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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 5
185 Hudson Street,
Suite 3300
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, 2017
Table of Contents
Item 1. Reports to Stockholders
Table of Contents
VALIC Company I
Semiannual Report, November 30, 2017
SAVING : INVESTING : PLANNING
Table of Contents
VALIC Company I
SEMI-ANNUAL REPORT NOVEMBER 30, 2017
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Table of Contents
VALIC Company I
PRESIDENT’S LETTER (unaudited)
Dear Valued Investor:
We are pleased to provide you with the 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, 2017. 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 10.89% over the six month period. Politics dominated headlines in 2017 but despite political turmoil, the market has continued its momentous streak of consistent gains and low volatility. November marked the twelfth consecutive month of positive total returns and the highest levels since February. Tax reform played a dominant role in the stock market surge that closed out November after Senator McCain announced his support for the bill, all but guaranteeing its passage. The prospect of a reduction of the corporate tax rate resulted in an optimistic outlook for stronger economic growth. Additionally, in November, OPEC announced that the year-old oil production cuts would be extended through the end of 2018, thus providing a tailwind for the energy sector. While this move was generally expected, it remains to be seen just how long these cuts will be extended.
While fiscal policy is once again in the spotlight with the Trump Administration’s tax initiative, monetary policy continues to have a near-term impact on the economy. As anticipated, the Federal Reserve (the “Fed”) began increasing the federal funds target rate to a range between 1.00% and 1.25% following their June meeting. Markets continued to deliver positive returns with low volatility, in an environment of continued economic growth and low inflation.
Fixed income markets rose marginally across most of the spectrum, with the Bloomberg Barclays U.S. Aggregate Bond Index,** a broad measure of the U.S. bond market, rising 0.68%. The treasury yield curve continued to flatten in November, a result of the federal funds rate increases, and initiating the unwinding of quantitative easing in the fourth quarter, narrowing the spread between 2- and 10-Year Treasuries. Short-term yields rose while long-term yields had minimal change. Long Treasuries, as measured by the Bloomberg Barclays U.S. Treasury Long Index,*** rose 1.62% for the period, a vast increase from the -6.08% decline during this same period in 2016. Risk assets, predominantly 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, rose 7.94% with every sector posting gains in November. On the back of solid economic activity abroad (particularly in Europe and Japan) and the prospect of U.S. tax reform, synchronized global growth stayed the course. The MSCI Emerging Markets Index (net), ***** designed to measure equity market performance in global emerging markets, rose 13.03% in the period continuing an uninterrupted string of gains in 2017 other than a lull in September. Technology and consumer discretionary companies have fared particularly well in emerging markets through 2017.
Planning for your financial future in such an uncertain world should be a top priority. We believe your investment with VALIC Company I is an important step that may help you reach your long-term financial goals. Another important step 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. |
*** | The Bloomberg Barclays U.S. Treasury Long 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. |
***** | The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. |
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, 2017 (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, 2017 and held until November 30, 2017. 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, 2017” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended November 30, 2017” 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, 2017” 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, 2017” 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, 2017” column would have been higher and the “Ending Account Value” column would have been lower.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts, Plans or IRAs. Please refer to your Variable Contract prospectus or Plan/IRA document for more information. Therefore, the “hypothetical” example is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.
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Table of Contents
VALIC Company I
EXPENSE EXAMPLE — November 30, 2017 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2017 | Ending Account Value Using Actual Return at November 30, 2017 | Expenses Paid During the Six Months Ended November 30, 2017 | Beginning Account Value at June 1, 2017 | Ending Account Value Using a Hypothetical 5% Annual Return at November 30, 2017 | Expenses Paid During the Six Months Ended November 30, 2017 | Annualized Expense Ratio* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | 1,084.55 | 3.66 | $ | 1,000.00 | 1,021.56 | 3.55 | 0.70 | % | ||||||||||||||||||
Blue Chip Growth | $ | 1,000.00 | 1,149.97 | 4.47 | $ | 1,000.00 | 1,020.91 | 4.20 | 0.83 | % | ||||||||||||||||||
Broad Cap Value Income# | $ | 1,000.00 | 1,109.33 | 4.49 | $ | 1,000.00 | 1,020.81 | 4.31 | 0.85 | % | ||||||||||||||||||
Capital Conservation | $ | 1,000.00 | 1,006.09 | 3.22 | $ | 1,000.00 | 1,021.86 | 3.24 | 0.64 | % | ||||||||||||||||||
Core Equity# | $ | 1,000.00 | 1,131.39 | 4.22 | $ | 1,000.00 | 1,021.11 | 4.00 | 0.79 | % | ||||||||||||||||||
Dividend Value | $ | 1,000.00 | 1,110.01 | 4.34 | $ | 1,000.00 | 1,020.96 | 4.15 | 0.82 | % | ||||||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | 1,093.70 | 1.63 | $ | 1,000.00 | 1,023.51 | 1.57 | 0.31 | % | ||||||||||||||||||
Emerging Economies | $ | 1,000.00 | 1,162.47 | 5.04 | $ | 1,000.00 | 1,020.41 | 4.71 | 0.93 | % | ||||||||||||||||||
Foreign Value | $ | 1,000.00 | 1,030.36 | 4.02 | $ | 1,000.00 | 1,021.11 | 4.00 | 0.79 | % | ||||||||||||||||||
Global Real Estate | $ | 1,000.00 | 1,056.36 | 4.43 | $ | 1,000.00 | 1,020.76 | 4.36 | 0.86 | % | ||||||||||||||||||
Global Social Awareness | $ | 1,000.00 | 1,095.46 | 3.26 | $ | 1,000.00 | 1,021.96 | 3.14 | 0.62 | % | ||||||||||||||||||
Global Strategy | $ | 1,000.00 | 1,054.17 | 3.35 | $ | 1,000.00 | 1,021.81 | 3.29 | 0.65 | % | ||||||||||||||||||
Government Money Market I | $ | 1,000.00 | 1,002.47 | 2.56 | $ | 1,000.00 | 1,022.51 | 2.59 | 0.51 | % | ||||||||||||||||||
Government Securities | $ | 1,000.00 | 998.12 | 3.26 | $ | 1,000.00 | 1,021.81 | 3.29 | 0.65 | % | ||||||||||||||||||
Growth# | $ | 1,000.00 | 1,121.33 | 3.99 | $ | 1,000.00 | 1,021.31 | 3.80 | 0.75 | % | ||||||||||||||||||
Growth & Income# | $ | 1,000.00 | 1,101.93 | 4.48 | $ | 1,000.00 | 1,020.81 | 4.31 | 0.85 | % | ||||||||||||||||||
Health Sciences# | $ | 1,000.00 | 1,135.00 | 5.73 | $ | 1,000.00 | 1,019.70 | 5.42 | 1.07 | % | ||||||||||||||||||
Inflation Protected | $ | 1,000.00 | 1,011.74 | 2.82 | $ | 1,000.00 | 1,022.26 | 2.84 | 0.56 | % | ||||||||||||||||||
International Equities Index | $ | 1,000.00 | 1,076.92 | 2.19 | $ | 1,000.00 | 1,022.96 | 2.13 | 0.42 | % | ||||||||||||||||||
International Government Bond | $ | 1,000.00 | 1,022.20 | 3.35 | $ | 1,000.00 | 1,021.76 | 3.35 | 0.66 | % | ||||||||||||||||||
International Growth# | $ | 1,000.00 | 1,087.42 | 5.29 | $ | 1,000.00 | 1,020.00 | 5.11 | 1.01 | % | ||||||||||||||||||
Large Cap Core | $ | 1,000.00 | 1,089.87 | 4.35 | $ | 1,000.00 | 1,020.91 | 4.20 | 0.83 | % | ||||||||||||||||||
Large Capital Growth | $ | 1,000.00 | 1,097.36 | 3.94 | $ | 1,000.00 | 1,021.31 | 3.80 | 0.75 | % | ||||||||||||||||||
Mid Cap Index | $ | 1,000.00 | 1,110.86 | 1.85 | $ | 1,000.00 | 1,023.31 | 1.78 | 0.35 | % | ||||||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | 1,117.82 | 4.35 | $ | 1,000.00 | 1,020.96 | 4.15 | 0.82 | % | ||||||||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | 1,102.39 | 2.79 | $ | 1,000.00 | 1,022.41 | 2.69 | 0.53 | % | ||||||||||||||||||
Science & Technology | $ | 1,000.00 | 1,157.31 | 5.30 | $ | 1,000.00 | 1,020.16 | 4.96 | 0.98 | % | ||||||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | 1,208.98 | 5.48 | $ | 1,000.00 | 1,020.10 | 5.01 | 0.99 | % | ||||||||||||||||||
Small Cap# | $ | 1,000.00 | 1,110.44 | 4.92 | $ | 1,000.00 | 1,020.41 | 4.71 | 0.93 | % | ||||||||||||||||||
Small Cap Index | $ | 1,000.00 | 1,132.48 | 2.14 | $ | 1,000.00 | 1,023.06 | 2.03 | 0.40 | % | ||||||||||||||||||
Small Cap Special Values | $ | 1,000.00 | 1,126.04 | 4.64 | $ | 1,000.00 | 1,020.71 | 4.41 | 0.87 | % | ||||||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | 1,123.95 | 5.16 | $ | 1,000.00 | 1,020.21 | 4.91 | 0.97 | % | ||||||||||||||||||
Stock Index | $ | 1,000.00 | 1,106.94 | 1.80 | $ | 1,000.00 | 1,023.36 | 1.72 | 0.34 | % | ||||||||||||||||||
Value# | $ | 1,000.00 | 1,089.05 | 4.45 | $ | 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, 2017” 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, 2017” and the “Annualized Expense Ratio” would have been lower. |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 9.2 | % | ||
Exchange-Traded Funds | 8.2 | |||
Time Deposits | 5.9 | |||
Banks — Commercial | 5.4 | |||
Banks — Super Regional | 3.4 | |||
Registered Investment Companies | 2.4 | |||
Diversified Financial Services | 2.4 | |||
Telephone — Integrated | 1.7 | |||
Diversified Manufacturing Operations | 1.5 | |||
Sovereign | 1.5 | |||
Computers | 1.5 | |||
U.S. Government Treasuries | 1.4 | |||
Real Estate Investment Trusts | 1.4 | |||
Auto — Cars/Light Trucks | 1.3 | |||
Electronic Components — Misc. | 1.2 | |||
Electric — Integrated | 1.2 | |||
Medical — Drugs | 1.2 | |||
Finance — Credit Card | 1.2 | |||
Food — Misc./Diversified | 1.1 | |||
Computer Services | 1.1 | |||
Applications Software | 1.1 | |||
Electronic Components — Semiconductors | 1.1 | |||
Banks — Fiduciary | 1.0 | |||
Insurance — Property/Casualty | 1.0 | |||
Soap & Cleaning Preparation | 1.0 | |||
Web Portals/ISP | 0.9 | |||
Medical — HMO | 0.8 | |||
Insurance — Multi-line | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Aerospace/Defense | 0.8 | |||
Telecom Services | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Medical Instruments | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Medical — Biomedical/Gene | 0.7 | |||
Oil Companies — Integrated | 0.7 | |||
Computers — Integrated Systems | 0.6 | |||
Electronic Measurement Instruments | 0.6 | |||
Tobacco | 0.6 | |||
Retail — Automobile | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Machinery — Electrical | 0.6 | |||
Retail — Apparel/Shoe | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Retail — Drug Store | 0.5 | |||
Cosmetics & Toiletries | 0.5 | |||
Building & Construction — Misc. | 0.5 | |||
Savings & Loans/Thrifts | 0.5 | |||
Electric Products — Misc. | 0.5 | |||
Distribution/Wholesale | 0.5 | |||
Chemicals — Diversified | 0.5 | |||
Medical Products | 0.4 | |||
Internet Content — Entertainment | 0.4 | |||
Human Resources | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Networking Products | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Retail — Home Furnishings | 0.4 | |||
Retail — Discount | 0.4 | |||
Transport — Rail | 0.4 | |||
Oil Companies — Exploration & Production | 0.4 | |||
Gas — Distribution | 0.3 | |||
Internet Application Software | 0.3 | |||
Investment Management/Advisor Services | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Real Estate Operations & Development | 0.3 | |||
Retail — Consumer Electronics | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Public Thoroughfares | 0.3 |
Diversified Operations | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Investment Companies | 0.3 | |||
Advertising Agencies | 0.3 | |||
Transactional Software | 0.3 | |||
Import/Export | 0.3 | |||
Multimedia | 0.3 | |||
Building & Construction Products — Misc. | 0.3 | |||
Garden Products | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Toys | 0.3 | |||
Entertainment Software | 0.3 | |||
Private Equity | 0.3 | |||
Oil — Field Services | 0.3 | |||
Transport — Truck | 0.3 | |||
E-Commerce/Products | 0.2 | |||
Internet Security | 0.2 | |||
Medical — Outpatient/Home Medical | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Steel — Producers | 0.2 | |||
Footwear & Related Apparel | 0.2 | |||
Audio/Video Products | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Airlines | 0.2 | |||
Computer Data Security | 0.2 | |||
Software Tools | 0.2 | |||
Drug Delivery Systems | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Diversified Minerals | 0.2 | |||
Retail — Building Products | 0.2 | |||
Instruments — Controls | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Brewery | 0.2 | |||
Retail — Restaurants | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Commercial Services | 0.2 | |||
Hotels/Motels | 0.2 | |||
Dialysis Centers | 0.2 | |||
Water | 0.2 | |||
Paper & Related Products | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Cruise Lines | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Travel Services | 0.2 | |||
Transport — Services | 0.2 | |||
Finance — Other Services | 0.2 | |||
Cable/Satellite TV | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Building Products — Cement | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Data Processing/Management | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Pipelines | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Schools | 0.1 | |||
Electronic Forms | 0.1 | |||
Machinery — Farming | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Building Products — Wood | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Retail — Pawn Shops | 0.1 |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited) — (continued)
Industry Allocation* (continued)
Finance — Consumer Loans | 0.1 | % | ||
Airport Development/Maintenance | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Food — Retail | 0.1 | |||
Satellite Telecom | 0.1 | |||
Casino Hotels | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Electric — Transmission | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Security Services | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Racetracks | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Venture Capital | 0.1 | |||
Electric — Distribution | 0.1 | |||
Poultry | 0.1 | |||
Television | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Cellular Telecom | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Agricultural Operations | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Auto/Truck Parts & Equipment — Replacement | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Circuit Boards | 0.1 | |||
Wireless Equipment | 0.1 | |||
Food — Canned | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Office Furnishings — Original | 0.1 | |||
Computer Software | 0.1 | |||
Textile — Products | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Publishing — Books | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Pharmacy Services | 0.1 | |||
Gas — Transportation | 0.1 | |||
Computer Aided Design | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Identification Systems | 0.1 | |||
Auto — Truck Trailers | 0.1 | |||
E-Marketing/Info | 0.1 | |||
102.2 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
United States | 77.2 | % | ||
Japan | 12.3 | |||
Indonesia | 5.2 | |||
United Kingdom | 1.4 | |||
Netherlands | 1.2 | |||
Germany | 0.8 | |||
France | 0.7 | |||
Cayman Islands | 0.6 | |||
Canada | 0.6 | |||
Spain | 0.4 | |||
Italy | 0.4 | |||
China | 0.3 | |||
Bermuda | 0.2 | |||
Panama | 0.2 | |||
Singapore | 0.2 | |||
Ireland | 0.1 | |||
Hong Kong | 0.1 | |||
Switzerland | 0.1 | |||
Israel | 0.1 | |||
Jersey | 0.1 | |||
102.2 | % | |||
* | Calculated as a percentage of net assets |
5 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 72.9% |
| |||||||
Advertising Agencies — 0.3% |
| |||||||
Interpublic Group of Cos., Inc. | 374 | $ | 7,398 | |||||
Omnicom Group, Inc. | 6,960 | 497,222 | ||||||
504,620 | ||||||||
Aerospace/Defense — 0.8% |
| |||||||
Aerovironment, Inc.† | 1,185 | 54,012 | ||||||
Arconic, Inc. | 203 | 4,996 | ||||||
BAE Systems PLC | 12,640 | 94,414 | ||||||
Boeing Co. | 3,141 | 869,429 | ||||||
Cubic Corp. | 1,904 | 117,953 | ||||||
General Dynamics Corp. | 204 | 42,261 | ||||||
Kawasaki Heavy Industries, Ltd. | 1,900 | 63,041 | ||||||
Lockheed Martin Corp. | 120 | 38,294 | ||||||
1,284,400 | ||||||||
Aerospace/Defense - Equipment — 0.4% |
| |||||||
AAR Corp. | 2,418 | 100,540 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 1,656 | 52,147 | ||||||
Harris Corp. | 58 | 8,381 | ||||||
Kaman Corp. | 2,107 | 125,704 | ||||||
L3 Technologies, Inc. | 452 | 89,763 | ||||||
Moog, Inc., Class A† | 2,101 | 176,715 | ||||||
Triumph Group, Inc.# | 3,759 | 116,153 | ||||||
United Technologies Corp. | 151 | 18,339 | ||||||
687,742 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
Monsanto Co. | 44 | 5,207 | ||||||
Agricultural Operations — 0.1% |
| |||||||
Andersons, Inc. | 2,389 | 77,164 | ||||||
Archer-Daniels-Midland Co. | 1,519 | 60,578 | ||||||
137,742 | ||||||||
Airlines — 0.2% |
| |||||||
Alaska Air Group, Inc. | 20 | 1,383 | ||||||
Allegiant Travel Co.# | 250 | 38,000 | ||||||
American Airlines Group, Inc. | 254 | 12,825 | ||||||
Copa Holdings SA, Class A | 354 | 47,503 | ||||||
Delta Air Lines, Inc. | 328 | 17,358 | ||||||
Hawaiian Holdings, Inc. | 1,229 | 53,031 | ||||||
JetBlue Airways Corp.† | 191 | 4,101 | ||||||
SkyWest, Inc. | 3,428 | 178,428 | ||||||
Southwest Airlines Co. | 93 | 5,642 | ||||||
United Continental Holdings, Inc.† | 128 | 8,105 | ||||||
366,376 | ||||||||
Airport Development/Maintenance — 0.1% |
| |||||||
Aena SME SA* | 129 | 25,683 | ||||||
Aeroports de Paris# | 307 | 58,562 | ||||||
Auckland International Airport, Ltd. | 1,045 | 4,568 | ||||||
BBA Aviation PLC | 902 | 4,067 | ||||||
Beijing Capital International Airport Co., Ltd. | 4,000 | 5,945 | ||||||
Enav SpA* | 467 | 2,494 | ||||||
Flughafen Zurich AG | 27 | 6,069 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 667 | 66,459 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV ADR | 43 | 1,741 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV ADR# | 49 | 4,878 | ||||||
Grupo Aeroportuario del Sureste SAB de CV ADR | 26 | 4,657 | ||||||
Sydney Airport | 1,929 | 10,861 | ||||||
195,984 | ||||||||
Apparel Manufacturers — 0.0% |
| |||||||
Michael Kors Holdings, Ltd.† | 58 | 3,390 | ||||||
Oxford Industries, Inc. | 507 | 34,983 |
Security Description | Shares | Value (Note 2) | ||||||
Apparel Manufacturers (continued) |
| |||||||
Ralph Lauren Corp. | 127 | $ | 12,084 | |||||
50,457 | ||||||||
Appliances — 0.0% |
| |||||||
iRobot Corp.†# | 625 | 42,887 | ||||||
Applications Software — 1.1% |
| |||||||
CDK Global, Inc. | 2,093 | 144,605 | ||||||
Citrix Systems, Inc.† | 23 | 2,015 | ||||||
Ebix, Inc.# | 501 | 38,727 | ||||||
Intuit, Inc. | 891 | 140,083 | ||||||
Microsoft Corp. | 5,814 | 489,364 | ||||||
Progress Software Corp. | 2,211 | 91,403 | ||||||
PTC, Inc.† | 838 | 53,364 | ||||||
Red Hat, Inc.† | 610 | 77,324 | ||||||
salesforce.com, Inc.† | 3,730 | 389,114 | ||||||
ServiceNow, Inc.†# | 3,316 | 407,868 | ||||||
Tableau Software, Inc., Class A†# | 993 | 69,808 | ||||||
1,903,675 | ||||||||
Athletic Equipment — 0.0% |
| |||||||
Vista Outdoor, Inc.† | 4,007 | 57,741 | ||||||
Audio/Video Products — 0.2% |
| |||||||
Sony Corp. | 7,600 | 353,774 | ||||||
Universal Electronics, Inc.†# | 433 | 22,992 | ||||||
376,766 | ||||||||
Auto Repair Centers — 0.0% |
| |||||||
Monro, Inc.# | 1,537 | 77,542 | ||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Fiat Chrysler Automobiles NV† | 3,594 | 61,756 | ||||||
Suzuki Motor Corp. | 6,700 | 361,402 | ||||||
Toyota Motor Corp. | 8,300 | 522,984 | ||||||
946,142 | ||||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
Isuzu Motors, Ltd. | 23,900 | 378,726 | ||||||
PACCAR, Inc. | 206 | 14,488 | ||||||
393,214 | ||||||||
Auto - Truck Trailers — 0.1% |
| |||||||
Wabash National Corp.# | 4,112 | 82,857 | ||||||
Auto/Truck Parts & Equipment - Original — 0.6% |
| |||||||
Allison Transmission Holdings, Inc. | 3,931 | 161,328 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 5,837 | 104,774 | ||||||
BorgWarner, Inc. | 774 | 43,096 | ||||||
Cooper-Standard Holding, Inc.† | 915 | 115,354 | ||||||
Delphi Automotive PLC | 91 | 9,525 | ||||||
Gentherm, Inc.† | 2,877 | 103,572 | ||||||
Koito Manufacturing Co., Ltd. | 5,000 | 346,750 | ||||||
Lear Corp. | 406 | 73,442 | ||||||
Superior Industries International, Inc. | 1,476 | 24,649 | ||||||
Visteon Corp.† | 207 | 27,260 | ||||||
1,009,750 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.1% |
| |||||||
Dorman Products, Inc.† | 659 | 45,016 | ||||||
Motorcar Parts of America, Inc.† | 1,120 | 29,187 | ||||||
Standard Motor Products, Inc. | 1,111 | 50,229 | ||||||
124,432 | ||||||||
Banks - Commercial — 5.4% |
| |||||||
Agricultural Bank of China, Ltd. | 106,000 | 49,426 | ||||||
Ameris Bancorp | 1,243 | 61,653 | ||||||
Associated Banc-Corp. | 1,964 | 50,082 |
6 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
BancorpSouth Bank | 1,063 | $ | 35,345 | |||||
Bank Central Asia Tbk PT | 661,600 | 995,685 | ||||||
Bank Danamon Indonesia Tbk PT | 233,800 | 87,169 | ||||||
Bank Mandiri Persero Tbk PT | 1,047,400 | 574,729 | ||||||
Bank Negara Indonesia Persero Tbk PT | 391,500 | 234,495 | ||||||
Bank of Hawaii Corp.# | 557 | 47,278 | ||||||
Bank of Montreal | 5,629 | 433,121 | ||||||
Bank of the Ozarks# | 887 | 42,771 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 3,309,000 | 785,383 | ||||||
Banner Corp. | 977 | 56,265 | ||||||
Barclays Africa Group, Ltd. | 4,957 | 57,084 | ||||||
BB&T Corp. | 10,351 | 511,546 | ||||||
Cathay General Bancorp, Class B | 940 | 40,787 | ||||||
Central Pacific Financial Corp. | 1,787 | 57,541 | ||||||
Chemical Financial Corp. | 918 | 51,766 | ||||||
Chongqing Rural Commercial Bank Co., Ltd. | 25,000 | 17,824 | ||||||
CIT Group, Inc. | 2,638 | 131,478 | ||||||
City Holding Co. | 194 | 13,817 | ||||||
Columbia Banking System, Inc. | 1,962 | 90,448 | ||||||
Commerce Bancshares, Inc. | 374 | 21,165 | ||||||
Community Bank System, Inc.# | 2,399 | 132,857 | ||||||
Cullen/Frost Bankers, Inc. | 711 | 69,970 | ||||||
Customers Bancorp, Inc.† | 3,526 | 95,555 | ||||||
CVB Financial Corp. | 3,129 | 76,942 | ||||||
East West Bancorp, Inc. | 4,560 | 280,622 | ||||||
Fidelity Southern Corp. | 2,038 | 44,938 | ||||||
First BanCorp† | 8,875 | 44,198 | ||||||
First Commonwealth Financial Corp. | 4,124 | 62,272 | ||||||
First Financial Bancorp | 5,782 | 163,920 | ||||||
First Financial Bankshares, Inc.# | 1,801 | 85,457 | ||||||
First Horizon National Corp.# | 2,189 | 42,445 | ||||||
First Midwest Bancorp, Inc. | 2,793 | 69,741 | ||||||
FNB Corp. | 10 | 142 | ||||||
Fulton Financial Corp. | 2,150 | 40,850 | ||||||
Glacier Bancorp, Inc.# | 2,269 | 90,873 | ||||||
Great Western Bancorp, Inc. | 3,299 | 136,315 | ||||||
Hancock Holding Co. | 1,070 | 54,945 | ||||||
Hanmi Financial Corp. | 1,806 | 57,340 | ||||||
Home BancShares, Inc. | 1,616 | 38,461 | ||||||
HomeStreet, Inc.† | 320 | 9,760 | ||||||
Hope Bancorp, Inc. | 4,244 | 79,448 | ||||||
Independent Bank Corp. | 765 | 55,615 | ||||||
International Bancshares Corp. | 677 | 27,926 | ||||||
LegacyTexas Financial Group, Inc. | 1,226 | 51,333 | ||||||
M&T Bank Corp. | 3,890 | 657,215 | ||||||
MB Financial, Inc. | 915 | 42,593 | ||||||
NBT Bancorp, Inc. | 1,357 | 52,706 | ||||||
OFG Bancorp | 3,242 | 31,772 | ||||||
Old National Bancorp | 10,889 | 198,724 | ||||||
Opus Bank† | 219 | 6,110 | ||||||
PacWest Bancorp | 1,552 | 73,968 | ||||||
Pinnacle Financial Partners, Inc. | 2 | 137 | ||||||
Prosperity Bancshares, Inc. | 4 | 280 | ||||||
Regions Financial Corp. | 17,288 | 286,808 | ||||||
S&T Bancorp, Inc. | 1,535 | 64,102 | ||||||
ServisFirst Bancshares, Inc. | 1,522 | 63,909 | ||||||
Signature Bank† | 701 | 96,233 | ||||||
Simmons First National Corp., Class A | 1,047 | 60,621 | ||||||
Southside Bancshares, Inc. | 3,227 | 116,817 | ||||||
SVB Financial Group† | 689 | 156,844 | ||||||
Synovus Financial Corp. | 1,555 | 77,175 | ||||||
TCF Financial Corp. | 13 | 264 | ||||||
Texas Capital Bancshares, Inc.†# | 980 | 88,543 | ||||||
Tompkins Financial Corp.# | 155 | 13,727 | ||||||
TrustCo Bank Corp. | 13,617 | 127,319 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Trustmark Corp. | 752 | $ | 25,523 | |||||
UMB Financial Corp. | 1,492 | 112,139 | ||||||
Umpqua Holdings Corp. | 2,834 | 62,660 | ||||||
United Bankshares, Inc.# | 2,996 | 112,500 | ||||||
United Community Banks, Inc. | 2,184 | 62,768 | ||||||
Valley National Bancorp | 3,368 | 40,079 | ||||||
Webster Financial Corp. | 17 | 975 | ||||||
Westamerica Bancorporation# | 1,891 | 116,921 | ||||||
Wintrust Financial Corp. | 1,590 | 133,321 | ||||||
Zions Bancorporation | 1,598 | 79,181 | ||||||
9,220,717 | ||||||||
Banks - Fiduciary — 1.0% |
| |||||||
Bank of New York Mellon Corp. | 13,138 | 719,174 | ||||||
Boston Private Financial Holdings, Inc. | 9,630 | 157,450 | ||||||
Citizens Financial Group, Inc. | 6,443 | 262,230 | ||||||
Northern Trust Corp. | 1,786 | 174,635 | ||||||
State Street Corp. | 4,582 | 436,894 | ||||||
1,750,383 | ||||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc.† | 1,043 | 51,399 | ||||||
Banks - Super Regional — 3.4% |
| |||||||
Capital One Financial Corp. | 7 | 644 | ||||||
Comerica, Inc. | 4,218 | 351,401 | ||||||
Fifth Third Bancorp | 13,392 | 408,590 | ||||||
Huntington Bancshares, Inc. | 13,977 | 201,269 | ||||||
KeyCorp | 13,967 | 265,094 | ||||||
National Bank Holdings Corp., Class A | 1,595 | 54,118 | ||||||
PNC Financial Services Group, Inc. | 4,848 | 681,435 | ||||||
SunTrust Banks, Inc. | 7,947 | 489,774 | ||||||
US Bancorp | 20,276 | 1,118,221 | ||||||
Wells Fargo & Co. | 39,081 | 2,206,904 | ||||||
5,777,450 | ||||||||
Batteries/Battery Systems — 0.1% |
| |||||||
W-Scope Corp.# | 4,700 | 93,764 | ||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Coca-Cola Co. | 1,535 | 70,257 | ||||||
Dr Pepper Snapple Group, Inc.# | 862 | 77,744 | ||||||
PepsiCo, Inc. | 798 | 92,983 | ||||||
240,984 | ||||||||
Bicycle Manufacturing — 0.0% |
| |||||||
Fox Factory Holding Corp.† | 900 | 35,100 | ||||||
Brewery — 0.2% |
| |||||||
Asahi Group Holdings, Ltd. | 6,400 | 325,658 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Scripps Networks Interactive, Inc., Class A | 1,501 | 122,842 | ||||||
TiVo Corp. | 3,711 | 66,056 | ||||||
World Wrestling Entertainment, Inc., Class A# | 1,144 | 32,592 | ||||||
221,490 | ||||||||
Building & Construction Products - Misc. — 0.3% |
| |||||||
American Woodmark Corp.† | 361 | 35,956 | ||||||
Gibraltar Industries, Inc.† | 1,047 | 34,446 | ||||||
Nichias Corp. | 11,000 | 141,901 | ||||||
Owens Corning | 766 | 67,676 | ||||||
Patrick Industries, Inc.† | 385 | 38,962 | ||||||
Quanex Building Products Corp. | 1,506 | 32,982 | ||||||
Simpson Manufacturing Co., Inc. | 833 | 49,955 | ||||||
Trex Co., Inc.† | 636 | 74,895 | ||||||
476,773 | ||||||||
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building & Construction - Misc. — 0.5% |
| |||||||
Aegion Corp.† | 3,481 | $ | 96,180 | |||||
Comfort Systems USA, Inc. | 2,684 | 115,278 | ||||||
MYR Group, Inc.† | 1,230 | 43,739 | ||||||
Obayashi Corp. | 4,900 | 63,578 | ||||||
Penta-Ocean Construction Co., Ltd. | 24,200 | 180,701 | ||||||
PP Persero Tbk PT | 608,900 | 115,738 | ||||||
Taisei Corp. | 2,500 | 132,663 | ||||||
TopBuild Corp.† | 1,244 | 84,579 | ||||||
832,456 | ||||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Daikin Industries, Ltd. | 2,500 | 288,827 | ||||||
Johnson Controls International PLC | 56 | 2,108 | ||||||
290,935 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Indocement Tunggal Prakarsa Tbk PT | 78,400 | 106,852 | ||||||
PT Semen Indonesia Persero Tbk | 158,700 | 110,277 | ||||||
US Concrete, Inc.†# | 431 | 34,846 | ||||||
251,975 | ||||||||
Building Products - Doors & Windows — 0.0% |
| |||||||
Apogee Enterprises, Inc.# | 798 | 39,924 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Boise Cascade Co. | 2,910 | 112,035 | ||||||
Masco Corp. | 262 | 11,242 | ||||||
Universal Forest Products, Inc. | 2,255 | 88,306 | ||||||
211,583 | ||||||||
Building - Heavy Construction — 0.1% |
| |||||||
Hopewell Highway Infrastructure, Ltd. | 2,500 | 1,497 | ||||||
Vinci SA | 1,211 | 123,743 | ||||||
Waskita Karya Persero Tbk PT | 398,600 | 62,185 | ||||||
187,425 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 3,400 | 145,520 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.† | 620 | 94,953 | ||||||
Winnebago Industries, Inc. | 748 | 40,953 | ||||||
135,906 | ||||||||
Building - Residential/Commercial — 0.3% |
| |||||||
Installed Building Products, Inc.† | 514 | 39,604 | ||||||
MDC Holdings, Inc. | 2,597 | 93,024 | ||||||
Meritage Homes Corp.† | 2,562 | 140,782 | ||||||
Sekisui Chemical Co., Ltd. | 9,900 | 191,975 | ||||||
Toll Brothers, Inc. | 916 | 46,102 | ||||||
511,487 | ||||||||
Cable/Satellite TV — 0.2% |
| |||||||
Charter Communications, Inc., Class A† | 494 | 161,148 | ||||||
Comcast Corp., Class A | 2,493 | 93,587 | ||||||
254,735 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp.# | 5,283 | 168,475 | ||||||
Las Vegas Sands Corp. | 79 | 5,474 | ||||||
Wynn Resorts, Ltd.# | 25 | 3,952 | ||||||
177,901 | ||||||||
Casino Services — 0.0% |
| |||||||
Scientific Games Corp., Class A†# | 1,156 | 60,863 | ||||||
Cellular Telecom — 0.1% |
| |||||||
Sprint Corp.†# | 6,772 | 40,564 |
Security Description | Shares | Value (Note 2) | ||||||
Cellular Telecom (continued) |
| |||||||
T-Mobile US, Inc.† | 1,653 | $ | 100,949 | |||||
141,513 | ||||||||
Chemicals - Diversified — 0.5% |
| |||||||
AdvanSix, Inc.† | 2,040 | 87,822 | ||||||
DowDuPont, Inc. | 1,078 | 77,573 | ||||||
Eastman Chemical Co. | 155 | 14,317 | ||||||
FMC Corp. | 4 | 378 | ||||||
Huntsman Corp. | 4,300 | 137,428 | ||||||
Innophos Holdings, Inc. | 856 | 39,658 | ||||||
Innospec, Inc. | 628 | 44,839 | ||||||
Koppers Holdings, Inc.† | 1,633 | 81,487 | ||||||
LyondellBasell Industries NV, Class A | 1,931 | 202,176 | ||||||
Quaker Chemical Corp. | 509 | 83,873 | ||||||
769,551 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc.# | 1,706 | 32,056 | ||||||
Chemicals - Plastics — 0.1% |
| |||||||
A. Schulman, Inc. | 2,237 | 84,894 | ||||||
Chemicals - Specialty — 0.7% |
| |||||||
Balchem Corp. | 706 | 61,613 | ||||||
Calgon Carbon Corp. | 4,203 | 90,785 | ||||||
H.B. Fuller Co. | 3,245 | 183,570 | ||||||
Hawkins, Inc. | 830 | 31,830 | ||||||
Ingevity Corp.† | 900 | 71,631 | ||||||
Kraton Corp.† | 772 | 36,322 | ||||||
Shin-Etsu Chemical Co., Ltd. | 4,000 | 421,709 | ||||||
Stepan Co. | 1,115 | 92,668 | ||||||
Toray Industries, Inc. | 28,600 | 270,174 | ||||||
1,260,302 | ||||||||
Circuit Boards — 0.1% |
| |||||||
Park Electrochemical Corp. | 3,748 | 71,587 | ||||||
TTM Technologies, Inc.† | 2,400 | 39,192 | ||||||
110,779 | ||||||||
Coal — 0.0% |
| |||||||
SunCoke Energy, Inc.† | 2,746 | 31,277 | ||||||
Commercial Services — 0.2% |
| |||||||
Healthcare Services Group, Inc.# | 1,534 | 79,661 | ||||||
HMS Holdings Corp.† | 3,558 | 58,814 | ||||||
Macquarie Infrastructure Corp. | 71 | 4,741 | ||||||
Nielsen Holdings PLC | 1,095 | 40,208 | ||||||
Nutrisystem, Inc. | 733 | 37,200 | ||||||
Team, Inc.†# | 1,483 | 20,391 | ||||||
Wirecard AG | 686 | 73,150 | ||||||
314,165 | ||||||||
Commercial Services - Finance — 0.3% |
| |||||||
Automatic Data Processing, Inc. | 34 | 3,892 | ||||||
Cardtronics PLC, Class A† | 1,549 | 29,013 | ||||||
Experian PLC | 4,109 | 84,996 | ||||||
Green Dot Corp., Class A† | 2,436 | 150,545 | ||||||
H&R Block, Inc.# | 147 | 3,848 | ||||||
LendingTree, Inc.†# | 255 | 76,997 | ||||||
PayPal Holdings, Inc.† | 733 | 55,510 | ||||||
S&P Global, Inc. | 94 | 15,555 | ||||||
Western Union Co.# | 5,624 | 110,737 | ||||||
531,093 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 775 | 85,017 | ||||||
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Data Security — 0.2% |
| |||||||
Check Point Software Technologies, Ltd.† | 1,054 | $ | 109,922 | |||||
Fortinet, Inc.† | 4,918 | 206,851 | ||||||
Qualys, Inc.† | 710 | 41,819 | ||||||
358,592 | ||||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc. | 1,361 | 34,297 | ||||||
Computer Services — 1.1% |
| |||||||
Accenture PLC, Class A | 425 | 62,904 | ||||||
Atos SE | 658 | 97,320 | ||||||
Barracuda Networks, Inc.† | 1,246 | 34,452 | ||||||
CACI International, Inc., Class A† | 1,569 | 207,030 | ||||||
Capgemini SE | 831 | 95,835 | ||||||
Cognizant Technology Solutions Corp., Class A | 1,469 | 106,179 | ||||||
DXC Technology Co. | 432 | 41,532 | ||||||
ExlService Holdings, Inc.† | 753 | 46,219 | ||||||
Insight Enterprises, Inc.† | 2,697 | 105,183 | ||||||
International Business Machines Corp. | 2,777 | 427,575 | ||||||
Leidos Holdings, Inc. | 977 | 62,108 | ||||||
NEC Corp. | 1,400 | 37,458 | ||||||
Nomura Research Institute, Ltd. | 900 | 40,853 | ||||||
SCSK Corp. | 8,500 | 372,285 | ||||||
Sykes Enterprises, Inc.† | 2,749 | 87,473 | ||||||
Virtusa Corp.† | 2,409 | 111,657 | ||||||
1,936,063 | ||||||||
Computer Software — 0.1% |
| |||||||
Splunk, Inc.†# | 1,276 | 102,195 | ||||||
Computers — 0.7% |
| |||||||
Apple, Inc. | 4,883 | 839,144 | ||||||
HP, Inc. | 12,494 | 267,996 | ||||||
1,107,140 | ||||||||
Computers - Integrated Systems — 0.6% |
| |||||||
Agilysys, Inc.† | 2,990 | 36,597 | ||||||
Cray, Inc.† | 3,997 | 90,932 | ||||||
Fujitsu, Ltd. | 53,000 | 396,824 | ||||||
Ingenico Group SA | 1,488 | 155,965 | ||||||
Mercury Systems, Inc.† | 964 | 50,311 | ||||||
MTS Systems Corp. | 773 | 43,211 | ||||||
NTT Data Corp. | 3,700 | 43,675 | ||||||
Obic Co., Ltd. | 600 | 41,696 | ||||||
Otsuka Corp. | 3,200 | 239,986 | ||||||
1,099,197 | ||||||||
Computers - Memory Devices — 0.0% |
| |||||||
Western Digital Corp. | 76 | 5,993 | ||||||
Computers - Other — 0.0% |
| |||||||
Lumentum Holdings, Inc.†# | 1,294 | 69,941 | ||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Electronics For Imaging, Inc.† | 1,971 | 60,628 | ||||||
Ferrotec Holdings Corp. | 3,500 | 69,687 | ||||||
130,315 | ||||||||
Consulting Services — 0.0% |
| |||||||
FTI Consulting, Inc.† | 990 | 42,580 | ||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Central Garden & Pet Co.† | 1,207 | 47,833 | ||||||
Central Garden & Pet Co., Class A† | 1,135 | 43,777 | ||||||
Clorox Co. | 832 | 115,889 | ||||||
Kimberly-Clark Corp. | 1,789 | 214,251 | ||||||
Spectrum Brands Holdings, Inc.# | 333 | 38,255 | ||||||
460,005 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Crown Holdings, Inc.† | 2,331 | $ | 139,231 | |||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Bemis Co., Inc. | 502 | 23,554 | ||||||
KapStone Paper and Packaging Corp. | 5,852 | 130,090 | ||||||
Packaging Corp. of America | 14 | 1,660 | ||||||
155,304 | ||||||||
Cosmetics & Toiletries — 0.5% |
| |||||||
Inter Parfums, Inc. | 910 | 40,313 | ||||||
Kao Corp. | 2,800 | 185,923 | ||||||
Pola Orbis Holdings, Inc. | 8,400 | 307,573 | ||||||
Procter & Gamble Co. | 3,854 | 346,822 | ||||||
880,631 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Carnival Corp. | 3,099 | 203,418 | ||||||
Carnival PLC | 713 | 46,181 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 21 | 1,137 | ||||||
Royal Caribbean Cruises, Ltd. | 273 | 33,819 | ||||||
284,555 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
CSG Systems International, Inc. | 920 | 42,219 | ||||||
Fidelity National Information Services, Inc. | 1,501 | 141,589 | ||||||
First Data Corp., Class A†# | 3,711 | 61,046 | ||||||
244,854 | ||||||||
Dental Supplies & Equipment — 0.0% |
| |||||||
Lifco AB | 750 | 25,917 | ||||||
Diagnostic Equipment — 0.0% |
| |||||||
Lonza Group AG | 89 | 23,252 | ||||||
Repligen Corp.† | 1,083 | 38,392 | ||||||
61,644 | ||||||||
Diagnostic Kits — 0.0% |
| |||||||
IDEXX Laboratories, Inc.† | 46 | 7,195 | ||||||
Meridian Bioscience, Inc. | 2,199 | 33,095 | ||||||
40,290 | ||||||||
Dialysis Centers — 0.2% |
| |||||||
Fresenius SE & Co. KGaA | 4,219 | 304,339 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
C.R. Bard, Inc. | 30 | 10,078 | ||||||
ICU Medical, Inc.† | 509 | 108,621 | ||||||
Merit Medical Systems, Inc.† | 1,222 | 53,096 | ||||||
171,795 | ||||||||
Distribution/Wholesale — 0.5% |
| |||||||
Ai Holdings Corp. | 8,600 | 206,568 | ||||||
AKR Corporindo Tbk PT | 90,400 | 42,604 | ||||||
Anixter International, Inc.† | 1,913 | 136,780 | ||||||
Core-Mark Holding Co., Inc. | 3,295 | 109,262 | ||||||
Essendant, Inc. | 3,014 | 28,362 | ||||||
Fossil Group, Inc.†# | 2,743 | 19,420 | ||||||
G-III Apparel Group, Ltd.† | 3,313 | 102,040 | ||||||
ScanSource, Inc.† | 2,144 | 77,184 | ||||||
WW Grainger, Inc.# | 247 | 54,664 | ||||||
776,884 | ||||||||
Diversified Banking Institutions — 6.3% |
| |||||||
Banco Santander SA | 753 | 5,064 | ||||||
Bank of America Corp. | 88,066 | 2,480,819 | ||||||
Citigroup, Inc. | 31,004 | 2,340,802 | ||||||
Goldman Sachs Group, Inc. | 3,358 | 831,575 |
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
JPMorgan Chase & Co. | 35,360 | $ | 3,695,827 | |||||
Mitsubishi UFJ Financial Group, Inc. | 59,900 | 424,623 | ||||||
Morgan Stanley | 12,826 | 661,950 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 7,700 | 312,991 | ||||||
10,753,651 | ||||||||
Diversified Manufacturing Operations — 0.8% |
| |||||||
3M Co. | 40 | 9,726 | ||||||
Actuant Corp., Class A | 3,828 | 101,059 | ||||||
AZZ, Inc. | 767 | 36,893 | ||||||
Barnes Group, Inc. | 2,063 | 136,715 | ||||||
Eaton Corp. PLC | 725 | 56,390 | ||||||
EnPro Industries, Inc. | 1,370 | 118,327 | ||||||
Fabrinet† | 936 | 29,868 | ||||||
Federal Signal Corp. | 3,946 | 84,839 | ||||||
General Electric Co. | 14,264 | 260,889 | ||||||
Harsco Corp.† | 4,709 | 84,997 | ||||||
Illinois Tool Works, Inc. | 139 | 23,526 | ||||||
Ingersoll-Rand PLC | 1,536 | 134,584 | ||||||
Lydall, Inc.† | 657 | 36,168 | ||||||
Raven Industries, Inc. | 2,324 | 88,777 | ||||||
Siemens AG | 234 | 31,821 | ||||||
Standex International Corp. | 348 | 37,236 | ||||||
Tredegar Corp. | 1,675 | 32,997 | ||||||
1,304,812 | ||||||||
Diversified Minerals — 0.2% |
| |||||||
Sumitomo Metal Mining Co., Ltd. | 7,100 | 276,817 | ||||||
US Silica Holdings, Inc.# | 1,885 | 62,526 | ||||||
339,343 | ||||||||
Diversified Operations — 0.3% |
| |||||||
Ackermans & van Haaren NV | 340 | 59,404 | ||||||
Alfa SAB de CV, Class A | 20,000 | 22,216 | ||||||
Leucadia National Corp. | 13,995 | 368,208 | ||||||
Wendel SA | 420 | 70,706 | ||||||
520,534 | ||||||||
Diversified Operations/Commercial Services — 0.1% |
| |||||||
Viad Corp. | 1,467 | 84,499 | ||||||
Drug Delivery Systems — 0.2% |
| |||||||
Nektar Therapeutics† | 6,464 | 348,991 | ||||||
E-Commerce/Products — 0.2% |
| |||||||
Alibaba Group Holding, Ltd. ADR†# | 363 | 64,280 | ||||||
Amazon.com, Inc.† | 236 | 277,713 | ||||||
FTD Cos., Inc.† | 1,232 | 8,304 | ||||||
Rocket Internet SE†* | 1,130 | 26,906 | ||||||
Shutterfly, Inc.†# | 929 | 41,043 | ||||||
418,246 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
Autohome, Inc. ADR† | 683 | 37,818 | ||||||
Expedia, Inc. | 112 | 13,720 | ||||||
IAC/InterActiveCorp† | 550 | 69,999 | ||||||
Priceline Group, Inc.† | 88 | 153,094 | ||||||
Stamps.com, Inc.†# | 338 | 56,919 | ||||||
331,550 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
New Media Investment Group, Inc. | 4,761 | 82,651 | ||||||
E-Services/Consulting — 0.1% |
| |||||||
Perficient, Inc.† | 3,909 | 75,678 | ||||||
SMS Co., Ltd.# | 5,300 | 169,899 | ||||||
245,577 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric Products - Misc. — 0.5% |
| |||||||
Casio Computer Co., Ltd. | 13,600 | $ | 199,481 | |||||
Emerson Electric Co. | 2,244 | 145,456 | ||||||
Littelfuse, Inc.# | 185 | 37,537 | ||||||
Nidec Corp. | 3,000 | 410,602 | ||||||
793,076 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
CenterPoint Energy, Inc. | 135 | 4,051 | ||||||
Innogy SE* | 1,551 | 71,694 | ||||||
PPL Corp. | 1,133 | 41,547 | ||||||
Spark Infrastructure Group | 16,672 | 33,059 | ||||||
150,351 | ||||||||
Electric - Generation — 0.0% | ||||||||
E.ON SE | 1,901 | 21,992 | ||||||
Engie SA | 2,103 | 36,812 | ||||||
58,804 | ||||||||
Electric - Integrated — 1.2% |
| |||||||
AES Corp. | 12,922 | 136,715 | ||||||
ALLETE, Inc. | 2,945 | 237,073 | ||||||
Ameren Corp. | 393 | 25,136 | ||||||
American Electric Power Co., Inc. | 521 | 40,445 | ||||||
Avista Corp.# | 3,804 | 197,580 | ||||||
CLP Holdings, Ltd. | 2,000 | 20,392 | ||||||
Consolidated Edison, Inc. | 265 | 23,596 | ||||||
CPFL Energia SA ADR | 440 | 5,262 | ||||||
Dominion Energy, Inc. | 543 | 45,683 | ||||||
DTE Energy Co. | 156 | 18,029 | ||||||
Duke Energy Corp. | 606 | 54,043 | ||||||
Edison International | 283 | 22,999 | ||||||
El Paso Electric Co. | 2,869 | 174,722 | ||||||
Enel Americas SA ADR | 996 | 9,781 | ||||||
Enel SpA | 8,710 | 56,587 | ||||||
Entergy Corp. | 2,727 | 235,831 | ||||||
Eversource Energy | 387 | 25,097 | ||||||
Exelon Corp. | 821 | 34,244 | ||||||
FirstEnergy Corp.# | 7,668 | 261,786 | ||||||
Hera SpA | 6,064 | 21,783 | ||||||
Iberdrola SA | 5,413 | 43,016 | ||||||
MDU Resources Group, Inc. | 2,248 | 62,832 | ||||||
NextEra Energy, Inc. | 402 | 63,532 | ||||||
PG&E Corp. | 1,601 | 86,838 | ||||||
Public Service Enterprise Group, Inc. | 445 | 23,612 | ||||||
SCANA Corp. | 529 | 22,837 | ||||||
Southern Co. | 856 | 43,827 | ||||||
SSE PLC | 868 | 16,078 | ||||||
WEC Energy Group, Inc.# | 274 | 19,040 | ||||||
Xcel Energy, Inc. | 440 | 22,708 | ||||||
2,051,104 | ||||||||
Electric - Transmission — 0.1% |
| |||||||
Red Electrica Corp. SA | 1,743 | 39,440 | ||||||
REN — Redes Energeticas Nacionais SGPS SA# | 4,258 | 12,497 | ||||||
Terna Rete Elettrica Nazionale SpA | 19,531 | 120,775 | ||||||
172,712 | ||||||||
Electronic Components - Misc. — 1.2% |
| |||||||
Benchmark Electronics, Inc.† | 3,648 | 111,264 | ||||||
Corning, Inc. | 2,087 | 67,598 | ||||||
CTS Corp. | 2,990 | 81,477 | ||||||
Garmin, Ltd.# | 129 | 8,008 | ||||||
Hoya Corp. | 2,900 | 141,118 | ||||||
Jabil, Inc. | 7,500 | 216,375 | ||||||
Koninklijke Philips NV | 825 | 32,063 |
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Components - Misc. (continued) |
| |||||||
Methode Electronics, Inc. | 854 | $ | 40,224 | |||||
MinebeaMitsumi, Inc. | 21,600 | 428,453 | ||||||
Omron Corp. | 6,900 | 408,583 | ||||||
OSI Systems, Inc.† | 1,091 | 94,546 | ||||||
Plexus Corp.† | 2,334 | 145,898 | ||||||
Rogers Corp.† | 836 | 134,680 | ||||||
Sanmina Corp.† | 4,857 | 165,138 | ||||||
2,075,425 | ||||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
Advanced Micro Devices, Inc.†# | 2,530 | 27,552 | ||||||
Broadcom, Ltd. | 1,132 | 314,628 | ||||||
CEVA, Inc.† | 679 | 32,252 | ||||||
Diodes, Inc.† | 3,142 | 92,061 | ||||||
Intel Corp. | 4,132 | 185,279 | ||||||
IPG Photonics Corp.† | 466 | 106,705 | ||||||
Megachips Corp.# | 1,900 | 57,912 | ||||||
Microchip Technology, Inc.# | 632 | 54,978 | ||||||
Micron Technology, Inc.† | 263 | 11,148 | ||||||
Microsemi Corp.† | 1,316 | 69,551 | ||||||
NVIDIA Corp. | 144 | 28,902 | ||||||
ON Semiconductor Corp.† | 11,412 | 229,153 | ||||||
Qorvo, Inc.† | 64 | 4,901 | ||||||
Rambus, Inc.† | 2,636 | 39,013 | ||||||
Semtech Corp.† | 3,109 | 105,861 | ||||||
Skyworks Solutions, Inc. | 1,287 | 134,800 | ||||||
STMicroelectronics NV | 1,426 | 32,441 | ||||||
Texas Instruments, Inc. | 3,151 | 306,561 | ||||||
Xilinx, Inc. | 569 | 39,551 | ||||||
Xperi Corp. | 1,459 | 28,159 | ||||||
1,901,408 | ||||||||
Electronic Forms — 0.1% |
| |||||||
Adobe Systems, Inc.† | 1,230 | 223,208 | ||||||
Electronic Measurement Instruments — 0.6% |
| |||||||
Badger Meter, Inc. | 766 | 35,542 | ||||||
ESCO Technologies, Inc. | 664 | 43,392 | ||||||
FARO Technologies, Inc.† | 1,527 | 79,862 | ||||||
FLIR Systems, Inc. | 879 | 40,944 | ||||||
Itron, Inc.† | 655 | 42,215 | ||||||
Keyence Corp. | 600 | 349,698 | ||||||
National Instruments Corp. | 2,146 | 94,317 | ||||||
Trimble, Inc.† | 2,448 | 102,791 | ||||||
Yokogawa Electric Corp. | 16,200 | 300,798 | ||||||
1,089,559 | ||||||||
Electronic Parts Distribution — 0.0% |
| |||||||
Avnet, Inc. | 716 | 29,650 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
First Solar, Inc.† | 1,900 | 117,990 | ||||||
Green Plains, Inc.# | 3,350 | 56,447 | ||||||
REX American Resources Corp.† | 307 | 28,103 | ||||||
SolarEdge Technologies, Inc.† | 798 | 29,047 | ||||||
231,587 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
AECOM† | 1,252 | 46,950 | ||||||
Exponent, Inc. | 516 | 38,958 | ||||||
Jacobs Engineering Group, Inc. | 212 | 13,914 | ||||||
99,822 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Briggs & Stratton Corp. | 3,797 | 94,545 |
Security Description | Shares | Value (Note 2) | ||||||
Engines - Internal Combustion (continued) |
| |||||||
Cummins, Inc. | 153 | $ | 25,612 | |||||
120,157 | ||||||||
Enterprise Software/Service — 0.8% |
| |||||||
Donnelley Financial Solutions, Inc.† | 3,119 | 63,628 | ||||||
Guidewire Software, Inc.†# | 2,256 | 167,824 | ||||||
ManTech International Corp., Class A | 2,194 | 111,850 | ||||||
MicroStrategy, Inc., Class A† | 495 | 67,696 | ||||||
Omnicell, Inc.† | 837 | 43,859 | ||||||
Oracle Corp. | 1,023 | 50,188 | ||||||
Oracle Corp. Japan | 700 | 62,357 | ||||||
Tyler Technologies, Inc.† | 831 | 152,007 | ||||||
Ultimate Software Group, Inc.†# | 547 | 115,433 | ||||||
Veeva Systems, Inc., Class A† | 2,414 | 145,347 | ||||||
Workday, Inc., Class A† | 3,164 | 325,892 | ||||||
1,306,081 | ||||||||
Entertainment Software — 0.3% |
| |||||||
Activision Blizzard, Inc. | 1,550 | 96,720 | ||||||
Capcom Co., Ltd. | 9,900 | 285,754 | ||||||
Electronic Arts, Inc.† | 27 | 2,871 | ||||||
Take-Two Interactive Software, Inc.† | 489 | 54,548 | ||||||
439,893 | ||||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
Tetra Tech, Inc. | 1,623 | 81,150 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Encore Capital Group, Inc.† | 1,910 | 87,478 | ||||||
PRA Group, Inc.†# | 3,248 | 113,030 | ||||||
200,508 | ||||||||
Finance - Credit Card — 0.4% |
| |||||||
Mastercard, Inc., Class A | 1,368 | 205,843 | ||||||
Visa, Inc., Class A# | 4,322 | 486,614 | ||||||
692,457 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Brait SE†# | 8,454 | 28,501 | ||||||
E*TRADE Financial Corp.† | 2,993 | 144,083 | ||||||
Evercore, Inc., Class A | 784 | 68,090 | ||||||
Interactive Brokers Group, Inc., Class A# | 3,811 | 217,456 | ||||||
INTL. FCStone, Inc.† | 934 | 40,984 | ||||||
Investment Technology Group, Inc. | 3,678 | 66,167 | ||||||
Lazard, Ltd., Class A | 304 | 14,972 | ||||||
Piper Jaffray Cos. | 554 | 43,517 | ||||||
Raymond James Financial, Inc. | 88 | 7,770 | ||||||
631,540 | ||||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
Zenkoku Hosho Co., Ltd. | 5,000 | 216,077 | ||||||
Finance - Other Services — 0.2% |
| |||||||
Nasdaq, Inc. | 744 | 58,895 | ||||||
Tokyo Century Corp. | 2,700 | 122,111 | ||||||
WageWorks, Inc.† | 1,225 | 78,584 | ||||||
259,590 | ||||||||
Financial Guarantee Insurance — 0.0% |
| |||||||
NMI Holdings, Inc., Class A† | 1,832 | 31,236 | ||||||
Firearms & Ammunition — 0.0% |
| |||||||
Axon Enterprise, Inc.†# | 1,463 | 36,399 | ||||||
Sturm Ruger & Co., Inc. | 726 | 39,749 | ||||||
76,148 | ||||||||
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Food - Canned — 0.1% |
| |||||||
Bob Evans Farms, Inc. | 1,390 | $ | 108,476 | |||||
Food - Confectionery — 0.0% |
| |||||||
J.M. Smucker Co. | 540 | 63,002 | ||||||
Food - Misc./Diversified — 1.1% |
| |||||||
Ajinomoto Co., Inc. | 9,500 | 174,897 | ||||||
B&G Foods, Inc.# | 1,451 | 56,154 | ||||||
Cal-Maine Foods, Inc.†# | 2,055 | 102,236 | ||||||
Campbell Soup Co.# | 8,249 | 406,676 | ||||||
Conagra Brands, Inc. | 14,784 | 551,887 | ||||||
Darling Ingredients, Inc.† | 11,033 | 198,042 | ||||||
General Mills, Inc.# | 3,669 | 207,518 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 114,700 | 71,665 | ||||||
Indofood Sukses Makmur Tbk PT | 215,000 | 116,782 | ||||||
J&J Snack Foods Corp. | 280 | 42,311 | ||||||
Kellogg Co.# | 399 | 26,398 | ||||||
1,954,566 | ||||||||
Food - Retail — 0.1% |
| |||||||
Seven & i Holdings Co., Ltd. | 3,500 | 143,649 | ||||||
SUPERVALU, Inc.† | 1,940 | 35,463 | ||||||
179,112 | ||||||||
Food - Wholesale/Distribution — 0.0% |
| |||||||
Calavo Growers, Inc.# | 433 | 33,081 | ||||||
Sysco Corp. | 372 | 21,476 | ||||||
54,557 | ||||||||
Footwear & Related Apparel — 0.2% |
| |||||||
Crocs, Inc.† | 7,725 | 84,434 | ||||||
Steven Madden, Ltd.† | 2,518 | 107,645 | ||||||
Wolverine World Wide, Inc. | 6,486 | 187,899 | ||||||
379,978 | ||||||||
Funeral Services & Related Items — 0.0% |
| |||||||
Matthews International Corp., Class A | 711 | 40,278 | ||||||
Garden Products — 0.3% |
| |||||||
Toro Co. | 7,169 | 467,777 | ||||||
Gas - Distribution — 0.3% |
| |||||||
Centrica PLC | 4,818 | 9,390 | ||||||
Enagas SA | 603 | 17,709 | ||||||
Hong Kong & China Gas Co., Ltd. | 12,100 | 23,623 | ||||||
Italgas SpA | 7,904 | 50,096 | ||||||
National Grid PLC | 2,962 | 35,308 | ||||||
Northwest Natural Gas Co. | 2,053 | 141,965 | ||||||
Sempra Energy | 216 | 26,134 | ||||||
South Jersey Industries, Inc.# | 1,665 | 56,377 | ||||||
Spire, Inc. | 2,720 | 223,720 | ||||||
584,322 | ||||||||
Gas - Transportation — 0.1% |
| |||||||
Snam SpA | 17,056 | 86,040 | ||||||
Gold Mining — 0.0% |
| |||||||
Newmont Mining Corp. | 205 | 7,583 | ||||||
Royal Gold, Inc. | 247 | 20,432 | ||||||
28,015 | ||||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co. | 2,640 | 38,306 | ||||||
Health Care Cost Containment — 0.1% |
| |||||||
HealthEquity, Inc.†# | 2,023 | 104,933 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 93 | 2,880 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Home Furnishings — 0.0% |
| |||||||
Ethan Allen Interiors, Inc. | 1,370 | $ | 40,278 | |||||
Sleep Number Corp.†# | 1,035 | 36,422 | ||||||
76,700 | ||||||||
Hotels/Motels — 0.2% |
| |||||||
Belmond, Ltd., Class A† | 3,025 | 37,510 | ||||||
Hilton Worldwide Holdings, Inc. | 2,419 | 187,618 | ||||||
ILG, Inc. | 2,893 | 81,264 | ||||||
Wyndham Worldwide Corp. | 5 | 562 | ||||||
306,954 | ||||||||
Housewares — 0.0% |
| |||||||
Tupperware Brands Corp. | 43 | 2,714 | ||||||
Human Resources — 0.4% | ||||||||
AMN Healthcare Services, Inc.†# | 1,050 | 52,710 | ||||||
Insperity, Inc. | 415 | 48,928 | ||||||
Kelly Services, Inc., Class A | 2,746 | 80,046 | ||||||
Korn/Ferry International | 3,563 | 156,202 | ||||||
ManpowerGroup, Inc. | 317 | 40,861 | ||||||
On Assignment, Inc.† | 1,905 | 121,844 | ||||||
Recruit Holdings Co., Ltd. | 5,500 | 129,101 | ||||||
TrueBlue, Inc.† | 3,122 | 88,821 | ||||||
718,513 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 2,152 | 84,143 | ||||||
Import/Export — 0.3% |
| |||||||
ITOCHU Corp. | 14,300 | 248,621 | ||||||
Mitsui & Co., Ltd. | 16,200 | 246,723 | ||||||
495,344 | ||||||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Cognex Corp. | 629 | 87,160 | ||||||
FANUC Corp. | 400 | 100,093 | ||||||
Rockwell Automation, Inc. | 166 | 32,051 | ||||||
Yaskawa Electric Corp. | 1,000 | 44,350 | ||||||
263,654 | ||||||||
Instruments - Controls — 0.2% |
| |||||||
Honeywell International, Inc. | 1,506 | 234,876 | ||||||
Watts Water Technologies, Inc., Class A | 1,363 | 101,407 | ||||||
336,283 | ||||||||
Instruments - Scientific — 0.0% |
| |||||||
Waters Corp.† | 43 | 8,478 | ||||||
Insurance Brokers — 0.0% | ||||||||
Aon PLC | 73 | 10,236 | ||||||
Insurance - Life/Health — 0.7% | ||||||||
Aflac, Inc. | 1,806 | 158,278 | ||||||
American Equity Investment Life Holding Co. | 6,586 | 208,974 | ||||||
Athene Holding, Ltd., Class A† | 3,717 | 178,676 | ||||||
Dai-ichi Life Holdings, Inc. | 18,300 | 375,626 | ||||||
Lincoln National Corp. | 67 | 5,129 | ||||||
Principal Financial Group, Inc. | 2,234 | 158,145 | ||||||
Prudential Financial, Inc. | 965 | 111,786 | ||||||
Unum Group | 12 | 679 | ||||||
1,197,293 | ||||||||
Insurance - Multi-line — 0.8% |
| |||||||
Allianz SE | 1,519 | 358,239 | ||||||
Allstate Corp. | 2,315 | 237,658 | ||||||
Assicurazioni Generali SpA | 5,030 | 92,139 | ||||||
Chubb, Ltd. | 60 | 9,127 | ||||||
CNA Financial Corp. | 203 | 11,039 |
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Multi-line (continued) |
| |||||||
Hartford Financial Services Group, Inc. | 3,722 | $ | 213,792 | |||||
Horace Mann Educators Corp. | 2,918 | 136,270 | ||||||
Loews Corp. | 3,385 | 170,198 | ||||||
United Fire Group, Inc. | 1,852 | 89,007 | ||||||
1,317,469 | ||||||||
Insurance - Property/Casualty — 1.0% |
| |||||||
AMERISAFE, Inc. | 581 | 38,143 | ||||||
Employers Holdings, Inc. | 2,304 | 112,896 | ||||||
Fosun International, Ltd. | 48,500 | 101,465 | ||||||
Infinity Property & Casualty Corp. | 1,108 | 119,442 | ||||||
Mercury General Corp. | 87 | 4,775 | ||||||
MS&AD Insurance Group Holdings, Inc. | 11,300 | 368,630 | ||||||
Navigators Group, Inc. | 1,146 | 59,019 | ||||||
ProAssurance Corp. | 2,596 | 160,563 | ||||||
RLI Corp.# | 1,621 | 96,822 | ||||||
Safety Insurance Group, Inc. | 836 | 68,845 | ||||||
Selective Insurance Group, Inc. | 3,529 | 215,975 | ||||||
Stewart Information Services Corp. | 2,049 | 82,636 | ||||||
Tokio Marine Holdings, Inc. | 5,900 | 261,415 | ||||||
Universal Insurance Holdings, Inc.# | 1,416 | 37,382 | ||||||
1,728,008 | ||||||||
Insurance - Reinsurance — 0.1% |
| |||||||
Axis Capital Holdings, Ltd. | 834 | 43,693 | ||||||
Berkshire Hathaway, Inc., Class B† | 524 | 101,137 | ||||||
Maiden Holdings, Ltd. | 4,365 | 28,373 | ||||||
173,203 | ||||||||
Internet Application Software — 0.3% |
| |||||||
Tencent Holdings, Ltd. | 11,200 | 578,134 | ||||||
Internet Connectivity Services — 0.0% | ||||||||
Cogent Communications Holdings, Inc.# | 1,011 | 47,365 | ||||||
Internet Content - Entertainment — 0.4% | ||||||||
Facebook, Inc., Class A† | 3,800 | 673,284 | ||||||
Netflix, Inc.† | 35 | 6,565 | ||||||
Twitter, Inc.† | 1,461 | 30,068 | ||||||
YY, Inc., ADR†# | 101 | 10,422 | ||||||
720,339 | ||||||||
Internet Infrastructure Software — 0.1% |
| |||||||
F5 Networks, Inc.† | 1,558 | 209,084 | ||||||
Internet Security — 0.2% | ||||||||
Palo Alto Networks, Inc.†# | 1,021 | 148,811 | ||||||
Symantec Corp. | 3,051 | 88,388 | ||||||
Trend Micro, Inc. | 3,100 | 175,827 | ||||||
413,026 | ||||||||
Internet Telephone — 0.0% |
| |||||||
8x8, Inc.† | 2,404 | 33,896 | ||||||
Investment Companies — 0.3% | ||||||||
Apollo Investment Corp. | 2,630 | 15,806 | ||||||
Ares Capital Corp. | 4,082 | 66,210 | ||||||
BlackRock Capital Investment Corp. | 2,285 | 14,967 | ||||||
China Merchants China Direct Investments, Ltd. | 10,000 | 17,055 | ||||||
FS Investment Corp.# | 6,080 | 49,248 | ||||||
Goldman Sachs BDC, Inc. | 775 | 16,957 | ||||||
Golub Capital BDC, Inc.# | 1,292 | 24,470 | ||||||
Main Street Capital Corp.# | 1,597 | 64,439 | ||||||
Medley Capital Corp. | 2,106 | 12,257 | ||||||
Melrose Industries PLC | 18,690 | 50,298 | ||||||
New Mountain Finance Corp.# | 1,586 | 22,442 | ||||||
Oaktree Specialty Lending Corp. | 4,028 | 19,415 | ||||||
PennantPark Investment Corp. | 2,895 | 20,902 |
Security Description | Shares | Value (Note 2) | ||||||
Investment Companies (continued) | ||||||||
Prospect Capital Corp.# | 7,036 | $ | 48,197 | |||||
Solar Capital, Ltd. | 1,588 | 33,951 | ||||||
Triangle Capital Corp.# | 770 | 7,554 | ||||||
Zeder Investments, Ltd. | 55,260 | 26,869 | ||||||
511,037 | ||||||||
Investment Management/Advisor Services — 0.3% |
| |||||||
Affiliated Managers Group, Inc. | 158 | 31,390 | ||||||
Ameriprise Financial, Inc. | 1,000 | 163,230 | ||||||
Financial Engines, Inc.# | 1,553 | 43,329 | ||||||
Partners Group Holding AG | 160 | 109,911 | ||||||
Virtus Investment Partners, Inc. | 280 | 33,614 | ||||||
Waddell & Reed Financial, Inc., Class A# | 5,768 | 117,090 | ||||||
WisdomTree Investments, Inc.# | 6,866 | 78,959 | ||||||
577,523 | ||||||||
Lasers - System/Components — 0.0% |
| |||||||
Applied Optoelectronics, Inc.†# | 510 | 22,267 | ||||||
II-VI, Inc.† | 1,129 | 53,514 | ||||||
75,781 | ||||||||
Linen Supply & Related Items — 0.1% |
| |||||||
UniFirst Corp. | 818 | 133,743 | ||||||
Machine Tools & Related Products — 0.0% | ||||||||
THK Co., Ltd. | 900 | 33,582 | ||||||
Machinery - Construction & Mining — 0.5% | ||||||||
Astec Industries, Inc. | 569 | 31,506 | ||||||
Caterpillar, Inc. | 1,883 | 265,785 | ||||||
Komatsu, Ltd. | 8,400 | 261,847 | ||||||
United Tractors Tbk PT | 131,100 | 326,416 | ||||||
885,554 | ||||||||
Machinery - Electrical — 0.6% |
| |||||||
ABB, Ltd. | 1,306 | 33,429 | ||||||
Disco Corp. | 1,400 | 312,381 | ||||||
Franklin Electric Co., Inc. | 1,928 | 89,266 | ||||||
Fuji Electric Co., Ltd. | 56,000 | 397,509 | ||||||
Hitachi, Ltd. | 9,000 | 67,136 | ||||||
Mitsubishi Electric Corp. | 5,800 | 96,188 | ||||||
Regal Beloit Corp. | 179 | 13,774 | ||||||
1,009,683 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Kubota Corp. | 8,900 | 168,847 | ||||||
Lindsay Corp. | 563 | 52,826 | ||||||
221,673 | ||||||||
Machinery - General Industrial — 0.4% |
| |||||||
Albany International Corp., Class A | 1,457 | 94,268 | ||||||
Applied Industrial Technologies, Inc. | 1,952 | 124,830 | ||||||
Chart Industries, Inc.† | 2,264 | 110,211 | ||||||
DXP Enterprises, Inc.† | 845 | 23,491 | ||||||
Harmonic Drive Systems, Inc. | 1,400 | 90,858 | ||||||
Hexagon AB, Class B | 1,535 | 75,444 | ||||||
Tennant Co. | 1,041 | 68,498 | ||||||
Zebra Technologies Corp., Class A† | 800 | 88,256 | ||||||
675,856 | ||||||||
Machinery - Material Handling — 0.1% |
| |||||||
Daifuku Co., Ltd. | 1,700 | 92,940 | ||||||
Machinery - Pumps — 0.1% | ||||||||
SPX FLOW, Inc.† | 2,919 | 130,684 | ||||||
Medical Imaging Systems — 0.0% | ||||||||
Analogic Corp. | 863 | 71,456 | ||||||
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Information Systems — 0.0% | ||||||||
Computer Programs & Systems, Inc. | 1,084 | $ | 32,845 | |||||
Quality Systems, Inc.† | 2,050 | 29,582 | ||||||
62,427 | ||||||||
Medical Instruments — 0.7% |
| |||||||
Abaxis, Inc.# | 1,454 | 70,868 | ||||||
AngioDynamics, Inc.† | 1,986 | 34,119 | ||||||
Boston Scientific Corp.† | 149 | 3,916 | ||||||
CONMED Corp. | 1,725 | 92,288 | ||||||
Integra LifeSciences Holdings Corp.†# | 2,026 | 98,504 | ||||||
Intuitive Surgical, Inc.† | 419 | 167,508 | ||||||
Natus Medical, Inc.† | 930 | 37,247 | ||||||
Shimadzu Corp. | 15,500 | 370,945 | ||||||
Sysmex Corp. | 1,400 | 106,588 | ||||||
Topcon Corp. | 10,900 | 242,702 | ||||||
1,224,685 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
PeptiDream, Inc.† | 4,500 | 150,820 | ||||||
Quest Diagnostics, Inc. | 19 | 1,871 | ||||||
152,691 | ||||||||
Medical Products — 0.4% |
| |||||||
Baxter International, Inc. | 2,281 | 149,474 | ||||||
Cantel Medical Corp. | 705 | 75,068 | ||||||
Cooper Cos., Inc. | 203 | 48,959 | ||||||
CYBERDYNE, Inc.†# | 5,500 | 72,891 | ||||||
Haemonetics Corp.† | 2,591 | 149,760 | ||||||
Integer Holdings Corp.† | 2,177 | 105,476 | ||||||
Invacare Corp.# | 2,332 | 40,927 | ||||||
Luminex Corp. | 1,796 | 38,363 | ||||||
MiMedx Group, Inc.†# | 2,939 | 34,004 | ||||||
Varian Medical Systems, Inc.†# | 59 | 6,593 | ||||||
Zimmer Biomet Holdings, Inc. | 64 | 7,494 | ||||||
729,009 | ||||||||
Medical - Biomedical/Gene — 0.7% |
| |||||||
Acorda Therapeutics, Inc.† | 3,883 | 78,825 | ||||||
Alexion Pharmaceuticals, Inc.† | 85 | 9,334 | ||||||
Amgen, Inc. | 1,794 | 315,134 | ||||||
Biogen, Inc.† | 57 | 18,364 | ||||||
Cambrex Corp.† | 1,385 | 67,657 | ||||||
Celgene Corp.† | 251 | 25,308 | ||||||
Emergent BioSolutions, Inc.† | 2,079 | 91,331 | ||||||
Innoviva, Inc.†# | 2,181 | 28,615 | ||||||
Ligand Pharmaceuticals, Inc.†# | 464 | 61,178 | ||||||
Medicines Co.†# | 3,579 | 103,791 | ||||||
Momenta Pharmaceuticals, Inc.† | 2,473 | 34,127 | ||||||
Myriad Genetics, Inc.†# | 5,021 | 173,877 | ||||||
Spectrum Pharmaceuticals, Inc.† | 6,834 | 133,947 | ||||||
Vertex Pharmaceuticals, Inc.† | 66 | 9,523 | ||||||
1,151,011 | ||||||||
Medical - Drugs — 1.2% |
| |||||||
AbbVie, Inc. | 2,040 | 197,717 | ||||||
Allergan PLC | 183 | 31,811 | ||||||
Bayer AG | 29 | 3,697 | ||||||
CSPC Pharmaceutical Group, Ltd. | 16,000 | 31,808 | ||||||
Eli Lilly & Co. | 1,237 | 104,700 | ||||||
Johnson & Johnson | 1,999 | 278,521 | ||||||
Kalbe Farma Tbk PT | 1,090,300 | 128,998 | ||||||
Lannett Co., Inc.†# | 1,681 | 44,462 | ||||||
Merck & Co., Inc. | 7,914 | 437,407 | ||||||
Pfizer, Inc. | 6,672 | 241,927 | ||||||
PharMerica Corp.† | 2,802 | 81,958 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Shionogi & Co., Ltd. | 7,300 | $ | 407,469 | |||||
Supernus Pharmaceuticals, Inc.† | 1,182 | 44,679 | ||||||
2,035,154 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Impax Laboratories, Inc.† | 6,248 | 104,029 | ||||||
Perrigo Co. PLC# | 80 | 6,977 | ||||||
111,006 | ||||||||
Medical - HMO — 0.8% |
| |||||||
Anthem, Inc. | 442 | 103,852 | ||||||
Centene Corp.† | 678 | 69,217 | ||||||
Cigna Corp. | 1,007 | 213,212 | ||||||
Humana, Inc. | 186 | 48,520 | ||||||
Magellan Health, Inc.† | 1,665 | 140,692 | ||||||
Tivity Health, Inc.† | 2,210 | 81,328 | ||||||
UnitedHealth Group, Inc. | 1,421 | 324,230 | ||||||
WellCare Health Plans, Inc.† | 1,843 | 392,541 | ||||||
1,373,592 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Community Health Systems, Inc.†# | 6,474 | 29,457 | ||||||
HCA Healthcare, Inc.† | 1,075 | 91,375 | ||||||
Select Medical Holdings Corp.† | 7,506 | 132,481 | ||||||
253,313 | ||||||||
Medical - Nursing Homes — 0.0% |
| |||||||
Ensign Group, Inc. | 1,544 | 37,473 | ||||||
Kindred Healthcare, Inc. | 4,622 | 33,972 | ||||||
71,445 | ||||||||
Medical - Outpatient/Home Medical — 0.2% |
| |||||||
Almost Family, Inc.† | 654 | 38,848 | ||||||
Amedisys, Inc.† | 1,877 | 101,358 | ||||||
Chemed Corp.# | 557 | 136,989 | ||||||
LHC Group, Inc.† | 1,173 | 77,148 | ||||||
Providence Service Corp.† | 673 | 40,743 | ||||||
395,086 | ||||||||
Medical - Wholesale Drug Distribution — 0.0% |
| |||||||
AmerisourceBergen Corp. | 140 | 11,875 | ||||||
McKesson Corp. | 54 | 7,978 | ||||||
19,853 | ||||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
CIRCOR International, Inc. | 1,351 | 65,442 | ||||||
Haynes International, Inc. | 751 | 24,062 | ||||||
Mueller Industries, Inc. | 3,977 | 144,763 | ||||||
234,267 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
MISUMI Group, Inc. | 2,000 | 58,488 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Century Aluminum Co.† | 2,377 | 31,495 | ||||||
Kaiser Aluminum Corp. | 918 | 88,918 | ||||||
120,413 | ||||||||
Metal - Copper — 0.0% |
| |||||||
Freeport-McMoRan, Inc.† | 1,697 | 23,622 | ||||||
Miscellaneous Manufacturing — 0.1% |
| |||||||
Hillenbrand, Inc. | 1,115 | 50,788 | ||||||
John Bean Technologies Corp. | 606 | 72,569 | ||||||
123,357 | ||||||||
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Motorcycle/Motor Scooter — 0.1% |
| |||||||
Yamaha Motor Co., Ltd. | 4,200 | $ | 132,258 | |||||
Multimedia — 0.3% |
| |||||||
E.W. Scripps Co., Class A† | 2,606 | 39,272 | ||||||
Media Nusantara Citra Tbk PT | 257,800 | 24,779 | ||||||
Time Warner, Inc. | 1,203 | 110,087 | ||||||
Twenty-First Century Fox, Inc., Class A | 504 | 16,098 | ||||||
Twenty-First Century Fox, Inc., Class B | 1,589 | 49,497 | ||||||
Viacom, Inc., Class A# | 269 | 9,159 | ||||||
Walt Disney Co. | 2,279 | 238,885 | ||||||
487,777 | ||||||||
Networking Products — 0.4% |
| |||||||
Arista Networks, Inc.† | 1,181 | 275,315 | ||||||
Cisco Systems, Inc. | 4,045 | 150,878 | ||||||
Gigamon, Inc.† | 920 | 35,742 | ||||||
LogMeIn, Inc. | 984 | 117,096 | ||||||
NETGEAR, Inc.† | 1,395 | 71,843 | ||||||
650,874 | ||||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Materion Corp. | 1,854 | 90,661 | ||||||
Non-Hazardous Waste Disposal — 0.1% |
| |||||||
Republic Services, Inc. | 3,568 | 231,706 | ||||||
Office Furnishings - Original — 0.1% |
| |||||||
Interface, Inc. | 4,166 | 103,942 | ||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 303 | 34,578 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Ensco PLC, Class A# | 6,749 | 36,242 | ||||||
Noble Corp. PLC†# | 16,645 | 69,576 | ||||||
105,818 | ||||||||
Oil Companies - Exploration & Production — 0.4% |
| |||||||
Anadarko Petroleum Corp. | 90 | 4,328 | ||||||
Apache Corp. | 17 | 711 | ||||||
Cabot Oil & Gas Corp. | 512 | 14,822 | ||||||
Carrizo Oil & Gas, Inc.†# | 3,361 | 64,968 | ||||||
ConocoPhillips | 3,698 | 188,154 | ||||||
Continental Resources, Inc.† | 534 | 25,274 | ||||||
Denbury Resources, Inc.†# | 14,094 | 24,665 | ||||||
Devon Energy Corp. | 150 | 5,780 | ||||||
Kunlun Energy Co., Ltd.# | 6,000 | 5,196 | ||||||
PDC Energy, Inc.† | 2,335 | 107,293 | ||||||
SRC Energy, Inc.†# | 10,144 | 88,862 | ||||||
Unit Corp.† | 3,324 | 71,100 | ||||||
601,153 | ||||||||
Oil Companies - Integrated — 0.5% |
| |||||||
Chevron Corp. | 1,642 | 195,382 | ||||||
China Petroleum & Chemical Corp. | 228,000 | 163,380 | ||||||
Exxon Mobil Corp. | 5,257 | 437,855 | ||||||
796,617 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
Exterran Corp.† | 2,590 | 79,358 | ||||||
Oil Refining & Marketing — 0.2% |
| |||||||
Marathon Petroleum Corp. | 1,442 | 90,312 | ||||||
Ultrapar Participacoes SA ADR | 466 | 9,968 | ||||||
Valero Energy Corp. | 2,068 | 177,062 | ||||||
277,342 | ||||||||
Oil - Field Services — 0.3% |
| |||||||
Archrock, Inc. | 2,696 | 25,612 |
Security Description | Shares | Value (Note 2) | ||||||
Oil - Field Services (continued) |
| |||||||
CARBO Ceramics, Inc.†# | 1,481 | $ | 14,854 | |||||
Halliburton Co. | 506 | 21,141 | ||||||
Helix Energy Solutions Group, Inc.† | 9,166 | 60,954 | ||||||
Matrix Service Co.† | 3,107 | 53,130 | ||||||
McDermott International, Inc.† | 13,465 | 97,756 | ||||||
Newpark Resources, Inc.† | 7,220 | 63,897 | ||||||
Oceaneering International, Inc. | 1,275 | 24,913 | ||||||
Oil States International, Inc.† | 1,500 | 35,700 | ||||||
SEACOR Holdings, Inc.† | 782 | 37,419 | ||||||
435,376 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 1,571 | 74,544 | ||||||
Neenah Paper, Inc. | 384 | 34,329 | ||||||
P.H. Glatfelter Co. | 3,863 | 80,312 | ||||||
Schweitzer-Mauduit International, Inc. | 2,359 | 106,792 | ||||||
295,977 | ||||||||
Pastoral & Agricultural — 0.0% |
| |||||||
Schouw & Co AB | 300 | 27,769 | ||||||
Pharmacy Services — 0.1% | ||||||||
Diplomat Pharmacy, Inc.†# | 2,419 | 43,300 | ||||||
Express Scripts Holding Co.† | 689 | 44,909 | ||||||
88,209 | ||||||||
Photo Equipment & Supplies — 0.0% |
| |||||||
FUJIFILM Holdings Corp. | 1,400 | 57,346 | ||||||
Pipelines — 0.1% |
| |||||||
AltaGas, Ltd. | 216 | 4,911 | ||||||
Cheniere Energy, Inc.†# | 202 | 9,761 | ||||||
Enbridge, Inc. | 1,411 | 53,207 | ||||||
Inter Pipeline, Ltd. | 321 | 6,743 | ||||||
Kinder Morgan, Inc. | 2,050 | 35,321 | ||||||
ONEOK, Inc. | 348 | 18,061 | ||||||
Pembina Pipeline Corp. | 417 | 14,522 | ||||||
Targa Resources Corp. | 187 | 8,116 | ||||||
TransCanada Corp. | 751 | 36,021 | ||||||
Williams Cos., Inc. | 1,390 | 40,379 | ||||||
227,042 | ||||||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc.# | 883 | 149,836 | ||||||
Power Converter/Supply Equipment — 0.2% |
| |||||||
Advanced Energy Industries, Inc.† | 815 | 61,100 | ||||||
Powell Industries, Inc. | 1,124 | 31,551 | ||||||
Schneider Electric SE | 1,113 | 95,674 | ||||||
SPX Corp.† | 3,069 | 97,870 | ||||||
286,195 | ||||||||
Printing - Commercial — 0.0% |
| |||||||
LSC Communications, Inc. | 1,629 | 26,651 | ||||||
RR Donnelley & Sons Co. | 4,111 | 38,602 | ||||||
65,253 | ||||||||
Private Equity — 0.3% |
| |||||||
3i Group PLC | 8,240 | 100,472 | ||||||
Alaris Royalty Corp.# | 1,310 | 18,805 | ||||||
Allied Minds PLC†# | 9,480 | 21,290 | ||||||
Altamir | 1,060 | 18,926 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA# | 560 | 36,239 | ||||||
Bure Equity AB | 960 | 11,162 | ||||||
Deutsche Beteiligungs AG | 520 | 29,217 | ||||||
Eurazeo SA | 760 | 66,894 | ||||||
Gimv NV | 260 | 15,874 |
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Private Equity (continued) |
| |||||||
Onex Corp. | 1,230 | $ | 88,941 | |||||
Ratos AB, Class B | 6,710 | 29,578 | ||||||
437,398 | ||||||||
Public Thoroughfares — 0.3% |
| |||||||
Abertis Infraestructuras SA | 4,348 | 97,102 | ||||||
ASTM SpA | 255 | 7,269 | ||||||
Atlantia SpA | 4,521 | 150,080 | ||||||
Groupe Eurotunnel SE | 476 | 6,330 | ||||||
Jasa Marga Persero Tbk PT | 270,000 | 128,213 | ||||||
Jiangsu Expressway Co., Ltd., Class H | 4,000 | 5,508 | ||||||
Macquarie Atlas Roads Group | 5,183 | 24,123 | ||||||
Shenzhen Expressway Co., Ltd. | 2,000 | 1,929 | ||||||
Shenzhen International Holdings, Ltd. | 2,000 | 3,604 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 779 | 13,754 | ||||||
Transurban Group | 8,489 | 81,003 | ||||||
Zhejiang Expressway Co., Ltd. | 4,000 | 4,805 | ||||||
523,720 | ||||||||
Publishing - Books — 0.1% |
| |||||||
Scholastic Corp. | 2,357 | 96,920 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
Gannett Co., Inc. | 10,583 | 121,281 | ||||||
Publishing - Periodicals — 0.1% |
| |||||||
Time, Inc. | 7,147 | 132,934 | ||||||
Racetracks — 0.1% |
| |||||||
Penn National Gaming, Inc.† | 5,395 | 155,160 | ||||||
Real Estate Investment Trusts — 1.4% |
| |||||||
Acadia Realty Trust# | 3,297 | 92,415 | ||||||
AGNC Investment Corp. | 214 | 4,259 | ||||||
American Tower Corp. | 14 | 2,015 | ||||||
Armada Hoffler Properties, Inc.# | 2,709 | 41,854 | ||||||
AvalonBay Communities, Inc. | 580 | 105,171 | ||||||
Brixmor Property Group, Inc. | 3,785 | 68,395 | ||||||
Capstead Mtg. Corp. | 5,962 | 54,075 | ||||||
CareTrust REIT, Inc. | 1,875 | 34,163 | ||||||
CBL & Associates Properties, Inc.# | 10,537 | 59,323 | ||||||
Cedar Realty Trust, Inc. | 6,754 | 40,321 | ||||||
Chatham Lodging Trust | 1,854 | 42,067 | ||||||
Chesapeake Lodging Trust | 4,568 | 131,741 | ||||||
DiamondRock Hospitality Co. | 9,106 | 101,896 | ||||||
Duke Realty Corp. | 115 | 3,235 | ||||||
EastGroup Properties, Inc. | 1,398 | 131,524 | ||||||
Essex Property Trust, Inc. | 33 | 8,151 | ||||||
Franklin Street Properties Corp.# | 10,329 | 112,483 | ||||||
Government Properties Income Trust# | 5,582 | 104,104 | ||||||
HCP, Inc. | 722 | 19,090 | ||||||
Hersha Hospitality Trust | 2,514 | 44,121 | ||||||
Hospitality Properties Trust | 2,805 | 84,122 | ||||||
Independence Realty Trust, Inc. | 3,460 | 35,742 | ||||||
Kite Realty Group Trust | 6,219 | 119,591 | ||||||
Lexington Realty Trust | 11,506 | 120,353 | ||||||
LTC Properties, Inc. | 456 | 20,903 | ||||||
National Storage Affiliates Trust# | 1,397 | 37,216 | ||||||
Pennsylvania Real Estate Investment Trust# | 5,834 | 64,699 | ||||||
Prologis, Inc. | 206 | 13,643 | ||||||
PS Business Parks, Inc. | 119 | 15,775 | ||||||
Public Storage | 58 | 12,361 | ||||||
Ramco-Gershenson Properties Trust | 2,908 | 41,904 | ||||||
Retail Opportunity Investments Corp.# | 2,210 | 43,250 | ||||||
Sabra Health Care REIT, Inc. | 3,237 | 62,280 | ||||||
Simon Property Group, Inc. | 1,509 | 244,081 | ||||||
Summit Hotel Properties, Inc. | 2,444 | 36,929 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Urstadt Biddle Properties, Inc., Class A | 4,258 | $ | 101,000 | |||||
Welltower, Inc. | 448 | 30,222 | ||||||
Whitestone REIT# | 3,190 | 47,116 | ||||||
2,331,590 | ||||||||
Real Estate Management/Services — 0.2% |
| |||||||
CBRE Group, Inc., Class A† | 416 | 18,038 | ||||||
Daikyo, Inc. | 7,800 | 152,078 | ||||||
HFF, Inc., Class A | 708 | 31,959 | ||||||
RE/MAX Holdings, Inc., Class A | 1,512 | 80,665 | ||||||
282,740 | ||||||||
Real Estate Operations & Development — 0.3% |
| |||||||
China Vanke Co., Ltd. | 5,600 | 20,505 | ||||||
Mitsui Fudosan Co., Ltd. | 8,900 | 201,971 | ||||||
NTT Urban Development Corp. | 13,000 | 143,417 | ||||||
Pakuwon Jati Tbk PT | 1,209,400 | 55,726 | ||||||
Tokyo Tatemono Co., Ltd. | 8,500 | 118,091 | ||||||
539,710 | ||||||||
Recreational Vehicles — 0.0% |
| |||||||
LCI Industries | 510 | 66,759 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
Rent-A-Center, Inc.# | 3,155 | 35,462 | ||||||
United Rentals, Inc.† | 77 | 12,280 | ||||||
47,742 | ||||||||
Resort/Theme Parks — 0.1% |
| |||||||
Marriott Vacations Worldwide Corp. | 1,140 | 153,045 | ||||||
Respiratory Products — 0.0% |
| |||||||
Inogen, Inc.† | 375 | 48,277 | ||||||
Retail - Apparel/Shoe — 0.5% |
| |||||||
Abercrombie & Fitch Co., Class A# | 4,021 | 69,805 | ||||||
Ascena Retail Group, Inc.†# | 11,901 | 27,848 | ||||||
Buckle, Inc.# | 3,228 | 71,823 | ||||||
Burlington Stores, Inc.† | 657 | 69,885 | ||||||
Caleres, Inc. | 3,666 | 119,658 | ||||||
Cato Corp., Class A | 1,616 | 25,500 | ||||||
Chico’s FAS, Inc. | 4,583 | 40,422 | ||||||
Children’s Place, Inc.# | 453 | 60,204 | ||||||
DSW, Inc., Class A# | 4,187 | 89,309 | ||||||
Express, Inc.† | 5,210 | 50,745 | ||||||
Finish Line, Inc., Class A# | 2,392 | 25,810 | ||||||
Gap, Inc.# | 92 | 2,973 | ||||||
Genesco, Inc.† | 960 | 29,856 | ||||||
Guess?, Inc.# | 4,613 | 76,114 | ||||||
Ross Stores, Inc. | 1,210 | 91,996 | ||||||
Tailored Brands, Inc.# | 2,303 | 38,829 | ||||||
Tapestry, Inc. | 66 | 2,752 | ||||||
893,529 | ||||||||
Retail - Auto Parts — 0.0% |
| |||||||
AutoZone, Inc.† | 8 | 5,494 | ||||||
Genuine Parts Co. | 71 | 6,601 | ||||||
12,095 | ||||||||
Retail - Automobile — 0.6% |
| |||||||
Asbury Automotive Group, Inc.† | 1,349 | 88,764 | ||||||
Astra International Tbk PT | 1,056,900 | 623,877 | ||||||
Group 1 Automotive, Inc. | 1,360 | 110,201 | ||||||
Lithia Motors, Inc., Class A# | 1,550 | 181,799 | ||||||
Sonic Automotive, Inc., Class A | 1,537 | 32,661 | ||||||
1,037,302 | ||||||||
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Building Products — 0.2% |
| |||||||
Home Depot, Inc. | 959 | $ | 172,447 | |||||
Lowe’s Cos., Inc. | 1,223 | 101,961 | ||||||
Lumber Liquidators Holdings, Inc.† | 2,236 | 63,391 | ||||||
337,799 | ||||||||
Retail - Consumer Electronics — 0.3% |
| |||||||
Best Buy Co., Inc. | 8,985 | 535,596 | ||||||
Retail - Discount — 0.4% |
| |||||||
Dollar Tree, Inc.† | 215 | 22,093 | ||||||
Don Quijote Holdings Co., Ltd. | 7,600 | 366,190 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.†# | 1,056 | 50,107 | ||||||
Target Corp. | 595 | 35,641 | ||||||
Wal-Mart Stores, Inc. | 1,375 | 133,691 | ||||||
607,722 | ||||||||
Retail - Drug Store — 0.5% |
| |||||||
CVS Health Corp. | 2,226 | 170,512 | ||||||
Sundrug Co., Ltd. | 6,400 | 296,720 | ||||||
Walgreens Boots Alliance, Inc. | 5,704 | 415,023 | ||||||
882,255 | ||||||||
Retail - Home Furnishings — 0.4% |
| |||||||
Haverty Furniture Cos., Inc. | 1,362 | 32,892 | ||||||
La-Z-Boy, Inc. | 3,336 | 109,754 | ||||||
Nitori Holdings Co., Ltd. | 1,700 | 278,203 | ||||||
RH† | 1,935 | 196,190 | ||||||
617,039 | ||||||||
Retail - Major Department Stores — 0.2% |
| |||||||
J.C. Penney Co., Inc.†# | 23,412 | 77,494 | ||||||
Matahari Department Store Tbk PT | 114,000 | 89,839 | ||||||
TJX Cos., Inc. | 1,956 | 147,776 | ||||||
315,109 | ||||||||
Retail - Misc./Diversified — 0.0% |
| |||||||
Five Below, Inc.† | 1,175 | 72,615 | ||||||
Retail - Pawn Shops — 0.1% | ||||||||
FirstCash, Inc. | 3,078 | 207,457 | ||||||
Retail - Regional Department Stores — 0.1% | ||||||||
Kohl’s Corp.# | 44 | 2,111 | ||||||
Macy’s, Inc.# | 4,287 | 102,030 | ||||||
104,141 | ||||||||
Retail - Restaurants — 0.2% |
| |||||||
BJ’s Restaurants, Inc. | 988 | 35,321 | ||||||
Darden Restaurants, Inc. | 157 | 13,238 | ||||||
Dave & Buster’s Entertainment, Inc.† | 1,081 | 57,325 | ||||||
DineEquity, Inc.# | 1,154 | 52,934 | ||||||
Fiesta Restaurant Group, Inc.†# | 1,662 | 31,412 | ||||||
McDonald’s Corp. | 15 | 2,580 | ||||||
Red Robin Gourmet Burgers, Inc.† | 647 | 33,903 | ||||||
Sonic Corp.# | 1,463 | 37,336 | ||||||
Wingstop, Inc.# | 983 | 38,524 | ||||||
Yum! Brands, Inc. | 152 | 12,687 | ||||||
315,260 | ||||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
Vitamin Shoppe, Inc.†# | 1,965 | 7,369 | ||||||
Rubber/Plastic Products — 0.1% | ||||||||
Myers Industries, Inc. | 1,913 | 40,843 | ||||||
Proto Labs, Inc.†# | 528 | 50,794 | ||||||
Sekisui Plastics Co., Ltd.† | 10,600 | 134,890 | ||||||
226,527 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Satellite Telecom — 0.1% |
| |||||||
Eutelsat Communications SA# | 2,393 | $ | 54,214 | |||||
Iridium Communications, Inc.†# | 6,568 | 81,115 | ||||||
SES SA FDR | 2,588 | 42,742 | ||||||
178,071 | ||||||||
Savings & Loans/Thrifts — 0.5% |
| |||||||
Banc of California, Inc.# | 4,303 | 97,033 | ||||||
Bank Mutual Corp. | 4,824 | 51,617 | ||||||
BofI Holding, Inc.†# | 1,964 | 54,285 | ||||||
Brookline Bancorp, Inc. | 3,033 | 48,831 | ||||||
Dime Community Bancshares, Inc. | 1,920 | 42,336 | ||||||
New York Community Bancorp, Inc.# | 15 | 200 | ||||||
Northfield Bancorp, Inc. | 2,917 | 51,748 | ||||||
Northwest Bancshares, Inc. | 5,752 | 97,381 | ||||||
Oritani Financial Corp. | 424 | 7,314 | ||||||
People’s United Financial, Inc. | 22 | 418 | ||||||
Provident Financial Services, Inc. | 4,034 | 110,290 | ||||||
Sterling Bancorp | 9,143 | 231,775 | ||||||
Washington Federal, Inc. | 1,094 | 38,071 | ||||||
831,299 | ||||||||
Schools — 0.1% |
| |||||||
American Public Education, Inc.† | 1,466 | 39,362 | ||||||
Capella Education Co. | 365 | 31,135 | ||||||
Career Education Corp.† | 4,989 | 66,204 | ||||||
Strayer Education, Inc. | 887 | 88,017 | ||||||
224,718 | ||||||||
Security Services — 0.1% |
| |||||||
Brink’s Co. | 1,972 | 159,436 | ||||||
Semiconductor Components - Integrated Circuits — 0.2% | ||||||||
Analog Devices, Inc. | 52 | 4,478 | ||||||
Marvell Technology Group, Ltd. | 4,141 | 92,510 | ||||||
Maxim Integrated Products, Inc. | 88 | 4,605 | ||||||
MaxLinear, Inc.† | 1,370 | 36,182 | ||||||
NXP Semiconductors NV† | 1,259 | 142,758 | ||||||
Power Integrations, Inc. | 618 | 48,513 | ||||||
QUALCOMM, Inc. | 72 | 4,776 | ||||||
Renesas Electronics Corp.† | 3,000 | 36,888 | ||||||
370,710 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
ASM Pacific Technology, Ltd. | 3,000 | 43,564 | ||||||
Axcelis Technologies, Inc.† | 877 | 28,064 | ||||||
Brooks Automation, Inc. | 3,575 | 88,982 | ||||||
Cabot Microelectronics Corp. | 581 | 55,962 | ||||||
KLA-Tencor Corp. | 135 | 13,802 | ||||||
Kulicke & Soffa Industries, Inc.† | 3,786 | 94,006 | ||||||
Lam Research Corp.# | 126 | 24,234 | ||||||
MKS Instruments, Inc. | 1,083 | 102,127 | ||||||
Teradyne, Inc. | 1,846 | 74,708 | ||||||
Veeco Instruments, Inc.† | 1,527 | 24,661 | ||||||
550,110 | ||||||||
Soap & Cleaning Preparation — 0.2% |
| |||||||
Church & Dwight Co., Inc. | 413 | 19,448 | ||||||
Unilever Indonesia Tbk PT | 89,700 | 327,255 | ||||||
346,703 | ||||||||
Software Tools — 0.2% |
| |||||||
VMware, Inc., Class A†# | 2,920 | 350,721 | ||||||
Steel Pipe & Tube — 0.0% | ||||||||
TimkenSteel Corp.† | 2,136 | 32,254 | ||||||
17 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Steel - Producers — 0.2% | ||||||||
AK Steel Holding Corp.†# | 14,900 | $ | 72,563 | |||||
JFE Holdings, Inc. | 12,600 | 297,932 | ||||||
Nucor Corp. | 234 | 13,455 | ||||||
383,950 | ||||||||
Stevedoring — 0.0% |
| |||||||
Qube Holdings, Ltd.# | 1,378 | 2,784 | ||||||
Storage/Warehousing — 0.0% |
| |||||||
Mobile Mini, Inc. | 2,203 | 79,088 | ||||||
Westshore Terminals Investment Corp. | 63 | 1,217 | ||||||
80,305 | ||||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Oclaro, Inc.†# | 4,490 | 31,969 | ||||||
Viavi Solutions, Inc.† | 15,966 | 149,601 | ||||||
181,570 | ||||||||
Telecom Services — 0.7% |
| |||||||
China Telecom Corp., Ltd. | 534,000 | 258,121 | ||||||
Consolidated Communications Holdings, Inc. | 1,536 | 21,719 | ||||||
Spok Holdings, Inc. | 1,898 | 33,215 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 2,379,700 | 735,088 | ||||||
Tower Bersama Infrastructure Tbk PT | 262,800 | 111,108 | ||||||
Vonage Holdings Corp.† | 5,177 | 52,702 | ||||||
XL Axiata Tbk PT† | 247,600 | 56,390 | ||||||
1,268,343 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
ADTRAN, Inc. | 3,555 | 82,121 | ||||||
Juniper Networks, Inc. | 6,136 | 170,335 | ||||||
Nortel Networks Corp.†(1)(2) | 62 | 0 | ||||||
252,456 | ||||||||
Telephone - Integrated — 1.1% |
| |||||||
AT&T, Inc. | 10,561 | 384,209 | ||||||
BT Group PLC | 56,874 | 200,646 | ||||||
General Communication, Inc., Class A† | 1,216 | 48,531 | ||||||
Nippon Telegraph & Telephone Corp. | 13,200 | 692,208 | ||||||
SoftBank Group Corp. | 5,300 | 450,331 | ||||||
Verizon Communications, Inc. | 2,773 | 141,118 | ||||||
1,917,043 | ||||||||
Television — 0.1% |
| |||||||
AMC Networks, Inc., Class A†# | 1,700 | 87,618 | ||||||
ION Media Networks, Inc.†(1)(2) | 18 | 14,678 | ||||||
Surya Citra Media Tbk PT | 290,400 | 47,397 | ||||||
149,693 | ||||||||
Textile - Products — 0.1% |
| |||||||
Toyobo Co., Ltd. | 5,500 | 100,477 | ||||||
Therapeutics — 0.0% | ||||||||
Anika Therapeutics, Inc.† | 565 | 31,143 | ||||||
Tobacco — 0.6% | ||||||||
Altria Group, Inc. | 7,750 | 525,683 | ||||||
Gudang Garam Tbk PT | 27,900 | 158,068 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 535,600 | 162,236 | ||||||
Philip Morris International, Inc. | 994 | 102,134 | ||||||
Universal Corp. | 1,724 | 91,975 | ||||||
1,040,096 | ||||||||
Tools - Hand Held — 0.0% | ||||||||
Snap-on, Inc.# | 34 | 5,761 | ||||||
Toys — 0.3% | ||||||||
Bandai Namco Holdings, Inc. | 6,100 | 198,875 |
Security Description | Shares | Value (Note 2) | ||||||
Toys (continued) | ||||||||
Hasbro, Inc. | 573 | $ | 53,300 | |||||
Nintendo Co., Ltd. | 200 | 81,200 | ||||||
Tomy Co., Ltd. | 8,100 | 115,751 | ||||||
449,126 | ||||||||
Transactional Software — 0.3% |
| |||||||
Amadeus IT Group SA | 5,909 | 426,632 | ||||||
Bottomline Technologies de, Inc.† | 2,128 | 70,926 | ||||||
497,558 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Atlas Air Worldwide Holdings, Inc.† | 1,707 | 98,579 | ||||||
Transport - Equipment & Leasing — 0.1% | ||||||||
Greenbrier Cos., Inc.# | 1,861 | 93,050 | ||||||
Transport - Rail — 0.4% | ||||||||
Central Japan Railway Co. | 1,900 | 353,695 | ||||||
CSX Corp. | 21 | 1,171 | ||||||
Genesee & Wyoming, Inc., Class A† | 213 | 16,788 | ||||||
Norfolk Southern Corp. | 568 | 78,742 | ||||||
Union Pacific Corp. | 1,214 | 153,571 | ||||||
603,967 | ||||||||
Transport - Services — 0.2% |
| |||||||
Echo Global Logistics, Inc.† | 1,913 | 51,651 | ||||||
Expeditors International of Washington, Inc. | 36 | 2,332 | ||||||
Hub Group, Inc., Class A† | 2,536 | 121,221 | ||||||
Matson, Inc. | 2,931 | 85,497 | ||||||
260,701 | ||||||||
Transport - Truck — 0.3% |
| |||||||
ArcBest Corp. | 902 | 34,141 | ||||||
Forward Air Corp. | 650 | 36,985 | ||||||
Marten Transport, Ltd. | 2,650 | 53,398 | ||||||
Old Dominion Freight Line, Inc. | 130 | 16,801 | ||||||
Roadrunner Transportation Systems, Inc.† | 5,134 | 43,947 | ||||||
Saia, Inc.† | 1,714 | 112,781 | ||||||
Sankyu, Inc.† | 3,100 | 132,405 | ||||||
430,458 | ||||||||
Travel Services — 0.2% |
| |||||||
HIS Co., Ltd. | 6,900 | 260,947 | ||||||
Venture Capital — 0.1% | ||||||||
Hercules Capital, Inc.# | 2,680 | 35,992 | ||||||
IP Group PLC† | 18,590 | 37,698 | ||||||
Jafco Co., Ltd. | 1,000 | 52,571 | ||||||
Safeguard Scientifics, Inc.† | 1,970 | 24,428 | ||||||
150,689 | ||||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Neogen Corp.† | 812 | 68,127 | ||||||
Warehousing & Harbor Transportation Services — 0.0% | ||||||||
China Merchants Port Holdings Co., Ltd. | 2,000 | 5,193 | ||||||
COSCO SHIPPING Ports, Ltd. | 2,000 | 2,017 | ||||||
Hamburger Hafen und Logistik AG | 65 | 1,913 | ||||||
9,123 | ||||||||
Water — 0.2% | ||||||||
American States Water Co. | 948 | 54,690 | ||||||
American Water Works Co., Inc. | 155 | 14,192 | ||||||
California Water Service Group | 2,773 | 126,449 | ||||||
Guangdong Investment, Ltd. | 6,000 | 8,097 | ||||||
Pennon Group PLC | 4,899 | 52,661 | ||||||
United Utilities Group PLC | 3,948 | 43,823 | ||||||
299,912 | ||||||||
18 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Web Hosting/Design — 0.2% | ||||||||
GoDaddy, Inc., Class A†# | 3,228 | $ | 157,042 | |||||
NIC, Inc. | 2,083 | 34,578 | ||||||
Shopify, Inc., Class A†# | 1,436 | 149,085 | ||||||
340,705 | ||||||||
Web Portals/ISP — 0.9% | ||||||||
Alphabet, Inc., Class A† | 136 | 140,919 | ||||||
Alphabet, Inc., Class C† | 440 | 449,421 | ||||||
Baidu, Inc. ADR† | 982 | 234,286 | ||||||
Blucora, Inc.† | 1,929 | 39,641 | ||||||
GMO Internet, Inc. | 10,300 | 173,097 | ||||||
SINA Corp.† | 2,920 | 285,488 | ||||||
United Internet AG | 3,636 | 245,043 | ||||||
1,567,895 | ||||||||
Wire & Cable Products — 0.1% | ||||||||
Encore Wire Corp. | 1,894 | 88,260 | ||||||
General Cable Corp. | 3,910 | 84,065 | ||||||
172,325 | ||||||||
Wireless Equipment — 0.1% | ||||||||
Motorola Solutions, Inc. | 1,162 | 109,356 | ||||||
X-Ray Equipment — 0.0% | ||||||||
Varex Imaging Corp.† | 1,112 | 41,222 | ||||||
Total Common Stocks | ||||||||
(cost $110,692,937) | 124,313,338 | |||||||
EXCHANGE - TRADED FUNDS — 8.2% | ||||||||
iShares Core S&P Small-Cap ETF | 2,004 | 155,270 | ||||||
iShares MSCI Indonesia ETF# | 14,766 | 393,957 | ||||||
iShares Russell 1000 Growth ETF# | 515 | 68,902 | ||||||
iShares Russell 1000 Value ETF | 793 | 97,563 | ||||||
PowerShares Senior Loan Portfolio | 313,366 | 7,223,086 | ||||||
SPDR S&P 500 ETF Trust, Series 1# | 443 | 117,399 | ||||||
SPDR Blackstone/GSO Senior Loan ETF# | 124,600 | 5,901,056 | ||||||
Total Exchange - Traded Funds | ||||||||
(cost $13,938,822) | 13,957,233 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.0% |
| |||||||
Finance-Investment Banker/Broker — 0.0% | ||||||||
Lehman Brothers Holdings Capital Trust VII | $ | 45,000 | 5 | |||||
ASSET BACKED SECURITIES — 2.4% | ||||||||
Diversified Financial Services — 2.4% | ||||||||
BA Credit Card Trust | $ | 100,000 | 99,913 | |||||
BMW Vehicle Lease Trust | 630,000 | 629,288 | ||||||
Capital One Multi-Asset Execution Trust | 1,000,000 | 995,464 | ||||||
Discover Card Execution Note Trust | 1,400,000 | 1,400,453 | ||||||
Hyundai Auto Receivables Trust | 1,000,000 | 993,943 | ||||||
Total Asset Backed Securities | ||||||||
(cost $4,143,357) | 4,119,061 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES — 5.8% | ||||||||
Auto - Cars/Light Trucks — 0.7% | ||||||||
Ford Motor Credit Co. LLC FRS | $ | 1,270,000 | $ | 1,281,278 | ||||
Computers — 0.8% | ||||||||
Apple, Inc. FRS | 1,290,000 | 1,290,310 | ||||||
Diversified Banking Institutions — 2.9% | ||||||||
Citigroup, Inc. FRS | 1,285,000 | 1,290,170 | ||||||
Goldman Sachs Group, Inc. FRS | 1,280,000 | 1,289,766 | ||||||
JPMorgan Chase & Co. FRS | 1,100,000 | 1,112,633 | ||||||
Morgan Stanley FRS | 1,290,000 | 1,290,618 | ||||||
4,983,187 | ||||||||
Finance - Credit Card — 0.8% | ||||||||
American Express Credit Corp. FRS | 1,290,000 | 1,293,269 | ||||||
�� | ||||||||
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 | ||||||
2,610 | ||||||||
Telephone - Integrated — 0.6% | ||||||||
AT&T, Inc. FRS | 1,000,000 | 1,014,290 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $9,857,485) | 9,864,944 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 1.7% | ||||||||
Diversified Manufacturing Operations — 0.7% | ||||||||
Siemens Financieringsmaatschappij NV FRS | 1,290,000 | 1,294,799 | ||||||
Oil Companies - Integrated — 0.2% | ||||||||
Shell International Finance BV FRS | 311,000 | 313,463 | ||||||
19 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Soap & Cleaning Preparation — 0.8% | ||||||||
Reckitt Benckiser Treasury Services PLC FRS | $ | 1,295,000 | $ | 1,298,438 | ||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $2,906,182) | 2,906,700 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.5% | ||||||||
Sovereign — 1.5% | ||||||||
Republic of Indonesia | 475,000 | 406,111 | ||||||
Republic of Indonesia | 1,225,000 | 1,310,624 | ||||||
Republic of Indonesia | 590,000 | 751,124 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $2,538,009) | 2,467,859 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $144,076,792) | 157,629,140 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 9.7% | ||||||||
Registered Investment Companies — 2.4% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 4,143,884 | 4,143,884 | ||||||
Time Deposits — 5.9% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | 9,961,000 | 9,961,000 | ||||||
U.S. Government Treasuries — 1.4% | ||||||||
United States Treasury Bills | ||||||||
0.88% due 12/07/2017(5) | 2,070,000 | 2,069,666 | ||||||
0.96% due 12/07/2017(5) | 5,000 | 4,999 | ||||||
0.99% due 12/07/2017(5) | 350,000 | 349,943 | ||||||
1.00% due 12/07/2017(5) | 5,000 | 4,999 | ||||||
2,429,607 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $16,534,523) | �� | 16,534,491 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $160,611,315)(6) | 102.2 | % | 174,163,631 | |||||
Liabilities in excess of other assets | (2.2 | ) | (3,745,560 | ) | ||||
NET ASSETS | 100.0 | % | $ | 170,418,071 | ||||
† | 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, 2017, the aggregate value of these securities was $2,720,014 representing 1.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Security classified as Level 3 (see Note 2). |
(2) | Illiquid security. At November 30, 2017, the aggregate value of these securities was $14,697 representing 0.0% of net assets. |
(3) | The rate shown is the 7-day yield as of November 30, 2017. |
(4) | At November 30, 2017, the Fund had loaned securities with a total value of $11,597,979. This was secured by collateral of $4,143,884, which was received in cash and subsequently invested in short-term investments currently valued at $4,143,884 as reported in the Portfolio of Investments. Additional collateral of $7,744,258 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 900,220 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 509,222 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 08/20/2044 to 11/20/2046 | 912,245 | |||||
United States Treasury Bills | 0.00% | 12/07/2017 to 07/19/2018 | 188,677 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 5,233,894 |
(5) | The security or a portion thereof was pledged as collateral to cover margin requirements for open future contracts. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
ETF—Exchange-Traded Funds
FDR—Fiduciary Depositary Receipt
FRS—Floating Rate Security
The rates shown on the FRS is the current interest rates as of November 30, 2017, and unless noted otherwise, the dates shown are the original maturity date.
