,896,477,310 | 108,443,218 | ||||||||||||||||||
Accumulated undistributed net investment income (loss) | 1,179,650 | 19,590,835 | 4,180,858 | (277,906 | ) | 94,433,835 | 2,705,437 | |||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 32,065,775 | 92,018,825 | 27,366,412 | 3,830,982 | 308,236,324 | (25,498,530 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | 57,463,753 | 272,053,834 | 38,073,335 | 8,223,734 | 1,833,763,336 | 23,742,380 | ||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 8,673,110 | – | – | 153,025 | – | ||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | – | (2,073 | ) | |||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
NET ASSETS | $ | 314,226,036 | $ | 1,130,099,315 | $ | 278,946,807 | $ | 100,706,512 | $ | 4,134,242,283 | $ | 109,459,612 | ||||||||||||
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 | $ | 26,168,467 | $ | 54,704,273 | $ | 20,014,309 | $ | 8,994,635 | $ | 117,845,252 | $ | 6,917,997 | ||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 12.01 | $ | 20.66 | $ | 13.94 | $ | 11.20 | $ | 35.08 | $ | 15.82 | ||||||||||||
* Cost | ||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 280,127,535 | $ | 926,289,672 | $ | 254,723,440 | $ | 102,602,613 | $ | 2,215,772,289 | $ | 85,092,111 | ||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | 7,397,001 | $ | – | ||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
† Including securities on loan | $ | 50,064,862 | $ | 248,114,804 | $ | 25,630,984 | $ | 21,270,995 | $ | 693,648,428 | $ | 5,986,427 | ||||||||||||
See Notes to Financial Statements
253 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2016
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 665,627 | $ | 2,636,796 | $ | 762,436 | $ | 12,660 | $ | 2,335,175 | $ | 10,644,181 | $ | – | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 23,505 | 165,237 | 4,488 | 5,934 | 15,824 | 75,091 | – | |||||||||||||||||||||
Interest (unaffiliated) | 1,229,834 | 4,945 | 31 | 2,606,402 | 212 | 992 | 401,619 | |||||||||||||||||||||
Total investment income* | 1,918,966 | 2,806,978 | 766,955 | 2,624,996 | 2,351,211 | 10,720,264 | 401,619 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 403,437 | 2,239,215 | 195,984 | 551,246 | 915,677 | 2,448,570 | 309,904 | |||||||||||||||||||||
Administrative service fee | 54,464 | 206,859 | 18,898 | 74,418 | 77,260 | 230,268 | 15,676 | |||||||||||||||||||||
Transfer agent fees and expenses | 559 | 1,492 | 745 | 1,305 | 559 | 1,388 | 373 | |||||||||||||||||||||
Custodian fees | 43,768 | 17,326 | 10,485 | 22,573 | 12,731 | 17,526 | 10,627 | |||||||||||||||||||||
Reports to shareholders | 10,743 | 41,636 | 3,870 | 14,145 | 15,480 | 77,893 | 16,632 | |||||||||||||||||||||
Audit and tax fees | 21,203 | 16,531 | 16,478 | 22,579 | 16,539 | 16,534 | 15,721 | |||||||||||||||||||||
Legal fees | 6,917 | 10,687 | 5,757 | 7,006 | 6,580 | 13,310 | 4,798 | |||||||||||||||||||||
Directors’ fees and expenses | 4,792 | 18,116 | 1,642 | 6,838 | 6,717 | 19,008 | 7,408 | |||||||||||||||||||||
Interest expense | – | 103 | – | 54 | – | 1,250 | – | |||||||||||||||||||||
License fee | 303 | 303 | 303 | 303 | 303 | 303 | 303 | |||||||||||||||||||||
Other expenses | 18,556 | 11,934 | 3,985 | 4,231 | 5,555 | 11,445 | 3,667 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 564,742 | 2,564,202 | 258,147 | 704,698 | 1,057,401 | 2,837,495 | 385,109 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | (20,166 | ) | – | (141,724 | ) | (40,164 | ) | 5,948 | ||||||||||||||||||
Fees paid indirectly (Note 7) | (4,089 | ) | (1,876 | ) | (2,077 | ) | – | (149 | ) | – | – | |||||||||||||||||
Net expenses | 560,653 | 2,562,326 | 235,904 | 704,698 | 915,528 | 2,797,331 | 391,057 | |||||||||||||||||||||
Net investment income (loss) | 1,358,313 | 244,652 | 531,051 | 1,920,298 | 1,435,683 | 7,922,933 | 10,562 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 3,637,937 | 17,222,114 | 703,979 | 1,168,558 | 9,927,715 | 20,521,805 | (2,835,651 | ) | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | (979,133 | ) | ||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 38,121 | – | – | – | 6,689 | – | 180,178 | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (33,059 | ) | (381 | ) | – | – | 70 | (2,967 | ) | – | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 3,642,999 | 17,221,733 | 703,979 | 1,168,558 | 9,934,474 | 20,518,838 | (3,634,606 | ) | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (69,069 | ) | 8,030,167 | 3,962,493 | (4,739,974 | ) | 7,990,115 | 32,379,196 | (1,625,123 | ) | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | 8,635,203 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (315,084 | ) | – | – | – | (34,619 | ) | – | 842,880 | |||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 253,070 | (10 | ) | – | – | (4 | ) | 279 | – | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (131,083 | ) | 8,030,157 | 3,962,493 | (4,739,974 | ) | 7,955,492 | 32,379,475 | 7,852,960 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3,511,916 | 25,251,890 | 4,666,472 | (3,571,416 | ) | 17,889,966 | 52,898,313 | 4,218,354 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 4,870,229 | $ | 25,496,542 | $ | 5,197,523 | $ | (1,651,118 | ) | $ | 19,325,649 | $ | 60,821,246 | $ | 4,228,916 | |||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 202 | $ | 3,659 | $ | 170 | $ | 102 | $ | 13,137 | $ | 49,351 | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
254 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2016 — (continued)
EMERGING ECONOMIES FUND | FOREIGN VALUE FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND# | GOVERNMENT SECURITIES FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 9,636,250 | $ | 8,432,230 | $ | 9,469,762 | $ | 3,723,273 | $ | 2,904,587 | $ | – | $ | – | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 90,958 | 382,364 | 19,729 | 23,412 | 82,912 | – | 490 | |||||||||||||||||||||
Interest (unaffiliated) | 1,217 | 14,302 | 400 | 24,020 | 3,775,793 | 712,650 | 1,999,494 | |||||||||||||||||||||
Total investment income* | 9,728,425 | 8,828,896 | 9,489,891 | 3,770,705 | 6,763,292 | 712,650 | 1,999,984 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 2,358,835 | 2,784,897 | 1,834,652 | 1,012,681 | 1,033,542 | 695,173 | 392,497 | |||||||||||||||||||||
Administrative service fee | 206,381 | 278,237 | 171,155 | 136,712 | 139,528 | 117,310 | 52,987 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,354 | 1,491 | 1,305 | 1,120 | 559 | 2,237 | 1,678 | |||||||||||||||||||||
Custodian fees | 187,968 | 91,440 | 28,267 | 31,217 | 98,680 | 5,794 | 8,961 | |||||||||||||||||||||
Reports to shareholders | 39,642 | 57,662 | 35,922 | 27,929 | 27,415 | 40,198 | 10,035 | |||||||||||||||||||||
Audit and tax fees | 25,162 | 21,934 | 18,415 | 23,502 | 23,141 | 19,330 | 18,933 | |||||||||||||||||||||
Legal fees | 31,704 | 21,617 | 15,881 | 9,588 | 12,945 | 48,551 | 6,308 | |||||||||||||||||||||
Directors’ fees and expenses | 16,125 | 23,884 | 14,967 | 11,566 | 12,372 | 10,391 | 4,648 | |||||||||||||||||||||
Interest expense | 469 | 57 | – | – | – | – | – | |||||||||||||||||||||
License fee | 303 | 303 | 303 | 303 | 303 | 303 | 303 | |||||||||||||||||||||
Other expenses | 13,566 | 14,513 | 12,900 | 20,537 | 11,044 | 5,295 | 3,204 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 2,881,509 | 3,296,035 | 2,133,767 | 1,275,155 | 1,359,529 | 944,582 | 499,554 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | – | (249,303 | ) | – | ||||||||||||||||||||
Fees paid indirectly (Note 7) | (743 | ) | (3,076 | ) | (5,003 | ) | – | (778 | ) | – | – | |||||||||||||||||
Net expenses | 2,880,766 | 3,292,959 | 2,128,764 | 1,275,155 | 1,358,751 | 695,279 | 499,554 | |||||||||||||||||||||
Net investment income (loss) | 6,847,659 | 5,535,937 | 7,361,127 | 2,495,550 | 5,404,541 | 17,371 | 1,500,430 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | (17,609,013 | ) | (3,185,321 | ) | 5,580,986 | (2,998,180 | ) | (8,633,099 | ) | 1,124 | (158,424 | ) | ||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 349,530 | – | – | 220,747 | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (268,094 | ) | (196,804 | ) | (26,355 | ) | (123,536 | ) | (2,762,429 | ) | – | – | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (17,527,577 | ) | (3,382,125 | ) | 5,554,631 | (2,900,969 | ) | (11,395,528 | ) | 1,124 | (158,424 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 61,829,579 | 50,071,249 | (33,857,505 | ) | 8,468,670 | 15,585,166 | – | (3,696,634 | ) | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 97,082 | – | – | 1,194,396 | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 21,065 | (36,670 | ) | (42,921 | ) | (76,334 | ) | 6,411,918 | – | – | ||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | (806,230 | ) | 7,222 | – | – | (26,279 | ) | – | – | |||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 61,141,496 | 50,041,801 | (33,900,426 | ) | 9,586,732 | 21,970,805 | – | (3,696,634 | ) | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 43,613,919 | 46,659,676 | (28,345,795 | ) | 6,685,763 | 10,575,277 | 1,124 | (3,855,058 | ) | |||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 50,461,578 | $ | 52,195,613 | $ | (20,984,668 | ) | $ | 9,181,313 | $ | 15,979,818 | $ | 18,495 | $ | (2,354,628 | ) | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 1,172,452 | $ | 748,914 | $ | 371,225 | $ | 136,424 | $ | 372,012 | $ | – | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | (540 | ) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||
# See Note 1 |
See Notes to Financial Statements
255 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2016 — (continued)
GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 6,281,457 | $ | 1,122,227 | $ | 2,824,820 | $ | 146,929 | $ | 11,208,338 | $ | – | $ | 3,606,457 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 239,816 | 484 | 229,548 | 10,263 | 220,427 | 1,937 | 87,594 | |||||||||||||||||||||
Interest (unaffiliated) | 217 | 41 | 22,297 | 6,965,006 | 6,973 | 2,896,237 | 156 | |||||||||||||||||||||
Total investment income* | 6,521,490 | 1,122,752 | 3,076,665 | 7,122,198 | 11,435,738 | 2,898,174 | 3,694,207 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 3,124,148 | 418,277 | 3,775,731 | 1,107,456 | 1,432,301 | 546,300 | 2,140,387 | |||||||||||||||||||||
Administrative service fee | 299,593 | 37,645 | 259,370 | 156,720 | 319,041 | 73,750 | 155,871 | |||||||||||||||||||||
Transfer agent fees and expenses | 932 | 1,119 | 746 | 1,305 | 2,403 | 1,285 | 1,305 | |||||||||||||||||||||
Custodian fees | 58,165 | 10,759 | 16,484 | 12,603 | 68,141 | 20,889 | 102,013 | |||||||||||||||||||||
Reports to shareholders | 60,777 | 7,612 | 57,388 | 29,713 | 64,768 | 15,378 | 31,153 | |||||||||||||||||||||
Audit and tax fees | 16,797 | 17,341 | 17,036 | 20,249 | 26,665 | 12,878 | 21,624 | |||||||||||||||||||||
Legal fees | 26,317 | 5,834 | 20,104 | 9,447 | 23,020 | 7,206 | 30,728 | |||||||||||||||||||||
Directors’ fees and expenses | 27,012 | 3,311 | 23,712 | 13,919 | 28,722 | 6,027 | 14,360 | |||||||||||||||||||||
Interest expense | 122 | – | 16 | – | 6,088 | 24 | 8,258 | |||||||||||||||||||||
License fee | 303 | 303 | 303 | 303 | 94,531 | 303 | 303 | |||||||||||||||||||||
Other expenses | 22,239 | 6,169 | 15,960 | 5,049 | 27,961 | 3,507 | 30,528 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 3,636,405 | 508,370 | 4,186,850 | 1,356,764 | 2,093,641 | 687,547 | 2,536,530 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (221,921 | ) | (34,322 | ) | (128,190 | ) | – | – | – | (204,238 | ) | |||||||||||||||||
Fees paid indirectly (Note 7) | – | (180 | ) | (3,301 | ) | – | – | – | – | |||||||||||||||||||
Net expenses | 3,414,484 | 473,868 | 4,055,359 | 1,356,764 | 2,093,641 | 687,547 | 2,332,292 | |||||||||||||||||||||
Net investment income (loss) | 3,107,006 | 648,884 | (978,694 | ) | 5,765,434 | 9,342,097 | 2,210,627 | 1,361,915 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 22,810,768 | 2,561,967 | 52,767,886 | 958,101 | 2,612,635 | (84,257 | ) | 6,433,315 | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 170,634 | 57,247 | 598,585 | – | 2,045,801 | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 174,285 | (37 | ) | 21,120 | (56,206 | ) | (295,136 | ) | (57,916 | ) | (49,142 | ) | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 23,155,687 | 2,619,177 | 53,387,591 | 901,895 | 4,363,300 | (142,173 | ) | 6,384,173 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 2,486,516 | 3,344,709 | (61,881,958 | ) | (4,048,423 | ) | (23,403,004 | ) | (9,101,795 | ) | (25,093,594 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (4,979 | ) | (5,350 | ) | 189,413 | – | (1,369,843 | ) | – | – | ||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 52,686 | – | (4,136 | ) | (7,067 | ) | (289,965 | ) | (45,841 | ) | (69,991 | ) | ||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | 51,529 | – | – | – | 6,966 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 2,534,223 | 3,339,359 | (61,645,152 | ) | (4,055,490 | ) | (25,062,812 | ) | (9,147,636 | ) | (25,156,619 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 25,689,910 | 5,958,536 | (8,257,561 | ) | (3,153,595 | ) | (20,699,512 | ) | (9,289,809 | ) | (18,772,446 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 28,796,916 | $ | 6,607,420 | $ | (9,236,255 | ) | $ | 2,611,839 | $ | (11,357,415 | ) | $ | (7,079,182 | ) | $ | (17,410,531 | ) | ||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 72,247 | $ | 330 | $ | 10,237 | $ | 266 | $ | 712,464 | $ | – | $ | 335,252 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | 77,920 | $ | – | $ | (139 | ) | $ | – | $ | (9,386 | ) | ||||||||||||
See Notes to Financial Statements
256 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2016 — (continued)
LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,564,060 | $ | 2,726,413 | $ | 27,061,174 | $ | 1,235,607 | $ | 1,972,251 | $ | 4,189,979 | $ | 311,213 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 6,621 | 16,021 | 639,124 | 30,521 | 77,985 | 349,996 | 85,478 | |||||||||||||||||||||
Interest (unaffiliated) | 141 | 1,851 | 174,761 | 1,701 | 1,585 | 49,337 | 72 | |||||||||||||||||||||
Total investment income* | 1,570,822 | 2,744,285 | 27,875,059 | 1,267,829 | 2,051,821 | 4,589,312 | 396,763 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 549,592 | 1,254,523 | 4,048,084 | 861,986 | 642,584 | 4,190,834 | 443,138 | |||||||||||||||||||||
Administrative service fee | 52,996 | 132,313 | 1,028,855 | 83,127 | 109,690 | 322,848 | 35,190 | |||||||||||||||||||||
Transfer agent fees and expenses | 745 | 932 | 3,424 | 1,305 | 2,237 | 2,423 | 559 | |||||||||||||||||||||
Custodian fees | 7,441 | 11,234 | 45,796 | 9,157 | 8,628 | 71,295 | 9,841 | |||||||||||||||||||||
Reports to shareholders | 10,794 | 26,912 | 210,378 | 19,310 | 21,963 | 65,365 | 7,622 | |||||||||||||||||||||
Audit and tax fees | 16,509 | 16,493 | 17,409 | 16,543 | 17,228 | 17,251 | 16,709 | |||||||||||||||||||||
Legal fees | 6,363 | 8,725 | 50,806 | 8,530 | 7,914 | 23,223 | 8,635 | |||||||||||||||||||||
Directors’ fees and expenses | 4,713 | 11,672 | 88,364 | 7,241 | 9,470 | 27,647 | 3,086 | |||||||||||||||||||||
Interest expense | – | – | – | 530 | 9 | 47 | – | |||||||||||||||||||||
License fee | 303 | 303 | 15,242 | 303 | 65,002 | 303 | 303 | |||||||||||||||||||||
Other expenses | 6,064 | 7,951 | 36,501 | 7,452 | 4,587 | 32,881 | 5,083 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 655,520 | 1,471,058 | 5,544,859 | 1,015,484 | 889,312 | 4,754,117 | 530,166 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | (28,038 | ) | – | (14,041 | ) | |||||||||||||||||||
Fees paid indirectly (Note 7) | (3,120 | ) | (7,871 | ) | – | (4,046 | ) | – | (38,877 | ) | (348 | ) | ||||||||||||||||
Net expenses | 652,400 | 1,463,187 | 5,544,859 | 1,011,438 | 861,274 | 4,715,240 | 515,777 | |||||||||||||||||||||
Net investment income (loss) | 918,422 | 1,281,098 | 22,330,200 | 256,391 | 1,190,547 | (125,928 | ) | (119,014 | ) | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 6,618,777 | 9,645,400 | 70,635,586 | 8,920,485 | 8,045,139 | 58,017,402 | 2,568,370 | |||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | – | 11,382,037 | – | 1,387,810 | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 164 | 757 | – | (589 | ) | – | (54,878 | ) | – | |||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 6,618,941 | 9,646,157 | 82,017,623 | 8,919,896 | 9,432,949 | 57,962,524 | 2,568,370 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (1,761,055 | ) | (9,911,304 | ) | 180,026,869 | 3,725,479 | 10,392,272 | 12,637,058 | 8,935,752 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | 4,159,082 | – | (207,145 | ) | – | – | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | (1,322 | ) | – | 870 | – | 51,196 | – | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (1,761,055 | ) | (9,912,626 | ) | 184,185,951 | 3,726,349 | 10,185,127 | 12,688,254 | 8,935,752 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 4,857,886 | (266,469 | ) | 266,203,574 | 12,646,245 | 19,618,076 | 70,650,778 | 11,504,122 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,776,308 | $ | 1,014,629 | $ | 288,533,774 | $ | 12,902,636 | $ | 20,808,623 | $ | 70,524,850 | $ | 11,385,108 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 3,514 | $ | 55,880 | $ | – | $ | 12,611 | $ | – | $ | 152,167 | $ | 3,181 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
257 |
Table of Contents
VALIC Company I
STATEMENT OF OPERATIONS — For the Six Months Ended November 30, 2016 — (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) | $ | 1,637,566 | $ | 8,244,054 | $ | 2,532,988 | $ | 291,205 | $ | 46,157,198 | $ | 1,268,551 | ||||||||||||
Dividends (affiliated) | – | – | – | – | 159,785 | – | ||||||||||||||||||
Securities lending income | 193,321 | 1,261,701 | 53,117 | 79,384 | 355,611 | 5,950 | ||||||||||||||||||
Interest (unaffiliated) | 2,699 | 57,506 | 705 | 143 | 42,451 | 73 | ||||||||||||||||||
Total investment income* | 1,833,586 | 9,563,261 | 2,586,810 | 370,732 | 46,715,045 | 1,274,574 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 1,353,923 | 1,543,286 | 938,751 | 445,769 | 5,152,055 | 423,791 | ||||||||||||||||||
Administrative service fee | 102,541 | 349,002 | 84,488 | 35,399 | 1,400,394 | 36,674 | ||||||||||||||||||
Transfer agent fees and expenses | 559 | 2,978 | 1,113 | 559 | 3,632 | 1,305 | ||||||||||||||||||
Custodian fees | 28,064 | 29,696 | 4,665 | 8,788 | 61,267 | 8,228 | ||||||||||||||||||
Reports to shareholders | 20,955 | 70,468 | 17,845 | 7,128 | 282,274 | 7,520 | ||||||||||||||||||
Audit and tax fees | 16,968 | 18,077 | 16,693 | 16,596 | 17,375 | 16,499 | ||||||||||||||||||
Legal fees | 7,520 | 14,256 | 7,133 | 5,693 | 44,881 | 6,175 | ||||||||||||||||||
Directors’ fees and expenses | 8,817 | 29,371 | 11,482 | 3,197 | 122,102 | 3,193 | ||||||||||||||||||
Interest expense | 247 | – | – | – | 6,682 | – | ||||||||||||||||||
License fee | 303 | 41,363 | 303 | 303 | 20,747 | 303 | ||||||||||||||||||
Other expenses | 17,437 | 15,529 | 7,177 | 5,288 | 47,265 | 4,159 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,557,334 | 2,114,026 | 1,089,650 | 528,720 | 7,158,674 | 507,847 | ||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (144,553 | ) | – | – | (4,286 | ) | – | (46,023 | ) | |||||||||||||||
Fees paid indirectly (Note 7) | (8,346 | ) | – | (12,387 | ) | (283 | ) | – | (58 | ) | ||||||||||||||
Net expenses | 1,404,435 | 2,114,026 | 1,077,263 | 524,151 | 7,158,674 | 461,766 | ||||||||||||||||||
Net investment income (loss) | 429,151 | 7,449,235 | 1,509,547 | (153,419 | ) | 39,556,371 | 812,808 | |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 9,748,409 | 31,666,385 | 14,775,846 | 1,729,218 | 148,278,542 | 3,106,051 | ||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | 1,000,012 | – | ||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | 6,073,696 | – | – | 775,079 | – | ||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 6 | – | – | – | – | (650 | ) | |||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 9,748,415 | 37,740,081 | 14,775,846 | 1,729,218 | 150,053,633 | 3,105,401 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 17,595,335 | 98,150,588 | 20,914,995 | (1,982,470 | ) | 46,775,563 | 2,359,936 | |||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | 181,378 | – | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 6,590,939 | – | – | (1,230,907 | ) | – | |||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 15 | – | – | – | – | (110 | ) | |||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 17,595,350 | 104,741,527 | 20,914,995 | (1,982,470 | ) | 45,726,034 | 2,359,826 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 27,343,765 | 142,481,608 | 35,690,841 | (253,252 | ) | 195,779,667 | 5,465,227 | |||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 27,772,916 | $ | 149,930,843 | $ | 37,200,388 | $ | (406,671 | ) | $ | 235,336,038 | $ | 6,278,035 | |||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 3,858 | $ | 1,183 | $ | 3,765 | $ | – | $ | – | $ | 6,218 | ||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Notes to Financial Statements
258 |
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, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,358,313 | $ | 3,332,304 | $ | 244,652 | $ | (568,153 | ) | $ | 531,051 | $ | 839,290 | $ | 1,920,298 | $ | 4,276,418 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 3,642,999 | (3,653,967 | ) | 17,221,733 | 56,050,866 | 703,979 | 1,763,638 | 1,168,558 | 508,859 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (131,083 | ) | (3,764,883 | ) | 8,030,157 |
| (54,402,474 | ) | 3,962,493 | (5,205,749 | ) | (4,739,974 | ) | 1,062,222 | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 4,870,229 | (4,086,546 | ) | 25,496,542 | 1,080,239 | 5,197,523 | (2,602,821 | ) | (1,651,118 | ) | 5,847,499 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,316,726 | ) | – | – | – | (788,432 | ) | – | (4,434,100 | ) | |||||||||||||||||||||
Net realized gain on securities | – | (18,272,933 | ) | – | (77,865,970 | ) | – | (3,612,115 | ) | – | (480,281 | ) | ||||||||||||||||||||
Total distributions to shareholders | – | (21,589,659 | ) | – | (77,865,970 | ) | – | (4,400,547 | ) | – | (4,914,381 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (10,157,351 | ) | 10,908,583 | (38,781,373 | ) | 39,893,782 | (5,034,145 | ) | 1,714,029 | (43,023,960 | ) | (20,914,178 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (5,287,122 | ) | (14,767,622 | ) | (13,284,831 | ) | (36,891,949 | ) | 163,378 | (5,289,339 | ) | (44,675,078 | ) | (19,981,060 | ) | |||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 164,358,498 | 179,126,120 | 615,926,646 | 652,818,595 | 57,329,684 | 62,619,023 | 236,061,506 | 256,042,566 | ||||||||||||||||||||||||
End of period† | $ | 159,071,376 | $ | 164,358,498 | $ | 602,641,815 | $ | 615,926,646 | $ | 57,493,062 | $ | 57,329,684 | $ | 191,386,428 | $ | 236,061,506 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 4,775,584 | $ | 3,417,271 | $ | 169,659 | $ | (74,993 | ) | $ | 1,369,989 | $ | 838,938 | $ | 6,732,168 | $ | 4,811,870 | |||||||||||||||
See Notes to Financial Statements
259 |
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, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,435,683 | $ | 2,637,446 | $ | 7,922,933 | $ | 14,396,137 | $ | 10,562 | $ | 3,828,089 | $ | 6,847,659 | $ | 10,972,108 | ||||||||||||||||