Index Legend
3ML—3 Month USD LIBOR
20 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
10 | Long | Russell 2000 Mini Index | December 2017 | 707,942 | 772,700 | $ | 64,758 | |||||||||||||||
684 | Long | SGX Nifty 50 Index | December 2017 | 14,286,237 | 14,060,304 | (225,933 | ) | |||||||||||||||
8 | Long | TOPIX Index | December 2017 | 1,143,395 | 1,284,299 | 140,904 | ||||||||||||||||
46 | Long | Russell 1000 Value | December 2017 | 2,698,505 | 2,777,940 | 79,435 | ||||||||||||||||
31 | Short | mini MSCI EAFE Index | December 2017 | 3,043,338 | 3,129,760 | (86,422 | ) | |||||||||||||||
21 | Short | mini MSCI Emerging Markets Index | December 2017 | 1,155,571 | 1,176,000 | (20,429 | ) | |||||||||||||||
99 | Short | Russell 1000 Growth Index | December 2017 | 6,199,529 | 6,647,850 | (448,321 | ) | |||||||||||||||
85 | Short | S&P 500 E-Mini Index | December 2017 | 10,584,290 | 11,253,574 | (669,284 | ) | |||||||||||||||
$ | (1,165,292 | ) | ||||||||||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | JPY | 519,400,000 | USD | 4,681,604 | 12/20/2017 | $ | 62,502 | $ | – | |||||||||||||||||||
PEN | 7,900,000 | USD | 2,423,313 | 12/20/2017 | – | (18,642 | ) | |||||||||||||||||||||
USD | 2,376,958 | IDR | 32,020,000,000 | 12/20/2017 | – | (12,871 | ) | |||||||||||||||||||||
USD | 14,386,480 | INR | 927,900,000 | 12/20/2017 | – | (22,217 | ) | |||||||||||||||||||||
USD | 2,422,941 | PEN | 7,900,000 | 12/20/2017 | 19,014 | – | ||||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | 81,516 | $ | (53,730 | ) | |||||||||||||||||||||||
IDR—Indonesian Rupiah
INR—Indian Rupee
JPY—Japanese Yen
PEN—Peruvian Sol
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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: | ||||||||||||||||
Telecommunications Equipment | $ | 252,456 | $ | — | $ | 0 | $ | 252,456 | ||||||||
Television | 135,015 | — | 14,678 | 149,693 | ||||||||||||
Other Industries | 91,037,330 | 32,873,859 | # | — | 123,911,189 | |||||||||||
Exchange-Traded Funds | 13,957,233 | — | — | 13,957,233 | ||||||||||||
Preferred Securities/Capital Securities | — | — | 5 | 5 | ||||||||||||
Asset Backed Securities | — | 4,119,061 | — | 4,119,061 | ||||||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Finance - Investment Banker/Broker | — | 2,596 | 14 | 2,610 | ||||||||||||
Other Industries | — | 9,862,334 | — | 9,862,334 | ||||||||||||
Foreign Corporate Bonds & Notes . . . | — | 2,906,700 | — | 2,906,700 | ||||||||||||
Foreign Government Obligations | — | 2,467,859 | — | 2,467,859 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 4,143,884 | — | — | 4,143,884 | ||||||||||||
Other Short-Term Investment Securities | — | 12,390,607 | — | 12,390,607 | ||||||||||||
Total Investments at Value | $ | 109,525,918 | $ | 64,623,016 | $ | 14,697 | $ | 174,163,631 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 144,193 | $ | 140,904 | $ | — | $ | 285,097 | ||||||||
Forward Foreign Currency Contracts | — | 81,516 | — | 81,516 | ||||||||||||
$ | 144,193 | $ | 222,420 | $ | — | $ | 366,613 | |||||||||
21 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,450,389 | $ | — | $ | — | $ | 1,450,389 | ||||||||
Forward Foreign Currency Contracts | — | 53,730 | — | 53,730 | ||||||||||||
$ | 1,450,389 | $ | 53,730 | $ | — | $ | 1,504,119 | |||||||||
* | 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. |
# | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $27,087,960 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
22 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
E-Commerce/Products | 12.7 | % | ||
Applications Software | 9.4 | |||
Internet Content — Entertainment | 6.2 | |||
Medical — HMO | 6.2 | |||
Web Portals/ISP | 6.2 | |||
Finance — Credit Card | 5.9 | |||
E-Commerce/Services | 3.9 | |||
Medical — Biomedical/Gene | 3.5 | |||
Medical Products | 3.2 | |||
Diversified Banking Institutions | 3.1 | |||
Aerospace/Defense | 3.0 | |||
Commercial Services — Finance | 2.8 | |||
Diagnostic Equipment | 2.4 | |||
Airlines | 2.3 | |||
Internet Application Software | 2.3 | |||
Computers | 2.2 | |||
Finance — Investment Banker/Broker | 1.8 | |||
Electronic Components — Semiconductors | 1.6 | |||
Medical Instruments | 1.5 | |||
Real Estate Investment Trusts | 1.5 | |||
Retail — Restaurants | 1.5 | |||
Hotels/Motels | 1.4 | |||
Data Processing/Management | 1.3 | |||
Finance — Other Services | 1.0 | |||
Retail — Building Products | 1.0 | |||
Insurance Brokers | 1.0 | |||
Banks — Fiduciary | 0.9 | |||
Auto — Cars/Light Trucks | 0.8 | |||
Instruments — Controls | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Electronic Measurement Instruments | 0.7 | |||
Entertainment Software | 0.7 | |||
Registered Investment Companies | 0.6 | |||
Cruise Lines | 0.6 | |||
Machinery — General Industrial | 0.6 | |||
Coatings/Paint | 0.5 | |||
Enterprise Software/Service | 0.4 | |||
Retail — Discount | 0.4 | |||
Tools — Hand Held | 0.4 | |||
Tobacco | 0.3 | |||
Transport — Rail | 0.3 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Medical — Drugs | 0.2 | |||
Software Tools | 0.2 | |||
Banks — Commercial | 0.2 | |||
Investment Management/Advisor Services | 0.1 | |||
Internet Security | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Commercial Services | 0.1 | |||
Electric — Integrated | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Gas — Distribution | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
23 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.5% |
| |||||||
Aerospace/Defense — 3.0% |
| |||||||
Boeing Co. | 72,343 | $ | 20,024,542 | |||||
Northrop Grumman Corp. | 5,300 | 1,629,220 | ||||||
Raytheon Co. | 400 | 76,460 | ||||||
21,730,222 | ||||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
Harris Corp. | 10,400 | 1,502,800 | ||||||
Airlines — 2.3% |
| |||||||
Alaska Air Group, Inc. | 49,900 | 3,451,583 | ||||||
American Airlines Group, Inc.# | 227,000 | 11,461,230 | ||||||
Delta Air Lines, Inc. | 34,700 | 1,836,324 | ||||||
United Continental Holdings, Inc.† | 6,700 | 424,244 | ||||||
17,173,381 | ||||||||
Applications Software — 9.4% |
| |||||||
Intuit, Inc. | 44,877 | 7,055,562 | ||||||
Microsoft Corp. | 389,600 | 32,792,632 | ||||||
Red Hat, Inc.† | 44,900 | 5,691,524 | ||||||
salesforce.com, Inc.† | 121,200 | 12,643,584 | ||||||
ServiceNow, Inc.† | 82,900 | 10,196,700 | ||||||
68,380,002 | ||||||||
Auto - Cars/Light Trucks — 0.8% |
| |||||||
Ferrari NV# | 19,000 | 2,063,400 | ||||||
Tesla, Inc.†# | 12,806 | 3,955,133 | ||||||
6,018,533 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
Delphi Automotive PLC | 13,900 | 1,454,913 | ||||||
Banks - Commercial — 0.2% |
| |||||||
First Republic Bank | 13,311 | 1,271,733 | ||||||
Banks - Fiduciary — 0.9% |
| |||||||
Bank of New York Mellon Corp. | 11,000 | 602,140 | ||||||
State Street Corp. | 62,200 | 5,930,770 | ||||||
6,532,910 | ||||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Monster Beverage Corp.† | 7,800 | 488,826 | ||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Constellation Brands, Inc., Class A | 6,400 | 1,392,576 | ||||||
Casino Hotels — 0.0% |
| |||||||
MGM Resorts International | 1,400 | 47,768 | ||||||
Chemicals - Diversified — 0.1% |
| |||||||
DowDuPont, Inc. | 8,569 | 616,625 | ||||||
Coatings/Paint — 0.5% |
| |||||||
Sherwin-Williams Co. | 8,900 | 3,554,838 | ||||||
Commercial Services — 0.1% |
| |||||||
Cintas Corp. | 6,000 | 944,640 | ||||||
Commercial Services - Finance — 2.8% |
| |||||||
FleetCor Technologies, Inc.† | 10,400 | 1,891,448 | ||||||
Global Payments, Inc. | 48,000 | 4,826,880 | ||||||
IHS Markit, Ltd.† | 2,216 | 98,878 | ||||||
PayPal Holdings, Inc.† | 134,052 | 10,151,758 | ||||||
S&P Global, Inc. | 11,400 | 1,886,472 | ||||||
Vantiv, Inc., Class A†# | 19,739 | 1,480,425 | ||||||
20,335,861 | ||||||||
Computers — 2.2% |
| |||||||
Apple, Inc. | 91,900 | 15,793,015 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 8,954 | $ | 357,354 | |||||
Cruise Lines — 0.6% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 6,800 | 368,288 | ||||||
Royal Caribbean Cruises, Ltd. | 32,600 | 4,038,488 | ||||||
4,406,776 | ||||||||
Data Processing/Management — 1.3% |
| |||||||
Fidelity National Information Services, Inc. | 36,600 | 3,452,478 | ||||||
Fiserv, Inc.† | 47,200 | 6,204,440 | ||||||
9,656,918 | ||||||||
Diagnostic Equipment — 2.4% |
| |||||||
Danaher Corp. | 101,180 | 9,547,345 | ||||||
Thermo Fisher Scientific, Inc. | 39,922 | 7,695,365 | ||||||
17,242,710 | ||||||||
Diversified Banking Institutions — 3.1% |
| |||||||
Citigroup, Inc. | 21,200 | 1,600,600 | ||||||
JPMorgan Chase & Co. | 46,800 | 4,891,536 | ||||||
Morgan Stanley | 320,443 | 16,538,063 | ||||||
23,030,199 | ||||||||
Diversified Manufacturing Operations — 0.0% |
| |||||||
Textron, Inc. | 1,400 | 77,994 | ||||||
E-Commerce/Products — 12.7% |
| |||||||
Alibaba Group Holding, Ltd. ADR†# | 155,314 | 27,503,003 | ||||||
Amazon.com, Inc.† | 55,592 | 65,417,886 | ||||||
92,920,889 | ||||||||
E-Commerce/Services — 3.9% |
| |||||||
Ctrip.com International, Ltd. ADR†# | 47,780 | 2,201,702 | ||||||
Priceline Group, Inc.† | 15,132 | 26,325,292 | ||||||
28,526,994 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
NextEra Energy, Inc. | 4,900 | 774,396 | ||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Broadcom, Ltd. | 27,600 | 7,671,144 | ||||||
Microchip Technology, Inc.# | 24,500 | 2,131,255 | ||||||
Xilinx, Inc. | 27,700 | 1,925,427 | ||||||
11,727,826 | ||||||||
Electronic Measurement Instruments — 0.7% |
| |||||||
Agilent Technologies, Inc. | 5,300 | 366,972 | ||||||
Fortive Corp. | 63,090 | 4,709,668 | ||||||
5,076,640 | ||||||||
Enterprise Software/Service — 0.4% |
| |||||||
Workday, Inc., Class A†# | 31,100 | 3,203,300 | ||||||
Entertainment Software — 0.7% |
| |||||||
Activision Blizzard, Inc. | 19,200 | 1,198,080 | ||||||
Electronic Arts, Inc.† | 36,300 | 3,860,505 | ||||||
5,058,585 | ||||||||
Finance - Credit Card — 5.9% |
| |||||||
American Express Co. | 700 | 68,397 | ||||||
Mastercard, Inc., Class A | 127,920 | 19,248,122 | ||||||
Visa, Inc., Class A# | 209,118 | 23,544,596 | ||||||
42,861,115 | ||||||||
Finance - Investment Banker/Broker — 1.8% |
| |||||||
Charles Schwab Corp. | 56,500 | 2,756,635 | ||||||
TD Ameritrade Holding Corp. | 204,033 | 10,440,369 | ||||||
13,197,004 | ||||||||
24 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Other Services — 1.0% |
| |||||||
Intercontinental Exchange, Inc. | 107,186 | $ | 7,658,440 | |||||
Gas - Distribution — 0.1% |
| |||||||
Sempra Energy | 4,900 | 592,851 | ||||||
Hotels/Motels — 1.4% |
| |||||||
Hilton Worldwide Holdings, Inc. | 30,953 | 2,400,715 | ||||||
Marriott International, Inc., Class A | 59,190 | 7,517,130 | ||||||
9,917,845 | ||||||||
Instruments - Controls — 0.8% |
| |||||||
Honeywell International, Inc. | 37,600 | 5,864,096 | ||||||
Insurance Brokers — 1.0% |
| |||||||
Marsh & McLennan Cos., Inc. | 17,600 | 1,477,168 | ||||||
Willis Towers Watson PLC | 34,100 | 5,483,280 | ||||||
6,960,448 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Chubb, Ltd. | 4,100 | 623,651 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Progressive Corp. | 18,700 | 994,466 | ||||||
Internet Application Software — 2.3% |
| |||||||
Tencent Holdings, Ltd. | 332,300 | 17,153,027 | ||||||
Internet Content - Entertainment — 6.2% |
| |||||||
Facebook, Inc., Class A† | 218,841 | 38,774,249 | ||||||
Netflix, Inc.† | 35,733 | 6,702,796 | ||||||
45,477,045 | ||||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp. | 35,800 | 1,037,126 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 6,440 | 1,051,201 | ||||||
Machinery - General Industrial — 0.6% |
| |||||||
Roper Technologies, Inc. | 16,200 | 4,328,802 | ||||||
Medical Instruments — 1.5% |
| |||||||
Intuitive Surgical, Inc.† | 27,400 | 10,953,972 | ||||||
Medical Products — 3.2% |
| |||||||
Becton Dickinson and Co. | 53,248 | 12,151,726 | ||||||
Stryker Corp. | 72,100 | 11,247,600 | ||||||
23,399,326 | ||||||||
Medical - Biomedical/Gene — 3.5% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 60,440 | 6,636,916 | ||||||
Biogen, Inc.† | 18,163 | 5,851,574 | ||||||
Celgene Corp.† | 17,155 | 1,729,739 | ||||||
Illumina, Inc.† | 1,573 | 361,837 | ||||||
Incyte Corp.† | 5,500 | 544,445 | ||||||
Regeneron Pharmaceuticals, Inc.† | 300 | 108,558 | ||||||
Vertex Pharmaceuticals, Inc.† | 73,000 | 10,533,170 | ||||||
25,766,239 | ||||||||
Medical - Drugs — 0.2% |
| |||||||
Allergan PLC | 251 | 43,631 | ||||||
Merck & Co., Inc. | 1,400 | 77,378 | ||||||
Shire PLC ADR | 586 | 87,168 | ||||||
Zoetis, Inc. | 15,600 | 1,127,724 | ||||||
1,335,901 | ||||||||
Medical - HMO — 6.2% |
| |||||||
Aetna, Inc. | 37,877 | 6,824,678 | ||||||
Anthem, Inc. | 16,100 | 3,782,856 | ||||||
Cigna Corp. | 41,600 | 8,807,968 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - HMO (continued) |
| |||||||
Humana, Inc. | 18,500 | $ | 4,825,910 | |||||
UnitedHealth Group, Inc. | 92,832 | 21,181,477 | ||||||
45,422,889 | ||||||||
Real Estate Investment Trusts — 1.5% |
| |||||||
American Tower Corp. | 57,324 | 8,250,643 | ||||||
Equinix, Inc. | 4,856 | 2,255,564 | ||||||
SBA Communications Corp.† | 2,600 | 441,350 | ||||||
10,947,557 | ||||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Ross Stores, Inc. | 70,300 | 5,344,909 | ||||||
Tapestry, Inc. | 4,000 | 166,760 | ||||||
5,511,669 | ||||||||
Retail - Auto Parts — 0.0% |
| |||||||
O’Reilly Automotive, Inc.† | 326 | 77,004 | ||||||
Retail - Building Products — 1.0% |
| |||||||
Home Depot, Inc. | 40,762 | 7,329,823 | ||||||
Lowe’s Cos., Inc. | 1,900 | 158,403 | ||||||
7,488,226 | ||||||||
Retail - Discount — 0.4% |
| |||||||
Costco Wholesale Corp. | 900 | 165,987 | ||||||
Dollar General Corp. | 34,100 | 3,003,528 | ||||||
3,169,515 | ||||||||
Retail - Restaurants — 1.5% |
| |||||||
McDonald’s Corp. | 21,700 | 3,731,749 | ||||||
Starbucks Corp. | 3,300 | 190,806 | ||||||
Yum! Brands, Inc. | 82,000 | 6,844,540 | ||||||
10,767,095 | ||||||||
Semiconductor Components - Integrated Circuits — 0.0% |
| |||||||
Analog Devices, Inc. | 500 | 43,055 | ||||||
Semiconductor Equipment — 0.2% |
| |||||||
ASML Holding NV | 3,300 | 579,216 | ||||||
Lam Research Corp. | 4,500 | 865,485 | ||||||
1,444,701 | ||||||||
Software Tools — 0.2% |
| |||||||
VMware, Inc., Class A†# | 11,100 | 1,333,221 | ||||||
Tobacco — 0.3% |
| |||||||
Philip Morris International, Inc. | 24,300 | 2,496,825 | ||||||
Tools - Hand Held — 0.4% |
| |||||||
Stanley Black & Decker, Inc. | 16,400 | 2,781,932 | ||||||
Transport - Rail — 0.3% |
| |||||||
Canadian Pacific Railway, Ltd. | 7,000 | 1,226,260 | ||||||
CSX Corp. | 13,300 | 741,475 | ||||||
Union Pacific Corp. | 400 | 50,600 | ||||||
2,018,335 | ||||||||
Transport - Services — 0.0% |
| |||||||
FedEx Corp. | 800 | 185,168 | ||||||
Web Portals/ISP — 6.2% |
| |||||||
Alphabet, Inc., Class A† | 13,200 | 13,677,444 | ||||||
Alphabet, Inc., Class C† | 30,834 | 31,494,156 | ||||||
45,171,600 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $402,734,377) | 727,330,571 | |||||||
25 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.6% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 500,000 | $ | 500,000 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio | 481,088 | 481,088 | ||||||
T. Rowe Price Government Reserve Fund | 3,580,916 | 3,580,916 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $4,562,004) | 4,562,004 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $407,296,381)(3) | 100.1 | % | 731,892,575 | |||||
Liabilities in excess of other assets | (0.1 | ) | (500,881 | ) | ||||
NET ASSETS | 100.0 | % | $ | 731,391,694 | ||||
† | 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, 2017. |
(2) | At November 30, 2017, the Fund had loaned securities with a total value of $63,877,997. This was secured by collateral of $481,088, which was received in cash and subsequently invested in short-term investments currently valued at $481,088 as reported in the Portfolio of Investments. Additional collateral of $64,572,902 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 3,336,182 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 1,746,555 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 3,349,015 | |||||
United States Treasury Bills | 0.00% | 12/21/2017 to 07/19/2018 | 689,228 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 55,451,922 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 710,177,544 | $ | 17,153,027 | ** | $ | — | $ | 727,330,571 | |||||||
Short-Term Investment Securities: | 4,562,004 | — | — | 4,562,004 | ||||||||||||
Total Investments at Value* | $ | 714,739,548 | $ | 17,153,027 | $ | — | $ | 731,892,575 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $17,153,027 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
26 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 7.7 | % | ||
Oil Companies — Exploration & Production | 5.8 | |||
Medical — HMO | 5.4 | |||
Banks — Super Regional | 5.1 | |||
Medical — Drugs | 4.9 | |||
Chemicals — Diversified | 4.2 | |||
Electronic Components — Semiconductors | 3.9 | |||
Cruise Lines | 3.3 | |||
Oil Companies — Integrated | 3.1 | |||
Enterprise Software/Service | 2.8 | |||
Finance — Consumer Loans | 2.8 | |||
Aerospace/Defense | 2.5 | |||
Tobacco | 2.5 | |||
Time Deposits | 2.4 | |||
Registered Investment Companies | 2.1 | |||
Finance — Credit Card | 1.9 | |||
Semiconductor Components — Integrated Circuits | 1.7 | |||
Industrial Gases | 1.6 | |||
Retail — Building Products | 1.6 | |||
Retail — Discount | 1.6 | |||
Multimedia | 1.6 | |||
Applications Software | 1.6 | |||
Oil Refining & Marketing | 1.6 | |||
Banks — Fiduciary | 1.5 | |||
Insurance — Reinsurance | 1.5 | |||
Building & Construction Products — Misc. | 1.5 | |||
Tools — Hand Held | 1.5 | |||
Diversified Manufacturing Operations | 1.5 | |||
Aerospace/Defense — Equipment | 1.4 | |||
Medical Instruments | 1.4 | |||
Telephone — Integrated | 1.4 | |||
Finance — Investment Banker/Broker | 1.4 | |||
Computers | 1.3 | |||
Beverages — Non-alcoholic | 1.3 | |||
Cable/Satellite TV | 1.3 | |||
Rental Auto/Equipment | 1.2 | |||
Insurance Brokers | 1.2 | |||
Building Products — Air & Heating | 1.2 | |||
Insurance — Property/Casualty | 1.2 | |||
Savings & Loans/Thrifts | 1.0 | |||
Retail — Drug Store | 1.0 | |||
Finance — Mortgage Loan/Banker | 1.0 | |||
Pharmacy Services | 1.0 | |||
Apparel Manufacturers | 0.9 | |||
Commercial Services | 0.8 | |||
Medical — Wholesale Drug Distribution | 0.8 | |||
Chemicals — Specialty | 0.7 | |||
Home Decoration Products | 0.5 | |||
Medical — Generic Drugs | 0.4 | |||
Diversified Minerals | 0.4 | |||
102.0 | % | |||
* | Calculated as a percentage of net assets |
27 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.5% |
| |||||||
Aerospace/Defense — 2.5% |
| |||||||
General Dynamics Corp. | 2,900 | $ | 600,764 | |||||
Spirit AeroSystems Holdings, Inc., Class A | 11,100 | 935,175 | ||||||
1,535,939 | ||||||||
Aerospace/Defense - Equipment — 1.4% |
| |||||||
United Technologies Corp. | 7,190 | 873,225 | ||||||
Apparel Manufacturers — 0.9% |
| |||||||
Hanesbrands, Inc.# | 26,200 | 547,318 | ||||||
Applications Software — 1.6% |
| |||||||
Microsoft Corp. | 11,135 | 937,233 | ||||||
Banks - Fiduciary — 1.5% |
| |||||||
State Street Corp. | 9,810 | 935,383 | ||||||
Banks - Super Regional — 5.1% |
| |||||||
Capital One Financial Corp. | 6,725 | 618,700 | ||||||
KeyCorp | 42,000 | 797,160 | ||||||
PNC Financial Services Group, Inc. | 4,425 | 621,978 | ||||||
Wells Fargo & Co. | 18,945 | 1,069,824 | ||||||
3,107,662 | ||||||||
Beverages - Non-alcoholic — 1.3% |
| |||||||
Coca-Cola European Partners PLC | 19,700 | 768,103 | ||||||
Building & Construction Products - Misc. — 1.5% |
| |||||||
Owens Corning | 10,100 | 892,335 | ||||||
Building Products - Air & Heating — 1.2% |
| |||||||
Johnson Controls International PLC | 19,443 | 731,835 | ||||||
Cable/Satellite TV — 1.3% |
| |||||||
Comcast Corp., Class A | 20,200 | 758,308 | ||||||
Chemicals - Diversified — 4.2% |
| |||||||
Celanese Corp., Series A | 8,500 | 911,540 | ||||||
DowDuPont, Inc. | 14,014 | 1,008,447 | ||||||
LyondellBasell Industries NV, Class A | 5,700 | 596,790 | ||||||
2,516,777 | ||||||||
Chemicals - Specialty — 0.7% |
| |||||||
Versum Materials, Inc. | 10,200 | 391,680 | ||||||
Commercial Services — 0.8% |
| |||||||
Nielsen Holdings PLC | 12,800 | 470,016 | ||||||
Computers — 1.3% |
| |||||||
Hewlett Packard Enterprise Co. | 56,100 | 782,595 | ||||||
Cruise Lines — 3.3% |
| |||||||
Carnival Corp. | 8,800 | 577,632 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 12,100 | 655,336 | ||||||
Royal Caribbean Cruises, Ltd. | 5,900 | 730,892 | ||||||
1,963,860 | ||||||||
Diversified Banking Institutions — 7.7% |
| |||||||
Bank of America Corp. | 52,626 | 1,482,474 | ||||||
Citigroup, Inc. | 22,010 | 1,661,755 | ||||||
JPMorgan Chase & Co. | 14,205 | 1,484,707 | ||||||
4,628,936 | ||||||||
Diversified Manufacturing Operations — 1.5% |
| |||||||
General Electric Co. | 47,900 | 876,091 | ||||||
Diversified Minerals — 0.4% |
| |||||||
Fairmount Santrol Holdings, Inc.†# | 50,100 | 241,482 | ||||||
Electronic Components - Semiconductors — 3.9% |
| |||||||
Broadcom, Ltd. | 1,600 | 444,704 | ||||||
Microchip Technology, Inc.# | 11,400 | 991,686 | ||||||
Texas Instruments, Inc. | 9,520 | 926,201 | ||||||
2,362,591 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Enterprise Software/Service — 2.8% |
| |||||||
Black Knight, Inc.† | 4,944 | $ | 221,986 | |||||
Micro Focus International PLC ADR† | 17,165 | 575,027 | ||||||
Oracle Corp. | 18,500 | 907,610 | ||||||
1,704,623 | ||||||||
Finance - Consumer Loans — 2.8% |
| |||||||
Navient Corp. | 39,105 | 493,114 | ||||||
SLM Corp.† | 102,505 | 1,185,983 | ||||||
1,679,097 | ||||||||
Finance - Credit Card — 1.9% |
| |||||||
American Express Co. | 11,455 | 1,119,268 | ||||||
Finance - Investment Banker/Broker — 1.4% |
| |||||||
E*TRADE Financial Corp.† | 17,700 | 852,078 | ||||||
Finance - Mortgage Loan/Banker — 1.0% |
| |||||||
FNF Group | 15,200 | 614,992 | ||||||
Home Decoration Products — 0.5% |
| |||||||
Newell Brands, Inc. | 10,400 | 322,088 | ||||||
Industrial Gases — 1.6% |
| |||||||
Air Products & Chemicals, Inc. | 5,900 | 961,936 | ||||||
Insurance Brokers — 1.2% |
| |||||||
Willis Towers Watson PLC | 4,600 | 739,680 | ||||||
Insurance - Property/Casualty — 1.2% |
| |||||||
XL Group, Ltd. | 18,000 | 698,760 | ||||||
Insurance - Reinsurance — 1.5% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 4,800 | 926,448 | ||||||
Medical Instruments — 1.4% |
| |||||||
Medtronic PLC | 10,630 | 873,042 | ||||||
Medical - Drugs — 4.9% |
| |||||||
Johnson & Johnson | 5,485 | 764,225 | ||||||
Merck & Co., Inc. | 12,900 | 712,983 | ||||||
Pfizer, Inc. | 24,841 | 900,735 | ||||||
Sanofi ADR | 13,400 | 611,576 | ||||||
2,989,519 | ||||||||
Medical - Generic Drugs — 0.4% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR# | 18,000 | 266,760 | ||||||
Medical - HMO — 5.4% |
| |||||||
Anthem, Inc. | 4,715 | 1,107,836 | ||||||
Cigna Corp. | 4,800 | 1,016,304 | ||||||
UnitedHealth Group, Inc. | 5,020 | 1,145,414 | ||||||
3,269,554 | ||||||||
Medical - Wholesale Drug Distribution — 0.8% |
| |||||||
Cardinal Health, Inc. | 7,800 | 461,682 | ||||||
Multimedia — 1.6% |
| |||||||
Twenty - First Century Fox, Inc., Class A | 29,500 | 942,230 | ||||||
Oil Companies - Exploration & Production — 5.8% |
| |||||||
ConocoPhillips | 17,365 | 883,531 | ||||||
Hess Corp.# | 16,100 | 738,668 | ||||||
Kosmos Energy, Ltd.†# | 68,297 | 545,010 | ||||||
Occidental Petroleum Corp. | 11,265 | 794,183 | ||||||
Vermilion Energy, Inc.# | 16,300 | 574,575 | ||||||
3,535,967 | ||||||||
Oil Companies - Integrated — 3.1% |
| |||||||
BP PLC ADR | 23,235 | 931,026 | ||||||
Chevron Corp. | 7,900 | 940,021 | ||||||
1,871,047 | ||||||||
28 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Refining & Marketing — 1.6% |
| |||||||
Phillips 66 | 9,600 | $ | 936,576 | |||||
Pharmacy Services — 1.0% |
| |||||||
Express Scripts Holding Co.† | 9,400 | 612,692 | ||||||
Rental Auto/Equipment — 1.2% |
| |||||||
AMERCO | 2,000 | 741,340 | ||||||
Retail - Building Products — 1.6% |
| |||||||
Lowe’s Cos., Inc. | 11,500 | 958,755 | ||||||
Retail - Discount — 1.6% |
| |||||||
Dollar General Corp. | 10,800 | 951,264 | ||||||
Retail - Drug Store — 1.0% |
| |||||||
CVS Health Corp. | 8,200 | 628,120 | ||||||
Savings & Loans/Thrifts — 1.0% |
| |||||||
New York Community Bancorp, Inc.# | 47,300 | 630,982 | ||||||
Semiconductor Components - Integrated Circuits — 1.7% |
| |||||||
QUALCOMM, Inc. | 15,900 | 1,054,806 | ||||||
Telephone - Integrated — 1.4% |
| |||||||
Verizon Communications, Inc. | 17,138 | 872,153 | ||||||
Tobacco — 2.5% |
| |||||||
Altria Group, Inc. | 12,570 | 852,623 | ||||||
Philip Morris International, Inc. | 6,400 | 657,600 | ||||||
1,510,223 | ||||||||
Tools - Hand Held — 1.5% |
| |||||||
Stanley Black & Decker, Inc. | 5,260 | 892,254 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $43,992,169) | 58,939,305 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.5% |
| |||||||
Registered Investment Companies — 2.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,280,255 | 1,280,255 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Time Deposits — 2.4% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 1,465,000 | $ | 1,465,000 | ||||
Total Short-Term Investment Securities |
| |||||||
(cost $2,745,255) | 2,745,255 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $46,737,424)(3) | 102.0 | % | 61,684,560 | |||||
Liabilities in excess of other assets | (2.0 | ) | (1,211,870 | ) | ||||
NET ASSETS | 100.0 | % | $ | 60,472,690 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
ADR—American Depositary Receipt
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $4,234,277. This was secured by collateral of $1,280,255, which was received in cash and subsequently invested in short-term investments currently valued at $1,280,255 as reported in the Portfolio of Investments. Additional collateral of $2,999,917 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 133,426 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 69,851 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 133,940 | |||||
United States Treasury Bills | 0.00% | 12/28/2017 to 07/19/2018 | 64,925 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 2,597,775 |
(2) | The rate shown is the 7-day yield as of November 30, 2017. |
(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, 2017 (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 | $ | 58,939,305 | $ | — | $ | — | $ | 58,939,305 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 1,280,255 | — | — | 1,280,255 | ||||||||||||
Time Deposits | — | 1,465,000 | — | 1,465,000 | ||||||||||||
Total Investments at Value | $ | 60,219,560 | $ | 1,465,000 | $ | — | $ | 61,684,560 | ||||||||
* | 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
29 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 19.9 | % | ||
United States Treasury Notes | 15.9 | |||
Federal Home Loan Mtg. Corp. | 14.7 | |||
Time Deposits | 8.7 | |||
United States Treasury Bonds | 6.5 | |||
Diversified Banking Institutions | 6.0 | |||
Diversified Financial Services | 3.9 | |||
Government National Mtg. Assoc. | 3.2 | |||
Banks-Commercial | 3.2 | |||
Registered Investment Companies | 2.4 | |||
Electric-Integrated | 1.8 | |||
Auto-Cars/Light Trucks | 1.6 | |||
Telephone-Integrated | 1.6 | |||
Pipelines | 1.4 | |||
Banks-Super Regional | 1.3 | |||
Oil Companies-Integrated | 0.8 | |||
Computers | 0.8 | |||
Savings & Loans/Thrifts | 0.7 | |||
Oil Companies-Exploration & Production | 0.6 | |||
Paper & Related Products | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Insurance-Life/Health | 0.6 | |||
Insurance-Multi-line | 0.4 | |||
Enterprise Software/Service | 0.4 | |||
Networking Products | 0.4 | |||
Brewery | 0.4 | |||
Finance-Other Services | 0.4 | |||
Real Estate Investment Trusts | 0.3 | |||
Electronic Components-Semiconductors | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Retail-Discount | 0.3 | |||
Insurance-Mutual | 0.3 | |||
Medical-HMO | 0.3 | |||
Banks-Fiduciary | 0.3 | |||
Finance-Credit Card | 0.3 | |||
Electric-Generation | 0.3 | |||
Cable/Satellite TV | 0.2 | |||
Aerospace/Defense-Equipment | 0.2 | |||
Multimedia | 0.2 | |||
SupraNational Banks | 0.2 | |||
Machinery-Construction & Mining | 0.2 | |||
Sovereign | 0.2 | |||
Transport-Equipment & Leasing | 0.2 | |||
Medical-Biomedical/Gene | 0.2 | |||
Retail-Drug Store | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Tools-Hand Held | 0.2 | |||
Building & Construction Products-Misc. | 0.2 | |||
Commercial Services | 0.2 | |||
Transport-Rail | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Gold Mining | 0.1 | |||
Computer Services | 0.1 | |||
Federal Home Loan Bank | 0.1 | |||
Coatings/Paint | 0.1 | |||
Chemicals-Diversified | 0.1 | |||
Food-Retail | 0.1 | |||
Medical Products | 0.1 | |||
Metal-Diversified | 0.1 | |||
Food-Misc./Diversified | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Medical-Generic Drugs | 0.1 | |||
Retail-Automobile | 0.1 | |||
Machinery-General Industrial | 0.1 | |||
Building Societies | 0.1 | |||
Machinery-Farming | 0.1 | |||
Insurance-Property/Casualty | 0.1 | |||
Chemicals-Specialty | 0.1 | |||
Gas-Distribution | 0.1 |
Semiconductor Components-Integrated Circuits | 0.1 | |||
Diversified Minerals | 0.1 | |||
Containers-Paper/Plastic | 0.1 | |||
Finance-Consumer Loans | 0.1 | |||
Telecom Services | 0.1 | |||
Medical-Drugs | 0.1 | |||
Food-Meat Products | 0.1 | |||
Beverages-Non-alcoholic | 0.1 | |||
Retail-Auto Parts | 0.1 | |||
Insurance-Reinsurance | 0.1 | |||
Finance-Investment Banker/Broker | 0.1 | |||
Applications Software | 0.1 | |||
Metal-Iron | 0.1 | |||
Building Products-Wood | 0.1 | |||
Electronic Components-Misc. | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Tennessee Valley Authority | 0.1 | |||
Auto-Heavy Duty Trucks | 0.1 | |||
Finance-Leasing Companies | 0.1 | |||
108.2% | ||||
Credit Quality#†
Aaa | 66.9 | % | ||
Aa | 2.6 | |||
A | 11.2 | |||
Baa | 14.8 | |||
Ba | 2.5 | |||
Not Rated@ | 2.0 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
† | Source: Moody’s |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
30 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 3.6% |
| |||||||
Diversified Financial Services — 3.6% |
| |||||||
Avis Budget Rental Car Funding AESOP LLC | $ | 100,000 | $ | 99,796 | ||||
BMW Vehicle Lease Trust | 225,000 | 224,746 | ||||||
Capital One Multi-Asset Execution Trust | 110,000 | 108,778 | ||||||
CarMax Auto Owner Trust | 230,000 | 225,977 | ||||||
CGGS Commercial Mtg. Trust | 173,561 | 173,587 | ||||||
Chase Mtg. Finance Trust VRS | 287,150 | 290,113 | ||||||
Citibank Credit Card Issuance Trust | 115,000 | 114,572 | ||||||
Citibank Credit Card Issuance Trust | 128,000 | 128,317 | ||||||
Citibank Credit Card Issuance Trust | 333,000 | 339,513 | ||||||
Citigroup Commercial Mtg. Trust | 100,000 | 98,288 | ||||||
Citigroup Commercial Mtg. Trust | 360,832 | 363,958 | ||||||
COMM Mtg. Trust*(1) | 313,000 | 323,630 | ||||||
COMM Mtg. Trust VRS | 125,000 | 128,447 | ||||||
CSAIL Commercial Mtg. Trust | 1,764,000 | 1,787,311 | ||||||
CSAIL Commercial Mtg. Trust | 500,000 | 512,678 | ||||||
CSMC Trust | 467,000 | 490,501 | ||||||
Ford Credit Auto Owner Trust | 125,000 | 123,010 | ||||||
Ford Credit Auto Owner Trust | 287,000 | 287,307 | ||||||
Ford Credit Auto Owner Trust | 250,000 | 251,520 | ||||||
GM Financial Automobile Leasing Trust | 150,000 | 149,783 | ||||||
GM Financial Consumer Automobile | 200,000 | 198,751 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
GS Mtg. Securities Trust | $ | 240,000 | $ | 242,218 | ||||
Honda Auto Receivables Owner Trust | 112,000 | 111,251 | ||||||
Hudson Yards Mtg. Trust | 520,000 | 508,336 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 390,000 | 395,432 | ||||||
Morgan Stanley Capital Barclays Bank Trust | 34,000 | 33,400 | ||||||
MSDB Trust VRS | 790,000 | 800,423 | ||||||
Nissan Auto Receivables Owner Trust | 250,000 | 247,864 | ||||||
Synchrony Credit Card Master Note Trust | 100,000 | 100,118 | ||||||
Synchrony Credit Card Master Note Trust | 100,000 | 99,563 | ||||||
Total Asset Backed Securities (cost $9,036,363) | 8,959,188 | |||||||
U.S. CORPORATE BONDS & NOTES — 24.2% |
| |||||||
Advertising Agencies — 0.0% |
| |||||||
Interpublic Group of Cos., Inc. | 116,000 | 121,559 | ||||||
Aerospace/Defense-Equipment — 0.1% |
| |||||||
United Technologies Corp. | 213,000 | 211,277 | ||||||
United Technologies Corp. | 155,000 | 159,674 | ||||||
370,951 | ||||||||
Agricultural Chemicals — 0.2% |
| |||||||
Mosaic Co. | 141,000 | 140,178 | ||||||
Mosaic Co. | 192,000 | 190,486 | ||||||
Mosaic Co. | 82,000 | 80,744 | ||||||
411,408 | ||||||||
Applications Software — 0.1% |
| |||||||
Microsoft Corp. | 148,000 | 161,952 | ||||||
Auto-Cars/Light Trucks — 1.5% |
| |||||||
American Honda Finance Corp. | 32,000 | 31,552 | ||||||
American Honda Finance Corp. | 198,000 | 197,636 |
31 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Auto-Cars/Light Trucks (continued) |
| |||||||
BMW US Capital LLC | $ | 188,000 | $ | 186,761 | ||||
Daimler Finance North America LLC | 192,000 | 187,987 | ||||||
Daimler Finance North America LLC | 253,000 | 252,561 | ||||||
Daimler Finance North America LLC | 413,000 | 413,178 | ||||||
Ford Motor Credit Co. LLC | 627,000 | 621,413 | ||||||
Ford Motor Credit Co. LLC | 516,000 | 513,364 | ||||||
General Motors Co. | 119,000 | 124,635 | ||||||
Nissan Motor Acceptance Corp. | 445,000 | 441,804 | ||||||
Nissan Motor Acceptance Corp. | 333,000 | 331,087 | ||||||
Toyota Motor Credit Corp. | 407,000 | 406,091 | ||||||
3,708,069 | ||||||||
Auto-Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR Financial Corp. | 137,000 | 136,493 | ||||||
Auto/Truck Parts & Equipment-Original — 0.0% |
| |||||||
Lear Corp. | 100,000 | 99,865 | ||||||
Banks-Commercial — 1.8% |
| |||||||
BankUnited, Inc. | 846,000 | 900,775 | ||||||
BB&T Corp | 192,000 | 190,378 | ||||||
Fifth Third Bank | 202,000 | 201,124 | ||||||
First Horizon National Corp. | 541,000 | 552,352 | ||||||
First Tennessee Bank NA | 258,000 | 259,743 | ||||||
PNC Bank NA | 288,000 | 285,916 | ||||||
Regions Financial Corp. | 304,000 | 302,464 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks-Commercial (continued) |
| |||||||
Regions Financial Corp. | $ | 869,000 | $ | 1,198,871 | ||||
Santander Holdings USA, Inc. | 287,000 | 291,782 | ||||||
Santander Holdings USA, Inc. | 144,000 | 146,601 | ||||||
Synovus Financial Corp. | 141,000 | 140,292 | ||||||
4,470,298 | ||||||||
Banks-Fiduciary — 0.3% |
| |||||||
Bank of New York Mellon Corp. | 135,000 | 134,752 | ||||||
Citizens Financial Group, Inc. | 540,000 | 559,052 | ||||||
693,804 | ||||||||
Banks-Super Regional — 1.1% |
| |||||||
Capital One Financial Corp. | 199,000 | 203,666 | ||||||
Citibank NA | 429,000 | 425,882 | ||||||
Huntington National Bank | 254,000 | 254,085 | ||||||
Wells Fargo & Co. | 1,294,000 | 1,304,787 | ||||||
Wells Fargo & Co. | 33,000 | 34,218 | ||||||
Wells Fargo & Co. | 335,000 | 366,604 | ||||||
Wells Fargo & Co. | 41,000 | 45,458 | ||||||
2,634,700 | ||||||||
Brewery — 0.4% |
| |||||||
Anheuser-Busch InBev Finance, Inc. | 403,000 | 406,190 | ||||||
Anheuser-Busch InBev Finance, Inc. | 277,000 | 306,936 | ||||||
Anheuser-Busch InBev Finance, Inc. | 189,000 | 213,369 | ||||||
926,495 | ||||||||
Broadcast Services/Program — 0.0% |
| |||||||
Discovery Communications LLC | 103,000 | 103,154 | ||||||
32 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Building & Construction Products-Misc. — 0.2% |
| |||||||
Owens Corning | $ | 401,000 | $ | 387,803 | ||||
Building Products-Air & Heating — 0.0% |
| |||||||
Lennox International, Inc. | 116,000 | 114,703 | ||||||
Building Products-Wood — 0.1% |
| |||||||
Masco Corp. | 147,000 | 148,118 | ||||||
Cable/Satellite TV — 0.2% |
| |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 364,000 | 345,791 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 75,000 | 75,754 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 170,000 | 195,669 | ||||||
617,214 | ||||||||
Chemicals-Diversified — 0.0% |
| |||||||
Westlake Chemical Corp. | 108,000 | 109,097 | ||||||
Chemicals-Specialty — 0.1% |
| |||||||
Lubrizol Corp. | 179,000 | 235,094 | ||||||
Coatings/Paint — 0.1% |
| |||||||
RPM International, Inc. | 89,000 | 89,317 | ||||||
Sherwin-Williams Co. | 86,000 | 85,610 | ||||||
Sherwin-Williams Co. | 161,000 | 160,018 | ||||||
334,945 | ||||||||
Commercial Services — 0.2% |
| |||||||
Ecolab, Inc. | 290,000 | 286,764 | ||||||
Ecolab, Inc. | 100,000 | 99,706 | ||||||
386,470 | ||||||||
Commercial Services-Finance — 0.0% |
| |||||||
Automatic Data Processing, Inc. | 113,000 | 113,268 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Computer Services — 0.1% |
| |||||||
IBM Credit LLC | $ | 351,000 | $ | 349,288 | ||||
Computers — 0.8% |
| |||||||
Apple, Inc. | 238,000 | 242,161 | ||||||
Apple, Inc. | 211,000 | 213,808 | ||||||
Apple, Inc. | 523,000 | 522,072 | ||||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp. | 510,000 | 630,101 | ||||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp. | 161,000 | 202,583 | ||||||
Hewlett Packard Enterprise Co. | 228,000 | 241,767 | ||||||
2,052,492 | ||||||||
Containers-Paper/Plastic — 0.1% |
| |||||||
WestRock Co. | 205,000 | 203,241 | ||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Procter & Gamble Co. | 135,000 | 134,257 | ||||||
Procter & Gamble Co. | 133,000 | 132,902 | ||||||
267,159 | ||||||||
Diversified Banking Institutions — 3.4% |
| |||||||
Bank of America Corp. | 194,000 | 193,290 | ||||||
Bank of America Corp. | 264,000 | 267,605 | ||||||
Bank of America Corp. | 1,007,000 | 1,044,123 | ||||||
Bank of America Corp. | 334,000 | 420,509 | ||||||
Citigroup, Inc. | 304,000 | 302,163 | ||||||
Citigroup, Inc. | 171,000 | 173,278 | ||||||
Citigroup, Inc. | 844,000 | 886,568 | ||||||
Citigroup, Inc. | 278,000 | 292,169 |
33 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
Citigroup, Inc. | $ | 131,000 | $ | 158,272 | ||||
Goldman Sachs Group, Inc. | 295,000 | 292,595 | ||||||
Goldman Sachs Group, Inc. | 51,000 | 52,484 | ||||||
Goldman Sachs Group, Inc. | 348,000 | 354,741 | ||||||
Goldman Sachs Group, Inc. | 308,000 | 388,468 | ||||||
Goldman Sachs Group, Inc. | 514,000 | 677,972 | ||||||
JPMorgan Chase & Co. | 408,000 | 408,685 | ||||||
JPMorgan Chase & Co. | 573,000 | 582,132 | ||||||
Morgan Stanley | 530,000 | 529,146 | ||||||
Morgan Stanley | 186,000 | 187,064 | ||||||
Morgan Stanley | 143,000 | 145,263 | ||||||
Morgan Stanley | 528,000 | 550,506 | ||||||
Morgan Stanley | 422,000 | 461,136 | ||||||
8,368,169 | ||||||||
Diversified Financial Services — 0.1% |
| |||||||
USAA Capital Corp. | 359,000 | 359,145 | ||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
Carlisle Cos., Inc. | 145,000 | 145,550 | ||||||
Textron, Inc. | 281,000 | 279,264 | ||||||
424,814 | ||||||||
E-Commerce/Products — 0.1% |
| |||||||
Amazon.com, Inc. | 124,000 | 129,344 | ||||||
Electric-Generation — 0.2% |
| |||||||
Basin Electric Power Cooperative | 451,000 | 492,351 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric-Integrated — 1.1% |
| |||||||
Dominion Energy, Inc. | $ | 136,000 | $ | 136,076 | ||||
Dominion Resources, Inc. | 300,000 | 346,429 | ||||||
Duke Energy Progress LLC | 190,000 | 192,276 | ||||||
Exelon Corp. | 267,000 | 273,124 | ||||||
Exelon Generation Co. LLC | 165,000 | 166,777 | ||||||
FirstEnergy Corp. | 288,000 | 293,869 | ||||||
FirstEnergy Corp. | 148,000 | 159,649 | ||||||
FirstEnergy Corp. | 376,000 | 501,234 | ||||||
Georgia Power Co. | 177,000 | 176,070 | ||||||
Massachusetts Electric Co. | 324,000 | 335,445 | ||||||
Pacific Gas & Electric Co. | 108,000 | 108,272 | ||||||
South Carolina Electric & Gas Co. | 134,000 | 147,260 | ||||||
2,836,481 | ||||||||
Electronic Components-Misc. — 0.1% |
| |||||||
Corning, Inc. | 147,000 | 146,801 | ||||||
Electronic Components-Semiconductors — 0.3% |
| |||||||
Broadcom Corp./Broadcom Cayman Finance, Ltd. | 195,000 | 184,614 | ||||||
Intel Corp. | 107,000 | 106,994 | ||||||
Intel Corp. | 580,000 | 576,749 | ||||||
868,357 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Allegion US Holding Co., Inc. | 145,000 | 144,156 | ||||||
Enterprise Software/Service — 0.4% |
| |||||||
Oracle Corp. | 635,000 | 625,470 |
34 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Enterprise Software/Service (continued) |
| |||||||
Oracle Corp. | $ | 176,000 | $ | 179,929 | ||||
Oracle Corp. | 94,000 | 97,258 | ||||||
Oracle Corp. | 75,000 | 77,953 | ||||||
980,610 | ||||||||
Finance-Consumer Loans — 0.1% |
| |||||||
Synchrony Financial | 198,000 | 196,166 | ||||||
Finance-Credit Card — 0.3% |
| |||||||
American Express Co. | 656,000 | 647,309 | ||||||
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 | 164,291 | ||||||
169,562 | ||||||||
Finance-Leasing Companies — 0.1% |
| |||||||
Washington Prime Group LP | 135,000 | 134,895 | ||||||
Finance-Other Services — 0.3% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 352,000 | 352,488 | ||||||
National Rural Utilities Cooperative Finance Corp. | 192,000 | 189,943 | ||||||
National Rural Utilities Cooperative Finance Corp. | 146,000 | 145,692 | ||||||
688,123 | ||||||||
Food-Meat Products — 0.1% |
| |||||||
Smithfield Foods, Inc. | 111,000 | 110,101 | ||||||
Smithfield Foods, Inc. | 74,000 | 76,111 | ||||||
186,212 | ||||||||
Food-Misc./Diversified — 0.1% |
| |||||||
Kraft Heinz Foods Co. | 254,000 | 270,024 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Food-Retail — 0.1% |
| |||||||
Kroger Co. | $ | 291,000 | $ | 290,829 | ||||
Gas-Distribution — 0.1% | ||||||||
NiSource Finance Corp. | 120,000 | 121,113 | ||||||
NiSource Finance Corp. | 94,000 | 100,462 | ||||||
221,575 | ||||||||
Insurance-Life/Health — 0.3% | ||||||||
Aflac, Inc. | 121,000 | 124,175 | ||||||
Brighthouse Financial, Inc. | 263,000 | 257,010 | ||||||
Pacific Life Insurance Co. | 258,000 | 256,228 | ||||||
637,413 | ||||||||
Insurance-Multi-line — 0.3% | ||||||||
Assurant, Inc. | 165,000 | 203,687 | ||||||
MetLife, Inc. | 121,000 | 134,207 | ||||||
Metropolitan Life Global Funding I | 485,000 | 485,893 | ||||||
823,787 | ||||||||
Insurance-Mutual — 0.3% | ||||||||
Massachusetts Mutual Life Insurance Co. | 102,000 | 106,100 | ||||||
MassMutual Global Funding II | 162,000 | 160,763 | ||||||
New York Life Global Funding | 498,000 | 493,153 | ||||||
760,016 | ||||||||
Insurance-Property/Casualty — 0.1% | ||||||||
Markel Corp. | 80,000 | 79,208 | ||||||
Markel Corp. | 69,000 | 68,815 | ||||||
148,023 | ||||||||
Insurance-Reinsurance — 0.1% | ||||||||
Berkshire Hathaway, Inc. | 171,000 | 170,323 | ||||||
35 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Machinery-Construction & Mining — 0.2% | ||||||||
Caterpillar Financial Services Corp. | $ | 292,000 | $ | 289,082 | ||||
Caterpillar Financial Services Corp. | 198,000 | 197,316 | ||||||
486,398 | ||||||||
Machinery-General Industrial — 0.1% | ||||||||
Roper Technologies, Inc. | 254,000 | 261,117 | ||||||
Medical Labs & Testing Services — 0.6% | ||||||||
Laboratory Corp. of America Holdings | 65,000 | 66,315 | ||||||
Laboratory Corp. of America Holdings | 121,000 | 120,764 | ||||||
Roche Holdings, Inc. | 404,000 | 392,404 | ||||||
Roche Holdings, Inc. | 548,000 | 549,180 | ||||||
Roche Holdings, Inc. | 268,000 | 272,049 | ||||||
1,400,712 | ||||||||
Medical Products — 0.1% | ||||||||
Becton Dickinson and Co. | 290,000 | 289,490 | ||||||
Medical-Biomedical/Gene — 0.2% | ||||||||
Amgen, Inc. | 247,000 | 246,147 | ||||||
Celgene Corp. | 175,000 | 179,138 | ||||||
425,285 | ||||||||
Medical-Generic Drugs — 0.1% | ||||||||
Actavis, Inc. | 264,000 | 265,705 | ||||||
Medical-HMO — 0.3% | ||||||||
Anthem, Inc. | 178,000 | 182,995 | ||||||
UnitedHealth Group, Inc. | 204,000 | 202,371 | ||||||
UnitedHealth Group, Inc. | 180,000 | 178,874 | ||||||
UnitedHealth Group, Inc. | 140,000 | 144,569 | ||||||
708,809 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Metal-Diversified — 0.1% |
| |||||||
Glencore Funding LLC | $ | 122,000 | $ | 119,706 | ||||
Glencore Funding LLC | 159,000 | 157,712 | ||||||
277,418 | ||||||||
Multimedia — 0.2% |
| |||||||
Time Warner, Inc. | 120,000 | 123,435 | ||||||
Viacom, Inc. | 316,000 | 299,159 | ||||||
Walt Disney Co. | 89,000 | 88,604 | ||||||
511,198 | ||||||||
Networking Products — 0.4% |
| |||||||
Cisco Systems, Inc. | 486,000 | 486,905 | ||||||
Cisco Systems, Inc. | 444,000 | 442,850 | ||||||
929,755 | ||||||||
Oil Companies-Exploration & Production — 0.6% |
| |||||||
Anadarko Petroleum Corp. | 377,000 | 454,898 | ||||||
Concho Resources, Inc. | 65,000 | 67,681 | ||||||
Devon Energy Corp. | 99,000 | 106,775 | ||||||
Devon Energy Corp. | 99,000 | 113,843 | ||||||
Hess Corp. | 55,000 | 54,772 | ||||||
Hess Corp. | 234,000 | 243,736 | ||||||
Marathon Oil Corp. | 211,000 | 216,423 | ||||||
Marathon Oil Corp. | 267,000 | 322,023 | ||||||
1,580,151 | ||||||||
Oil Companies-Integrated — 0.3% |
| |||||||
Chevron Corp. | 146,000 | 145,686 | ||||||
Chevron Corp. | 455,000 | 453,996 |
36 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies-Integrated (continued) |
| |||||||
Chevron Corp. | $ | 126,000 | $ | 126,402 | ||||
726,084 | ||||||||
Oil-Field Services — 0.0% |
| |||||||
Halliburton Co. | 73,000 | 79,836 | ||||||
Paper & Related Products — 0.6% |
| |||||||
Domtar Corp. | 260,000 | 292,277 | ||||||
Georgia-Pacific LLC | 385,000 | 394,951 | ||||||
Georgia-Pacific LLC | 368,000 | 383,745 | ||||||
Georgia-Pacific LLC | 235,000 | 254,243 | ||||||
International Paper Co. | 50,000 | 51,144 | ||||||
International Paper Co. | 106,000 | 118,070 | ||||||
1,494,430 | ||||||||
Pipelines — 1.0% |
| |||||||
Andeavor Logistics LP/Tesoro | 108,000 | 108,006 | ||||||
Andeavor Logistics LP/Tesoro | 97,000 | 97,377 | ||||||
Enbridge Energy Partners LP | 151,000 | 197,167 | ||||||
Energy Transfer Partners LP | 98,000 | 95,593 | ||||||
Energy Transfer Partners LP | 29,000 | 30,695 | ||||||
Energy Transfer Partners LP | 341,000 | 388,041 | ||||||
EnLink Midstream Partners LP | 170,000 | 177,515 | ||||||
EnLink Midstream Partners LP | 179,000 | 172,939 | ||||||
ONEOK, Inc. | 236,000 | 236,295 | ||||||
Phillips 66 Partners LP | 78,000 | 80,485 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Sunoco Logistics Partners Operations LP | $ | 90,000 | $ | 89,825 | ||||
Western Gas Partners LP | 183,000 | 189,956 | ||||||
Williams Partners LP | 160,000 | 158,777 | ||||||
Williams Partners LP | 354,000 | 375,896 | ||||||
2,398,567 | ||||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
Brandywine Operating Partnership LP | 121,000 | 119,736 | ||||||
Goodman US Finance Three LLC | 103,000 | 101,954 | ||||||
Goodman US Finance Three LLC | 102,000 | 104,184 | ||||||
Kimco Realty Corp. | 90,000 | 90,637 | ||||||
Life Storage LP | 87,000 | 86,119 | ||||||
Simon Property Group LP | 175,000 | 173,624 | ||||||
SL Green Operating Partnership LP | 195,000 | 194,686 | ||||||
870,940 | ||||||||
Retail-Auto Parts — 0.1% |
| |||||||
O’Reilly Automotive, Inc. | 171,000 | 171,273 | ||||||
Retail-Automobile — 0.1% |
| |||||||
AutoNation, Inc. | 265,000 | 262,078 | ||||||
Retail-Discount — 0.3% |
| |||||||
Costco Wholesale Corp. | 281,000 | 279,840 | ||||||
Wal-Mart Stores, Inc. | 496,000 | 492,745 | ||||||
772,585 | ||||||||
Retail-Drug Store — 0.2% |
| |||||||
CVS Pass-Through Trust | 122,068 | 130,307 | ||||||
CVS Pass-Through Trust | 128,735 | 143,898 |
37 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Retail-Drug Store (continued) |
| |||||||
CVS Pass-Through Trust | $ | 126,857 | $ | 143,152 | ||||
417,357 | ||||||||
Savings & Loans/Thrifts — 0.7% |
| |||||||
Astoria Financial Corp. | 393,000 | 395,244 | ||||||
First Niagara Financial Group, Inc. | 813,000 | 890,344 | ||||||
First Niagara Financial Group, Inc. | 400,000 | 462,344 | ||||||
1,747,932 | ||||||||
Semiconductor Components-Integrated Circuits — 0.1% |
| |||||||
QUALCOMM, Inc. | 218,000 | 216,285 | ||||||
Telephone-Integrated — 1.3% |
| |||||||
AT&T, Inc. | 298,000 | 295,346 | ||||||
AT&T, Inc. | 254,000 | 229,670 | ||||||
AT&T, Inc. | 333,000 | 324,710 | ||||||
AT&T, Inc. | 100,000 | 94,923 | ||||||
AT&T, Inc. | 889,000 | 886,138 | ||||||
AT&T, Inc. | 259,000 | 255,231 | ||||||
Verizon Communications, Inc. | 161,000 | 160,857 | ||||||
Verizon Communications, Inc. | 96,000 | 96,521 | ||||||
Verizon Communications, Inc. | 394,000 | 373,180 | ||||||
Verizon Communications, Inc. | 370,000 | 402,545 | ||||||
3,119,121 | ||||||||
Transport-Equipment & Leasing — 0.2% |
| |||||||
GATX Corp. | 169,000 | 163,734 | ||||||
GATX Corp. | 130,000 | 128,072 | ||||||
GATX Corp. | 137,000 | 140,299 | ||||||
432,105 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Transport-Rail — 0.1% |
| |||||||
Union Pacific Corp. | $ | 196,000 | $ | 198,312 | ||||
Trucking/Leasing — 0.0% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 96,000 | 94,350 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $58,314,126) | 59,389,418 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 6.4% |
| |||||||
Aerospace/Defense-Equipment — 0.1% |
| |||||||
Airbus Finance BV | 207,000 | 207,448 | ||||||
Auto-Cars/Light Trucks — 0.1% |
| |||||||
Hyundai Capital Services, Inc. | 239,000 | 235,649 | ||||||
Banks-Commercial — 1.1% |
| |||||||
Australia & New Zealand Banking Group, Ltd. | 253,000 | 250,913 | ||||||
BPCE SA | 341,000 | 355,280 | ||||||
Canadian Imperial Bank of Commerce | 486,000 | 482,666 | ||||||
Credit Suisse AG | 705,000 | 716,063 | ||||||
DBS Group Holdings, Ltd. | 336,000 | 335,402 | ||||||
Santander UK PLC | 202,000 | 200,390 | ||||||
Toronto-Dominion Bank | 296,000 | 292,707 | ||||||
2,633,421 | ||||||||
Beverages-Non-alcoholic — 0.1% |
| |||||||
Coca-Cola Femsa SAB de CV | 176,000 | 176,479 | ||||||
Building Societies — 0.1% |
| |||||||
Nationwide Building Society | 250,000 | 249,751 | ||||||
Chemicals-Diversified — 0.1% |
| |||||||
Braskem Netherlands Finance BV | 209,000 | 208,007 | ||||||
Diversified Banking Institutions — 2.0% |
| |||||||
Barclays PLC | 200,000 | 207,806 | ||||||
BNP Paribas SA | 276,000 | 285,371 |
38 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
Credit Agricole SA | $ | 251,000 | $ | 249,480 | ||||
Credit Agricole SA | 262,000 | 271,537 | ||||||
Credit Suisse Group AG | 410,000 | 425,355 | ||||||
HSBC Holdings PLC | 224,000 | 227,378 | ||||||
HSBC Holdings PLC | 201,000 | 208,853 | ||||||
Lloyds Banking Group PLC | 217,000 | 215,361 | ||||||
Lloyds Banking Group PLC | 262,000 | 275,192 | ||||||
Macquarie Group, Ltd. | 100,000 | 99,671 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 244,000 | 241,984 | ||||||
Mizuho Financial Group, Inc. | 735,000 | 721,293 | ||||||
Royal Bank of Scotland Group PLC | 200,000 | 200,429 | ||||||
Royal Bank of Scotland Group PLC | 201,000 | 204,406 | ||||||
UBS AG | 210,000 | 209,013 | ||||||
UBS AG | 210,000 | 209,742 | ||||||
UBS Group Funding Switzerland AG | 200,000 | 203,422 | ||||||
UBS Group Funding Switzerland AG | 208,000 | 218,529 | ||||||
UniCredit SpA | 312,000 | 332,948 | ||||||
5,007,770 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
GE Capital International Funding Co. ULC | 449,000 | 478,925 | ||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Siemens Financieringsmaatschappij NV | 398,000 | 398,446 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | $ | 207,000 | $ | 203,376 | ||||
E-Commerce/Products — 0.1% |
| |||||||
Alibaba Group Holding, Ltd. | 201,000 | 204,127 | ||||||
Electric-Generation — 0.1% |
| |||||||
Electricite de France SA | 122,000 | 135,588 | ||||||
Electric-Integrated — 0.6% |
| |||||||
EDP Finance BV | $ | 393,000 | $ | 395,177 | ||||
Enel Finance International NV | 200,000 | 194,962 | ||||||
Enel Finance International NV | 416,000 | 409,100 | ||||||
Enel Finance International NV | 400,000 | 415,308 | ||||||
1,414,547 | ||||||||
Electronic Connectors — 0.0% |
| |||||||
Tyco Electronics Group SA | 100,000 | 98,413 | ||||||
Gold Mining — 0.1% |
| |||||||
Goldcorp, Inc. | 111,000 | 126,878 | ||||||
Kinross Gold Corp. | 280,000 | 282,100 | ||||||
408,978 | ||||||||
Insurance-Life/Health — 0.1% |
| |||||||
Manulife Financial Corp. | 144,000 | 144,578 | ||||||
Insurance-Property/Casualty — 0.0% |
| |||||||
Enstar Group, Ltd. | 97,000 | 99,836 | ||||||
Machinery-Farming — 0.1% |
| |||||||
CNH Industrial NV | 250,000 | 248,634 | ||||||
Medical-Drugs — 0.1% |
| |||||||
Shire Acquisitions Investments Ireland DAC | 192,000 | 187,870 | ||||||
Metal-Iron — 0.1% |
| |||||||
Vale Overseas, Ltd. | 138,000 | 160,065 | ||||||
39 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies-Integrated — 0.5% |
| |||||||
BP Capital Markets PLC | $ | 335,000 | $ | 343,856 | ||||
Petroleos Mexicanos | 175,000 | 185,045 | ||||||
Petroleos Mexicanos | 303,000 | 320,392 | ||||||
Shell International Finance BV | 199,000 | 198,832 | ||||||
Shell International Finance BV | 209,000 | 209,107 | ||||||
Suncor Energy, Inc. | 127,000 | 127,190 | ||||||
1,384,422 | ||||||||
SupraNational Banks — 0.2% |
| |||||||
European Investment Bank | 498,000 | 492,280 | ||||||
Telephone-Integrated — 0.3% |
| |||||||
Telecom Italia Capital SA | 252,000 | 325,181 | ||||||
Telefonica Emisiones SAU | 151,000 | 154,579 | ||||||
Telefonica Emisiones SAU | 204,000 | 223,112 | ||||||
702,872 | ||||||||
Transport-Rail — 0.1% |
| |||||||
Canadian Pacific Railway Co. | 140,000 | 180,944 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $15,424,829) | 15,662,426 | |||||||
U.S. GOVERNMENT AGENCIES — 38.0% |
| |||||||
Federal Home Loan Bank — 0.1% |
| |||||||
Federal Home Loan Bank | 250,000 | 339,023 | ||||||
Federal Home Loan Mtg. Corp. — 14.7% |
| |||||||
2.50% due 01/01/2028 | 240,961 | 242,163 | ||||||
2.50% due 04/01/2028 | 610,235 | 613,084 | ||||||
2.50% due 03/01/2031 | 772,344 | 771,261 | ||||||
2.50% due 10/01/2032 | 981,774 | 980,397 | ||||||
2.50% due December 15 TBA | 750,000 | 748,418 | ||||||
3.00% due 08/01/2027 | 160,897 | 164,099 | ||||||
3.00% due 10/01/2042 | 523,077 | 525,775 | ||||||
3.00% due 11/01/2042 | 651,014 | 653,110 | ||||||
3.00% due 04/01/2043 | 713,705 | 715,119 | ||||||
3.00% due 05/01/2043 | 926,896 | 931,677 | ||||||
3.00% due 08/01/2043 | 689,316 | 690,682 | ||||||
3.00% due 07/01/2045 | 925,998 | 924,988 | ||||||
3.00% due 10/01/2045 | 456,518 | 456,074 | ||||||
3.00% due 05/01/2046 | 313,112 | 312,843 | ||||||
3.00% due 08/01/2046 | 2,729,287 | 2,726,943 | ||||||
3.00% due December 30 TBA | 2,963,000 | 2,955,389 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
3.50% due 01/01/2032 | $ | 1,778,160 | $ | 1,842,554 | ||||
3.50% due 11/01/2041 | 642,239 | 661,664 | ||||||
3.50% due 03/01/2042 | 212,730 | 219,176 | ||||||
3.50% due 04/01/2042 | 1,158,392 | 1,193,488 | ||||||
3.50% due 06/01/2042 | 1,526,310 | 1,572,564 | ||||||
3.50% due 08/01/2042 | 279,434 | 288,310 | ||||||
3.50% due 03/01/2045 | 1,042,663 | 1,069,662 | ||||||
3.50% due 07/01/2045 | 1,258,325 | 1,294,771 | ||||||
3.50% due 08/01/2045 | 753,008 | 775,516 | ||||||
3.50% due 11/01/2045 | 491,426 | 504,124 | ||||||
3.50% due 12/01/2046 | 926,915 | 950,865 | ||||||
4.00% due 09/01/2040 | 321,910 | 337,611 | ||||||
4.00% due 10/01/2045 | 939,312 | 981,432 | ||||||
4.00% due 11/01/2045 | 1,086,122 | 1,134,827 | ||||||
4.50% due 04/01/2044 | 184,578 | 196,419 | ||||||
4.50% due 09/01/2044 | 1,478,199 | 1,573,040 | ||||||
4.50% due 03/01/2046 | 297,863 | 316,577 | ||||||
5.00% due 10/01/2033 | 638 | 691 | ||||||
5.00% due 06/01/2039 | 402,583 | 441,080 | ||||||
5.00% due 11/01/2043 | 525,410 | 571,999 | ||||||
5.50% due 11/01/2018 | 4,847 | 4,881 | ||||||
5.50% due 02/01/2035 | 71,502 | 78,374 | ||||||
6.00% due 10/01/2033 | 98,985 | 110,911 | ||||||
6.00% due 03/01/2040 | 662 | 747 | ||||||
6.50% due 02/01/2035 | 2,208 | 2,445 | ||||||
6.50% due 01/01/2036 | 15,859 | 17,557 | ||||||
6.75% due 09/15/2029 | 500,000 | 696,931 | ||||||
6.75% due 03/15/2031 | 250,000 | 357,270 | ||||||
Federal Home Loan Mtg. Corp. FRS | 54,596 | 56,487 | ||||||
3.62% (12 ML+1.89%) | 490,274 | 517,395 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 1,005,948 | 1,025,435 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 274,517 | 34,224 | ||||||
Federal Home Loan Mtg. Corp. | 848,817 | 857,054 | ||||||
Series 2015-DNA1, Class M2 | 300,000 | 306,900 | ||||||
Series 2014-DN1, Class M2 | 428,503 | 441,861 | ||||||
Series 2014-HQ2, Class M2 | 645,295 | 666,347 | ||||||
Series 2014-HQ3, Class M2 | 29,659 | 29,722 | ||||||
Series 2016-HQA1, Class M2 | 409,000 | 419,976 | ||||||
35,962,909 | ||||||||
Federal National Mtg. Assoc. — 19.9% |
| |||||||
2.50% due 09/01/2027 | 65,786 | 66,088 | ||||||
2.50% due 04/01/2028 | 347,863 | 349,352 |
40 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
2.50% due 01/01/2032 | $ | 801,910 | $ | 800,722 | ||||
3.00% due 10/01/2027 | 100,342 | 102,523 | ||||||
3.00% due 12/01/2027 | 778,635 | 795,127 | ||||||
3.00% due 01/01/2028 | 702,626 | 717,920 | ||||||
3.00% due 10/01/2030 | 576,464 | 588,627 | ||||||
3.00% due 07/01/2032 | 380,174 | 387,593 | ||||||
3.00% due 10/01/2032 | 1,671,405 | 1,704,022 | ||||||
3.00% due 03/01/2042 | 743,880 | 746,138 | ||||||
3.00% due 12/01/2042 | 744,227 | 746,491 | ||||||
3.00% due 02/01/2045 | 636,200 | 635,804 | ||||||
3.00% due 09/01/2046 | 105,022 | 104,826 | ||||||
3.00% due December 15 TBA | 500,000 | 509,381 | ||||||
3.00% due December 30 TBA | 4,347,000 | 4,335,987 | ||||||
3.50% due 08/01/2026 | 162,497 | 167,957 | ||||||
3.50% due 09/01/2026 | 47,747 | 49,445 | ||||||
3.50% due 08/01/2027 | 56,437 | 58,338 | ||||||
3.50% due 10/01/2028 | 501,708 | 521,102 | ||||||
3.50% due 12/01/2041 | 439,728 | 453,792 | ||||||
3.50% due 08/01/2042 | 1,334,914 | 1,372,046 | ||||||
3.50% due 07/01/2045 | 517,231 | 530,753 | ||||||
3.50% due 08/01/2045 | 576,200 | 592,877 | ||||||
3.50% due 09/01/2045 | 515,537 | 529,014 | ||||||
3.50% due 10/01/2045 | 742,991 | 766,202 | ||||||
3.50% due 11/01/2045 | 380,957 | 390,916 | ||||||
3.50% due 12/01/2045 | 2,730,209 | 2,801,586 | ||||||
3.50% due 02/01/2046 | 823,184 | 844,705 | ||||||
3.50% due 03/01/2046 | 443,361 | 454,952 | ||||||
3.50% due 07/01/2046 | 1,905,246 | 1,962,048 | ||||||
3.50% due December 15 TBA | 597,000 | 616,822 | ||||||
3.50% due December 30 TBA | 3,485,000 | 3,573,350 | ||||||
4.00% due 07/01/2040 | 209,823 | 221,107 | ||||||
4.00% due 10/01/2040 | 84,530 | 88,728 | ||||||
4.00% due 12/01/2040 | 1,164,902 | 1,222,659 | ||||||
4.00% due 10/01/2041 | 523,144 | 549,032 | ||||||
4.00% due 11/01/2041 | 560,295 | 587,993 | ||||||
4.00% due 01/01/2043 | 642,726 | 679,575 | ||||||
4.00% due 10/01/2043 | 832,035 | 880,509 | ||||||
4.00% due 10/01/2044 | 1,151,250 | 1,204,222 | ||||||
4.00% due 02/01/2045 | 1,333,034 | 1,405,152 | ||||||
4.00% due 06/01/2046 | 402,241 | 420,456 | ||||||
4.00% due 01/01/2047 | 776,988 | 812,376 | ||||||
4.00% due 05/01/2047 | 957,148 | 1,000,680 | ||||||
4.50% due 11/01/2022 | 81,047 | 83,064 | ||||||
4.50% due 10/01/2024 | 221,974 | 233,221 | ||||||
4.50% due 11/01/2040 | 179,157 | 192,011 | ||||||
4.50% due 12/01/2040 | 353,730 | 379,173 | ||||||
4.50% due 05/01/2041 | 263,117 | 281,909 | ||||||
4.50% due 08/01/2045 | 2,564,774 | 2,792,948 | ||||||
4.50% due 04/01/2047 | 894,984 | 952,433 | ||||||
4.50% due December 30 TBA | 1,207,000 | 1,283,828 | ||||||
5.00% due 10/01/2033 | 2,804 | 3,063 | ||||||
5.00% due 03/01/2034 | 48,722 | 53,220 | ||||||
5.00% due 05/01/2040 | 105,368 | 114,177 | ||||||
5.00% due 06/01/2040 | 66,693 | 72,335 | ||||||
5.00% due 02/01/2045 | 365,581 | 402,208 | ||||||
5.50% due 12/01/2029 | 75,789 | 83,337 | ||||||
5.50% due 04/01/2033 | 63,760 | 70,919 | ||||||
5.50% due 12/01/2033 | 52,053 | 57,999 | ||||||
5.50% due 07/01/2037 | 284,099 | 314,196 | ||||||
5.50% due 08/01/2037 | 218,971 | 243,177 | ||||||
5.50% due 06/01/2038 | 28,755 | 31,901 | ||||||
6.00% due 12/01/2020 | 3,285 | 3,380 | ||||||
6.00% due 12/01/2036 | 393,454 | 445,407 | ||||||
6.00% due 11/01/2038 | 110,885 | 125,289 | ||||||
6.00% due 06/01/2040 | 83,943 | 94,890 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
6.50% due 10/01/2037 | $ | 34,767 | $ | 38,518 | ||||
Federal National Mtg. Assoc. FRS | 384,569 | 399,119 | ||||||
3.13% (1 Yr USTYCR+2.19%) | 433,368 | 456,267 | ||||||
3.18% (1 Yr USTYCR+2.26%) | 188,363 | 199,096 | ||||||
3.29% (12 ML+1.57%) | 87,798 | 91,817 | ||||||
3.39% (12 ML+1.66%) | 330,656 | 347,762 | ||||||
3.43% (12 ML+1.77%) | 473,779 | 496,510 | ||||||
3.57% (12 ML+1.82%) | 93,994 | 98,446 | ||||||
3.58% (12 ML+1.83%) | 251,831 | 264,278 | ||||||
3.66% (12 ML+1.91%) | 238,949 | 254,008 | ||||||
Federal National Mtg. Assoc. REMIC | 498,798 | 503,605 | ||||||
48,812,506 | ||||||||
Government National Mtg. Assoc. — 3.2% |
| |||||||
3.00% due 02/20/2045 | 629,410 | 635,212 | ||||||
3.00% due 05/20/2045 | 484,484 | 488,826 | ||||||
3.00% due 07/20/2045 | 79,451 | 80,153 | ||||||
3.00% due 11/20/2045 | 1,601,381 | 1,615,354 | ||||||
3.00% due 12/20/2045 | 753,461 | 760,035 | ||||||
3.00% due December 30 TBA | 2,227,000 | 2,244,225 | ||||||
3.50% due 03/20/2045 | 436,470 | 452,073 | ||||||
3.50% due 04/20/2045 | 835,414 | 865,124 | ||||||
3.50% due 07/20/2045 | 179,982 | 186,416 | ||||||
4.00% due 07/20/2045 | 259,639 | 272,608 | ||||||
4.00% due 10/20/2045 | 113,465 | 119,133 | ||||||
Government National Mtg. Assoc. | 200,000 | 192,968 | ||||||
7,912,127 | ||||||||
Tennessee Valley Authority — 0.1% |
| |||||||
1.75% due 10/15/2018 | 143,000 | 143,044 | ||||||
Total U.S. Government Agencies |
| |||||||
(cost $93,899,078) | 93,169,609 | |||||||
U.S. GOVERNMENT TREASURIES — 22.4% |
| |||||||
United States Treasury Bonds — 6.5% |
| |||||||
2.25% due 08/15/2027 | 1,200,000 | 1,181,109 | ||||||
2.25% due 08/15/2046 | 450,000 | 398,074 | ||||||
2.75% due 11/15/2042 | 423,000 | 418,720 | ||||||
2.75% due 08/15/2047 | 1,000,000 | 982,969 | ||||||
2.88% due 08/15/2045 | 57,000 | 57,488 | ||||||
2.88% due 11/15/2046 | 748,000 | 753,785 | ||||||
3.00% due 05/15/2045 | 1,500,000 | 1,549,570 | ||||||
3.00% due 11/15/2045 | 2,800,000 | 2,891,875 | ||||||
3.00% due 02/15/2047 | 86,000 | 88,829 | ||||||
3.00% due 05/15/2047 | 1,500,000 | 1,549,512 | ||||||
3.13% due 11/15/2041 | 1,278,000 | 1,354,031 | ||||||
3.13% due 02/15/2042 | 408,000 | 432,018 | ||||||
3.63% due 02/15/2044 | 700,000 | 805,848 | ||||||
3.88% due 08/15/2040 | 174,000 | 206,999 | ||||||
4.25% due 05/15/2039 | 267,000 | 333,854 |
41 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Bonds (continued) |
| |||||||
4.38% due 11/15/2039 | $ | 934,000 | $ | 1,187,749 | ||||
4.50% due 02/15/2036# | 200,000 | 255,953 | ||||||
4.75% due 02/15/2037 | 587,000 | 776,330 | ||||||
5.00% due 05/15/2037 | 159,000 | 216,532 | ||||||
5.25% due 11/15/2028 | 404,000 | 512,496 | ||||||
8.13% due 08/15/2019 | 92,000 | 101,761 | ||||||
16,055,502 | ||||||||
United States Treasury Notes — 15.9% |
| |||||||
0.75% due 10/31/2018 | 1,635,000 | 1,621,524 | ||||||
0.88% due 01/15/2018 | 600,000 | 599,730 | ||||||
1.13% due 02/28/2021 | 160,000 | 155,769 | ||||||
1.25% due 11/30/2018 | 7,911,000 | 7,876,698 | ||||||
1.38% due 07/31/2018 | 809,000 | 808,115 | ||||||
1.38% due 02/28/2019 | 510,000 | 507,709 | ||||||
1.38% due 01/31/2020 | 996,000 | 986,857 | ||||||
1.63% due 08/15/2022 | 2,390,000 | 2,338,652 | ||||||
1.63% due 08/31/2022 | 2,000,000 | 1,954,219 | ||||||
1.63% due 05/15/2026 | 427,000 | 401,964 | ||||||
1.75% due 09/30/2022 | 5,287,000 | 5,191,380 | ||||||
2.00% due 10/31/2022# | 2,500,000 | 2,483,984 | ||||||
2.00% due 02/15/2025 | 1,800,000 | 1,760,555 | ||||||
2.00% due 11/15/2026 | 3,840,000 | 3,713,250 | ||||||
2.13% due 07/31/2024 | 2,082,000 | 2,059,472 | ||||||
2.25% due 11/15/2024 | 620,000 | 617,336 | ||||||
2.25% due 11/15/2027# | 1,400,000 | 1,379,383 | ||||||
2.50% due 05/15/2024 | 3,000,000 | 3,037,617 | ||||||
3.13% due 05/15/2019 | 11,000 | 11,218 | ||||||
3.63% due 08/15/2019 | 27,000 | 27,837 | ||||||
4.00% due 08/15/2018 | 1,403,000 | 1,426,347 | ||||||
38,959,616 | ||||||||
Total U.S. Government Treasuries |
| |||||||
(cost $54,756,841) | 55,015,118 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.2% |
| |||||||
Sovereign — 0.2% |
| |||||||
United Mexican States | 205,000 | 214,635 | ||||||
United Mexican States | 215,000 | 208,120 | ||||||
United Mexican States | 26,000 | 26,416 | ||||||
Total Foreign Government Obligations |
| |||||||
(cost $444,658) | 449,171 | |||||||
PREFERRED SECURITIES — 0.1% |
| |||||||
Electric-Distribution — 0.0% |
| |||||||
Entergy Louisiana LLC | 7,100 | 177,713 | ||||||
Telecom Services — 0.1% |
| |||||||
Qwest Corp. | 8,425 | 193,185 | ||||||
Total Preferred Securities |
| |||||||
(cost $388,087) | 370,898 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 2.2% |
| |||||||
Banks-Commercial — 0.3% |
| |||||||
Bank of Nova Scotia | $ | 560,000 | 558,600 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks-Commercial (continued) |
| |||||||
Rabobank Nederland | $ | 196,000 | $ | 220,500 | ||||
779,100 | ||||||||
Banks-Super Regional — 0.2% |
| |||||||
SunTrust Banks, Inc. | 376,000 | 383,069 | ||||||
Wells Fargo Capital X | 89,000 | 101,724 | ||||||
484,793 | ||||||||
Diversified Banking Institutions — 0.6% |
| |||||||
HSBC Holdings PLC | 351,000 | 368,725 | ||||||
JPMorgan Chase & Co. | 271,000 | 300,206 | ||||||
JPMorgan Chase & Co. | 884,000 | 869,635 | ||||||
1,538,566 | ||||||||
Electric-Integrated — 0.1% |
| |||||||
Dominion Resources, Inc. | 142,000 | 153,360 | ||||||
Southern Co. | 155,000 | 164,334 | ||||||
317,694 | ||||||||
Finance-Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings Capital | 78,000 | 8 | ||||||
Finance-Other Services — 0.1% |
| |||||||
National Rural Utilities Cooperative | 199,000 | 207,563 | ||||||
Insurance-Life/Health — 0.2% |
| |||||||
Prudential Financial, Inc. | 118,000 | 119,475 | ||||||
Prudential Financial, Inc. | 260,000 | 281,775 | ||||||
401,250 | ||||||||
Insurance-Multi-line — 0.1% |
| |||||||
MetLife, Inc. | 261,000 | 298,814 | ||||||
Pipelines — 0.4% |
| |||||||
Enbridge, Inc. | 321,000 | 320,197 | ||||||
Enterprise Products Operating LLC | 159,000 | 158,603 | ||||||
Enterprise Products Operating LLC | 140,000 | 140,074 | ||||||
TransCanada Trust | 141,000 | 145,935 | ||||||
TransCanada Trust | 108,000 | 114,242 | ||||||
879,051 | ||||||||
42 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) |
| |||||||
Tools-Hand Held — 0.2% | ||||||||
Stanley Black & Decker, Inc. | $ | 396,000 | $ | 407,880 | ||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $5,159,806) | 5,314,719 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $237,423,788) | 238,330,547 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 11.1% |
| |||||||
Registered Investment Companies — 2.4% |
| |||||||
State Street Navigator Securities Lending | 5,885,705 | 5,885,705 | ||||||
Time Deposits — 8.7% |
| |||||||
Euro Time Deposit with State Street | $ | 21,348,000 | 21,348,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $27,233,705) | 27,233,705 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $264,657,493)(11) | 108.2 | % | 265,564,252 | |||||
Liabilities in excess of other assets | (8.2 | ) | (20,126,788 | ) | ||||
NET ASSETS | 100.0 | % | $ | 245,437,464 | ||||
* | 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, 2017, the aggregate value of these securities was $21,533,764 representing 8.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Commercial Mortgage Backed Security |
(2) | Collateralized Mortgage Obligation |
(3) | Interest Only |
(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, 2017. |
(5) | Perpetual maturity—maturity date reflects the next call date. |
(6) | The rate shown is the 7-day yield as of November 30, 2017. |
(7) | At November 30, 2017, the Fund had loaned securities with a total value of $7,358,367. This was secured by collateral of $5,885,705, which was received in cash and subsequently invested in short-term investments currently valued at $5,885,705 as reported in the Portfolio of Investments. Additional collateral of $1,642,261 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 1.60% to 30.25% | 05/15/2018 to 02/15/2046 | $ | 112,136 | ||||
Federal National Mtg. Assoc. | 1.50% to 18.22% | 07/25/2019 to 12/25/2047 | 105,407 | |||||
Government National Mtg. Assoc. | 1.24% to 11.42% | 12/16/2024 to 07/16/2059 | 55,286 | |||||
United States Treasury Bills | 0.00% | 01/04/2018 to 03/29/2018 | 11,041 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/15/2018 to 05/15/2046 | 1,358,391 |
(8) | Security classified as Level 3 (see Note 2). |
(9) | Illiquid security. At November 30, 2017, the aggregate value of these securities was $28 representing 0.0% of net assets. |
(10) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(11) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
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, 2017, and unless noted otherwise, the dates shown are the original maturity date.
Index Legend
1 ML—1 Month USD LIBOR
6 ML—6 Month USD LIBOR
12 ML—12 Month USD LIBOR
1 Yr USTYCR—1 Year US Treasury Yield Curve Rate
43 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | — | $ | 8,959,188 | $ | — | $ | 8,959,188 | ||||||||
U.S Corporate Bonds & Notes: | ||||||||||||||||
Finance-Investment Banker/Broker | — | 169,542 | 20 | 169,562 | ||||||||||||
Other Industries | — | 59,219,856 | — | 59,219,856 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 15,662,426 | — | 15,662,426 | ||||||||||||
U.S. Government Agencies | — | 93,169,609 | — | 93,169,609 | ||||||||||||
U.S. Government Treasuries | — | 55,015,118 | — | 55,015,118 | ||||||||||||
Foreign Government Obligations | — | 449,171 | — | 449,171 | ||||||||||||
Preferred Securities | 370,898 | — | — | 370,898 | ||||||||||||
Preferred Securities/Capital Securities: | ||||||||||||||||
Finance-Investment Banker/Broker | — | — | 8 | 8 | ||||||||||||
Other Industries | — | 5,314,711 | — | 5,314,711 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 5,885,705 | — | — | 5,885,705 | ||||||||||||
Time Deposits | — | 21,348,000 | — | 21,348,000 | ||||||||||||
Total Investments at Value | $ | 6,256,603 | $ | 259,307,621 | $ | 28 | $ | 265,564,252 | ||||||||
* | 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.
44 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 9.3 | % | ||
Medical — HMO | 5.7 | |||
Computers | 5.3 | |||
Oil Companies — Integrated | 5.3 | |||
Retail — Building Products | 4.3 | |||
Web Portals/ISP | 4.2 | |||
Applications Software | 4.2 | |||
Medical — Biomedical/Gene | 4.0 | |||
Banks — Super Regional | 3.8 | |||
Computer Services | 3.8 | |||
Medical — Drugs | 3.7 | |||
Electric — Integrated | 3.4 | |||
Building — Residential/Commercial | 3.1 | |||
Cable/Satellite TV | 2.6 | |||
Chemicals — Diversified | 2.4 | |||
Tobacco | 2.4 | |||
Retail — Discount | 2.4 | |||
Enterprise Software/Service | 2.2 | |||
Networking Products | 2.0 | |||
Transport — Rail | 2.0 | |||
E-Services/Consulting | 1.6 | |||
Entertainment Software | 1.5 | |||
Airlines | 1.5 | |||
Medical Products | 1.4 | |||
Cruise Lines | 1.4 | |||
Retail — Drug Store | 1.3 | |||
Retail — Apparel/Shoe | 1.3 | |||
Registered Investment Companies | 1.2 | |||
Containers — Paper/Plastic | 1.2 | |||
Medical Labs & Testing Services | 1.1 | |||
Rubber — Tires | 1.1 | |||
Electronic Measurement Instruments | 1.1 | |||
Finance — Consumer Loans | 1.1 | |||
Electronic Components — Misc. | 1.0 | |||
Metal — Diversified | 0.9 | |||
Finance — Investment Banker/Broker | 0.9 | |||
Human Resources | 0.8 | |||
Insurance — Multi-line | 0.8 | |||
Banks — Commercial | 0.8 | |||
Office Supplies & Forms | 0.7 | |||
Diversified Manufacturing Operations | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Oil Companies — Exploration & Production | 0.2 | |||
Batteries/Battery Systems | 0.2 | |||
Repurchase Agreements | 0.2 | |||
Dialysis Centers | 0.1 | |||
100.9 | % | |||
* | Calculated as a percentage of net assets |
45 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCKS — 99.5% | ||||||||
Airlines — 1.5% | ||||||||
Delta Air Lines, Inc. | 74,179 | $ | 3,925,553 | |||||
Applications Software — 4.2% | ||||||||
Microsoft Corp. | 130,219 | 10,960,533 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% | ||||||||
WABCO Holdings, Inc.† | 7,221 | 1,079,178 | ||||||
Banks - Commercial — 0.8% | ||||||||
Regions Financial Corp. | 119,922 | 1,989,506 | ||||||
Banks - Super Regional — 3.8% | ||||||||
SunTrust Banks, Inc. | 76,282 | 4,701,260 | ||||||
US Bancorp | 94,236 | 5,197,115 | ||||||
9,898,375 | ||||||||
Batteries/Battery Systems — 0.2% | ||||||||
Energizer Holdings, Inc.# | 13,218 | 607,103 | ||||||
Building - Residential/Commercial — 3.1% | ||||||||
D.R. Horton, Inc. | 102,315 | 5,218,065 | ||||||
Lennar Corp., Class A | 19,767 | 1,240,972 | ||||||
Lennar Corp., Class B | 389 | 19,950 | ||||||
NVR, Inc.† | 462 | 1,605,450 | ||||||
8,084,437 | ||||||||
Cable/Satellite TV — 2.6% | ||||||||
Comcast Corp., Class A | 178,512 | 6,701,340 | ||||||
Chemicals - Diversified — 2.4% | ||||||||
DowDuPont, Inc. | 87,701 | 6,310,964 | ||||||
Computer Services — 3.8% | ||||||||
Amdocs, Ltd. | 32,880 | 2,146,735 | ||||||
Cognizant Technology Solutions Corp., Class A | 61,296 | 4,430,475 | ||||||
Dell Technologies, Inc., Class V† | 41,611 | 3,255,645 | ||||||
9,832,855 | ||||||||
Computers — 5.3% | ||||||||
Apple, Inc. | 80,164 | 13,776,183 | ||||||
Containers - Paper/Plastic — 1.2% | ||||||||
Packaging Corp. of America | 25,883 | 3,069,724 | ||||||
Cruise Lines — 1.4% | ||||||||
Carnival Corp. | 54,561 | 3,581,384 | ||||||
Dialysis Centers — 0.1% | ||||||||
DaVita, Inc.† | 6,278 | 383,335 | ||||||
Diversified Banking Institutions — 9.3% | ||||||||
Bank of America Corp. | 272,654 | 7,680,663 | ||||||
Citigroup, Inc. | 45,709 | 3,451,030 | ||||||
Goldman Sachs Group, Inc. | 15,489 | 3,835,696 | ||||||
JPMorgan Chase & Co. | 88,498 | 9,249,811 | ||||||
24,217,200 | ||||||||
Diversified Manufacturing Operations — 0.6% | ||||||||
General Electric Co. | 90,003 | 1,646,155 | ||||||
E-Services/Consulting — 1.6% | ||||||||
CDW Corp. | 58,565 | 4,100,136 | ||||||
Electric - Integrated — 3.4% | ||||||||
FirstEnergy Corp.# | 111,541 | 3,808,010 | ||||||
PG&E Corp. | 63,821 | 3,461,651 | ||||||
Public Service Enterprise Group, Inc. | 29,035 | 1,540,597 | ||||||
8,810,258 | ||||||||
Electronic Components - Misc. — 1.0% | ||||||||
Flex, Ltd.† | 149,599 | 2,703,254 | ||||||
Electronic Measurement Instruments — 1.1% | ||||||||
Fortive Corp. | 38,047 | 2,840,208 | ||||||
Security Description | Shares | (Note 2) | ||||||
Enterprise Software/Service — 2.2% | ||||||||
Oracle Corp. | 114,414 | $ | 5,613,151 | |||||
Entertainment Software — 1.5% | ||||||||
Activision Blizzard, Inc. | 63,821 | 3,982,430 | ||||||
Finance - Consumer Loans — 1.1% | ||||||||
SLM Corp.† | 237,060 | 2,742,784 | ||||||
Finance - Investment Banker/Broker — 0.9% | ||||||||
E*TRADE Financial Corp.† | 50,652 | 2,438,387 | ||||||
Human Resources — 0.8% | ||||||||
Robert Half International, Inc. | 35,494 | 2,024,578 | ||||||
Insurance - Multi-line — 0.8% | ||||||||
Hartford Financial Services Group, Inc. | 35,065 | 2,014,134 | ||||||
Medical Labs & Testing Services — 1.1% | ||||||||
Laboratory Corp. of America Holdings† | 18,641 | 2,950,311 | ||||||
Medical Products — 1.4% | ||||||||
Baxter International, Inc. | 55,352 | 3,627,217 | ||||||
Medical - Biomedical/Gene — 4.0% | ||||||||
Biogen, Inc.† | 17,251 | 5,557,755 | ||||||
Gilead Sciences, Inc. | 66,873 | 5,000,763 | ||||||
10,558,518 | ||||||||
Medical - Drugs — 3.7% | ||||||||
Novo Nordisk A/S ADR | 50,657 | 2,622,513 | ||||||
Pfizer, Inc. | 194,248 | 7,043,432 | ||||||
9,665,945 | ||||||||
Medical - HMO — 5.7% | ||||||||
Centene Corp.† | 29,642 | 3,026,152 | ||||||
Humana, Inc. | 21,046 | 5,490,059 | ||||||
UnitedHealth Group, Inc. | 27,452 | 6,263,723 | ||||||
14,779,934 | ||||||||
Metal - Diversified — 0.9% | ||||||||
Rio Tinto PLC ADR# | 51,423 | 2,463,162 | ||||||
Networking Products — 2.0% | ||||||||
Cisco Systems, Inc. | 142,921 | 5,330,953 | ||||||
Office Supplies & Forms — 0.7% | ||||||||
Avery Dennison Corp. | 16,145 | 1,842,467 | ||||||
Oil Companies - Exploration & Production — 0.2% | ||||||||
Marathon Oil Corp. | 42,739 | 634,247 | ||||||
Oil Companies - Integrated — 5.3% | ||||||||
BP PLC ADR | 68,297 | 2,736,661 | ||||||
Chevron Corp. | 42,985 | 5,114,785 | ||||||
Suncor Energy, Inc. | 121,466 | 4,222,158 | ||||||
TOTAL SA ADR | 29,401 | 1,662,627 | ||||||
13,736,231 | ||||||||
Oil Refining & Marketing — 0.4% | ||||||||
Valero Energy Corp. | 11,337 | 970,674 | ||||||
Retail - Apparel/Shoe — 1.3% | ||||||||
Urban Outfitters, Inc.†# | 108,945 | 3,390,368 | ||||||
Retail - Building Products — 4.3% | ||||||||
Home Depot, Inc. | 33,709 | 6,061,552 | ||||||
Lowe’s Cos., Inc. | 60,502 | 5,044,052 | ||||||
11,105,604 | ||||||||
Retail - Discount — 2.4% | ||||||||
Wal-Mart Stores, Inc. | 63,842 | 6,207,358 | ||||||
46 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Drug Store — 1.3% | ||||||||
CVS Health Corp. | 45,092 | $ | 3,454,047 | |||||
Rubber - Tires — 1.1% | ||||||||
Goodyear Tire & Rubber Co. | 88,587 | 2,867,561 | ||||||
Tobacco — 2.4% | ||||||||
Altria Group, Inc. | 92,283 | 6,259,556 | ||||||
Transport - Rail — 2.0% | ||||||||
Norfolk Southern Corp. | 37,247 | 5,163,552 | ||||||
Web Portals/ISP — 4.2% | ||||||||
Alphabet, Inc., Class A† | 5,316 | 5,508,280 | ||||||
Alphabet, Inc., Class C† | 5,398 | 5,513,571 | ||||||
11,021,851 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $197,475,480) | 259,362,701 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.2% | ||||||||
Registered Investment Companies — 1.2% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,212,695 | 3,212,695 | ||||||
REPURCHASE AGREEMENTS — 0.2% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount $561,002 collateralized by $490,000 of United States Treasury Bonds, bearing interest at 3.75% due 11/15/2043 and having an approximate value of $577,376 | $ | 561,000 | 561,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $201,249,175)(3) | 100.9 | % | 263,136,396 | |||||
Liabilities in excess of other assets | (0.9 | ) | (2,426,160 | ) | ||||
NET ASSETS | 100.0 | % | $ | 260,710,236 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $9,079,997. This was secured by collateral of $3,212,695, which was received in cash and subsequently invested in short-term investments currently valued at $3,212,695 as reported in the Portfolio of Investments. Additional collateral of $6,100,909 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 1,490,256 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 780,178 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 1,495,989 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/31/2018 to 02/15/2045 | 2,334,486 |
(2) | The rate shown is the 7-day yield as of November 30, 2017. |
(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, 2017 (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 | $ | 259,362,701 | $ | — | $ | — | $ | 259,362,701 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 3,212,695 | — | — | 3,212,695 | ||||||||||||
Repurchase Agreements | — | 561,000 | — | 561,000 | ||||||||||||
Total Investments at Value | $ | 262,575,396 | $ | 561,000 | $ | — | $ | 263,136,396 | ||||||||
* | 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
47 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 8.7 | % | ||
Medical — Drugs | 7.2 | |||
Oil Companies — Integrated | 7.0 | |||
Retail — Apparel/Shoe | 4.8 | |||
Food — Misc./Diversified | 4.7 | |||
Banks — Super Regional | 3.4 | |||
Electric — Integrated | 3.4 | |||
Medical — HMO | 3.3 | |||
Tobacco | 3.1 | |||
Time Deposits | 3.0 | |||
Enterprise Software/Service | 2.9 | |||
Chemicals — Diversified | 2.6 | |||
Diversified Manufacturing Operations | 2.4 | |||
Telephone — Integrated | 2.4 | |||
Cosmetics & Toiletries | 2.3 | |||
Medical — Wholesale Drug Distribution | 1.8 | |||
Beverages — Non-alcoholic | 1.7 | |||
Commercial Services — Finance | 1.6 | |||
Insurance — Multi-line | 1.6 | |||
Commercial Services | 1.6 | |||
Aerospace/Defense | 1.5 | |||
Registered Investment Companies | 1.5 | |||
Computers | 1.5 | |||
Multimedia | 1.4 | |||
Networking Products | 1.4 | |||
Advertising Agencies | 1.4 | |||
Consumer Products — Misc. | 1.3 | |||
Retail — Drug Store | 1.3 | |||
Computer Services | 1.3 | |||
Applications Software | 1.2 | |||
Semiconductor Components — Integrated Circuits | 1.2 | |||
Oil Companies — Exploration & Production | 1.2 | |||
Retail — Computer Equipment | 1.2 | |||
Medical — Biomedical/Gene | 1.2 | |||
Electronic Components — Misc. | 0.9 | |||
Cable/Satellite TV | 0.9 | |||
Instruments — Controls | 0.8 | |||
Beverages — Wine/Spirits | 0.8 | |||
Medical Instruments | 0.8 | |||
Insurance — Life/Health | 0.7 | |||
Insurance — Property/Casualty | 0.6 | |||
Food — Retail | 0.5 | |||
Repurchase Agreements | 0.5 | |||
Wireless Equipment | 0.5 | |||
Insurance Brokers | 0.5 | |||
Electronic Components — Semiconductors | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Transport — Rail | 0.3 | |||
Toys | 0.3 | |||
Cellular Telecom | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Building Products — Cement | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Retail — Building Products | 0.3 | |||
Retail — Discount | 0.3 | |||
Computer Software | 0.3 | |||
Investment Management/Advisor Services | 0.3 | |||
Advertising Services | 0.3 | |||
Paper & Related Products | 0.2 | |||
Medical Products | 0.2 | |||
Oil — Field Services | 0.2 | |||
Pipelines | 0.2 | |||
Transport — Services | 0.2 | |||
E-Services/Consulting | 0.2 | |||
Industrial Gases | 0.2 | |||
Telecom Services | 0.2 | |||
101.3 | % | |||
* | Calculated as a percentage of net assets |
48 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS — 96.3% |
| |||||||
Advertising Agencies — 1.4% |
| |||||||
Interpublic Group of Cos., Inc. | 31,302 | $ | 619,154 | |||||
Omnicom Group, Inc. | 143,805 | 10,273,429 | ||||||
10,892,583 | ||||||||
Advertising Services — 0.3% |
| |||||||
Publicis Groupe SA | 32,668 | 2,169,801 | ||||||
Aerospace/Defense — 1.5% |
| |||||||
Lockheed Martin Corp. | 14,930 | 4,764,462 | ||||||
Northrop Grumman Corp. | 23,955 | 7,363,767 | ||||||
12,128,229 | ||||||||
Applications Software — 1.2% |
| |||||||
Microsoft Corp. | 117,975 | 9,929,956 | ||||||
Banks - Super Regional — 3.4% |
| |||||||
KeyCorp | 135,170 | 2,565,527 | ||||||
SunTrust Banks, Inc. | 76,093 | 4,689,611 | ||||||
US Bancorp | 121,080 | 6,677,562 | ||||||
Wells Fargo & Co. | 238,625 | 13,475,154 | ||||||
27,407,854 | ||||||||
Beverages - Non-alcoholic — 1.7% |
| |||||||
Coca-Cola Co. | 218,002 | 9,977,951 | ||||||
Dr Pepper Snapple Group, Inc. | 36,440 | 3,286,524 | ||||||
13,264,475 | ||||||||
Beverages - Wine/Spirits — 0.8% |
| |||||||
Diageo PLC | 174,225 | 6,019,348 | ||||||
Building Products - Cement — 0.3% |
| |||||||
CRH PLC | 71,370 | 2,479,166 | ||||||
Cable/Satellite TV — 0.9% |
| |||||||
Comcast Corp., Class A | 187,370 | 7,033,870 | ||||||
Cellular Telecom — 0.3% |
| |||||||
SK Telecom Co., Ltd. ADR | 92,030 | 2,525,303 | ||||||
Chemicals - Diversified — 2.6% |
| |||||||
DowDuPont, Inc. | 139,605 | 10,045,976 | ||||||
LyondellBasell Industries NV, Class A | 100,642 | 10,537,217 | ||||||
20,583,193 | ||||||||
Commercial Services — 1.6% |
| |||||||
Nielsen Holdings PLC | 340,735 | 12,511,789 | ||||||
Commercial Services - Finance — 1.6% |
| |||||||
Equifax, Inc. | 5,640 | 643,637 | ||||||
Experian PLC | 109,850 | 2,272,283 | ||||||
H&R Block, Inc.# | 387,009 | 10,131,896 | ||||||
13,047,816 | ||||||||
Computer Services — 1.3% |
| |||||||
International Business Machines Corp. | 65,401 | 10,069,792 | ||||||
Computer Software — 0.3% |
| |||||||
Constellation Software, Inc. | 3,832 | 2,244,519 | ||||||
Computers — 1.5% |
| |||||||
HP, Inc. | 463,268 | 9,937,098 | ||||||
Lenovo Group, Ltd. | 3,000,000 | 1,713,187 | ||||||
11,650,285 | ||||||||
Consumer Products - Misc. — 1.3% |
| |||||||
Kimberly-Clark Corp. | 89,315 | 10,696,364 | ||||||
Security Description | Shares | Value | ||||||
Cosmetics & Toiletries — 2.3% |
| |||||||
Procter & Gamble Co. | 163,132 | $ | 14,680,249 | |||||
Unilever NV | 66,665 | 3,849,237 | ||||||
18,529,486 | ||||||||
Diversified Banking Institutions — 8.7% |
| |||||||
Bank of America Corp. | 649,450 | 18,295,006 | ||||||
Citigroup, Inc. | 233,910 | 17,660,205 | ||||||
Goldman Sachs Group, Inc. | 24,670 | 6,109,279 | ||||||
JPMorgan Chase & Co. | 180,995 | 18,917,597 | ||||||
Morgan Stanley | 162,780 | 8,401,076 | ||||||
69,383,163 | ||||||||
Diversified Manufacturing Operations — 2.4% |
| |||||||
3M Co. | 12,215 | 2,969,955 | ||||||
General Electric Co. | 773,406 | 14,145,596 | ||||||
Pentair PLC | 28,630 | 2,037,311 | ||||||
19,152,862 | ||||||||
E-Services/Consulting — 0.2% |
| |||||||
CDW Corp. | 21,870 | 1,531,119 | ||||||
Electric - Integrated — 3.4% |
| |||||||
Exelon Corp. | 64,430 | 2,687,375 | ||||||
FirstEnergy Corp.# | 162,720 | 5,555,261 | ||||||
NextEra Energy, Inc. | 46,260 | 7,310,930 | ||||||
PG&E Corp. | 111,300 | 6,036,912 | ||||||
Public Service Enterprise Group, Inc. | 103,713 | 5,503,012 | ||||||
27,093,490 | ||||||||
Electronic Components - Misc. — 0.9% |
| |||||||
Koninklijke Philips NV | 181,150 | 7,040,270 | ||||||
Electronic Components - Semiconductors — 0.4% |
| |||||||
Samsung Electronics Co., Ltd. GDR | 2,941 | 3,462,998 | ||||||
Enterprise Software/Service — 2.9% |
| |||||||
CA, Inc. | 294,140 | 9,727,210 | ||||||
Oracle Corp. | 275,210 | 13,501,802 | ||||||
23,229,012 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 51,100 | 2,493,169 | ||||||
Food - Misc./Diversified — 4.7% |
| |||||||
Campbell Soup Co.# | 217,248 | 10,710,327 | ||||||
General Mills, Inc.# | 235,279 | 13,307,380 | ||||||
Kellogg Co.# | 200,069 | 13,236,565 | ||||||
37,254,272 | ||||||||
Food - Retail — 0.5% |
| |||||||
Kroger Co. | 144,820 | 3,745,045 | ||||||
Industrial Gases — 0.2% |
| |||||||
Praxair, Inc. | 9,535 | 1,467,627 | ||||||
Instruments - Controls — 0.8% |
| |||||||
Honeywell International, Inc. | 43,095 | 6,721,096 | ||||||
Insurance Brokers — 0.5% |
| |||||||
Marsh & McLennan Cos., Inc. | 43,280 | 3,632,490 | ||||||
Insurance - Life/Health — 0.7% |
| |||||||
Brighthouse Financial, Inc.† | 10,280 | 604,361 | ||||||
Prudential Financial, Inc. | 40,160 | 4,652,135 | ||||||
5,256,496 | ||||||||
Insurance - Multi-line — 1.6% |
| |||||||
MetLife, Inc. | 241,913 | 12,985,890 | ||||||
49 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty — 0.6% |
| |||||||
Travelers Cos., Inc. | 33,600 | $ | 4,555,152 | |||||
Investment Management/Advisor Services — 0.3% |
| |||||||
Invesco, Ltd. | 61,021 | 2,207,130 | ||||||
Medical Instruments — 0.8% |
| |||||||
Medtronic PLC | 73,140 | 6,006,988 | ||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Quest Diagnostics, Inc. | 24,535 | 2,415,716 | ||||||
Medical Products — 0.2% |
| |||||||
Smith & Nephew PLC | 100,444 | 1,776,526 | ||||||
Medical - Biomedical/Gene — 1.2% |
| |||||||
Gilead Sciences, Inc. | 125,660 | 9,396,855 | ||||||
Medical - Drugs — 7.2% |
| |||||||
AstraZeneca PLC | 129,020 | 8,344,531 | ||||||
Johnson & Johnson | 7,406 | 1,031,878 | ||||||
Merck & Co., Inc. | 298,878 | 16,518,987 | ||||||
Novo Nordisk A/S ADR | 77,180 | 3,995,609 | ||||||
Pfizer, Inc. | 762,053 | 27,632,042 | ||||||
57,523,047 | ||||||||
Medical - HMO — 3.3% |
| |||||||
Aetna, Inc. | 51,113 | 9,209,540 | ||||||
Anthem, Inc. | 53,077 | 12,470,972 | ||||||
UnitedHealth Group, Inc. | 19,903 | 4,541,268 | ||||||
26,221,780 | ||||||||
Medical - Wholesale Drug Distribution — 1.8% |
| |||||||
Cardinal Health, Inc. | 169,744 | 10,047,148 | ||||||
McKesson Corp. | 28,130 | 4,155,926 | ||||||
14,203,074 | ||||||||
Multimedia — 1.4% |
| |||||||
Viacom, Inc., Class B | 393,996 | 11,157,967 | ||||||
Networking Products — 1.4% |
| |||||||
Cisco Systems, Inc. | 292,683 | 10,917,076 | ||||||
Oil Companies - Exploration & Production — 1.2% |
| |||||||
Hess Corp.# | 94,995 | 4,358,371 | ||||||
Marathon Oil Corp. | 236,095 | 3,503,650 | ||||||
Pioneer Natural Resources Co. | 11,610 | 1,811,624 | ||||||
9,673,645 | ||||||||
Oil Companies - Integrated — 7.0% |
| |||||||
Chevron Corp. | 153,970 | 18,320,890 | ||||||
Exxon Mobil Corp. | 120,705 | 10,053,520 | ||||||
Royal Dutch Shell PLC, Class A ADR# | 166,030 | 10,645,844 | ||||||
Suncor Energy, Inc. | 258,886 | 8,998,877 | ||||||
TOTAL SA ADR | 129,522 | 7,324,469 | ||||||
55,343,600 | ||||||||
Oil Refining & Marketing — 0.4% |
| |||||||
Marathon Petroleum Corp. | 51,210 | 3,207,282 | ||||||
Oil - Field Services — 0.2% |
| |||||||
Halliburton Co. | 40,430 | 1,689,165 | ||||||
Paper & Related Products — 0.2% |
| |||||||
International Paper Co. | 32,300 | 1,828,503 | ||||||
Pipelines — 0.2% |
| |||||||
Enbridge, Inc.# | 43,336 | 1,634,201 | ||||||
Retail - Apparel/Shoe — 4.8% |
| |||||||
Foot Locker, Inc. | 320,838 | 13,744,700 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Retail - Apparel/Shoe (continued) |
| |||||||
Gap, Inc. | 370,307 | $ | 11,964,619 | |||||
L Brands, Inc.# | 226,665 | 12,709,107 | ||||||
38,418,426 | ||||||||
Retail - Building Products — 0.3% |
| |||||||
Lowe’s Cos., Inc. | 28,780 | 2,399,389 | ||||||
Retail - Computer Equipment — 1.2% |
| |||||||
GameStop Corp., Class A# | 511,933 | 9,598,744 | ||||||
Retail - Discount — 0.3% |
| |||||||
Dollar General Corp. | 26,771 | 2,357,990 | ||||||
Retail - Drug Store — 1.3% |
| |||||||
CVS Health Corp. | 132,914 | 10,181,212 | ||||||
Semiconductor Components - Integrated Circuits — 1.2% |
| |||||||
QUALCOMM, Inc. | 77,900 | 5,167,886 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 117,913 | 4,669,355 | ||||||
9,837,241 | ||||||||
Telecom Services — 0.2% |
| |||||||
BCE, Inc. | 28,260 | 1,351,111 | ||||||
Telephone - Integrated — 2.4% |
| |||||||
Verizon Communications, Inc. | 372,023 | 18,932,250 | ||||||
Tobacco — 3.1% |
| |||||||
Altria Group, Inc. | 195,811 | 13,281,860 | ||||||
Philip Morris International, Inc. | 109,668 | 11,268,387 | ||||||
24,550,247 | ||||||||
Toys — 0.3% |
| |||||||
Mattel, Inc.# | 145,978 | 2,664,098 | ||||||
Transport - Rail — 0.3% |
| |||||||
Union Pacific Corp. | 21,827 | 2,761,115 | ||||||
Transport - Services — 0.2% |
| |||||||
United Parcel Service, Inc., Class B | 13,036 | 1,583,222 | ||||||
Wireless Equipment — 0.5% |
| |||||||
Motorola Solutions, Inc. | 38,740 | 3,645,821 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $661,855,241) | 765,671,401 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.5% |
| |||||||
Registered Investment Companies — 1.5% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 11,862,511 | 11,862,511 | ||||||
Time Deposits — 3.0% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 24,126,000 | 24,126,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $35,988,511) | 35,988,511 | |||||||
REPURCHASE AGREEMENTS — 0.5% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount of $3,743,012 collateralized by $3,175,000 of United States Treasury Bonds, bearing interest at 3.88% due 08/15/2040 and having an approximate value of $3,823,183 | 3,743,000 | 3,743,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $701,586,752)(3) | 101.3 | % | 805,402,912 | |||||
Liabilities in excess of other assets | (1.3 | ) | (10,029,593 | ) | ||||
NET ASSETS | 100.0 | % | $ | 795,373,319 | ||||
50 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $78,751,609. This was secured by collateral of $11,862,511, which was received in cash and subsequently invested in short-term investments currently valued at $11,862,511 as reported in the Portfolio of Investments. Additional collateral of $68,309,914 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 8,011,831 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 4,194,347 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 8,042,649 | |||||
United States Treasury Bills | 0.00% | 12/21/2017 to 07/19/2018 | 826,736 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 47,234,351 |
(2) | The rate shown is the 7-day yield as of November 30, 2017. |
(3) | 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, 2017 (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 | $ | 730,393,291 | $ | 35,278,110 | ** | $ | — | $ | 765,671,401 | |||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 11,862,511 | — | — | 11,862,511 | ||||||||||||
Time Deposits | — | 24,126,000 | — | 24,126,000 | ||||||||||||
Repurchase Agreements | — | 3,743,000 | — | 3,743,000 | ||||||||||||
Total Investments at Value | $ | 742,255,802 | $ | 63,147,110 | $ | — | $ | 805,402,912 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $32,798,945 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
51 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 50.0 | % | ||
Domestic Fixed Income Investment Companies | 19.2 | |||
United States Treasury Notes | 12.1 | |||
International Equity Investment Companies | 11.2 | |||
Registered Investment Companies | 5.5 | |||
United States Treasury Bonds | 1.4 | |||
International Fixed Income Investment Companies | 0.4 | |||
Options-Purchased | 0.2 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
52 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES(1)@ — 80.8% |
| |||||||
Domestic Equity Investment Companies — 50.0% |
| |||||||
VALIC Co. I Blue Chip Growth Fund | 528,250 | $ | 10,491,054 | |||||
VALIC Co. I Broad Cap Value Income Fund | 579,705 | 10,057,888 | ||||||
VALIC Co. I Dividend Value Fund | 718,869 | 9,647,215 | ||||||
VALIC Co. I Growth & Income Fund | 193,428 | 4,412,090 | ||||||
VALIC Co. I Growth Fund | 664,811 | 11,188,764 | ||||||
VALIC Co. I Large Cap Core Fund | 670,966 | 8,299,846 | ||||||
VALIC Co. I Large Capital Growth Fund | 568,881 | 8,527,530 | ||||||
VALIC Co. I Mid Cap Index Fund | 149,928 | 4,401,888 | ||||||
VALIC Co. I Stock Index Fund | 790,371 | 31,907,281 | ||||||
VALIC Co. I Value Fund | 563,456 | 10,198,549 | ||||||
VALIC Co. II Capital Appreciation Fund | 429,715 | 7,571,573 | ||||||
VALIC Co. II Mid Cap Growth Fund | 206,874 | 2,275,611 | ||||||
VALIC Co. II Mid Cap Value Fund | 86,306 | 1,983,311 | ||||||
VALIC Co. II Small Cap Growth Fund | 226,794 | 4,286,400 | ||||||
VALIC Co. II Small Cap Value Fund | 266,005 | 4,226,817 | ||||||
Total Domestic Equity Investment Companies |
| |||||||
(cost $109,211,774) | 129,475,817 | |||||||
Domestic Fixed Income Investment Companies — 19.2% |
| |||||||
VALIC Co. I Capital Conservation Fund | 1,647,296 | 16,324,702 | ||||||
VALIC Co. I Government Securities Fund | 764,131 | 8,107,429 | ||||||
VALIC Co. I Inflation Protected Fund | 321,791 | 3,604,056 | ||||||
VALIC Co. II Core Bond Fund | 1,273,826 | 14,190,421 | ||||||
VALIC Co. II High Yield Bond Fund | 366,667 | 2,874,666 | ||||||
VALIC Co. II Strategic Bond Fund | 404,905 | 4,632,115 | ||||||
Total Domestic Fixed Income Investment Companies |
| |||||||
(cost $49,383,640) | 49,733,389 | |||||||
International Equity Investment Companies — 11.2% |
| |||||||
VALIC Co. I Emerging Economies Fund | 336,037 | 3,101,627 | ||||||
VALIC Co. I Foreign Value Fund | 767,229 | 8,332,106 | ||||||
VALIC Co. I Global Real Estate Fund | 249,301 | 2,009,368 | ||||||
VALIC Co. I International Equities Index Fund | 700,425 | 5,295,216 | ||||||
VALIC Co. I International Growth Fund | 582,764 | 8,263,599 | ||||||
VALIC Co. II International Opportunities Fund | 96,728 | 1,982,919 | ||||||
Total International Equity Investment Companies |
| |||||||
(cost $26,228,810) | 28,984,835 | |||||||
International Fixed Income Investment Companies — 0.4% |
| |||||||
VALIC Co. I International Government Bond Fund | ||||||||
(cost $1,029,917) | 87,834 | 1,051,379 | ||||||
Total Affiliated Registered Investment Companies |
| |||||||
(cost $185,854,141) | 209,245,420 | |||||||
Security Description | Principal | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 13.5% |
| |||||||
United States Treasury Bonds — 1.4% |
| |||||||
2.25% due 08/15/2027 | $ | 2,709,500 | $ | 2,666,846 | ||||
6.00% due 02/15/2026 | 318,000 | 404,419 | ||||||
6.63% due 02/15/2027 | 125,000 | 168,926 | ||||||
6.75% due 08/15/2026 | 140,000 | 188,278 | ||||||
6.88% due 08/15/2025 | 42,500 | 56,165 | ||||||
7.63% due 02/15/2025 | 120,000 | 162,455 | ||||||
3,647,089 | ||||||||
United States Treasury Notes — 12.1% |
| |||||||
1.50% due 08/15/2026 | 3,130,000 | 2,909,311 | ||||||
1.63% due 02/15/2026 | 4,463,000 | 4,211,608 | ||||||
1.63% due 05/15/2026# | 2,791,000 | 2,627,356 | ||||||
2.00% due 02/15/2025 | 2,402,500 | 2,349,851 | ||||||
2.00% due 08/15/2025# | 3,090,000 | 3,012,026 | ||||||
2.00% due 11/15/2026 | 2,938,600 | 2,841,603 | ||||||
2.13% due 05/15/2025# | 3,450,000 | 3,398,789 | ||||||
2.25% due 11/15/2025 | 2,884,500 | 2,859,373 | ||||||
2.25% due 02/15/2027 | 3,744,000 | 3,690,911 | ||||||
2.38% due 05/15/2027 | 3,436,000 | 3,421,236 | ||||||
31,322,064 | ||||||||
Total U.S. Government Treasuries |
| |||||||
(cost $35,530,919) | 34,969,153 | |||||||
OPTIONS PURCHASED — 0.2% | ||||||||
Options-Purchased(2) | ||||||||
(cost $1,379,697) | 72,000 | 698,519 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $222,764,757) | 244,913,092 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.5% |
| |||||||
Registered Investment Companies — 5.5% |
| |||||||
AllianceBernstein Government STIF Portfolio | 14,188,810 | 14,188,810 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $236,953,567)(4) | 100.0 | % | 259,101,902 | |||||
Liabilities in excess of other assets | 0.0 | (4,416 | ) | |||||
NET ASSETS | 100.0 | % | $ | 259,097,486 | ||||
@ | 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 Purchased Put Options | ||||||||||||||||||||||||||||
Issue | Counterparty | Expiration Month | Strike Price | No. of Contracts | Notional Amount* | Premiums Paid | Value at November 30, 2017 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
S&P 500 Index | Goldman Sachs International | February 2018 | $ | 2,400 | 8,500 | $ | 22,504,430 | $ | 185,734 | $ | 82,464 | $ | (103,270 | ) | ||||||||||||||
S&P 500 Index | Goldman Sachs International | February 2018 | 2,400 | 2,000 | 5,295,160 | 51,240 | 19,403 | (31,837 | ) | |||||||||||||||||||
S&P 500 Index | Goldman Sachs International | February 2018 | 2,400 | 10,500 | 27,799,590 | 205,501 | 101,868 | (103,633 | ) | |||||||||||||||||||
S&P 500 Index | UBS AG | February 2018 | 2,400 | 30,000 | 79,427,400 | 549,000 | 291,050 | (257,950 | ) | |||||||||||||||||||
S&P 500 Index | Citibank NA | February 2018 | 2,400 | 19,000 | 50,304,020 | 345,800 | 184,331 | (161,469 | ) | |||||||||||||||||||
S&P 500 Index | Morgan Stanley & Co. | February 2018 | 2,400 | 2,000 | 5,295,160 | 42,422 | 19,403 | (23,019 | ) | |||||||||||||||||||
72,000 | $ | 190,625,760 | $ | 1,379,697 | $ | 698,519 | $ | (681,178 | ) | |||||||||||||||||||
* | Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index. |
53 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
(3) | The rate shown is the 7-day yield as of November 30, 2017. |
(4) | See Note 5 for cost of investments on a tax basis. |
STIF—Short Term Investment Fund
Over the Counter Written Call Options | ||||||||||||||||||||||||||||
Issue | Counterparty | Expiration Month | Strike Price | No. of Contracts | Notional Amount* | Premiums Received | Value at November 30, 2017 | Unrealized Appreciation | ||||||||||||||||||||
S&P 500 Index | Goldman Sachs International | February 2018 | $ | 2,700 | 8,500 | $ | 22,504,430 | $ | 47,600 | $ | 164,554 | $ | (116,954 | ) | ||||||||||||||
S&P 500 Index | Morgan Stanley & Co. | February 2018 | 2,700 | 2,000 | 5,295,160 | 8,660 | 38,719 | (30,059 | ) | |||||||||||||||||||
S&P 500 Index | Goldman Sachs International | February 2018 | 2,700 | 10,500 | 27,799,590 | 68,250 | 203,273 | (135,023 | ) | |||||||||||||||||||
S&P 500 Index | UBS AG | February 2018 | 2,700 | 30,000 | 79,427,400 | 234,000 | 580,780 | (346,780 | ) | |||||||||||||||||||
S&P 500 Index | Citibank NA | February 2018 | 2,700 | 19,000 | 50,304,020 | 158,513 | 367,827 | (209,314 | ) | |||||||||||||||||||
S&P 500 Index | Goldman Sachs International | February 2018 | 2,700 | 2,000 | 5,295,160 | 14,000 | 38,719 | (24,719 | ) | |||||||||||||||||||
72,000 | $ | 190,625,760 | $ | 531,023 | $ | 1,393,872 | $ | (862,849 | ) | |||||||||||||||||||
* | Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis# | Notional Value# | Unrealized Appreciation (Depreciation) | ||||||||||||||||
1,360 | Long | S&P 500 E-Mini Index | December 2017 | $ | 171,843,884 | $ | 180,057,200 | $ | 8,213,316 | |||||||||||||
# | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 209,245,420 | $ | — | $ | — | $ | 209,245,420 | ||||||||
U.S. Government Treasuries | — | 34,969,153 | — | 34,969,153 | ||||||||||||
Options Purchased | — | 698,519 | — | 698,519 | ||||||||||||
Short-Term Investment Securities | 14,188,810 | — | — | 14,188,810 | ||||||||||||
Total Investments at Value | $ | 223,434,230 | $ | 35,667,672 | $ | — | $ | 259,101,902 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 8,213,316 | $ | — | $ | — | $ | 8,213,316 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Over the Counter Written Call Options | $ | — | $ | 862,849 | $ | — | $ | 862,849 | ||||||||
* | 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.
54 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Banks — Commercial | 17.5 | % | ||
Electronic Components — Semiconductors | 7.1 | |||
Internet Application Software | 5.3 | |||
Diversified Financial Services | 4.8 | |||
Semiconductor Components — Integrated Circuits | 4.7 | |||
Oil Refining & Marketing | 4.5 | |||
Oil Companies — Integrated | 2.7 | |||
E-Commerce/Products | 2.5 | |||
Steel — Producers | 2.5 | |||
Insurance — Multi-line | 2.2 | |||
Time Deposits | 2.2 | |||
Entertainment Software | 2.1 | |||
Airlines | 2.0 | |||
Metal — Iron | 2.0 | |||
Insurance — Property/Casualty | 1.9 | |||
Electronic Components — Misc. | 1.8 | |||
Auto — Cars/Light Trucks | 1.8 | |||
Finance — Mortgage Loan/Banker | 1.5 | |||
Schools | 1.5 | |||
Cellular Telecom | 1.5 | |||
Tobacco | 1.4 | |||
Metal — Diversified | 1.4 | |||
Internet Content — Entertainment | 1.3 | |||
Chemicals — Diversified | 1.2 | |||
Photo Equipment & Supplies | 1.2 | |||
Electric — Integrated | 1.1 | |||
Electric — Generation | 1.0 | |||
Food — Meat Products | 1.0 | |||
Industrial Audio & Video Products | 0.9 | |||
Applications Software | 0.9 | |||
Computers — Other | 0.9 | |||
Circuit Boards | 0.8 | |||
Registered Investment Companies | 0.7 | |||
Diamonds/Precious Stones | 0.7 | |||
Banks — Special Purpose | 0.7 | |||
Appliances | 0.7 | |||
Metal Products — Distribution | 0.7 | |||
Metal Processors & Fabrication | 0.7 | |||
Petrochemicals | 0.7 | |||
Public Thoroughfares | 0.7 | |||
Building Products — Cement | 0.6 | |||
Multimedia | 0.6 | |||
Diversified Minerals | 0.6 | |||
Building — Residential/Commercial | 0.5 | |||
Computer Services | 0.5 | |||
Food — Retail | 0.4 | |||
Real Estate Operations & Development | 0.4 | |||
Networking Products | 0.4 | |||
Diversified Operations | 0.4 | |||
Building Products — Doors & Windows | 0.3 | |||
Forestry | 0.3 | |||
Auto/Truck Parts & Equipment — Replacement | 0.3 | |||
Chemicals — Other | 0.3 | |||
Containers — Paper/Plastic | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Consulting Services | 0.3 | |||
Paper & Related Products | 0.3 | |||
Electric — Transmission | 0.3 | |||
Water | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Finance — Commercial | 0.2 | |||
Metal — Aluminum | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Food — Misc./Diversified | 0.2 | |||
Coal | 0.2 | |||
Retail — Automobile | 0.2 |
Casino Hotels | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Building — Heavy Construction | 0.1 | |||
Food — Confectionery | 0.1 | |||
100.7 | % | |||
Country Allocation*
South Korea | 18.1 | % | ||
Cayman Islands | 15.8 | |||
China | 12.4 | |||
Taiwan | 11.5 | |||
Brazil | 8.6 | |||
Russia | 6.2 | |||
Thailand | 4.2 | |||
Turkey | 4.1 | |||
United States | 3.4 | |||
India | 3.2 | |||
South Africa | 2.0 | |||
Malaysia | 1.9 | |||
Hong Kong | 1.6 | |||
Indonesia | 1.5 | |||
Poland | 1.5 | |||
Hungary | 1.5 | |||
Panama | 1.0 | |||
Bermuda | 0.7 | |||
Mexico | 0.5 | |||
Netherlands | 0.4 | |||
Jersey | 0.2 | |||
Cyprus | 0.2 | |||
United Kingdom | 0.2 | |||
100.7 | % | |||
* | Calculated as a percentage of net assets |
55 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.8% | ||||||||
Bermuda — 0.7% | ||||||||
Haier Electronics Group Co., Ltd. | 1,174,000 | $ | 3,148,984 | |||||
Nine Dragons Paper Holdings, Ltd. | 1,316,000 | 2,189,069 | ||||||
5,338,053 | ||||||||
Brazil — 8.6% | ||||||||
Banco do Brasil SA | 880,263 | 8,048,472 | ||||||
Banco Santander Brasil SA | 270,650 | 2,389,462 | ||||||
Braskem SA, Class A (Preference Shares) | 154,053 | 2,136,586 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 93,570 | 1,169,107 | ||||||
Cia de Saneamento do Parana (Preference Shares) | 273,086 | 885,134 | ||||||
EDP - Energias do Brasil SA | 164,202 | 692,232 | ||||||
Estacio Participacoes SA | 447,160 | 4,186,853 | ||||||
Fibria Celulose SA | 193,785 | 2,674,019 | ||||||
Itau Unibanco Holding SA ADR | 1,097,593 | 13,774,792 | ||||||
Kroton Educacional SA | 1,426,668 | 7,897,241 | ||||||
M. Dias Branco SA | 46,119 | 659,356 | ||||||
Metalurgica Gerdau SA (Preference Shares) | 1,565,105 | 2,424,073 | ||||||
MRV Engenharia e Participacoes SA | 992,979 | 4,049,633 | ||||||
Qualicorp SA | 246,193 | 2,306,661 | ||||||
Transmissora Alianca de Energia Eletrica SA | 305,548 | 1,986,303 | ||||||
Vale SA ADR | 1,265,844 | 13,544,531 | ||||||
68,824,455 | ||||||||
Cayman Islands — 15.8% | ||||||||
AAC Technologies Holdings, Inc. | 477,000 | 9,622,941 | ||||||
Alibaba Group Holding, Ltd. ADR†# | 112,252 | 19,877,584 | ||||||
Geely Automobile Holdings, Ltd. | 1,274,000 | 4,483,516 | ||||||
General Interface Solution Holding, Ltd. | 897,000 | 7,178,757 | ||||||
IGG, Inc.# | 3,580,000 | 3,522,994 | ||||||
Jiangnan Group, Ltd.# | 1,002,000 | 73,462 | ||||||
Kingboard Chemical Holdings, Ltd. | 434,500 | 2,496,803 | ||||||
Kingboard Laminates Holdings, Ltd. | 1,479,500 | 2,471,054 | ||||||
Lee & Man Paper Manufacturing, Ltd. | 2,111,000 | 2,476,654 | ||||||
NetEase, Inc. ADR | 42,000 | 13,805,820 | ||||||
Nexteer Automotive Group, Ltd. | 929,000 | 2,008,312 | ||||||
Tencent Holdings, Ltd. | 824,500 | 42,559,947 | ||||||
WH Group, Ltd.* | 7,382,000 | 7,859,756 | ||||||
Xinyi Glass Holdings, Ltd. | 2,280,000 | 2,784,860 | ||||||
YY, Inc., ADR†# | 43,010 | 4,438,202 | ||||||
Zhongsheng Group Holdings, Ltd. | 683,500 | 1,415,989 | ||||||
127,076,651 | ||||||||
China — 12.4% | ||||||||
Air China, Ltd., Class H | 2,602,000 | 2,805,501 | ||||||
Anhui Conch Cement Co., Ltd. | 1,035,000 | 4,979,951 | ||||||
China Construction Bank Corp. | 21,569,000 | 18,894,355 | ||||||
China Merchants Bank Co., Ltd. | 2,232,500 | 8,770,556 | ||||||
Guangzhou Automobile Group Co., Ltd. | 3,852,000 | 9,725,656 | ||||||
Huadian Power International Corp., Ltd. | 4,146,000 | 1,627,441 | ||||||
Huaneng Power International, Inc. | 3,866,000 | 2,476,950 | ||||||
Industrial & Commercial Bank of China, Ltd. | 19,439,000 | 15,244,112 | ||||||
PICC Property & Casualty Co., Ltd. | 3,786,000 | 7,205,873 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 1,753,000 | 17,333,215 | ||||||
Shenzhen Expressway Co., Ltd. | 2,144,000 | 2,068,182 | ||||||
Weichai Power Co., Ltd. | 2,274,000 | 2,539,208 | ||||||
Yangtze Optical Fibre and Cable Joint Stock Ltd., Co.* | 366,500 | 1,746,958 | ||||||
Yirendai, Ltd. ADR# | 34,750 | 1,385,135 | ||||||
Zhejiang Expressway Co., Ltd. | 2,460,000 | 2,955,041 | ||||||
99,758,134 | ||||||||
Cyprus — 0.2% | ||||||||
Ros Agro PLC GDR | 127,698 | 1,525,991 | ||||||
Hong Kong — 1.6% | ||||||||
BYD Electronic International Co., Ltd.# | 741,500 | 1,781,485 |
Security Description | Shares | Value (Note 2) | ||||||
Hong Kong (continued) | ||||||||
China Overseas Land & Investment, Ltd. | 1,066,000 | $ | 3,407,428 | |||||
China Power International Development, Ltd.# | 6,786,000 | 1,825,675 | ||||||
China Resources Power Holdings Co., Ltd. | 1,202,000 | 2,263,447 | ||||||
Fosun International, Ltd. | 1,875,000 | 3,922,609 | ||||||
13,200,644 | ||||||||
Hungary — 1.5% | ||||||||
MOL Hungarian Oil & Gas PLC | 381,504 | 4,430,539 | ||||||
OTP Bank PLC | 190,975 | 7,301,833 | ||||||
11,732,372 | ||||||||
India — 3.2% | ||||||||
HCL Technologies, Ltd. | 558,050 | 7,330,731 | ||||||
Housing Development Finance Corp., Ltd. | 472,541 | 12,242,987 | ||||||
Rural Electrification Corp., Ltd. | 691,473 | 1,664,715 | ||||||
Vedanta, Ltd. | 969,279 | 4,460,426 | ||||||
25,698,859 | ||||||||
Indonesia — 1.5% | ||||||||
Bank Negara Indonesia Persero Tbk PT | 7,252,200 | 4,343,820 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 26,568,000 | 6,305,849 | ||||||
United Tractors Tbk PT | 633,800 | 1,578,052 | ||||||
12,227,721 | ||||||||
Jersey — 0.2% | ||||||||
United Co. RUSAL PLC# | 2,617,000 | 1,596,739 | ||||||
Malaysia — 1.9% | ||||||||
AirAsia Bhd | 4,856,300 | 3,728,134 | ||||||
CIMB Group Holdings Bhd | 3,286,700 | 4,866,019 | ||||||
Genting Bhd | 654,500 | 1,409,087 | ||||||
Malayan Banking Bhd | 2,332,600 | 5,269,548 | ||||||
15,272,788 | ||||||||
Mexico — 0.5% | ||||||||
Grupo Financiero Banorte SAB de CV, Class O | 653,010 | 3,835,330 | ||||||
Netherlands — 0.4% | ||||||||
X5 Retail Group NV GDR† | 92,765 | 3,441,581 | ||||||
Panama — 1.0% | ||||||||
Copa Holdings SA, Class A | 59,712 | 8,012,753 | ||||||
Poland — 1.5% | ||||||||
Jastrzebska Spolka Weglowa SA† | 57,730 | 1,463,358 | ||||||
KGHM Polska Miedz SA | 121,995 | 3,701,926 | ||||||
Polski Koncern Naftowy Orlen SA | 218,422 | 6,861,512 | ||||||
12,026,796 | ||||||||
Russia — 6.2% | ||||||||
Aeroflot PJSC† | 625,221 | 1,611,179 | ||||||
Alrosa PJSC† | 4,467,491 | 5,862,912 | ||||||
Magnitogorsk Iron & Steel OJSC† | 2,698,244 | 2,049,762 | ||||||
MMC Norilsk Nickel PJSC ADR# | 410,564 | 7,119,180 | ||||||
Mobile TeleSystems PJSC ADR | 538,321 | 5,582,389 | ||||||
RusHydro PJSC† | 126,954,096 | 1,754,633 | ||||||
Sberbank of Russia PJSC ADR | 968,894 | 16,064,262 | ||||||
Severstal PJSC GDR | 140,024 | 2,175,973 | ||||||
Surgutneftegas OJSC (Preference Shares)† | 6,354,083 | 3,084,113 | ||||||
Tatneft PJSC ADR# | 87,616 | 4,087,286 | ||||||
49,391,689 | ||||||||
South Africa — 2.0% | ||||||||
Kumba Iron Ore, Ltd. | 97,076 | 2,313,111 | ||||||
Naspers, Ltd., Class N | 17,928 | 4,809,864 |
56 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
South Africa (continued) | ||||||||
Standard Bank Group, Ltd. | 695,864 | $ | 8,779,456 | |||||
15,902,431 | ||||||||
South Korea — 18.1% | ||||||||
Hana Financial Group, Inc. | 212,638 | 9,267,331 | ||||||
Hyosung Corp. | 44,652 | 5,539,347 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 28,626 | 923,963 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 91,553 | 3,650,019 | ||||||
Industrial Bank of Korea | 393,928 | 5,799,134 | ||||||
Korea Electric Power Corp. | 185,181 | 6,381,068 | ||||||
KT&G Corp. | 100,144 | 11,228,464 | ||||||
LG Chem, Ltd. | 7,570 | 2,903,501 | ||||||
LG Corp.† | 30,510 | 2,550,960 | ||||||
NCSoft Corp. | 14,996 | 6,012,957 | ||||||
POSCO | 26,216 | 8,034,933 | ||||||
S-Oil Corp. | 47,778 | 5,281,653 | ||||||
Samsung Electronics Co., Ltd. | 20,507 | 48,181,472 | ||||||
SFA Engineering Corp. | 45,184 | 1,702,060 | ||||||
Shinhan Financial Group Co., Ltd. | 215,691 | 9,647,006 | ||||||
SK Hynix, Inc. | 106,087 | 7,560,077 | ||||||
SK Innovation Co., Ltd. | 52,572 | 10,055,264 | ||||||
144,719,209 | ||||||||
Taiwan — 11.5% | ||||||||
Accton Technology Corp. | 811,000 | 2,990,519 | ||||||
Catcher Technology Co., Ltd. | 498,000 | 5,415,713 | ||||||
Compeq Manufacturing Co., Ltd.† | 1,050,000 | 1,568,793 | ||||||
CTBC Financial Holding Co., Ltd. | 11,813,000 | 7,904,998 | ||||||
Elite Material Co., Ltd. | 548,000 | 2,088,550 | ||||||
FLEXium Interconnect, Inc. | 1,130,072 | 4,681,060 | ||||||
Fubon Financial Holding Co., Ltd. | 4,839,000 | 7,950,240 | ||||||
Largan Precision Co., Ltd. | 54,000 | 9,349,397 | ||||||
Merry Electronics Co., Ltd. | 1,011,000 | 7,504,876 | ||||||
Pegatron Corp. | 420,000 | 965,473 | ||||||
Phison Electronics Corp. | 146,000 | 1,487,750 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 884,054 | 35,008,538 | ||||||
Winbond Electronics Corp.† | 2,628,000 | 2,534,556 | ||||||
Yageo Corp. | 248,000 | 2,821,023 | ||||||
92,271,486 | ||||||||
Thailand — 4.2% | ||||||||
Kiatnakin Bank PCL | 1,368,200 | 3,152,390 | ||||||
Krung Thai Bank PCL | 12,203,600 | 7,211,558 | ||||||
PTT Global Chemical PCL NVDR | 1,680,900 | 4,098,818 | ||||||
PTT PCL | 746,400 | 9,415,701 | ||||||
Star Petroleum Refining PCL† | 5,580,700 | 2,768,137 | ||||||
Thai Oil PCL | 1,344,200 | 3,827,636 | ||||||
Tisco Financial Group PCL | 1,057,600 | 2,857,722 | ||||||
33,331,962 | ||||||||
Turkey — 4.1% | ||||||||
Akbank Turk AS | 1,337,038 | 3,070,613 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,311,037 | 2,882,124 | ||||||
Petkim Petrokimya Holding AS | 3,473,640 | 5,785,947 | ||||||
Tekfen Holding AS | 818,557 | 2,967,114 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 247,089 | 7,649,545 | ||||||
Turkcell Iletisim Hizmetleri AS | 1,627,520 | 6,323,439 | ||||||
Turkiye Halk Bankasi AS | 1,926,913 | 4,371,226 | ||||||
33,050,008 | ||||||||
United Kingdom — 0.2% | ||||||||
Evraz PLC | 375,430 | 1,455,014 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United States — 0.5% | ||||||||
Cognizant Technology Solutions Corp., Class A | 53,890 | $ | 3,895,169 | |||||
Total Common Stocks | ||||||||
(cost $584,540,933) | 783,585,835 | |||||||
RIGHTS — 0.0% | ||||||||
Electric - Generation — 0.0% | ||||||||
China Power International Development, Ltd. | 2,261,999 | 64,296 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $584,521,030) | 783,650,131 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.9% | ||||||||
Registered Investment Companies — 0.7% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 5,899,306 | 5,899,306 | ||||||
Time Deposits — 2.2% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 17,247,000 | 17,247,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $23,146,306) | 23,146,306 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $607,667,336)(3) | 100.7 | % | 806,796,437 | |||||
Liabilities in excess of other assets | (0.7 | ) | (5,313,835 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 801,482,602 | ||||
† | 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, 2017, the aggregate value of these securities was $9,606,714 representing 1.2% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $30,821,787. This was secured by collateral of $5,899,306, which was received in cash and subsequently invested in short-term investments currently valued at $5,899,306 as reported in the Portfolio of Investments. Additional collateral of $26,487,049 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, 2017 | |||||
United States Treasury Bills | 0.00% | 12/07/2017 to 09/13/2018 | $ | 2,011,486 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.00% | 01/15/2018 to 11/15/2046 | 24,475,563 |
(2) | The rate shown is the 7-day yield as of November 30, 2017. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
NVDR—Non-Voting Depositary Receipt
57 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: |
| |||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | $ | 228,312,793 | $ | 555,273,042 | ** | $ | — | $ | 783,585,835 | |||||||
Rights | 64,296 | — | — | 64,296 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 5,899,306 | — | — | 5,899,306 | ||||||||||||
Time Deposits | — | 17,247,000 | — | 17,247,000 | ||||||||||||
Total Investments at Value | $ | 234,276,395 | $ | 572,520,042 | $ | — | $ | 806,796,437 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $442,678,886 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
58 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Oil Companies — Integrated | 10.3 | % | ||
Medical — Drugs | 7.0 | |||
Diversified Banking Institutions | 5.6 | |||
Banks — Commercial | 5.5 | |||
Electronic Components — Semiconductors | 4.0 | |||
Telephone — Integrated | 3.7 | |||
U.S. Government Agencies | 3.6 | |||
Insurance — Multi-line | 3.3 | |||
Web Portals/ISP | 2.8 | |||
Precious Metals | 2.8 | |||
Diversified Financial Services | 2.7 | |||
Gold Mining | 2.6 | |||
Telecom Services | 2.6 | |||
Oil — Field Services | 2.3 | |||
Oil Companies — Exploration & Production | 2.1 | |||
Registered Investment Companies | 2.1 | |||
Rubber — Tires | 1.7 | |||
Distribution/Wholesale | 1.7 | |||
Aerospace/Defense | 1.6 | |||
Medical — Generic Drugs | 1.6 | |||
Insurance — Life/Health | 1.5 | |||
Diversified Operations | 1.5 | |||
Retail — Building Products | 1.4 | |||
Cellular Telecom | 1.3 | |||
Diagnostic Kits | 1.3 | |||
Medical — Biomedical/Gene | 1.2 | |||
Diversified Minerals | 1.2 | |||
Electric — Distribution | 1.1 | |||
Diversified Manufacturing Operations | 1.1 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Building Products — Cement | 1.0 | |||
Chemicals — Diversified | 1.0 | |||
Brewery | 0.9 | |||
Entertainment Software | 0.9 | |||
Beverages — Non-alcoholic | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Human Resources | 0.9 | |||
Medical Instruments | 0.8 | |||
Retail — Drug Store | 0.8 | |||
Medical — Wholesale Drug Distribution | 0.8 | |||
Steel Pipe & Tube | 0.8 | |||
Agricultural Chemicals | 0.8 | |||
Finance — Investment Banker/Broker | 0.8 | |||
Retail — Misc./Diversified | 0.8 | |||
Computers | 0.7 | |||
Containers — Metal/Glass | 0.7 | |||
Satellite Telecom | 0.7 | |||
Water | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Audio/Video Products | 0.5 | |||
Cable/Satellite TV | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Motorcycle/Motor Scooter | 0.5 | |||
Import/Export | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Investment Management/Advisor Services | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Rubber/Plastic Products | 0.4 | |||
Insurance — Property/Casualty | 0.1 | |||
101.9 | % | |||
Country Allocation*
United Kingdom | 18.1 | % | ||
Japan | 11.5 | |||
South Korea | 9.3 | |||
Canada | 7.9 | |||
Germany | 6.9 | |||
France | 6.4 | |||
Netherlands | 5.9 | |||
United States | 5.7 | |||
Cayman Islands | 5.6 | |||
China | 4.4 | |||
Switzerland | 3.4 | |||
Singapore | 2.3 | |||
Thailand | 2.3 | |||
Taiwan | 2.2 | |||
Italy | 1.7 | |||
Israel | 1.6 | |||
Luxembourg | 1.5 | |||
Hong Kong | 1.0 | |||
Jersey | 0.9 | |||
India | 0.9 | |||
Sweden | 0.8 | |||
Norway | 0.8 | |||
New Zealand | 0.5 | |||
Bermuda | 0.3 | |||
101.9 | % | |||
* | Calculated as a percentage of net assets |
59 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.2% |
| |||||||
Bermuda — 0.3% |
| |||||||
Kunlun Energy Co., Ltd.# | 3,448,000 | $ | 2,985,797 | |||||
Canada — 7.9% |
| |||||||
Alamos Gold, Inc., Class A# | 1,783,840 | 11,291,707 | ||||||
Barrick Gold Corp. | 664,610 | 9,158,326 | ||||||
Cenovus Energy, Inc. | 838,164 | 7,990,867 | ||||||
Eldorado Gold Corp.# | 2,359,900 | 2,707,167 | ||||||
Ensign Energy Services, Inc. | 718,600 | 3,564,733 | ||||||
Husky Energy, Inc.† | 527,900 | 6,395,440 | ||||||
Suncor Energy, Inc.# | 128,400 | 4,453,668 | ||||||
Tahoe Resources, Inc.# | 334,100 | 1,481,263 | ||||||
Wheaton Precious Metals Corp.# | 1,091,000 | 22,823,773 | ||||||
69,866,944 | ||||||||
Cayman Islands — 5.6% | ||||||||
Baidu, Inc. ADR† | 106,370 | 25,377,755 | ||||||
CK Hutchison Holdings, Ltd. | 1,034,000 | 13,026,037 | ||||||
NetEase, Inc. ADR | 24,800 | 8,152,008 | ||||||
Value Partners Group, Ltd.# | 3,554,500 | 3,698,775 | ||||||
50,254,575 | ||||||||
China — 4.4% | ||||||||
China Life Insurance Co., Ltd. | 2,257,000 | 7,354,053 | ||||||
China Telecom Corp., Ltd. | 25,815,823 | 12,478,643 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 2,852,500 | 7,184,921 | ||||||
Sinopec Engineering Group Co., Ltd. | 5,880,000 | 4,919,485 | ||||||
Sinopharm Group Co., Ltd. | 1,816,400 | 7,180,813 | ||||||
39,117,915 | ||||||||
France — 6.4% | ||||||||
AXA SA | 372,232 | 11,240,085 | ||||||
BNP Paribas SA | 224,170 | 16,980,996 | ||||||
Cie Generale des Etablissements Michelin | 45,062 | 6,539,375 | ||||||
Sanofi | 73,436 | 6,704,293 | ||||||
TOTAL SA | 179,620 | 10,141,345 | ||||||
Veolia Environnement SA | 227,276 | 5,750,029 | ||||||
57,356,123 | ||||||||
Germany — 6.9% | ||||||||
Bayer AG | 86,373 | 11,010,963 | ||||||
Gerresheimer AG | 78,750 | 6,290,015 | ||||||
Innogy SE* | 216,010 | 9,984,873 | ||||||
Merck KGaA | 77,902 | 8,295,070 | ||||||
MorphoSys AG†# | 111,080 | 10,494,373 | ||||||
Siemens AG | 69,145 | 9,402,979 | ||||||
Telefonica Deutschland Holding AG# | 1,236,580 | 5,881,543 | ||||||
61,359,816 | ||||||||
Hong Kong — 1.0% | ||||||||
China Mobile, Ltd. | 917,000 | 9,305,294 | ||||||
India — 0.9% | ||||||||
Hero MotoCorp, Ltd. | 81,301 | 4,633,784 | ||||||
Jain Irrigation Systems, Ltd. | 1,609,577 | 3,013,957 | ||||||
7,647,741 | ||||||||
Israel — 1.6% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR# | 934,006 | 13,841,969 | ||||||
Italy — 1.7% | ||||||||
Eni SpA | 904,304 | 14,853,178 | ||||||
Japan — 11.5% | ||||||||
Astellas Pharma, Inc. | 753,600 | 9,578,003 | ||||||
Inpex Corp. | 898,300 | 10,206,528 | ||||||
Kirin Holdings Co., Ltd. | 361,300 | 8,473,562 | ||||||
Panasonic Corp. | 324,600 | 4,845,700 | ||||||
Ryohin Keikaku Co., Ltd. | 21,500 | 6,727,544 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
SoftBank Group Corp. | 309,600 | $ | 26,306,136 | |||||
Sumitomo Metal Mining Co., Ltd. | 268,500 | 10,468,376 | ||||||
Sumitomo Rubber Industries, Ltd. | 472,700 | 8,620,174 | ||||||
Suntory Beverage & Food, Ltd. | 186,800 | 8,091,096 | ||||||
Taiheiyo Cement Corp. | 221,800 | 9,174,472 | ||||||
102,491,591 | ||||||||
Jersey — 0.9% | ||||||||
Shire PLC | 161,700 | 8,021,207 | ||||||
Luxembourg — 1.5% | ||||||||
SES SA FDR | 376,087 | 6,211,310 | ||||||
Tenaris SA# | 491,889 | 7,153,436 | ||||||
13,364,746 | ||||||||
Netherlands — 5.9% | ||||||||
Aegon NV | 2,792,223 | 17,377,288 | ||||||
Flow Traders#* | 123,492 | 2,709,772 | ||||||
ING Groep NV CVA | 290,811 | 5,250,437 | ||||||
QIAGEN NV# | 367,644 | 11,620,340 | ||||||
SBM Offshore NV# | 921,270 | 15,288,995 | ||||||
52,246,832 | ||||||||