Net realized gain (loss) on investments and foreign | 9,934,474 | 8,311,175 | 20,518,838 | 56,509,172 | (3,634,606 | ) | 1,294,507 | (17,527,577 | ) | (76,350,367 | ) | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 7,955,492 | (19,711,562 | ) | 32,379,475 | (60,691,176 | ) | 7,852,960 | (18,126,530 | ) | 61,141,496 | (53,764,092 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from | 19,325,649 | (8,762,941 | ) | 60,821,246 | 10,214,133 | 4,228,916 | (13,003,934 | ) | 50,461,578 | (119,142,351 | ) | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (2,550,301 | ) | – | (13,504,973 | ) | – | (4,920,885 | ) | – | (14,639,003 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | (60,987,882 | ) | – | (9,758,439 | ) | – | – | ||||||||||||||||||||||
Total distributions to shareholders | – | (2,550,301 | ) | – | (74,492,855 | ) | – | (14,679,324 | ) | – | (14,639,003 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (14,118,161 | ) | (25,004,782 | ) | 79,259,448 | 8,064,935 | (10,432,471 | ) | 3,424,553 | 118,097,696 | 2,453,131 | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 5,207,488 | (36,318,024 | ) | 140,080,694 | (56,213,787 | ) | (6,203,555 | ) | (24,258,705 | ) | 168,559,274 | (131,328,223 | ) | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 229,636,677 | 265,954,701 | 585,505,476 | 641,719,263 | 248,446,067 | 272,704,772 | 517,011,208 | 648,339,431 | ||||||||||||||||||||||||
End of period† | $ | 234,844,165 | $ | 229,636,677 | $ | 725,586,170 | $ | 585,505,476 | $ | 242,242,512 | $ | 248,446,067 | $ | 685,570,482 | $ | 517,011,208 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 4,038,524 | $ | 2,602,841 | $ | 22,281,498 | $ | 14,358,565 | $ | 4,590,504 | $ | 4,579,942 | $ | 16,906,725 | $ | 10,059,066 | ||||||||||||||||
See Notes to Financial Statements
260 |
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, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 5,535,937 | $ | 16,569,928 | $ | 7,361,127 | $ | 10,856,477 | $ | 2,495,550 | $ | 6,148,576 | $ | 5,404,541 | $ | 10,317,975 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (3,382,125 | ) | (19,640,468 | ) | 5,554,631 | 22,715,740 | (2,900,969 | ) | 1,079,109 | (11,395,528 | ) | (1,162,934 | ) | |||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 50,041,801 | (128,128,059 | ) | (33,900,426 | ) | (26,096,271 | ) | 9,586,732 | (19,208,325 | ) | 21,970,805 | (61,248,788 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 52,195,613 | (131,198,599 | ) | (20,984,668 | ) | 7,475,946 | 9,181,313 | (11,980,640 | ) | 15,979,818 | (52,093,747 | ) | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (18,119,304 | ) | – | (14,771,778 | ) | – | (7,261,309 | ) | – | (25,885,406 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | (21,079,653 | ) | – | – | – | (30,506,161 | ) | ||||||||||||||||||||||
Total distributions to shareholders | – | (18,119,304 | ) | – | (35,851,431 | ) | – | (7,261,309 | ) | – | (56,391,567 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (61,786,974 | ) | (22,652,529 | ) | (8,449,900 | ) | 4,743,100 | 27,356,611 | (26,886,623 | ) | (45,351,120 | ) | 25,856,830 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (9,591,361 | ) | (171,970,432 | ) | (29,434,568 | ) | (23,632,385 | ) | 36,537,924 | (46,128,572 | ) | (29,371,302 | ) | (82,628,484 | ) | |||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 818,993,319 | 990,963,751 | 490,714,427 | 514,346,812 | 377,113,658 | 423,242,230 | 431,935,071 | 514,563,555 | ||||||||||||||||||||||||
End of period† | $ | 809,401,958 | $ | 818,993,319 | $ | 461,279,859 | $ | 490,714,427 | $ | 413,651,582 | $ | 377,113,658 | $ | 402,563,769 | $ | 431,935,071 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 20,167,565 | $ | 14,631,628 | $ | 17,392,018 | $ | 10,030,891 | $ | 8,271,021 | $ | 5,775,471 | $ | (2,488,368 | ) | $ | (7,892,909 | ) | ||||||||||||||
See Notes to Financial Statements
261 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
GOVERNMENT MONEY MARKET I FUND# | GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 17,371 | $ | 34,686 | $ | 1,500,430 | $ | 3,037,690 | $ | 3,107,006 | $ | 7,539,041 | $ | 648,884 | $ | 1,231,692 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 1,124 | 518,669 | (158,424 | ) | 269,066 | 23,155,687 | 51,431,663 | 2,619,177 | 2,957,412 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | – | – | (3,696,634 | ) | 546,866 | 2,534,223 | (68,255,282 | ) | 3,339,359 | (4,481,299 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 18,495 | 553,355 | (2,354,628 | ) | 3,853,622 | 28,796,916 | (9,284,578 | ) | 6,607,420 | (292,195 | ) | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (17,371 | ) | (34,686 | ) | – | (3,707,716 | ) | – | (5,936,828 | ) | – | (1,404,133 | ) | |||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (146,980,763 | ) | – | (5,193,963 | ) | ||||||||||||||||||||||
Total distributions to shareholders | (17,371 | ) | (34,686 | ) | – | (3,707,716 | ) | – | (152,917,591 | ) | – | (6,598,096 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 3,973,680 | (391,229 | ) | (8,542,949 | ) | (7,135,954 | ) | (121,205,088 | ) | 84,212,243 | (9,042,714 | ) | (966,931 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 3,974,804 | 127,440 | (10,897,577 | ) | (6,990,048 | ) | (92,408,172 | ) | (77,989,926 | ) | (2,435,294 | ) | (7,857,222 | ) | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 343,490,275 | 343,362,835 | 154,986,677 | 161,976,725 | 949,997,772 | 1,027,987,698 | 113,884,827 | 121,742,049 | ||||||||||||||||||||||||
End of period† | $ | 347,465,079 | $ | 343,490,275 | $ | 144,089,100 | $ | 154,986,677 | $ | 857,589,600 | $ | 949,997,772 | $ | 111,449,533 | $ | 113,884,827 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 1,129 | $ | 1,129 | $ | 4,933,541 | $ | 3,433,111 | $ | 10,305,308 | $ | 7,198,302 | $ | 1,875,417 | $ | 1,226,533 | ||||||||||||||||
# See Note 1 |
See Notes to Financial Statements
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Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (978,694 | ) | $ | (3,479,711 | ) | $ | 5,765,434 | $ | 6,265,930 | $ | 9,342,097 | $ | 26,229,794 | $ | 2,210,627 | $ | 4,056,927 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 53,387,591 | 84,294,970 | 901,895 | (3,346,919 | ) | 4,363,300 | (14,966,736 | ) | (142,173 | ) | (6,552,048 | ) | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (61,645,152 | ) | (209,688,106 | ) | (4,055,490 | ) | (3,392,263 | ) | (25,062,812 | ) | (124,417,813 | ) | (9,147,636 | ) | 10,459,992 | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (9,236,255 | ) | (128,872,847 | ) | 2,611,839 | (473,252 | ) | (11,357,415 | ) | (113,154,755 | ) | (7,079,182 | ) | 7,964,871 | ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | – | – | (5,388,437 | ) | – | (28,034,486 | ) | – | (4,260,558 | ) | |||||||||||||||||||||
Net realized gain on securities | – | (113,494,698 | ) | – | (819,161 | ) | – | – | – | (607,428 | ) | |||||||||||||||||||||
Total distributions to shareholders | – | (113,494,698 | ) | – | (6,207,598 | ) | – | (28,034,486 | ) | – | (4,867,986 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (86,372,077 | ) | 106,458,769 | 39,063,947 | (24,966,556 | ) | (95,173,905 | ) | 51,394,830 | 22,500,699 | 26,843,487 | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (95,608,332 | ) | (135,908,776 | ) | 41,675,786 | (31,647,406 | ) | (106,531,320 | ) | (89,794,411 | ) | 15,421,517 | 29,940,372 | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 803,402,384 | 939,311,160 | 455,830,059 | 487,477,465 | 991,379,512 | 1,081,173,923 | 201,252,635 | 171,312,263 | ||||||||||||||||||||||||
End of period† | $ | 707,794,052 | $ | 803,402,384 | $ | 497,505,845 | $ | 455,830,059 | $ | 884,848,192 | $ | 991,379,512 | $ | 216,674,152 | $ | 201,252,635 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | (2,405,669 | ) | $ | (1,426,975 | ) | $ | 6,861,204 | $ | 1,095,770 | $ | 33,404,472 | $ | 24,062,375 | $ | (1,106,874 | ) | $ | (3,317,501 | ) | ||||||||||||
See Notes to Financial Statements
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VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
INTERNATIONAL GROWTH FUND | LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,361,915 | $ | 6,546,759 | $ | 918,422 | $ | 1,531,179 | $ | 1,281,098 | $ | 2,878,645 | $ | 22,330,200 | $ | 36,930,971 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 6,384,173 | (754,716 | ) | 6,618,941 | 11,087,871 | 9,646,157 | 12,792,272 | 82,017,623 | 270,677,163 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (25,156,619 | ) | (60,955,791 | ) | (1,761,055 | ) | (10,161,625 | ) | (9,912,626 | ) | (9,768,133 | ) | 184,185,951 | (348,656,772 | ) | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (17,410,531 | ) | (55,163,748 | ) | 5,776,308 | 2,457,425 | 1,014,629 | 5,902,784 | 288,533,774 | (41,048,638 | ) | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (7,078,883 | ) | – | (5,425,443 | ) | – | (3,397,224 | ) | – | (36,978,417 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (39,002,240 | ) | – | (28,528,928 | ) | – | (17,555,254 | ) | – | (282,160,765 | ) | ||||||||||||||||||||
Total distributions to shareholders | – | (46,081,123 | ) | – | (33,954,371 | ) | – | (20,952,478 | ) | – | (319,139,182 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (90,843,610 | ) | 869,559 | (18,725,891 | ) | 15,356,069 | (17,940,968 | ) | (13,454,859 | ) | (59,247,516 | ) | 4,021,324 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (108,254,141 | ) | (100,375,312 | ) | (12,949,583 | ) | (16,140,877 | ) | (16,926,339 | ) | (28,504,553 | ) | 229,286,258 | (356,166,496 | ) | |||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 521,011,747 | 621,387,059 | 164,060,334 | 180,201,211 | 393,062,791 | 421,567,344 | 2,979,477,270 | 3,335,643,766 | ||||||||||||||||||||||||
End of period† | $ | 412,757,606 | $ | 521,011,747 | $ | 151,110,751 | $ | 164,060,334 | $ | 376,136,452 | $ | 393,062,791 | $ | 3,208,763,528 | $ | 2,979,477,270 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 5,762,789 | $ | 4,400,874 | $ | 643,710 | $ | (274,712 | ) | $ | 4,152,778 | $ | 2,871,680 | $ | 59,222,720 | $ | 36,892,520 | |||||||||||||||
See Notes to Financial Statements
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Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
MID CAP STRATEGIC GROWTH FUND | NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 256,391 | $ | 23,229 | $ | 1,190,547 | $ | 2,548,526 | $ | (125,928 | ) | $ | (590,095 | ) | $ | (119,014 | ) | $ | (265,174 | ) | ||||||||||||
Net realized gain (loss) on investments and foreign currencies | 8,919,896 | 14,392,334 | 9,432,949 | 16,077,910 | 57,962,524 | 60,680,608 | 2,568,370 | (2,544,425 | ) | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 3,726,349 | (23,713,763 | ) | 10,185,127 | (14,783,275 | ) | 12,688,254 | (59,457,885 | ) | 8,935,752 | (18,055,405 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 12,902,636 | (9,298,200 | ) | 20,808,623 | 3,843,161 | 70,524,850 | 632,628 | 11,385,108 | (20,865,004 | ) | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | – | – | (2,158,414 | ) | – | – | – | – | |||||||||||||||||||||||
Net realized gain on securities | – | (33,964,653 | ) | – | (13,266,013 | ) | – | (165,679,225 | ) | – | (15,150,061 | ) | ||||||||||||||||||||
Total distributions to shareholders | – | (33,964,653 | ) | – | (15,424,427 | ) | – | (165,679,225 | ) | – | (15,150,061 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (18,416,748 | ) | 3,743,064 | (16,682,059 | ) | 726,075 | (51,018,359 | ) | 80,901,102 | (7,258,820 | ) | 22,685,982 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (5,514,112 | ) | (39,519,789 | ) | 4,126,564 | (10,855,191 | ) | 19,506,491 | (84,145,495 | ) | 4,126,288 | (13,329,083 | ) | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 248,618,537 | 288,138,326 | 319,221,895 | 330,077,086 | 930,756,193 | 1,014,901,688 | 102,539,552 | 115,868,635 | ||||||||||||||||||||||||
End of period† | $ | 243,104,425 | $ | 248,618,537 | $ | 323,348,459 | $ | 319,221,895 | $ | 950,262,684 | $ | 930,756,193 | $ | 106,665,840 | $ | 102,539,552 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 252,840 | $ | (3,551 | ) | $ | 3,733,580 | $ | 2,543,033 | $ | (333,620 | ) | $ | (207,692 | ) | $ | (223,423 | ) | $ | (104,409 | ) | |||||||||||
See Notes to Financial Statements
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Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 429,151 | $ | 930,626 | $ | 7,449,235 | $ | 12,746,955 | $ | 1,509,547 | $ | 2,863,523 | $ | (153,419 | ) | $ | (376,936 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 9,748,415 | 23,197,476 | 37,740,081 | 58,222,103 | 14,775,846 | 16,741,767 | 1,729,218 | 2,520,012 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 17,595,350 | (43,103,283 | ) | 104,741,527 | (140,067,980 | ) | 20,914,995 | (16,293,817 | ) | (1,982,470 | ) | (11,065,060 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 27,772,916 | (18,975,181 | ) | 149,930,843 | (69,098,922 | ) | 37,200,388 | 3,311,473 | (406,671 | ) | (8,921,984 | ) | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (604,889 | ) | – | (12,899,400 | ) | – | (3,548,369 | ) | – | – | |||||||||||||||||||||
Net realized gain on securities | – | (47,694,241 | ) | – | (73,928,864 | ) | – | (23,702,879 | ) | – | (11,654,298 | ) | ||||||||||||||||||||
Total distributions to shareholders | – | (48,299,130 | ) | – | (86,828,264 | ) | – | (27,251,248 | ) | – | (11,654,298 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (14,280,970 | ) | 13,714,653 | (5,664,623 | ) | 22,297,125 | 2,858,166 | 23,842,097 | (9,116,757 | ) | (964,280 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 13,491,946 | (53,559,658 | ) | 144,266,220 | (133,630,061 | ) | 40,058,554 | (97,678 | ) | (9,523,428 | ) | (21,540,562 | ) | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 300,734,090 | 354,293,748 | 985,833,095 | 1,119,463,156 | 238,888,253 | 238,985,931 | 110,229,940 | 131,770,502 | ||||||||||||||||||||||||
End of period† | $ | 314,226,036 | $ | 300,734,090 | $ | 1,130,099,315 | $ | 985,833,095 | $ | 278,946,807 | $ | 238,888,253 | $ | 100,706,512 | $ | 110,229,940 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 1,179,650 | $ | 750,499 | $ | 19,590,835 | $ | 12,141,600 | $ | 4,180,858 | $ | 2,671,311 | $ | (277,906 | ) | $ | (124,487 | ) | ||||||||||||||
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, 2016 (Unaudited) | For the Year Ended May 31, 2016 | For the Six Months Ended November 30, 2016 (Unaudited) | For the Year Ended May 31, 2016 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 39,556,371 | $ | 75,468,041 | $ | 812,808 | $ | 1,894,949 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 150,053,633 | 207,998,040 | 3,105,401 | 7,029,115 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 45,726,034 | (238,452,959 | ) | 2,359,826 | (11,239,026 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 235,336,038 | 45,013,122 | 6,278,035 | (2,314,962 | ) | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | – | (101,986,259 | ) | – | (1,593,878 | ) | ||||||||||
Net realized gain on securities | – | (298,270,428 | ) | – | – | |||||||||||
Total distributions to shareholders | – | (400,256,687 | ) | – | (1,593,878 | ) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (226,423,007 | ) | (39,052,760 | ) | (4,954,445 | ) | (4,830,144 | ) | ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 8,913,031 | (394,296,325 | ) | 1,323,590 | (8,738,984 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 4,125,329,252 | 4,519,625,577 | 108,136,022 | 116,875,006 | ||||||||||||
End of period† | $ | 4,134,242,283 | $ | 4,125,329,252 | $ | 109,459,612 | $ | 108,136,022 | ||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 94,433,835 | $ | 54,877,464 | $ | 2,705,437 | $ | 1,892,629 | ||||||||
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 | Inflation Protected Fund | |
Blue Chip Growth Fund | International Equities Index Fund | |
Broad Cap Value Income Fund | International Government Bond Fund | |
Capital Conservation Fund | International Growth Fund | |
Core Equity Fund | Large Cap Core Fund | |
Dividend Value Fund | Large Capital Growth Fund | |
Dynamic Allocation Fund* | Mid Cap Index Fund | |
Emerging Economies Fund | Mid Cap Strategic Growth 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 Money Market I Fund (formerly, Money Market I Fund)** | Small Cap Index Fund | |
Government Securities Fund | Small Cap Special Values Fund | |
Growth Fund | Small-Mid Growth Fund | |
Growth & Income Fund | Stock Index Fund | |
Health Sciences 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”). |
** | Effective September 28, 2016, the Money Market I Fund was converted 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 conversion, the name of Money Market I Fund was changed to Government Money Market I Fund. |
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.
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
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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, 2016, 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 the 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 Government 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 Government 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 Government 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. The Growth Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates.
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
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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, Emerging Economies Fund, Global Social Awareness Fund, Growth 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. The Growth & Income Fund used futures contracts to increase or decrease exposure to equity or bond markets.
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.
Option contracts outstanding at the end of the period, if any, are reported on a schedule following each Fund’s Portfolio of Investments.
Transactions in options written during the period ended November 30, 2016 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, 2016 | 76,000 | $ | 672,494 | 849 | $ | 627,823 | ||||||||||
Options Written | 566,000 | 5,765,967 | 158 | 92,279 | ||||||||||||
Options terminated in closing purchase transactions | 567,000 | 5,650,193 | — | — | ||||||||||||
Options exercised | — | — | 645 | 358,233 | ||||||||||||
Options expired | — | — | 264 | 240,352 | ||||||||||||
Options Outstanding as of November 30, 2016 | 75,000 | $ | 788,268 | 98 | 121,517 | |||||||||||
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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, 2016, by their primary underlying risk exposure and the 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, 2016. 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, 2016, please refer to the Portfolio of Investments.
Asset Derivatives | ||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||
Fund | Futures Contracts(1)(6) | Futures Contracts(1)(6) | Options Purchased(2) | Foreign Exchange Contracts(3) | Total | |||||||||||||||
Asset Allocation | $ | 25,719 | $ | 201,632 | $ | — | $ | — | $ | 227,351 | ||||||||||
Core Equity | — | — | — | — | — | |||||||||||||||
Dynamic Allocation | — | — | 1,062,965 | — | 1,062,965 | |||||||||||||||
Emerging Economies | — | 8,100 | — | — | 8,100 | |||||||||||||||
Global Social Awareness | — | — | — | — | — | |||||||||||||||
Global Strategy | — | — | — | 5,933,398 | 5,933,398 | |||||||||||||||
Growth | — | — | — | 107,426 | 107,426 | |||||||||||||||
Growth & Income | — | — | — | — | — | |||||||||||||||
Health Sciences | — | — | — | — | — | |||||||||||||||
International Equities Index | — | — | — | — | — | |||||||||||||||
Mid Cap Index | — | — | — | — | — | |||||||||||||||
Nasdaq-100 Index | — | — | — | — | — | |||||||||||||||
Small Cap Index | — | — | — | — | — | |||||||||||||||
Stock Index | — | — | — | — | — |
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 | $ | 7,819 | $ | 64,360 | $ | — | $ | — | $ | 72,179 | ||||||||||
Core Equity | — | — | — | — | — | |||||||||||||||
Dynamic Allocation | — | 240,000 | 877,614 | — | 1,117,614 | |||||||||||||||
Emerging Economies | — | — | — | — | — | |||||||||||||||
Global Social Awareness | — | 92,250 | — | — | 92,250 | |||||||||||||||
Global Strategy | — | — | — | 909,774 | 909,774 | |||||||||||||||
Growth | — | 12,940 | — | 8,815 | 21,755 | |||||||||||||||
Growth & Income | — | 2,750 | — | — | 2,750 | |||||||||||||||
Health Sciences | — | — | 4,760 | — | 4,760 | |||||||||||||||
International Equities Index | — | 23,200 | — | — | 23,200 | |||||||||||||||
Mid Cap Index | — | 470,680 | — | — | 470,680 | |||||||||||||||
Nasdaq-100 Index | — | 27,140 | — | — | 27,140 | |||||||||||||||
Small Cap Index | — | 554,200 | — | — | 554,200 | |||||||||||||||
Stock Index | — | 208,500 | — | — | 208,500 |
Statement of Assets and Liabilities Location:
(1) | Variation margin on futures contracts |
(2) | Investments at value |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
(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 | $ | 1,367,126 | ||
Dynamic Allocation | 1,780,819 | |||
Emerging Economies | 97,082 | |||
Global Social Awareness | 1,578,213 | |||
Growth | (4,979 | ) | ||
Growth & Income | 20,455 | |||
International Equities Index | (179,140 | ) | ||
Mid Cap Index | 12,218,885 | |||
Nasdaq-100 Index | 40,020 | |||
Small Cap Index | 8,673,110 | |||
Stock Index | 153,025 |
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 | $ | 378,915 | $ | (340,794 | ) | $ | — | $ | — | $ | 38,121 | |||||||||
Core Equity | — | 6,689 | — | — | 6,689 | |||||||||||||||
Dynamic Allocation | — | 41,145 | (3,312,388 | ) | — | (3,271,243 | ) | |||||||||||||
Emerging Economies | — | 349,530 | — | — | 349,530 | |||||||||||||||
Global Social Awareness | — | 220,747 | — | — | 220,747 | |||||||||||||||
Global Strategy | — | — | — | (2,444,298 | ) | (2,444,298 | ) | |||||||||||||
Growth | — | 170,634 | — | 192,238 | 362,872 | |||||||||||||||
Growth & Income | — | 57,247 | — | — | 57,247 | |||||||||||||||
Health Sciences | — | — | 598,585 | — | 598,585 | |||||||||||||||
International Equities Index | — | 2,045,801 | — | — | 2,045,801 | |||||||||||||||
Mid Cap Index | — | 11,382,037 | — | — | 11,382,037 | |||||||||||||||
Nasdaq-100 Index | — | 1,387,810 | — | — | 1,387,810 | |||||||||||||||
Small Cap Index | — | 6,073,696 | — | — | 6,073,696 | |||||||||||||||
Stock Index | — | 775,079 | — | — | 775,079 |
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 | $ | (13,388 | ) | $ | (301,696 | ) | $ | — | $ | — | $ | (315,084 | ) | |||||||
Core Equity | — | (34,619 | ) | — | — | (34,619 | ) | |||||||||||||
Dynamic Allocation | — | 794,772 | 454,856 | — | 1,249,628 | |||||||||||||||
Emerging Economies | — | 97,082 | — | — | 97,082 | |||||||||||||||
Global Social Awareness | — | 1,194,396 | — | — | 1,194,396 | |||||||||||||||
Global Strategy | — | — | — | 6,432,495 | 6,432,495 | |||||||||||||||
Growth | — | (4,979 | ) | — | 54,565 | 49,586 | ||||||||||||||
Growth & Income | — | (5,350 | ) | — | — | (5,350 | ) | |||||||||||||
Health Sciences | — | — | 189,413 | — | 189,413 | |||||||||||||||
International Equities Index | — | (1,369,843 | ) | — | — | (1,369,843 | ) | |||||||||||||
Mid Cap Index | — | 4,159,082 | — | — | 4,159,082 | |||||||||||||||
Nasdaq-100 Index | — | (207,145 | ) | — | — | (207,145 | ) | |||||||||||||
Small Cap Index | — | 6,590,939 | — | — | 6,590,939 | |||||||||||||||
Stock Index | — | (1,230,907 | ) | — | — | (1,230,907 | ) |
* | Includes amounts relating to purchased and written options as follows: |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 | |||||||||||||||
Options Purchased(6) | Options Written(1) | Options Purchased(5) | Options Written(3) | |||||||||||||
Dynamic Allocation Fund | $ | (3,451,421 | ) | $ | 139,033 | $ | 406,748 | $ | 48,108 | |||||||
Health Sciences Fund | — | 598,585 | — | 189,413 |
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 six-months ended November 30, 2016.