New Zealand — 0.5% | ||||||||
Sky Network Television, Ltd.# | 2,839,200 | 4,827,248 | ||||||
Norway — 0.8% | ||||||||
Yara International ASA | 156,500 | 6,948,392 | ||||||
Singapore — 2.3% | ||||||||
Singapore Telecommunications, Ltd. | 3,779,000 | 10,451,490 | ||||||
Singapore Telecommunications, Ltd. ADR | 4,600 | 126,988 | ||||||
United Overseas Bank, Ltd. | 517,800 | 10,107,139 | ||||||
20,685,617 | ||||||||
South Korea — 9.3% | ||||||||
Dongbu Insurance Co., Ltd. | 19,400 | 1,220,776 | ||||||
Hana Financial Group, Inc. | 259,311 | 11,301,465 | ||||||
Hyundai Mobis Co., Ltd. | 37,353 | 9,372,280 | ||||||
Hyundai Motor Co. | 29,209 | 4,416,534 | ||||||
KB Financial Group, Inc. | 231,701 | 12,747,548 | ||||||
Korea Investment Holdings Co., Ltd. | 65,537 | 4,145,741 | ||||||
Posco Daewoo Corp. | 261,237 | 4,478,999 | ||||||
Samsung Electronics Co., Ltd. | 15,031 | 35,315,536 | ||||||
82,998,879 | ||||||||
Spain — 0.0% | ||||||||
Telefonica SA ADR | 859 | 8,779 | ||||||
Sweden — 0.8% | ||||||||
Getinge AB, Class B | 404,292 | 7,279,329 | ||||||
Switzerland — 3.4% | ||||||||
Roche Holding AG# | 75,110 | 18,953,389 | ||||||
UBS Group AG | 655,924 | 11,337,567 | ||||||
30,290,956 | ||||||||
Taiwan — 2.2% |
| |||||||
Catcher Technology Co., Ltd. | 470,000 | 5,111,215 | ||||||
Quanta Computer, Inc. | 3,061,000 | 6,315,325 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,042,000 | 7,844,669 | ||||||
19,271,209 | ||||||||
Thailand — 2.3% |
| |||||||
Bangkok Bank PCL | 243,400 | 1,602,852 | ||||||
Bangkok Bank PCL NVDR | 1,195,200 | 7,301,755 | ||||||
Kasikornbank PCL | 206,100 | 1,481,825 | ||||||
Kasikornbank PCL NVDR | 555,100 | 3,868,336 | ||||||
PTT Exploration & Production PCL | 2,070,900 | 5,785,965 | ||||||
20,040,733 | ||||||||
60 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United Kingdom — 18.1% |
| |||||||
Aviva PLC | 889,501 | $ | 6,150,944 | |||||
BAE Systems PLC | 1,415,310 | 10,571,569 | ||||||
Barclays PLC | 3,038,750 | 7,922,475 | ||||||
BP PLC | 3,803,252 | 25,176,874 | ||||||
BP PLC ADR | 180 | 7,213 | ||||||
Capita PLC | 1,189,989 | 7,516,766 | ||||||
Cobham PLC†# | 2,747,809 | 4,720,536 | ||||||
HSBC Holdings PLC | 1,375,210 | 13,671,990 | ||||||
Johnson Matthey PLC | 207,867 | 8,495,576 | ||||||
Kingfisher PLC | 2,832,332 | 12,732,589 | ||||||
Rolls-Royce Holdings PLC | 327,700 | 3,799,517 | ||||||
Rolls-Royce Holdings PLC, Class C (Entitlement Shares)† | 15,074,200 | 20,386 | ||||||
Royal Dutch Shell PLC, Class B | 712,115 | 23,090,461 | ||||||
SIG PLC | 3,359,596 | 7,678,856 | ||||||
Standard Chartered PLC† | 1,964,668 | 19,639,155 | ||||||
Travis Perkins PLC | 317,579 | 6,913,301 | ||||||
Vodafone Group PLC | 957,821 | 2,904,835 | ||||||
161,013,043 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $770,301,478) | 856,077,913 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.7% |
| |||||||
Registered Investment Companies — 2.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 18,599,527 | 18,599,527 | ||||||
Time Deposits — 0.0% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.12% due 12/01/2017 | 343,000 | 343,000 | ||||||
U.S. Government Agencies — 3.6% | ||||||||
Federal Home Loan Bank | 32,000,000 | 32,000,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $50,942,527) | 50,942,527 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $821,244,005)(3) | 101.9 | % | 907,020,440 | |||||
Liabilities in excess of other assets | (1.9 | ) | (17,102,864 | ) | ||||
NET ASSETS | 100.0 | % | $ | 889,917,576 | ||||
# | 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, 2017, the aggregate value of these securities was $12,694,645 representing 1.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $57,343,109. This was secured by collateral of $18,599,527, which was received in cash and subsequently invested in short-term investments currently valued at $18,599,527 as reported in the Portfolio of Investments. Additional collateral of $41,034,649 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 3.50% to 3.50% | 05/01/2032 to 04/15/2043 | $ | 390,191 | ||||
Federal National Mtg. Assoc. | 3.00% to 3.50% | 02/25/2032 to 11/01/2046 | 5,713,589 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 08/20/2044 to 11/20/2046 | 1,635,027 | |||||
United States Treasury Bills | 0.00% | 12/07/2017 to 03/29/2018 | 1,077,170 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 12/31/2017 to 11/15/2046 | 32,218,672 |
(2) | The rate shown is the 7-day yield as of November 30, 2017. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
FDR—Fiduciary Depositary Receipt
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, 2017 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 123,167,621 | $ | 732,910,292 | ** | $ | — | $ | 856,077,913 | |||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 18,599,527 | — | — | 18,599,527 | ||||||||||||
Time Deposits | — | 343,000 | — | 343,000 | ||||||||||||
U.S. Government Agencies | — | 32,000,000 | — | 32,000,000 | ||||||||||||
Total Investments at Value | $ | 141,767,148 | $ | 765,253,292 | $ | — | $ | 907,020,440 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board. (See Note 2). |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $668,384,198 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
61 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 77.5 | % | ||
Real Estate Operations & Development | 12.6 | |||
Real Estate Management/Services | 7.0 | |||
Hotels/Motels | 1.5 | |||
Private Equity | 0.5 | |||
Time Deposits | 0.5 | |||
Diversified Operations | 0.3 | |||
Registered Investment Companies | 0.1 | |||
100.0 | % | |||
Country Allocation*
United States | 46.7 | % | ||
Japan | 11.9 | |||
France | 6.1 | |||
Australia | 6.0 | |||
United Kingdom | 5.4 | |||
Hong Kong | 4.8 | |||
Germany | 4.0 | |||
Canada | 3.2 | |||
Singapore | 2.8 | |||
Cayman Islands | 2.7 | |||
Bermuda | 1.9 | |||
Spain | 1.3 | |||
Sweden | 0.9 | |||
Ireland | 0.9 | |||
Switzerland | 0.8 | |||
Norway | 0.6 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
62 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.4% | ||||||||
Australia — 6.0% | ||||||||
BGP Holdings PLC†(1)(2) | 479,213 | $ | 108 | |||||
GPT Group | 1,924,034 | 7,899,720 | ||||||
Mirvac Group | 1,646,993 | 3,063,323 | ||||||
Propertylink Group | 2,973,611 | 2,304,404 | ||||||
Scentre Group | 1,854,012 | 5,963,365 | ||||||
Shopping Centres Australasia Property Group | 2,231,347 | 4,084,821 | ||||||
23,315,741 | ||||||||
Bermuda — 1.9% | ||||||||
Hongkong Land Holdings, Ltd (OTC) | 1,700 | 12,240 | ||||||
Hongkong Land Holdings, Ltd. (SGX) | 1,000,600 | 7,321,984 | ||||||
7,334,224 | ||||||||
Canada — 3.2% | ||||||||
Allied Properties Real Estate Investment Trust | 82,604 | 2,655,826 | ||||||
Canadian Real Estate Investment Trust | 86,969 | 3,064,458 | ||||||
Chartwell Retirement Residences | 268,287 | 3,221,150 | ||||||
RioCan Real Estate Investment Trust | 172,817 | 3,335,382 | ||||||
12,276,816 | ||||||||
Cayman Islands — 2.7% | ||||||||
CK Asset Holdings, Ltd. | 1,250,500 | 10,587,633 | ||||||
France — 6.1% | ||||||||
Fonciere Des Regions | 52,039 | 5,570,171 | ||||||
Klepierre | 193,374 | 7,990,572 | ||||||
Unibail-Rodamco SE (Euronext Amsterdam) | 25,927 | 6,636,614 | ||||||
Unibail-Rodamco SE (Euronext Paris) | 12,830 | 3,282,480 | ||||||
23,479,837 | ||||||||
Germany — 4.0% | ||||||||
Vonovia SE | 328,786 | 15,475,219 | ||||||
Hong Kong — 4.8% | ||||||||
Link REIT | 507,500 | 4,529,080 | ||||||
Sun Hung Kai Properties, Ltd. | 662,504 | 10,874,922 | ||||||
Wharf Holdings, Ltd. | 355,000 | 1,119,825 | ||||||
Wharf Real Estate Investment Co., Ltd.† | 355,000 | 2,145,413 | ||||||
18,669,240 | ||||||||
Ireland — 0.9% | ||||||||
Green REIT PLC | 1,945,914 | 3,462,458 | ||||||
Japan — 11.9% | ||||||||
Daiwa House REIT Investment Corp. | 1,234 | 2,955,293 | ||||||
Invincible Investment Corp. | 5,223 | 2,238,235 | ||||||
Kenedix Retail REIT Corp | 1,607 | 3,268,182 | ||||||
Mitsubishi Estate Co., Ltd. | 142,000 | 2,540,089 | ||||||
Mitsui Fudosan Co., Ltd. | 428,400 | 9,721,852 | ||||||
Nippon Building Fund, Inc. | 1,305 | 6,529,625 | ||||||
Nomura Real Estate Master Fund, Inc. | 4,784 | 6,022,274 | ||||||
Orix JREIT, Inc. | 3,868 | 5,419,144 | ||||||
Sumitomo Realty & Development Co., Ltd. | 222,000 | 7,334,464 | ||||||
46,029,158 | ||||||||
Norway — 0.6% | ||||||||
Entra ASA* | 157,276 | 2,192,047 | ||||||
Singapore — 2.8% | ||||||||
Ascendas Real Estate Investment Trust | 1,516,000 | 2,971,359 | ||||||
City Developments, Ltd. | 499,100 | 4,508,457 | ||||||
Mapletree Commercial Trust | 2,843,000 | 3,374,521 | ||||||
10,854,337 | ||||||||
Spain — 1.3% | ||||||||
Merlin Properties Socimi SA | 383,283 | 5,042,740 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Sweden — 0.9% | ||||||||
Castellum AB | 224,226 | $ | 3,631,665 | |||||
Switzerland — 0.8% | ||||||||
PSP Swiss Property AG | 36,842 | 3,285,180 | ||||||
United Kingdom — 5.4% | ||||||||
Big Yellow Group PLC | 366,614 | 4,131,480 | ||||||
British Land Co. PLC | 264,897 | 2,255,229 | ||||||
Derwent London PLC | 88,257 | 3,315,340 | ||||||
Hammerson PLC | 698,783 | 4,911,068 | ||||||
Tritax Big Box REIT PLC | 1,565,226 | 3,066,992 | ||||||
UNITE Group PLC | 351,685 | 3,414,463 | ||||||
21,094,572 | ||||||||
United States — 46.1% | ||||||||
Acadia Realty Trust# | 40,147 | 1,125,320 | ||||||
Alexandria Real Estate Equities, Inc. | 2,418 | 307,231 | ||||||
American Campus Communities, Inc. | 41,311 | 1,750,760 | ||||||
American Homes 4 Rent, Class A | 101,371 | 2,177,449 | ||||||
American Tower Corp. | 94,424 | 13,590,446 | ||||||
Apple Hospitality REIT, Inc. | 105,802 | 2,061,023 | ||||||
AvalonBay Communities, Inc. | 17,939 | 3,252,879 | ||||||
Boston Properties, Inc. | 54,025 | 6,773,655 | ||||||
Brandywine Realty Trust | 92,522 | 1,594,154 | ||||||
Brixmor Property Group, Inc. | 93,455 | 1,688,732 | ||||||
Columbia Property Trust, Inc. | 58,117 | 1,323,324 | ||||||
Cousins Properties, Inc. | 232,387 | 2,084,511 | ||||||
Crown Castle International Corp. | 88,013 | 9,945,469 | ||||||
CyrusOne, Inc.# | 23,915 | 1,453,075 | ||||||
Digital Realty Trust, Inc. | 9,614 | 1,121,954 | ||||||
EastGroup Properties, Inc.# | 7,483 | 704,001 | ||||||
Education Realty Trust, Inc. | 52,616 | 1,924,167 | ||||||
Equinix, Inc. | 20,089 | 9,331,140 | ||||||
Equity Residential | 106,494 | 7,115,929 | ||||||
Essex Property Trust, Inc. | 16,670 | 4,117,323 | ||||||
Extra Space Storage, Inc. | 28,919 | 2,468,526 | ||||||
Federal Realty Investment Trust# | 28,051 | 3,708,623 | ||||||
GGP, Inc. | 122,583 | 2,880,701 | ||||||
HCP, Inc. | 56,640 | 1,497,562 | ||||||
Healthcare Realty Trust, Inc. | 118,685 | 3,889,307 | ||||||
Hilton Worldwide Holdings, Inc. | 19,587 | 1,519,168 | ||||||
Host Hotels & Resorts, Inc. | 129,940 | 2,571,513 | ||||||
Hudson Pacific Properties, Inc. | 134,521 | 4,792,983 | ||||||
Invitation Homes, Inc. | 62,025 | 1,460,689 | ||||||
Iron Mountain, Inc.# | 21,920 | 895,870 | ||||||
Kilroy Realty Corp. | 22,643 | 1,706,829 | ||||||
Kimco Realty Corp.# | 18,371 | 340,231 | ||||||
Lamar Advertising Co., Class A | 20,687 | 1,556,283 | ||||||
Liberty Property Trust | 86,265 | 3,871,573 | ||||||
Macerich Co.# | 43,118 | 2,791,891 | ||||||
Mid-America Apartment Communities, Inc. | 11,343 | 1,161,977 | ||||||
National Health Investors, Inc. | 25,006 | 1,950,468 | ||||||
National Retail Properties, Inc. | 46,276 | 1,900,555 | ||||||
Paramount Group, Inc.# | 83,548 | 1,350,971 | ||||||
Park Hotels & Resorts, Inc. | 79,848 | 2,331,562 | ||||||
Pebblebrook Hotel Trust# | 30,453 | 1,171,527 | ||||||
Physicians Realty Trust | 36,567 | 653,452 | ||||||
Prologis, Inc. | 108,374 | 7,177,610 | ||||||
Public Storage | 33,403 | 7,118,847 | ||||||
QTS Realty Trust, Inc., Class A# | 45,598 | 2,537,985 | ||||||
Rayonier, Inc. | 24,187 | 763,100 | ||||||
Realty Income Corp.# | 48,988 | 2,709,036 | ||||||
Regency Centers Corp.# | 23,431 | 1,588,856 | ||||||
Retail Opportunity Investments Corp.# | 75,024 | 1,468,220 | ||||||
SBA Communications Corp.† | 21,360 | 3,625,860 | ||||||
Simon Property Group, Inc. | 55,725 | 9,013,519 |
63 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) | ||||||||
SL Green Realty Corp.# | 14,514 | $ | 1,483,766 | |||||
Sun Communities, Inc. | 32,303 | 3,006,117 | ||||||
Terreno Realty Corp. | 26,565 | 998,844 | ||||||
Ventas, Inc. | 39,490 | 2,527,755 | ||||||
Vornado Realty Trust | 55,812 | 4,332,127 | ||||||
Washington Real Estate Investment Trust | 49,214 | 1,590,597 | ||||||
Welltower, Inc. | 49,277 | 3,324,226 | ||||||
Weyerhaeuser Co. | 152,567 | 5,397,821 | ||||||
178,579,089 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $356,952,347) | 385,309,956 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.1% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class | 341,594 | 341,594 | ||||||
Time Deposits — 0.5% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | 1,944,000 | 1,944,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $2,285,594) | 2,285,594 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $359,237,941)(4) | 100.0 | % | 387,595,550 | |||||
Other assets less liabilities | 0.0 | 125,625 | ||||||
NET ASSETS — | 100.0 | % | $ | 387,721,175 | ||||
† | 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, 2017, the aggregate value of these securities was $2,192,047 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). |
At | November 30, 2017, the Fund had loaned securities with a total value of $12,952,115. This was secured by collateral of $13,225,212 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 2,043,779 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 1,069,958 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 2,051,641 | |||||
United States Treasury Bills | 0.00% | 12/21/2017 to 04/26/2018 | 155,145 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 12/31/2017 to 11/15/2046 | 7,904,689 |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Illiquid security. At November 30, 2017, the aggregate value of these securities was $108 representing 0.0% of net assets. |
(3) | The rate shown is the 7-day yield as of November 30, 2017. |
(4) | See Note 5 for cost of investments on a tax basis. |
OTC—Over the Counter
SGX—Singapore Exchange
Euronext Paris—Euronext Stock Exchange, Paris
Euronext Amsterdam—Euronext Stock Exchange, Amsterdam
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 23,315,633 | $ | — | $ | 108 | $ | 23,315,741 | ||||||||
Other Countries | 172,980,405 | 189,013,810 | ** | — | 361,994,215 | |||||||||||
Short-Term Investment Companies: | ||||||||||||||||
Registered Investment Companies | 341,594 | — | — | 341,594 | ||||||||||||
Time Deposits | — | 1,944,000 | — | 1,944,000 | ||||||||||||
Total Investments at Value | $ | 196,637,632 | $ | 190,957,810 | $ | 108 | $ | 387,595,550 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $158,717,412 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
64 |
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VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Repurchase Agreements | 5.2 | % | ||
Real Estate Investment Trusts | 3.8 | |||
Banks — Commercial | 3.5 | |||
Applications Software | 2.9 | |||
Insurance — Life/Health | 2.5 | |||
Insurance — Multi-line | 2.4 | |||
Electronic Components — Semiconductors | 2.1 | |||
Insurance — Property/Casualty | 2.1 | |||
Medical — Drugs | 2.0 | |||
Cosmetics & Toiletries | 2.0 | |||
Medical — Biomedical/Gene | 2.0 | |||
Web Portals/ISP | 1.8 | |||
Finance — Credit Card | 1.8 | |||
Oil Companies — Exploration & Production | 1.7 | |||
Transport — Rail | 1.5 | |||
Investment Management/Advisor Services | 1.5 | |||
Insurance — Reinsurance | 1.4 | |||
Telephone — Integrated | 1.3 | |||
Banks — Super Regional | 1.3 | |||
Chemicals — Diversified | 1.3 | |||
Beverages — Non-alcoholic | 1.2 | |||
Internet Content — Entertainment | 1.2 | |||
Commercial Services — Finance | 1.2 | |||
Food — Misc./Diversified | 1.1 | |||
Computer Services | 1.1 | |||
Multimedia | 1.1 | |||
Medical Products | 1.1 | |||
Cable/Satellite TV | 1.0 | |||
Finance — Other Services | 1.0 | |||
Chemicals — Specialty | 1.0 | |||
Commercial Services | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Transport — Services | 1.0 | |||
Enterprise Software/Service | 0.9 | |||
Semiconductor Equipment | 0.9 | |||
Data Processing/Management | 0.9 | |||
Gas — Distribution | 0.8 | |||
Real Estate Management/Services | 0.8 | |||
Hotels/Motels | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Electric — Integrated | 0.7 | |||
Consumer Products — Misc. | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Distribution/Wholesale | 0.7 | |||
U.S. Government Treasuries | 0.7 | |||
Electric Products — Misc. | 0.7 | |||
Machinery — Electrical | 0.7 | |||
Networking Products | 0.6 | |||
Diagnostic Equipment | 0.6 | |||
Real Estate Operations & Development | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Machinery — General Industrial | 0.6 | |||
Food — Retail | 0.6 | |||
Electronic Measurement Instruments | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Oil Companies — Integrated | 0.5 | |||
Investment Companies | 0.5 | |||
Retail — Restaurants | 0.5 | |||
Import/Export | 0.5 | |||
Machinery — Farming | 0.5 | |||
Pipelines | 0.5 | |||
Building — Residential/Commercial | 0.5 | |||
Oil Refining & Marketing | 0.5 | |||
Diversified Operations | 0.5 | |||
Diversified Banking Institutions | 0.4 | |||
Oil — Field Services | 0.4 | |||
Industrial Gases | 0.4 |
Machinery — Construction & Mining | 0.4 | % | ||
Airport Development/Maintenance | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Telecom Services | 0.4 | |||
Computer Aided Design | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Insurance Brokers | 0.3 | |||
Advertising Agencies | 0.3 | |||
Steel — Producers | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Electric — Distribution | 0.3 | |||
Electronic Forms | 0.3 | |||
Toys | 0.3 | |||
Water | 0.3 | |||
Consulting Services | 0.3 | |||
Cellular Telecom | 0.3 | |||
Retail — Discount | 0.3 | |||
Computers — Memory Devices | 0.3 | |||
Paper & Related Products | 0.3 | |||
Rubber — Tires | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Retail — Major Department Stores | 0.2 | |||
Food — Catering | 0.2 | |||
Medical Instruments | 0.2 | |||
Television | 0.2 | |||
Public Thoroughfares | 0.2 | |||
Entertainment Software | 0.2 | |||
Audio/Video Products | 0.2 | |||
Retail — Building Products | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Registered Investment Companies | 0.2 | |||
Soap & Cleaning Preparation | 0.2 | |||
Private Equity | 0.2 | |||
Wireless Equipment | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Medical — HMO | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Gold Mining | 0.2 | |||
Computers | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Medical Information Systems | 0.2 | |||
Retail — Jewelry | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Pharmacy Services | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Metal — Diversified | 0.2 | |||
Electric — Transmission | 0.2 | |||
Cruise Lines | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Building Products — Cement | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Human Resources | 0.2 | |||
Office Automation & Equipment | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Internet Security | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Optical Supplies | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Food — Meat Products | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Satellite Telecom | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Web Hosting/Design | 0.1 |
65 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited) — (continued)
Industry Allocation* (continued)
Savings & Loans/Thrifts | 0.1 | % | ||
Publishing — Periodicals | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Metal — Copper | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Transactional Software | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Computer Software | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Transport — Truck | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Retail — Catalog Shopping | 0.1 | |||
Travel Services | 0.1 | |||
Dialysis Centers | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Gas — Transportation | 0.1 | |||
Decision Support Software | 0.1 | |||
Security Services | 0.1 | |||
Electronic Connectors | 0.1 | |||
Silver Mining | 0.1 | |||
Airlines | 0.1 | |||
Building & Construction — Misc. | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Retail — Automobile | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Building Products — Wood | 0.1 | |||
Water Treatment Systems | 0.1 | |||
Respiratory Products | 0.1 | |||
Metal — Iron | 0.1 | |||
Home Decoration Products | 0.1 | |||
Radio | 0.1 | |||
Aerospace/Defense | 0.1 | |||
Steel — Specialty | 0.1 | |||
Food — Confectionery | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
99.9 | % | |||
Country Allocation*
United States | 56.1 | % | ||
Japan | 10.1 | |||
United Kingdom | 5.3 | |||
Canada | 3.4 | |||
France | 3.1 | |||
Switzerland | 2.8 | |||
Germany | 2.4 | |||
Netherlands | 2.1 | |||
Australia | 2.0 | |||
Hong Kong | 1.4 | |||
Spain | 1.3 | |||
Bermuda | 1.2 | |||
Ireland | 1.2 | |||
Sweden | 1.1 | |||
Singapore | 1.1 | |||
Denmark | 1.0 | |||
Italy | 0.6 | |||
Belgium | 0.6 | |||
Finland | 0.6 | |||
Jersey | 0.5 | |||
Cayman Islands | 0.3 | |||
Norway | 0.3 | |||
Curacao | 0.3 | |||
New Zealand | 0.3 | |||
Austria | 0.2 | |||
Portugal | 0.2 | |||
Luxembourg | 0.2 | |||
Israel | 0.1 | |||
Liberia | 0.1 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
66 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 93.8% |
| |||||||
Australia — 2.0% |
| |||||||
Amcor, Ltd. | 22,626 | $ | 264,760 | |||||
APA Group | 49,311 | 349,489 | ||||||
ASX, Ltd. | 15,070 | 654,824 | ||||||
BGP Holdings PLC†(1)(2) | 60,919 | 14 | ||||||
Computershare, Ltd. | 26,169 | 328,084 | ||||||
CSL, Ltd. | 7,914 | 861,101 | ||||||
Dexus | 63,132 | 496,817 | ||||||
Fortescue Metals Group, Ltd. | 69,960 | 244,814 | ||||||
Goodman Group | 33,750 | 223,217 | ||||||
GPT Group | 103,827 | 426,294 | ||||||
Insurance Australia Group, Ltd. | 93,362 | 509,306 | ||||||
QBE Insurance Group, Ltd. | 23,435 | 189,943 | ||||||
Ramsay Health Care, Ltd. | 6,273 | 332,536 | ||||||
Santos, Ltd.† | 117,251 | 452,968 | ||||||
Scentre Group | 70,481 | 226,700 | ||||||
Sonic Healthcare, Ltd. | 11,410 | 193,352 | ||||||
South32, Ltd. | 154,813 | 383,971 | ||||||
Stockland | 80,658 | 287,932 | ||||||
Sydney Airport | 38,727 | 218,053 | ||||||
Transurban Group | 93,111 | 888,474 | ||||||
Vicinity Centres | 94,165 | 199,934 | ||||||
Wesfarmers, Ltd. | 11,407 | 380,650 | ||||||
Westfield Corp. | 35,582 | 226,519 | ||||||
Woodside Petroleum, Ltd. | 15,244 | 361,028 | ||||||
Woolworths, Ltd. | 11,583 | 236,990 | ||||||
8,937,770 | ||||||||
Austria — 0.2% |
| |||||||
Erste Group Bank AG | 7,963 | 346,400 | ||||||
OMV AG | 6,429 | 400,093 | ||||||
voestalpine AG | 5,591 | 324,991 | ||||||
1,071,484 | ||||||||
Belgium — 0.6% |
| |||||||
Ageas | 5,216 | 256,389 | ||||||
Groupe Bruxelles Lambert SA | 5,139 | 551,729 | ||||||
KBC Group NV | 3,665 | 300,065 | ||||||
Proximus SADP | 11,201 | 383,425 | ||||||
UCB SA | 8,212 | 612,192 | ||||||
Umicore SA | 13,816 | 643,254 | ||||||
2,747,054 | ||||||||
Bermuda — 1.2% |
| |||||||
Arch Capital Group, Ltd.† | 5,140 | 486,707 | ||||||
Axis Capital Holdings, Ltd. | 3,374 | 176,764 | ||||||
Everest Re Group, Ltd. | 2,701 | 593,140 | ||||||
Hongkong Land Holdings, Ltd. | 29,900 | 218,796 | ||||||
IHS Markit, Ltd.† | 14,311 | 638,557 | ||||||
Invesco, Ltd. | 12,366 | 447,278 | ||||||
Jardine Matheson Holdings, Ltd. | 4,000 | 250,258 | ||||||
Li & Fung, Ltd. | 380,000 | 167,633 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 5,016 | 271,666 | ||||||
NWS Holdings, Ltd. | 120,000 | 218,905 | ||||||
RenaissanceRe Holdings, Ltd. | 5,045 | 669,219 | ||||||
Shangri-La Asia, Ltd. | 344,000 | 778,035 | ||||||
XL Group, Ltd. | 10,099 | 392,043 | ||||||
5,309,001 | ||||||||
Canada — 3.4% |
| |||||||
Agnico Eagle Mines, Ltd. | 5,318 | 233,099 | ||||||
Alimentation Couche-Tard, Inc., Class B | 4,191 | 213,716 | ||||||
AltaGas, Ltd. | 7,389 | 167,980 | ||||||
ARC Resources, Ltd. | 19,368 | 237,343 | ||||||
Bank of Montreal | 7,598 | 584,625 |
Security Description | Shares | Value (Note 2) | ||||||
Canada (continued) |
| |||||||
BCE, Inc. | 9,210 | $ | 440,744 | |||||
Brookfield Asset Management, Inc., Class A | 14,200 | 590,167 | ||||||
Cameco Corp. | 16,563 | 155,340 | ||||||
Canadian Imperial Bank of Commerce | 2,567 | 235,062 | ||||||
Canadian National Railway Co. | 7,893 | 616,133 | ||||||
Canadian Tire Corp., Ltd., Class A | 2,465 | 311,490 | ||||||
CGI Group, Inc., Class A† | 5,081 | 268,159 | ||||||
CI Financial Corp. | 13,200 | 298,244 | ||||||
Crescent Point Energy Corp. | 13,896 | 101,354 | ||||||
Empire Co., Ltd., Class A | 16,200 | 311,657 | ||||||
Encana Corp. | 22,021 | 260,637 | ||||||
Fairfax Financial Holdings, Ltd. | 849 | 466,560 | ||||||
First Capital Realty, Inc. | 29,984 | 488,984 | ||||||
Fortis, Inc. | 8,562 | 315,231 | ||||||
Franco-Nevada Corp. | 2,469 | 201,152 | ||||||
Great-West Lifeco, Inc. | 22,215 | 604,557 | ||||||
IGM Financial, Inc. | 10,180 | 351,761 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 5,774 | 269,288 | ||||||
Intact Financial Corp. | 8,048 | 675,205 | ||||||
Keyera Corp. | 8,694 | 245,021 | ||||||
Manulife Financial Corp. | 31,548 | 662,920 | ||||||
Metro, Inc., Class A | 9,254 | 289,853 | ||||||
National Bank of Canada | 5,260 | 259,178 | ||||||
Onex Corp. | 3,661 | 264,725 | ||||||
Open Text Corp. | 6,092 | 198,699 | ||||||
Pembina Pipeline Corp. | 10,586 | 368,662 | ||||||
Power Corp. of Canada | 15,066 | 381,744 | ||||||
Power Financial Corp. | 11,025 | 302,084 | ||||||
RioCan Real Estate Investment Trust | 7,948 | 153,397 | ||||||
Rogers Communications, Inc., Class B | 5,695 | 295,576 | ||||||
Saputo, Inc. | 6,025 | 204,453 | ||||||
Shaw Communications, Inc., Class B | 29,396 | 655,067 | ||||||
Sun Life Financial, Inc. | 8,746 | 345,596 | ||||||
Suncor Energy, Inc. | 12,839 | 445,332 | ||||||
Thomson Reuters Corp. | 14,735 | 648,950 | ||||||
Tourmaline Oil Corp.† | 6,974 | 125,301 | ||||||
Trisura Group, Ltd.† | 83 | 1,704 | ||||||
Turquoise Hill Resources, Ltd.† | 54,175 | 160,407 | ||||||
Vermilion Energy, Inc. | 5,604 | 197,637 | ||||||
Waste Connections, Inc. | 3,708 | 255,222 | ||||||
Wheaton Precious Metals Corp. | 7,836 | 163,929 | ||||||
Yamana Gold, Inc. | 37,744 | 96,543 | ||||||
15,120,488 | ||||||||
Cayman Islands — 0.3% |
| |||||||
ASM Pacific Technology, Ltd. | 24,900 | 361,581 | ||||||
CK Asset Holdings, Ltd. | 30,808 | 260,843 | ||||||
CK Hutchison Holdings, Ltd. | 49,808 | 627,467 | ||||||
WH Group, Ltd.* | 232,000 | 247,015 | ||||||
1,496,906 | ||||||||
Curacao — 0.3% |
| |||||||
Schlumberger, Ltd. | 19,117 | 1,201,503 | ||||||
Denmark — 1.0% |
| |||||||
Chr. Hansen Holding A/S | 3,663 | 332,746 | ||||||
Danske Bank A/S | 6,869 | 256,798 | ||||||
DSV A/S | 8,768 | 675,349 | ||||||
Genmab A/S† | 1,023 | 201,357 | ||||||
Novo Nordisk A/S, Class B | 24,237 | 1,253,892 | ||||||
Novozymes A/S, Class B | 7,595 | 411,285 | ||||||
Pandora A/S | 1,457 | 146,233 | ||||||
TDC A/S | 41,179 | 250,906 | ||||||
Tryg A/S | 10,121 | 245,689 |
67 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Denmark (continued) |
| |||||||
Vestas Wind Systems A/S | 2,688 | $ | 172,239 | |||||
William Demant Holding A/S† | 9,330 | 256,677 | ||||||
4,203,171 | ||||||||
Finland — 0.6% |
| |||||||
Elisa Oyj | 8,794 | 357,867 | ||||||
Kone Oyj, Class B | 3,953 | 203,548 | ||||||
Metso Oyj | 7,856 | 276,811 | ||||||
Nokia OYJ | 74,983 | 376,585 | ||||||
Nokian Renkaat Oyj | 5,042 | 220,368 | ||||||
Orion Oyj, Class B | 5,436 | 200,724 | ||||||
Sampo Oyj, Class A | 11,249 | 594,948 | ||||||
UPM-Kymmene Oyj | 10,130 | 304,307 | ||||||
2,535,158 | ||||||||
France — 3.1% |
| |||||||
Accor SA | 4,597 | 230,662 | ||||||
Aeroports de Paris | 2,815 | 536,982 | ||||||
Air Liquide SA | 4,601 | 576,240 | ||||||
Arkema SA | 2,361 | 289,030 | ||||||
Atos SE | 2,660 | 393,422 | ||||||
AXA SA | 24,468 | 738,847 | ||||||
Bureau Veritas SA | 12,706 | 336,988 | ||||||
Capgemini SE | 2,743 | 316,336 | ||||||
Casino Guichard Perrachon SA | 3,259 | 198,382 | ||||||
Cie de Saint-Gobain | 5,254 | 299,366 | ||||||
CNP Assurances | 12,364 | 278,660 | ||||||
Credit Agricole SA | 21,290 | 359,035 | ||||||
Danone SA | 8,969 | 757,182 | ||||||
Dassault Systemes SE | 5,876 | 631,666 | ||||||
Essilor International SA | 5,692 | 732,346 | ||||||
Eutelsat Communications SA | 9,358 | 212,006 | ||||||
Fonciere Des Regions | 2,037 | 218,037 | ||||||
Gecina SA | 2,109 | 351,456 | ||||||
ICADE | 2,531 | 235,138 | ||||||
Iliad SA | 890 | 208,229 | ||||||
Imerys SA | 2,842 | 260,775 | ||||||
Klepierre | 8,921 | 368,632 | ||||||
L’Oreal SA | 5,556 | 1,228,834 | ||||||
Lagardere SCA | 9,463 | 310,162 | ||||||
Legrand SA | 5,384 | 403,661 | ||||||
Schneider Electric SE | 4,708 | 404,701 | ||||||
SCOR SE | 8,324 | 339,709 | ||||||
Societe BIC SA | 1,493 | 173,382 | ||||||
Sodexo SA | 5,101 | 666,933 | ||||||
Unibail-Rodamco SE | 1,363 | 348,891 | ||||||
Veolia Environnement SA | 10,211 | 258,336 | ||||||
Vivendi SA | 16,981 | 452,085 | ||||||
Wendel SA | 1,751 | 294,774 | ||||||
Zodiac Aerospace | 7,756 | 228,019 | ||||||
13,638,904 | ||||||||
Germany — 2.4% |
| |||||||
Allianz SE | 5,828 | 1,374,467 | ||||||
Beiersdorf AG | 7,692 | 915,751 | ||||||
Brenntag AG | 5,411 | 337,013 | ||||||
Continental AG | 1,377 | 366,844 | ||||||
Deutsche Wohnen AG | 5,229 | 231,216 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 3,354 | 334,186 | ||||||
Fresenius SE & Co. KGaA | 4,930 | 355,627 | ||||||
FUCHS PETROLUB SE (Preference Shares). | 5,308 | 278,982 | ||||||
Hannover Rueck SE | 2,979 | 391,619 | ||||||
Henkel AG & Co. KGaA | 1,677 | 204,295 |
Security Description | Shares | Value (Note 2) | ||||||
Germany (continued) |
| |||||||
Henkel AG & Co. KGaA (Preference Shares). | 3,268 | $ | 443,554 | |||||
Infineon Technologies AG | 13,282 | 366,875 | ||||||
LANXESS AG | 4,176 | 317,504 | ||||||
Linde AG | 1,471 | 322,949 | ||||||
Merck KGaA | 5,817 | 619,399 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 3,369 | 749,946 | ||||||
SAP SE | 14,724 | 1,658,720 | ||||||
Symrise AG | 4,994 | 424,741 | ||||||
Telefonica Deutschland Holding AG | 42,775 | 203,451 | ||||||
TUI AG | 19,530 | 360,684 | ||||||
Vonovia SE | 9,834 | 462,864 | ||||||
10,720,687 | ||||||||
Hong Kong — 1.4% |
| |||||||
AIA Group, Ltd. | 174,800 | 1,424,781 | ||||||
Bank of East Asia, Ltd. | 76,000 | 335,554 | ||||||
BOC Hong Kong Holdings, Ltd. | 61,000 | 309,766 | ||||||
Hang Lung Properties, Ltd. | 92,000 | 217,116 | ||||||
Hang Seng Bank, Ltd. | 17,700 | 438,310 | ||||||
Henderson Land Development Co., Ltd. | 37,607 | 246,807 | ||||||
HKT Trust & HKT, Ltd. | 123,000 | 154,303 | ||||||
Hong Kong & China Gas Co., Ltd. | 407,479 | 795,536 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 15,800 | 480,578 | ||||||
Link REIT | 62,500 | 557,768 | ||||||
PCCW, Ltd. | 360,000 | 214,135 | ||||||
Power Assets Holdings, Ltd. | 20,000 | 170,977 | ||||||
Sun Hung Kai Properties, Ltd. | 15,000 | 246,223 | ||||||
Swire Pacific, Ltd., Class A | 16,500 | 158,721 | ||||||
Swire Properties, Ltd. | 113,600 | 385,054 | ||||||
Techtronic Industries Co., Ltd. | 43,500 | 251,980 | ||||||
6,387,609 | ||||||||
Ireland — 1.2% |
| |||||||
Accenture PLC, Class A | 8,675 | 1,283,987 | ||||||
Alkermes PLC†# | 4,103 | 214,546 | ||||||
CRH PLC | 8,730 | 301,247 | ||||||
DCC PLC | 4,121 | 399,126 | ||||||
Jazz Pharmaceuticals PLC† | 1,834 | 256,283 | ||||||
Johnson Controls International PLC | 14,883 | 560,196 | ||||||
Kerry Group PLC, Class A | 6,361 | 666,511 | ||||||
Pentair PLC | 4,813 | 342,493 | ||||||
Perrigo Co. PLC# | 5,230 | 456,108 | ||||||
Weatherford International PLC†# | 47,110 | 155,463 | ||||||
Willis Towers Watson PLC | 3,025 | 486,420 | ||||||
5,122,380 | ||||||||
Israel — 0.1% |
| |||||||
Check Point Software Technologies, Ltd.†. | 2,287 | 238,511 | ||||||
NICE, Ltd. | 4,159 | 360,182 | ||||||
598,693 | ||||||||
Italy — 0.6% |
| |||||||
Assicurazioni Generali SpA | 34,830 | 638,013 | ||||||
Atlantia SpA | 7,576 | 251,494 | ||||||
Intesa Sanpaolo SpA | 146,572 | 491,936 | ||||||
Italgas SpA | 12,326 | 78,123 | ||||||
Luxottica Group SpA | 3,520 | 204,756 | ||||||
Snam SpA | 61,634 | 310,916 | ||||||
Terna Rete Elettrica Nazionale SpA | 60,973 | 377,042 | ||||||
UniCredit SpA† | 8,344 | 168,023 | ||||||
Unione di Banche Italiane SpA | 64,284 | 308,661 | ||||||
2,828,964 | ||||||||
68 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan — 10.1% |
| |||||||
Aeon Co., Ltd. | 14,600 | $ | 237,442 | |||||
AEON Financial Service Co., Ltd. | 8,700 | 194,450 | ||||||
Aisin Seiki Co., Ltd. | 8,300 | 446,629 | ||||||
Ajinomoto Co., Inc. | 11,000 | 202,512 | ||||||
Amada Holdings Co., Ltd. | 18,000 | 239,877 | ||||||
Aozora Bank, Ltd. | 5,200 | 202,230 | ||||||
Astellas Pharma, Inc. | 32,800 | 416,877 | ||||||
Bridgestone Corp. | 7,800 | 355,510 | ||||||
Canon, Inc. | 17,600 | 672,870 | ||||||
Central Japan Railway Co. | 1,900 | 353,695 | ||||||
Chiba Bank, Ltd. | 79,000 | 606,722 | ||||||
Chubu Electric Power Co., Inc. | 12,500 | 158,222 | ||||||
Chugai Pharmaceutical Co., Ltd. | 5,000 | 259,704 | ||||||
Concordia Financial Group, Ltd. | 45,800 | 251,979 | ||||||
Dai Nippon Printing Co., Ltd. | 8,000 | 175,781 | ||||||
Dai-ichi Life Holdings, Inc. | 16,600 | 340,732 | ||||||
Daiichi Sankyo Co., Ltd. | 15,200 | 367,078 | ||||||
Daikin Industries, Ltd. | 2,200 | 254,168 | ||||||
Daito Trust Construction Co., Ltd. | 1,300 | 238,094 | ||||||
Daiwa House Industry Co., Ltd. | 9,500 | 349,018 | ||||||
Denso Corp. | 13,700 | 772,016 | ||||||
Dentsu, Inc. | 3,800 | 171,897 | ||||||
East Japan Railway Co. | 5,600 | 546,219 | ||||||
Eisai Co., Ltd. | 3,900 | 221,710 | ||||||
FANUC Corp. | 2,800 | 700,649 | ||||||
Fuji Electric Co., Ltd. | 45,000 | 319,427 | ||||||
FUJIFILM Holdings Corp. | 4,600 | 188,422 | ||||||
Hankyu Hanshin Holdings, Inc. | 4,800 | 186,203 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 3,000 | 169,167 | ||||||
Hitachi Chemical Co., Ltd. | 9,900 | 261,681 | ||||||
Hitachi Metals, Ltd. | 17,700 | 235,039 | ||||||
Hitachi, Ltd. | 44,000 | 328,222 | ||||||
Hoya Corp. | 12,800 | 622,866 | ||||||
Idemitsu Kosan Co., Ltd. | 10,300 | 346,538 | ||||||
Inpex Corp. | 24,600 | 279,506 | ||||||
Isuzu Motors, Ltd. | 15,000 | 237,694 | ||||||
JFE Holdings, Inc. | 14,000 | 331,036 | ||||||
JTEKT Corp. | 16,100 | 278,029 | ||||||
JXTG Holdings, Inc. | 91,800 | 518,372 | ||||||
Kajima Corp. | 25,000 | 263,591 | ||||||
Kao Corp. | 10,000 | 664,011 | ||||||
KDDI Corp. | 23,700 | 680,328 | ||||||
Keikyu Corp. | 13,000 | 252,972 | ||||||
Keio Corp. | 6,200 | 274,147 | ||||||
Keyence Corp. | 1,400 | 815,962 | ||||||
Kintetsu Group Holdings Co., Ltd. | 4,200 | 164,597 | ||||||
Komatsu, Ltd. | 10,600 | 330,425 | ||||||
Kubota Corp. | 25,000 | 474,288 | ||||||
Kurita Water Industries, Ltd. | 7,900 | 247,673 | ||||||
Kyocera Corp. | 5,600 | 394,561 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 10,000 | 190,257 | ||||||
LIXIL Group Corp. | 10,600 | 279,860 | ||||||
Mabuchi Motor Co., Ltd. | 4,500 | 240,681 | ||||||
Marubeni Corp. | 66,200 | 440,981 | ||||||
McDonald’s Holdings Co. Japan, Ltd. | 6,400 | 279,559 | ||||||
MEIJI Holdings Co., Ltd. | 1,700 | 148,267 | ||||||
Mitsubishi Chemical Holdings Corp. | 39,800 | 433,528 | ||||||
Mitsubishi Corp. | 16,100 | 404,097 | ||||||
Mitsubishi Electric Corp. | 29,000 | 480,938 | ||||||
Mitsubishi Estate Co., Ltd. | 10,000 | 178,880 | ||||||
Mitsubishi Logistics Corp. | 7,000 | 187,589 | ||||||
Mitsubishi Materials Corp. | 7,700 | 257,838 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Mitsui & Co., Ltd. | 29,600 | $ | 450,803 | |||||
Mitsui Fudosan Co., Ltd. | 12,000 | 272,321 | ||||||
MS&AD Insurance Group Holdings, Inc. . | 8,100 | 264,239 | ||||||
Murata Manufacturing Co., Ltd. | 1,600 | 217,883 | ||||||
Nagoya Railroad Co., Ltd. | 6,200 | 152,049 | ||||||
NGK Insulators, Ltd. | 10,000 | 192,925 | ||||||
NGK Spark Plug Co., Ltd. | 14,200 | 328,946 | ||||||
Nidec Corp. | 3,800 | 520,096 | ||||||
Nikon Corp. | 13,400 | 266,585 | ||||||
Nintendo Co., Ltd. | 1,500 | 608,999 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 12,600 | 306,661 | ||||||
Nippon Telegraph & Telephone Corp. | 13,700 | 718,428 | ||||||
Nitori Holdings Co., Ltd. | 1,400 | 229,108 | ||||||
NOK Corp. | 10,500 | 256,585 | ||||||
NSK, Ltd. | 45,900 | 695,045 | ||||||
NTT Data Corp. | 18,500 | 218,375 | ||||||
NTT DOCOMO, Inc. | 24,700 | 640,660 | ||||||
Omron Corp. | 5,600 | 331,604 | ||||||
Ono Pharmaceutical Co., Ltd. | 5,900 | 135,313 | ||||||
Oracle Corp. Japan | 3,200 | 285,060 | ||||||
Oriental Land Co., Ltd. | 4,100 | 365,078 | ||||||
ORIX Corp. | 19,200 | 331,237 | ||||||
Osaka Gas Co., Ltd. | 9,200 | 176,863 | ||||||
Otsuka Holdings Co., Ltd. | 6,100 | 271,545 | ||||||
Panasonic Corp. | 27,800 | 415,004 | ||||||
Rakuten, Inc. | 17,000 | 174,787 | ||||||
Resona Holdings, Inc. | 115,700 | 616,239 | ||||||
Ryohin Keikaku Co., Ltd. | 700 | 219,036 | ||||||
Santen Pharmaceutical Co., Ltd. | 16,600 | 253,442 | ||||||
Secom Co., Ltd. | 4,000 | 300,505 | ||||||
Sekisui House, Ltd. | 11,400 | 213,370 | ||||||
Shimadzu Corp. | 13,000 | 311,115 | ||||||
Shimano, Inc. | 1,200 | 166,123 | ||||||
Shin-Etsu Chemical Co., Ltd. | 6,700 | 706,363 | ||||||
Shionogi & Co., Ltd. | 4,000 | 223,271 | ||||||
Shiseido Co., Ltd. | 7,800 | 382,204 | ||||||
Shizuoka Bank, Ltd. | 74,000 | 732,955 | ||||||
SMC Corp. | 700 | 284,781 | ||||||
SoftBank Group Corp. | 12,800 | 1,087,592 | ||||||
Sony Corp. | 12,900 | 600,485 | ||||||
Sumitomo Chemical Co., Ltd. | 43,000 | 301,115 | ||||||
Sumitomo Corp. | 34,800 | 545,399 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 10,300 | 149,626 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 14,200 | 577,204 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 5,800 | 216,072 | ||||||
Suntory Beverage & Food, Ltd. | 4,900 | 212,240 | ||||||
Sysmex Corp. | 2,700 | 205,563 | ||||||
TDK Corp. | 3,300 | 271,348 | ||||||
Terumo Corp. | 5,100 | 244,983 | ||||||
Tobu Railway Co., Ltd. | 8,000 | 255,085 | ||||||
Tohoku Electric Power Co., Inc. | 14,100 | 186,373 | ||||||
Tokio Marine Holdings, Inc. | 10,400 | 460,800 | ||||||
Tokyo Electron, Ltd. | 2,600 | 484,418 | ||||||
Tokyo Gas Co., Ltd. | 9,200 | 215,877 | ||||||
Tokyu Corp. | 13,500 | 216,873 | ||||||
Toppan Printing Co., Ltd. | 20,000 | 187,184 | ||||||
Toray Industries, Inc. | 28,000 | 264,506 | ||||||
TOTO, Ltd. | 5,500 | 306,749 | ||||||
Toyoda Gosei Co., Ltd. | 13,600 | 340,905 | ||||||
Toyota Industries Corp. | 7,200 | 449,493 | ||||||
Toyota Motor Corp. | 3,500 | 220,536 | ||||||
Toyota Tsusho Corp. | 8,500 | 320,898 |
69 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Trend Micro, Inc. | 9,900 | $ | 561,513 | |||||
Unicharm Corp. | 8,500 | 222,813 | ||||||
West Japan Railway Co. | 4,500 | 331,477 | ||||||
Yahoo Japan Corp. | 40,100 | 183,206 | ||||||
Yakult Honsha Co., Ltd. | 3,400 | 265,960 | ||||||
Yamaguchi Financial Group, Inc. | 19,000 | 227,312 | ||||||
Yamazaki Baking Co., Ltd. | 9,000 | 173,314 | ||||||
44,645,835 | ||||||||
Jersey — 0.5% |
| |||||||
Delphi Automotive PLC | 3,496 | 365,926 | ||||||
Ferguson PLC | 4,223 | 304,890 | ||||||
Randgold Resources, Ltd. | 3,036 | 279,231 | ||||||
Shire PLC | 16,732 | 829,999 | ||||||
WPP PLC | 28,561 | 503,701 | ||||||
2,283,747 | ||||||||
Liberia — 0.1% |
| |||||||
Royal Caribbean Cruises, Ltd. | 2,630 | 325,804 | ||||||
Luxembourg — 0.2% |
| |||||||
RTL Group SA | 6,325 | 504,647 | ||||||
SES SA FDR | 14,875 | 245,670 | ||||||
Tenaris SA | 13,542 | 196,938 | ||||||
947,255 | ||||||||
Netherlands — 2.1% |
| |||||||
Aegon NV | 70,452 | 438,455 | ||||||
Akzo Nobel NV | 3,724 | 335,577 | ||||||
ASML Holding NV | 3,981 | 699,954 | ||||||
Boskalis Westminster NV | 5,238 | 193,846 | ||||||
CNH Industrial NV | 27,566 | 357,217 | ||||||
Core Laboratories NV# | 3,430 | 345,572 | ||||||
EXOR NV | 4,981 | 302,088 | ||||||
ING Groep NV | 48,736 | 879,902 | ||||||
Koninklijke Ahold Delhaize NV | 21,039 | 450,924 | ||||||
Koninklijke DSM NV | 3,564 | 334,386 | ||||||
Koninklijke KPN NV | 50,803 | 186,421 | ||||||
Koninklijke Philips NV | 22,996 | 893,724 | ||||||
Koninklijke Vopak NV | 4,605 | 195,021 | ||||||
LyondellBasell Industries NV, Class A | 6,634 | 694,580 | ||||||
NN Group NV | 13,556 | 595,829 | ||||||
QIAGEN NV | 15,177 | 479,708 | ||||||
RELX NV | 25,248 | 578,460 | ||||||
STMicroelectronics NV | 31,470 | 714,508 | ||||||
Wolters Kluwer NV | 11,114 | 576,099 | ||||||
9,252,271 | ||||||||
New Zealand — 0.3% |
| |||||||
Auckland International Airport, Ltd. | 69,767 | 304,955 | ||||||
Contact Energy, Ltd. | 48,523 | 179,424 | ||||||
Fletcher Building, Ltd. | 30,262 | 144,190 | ||||||
Ryman Healthcare, Ltd. | 45,044 | 323,544 | ||||||
Spark New Zealand, Ltd. | 95,487 | 237,007 | ||||||
1,189,120 | ||||||||
Norway — 0.3% |
| |||||||
Gjensidige Forsikring ASA | 23,102 | 419,129 | ||||||
Marine Harvest ASA | 10,328 | 182,093 | ||||||
Orkla ASA | 35,200 | 353,079 | ||||||
Telenor ASA | 11,202 | 251,221 | ||||||
1,205,522 | ||||||||
Papua New Guinea — 0.0% |
| |||||||
Oil Search, Ltd. | 36,637 | 196,584 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Portugal — 0.2% |
| |||||||
Banco Espirito Santo SA†(1)(2) | 126,030 | $ | 0 | |||||
EDP - Energias de Portugal SA | 93,029 | 326,165 | ||||||
Galp Energia SGPS SA | 33,940 | 640,971 | ||||||
967,136 | ||||||||
Singapore — 1.1% |
| |||||||
Broadcom, Ltd. | 4,530 | 1,259,068 | ||||||
CapitaLand, Ltd. | 80,000 | 210,229 | ||||||
City Developments, Ltd. | 29,500 | 266,479 | ||||||
ComfortDelGro Corp., Ltd. | 159,000 | 236,541 | ||||||
DBS Group Holdings, Ltd. | 27,000 | 491,479 | ||||||
Jardine Cycle & Carriage, Ltd. | 9,200 | 272,531 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 106,000 | 983,821 | ||||||
Singapore Telecommunications, Ltd. | 97,000 | 268,271 | ||||||
StarHub, Ltd. | 112,000 | 237,164 | ||||||
United Overseas Bank, Ltd. | 27,000 | 527,023 | ||||||
4,752,606 | ||||||||
Spain — 1.3% |
| |||||||
Aena SME SA* | 1,353 | 269,370 | ||||||
Amadeus IT Group SA | 6,764 | 488,363 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 92,461 | 791,308 | ||||||
Banco de Sabadell SA | 138,750 | 279,593 | ||||||
Banco Santander SA | 182,417 | 1,226,709 | ||||||
Bankinter SA | 27,525 | 265,843 | ||||||
CaixaBank SA | 80,880 | 384,923 | ||||||
Enagas SA | 7,953 | �� | 233,563 | |||||
Grifols SA | 10,560 | 308,308 | ||||||
Red Electrica Corp. SA | 13,704 | 310,089 | ||||||
Repsol SA | 25,496 | 468,196 | ||||||
Telefonica SA | 60,355 | 618,650 | ||||||
5,644,915 | ||||||||
SupraNational — 0.0% |
| |||||||
HK Electric Investments & HK Electric Investments, Ltd.* | 191,000 | 175,636 | ||||||
Sweden — 1.1% |
| |||||||
ASSA ABLOY AB, Class B | 30,513 | 618,794 | ||||||
Atlas Copco AB, Class A | 11,320 | 486,635 | ||||||
Atlas Copco AB, Class B | 7,859 | 302,170 | ||||||
Boliden AB | 9,577 | 303,602 | ||||||
Essity AB, Class B† | 6,725 | 195,601 | ||||||
Getinge AB, Class B | 9,028 | 162,550 | ||||||
Hennes & Mauritz AB, Class B | 7,515 | 177,048 | ||||||
Hexagon AB, Class B | 5,022 | 246,827 | ||||||
Industrivarden AB, Class C | 11,313 | 276,062 | ||||||
Investor AB, Class B | 16,914 | 790,411 | ||||||
Nordea Bank AB | 21,352 | 250,346 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 20,839 | 247,575 | ||||||
Svenska Cellulosa AB SCA, Class B | 6,725 | 65,636 | ||||||
Svenska Handelsbanken AB, Class A | 38,558 | 527,165 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 32,965 | 207,470 | ||||||
4,857,892 | ||||||||
Switzerland — 2.8% |
| |||||||
ABB, Ltd. | 28,594 | 731,908 | ||||||
Aryzta AG | 5,640 | 188,581 | ||||||
Baloise Holding AG | 1,739 | 267,988 | ||||||
Chubb, Ltd. | 13,729 | 2,088,318 | ||||||
Coca-Cola HBC AG | 11,386 | 363,686 | ||||||
EMS-Chemie Holding AG | 379 | 252,866 | ||||||
Garmin, Ltd.# | 4,306 | 267,316 | ||||||
Geberit AG | 1,734 | 753,820 | ||||||
Givaudan SA | 203 | 461,677 |
70 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Switzerland (continued) |
| |||||||
Kuehne & Nagel International AG | 1,294 | $ | 227,472 | |||||
Pargesa Holding SA | 6,739 | 579,166 | ||||||
Partners Group Holding AG | 508 | 348,968 | ||||||
Schindler Holding AG | 1,585 | 352,863 | ||||||
Schindler Holding AG (Participation Certificate) | 1,303 | 294,276 | ||||||
SGS SA | 169 | 418,174 | ||||||
Sika AG | 52 | 401,584 | ||||||
Sonova Holding AG | 3,591 | 572,464 | ||||||
Swatch Group AG | 670 | 244,552 | ||||||
Swiss Life Holding AG | 909 | 305,005 | ||||||
Swiss Prime Site AG | 12,310 | 1,061,342 | ||||||
Swiss Re AG | 4,613 | 432,732 | ||||||
Swisscom AG | 1,889 | 996,938 | ||||||
Vifor Pharma AG | 1,560 | 196,675 | ||||||
Zurich Insurance Group AG | 1,749 | 528,253 | ||||||
12,336,624 | ||||||||
United Kingdom — 5.3% |
| |||||||
3i Group PLC | 53,962 | 657,972 | ||||||
Admiral Group PLC | 14,174 | 368,018 | ||||||
Aggreko PLC | 10,823 | 124,352 | ||||||
Antofagasta PLC | 29,780 | 366,618 | ||||||
Aon PLC | 3,253 | 456,136 | ||||||
Ashtead Group PLC | 12,566 | 323,006 | ||||||
Auto Trader Group PLC* | 37,662 | 171,296 | ||||||
Aviva PLC | 77,931 | 538,897 | ||||||
Berkeley Group Holdings PLC | 9,279 | 479,075 | ||||||
British Land Co. PLC | 35,934 | 305,928 | ||||||
BT Group PLC | 174,256 | 614,757 | ||||||
Bunzl PLC | 33,711 | 964,789 | ||||||
Burberry Group PLC | 11,844 | 275,107 | ||||||
Capita PLC | 35,704 | 225,530 | ||||||
Compass Group PLC | 25,390 | 515,234 | ||||||
Croda International PLC | 4,382 | 253,446 | ||||||
Direct Line Insurance Group PLC | 85,325 | 422,131 | ||||||
Dixons Carphone PLC | 73,651 | 158,636 | ||||||
Fresnillo PLC | 16,790 | 292,926 | ||||||
GKN PLC | 50,050 | 210,211 | ||||||
Hammerson PLC | 52,725 | 370,553 | ||||||
Hargreaves Lansdown PLC | 10,788 | 233,814 | ||||||
Hikma Pharmaceuticals PLC | 10,925 | 152,247 | ||||||
Inmarsat PLC | 21,082 | 137,675 | ||||||
InterContinental Hotels Group PLC | 7,447 | 436,902 | ||||||
Intertek Group PLC | 10,773 | 762,395 | ||||||
Intu Properties PLC | 104,195 | 276,946 | ||||||
Investec PLC | 31,544 | 220,686 | ||||||
ITV PLC | 74,244 | 160,656 | ||||||
Johnson Matthey PLC | 5,956 | 243,423 | ||||||
Kingfisher PLC | 40,468 | 181,922 | ||||||
Land Securities Group PLC | 19,687 | 247,600 | ||||||
Legal & General Group PLC | 161,043 | 582,155 | ||||||
Liberty Global PLC LiLAC, Class C† | 5,443 | 112,942 | ||||||
Liberty Global PLC, Class A† | 6,033 | 191,608 | ||||||
Liberty Global PLC, Class C† | 7,042 | 217,105 | ||||||
London Stock Exchange Group PLC | 7,068 | 361,657 | ||||||
Marks & Spencer Group PLC | 41,696 | 176,658 | ||||||
Mediclinic International PLC | 12,171 | 92,636 | ||||||
Merlin Entertainments PLC* | 36,892 | 175,729 | ||||||
Mondi PLC | 10,072 | 240,517 | ||||||
National Grid PLC | 70,378 | 838,925 | ||||||
NEX Group PLC | 18,206 | 146,162 | ||||||
Next PLC | 6,024 | 364,691 |
Security Description | Shares | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
Nielsen Holdings PLC | 6,062 | $ | 222,597 | |||||
Old Mutual PLC | 98,150 | 262,216 | ||||||
Pearson PLC | 26,239 | 251,324 | ||||||
Persimmon PLC | 9,136 | 313,890 | ||||||
Provident Financial PLC | 5,712 | 67,616 | ||||||
RELX PLC | 32,929 | 765,567 | ||||||
Royal Mail PLC | 26,021 | 155,124 | ||||||
RSA Insurance Group PLC | 57,944 | 476,938 | ||||||
Sage Group PLC | 44,535 | 466,744 | ||||||
Schroders PLC | 9,585 | 447,746 | ||||||
Segro PLC | 54,440 | 403,671 | ||||||
Sky PLC† | 53,434 | 675,592 | ||||||
Smith & Nephew PLC | 25,446 | 450,057 | ||||||
Smiths Group PLC | 18,020 | 361,934 | ||||||
SSE PLC | 33,488 | 620,308 | ||||||
St James’s Place PLC | 33,593 | 551,821 | ||||||
Tate & Lyle PLC | 34,732 | 316,276 | ||||||
TechnipFMC PLC | 6,714 | 191,573 | ||||||
TP ICAP PLC | 14,877 | 101,716 | ||||||
Travis Perkins PLC | 8,814 | 191,870 | ||||||
United Utilities Group PLC | 43,128 | 478,728 | ||||||
Weir Group PLC | 9,425 | 248,801 | ||||||
Whitbread PLC | 4,680 | 226,026 | ||||||
Worldpay Group PLC* | 130,782 | 746,115 | ||||||
23,643,919 | ||||||||
United States — 50.0% |
| |||||||
A.O. Smith Corp. | 4,170 | 264,461 | ||||||
AbbVie, Inc. | 20,175 | 1,955,361 | ||||||
Activision Blizzard, Inc. | 9,737 | 607,589 | ||||||
Acuity Brands, Inc.# | 725 | 124,280 | ||||||
Adobe Systems, Inc.† | 7,642 | 1,386,794 | ||||||
Advance Auto Parts, Inc. | 1,590 | 160,590 | ||||||
Affiliated Managers Group, Inc. | 2,068 | 410,850 | ||||||
Aflac, Inc. | 9,919 | 869,301 | ||||||
Agilent Technologies, Inc. | 8,640 | 598,234 | ||||||
AGNC Investment Corp.# | 9,173 | 182,543 | ||||||
Air Products & Chemicals, Inc. | 5,168 | 842,591 | ||||||
Akamai Technologies, Inc.† | 3,270 | 182,401 | ||||||
Albemarle Corp.# | 3,348 | 449,703 | ||||||
Alexion Pharmaceuticals, Inc.† | 3,951 | 433,859 | ||||||
Alleghany Corp.† | 398 | 232,750 | ||||||
Alliance Data Systems Corp. | 920 | 220,128 | ||||||
Allstate Corp. | 13,980 | 1,435,187 | ||||||
Alphabet, Inc., Class A† | 4,082 | 4,229,646 | ||||||
Alphabet, Inc., Class C† | 3,801 | 3,882,379 | ||||||
American Express Co. | 15,233 | 1,488,416 | ||||||
American Tower Corp. | 10,755 | 1,547,967 | ||||||
American Water Works Co., Inc. | 5,568 | 509,806 | ||||||
Ameriprise Financial, Inc. | 4,466 | 728,985 | ||||||
AMETEK, Inc. | 4,930 | 358,362 | ||||||
Amgen, Inc. | 13,075 | 2,296,754 | ||||||
Amphenol Corp., Class A | 3,249 | 294,327 | ||||||
Anadarko Petroleum Corp. | 8,297 | 399,003 | ||||||
Analog Devices, Inc. | 10,056 | 865,922 | ||||||
Annaly Capital Management, Inc. | 16,295 | 190,163 | ||||||
ANSYS, Inc.† | 4,693 | 695,456 | ||||||
Antero Resources Corp.†# | 6,732 | 127,908 | ||||||
Apache Corp.# | 11,520 | 481,882 | ||||||
Applied Materials, Inc. | 9,271 | 489,231 | ||||||
Assurant, Inc. | 5,876 | 592,712 | ||||||
Atmos Energy Corp. | 4,547 | 419,643 | ||||||
Autodesk, Inc.† | 3,354 | 367,934 |
71 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Automatic Data Processing, Inc. | 12,257 | $ | 1,402,936 | |||||
AvalonBay Communities, Inc. | 1,148 | 208,167 | ||||||
Avery Dennison Corp. | 3,669 | 418,706 | ||||||
Baker Hughes a GE Co., LLC | 4,989 | 148,323 | ||||||
Ball Corp.# | 6,352 | 253,508 | ||||||
Baxter International, Inc. | 9,257 | 606,611 | ||||||
BB&T Corp. | 10,844 | 535,910 | ||||||
Becton Dickinson and Co. | 3,884 | 886,368 | ||||||
Bed Bath & Beyond, Inc. | 4,159 | 93,120 | ||||||
Berkshire Hathaway, Inc., Class B† | 17,072 | 3,295,067 | ||||||
Best Buy Co., Inc. | 5,850 | 348,718 | ||||||
Biogen, Inc.† | 2,412 | 777,074 | ||||||
BioMarin Pharmaceutical, Inc.† | 3,122 | 267,868 | ||||||
Black Knight, Inc.† | 2,836 | 127,336 | ||||||
BlackRock, Inc. | 2,225 | 1,115,148 | ||||||
Boston Properties, Inc. | 1,856 | 232,705 | ||||||
Brixmor Property Group, Inc. | 13,251 | 239,446 | ||||||
Broadridge Financial Solutions, Inc. | 2,802 | 252,909 | ||||||
C.H. Robinson Worldwide, Inc.# | 4,142 | 358,904 | ||||||
CA, Inc. | 12,878 | 425,875 | ||||||
Cabot Oil & Gas Corp. | 10,408 | 301,312 | ||||||
Calpine Corp.† | 12,240 | 183,845 | ||||||
Campbell Soup Co. | 2,840 | 140,012 | ||||||
Capital One Financial Corp. | 8,990 | 827,080 | ||||||
CarMax, Inc.† | 3,715 | 256,001 | ||||||
Caterpillar, Inc. | 4,114 | 580,691 | ||||||
CBRE Group, Inc., Class A† | 6,735 | 292,030 | ||||||
CBS Corp., Class B | 8,634 | 484,022 | ||||||
CDW Corp. | 4,492 | 314,485 | ||||||
Celanese Corp., Series A | 5,247 | 562,688 | ||||||
Celgene Corp.† | 10,195 | 1,027,962 | ||||||
Centene Corp.† | 3,324 | 339,347 | ||||||
CenterPoint Energy, Inc. | 9,924 | 297,819 | ||||||
CenturyLink, Inc. | 23,530 | 343,303 | ||||||
Cerner Corp.† | 10,843 | 766,492 | ||||||
Charles Schwab Corp. | 16,947 | 826,844 | ||||||
Chipotle Mexican Grill, Inc.†# | 435 | 132,410 | ||||||
Church & Dwight Co., Inc. | 5,892 | 277,454 | ||||||
Cimarex Energy Co. | 1,884 | 218,751 | ||||||
Cincinnati Financial Corp. | 7,048 | 526,697 | ||||||
Cintas Corp. | 2,934 | 461,929 | ||||||
Cisco Systems, Inc. | 76,377 | 2,848,862 | ||||||
CIT Group, Inc.# | 5,817 | 289,919 | ||||||
Citizens Financial Group, Inc. | 9,141 | 372,039 | ||||||
Citrix Systems, Inc.† | 3,998 | 350,345 | ||||||
Clorox Co. | 10,593 | 1,475,499 | ||||||
CME Group, Inc. | 5,673 | 848,340 | ||||||
CMS Energy Corp. | 10,564 | 527,144 | ||||||
Cognizant Technology Solutions Corp., Class A. | 8,995 | 650,159 | ||||||
Colgate-Palmolive Co. | 16,984 | 1,230,491 | ||||||
Comcast Corp., Class A | 72,044 | 2,704,532 | ||||||
Comerica, Inc. | 4,468 | 372,229 | ||||||
Concho Resources, Inc.†# | 1,786 | 249,790 | ||||||
Cooper Cos., Inc. | 1,050 | 253,239 | ||||||
Corning, Inc. | 14,840 | 480,668 | ||||||
Crown Castle International Corp. | 8,215 | 928,295 | ||||||
CSX Corp. | 17,593 | 980,810 | ||||||
D.R. Horton, Inc. | 5,759 | 293,709 | ||||||
Danaher Corp. | 15,390 | 1,452,200 | ||||||
Deere & Co. | 8,676 | 1,300,185 | ||||||
DENTSPLY SIRONA, Inc. | 5,808 | 389,194 | ||||||
Devon Energy Corp. | 11,720 | 451,572 | ||||||
Digital Realty Trust, Inc.# | 2,876 | 335,629 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) |
| |||||||
Discover Financial Services | 7,023 | $ | 495,824 | |||||
Discovery Communications, Inc., Class A†# | 14,639 | 278,434 | ||||||
Discovery Communications, Inc., Class C†# | 15,464 | 279,589 | ||||||
DISH Network Corp., Class A† | 5,080 | 257,302 | ||||||
Dollar Tree, Inc.† | 4,673 | 480,197 | ||||||
Dover Corp. | 9,002 | 879,585 | ||||||
Dr Pepper Snapple Group, Inc. | 16,163 | 1,457,741 | ||||||
Dun & Bradstreet Corp. | 2,788 | 343,231 | ||||||
DXC Technology Co. | 1,687 | 162,188 | ||||||
E*TRADE Financial Corp.† | 7,743 | 372,748 | ||||||
Eaton Vance Corp. | 7,373 | 407,579 | ||||||
eBay, Inc.† | 16,919 | 586,582 | ||||||
Ecolab, Inc. | 6,409 | 871,111 | ||||||
Edgewell Personal Care Co.† | 2,539 | 147,237 | ||||||
Edwards Lifesciences Corp.† | 4,134 | 484,505 | ||||||
Electronic Arts, Inc.† | 4,406 | 468,578 | ||||||
Emerson Electric Co. | 22,504 | 1,458,709 | ||||||
EOG Resources, Inc. | 6,297 | 644,309 | ||||||
EQT Corp. | 4,034 | 240,426 | ||||||
Equinix, Inc. | 1,497 | 695,342 | ||||||
Equity Residential | 4,349 | 290,600 | ||||||
Estee Lauder Cos., Inc., Class A | 5,535 | 690,934 | ||||||
Eversource Energy | 9,632 | 624,635 | ||||||
Expedia, Inc. | 2,598 | 318,255 | ||||||
Expeditors International of Washington, Inc. | 11,730 | 759,869 | ||||||
Express Scripts Holding Co.† | 10,839 | 706,486 | ||||||
Extra Space Storage, Inc. | 3,906 | 333,416 | ||||||
Facebook, Inc., Class A† | 26,433 | 4,683,399 | ||||||
Fastenal Co.# | 8,190 | 429,074 | ||||||
Federal Realty Investment Trust | 3,058 | 404,298 | ||||||
Fidelity National Information Services, Inc. | 8,745 | 824,916 | ||||||
Fifth Third Bancorp | 15,741 | 480,258 | ||||||
First Republic Bank | 3,876 | 370,313 | ||||||
Fiserv, Inc.† | 7,981 | 1,049,102 | ||||||
FleetCor Technologies, Inc.† | 1,246 | 226,610 | ||||||
Flowserve Corp. | 4,021 | 171,214 | ||||||
FNF Group | 9,250 | 374,255 | ||||||
Ford Motor Co. | 46,034 | 576,346 | ||||||
Fortive Corp. | 7,695 | 574,432 | ||||||
Franklin Resources, Inc. | 7,712 | 334,315 | ||||||
Gartner, Inc.†# | 1,876 | 226,790 | ||||||
General Mills, Inc. | 20,561 | 1,162,930 | ||||||
Genuine Parts Co. | 3,093 | 287,556 | ||||||
GGP, Inc. | 7,155 | 168,142 | ||||||
Gilead Sciences, Inc. | 16,851 | 1,260,118 | ||||||
Hanesbrands, Inc.# | 9,177 | 191,708 | ||||||
Hasbro, Inc. | 5,283 | 491,425 | ||||||
HCA Healthcare, Inc.† | 3,556 | 302,260 | ||||||
HCP, Inc. | 7,868 | 208,030 | ||||||
Helmerich & Payne, Inc.# | 2,696 | 157,932 | ||||||
Hess Corp.# | 6,603 | 302,946 | ||||||
Hewlett Packard Enterprise Co. | 19,643 | 274,020 | ||||||
Hilton Grand Vacations, Inc.† | 800 | 31,976 | ||||||
Hilton Worldwide Holdings, Inc. | 2,668 | 206,930 | ||||||
HollyFrontier Corp. | 7,449 | 331,332 | ||||||
Hormel Foods Corp.# | 10,317 | 376,055 | ||||||
Host Hotels & Resorts, Inc. | 16,843 | 333,323 | ||||||
HP, Inc. | 24,752 | 530,930 | ||||||
Humana, Inc. | 1,960 | 511,286 | ||||||
Illinois Tool Works, Inc. | 2,451 | 414,832 | ||||||
Illumina, Inc.† | 1,489 | 342,515 | ||||||
Incyte Corp.† | 2,512 | 248,663 | ||||||
Ingredion, Inc. | 1,834 | 253,972 |
72 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Intel Corp. | 67,608 | $ | 3,031,543 | |||||
Intercontinental Exchange, Inc. | 16,675 | 1,191,429 | ||||||
International Business Machines Corp. | 12,454 | 1,917,542 | ||||||
International Flavors & Fragrances, Inc. | 4,707 | 731,656 | ||||||
International Paper Co. | 7,172 | 406,007 | ||||||
Interpublic Group of Cos., Inc. | 10,654 | 210,736 | ||||||
Intuit, Inc. | 7,491 | 1,177,735 | ||||||
IQVIA Holdings, Inc.† | 2,810 | 286,648 | ||||||
Iron Mountain, Inc. | 4,511 | 184,365 | ||||||
J.M. Smucker Co. | 1,985 | 231,590 | ||||||
JB Hunt Transport Services, Inc. | 3,516 | 390,768 | ||||||
Jones Lang LaSalle, Inc. | 2,807 | 428,039 | ||||||
Juniper Networks, Inc. | 8,086 | 224,467 | ||||||
Kansas City Southern | 2,001 | 224,392 | ||||||
KeyCorp | 16,491 | 312,999 | ||||||
Kimberly-Clark Corp. | 15,783 | 1,890,172 | ||||||
Kinder Morgan, Inc. | 22,465 | 387,072 | ||||||
KLA-Tencor Corp. | 9,492 | 970,462 | ||||||
Kohl’s Corp.# | 7,846 | 376,373 | ||||||
Kraft Heinz Co. | 7,293 | 593,431 | ||||||
Kroger Co. | 9,558 | 247,170 | ||||||
L Brands, Inc.# | 4,771 | 267,510 | ||||||
Laboratory Corp. of America Holdings† | 3,264 | 516,593 | ||||||
Lam Research Corp. | 4,219 | 811,440 | ||||||
Lear Corp. | 2,301 | 416,228 | ||||||
Liberty Interactive Corp. QVC Group, Class A† | 15,276 | 372,734 | ||||||
Liberty Media Corp. - Liberty SiriusXM, Series C† | 5,871 | 239,596 | ||||||
Lincoln National Corp. | 4,705 | 360,168 | ||||||
LKQ Corp.† | 10,988 | 433,147 | ||||||
Loews Corp. | 5,566 | 279,858 | ||||||
Lowe’s Cos., Inc. | 9,390 | 782,844 | ||||||
M&T Bank Corp. | 3,811 | 643,868 | ||||||
Macerich Co.# | 2,125 | 137,594 | ||||||
Macy’s, Inc.# | 6,279 | 149,440 | ||||||
Marathon Oil Corp. | 19,432 | 288,371 | ||||||
Markel Corp.†# | 505 | 558,984 | ||||||
Marriott International, Inc., Class A | 4,761 | 604,647 | ||||||
Marsh & McLennan Cos., Inc. | 7,787 | 653,563 | ||||||
Masco Corp. | 5,856 | 251,281 | ||||||
Mastercard, Inc., Class A | 14,855 | 2,235,232 | ||||||
Mattel, Inc.# | 12,911 | 235,626 | ||||||
Maxim Integrated Products, Inc. | 5,112 | 267,511 | ||||||
McCormick & Co., Inc.# | 2,150 | 219,687 | ||||||
MEDNAX, Inc.† | 4,160 | 207,126 | ||||||
Microchip Technology, Inc.# | 7,794 | 678,000 | ||||||
Micron Technology, Inc.† | 15,302 | 648,652 | ||||||
Microsoft Corp. | 105,527 | 8,882,208 | ||||||
Mid-America Apartment Communities, Inc. | 1,694 | 173,533 | ||||||
Monster Beverage Corp.† | 6,084 | 381,284 | ||||||
Mosaic Co. | 6,964 | 169,156 | ||||||
Motorola Solutions, Inc. | 5,584 | 525,510 | ||||||
MSCI, Inc. | 2,388 | 307,336 | ||||||
Murphy Oil Corp.# | 10,560 | 295,152 | ||||||
Nasdaq, Inc. | 6,716 | 531,639 | ||||||
National Oilwell Varco, Inc.# | 13,658 | 458,226 | ||||||
Navient Corp. | 15,252 | 192,328 | ||||||
NetApp, Inc. | 7,429 | 419,813 | ||||||
Netflix, Inc.† | 4,682 | 878,250 | ||||||
New York Community Bancorp, Inc. | 12,075 | 161,080 | ||||||
Newell Brands, Inc. | 7,862 | 243,486 | ||||||
Newfield Exploration Co.†# | 4,586 | 141,845 | ||||||
NiSource, Inc. | 13,830 | 380,740 | ||||||
Noble Energy, Inc. | 9,481 | 249,350 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) |
| |||||||
Nordstrom, Inc.# | 4,711 | $ | 214,115 | |||||
Norfolk Southern Corp. | 4,381 | 607,338 | ||||||
Northern Trust Corp. | 5,252 | 513,541 | ||||||
Nucor Corp. | 9,846 | 566,145 | ||||||
NVIDIA Corp. | 10,317 | 2,070,725 | ||||||
O’Reilly Automotive, Inc.† | 1,151 | 271,878 | ||||||
Occidental Petroleum Corp. | 6,941 | 489,340 | ||||||
OGE Energy Corp. | 6,618 | 236,660 | ||||||
Omnicom Group, Inc. | 11,877 | 848,493 | ||||||
ONEOK, Inc. | 7,889 | 409,439 | ||||||
Oracle Corp. | 40,001 | 1,962,449 | ||||||
PACCAR, Inc. | 4,720 | 331,958 | ||||||
Palo Alto Networks, Inc.†# | 1,448 | 211,046 | ||||||
Park Hotels & Resorts, Inc. | 1,768 | 51,626 | ||||||
Parker-Hannifin Corp. | 4,152 | 778,458 | ||||||
Paychex, Inc. | 19,483 | 1,311,401 | ||||||
PayPal Holdings, Inc.† | 15,885 | 1,202,971 | ||||||
People’s United Financial, Inc. | 22,008 | 418,592 | ||||||
PepsiCo, Inc. | 28,141 | 3,278,989 | ||||||
Pioneer Natural Resources Co. | 1,932 | 301,469 | ||||||
PNC Financial Services Group, Inc. | 10,505 | 1,476,583 | ||||||
PPL Corp. | 31,005 | 1,136,953 | ||||||
Priceline Group, Inc.† | 616 | 1,071,661 | ||||||
Principal Financial Group, Inc. | 9,465 | 670,027 | ||||||
Procter & Gamble Co. | 38,851 | 3,496,201 | ||||||
Progressive Corp. | 24,476 | 1,301,634 | ||||||
Prologis, Inc. | 6,021 | 398,771 | ||||||
Prudential Financial, Inc. | 8,857 | 1,025,995 | ||||||
Public Storage | 1,999 | 426,027 | ||||||
QUALCOMM, Inc. | 21,544 | 1,429,229 | ||||||
Quest Diagnostics, Inc. | 6,487 | 638,710 | ||||||
Range Resources Corp.# | 5,909 | 106,480 | ||||||
Raymond James Financial, Inc. | 5,302 | 468,167 | ||||||
Red Hat, Inc.† | 2,648 | 335,660 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,040 | 376,334 | ||||||
Regions Financial Corp. | 21,191 | 351,559 | ||||||
Republic Services, Inc. | 6,786 | 440,683 | ||||||
ResMed, Inc.# | 2,871 | 245,183 | ||||||
Robert Half International, Inc. | 4,872 | 277,899 | ||||||
Rockwell Automation, Inc. | 4,117 | 794,910 | ||||||
Roper Technologies, Inc. | 4,838 | 1,292,762 | ||||||
Ross Stores, Inc. | 6,969 | 529,853 | ||||||
S&P Global, Inc. | 4,248 | 702,959 | ||||||
salesforce.com, Inc.† | 8,590 | 896,109 | ||||||
SBA Communications Corp.† | 5,672 | 962,822 | ||||||
Scripps Networks Interactive, Inc., Class A | 4,556 | 372,863 | ||||||
Sealed Air Corp.# | 3,953 | 189,942 | ||||||
SEI Investments Co. | 4,295 | 302,196 | ||||||
ServiceNow, Inc.†# | 2,686 | 330,378 | ||||||
Simon Property Group, Inc. | 3,310 | 535,392 | ||||||
Snap-on, Inc.# | 2,120 | 359,192 | ||||||
Southwest Airlines Co. | 4,588 | 278,354 | ||||||
Southwestern Energy Co.† | 14,608 | 92,907 | ||||||
Splunk, Inc.†# | 3,227 | 258,450 | ||||||
Stanley Black & Decker, Inc. | 3,498 | 593,366 | ||||||
Starbucks Corp. | 23,035 | 1,331,884 | ||||||
Stryker Corp. | 4,534 | 707,304 | ||||||
SunTrust Banks, Inc. | 10,302 | 634,912 | ||||||
Synchrony Financial | 10,798 | 387,540 | ||||||
T. Rowe Price Group, Inc. | 6,856 | 705,620 | ||||||
Tapestry, Inc. | 5,861 | 244,345 | ||||||
TD Ameritrade Holding Corp. | 8,363 | 427,935 | ||||||
Texas Instruments, Inc. | 11,801 | 1,148,119 |
73 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Thermo Fisher Scientific, Inc. | 8,190 | $ | 1,578,704 | |||||
Tiffany & Co. | 3,930 | 371,385 | ||||||
TJX Cos., Inc. | 13,325 | 1,006,704 | ||||||
Toll Brothers, Inc. | 6,710 | 337,714 | ||||||
Torchmark Corp. | 13,741 | 1,220,888 | ||||||
Total System Services, Inc. | 7,477 | 555,990 | ||||||
Tractor Supply Co. | 1,874 | 127,882 | ||||||
TransDigm Group, Inc.# | 831 | 235,829 | ||||||
Travelers Cos., Inc. | 9,938 | 1,347,295 | ||||||
Trimble, Inc.† | 10,103 | 424,225 | ||||||
TripAdvisor, Inc.†# | 2,793 | 96,694 | ||||||
Twenty-First Century Fox, Inc., Class B | 14,171 | 441,427 | ||||||
UGI Corp. | 5,791 | 283,817 | ||||||
Ulta Beauty, Inc.† | 1,451 | 321,701 | ||||||
Union Pacific Corp. | 14,034 | 1,775,301 | ||||||
United Parcel Service, Inc., Class B | 13,351 | 1,621,479 | ||||||
United Rentals, Inc.† | 2,725 | 434,583 | ||||||
United Therapeutics Corp.† | 2,180 | 283,378 | ||||||
US Bancorp | 30,198 | 1,665,420 | ||||||
Valero Energy Corp. | 4,416 | 378,098 | ||||||
Vantiv, Inc., Class A†# | 3,592 | 269,400 | ||||||
Varian Medical Systems, Inc.† | 3,147 | 351,677 | ||||||
Ventas, Inc. | 5,335 | 341,493 | ||||||
VeriSign, Inc.†# | 5,122 | 589,542 | ||||||
Verisk Analytics, Inc.† | 6,616 | 637,915 | ||||||
Vertex Pharmaceuticals, Inc.† | 4,679 | 675,133 | ||||||
Viacom, Inc., Class B | 7,902 | 223,785 | ||||||
Visa, Inc., Class A# | 27,304 | 3,074,157 | ||||||
Vornado Realty Trust | 3,640 | 282,537 | ||||||
Voya Financial, Inc. | 7,253 | 320,583 | ||||||
Vulcan Materials Co. | 2,163 | 271,781 | ||||||
Walgreens Boots Alliance, Inc. | 10,661 | 775,694 | ||||||
Walt Disney Co. | 21,553 | 2,259,185 | ||||||
Waters Corp.† | 1,325 | 261,250 | ||||||
WEC Energy Group, Inc.# | 6,906 | 479,898 | ||||||
Welltower, Inc. | 4,073 | 274,765 | ||||||
Western Digital Corp. | 3,913 | 308,579 | ||||||
Western Union Co. | 11,620 | 228,798 | ||||||
WestRock Co. | 4,699 | 293,265 | ||||||
Weyerhaeuser Co. | 7,956 | 281,483 | ||||||
Whirlpool Corp. | 1,088 | 183,404 | ||||||
WR Berkley Corp.# | 7,712 | 533,053 | ||||||
WW Grainger, Inc.# | 1,740 | 385,079 | ||||||
Wyndham Worldwide Corp. | 2,547 | 286,257 | ||||||
Xerox Corp. | 5,582 | 165,562 | ||||||
Yum! Brands, Inc. | 5,094 | 425,196 | ||||||
Zoetis, Inc. | 6,582 | 475,813 | ||||||
221,172,989 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $324,394,951) |
| 415,517,627 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.9% |
| |||||||
Registered Investment Companies — 0.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 946,717 | 946,717 | ||||||
U.S. Government Treasuries — 0.7% |
| |||||||
United States Treasury Bills | ||||||||
1.11% due 02/01/2018(5) | $ | 1,000,000 | 998,050 | |||||
1.27% due 03/01/2018(5) | 2,000,000 | 1,993,756 | ||||||
2,991,806 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $3,938,466) |
| 3,938,523 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 5.2% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount of $22,832,076 collateralized by $16,055,000 of U.S. Treasury Inflation Index Bonds, bearing interest at 2.13% due 02/15/2040 and having an approximate value of $23,292,739 | $ | 22,832,000 | $ | 22,832,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $351,165,417)(6) | 99.9 | % | 442,288,150 | |||||
Other assets less liabilities | 0.1 | 519,132 | ||||||
NET ASSETS | 100.0 | % | $ | 442,807,282 | ||||
† | 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, 2017, the aggregate value of these securities was $1,785,161 representing 0.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Security classified as Level 3 (see Note 2). |
(2) | Illiquid security. At November 30, 2017, the aggregate value of these securities was $14 representing 0.0% of net assets. |
(3) | At November 30, 2017, the Fund had loaned securities with a total value of $15,541,849. This was secured by collateral of $946,717, which was received in cash and subsequently invested in short-term investments currently valued at $946,717 as reported in the Portfolio of Investments. Additional collateral of $14,741,698 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 1,798,703 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 941,656 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 1,805,622 | |||||
United States Treasury Bills | 0.00% | 12/14/2017 to 07/19/2018 | 328,040 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 9,867,677 |
(4) | The rate shown is the 7-day yield as of November 30, 2017. |
(5) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(6) | See Note 5 for cost of investments on a tax basis. |
FDR—Fiduciary Depositary Receipt
74 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
202 | Long | S&P 500 E-Mini Index | December 2017 | $ | 25,190,006 | $ | 26,743,790 | $ | 1,553,784 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Australia | $ | — | $ | 8,937,756 | ** | $ | 14 | $ | 8,937,770 | |||||||
Portugal | — | 967,136 | ** | 0 | 967,136 | |||||||||||
Other Countries | 251,711,333 | 153,901,388 | ** | — | 405,612,721 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 946,717 | — | — | 946,717 | ||||||||||||
U.S. Government Treasuries | — | 2,991,806 | — | 2,991,806 | ||||||||||||
Repurchase Agreements | — | 22,832,000 | — | 22,832,000 | ||||||||||||
Total Investments at Value | $ | 252,658,050 | $ | 189,630,086 | $ | 14 | $ | 442,288,150 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,553,784 | $ | — | $ | — | $ | 1,553,784 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $161,943,748 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
75 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Sovereign | 25.0 | % | ||
Diversified Banking Institutions | 6.8 | |||
Medical — Drugs | 5.4 | |||
Oil Companies — Integrated | 5.2 | |||
Foreign Government Obligations | 3.2 | |||
Medical — Biomedical/Gene | 2.9 | |||
U.S. Government Agencies | 2.6 | |||
Banks — Commercial | 2.3 | |||
Electronic Components — Semiconductors | 2.2 | |||
Web Portals/ISP | 2.2 | |||
Oil Companies — Exploration & Production | 2.1 | |||
Telecom Services | 2.0 | |||
Chemicals — Diversified | 1.8 | |||
Insurance — Multi-line | 1.7 | |||
Aerospace/Defense | 1.6 | |||
Medical Instruments | 1.6 | |||
Enterprise Software/Service | 1.5 | |||
Cellular Telecom | 1.5 | |||
Time Deposits | 1.5 | |||
Applications Software | 1.4 | |||
Computers | 1.3 | |||
Electronic Components — Misc. | 1.3 | |||
Diversified Financial Services | 1.2 | |||
Cable/Satellite TV | 1.1 | |||
Telephone — Integrated | 1.0 | |||
Insurance — Life/Health | 1.0 | |||
Audio/Video Products | 1.0 | |||
Banks — Super Regional | 0.9 | |||
Beverages — Non-alcoholic | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Building Products — Cement | 0.7 | |||
Retail — Misc./Diversified | 0.7 | |||
Building & Construction Products — Misc. | 0.7 | |||
Diversified Operations | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Telecommunication Equipment | 0.6 | |||
Multimedia | 0.6 | |||
Precious Metals | 0.6 | |||
Diversified Manufacturing Operations | 0.6 | |||
Retail — Drug Store | 0.5 | |||
Cosmetics & Toiletries | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Tools — Hand Held | 0.5 | |||
Computer Services | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Diagnostic Kits | 0.5 | |||
Diversified Minerals | 0.5 | |||
Gold Mining | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Electric — Distribution | 0.4 | |||
Retail — Building Products | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Agricultural Chemicals | 0.4 | |||
Water | 0.4 | |||
Satellite Telecom | 0.4 | |||
Rubber — Tires | 0.4 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Central Bank | 0.1 | |||
99.4 | % | |||
Country Allocation*
United States | 27.3 | % | ||
United Kingdom | 9.2 | |||
South Korea | 8.0 | |||
Mexico | 7.7 | |||
Japan | 6.0 | |||
France | 4.8 | |||
Brazil | 4.4 | |||
Indonesia | 3.6 | |||
Germany | 3.2 | |||
India | 3.0 | |||
Switzerland | 1.9 | |||
China | 1.7 | |||
Argentina | 1.7 | |||
Netherlands | 1.7 | |||
Cayman Islands | 1.5 | |||
Ireland | 1.5 | |||
Canada | 1.5 | |||
Colombia | 1.3 | |||
Norway | 1.3 | |||
Taiwan | 0.8 | |||
Portugal | 0.8 | |||
Thailand | 0.8 | |||
Italy | 0.7 | |||
Ghana | 0.7 | |||
South Africa | 0.6 | |||
Philippines | 0.6 | |||
Israel | 0.5 | |||
Jersey | 0.5 | |||
Sweden | 0.5 | |||
Singapore | 0.4 | |||
Luxembourg | 0.4 | |||
Hong Kong | 0.3 | |||
Bermuda | 0.3 | |||
Ukraine | 0.2 | |||
99.4 | % | |||
* | Calculated as a percentage of net assets |
76 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 66.4% | ||||||||
Bermuda — 0.3% | ||||||||
Kunlun Energy Co., Ltd.# | 1,414,000 | $ | 1,224,454 | |||||
Canada — 1.5% | ||||||||
Alamos Gold, Inc., Class A# | 266,430 | 1,686,502 | ||||||
Husky Energy, Inc.† | 168,200 | 2,037,721 | ||||||
Tahoe Resources, Inc.# | 77,500 | 343,603 | ||||||
Wheaton Precious Metals Corp.# | 94,700 | 1,981,129 | ||||||
6,048,955 | ||||||||
Cayman Islands — 1.5% | ||||||||
Baidu, Inc. ADR† | 15,420 | 3,678,904 | ||||||
CK Hutchison Holdings, Ltd. | 206,000 | 2,595,129 | ||||||
6,274,033 | ||||||||
China — 1.7% | ||||||||
China Life Insurance Co., Ltd. | 853,000 | 2,779,356 | ||||||
China Telecom Corp., Ltd. | 6,502,000 | 3,142,884 | ||||||
Sinopharm Group Co., Ltd. | 311,600 | 1,231,855 | ||||||
7,154,095 | ||||||||
France — 4.8% | ||||||||
AXA SA | 120,613 | 3,642,084 | ||||||
BNP Paribas SA | 54,815 | 4,152,265 | ||||||
Cie de Saint-Gobain | 50,563 | 2,881,014 | ||||||
Cie Generale des Etablissements Michelin | 9,770 | 1,417,818 | ||||||
Credit Agricole SA | 80,663 | 1,360,301 | ||||||
Sanofi | 27,802 | 2,538,166 | ||||||
TOTAL SA | 34,111 | 1,925,907 | ||||||
Veolia Environnement SA | 59,578 | 1,507,309 | ||||||
19,424,864 | ||||||||
Germany — 3.2% | ||||||||
Bayer AG | 10,440 | 1,330,907 | ||||||
HeidelbergCement AG | 13,360 | 1,421,789 | ||||||
Innogy SE* | 34,590 | 1,598,893 | ||||||
LANXESS AG# | 42,689 | 3,245,674 | ||||||
Merck KGaA | 31,500 | 3,354,146 | ||||||
Siemens AG ADR | 32,997 | 2,244,456 | ||||||
13,195,865 | ||||||||
Hong Kong — 0.3% | ||||||||
China Mobile, Ltd. | 132,500 | 1,344,549 | ||||||
Ireland — 1.5% | ||||||||
Allergan PLC | 16,865 | 2,931,643 | ||||||
CRH PLC | 51,831 | 1,788,536 | ||||||
Medtronic PLC | 17,000 | 1,396,210 | ||||||
6,116,389 | ||||||||
Israel — 0.5% | ||||||||
Teva Pharmaceutical Industries, Ltd. ADR# | 145,240 | 2,152,457 | ||||||
Italy — 0.7% | ||||||||
Eni SpA | 178,033 | 2,924,189 | ||||||
Japan — 6.0% | ||||||||
IHI Corp.# | 49,900 | 1,555,128 | ||||||
Inpex Corp. | 157,800 | 1,792,931 | ||||||
Nissan Motor Co., Ltd. | 141,600 | 1,374,821 | ||||||
Omron Corp. | 51,800 | 3,067,336 | ||||||
Panasonic Corp. | 270,400 | 4,036,590 | ||||||
Ryohin Keikaku Co., Ltd. | 9,600 | 3,003,927 | ||||||
SoftBank Group Corp. | 49,800 | 4,231,413 | ||||||
Sumitomo Metal Mining Co., Ltd. | 50,500 | 1,968,913 | ||||||
Suntory Beverage & Food, Ltd. | 80,300 | 3,478,132 | ||||||
24,509,191 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Jersey — 0.5% | ||||||||
Shire PLC | 39,013 | $ | 1,935,259 | |||||
Luxembourg — 0.4% | ||||||||
SES SA FDR | 87,210 | 1,440,327 | ||||||
Netherlands — 1.7% | ||||||||
ING Groep NV | 123,209 | 2,224,473 | ||||||
LyondellBasell Industries NV, Class A | 24,500 | 2,565,150 | ||||||
QIAGEN NV | 62,864 | 1,986,979 | ||||||
6,776,602 | ||||||||
Norway — 1.3% | ||||||||
Telenor ASA | 169,332 | 3,797,520 | ||||||
Yara International ASA | 34,060 | 1,512,219 | ||||||
5,309,739 | ||||||||
Portugal — 0.8% | ||||||||
Galp Energia SGPS SA | 164,430 | 3,105,331 | ||||||
Singapore — 0.4% | ||||||||
Singapore Telecommunications, Ltd. | 537,000 | 1,485,168 | ||||||
South Korea — 3.5% | ||||||||
Hana Financial Group, Inc. | 66,154 | 2,883,168 | ||||||
Hyundai Mobis Co., Ltd. | 7,998 | 2,006,786 | ||||||
KB Financial Group, Inc. ADR | 37,228 | 2,059,081 | ||||||
Samsung Electronics Co., Ltd. | 3,202 | 7,523,142 | ||||||
14,472,177 | ||||||||
Sweden — 0.5% | ||||||||
Getinge AB, Class B | 104,948 | 1,889,602 | ||||||
Switzerland — 1.9% | ||||||||
Novartis AG | 15,580 | 1,333,069 | ||||||
Roche Holding AG | 11,730 | 2,959,969 | ||||||
UBS Group AG | 201,460 | 3,482,212 | ||||||
7,775,250 | ||||||||
Taiwan — 0.8% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 448,914 | 3,379,637 | ||||||
Thailand — 0.8% | ||||||||
Bangkok Bank PCL NVDR | 507,900 | 3,102,879 | ||||||
United Kingdom — 9.2% | ||||||||
Aviva PLC | 205,331 | 1,419,874 | ||||||
BAE Systems PLC | 365,484 | 2,729,960 | ||||||
Barclays PLC | 1,089,950 | 2,841,662 | ||||||
BP PLC | 824,727 | 5,459,551 | ||||||
GlaxoSmithKline PLC | 63,366 | 1,096,404 | ||||||
HSBC Holdings PLC | 474,783 | 4,767,786 | ||||||
Kingfisher PLC | 346,386 | 1,557,159 | ||||||
LivaNova PLC† | 33,900 | 2,955,402 | ||||||
Rolls-Royce Holdings PLC | 135,480 | 1,570,823 | ||||||
Rolls-Royce Holdings PLC, Class C (Entitlement Shares)† | 6,232,080 | 8,428 | ||||||
Royal Dutch Shell PLC, Class B | 144,017 | 4,669,778 | ||||||
Standard Chartered PLC† | 367,722 | 3,675,812 | ||||||
Vodafone Group PLC ADR# | 153,464 | 4,723,622 | ||||||
37,476,261 | ||||||||
United States — 22.6% | ||||||||
Advance Auto Parts, Inc. | 15,200 | 1,535,200 | ||||||
Alphabet, Inc., Class A† | 5,200 | 5,388,084 | ||||||
Amgen, Inc. | 22,790 | 4,003,291 | ||||||
Apache Corp.# | 35,060 | 1,466,560 | ||||||
Apple, Inc. | 31,260 | 5,372,031 | ||||||
Capital One Financial Corp. | 41,820 | 3,847,440 | ||||||
Celgene Corp.† | 27,090 | 2,731,485 |
77 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount(5) | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Chevron Corp. | 10,640 | $ | 1,266,054 | |||||
Citigroup, Inc. | 75,630 | 5,710,065 | ||||||
Comcast Corp., Class A | 116,830 | 4,385,798 | ||||||
CommScope Holding Co., Inc.† | 65,900 | 2,371,741 | ||||||
ConocoPhillips | 61,460 | 3,127,085 | ||||||
Coty, Inc., Class A# | 125,600 | 2,164,088 | ||||||
Devon Energy Corp. | 34,200 | 1,317,726 | ||||||
DXC Technology Co. | 21,070 | 2,025,670 | ||||||
Eastman Chemical Co. | 18,540 | 1,712,540 | ||||||
Eli Lilly & Co. | 37,530 | 3,176,539 | ||||||
Gilead Sciences, Inc. | 48,550 | 3,630,569 | ||||||
Helmerich & Payne, Inc.# | 28,200 | 1,651,956 | ||||||
Intel Corp. | 38,700 | 1,735,308 | ||||||
Ionis Pharmaceuticals, Inc.†# | 24,290 | 1,347,852 | ||||||
JPMorgan Chase & Co. | 49,820 | 5,207,186 | ||||||
Knowles Corp.†# | 120,140 | 1,897,011 | ||||||
Microsoft Corp. | 66,874 | 5,628,784 | ||||||
Oracle Corp. | 126,760 | 6,218,846 | ||||||
Pfizer, Inc. | 41,539 | 1,506,204 | ||||||
Rockwell Collins, Inc. | 15,350 | 2,030,958 | ||||||
Stanley Black & Decker, Inc. | 12,450 | 2,111,893 | ||||||
Twenty-First Century Fox, Inc., Class A | 73,157 | 2,336,635 | ||||||
Voya Financial, Inc. | 73,850 | 3,264,170 | ||||||
Walgreens Boots Alliance, Inc. | 31,350 | 2,281,026 | ||||||
92,449,795 | ||||||||
Total Common Stocks | ||||||||
(cost $217,972,700) | 270,967,068 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 25.9% |
| |||||||
Argentina — 1.7% | ||||||||
Republic of Argentina | ARS | 52,587,000 | 3,175,580 | |||||
Republic of Argentina | ARS | 16,481,000 | 976,193 | |||||
Republic of Argentina | ARS | 40,496,000 | 2,468,840 | |||||
Republic of Argentina | ARS | 2,143,000 | 125,138 | |||||
Republic of Argentina FRS | ARS | 2,800,000 | 168,922 | |||||
6,914,673 | ||||||||
Brazil — 4.4% | ||||||||
Federative Republic of Brazil | BRL | 1,650,000 | 404,196 | |||||
Federative Republic of Brazil | BRL | 10,680,000 | 2,348,080 | |||||
Federative Republic of Brazil | BRL | 15,720,000 | 5,139,013 | |||||
Federative Republic of Brazil | BRL | 4,890,000 | 1,586,222 | |||||
Federative Republic of Brazil | BRL | 11,195,000 | 3,569,708 |
Security Description | Principal Amount(5) | Value (Note 2) | ||||||
Brazil (continued) | ||||||||
Federative Republic of Brazil | BRL | 15,050,000 | $ | 4,721,607 | ||||
17,768,826 | ||||||||
Colombia — 1.3% | ||||||||
Republic of Colombia | COP | 64,000,000 | 20,045 | |||||
Republic of Colombia | COP | 2,472,300,000 | 781,038 | |||||
Republic of Colombia | COP | 6,500,700,000 | 2,307,515 | |||||
Republic of Colombia | COP | 329,000,000 | 115,860 | |||||
Republic of Colombia | COP | 4,849,000,000 | 1,750,186 | |||||
Republic of Colombia | COP | 1,269,000,000 | 509,205 | |||||
5,483,849 | ||||||||
Ghana — 0.7% | ||||||||
Republic of Ghana | GHS | 1,400,000 | 316,063 | |||||
Republic of Ghana | GHS | 4,210,000 | 980,187 | |||||
Republic of Ghana | GHS | 1,400,000 | 330,247 | |||||
Republic of Ghana | GHS | 4,210,000 | 994,602 | |||||
Republic of Ghana | GHS | 50,000 | 11,682 | |||||
Republic of Ghana | GHS | 50,000 | 12,825 | |||||
Republic of Ghana | GHS | 50,000 | 12,769 | |||||
Republic of Ghana | GHS | 50,000 | 12,950 | |||||
2,671,325 | ||||||||
India — 3.0% | ||||||||
Republic of India | INR | 40,000,000 | 619,196 | |||||
Republic of India | INR | 128,000,000 | 2,050,803 | |||||
Republic of India | INR | 142,000,000 | 2,301,334 |
78 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount(5) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
India (continued) | ||||||||
Republic of India | INR | 380,000,000 | $ | 6,117,245 | ||||
Republic of India | INR | 60,000,000 | 974,225 | |||||
12,062,803 | ||||||||
Indonesia — 3.6% | ||||||||
Republic of Indonesia | IDR | 87,000,000 | 6,235 | |||||
Republic of Indonesia | IDR | 294,000,000 | 22,497 | |||||
Republic of Indonesia | IDR | 4,525,000,000 | 357,732 | |||||
Republic of Indonesia | IDR | 110,369,000,000 | 8,982,263 | |||||
Republic of Indonesia | IDR | 8,380,000,000 | 680,883 | |||||
Republic of Indonesia | IDR | 3,184,000,000 | 269,767 | |||||
Republic of Indonesia | IDR | 2,285,000,000 | 196,842 | |||||
Republic of Indonesia | IDR | 116,000,000 | 9,867 | |||||
Republic of Indonesia | IDR260,000,000 | 24,658 | ||||||
Republic of Indonesia | IDR | 13,282,000,000 | 1,114,415 | |||||
Republic of Indonesia | IDR | 29,607,000,000 | 2,385,625 | |||||
Republic of Indonesia | IDR | 7,078,000,000 | 633,684 | |||||
Republic of Indonesia | IDR | 229,000,000 | 21,252 | |||||
14,705,720 | ||||||||
Mexico — 5.3% | ||||||||
United Mexican States | MXN | 24,120,300 | 1,264,730 | |||||
United Mexican States | MXN | 41,749,700 | 2,182,706 | |||||
United Mexican States | MXN | 2,460,722 | 129,315 | |||||
United Mexican States | MXN | 4,721,291 | 254,226 | |||||
United Mexican States | MXN | 3,155,376 | 171,308 |
Security Description | Principal Amount(5) | Value (Note 2) | ||||||
Mexico (continued) | ||||||||
United Mexican States | MXN | 131,700,000 | $ | 6,969,408 | ||||
United Mexican States | MXN | 162,280,000 | 8,362,033 | |||||
United Mexican States | MXN | 18,570,000 | 976,913 | |||||
United Mexican States | MXN | 13,610,000 | 745,473 | |||||
United Mexican States | MXN | 14,210,000 | 771,604 | |||||
21,827,716 | ||||||||
Philippines — 0.6% |
| |||||||
Republic of the Philippines | PHP | 121,440,000 | 2,411,669 | |||||
South Africa — 0.6% |
| |||||||
Republic of South Africa | ZAR | 4,488,000 | 223,470 | |||||
Republic of South Africa | ZAR | 3,729,000 | 214,752 | |||||
Republic of South Africa | ZAR | 5,719,000 | 364,086 | |||||
Republic of South Africa | ZAR | 8,378,000 | 530,564 | |||||
Republic of South Africa | ZAR | 3,231,000 | 201,641 | |||||
Republic of South Africa | ZAR | 8,403,000 | 549,894 | |||||
Republic of South Africa | ZAR | 4,659,000 | 363,548 | |||||
2,447,955 | ||||||||
South Korea — 4.5% |
| |||||||
Bank of Korea | KRW | 527,000,000 | 482,582 | |||||
Bank of Korea | KRW | 770,000,000 | 704,576 | |||||
Bank of Korea | KRW | 770,000,000 | 706,466 | |||||
Republic of South Korea | KRW | 1,600,000,000 | 1,447,497 | |||||
Republic of South Korea | KRW | 1,207,700,000 | 1,076,316 | |||||
Republic of South Korea | KRW | 3,790,000,000 | 3,457,702 |
79 |
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VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount(5) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
South Korea (continued) |
| |||||||
Republic of South Korea | KRW | 1,386,600,000 | $ | 1,272,404 | ||||
Republic of South Korea | KRW | 257,000,000 | 232,494 | |||||
Republic of South Korea | KRW | 7,844,590,000 | 7,170,745 | |||||
Republic of South Korea | KRW | 579,100,000 | 551,279 | |||||
Republic of South Korea | KRW | 1,400,000,000 | 1,375,147 | |||||
18,477,208 | ||||||||
Ukraine — 0.2% | ||||||||
Government of Ukraine VRS | 1,520,000 | 828,795 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $102,873,284) | 105,600,539 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $320,845,984) | 376,567,607 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.1% |
| |||||||
Foreign Government Obligations — 2.4% |
| |||||||
Republic of Argentina | ARS | 127,000 | 7,662 | |||||
United Mexican States | MXN | 9,574,500 | 504,678 | |||||
6.89% due 02/01/2018 | MXN | 2,432,900 | 128,947 | |||||
6.92% due 01/04/2018 | MXN | 6,159,900 | 328,288 | |||||
7.09% due 02/01/2018 | MXN | 6,199,300 | 328,572 | |||||
7.11% due 03/01/2018 | MXN | 20,100,500 | 1,059,509 | |||||
7.12% due 03/15/2018 | MXN | 9,637,100 | 506,591 | |||||
7.12% due 04/05/2018 | MXN | 2,066,400 | 108,182 | |||||
7.12% due 05/24/2018 | MXN | 20,664,200 | 1,071,613 | |||||
7.13% due 03/01/2018 | MXN | 1,792,000 | 94,457 | |||||
7.13% due 03/15/2018 | MXN | 2,915,400 | 153,253 | |||||
7.13% due 04/05/2018 | MXN | 5,166,100 | 270,459 | |||||
7.13% due 04/26/2018 | MXN | 4,339,500 | 226,260 | |||||
7.15% due 03/01/2018 | MXN | 1,991,100 | 104,952 | |||||
7.15% due 06/21/2018 | MXN | 19,631,000 | 1,012,555 | |||||
7.17% due 08/16/2018 | MXN | 10,332,100 | 527,246 | |||||
7.20% due 04/26/2018 | MXN | 1,493,300 | 77,860 | |||||
7.21% due 04/26/2018 | MXN | 7,367,500 | 384,139 | |||||
7.21% due 08/16/2018 | MXN | 7,943,600 | 405,361 | |||||
7.22% due 06/21/2018 | MXN | 2,450,300 | 126,385 | |||||
7.23% due 04/26/2018 | MXN | 18,639,000 | 971,830 | |||||
7.23% due 08/16/2018 | MXN | 2,743,900 | 140,021 | |||||
7.27% due 08/16/2018 | MXN | 875,100 | 44,656 | |||||
7.35% due 05/10/2018 | MXN | 12,989,500 | 675,436 | |||||
7.36% due 10/11/2018 | MXN | 14,119,100 | 712,255 | |||||
9,963,505 | ||||||||
9,971,167 | ||||||||
Registered Investment Companies — 0.6% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,575,894 | 2,575,894 | ||||||
Time Deposits — 1.5% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | 5,930,000 | 5,930,000 | ||||||
Security Description | Principal Amount(5) | Value (Note 2) | ||||||
U.S. Government Agencies — 2.6% |
| |||||||
Federal Home Loan Bank | $ | 10,640,000 | $ | 10,640,000 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $29,272,775) | 29,117,061 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $350,118,759)(6) | 99.4 | % | 405,684,668 | |||||
Other assets less liabilities | 0.6 | 2,630,400 | ||||||
NET ASSETS | 100.0 | % | $ | 408,315,068 | ||||
# | 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, 2017, the aggregate value of these securities was $2,427,688 representing 0.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Principal amount of security is adjusted for inflation. |
(2) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(3) | At November 30, 2017, the Fund had loaned securities with a total value of $17,751,590. This was secured by collateral of $2,575,894, which was received in cash and subsequently invested in short-term investments currently valued at $2,575,894 as reported in the Portfolio of Investments. Additional collateral of $15,696,037 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 483,859 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 731,681 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 08/20/2044 to 11/20/2046 | 593,679 | |||||
United States Treasury Bills | 0.00% | 12/07/2017 to 04/26/2018 | 194,375 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 12/31/2017 to 11/15/2046 | 13,692,443 |
(4) | The rate shown is the 7-day yield as of November 30, 2017. |
(5) | Denominated in United States dollars unless otherwise indicated. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
ARS—Argentine Peso
BRL—Brazilian Real
COP—Columbian Peso
FDR—Fiduciary Depositary Receipt
GHS—Ghanaian Cedi
IDR—Indonesian Rupiah
INR—Indian Rupee
KRW—South Korean Won
MXN—Mexican Peso
NVDR—Non-Voting Depositary Receipt
PHP—Philippine Peso
ZAR —South African Rand
FRS—Floating Rate Security
VRS—Variable Rate Security
80 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
The rates shown on FRS and VRS are the current interest rates at November 30, 2017 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
BADLARPP—Argentina Deposit Rates Badlar 30-35 days
Centrally Cleared Interest Rate Swap Contracts | ||||||||||||||||||||||||||
Rates Exchanged | Value | |||||||||||||||||||||||||
Notional Amount | Maturity Date | Payments Received by the Portfolio/Frequency | Payments Made by the Portfolio/Frequency | Upfront Payments Made (Received) by the Portfolio | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
USD | 20,910 | 03/08/2027 | 3 Months USD—LIBOR/Quarterly | 2.46%/Semi-annually | $ | – | $ | (138,512 | ) | |||||||||||||||||
USD | 11,200 | 03/08/2047 | 3 Months USD—LIBOR/Quarterly | 2.70%/Semi-annually | – | (237,276 | ) | |||||||||||||||||||
$ | (375,788 | ) | ||||||||||||||||||||||||
USD—United States Dollar
LIBOR—London Interbank Offered rate
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Bank of America, N.A. | EUR | 156,097 | USD | 186,754 | 12/07/2017 | $ | 932 | $ | – | |||||||||||||||||||
EUR | 1,169,104 | USD | 1,376,234 | 12/18/2017 | – | (16,559 | ) | |||||||||||||||||||||
EUR | 1,007,000 | USD | 1,190,163 | 01/08/2018 | – | (11,418 | ) | |||||||||||||||||||||
EUR | 62,961 | USD | 75,131 | 01/17/2018 | – | (35 | ) | |||||||||||||||||||||
EUR | 4,259,400 | USD | 4,967,738 | 01/31/2018 | – | (121,559 | ) | |||||||||||||||||||||
EUR | 156,097 | USD | 183,052 | 02/06/2018 | – | (3,525 | ) | |||||||||||||||||||||
EUR | 1,169,104 | USD | 1,381,817 | 02/16/2018 | – | (16,383 | ) | |||||||||||||||||||||
EUR | 214,240 | USD | 256,317 | 02/28/2018 | – | (85 | ) | |||||||||||||||||||||
932 | (169,564 | ) | ||||||||||||||||||||||||||
Barclays Bank PLC | EUR | 183,000 | USD | 216,419 | 01/10/2018 | – | (1,968 | ) | ||||||||||||||||||||
EUR | 188,102 | USD | 225,304 | 01/31/2018 | 552 | – | ||||||||||||||||||||||
JPY | 78,940,000 | USD | 697,153 | 01/16/2018 | – | (6,023 | ) | |||||||||||||||||||||
JPY | 557,000,000 | USD | 4,910,466 | 02/08/2018 | – | (56,968 | ) | |||||||||||||||||||||
JPY | 116,230,000 | USD | 1,052,999 | 02/09/2018 | 16,385 | – | ||||||||||||||||||||||
JPY | 67,630,000 | USD | 626,737 | 02/28/2018 | 22,994 | – | ||||||||||||||||||||||
JPY | 24,850,000 | USD | 226,700 | 03/19/2018 | 4,624 | – | ||||||||||||||||||||||
JPY | 40,123,600 | USD | 359,602 | 04/11/2018 | 551 | – | ||||||||||||||||||||||
45,106 | (64,959 | ) | ||||||||||||||||||||||||||
Citibank N.A. | EUR | 89,576 | USD | 107,867 | 12/13/2017 | 1,195 | – | |||||||||||||||||||||
EUR | 685,000 | USD | 801,649 | 02/05/2018 | – | (17,056 | ) | |||||||||||||||||||||
EUR | 419,900 | USD | 490,693 | 02/07/2018 | – | (11,226 | ) | |||||||||||||||||||||
EUR | 1,906,904 | USD | 2,233,919 | 02/14/2018 | – | (46,393 | ) | |||||||||||||||||||||
EUR | 1,361,566 | BRL | 5,260,000 | 04/03/2018 | – | (47,134 | ) | |||||||||||||||||||||
INR | 9,291,000 | USD | 141,319 | 12/19/2017 | – | (2,525 | ) | |||||||||||||||||||||
JPY | 32,100,000 | USD | 295,925 | 12/08/2017 | 10,662 | – | ||||||||||||||||||||||
JPY | 79,600,000 | USD | 710,838 | 12/12/2017 | 3,329 | – | ||||||||||||||||||||||
JPY | 72,889,000 | USD | 659,372 | 01/25/2018 | 9,798 | – | ||||||||||||||||||||||
JPY | 280,651,280 | USD | 2,543,237 | 01/31/2018 | 41,352 | – | ||||||||||||||||||||||
JPY | 80,345,200 | USD | 729,185 | 02/08/2018 | 12,651 | – | ||||||||||||||||||||||
JPY | 40,176,667 | USD | 359,545 | 02/14/2018 | 1,134 | – | ||||||||||||||||||||||
JPY | 29,930,000 | USD | 276,094 | 02/15/2018 | 9,079 | – | ||||||||||||||||||||||
JPY | 9,976,667 | USD | 88,825 | 05/14/2018 | – | (624 | ) | |||||||||||||||||||||
JPY | 38,770,000 | USD | 354,939 | 06/20/2018 | 6,551 | – | ||||||||||||||||||||||
JPY | 9,976,666 | USD | 89,337 | 08/14/2018 | – | (631 | ) | |||||||||||||||||||||
KRW | 786,000,000 | USD | 687,423 | 01/16/2018 | – | (35,040 | ) | |||||||||||||||||||||
KRW | 1,245,000,000 | USD | 1,113,967 | 02/20/2018 | – | (30,605 | ) | |||||||||||||||||||||
KRW | 2,989,000,000 | USD | 2,631,555 | 02/21/2018 | – | (116,355 | ) | |||||||||||||||||||||
KRW | 524,000,000 | USD | 463,532 | 03/20/2018 | – | (18,313 | ) | |||||||||||||||||||||
KRW | 1,051,000,000 | USD | 944,040 | 05/15/2018 | – | (22,957 | ) | |||||||||||||||||||||
USD | 141,502 | INR | 9,291,000 | 12/19/2017 | 2,342 | – | ||||||||||||||||||||||
98,093 | (348,859 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | EUR | 540,927 | USD | 640,875 | 12/14/2017 | – | (3,344 | ) | ||||||||||||||||||||
EUR | 137,755 | USD | 162,493 | 01/22/2018 | – | (2,015 | ) | |||||||||||||||||||||
EUR | 133,000 | USD | 157,660 | 01/24/2018 | – | (1,189 | ) | |||||||||||||||||||||
EUR | 5,690,315 | USD | 6,706,093 | 01/30/2018 | – | (92,518 | ) | |||||||||||||||||||||
EUR | 1,190,000 | USD | 1,389,896 | 02/07/2018 | – | (32,546 | ) | |||||||||||||||||||||
EUR | 3,247,000 | USD | 3,808,153 | 02/15/2018 | – | (74,898 | ) | |||||||||||||||||||||
EUR | 122,735 | USD | 146,607 | 02/28/2018 | – | (282 | ) | |||||||||||||||||||||
INR | 76,086,750 | USD | 1,150,563 | 02/08/2018 | – | (21,159 | ) | |||||||||||||||||||||
INR | 10,622,000 | USD | 159,274 | 04/25/2018 | – | (2,707 | ) |
81 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
JPY | 58,120,000 | USD | 523,189 | 01/24/2018 | $ | 5,260 | $ | – | ||||||||||||||||||||
JPY | 23,100,000 | USD | 214,024 | 03/13/2018 | 7,659 | – | ||||||||||||||||||||||
JPY | 39,300,000 | USD | 361,982 | 04/13/2018 | 10,260 | – | ||||||||||||||||||||||
JPY | 222,755,000 | USD | 2,000,557 | 05/16/2018 | 3,140 | – | ||||||||||||||||||||||
JPY | 459,286,000 | USD | 4,109,574 | 05/21/2018 | – | (9,988 | ) | |||||||||||||||||||||
JPY | 43,140,000 | USD | 397,765 | 06/19/2018 | 10,132 | – | ||||||||||||||||||||||
JPY | 43,210,000 | USD | 394,036 | 06/22/2018 | 5,700 | – | ||||||||||||||||||||||
KRW | 920,000,000 | USD | 825,779 | 12/20/2017 | – | (19,703 | ) | |||||||||||||||||||||
KRW | 2,075,000,000 | USD | 1,856,159 | 02/28/2018 | – | (51,561 | ) | |||||||||||||||||||||
KRW | 920,000,000 | USD | 828,157 | 05/18/2018 | – | (18,336 | ) | |||||||||||||||||||||
USD | 1,156,685 | INR | 76,086,750 | 02/08/2018 | 15,037 | – | ||||||||||||||||||||||
USD | 160,393 | INR | 10,622,000 | 04/25/2018 | 1,589 | – | ||||||||||||||||||||||
58,777 | (330,246 | ) | ||||||||||||||||||||||||||
Goldman Sachs International | EUR | 484,500 | USD | 574,976 | 01/18/2018 | – | (3,483 | ) | ||||||||||||||||||||
EUR | 316,000 | USD | 374,675 | 01/29/2018 | – | (2,850 | ) | |||||||||||||||||||||
EUR | 484,500 | USD | 574,171 | 02/20/2018 | – | (5,406 | ) | |||||||||||||||||||||
JPY | 11,563,000 | USD | 102,412 | 01/11/2018 | – | (562 | ) | |||||||||||||||||||||
JPY | 45,170,000 | USD | 416,586 | 02/16/2018 | 13,589 | – | ||||||||||||||||||||||
13,589 | (12,301 | ) | ||||||||||||||||||||||||||
HSBC Bank PLC | EUR | 2,117,579 | USD | 2,504,355 | 01/10/2018 | – | (22,698 | ) | ||||||||||||||||||||
EUR | 235,000 | USD | 273,981 | 02/12/2018 | – | (7,004 | ) | |||||||||||||||||||||
INR | 39,026,000 | USD | 591,169 | 01/29/2018 | – | (10,466 | ) | |||||||||||||||||||||
INR | 21,106,500 | USD | 319,384 | 02/08/2018 | – | (5,652 | ) | |||||||||||||||||||||
JPY | 48,100,000 | USD | 443,318 | 12/11/2017 | 15,820 | – | ||||||||||||||||||||||
JPY | 69,900,000 | USD | 639,621 | 12/13/2017 | 18,286 | – | ||||||||||||||||||||||
JPY | 521,435,000 | USD | 4,712,472 | 01/31/2018 | 64,104 | – | ||||||||||||||||||||||
JPY | 67,990,000 | USD | 610,872 | 02/16/2018 | 4,280 | – | ||||||||||||||||||||||
JPY | 78,700,000 | USD | 704,566 | 04/11/2018 | 310 | – | ||||||||||||||||||||||
JPY | 43,210,000 | USD | 402,515 | 06/18/2018 | 14,279 | – | ||||||||||||||||||||||
KRW | 2,011,000,000 | USD | 1,786,079 | 12/05/2017 | – | (61,849 | ) | |||||||||||||||||||||
KRW | 2,230,041,093 | USD | 1,974,624 | 01/10/2018 | – | (75,100 | ) | |||||||||||||||||||||
KRW | 2,831,000,000 | USD | 2,504,534 | 01/24/2018 | – | (97,712 | ) | |||||||||||||||||||||
KRW | 1,485,000,000 | USD | 1,313,694 | 03/20/2018 | – | (51,842 | ) | |||||||||||||||||||||
KRW | 1,093,958,907 | USD | 969,822 | 03/27/2018 | – | (36,202 | ) | |||||||||||||||||||||
KRW | 323,600,000 | USD | 283,239 | 04/18/2018 | – | (14,416 | ) | |||||||||||||||||||||
KRW | 2,644,000,000 | USD | 2,348,761 | 04/30/2018 | – | (83,544 | ) | |||||||||||||||||||||
KRW | 3,173,000,000 | USD | 2,838,739 | 05/17/2018 | – | (80,713 | ) | |||||||||||||||||||||
USD | 1,799,875 | KRW | 2,011,000,000 | 12/05/2017 | 48,054 | – | ||||||||||||||||||||||
USD | 1,996,009 | KRW | 2,230,041,093 | 01/10/2018 | 53,713 | – | ||||||||||||||||||||||
USD | 1,611,099 | KRW | 1,800,000,000 | 01/24/2018 | 43,455 | – | ||||||||||||||||||||||
USD | 594,909 | INR | 39,026,000 | 01/29/2018 | 6,727 | – | ||||||||||||||||||||||
USD | 323,422 | INR | 21,106,500 | 02/08/2018 | 1,615 | – | ||||||||||||||||||||||
USD | 811,057 | MXN | 14,850,450 | 03/05/2018 | – | (26,670 | ) | |||||||||||||||||||||
270,643 | (573,868 | ) | ||||||||||||||||||||||||||
JPMorgan Chase Bank N.A | AUD | 2,403,500 | USD | 1,835,373 | 02/15/2018 | 18,061 | – | |||||||||||||||||||||
AUD | 4,076,000 | USD | 3,016,240 | 03/13/2018 | – | (65,314 | ) | |||||||||||||||||||||
AUD | 5,929,000 | USD | 4,450,604 | 03/20/2018 | – | (31,781 | ) | |||||||||||||||||||||
AUD | 1,740,000 | USD | 1,338,465 | 04/27/2018 | 23,138 | – | ||||||||||||||||||||||
AUD | 2,403,500 | USD | 1,834,483 | 05/15/2018 | 17,679 | – | ||||||||||||||||||||||
EUR | 253,678 | USD | 294,475 | 12/11/2017 | – | (7,571 | ) | |||||||||||||||||||||
EUR | 145,167 | USD | 171,038 | 12/20/2017 | – | (1,932 | ) | |||||||||||||||||||||
EUR | 253,678 | USD | 295,126 | 01/10/2018 | – | (7,605 | ) | |||||||||||||||||||||
EUR | 3,335,500 | USD | 3,959,022 | 01/18/2018 | – | (23,327 | ) | |||||||||||||||||||||
EUR | 145,167 | USD | 171,467 | 01/22/2018 | – | (1,893 | ) | |||||||||||||||||||||
EUR | 375,660 | USD | 446,299 | 01/24/2018 | – | (2,370 | ) | |||||||||||||||||||||
EUR | 686,000 | USD | 802,770 | 02/02/2018 | – | (16,986 | ) | |||||||||||||||||||||
EUR | 145,167 | USD | 171,758 | 02/20/2018 | – | (1,896 | ) | |||||||||||||||||||||
EUR | 74,000 | USD | 87,460 | 02/22/2018 | – | (1,072 | ) | |||||||||||||||||||||
INR | 19,581,000 | USD | 296,907 | 01/12/2018 | – | (5,479 | ) | |||||||||||||||||||||
INR | 16,267,000 | USD | 246,358 | 01/23/2018 | – | (4,571 | ) | |||||||||||||||||||||
INR | 8,121,000 | USD | 122,878 | 01/30/2018 | – | (2,305 | ) | |||||||||||||||||||||
INR | 8,121,000 | USD | 122,841 | 02/01/2018 | – | (2,317 | ) | |||||||||||||||||||||
INR | 141,152,250 | USD | 2,131,887 | 02/15/2018 | – | (40,014 | ) | |||||||||||||||||||||
JPY | 64,760,000 | USD | 574,007 | 12/13/2017 | – | (1,639 | ) | |||||||||||||||||||||
JPY | 27,300,000 | USD | 250,421 | 12/18/2017 | 7,671 | – | ||||||||||||||||||||||
JPY | 25,450,000 | USD | 226,254 | 01/16/2018 | – | (447 | ) | |||||||||||||||||||||
JPY | 52,770,000 | USD | 474,418 | 01/22/2018 | 4,213 | – | ||||||||||||||||||||||
JPY | 112,000,000 | USD | 1,012,919 | 01/25/2018 | 14,794 | – | ||||||||||||||||||||||
JPY | 116,200,000 | USD | 1,055,390 | 02/08/2018 | 19,096 | – |
82 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
JPY | 116,480,000 | USD | 1,061,698 | 02/09/2018 | $ | 22,855 | $ | – | ||||||||||||||||||||
JPY | 158,172,000 | USD | 1,464,298 | 02/15/2018 | 53,194 | – | ||||||||||||||||||||||
JPY | 577,091,720 | USD | 5,222,077 | 03/22/2018 | 63,909 | – | ||||||||||||||||||||||
JPY | 152,440,000 | USD | 1,362,543 | 04/20/2018 | – | (2,298 | ) | |||||||||||||||||||||
JPY | 56,320,000 | USD | 502,006 | 05/14/2018 | – | (2,950 | ) | |||||||||||||||||||||
USD | 296,278 | INR | 19,581,000 | 01/12/2018 | 6,108 | – | ||||||||||||||||||||||
USD | 248,731 | INR | 16,267,000 | 01/23/2018 | 2,198 | – | ||||||||||||||||||||||
USD | 124,212 | INR | 8,121,000 | 01/30/2018 | 971 | – | ||||||||||||||||||||||
USD | 123,382 | INR | 8,121,000 | 02/01/2018 | 1,776 | – | ||||||||||||||||||||||
USD | 2,166,241 | INR | 141,152,250 | 02/15/2018 | 5,660 | – | ||||||||||||||||||||||
261,323 | (223,767 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 138,000 | USD | 163,353 | 12/18/2017 | – | (1,051 | ) | ||||||||||||||||||||
EUR | 118,000 | USD | 139,131 | 02/27/2018 | – | (2,083 | ) | |||||||||||||||||||||
– | (3,134 | ) | ||||||||||||||||||||||||||
Standard Chartered Bank | EUR | 1,210,000 | USD | 1,413,174 | 12/15/2017 | – | (27,996 | ) | ||||||||||||||||||||
EUR | 195,111 | USD | 230,574 | 01/08/2018 | – | (2,239 | ) | |||||||||||||||||||||
EUR | 3,447,257 | USD | 4,060,869 | 01/10/2018 | – | (52,980 | ) | |||||||||||||||||||||
EUR | 999,742 | USD | 1,192,942 | 01/31/2018 | – | (1,589 | ) | |||||||||||||||||||||
EUR | 1,019,570 | USD | 1,218,590 | 02/28/2018 | – | (1,630 | ) | |||||||||||||||||||||
JPY | 116,210,000 | USD | 1,057,825 | 02/08/2018 | 21,442 | – | ||||||||||||||||||||||
21,442 | (86,434 | ) | ||||||||||||||||||||||||||
UBS AG | EUR | 176,932 | USD | 211,428 | 12/07/2017 | 802 | – | |||||||||||||||||||||
EUR | 226,932 | USD | 268,284 | 01/08/2018 | – | (2,498 | ) | |||||||||||||||||||||
EUR | 67,200 | USD | 79,717 | 01/18/2018 | – | (515 | ) | |||||||||||||||||||||
EUR | 3,291,000 | USD | 3,902,080 | 02/20/2018 | – | (34,741 | ) | |||||||||||||||||||||
EUR | 54,521 | USD | 64,536 | 02/22/2018 | – | (692 | ) | |||||||||||||||||||||
802 | (38,446 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 770,707 | $ | (1,851,578 | ) | |||||||||||||||||||||||
AUD—Australian Dollar
BRL—Brazilian Real
EUR—Euro Currency
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 123,205,675 | $ | 147,761,393 | ** | $ | — | $ | 270,967,068 | |||||||
Foreign Government Obligations | — | 105,600,539 | — | 105,600,539 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 2,575,894 | — | — | 2,575,894 | ||||||||||||
Other Short-Term Investment Securities | — | 26,541,167 | — | 26,541,167 | ||||||||||||
Total Investments at Value* | $ | 125,781,569 | $ | 279,903,099 | $ | — | $ | 405,684,668 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 770,707 | $ | — | $ | 770,707 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Centrally Cleared Interest Rate Swap Contracts | $ | — | $ | 375,788 | $ | — | $ | 375,788 | ||||||||
Forward Foreign Currency Contracts | — | 1,851,578 | — | 1,851,578 | ||||||||||||
Total Other Financial Instruments | $ | — | $ | 2,227,366 | $ | — | $ | 2,227,366 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (See Note 2). |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $141,634,941 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
See Notes to Financial Statements
83 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
U.S. Government Agencies | 66.4 | % | ||
U.S. Government Treasuries | 33.4 | |||
Repurchase Agreements | 0.2 | |||
100.0 | % | |||
Credit Quality†#
A-1+ | 99.8 | % | ||
A-1 | 0.2 | % | ||
100.0 | % | |||
* | Calculated as a percentage of net assets |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues |
Weighted Average days to Maturity — 19.3 days
84 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 99.8% |
| |||||||
U.S. Government Agencies — 66.4% |
| |||||||
Federal Farm Credit Bank FRS | $ | 25,000,000 | $ | 24,999,434 | ||||
Federal Home Loan Bank | 20,000,000 | 19,993,767 | ||||||
1.02% due 12/15/2017 | 3,000,000 | 2,998,810 | ||||||
1.04% due 12/18/2017 | 19,310,000 | 19,300,517 | ||||||
1.10% due 12/29/2017 | 15,000,000 | 14,987,202 | ||||||
1.14% due 12/20/2017 | 8,300,000 | 8,295,006 | ||||||
1.15% due 12/27/2017 | 8,000,000 | 7,993,356 | ||||||
1.18% due 12/27/2017 | 7,000,000 | 6,994,019 | ||||||
Federal Home Loan Bank FRS | ||||||||
1.09% (1ML-0.19%) due 02/16/2018 | 14,000,000 | 14,000,000 | ||||||
1.13% (1ML-0.18%) due 02/23/2018 | 10,000,000 | 10,000,000 | ||||||
1.13% (3ML-0.25%) due 05/02/2018 | 14,500,000 | 14,498,812 | ||||||
1.15% (1ML-0.13%) due 08/20/2018 | 3,000,000 | 3,000,000 | ||||||
1.17% (1ML-0.12%) due 11/21/2018 | 4,000,000 | 4,000,000 | ||||||
1.31% (1ML+0.07%) due 12/05/2017 | 1,800,000 | 1,800,023 | ||||||
1.31% (1ML+0.07%) due 12/07/2017 | 3,655,000 | 3,655,060 | ||||||
Federal Home Loan Mtg. Corp. | 3,123,000 | 3,123,000 | ||||||
Federal National Mtg. Assoc. | 15,000,000 | 15,000,000 | ||||||
0.99% due 12/11/2017 | 9,000,000 | 8,997,525 | ||||||
1.01% due 12/18/2017 | 13,000,000 | 12,993,800 | ||||||
1.02% due 12/06/2017 | 10,000,000 | 9,998,583 | ||||||
1.15% due 01/08/2018 | 7,000,000 | 6,991,503 | ||||||
Federal National Mtg. Assoc. FRS | 1,000,000 | 1,000,576 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $214,620,993) | 214,620,993 | |||||||
U.S. Government Treasuries — 33.4% |
| |||||||
United States Treasury Bills | 7,000,000 | 6,998,909 | ||||||
1.00% due 12/28/2017 | 20,000,000 | 19,985,045 | ||||||
1.02% due 12/07/2017 | 15,000,000 | 14,997,444 | ||||||
1.02% due 12/07/2017 | 10,000,000 | 9,998,295 | ||||||
1.03% due 12/07/2017 | 6,000,000 | 5,998,975 | ||||||
1.03% due 12/07/2017 | 5,000,000 | 4,999,141 | ||||||
1.03% due 12/14/2017 | 4,000,000 | 3,998,510 |
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Treasuries (continued) |
| |||||||
1.09% due 01/04/2018 | $ | 6,500,000 | $ | 6,493,309 | ||||
1.10% due 12/21/2017 | 6,000,000 | 5,996,350 | ||||||
1.12% due 12/21/2017 | 6,000,000 | 5,996,283 | ||||||
1.14% due 12/28/2017 | 16,500,000 | 16,485,950 | ||||||
1.16% due 12/28/2017 | 6,000,000 | 5,994,803 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $107,943,014) | 107,943,014 | |||||||
Total Short-Term Investment Securities — 99.8% | ||||||||
(amortized cost $322,564,007) | 322,564,007 | |||||||
REPURCHASE AGREEMENTS — 0.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount $565,002 collateralized by $580,000 of United States Treasury Notes, bearing interest at 1.75% due 11/30/2019 and having an approximate value of $579,275 | 565,000 | 565,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(amortized cost $323,129,007)(1) | 100.0 | % | 323,129,007 | |||||
Other assets less liabilities | 0.0 | 65,417 | ||||||
NET ASSETS | 100.0 | % | $ | 323,194,424 | ||||
(1) | 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, 2017 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
1ML—1 month USD LIBOR
3ML—3 month USD LIBOR
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | — | $ | 322,564,007 | $ | — | $ | 322,564,007 | ||||||||
Repurchase Agreements | — | 565,000 | — | 565,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 323,129,007 | $ | — | $ | 323,129,007 | ||||||||
* | 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
85 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 35.6 | % | ||
Federal Home Loan Mtg. Corp. | 16.3 | |||
United States Treasury Notes | 14.4 | |||
United States Treasury Bonds | 8.6 | |||
Repurchase Agreements | 5.3 | |||
Diversified Financial Services | 4.4 | |||
Government National Mtg. Assoc. | 3.4 | |||
Sovereign | 1.7 | |||
Resolution Funding Corp | 1.4 | |||
Diversified Banking Institutions | 1.3 | |||
Federal Farm Credit Bank | 1.2 | |||
Airlines | 0.8 | |||
Oil Companies — Integrated | 0.7 | |||
Multimedia | 0.6 | �� | ||
Pipelines | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Registered Investment Companies | 0.3 | |||
Computers | 0.3 | |||
Retail — Drug Store | 0.2 | |||
Brewery | 0.2 | |||
Medical Instruments | 0.2 | |||
Electric — Integrated | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Insurance — Life/Health | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Networking Products | 0.2 | |||
Cable/Satellite TV | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Insurance — Mutual | 0.1 | |||
Medical — Biomedical/Gene | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Oil Companies — Exploration & Production | 0.1 | |||
Transport — Rail | 0.1 | |||
Finance — Credit Card | 0.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
Credit Quality Allocation†#
Aaa | 88.1 | % | ||
Aa | 2.1 | |||
A | 2.9 | |||
Baa | 2.6 | |||
Ba | 0.1 | |||
Not Rated@ | 4.2 | |||
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: Standard & Poor’s |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
86 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 4.4% |
| |||||||
Diversified Financial Services — 4.4% |
| |||||||
BBCMS Trust | $ | 404,033 | $ | 391,727 | ||||
Cabela’s Credit Card Master Note Trust | 1,186,000 | 1,180,463 | ||||||
COMM Mtg. Trust VRS | 816,318 | 51,869 | ||||||
DBUBS Mtg. Trust | 146,605 | 149,606 | ||||||
Eleven Madison Mtg. Trust VRS | 398,000 | 409,987 | ||||||
GS Mtg. Securities Trust | 1,100,000 | 1,123,498 | ||||||
Progress Residential Trust | 448,453 | 447,255 | ||||||
Progress Residential Trust | 299,486 | 297,501 | ||||||
Progress Residential Trust | 694,271 | 697,696 | ||||||
Tricon American Homes Trust | 565,000 | 556,742 | ||||||
UBS-BAMLL Trust | 217,000 | 220,606 | ||||||
WF-RBS Commercial Mtg. Trust | 310,000 | 326,392 | ||||||
Total Asset Backed Securities | ||||||||
(cost $5,884,358) | 5,853,342 | |||||||
U.S. CORPORATE BONDS & NOTES — 5.8% |
| |||||||
Airlines — 0.8% |
| |||||||
American Airlines Pass-Through Trust | 727,345 | 714,616 | ||||||
American Airlines Pass-Through Trust | 327,000 | 329,453 | ||||||
1,044,069 | ||||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
American Honda Finance Corp. | 135,000 | 127,392 | ||||||
Brewery — 0.2% |
| |||||||
Anheuser-Busch InBev Finance, Inc. | 288,000 | 295,385 | ||||||
Cable/Satellite TV — 0.1% |
| |||||||
Comcast Corp. | 200,000 | 203,519 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Chemicals - Diversified — 0.2% | ||||||||
Dow Chemical Co. | $ | 200,000 | $ | 217,725 | ||||
Computers — 0.3% |
| |||||||
Apple, Inc. | 227,000 | 224,555 | ||||||
Apple, Inc. | 151,000 | 153,640 | ||||||
378,195 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Procter & Gamble Co. | 176,000 | 175,905 | ||||||
Diversified Banking Institutions — 0.9% |
| |||||||
Citigroup, Inc. | 400,000 | 400,779 | ||||||
Citigroup, Inc. | 162,000 | 172,863 | ||||||
Goldman Sachs Group, Inc. | 133,000 | 132,919 | ||||||
Goldman Sachs Group, Inc. | 200,000 | 201,018 | ||||||
Morgan Stanley | 319,000 | 317,690 | ||||||
1,225,269 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
San Diego Gas & Electric Co. | 200,000 | 238,119 | ||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. | 104,000 | 106,743 | ||||||
Insurance - Life/Health — 0.2% |
| |||||||
Jackson National Life Global Funding | 225,000 | 224,913 | ||||||
Insurance - Mutual — 0.1% |
| |||||||
New York Life Global Funding | 154,000 | 151,867 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Chubb INA Holdings, Inc. | 125,000 | 127,419 | ||||||
Medical Instruments — 0.2% |
| |||||||
Medtronic, Inc. | 250,000 | 256,284 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 144,000 | 147,677 | ||||||
87 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Multimedia — 0.4% | ||||||||
Time Warner, Inc. | $ | 500,000 | $ | 501,790 | ||||
Networking Products — 0.2% |
| |||||||
Cisco Systems, Inc. | 200,000 | 207,049 | ||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Noble Energy, Inc. | 116,000 | 118,665 | ||||||
Pipelines — 0.5% |
| |||||||
Buckeye Partners LP | 190,000 | 200,253 | ||||||
Enterprise Products Operating LLC | 127,000 | 129,568 | ||||||
Magellan Midstream Partners LP | 137,000 | 134,657 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 171,000 | 170,600 | ||||||
635,078 | ||||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Boston Properties LP | 240,000 | 226,526 | ||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 325,000 | 332,194 | ||||||
Semiconductor Components - Integrated Circuits — 0.3% |
| |||||||
QUALCOMM, Inc. | 439,000 | 422,137 | ||||||
Telephone - Integrated — 0.1% |
| |||||||
AT&T, Inc. | 171,000 | 174,126 | ||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 89,000 | 89,548 | ||||||
Norfolk Southern Corp. | 19,000 | 21,822 | ||||||
111,370 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $7,624,361) | 7,649,416 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 1.6% |
| |||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Johnson Controls International PLC | 200,000 | 209,377 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions — 0.4% | ||||||||
Mitsubishi UFJ Financial Group, Inc. | $ | 217,000 | $ | 207,758 | ||||
Mizuho Financial Group, Inc. | 363,000 | 363,892 | ||||||
571,650 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Actavis Funding SCS | 126,000 | 128,144 | ||||||
Multimedia — 0.2% |
| |||||||
Thomson Reuters Corp. | 200,000 | 205,388 | ||||||
Oil Companies - Integrated — 0.7% |
| |||||||
BP Capital Markets PLC | 250,000 | 251,793 | ||||||
Shell International Finance BV | 367,000 | 351,423 | ||||||
Shell International Finance BV | 403,000 | 393,693 | ||||||
996,909 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $2,135,460) | 2,111,468 | |||||||
U.S. GOVERNMENT AGENCIES — 57.9% |
| |||||||
Federal Farm Credit Bank — 1.2% |
| |||||||
3.35% due 10/21/2025 | 1,500,000 | 1,583,353 | ||||||
Federal Home Loan Mtg. Corp. — 16.3% |
| |||||||
3.50% due 06/01/2033 | 1,665,182 | 1,732,350 | ||||||
4.50% due 09/01/2019 | 18,649 | 18,977 | ||||||
4.50% due 09/01/2039 | 570,071 | 608,247 | ||||||
4.50% due 11/01/2039 | 283,156 | 302,154 | ||||||
4.50% due 02/01/2040 | 394,246 | 420,684 | ||||||
4.50% due 04/01/2040 | 38,798 | 41,405 | ||||||
4.50% due 06/01/2040 | 100,380 | 107,096 | ||||||
4.50% due 08/01/2040 | 448,209 | 478,258 | ||||||
4.50% due 03/01/2041 | 1,583,484 | 1,689,491 | ||||||
4.50% due 04/01/2041 | 212,196 | 226,407 | ||||||
4.50% due 06/01/2041 | 335,066 | 357,548 | ||||||
5.00% due 12/14/2018 | 1,000,000 | 1,033,795 | ||||||
5.00% due 10/01/2034 | 23,595 | 25,436 | ||||||
5.50% due 12/01/2036 | 18,691 | 20,690 | ||||||
6.00% due 11/01/2033 | 60,928 | 68,945 | ||||||
6.50% due 02/01/2032 | 29,401 | 32,785 | ||||||
8.00% due 02/01/2030 | 1,313 | 1,317 | ||||||
8.00% due 08/01/2030 | 202 | 234 | ||||||
8.00% due 06/01/2031 | 1,480 | 1,618 | ||||||
Federal Home Loan Mtg. Corp. FRS | 14,786 | 15,596 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. | ||||||||
Series KJ14, Class A2 2.81% due 09/25/2024(1) | 591,000 | 592,695 | ||||||
Series K049, Class A2 3.01% due 07/25/2025(1) | 430,000 | 437,855 |
88 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal Home Loan Mtg. Corp. (continued) | ||||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS | $ | 1,000,000 | $ | 1,037,176 | ||||
Federal Home Loan Mtg. Corp. REMIC(3) | 1,467,744 | 1,430,639 | ||||||
Series 4186, Class JE 2.00% due 03/15/2033 | 405,334 | 401,782 | ||||||
Series 4594, Class GN 2.50% due 02/15/2045 | 916,932 | 912,952 | ||||||
Series 3981, Class PA 3.00% due 04/15/2031 | 297,335 | 296,751 | ||||||
Series 4097, Class YK 3.00% due 08/15/2032 | 1,750,000 | 1,725,714 | ||||||
Series 4150, Class IG 3.00% due 01/15/2033(2) | 4,740,369 | 464,767 | ||||||
Series 4365, Class HZ 3.00% due 01/15/2040 | 773,523 | 734,284 | ||||||
Series 4057, Class WY 3.50% due 06/15/2027 | 1,000,000 | 1,036,800 | ||||||
Series 3813, Class D 4.00% due 02/15/2026 | 1,000,000 | 1,060,269 | ||||||
Series 3917, Class B 4.50% due 08/15/2026 | 465,000 | 498,486 | ||||||
Series 3927, Class AY 4.50% due 09/15/2026 | 1,494,968 | 1,591,272 | ||||||
Series 3786, Class PB 4.50% due 07/15/2040 | 1,000,000 | 1,048,453 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 564,844 | 97,897 | ||||||
Federal Home Loan Mtg. Corp. STRIPS | 1,121,706 | 1,105,445 | ||||||
21,656,270 | ||||||||
Federal National Mtg. Assoc. — 35.6% |
| |||||||
zero coupon due 10/09/2019 | 4,250,000 | 4,091,985 | ||||||
2.63% due 12/01/2026 | 1,980,225 | 1,954,785 | ||||||
2.81% due 04/01/2025 | 800,000 | 806,711 | ||||||
2.94% due 01/01/2026 | 1,595,000 | 1,616,573 | ||||||
3.00% due 03/01/2043 | 1,241,751 | 1,245,210 | ||||||
4.00% due 09/01/2040 | 125,669 | 131,940 | ||||||
4.00% due 10/01/2040 | 99,513 | 104,139 | ||||||
4.00% due 12/01/2040 | 160,063 | 167,941 | ||||||
4.00% due 01/01/2041 | 337,359 | 354,077 | ||||||
4.00% due 02/01/2041 | 1,318,327 | 1,384,192 | ||||||
4.00% due 03/01/2041 | 1,932,980 | 2,028,544 | ||||||
4.00% due 06/01/2042 | 1,292,144 | 1,370,673 | ||||||
5.00% due 02/01/2019 | 12,322 | 12,543 | ||||||
5.00% due 12/01/2036 | 12,785 | 13,811 | ||||||
5.50% due 12/01/2033 | 25,696 | 28,609 | ||||||
5.50% due 10/01/2034 | 31,439 | 34,562 | ||||||
6.50% due 07/01/2032 | 6,637 | 7,531 | ||||||
7.00% due 09/01/2031 | 20,444 | 22,453 | ||||||
Federal National Mtg. Assoc. FRS | 11,417 | 11,833 | ||||||
2.93% (12 ML+1.30%) due 02/01/2035 | 2,070 | 2,147 | ||||||
3.45% (1 Yr USTYCR+2.20%) due 11/01/2034 | 15,932 | 16,860 | ||||||
Federal National Mtg. Assoc. REMIC(3) | 322,038 | 295,825 | ||||||
Series 2013-15, Class DC 2.00% due 03/25/2033 | 1,072,068 | 1,041,371 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) | ||||||||
Series 2011-126, Class EC 2.00% due 04/25/2040 | $ | 366,996 | $ | 362,859 | ||||
Series 2012-38, Class PA 2.00% due 09/25/2041 | 2,481,234 | 2,411,264 | ||||||
Series 2013-23, Class KJ 2.25% due 05/25/2042 | 1,798,152 | 1,759,267 | ||||||
Series 2012-93, Class ME 2.50% due 01/25/2042 | 2,503,298 | 2,495,282 | ||||||
Series 2013-73, Class TD 2.50% due 09/25/2042 | 806,891 | 799,516 | ||||||
Series 2017-T1, Class A 2.90% due 06/25/2027(1) | 1,127,759 | 1,115,729 | ||||||
Series 2013-100, Class DE 3.00% due 11/25/2030 | 2,936,159 | 2,997,489 | ||||||
Series 2013-106, Class PY 3.00% due 10/25/2033 | 2,900,000 | 2,908,432 | ||||||
Series 2016-30, Class PA 3.00% due 04/25/2045 | 957,194 | 968,571 | ||||||
Series 2016-25, Class LA 3.00% due 07/25/2045 | 655,522 | 666,006 | ||||||
Series 2016-33, Class JA 3.00% due 07/25/2045 | 662,162 | 671,027 | ||||||
Series 2015-97, Class N 3.00% due 11/25/2045 | 2,000,000 | 1,940,901 | ||||||
Series 2016-38, Class NA 3.00% due 01/25/2046 | 1,204,378 | 1,215,117 | ||||||
Series 2016-30, Class LY 3.50% due 05/25/2036 | 800,000 | 827,814 | ||||||
Series 2012-50, Class VB 4.00% due 01/25/2029 | 1,355,000 | 1,437,232 | ||||||
Series 2012-47, Class VB 4.00% due 04/25/2031 | 2,000,000 | 2,099,763 | ||||||
Series 2004-90, Class GC 4.35% due 11/25/2034 | 366,098 | 372,471 | ||||||
Series 2010-117, Class DY 4.50% due 10/25/2025 | 974,930 | 1,033,602 | ||||||
Series 2010-134, Class MB 4.50% due 12/25/2040 | 250,000 | 278,151 | ||||||
Series 2007-116, Class PB 5.50% due 08/25/2035 | 83,995 | 93,004 | ||||||
Federal National Mtg. Assoc. STRIPS | 242,927 | 52,705 | ||||||
Federal National Mtg. Assoc. REMIC VRS | 600,000 | 582,652 | ||||||
Series 2015-M13, Class A2 2.80% due 06/25/2025(1)(6) | 515,000 | 512,374 | ||||||
Series 2016-M1, Class A2 2.94% due 01/25/2026(1)(6) | 1,239,000 | 1,247,083 | ||||||
Series 2017-M7, Class A2 2.96% due 02/25/2027(1)(6) | 505,000 | 506,069 | ||||||
Series 2014-M13, Class A2 3.02% due 08/25/2024(1)(6) | 1,273,000 | 1,299,601 | ||||||
47,398,296 | ||||||||
Government National Mtg. Assoc. — 3.4% |
| |||||||
4.50% due 03/15/2038 | 24,512 | 25,903 | ||||||
4.50% due 03/15/2039 | 7,152 | 7,554 | ||||||
4.50% due 05/15/2039 | 198,530 | 210,213 | ||||||
4.50% due 06/15/2039 | 172,044 | 182,178 | ||||||
4.50% due 07/15/2039 | 311,498 | 330,496 | ||||||
4.50% due 09/15/2039 | 4,202 | 4,448 | ||||||
4.50% due 12/15/2039 | 66,761 | 70,555 | ||||||
4.50% due 04/15/2040 | 135,983 | 144,463 |
89 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) | ||||||||
Government National Mtg. Assoc. (continued) | ||||||||
4.50% due 06/15/2040 | $ | 340,108 | $ | 360,463 | ||||
4.50% due 08/15/2040 | 54,989 | 58,450 | ||||||
5.00% due 09/15/2035 | 1,758 | 1,910 | ||||||
5.00% due 02/15/2036 | 73,556 | 80,142 | ||||||
5.00% due 05/15/2036 | 6,358 | 6,871 | ||||||
6.00% due 01/15/2032 | 10,857 | 12,274 | ||||||
7.50% due 02/15/2029 | 4,875 | 5,018 | ||||||
7.50% due 07/15/2030 | 131 | 134 | ||||||
7.50% due 01/15/2031 | 5,240 | 5,775 | ||||||
Government National Mtg. Assoc. REMIC(3) | ||||||||
Series 2014-58, Class EP 4.00% due 04/20/2044 | 432,000 | 463,812 | ||||||
Series 2004-18, Class Z 4.50% due 03/16/2034 | 363,676 | 386,885 | ||||||
Series 2008-6, Class GL 4.50% due 02/20/2038 | 1,000,000 | 1,055,278 | ||||||
Series 2005-21, Class Z 5.00% due 03/20/2035 | 616,743 | 682,355 | ||||||
Series 2009-91, Class PR 5.00% due 09/20/2038 | 411,519 | 419,058 | ||||||
4,514,235 | ||||||||
Resolution Funding Corp — 1.4% |
| |||||||
zero coupon due 07/15/2020 STRIPS | 2,000,000 | 1,896,625 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $77,551,155) | 77,048,779 | |||||||
U.S. GOVERNMENT TREASURIES — 23.0% |
| |||||||
United States Treasury Bonds — 8.6% |
| |||||||
zero coupon due 08/15/2024 STRIPS | 2,040,000 | 1,739,421 | ||||||
2.88% due 08/15/2045 | 1,000,000 | 1,008,555 | ||||||
3.13% due 02/15/2043 | 1,000,000 | 1,057,500 | ||||||
3.75% due 08/15/2041 | 4,000,000 | 4,678,438 | ||||||
3.88% due 08/15/2040 | 2,500,000 | 2,974,121 | ||||||
11,458,035 | ||||||||
United States Treasury Notes — 14.4% |
| |||||||
1.75% due 05/15/2023 | 8,000,000 | 7,815,937 | ||||||
2.00% due 02/15/2022 | 5,000,000 | 4,987,891 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 3,045,351 | ||||||
2.63% due 08/15/2020 | 3,250,000 | 3,313,096 | ||||||
19,162,275 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $29,555,269) | 30,620,310 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.7% |
| |||||||
Sovereign — 1.7% |
| |||||||
Israel Government AID | 2,641,000 | 2,261,369 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $125,067,776) | 125,544,684 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 400,738 | 400,738 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 5.3% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount of $7,016,023 collateralized by $6,825,000 of U.S. Treasury Inflation Index Notes, bearing interest at 0.13% due 01/15/2023 and having an approximate value of $7,229,006 | $ | 7,016,000 | $ | 7,016,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $132,484,514)(9) | 100.0 | % | 132,961,422 | |||||
Other assets less liabilities | 0.0 | 20,840 | ||||||
NET ASSETS | 100.0 | % | $ | 132,982,262 | ||||
* | 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, 2017, the aggregate value of these securities was $3,874,292 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, 2017. |
(5) | Principal Only |
(6) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(7) | At November 30, 2017, the Fund had loaned securities with a total value of $824,600. This was secured by collateral of $400,738, which was received in cash and subsequently invested in short-term investments currently valued at $400,738 as reported in the Portfolio of Investments. Additional collateral of $443,134 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, 2017 | |||
United States Treasury Bills | 0.00% | 01/04/2018 to 03/29/2018 | $2,082 | |||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/15/2018 to 05/15/2046 | 441,052 |
(8) | The rate shown is the 7-day yield as of November 30, 2017. |
(9) | 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, 2017 and unless noted otherwise, the dates shown are the original maturity dates.