| Average Amount Outstanding During the Period | | ||||||||||||||
Fund | Futures Contracts(1) | Foreign Exchange Contracts(2) | Purchased Put Options Contracts(1) | Written Call Options Contracts(1) | ||||||||||||
Asset Allocation | $ | 78,354,019 | $ | — | $ | — | $ | — | ||||||||
Core Equity | — | — | — | — | ||||||||||||
Dynamic Allocation | 86,133,233 | — | 981,052 | 457,735 | ||||||||||||
Emerging Economies | 13,678,606 | — | — | — | ||||||||||||
Global Social Awareness | 35,068,968 | — | — | — | ||||||||||||
Global Strategy | — | 174,120,396 | — | — | ||||||||||||
Growth | 384,953 | 1,990,205 | — | — | ||||||||||||
Growth & Income | 966,828 | — | — | — | ||||||||||||
Health Sciences | — | — | — | 166,070 | ||||||||||||
International Equities Index | 31,455,375 | — | — | — | ||||||||||||
Mid Cap Index | 183,327,805 | — | — | — | ||||||||||||
Nasdaq-100 Index | 10,194,486 | — | — | — | ||||||||||||
Small Cap Index | 76,781,818 | — | — | — | ||||||||||||
Stock Index | 75,816,215 | — | — | — |
(1) | Amounts represent values in US dollars. |
(2) | Amounts represent notional amounts in US dollars. |
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, 2016. The repurchase agreements held by the Funds and the securities on loan as of November 30, 2016, 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) | |||||||||||||||||||||||||||||||||
Citibank N.A. | — | — | 449,767 | 449,767 | — | — | 230,663 | 230,663 | 219,104 | — | 219,104 | |||||||||||||||||||||||||||||||||
Goldman Sachs International | — | — | 282,001 | 282,001 | — | — | 144,745 | 144,745 | 137,256 | — | 137,256 | |||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | — | — | 110,399 | 110,399 | — | — | 167,402 | 167,402 | (57,003 | ) | — | (57,003 | ) | |||||||||||||||||||||||||||||||
UBS AG | — | — | 220,798 | 220,798 | — | — | 334,804 | 334,804 | (114,006 | ) | — | (114,006 | ) | |||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 1,062,965 | $ | 1,062,965 | $ | — | $ | — | $ | 877,614 | $ | 877,614 | $ | 185,351 | $ | — | $ | 185,351 | ||||||||||||||||||||||
(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 derivative asset/liability in the table above. |
(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. |
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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. | $ | 201,391 | $ | — | $ | — | $ | 201,391 | $ | — | $ | — | $ | — | $ | — | $ | 201,391 | $ | — | $ | 201,391 | ||||||||||||||||||||||
Barclays Investments, Inc. | 1,105,766 | — | — | 1,105,766 | 11,874 | — | — | 11,874 | 1,093,892 | — | 1,093,892 | |||||||||||||||||||||||||||||||||
Citibank N.A. | 554,252 | — | — | 554,252 | 6,667 | — | — | 6,667 | 547,585 | — | 547,585 | |||||||||||||||||||||||||||||||||
Deutsche Bank AG | 1,186,680 | — | — | 1,186,680 | 236,570 | — | — | 236,570 | 950,110 | — | 950,110 | |||||||||||||||||||||||||||||||||
Goldman Sachs International | 182,305 | — | — | 182,305 | 6,289 | — | — | 6,289 | 176,016 | — | 176,016 | |||||||||||||||||||||||||||||||||
HSBC Bank PLC | 1,107,314 | — | — | 1,107,314 | 195,939 | — | — | 195,939 | 911,375 | — | 911,375 | |||||||||||||||||||||||||||||||||
JPMorgan Chase and Co. | 1,336,631 | — | — | 1,336,631 | 406,730 | — | — | 406,730 | 929,901 | — | 929,901 | |||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | 9,260 | — | — | 9,260 | 30,869 | — | — | 30,869 | (21,609 | ) | — | (21,609 | ) | |||||||||||||||||||||||||||||||
Standard Chartered Bank | 236,340 | — | — | 236,340 | 14,836 | — | — | 14,836 | 221,504 | — | 221,504 | |||||||||||||||||||||||||||||||||
UBS AG | 13,459 | — | — | 13,459 | — | — | — | — | 13,459 | — | 13,459 | |||||||||||||||||||||||||||||||||
Total | $ | 5,933,398 | $ | — | $ | — | $ | 5,933,398 | $ | 909,774 | $ | — | $ | — | $ | 909,774 | $ | 5,023,624 | $ | — | $ | 5,023,624 | ||||||||||||||||||||||
(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 derivative asset/liability in the table above. |
(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. |
Growth 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) | |||||||||||||||||||||||||||||||||
UBS AG | $ | 107,426 | $ | — | $ | — | $ | 107,426 | $ | 8,815 | $ | — | $ | — | $ | 8,815 | $ | 98,611 | $ | — | $ | 98,611 | ||||||||||||||||||||||
(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 derivative asset/liability in the table above. |
(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, 2016, 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 | 0.59 | % | $ | 1,413,000 | ||||
Government Money Market I | 1.70 | 4,084,000 | ||||||
International Equities Index | 5.57 | 13,369,000 | ||||||
Mid Cap Index | 12.14 | 29,164,000 | ||||||
Nasdaq-100® Index | 0.46 | 1,106,000 | ||||||
Small Cap Index | 11.50 | 27,624,000 | ||||||
Stock Index | 33.56 | 80,621,000 |
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, 2016, bearing interest at a rate of 0.01% per annum, with a principal amount of $240,226,000, a repurchase price of $240,226,067, and a maturity date of December 1, 2016. The repurchase agreement is collateralized by the following:
Type of Collateral | Interest Rate | Maturity Date | Principal Amount | Value | ||||||||||||
U.S. Treasury Bonds | 8.50 | % | 02/15/2020 | 5,170,000 | $ | 6,432,752 | ||||||||||
U.S. Treasury Bonds | 8.75 | 05/15/2020 | 20,490,000 | 25,501,096 | ||||||||||||
U.S. Treasury Notes | 3.50 | 05/15/2020 | 200,000,000 | 213,102,600 |
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, 2016, 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 Government 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
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statement of Operations as Securities lending income. 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 Government 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 2013 — 2015 or expected to be taken in each Fund’s 2016 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 2013.
Note 3 — Advisory Fees and Other Transactions with Affiliates
VALIC serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
VALIC receives from VC I a monthly fee based on each Fund’s average daily net asset value at the following annual rates:
International Equities Index Fund | 0.35% on the first $500 million | |
0.25% on the next $500 million | ||
0.24% on assets over $1 billion | ||
Mid Cap Index Fund | 0.35% on the first $500 million | |
Small Cap Index Fund | 0.25% on the next $2.5 billion | |
Stock Index Fund | 0.20% on the next $2 billion | |
0.15% on assets over $5 billion | ||
Blue Chip Growth Fund | 0.75% on the first $250 million | |
0.725% on the next $250 million | ||
0.70% on assets over $500 million | ||
Core Equity Fund | 0.80% on the first $250 million | |
0.75% on the next $250 million | ||
0.70% on the next $500 million | ||
0.65% on assets over $1 billion | ||
Growth & Income Fund | 0.75% on the first $500 million | |
0.725% on assets over $500 million | ||
Science & Technology Fund | 0.90% on first $500 million | |
0.85% on assets over $500 million | ||
Small Cap Fund | 0.90% on the first $250 million | |
0.85% on the next $250 million | ||
0.80% on the next $500 million | ||
0.75% on assets over $1 billion | ||
Health Sciences Fund* | 1.00% on first $500 million | |
0.95% on assets over $500 million | ||
Inflation Protected Fund | 0.50% on the first $250 million | |
0.45% on the next $250 million | ||
0.40% on assets over $500 million | ||
International Growth Fund** | 0.95% on the first $250 million | |
0.90% on the next $250 million | ||
0.85% on the next $500 million | ||
0.80% on assets over $1 billion | ||
Large Capital Growth Fund | 0.64% on the first $750 million | |
0.59% on assets over $750 million | ||
Mid Cap Strategic Growth Fund | 0.70% on the first $250 million | |
0.65% on the next $250 million | ||
0.60% on assets over $500 million | ||
Asset Allocation Fund | 0.50% on first $300 million | |
0.475% on next $200 million | ||
0.45% on assets over $500 million | ||
Global Social Awareness Fund | 0.50% on first $500 million | |
0.475% on next $500 million | ||
0.45% on assets over $1 billion | ||
Global Strategy Fund | 0.50% on the first $500 million | |
0.46% on assets over $500 million | ||
Capital Conservation Fund | 0.50% on the first $250 million | |
Government Securities Fund | 0.45% on the next $250 million | |
International Government Bond Fund | 0.40% on the next $500 million | |
0.35% on assets over $1 billion | ||
Government Money Market I Fund | 0.40% |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Nasdaq-100® Index Fund | 0.40% on the first $250 million | |
0.38% on the next $250 million | ||
0.36% on assets over $500 million | ||
Dividend Value Fund | 0.75% on the first $250 million | |
0.72% on the next $250 million | ||
0.67% on the next $500 million | ||
0.62% on assets over $1 billion | ||
Value Fund | 0.78% on the first $250 million | |
0.73% on the next $250 million | ||
0.68% on the next $500 million | ||
0.63% on assets over $1 billion | ||
Broad Cap Value Income Fund | 0.70% on the first $250 million | |
Large Cap Core Fund | 0.65% on the next $250 million | |
0.60% on the next $500 million | ||
0.55% on assets over $1 billion | ||
Foreign Value Fund | 0.73% on the first $250 million | |
0.68% on the next $250 million | ||
0.63% on the next $500 million | ||
0.58% on assets over $1 billion | ||
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, VALIC has agreed to waive the Health Sciences Fund’s advisory fee 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 average daily net assets when the Fund’s assets exceed $750 million. |
** | Pursuant to an Amended and Restated Advisory Fee Waiver Agreement effective September 1, 2016, VALIC has agreed to waive the International Growth Fund’s advisory fees in order that such fees equal: 0.89% of the average daily net assets on the first $250 million, 0.84% on the next $250 million, 0.79% on the next $500 million and 0.74% thereafter. |
*** | Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Growth Fund’s advisory fees in order that such fees equal: 0.68% of the 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. |
† | VALIC has voluntarily agreed, until further notice, to waive a portion of its advisory fee in an amount equal to the amount of any advisory fees voluntarily waived by the Fund’s Subadviser, AllianceBernstein L.P. (“AB”), in connection with the Fund’s investments in the AB Government Money Market Portfolio, a series of AB Fixed-Income Shares, Inc. managed by AB (the “AB Fund Waiver”). The AB Fund Waiver may be terminated at any time by the Adviser. |
For the six months ended November 30, 2016, the amount of investment advisory fees waived were $128,190, $101,637, $221,921 and $5,621 for the Health Sciences Fund, the International Growth Fund, the Growth Fund and the Dynamic Allocation Fund, respectively.
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
VALIC has entered into sub-advisory agreements with the following:
AllianceBernstein L.P. (“AllianceBernstein”)—subadviser for a portion of the Dynamic Allocation Fund.
Allianz Global Investors U.S. LLC (“AGI US”)—subadviser for a portion of the Mid Cap Strategic Growth Fund and a portion of the Science & Technology Fund.
American Century Investment Management, Inc. (“American Century”)—subadviser for the Growth Fund and a portion of the International Growth Fund.
Barrow, Hanley, Mewhinney & Strauss, LLC—subadviser for the Broad Cap Value Income Fund.
BlackRock Investment Management, LLC (“BlackRock”)—subadviser for the Core Equity Fund and a portion of the Dividend Value Fund.
Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.
Columbia Management Investment Advisers, LLC (“Columbia”)—subadviser for the Large Cap Core Fund.
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.
Janus Capital Management LLC—subadviser for a portion of the Mid Cap Strategic Growth Fund.
Massachusetts Financial Services Company (“MFS”)—subadviser for the Large Capital Growth Fund and a portion of the International Growth Fund.
PineBridge Investments, LLC (“PineBridge”)—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Inflation Protected Fund, and International Government Bond Fund.
SunAmerica Asset Management, LLC (“SunAmerica”)—subadviser for the Global Social Awareness Fund, Government Money Market I Fund, International Equities Index 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.
Victory Capital Management, Inc. (“Victory”)—subadviser for the Small Cap Aggressive Growth Fund.
Wellington Management Company LLP—subadviser for the Value Fund and a portion of the Science & Technology Fund.
Wells Capital Management Incorporated—subadviser for the Small Cap Special Values 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, 2017. For the purposes of the waived fee and/or reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and/or infrequent in occurrence, 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. Prior to October 1, 2017, the contractual fee waivers and/or expense reimbursements may only be terminated by the Board, including a majority of the Directors who are not ”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 | % | ||
Government Money Market I | 0.55 | % | ||
Growth & Income | 0.85 | % | ||
International Growth | 1.01 | % | ||
Nasdaq-100® Index | 0.53 | % | ||
Small Cap Aggressive Growth | 0.99 | % | ||
Small Cap | 0.93 | % | ||
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, 2016, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Broad Cap Value Income | $ | 20,166 | ||
Core Equity | 141,724 | |||
Dividend Value | 40,164 | |||
Government Money Market I | 32,146 | |||
Growth & Income | 34,322 | |||
International Growth | 102,601 | |||
Nasdaq-100® Index | 28,038 | |||
Small Cap Aggressive Growth | 14,041 | |||
Small Cap | 144,553 | |||
Small-Mid Growth | 4,286 | |||
Value | 46,023 |
VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Government 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 Government Money Market I Fund will be able to avoid a negative yield. For the six months ended November 30, 2016, VALIC voluntarily waived $217,157 of expenses for the Government Money Market I Fund.
Any contractual waivers and/or reimbursements made by VALIC with respect to the Dynamic Allocation Fund are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to VALIC and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the six months ended November 30, 2016, the amount recouped by VALIC for the Dynamic Allocation Fund was $11,569.
At November 30, 2016, 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, 2017 | May 31, 2018 | November 30, 2018 | |||||||||
Dynamic Allocation | $ | 11,843 | $ | 2,612 | $ | – |
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 six months ended November 30, 2016, SunAmerica earned fees as reflected in the Statement of Operations based upon the aforementioned rates.
VC I, on behalf of each Fund, has entered into a Master 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, 2016, 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 six months ended November 30, 2016, certain Directors of VC I have deferred $17,063 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 to the Overlay Component and no fee with respect to the Fund-of-Funds Component. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
At November 30, 2016, the following affiliates owned outstanding shares of the following Funds:
Fund | American General Life Insurance Co. | The United States Life Insurance Co. | VALIC | VC I Dynamic Allocation Fund | VC II Aggressive Growth Lifestyle | VC II Conservative Growth Lifestyle | VC II Moderate Growth Lifestyle | |||||||||||||||||||||
Asset Allocation | — | % | — | % | 100 | % | — | % | — | % | — | % | — | % | ||||||||||||||
Blue Chip Growth | 0.00 | — | 93.38 | 0.27 | 2.55 | 2.20 | 1.60 | |||||||||||||||||||||
Broad Cap Value Income | — | — | 81.35 | — | — | — | 18.65 | |||||||||||||||||||||
Capital Conservation | — | — | 78.09 | 4.12 | 8.90 | 1.97 | 6.92 | |||||||||||||||||||||
Core Equity | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Dividend Value | — | — | 91.76 | 1.03 | 3.31 | 2.48 | 1.42 | |||||||||||||||||||||
Dynamic Allocation | 0.47 | — | 99.53 | — | — | — | — | |||||||||||||||||||||
Emerging Economies | 0.01 | 0.00 | 89.05 | 1.74 | 4.65 | 4.15 | 0.40 | |||||||||||||||||||||
Foreign Value | 0.01 | — | 90.65 | 1.32 | 3.66 | 3.30 | 1.06 | |||||||||||||||||||||
Global Real Estate | — | — | 71.73 | 3.52 | 14.33 | 10.06 | 0.36 | |||||||||||||||||||||
Global Social Awareness | 0.05 | — | 99.95 | — | — | — | — | |||||||||||||||||||||
Global Strategy | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Government Money Market I | 5.86 | 0.00 | 94.14 | — | — | — | — | |||||||||||||||||||||
Government Securities | 0.97 | — | 77.24 | 5.24 | 7.09 | 3.51 | 5.95 | |||||||||||||||||||||
Growth | — | — | 98.84 | — | — | — | 1.16 | |||||||||||||||||||||
Growth & Income | 2.68 | — | 93.67 | — | — | — | 3.65 | |||||||||||||||||||||
Health Sciences | 0.01 | — | 99.99 | — | — | — | — | |||||||||||||||||||||
Inflation Protected | — | — | 82.38 | 4.79 | 8.10 | 4.33 | 0.40 | |||||||||||||||||||||
International Equities Index | 0.67 | 0.02 | 92.97 | 0.99 | 2.97 | 1.85 | 0.53 | |||||||||||||||||||||
International Government Bond | — | — | 87.48 | 3.56 | 4.58 | 3.45 | 0.93 | |||||||||||||||||||||
International Growth | — | — | 88.81 | 1.47 | 4.64 | 3.06 | 2.02 | |||||||||||||||||||||
Large Cap Core | — | — | 94.64 | — | — | — | 5.36 | |||||||||||||||||||||
Large Capital Growth | — | — | 97.93 | — | — | — | 2.07 | |||||||||||||||||||||
Mid Cap Index | 0.58 | 0.02 | 97.19 | 0.08 | 1.14 | 0.86 | 0.13 | |||||||||||||||||||||
Mid Cap Strategic Growth | — | — | 95.93 | 0.14 | 1.96 | 1.97 | — | |||||||||||||||||||||
Nasdaq-100® Index | 2.47 | 0.02 | 92.57 | 0.21 | 2.30 | 2.43 | — | |||||||||||||||||||||
Science & Technology | 0.30 | 0.00 | 98.23 | 0.07 | 0.72 | 0.68 | — | |||||||||||||||||||||
Small Cap Aggressive Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Small Cap Fund | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Small Cap Index | 1.14 | 0.10 | 91.28 | 0.52 | 4.15 | 2.81 | — | |||||||||||||||||||||
Small Cap Special Values | — | — | 84.10 | 2.22 | 8.20 | 5.48 | — | |||||||||||||||||||||
Small-Mid Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Stock Index | 1.52 | 0.03 | 94.51 | 0.04 | 0.38 | 0.45 | 0.74 | |||||||||||||||||||||
Value | — | — | 82.46 | 0.80 | 4.00 | 3.17 | 9.57 |
The VC I Dynamic Allocation Fund and the VC II Lifestyle Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the VC I Dynamic Allocation Fund and the VC II Lifestyle Funds within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.