1 ML—1 Month USD LIBOR
6 ML—6 Month USD LIBOR
12 ML—12 Month USD LIBOR
1 Yr USTYCR—1 Year US Treasury Yield Curve Rate
90 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | — | $ | 5,853,342 | $ | — | $ | 5,853,342 | ||||||||
U.S. Corporate Bonds & Notes | — | 7,649,416 | — | 7,649,416 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 2,111,468 | — | 2,111,468 | ||||||||||||
U.S. Government Agencies | — | 77,048,779 | — | 77,048,779 | ||||||||||||
U.S. Government Treasuries | — | 30,620,310 | — | 30,620,310 | ||||||||||||
Foreign Government Obligations | — | 2,261,369 | — | 2,261,369 | ||||||||||||
Short-Term Investment Securities | 400,738 | — | — | 400,738 | ||||||||||||
Repurchase Agreements | — | 7,016,000 | — | 7,016,000 | ||||||||||||
Total Investments at Value | $ | 400,738 | $ | 132,560,684 | $ | — | $ | 132,961,422 | ||||||||
* | 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
91 |
Table of Contents
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Web Portals/ISP | 6.3 | % | ||
Computers | 6.0 | |||
E — Commerce/Products | 5.0 | |||
Internet Content — Entertainment | 4.6 | |||
Finance — Credit Card | 4.1 | |||
Medical — Biomedical/Gene | 4.0 | |||
Applications Software | 3.8 | |||
Medical Instruments | 2.9 | |||
Medical — HMO | 2.6 | |||
Aerospace/Defense | 2.5 | |||
Retail — Discount | 2.4 | |||
Electronic Components — Semiconductors | 2.2 | |||
Commercial Services — Finance | 2.0 | |||
Semiconductor Equipment | 1.7 | |||
Tobacco | 1.5 | |||
Medical — Drugs | 1.5 | |||
Cosmetics & Toiletries | 1.5 | |||
Retail — Restaurants | 1.4 | |||
Diversified Manufacturing Operations | 1.3 | |||
Registered Investment Companies | 1.3 | |||
Real Estate Investment Trusts | 1.2 | |||
Auto/Truck Parts & Equipment — Original | 1.2 | |||
Diversified Banking Institutions | 1.1 | |||
Retail — Major Department Stores | 1.1 | |||
Chemicals — Diversified | 1.1 | |||
Beverages — Non-alcoholic | 1.0 | |||
Entertainment Software | 1.0 | |||
Multimedia | 1.0 | |||
Internet Security | 0.9 | |||
Medical Products | 0.9 | |||
Beverages — Wine/Spirits | 0.9 | |||
Engines — Internal Combustion | 0.8 | |||
Casino Hotels | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Industrial Automated/Robotic | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Transport — Truck | 0.8 | |||
Commercial Services | 0.7 | |||
Computer Services | 0.7 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Electronic Measurement Instruments | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Banks — Commercial | 0.7 | |||
Airlines | 0.6 | |||
Athletic Footwear | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Time Deposits | 0.6 | |||
Enterprise Software/Service | 0.6 | |||
Cruise Lines | 0.6 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Internet Application Software | 0.6 | |||
Transport — Rail | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Data Processing/Management | 0.5 | |||
Computer Software | 0.4 | |||
Insurance — Life/Health | 0.4 | |||
Instruments — Controls | 0.4 | |||
Retail — Building Products | 0.4 | |||
Agricultural Chemicals | 0.4 | |||
Lighting Products & Systems | 0.4 | |||
Electronic Forms | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Software Tools | 0.4 | |||
Cable/Satellite TV | 0.3 | |||
Hotels/Motels | 0.3 | |||
Food — Misc./Diversified | 0.3 |
Exchange-Traded Funds | 0.3 | % | ||
Banks — Super Regional | 0.3 | |||
Soap & Cleaning Preparation | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Food — Meat Products | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Filtration/Separation Products | 0.3 | |||
Oil — Field Services | 0.3 | |||
E — Services/Consulting | 0.3 | |||
Retail — Auto Parts | 0.2 | |||
Medical Information Systems | 0.2 | |||
Oil Companies — Integrated | 0.2 | |||
Finance — Other Services | 0.2 | |||
Schools | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Garden Products | 0.2 | |||
Computer Aided Design | 0.2 | |||
Building Products — Cement | 0.2 | |||
Networking Products | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Cellular Telecom | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Radio | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Advanced Materials | 0.1 | |||
Transport — Services | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Industrial Gases | 0.1 | |||
Toys | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Transactional Software | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Food — Confectionery | 0.1 | |||
Brewery | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Human Resources | 0.1 | |||
Metal — Diversified | 0.1 | |||
Transport — Marine | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Machinery — Farming | 0.1 | |||
Dialysis Centers | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Food — Catering | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Home Furnishings | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Food — Retail | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
E — Marketing/Info | 0.1 | |||
100.8 | % | |||
* | Calculated as a percentage of net assets |
92 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.6% |
| |||||||
Advanced Materials — 0.1% |
| |||||||
Hexcel Corp. | 25,873 | $ | 1,604,126 | |||||
Aerospace/Defense — 2.5% |
| |||||||
Boeing Co. | 90,569 | 25,069,499 | ||||||
Lockheed Martin Corp. | 12,641 | 4,033,996 | ||||||
29,103,495 | ||||||||
Aerospace/Defense-Equipment — 0.6% |
| |||||||
Astronics Corp.† | 522 | 21,658 | ||||||
Curtiss-Wright Corp. | 16,086 | 1,997,881 | ||||||
United Technologies Corp. | 37,240 | 4,522,798 | ||||||
6,542,337 | ||||||||
Agricultural Chemicals — 0.4% |
| |||||||
Monsanto Co. | 40,857 | 4,835,017 | ||||||
Airlines — 0.6% |
| |||||||
Delta Air Lines, Inc. | 114,702 | 6,070,030 | ||||||
Ryanair Holdings PLC ADR† | 12,390 | 1,510,836 | ||||||
7,580,866 | ||||||||
Apparel Manufacturers — 0.1% |
| |||||||
Michael Kors Holdings, Ltd.† | 24,780 | 1,448,143 | ||||||
Applications Software — 3.8% |
| |||||||
Intuit, Inc. | 16,466 | 2,588,785 | ||||||
Microsoft Corp. | 318,313 | 26,792,405 | ||||||
salesforce.com, Inc.† | 120,162 | 12,535,300 | ||||||
Tableau Software, Inc., Class A†# | 41,580 | 2,923,074 | ||||||
44,839,564 | ||||||||
Athletic Footwear — 0.6% |
| |||||||
adidas AG | 8,900 | 1,855,875 | ||||||
NIKE, Inc., Class B | 89,520 | 5,408,798 | ||||||
7,264,673 | ||||||||
Auto-Cars/Light Trucks — 0.5% |
| |||||||
Tesla, Inc.†# | 20,250 | 6,254,212 | ||||||
Auto/Truck Parts & Equipment-Original — 1.2% |
| |||||||
Allison Transmission Holdings, Inc. | 42,669 | 1,751,136 | ||||||
BorgWarner, Inc. | 34,098 | 1,898,577 | ||||||
Delphi Automotive PLC | 22,056 | 2,308,601 | ||||||
Valeo SA | 13,718 | 995,945 | ||||||
WABCO Holdings, Inc.† | 49,468 | 7,392,992 | ||||||
14,347,251 | ||||||||
Banks-Commercial — 0.7% |
| |||||||
Banco do Brasil SA | 34,600 | 316,357 | ||||||
Bank Mandiri Persero Tbk PT | 2,086,200 | 1,144,739 | ||||||
CaixaBank SA | 97,730 | 465,115 | ||||||
Central Pacific Financial Corp. | 1,854 | 59,699 | ||||||
DNB ASA | 38,050 | 694,615 | ||||||
Erste Group Bank AG | 39,112 | 1,701,421 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 104,330 | 612,762 | ||||||
HDFC Bank, Ltd. | 27,560 | 792,072 | ||||||
Itau Unibanco Holding SA (Preference Shares) | 40,600 | 511,864 | ||||||
KBC Group NV | 15,860 | 1,298,508 | ||||||
7,597,152 | ||||||||
Banks-Super Regional — 0.3% |
| |||||||
US Bancorp | 67,770 | 3,737,515 | ||||||
Beverages-Non-alcoholic — 1.0% |
| |||||||
Coca-Cola Co. | 14,115 | 646,043 | ||||||
Coca-Cola HBC AG | 13,890 | 443,668 | ||||||
Monster Beverage Corp.† | 13,038 | 817,091 | ||||||
PepsiCo, Inc. | 84,561 | 9,853,048 | ||||||
11,759,850 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Beverages-Wine/Spirits — 0.9% |
| |||||||
Constellation Brands, Inc., Class A | 29,020 | $ | 6,314,462 | |||||
Diageo PLC | 51,780 | 1,788,961 | ||||||
Treasury Wine Estates, Ltd. | 159,700 | 1,907,366 | ||||||
10,010,789 | ||||||||
Brewery — 0.1% |
| |||||||
Heineken NV | 11,722 | 1,194,765 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Scripps Networks Interactive, Inc., Class A | 15,780 | 1,291,435 | ||||||
Building & Construction Products-Misc. — 0.1% |
| |||||||
Louisiana-Pacific Corp.† | 60,369 | 1,666,788 | ||||||
Building Products-Air & Heating — 0.1% |
| |||||||
Daikin Industries, Ltd. | 11,200 | 1,293,948 | ||||||
Building Products-Cement — 0.2% |
| |||||||
CRH PLC | 28,460 | 982,071 | ||||||
HeidelbergCement AG | 11,630 | 1,237,680 | ||||||
2,219,751 | ||||||||
Cable/Satellite TV — 0.3% |
| |||||||
Comcast Corp., Class A | 81,637 | 3,064,653 | ||||||
DISH Network Corp., Class A† | 17,527 | 887,743 | ||||||
3,952,396 | ||||||||
Casino Hotels — 0.8% |
| |||||||
Las Vegas Sands Corp. | 85,206 | 5,903,924 | ||||||
Melco Resorts & Entertainment, Ltd. ADR | 12,990 | 339,169 | ||||||
Wynn Resorts, Ltd.# | 22,130 | 3,498,310 | ||||||
9,741,403 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
T-Mobile US, Inc.† | 31,135 | 1,901,414 | ||||||
Chemicals-Diversified — 1.1% |
| |||||||
Arkema SA | 9,480 | 1,160,527 | ||||||
FMC Corp. | 25,998 | 2,454,211 | ||||||
Koppers Holdings, Inc.† | 943 | 47,056 | ||||||
LyondellBasell Industries NV, Class A | 23,414 | 2,451,446 | ||||||
PPG Industries, Inc. | 50,282 | 5,875,452 | ||||||
Westlake Chemical Corp. | 7,921 | 775,703 | ||||||
12,764,395 | ||||||||
Chemicals-Plastics — 0.1% |
| |||||||
A. Schulman, Inc. | 2,044 | 77,570 | ||||||
PolyOne Corp. | 11,542 | 533,356 | ||||||
610,926 | ||||||||
Chemicals-Specialty — 0.2% |
| |||||||
Stepan Co. | 6,039 | 501,901 | ||||||
W.R. Grace & Co. | 24,574 | 1,801,520 | ||||||
2,303,421 | ||||||||
Commercial Services — 0.7% |
| |||||||
Ecolab, Inc. | 36,420 | 4,950,206 | ||||||
Intertek Group PLC | 16,090 | 1,138,675 | ||||||
Medifast, Inc. | 15,184 | 1,040,560 | ||||||
RELX PLC | 48,890 | 1,136,644 | ||||||
8,266,085 | ||||||||
Commercial Services-Finance — 2.0% |
| |||||||
Global Payments, Inc. | 23,252 | 2,338,221 | ||||||
PayPal Holdings, Inc.† | 179,777 | 13,614,512 | ||||||
S&P Global, Inc. | 21,569 | 3,569,238 | ||||||
Total System Services, Inc. | 28,034 | 2,084,608 | ||||||
Travelport Worldwide, Ltd. | 124,060 | 1,661,164 | ||||||
23,267,743 | ||||||||
93 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Aided Design — 0.2% |
| |||||||
Cadence Design Systems, Inc.† | 9,260 | $ | 406,607 | |||||
Synopsys, Inc.† | 20,298 | 1,834,533 | ||||||
2,241,140 | ||||||||
Computer Services — 0.7% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 2,494 | 180,266 | ||||||
DXC Technology Co. | 47,551 | 4,571,553 | ||||||
International Business Machines Corp. | 22,107 | 3,403,815 | ||||||
8,155,634 | ||||||||
Computer Software — 0.4% |
| |||||||
InterXion Holding NV† | 8,520 | 491,859 | ||||||
Splunk, Inc.†# | 57,129 | 4,575,462 | ||||||
5,067,321 | ||||||||
Computers — 6.0% |
| |||||||
Apple, Inc. | 407,800 | 70,080,430 | ||||||
Computers-Memory Devices — 0.1% |
| |||||||
Western Digital Corp. | 10,850 | 855,631 | ||||||
Consumer Products-Misc. — 0.2% |
| |||||||
Kimberly-Clark Corp. | 15,195 | 1,819,753 | ||||||
Containers-Paper/Plastic — 0.1% |
| |||||||
RPC Group PLC | 106,010 | 1,321,745 | ||||||
Cosmetics & Toiletries — 1.5% |
| |||||||
Estee Lauder Cos., Inc., Class A | 92,099 | 11,496,718 | ||||||
Pola Orbis Holdings, Inc. | 28,600 | 1,047,213 | ||||||
Procter & Gamble Co. | 22,895 | 2,060,321 | ||||||
Unilever NV CVA | 40,990 | 2,362,472 | ||||||
16,966,724 | ||||||||
Cruise Lines — 0.6% |
| |||||||
Carnival PLC | 16,290 | 1,055,089 | ||||||
Royal Caribbean Cruises, Ltd. | 46,746 | 5,790,894 | ||||||
6,845,983 | ||||||||
Data Processing/Management — 0.5% |
| |||||||
CSG Systems International, Inc. | 26,115 | 1,198,417 | ||||||
Fidelity National Information Services, Inc. | 4,986 | 470,330 | ||||||
Fiserv, Inc.† | 30,287 | 3,981,226 | ||||||
5,649,973 | ||||||||
Diagnostic Equipment — 0.3% |
| |||||||
Lonza Group AG | 7,570 | 1,977,705 | ||||||
Thermo Fisher Scientific, Inc. | 5,330 | 1,027,411 | ||||||
3,005,116 | ||||||||
Diagnostic Kits — 0.4% |
| |||||||
IDEXX Laboratories, Inc.† | 27,057 | 4,231,985 | ||||||
Dialysis Centers — 0.1% |
| |||||||
Fresenius Medical Care AG & Co. KGaA | 9,815 | 975,444 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Bunzl PLC | 25,020 | 716,057 | ||||||
Ferguson PLC | 19,810 | 1,430,234 | ||||||
2,146,291 | ||||||||
Diversified Banking Institutions — 1.1% |
| |||||||
Bank of America Corp. | 94,304 | 2,656,544 | ||||||
BNP Paribas SA | 18,050 | 1,367,297 | ||||||
HSBC Holdings PLC | 124,800 | 1,253,246 | ||||||
JPMorgan Chase & Co. | 62,980 | 6,582,669 | ||||||
UniCredit SpA† | 55,264 | 1,112,847 | ||||||
12,972,603 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Financial Services — 0.1% |
| |||||||
Julius Baer Group, Ltd. | 26,050 | $ | 1,531,936 | |||||
Diversified Manufacturing Operations — 1.3% |
| |||||||
3M Co. | 41,531 | 10,097,847 | ||||||
Carlisle Cos., Inc. | 16,262 | 1,869,642 | ||||||
Illinois Tool Works, Inc. | 300 | 50,775 | ||||||
Lydall, Inc.† | 5,176 | 284,939 | ||||||
Parker-Hannifin Corp. | 15,250 | 2,859,223 | ||||||
15,162,426 | ||||||||
E-Commerce/Products — 5.0% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 11,630 | 2,059,440 | ||||||
Amazon.com, Inc.† | 44,849 | 52,776,061 | ||||||
ASOS PLC† | 11,976 | 982,123 | ||||||
MonotaRO Co., Ltd.# | 26,500 | 757,262 | ||||||
Rakuten, Inc. | 58,400 | 600,445 | ||||||
Start Today Co., Ltd. | 40,300 | 1,241,935 | ||||||
58,417,266 | ||||||||
E-Commerce/Services — 0.7% |
| |||||||
Expedia, Inc. | 30,540 | 3,741,150 | ||||||
Just Eat PLC† | 65,689 | 710,285 | ||||||
Priceline Group, Inc.† | 1,875 | 3,261,956 | ||||||
7,713,391 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
CyberAgent, Inc.# | 17,400 | 600,195 | ||||||
E-Services/Consulting — 0.3% |
| |||||||
CDW Corp. | 41,976 | 2,938,740 | ||||||
Electronic Components-Misc. — 0.0% |
| |||||||
Stoneridge, Inc.† | 5,374 | 122,635 | ||||||
Electronic Components-Semiconductors — 2.2% |
| |||||||
ams AG | 30,610 | 2,979,315 | ||||||
Broadcom, Ltd. | 37,545 | 10,435,257 | ||||||
Infineon Technologies AG | 28,080 | 775,625 | ||||||
Intel Corp. | 36,459 | 1,634,822 | ||||||
Microsemi Corp.† | 6,776 | 358,112 | ||||||
NVIDIA Corp. | 2,900 | 582,059 | ||||||
Rohm Co., Ltd. | 8,300 | 855,874 | ||||||
Skyworks Solutions, Inc. | 12,846 | 1,345,490 | ||||||
Texas Instruments, Inc. | 30,063 | 2,924,829 | ||||||
Xilinx, Inc. | 50,900 | 3,538,059 | ||||||
25,429,442 | ||||||||
Electronic Forms — 0.4% |
| |||||||
Adobe Systems, Inc.† | 24,272 | 4,404,640 | ||||||
Electronic Measurement Instruments — 0.7% |
| |||||||
Agilent Technologies, Inc. | 50,731 | 3,512,615 | ||||||
FLIR Systems, Inc. | 26,993 | 1,257,334 | ||||||
Keyence Corp. | 5,500 | 3,205,565 | ||||||
7,975,514 | ||||||||
Engineering/R&D Services — 0.0% |
| |||||||
Argan, Inc. | 8,137 | 480,083 | ||||||
Engines-Internal Combustion — 0.8% |
| |||||||
Cummins, Inc. | 58,365 | 9,770,301 | ||||||
Enterprise Software/Service — 0.6% |
| |||||||
Oracle Corp. | 89,653 | 4,398,376 | ||||||
SAP SE | 15,420 | 1,737,128 | ||||||
SPS Commerce, Inc.† | 2,215 | 111,769 | ||||||
Veeva Systems, Inc., Class A† | 11,876 | 715,054 | ||||||
6,962,327 | ||||||||
94 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Entertainment Software — 1.0% |
| |||||||
Activision Blizzard, Inc. | 98,836 | $ | 6,167,366 | |||||
Electronic Arts, Inc.† | 52,108 | 5,541,686 | ||||||
11,709,052 | ||||||||
Filtration/Separation Products — 0.3% |
| |||||||
Donaldson Co., Inc. | 59,589 | 2,973,491 | ||||||
Finance-Credit Card — 4.1% |
| |||||||
Alliance Data Systems Corp. | 2,992 | 715,896 | ||||||
American Express Co. | 41,859 | 4,090,043 | ||||||
Mastercard, Inc., Class A | 90,712 | 13,649,435 | ||||||
Visa, Inc., Class A# | 258,867 | 29,145,835 | ||||||
47,601,209 | ||||||||
Finance-Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 99,119 | 4,836,016 | ||||||
Evercore, Inc., Class A | 10,030 | 871,105 | ||||||
5,707,121 | ||||||||
Finance-Other Services — 0.2% |
| |||||||
Deutsche Boerse AG | 4,990 | 565,769 | ||||||
London Stock Exchange Group PLC | 37,570 | 1,922,388 | ||||||
2,488,157 | ||||||||
Food-Catering — 0.1% |
| |||||||
Compass Group PLC | 45,125 | 915,712 | ||||||
Food-Confectionery — 0.1% |
| |||||||
Hershey Co. | 10,875 | 1,206,364 | ||||||
Food-Meat Products — 0.3% |
| |||||||
Hormel Foods Corp.# | 83,551 | 3,045,434 | ||||||
Food-Misc./Diversified — 0.3% |
| |||||||
Associated British Foods PLC | 27,600 | 1,095,870 | ||||||
Chr. Hansen Holding A/S# | 11,670 | 1,060,100 | ||||||
Danone SA | 19,780 | 1,669,869 | ||||||
3,825,839 | ||||||||
Food-Retail — 0.1% |
| |||||||
Jeronimo Martins SGPS SA | 31,850 | 625,212 | ||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Deckers Outdoor Corp.† | 12,677 | 947,352 | ||||||
Garden Products — 0.2% |
| |||||||
Scotts Miracle-Gro Co., Class A | 3,575 | 353,567 | ||||||
Toro Co. | 29,464 | 1,922,526 | ||||||
2,276,093 | ||||||||
Home Furnishings — 0.1% |
| |||||||
Sleep Number Corp.† | 19,431 | 683,777 | ||||||
Hotels/Motels — 0.3% |
| |||||||
Accor SA | 18,280 | 917,230 | ||||||
Choice Hotels International, Inc. | 7,267 | 570,460 | ||||||
Hilton Grand Vacations, Inc.† | 18,961 | 757,871 | ||||||
Marriott International, Inc., Class A | 12,797 | 1,625,219 | ||||||
3,870,780 | ||||||||
Human Resources — 0.1% |
| |||||||
Recruit Holdings Co., Ltd. | 38,100 | 894,316 | ||||||
TrueBlue, Inc.† | 7,933 | 225,694 | ||||||
1,120,010 | ||||||||
Industrial Automated/Robotic — 0.8% |
| |||||||
Cognex Corp. | 14,370 | 1,991,251 | ||||||
FANUC Corp. | 4,000 | 1,000,927 | ||||||
Yaskawa Electric Corp.# | 145,200 | 6,439,602 | ||||||
9,431,780 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Industrial Gases — 0.1% |
| |||||||
Air Products & Chemicals, Inc. | 8,549 | $ | 1,393,829 | |||||
Instruments-Controls — 0.4% |
| |||||||
Honeywell International, Inc. | 19,511 | 3,042,935 | ||||||
Sensata Technologies Holding NV†# | 36,922 | 1,844,254 | ||||||
4,887,189 | ||||||||
Instruments-Scientific — 0.3% |
| |||||||
PerkinElmer, Inc. | 23,900 | 1,760,952 | ||||||
Waters Corp.† | 7,402 | 1,459,452 | ||||||
3,220,404 | ||||||||
Insurance-Life/Health — 0.4% |
| |||||||
AIA Group, Ltd. | 311,600 | 2,539,827 | ||||||
Aviva PLC | 195,219 | 1,349,949 | ||||||
St James’s Place PLC | 61,760 | 1,014,511 | ||||||
4,904,287 | ||||||||
Insurance-Multi-line — 0.6% |
| |||||||
Allstate Corp. | 20,113 | 2,064,801 | ||||||
MetLife, Inc. | 93,690 | 5,029,279 | ||||||
7,094,080 | ||||||||
Insurance-Property/Casualty — 0.1% |
| |||||||
Infinity Property & Casualty Corp. | 4,410 | 475,398 | ||||||
Stewart Information Services Corp. | 14,490 | 584,382 | ||||||
1,059,780 | ||||||||
Insurance-Reinsurance — 0.2% |
| |||||||
Essent Group, Ltd.† | 30,935 | 1,368,874 | ||||||
Swiss Re AG | 7,070 | 663,216 | ||||||
2,032,090 | ||||||||
Internet Application Software — 0.6% |
| |||||||
Tencent Holdings, Ltd. | 125,900 | 6,498,845 | ||||||
Internet Content-Entertainment — 4.6% |
| |||||||
Facebook, Inc., Class A† | 276,326 | 48,959,441 | ||||||
Netflix, Inc.† | 24,620 | 4,618,219 | ||||||
53,577,660 | ||||||||
Internet Security — 0.9% |
| |||||||
Palo Alto Networks, Inc.†# | 58,180 | 8,479,735 | ||||||
Symantec Corp. | 82,611 | 2,393,241 | ||||||
10,872,976 | ||||||||
Lighting Products & Systems — 0.4% |
| |||||||
Acuity Brands, Inc.# | 27,570 | 4,726,049 | ||||||
Machine Tools & Related Products — 0.1% |
| |||||||
Sandvik AB | 71,600 | 1,229,903 | ||||||
Machinery-Construction & Mining — 0.5% |
| |||||||
Caterpillar, Inc. | 34,030 | 4,803,335 | ||||||
Hyster-Yale Materials Handling, Inc. | 892 | 75,668 | ||||||
Komatsu, Ltd. | 46,900 | 1,461,976 | ||||||
6,340,979 | ||||||||
Machinery-Electrical — 0.1% |
| |||||||
ABB, Ltd. | 33,030 | 845,454 | ||||||
Machinery-Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 835 | 98,488 | ||||||
Deere & Co. | 6,381 | 956,257 | ||||||
1,054,745 | ||||||||
95 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Machinery-General Industrial — 0.5% |
| |||||||
Hexagon AB, Class B | 23,440 | $ | 1,152,058 | |||||
Wabtec Corp.# | 62,700 | 4,821,630 | ||||||
Zebra Technologies Corp., Class A† | 1,067 | 117,711 | ||||||
6,091,399 | ||||||||
Machinery-Pumps — 0.1% |
| |||||||
Graco, Inc. | 2,547 | 335,160 | ||||||
Weir Group PLC | 44,090 | 1,163,885 | ||||||
1,499,045 | ||||||||
Medical Imaging Systems — 0.0% |
| |||||||
Analogic Corp. | 952 | 78,826 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Cerner Corp.† | 37,481 | 2,649,532 | ||||||
Medical Instruments — 2.9% |
| |||||||
Boston Scientific Corp.† | 89,468 | 2,351,219 | ||||||
Edwards Lifesciences Corp.† | 92,737 | 10,868,776 | ||||||
Intuitive Surgical, Inc.† | 47,687 | 19,064,309 | ||||||
Sysmex Corp. | 15,800 | 1,202,925 | ||||||
33,487,229 | ||||||||
Medical Labs & Testing Services — 0.2% |
| |||||||
Quest Diagnostics, Inc. | 18,845 | 1,855,479 | ||||||
Medical Products — 0.9% |
| |||||||
ABIOMED, Inc.† | 17,363 | 3,383,007 | ||||||
Atrion Corp. | 208 | 140,317 | ||||||
Cooper Cos., Inc. | 8,161 | 1,968,270 | ||||||
Globus Medical, Inc., Class A† | 14,785 | 561,978 | ||||||
Penumbra, Inc.†# | 11,600 | 1,221,480 | ||||||
Varian Medical Systems, Inc.†# | 10,551 | 1,179,074 | ||||||
Zimmer Biomet Holdings, Inc. | 14,774 | 1,730,035 | ||||||
10,184,161 | ||||||||
Medical-Biomedical/Gene — 4.0% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 15,577 | 1,710,510 | ||||||
Amgen, Inc. | 30,427 | 5,344,807 | ||||||
Biogen, Inc.† | 26,981 | 8,692,469 | ||||||
Bluebird Bio, Inc.†# | 7,700 | 1,330,560 | ||||||
Celgene Corp.† | 86,668 | 8,738,735 | ||||||
CSL, Ltd. | 14,520 | 1,579,883 | ||||||
Gilead Sciences, Inc. | 82,741 | 6,187,372 | ||||||
Illumina, Inc.† | 4,480 | 1,030,534 | ||||||
Incyte Corp.† | 9,705 | 960,698 | ||||||
Ionis Pharmaceuticals, Inc.†# | 40,400 | 2,241,796 | ||||||
Regeneron Pharmaceuticals, Inc.† | 26,165 | 9,468,067 | ||||||
47,285,431 | ||||||||
Medical-Drugs — 1.5% |
| |||||||
AbbVie, Inc. | 7,606 | 737,174 | ||||||
Allergan PLC | 7,480 | 1,300,248 | ||||||
Bristol-Myers Squibb Co. | 56,835 | 3,591,404 | ||||||
Eli Lilly & Co. | 38,268 | 3,239,003 | ||||||
Johnson & Johnson | 15,811 | 2,202,947 | ||||||
Merck & Co., Inc. | 31,992 | 1,768,198 | ||||||
Pfizer, Inc. | 67,900 | 2,462,054 | ||||||
Roche Holding AG | 7,371 | 1,860,011 | ||||||
17,161,039 | ||||||||
Medical-HMO — 2.6% |
| |||||||
Cigna Corp. | 23,573 | 4,991,111 | ||||||
Tivity Health, Inc.† | 25,780 | 948,704 | ||||||
UnitedHealth Group, Inc. | 89,105 | 20,331,088 | ||||||
WellCare Health Plans, Inc.† | 19,850 | 4,227,852 | ||||||
30,498,755 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Metal-Diversified — 0.1% |
| |||||||
Rio Tinto PLC | 22,760 | $ | 1,078,803 | |||||
Multimedia — 1.0% |
| |||||||
Liberty Media Corp. - Liberty Formula One, Series C† | 30,264 | 1,101,610 | ||||||
Time Warner, Inc. | 36,290 | 3,320,898 | ||||||
Walt Disney Co. | 64,983 | 6,811,518 | ||||||
11,234,026 | ||||||||
Networking Products — 0.2% |
| |||||||
LogMeIn, Inc.# | 18,437 | 2,194,003 | ||||||
Oil Companies-Exploration & Production — 0.7% |
| |||||||
Concho Resources, Inc.†# | 26,501 | 3,706,430 | ||||||
EOG Resources, Inc. | 34,960 | 3,577,107 | ||||||
Lundin Petroleum AB† | 35,770 | 823,671 | ||||||
8,107,208 | ||||||||
Oil Companies-Integrated — 0.2% |
| |||||||
Royal Dutch Shell PLC, Class A | 43,302 | 1,385,806 | ||||||
TOTAL SA | 19,914 | 1,124,345 | ||||||
2,510,151 | ||||||||
Oil-Field Services — 0.3% |
| |||||||
Halliburton Co. | 70,647 | 2,951,632 | ||||||
Optical Supplies — 0.0% |
| |||||||
Essilor International SA | 3,230 | 415,579 | ||||||
Patient Monitoring Equipment — 0.1% |
| |||||||
Masimo Corp.† | 18,551 | 1,648,071 | ||||||
Radio — 0.1% |
| |||||||
Sirius XM Holdings, Inc.# | 314,330 | 1,728,815 | ||||||
Real Estate Investment Trusts — 1.2% |
| |||||||
Equity Residential | 90,334 | 6,036,118 | ||||||
Potlatch Corp. | 33,190 | 1,712,604 | ||||||
SBA Communications Corp.† | 40,168 | 6,818,518 | ||||||
14,567,240 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
Daito Trust Construction Co., Ltd. | 3,500 | 641,022 | ||||||
Rental Auto/Equipment — 0.2% |
| |||||||
Ashtead Group PLC | 44,008 | 1,131,216 | ||||||
Localiza Rent a Car SA | 126,300 | 772,821 | ||||||
McGrath RentCorp | 5,908 | 282,402 | ||||||
2,186,439 | ||||||||
Retail-Apparel/Shoe — 0.8% |
| |||||||
ANTA Sports Products, Ltd. | 131,000 | 588,315 | ||||||
Industria de Diseno Textil SA | 10,680 | 378,505 | ||||||
Lojas Renner SA | 75,400 | 781,537 | ||||||
Ross Stores, Inc. | 49,800 | 3,786,294 | ||||||
Tapestry, Inc. | 59,800 | 2,493,062 | ||||||
Zalando SE†#* | 26,665 | 1,365,307 | ||||||
9,393,020 | ||||||||
Retail-Auto Parts — 0.2% |
| |||||||
O’Reilly Automotive, Inc.† | 12,130 | 2,865,227 | ||||||
Retail-Building Products — 0.4% |
| |||||||
Home Depot, Inc. | 11,632 | 2,091,666 | ||||||
Lowe’s Cos., Inc. | 33,304 | 2,776,555 | ||||||
4,868,221 | ||||||||
Retail-Convenience Store — 0.0% |
| |||||||
CP ALL PCL | 176,400 | 394,280 | ||||||
96 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail-Discount — 2.4% |
| |||||||
B&M European Value Retail SA | 221,589 | $ | 1,145,021 | |||||
Costco Wholesale Corp. | 40,077 | 7,391,401 | ||||||
Dollar Tree, Inc.† | 65,766 | 6,758,114 | ||||||
Dollarama, Inc. | 6,930 | 847,134 | ||||||
Target Corp. | 115,891 | 6,941,871 | ||||||
Wal-Mart Stores, Inc. | 55,013 | 5,348,914 | ||||||
28,432,455 | ||||||||
Retail-Drug Store — 0.0% |
| |||||||
CVS Health Corp. | 6,401 | 490,317 | ||||||
Walgreens Boots Alliance, Inc. | 427 | 31,068 | ||||||
521,385 | ||||||||
Retail-Home Furnishings — 0.1% |
| |||||||
Nitori Holdings Co., Ltd. | 5,400 | 883,704 | ||||||
Retail-Jewelry — 0.1% |
| |||||||
Cie Financiere Richemont SA | 13,770 | 1,185,208 | ||||||
Retail-Major Department Stores — 1.1% |
| |||||||
Kering | 4,300 | 1,908,796 | ||||||
TJX Cos., Inc. | 145,644 | 11,003,404 | ||||||
12,912,200 | ||||||||
Retail-Misc./Diversified — 0.1% |
| |||||||
Ryohin Keikaku Co., Ltd. | 2,800 | 876,145 | ||||||
Retail-Restaurants — 1.4% |
| |||||||
Chipotle Mexican Grill, Inc.†# | 14,098 | 4,291,290 | ||||||
Darden Restaurants, Inc. | 47,017 | 3,964,473 | ||||||
McDonald’s Corp. | 2,735 | 470,338 | ||||||
Ruth’s Hospitality Group, Inc. | 13,730 | 294,509 | ||||||
Starbucks Corp. | 118,250 | 6,837,215 | ||||||
15,857,825 | ||||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
Meta Financial Group, Inc. | 4,455 | 418,547 | ||||||
Schools — 0.2% |
| |||||||
Grand Canyon Education, Inc.† | 18,770 | 1,782,399 | ||||||
TAL Education Group ADR | 19,990 | 557,321 | ||||||
2,339,720 | ||||||||
Semiconductor Components-Integrated Circuits — 0.8% |
| |||||||
Analog Devices, Inc. | 24,660 | 2,123,473 | ||||||
Maxim Integrated Products, Inc. | 122,944 | 6,433,659 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 142,000 | 1,069,043 | ||||||
9,626,175 | ||||||||
Semiconductor Equipment — 1.7% |
| |||||||
Applied Materials, Inc. | 182,724 | 9,642,346 | ||||||
ASML Holding NV | 46,570 | 8,188,107 | ||||||
Lam Research Corp. | 13,216 | 2,541,833 | ||||||
20,372,286 | ||||||||
Soap & Cleaning Preparation — 0.3% |
| |||||||
Church & Dwight Co., Inc. | 70,742 | 3,331,241 | ||||||
Software Tools — 0.4% |
| |||||||
VMware, Inc., Class A†# | 34,066 | 4,091,667 | ||||||
Steel-Producers — 0.0% |
| |||||||
ArcelorMittal† | 10,400 | 314,864 | ||||||
Telecommunication Equipment — 0.0% |
| |||||||
ARRIS International PLC† | 11,059 | 331,438 | ||||||
Telephone-Integrated — 0.0% |
| |||||||
Verizon Communications, Inc. | 3,479 | 177,046 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Tobacco — 1.5% |
| |||||||
Altria Group, Inc. | 84,072 | $ | 5,702,604 | |||||
British American Tobacco PLC | 41,490 | 2,639,355 | ||||||
Philip Morris International, Inc. | 86,206 | 8,857,667 | ||||||
17,199,626 | ||||||||
Toys — 0.1% |
| |||||||
Nintendo Co., Ltd. | 3,400 | 1,380,397 | ||||||
Transactional Software — 0.1% |
| |||||||
Amadeus IT Group SA | 18,450 | 1,332,095 | ||||||
Transport-Marine — 0.1% |
| |||||||
AP Moller - Maersk A/S, Series B | 600 | 1,076,423 | ||||||
Transport-Rail — 0.5% |
| |||||||
Union Pacific Corp. | 50,522 | 6,391,033 | ||||||
Transport-Services — 0.1% |
| |||||||
DSV A/S | 20,210 | 1,556,662 | ||||||
Transport-Truck — 0.8% |
| |||||||
JB Hunt Transport Services, Inc. | 36,880 | 4,098,843 | ||||||
XPO Logistics, Inc.†# | 63,219 | 4,996,198 | ||||||
9,095,041 | ||||||||
Web Hosting/Design — 0.1% |
| |||||||
VeriSign, Inc.†# | 11,836 | 1,362,324 | ||||||
Web Portals/ISP — 6.3% |
| |||||||
Alphabet, Inc., Class A† | 53,661 | 55,601,919 | ||||||
Alphabet, Inc., Class C† | 13,580 | 13,870,748 | ||||||
Baidu, Inc. ADR† | 12,340 | 2,944,077 | ||||||
Yandex NV, Class A† | 36,720 | 1,215,799 | ||||||
73,632,543 | ||||||||
Total Common Stocks |
| |||||||
(cost $886,831,422) | 1,151,682,465 | |||||||
EXCHANGE-TRADED FUNDS — 0.3% |
| |||||||
iShares Russell 1000 Growth ETF# | 27,883 | 3,730,467 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $890,475,498) | 1,155,412,932 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.9% |
| |||||||
Registered Investment Companies — 1.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 14,917,424 | 14,917,424 | ||||||
Time Deposits — 0.6% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 6,998,000 | 6,998,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $21,915,424) | 21,915,424 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $912,390,922)(3) | 100.8 | % | 1,177,328,356 | |||||
Liabilities in excess of other assets | (0.8 | ) | (9,588,884 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,167,739,472 | ||||
† | 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, 2017, the aggregate value of these securities was $1,365,307 representing 0.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
97 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $71,698,406. This was secured by collateral of $14,917,424, which was received in cash and subsequently invested in short-term investments currently valued at $14,917,424 as reported in the Portfolio of Investments. Additional collateral of $58,013,641 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, 2017 | |||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $10,706,383 | |||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 5,640,002 | |||
Government National Mtg. Assoc. | 2.50% to 3.50% | 08/20/2044 to 11/20/2046 | 10,755,466 | |||
United States Treasury Bills | 0.00% | 12/14/2017 to 08/16/2018 | 1,178,473 | |||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 29,733,317 |
(2) | The rate shown is the 7-day yield as of November 30, 2017. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVA—Certification Van Aandelen
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Credit Suisse | CHF | 1,028,496 | USD | 1,056,388 | 12/29/2017 | $ | 8,498 | $ | — | |||||||||||||||||||
JPY | 349,010,200 | USD | 3,117,876 | 12/29/2017 | 12,170 | — | ||||||||||||||||||||||
USD | 130,379 | CHF | 127,644 | 12/29/2017 | — | (329 | ) | |||||||||||||||||||||
USD | 139,391 | JPY | 15,849,400 | 12/29/2017 | 1,647 | — | ||||||||||||||||||||||
22,315 | (329 | ) | ||||||||||||||||||||||||||
UBS AG | EUR | 5,072,529 | USD | 6,006,289 | 12/29/2017 | — | (42,086 | ) | ||||||||||||||||||||
USD | 651,671 | EUR | 549,032 | 12/29/2017 | 2,983 | — | ||||||||||||||||||||||
2,983 | (42,086 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 25,298 | $ | (42,415 | ) | |||||||||||||||||||||||
CHF—Swiss Franc
EUR—Euro Currency
JPY—Japanese Yen
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 1,027,695,008 | $ | 123,987,457 | ** | $ | — | $ | 1,151,682,465 | |||||||
Exchange-Traded Funds | 3,730,467 | — | — | 3,730,467 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 14,917,424 | — | — | 14,917,424 | ||||||||||||
Time Deposits | — | 6,998,000 | — | 6,998,000 | ||||||||||||
Total Investments at Value | $ | 1,046,342,899 | $ | 130,985,457 | $ | — | $ | 1,177,328,356 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 25,298 | $ | — | $ | 25,298 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 42,415 | $ | — | $ | 42,415 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $107,187,644 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
98 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation* | ||||
Medical-Drugs | 5.3 | % | ||
Computers | 4.6 | |||
Diversified Banking Institutions | 4.6 | |||
Applications Software | 3.9 | |||
Web Portals/ISP | 3.4 | |||
Electronic Components-Semiconductors | 3.3 | |||
Electric-Integrated | 3.1 | |||
Oil Companies-Exploration & Production | 3.1 | |||
Medical-HMO | 2.6 | |||
Medical-Biomedical/Gene | 2.6 | |||
Banks-Super Regional | 2.5 | |||
Real Estate Investment Trusts | 2.4 | |||
Finance-Credit Card | 2.3 | |||
Internet Content-Entertainment | 2.3 | |||
Cable/Satellite TV | 2.2 | |||
Diversified Manufacturing Operations | 2.1 | |||
Retail-Building Products | 2.1 | |||
Insurance-Multi-line | 2.1 | |||
Chemicals-Diversified | 2.0 | |||
Oil Companies-Integrated | 2.0 | |||
E-Commerce/Products | 1.9 | |||
Transport-Rail | 1.7 | |||
Computer Services | 1.6 | |||
Insurance-Reinsurance | 1.6 | |||
Beverages-Non-alcoholic | 1.5 | |||
Multimedia | 1.5 | |||
Instruments-Controls | 1.4 | |||
Tobacco | 1.4 | |||
Electronic Forms | 1.3 | |||
Diagnostic Equipment | 1.3 | |||
Retail-Discount | 1.2 | |||
Banks-Fiduciary | 1.1 | |||
Aerospace/Defense | 1.1 | |||
Tools-Hand Held | 1.1 | |||
Food-Misc./Diversified | 0.9 | |||
Medical Products | 0.9 | |||
Telephone-Integrated | 0.9 | |||
Finance-Investment Banker/Broker | 0.8 | |||
Cosmetics & Toiletries | 0.8 | |||
Semiconductor Components-Integrated Circuits | 0.8 | |||
Airlines | 0.8 | |||
Time Deposits | 0.7 | |||
Retail-Major Department Stores | 0.6 | |||
Brewery | 0.6 | |||
Data Processing/Management | 0.6 | |||
Retail-Drug Store | 0.6 | |||
Medical Instruments | 0.6 | |||
Retail-Apparel/Shoe | 0.6 | |||
Electronic Connectors | 0.5 | |||
Building-Residential/Commercial | 0.5 | |||
Consumer Products-Misc. | 0.5 | |||
Cruise Lines | 0.5 | |||
Machinery-Farming | 0.5 | |||
Finance-Other Services | 0.5 | |||
Auto/Truck Parts & Equipment-Original | 0.4 | |||
Electronic Security Devices | 0.4 | |||
Retail-Restaurants | 0.4 | |||
Pipelines | 0.4 | |||
Beverages-Wine/Spirits | 0.4 | |||
Insurance Brokers | 0.4 | |||
Athletic Footwear | 0.3 | |||
Networking Products | 0.3 | |||
Auto-Cars/Light Trucks | 0.3 | |||
Retail-Auto Parts | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Aerospace/Defense-Equipment | 0.3 | |||
Commercial Services-Finance | 0.3 | |||
Electronic Measurement Instruments | 0.3 |
Auto-Heavy Duty Trucks | 0.3 | |||
Containers-Paper/Plastic | 0.2 | |||
Cellular Telecom | 0.2 | |||
Building Products-Wood | 0.2 | |||
Retail-Consumer Electronics | 0.2 | |||
Medical-Wholesale Drug Distribution | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Containers-Metal/Glass | 0.2 | |||
Metal-Aluminum | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Banks-Commercial | 0.1 | |||
Insurance-Property/Casualty | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Hotels/Motels | 0.1 | |||
Transport-Services | 0.1 | |||
Chemicals-Specialty | 0.1 | |||
Radio | 0.1 | |||
Registered Investment Companies | 0.1 | |||
Gold Mining | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Internet Security | 0.1 | |||
Textile-Home Furnishings | 0.1 | |||
Agricultural Operations | 0.1 | |||
Building Products-Cement | 0.1 | |||
Gas-Distribution | 0.1 | |||
Medical-Generic Drugs | 0.1 | |||
99.9% | ||||
* | Calculated as a percentage of net assets |
99 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.1% |
| |||||||
Aerospace/Defense — 1.1% |
| |||||||
General Dynamics Corp. | 3,459 | $ | 716,566 | |||||
Northrop Grumman Corp. | 2,292 | 704,561 | ||||||
1,421,127 | ||||||||
Aerospace/Defense-Equipment — 0.3% |
| |||||||
Harris Corp. | 631 | 91,179 | ||||||
United Technologies Corp. | 2,413 | 293,059 | ||||||
384,238 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
Mosaic Co. | 536 | 13,019 | ||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 2,116 | 84,386 | ||||||
Airlines — 0.8% |
| |||||||
Delta Air Lines, Inc. | 11,886 | 629,007 | ||||||
United Continental Holdings, Inc.† | 5,993 | 379,477 | ||||||
1,008,484 | ||||||||
Applications Software — 3.9% |
| |||||||
Intuit, Inc. | 815 | 128,135 | ||||||
Microsoft Corp. | 57,678 | 4,854,757 | ||||||
4,982,892 | ||||||||
Athletic Footwear — 0.3% |
| |||||||
NIKE, Inc., Class B | 7,338 | 443,362 | ||||||
Auto-Cars/Light Trucks — 0.3% |
| |||||||
Ford Motor Co. | 33,194 | 415,589 | ||||||
Auto-Heavy Duty Trucks — 0.3% |
| |||||||
PACCAR, Inc. | 4,768 | 335,333 | ||||||
Auto/Truck Parts & Equipment-Original — 0.4% |
| |||||||
Delphi Automotive PLC | 3,986 | 417,215 | ||||||
Lear Corp. | 834 | 150,862 | ||||||
568,077 | ||||||||
Banks-Commercial — 0.1% |
| |||||||
SVB Financial Group† | 809 | 184,161 | ||||||
Banks-Fiduciary — 1.1% |
| |||||||
Bank of New York Mellon Corp. | 12,586 | 688,958 | ||||||
Citizens Financial Group, Inc. | 2,442 | 99,389 | ||||||
State Street Corp. | 6,925 | 660,299 | ||||||
1,448,646 | ||||||||
Banks-Super Regional — 2.5% |
| |||||||
Capital One Financial Corp. | 5,149 | 473,708 | ||||||
Comerica, Inc. | 3,127 | 260,510 | ||||||
KeyCorp | 24,209 | 459,487 | ||||||
SunTrust Banks, Inc. | 4,246 | 261,681 | ||||||
Wells Fargo & Co. | 32,208 | 1,818,786 | ||||||
3,274,172 | ||||||||
Beverages-Non-alcoholic — 1.5% |
| |||||||
Coca-Cola Co. | 7,116 | 325,699 | ||||||
PepsiCo, Inc. | 13,652 | 1,590,731 | ||||||
1,916,430 | ||||||||
Beverages-Wine/Spirits — 0.4% |
| |||||||
Constellation Brands, Inc., Class A | 2,449 | 532,878 | ||||||
Brewery — 0.6% |
| |||||||
Molson Coors Brewing Co., Class B | 9,873 | 771,081 | ||||||
Building Products-Cement — 0.1% |
| |||||||
Vulcan Materials Co. | 641 | 80,542 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building Products-Wood — 0.2% |
| |||||||
Masco Corp. | 6,936 | $ | 297,624 | |||||
Building-Residential/Commercial — 0.5% |
| |||||||
D.R. Horton, Inc. | 5,637 | 287,487 | ||||||
PulteGroup, Inc. | 2,224 | 75,905 | ||||||
Toll Brothers, Inc. | 5,728 | 288,290 | ||||||
651,682 | ||||||||
Cable/Satellite TV — 2.2% |
| |||||||
Charter Communications, Inc., Class A† | 2,668 | 870,328 | ||||||
Comcast Corp., Class A | 44,830 | 1,682,918 | ||||||
DISH Network Corp., Class A† | 6,769 | 342,850 | ||||||
2,896,096 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
T-Mobile US, Inc.† | 5,075 | 309,930 | ||||||
Chemicals-Diversified — 2.0% |
| |||||||
Celanese Corp., Series A | 2,473 | 265,205 | ||||||
DowDuPont, Inc. | 21,738 | 1,564,266 | ||||||
Eastman Chemical Co. | 8,446 | 780,157 | ||||||
2,609,628 | ||||||||
Chemicals-Specialty — 0.1% |
| |||||||
Albemarle Corp.# | 879 | 118,067 | ||||||
Commercial Services-Finance — 0.3% |
| |||||||
H&R Block, Inc.# | 2,300 | 60,214 | ||||||
Vantiv, Inc., Class A†# | 4,239 | 317,925 | ||||||
378,139 | ||||||||
Computer Services — 1.6% |
| |||||||
Accenture PLC, Class A | 11,056 | 1,636,398 | ||||||
International Business Machines Corp. | 3,173 | 488,547 | ||||||
2,124,945 | ||||||||
Computers — 4.6% |
| |||||||
Apple, Inc. | 31,958 | 5,491,982 | ||||||
HP, Inc. | 22,459 | 481,746 | ||||||
5,973,728 | ||||||||
Consumer Products-Misc. — 0.5% |
| |||||||
Kimberly-Clark Corp. | 5,418 | 648,860 | ||||||
Containers-Metal/Glass — 0.2% |
| |||||||
Crown Holdings, Inc.† | 4,087 | 244,117 | ||||||
Containers-Paper/Plastic — 0.2% |
| |||||||
WestRock Co. | 5,065 | 316,107 | ||||||
Cosmetics & Toiletries — 0.8% |
| |||||||
Estee Lauder Cos., Inc., Class A | 2,020 | 252,157 | ||||||
Procter & Gamble Co. | 9,096 | 818,549 | ||||||
1,070,706 | ||||||||
Cruise Lines — 0.5% |
| |||||||
Royal Caribbean Cruises, Ltd. | 5,000 | 619,400 | ||||||
Data Processing/Management — 0.6% |
| |||||||
Fidelity National Information Services, Inc. | 8,118 | 765,771 | ||||||
Diagnostic Equipment — 1.3% |
| |||||||
Abbott Laboratories | 15,491 | 873,228 | ||||||
Danaher Corp. | 4,010 | 378,384 | ||||||
Thermo Fisher Scientific, Inc. | 2,124 | 409,422 | ||||||
1,661,034 | ||||||||
Distribution/Wholesale — 0.1% |
| |||||||
HD Supply Holdings, Inc.† | 3,745 | 138,490 | ||||||
100 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Banking Institutions — 4.6% |
| |||||||
Bank of America Corp. | 86,682 | $ | 2,441,832 | |||||
Citigroup, Inc. | 27,898 | 2,106,299 | ||||||
Morgan Stanley | 26,256 | 1,355,072 | ||||||
5,903,203 | ||||||||
Diversified Manufacturing Operations — 2.1% |
| |||||||
Eaton Corp. PLC | 11,957 | 930,015 | ||||||
General Electric Co. | 34,550 | 631,919 | ||||||
Ingersoll-Rand PLC | 11,777 | 1,031,901 | ||||||
Parker-Hannifin Corp. | 771 | 144,555 | ||||||
2,738,390 | ||||||||
E-Commerce/Products — 1.9% |
| |||||||
Amazon.com, Inc.† | 2,115 | 2,488,826 | ||||||
E-Commerce/Services — 0.2% |
| |||||||
Priceline Group, Inc.† | 161 | 280,093 | ||||||
Electric-Integrated — 3.1% |
| |||||||
American Electric Power Co., Inc. | 7,166 | 556,297 | ||||||
CMS Energy Corp. | 6,233 | 311,027 | ||||||
Edison International | 4,741 | 385,301 | ||||||
Exelon Corp. | 11,046 | 460,729 | ||||||
NextEra Energy, Inc. | 7,657 | 1,210,112 | ||||||
WEC Energy Group, Inc.# | 1,146 | 79,635 | ||||||
Xcel Energy, Inc. | 19,180 | 989,880 | ||||||
3,992,981 | ||||||||
Electronic Components-Semiconductors — 3.3% |
| |||||||
Broadcom, Ltd. | 5,224 | 1,451,958 | ||||||
Microchip Technology, Inc.# | 4,401 | 382,843 | ||||||
Micron Technology, Inc.† | 4,284 | 181,599 | ||||||
NVIDIA Corp. | 2,701 | 542,118 | ||||||
Texas Instruments, Inc. | 16,772 | 1,631,748 | ||||||
4,190,266 | ||||||||
Electronic Connectors — 0.5% |
| |||||||
TE Connectivity, Ltd. | 7,179 | 677,985 | ||||||
Electronic Forms — 1.3% |
| |||||||
Adobe Systems, Inc.† | 9,350 | 1,696,744 | ||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Agilent Technologies, Inc. | 4,088 | 283,053 | ||||||
Fortive Corp. | 840 | 62,706 | ||||||
345,759 | ||||||||
Electronic Security Devices — 0.4% |
| |||||||
Allegion PLC | 6,597 | 555,072 | ||||||
Enterprise Software/Service — 0.2% |
| |||||||
Oracle Corp. | 1,579 | 77,466 | ||||||
Workday, Inc., Class A† | 1,339 | 137,917 | ||||||
215,383 | ||||||||
Finance-Credit Card — 2.3% |
| |||||||
American Express Co. | 8,181 | 799,365 | ||||||
Visa, Inc., Class A# | 19,059 | 2,145,853 | ||||||
2,945,218 | ||||||||
Finance-Investment Banker/Broker — 0.8% |
| |||||||
Charles Schwab Corp. | 22,082 | 1,077,381 | ||||||
Finance-Other Services — 0.5% |
| |||||||
Intercontinental Exchange, Inc. | 8,224 | 587,605 | ||||||
Food-Confectionery — 0.0% |
| |||||||
J.M. Smucker Co. | 331 | 38,618 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food-Misc./Diversified — 0.9% |
| |||||||
Kraft Heinz Co. | 1,122 | $ | 91,297 | |||||
Mondelez International, Inc., Class A | 26,300 | 1,129,322 | ||||||
1,220,619 | ||||||||
Gas-Distribution — 0.1% |
| |||||||
NiSource, Inc. | 2,891 | 79,589 | ||||||
Gold Mining — 0.1% |
| |||||||
Newmont Mining Corp. | 2,731 | 101,020 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 1,245 | 38,558 | ||||||
Hotels/Motels — 0.1% |
| |||||||
Hilton Worldwide Holdings, Inc. | 1,778 | 137,902 | ||||||
Instruments-Controls — 1.4% |
| |||||||
Honeywell International, Inc. | 11,724 | 1,828,475 | ||||||
Insurance Brokers — 0.4% |
| |||||||
Arthur J. Gallagher & Co. | 7,155 | 471,014 | ||||||
Insurance-Life/Health — 0.0% |
| |||||||
Brighthouse Financial, Inc.† | 804 | 47,267 | ||||||
Insurance-Multi-line — 2.1% |
| |||||||
Chubb, Ltd. | 7,516 | 1,143,259 | ||||||
Hartford Financial Services Group, Inc. | 5,701 | 327,465 | ||||||
MetLife, Inc. | 19,270 | 1,034,414 | ||||||
Voya Financial, Inc. | 3,984 | 176,093 | ||||||
2,681,231 | ||||||||
Insurance-Property/Casualty — 0.1% |
| |||||||
XL Group, Ltd. | 4,409 | 171,157 | ||||||
Insurance-Reinsurance — 1.6% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 9,750 | 1,881,847 | ||||||
Everest Re Group, Ltd. | 785 | 172,386 | ||||||
2,054,233 | ||||||||
Internet Content-Entertainment — 2.3% |
| |||||||
Facebook, Inc., Class A† | 16,573 | 2,936,404 | ||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp. | 3,371 | 97,658 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
BlackRock, Inc. | 199 | 99,737 | ||||||
Machinery-Farming — 0.5% |
| |||||||
Deere & Co. | 4,020 | 602,437 | ||||||
Medical Instruments — 0.6% |
| |||||||
Boston Scientific Corp.† | 27,382 | 719,599 | ||||||
Medical Products — 0.9% |
| |||||||
Becton Dickinson and Co. | 2,788 | 636,249 | ||||||
Cooper Cos., Inc. | 289 | 69,701 | ||||||
Zimmer Biomet Holdings, Inc. | 4,150 | 485,965 | ||||||
1,191,915 | ||||||||
Medical-Biomedical/Gene — 2.6% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 1,366 | 150,000 | ||||||
Amgen, Inc. | 352 | 61,832 | ||||||
Biogen, Inc.† | 2,603 | 838,609 | ||||||
BioMarin Pharmaceutical, Inc.†# | 547 | 46,933 | ||||||
Celgene Corp.† | 7,409 | 747,050 | ||||||
Gilead Sciences, Inc. | 9,743 | 728,582 | ||||||
Illumina, Inc.† | 1,412 | 324,802 | ||||||
Vertex Pharmaceuticals, Inc.† | 3,305 | 476,878 | ||||||
3,374,686 | ||||||||
101 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical-Drugs — 5.3% |
| |||||||
AbbVie, Inc. | 1,455 | $ | 141,019 | |||||
Allergan PLC | 4,403 | 765,373 | ||||||
Bristol-Myers Squibb Co. | 16,449 | 1,039,412 | ||||||
Eli Lilly & Co. | 12,082 | 1,022,620 | ||||||
Johnson & Johnson | 9,452 | 1,316,947 | ||||||
Merck & Co., Inc. | 11,247 | 621,622 | ||||||
Pfizer, Inc. | 53,729 | 1,948,214 | ||||||
6,855,207 | ||||||||
Medical-Generic Drugs — 0.1% |
| |||||||
Mylan NV† | 1,900 | 69,407 | ||||||
Medical-HMO — 2.6% |
| |||||||
Cigna Corp. | 4,423 | 936,482 | ||||||
Humana, Inc. | 529 | 137,995 | ||||||
UnitedHealth Group, Inc. | 10,102 | 2,304,973 | ||||||
3,379,450 | ||||||||
Medical-Wholesale Drug Distribution — 0.2% |
| |||||||
AmerisourceBergen Corp. | 2,602 | 220,702 | ||||||
McKesson Corp. | 433 | 63,971 | ||||||
284,673 | ||||||||
Metal-Aluminum — 0.2% |
| |||||||
Alcoa Corp.† | 5,753 | 238,807 | ||||||
Multimedia — 1.5% |
| |||||||
Time Warner, Inc. | 2,052 | 187,779 | ||||||
Twenty-First Century Fox, Inc., Class A | 25,316 | 808,593 | ||||||
Walt Disney Co. | 8,742 | 916,336 | ||||||
1,912,708 | ||||||||
Networking Products — 0.3% |
| |||||||
Cisco Systems, Inc. | 11,300 | 421,490 | ||||||
Oil Companies-Exploration & Production — 3.1% |
| |||||||
Anadarko Petroleum Corp. | 7,115 | 342,161 | ||||||
Concho Resources, Inc.†# | 2,937 | 410,769 | ||||||
Diamondback Energy, Inc.† | 4,784 | 522,939 | ||||||
EOG Resources, Inc. | 8,628 | 882,817 | ||||||
EQT Corp. | 4,062 | 242,095 | ||||||
Occidental Petroleum Corp. | 10,282 | 724,881 | ||||||
Pioneer Natural Resources Co. | 5,504 | 858,844 | ||||||
3,984,506 | ||||||||
Oil Companies-Integrated — 2.0% |
| |||||||
Chevron Corp. | 10,377 | 1,234,759 | ||||||
Exxon Mobil Corp. | 16,041 | 1,336,055 | ||||||
2,570,814 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Marathon Petroleum Corp. | 6,530 | 408,974 | ||||||
Oil-Field Services — 0.0% |
| |||||||
Halliburton Co. | 929 | 38,814 | ||||||
Pipelines — 0.4% |
| |||||||
Kinder Morgan, Inc. | 23,646 | 407,420 | ||||||
ONEOK, Inc. | 2,504 | 129,958 | ||||||
537,378 | ||||||||
Radio — 0.1% |
| |||||||
Sirius XM Holdings, Inc.# | 21,450 | 117,975 | ||||||
Real Estate Investment Trusts — 2.4% |
| |||||||
AvalonBay Communities, Inc. | 2,542 | 460,941 | ||||||
Boston Properties, Inc. | 1,324 | 166,003 | ||||||
Brixmor Property Group, Inc. | 3,186 | 57,571 | ||||||
Digital Realty Trust, Inc.# | 890 | 103,863 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Equinix, Inc. | 507 | $ | 235,496 | |||||
Equity Residential | 3,974 | 265,543 | ||||||
Extra Space Storage, Inc. | 3,070 | 262,055 | ||||||
Federal Realty Investment Trust | 1,740 | 230,045 | ||||||
HCP, Inc. | 5,571 | 147,297 | ||||||
Omega Healthcare Investors, Inc.# | 1,740 | 46,719 | ||||||
Prologis, Inc. | 3,992 | 264,390 | ||||||
Public Storage | 2,277 | 485,274 | ||||||
SBA Communications Corp.† | 802 | 136,140 | ||||||
Vornado Realty Trust | 2,462 | 191,101 | ||||||
3,052,438 | ||||||||
Retail-Apparel/Shoe — 0.6% |
| |||||||
PVH Corp. | 1,884 | 253,492 | ||||||
Ross Stores, Inc. | 6,069 | 461,426 | ||||||
714,918 | ||||||||
Retail-Auto Parts — 0.3% |
| |||||||
O’Reilly Automotive, Inc.† | 1,756 | 414,785 | ||||||
Retail-Building Products — 2.1% |
| |||||||
Home Depot, Inc. | 9,537 | 1,714,943 | ||||||
Lowe’s Cos., Inc. | 11,793 | 983,183 | ||||||
2,698,126 | ||||||||
Retail-Consumer Electronics — 0.2% |
| |||||||
Best Buy Co., Inc. | 4,869 | 290,241 | ||||||
Retail-Discount — 1.2% |
| |||||||
Costco Wholesale Corp. | 4,635 | 854,833 | ||||||
Dollar Tree, Inc.† | 6,134 | 630,330 | ||||||
1,485,163 | ||||||||
Retail-Drug Store — 0.6% |
| |||||||
Walgreens Boots Alliance, Inc. | 10,124 | 736,622 | ||||||
Retail-Major Department Stores — 0.6% |
| |||||||
TJX Cos., Inc. | 10,482 | 791,915 | ||||||
Retail-Restaurants — 0.4% |
| |||||||
McDonald’s Corp. | 752 | 129,322 | ||||||
Starbucks Corp. | 1,033 | 59,728 | ||||||
Yum! Brands, Inc. | 4,237 | 353,662 | ||||||
542,712 | ||||||||
Semiconductor Components-Integrated Circuits — 0.8% |
| |||||||
Analog Devices, Inc. | 11,859 | 1,021,178 | ||||||
Telephone-Integrated — 0.9% |
| |||||||
AT&T, Inc. | 10,279 | 373,950 | ||||||
Verizon Communications, Inc. | 14,148 | 719,992 | ||||||
1,093,942 | ||||||||
Textile-Home Furnishings — 0.1% |
| |||||||
Mohawk Industries, Inc.† | 335 | 94,674 | ||||||
Tobacco — 1.4% |
| |||||||
Philip Morris International, Inc. | 17,014 | 1,748,188 | ||||||
Tools-Hand Held — 1.1% |
| |||||||
Snap-on, Inc.# | 2,006 | 339,877 | ||||||
Stanley Black & Decker, Inc. | 6,065 | 1,028,806 | ||||||
1,368,683 | ||||||||
Transport-Rail — 1.7% |
| |||||||
Norfolk Southern Corp. | 5,205 | 721,569 | ||||||
Union Pacific Corp. | 11,752 | 1,486,628 | ||||||
2,208,197 | ||||||||
102 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Transport-Services — 0.1% |
| |||||||
FedEx Corp. | 524 | $ | 121,285 | |||||
Web Portals/ISP — 3.4% |
| |||||||
Alphabet, Inc., Class A† | 2,133 | 2,210,151 | ||||||
Alphabet, Inc., Class C† | 2,181 | 2,227,695 | ||||||
4,437,846 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $94,617,015) | 127,916,882 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.8% | ||||||||
Registered Investment Companies — 0.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 104,752 | 104,752 | ||||||
Time Deposits — 0.7% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 927,000 | 927,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $1,031,752) | 1,031,752 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $95,648,767) (3) | 99.9 | % | 128,948,634 | |||||
Other assets less liabilities | 0.1 | 90,846 | ||||||
NET ASSETS | 100.0 | % | $ | 129,039,480 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $3,630,466. This was secured by collateral of $104,752, which was received in cash and subsequently invested in short-term investments currently valued at $104,752 as reported in the Portfolio of Investments. Additional collateral of $3,533,686 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, 2017 | |||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $96,006 | |||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 50,261 | |||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 96,376 | |||
United States Treasury Bills | 0.00% | 12/21/2017 to 07/19/2018 | 74,834 | |||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 3,216,209 |
(2) | The rate shown is the 7-day yield as of November 30, 2017. |
(3) | See Note 5 for cost of investments on a tax basis. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
8 | Long | S&P 500 E-Mini Index | December 2017 | $ | 1,036,379 | $ | 1,059,160 | $ | 22,781 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 127,916,882 | $ | — | $ | — | $ | 127,916,882 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 104,752 | — | — | 104,752 | ||||||||||||
Time Deposits | — | 927,000 | — | 927,000 | ||||||||||||
Total Investments at Value | $ | 128,021,634 | $ | 927,000 | $ | — | $ | 128,948,634 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 22,781 | $ | — | $ | — | $ | 22,781 | ||||||||
* | 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
103 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 28.5 | % | ||
Medical — Drugs | 18.5 | |||
Medical — HMO | 18.0 | |||
Medical Products | 9.5 | |||
Medical Instruments | 6.1 | |||
Therapeutics | 3.4 | |||
Diagnostic Equipment | 3.3 | |||
Registered Investment Companies | 3.1 | |||
Electronic Measurement Instruments | 2.2 | |||
Medical — Hospitals | 2.2 | |||
X-Ray Equipment | 1.4 | |||
Dialysis Centers | 0.8 | |||
Medical Labs & Testing Services | 0.8 | |||
Retail — Drug Store | 0.7 | |||
Dental Supplies & Equipment | 0.7 | |||
Medical Information Systems | 0.7 | |||
Drug Delivery Systems | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Instruments — Controls | 0.5 | |||
Medical Imaging Systems | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Diagnostic Kits | 0.2 | |||
Pharmacy Services | 0.2 | |||
Applications Software | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
102.7 | % | |||
* | Calculated as a percentage of net assets |
104 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.5% | ||||||||
Dental Supplies & Equipment — 0.7% | ||||||||
Align Technology, Inc.† | 20,532 | $ | 5,356,388 | |||||
Diagnostic Equipment — 3.3% | ||||||||
Danaher Corp. | 102,600 | 9,681,336 | ||||||
GenMark Diagnostics, Inc.†# | 172,699 | 768,511 | ||||||
Oxford Immunotec Global PLC†# | 22,525 | 335,397 | ||||||
Thermo Fisher Scientific, Inc. | 76,500 | 14,746,140 | ||||||
25,531,384 | ||||||||
Diagnostic Kits — 0.2% | ||||||||
Quidel Corp.† | 47,771 | 1,814,820 | ||||||
Dialysis Centers — 0.8% | ||||||||
DaVita, Inc.† | 63,421 | 3,872,486 | ||||||
Fresenius Medical Care AG & Co. KGaA | 23,279 | 2,313,537 | ||||||
6,186,023 | ||||||||
Drug Delivery Systems — 0.5% | ||||||||
DexCom, Inc.†# | 48,320 | 2,823,338 | ||||||
Nektar Therapeutics† | 22,500 | 1,214,775 | ||||||
4,038,113 | ||||||||
Electronic Measurement Instruments — 2.2% | ||||||||
Agilent Technologies, Inc. | 241,700 | 16,735,308 | ||||||
Instruments - Controls — 0.5% | ||||||||
Mettler-Toledo International, Inc.† | 5,800 | 3,649,418 | ||||||
Medical Imaging Systems — 0.4% | ||||||||
Lantheus Holdings, Inc.† | 149,123 | 3,340,355 | ||||||
Medical Information Systems — 0.7% | ||||||||
athenahealth, Inc.†# | 37,513 | 4,985,103 | ||||||
Medical Instruments — 6.1% | ||||||||
Bruker Corp. | 97,437 | 3,427,834 | ||||||
Intuitive Surgical, Inc.† | 79,677 | 31,853,271 | ||||||
Medtronic PLC | 69,376 | 5,697,851 | ||||||
Teleflex, Inc. | 21,400 | 5,682,128 | ||||||
46,661,084 | ||||||||
Medical Labs & Testing Services — 0.8% | ||||||||
IQVIA Holdings, Inc.† | 25,855 | 2,637,469 | ||||||
Teladoc, Inc.†# | 89,800 | 3,331,580 | ||||||
5,969,049 | ||||||||
Medical Products — 9.1% | ||||||||
Becton Dickinson and Co. | 144,687 | 33,019,020 | ||||||
Cooper Cos., Inc. | 17,622 | 4,250,074 | ||||||
Glaukos Corp.†# | 34,100 | 912,857 | ||||||
Henry Schein, Inc.†# | 46,894 | 3,350,576 | ||||||
K2M Group Holdings, Inc.†# | 89,775 | 1,764,977 | ||||||
Penumbra, Inc.†# | 7,118 | 749,525 | ||||||
Stryker Corp. | 110,196 | 17,190,576 | ||||||
West Pharmaceutical Services, Inc. | 52,932 | 5,289,495 | ||||||
Wright Medical Group NV† | 131,839 | 3,205,006 | ||||||
Wright Medical Group NV CVR† | 7,700 | 11,550 | ||||||
69,743,656 | ||||||||
Medical - Biomedical/Gene — 28.4% | ||||||||
Abeona Therapeutics, Inc.†# | 17,921 | 310,033 | ||||||
Ablynx NV ADR† | 22,983 | 529,528 | ||||||
Acceleron Pharma, Inc.†# | 55,473 | 2,024,210 | ||||||
Acerta Pharma B.V., Class A(1)(4)(5) | 854,366 | 854,366 | ||||||
Acerta Pharma B.V., Class B(1)(4)(5) | 9,771,120 | 781,690 | ||||||
Alder Biopharmaceuticals, Inc.†# | 55,100 | 606,100 | ||||||
Alexion Pharmaceuticals, Inc.† | 132,032 | 14,498,434 | ||||||
Alnylam Pharmaceuticals, Inc.† | 102,312 | 13,765,056 | ||||||
Amarin Corp. PLC ADR† | 99,600 | 325,692 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) | ||||||||
Amgen, Inc. | 43,300 | $ | 7,606,078 | |||||
AnaptysBio, Inc.† | 5,400 | 453,870 | ||||||
Argenx SE ADR†# | 9,734 | 311,683 | ||||||
Audentes Therapeutics, Inc.†# | 50,770 | 1,465,222 | ||||||
Axovant Sciences, Ltd.†# | 60,540 | 334,181 | ||||||
BeiGene, Ltd. ADR†# | 27,527 | 2,202,160 | ||||||
Biogen, Inc.† | 47,209 | 15,209,324 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.† | 8,380 | 193,829 | ||||||
BioMarin Pharmaceutical, Inc.†# | 86,830 | 7,450,014 | ||||||
Bioverativ, Inc.† | 86,794 | 4,341,436 | ||||||
Bluebird Bio, Inc.†# | 49,642 | 8,578,138 | ||||||
Blueprint Medicines Corp.†# | 51,068 | 3,833,164 | ||||||
Celgene Corp.† | 51,980 | 5,241,143 | ||||||
Corvus Pharmaceuticals, Inc.†# | 13,399 | 150,203 | ||||||
Cytokinetics, Inc.†# | 22,300 | 191,780 | ||||||
Dermira, Inc.†# | 35,525 | 909,440 | ||||||
Editas Medicine, Inc.† | 24,579 | 709,596 | ||||||
Exelixis, Inc.† | 188,079 | 5,093,179 | ||||||
FibroGen, Inc.† | 40,252 | 1,911,970 | ||||||
Five Prime Therapeutics, Inc.†# | 11,200 | 295,120 | ||||||
Gilead Sciences, Inc. | 168,675 | 12,613,516 | ||||||
GlycoMimetics, Inc.†# | 30,800 | 434,588 | ||||||
Illumina, Inc.† | 17,115 | 3,936,963 | ||||||
ImmunoGen, Inc.†# | 50,000 | 317,500 | ||||||
Immunomedics, Inc.†# | 191,717 | 2,082,047 | ||||||
Incyte Corp.† | 147,151 | 14,566,477 | ||||||
Insmed, Inc.†# | 255,223 | 7,960,405 | ||||||
Ionis Pharmaceuticals, Inc.†# | 42,381 | 2,351,722 | ||||||
Juno Therapeutics, Inc.†# | 54,400 | 2,971,328 | ||||||
Loxo Oncology, Inc.†# | 32,130 | 2,465,977 | ||||||
Momenta Pharmaceuticals, Inc.† | 10,900 | 150,420 | ||||||
NewLink Genetics Corp.†# | 30,300 | 265,731 | ||||||
Ovid therapeutics, Inc.† | 14,828 | 182,533 | ||||||
Prothena Corp. PLC†# | 97,737 | 4,543,793 | ||||||
Puma Biotechnology, Inc.†# | 54,534 | 5,775,151 | ||||||
Regeneron Pharmaceuticals, Inc.† | 25,500 | 9,227,430 | ||||||
REGENXBIO, Inc.† | 8,100 | 227,610 | ||||||
Retrophin, Inc.†# | 13,200 | 297,528 | ||||||
Sage Therapeutics, Inc.†# | 97,082 | 8,971,348 | ||||||
Seattle Genetics, Inc.†# | 73,717 | 4,491,577 | ||||||
Spark Therapeutics, Inc.†# | 73,037 | 5,348,499 | ||||||
Theravance Biopharma, Inc.†# | 51,664 | 1,469,841 | ||||||
Tocagen, Inc.† | 20,741 | 247,648 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 47,322 | 2,389,288 | ||||||
Vertex Pharmaceuticals, Inc.† | 154,481 | 22,290,063 | ||||||
WaVe Life Sciences, Ltd.†# | 18,980 | 706,056 | ||||||
Zai Lab, Ltd. ADR†# | 13,420 | 350,396 | ||||||
Zeneca, Inc. CVR(1)(4)(5) | 23,110 | 14,213 | ||||||
216,826,287 | ||||||||
Medical - Drugs — 18.1% | ||||||||
AbbVie, Inc. | 142,904 | 13,850,256 | ||||||
ACADIA Pharmaceuticals, Inc.†# | 23,058 | 697,505 | ||||||
Achaogen, Inc.†# | 48,395 | 578,804 | ||||||
Aclaris Therapeutics, Inc.†# | 18,000 | 426,780 | ||||||
Aimmune Therapeutics, Inc.†# | 67,575 | 2,581,365 | ||||||
Alkermes PLC†# | 69,951 | 3,657,738 | ||||||
Allergan PLC | 75,187 | 13,069,756 | ||||||
Amicus Therapeutics, Inc.†# | 236,489 | 3,291,927 | ||||||
Array BioPharma, Inc.†# | 100,695 | 1,132,819 | ||||||
Ascendis Pharma A/S ADR†# | 19,500 | 723,450 | ||||||
Astellas Pharma, Inc. | 222,300 | 2,825,359 | ||||||
AstraZeneca PLC ADR# | 275,500 | 9,055,685 | ||||||
Bristol-Myers Squibb Co. | 198,970 | 12,572,914 | ||||||
Chugai Pharmaceutical Co., Ltd. | 95,700 | 4,970,731 |
105 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs (continued) | ||||||||
Clovis Oncology, Inc.†# | 20,310 | $ | 1,276,890 | |||||
Coherus Biosciences, Inc.†# | 29,013 | 259,666 | ||||||
Eisai Co., Ltd.# | 68,300 | 3,882,771 | ||||||
Eli Lilly & Co. | 92,486 | 7,828,015 | ||||||
Enanta Pharmaceuticals, Inc.† | 13,309 | 660,925 | ||||||
Global Blood Therapeutics, Inc.†# | 26,200 | 1,033,590 | ||||||
Inotek Pharmaceuticals Corp.†# | 39,600 | 91,476 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 312,753 | 5,401,244 | ||||||
Johnson & Johnson | 29,300 | 4,082,369 | ||||||
Mallinckrodt PLC†# | 56,144 | 1,225,062 | ||||||
Marinus Pharmaceuticals, Inc.†# | 10,000 | 72,000 | ||||||
Merck & Co., Inc. | 240,901 | 13,314,598 | ||||||
Minerva Neurosciences, Inc.† | 60,980 | 350,635 | ||||||
MyoKardia, Inc.†# | 11,931 | 438,464 | ||||||
Pfizer, Inc. | 115,200 | 4,177,152 | ||||||
Radius Health, Inc.†# | 96,119 | 2,721,129 | ||||||
Rhythm Pharmaceuticals, Inc.†# | 7,183 | 205,290 | ||||||
Roche Holding AG | 4,649 | 1,173,137 | ||||||
Scpharmaceuticals, Inc.† | 15,800 | 259,436 | ||||||
Shire PLC ADR | 57,008 | 8,479,940 | ||||||
TESARO, Inc.†# | 60,745 | 5,139,027 | ||||||
TherapeuticsMD, Inc.†# | 215,713 | 1,358,992 | ||||||
UCB SA | 31,803 | 2,370,863 | ||||||
Zoetis, Inc. | 49,008 | 3,542,788 | ||||||
138,780,548 | ||||||||
Medical - Generic Drugs — 0.5% | ||||||||
Avexis, Inc.†# | 15,787 | 1,496,765 | ||||||
Mylan NV† | 29,900 | 1,092,247 | ||||||
Perrigo Co. PLC# | 14,100 | 1,229,661 | ||||||
3,818,673 | ||||||||
Medical - HMO — 18.0% | ||||||||
Aetna, Inc. | 62,937 | 11,339,989 | ||||||
Anthem, Inc. | 69,700 | 16,376,712 | ||||||
Centene Corp.† | 135,145 | 13,796,953 | ||||||
Cigna Corp. | 108,300 | 22,930,359 | ||||||
Humana, Inc. | 56,936 | 14,852,325 | ||||||
Molina Healthcare, Inc.†# | 35,236 | 2,756,865 | ||||||
UnitedHealth Group, Inc. | 227,900 | 51,999,943 | ||||||
WellCare Health Plans, Inc.† | 17,050 | 3,631,479 | ||||||
137,684,625 | ||||||||
Medical - Hospitals — 2.2% | ||||||||
Acadia Healthcare Co., Inc.†# | 64,778 | 2,061,884 | ||||||
Envision Healthcare Corp.† | 50,389 | 1,608,921 | ||||||
HCA Healthcare, Inc.† | 108,316 | 9,206,860 | ||||||
Universal Health Services, Inc., Class B | 34,507 | 3,738,833 | ||||||
16,616,498 | ||||||||
Medical - Nursing Homes — 0.1% | ||||||||
Ensign Group, Inc. | 21,800 | 529,086 | ||||||
Medical - Wholesale Drug Distribution — 0.3% | ||||||||
McKesson Corp. | 14,661 | 2,166,016 | ||||||
Pharmacy Services — 0.1% | ||||||||
JAND, Inc. (dba Warby Parker)., Class A(1)(4)(5) | 33,706 | 379,192 | ||||||
Retail - Drug Store — 0.7% | ||||||||
CVS Health Corp. | 46,600 | 3,569,560 | ||||||
Raia Drogasil SA | 77,561 | 2,085,069 | ||||||
5,654,629 | ||||||||
Therapeutics — 3.4% | ||||||||
Agios Pharmaceuticals, Inc.†# | 40,710 | 2,505,700 | ||||||
Aquinox Pharmaceuticals, Inc.† | 93,017 | 982,259 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Therapeutics (continued) | ||||||||
Cara Therapeutics, Inc.†# | 23,000 | $ | 286,350 | |||||
Dyax Corp. CVR†(1)(4)(5) | 159,200 | 502,117 | ||||||
GW Pharmaceuticals PLC ADR†# | 29,177 | 3,632,245 | ||||||
La Jolla Pharmaceutical Co.†# | 15,700 | 523,595 | ||||||
Merus NV†# | 19,700 | 346,523 | ||||||
Neurocrine Biosciences, Inc.†# | 181,117 | 13,020,501 | ||||||
Sarepta Therapeutics, Inc.†# | 43,600 | 2,427,212 | ||||||
Xencor, Inc.†# | 92,577 | 2,009,847 | ||||||
26,236,349 | ||||||||
X-Ray Equipment — 1.4% | ||||||||
Hologic, Inc.†# | 248,200 | 10,354,904 | ||||||
Total Common Stocks | ||||||||
(cost $584,414,945) | 753,057,508 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.9% | ||||||||
Applications Software — 0.1% | ||||||||
Outset Medical, Inc. | 320,192 | 829,778 | ||||||
Medical Information Systems — 0.0% | ||||||||
Doximity, Inc. | 64,785 | 323,277 | ||||||
Medical Products — 0.4% | ||||||||
Becton Dickinson and Co. | 26,711 | 1,620,824 | ||||||
Guardant Health, Inc. | 33,640 | 276,591 | ||||||
Shockwave Medical, Inc. | 63,961 | 64,599 | ||||||
Shockwave Medical, Inc. | 1,306 | 1,319 | ||||||
Shockwave Medical, Inc. | 739,910 | 747,294 | ||||||
2,710,627 | ||||||||
Medical - Biomedical/Gene — 0.1% | ||||||||
Quanterix Corp. | 103,279 | 482,012 | ||||||
Medical - Drugs — 0.2% | ||||||||
Allergan PLC 5.50% | 2,970 | 1,848,261 | ||||||
Pharmacy Services — 0.1% | ||||||||
JAND, Inc. (dba Warby Parker), | 75,264 | 846,720 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $7,370,018) | 7,040,675 | |||||||
CONVERTIBLE BONDS & NOTES — 0.2% | ||||||||
Medical - Drugs — 0.2% | ||||||||
Ironwood Pharmaceuticals, Inc. | $ | 865,000 | 1,094,225 | |||||
OPTIONS - PURCHASED — 0.0% | ||||||||
Options-Purchased(7) | 49 | 55,300 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $592,670,970) | 761,247,708 | |||||||
106 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 — (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 3.1% | ||||||||
Registered Investment Companies — 3.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 832,973 | $ | 832,973 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio | 21,102,819 | 21,102,819 | ||||||
T. Rowe Price Government Reserve Fund | 1,908,622 | 1,908,622 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $23,844,414) | 23,844,414 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $616,515,384)(6) | 102.7 | % | 785,092,122 | |||||
Liabilities in excess of other assets | (2.7 | ) | (20,418,446 | ) | ||||
NET ASSETS | 100.0 | % | $ | 764,673,676 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Security classified as Level 3 (see Note 2). |
(2) | At November 30, 2017, the Fund had loaned securities with a total value of $142,844,351. This was secured by collateral of $21,102,819, which was received in cash and subsequently invested in short-term investments currently valued at $21,102,819 as reported in the Portfolio of Investments. Additional collateral of $121,626,782 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 7,535,248 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 3,944,846 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 7,564,233 | |||||
United States Treasury Bills | 0.00% | 12/21/2017 to 08/16/2018 | 3,001,482 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 99,580,973 |
(3) | The rate shown is the 7-day yield as of November 30, 2017. |
(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, 2017, 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 | 854,366 | 1.00 | 0.11% | ||||||||||||||||||
Acerta Pharma B.V. | ||||||||||||||||||||||||
Class B | 2/2/2016 | 9,771,120 | 249,853 | 781,690 | 0.08 | 0.10% | ||||||||||||||||||
Dyax Corp. CVR | 1/25/2016 | 159,200 | 176,712 | 502,117 | 3.15 | 0.07% | ||||||||||||||||||
JAND, Inc. (dba Warby Parker). | ||||||||||||||||||||||||
Class A | 4/23/2015 | 33,706 | 387,123 | 379,192 | 11.25 | 0.05% | ||||||||||||||||||
Zeneca, Inc. CVR | 7/19/2013 | 23,110 | 0 | 14,213 | 0.62 | 0.00% | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Doximity, Inc. | ||||||||||||||||||||||||
Series C | 4/10/2014 | 64,785 | 312,316 | 323,277 | 4.99 | 0.04% | ||||||||||||||||||
Guardant Health, Inc. | ||||||||||||||||||||||||
Series E | 5/9/2017 | 32,953 | 276,594 | |||||||||||||||||||||
11/16/2017 | 687 | 5,649 | ||||||||||||||||||||||
33,640 | 282,243 | 276,591 | 8.22 | 0.04% | ||||||||||||||||||||
JAND, Inc. (dba Warby Parker). | ||||||||||||||||||||||||
Series D | 4/23/2015 | 75,264 | 864,430 | 846,720 | 11.25 | 0.11% | ||||||||||||||||||
Outset Medical, Inc. | ||||||||||||||||||||||||
Series C | 4/19/2017 | 320,192 | 829,778 | 829,778 | 2.59 | 0.11% | ||||||||||||||||||
Quanterix Corp. | ||||||||||||||||||||||||
Series D1 | 6/2/2017 | 103,279 | 415,285 | 482,012 | 4.67 | 0.06% | ||||||||||||||||||
Shockwave Medical, Inc. | ||||||||||||||||||||||||
Series A1 | 9/25/2017 | 63,961 | 64,601 | 64,599 | 1.01 | 0.01% | ||||||||||||||||||
Shockwave Medical, Inc. | ||||||||||||||||||||||||
Series B | 9/25/2017 | 1,306 | 1,319 | 1,319 | 1.01 | 0.00% | ||||||||||||||||||
Shockwave Medical, Inc. | ||||||||||||||||||||||||
Series C | 11/10/2016 | 196,966 | 198,936 | |||||||||||||||||||||
9/27/2017 | 542,944 | 548,363 | ||||||||||||||||||||||
739,910 | 747,299 | 747,294 | 1.01 | 0.10% | ||||||||||||||||||||
$ | 6,103,168 | 0.80% | ||||||||||||||||||||||
(5) | Illiquid security. At November 30, 2017, the aggregate value of these securities was $6,103,168 representing 0.8% of net assets. |
(6) | See Note 5 for cost of investment on a tax basis. |
(7) | Options - Purchased. |
Exchange-Traded Purchased Call Options | ||||||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. of Contracts | Notional Amount* | Premiums Received | Value at November 30, 2017 | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Neurocrine Biosciences Inc. | February 2018 | 60 | 21 | $ | 150,969 | $ | 10,563 | $ | 28,140 | $ | 17,577 | |||||||||||||||||
Neurocrine Biosciences Inc. | February 2018 | 65 | 28 | 201,292 | 10,444 | 27,160 | 16,716 | |||||||||||||||||||||
49 | $ | 21,007 | $ | 55,300 | $ | 34,293 | ||||||||||||||||||||||
* | Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index. |
ADR — American Depositary Receipt
CVR — Contingent Value Rights
107 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 — (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 215,176,018 | $ | — | $ | 1,650,269 | $ | 216,826,287 | ||||||||
Pharmacy Services | — | — | 379,192 | 379,192 | ||||||||||||
Therapeutics | 25,734,232 | — | 502,117 | 26,236,349 | ||||||||||||
Other Industries | 492,079,282 | 17,536,398 | ** | — | 509,615,680 | |||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Medical Products | 1,620,824 | — | 1,089,803 | 2,710,627 | ||||||||||||
Medical - Drugs | 1,848,261 | — | — | 1,848,261 | ||||||||||||
Other Industries | — | — | 2,481,787 | 2,481,787 | ||||||||||||
Convertible Bonds & Notes | — | 1,094,225 | — | 1,094,225 | ||||||||||||
Options - Purchased | 55,300 | — | — | 55,300 | ||||||||||||
Short-Term Investment Securities | 23,844,414 | — | — | 23,844,414 | ||||||||||||
Total Investments at Value | $ | 760,358,331 | $ | 18,630,623 | $ | 6,103,168 | $ | 785,092,122 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $15,165,535 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
108 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
United States Treasury Notes | 36.7 | % | ||
United States Treasury Bonds | 17.0 | |||
Sovereign | 15.9 | |||
Diversified Banking Institutions | 12.6 | |||
Pipelines | 1.9 | |||
Diversified Financial Services | 1.5 | |||
Insurance — Multi-line | 1.4 | |||
Insurance — Life/Health | 1.2 | |||
Finance — Consumer Loans | 1.1 | |||
Federal Home Loan Mtg. Corp. | 1.0 | |||
Gold Mining | 1.0 | |||
Banks — Commercial | 1.0 | |||
Auto — Cars/Light Trucks | 0.9 | |||
Banks — Super Regional | 0.8 | |||
Oil Companies — Integrated | 0.7 | |||
Time Deposits | 0.7 | |||
Special Purpose Entities | 0.6 | |||
Registered Investment Companies | 0.5 | |||
Gas — Distribution | 0.5 | |||
Metal — Iron | 0.4 | |||
Metal — Diversified | 0.4 | |||
Building Products — Cement | 0.4 | |||
Federal National Mtg. Assoc. | 0.4 | |||
Building Products — Wood | 0.4 | |||
Oil Companies — Exploration & Production | 0.4 | |||
Electric — Integrated | 0.2 | |||
Insurance — Property/Casualty | 0.1 | |||
Diversified Minerals | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Machinery — Farming | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Government National Mtg. Assoc. | 0.1 | |||
100.3% | ||||
* | Calculated as a percentage of net assets |
Credit Quality#†
Aaa | 63.5 | % | ||
Aa | 7.1 | |||
A | 8.9 | |||
Baa | 11.7 | |||
Ba | 5.7 | |||
B | 0.2 | |||
Not Rated@ | 2.9 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
109 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 1.5% |
| |||||||
Diversified Financial Services — 1.5% |
| |||||||
280 Park Avenue Mtg. Trust FRS | $ | 5,000,000 | $ | 5,004,667 | ||||
Chase Issuance Trust | 2,000,000 | 1,968,252 | ||||||
Chase Issuance Trust FRS | 2,000,000 | 2,007,597 | ||||||
DBCG Mtg. Trust FRS | 360,000 | 360,000 | ||||||
Total Asset Backed Securities | ||||||||
(cost $9,362,557) | 9,340,516 | |||||||
U.S. CORPORATE BONDS & NOTES — 15.0% |
| |||||||
Agricultural Chemicals — 0.1% |
| |||||||
Mosaic Co. | 692,000 | 686,541 | ||||||
Mosaic Co. | 57,000 | 56,127 | ||||||
742,668 | ||||||||
Auto - Cars/Light Trucks — 0.9% |
| |||||||
Ford Motor Credit Co. LLC FRS | 2,510,000 | 2,529,579 | ||||||
Ford Motor Credit Co. LLC FRS | 1,350,000 | 1,358,345 | ||||||
Toyota Motor Credit Corp. | 2,000,000 | 1,998,633 | ||||||
5,886,557 | ||||||||
Banks - Commercial — 0.3% |
| |||||||
BB&T Corp. FRS | 877,000 | 882,801 | ||||||
Regions Financial Corp. | 959,000 | 954,155 | ||||||
1,836,956 | ||||||||
Banks - Super Regional — 0.3% |
| |||||||
Wells Fargo & Co. FRS | 2,000,000 | 2,026,390 | ||||||
Building Products - Cement — 0.4% |
| |||||||
Vulcan Materials Co. FRS | 2,512,000 | 2,518,468 | ||||||
Building Products - Wood — 0.4% |
| |||||||
Masco Corp. | 2,512,000 | 2,467,348 | ||||||
Cable/Satellite TV — 0.1% |
| |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 577,000 | 582,801 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Diversified Banking Institutions — 8.2% |
| |||||||
Bank of America Corp. FRS | $ | 2,000,000 | $ | 1,895,000 | ||||
Bank of America Corp. FRS | 1,600,000 | 1,634,400 | ||||||
Bank of America Corp. | 220,000 | 228,110 | ||||||
Bank of America Corp. | 2,504,000 | 2,668,250 | ||||||
Citigroup, Inc. FRS | 3,020,000 | 3,062,381 | ||||||
Citigroup, Inc. FRS | 1,475,000 | 1,503,796 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,949,700 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,988,020 | ||||||
Citigroup, Inc. | 2,082,000 | 2,109,733 | ||||||
Citigroup, Inc. FRS | 4,000,000 | 4,100,680 | ||||||
Goldman Sachs Group, Inc. FRS | 1,596,000 | 1,621,080 | ||||||
Goldman Sachs Group, Inc. FRS | 2,424,000 | 2,455,683 | ||||||
Goldman Sachs Group, Inc. FRS | 4,000,000 | 4,068,976 | ||||||
JPMorgan Chase & Co. FRS | 580,000 | 594,651 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 1,977,000 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,022,900 | ||||||
JPMorgan Chase & Co. FRS | 5,000,000 | 5,046,500 | ||||||
Morgan Stanley FRS | 1,260,000 | 1,278,723 | ||||||
Morgan Stanley FRS | 468,000 | 463,905 | ||||||
Morgan Stanley | 1,251,000 | 1,258,154 | ||||||
Morgan Stanley FRS | 1,813,000 | 1,862,858 | ||||||
Morgan Stanley FRS | 2,203,000 | 2,266,336 |
110 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
Morgan Stanley FRS | $ | 3,870,000 | $ | 3,990,937 | ||||
Morgan Stanley FRS | 664,000 | 668,980 | ||||||
Morgan Stanley & Co. LLC FRS | 2,000,000 | 2,050,000 | ||||||
51,766,753 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
FirstEnergy Corp. | 818,000 | 834,671 | ||||||
Finance - Consumer Loans — 0.9% |
| |||||||
SLM Corp. FRS | 2,017,000 | 1,955,946 | ||||||
SLM Corp. FRS | 3,745,000 | 3,710,396 | ||||||
5,666,342 | ||||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. FRS | 400,000 | 23,100 | ||||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 34,102 | ||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 57,750 | ||||||
114,952 | ||||||||
Insurance - Life/Health — 0.5% |
| |||||||
Pacific Life Global Funding FRS | 300,000 | 302,526 | ||||||
Pacific Life Insurance Co. | 698,000 | 693,205 | ||||||
Prudential Financial, Inc. FRS | 2,000,000 | 2,020,000 | ||||||
3,015,731 | ||||||||
Insurance - Multi-line — 0.8% |
| |||||||
Monumental Global Funding III FRS | 5,000,000 | 5,055,415 | ||||||
Metal - Diversified — 0.4% |
| |||||||
Glencore Funding LLC | 616,000 | 604,414 | ||||||
Glencore Funding LLC | 338,000 | 342,793 | ||||||
Glencore Funding LLC | 1,617,000 | 1,603,905 | ||||||
2,551,112 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Oil Companies - Exploration & Production — 0.4% |
| |||||||
Hess Corp. | $ | 400,000 | $ | 398,344 | ||||
Marathon Oil Corp. | 1,062,000 | 1,089,294 | ||||||
Noble Energy, Inc. | 800,000 | 794,786 | ||||||
2,282,424 | ||||||||
Pipelines — 0.6% |
| |||||||
Andeavor Logistics LP/Tesoro Logistics Finance Corp. | 1,274,000 | 1,273,316 | ||||||
EnLink Midstream Partners LP | 1,299,000 | 1,356,426 | ||||||
ONEOK, Inc. | 303,000 | 303,379 | ||||||
Sunoco Logistics Partners Operations LP | 513,000 | 512,000 | ||||||
3,445,121 | ||||||||
Special Purpose Entity — 0.6% |
| |||||||
Hartford Life Institutional Funding FRS | 3,985,000 | 4,012,935 | ||||||
Total U.S. Corporate Bonds & Notes |
| |||||||
(cost $93,766,628) | 94,806,644 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 5.9% |
| |||||||
Banks - Commercial — 0.3% |
| |||||||
ANZ New Zealand Int’l, Ltd. FRS | 1,950,000 | 1,980,398 | ||||||
Diversified Banking Institutions — 3.1% |
| |||||||
Barclays PLC FRS | 753,000 | 790,049 | ||||||
BNP Paribas SA FRS | 431,000 | 435,310 | ||||||
Credit Agricole SA | 535,000 | 554,475 | ||||||
Credit Suisse Group Funding Guernsey, Ltd. | 3,049,000 | 3,206,221 | ||||||
HSBC Holdings PLC FRS | 1,400,000 | 1,448,195 | ||||||
Royal Bank of Scotland Group PLC | 325,000 | 325,698 | ||||||
Royal Bank of Scotland PLC FRS | 2,000,000 | 2,001,180 | ||||||
Societe Generale SA FRS | 10,000,000 | 9,710,000 |
111 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
UniCredit SpA | $ | 738,000 | $ | 787,551 | ||||
19,258,679 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | 757,000 | 743,746 | ||||||
Gas - Distribution — 0.5% |
| |||||||
National Grid PLC | GBP | 1,763,000 | 2,967,048 | |||||
Gold Mining — 1.0% |
| |||||||
Goldcorp, Inc. | 2,200,000 | 2,201,854 | ||||||
Kinross Gold Corp. | 820,000 | 826,150 | ||||||
Newcrest Finance Pty, Ltd. | 1,497,000 | 1,559,621 | ||||||
Newcrest Finance Pty, Ltd. | 1,663,000 | 1,864,690 | ||||||
6,452,315 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
CNH Industrial NV | 663,000 | 659,377 | ||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Actavis Funding SCS FRS | 575,000 | 576,316 | ||||||
Metal - Iron — 0.4% |
| |||||||
Vale Overseas, Ltd. | 2,321,000 | 2,692,105 | ||||||
Oil Companies - Integrated — 0.3% |
| |||||||
BP Capital Markets PLC FRS | 1,900,000 | 1,912,992 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $36,625,522) | 37,242,976 | |||||||
U.S. GOVERNMENT AGENCIES — 1.5% | ||||||||
Federal Home Loan Mtg. Corp. — 1.0% | ||||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 684,062 | 690,165 | ||||||
Series 3925, Class FL 1.70% (1ML+0.45%) due 01/15/2041(6) | 752,810 | 756,963 | ||||||
Series 4001, Class FM 1.75% (1ML+0.50%) due 02/15/2042(6) | 449,604 | 451,635 | ||||||
Series 3355, Class BF 1.95% (1ML+0.70%) due 08/15/2037(6) | 486,705 | 493,603 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
Series 2014-DN2, Class M2 2.98% (1ML+1.65%) due 04/25/2024(6) | 1,542,212 | 1,562,652 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) | ||||||||
Series 2014-DN1, Class M2 3.53% (1ML+2.20%) due 02/25/2024(6) | $ | 1,455,702 | $ | 1,501,081 | ||||
Series 2014-HQ2, Class M2 3.53% (1ML+2.20%) due 09/25/2024(6) | 977,720 | 1,009,616 | ||||||
Series 2015-HQ1, Class M2 3.53% (1ML+2.20%) due 03/25/2025(6) | 383,136 | 385,295 | ||||||
6,851,010 | ||||||||
Federal National Mtg. Assoc. — 0.4% | ||||||||
Fannie Mae Connecticut Avenue Securities FRS | 6,325 | 6,378 | ||||||
Series 2013-C01, Class M1 3.33% (1ML+2.00%) due 10/25/2023(6) | 91,308 | 91,951 | ||||||
Federal National Mtg. Assoc. REMIC FRS | 1,018,317 | 1,020,690 | ||||||
Series 2011-103, Class FD 1.78% (1ML+0.45%) due 05/25/2040(6) | 1,376,444 | 1,382,651 | ||||||
2,501,670 | ||||||||
Government National Mtg. Assoc. — 0.1% | ||||||||
Government National Mtg. Assoc. | 434,850 | 437,801 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $9,706,167) | 9,790,481 | |||||||
U.S. GOVERNMENT TREASURIES — 53.7% | ||||||||
United States Treasury Bonds — 17.0% |
| |||||||
United States Treasury Bonds TIPS(7) | ||||||||
1.00% due 02/15/2046 | 7,196,279 | 7,396,557 | ||||||
0.63% due 02/15/2043 | 1,980,331 | 1,870,030 | ||||||
0.75% due 02/15/2042 | 3,093,976 | 3,020,133 | ||||||
0.75% due 02/15/2045 | 8,219,360 | 7,942,135 | ||||||
1.38% due 02/15/2044 | 4,537,172 | 5,059,209 | ||||||
1.75% due 01/15/2028 | 4,005,030 | 4,452,090 | ||||||
2.00% due 01/15/2026 | 4,364,123 | 4,869,239 | ||||||
2.13% due 02/15/2040 | 2,740,176 | 3,469,498 | ||||||
2.13% due 02/15/2041 | 4,699,090 | 5,983,634 | ||||||
2.38% due 01/15/2025 | 3,927,540 | 4,448,338 | ||||||
2.38% due 01/15/2027 | 4,894,760 | 5,672,093 | ||||||
2.50% due 01/15/2029 | 9,769,900 | 11,701,655 | ||||||
3.63% due 04/15/2028 | 13,731,840 | 17,835,824 | ||||||
3.88% due 04/15/2029 | 17,638,278 | 23,760,145 | ||||||
107,480,580 | ||||||||
United States Treasury Notes — 36.7% | ||||||||
United States Treasury Notes TIPS(7) | ||||||||
0.38% due 01/15/2027 | 5,863,984 | 5,756,297 | ||||||
0.13% due 04/15/2018 | 30,958,950 | 30,866,235 | ||||||
0.13% due 04/15/2019 | 14,444,089 | 14,386,047 | ||||||
0.13% due 04/15/2020 | 17,088,096 | 17,011,964 | ||||||
0.13% due 04/15/2021 | 35,115,145 | 34,881,272 | ||||||
0.13% due 01/15/2022 | 5,571,484 | 5,538,273 | ||||||
0.13% due 04/15/2022 | 15,423,744 | 15,282,919 | ||||||
0.13% due 01/15/2023 | 28,384,388 | 28,060,474 | ||||||
0.13% due 07/15/2024 | 19,148,918 | 18,819,462 | ||||||
0.13% due 07/15/2026 | 6,569,612 | 6,352,514 | ||||||
0.25% due 01/15/2025 | 7,501,608 | 7,382,986 | ||||||
0.38% due 07/15/2023 | 7,953,075 | 7,979,663 | ||||||
0.38% due 07/15/2025 | 7,239,177 | 7,192,450 | ||||||
0.38% due 07/15/2027 | 9,442,555 | 9,286,595 | ||||||
0.63% due 01/15/2024 | 7,932,150 | 8,036,640 | ||||||
0.63% due 01/15/2026 | 5,877,995 | 5,918,185 |
112 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount(1)/ Shares | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Notes (continued) | ||||||||
1.13% due 01/15/2021 | $ | 9,588,850 | $ | 9,864,768 | ||||
232,616,744 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $332,941,341) | 340,097,324 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 15.9% | ||||||||
Sovereign — 15.9% | ||||||||
Commonwealth of Australia | AUD | 16,108,500 | 12,249,367 | |||||
Commonwealth of Australia | AUD | 3,210,350 | 2,967,491 | |||||
Commonwealth of Australia | AUD | 16,035,780 | 14,388,622 | |||||
Federative Republic of Brazil | BRL | 7,000,000 | 2,288,364 | |||||
Government of Canada | CAD | 7,084,440 | 6,385,688 | |||||
Government of France | EUR | 8,164,178 | 10,316,468 | |||||
Government of France | EUR | 3,043,020 | 3,928,385 | |||||
Government of France | EUR | 3,338,490 | 4,766,233 | |||||
Government of New Zealand | NZD | 17,945,200 | 12,859,880 | |||||
Republic of Italy | EUR | 2,053,040 | 2,514,495 | |||||
Republic of Italy | EUR | 2,034,360 | 2,529,923 | |||||
United Kingdom Gilt Treasury | GBP | 6,607,200 | 9,432,934 | |||||
United Kingdom Gilt Treasury | GBP | 2,269,520 | 3,486,939 | |||||
United Kingdom Gilt Treasury | GBP | 4,066,862 | 6,708,655 | |||||
United Kingdom Gilt Treasury | GBP | 1,859,191 | 3,871,628 | |||||
United Mexican States | MXN | 40,913,927 | 2,150,099 | |||||
Total Foreign Government Obligations | ||||||||
(cost $98,069,279) | 100,845,171 | |||||||
PREFERRED SECURITIES — 1.0% | ||||||||
Banks - Money Center — 0.0% | ||||||||
Santander Finance Preferred SAU FRS | 9,950 | 238,104 | ||||||
Security Description | Principal Amount(1)/ Shares | Value (Note 2) | ||||||
Banks - Super Regional — 0.2% | ||||||||
Wells Fargo & Co.# | 47,800 | $ | 1,303,984 | |||||
Finance - Consumer Loans — 0.2% | ||||||||
Navient Corp. FRS | 42,207 | 1,057,285 | ||||||
Insurance - Life/Health — 0.6% | ||||||||
Prudential Financial, Inc. FRS | 139,445 | 3,520,986 | ||||||
Total Preferred Securities | ||||||||
(cost $6,292,804) | 6,120,359 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 4.6% | ||||||||
Banks - Commercial — 0.4% | ||||||||
Corestates Capital II FRS | $ | 669,000 | 625,515 | |||||
Standard Chartered PLC FRS | 1,300,000 | 1,202,500 | ||||||
Standard Chartered PLC | 400,000 | 432,500 | ||||||
2,260,515 | ||||||||
Banks - Super Regional — 0.3% | ||||||||
SunTrust Capital III FRS | 1,067,000 | 968,303 | ||||||
Wachovia Capital Trust II FRS | 1,039,000 | 977,387 | ||||||
1,945,690 | ||||||||
Diversified Banking Institutions — 1.3% | ||||||||
BAC Capital Trust XIV FRS | 3,161,000 | 2,864,656 | ||||||
BankBoston Capital Trust IV FRS | 726,000 | 679,318 | ||||||
BNP Paribas SA | 555,000 | 601,481 | ||||||
Goldman Sachs Group, Inc. | 2,539,000 | 2,519,958 | ||||||
HSBC Holdings PLC | 1,018,000 | 1,069,409 | ||||||
Royal Bank of Scotland Group PLC | 366,000 | 412,665 | ||||||
8,147,487 | ||||||||
Electric - Integrated — 0.1% | ||||||||
WEC Energy Group, Inc. FRS | 819,000 | 786,674 | ||||||
Insurance - Life/Health — 0.1% | ||||||||
Prudential Financial, Inc. | 836,000 | 865,260 | ||||||
Insurance - Multi - line — 0.6% | ||||||||
Genworth Holdings, Inc. FRS | 800,000 | 380,000 | ||||||
Hartford Financial Services Group, Inc. FRS | 3,202,000 | 3,041,900 | ||||||
3,421,900 | ||||||||
Insurance - Property/Casualty — 0.1% | ||||||||
Chubb Corp. FRS | 755,000 | 748,394 | ||||||
Oil Companies - Integrated — 0.4% | ||||||||
TOTAL SA | EUR | 2,000,000 | 2,645,330 | |||||
113 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) | ||||||||
Pipelines — 1.3% | ||||||||
Andeavor Logistics LP | $ | 1,271,000 | $ | 1,286,633 | ||||
DCP Midstream Operating LP | 659,000 | 612,870 | ||||||
Enbridge, Inc. | 2,670,000 | 2,663,325 | ||||||
Energy Transfer Partners LP | 2,554,000 | 2,515,690 | ||||||
EnLink Midstream Partners LP | 475,000 | 461,296 | ||||||
Enterprise Products Operating LLC Company Guar. Notes | 859,000 | 859,455 | ||||||
8,399,269 | ||||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $28,710,018) | 29,220,519 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $615,474,316) | 627,463,990 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.2% | ||||||||
Registered Investment Companies — 0.5% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.04%(9)(10) | 3,059,833 | 3,059,833 | ||||||
Time Deposits — 0.7% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | 4,379,000 | 4,379,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $7,438,833) | 7,438,833 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $622,913,149)(11) | 100.3 | % | 634,902,823 | |||||
Liabilities in excess of other assets | (0.3 | ) | (1,891,638 | ) | ||||
NET ASSETS | 100.0 | % | $ | 633,011,185 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2017, the aggregate value of these securities was $37,857,675 representing 6.0% 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) | Securities classified as Level 3 (see Note 2). |
(4) | Illiquid security. At November 30, 2017, the aggregate value of these securities was $9,710,000 representing 1.5% of net assets. |
(5) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(6) | Collateralized Mortgage Obligation |
(7) | Principal amount of security is adjusted for inflation. |
(8) | Perpetual maturity — maturity date reflects the next call date. |
(9) | At November 30, 2017, the Fund had loaned securities with a total value of $5,205,651. This was secured by collateral of $3,059,833, which was received in cash and subsequently invested in short-term investments currently valued at $3,059,833 as reported in the Portfolio of Investments. Additional collateral of $2,260,310 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, 2017 | |||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 01/31/2018 to 02/15/2045 | $2,260,310 |
(10) The rate shown is the 7-day yield as of November 30, 2017.
(11) See Note 5 for cost of investments on a tax basis.
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
EUR—Euro Currency
GBP—British Pound
MXN—Mexican Peso
NZD—New Zealand Dollar
REMIC—Real Estate Mortgage Investment Conduit
TIPS—Treasury Inflation Protected Securities
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2017 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
1 ML—1 Month USD LIBOR
3 ML—3 Month USD LIBOR
CPIYOY—CPI Urban Consumers YoY NSA
114 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | — | $ | 9,340,516 | $ | — | $ | 9,340,516 | ||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 50,132,353 | 1,634,400 | 51,766,753 | ||||||||||||
Special Purpose Entity | — | — | 4,012,935 | 4,012,935 | ||||||||||||
Other Industries | — | 39,026,956 | — | 39,026,956 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 9,548,679 | 9,710,000 | 19,258,679 | ||||||||||||
Other Industries | — | 17,984,297 | — | 17,984,297 | ||||||||||||
U.S. Government Agencies | — | 9,790,481 | — | 9,790,481 | ||||||||||||
U.S. Government Treasuries | — | 340,097,324 | — | 340,097,324 | ||||||||||||
Foreign Government Obligations | — | 100,845,171 | — | 100,845,171 | ||||||||||||
Preferred Securities | 6,120,359 | — | — | 6,120,359 | ||||||||||||
Preferred Securities/Capital Securities | — | 29,220,519 | — | 29,220,519 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 3,059,833 | — | — | 3,059,833 | ||||||||||||
Time Deposits | — | 4,379,000 | — | 4,379,000 | ||||||||||||
Total Investment at Value | $ | 9,180,192 | $ | 610,365,296 | $ | 15,357,335 | $ | 634,902,823 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
Balance as of 05/31/2017 | $ | 4,012,935 | $ | 9,420,000 | ||||
Accrued Discounts | — | — | ||||||
Accrued Premiums | (26,482 | ) | — | |||||
Realized Gain | — | — | ||||||
Realized Loss | — | — | ||||||
Change in unrealized appreciation(1) | — | — | ||||||
Change in unrealized depreciation(1) | 26,482 | 290,000 | ||||||
Net purchases | — | — | ||||||
Net sales | — | — | ||||||
Transfers into Level 3 | 1,634,400 | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 11/30/2017 | $ | 5,647,335 | $ | 9,710,000 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2017 includes: |
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
$ | 26,482 | $ | 290,000 | |||||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2017.
The Fund’s securities classified as Level 3, with a fair value of $15,357,335 at November 30, 2017, 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
115 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Medical — Drugs | 7.0 | % | ||
Diversified Banking Institutions | 6.4 | |||
Banks — Commercial | 5.9 | |||
Oil Companies — Integrated | 4.0 | |||
Auto — Cars/Light Trucks | 3.4 | |||
Registered Investment Companies | 2.7 | |||
U.S. Government Treasuries | 2.7 | |||
Exchange-Traded Funds | 2.6 | |||
Food — Misc./Diversified | 2.6 | |||
Telephone — Integrated | 2.5 | |||
Insurance — Life/Health | 2.3 | |||
Cosmetics & Toiletries | 2.1 | |||
Insurance — Multi-line | 2.0 | |||
Chemicals — Diversified | 1.9 | |||
Repurchase Agreements | 1.9 | |||
Electric — Integrated | 1.6 | |||
Real Estate Investment Trusts | 1.6 | |||
Tobacco | 1.3 | |||
Real Estate Operations & Development | 1.2 | |||
Metal — Diversified | 1.2 | |||
Transport — Rail | 1.2 | |||
Brewery | 1.1 | |||
Machinery — Electrical | 1.1 | |||
Food — Retail | 1.0 | |||
Diversified Manufacturing Operations | 1.0 | |||
Electronic Components — Misc. | 1.0 | |||
Diversified Minerals | 0.9 | |||
Import/Export | 0.9 | |||
Cellular Telecom | 0.8 | |||
Beverages — Wine/Spirits | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Chemicals — Specialty | 0.8 | |||
Gas — Distribution | 0.8 | |||
Insurance — Property/Casualty | 0.7 | |||
Soap & Cleaning Preparation | 0.7 | |||
Retail — Apparel/Shoe | 0.6 | |||
Industrial Gases | 0.6 | |||
Semiconductor Equipment | 0.6 | |||
Audio/Video Products | 0.6 | |||
Finance — Other Services | 0.6 | |||
Rubber — Tires | 0.6 | |||
Transport — Services | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Building — Heavy Construction | 0.6 | |||
Insurance — Reinsurance | 0.6 | |||
Building — Residential/Commercial | 0.6 | |||
Diversified Operations | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Commercial Services | 0.5 | |||
Building Products — Cement | 0.5 | |||
Textile — Apparel | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Electric — Generation | 0.5 | |||
Retail — Jewelry | 0.5 | |||
Medical Products | 0.5 | |||
Building & Construction — Misc. | 0.5 | |||
Machinery — General Industrial | 0.4 | |||
Steel — Producers | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Industrial Automated/Robotic | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Medical — Biomedical/Gene | 0.4 | |||
Office Automation & Equipment | 0.4 | |||
Telecom Services | 0.4 | |||
Electronic Components — Semiconductors | 0.4 | |||
Toys | 0.4 | |||
Computer Services | 0.4 |
Oil Companies — Exploration & Production | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Electric Products — Misc. | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Dialysis Centers | 0.3 | |||
Human Resources | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Investment Companies | 0.3 | |||
Food — Catering | 0.3 | |||
Athletic Footwear | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Multimedia | 0.3 | |||
Paper & Related Products | 0.3 | |||
Hotels/Motels | 0.3 | |||
Casino Hotels | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Machinery — Farming | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Electronics — Military | 0.2 | |||
Medical Instruments | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Transactional Software | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Wireless Equipment | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Optical Supplies | 0.2 | |||
Advertising Services | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Photo Equipment & Supplies | 0.2 | |||
Private Equity | 0.2 | |||
Gold Mining | 0.2 | |||
Web Portals/ISP | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Electric — Transmission | 0.2 | |||
Airport Development/Maintenance | 0.1 | |||
Airlines | 0.1 | |||
Water | 0.1 | |||
Security Services | 0.1 | |||
Transport — Marine | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Advertising Agencies | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Networking Products | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Electric — Distribution | 0.1 | |||
Television | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Appliances | 0.1 | |||
Retail — Discount | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Computer Data Security | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Computer Aided Design | 0.1 | |||
Agricultural Chemicals | 0.1 |
116 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited) — (continued)
Industry Allocation* (continued)
Casino Services | 0.1 | % | ||
Retail — Home Furnishings | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Cruise Lines | 0.1 | |||
Food — Meat Products | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Applications Software | 0.1 | |||
Gas — Transportation | 0.1 | |||
Pipelines | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Travel Services | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Retail — Building Products | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Consulting Services | 0.1 | |||
Internet Security | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Leisure Products | 0.1 | |||
102.7 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
Japan | 22.6 | % | ||
United Kingdom | 15.0 | |||
United States | 9.9 | |||
France | 9.2 | |||
Germany | 9.1 | |||
Switzerland | 7.5 | |||
Australia | 6.2 | |||
Netherlands | 4.2 | |||
Spain | 3.1 | |||
Sweden | 2.5 | |||
Hong Kong | 2.3 | |||
Italy | 1.9 | |||
Denmark | 1.7 | |||
Singapore | 1.2 | |||
Jersey | 1.1 | |||
Belgium | 1.1 | |||
Finland | 0.9 | |||
Cayman Islands | 0.6 | |||
Norway | 0.6 | |||
Ireland | 0.5 | |||
Israel | 0.4 | |||
Bermuda | 0.3 | |||
Luxembourg | 0.3 | |||
Austria | 0.2 | |||
Portugal | 0.1 | |||
New Zealand | 0.1 | |||
Papua New Guinea | 0.1 | |||
102.7 | % | |||
* | Calculated as a percentage of net assets |
117 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 92.8% |
| |||||||
Australia — 6.2% |
| |||||||
AGL Energy, Ltd. | 58,870 | $ | 1,121,556 | |||||
Alumina, Ltd.# | 229,114 | 386,368 | ||||||
Amcor, Ltd. | 102,288 | 1,196,931 | ||||||
AMP, Ltd. | 256,324 | 996,697 | ||||||
APA Group | 98,054 | 694,953 | ||||||
Aristocrat Leisure, Ltd. | 47,316 | 795,096 | ||||||
ASX, Ltd. | 17,323 | 752,722 | ||||||
Aurizon Holdings, Ltd. | 174,338 | 701,274 | ||||||
AusNet Services | 152,535 | 217,065 | ||||||
Australia & New Zealand Banking Group, Ltd. | 253,031 | 5,496,232 | ||||||
Bank of Queensland, Ltd.# | 32,315 | 324,541 | ||||||
Bendigo & Adelaide Bank, Ltd. | 39,002 | 345,619 | ||||||
BGP Holdings PLC†(1)(2) | 835,027 | 188 | ||||||
BHP Billiton, Ltd. | 275,311 | 5,721,826 | ||||||
BlueScope Steel, Ltd. | 49,261 | 512,176 | ||||||
Boral, Ltd. | 100,553 | 576,257 | ||||||
Brambles, Ltd. | 135,982 | 1,059,083 | ||||||
Caltex Australia, Ltd. | 23,714 | 612,190 | ||||||
Challenger, Ltd. | 50,164 | 535,973 | ||||||
CIMIC Group, Ltd. | 9,263 | 358,555 | ||||||
Coca-Cola Amatil, Ltd. | 51,621 | 310,719 | ||||||
Cochlear, Ltd. | 5,143 | 705,140 | ||||||
Commonwealth Bank of Australia | 148,521 | 8,985,792 | ||||||
Computershare, Ltd. | 42,634 | 534,508 | ||||||
Crown Resorts, Ltd. | 32,684 | 306,591 | ||||||
CSL, Ltd. | 38,986 | 4,241,964 | ||||||
Dexus | 83,813 | 659,566 | ||||||
Domino’s Pizza Enterprises, Ltd.# | 5,281 | 189,067 | ||||||
Flight Centre Travel Group, Ltd.# | 5,102 | 172,896 | ||||||
Fortescue Metals Group, Ltd. | 135,017 | 472,470 | ||||||
Goodman Group | 155,353 | 1,027,479 | ||||||
GPT Group | 151,680 | 622,770 | ||||||
Harvey Norman Holdings, Ltd.# | 47,985 | 146,618 | ||||||
Healthscope, Ltd.# | 141,473 | 213,462 | ||||||
Incitec Pivot, Ltd. | 149,777 | 453,600 | ||||||
Insurance Australia Group, Ltd. | 210,875 | 1,150,360 | ||||||
LendLease Group | 49,614 | 599,221 | ||||||
Macquarie Group, Ltd. | 27,816 | 2,074,150 | ||||||
Medibank Private, Ltd. | 243,700 | 605,331 | ||||||
Mirvac Group | 333,132 | 619,609 | ||||||
National Australia Bank, Ltd. | 230,569 | 5,199,404 | ||||||
Newcrest Mining, Ltd. | 67,606 | 1,193,395 | ||||||
Orica, Ltd. | 33,662 | 435,439 | ||||||
Origin Energy, Ltd.† | 152,142 | 1,032,100 | ||||||
Qantas Airways, Ltd. | 46,020 | 200,308 | ||||||
QBE Insurance Group, Ltd. | 119,702 | 970,197 | ||||||
Ramsay Health Care, Ltd.# | 12,004 | 636,339 | ||||||
REA Group, Ltd. | 4,821 | 291,627 | ||||||
Rio Tinto, Ltd. | 37,142 | 2,004,731 | ||||||
Santos, Ltd.† | 161,418 | 623,595 | ||||||
Scentre Group | 459,377 | 1,477,570 | ||||||
SEEK, Ltd. | 30,027 | 422,942 | ||||||
Sonic Healthcare, Ltd. | 34,370 | 582,429 | ||||||
South32, Ltd. | 453,201 | 1,124,040 | ||||||
Stockland | 209,356 | 747,357 | ||||||
Suncorp Group, Ltd. | 110,628 | 1,207,022 | ||||||
Sydney Airport | 98,367 | 553,858 | ||||||
Tabcorp Holdings, Ltd.# | 67,891 | 250,560 | ||||||
Tatts Group, Ltd. | 125,903 | 413,529 | ||||||
Telstra Corp., Ltd. | 354,349 | 921,640 | ||||||
TPG Telecom, Ltd.# | 29,457 | 133,207 | ||||||
Transurban Group | 175,486 | 1,674,504 | ||||||
Treasury Wine Estates, Ltd. | 63,801 | 762,003 | ||||||
Vicinity Centres | 294,065 | 624,369 | ||||||
Wesfarmers, Ltd. | 98,469 | 3,285,899 |
Security Description | Shares | Value (Note 2) | ||||||
Australia (continued) |
| |||||||
Westfield Corp. | 170,475 | $ | 1,085,261 | |||||
Westpac Banking Corp. | 288,489 | 6,928,344 | ||||||
Woodside Petroleum, Ltd. | 64,048 | 1,516,867 | ||||||
Woolworths, Ltd. | 110,408 | 2,258,970 | ||||||
85,054,121 | ||||||||
Austria — 0.2% |
| |||||||
ANDRITZ AG | 6,591 | 369,393 | ||||||
Erste Group Bank AG | 25,100 | 1,091,881 | ||||||
OMV AG | 13,003 | 809,210 | ||||||
Raiffeisen Bank International AG† | 12,801 | 453,807 | ||||||
voestalpine AG | 10,030 | 583,018 | ||||||
3,307,309 | ||||||||
Belgium — 1.1% |
| |||||||
Ageas | 16,108 | 791,778 | ||||||
Anheuser-Busch InBev SA/NV | 65,675 | 7,530,136 | ||||||
Colruyt SA | 5,784 | 306,485 | ||||||
Groupe Bruxelles Lambert SA | 7,310 | 784,810 | ||||||
KBC Group NV | 21,729 | 1,779,022 | ||||||
Proximus SADP | 13,687 | 468,524 | ||||||
Solvay SA | 6,451 | 905,840 | ||||||
Telenet Group Holding NV†# | 4,760 | 331,870 | ||||||
UCB SA | 11,270 | 840,161 | ||||||
Umicore SA | 16,667 | 775,992 | ||||||
14,514,618 | ||||||||
Bermuda — 0.3% |
| |||||||
CK Infrastructure Holdings, Ltd. | 57,500 | 489,576 | ||||||
First Pacific Co., Ltd. | 210,000 | 156,774 | ||||||
Hongkong Land Holdings, Ltd. | 101,700 | 744,199 | ||||||
Jardine Matheson Holdings, Ltd. | 18,586 | 1,162,823 | ||||||
Jardine Strategic Holdings, Ltd. | 18,761 | 780,168 | ||||||
Kerry Properties, Ltd. | 57,000 | 253,504 | ||||||
Li & Fung, Ltd. | 516,000 | 227,629 | ||||||
NWS Holdings, Ltd. | 132,000 | 240,795 | ||||||
Shangri-La Asia, Ltd. | 92,000 | 208,079 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 64,000 | 229,277 | ||||||
4,492,824 | ||||||||
Canada — 0.0% |
| |||||||
International Petroleum Corp.† | 4,460 | 19,829 | ||||||
Cayman Islands — 0.6% |
| |||||||
ASM Pacific Technology, Ltd. | 21,300 | 309,305 | ||||||
CK Asset Holdings, Ltd. | 224,808 | 1,903,386 | ||||||
CK Hutchison Holdings, Ltd. | 232,808 | 2,932,849 | ||||||
Melco Resorts & Entertainment, Ltd. ADR | 21,385 | 558,362 | ||||||
MGM China Holdings, Ltd.# | 84,800 | 216,838 | ||||||
Sands China, Ltd. | 215,200 | 1,053,544 | ||||||
WH Group, Ltd.* | 691,500 | 736,253 | ||||||
Wharf Real Estate Investment Co., Ltd.† | 105,000 | 634,559 | ||||||
Wynn Macau, Ltd. | 139,200 | 401,579 | ||||||
8,746,675 | ||||||||
Denmark — 1.7% |
| |||||||
AP Moller - Maersk A/S, Series A | 342 | 585,704 | ||||||
AP Moller - Maersk A/S, Series B | 551 | 988,515 | ||||||
Carlsberg A/S, Class B | 9,242 | 1,096,179 | ||||||
Chr. Hansen Holding A/S# | 8,591 | 780,404 | ||||||
Coloplast A/S, Class B | 10,016 | 785,639 | ||||||
Danske Bank A/S | 63,640 | 2,379,186 | ||||||
DSV A/S | 16,276 | 1,253,648 | ||||||
Genmab A/S† | 4,900 | 964,467 | ||||||
H. Lundbeck A/S | 5,960 | 300,579 | ||||||
ISS A/S | 14,373 | 542,400 |
118 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Denmark (continued) |
| |||||||
Novo Nordisk A/S, Class B | 160,501 | $ | 8,303,459 | |||||
Novozymes A/S, Class B | 20,393 | 1,104,324 | ||||||
Orsted A/S* | 14,491 | 842,405 | ||||||
Pandora A/S# | 9,526 | 956,084 | ||||||
TDC A/S | 71,999 | 438,693 | ||||||
Tryg A/S | 9,673 | 234,814 | ||||||
Vestas Wind Systems A/S | 18,545 | 1,188,307 | ||||||
William Demant Holding A/S† | 10,171 | 279,814 | ||||||
23,024,621 | ||||||||
Finland — 0.9% |
| |||||||
Elisa Oyj | 13,012 | 529,517 | ||||||
Fortum Oyj | 39,730 | 836,766 | ||||||
Kone Oyj, Class B | 29,650 | 1,526,738 | ||||||
Metso Oyj | 10,103 | 355,985 | ||||||
Neste Oyj | 11,361 | 706,682 | ||||||
Nokia OYJ | 499,536 | 2,508,805 | ||||||
Nokian Renkaat Oyj | 10,176 | 444,757 | ||||||
Orion Oyj, Class B | 8,985 | 331,770 | ||||||
Sampo Oyj, Class A | 38,833 | 2,053,839 | ||||||
Stora Enso Oyj, Class R | 49,706 | 761,930 | ||||||
UPM-Kymmene Oyj | 46,126 | 1,385,635 | ||||||
Wartsila Oyj Abp | 13,281 | 879,245 | ||||||
12,321,669 | ||||||||
France — 9.2% |
| |||||||
Accor SA | 15,319 | 768,657 | ||||||
Aeroports de Paris# | 2,670 | 509,322 | ||||||
Air Liquide SA | 36,626 | 4,587,126 | ||||||
Alstom SA | 13,320 | 549,880 | ||||||
Arkema SA | 5,761 | 705,253 | ||||||
Atos SE | 8,106 | 1,198,900 | ||||||
AXA SA | 166,255 | 5,020,311 | ||||||
BNP Paribas SA | 96,860 | 7,337,196 | ||||||
Bollore SA | 76,245 | 405,059 | ||||||
Bouygues SA | 17,733 | 917,434 | ||||||
Bureau Veritas SA# | 23,184 | 614,884 | ||||||
Capgemini SE | 13,766 | 1,587,562 | ||||||
Carrefour SA | 48,506 | 1,019,368 | ||||||
Casino Guichard Perrachon SA | 5,073 | 308,803 | ||||||
Cie de Saint-Gobain | 42,729 | 2,434,643 | ||||||
Cie Generale des Etablissements Michelin | 14,817 | 2,150,236 | ||||||
CNP Assurances | 15,499 | 349,317 | ||||||
Credit Agricole SA | 96,260 | 1,623,329 | ||||||
Danone SA | 51,049 | 4,309,665 | ||||||
Dassault Aviation SA | 196 | 301,361 | ||||||
Dassault Systemes SE | 11,107 | 1,193,994 | ||||||
Edenred | 18,438 | 527,643 | ||||||
Eiffage SA | 6,363 | 698,547 | ||||||
Electricite de France SA | 47,299 | 619,919 | ||||||
Engie SA | 157,189 | 2,751,472 | ||||||
Essilor International Cie Generale d’Optique SA | 17,737 | 2,282,083 | ||||||
Eurazeo SA | 3,984 | 350,666 | ||||||
Eutelsat Communications SA# | 13,684 | 310,012 | ||||||
Fonciere Des Regions | 2,560 | 274,018 | ||||||
Gecina SA | 3,988 | 664,583 | ||||||
Groupe Eurotunnel SE | 42,304 | 562,582 | ||||||
Hermes International | 2,729 | 1,438,546 | ||||||
ICADE | 3,342 | 310,482 | ||||||
Iliad SA | 2,373 | 555,201 | ||||||
Imerys SA | 3,091 | 283,623 | ||||||
Ingenico Group SA | 4,813 | 504,476 | ||||||
Ipsen SA | 3,228 | 393,595 | ||||||
JCDecaux SA | 6,007 | 250,338 | ||||||
Kering | 6,518 | 2,893,379 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Klepierre SA | 19,198 | $ | 793,297 | |||||
L’Oreal SA | 21,636 | 4,785,287 | ||||||
Lagardere SCA | 11,042 | 361,916 | ||||||
Legrand SA | 23,371 | 1,752,221 | ||||||
LVMH Moet Hennessy Louis Vuitton SE# | 23,919 | 6,966,749 | ||||||
Natixis SA | 83,129 | 674,425 | ||||||
Orange SA# | 171,684 | 2,959,169 | ||||||
Pernod Ricard SA# | 18,427 | 2,875,284 | ||||||
Peugeot SA | 44,506 | 920,530 | ||||||
Publicis Groupe SA | 17,516 | 1,163,409 | ||||||
Remy Cointreau SA | 2,166 | 288,396 | ||||||
Renault SA | 15,313 | 1,556,326 | ||||||
Rexel SA | 26,284 | 484,804 | ||||||
Safran SA | 27,276 | 2,907,831 | ||||||
Sanofi | 97,585 | 8,908,961 | ||||||
Schneider Electric SE | 48,255 | 4,148,010 | ||||||
SCOR SE | 14,743 | 601,673 | ||||||
SEB SA | 1,939 | 357,425 | ||||||
Societe BIC SA | 2,596 | 301,473 | ||||||
Societe Generale SA | 66,250 | 3,339,317 | ||||||
Sodexo SA | 8,212 | 1,073,682 | ||||||
Suez | 31,651 | 583,758 | ||||||
Thales SA# | 9,024 | 914,610 | ||||||
TOTAL SA# | 202,982 | 11,460,364 | ||||||
Unibail-Rodamco SE | 8,537 | 2,185,242 | ||||||
Valeo SA | 20,432 | 1,483,390 | ||||||
Veolia Environnement SA | 39,667 | 1,003,566 | ||||||
Vinci SA# | 43,271 | 4,421,546 | ||||||
Vivendi SA | 88,102 | 2,345,539 | ||||||
Wendel SA | 2,504 | 421,539 | ||||||
Zodiac Aerospace | 16,988 | 499,432 | ||||||
126,102,636 | ||||||||
Germany — 9.1% | ||||||||
adidas AG | 16,262 | 3,391,038 | ||||||
Allianz SE | 39,408 | 9,293,924 | ||||||
Axel Springer SE# | 3,577 | 282,239 | ||||||
BASF SE | 78,782 | 8,815,010 | ||||||
Bayer AG | 71,291 | 9,088,286 | ||||||
Bayerische Motoren Werke AG# | 28,315 | 2,853,519 | ||||||
Bayerische Motoren Werke AG (Preference Shares) | 4,834 | 418,402 | ||||||
Beiersdorf AG | 9,086 | 1,081,710 | ||||||
Brenntag AG | 13,538 | 843,187 | ||||||
Commerzbank AG† | 93,986 | 1,360,412 | ||||||
Continental AG | 9,615 | 2,561,516 | ||||||
Covestro AG* | 9,605 | 1,001,141 | ||||||
Daimler AG | 82,962 | 6,864,573 | ||||||
Deutsche Bank AG# | 177,417 | 3,351,147 | ||||||
Deutsche Boerse AG | 16,494 | 1,870,099 | ||||||
Deutsche Lufthansa AG | 21,323 | 733,256 | ||||||
Deutsche Post AG | 83,801 | 3,977,746 | ||||||
Deutsche Telekom AG# | 282,098 | 5,040,830 | ||||||
Deutsche Wohnen SE | 30,520 | 1,349,531 | ||||||
E.ON SE | 188,727 | 2,183,347 | ||||||
Evonik Industries AG | 13,945 | 520,442 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 3,366 | 335,382 | ||||||
Fresenius Medical Care AG & Co. KGaA | 18,381 | 1,826,759 | ||||||
Fresenius SE & Co. KGaA | 35,772 | 2,580,425 | ||||||
FUCHS PETROLUB SE (Preference Shares)# | 6,560 | 344,785 | ||||||
GEA Group AG# | 16,134 | 778,799 | ||||||
Hannover Rueck SE | 5,433 | 714,221 | ||||||
HeidelbergCement AG | 12,680 | 1,349,422 | ||||||
Henkel AG & Co. KGaA | 9,216 | 1,122,708 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 15,399 | 2,090,051 | ||||||
HOCHTIEF AG | 1,775 | 312,022 |
119 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Germany (continued) | ||||||||
HUGO BOSS AG | 5,900 | $ | 485,394 | |||||
Infineon Technologies AG | 97,866 | 2,703,251 | ||||||
Innogy SE* | 11,920 | 550,992 | ||||||
K+S AG# | 15,614 | 365,825 | ||||||
KION Group AG | 6,089 | 495,721 | ||||||
LANXESS AG | 8,308 | 631,663 | ||||||
Linde AG | 16,134 | 3,542,121 | ||||||
MAN SE# | 3,164 | 355,406 | ||||||
Merck KGaA | 11,360 | 1,209,622 | ||||||
METRO AG† | 14,638 | 285,788 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 13,300 | 2,960,606 | ||||||
OSRAM Licht AG | 7,235 | 620,130 | ||||||
Porsche Automobil Holding SE (Preference Shares) | 13,232 | 1,107,422 | ||||||
ProSiebenSat.1 Media SE | 19,343 | 615,393 | ||||||
RWE AG† | 43,601 | 998,961 | ||||||
SAP SE | 84,778 | 9,550,596 | ||||||
Schaeffler AG (Preference Shares) | 14,471 | 252,486 | ||||||
Siemens AG | 65,969 | 8,971,077 | ||||||
Symrise AG | 10,902 | 927,218 | ||||||
Telefonica Deutschland Holding AG | 64,403 | 306,320 | ||||||
thyssenkrupp AG | 38,438 | 1,051,554 | ||||||
TUI AG | 38,073 | 703,140 | ||||||
United Internet AG# | 10,599 | 714,305 | ||||||
Volkswagen AG | 2,804 | 580,506 | ||||||
Volkswagen AG (Preference Shares) | 15,916 | 3,375,032 | ||||||
Vonovia SE | 40,953 | 1,927,566 | ||||||
Zalando SE†#* | 9,569 | 489,954 | ||||||
124,113,978 | ||||||||
Hong Kong — 2.3% |
| |||||||
AIA Group, Ltd. | 1,039,400 | 8,472,068 | ||||||
Bank of East Asia, Ltd. | 104,000 | 459,179 | ||||||
BOC Hong Kong Holdings, Ltd. | 322,000 | 1,635,157 | ||||||
CLP Holdings, Ltd. | 143,500 | 1,463,151 | ||||||
Galaxy Entertainment Group, Ltd. | 206,000 | 1,483,716 | ||||||
Hang Lung Group, Ltd. | 74,000 | 266,509 | ||||||
Hang Lung Properties, Ltd. | 178,000 | 420,072 | ||||||
Hang Seng Bank, Ltd. | 68,300 | 1,691,330 | ||||||
Henderson Land Development Co., Ltd. | 103,580 | 679,775 | ||||||
Hong Kong & China Gas Co., Ltd. | 747,204 | 1,458,794 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 100,000 | 3,041,635 | ||||||
Hysan Development Co., Ltd. | 54,000 | 289,791 | ||||||
I-CABLE Communications, Ltd.† | 113,356 | 3,253 | ||||||
Link REIT | 197,000 | 1,758,086 | ||||||
MTR Corp., Ltd. | 126,500 | 745,612 | ||||||
New World Development Co., Ltd. | 494,000 | 719,619 | ||||||
PCCW, Ltd. | 359,000 | 213,540 | ||||||
Power Assets Holdings, Ltd. | 122,000 | 1,042,961 | ||||||
Sino Land Co., Ltd. | 262,000 | 477,038 | ||||||
SJM Holdings, Ltd. | 172,000 | 139,064 | ||||||
Sun Hung Kai Properties, Ltd. | 123,000 | 2,019,030 | ||||||
Swire Pacific, Ltd., Class A | 46,500 | 447,304 | ||||||
Swire Properties, Ltd. | 103,000 | 349,124 | ||||||
Techtronic Industries Co., Ltd. | 121,500 | 703,807 | ||||||
Wharf Holdings, Ltd. | 105,000 | 331,216 | ||||||
Wheelock & Co., Ltd. | 70,000 | 481,938 | ||||||
30,792,769 | ||||||||
Ireland — 0.5% |
| |||||||
Bank of Ireland Group PLC† | 81,964 | 639,340 | ||||||
CRH PLC | 69,075 | 2,383,576 | ||||||
CRH PLC | 3,168 | 112,491 | ||||||
DCC PLC | 7,665 | 742,368 | ||||||
James Hardie Industries PLC CDI | 38,426 | 631,051 | ||||||
Kerry Group PLC, Class A (ISE)# | 13,100 | 1,372,630 |
Security Description | Shares | Value (Note 2) | ||||||
Ireland (continued) |
| |||||||
Kerry Group PLC, Class A (LSE) | 601 | $ | 62,916 | |||||
Paddy Power Betfair PLC | 6,866 | 765,342 | ||||||
6,709,714 | ||||||||
Isle of Man — 0.0% |
| |||||||
Genting Singapore PLC | 543,500 | 536,191 | ||||||
Israel — 0.4% |
| |||||||
Azrieli Group, Ltd. | 3,211 | 172,163 | ||||||
Bank Hapoalim B.M. | 94,588 | 645,779 | ||||||
Bank Leumi Le-Israel B.M. | 118,692 | 659,048 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 171,021 | 256,282 | ||||||
Check Point Software Technologies, Ltd.† | 11,272 | 1,175,557 | ||||||
Elbit Systems, Ltd. | 2,013 | 279,041 | ||||||
Frutarom Industries, Ltd. | 3,274 | 288,742 | ||||||
Israel Chemicals, Ltd. | 39,762 | 162,088 | ||||||
Mizrahi Tefahot Bank, Ltd. | 12,342 | 225,197 | ||||||
NICE, Ltd. | 5,234 | 453,280 | ||||||
Taro Pharmaceutical Industries, Ltd.†# | 1,302 | 139,705 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR# | 78,232 | 1,159,398 | ||||||
5,616,280 | ||||||||
Italy — 1.9% |
| |||||||
Assicurazioni Generali SpA | 108,037 | 1,979,013 | ||||||
Atlantia SpA | 38,942 | 1,292,723 | ||||||
Enel SpA | 702,278 | 4,562,553 | ||||||
Eni SpA | 220,465 | 3,621,134 | ||||||
Intesa Sanpaolo SpA | 1,086,848 | 3,647,763 | ||||||
Intesa Sanpaolo SpA RSP | 84,245 | 268,979 | ||||||
Leonardo SpA | 35,342 | 421,961 | ||||||
Luxottica Group SpA | 15,054 | 875,681 | ||||||
Mediobanca SpA | 48,617 | 561,544 | ||||||
Poste Italiane SpA* | 45,203 | 330,245 | ||||||
Prysmian SpA | 16,919 | 565,660 | ||||||
Recordati SpA | 8,955 | 402,617 | ||||||
Saipem SpA† | 52,543 | 211,073 | ||||||
Snam SpA | 197,282 | 995,200 | ||||||
Telecom Italia SpA† | 977,633 | 817,086 | ||||||
Telecom Italia SpA RSP | 546,830 | 369,919 | ||||||
Terna Rete Elettrica Nazionale SpA | 122,837 | 759,594 | ||||||
UniCredit SpA† | 172,605 | 3,475,733 | ||||||
UnipolSai Assicurazioni SpA# | 81,061 | 190,207 | ||||||
25,348,685 | ||||||||
Japan — 22.6% |
| |||||||
ABC-Mart, Inc. | 2,800 | 153,923 | ||||||
Acom Co., Ltd.†# | 35,800 | 149,149 | ||||||
Aeon Co., Ltd. | 53,000 | 861,946 | ||||||
AEON Financial Service Co., Ltd. | 9,900 | 221,271 | ||||||
Aeon Mall Co., Ltd. | 10,000 | 183,349 | ||||||
Air Water, Inc. | 13,900 | 298,762 | ||||||
Aisin Seiki Co., Ltd. | 15,300 | 823,303 | ||||||
Ajinomoto Co., Inc. | 46,300 | 852,393 | ||||||
Alfresa Holdings Corp. | 15,600 | 335,690 | ||||||
Alps Electric Co., Ltd. | 17,302 | 554,143 | ||||||
Amada Holdings Co., Ltd. | 30,100 | 401,128 | ||||||
ANA Holdings, Inc. | 10,500 | 420,776 | ||||||
Aozora Bank, Ltd. | 10,100 | 392,793 | ||||||
Asahi Glass Co., Ltd. | 17,800 | 745,015 | ||||||
Asahi Group Holdings, Ltd. | 32,900 | 1,674,085 | ||||||
Asahi Kasei Corp. | 110,600 | 1,390,913 | ||||||
Asics Corp.# | 14,200 | 210,658 | ||||||
Astellas Pharma, Inc. | 177,900 | 2,261,049 | ||||||
Bandai Namco Holdings, Inc. | 17,200 | 560,761 | ||||||
Bank of Kyoto, Ltd. | 5,900 | 301,917 | ||||||
Benesse Holdings, Inc. | 5,800 | 205,044 |
120 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Bridgestone Corp. | 56,700 | $ | 2,584,287 | |||||
Brother Industries, Ltd. | 20,900 | 518,282 | ||||||
Calbee, Inc.# | 6,400 | 224,502 | ||||||
Canon, Inc. | 92,700 | 3,544,037 | ||||||
Casio Computer Co., Ltd. | 18,600 | 272,819 | ||||||
Central Japan Railway Co. | 12,300 | 2,289,712 | ||||||
Chiba Bank, Ltd. | 65,000 | 499,202 | ||||||
Chubu Electric Power Co., Inc. | 57,600 | 729,086 | ||||||
Chugai Pharmaceutical Co., Ltd. | 19,800 | 1,028,427 | ||||||
Chugoku Bank, Ltd. | 14,900 | 194,865 | ||||||
Chugoku Electric Power Co., Inc.# | 24,100 | 266,064 | ||||||
Coca-Cola Bottlers Japan, Inc. | 10,602 | 403,159 | ||||||
Concordia Financial Group, Ltd. | 102,000 | 561,175 | ||||||
Credit Saison Co., Ltd. | 13,100 | 253,047 | ||||||
CYBERDYNE, Inc.†# | 8,721 | 115,578 | ||||||
Dai Nippon Printing Co., Ltd. | 22,200 | 487,792 | ||||||
Dai-ichi Life Holdings, Inc. | 92,100 | 1,890,447 | ||||||
Daicel Corp. | 23,100 | 273,943 | ||||||
Daiichi Sankyo Co., Ltd. | 48,900 | 1,180,928 | ||||||
Daikin Industries, Ltd. | 21,400 | 2,472,365 | ||||||
Daito Trust Construction Co., Ltd. | 5,900 | 1,080,579 | ||||||
Daiwa House Industry Co., Ltd. | 48,700 | 1,789,177 | ||||||
Daiwa House REIT Investment Corp. | 119 | 284,992 | ||||||
Daiwa Securities Group, Inc. | 146,000 | 911,141 | ||||||
DeNA Co., Ltd. | 9,100 | 206,818 | ||||||
Denso Corp. | 40,900 | 2,304,776 | ||||||
Dentsu, Inc. | 18,500 | 836,865 | ||||||
Disco Corp. | 2,500 | 557,823 | ||||||
Don Quijote Holdings Co., Ltd. | 10,500 | 505,920 | ||||||
East Japan Railway Co. | 28,400 | 2,770,111 | ||||||
Eisai Co., Ltd. | 22,900 | 1,301,837 | ||||||
Electric Power Development Co., Ltd. | 12,400 | 346,330 | ||||||
FamilyMart UNY Holdings Co., Ltd. | 7,000 | 473,326 | ||||||
FANUC Corp. | 17,100 | 4,278,962 | ||||||
Fast Retailing Co., Ltd. | 4,700 | 1,830,358 | ||||||
Fuji Electric Co., Ltd. | 49,000 | 347,820 | ||||||
FUJIFILM Holdings Corp. | 35,600 | 1,458,224 | ||||||
Fujitsu, Ltd. | 170,000 | 1,272,830 | ||||||
Fukuoka Financial Group, Inc. | 67,000 | 348,808 | ||||||
Hachijuni Bank, Ltd. | 35,900 | 205,473 | ||||||
Hakuhodo DY Holdings, Inc. | 20,700 | 278,811 | ||||||
Hamamatsu Photonics KK | 12,200 | 419,666 | ||||||
Hankyu Hanshin Holdings, Inc. | 20,200 | 783,604 | ||||||
Hikari Tsushin, Inc. | 1,700 | 245,284 | ||||||
Hino Motors, Ltd. | 22,300 | 277,446 | ||||||
Hirose Electric Co., Ltd. | 2,700 | 403,736 | ||||||
Hiroshima Bank, Ltd.# | 21,700 | 171,333 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 4,900 | 276,306 | ||||||
Hitachi Chemical Co., Ltd. | 9,200 | 243,179 | ||||||
Hitachi Construction Machinery Co., Ltd. | 9,600 | 319,337 | ||||||
Hitachi High-Technologies Corp. | 5,400 | 224,895 | ||||||
Hitachi Metals, Ltd. | 19,700 | 261,597 | ||||||
Hitachi, Ltd. | 417,000 | 3,110,647 | ||||||
Honda Motor Co., Ltd. | 148,500 | 4,956,219 | ||||||
Hoshizaki Corp. | 4,700 | 453,360 | ||||||
Hoya Corp. | 33,300 | 1,620,426 | ||||||
Hulic Co., Ltd.# | 26,000 | 285,635 | ||||||
Idemitsu Kosan Co., Ltd. | 11,900 | 400,369 | ||||||
IHI Corp. | 13,500 | 420,726 | ||||||
Iida Group Holdings Co., Ltd. | 12,800 | 237,203 | ||||||
Inpex Corp. | 84,000 | 954,412 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 29,600 | 343,927 | ||||||
Isuzu Motors, Ltd. | 47,600 | 754,283 | ||||||
ITOCHU Corp. | 129,100 | 2,244,545 | ||||||
J. Front Retailing Co., Ltd. | 21,200 | 359,676 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Japan Airlines Co., Ltd. | 10,700 | $ | 393,092 | |||||
Japan Airport Terminal Co., Ltd. | 3,600 | 134,898 | ||||||
Japan Exchange Group, Inc. | 46,100 | 849,562 | ||||||
Japan Post Bank Co., Ltd. | 35,900 | 456,523 | ||||||
Japan Post Holdings Co., Ltd. | 139,000 | 1,598,932 | ||||||
Japan Prime Realty Investment Corp. | 68 | 228,046 | ||||||
Japan Real Estate Investment Corp. | 113 | 548,619 | ||||||
Japan Retail Fund Investment Corp. | 219 | 388,180 | ||||||
Japan Tobacco, Inc. | 95,100 | 3,151,254 | ||||||
JFE Holdings, Inc. | 43,800 | 1,035,670 | ||||||
JGC Corp. | 17,400 | 303,358 | ||||||
JSR Corp. | 15,800 | 303,702 | ||||||
JTEKT Corp. | 18,000 | 310,839 | ||||||
JXTG Holdings, Inc. | 263,700 | 1,489,050 | ||||||
Kajima Corp. | 76,000 | 801,315 | ||||||
Kakaku.com, Inc.# | 13,100 | 207,751 | ||||||
Kamigumi Co., Ltd. | 9,100 | 200,927 | ||||||
Kaneka Corp. | 24,000 | 213,364 | ||||||
Kansai Electric Power Co., Inc. | 62,600 | 828,523 | ||||||
Kansai Paint Co., Ltd. | 17,600 | 463,198 | ||||||
Kao Corp. | 42,600 | 2,828,685 | ||||||
Kawasaki Heavy Industries, Ltd. | 12,700 | 421,381 | ||||||
KDDI Corp. | 157,200 | 4,512,558 | ||||||
Keihan Holdings Co., Ltd. | 8,700 | 258,298 | ||||||
Keikyu Corp.# | 19,899 | 387,222 | ||||||
Keio Corp. | 10,000 | 442,172 | ||||||
Keisei Electric Railway Co., Ltd. | 11,500 | 371,843 | ||||||
Keyence Corp. | 8,400 | 4,895,772 | ||||||
Kikkoman Corp. | 12,000 | 470,802 | ||||||
Kintetsu Group Holdings Co., Ltd. | 16,200 | 634,872 | ||||||
Kirin Holdings Co., Ltd. | 74,900 | 1,756,628 | ||||||
Kobe Steel, Ltd.† | 27,100 | 255,458 | ||||||
Koito Manufacturing Co., Ltd. | 9,800 | 679,631 | ||||||
Komatsu, Ltd. | 79,800 | 2,487,541 | ||||||
Konami Holdings Corp. | 8,800 | 466,257 | ||||||
Konica Minolta, Inc. | 43,100 | 422,863 | ||||||
Kose Corp. | 2,579 | 397,157 | ||||||
Kubota Corp. | 90,500 | 1,716,922 | ||||||
Kuraray Co., Ltd. | 30,700 | 593,447 | ||||||
Kurita Water Industries, Ltd. | 8,900 | 279,025 | ||||||
Kyocera Corp. | 27,800 | 1,958,711 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 22,000 | 418,566 | ||||||
Kyushu Electric Power Co., Inc. | 38,300 | 437,944 | ||||||
Kyushu Financial Group, Inc. | 30,200 | 179,321 | ||||||
Kyushu Railway Co. | 13,900 | 431,123 | ||||||
Lawson, Inc. | 4,200 | 289,602 | ||||||
LINE Corp.†# | 3,900 | 167,036 | ||||||
Lion Corp.# | 19,200 | 361,580 | ||||||
LIXIL Group Corp. | 23,600 | 623,085 | ||||||
M3, Inc. | 17,300 | 574,122 | ||||||
Mabuchi Motor Co., Ltd. | 4,100 | 219,287 | ||||||
Makita Corp. | 19,200 | 798,159 | ||||||
Marubeni Corp. | 145,000 | 965,895 | ||||||
Marui Group Co., Ltd. | 17,900 | 318,193 | ||||||
Maruichi Steel Tube, Ltd. | 4,000 | 113,214 | ||||||
Mazda Motor Corp. | 48,300 | 648,102 | ||||||
McDonald’s Holdings Co. Japan, Ltd.# | 5,700 | 248,982 | ||||||
Mebuki Financial Group, Inc. | 81,200 | 342,022 | ||||||
Medipal Holdings Corp. | 14,600 | 284,105 | ||||||
MEIJI Holdings Co., Ltd. | 10,500 | 915,766 | ||||||
MinebeaMitsumi, Inc. | 32,500 | 644,663 | ||||||
Miraca Holdings, Inc. | 4,900 | 213,858 | ||||||
MISUMI Group, Inc. | 23,700 | 693,083 | ||||||
Mitsubishi Chemical Holdings Corp. | 123,300 | 1,343,066 | ||||||
Mitsubishi Corp. | 130,200 | 3,267,912 |
121 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Mitsubishi Electric Corp. | 167,000 | $ | 2,769,538 | |||||
Mitsubishi Estate Co., Ltd. | 107,900 | 1,930,110 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 16,200 | 454,612 | ||||||
Mitsubishi Heavy Industries, Ltd. | 26,900 | 995,676 | ||||||
Mitsubishi Materials Corp. | 9,700 | 324,809 | ||||||
Mitsubishi Motors Corp.# | 57,900 | 406,384 | ||||||
Mitsubishi Tanabe Pharma Corp. | 19,800 | 428,743 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,039,700 | 7,370,295 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 44,300 | 253,247 | ||||||
Mitsui & Co., Ltd. | 147,600 | 2,247,923 | ||||||
Mitsui Chemicals, Inc. | 16,200 | 525,638 | ||||||
Mitsui Fudosan Co., Ltd. | 78,000 | 1,770,085 | ||||||
Mitsui OSK Lines, Ltd.# | 9,599 | 309,245 | ||||||
Mixi, Inc. | 4,000 | 186,252 | ||||||
Mizuho Financial Group, Inc. | 2,077,900 | 3,784,077 | ||||||
MS&AD Insurance Group Holdings, Inc. | 41,000 | 1,337,508 | ||||||
Murata Manufacturing Co., Ltd. | 16,800 | 2,287,773 | ||||||
Nabtesco Corp. | 10,100 | 396,519 | ||||||
Nagoya Railroad Co., Ltd. | 14,400 | 353,145 | ||||||
NEC Corp. | 23,000 | 615,383 | ||||||
Nexon Co., Ltd.† | 16,900 | 485,429 | ||||||
NGK Insulators, Ltd. | 23,100 | 445,657 | ||||||
NGK Spark Plug Co., Ltd. | 16,200 | 375,276 | ||||||
NH Foods, Ltd. | 14,000 | 345,678 | ||||||
Nidec Corp. | 20,500 | 2,805,783 | ||||||
Nikon Corp. | 30,200 | 600,810 | ||||||
Nintendo Co., Ltd. | 9,700 | 3,938,192 | ||||||
Nippon Building Fund, Inc.# | 121 | 605,429 | ||||||
Nippon Electric Glass Co., Ltd. | 6,700 | 261,159 | ||||||
Nippon Express Co., Ltd. | 7,400 | 470,976 | ||||||
Nippon Paint Holdings Co., Ltd.# | 13,900 | 427,517 | ||||||
Nippon Prologis REIT, Inc. | 156 | 334,374 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 65,800 | 1,601,451 | ||||||
Nippon Telegraph & Telephone Corp. | 59,700 | 3,130,670 | ||||||
Nippon Yusen KK†# | 14,100 | 330,154 | ||||||
Nissan Chemical Industries, Ltd. | 10,500 | 421,841 | ||||||
Nissan Motor Co., Ltd. | 201,500 | 1,956,402 | ||||||
Nisshin Seifun Group, Inc. | 18,700 | 366,739 | ||||||
Nissin Foods Holdings Co., Ltd. | 5,100 | 368,872 | ||||||
Nitori Holdings Co., Ltd. | 6,800 | 1,112,812 | ||||||
Nitto Denko Corp. | 13,900 | 1,373,709 | ||||||
NOK Corp. | 8,300 | 202,824 | ||||||
Nomura Holdings, Inc. | 310,600 | 1,866,598 | ||||||
Nomura Real Estate Holdings, Inc. | 10,900 | 252,064 | ||||||
Nomura Real Estate Master Fund, Inc. | 310 | 390,239 | ||||||
Nomura Research Institute, Ltd. | 11,600 | 526,545 | ||||||
NSK, Ltd. | 33,400 | 505,762 | ||||||
NTT Data Corp. | 54,000 | 637,420 | ||||||
NTT DOCOMO, Inc. | 118,700 | 3,078,800 | ||||||
Obayashi Corp. | 56,800 | 736,982 | ||||||
Obic Co., Ltd. | 5,600 | 389,163 | ||||||
Odakyu Electric Railway Co., Ltd. | 25,399 | 540,362 | ||||||
Oji Holdings Corp. | 70,000 | 427,446 | ||||||
Olympus Corp. | 25,100 | 1,033,920 | ||||||
Omron Corp. | 16,500 | 977,047 | ||||||
Ono Pharmaceutical Co., Ltd.# | 35,900 | 823,345 | ||||||
Oracle Corp. Japan | 3,200 | 285,060 | ||||||
Oriental Land Co., Ltd. | 18,700 | 1,665,110 | ||||||
ORIX Corp. | 113,400 | 1,956,366 | ||||||
Osaka Gas Co., Ltd. | 33,100 | 636,323 | ||||||
Otsuka Corp. | 4,100 | 307,482 | ||||||
Otsuka Holdings Co., Ltd. | 33,700 | 1,500,177 | ||||||
Panasonic Corp. | 189,630 | 2,830,838 | ||||||
Park24 Co., Ltd.# | 8,800 | 217,293 | ||||||
Pola Orbis Holdings, Inc. | 7,632 | 279,452 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Rakuten, Inc. | 81,800 | $ | 841,034 | |||||
Recruit Holdings Co., Ltd. | 94,183 | 2,210,745 | ||||||
Renesas Electronics Corp.† | 43,000 | 528,734 | ||||||
Resona Holdings, Inc. | 189,200 | 1,007,713 | ||||||
Ricoh Co., Ltd. | 58,000 | 515,968 | ||||||
Rinnai Corp. | 3,100 | 277,961 | ||||||
Rohm Co., Ltd. | 8,200 | 845,562 | ||||||
Ryohin Keikaku Co., Ltd. | 1,914 | 598,908 | ||||||
Sankyo Co., Ltd. | 4,100 | 132,420 | ||||||
Santen Pharmaceutical Co., Ltd. | 32,400 | 494,670 | ||||||
SBI Holdings, Inc. | 17,600 | 314,124 | ||||||
Secom Co., Ltd. | 18,000 | 1,352,274 | ||||||
Sega Sammy Holdings, Inc. | 16,000 | 193,776 | ||||||
Seibu Holdings, Inc. | 14,700 | 266,467 | ||||||
Seiko Epson Corp. | 24,300 | 591,176 | ||||||
Sekisui Chemical Co., Ltd. | 37,000 | 717,481 | ||||||
Sekisui House, Ltd. | 52,500 | 982,625 | ||||||
Seven & i Holdings Co., Ltd. | 64,400 | 2,643,132 | ||||||
Seven Bank, Ltd. | 52,800 | 177,403 | ||||||
Sharp Corp.†# | 12,900 | 407,828 | ||||||
Shimadzu Corp. | 21,800 | 521,716 | ||||||
Shimamura Co., Ltd. | 1,700 | 205,388 | ||||||
Shimano, Inc.# | 6,400 | 885,989 | ||||||
Shimizu Corp. | 45,600 | 512,747 | ||||||
Shin-Etsu Chemical Co., Ltd. | 33,500 | 3,531,816 | ||||||
Shinsei Bank, Ltd. | 14,400 | 230,798 | ||||||
Shionogi & Co., Ltd. | 26,100 | 1,456,843 | ||||||
Shiseido Co., Ltd. | 31,900 | 1,563,118 | ||||||
Shizuoka Bank, Ltd. | 46,000 | 455,621 | ||||||
Showa Shell Sekiyu KK | 16,500 | 211,415 | ||||||
SMC Corp. | 5,100 | 2,074,832 | ||||||
SoftBank Group Corp. | 71,200 | 6,049,731 | ||||||
Sohgo Security Services Co., Ltd. | 6,200 | 345,349 | ||||||
Sompo Holdings, Inc. | 29,900 | 1,207,236 | ||||||
Sony Corp. | 109,100 | 5,078,522 | ||||||
Sony Financial Holdings, Inc. | 15,500 | 262,853 | ||||||
Stanley Electric Co., Ltd. | 12,400 | 497,139 | ||||||
Start Today Co., Ltd. | 16,593 | 511,350 | ||||||
Subaru Corp. | 52,700 | 1,728,079 | ||||||
Sumitomo Chemical Co., Ltd. | 132,000 | 924,353 | ||||||
Sumitomo Corp. | 100,900 | 1,581,343 | ||||||
Sumitomo Dainippon Pharma Co., Ltd.# | 13,900 | 201,922 | ||||||
Sumitomo Electric Industries, Ltd. | 65,200 | 1,141,012 | ||||||
Sumitomo Heavy Industries, Ltd. | 9,600 | 393,291 | ||||||
Sumitomo Metal Mining Co., Ltd. | 20,500 | 799,262 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 115,900 | 4,711,125 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 28,400 | 1,058,009 | ||||||
Sumitomo Realty & Development Co., Ltd. | 31,000 | 1,024,182 | ||||||
Sumitomo Rubber Industries, Ltd. | 15,400 | 280,835 | ||||||
Sundrug Co., Ltd. | 6,380 | 295,793 | ||||||
Suntory Beverage & Food, Ltd. | 12,300 | 532,765 | ||||||
Suruga Bank, Ltd. | 15,000 | 322,051 | ||||||
Suzuken Co., Ltd. | 6,700 | 265,449 | ||||||
Suzuki Motor Corp. | 29,400 | 1,585,855 | ||||||
Sysmex Corp. | 13,500 | 1,027,816 | ||||||
T&D Holdings, Inc. | 47,100 | 777,217 | ||||||
Taiheiyo Cement Corp. | 10,400 | 430,183 | ||||||
Taisei Corp. | 18,000 | 955,173 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd.# | 2,700 | 215,006 | ||||||
Taiyo Nippon Sanso Corp.# | 11,500 | 158,578 | ||||||
Takashimaya Co., Ltd. | 26,000 | 256,848 | ||||||
Takeda Pharmaceutical Co., Ltd. | 61,300 | 3,380,307 | ||||||
TDK Corp. | 11,300 | 929,161 | ||||||
Teijin, Ltd. | 16,400 | 354,305 | ||||||
Terumo Corp. | 27,800 | 1,335,398 | ||||||
THK Co., Ltd. | 9,900 | 369,401 |
122 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Tobu Railway Co., Ltd. | 16,900 | $ | 538,867 | |||||
Toho Co., Ltd. | 9,800 | 331,282 | ||||||
Toho Gas Co., Ltd. | 7,100 | 202,046 | ||||||
Tohoku Electric Power Co., Inc. | 40,700 | 537,969 | ||||||
Tokio Marine Holdings, Inc. | 59,300 | 2,627,447 | ||||||
Tokyo Electric Power Co. Holdings, Inc.† | 129,500 | 520,144 | ||||||
Tokyo Electron, Ltd. | 13,500 | 2,515,245 | ||||||
Tokyo Gas Co., Ltd. | 35,100 | 823,617 | ||||||
Tokyo Tatemono Co., Ltd.# | 17,900 | 248,686 | ||||||
Tokyu Corp. | 45,600 | 732,548 | ||||||
Tokyu Fudosan Holdings Corp. | 42,700 | 308,862 | ||||||
Toppan Printing Co., Ltd. | 44,000 | 411,805 | ||||||
Toray Industries, Inc. | 128,400 | 1,212,948 | ||||||
Toshiba Corp.†# | 357,000 | 880,364 | ||||||
Tosoh Corp. | 25,100 | 556,883 | ||||||
TOTO, Ltd. | 12,100 | 674,849 | ||||||
Toyo Seikan Group Holdings, Ltd. | 14,200 | 234,972 | ||||||
Toyo Suisan Kaisha, Ltd. | 7,000 | 298,677 | ||||||
Toyoda Gosei Co., Ltd. | 5,600 | 140,373 | ||||||
Toyota Industries Corp. | 14,400 | 898,987 | ||||||
Toyota Motor Corp. | 225,200 | 14,189,884 | ||||||
Toyota Tsusho Corp. | 18,700 | 705,975 | ||||||
Trend Micro, Inc. | 10,600 | 601,216 | ||||||
Tsuruha Holdings, Inc. | 3,104 | 429,917 | ||||||
Unicharm Corp. | 34,800 | 912,224 | ||||||
United Urban Investment Corp. | 259 | 367,011 | ||||||
USS Co., Ltd. | 19,799 | 419,035 | ||||||
West Japan Railway Co. | 14,600 | 1,075,460 | ||||||
Yahoo Japan Corp. | 127,800 | 583,884 | ||||||
Yakult Honsha Co., Ltd. | 7,500 | 586,677 | ||||||
Yamada Denki Co., Ltd.# | 59,300 | 322,618 | ||||||
Yamaguchi Financial Group, Inc. | 16,000 | 191,421 | ||||||
Yamaha Corp. | 14,700 | 546,003 | ||||||
Yamaha Motor Co., Ltd. | 23,400 | 736,868 | ||||||
Yamato Holdings Co., Ltd. | 31,100 | 632,554 | ||||||
Yamazaki Baking Co., Ltd. | 10,500 | 202,200 | ||||||
Yaskawa Electric Corp. | 22,100 | 980,132 | ||||||
Yokogawa Electric Corp. | 18,700 | 347,217 | ||||||
Yokohama Rubber Co., Ltd. | 8,700 | 196,251 | ||||||
309,622,122 | ||||||||
Jersey — 1.1% |
| |||||||
Experian PLC | 83,113 | 1,719,220 | ||||||
Ferguson PLC | 22,055 | 1,592,317 | ||||||
Glencore PLC | 1,049,033 | 4,822,491 | ||||||
Randgold Resources, Ltd. | 7,812 | 718,495 | ||||||
Shire PLC | 77,596 | 3,849,187 | ||||||
WPP PLC | 109,592 | 1,932,762 | ||||||
14,634,472 | ||||||||
Luxembourg — 0.3% |
| |||||||
ArcelorMittal† | 57,332 | 1,735,747 | ||||||
Eurofins Scientific SE | 947 | 573,501 | ||||||
Millicom International Cellular SA SDR | 5,889 | 385,355 | ||||||
RTL Group SA | 3,481 | 277,735 | ||||||
SES SA FDR | 31,171 | 514,809 | ||||||
Tenaris SA# | 42,231 | 614,156 | ||||||
4,101,303 | ||||||||
Mauritius — 0.0% |
| |||||||
Golden Agri-Resources, Ltd. | 629,900 | 173,168 | ||||||
Netherlands — 4.2% |
| |||||||
ABN AMRO Group NV CVA* | 32,443 | 960,226 | ||||||
Aegon NV | 151,167 | 940,782 | ||||||
AerCap Holdings NV† | 13,165 | 684,185 |
Security Description | Shares | Value (Note 2) | ||||||
Netherlands (continued) |
| |||||||
Airbus SE | 49,610 | $ | 5,155,082 | |||||
Akzo Nobel NV# | 21,757 | 1,960,566 | ||||||
Altice NV, Class A†# | 41,160 | 325,407 | ||||||
Altice NV, Class B† | 7,694 | 60,679 | ||||||
ASML Holding NV | 32,198 | 5,661,170 | ||||||
Boskalis Westminster NV | 7,750 | 286,809 | ||||||
CNH Industrial NV | 88,171 | 1,142,574 | ||||||
EXOR NV | 8,981 | 544,679 | ||||||
Ferrari NV | 10,613 | 1,152,964 | ||||||
Fiat Chrysler Automobiles NV† | 92,414 | 1,587,956 | ||||||
Gemalto NV | 7,100 | 269,896 | ||||||
Heineken Holding NV | 10,314 | 994,314 | ||||||
Heineken NV | 22,365 | 2,279,553 | ||||||
ING Groep NV | 334,901 | 6,046,458 | ||||||
Koninklijke Ahold Delhaize NV | 111,449 | 2,388,660 | ||||||
Koninklijke DSM NV | 15,554 | 1,459,326 | ||||||
Koninklijke KPN NV | 295,011 | 1,082,541 | ||||||
Koninklijke Philips NV | 80,505 | 3,128,771 | ||||||
Koninklijke Vopak NV# | 6,296 | 266,634 | ||||||
Mobileye NV†# | 15,106 | 948,883 | ||||||
NN Group NV | 25,901 | 1,138,430 | ||||||
NXP Semiconductors NV† | 29,897 | 3,390,021 | ||||||
QIAGEN NV# | 18,416 | 582,085 | ||||||
Randstad Holding NV | 10,254 | 632,318 | ||||||
RELX NV | 83,415 | 1,911,133 | ||||||
STMicroelectronics NV | 54,733 | 1,242,681 | ||||||
Unilever NV CVA | 140,635 | 8,105,542 | ||||||
Wolters Kluwer NV | 26,148 | 1,355,392 | ||||||
57,685,717 | ||||||||
New Zealand — 0.1% |
| |||||||
Auckland International Airport, Ltd. | 87,262 | 381,426 | ||||||
Contact Energy, Ltd. | 62,491 | 231,074 | ||||||
Fletcher Building, Ltd. | 62,477 | 297,685 | ||||||
Mercury NZ, Ltd. | 59,213 | 132,935 | ||||||
Meridian Energy, Ltd. | 109,559 | 216,892 | ||||||
Ryman Healthcare, Ltd. | 33,839 | 243,060 | ||||||
Spark New Zealand, Ltd. | 164,001 | 407,065 | ||||||
1,910,137 | ||||||||
Norway — 0.6% |
| |||||||
DNB ASA | 84,364 | 1,540,091 | ||||||
Gjensidige Forsikring ASA | 18,149 | 329,269 | ||||||
Marine Harvest ASA | 35,612 | 627,876 | ||||||
Norsk Hydro ASA | 120,524 | 820,379 | ||||||
Orkla ASA | 70,523 | 707,391 | ||||||
Schibsted ASA, Class A# | 6,534 | 175,810 | ||||||
Schibsted ASA, Class B | 7,831 | 194,610 | ||||||
Statoil ASA | 97,969 | 1,968,657 | ||||||
Telenor ASA | 66,333 | 1,487,616 | ||||||
Yara International ASA | 16,074 | 713,664 | ||||||
8,565,363 | ||||||||
Papua New Guinea — 0.1% |
| |||||||
Oil Search, Ltd. | 118,644 | 636,611 | ||||||
Portugal — 0.1% |
| |||||||
Banco Espirito Santo SA†(1)(2) | 213,818 | 0 | ||||||
EDP - Energias de Portugal SA | 207,026 | 725,844 | ||||||
Galp Energia SGPS SA | 42,912 | 810,411 | ||||||
Jeronimo Martins SGPS SA | 22,353 | 438,787 | ||||||
1,975,042 | ||||||||
Singapore — 1.2% |
| |||||||
Ascendas Real Estate Investment Trust | 210,700 | 412,972 | ||||||
CapitaLand Commercial Trust | 178,700 | 251,127 |
123 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Singapore (continued) |
| |||||||
CapitaLand Mall Trust | 216,000 | $ | 328,968 | |||||
CapitaLand, Ltd. | 228,000 | 599,154 | ||||||
City Developments, Ltd. | 35,900 | 324,291 | ||||||
ComfortDelGro Corp., Ltd.# | 181,100 | 269,418 | ||||||
DBS Group Holdings, Ltd. | 153,100 | 2,786,867 | ||||||
Global Logistic Properties, Ltd. | 229,000 | 568,873 | ||||||
Hutchison Port Holdings Trust | 507,600 | 215,788 | ||||||
Jardine Cycle & Carriage, Ltd. | 9,200 | 272,531 | ||||||
Keppel Corp., Ltd. | 127,600 | 725,561 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 269,500 | 2,501,319 | ||||||
SATS, Ltd. | 56,300 | 221,713 | ||||||
Sembcorp Industries, Ltd.# | 86,400 | 195,992 | ||||||
Singapore Airlines, Ltd. | 48,700 | 388,866 | ||||||
Singapore Exchange, Ltd. | 69,600 | 388,195 | ||||||
Singapore Press Holdings, Ltd.# | 142,800 | 292,493 | ||||||
Singapore Technologies Engineering, Ltd. | 138,000 | 335,077 | ||||||
Singapore Telecommunications, Ltd. | 701,400 | 1,940,351 | ||||||
StarHub, Ltd.# | 52,800 | 111,806 | ||||||
Suntec Real Estate Investment Trust | 200,400 | 304,021 | ||||||
United Overseas Bank, Ltd. | 111,600 | 2,178,364 | ||||||
UOL Group, Ltd. | 39,600 | 261,309 | ||||||
Wilmar International, Ltd. | 140,400 | 327,335 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 169,200 | 197,033 | ||||||
16,399,424 | ||||||||
Spain — 3.1% |
| |||||||
Abertis Infraestructuras SA | 59,632 | 1,331,733 | ||||||
ACS Actividades de Construccion y Servicios SA | 20,223 | 783,034 | ||||||
Aena SME SA* | 5,970 | 1,188,570 | ||||||
Amadeus IT Group SA | 38,264 | 2,762,670 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 572,774 | 4,901,965 | ||||||
Banco de Sabadell SA | 461,330 | 929,619 | ||||||
Banco Santander SA | 1,382,200 | 9,294,951 | ||||||
Bankia SA# | 87,009 | 418,408 | ||||||
Bankinter SA | 60,021 | 579,697 | ||||||
CaixaBank SA | 308,011 | 1,465,880 | ||||||
Distribuidora Internacional de Alimentacion SA# | 55,362 | 260,753 | ||||||
Enagas SA | 19,486 | 572,264 | ||||||
Endesa SA | 27,796 | 620,207 | ||||||
Ferrovial SA | 41,974 | 924,760 | ||||||
Gas Natural SDG SA | 31,192 | 697,581 | ||||||
Grifols SA# | 26,744 | 780,814 | ||||||
Iberdrola SA | 494,848 | 3,932,478 | ||||||
Industria de Diseno Textil SA | 94,264 | 3,340,766 | ||||||
International Consolidated Airlines Group SA# | 54,895 | 454,174 | ||||||
Mapfre SA | 82,850 | 278,897 | ||||||
Red Electrica Corp. SA | 38,638 | 874,287 | ||||||
Repsol SA | 106,749 | 1,960,287 | ||||||
Siemens Gamesa Renewable Energy SA | 20,517 | 258,221 | ||||||
Telefonica SA | 387,604 | 3,973,013 | ||||||
42,585,029 | ||||||||
SupraNational — 0.0% |
| |||||||
HK Electric Investments & HK Electric Investments, Ltd.#* | 216,769 | 199,333 | ||||||
HKT Trust & HKT, Ltd. | 319,000 | 400,184 | ||||||
599,517 | ||||||||
Sweden — 2.5% |
| |||||||
Alfa Laval AB | 25,170 | 595,175 | ||||||
Assa Abloy AB, Class B | 86,683 | 1,757,902 | ||||||
Atlas Copco AB, Class A | 57,893 | 2,488,758 | ||||||
Atlas Copco AB, Class B | 34,810 | 1,338,409 | ||||||
Boliden AB | 24,395 | 773,351 | ||||||
Electrolux AB, Series B | 21,626 | 719,259 | ||||||
Essity AB, Class B† | 52,841 | 1,536,915 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) |
| |||||||
Getinge AB, Class B | 17,905 | $ | 322,382 | |||||
Hennes & Mauritz AB, Class B | 83,121 | 1,958,273 | ||||||
Hexagon AB, Class B | 22,849 | 1,123,011 | ||||||
Husqvarna AB, Class B | 36,460 | 332,729 | ||||||
ICA Gruppen AB | 6,868 | 248,514 | ||||||
Industrivarden AB, Class C | 14,317 | 349,366 | ||||||
Investor AB, Class B | 39,679 | 1,854,246 | ||||||
Kinnevik AB, Class B | 21,025 | 674,555 | ||||||
L E Lundbergforetagen AB | 3,086 | 226,536 | ||||||
Lundin Petroleum AB† | 16,054 | 369,673 | ||||||
Nordea Bank AB | 262,793 | 3,081,166 | ||||||
Sandvik AB | 97,081 | 1,667,600 | ||||||
Securitas AB, Class B | 28,056 | 493,395 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 130,991 | 1,556,223 | ||||||
Skanska AB, Class B | 29,272 | 642,656 | ||||||
SKF AB, Class B | 32,673 | 739,051 | ||||||
Svenska Handelsbanken AB, Class A | 129,082 | 1,764,809 | ||||||
Swedbank AB, Class A | 78,926 | 1,885,815 | ||||||
Swedish Match AB | 15,412 | 583,004 | ||||||
Tele2 AB, Class B | 28,579 | 365,883 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 265,671 | 1,672,039 | ||||||
Telia Co AB | 229,442 | 1,007,252 | ||||||
Volvo AB, Class B | 135,410 | 2,598,078 | ||||||
34,726,025 | ||||||||
Switzerland — 7.5% |
| |||||||
ABB, Ltd. | 171,592 | 4,392,163 | ||||||
Adecco Group AG | 14,490 | 1,095,432 | ||||||
Baloise Holding AG | 4,243 | 653,866 | ||||||
Barry Callebaut AG | 197 | 366,239 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 7 | 490,150 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)# | 87 | 514,303 | ||||||
Cie Financiere Richemont SA | 44,712 | 3,848,439 | ||||||
Coca-Cola HBC AG | 15,621 | 498,958 | ||||||
Credit Suisse Group AG | 209,225 | 3,547,586 | ||||||
Dufry AG† | 3,018 | 434,881 | ||||||
EMS-Chemie Holding AG | 739 | 493,055 | ||||||
Geberit AG | 3,176 | 1,380,700 | ||||||
Givaudan SA | 815 | 1,853,532 | ||||||
Julius Baer Group, Ltd. | 19,317 | 1,135,985 | ||||||
Kuehne & Nagel International AG | 4,873 | 856,625 | ||||||
LafargeHolcim, Ltd. | 39,286 | 2,147,842 | ||||||
Lonza Group AG | 6,357 | 1,660,802 | ||||||
Nestle SA | 268,249 | 22,966,701 | ||||||
Novartis AG | 191,647 | 16,397,866 | ||||||
Pargesa Holding SA | 2,757 | 236,943 | ||||||
Partners Group Holding AG | 1,488 | 1,022,174 | ||||||
Roche Holding AG | 60,612 | 15,294,938 | ||||||
Schindler Holding AG | 1,916 | 426,552 | ||||||
Schindler Holding AG (Participation Certificate) | 3,440 | 776,906 | ||||||
SGS SA | 474 | 1,172,867 | ||||||
Sika AG | 185 | 1,428,713 | ||||||
Sonova Holding AG | 4,591 | 731,880 | ||||||
Straumann Holding AG | 818 | 610,355 | ||||||
Swatch Group AG | 2,655 | 969,083 | ||||||
Swatch Group AG (TRQX) | 4,452 | 315,137 | ||||||
Swiss Life Holding AG | 2,866 | 961,655 | ||||||
Swiss Prime Site AG | 5,850 | 504,374 | ||||||
Swiss Re AG | 27,845 | 2,612,060 | ||||||
Swisscom AG | 2,262 | 1,193,793 | ||||||
UBS Group AG | 316,286 | 5,466,965 | ||||||
Vifor Pharma AG | 4,215 | 531,400 | ||||||
Zurich Insurance Group AG | 13,025 | 3,933,958 | ||||||
102,924,878 | ||||||||
124 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom — 15.0% |
| |||||||
3i Group PLC | 83,463 | $ | 1,017,685 | |||||
Admiral Group PLC | 18,161 | 471,538 | ||||||
Anglo American PLC# | 115,011 | 2,115,978 | ||||||
Antofagasta PLC | 35,163 | 432,888 | ||||||
Ashtead Group PLC | 44,743 | 1,150,109 | ||||||
Associated British Foods PLC | 31,019 | 1,231,622 | ||||||
AstraZeneca PLC | 109,160 | 7,060,061 | ||||||
Auto Trader Group PLC* | 86,570 | 393,742 | ||||||
Aviva PLC | 347,846 | 2,405,373 | ||||||
Babcock International Group PLC# | 22,156 | 208,903 | ||||||
BAE Systems PLC | 274,689 | 2,051,772 | ||||||
Barclays PLC | 1,454,717 | 3,792,664 | ||||||
Barratt Developments PLC | 87,592 | 714,132 | ||||||
Berkeley Group Holdings PLC | 11,202 | 578,360 | ||||||
BHP Billiton PLC | 184,078 | 3,347,237 | ||||||
BP PLC | 1,688,117 | 11,175,044 | ||||||
British American Tobacco PLC | 197,952 | 12,592,568 | ||||||
British Land Co. PLC | 85,679 | 729,437 | ||||||
BT Group PLC | 724,373 | 2,555,513 | ||||||
Bunzl PLC | 30,099 | 861,415 | ||||||
Burberry Group PLC | 39,697 | 922,063 | ||||||
Capita PLC | 59,319 | 374,698 | ||||||
Carnival PLC | 16,735 | 1,083,911 | ||||||
Centrica PLC | 468,325 | 912,706 | ||||||
Cobham PLC† | 206,348 | 354,491 | ||||||
Coca-Cola European Partners PLC | 18,585 | 723,179 | ||||||
Compass Group PLC | 137,018 | 2,780,478 | ||||||
ConvaTec Group PLC#* | 117,763 | 309,530 | ||||||
Croda International PLC | 11,280 | 652,413 | ||||||
Diageo PLC | 217,168 | 7,502,997 | ||||||
Direct Line Insurance Group PLC | 122,216 | 604,643 | ||||||
Dixons Carphone PLC | 87,629 | 188,743 | ||||||
easyJet PLC | 14,520 | 276,451 | ||||||
Fresnillo PLC# | 19,415 | 338,723 | ||||||
G4S PLC | 136,683 | 471,540 | ||||||
GKN PLC | 149,120 | 626,306 | ||||||
GlaxoSmithKline PLC | 423,063 | 7,320,139 | ||||||
Hammerson PLC | 69,313 | 487,134 | ||||||
Hargreaves Lansdown PLC | 21,429 | 464,442 | ||||||
Hikma Pharmaceuticals PLC# | 12,453 | 173,541 | ||||||
HSBC Holdings PLC | 1,726,481 | 17,164,237 | ||||||
IMI PLC | 24,413 | 412,855 | ||||||
Imperial Brands PLC | 82,255 | 3,410,406 | ||||||
Inmarsat PLC# | 38,550 | 251,749 | ||||||
InterContinental Hotels Group PLC | 15,349 | 900,498 | ||||||
Intertek Group PLC | 14,600 | 1,033,229 | ||||||
Intu Properties PLC# | 80,331 | 213,517 | ||||||
Investec PLC | 56,442 | 394,876 | ||||||
ITV PLC | 314,144 | 679,775 | ||||||
J Sainsbury PLC | 139,226 | 437,823 | ||||||
Johnson Matthey PLC | 16,783 | 685,925 | ||||||
Kingfisher PLC | 190,968 | 858,486 | ||||||
Land Securities Group PLC | 65,798 | 827,529 | ||||||
Legal & General Group PLC | 514,887 | 1,861,266 | ||||||
Lloyds Banking Group PLC | 6,162,617 | 5,489,504 | ||||||
London Stock Exchange Group PLC | 27,572 | 1,410,809 | ||||||
Marks & Spencer Group PLC# | 144,358 | 611,618 | ||||||
Mediclinic International PLC# | 31,976 | 243,376 | ||||||
Meggitt PLC | 70,892 | 466,020 | ||||||
Merlin Entertainments PLC#* | 57,170 | 272,320 | ||||||
Micro Focus International PLC | 37,812 | 1,272,962 | ||||||
Mondi PLC | 32,363 | 772,821 | ||||||
National Grid PLC | 297,555 | 3,546,939 | ||||||
Next PLC | 12,467 | 754,748 | ||||||
Old Mutual PLC | 434,547 | 1,160,930 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
Pearson PLC# | 73,394 | $ | 702,986 | |||||
Persimmon PLC | 27,145 | 932,634 | ||||||
Provident Financial PLC# | 12,746 | 150,882 | ||||||
Prudential PLC | 222,497 | 5,597,813 | ||||||
Reckitt Benckiser Group PLC | 57,252 | 5,026,260 | ||||||
RELX PLC | 92,728 | 2,155,834 | ||||||
Rio Tinto PLC | 107,148 | 5,078,718 | ||||||
Rolls-Royce Holdings PLC | 142,883 | 1,656,657 | ||||||
Rolls-Royce Holdings PLC, Class C (Entitlement Shares)† | 31,305,217 | 42,337 | ||||||
Royal Bank of Scotland Group PLC† | 303,869 | 1,137,503 | ||||||
Royal Dutch Shell PLC, Class A | 385,369 | 12,297,297 | ||||||
Royal Dutch Shell PLC, Class B | 322,909 | 10,470,384 | ||||||
Royal Mail PLC | 79,007 | 471,001 | ||||||
RSA Insurance Group PLC | 90,305 | 743,302 | ||||||
Sage Group PLC | 95,258 | 998,341 | ||||||
Schroders PLC | 11,277 | 526,785 | ||||||
Segro PLC | 85,241 | 632,060 | ||||||
Severn Trent PLC | 21,210 | 602,247 | ||||||
Sky PLC† | 91,579 | 1,157,878 | ||||||
Smith & Nephew PLC | 77,956 | 1,378,787 | ||||||
Smiths Group PLC | 35,603 | 715,092 | ||||||
SSE PLC | 87,200 | 1,615,230 | ||||||
St James’s Place PLC | 45,882 | 753,688 | ||||||
Standard Chartered PLC† | 285,813 | 2,857,035 | ||||||
Standard Life PLC | 232,721 | 1,355,259 | ||||||
Tate & Lyle PLC | 41,792 | 380,565 | ||||||
Taylor Wimpey PLC | 287,464 | 760,346 | ||||||
Tesco PLC# | 704,189 | 1,838,621 | ||||||
Travis Perkins PLC | 22,495 | 489,688 | ||||||
Unilever PLC | 109,906 | 6,206,262 | ||||||
United Utilities Group PLC | 60,120 | 667,342 | ||||||
Vodafone Group PLC | 2,296,997 | 6,966,226 | ||||||
Weir Group PLC | 19,272 | 508,741 | ||||||
Whitbread PLC | 15,819 | 763,996 | ||||||
WM Morrison Supermarkets PLC | 187,531 | 548,734 | ||||||
Worldpay Group PLC* | 172,804 | 985,852 | ||||||
205,760,770 | ||||||||
Total Common Stocks | ||||||||
(cost $1,142,640,766) | 1,273,001,497 | |||||||
EXCHANGE-TRADED FUNDS — 2.6% |
| |||||||
United States — 2.6% |
| |||||||
iShares MSCI EAFE ETF# | 513,900 | 36,029,529 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,178,214,321) | 1,309,031,026 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.4% |
| |||||||
Registered Investment Companies — 2.7% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 37,032,589 | 37,032,589 | ||||||
U.S. Government Treasuries — 2.7% | ||||||||
United States Treasury Bills | ||||||||
0.96% due 12/14/2017(5) | $ | 30,500,000 | 30,489,964 | |||||
1.07% due 01/18/2018(5) | 2,000,000 | 1,997,007 | ||||||
1.27% due 03/01/2018(5) | 4,000,000 | 3,987,512 | ||||||
36,474,483 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $73,506,434) | 73,507,072 | |||||||
125 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 1.9% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount $26,276,088 collateralized by $22,750,000 of U.S. Treasury Bonds, bearing interest at 3.75% due 11/15/2043 and having an approximate value of $26,806,757 (cost $26,276,000) | $ | 26,276,000 | $ | 26,276,000 | ||||
TOTAL INVESTMENTS — | ||||||||
(cost $1,277,996,755)(6) | 102.7 | % | 1,408,814,098 | |||||
Liabilities in excess of other assets | (2.7 | ) | (36,814,286 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 1,371,999,812 | ||||
# | 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, 2017, the aggregate value of these securities was $8,260,563 representing 0.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Illiquid security. At November 30, 2017, the aggregate value of these securities was $188 representing 0.0% of net assets. |
(2) | Securities classified as Level 3 (see Note 2). |
(3) | At November 30, 2017, the Fund had loaned securities with a total value of $77,505,366. This was secured by collateral of $37,032,589, which was received in cash and subsequently invested in short-term investments currently valued at $37,032,589 as reported in the Portfolio of Investments. Additional collateral of $43,591,944 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 3.50% | 05/01/2032 to 04/15/2043 | $ | 251,565 | ||||
Federal National Mtg. Assoc. | 3.00% to 3.50% | 02/25/2032 to 11/01/2046 | 3,683,674 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 08/20/2044 to 11/20/2046 | 1,054,137 | |||||
United States Treasury Bills | 0.00% | 12/07/2017 to 03/29/2018 | 1,409,490 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.00% | 12/31/2017 to 11/15/2046 | 37,193,078 |
(4) | The rate shown is the 7-day yield as of November 30, 2017. |
(5) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR — American Depositary Receipt
CDI — Chess Depositary Interest
CVA — Certification Van Aandelen (Dutch Cert.)