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, 2016, transactions in these securities were as follows:
Dynamic Allocation Fund
Security | Value at 05/31/2016 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value 11/30/2016 | ||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | 9,656,837 | $ | — | $ | — | $ | 62,549 | $ | 495,370 | $ | 51,907 | $ | 344,421 | $ | 9,620,344 | ||||||||||||||||
VALIC Co. I Broad Cap Value Income Fund | 10,198,859 | — | — | 62,549 | 495,370 | 69,296 | 888,575 | 10,723,909 | ||||||||||||||||||||||||
VALIC Co. I Capital Conservation Fund | 13,382,737 | — | — | 687,569 | 693,518 | (3,812 | ) | (141,589 | ) | 13,231,387 | ||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 6,233,249 | — | — | 3,562,144 | 471,364 | 25,684 | 930,823 | 10,280,536 | ||||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 4,863,913 | — | — | 18,968 | 2,460,614 | (540,566 | ) | 858,810 | 2,740,511 | |||||||||||||||||||||||
VALIC Co. I Foreign Value Fund | 10,283,647 | — | — | 56,397 | 2,251,835 | (497,349 | ) | 1,008,269 | 8,599,129 | |||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 2,067,658 | — | — | 12,509 | 349,074 | (23,904 | ) | (33,493 | ) | 1,673,696 | ||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 8,089,267 | — | — | 1,056,193 | 439,832 | 9,460 | (146,385 | ) | 8,568,703 | |||||||||||||||||||||||
VALIC Co. I Growth & Income Fund | 4,148,954 | — | — | 25,020 | 348,148 | 75,383 | 167,339 | 4,068,548 | ||||||||||||||||||||||||
VALIC Co. I Growth Fund | 10,055,419 | — | — | 62,549 | 495,370 | (3,225 | ) | 319,955 | 9,939,328 |
281 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Security | Value at 05/31/2016 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value 11/30/2016 | ||||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 2,057,368 | — | — | 12,510 | 99,074 | (2,259 | ) | 12,982 | 1,981,527 | |||||||||||||||||||||||
VALIC Co. I International Equities Fund | 4,998,586 | — | — | 31,274 | 247,685 | (17,922 | ) | (51,007 | ) | 4,713,246 | ||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 2,150,796 | — | — | 12,509 | 99,074 | (4,871 | ) | (48,640 | ) | 2,010,720 | ||||||||||||||||||||||
VALIC Co. I International Growth Fund | 9,917,764 | — | — | 56,397 | 1,251,835 | (135,552 | ) | (262,090 | ) | 8,324,684 | ||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 8,276,564 | — | — | 50,039 | 521,296 | (101,934 | ) | 393,750 | 8,097,123 | |||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 8,115,300 | — | — | 50,040 | 396,296 | (66,387 | ) | 84,540 | 7,787,197 | |||||||||||||||||||||||
VALIC Co. I Mid Cap Index Fund | 4,137,185 | — | — | 25,019 | 373,148 | 33,245 | 354,891 | 4,177,192 | ||||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 30,341,539 | — | — | 187,648 | 1,486,111 | 184,313 | 1,551,928 | 30,779,317 | ||||||||||||||||||||||||
VALIC Co. I Value Fund | 10,310,155 | — | — | 62,549 | 495,370 | 112,172 | 485,174 | 10,474,680 | ||||||||||||||||||||||||
VALIC Co. II Capital Appreciation Fund | 6,059,909 | — | — | 37,529 | 297,222 | 71,159 | (12,136 | ) | 5,859,239 | |||||||||||||||||||||||
VALIC Co. II Core Bond Fund | 15,122,528 | — | — | 93,824 | 743,055 | 29,586 | (84,031 | ) | 14,418,852 | |||||||||||||||||||||||
VALIC Co. II High Yield Bond Fund | 2,973,093 | — | — | 18,765 | 148,611 | (5,051 | ) | 143,896 | 2,982,092 | |||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | 2,143,173 | — | — | 12,510 | 274,074 | (86,240 | ) | 166,780 | 1,962,149 | |||||||||||||||||||||||
VALIC Co. II Mid Cap Value Fund | 2,056,580 | — | — | 12,511 | 99,074 | (24,185 | ) | 207,881 | 2,153,713 | |||||||||||||||||||||||
VALIC Co. II Small Cap Growth Fund | 4,131,419 | — | — | 25,020 | 323,148 | 2,560 | 538,274 | 4,374,125 | ||||||||||||||||||||||||
VALIC Co. II Small Cap Value Fund | 4,359,202 | — | — | 25,020 | 698,148 | (97,382 | ) | 809,949 | 4,398,641 | |||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 6,242,521 | — | — | 31,376 | 1,453,687 | (33,259 | ) | 146,337 | 4,933,288 | |||||||||||||||||||||||
$ | 202,374,222 | $ | — | $ | — | $ | 6,350,987 | $ | 17,507,403 | $ | (979,133 | ) | $ | 8,635,203 | $ | 198,873,876 | ||||||||||||||||
Stock Index Fund
Security | Value at 05/31/2016 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value at 11/30/2016 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $ | 14,832,387 | $ | 159,785 | $ | — | $ | — | $ | 2,316,385 | $ | 1,000,012 | $ | 181,378 | $ | 13,697,392 | ||||||||||||||||
During the six months ended November 30, 2016, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:
Affiliated Broker | International Growth Fund | Small-Mid Growth Fund | ||||||
Nomura Securities | 2,235 | — | ||||||
Wells Fargo Securities, LLC | — | 557 |
As a result of losses on medium-term notes issued by Cheyne Finance LLC, that were previously held in the Government Money Market I Fund, VALIC made capital contributions to the Government Money Market I Fund in the amount of $0 and $509,189 for the periods ended November 30, 2016 and May 31, 2016, 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 six months ended November 30, 2016 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 | $ | 91,988,528 | $ | 73,154,386 | $ | 6,998,968 | $ | 10,192,022 | ||||||||
Blue Chip Growth | 82,104,804 | 121,310,059 | — | — | ||||||||||||
Broad Cap Value Income | 6,467,104 | 9,753,182 | — | — | ||||||||||||
Capital Conservation | 32,609,074 | 40,314,452 | 16,768,108 | 34,655,853 | ||||||||||||
Core Equity | 37,270,654 | 52,793,932 | — | — | ||||||||||||
Dividend Value | 311,071,364 | 229,176,229 | — | — | ||||||||||||
Dynamic Allocation | 6,350,989 | 17,507,404 | 9,617,889 | 14,063,460 | ||||||||||||
Emerging Economies | 303,268,093 | 182,233,110 | — | — | ||||||||||||
Foreign Value | 123,210,262 | 173,916,687 | 23,999,867 | 24,000,000 | ||||||||||||
Global Real Estate | 127,643,272 | 126,936,752 | — | — | ||||||||||||
Global Social Awareness | 84,410,640 | 83,034,814 | — | — | ||||||||||||
Global Strategy | 58,700,506 | 88,256,040 | 4,999,972 | 5,000,000 | ||||||||||||
Government Securities | 4,277,854 | 2,372,017 | 12,219,260 | 20,635,252 |
282 |
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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 | ||||||||||||
Growth | $ | 292,336,159 | $ | 409,816,551 | $ | — | $ | — | ||||||||
Growth & Income | 19,311,386 | 27,331,199 | — | — | ||||||||||||
Health Sciences | 115,007,747 | 192,202,942 | — | — | ||||||||||||
Inflation Protected | 101,872,586 | 75,535,214 | 92,506,458 | 74,491,819 | ||||||||||||
International Equities Index | 41,954,786 | 83,152,728 | — | — | ||||||||||||
International Government Bond | 74,977,887 | 51,436,576 | 9,516,895 | 8,256,202 | ||||||||||||
International Growth | 96,243,975 | 180,120,855 | — | — | ||||||||||||
Large Cap Core | 37,106,296 | 53,815,666 | — | — | ||||||||||||
Large Capital Growth | 40,799,247 | 54,364,588 | — | — | ||||||||||||
Mid Cap Index | 171,263,737 | 170,276,266 | — | — | ||||||||||||
Mid Cap Strategic Growth | 51,139,054 | 65,975,803 | — | — | ||||||||||||
Nasdaq-100® Index | 7,127,962 | 16,350,817 | — | — | ||||||||||||
Science & Technology | 447,932,440 | 498,572,836 | — | — | ||||||||||||
Small Cap Aggressive Growth | 43,965,836 | 52,247,626 | — | — | ||||||||||||
Small Cap | 55,286,129 | 67,764,962 | — | — | ||||||||||||
Small Cap Index | 92,740,047 | 125,468,622 | — | — | ||||||||||||
Small Cap Special Values | 61,383,249 | 60,056,264 | — | — | ||||||||||||
Small-Mid Growth | 27,075,052 | 35,580,522 | — | — | ||||||||||||
Stock Index | 60,383,199 | 270,685,182 | — | — | ||||||||||||
Value | 8,518,977 | 11,822,577 | — | — |
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, 2016.
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Asset Allocation | $ | 168,574,687 | $ | 6,342,933 | $ | (4,821,273 | ) | $ | 1,521,660 | |||||||
Blue Chip Growth | 407,546,380 | 209,603,141 | (13,501,867 | ) | 196,101,274 | |||||||||||
Broad Cap Value Income | 44,584,277 | 13,781,824 | (1,114,054 | ) | 12,667,770 | |||||||||||
Capital Conservation | 196,947,106 | 1,942,328 | (3,146,692 | ) | (1,204,364 | ) | ||||||||||
Core Equity | 192,262,250 | 49,446,692 | (6,761,677 | ) | 42,685,015 | |||||||||||
Dividend Value | 649,083,183 | 89,782,553 | (10,537,160 | ) | 79,245,393 | |||||||||||
Dynamic Allocation | 243,991,357 | 7,704,582 | (7,932,374 | ) | (227,792 | ) | ||||||||||
Emerging Economies | 654,968,847 | 77,823,027 | (33,204,648 | ) | 44,618,379 | |||||||||||
Foreign Value | 869,202,170 | 76,050,360 | (111,557,473 | ) | (35,507,113 | ) | ||||||||||
Global Real Estate | 492,376,549 | 15,232,743 | (45,753,529 | ) | (30,520,786 | ) | ||||||||||
Global Social Awareness | 395,818,756 | 48,512,682 | (31,709,902 | ) | 16,802,780 | |||||||||||
Global Strategy | 393,373,734 | 42,578,197 | (34,270,565 | ) | 8,307,632 | |||||||||||
Government Money Market I | 347,140,879 | — | — | — | ||||||||||||
Government Securities | 142,991,787 | 2,546,613 | (1,510,246 | ) | 1,036,367 | |||||||||||
Growth | 811,350,958 | 86,163,116 | (23,918,925 | ) | 62,244,191 | |||||||||||
Growth & Income | 94,405,519 | 19,661,513 | (2,531,400 | ) | 17,130,113 | |||||||||||
Health Sciences | 700,141,447 | 129,950,858 | (53,479,943 | ) | 76,470,915 | |||||||||||
Inflation Protected | 494,071,298 | 13,635,605 | (9,796,011 | ) | 3,839,594 | |||||||||||
International Equities Index | 1,007,987,830 | 71,000,308 | (161,516,675 | ) | (90,516,367 | ) | ||||||||||
International Government Bond* | 224,432,732 | 2,129,218 | (11,110,165 | ) | (8,980,947 | ) | ||||||||||
International Growth | 407,866,495 | 41,361,111 | (29,985,539 | ) | 11,375,572 | |||||||||||
Large Cap Core | 134,807,192 | 18,140,253 | (1,420,042 | ) | 16,720,211 | |||||||||||
Large Capital Growth | 332,429,133 | 57,467,467 | (13,697,478 | ) | 43,769,989 | |||||||||||
Mid Cap Index | 2,517,214,620 | 980,934,639 | (176,199,259 | ) | 804,735,380 |
283 |
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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) | ||||||||||||
Mid Cap Strategic Growth | $ | 226,820,090 | $ | 32,075,549 | $ | (5,080,078 | ) | $ | 26,995,471 | |||||||
Nasdaq-100® Index | 176,099,562 | 153,390,951 | (5,173,966 | ) | 148,216,985 | |||||||||||
Science & Technology | 911,275,081 | 128,613,557 | (42,079,052 | ) | 86,534,505 | |||||||||||
Small Cap Aggressive Growth | 106,028,752 | 16,367,474 | (5,306,663 | ) | 11,060,811 | |||||||||||
Small Cap | 281,352,993 | 75,842,269 | (19,603,974 | ) | 56,238,295 | |||||||||||
Small Cap Index | 957,744,966 | 367,401,385 | (99,178,845 | ) | 268,222,540 | |||||||||||
Small Cap Special Values | 258,819,414 | 48,276,240 | (14,298,879 | ) | 33,977,361 | |||||||||||
Small-Mid Growth | 103,192,647 | 12,659,842 | (5,026,142 | ) | 7,633,700 | |||||||||||
Stock Index | 2,350,223,473 | 1,894,976,150 | (107,645,997 | ) | 1,787,330,153 | |||||||||||
Value | 86,222,043 | 28,276,322 | (4,743,874 | ) | 23,532,448 |
* | The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2016. |
The tax basis distributable earnings at May 31, 2016 and the tax character of distributions paid during the year ended May 31, 2016 were as follows:
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the year ended May 31, 2016 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Asset Allocation | $ | 3,425,466 | $ | (474,514 | ) | $ | 2,257,671 | $ | 5,354,758 | $ | 16,234,901 | |||||||||
Blue Chip Growth | — | 61,428,180 | 188,071,042 | 4,362,148 | 73,503,822 | |||||||||||||||
Broad Cap Value Income | 874,094 | 1,709,105 | 8,705,277 | 885,359 | 3,515,188 | |||||||||||||||
Capital Conservation | 4,839,811 | 221,801 | 3,535,610 | 4,914,381 | — | |||||||||||||||
Core Equity | 2,640,815 | 8,018,311 | 34,694,900 | 2,550,301 | — | |||||||||||||||
Dividend Value | 14,380,753 | 62,126,737 | 46,866,198 | 13,504,973 | 60,987,882 | |||||||||||||||
Dynamic Allocation | 4,599,119 | 1,781,175 | (7,237,872 | ) | 5,109,861 | 9,569,463 | ||||||||||||||
Emerging Economies | 10,536,617 | (169,612,629 | ) | (17,273,255 | ) | 14,639,003 | — | |||||||||||||
Foreign Value | 16,256,905 | (18,699,216 | ) | (85,697,810 | ) | 18,119,304 | — | |||||||||||||
Global Real Estate | 17,674,291 | 21,783,749 | 3,325,955 | 14,771,778 | 21,079,653 | |||||||||||||||
Global Social Awareness | 6,283,324 | (38,248,729 | ) | 8,268,069 | 7,261,309 | — | ||||||||||||||
Global Strategy | 3,949,653 | 7,816,643 | (7,133,559 | ) | 29,909,199 | 26,482,368 | ||||||||||||||
Government Money Market I | 10,860 | — | — | 34,686 | — | |||||||||||||||
Growth | 7,513,594 | 63,915,770 | 59,744,816 | 36,277,214 | 116,640,377 | |||||||||||||||
Growth & Income | 1,233,011 | 3,650,323 | 13,785,404 | 2,597,152 | 4,000,944 | |||||||||||||||
Health Sciences | 10,754,522 | 69,401,910 | 138,226,751 | 21,777,541 | 91,717,157 | |||||||||||||||
Inflation Protected | 1,518,378 | 681,710 | 7,887,652 | 6,013,213 | 194,385 | |||||||||||||||
International Equities Index | 26,673,238 | (128,424,009 | ) | (67,334,611 | ) | 28,034,486 | — | |||||||||||||
International Government Bond* | — | — | 8,508,151 | — | — | |||||||||||||||
International Growth | 6,100,421 | (972,746 | ) | 36,365,144 | 7,078,883 | 39,002,240 | ||||||||||||||
Large Cap Core | 1,531,285 | 11,933,336 | 18,481,266 | 8,019,493 | 25,934,878 | |||||||||||||||
Large Capital Growth | 2,819,369 | 12,909,541 | 53,678,718 | 4,596,243 | 16,356,235 | |||||||||||||||
Mid Cap Index | 36,935,425 | 277,969,475 | 624,708,511 | 41,789,679 | 277,349,503 | |||||||||||||||
Mid Cap Strategic Growth | — | 16,552,587 | 23,269,121 | 245,031 | 33,719,622 | |||||||||||||||
Nasdaq-100® Index | 2,785,946 | 15,668,894 | 137,824,713 | 2,781,422 | 12,643,005 | |||||||||||||||
Science & Technology | — | 75,648,071 | 73,825,593 | 33,822,432 | 131,856,793 | |||||||||||||||
Small Cap Aggressive Growth | — | 4,966,733 | 2,125,059 | 1,158,205 | 13,991,856 | |||||||||||||||
Small Cap | 1,169,737 | 23,882,426 | 38,642,945 | 1,585,496 | 46,713,634 | |||||||||||||||
Small Cap Index | 13,852,728 | 60,096,933 | 170,071,952 | 16,016,490 | 70,811,774 | |||||||||||||||
Small Cap Special Values | 2,826,803 | 18,510,911 | 13,062,366 | 5,926,906 | 21,324,342 | |||||||||||||||
Small-Mid Growth | — | 5,263,258 | 9,616,170 | 4,280,042 | 7,374,256 | |||||||||||||||
Stock Index | 58,895,662 | 203,337,591 | 1,740,373,212 | 105,940,512 | 294,316,175 | |||||||||||||||
Value | 1,894,530 | (28,393,997 | ) | 21,170,549 | 1,593,878 | — |
* | The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2016. |
@ | 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, 2016, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:
Capital Loss Carryforward | Unlimited | |||||||||||||||||||
Fund | 2017 | 2018 | 2019 | ST | LT | |||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | 474,514 | $ | — | ||||||||||
Blue Chip Growth | — | — | — | — | — | |||||||||||||||
Broad Cap Value Income | — | — | — | — | — | |||||||||||||||
Capital Conservation | — | — | — | — | — | |||||||||||||||
Core Equity | — | — | — | — | — | |||||||||||||||
Dividend Value | — | — | — | — | — | |||||||||||||||
Dynamic Allocation | — | — | — | — | — | |||||||||||||||
Emerging Economies | 26,872,567 | 71,874,688 | — | 62,841,523 | 8,023,851 | |||||||||||||||
Foreign Value | — | 18,699,216 | — | — | — | |||||||||||||||
Global Real Estate | — | — | — | — | — | |||||||||||||||
Global Social Awareness | — | 38,248,729 | — | — | — | |||||||||||||||
Global Strategy | — | — | — | — | — | |||||||||||||||
Government Money Market I | — | — | — | — | — | |||||||||||||||
Government Securities | — | — | — | 1,033,202 | 1,118,691 | |||||||||||||||
Growth | — | — | — | — | — | |||||||||||||||
Growth & Income | — | — | — | — | — | |||||||||||||||
Health Sciences | — | — | — | — | — | |||||||||||||||
Inflation Protected | — | — | — | — | — | |||||||||||||||
International Equities Index | — | 124,862,188 | — | 1,603,449 | 1,958,372 | |||||||||||||||
International Government Bond | — | — | — | 660,801 | — | |||||||||||||||
International Growth | — | — | — | 972,746 | — | |||||||||||||||
Large Cap Core | — | — | — | — | — | |||||||||||||||
Large Capital Growth | — | — | — | — | — | |||||||||||||||
Mid Cap Index | — | — | — | — | — | |||||||||||||||
Mid Cap Strategic Growth | — | — | — | — | — | |||||||||||||||
Nasdaq-100® Index | — | — | — | — | — | |||||||||||||||
Science & Technology | — | — | — | — | — | |||||||||||||||
Small Cap Aggressive Growth | — | — | — | — | — | |||||||||||||||
Small Cap | — | �� | — | — | — | — | ||||||||||||||
Small Cap Index | — | — | — | — | — | |||||||||||||||
Small Cap Special Values | — | — | — | — | — | |||||||||||||||
Small-Mid Growth | — | — | — | — | — | |||||||||||||||
Stock Index | — | — | — | — | — | |||||||||||||||
Value | — | 28,393,997 | — | — | — |
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, a fund is 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 year ended May 31, 2016, 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 | $ | — | $ | 2,664,248 | $ | (922,680 | ) | |||||
Blue Chip Growth | 69,232 | 5,105,925 | — | |||||||||
Broad Cap Value Income | — | — | — | |||||||||
Capital Conservation | — | (398,054 | ) | 654,422 | ||||||||
Core Equity | 575 | 2,187,118 | — | |||||||||
Dividend Value | 4,410 | 4,031,343 | — | |||||||||
Dynamic Allocation | — | 2,540,850 | — |
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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 | $ | 243,158 | $ | 21,054,347 | $ | 25,906,390 | ||||||
Foreign Value | 677,414 | 809,602 | 26,141,309 | |||||||||
Global Real Estate | — | 1,923,070 | — | |||||||||
Global Social Awareness | — | — | 297,705 | |||||||||
Global Strategy | 13,221,804 | — | — | |||||||||
Government Money Market I | — | — | — | |||||||||
Government Securities | — | 5,546 | — | |||||||||
Growth | 59,761 | 10,519,593 | — | |||||||||
Growth & Income | — | 720,203 | — | |||||||||
Health Sciences | 1,338,899 | — | — | |||||||||
Inflation Protected | 115,578 | (165,422 | ) | 1,607,197 | ||||||||
International Equities Index | — | 4,937,052 | 7,205,624 | |||||||||
International Government Bond* | 2,263,522 | (523,447 | ) | 995,383 | ||||||||
International Growth | 334,950 | 6,636,985 | 1,602,339 | |||||||||
Large Cap Core | — | 1,692,391 | — | |||||||||
Large Capital Growth | 5,165 | — | — | |||||||||
Mid Cap Index | — | 3,408,676 | — | |||||||||
Mid Cap Strategic Growth | — | 4,527,532 | — | |||||||||
Nasdaq-100 Index® | — | 21,784 | — | |||||||||
Science & Technology | 188,868 | 6,022,709 | — | |||||||||
Small Cap Aggressive Growth | 103,389 | 9,658,198 | (2,692,858 | ) | ||||||||
Small Cap | — | 717,139 | — | |||||||||
Small Cap Index | 54,347 | 1,546,331 | — | |||||||||
Small Cap Special Values | 122,834 | 1,854,104 | — | |||||||||
Small-Mid Growth | 123,044 | 2,571,460 | — | |||||||||
Stock Index | — | — | — | |||||||||
Value | — | — | — |
* | The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2016. |
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, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 149,448 | $ | 1,575,960 | 902,112 | $ | 10,229,834 | 337,277 | $ | 5,315,440 | 2,275,618 | $ | 38,751,337 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,291,896 | 21,589,659 | — | — | 5,696,121 | 77,865,970 | ||||||||||||||||||||||||
Shares redeemed | (1,116,842 | ) | (11,733,311 | ) | (1,842,649 | ) | (20,910,910 | ) | (2,783,212 | ) | (44,096,813 | ) | (4,529,508 | ) | (76,723,525 | ) | ||||||||||||||||
Net increase (decrease) | (967,394 | ) | $ | (10,157,351 | ) | 1,351,359 | $ | 10,908,583 | (2,445,935 | ) | $ | (38,781,373 | ) | 3,442,231 | $ | 39,893,782 | ||||||||||||||||
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 153,062 | $ | 2,174,417 | 505,099 | $ | 7,270,588 | 832,947 | $ | 8,406,845 | 2,354,264 | $ | 23,243,528 | ||||||||||||||||||||
Reinvested dividends | — | — | 361,293 | 4,400,547 | — | — | 501,980 | 4,914,381 | ||||||||||||||||||||||||
Shares redeemed | (506,702 | ) | (7,208,562 | ) | (667,635 | ) | (9,957,106 | ) | (5,106,949 | ) | (51,430,805 | ) | (4,962,151 | ) | (49,072,087 | ) | ||||||||||||||||
Net increase (decrease) | (353,640 | ) | $ | (5,034,145 | ) | 198,757 | $ | 1,714,029 | (4,274,002 | ) | $ | (43,023,960 | ) | (2,105,907 | ) | $ | (20,914,178 | ) | ||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Core Equity | Dividend Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 16,338 | $ | 327,933 | 49,088 | $ | 933,895 | 10,353,650 | $ | 123,459,972 | 5,207,271 | $ | 61,028,262 | ||||||||||||||||||||
Reinvested dividends | — | — | 150,018 | 2,550,301 | — | — | 7,274,693 | 74,492,855 | ||||||||||||||||||||||||
Shares redeemed | (722,413 | ) | (14,446,094 | ) | (1,475,033 | ) | (28,488,978 | ) | (3,628,444 | ) | (44,200,524 | ) | (10,259,670 | ) | (127,456,182 | ) | ||||||||||||||||
Net increase (decrease) | (706,075 | ) | $ | (14,118,161 | ) | (1,275,927 | ) | $ | (25,004,782 | ) | 6,725,206 | $ | 79,259,448 | 2,222,294 | $ | 8,064,935 | ||||||||||||||||
Dynamic Allocation | Emerging Economies | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 233,288 | $ | 2,561,242 | 1,110,246 | $ | 12,487,234 | 22,197,775 | $ | 152,937,943 | 9,578,559 | $ | 61,720,942 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,476,793 | 14,679,324 | — | — | 2,686,056 | 14,639,003 | ||||||||||||||||||||||||
Shares redeemed | (1,185,859 | ) | (12,993,713 | ) | (2,138,149 | ) | (23,742,005 | ) | (5,090,586 | ) | (34,840,247 | ) | (11,327,875 | ) | (73,906,814 | ) | ||||||||||||||||
Net increase (decrease) | (952,571 | ) | $ | (10,432,471 | ) | 448,890 | $ | 3,424,553 | 17,107,189 | $ | 118,097,696 | 936,740 | $ | 2,453,131 | ||||||||||||||||||
Foreign Value | Global Real Estate | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 566,526 | $ | 4,980,206 | 3,763,051 | $ | 32,184,197 | 3,838,984 | $ | 31,836,541 | 6,281,684 | $ | 51,283,024 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,390,410 | 18,119,304 | — | — | 5,128,960 | 35,851,431 | ||||||||||||||||||||||||
Shares redeemed | (7,286,519 | ) | (66,767,180 | ) | (7,841,025 | ) | (72,956,030 | ) | (5,074,273 | ) | (40,286,441 | ) | (10,015,479 | ) | (82,391,355 | ) | ||||||||||||||||
Net increase (decrease) | (6,719,993 | ) | $ | (61,786,974 | ) | (1,687,564 | ) | $ | (22,652,529 | ) | (1,235,289 | ) | $ | (8,449,900 | ) | 1,395,165 | $ | 4,743,100 | ||||||||||||||
Global Social Awareness | Global Strategy | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,982,203 | $ | 42,339,384 | 908,240 | $ | 18,674,882 | 525,780 | $ | 5,590,811 | 824,165 | $ | 9,965,283 | ||||||||||||||||||||
Reinvested dividends | — | — | 393,354 | 7,261,309 | — | — | 5,880,247 | 56,391,567 | ||||||||||||||||||||||||
Shares redeemed | (698,994 | ) | (14,982,773 | ) | (2,492,157 | ) | (52,822,814 | ) | (4,807,698 | ) | (50,941,931 | ) | (3,388,197 | ) | (40,500,020 | ) | ||||||||||||||||
Net increase (decrease) | 1,283,209 | $ | 27,356,611 | (1,190,563 | ) | $ | (26,886,623 | ) | (4,281,918 | ) | $ | (45,351,120 | ) | 3,316,215 | $ | 25,856,830 | ||||||||||||||||
Government Money Market I | Government Securities | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 46,106,305 | $ | 46,106,305 | 79,992,837 | $ | 79,992,837 | 1,525,411 | $ | 16,780,695 | 2,729,509 | $ | 29,827,388 | ||||||||||||||||||||
Reinvested dividends | 17,371 | 17,371 | 34,686 | 34,686 | — | — | 342,989 | 3,707,716 | ||||||||||||||||||||||||
Shares redeemed | (42,149,996 | ) | (42,149,996 | ) | (80,418,752 | ) | (80,418,752 | ) | (2,321,054 | ) | (25,323,644 | ) | (3,761,297 | ) | (40,671,058 | ) | ||||||||||||||||
Net increase (decrease) | 3,973,680 | $ | 3,973,680 | (391,229 | ) | $ | (391,229 | ) | (795,643 | ) | $ | (8,542,949 | ) | (688,799 | ) | $ | (7,135,954 | ) | ||||||||||||||
Growth | Growth & Income | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,576,819 | $ | 22,032,793 | 3,816,625 | $ | 59,864,609 | 309,564 | $ | 5,848,812 | 767,632 | $ | 14,260,292 | ||||||||||||||||||||
Reinvested dividends | — | — | 12,711,354 | 152,917,591 | — | — | 408,298 | 6,598,096 | ||||||||||||||||||||||||
Shares redeemed | (10,413,964 | ) | (143,237,881 | ) | (8,655,379 | ) | (128,569,957 | ) | (791,372 | ) | (14,891,526 | ) | (1,180,150 | ) | (21,825,319 | ) | ||||||||||||||||
Net increase (decrease) | (8,837,145 | ) | $ | (121,205,088 | ) | 7,872,600 | $ | 84,212,243 | (481,808 | ) | $ | (9,042,714 | ) | (4,220 | ) | $ | (966,931 | ) | ||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Health Sciences | Inflation Protected | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 480,883 | $ | 9,665,372 | 3,165,032 | $ | 77,882,093 | 7,538,693 | $ | 81,824,864 | 5,752,199 | $ | 61,437,441 | ||||||||||||||||||||
Reinvested dividends | — | — | 6,368,951 | 113,494,698 | — | — | 592,894 | 6,207,598 | ||||||||||||||||||||||||
Shares redeemed | (4,826,676 | ) | (96,037,449 | ) | (3,900,551 | ) | (84,918,022 | ) | (3,912,616 | ) | (42,760,917 | ) | (8,643,585 | ) | (92,611,595 | ) | ||||||||||||||||
Net increase (decrease) | (4,345,793 | ) | $ | (86,372,077 | ) | 5,633,432 | $ | 106,458,769 | 3,626,077 | $ | 39,063,947 | (2,298,492 | ) | $ | (24,966,556 | ) | ||||||||||||||||
International Equities Index | International Government Bond | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 8,807,782 | $ | 54,156,090 | 29,835,353 | $ | 195,978,925 | 3,267,630 | $ | 38,668,375 | 5,297,466 | $ | 59,529,045 | ||||||||||||||||||||
Reinvested dividends | — | — | 5,060,377 | 28,034,486 | — | — | 442,544 | 4,867,986 | ||||||||||||||||||||||||
Shares redeemed | (23,809,431 | ) | (149,329,995 | ) | (27,232,607 | ) | (172,618,581 | ) | (1,385,949 | ) | (16,167,676 | ) | (3,358,674 | ) | (37,553,544 | ) | ||||||||||||||||
Net increase (decrease) | (15,001,649 | ) | $ | (95,173,905 | ) | 7,663,123 | $ | 51,394,830 | 1,881,681 | $ | 22,500,699 | 2,381,336 | $ | 26,843,487 | ||||||||||||||||||
International Growth | Large Cap Core | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 868,104 | $ | 9,934,059 | 1,753,785 | $ | 22,281,413 | 393,040 | $ | 4,234,766 | 547,879 | $ | 6,581,014 | ||||||||||||||||||||
Reinvested dividends | — | — | 4,409,677 | 46,081,123 | — | — | 3,574,144 | 33,954,371 | ||||||||||||||||||||||||
Shares redeemed | (8,703,532 | ) | (100,777,669 | ) | (5,189,474 | ) | (67,492,977 | ) | (2,094,597 | ) | (22,960,657 | ) | (1,992,924 | ) | (25,179,316 | ) | ||||||||||||||||
Net increase (decrease) | (7,835,428 | ) | $ | (90,843,610 | ) | 973,988 | $ | 869,559 | (1,701,557 | ) | $ | (18,725,891 | ) | 2,129,099 | $ | 15,356,069 | ||||||||||||||||
Large Capital Growth | Mid Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 185,425 | $ | 2,270,542 | 386,633 | $ | 4,699,521 | 2,619,344 | $ | 68,316,836 | 2,166,940 | $ | 55,827,599 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,943,644 | 20,952,478 | — | — | 15,247,930 | 319,139,182 | ||||||||||||||||||||||||
Shares redeemed | (1,629,120 | ) | (20,211,510 | ) | (3,214,702 | ) | (39,106,858 | ) | (4,978,427 | ) | (127,564,352 | ) | (14,597,990 | ) | (370,945,457 | ) | ||||||||||||||||
Net increase (decrease) | (1,443,695 | ) | $ | (17,940,968 | ) | (884,425 | ) | $ | (13,454,859 | ) | (2,359,083 | ) | $ | (59,247,516 | ) | 2,816,880 | $ | 4,021,324 | ||||||||||||||
Mid Cap Strategic Growth | Nasdaq-100® Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 72,614 | $ | 940,536 | 137,665 | $ | 1,875,136 | 1,114,355 | $ | 11,589,510 | 3,001,002 | $ | 30,202,304 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,219,398 | 33,964,653 | — | — | 1,754,770 | 15,424,427 | ||||||||||||||||||||||||
Shares redeemed | (1,504,533 | ) | (19,357,284 | ) | (2,369,616 | ) | (32,096,725 | ) | (2,756,892 | ) | (28,271,569 | ) | (4,446,410 | ) | (44,900,656 | ) | ||||||||||||||||
Net increase (decrease) | (1,431,919 | ) | $ | (18,416,748 | ) | 987,447 | $ | 3,743,064 | (1,642,537 | ) | $ | (16,682,059 | ) | 309,362 | $ | 726,075 | ||||||||||||||||
Science & Technology | Small Cap Aggressive Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 254,392 | $ | 5,820,515 | 587,266 | $ | 14,080,856 | 434,692 | $ | 4,580,808 | 1,762,818 | $ | 23,626,180 | ||||||||||||||||||||
Reinvested dividends | — | — | 9,178,904 | 165,679,225 | — | — | 1,725,519 | 15,150,061 | ||||||||||||||||||||||||
Shares redeemed | (2,544,555 | ) | (56,838,874 | ) | (4,107,515 | ) | (98,858,979 | ) | (1,107,647 | ) | (11,839,628 | ) | (1,363,307 | ) | (16,090,259 | ) | ||||||||||||||||
Net increase (decrease) | (2,290,163 | ) | $ | (51,018,359 | ) | 5,658,655 | $ | 80,901,102 | (672,955 | ) | $ | (7,258,820 | ) | 2,125,030 | $ | 22,685,982 | ||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Small Cap | Small Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 368,516 | $ | 4,121,527 | 189,282 | $ | 2,291,392 | 3,462,233 | $ | 66,227,552 | 4,162,452 | $ | 82,747,624 | ||||||||||||||||||||
Reinvested dividends | — | — | 5,238,517 | 48,299,130 | — | — | 5,784,694 | 86,828,264 | ||||||||||||||||||||||||
Shares redeemed | (1,630,990 | ) | (18,402,497 | ) | (2,986,581 | ) | (36,875,869 | ) | (3,786,844 | ) | (71,892,175 | ) | (7,652,537 | ) | (147,278,763 | ) | ||||||||||||||||
Net increase (decrease) | (1,262,474 | ) | $ | (14,280,970 | ) | 2,441,218 | $ | 13,714,653 | (324,611 | ) | $ | (5,664,623 | ) | 2,294,609 | $ | 22,297,125 | ||||||||||||||||
Small Cap Special Values | Small-Mid Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,705,122 | $ | 21,994,692 | 1,606,569 | $ | 19,758,728 | 45,899 | $ | 510,507 | 516,255 | $ | 6,438,763 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,663,856 | 27,251,248 | — | — | 1,259,924 | 11,654,298 | ||||||||||||||||||||||||
Shares redeemed | (1,522,297 | ) | (19,136,526 | ) | (1,833,250 | ) | (23,167,879 | ) | (862,774 | ) | (9,627,264 | ) | (1,677,649 | ) | (19,057,341 | ) | ||||||||||||||||
Net increase (decrease) | 182,825 | $ | 2,858,166 | 2,437,175 | $ | 23,842,097 | (816,875 | ) | $ | (9,116,757 | ) | 98,530 | $ | (964,280 | ) | |||||||||||||||||
Stock Index | Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | For the six months ended November 30, 2016 (unaudited) | For the year ended May 31, 2016 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,331,453 | $ | 45,351,321 | 4,259,310 | $ | 147,218,423 | 261,190 | $ | 3,965,514 | 446,110 | $ | 6,382,444 | ||||||||||||||||||||
Reinvested dividends | — | — | 13,660,638 | 400,256,687 | — | — | 122,890 | 1,593,878 | ||||||||||||||||||||||||
Shares redeemed | (7,969,611 | ) | (271,774,328 | ) | (16,935,608 | ) | (586,527,870 | ) | (584,545 | ) | (8,919,959 | ) | (886,931 | ) | (12,806,466 | ) | ||||||||||||||||
Net increase (decrease) | (6,638,158 | ) | $ | (226,423,007 | ) | 984,340 | $ | (39,052,760 | ) | (323,355 | ) | $ | (4,954,445 | ) | (317,931 | ) | $ | (4,830,144 | ) | |||||||||||||
Note 7 — Expense Reductions
Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Funds have been reduced. For the six months ended November 30, 2016, the amount of expense reductions received by each Fund used to offset non-affiliated expenses is reflected as Fees paid indirectly in the Statement of Operations.
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 Global Strategy Fund, the International Equities Index Fund, the International Government Bond Fund and the International Growth Fund.
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 defaults, a 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 Money Market I Fund and the Government Securities 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
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 (“State Street”), the Series’ custodian. Interest is currently payable under the committed line of credit at 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 and State Street’s discretionary bid rate on the uncommitted line of credit. The Series, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $50,000 in the aggregate for the committed and uncommitted lines of credit, and committed and uncommitted lines of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the lines of credit. The $50,000 upfront fee is inclusive of a closing fee of 5 basis points on the uncommitted line of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. For the six months ended November 30, 2016, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Blue Chip Growth | 2 | $ | 103 | $ | 1,066,200 | 1.72 | % | |||||||||
Capital Conservation | 3 | 54 | 363,308 | 1.77 | % | |||||||||||
Dividend Value | 18 | 1,250 | 1,388,294 | 1.80 | % | |||||||||||
Emerging Economies | 6 | 469 | 1,639,753 | 1.72 | % | |||||||||||
Foreign Value | 1 | 57 | 1,178,939 | 1.74 | % | |||||||||||
Growth | 7 | 122 | 358,765 | 1.75 | % | |||||||||||
Health Sciences | 1 | 16 | 319,303 | 1.76 | % | |||||||||||
International Equities Index | 43 | 6,088 | 2,857,160 | 1.79 | % | |||||||||||
International Government Bond | 1 | 24 | 480,110 | 1.83 | % | |||||||||||
International Growth | 69 | 8,258 | 2,461,827 | 1.75 | % | |||||||||||
Mid Cap Strategic Growth | 58 | 530 | 187,757 | 1.76 | % | |||||||||||
Nasdaq-100® Index | 1 | 9 | 184,967 | 1.71 | % | |||||||||||
Science & Technology | 1 | 47 | 941,321 | 1.79 | % | |||||||||||
Small Cap | 38 | 247 | 133,610 | 1.75 | % | |||||||||||
Stock Index | 27 | 6,682 | 5,017,449 | 1.79 | % |
As of November 30, 2016, 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, 2016, none of the Funds participated in this program.
Note 11 — Security Transactions with Affiliated Portfolios
The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the six months ended November 30, 2016, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain (Loss) | |||||||||
Blue Chip Growth | $ | — | $ | 127,384 | $ | (2,494 | ) | |||||
Growth | 5,435,076 | 6,411,952 | 748,331 | |||||||||
International Growth | 77,954 | 698,249 | 83,449 | |||||||||
Large Capital Growth | 14,871 | 94,147 | 13,130 | |||||||||
Small Cap | — | 89,722 | (60,638 | ) |
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Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.39 | $ | 12.38 | $ | 12.67 | $ | 12.20 | $ | 10.89 | $ | 11.05 | $ | 15.48 | $ | 17.96 | $ | 17.12 | $ | 14.19 | $ | 11.63 | $ | 11.18 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.09 | 0.23 | 0.23 | 0.25 | 0.21 | 0.23 | 0.01 | (0.02 | ) | (0.02 | ) | (0.02 | ) | 0.03 | 0.00 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.23 | (0.66 | ) | 0.53 | 1.17 | 1.39 | (0.12 | ) | 0.64 | (0.24 | ) | 2.62 | 3.66 | 2.54 | 0.45 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.32 | (0.43 | ) | 0.76 | 1.42 | 1.60 | 0.11 | 0.65 | (0.26 | ) | 2.60 | 3.64 | 2.57 | 0.45 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.24 | ) | (0.27 | ) | (0.23 | ) | (0.24 | ) | (0.27 | ) | – | – | – | (0.03 | ) | (0.01 | ) | (0.00 | ) | ||||||||||||||||||||||||||||
Net realized gain on securities | – | (1.32 | ) | (0.78 | ) | (0.72 | ) | (0.05 | ) | – | – | (2.22 | ) | (1.76 | ) | (0.68 | ) | – | – | |||||||||||||||||||||||||||||
Total distributions | – | (1.56 | ) | (1.05 | ) | (0.95 | ) | (0.29 | ) | (0.27 | ) | – | (2.22 | ) | (1.76 | ) | (0.71 | ) | (0.01 | ) | (0.00 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.71 | $ | 10.39 | $ | 12.38 | $ | 12.67 | $ | 12.20 | $ | 10.89 | $ | 16.13 | $ | 15.48 | $ | 17.96 | $ | 17.12 | $ | 14.19 | $ | 11.63 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 3.08 | % | (2.16 | )% | 6.24 | % | 12.04 | % | 14.93 | % | 1.10 | % | 4.20 | % | 0.17 | % | 15.61 | % | 25.69 | % | 22.08 | % | 4.04 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.70 | %@ | 0.70 | % | 0.68 | % | 0.69 | % | 0.75 | % | 0.75 | % | 0.84 | %@ | 0.84 | % | 0.83 | % | 0.84 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.70 | %@ | 0.70 | % | 0.68 | % | 0.69 | % | 0.75 | % | 0.75 | % | 0.84 | %@ | 0.84 | % | 0.83 | % | 0.84 | % | 0.86 | % | 0.86 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.00 | % | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.68 | %@ | 2.00 | % | 1.81 | % | 1.96 | % | 1.79 | % | 2.16 | % | 0.08 | %@ | (0.09 | )% | (0.12 | )% | (0.10 | )% | 0.21 | % | 0.04 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.68 | %@ | 2.00 | % | 1.81 | % | 1.96 | % | 1.79 | % | 2.16 | % | 0.08 | %@ | (0.09 | )% | (0.12 | )% | (0.10 | )% | 0.20 | % | 0.02 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 63 | % | 102 | % | 131 | % | 99 | % | 119 | % | 115 | % | 14 | % | 30 | % | 30 | % | 34 | % | 32 | % | 25 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,857 | 15,824 | 14,473 | 13,917 | 13,421 | 13,302 | 37,350 | 39,796 | 36,354 | 35,957 | 34,888 | 34,789 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 159,071 | $ | 164,358 | $ | 179,126 | $ | 176,344 | $ | 163,788 | $ | 144,854 | $ | 602,642 | $ | 615,927 | $ | 652,819 | $ | 615,447 | $ | 495,226 | $ | 404,646 |
# | 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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FINANCIAL HIGHLIGHTS — (continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.97 | $ | 16.03 | $ | 15.19 | $ | 13.02 | $ | 10.02 | $ | 10.72 | $ | 9.95 | $ | 9.92 | $ | 9.84 | $ | 10.01 | $ | 10.11 | $ | 9.77 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.22 | 0.21 | 0.31 | 0.22 | 0.20 | 0.09 | 0.18 | 0.17 | 0.19 | 0.18 | 0.27 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.22 | (1.11 | ) | 1.38 | 2.06 | 2.85 | (0.73 | ) | (0.20 | ) | 0.06 | 0.10 | 0.07 | (0.05 | ) | 0.38 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.36 | (0.89 | ) | 1.59 | 2.37 | 3.07 | (0.53 | ) | (0.11 | ) | 0.24 | 0.27 | 0.26 | 0.13 | 0.65 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.21 | ) | (0.26 | ) | (0.20 | ) | (0.07 | ) | (0.17 | ) | – | (0.19 | ) | (0.19 | ) | (0.29 | ) | (0.23 | ) | (0.31 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.96 | ) | (0.49 | ) | – | – | – | – | (0.02 | ) | – | (0.14 | ) | – | – | ||||||||||||||||||||||||||||||||
Total distributions | – | (1.17 | ) | (0.75 | ) | (0.20 | ) | (0.07 | ) | (0.17 | ) | – | (0.21 | ) | (0.19 | ) | (0.43 | ) | (0.23 | ) | (0.31 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 15.33 | $ | 13.97 | $ | 16.03 | $ | 15.19 | $ | 13.02 | $ | 10.02 | $ | 9.84 | $ | 9.95 | $ | 9.92 | $ | 9.84 | $ | 10.01 | $ | 10.11 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.74 | % | (4.47 | )% | 10.70 | % | 18.24 | % | 30.82 | % | (4.87 | )% | (1.11 | )% | 2.47 | % | 2.76 | % | 2.73 | % | 1.28 | % | 6.81 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.64 | %@ | 0.64 | % | 0.63 | % | 0.64 | % | 0.66 | % | 0.66 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.92 | %@ | 0.92 | % | 0.92 | % | 0.95 | % | 1.01 | % | 1.06 | % | 0.64 | %@ | 0.64 | % | 0.63 | % | 0.64 | % | 0.66 | % | 0.66 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.89 | %@ | 1.49 | % | 1.33 | % | 2.14 | % | 1.96 | % | 1.97 | % | 1.74 | %@ | 1.77 | % | 1.72 | % | 1.95 | % | 1.73 | % | 2.79 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.82 | %@ | 1.42 | % | 1.26 | % | 2.04 | % | 1.80 | % | 1.76 | % | 1.74 | %@ | 1.77 | % | 1.72 | % | 1.95 | % | 1.73 | % | 2.79 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 12 | % | 26 | % | 23 | % | 27 | % | 34 | % | 18 | % | 23 | % | 71 | % | 193 | % | 129 | % | 149 | % | 141 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 3,751 | 4,104 | 3,906 | 3,533 | 3,217 | 2,841 | 19,442 | 23,716 | 25,822 | 19,965 | 22,968 | 23,049 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 57,493 | $ | 57,330 | $ | 62,619 | $ | 53,675 | $ | 41,901 | $ | 28,476 | $ | 191,386 | $ | 236,062 | $ | 256,043 | $ | 196,550 | $ | 230,018 | $ | 232,990 |
# | 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
292 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Core Equity Fund | Dividend Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.51 | $ | 20.38 | $ | 18.63 | $ | 15.61 | $ | 12.27 | $ | 13.44 | $ | 11.54 | $ | 13.23 | $ | 13.23 | $ | 11.62 | $ | 9.33 | $ | 9.31 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.13 | 0.21 | 0.19 | 0.16 | 0.19 | 0.18 | 0.14 | 0.31 | 0.28 | 0.28 | 0.27 | 0.23 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.58 | (0.87 | ) | 1.74 | 3.07 | 3.36 | (1.21 | ) | 0.95 | (0.24 | ) | 0.85 | 1.59 | 2.17 | (0.08 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.71 | (0.66 | ) | 1.93 | 3.23 | 3.55 | (1.03 | ) | 1.09 | 0.07 | 1.13 | 1.87 | 2.44 | 0.15 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.21 | ) | (0.18 | ) | (0.21 | ) | (0.21 | ) | (0.14 | ) | – | (0.32 | ) | (0.28 | ) | (0.26 | ) | (0.15 | ) | (0.13 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (1.44 | ) | (0.85 | ) | – | – | – | ||||||||||||||||||||||||||||||||||
Total distributions | – | (0.21 | ) | (0.18 | ) | (0.21 | ) | (0.21 | ) | (0.14 | ) | – | (1.76 | ) | (1.13 | ) | (0.26 | ) | (0.15 | ) | (0.13 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 21.22 | $ | 19.51 | $ | 20.38 | $ | 18.63 | $ | 15.61 | $ | 12.27 | $ | 12.63 | $ | 11.54 | $ | 13.23 | $ | 13.23 | $ | 11.62 | $ | 9.33 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 8.76 | % | (3.07 | )% | 10.41 | % | 20.78 | % | 29.19 | % | (7.63 | )% | 9.45 | % | 2.20 | % | 8.69 | % | 16.22 | % | 26.34 | % | 1.62 | % | ||||||||||||||||||||||||
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 | % | 0.92 | % | 0.93 | % | 0.95 | % | 0.94 | % | 0.83 | %@ | 0.83 | % | 0.82 | % | 0.83 | % | 0.86 | % | 0.89 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | 0.00 | % | – | – | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.25 | %@ | 1.11 | % | 0.94 | % | 0.95 | % | 1.38 | % | 1.48 | % | 2.32 | %@ | 2.55 | % | 2.06 | % | 2.20 | % | 2.62 | % | 2.58 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.13 | %@ | 0.99 | % | 0.82 | % | 0.82 | % | 1.23 | % | 1.34 | % | 2.31 | %@ | 2.54 | % | 2.05 | % | 2.19 | % | 2.58 | % | 2.52 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 17 | % | 41 | % | 40 | % | 39 | % | 72 | % | 81 | % | 35 | % | 45 | % | 35 | % | 37 | % | 27 | % | 12 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 11,065 | 11,771 | 13,047 | 14,433 | 15,531 | 17,200 | 57,452 | 50,727 | 48,504 | 46,936 | 48,835 | 37,111 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 234,844 | $ | 229,637 | $ | 265,955 | $ | 268,866 | $ | 242,367 | $ | 210,989 | $ | 725,586 | $ | 585,505 | $ | 641,719 | $ | 621,033 | $ | 567,499 | $ | 346,432 |