FDR — Fiduciary Depositary Receipt
ISE — Irish Stock Exchange
LSE — London Stock Exchange
RSP — Risparmio Shares-Savings Shares on the Italian Stock Exchange
SDR — Swedish Depositary Receipt
TRQX — Turquoise Stock Exchange
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
609 | Long | mini MSCI EAFE Index | December 2017 | $ | 60,690,084 | $ | 61,484,640 | $ | 794,556 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | — | $ | 85,053,933 | ** | $ | 188 | $ | 85,054,121 | |||||||
Cayman Islands | 1,192,921 | 7,553,754 | ** | — | 8,746,675 | |||||||||||
Israel | 2,474,660 | 3,141,620 | ** | — | 5,616,280 | |||||||||||
Netherlands | 5,023,089 | 52,662,628 | ** | — | 57,685,717 | |||||||||||
Portugal | — | 1,975,042 | ** | 0 | 1,975,042 | |||||||||||
United Kingdom | — | 205,760,770 | *** | — | 205,760,770 | |||||||||||
Other Countries | — | 908,162,892 | ** | — | 908,162,892 | |||||||||||
Exchange-Traded Funds | 36,029,529 | — | — | 36,029,529 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 37,032,589 | — | — | 37,032,589 | ||||||||||||
U.S. Government Treasuries | — | 36,474,483 | — | 36,474,483 | ||||||||||||
Repurchase Agreements | — | 26,276,000 | — | 26,276,000 | ||||||||||||
Total Investments at Value | $ | 81,752,788 | $ | 1,327,061,122 | $ | 188 | $ | 1,408,814,098 | ||||||||
Other Financial Instruments:+ | ||||||||||||||||
Futures Contracts | $ | 794,556 | $ | — | $ | — | $ | 794,556 | ||||||||
126 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
*** | Amount includes $205,718,433 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
+ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $1,247,801,913 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Fund.
See Notes to Financial Statements
127 |
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VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Sovereign | 67.0 | % | ||
United States Treasury Notes | 19.5 | |||
United States Treasury Bonds | 3.4 | |||
Oil Companies — Integrated | 1.7 | |||
Banks — Commercial | 1.2 | |||
Electric — Distribution | 0.7 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Time Deposits | 0.6 | |||
Registered Investment Companies | 0.5 | |||
Oil Refining & Marketing | 0.5 | |||
Cellular Telecom | 0.4 | |||
Banks — Export/Import | 0.4 | |||
Investment Management/Advisor Services | 0.3 | |||
Diversified Operations | 0.2 | |||
Platinum | 0.2 | |||
Transport — Marine | 0.2 | |||
Non-Ferrous Metals | 0.2 | |||
Metal — Iron | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Petrochemicals | 0.2 | |||
Investment Companies | 0.2 | |||
Metal — Diversified | 0.1 | |||
Appliances | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Electric — Generation | 0.1 | |||
Food — Meat Products | 0.1 | |||
Gas — Transportation | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
99.4 | % | |||
Country Allocation*
United States | 24.2 | % | ||
Japan | 13.7 | |||
Germany | 5.9 | |||
France | 5.3 | |||
Italy | 4.5 | |||
United Kingdom | 4.0 | |||
Spain | 3.9 | |||
Mexico | 2.5 | |||
Netherlands | 2.2 | |||
Canada | 1.9 | |||
Dominican Republic | 1.8 | |||
Turkey | 1.6 | |||
Peru | 1.6 | |||
Norway | 1.3 | |||
Colombia | 1.3 | |||
Russia | 1.2 | |||
British Virgin Islands | 1.2 | |||
Chile | 1.1 | |||
Austria | 1.1 | |||
Belgium | 1.0 | |||
Croatia | 0.9 | |||
Sri Lanka | 0.9 | |||
Indonesia | 0.9 | |||
Argentina | 0.9 | |||
Belarus | 0.8 | |||
Azerbaijan | 0.8 | |||
Egypt | 0.7 | |||
Ukraine | 0.7 | |||
Australia | 0.7 | |||
Romania | 0.7 | |||
Lithuania | 0.6 | |||
Brazil | 0.6 | |||
Ivory Coast | 0.6 | |||
Jordan | 0.6 | |||
Nigeria | 0.6 |
Country Allocation* (continued)
Lebanon | 0.5 | |||
Morocco | 0.5 | |||
Honduras | 0.5 | |||
Guatemala | 0.4 | |||
Ecuador | 0.4 | |||
Bahrain | 0.4 | |||
Iraq | 0.4 | |||
Panama | 0.4 | |||
Poland | 0.3 | |||
Angola | 0.3 | |||
India | 0.3 | |||
Thailand | 0.3 | |||
Namibia | 0.3 | |||
Bermuda | 0.2 | |||
Luxembourg | 0.2 | |||
China | 0.2 | |||
Venezuela | 0.2 | |||
South Africa | 0.2 | |||
Ireland | 0.2 | |||
Cayman Islands | 0.2 | |||
El Salvador | 0.1 | |||
Jamaica | 0.1 | |||
Uruguay | 0.1 | |||
Costa Rica | 0.1 | |||
Serbia | 0.1 | |||
South Korea | 0.1 | |||
Israel | 0.1 | |||
99.4 | % | |||
Credit Quality†#
Aaa | 34.1 | % | ||
Aa | 10.5 | |||
A | 17.9 | |||
Baa | 15.5 | |||
Ba | 9.1 | |||
B | 4.6 | |||
Caa | 2.0 | |||
Not Rated@ | 6.3 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
† | Source: Moody’s |
# | Calculated as percentage of total debt issues, excluding short-term securities |
128 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 7.8% |
| |||||||
Argentina — 0.1% |
| |||||||
Banco Macro SA VRS | $ | 155,000 | $ | 160,231 | ||||
Austria — 0.1% |
| |||||||
BRF GmbH | 200,000 | 194,500 | ||||||
Bermuda — 0.2% |
| |||||||
Tengizchevroil Finance Co. International, Ltd. | 500,000 | 495,837 | ||||||
Brazil — 0.0% |
| |||||||
Oi SA | BRL | 500,000 | 45,823 | |||||
British Virgin Islands — 1.2% |
| |||||||
China Cinda Finance 2015 I, Ltd. | 500,000 | 514,883 | ||||||
Huarong Finance II Co., Ltd. | 300,000 | 325,183 | ||||||
State Grid Overseas Investment, Ltd. | 1,200,000 | 1,202,930 | ||||||
State Grid Overseas Investment, Ltd. | 200,000 | 211,448 | ||||||
2,254,444 | ||||||||
Cayman Islands — 0.2% |
| |||||||
Alibaba Group Holding, Ltd. | 350,000 | 359,661 | ||||||
Chile — 0.8% |
| |||||||
Codelco, Inc. | 400,000 | 398,980 | ||||||
Empresa Nacional de Telecomunicaciones SA | 250,000 | 261,284 | ||||||
Empresa Nacional del Petroleo | 400,000 | 399,080 | ||||||
Empresa Nacional del Petroleo | 500,000 | 474,500 | ||||||
1,533,844 | ||||||||
China — 0.2% |
| |||||||
Bank of China, Ltd. | 420,000 | 448,696 | ||||||
Colombia — 0.2% |
| |||||||
Ecopetrol SA | 300,000 | 304,020 | ||||||
India — 0.3% |
| |||||||
Reliance Industries, Ltd. | 500,000 | 520,101 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Indonesia — 0.4% |
| |||||||
Pertamina Persero PT | $ | 318,000 | $ | 338,939 | ||||
PT Pelabuhan Indonesia II | 400,000 | 409,500 | ||||||
748,439 | ||||||||
Ireland — 0.2% |
| |||||||
NLMK Group | 360,000 | 376,560 | ||||||
Israel — 0.1% |
| |||||||
Israel Chemicals, Ltd. | 155,000 | 158,294 | ||||||
Luxembourg — 0.2% |
| |||||||
Cosan Luxembourg SA | 265,000 | 286,200 | ||||||
Minerva Luxembourg SA | 200,000 | 207,294 | ||||||
493,494 | ||||||||
Mexico — 1.4% |
| |||||||
Alpek SAB de CV | 310,000 | 328,507 | ||||||
Comision Federal de Electricidad | 200,000 | 209,750 | ||||||
El Puerto de Liverpool SAB de CV | 200,000 | 197,140 | ||||||
Grupo KUO SAB De CV | 450,000 | 461,250 | ||||||
Petroleos Mexicanos | 750,000 | 784,117 | ||||||
Petroleos Mexicanos | 520,000 | 549,848 | ||||||
Trust F/1401 | 200,000 | 212,000 | ||||||
2,742,612 | ||||||||
Netherlands — 0.6% |
| |||||||
GTH Finance BV | 200,000 | 227,031 | ||||||
Petrobras Global Finance BV | 270,000 | 297,540 | ||||||
Petrobras Global Finance BV | 270,000 | 322,313 | ||||||
VimpelCom Holdings BV | 350,000 | 379,928 | ||||||
1,226,812 | ||||||||
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Peru — 0.7% |
| |||||||
Banco de Credito del Peru | $ | 275,000 | $ | 296,656 | ||||
Banco Internacional del Peru SAA/Panama | 250,000 | 271,563 | ||||||
Petroleos del Peru SA | 500,000 | 511,250 | ||||||
Transportadora de Gas del Peru SA | 200,000 | 206,500 | ||||||
1,285,969 | ||||||||
South Korea — 0.1% |
| |||||||
Shinhan Bank | 200,000 | 201,563 | ||||||
Thailand — 0.3% |
| |||||||
Bangkok Bank PCL | 300,000 | 312,727 | ||||||
Thai Oil PCL | 200,000 | 204,606 | ||||||
517,333 | ||||||||
Turkey — 0.4% |
| |||||||
Akbank Turk AS | 275,000 | 273,484 | ||||||
Arcelik AS | 250,000 | 251,701 | ||||||
Turkiye Is Bankasi AS | 200,000 | 199,636 | ||||||
724,821 | ||||||||
United Kingdom — 0.1% |
| |||||||
Vedanta Resources PLC | 270,000 | 282,825 | ||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $14,932,029) | 15,075,879 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 67.4% |
| |||||||
Angola — 0.3% |
| |||||||
Republic of Angola | 500,000 | 563,150 | ||||||
Argentina — 0.8% |
| |||||||
Republic of Argentina | 800,000 | 586,520 | ||||||
Republic of Argentina | 80,000 | 83,960 | ||||||
Republic of Argentina | 300,000 | 325,650 | ||||||
Republic of Argentina | 420,611 | 490,643 | ||||||
1,486,773 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Australia — 0.7% |
| |||||||
Commonwealth of Australia | AUD | 1,700,000 | $ | 1,283,762 | ||||
Austria — 1.0% |
| |||||||
Republic of Austria | EUR | 1,000,000 | 1,849,362 | |||||
Azerbaijan — 0.8% |
| |||||||
Republic of Azerbaijan | 1,500,000 | 1,538,130 | ||||||
Bahrain — 0.4% |
| |||||||
Kingdom of Bahrain | 815,000 | 773,027 | ||||||
Belarus — 0.8% |
| |||||||
Republic of Belarus | 1,100,000 | 1,159,576 | ||||||
Republic of Belarus | 400,000 | 436,936 | ||||||
1,596,512 | ||||||||
Belgium — 1.0% |
| |||||||
Kingdom of Belgium | EUR | 1,500,000 | 1,874,582 | |||||
Brazil — 0.6% |
| |||||||
Federative Republic of Brazil | 600,000 | 559,500 | ||||||
Federative Republic of Brazil | BRL | 2,000,000 | 622,768 | |||||
1,182,268 | ||||||||
Canada — 1.9% |
| |||||||
Government of Canada | CAD | 1,500,000 | 1,149,936 | |||||
Government of Canada | CAD | 1,600,000 | 1,279,938 | |||||
Government of Canada | CAD | 1,000,000 | 1,149,169 | |||||
3,579,043 | ||||||||
Chile — 0.3% |
| |||||||
Chilean Central Bank | CLP | 375,000,000 | 648,451 | |||||
Colombia — 1.1% |
| |||||||
Republic of Colombia | 600,000 | 608,700 | ||||||
Republic of Colombia | 1,100,000 | 1,469,600 | ||||||
2,078,300 | ||||||||
130 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Costa Rica — 0.1% |
| |||||||
Republic of Costa Rica | $ | 250,000 | $ | 265,313 | ||||
Croatia — 0.9% |
| |||||||
Republic of Croatia | EUR | 1,000,000 | 1,188,464 | |||||
Republic of Croatia | 530,000 | 578,310 | ||||||
1,766,774 | ||||||||
Dominican Republic — 1.8% |
| |||||||
Dominican Republic | 700,000 | 742,000 | ||||||
Dominican Republic | 1,000,000 | 1,076,510 | ||||||
Dominican Republic | 500,000 | 596,250 | ||||||
Dominican Republic | 600,000 | 656,250 | ||||||
Dominican Republic | 300,000 | 370,500 | ||||||
3,441,510 | ||||||||
Ecuador — 0.4% |
| |||||||
Republic of Ecuador | 700,000 | 785,750 | ||||||
Egypt — 0.7% |
| |||||||
Government of Egypt | 600,000 | 625,468 | ||||||
Government of Egypt | 150,000 | 150,692 | ||||||
Government of Egypt | 535,000 | 611,687 | ||||||
1,387,847 | ||||||||
El Salvador — 0.1% |
| |||||||
Republic of El Salvador | 250,000 | 285,625 | ||||||
France — 5.3% |
| |||||||
Government of France | EUR | 2,000,000 | 2,432,429 | |||||
Government of France | EUR | 600,000 | 864,754 | |||||
Government of France | EUR | 350,000 | 695,778 | |||||
Government of France | EUR | 2,400,000 | 3,588,614 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
France (continued) |
| |||||||
Government of France | EUR | 450,347 | $ | 818,028 | ||||
Government of France | EUR | 1,000,000 | 1,734,789 | |||||
10,134,392 | ||||||||
Germany — 5.9% |
| |||||||
Federal Republic of Germany | EUR | 2,900,000 | 3,553,549 | |||||
Federal Republic of Germany | EUR | 700,000 | 892,572 | |||||
Federal Republic of Germany | EUR | 1,000,000 | 1,206,878 | |||||
Federal Republic of Germany | EUR | 800,000 | 1,062,845 | |||||
Federal Republic of Germany | EUR | 610,000 | 1,122,146 | |||||
Federal Republic of Germany | EUR | 350,000 | 673,700 | |||||
Federal Republic of Germany | EUR | 750,000 | 1,442,770 | |||||
Federal Republic of Germany | EUR | 800,000 | 1,509,286 | |||||
11,463,746 | ||||||||
Guatemala — 0.4% |
| |||||||
Republic of Guatemala | 360,000 | 359,100 | ||||||
Republic of Guatemala | 400,000 | 432,472 | ||||||
791,572 | ||||||||
Honduras — 0.5% |
| |||||||
Republic of Honduras | 850,000 | 903,864 | ||||||
Indonesia — 0.5% |
| |||||||
Republic of Indonesia | 550,000 | 566,637 | ||||||
Republic of Indonesia | 300,000 | 381,927 | ||||||
948,564 | ||||||||
Iraq — 0.4% |
| |||||||
Republic of Iraq | 700,000 | 707,008 | ||||||
Italy — 4.5% |
| |||||||
Republic of Italy | EUR | 600,000 | 718,478 |
131 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Italy (continued) |
| |||||||
Republic of Italy | EUR | 700,000 | $ | 803,465 | ||||
Republic of Italy | EUR | 1,000,000 | 1,345,375 | |||||
Republic of Italy | EUR | 800,000 | 1,047,726 | |||||
Republic of Italy | EUR | 750,000 | 1,082,412 | |||||
Republic of Italy | EUR | 1,000,000 | 1,634,213 | |||||
Republic of Italy | EUR | 600,000 | 1,038,059 | |||||
Republic of Italy | EUR | 532,912 | 931,549 | |||||
8,601,277 | ||||||||
Ivory Coast — 0.6% |
| |||||||
Republic of Ivory Coast | 1,200,000 | 1,203,120 | ||||||
Jamaica — 0.1% |
| |||||||
Government of Jamaica | 230,000 | 276,166 | ||||||
Japan — 13.7% |
| |||||||
Government of Japan | JPY | 150,000,000 | 1,342,063 | |||||
Government of Japan | JPY | 200,000,000 | 1,788,902 | |||||
Government of Japan | JPY | 120,000,000 | 1,102,205 | |||||
Government of Japan | JPY | 110,000,000 | 1,016,942 | |||||
Government of Japan | JPY | 150,000,000 | 1,398,974 | |||||
Government of Japan | JPY | 205,000,000 | 1,901,712 | |||||
Government of Japan | JPY | 185,000,000 | 1,695,895 | |||||
Government of Japan | JPY | 132,000,000 | 1,209,856 | |||||
Government of Japan | JPY | 200,000,000 | 1,849,589 | |||||
Government of Japan | JPY | 200,000,000 | 1,998,898 | |||||
Government of Japan | JPY | 170,000,000 | 1,774,423 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Government of Japan | JPY | 100,000,000 | $ | 1,066,853 | ||||
Government of Japan | JPY | 53,000,000 | 571,262 | |||||
Government of Japan | JPY | 120,000,000 | 1,350,788 | |||||
Government of Japan | JPY | 185,000,000 | 2,103,900 | |||||
Government of Japan | JPY | 100,000,000 | 1,141,321 | |||||
Government of Japan | JPY | 60,000,000 | 642,500 | |||||
Government of Japan | JPY | 128,000,000 | 1,397,838 | |||||
Government of Japan | JPY | 60,000,000 | 663,111 | |||||
Government of Japan | JPY | 33,000,000 | 403,553 | |||||
26,420,585 | ||||||||
Jordan — 0.6% |
| |||||||
Kingdom of Jordan | 700,000 | 693,000 | ||||||
Kingdom of Jordan | 430,000 | 442,891 | ||||||
1,135,891 | ||||||||
Lebanon — 0.5% |
| |||||||
Republic of Lebanon | 300,000 | 281,715 | ||||||
Republic of Lebanon | 760,000 | 779,502 | ||||||
1,061,217 | ||||||||
Lithuania — 0.6% |
| |||||||
Republic of Lithuania | EUR | 1,000,000 | 1,241,478 | |||||
Mexico — 1.1% |
| |||||||
United Mexican States | 500,000 | 525,750 | ||||||
United Mexican States | 220,000 | 230,340 | ||||||
United Mexican States | 700,000 | 677,600 | ||||||
United Mexican States | MXN | 10,000,000 | 670,008 | |||||
2,103,698 | ||||||||
132 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Morocco — 0.5% |
| |||||||
Kingdom of Morocco | $ | 1,000,000 | $ | 1,050,400 | ||||
Namibia — 0.3% |
| |||||||
Republic of Namibia | 500,000 | 506,310 | ||||||
Netherlands — 1.6% |
| |||||||
Government of Netherlands | EUR | 1,100,000 | 1,317,764 | |||||
Government of Netherlands | EUR | 1,200,000 | 1,771,981 | |||||
3,089,745 | ||||||||
Nigeria — 0.6% |
| |||||||
Republic of Nigeria | 510,000 | 520,506 | ||||||
Republic of Nigeria | 560,000 | 576,800 | ||||||
1,097,306 | ||||||||
Norway — 1.3% |
| |||||||
Kingdom of Norway | NOK | 9,000,000 | 1,199,282 | |||||
Kingdom of Norway | NOK | 10,000,000 | 1,320,772 | |||||
2,520,054 | ||||||||
Panama — 0.4% |
| |||||||
Republic of Panama | 650,000 | 691,437 | ||||||
Peru — 0.9% |
| |||||||
Republic of Peru | 651,000 | 712,845 | ||||||
Republic of Peru | 270,000 | 345,600 | ||||||
Republic of Peru | 400,000 | 632,000 | ||||||
1,690,445 | ||||||||
Poland — 0.3% |
| |||||||
Republic of Poland | 550,000 | 598,950 | ||||||
Romania — 0.7% |
| |||||||
Government of Romania | 550,000 | 704,264 | ||||||
Government of Romania | 500,000 | 574,500 | ||||||
1,278,764 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Russia — 1.2% |
| |||||||
Russian Federation | $ | 1,200,000 | $ | 1,264,200 | ||||
Russian Federation | 1,000,000 | 1,031,000 | ||||||
2,295,200 | ||||||||
Serbia — 0.1% |
| |||||||
Republic of Serbia | 250,000 | 258,125 | ||||||
South Africa — 0.2% |
| |||||||
Republic of South Africa | 200,000 | 203,042 | ||||||
Republic of South Africa | 200,000 | 194,196 | ||||||
397,238 | ||||||||
Spain — 3.9% |
| |||||||
Kingdom of Spain | EUR | 1,000,000 | 1,231,654 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,345,091 | |||||
Kingdom of Spain | EUR | 1,400,000 | 1,727,034 | |||||
Kingdom of Spain | EUR | 750,000 | 1,090,746 | |||||
Kingdom of Spain | EUR | 1,500,000 | 2,120,400 | |||||
7,514,925 | ||||||||
Sri Lanka — 0.9% |
| |||||||
Republic of Sri Lanka | 300,000 | 316,402 | ||||||
Republic of Sri Lanka | 260,000 | 285,218 | ||||||
Republic of Sri Lanka | 640,000 | 702,077 | ||||||
Republic of Sri Lanka | 400,000 | 440,436 | ||||||
1,744,133 | ||||||||
Turkey — 1.2% |
| |||||||
Export Credit Bank of Turkey | 800,000 | 768,000 | ||||||
Republic of Turkey | 650,000 | 680,810 | ||||||
Republic of Turkey | 340,000 | 322,150 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Turkey (continued) |
| |||||||
Republic of Turkey | $ | 100,000 | $ | 107,737 | ||||
Republic of Turkey | 400,000 | 482,868 | ||||||
2,361,565 | ||||||||
Ukraine — 0.7% |
| |||||||
Government of Ukraine | 750,000 | 738,975 | ||||||
Government of Ukraine | 600,000 | 637,511 | ||||||
1,376,486 | ||||||||
United Kingdom — 3.9% |
| |||||||
United Kingdom Gilt Treasury | GBP | 500,000 | 694,525 | |||||
United Kingdom Gilt Treasury | GBP | 1,000,000 | 1,236,905 | |||||
United Kingdom Gilt Treasury | GBP | 300,000 | 435,784 | |||||
United Kingdom Gilt Treasury | GBP | 400,000 | 689,616 | |||||
United Kingdom Gilt Treasury | GBP | 370,000 | 668,569 | |||||
United Kingdom Gilt Treasury | GBP | 1,000,000 | 1,721,695 | |||||
United Kingdom Gilt Treasury | GBP | 600,000 | 1,122,628 | |||||
United Kingdom Gilt Treasury | GBP | 450,000 | 878,023 | |||||
7,447,745 | ||||||||
Uruguay — 0.1% |
| |||||||
Oriental Republic of Uruguay | 250,000 | 270,000 | ||||||
Venezuela — 0.2% |
| |||||||
Republic of Venezuela | 1,440,000 | 313,200 | ||||||
Republic of Venezuela | 600,000 | 131,280 | ||||||
444,480 | ||||||||
Total Foreign Government Obligations |
| |||||||
(cost $127,747,798) | 130,012,065 | |||||||
U.S. CORPORATE BONDS & NOTES — 0.2% |
| |||||||
United States — 0.2% |
| |||||||
Stillwater Mining Co. | 410,000 | 425,785 | ||||||
Security Description | Principal Amount(1)/ Shares | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 22.9% |
| |||||||
United States — 22.9% |
| |||||||
United States Treasury Bonds | $ | 1,000,000 | $ | 1,008,555 | ||||
3.00% due 05/15/2042 | 1,720,000 | 1,782,888 | ||||||
3.75% due 11/15/2043 | 500,000 | 586,914 | ||||||
4.38% due 02/15/2038 | 620,000 | 785,559 | ||||||
5.50% due 08/15/2028 | 2,000,000 | 2,576,328 | ||||||
United States Treasury Notes | 2,500,000 | 2,433,887 | ||||||
1.38% due 09/30/2018 | 2,000,000 | 1,995,703 | ||||||
1.50% due 10/31/2019 | 2,000,000 | 1,988,906 | ||||||
1.75% due 09/30/2019 | 3,000,000 | 2,997,656 | ||||||
1.75% due 12/31/2020 | 2,000,000 | 1,988,438 | ||||||
1.75% due 01/31/2023 | 1,000,000 | 979,531 | ||||||
1.75% due 05/15/2023 | 1,500,000 | 1,465,488 | ||||||
1.88% due 11/30/2021 | 2,000,000 | 1,987,422 | ||||||
1.88% due 10/31/2022 | 2,000,000 | 1,974,922 | ||||||
2.00% due 10/31/2022 | 1,500,000 | 1,490,391 | ||||||
2.00% due 05/31/2024 | 2,000,000 | 1,965,078 | ||||||
2.00% due 02/15/2025# | 1,000,000 | 978,086 | ||||||
2.00% due 08/15/2025 | 1,000,000 | 974,766 | ||||||
2.25% due 11/15/2025 | 2,000,000 | 1,982,578 | ||||||
2.38% due 08/15/2024# | 2,050,000 | 2,058,568 | ||||||
2.50% due 05/15/2024 | 3,000,000 | 3,037,617 | ||||||
2.63% due 11/15/2020 | 600,000 | 612,234 | ||||||
2.75% due 11/15/2023 | 2,000,000 | 2,057,344 | ||||||
2.75% due 02/15/2024 | 1,200,000 | 1,233,281 | ||||||
3.38% due 11/15/2019 | 1,800,000 | 1,854,704 | ||||||
3.63% due 02/15/2021 | 1,400,000 | 1,457,114 | ||||||
Total U.S. Government Treasuries |
| |||||||
(cost $44,766,201) | 44,253,958 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $187,850,161) | 189,767,687 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.1% |
| |||||||
Registered Investment Companies — 0.5% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,026,063 | 1,026,063 | ||||||
Time Deposits — 0.6% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | 1,134,000 | 1,134,000 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $2,160,063) | 2,160,063 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $190,010,224)(7) | 99.4 | % | 191,927,750 | |||||
Other assets less liabilities | 0.6 | 915,144 | ||||||
NET ASSETS — | 100.0 | % | $ | 192,842,894 | ||||
* | 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, 2017, the aggregate value of these securities was $33,545,630 representing 17.1% 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, 2017, the aggregate value of these securities was $45,823 representing 0.0% of net assets. |
(3) | Company has filed for bankruptcy protection. |
(4) | Security in default of interest and principal at maturity. |
134 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
(5) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2017. |
(6) | Security in default |
(7) | At November 30, 2017, the Fund had loaned securities with a total value of $3,127,385. This was secured by collateral of $1,026,063, which was received in cash and subsequently invested in short-term investments currently valued at $1,026,063 as reported in Portfolio of Investments. Additional collateral of $2,246,387 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 3.28% to 4.50% | 09/01/2037 to 12/01/2047 | $ | 45,747 | ||||
Federal National Mtg. Assoc. | zero coupon to 6.00% | 10/09/2019 to 01/01/2049 | 1,716,663 | |||||
Government National Mtg. Assoc. | 3.00% to 4.85% | 03/20/2045 to 11/20/2063 | 477,494 | |||||
United States Treasury Notes/Bonds | 1.38% to 8.13% | 01/15/2020 to 05/15/2044 | 6,483 |
(8) | The rate shown is the 7-day yield as of November 30, 2017. |
(9) | See Note 5 for cost of investments on a tax basis. |
VRS—Variable Rate Security
AUD—Austalian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
CLP—Chilean Peso
EUR—Euro Currency
GBP—British Pound
JPY—Japanese Yen
MXN—Mexican Peso
NOK—Norwegian Krona
The rates shown on VRS are the current interest rates as of November 30, 2017 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
5 Yr UIRS—5 Year USD Interest Rate Swap
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Foreign Corporate Bonds & Notes | $ | — | $ | 15,075,879 | $ | — | $ | 15,075,879 | ||||||||
Foreign Government Obligations: | — | 130,012,065 | 0 | 130,012,065 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 425,785 | — | 425,785 | ||||||||||||
U.S. Government Treasuries | — | 44,253,958 | — | 44,253,958 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 1,026,063 | — | — | 1,026,063 | ||||||||||||
Time Deposits | — | 1,134,000 | — | 1,134,000 | ||||||||||||
Total Investments at Value | $ | 1,026,063 | $ | 190,901,687 | $ | — | $ | 191,927,750 | ||||||||
* | 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
135 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Banks-Commercial | 6.9 | % | ||
Medical-Drugs | 3.8 | |||
Beverages-Wine/Spirits | 3.4 | |||
Insurance-Life/Health | 3.3 | |||
Cosmetics & Toiletries | 3.3 | |||
Diversified Banking Institutions | 2.9 | |||
Food-Misc./Diversified | 2.9 | |||
Time Deposits | 2.8 | |||
E-Commerce/Products | 2.5 | |||
Oil Companies-Integrated | 2.5 | |||
Finance-Other Services | 2.4 | |||
Tobacco | 2.3 | |||
Enterprise Software/Service | 2.1 | |||
Commercial Services | 2.0 | |||
Electronic Components-Semiconductors | 1.8 | |||
Registered Investment Companies | 1.7 | |||
Web Portals/ISP | 1.7 | |||
Retail-Apparel/Shoe | 1.6 | |||
Transactional Software | 1.6 | |||
Semiconductor Components-Integrated Circuits | 1.5 | |||
Brewery | 1.4 | |||
Food-Catering | 1.4 | |||
Diversified Financial Services | 1.4 | |||
Transport-Services | 1.3 | |||
Power Converter/Supply Equipment | 1.2 | |||
Containers-Paper/Plastic | 1.1 | |||
Industrial Automated/Robotic | 1.1 | |||
Electronic Components-Misc. | 0.9 | |||
Electronic Measurement Instruments | 0.9 | |||
Medical Products | 0.9 | |||
Building Products-Cement | 0.9 | |||
Distribution/Wholesale | 0.9 | |||
Chemicals-Diversified | 0.9 | |||
Auto/Truck Parts & Equipment-Original | 0.9 | |||
Transport-Rail | 0.9 | |||
Industrial Gases | 0.9 | |||
Retail-Discount | 0.9 | |||
Medical-Biomedical/Gene | 0.8 | |||
Insurance-Multi-line | 0.8 | |||
Building Products-Air & Heating | 0.8 | |||
Diagnostic Equipment | 0.8 | |||
Rental Auto/Equipment | 0.8 | |||
Retail-Major Department Stores | 0.8 | |||
Athletic Footwear | 0.8 | |||
Human Resources | 0.8 | |||
Retail-Jewelry | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Computers-Integrated Systems | 0.7 | |||
Machinery-General Industrial | 0.7 | |||
Metal-Diversified | 0.7 | |||
Beverages-Non-alcoholic | 0.7 | |||
Commercial Services-Finance | 0.6 | |||
Medical Instruments | 0.6 | |||
Airlines | 0.6 | |||
Optical Supplies | 0.6 | |||
Diversified Operations | 0.6 | |||
Machinery-Construction & Mining | 0.6 | |||
Internet Application Software | 0.6 | |||
Investment Companies | 0.6 | |||
Toys | 0.5 | |||
Schools | 0.5 | |||
Publishing-Periodicals | 0.5 | |||
Textile-Apparel | 0.5 | |||
Machine Tools & Related Products | 0.5 | |||
Machinery-Pumps | 0.5 | |||
Soap & Cleaning Preparation | 0.5 | |||
Diversified Operations/Commercial Services | 0.5 | |||
Computer Services | 0.5 | |||
Advertising Agencies | 0.5 |
Casino Hotels | 0.4 | % | ||
Dialysis Centers | 0.4 | |||
Cruise Lines | 0.4 | |||
Transport-Marine | 0.4 | |||
Multimedia | 0.4 | |||
Retail-Misc./Diversified | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Hotels/Motels | 0.4 | |||
Retail-Home Furnishings | 0.4 | |||
Machinery-Electrical | 0.4 | |||
Food-Retail | 0.3 | |||
Electric Products-Misc. | 0.3 | |||
Oil Companies-Exploration & Production | 0.3 | |||
Retail-Restaurants | 0.3 | |||
Oil-U.S. Royalty Trusts | 0.3 | |||
Electric-Generation | 0.3 | |||
Finance-Mortgage Loan/Banker | 0.3 | |||
Computer Data Security | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Insurance-Reinsurance | 0.3 | |||
Machinery-Farming | 0.3 | |||
E-Marketing/Info | 0.2 | |||
Insurance-Property/Casualty | 0.2 | |||
Building-Heavy Construction | 0.2 | |||
Computer Software | 0.2 | |||
Computer Aided Design | 0.2 | |||
Chemicals-Specialty | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Television | 0.2 | |||
Retail-Convenience Store | 0.2 | |||
U.S. Government Agencies | 0.2 | |||
Steel-Producers | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Explosives | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Retail-Vision Service Center | 0.1 | |||
101.4 | % | |||
* | Calculated as a percentage of net assets |
136 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited) — (continued)
Country Allocation*
United Kingdom | 16.0 | % | ||
Japan | 11.9 | |||
France | 9.5 | |||
Germany | 9.2 | |||
Switzerland | 8.3 | |||
Netherlands | 5.8 | |||
United States | 5.0 | |||
Canada | 3.8 | |||
Cayman Islands | 3.2 | |||
Brazil | 2.8 | |||
Australia | 2.8 | |||
Denmark | 2.7 | |||
Sweden | 2.2 | |||
Hong Kong | 2.0 | |||
Spain | 2.0 | |||
Singapore | 1.8 | |||
Taiwan | 1.5 | |||
Italy | 1.3 | |||
Jersey | 1.3 | |||
India | 1.1 | |||
Ireland | 1.0 | |||
South Korea | 0.8 | |||
Belgium | 0.8 | |||
Mexico | 0.8 | |||
Thailand | 0.7 | |||
Austria | 0.7 | |||
Luxembourg | 0.6 | |||
Indonesia | 0.5 | |||
China | 0.3 | |||
Norway | 0.3 | |||
Israel | 0.3 | |||
Portugal | 0.2 | |||
Turkey | 0.2 | |||
101.4 | % | |||
* | Calculated as a percentage of net assets |
137 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.7% |
| |||||||
Australia — 2.8% |
| |||||||
Amcor, Ltd. | 236,985 | $ | 2,773,099 | |||||
Brambles, Ltd. | 276,169 | 2,150,917 | ||||||
CSL, Ltd. | 35,682 | 3,882,465 | ||||||
Orica, Ltd. | 35,375 | 457,597 | ||||||
Treasury Wine Estates, Ltd. | 294,360 | 3,515,668 | ||||||
12,779,746 | ||||||||
Austria — 0.7% |
| |||||||
Erste Group Bank AG | 71,292 | 3,101,290 | ||||||
Belgium — 0.8% |
| |||||||
KBC Group NV | 45,120 | 3,694,117 | ||||||
Brazil — 2.8% |
| |||||||
Ambev SA ADR# | 169,051 | 1,046,426 | ||||||
B3 SA - Brasil Bolsa Balcao | 302,402 | 2,146,916 | ||||||
Banco Bradesco SA ADR | 192,905 | 1,888,540 | ||||||
Banco do Brasil SA | 65,000 | 594,312 | ||||||
Cielo SA | 270,741 | 1,894,017 | ||||||
Itau Unibanco Holding SA (Preference Shares) | 80,200 | 1,011,121 | ||||||
Kroton Educacional SA | 270,431 | 1,496,956 | ||||||
Localiza Rent a Car SA | 237,000 | 1,450,185 | ||||||
Lojas Renner SA | 141,900 | 1,470,823 | ||||||
12,999,296 | ||||||||
Canada — 3.8% |
| |||||||
Canadian National Railway Co. (NYSE) | 33,937 | 2,646,407 | ||||||
Canadian National Railway Co. (TSX) | 17,093 | 1,334,291 | ||||||
Cenovus Energy, Inc. | 97,025 | 925,014 | ||||||
CGI Group, Inc., Class A† | 63,508 | 3,351,750 | ||||||
Dollarama, Inc. | 13,890 | 1,697,936 | ||||||
Fairfax Financial Holdings, Ltd. | 1,995 | 1,096,334 | ||||||
Great-West Lifeco, Inc.# | 37,971 | 1,033,339 | ||||||
Loblaw Cos., Ltd. | 9,646 | 507,889 | ||||||
PrairieSky Royalty, Ltd.# | 57,468 | 1,503,794 | ||||||
Suncor Energy, Inc.# | 101,272 | 3,512,709 | ||||||
17,609,463 | ||||||||
Cayman Islands — 3.2% |
| |||||||
Alibaba Group Holding, Ltd. ADR†# | 27,185 | 4,813,920 | ||||||
ANTA Sports Products, Ltd. | 246,000 | 1,104,775 | ||||||
Baidu, Inc. ADR† | 7,678 | 1,831,817 | ||||||
CK Hutchison Holdings, Ltd. | 218,892 | 2,757,539 | ||||||
Melco Resorts & Entertainment, Ltd. ADR | 24,470 | 638,912 | ||||||
TAL Education Group ADR | 37,410 | 1,042,991 | ||||||
Tencent Holdings, Ltd. | 51,600 | 2,663,545 | ||||||
14,853,499 | ||||||||
China — 0.3% |
| |||||||
Kweichow Moutai Co., Ltd., Class A | 16,451 | 1,570,452 | ||||||
Denmark — 2.7% |
| |||||||
AP Moller - Maersk A/S, Series B | 1,120 | 2,009,324 | ||||||
Carlsberg A/S, Class B | 27,700 | 3,285,452 | ||||||
Chr. Hansen Holding A/S# | 23,780 | 2,160,169 | ||||||
DSV A/S | 37,270 | 2,870,696 | ||||||
Novo Nordisk A/S, Class B | 41,392 | 2,141,400 | ||||||
12,467,041 | ||||||||
France — 9.5% |
| |||||||
Accor SA | 34,260 | 1,719,055 | ||||||
Air Liquide SA | 21,803 | 2,730,659 | ||||||
Arkema SA | 18,200 | 2,228,016 | ||||||
BNP Paribas SA | 33,150 | 2,511,130 | ||||||
Danone SA | 56,306 | 4,753,472 | ||||||
Dassault Systemes SE | 8,499 | 913,636 | ||||||
Engie SA | 83,437 | 1,460,500 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Essilor International SA | 21,597 | $ | 2,778,719 | |||||
Hermes International | 601 | 316,807 | ||||||
Kering | 7,920 | 3,515,735 | ||||||
L’Oreal SA | 5,395 | 1,193,225 | ||||||
Legrand SA | 21,502 | 1,612,094 | ||||||
LVMH Moet Hennessy Louis Vuitton SE# | 7,836 | 2,282,347 | ||||||
Pernod Ricard SA# | 33,403 | 5,212,086 | ||||||
Schneider Electric SE | 66,747 | 5,737,586 | ||||||
TOTAL SA | 38,362 | 2,165,919 | ||||||
Valeo SA | 26,494 | 1,923,499 | ||||||
Vinci SA | 9,828 | 1,004,251 | ||||||
44,058,736 | ||||||||
Germany — 9.2% |
| |||||||
adidas AG | 16,680 | 3,478,201 | ||||||
Allianz SE | 11,893 | 2,804,827 | ||||||
Bayer AG | 29,846 | 3,804,814 | ||||||
Beiersdorf AG | 21,335 | 2,539,984 | ||||||
Deutsche Boerse AG | 42,668 | 4,837,722 | ||||||
Deutsche Post AG | 42,167 | 2,001,523 | ||||||
Fresenius Medical Care AG & Co. KGaA | 20,430 | 2,030,395 | ||||||
GEA Group AG# | 23,375 | 1,128,327 | ||||||
HeidelbergCement AG | 21,660 | 2,305,086 | ||||||
Infineon Technologies AG | 53,880 | 1,488,271 | ||||||
Linde AG† | 5,270 | 1,226,479 | ||||||
Merck KGaA | 9,978 | 1,062,466 | ||||||
MTU Aero Engines AG | 4,690 | 843,453 | ||||||
ProSiebenSat.1 Media SE | 23,631 | 751,814 | ||||||
SAP SE | 85,531 | 9,635,425 | ||||||
Zalando SE†#* | 49,440 | 2,531,438 | ||||||
42,470,225 | ||||||||
Hong Kong — 2.0% |
| |||||||
AIA Group, Ltd. | 938,400 | 7,648,825 | ||||||
Galaxy Entertainment Group, Ltd. | 229,000 | 1,649,374 | ||||||
9,298,199 | ||||||||
India — 1.1% |
| |||||||
HDFC Bank, Ltd. | 55,860 | 1,605,412 | ||||||
Housing Development Finance Corp., Ltd. | 53,168 | 1,377,521 | ||||||
Tata Consultancy Services, Ltd. | 52,326 | 2,141,581 | ||||||
5,124,514 | ||||||||
Indonesia — 0.5% |
| |||||||
Bank Mandiri Persero Tbk PT | 4,033,000 | 2,212,987 | ||||||
Ireland — 1.0% |
| |||||||
CRH PLC | 52,700 | 1,818,522 | ||||||
Ryanair Holdings PLC ADR† | 22,918 | 2,794,621 | ||||||
4,613,143 | ||||||||
Israel — 0.3% |
| |||||||
Check Point Software Technologies, Ltd.† | 12,961 | 1,351,703 | ||||||
Italy — 1.3% |
| |||||||
Eni SpA | 65,619 | 1,077,791 | ||||||
Intesa Sanpaolo SpA | 405,804 | 1,361,991 | ||||||
Luxottica Group SpA | 3,938 | 229,071 | ||||||
Mediobanca SpA | 83,266 | 961,753 | ||||||
UniCredit SpA† | 110,788 | 2,230,929 | ||||||
5,861,535 | ||||||||
Japan — 11.9% |
| |||||||
CyberAgent, Inc.# | 34,300 | 1,183,143 | ||||||
Daikin Industries, Ltd. | 33,100 | 3,824,078 | ||||||
Daito Trust Construction Co., Ltd. | 6,900 | 1,263,728 | ||||||
Denso Corp. | 37,400 | 2,107,546 |
138 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
FANUC Corp. | 20,200 | $ | 5,054,681 | |||||
Hoya Corp. | 48,100 | 2,340,615 | ||||||
Japan Tobacco, Inc. | 88,500 | 2,932,555 | ||||||
Kao Corp. | 34,400 | 2,284,196 | ||||||
Keyence Corp. | 7,200 | 4,196,376 | ||||||
Komatsu, Ltd. | 86,000 | 2,680,809 | ||||||
Kubota Corp. | 64,400 | 1,221,766 | ||||||
Kyocera Corp. | 26,400 | 1,860,071 | ||||||
MonotaRO Co., Ltd.# | 52,100 | 1,488,806 | ||||||
Nintendo Co., Ltd. | 6,300 | 2,557,795 | ||||||
Nitori Holdings Co., Ltd. | 10,300 | 1,685,583 | ||||||
Olympus Corp. | 16,100 | 663,192 | ||||||
Pola Orbis Holdings, Inc. | 55,400 | 2,028,518 | ||||||
Rakuten, Inc. | 109,100 | 1,121,721 | ||||||
Recruit Holdings Co., Ltd. | 73,400 | 1,722,908 | ||||||
Rohm Co., Ltd. | 16,600 | 1,711,748 | ||||||
Ryohin Keikaku Co., Ltd. | 5,600 | 1,752,291 | ||||||
Shin-Etsu Chemical Co., Ltd. | 7,800 | 822,333 | ||||||
Start Today Co., Ltd. | 74,600 | 2,298,966 | ||||||
Sysmex Corp. | 29,800 | 2,268,808 | ||||||
Terumo Corp. | 53,900 | 2,589,135 | ||||||
Yahoo Japan Corp. | 283,400 | 1,294,778 | ||||||
54,956,146 | ||||||||
Jersey — 1.3% |
| |||||||
Experian PLC | 53,715 | 1,111,112 | ||||||
Ferguson PLC | 36,060 | 2,603,444 | ||||||
WPP PLC | 120,387 | 2,123,143 | ||||||
5,837,699 | ||||||||
Luxembourg — 0.6% |
| |||||||
ArcelorMittal† | 19,420 | 587,948 | ||||||
B&M European Value Retail SA | 410,776 | 2,122,609 | ||||||
2,710,557 | ||||||||
Mexico — 0.8% |
| |||||||
Fomento Economico Mexicano SAB de CV ADR | 25,711 | 2,313,218 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 204,910 | 1,203,500 | ||||||
3,516,718 | ||||||||
Netherlands — 5.8% |
| |||||||
Akzo Nobel NV# | 20,614 | 1,857,568 | ||||||
ASML Holding NV | 19,260 | 3,386,363 | ||||||
Heineken NV | 21,787 | 2,220,640 | ||||||
ING Groep NV | 211,365 | 3,816,082 | ||||||
InterXion Holding NV† | 15,920 | 919,062 | ||||||
QIAGEN NV | 17,257 | 545,452 | ||||||
Randstad Holding NV | 25,421 | 1,567,600 | ||||||
RELX NV | 62,963 | 1,442,554 | ||||||
Unilever NV CVA | 112,000 | 6,455,155 | ||||||
Wolters Kluwer NV | 44,813 | 2,322,900 | ||||||
Yandex NV, Class A†# | 69,410 | 2,298,165 | ||||||
26,831,541 | ||||||||
Norway — 0.3% |
| |||||||
DNB ASA | 74,450 | 1,359,108 | ||||||
Portugal — 0.2% |
| |||||||
Jeronimo Martins SGPS SA | 59,942 | 1,176,655 | ||||||
Singapore — 1.8% |
| |||||||
Broadcom, Ltd. | 12,561 | 3,491,204 | ||||||
DBS Group Holdings, Ltd. | 140,700 | 2,561,151 | ||||||
United Overseas Bank, Ltd. | 113,377 | 2,213,050 | ||||||
8,265,405 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
South Korea — 0.8% |
| |||||||
NAVER Corp. | 3,270 | $ | 2,410,095 | |||||
Samsung Electronics Co., Ltd. | 549 | 1,289,883 | ||||||
3,699,978 | ||||||||
Spain — 2.0% |
| |||||||
Amadeus IT Group SA | 104,397 | 7,537,490 | ||||||
CaixaBank SA | 194,130 | 923,900 | ||||||
Industria de Diseno Textil SA | 20,580 | 729,366 | ||||||
9,190,756 | ||||||||
Sweden — 2.2% |
| |||||||
Essity AB, Class B† | 20,564 | 598,118 | ||||||
Hennes & Mauritz AB, Class B | 40,887 | 963,269 | ||||||
Hexagon AB, Class B | 43,370 | 2,131,602 | ||||||
Investor AB, Class B | 56,528 | 2,641,619 | ||||||
Lundin Petroleum AB† | 69,100 | 1,591,157 | ||||||
Sandvik AB | 130,010 | 2,233,235 | ||||||
10,159,000 | ||||||||
Switzerland — 8.3% |
| |||||||
ABB, Ltd. | 63,070 | 1,614,374 | ||||||
Cie Financiere Richemont SA | 39,440 | 3,394,669 | ||||||
Coca-Cola HBC AG | 25,950 | 828,882 | ||||||
Julius Baer Group, Ltd. | 108,869 | 6,402,317 | ||||||
Kuehne & Nagel International AG | 7,093 | 1,246,878 | ||||||
Lonza Group AG | 14,610 | 3,816,945 | ||||||
Nestle SA | 49,117 | 4,205,255 | ||||||
Novartis AG | 39,181 | 3,352,439 | ||||||
Roche Holding AG | 28,605 | 7,218,236 | ||||||
Swiss Re AG | 13,270 | 1,244,821 | ||||||
UBS Group AG | 222,391 | 3,844,001 | ||||||
Zurich Insurance Group AG | 3,466 | 1,046,841 | ||||||
38,215,658 | ||||||||
Taiwan — 1.5% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 621,269 | 4,677,207 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 51,554 | 2,041,538 | ||||||
6,718,745 | ||||||||
Thailand — 0.7% |
| |||||||
CP ALL PCL | 327,000 | 730,894 | ||||||
Kasikornbank PCL NVDR | 341,300 | 2,378,424 | ||||||
3,109,318 | ||||||||
Turkey — 0.2% |
| |||||||
Akbank Turk AS | 444,758 | 1,021,422 | ||||||
United Kingdom — 16.0% |
| |||||||
Ashtead Group PLC | 82,361 | 2,117,072 | ||||||
ASOS PLC† | 24,090 | 1,975,563 | ||||||
Associated British Foods PLC | 51,950 | 2,062,697 | ||||||
Aviva PLC | 352,195 | 2,435,446 | ||||||
Barclays PLC | 382,978 | 998,481 | ||||||
British American Tobacco PLC | 121,846 | 7,751,142 | ||||||
Bunzl PLC | 51,860 | 1,484,202 | ||||||
Carnival PLC | 31,290 | 2,026,625 | ||||||
Compass Group PLC | 322,069 | 6,535,680 | ||||||
Diageo PLC | 159,791 | 5,520,664 | ||||||
HSBC Holdings PLC | 235,600 | 2,365,903 | ||||||
Informa PLC | 173,628 | 1,756,298 | ||||||
Intertek Group PLC | 29,950 | 2,119,534 | ||||||
Just Eat PLC† | 122,723 | 1,326,984 | ||||||
Lloyds Banking Group PLC | 2,108,123 | 1,877,863 | ||||||
London Stock Exchange Group PLC | 70,190 | 3,591,495 | ||||||
Next PLC | 15,897 | 962,400 | ||||||
Prudential PLC | 36,440 | 916,796 |
139 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
Reckitt Benckiser Group PLC | 24,631 | $ | 2,162,401 | |||||
RELX PLC | 243,061 | 5,650,927 | ||||||
Rio Tinto PLC | 67,020 | 3,176,687 | ||||||
Rolls-Royce Holdings PLC | 77,220 | 895,327 | ||||||
Rolls-Royce Holdings PLC† | 3,569,876 | 4,828 | ||||||
Royal Dutch Shell PLC, Class A | 80,211 | 2,567,016 | ||||||
Royal Dutch Shell PLC, Class B | 33,520 | 1,086,892 | ||||||
RPC Group PLC# | 197,020 | 2,456,467 | ||||||
Smith & Nephew PLC | 87,704 | 1,551,197 | ||||||
Smiths Group PLC | 37,466 | 752,510 | ||||||
St James’s Place PLC | 127,981 | 2,102,300 | ||||||
Standard Life PLC | 179,104 | 1,043,018 | ||||||
Tesco PLC | 54,236 | 141,609 | ||||||
Weir Group PLC | 82,890 | 2,188,126 | ||||||
73,604,150 | ||||||||
United States — 0.3% |
| |||||||
Yum China Holdings, Inc. | 38,277 | 1,562,850 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $346,276,374) | 446,001,652 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.7% |
| |||||||
Registered Investment Companies — 1.7% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 7,874,442 | 7,874,442 | ||||||
Time Deposits — 2.8% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 12,964,000 | 12,964,000 | |||||
U.S. Government Agencies — 0.2% |
| |||||||
Federal Home Loan Bank | 692,000 | 692,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $21,530,442) | 21,530,442 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $367,806,816)(3) | 101.4 | % | 467,532,094 | |||||
Liabilities in excess of other assets | (1.4 | ) | (6,544,821 | ) | ||||
NET ASSETS | 100.0 | % | $ | 460,987,273 | ||||
† | 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, 2017, the aggregate value of these securities was $2,531,438 representing 0.5% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $25,526,624. This was secured by collateral of $7,874,442, which was received in cash and subsequently invested in short-term investments currently valued at $7,874,442 as reported in the Portfolio of Investments. Additional collateral of $18,751,871 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 1,100,804 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 2,219,293 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 08/20/2044 to 11/20/2046 | 1,475,828 | |||||
United States Treasury Bills | 0.00% | 12/07/2017 to 03/29/2018 | 1,405,322 | |||||
United States Treasury Notes/Bonds | 0.13% to 6.50% | 02/28/2018 to 11/15/2046 | 12,550,624 |
(2) | The rate shown is the 7-day yield as of November 30, 2017. |
(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
NYSE— New York Stock Exchange
TSX—Toronto Stock Exchange
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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: | $ | 57,643,154 | $ | 388,358,498 | ** | $ | — | $ | 446,001,652 | |||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 7,874,442 | — | — | 7,874,442 | ||||||||||||
Other Short-Term Investment Securities | — | 13,656,000 | — | 13,656,000 | ||||||||||||
Total Investments at Value* | $ | 65,517,596 | $ | 402,014,498 | $ | — | $ | 467,532,094 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $357,364,144 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
140 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 8.4 | % | ||
Medical-Drugs | 6.2 | |||
Web Portals/ISP | 4.4 | |||
Computers | 4.1 | |||
Oil Companies-Integrated | 3.6 | |||
Medical-Biomedical/Gene | 3.5 | |||
Applications Software | 3.3 | |||
Internet Content-Entertainment | 3.3 | |||
Insurance-Reinsurance | 3.3 | |||
Telephone-Integrated | 2.9 | |||
Tobacco | 2.8 | |||
Medical-HMO | 2.7 | |||
Banks-Super Regional | 2.6 | |||
Transport-Services | 2.6 | |||
Instruments-Controls | 2.5 | |||
Oil Companies-Exploration & Production | 2.5 | |||
Cable/Satellite TV | 2.5 | |||
Retail-Building Products | 2.3 | |||
Electronic Components-Semiconductors | 2.2 | |||
Finance-Credit Card | 2.1 | |||
Retail-Restaurants | 2.0 | |||
Retail-Apparel/Shoe | 2.0 | |||
Commercial Services-Finance | 1.7 | |||
Networking Products | 1.7 | |||
Banks-Fiduciary | 1.5 | |||
Beverages-Non-alcoholic | 1.4 | |||
Coatings/Paint | 1.4 | |||
Retail-Discount | 1.3 | |||
Real Estate Investment Trusts | 1.3 | |||
Food-Misc./Diversified | 1.3 | |||
Electric-Integrated | 1.3 | |||
Repurchase Agreements | 1.2 | |||
E-Commerce/Products | 1.2 | |||
Data Processing/Management | 1.1 | |||
Food-Wholesale/Distribution | 1.0 | |||
Diagnostic Equipment | 1.0 | |||
Oil-Field Services | 0.9 | |||
Entertainment Software | 0.9 | |||
Building Products-Air & Heating | 0.8 | |||
Steel-Producers | 0.8 | |||
Medical-Wholesale Drug Distribution | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Containers-Paper/Plastic | 0.6 | |||
Retail-Auto Parts | 0.6 | |||
Hotels/Motels | 0.6 | |||
Medical Instruments | 0.5 | |||
Diversified Manufacturing Operations | 0.5 | |||
Internet Security | 0.5 | |||
Investment Management/Advisor Services | 0.4 | |||
Airlines | 0.3 | |||
Cruise Lines | 0.3 | |||
Retail-Drug Store | 0.2 | |||
Insurance Brokers | 0.2 | |||
Agricultural Chemicals | 0.1 | |||
Registered Investment Companies | 0.1 | |||
99.9% | ||||
* | Calculated as a percentage of net assets |
141 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.6% |
| |||||||
Agricultural Chemicals — 0.1% |
| |||||||
Mosaic Co. | 4,976 | $ | 120,867 | |||||
Airlines — 0.3% |
| |||||||
Alaska Air Group, Inc. | 4,880 | 337,550 | ||||||
Southwest Airlines Co. | 4,393 | 266,523 | ||||||
604,073 | ||||||||
Applications Software — 3.3% |
| |||||||
Microsoft Corp. | 70,500 | 5,933,985 | ||||||
Banks-Fiduciary — 1.5% |
| |||||||
Bank of New York Mellon Corp. | 47,820 | 2,617,667 | ||||||
Banks-Super Regional — 2.6% |
| |||||||
Wells Fargo & Co. | 82,919 | 4,682,436 | ||||||
Beverages-Non-alcoholic — 1.4% |
| |||||||
PepsiCo, Inc. | 22,152 | 2,581,151 | ||||||
Building Products-Air & Heating — 0.8% |
| |||||||
Johnson Controls International PLC | 39,043 | 1,469,579 | ||||||
Cable/Satellite TV — 2.5% |
| |||||||
Comcast Corp., Class A | 117,898 | 4,425,891 | ||||||
Coatings/Paint — 1.4% |
| |||||||
Sherwin-Williams Co. | 6,233 | 2,489,585 | ||||||
Commercial Services-Finance — 1.7% |
| |||||||
FleetCor Technologies, Inc.† | 4,969 | 903,712 | ||||||
S&P Global, Inc. | 4,485 | 742,178 | ||||||
Total System Services, Inc. | 19,600 | 1,457,456 | ||||||
3,103,346 | ||||||||
Computers — 4.1% |
| |||||||
Apple, Inc. | 42,518 | 7,306,718 | ||||||
Containers-Paper/Plastic — 0.6% |
| |||||||
Sealed Air Corp.# | 22,800 | 1,095,540 | ||||||
Cruise Lines — 0.3% |
| |||||||
Royal Caribbean Cruises, Ltd. | 3,790 | 469,505 | ||||||
Data Processing/Management — 1.1% |
| |||||||
Fidelity National Information Services, Inc. | 21,810 | 2,057,337 | ||||||
Diagnostic Equipment — 1.0% |
| |||||||
Abbott Laboratories | 31,851 | 1,795,441 | ||||||
Diversified Banking Institutions — 8.4% |
| |||||||
Citigroup, Inc. | 73,201 | 5,526,676 | ||||||
JPMorgan Chase & Co. | 62,785 | 6,562,288 | ||||||
Morgan Stanley | 59,215 | 3,056,086 | ||||||
15,145,050 | ||||||||
Diversified Manufacturing Operations — 0.5% |
| |||||||
Eaton Corp. PLC | 9,265 | 720,632 | ||||||
General Electric Co. | 8,287 | 151,569 | ||||||
872,201 | ||||||||
E-Commerce/Products — 1.2% |
| |||||||
Amazon.com, Inc.† | 1,765 | 2,076,964 | ||||||
E-Commerce/Services — 0.7% |
| |||||||
Expedia, Inc. | 9,835 | 1,204,788 | ||||||
Electric-Integrated — 1.3% |
| |||||||
Edison International | 9,706 | 788,807 | ||||||
Southern Co. | 28,618 | 1,465,241 | ||||||
2,254,048 | ||||||||
Electronic Components-Semiconductors — 2.2% |
| |||||||
Broadcom, Ltd. | 13,415 | 3,728,565 | ||||||
MACOM Technology Solutions Holdings, Inc.†#. | 9,130 | 297,547 | ||||||
4,026,112 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Entertainment Software — 0.9% |
| |||||||
Activision Blizzard, Inc. | 24,505 | $ | 1,529,112 | |||||
Electronic Arts, Inc.† | 835 | 88,802 | ||||||
1,617,914 | ||||||||
Finance-Credit Card — 2.1% |
| |||||||
Mastercard, Inc., Class A | 24,662 | 3,710,891 | ||||||
Food-Misc./Diversified — 1.3% |
| |||||||
Conagra Brands, Inc. | 3,406 | 127,146 | ||||||
Kellogg Co.# | 7,389 | 488,856 | ||||||
Mondelez International, Inc., Class A | 39,510 | 1,696,560 | ||||||
2,312,562 | ||||||||
Food-Wholesale/Distribution — 1.0% |
| |||||||
Sysco Corp. | 31,555 | 1,821,670 | ||||||
Hotels/Motels — 0.6% |
| |||||||
Marriott International, Inc., Class A | 7,849 | 996,823 | ||||||
Instruments-Controls — 2.5% |
| |||||||
Honeywell International, Inc. | 28,866 | 4,501,941 | ||||||
Insurance Brokers — 0.2% |
| |||||||
Aon PLC | 3,164 | 443,656 | ||||||
Insurance-Reinsurance — 3.3% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 30,249 | 5,838,359 | ||||||
Internet Content-Entertainment — 3.3% |
| |||||||
Facebook, Inc., Class A† | 33,250 | 5,891,235 | ||||||
Internet Security — 0.5% |
| |||||||
Palo Alto Networks, Inc.†# | 5,950 | 867,213 | ||||||
Investment Management/Advisor Services — 0.4% |
| |||||||
BlackRock, Inc. | 1,572 | 787,871 | ||||||
Medical Instruments — 0.5% |
| |||||||
Medtronic PLC | 11,679 | 959,196 | ||||||
Medical-Biomedical/Gene — 3.5% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 7,930 | 870,793 | ||||||
Biogen, Inc.† | 8,815 | 2,839,929 | ||||||
Celgene Corp.† | 20,307 | 2,047,555 | ||||||
Vertex Pharmaceuticals, Inc.† | 3,260 | 470,385 | ||||||
6,228,662 | ||||||||
Medical-Drugs — 6.2% |
| |||||||
Allergan PLC | 11,625 | 2,020,774 | ||||||
Bristol-Myers Squibb Co. | 14,320 | 904,881 | ||||||
Johnson & Johnson | 34,348 | 4,785,707 | ||||||
Pfizer, Inc. | 92,555 | 3,356,044 | ||||||
11,067,406 | ||||||||
Medical-HMO — 2.7% |
| |||||||
Anthem, Inc. | 7,150 | 1,679,964 | ||||||
Cigna Corp. | 14,949 | 3,165,152 | ||||||
4,845,116 | ||||||||
Medical-Wholesale Drug Distribution — 0.7% |
| |||||||
AmerisourceBergen Corp. | 8,670 | 735,390 | ||||||
Cardinal Health, Inc. | 9,359 | 553,959 | ||||||
1,289,349 | ||||||||
Networking Products — 1.7% |
| |||||||
Cisco Systems, Inc. | 79,945 | 2,981,948 | ||||||
Oil Companies-Exploration & Production — 2.5% |
| |||||||
Canadian Natural Resources, Ltd. | 73,760 | 2,501,939 | ||||||
EOG Resources, Inc. | 19,418 | 1,986,850 | ||||||
4,488,789 | ||||||||
142 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies-Integrated — 3.6% |
| |||||||
Chevron Corp. | 24,810 | $ | 2,952,142 | |||||
Exxon Mobil Corp. | 43,006 | 3,581,970 | ||||||
6,534,112 | ||||||||
Oil-Field Services — 0.9% | ||||||||
Halliburton Co. | 40,813 | 1,705,167 | ||||||
Real Estate Investment Trusts — 1.3% |
| |||||||
American Tower Corp. | 16,125 | 2,320,871 | ||||||
Retail-Apparel/Shoe — 2.0% |
| |||||||
PVH Corp. | 14,675 | 1,974,521 | ||||||
Tapestry, Inc. | 39,235 | 1,635,707 | ||||||
3,610,228 | ||||||||
Retail-Auto Parts — 0.6% |
| |||||||
AutoZone, Inc.† | 1,514 | 1,039,755 | ||||||
Retail-Building Products — 2.3% |
| |||||||
Lowe’s Cos., Inc. | 49,125 | 4,095,551 | ||||||
Retail-Discount — 1.3% |
| |||||||
Costco Wholesale Corp. | 5,325 | 982,090 | ||||||
Dollar General Corp. | 16,205 | 1,427,336 | ||||||
2,409,426 | ||||||||
Retail-Drug Store — 0.2% |
| |||||||
CVS Health Corp. | 5,889 | 451,097 | ||||||
Retail-Restaurants — 2.0% |
| |||||||
McDonald’s Corp. | 8,460 | 1,454,866 | ||||||
Starbucks Corp. | 38,355 | 2,217,686 | ||||||
3,672,552 | ||||||||
Steel-Producers — 0.8% |
| |||||||
Nucor Corp. | 25,215 | 1,449,863 | ||||||
Telephone-Integrated — 2.9% |
| |||||||
AT&T, Inc. | 84,150 | 3,061,377 | ||||||
Verizon Communications, Inc. | 41,533 | 2,113,614 | ||||||
5,174,991 | ||||||||
Tobacco — 2.8% |
| |||||||
Philip Morris International, Inc. | 49,390 | 5,074,822 | ||||||
Transport-Services — 2.6% |
| |||||||
FedEx Corp. | 19,913 | 4,609,063 | ||||||
Web Portals/ISP — 4.4% |
| |||||||
Alphabet, Inc., Class A† | 2,482 | 2,571,774 | ||||||
Alphabet, Inc., Class C† | 5,183 | 5,293,968 | ||||||
7,865,742 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Total Long-Term Investment Securities (cost $138,390,884) | $ | 176,996,125 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.1% | ||||||||
Registered Investment Companies — 0.1% | ||||||||
State Street Navigator Securities | 74,310 | 74,310 | ||||||
REPURCHASE AGREEMENTS — 1.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount $2,202,007 collateralized by $1,900,000 of U.S. Treasury Inflation Index Bonds, bearing interest at 1.38% due 02/15/2044 and having an approximate value of $2,248,297 | $ | 2,202,000 | 2,202,000 | |||||
TOTAL INVESTMENTS (cost $140,667,194)(3) | 99.9 | % | 179,272,435 | |||||
Other assets less liabilities | 0.1 | 189,359 | ||||||
NET ASSETS | 100.0 | % | $ | 179,461,794 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $3,039,002. This was secured by collateral of $74,310, which was received in cash and subsequently invested in short-term investments currently valued at $74,310 as reported in the Portfolio of Investments. Additional collateral of $3,024,773 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 779,795 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 408,237 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 782,794 | |||||
United States Treasury Bills | 0.00% | 12/21/2017 to 07/19/2018 | 12,213 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 1,041,734 |
(2) | The rate shown is the 7-day yield as of November 30, 2017. |
(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, 2017 (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 | $ | 176,996,125 | $ | — | $ | — | $ | 176,996,125 | ||||||||
Short-Term Investment Securities | 74,310 | — | — | 74,310 | ||||||||||||
Repurchase Agreements | — | 2,202,000 | — | 2,202,000 | ||||||||||||
Total Investments at Value | $ | 177,070,435 | $ | 2,202,000 | $ | — | $ | 179,272,435 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
143 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Cosmetics & Toiletries | 7.8 | % | ||
Web Portals/ISP | 6.5 | |||
Diagnostic Equipment | 6.1 | |||
Computer Services | 6.1 | |||
Finance-Credit Card | 4.5 | |||
Applications Software | 3.9 | |||
Data Processing/Management | 3.7 | |||
Medical-Drugs | 3.3 | |||
Athletic Footwear | 3.1 | |||
Computers | 2.8 | |||
Retail-Restaurants | 2.8 | |||
Commercial Services-Finance | 2.7 | |||
Electronic Components-Semiconductors | 2.7 | |||
Commercial Services | 2.4 | |||
Insurance Brokers | 2.0 | |||
Consulting Services | 1.9 | |||
Chemicals-Diversified | 1.9 | |||
Cable/Satellite TV | 1.8 | |||
Soap & Cleaning Preparation | 1.8 | |||
Retail-Major Department Stores | 1.8 | |||
Electronic Connectors | 1.7 | |||
Private Equity | 1.7 | |||
Textile-Apparel | 1.6 | |||
Coatings/Paint | 1.6 | |||
Transport-Rail | 1.6 | |||
Apparel Manufacturers | 1.5 | |||
Entertainment Software | 1.5 | |||
Multimedia | 1.3 | |||
Beverages-Non-alcoholic | 1.3 | |||
Aerospace/Defense-Equipment | 1.2 | |||
Semiconductor Components-Integrated Circuits | 1.2 | |||
Instruments-Controls | 1.2 | |||
Instruments-Scientific | 1.1 | |||
Beverages-Wine/Spirits | 1.1 | |||
Medical Products | 1.1 | |||
Retail-Drug Store | 1.0 | |||
Agricultural Chemicals | 1.0 | |||
Finance-Investment Banker/Broker | 0.9 | |||
Gambling (Non-Hotel) | 0.9 | |||
Retail-Auto Parts | 0.9 | |||
Electronic Measurement Instruments | 0.8 | |||
Oil-Field Services | 0.7 | |||
Diversified Manufacturing Operations | 0.7 | |||
Finance-Other Services | 0.6 | |||
Pharmacy Services | 0.6 | |||
Food-Catering | 0.6 | |||
Dental Supplies & Equipment | 0.4 | |||
U.S. Government Agencies | 0.3 | |||
99.7 | % | |||
* | Calculated as a percentage of net assets |
144 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.4% |
| |||||||
Aerospace/Defense-Equipment — 1.2% |
| |||||||
United Technologies Corp. | 45,016 | $ | 5,467,193 | |||||
Agricultural Chemicals — 1.0% |
| |||||||
Monsanto Co. | 37,542 | 4,442,720 | ||||||
Apparel Manufacturers — 1.5% |
| |||||||
VF Corp. | 90,375 | 6,593,760 | ||||||
Applications Software — 3.9% |
| |||||||
Microsoft Corp. | 202,729 | 17,063,700 | ||||||
Athletic Footwear — 3.1% |
| |||||||
NIKE, Inc., Class B | 222,035 | 13,415,355 | ||||||
Beverages-Non-alcoholic — 1.3% |
| |||||||
PepsiCo, Inc. | 49,932 | 5,818,077 | ||||||
Beverages-Wine/Spirits — 1.1% |
| |||||||
Pernod Ricard SA | 31,132 | 4,857,728 | ||||||
Cable/Satellite TV — 1.8% |
| |||||||
Comcast Corp., Class A | 210,735 | 7,910,992 | ||||||
Chemicals-Diversified — 1.9% |
| |||||||
LyondellBasell Industries NV, Class A | 15,171 | 1,588,404 | ||||||
PPG Industries, Inc. | 58,050 | 6,783,142 | ||||||
8,371,546 | ||||||||
Coatings/Paint — 1.6% |
| |||||||
Sherwin-Williams Co. | 18,039 | 7,205,137 | ||||||
Commercial Services — 2.4% |
| |||||||
Ecolab, Inc. | 76,079 | 10,340,658 | ||||||
Commercial Services-Finance — 2.7% |
| |||||||
Equifax, Inc. | 32,044 | 3,656,861 | ||||||
Moody’s Corp. | 54,350 | 8,251,417 | ||||||
11,908,278 | ||||||||
Computer Services — 6.1% |
| |||||||
Accenture PLC, Class A | 124,561 | 18,436,273 | ||||||
Cognizant Technology Solutions Corp., Class A.. | 113,703 | 8,218,453 | ||||||
26,654,726 | ||||||||
Computers — 2.8% |
| |||||||
Apple, Inc. | 70,978 | 12,197,569 | ||||||
Consulting Services — 1.9% |
| |||||||
Verisk Analytics, Inc.† | 88,400 | 8,523,528 | ||||||
Cosmetics & Toiletries — 7.8% |
| |||||||
Colgate-Palmolive Co. | 169,621 | 12,289,041 | ||||||
Coty, Inc., Class A# | 343,720 | 5,922,296 | ||||||
Estee Lauder Cos., Inc., Class A | 98,090 | 12,244,575 | ||||||
L’Oreal SA | 16,457 | 3,639,835 | ||||||
34,095,747 | ||||||||
Data Processing/Management — 3.7% |
| |||||||
Fidelity National Information Services, Inc. | 93,866 | 8,854,380 | ||||||
Fiserv, Inc.† | 55,514 | 7,297,315 | ||||||
16,151,695 | ||||||||
Dental Supplies & Equipment — 0.4% |
| |||||||
DENTSPLY SIRONA, Inc. | 23,726 | 1,589,879 | ||||||
Diagnostic Equipment — 6.1% |
| |||||||
Abbott Laboratories | 135,119 | 7,616,658 | ||||||
Danaher Corp. | 69,965 | 6,601,897 | ||||||
Thermo Fisher Scientific, Inc. | 66,052 | 12,732,184 | ||||||
26,950,739 | ||||||||
Diversified Manufacturing Operations — 0.7% |
| |||||||
Colfax Corp.† | 76,811 | 2,861,978 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components-Semiconductors — 2.7% |
| |||||||
Texas Instruments, Inc. | 122,066 | $ | 11,875,801 | |||||
Electronic Connectors — 1.7% |
| |||||||
Amphenol Corp., Class A | 82,635 | 7,485,905 | ||||||
Electronic Measurement Instruments — 0.8% |
| |||||||
Fortive Corp. | 44,401 | 3,314,535 | ||||||
Entertainment Software — 1.5% |
| |||||||
Electronic Arts, Inc.† | 60,880 | 6,474,588 | ||||||
Finance-Credit Card — 4.5% |
| |||||||
Mastercard, Inc., Class A | 52,748 | 7,936,992 | ||||||
Visa, Inc., Class A# | 104,514 | 11,767,231 | ||||||
19,704,223 | ||||||||
Finance-Investment Banker/Broker — 0.9% |
| |||||||
Charles Schwab Corp. | 82,799 | 4,039,763 | ||||||
Finance-Other Services — 0.6% |
| |||||||
CME Group, Inc. | 18,467 | 2,761,555 | ||||||
Food-Catering — 0.6% |
| |||||||
Compass Group PLC | 121,052 | 2,456,483 | ||||||
Gambling (Non-Hotel) — 0.9% |
| |||||||
Paddy Power Betfair PLC | 35,069 | 3,948,684 | ||||||
Instruments-Controls — 1.2% |
| |||||||
Mettler-Toledo International, Inc.† | 8,402 | 5,286,622 | ||||||
Instruments-Scientific — 1.1% |
| |||||||
Waters Corp.† | 25,539 | 5,035,525 | ||||||
Insurance Brokers — 2.0% |
| |||||||
Aon PLC | 63,586 | 8,916,029 | ||||||
Medical Products — 1.1% |
| |||||||
Cooper Cos., Inc. | 13,562 | 3,270,883 | ||||||
Zimmer Biomet Holdings, Inc. | 11,587 | 1,356,838 | ||||||
4,627,721 | ||||||||
Medical-Drugs — 3.3% |
| |||||||
Eli Lilly & Co. | 26,315 | 2,227,302 | ||||||
Roche Holding AG | 21,539 | 5,435,189 | ||||||
Zoetis, Inc. | 95,015 | 6,868,634 | ||||||
14,531,125 | ||||||||
Multimedia — 1.3% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 132,852 | 4,243,293 | ||||||
Walt Disney Co. | 15,908 | 1,667,476 | ||||||
5,910,769 | ||||||||
Oil-Field Services — 0.7% |
| |||||||
Schlumberger, Ltd. | 50,202 | 3,155,196 | ||||||
Pharmacy Services — 0.6% |
| |||||||
Express Scripts Holding Co.† | 41,714 | 2,718,918 | ||||||
Private Equity — 1.7% |
| |||||||
Blackstone Group LP | 235,124 | 7,458,133 | ||||||
Retail-Auto Parts — 0.9% |
| |||||||
AutoZone, Inc.† | 5,599 | 3,845,169 | ||||||
Retail-Drug Store — 1.0% |
| |||||||
CVS Health Corp. | 60,222 | 4,613,005 | ||||||
Retail-Major Department Stores — 1.8% |
| |||||||
TJX Cos., Inc. | 102,514 | 7,744,933 | ||||||
Retail-Restaurants — 2.8% |
| |||||||
Starbucks Corp. | 210,253 | 12,156,829 | ||||||
145 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Semiconductor Components-Integrated Circuits — 1.2% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 135,373 | $ | 5,360,771 | |||||
Soap & Cleaning Preparation — 1.8% |
| |||||||
Church & Dwight Co., Inc. | 58,012 | 2,731,785 | ||||||
Reckitt Benckiser Group PLC | 58,642 | 5,148,290 | ||||||
7,880,075 | ||||||||
Textile-Apparel — 1.6% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE | 24,847 | 7,237,043 | ||||||
Transport-Rail — 1.6% |
| |||||||
Union Pacific Corp. | 55,212 | 6,984,318 | ||||||
Web Portals/ISP — 6.5% |
| |||||||
Alphabet, Inc., Class A† | 27,403 | 28,394,167 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $321,611,087) | 436,338,890 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
U.S. Government Agencies — 0.3% |
| |||||||
Federal Home Loan Bank | $ | 1,244,000 | 1,244,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $322,855,087)(1) | 99.7 | % | 437,582,890 | |||||
Other assets less liabilities | 0.3 | 1,249,683 | ||||||
NET ASSETS | 100.0 | % | $ | 438,832,573 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2017, the Fund had loaned securities with a total value of $17,689,527. This was secured by collateral of 17,730,140 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 2,234,938 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 1,170,032 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 2,243,535 | |||||
United States Treasury Bills | 0.00% | 12/28/2017 to 04/26/2018 | 218,189 | |||||
United States Treasury Notes/Bonds | 0.63% to 6.13% | 02/28/2018 to 05/15/2046 | 11,863,446 |
(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, 2017 (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 | $ | 403,615,638 | $ | 32,723,252 | ** | $ | — | $ | 436,338,890 | |||||||
Short-Term Investment Securities | — | 1,244,000 | — | 1,244,000 | ||||||||||||
Total Investments at Value | $ | 403,615,638 | $ | 33,967,252 | $ | — | $ | 437,582,890 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $25,118,479 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
146 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 8.6 | % | ||
Banks — Commercial | 8.1 | |||
Registered Investment Companies | 3.8 | |||
Electric — Integrated | 2.6 | |||
Gas — Distribution | 2.5 | |||
Chemicals — Specialty | 2.0 | |||
Retail — Restaurants | 1.9 | |||
Data Processing/Management | 1.8 | |||
U.S. Government Treasuries | 1.7 | |||
Building — Residential/Commercial | 1.6 | |||
Insurance — Property/Casualty | 1.6 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Food — Misc./Diversified | 1.5 | |||
Computer Services | 1.5 | |||
Medical Instruments | 1.4 | |||
Steel — Producers | 1.4 | |||
Electronic Components — Semiconductors | 1.3 | |||
Medical Products | 1.3 | |||
Electronic Measurement Instruments | 1.3 | |||
Machinery — General Industrial | 1.3 | |||
Diversified Manufacturing Operations | 1.2 | |||
Medical — Biomedical/Gene | 1.2 | |||
Transport — Truck | 1.1 | |||
Investment Management/Advisor Services | 1.1 | |||
Electronic Parts Distribution | 1.1 | |||
Industrial Automated/Robotic | 1.0 | |||
Insurance — Reinsurance | 1.0 | |||
Insurance — Multi-line | 1.0 | |||
Commercial Services — Finance | 0.9 | |||
Applications Software | 0.9 | |||
Repurchase Agreements | 0.9 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Enterprise Software/Service | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Savings & Loans/Thrifts | 0.8 | |||
Oil & Gas Drilling | 0.8 | |||
Oil Refining & Marketing | 0.8 | |||
Medical — HMO | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Recreational Vehicles | 0.7 | |||
Retail — Automobile | 0.7 | |||
Entertainment Software | 0.7 | |||
Decision Support Software | 0.6 | |||
Garden Products | 0.6 | |||
Shipbuilding | 0.6 | |||
Machinery — Construction & Mining | 0.6 | |||
Distribution/Wholesale | 0.6 | |||
Computers — Integrated Systems | 0.5 | |||
Commercial Services | 0.5 | |||
Containers — Paper/Plastic | 0.5 | |||
Machine Tools & Related Products | 0.5 | |||
Finance — Other Services | 0.5 | |||
Medical — Drugs | 0.5 | |||
Oil — Field Services | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Human Resources | 0.5 | |||
Engineering/R&D Services | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Computer Software | 0.5 | |||
Semiconductor Equipment | 0.4 | |||
Building Products — Air & Heating | 0.4 | |||
Multimedia | 0.4 | |||
Disposable Medical Products | 0.4 | |||
Building — Mobile Home/Manufactured Housing | 0.4 | |||
Containers — Metal/Glass | 0.4 | |||
Machinery — Pumps | 0.4 | |||
Lasers — System/Components | 0.4 | |||
Footwear & Related Apparel | 0.4 | |||
Coatings/Paint | 0.4 |
Airlines | 0.4 | % | ||
Telecommunication Equipment | 0.4 | |||
Funeral Services & Related Items | 0.4 | |||
Real Estate Management/Services | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Water | 0.4 | |||
Wireless Equipment | 0.4 | |||
Filtration/Separation Products | 0.4 | |||
Medical Information Systems | 0.4 | |||
Computer Data Security | 0.3 | |||
Networking Products | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Insurance Brokers | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Batteries/Battery Systems | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Television | 0.3 | |||
Building Products — Cement | 0.3 | |||
Gold Mining | 0.3 | |||
Schools | 0.3 | |||
Food — Flour & Grain | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Drug Delivery Systems | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Physical Therapy/Rehabilitation Centers | 0.3 | |||
Transport — Rail | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Machinery — Farming | 0.3 | |||
Physicians Practice Management | 0.3 | |||
Retail — Convenience Store | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Oil Companies — Integrated | 0.2 | |||
Building — Maintenance & Services | 0.2 | |||
Transport — Services | 0.2 | |||
Instruments — Controls | 0.2 | |||
Patient Monitoring Equipment | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Security Services | 0.2 | |||
Retail — Mail Order | 0.2 | |||
Racetracks | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Retail — Discount | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Theaters | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Food — Baking | 0.2 | |||
Transport — Marine | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Building Products — Light Fixtures | 0.2 | |||
Printing — Commercial | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Poultry | 0.2 | |||
Multilevel Direct Selling | 0.2 | |||
Retail — Bedding | 0.2 | |||
Cable/Satellite TV | 0.2 | |||
Housewares | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Paper & Related Products | 0.2 |
147 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited) — (continued)
Industry Allocation* (continued)
Hotels/Motels | 0.2 | % | ||
Food — Retail | 0.2 | |||
Environmental Monitoring & Detection | 0.2 | |||
Steel — Specialty | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Transactional Software | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Home Furnishings | 0.1 | |||
Publishing — Books | 0.1 | |||
Food — Canned | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Quarrying | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Research & Development | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Retail — Petroleum Products | 0.1 | |||
Rubber — Tires | 0.1 | |||
Retail — Computer Equipment | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Brewery | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Computers — Other | 0.1 | |||
103.7% | ||||
* | Calculated as a percentage of net assets |
148 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.3% | ||||||||
Aerospace/Defense — 0.5% | ||||||||
Esterline Technologies Corp.† | 51,565 | $ | 3,653,380 | |||||
Teledyne Technologies, Inc.† | 69,072 | 12,863,970 | ||||||
16,517,350 | ||||||||
Aerospace/Defense - Equipment — 0.9% | ||||||||
Curtiss-Wright Corp.# | 86,282 | 10,716,224 | ||||||
KLX, Inc.† | 100,525 | 5,640,458 | ||||||
Orbital ATK, Inc. | 112,614 | 14,858,291 | ||||||
31,214,973 | ||||||||
Airlines — 0.4% | ||||||||
JetBlue Airways Corp.†# | 642,950 | 13,804,136 | ||||||
Apparel Manufacturers — 0.3% | ||||||||
Carter’s, Inc. | 93,507 | 10,128,678 | ||||||
Applications Software — 0.9% | ||||||||
CDK Global, Inc.# | 257,474 | 17,788,879 | ||||||
PTC, Inc.†# | 225,994 | 14,391,298 | ||||||
32,180,177 | ||||||||
Auction Houses/Art Dealers — 0.1% | ||||||||
Sotheby’s†# | 73,104 | 3,767,049 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% | ||||||||
Dana, Inc.# | 282,831 | 9,344,736 | ||||||
Banks - Commercial — 8.1% | ||||||||
Associated Banc-Corp. | 295,850 | 7,544,175 | ||||||
BancorpSouth Bank# | 165,490 | 5,502,542 | ||||||
Bank of Hawaii Corp.# | 83,385 | 7,077,719 | ||||||
Bank of the Ozarks# | 237,379 | 11,446,415 | ||||||
Cathay General Bancorp, Class B | 148,453 | 6,441,376 | ||||||
Chemical Financial Corp.# | 139,074 | 7,842,383 | ||||||
Commerce Bancshares, Inc.# | 183,548 | 10,392,510 | ||||||
Cullen/Frost Bankers, Inc.# | 114,258 | 11,244,130 | ||||||
East West Bancorp, Inc.# | 282,442 | 17,381,481 | ||||||
First Horizon National Corp.# | 457,716 | 8,875,113 | ||||||
FNB Corp.# | 631,856 | 8,966,037 | ||||||
Fulton Financial Corp.# | 341,980 | 6,497,620 | ||||||
Hancock Holding Co. | 165,658 | 8,506,538 | ||||||
Home BancShares, Inc.# | 308,949 | 7,352,986 | ||||||
International Bancshares Corp. | 105,882 | 4,367,632 | ||||||
MB Financial, Inc.# | 163,879 | 7,628,567 | ||||||
PacWest Bancorp | 253,172 | 12,066,177 | ||||||
Pinnacle Financial Partners, Inc.# | 144,197 | 9,899,124 | ||||||
Prosperity Bancshares, Inc.# | 135,839 | 9,514,164 | ||||||
Signature Bank† | 107,465 | 14,752,795 | ||||||
SVB Financial Group†# | 103,006 | 23,448,286 | ||||||
Synovus Financial Corp. | 237,516 | 11,787,919 | ||||||
TCF Financial Corp. | 335,502 | 6,814,046 | ||||||
Texas Capital Bancshares, Inc.†# | 96,960 | 8,760,336 | ||||||
Trustmark Corp. | 132,422 | 4,494,403 | ||||||
UMB Financial Corp. | 86,031 | 6,466,090 | ||||||
Umpqua Holdings Corp.# | 430,473 | 9,517,758 | ||||||
United Bankshares, Inc.# | 205,183 | 7,704,622 | ||||||
Valley National Bancorp# | 516,021 | 6,140,650 | ||||||
Webster Financial Corp.# | 179,991 | 10,326,084 | ||||||
Wintrust Financial Corp. | 109,099 | 9,147,951 | ||||||
287,907,629 | ||||||||
Batteries/Battery Systems — 0.3% | ||||||||
Energizer Holdings, Inc.# | 120,873 | 5,551,697 | ||||||
EnerSys | 84,842 | 5,861,734 | ||||||
11,413,431 | ||||||||
Brewery — 0.1% | ||||||||
Boston Beer Co., Inc., Class A†# | 17,435 | 3,135,685 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building & Construction Products-Misc. — 0.2% | ||||||||
Louisiana-Pacific Corp.† | 283,054 | $ | 7,815,121 | |||||
Building & Construction - Misc. — 0.3% | ||||||||
EMCOR Group, Inc. | 115,685 | 9,343,877 | ||||||
Building Products - Air & Heating — 0.4% | ||||||||
Lennox International, Inc.# | 74,213 | 15,565,435 | ||||||
Building Products - Cement — 0.3% | ||||||||
Eagle Materials, Inc. | 94,805 | 10,611,524 | ||||||
Building Products - Light Fixtures — 0.2% | ||||||||
Cree, Inc.†# | 190,958 | 6,786,647 | ||||||
Building - Heavy Construction — 0.3% | ||||||||
Dycom Industries, Inc.†# | 60,754 | 6,523,157 | ||||||
Granite Construction, Inc.# | 77,882 | 5,169,028 | ||||||
11,692,185 | ||||||||
Building - Maintenance & Services — 0.2% | ||||||||
Rollins, Inc.# | 187,515 | 8,691,320 | ||||||
Building - Mobile Home/Manufactured Housing — 0.4% | ||||||||
Thor Industries, Inc. | 95,601 | 14,679,534 | ||||||
Building - Residential/Commercial — 1.6% | ||||||||
CalAtlantic Group, Inc.# | 148,648 | 8,330,234 | ||||||
KB Home# | 162,909 | 5,108,826 | ||||||
NVR, Inc.† | 6,807 | 23,654,325 | ||||||
Toll Brothers, Inc.# | 297,378 | 14,967,035 | ||||||
TRI Pointe Group, Inc.†# | 295,840 | 5,360,621 | ||||||
57,421,041 | ||||||||
Cable/Satellite TV — 0.2% | ||||||||
Cable One, Inc.# | 9,169 | 6,297,361 | ||||||
Chemicals - Diversified — 0.3% | ||||||||
Olin Corp. | 325,006 | 11,583,214 | ||||||
Chemicals - Plastics — 0.2% | ||||||||
PolyOne Corp. | 159,890 | 7,388,517 | ||||||
Chemicals - Specialty — 2.0% | ||||||||
Ashland Global Holdings, Inc. | 121,985 | 9,024,450 | ||||||
Cabot Corp. | 121,647 | 7,449,662 | ||||||
Chemours Co. | 361,255 | 18,568,507 | ||||||
Minerals Technologies, Inc. | 68,601 | 4,970,143 | ||||||
NewMarket Corp. | 18,073 | 7,238,598 | ||||||
Sensient Technologies Corp. | 85,751 | 6,648,275 | ||||||
Valvoline, Inc.# | 396,098 | 9,767,777 | ||||||
Versum Materials, Inc. | 212,678 | 8,166,835 | ||||||
71,834,247 | ||||||||
Coal — 0.0% | ||||||||
CONSOL Energy, Inc.† | 50,592 | 1,113,024 | ||||||
Coatings/Paint — 0.4% | ||||||||
RPM International, Inc. | 261,040 | 13,827,289 | ||||||
Commercial Services — 0.5% | ||||||||
CoreLogic, Inc.†# | 165,461 | 7,215,754 | ||||||
Live Nation Entertainment, Inc.†# | 261,926 | 11,886,202 | ||||||
19,101,956 | ||||||||
Commercial Services - Finance — 0.9% | ||||||||
MarketAxess Holdings, Inc.# | 73,474 | 14,347,268 | ||||||
Sabre Corp.# | 407,716 | 8,117,626 | ||||||
WEX, Inc.†# | 77,999 | 10,040,031 | ||||||
32,504,925 | ||||||||
Computer Data Security — 0.3% | ||||||||
Fortinet, Inc.† | 295,481 | 12,427,931 | ||||||
149 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Computer Services — 1.5% | ||||||||
Convergys Corp.# | 182,347 | $ | 4,500,324 | |||||
DST Systems, Inc. | 118,285 | 7,402,275 | ||||||
Leidos Holdings, Inc. | 277,853 | 17,663,115 | ||||||
MAXIMUS, Inc. | 126,808 | 8,759,897 | ||||||
Science Applications International Corp.# | 85,438 | 6,339,500 | ||||||
Teradata Corp.†# | 246,309 | 9,362,205 | ||||||
54,027,316 | ||||||||
Computer Software — 0.5% | ||||||||
Blackbaud, Inc.# | 93,951 | 9,249,476 | ||||||
j2 Global, Inc.# | 94,489 | 7,130,140 | ||||||
16,379,616 | ||||||||
Computers - Integrated Systems — 0.5% | ||||||||
Diebold Nixdorf, Inc.# | 147,611 | 2,834,131 | ||||||
NCR Corp.†# | 237,512 | 7,431,750 | ||||||
NetScout Systems, Inc.†# | 175,032 | 5,434,744 | ||||||
VeriFone Systems, Inc.†# | 218,620 | 3,790,871 | ||||||
19,491,496 | ||||||||
Computers - Other — 0.1% | ||||||||
3D Systems Corp.†# | 222,481 | 1,964,507 | ||||||
Consumer Products - Misc. — 0.1% | ||||||||
Helen of Troy, Ltd.†# | 53,220 | 4,757,868 | ||||||
Containers - Metal/Glass — 0.4% | ||||||||
Greif, Inc., Class A# | 50,503 | 2,755,948 | ||||||
Owens-Illinois, Inc.†# | 318,395 | 7,711,527 | ||||||
Silgan Holdings, Inc. | 144,485 | 4,172,727 | ||||||
14,640,202 | ||||||||
Containers - Paper/Plastic — 0.5% | ||||||||
Bemis Co., Inc.# | 177,508 | 8,328,675 | ||||||
Sonoco Products Co.# | 194,302 | 10,397,100 | ||||||
18,725,775 | ||||||||
�� | ||||||||
Cosmetics & Toiletries — 0.2% | ||||||||
Avon Products, Inc.†# | 860,028 | 1,702,856 | ||||||
Edgewell Personal Care Co.†# | 111,369 | 6,458,288 | ||||||
8,161,144 | ||||||||
Data Processing/Management — 1.8% | ||||||||
Acxiom Corp.†# | 155,692 | 4,242,607 | ||||||
Broadridge Financial Solutions, Inc.# | 227,689 | 20,551,209 | ||||||
CommVault Systems, Inc.†# | 82,750 | 4,460,225 | ||||||
Dun & Bradstreet Corp.# | 72,245 | 8,894,082 | ||||||
Fair Isaac Corp. | 59,876 | 9,404,125 | ||||||
Jack Henry & Associates, Inc.# | 151,378 | 17,456,911 | ||||||
65,009,159 | ||||||||
Decision Support Software — 0.6% | ||||||||
MSCI, Inc. | 176,050 | 22,657,635 | ||||||
Disposable Medical Products — 0.4% | ||||||||
STERIS PLC# | 166,030 | 14,936,059 | ||||||
Distribution/Wholesale — 0.6% | ||||||||
Pool Corp. | 80,584 | 10,124,574 | ||||||
Watsco, Inc. | 59,390 | 9,947,825 | ||||||
20,072,399 | ||||||||
Diversified Manufacturing Operations — 1.2% | ||||||||
Carlisle Cos., Inc.# | 123,491 | 14,197,760 | ||||||
Crane Co. | 99,033 | 8,454,447 | ||||||
ITT, Inc.# | 172,025 | 9,323,755 | ||||||
Trinity Industries, Inc. | 295,836 | 10,546,554 | ||||||
42,522,516 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Drug Delivery Systems — 0.3% | ||||||||
Catalent, Inc.† | 256,777 | $ | 10,217,157 | |||||
E-Commerce/Services — 0.1% | ||||||||
Cars.com, Inc.†# | 139,911 | 3,391,443 | ||||||
Electric Products - Misc. — 0.3% | ||||||||
Littelfuse, Inc.# | 44,400 | 9,008,760 | ||||||
Electric - Integrated — 2.6% | ||||||||
Black Hills Corp.# | 104,537 | 6,116,460 | ||||||
Great Plains Energy, Inc. | 421,573 | 14,464,170 | ||||||
Hawaiian Electric Industries, Inc.# | 212,656 | 8,155,357 | ||||||
IDACORP, Inc. | 98,506 | 9,733,378 | ||||||
MDU Resources Group, Inc.# | 381,786 | 10,670,919 | ||||||
NorthWestern Corp.# | 94,753 | 6,088,828 | ||||||
OGE Energy Corp. | 390,388 | 13,960,275 | ||||||
PNM Resources, Inc.# | 155,710 | 7,084,805 | ||||||
Westar Energy, Inc.# | 277,674 | 15,885,729 | ||||||
92,159,921 | ||||||||
Electronic Components - Misc. — 0.8% | ||||||||
Gentex Corp. | 558,200 | 11,431,936 | ||||||
Jabil, Inc.# | 350,390 | 10,108,752 | ||||||
Knowles Corp.†# | 174,789 | 2,759,918 | ||||||
Vishay Intertechnology, Inc.# | 262,192 | 5,742,005 | ||||||
30,042,611 | ||||||||
Electronic Components - Semiconductors — 1.3% | ||||||||
IPG Photonics Corp.†# | 73,655 | 16,865,522 | ||||||
Microsemi Corp.† | 225,736 | 11,930,148 | ||||||
Monolithic Power Systems, Inc.# | 74,427 | 8,808,435 | ||||||
Silicon Laboratories, Inc.†# | 83,172 | 7,576,969 | ||||||
Synaptics, Inc.†# | 65,884 | 2,486,462 | ||||||
47,667,536 | ||||||||
Electronic Measurement Instruments — 1.3% | ||||||||
Keysight Technologies, Inc.†# | 362,363 | 15,762,791 | ||||||
National Instruments Corp. | 209,175 | 9,193,241 | ||||||
Trimble, Inc.†# | 494,865 | 20,779,381 | ||||||
45,735,413 | ||||||||
Electronic Parts Distribution — 1.1% | ||||||||
Arrow Electronics, Inc.† | 172,535 | 13,928,750 | ||||||
Avnet, Inc.# | 240,569 | 9,961,962 | ||||||
SYNNEX Corp.# | 56,995 | 7,762,719 | ||||||
Tech Data Corp.†# | 67,828 | 6,558,968 | ||||||
38,212,399 | ||||||||
Energy - Alternate Sources — 0.3% | ||||||||
First Solar, Inc.†# | 159,212 | 9,887,065 | ||||||
Engineering/R&D Services — 0.5% | ||||||||
AECOM†# | 306,343 | 11,487,862 | ||||||
KBR, Inc.# | 273,442 | 5,127,038 | ||||||
16,614,900 | ||||||||
Enterprise Software/Service — 0.8% | ||||||||
Manhattan Associates, Inc.†# | 134,741 | 5,975,763 | ||||||
Tyler Technologies, Inc.†# | 67,817 | 12,405,086 | ||||||
Ultimate Software Group, Inc.†# | 55,391 | 11,689,163 | ||||||
30,070,012 | ||||||||
Entertainment Software — 0.7% | ||||||||
Take-Two Interactive Software, Inc.† | 208,244 | 23,229,618 | ||||||
Environmental Monitoring & Detection — 0.2% | ||||||||
MSA Safety, Inc. | 66,438 | 5,713,668 | ||||||
150 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Filtration/Separation Products — 0.4% | ||||||||
Donaldson Co., Inc. | 256,249 | $ | 12,786,825 | |||||
Finance - Consumer Loans — 0.3% | ||||||||
SLM Corp.†# | 843,603 | 9,760,487 | ||||||
Finance - Investment Banker/Broker — 0.2% | ||||||||
Stifel Financial Corp.# | 133,534 | 7,509,952 | ||||||
Finance - Other Services — 0.5% | ||||||||
SEI Investments Co. | 256,532 | 18,049,592 | ||||||
Food - Baking — 0.2% | ||||||||
Flowers Foods, Inc.# | 360,126 | 7,195,317 | ||||||
Food - Canned — 0.1% | ||||||||
TreeHouse Foods, Inc.†# | 111,793 | 5,144,714 | ||||||
Food - Confectionery — 0.0% | ||||||||
Tootsie Roll Industries, Inc.# | 37,454 | 1,400,780 | ||||||
Food - Dairy Products — 0.1% | ||||||||
Dean Foods Co.# | 177,723 | 1,983,389 | ||||||
Food - Flour & Grain — 0.3% | ||||||||
Post Holdings, Inc.†# | 129,326 | 10,274,951 | ||||||
Food - Misc./Diversified — 1.5% | ||||||||
Hain Celestial Group, Inc.†# | 202,710 | 8,331,381 | ||||||
Ingredion, Inc. | 140,124 | 19,404,372 | ||||||
Lamb Weston Holdings, Inc.# | 285,740 | 15,535,684 | ||||||
Lancaster Colony Corp.# | 38,097 | 5,077,568 | ||||||
Snyder’s-Lance, Inc.# | 166,233 | 6,429,892 | ||||||
54,778,897 | ||||||||
Food - Retail — 0.2% | ||||||||
Sprouts Farmers Market, Inc.†# | 246,478 | 5,762,656 | ||||||
Food - Wholesale/Distribution — 0.1% | ||||||||
United Natural Foods, Inc.†# | 98,944 | 4,751,291 | ||||||
Footwear & Related Apparel — 0.4% | ||||||||
Deckers Outdoor Corp.†# | 62,553 | 4,674,586 | ||||||
Skechers U.S.A., Inc., Class A† | 261,724 | 9,186,512 | ||||||
13,861,098 | ||||||||
Funeral Services & Related Items — 0.4% | ||||||||
Service Corp. International | 366,005 | 13,523,885 | ||||||
Garden Products — 0.6% | ||||||||
Scotts Miracle-Gro Co., Class A# | 79,929 | 7,904,978 | ||||||
Toro Co. | 210,959 | 13,765,075 | ||||||
21,670,053 | ||||||||
Gas - Distribution — 2.5% | ||||||||
Atmos Energy Corp.# | 207,341 | 19,135,501 | ||||||
National Fuel Gas Co.# | 167,154 | 9,828,655 | ||||||
New Jersey Resources Corp. | 169,169 | 7,544,938 | ||||||
ONE Gas, Inc. | 102,177 | 8,097,527 | ||||||
Southwest Gas Holdings, Inc.# | 93,017 | 7,993,881 | ||||||
UGI Corp.# | 338,917 | 16,610,322 | ||||||
Vectren Corp.# | 162,210 | 11,273,595 | ||||||
WGL Holdings, Inc.# | 100,124 | 8,464,483 | ||||||
88,948,902 | ||||||||
Gold Mining — 0.3% | ||||||||
Royal Gold, Inc.# | 127,727 | 10,565,577 | ||||||
Hazardous Waste Disposal — 0.2% | ||||||||
Clean Harbors, Inc.†# | 101,671 | 5,476,000 | ||||||
Home Furnishings — 0.1% | ||||||||
Tempur Sealy International, Inc.†# | 89,684 | 5,193,600 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Hotels/Motels — 0.2% | ||||||||
ILG, Inc. | 207,558 | $ | 5,830,304 | |||||
Housewares — 0.2% | ||||||||
Tupperware Brands Corp. | 99,460 | 6,277,915 | ||||||
Human Resources — 0.5% | ||||||||
ManpowerGroup, Inc.# | 130,454 | 16,815,521 | ||||||
Industrial Automated/Robotic — 1.0% | ||||||||
Cognex Corp.# | 169,234 | 23,450,756 | ||||||
Nordson Corp.# | 99,245 | 12,739,088 | ||||||
36,189,844 | ||||||||
Instruments - Controls — 0.2% | ||||||||
Woodward, Inc. | 107,878 | 8,344,363 | ||||||
Insurance Brokers — 0.3% | ||||||||
Brown & Brown, Inc.# | 226,845 | 11,625,806 | ||||||
Insurance - Life/Health — 0.5% | ||||||||
CNO Financial Group, Inc. | 330,409 | 8,329,611 | ||||||
Primerica, Inc.# | 87,745 | 9,125,480 | ||||||
17,455,091 | ||||||||
Insurance - Multi-line — 1.0% | ||||||||
American Financial Group, Inc. | 134,215 | 14,100,628 | ||||||
Genworth Financial, Inc., Class A† | 975,740 | 3,307,759 | ||||||
Kemper Corp.# | 95,287 | 6,574,803 | ||||||
Old Republic International Corp. | 479,383 | 10,052,661 | ||||||
34,035,851 | ||||||||
Insurance - Property/Casualty — 1.6% | ||||||||
Alleghany Corp.†# | 30,181 | 17,649,849 | ||||||
First American Financial Corp.# | 216,441 | 12,031,955 | ||||||
Hanover Insurance Group, Inc. | 82,852 | 8,914,875 | ||||||
Mercury General Corp. | 71,362 | 3,916,347 | ||||||
WR Berkley Corp.# | 187,290 | 12,945,485 | ||||||
55,458,511 | ||||||||
Insurance - Reinsurance — 1.0% | ||||||||
Aspen Insurance Holdings, Ltd. | 116,985 | 4,796,385 | ||||||
Reinsurance Group of America, Inc. | 126,075 | 20,430,454 | ||||||
RenaissanceRe Holdings, Ltd.# | 78,744 | 10,445,391 | ||||||
35,672,230 | ||||||||
Investment Management/Advisor Services — 1.1% | ||||||||
Eaton Vance Corp.# | 224,770 | 12,425,286 | ||||||
Federated Investors, Inc., Class B# | 186,411 | 6,255,953 | ||||||
Janus Henderson Group PLC# | 352,598 | 13,141,327 | ||||||
Legg Mason, Inc.# | 170,162 | 6,799,674 | ||||||
38,622,240 | ||||||||
Lasers - System/Components — 0.4% | ||||||||
Coherent, Inc.†# | 48,149 | 14,057,582 | ||||||
Machine Tools & Related Products — 0.5% | ||||||||
Kennametal, Inc. | 157,702 | 7,352,067 | ||||||
Lincoln Electric Holdings, Inc.# | 121,107 | 11,037,692 | ||||||
18,389,759 | ||||||||
Machinery - Construction & Mining — 0.6% | ||||||||
Oshkosh Corp. | 146,278 | 13,170,871 | ||||||
Terex Corp.# | 156,181 | 7,303,024 | ||||||
20,473,895 | ||||||||
Machinery - Electrical — 0.2% | ||||||||
Regal Beloit Corp.# | 87,180 | 6,708,501 | ||||||
Machinery - Farming — 0.3% | ||||||||
AGCO Corp. | 128,907 | 9,124,037 | ||||||
151 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Machinery - General Industrial — 1.3% | ||||||||
IDEX Corp. | 149,400 | $ | 20,254,158 | |||||
Wabtec Corp.# | 166,993 | 12,841,762 | ||||||
Zebra Technologies Corp., Class A†# | 103,817 | 11,453,091 | ||||||
44,549,011 | ||||||||
Machinery - Pumps — 0.4% | ||||||||
Graco, Inc. | 109,463 | 14,404,236 | ||||||
Medical Information Systems — 0.4% | ||||||||
Allscripts Healthcare Solutions, Inc.†# | 353,066 | 5,048,844 | ||||||
Medidata Solutions, Inc.† | 114,365 | 7,621,283 | ||||||
12,670,127 | ||||||||
Medical Instruments — 1.4% | ||||||||
Bio-Techne Corp.# | 72,980 | 9,834,055 | ||||||
Halyard Health, Inc.†# | 91,470 | 4,439,954 | ||||||
LivaNova PLC†# | 84,762 | 7,389,551 | ||||||
NuVasive, Inc.†# | 99,313 | 5,729,367 | ||||||
Teleflex, Inc.# | 88,040 | 23,376,381 | ||||||
50,769,308 | ||||||||
Medical Products — 1.3% | ||||||||
ABIOMED, Inc.† | 81,901 | 15,957,591 | ||||||
Globus Medical, Inc., Class A†# | 141,145 | 5,364,921 | ||||||
Hill-Rom Holdings, Inc. | 128,786 | 10,888,856 | ||||||
West Pharmaceutical Services, Inc.# | 144,661 | 14,455,974 | ||||||
46,667,342 | ||||||||
Medical - Biomedical/Gene — 1.2% | ||||||||
Bio-Rad Laboratories, Inc., Class A† | 39,317 | 10,666,702 | ||||||
Bioverativ, Inc.†# | 211,434 | 10,575,929 | ||||||
Charles River Laboratories International, Inc.† | 93,038 | 9,694,559 | ||||||
United Therapeutics Corp.† | 84,924 | 11,039,271 | ||||||
41,976,461 | ||||||||
Medical - Drugs — 0.5% | ||||||||
Akorn, Inc.†# | 183,144 | 5,961,337 | ||||||
Endo International PLC†# | 392,848 | 2,883,504 | ||||||
Mallinckrodt PLC†# | 189,968 | 4,145,102 | ||||||
Prestige Brands Holdings, Inc.†# | 103,606 | 4,682,991 | ||||||
17,672,934 | ||||||||
Medical - HMO — 0.7% | ||||||||
Molina Healthcare, Inc.†# | 85,975 | 6,726,684 | ||||||
WellCare Health Plans, Inc.† | 87,008 | 18,531,834 | ||||||
25,258,518 | ||||||||
Medical - Hospitals — 0.3% | ||||||||
Acadia Healthcare Co., Inc.†# | 159,672 | 5,082,360 | ||||||
LifePoint Health, Inc.†# | 78,420 | 3,748,476 | ||||||
Tenet Healthcare Corp.†# | 157,670 | 2,223,147 | ||||||
11,053,983 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% | ||||||||
Owens & Minor, Inc.# | 119,686 | 2,290,790 | ||||||
Metal Processors & Fabrication — 0.2% | ||||||||
Timken Co. | 133,910 | 6,682,109 | ||||||
Metal Products - Distribution — 0.1% | ||||||||
Worthington Industries, Inc.# | 87,496 | 3,639,834 | ||||||
Miscellaneous Manufacturing — 0.3% | ||||||||
AptarGroup, Inc.# | 122,615 | 10,840,392 | ||||||
Multilevel Direct Selling — 0.2% | ||||||||
Nu Skin Enterprises, Inc., Class A# | 97,283 | 6,606,489 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Multimedia — 0.4% | ||||||||
FactSet Research Systems, Inc.# | 76,684 | $ | 15,327,598 | |||||
Networking Products — 0.3% | ||||||||
LogMeIn, Inc. | 102,984 | 12,255,096 | ||||||
Office Automation & Equipment — 0.1% | ||||||||
Pitney Bowes, Inc.# | 364,932 | 3,893,824 | ||||||
Office Furnishings - Original — 0.2% | ||||||||
Herman Miller, Inc. | 116,905 | 4,179,354 | ||||||
HNI Corp.# | 86,194 | 3,016,790 | ||||||
7,196,144 | ||||||||
Oil & Gas Drilling — 0.8% | ||||||||
Diamond Offshore Drilling, Inc.†# | 126,077 | 2,022,275 | ||||||
Ensco PLC, Class A# | 845,964 | 4,542,827 | ||||||
Nabors Industries, Ltd.# | 558,693 | 3,374,506 | ||||||
Patterson-UTI Energy, Inc.# | 417,063 | 9,004,390 | ||||||
Rowan Cos. PLC, Class A†# | 222,102 | 3,213,816 | ||||||
Transocean, Ltd.†# | 764,693 | 7,753,987 | ||||||
29,911,801 | ||||||||
Oil Companies - Exploration & Production — 1.5% | ||||||||
Callon Petroleum Co.†# | 393,001 | 4,338,731 | ||||||
CNX Resources Corp.† | 404,736 | 5,646,067 | ||||||
Energen Corp.†# | 190,004 | 10,727,626 | ||||||
Gulfport Energy Corp.†# | 321,672 | 4,117,401 | ||||||
Matador Resources Co.†# | 188,225 | 5,383,235 | ||||||
QEP Resources, Inc.† | 470,145 | 4,541,601 | ||||||
SM Energy Co.# | 200,091 | 4,129,878 | ||||||
Southwestern Energy Co.† | 995,339 | 6,330,356 | ||||||
WPX Energy, Inc.†# | 777,737 | 9,853,928 | ||||||
55,068,823 | ||||||||
Oil Companies - Integrated — 0.2% | ||||||||
Murphy Oil Corp.# | 317,110 | �� | 8,863,224 | |||||
Oil Field Machinery & Equipment — 0.1% | ||||||||
Dril-Quip, Inc.†# | 73,967 | 3,546,718 | ||||||
Oil Refining & Marketing — 0.8% | ||||||||
HollyFrontier Corp.# | 346,550 | 15,414,544 | ||||||
Murphy USA, Inc.†# | 65,542 | 5,167,986 | ||||||
PBF Energy, Inc., Class A# | 214,421 | 6,940,808 | ||||||
27,523,338 | ||||||||
Oil - Field Services — 0.5% | ||||||||
Core Laboratories NV# | 86,228 | 8,687,471 | ||||||
NOW, Inc.†# | 210,473 | 2,172,081 | ||||||
Oceaneering International, Inc.# | 192,101 | 3,753,654 | ||||||
Superior Energy Services, Inc.†# | 298,761 | 2,883,044 | ||||||
17,496,250 | ||||||||
Paper & Related Products — 0.2% | ||||||||
Domtar Corp. | 122,351 | 5,899,765 | ||||||
Patient Monitoring Equipment — 0.2% | ||||||||
Masimo Corp.† | 93,411 | 8,298,633 | ||||||
Physical Therapy/Rehabilitation Centers — 0.3% | ||||||||
HealthSouth Corp. | 193,010 | 9,640,849 | ||||||
Physicians Practice Management — 0.3% | ||||||||
MEDNAX, Inc.†# | 182,912 | 9,107,188 | ||||||
Poultry — 0.2% | ||||||||
Sanderson Farms, Inc.# | 39,124 | 6,638,952 | ||||||
Power Converter/Supply Equipment — 0.4% | ||||||||
Hubbell, Inc. | 106,933 | 13,451,102 | ||||||
152 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Printing - Commercial — 0.2% | ||||||||
Deluxe Corp.# | 94,524 | $ | 6,720,656 | |||||
Publishing - Books — 0.1% | ||||||||
John Wiley & Sons, Inc., Class A | 87,113 | 5,152,734 | ||||||
Publishing - Newspapers — 0.1% | ||||||||
New York Times Co., Class A# | 245,738 | 4,619,874 | ||||||
Publishing - Periodicals — 0.1% | ||||||||
Meredith Corp.# | 77,169 | 5,259,067 | ||||||
Quarrying — 0.1% | ||||||||
Compass Minerals International, Inc.# | 66,118 | 4,611,730 | ||||||
Racetracks — 0.2% | ||||||||
Churchill Downs, Inc.# | 25,301 | 5,945,735 | ||||||
International Speedway Corp., Class A | 48,826 | 2,014,072 | ||||||
7,959,807 | ||||||||
Real Estate Investment Trusts — 8.6% | ||||||||
Alexander & Baldwin, Inc.# | 90,335 | 2,625,135 | ||||||
American Campus Communities, Inc. | 266,692 | 11,302,407 | ||||||
Camden Property Trust# | 180,661 | 16,490,736 | ||||||
CoreCivic, Inc. | 231,020 | 5,431,280 | ||||||
CoreSite Realty Corp.# | 66,840 | 7,585,003 | ||||||
Corporate Office Properties Trust | 194,441 | 5,899,340 | ||||||
Cousins Properties, Inc. | 821,015 | 7,364,505 | ||||||
CyrusOne, Inc.# | 178,460 | 10,843,230 | ||||||
DCT Industrial Trust, Inc. | 181,952 | 10,942,593 | ||||||
Douglas Emmett, Inc. | 299,289 | 12,064,340 | ||||||
Education Realty Trust, Inc. | 143,086 | 5,232,655 | ||||||
EPR Properties | 125,277 | 8,496,286 | ||||||
First Industrial Realty Trust, Inc.# | 234,277 | 7,625,716 | ||||||
GEO Group, Inc. | 242,462 | 6,434,942 | ||||||
Healthcare Realty Trust, Inc. | 241,998 | 7,930,275 | ||||||
Highwoods Properties, Inc. | 201,809 | 10,249,879 | ||||||
Hospitality Properties Trust | 321,116 | 9,630,269 | ||||||
JBG SMITH Properties# | 182,540 | 6,080,407 | ||||||
Kilroy Realty Corp. | 192,287 | 14,494,594 | ||||||
Lamar Advertising Co., Class A# | 163,451 | 12,296,419 | ||||||
LaSalle Hotel Properties# | 221,324 | 6,294,455 | ||||||
Liberty Property Trust | 287,980 | 12,924,542 | ||||||
Life Storage, Inc.# | 91,027 | 8,175,135 | ||||||
Mack-Cali Realty Corp. | 175,632 | 3,886,736 | ||||||
Medical Properties Trust, Inc. | 711,723 | 9,743,488 | ||||||
National Retail Properties, Inc. | 291,725 | 11,981,146 | ||||||
Omega Healthcare Investors, Inc.# | 385,573 | 10,352,635 | ||||||
Potlatch Corp. | 79,384 | 4,096,214 | ||||||
Quality Care Properties, Inc.† | 183,383 | 2,693,896 | ||||||
Rayonier, Inc. | 251,980 | 7,949,969 | ||||||
Sabra Health Care REIT, Inc. | 343,755 | 6,613,846 | ||||||
Senior Housing Properties Trust# | 464,358 | 8,892,456 | ||||||
Tanger Factory Outlet Centers, Inc.# | 185,627 | 4,648,100 | ||||||
Taubman Centers, Inc.# | 118,670 | 6,964,742 | ||||||
Uniti Group, Inc.†# | 322,393 | 5,190,527 | ||||||
Urban Edge Properties# | 206,915 | 5,286,678 | ||||||
Washington Prime Group, Inc.# | 363,139 | 2,581,918 | ||||||
Weingarten Realty Investors | 233,463 | 7,692,606 | ||||||
304,989,100 | ||||||||
Real Estate Management/Services — 0.4% | ||||||||
Jones Lang LaSalle, Inc.# | 88,622 | 13,513,969 | ||||||
Recreational Vehicles — 0.7% | ||||||||
Brunswick Corp. | 173,433 | 9,599,517 | ||||||
Polaris Industries, Inc.# | 113,732 | 14,445,101 | ||||||
24,044,618 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Rental Auto/Equipment — 0.3% | ||||||||
Aaron’s, Inc. | 121,668 | $ | 4,589,317 | |||||
Avis Budget Group, Inc.†# | 142,182 | 5,417,134 | ||||||
10,006,451 | ||||||||
Research & Development — 0.1% | ||||||||
INC Research Holdings, Inc., Class A† | 109,883 | 4,208,519 | ||||||
Resort/Theme Parks — 0.3% | ||||||||
Six Flags Entertainment Corp.# | 155,566 | 10,177,128 | ||||||
Retail - Apparel/Shoe — 0.3% | ||||||||
American Eagle Outfitters, Inc.# | 328,796 | 5,287,040 | ||||||
Urban Outfitters, Inc.†# | 158,880 | 4,944,345 | ||||||
10,231,385 | ||||||||
Retail - Arts & Crafts — 0.1% | ||||||||
Michaels Cos., Inc.†# | 215,816 | 4,661,626 | ||||||
Retail - Automobile — 0.7% | ||||||||
AutoNation, Inc.†# | 115,938 | 6,419,487 | ||||||
Copart, Inc.† | 391,725 | 16,906,851 | ||||||
23,326,338 | ||||||||
Retail - Bedding — 0.2% | ||||||||
Bed Bath & Beyond, Inc.# | 281,728 | 6,307,890 | ||||||
Retail - Catalog Shopping — 0.2% | ||||||||
MSC Industrial Direct Co., Inc., Class A | 88,167 | 7,941,202 | ||||||
Retail - Computer Equipment — 0.1% | ||||||||
GameStop Corp., Class A# | 197,954 | 3,711,637 | ||||||
Retail - Convenience Store — 0.3% | ||||||||
Casey’s General Stores, Inc.# | 74,749 | 9,025,942 | ||||||
Retail - Discount — 0.2% | ||||||||
Big Lots, Inc.# | 86,427 | 5,107,836 | ||||||
HSN, Inc. | 62,470 | 2,539,405 | ||||||
7,647,241 | ||||||||
Retail - Mail Order — 0.2% | ||||||||
Williams-Sonoma, Inc.# | 155,812 | 7,971,342 | ||||||
Retail - Misc./Diversified — 0.1% | ||||||||
Sally Beauty Holdings, Inc.†# | 256,814 | 4,378,679 | ||||||
Retail - Office Supplies — 0.1% | ||||||||
Office Depot, Inc. | 1,013,396 | 3,313,805 | ||||||
Retail - Petroleum Products — 0.1% | ||||||||
World Fuel Services Corp. | 133,888 | 3,758,236 | ||||||
Retail - Regional Department Stores — 0.1% | ||||||||
Dillard’s, Inc., Class A# | 41,070 | 2,468,307 | ||||||
Retail - Restaurants — 1.9% | ||||||||
Brinker International, Inc.# | 95,652 | 3,513,298 | ||||||
Buffalo Wild Wings, Inc.†# | 30,300 | 4,725,285 | ||||||
Cheesecake Factory, Inc.# | 85,458 | 4,190,861 | ||||||
Cracker Barrel Old Country Store, Inc.# | 47,000 | 7,347,510 | ||||||
Domino’s Pizza, Inc.# | 85,495 | 15,915,749 | ||||||
Dunkin’ Brands Group, Inc.# | 176,406 | 10,531,438 | ||||||
Jack in the Box, Inc.# | 57,519 | 5,953,792 | ||||||
Papa John’s International, Inc.# | 51,968 | 3,038,049 | ||||||
Texas Roadhouse, Inc. | 127,747 | 6,524,039 | ||||||
Wendy’s Co.# | 356,936 | 5,314,777 | ||||||
67,054,798 | ||||||||
Retail - Sporting Goods — 0.1% | ||||||||
Dick’s Sporting Goods, Inc.# | 165,486 | 4,875,218 | ||||||
Rubber - Tires — 0.1% | ||||||||
Cooper Tire & Rubber Co.# | 102,021 | 3,749,272 | ||||||
153 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Savings & Loans/Thrifts — 0.8% | ||||||||
New York Community Bancorp, Inc.# | 956,018 | $ | 12,753,280 | |||||
Sterling Bancorp# | 439,061 | 11,130,196 | ||||||
Washington Federal, Inc.# | 173,491 | 6,037,487 | ||||||
29,920,963 | ||||||||
Schools — 0.3% | ||||||||
Adtalem Global Education, Inc.# | 121,348 | 5,029,875 | ||||||
Graham Holdings Co., Class B | 9,045 | 5,274,139 | ||||||
10,304,014 | ||||||||
Security Services — 0.2% | ||||||||
Brink’s Co.# | 98,682 | 7,978,440 | ||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Cirrus Logic, Inc.† | 124,722 | 6,889,643 | ||||||
Cypress Semiconductor Corp.# | 649,958 | 10,405,827 | ||||||
Integrated Device Technology, Inc.†# | 260,862 | 7,849,338 | ||||||
25,144,808 | ||||||||
Semiconductor Equipment — 0.4% | ||||||||
Teradyne, Inc. | 386,728 | 15,650,882 | ||||||
Shipbuilding — 0.6% | ||||||||
Huntington Ingalls Industries, Inc. | 88,765 | 21,451,838 | ||||||
Steel Pipe & Tube — 0.2% | ||||||||
Valmont Industries, Inc. | 44,162 | 7,631,194 | ||||||
Steel - Producers — 1.4% | ||||||||
Carpenter Technology Corp.# | 91,404 | 4,518,100 | ||||||
Commercial Metals Co.# | 226,328 | 4,490,348 | ||||||
Reliance Steel & Aluminum Co. | 142,515 | 11,203,104 | ||||||
Steel Dynamics, Inc. | 468,911 | 18,053,073 | ||||||
United States Steel Corp.# | 341,431 | 9,874,184 | ||||||
48,138,809 | ||||||||
Steel - Specialty — 0.2% | ||||||||
Allegheny Technologies, Inc.†# | 246,074 | 5,603,105 | ||||||
Telecom Equipment - Fiber Optics — 0.2% | ||||||||
Ciena Corp.†# | 277,132 | 6,027,621 | ||||||
Telecommunication Equipment — 0.4% | ||||||||
ARRIS International PLC† | 345,057 | 10,341,358 | ||||||
Plantronics, Inc. | 65,696 | 3,437,215 | ||||||
13,778,573 | ||||||||
Telephone - Integrated — 0.2% | ||||||||
Frontier Communications Corp.# | 153,528 | 1,304,988 | ||||||
Telephone & Data Systems, Inc. | 179,332 | 4,965,703 | ||||||
6,270,691 | ||||||||
Television — 0.3% | ||||||||
AMC Networks, Inc., Class A†# | 101,810 | 5,247,288 | ||||||
TEGNA, Inc.# | 420,515 | 5,584,439 | ||||||
10,831,727 | ||||||||
Theaters — 0.2% | ||||||||
Cinemark Holdings, Inc.# | 207,184 | 7,481,414 | ||||||
Transactional Software — 0.1% | ||||||||
ACI Worldwide, Inc.†# | 230,752 | 5,279,606 | ||||||
Transport - Equipment & Leasing — 0.1% | ||||||||
GATX Corp.# | 75,652 | 4,777,424 | ||||||
Transport - Marine — 0.2% | ||||||||
Kirby Corp.†# | 105,070 | 7,071,211 | ||||||
Transport - Rail — 0.3% | ||||||||
Genesee & Wyoming, Inc., Class A†# | 120,269 | 9,479,603 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Services — 0.2% | ||||||||
Ryder System, Inc.# | 103,573 | $ | 8,542,701 | |||||
Transport - Truck — 1.1% | ||||||||
Knight-Swift Transportation Holdings, Inc.# | 249,521 | 10,649,556 | ||||||
Landstar System, Inc. | 81,956 | 8,457,859 | ||||||
Old Dominion Freight Line, Inc.# | 133,672 | 17,275,770 | ||||||
Werner Enterprises, Inc. | 87,595 | 3,346,129 | ||||||
39,729,314 | ||||||||
Water — 0.4% | ||||||||
Aqua America, Inc.# | 347,280 | 13,193,167 | ||||||
Wire & Cable Products — 0.2% | ||||||||
Belden, Inc.# | 82,687 | 7,002,762 | ||||||
Wireless Equipment — 0.4% | ||||||||
InterDigital, Inc. | 67,854 | 5,163,689 | ||||||
ViaSat, Inc.†# | 105,465 | 7,829,722 | ||||||
12,993,411 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,378,854,345) | 3,462,285,291 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.5% | ||||||||
Registered Investment Companies — 3.8% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.04%(1)(2) | 134,210,725 | 134,210,725 | ||||||
U.S. Government Treasuries — 1.7% | ||||||||
United States Treasury Bills | $ | 50,000,000 | 49,983,547 | |||||
1.27% due 03/01/2018(3) | 11,500,000 | 11,464,098 | ||||||
61,447,645 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $195,656,865) | 195,658,370 | |||||||
REPURCHASE AGREEMENTS — 0.9% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount of $31,216,104 collateralized by $31,980,000 of United States Treasury Inflation Notes Bonds, bearing interest at 0.38% due 07/15/2027 and having an approximate value of $31,841,399 | 31,216,000 | 31,216,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,605,727,210)(4) | 103.7 | % | 3,689,159,661 | |||||
Liabilities in excess of other assets | (3.7 | ) | (130,651,808 | ) | ||||
NET ASSETS | 100.0 | % | $ | 3,558,507,853 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
154 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $780,057,464. This was secured by collateral of $134,210,725, which was received in cash and subsequently invested in short-term investments currently valued at $134,210,725 as reported in the Portfolio of Investments. Additional collateral of $660,674,221 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 74,430,685 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 38,965,886 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 74,716,991 | |||||
United States Treasury Bills | 0.00% | 12/14/2017 to 08/16/2018 | 32,879,787 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 439,680,872 |
(2) | The rate shown is the 7-day yield as of November 30, 2017. |
(3) | The security or a portion thereof was pledged as collateral to over margin requirements for open futures contracts. |
(4) | See Note 5 for cost of investments on a tax basis. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
520 | Long | S&P Mid Cap 400 E-Mini Index | December 2017 | $ | 90,962,140 | $ | 98,800,000 | $ | 7,837,860 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 3,462,285,291 | $ | — | $ | — | $ | 3,462,285,291 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 134,210,725 | — | — | 134,210,725 | ||||||||||||
U.S. Government Treasuries | — | 61,447,645 | — | 61,447,645 | ||||||||||||
Repurchase Agreements | — | 31,216,000 | — | 31,216,000 | ||||||||||||
Total Investments at Value | $ | 3,596,496,016 | $ | 92,663,645 | $ | — | $ | 3,689,159,661 | ||||||||
Other Financial Instruments:+ | ||||||||||||||||
Futures Contracts | $ | 7,837,860 | $ | — | $ | — | $ | 7,837,860 | ||||||||
* | 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
155 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Electronic Components — Semiconductors | 4.7 | % | ||
Commercial Services — Finance | 4.3 | |||
Real Estate Investment Trusts | 3.8 | |||
Finance — Investment Banker/Broker | 3.3 | |||
Medical Products | 2.8 | |||
Computer Software | 2.7 | |||
Data Processing/Management | 2.5 | |||
Medical Instruments | 2.5 | |||
Semiconductor Equipment | 2.3 | |||
Consulting Services | 2.3 | |||
Electronic Measurement Instruments | 2.3 | |||
Commercial Services | 2.3 | |||
Electronic Connectors | 2.2 | |||
Registered Investment Companies | 2.2 | |||
E-Commerce/Services | 1.9 | |||
Apparel Manufacturers | 1.9 | |||
Instruments — Scientific | 1.9 | |||
Banks — Commercial | 1.6 | |||
Instruments — Controls | 1.6 | |||
Drug Delivery Systems | 1.6 | |||
Transport — Truck | 1.6 | |||
Applications Software | 1.5 | |||
Containers — Paper/Plastic | 1.4 | |||
Telecommunication Equipment | 1.4 | |||
Electronic Components — Misc. | 1.4 | |||
Chemicals — Diversified | 1.4 | |||
Disposable Medical Products | 1.4 | |||
Diversified Manufacturing Operations | 1.4 | |||
Medical — Biomedical/Gene | 1.4 | |||
Enterprise Software/Service | 1.3 | |||
Entertainment Software | 1.3 | |||
Motion Pictures & Services | 1.2 | |||
Food — Misc./Diversified | 1.2 | |||
Cruise Lines | 1.1 | |||
Retail — Discount | 1.1 | |||
Electric Products — Misc. | 1.0 | |||
Insurance Brokers | 1.0 | |||
Computer Services | 1.0 | |||
Aerospace/Defense | 1.0 | |||
Printing — Commercial | 1.0 | |||
Computers — Memory Devices | 1.0 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Medical — Drugs | 0.9 | |||
Medical Information Systems | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Medical Labs & Testing Services | 0.9 | |||
Airlines | 0.8 | |||
Textile — Home Furnishings | 0.8 | |||
Therapeutics | 0.8 | |||
Wire & Cable Products | 0.8 | |||
Retail — Restaurants | 0.7 | |||
Lasers — System/Components | 0.7 | |||
Rental Auto/Equipment | 0.7 | |||
Decision Support Software | 0.7 | |||
Finance — Consumer Loans | 0.7 | |||
Machinery — General Industrial | 0.7 | |||
Finance — Other Services | 0.7 | |||
Home Decoration Products | 0.7 | |||
Dental Supplies & Equipment | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
E-Commerce/Products | 0.6 | |||
Diagnostic Kits | 0.6 | |||
Non — Hazardous Waste Disposal | 0.6 | |||
Real Estate Management/Services | 0.5 | |||
Resorts/Theme Parks | 0.5 | |||
Insurance — Property/Casualty | 0.5 | |||
Auction Houses/Art Dealers | 0.5 | |||
Industrial Automated/Robotic | 0.5 | |||
Advertising Agencies | 0.5 |
Food — Catering | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Recreational Vehicles | 0.5 | |||
Chemicals — Specialty | 0.4 | |||
Retail — Gardening Products | 0.4 | |||
Internet Security | 0.4 | |||
Retail — Mail Order | 0.4 | |||
Transport — Rail | 0.3 | |||
Computers — Other | 0.3 | |||
Retail — Petroleum Products | 0.3 | |||
Internet Content — Entertainment | 0.3 | |||
Time Deposits | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
100.7 | % | |||
* | Calculated as a percentage of net assets |
156 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.8% | ||||||||
Advertising Agencies — 0.5% | ||||||||
Omnicom Group, Inc. | 19,078 | $ | 1,362,932 | |||||
Aerospace/Defense — 1.0% | �� | |||||||
Teledyne Technologies, Inc.† | 15,161 | 2,823,585 | ||||||
Aerospace/Defense - Equipment — 1.0% | ||||||||
Harris Corp. | 8,219 | 1,187,646 | ||||||
L3 Technologies, Inc. | 7,780 | 1,545,030 | ||||||
2,732,676 | ||||||||
Airlines — 0.8% | ||||||||
Ryanair Holdings PLC ADR† | 19,170 | 2,337,590 | ||||||
Apparel Manufacturers — 1.9% | ||||||||
Carter’s, Inc. | 10,750 | 1,164,440 | ||||||
Gildan Activewear, Inc. | 88,561 | 2,810,926 | ||||||
Hanesbrands, Inc.# | 59,825 | 1,249,744 | ||||||
5,225,110 | ||||||||
Applications Software — 1.5% | ||||||||
Dropbox, Inc., Class B†(1)(2)(3) | 89,561 | 1,095,033 | ||||||
Intuit, Inc. | 9,513 | 1,495,634 | ||||||
PTC, Inc.† | 25,915 | 1,650,267 | ||||||
4,240,934 | ||||||||
Auction Houses/Art Dealers — 0.5% | ||||||||
Ritchie Bros. Auctioneers, Inc.# | 55,326 | 1,466,139 | ||||||
Banks - Commercial — 1.6% | ||||||||
First Republic Bank | 18,470 | 1,764,624 | ||||||
Signature Bank† | 12,860 | 1,765,421 | ||||||
SVB Financial Group† | 4,647 | 1,057,843 | ||||||
4,587,888 | ||||||||
Chemicals - Diversified — 1.4% | ||||||||
FMC Corp. | 20,725 | 1,956,440 | ||||||
Huntsman Corp. | 60,325 | 1,927,987 | ||||||
3,884,427 | ||||||||
Chemicals - Specialty — 0.4% | ||||||||
Albemarle Corp.# | 8,630 | 1,159,182 | ||||||
Commercial Services — 2.3% | ||||||||
CoStar Group, Inc.† | 8,160 | 2,488,555 | ||||||
Edenred | 47,192 | 1,350,500 | ||||||
ServiceMaster Global Holdings, Inc.† | 53,436 | 2,611,952 | ||||||
6,451,007 | ||||||||
Commercial Services - Finance — 4.3% | ||||||||
Equifax, Inc. | 15,993 | 1,825,121 | ||||||
Euronet Worldwide, Inc.† | 6,926 | 632,690 | ||||||
Global Payments, Inc. | 18,483 | 1,858,650 | ||||||
IHS Markit, Ltd.† | 23,966 | 1,069,363 | ||||||
MarketAxess Holdings, Inc. | 6,900 | 1,347,363 | ||||||
Vantiv, Inc., Class A†# | 30,098 | 2,257,350 | ||||||
WEX, Inc.† | 24,736 | 3,184,018 | ||||||
12,174,555 | ||||||||
Computer Aided Design — 0.0% | ||||||||
Cadence Design Systems, Inc.† | 1,971 | 86,547 | ||||||
Computer Services — 1.0% | ||||||||
Amdocs, Ltd. | 43,607 | 2,847,101 | ||||||
Computer Software — 2.7% | ||||||||
Constellation Software, Inc. | 5,245 | 3,072,156 | ||||||
Splunk, Inc.†# | 21,330 | 1,708,320 | ||||||
SS&C Technologies Holdings, Inc. | 67,739 | 2,796,943 | ||||||
7,577,419 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Memory Devices — 1.0% | ||||||||
NetApp, Inc. | 48,525 | $ | 2,742,148 | |||||
Computers - Other — 0.3% | ||||||||
Lumentum Holdings, Inc.†# | 14,990 | 810,209 | ||||||
Consulting Services — 2.3% | ||||||||
Gartner, Inc.†# | 9,810 | 1,185,931 | ||||||
Verisk Analytics, Inc.† | 54,932 | 5,296,543 | ||||||
6,482,474 | ||||||||
Containers - Paper/Plastic — 1.4% | ||||||||
Berry Global Group, Inc.† | 25,255 | 1,509,491 | ||||||
Sealed Air Corp.# | 52,975 | 2,545,449 | ||||||
4,054,940 | ||||||||
Cruise Lines — 1.1% | ||||||||
Norwegian Cruise Line Holdings, Ltd.† | 28,780 | 1,558,725 | ||||||
Royal Caribbean Cruises, Ltd. | 13,085 | 1,620,970 | ||||||
3,179,695 | ||||||||
Data Processing/Management — 2.5% | ||||||||
Broadridge Financial Solutions, Inc. | 16,603 | 1,498,587 | ||||||
Fidelity National Information Services, Inc. | 45,278 | 4,271,074 | ||||||
Jack Henry & Associates, Inc. | 11,408 | 1,315,570 | ||||||
7,085,231 | ||||||||
Decision Support Software — 0.7% | ||||||||
MSCI, Inc. | 15,447 | 1,988,029 | ||||||
Dental Supplies & Equipment — 0.6% | ||||||||
Align Technology, Inc.† | 6,935 | 1,809,203 | ||||||
Diagnostic Kits — 0.6% | ||||||||
IDEXX Laboratories, Inc.† | 10,105 | 1,580,523 | ||||||
Disposable Medical Products — 1.4% | ||||||||
ICU Medical, Inc.† | 5,903 | 1,259,700 | ||||||
STERIS PLC | 29,070 | 2,615,137 | ||||||
3,874,837 | ||||||||
Distribution/Wholesale — 0.1% | ||||||||
Ferguson PLC | 4,605 | 332,470 | ||||||
Diversified Manufacturing Operations — 1.4% | ||||||||
A.O. Smith Corp. | 45,518 | 2,886,751 | ||||||
Carlisle Cos., Inc. | 8,309 | 955,286 | ||||||
3,842,037 | ||||||||
Drug Delivery Systems — 1.6% | ||||||||
Catalent, Inc.† | 46,067 | 1,833,006 | ||||||
DexCom, Inc.†# | 46,944 | 2,742,938 | ||||||
4,575,944 | ||||||||
E-Commerce/Products — 0.2% | ||||||||
Wayfair, Inc., Class A†# | 6,972 | 487,970 | ||||||
E-Commerce/Services — 0.8% | ||||||||
SurveyMonkey, Inc.†(1)(2)(3) | 44,965 | 407,608 | ||||||
Trade Desk, Inc., Class A†# | 35,950 | 1,766,583 | ||||||
2,174,191 | ||||||||
Electric Products - Misc. — 1.0% | ||||||||
AMETEK, Inc. | 39,634 | 2,880,995 | ||||||
Electronic Components - Misc. — 1.4% | ||||||||
Flex, Ltd.† | 220,845 | 3,990,669 | ||||||
Electronic Components - Semiconductors — 4.7% | ||||||||
IPG Photonics Corp.† | 6,355 | 1,455,168 | ||||||
Microchip Technology, Inc.# | 29,360 | 2,554,026 | ||||||
Monolithic Power Systems, Inc. | 10,870 | 1,286,464 |
157 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Electronic Components - Semiconductors (continued) | ||||||||
ON Semiconductor Corp.† | 150,873 | $ | 3,029,530 | |||||
Skyworks Solutions, Inc. | 19,605 | 2,053,428 | ||||||
Xilinx, Inc. | 39,752 | 2,763,162 | ||||||
13,141,778 | ||||||||
Electronic Connectors — 2.2% | ||||||||
Amphenol Corp., Class A | 13,919 | 1,260,922 | ||||||
TE Connectivity, Ltd. | 52,098 | 4,920,135 | ||||||
6,181,057 | ||||||||
Electronic Measurement Instruments — 2.3% | ||||||||
Agilent Technologies, Inc. | 34,475 | 2,387,049 | ||||||
National Instruments Corp. | 60,816 | 2,672,863 | ||||||
Trimble, Inc.† | 33,740 | 1,416,743 | ||||||
6,476,655 | ||||||||
Enterprise Software/Service — 1.3% | ||||||||
Atlassian Corp. PLC, Class A†# | 52,242 | 2,439,179 | ||||||
Ultimate Software Group, Inc.†# | 6,130 | 1,293,614 | ||||||
3,732,793 | ||||||||
Entertainment Software — 1.3% | ||||||||
Activision Blizzard, Inc. | 38,788 | 2,420,371 | ||||||
Zynga, Inc., Class A† | 311,635 | 1,277,704 | ||||||
3,698,075 | ||||||||
Finance - Consumer Loans — 0.7% | ||||||||
Synchrony Financial | 55,335 | 1,985,973 | ||||||
Finance - Investment Banker/Broker — 3.3% | ||||||||
E*TRADE Financial Corp.† | 47,075 | 2,266,191 | ||||||
LPL Financial Holdings, Inc. | 49,695 | 2,576,189 | ||||||
TD Ameritrade Holding Corp. | 87,644 | 4,484,743 | ||||||
9,327,123 | ||||||||
Finance - Other Services — 0.7% | ||||||||
SEI Investments Co. | 27,186 | 1,912,807 | ||||||
Food - Catering — 0.5% | ||||||||
Aramark | 31,240 | 1,330,824 | ||||||
Food - Misc./Diversified — 1.2% | ||||||||
Blue Buffalo Pet Products, Inc.†# | 68,565 | 2,105,631 | ||||||
Snyder’s-Lance, Inc. | 30,675 | 1,186,509 | ||||||
3,292,140 | ||||||||
Home Decoration Products — 0.7% | ||||||||
Newell Brands, Inc. | 59,880 | 1,854,484 | ||||||
Industrial Automated/Robotic — 0.5% | ||||||||
Nordson Corp. | 10,725 | 1,376,661 | ||||||
Instruments - Controls — 1.6% | ||||||||
Sensata Technologies Holding NV†# | 91,721 | 4,581,464 | ||||||
Instruments - Scientific — 1.9% | ||||||||
PerkinElmer, Inc. | 39,760 | 2,929,517 | ||||||
Waters Corp.† | 11,564 | 2,280,074 | ||||||
5,209,591 | ||||||||
Insurance Brokers — 1.0% | ||||||||
Aon PLC | 20,373 | 2,856,702 | ||||||
Insurance - Property/Casualty — 0.5% | ||||||||
Intact Financial Corp. | 18,119 | 1,520,134 | ||||||
Internet Content - Entertainment — 0.3% | ||||||||
Snap, Inc., Class A†# | 56,630 | 780,361 | ||||||
Internet Security — 0.4% | ||||||||
Symantec Corp. | 38,055 | 1,102,453 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Lasers - System/Components — 0.7% | ||||||||
Coherent, Inc.† | 6,910 | $ | 2,017,444 | |||||
Machinery - General Industrial — 0.7% | ||||||||
Middleby Corp.†# | 9,376 | 1,195,627 | ||||||
Wabtec Corp.# | 9,583 | 736,933 | ||||||
1,932,560 | ||||||||
Medical Information Systems — 0.9% | ||||||||
athenahealth, Inc.†# | 19,046 | 2,531,023 | ||||||
Medical Instruments — 2.5% | ||||||||
Boston Scientific Corp.† | 107,262 | 2,818,845 | ||||||
Bruker Corp. | 56,380 | 1,983,449 | ||||||
Teleflex, Inc. | 8,468 | 2,248,423 | ||||||
7,050,717 | ||||||||
Medical Labs & Testing Services — 0.9% | ||||||||
IQVIA Holdings, Inc.† | 24,067 | 2,455,075 | ||||||
Medical Products — 2.8% | ||||||||
ABIOMED, Inc.† | 1,537 | 299,469 | ||||||
Cooper Cos., Inc. | 6,666 | 1,607,706 | ||||||
Henry Schein, Inc.†# | 12,694 | 906,986 | ||||||
Hill-Rom Holdings, Inc. | 23,260 | 1,966,633 | ||||||
Novocure, Ltd.† | 46,225 | 889,831 | ||||||
Varian Medical Systems, Inc.†# | 19,832 | 2,216,226 | ||||||
7,886,851 | ||||||||
Medical - Biomedical/Gene — 1.4% | ||||||||
Celgene Corp.† | 13,728 | 1,384,194 | ||||||
Exact Sciences Corp.†# | 14,400 | 856,512 | ||||||
Incyte Corp.† | 8,720 | 863,193 | ||||||
Puma Biotechnology, Inc.†# | 6,751 | 714,931 | ||||||
3,818,830 | ||||||||
Medical - Drugs — 0.9% | ||||||||
ACADIA Pharmaceuticals, Inc.†# | 22,350 | 676,087 | ||||||
Alkermes PLC†# | 14,985 | 783,566 | ||||||
Clovis Oncology, Inc.†# | 7,575 | 476,240 | ||||||
DBV Technologies SA ADR† | 11,952 | 272,984 | ||||||
TESARO, Inc.†# | 4,766 | 403,204 | ||||||
2,612,081 | ||||||||
Metal Processors & Fabrication — 0.6% | ||||||||
Rexnord Corp.† | 69,220 | 1,724,962 | ||||||
Motion Pictures & Services — 1.2% | ||||||||
Dolby Laboratories, Inc., Class A | 54,481 | 3,387,629 | ||||||
Non-Hazardous Waste Disposal — 0.6% | ||||||||
Waste Connections, Inc. | 22,595 | 1,555,214 | ||||||
Printing-Commercial — 1.0% | ||||||||
Cimpress NV†# | 23,066 | 2,809,439 | ||||||
Real Estate Investment Trusts — 3.8% | ||||||||
Crown Castle International Corp. | 29,171 | 3,296,323 | ||||||
DCT Industrial Trust, Inc. | 17,190 | 1,033,807 | ||||||
Equinix, Inc. | 5,678 | 2,637,374 | ||||||
Lamar Advertising Co., Class A# | 49,859 | 3,750,892 | ||||||
10,718,396 | ||||||||
Real Estate Management/Services — 0.5% | ||||||||
CBRE Group, Inc., Class A† | 35,565 | 1,542,098 | ||||||
Recreational Vehicles — 0.5% | ||||||||
Polaris Industries, Inc.# | 10,280 | 1,305,663 | ||||||
Rental Auto/Equipment — 0.7% | ||||||||
United Rentals, Inc.† | 12,605 | 2,010,245 | ||||||
158 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Resort/Theme Parks — 0.5% | ||||||||
Cedar Fair LP | 22,715 | $ | 1,541,667 | |||||
Retail - Apparel/Shoe — 0.9% | ||||||||
lululemon athletica, Inc.† | 14,596 | 977,348 | ||||||
Tapestry, Inc. | 36,555 | 1,523,978 | ||||||
2,501,326 | ||||||||
Retail - Discount — 1.1% | ||||||||
Dollar Tree, Inc.† | 29,575 | 3,039,127 | ||||||
Retail - Gardening Products — 0.4% | ||||||||
Tractor Supply Co.# | 16,263 | 1,109,787 | ||||||
Retail - Mail Order — 0.4% | ||||||||
Williams-Sonoma, Inc.# | 19,251 | 984,881 | ||||||
Retail - Petroleum Products — 0.3% | ||||||||
World Fuel Services Corp. | 28,571 | 801,988 | ||||||
Retail - Restaurants — 0.7% | ||||||||
Dunkin’ Brands Group, Inc. | 35,087 | 2,094,694 | ||||||
Semiconductor Components - Integrated Circuits — 0.5% | ||||||||
Marvell Technology Group, Ltd. | 59,110 | 1,320,517 | ||||||
Semiconductor Equipment — 2.3% | ||||||||
KLA-Tencor Corp. | 25,278 | 2,584,423 | ||||||
Lam Research Corp.# | 12,369 | 2,378,930 | ||||||
MKS Instruments, Inc. | 16,235 | 1,530,960 | ||||||
6,494,313 | ||||||||
Telecommunication Equipment — 1.4% | ||||||||
NICE, Ltd., ADR# | 46,184 | 4,041,562 | ||||||
Textile - Home Furnishings — 0.8% | ||||||||
Mohawk Industries, Inc.† | 8,225 | 2,324,467 | ||||||
Therapeutics — 0.8% | ||||||||
Neurocrine Biosciences, Inc.†# | 31,190 | 2,242,249 | ||||||
Transport - Rail — 0.3% | ||||||||
Canadian Pacific Railway, Ltd. | 5,277 | 924,425 | ||||||
Transport - Truck — 1.6% | ||||||||
Old Dominion Freight Line, Inc. | 13,790 | 1,782,219 | ||||||
XPO Logistics, Inc.†# | 33,425 | 2,641,578 | ||||||
4,423,797 | ||||||||
Wire & Cable Products — 0.7% | ||||||||
Belden, Inc. | 23,046 | 1,951,766 | ||||||
Total Common Stocks | ||||||||
(cost $209,344,486) | 272,364,525 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.6% | ||||||||
Applications Software — 0.0% | ||||||||
Dropbox, Inc., Series A†(1)(2)(3) | 8,758 | 107,081 | ||||||
E-Commerce/Products — 0.4% | ||||||||
Flipkart, Ltd., Series D†(1)(2)(3) | 13,407 | 1,181,338 | ||||||
E-Commerce/Services — 1.1% | ||||||||
Airbnb, Inc., Series D†(1)(2)(3) | 29,418 | 3,159,493 | ||||||
Wire & Cable Products — 0.1% | ||||||||
Belden, Inc. 6.75%# | 2,200 | 248,820 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $1,804,697) | 4,696,732 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $211,149,183) | 277,061,257 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 2.3% | ||||||||
Registered Investment Companies — 2.2% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.04%(4)(5) | 6,029,028 | $ | 6,029,028 | |||||
Time Deposits — 0.1% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.12% due 12/01/17 | $ | 399,000 | 399,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $6,428,028) | 6,428,028 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $217,577,211)(6) | 100.7 | % | 283,489,285 | |||||
Liabilities in excess of other assets | (0.7 | ) | (2,100,301 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 281,388,984 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Illiquid security. At November 30, 2017, the aggregate value of these securities was $5,950,553 representing 2.1% 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, 2017, the Fund held the following restricted securities: |
Description | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Dropbox, Inc. | 5/1/2012 | 89,561 | $ | 810,680 | $ | 1,095,033 | $ | 12.23 | 0.39 | % | ||||||||||||||
SurveyMonkey, Inc | 11/25/2014 | 44,965 | 739,674 | 407,608 | 9.07 | 0.14 | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Airbnb, Inc. | 4/16/2014 | 29,418 | 1,197,696 | 3,159,493 | 107.40 | 1.12 | ||||||||||||||||||
Dropbox, Inc. | 5/25/2012 | 8,758 | 79,351 | 107,081 | 12.23 | 0.04 | ||||||||||||||||||
Flipkart, Ltd. | 10/4/2013 | 13,407 | 307,650 | 1,181,338 | 88.11 | 0.42 | ||||||||||||||||||
$ | 5,950,553 | 2.11 | % | |||||||||||||||||||||
(4) | At November 30, 2017, the Fund had loaned securities with a total value of $54,106,891. This was secured by collateral of $6,029,028, which was received in cash and subsequently invested in short-term investments currently valued at $6,029,028 as reported in the Portfolio of Investments. Additional collateral of $48,912,422 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and |
159 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 7,419,762 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 3,884,387 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 7,448,302 | |||||
United States Treasury Bills | 0.00% | 12/14/2017 to 07/19/2018 | 2,282,781 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 27,877,190 |
(5) | The rate shown is the 7-day yield as of November 30, 2017. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 3,145,901 | $ | — | $ | 1,095,033 | $ | 4,240,934 | ||||||||
E-Commerce/Services | 1,766,583 | — | 407,608 | 2,174,191 | ||||||||||||
Other Industries | 264,266,430 | 1,682,970 | ** | — | 265,949,400 | |||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Wire & Cable Products | 248,820 | — | — | 248,820 | ||||||||||||
Other Industries | — | — | 4,447,912 | 4,447,912 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 6,029,028 | — | — | 6,029,028 | ||||||||||||
Time Deposits | — | 399,000 | — | 399,000 | ||||||||||||
Total Investments at Value | $ | 275,456,762 | $ | 2,081,970 | $ | 5,950,553 | $ | 283,489,285 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Common Stocks | Convertible Preferred Securities | |||||||
Balance as of 05/31/2017 | $ | 1,319,682 | $ | 4,356,582 | ||||
Accrued discounts | — | — | ||||||
Accrued premiums | — | — | ||||||
Realized Gain | — | — | ||||||
Realized Loss | — | — | ||||||
Change in unrealized appreciation(1) | 211,961 | 91,330 | ||||||
Change in unrealized depreciation(1) | (29,002 | ) | — | |||||
Net Purchases | — | — | ||||||
Net Sales | — | — | ||||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 11/30/2017 | $ | 1,502,641 | $ | 4,447,912 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2017 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$ | 182,959 | $ | 91,330 | |||||
160 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
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, 2017
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/17 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stocks | $ | 1,095,033 | Market Approach with Option Pricing Method (“OPM”) | 2017 Estimated Revenue Multiple* 2018 Estimated Revenue Multiple* 2019 Estimated Revenue Multiple* 2019 Estimated Gross Profit Multiple* Discount for Lack of Marketability OPM assumptions: Volatility* Term to liquidity event in years Risk-free rate | 5.0x 6.3x - 6.41x (6.36x) 5.1x 6.6x 10.0% 35.0% 2.08 1.79% | |||||
$ | 407,608 | Market Approach | Trailing Twelve Months Sales Multiple* 2017 Estimated Revenue Multiple* 2018 EBITIDA Multiple* 2018 Estimated Gross Profit Multiple* Discount for Lack of Marketability | 8.6x 5.8x 17.5x 7.0x 10.0% | ||||||
Convertible Preferred Securities | $ | 1,181,338 | Market Approach | Transaction Price* | $88.1135 | |||||
$ | 3,159,493 | Market Approach | Transaction Price* 2020 Estimated Revenue Multiple* 2020 Estimated Gross Profit Multiple* Discount for Lack of Marketability | $105.0000 5.1x 6.3x 10.0% | ||||||
$ | 107,081 | Market Approach with Option Pricing Method (“OPM”) | Transaction Price* 2017 Estimated Revenue Multiple* 2018 Estimated Revenue Multiple* 2019 Estimated Revenue Multiple* 2019 Estimated Gross Profit Multiple* Discount for Lack of Marketability OPM assumptions: Volatility* Term to liquidity event in years Risk-free rate | $8.1500 5.0x 6.3x - 6.41x (6.36x) 5.1x 6.6x 10.0% 35.0% 2.08 1.79% |
(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
161 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Computers | 11.6 | % | ||
Web Portals/ISP | 9.5 | |||
Applications Software | 9.2 | |||
Electronic Components — Semiconductors | 8.4 | |||
E-Commerce/Products | 8.3 | |||
Medical — Biomedical/Gene | 7.1 | |||
Internet Content — Entertainment | 6.5 | |||
Repurchase Agreements | 4.3 | |||
Cable/Satellite TV | 3.9 | |||
Networking Products | 2.4 | |||
Food — Misc./Diversified | 2.1 | |||
Semiconductor Components — Integrated Circuits | 1.9 | |||
Commercial Services — Finance | 1.9 | |||
E-Commerce/Services | 1.8 | |||
Retail — Discount | 1.4 | |||
Entertainment Software | 1.4 | |||
Semiconductor Equipment | 1.4 | |||
Electronic Forms | 1.2 | |||
Retail — Restaurants | 1.1 | |||
Retail — Drug Store | 1.0 | |||
Multimedia | 0.9 | |||
Cellular Telecom | 0.8 | |||
Data Processing/Management | 0.7 | |||
Auto — Cars/Light Trucks | 0.7 | |||
Transport — Rail | 0.7 | |||
Hotels/Motels | 0.6 | |||
Medical Instruments | 0.6 | |||
Computer Services | 0.6 | |||
Pharmacy Services | 0.5 | |||
Dental Supplies & Equipment | 0.5 | |||
Beverages — Non-alcoholic | 0.5 | |||
Computers — Memory Devices | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Radio | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Airlines | 0.3 | |||
Computer Aided Design | 0.3 | |||
Medical Information Systems | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Internet Security | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Computer Data Security | 0.2 | |||
Commercial Services | 0.2 | |||
Casino Hotels | 0.2 | |||
Consulting Services | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Retail — Perfume & Cosmetics | 0.2 | |||
Cruise Lines | 0.2 | |||
Transport — Truck | 0.2 | |||
X-Ray Equipment | 0.2 | |||
Toys | 0.2 | |||
Medical Products | 0.1 | |||
Medical — Drugs | 0.1 | |||
Retail — Catalog Shopping | 0.1 | |||
Computer Software | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
162 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS — 95.3% |
| |||||||
Airlines — 0.3% | ||||||||
American Airlines Group, Inc.# | 27,512 | $ | 1,389,081 | |||||
Applications Software — 9.2% |
| |||||||
Citrix Systems, Inc.† | 8,559 | 750,025 | ||||||
Intuit, Inc. | 14,474 | 2,275,603 | ||||||
Microsoft Corp. | 435,113 | 36,623,461 | ||||||
39,649,089 | ||||||||
Auto - Cars/Light Trucks — 0.7% |
| |||||||
Tesla, Inc.†# | 9,428 | 2,911,838 | ||||||
Auto - Heavy Duty Trucks — 0.3% |
| |||||||
PACCAR, Inc. | 19,850 | 1,396,050 | ||||||
Beverages - Non-alcoholic — 0.5% |
| |||||||
Monster Beverage Corp.† | 32,097 | 2,011,519 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery Communications, Inc., Class A†# | 8,696 | 165,398 | ||||||
Discovery Communications, Inc., Class C†# | 12,345 | 223,198 | ||||||
388,596 | ||||||||
Cable/Satellite TV — 3.9% |
| |||||||
Charter Communications, Inc., Class A† | 14,568 | 4,752,227 | ||||||
Comcast Corp., Class A | 265,733 | 9,975,617 | ||||||
DISH Network Corp., Class A† | 12,862 | 651,460 | ||||||
Liberty Global PLC LiLAC, Class A†# | 2,749 | 57,179 | ||||||
Liberty Global PLC LiLAC, Class C† | 6,823 | 141,577 | ||||||
Liberty Global PLC, Class A† | 12,738 | 404,559 | ||||||
Liberty Global PLC, Class C† | 33,644 | 1,037,245 | ||||||
17,019,864 | ||||||||
Casino Hotels — 0.2% |
| |||||||
Wynn Resorts, Ltd.# | 5,794 | 915,916 | ||||||
Cellular Telecom — 0.8% |
| |||||||
T-Mobile US, Inc.† | 46,947 | 2,867,053 | ||||||
Vodafone Group PLC ADR# | 26,250 | 807,975 | ||||||
3,675,028 | ||||||||
Commercial Services — 0.2% |
| |||||||
Cintas Corp. | 5,956 | 937,713 | ||||||
Commercial Services - Finance — 1.9% |
| |||||||
Automatic Data Processing, Inc. | 25,104 | 2,873,404 | ||||||
PayPal Holdings, Inc.† | 67,926 | 5,144,036 | ||||||
8,017,440 | ||||||||
Computer Aided Design — 0.3% |
| |||||||
Autodesk, Inc.† | 12,383 | 1,358,415 | ||||||
Computer Data Security — 0.2% |
| |||||||
Check Point Software Technologies, Ltd.† | 9,233 | 962,910 | ||||||
Computer Services — 0.6% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 33,365 | 2,411,622 | ||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 9,684 | 540,174 | ||||||
Computers — 11.6% |
| |||||||
Apple, Inc. | 291,793 | 50,144,627 | ||||||
Computers - Memory Devices — 0.4% |
| |||||||
Seagate Technology PLC# | 16,260 | 626,985 | ||||||
Western Digital Corp. | 16,658 | 1,313,650 | ||||||
1,940,635 | ||||||||
Consulting Services — 0.2% |
| |||||||
Verisk Analytics, Inc.† | 9,296 | 896,320 | ||||||
Cruise Lines — 0.2% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 12,889 | 698,068 | ||||||
Security Description | Shares | Value | ||||||
Data Processing/Management — 0.7% |
| |||||||
Fiserv, Inc.† | 11,890 | $ | 1,562,940 | |||||
Paychex, Inc. | 20,303 | 1,366,595 | ||||||
2,929,535 | ||||||||
Dental Supplies & Equipment — 0.5% |
| |||||||
Align Technology, Inc.† | 4,528 | 1,181,264 | ||||||
DENTSPLY SIRONA, Inc. | 12,965 | 868,785 | ||||||
2,050,049 | ||||||||
Diagnostic Kits — 0.2% |
| |||||||
IDEXX Laboratories, Inc.† | 4,930 | 771,101 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co. | 16,268 | 852,281 | ||||||
E-Commerce/Products — 8.3% |
| |||||||
Amazon.com, Inc.† | 27,137 | 31,933,465 | ||||||
eBay, Inc.† | 60,464 | 2,096,287 | ||||||
JD.com, Inc. ADR† | 51,857 | 1,942,044 | ||||||
35,971,796 | ||||||||
E-Commerce/Services — 1.8% |
| |||||||
Ctrip.com International, Ltd. ADR†# | 25,878 | 1,192,458 | ||||||
Expedia, Inc. | 7,843 | 960,768 | ||||||
Liberty Ventures, Series A† | 4,594 | 256,391 | ||||||
MercadoLibre, Inc.# | 2,495 | 686,474 | ||||||
Priceline Group, Inc.† | 2,771 | 4,820,737 | ||||||
7,916,828 | ||||||||
Electronic Components - Semiconductors — 8.4% |
| |||||||
Broadcom, Ltd. | 22,969 | 6,384,004 | ||||||
Intel Corp. | 265,455 | 11,903,002 | ||||||
Microchip Technology, Inc.# | 13,147 | 1,143,658 | ||||||
Micron Technology, Inc.† | 62,936 | 2,667,857 | ||||||
NVIDIA Corp. | 33,895 | 6,803,066 | ||||||
Skyworks Solutions, Inc. | 10,380 | 1,087,201 | ||||||
Texas Instruments, Inc. | 55,929 | 5,441,332 | ||||||
Xilinx, Inc. | 14,044 | 976,198 | ||||||
36,406,318 | ||||||||
Electronic Forms — 1.2% |
| |||||||
Adobe Systems, Inc.† | 27,873 | 5,058,113 | ||||||
Enterprise Software/Service — 0.2% |
| |||||||
CA, Inc. | 23,798 | 787,000 | ||||||
Entertainment Software — 1.4% |
| |||||||
Activision Blizzard, Inc. | 42,647 | 2,661,173 | ||||||
Electronic Arts, Inc.† | 17,441 | 1,854,850 | ||||||
NetEase, Inc. ADR | 4,286 | 1,408,851 | ||||||
5,924,874 | ||||||||
Food - Misc./Diversified — 2.1% |
| |||||||
Kraft Heinz Co. | 68,821 | 5,599,965 | ||||||
Mondelez International, Inc., Class A | 85,169 | 3,657,157 | ||||||
9,257,122 | ||||||||
Hotels/Motels — 0.6% |
| |||||||
Marriott International, Inc., Class A | 21,039 | 2,671,953 | ||||||
Internet Content - Entertainment — 6.5% |
| |||||||
Facebook, Inc., Class A† | 133,904 | 23,725,111 | ||||||
Netflix, Inc.† | 24,390 | 4,575,076 | ||||||
28,300,187 | ||||||||
Internet Security — 0.2% |
| |||||||
Symantec Corp. | 34,716 | 1,005,723 | ||||||
Medical Information Systems — 0.3% |
| |||||||
Cerner Corp.† | 18,732 | 1,324,165 | ||||||
163 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Instruments — 0.6% |
| |||||||
Intuitive Surgical, Inc.† | 6,318 | $ | 2,525,810 | |||||
Medical Products — 0.1% |
| |||||||
Henry Schein, Inc.†# | 8,932 | 638,191 | ||||||
Medical - Biomedical/Gene — 7.1% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 12,608 | 1,384,484 | ||||||
Amgen, Inc. | 41,221 | 7,240,881 | ||||||
Biogen, Inc.† | 11,944 | 3,847,998 | ||||||
BioMarin Pharmaceutical, Inc.†# | 9,901 | 849,506 | ||||||
Celgene Corp.† | 44,196 | 4,456,283 | ||||||
Gilead Sciences, Inc. | 73,774 | 5,516,820 | ||||||
Illumina, Inc.† | 8,248 | 1,897,287 | ||||||
Incyte Corp.† | 11,621 | 1,150,363 | ||||||
Regeneron Pharmaceuticals, Inc.† | 5,945 | 2,151,258 | ||||||
Vertex Pharmaceuticals, Inc.† | 14,243 | 2,055,122 | ||||||
30,550,002 | ||||||||
Medical - Drugs — 0.1% |
| |||||||
Shire PLC ADR | 4,118 | 612,552 | ||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Mylan NV† | 30,295 | 1,106,676 | ||||||
Multimedia — 0.9% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 59,460 | 1,899,152 | ||||||
Twenty-First Century Fox, Inc., Class B | 45,110 | 1,405,177 | ||||||
Viacom, Inc., Class B | 19,926 | 564,304 | ||||||
3,868,633 | ||||||||
Networking Products — 2.4% |
| |||||||
Cisco Systems, Inc. | 282,462 | 10,535,833 | ||||||
Pharmacy Services — 0.5% |
| |||||||
Express Scripts Holding Co.† | 32,627 | 2,126,628 | ||||||
Radio — 0.3% |
| |||||||
Sirius XM Holdings, Inc.# | 260,597 | 1,433,283 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Ross Stores, Inc. | 21,986 | 1,671,596 | ||||||
Retail - Auto Parts — 0.3% |
| |||||||
O’Reilly Automotive, Inc.† | 4,972 | 1,174,436 | ||||||
Retail - Catalog Shopping — 0.1% |
| |||||||
Liberty Interactive Corp. QVC Group, Class A† | 23,837 | 581,623 | ||||||
Retail - Discount — 1.4% |
| |||||||
Costco Wholesale Corp. | 24,777 | 4,569,622 | ||||||
Dollar Tree, Inc.† | 13,380 | 1,374,929 | ||||||
5,944,551 | ||||||||
Retail - Drug Store — 1.0% |
| |||||||
Walgreens Boots Alliance, Inc. | 60,452 | 4,398,488 | ||||||
Retail - Gardening Products — 0.1% |
| |||||||
Tractor Supply Co. | 7,157 | 488,394 | ||||||
Retail - Perfume & Cosmetics — 0.2% |
| |||||||
Ulta Beauty, Inc.† | 3,470 | 769,334 | ||||||
Retail - Restaurants — 1.1% |
| |||||||
Starbucks Corp. | 81,568 | 4,716,262 | ||||||
Semiconductor Components - Integrated Circuits — 1.9% |
| |||||||
Analog Devices, Inc. | 20,770 | 1,788,505 | ||||||
Maxim Integrated Products, Inc. | 15,934 | 833,826 | ||||||
QUALCOMM, Inc. | 83,386 | 5,531,827 | ||||||
8,154,158 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Semiconductor Equipment — 1.4% |
| |||||||
Applied Materials, Inc. | 60,248 | $ | 3,179,287 | |||||
KLA-Tencor Corp. | 8,860 | 905,846 | ||||||
Lam Research Corp.# | 9,177 | 1,765,013 | ||||||
5,850,146 | ||||||||
Toys — 0.2% |
| |||||||
Hasbro, Inc. | 7,066 | 657,279 | ||||||
Transport - Rail — 0.7% |
| |||||||
CSX Corp. | 51,595 | 2,876,421 | ||||||
Transport - Truck — 0.2% |
| |||||||
JB Hunt Transport Services, Inc. | 6,182 | 687,067 | ||||||
Web Portals/ISP — 9.5% |
| |||||||
Alphabet, Inc., Class A† | 16,837 | 17,445,994 | ||||||
Alphabet, Inc., Class C† | 19,644 | 20,064,578 | ||||||
Baidu, Inc. ADR† | 15,565 | 3,713,498 | ||||||
41,224,070 | ||||||||
X-Ray Equipment — 0.2% |
| |||||||
Hologic, Inc.†# | 15,844 | 661,012 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $173,164,619) | 411,744,395 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.2% |
| |||||||
Registered Investment Companies — 0.0% | ||||||||
State Street Navigator Securities Lending Government | 759 | 759 | ||||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | $ | 1,000,000 | 996,878 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $997,590) | 997,637 | |||||||
REPURCHASE AGREEMENTS — 4.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount of $19,241,064 collateralized by $19,630,000 of United States Treasury Inflation Indexed Bonds, bearing interest at 0.38% due 07/15/2027 and having an approximate value of $19,634,424 | 18,680,000 | 18,680,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $192,842,209)(4) | 99.8 | % | 431,422,032 | |||||
Other assets less liabilities | 0.2 | 766,695 | ||||||
NET ASSETS | 100.0 | % | $ | 432,188,727 | ||||
# | 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, 2017. |
(2) | At November 30, 2017, the Fund had loaned securities with a total value of $12,401,635. This was secured by collateral of $759, which was received in cash and subsequently invested in short-term investments currently valued at $759 as reported in the Portfolio of Investments. Additional collateral of $12,602,090 was received in the form of fixed |
164 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 1,436,374 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 751,969 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 1,441,899 | |||||
United States Treasury Bills | 0.00% | 12/21/2017 to 07/19/2018 | 124,431 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 8,847,417 |
(3) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American | Depositary Receipt |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
157 | Long | NASDAQ 100 E-Mini Index | December 2017 | $ | 18,918,702 | $ | 19,998,660 | $ | 1,079,958 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 411,744,395 | $ | — | $ | — | $ | 411,744,395 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 759 | — | — | 759 | ||||||||||||
U.S. Government Treasuries | — | 996,878 | — | 996,878 | ||||||||||||
Repurchase Agreements | — | 18,680,000 | — | 18,680,000 | ||||||||||||
Total Investments at Value | $ | 411,745,154 | $ | 19,676,878 | $ | — | $ | 431,422,032 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,079,958 | $ | — | $ | — | $ | 1,079,958 | ||||||||
* | 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
165 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Applications Software | 11.8 | % | ||
Electronic Components — Semiconductors | 10.9 | |||
Commercial Services — Finance | 6.9 | |||
E-Commerce/Products | 6.9 | |||
Registered Investment Companies | 6.0 | |||
Internet Content — Entertainment | 5.9 | |||
Web Portals/ISP | 4.8 | |||
Semiconductor Components — Integrated Circuits | 3.9 | |||
Semiconductor Equipment | 3.7 | |||
Computers | 3.5 | |||
E-Commerce/Services | 3.4 | |||
Enterprise Software/Service | 2.8 | |||
Computer Services | 2.7 | |||
Finance — Credit Card | 2.2 | |||
Internet Security | 2.1 | |||
Computers — Memory Devices | 2.0 | |||
Photo Equipment & Supplies | 1.8 | |||
Medical — Drugs | 1.7 | |||
Networking Products | 1.6 | |||
Cable/Satellite TV | 1.3 | |||
Internet Application Software | 1.2 | |||
Time Deposits | 1.1 | |||
Entertainment Software | 1.0 | |||
Electronic Components — Misc. | 1.0 | |||
Auto — Cars/Light Trucks | 0.8 | |||
Multimedia | 0.6 | |||
Medical Products | 0.6 | |||
Software Tools | 0.6 | |||
Publishing — Newspapers | 0.6 | |||
Instruments — Controls | 0.5 | |||
Computer Data Security | 0.4 | |||
Drug Delivery Systems | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Hazardous Waste Disposal | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Chemicals — Diversified | 0.3 | |||
Metal Processors & Fabrication | 0.3 | |||
Computer Software | 0.3 | |||
Computer Aided Design | 0.3 | |||
Repurchase Agreements | 0.3 | |||
E-Services/Consulting | 0.2 | |||
Medical Instruments | 0.2 | |||
Finance — Other Services | 0.2 | |||
Electronic Connectors | 0.2 | |||
Toys | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Circuit Boards | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Appliances | 0.2 | |||
Industrial Automated/Robotic | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Commercial Services | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Transactional Software | 0.1 | |||
Building Products — Light Fixtures | 0.1 | |||
101.0 | % | |||
* | Calculated as a percentage of net assets |
166 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 92.8% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
STR Holdings, Inc.†# | 91,532 | $ | 24,256 | |||||
Aerospace/Defense — 0.4% |
| |||||||
Boeing Co. | 16,500 | 4,567,200 | ||||||
Appliances — 0.2% |
| |||||||
iRobot Corp.†# | 27,587 | 1,893,020 | ||||||
Applications Software — 11.7% |
| |||||||
Dropbox, Inc., Class B†(1)(2)(3) | 122,377 | 1,496,263 | ||||||
Intuit, Inc. | 77,091 | 12,120,247 | ||||||
Microsoft Corp. | 659,475 | 55,508,011 | ||||||
Red Hat, Inc.† | 189,314 | 23,997,443 | ||||||
salesforce.com, Inc.† | 284,618 | 29,691,350 | ||||||
ServiceNow, Inc.†# | 184,747 | 22,723,881 | ||||||
Tableau Software, Inc., Class A†# | 65,855 | 4,629,606 | ||||||
150,166,801 | ||||||||
Auto - Cars/Light Trucks — 0.8% |
| |||||||
Tesla, Inc.†# | 31,767 | 9,811,238 | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Hota Industrial Manufacturing Co., Ltd. | 301,067 | 1,337,720 | ||||||
Building Products - Light Fixtures — 0.1% |
| |||||||
Cree, Inc.† | 17,090 | 607,379 | ||||||
Cable/Satellite TV — 1.3% |
| |||||||
Liberty Global PLC, Class C† | 546,614 | 16,852,110 | ||||||
Chemicals - Diversified — 0.3% |
| |||||||
DowDuPont, Inc. | 58,100 | 4,180,876 | ||||||
Circuit Boards — 0.2% |
| |||||||
Silergy Corp. | 105,000 | 2,227,461 | ||||||
Commercial Services — 0.1% |
| |||||||
CoStar Group, Inc.† | 5,043 | 1,537,964 | ||||||
Commercial Services - Finance — 6.9% |
| |||||||
Automatic Data Processing, Inc. | 13,974 | 1,599,464 | ||||||
FleetCor Technologies, Inc.† | 50,520 | 9,188,072 | ||||||
Global Payments, Inc. | 159,636 | 16,052,996 | ||||||
PayPal Holdings, Inc.† | 189,223 | 14,329,858 | ||||||
Sabre Corp.# | 273,100 | 5,437,421 | ||||||
Square, Inc., Class A†# | 513,460 | 20,137,901 | ||||||
Total System Services, Inc. | 106,281 | 7,903,055 | ||||||
TransUnion† | 101,982 | 5,662,041 | ||||||
Vantiv, Inc., Class A†# | 7,685 | 576,375 | ||||||
WEX, Inc.† | 60,129 | 7,739,805 | ||||||
88,626,988 | ||||||||
Computer Aided Design — 0.3% |
| |||||||
Autodesk, Inc.† | 4,840 | 530,948 | ||||||
Synopsys, Inc.† | 31,200 | 2,819,856 | ||||||
3,350,804 | ||||||||
Computer Data Security — 0.4% |
| |||||||
Sophos Group PLC* | 728,464 | 5,604,746 | ||||||
Computer Services — 2.7% |
| |||||||
Accenture PLC, Class A | 31,463 | 4,656,839 | ||||||
Cognizant Technology Solutions Corp., Class A | 112,297 | 8,116,827 | ||||||
DXC Technology Co. | 163,095 | 15,679,953 | ||||||
Genpact, Ltd. | 172,831 | 5,572,072 | ||||||
34,025,691 | ||||||||
Computer Software — 0.3% |
| |||||||
Cloudera, Inc.† | 26,216 | 414,999 | ||||||
Splunk, Inc.†# | 39,400 | 3,155,546 | ||||||
3,570,545 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers — 3.5% |
| |||||||
Apple, Inc. | 242,889 | $ | 41,740,475 | |||||
Hewlett Packard Enterprise Co. | 177,800 | 2,480,310 | ||||||
HP, Inc. | 40,590 | 870,655 | ||||||
45,091,440 | ||||||||
Computers - Integrated Systems — 0.0% |
| |||||||
VeriFone Systems, Inc.† | 15,239 | 264,244 | ||||||
Computers - Memory Devices — 2.0% |
| |||||||
NetApp, Inc. | 428,465 | 24,212,557 | ||||||
Pure Storage, Inc., Class A† | 52,675 | 973,434 | ||||||
25,185,991 | ||||||||
Drug Delivery Systems — 0.4% |
| |||||||
DexCom, Inc.†# | 86,800 | 5,071,724 | ||||||
E-Commerce/Products — 6.8% |
| |||||||
Alibaba Group Holding, Ltd. ADR†# | 118,411 | 20,968,220 | ||||||
Amazon.com, Inc.† | 52,929 | 62,284,201 | ||||||
Delivery Hero AG†* | 54,184 | 2,509,680 | ||||||
Flipkart, Ltd.†(1)(2)(3) | 626 | 55,159 | ||||||
JD.com, Inc. ADR† | 1,220 | 45,689 | ||||||
Vipshop Holdings, Ltd. ADR† | 152,222 | 1,252,787 | ||||||
87,115,736 | ||||||||
E-Commerce/Services — 2.9% |
| |||||||
51job, Inc. ADR† | 8,910 | 512,325 | ||||||
58.com, Inc. ADR† | 38,341 | 2,750,583 | ||||||
Ctrip.com International, Ltd. ADR†# | 258,680 | 11,919,974 | ||||||
Expedia, Inc. | 24,895 | 3,049,638 | ||||||
MercadoLibre, Inc.# | 2,500 | 687,850 | ||||||
Priceline Group, Inc.† | 10,552 | 18,357,420 | ||||||
37,277,790 | ||||||||
E-Services/Consulting — 0.2% |
| |||||||
CDW Corp. | 45,075 | 3,155,701 | ||||||
Electric Products - Misc. — 0.2% |
| |||||||
Nidec Corp. | 18,045 | 2,469,774 | ||||||
Electronic Components - Misc. — 1.0% |
| |||||||
AAC Technologies Holdings, Inc. | 86,500 | 1,745,041 | ||||||
Bizlink Holding, Inc. | 198,602 | 1,798,200 | ||||||
Flex, Ltd.† | 349,016 | 6,306,719 | ||||||
Land Mark Optoelectronics Corp. | 130,976 | 1,658,897 | ||||||
Tongda Group Holdings, Ltd.# | 4,170,000 | 1,117,710 | ||||||
12,626,567 | ||||||||
Electronic Components - Semiconductors — 10.9% |
| |||||||
Advanced Micro Devices, Inc.†# | 335,365 | 3,652,125 | ||||||
ams AG | 49,930 | 4,859,759 | ||||||
Broadcom, Ltd. | 74,605 | 20,735,714 | ||||||
Cavium, Inc.†# | 32,521 | 2,779,895 | ||||||
Infineon Technologies AG | 182,860 | 5,050,952 | ||||||
IPG Photonics Corp.† | 23,785 | 5,446,289 | ||||||
Microchip Technology, Inc.# | 176,554 | 15,358,432 | ||||||
Micron Technology, Inc.† | 669,191 | 28,367,007 | ||||||
Microsemi Corp.† | 91,944 | 4,859,240 | ||||||
NVIDIA Corp. | 78,476 | 15,750,918 | ||||||
Samsung Electronics Co., Ltd. | 8,037 | 18,883,039 | ||||||
Skyworks Solutions, Inc. | 31,630 | 3,312,926 | ||||||
Texas Instruments, Inc. | 39,552 | 3,848,014 | ||||||
Tower Semiconductor, Ltd.† | 101,119 | 3,560,400 | ||||||
Xilinx, Inc. | 49,941 | 3,471,399 | ||||||
139,936,109 | ||||||||
167 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Connectors — 0.2% |
| |||||||
TE Connectivity, Ltd. | 29,500 | $ | 2,785,980 | |||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 32,300 | 2,236,452 | ||||||
Itron, Inc.† | 43,398 | 2,797,001 | ||||||
5,033,453 | ||||||||
Enterprise Software/Service — 2.8% |
| |||||||
Atlassian Corp. PLC, Class A†# | 2,442 | 114,017 | ||||||
Guidewire Software, Inc.† | 7,020 | 522,218 | ||||||
Micro Focus International PLC | 35,040 | 1,179,641 | ||||||
MuleSoft, Inc., Class A†# | 8,315 | 190,829 | ||||||
Oracle Corp. | 35,595 | 1,746,291 | ||||||
Paycom Software, Inc.†# | 123,715 | 10,144,630 | ||||||
SailPoint Technologies Holding, Inc.† | 10,400 | 152,880 | ||||||
Temenos Group AG | 11,550 | 1,426,822 | ||||||
Veeva Systems, Inc., Class A† | 49,385 | 2,973,471 | ||||||
Workday, Inc., Class A†# | 170,452 | 17,556,556 | ||||||
36,007,355 | ||||||||
Entertainment Software — 1.0% |
| |||||||
Electronic Arts, Inc.† | 15,155 | 1,611,734 | ||||||
NetEase, Inc. ADR | 5,550 | 1,824,341 | ||||||
Nexon Co., Ltd.† | 106,300 | 3,053,318 | ||||||
Take-Two Interactive Software, Inc.† | 55,535 | 6,194,929 | ||||||
12,684,322 | ||||||||
Finance - Credit Card — 2.2% |
| |||||||
Alliance Data Systems Corp. | 29,893 | 7,152,498 | ||||||
Mastercard, Inc., Class A | 10,700 | 1,610,029 | ||||||
Visa, Inc., Class A# | 176,863 | 19,913,005 | ||||||
28,675,532 | ||||||||
Finance - Other Services — 0.2% |
| |||||||
WageWorks, Inc.† | 45,063 | 2,890,791 | ||||||
Hazardous Waste Disposal — 0.4% |
| |||||||
Stericycle, Inc.† | 70,735 | 4,690,438 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Cognex Corp. | 12,830 | 1,777,853 | ||||||
Instruments - Controls — 0.5% |
| |||||||
Sensata Technologies Holding NV†# | 127,500 | 6,368,625 | ||||||
Internet Application Software — 1.2% |
| |||||||
Okta, Inc.† | 90,965 | 2,657,087 | ||||||
Tencent Holdings, Ltd. | 247,167 | 12,758,538 | ||||||
15,415,625 | ||||||||
Internet Content - Entertainment — 5.9% |
| |||||||
Facebook, Inc., Class A† | 359,994 | 63,783,737 | ||||||
Netflix, Inc.† | 59,950 | 11,245,421 | ||||||
75,029,158 | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
Yelp, Inc.† | 34,820 | 1,551,231 | ||||||
Internet Security — 2.1% |
| |||||||
Palo Alto Networks, Inc.†# | 114,554 | 16,696,245 | ||||||
Proofpoint, Inc.†# | 113,310 | 10,203,566 | ||||||
26,899,811 | ||||||||
Lasers - System/Components — 0.1% |
| |||||||
Coherent, Inc.† | 5,300 | 1,547,388 | ||||||
Medical Instruments — 0.2% |
| |||||||
Intuitive Surgical, Inc.† | 7,540 | 3,014,341 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Products — 0.6% |
| |||||||
Becton Dickinson and Co. | 21,100 | $ | 4,815,231 | |||||
Smith & Nephew PLC | 160,583 | 2,840,189 | ||||||
7,655,420 | ||||||||
Medical - Biomedical/Gene — 0.2% |
| |||||||
Illumina, Inc.† | 11,202 | 2,576,796 | ||||||
Medical - Drugs — 1.7% |
| |||||||
Grifols SA ADR | 136,000 | 3,094,000 | ||||||
Roche Holding AG | 33,060 | 8,342,418 | ||||||
Shire PLC ADR# | 67,700 | 10,070,375 | ||||||
21,506,793 | ||||||||
Metal Processors & Fabrication — 0.3% |
| |||||||
Catcher Technology Co., Ltd. | 356,000 | 3,871,474 | ||||||
Multimedia — 0.6% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 255,717 | 8,167,601 | ||||||
Networking Products — 1.6% |
| |||||||
Arista Networks, Inc.† | 71,265 | 16,613,297 | ||||||
Cisco Systems, Inc. | 107,300 | 4,002,290 | ||||||
20,615,587 | ||||||||
Photo Equipment & Supplies — 1.8% |
| |||||||
Largan Precision Co., Ltd. | 68,883 | 11,926,194 | ||||||
Sunny Optical Technology Group Co., Ltd. | 660,785 | 11,215,799 | ||||||
23,141,993 | ||||||||
Publishing - Newspapers — 0.6% |
| |||||||
News Corp., Class A | 440,000 | 7,110,400 | ||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Equinix, Inc. | 4,100 | 1,904,409 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Zalando SE†* | 96,303 | 4,930,928 | ||||||
Semiconductor Components - Integrated Circuits — 3.9% |
| |||||||
Integrated Device Technology, Inc.† | 103,746 | 3,121,717 | ||||||
Marvell Technology Group, Ltd.# | 893,776 | 19,966,956 | ||||||
NXP Semiconductors NV† | 20,066 | 2,275,284 | ||||||
QUALCOMM, Inc. | 310,277 | 20,583,776 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 550,780 | 4,146,532 | ||||||
50,094,265 | ||||||||
Semiconductor Equipment — 3.7% |
| |||||||
Applied Materials, Inc. | 291,572 | 15,386,254 | ||||||
ASML Holding NV | 30,299 | 5,318,081 | ||||||
Axcelis Technologies, Inc.† | 71,508 | 2,288,256 | ||||||
KLA-Tencor Corp. | 34,793 | 3,557,236 | ||||||
Lam Research Corp.# | 62,055 | 11,935,038 | ||||||
Teradyne, Inc. | 166,713 | 6,746,875 | ||||||
Tokyo Electron, Ltd. | 14,300 | 2,664,297 | ||||||
47,896,037 | ||||||||
Software Tools — 0.6% |
| |||||||
VMware, Inc., Class A†# | 63,535 | 7,631,189 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Ciena Corp.† | 78,979 | 1,717,793 | ||||||
Telephone - Integrated — 0.2% |
| |||||||
SoftBank Group Corp. | 27,700 | 2,353,617 | ||||||
Toys — 0.2% |
| |||||||
Nintendo Co., Ltd. | 6,368 | 2,585,403 | ||||||
Transactional Software — 0.1% |
| |||||||
Amadeus IT Group SA | 17,720 | 1,279,388 | ||||||
168 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Web Hosting/Design — 0.2% |
| |||||||
VeriSign, Inc.†# | 17,886 | $ | 2,058,679 | |||||
Web Portals/ISP — 4.7% |
| |||||||
Alphabet, Inc., Class A† | 23,627 | 24,481,589 | ||||||
Alphabet, Inc., Class C† | 17,938 | 18,322,053 | ||||||
Baidu, Inc. ADR† | 27,945 | 6,667,118 | ||||||
Mail.ru Group, Ltd. GDR† | 125,550 | 3,686,097 | ||||||
NAVER Corp. | 8,019 | 5,910,260 | ||||||
Yandex NV, Class A† | 33,670 | 1,114,815 | ||||||
60,181,932 | ||||||||
Total Common Stocks | ||||||||
(cost $899,900,745) | 1,188,231,482 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.8% |
| |||||||
Applications Software — 0.1% |
| |||||||
Dropbox, Inc., Series A-1†(1)(2)(3) | 119,521 | 1,461,343 | ||||||
Dropbox, Inc., Series A†(1)(2)(3) | 12,378 | 151,342 | ||||||
1,612,685 | ||||||||
E-Commerce/Products — 0.1% |
| |||||||
Flipkart, Ltd., Series A†(1)(2)(3) | 216 | 19,033 | ||||||
Flipkart, Ltd., Series C†(1)(2)(3) | 377 | 33,219 | ||||||
Flipkart, Ltd., Series E†(1)(2)(3) | 700 | 61,679 | ||||||
Flipkart, Ltd., Series G†(1)(2)(3) | 4,085 | 489,220 | ||||||
603,151 | ||||||||
E-Commerce/Services — 0.5% |
| |||||||
Airbnb, Inc., Series E†(1)(2)(3) | 26,943 | 2,893,678 | ||||||
Uber Technologies, Inc., Series D†(1)(2)(3) | 86,516 | 3,284,900 | ||||||
Xiaoju Kuaizhi, Inc., Series A-17†(1)(2)(3) | 11,731 | 597,485 | ||||||
6,776,063 | ||||||||
Web Portals/ISP — 0.1% |
| |||||||
Pinterest, Inc., Series G†(1)(2)(3) | 205,650 | 1,476,380 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $7,478,675) | 10,468,279 | |||||||
REGISTERED INVESTMENT COMPANIES — 1.6% |
| |||||||
Altaba, Inc.† | 302,500 | 21,193,150 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $918,163,018) | 1,219,892,911 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.5% |
| |||||||
Registered Investment Companies — 4.4% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 500,000 | 500,000 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 11,446,641 | 11,446,641 | ||||||
T. Rowe Price Government Reserve Fund | 44,524,558 | 44,524,558 | ||||||
56,471,199 | ||||||||
Time Deposits — 1.1% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.12% due 12/01/2017 | $ | 14,402,000 | 14,402,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $70,873,199) | 70,873,199 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 0.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount of $3,291,011 collateralized by $2,850,000 of United States Treasury Bonds, bearing interest at 3.75% due 11/15/2043 and having an approximate value of $3,358,209 (cost $3,291,000) | $ | 3,291,000 | $ | 3,291,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $992,327,217)(6) | 101.0 | % | 1,294,057,110 | |||||
Liabilities in excess of other assets | (1.0 | ) | (13,249,223 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,280,807,887 | ||||
† | 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, 2017, the aggregate value of these securities was $13,045,354 representing 1.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Security classified as Level 3 (see Note 2). |
(2) | Illiquid security. At November 30, 2017, the aggregate value of these securities was $12,019,701 representing 0.9% of net assets. |
(3) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2017, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Common Stocks |
| |||||||||||||||||||||||
Dropbox, Inc., Class B | 05/01/2012 | 122,377 | $ | 1,107,711 | $ | 1,496,263 | $ | 12.23 | 0.12 | % | ||||||||||||||
Flipkart, Ltd. | 03/19/2015 | 626 | 71,363 | 55,159 | 88.11 | 0.00 | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Airbnb, Inc. | 06/24/2015 | 16,260 | 1,513,715 | |||||||||||||||||||||
07/14/2015 | 10,683 | 994,527 | ||||||||||||||||||||||
26,943 | 2,508,242 | 2,893,678 | 107.40 | 0.23 | ||||||||||||||||||||
Dropbox, Inc. Series A-1 | 05/01/2012 | 60,803 | 550,212 | |||||||||||||||||||||
05/29/2012 | 58,718 | 531,345 | ||||||||||||||||||||||
119,521 | 1,081,557 | 1,461,343 | 12.23 | 0.11 | ||||||||||||||||||||
169 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Dropbox, Inc. | 05/01/2012 | 12,378 | $ | 112,010 | $ | 151,342 | $ | 12.23 | 0.01 | % | ||||||||||||||
Flipkart, Ltd. | 03/19/2015 | 216 | 24,624 | 19,033 | 88.11 | 0.00 | ||||||||||||||||||
Flipkart, Ltd. | 03/19/2015 | 377 | 42,978 | 33,219 | 88.11 | 0.00 | ||||||||||||||||||
Flipkart, Ltd. | 03/19/2015 | 700 | 79,799 | 61,679 | 88.11 | 0.00 | ||||||||||||||||||
Flipkart, Ltd. | 12/17/2014 | 4,085 | 489,220 | 489,220 | 119.76 | 0.04 | ||||||||||||||||||
Pinterest, Inc. | 03/19/2015 | 205,650 | 1,476,380 | 1,476,380 | 7.18 | 0.12 | ||||||||||||||||||
Uber | 06/05/2014 | 86,516 | 1,342,127 | 3,284,900 | 37.97 | 0.26 | ||||||||||||||||||
Xiaoju | 10/19/2015 | 11,731 | 321,737 | 597,485 | 50.93 | 0.05 | ||||||||||||||||||
$ | 12,019,701 | 0.94 | % | |||||||||||||||||||||
(4) | The rate shown is the 7-day yield as of November 30, 2017. |
(5) | At November 30, 2017, the Fund had loaned securities with a total value of $213,211,710. This was secured by collateral of $11,446,641, which was received in cash and |
subsequently invested in short-term investments currently valued at $11,446,641 as reported in the Portfolio of Investments. Additional collateral of $206,117,616 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 29,771,138 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 15,585,760 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 29,885,656 | |||||
United States Treasury Bills | 0.00% | 12/14/2017 to 07/19/2018 | 4,851,552 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 126,023,510 |
(6) | 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, 2017 (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 | $ | 148,670,538 | $ | — | $ | 1,496,263 | $ | 150,166,801 | ||||||||
E-Commerce/Products | 84,550,897 | 2,509,680 | ** | 55,159 | 87,115,736 | |||||||||||
Other Industries | 820,024,731 | 130,924,214 | ** | — | 950,948,945 | |||||||||||
Convertible Preferred Securities | — | — | 10,468,279 | 10,468,279 | ||||||||||||
Registered Investment Companies | 21,193,150 | — | — | 21,193,150 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 56,471,199 | — | — | 56,471,199 | ||||||||||||
Time Deposits | — | 14,402,000 | — | 14,402,000 | ||||||||||||
Repurchase Agreements | — | 3,291,000 | — | 3,291,000 | ||||||||||||
Total Investments at Value | $ | 1,130,910,515 | $ | 151,126,894 | $ | 12,019,701 | $ | 1,294,057,110 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (See Note 2). |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $100,181,508 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.