# | 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
293 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Dynamic Allocation Fund | Emerging Economies Fund | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | December 19, 2012* to May 31, 2013 | Six Months Ended November 30, 2016# | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.76 | $ | 12.04 | $ | 11.93 | $ | 10.87 | $ | 10.00 | $ | 6.18 | $ | 7.84 | $ | 8.12 | $ | 8.09 | $ | 7.09 | $ | 8.53 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.17 | 0.16 | 0.18 | (0.00 | ) | 0.07 | 0.13 | 0.18 | 0.17 | 0.13 | 0.11 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.18 | (0.79 | ) | 0.32 | 0.92 | 0.87 | 0.56 | (1.61 | ) | (0.30 | ) | (0.02 | ) | 0.92 | (1.47 | ) | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.18 | (0.62 | ) | 0.48 | 1.10 | 0.87 | 0.63 | (1.48 | ) | (0.12 | ) | 0.15 | 1.05 | (1.36 | ) | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.22 | ) | (0.17 | ) | – | – | – | (0.18 | ) | (0.16 | ) | (0.12 | ) | (0.05 | ) | (0.08 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.44 | ) | (0.20 | ) | (0.04 | ) | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Total distributions | – | (0.66 | ) | (0.37 | ) | (0.04 | ) | – | – | (0.18 | ) | (0.16 | ) | (0.12 | ) | (0.05 | ) | (0.08 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 10.94 | $ | 10.76 | $ | 12.04 | $ | 11.93 | $ | 10.87 | $ | 6.81 | $ | 6.18 | $ | 7.84 | $ | 8.12 | $ | 8.09 | $ | 7.09 | ||||||||||||||||||||||
TOTAL RETURN(a) | 1.67 | % | (4.70 | )% | 4.04 | % | 10.11 | % | 8.70 | % | 10.19 | % | (18.60 | )% | (1.35 | )% | 1.97 | % | 14.79 | % | (15.99 | )% | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.32 | %@ | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | %@ | 0.94 | %@ | 0.97 | % | 0.94 | % | 0.95 | % | 0.98 | % | 1.04 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.31 | %@ | 0.32 | % | 0.32 | % | 0.34 | % | 0.63 | %@ | 0.94 | %@ | 0.97 | % | 0.94 | % | 0.95 | % | 0.98 | % | 1.04 | % | ||||||||||||||||||||||
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) | 0.01 | %@ | 1.50 | % | 1.33 | % | 1.65 | % | (0.04 | )%@ | 2.24 | %@ | 2.02 | % | 2.23 | % | 2.18 | % | 1.71 | % | 1.50 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.01 | %@ | 1.51 | % | 1.33 | % | 1.63 | % | (0.35 | )%@ | 2.24 | %@ | 2.02 | % | 2.23 | % | 2.18 | % | 1.71 | % | 1.50 | % | ||||||||||||||||||||||
Portfolio turnover rate | 7 | % | 20 | % | 31 | % | 9 | % | 2 | % | 31 | % | 64 | % | 65 | % | 55 | % | 53 | % | 108 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 22,142 | 23,095 | 22,646 | 21,373 | 7,996 | 100,726 | 83,618 | 82,682 | 83,593 | 86,346 | 70,660 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 242,243 | $ | 248,446 | $ | 272,705 | $ | 255,001 | $ | 86,904 | $ | 685,570 | $ | 517,011 | $ | 648,339 | $ | 678,406 | $ | 698,480 | $ | 501,317 |
# | 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. |
See Notes to Financial Statements
294 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Foreign Value Fund | Global Real Estate Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 8.78 | $ | 10.44 | $ | 11.44 | $ | 9.61 | $ | 7.30 | $ | 10.18 | $ | 8.02 | $ | 8.60 | $ | 8.58 | $ | 8.95 | $ | 7.46 | $ | 9.00 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.18 | 0.20 | 0.27 | 0.20 | 0.25 | 0.12 | 0.18 | 0.21 | 0.22 | 0.15 | 0.17 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.51 | (1.64 | ) | (0.94 | ) | 1.78 | 2.39 | (2.89 | ) | (0.45 | ) | (0.14 | ) | 0.28 | 0.48 | 1.72 | (0.95 | ) | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.57 | (1.46 | ) | (0.74 | ) | 2.05 | 2.59 | (2.64 | ) | (0.33 | ) | 0.04 | 0.49 | 0.70 | 1.87 | (0.78 | ) | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.20 | ) | (0.26 | ) | (0.22 | ) | (0.28 | ) | (0.24 | ) | – | (0.26 | ) | (0.23 | ) | (0.49 | ) | (0.13 | ) | (0.29 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.36 | ) | (0.24 | ) | (0.58 | ) | (0.25 | ) | (0.47 | ) | |||||||||||||||||||||||||||||||
Total distributions | – | (0.20 | ) | (0.26 | ) | (0.22 | ) | (0.28 | ) | (0.24 | ) | – | (0.62 | ) | (0.47 | ) | (1.07 | ) | (0.38 | ) | (0.76 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 9.35 | $ | 8.78 | $ | 10.44 | $ | 11.44 | $ | 9.61 | $ | 7.30 | $ | 7.69 | $ | 8.02 | $ | 8.60 | $ | 8.58 | $ | 8.95 | $ | 7.46 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 6.49 | % | (13.72 | )% | (6.23 | )% | 21.39 | % | 35.97 | % | (26.11 | )% | (4.11 | )% | 1.53 | % | 5.61 | % | 8.76 | % | 25.49 | % | (7.94 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.80 | %@ | 0.79 | % | 0.79 | % | 0.80 | % | 0.83 | % | 0.83 | % | 0.84 | %@ | 0.85 | % | 0.85 | % | 0.86 | % | 0.89 | % | 0.92 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.80 | %@ | 0.79 | % | 0.79 | % | 0.80 | % | 0.83 | % | 0.83 | % | 0.84 | %@ | 0.85 | % | 0.85 | % | 0.86 | % | 0.89 | % | 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 | 1.34 | %@ | 1.97 | % | 1.90 | % | 2.53 | % | 2.33 | % | 2.94 | % | 2.90 | %@ | 2.18 | % | 2.46 | % | 2.51 | % | 1.79 | % | 2.25 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 1.34 | %@ | 1.97 | % | 1.90 | % | 2.53 | % | 2.33 | % | 2.94 | % | 2.90 | %@ | 2.18 | % | 2.46 | % | 2.51 | % | 1.79 | % | 2.25 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 18 | % | 21 | % | 31 | % | 27 | % | 23 | % | 25 | % | 26 | % | 71 | % | 44 | % | 41 | % | 52 | % | 88 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 86,524 | 93,244 | 94,932 | 94,131 | 94,998 | 103,881 | 59,955 | 61,190 | 59,795 | 48,168 | 42,969 | 37,728 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 809,402 | $ | 818,993 | $ | 990,964 | $ | 1,077,192 | $ | 913,025 | $ | 758,094 | $ | 461,280 | $ | 490,714 | $ | 514,347 | $ | 413,082 | $ | 384,543 | $ | 281,639 |
# | 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
295 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Social Awareness Fund | Global Strategy Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.01 | $ | 22.11 | $ | 21.00 | $ | 17.38 | $ | 13.72 | $ | 15.79 | $ | 10.48 | $ | 13.58 | $ | 14.12 | $ | 12.66 | $ | 10.41 | $ | 12.19 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.13 | 0.34 | 0.35 | 0.42 | 0.33 | 0.29 | 0.14 | 0.27 | 0.30 | 0.39 | 0.34 | 0.41 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.37 | (1.02 | ) | 1.20 | 3.49 | 3.61 | (2.06 | ) | 0.28 | (1.80 | ) | (0.03 | ) | 1.53 | 2.65 | (1.66 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.50 | (0.68 | ) | 1.55 | 3.91 | 3.94 | (1.77 | ) | 0.42 | (1.53 | ) | 0.27 | 1.92 | 2.99 | (1.25 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.42 | ) | (0.44 | ) | (0.29 | ) | (0.28 | ) | (0.30 | ) | – | (0.72 | ) | (0.37 | ) | (0.46 | ) | (0.74 | ) | (0.53 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.85 | ) | (0.44 | ) | – | – | – | ||||||||||||||||||||||||||||||||||
Total distributions | – | (0.42 | ) | (0.44 | ) | (0.29 | ) | (0.28 | ) | (0.30 | ) | – | (1.57 | ) | (0.81 | ) | (0.46 | ) | (0.74 | ) | (0.53 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 21.51 | $ | 21.01 | $ | 22.11 | $ | 21.00 | $ | 17.38 | $ | 13.72 | $ | 10.90 | $ | 10.48 | $ | 13.58 | $ | 14.12 | $ | 12.66 | $ | 10.41 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 2.38 | % | (2.83 | )% | 7.45 | % | 22.60 | % | 28.99 | % | (11.20 | )% | 4.01 | % | (10.23 | )% | 2.14 | % | 15.32 | % | 29.44 | % | (10.28 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.63 | %@ | 0.63 | % | 0.62 | % | 0.64 | % | 0.68 | % | 0.68 | % | 0.66 | %@ | 0.64 | % | 0.64 | % | 0.64 | % | 0.67 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.63 | %@ | 0.63 | % | 0.62 | % | 0.64 | % | 0.68 | % | 0.68 | % | 0.66 | %@ | 0.64 | % | 0.64 | % | 0.64 | % | 0.67 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | 0.00 | % | 0.00 | % | 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) | 1.23 | %@ | 1.65 | % | 1.63 | % | 2.18 | % | 2.07 | % | 1.98 | % | 2.61 | %@ | 2.26 | % | 2.20 | % | 2.90 | % | 2.84 | % | 3.65 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.23 | %@ | 1.65 | % | 1.63 | % | 2.18 | % | 2.07 | % | 1.98 | % | 2.61 | %@ | 2.26 | % | 2.20 | % | 2.90 | % | 2.84 | % | 3.65 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 23 | % | 0 | % | 88 | % | 99 | % | 101 | % | 102 | % | 18 | % | 26 | % | 28 | % | 25 | % | 23 | % | 28 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 19,232 | 17,949 | 19,139 | 20,949 | 17,295 | 17,590 | 36,926 | 41,208 | 37,891 | 39,108 | 36,722 | 42,243 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 413,652 | $ | 377,114 | $ | 423,242 | $ | 439,972 | $ | 300,545 | $ | 241,281 | $ | 402,564 | $ | 431,935 | $ | 514,564 | $ | 552,074 | $ | 465,060 | $ | 439,884 |
# | 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)
Government Money Market I Fund | Government Securities Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 10.85 | $ | 10.82 | $ | 10.73 | $ | 10.95 | $ | 11.34 | $ | 10.70 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.11 | 0.22 | 0.22 | 0.24 | 0.23 | 0.27 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.00 | 0.00 | 0.00 | – | 0.00 | 0.00 | (0.27 | ) | 0.08 | 0.11 | (0.17 | ) | (0.28 | ) | 0.70 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.16 | ) | 0.30 | 0.33 | 0.07 | (0.05 | ) | 0.97 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | – | (0.27 | ) | (0.24 | ) | (0.25 | ) | (0.28 | ) | (0.33 | ) | |||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | – | (0.04 | ) | (0.06 | ) | – | ||||||||||||||||||||||||||||||||||
Total distributions | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | – | (0.27 | ) | (0.24 | ) | (0.29 | ) | (0.34 | ) | (0.33 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 10.69 | $ | 10.85 | $ | 10.82 | $ | 10.73 | $ | 10.95 | $ | 11.34 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 0.01 | % | 0.01 | %(g) | 0.01 | %(f) | 0.01 | % | 0.01 | % | 0.01 | %(f) | (1.47 | )% | 2.74 | % | 3.07 | % | 0.67 | % | (0.49 | )% | 9.19 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.40 | %@ | 0.26 | % | 0.14 | % | 0.16 | % | 0.21 | % | 0.17 | % | 0.64 | %@ | 0.64 | % | 0.64 | % | 0.65 | % | 0.66 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.54 | %@ | 0.51 | % | 0.51 | % | 0.51 | % | 0.52 | % | 0.52 | % | 0.64 | %@ | 0.64 | % | 0.64 | % | 0.65 | % | 0.66 | % | 0.69 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 1.91 | %@ | 2.02 | % | 2.01 | % | 2.19 | % | 2.04 | % | 2.51 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.13 | )%@ | (0.24 | )% | (0.36 | )% | (0.34 | )% | (0.30 | )% | (0.33 | )% | 1.91 | %@ | 2.02 | % | 2.01 | % | 2.19 | % | 2.04 | % | 2.49 | % | ||||||||||||||||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A | N/A | 11 | % | 17 | % | 7 | % | 28 | % | 64 | % | 230 | % | ||||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 347,463 | 343,490 | 343,881 | 367,402 | 378,729 | 409,147 | 13,483 | 14,278 | 14,967 | 15,115 | 12,492 | 12,866 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 347,465 | $ | 343,490 | $ | 343,363 | $ | 366,768 | $ | 378,086 | $ | 408,487 | $ | 144,089 | $ | 154,987 | $ | 161,977 | $ | 162,121 | $ | 136,786 | $ | 145,929 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions. |
(f) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate. |
(g) | 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
297 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Growth Fund | Growth & Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.47 | $ | 16.40 | $ | 16.76 | $ | 13.93 | $ | 11.67 | $ | 11.85 | $ | 18.44 | $ | 19.70 | $ | 17.74 | $ | 14.78 | $ | 12.03 | $ | 12.80 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.12 | 0.10 | 0.10 | 0.12 | 0.09 | 0.11 | 0.20 | 0.20 | 0.18 | 0.13 | 0.11 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.38 | (0.52 | ) | 1.67 | 2.87 | 2.23 | (0.19 | ) | 1.02 | (0.34 | ) | 1.94 | 2.91 | 2.74 | (0.79 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.43 | (0.40 | ) | 1.77 | 2.97 | 2.35 | (0.10 | ) | 1.13 | (0.14 | ) | 2.14 | 3.09 | 2.87 | (0.68 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.10 | ) | (0.11 | ) | (0.14 | ) | (0.09 | ) | (0.08 | ) | – | (0.24 | ) | (0.18 | ) | (0.13 | ) | (0.12 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (2.43 | ) | (2.02 | ) | – | – | – | – | (0.88 | ) | – | – | – | – | |||||||||||||||||||||||||||||||||
Total distributions | – | (2.53 | ) | (2.13 | ) | (0.14 | ) | (0.09 | ) | (0.08 | ) | – | (1.12 | ) | (0.18 | ) | (0.13 | ) | (0.12 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 13.90 | $ | 13.47 | $ | 16.40 | $ | 16.76 | $ | 13.93 | $ | 11.67 | $ | 19.57 | $ | 18.44 | $ | 19.70 | $ | 17.74 | $ | 14.78 | $ | 12.03 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 3.19 | % | (0.63 | )% | 10.89 | % | 21.34 | % | 20.22 | % | (0.78 | )% | 6.13 | % | 0.08 | % | 12.11 | % | 20.97 | % | 24.00 | % | (5.23 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.77 | %@ | 0.79 | % | 0.80 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.82 | %@ | 0.81 | % | 0.80 | % | 0.81 | % | 0.83 | % | 0.84 | % | 0.91 | %@ | 0.91 | % | 0.90 | % | 0.93 | % | 0.96 | % | 0.98 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.70 | %@ | 0.78 | % | 0.60 | % | 0.65 | % | 0.95 | % | 0.77 | % | 1.16 | %@ | 1.08 | % | 1.05 | % | 1.10 | % | 1.01 | % | 0.92 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.65 | %@ | 0.77 | % | 0.60 | % | 0.65 | % | 0.93 | % | 0.74 | % | 1.10 | %@ | 1.02 | % | 1.00 | % | 1.02 | % | 0.90 | % | 0.79 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 33 | % | 102 | % | 99 | % | 90 | % | 81 | % | 87 | % | 17 | % | 33 | % | 38 | % | 169 | % | 299 | % | 227 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 61,700 | 70,537 | 62,664 | 60,543 | 59,131 | 65,596 | 5,694 | 6,176 | 6,180 | �� | 6,449 | 6,471 | 6,737 | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 857,590 | $ | 949,998 | $ | 1,027,988 | $ | 1,014,642 | $ | 823,541 | $ | 765,515 | $ | 111,450 | $ | 113,885 | $ | 121,742 | $ | 114,405 | $ | 95,667 | $ | 81,057 |
# | 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)
Health Sciences Fund | Inflation Protected Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.88 | $ | 27.01 | $ | 21.10 | $ | 16.52 | $ | 12.61 | $ | 12.78 | $ | 10.76 | $ | 10.92 | $ | 11.33 | $ | 11.53 | $ | 11.79 | $ | 10.89 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.03 | ) | (0.09 | ) | (0.14 | ) | (0.12 | ) | (0.07 | ) | (0.07 | ) | 0.14 | 0.15 | 0.12 | 0.24 | 0.23 | 0.37 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.22 | ) | (3.83 | ) | 9.66 | 5.43 | 4.82 | 0.68 | (0.08 | ) | (0.16 | ) | (0.30 | ) | (0.17 | ) | (0.18 | ) | 0.70 | |||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.25 | ) | (3.92 | ) | 9.52 | 5.31 | 4.75 | 0.61 | 0.06 | (0.01 | ) | (0.18 | ) | 0.07 | 0.05 | 1.07 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | (0.26 | ) | – | (0.13 | ) | (0.21 | ) | (0.22 | ) | (0.31 | ) | (0.17 | ) | ||||||||||||||||||||||||||||||
Net realized gain on securities | – | (3.21 | ) | (3.61 | ) | (0.73 | ) | (0.84 | ) | (0.52 | ) | – | (0.02 | ) | (0.02 | ) | (0.05 | ) | – | – | ||||||||||||||||||||||||||||
Total distributions | – | (3.21 | ) | (3.61 | ) | (0.73 | ) | (0.84 | ) | (0.78 | ) | – | (0.15 | ) | (0.23 | ) | (0.27 | ) | (0.31 | ) | (0.17 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 19.63 | $ | 19.88 | $ | 27.01 | $ | 21.10 | $ | 16.52 | $ | 12.61 | $ | 10.82 | $ | 10.76 | $ | 10.92 | $ | 11.33 | $ | 11.53 | $ | 11.79 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (1.26 | )% | (13.12 | )% | 47.50 | % | 32.09 | % | 39.14 | % | 5.81 | % | 0.56 | % | (0.09 | )% | (1.57 | )% | 0.73 | % | 0.32 | % | 9.93 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.06 | %@ | 1.06 | % | 1.09 | % | 1.11 | % | 1.15 | % | 1.16 | % | 0.58 | %@ | 0.59 | % | 0.58 | % | 0.59 | % | 0.60 | % | 0.61 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.09 | %@ | 1.09 | % | 1.09 | % | 1.11 | % | 1.15 | % | 1.16 | % | 0.58 | %@ | 0.59 | % | 0.58 | % | 0.59 | % | 0.60 | % | 0.61 | % | ||||||||||||||||||||||||
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) | (0.26 | )%@ | (0.40 | )% | (0.59 | )% | (0.59 | )% | (0.48 | )% | (0.60 | )% | 2.48 | %@ | 1.38 | % | 1.12 | % | 2.16 | % | 1.94 | % | 3.22 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.29 | )%@ | (0.43 | )% | (0.59 | )% | (0.59 | )% | (0.48 | )% | (0.60 | )% | 2.48 | %@ | 1.38 | % | 1.12 | % | 2.16 | % | 1.94 | % | 3.22 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 15 | % | 31 | % | 26 | % | 59 | % | 16 | % | 21 | % | 33 | % | 33 | % | 33 | % | 45 | % | 60 | % | 52 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 36,063 | 40,409 | 34,776 | 27,492 | 24,949 | 20,668 | 45,971 | 42,345 | 44,644 | 41,413 | 38,711 | 35,093 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 707,794 | $ | 803,402 | $ | 939,311 | $ | 580,157 | $ | 412,098 | $ | 260,654 | $ | 497,506 | $ | 455,830 | $ | 487,477 | $ | 469,056 | $ | 446,317 | $ | 413,818 |
# | 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)
International Equities Index Fund | International Government Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 6.22 | $ | 7.13 | $ | 7.44 | $ | 6.47 | $ | 5.22 | $ | 6.84 | $ | 11.43 | $ | 11.26 | $ | 12.24 | $ | 12.12 | $ | 12.62 | $ | 12.86 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.16 | 0.19 | 0.23 | 0.17 | 0.16 | 0.12 | 0.27 | 0.32 | 0.33 | 0.35 | 0.39 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.15 | ) | (0.89 | ) | (0.25 | ) | 0.92 | 1.25 | (1.60 | ) | (0.43 | ) | 0.23 | (0.98 | ) | 0.15 | (0.06 | ) | (0.03 | ) | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.09 | ) | (0.73 | ) | (0.06 | ) | 1.15 | 1.42 | (1.44 | ) | (0.31 | ) | 0.50 | (0.66 | ) | 0.48 | 0.29 | 0.36 | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.18 | ) | (0.25 | ) | (0.18 | ) | (0.17 | ) | (0.18 | ) | – | (0.29 | ) | (0.29 | ) | (0.22 | ) | (0.45 | ) | (0.46 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.04 | ) | (0.03 | ) | (0.14 | ) | (0.34 | ) | (0.14 | ) | |||||||||||||||||||||||||||||||
Total distributions | – | (0.18 | ) | (0.25 | ) | (0.18 | ) | (0.17 | ) | (0.18 | ) | – | (0.33 | ) | (0.32 | ) | (0.36 | ) | (0.79 | ) | (0.60 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 6.13 | $ | 6.22 | $ | 7.13 | $ | 7.44 | $ | 6.47 | $ | 5.22 | $ | 11.12 | $ | 11.43 | $ | 11.26 | $ | 12.24 | $ | 12.12 | $ | 12.62 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (1.45 | )% | (9.99 | )% | (0.57 | )% | 17.90 | % | 27.39 | % | (21.18 | )% | (2.71 | )% | 4.61 | % | (5.43 | )% | 4.12 | % | 2.03 | % | 2.86 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.44 | %@ | 0.43 | % | 0.44 | % | 0.46 | % | 0.53 | % | 0.52 | % | 0.63 | %@ | 0.64 | % | 0.65 | % | 0.65 | % | 0.66 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.44 | %@ | 0.43 | % | 0.44 | % | 0.46 | % | 0.53 | % | 0.52 | % | 0.63 | %@ | 0.64 | % | 0.65 | % | 0.65 | % | 0.66 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.98 | %@ | 2.52 | % | 2.62 | % | 3.27 | % | 2.85 | % | 2.78 | % | 2.02 | %@ | 2.45 | % | 2.69 | % | 2.78 | % | 2.75 | % | 3.08 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.98 | %@ | 2.52 | % | 2.62 | % | 3.27 | % | 2.85 | % | 2.78 | % | 2.02 | %@ | 2.45 | % | 2.69 | % | 2.78 | % | 2.75 | % | 3.08 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 5 | % | 4 | % | 40 | % | 60 | % | 51 | % | 99 | % | 28 | % | 95 | % | 43 | % | 42 | % | 74 | % | 126 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 144,379 | 159,381 | 151,718 | 157,825 | 154,632 | 132,279 | 19,483 | 17,601 | 15,220 | 15,459 | 15,235 | 15,494 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 884,848 | $ | 991,380 | $ | 1,081,174 | $ | 1,174,840 | $ | 1,000,950 | $ | 689,840 | $ | 216,674 | $ | 201,253 | $ | 171,312 | $ | 189,241 | $ | 184,590 | $ | 195,494 |
# | 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
300 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Growth Fund | Large Cap Core Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.63 | $ | 14.18 | $ | 14.14 | $ | 12.36 | $ | 9.81 | $ | 12.04 | $ | 10.77 | $ | 13.74 | $ | 14.25 | $ | 12.85 | $ | 11.22 | $ | 12.33 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.03 | 0.15 | 0.16 | 0.16 | 0.17 | 0.18 | 0.07 | 0.12 | 0.11 | 0.15 | 0.14 | 0.12 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.49 | ) | (1.58 | ) | 0.17 | 1.87 | 2.55 | (2.22 | ) | 0.32 | (0.25 | ) | 1.84 | 2.40 | 3.10 | (0.73 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.46 | ) | (1.43 | ) | 0.33 | 2.03 | 2.72 | (2.04 | ) | 0.39 | (0.13 | ) | 1.95 | 2.55 | 3.24 | (0.61 | ) | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.17 | ) | (0.20 | ) | (0.25 | ) | (0.17 | ) | (0.19 | ) | – | (0.45 | ) | (0.16 | ) | (0.14 | ) | (0.12 | ) | (0.11 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.95 | ) | (0.09 | ) | – | – | – | – | (2.39 | ) | (2.30 | ) | (1.01 | ) | (1.49 | ) | (0.39 | ) | |||||||||||||||||||||||||||||
Total distributions | – | (1.12 | ) | (0.29 | ) | (0.25 | ) | (0.17 | ) | (0.19 | ) | – | (2.84 | ) | (2.46 | ) | (1.15 | ) | (1.61 | ) | (0.50 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.17 | $ | 11.63 | $ | 14.18 | $ | 14.14 | $ | 12.36 | $ | 9.81 | $ | 11.16 | $ | 10.77 | $ | 13.74 | $ | 14.25 | $ | 12.85 | $ | 11.22 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (3.96 | )% | (9.20 | )% | 2.48 | % | 16.48 | % | 27.92 | % | (16.96 | )% | 3.62 | % | 1.84 | % | 14.34 | % | 20.28 | % | 31.57 | % | (4.78 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.01 | %@ | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | 0.83 | %@ | 0.83 | % | 0.83 | % | 0.84 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.10 | %@ | 1.06 | % | 1.06 | % | 1.06 | % | 1.10 | % | 1.11 | % | 0.83 | %@ | 0.83 | % | 0.83 | % | 0.84 | % | 0.85 | % | 0.89 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.59 | %@ | 1.21 | % | 1.15 | % | 1.22 | % | 1.51 | % | 1.72 | % | 1.17 | %@ | 0.93 | % | 0.75 | % | 1.09 | % | 1.14 | % | 1.04 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.50 | %@ | 1.16 | % | 1.11 | % | 1.17 | % | 1.42 | % | 1.62 | % | 1.17 | %@ | 0.93 | % | 0.75 | % | 1.09 | % | 1.14 | % | 0.99 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 21 | % | 36 | % | 44 | % | 53 | % | 55 | % | 53 | % | 24 | % | 53 | % | 64 | % | 76 | % | 64 | % | 106 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 36,956 | 44,791 | 43,817 | 45,685 | 48,797 | 49,532 | 13,538 | 15,240 | 13,111 | 12,606 | 12,501 | 11,170 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 412,758 | $ | 521,012 | $ | 621,387 | $ | 646,032 | $ | 603,086 | $ | 485,839 | $ | 151,111 | $ | 164,060 | $ | 180,201 | $ | 179,649 | $ | 160,617 | $ | 125,281 |
# | 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)
Large Capital Growth Fund | Mid Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.21 | $ | 12.75 | $ | 13.97 | $ | 12.46 | $ | 11.48 | $ | 12.31 | $ | 24.87 | $ | 28.52 | $ | 27.24 | $ | 24.44 | $ | 19.74 | $ | 22.71 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.04 | 0.09 | 0.11 | 0.08 | 0.07 | 0.02 | 0.19 | 0.32 | 0.32 | 0.28 | 0.29 | 0.21 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.02 | ) | 0.04 | 1.35 | 2.58 | 1.94 | (0.82 | ) | 2.27 | (1.06 | ) | 2.86 | 3.99 | 5.38 | (1.74 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.02 | 0.13 | 1.46 | 2.66 | 2.01 | (0.80 | ) | 2.46 | (0.74 | ) | 3.18 | 4.27 | 5.67 | (1.53 | ) | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.11 | ) | (0.08 | ) | (0.07 | ) | (0.03 | ) | (0.03 | ) | – | (0.34 | ) | (0.29 | ) | (0.31 | ) | (0.22 | ) | (0.26 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.56 | ) | (2.60 | ) | (1.08 | ) | (1.00 | ) | – | – | (2.57 | ) | (1.61 | ) | (1.16 | ) | (0.75 | ) | (1.18 | ) | |||||||||||||||||||||||||||
Total distributions | – | (0.67 | ) | (2.68 | ) | (1.15 | ) | (1.03 | ) | (0.03 | ) | – | (2.91 | ) | (1.90 | ) | (1.47 | ) | (0.97 | ) | (1.44 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 12.23 | $ | 12.21 | $ | 12.75 | $ | 13.97 | $ | 12.46 | $ | 11.48 | $ | 27.33 | $ | 24.87 | $ | 28.52 | $ | 27.24 | $ | 24.44 | $ | 19.74 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 0.16 | % | 1.73 | % | 11.01 | % | 21.79 | % | 18.63 | % | (6.45 | )% | 9.89 | % | (0.69 | )% | 11.92 | % | 17.69 | % | 29.61 | % | (6.38 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.75 | %@ | 0.75 | % | 0.75 | % | 0.76 | % | 0.77 | % | 0.78 | % | 0.36 | %@ | 0.36 | % | 0.36 | % | 0.36 | % | 0.38 | % | 0.38 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.75 | %@ | 0.75 | % | 0.75 | % | 0.76 | % | 0.77 | % | 0.78 | % | 0.36 | %@ | 0.36 | % | 0.36 | % | 0.36 | % | 0.38 | % | 0.38 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.65 | %@ | 0.73 | % | 0.83 | % | 0.57 | % | 0.58 | % | 0.19 | % | 1.47 | %@ | 1.23 | % | 1.15 | % | 1.06 | % | 1.33 | % | 1.02 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.65 | %@ | 0.73 | % | 0.83 | % | 0.57 | % | 0.58 | % | 0.19 | % | 1.47 | %@ | 1.23 | % | 1.15 | % | 1.06 | % | 1.33 | % | 1.02 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 11 | % | 24 | % | 26 | % | 137 | % | 195 | % | 173 | % | 6 | % | 15 | % | 13 | % | 11 | % | 8 | % | 11 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 30,743 | 32,186 | 33,071 | 29,214 | 29,489 | 29,965 | 117,427 | 119,786 | 116,969 | 116,691 | 119,703 | 122,335 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 376,136 | $ | 393,063 | $ | 421,567 | $ | 408,050 | $ | 367,527 | $ | 343,971 | $ | 3,208,764 | $ | 2,979,477 | $ | 3,335,644 | $ | 3,179,031 | $ | 2,925,308 | $ | 2,415,464 |
# | 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)
Mid Cap Strategic Growth Fund | Nasdaq-100® Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.58 | $ | 15.35 | $ | 15.99 | $ | 14.16 | $ | 11.83 | $ | 13.62 | $ | 9.92 | $ | 10.36 | $ | 8.71 | $ | 6.98 | $ | 6.03 | $ | 6.45 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.01 | 0.00 | (0.03 | ) | (0.01 | ) | 0.08 | 0.01 | 0.04 | 0.08 | 0.07 | 0.10 | 0.07 | 0.04 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.67 | (0.82 | ) | 1.83 | 2.12 | 2.55 | (1.74 | ) | 0.63 | (0.02 | ) | 1.79 | 1.74 | 1.06 | 0.31 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.68 | (0.82 | ) | 1.80 | 2.11 | 2.63 | (1.73 | ) | 0.67 | 0.06 | 1.86 | 1.84 | 1.13 | 0.35 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | (0.08 | ) | – | (0.06 | ) | – | (0.07 | ) | (0.09 | ) | (0.07 | ) | (0.03 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
Net realized gain on securities | – | (1.95 | ) | (2.44 | ) | (0.20 | ) | (0.30 | ) | – | – | (0.43 | ) | (0.12 | ) | (0.04 | ) | (0.15 | ) | (0.75 | ) | |||||||||||||||||||||||||||
Total distributions | – | (1.95 | ) | (2.44 | ) | (0.28 | ) | (0.30 | ) | (0.06 | ) | – | (0.50 | ) | (0.21 | ) | (0.11 | ) | (0.18 | ) | (0.77 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 13.26 | $ | 12.58 | $ | 15.35 | $ | 15.99 | $ | 14.16 | $ | 11.83 | $ | 10.59 | $ | 9.92 | $ | 10.36 | $ | 8.71 | $ | 6.98 | $ | 6.03 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 5.41 | % | (2.91 | )% | 11.60 | % | 14.78 | % | 22.76 | % | (12.67 | )% | 6.75 | % | 1.18 | % | 21.42 | % | 26.44 | % | 19.16 | % | 6.91 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.82 | %@ | 0.83 | % | 0.81 | % | 0.82 | % | 0.85 | % | 0.85 | % | 0.53 | %@ | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.82 | %@ | 0.83 | % | 0.81 | % | 0.82 | % | 0.86 | % | 0.86 | % | 0.55 | %@ | 0.56 | % | 0.54 | % | 0.57 | % | 0.57 | % | 0.59 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | 0.00 | % | – | – | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.20 | %@ | 0.00 | % | (0.21 | )% | (0.06 | )% | 0.63 | % | 0.09 | % | 0.73 | %@ | 0.80 | % | 0.72 | % | 1.28 | % | 1.06 | % | 0.59 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.20 | %@ | 0.00 | % | (0.21 | )% | (0.06 | )% | 0.62 | % | 0.08 | % | 0.72 | %@ | 0.78 | % | 0.71 | % | 1.25 | % | 1.02 | % | 0.52 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 21 | % | 95 | % | 47 | % | 65 | % | 61 | % | 62 | % | 2 | % | 8 | % | 7 | % | 8 | % | 5 | % | 12 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 18,332 | 19,764 | 18,777 | 18,583 | 18,378 | 20,800 | 30,521 | 32,164 | 31,854 | 29,275 | 29,011 | 27,028 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 243,104 | $ | 248,619 | $ | 288,138 | $ | 297,068 | $ | 260,138 | $ | 246,037 | $ | 323,348 | $ | 319,222 | $ | 330,077 | $ | 255,120 | $ | 202,595 | $ | 162,983 |
# | 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
303 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Science & Technology Fund | Small Cap Aggressive Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.30 | $ | 26.68 | $ | 24.83 | $ | 19.19 | $ | 15.84 | $ | 17.57 | $ | 10.17 | $ | 14.56 | $ | 14.12 | $ | 13.18 | $ | 10.33 | $ | 12.63 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.00 | ) | (0.02 | ) | (0.03 | ) | (0.04 | ) | 0.03 | (0.01 | ) | (0.01 | ) | (0.03 | ) | (0.06 | ) | (0.11 | ) | (0.07 | ) | (0.06 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.65 | (0.71 | ) | 4.70 | 5.71 | 3.32 | (1.72 | ) | 1.17 | (2.61 | ) | 4.01 | 2.50 | 3.08 | (1.46 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.65 | (0.73 | ) | 4.67 | 5.67 | 3.35 | (1.73 | ) | 1.16 | (2.64 | ) | 3.95 | 2.39 | 3.01 | (1.52 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | (0.03 | ) | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||
Net realized gain on securities | – | (4.65 | ) | (2.82 | ) | – | – | – | – | (1.75 | ) | (3.51 | ) | (1.45 | ) | (0.16 | ) | (0.78 | ) | |||||||||||||||||||||||||||||
Total distributions | – | (4.65 | ) | (2.82 | ) | (0.03 | ) | – | – | – | (1.75 | ) | (3.51 | ) | (1.45 | ) | (0.16 | ) | (0.78 | ) | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 22.95 | $ | 21.30 | $ | 26.68 | $ | 24.83 | $ | 19.19 | $ | 15.84 | $ | 11.33 | $ | 10.17 | $ | 14.56 | $ | 14.12 | $ | 13.18 | $ | 10.33 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 7.75 | % | 0.39 | % | 19.52 | % | 29.55 | % | 21.15 | % | (9.85 | )% | 11.41 | % | (16.21 | )% | 30.24 | % | 17.46 | % | 29.43 | % | (11.72 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.99 | %@ | 0.99 | % | 0.98 | % | 0.99 | % | 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 | %@ | 0.99 | % | 0.98 | % | 0.99 | % | 1.02 | % | 1.02 | % | 1.02 | %@ | 1.01 | % | 1.01 | % | 1.02 | % | 1.05 | % | 1.10 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | %@ | – | – | – | – | – | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.03 | )%@ | (0.07 | )% | (0.12 | )% | (0.18 | )% | 0.15 | % | (0.10 | )% | (0.23 | )%@ | (0.24 | )% | (0.42 | )% | (0.70 | )% | (0.61 | )% | (0.59 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.03 | )%@ | (0.07 | )% | (0.12 | )% | (0.18 | )% | 0.15 | % | (0.10 | )% | (0.26 | )%@ | (0.26 | )% | (0.44 | )% | (0.72 | )% | (0.67 | )% | (0.70 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 49 | % | 107 | % | 101 | % | 102 | % | 99 | % | 113 | % | 43 | % | 101 | % | 94 | % | 111 | % | 97 | % | 169 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 41,404 | 43,694 | 38,035 | 37,726 | 40,253 | 45,092 | 9,411 | 10,084 | 7,959 | 7,180 | 6,240 | 6,994 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 950,263 | $ | 930,756 | $ | 1,014,902 | $ | 936,688 | $ | 772,614 | $ | 714,118 | $ | 106,666 | $ | 102,540 | $ | 115,869 | $ | 101,410 | $ | 82,222 | $ | 72,224 |
# | 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)
Small Cap Fund | Small Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.96 | $ | 14.18 | $ | 15.00 | $ | 13.46 | $ | 10.33 | $ | 11.22 | $ | 17.91 | $ | 21.23 | $ | 20.40 | $ | 18.13 | $ | 14.03 | $ | 15.60 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.02 | 0.04 | 0.02 | 0.00 | 0.04 | 0.00 | 0.14 | 0.24 | 0.24 | 0.21 | 0.24 | 0.18 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.03 | (1.17 | ) | 1.55 | 2.31 | 3.10 | (0.88 | ) | 2.61 | (1.86 | ) | 1.99 | 2.80 | 4.06 | (1.61 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.05 | (1.13 | ) | 1.57 | 2.31 | 3.14 | (0.88 | ) | 2.75 | (1.62 | ) | 2.23 | 3.01 | 4.30 | (1.43 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.03 | ) | – | (0.05 | ) | (0.01 | ) | (0.01 | ) | – | (0.25 | ) | (0.23 | ) | (0.26 | ) | (0.20 | ) | (0.14 | ) | |||||||||||||||||||||||||||
Net realized gain on securities | – | (2.06 | ) | (2.39 | ) | (0.72 | ) | – | – | – | (1.45 | ) | (1.17 | ) | (0.48 | ) | – | – | ||||||||||||||||||||||||||||||
Total distributions | – | (2.09 | ) | (2.39 | ) | (0.77 | ) | (0.01 | ) | (0.01 | ) | – | (1.70 | ) | (1.40 | ) | (0.74 | ) | (0.20 | ) | (0.14 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 12.01 | $ | 10.96 | $ | 14.18 | $ | 15.00 | $ | 13.46 | $ | 10.33 | $ | 20.66 | $ | 17.91 | $ | 21.23 | $ | 20.40 | $ | 18.13 | $ | 14.03 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.58 | % | (5.20 | )% | 11.10 | % | 17.13 | % | 30.40 | % | (7.81 | )% | 15.35 | % | (6.05 | )% | 11.23 | % | 16.64 | % | 30.91 | % | (9.13 | )% | ||||||||||||||||||||||||
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 | %@ | 0.42 | % | 0.40 | % | 0.40 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.03 | %@ | 1.01 | % | 1.00 | % | 1.01 | % | 1.04 | % | 1.05 | % | 0.41 | %@ | 0.42 | % | 0.40 | % | 0.40 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.28 | %@ | 0.29 | % | 0.15 | % | 0.01 | % | 0.35 | % | 0.01 | % | 1.44 | %@ | 1.26 | % | 1.15 | % | 1.03 | % | 1.51 | % | 1.26 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.18 | %@ | 0.21 | % | 0.08 | % | (0.07 | )% | 0.24 | % | (0.11 | )% | 1.44 | %@ | 1.26 | % | 1.15 | % | 1.03 | % | 1.51 | % | 1.26 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 19 | % | 29 | % | 32 | % | 32 | % | 27 | % | 39 | % | 10 | % | 13 | % | 14 | % | 13 | % | 12 | % | 14 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 26,168 | 27,431 | 24,990 | 24,251 | 26,071 | 28,964 | 54,704 | 55,029 | 52,734 | 54,260 | 54,297 | 57,427 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 314,226 | $ | 300,734 | $ | 354,294 | $ | 363,807 | $ | 350,845 | $ | 299,145 | $ | 1,130,099 | $ | 985,833 | $ | 1,119,463 | $ | 1,106,865 | $ | 984,357 | $ | 805,784 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense 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
305 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Special Values Fund | Small-Mid Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.05 | $ | 13.74 | $ | 13.87 | $ | 11.32 | $ | 8.99 | $ | 9.67 | $ | 11.23 | $ | 13.57 | $ | 14.54 | $ | 12.67 | $ | 10.56 | $ | 11.72 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.08 | 0.16 | 0.18 | 0.12 | 0.07 | 0.05 | (0.02 | ) | (0.04 | ) | (0.06 | ) | (0.07 | ) | 0.00 | (0.05 | ) | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.81 | (0.24 | ) | 0.92 | 2.53 | 2.32 | (0.66 | ) | (0.01 | ) | (1.07 | ) | 2.72 | 2.45 | 2.11 | (1.11 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.89 | (0.08 | ) | 1.10 | 2.65 | 2.39 | (0.61 | ) | (0.03 | ) | (1.11 | ) | 2.66 | 2.38 | 2.11 | (1.16 | ) | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.21 | ) | (0.14 | ) | (0.10 | ) | (0.06 | ) | (0.07 | ) | – | – | – | (0.01 | ) | – | – | ||||||||||||||||||||||||||||||
Net realized gain on securities | – | (1.40 | ) | (1.09 | ) | – | – | – | – | (1.23 | ) | (3.63 | ) | (0.50 | ) | – | – | |||||||||||||||||||||||||||||||
Total distributions | – | (1.61 | ) | (1.23 | ) | (0.10 | ) | (0.06 | ) | (0.07 | ) | – | (1.23 | ) | (3.63 | ) | (0.51 | ) | – | – | ||||||||||||||||||||||||||||
Net asset value at end of period | $ | 13.94 | $ | 12.05 | $ | 13.74 | $ | 13.87 | $ | 11.32 | $ | 8.99 | $ | 11.20 | $ | 11.23 | $ | 13.57 | $ | 14.54 | $ | 12.67 | $ | 10.56 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 15.68 | % | 1.49 | % | 8.16 | % | 23.43 | % | 26.67 | % | (6.27 | )% | (0.27 | )% | (6.27 | )% | 19.75 | % | 18.77 | % | 19.98 | % | (9.90 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.87 | %@ | 0.88 | % | 0.87 | % | 0.88 | % | 0.90 | % | 0.90 | % | 1.00 | %@ | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.87 | %@ | 0.88 | % | 0.87 | % | 0.88 | % | 0.92 | % | 0.93 | % | 1.01 | %@ | 1.00 | % | 1.00 | % | 1.03 | % | 1.05 | % | 1.06 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.00 | %@ | 0.01 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.02 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.20 | %@ | 1.29 | % | 1.23 | % | 0.89 | % | 0.74 | % | 0.59 | % | (0.29 | )%@ | (0.33 | )% | (0.41 | )% | (0.50 | )% | 0.03 | % | (0.52 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.20 | %@ | 1.29 | % | 1.23 | % | 0.89 | % | 0.72 | % | 0.57 | % | (0.30 | )%@ | (0.33 | )% | (0.41 | )% | (0.52 | )% | (0.02 | )% | (0.58 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 25 | % | 74 | % | 52 | % | 65 | % | 58 | % | 60 | % | 27 | % | 64 | % | 55 | % | 148 | % | 107 | % | 120 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 20,014 | 19,831 | 17,394 | 17,993 | 19,976 | 20,167 | 8,995 | 9,812 | 9,713 | 8,584 | 8,625 | 9,581 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 278,947 | $ | 238,888 | $ | 238,986 | $ | 249,579 | $ | 226,140 | $ | 181,376 | $ | 100,707 | $ | 110,230 | $ | 131,771 | $ | 124,839 | $ | 109,283 | $ | 101,132 |
# | 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
306 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Stock Index Fund | Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2016# | Year Ended May 31, | Six Months Ended November 30, 2016# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 33.14 | $ | 36.60 | $ | 34.65 | $ | 30.07 | $ | 24.50 | $ | 26.71 | $ | 14.93 | $ | 15.46 | $ | 14.18 | $ | 12.40 | $ | 9.63 | $ | 10.28 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.33 | 0.63 | 0.62 | 0.55 | 0.53 | 0.45 | 0.11 | 0.26 | 0.21 | 0.19 | 0.20 | 0.18 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.61 | (0.59 | ) | 3.29 | 5.38 | 5.91 | (0.76 | ) | 0.78 | (0.57 | ) | 1.29 | 1.81 | 2.83 | (0.70 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.94 | 0.04 | 3.91 | 5.93 | 6.44 | (0.31 | ) | 0.89 | (0.31 | ) | 1.50 | 2.00 | 3.03 | (0.52 | ) | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.89 | ) | (0.60 | ) | (0.56 | ) | (0.46 | ) | (0.46 | ) | – | (0.22 | ) | (0.22 | ) | (0.22 | ) | (0.26 | ) | (0.13 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (2.61 | ) | (1.36 | ) | (0.79 | ) | (0.41 | ) | (1.44 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Total distributions | – | (3.50 | ) | (1.96 | ) | (1.35 | ) | (0.87 | ) | (1.90 | ) | – | (0.22 | ) | (0.22 | ) | (0.22 | ) | (0.26 | ) | (0.13 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 35.08 | $ | 33.14 | $ | 36.60 | $ | 34.65 | $ | 30.07 | $ | 24.50 | $ | 15.82 | $ | 14.93 | $ | 15.46 | $ | 14.18 | $ | 12.40 | $ | 9.63 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 5.85 | % | 1.38 | % | 11.41 | % | 20.01 | % | 26.86 | % | (0.76 | )% | 5.96 | % | (1.80 | )% | 10.65 | % | 16.26 | % | 31.97 | % | (5.00 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.35 | %@ | 0.35 | % | 0.34 | % | 0.35 | % | 0.36 | % | 0.37 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.35 | %@ | 0.35 | % | 0.34 | % | 0.35 | % | 0.36 | % | 0.37 | % | 0.93 | %@ | 0.93 | % | 0.93 | % | 0.93 | % | 0.95 | % | 0.97 | % | ||||||||||||||||||||||||
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) | 1.91 | %@ | 1.83 | % | 1.68 | % | 1.71 | % | 1.94 | % | 1.83 | % | 1.50 | %@ | 1.78 | % | 1.33 | % | 1.46 | % | 1.87 | % | 1.87 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.91 | %@ | 1.83 | % | 1.68 | % | 1.71 | % | 1.94 | % | 1.83 | % | 1.41 | %@ | 1.69 | % | 1.25 | % | 1.38 | % | 1.77 | % | 1.75 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 1 | % | 3 | % | 3 | % | 4 | % | 3 | % | 3 | % | 8 | % | 15 | % | 16 | % | 16 | % | 23 | % | 13 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 117,845 | 124,483 | 123,499 | 129,109 | 132,191 | 138,507 | 6,918 | 7,241 | 7,559 | 8,595 | 8,978 | 10,469 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 4,134,242 | $ | 4,125,329 | $ | 4,519,626 | $ | 4,473,003 | $ | 3,974,531 | $ | 3,393,666 | $ | 109,460 | $ | 108,136 | $ | 116,875 | $ | 121,864 | $ | 111,303 | $ | 100,820 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
307 |
Table of Contents
VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
At an in-person meeting held on August 1-2, 2016, 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”), Franklin Advisers, Inc. (“Franklin”), Goldman Sachs Asset Management, L.P. (“GSAM”), Invesco Advisers, Inc. and (“Invesco Advisers”), J.P. Morgan Investment Management Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), PineBridge Investments, LLC (“PineBridge”), 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 1-2, 2016 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 11-12, 2016.
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 mutual fund 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 meeting held on July 11-12, 2016, and executive sessions held during the August 2016 meeting during which such independent counsel provided guidance to the Independent Directors. Following the July 11-12, 2016 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto at the August 2016 meeting. The continuation of all Advisory Contracts was approved at the August 2016 meeting for a one-year term beginning September 1, 2016 and ending August 31, 2017.