At the end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
Common Stocks | Convertible Preferred Securities | |||||||
Balance as of 05/31/2017 | $ | 1,370,523 | $ | 10,788,623 | ||||
Accrued discounts | — | — | ||||||
Accrued premiums | — | — | ||||||
Realized Gain | 32,478 | — | ||||||
Realized Loss | — | — | ||||||
Change in unrealized appreciation(1) | 280,714 | 508,254 | ||||||
Change in unrealized depreciation(1) . | — | (828,598 | ) | |||||
Net Purchases . . . . . . . . . . . . . . . . . | — | — | ||||||
Net Sales . . . . . . . . . . . . . . . . . . . . . | (132,293 | ) | — | |||||
Transfers into Level 3 . . . . . . . . . . . . | — | — | ||||||
Transfers out of Level 3 . . . . . . . . . . | — | — | ||||||
Balance as of 11/30/2017 . . . . . . . . . | $ | 1,551,422 | $ | 10,468,279 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2017 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$ | 289,626 | $ | (320,344 | ) | ||||
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, 2017.
See Notes to Financial Statements
170 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 10.3 | % | ||
Chemicals — Specialty | 4.2 | |||
Registered Investment Companies | 4.2 | |||
Enterprise Software/Service | 3.9 | |||
Electronic Components — Semiconductors | 3.7 | |||
Commercial Services — Finance | 3.7 | |||
Distribution/Wholesale | 3.5 | |||
Computer Software | 3.5 | |||
Medical — Drugs | 3.0 | |||
Banks — Commercial | 2.9 | |||
Internet Telephone | 2.8 | |||
Machinery — General Industrial | 2.4 | |||
Internet Security | 2.0 | |||
Networking Products | 1.9 | |||
Repurchase Agreements | 1.8 | |||
Applications Software | 1.8 | |||
Food — Misc./Diversified | 1.8 | |||
Schools | 1.8 | |||
Recreational Centers | 1.6 | |||
Medical — HMO | 1.6 | |||
Insurance — Reinsurance | 1.5 | |||
Retail — Automobile | 1.4 | |||
Airlines | 1.4 | |||
Web Hosting/Design | 1.4 | |||
Data Processing/Management | 1.4 | |||
Medical Instruments | 1.3 | |||
Recreational Vehicles | 1.3 | |||
Therapeutics | 1.3 | |||
Gambling (Non-Hotel) | 1.3 | |||
Computer Services | 1.3 | |||
Patient Monitoring Equipment | 1.2 | |||
Aerospace/Defense — Equipment | 1.2 | |||
Retail — Restaurants | 1.2 | |||
Electric Products — Misc. | 1.2 | |||
Semiconductor Equipment | 1.2 | |||
Footwear & Related Apparel | 1.1 | |||
Machinery — Electrical | 1.1 | |||
Power Converter/Supply Equipment | 1.1 | |||
Advanced Materials | 1.0 | |||
Medical Products | 1.0 | |||
Computers — Other | 1.0 | |||
Banks — Mortgage | 1.0 | |||
Rubber/Plastic Products | 1.0 | |||
Retail — Misc./Diversified | 1.0 | |||
Transport — Truck | 1.0 | |||
Retail — Discount | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Finance — Investment Banker/Broker | 0.9 | |||
Medical Labs & Testing Services | 0.9 | |||
Transport — Air Freight | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Insurance — Life/Health | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Finance — Other Services | 0.8 | |||
Electronic Measurement Instruments | 0.8 | |||
Casino Services | 0.7 | |||
Commercial Services | 0.7 | |||
Machine Tools & Related Products | 0.6 | |||
Entertainment Software | 0.5 | |||
Medical Information Systems | 0.4 | |||
104.6 | % | |||
* | Calculated as a percentage of net assets |
171 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.6% | ||||||||
Advanced Materials — 1.0% | ||||||||
Hexcel Corp. | 23,043 | $ | 1,428,666 | |||||
Aerospace/Defense - Equipment — 1.2% | ||||||||
HEICO Corp., Class A | 22,087 | 1,676,403 | ||||||
Airlines — 1.4% | ||||||||
Azul SA ADR† | 76,940 | 1,935,810 | ||||||
Applications Software — 1.8% | ||||||||
MINDBODY, Inc., Class A†# | 75,630 | 2,465,538 | ||||||
Auto/Truck Parts & Equipment - Original — 0.8% | ||||||||
Visteon Corp.† | 8,210 | 1,081,175 | ||||||
Banks - Commercial — 2.9% | ||||||||
Texas Capital Bancshares, Inc.†# | 15,510 | 1,401,328 | ||||||
Webster Financial Corp. | 12,990 | 745,236 | ||||||
Western Alliance Bancorp† | 29,803 | 1,733,939 | ||||||
3,880,503 | ||||||||
Banks - Mortgage — 1.0% | ||||||||
Walker & Dunlop, Inc.† | 27,590 | 1,359,635 | ||||||
Casino Services — 0.7% | ||||||||
Eldorado Resorts, Inc.†# | 32,550 | 996,030 | ||||||
Chemicals - Specialty — 4.2% | ||||||||
Ashland Global Holdings, Inc. | 21,290 | 1,575,034 | ||||||
Ferro Corp.† | 78,410 | 1,987,694 | ||||||
GCP Applied Technologies, Inc.† | 33,400 | 1,093,850 | ||||||
Versum Materials, Inc. | 27,610 | 1,060,224 | ||||||
5,716,802 | ||||||||
Commercial Services — 0.7% | ||||||||
Weight Watchers International, Inc.† | 21,660 | 954,556 | ||||||
Commercial Services - Finance — 3.7% | ||||||||
Euronet Worldwide, Inc.† | 31,108 | 2,841,716 | ||||||
LendingTree, Inc.†# | 3,993 | 1,205,686 | ||||||
WEX, Inc.† | 7,290 | 938,369 | ||||||
4,985,771 | ||||||||
Computer Services — 1.3% | ||||||||
WNS Holdings, Ltd. ADR† | 42,280 | 1,738,976 | ||||||
Computer Software — 3.5% | ||||||||
Cornerstone OnDemand, Inc.†# | 20,450 | 756,036 | ||||||
Envestnet, Inc.† | 24,920 | 1,224,818 | ||||||
InterXion Holding NV† | 47,004 | 2,713,541 | ||||||
4,694,395 | ||||||||
Computers - Other — 1.0% | ||||||||
Lumentum Holdings, Inc.†# | 25,514 | 1,379,032 | ||||||
Data Processing/Management — 1.4% | ||||||||
Fair Isaac Corp. | 11,800 | 1,853,308 | ||||||
Distribution/Wholesale — 3.5% | ||||||||
Beacon Roofing Supply, Inc.† | 37,490 | 2,402,359 | ||||||
H&E Equipment Services, Inc. | 62,420 | 2,321,400 | ||||||
4,723,759 | ||||||||
Electric Products - Misc. — 1.2% | ||||||||
Littelfuse, Inc.# | 8,052 | 1,633,751 | ||||||
Electronic Components-Semiconductors — 3.7% | ||||||||
Cavium, Inc.† | 8,198 | 700,765 | ||||||
Monolithic Power Systems, Inc. | 15,045 | 1,780,576 | ||||||
Tower Semiconductor, Ltd.†# | 73,766 | 2,597,301 | ||||||
5,078,642 | ||||||||
Electronic Measurement Instruments — 0.8% | ||||||||
Orbotech, Ltd.† | 20,530 | 1,040,050 | ||||||
Security Description | Shares | Value | ||||||
Enterprise Software/Service — 3.9% | ||||||||
Black Knight, Inc.† | 51,661 | $ | 2,319,579 | |||||
Coupa Software, Inc.† | 46,780 | 1,657,415 | ||||||
Ultimate Software Group, Inc.†# | 6,360 | 1,342,151 | ||||||
5,319,145 | ||||||||
Entertainment Software — 0.5% | ||||||||
Take-Two Interactive Software, Inc.† | 5,708 | 636,727 | ||||||
Finance - Investment Banker/Broker — 0.9% | ||||||||
Evercore, Inc., Class A | 14,210 | 1,234,138 | ||||||
Finance - Other Services — 0.8% | ||||||||
WageWorks, Inc.† | 16,710 | 1,071,946 | ||||||
Food - Misc./Diversified — 1.8% | ||||||||
Nomad Foods, Ltd.† | 147,160 | 2,417,839 | ||||||
Footwear & Related Apparel — 1.1% | ||||||||
Steven Madden, Ltd.† | 35,665 | 1,524,679 | ||||||
Gambling (Non-Hotel) — 1.3% | ||||||||
Red Rock Resorts, Inc., Class A# | 57,580 | 1,776,343 | ||||||
Insurance - Life/Health — 0.8% | ||||||||
Primerica, Inc. | 10,690 | 1,111,760 | ||||||
Insurance - Reinsurance — 1.5% | ||||||||
Essent Group, Ltd.† | 45,740 | 2,023,995 | ||||||
Internet Security — 2.0% | ||||||||
Proofpoint, Inc.†# | 29,602 | 2,665,660 | ||||||
Internet Telephone — 2.8% | ||||||||
RingCentral, Inc., Class A† | 79,441 | 3,745,643 | ||||||
Machine Tools & Related Products — 0.6% | ||||||||
Kennametal, Inc. | 18,780 | 875,524 | ||||||
Machinery - Electrical — 1.1% | ||||||||
BWX Technologies, Inc. | 24,010 | 1,499,424 | ||||||
Machinery - General Industrial — 2.4% | ||||||||
Altra Industrial Motion Corp. | 32,230 | 1,566,378 | ||||||
Welbilt, Inc.† | 76,200 | 1,709,928 | ||||||
3,276,306 | ||||||||
Medical Information Systems — 0.4% | ||||||||
Medidata Solutions, Inc.† | 8,290 | 552,446 | ||||||
Medical Instruments — 1.3% | ||||||||
AtriCure, Inc.† | 48,567 | 898,489 | ||||||
Integra LifeSciences Holdings Corp.†# | 10,550 | 512,941 | ||||||
iRhythm Technologies, Inc.†# | 7,510 | 416,805 | ||||||
1,828,235 | ||||||||
Medical Labs & Testing Services — 0.9% | ||||||||
Teladoc, Inc.†# | 33,140 | 1,229,494 | ||||||
Medical Products — 1.0% | ||||||||
Penumbra, Inc.†# | 13,310 | 1,401,543 | ||||||
Medical - Biomedical/Gene — 10.3% | ||||||||
Bluebird Bio, Inc.†# | 10,818 | 1,869,350 | ||||||
Blueprint Medicines Corp.† | 17,552 | 1,317,453 | ||||||
Celyad SA ADR† | 12,426 | 528,354 | ||||||
Exact Sciences Corp.†# | 36,930 | 2,196,597 | ||||||
Five Prime Therapeutics, Inc.†# | 35,992 | 948,389 | ||||||
Insmed, Inc.† | 21,710 | 677,135 | ||||||
Iovance Biotherapeutics, Inc.†# | 115,918 | 1,049,058 | ||||||
Ligand Pharmaceuticals, Inc.†# | 11,099 | 1,463,403 | ||||||
Loxo Oncology, Inc.†# | 17,119 | 1,313,883 | ||||||
Sage Therapeutics, Inc.†# | 14,088 | 1,301,872 | ||||||
Sienna Biopharmaceuticals, Inc.†# | 15,900 | 320,544 | ||||||
Spark Therapeutics, Inc.†# | 14,700 | 1,076,481 | ||||||
14,062,519 | ||||||||
172 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs — 3.0% | ||||||||
Amicus Therapeutics, Inc.†# | 99,687 | $ | 1,387,643 | |||||
Eagle Pharmaceuticals, Inc.†# | 14,200 | 838,652 | ||||||
Ignyta, Inc.†# | 90,957 | 1,491,695 | ||||||
Kala Pharmaceuticals, Inc.†# | 19,610 | 375,531 | ||||||
4,093,521 | ||||||||
Medical - HMO — 1.6% | ||||||||
WellCare Health Plans, Inc.† | 10,109 | 2,153,116 | ||||||
Networking Products — 1.9% | ||||||||
LogMeIn, Inc. | 21,860 | 2,601,340 | ||||||
Oil Companies - Exploration & Production — 0.8% | ||||||||
Diamondback Energy, Inc.† | 10,344 | 1,130,703 | ||||||
Patient Monitoring Equipment — 1.2% | ||||||||
Masimo Corp.† | 19,020 | 1,689,737 | ||||||
Power Converter/Supply Equipment — 1.1% | ||||||||
Advanced Energy Industries, Inc.† | 19,100 | 1,431,927 | ||||||
Recreational Centers — 1.6% | ||||||||
Planet Fitness, Inc., Class A†# | 66,700 | 2,159,079 | ||||||
Recreational Vehicles — 1.3% | ||||||||
LCI Industries | 13,770 | 1,802,493 | ||||||
Retail - Apparel/Shoe — 0.9% | ||||||||
Burlington Stores, Inc.† | 11,881 | 1,263,782 | ||||||
Retail - Automobile — 1.4% | ||||||||
Lithia Motors, Inc., Class A# | 16,619 | 1,949,243 | ||||||
Retail - Discount — 0.9% | ||||||||
Ollie’s Bargain Outlet Holdings, Inc.†# | 26,859 | 1,274,460 | ||||||
Retail - Misc./Diversified — 1.0% | ||||||||
Five Below, Inc.† | 21,305 | 1,316,649 | ||||||
Retail - Restaurants — 1.2% | ||||||||
Wendy’s Co.# | 110,330 | 1,642,814 | ||||||
Rubber/Plastic Products — 1.0% | ||||||||
Proto Labs, Inc.† | 13,720 | 1,319,864 | ||||||
Schools — 1.8% | ||||||||
Grand Canyon Education, Inc.†# | 25,204 | 2,393,372 | ||||||
Semiconductor Components - Integrated Circuits — 0.9% | ||||||||
Cypress Semiconductor Corp.# | 75,870 | 1,214,679 | ||||||
Semiconductor Equipment — 1.2% | ||||||||
MKS Instruments, Inc. | 17,200 | 1,621,960 | ||||||
Therapeutics — 1.3% | ||||||||
GW Pharmaceuticals PLC ADR†# | 10,910 | 1,358,186 | ||||||
Vital Therapies, Inc.†# | 87,254 | 431,907 | ||||||
1,790,093 | ||||||||
Transport - Air Freight — 0.9% | ||||||||
Air Transport Services Group, Inc.† | 50,580 | 1,226,565 | ||||||
Transport - Truck — 1.0% | ||||||||
Saia, Inc.† | 19,810 | 1,303,498 | ||||||
Web Hosting/Design — 1.4% | ||||||||
Q2 Holdings, Inc.† | 14,480 | 605,988 | ||||||
Wix.com, Ltd.†# | 23,260 | 1,276,974 | ||||||
1,882,962 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $102,551,690) | 134,138,025 | |||||||
Security Description | Shares/ Principal Amount | Value | ||||||
SHORT-TERM INVESTMENT SECURITIES — 4.2% | ||||||||
Registered Investment Companies — 4.2% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 5,684,549 | $ | 5,684,549 | |||||
REPURCHASE AGREEMENTS — 1.8% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount of $2,476,008 collateralized by $2,135,000 of United States Treasury Inflation Index Bonds, bearing interest at 1.38% due 02/15/2044 and having an approximate value of $2,526,375 | $ | 2,476,000 | 2,476,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $110,712,239)(3) | 104.6 | % | 142,298,574 | |||||
Liabilities in excess of other assets | (4.6 | ) | (6,263,153 | ) | ||||
NET ASSETS | 100.0 | % | $ | 136,035,421 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $29,327,090. This was secured by collateral of $5,684,549, which was received in cash and subsequently invested in short-term investments currently valued at $5,684,549 as reported in the Portfolio of Investments. Additional collateral of $23,820,208 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 1,461,824 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 765,293 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 1,467,447 | |||||
United States Treasury Bills | 0.00% | 12/28/2017 to 08/16/2018 | 267,933 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 19,857,711 |
(2) | The rate shown is the 7-day yield as of November 30, 2017. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
173 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 134,138,025 | $ | — | $ | — | $ | 134,138,025 | ||||||||
Short-Term Investment Securities | 5,684,549 | — | — | 5,684,549 | ||||||||||||
Repurchase Agreements | — | 2,476,000 | — | 2,476,000 | ||||||||||||
Total Investments at Value | $ | 139,822,574 | $ | 2,476,000 | $ | — | $ | 142,298,574 | ||||||||
* | 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
174 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Banks — Commercial | 10.7 | % | ||
Registered Investment Companies | 7.6 | |||
Real Estate Investment Trusts | 4.1 | |||
Enterprise Software/Service | 2.4 | |||
Distribution/Wholesale | 2.2 | |||
Retail — Restaurants | 2.1 | |||
Insurance — Property/Casualty | 1.9 | |||
Computer Software | 1.9 | |||
Electric — Integrated | 1.9 | |||
Repurchase Agreements | 1.9 | |||
Chemicals — Specialty | 1.8 | |||
Medical — Biomedical/Gene | 1.8 | |||
Miscellaneous Manufacturing | 1.8 | |||
Medical — Drugs | 1.7 | |||
Garden Products | 1.6 | |||
Recreational Vehicles | 1.6 | |||
Medical Products | 1.6 | |||
Machinery — General Industrial | 1.5 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Medical — HMO | 1.5 | |||
E-Commerce/Services | 1.5 | |||
Commercial Services | 1.4 | |||
Transport — Truck | 1.4 | |||
Applications Software | 1.2 | |||
Metal Processors & Fabrication | 1.2 | |||
Real Estate Management/Services | 1.2 | |||
Semiconductor Equipment | 1.2 | |||
Savings & Loans/Thrifts | 1.1 | |||
Physical Therapy/Rehabilitation Centers | 1.1 | |||
Food — Wholesale/Distribution | 1.1 | |||
Consumer Products — Misc. | 1.0 | |||
Drug Delivery Systems | 1.0 | |||
Oil — Field Services | 1.0 | |||
Multimedia | 1.0 | |||
Oil & Gas Drilling | 1.0 | |||
Retail — Apparel/Shoe | 0.9 | |||
Medical Information Systems | 0.9 | |||
Finance — Investment Banker/Broker | 0.9 | |||
Building & Construction Products — Misc. | 0.8 | |||
Identification Systems | 0.8 | |||
Web Hosting/Design | 0.8 | |||
Theaters | 0.8 | |||
Auction Houses/Art Dealers | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Finance — Consumer Loans | 0.7 | |||
Gas — Distribution | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Electronic Components — Semiconductors | 0.7 | |||
Commercial Services — Finance | 0.7 | |||
Disposable Medical Products | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Chemicals — Diversified | 0.7 | |||
Computer Aided Design | 0.6 | |||
Building Products — Doors & Windows | 0.6 | |||
Educational Software | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Machine Tools & Related Products | 0.5 | |||
Electronic Measurement Instruments | 0.5 | |||
Golf | 0.5 | |||
Non-Hazardous Waste Disposal | 0.5 | |||
Containers — Metal/Glass | 0.5 | |||
Power Converter/Supply Equipment | 0.5 | |||
Diversified Manufacturing Operations | 0.5 | |||
Aerospace/Defense | 0.4 | |||
Office Furnishings — Original | 0.4 | |||
Health Care Cost Containment | 0.4 | |||
Computer Services | 0.4 | |||
Internet Security | 0.4 | |||
Consulting Services | 0.4 | |||
Electric Products — Misc. | 0.4 |
Medical Instruments | 0.4 | % | ||
Finance — Other Services | 0.4 | |||
Hazardous Waste Disposal | 0.4 | |||
Auto/Truck Parts & Equipment — Replacement | 0.4 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Rubber/Plastic Products | 0.3 | |||
Steel Pipe & Tube | 0.3 | |||
Financial Guarantee Insurance | 0.3 | |||
Oil Field Machinery & Equipment | 0.3 | |||
Machinery — Electrical | 0.3 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Home Furnishings | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Retail — Misc./Diversified | 0.2 | |||
Retail — Discount | 0.2 | |||
Gold Mining | 0.2 | |||
Security Services | 0.2 | |||
Schools | 0.2 | |||
Water Treatment Systems | 0.2 | |||
Cable/Satellite TV | 0.2 | |||
Casino Hotels | 0.2 | |||
Transport — Services | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Water | 0.2 | |||
Food — Flour & Grain | 0.2 | |||
Auto Repair Centers | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Retail — Home Furnishings | 0.2 | |||
Brewery | 0.2 | |||
Food — Retail | 0.2 | |||
Therapeutics | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Hotels/Motels | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Computer Graphics | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Human Resources | 0.1 | |||
Paper & Related Products | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Entertainment Software | 0.1 | |||
Food — Canned | 0.1 | |||
Steel — Producers | 0.1 | |||
Computers — Other | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Instruments — Controls | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Telecom Services | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Internet Application Software | 0.1 | |||
Retail — Automobile | 0.1 | |||
Food — Confectionery | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Internet Telephone | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Machinery — Farming | 0.1 | |||
Specified Purpose Acquistions | 0.1 | |||
Advanced Materials | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Computers — Periphery Equipment | 0.1 |
175 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited) — (continued)
Industry Allocation* (continued)
Recreational Centers | 0.1 | % | ||
Wireless Equipment | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Retail — Building Products | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Agricultural Operations | 0.1 | |||
Pollution Control | 0.1 | |||
Research & Development | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Metal — Diversified | 0.1 | |||
Coal | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Quarrying | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Networking Products | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Building Products — Light Fixtures | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
107.1 | % | |||
* | Calculated as a percentage of net assets |
176 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.4% |
| |||||||
Advanced Materials — 0.1% |
| |||||||
Core Molding Technologies, Inc. | 13,000 | $ | 279,760 | |||||
Advertising Agencies — 0.0% |
| |||||||
Telaria, Inc.† | 35,000 | 141,400 | ||||||
Aerospace/Defense — 0.4% |
| |||||||
Air Industries Group†# | 25,800 | 36,120 | ||||||
Teledyne Technologies, Inc.† | 7,400 | 1,378,176 | ||||||
1,414,296 | ||||||||
Aerospace/Defense - Equipment — 0.3% |
| |||||||
Aerojet Rocketdyne Holdings, Inc.† | 9,349 | 294,400 | ||||||
CPI Aerostructures, Inc.† | 8,000 | 73,600 | ||||||
Moog, Inc., Class A† | 5,900 | 496,249 | ||||||
Triumph Group, Inc.# | 7,400 | 228,660 | ||||||
1,092,909 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Cadiz, Inc.†# | 14,400 | 197,280 | ||||||
Apparel Manufacturers — 0.7% |
| |||||||
Carter’s, Inc. | 17,678 | 1,914,881 | ||||||
Cherokee, Inc.†# | 6,400 | 18,560 | ||||||
Delta Apparel, Inc.† | 10,500 | 212,625 | ||||||
Lakeland Industries, Inc.† | 14,000 | 193,900 | ||||||
2,339,966 | ||||||||
Applications Software — 1.2% |
| |||||||
Brightcove, Inc.† | 9,000 | 66,600 | ||||||
BSQUARE Corp.† | 15,000 | 75,000 | ||||||
Descartes Systems Group, Inc.† | 25,300 | 702,075 | ||||||
Five9, Inc.† | 25,771 | 631,647 | ||||||
PDF Solutions, Inc.†# | 15,240 | 275,692 | ||||||
Tableau Software, Inc., Class A†# | 29,301 | 2,059,860 | ||||||
Twilio, Inc., Class A†# | 4,300 | 114,638 | ||||||
3,925,512 | ||||||||
Auction Houses/Art Dealers — 0.8% |
| |||||||
B. Riley Financial, Inc.# | 3,858 | 69,444 | ||||||
KAR Auction Services, Inc. | 44,664 | 2,249,726 | ||||||
Ritchie Bros. Auctioneers, Inc. | 4,402 | 116,653 | ||||||
2,435,823 | ||||||||
Audio/Video Products — 0.0% |
| |||||||
VOXX International Corp.† | 5,000 | 33,750 | ||||||
Auto Repair Centers — 0.2% |
| |||||||
Monro, Inc.# | 10,725 | 541,076 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
REV Group, Inc. | 8,594 | 234,702 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
Allison Transmission Holdings, Inc. | 34,233 | 1,404,922 | ||||||
Gentherm, Inc.† | 17,270 | 621,720 | ||||||
SORL Auto Parts, Inc.†# | 15,300 | 112,761 | ||||||
Strattec Security Corp. | 1,500 | 66,150 | ||||||
2,205,553 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.4% |
| |||||||
Douglas Dynamics, Inc.# | 27,665 | 1,127,349 | ||||||
Banks - Commercial — 10.7% |
| |||||||
1st Constitution Bancorp. | 6,400 | 116,800 | ||||||
AmeriServ Financial, Inc. | 22,000 | 94,600 | ||||||
Anchor Bancorp, Inc.† | 3,000 | 74,250 | ||||||
Associated Banc-Corp. | 81,799 | 2,085,874 | ||||||
Atlantic Capital Bancshares, Inc.† | 12,492 | 214,862 | ||||||
Bank of Commerce Holdings | 7,640 | 92,444 | ||||||
Bank of N.T. Butterfield & Son, Ltd. | 7,120 | 283,234 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
BankUnited, Inc. | 92,008 | $ | 3,425,458 | |||||
Blue Hills Bancorp, Inc. | 10,491 | 223,983 | ||||||
Bridge Bancorp, Inc. | 10,800 | 388,260 | ||||||
C&F Financial Corp. | 3,000 | 180,000 | ||||||
Capstar Financial Holdings, Inc.†# | 7,500 | 164,550 | ||||||
Chemung Financial Corp. | 5,500 | 268,125 | ||||||
Citizens Holding Co. | 4,500 | 106,650 | ||||||
Codorus Valley Bancorp, Inc. | 3,308 | 99,754 | ||||||
Columbia Banking System, Inc. | 4,269 | 196,801 | ||||||
Commerce Bancshares, Inc. | 24,851 | 1,407,086 | ||||||
FB Financial Corp.† | 10,900 | 462,705 | ||||||
First BanCorp, Inc. | 7,165 | 221,972 | ||||||
First Bancshares, Inc.# | 3,500 | 115,500 | ||||||
First Financial Bancorp# | 45,962 | 1,303,023 | ||||||
First Hawaiian, Inc.# | 73,353 | 2,147,042 | ||||||
First Horizon National Corp.# | 115,460 | 2,238,769 | ||||||
First Interstate BancSystem, Inc., Class A | 18,100 | 718,570 | ||||||
Glacier Bancorp, Inc.# | 32,887 | 1,317,124 | ||||||
Great Western Bancorp, Inc. | 39,346 | 1,625,777 | ||||||
Guaranty Bancorp | 9,500 | 275,975 | ||||||
Heritage Commerce Corp. | 16,221 | 263,267 | ||||||
Heritage Financial Corp. | 8,000 | 260,400 | ||||||
Home BancShares, Inc. | 19,600 | 466,480 | ||||||
Hope Bancorp, Inc. | 14,900 | 278,928 | ||||||
IBERIABANK Corp. | 26,800 | 2,083,700 | ||||||
Live Oak Bancshares, Inc.# | 11,067 | 284,975 | ||||||
MBT Financial Corp. | 15,300 | 166,770 | ||||||
MidSouth Bancorp, Inc. | 9,800 | 134,260 | ||||||
National Commerce Corp.† | 1,234 | 51,149 | ||||||
Northrim BanCorp, Inc. | 7,100 | 265,895 | ||||||
Ohio Valley Banc Corp.# | 6,400 | 254,080 | ||||||
Park Sterling Corp. | 21,690 | 279,150 | ||||||
Penns Woods Bancorp, Inc. | 3,200 | 159,136 | ||||||
Peoples Bancorp of North Carolina, Inc. | 5,500 | 193,270 | ||||||
Pinnacle Financial Partners, Inc. | 7,858 | 539,452 | ||||||
Popular, Inc. | 9,300 | 328,848 | ||||||
Premier Financial Bancorp, Inc. | 4,714 | 94,139 | ||||||
Prosperity Bancshares, Inc. | 7,700 | 539,308 | ||||||
Seacoast Banking Corp. of Florida† | 21,124 | 549,858 | ||||||
Shore Bancshares, Inc. | 8,000 | 139,360 | ||||||
Simmons First National Corp., Class A | 5,400 | 312,660 | ||||||
Sterling Bancorp, Inc.†# | 7,433 | 92,169 | ||||||
Sussex Bancorp# | 6,000 | 162,000 | ||||||
Texas Capital Bancshares, Inc.†# | 4,750 | 429,163 | ||||||
Towne Bank | 12,400 | 415,400 | ||||||
TriState Capital Holdings, Inc.† | 7,000 | 169,400 | ||||||
United Security Bancshares | 23,355 | 228,879 | ||||||
Unity Bancorp, Inc. | 11,000 | 228,250 | ||||||
Univest Corp. of Pennsylvania | 9,971 | 280,185 | ||||||
Webster Financial Corp. | 8,715 | 499,980 | ||||||
Western Alliance Bancorp† | 45,903 | 2,670,637 | ||||||
Western New England Bancorp, Inc. | 8,000 | 85,600 | ||||||
Wintrust Financial Corp. | 21,450 | 1,798,582 | ||||||
34,554,518 | ||||||||
Banks - Super Regional — 0.0% |
| |||||||
Independent Bank Group, Inc. | 1,637 | 112,789 | ||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Primo Water Corp.†# | 10,000 | 131,100 | ||||||
Brewery — 0.2% |
| |||||||
Boston Beer Co., Inc., Class A†# | 2,700 | 485,595 | ||||||
Building & Construction Products - Misc. — 0.8% |
| |||||||
Aspen Aerogels, Inc.† | 28,200 | 134,514 | ||||||
Gibraltar Industries, Inc.† | 13,755 | 452,539 |
177 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building & Construction Products - Misc. (continued) |
| |||||||
Louisiana-Pacific Corp.† | 10,200 | $ | 281,622 | |||||
Quanex Building Products Corp. | 13,584 | 297,490 | ||||||
Simpson Manufacturing Co., Inc. | 2,700 | 161,919 | ||||||
USG Corp.†# | 36,002 | 1,368,436 | ||||||
2,696,520 | ||||||||
Building Products - Air & Heating — 0.3% |
| |||||||
AAON, Inc. | 7,015 | 255,697 | ||||||
Lennox International, Inc. | 2,700 | 566,298 | ||||||
821,995 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
Martin Marietta Materials, Inc. | 600 | 125,034 | ||||||
Building Products - Doors & Windows — 0.6% |
| |||||||
JELD-WEN Holding, Inc.† | 41,794 | 1,634,563 | ||||||
PGT Innovations , Inc.† | 21,490 | 351,362 | ||||||
1,985,925 | ||||||||
Building Products - Light Fixtures — 0.1% |
| |||||||
LSI Industries, Inc. | 22,000 | 153,780 | ||||||
Building - Heavy Construction — 0.1% |
| |||||||
Goldfield Corp.† | 31,500 | 137,025 | ||||||
Layne Christensen Co.†# | 10,000 | 129,700 | ||||||
Orion Group Holdings, Inc.† | 16,100 | 125,097 | ||||||
Willbros Group, Inc.† | 50,900 | 67,188 | ||||||
459,010 | ||||||||
Building - Residential/Commercial — 0.3% |
| |||||||
New Home Co., Inc.† | 10,500 | 121,065 | ||||||
TRI Pointe Group, Inc.†# | 37,317 | 676,184 | ||||||
797,249 | ||||||||
Cable/Satellite TV — 0.2% |
| |||||||
Cable One, Inc.# | 937 | 643,541 | ||||||
Casino Hotels — 0.2% |
| |||||||
Monarch Casino & Resort, Inc.† | 13,156 | 617,411 | ||||||
Casino Services — 0.0% |
| |||||||
Gaming Partners International Corp.†(4) | 8,967 | 101,327 | ||||||
Chemicals - Diversified — 0.7% |
| |||||||
BioAmber, Inc.†# | 35,000 | 15,575 | ||||||
Codexis, Inc.†# | 33,000 | 227,700 | ||||||
Orion Engineered Carbons SA | 8,710 | 212,960 | ||||||
Quaker Chemical Corp. | 11,042 | 1,819,501 | ||||||
2,275,736 | ||||||||
Chemicals - Plastics — 0.1% |
| |||||||
PolyOne Corp. | 7,600 | 351,196 | ||||||
Chemicals - Specialty — 1.8% |
| |||||||
CSW Industrials, Inc.† | 2,700 | 129,870 | ||||||
GCP Applied Technologies, Inc.† | 63,251 | 2,071,470 | ||||||
KMG Chemicals, Inc. | 3,700 | 201,243 | ||||||
Minerals Technologies, Inc. | 5,800 | 420,210 | ||||||
Oil-Dri Corp. of America | 4,900 | 220,941 | ||||||
PQ Group Holdings, Inc.†# | 72,990 | 1,204,335 | ||||||
Valvoline, Inc. | 72,175 | 1,779,836 | ||||||
6,027,905 | ||||||||
Coal — 0.1% |
| |||||||
Cloud Peak Energy, Inc.† | 40,000 | 165,600 | ||||||
Westmoreland Coal Co.†# | 13,000 | 14,950 | ||||||
180,550 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services — 1.4% |
| |||||||
Collectors Universe, Inc. | 7,200 | $ | 208,008 | |||||
CoreLogic, Inc.† | 30,046 | 1,310,306 | ||||||
Emerald Expositions Events, Inc.# | 32,188 | 719,402 | ||||||
Healthcare Services Group, Inc.# | 3,600 | 186,948 | ||||||
HMS Holdings Corp.† | 24,800 | 409,944 | ||||||
Intersections, Inc.† | 12,500 | 27,875 | ||||||
Performant Financial Corp.† | 50,000 | 90,000 | ||||||
ServiceMaster Global Holdings, Inc.† | 31,437 | 1,536,640 | ||||||
Team, Inc.†# | 6,400 | 88,000 | ||||||
4,577,123 | ||||||||
Commercial Services - Finance — 0.7% |
| |||||||
Cardtronics PLC, Class A† | 18,900 | 353,997 | ||||||
CPI Card Group, Inc.# | 80,000 | 70,416 | ||||||
Liberty Tax, Inc. | 9,000 | 107,550 | ||||||
Morningstar, Inc. | 16,817 | 1,552,209 | ||||||
PRGX Global, Inc.† | 26,500 | 200,075 | ||||||
2,284,247 | ||||||||
Communications Software — 0.0% |
| |||||||
Seachange International, Inc.† | 54,500 | 146,060 | ||||||
Computer Aided Design — 0.6% |
| |||||||
Aspen Technology, Inc.†# | 30,057 | 2,011,414 | ||||||
Computer Graphics — 0.1% |
| |||||||
CyberArk Software, Ltd.†# | 8,990 | 423,069 | ||||||
Computer Services — 0.4% |
| |||||||
Computer Task Group, Inc.† | 19,600 | 101,724 | ||||||
CSRA, Inc. | 17,200 | 497,596 | ||||||
DMC Global, Inc. | 9,000 | 181,350 | ||||||
DST Systems, Inc. | 6,300 | 394,254 | ||||||
StarTek, Inc.† | 10,000 | 98,000 | ||||||
1,272,924 | ||||||||
Computer Software — 1.9% |
| |||||||
Blackbaud, Inc. | 19,014 | 1,871,928 | ||||||
Cision, Ltd.†# | 95,009 | 1,111,605 | ||||||
Computer Modelling Group, Ltd. | 14,800 | 113,109 | ||||||
Concurrent Computer Corp. | 13,902 | 83,968 | ||||||
MongoDB, Inc.† | 1,137 | 32,439 | ||||||
MongoDB, Inc., Class B†(4)(5) | 2,237 | 60,631 | ||||||
Splunk, Inc.†# | 20,362 | 1,630,793 | ||||||
SS&C Technologies Holdings, Inc. | 31,400 | 1,296,506 | ||||||
6,200,979 | ||||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Agilysys, Inc.† | 13,000 | 159,120 | ||||||
Echelon Corp.† | 11,200 | 53,312 | ||||||
Radisys Corp.† | 36,000 | 26,874 | ||||||
239,306 | ||||||||
Computers - Memory Devices — 0.0% |
| |||||||
Quantum Corp.† | 11,500 | 59,685 | ||||||
Computers - Other — 0.1% |
| |||||||
Lumentum Holdings, Inc.†# | 6,800 | 367,540 | ||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Key Tronic Corp.† | 9,633 | 72,922 | ||||||
TransAct Technologies, Inc. | 15,000 | 204,000 | ||||||
276,922 | ||||||||
Consulting Services — 0.4% |
| |||||||
Booz Allen Hamilton Holding Corp. | 17,600 | 680,944 | ||||||
CRA International, Inc. | 7,700 | 348,040 | ||||||
Information Services Group, Inc.†# | 42,400 | 191,648 | ||||||
1,220,632 | ||||||||
178 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Consumer Products - Misc. — 1.0% |
| |||||||
Acme United Corp(4). | 4,570 | $ | 103,392 | |||||
CSS Industries, Inc. | 4,500 | 122,625 | ||||||
Spectrum Brands Holdings, Inc.# | 27,292 | 3,135,305 | ||||||
3,361,322 | ||||||||
Containers - Metal/Glass — 0.5% |
| |||||||
Crown Holdings, Inc.† | 25,909 | 1,547,545 | ||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Multi-Color Corp. | 1,241 | 94,937 | ||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
CCA Industries, Inc.† | 3,421 | 10,263 | ||||||
Edgewell Personal Care Co.†# | 7,000 | 405,930 | ||||||
416,193 | ||||||||
Data Processing/Management — 0.0% |
| |||||||
Amber Road, Inc.† | 9,700 | 71,198 | ||||||
Innodata, Inc.† | 52,600 | 62,594 | ||||||
133,792 | ||||||||
Direct Marketing — 0.0% |
| |||||||
EVINE Live, Inc.† | 90,000 | 130,500 | ||||||
Disposable Medical Products — 0.7% |
| |||||||
ICU Medical, Inc.† | 7,748 | 1,653,423 | ||||||
STERIS PLC | 6,600 | 593,736 | ||||||
2,247,159 | ||||||||
Distribution/Wholesale — 2.2% |
| |||||||
BlueLinx Holdings, Inc.† | 13,000 | 123,110 | ||||||
Core-Mark Holding Co., Inc. | 12,912 | 428,162 | ||||||
Educational Development Corp.# | 11,000 | 153,450 | ||||||
Houston Wire & Cable Co.† | 14,739 | 100,225 | ||||||
Pool Corp. | 30,395 | 3,818,828 | ||||||
SiteOne Landscape Supply, Inc.†# | 11,900 | 889,882 | ||||||
Watsco, Inc. | 9,940 | 1,664,950 | ||||||
7,178,607 | ||||||||
Diversified Manufacturing Operations — 0.5% |
| |||||||
AZZ, Inc. | 9,500 | 456,950 | ||||||
Barnes Group, Inc. | 10,000 | 662,700 | ||||||
LSB Industries, Inc.†# | 17,500 | 157,675 | ||||||
Synalloy Corp. | 14,400 | 185,760 | ||||||
1,463,085 | ||||||||
Diversified Operations/Commercial Services — 0.1% |
| |||||||
Colliers International Group, Inc. | 4,800 | 292,800 | ||||||
Volt Information Sciences, Inc.† | 14,393 | 54,693 | ||||||
347,493 | ||||||||
Drug Delivery Systems — 1.0% |
| |||||||
Catalent, Inc.† | 84,474 | 3,361,220 | ||||||
E-Commerce/Products — 0.3% |
| |||||||
CafePress, Inc.† | 11,400 | 20,634 | ||||||
Chegg, Inc.†# | 42,980 | 653,726 | ||||||
Etsy, Inc.† | 6,600 | 108,636 | ||||||
US Auto Parts Network, Inc.† | 20,000 | 47,200 | ||||||
830,196 | ||||||||
E-Commerce/Services — 1.4% |
| |||||||
CarGurus, Inc.†# | 1,305 | 38,471 | ||||||
CarGurus, Inc. Lockup†(4)(5) | 20,286 | 568,131 | ||||||
GrubHub, Inc.†# | 48,396 | 3,269,634 | ||||||
Leaf Group, Ltd.† | 25,000 | 206,250 | ||||||
Quotient Technology, Inc.† | 13,390 | 159,341 | ||||||
Spark Networks SE ADR†# | 3,442 | 35,281 |
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Services (continued) |
| |||||||
SurveyMonkey, Inc.†(1)(4)(5) | 5,062 | $ | 45,887 | |||||
Zillow Group, Inc., Class A† | 800 | 32,848 | ||||||
Zillow Group, Inc., Class C†# | 1,200 | 49,248 | ||||||
4,405,091 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
Marin Software, Inc.†# | 13,571 | 128,925 | ||||||
QuinStreet, Inc.† | 12,500 | 133,625 | ||||||
YuMe, Inc. | 28,000 | 99,680 | ||||||
362,230 | ||||||||
Educational Software — 0.6% |
| |||||||
2U, Inc.†# | 3,499 | 224,286 | ||||||
Instructure, Inc.†# | 42,046 | 1,461,098 | ||||||
Rosetta Stone, Inc.† | 14,000 | 170,660 | ||||||
1,856,044 | ||||||||
Electric Products - Misc. — 0.4% |
| |||||||
Graham Corp. | 5,800 | 115,072 | ||||||
Littelfuse, Inc.# | 500 | 101,450 | ||||||
Novanta, Inc.† | 20,389 | 980,711 | ||||||
1,197,233 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Genie Energy, Ltd., Class B | 12,500 | 54,125 | ||||||
Electric - Integrated — 1.9% |
| |||||||
NorthWestern Corp. | 37,954 | 2,438,924 | ||||||
PNM Resources, Inc. | 18,000 | 819,000 | ||||||
Portland General Electric Co. | 56,704 | 2,814,787 | ||||||
6,072,711 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Bel Fuse, Inc., Class B | 6,000 | 161,100 | ||||||
CTS Corp. | 9,300 | 253,425 | ||||||
Sparton Corp.† | 5,900 | 136,880 | ||||||
Sypris Solutions, Inc.† | 7,000 | 10,850 | ||||||
562,255 | ||||||||
Electronic Components - Semiconductors — 0.7% |
| |||||||
Ambarella, Inc.†# | 1,700 | 92,259 | ||||||
EMCORE Corp.† | 9,200 | 71,760 | ||||||
GSI Technology, Inc.† | 19,800 | 157,806 | ||||||
Inphi Corp.†# | 4,500 | 184,815 | ||||||
Lattice Semiconductor Corp.† | 36,825 | 216,163 | ||||||
MACOM Technology Solutions Holdings, Inc.†# | 4,900 | 159,691 | ||||||
Microsemi Corp.† | 10,690 | 564,966 | ||||||
Pixelworks, Inc.† | 22,000 | 126,500 | ||||||
Rambus, Inc.† | 24,900 | 368,520 | ||||||
Richardson Electronics, Ltd. | 15,000 | 99,900 | ||||||
Semtech Corp.† | 7,400 | 251,970 | ||||||
2,294,350 | ||||||||
Electronic Measurement Instruments — 0.5% |
| |||||||
CyberOptics Corp.†# | 6,700 | 106,530 | ||||||
ESCO Technologies, Inc. | 12,278 | 802,367 | ||||||
National Instruments Corp. | 17,197 | 755,808 | ||||||
1,664,705 | ||||||||
Electronics - Military — 0.0% |
| |||||||
Arotech Corp.†# | 34,800 | 133,980 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Aemetis, Inc.†# | 17,800 | 11,926 | ||||||
Amyris, Inc.†# | 3,387 | 12,295 | ||||||
NextEra Energy Partners LP | 6,500 | 253,695 | ||||||
277,916 | ||||||||
179 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Engineering/R&D Services — 0.1% |
| |||||||
Exponent, Inc. | 3,153 | $ | 238,052 | |||||
Enterprise Software/Service — 2.4% |
| |||||||
Coupa Software, Inc.†# | 7,850 | 278,125 | ||||||
Guidewire Software, Inc.†# | 36,058 | 2,682,355 | ||||||
Manhattan Associates, Inc.†# | 32,814 | 1,455,301 | ||||||
MicroStrategy, Inc., Class A† | 7,545 | 1,031,854 | ||||||
MuleSoft, Inc., Class A†# | 7,200 | 165,240 | ||||||
SailPoint Technologies Holding, Inc.† | 29,290 | 430,563 | ||||||
Tyler Technologies, Inc.† | 10,165 | 1,859,382 | ||||||
7,902,820 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Zynga, Inc., Class A† | 92,400 | 378,840 | ||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
Ecology and Environment, Inc., Class A | 6,000 | 63,600 | ||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 4,200 | 361,200 | ||||||
Female Health Care Products — 0.0% |
| |||||||
Juniper Pharmaceuticals, Inc.† | 17,700 | 86,730 | ||||||
Finance - Auto Loans — 0.0% |
| |||||||
Consumer Portfolio Services, Inc.† | 24,500 | 100,450 | ||||||
Finance - Consumer Loans — 0.7% |
| |||||||
Asta Funding, Inc.† | 13,200 | 93,720 | ||||||
Encore Capital Group, Inc.†# | 9,700 | 444,260 | ||||||
PRA Group, Inc.†# | 18,000 | 626,400 | ||||||
Regional Management Corp.† | 8,200 | 202,294 | ||||||
Santander Consumer USA Holdings, Inc. | 18,000 | 310,320 | ||||||
SLM Corp.† | 63,208 | 731,317 | ||||||
2,408,311 | ||||||||
Finance - Investment Banker/Broker — 0.9% |
| |||||||
JMP Group LLC | 16,300 | 86,390 | ||||||
Lazard, Ltd., Class A | 26,281 | 1,294,339 | ||||||
Moelis & Co., Class A | 29,382 | 1,407,398 | ||||||
2,788,127 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
California First National Bancorp† | 11,000 | 170,500 | ||||||
Marlin Business Services Corp. | 7,500 | 178,875 | ||||||
349,375 | ||||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
Ellie Mae, Inc.†# | 5,342 | 472,179 | ||||||
PennyMac Financial Services, Inc., Class A†# | 5,000 | 105,750 | ||||||
577,929 | ||||||||
Finance - Other Services — 0.4% |
| |||||||
CBOE Holdings, Inc.# | 8,182 | 1,009,904 | ||||||
DLP Payments Holdings, Ltd.†(1)(4)(5) | 132 | 124,794 | ||||||
1,134,698 | ||||||||
Financial - Commercial — 0.0% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.# | 10,200 | 242,454 | ||||||
Financial Guarantee Insurance — 0.3% | ||||||||
Assured Guaranty, Ltd. | 13,677 | 496,612 | ||||||
Radian Group, Inc. | 23,700 | 485,613 | ||||||
982,225 | ||||||||
Food - Canned — 0.1% |
| |||||||
TreeHouse Foods, Inc.†# | 8,100 | 372,762 | ||||||
Food - Confectionery — 0.1% |
| |||||||
Simply Good Foods Co.† | 21,690 | 287,176 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Dairy Products — 0.0% |
| |||||||
Lifeway Foods, Inc.† | 10,200 | $ | 103,836 | |||||
Food - Flour & Grain — 0.2% |
| |||||||
Post Holdings, Inc.†# | 7,000 | 556,150 | ||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Cal-Maine Foods, Inc.†# | 19,751 | 982,612 | ||||||
Inventure Foods, Inc.† | 31,500 | 126,000 | ||||||
Lancaster Colony Corp. | 1,100 | 146,608 | ||||||
Pinnacle Foods, Inc. | 12,900 | 751,167 | ||||||
Snyder’s-Lance, Inc. | 10,600 | 410,008 | ||||||
2,416,395 | ||||||||
Food - Retail — 0.1% |
| |||||||
Blue Apron Holdings, Inc., Class A†# | 77,980 | 233,160 | ||||||
Food - Wholesale/Distribution — 1.1% |
| |||||||
AMCON Distributing Co. | 500 | 43,304 | ||||||
Performance Food Group Co.† | 116,150 | 3,443,848 | ||||||
3,487,152 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Rocky Brands, Inc. | 10,711 | 189,585 | ||||||
Gambling (Non-Hotel) — 0.0% |
| |||||||
Dover Downs Gaming & Entertainment, Inc.†# | 43,334 | 45,067 | ||||||
Garden Products — 1.6% |
| |||||||
Toro Co. | 77,318 | 5,044,999 | ||||||
Gas - Distribution — 0.7% |
| |||||||
Chesapeake Utilities Corp. | 4,500 | 384,975 | ||||||
ONE Gas, Inc. | 14,900 | 1,180,825 | ||||||
South Jersey Industries, Inc.# | 6,200 | 209,932 | ||||||
Southwest Gas Holdings, Inc. | 7,000 | 601,580 | ||||||
2,377,312 | ||||||||
Gold Mining — 0.2% |
| |||||||
Franco-Nevada Corp. | 2,600 | 211,825 | ||||||
Gold Resource Corp.# | 37,100 | 147,658 | ||||||
Northern Star Resources, Ltd. | 28,410 | 124,872 | ||||||
Osisko Gold Royalties, Ltd. | 18,000 | 213,603 | ||||||
697,958 | ||||||||
Golf — 0.5% |
| |||||||
Acushnet Holdings Corp.# | 81,650 | 1,622,385 | ||||||
Hazardous Waste Disposal — 0.4% |
| |||||||
Heritage-Crystal Clean, Inc.† | 2,700 | 51,705 | ||||||
US Ecology, Inc.# | 21,049 | 1,082,971 | ||||||
1,134,676 | ||||||||
Health Care Cost Containment — 0.4% |
| |||||||
HealthEquity, Inc.†# | 25,083 | 1,301,055 | ||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Alpha Pro Tech, Ltd.† | 30,000 | 121,500 | ||||||
Retractable Technologies, Inc.† | 30,000 | 19,323 | ||||||
140,823 | ||||||||
Home Furnishings — 0.3% |
| |||||||
Stanley Furniture Co., Inc.† | 20,000 | 17,000 | ||||||
Tempur Sealy International, Inc.†# | 14,200 | 822,322 | ||||||
839,322 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
Hilton Grand Vacations, Inc.† | 11,040 | 441,269 | ||||||
Housewares — 0.0% |
| |||||||
Lifetime Brands, Inc. | 8,000 | 144,800 | ||||||
180 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Human Resources — 0.1% |
| |||||||
Cross Country Healthcare, Inc.† | 10,500 | $ | 143,535 | |||||
Edgewater Technology, Inc.† | 14,600 | 91,396 | ||||||
Paylocity Holding Corp.†# | 1,000 | 46,140 | ||||||
RCM Technologies, Inc.† | 20,000 | 134,600 | ||||||
415,671 | ||||||||
Identification Systems — 0.8% |
| |||||||
Brady Corp., Class A | 66,143 | 2,586,191 | ||||||
Import/Export — 0.0% |
| |||||||
Castle Brands, Inc.†# | 40,000 | 48,800 | ||||||
Independent Power Producers — 0.0% |
| |||||||
Synthesis Energy Systems, Inc.†# | 102,200 | 39,756 | ||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Ballantyne Strong, Inc.†(4) | 14,000 | 65,800 | ||||||
Iteris, Inc.† | 26,210 | 168,006 | ||||||
Turtle Beach Corp.†# | 100,000 | 52,000 | ||||||
285,806 | ||||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Hurco Cos., Inc. | 5,000 | 223,000 | ||||||
Instruments - Controls — 0.1% |
| |||||||
Allied Motion Technologies, Inc. | 8,000 | 255,280 | ||||||
Frequency Electronics, Inc.† | 10,000 | 93,800 | ||||||
349,080 | ||||||||
Instruments - Scientific — 0.1% |
| |||||||
Fluidigm Corp.†# | 27,000 | 160,650 | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
Health Insurance Innovations, Inc., Class A†# | 7,000 | 163,450 | ||||||
Insurance - Property/Casualty — 1.9% |
| |||||||
Enstar Group, Ltd.† | 1,500 | 332,475 | ||||||
Federated National Holding Co. | 7,600 | 102,752 | ||||||
First Acceptance Corp.† | 2,558 | 3,325 | ||||||
Hallmark Financial Services, Inc.† | 13,000 | 145,210 | ||||||
Hanover Insurance Group, Inc. | 6,000 | 645,600 | ||||||
Infinity Property & Casualty Corp. | 5,100 | 549,780 | ||||||
Kinsale Capital Group, Inc.# | 16,977 | 757,005 | ||||||
ProAssurance Corp. | 31,958 | 1,976,602 | ||||||
RLI Corp.# | 5,280 | 315,374 | ||||||
Safety Insurance Group, Inc. | 3,558 | 293,001 | ||||||
Selective Insurance Group, Inc. | 15,000 | 918,000 | ||||||
State Auto Financial Corp. | 8,750 | 244,213 | ||||||
6,283,337 | ||||||||
Insurance - Reinsurance — 0.1% |
| |||||||
Essent Group, Ltd.† | 4,400 | 194,700 | ||||||
Validus Holdings, Ltd. | 5,300 | 260,654 | ||||||
455,354 | ||||||||
Internet Application Software — 0.1% |
| |||||||
Connecture, Inc.†# | 75,000 | 15,750 | ||||||
Tucows, Inc., Class A†# | 2,649 | 167,947 | ||||||
Zendesk, Inc.†# | 4,200 | 141,162 | ||||||
324,859 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
PC-Tel, Inc. | 21,200 | 155,608 | ||||||
Internet Content - Information/News — 0.1% |
| |||||||
Reis, Inc. | 7,000 | 151,900 | ||||||
Internet Financial Services — 0.0% |
| |||||||
TheStreet, Inc.† | 75,900 | 106,260 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Internet Security — 0.4% |
| |||||||
Imperva, Inc.† | 10,181 | $ | 419,966 | |||||
iPass, Inc.†# | 49,900 | 32,166 | ||||||
Proofpoint, Inc.†# | 9,100 | 819,455 | ||||||
1,271,587 | ||||||||
Internet Telephone — 0.1% |
| |||||||
RingCentral, Inc., Class A† | 6,166 | 290,727 | ||||||
Investment Companies — 0.0% |
| |||||||
KCAP Financial, Inc. | 16,700 | 56,446 | ||||||
Medallion Financial Corp.†# | 17,100 | 46,512 | ||||||
102,958 | ||||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Eaton Vance Corp. | 29,256 | 1,617,272 | ||||||
Manning & Napier, Inc. | 8,400 | 30,660 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 10,000 | 152,000 | ||||||
1,799,932 | ||||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,200 | 70,720 | ||||||
Machine Tools & Related Products — 0.5% |
| |||||||
Hardinge, Inc. | 11,000 | 187,660 | ||||||
Lincoln Electric Holdings, Inc. | 15,777 | 1,437,916 | ||||||
L.S. Starrett Co., Class A | 8,000 | 66,400 | ||||||
1,691,976 | ||||||||
Machinery - Electrical — 0.3% |
| |||||||
BWX Technologies, Inc. | 14,700 | 918,015 | ||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 2,414 | 284,731 | ||||||
Machinery - General Industrial — 1.5% |
| |||||||
Altra Industrial Motion Corp.# | 28,991 | 1,408,963 | ||||||
Applied Industrial Technologies, Inc. | 29,209 | 1,867,916 | ||||||
Chart Industries, Inc.† | 18,600 | 905,448 | ||||||
Gencor Industries, Inc.† | 8,650 | 155,700 | ||||||
Intevac, Inc.† | 6,100 | 45,445 | ||||||
Twin Disc, Inc.† | 5,000 | 140,500 | ||||||
Welbilt, Inc.†# | 16,200 | 363,528 | ||||||
Xerium Technologies, Inc.† | 15,586 | 66,396 | ||||||
4,953,896 | ||||||||
Machinery - Material Handling — 0.1% |
| |||||||
Key Technology, Inc.† | 10,500 | 178,185 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Graco, Inc. | 3,300 | 434,247 | ||||||
Medical Imaging Systems — 0.0% |
| |||||||
Digirad Corp. | 25,000 | 57,500 | ||||||
Medical Information Systems — 0.9% |
| |||||||
Cotiviti Holdings, Inc.†# | 40,576 | 1,326,024 | ||||||
Medidata Solutions, Inc.† | 23,039 | 1,535,319 | ||||||
2,861,343 | ||||||||
Medical Instruments — 0.4% |
| |||||||
Bovie Medical Corp.†# | 25,000 | 73,250 | ||||||
Bruker Corp. | 15,890 | 559,010 | ||||||
Halyard Health, Inc.† | 7,400 | 359,196 | ||||||
Navidea Biopharmaceuticals, Inc.† | 85,500 | 36,517 | ||||||
TransEnterix, Inc.†# | 50,000 | 115,500 | ||||||
1,143,473 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
IRIDEX Corp.† | 8,100 | 70,470 | ||||||
181 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products — 1.6% |
| |||||||
Electromed, Inc.† | 13,900 | $ | 75,199 | |||||
InfuSystem Holdings, Inc.† | 25,000 | 58,750 | ||||||
InVivo Therapeutics Holdings Corp.†# | 24,300 | 29,160 | ||||||
K2M Group Holdings, Inc.† | 32,296 | 634,939 | ||||||
Penumbra, Inc.†# | 819 | 86,241 | ||||||
Sientra, Inc.†# | 21,000 | 299,040 | ||||||
T2 Biosystems, Inc.†# | 25,000 | 104,000 | ||||||
West Pharmaceutical Services, Inc. | 32,580 | 3,255,719 | ||||||
Wright Medical Group NV† | 20,093 | 488,461 | ||||||
5,031,509 | ||||||||
Medical - Biomedical/Gene — 1.8% |
| |||||||
Acceleron Pharma, Inc.† | 5,200 | 189,748 | ||||||
Alpine Immune Sciences, Inc.† | 3,750 | 39,413 | ||||||
ArQule, Inc.†# | 55,000 | 81,400 | ||||||
Asterias Biotherapeutics, Inc.†# | 9,454 | 23,162 | ||||||
Axovant Sciences, Ltd.† | 3,958 | 21,848 | ||||||
Blueprint Medicines Corp.†# | 3,710 | 278,473 | ||||||
Cascadian Therapeutics, Inc.† | 14,716 | 62,690 | ||||||
Clearside Biomedical, Inc.†# | 12,900 | 91,848 | ||||||
Corium International, Inc.†# | 26,400 | 310,728 | ||||||
Dermira, Inc.†# | 3,700 | 94,720 | ||||||
Eiger BioPharmaceuticals, Inc.†# | 20,000 | 233,000 | ||||||
Endocyte, Inc.†# | 40,000 | 200,400 | ||||||
Exelixis, Inc.† | 11,100 | 300,588 | ||||||
Fate Therapeutics, Inc.†# | 70,000 | 308,000 | ||||||
Genocea Biosciences, Inc.†# | 32,000 | 39,040 | ||||||
Harvard Bioscience, Inc.† | 45,000 | 148,500 | ||||||
Infinity Pharmaceuticals, Inc.†# | 100,000 | 193,000 | ||||||
Insmed, Inc.†# | 16,692 | 520,623 | ||||||
Loxo Oncology, Inc.†# | 1,000 | 76,750 | ||||||
Oncocyte Corp.†# | 15,000 | 75,750 | ||||||
OvaScience, Inc.†# | 50,000 | 74,500 | ||||||
Pfenex, Inc.† | 14,000 | 34,440 | ||||||
Protalix BioTherapeutics, Inc.†# | 22,016 | 15,191 | ||||||
Prothena Corp. PLC†# | 11,318 | 526,174 | ||||||
Sage Therapeutics, Inc.†# | 6,871 | 634,949 | ||||||
Seattle Genetics, Inc.†# | 4,300 | 261,999 | ||||||
Spark Therapeutics, Inc.†# | 6,120 | 448,168 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 400 | 20,196 | ||||||
Veracyte, Inc.†# | 19,300 | 130,854 | ||||||
Verastem, Inc.† | 63,300 | 266,493 | ||||||
WaVe Life Sciences, Ltd.†# | 5,644 | 209,957 | ||||||
5,912,602 | ||||||||
Medical - Drugs — 1.7% |
| |||||||
ACADIA Pharmaceuticals, Inc.†# | 3,500 | 105,875 | ||||||
AcelRx Pharmaceuticals, Inc.†# | 32,100 | 69,818 | ||||||
Aeglea BioTherapeutics, Inc.†# | 25,000 | 100,000 | ||||||
Aimmune Therapeutics, Inc.†# | 1,800 | 68,760 | ||||||
Alimera Sciences, Inc.†# | 115,025 | 150,108 | ||||||
Alkermes PLC†# | 5,200 | 271,908 | ||||||
Conatus Pharmaceuticals, Inc.†# | 19,500 | 80,925 | ||||||
Cumberland Pharmaceuticals, Inc.† | 27,800 | 203,218 | ||||||
Dicerna Pharmaceuticals, Inc.†# | 8,300 | 70,384 | ||||||
Gemphire Therapeutics, Inc.†# | 14,000 | 127,120 | ||||||
Global Blood Therapeutics, Inc.†# | 1,800 | 71,010 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 29,000 | 500,830 | ||||||
Kadmon Holdings, Inc.†# | 37,000 | 132,090 | ||||||
MediciNova, Inc.†# | 13,572 | 94,733 | ||||||
Melinta Therapeutics, Inc.† | 8,000 | 136,000 | ||||||
Minerva Neurosciences, Inc.† | 20,300 | 116,725 | ||||||
MyoKardia, Inc.†# | 2,086 | 76,660 | ||||||
Neos Therapeutics, Inc.†# | 15,000 | 154,500 | ||||||
Pacira Pharmaceuticals, Inc.†# | 8,600 | 397,320 | ||||||
Pain Therapeutics, Inc.†# | 8,157 | 32,791 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Pernix Therapeutics Holdings, Inc.†# | 2,900 | $ | 7,714 | |||||
Prestige Brands Holdings, Inc.† | 28,506 | 1,288,471 | ||||||
Radius Health, Inc.†# | 15,500 | 438,805 | ||||||
TESARO, Inc.†# | 3,479 | 294,323 | ||||||
TherapeuticsMD, Inc.†# | 50,171 | 316,077 | ||||||
VIVUS, Inc.†# | 75,000 | 48,210 | ||||||
vTv Therapeutics, Inc., Class A†# | 15,000 | 62,850 | ||||||
Zynerba Pharmaceuticals, Inc.†# | 9,000 | 123,930 | ||||||
5,541,155 | ||||||||
Medical - HMO — 1.5% |
| |||||||
Centene Corp.† | 7,500 | 765,675 | ||||||
Magellan Health, Inc.† | 11,212 | 947,414 | ||||||
Molina Healthcare, Inc.†# | 9,500 | 743,280 | ||||||
WellCare Health Plans, Inc.† | 10,831 | 2,306,895 | ||||||
4,763,264 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Acadia Healthcare Co., Inc.†# | 8,753 | 278,608 | ||||||
LifePoint Health, Inc.† | 4,800 | 229,440 | ||||||
508,048 | ||||||||
Medical - Nursing Homes — 0.0% |
| |||||||
Genesis Healthcare, Inc.†# | 100,000 | 68,970 | ||||||
Medical - Wholesale Drug Distribution — 0.3% |
| |||||||
Premier, Inc., Class A† | 31,329 | 909,168 | ||||||
Metal Processors & Fabrication — 1.2% |
| |||||||
Ampco-Pittsburgh Corp. | 6,500 | 92,950 | ||||||
Haynes International, Inc. | 9,500 | 304,380 | ||||||
RBC Bearings, Inc.†# | 25,230 | 3,366,943 | ||||||
Sun Hydraulics Corp. | 1,800 | 109,188 | ||||||
3,873,461 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
Olympic Steel, Inc. | 5,500 | 109,560 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Luxfer Holdings PLC ADR | 12,900 | 186,147 | ||||||
Miscellaneous Manufacturing — 1.8% |
| |||||||
AptarGroup, Inc. | 49,133 | 4,343,848 | ||||||
John Bean Technologies Corp. | 11,617 | 1,391,136 | ||||||
5,734,984 | ||||||||
MRI/Medical Diagnostic Imaging — 0.1% |
| |||||||
RadNet, Inc.† | 18,000 | 189,000 | ||||||
Multimedia — 1.0% |
| |||||||
E.W. Scripps Co., Class A†# | 105,604 | 1,591,452 | ||||||
FactSet Research Systems, Inc.# | 7,736 | 1,546,272 | ||||||
3,137,724 | ||||||||
Networking Products — 0.1% |
| |||||||
Black Box Corp. | 45,000 | 159,750 | �� | |||||
Non-Ferrous Metals — 0.0% |
| |||||||
Uranium Energy Corp.†# | 100,500 | 133,665 | ||||||
Non-Hazardous Waste Disposal — 0.5% |
| |||||||
Advanced Disposal Services, Inc.† | 36,400 | 849,212 | ||||||
Waste Connections, Inc. | 11,050 | 760,572 | ||||||
1,609,784 | ||||||||
Office Furnishings - Original — 0.4% |
| |||||||
Herman Miller, Inc. | 38,058 | 1,360,574 | ||||||
Oil & Gas Drilling — 1.0% |
| |||||||
Parker Drilling Co.† | 46,000 | 45,085 | ||||||
Patterson-UTI Energy, Inc. | 141,972 | 3,065,175 | ||||||
3,110,260 | ||||||||
182 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production — 1.5% |
| |||||||
Advantage Oil & Gas, Ltd.† | 23,891 | $ | 111,663 | |||||
Approach Resources, Inc.†# | 77,300 | 193,250 | ||||||
Centennial Resource Development, Inc., Class A†# | 14,948 | 303,295 | ||||||
Comstock Resources, Inc.†# | 34,000 | 207,400 | ||||||
Contango Oil & Gas Co.† | 21,600 | 52,704 | ||||||
Crew Energy, Inc.† | 45,697 | 139,909 | ||||||
Diamondback Energy, Inc.† | 4,000 | 437,240 | ||||||
Earthstone Energy, Inc., Class A†# | 9,400 | 87,702 | ||||||
Evolution Petroleum Corp. | 23,100 | 161,700 | ||||||
FieldPoint Petroleum Corp.†(4) | 31,900 | 3,828 | ||||||
Gastar Exploration, Inc.†# | 110,000 | 115,500 | ||||||
Jagged Peak Energy, Inc.†# | 14,000 | 212,520 | ||||||
Jones Energy, Inc., Class A†# | 16,311 | 16,288 | ||||||
Kosmos Energy, Ltd.†# | 7,864 | 62,755 | ||||||
Lonestar Resources US, Inc., Class A†# | 30,000 | 107,100 | ||||||
Matador Resources Co.†# | 10,790 | 308,594 | ||||||
Panhandle Oil and Gas, Inc., Class A | 5,000 | 111,000 | ||||||
PetroQuest Energy, Inc.†# | 10,250 | 17,220 | ||||||
SRC Energy, Inc.†# | 211,757 | 1,854,991 | ||||||
VAALCO Energy, Inc.† | 30,000 | 22,500 | ||||||
Venture Global LNG, Inc.†(1)(4)(5) | 55 | 207,405 | ||||||
Yuma Energy, Inc.†# | 25,270 | 29,311 | ||||||
4,763,875 | ||||||||
Oil Field Machinery & Equipment — 0.3% |
| |||||||
Dril-Quip, Inc.† | 4,400 | 210,980 | ||||||
Gulf Island Fabrication, Inc. | 8,400 | 106,680 | ||||||
Mitcham Industries, Inc.† | 22,400 | 84,224 | ||||||
Natural Gas Services Group, Inc.† | 7,400 | 188,700 | ||||||
Superior Drilling Products, Inc.† | 56,000 | 70,000 | ||||||
Thermon Group Holdings, Inc.† | 13,700 | 318,662 | ||||||
979,246 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Adams Resources & Energy, Inc. | 3,314 | 157,117 | ||||||
HollyFrontier Corp. | 3,800 | 169,024 | ||||||
326,141 | ||||||||
Oil - Field Services — 1.0% |
| |||||||
Core Laboratories NV# | 20,366 | 2,051,875 | ||||||
Era Group, Inc.† | 15,000 | 165,600 | ||||||
Frank’s International NV# | 18,600 | 115,878 | ||||||
Independence Contract Drilling, Inc.† | 31,100 | 110,405 | ||||||
Key Energy Services, Inc.†# | 11,000 | 109,120 | ||||||
NCS Multistage Holdings, Inc.†# | 1,943 | 32,642 | ||||||
PHI, Inc.† | 14,000 | 180,180 | ||||||
Pioneer Energy Services Corp.† | 75,000 | 157,500 | ||||||
SEACOR Holdings, Inc.† | 6,140 | 293,799 | ||||||
3,216,999 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Clearwater Paper Corp.† | 2,600 | 123,370 | ||||||
Verso Corp., Class A†# | 24,000 | 274,320 | ||||||
397,690 | ||||||||
Patient Monitoring Equipment — 0.1% |
| |||||||
CareDx, Inc.†# | 52,400 | 380,424 | ||||||
Pharmacy Services — 0.0% |
| |||||||
BioScrip, Inc.†# | 35,000 | 91,700 | ||||||
Physical Therapy/Rehabilitation Centers — 1.1% |
| |||||||
AAC Holdings, Inc.† | 18,000 | 164,340 | ||||||
HealthSouth Corp. | 60,511 | 3,022,524 | ||||||
U.S. Physical Therapy, Inc. | 5,110 | 373,286 | ||||||
3,560,150 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Pollution Control — 0.1% |
| |||||||
Advanced Emissions Solutions, Inc.# | 14,000 | $ | 125,860 | |||||
Fuel Tech, Inc.† | 75,000 | 71,258 | ||||||
197,118 | ||||||||
Power Converter/Supply Equipment — 0.5% |
| |||||||
Generac Holdings, Inc.† | 30,230 | 1,486,409 | ||||||
Precious Metals — 0.0% |
| |||||||
Tahoe Resources, Inc. | 9,500 | 42,119 | ||||||
Printing - Commercial — 0.0% |
| |||||||
Cenveo, Inc.†# | 20,000 | 18,200 | ||||||
Deluxe Corp. | 1,600 | 113,760 | ||||||
131,960 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
Lee Enterprises, Inc.†# | 84,700 | 199,045 | ||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc.# | 2,400 | 167,400 | ||||||
Radio — 0.0% |
| |||||||
Saga Communications, Inc., Class A | 123 | 5,547 | ||||||
Salem Media Group, Inc. | 10,000 | 48,000 | ||||||
Townsquare Media, Inc., Class A† | 11,000 | 87,340 | ||||||
140,887 | ||||||||
Real Estate Investment Trusts — 4.1% |
| |||||||
Acadia Realty Trust# | 7,100 | 199,013 | ||||||
Alexander & Baldwin, Inc. | 9,700 | 281,882 | ||||||
American Campus Communities, Inc. | 9,000 | 381,420 | ||||||
Chesapeake Lodging Trust# | 7,800 | 224,952 | ||||||
EastGroup Properties, Inc.# | 33,182 | 3,121,763 | ||||||
Equity Commonwealth† | 14,000 | 420,840 | ||||||
National Retail Properties, Inc. | 64,905 | 2,665,648 | ||||||
OUTFRONT Media, Inc. | 80,294 | 1,883,697 | ||||||
Paramount Group, Inc.# | 21,627 | 349,709 | ||||||
PS Business Parks, Inc. | 6,656 | 882,319 | ||||||
Regency Centers Corp. | 4,335 | 293,956 | ||||||
Regional Health Properties, Inc.†# | 51,100 | 13,301 | ||||||
Retail Opportunity Investments Corp. | 20,000 | 391,400 | ||||||
RLJ Lodging Trust# | 83,304 | 1,806,031 | ||||||
Urban Edge Properties# | 8,000 | 204,400 | ||||||
13,120,331 | ||||||||
Real Estate Management/Services — 1.2% |
| |||||||
FirstService Corp. | 9,700 | 660,473 | ||||||
HFF, Inc., Class A | 33,235 | 1,500,228 | ||||||
RE/MAX Holdings, Inc., Class A | 4,800 | 256,080 | ||||||
Realogy Holdings Corp.# | 46,978 | 1,311,156 | ||||||
Redfin Corp.†# | 1,612 | 36,721 | ||||||
3,764,658 | ||||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Consolidated-Tomoka Land Co. | 3,100 | 190,123 | ||||||
Stratus Properties, Inc. | 3,000 | 93,600 | ||||||
Trinity Place Holdings, Inc.† | 10,000 | 70,400 | ||||||
354,123 | ||||||||
Recreational Centers — 0.1% |
| |||||||
Town Sports International Holdings, Inc.† | 45,000 | 270,000 | ||||||
Recreational Vehicles — 1.6% |
| |||||||
Brunswick Corp. | 44,952 | 2,488,093 | ||||||
LCI Industries | 15,563 | 2,037,197 | ||||||
Malibu Boats, Inc., Class A† | 16,503 | 515,884 | ||||||
5,041,174 | ||||||||
183 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Research & Development — 0.1% |
| |||||||
AVEO Pharmaceuticals, Inc.†# | 66,464 | $ | 195,404 | |||||
Resort/Theme Parks — 0.0% |
| |||||||
Peak Resorts, Inc. | 23,600 | 120,360 | ||||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
American Eagle Outfitters, Inc. | 57,877 | 930,662 | ||||||
Boot Barn Holdings, Inc.†# | 16,900 | 250,289 | ||||||
Burlington Stores, Inc.† | 5,300 | 563,761 | ||||||
Chico’s FAS, Inc. | 104,323 | 920,129 | ||||||
Destination Maternity Corp.†# | 7,800 | 20,280 | ||||||
New York & Co., Inc.† | 33,029 | 78,939 | ||||||
Tilly’s, Inc., Class A | 8,068 | 133,122 | ||||||
2,897,182 | ||||||||
Retail - Arts & Crafts — 0.1% |
| |||||||
Michaels Cos., Inc.†# | 21,200 | 457,920 | ||||||
Retail - Automobile — 0.1% |
| |||||||
Rush Enterprises, Inc., Class A† | 6,500 | 316,615 | ||||||
Retail - Building Products — 0.1% |
| |||||||
Floor & Decor Holdings, Inc., Class A† | 1,182 | 47,977 | ||||||
GMS, Inc.† | 5,129 | 191,363 | ||||||
239,340 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PCM, Inc.†# | 6,744 | 66,428 | ||||||
Retail - Discount — 0.2% |
| |||||||
Citi Trends, Inc. | 7,000 | 180,530 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.†# | 8,966 | 425,437 | ||||||
Tuesday Morning Corp.†# | 43,200 | 112,320 | ||||||
718,287 | ||||||||
Retail - Home Furnishings — 0.2% |
| |||||||
Kirkland’s, Inc.† | 12,200 | 158,722 | ||||||
RH†# | 3,252 | 329,720 | ||||||
488,442 | ||||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
Container Store Group, Inc.† | 35,000 | 199,500 | ||||||
Five Below, Inc.† | 5,300 | 327,540 | ||||||
Gaia, Inc.†# | 17,400 | 221,850 | ||||||
748,890 | ||||||||
Retail - Petroleum Products — 0.0% |
| |||||||
TravelCenters of America LLC† | 20,000 | 91,000 | ||||||
Retail - Restaurants — 2.1% |
| |||||||
Bojangles’, Inc.†# | 8,730 | 117,419 | ||||||
Chuy’s Holdings, Inc.† | 4,970 | 123,753 | ||||||
Denny’s Corp.† | 43,600 | 590,780 | ||||||
Dunkin’ Brands Group, Inc.# | 7,000 | 417,900 | ||||||
Famous Dave’s of America, Inc.†# | 6,800 | 32,980 | ||||||
Fiesta Restaurant Group, Inc.†# | 13,219 | 249,839 | ||||||
J Alexander’s Holdings, Inc.† | 13,000 | 131,950 | ||||||
Jack in the Box, Inc. | 4,600 | 476,146 | ||||||
Jamba, Inc.†# | 13,420 | 115,009 | ||||||
Kona Grill, Inc.†# | 7,700 | 16,748 | ||||||
Luby’s, Inc.† | 25,000 | 69,750 | ||||||
Papa John’s International, Inc.# | 27,366 | 1,599,816 | ||||||
Red Robin Gourmet Burgers, Inc.†# | 8,039 | 421,244 | ||||||
Sonic Corp.# | 29,607 | 755,571 | ||||||
Wingstop, Inc.# | 16,100 | 630,959 | ||||||
Zoe’s Kitchen, Inc.†# | 54,827 | 876,135 | ||||||
6,625,999 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Zumiez, Inc.†# | 11,300 | $ | 246,340 | |||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 8,000 | 65,600 | ||||||
Retail - Vision Service Center — 0.0% |
| |||||||
National Vision Holdings, Inc.†# | 2,611 | 85,092 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Five Star Senior Living, Inc.† | 5,027 | 7,541 | ||||||
Rubber/Plastic Products — 0.3% |
| |||||||
Proto Labs, Inc.† | 10,990 | 1,057,238 | ||||||
Savings & Loans/Thrifts — 1.1% |
| |||||||
Atlantic Coast Financial Corp.†# | 20,000 | 192,000 | ||||||
Beneficial Bancorp, Inc. | 21,865 | 370,612 | ||||||
Capitol Federal Financial, Inc. | 21,840 | 307,070 | ||||||
Clifton Bancorp, Inc. | 6,200 | 107,322 | ||||||
Entegra Financial Corp.† | 6,000 | 174,000 | ||||||
ESSA Bancorp, Inc. | 9,000 | 143,460 | ||||||
First Financial Northwest, Inc. | 10,000 | 169,500 | ||||||
Home Bancorp, Inc. | 3,600 | 154,080 | ||||||
Investors Bancorp, Inc. | 26,600 | 379,582 | ||||||
Lake Shore Bancorp, Inc. | 10,000 | 166,900 | ||||||
Malvern Bancorp, Inc.† | 3,800 | 102,410 | ||||||
Meridian Bancorp, Inc. | 16,672 | 335,941 | ||||||
Pacific Premier Bancorp, Inc.† | 8,300 | 328,680 | ||||||
Provident Financial Holdings, Inc. | 6,714 | 129,312 | ||||||
SI Financial Group, Inc. | 8,500 | 128,350 | ||||||
Southern Missouri Bancorp, Inc. | 5,000 | 201,200 | ||||||
Wayne Savings Bancshares, Inc. | 3,900 | 70,200 | ||||||
WSFS Financial Corp. | 4,600 | 232,760 | ||||||
3,693,379 | ||||||||
Schools — 0.2% |
| |||||||
American Public Education, Inc.† | 6,472 | 173,773 | ||||||
Bridgepoint Education, Inc.† | 14,500 | 132,385 | ||||||
Bright Horizons Family Solutions, Inc.† | 2,300 | 204,585 | ||||||
Lincoln Educational Services Corp.† | 20,000 | 43,600 | ||||||
Universal Technical Institute, Inc.† | 37,000 | 136,160 | ||||||
690,503 | ||||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 8,600 | 695,310 | ||||||
Seismic Data Collection — 0.1% |
| |||||||
Dawson Geophysical Co.† | 33,264 | 162,994 | ||||||
Geospace Technologies Corp.† | 8,900 | 130,296 | ||||||
293,290 | ||||||||
Semiconductor Components - Integrated Circuits — 0.0% |
| |||||||
Sigma Designs, Inc.† | 25,000 | 146,250 | ||||||
Semiconductor Equipment — 1.2% |
| |||||||
Cabot Microelectronics Corp. | 34,038 | 3,278,540 | ||||||
Entegris, Inc. | 8,400 | 254,520 | ||||||
MKS Instruments, Inc. | 2,000 | 188,600 | ||||||
3,721,660 | ||||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
J2 Acquisition, Ltd.†* | 27,696 | 268,651 | ||||||
Steel Pipe & Tube — 0.3% |
| |||||||
Mueller Water Products, Inc., Class A | 28,600 | 357,214 | ||||||
Valmont Industries, Inc. | 3,748 | 647,654 | ||||||
1,004,868 | ||||||||
184 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Steel - Producers — 0.1% |
| |||||||
Commercial Metals Co. | 9,900 | $ | 196,416 | |||||
Friedman Industries, Inc. | 10,000 | 56,700 | ||||||
Shiloh Industries, Inc.† | 13,600 | 116,144 | ||||||
369,260 | ||||||||
Storage/Warehousing — 0.0% |
| |||||||
Williams Scotsman Corp.† | 8,100 | 85,050 | ||||||
Superconductor Product & Systems — 0.0% |
| |||||||
American Superconductor Corp.†# | 40,000 | 133,200 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Clearfield, Inc.† | 10,000 | 146,000 | ||||||
KVH Industries, Inc.† | 14,357 | 155,056 | ||||||
301,056 | ||||||||
Telecom Services — 0.1% |
| |||||||
Consolidated Communications Holdings, Inc. | 1 | 14 | ||||||
GTT Communications, Inc.†# | 4,000 | 161,800 | ||||||
Hawaiian Telcom Holdco, Inc.† | 5,900 | 186,145 | ||||||
347,959 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Aware, Inc.† | 14,500 | 68,150 | ||||||
Communications Systems, Inc. | 30,000 | 114,600 | ||||||
Wireless Telecom Group, Inc.† | 68,200 | 165,726 | ||||||
348,476 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Alaska Communications Systems Group, Inc.† | 77,000 | 160,930 | ||||||
Textile - Apparel — 0.0% |
| |||||||
Tandy Leather Factory, Inc.† | 15,000 | 111,000 | ||||||
Textile - Products — 0.0% |
| |||||||
Dixie Group, Inc.† | 10,000 | 40,500 | ||||||
Theaters — 0.8% |
| |||||||
Cinemark Holdings, Inc.# | 69,645 | 2,514,881 | ||||||
Therapeutics — 0.1% |
| |||||||
Actinium Pharmaceuticals, Inc.†# | 32,100 | 22,133 | ||||||
Aquinox Pharmaceuticals, Inc.† | 3,483 | 36,780 | ||||||
CorMedix, Inc.†# | 40,000 | 23,596 | ||||||
Egalet Corp.†# | 25,000 | 33,000 | ||||||
Histogenics Corp.† | 50,000 | 99,500 | ||||||
Oncobiologics, Inc.† | 25,000 | 30,750 | ||||||
Xencor, Inc.†# | 7,738 | 167,992 | ||||||
Zafgen, Inc.† | 15,000 | 58,650 | ||||||
472,401 | ||||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
General Finance Corp.† | 10,034 | 63,214 | ||||||
Willis Lease Finance Corp.† | 7,000 | 183,680 | ||||||
246,894 | ||||||||
Transport - Marine — 0.0% |
| |||||||
Overseas Shipholding Group, Inc., Class A† | 35,000 | 102,200 | ||||||
Transport - Services — 0.2% |
| |||||||
Matson, Inc. | 13,700 | 399,629 | ||||||
Radiant Logistics, Inc.† | 37,800 | 181,818 | ||||||
581,447 | ||||||||
Transport - Truck — 1.4% |
| |||||||
Knight-Swift Transportation Holdings, Inc.# | 36,576 | 1,561,064 | ||||||
Landstar System, Inc. | 20,627 | 2,128,706 | ||||||
P.A.M. Transportation Services, Inc.† | 1,357 | 52,082 | ||||||
Patriot Transportation Holding, Inc.† | 5,000 | 87,500 | ||||||
Saia, Inc.† | 5,258 | 345,976 |
Security Description | Shares | Value (Note 2) | ||||||
Transport - Truck (continued) |
| |||||||
Schneider National, Inc., Class B# | 10,588 | $ | 277,723 | |||||
XPO Logistics, Inc.†# | 1 | 79 | ||||||
4,453,130 | ||||||||
Travel Services — 0.0% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A† | 7,947 | 74,304 | ||||||
Vitamins & Nutrition Products — 0.0% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.†# | 14,000 | 110,040 | ||||||
Water — 0.2% |
| |||||||
California Water Service Group | 12,100 | 551,760 | ||||||
Middlesex Water Co. | 196 | 9,040 | ||||||
560,800 | ||||||||
Water Treatment Systems — 0.2% |
| |||||||
Evoqua Water Technologies Corp.† | 31,400 | 679,496 | ||||||
Web Hosting/Design — 0.8% |
| |||||||
Q2 Holdings, Inc.† | 53,432 | 2,236,129 | ||||||
Wix.com, Ltd.†# | 5,900 | 323,910 | ||||||
2,560,039 | ||||||||
Web Portals/ISP — 0.0% |
| |||||||
Synacor, Inc.† | 44,000 | 107,800 | ||||||
Wireless Equipment — 0.1% |
| |||||||
ID Systems, Inc.† | 22,000 | 151,800 | ||||||
TESSCO Technologies, Inc. | 5,900 | 100,300 | ||||||
252,100 | ||||||||
Total Common Stocks | ||||||||
(cost $264,908,737) | 315,018,948 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.2% |
| |||||||
E-Commerce/Services — 0.1% |
| |||||||
Farmers Business Network, Inc.†(1)(4)(5) | 8,287 | 153,012 | ||||||
Vroom, Inc. Series F†(1)(4)(5) | 5,863 | 100,009 | ||||||
253,021 | ||||||||
Enterprise Software/Service — 0.0% |
| |||||||
Plex Systems, Inc., Series B†(1)(4)(5) | 50,422 | 80,675 | ||||||
Food - Retail — 0.1% |
| |||||||
Roofoods, Ltd. Series F†(1)(4)(5) | 618 | 218,506 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $587,210) | 552,202 | |||||||
WARRANTS† — 0.0% |
| |||||||
Food - Confectionery — 0.0% | ||||||||
Simply Good Foods Co. | 4,766 | 15,061 | ||||||
Specified Purpose Acquisitions — 0.0% | ||||||||
J2 Acquisition, Ltd. | 27,696 | 11,632 | ||||||
Total Warrants | ||||||||
(cost $9,854) | 26,693 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $265,505,801) | 315,597,843 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.6% |
| |||||||
Registered Investment Companies — 7.6% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 491,305 | 491,305 |
185 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
Registered Investment Companies (continued) |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 23,409,983 | $ | 23,409,983 | |||||
T. Rowe Price Government Reserve Fund | 647,916 | 647,916 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $24,549,204) | 24,549,204 | |||||||
REPURCHASE AGREEMENTS — 1.9% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount of $6,060,020 collateralized by $5,780,000 of United States Treasury Bonds, bearing interest at 3.13% due 08/15/2044 and having an approximate value of $6,182,334 | $ | 6,060,000 | 6,060,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $296,115,005)(6) | 107.1 | % | 346,207,047 | |||||
Liabilities in excess of other assets | (7.1 | ) | (22,876,843 | ) | ||||
NET ASSETS | 100.0 | % | $ | 323,330,204 | ||||
† | 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, 2017, the aggregate value of these securities was $268,651 representing 0.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | At November 30, 2017, the Fund had loaned securities with a total value of $70,393,050. This was secured by collateral of $23,409,983, which was received in cash and subsequently invested in short-term investments currently valued at $23,409,983 as reported in the Portfolio of Investments. Additional collateral of $48,451,001 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 3,634,811 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 1,902,893 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 3,648,793 | |||||
United States Treasury Bills | 0.00% | 12/14/2017 to 07/19/2018 | 2,882,991 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 36,381,513 |
(3) | The rate shown is the 7-day yield as of November 30, 2017. |
(4) | Illiquid security. At November 30, 2017, the aggregate value of these securities was $1,833,397 representing 0.6% 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, 2017, the Fund held the following restricted securities: |
Description | Acqui sition Date | Shares/ Principal Amount | Acqui sition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks |
| |||||||||||||||||||||||
CarGurus, Inc. Lockup | 07/07/2015 | 20,286 | $ | 148,442 | $ | 568,131 | $ | 28.01 | 0.18 | % | ||||||||||||||
DLP Payments Holdings, Ltd. | 07/10/2017 | 132 | 124,794 | 124,794 | 945.41 | 0.04 | ||||||||||||||||||
MongoDB, Inc. | 10/20/2017 | 2,237 | 74,840 | 60,631 | 27.10 | 0.02 | ||||||||||||||||||
SurveyMonkey, Inc. | 11/25/2014 | 5,062 | 83,270 | 45,887 | 9.07 | 0.01 | ||||||||||||||||||
Venture Global LNG, Inc. | 05/25/2017 | 28 | 99,904 | |||||||||||||||||||||
10/16/2017 | 27 | 101,817 | ||||||||||||||||||||||
55 | 201,721 | 207,405 | 3,771 | 0.06 | ||||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Farmers Business Network, Inc. | 11/03/2017 | 8,287 | 153,012 | 153,012 | 18.46 | 0.05 | ||||||||||||||||||
Plex Systems, Inc., Series B | 06/09/2014 | 50,422 | 115,683 | 80,675 | 1.60 | 0.02 | ||||||||||||||||||
Roofoods, Ltd., | 09/12/2017 | 618 | 218,506 | 218,506 | 353.57 | 0.07 | ||||||||||||||||||
Vroom, Inc., | 06/30/2017 | 5,863 | 100,009 | 100,009 | 17.06 | 0.03 | ||||||||||||||||||
$ | 1,559,050 | 0.48 | % | |||||||||||||||||||||
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
186 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Computer Software | $ | 6,140,348 | $ | 60,631 | $ | — | $ | 6,200,979 | ||||||||
E-Commerce/Services | 3,791,073 | 568,131 | 45,887 | 4,405,091 | ||||||||||||
Finance - Other Services | 1,009,904 | — | 124,794 | 1,134,698 | ||||||||||||
Oil Companies - Exploration & Production | 4,556,470 | — | 207,405 | 4,763,875 | ||||||||||||
Other Industries | 298,389,433 | 124,872 | ** | — | 298,514,305 | |||||||||||
Convertible Preferred Securities | — | — | 552,202 | 552,202 | ||||||||||||
Warrants | 26,693 | — | — | 26,693 | ||||||||||||
Short-Term Investment Securities | 24,549,204 | — | — | 24,549,204 | ||||||||||||
Repurchase Agreements | — | 6,060,000 | — | 6,060,000 | ||||||||||||
Total Investments at Value | $ | 338,463,125 | $ | 6,813,634 | $ | 930,288 | $ | 346,207,047 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
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
187 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Banks — Commercial | 9.4 | % | ||
Registered Investment Companies | 7.4 | |||
Real Estate Investment Trusts | 7.0 | |||
Medical — Biomedical/Gene | 4.3 | |||
Repurchase Agreements | 2.7 | |||
Medical — Drugs | 2.1 | |||
Savings & Loans/Thrifts | 1.9 | |||
Electric — Integrated | 1.6 | |||
Retail — Restaurants | 1.5 | |||
Medical Products | 1.5 | |||
Computer Services | 1.3 | |||
Chemicals — Specialty | 1.3 | |||
Oil Companies — Exploration & Production | 1.2 | |||
Electronic Components — Semiconductors | 1.2 | |||
Gas — Distribution | 1.2 | |||
Insurance — Property/Casualty | 1.2 | |||
Building & Construction Products — Misc. | 1.0 | |||
Applications Software | 1.0 | |||
Electronic Components — Misc. | 1.0 | |||
Medical Instruments | 0.9 | |||
Semiconductor Equipment | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Enterprise Software/Service | 0.8 | |||
Human Resources | 0.8 | |||
Distribution/Wholesale | 0.8 | |||
Building — Residential/Commercial | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Computer Software | 0.8 | |||
Oil — Field Services | 0.8 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Transport — Truck | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Drug Delivery Systems | 0.7 | |||
U.S. Government Treasuries | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Building — Heavy Construction | 0.6 | |||
Computers — Integrated Systems | 0.6 | |||
Data Processing/Management | 0.6 | |||
Commercial Services | 0.6 | |||
Financial Guarantee Insurance | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Machinery — General Industrial | 0.5 | |||
Schools | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Therapeutics | 0.5 | |||
Investment Management/Advisor Services | 0.5 | |||
Building & Construction — Misc. | 0.5 | |||
Rental Auto/Equipment | 0.5 | |||
Wireless Equipment | 0.5 | |||
Medical Information Systems | 0.5 | |||
Telecom Equipment — Fiber Optics | 0.5 | |||
Commercial Services — Finance | 0.5 | |||
Food — Wholesale/Distribution | 0.4 | |||
Printing — Commercial | 0.4 | |||
Transport — Marine | 0.4 | |||
Footwear & Related Apparel | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Medical — Outpatient/Home Medical | 0.4 | |||
Office Furnishings — Original | 0.4 | |||
Retail — Automobile | 0.4 | |||
Patient Monitoring Equipment | 0.4 | |||
Water | 0.4 | |||
Telecom Services | 0.4 | |||
Insurance — Multi-line | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Chemicals — Diversified | 0.4 |
Medical — HMO | 0.3 | |||
Electronic Parts Distribution | 0.3 | |||
Instruments — Controls | 0.3 | |||
Building Products — Doors & Windows | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Steel — Producers | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Racetracks | 0.3 | |||
Airlines | 0.3 | |||
Television | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Retail — Discount | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Consulting Services | 0.3 | |||
Networking Products | 0.3 | |||
Internet Security | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Hotels/Motels | 0.3 | |||
Oil & Gas Drilling | 0.3 | |||
Rubber/Plastic Products | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Wire & Cable Products | 0.3 | |||
Physical Therapy/Rehabilitation Centers | 0.3 | |||
Independent Power Producers | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Aerospace/Defense | 0.3 | |||
Coal | 0.3 | |||
Disposable Medical Products | 0.3 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Computers — Other | 0.3 | |||
Retail — Misc./Diversified | 0.3 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Recreational Vehicles | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Casino Hotels | 0.2 | |||
Retail — Home Furnishings | 0.2 | |||
Paper & Related Products | 0.2 | |||
Computer Aided Design | 0.2 | |||
Transactional Software | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Security Services | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Auto/Truck Parts & Equipment — Replacement | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Internet Application Software | 0.2 | |||
Lasers — System/Components | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Casino Services | 0.2 | |||
Internet Telephone | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Gambling (Non-Hotel) | 0.2 | |||
Retail — Building Products | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Building Products — Wood | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Retail — Pawn Shops | 0.2 | |||
Diversified Minerals | 0.2 | |||
Educational Software | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Transport — Services | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Building Products — Light Fixtures | 0.2 |
188 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited) — (continued)
Industry Allocation* (continued)
Telecommunication Equipment | 0.2 | % | ||
Tobacco | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Poultry | 0.2 | |||
Internet Connectivity Services | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Containers — Paper/Plastic | 0.1 | |||
Home Furnishings | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Finance — Other Services | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Precious Metals | 0.1 | |||
Computer Data Security | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Recreational Centers | 0.1 | |||
Communications Software | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Steel — Specialty | 0.1 | |||
Satellite Telecom | 0.1 | |||
Private Equity | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Quarrying | 0.1 | |||
Multimedia | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Building Products — Cement | 0.1 | |||
Pipelines | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Golf | 0.1 | |||
Respiratory Products | 0.1 | |||
Publishing — Books | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Machinery — Farming | 0.1 | |||
Research & Development | 0.1 | |||
Diversified Operations | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Appliances | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Metal — Iron | 0.1 | |||
Rubber — Tires | 0.1 | |||
Food — Confectionery | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Agricultural Operations | 0.1 | |||
Food — Retail | 0.1 | |||
Circuit Boards | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Brewery | 0.1 | |||
Computers | 0.1 | |||
Identification Systems | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Finance — Commercial | 0.1 | |||
Food — Canned | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Banks — Fiduciary | 0.1 |
X-Ray Equipment | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Theaters | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Retail — Pet Food & Supplies | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Athletic Equipment | 0.1 | |||
Banks — Mortgage | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
B2B/E-Commerce | 0.1 | |||
Metal Products — Fasteners | 0.1 | |||
Audio/Video Products | 0.1 | |||
Auto — Truck Trailers | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Pharmacy Services | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Investment Companies | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Computer Graphics | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Web Portals/ISP | 0.1 | |||
107.3 | % | |||
* | Calculated as a percentage of net assets |
189 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.5% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
Core Molding Technologies, Inc. | 4,372 | $ | 94,085 | |||||
Advertising Agencies — 0.0% |
| |||||||
MDC Partners, Inc., Class A† | 33,106 | 384,030 | ||||||
Advertising Sales — 0.0% |
| |||||||
Clear Channel Outdoor Holdings, Inc., Class A | 21,276 | 99,997 | ||||||
Yext, Inc.†# | 7,221 | 103,333 | ||||||
203,330 | ||||||||
Aerospace/Defense — 0.3% |
| |||||||
Aerovironment, Inc.† | 12,304 | 560,816 | ||||||
Cubic Corp. | 15,039 | 931,666 | ||||||
Esterline Technologies Corp.† | 15,598 | 1,105,118 | ||||||
Kratos Defense & Security Solutions, Inc.†# | 42,676 | 445,111 | ||||||
National Presto Industries, Inc. | 2,954 | 306,330 | ||||||
3,349,041 | ||||||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
AAR Corp. | 19,166 | 796,922 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 41,192 | 1,297,136 | ||||||
Astronics Corp.† | 12,773 | 529,952 | ||||||
Curtiss-Wright Corp. | 26,338 | 3,271,180 | ||||||
Ducommun, Inc.† | 6,270 | 175,372 | ||||||
Kaman Corp. | 16,038 | 956,827 | ||||||
KLX, Inc.† | 30,831 | 1,729,927 | ||||||
Moog, Inc., Class A† | 18,986 | 1,596,913 | ||||||
Triumph Group, Inc.# | 29,088 | 898,819 | ||||||
11,253,048 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Calyxt, Inc.†# | 4,844 | 92,714 | ||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.†# | 56,401 | 215,452 | ||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc.# | 1,851 | 59,324 | ||||||
Andersons, Inc. | 16,072 | 519,126 | ||||||
Cadiz, Inc.†# | 12,445 | 170,496 | ||||||
Limoneira Co. | 7,114 | 180,411 | ||||||
Tejon Ranch Co.† | 8,855 | 198,795 | ||||||
1,128,152 | ||||||||
Airlines — 0.3% |
| |||||||
Allegiant Travel Co.# | 7,809 | 1,186,968 | ||||||
Hawaiian Holdings, Inc. | 31,580 | 1,362,677 | ||||||
SkyWest, Inc. | 30,228 | 1,573,367 | ||||||
4,123,012 | ||||||||
Apparel Manufacturers — 0.2% |
| |||||||
Columbia Sportswear Co. | 17,389 | 1,222,621 | ||||||
Delta Apparel, Inc.† | 4,128 | 83,592 | ||||||
Oxford Industries, Inc. | 9,811 | 676,959 | ||||||
Sequential Brands Group, Inc.†# | 23,669 | 41,894 | ||||||
Superior Uniform Group, Inc. | 5,010 | 127,404 | ||||||
2,152,470 | ||||||||
Appliances — 0.1% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 4,852 | 138,670 | ||||||
iRobot Corp.†# | 15,761 | 1,081,520 | ||||||
1,220,190 | ||||||||
Applications Software — 1.0% |
| |||||||
Appfolio, Inc., Class A† | 4,754 | 205,135 | ||||||
Bazaarvoice, Inc.† | 49,661 | 270,652 | ||||||
Brightcove, Inc.† | 20,201 | 149,487 | ||||||
Callidus Software, Inc.† | 38,408 | 1,124,394 |
Security Description | Shares | Value (Note 2) | ||||||
Applications Software (continued) |
| |||||||
Ebix, Inc.# | 14,317 | $ | 1,106,704 | |||||
Five9, Inc.† | 31,047 | 760,962 | ||||||
HubSpot, Inc.†# | 20,050 | 1,623,048 | ||||||
MINDBODY, Inc., Class A†# | 25,092 | 817,999 | ||||||
New Relic, Inc.†# | 17,459 | 982,593 | ||||||
Park City Group, Inc.†# | 7,790 | 85,690 | ||||||
PDF Solutions, Inc.†# | 16,623 | 300,710 | ||||||
Progress Software Corp. | 28,369 | 1,172,775 | ||||||
RealPage, Inc.† | 34,960 | 1,585,436 | ||||||
Twilio, Inc., Class A†# | 37,034 | 987,326 | ||||||
Upland Software, Inc.† | 4,331 | 101,519 | ||||||
Verint Systems, Inc.† | 37,259 | 1,630,081 | ||||||
12,904,511 | ||||||||
Athletic Equipment — 0.1% |
| |||||||
Clarus Corp.† | 12,237 | 94,225 | ||||||
Nautilus, Inc.† | 17,993 | 235,708 | ||||||
Vista Outdoor, Inc.† | 34,066 | 490,891 | ||||||
820,824 | ||||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
B. Riley Financial, Inc.# | 12,456 | 224,208 | ||||||
Sotheby’s† | 22,695 | 1,169,473 | ||||||
1,393,681 | ||||||||
Audio/Video Products — 0.1% |
| |||||||
Daktronics, Inc. | 21,144 | 202,560 | ||||||
Universal Electronics, Inc.†# | 8,415 | 446,836 | ||||||
VOXX International Corp.† | 11,944 | 80,622 | ||||||
730,018 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro, Inc.# | 18,900 | 953,505 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Blue Bird Corp.† | 4,327 | 84,377 | ||||||
Navistar International Corp.† | 29,626 | 1,206,074 | ||||||
REV Group, Inc.# | 13,543 | 369,859 | ||||||
1,660,310 | ||||||||
Auto - Truck Trailers — 0.1% |
| |||||||
Wabash National Corp.# | 35,454 | 714,398 | ||||||
Auto/Truck Parts & Equipment - Original — 0.9% |
| |||||||
American Axle & Manufacturing Holdings, Inc.† | 49,795 | 893,820 | ||||||
Cooper-Standard Holding, Inc.† | 10,450 | 1,317,431 | ||||||
Dana, Inc. | 86,639 | 2,862,553 | ||||||
Gentherm, Inc.† | 21,824 | 785,664 | ||||||
Horizon Global Corp.†# | 15,195 | 214,249 | ||||||
Meritor, Inc.† | 49,898 | 1,246,452 | ||||||
Miller Industries, Inc. | 6,563 | 183,108 | ||||||
Modine Manufacturing Co.† | 29,440 | 674,176 | ||||||
Spartan Motors, Inc. | 20,351 | 324,598 | ||||||
Superior Industries International, Inc. | 14,671 | 245,006 | ||||||
Tenneco, Inc. | 31,804 | 1,889,476 | ||||||
Titan International, Inc. | 29,669 | 355,138 | ||||||
Tower International, Inc. | 11,769 | 378,962 | ||||||
11,370,633 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.2% |
| |||||||
Commercial Vehicle Group, Inc.† | 14,989 | 166,977 | ||||||
Dorman Products, Inc.† | 16,320 | 1,114,819 | ||||||
Douglas Dynamics, Inc. | 13,155 | 536,066 | ||||||
Motorcar Parts of America, Inc.† | 11,127 | 289,970 | ||||||
Standard Motor Products, Inc.# | 12,831 | 580,090 | ||||||
2,687,922 | ||||||||
190 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
B2B/E-Commerce — 0.1% |
| |||||||
ePlus, Inc.† | 7,823 | $ | 635,228 | |||||
TechTarget, Inc.† | 11,683 | 163,445 | ||||||
798,673 | ||||||||
Banks - Commercial — 9.4% |
| |||||||
1st Source Corp. | 9,599 | 493,869 | ||||||
Access National Corp. | 8,847 | 260,544 | ||||||
ACNB Corp. | 3,550 | 102,950 | ||||||
Allegiance Bancshares, Inc.†# | 6,817 | 271,657 | ||||||
American National Bankshares, Inc. | 4,865 | 200,195 | ||||||
Ameris Bancorp | 21,631 | 1,072,898 | ||||||
Ames National Corp. | 5,102 | 153,315 | ||||||
Arrow Financial Corp.# | 7,055 | 259,624 | ||||||
Atlantic Capital Bancshares, Inc.† | 12,434 | 213,865 | ||||||
BancFirst Corp. | 10,006 | 568,341 | ||||||
Bancorp, Inc.† | 29,291 | 283,244 | ||||||
BancorpSouth Bank | 51,268 | 1,704,661 | ||||||
Bank of Commerce Holdings | 9,224 | 111,610 | ||||||
Bank of Marin Bancorp | 3,567 | 251,295 | ||||||
Bank of N.T. Butterfield & Son, Ltd. | 32,044 | 1,274,710 | ||||||
Bankwell Financial Group, Inc. | 3,574 | 126,126 | ||||||
Banner Corp. | 19,628 | 1,130,377 | ||||||
Bar Harbor Bankshares | 8,958 | 255,303 | ||||||
BCB Bancorp, Inc. | 5,643 | 82,388 | ||||||
Blue Hills Bancorp, Inc. | 14,193 | 303,021 | ||||||
Bridge Bancorp, Inc. | 11,230 | 403,718 | ||||||
Bryn Mawr Bank Corp. | 9,984 | 440,794 | ||||||
C&F Financial Corp. | 1,946 | 116,760 | ||||||
Cadence BanCorp† | 5,190 | 126,636 | ||||||
Camden National Corp. | 9,116 | 416,510 | ||||||
Capital Bank Financial Corp., Class A# | 17,323 | 723,235 | ||||||
Capital City Bank Group, Inc. | 6,583 | 166,418 | ||||||
Capstar Financial Holdings, Inc.†# | 5,130 | 112,552 | ||||||
Carolina Financial Corp. | 8,573 | 331,346 | ||||||
Cass Information Systems, Inc. | 6,485 | 441,693 | ||||||
Cathay General Bancorp, Class B | 44,870 | 1,946,909 | ||||||
CenterState Banks, Inc. | 32,125 | 871,551 | ||||||
Central Pacific Financial Corp. | 17,756 | 571,743 | ||||||
Central Valley Community Bancorp | 5,901 | 120,852 | ||||||
Century Bancorp, Inc., Class A | 1,742 | 149,464 | ||||||
Chemical Financial Corp. | 42,234 | 2,381,575 | ||||||
Chemung Financial Corp. | 1,902 | 92,723 | ||||||
Citizens & Northern Corp.# | 7,001 | 179,506 | ||||||
City Holding Co. | 9,035 | 643,473 | ||||||
Civista Bancshares, Inc.# | 5,909 | 133,898 | ||||||
CNB Financial Corp. | 8,795 | 250,482 | ||||||
CoBiz Financial, Inc. | 22,664 | 480,024 | ||||||
Codorus Valley Bancorp, Inc. | 5,082 | 153,273 | ||||||
Columbia Banking System, Inc. | 42,979 | 1,981,332 | ||||||
Commerce Union Bancshares, Inc.# | 4,129 | 98,270 | ||||||
Community Bank System, Inc. | 29,251 | 1,619,920 | ||||||
Community Financial Corp.# | 2,357 | 84,522 | ||||||
Community Trust Bancorp, Inc. | 9,171 | 456,257 | ||||||
ConnectOne Bancorp, Inc. | 17,990 | 488,428 | ||||||
County Bancorp, Inc. | 2,788 | 88,826 | ||||||
Customers Bancorp, Inc.† | 16,788 | 454,955 | ||||||
CVB Financial Corp.# | 61,686 | 1,516,859 | ||||||
DNB Financial Corp. | 1,847 | 64,553 | ||||||
Eagle Bancorp, Inc.† | 18,784 | 1,242,562 | ||||||
Enterprise Bancorp, Inc. | 5,633 | 210,449 | ||||||
Enterprise Financial Services Corp. | 13,421 | 607,300 | ||||||
Equity Bancshares, Inc., Class A† | 6,345 | 219,347 | ||||||
Evans Bancorp, Inc. | 2,752 | 122,602 | ||||||
Farmers & Merchants Bancorp, Inc.# | 9,272 | 377,092 | ||||||
Farmers Capital Bank Corp. | 4,381 | 180,497 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Farmers National Banc Corp. | 15,005 | $ | 227,326 | |||||
FB Financial Corp.† | 7,701 | 326,907 | ||||||
FCB Financial Holdings, Inc., Class A† | 20,971 | 1,108,317 | ||||||
Fidelity Southern Corp. | 12,954 | 285,636 | ||||||
Financial Institutions, Inc. | 8,282 | 273,720 | ||||||
First BanCorp | 15,470 | 586,313 | ||||||
First BanCorp† | 112,976 | 562,620 | ||||||
First BanCorp, Inc. | 6,077 | 188,265 | ||||||
First Bancshares, Inc. | 5,059 | 166,947 | ||||||
First Busey Corp. | 22,596 | 719,231 | ||||||
First Business Financial Services, Inc. | 4,899 | 114,490 | ||||||
First Citizens BancShares, Inc., Class A | 4,418 | 1,884,233 | ||||||
First Commonwealth Financial Corp. | 57,644 | 870,424 | ||||||
First Community Bancshares, Inc. | 9,894 | 296,820 | ||||||
First Connecticut Bancorp, Inc. | 8,398 | 222,967 | ||||||
First Financial Bancorp | 36,705 | 1,040,587 | ||||||
First Financial Bankshares, Inc.# | 37,788 | 1,793,041 | ||||||
First Financial Corp. | 6,299 | 303,612 | ||||||
First Foundation, Inc.† | 16,793 | 320,243 | ||||||
First Guaranty Bancshares, Inc.# | 2,320 | 64,937 | ||||||
First Internet Bancorp | 3,667 | 146,130 | ||||||
First Interstate BancSystem, Inc., Class A | 15,295 | 607,211 | ||||||
First Merchants Corp. | 24,410 | 1,069,158 | ||||||
First Mid-Illinois Bancshares, Inc. | 5,986 | 241,056 | ||||||
First Midwest Bancorp, Inc. | 60,832 | 1,518,975 | ||||||
First Northwest Bancorp† | 5,994 | 107,293 | ||||||
First of Long Island Corp. | 13,914 | 419,507 | ||||||
FNB Bancorp | 3,158 | 114,856 | ||||||
Franklin Financial Network, Inc.† | 7,017 | 245,244 | ||||||
Fulton Financial Corp. | 102,167 | 1,941,173 | ||||||
German American Bancorp, Inc. | 12,624 | 474,789 | ||||||
Glacier Bancorp, Inc. | 45,804 | 1,834,450 | ||||||
Great Southern Bancorp, Inc. | 6,466 | 349,487 | ||||||
Great Western Bancorp, Inc. | 35,277 | 1,457,646 | ||||||
Green Bancorp, Inc.† | 12,695 | 284,368 | ||||||
Guaranty Bancorp | 13,988 | 406,351 | ||||||
Guaranty Bancshares, Inc. | 1,202 | 36,829 | ||||||
Hancock Holding Co. | 50,223 | 2,578,951 | ||||||
Hanmi Financial Corp. | 18,776 | 596,138 | ||||||
HarborOne Bancorp, Inc.† | 7,731 | 149,827 | ||||||
Heartland Financial USA, Inc. | 14,627 | 738,663 | ||||||
Heritage Commerce Corp. | 21,563 | 349,967 | ||||||
Heritage Financial Corp. | 17,531 | 570,634 | ||||||
Hilltop Holdings, Inc. | 44,662 | 1,110,744 | ||||||
Home BancShares, Inc. | 93,834 | 2,233,249 | ||||||
HomeStreet, Inc.† | 14,353 | 437,766 | ||||||
Hope Bancorp, Inc. | 77,302 | 1,447,093 | ||||||
Horizon Bancorp | 12,685 | 348,838 | ||||||
Howard Bancorp, Inc.†# | 5,244 | 115,368 | ||||||
IBERIABANK Corp. | 30,132 | 2,342,763 | ||||||
Independent Bank Corp. of Rockland Massachusetts | 15,887 | 1,154,985 | ||||||
Independent Bank Corp. | 12,101 | 271,062 | ||||||
International Bancshares Corp. | 32,623 | 1,345,699 | ||||||
Investar Holding Corp. | 4,867 | 114,131 | ||||||
Kearny Financial Corp. | 50,595 | 748,806 | ||||||
Lakeland Bancorp, Inc. | 26,732 | 558,699 | ||||||
Lakeland Financial Corp. | 14,391 | 729,336 | ||||||
LCNB Corp. | 5,281 | 110,901 | ||||||
LegacyTexas Financial Group, Inc. | 28,155 | 1,178,850 | ||||||
Live Oak Bancshares, Inc.# | 11,773 | 303,155 | ||||||
Macatawa Bank Corp. | 15,470 | 157,485 | ||||||
MainSource Financial Group, Inc. | 14,718 | 582,097 | ||||||
MB Financial, Inc. | 48,273 | 2,247,108 | ||||||
MBT Financial Corp. | 10,619 | 115,747 | ||||||
Mercantile Bank Corp. | 9,598 | 356,182 |
191 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Middlefield Banc Corp. | 1,558 | $ | 70,422 | |||||
Midland States Bancorp, Inc. | 9,130 | 303,573 | ||||||
MidSouth Bancorp, Inc. | 5,293 | 72,514 | ||||||
MidWestOne Financial Group, Inc. | 6,648 | 241,788 | ||||||
National Bankshares, Inc.# | 4,033 | 186,728 | ||||||
National Commerce Corp.† | 6,269 | 259,850 | ||||||
NBT Bancorp, Inc. | 25,422 | 987,390 | ||||||
Nicolet Bankshares, Inc.† | 5,328 | 308,758 | ||||||
Northeast Bancorp | 4,319 | 106,463 | ||||||
Northrim BanCorp, Inc. | 4,037 | 151,186 | ||||||
Norwood Financial Corp.# | 3,412 | 103,145 | ||||||
OFG Bancorp | 25,767 | 252,517 | ||||||
Ohio Valley Banc Corp.# | 2,431 | 96,511 | ||||||
Old Line Bancshares, Inc. | 5,072 | 153,276 | ||||||
Old National Bancorp | 80,037 | 1,460,675 | ||||||
Old Point Financial Corp.# | 2,159 | 61,899 | ||||||
Old Second Bancorp, Inc. | 17,229 | 231,730 | ||||||
Opus Bank† | 12,350 | 344,565 | ||||||
Orrstown Financial Services, Inc. | 4,416 | 111,725 | ||||||
Pacific Mercantile Bancorp† | 9,212 | 88,435 | ||||||
Paragon Commercial Corp.† | 2,505 | 143,436 | ||||||
Park National Corp. | 7,960 | 894,386 | ||||||
Park Sterling Corp. | 30,739 | 395,611 | ||||||
PCSB Financial Corp.† | 10,778 | 212,650 | ||||||
Peapack Gladstone Financial Corp. | 9,998 | 352,230 | ||||||
Penns Woods Bancorp, Inc.# | 2,746 | 136,559 | ||||||
People’s Utah Bancorp | 8,049 | 253,544 | ||||||
Peoples Bancorp of North Carolina, Inc. | 2,517 | 88,447 | ||||||
Peoples Bancorp, Inc. | 9,781 | 331,185 | ||||||
Peoples Financial Services Corp. | 4,081 | 200,091 | ||||||
Preferred Bank | 7,736 | 484,274 | ||||||
Premier Financial Bancorp, Inc. | 5,604 | 111,912 | ||||||
Provident Bancorp, Inc.† | 2,616 | 62,130 | ||||||
QCR Holdings, Inc. | 7,220 | 327,788 | ||||||
Renasant Corp. | 25,728 | 1,107,333 | ||||||
Republic Bancorp, Inc., Class A | 5,737 | 244,167 | ||||||
Republic First Bancorp, Inc.†# | 29,018 | 274,220 | ||||||
S&T Bancorp, Inc. | 20,478 | 855,161 | ||||||
Sandy Spring Bancorp, Inc. | 14,050 | 553,429 | ||||||
Seacoast Banking Corp. of Florida† | 23,809 | 619,748 | ||||||
ServisFirst Bancshares, Inc.# | 27,558 | 1,157,160 | ||||||
Shore Bancshares, Inc. | 7,450 | 129,779 | ||||||
Sierra Bancorp | 7,295 | 203,968 | ||||||
Simmons First National Corp., Class A | 22,123 | 1,280,922 | ||||||
SmartFinancial, Inc.†# | 4,266 | 94,791 | ||||||
South State Corp. | 17,209 | 1,584,088 | ||||||
Southern First Bancshares, Inc.† | 3,860 | 165,594 | ||||||
Southern National Bancorp of Virginia, Inc. | 11,005 | 187,855 | ||||||
Southside Bancshares, Inc. | 16,499 | 597,264 | ||||||
State Bank Financial Corp. | 22,349 | 680,304 | ||||||
Stock Yards Bancorp, Inc. | 13,000 | 517,400 | ||||||
Summit Financial Group, Inc. | 6,501 | 174,682 | ||||||
Sun Bancorp, Inc. | 6,394 | 163,367 | ||||||
Sunshine Bancorp, Inc.† | 4,389 | 105,248 | ||||||
Texas Capital Bancshares, Inc.†# | 29,686 | 2,682,130 | ||||||
Tompkins Financial Corp.# | 8,720 | 772,243 | ||||||
Towne Bank | 33,685 | 1,128,447 | ||||||
TriCo Bancshares | 12,170 | 511,505 | ||||||
TriState Capital Holdings, Inc.† | 13,304 | 321,957 | ||||||
Triumph Bancorp, Inc.† | 9,142 | 303,972 | ||||||
TrustCo Bank Corp. | 55,041 | 514,633 | ||||||
Trustmark Corp. | 40,196 | 1,364,252 | ||||||
Two River Bancorp# | 4,291 | 78,482 | ||||||
UMB Financial Corp. | 26,971 | 2,027,140 | ||||||
Umpqua Holdings Corp. | 131,975 | 2,917,967 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Union Bankshares Corp. | 25,710 | $ | 969,010 | |||||
United Bankshares, Inc.# | 59,599 | 2,237,942 | ||||||
United Community Banks, Inc. | 42,143 | 1,211,190 | ||||||
United Security Bancshares | 7,756 | 76,009 | ||||||
Unity Bancorp, Inc. | 4,593 | 95,305 | ||||||
Univest Corp. of Pennsylvania | 15,462 | 434,482 | ||||||
Valley National Bancorp | 153,898 | 1,831,386 | ||||||
Veritex Holdings, Inc.† | 8,525 | 237,166 | ||||||
Washington Trust Bancorp, Inc. | 8,931 | 507,727 | ||||||
WashingtonFirst Bankshares, Inc. | 5,813 | 198,514 | ||||||
WesBanco, Inc. | 25,080 | 1,055,116 | ||||||
West Bancorporation, Inc. | 9,460 | 253,055 | ||||||
Westamerica Bancorporation# | 15,164 | 937,590 | ||||||
Western New England Bancorp, Inc. | 16,472 | 176,250 | ||||||
Wintrust Financial Corp. | 33,050 | 2,771,242 | ||||||
Xenith Bankshares, Inc.† | 3,056 | 107,418 | ||||||
121,800,305 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Boston Private Financial Holdings, Inc. | 49,667 | 812,056 | ||||||
Parke Bancorp, Inc.# | 3,408 | 71,227 | ||||||
Union Bankshares, Inc. | 2,319 | 117,573 | ||||||
1,000,856 | ||||||||
Banks - Mortgage — 0.1% |
| |||||||
Walker & Dunlop, Inc.† | 16,533 | 814,746 | ||||||
Banks - Super Regional — 0.1% |
| |||||||
Independent Bank Group, Inc. | 10,515 | 724,484 | ||||||
National Bank Holdings Corp., Class A | 14,822 | 502,910 | ||||||
1,227,394 | ||||||||
Batteries/Battery Systems — 0.1% |
| |||||||
EnerSys | 26,005 | 1,796,685 | ||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Coca-Cola Bottling Co. Consolidated | 2,803 | 604,635 | ||||||
National Beverage Corp.# | 6,995 | 763,295 | ||||||
Primo Water Corp.† | 15,075 | 197,633 | ||||||
1,565,563 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
MGP Ingredients, Inc.# | 7,688 | 571,603 | ||||||
Bicycle Manufacturing — 0.1% |
| |||||||
Fox Factory Holding Corp.† | 20,871 | 813,969 | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 5,291 | 951,586 | ||||||
Craft Brew Alliance, Inc.† | 7,555 | 146,945 | ||||||
1,098,531 | ||||||||
Broadcast Services/Program — 0.2% |
| |||||||
Hemisphere Media Group, Inc.†# | 9,291 | 104,059 | ||||||
MSG Networks, Inc., Class A† | 35,687 | 637,013 | ||||||
TiVo Corp. | 69,938 | 1,244,896 | ||||||
World Wrestling Entertainment, Inc., Class A# | 22,791 | 649,316 | ||||||
2,635,284 | ||||||||
Building & Construction Products - Misc. — 1.0% |
| |||||||
American Woodmark Corp.† | 8,401 | 836,740 | ||||||
Armstrong Flooring, Inc.† | 13,886 | 243,283 | ||||||
Builders FirstSource, Inc.† | 57,636 | 1,175,774 | ||||||
Caesarstone, Ltd.† | 13,508 | 336,349 | ||||||
Forterra, Inc.†# | 11,117 | 109,391 | ||||||
Gibraltar Industries, Inc.† | 18,915 | 622,304 | ||||||
Louisiana-Pacific Corp.† | 86,662 | 2,392,738 | ||||||
NCI Building Systems, Inc.† | 23,817 | 397,744 |
192 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building & Construction Products - Misc. (continued) |
| |||||||
Patrick Industries, Inc.† | 9,640 | $ | 975,568 | |||||
Ply Gem Holdings, Inc.† | 13,216 | 235,245 | ||||||
Quanex Building Products Corp. | 20,456 | 447,986 | ||||||
Simpson Manufacturing Co., Inc. | 24,556 | 1,472,623 | ||||||
Summit Materials, Inc., Class A† | 63,773 | 1,961,657 | ||||||
Trex Co., Inc.† | 17,600 | 2,072,576 | ||||||
13,279,978 | ||||||||
Building & Construction - Misc. — 0.5% |
| |||||||
Aegion Corp.† | 19,810 | 547,350 | ||||||
Comfort Systems USA, Inc. | 21,950 | 942,752 | ||||||
EMCOR Group, Inc. | 35,123 | 2,836,885 | ||||||
Hill International, Inc.† | 20,321 | 115,830 | ||||||
IES Holdings, Inc.† | 5,164 | 91,661 | ||||||
MYR Group, Inc.† | 9,519 | 338,496 | ||||||
TopBuild Corp.† | 21,990 | 1,495,100 | ||||||
6,368,074 | ||||||||
Building Products - Air & Heating — 0.1% |
| |||||||
AAON, Inc. | 24,677 | 899,477 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Continental Building Products, Inc.† | 23,537 | 656,682 | ||||||
US Concrete, Inc.†# | 9,073 | 733,552 | ||||||
1,390,234 | ||||||||
Building Products - Doors & Windows — 0.3% |
| |||||||
Apogee Enterprises, Inc. | 16,862 | 843,606 | ||||||
Griffon Corp. | 17,461 | 407,714 | ||||||
JELD-WEN Holding, Inc.† | 32,199 | 1,259,303 | ||||||
Masonite International Corp.† | 17,730 | 1,305,814 | ||||||
PGT Innovations , Inc.† | 28,822 | 471,240 | ||||||
4,287,677 | ||||||||
Building Products - Light Fixtures — 0.2% |
| |||||||
Cree, Inc.† | 58,190 | 2,068,072 | ||||||
LSI Industries, Inc. | 14,436 | 100,908 | ||||||
2,168,980 | ||||||||
Building Products - Wood — 0.2% |
| |||||||
Boise Cascade Co. | 23,045 | 887,232 | ||||||
Universal Forest Products, Inc. | 35,748 | 1,399,892 | ||||||
2,287,124 | ||||||||
Building - Heavy Construction — 0.6% |
| |||||||
Chicago Bridge & Iron Co. NV# | 60,035 | 979,771 | ||||||
Dycom Industries, Inc.†# | 18,169 | 1,950,806 | ||||||
Granite Construction, Inc. | 23,651 | 1,569,717 | ||||||
Layne Christensen Co.†# | 10,750 | 139,428 | ||||||
MasTec, Inc.† | 39,667 | 1,779,065 | ||||||
Orion Group Holdings, Inc.† | 16,133 | 125,353 | ||||||
Primoris Services Corp. | 23,491 | 657,513 | ||||||
Sterling Construction Co., Inc.† | 15,389 | 263,921 | ||||||
Tutor Perini Corp.† | 22,282 | 561,506 | ||||||
Willbros Group, Inc.† | 26,108 | 34,463 | ||||||
8,061,543 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 33,312 | 1,425,754 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.† | 5,090 | 779,534 | ||||||
Winnebago Industries, Inc. | 18,768 | 1,027,548 | ||||||
1,807,082 | ||||||||
Building - Residential/Commercial — 0.8% |
| |||||||
AV Homes, Inc.†# | 7,252 | 133,074 |
Security Description | Shares | Value (Note 2) | ||||||
Building - Residential/Commercial (continued) |
| |||||||
Beazer Homes USA, Inc.† | 18,629 | $ | 394,190 | |||||
Century Communities, Inc.† | 11,371 | 356,481 | ||||||
Green Brick Partners, Inc.† | 13,731 | 165,458 | ||||||
Hovnanian Enterprises, Inc., Class A†# | 73,591 | 209,734 | ||||||
Installed Building Products, Inc.† | 12,851 | 990,169 | ||||||
KB Home# | 49,992 | 1,567,749 | ||||||
LGI Homes, Inc.†# | 10,299 | 723,093 | ||||||
M/I Homes, Inc.† | 14,207 | 514,435 | ||||||
MDC Holdings, Inc. | 24,780 | 887,620 | ||||||
Meritage Homes Corp.† | 22,936 | 1,260,333 | ||||||
New Home Co., Inc.† | 7,354 | 84,792 | ||||||
PICO Holdings, Inc. | 13,236 | 173,392 | ||||||
Taylor Morrison Home Corp., Class A† | 41,869 | 1,011,555 | ||||||
TRI Pointe Group, Inc.† | 88,743 | 1,608,023 | ||||||
William Lyon Homes, Class A†# | 14,202 | 423,788 | ||||||
10,503,886 | ||||||||
Cable/Satellite TV — 0.0% |
| |||||||
Global Eagle Entertainment, Inc.†# | 30,422 | 83,052 | ||||||
WideOpenWest, Inc.†# | 11,476 | 114,760 | ||||||
197,812 | ||||||||
Capacitors — 0.0% |
| |||||||
KEMET Corp.† | 27,218 | 419,702 | ||||||
Casino Hotels — 0.2% |
| |||||||
Boyd Gaming Corp.# | 49,500 | 1,578,555 | ||||||
Caesars Entertainment Corp.† | 81,327 | 1,077,583 | ||||||
Century Casinos, Inc.† | 12,584 | 113,885 | ||||||
Monarch Casino & Resort, Inc.† | 6,446 | 302,511 | ||||||
3,072,534 | ||||||||
Casino Services — 0.2% |
| |||||||
Eldorado Resorts, Inc.†# | 27,469 | 840,551 | ||||||
Scientific Games Corp., Class A† | 31,706 | 1,669,321 | ||||||
2,509,872 | ||||||||
Cellular Telecom — 0.0% |
| |||||||
ATN International, Inc. | 6,320 | 377,683 | ||||||
Chemicals - Diversified — 0.4% |
| |||||||
Aceto Corp. | 17,496 | 185,633 | ||||||
AdvanSix, Inc.† | 17,848 | 768,356 | ||||||
Codexis, Inc.† | 24,291 | 167,608 | ||||||
Innophos Holdings, Inc. | 11,525 | 533,953 | ||||||
Innospec, Inc. | 14,275 | 1,019,235 | ||||||
Koppers Holdings, Inc.† | 12,290 | 613,271 | ||||||
Quaker Chemical Corp.# | 7,740 | 1,275,397 | ||||||
4,563,453 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc.# | 25,537 | 479,840 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 17,103 | 340,350 | ||||||
Chemicals - Plastics — 0.2% |
| |||||||
A. Schulman, Inc. | 17,020 | 645,909 | ||||||
Landec Corp.† | 16,001 | 200,013 | ||||||
PolyOne Corp. | 48,501 | 2,241,231 | ||||||
3,087,153 | ||||||||
Chemicals - Specialty — 1.3% |
| |||||||
AgroFresh Solutions, Inc.† | 13,123 | 79,788 | ||||||
Balchem Corp. | 18,872 | 1,646,959 | ||||||
Calgon Carbon Corp. | 30,103 | 650,225 | ||||||
CSW Industrials, Inc.† | 8,627 | 414,959 | ||||||
Ferro Corp.† | 49,885 | 1,264,585 |
193 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Chemicals - Specialty (continued) |
| |||||||
GCP Applied Technologies, Inc.† | 42,722 | $ | 1,399,145 | |||||
H.B. Fuller Co. | 30,053 | 1,700,098 | ||||||
Hawkins, Inc. | 5,741 | 220,167 | ||||||
Ingevity Corp.† | 25,341 | 2,016,890 | ||||||
KMG Chemicals, Inc. | 5,496 | 298,927 | ||||||
Kraton Corp.† | 17,856 | 840,125 | ||||||
Minerals Technologies, Inc. | 20,943 | 1,517,320 | ||||||
Oil-Dri Corp. of America | 2,987 | 134,684 | ||||||
OMNOVA Solutions, Inc.† | 25,733 | 275,343 | ||||||
Sensient Technologies Corp. | 26,384 | 2,045,552 | ||||||
Stepan Co. | 11,890 | 988,178 | ||||||
Tronox, Ltd., Class A | 50,191 | 1,148,872 | ||||||
Valhi, Inc. | 15,061 | 101,662 | ||||||
16,743,479 | ||||||||
Circuit Boards — 0.1% |
| |||||||
Park Electrochemical Corp. | 11,470 | 219,077 | ||||||
TTM Technologies, Inc.† | 55,038 | 898,771 | ||||||
1,117,848 | ||||||||
Coal — 0.3% |
| |||||||
Arch Coal, Inc., Class A | 13,055 | 1,077,821 | ||||||
Cloud Peak Energy, Inc.† | 44,045 | 182,346 | ||||||
Hallador Energy Co. | 9,554 | 62,674 | ||||||
NACCO Industries, Inc., Class A | 2,426 | 106,259 | ||||||
Peabody Energy Corp.† | 36,718 | 1,223,077 | ||||||
Ramaco Resources, Inc.†# | 3,610 | 17,148 | ||||||
SunCoke Energy, Inc.† | 38,372 | 437,057 | ||||||
Warrior Met Coal, Inc. | 10,028 | 222,822 | ||||||
Westmoreland Coal Co.†# | 11,021 | 12,674 | ||||||
3,341,878 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Kronos Worldwide, Inc. | 13,511 | 377,092 | ||||||
Coffee — 0.0% |
| |||||||
Farmer Bros. Co.† | 5,173 | 176,917 | ||||||
Commercial Services — 0.6% |
| |||||||
Acacia Research Corp.† | 29,474 | 123,791 | ||||||
Care.com, Inc.† | 7,995 | 151,665 | ||||||
Collectors Universe, Inc. | 4,460 | 128,849 | ||||||
Emerald Expositions Events, Inc.# | 9,327 | 208,459 | ||||||
Healthcare Services Group, Inc.# | 42,450 | 2,204,429 | ||||||
HMS Holdings Corp.† | 49,957 | 825,789 | ||||||
Medifast, Inc. | 6,312 | 432,561 | ||||||
National Research Corp., Class A | 5,638 | 191,410 | ||||||
Nutrisystem, Inc. | 17,693 | 897,920 | ||||||
Pendrell Corp.† | 7,129 | 49,048 | ||||||
RPX Corp. | 26,907 | 354,903 | ||||||
ServiceSource International, Inc.† | 45,137 | 129,543 | ||||||
SP Plus Corp.† | 10,365 | 406,308 | ||||||
Team, Inc.†# | 17,431 | 239,676 | ||||||
Weight Watchers International, Inc.† | 16,674 | 734,823 | ||||||
7,079,174 | ||||||||
Commercial Services - Finance — 0.5% |
| |||||||
Cardtronics PLC, Class A† | 27,153 | 508,576 | ||||||
CBIZ, Inc.† | 30,461 | 449,300 | ||||||
CPI Card Group, Inc.# | 12,171 | 10,713 | ||||||
Everi Holdings, Inc.† | 37,930 | 309,129 | ||||||
EVERTEC, Inc. | 36,034 | 500,873 | ||||||
Green Dot Corp., Class A† | 27,228 | 1,682,690 | ||||||
LendingTree, Inc.†# | 3,794 | 1,145,598 | ||||||
Liberty Tax, Inc. | 4,083 | 48,792 | ||||||
MoneyGram International, Inc.†# | 17,337 | 246,879 |
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services - Finance (continued) |
| |||||||
Travelport Worldwide, Ltd. | 73,956 | $ | 990,271 | |||||
5,892,821 | ||||||||
Communications Software — 0.1% |
| |||||||
BroadSoft, Inc.†# | 18,298 | 1,006,390 | ||||||
Digi International, Inc.† | 15,758 | 161,520 | ||||||
pdvWireless, Inc.†# | 5,630 | 183,819 | ||||||
Ribbon Communications, Inc.† | 28,271 | 219,666 | ||||||
1,571,395 | ||||||||
Computer Aided Design — 0.2% |
| |||||||
Aspen Technology, Inc.† | 44,728 | 2,993,198 | ||||||
Computer Data Security — 0.1% |
| |||||||
Qualys, Inc.† | 18,705 | 1,101,725 | ||||||
Varonis Systems, Inc.† | 11,397 | 573,269 | ||||||
1,674,994 | ||||||||
Computer Graphics — 0.1% |
| |||||||
Monotype Imaging Holdings, Inc. | 24,774 | 624,305 | ||||||
Computer Services — 1.3% |
| |||||||
Barracuda Networks, Inc.† | 14,989 | 414,446 | ||||||
CACI International, Inc., Class A† | 14,546 | 1,919,345 | ||||||
Carbonite, Inc.† | 14,718 | 353,968 | ||||||
Cogint, Inc.†# | 12,055 | 51,234 | ||||||
Convergys Corp. | 55,983 | 1,381,660 | ||||||
DMC Global, Inc. | 8,404 | 169,341 | ||||||
Engility Holdings, Inc.† | 10,745 | 313,646 | ||||||
EPAM Systems, Inc.† | 29,290 | 2,971,178 | ||||||
ExlService Holdings, Inc.† | 19,495 | 1,196,603 | ||||||
Insight Enterprises, Inc.† | 21,218 | 827,502 | ||||||
KeyW Holding Corp.†# | 28,704 | 157,585 | ||||||
MAXIMUS, Inc. | 38,263 | 2,643,208 | ||||||
Presidio, Inc.† | 11,317 | 174,734 | ||||||
Science Applications International Corp. | 26,093 | 1,936,101 | ||||||
SecureWorks Corp., Class A†# | 4,815 | 47,283 | ||||||
StarTek, Inc.† | 6,052 | 59,310 | ||||||
Sykes Enterprises, Inc.† | 23,364 | 743,442 | ||||||
Syntel, Inc.† | 19,691 | 504,286 | ||||||
TeleTech Holdings, Inc. | 8,272 | 335,016 | ||||||
Unisys Corp.†# | 29,989 | 232,415 | ||||||
Virtusa Corp.† | 16,482 | 763,941 | ||||||
17,196,244 | ||||||||
Computer Software — 0.8% |
| |||||||
Avid Technology, Inc.†# | 19,906 | 133,967 | ||||||
Blackbaud, Inc. | 28,409 | 2,796,866 | ||||||
Box, Inc., Class A† | 46,786 | 983,910 | ||||||
Cloudera, Inc.† | 8,304 | 131,452 | ||||||
CommerceHub, Inc., Series A† | 8,178 | 186,949 | ||||||
CommerceHub, Inc., Series C† | 17,315 | 371,580 | ||||||
Cornerstone OnDemand, Inc.†# | 31,020 | 1,146,809 | ||||||
Envestnet, Inc.† | 25,660 | 1,261,189 | ||||||
j2 Global, Inc. | 27,681 | 2,088,808 | ||||||
Planet Payment, Inc.† | 25,141 | 113,135 | ||||||
Simulations Plus, Inc. | 6,512 | 101,262 | ||||||
Tintri, Inc.†# | 5,988 | 31,916 | ||||||
Veritone, Inc.†# | 1,504 | 36,036 | ||||||
Workiva, Inc.† | 14,791 | 321,704 | ||||||
9,705,583 | ||||||||
Computers — 0.1% |
| |||||||
Nutanix, Inc., Class A†# | 33,481 | 1,098,177 | ||||||
Computers - Integrated Systems — 0.6% |
| |||||||
Agilysys, Inc.† | 9,134 | 111,800 |
194 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Integrated Systems (continued) |
| |||||||
Cray, Inc.† | 23,888 | $ | 543,452 | |||||
Diebold Nixdorf, Inc.# | 45,027 | 864,518 | ||||||
Maxwell Technologies, Inc.†# | 21,489 | 119,479 | ||||||
Mercury Systems, Inc.† | 27,913 | 1,456,780 | ||||||
MTS Systems Corp. | 10,010 | 559,559 | ||||||
NetScout Systems, Inc.† | 51,043 | 1,584,885 | ||||||
Radisys Corp.† | 21,955 | 16,390 | ||||||
Silver Spring Networks, Inc.† | 24,900 | 400,143 | ||||||
Super Micro Computer, Inc.† | 23,208 | 511,736 | ||||||
USA Technologies, Inc.† | 23,199 | 201,831 | ||||||
VeriFone Systems, Inc.†# | 66,356 | 1,150,613 | ||||||
7,521,186 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
Pure Storage, Inc., Class A†# | 55,436 | 1,024,457 | ||||||
Quantum Corp.† | 16,669 | 86,512 | ||||||
1,110,969 | ||||||||
Computers - Other — 0.3% |
| |||||||
3D Systems Corp.†# | 65,096 | 574,798 | ||||||
ExOne Co.†# | 6,628 | 80,795 | ||||||
Lumentum Holdings, Inc.†# | 36,312 | 1,962,664 | ||||||
Stratasys, Ltd.† | 29,772 | 648,434 | ||||||
3,266,691 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Electronics For Imaging, Inc.† | 27,585 | 848,515 | ||||||
Immersion Corp.†# | 17,341 | 131,965 | ||||||
Mitek Systems, Inc.† | 18,369 | 165,321 | ||||||
1,145,801 | ||||||||
Computers - Voice Recognition — 0.0% |
| |||||||
Vocera Communications, Inc.† | 16,657 | 488,050 | ||||||
Consulting Services — 0.3% |
| |||||||
CRA International, Inc. | 4,972 | 224,735 | ||||||