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) manages the investment and reinvestment of all of, or to the extent applicable, a portion of, the assets of the Funds including, for example, the evaluation of pertinent economic, statistical, financial, and other data; (ii) formulates and implements an investment program on behalf of the Funds; (iii) maintains a trading desk and places orders for the purchase and sale of portfolio investments selected by the Sub-adviser (or arranges for any other entity to provide a trading desk and to place orders with brokers and dealers selected by the Sub-adviser, subject to the Sub-adviser’s control, direction, and supervision, which may include brokers or dealers (including futures commission merchants) affiliated with the sub-adviser, subject to applicable law; and (iv) renders regular reports to VALIC and to officers and the Boards concerning their 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.
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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, 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, 2015.
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, 2016 and that benchmark information provided by management was through the period ended June 30, 2016. 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 Fund’s actual management fees were below the medians of the Expense Group/Universe. The Fund’s total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Fund’s 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 Fund underperformed its Broadridge peer index for the one-year period and outperformed its Broadridge peer index for the three- and five-year periods. The Fund underperformed the median of the Performance Group for the one-, three- and five-year periods. The Fund underperformed the median of the Performance Universe for the one-year period and outperformed the median of the Performance Universe for the three- and five-year periods. The Fund underperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Blue Chip Growth Fund (T. Rowe Price). The Fund’s actual management fees were below the median of the Expense Group and above the median of the Expense Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s 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, 2017. |
The Fund outperformed its Broadridge peer index for the one-, three- and five-year periods. The Fund outperformed its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-year period and outperformed its benchmark for the three- and five-year periods.
• | Broad Cap Value Income Fund (Barrow Hanley). The Fund’s 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, 2017. |
The Fund underperformed its Broadridge peer index for the one- and three-year periods and outperformed its Broadridge peer index for the five-year period. The Fund outperformed the median of its Performance Group for the one-, three- and five-year periods. 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 Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Capital Conservation Fund (PineBridge). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the median of the Expense Group and equal to the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Broadridge peer index and the medians of its Performance Group/Universe for the one-year period and underperformed its Broadridge peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Core Equity Fund (BlackRock). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s 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, 2017. |
The Fund underperformed its Broadridge peer index for the one-, three- and five-year periods. The Fund underperformed the medians of its Performance Group/Universe for the one-, three- and five-year periods. 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.
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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
• | Dividend Value Fund (BlackRock/SAAMCo). The Fund’s 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, 2017. |
The Fund outperformed its Broadridge peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods.
• | Dynamic Allocation Fund (AllianceBernstein/SAAMCo). The Fund’s actual management fees were equal to the median of the Expense Group and above the median of the Expense Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s 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 also noted that the expense limitation on total expenses would be extended contractually through September 30, 2017. |
The Fund underperformed its Broadridge peer index and the median of its Performance Universe for the one- and three-year periods. The Fund’s performance was equal to the median of its Performance Group for the one- and three-year periods. The Fund underperformed its benchmark for the one- and three-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Emerging Economies Fund (JPMIM). The Fund’s 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 Fund underperformed its Broadridge peer index for the one- and three-year periods and equaled its Broadridge peer index for the five-year period. The Fund underperformed the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one- and three-year periods and outperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance and potential steps under consideration to improve the Fund’s performance.
• | Foreign Value Fund (Templeton Global). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual subadvisory fees were above the median of the Subadvisory Expense Universe and noted the limited size of the peer group. |
The Fund outperformed the median of its Performance Group for the one-, three- and five-year periods. 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 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.
• | Global Real Estate Fund (GSAM/Invesco). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. |
The Fund outperformed its Broadridge peer index for the one- and five-year periods and underperformed its Broadridge peer index for the three-year period. The Fund outperformed the median of its Peer Group for the one- and five-year periods and underperformed the median of its Peer Group for the three-year period. The Board Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Global Social Awareness Fund (SAAMCo). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. |
The Fund outperformed the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods.
• | Global Strategy Fund (Franklin/Templeton Investment). The Fund’s actual management fees were equal to the medians of the Expense Group/Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual subadvisory fees were above the medians of the Subadvisory Expense Group/Universe. |
The Fund underperformed its Broadridge peer index and the median of its Performance Group for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Universe for the one- and three-year periods and outperformed the median of its Performance Universe for the five-year period. The Fund underperformed its blended benchmark for the one- and three-year periods and outperformed its blended benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance and potential steps under consideration to improve the Fund’s performance.
• | Government Securities Fund (JPMIM). The Fund’s actual management fees were equal to the medians of the Expense Group/Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s 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 Fund outperformed its Broadridge peer index and the median of its Performance Group for the one- and five-year periods and underperformed its Broadridge peer index and the median of its Performance Group for the three-year period. The Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one- and three-year periods and outperformed its benchmark for the five-year period.
• | Growth & Income Fund (JPMIM). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual subadvisory fees were below the medians of the Subadvisory Expense Group/Universe. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2017. |
The Fund underperformed its Broadridge peer index for the one- and five-year periods and outperformed its Broadridge peer index for the three-year period. The Fund outperformed the medians of its Performance Group/Universe for the one- and three-year periods and underperformed the medians of its Performance Group/Universe for the five-year period. The Fund underperformed its benchmark for the one-, three- and five-year periods.
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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
• | Growth Fund (American Century). The Fund’s actual management fees were equal to the median of the Expense Universe and above the median of the Expense Group. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual subadvisory fees were above the medians of the Subadvisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses, including actions taken during the prior year to reduce the Fund’s expenses. |
The Fund underperformed its Broadridge peer index for the one-, three- and five-year periods. The Fund outperformed the medians of its Performance Group/Universe for the one-year period and underperformed the medians of its Performance Group/Universe for the three- and five-year periods. The 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, including recent actions taken designed to improve the Fund’s performance.
• | Health Sciences Fund (T. Rowe Price). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s 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, including actions taken during the past year to reduce the Fund’s expenses. |
The Fund underperformed its Broadridge peer index and the medians of its Performance Group/Universe for the one-year period and outperformed its Broadridge peer index and the medians of its Performance Group/Universe for the three- and five-year periods. 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, including the reasons for the Fund’s recent underperformance.
• | Inflation Protected Fund (PineBridge). The Fund’s actual management fees were below the medians of the Expense Group/Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual subadvisory fees were above the median of the Subadvisory Expense Universe. The Board took into account management’s discussion of the Fund’ expenses. |
The Fund outperformed its Broadridge peer index for the one-year period and underperformed its Broadridge peer index for the three- and five-year periods. The Fund outperformed the median of its Performance Group for the one-year period, equaled the median of its Performance Group for the three-year period and underperformed the median of its Performance Group for the five-year period. The 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 Fund underperformed its benchmark for the one-, three- and five- year periods.
• | International Equities Index Fund (SAAMCo). The Fund’s 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 Fund underperformed its Broadridge peer index for the one-, three- and five-year periods. The Fund equaled the median of its Performance Group for the one-year period and underperformed the median of its Performance Group for the three- and five-year periods. The 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 Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods.
• | International Government Bond Fund (PineBridge). The Fund’s 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 Fund outperformed its Broadridge peer index and the medians of its Performance Universe/Group for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five- year periods.
• | International Growth Fund (American Century/Invesco/MFS). The Fund’s 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 actions taken during the past year to reduce the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2017. |
The Fund underperformed its Broadridge peer index for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one- and five-year periods and outperformed the median of its Performance Group for the three-year period. The Fund underperformed the median of its Performance Universe for the one-year period and outperformed the median of its Performance Universe for the three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Large Cap Core Fund (Columbia). The Fund’s actual management fees, actual subadvisory fees and total net expenses were above the medians of the Expense Group/Universe or Subadvisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Broadridge peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one- year period and outperformed its benchmark for the three- and five- year periods.
• | Large Capital Growth Fund (MFS). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe and actual subadvisory fees were below the Subadvisory Expense Group median and above the Subadvisory Expense Universe median. |
The Fund outperformed its Broadridge peer index and the median of its Performance Universe for the one-year period and underperformed its Broadridge peer index and the median of its Performance Universe for the three- and five-year periods. The Fund outperformed the median of its Performance Group for the one-year period, was equal to the median of its Performance Group for the three-year period and underperformed the median of its Performance Group for the five-year period. The Fund underperformed its benchmark for the one-, three- and five- year periods.
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• | Mid Cap Index Fund (SAAMCo). The Fund’s actual management fees were below the medians of the Expense Group/Universe. The Fund’s actual subadvisory fees were equal to the median of the Subadvisory Expense Group and below the median of the Subadvisory Expense Universe, and 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 Fund outperformed its Broadridge peer index and the median of its Performance Universe for the one-, three- and five-year periods. 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 Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Mid Cap Strategic Growth Fund (Allianz/Janus). The Fund’s actual management fees were equal to the medians of the Expense Group/Universe. The Fund’s total net expenses were above the medians of Expense Group/Universe. The Fund’s 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 Fund underperformed its Broadridge peer index, the medians of its Performance Group/Universe, and its benchmark for the one-, three-, and five-year periods. The Board took into account management’s discussion of the Fund’s performance, including actions taken during the past year designed to improve the Fund’s performance.
• | Money Market I Fund (SAAMCo). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s actual subadvisory fees were above the medians of the Subadvisory Expense Universe/Group. The Fund’s 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, 2017. |
The Fund equaled its Broadridge peer index for the one-year period and outperformed its Broadridge peer index for the three- and five-year periods. The Fund equaled the median of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Nasdaq-100® Index Fund (SAAMCo). The Fund’s actual management fees and actual subadvisory fees were below the medians of the Expense Group/Universe or Subadvisory Expense Universe, as applicable. The Fund’s 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, 2017. |
The Fund underperformed its Broadridge peer index for the one-year period and outperformed its Broadridge peer index for the three- and five-year periods. The Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. 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 Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Science & Technology Fund (T. Rowe Price/Allianz/Wellington). The Fund’s actual management fees and 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 Fund outperformed its Broadridge peer index and the median of its Performance Universe for the one-, three- and five-year periods. 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 Fund underperformed its benchmark for the one- and five-year periods and outperformed its benchmark for the three-year period.
• | Small Cap Fund (Invesco/Bridgeway/T. Rowe Price). The Fund’s actual management fees and actual subadvisory fees were above the medians of the Expense Group/Universe or Subadvisory Expense Group/Universe, as applicable. The Fund’s 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. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2017. |
The Fund underperformed its Broadridge peer index for the one-year period and outperformed its Broadridge peer index for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one- and three-year periods and outperformed the median of its Performance Group for the five-year period. The Fund outperformed the median of its Performance Universe for the one- and five-year periods and underperformed the median of its Performance Universe for the three-year period. 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.
• | Small Cap Index Fund (SAAMCo). The Fund’s 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 Fund underperformed its Broadridge peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-year period, outperformed the median of its Performance Group for the three-year period and equaled the median of its Performance Group for the five-year period. The Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Small Cap Aggressive Growth Fund (Victory Capital Management Inc.). The Fund’s actual management fees were equal to the median of the Expense Group and above the median of the Expense Universe. The Fund’s 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 noted that the expense limitation on total expenses would be extended contractually through September 30, 2017. |
The Fund underperformed its Broadridge peer index and the medians of its Performance Group/Universe for the one-year period and outperformed its Broadridge peer index and the medians of its Performance Group/Universe for the three- and five-year periods. 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, including the reasons for its recent underperformance.
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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
• | Small Cap Special Values Fund (Wells Capital). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual subadvisory fees were equal to the median of the Subadvisory Expense Group and above the median of the Subadvisory Expense Universe. |
The Fund outperformed its Broadridge 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 Fund’s 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, 2017. |
The Fund underperformed its Broadridge peer index for the one- and five-year periods and outperformed its Broadridge peer index for the three-year period. The Fund outperformed the medians of its Performance Group/Universe for the one- and three-year periods and underperformed the medians of its Performance Group/Universe for the five-year period. The Fund underperformed its benchmark for the one- and five-year periods and outperformed its benchmark for the three-year period.
• | Stock Index Fund (SAAMCo). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s 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 Fund outperformed its Broadridge peer index for the one-year period and underperformed its Broadridge Peer Index for the three- and five-year periods. The Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods.
• | Value Fund (Wellington). The Fund’s 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, 2017. |
The Fund outperformed its Broadridge peer index and the medians of its Performance Universe/Group for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods.
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 was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by the sub-advisers; (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.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
For each of the above reasons, the Directors determined that the profitability to the Sub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreements.
Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates payable to VALIC and each of the Sub-advisers with respect to most of the Funds contain breakpoints, which allows the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee and sub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that if the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.
For similar reasons as stated above with respect to the Sub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Sub-advisers’ management of the Funds are not a material factor to the approval of the Sub-advisory Agreements, although it was noted that most of the Funds have breakpoints at the sub-advisory fee level.
Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and the Sub-advisers and noted that VALIC would compensate the Sub-advisers out of the advisory fees it receives from the Funds. The Board noted that the Sub-Advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.
Compliance. The Board reviewed VALIC’s and the Sub-advisers’ compliance personnel and regulatory history, including information whether they are currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entities’ compliance staff that would be responsible for providing compliance functions on behalf of the Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.
Conclusions. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that VALIC and each Sub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.
Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Contracts are reasonable, fair and in the best interests of each Fund and its respective shareholders, and (2) the fee rates payable under the Advisory Contracts are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
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SUPPLEMENTS TO THE PROSPECTUS
THE SUPPLEMENTS ARE NOT PART OF THE SEMI-ANNUAL REPORT.
Filed under Rule 497(e)
Registration No. 002-83631
VALIC COMPANY I
Supplement dated December 22, 2016, to each
Prospectus dated October 1, 2016, as amended
Effective immediately, all reference to the hyperlink www.valic.com/Prospectuses-Reports_3240_424368.html is deleted and replaced with a reference to the following hyperlink:
www.valic.com/prospectus-and-reports/annuities
Please retain this supplement for future reference.
Versions: AGL 33, DAF, SALA 6
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
THE SUPPLEMENTS ARE NOT PART OF THE SEMI-ANNUAL REPORT.
Filed under Rule 497(e)
Registration No. 002-83631
VALIC COMPANY I
INFLATION PROTECTED FUND
(the “Fund”)
Supplement dated October 31, 2016, to the Fund’s
Prospectus dated October 1, 2016, as supplemented and amended to date
The following changes to the Prospectus are effective on October 31, 2016:
In the section entitled “Fund Summary: Inflation Protected Fund – Investment Adviser,” the table under the heading “Portfolio Managers” is deleted in its entirety and replaced with the following:
Name | Portfolio Manager of the Fund Since | Title | ||||
Robert Vanden Assem, CFA | 2004 | Managing Director and Head of Investment Graded Fixed Income | ||||
Roberto Coronado | 2016 | Senior Vice President and Senior Portfolio Manager |
In the section entitled “Management – Investment Sub-Advisers,” the third paragraph on page 134 of the Prospectus with respect to the Fund is deleted in its entirety and replaced with the following:
Investment decisions for the Inflation Protected Fund are made by Robert Vanden Assem and Roberto Coronado. Please see above for the biography of Mr. Vanden Assem. Mr. Coronado, Senior Vice President and Senior Portfolio Manager, joined PineBridge in 2014. He is responsible for managing global aggregate funds and the global and European bond strategies for both institutional and retail clients. Previously, Mr. Coronado was a Portfolio Manager covering global bond and absolute return strategies at Deutsche Asset Management. Prior to that, he worked at GE Commercial Finance as a credit analyst, and began his investment career in 2000 as an analyst at ABB Financial Services. He holds a Bachelor of Business Administration in Finance from the University of Texas at Arlington and a Master of Science in International Business and Finance from Stockholm School of Economics.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.
Please retain this supplement for future reference.
Filed under Rule 497(e)
Registration No. 002-83631
VALIC COMPANY I
SCIENCE & TECHNOLOGY FUND
(the “Fund”)
Supplement dated December 22, 2016, to the Fund’s
Prospectus dated October 1, 2016, as supplemented and amended to date
Effective immediately, all reference to Michael T. Masdea, a portfolio manager associated with Wellington Management Company LLP, a subadviser to the Fund, is hereby deleted in its entirety. Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
THE SUPPLEMENTS ARE NOT PART OF THE SEMI-ANNUAL REPORT.
Filed under Rule 497(e)
Registration No. 002-83631
VALIC Company I
Asset Allocation Fund
(the “Fund”)
Supplement dated January 27, 2017, to the Fund’s
Prospectus dated October 1, 2016, as supplemented and amended to date
The following is effective January 27, 2017:
The section entitled “Fund Summary: Asset Allocation Fund – Principal Investment Strategies of the Fund” is supplemented as follows:
The Fund may invest up to 40% of its assets in foreign securities. The Fund may use forward foreign currency exchange contracts to hedge against movement in the value of foreign currencies.
The section entitled “Fund Summary: Asset Allocation Fund – Principal Risks of Investing in the Fund” is supplemented as follows:
Currency Risk: Because the Fund’s foreign investments are generally held in foreign currencies, the Fund could experience gains or losses based solely on changes in the exchange rate between foreign currencies and the U.S. dollar. Such gains or losses may be substantial.
Derivatives Risk: The prices of derivatives may move in unexpected ways due to the use of leverage and other factors and may result in increased volatility or losses. The Fund may not be able to terminate or sell derivative positions, and a liquid secondary market may not always exist for derivative positions.
Foreign Investment Risk: Investment in foreign securities involves risks due to several factors, such as illiquidity, the lack of public information, changes in the exchange rates between foreign currencies and the U.S. dollar, unfavorable political, social and legal developments, or economic and financial instability. Foreign companies are not subject to the U.S. accounting and financial reporting standards and may have riskier settlement procedures. U.S. investments that are denominated in foreign currencies or that are traded in foreign markets, or securities of U.S. companies that have significant foreign operations may be subject to foreign investment risk.
Hedging Risk: A hedge is an investment made in order to reduce the risk of adverse price movements in a currency or other investment by taking an offsetting position (often through a derivative instrument, such as an option or forward contract). While hedging strategies can be very useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on the instruments being hedged may not be reduced.
In the section entitled “Additional Information About the Funds’ Investment Objectives, Strategies and Risks – Asset Allocation Fund,” the third paragraph is hereby deleted in its entirety and replaced with the following:
The Fund is also subject to the following additional risks: Investment Company Risk, Emerging Markets Risk, Small-Cap Company Risk, Mortgage and Asset-Backed Securities Risk, Non-Mortgage Asset-Backed Securities Risk, Junk Bond Risk, and Growth-Style Risk.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
THE SUPPLEMENTS ARE NOT PART OF THE SEMI-ANNUAL REPORT.
Filed under Rule 497(e)
Registration No. 2-83631
VALIC COMPANY I
Small Cap Fund (the “Fund”)
Supplement dated January 27, 2017, to the
Prospectus dated October 1, 2016, as supplemented and amended to date
On January 23, 2017, the Board of Directors (the “Board”) of VALIC Company I (the “Company”), including a majority of those directors who are not interested persons of the Company, as defined in the Investment Company Act of 1940, as amended, approved: (i) a new Subadvisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and J.P. Morgan Investment Management Inc. (“JPMIM”) with respect to the Fund. JPMIM will replace Invesco Advisers, Inc. (“Invesco”) as a subadviser to a portion of the Fund. It is currently anticipated this change will become effective on or about March 7, 2017 (the “Effective Date”).
The Board has the authority, pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission, to enter into subadvisory agreements without a shareholder vote under certain conditions. Shareholders of record on February 28, 2017 will receive a notice explaining how to access an information statement that contains additional information you should know about the new Subadvisory Agreement.
On the Effective Date, the following changes to the Prospectus will become effective:
In the section entitled “Fund Summary: Small Cap Fund – Performance Information,” the second and third paragraphs are deleted in their entirety and replaced with the following:
T. Rowe Price Associates, Inc. (“T. Rowe Price”) has served as sub-adviser of the Fund since its inception. American Century Investment Management and Franklin Portfolio Associate served as sub-advisers from June 21, 2004 through March 7, 2008. Bridgeway Capital Management, Inc. (“Bridgeway”) became a sub-adviser on October 1, 2006. Effective March 7, 2017, J.P. Morgan Investment Management Inc. (“JPMIM”), assumed management of a portion of the Fund. From March 10, 2008 to March 6, 2017, the portion of the Portfolio managed by JPMIM was managed by Invesco Advisers, Inc.
As of March 7, 2017, JPMIM, T. Rowe Price and Bridgeway managed approximately 60%, 30% and 10% of the Fund’s assets, respectively. The percentage of the Fund’s assets that each sub-adviser manages may, at the adviser’s discretion, change from time to time.
The section entitled “Fund Summary: Small Cap Fund – Investment Adviser,” and the table captioned “Portfolio Managers,” are deleted in their entirety and replaced with the following:
Investment Adviser
The Fund’s investment adviser is The Variable Annuity Life Insurance Company. The Fund is subadvised by Bridgeway, JPMIM and T. Rowe Price.
Portfolio Managers
Name | Portfolio Manager of the Portfolio Since | Title | ||||
Bridgeway | ||||||
John N.R. Montgomery | 2006 | Chief Investment Officer, Portfolio Manager | ||||
Elena Khoziaeva, CFA | 2006 | Portfolio Manager | ||||
Michael Whipple, CFA | 2006 | Portfolio Manager | ||||
Christine L. Wang, CFA | 2010 | Portfolio Manager | ||||
JPMIM | ||||||
Don San Jose | 2017 | Lead Portfolio Manager | ||||
Dan Percella | 2017 | Portfolio Manager | ||||
T. Rowe Price | ||||||
Frank M. Alonso | 2016 | Portfolio Manager |
In the section entitled “Management – Investment Sub-Advisers,” all references to Invesco as subadviser to the Fund are deleted in their entirety. In addition, in such section, Small Cap Fund is added as a fund subadvised by JPMIM and the following paragraph is added at the end of the subsection entitled “J.P. Morgan Investment Management Inc. (“JPMIM”)”:
The Small Cap Fund is managed by a team led by Don San Jose and Dan Percella. Mr. San Jose, Managing Director and CFA charterholder, is the portfolio manager of JPMIM’s Small Cap Active Core Strategy. A JPMIM employee since 2000, Mr. San Jose was an analyst in JPMIM Securities’ equity research department covering capital goods companies before joining the small cap group. Prior to joining JPMIM, Mr. San Jose was an equity research associate at ING Baring Furman Selz. Mr. San Jose holds a B.S. in finance from The Wharton School of the University of Pennsylvania and is a member of both the New York Society of Security Analysts and the CFA Institute. Mr. Percella, Executive Director and CFA charterholder, is a co-portfolio manager and an analyst on JPMIM’s Small Cap Active Core Team. A JPMIM employee since 2008, Mr. Percella was previously a member of Institutional Investor-ranked equity research teams covering the transportation sector at Bear Stearns, Bank of America and Citigroup. Mr. Percella holds a B.S. in economics from Georgetown University’s Walsh School of Foreign Service and is a member of both the New York Society of Security Analysts and the CFA Institute.
Capitalized terms used herein but not defined have the meaning assigned to them by 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
One Lincoln St.
Boston, Massachusetts 02111
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
Franklin Advisers, Inc.
One Franklin Parkway
San Mateo, CA 94403-1906
Goldman Sachs
Asset Management, L.P.
200 West Street
New York, NY 10282
Invesco Advisers, Inc.
1555 Peachtree St. NE
Atlanta, GA 30309
Janus Capital Management LLC
151 Detroit Street
Denver, Colorado 80206
J.P. Morgan Investment
Management Inc.
270 Park Avenue
New York, NY 10017
Massachusetts Financial Services Company
500 Boylston Street
Boston, MA 02116
PineBridge Investments, LLC
399 Park Avenue
New York, NY 10022
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
Victory Capital Management, Inc.
4900 Tiedeman Road
4th Floor
Brooklyn, OH 44144
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
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
Christopher J. Tafone,
Assistant Secretary
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 (11/2016) J74499
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Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
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Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
Included in Item 1 to the Form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
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Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.
Item 11. | Controls and Procedures. |
(a) | An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective. |
(b) | There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Exhibits. |
(a) | (1) Not applicable. |
(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. |
(3) Not applicable. |
(b) | Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VALIC Company I | ||
By: | /s/ John T. Genoy | |
John T. Genoy | ||
President |
Date: February 7, 2017
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 7, 2017
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: February 7, 2017