Forrester Research, Inc. | 5,985 | 278,003 | ||||||
Franklin Covey Co.† | 5,782 | 116,218 | ||||||
FTI Consulting, Inc.† | 24,535 | 1,055,250 | ||||||
Hackett Group, Inc. | 14,243 | 232,588 | ||||||
Huron Consulting Group, Inc.† | 13,057 | 534,031 | ||||||
ICF International, Inc.† | 10,679 | 577,200 | ||||||
Information Services Group, Inc.† | 19,305 | 87,259 | ||||||
Navigant Consulting, Inc.† | 28,090 | 539,047 | ||||||
Vectrus, Inc.† | 6,515 | 209,979 | ||||||
3,854,310 | ||||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Central Garden & Pet Co.† | 6,290 | 249,273 | ||||||
Central Garden & Pet Co., Class A† | 21,020 | 810,741 | ||||||
CSS Industries, Inc. | 5,313 | 144,779 | ||||||
Helen of Troy, Ltd.† | 16,241 | 1,451,946 | ||||||
WD-40 Co.# | 8,231 | 982,781 | ||||||
3,639,520 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Greif, Inc., Class A# | 15,211 | 830,064 | ||||||
Greif, Inc., Class B | 3,350 | 208,873 | ||||||
1,038,937 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
KapStone Paper and Packaging Corp. | 51,798 | 1,151,470 | ||||||
Multi-Color Corp. | 8,141 | 622,786 | ||||||
UFP Technologies, Inc.† | 3,845 | 105,930 | ||||||
1,880,186 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
e.l.f. Beauty, Inc.†# | 12,331 | $ | 273,255 | |||||
Inter Parfums, Inc. | 10,303 | 456,423 | ||||||
Revlon, Inc., Class A†# | 7,032 | 154,001 | ||||||
883,679 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Lindblad Expeditions Holdings, Inc.† | 11,945 | 122,556 | ||||||
Data Processing/Management — 0.6% |
| |||||||
Acxiom Corp.† | 46,543 | 1,268,297 | ||||||
Amber Road, Inc.† | 11,944 | 87,669 | ||||||
CommVault Systems, Inc.†# | 23,122 | 1,246,276 | ||||||
CSG Systems International, Inc. | 19,869 | 911,788 | ||||||
Fair Isaac Corp. | 17,904 | 2,812,002 | ||||||
Pegasystems, Inc. | 21,831 | 1,101,374 | ||||||
7,427,406 | ||||||||
Decision Support Software — 0.0% |
| |||||||
Castlight Health, Inc., Class B†# | 38,107 | 148,617 | ||||||
QAD, Inc., Class A | 5,875 | 216,200 | ||||||
364,817 | ||||||||
Diagnostic Equipment — 0.2% |
| |||||||
Accelerate Diagnostics, Inc.†# | 15,515 | 458,468 | ||||||
BioTelemetry, Inc.† | 16,733 | 485,257 | ||||||
GenMark Diagnostics, Inc.†# | 26,152 | 116,376 | ||||||
Genomic Health, Inc.† | 11,762 | 356,271 | ||||||
Oxford Immunotec Global PLC†# | 13,473 | 200,613 | ||||||
Quotient, Ltd.†# | 15,923 | 77,227 | ||||||
Repligen Corp.† | 22,151 | 785,253 | ||||||
2,479,465 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
Meridian Bioscience, Inc. | 24,806 | 373,330 | ||||||
OraSure Technologies, Inc.† | 33,704 | 557,801 | ||||||
Quidel Corp.† | 16,527 | 627,861 | ||||||
1,558,992 | ||||||||
Dialysis Centers — 0.0% |
| |||||||
American Renal Associates Holdings, Inc.† | 5,779 | 83,680 | ||||||
Disposable Medical Products — 0.3% |
| |||||||
ICU Medical, Inc.† | 8,960 | 1,912,064 | ||||||
Merit Medical Systems, Inc.† | 28,984 | 1,259,355 | ||||||
Utah Medical Products, Inc. | 2,034 | 166,076 | ||||||
3,337,495 | ||||||||
Distribution/Wholesale — 0.8% |
| |||||||
Anixter International, Inc.† | 17,296 | 1,236,664 | ||||||
Beacon Roofing Supply, Inc.† | 39,779 | 2,549,038 | ||||||
Core-Mark Holding Co., Inc. | 27,169 | 900,924 | ||||||
EnviroStar, Inc.# | 2,090 | 58,729 | ||||||
Essendant, Inc. | 22,263 | 209,495 | ||||||
Fossil Group, Inc.†# | 25,413 | 179,924 | ||||||
G-III Apparel Group, Ltd.† | 25,791 | 794,363 | ||||||
H&E Equipment Services, Inc. | 18,769 | 698,019 | ||||||
Huttig Building Products, Inc.†# | 14,188 | 96,762 | ||||||
Nexeo Solutions, Inc.† | 15,644 | 124,057 | ||||||
ScanSource, Inc.† | 14,770 | 531,720 | ||||||
SiteOne Landscape Supply, Inc.†# | 20,221 | 1,512,126 | ||||||
Systemax, Inc. | 6,841 | 208,651 | ||||||
Titan Machinery, Inc.† | 11,062 | 210,178 | ||||||
Triton International, Ltd. | 25,875 | 1,023,874 | ||||||
Veritiv Corp.† | 6,840 | 186,390 | ||||||
10,520,914 | ||||||||
195 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Financial Services — 0.0% |
| |||||||
Ladder Capital Corp. | 42,047 | $ | 573,942 | |||||
Diversified Manufacturing Operations — 0.8% |
| |||||||
Actuant Corp., Class A | 35,487 | 936,857 | ||||||
AZZ, Inc. | 15,467 | 743,963 | ||||||
Barnes Group, Inc. | 29,943 | 1,984,323 | ||||||
Chase Corp. | 4,258 | 537,785 | ||||||
EnPro Industries, Inc. | 12,604 | 1,088,607 | ||||||
Fabrinet† | 21,617 | 689,798 | ||||||
Federal Signal Corp. | 35,148 | 755,682 | ||||||
GP Strategies Corp.† | 7,477 | 171,971 | ||||||
Harsco Corp.† | 47,894 | 864,487 | ||||||
LSB Industries, Inc.†# | 12,949 | 116,670 | ||||||
Lydall, Inc.† | 9,949 | 547,692 | ||||||
NL Industries, Inc.† | 4,976 | 76,382 | ||||||
Raven Industries, Inc. | 21,534 | 822,599 | ||||||
Standex International Corp. | 7,511 | 803,677 | ||||||
Tredegar Corp. | 15,388 | 303,144 | ||||||
10,443,637 | ||||||||
Diversified Minerals — 0.2% |
| |||||||
Fairmount Santrol Holdings, Inc.†# | 92,406 | 445,397 | ||||||
Smart Sand, Inc.†# | 13,022 | 103,785 | ||||||
United States Lime & Minerals, Inc. | 1,176 | 100,372 | ||||||
US Silica Holdings, Inc.# | 48,660 | 1,614,052 | ||||||
2,263,606 | ||||||||
Diversified Operations — 0.1% |
| |||||||
HRG Group, Inc.† | 70,850 | 1,229,248 | ||||||
Diversified Operations/Commercial Services — 0.1% |
| |||||||
Viad Corp. | 12,044 | 693,734 | ||||||
Drug Delivery Systems — 0.7% |
| |||||||
Antares Pharma, Inc.†# | 85,570 | 158,305 | ||||||
Catalent, Inc.† | 74,950 | 2,982,260 | ||||||
Depomed, Inc.† | 33,986 | 233,144 | ||||||
Heron Therapeutics, Inc.† | 27,054 | 476,150 | ||||||
Nektar Therapeutics† | 88,278 | 4,766,129 | ||||||
Revance Therapeutics, Inc.†# | 13,357 | 370,657 | ||||||
8,986,645 | ||||||||
E-Commerce/Products — 0.3% |
| |||||||
1-800-flowers.com, Inc., Class A† | 15,554 | 159,428 | ||||||
Chegg, Inc.†# | 56,101 | 853,296 | ||||||
Etsy, Inc.† | 68,931 | 1,134,604 | ||||||
FTD Cos., Inc.† | 10,059 | 67,798 | ||||||
Lands’ End, Inc.†# | 7,910 | 96,502 | ||||||
Ominto, Inc.†# | 8,450 | 38,785 | ||||||
Overstock.com, Inc.†# | 9,997 | 470,859 | ||||||
Shutterfly, Inc.† | 20,281 | 896,015 | ||||||
3,717,287 | ||||||||
E-Commerce/Services — 0.7% |
| |||||||
Cars.com, Inc.†# | 42,889 | 1,039,629 | ||||||
Carvana Co.†# | 9,026 | 146,311 | ||||||
ChannelAdvisor Corp.† | 15,091 | 129,783 | ||||||
Groupon, Inc.†# | 202,349 | 1,141,248 | ||||||
GrubHub, Inc.†# | 51,181 | 3,457,788 | ||||||
Leaf Group, Ltd.† | 7,055 | 58,204 | ||||||
Quotient Technology, Inc.† | 43,881 | 522,184 | ||||||
Stamps.com, Inc.† | 9,434 | 1,588,686 | ||||||
Trade Desk, Inc., Class A†# | 13,984 | 687,174 | ||||||
TrueCar, Inc.†# | 40,796 | 497,303 | ||||||
9,268,310 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Marketing/Info — 0.1% |
| |||||||
Liquidity Services, Inc.† | 15,248 | $ | 87,676 | |||||
New Media Investment Group, Inc. | 30,464 | 528,855 | ||||||
QuinStreet, Inc.† | 21,793 | 232,967 | ||||||
Rubicon Project, Inc.† | 26,426 | 47,567 | ||||||
897,065 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
Perficient, Inc.† | 20,445 | 395,815 | ||||||
Educational Software — 0.2% |
| |||||||
2U, Inc.†# | 26,083 | 1,671,920 | ||||||
Instructure, Inc.† | 12,659 | 439,900 | ||||||
Rosetta Stone, Inc.† | 10,097 | 123,083 | ||||||
2,234,903 | ||||||||
Electric Products - Misc. — 0.3% |
| |||||||
Graham Corp. | 5,686 | 112,810 | ||||||
Littelfuse, Inc.# | 13,412 | 2,721,295 | ||||||
Novanta, Inc.† | 19,077 | 917,604 | ||||||
3,751,709 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Genie Energy, Ltd., Class B | 8,037 | 34,800 | ||||||
Spark Energy, Inc., Class A# | 6,869 | 85,862 | ||||||
Unitil Corp. | 8,282 | 432,652 | ||||||
553,314 | ||||||||
Electric - Generation — 0.0% |
| |||||||
Atlantic Power Corp.† | 68,244 | 174,022 | ||||||
Electric - Integrated — 1.6% |
| |||||||
ALLETE, Inc. | 30,487 | 2,454,203 | ||||||
Ameresco, Inc., Class A† | 11,125 | 94,563 | ||||||
Avista Corp.# | 38,355 | 1,992,159 | ||||||
Black Hills Corp.# | 31,872 | 1,864,831 | ||||||
El Paso Electric Co. | 24,089 | 1,467,020 | ||||||
IDACORP, Inc. | 30,106 | 2,974,774 | ||||||
MGE Energy, Inc. | 20,821 | 1,374,186 | ||||||
NorthWestern Corp. | 29,023 | 1,865,018 | ||||||
Otter Tail Corp. | 23,430 | 1,131,669 | ||||||
PNM Resources, Inc. | 47,549 | 2,163,479 | ||||||
Portland General Electric Co. | 53,302 | 2,645,911 | ||||||
20,027,813 | ||||||||
Electronic Components - Misc. — 1.0% |
| |||||||
AVX Corp. | 27,455 | 498,034 | ||||||
Bel Fuse, Inc., Class B | 5,727 | 153,770 | ||||||
Benchmark Electronics, Inc.† | 29,787 | 908,503 | ||||||
CTS Corp. | 19,037 | 518,758 | ||||||
Kimball Electronics, Inc.† | 15,807 | 329,576 | ||||||
Knowles Corp.†# | 52,515 | 829,212 | ||||||
Methode Electronics, Inc. | 21,325 | 1,004,407 | ||||||
Microvision, Inc.†# | 40,626 | 68,658 | ||||||
NVE Corp. | 2,842 | 237,648 | ||||||
OSI Systems, Inc.† | 10,366 | 898,318 | ||||||
Plexus Corp.† | 20,005 | 1,250,512 | ||||||
Rogers Corp.† | 10,745 | 1,731,019 | ||||||
Sanmina Corp.† | 43,983 | 1,495,422 | ||||||
Sparton Corp.† | 5,744 | 133,261 | ||||||
Stoneridge, Inc.† | 16,033 | 365,873 | ||||||
Vishay Intertechnology, Inc.# | 80,233 | 1,757,103 | ||||||
Vishay Precision Group, Inc.† | 6,048 | 167,530 | ||||||
ZAGG, Inc.† | 16,193 | 331,147 | ||||||
12,678,751 | ||||||||
Electronic Components - Semiconductors — 1.2% |
| |||||||
Alpha & Omega Semiconductor, Ltd.† | 11,153 | 196,404 |
196 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Ambarella, Inc.†# | 19,333 | $ | 1,049,202 | |||||
Amkor Technology, Inc.† | 60,692 | 641,514 | ||||||
AXT, Inc.† | 22,163 | 213,873 | ||||||
CEVA, Inc.† | 12,769 | 606,527 | ||||||
Diodes, Inc.† | 22,739 | 666,253 | ||||||
DSP Group, Inc.† | 13,011 | 169,793 | ||||||
EMCORE Corp.† | 16,045 | 125,151 | ||||||
GSI Technology, Inc.† | 8,495 | 67,705 | ||||||
Impinj, Inc.†# | 10,729 | 273,268 | ||||||
Inphi Corp.†# | 25,029 | 1,027,941 | ||||||
IXYS Corp.† | 14,905 | 362,191 | ||||||
Kopin Corp.†# | 36,671 | 118,081 | ||||||
Lattice Semiconductor Corp.† | 73,132 | 429,285 | ||||||
MACOM Technology Solutions Holdings, Inc.†# | 24,157 | 787,277 | ||||||
Monolithic Power Systems, Inc. | 23,785 | 2,814,955 | ||||||
Pixelworks, Inc.† | 16,984 | 97,658 | ||||||
Rambus, Inc.† | 66,045 | 977,466 | ||||||
Semtech Corp.† | 38,638 | 1,315,624 | ||||||
Silicon Laboratories, Inc.† | 24,999 | 2,277,409 | ||||||
SMART Global Holdings, Inc.† | 12,003 | 359,970 | ||||||
Synaptics, Inc.†# | 20,525 | 774,613 | ||||||
Xperi Corp. | 29,159 | 562,769 | ||||||
15,914,929 | ||||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Badger Meter, Inc.# | 16,718 | 775,715 | ||||||
CyberOptics Corp.†# | 4,093 | 65,079 | ||||||
ESCO Technologies, Inc. | 15,179 | 991,948 | ||||||
FARO Technologies, Inc.† | 9,872 | 516,306 | ||||||
Fitbit, Inc., Class A†# | 104,050 | 713,783 | ||||||
Itron, Inc.† | 20,359 | 1,312,137 | ||||||
Mesa Laboratories, Inc.# | 1,904 | 256,240 | ||||||
4,631,208 | ||||||||
Electronic Parts Distribution — 0.3% |
| |||||||
SYNNEX Corp. | 17,281 | 2,353,672 | ||||||
Tech Data Corp.† | 20,902 | 2,021,224 | ||||||
4,374,896 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Napco Security Technologies, Inc.† | 7,091 | 70,910 | ||||||
Energy - Alternate Sources — 0.3% |
| |||||||
Clean Energy Fuels Corp.† | 81,304 | 182,934 | ||||||
FutureFuel Corp. | 14,907 | 223,754 | ||||||
Green Plains, Inc. | 22,605 | 380,894 | ||||||
Pacific Ethanol, Inc.† | 24,484 | 110,178 | ||||||
Pattern Energy Group, Inc. | 41,924 | 944,967 | ||||||
Plug Power, Inc.†# | 133,089 | 315,421 | ||||||
Renewable Energy Group, Inc.†# | 22,675 | 257,361 | ||||||
REX American Resources Corp.†# | 3,464 | 317,095 | ||||||
Sunrun, Inc.†# | 50,621 | 283,478 | ||||||
TerraForm Global, Inc., Class A† | 53,166 | 249,880 | ||||||
TPI Composites, Inc.† | 6,365 | 120,553 | ||||||
Vivint Solar, Inc.†# | 15,510 | 55,060 | ||||||
3,441,575 | ||||||||
Engineering/R&D Services — 0.3% |
| |||||||
Argan, Inc. | 8,658 | 510,822 | ||||||
Exponent, Inc. | 15,276 | 1,153,338 | ||||||
KBR, Inc. | 82,746 | 1,551,488 | ||||||
Keane Group, Inc.†# | 18,518 | 277,029 | ||||||
Mistras Group, Inc.† | 10,303 | 236,454 | ||||||
NV5 Global, Inc.†# | 4,717 | 261,558 | ||||||
VSE Corp. | 5,142 | 245,633 | ||||||
4,236,322 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Briggs & Stratton Corp. | 24,862 | $ | 619,064 | |||||
Enterprise Software/Service — 0.8% |
| |||||||
Actua Corp.† | 18,203 | 282,147 | ||||||
Alteryx, Inc., Class A†# | 5,293 | 132,113 | ||||||
American Software, Inc., Class A | 15,815 | 204,172 | ||||||
Apptio, Inc., Class A† | 10,572 | 235,861 | ||||||
Benefitfocus, Inc.†# | 9,464 | 256,474 | ||||||
Blackline, Inc.†# | 9,289 | 340,628 | ||||||
Coupa Software, Inc.† | 17,756 | 629,095 | ||||||
Donnelley Financial Solutions, Inc.† | 19,640 | 400,656 | ||||||
Everbridge, Inc.† | 10,097 | 267,571 | ||||||
Evolent Health, Inc., Class A†# | 31,026 | 398,684 | ||||||
Hortonworks, Inc.† | 28,504 | 541,861 | ||||||
LivePerson, Inc.† | 32,281 | 358,319 | ||||||
Majesco† | 3,309 | 17,637 | ||||||
ManTech International Corp., Class A | 15,346 | 782,339 | ||||||
MicroStrategy, Inc., Class A† | 5,658 | 773,788 | ||||||
MobileIron, Inc.†# | 32,658 | 127,366 | ||||||
Model N, Inc.† | 13,888 | 225,680 | ||||||
MuleSoft, Inc., Class A† | 14,402 | 330,526 | ||||||
Omnicell, Inc.† | 21,878 | 1,146,407 | ||||||
Paycom Software, Inc.†# | 29,369 | 2,408,258 | ||||||
PROS Holdings, Inc.† | 15,646 | 392,558 | ||||||
SPS Commerce, Inc.† | 10,052 | 507,224 | ||||||
10,759,364 | ||||||||
Entertainment Software — 0.0% |
| |||||||
Glu Mobile, Inc.†# | 61,847 | 241,822 | ||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc. | 34,068 | 1,703,400 | ||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 19,854 | 1,707,444 | ||||||
Finance - Commercial — 0.1% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.# | 29,432 | 699,598 | ||||||
NewStar Financial, Inc. | 18,376 | 216,837 | ||||||
On Deck Capital, Inc.† | 29,375 | 155,394 | ||||||
1,071,829 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Elevate Credit, Inc.†# | 8,580 | 64,350 | ||||||
Encore Capital Group, Inc.†# | 14,298 | 654,848 | ||||||
Enova International, Inc.† | 19,693 | 292,441 | ||||||
LendingClub Corp.† | 189,448 | 827,888 | ||||||
Nelnet, Inc., Class A | 11,884 | 636,626 | ||||||
Ocwen Financial Corp.†# | 63,020 | 201,034 | ||||||
PRA Group, Inc.†# | 27,361 | 952,163 | ||||||
Regional Management Corp.† | 6,075 | 149,870 | ||||||
World Acceptance Corp.†# | 3,505 | 290,845 | ||||||
4,070,065 | ||||||||
Finance - Credit Card — 0.1% |
| |||||||
Blackhawk Network Holdings, Inc.† | 32,581 | 1,197,352 | ||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Cowen, Inc.†# | 15,432 | 229,937 | ||||||
Diamond Hill Investment Group, Inc. | 1,889 | 398,692 | ||||||
Evercore, Inc., Class A | 23,076 | 2,004,151 | ||||||
GAIN Capital Holdings, Inc.# | 21,552 | 162,718 | ||||||
Greenhill & Co., Inc.# | 16,319 | 331,276 | ||||||
Houlihan Lokey, Inc. | 14,733 | 657,681 | ||||||
INTL. FCStone, Inc.† | 9,024 | 395,973 | ||||||
Investment Technology Group, Inc. | 19,577 | 352,190 | ||||||
Ladenburg Thalmann Financial Services, Inc. | 60,545 | 208,880 | ||||||
Moelis & Co., Class A | 18,379 | 880,354 |
197 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Investment Banker/Broker (continued) |
| |||||||
Oppenheimer Holdings, Inc., Class A | 5,835 | $ | 157,253 | |||||
Piper Jaffray Cos. | 8,571 | 673,252 | ||||||
PJT Partners, Inc., Class A | 10,776 | 458,303 | ||||||
Stifel Financial Corp. | 39,709 | 2,233,234 | ||||||
Virtu Financial, Inc., Class A# | 14,689 | 239,431 | ||||||
9,383,325 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Aircastle, Ltd. | 28,341 | 694,355 | ||||||
California First National Bancorp | 1,316 | 20,398 | ||||||
Marlin Business Services Corp. | 5,232 | 124,783 | ||||||
839,536 | ||||||||
Finance - Mortgage Loan/Banker — 0.3% |
| |||||||
Arlington Asset Investment Corp., Class A# | 13,768 | 162,600 | ||||||
Ellie Mae, Inc.†# | 20,167 | 1,782,561 | ||||||
Federal Agricultural Mtg. Corp., Class C | 5,251 | 389,887 | ||||||
Impac Mortgage Holdings, Inc.† | 6,301 | 73,974 | ||||||
Nationstar Mtg. Holdings, Inc.†# | 17,424 | 314,851 | ||||||
PennyMac Financial Services, Inc., Class A†# | 9,469 | 200,269 | ||||||
PHH Corp.† | 31,447 | 357,238 | ||||||
TPG RE Finance Trust, Inc. | 1,051 | 20,169 | ||||||
3,301,549 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
R1 RCM, Inc.†# | 59,731 | 231,756 | ||||||
WageWorks, Inc.† | 23,450 | 1,504,318 | ||||||
1,736,074 | ||||||||
Financial Guarantee Insurance — 0.6% |
| |||||||
MBIA, Inc.†# | 74,678 | 628,789 | ||||||
MGIC Investment Corp.† | 220,614 | 3,225,377 | ||||||
NMI Holdings, Inc., Class A† | 33,950 | 578,847 | ||||||
Radian Group, Inc. | 129,107 | 2,645,402 | ||||||
7,078,415 | ||||||||
Firearms & Ammunition — 0.1% |
| |||||||
American Outdoor Brands Corp.†# | 33,482 | 469,753 | ||||||
Axon Enterprise, Inc.†# | 31,056 | 772,673 | ||||||
Sturm Ruger & Co., Inc.# | 10,216 | 559,326 | ||||||
1,801,752 | ||||||||
Food - Canned — 0.1% |
| |||||||
Bob Evans Farms, Inc. | 11,805 | 921,262 | ||||||
Seneca Foods Corp., Class A† | 4,141 | 142,244 | ||||||
1,063,506 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Amplify Snack Brands, Inc.†# | 19,718 | 114,364 | ||||||
Hostess Brands, Inc.†# | 47,675 | 670,311 | ||||||
Tootsie Roll Industries, Inc.# | 10,082 | 377,067 | ||||||
1,161,742 | ||||||||
Food - Dairy Products — 0.1% |
| |||||||
Dean Foods Co. | 54,160 | 604,425 | ||||||
Lifeway Foods, Inc.† | 2,798 | 28,484 | ||||||
632,909 | ||||||||
Food - Misc./Diversified — 0.7% |
| |||||||
B&G Foods, Inc.# | 39,154 | 1,515,260 | ||||||
Cal-Maine Foods, Inc.†# | 18,517 | 921,221 | ||||||
Darling Ingredients, Inc.† | 97,796 | 1,755,438 | ||||||
J&J Snack Foods Corp. | 8,975 | 1,356,212 | ||||||
John B. Sanfilippo & Son, Inc. | 5,108 | 308,625 | ||||||
Lancaster Colony Corp. | 11,205 | 1,493,402 |
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified (continued) |
| |||||||
Snyder’s-Lance, Inc.# | 51,264 | $ | 1,982,892 | |||||
9,333,050 | ||||||||
Food - Retail — 0.1% |
| |||||||
Ingles Markets, Inc., Class A | 8,392 | 232,878 | ||||||
Smart & Final Stores, Inc.†# | 13,460 | 123,159 | ||||||
SUPERVALU, Inc.†# | 22,845 | 417,607 | ||||||
Village Super Market, Inc., Class A | 4,631 | 118,785 | ||||||
Weis Markets, Inc. | 5,699 | 234,628 | ||||||
1,127,057 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc.# | 9,549 | 729,544 | ||||||
Chefs’ Warehouse, Inc.†# | 11,679 | 236,500 | ||||||
Fresh Del Monte Produce, Inc. | 19,684 | 958,611 | ||||||
Performance Food Group Co.† | 50,188 | 1,488,074 | ||||||
SpartanNash Co. | 22,366 | 566,978 | ||||||
United Natural Foods, Inc.† | 30,213 | 1,450,828 | ||||||
5,430,535 | ||||||||
Footwear & Related Apparel — 0.4% |
| |||||||
Crocs, Inc.† | 44,082 | 481,816 | ||||||
Deckers Outdoor Corp.† | 18,838 | 1,407,764 | ||||||
Iconix Brand Group, Inc.†# | 29,816 | 56,054 | ||||||
Steven Madden, Ltd.† | 35,213 | 1,505,356 | ||||||
Weyco Group, Inc. | 3,759 | 106,041 | ||||||
Wolverine World Wide, Inc. | 56,217 | 1,628,607 | ||||||
5,185,638 | ||||||||
Forestry — 0.0% |
| |||||||
Deltic Timber Corp. | 6,528 | 602,469 | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Carriage Services, Inc.# | 9,160 | 234,679 | ||||||
Matthews International Corp., Class A | 18,638 | 1,055,843 | ||||||
1,290,522 | ||||||||
Gambling (Non-Hotel) — 0.2% |
| |||||||
Golden Entertainment, Inc.† | 6,288 | 215,804 | ||||||
Pinnacle Entertainment, Inc.† | 31,514 | 966,850 | ||||||
Red Rock Resorts, Inc., Class A# | 40,478 | 1,248,746 | ||||||
2,431,400 | ||||||||
Gas - Distribution — 1.2% |
| |||||||
Chesapeake Utilities Corp. | 9,420 | 805,881 | ||||||
New Jersey Resources Corp. | 51,227 | 2,284,724 | ||||||
Northwest Natural Gas Co. | 16,933 | 1,170,917 | ||||||
ONE Gas, Inc. | 31,111 | 2,465,547 | ||||||
RGC Resources, Inc. | 3,981 | 106,014 | ||||||
South Jersey Industries, Inc. | 47,576 | 1,610,923 | ||||||
Southwest Gas Holdings, Inc. | 28,297 | 2,431,844 | ||||||
Spire, Inc. | 28,139 | 2,314,433 | ||||||
WGL Holdings, Inc. | 30,527 | 2,580,753 | ||||||
15,771,036 | ||||||||
Gold Mining — 0.0% |
| |||||||
Gold Resource Corp.# | 31,251 | 124,379 | ||||||
Klondex Mines, Ltd.†# | 104,780 | 254,615 | ||||||
378,994 | ||||||||
Golf — 0.1% |
| |||||||
Acushnet Holdings Corp.# | 13,768 | 273,570 | ||||||
Callaway Golf Co. | 55,711 | 808,367 | ||||||
Drive Shack, Inc.# | 37,020 | 228,783 | ||||||
1,310,720 | ||||||||
198 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 8,443 | $ | 161,684 | |||||
US Ecology, Inc. | 13,014 | 669,570 | ||||||
831,254 | ||||||||
Health Care Cost Containment — 0.1% |
| |||||||
CorVel Corp.† | 5,639 | 311,555 | ||||||
HealthEquity, Inc.†# | 29,684 | 1,539,709 | ||||||
1,851,264 | ||||||||
Heart Monitors — 0.0% |
| |||||||
FONAR Corp.† | 3,632 | 90,255 | ||||||
Home Furnishings — 0.1% |
| |||||||
Ethan Allen Interiors, Inc. | 14,803 | 435,208 | ||||||
Flexsteel Industries, Inc. | 4,533 | 235,716 | ||||||
Hooker Furniture Corp. | 6,756 | 337,800 | ||||||
Sleep Number Corp.† | 24,484 | 861,592 | ||||||
1,870,316 | ||||||||
Hotels/Motels — 0.3% |
| |||||||
Belmond, Ltd., Class A† | 53,302 | 660,945 | ||||||
ILG, Inc. | 63,368 | 1,780,007 | ||||||
La Quinta Holdings, Inc.† | 48,602 | 865,602 | ||||||
Marcus Corp. | 11,133 | 312,837 | ||||||
Red Lion Hotels Corp.† | 9,870 | 89,323 | ||||||
3,708,714 | ||||||||
Housewares — 0.0% |
| |||||||
Libbey, Inc. | 13,057 | 88,657 | ||||||
Lifetime Brands, Inc. | 5,805 | 105,071 | ||||||
193,728 | ||||||||
Human Resources — 0.8% |
| |||||||
AMN Healthcare Services, Inc.†# | 28,098 | 1,410,520 | ||||||
Barrett Business Services, Inc. | 4,214 | 279,641 | ||||||
BG Staffing, Inc.# | 4,123 | 64,607 | ||||||
Cross Country Healthcare, Inc.† | 21,090 | 288,300 | ||||||
Heidrick & Struggles International, Inc. | 10,929 | 273,225 | ||||||
Insperity, Inc. | 10,913 | 1,286,643 | ||||||
Kelly Services, Inc., Class A | 18,181 | 529,976 | ||||||
Kforce, Inc. | 13,969 | 363,194 | ||||||
Korn/Ferry International | 30,494 | 1,336,857 | ||||||
On Assignment, Inc.† | 30,256 | 1,935,174 | ||||||
Paylocity Holding Corp.†# | 15,481 | 714,293 | ||||||
Resources Connection, Inc. | 17,058 | 273,781 | ||||||
TriNet Group, Inc.† | 24,355 | 1,090,130 | ||||||
TrueBlue, Inc.† | 25,022 | 711,876 | ||||||
Willdan Group, Inc.† | 4,494 | 113,878 | ||||||
10,672,095 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 27,676 | 1,082,132 | ||||||
Import/Export — 0.0% |
| |||||||
Castle Brands, Inc.†# | 51,699 | 63,073 | ||||||
Independent Power Producers — 0.3% |
| |||||||
Dynegy, Inc.† | 65,831 | 798,530 | ||||||
NRG Yield, Inc., Class A | 20,770 | 390,684 | ||||||
NRG Yield, Inc., Class C | 37,966 | 723,252 | ||||||
Ormat Technologies, Inc. | 23,615 | 1,547,963 | ||||||
3,460,429 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Akoustis Technologies, Inc.†# | 5,169 | 35,149 | ||||||
GoPro, Inc., Class A†# | 63,679 | 543,819 |
Security Description | Shares | Value (Note 2) | ||||||
Industrial Audio & Video Products (continued) |
| |||||||
Iteris, Inc.† | 14,040 | $ | 89,996 | |||||
668,964 | ||||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Hurco Cos., Inc. | 3,643 | 162,478 | ||||||
Ichor Holdings, Ltd.†# | 10,649 | 302,538 | ||||||
465,016 | ||||||||
Instruments - Controls — 0.3% |
| |||||||
Allied Motion Technologies, Inc. | 3,943 | 125,821 | ||||||
Control4 Corp.† | 14,538 | 483,243 | ||||||
Watts Water Technologies, Inc., Class A | 16,583 | 1,233,775 | ||||||
Woodward, Inc. | 31,740 | 2,455,089 | ||||||
4,297,928 | ||||||||
Instruments - Scientific — 0.0% |
| |||||||
Fluidigm Corp.†# | 17,501 | 104,131 | ||||||
Insurance Brokers — 0.0% |
| |||||||
Crawford & Co., Class B | 7,121 | 71,352 | ||||||
eHealth, Inc.† | 9,269 | 212,631 | ||||||
283,983 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
American Equity Investment Life Holding Co. | 51,563 | 1,636,094 | ||||||
CNO Financial Group, Inc. | 99,652 | 2,512,227 | ||||||
FBL Financial Group, Inc., Class A | 5,895 | 444,483 | ||||||
Fidelity & Guaranty Life# | 6,808 | 211,729 | ||||||
Health Insurance Innovations, Inc., Class A†# | 6,666 | 155,651 | ||||||
Independence Holding Co. | 4,081 | 121,206 | ||||||
National Western Life Group, Inc., Class A | 1,349 | 476,858 | ||||||
Primerica, Inc. | 27,145 | 2,823,080 | ||||||
Trupanion, Inc.†# | 13,371 | 398,188 | ||||||
8,779,516 | ||||||||
Insurance - Multi-line — 0.4% |
| |||||||
Citizens, Inc.†# | 27,751 | 238,658 | ||||||
Genworth Financial, Inc., Class A† | 299,528 | 1,015,400 | ||||||
Horace Mann Educators Corp. | 24,357 | 1,137,472 | ||||||
Kemper Corp. | 23,613 | 1,629,297 | ||||||
United Fire Group, Inc. | 12,777 | 614,063 | ||||||
4,634,890 | ||||||||
Insurance - Property/Casualty — 1.2% |
| |||||||
Ambac Financial Group, Inc.† | 27,048 | 407,343 | ||||||
AMERISAFE, Inc. | 11,383 | 747,294 | ||||||
AmTrust Financial Services, Inc.# | 50,797 | 489,683 | ||||||
Atlas Financial Holdings, Inc.† | 6,279 | 125,580 | ||||||
Baldwin & Lyons, Inc., Class B | 5,555 | 135,542 | ||||||
Donegal Group, Inc., Class A | 5,249 | 92,960 | ||||||
EMC Insurance Group, Inc. | 5,220 | 161,924 | ||||||
Employers Holdings, Inc. | 18,940 | 928,060 | ||||||
Enstar Group, Ltd.† | 6,698 | 1,484,612 | ||||||
Federated National Holding Co. | 7,525 | 101,738 | ||||||
Global Indemnity, Ltd.† | 4,930 | 213,617 | ||||||
Hallmark Financial Services, Inc.† | 8,065 | 90,086 | ||||||
HCI Group, Inc. | 4,725 | 142,081 | ||||||
Heritage Insurance Holdings, Inc.# | 15,484 | 278,402 | ||||||
Infinity Property & Casualty Corp. | 6,422 | 692,291 | ||||||
Investors Title Co. | 872 | 175,272 | ||||||
James River Group Holdings, Ltd. | 13,104 | 530,450 | ||||||
Kingstone Cos., Inc.# | 5,403 | 105,088 | ||||||
Kinsale Capital Group, Inc.# | 8,616 | 384,187 | ||||||
National General Holdings Corp. | 29,246 | 617,968 | ||||||
Navigators Group, Inc. | 12,265 | 631,647 | ||||||
NI Holdings, Inc.† | 6,128 | 107,608 |
199 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty (continued) |
| |||||||
RLI Corp.# | 22,959 | $ | 1,371,341 | |||||
Safety Insurance Group, Inc. | 8,705 | 716,857 | ||||||
Selective Insurance Group, Inc. | 34,284 | 2,098,181 | ||||||
State Auto Financial Corp. | 9,470 | 264,308 | ||||||
Stewart Information Services Corp. | 12,557 | 506,424 | ||||||
Third Point Reinsurance, Ltd.† | 45,737 | 775,242 | ||||||
Tiptree, Inc. | 14,618 | 97,941 | ||||||
United Insurance Holdings Corp.# | 10,154 | 169,470 | ||||||
Universal Insurance Holdings, Inc. | 18,884 | 498,538 | ||||||
15,141,735 | ||||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Argo Group International Holdings, Ltd. | 17,273 | 1,057,971 | ||||||
Blue Capital Reinsurance Holdings, Ltd. | 3,511 | 42,834 | ||||||
Essent Group, Ltd.† | 47,879 | 2,118,646 | ||||||
Greenlight Capital Re, Ltd., Class A† | 17,961 | 397,836 | ||||||
Maiden Holdings, Ltd. | 42,709 | 277,609 | ||||||
WMIH Corp.†# | 115,276 | 96,636 | ||||||
3,991,532 | ||||||||
Internet Application Software — 0.2% |
| |||||||
Okta, Inc.† | 6,619 | 193,341 | ||||||
RealNetworks, Inc.† | 14,467 | 60,472 | ||||||
Tucows, Inc., Class A†# | 5,363 | 340,014 | ||||||
VirnetX Holding Corp.†# | 30,256 | 110,434 | ||||||
Zendesk, Inc.†# | 57,893 | 1,945,784 | ||||||
2,650,045 | ||||||||
Internet Connectivity Services — 0.2% |
| |||||||
Boingo Wireless, Inc.† | 21,653 | 534,829 | ||||||
Cogent Communications Holdings, Inc.# | 24,785 | 1,161,177 | ||||||
Internap Corp.†# | 11,895 | 211,846 | ||||||
1,907,852 | ||||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Limelight Networks, Inc.† | 44,300 | 215,298 | ||||||
Shutterstock, Inc.† | 11,051 | 469,557 | ||||||
684,855 | ||||||||
Internet Content - Information/News — 0.2% |
| |||||||
DHI Group, Inc.† | 28,880 | 53,428 | ||||||
HealthStream, Inc.† | 15,356 | 365,166 | ||||||
Reis, Inc. | 5,398 | 117,136 | ||||||
XO Group, Inc.† | 14,655 | 283,281 | ||||||
Yelp, Inc.† | 46,274 | 2,061,507 | ||||||
2,880,518 | ||||||||
Internet Gambling — 0.0% |
| |||||||
Inspired Entertainment, Inc.† | 2,360 | 21,712 | ||||||
Internet Security — 0.3% |
| |||||||
Corindus Vascular Robotics, Inc.†# | 49,936 | 64,417 | ||||||
Imperva, Inc.† | 19,944 | 822,690 | ||||||
Proofpoint, Inc.†# | 25,586 | 2,304,019 | ||||||
Rapid7, Inc.†# | 12,428 | 235,014 | ||||||
VASCO Data Security International, Inc.† | 18,033 | 241,642 | ||||||
Zix Corp.† | 31,879 | 140,268 | ||||||
3,808,050 | ||||||||
Internet Telephone — 0.2% |
| |||||||
8x8, Inc.† | 52,594 | 741,576 | ||||||
RingCentral, Inc., Class A† | 37,182 | 1,753,131 | ||||||
2,494,707 | ||||||||
Investment Companies — 0.1% |
| |||||||
Cannae Holdings, Inc.† | 37,554 | 683,858 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Investment Management/Advisor Services — 0.5% |
| |||||||
Altisource Portfolio Solutions SA†# | 6,692 | $ | 178,409 | |||||
Artisan Partners Asset Management, Inc., Class A | 26,533 | 1,048,053 | ||||||
Associated Capital Group, Inc., Class A# | 2,991 | 104,236 | ||||||
Cohen & Steers, Inc. | 12,712 | 592,125 | ||||||
Financial Engines, Inc.# | 34,875 | 973,013 | ||||||
GAMCO Investors, Inc., Class A | 2,707 | 79,180 | ||||||
Hamilton Lane, Inc., Class A# | 8,218 | 283,274 | ||||||
Medley Management, Inc., Class A | 3,219 | 22,855 | ||||||
OM Asset Management PLC | 44,083 | 722,961 | ||||||
Pzena Investment Management, Inc., Class A | 10,067 | 112,549 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 4,251 | 64,615 | ||||||
Virtus Investment Partners, Inc. | 3,999 | 480,080 | ||||||
Waddell & Reed Financial, Inc., Class A# | 48,407 | 982,662 | ||||||
Westwood Holdings Group, Inc. | 4,833 | 330,336 | ||||||
WisdomTree Investments, Inc.# | 68,707 | 790,131 | ||||||
6,764,479 | ||||||||
Lasers - System/Components — 0.2% |
| |||||||
Applied Optoelectronics, Inc.†# | 10,936 | 477,466 | ||||||
Electro Scientific Industries, Inc.† | 18,790 | 449,645 | ||||||
II-VI, Inc.† | 36,139 | 1,712,988 | ||||||
2,640,099 | ||||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 6,322 | 85,979 | ||||||
Johnson Outdoors, Inc., Class A | 2,881 | 210,717 | ||||||
Marine Products Corp. | 4,658 | 70,056 | ||||||
366,752 | ||||||||
Lighting Products & Systems — 0.0% |
| |||||||
Revolution Lighting Technologies, Inc.†# | 7,338 | 33,168 | ||||||
Linen Supply & Related Items — 0.1% |
| |||||||
UniFirst Corp. | 9,104 | 1,488,504 | ||||||
Machine Tools & Related Products — 0.2% |
| |||||||
Hardinge, Inc. | 6,888 | 117,509 | ||||||
Kennametal, Inc. | 47,835 | 2,230,068 | ||||||
Milacron Holdings Corp.† | 32,115 | 566,187 | ||||||
2,913,764 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 12,690 | 702,645 | ||||||
Hyster-Yale Materials Handling, Inc. | 6,151 | 521,790 | ||||||
1,224,435 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
Babcock & Wilcox Enterprises, Inc.†# | 29,146 | 136,986 | ||||||
Franklin Electric Co., Inc. | 27,593 | 1,277,556 | ||||||
1,414,542 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 5,646 | 665,946 | ||||||
Lindsay Corp. | 6,244 | 585,874 | ||||||
1,251,820 | ||||||||
Machinery - General Industrial — 0.5% |
| |||||||
Albany International Corp., Class A | 17,099 | 1,106,305 | ||||||
Altra Industrial Motion Corp. | 17,074 | 829,796 | ||||||
Applied Industrial Technologies, Inc. | 22,818 | 1,459,211 | ||||||
Chart Industries, Inc.† | 18,260 | 888,897 | ||||||
DXP Enterprises, Inc.† | 9,389 | 261,014 | ||||||
Gencor Industries, Inc.† | 4,828 | 86,904 | ||||||
Intevac, Inc.† | 11,577 | 86,249 | ||||||
Kadant, Inc. | 6,461 | 660,960 | ||||||
Manitowoc Co, Inc.† | 18,989 | 762,978 | ||||||
Tennant Co. | 10,505 | 691,229 |
200 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Machinery - General Industrial (continued) |
| |||||||
Twin Disc, Inc.† | 5,085 | $ | 142,889 | |||||
6,976,432 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Columbus McKinnon Corp. | 11,550 | 461,307 | ||||||
Machinery - Pumps — 0.2% |
| |||||||
Gorman-Rupp Co. | 10,509 | 346,061 | ||||||
NN, Inc. | 16,135 | 450,973 | ||||||
SPX FLOW, Inc.† | 24,679 | 1,104,879 | ||||||
1,901,913 | ||||||||
Marine Services — 0.0% |
| |||||||
Great Lakes Dredge & Dock Corp.† | 33,830 | 169,150 | ||||||
SEACOR Marine Holdings, Inc.† | 9,673 | 118,494 | ||||||
287,644 | ||||||||
Medical Imaging Systems — 0.1% |
| |||||||
Analogic Corp. | 7,473 | 618,764 | ||||||
Lantheus Holdings, Inc.† | 15,519 | 347,626 | ||||||
966,390 | ||||||||
Medical Information Systems — 0.5% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 108,212 | 1,547,432 | ||||||
Computer Programs & Systems, Inc.# | 6,661 | 201,828 | ||||||
Cotiviti Holdings, Inc.†# | 21,819 | 713,045 | ||||||
Inovalon Holdings, Inc., Class A†# | 37,343 | 593,754 | ||||||
Medidata Solutions, Inc.† | 33,583 | 2,237,971 | ||||||
NantHealth, Inc.†# | 10,623 | 34,312 | ||||||
Quality Systems, Inc.† | 31,123 | 449,105 | ||||||
Tabula Rasa HealthCare, Inc.† | 5,550 | 192,529 | ||||||
5,969,976 | ||||||||
Medical Instruments — 0.9% |
| |||||||
Abaxis, Inc. | 13,065 | 636,788 | ||||||
AngioDynamics, Inc.† | 21,755 | 373,751 | ||||||
AtriCure, Inc.† | 18,904 | 349,724 | ||||||
Cardiovascular Systems, Inc.† | 19,019 | 476,616 | ||||||
CONMED Corp. | 16,351 | 874,778 | ||||||
CryoLife, Inc.† | 19,131 | 389,316 | ||||||
Endologix, Inc.†# | 48,973 | 268,862 | ||||||
Entellus Medical, Inc.†# | 7,218 | 122,922 | ||||||
Halyard Health, Inc.† | 27,854 | 1,352,033 | ||||||
Integra LifeSciences Holdings Corp.†# | 36,701 | 1,784,403 | ||||||
iRhythm Technologies, Inc.† | 8,214 | 455,877 | ||||||
LivaNova PLC† | 28,914 | 2,520,722 | ||||||
Natus Medical, Inc.† | 19,313 | 773,486 | ||||||
NuVasive, Inc.† | 30,239 | 1,744,488 | ||||||
Obalon Therapeutics, Inc.† | 5,125 | 42,179 | ||||||
12,165,945 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Invitae Corp.† | 23,183 | 202,619 | ||||||
Medpace Holdings, Inc.†# | 4,384 | 146,031 | ||||||
Natera, Inc.†# | 18,700 | 181,951 | ||||||
Teladoc, Inc.†# | 32,048 | 1,188,981 | ||||||
1,719,582 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cutera, Inc.† | 7,875 | 323,269 | ||||||
Medical Products — 1.5% |
| |||||||
Accuray, Inc.†# | 48,490 | 249,724 | ||||||
Atrion Corp. | 832 | 561,267 | ||||||
AxoGen, Inc.†# | 16,265 | 434,276 | ||||||
Cantel Medical Corp. | 21,655 | 2,305,824 | ||||||
Cerus Corp.†# | 61,435 | 242,668 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Products (continued) |
| |||||||
ConforMIS, Inc.† | 23,865 | $ | 76,129 | |||||
Exactech, Inc.† | 6,365 | 267,012 | ||||||
Glaukos Corp.†# | 17,058 | 456,643 | ||||||
Globus Medical, Inc., Class A†# | 42,018 | 1,597,104 | ||||||
Haemonetics Corp.† | 31,213 | 1,804,111 | ||||||
Integer Holdings Corp.† | 18,470 | 894,872 | ||||||
Intersect ENT, Inc.† | 15,468 | 472,547 | ||||||
Invacare Corp.# | 18,934 | 332,292 | ||||||
K2M Group Holdings, Inc.† | 24,159 | 474,966 | ||||||
LeMaitre Vascular, Inc. | 8,836 | 290,970 | ||||||
Luminex Corp. | 24,297 | 518,984 | ||||||
MiMedx Group, Inc.†# | 61,642 | 713,198 | ||||||
NanoString Technologies, Inc.† | 10,555 | 80,746 | ||||||
Nevro Corp.†# | 16,503 | 1,234,754 | ||||||
Novocure, Ltd.†# | 34,395 | 662,104 | ||||||
NxStage Medical, Inc.† | 38,676 | 993,586 | ||||||
Orthofix International NV† | 10,255 | 556,026 | ||||||
Penumbra, Inc.†# | 17,458 | 1,838,327 | ||||||
Pulse Biosciences, Inc.†# | 5,429 | 117,212 | ||||||
Rockwell Medical, Inc.†# | 28,536 | 174,926 | ||||||
Sientra, Inc.†# | 8,510 | 121,182 | ||||||
Surmodics, Inc.† | 7,782 | 257,584 | ||||||
Tactile Systems Technology, Inc.†# | 5,443 | 162,365 | ||||||
Viveve Medical, Inc.†# | 8,922 | 44,699 | ||||||
Wright Medical Group NV†# | 62,279 | 1,514,003 | ||||||
19,450,101 | ||||||||
Medical - Biomedical/Gene — 4.3% |
| |||||||
Abeona Therapeutics, Inc.†# | 14,420 | 249,466 | ||||||
Acceleron Pharma, Inc.† | 19,085 | 696,412 | ||||||
Achillion Pharmaceuticals, Inc.†# | 69,687 | 217,423 | ||||||
Acorda Therapeutics, Inc.†# | 25,802 | 523,781 | ||||||
Aduro Biotech, Inc.†# | 24,247 | 230,347 | ||||||
Advaxis, Inc.†# | 21,741 | 65,006 | ||||||
Agenus, Inc.†# | 44,029 | 173,034 | ||||||
Aileron Therapeutics, Inc.† | 2,584 | 28,992 | ||||||
Alder Biopharmaceuticals, Inc.† | 37,362 | 410,982 | ||||||
AMAG Pharmaceuticals, Inc.† | 20,889 | 291,402 | ||||||
AnaptysBio, Inc.† | 7,079 | 594,990 | ||||||
Anavex Life Sciences Corp.†# | 21,800 | 82,840 | ||||||
ANI Pharmaceuticals, Inc.† | 4,778 | 339,764 | ||||||
Aratana Therapeutics, Inc.†# | 24,120 | 141,102 | ||||||
Ardelyx, Inc.† | 19,889 | 132,262 | ||||||
Arena Pharmaceuticals, Inc.†# | 23,167 | 717,945 | ||||||
Assembly Biosciences, Inc.† | 8,352 | 416,848 | ||||||
Asterias Biotherapeutics, Inc.†# | 16,056 | 39,337 | ||||||
Atara Biotherapeutics, Inc.†# | 15,171 | 219,221 | ||||||
Athersys, Inc.†# | 60,812 | 118,583 | ||||||
Audentes Therapeutics, Inc.† | 9,088 | 262,280 | ||||||
Avexis, Inc.†# | 14,632 | 1,387,260 | ||||||
Axovant Sciences, Ltd.† | 17,810 | 98,311 | ||||||
Bellicum Pharmaceuticals, Inc.†# | 16,181 | 162,295 | ||||||
BioCryst Pharmaceuticals, Inc.†# | 47,685 | 242,240 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.† | 5,957 | 137,785 | ||||||
BioTime, Inc.†# | 45,077 | 120,806 | ||||||
Bluebird Bio, Inc.†# | 26,714 | 4,616,179 | ||||||
Blueprint Medicines Corp.†# | 23,133 | 1,736,363 | ||||||
Cambrex Corp.† | 19,348 | 945,150 | ||||||
Cascadian Therapeutics, Inc.† | 20,414 | 86,964 | ||||||
Celldex Therapeutics, Inc.†# | 72,071 | 216,213 | ||||||
ChemoCentryx, Inc.† | 14,536 | 94,484 | ||||||
Clearside Biomedical, Inc.†# | 12,313 | 87,669 | ||||||
Corium International, Inc.†# | 11,852 | 139,498 | ||||||
Corvus Pharmaceuticals, Inc.†# | 5,017 | 56,241 | ||||||
Curis, Inc.†# | 69,044 | 54,911 |
201 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Cytokinetics, Inc.† | 24,740 | $ | 212,764 | |||||
CytomX Therapeutics, Inc.† | 17,300 | 358,110 | ||||||
Dermira, Inc.†# | 22,696 | 581,018 | ||||||
Dynavax Technologies Corp.†# | 35,884 | 717,680 | ||||||
Edge Therapeutics, Inc.†# | 11,829 | 119,473 | ||||||
Editas Medicine, Inc.†# | 20,131 | 581,182 | ||||||
Emergent BioSolutions, Inc.† | 19,954 | 876,579 | ||||||
Enzo Biochem, Inc.† | 24,526 | 240,600 | ||||||
Epizyme, Inc.†# | 24,572 | 294,864 | ||||||
Esperion Therapeutics, Inc.†# | 9,997 | 614,915 | ||||||
Exact Sciences Corp.†# | 69,310 | 4,122,559 | ||||||
Fate Therapeutics, Inc.†# | 22,705 | 99,902 | ||||||
FibroGen, Inc.† | 39,404 | 1,871,690 | ||||||
Five Prime Therapeutics, Inc.† | 16,190 | 426,607 | ||||||
Fortress Biotech, Inc.†# | 19,621 | 75,541 | ||||||
Foundation Medicine, Inc.†# | 8,532 | 453,902 | ||||||
Genocea Biosciences, Inc.†# | 17,053 | 20,805 | ||||||
Geron Corp.†# | 88,539 | 176,193 | ||||||
Halozyme Therapeutics, Inc.†# | 70,358 | 1,313,584 | ||||||
Idera Pharmaceuticals, Inc.† | 64,297 | 142,096 | ||||||
ImmunoGen, Inc.† | 50,124 | 318,287 | ||||||
Immunomedics, Inc.†# | 60,874 | 661,092 | ||||||
Innoviva, Inc.†# | 45,210 | 593,155 | ||||||
Inovio Pharmaceuticals, Inc.†# | 47,924 | 219,971 | ||||||
Insmed, Inc.† | 43,776 | 1,365,373 | ||||||
Intellia Therapeutics, Inc.†# | 8,446 | 190,204 | ||||||
Iovance Biotherapeutics, Inc.†# | 31,471 | 284,813 | ||||||
Karyopharm Therapeutics, Inc.† | 20,127 | 225,221 | ||||||
Kura Oncology, Inc.† | 8,493 | 136,313 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 25,662 | 262,266 | ||||||
Ligand Pharmaceuticals, Inc.†# | 12,207 | 1,609,493 | ||||||
Loxo Oncology, Inc.†# | 13,476 | 1,034,283 | ||||||
MacroGenics, Inc.†# | 19,812 | 382,768 | ||||||
Matinas BioPharma Holdings, Inc.† | 31,439 | 44,329 | ||||||
Medicines Co.†# | 41,100 | 1,191,900 | ||||||
Merrimack Pharmaceuticals, Inc.# | 7,641 | 88,330 | ||||||
Momenta Pharmaceuticals, Inc.† | 43,733 | 603,515 | ||||||
Myriad Genetics, Inc.†# | 38,256 | 1,324,805 | ||||||
NantKwest, Inc.† | 18,188 | 89,121 | ||||||
NeoGenomics, Inc.†# | 33,228 | 307,027 | ||||||
NewLink Genetics Corp.†# | 13,035 | 114,317 | ||||||
Novavax, Inc.†# | 167,660 | 228,018 | ||||||
Novelion Therapeutics, Inc.† | 9,009 | 34,324 | ||||||
Nymox Pharmaceutical Corp.†# | 16,979 | 64,011 | ||||||
Omeros Corp.†# | 24,797 | 514,538 | ||||||
Oncocyte Corp.†# | 2,144 | 10,827 | ||||||
Organovo Holdings, Inc.†# | 58,712 | 88,655 | ||||||
Otonomy, Inc.† | 16,789 | 89,821 | ||||||
Ovid therapeutics, Inc.†# | 3,008 | 37,028 | ||||||
Pacific Biosciences of California, Inc.†# | 61,114 | 194,954 | ||||||
Paratek Pharmaceuticals, Inc.†# | 14,038 | 264,616 | ||||||
PDL BioPharma, Inc.† | 94,707 | 275,597 | ||||||
Pieris Pharmaceuticals, Inc.† | 20,454 | 126,406 | ||||||
Prothena Corp. PLC†# | 22,868 | 1,063,133 | ||||||
PTC Therapeutics, Inc.†# | 23,613 | 376,627 | ||||||
Puma Biotechnology, Inc.†# | 17,109 | 1,811,843 | ||||||
REGENXBIO, Inc.† | 16,389 | 460,531 | ||||||
Retrophin, Inc.†# | 22,769 | 513,213 | ||||||
Rigel Pharmaceuticals, Inc.†# | 73,622 | 306,268 | ||||||
RTI Surgical, Inc.† | 32,544 | 156,211 | ||||||
Sage Therapeutics, Inc.†# | 20,584 | 1,902,167 | ||||||
Sangamo Therapeutics, Inc.† | 48,887 | 791,969 | ||||||
Selecta Biosciences, Inc.†# | 6,979 | 74,396 | ||||||
Seres Therapeutics, Inc.†# | 12,180 | 127,890 | ||||||
Sienna Biopharmaceuticals, Inc.†# | 2,904 | 58,545 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Spark Therapeutics, Inc.†# | 15,864 | $ | 1,161,721 | |||||
Spectrum Pharmaceuticals, Inc.† | 46,382 | 909,087 | ||||||
Stemline Therapeutics, Inc.†# | 13,447 | 207,084 | ||||||
Strongbridge Biopharma PLC† | 13,055 | 87,469 | ||||||
Syndax Pharmaceuticals, Inc.†# | 5,248 | 45,972 | ||||||
Theravance Biopharma, Inc.†# | 24,871 | 707,580 | ||||||
Tobira Therapeutics, Inc. CVR†(1)(2) | 4,989 | 0 | ||||||
Tocagen, Inc.† | 5,003 | 59,736 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 23,572 | 1,190,150 | ||||||
VBI Vaccines, Inc.†# | 12,917 | 64,973 | ||||||
Veracyte, Inc.†# | 14,104 | 95,625 | ||||||
Versartis, Inc.†# | 19,417 | 37,863 | ||||||
WaVe Life Sciences, Ltd.†# | 7,076 | 263,227 | ||||||
XBiotech, Inc.†# | 11,506 | 48,555 | ||||||
Zeneca, Inc. CVR†(1)(2) | 3,950 | 2,429 | ||||||
ZIOPHARM Oncology, Inc.†# | 78,244 | 357,575 | ||||||
55,291,667 | ||||||||
Medical - Drugs — 2.1% |
| |||||||
Achaogen, Inc.†# | 17,272 | 206,573 | ||||||
Aclaris Therapeutics, Inc.†# | 12,002 | 284,568 | ||||||
Adamas Pharmaceuticals, Inc.†# | 8,726 | 324,171 | ||||||
Aerie Pharmaceuticals, Inc.†# | 19,330 | 1,241,953 | ||||||
Aimmune Therapeutics, Inc.†# | 20,955 | 800,481 | ||||||
Akcea Therapeutics, Inc.†# | 8,815 | 168,278 | ||||||
Amicus Therapeutics, Inc.†# | 97,369 | 1,355,377 | ||||||
Array BioPharma, Inc.†# | 102,776 | 1,156,230 | ||||||
Athenex, Inc.†# | 4,010 | 68,611 | ||||||
BioSpecifics Technologies Corp.† | 3,366 | 151,133 | ||||||
Catalyst Pharmaceuticals, Inc.† | 42,605 | 183,202 | ||||||
Chimerix, Inc.† | 27,751 | 124,047 | ||||||
Clovis Oncology, Inc.†# | 25,799 | 1,621,983 | ||||||
Coherus Biosciences, Inc.†# | 22,842 | 204,436 | ||||||
Collegium Pharmaceutical, Inc.†# | 13,499 | 232,993 | ||||||
Conatus Pharmaceuticals, Inc.† | 15,236 | 63,229 | ||||||
Corbus Pharmaceuticals Holdings, Inc.†# | 26,376 | 203,095 | ||||||
Corcept Therapeutics, Inc.†# | 54,281 | 973,801 | ||||||
Durata Therapeutics , Inc. CVR†(1)(2) | 9,546 | 0 | ||||||
Durect Corp.†# | 81,650 | 85,733 | ||||||
Eagle Pharmaceuticals, Inc.†# | 4,908 | 289,867 | ||||||
Enanta Pharmaceuticals, Inc.† | 9,242 | 458,958 | ||||||
Global Blood Therapeutics, Inc.†# | 21,986 | 867,348 | ||||||
Horizon Pharma PLC† | 97,243 | 1,398,354 | ||||||
Ignyta, Inc.† | 29,760 | 488,064 | ||||||
Immune Design Corp.†# | 10,154 | 41,631 | ||||||
Insys Therapeutics, Inc.†# | 14,305 | 75,817 | ||||||
Intra-Cellular Therapies, Inc.† | 20,106 | 311,643 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 80,201 | 1,385,071 | ||||||
Jounce Therapeutics, Inc.†# | 8,490 | 133,802 | ||||||
Kala Pharmaceuticals, Inc.†# | 4,717 | 90,331 | ||||||
Keryx Biopharmaceuticals, Inc.†# | 48,714 | 233,340 | ||||||
Lannett Co., Inc.†# | 16,763 | 443,381 | ||||||
Madrigal Pharmaceuticals, Inc.†# | 2,408 | 121,219 | ||||||
MediciNova, Inc.†# | 19,490 | 136,040 | ||||||
Melinta Therapeutics, Inc.† | 5,706 | 97,002 | ||||||
Minerva Neurosciences, Inc.† | 14,968 | 86,066 | ||||||
Miragen Therapeutics, Inc.† | 7,522 | 59,950 | ||||||
MyoKardia, Inc.† | 11,310 | 415,643 | ||||||
Neos Therapeutics, Inc.†# | 11,466 | 118,100 | ||||||
Ocular Therapeutix, Inc.† | 13,426 | 55,315 | ||||||
Pacira Pharmaceuticals, Inc.†# | 23,402 | 1,081,172 | ||||||
PharMerica Corp.† | 17,735 | 518,749 | ||||||
PRA Health Sciences, Inc.† | 29,066 | 2,394,167 | ||||||
Prestige Brands Holdings, Inc.† | 31,757 | 1,435,416 | ||||||
Progenics Pharmaceuticals, Inc.†# | 42,126 | 243,488 |
202 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Protagonist Therapeutics, Inc.† | 5,586 | $ | 108,927 | |||||
Ra Pharmaceuticals, Inc.† | 7,000 | 99,820 | ||||||
Radius Health, Inc.†# | 22,160 | 627,350 | ||||||
Reata Pharmaceuticals, Inc., Class A† | 6,689 | 169,901 | ||||||
Sucampo Pharmaceuticals, Inc., Class A†# | 14,392 | 182,778 | ||||||
Supernus Pharmaceuticals, Inc.† | 28,215 | 1,066,527 | ||||||
Synergy Pharmaceuticals, Inc.†# | 135,055 | 280,914 | ||||||
Syros Pharmaceuticals, Inc.†# | 7,449 | 110,618 | ||||||
Tetraphase Pharmaceuticals, Inc.† | 30,054 | 192,947 | ||||||
TG Therapeutics, Inc.†# | 28,899 | 248,531 | ||||||
TherapeuticsMD, Inc.†# | 92,954 | 585,610 | ||||||
Trevena, Inc.†# | 32,626 | 54,159 | ||||||
Vanda Pharmaceuticals, Inc.† | 26,227 | 368,489 | ||||||
Voyager Therapeutics, Inc.† | 8,670 | �� | 126,842 | |||||
vTv Therapeutics, Inc., Class A†# | 4,223 | 17,694 | ||||||
Zogenix, Inc.† | 18,752 | 728,515 | ||||||
Zynerba Pharmaceuticals, Inc.†# | 6,790 | 93,498 | ||||||
27,492,948 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Amphastar Pharmaceuticals, Inc.† | 21,612 | 423,379 | ||||||
Dova Pharmaceuticals, Inc.†# | 3,010 | 89,909 | ||||||
Impax Laboratories, Inc.† | 43,718 | 727,904 | ||||||
Teligent, Inc.†# | 24,490 | 98,450 | ||||||
1,339,642 | ||||||||
Medical - HMO — 0.3% |
| |||||||
Magellan Health, Inc.† | 14,160 | 1,196,520 | ||||||
Molina Healthcare, Inc.†# | 26,222 | 2,051,609 | ||||||
Tivity Health, Inc.†# | 21,760 | 800,768 | ||||||
Triple-S Management Corp., Class B† | 13,929 | 395,862 | ||||||
4,444,759 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Community Health Systems, Inc.†# | 56,673 | 257,862 | ||||||
Select Medical Holdings Corp.† | 63,970 | 1,129,071 | ||||||
Surgery Partners, Inc.†# | 11,236 | 105,618 | ||||||
Tenet Healthcare Corp.†# | 48,426 | 682,807 | ||||||
2,175,358 | ||||||||
Medical - Nursing Homes — 0.1% |
| |||||||
Ensign Group, Inc. | 28,682 | 696,112 | ||||||
Genesis Healthcare, Inc.†# | 22,188 | 15,303 | ||||||
Kindred Healthcare, Inc. | 49,987 | 367,405 | ||||||
National HealthCare Corp. | 6,684 | 443,483 | ||||||
1,522,303 | ||||||||
Medical - Outpatient/Home Medical — 0.4% |
| |||||||
Addus HomeCare Corp.† | 4,456 | 148,385 | ||||||
Almost Family, Inc.† | 7,606 | 451,796 | ||||||
Amedisys, Inc.† | 16,971 | 916,434 | ||||||
Chemed Corp. | 9,371 | 2,304,704 | ||||||
Civitas Solutions, Inc.† | 9,572 | 186,175 | ||||||
LHC Group, Inc.† | 9,376 | 616,660 | ||||||
Providence Service Corp.† | 6,818 | 412,762 | ||||||
5,036,916 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Owens & Minor, Inc. | 36,209 | 693,040 | ||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
Ampco-Pittsburgh Corp. | 5,180 | 74,074 | ||||||
CIRCOR International, Inc. | 9,839 | 476,601 | ||||||
Global Brass & Copper Holdings, Inc. | 12,917 | 446,928 | ||||||
Haynes International, Inc. | 7,391 | 236,808 | ||||||
LB Foster Co., Class A† | 4,958 | 114,530 |
Security Description | Shares | Value (Note 2) | ||||||
Metal Processors & Fabrication (continued) |
| |||||||
Mueller Industries, Inc. | 33,931 | $ | 1,235,088 | |||||
Park-Ohio Holdings Corp. | 5,249 | 244,079 | ||||||
RBC Bearings, Inc.† | 13,786 | 1,839,742 | ||||||
Rexnord Corp.† | 62,025 | 1,545,663 | ||||||
Sun Hydraulics Corp. | 14,075 | 853,789 | ||||||
7,067,302 | ||||||||
Metal Products - Distribution — 0.1% |
| |||||||
Lawson Products, Inc.† | 3,834 | 98,726 | ||||||
Olympic Steel, Inc. | 5,470 | 108,962 | ||||||
Worthington Industries, Inc. | 26,819 | 1,115,670 | ||||||
1,323,358 | ||||||||
Metal Products - Fasteners — 0.1% |
| |||||||
Eastern Co. | 3,324 | 95,731 | ||||||
TriMas Corp.† | 27,119 | 702,382 | ||||||
798,113 | ||||||||
Metal - Aluminum — 0.1% |
| |||||||
Century Aluminum Co.† | 29,697 | 393,485 | ||||||
Kaiser Aluminum Corp. | 10,018 | 970,344 | ||||||
1,363,829 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Ferroglobe Representation & Warranty Trust†(1)(2) | 36,833 | 0 | ||||||
Metal - Iron — 0.1% |
| |||||||
Cleveland-Cliffs, Inc.†# | 177,531 | 1,182,356 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
American Railcar Industries, Inc. | 4,323 | 175,168 | ||||||
FreightCar America, Inc. | 7,226 | 121,180 | ||||||
Hillenbrand, Inc. | 37,725 | 1,718,374 | ||||||
John Bean Technologies Corp. | 18,709 | 2,240,402 | ||||||
4,255,124 | ||||||||
Motion Pictures & Services — 0.1% |
| |||||||
Eros International PLC†# | 16,221 | 204,385 | ||||||
IMAX Corp.† | 34,361 | 872,769 | ||||||
1,077,154 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
RadNet, Inc.† | 22,034 | 231,357 | ||||||
Multimedia — 0.1% |
| |||||||
E.W. Scripps Co., Class A† | 34,452 | 519,192 | ||||||
Entravision Communications Corp., Class A | 39,447 | 278,101 | ||||||
Liberty Media Corp.-Liberty Braves, Series A† | 5,928 | 134,091 | ||||||
Liberty Media Corp.-Liberty Braves, Series C† | 20,434 | 462,626 | ||||||
Media General, Inc. CVR†#(1)(2) | 61,443 | 0 | ||||||
1,394,010 | ||||||||
Networking Products — 0.3% |
| |||||||
A10 Networks, Inc.† | 29,200 | 234,184 | ||||||
Calix, Inc.† | 25,580 | 168,828 | ||||||
Extreme Networks, Inc.† | 65,027 | 835,597 | ||||||
Gigamon, Inc.†# | 21,524 | 836,207 | ||||||
Infinera Corp.†# | 86,227 | 624,284 | ||||||
NeoPhotonics Corp.†# | 19,247 | 136,654 | ||||||
NETGEAR, Inc.† | 19,218 | 989,727 | ||||||
3,825,481 | ||||||||
Night Clubs — 0.0% |
| |||||||
RCI Hospitality Holdings, Inc. | 5,407 | 178,053 | ||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Materion Corp. | 11,868 | 580,345 |
203 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Non-Ferrous Metals (continued) |
| |||||||
Uranium Energy Corp.†# | 81,285 | $ | 108,109 | |||||
688,454 | ||||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Advanced Disposal Services, Inc.† | 25,449 | 593,725 | ||||||
Casella Waste Systems, Inc., Class A† | 23,302 | 496,799 | ||||||
Covanta Holding Corp.# | 69,824 | 1,061,325 | ||||||
2,151,849 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Eastman Kodak Co.†# | 9,832 | 32,446 | ||||||
Office Furnishings - Original — 0.4% |
| |||||||
CompX International, Inc. | 983 | 13,172 | ||||||
Herman Miller, Inc. | 35,549 | 1,270,877 | ||||||
HNI Corp. | 26,297 | 920,395 | ||||||
Interface, Inc. | 37,077 | 925,071 | ||||||
Kimball International, Inc., Class B | 21,717 | 402,633 | ||||||
Knoll, Inc. | 28,806 | 627,107 | ||||||
Steelcase, Inc., Class A | 51,016 | 775,443 | ||||||
4,934,698 | ||||||||
Office Supplies & Forms — 0.1% |
| |||||||
ACCO Brands Corp.† | 64,428 | 847,228 | ||||||
Oil & Gas Drilling — 0.3% |
| |||||||
Diamond Offshore Drilling, Inc.†# | 38,533 | 618,069 | ||||||
Ensco PLC, Class A# | 254,697 | 1,367,723 | ||||||
Noble Corp. PLC†# | 145,475 | 608,086 | ||||||
Parker Drilling Co.† | 79,994 | 78,402 | ||||||
Rowan Cos. PLC, Class A†# | 69,496 | 1,005,607 | ||||||
3,677,887 | ||||||||
Oil Companies - Exploration & Production — 1.2% |
| |||||||
Abraxas Petroleum Corp.† | 90,235 | 186,786 | ||||||
Approach Resources, Inc.† | 25,625 | 64,062 | ||||||
Bill Barrett Corp.† | 44,960 | 263,016 | ||||||
Bonanza Creek Energy, Inc.† | 12,103 | 336,100 | ||||||
California Resources Corp.†# | 25,394 | 399,448 | ||||||
Callon Petroleum Co.†# | 120,092 | 1,325,816 | ||||||
Carrizo Oil & Gas, Inc.†# | 45,663 | 882,666 | ||||||
Contango Oil & Gas Co.† | 14,060 | 34,306 | ||||||
Denbury Resources, Inc.†# | 236,834 | 414,459 | ||||||
DLB Oil & Gas, Inc.(1)(2) | 3,000 | 0 | ||||||
Earthstone Energy, Inc., Class A†# | 11,372 | 106,101 | ||||||
Eclipse Resources Corp.† | 52,047 | 129,077 | ||||||
Energy XXI Gulf Coast, Inc.†# | 17,614 | 88,422 | ||||||
EP Energy Corp., Class A†# | 22,926 | 41,037 | ||||||
Evolution Petroleum Corp. | 15,080 | 105,560 | ||||||
Gastar Exploration, Inc.†# | 103,972 | 109,171 | ||||||
Halcon Resources Corp.†# | 76,217 | 540,378 | ||||||
Isramco, Inc.† | 436 | 51,797 | ||||||
Jagged Peak Energy, Inc.†# | 33,409 | 507,149 | ||||||
Jones Energy, Inc., Class A†# | 27,177 | 27,139 | ||||||
Lilis Energy, Inc.†# | 25,476 | 126,106 | ||||||
Matador Resources Co.†# | 53,491 | 1,529,843 | ||||||
Midstates Petroleum Co., Inc.†# | 6,667 | 110,739 | ||||||
Oasis Petroleum, Inc.† | 140,194 | 1,434,185 | ||||||
Panhandle Oil and Gas, Inc., Class A | 9,353 | 207,637 | ||||||
PDC Energy, Inc.† | 39,383 | 1,809,649 | ||||||
Penn Virginia Corp.† | 8,499 | 291,601 | ||||||
Resolute Energy Corp.†# | 12,928 | 386,806 | ||||||
Ring Energy, Inc.† | 27,024 | 383,200 | ||||||
Rosehill Resources, Inc.†# | 1,501 | 13,629 | ||||||
Sanchez Energy Corp.†# | 42,247 | 218,839 | ||||||
SandRidge Energy, Inc.† | 20,798 | 387,051 | ||||||
SilverBow Resources, Inc.† | 4,153 | 94,024 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
SRC Energy, Inc.†# | 119,676 | $ | 1,048,362 | |||||
Stone Energy Corp.† | 11,621 | 294,476 | ||||||
Ultra Petroleum Corp.†# | 116,233 | 1,114,674 | ||||||
Unit Corp.† | 30,847 | 659,817 | ||||||
W&T Offshore, Inc.† | 55,856 | 175,388 | ||||||
WildHorse Resource Development Corp.†# | 11,914 | 196,581 | ||||||
16,095,097 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Dril-Quip, Inc.† | 22,569 | 1,082,184 | ||||||
Exterran Corp.† | 19,127 | 586,051 | ||||||
Flotek Industries, Inc.†# | 32,953 | 155,538 | ||||||
Forum Energy Technologies, Inc.†# | 41,102 | 583,648 | ||||||
Gulf Island Fabrication, Inc. | 8,137 | 103,340 | ||||||
Natural Gas Services Group, Inc.† | 7,385 | 188,318 | ||||||
Thermon Group Holdings, Inc.† | 19,194 | 446,452 | ||||||
3,145,531 | ||||||||
Oil Refining & Marketing — 0.2% |
| |||||||
Adams Resources & Energy, Inc. | 1,291 | 61,206 | ||||||
CVR Energy, Inc.# | 9,406 | 307,106 | ||||||
Delek US Holdings, Inc. | 46,402 | 1,541,475 | ||||||
Par Pacific Holdings, Inc.† | 18,932 | 393,028 | ||||||
Trecora Resources†# | 11,703 | 146,873 | ||||||
2,449,688 | ||||||||
Oil - Field Services — 0.8% |
| |||||||
Archrock, Inc. | 41,624 | 395,428 | ||||||
Basic Energy Services, Inc.† | 10,369 | 231,955 | ||||||
Bristow Group, Inc.# | 19,279 | 280,702 | ||||||
C&J Energy Services, Inc.† | 27,641 | 864,058 | ||||||
CARBO Ceramics, Inc.†# | 13,673 | 137,140 | ||||||
Era Group, Inc.† | 11,728 | 129,477 | ||||||
Frank’s International NV | 29,680 | 184,906 | ||||||
Helix Energy Solutions Group, Inc.† | 83,780 | 557,137 | ||||||
Independence Contract Drilling, Inc.† | 20,410 | 72,455 | ||||||
Key Energy Services, Inc.† | 6,144 | 60,948 | ||||||
Mammoth Energy Services, Inc.† | 4,793 | 90,348 | ||||||
Matrix Service Co.† | 15,638 | 267,410 | ||||||
McDermott International, Inc.† | 168,710 | 1,224,835 | ||||||
MRC Global, Inc.† | 53,239 | 836,385 | ||||||
NCS Multistage Holdings, Inc.†# | 6,574 | 110,443 | ||||||
Newpark Resources, Inc.† | 52,043 | 460,581 | ||||||
NOW, Inc.†# | 63,746 | 657,859 | ||||||
Oil States International, Inc.† | 30,588 | 727,994 | ||||||
PHI, Inc.† | 6,950 | 89,446 | ||||||
Pioneer Energy Services Corp.† | 45,360 | 95,256 | ||||||
ProPetro Holding Corp.† | 15,043 | 282,357 | ||||||
Ranger Energy Services, Inc.† | 545 | 5,139 | ||||||
SEACOR Holdings, Inc.† | 9,626 | 460,604 | ||||||
Select Energy Services, Inc., Class A† | 5,512 | 90,838 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A† | 6,024 | 97,589 | ||||||
Superior Energy Services, Inc.† | 90,706 | 875,313 | ||||||
Tesco Corp.† | 27,635 | 111,922 | ||||||
TETRA Technologies, Inc.† | 68,198 | 274,156 | ||||||
9,672,681 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp.† | 5,936 | 222,600 | ||||||
Optical Supplies — 0.0% |
| |||||||
STAAR Surgical Co.† | 24,355 | 422,559 | ||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 9,646 | 457,703 | ||||||
Neenah Paper, Inc. | 9,910 | 885,954 | ||||||
Orchids Paper Products Co.# | 5,365 | 73,018 |
204 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Paper & Related Products (continued) |
| |||||||
P.H. Glatfelter Co. | 25,871 | $ | 537,858 | |||||
Schweitzer-Mauduit International, Inc. | 18,138 | 821,107 | ||||||
Verso Corp., Class A† | 20,079 | 229,503 | ||||||
3,005,143 | ||||||||
Patient Monitoring Equipment — 0.4% |
| |||||||
Insulet Corp.† | 34,627 | 2,483,795 | ||||||
Masimo Corp.† | 26,715 | 2,373,360 | ||||||
4,857,155 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
BioScrip, Inc.†# | 69,175 | 181,238 | ||||||
Diplomat Pharmacy, Inc.†# | 28,452 | 509,291 | ||||||
690,529 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.3% |
| |||||||
AAC Holdings, Inc.† | 6,823 | 62,294 | ||||||
HealthSouth Corp. | 57,898 | 2,892,005 | ||||||
U.S. Physical Therapy, Inc. | 7,208 | 526,544 | ||||||
3,480,843 | ||||||||
Pipelines — 0.1% |
| |||||||
SemGroup Corp., Class A | 39,560 | 949,440 | ||||||
Tellurian, Inc.†# | 33,027 | 416,801 | ||||||
1,366,241 | ||||||||
Pollution Control — 0.0% |
| |||||||
Advanced Emissions Solutions, Inc.# | 12,558 | 112,896 | ||||||
CECO Environmental Corp. | 17,782 | 96,201 | ||||||
Hudson Technologies, Inc.†# | 21,845 | 125,390 | ||||||
334,487 | ||||||||
Poultry — 0.2% |
| |||||||
Sanderson Farms, Inc.# | 12,002 | 2,036,619 | ||||||
Power Converter/Supply Equipment — 0.4% |
| |||||||
Advanced Energy Industries, Inc.† | 23,662 | 1,773,940 | ||||||
Energous Corp.†# | 11,211 | 93,500 | ||||||
Generac Holdings, Inc.† | 36,662 | 1,802,671 | ||||||
Powell Industries, Inc. | 5,249 | 147,339 | ||||||
SPX Corp.† | 25,366 | 808,922 | ||||||
SunPower Corp.†# | 35,596 | 294,023 | ||||||
Vicor Corp.† | 9,980 | 225,049 | ||||||
5,145,444 | ||||||||
Precious Metals — 0.1% |
| |||||||
Coeur Mining, Inc.† | 107,895 | 822,160 | ||||||
Hecla Mining Co. | 234,801 | 878,156 | ||||||
1,700,316 | ||||||||
Printing - Commercial — 0.4% |
| |||||||
ARC Document Solutions, Inc.† | 23,813 | 65,724 | ||||||
Cimpress NV†# | 14,879 | 1,812,262 | ||||||
Deluxe Corp. | 28,882 | 2,053,510 | ||||||
Ennis, Inc. | 14,905 | 315,241 | ||||||
LSC Communications, Inc. | 19,917 | 325,842 | ||||||
Quad/Graphics, Inc. | 18,691 | 420,735 | ||||||
RR Donnelley & Sons Co. | 41,788 | 392,389 | ||||||
5,385,703 | ||||||||
Private Equity — 0.1% |
| |||||||
Granite Point Mtg. Trust, Inc. | 4,014 | 72,052 | ||||||
Kennedy-Wilson Holdings, Inc. | 72,108 | 1,380,868 | ||||||
1,452,920 | ||||||||
Publishing - Books — 0.1% |
| |||||||
Houghton Mifflin Harcourt Co.† | 61,606 | 600,659 |
Security Description | Shares | Value (Note 2) | ||||||
Publishing - Books (continued) |
| |||||||
Scholastic Corp. | 16,862 | $ | 693,365 | |||||
1,294,024 | ||||||||
Publishing - Newspapers — 0.2% |
| |||||||
Daily Journal Corp.†# | 661 | 155,752 | ||||||
Gannett Co., Inc. | 68,091 | 780,323 | ||||||
New York Times Co., Class A | 74,799 | 1,406,221 | ||||||
tronc, Inc.† | 11,655 | 206,410 | ||||||
2,548,706 | ||||||||
Publishing - Periodicals — 0.2% |
| |||||||
Meredith Corp.# | 23,576 | 1,606,704 | ||||||
Time, Inc. | 59,643 | 1,109,360 | ||||||
Value Line, Inc. | 654 | 11,569 | ||||||
2,727,633 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc.# | 20,193 | 1,408,462 | ||||||
Racetracks — 0.3% |
| |||||||
Churchill Downs, Inc. | 8,067 | 1,895,745 | ||||||
Empire Resorts, Inc.†# | 2,028 | 53,235 | ||||||
International Speedway Corp., Class A | 14,867 | 613,264 | ||||||
Penn National Gaming, Inc.† | 50,482 | 1,451,862 | ||||||
Speedway Motorsports, Inc. | 6,931 | 133,768 | ||||||
4,147,874 | ||||||||
Radio — 0.0% |
| |||||||
Beasley Broadcast Group, Inc., Class A | 2,908 | 33,006 | ||||||
Entercom Communications Corp., Class A | 16,678 | 193,465 | ||||||
Saga Communications, Inc., Class A | 2,247 | 101,339 | ||||||
Salem Media Group, Inc. | 6,915 | 33,192 | ||||||
Townsquare Media, Inc., Class A† | 5,238 | 41,590 | ||||||
402,592 | ||||||||
Real Estate Investment Trusts — 7.0% |
| |||||||
Acadia Realty Trust# | 50,045 | 1,402,761 | ||||||
AG Mtg. Investment Trust, Inc. | 16,408 | 310,603 | ||||||
Agree Realty Corp. | 16,244 | 803,103 | ||||||
Alexander & Baldwin, Inc. | 27,831 | 808,769 | ||||||
Alexander’s, Inc. | 1,268 | 536,339 | ||||||
Altisource Residential Corp. | 29,557 | 323,649 | ||||||
American Assets Trust, Inc. | 24,057 | 946,884 | ||||||
Anworth Mtg. Asset Corp. | 56,468 | 317,350 | ||||||
Apollo Commercial Real Estate Finance, Inc.# | 61,031 | 1,138,228 | ||||||
Ares Commercial Real Estate Corp. | 15,955 | 215,073 | ||||||
Armada Hoffler Properties, Inc.# | 26,633 | 411,480 | ||||||
ARMOUR Residential REIT, Inc.# | 23,945 | 605,569 | ||||||
Ashford Hospitality Prime, Inc. | 15,796 | 145,481 | ||||||
Ashford Hospitality Trust, Inc. | 45,795 | 298,125 | ||||||
Bluerock Residential Growth REIT, Inc. | 13,679 | 154,299 | ||||||
Capstead Mtg. Corp. | 56,825 | 515,403 | ||||||
CareTrust REIT, Inc. | 42,939 | 782,349 | ||||||
CatchMark Timber Trust, Inc., Class A | 23,062 | 304,188 | ||||||
CBL & Associates Properties, Inc.# | 100,432 | 565,432 | ||||||
Cedar Realty Trust, Inc. | 49,215 | 293,814 | ||||||
Chatham Lodging Trust | 22,520 | 510,979 | ||||||
Cherry Hill Mtg. Investment Corp. | 6,987 | 127,303 | ||||||
Chesapeake Lodging Trust | 35,244 | 1,016,437 | ||||||
City Office REIT, Inc. | 17,608 | 233,130 | ||||||
Clipper Realty, Inc.# | 8,906 | 89,772 | ||||||
CorEnergy Infrastructure Trust, Inc. | 7,086 | 252,616 | ||||||
Cousins Properties, Inc. | 249,106 | 2,234,481 | ||||||
CYS Investments, Inc. | 90,239 | 730,034 | ||||||
DiamondRock Hospitality Co. | 119,164 | 1,333,445 | ||||||
Dynex Capital, Inc. | 27,495 | 196,864 |
205 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
Easterly Government Properties, Inc.# | 22,149 | $ | 469,337 | |||||
EastGroup Properties, Inc. | 19,780 | 1,860,902 | ||||||
Education Realty Trust, Inc. | 43,800 | 1,601,766 | ||||||
Ellington Residential Mortgage REIT | 4,949 | 63,595 | ||||||
First Industrial Realty Trust, Inc. | 69,361 | 2,257,701 | ||||||
Four Corners Property Trust, Inc. | 36,045 | 940,774 | ||||||
Franklin Street Properties Corp.# | 62,266 | 678,077 | ||||||
GEO Group, Inc. | 72,927 | 1,935,483 | ||||||
Getty Realty Corp. | 16,186 | 460,654 | ||||||
Gladstone Commercial Corp. | 14,826 | 338,626 | ||||||
Global Medical REIT, Inc.# | 8,809 | 84,038 | ||||||
Global Net Lease, Inc. | 39,880 | 862,604 | ||||||
Government Properties Income Trust# | 56,327 | 1,050,499 | ||||||
Gramercy Property Trust | 90,141 | 2,570,821 | ||||||
Great Ajax Corp. | 9,344 | 133,713 | ||||||
Healthcare Realty Trust, Inc. | 72,147 | 2,364,257 | ||||||
Hersha Hospitality Trust | 23,111 | 405,598 | ||||||
Independence Realty Trust, Inc. | 41,353 | 427,176 | ||||||
InfraREIT, Inc.† | 25,286 | 534,040 | ||||||
Invesco Mtg. Capital, Inc.# | 66,985 | 1,182,955 | ||||||
Investors Real Estate Trust | 72,621 | 440,083 | ||||||
Invitation Homes, Inc. | 121,442 | 2,859,959 | ||||||
iStar, Inc.†# | 41,469 | 476,893 | ||||||
Jernigan Capital, Inc.# | 7,993 | 165,055 | ||||||
Kite Realty Group Trust | 49,335 | 948,712 | ||||||
KKR Real Estate Finance Trust, Inc. | 6,168 | 126,444 | ||||||
LaSalle Hotel Properties | 67,815 | 1,928,659 | ||||||
Lexington Realty Trust | 129,059 | 1,349,957 | ||||||
LTC Properties, Inc. | 23,444 | 1,074,673 | ||||||
Mack-Cali Realty Corp. | 53,945 | 1,193,803 | ||||||
MedEquities Realty Trust, Inc. | 17,071 | 191,366 | ||||||
Monmouth Real Estate Investment Corp. | 41,331 | 738,172 | ||||||
MTGE Investment Corp. | 27,259 | 505,654 | ||||||
National Health Investors, Inc. | 23,669 | 1,846,182 | ||||||
National Storage Affiliates Trust | 26,393 | 703,110 | ||||||
New Senior Investment Group, Inc. | 48,903 | 401,005 | ||||||
New York Mortgage Trust, Inc. | 66,389 | 424,890 | ||||||
NexPoint Residential Trust, Inc. | 10,348 | 291,193 | ||||||
NorthStar Realty Europe Corp. | 32,430 | 470,559 | ||||||
One Liberty Properties, Inc. | 8,573 | 229,071 | ||||||
Orchid Island Capital, Inc.# | 25,481 | 241,560 | ||||||
Owens Realty Mortgage, Inc.# | 5,955 | 96,471 | ||||||
Pebblebrook Hotel Trust# | 41,025 | 1,578,232 | ||||||
Pennsylvania Real Estate Investment Trust# | 40,785 | 452,306 | ||||||
PennyMac Mortgage Investment Trust | 39,305 | 615,516 | ||||||
Physicians Realty Trust | 103,856 | 1,855,907 | ||||||
Potlatch Corp. | 24,102 | 1,243,663 | ||||||
Preferred Apartment Communities, Inc., Class A | 18,180 | 386,507 | ||||||
PS Business Parks, Inc. | 11,777 | 1,561,159 | ||||||
QTS Realty Trust, Inc., Class A | 27,983 | 1,557,534 | ||||||
Quality Care Properties, Inc.† | 56,320 | 827,341 | ||||||
RAIT Financial Trust# | 54,693 | 18,596 | ||||||
Ramco-Gershenson Properties Trust | 46,828 | 674,791 | ||||||
Redwood Trust, Inc. | 45,635 | 685,438 | ||||||
Resource Capital Corp.# | 17,977 | 179,410 | ||||||
Retail Opportunity Investments Corp. | 64,518 | 1,262,617 | ||||||
Rexford Industrial Realty, Inc. | 41,072 | 1,288,429 | ||||||
RLJ Lodging Trust | 101,081 | 2,191,436 | ||||||
Ryman Hospitality Properties, Inc. | 26,344 | 1,830,381 | ||||||
Sabra Health Care REIT, Inc. | 104,254 | 2,005,847 | ||||||
Saul Centers, Inc. | 6,635 | 428,223 | ||||||
Select Income REIT | 37,729 | 946,621 | ||||||
Seritage Growth Properties, Class A# | 14,956 | 608,709 | ||||||
STAG Industrial, Inc. | 53,231 | 1,506,437 | ||||||
Summit Hotel Properties, Inc. | 60,943 | 920,849 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Sunstone Hotel Investors, Inc. | 131,541 | $ | 2,198,050 | |||||
Sutherland Asset Management Corp. | 10,080 | 159,264 | ||||||
Terreno Realty Corp. | 29,178 | 1,097,093 | ||||||
Tier REIT, Inc. | 28,412 | 569,092 | ||||||
UMH Properties, Inc. | 16,587 | 255,274 | ||||||
Universal Health Realty Income Trust | 7,553 | 565,418 | ||||||
Urban Edge Properties# | 58,199 | 1,486,984 | ||||||
Urstadt Biddle Properties, Inc., Class A | 17,595 | 417,353 | ||||||
Washington Prime Group, Inc.# | 111,122 | 790,077 | ||||||
Washington Real Estate Investment Trust | 46,007 | 1,486,946 | ||||||
Western Asset Mortgage Capital Corp.# | 24,338 | 244,110 | ||||||
Whitestone REIT# | 21,918 | 323,729 | ||||||
Xenia Hotels & Resorts, Inc. | 64,126 | 1,410,131 | ||||||
90,159,517 | ||||||||
Real Estate Management/Services — 0.2% |
| |||||||
Farmland Partners, Inc.# | 18,985 | 169,916 | ||||||
Griffin Industrial Realty, Inc. | 415 | 15,148 | ||||||
HFF, Inc., Class A | 21,889 | 988,069 | ||||||
Marcus & Millichap, Inc.† | 9,549 | 305,186 | ||||||
RE/MAX Holdings, Inc., Class A | 10,612 | 566,150 | ||||||
Redfin Corp.†# | 6,429 | 146,453 | ||||||
2,190,922 | ||||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Community Healthcare Trust, Inc.# | 10,103 | 275,408 | ||||||
Consolidated-Tomoka Land Co. | 2,343 | 143,696 | ||||||
Forestar Group, Inc.†# | 6,258 | 139,241 | ||||||
FRP Holdings, Inc.† | 3,904 | 178,218 | ||||||
Maui Land & Pineapple Co., Inc.† | 3,998 | 64,768 | ||||||
RMR Group, Inc., Class A | 4,184 | 252,086 | ||||||
St. Joe Co.† | 28,683 | 539,240 | ||||||
Stratus Properties, Inc. | 3,515 | 109,668 | ||||||
Transcontinental Realty Investors, Inc.† | 999 | 32,717 | ||||||
Trinity Place Holdings, Inc.†# | 10,805 | 76,067 | ||||||
1,811,109 | ||||||||
Recreational Centers — 0.1% |
| |||||||
Planet Fitness, Inc., Class A† | 50,202 | 1,625,039 | ||||||
Recreational Vehicles — 0.2% |
| |||||||
Camping World Holdings, Inc., Class A | 13,869 | 642,967 | ||||||
LCI Industries | 14,441 | 1,890,327 | ||||||
Malibu Boats, Inc., Class A† | 10,724 | 335,232 | ||||||
MCBC Holdings, Inc.† | 10,957 | 258,585 | ||||||
3,127,111 | ||||||||
Recycling — 0.0% |
| |||||||
Aqua Metals, Inc.†# | 9,906 | 32,195 | ||||||
Rental Auto/Equipment — 0.5% |
| |||||||
Aaron’s, Inc. | 37,757 | 1,424,194 | ||||||
Avis Budget Group, Inc.†# | 44,617 | 1,699,908 | ||||||
CAI International, Inc.† | 9,208 | 315,374 | ||||||
Herc Holdings, Inc.† | 14,428 | 853,849 | ||||||
Hertz Global Holdings, Inc.†# | 32,595 | 617,675 | ||||||
McGrath RentCorp | 13,955 | 667,049 | ||||||
Rent-A-Center, Inc.# | 25,512 | 286,755 | ||||||
Textainer Group Holdings, Ltd.† | 16,157 | 370,803 | ||||||
6,235,607 | ||||||||
Research & Development — 0.1% |
| |||||||
INC Research Holdings, Inc., Class A† | 32,526 | 1,245,746 | ||||||
Resorts/Theme Parks — 0.2% |
| |||||||
Marriott Vacations Worldwide Corp. | 13,065 | 1,753,977 |
206 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Resorts/Theme Parks (continued) |
| |||||||
SeaWorld Entertainment, Inc.†# | 40,767 | $ | 479,012 | |||||
2,232,989 | ||||||||
Respiratory Products — 0.1% |
| |||||||
Inogen, Inc.† | 10,140 | 1,305,424 | ||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Abercrombie & Fitch Co., Class A | 40,697 | 706,500 | ||||||
American Eagle Outfitters, Inc. | 96,667 | 1,554,405 | ||||||
Ascena Retail Group, Inc.†# | 102,778 | 240,501 | ||||||
Boot Barn Holdings, Inc.†# | 7,295 | 108,039 | ||||||
Buckle, Inc.# | 17,133 | 381,209 | ||||||
Caleres, Inc. | 25,068 | 818,220 | ||||||
Cato Corp., Class A | 14,395 | 227,153 | ||||||
Chico’s FAS, Inc. | 76,621 | 675,797 | ||||||
Children’s Place, Inc.# | 10,277 | 1,365,813 | ||||||
DSW, Inc., Class A# | 39,134 | 834,728 | ||||||
Duluth Holdings, Inc., Class B†# | 5,719 | 108,604 | ||||||
Express, Inc.† | 45,958 | 447,631 | ||||||
Finish Line, Inc., Class A# | 23,689 | 255,604 | ||||||
Francesca’s Holdings Corp.† | 21,961 | 162,951 | ||||||
Genesco, Inc.† | 11,410 | 354,851 | ||||||
Guess?, Inc.# | 35,702 | 589,083 | ||||||
J. Jill, Inc.†# | 7,020 | 44,647 | ||||||
Shoe Carnival, Inc. | 6,935 | 185,719 | ||||||
Tailored Brands, Inc.# | 29,259 | 493,307 | ||||||
Tilly’s, Inc., Class A | 7,703 | 127,099 | ||||||
Vera Bradley, Inc.† | 11,981 | 106,032 | ||||||
Winmark Corp. | 1,404 | 186,592 | ||||||
9,974,485 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.†# | 10,949 | 338,324 | ||||||
Retail - Automobile — 0.4% |
| |||||||
America’s Car-Mart, Inc.† | 4,475 | 207,864 | ||||||
Asbury Automotive Group, Inc.† | 11,165 | 734,657 | ||||||
Group 1 Automotive, Inc. | 12,176 | 986,621 | ||||||
Lithia Motors, Inc., Class A# | 13,879 | 1,627,868 | ||||||
Rush Enterprises, Inc., Class A† | 17,721 | 863,190 | ||||||
Rush Enterprises, Inc., Class B† | 3,168 | 145,696 | ||||||
Sonic Automotive, Inc., Class A# | 15,892 | 337,705 | ||||||
4,903,601 | ||||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble Education, Inc.† | 22,774 | 137,555 | ||||||
Barnes & Noble, Inc. | 35,431 | 244,474 | ||||||
382,029 | ||||||||
Retail - Building Products — 0.2% |
| |||||||
At Home Group, Inc.†# | 3,033 | 83,802 | ||||||
BMC Stock Holdings, Inc.† | 39,001 | 900,923 | ||||||
Foundation Building Materials, Inc.†# | 7,719 | 117,406 | ||||||
GMS, Inc.† | 16,237 | 605,802 | ||||||
Lumber Liquidators Holdings, Inc.† | 16,759 | 475,118 | ||||||
Tile Shop Holdings, Inc. | 23,481 | 194,892 | ||||||
2,377,943 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 6,890 | 188,855 | ||||||
PCM, Inc.† | 5,981 | 58,913 | ||||||
247,768 | ||||||||
Retail - Discount — 0.3% |
| |||||||
Big Lots, Inc.# | 26,784 | 1,582,934 | ||||||
Citi Trends, Inc. | 8,617 | 222,233 | ||||||
Fred’s, Inc., Class A# | 21,426 | 110,130 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Discount (continued) |
| |||||||
HSN, Inc. | 19,219 | $ | 781,252 | |||||
Ollie’s Bargain Outlet Holdings, Inc.†# | 28,360 | 1,345,682 | ||||||
4,042,231 | ||||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.† | 21,168 | 337,630 | ||||||
Retail - Home Furnishings — 0.2% |
| |||||||
Bassett Furniture Industries, Inc. | 6,055 | 232,512 | ||||||
Haverty Furniture Cos., Inc. | 11,193 | 270,311 | ||||||
Kirkland’s, Inc.† | 9,125 | 118,716 | ||||||
La-Z-Boy, Inc. | 28,768 | 946,467 | ||||||
Pier 1 Imports, Inc. | 48,174 | 235,571 | ||||||
RH†# | 11,857 | 1,202,181 | ||||||
3,005,758 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Movado Group, Inc.# | 9,045 | 265,471 | ||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 14,986 | 319,951 | ||||||
Party City Holdco, Inc.†# | 16,367 | 227,501 | ||||||
547,452 | ||||||||
Retail - Major Department Stores — 0.1% |
| |||||||
J.C. Penney Co., Inc.†# | 184,801 | 611,691 | ||||||
Sears Holdings Corp.†# | 7,081 | 28,891 | ||||||
640,582 | ||||||||
Retail - Misc./Diversified — 0.3% |
| |||||||
Container Store Group, Inc.†# | 9,537 | 54,361 | ||||||
Five Below, Inc.† | 32,187 | 1,989,157 | ||||||
Gaia, Inc.†# | 5,219 | 66,542 | ||||||
PriceSmart, Inc. | 13,163 | 1,125,436 | ||||||
3,235,496 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
Office Depot, Inc. | 305,130 | 997,775 | ||||||
Retail - Pawn Shops — 0.2% |
| |||||||
EZCORP, Inc., Class A† | 29,737 | 358,331 | ||||||
FirstCash, Inc. | 28,272 | 1,905,533 | ||||||
2,263,864 | ||||||||
Retail - Pet Food & Supplies — 0.1% |
| |||||||
Freshpet, Inc.†# | 14,599 | 277,381 | ||||||
PetIQ, Inc.† | 4,309 | 95,573 | ||||||
PetMed Express, Inc.# | 11,765 | 462,953 | ||||||
835,907 | ||||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Dillard’s, Inc., Class A# | 9,027 | 542,523 | ||||||
Retail - Restaurants — 1.5% |
| |||||||
Biglari Holdings, Inc.† | 610 | 209,230 | ||||||
BJ’s Restaurants, Inc. | 12,536 | 448,162 | ||||||
Bloomin’ Brands, Inc. | 54,475 | 1,169,578 | ||||||
Bojangles’, Inc.†# | 10,327 | 138,898 | ||||||
Brinker International, Inc.# | 29,316 | 1,076,777 | ||||||
Buffalo Wild Wings, Inc.† | 9,125 | 1,423,044 | ||||||
Carrols Restaurant Group, Inc.† | 20,553 | 272,327 | ||||||
Cheesecake Factory, Inc.# | 26,744 | 1,311,526 | ||||||
Chuy’s Holdings, Inc.† | 9,880 | 246,012 | ||||||
Cracker Barrel Old Country Store, Inc.# | 11,455 | 1,790,760 | ||||||
Dave & Buster’s Entertainment, Inc.† | 25,067 | 1,329,303 | ||||||
Del Frisco’s Restaurant Group, Inc.† | 13,011 | 189,310 | ||||||
Del Taco Restaurants, Inc.† | 19,643 | 241,216 | ||||||
Denny’s Corp.† | 40,811 | 552,989 |
207 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Restaurants (continued) |
| |||||||
DineEquity, Inc.# | 10,255 | $ | 470,397 | |||||
El Pollo Loco Holdings, Inc.† | 12,110 | 127,760 | ||||||
Fiesta Restaurant Group, Inc.†# | 15,372 | 290,531 | ||||||
Fogo De Chao, Inc.† | 5,612 | 65,380 | ||||||
Habit Restaurants, Inc., Class A†# | 12,027 | 112,452 | ||||||
J Alexander’s Holdings, Inc.† | 7,674 | 77,891 | ||||||
Jack in the Box, Inc. | 17,340 | 1,794,863 | ||||||
Nathan’s Famous, Inc.† | 1,696 | 160,781 | ||||||
Noodles & Co.†# | 6,975 | 35,224 | ||||||
Papa John’s International, Inc.# | 16,236 | 949,157 | ||||||
Potbelly Corp.†# | 13,630 | 175,145 | ||||||
Red Robin Gourmet Burgers, Inc.†# | 7,669 | 401,856 | ||||||
Ruby Tuesday, Inc.† | 35,245 | 84,236 | ||||||
Ruth’s Hospitality Group, Inc. | 17,822 | 382,282 | ||||||
Shake Shack, Inc., Class A†# | 13,073 | 537,300 | ||||||
Sonic Corp.# | 24,480 | 624,730 | ||||||
Texas Roadhouse, Inc. | 39,876 | 2,036,467 | ||||||
Wingstop, Inc.# | 17,306 | 678,222 | ||||||
Zoe’s Kitchen, Inc.†# | 11,374 | 181,757 | ||||||
19,585,563 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Big 5 Sporting Goods Corp.# | 12,519 | 94,518 | ||||||
Hibbett Sports, Inc.†# | 12,700 | 253,365 | ||||||
Sportsman’s Warehouse Holdings, Inc.†# | 21,555 | 108,637 | ||||||
Zumiez, Inc.† | 10,976 | 239,277 | ||||||
695,797 | ||||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 8,104 | 66,453 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
GNC Holdings, Inc., Class A# | 40,397 | 225,415 | ||||||
Vitamin Shoppe, Inc.† | 12,710 | 47,663 | ||||||
273,078 | ||||||||
Retirement/Aged Care — 0.0% |
| |||||||
Capital Senior Living Corp.†# | 14,625 | 237,803 | ||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co.# | 31,640 | 1,162,770 | ||||||
Rubber/Plastic Products — 0.3% |
| |||||||
Myers Industries, Inc. | 13,765 | 293,883 | ||||||
Proto Labs, Inc.†# | 14,775 | 1,421,355 | ||||||
Trinseo SA | 26,445 | 1,951,641 | ||||||
3,666,879 | ||||||||
Satellite Telecom — 0.1% |
| |||||||
Globalstar, Inc.†# | 264,548 | 417,986 | ||||||
Intelsat SA† | 21,604 | 77,126 | ||||||
Iridium Communications, Inc.†# | 49,917 | 616,475 | ||||||
Loral Space & Communications, Inc.†# | 7,656 | 357,535 | ||||||
1,469,122 | ||||||||
Savings & Loans/Thrifts — 1.9% |
| |||||||
Banc of California, Inc.# | 25,892 | 583,864 | ||||||
Bank Mutual Corp. | 25,264 | 270,325 | ||||||
BankFinancial Corp. | 8,608 | 141,946 | ||||||
Bear State Financial, Inc. | 12,355 | 126,515 | ||||||
Beneficial Bancorp, Inc. | 41,241 | 699,035 | ||||||
Berkshire Hills Bancorp, Inc. | 22,743 | 876,743 | ||||||
BofI Holding, Inc.†# | 35,724 | 987,411 | ||||||
Brookline Bancorp, Inc. | 44,727 | 720,105 | ||||||
BSB Bancorp, Inc.† | 4,975 | 157,956 | ||||||
Capitol Federal Financial, Inc. | 76,534 | 1,076,068 | ||||||
Charter Financial Corp. | 7,331 | 135,477 |
Security Description | Shares | Value (Note 2) | ||||||
Savings & Loans/Thrifts (continued) |
| |||||||
Clifton Bancorp, Inc. | 12,199 | $ | 211,165 | |||||
Community Bankers Trust Corp.† | 12,783 | 111,212 | ||||||
Dime Community Bancshares, Inc. | 18,865 | 415,973 | ||||||
Entegra Financial Corp.† | 3,763 | 109,127 | ||||||
ESSA Bancorp, Inc. | 5,284 | 84,227 | ||||||
First Defiance Financial Corp. | 5,910 | 321,090 | ||||||
First Financial Northwest, Inc. | 4,948 | 83,869 | ||||||
Flagstar Bancorp, Inc.† | 12,694 | 482,499 | ||||||
Flushing Financial Corp. | 16,543 | 467,836 | ||||||
Greene County Bancorp, Inc.# | 1,813 | 55,750 | ||||||
Hingham Institution for Savings | 773 | 176,399 | ||||||
Home Bancorp, Inc. | 3,496 | 149,629 | ||||||
HomeTrust Bancshares, Inc.† | 9,934 | 268,218 | ||||||
Investors Bancorp, Inc. | 154,482 | 2,204,458 | ||||||
Malvern Bancorp, Inc.† | 3,827 | 103,138 | ||||||
Meridian Bancorp, Inc. | 28,524 | 574,758 | ||||||
Meta Financial Group, Inc. | 5,338 | 501,505 | ||||||
MutualFirst Financial, Inc. | 3,651 | 138,555 | ||||||
Northfield Bancorp, Inc. | 25,638 | 454,818 | ||||||
Northwest Bancshares, Inc.# | 56,389 | 954,666 | ||||||
OceanFirst Financial Corp. | 18,773 | 520,951 | ||||||
Oconee Federal Financial Corp.# | 741 | 21,682 | ||||||
Oritani Financial Corp. | 23,560 | 406,410 | ||||||
Pacific Premier Bancorp, Inc.† | 23,344 | 924,422 | ||||||
Provident Financial Holdings, Inc. | 3,676 | 70,800 | ||||||
Provident Financial Services, Inc. | 36,739 | 1,004,444 | ||||||
Prudential Bancorp, Inc.# | 4,837 | 89,533 | ||||||
Riverview Bancorp, Inc. | 11,458 | 105,643 | ||||||
SI Financial Group, Inc. | 6,688 | 100,989 | ||||||
Southern Missouri Bancorp, Inc. | 3,505 | 141,041 | ||||||
Sterling Bancorp | 127,025 | 3,220,084 | ||||||
Territorial Bancorp, Inc. | 4,592 | 146,714 | ||||||
Timberland Bancorp, Inc. | 3,706 | 106,436 | ||||||
United Community Financial Corp. | 29,178 | 285,653 | ||||||
United Financial Bancorp, Inc. | 30,139 | 561,791 | ||||||
Washington Federal, Inc. | 53,295 | 1,854,666 | ||||||
Waterstone Financial, Inc. | 15,212 | 287,507 | ||||||
WSFS Financial Corp. | 18,000 | 910,800 | ||||||
24,403,903 | ||||||||
Schools — 0.5% |
| |||||||
Adtalem Global Education, Inc. | 37,067 | 1,536,427 | ||||||
American Public Education, Inc.† | 9,417 | 252,846 | ||||||
Bridgepoint Education, Inc.��� | 10,980 | 100,247 | ||||||
Cambium Learning Group, Inc.† | 8,234 | 48,745 | ||||||
Capella Education Co. | 6,853 | 584,561 | ||||||
Career Education Corp.† | 40,291 | 534,662 | ||||||
Grand Canyon Education, Inc.† | 27,949 | 2,654,037 | ||||||
K12, Inc.† | 20,288 | 335,564 | ||||||
Laureate Education, Inc., Class A†# | 21,183 | 288,724 | ||||||
Strayer Education, Inc. | 6,324 | 627,531 | ||||||
6,963,344 | ||||||||
Security Services — 0.2% |
| |||||||
Alarm.com Holdings, Inc.†# | 12,100 | 495,979 | ||||||
Ascent Capital Group, Inc., Class A† | 6,559 | 78,970 | ||||||
Brink’s Co. | 27,322 | 2,208,984 | ||||||
2,783,933 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Geospace Technologies Corp.† | 7,806 | 114,280 | ||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Cirrus Logic, Inc.† | 38,430 | 2,122,873 | ||||||
Integrated Device Technology, Inc.† | 79,826 | 2,401,964 | ||||||
MaxLinear, Inc.† | 35,846 | 946,693 |
208 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Components - Integrated Circuits (continued) |
| |||||||
Power Integrations, Inc. | 17,089 | $ | 1,341,487 | |||||
Sigma Designs, Inc.† | 22,332 | 130,642 | ||||||
6,943,659 | ||||||||
Semiconductor Equipment — 0.9% |
| |||||||
Axcelis Technologies, Inc.† | 17,889 | 572,448 | ||||||
Brooks Automation, Inc. | 40,967 | 1,019,669 | ||||||
Cabot Microelectronics Corp. | 14,828 | 1,428,233 | ||||||
Cohu, Inc. | 16,004 | 364,251 | ||||||
Entegris, Inc. | 84,644 | 2,564,713 | ||||||
FormFactor, Inc.† | 42,881 | 703,248 | ||||||
MKS Instruments, Inc. | 32,112 | 3,028,162 | ||||||
Nanometrics, Inc.† | 14,331 | 360,568 | ||||||
Photronics, Inc.† | 39,819 | 384,253 | ||||||
Rudolph Technologies, Inc.† | 18,600 | 451,980 | ||||||
Ultra Clean Holdings, Inc.† | 19,609 | 411,397 | ||||||
Veeco Instruments, Inc.† | 28,106 | 453,912 | ||||||
Xcerra Corp.† | 31,886 | 315,990 | ||||||
12,058,824 | ||||||||
Specified Purpose Acquisitions — 0.0% |
| |||||||
Wins Finance Holdings, Inc.†#(1)(2) | 726 | 0 | ||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Advanced Drainage Systems, Inc. | 21,034 | 498,506 | ||||||
Atkore International Group, Inc.† | 19,544 | 415,896 | ||||||
Mueller Water Products, Inc., Class A | 91,819 | 1,146,819 | ||||||
Northwest Pipe Co.† | 5,681 | 103,565 | ||||||
Omega Flex, Inc. | 1,735 | 112,046 | ||||||
TimkenSteel Corp.†# | 23,610 | 356,511 | ||||||
2,633,343 | ||||||||
Steel - Producers — 0.3% |
| |||||||
AK Steel Holding Corp.†# | 187,922 | 915,180 | ||||||
Carpenter Technology Corp.# | 27,624 | 1,365,454 | ||||||
Commercial Metals Co. | 68,870 | 1,366,381 | ||||||
Ryerson Holding Corp.† | 9,526 | 88,115 | ||||||
Schnitzer Steel Industries, Inc., Class A | 15,754 | 460,017 | ||||||
Shiloh Industries, Inc.† | 5,183 | 44,263 | ||||||
4,239,410 | ||||||||
Steel - Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc.†# | 64,751 | 1,474,380 | ||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc. | 26,185 | 940,042 | ||||||
Wesco Aircraft Holdings, Inc.† | 33,205 | 245,717 | ||||||
1,185,759 | ||||||||
SupraNational Banks — 0.0% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 18,062 | 530,300 | ||||||
Telecom Equipment - Fiber Optics — 0.5% |
| |||||||
Acacia Communications, Inc.† | 11,009 | 425,828 | ||||||
Ciena Corp.† | 84,055 | 1,828,196 | ||||||
Clearfield, Inc.† | 6,930 | 101,178 | ||||||
Finisar Corp.†# | 66,455 | 1,329,765 | ||||||
Harmonic, Inc.†# | 47,247 | 198,437 | ||||||
KVH Industries, Inc.† | 9,274 | 100,159 | ||||||
Oclaro, Inc.†# | 98,662 | 702,473 | ||||||
Viavi Solutions, Inc.† | 136,369 | 1,277,778 | ||||||
5,963,814 | ||||||||
Telecom Services — 0.4% |
| |||||||
Consolidated Communications Holdings, Inc. | 38,940 | 550,612 | ||||||
GTT Communications, Inc.†# | 18,447 | 746,181 | ||||||
Hawaiian Telcom Holdco, Inc.† | 3,557 | 112,223 |
Security Description | Shares | Value (Note 2) | ||||||
Telecom Services (continued) |
| |||||||
HC2 Holdings, Inc.† | 24,275 | $ | 132,542 | |||||
Ooma, Inc.† | 10,094 | 111,539 | ||||||
ORBCOMM, Inc.† | 39,021 | 419,866 | ||||||
RigNet, Inc.† | 7,857 | 126,498 | ||||||
Spok Holdings, Inc. | 12,156 | 212,730 | ||||||
Straight Path Communications, Inc., Class B†# | 5,772 | 1,049,580 | ||||||
Vonage Holdings Corp.† | 119,018 | 1,211,603 | ||||||
4,673,374 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
ADTRAN, Inc. | 28,936 | 668,421 | ||||||
Comtech Telecommunications Corp. | 13,675 | 296,337 | ||||||
Plantronics, Inc. | 19,840 | 1,038,029 | ||||||
Preformed Line Products Co. | 1,818 | 151,785 | ||||||
2,154,572 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Cincinnati Bell, Inc.† | 25,009 | 542,695 | ||||||
Frontier Communications Corp.# | 46,854 | 398,259 | ||||||
General Communication, Inc., Class A† | 15,854 | 632,733 | ||||||
IDT Corp., Class B | 10,360 | 161,927 | ||||||
Shenandoah Telecommunications Co.# | 27,673 | 1,061,260 | ||||||
Windstream Holdings, Inc. | 113,541 | 298,613 | ||||||
3,095,487 | ||||||||
Television — 0.3% |
| |||||||
Central European Media Enterprises, Ltd., Class A†# | 49,100 | 243,045 | ||||||
Gray Television, Inc.† | 38,131 | 549,087 | ||||||
Nexstar Media Group, Inc., Class A# | 27,069 | 1,837,985 | ||||||
Sinclair Broadcast Group, Inc., Class A# | 43,020 | 1,464,831 | ||||||
4,094,948 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Perry Ellis International, Inc.† | 7,629 | 186,681 | ||||||
Unifi, Inc.† | 9,168 | 334,999 | ||||||
521,680 | ||||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 6,457 | 207,270 | ||||||
Theaters — 0.1% |
| |||||||
AMC Entertainment Holdings, Inc., Class A# | 32,870 | 468,397 | ||||||
National CineMedia, Inc. | 36,860 | 230,375 | ||||||
Reading International, Inc., Class A† | 10,035 | 160,259 | ||||||
859,031 | ||||||||
Therapeutics — 0.5% |
| |||||||
Akebia Therapeutics, Inc.†# | 26,402 | 410,815 | ||||||
Anika Therapeutics, Inc.† | 8,562 | 471,938 | ||||||
Calithera Biosciences, Inc.† | 18,241 | 191,531 | ||||||
Cara Therapeutics, Inc.†# | 15,912 | 198,104 | ||||||
Concert Pharmaceuticals, Inc.† | 10,671 | 240,738 | ||||||
Dyax Corp. CVR†(1)(2) | 82,437 | 260,006 | ||||||
Flexion Therapeutics, Inc.†# | 16,509 | 427,748 | ||||||
G1 Therapeutics, Inc.†# | 4,637 | 95,290 | ||||||
La Jolla Pharmaceutical Co.†# | 10,411 | 347,207 | ||||||
Mersana Therapeutics, Inc.†# | 2,872 | 54,568 | ||||||
Portola Pharmaceuticals, Inc.† | 32,538 | 1,651,304 | ||||||
Recro Pharma, Inc.†# | 8,113 | 78,209 | ||||||
Sarepta Therapeutics, Inc.†# | 35,213 | 1,960,308 | ||||||
Xencor, Inc.†# | 22,679 | 492,361 | ||||||
6,880,127 | ||||||||
Tobacco — 0.2% |
| |||||||
Turning Point Brands, Inc. | 3,009 | 52,477 | ||||||
Universal Corp. | 14,736 | 786,165 |
209 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Tobacco (continued) |
| |||||||
Vector Group, Ltd. | 58,475 | $ | 1,315,103 | |||||
2,153,745 | ||||||||
Transactional Software — 0.2% |
| |||||||
ACI Worldwide, Inc.† | 69,445 | 1,588,902 | ||||||
Bottomline Technologies de, Inc.† | 23,701 | 789,954 | ||||||
InnerWorkings, Inc.† | 26,952 | 292,429 | ||||||
Synchronoss Technologies, Inc.†# | 25,401 | 255,026 | ||||||
2,926,311 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 34,505 | 836,746 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 13,868 | 800,877 | ||||||
1,637,623 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp.# | 23,257 | 1,468,680 | ||||||
Greenbrier Cos., Inc.# | 16,309 | 815,450 | ||||||
Willis Lease Finance Corp.† | 2,054 | 53,897 | ||||||
2,338,027 | ||||||||
Transport - Marine — 0.4% |
| |||||||
Ardmore Shipping Corp.†# | 16,720 | 132,924 | ||||||
Costamare, Inc. | 29,243 | 168,147 | ||||||
DHT Holdings, Inc.# | 45,938 | 177,780 | ||||||
Dorian LPG, Ltd.† | 11,243 | 81,174 | ||||||
Eagle Bulk Shipping, Inc.†# | 22,888 | 100,021 | ||||||
Frontline, Ltd.# | 45,857 | 240,749 | ||||||
GasLog, Ltd.# | 24,344 | 438,192 | ||||||
Genco Shipping & Trading, Ltd.† | 4,577 | 52,040 | ||||||
Gener8 Maritime, Inc.†# | 28,108 | 127,891 | ||||||
Golar LNG, Ltd.# | 57,240 | 1,414,400 | ||||||
International Seaways, Inc.† | 17,522 | 297,699 | ||||||
Navios Maritime Acquisition Corp.# | 49,124 | 65,826 | ||||||
Navios Maritime Holdings, Inc.† | 53,481 | 73,804 | ||||||
Nordic American Tankers, Ltd.# | 59,561 | 237,648 | ||||||
Overseas Shipholding Group, Inc., Class A† | 26,967 | 78,744 | ||||||
Safe Bulkers, Inc.† | 28,662 | 90,859 | ||||||
Scorpio Bulkers, Inc. | 34,989 | 251,921 | ||||||
Scorpio Tankers, Inc.# | 124,607 | 386,282 | ||||||
Ship Finance International, Ltd. | 35,641 | 552,436 | ||||||
Teekay Corp.# | 32,160 | 267,893 | ||||||
Teekay Tankers, Ltd., Class A# | 72,649 | 115,512 | ||||||
5,351,942 | ||||||||
Transport - Services — 0.2% |
| |||||||
Echo Global Logistics, Inc.† | 16,428 | 443,556 | ||||||
Hub Group, Inc., Class A† | 19,441 | 929,280 | ||||||
Matson, Inc. | 25,519 | 744,389 | ||||||
Radiant Logistics, Inc.† | 22,301 | 107,268 | ||||||
2,224,493 | ||||||||
Transport - Truck — 0.7% |
| |||||||
ArcBest Corp. | 15,431 | 584,063 | ||||||
Covenant Transportation Group, Inc., Class A† | 7,074 | 211,937 | ||||||
Daseke, Inc.† | 12,199 | 154,805 | ||||||
Forward Air Corp. | 17,882 | 1,017,486 | ||||||
Heartland Express, Inc.# | 28,166 | 643,312 | ||||||
Knight-Swift Transportation Holdings, Inc.# | 74,762 | 3,190,842 | ||||||
Marten Transport, Ltd. | 23,216 | 467,803 | ||||||
Roadrunner Transportation Systems, Inc.† | 18,202 | 155,809 | ||||||
Saia, Inc.† | 15,076 | 992,001 | ||||||
Schneider National, Inc., Class B# | 19,405 | 508,993 | ||||||
Universal Logistics Holdings, Inc. | 4,974 | 116,143 | ||||||
Werner Enterprises, Inc. | 28,404 | 1,085,033 |
Security Description | Shares | Value (Note 2) | ||||||
Transport - Truck (continued) |
| |||||||
YRC Worldwide, Inc.† | 19,679 | $ | 242,445 | |||||
9,370,672 | ||||||||
Travel Services — 0.0% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A† | 43,271 | 404,584 | ||||||
Venture Capital — 0.0% |
| |||||||
Safeguard Scientifics, Inc.† | 12,063 | 149,581 | ||||||
Veterinary Diagnostics — 0.2% |
| |||||||
Heska Corp.† | 3,842 | 329,759 | ||||||
Kindred Biosciences, Inc.† | 12,541 | 95,939 | ||||||
Neogen Corp.† | 22,104 | 1,854,526 | ||||||
Phibro Animal Health Corp., Class A | 11,285 | 391,589 | ||||||
2,671,813 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.†# | 5,369 | 42,200 | ||||||
Natural Health Trends Corp.# | 4,376 | 78,549 | ||||||
Nature’s Sunshine Products, Inc. | 6,394 | 82,163 | ||||||
Omega Protein Corp. | 13,132 | 288,247 | ||||||
USANA Health Sciences, Inc.† | 6,908 | 495,304 | ||||||
986,463 | ||||||||
Water — 0.4% |
| |||||||
American States Water Co. | 21,630 | 1,247,835 | ||||||
Artesian Resources Corp., Class A | 4,677 | 198,024 | ||||||
California Water Service Group | 28,615 | 1,304,844 | ||||||
Connecticut Water Service, Inc. | 6,589 | 417,150 | ||||||
Consolidated Water Co., Ltd. | 8,700 | 114,405 | ||||||
Global Water Resources, Inc. | 6,043 | 58,496 | ||||||
Middlesex Water Co. | 9,468 | 436,664 | ||||||
SJW Group | 9,743 | 663,791 | ||||||
York Water Co. | 7,643 | 283,937 | ||||||
4,725,146 | ||||||||
Water Treatment Systems — 0.0% |
| |||||||
AquaVenture Holdings, Ltd.†# | 6,896 | 105,716 | ||||||
Energy Recovery, Inc.†# | 21,594 | 242,501 | ||||||
Pure Cycle Corp.† | 10,191 | 70,827 | ||||||
419,044 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
Endurance International Group Holdings, Inc.† | 34,545 | 322,996 | ||||||
NIC, Inc. | 38,200 | 634,120 | ||||||
Q2 Holdings, Inc.†# | 18,665 | 781,130 | ||||||
Web.com Group, Inc.† | 22,859 | 525,757 | ||||||
2,264,003 | ||||||||
Web Portals/ISP — 0.1% |
| |||||||
Blucora, Inc.† | 24,588 | 505,283 | ||||||
Meet Group, Inc.†# | 39,883 | 101,303 | ||||||
606,586 | ||||||||
Wire & Cable Products — 0.3% |
| |||||||
Belden, Inc. | 25,067 | 2,122,924 | ||||||
Encore Wire Corp. | 12,072 | 562,555 | ||||||
General Cable Corp. | 29,334 | 630,681 | ||||||
Insteel Industries, Inc. | 10,838 | 298,587 | ||||||
3,614,747 | ||||||||
Wireless Equipment — 0.5% |
| |||||||
Aerohive Networks, Inc.† | 18,708 | 101,023 | ||||||
CalAmp Corp.† | 20,602 | 470,756 | ||||||
Gogo, Inc.†# | 33,953 | 373,822 | ||||||
InterDigital, Inc. | 20,630 | 1,569,943 | ||||||
Quantenna Communications, Inc.†# | 12,581 | 153,866 |
210 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Wireless Equipment (continued) |
| |||||||
Telenav, Inc.† | 18,216 | $ | 100,188 | |||||
Ubiquiti Networks, Inc.†# | 13,775 | 920,583 | ||||||
ViaSat, Inc.†# | 31,725 | 2,355,264 | ||||||
6,045,445 | ||||||||
X-Ray Equipment — 0.1% |
| |||||||
Varex Imaging Corp.† | 22,442 | 831,925 | ||||||
ViewRay, Inc.†# | 17,426 | 167,811 | ||||||
999,736 | ||||||||
Total Common Stocks | ||||||||
(cost $860,325,382) | 1,246,605,327 | |||||||
WARRANTS — 0.0% |
| |||||||
Finance - Other Services — 0.0% |
| |||||||
Emergent Capital, Inc.† | 1,320 | 0 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $860,325,382) | 1,246,605,327 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.1% |
| |||||||
Registered Investment Companies — 7.4% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 95,634,368 | 95,634,368 | ||||||
U.S. Government Treasuries — 0.7% |
| |||||||
United States Treasury Bills | ||||||||
1.11% due 02/01/2018(5) | $ | 500,000 | 499,025 | |||||
1.19% due 04/05/2018(5) | 500,000 | 497,760 | ||||||
1.27% due 02/22/2018(5) | 500,000 | 498,646 | ||||||
1.27% due 03/01/2018(5) | 7,500,000 | 7,476,586 | ||||||
8,972,017 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $104,606,130) | 104,606,385 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 2.7% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount $34,686,116 collateralized by $35,535,000 of U.S. Treasury Inflation Index Notes, bearing interest at 0.38% due 07/15/2027 and having an approximate value of $35,380,991 | $ | 34,686,000 | $ | 34,686,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $999,617,512)(6) | 107.3 | % | 1,385,897,712 | |||||
Liabilities in excess of other assets | (7.3 | ) | (94,011,833 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,291,885,879 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Illiquid security. At November 30, 2017, the aggregate value of these securities was $262,435 representing 0.0% of net assets. |
(2) | Securities classified as Level 3 (see Note 2). |
(3) | At November 30, 2017, the Fund had loaned securities with a total value of $274,090,397. This was secured by collateral of $95,634,368, which was received in cash and subsequently invested in short-term investments currently valued at $95,634,368 as reported in the Portfolio of Investments. Additional collateral of $183,491,237 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 6,910,760 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 3,617,915 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 6,937,343 | |||||
United States Treasury Bills | 0.00% | 12/14/2017 to 08/16/2018 | 9,932,874 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 156,092,345 |
(4) | The rate shown is the 7-day yield as of November 30, 2017. |
(5) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(6) | See Note 5 for cost of investments on a tax basis. |
CVR—Contingent Value Rights
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
551 | Long | Russell 2000 Mini Index | December 2017 | $ | 39,889,653 | $ | 42,575,770 | $ | 2,686,117 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
211 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 55,289,238 | $ | — | $ | 2,429 | $ | 55,291,667 | ||||||||
Medical - Drugs | 27,492,948 | — | 0 | 27,492,948 | ||||||||||||
Metal - Diversified | — | — | 0 | 0 | ||||||||||||
Multimedia | 1,394,010 | — | 0 | 1,394,010 | ||||||||||||
Oil Companies - Exploration & Production | 16,095,097 | — | 0 | 16,095,097 | ||||||||||||
Specified Purpose Acquisitions | — | — | 0 | 0 | ||||||||||||
Therapeutics | 6,620,121 | — | 260,006 | 6,880,127 | ||||||||||||
Other Industries | 1,139,451,478 | — | — | 1,139,451,478 | ||||||||||||
Warrants | — | 0 | — | 0 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 95,634,368 | — | — | 95,634,368 | ||||||||||||
U.S. Government Treasuries | — | 8,972,017 | — | 8,972,017 | ||||||||||||
Repurchase Agreements | — | 34,686,000 | — | 34,686,000 | ||||||||||||
Total Investment at Value | $ | 1,341,977,260 | $ | 43,658,017 | $ | 262,435 | $ | 1,385,897,712 | ||||||||
Other Financial Instruments:+ | ||||||||||||||||
Futures Contracts | $ | 2,686,117 | $ | — | $ | — | $ | 2,686,117 | ||||||||
* | 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, forwards, swaps 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
212 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Banks-Commercial | 8.6 | % | ||
Time Deposits | 7.5 | |||
Chemicals-Specialty | 4.7 | |||
Real Estate Investment Trusts | 4.3 | |||
Retail-Restaurants | 3.7 | |||
Computer Services | 3.5 | |||
Paper & Related Products | 3.4 | |||
Registered Investment Companies | 3.2 | |||
Metal Processors & Fabrication | 2.9 | |||
Building & Construction Products-Misc. | 2.7 | |||
Printing-Commercial | 2.6 | |||
Insurance-Property/Casualty | 2.5 | |||
Investment Management/Advisor Services | 2.4 | |||
Consumer Products-Misc. | 2.2 | |||
Insurance-Reinsurance | 2.1 | |||
Chemicals-Diversified | 2.1 | |||
Human Resources | 2.0 | |||
Diversified Operations | 1.9 | |||
Building Products-Cement | 1.8 | |||
Electric-Integrated | 1.7 | |||
Oil Companies-Exploration & Production | 1.7 | |||
Electric Products-Misc. | 1.7 | |||
Oil-Field Services | 1.6 | |||
Medical Imaging Systems | 1.5 | |||
Machinery-Electrical | 1.5 | |||
Containers-Metal/Glass | 1.4 | |||
Batteries/Battery Systems | 1.4 | |||
Auto/Truck Parts & Equipment-Replacement | 1.4 | |||
Food-Misc./Diversified | 1.4 | |||
Electronic Measurement Instruments | 1.2 | |||
Miscellaneous Manufacturing | 1.2 | |||
Chemicals-Plastics | 1.2 | |||
Machinery-General Industrial | 1.1 | |||
Investment Companies | 1.0 | |||
Dental Supplies & Equipment | 1.0 | |||
Oil & Gas Drilling | 1.0 | |||
Retail-Apparel/Shoe | 0.9 | |||
Beverages-Non-alcoholic | 0.9 | |||
Identification Systems | 0.9 | |||
Quarrying | 0.9 | |||
Networking Products | 0.9 | |||
Steel Pipe & Tube | 0.8 | |||
Diversified Operations/Commercial Services | 0.8 | |||
Medical Products | 0.8 | |||
Footwear & Related Apparel | 0.8 | |||
Medical-Biomedical/Gene | 0.8 | |||
Real Estate Management/Services | 0.7 | |||
Office Supplies & Forms | 0.7 | |||
Electronic Components-Misc. | 0.7 | |||
Medical-Drugs | 0.7 | |||
E-Marketing/Info | 0.7 | |||
Food-Canned | 0.7 | |||
Publishing-Newspapers | 0.7 | |||
Apparel Manufacturers | 0.4 | |||
Computers-Integrated Systems | 0.4 | |||
Food-Retail | 0.4 | |||
Electronic Components-Semiconductors | 0.4 | |||
Telecom Services | 0.3 | |||
Food-Confectionery | 0.3 | |||
Transactional Software | 0.2 | |||
Medical-Wholesale Drug Distribution | 0.2 | |||
Commercial Services-Finance | 0.1 | |||
Retail-Jewelry | 0.1 | |||
Textile-Products | 0.1 | |||
Athletic Equipment | 0.1 | |||
103.5 | % | |||
* | Calculated as a percentage of net assets |
213 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 92.2% |
| |||||||
Apparel Manufacturers — 0.4% |
| |||||||
Delta Apparel, Inc.† | 70,428 | $ | 1,426,167 | |||||
Athletic Equipment — 0.1% |
| |||||||
Vista Outdoor, Inc.† | 23,897 | 344,356 | ||||||
Auto/Truck Parts & Equipment-Replacement — 1.4% |
| |||||||
Douglas Dynamics, Inc. | 111,158 | 4,529,689 | ||||||
Banks-Commercial — 8.6% |
| |||||||
Associated Banc-Corp. | 166,666 | 4,249,983 | ||||||
First Citizens BancShares, Inc., Class A | 19,510 | 8,320,820 | ||||||
Hancock Holding Co. | 75,674 | 3,885,860 | ||||||
Renasant Corp. | 112,260 | 4,831,670 | ||||||
UMB Financial Corp. | 88,455 | 6,648,278 | ||||||
27,936,611 | ||||||||
Batteries/Battery Systems — 1.4% |
| |||||||
Energizer Holdings, Inc.# | 41,739 | 1,917,072 | ||||||
EnerSys | 40,480 | 2,796,763 | ||||||
4,713,835 | ||||||||
Beverages-Non-alcoholic — 0.9% |
| |||||||
Cott Corp. | 179,331 | 3,079,113 | ||||||
Building & Construction Products-Misc. — 2.7% |
| |||||||
Simpson Manufacturing Co., Inc. | 147,925 | 8,871,062 | ||||||
Building Products-Cement — 1.8% |
| |||||||
Eagle Materials, Inc. | 52,390 | 5,864,013 | ||||||
Chemicals-Diversified — 2.1% |
| |||||||
Innospec, Inc. | 95,922 | 6,848,831 | ||||||
Chemicals-Plastics — 1.2% |
| |||||||
A. Schulman, Inc. | 52,828 | 2,004,823 | ||||||
PolyOne Corp. | 38,621 | 1,784,676 | ||||||
3,789,499 | ||||||||
Chemicals-Specialty — 4.7% |
| |||||||
CSW Industrials, Inc.† | 92,112 | 4,430,587 | ||||||
Ingevity Corp.† | 14,609 | 1,162,730 | ||||||
KMG Chemicals, Inc. | 53,904 | 2,931,839 | ||||||
PQ Group Holdings, Inc.† | 60,822 | 1,003,563 | ||||||
Quaker Chemical Corp. | 14,921 | 2,458,682 | ||||||
Sensient Technologies Corp. | 41,363 | 3,206,874 | ||||||
15,194,275 | ||||||||
Commercial Services-Finance — 0.1% |
| |||||||
Liberty Tax, Inc.# | 39,268 | 469,253 | ||||||
Computer Services — 3.5% |
| |||||||
Conduent, Inc.† | 127,939 | 1,952,349 | ||||||
DST Systems, Inc. | 98,836 | 6,185,157 | ||||||
Sykes Enterprises, Inc.† | 101,842 | 3,240,612 | ||||||
11,378,118 | ||||||||
Computers-Integrated Systems — 0.4% |
| |||||||
NCR Corp.† | 39,983 | 1,251,068 | ||||||
Consumer Products-Misc. — 2.2% |
| |||||||
Central Garden & Pet Co.†# | 77,011 | 3,051,946 | ||||||
Helen of Troy, Ltd.† | 47,822 | 4,275,287 | ||||||
7,327,233 | ||||||||
Containers-Metal/Glass — 1.4% |
| |||||||
Silgan Holdings, Inc. | 163,812 | 4,730,891 | ||||||
Dental Supplies & Equipment — 1.0% |
| |||||||
Patterson Cos., Inc.# | 91,179 | 3,332,592 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Operations — 1.3% |
| |||||||
HRG Group, Inc.† | 246,940 | $ | 4,284,409 | |||||
Diversified Operations/Commercial Services — 0.8% |
| |||||||
Viad Corp. | 46,037 | 2,651,731 | ||||||
E-Marketing/Info — 0.7% |
| |||||||
New Media Investment Group, Inc. | 129,412 | 2,246,592 | ||||||
Electric Products-Misc. — 1.7% |
| |||||||
Novanta, Inc.† | 112,750 | 5,423,275 | ||||||
Electric-Integrated — 1.7% |
| |||||||
Hawaiian Electric Industries, Inc.# | 148,483 | 5,694,323 | ||||||
Electronic Components-Misc. — 0.7% |
| |||||||
AVX Corp. | 125,319 | 2,273,287 | ||||||
Electronic Components-Semiconductors — 0.4% |
| |||||||
DSP Group, Inc.† | 87,660 | 1,143,963 | ||||||
Electronic Measurement Instruments — 1.2% |
| |||||||
Badger Meter, Inc.# | 28,296 | 1,312,934 | ||||||
Orbotech, Ltd.† | 51,562 | 2,612,131 | ||||||
3,925,065 | ||||||||
Food-Canned — 0.7% |
| |||||||
TreeHouse Foods, Inc.†# | 48,350 | 2,225,067 | ||||||
Food-Confectionery — 0.3% |
| |||||||
Hostess Brands, Inc.†# | 62,634 | 880,634 | ||||||
Food-Misc./Diversified — 1.4% |
| |||||||
Nomad Foods, Ltd.† | 270,270 | 4,440,536 | ||||||
Food-Retail — 0.4% |
| |||||||
SUPERVALU, Inc.†# | 62,996 | 1,151,567 | ||||||
Footwear & Related Apparel — 0.8% |
| |||||||
Steven Madden, Ltd.† | 60,936 | 2,605,014 | ||||||
Human Resources — 2.0% |
| |||||||
AMN Healthcare Services, Inc.†# | 42,117 | 2,114,274 | ||||||
Korn/Ferry International | 102,586 | 4,497,370 | ||||||
6,611,644 | ||||||||
�� | ||||||||
Identification Systems — 0.9% |
| |||||||
Brady Corp., Class A | 76,381 | 2,986,497 | ||||||
Insurance-Property/Casualty — 2.5% |
| |||||||
ProAssurance Corp. | 86,196 | 5,331,222 | ||||||
Stewart Information Services Corp. | 67,302 | 2,714,290 | ||||||
8,045,512 | ||||||||
Insurance-Reinsurance — 2.1% |
| |||||||
Aspen Insurance Holdings, Ltd. | 48,884 | 2,004,244 | ||||||
Validus Holdings, Ltd. | 100,471 | 4,941,164 | ||||||
6,945,408 | ||||||||
Investment Companies — 1.0% |
| |||||||
Apollo Investment Corp.# | 286,799 | 1,723,662 | ||||||
GlassBridge Enterprises, Inc.†#(4) | 58,692 | 64,561 | ||||||
New Mountain Finance Corp.# | 115,182 | 1,629,825 | ||||||
3,418,048 | ||||||||
Investment Management/Advisor Services — 2.4% |
| |||||||
Artisan Partners Asset Management, Inc., Class A | 98,707 | 3,898,927 | ||||||
Westwood Holdings Group, Inc. | 58,250 | 3,981,387 | ||||||
7,880,314 | ||||||||
Machinery-Electrical — 1.5% |
| |||||||
Franklin Electric Co., Inc. | 103,896 | 4,810,385 | ||||||
214 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Machinery-General Industrial — 1.1% |
| |||||||
Kadant, Inc. | 36,129 | $ | 3,695,997 | |||||
Medical Imaging Systems — 1.5% |
| |||||||
Analogic Corp. | 59,707 | 4,943,740 | ||||||
Medical Products — 0.8% |
| |||||||
Haemonetics Corp.† | 45,734 | 2,643,425 | ||||||
Medical-Biomedical/Gene — 0.8% |
| |||||||
Cambrex Corp.† | 10,993 | 537,008 | ||||||
Innoviva, Inc.†# | 147,268 | 1,932,156 | ||||||
2,469,164 | ||||||||
Medical-Drugs — 0.7% |
| |||||||
Prestige Brands Holdings, Inc.† | 50,012 | 2,260,542 | ||||||
Medical-Wholesale Drug Distribution — 0.2% |
| |||||||
Owens & Minor, Inc. | 30,087 | 575,865 | ||||||
Metal Processors & Fabrication — 2.9% |
| |||||||
Global Brass & Copper Holdings, Inc. | 66,542 | 2,302,353 | ||||||
Mueller Industries, Inc. | 193,917 | 7,058,579 | ||||||
9,360,932 | ||||||||
Miscellaneous Manufacturing — 1.2% |
| |||||||
Hillenbrand, Inc. | 83,502 | 3,803,516 | ||||||
Networking Products — 0.9% |
| |||||||
NETGEAR, Inc.† | 56,449 | 2,907,124 | ||||||
Office Supplies & Forms — 0.7% |
| |||||||
ACCO Brands Corp.† | 173,543 | 2,282,090 | ||||||
Oil & Gas Drilling — 1.0% |
| |||||||
Patterson-UTI Energy, Inc. | 151,027 | 3,260,673 | ||||||
Oil Companies-Exploration & Production — 1.7% |
| |||||||
QEP Resources, Inc.† | 158,397 | 1,530,115 | ||||||
Whiting Petroleum Corp.†# | 1 | 25 | ||||||
WPX Energy, Inc.† | 308,890 | 3,913,636 | ||||||
5,443,776 | ||||||||
Oil-Field Services — 1.6% |
| |||||||
C&J Energy Services, Inc.† | 60,140 | 1,879,976 | ||||||
Oil States International, Inc.† | 93,740 | 2,231,012 | ||||||
TETRA Technologies, Inc.† | 315,441 | 1,268,073 | ||||||
5,379,061 | ||||||||
Paper & Related Products — 3.4% |
| |||||||
Neenah Paper, Inc. | 84,216 | 7,528,910 | ||||||
Schweitzer-Mauduit International, Inc. | 78,358 | 3,547,267 | ||||||
11,076,177 | ||||||||
Printing-Commercial — 2.6% |
| |||||||
Deluxe Corp. | 54,050 | 3,842,955 | ||||||
Ennis, Inc. | 192,524 | 4,071,883 | ||||||
LSC Communications, Inc. | 33,157 | 542,448 | ||||||
8,457,286 | ||||||||
Publishing-Newspapers — 0.7% |
| |||||||
A.H. Belo Corp., Class A | 224,875 | 1,068,156 | ||||||
Gannett Co., Inc. | 93,808 | 1,075,040 | ||||||
2,143,196 | ||||||||
Quarrying — 0.9% |
| |||||||
Compass Minerals International, Inc.# | 42,122 | 2,938,010 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Real Estate Investment Trusts — 4.3% |
| |||||||
Acadia Realty Trust# | 38,314 | $ | 1,073,941 | |||||
Apollo Commercial Real Estate Finance, Inc.# | 126,587 | 2,360,848 | ||||||
Gramercy Property Trust | 120,176 | 3,427,420 | ||||||
LaSalle Hotel Properties# | 162,305 | 4,615,954 | ||||||
Washington Real Estate Investment Trust | 80,572 | 2,604,087 | ||||||
14,082,250 | ||||||||
Real Estate Management/Services — 0.7% |
| |||||||
Jones Lang LaSalle, Inc. | 14,969 | 2,282,623 | ||||||
Retail-Apparel/Shoe — 0.9% |
| |||||||
Buckle, Inc.# | 60,661 | 1,349,707 | ||||||
Christopher & Banks Corp.†# | 191,134 | 256,120 | ||||||
Guess?, Inc.# | 89,719 | 1,480,363 | ||||||
3,086,190 | ||||||||
Retail-Jewelry — 0.1% |
| |||||||
Signet Jewelers, Ltd. | 7,885 | 412,307 | ||||||
Retail-Restaurants — 3.7% |
| |||||||
Dave & Buster’s Entertainment, Inc.† | 18,864 | 1,000,358 | ||||||
Denny’s Corp.† | 395,513 | 5,359,201 | ||||||
DineEquity, Inc.# | 54,632 | 2,505,970 | ||||||
Wendy’s Co.# | 208,929 | 3,110,953 | ||||||
11,976,482 | ||||||||
Steel Pipe & Tube — 0.8% |
| |||||||
Atkore International Group, Inc.† | 130,197 | 2,770,592 | ||||||
Telecom Services — 0.3% |
| |||||||
Consolidated Communications Holdings, Inc. | 64,589 | 913,288 | ||||||
Textile-Products — 0.1% |
| |||||||
Dixie Group, Inc.† | 101,112 | 409,504 | ||||||
Transactional Software — 0.2% |
| |||||||
ACI Worldwide, Inc.† | 25,615 | 586,071 | ||||||
Total Common Stocks | ||||||||
(cost $249,166,997) | 300,889,758 | |||||||
PREFERRED SECURITIES — 0.6% |
| |||||||
Diversified Operations — 0.6% |
| |||||||
Steel Partners Holdings LP | 87,498 | 1,895,207 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $251,438,992) | 302,784,965 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.7% |
| |||||||
Registered Investment Companies — 3.2% |
| |||||||
State Street Navigator Securities Lending | 10,565,932 | 10,565,932 | ||||||
Time Deposits — 7.5% |
| |||||||
Euro Time Deposit with State Street | $ | 24,454,000 | 24,454,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $35,019,932) | 35,019,932 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $286,458,924)(3) | 103.5 | % | 337,804,897 | |||||
Liabilities in excess of other assets | (3.5 | ) | (11,537,640 | ) | ||||
NET ASSETS | 100.0 | % | $ | 326,267,257 | ||||
215 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $40,262,732. This was secured by collateral of $10,565,932, which was received in cash and subsequently invested in short-term investments currently valued at $10,565,932 as reported in the Portfolio of Investments. Additional collateral of $30,741,090 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 709,405 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 371,387 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 712,134 | |||||
United States Treasury Bills | 0.00% | 12/14/2017 to 07/19/2018 | 1,796,961 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 27,151,203 |
(2) | The rate shown is the 7-day yield as of November 30, 2017. |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | Illiquid security. At November 30, 2017, the aggregate value of these securities was $64,561 representing 0.0% of net assets. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 300,889,758 | $ | — | $ | — | $ | 300,889,758 | ||||||||
Preferred Securities | 1,895,207 | — | — | 1,895,207 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | �� | 10,565,932 | — | — | 10,565,932 | |||||||||||
Time Deposits | — | 24,454,000 | — | 24,454,000 | ||||||||||||
Total Investments at Value | $ | 313,350,897 | $ | 24,454,000 | $ | — | $ | 337,804,897 | ||||||||
* | 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
216 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Machinery — General Industrial | 5.4 | % | ||
Medical — Drugs | 4.5 | |||
Medical Products | 4.3 | |||
Registered Investment Companies | 4.2 | |||
Electronic Components — Semiconductors | 4.1 | |||
Retail — Restaurants | 3.8 | |||
Medical — Biomedical/Gene | 3.8 | |||
Enterprise Software/Service | 3.7 | |||
Computer Software | 3.1 | |||
Machinery — Pumps | 3.0 | |||
Chemicals — Specialty | 2.9 | |||
Commercial Services — Finance | 2.9 | |||
Banks — Commercial | 2.9 | |||
Finance — Investment Banker/Broker | 2.7 | |||
Instruments — Controls | 2.6 | |||
Retail — Apparel/Shoe | 2.5 | |||
Building & Construction Products — Misc. | 2.3 | |||
Therapeutics | 2.1 | |||
Web Hosting/Design | 2.1 | |||
Miscellaneous Manufacturing | 1.9 | |||
Applications Software | 1.9 | |||
Investment Management/Advisor Services | 1.8 | |||
Office Supplies & Forms | 1.8 | |||
Food — Misc./Diversified | 1.8 | |||
Oil Companies — Exploration & Production | 1.7 | |||
Schools | 1.6 | |||
Beverages — Wine/Spirits | 1.6 | |||
Power Converter/Supply Equipment | 1.5 | |||
Aerospace/Defense — Equipment | 1.4 | |||
Commercial Services | 1.4 | |||
Decision Support Software | 1.4 | |||
Instruments — Scientific | 1.3 | |||
Medical — HMO | 1.3 | |||
Consulting Services | 1.2 | |||
Coatings/Paint | 1.2 | |||
Computers — Periphery Equipment | 1.2 | |||
Retail — Misc./Diversified | 1.2 | |||
Finance — Consumer Loans | 1.1 | |||
Auto/Truck Parts & Equipment — Original | 1.1 | |||
Electronic Measurement Instruments | 1.1 | |||
Disposable Medical Products | 1.0 | |||
Resorts/Theme Parks | 1.0 | |||
Industrial Automated/Robotic | 0.9 | |||
Real Estate Investment Trusts | 0.8 | |||
Real Estate Management/Services | 0.7 | |||
Medical Information Systems | 0.7 | |||
Entertainment Software | 0.7 | |||
Medical — Hospitals | 0.7 | |||
Internet Security | 0.7 | |||
Veterinary Diagnostics | 0.6 | |||
Lasers — System/Components | 0.6 | |||
Diagnostic Kits | 0.6 | |||
Retail — Perfume & Cosmetics | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Hotels/Motels | 0.3 | |||
103.5 | % | |||
* | Calculated as a percentage of net assets |
217 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% |
| |||||||
Aerospace/Defense - Equipment — 1.4% | ||||||||
L3 Technologies, Inc. | 8,085 | $ | 1,605,600 | |||||
Applications Software — 1.9% | ||||||||
Red Hat, Inc.† | 6,238 | 790,729 | ||||||
ServiceNow, Inc.†# | 8,635 | 1,062,105 | ||||||
Tableau Software, Inc., Class A†# | 4,424 | 311,007 | ||||||
2,163,841 | ||||||||
Auto/Truck Parts & Equipment - Original — 1.1% | ||||||||
WABCO Holdings, Inc.† | 8,773 | 1,311,125 | ||||||
Banks - Commercial — 2.9% | ||||||||
Eagle Bancorp, Inc.† | 22,545 | 1,491,352 | ||||||
First Republic Bank# | 19,517 | 1,864,654 | ||||||
3,356,006 | ||||||||
Beverages - Wine/Spirits — 1.6% | ||||||||
MGP Ingredients, Inc.# | 25,274 | 1,879,122 | ||||||
Building & Construction Products - Misc. — 2.3% | ||||||||
Fortune Brands Home & Security, Inc. | 22,676 | 1,551,492 | ||||||
Summit Materials, Inc., Class A† | 35,918 | 1,104,838 | ||||||
2,656,330 | ||||||||
Building - Residential/Commercial — 0.4% | ||||||||
M/I Homes, Inc.† | 13,412 | 485,649 | ||||||
Chemicals - Specialty — 2.9% | ||||||||
Ashland Global Holdings, Inc. | 17,432 | 1,289,619 | ||||||
Valvoline, Inc. | 85,572 | 2,110,206 | ||||||
3,399,825 | ||||||||
Coatings/Paint — 1.2% | ||||||||
RPM International, Inc. | 26,184 | 1,386,966 | ||||||
Commercial Services — 1.4% | ||||||||
Healthcare Services Group, Inc.# | 30,855 | 1,602,300 | ||||||
Commercial Services - Finance — 2.9% | ||||||||
Global Payments, Inc. | 18,519 | 1,862,271 | ||||||
Total System Services, Inc. | 20,312 | 1,510,400 | ||||||
3,372,671 | ||||||||
Computer Software — 3.1% | ||||||||
InterXion Holding NV† | 32,953 | 1,902,377 | ||||||
Splunk, Inc.†# | 20,915 | 1,675,082 | ||||||
3,577,459 | ||||||||
Computers - Periphery Equipment — 1.2% | ||||||||
Electronics For Imaging, Inc.† | 29,864 | 918,617 | ||||||
Kornit Digital, Ltd.†# | 25,730 | 457,994 | ||||||
1,376,611 | ||||||||
Consulting Services — 1.2% | ||||||||
Gartner, Inc.†# | 11,571 | 1,398,818 | ||||||
Decision Support Software — 1.4% | ||||||||
MSCI, Inc. | 12,257 | 1,577,476 | ||||||
Diagnostic Kits — 0.6% | ||||||||
IDEXX Laboratories, Inc.† | 4,547 | 711,196 | ||||||
Disposable Medical Products — 1.0% | ||||||||
ICU Medical, Inc.† | 5,353 | 1,142,330 | ||||||
Electronic Components - Semiconductors — 4.1% | ||||||||
Advanced Micro Devices, Inc.†# | 44,281 | 482,220 | ||||||
Cavium, Inc.†# | 12,598 | 1,076,877 | ||||||
Monolithic Power Systems, Inc. | 11,651 | 1,378,896 | ||||||
Qorvo, Inc.† | 8,088 | 619,379 | ||||||
Xilinx, Inc. | 17,490 | 1,215,730 | ||||||
4,773,102 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Measurement Instruments — 1.1% | ||||||||
Badger Meter, Inc.# | 26,836 | $ | 1,245,190 | |||||
Enterprise Software/Service — 3.7% | ||||||||
Black Knight, Inc.† | 36,985 | 1,660,626 | ||||||
Tyler Technologies, Inc.† | 6,701 | 1,225,747 | ||||||
Ultimate Software Group, Inc.†# | 6,797 | 1,434,371 | ||||||
4,320,744 | ||||||||
Entertainment Software — 0.7% | ||||||||
Take-Two Interactive Software, Inc.† | 7,177 | 800,594 | ||||||
Finance - Consumer Loans — 1.1% | ||||||||
SLM Corp.† | 114,873 | 1,329,081 | ||||||
Finance - Investment Banker/Broker — 2.7% | ||||||||
Evercore, Inc., Class A | 6,817 | 592,057 | ||||||
Lazard, Ltd., Class A | 51,549 | 2,538,788 | ||||||
3,130,845 | ||||||||
Food - Misc./Diversified — 1.8% | ||||||||
Blue Buffalo Pet Products, Inc.†# | 47,210 | 1,449,819 | ||||||
Snyder’s-Lance, Inc.# | 15,467 | 598,264 | ||||||
2,048,083 | ||||||||
Hotels/Motels — 0.3% | ||||||||
Choice Hotels International, Inc. | 3,688 | 289,508 | ||||||
Industrial Automated/Robotic — 0.9% | ||||||||
Cognex Corp. | 7,598 | 1,052,855 | ||||||
Instruments - Controls — 2.6% | ||||||||
Mettler-Toledo International, Inc.† | 1,389 | 873,973 | ||||||
Sensata Technologies Holding NV†# | 41,681 | 2,081,966 | ||||||
2,955,939 | ||||||||
Instruments - Scientific — 1.3% | ||||||||
PerkinElmer, Inc. | 20,758 | 1,529,449 | ||||||
Internet Security — 0.7% | ||||||||
Proofpoint, Inc.†# | 8,501 | 765,515 | ||||||
Investment Management/Advisor Services — 1.8% | ||||||||
Affiliated Managers Group, Inc. | 10,768 | 2,139,279 | ||||||
Lasers - System/Components — 0.6% | ||||||||
Coherent, Inc.† | 2,443 | 713,258 | ||||||
Machinery - General Industrial — 5.4% | ||||||||
IDEX Corp. | 10,892 | 1,476,628 | ||||||
Middleby Corp.† | 24,313 | 3,100,394 | ||||||
Tennant Co. | 15,366 | 1,011,083 | ||||||
Welbilt, Inc.†# | 29,779 | 668,241 | ||||||
6,256,346 | ||||||||
Machinery - Pumps — 3.0% | ||||||||
Gorman-Rupp Co. | 24,316 | 800,726 | ||||||
Graco, Inc. | 5,285 | 695,453 | ||||||
Xylem, Inc. | 29,326 | 2,033,465 | ||||||
3,529,644 | ||||||||
Medical Information Systems — 0.7% | ||||||||
athenahealth, Inc.†# | 6,336 | 841,991 | ||||||
Medical Products — 4.3% | ||||||||
ABIOMED, Inc.† | 9,680 | 1,886,051 | ||||||
Cooper Cos., Inc. | 3,470 | 836,895 | ||||||
Nevro Corp.†# | 18,001 | 1,346,835 | ||||||
West Pharmaceutical Services, Inc. | 9,170 | 916,358 | ||||||
4,986,139 | ||||||||
Medical - Biomedical/Gene — 3.8% | ||||||||
Acceleron Pharma, Inc.†# | 17,318 | 631,934 | ||||||
Alder Biopharmaceuticals, Inc.†# | 46,729 | 514,019 |
218 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) | ||||||||
Exelixis, Inc.† | 47,791 | $ | 1,294,180 | |||||
Seattle Genetics, Inc.†# | 19,745 | 1,203,063 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 15,259 | 770,427 | ||||||
4,413,623 | ||||||||
Medical - Drugs — 4.5% | ||||||||
ACADIA Pharmaceuticals, Inc.†# | 29,342 | 887,596 | ||||||
Alkermes PLC†# | 34,924 | 1,826,176 | ||||||
Galapagos NV ADR† | 4,457 | 393,018 | ||||||
PRA Health Sciences, Inc.† | 14,652 | 1,206,885 | ||||||
TESARO, Inc.†# | 11,252 | 951,919 | ||||||
5,265,594 | ||||||||
Medical - HMO — 1.3% | ||||||||
WellCare Health Plans, Inc.† | 7,101 | 1,512,442 | ||||||
Medical - Hospitals — 0.7% | ||||||||
Acadia Healthcare Co., Inc.†# | 24,448 | 778,180 | ||||||
Miscellaneous Manufacturing — 1.9% | ||||||||
John Bean Technologies Corp.# | 18,465 | 2,211,184 | ||||||
Office Supplies & Forms — 1.8% | ||||||||
Avery Dennison Corp. | 18,552 | 2,117,154 | ||||||
Oil Companies - Exploration & Production — 1.7% | ||||||||
Diamondback Energy, Inc.† | 17,650 | 1,929,321 | ||||||
Power Converter/Supply Equipment — 1.5% | ||||||||
Hubbell, Inc. | 13,558 | 1,705,461 | ||||||
Real Estate Investment Trusts — 0.8% | ||||||||
SBA Communications Corp.† | 5,510 | 935,322 | ||||||
Real Estate Management/Services — 0.7% | ||||||||
HFF, Inc., Class A | 18,970 | 856,306 | ||||||
Resort/Theme Parks — 1.0% | ||||||||
Vail Resorts, Inc. | 4,956 | 1,115,893 | ||||||
Retail - Apparel/Shoe — 2.5% | ||||||||
Burlington Stores, Inc.† | 13,468 | 1,432,591 | ||||||
PVH Corp. | 11,289 | 1,518,935 | ||||||
2,951,526 | ||||||||
Retail - Misc./Diversified — 1.2% | ||||||||
Five Below, Inc.† | 22,046 | 1,362,443 | ||||||
Retail - Perfume & Cosmetics — 0.4% | ||||||||
Ulta Beauty, Inc.† | 2,289 | 507,494 | ||||||
Retail - Restaurants — 3.8% | ||||||||
Dunkin’ Brands Group, Inc.# | 39,671 | 2,368,358 | ||||||
Shake Shack, Inc., Class A†# | 12,258 | 503,804 | ||||||
Wingstop, Inc.# | 40,357 | 1,581,591 | ||||||
4,453,753 | ||||||||
Schools — 1.6% | ||||||||
Bright Horizons Family Solutions, Inc.† | 21,179 | 1,883,872 | ||||||
Therapeutics — 2.1% | ||||||||
Agios Pharmaceuticals, Inc.†# | 15,405 | 948,178 | ||||||
Neurocrine Biosciences, Inc.†# | 15,838 | 1,138,594 | ||||||
Sarepta Therapeutics, Inc.†# | 6,038 | 336,135 | ||||||
2,422,907 | ||||||||
Veterinary Diagnostics — 0.6% | ||||||||
Neogen Corp.† | 8,878 | 744,864 | ||||||
Web Hosting/Design — 2.1% | ||||||||
GoDaddy, Inc., Class A† | 42,759 | 2,080,225 | ||||||
Wix.com, Ltd.†# | 6,125 | 336,263 | ||||||
2,416,488 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $93,173,212) | 115,294,714 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 4.2% |
| |||||||
Registered Investment Companies — 4.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class | 645,920 | $ | 645,920 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio(1)(2) | 4,189,535 | 4,189,535 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $4,835,455) | 4,835,455 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $98,008,667)(3) | 103.5 | % | 120,130,169 | |||||
Liabilities in excess of other assets | (3.5 | ) | (4,038,811 | ) | ||||
NET ASSETS | 100.0 | % | $ | 116,091,358 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2017, the Fund had loaned securities with a total value of $24,301,126. This was secured by collateral of $4,189,535, which was received in cash and subsequently invested in short-term investments currently valued at $4,189,535 as reported in the Portfolio of Investments. Additional collateral of $20,274,892 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 3,597,068 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 1,883,134 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 3,610,904 | |||||
United States Treasury Bills | 0.00% | 12/14/2017 to 07/19/2018 | 485,198 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 10,698,588 |
(2) | The rate shown is the 7 day yield as of November 30, 2017. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American | Depositary Receipt |
219 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 115,294,714 | $ | — | $ | — | $ | 115,294,714 | ||||||||
Short-Term Investment Securities: | 4,835,455 | — | — | 4,835,455 | ||||||||||||
Total Investments at Value | $ | 120,130,169 | $ | — | $ | — | $ | 120,130,169 | ||||||||
* | 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
220 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation* |
| |||
Medical-Drugs | 5.1 | % | ||
Diversified Banking Institutions | 4.4 | |||
Computers | 4.1 | |||
Applications Software | 3.5 | |||
Electronic Components-Semiconductors | 2.9 | |||
Real Estate Investment Trusts | 2.8 | |||
Web Portals/ISP | 2.7 | |||
Electric-Integrated | 2.7 | |||
Oil Companies-Integrated | 2.5 | |||
Banks-Super Regional | 2.4 | |||
Medical-Biomedical/Gene | 2.2 | |||
E-Commerce/Products | 2.2 | |||
Internet Content-Entertainment | 2.2 | |||
Diversified Manufacturing Operations | 2.1 | |||
Finance-Credit Card | 2.0 | |||
Medical-HMO | 2.0 | |||
Aerospace/Defense | 1.9 | |||
Telephone-Integrated | 1.9 | |||
Beverages-Non-alcoholic | 1.7 | |||
Insurance-Reinsurance | 1.7 | |||
Oil Companies-Exploration & Production | 1.6 | |||
Cosmetics & Toiletries | 1.4 | |||
Retail-Discount | 1.3 | |||
Computer Services | 1.3 | |||
Multimedia | 1.3 | |||
Tobacco | 1.3 | |||
Retail-Building Products | 1.2 | |||
Commercial Services-Finance | 1.2 | |||
Insurance-Multi-line | 1.2 | |||
Retail-Restaurants | 1.2 | |||
Chemicals-Diversified | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Diagnostic Equipment | 1.0 | |||
Repurchase Agreements | 1.0 | |||
Medical Instruments | 0.9 | |||
Transport-Rail | 0.9 | |||
Food-Misc./Diversified | 0.9 | |||
Medical Products | 0.8 | |||
Networking Products | 0.8 | |||
Transport-Services | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Oil-Field Services | 0.6 | |||
Insurance-Life/Health | 0.6 | |||
Retail-Drug Store | 0.6 | |||
Instruments-Controls | 0.6 | |||
Banks-Fiduciary | 0.6 | |||
Semiconductor Components-Integrated Circuits | 0.6 | |||
Oil Refining & Marketing | 0.5 | |||
Aerospace/Defense-Equipment | 0.5 | |||
Finance-Other Services | 0.5 | |||
Airlines | 0.5 | |||
Insurance Brokers | 0.5 | |||
Auto-Cars/Light Trucks | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Semiconductor Equipment | 0.4 | |||
Banks-Commercial | 0.4 | |||
Electronic Forms | 0.4 | |||
Machinery-Construction & Mining | 0.4 | |||
Finance-Investment Banker/Broker | 0.4 | |||
Data Processing/Management | 0.3 | |||
Entertainment Software | 0.3 | |||
Industrial Gases | 0.3 | |||
Athletic Footwear | 0.3 | |||
Insurance-Property/Casualty | 0.3 | |||
Retail-Apparel/Shoe | 0.3 | |||
Pipelines | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Hotels/Motels | 0.3 |
Commercial Services | 0.3 | |||
Medical-Wholesale Drug Distribution | 0.3 | |||
Computer Aided Design | 0.3 | |||
Retail-Auto Parts | 0.3 | |||
Electronic Connectors | 0.3 | |||
Consumer Products-Misc. | 0.3 | |||
Electric Products-Misc. | 0.3 | |||
Cruise Lines | 0.2 | |||
Retail-Major Department Stores | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Computers-Memory Devices | 0.2 | |||
Beverages-Wine/Spirits | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Machinery-Farming | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Building-Residential/Commercial | 0.2 | |||
Gas-Distribution | 0.2 | |||
Auto/Truck Parts & Equipment-Original | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Medical-Hospitals | 0.2 | |||
Electric-Distribution | 0.2 | |||
Pharmacy Services | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Containers-Paper/Plastic | 0.2 | |||
Electronic Components-Misc. | 0.2 | |||
Tools-Hand Held | 0.2 | |||
Building Products-Air & Heating | 0.2 | |||
Food-Meat Products | 0.1 | |||
Coatings/Paint | 0.1 | |||
Medical-Generic Drugs | 0.1 | |||
Casino Hotels | 0.1 | |||
Finance-Consumer Loans | 0.1 | |||
Building Products-Cement | 0.1 | |||
Food-Confectionery | 0.1 | |||
Food-Wholesale/Distribution | 0.1 | |||
Machinery-General Industrial | 0.1 | |||
Chemicals-Specialty | 0.1 | |||
Engines-Internal Combustion | 0.1 | |||
Consulting Services | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Auto-Heavy Duty Trucks | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Advertising Agencies | 0.1 | |||
Instruments-Scientific | 0.1 | |||
Paper & Related Products | 0.1 | |||
Food-Retail | 0.1 | |||
Agricultural Operations | 0.1 | |||
Medical Information Systems | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Television | 0.1 | |||
Gold Mining | 0.1 | |||
Metal-Copper | 0.1 | |||
Steel-Producers | 0.1 | |||
Machinery-Pumps | 0.1 | |||
Textile-Home Furnishings | 0.1 | |||
Internet Security | 0.1 | |||
Registered Investment Companies | 0.1 | |||
Toys | 0.1 | |||
Water | 0.1 | |||
Retail-Consumer Electronics | 0.1 | |||
Retail-Regional Department Stores | 0.1 | |||
Wireless Equipment | 0.1 | |||
Home Decoration Products | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Brewery | 0.1 | |||
Containers-Metal/Glass | 0.1 | |||
Building Products-Wood | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Rental Auto/Equipment | 0.1 |
221 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2017 (unaudited) — (continued)
Real Estate Management/Services | 0.1 | |||
Retail-Perfume & Cosmetics | 0.1 | |||
Retail-Jewelry | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Retail-Automobile | 0.1 | |||
Appliances | 0.1 | |||
Respiratory Products | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
X-Ray Equipment | 0.1 | |||
99.9% | ||||
* | Calculated as a percentage of net assets |
222 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.7% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 82,521 | $ | 1,632,266 | |||||
Omnicom Group, Inc. | 48,421 | 3,459,196 | ||||||
5,091,462 | ||||||||
Aerospace/Defense — 1.9% |
| |||||||
Arconic, Inc. | 88,677 | 2,182,341 | ||||||
Boeing Co. | 116,589 | 32,271,835 | ||||||
General Dynamics Corp. | 58,439 | 12,106,223 | ||||||
Lockheed Martin Corp. | 52,575 | 16,777,734 | ||||||
Northrop Grumman Corp. | 36,543 | 11,233,318 | ||||||
Raytheon Co. | 60,905 | 11,641,991 | ||||||
Rockwell Collins, Inc. | 34,093 | 4,510,845 | ||||||
TransDigm Group, Inc.# | 10,130 | 2,874,793 | ||||||
93,599,080 | ||||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
Harris Corp. | 25,131 | 3,631,429 | ||||||
L3 Technologies, Inc. | 16,413 | 3,259,458 | ||||||
United Technologies Corp. | 155,879 | 18,931,505 | ||||||
25,822,392 | ||||||||
Agricultural Chemicals — 0.3% |
| |||||||
CF Industries Holdings, Inc. | 48,944 | 1,833,932 | ||||||
Monsanto Co. | 92,186 | 10,909,291 | ||||||
Mosaic Co. | 73,656 | 1,789,104 | ||||||
14,532,327 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 118,043 | 4,707,555 | ||||||
Airlines — 0.5% |
| |||||||
Alaska Air Group, Inc. | 25,920 | 1,792,886 | ||||||
American Airlines Group, Inc. | 90,951 | 4,592,116 | ||||||
Delta Air Lines, Inc. | 139,773 | 7,396,787 | ||||||
Southwest Airlines Co. | 115,552 | 7,010,540 | ||||||
United Continental Holdings, Inc.† | 54,262 | 3,435,870 | ||||||
24,228,199 | ||||||||
Apparel Manufacturers — 0.2% |
| |||||||
Hanesbrands, Inc.# | 76,481 | 1,597,688 | ||||||
Michael Kors Holdings, Ltd.† | 31,813 | 1,859,152 | ||||||
Ralph Lauren Corp. | 11,621 | 1,105,738 | ||||||
Under Armour, Inc., Class A†# | 38,809 | 515,771 | ||||||
Under Armour, Inc., Class C†# | 39,058 | 465,962 | ||||||
VF Corp.# | 68,554 | 5,001,700 | ||||||
10,546,011 | ||||||||
Appliances — 0.1% |
| |||||||
Whirlpool Corp. | 15,314 | 2,581,481 | ||||||
Applications Software — 3.5% |
| |||||||
Citrix Systems, Inc.† | 30,203 | 2,646,689 | ||||||
Intuit, Inc. | 51,075 | 8,030,011 | ||||||
Microsoft Corp. | 1,616,205 | 136,035,975 | ||||||
Red Hat, Inc.† | 37,237 | 4,720,162 | ||||||
salesforce.com, Inc.† | 143,268 | 14,945,718 | ||||||
166,378,555 | ||||||||
Athletic Footwear — 0.3% |
| |||||||
NIKE, Inc., Class B | 275,713 | 16,658,579 | ||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Ford Motor Co. | 820,695 | 10,275,101 | ||||||
General Motors Co. | 275,197 | 11,858,239 | ||||||
22,133,340 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR, Inc. | 73,731 | $ | 5,185,501 | |||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
BorgWarner, Inc. | 41,631 | 2,318,014 | ||||||
Delphi Automotive PLC | 55,994 | 5,860,892 | ||||||
8,178,906 | ||||||||
Banks - Commercial — 0.4% |
| |||||||
BB&T Corp. | 169,567 | 8,380,001 | ||||||
M&T Bank Corp. | 31,881 | 5,386,295 | ||||||
Regions Financial Corp. | 250,770 | 4,160,275 | ||||||
Zions Bancorporation | 42,422 | 2,102,010 | ||||||
20,028,581 | ||||||||
Banks - Fiduciary — 0.6% |
| |||||||
Bank of New York Mellon Corp. | 216,793 | 11,867,249 | ||||||
Citizens Financial Group, Inc. | 105,059 | 4,275,902 | ||||||
Northern Trust Corp. | 45,067 | 4,406,651 | ||||||
State Street Corp. | 78,469 | 7,482,019 | ||||||
28,031,821 | ||||||||
Banks - Super Regional — 2.4% |
| |||||||
Capital One Financial Corp. | 101,496 | 9,337,632 | ||||||
Comerica, Inc. | 36,912 | 3,075,139 | ||||||
Fifth Third Bancorp | 154,591 | 4,716,571 | ||||||
Huntington Bancshares, Inc. | 228,724 | 3,293,626 | ||||||
KeyCorp | 228,205 | 4,331,331 | ||||||
PNC Financial Services Group, Inc. | 100,555 | 14,134,011 | ||||||
SunTrust Banks, Inc. | 100,708 | 6,206,634 | ||||||
US Bancorp | 333,456 | 18,390,098 | ||||||
Wells Fargo & Co. | 937,451 | 52,937,858 | ||||||
116,422,900 | ||||||||
Beverages - Non-alcoholic — 1.7% |
| |||||||
Coca-Cola Co. | 805,511 | 36,868,239 | ||||||
Dr Pepper Snapple Group, Inc. | 38,133 | 3,439,215 | ||||||
Monster Beverage Corp.† | 87,032 | 5,454,295 | ||||||
PepsiCo, Inc. | 299,750 | 34,926,870 | ||||||
80,688,619 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Brown-Forman Corp., Class B | 41,090 | 2,457,182 | ||||||
Constellation Brands, Inc., Class A | 36,072 | 7,848,906 | ||||||
10,306,088 | ||||||||
Brewery — 0.1% |
| |||||||
Molson Coors Brewing Co., Class B | 38,755 | 3,026,766 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery Communications, Inc., Class A†# | 32,300 | 614,346 | ||||||
Discovery Communications, Inc., Class C†# | 42,644 | 771,004 | ||||||
Scripps Networks Interactive, Inc., Class A | 20,137 | 1,648,012 | ||||||
3,033,362 | ||||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 32,317 | 2,211,129 | ||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Johnson Controls International PLC | 195,650 | 7,364,266 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 13,186 | 2,747,831 | ||||||
Vulcan Materials Co. | 27,756 | 3,487,541 | ||||||
6,235,372 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 66,853 | 2,868,662 | ||||||
223 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building-Residential/Commercial — 0.2% |
| |||||||
D.R. Horton, Inc. | 71,470 | $ | 3,644,970 | |||||
Lennar Corp., Class A | 42,636 | 2,676,688 | ||||||
Lennar Corp., Class B | 853 | 43,762 | ||||||
PulteGroup, Inc. | 58,245 | 1,987,902 | ||||||
8,353,322 | ||||||||
Cable/Satellite TV — 1.1% |
| |||||||
Charter Communications, Inc., Class A† | 42,208 | 13,768,672 | ||||||
Comcast Corp., Class A | 987,051 | 37,053,894 | ||||||
DISH Network Corp., Class A† | 47,775 | 2,419,804 | ||||||
53,242,370 | ||||||||
Casino Hotels — 0.1% |
| |||||||
MGM Resorts International | 108,626 | 3,706,319 | ||||||
Wynn Resorts, Ltd.# | 16,787 | 2,653,689 | ||||||
6,360,008 | ||||||||
Chemicals-Diversified — 1.1% |
| |||||||
DowDuPont, Inc. | 489,596 | 35,231,328 | ||||||
Eastman Chemical Co. | 30,401 | 2,808,141 | ||||||
FMC Corp. | 28,145 | 2,656,888 | ||||||
LyondellBasell Industries NV, Class A | 68,104 | 7,130,489 | ||||||
PPG Industries, Inc. | 53,818 | 6,288,633 | ||||||
54,115,479 | ||||||||
Chemicals-Specialty — 0.1% |
| |||||||
Albemarle Corp.# | 23,181 | 3,113,672 | ||||||
International Flavors & Fragrances, Inc. | 16,571 | 2,575,796 | ||||||
5,689,468 | ||||||||
Coatings/Paint — 0.1% |
| |||||||
Sherwin-Williams Co. | 17,249 | 6,889,596 | ||||||
Commercial Services — 0.3% |
| |||||||
Cintas Corp. | 17,921 | 2,821,482 | ||||||
Ecolab, Inc. | 54,650 | 7,428,028 | ||||||
Nielsen Holdings PLC | 70,476 | 2,587,879 | ||||||
Quanta Services, Inc.† | 31,723 | 1,202,302 | ||||||
14,039,691 | ||||||||
Commercial Services-Finance — 1.2% |
| |||||||
Automatic Data Processing, Inc. | 93,246 | 10,672,937 | ||||||
Equifax, Inc. | 25,259 | 2,882,557 | ||||||
Global Payments, Inc. | 31,997 | 3,217,618 | ||||||
H&R Block, Inc.# | 43,867 | 1,148,438 | ||||||
IHS Markit, Ltd.† | 76,226 | 3,401,204 | ||||||
Moody’s Corp. | 34,869 | 5,293,812 | ||||||
PayPal Holdings, Inc.† | 237,168 | 17,960,733 | ||||||
S&P Global, Inc. | 53,928 | 8,924,005 | ||||||
Total System Services, Inc. | 35,180 | 2,615,985 | ||||||
Western Union Co. | 97,362 | 1,917,058 | ||||||
58,034,347 | ||||||||
Computer Aided Design — 0.3% |
| |||||||
ANSYS, Inc.† | 17,786 | 2,635,707 | ||||||
Autodesk, Inc.† | 45,994 | 5,045,542 | ||||||
Cadence Design Systems, Inc.† | 58,796 | 2,581,732 | ||||||
Synopsys, Inc.† | 31,525 | 2,849,230 | ||||||
13,112,211 | ||||||||
Computer Services — 1.3% |
| |||||||
Accenture PLC, Class A | 129,675 | 19,193,197 | ||||||
Cognizant Technology Solutions Corp., Class A | 123,934 | 8,957,949 | ||||||
CSRA, Inc. | 34,303 | 992,386 |
Security Description | Shares | Value (Note 2) | ||||||
Computer Services (continued) |
| |||||||
DXC Technology Co. | 59,729 | $ | 5,742,346 | |||||
International Business Machines Corp. | 181,865 | 28,001,754 | ||||||
62,887,632 | ||||||||
Computer Software — 0.0% |
| |||||||
Akamai Technologies, Inc.† | 35,971 | 2,006,462 | ||||||
Computers — 4.1% |
| |||||||
Apple, Inc. | 1,083,849 | 186,259,451 | ||||||
Hewlett Packard Enterprise Co. | 344,682 | 4,808,314 | ||||||
HP, Inc. | 350,479 | 7,517,774 | ||||||
198,585,539 | ||||||||
Computers-Memory Devices — 0.2% |
| |||||||
NetApp, Inc. | 56,605 | 3,198,749 | ||||||
Seagate Technology PLC# | 60,397 | 2,328,908 | ||||||
Western Digital Corp. | 61,875 | 4,879,462 | ||||||
10,407,119 | ||||||||
Consulting Services — 0.1% |
| |||||||
Gartner, Inc.†# | 19,010 | 2,298,119 | ||||||
Verisk Analytics, Inc.† | 32,613 | 3,144,545 | ||||||
5,442,664 | ||||||||
Consumer Products-Misc. — 0.3% |
| |||||||
Clorox Co. | 27,083 | 3,772,391 | ||||||
Kimberly-Clark Corp. | 74,136 | 8,878,527 | ||||||
12,650,918 | ||||||||
Containers-Metal/Glass — 0.1% |
| |||||||
Ball Corp.# | 73,817 | 2,946,036 | ||||||
Containers-Paper/Plastic — 0.2% |
| |||||||
Packaging Corp. of America | 19,799 | 2,348,161 | ||||||
Sealed Air Corp.# | 39,876 | 1,916,042 | ||||||
WestRock Co. | 53,298 | 3,326,328 | ||||||
7,590,531 | ||||||||
Cosmetics & Toiletries — 1.4% |
| |||||||
Colgate-Palmolive Co. | 184,832 | 13,391,079 | ||||||
Coty, Inc., Class A# | 98,974 | 1,705,322 | ||||||
Estee Lauder Cos., Inc., Class A | 46,976 | 5,864,014 | ||||||
Procter & Gamble Co. | 535,084 | 48,152,209 | ||||||
69,112,624 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Carnival Corp. | 85,577 | 5,617,274 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 37,343 | 2,022,497 | ||||||
Royal Caribbean Cruises, Ltd. | 36,104 | 4,472,564 | ||||||
12,112,335 | ||||||||
Data Processing/Management — 0.3% |
| |||||||
Fidelity National Information Services, Inc. | 69,752 | 6,579,706 | ||||||
Fiserv, Inc.† | 44,163 | 5,805,226 | ||||||
Paychex, Inc. | 67,118 | 4,517,713 | ||||||
16,902,645 | ||||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Align Technology, Inc.† | 15,137 | 3,948,940 | ||||||
DENTSPLY SIRONA, Inc. | 48,158 | 3,227,068 | ||||||
Patterson Cos., Inc.# | 17,284 | 631,730 | ||||||
7,807,738 | ||||||||
Diagnostic Equipment — 1.0% |
| |||||||
Abbott Laboratories | 364,577 | 20,551,206 | ||||||
Danaher Corp. | 128,278 | 12,104,312 |
224 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diagnostic Equipment (continued) |
| |||||||
Thermo Fisher Scientific, Inc. | 83,978 | $ | 16,187,599 | |||||
48,843,117 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.† | 18,314 | 2,864,493 | ||||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 32,097 | 1,959,843 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
C.R. Bard, Inc. | 15,249 | 5,122,749 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co. | 60,428 | 3,165,823 | ||||||
LKQ Corp.† | 64,810 | 2,554,810 | ||||||
WW Grainger, Inc.# | 11,017 | 2,438,172 | ||||||
8,158,805 | ||||||||
Diversified Banking Institutions — 4.4% |
| |||||||
Bank of America Corp. | 2,058,915 | 57,999,636 | ||||||
Citigroup, Inc. | 571,709 | 43,164,029 | ||||||
Goldman Sachs Group, Inc. | 75,498 | 18,696,325 | ||||||
JPMorgan Chase & Co. | 738,404 | 77,177,986 | ||||||
Morgan Stanley | 296,743 | 15,314,906 | ||||||
212,352,882 | ||||||||
Diversified Manufacturing Operations — 2.1% |
| |||||||
3M Co. | 125,223 | 30,446,720 | ||||||
A.O. Smith Corp. | 30,724 | 1,948,516 | ||||||
Dover Corp. | 32,665 | 3,191,697 | ||||||
Eaton Corp. PLC | 93,335 | 7,259,596 | ||||||
General Electric Co. | 1,816,745 | 33,228,266 | ||||||
Illinois Tool Works, Inc. | 64,993 | 11,000,065 | ||||||
Ingersoll-Rand PLC | 53,228 | 4,663,838 | ||||||
Parker-Hannifin Corp. | 27,935 | 5,237,533 | ||||||
Pentair PLC | 34,653 | 2,465,908 | ||||||
Textron, Inc. | 55,546 | 3,094,468 | ||||||
102,536,607 | ||||||||
Diversified Operations — 0.0% |
| |||||||
Leucadia National Corp. | 66,442 | 1,748,089 | ||||||
E-Commerce/Products — 2.2% |
| |||||||
Amazon.com, Inc.† | 83,665 | 98,452,789 | ||||||
eBay, Inc.† | 208,869 | 7,241,488 | ||||||
105,694,277 | ||||||||
E-Commerce/Services — 0.5% |
| |||||||
Cars.com, Inc.†# | 1 | 24 | ||||||
Expedia, Inc. | 25,637 | 3,140,533 | ||||||
Priceline Group, Inc.† | 10,295 | 17,910,314 | ||||||
TripAdvisor, Inc.†# | 22,730 | 786,913 | ||||||
21,837,784 | ||||||||
Electric Products - Misc. — 0.3% |
| |||||||
AMETEK, Inc. | 48,429 | 3,520,304 | ||||||
Emerson Electric Co. | 134,299 | 8,705,261 | ||||||
12,225,565 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
CenterPoint Energy, Inc. | 90,444 | 2,714,225 | ||||||
PPL Corp. | 143,354 | 5,256,791 | ||||||
7,971,016 | ||||||||
Electric - Integrated — 2.7% |
| |||||||
AES Corp. | 138,546 | 1,465,817 | ||||||
Alliant Energy Corp. | 48,485 | 2,187,158 | ||||||
Ameren Corp. | 50,914 | 3,256,459 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
American Electric Power Co., Inc. | 103,206 | $ | 8,011,882 | |||||
CMS Energy Corp. | 59,177 | 2,952,932 | ||||||
Consolidated Edison, Inc. | 65,011 | 5,788,579 | ||||||
Dominion Energy, Inc. | 134,838 | 11,343,921 | ||||||
DTE Energy Co. | 37,642 | 4,350,286 | ||||||
Duke Energy Corp. | 146,860 | 13,096,975 | ||||||
Edison International | 68,367 | 5,556,186 | ||||||
Entergy Corp. | 37,669 | 3,257,615 | ||||||
Eversource Energy | 66,494 | 4,312,136 | ||||||
Exelon Corp. | 201,460 | 8,402,897 | ||||||
FirstEnergy Corp.# | 93,230 | 3,182,872 | ||||||
NextEra Energy, Inc. | 98,237 | 15,525,375 | ||||||
PG&E Corp. | 107,608 | 5,836,658 | ||||||
Pinnacle West Capital Corp. | 23,423 | 2,150,466 | ||||||
Public Service Enterprise Group, Inc. | 106,151 | 5,632,372 | ||||||
SCANA Corp. | 29,989 | 1,294,625 | ||||||
Southern Co. | 209,725 | 10,737,920 | ||||||
WEC Energy Group, Inc.# | 66,220 | 4,601,628 | ||||||
Xcel Energy, Inc. | 106,547 | 5,498,891 | ||||||
128,443,650 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Corning, Inc. | 189,520 | 6,138,553 | ||||||
Garmin, Ltd.# | 23,284 | 1,445,471 | ||||||
7,584,024 | ||||||||
Electronic Components - Semiconductors — 2.9% |
| |||||||
Advanced Micro Devices, Inc.†# | 168,868 | 1,838,972 | ||||||
Broadcom, Ltd. | 85,318 | 23,713,285 | ||||||
Intel Corp. | 986,018 | 44,213,047 | ||||||
Microchip Technology, Inc.# | 48,835 | 4,248,157 | ||||||
Micron Technology, Inc.† | 233,770 | 9,909,510 | ||||||
NVIDIA Corp. | 125,901 | 25,269,590 | ||||||
Qorvo, Inc.† | 26,706 | 2,045,145 | ||||||
Skyworks Solutions, Inc. | 38,555 | 4,038,251 | ||||||
Texas Instruments, Inc. | 207,745 | 20,211,511 | ||||||
Xilinx, Inc. | 52,166 | 3,626,059 | ||||||
139,113,527 | ||||||||
Electronic Connectors — 0.3% |
| |||||||
Amphenol Corp., Class A | 64,093 | 5,806,185 | ||||||
TE Connectivity, Ltd. | 74,153 | 7,003,009 | ||||||
12,809,194 | ||||||||
Electronic Forms — 0.4% |
| |||||||
Adobe Systems, Inc.† | 103,534 | 18,788,315 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Agilent Technologies, Inc. | 67,428 | 4,668,715 | ||||||
FLIR Systems, Inc. | 28,788 | 1,340,945 | ||||||
Fortive Corp. | 63,998 | 4,777,450 | ||||||
10,787,110 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 19,931 | 1,676,994 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
Fluor Corp. | 29,356 | 1,421,124 | ||||||
Jacobs Engineering Group, Inc. | 25,246 | 1,656,895 | ||||||
3,078,019 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Cummins, Inc. | 33,062 | 5,534,579 | ||||||
Enterprise Software/Service — 0.7% |
| |||||||
CA, Inc. | 66,298 | 2,192,475 | ||||||
Oracle Corp. | 633,657 | 31,087,212 | ||||||
33,279,687 | ||||||||
225 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Entertainment Software — 0.3% |
| |||||||
Activision Blizzard, Inc. | 158,409 | $ | 9,884,721 | |||||
Electronic Arts, Inc.† | 64,782 | 6,889,566 | ||||||
16,774,287 | ||||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Navient Corp. | 57,517 | 725,289 | ||||||
Synchrony Financial | 156,876 | 5,630,280 | ||||||
6,355,569 | ||||||||
Finance - Credit Card — 2.0% |
| |||||||
Alliance Data Systems Corp. | 10,129 | 2,423,566 | ||||||
American Express Co. | 153,957 | 15,043,138 | ||||||
Discover Financial Services | 78,133 | 5,516,190 | ||||||
Mastercard, Inc., Class A | 195,938 | 29,482,791 | ||||||
Visa, Inc., Class A# | 383,867 | 43,219,586 | ||||||
95,685,271 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Charles Schwab Corp. | 250,086 | 12,201,696 | ||||||
E*TRADE Financial Corp.† | 57,716 | 2,778,448 | ||||||
Raymond James Financial, Inc. | 26,927 | 2,377,654 | ||||||
17,357,798 | ||||||||
Finance - Other Services — 0.5% |
| |||||||
CBOE Holdings, Inc.# | 23,664 | 2,920,848 | ||||||
CME Group, Inc. | 71,325 | 10,665,940 | ||||||
Intercontinental Exchange, Inc. | 123,487 | 8,823,146 | ||||||
Nasdaq, Inc. | 24,500 | 1,939,420 | ||||||
24,349,354 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Hershey Co. | 29,651 | 3,289,185 | ||||||
J.M. Smucker Co. | 23,835 | 2,780,830 | ||||||
6,070,015 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp.# | 56,563 | 2,061,721 | ||||||
Tyson Foods, Inc., Class A | 60,699 | 4,992,493 | ||||||
7,054,214 | ||||||||
Food - Misc./Diversified — 0.9% |
| |||||||
Campbell Soup Co. | 40,700 | 2,006,510 | ||||||
Conagra Brands, Inc. | 87,220 | 3,255,923 | ||||||
General Mills, Inc. | 121,096 | 6,849,190 | ||||||
Kellogg Co.# | 52,144 | 3,449,847 | ||||||
Kraft Heinz Co. | 125,260 | 10,192,406 | ||||||
McCormick & Co., Inc.# | 24,952 | 2,549,595 | ||||||
Mondelez International, Inc., Class A | 316,356 | 13,584,327 | ||||||
41,887,798 | ||||||||
Food - Retail — 0.1% |
| |||||||
Kroger Co. | 188,295 | 4,869,309 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 101,907 | 5,883,091 | ||||||
Gas - Distribution — 0.2% |
| |||||||
NiSource, Inc. | 68,379 | 1,882,474 | ||||||
Sempra Energy | 52,685 | 6,374,358 | ||||||
8,256,832 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Mining Corp. | 111,892 | 4,138,885 | ||||||
Hazardous Waste Disposal — 0.0% |
| |||||||
Stericycle, Inc.† | 17,907 | 1,187,413 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Home Decoration Products — 0.1% |
| |||||||
Newell Brands, Inc. | 102,840 | $ | 3,184,955 | |||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc. | 27,758 | 1,339,046 | ||||||
Hotels/Motels — 0.3% |
| |||||||
Hilton Worldwide Holdings, Inc. | 42,859 | 3,324,144 | ||||||
Marriott International, Inc., Class A | 65,644 | 8,336,788 | ||||||
Wyndham Worldwide Corp. | 21,568 | 2,424,028 | ||||||
14,084,960 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 26,478 | 1,510,305 | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 63,084 | 1,744,273 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 26,934 | 5,200,417 | ||||||
Industrial Gases — 0.3% |
| |||||||
Air Products & Chemicals, Inc. | 45,735 | 7,456,634 | ||||||
Praxair, Inc. | 60,027 | 9,239,356 | ||||||
16,695,990 | ||||||||
Instruments - Controls — 0.6% |
| |||||||
Honeywell International, Inc. | 159,965 | 24,948,141 | ||||||
Mettler-Toledo International, Inc.† | 5,386 | 3,388,925 | ||||||
28,337,066 | ||||||||
Instruments - Scientific — 0.1% |
| |||||||
PerkinElmer, Inc. | 23,127 | 1,703,997 | ||||||
Waters Corp.† | 16,750 | 3,302,598 | ||||||
5,006,595 | ||||||||
Insurance Brokers — 0.5% |
| |||||||
Aon PLC | 53,369 | 7,483,401 | ||||||
Arthur J. Gallagher & Co. | 37,805 | 2,488,703 | ||||||
Marsh & McLennan Cos., Inc. | 107,546 | 9,026,336 | ||||||
Willis Towers Watson PLC | 28,178 | 4,531,023 | ||||||
23,529,463 | ||||||||
Insurance - Life/Health — 0.6% |
| |||||||
Aflac, Inc. | 82,933 | 7,268,248 | ||||||
Brighthouse Financial, Inc.† | 20,106 | 1,182,032 | ||||||
Lincoln National Corp. | 46,485 | 3,558,427 | ||||||
Principal Financial Group, Inc. | 56,390 | 3,991,848 | ||||||
Prudential Financial, Inc. | 89,600 | 10,379,264 | ||||||
Torchmark Corp. | 22,699 | 2,016,806 | ||||||
Unum Group | 47,357 | 2,681,353 | ||||||
31,077,978 | ||||||||
Insurance - Multi-line — 1.2% |
| |||||||
Allstate Corp. | 75,826 | 7,784,297 | ||||||
American International Group, Inc.(1) | 189,567 | 11,366,437 | ||||||
Assurant, Inc. | 11,308 | 1,140,638 | ||||||
Chubb, Ltd. | 97,661 | 14,855,215 | ||||||
Cincinnati Financial Corp. | 31,313 | 2,340,021 | ||||||
Hartford Financial Services Group, Inc. | 76,443 | 4,390,886 | ||||||
Loews Corp. | 57,918 | 2,912,117 | ||||||
MetLife, Inc. | 223,028 | 11,972,143 | ||||||
56,761,754 | ||||||||
Insurance - Property/Casualty — 0.3% |
| |||||||
Progressive Corp. | 122,103 | 6,493,438 | ||||||
Travelers Cos., Inc. | 57,903 | 7,849,910 | ||||||
XL Group, Ltd. | 54,126 | 2,101,171 | ||||||
16,444,519 | ||||||||
226 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Reinsurance — 1.7% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 403,756 | $ | 77,928,945 | |||||
Everest Re Group, Ltd. | 8,618 | 1,892,513 | ||||||
79,821,458 | ||||||||
Internet Content - Entertainment — 2.2% |
| |||||||
Facebook, Inc., Class A† | 497,380 | 88,125,788 | ||||||
Netflix, Inc.† | 90,596 | 16,993,998 | ||||||
105,119,786 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 13,334 | 1,789,423 | ||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp. | 128,952 | 3,735,739 | ||||||
Investment Management/Advisor Services — 0.7% |
| |||||||
Affiliated Managers Group, Inc. | 11,742 | 2,332,783 | ||||||
Ameriprise Financial, Inc. | 31,464 | 5,135,869 | ||||||
BlackRock, Inc. | 26,009 | 13,035,451 | ||||||
Franklin Resources, Inc. | 69,045 | 2,993,101 | ||||||
Invesco, Ltd. | 85,373 | 3,087,941 | ||||||
T. Rowe Price Group, Inc. | 50,436 | 5,190,873 | ||||||
31,776,018 | ||||||||
Lighting Products & Systems — 0.0% |
| |||||||
Acuity Brands, Inc.# | 8,833 | 1,514,153 | ||||||
Machinery - Construction & Mining — 0.4% |
| |||||||
Caterpillar, Inc. | 124,007 | 17,503,588 | ||||||
Machinery - Farming — 0.2% |
| |||||||
Deere & Co. | 67,118 | 10,058,303 | ||||||
Machinery - General Industrial — 0.1% |
| |||||||
Roper Technologies, Inc. | 21,449 | 5,731,387 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Flowserve Corp. | 27,412 | 1,167,203 | ||||||
Xylem, Inc. | 37,679 | 2,612,662 | ||||||
3,779,865 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp.† | 66,099 | 4,672,538 | ||||||
Medical Instruments — 0.9% |
| |||||||
Boston Scientific Corp.† | 287,922 | 7,566,590 | ||||||
Edwards Lifesciences Corp.† | 44,308 | 5,192,898 | ||||||
Intuitive Surgical, Inc.† | 23,469 | 9,382,437 | ||||||
Medtronic PLC | 284,241 | 23,344,713 | ||||||
45,486,638 | ||||||||
Medical Labs & Testing Services — 0.2% |
| |||||||
IQVIA Holdings, Inc.† | 31,805 | 3,244,428 | ||||||
Laboratory Corp. of America Holdings† | 21,361 | 3,380,805 | ||||||
Quest Diagnostics, Inc. | 28,623 | 2,818,221 | ||||||
9,443,454 | ||||||||
Medical Products — 0.8% |
| |||||||
Baxter International, Inc. | 105,186 | 6,892,839 | ||||||
Becton Dickinson and Co. | 47,752 | 10,897,484 | ||||||
Cooper Cos., Inc. | 10,251 | 2,472,336 | ||||||
Henry Schein, Inc.†# | 33,292 | 2,378,713 | ||||||
Stryker Corp. | 67,503 | 10,530,468 | ||||||
Varian Medical Systems, Inc.†# | 19,263 | 2,152,640 | ||||||
Zimmer Biomet Holdings, Inc. | 42,428 | 4,968,319 | ||||||
40,292,799 | ||||||||
Medical - Biomedical/Gene — 2.2% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 46,833 | 5,142,732 | ||||||
Amgen, Inc. | 153,112 | 26,895,654 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Biogen, Inc.† | 44,366 | $ | 14,293,394 | |||||
Celgene Corp.† | 164,165 | 16,552,757 | ||||||
Gilead Sciences, Inc. | 274,030 | 20,491,963 | ||||||
Illumina, Inc.† | 30,636 | 7,047,199 | ||||||
Incyte Corp.† | 35,826 | 3,546,416 | ||||||
Regeneron Pharmaceuticals, Inc.† | 16,121 | 5,833,545 | ||||||
Vertex Pharmaceuticals, Inc.† | 52,903 | 7,633,374 | ||||||
107,437,034 | ||||||||
Medical - Drugs — 5.1% |
| |||||||
AbbVie, Inc. | 334,498 | 32,419,546 | ||||||
Allergan PLC | 70,149 | 12,194,001 | ||||||
Bristol - Myers Squibb Co. | 344,115 | 21,744,627 | ||||||
Eli Lilly & Co. | 203,304 | 17,207,651 | ||||||
Johnson & Johnson | 563,199 | 78,470,517 | ||||||
Merck & Co., Inc. | 573,935 | 31,721,387 | ||||||
Pfizer, Inc. | 1,252,267 | 45,407,201 | ||||||
Zoetis, Inc. | 102,987 | 7,444,930 | ||||||
246,609,860 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan NV† | 112,530 | 4,110,721 | ||||||
Perrigo Co. PLC# | 27,830 | 2,427,054 | ||||||
6,537,775 | ||||||||
Medical - HMO — 2.0% |
| |||||||
Aetna, Inc. | 69,602 | 12,540,889 | ||||||
Anthem, Inc. | 55,099 | 12,946,061 | ||||||
Centene Corp.† | 36,191 | 3,694,739 | ||||||
Cigna Corp. | 52,832 | 11,186,119 | ||||||
Humana, Inc. | 30,324 | 7,910,319 | ||||||
UnitedHealth Group, Inc. | 202,882 | 46,291,586 | ||||||
94,569,713 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Envision Healthcare Corp.† | 25,354 | 809,553 | ||||||
HCA Healthcare, Inc.† | 60,642 | 5,154,570 | ||||||
Universal Health Services, Inc., Class B | 18,545 | 2,009,351 | ||||||
7,973,474 | ||||||||
Medical - Wholesale Drug Distribution — 0.3% |
| |||||||
AmerisourceBergen Corp. | 34,023 | 2,885,831 | ||||||
Cardinal Health, Inc. | 66,403 | 3,930,393 | ||||||
McKesson Corp. | 44,120 | 6,518,289 | ||||||
13,334,513 | ||||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc.† | 282,342 | 3,930,201 | ||||||
Motorcycle/Motor Scooter — 0.0% |
| |||||||
Harley-Davidson, Inc.# | 35,796 | 1,796,959 | ||||||
Multimedia — 1.3% |
| |||||||
Time Warner, Inc. | 163,210 | 14,935,347 | ||||||
Twenty-First Century Fox, Inc., Class A | 220,859 | 7,054,236 | ||||||
Twenty-First Century Fox, Inc., Class B | 92,157 | 2,870,691 | ||||||
Viacom, Inc., Class B | 74,013 | 2,096,048 | ||||||
Walt Disney Co. | 323,878 | 33,948,892 | ||||||
60,905,214 | ||||||||
Networking Products — 0.8% |
| |||||||
Cisco Systems, Inc. | 1,049,189 | 39,134,750 | ||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 48,052 | 3,120,497 | ||||||
Waste Management, Inc. | 84,949 | 6,987,055 | ||||||
10,107,552 | ||||||||
227 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Office Automation & Equipment — 0.0% |
| |||||||
Xerox Corp. | 44,796 | $ | 1,328,649 | |||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 18,547 | 2,116,584 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Helmerich & Payne, Inc.# | 22,784 | 1,334,687 | ||||||
Oil Companies - Exploration & Production — 1.6% |
| |||||||
Anadarko Petroleum Corp. | 117,579 | 5,654,374 | ||||||
Apache Corp. | 79,933 | 3,343,597 | ||||||
Cabot Oil & Gas Corp. | 97,048 | 2,809,540 | ||||||
Chesapeake Energy Corp.†# | 190,545 | 775,518 | ||||||
Cimarex Energy Co. | 19,993 | 2,321,387 | ||||||
Concho Resources, Inc.† | 31,205 | 4,364,331 | ||||||
ConocoPhillips | 255,359 | 12,992,666 | ||||||
Devon Energy Corp. | 110,311 | 4,250,283 | ||||||
EOG Resources, Inc. | 121,169 | 12,398,012 | ||||||
EQT Corp. | 50,368 | 3,001,933 | ||||||
Hess Corp.# | 56,704 | 2,601,580 | ||||||
Marathon Oil Corp. | 178,358 | 2,646,833 | ||||||
Newfield Exploration Co.†# | 41,798 | 1,292,812 | ||||||
Noble Energy, Inc. | 102,095 | 2,685,098 | ||||||
Occidental Petroleum Corp. | 160,437 | 11,310,808 | ||||||
Pioneer Natural Resources Co. | 35,692 | 5,569,380 | ||||||
Range Resources Corp.# | 47,381 | 853,806 | ||||||
78,871,958 | ||||||||
Oil Companies - Integrated — 2.5% |
| |||||||
Chevron Corp. | 397,640 | 47,315,184 | ||||||
Exxon Mobil Corp. | 889,129 | 74,055,554 | ||||||
121,370,738 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
National Oilwell Varco, Inc. | 79,746 | 2,675,478 | ||||||
Oil Refining & Marketing — 0.5% |
| |||||||
Andeavor | 30,290 | 3,194,686 | ||||||
Marathon Petroleum Corp. | 106,231 | 6,653,247 | ||||||
Phillips 66 | 90,160 | 8,796,010 | ||||||
Valero Energy Corp. | 92,677 | 7,935,005 | ||||||
26,578,948 | ||||||||
Oil-Field Services — 0.6% |
| |||||||
Baker Hughes a GE Co., LLC | 89,816 | 2,670,230 | ||||||
Halliburton Co. | 182,109 | 7,608,514 | ||||||
Schlumberger, Ltd. | 291,562 | 18,324,672 | ||||||
TechnipFMC PLC | 92,158 | 2,639,405 | ||||||
31,242,821 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 86,641 | 4,904,747 | ||||||
Pharmacy Services — 0.2% |
| |||||||
Express Scripts Holding Co.† | 121,190 | 7,899,164 | ||||||
Pipelines — 0.3% |
| |||||||
Kinder Morgan, Inc. | 402,864 | 6,941,347 | ||||||
ONEOK, Inc. | 79,716 | 4,137,260 | ||||||
Williams Cos., Inc. | 173,460 | 5,039,013 | ||||||
16,117,620 | ||||||||
Publishing - Newspapers — 0.0% |
| |||||||
News Corp., Class A | 80,195 | 1,295,951 | ||||||
News Corp., Class B | 25,553 | 419,069 | ||||||
1,715,020 | ||||||||
Real Estate Investment Trusts — 2.8% |
| |||||||
Alexandria Real Estate Equities, Inc. | 19,646 | 2,496,221 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
American Tower Corp. | 90,056 | $ | 12,961,760 | |||||
Apartment Investment & Management Co., Class A | 32,949 | 1,452,721 | ||||||
AvalonBay Communities, Inc. | 28,975 | 5,254,037 | ||||||
Boston Properties, Inc. | 32,382 | 4,060,055 | ||||||
Crown Castle International Corp. | 85,250 | 9,633,250 | ||||||
Digital Realty Trust, Inc. | 42,936 | 5,010,631 | ||||||
Duke Realty Corp. | 74,645 | 2,099,764 | ||||||
Equinix, Inc. | 16,349 | 7,593,947 | ||||||
Equity Residential | 77,076 | 5,150,218 | ||||||
Essex Property Trust, Inc. | 13,847 | 3,420,071 | ||||||
Extra Space Storage, Inc. | 26,421 | 2,255,297 | ||||||
Federal Realty Investment Trust | 15,161 | 2,004,436 | ||||||
GGP, Inc. | 131,003 | 3,078,570 | ||||||
HCP, Inc. | 98,406 | 2,601,855 | ||||||
Host Hotels & Resorts, Inc. | 155,289 | 3,073,169 | ||||||
Iron Mountain, Inc. | 55,479 | 2,267,427 | ||||||
Kimco Realty Corp.# | 89,318 | 1,654,169 | ||||||
Macerich Co.# | 22,849 | 1,479,473 | ||||||
Mid-America Apartment Communities, Inc. | 23,839 | 2,442,067 | ||||||
Prologis, Inc. | 111,604 | 7,391,533 | ||||||
Public Storage | 31,400 | 6,691,968 | ||||||
Realty Income Corp. | 57,510 | 3,180,303 | ||||||
Regency Centers Corp. | 31,049 | 2,105,433 | ||||||
SBA Communications Corp.† | 25,255 | 4,287,036 | ||||||
Simon Property Group, Inc. | 65,225 | 10,550,144 | ||||||
SL Green Realty Corp. | 20,767 | 2,123,010 | ||||||
UDR, Inc. | 56,147 | 2,208,261 | ||||||
Ventas, Inc. | 74,733 | 4,783,659 | ||||||
Vornado Realty Trust | 36,179 | 2,808,214 | ||||||
Welltower, Inc. | 77,404 | 5,221,674 | ||||||
Weyerhaeuser Co. | 157,994 | 5,589,828 | ||||||
136,930,201 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 63,111 | 2,736,493 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
United Rentals, Inc.† | 17,734 | 2,828,218 | ||||||
Respiratory Products — 0.1% |
| |||||||
ResMed, Inc. | 29,841 | 2,548,421 | ||||||
Retail - Apparel/Shoe — 0.3% |
| |||||||
Foot Locker, Inc. | 26,019 | 1,114,654 | ||||||
Gap, Inc.# | 46,082 | 1,488,909 | ||||||
L Brands, Inc.# | 52,365 | 2,936,106 | ||||||
PVH Corp. | 16,247 | 2,186,034 | ||||||
Ross Stores, Inc. | 81,664 | 6,208,914 | ||||||
Tapestry, Inc. | 59,296 | 2,472,050 | ||||||
16,406,667 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
Advance Auto Parts, Inc. | 15,499 | 1,565,399 | ||||||
AutoZone, Inc.† | 5,882 | 4,039,522 | ||||||
Genuine Parts Co. | 30,810 | 2,864,406 | ||||||
O’Reilly Automotive, Inc.† | 18,469 | 4,362,563 | ||||||
12,831,890 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
CarMax, Inc.† | 38,452 | 2,649,727 | ||||||
Retail - Building Products — 1.2% |
| |||||||
Home Depot, Inc. | 247,358 | 44,479,916 | ||||||
Lowe’s Cos., Inc. | 177,149 | 14,768,912 | ||||||
59,248,828 | ||||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 55,673 | 3,318,668 | ||||||
228 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Discount — 1.3% |
| |||||||
Costco Wholesale Corp. | 92,032 | $ | 16,973,462 | |||||
Dollar General Corp. | 54,666 | 4,814,981 | ||||||
Dollar Tree, Inc.† | 49,699 | 5,107,069 | ||||||
Target Corp. | 114,609 | 6,865,079 | ||||||
Wal-Mart Stores, Inc. | 307,142 | 29,863,417 | ||||||
63,624,008 | ||||||||
Retail - Drug Store — 0.6% |
| |||||||
CVS Health Corp. | 213,311 | 16,339,623 | ||||||
Walgreens Boots Alliance, Inc. | 182,208 | 13,257,454 | ||||||
29,597,077 | ||||||||
Retail - Gardening Products — 0.0% |
| |||||||
Tractor Supply Co.# | 26,585 | 1,814,160 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Signet Jewelers, Ltd.# | 12,687 | 663,403 | ||||||
Tiffany & Co. | 21,424 | 2,024,568 | ||||||
2,687,971 | ||||||||
Retail - Major Department Stores — 0.2% |
| |||||||
Nordstrom, Inc.# | 24,418 | 1,109,798 | ||||||
TJX Cos., Inc. | 133,513 | 10,086,907 | ||||||
11,196,705 | ||||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 12,246 | 2,715,061 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Kohl’s Corp.# | 35,374 | 1,696,891 | ||||||
Macy’s, Inc.# | 63,907 | 1,520,986 | ||||||
3,217,877 | ||||||||
Retail - Restaurants — 1.2% |
| |||||||
Chipotle Mexican Grill, Inc.†# | 5,265 | 1,602,614 | ||||||
Darden Restaurants, Inc. | 26,303 | 2,217,869 | ||||||
McDonald’s Corp. | 169,966 | 29,229,053 | ||||||
Starbucks Corp. | 302,982 | 17,518,419 | ||||||
Yum! Brands, Inc. | 72,345 | 6,038,637 | ||||||
56,606,592 | ||||||||
Rubber - Tires — 0.0% |
| |||||||
Goodyear Tire & Rubber Co. | 52,829 | 1,710,075 | ||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
People’s United Financial, Inc. | 72,256 | 1,374,309 | ||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
Analog Devices, Inc. | 77,150 | 6,643,387 | ||||||
QUALCOMM, Inc. | 310,019 | 20,566,660 | ||||||
27,210,047 | ||||||||
Semiconductor Equipment — 0.4% |
| |||||||
Applied Materials, Inc. | 223,787 | 11,809,240 | ||||||
KLA-Tencor Corp. | 32,911 | 3,364,821 | ||||||
Lam Research Corp. | 34,089 | 6,556,337 | ||||||
21,730,398 | ||||||||
Soap & Cleaning Preparation — 0.1% |
| |||||||
Church & Dwight Co., Inc. | 52,356 | 2,465,444 | ||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 67,027 | 3,854,053 | ||||||
Telecommunication Equipment — 0.0% |
| |||||||
Juniper Networks, Inc. | 79,802 | 2,215,304 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Telephone - Integrated — 1.9% |
| |||||||
AT&T, Inc. | 1,288,390 | $ | 46,871,628 | |||||
CenturyLink, Inc. | 203,393 | 2,967,504 | ||||||
Verizon Communications, Inc. | 855,997 | 43,561,687 | ||||||
93,400,819 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp., Class B | 76,392 | 4,282,536 | ||||||
Textile - Home Furnishings — 0.1% |
| |||||||
Mohawk Industries, Inc.† | 13,259 | 3,747,126 | ||||||
Tobacco — 1.3% |
| |||||||
Altria Group, Inc. | 402,584 | 27,307,272 | ||||||
Philip Morris International, Inc. | 325,905 | 33,486,739 | ||||||
60,794,011 | ||||||||
Tools - Hand Held — 0.2% |
| |||||||
Snap-on, Inc.# | 12,083 | 2,047,223 | ||||||
Stanley Black & Decker, Inc. | 32,137 | 5,451,399 | ||||||
7,498,622 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 23,885 | 2,221,783 | ||||||
Mattel, Inc.# | 71,916 | 1,312,467 | ||||||
3,534,250 | ||||||||
Transport - Rail — 0.9% |
| |||||||
CSX Corp. | 191,646 | 10,684,265 | ||||||
Kansas City Southern | 22,121 | 2,480,649 | ||||||
Norfolk Southern Corp. | 60,471 | 8,383,095 | ||||||
Union Pacific Corp. | 167,949 | 21,245,548 | ||||||
42,793,557 | ||||||||
Transport - Services — 0.7% |
| |||||||
C.H. Robinson Worldwide, Inc.# | 29,446 | 2,551,496 | ||||||
Expeditors International of Washington, Inc. | 37,925 | 2,456,781 | ||||||
FedEx Corp. | 51,787 | 11,986,619 | ||||||
United Parcel Service, Inc., Class B | 144,529 | 17,553,047 | ||||||
34,547,943 | ||||||||
Transport - Truck — 0.0% |
| |||||||
JB Hunt Transport Services, Inc. | 17,911 | 1,990,629 | ||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 37,410 | 3,425,260 | ||||||
Web Hosting/Design — 0.0% |
| |||||||
VeriSign, Inc.†# | 18,031 | 2,075,368 | ||||||
Web Portals/ISP — 2.7% |
| |||||||
Alphabet, Inc., Class A† | 62,540 | 64,802,072 | ||||||
Alphabet, Inc., Class C† | 63,341 | 64,697,131 | ||||||
129,499,203 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 34,130 | 3,211,974 | ||||||
X-Ray Equipment — 0.1% |
| |||||||
Hologic, Inc.†# | 58,853 | 2,455,347 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,211,135,318) | 4,759,340,619 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.2% |
| |||||||
Registered Investment Companies — 0.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.04%(2)(3) | 3,716,965 | 3,716,965 | ||||||
229 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | ||||||||
1.07% due 01/18/2018(5) | $ | 2,000,000 | $ | 1,997,007 | ||||
1.27% due 03/01/2018(5) | 2,500,000 | 2,492,195 | ||||||
4,489,202 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $8,206,189) | 8,206,167 | |||||||
REPURCHASE AGREEMENTS — 1.0% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount of $48,429,161 collateralized by $49,615,000 of United States Treasury Inflation Indexed Bonds, bearing interest at 0.38% due 07/15/2027 and having an approximate value of $49,399,969 | 48,429,000 | 48,429,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,267,770,507)(4) | 99.9 | % | 4,815,975,786 | |||||
Other assets less liabilities | 0.1 | 4,004,134 | ||||||
NET ASSETS | 100.0 | % | $ | 4,819,979,920 | ||||
# | 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) | At November 30, 2017, the Fund had loaned securities with a total value of $123,490,902. This was secured by collateral of $3,716,965, which was received in cash and subsequently invested in short-term investments currently valued at $3,716,965 as reported in the Portfolio of Investments. Additional collateral of $121,037,865 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 14,543,487 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 7,613,793 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 14,599,430 | |||||
United States Treasury Bills | 0.00% | 12/14/2017 to 07/19/2018 | 2,980,334 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2017 to 02/15/2047 | 81,300,821 |
(3) | The rate shown is the 7-day yield as of November 30, 2017. |
(4) | See Note 5 for cost of investments on a tax basis. |
(5) | The security or portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
482 | Long | S&P 500 E-Mini Index | December 2017 | $ | 61,892,832 | $ | 63,814,390 | $ | 1,921,558 |
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (See Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 4,759,340,619 | $ | — | $ | — | $ | 4,759,340,619 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 3,716,965 | — | — | 3,716,965 | ||||||||||||
U.S. Government Treasuries | — | 4,489,202 | — | 4,489,202 | ||||||||||||
Repurchase Agreements | — | 48,429,000 | — | 48,429,000 | ||||||||||||
Total Investments at Value | $ | 4,763,057,584 | $ | 52,918,202 | $ | — | $ | 4,815,975,786 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,921,558 | $ | — | $ | — | $ | 1,921,558 | ||||||||
* | 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
230 |
Table of Contents
PORTFOLIO PROFILE — November 30, 2017 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 10.9 | % | ||
Medical-Drugs | 7.1 | |||
Banks-Super Regional | 5.6 | |||
Oil Companies-Exploration & Production | 5.3 | |||
Diversified Manufacturing Operations | 5.0 | |||
Oil Companies-Integrated | 3.7 | |||
Electric-Integrated | 3.7 | |||
Semiconductor Components-Integrated Circuits | 3.2 | |||
Investment Management/Advisor Services | 2.9 | |||
Insurance-Multi-line | 2.8 | |||
Networking Products | 2.7 | |||
Electronic Components-Semiconductors | 2.7 | |||
Tobacco | 2.4 | |||
Aerospace/Defense-Equipment | 1.9 | |||
Chemicals-Diversified | 1.7 | |||
Telephone-Integrated | 1.6 | |||
Food-Misc./Diversified | 1.6 | |||
Medical-HMO | 1.6 | |||
Medical Instruments | 1.5 | |||
Repurchase Agreements | 1.4 | |||
Transport-Rail | 1.4 | |||
Banks-Commercial | 1.4 | |||
Paper & Related Products | 1.4 | |||
Insurance Brokers | 1.3 | |||
Computers-Memory Devices | 1.2 | |||
Hotels/Motels | 1.2 | |||
Multimedia | 1.2 | |||
Applications Software | 1.2 | |||
Building & Construction Products-Misc. | 1.1 | |||
Oil-Field Services | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Finance-Other Services | 1.1 | |||
Retail-Catalog Shopping | 1.1 | |||
Retail-Building Products | 1.1 | |||
Computer Services | 1.0 | |||
Real Estate Investment Trusts | 1.0 | |||
Building-Residential/Commercial | 1.0 | |||
Machinery-Construction & Mining | 1.0 | |||
Insurance-Property/Casualty | 1.0 | |||
Medical-Biomedical/Gene | 1.0 | |||
Cruise Lines | 1.0 | |||
Retail-Apparel/Shoe | 0.9 | |||
Insurance-Life/Health | 0.9 | |||
E-Commerce/Products | 0.9 | |||
Television | 0.8 | |||
Cosmetics & Toiletries | 0.8 | |||
Wireless Equipment | 0.7 | |||
Transport-Truck | 0.7 | |||
Commercial Services | 0.6 | |||
Retail-Jewelry | 0.3 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
231 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.4% |
| |||||||
Aerospace/Defense - Equipment — 1.9% |
| |||||||
Triumph Group, Inc.# | 16,460 | $ | 508,614 | |||||
United Technologies Corp. | 14,080 | 1,710,016 | ||||||
2,218,630 | �� | |||||||
Applications Software — 1.2% |
| |||||||
Microsoft Corp. | 15,654 | 1,317,597 | ||||||
Banks - Commercial — 1.4% |
| |||||||
M&T Bank Corp. | 9,240 | 1,561,098 | ||||||
Banks - Super Regional — 5.6% |
| |||||||
PNC Financial Services Group, Inc. | 20,023 | 2,814,433 | ||||||
Wells Fargo & Co. | 62,996 | 3,557,384 | ||||||
6,371,817 | ||||||||
Building & Construction Products-Misc. — 1.1% |
| |||||||
Fortune Brands Home & Security, Inc. | 18,560 | 1,269,875 | ||||||
Building - Residential/Commercial — 1.0% |
| |||||||
PulteGroup, Inc. | 34,670 | 1,183,287 | ||||||
Cable/Satellite TV — 1.1% |
| |||||||
Comcast Corp., Class A | 33,398 | 1,253,761 | ||||||
Chemicals - Diversified — 1.7% |
| |||||||
DowDuPont, Inc. | 27,273 | 1,962,565 | ||||||
Commercial Services — 0.6% |
| |||||||
Nielsen Holdings PLC | 20,040 | 735,869 | ||||||
Computer Services — 1.0% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 16,580 | 1,198,402 | ||||||
Computers - Memory Devices — 1.2% |
| |||||||
NetApp, Inc. | 24,770 | 1,399,753 | ||||||
Cosmetics & Toiletries — 0.8% |
| |||||||
Unilever NV | 15,540 | 897,280 | ||||||
Cruise Lines — 1.0% | ||||||||
Norwegian Cruise Line Holdings, Ltd.† | 20,020 | 1,084,283 | ||||||
Diversified Banking Institutions — 10.9% |
| |||||||
Bank of America Corp. | 84,300 | 2,374,731 | ||||||
Citigroup, Inc. | 44,830 | 3,384,665 | ||||||
Goldman Sachs Group, Inc. | 5,682 | 1,407,090 | ||||||
JPMorgan Chase & Co. | 50,657 | 5,294,670 | ||||||
12,461,156 | ||||||||
Diversified Manufacturing Operations — 5.0% |
| |||||||
3M Co. | 5,100 | 1,240,014 | ||||||
Eaton Corp. PLC | 23,605 | 1,835,997 | ||||||
General Electric Co. | 53,174 | 972,552 | ||||||
Ingersoll-Rand PLC | 19,154 | 1,678,274 | ||||||
5,726,837 | ||||||||
E-Commerce/Products — 0.9% |
| |||||||
eBay, Inc.† | 28,030 | 971,800 | ||||||
Electric - Integrated — 3.7% |
| |||||||
Dominion Energy, Inc.# | 8,780 | 738,662 | ||||||
Edison International | 14,134 | 1,148,670 | ||||||
Eversource Energy | 23,374 | 1,515,804 | ||||||
NextEra Energy, Inc. | 5,205 | 822,598 | ||||||
4,225,734 | ||||||||
Electronic Components - Semiconductors — 2.7% |
| |||||||
Intel Corp. | 68,412 | 3,067,594 | ||||||
Finance - Other Services — 1.1% |
| |||||||
Nasdaq, Inc. | 15,810 | 1,251,520 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 1.6% |
| |||||||
Kraft Heinz Co. | 9,801 | $ | 797,507 | |||||
Mondelez International, Inc., Class A | 24,340 | 1,045,160 | ||||||
1,842,667 | ||||||||
Hotels/Motels — 1.2% |
| |||||||
Hilton Worldwide Holdings, Inc. | 17,769 | 1,378,164 | ||||||
Insurance Brokers — 1.3% |
| |||||||
Marsh & McLennan Cos., Inc. | 17,615 | 1,478,427 | ||||||
Insurance - Life/Health — 0.9% |
| |||||||
Principal Financial Group, Inc. | 14,719 | 1,041,958 | ||||||
Insurance - Multi-line — 2.8% |
| |||||||
Chubb, Ltd. | 12,234 | 1,860,914 | ||||||
MetLife, Inc. | 23,850 | 1,280,268 | ||||||
3,141,182 | ||||||||
Insurance - Property/Casualty — 1.0% |
| |||||||
XL Group, Ltd.# | 29,380 | 1,140,532 | ||||||
Investment Management/Advisor Services — 2.9% |
| |||||||
BlackRock, Inc. | 3,718 | 1,863,424 | ||||||
Invesco, Ltd. | 39,500 | 1,428,715 | ||||||
3,292,139 | ||||||||
Machinery - Construction & Mining — 1.0% |
| |||||||
Caterpillar, Inc. | 8,180 | 1,154,607 | ||||||
Medical Instruments — 1.5% |
| |||||||
Medtronic PLC | 20,785 | 1,707,072 | ||||||
Medical - Biomedical/Gene — 1.0% |
| |||||||
Amgen, Inc. | 6,456 | 1,134,061 | ||||||
Medical - Drugs — 7.1% |
| |||||||
Allergan PLC | 7,600 | 1,321,108 | ||||||
AstraZeneca PLC ADR# | 34,830 | 1,144,862 | ||||||
Bristol-Myers Squibb Co. | 25,780 | 1,629,038 | ||||||
Merck & Co., Inc. | 40,888 | 2,259,880 | ||||||
Roche Holding AG | 6,823 | 1,721,728 | ||||||
8,076,616 | ||||||||
Medical - HMO — 1.6% |
| |||||||
UnitedHealth Group, Inc. | 7,985 | 1,821,937 | ||||||
Multimedia — 1.2% |
| |||||||
Thomson Reuters Corp. | 14,780 | 651,355 | ||||||
Viacom, Inc., Class B | 23,860 | 675,715 | ||||||
1,327,070 | ||||||||
Networking Products — 2.7% |
| |||||||
Cisco Systems, Inc. | 83,959 | 3,131,671 | ||||||
Oil Companies - Exploration & Production — 5.3% |
| |||||||
Canadian Natural Resources, Ltd. | 37,060 | 1,257,075 | ||||||
EOG Resources, Inc. | 15,910 | 1,627,911 | ||||||
Marathon Oil Corp. | 77,418 | 1,148,883 | ||||||
Occidental Petroleum Corp. | 10,020 | 706,410 | ||||||
Pioneer Natural Resources Co. | 6,290 | 981,492 | ||||||
Southwestern Energy Co.† | 44,804 | 284,954 | ||||||
6,006,725 | ||||||||
Oil Companies - Integrated — 3.7% |
| |||||||
Chevron Corp. | 22,981 | 2,734,509 | ||||||
Exxon Mobil Corp. | 18,387 | 1,531,453 | ||||||
4,265,962 | ||||||||
232 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2017 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil - Field Services — 1.1% |
| |||||||
Halliburton Co. | 30,100 | $ | 1,257,578 | |||||
Paper & Related Products — 1.4% |
| |||||||
International Paper Co. | 27,285 | 1,544,604 | ||||||
Real Estate Investment Trusts — 1.0% |
| |||||||
Park Hotels & Resorts, Inc. | 40,659 | 1,187,243 | ||||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
L Brands, Inc.# | 18,600 | 1,042,902 | ||||||
Retail - Building Products — 1.1% |
| |||||||
Home Depot, Inc. | 6,764 | 1,216,302 | ||||||
Retail - Catalog Shopping — 1.1% |
| |||||||
Liberty Interactive Corp. QVC Group, Class A† | 51,150 | 1,248,060 | ||||||
Retail - Jewelry — 0.3% |
| |||||||
Signet Jewelers, Ltd.# | 7,200 | 376,488 | ||||||
Semiconductor Components - Integrated Circuits — 3.2% |
| |||||||
Analog Devices, Inc. | 8,729 | 751,654 | ||||||
Maxim Integrated Products, Inc. | 22,095 | 1,156,231 | ||||||
QUALCOMM, Inc. | 25,770 | 1,709,582 | ||||||
3,617,467 | ||||||||
Telephone - Integrated — 1.6% |
| |||||||
Verizon Communications, Inc. | 36,245 | 1,844,508 | ||||||
Television — 0.8% |
| |||||||
CBS Corp., Class B | 16,035 | 898,922 | ||||||
Tobacco — 2.4% |
| |||||||
British American Tobacco PLC | 16,669 | 1,060,386 | ||||||
Philip Morris International, Inc. | 16,590 | 1,704,622 | ||||||
2,765,008 | ||||||||
Transport - Rail — 1.4% |
| |||||||
Union Pacific Corp. | 12,560 | 1,588,840 | ||||||
Transport - Truck — 0.7% |
| |||||||
Schneider National, Inc., Class B# | 28,440 | 745,981 | ||||||
Wireless Equipment — 0.7% |
| |||||||
Nokia OYJ ADR# | 153,080 | 766,931 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $81,064,954) | 112,200,482 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 1.4% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 11/30/2017, to be repurchased 12/01/2017 in the amount $1,596,005 collateralized by $1,385,000 of United States Treasury Bonds, bearing interest at 3.75% due 11/15/2043 and having an approximate value of $1,631,972 (cost $1,596,000) | $ | 1,596,000 | $ | 1,596,000 | ||||
TOTAL INVESTMENTS |
| |||||||
(cost $82,660,954) (1) | 99.8 | % | 113,796,482 | |||||
Other assets less liabilities | 0.2 | 282,524 | ||||||
NET ASSETS | 100.0 | % | $ | 114,079,006 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2017, the Fund had loaned securities with total value of $5,978,775. This was secured by collateral of $6,076,884 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, 2017 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 4.50% | 08/01/2027 to 10/01/2047 | $ | 893,997 | ||||
Federal National Mtg. Assoc. | 2.96% to 4.00% | 02/25/2027 to 11/01/2047 | 468,025 | |||||
Government National Mtg. Assoc. | 2.50% to 3.50% | 06/20/2045 to 11/20/2046 | 897,436 | |||||
United States Treasury Bills | 0.00% | 12/21/2017 to 04/26/2018 | 95,729 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.13% | 12/31/2017 to 11/15/2046 | 3,721,697 |
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR — American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2017 (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 | $ | 109,418,368 | $ | 2,782,114 | # | $ | — | $ | 112,200,482 | |||||||
Repurchase Agreements | — | 1,596,000 | — | 1,596,000 | ||||||||||||
Total Investments at Value | $ | 109,418,368 | $ | 4,378,114 | $ | — | $ | 113,796,482 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
# | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $2,782,114 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.
See Notes to Financial Statements
233 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2017 (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)*† | $ | 174,163,631 | $ | 731,892,575 | $ | 61,684,560 | $ | 265,564,252 | $ | 262,575,396 | $ | 801,659,912 | $ | 49,856,482 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | 209,245,420 | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 561,000 | 3,743,000 | – | |||||||||||||||||||||
Cash | 1,264 | – | 620 | 711 | 682 | 13,622 | 54,686 | |||||||||||||||||||||
Foreign cash* | 118,523 | 18 | – | – | – | 25,197 | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | 316,563 | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 15,684 | 84,751 | 13,691 | 559,275 | 2,030 | 797,084 | 23,601 | |||||||||||||||||||||
Dividends and interest | 295,999 | 632,974 | 131,624 | 1,176,625 | 602,924 | 2,396,774 | 148,060 | |||||||||||||||||||||
Investments sold | 695,527 | 3,241,780 | – | 481,821 | 2,677,328 | 2,602,835 | 2,610,029 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | 3,339,308 | – | – | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 7,027 | 8,402 | 787 | 2,054 | 1,762 | 8,066 | – | |||||||||||||||||||||
Prepaid expenses and other assets | 26,561 | 17,739 | 5,953 | 15,616 | 21,600 | 18,046 | 7,007 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 3,968 | – | 37,515 | – | 5,845 | |||||||||||||||||||||
Variation margin on futures contracts | 46,406 | – | – | – | – | – | 1,415,191 | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 81,516 | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 175,768,701 | 735,878,239 | 61,841,203 | 271,139,662 | 266,480,237 | 811,264,536 | 263,366,321 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 182,194 | 286,340 | 15,589 | 90,398 | 65,178 | 44,670 | 389,490 | |||||||||||||||||||||
Investments purchased | 491,387 | 3,170,390 | – | 197,434 | 2,257,597 | 3,413,359 | 2,355,096 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | 19,350,025 | – | – | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 69,224 | 434,967 | 33,915 | 100,023 | 166,584 | 450,265 | 52,558 | |||||||||||||||||||||
Administrative service fee | 9,102 | 39,453 | 3,185 | 13,164 | 13,705 | 41,527 | 6,569 | |||||||||||||||||||||
Transfer agent fees and expenses | 467 | 1,245 | 623 | 1,089 | 467 | 1,085 | 311 | |||||||||||||||||||||
Directors’ fees and expenses | 8,090 | 15,309 | 1,354 | 7,155 | 17,882 | 16,956 | 3,824 | |||||||||||||||||||||
Other accrued expenses | 62,614 | 57,753 | 33,592 | 57,205 | 35,893 | 60,844 | 47,013 | |||||||||||||||||||||
Variation margin on futures contracts | 329,938 | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 4,143,884 | 481,088 | 1,280,255 | 5,885,705 | 3,212,695 | 11,862,511 | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | 20,102 | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | 1,393,872 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 53,730 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 5,350,630 | 4,486,545 | 1,368,513 | 25,702,198 | 5,770,001 | 15,891,217 | 4,268,835 | |||||||||||||||||||||
NET ASSETS | $ | 170,418,071 | $ | 731,391,694 | $ | 60,472,690 | $ | 245,437,464 | $ | 260,710,236 | $ | 795,373,319 | $ | 259,097,486 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 142,843 | $ | 368,237 | $ | 34,859 | $ | 247,667 | $ | 105,129 | $ | 592,467 | $ | 201,724 | ||||||||||||||
Additional paid-in capital | 144,159,323 | 315,099,011 | 36,676,839 | 236,731,213 | 159,521,200 | 562,383,275 | 219,301,646 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 3,636,530 | 369,411 | 1,349,350 | 7,171,084 | 4,255,411 | 23,995,047 | 3,207,680 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions | 10,086,073 | 90,958,841 | 7,464,515 | 380,741 | 34,941,310 | 104,586,810 | 6,887,634 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 13,552,316 | 324,596,194 | 14,947,136 | 906,759 | 61,887,221 | 103,816,160 | 22,148,335 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts | (1,165,292 | ) | – | – | – | – | – | 7,350,467 | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | 6,278 | – | (9 | ) | – | (35 | ) | (440 | ) | – | ||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 170,418,071 | $ | 731,391,694 | $ | 60,472,690 | $ | 245,437,464 | $ | 260,710,236 | $ | 795,373,319 | $ | 259,097,486 | ||||||||||||||
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 | 14,284,328 | 36,823,656 | 3,485,872 | 24,766,715 | 10,512,923 | 59,246,711 | 20,172,380 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.93 | $ | 19.86 | $ | 17.35 | $ | 9.91 | $ | 24.80 | $ | 13.42 | $ | 12.84 | ||||||||||||||
*Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 160,611,315 | $ | 407,296,381 | $ | 46,737,424 | $ | 264,657,493 | $ | 200,688,175 | $ | 697,843,752 | $ | 51,099,426 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 185,854,141 | ||||||||||||||
Foreign cash | $ | 139,891 | $ | 18 | $ | – | $ | – | $ | – | $ | 25,189 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 531,023 | ||||||||||||||
† Including securities on loan | $ | 11,597,979 | $ | 63,877,997 | $ | 4,234,277 | $ | 7,358,367 | $ | 9,079,997 | $ | 78,751,609 | $ | – | ||||||||||||||
See Notes to Financial Statements
234 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2017 (unaudited) — (continued)
EMERGING FUND | FOREIGN VALUE FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | GOVERNMENT FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 806,796,437 | $ | 907,020,440 | $ | 387,595,550 | $ | 419,456,150 | $ | 405,684,668 | $ | 322,564,007 | $ | 125,945,422 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | 22,832,000 | – | 565,000 | 7,016,000 | |||||||||||||||||||||
Cash | 4,684 | 420 | 1,278 | – | 1,247 | 794 | 745 | |||||||||||||||||||||
Foreign cash* | 1,110,654 | 373,099 | 196,728 | 535,726 | 795,002 | – | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | 3,041,319 | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | 1,080,000 | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 818,959 | 338,141 | 23,130 | 111,500 | 9,326 | 232,963 | 52,885 | |||||||||||||||||||||
Dividends and interest | 277,560 | 1,886,674 | 563,026 | 927,471 | 2,167,058 | 46,116 | 474,256 | |||||||||||||||||||||
Investments sold | 4,013,040 | – | 44,666 | – | 292,419 | – | – | |||||||||||||||||||||
Investments sold on an extended settlement basis | 727,118 | – | – | – | – | – | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | 98,691 | – | – | |||||||||||||||||||||
Securites lending income | 19,750 | 14,520 | 1,516 | 1,935 | 3,353 | – | 206 | |||||||||||||||||||||
Prepaid expenses and other assets | 17,951 | 31,172 | 12,087 | 22,654 | 17,611 | 31,650 | 28,976 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | 230,280 | – | – | ||||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | 770,707 | – | – | |||||||||||||||||||||
TOTAL ASSETS | 813,786,153 | 909,664,466 | 388,437,981 | 444,117,716 | 413,961,401 | 323,440,530 | 133,518,490 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 49,395 | 38,521 | 317,713 | 80,141 | 213,880 | 15,870 | 27,566 | |||||||||||||||||||||
Investments purchased | 4,651,678 | – | 43,488 | – | – | – | – | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | 187,996 | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | 921,314 | 417,924 | – | – | 119,649 | – | – | |||||||||||||||||||||
Investment advisory and management fees | 499,505 | 489,090 | 234,703 | 178,954 | 168,661 | 107,991 | 54,882 | |||||||||||||||||||||
Administrative service fee | 43,478 | 47,814 | 21,030 | 23,536 | 22,147 | 17,724 | 7,196 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,561 | 1,245 | 1,089 | 934 | 467 | 1,867 | 1,401 | |||||||||||||||||||||
Directors’ fees and expenses | 14,949 | 29,022 | 12,020 | 18,296 | 15,301 | 23,229 | 7,487 | |||||||||||||||||||||
Other accrued expenses | 222,365 | 123,747 | 86,763 | 58,290 | 114,972 | 79,425 | 36,958 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 5,899,306 | 18,599,527 | – | 946,717 | 2,575,894 | – | 400,738 | |||||||||||||||||||||
Due to custodian | – | – | – | 3,566 | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | 1,851,578 | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | 375,788 | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 12,303,551 | 19,746,890 | 716,806 | 1,310,434 | 5,646,333 | 246,106 | 536,228 | |||||||||||||||||||||
NET ASSETS | $ | 801,482,602 | $ | 889,917,576 | $ | 387,721,175 | $ | 442,807,282 | $ | 408,315,068 | $ | 323,194,424 | $ | 132,982,262 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 868,456 | $ | 819,450 | $ | 480,833 | $ | 170,002 | $ | 333,051 | $ | 3,231,919 | $ | 125,387 | ||||||||||||||
Additional paid-in capital | 726,825,564 | 825,715,821 | 347,054,498 | 376,989,986 | 343,519,160 | 319,958,885 | 130,250,460 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 19,855,090 | 21,405,802 | 12,077,439 | 8,024,473 | 3,791,556 | 1,889 | 4,786,962 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions | (144,270,401 | ) | (43,390,083 | ) | (248,946 | ) | (35,057,516 | ) | 6,667,468 | 1,731 | (2,657,455 | ) | ||||||||||||||||
Unrealized appreciation (depreciation) on investments | 199,129,101 | 85,776,435 | 28,357,609 | 91,122,733 | 55,565,909 | – | 476,908 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts | – | – | – | 1,553,784 | (375,788 | ) | – | – | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (5,280 | ) | 8,075 | (258 | ) | 3,820 | (1,083,603 | ) | – | – | ||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | (919,928 | ) | (417,924 | ) | – | – | (102,685 | ) | – | – | ||||||||||||||||||
NET ASSETS | $ | 801,482,602 | $ | 889,917,576 | $ | 387,721,175 | $ | 442,807,282 | $ | 408,315,068 | $ | 323,194,424 | $ | 132,982,262 | ||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||
Outstanding | 86,845,591 | 81,944,967 | 48,083,270 | 17,000,215 | 33,305,136 | 323,191,944 | 12,538,686 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 9.23 | $ | 10.86 | $ | 8.06 | $ | 26.05 | $ | 12.26 | $ | 1.00 | $ | 10.61 | ||||||||||||||
*Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 607,667,336 | $ | 821,244,005 | $ | 359,237,941 | $ | 328,333,417 | $ | 350,118,759 | $ | 322,564,007 | $ | 125,468,514 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 1,111,129 | $ | 370,355 | $ | 198,228 | $ | 536,587 | $ | 790,191 | $ | – | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 30,821,787 | $ | 57,343,109 | $ | 12,952,115 | $ | 15,541,849 | $ | 17,751,590 | $ | – | $ | 824,600 | ||||||||||||||
See Notes to Financial Statements
235 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2017 (unaudited) — (continued)
GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 1,177,328,356 | $ | 128,948,634 | $ | 785,092,122 | $ | 634,902,823 | $ | 1,382,538,098 | $ | 191,927,750 | $ | 467,532,094 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 26,276,000 | – | – | |||||||||||||||||||||
Cash | 4,993,321 | 343 | 9,839 | 760 | 2,836 | 512,603 | 676,579 | |||||||||||||||||||||
Foreign cash* | 41,280 | – | 29,929 | 710,435 | 1,673,917 | 3,099,876 | 105,963 | |||||||||||||||||||||
Cash collateral for futures contracts | – | 115,000 | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | 4 | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 12,770 | 56,728 | 236,051 | 228,115 | 1,042,418 | 23,630 | 33,026 | |||||||||||||||||||||
Dividends and interest | 1,512,307 | 253,982 | 529,954 | 1,835,303 | 4,719,481 | 1,759,283 | 1,115,030 | |||||||||||||||||||||
Investments sold | 7,862,750 | – | 3,259,670 | – | – | 1,822,412 | 512,930 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 12,445 | 492 | 33,572 | 1,327 | 21,367 | 824 | 5,840 | |||||||||||||||||||||
Prepaid expenses and other assets | 38,747 | 10,746 | 19,592 | 13,434 | 45,615 | 13,267 | 26,472 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 47,259 | 5,714 | 15,669 | – | – | – | 27,821 | |||||||||||||||||||||
Variation margin on futures contracts | – | 7,476 | – | – | 42,630 | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 25,298 | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 1,191,874,537 | 129,399,115 | 789,226,398 | 637,692,197 | 1,416,362,362 | 199,159,645 | 470,035,755 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 162,251 | 124,494 | 49,985 | 16,940 | 82,367 | 10,653 | 79,460 | |||||||||||||||||||||
Investments purchased | 8,136,948 | – | 2,659,765 | 1,271,000 | 6,682,713 | 4,608,512 | 442,377 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | – | – | 512,250 | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | 5,348 | – | – | – | – | – | 95,479 | |||||||||||||||||||||
Investment advisory and management fees | 654,237 | 77,894 | 605,504 | 238,708 | 311,858 | 80,175 | 350,226 | |||||||||||||||||||||
Administrative service fee | 62,295 | 6,832 | 40,473 | 34,198 | 72,177 | 10,533 | 24,842 | |||||||||||||||||||||
Transfer agent fees and expenses | 778 | 934 | 622 | 1,089 | 2,023 | 1,089 | 1,089 | |||||||||||||||||||||
Directors’ fees and expenses | 32,936 | 6,278 | 17,206 | 9,386 | 32,346 | 9,046 | 23,892 | |||||||||||||||||||||
Other accrued expenses | 120,433 | 38,451 | 76,348 | 49,858 | 146,477 | 58,430 | 156,675 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 14,917,424 | 104,752 | 21,102,819 | 3,059,833 | 37,032,589 | 1,026,063 | 7,874,442 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 42,415 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 24,135,065 | 359,635 | 24,552,722 | 4,681,012 | 44,362,550 | 6,316,751 | 9,048,482 | |||||||||||||||||||||
NET ASSETS | $ | 1,167,739,472 | $ | 129,039,480 | $ | 764,673,676 | $ | 633,011,185 | $ | 1,371,999,812 | $ | 192,842,894 | $ | 460,987,273 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 694,077 | $ | 56,580 | $ | 349,773 | $ | 565,042 | $ | 1,814,108 | $ | 161,069 | $ | 325,194 | ||||||||||||||
Additional paid-in capital | 818,462,560 | 85,855,350 | 472,016,041 | 600,694,092 | 1,336,700,441 | 190,467,361 | 342,796,657 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 8,651,147 | 1,764,407 | (1,949,389 | ) | 13,540,031 | 32,425,253 | 2,140,453 | 4,650,727 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions | 75,014,326 | 8,040,495 | 125,679,201 | 6,221,369 | (130,568,180 | ) | (1,837,416 | ) | 13,576,185 | |||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 264,937,434 | 33,299,867 | 168,576,738 | 11,989,674 | 130,817,343 | 1,917,526 | 99,725,278 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts | – | 22,781 | – | – | 794,556 | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (14,724 | ) | – | 1,312 | 977 | 16,291 | (6,099 | ) | 8,711 | |||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | (5,348 | ) | – | – | – | – | – | (95,479 | ) | |||||||||||||||||||
NET ASSETS | $ | 1,167,739,472 | $ | 129,039,480 | $ | 764,673,676 | $ | 633,011,185 | $ | 1,371,999,812 | $ | 192,842,894 | $ | 460,987,273 | ||||||||||||||
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 | 69,407,656 | 5,658,047 | 34,977,307 | 56,504,168 | 181,410,777 | 16,106,878 | 32,519,391 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 16.82 | $ | 22.81 | $ | 21.86 | $ | 11.20 | $ | 7.56 | $ | 11.97 | $ | 14.18 | ||||||||||||||
*Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 912,390,922 | $ | 95,648,767 | $ | 616,515,384 | $ | 622,913,149 | $ | 1,251,720,755 | $ | 190,010,224 | $ | 367,806,816 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 41,803 | $ | – | $ | 29,793 | $ | 703,183 | $ | 1,671,262 | $ | 3,117,670 | $ | 105,791 | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 71,698,406 | $ | 3,630,466 | $ | 142,844,351 | $ | 5,205,651 | $ | 77,505,366 | $ | 3,127,385 | $ | 25,526,624 | ||||||||||||||
See Notes to Financial Statements
236 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2017 (unaudited) — (continued)
LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP GROWTH FUND | NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 177,070,435 | $ | 437,582,890 | $ | 3,657,943,661 | $ | 283,489,285 | $ | 412,742,032 | $ | 1,290,766,110 | $ | 139,822,574 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 2,202,000 | – | 31,216,000 | – | 18,680,000 | 3,291,000 | 2,476,000 | |||||||||||||||||||||
Cash | 94 | 1,211,725 | 1,428 | 3,820,757 | 830 | 140 | 402 | |||||||||||||||||||||
Foreign cash* | – | 14 | – | 2 | – | 954,788 | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 88,892 | 5,744 | 120,421 | 55,100 | 235,848 | 168,704 | 11,088 | |||||||||||||||||||||
Dividends and interest | 299,011 | 534,733 | 5,762,217 | 215,891 | 564,799 | 827,479 | 53,399 | |||||||||||||||||||||
Investments sold | 1,377,388 | – | – | 456,966 | – | 6,849,910 | 438,724 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 337 | 1,883 | 178,041 | 12,044 | 2,947 | 31,723 | 3,813 | |||||||||||||||||||||
Prepaid expenses and other assets | 10,142 | 16,203 | 114,206 | 12,894 | 11,514 | 52,859 | 7,125 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | 1,928 | – | 474 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 592,800 | – | 199,390 | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 181,048,299 | 439,353,192 | 3,695,928,774 | 288,062,939 | 432,439,288 | 1,302,942,713 | 142,813,599 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 15,938 | 202,419 | 1,962,523 | 37,790 | 11,313 | 415,293 | 133,990 | |||||||||||||||||||||
Investments purchased | 1,348,500 | – | – | 387,118 | – | 9,133,721 | 823,732 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 101,264 | 227,609 | 736,058 | 158,073 | 138,067 | 917,763 | 92,634 | |||||||||||||||||||||
Administrative service fee | 9,513 | 23,395 | 187,914 | 14,962 | 23,226 | 69,593 | 7,183 | |||||||||||||||||||||
Transfer agent fees and expenses | 644 | 778 | 2,801 | 1,089 | 2,109 | 2,100 | 467 | |||||||||||||||||||||
Directors’ fees and expenses | 4,392 | 13,343 | 114,043 | 8,926 | 6,893 | 45,887 | 2,711 | |||||||||||||||||||||
Other accrued expenses | 31,944 | 53,075 | 206,857 | 36,969 | 68,194 | 103,828 | 32,912 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 74,310 | – | 134,210,725 | 6,029,028 | 759 | 11,446,641 | 5,684,549 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 1,586,505 | 520,619 | 137,420,921 | 6,673,955 | 250,561 | 22,134,826 | 6,778,178 | |||||||||||||||||||||
NET ASSETS | $ | 179,461,794 | $ | 438,832,573 | $ | 3,558,507,853 | $ | 281,388,984 | $ | 432,188,727 | $ | 1,280,807,887 | $ | 136,035,421 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 145,134 | $ | 292,718 | $ | 1,211,978 | $ | 180,824 | $ | 323,662 | $ | 425,679 | $ | 91,835 | ||||||||||||||
Additional paid-in capital | 124,997,493 | 284,731,037 | 2,076,354,917 | 190,396,962 | 166,316,619 | 758,800,279 | 92,151,417 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 1,962,437 | 4,423,344 | 60,072,264 | 356,013 | 3,392,307 | (1,776,981 | ) | (391,563 | ) | |||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions | 13,751,489 | 34,656,974 | 329,598,383 | 24,542,995 | 22,496,358 | 221,587,223 | 12,597,397 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 38,605,241 | 114,727,803 | 1,083,432,451 | 65,912,074 | 238,579,823 | 301,729,893 | 31,586,335 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts | – | – | 7,837,860 | – | 1,079,958 | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | 697 | – | 116 | – | 41,794 | – | |||||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 179,461,794 | $ | 438,832,573 | $ | 3,558,507,853 | $ | 281,388,984 | $ | 432,188,727 | $ | 1,280,807,887 | $ | 136,035,421 | ||||||||||||||
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 | 14,513,360 | 29,271,833 | 121,197,821 | 18,082,425 | 32,366,236 | 42,567,877 | 9,183,521 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 12.37 | $ | 14.99 | $ | 29.36 | $ | 15.56 | $ | 13.35 | $ | 30.09 | $ | 14.81 | ||||||||||||||
*Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 138,465,194 | $ | 322,855,087 | $ | 2,574,511,210 | $ | 217,577,211 | $ | 174,162,209 | $ | 989,036,217 | $ | 108,236,239 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 14 | $ | – | $ | 2 | $ | – | $ | 913,780 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 3,039,002 | $ | 17,689,527 | $ | 780,057,464 | $ | 54,106,891 | $ | 12,401,635 | $ | 213,211,710 | $ | 29,327,090 | ||||||||||||||
See Notes to Financial Statements
237 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2017 (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)*† | $ | 340,147,047 | $ | 1,351,211,712 | $ | 337,804,897 | $ | 120,130,169 | $ | 4,756,180,349 | $ | 112,200,482 | ||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | 11,366,437 | – | ||||||||||||||||||
Repurchase agreements (cost approximates value) | 6,060,000 | 34,686,000 | – | – | 48,429,000 | 1,596,000 | ||||||||||||||||||
Cash | 52,112 | 274 | – | – | 732 | 493 | ||||||||||||||||||
Foreign cash* | – | – | – | – | – | – | ||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Due from broker | – | – | – | – | – | – | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Fund shares sold | 4,158 | 273,063 | 20,372 | 17,893 | 56,208 | 3,404 | ||||||||||||||||||
Dividends and interest | 384,042 | 1,417,669 | 385,857 | 77,976 | 10,315,316 | 314,806 | ||||||||||||||||||
Investments sold | 1,013,533 | 200,717 | 1,664,960 | 172,907 | – | 766,270 | ||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | ||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Securites lending income | 40,646 | 224,885 | 11,872 | 3,052 | 17,066 | 849 | ||||||||||||||||||
Prepaid expenses and other assets | 24,248 | 40,023 | 10,459 | 8,601 | 253,879 | 9,075 | ||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 22,916 | – | – | 6,580 | – | 8,329 | ||||||||||||||||||
Variation margin on futures contracts | – | 115,710 | – | – | 549,480 | – | ||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL ASSETS | 347,748,702 | 1,388,170,053 | 339,898,417 | 120,417,178 | 4,827,168,467 | 114,899,708 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Fund shares reacquired | 161,632 | 80,677 | 100,343 | 10,449 | 1,807,943 | 133,517 | ||||||||||||||||||
Investments purchased | 486,611 | – | 2,694,359 | – | – | 567,558 | ||||||||||||||||||
Investments purchased on an extended settlement basis | 57,152 | – | – | – | – | – | ||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | ||||||||||||||||||
Investment advisory and management fees | 230,575 | 300,701 | 195,050 | 79,902 | 940,306 | 71,795 | ||||||||||||||||||
Administrative service fee | 17,029 | 68,294 | 17,120 | 6,183 | 255,166 | 6,048 | ||||||||||||||||||
Transfer agent fees and expenses | 467 | 2,490 | 934 | 467 | 3,256 | 1,089 | ||||||||||||||||||
Directors’ fees and expenses | 20,894 | 38,771 | 7,964 | 3,674 | 192,740 | 4,974 | ||||||||||||||||||
Other accrued expenses | 34,155 | 158,873 | 23,701 | 35,610 | 272,171 | 35,721 | ||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Collateral upon return of securities loaned | 23,409,983 | 95,634,368 | 10,565,932 | 4,189,535 | 3,716,965 | – | ||||||||||||||||||
Due to custodian | – | – | 25,757 | – | – | – | ||||||||||||||||||
Due to broker | – | – | – | – | – | – | ||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL LIABILITIES | 24,418,498 | 96,284,174 | 13,631,160 | 4,325,820 | 7,188,547 | 820,702 | ||||||||||||||||||
NET ASSETS | $ | 323,330,204 | $ | 1,291,885,879 | $ | 326,267,257 | $ | 116,091,358 | $ | 4,819,979,920 | $ | 114,079,006 | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 251,313 | $ | 563,939 | $ | 219,949 | $ | 86,507 | $ | 1,193,970 | $ | 63,020 | ||||||||||||
Additional paid-in capital | 210,112,101 | 769,572,003 | 236,105,794 | 83,978,944 | 1,934,532,662 | 98,022,193 | ||||||||||||||||||
Accumulated undistributed net investment income (loss) | 1,584,278 | 19,061,411 | 5,453,546 | (209,300 | ) | 116,314,565 | 2,519,609 | |||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions | 61,290,470 | 113,722,209 | 33,141,995 | 10,113,705 | 217,811,886 | (17,661,432 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | 50,092,042 | 386,280,200 | 51,345,973 | 22,121,502 | 2,548,205,279 | 31,135,528 | ||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts | – | 2,686,117 | – | – | 1,921,558 | – | ||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | 88 | |||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
NET ASSETS | $ | 323,330,204 | $ | 1,291,885,879 | $ | 326,267,257 | $ | 116,091,358 | $ | 4,819,979,920 | $ | 114,079,006 | ||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||
Outstanding | 25,131,311 | 56,393,876 | 21,994,877 | 8,650,736 | 119,396,968 | 6,301,989 | ||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 12.87 | $ | 22.91 | $ | 14.83 | $ | 13.42 | $ | 40.37 | $ | 18.10 | ||||||||||||
*Cost | ||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 290,055,005 | $ | 964,931,512 | $ | 286,458,924 | $ | 98,008,667 | $ | 2,212,710,703 | $ | 81,064,954 | ||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | 6,630,804 | $ | – | ||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
† Including securities on loan | $ | 70,393,050 | $ | 274,090,397 | $ | 40,262,732 | $ | 24,301,126 | $ | 123,490,902 | $ | 5,978,775 | ||||||||||||
See Notes to Financial Statements
238 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2017 (unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,270,663 | $ | 2,778,700 | $ | 613,094 | $ | 10,622 | $ | 2,471,284 | $ | 11,705,258 | $ | – | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 44,498 | 54,722 | 2,975 | 10,964 | 6,817 | 71,039 | – | |||||||||||||||||||||
Interest (unaffiliated) | 352,570 | 17,886 | 395 | 3,044,326 | 1,577 | 15,159 | 423,206 | |||||||||||||||||||||
Total investment income* | 1,667,731 | 2,851,308 | 616,464 | 3,065,912 | 2,479,678 | 11,791,456 | 423,206 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 414,014 | 2,576,542 | 204,935 | 596,933 | 990,700 | 2,785,481 | 315,764 | |||||||||||||||||||||
Administrative service fee | 55,648 | 238,383 | 19,676 | 80,247 | 83,249 | 263,066 | 20,374 | |||||||||||||||||||||
Transfer agent fees and expenses | 558 | 1,488 | 745 | 1,302 | 558 | 1,290 | 372 | |||||||||||||||||||||
Custodian fees | 45,629 | 17,468 | 10,988 | 21,587 | 11,473 | 21,086 | 11,330 | |||||||||||||||||||||
Reports to shareholders | 11,237 | 42,783 | 3,969 | 15,182 | 16,782 | 50,945 | 18,321 | |||||||||||||||||||||
Audit and tax fees | 24,753 | 17,498 | 17,473 | 23,928 | 17,501 | 17,501 | 17,030 | |||||||||||||||||||||
Legal fees | 9,646 | 15,310 | 8,083 | 10,016 | 10,228 | 16,261 | 10,455 | |||||||||||||||||||||
Directors’ fees and expenses | 4,619 | 17,818 | 1,637 | 6,133 | 6,786 | 20,851 | 7,052 | |||||||||||||||||||||
Interest expense | – | – | – | – | 221 | – | – | |||||||||||||||||||||
License fee | 303 | 303 | 303 | 303 | 303 | 303 | 303 | |||||||||||||||||||||
Other expenses | 17,046 | 13,787 | 5,953 | 8,035 | 7,266 | 14,483 | 5,424 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 583,453 | 2,941,380 | 273,762 | 763,666 | 1,145,067 | 3,191,267 | 406,425 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | (24,912 | ) | – | (166,529 | ) | – | (13,378 | ) | ||||||||||||||||||
Fees paid indirectly (Note 7) | (998 | ) | (1,883 | ) | (131 | ) | – | – | – | – | ||||||||||||||||||
Net expenses | 582,455 | 2,939,497 | 248,719 | 763,666 | 978,538 | 3,191,267 | 393,047 | |||||||||||||||||||||
Net investment income (loss) | 1,085,276 | (88,189 | ) | 367,745 | 2,302,246 | 1,501,140 | 8,600,189 | 30,159 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 3,466,138 | 47,700,196 | 3,820,020 | 771,758 | 17,127,048 | 76,892,468 | (4,087,483 | ) | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | 1,057,243 | |||||||||||||||||||||
Futures contracts | 37,353 | – | – | – | – | – | 7,520,810 | |||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | (772,491 | ) | ||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (85,627 | ) | 99 | – | – | 627 | 8,484 | – | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 3,417,864 | 47,700,295 | 3,820,020 | 771,758 | 17,127,675 | 76,900,952 | 3,718,079 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||||||||||||||||||||||
Investments (unaffiliated) | 9,992,817 | 51,606,224 | 1,861,295 | (1,644,971 | ) | 12,156,817 | (4,276,837 | ) | (768,470 | ) | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | 14,932,244 | |||||||||||||||||||||
Futures contracts | �� | (1,057,383 | ) | – | – | – | – | – | 5,811,312 | |||||||||||||||||||
Forward contracts | 27,786 | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | (1,006,097 | ) | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (7,241 | ) | 31 | (9 | ) | – | (35 | ) | (4,254 | ) | – | |||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 8,955,979 | 51,606,255 | 1,861,286 | (1,644,971 | ) | 12,156,782 | (4,281,091 | ) | 18,968,989 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 12,373,843 | 99,306,550 | 5,681,306 | (873,213 | ) | 29,284,457 | 72,619,861 | 22,687,068 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 13,459,119 | $ | 99,218,361 | $ | 6,049,051 | $ | 1,429,033 | $ | 30,785,597 | $ | 81,220,050 | $ | 22,717,227 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 24,719 | $ | (863 | ) | $ | 1,853 | $ | 260 | $ | 18,230 | $ | 171,012 | $ | – | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
239 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2017 (unaudited) — (continued)
EMERGING FUND | FOREIGN VALUE FUND | GLOBAL REAL ESTATE | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | GOVERNMENT FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 11,990,558 | $ | 8,371,161 | $ | 5,957,039 | $ | 3,719,620 | $ | 2,559,706 | $ | – | $ | – | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 113,007 | 237,017 | 27,009 | 12,847 | 44,996 | – | 2,221 | |||||||||||||||||||||
Interest (unaffiliated) | 7,328 | 103,958 | 12,392 | 25,325 | 4,203,054 | 1,667,246 | 1,904,102 | |||||||||||||||||||||
Total investment income* | 12,110,893 | 8,712,136 | 5,996,440 | 3,757,792 | 6,807,756 | 1,667,246 | 1,906,323 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 2,885,442 | 2,954,252 | 1,436,961 | 1,065,281 | 1,052,909 | 665,057 | 352,521 | |||||||||||||||||||||
Administrative service fee | 255,366 | 295,096 | 131,909 | 143,190 | 141,520 | 111,728 | 47,378 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,628 | 1,488 | 1,302 | 1,117 | 558 | 2,231 | 1,675 | |||||||||||||||||||||
Custodian fees | 286,046 | 84,328 | 31,085 | 18,395 | 79,292 | 5,765 | 8,905 | |||||||||||||||||||||
Reports to shareholders | 43,425 | 57,711 | 34,655 | 28,802 | 28,816 | 18,136 | 10,744 | |||||||||||||||||||||
Audit and tax fees | 25,318 | 22,903 | 19,153 | 22,723 | 24,356 | 20,485 | 20,486 | |||||||||||||||||||||
Legal fees | 16,247 | 17,947 | 13,671 | 12,663 | 16,557 | 9,082 | 9,205 | |||||||||||||||||||||
Directors’ fees and expenses | 18,307 | 23,926 | 12,846 | 11,612 | 11,907 | 9,839 | 4,229 | |||||||||||||||||||||
Interest expense | 152 | – | – | – | 1,585 | – | – | |||||||||||||||||||||
License fee | 303 | 303 | 303 | 303 | 303 | 303 | 303 | |||||||||||||||||||||
Other expenses | 18,740 | 19,533 | 15,227 | 16,790 | 19,671 | 5,849 | 5,666 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 3,550,974 | 3,477,487 | 1,697,112 | 1,320,876 | 1,377,474 | 848,475 | 461,112 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Fees paid indirectly (Note 7) | (2,223 | ) | (5,652 | ) | (2,335 | ) | – | (545 | ) | – | – | |||||||||||||||||
Net expenses | 3,548,751 | 3,471,835 | 1,694,777 | 1,320,876 | 1,376,929 | 848,475 | 461,112 | |||||||||||||||||||||
Net investment income (loss) | 8,562,142 | 5,240,301 | 4,301,663 | 2,436,916 | 5,430,827 | 818,771 | 1,445,211 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 30,411,480 | (5,520,632 | ) | 3,210,618 | 1,391,679 | 7,113,571 | – | 82,600 | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | – | 1,407,225 | – | – | – | |||||||||||||||||||||
Forward contracts | – | – | – | – | (2,768,162 | ) | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | (359,544 | ) | – | – | ||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (247,743 | ) | 46,999 | (9,151 | ) | 30,579 | (63,657 | ) | – | – | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 30,163,737 | (5,473,633 | ) | 3,201,467 | 2,829,483 | 3,922,208 | – | 82,600 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | 72,741,901 | 26,246,082 | 13,955,609 | 32,523,871 | 11,226,433 | – | (1,734,626 | ) | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | – | 1,106,100 | – | – | ||||||||||||||||||||||
Forward contracts | – | – | – | – | 679,319 | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | 1,102,977 | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (36,491 | ) | 33,041 | 8,902 | 221 | (24,624 | ) | – | – | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | 702,684 | (223,587 | ) | – | – | (7,657 | ) | – | – | |||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 73,408,094 | 26,055,536 | 13,964,511 | 33,630,192 | 12,976,448 | – | (1,734,626 | ) | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 103,571,831 | 20,581,903 | 17,165,978 | 36,459,675 | 16,898,656 | – | (1,652,026 | ) | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 112,133,973 | $ | 25,822,204 | $ | 21,467,641 | $ | 38,896,591 | $ | 22,329,483 | $ | 818,771 | $ | (206,815 | ) | |||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 1,562,533 | $ | 860,005 | $ | 373,302 | $ | 230,262 | $ | 400,728 | $ | – | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | 747,837 | $ | – | $ | – | $ | – | $ | 35,723 | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
240 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2017 (unaudited) — (continued)
GROWTH FUND | GROWTH & FUND | HEALTH FUND | INFLATION FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 6,049,924 | $ | 1,114,508 | $ | 2,738,009 | $ | 138,767 | $ | 11,963,881 | $ | – | $ | 2,885,319 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 100,832 | 3,814 | 280,122 | 14,597 | 200,294 | 4,434 | 57,335 | |||||||||||||||||||||
Interest (unaffiliated) | 3,922 | 1,157 | 27,821 | 8,826,830 | 192,591 | 2,606,961 | 9,870 | |||||||||||||||||||||
Total investment income* | 6,154,678 | 1,119,479 | 3,045,952 | 8,980,194 | 12,356,766 | 2,611,395 | 2,952,524 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 3,750,622 | 462,410 | 3,665,309 | 1,456,430 | 1,749,200 | 470,397 | 2,090,974 | |||||||||||||||||||||
Administrative service fee | 362,342 | 41,438 | 250,434 | 213,163 | 405,693 | 63,213 | 151,468 | |||||||||||||||||||||
Transfer agent fees and expenses | 930 | 1,117 | 743 | 1,302 | 2,418 | 1,302 | 1,302 | |||||||||||||||||||||
Custodian fees | 54,634 | 10,560 | 28,842 | 14,146 | 59,216 | 19,232 | 86,766 | |||||||||||||||||||||
Reports to shareholders | 61,891 | 7,848 | 52,989 | 33,435 | 66,150 | 15,043 | 32,311 | |||||||||||||||||||||
Audit and tax fees | 17,709 | 18,361 | 18,417 | 21,472 | 30,042 | 22,407 | 22,935 | |||||||||||||||||||||
Legal fees | 19,159 | 8,757 | 20,633 | 13,971 | 23,613 | 10,003 | 20,467 | |||||||||||||||||||||
Directors’ fees and expenses | 26,184 | 3,304 | 21,141 | 14,875 | 28,134 | 5,819 | 12,542 | |||||||||||||||||||||
Interest expense | – | – | – | – | – | 1,853 | 602 | |||||||||||||||||||||
License fee | 303 | 303 | 303 | 303 | 120,698 | 303 | 303 | |||||||||||||||||||||
Other expenses | 19,947 | 6,417 | 15,942 | 10,543 | 22,035 | 8,534 | 32,015 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 4,313,721 | 560,515 | 4,074,753 | 1,779,640 | 2,507,199 | 618,106 | 2,451,685 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (269,517 | ) | (36,450 | ) | (99,686 | ) | – | – | – | (175,479 | ) | |||||||||||||||||
Fees paid indirectly (Note 7) | – | (352 | ) | (5,186 | ) | – | – | – | (112 | ) | ||||||||||||||||||
Net expenses | 4,044,204 | 523,713 | 3,969,881 | 1,779,640 | 2,507,199 | 618,106 | 2,276,094 | |||||||||||||||||||||
Net investment income (loss) | 2,110,474 | 595,766 | (923,929 | ) | 7,200,554 | 9,849,567 | 1,993,289 | 676,430 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 37,367,204 | 3,796,384 | 38,370,044 | 721,595 | 5,244,036 | 1,156,503 | 13,094,911 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | (12 | ) | 118,802 | – | – | 10,110,036 | – | – | ||||||||||||||||||||
Forward contracts | (177,398 | ) | ||||||||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | 31,533 | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (1,159 | ) | 24 | (30,562 | ) | 14,268 | 234,096 | 89,080 | (24,617 | ) | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 37,188,635 | 3,915,210 | 38,371,015 | 735,863 | 15,588,168 | 1,245,583 | 13,070,294 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | 86,310,222 | 7,497,485 | 55,447,498 | (153,972 | ) | 68,311,453 | 723,401 | 23,799,332 | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | 17,654 | – | – | (3,638,857 | ) | – | – | ||||||||||||||||||||
Forward contracts | 43,015 | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 6,218 | – | 731 | (1,367 | ) | 37,983 | (32,109 | ) | 80,970 | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | 12,015 | – | – | – | – | – | (39,876 | ) | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 86,371,470 | 7,515,139 | 55,448,229 | (155,339 | ) | 64,710,579 | 691,292 | 23,840,426 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 123,560,105 | 11,430,349 | 93,819,244 | 580,524 | 80,298,747 | 1,936,875 | 36,910,720 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 125,670,579 | $ | 12,026,115 | $ | 92,895,315 | $ | 7,781,078 | $ | 90,148,314 | $ | 3,930,164 | $ | 37,587,150 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 88,670 | $ | 98 | $ | 12,976 | $ | – | $ | 1,105,034 | $ | 1,188 | $ | 606,659 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 1,469 | ||||||||||||||
See Notes to Financial Statements
241 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2017 (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 | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,591,966 | $ | 2,938,812 | $ | 27,993,359 | $ | 1,075,177 | $ | 2,155,323 | $ | 3,843,663 | $ | 220,213 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 1,316 | �� | 15,315 | 1,009,856 | 57,239 | 26,277 | 294,365 | 36,550 | ||||||||||||||||||||
Interest (unaffiliated) | 2,892 | 9,029 | 738,793 | 13,830 | 16,957 | 185,338 | 1,990 | |||||||||||||||||||||
Total investment income* | 1,596,174 | 2,963,156 | 29,742,008 | 1,146,246 | 2,198,557 | 4,323,366 | 258,753 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 617,811 | 1,348,357 | 4,442,635 | 932,761 | 799,364 | 5,175,818 | 521,241 | |||||||||||||||||||||
Administrative service fee | 59,323 | 141,599 | 1,155,939 | 89,969 | 136,970 | 399,411 | 41,219 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,046 | 930 | 3,349 | 1,302 | 2,648 | 2,619 | 558 | |||||||||||||||||||||
Custodian fees | 6,589 | 11,472 | 46,504 | 8,662 | 9,581 | 49,321 | 8,506 | |||||||||||||||||||||
Reports to shareholders | 11,100 | 27,609 | 216,566 | 17,158 | 22,918 | 67,917 | 7,799 | |||||||||||||||||||||
Audit and tax fees | 17,477 | 17,480 | 18,367 | 17,545 | 18,303 | 18,022 | 17,596 | |||||||||||||||||||||
Legal fees | 9,359 | 12,322 | 54,989 | 10,755 | 11,447 | 21,255 | 8,716 | |||||||||||||||||||||
Directors’ fees and expenses | 4,570 | 11,259 | 92,542 | 7,112 | 9,701 | 28,096 | 3,095 | |||||||||||||||||||||
Interest expense | – | 126 | – | 47 | – | – | – | |||||||||||||||||||||
License fee | 303 | 303 | 17,200 | 303 | 81,504 | 303 | 303 | |||||||||||||||||||||
Other expenses | 7,952 | 8,181 | 45,024 | 8,975 | 7,268 | 42,874 | 6,094 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 735,530 | 1,579,638 | 6,093,115 | 1,094,589 | 1,099,704 | 5,805,636 | 615,127 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | (19,765 | ) | – | (8,035 | ) | |||||||||||||||||||
Fees paid indirectly (Note 7) | (2,063 | ) | (947 | ) | – | (3,726 | ) | – | (27,855 | ) | (26 | ) | ||||||||||||||||
Net expenses | 733,467 | 1,578,691 | 6,093,115 | 1,090,863 | 1,079,939 | 5,777,781 | 607,066 | |||||||||||||||||||||
Net investment income (loss) | 862,707 | 1,384,465 | 23,648,893 | 55,383 | 1,118,618 | (1,454,415 | ) | (348,313 | ) | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 5,350,517 | 13,725,519 | 125,529,506 | 12,208,035 | 2,483,538 | 119,741,406 | 9,713,060 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | 6,181,199 | – | 1,970,439 | – | – | |||||||||||||||||||||
Forward contracts | – | |||||||||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (172 | ) | (1,523 | ) | 3,349 | (294 | ) | – | 17,694 | – | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 5,350,345 | 13,723,996 | 131,714,054 | 12,207,741 | 4,453,977 | 119,759,100 | 9,713,060 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||||||||||||||||||||||
Investments (unaffiliated) | 8,844,210 | 24,452,408 | 200,008,055 | 17,754,996 | 34,770,842 | 56,368,298 | 14,029,529 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | 8,900,021 | – | (76,035 | ) | – | – | ||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | 1,185 | – | (643 | ) | – | 3,567 | – | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 8,844,210 | 24,453,593 | 208,908,076 | 17,754,353 | 34,694,807 | 56,371,865 | 14,029,529 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 14,194,555 | 38,177,589 | 340,622,130 | 29,962,094 | 39,148,784 | 176,130,965 | 23,742,589 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 15,057,262 | $ | 39,562,054 | $ | 364,271,023 | $ | 30,017,477 | $ | 40,267,402 | $ | 174,676,550 | $ | 23,394,276 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 4,447 | $ | 43,096 | $ | 23,531 | $ | 8,611 | $ | – | $ | 113,444 | $ | 465 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
242 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2017 (unaudited) — (continued)
SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 2,019,980 | $ | 8,432,698 | $ | 2,791,833 | $ | 302,730 | $ | 47,801,646 | $ | 1,286,478 | ||||||||||||
Dividends (affiliated) | – | – | – | – | 63,653 | – | ||||||||||||||||||
Securities lending income | 283,351 | 1,281,698 | 53,571 | 18,170 | 118,866 | 4,002 | ||||||||||||||||||
Interest (unaffiliated) | 11,917 | 345,060 | 10,139 | 17,488 | 169,746 | 1,020 | ||||||||||||||||||
Total investment income* | 2,315,248 | 10,059,456 | 2,855,543 | 338,388 | 48,153,911 | 1,291,500 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 1,397,897 | 1,816,808 | 1,127,326 | 473,393 | 5,640,989 | 432,756 | ||||||||||||||||||
Administrative service fee | 105,566 | 421,054 | 101,025 | 37,432 | 1,558,701 | 37,285 | ||||||||||||||||||
Transfer agent fees and expenses | 558 | 2,977 | 1,117 | 558 | 3,933 | 1,302 | ||||||||||||||||||
Custodian fees | 24,918 | 29,449 | 8,580 | 10,867 | 60,593 | 8,761 | ||||||||||||||||||
Reports to shareholders | 22,083 | 73,738 | 17,942 | 7,401 | 293,398 | 7,624 | ||||||||||||||||||
Audit and tax fees | 17,849 | 19,019 | 17,686 | 17,561 | 18,361 | 17,484 | ||||||||||||||||||
Legal fees | 12,114 | 20,849 | 10,560 | 8,603 | 60,765 | 8,735 | ||||||||||||||||||
Directors’ fees and expenses | 8,890 | 31,943 | 7,737 | 3,005 | 123,009 | 3,174 | ||||||||||||||||||
Interest expense | 156 | 3,293 | – | – | 1,266 | – | ||||||||||||||||||
License fee | 303 | 50,116 | 303 | 303 | 23,191 | 303 | ||||||||||||||||||
Other expenses | 13,262 | 15,021 | 7,994 | 5,879 | 56,447 | 6,160 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,603,596 | 2,484,267 | 1,300,270 | 565,002 | 7,840,653 | 523,584 | ||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (142,703 | ) | – | – | (24,293 | ) | – | (51,990 | ) | |||||||||||||||
Fees paid indirectly (Note 7) | (1,664 | ) | – | (3,886 | ) | (1,037 | ) | – | (99 | ) | ||||||||||||||
Net expenses | 1,459,229 | 2,484,267 | 1,296,384 | 539,672 | 7,840,653 | 471,495 | ||||||||||||||||||
Net investment income (loss) | 856,019 | 7,575,189 | 1,559,159 | (201,284 | ) | 40,313,258 | 820,005 | |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Investments (unaffiliated)** | 12,557,559 | 40,885,856 | 11,177,408 | 6,174,287 | 82,653,564 | 4,492,710 | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | 437,202 | – | ||||||||||||||||||
Futures contracts | – | 7,273,766 | – | – | 6,204,866 | – | ||||||||||||||||||
Forward contracts | – | |||||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Written options contracts | – | – | – | – | – | – | ||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 254 | 935 | – | – | – | (419 | ) | |||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 12,557,813 | 48,160,557 | 11,177,408 | 6,174,287 | 89,295,632 | 4,492,291 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||||||||||||||||||
Investments (unaffiliated) | 19,589,919 | 95,514,074 | 24,020,914 | 7,096,806 | 345,598,636 | 4,276,941 | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | (1,112,139 | ) | – | |||||||||||||||||
Futures contracts | – | 3,818,261 | – | – | 267,260 | – | ||||||||||||||||||
Forward contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Written options contracts | – | – | – | – | – | – | ||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | 564 | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 19,589,919 | 99,332,335 | 24,020,914 | 7,096,806 | 344,753,757 | 4,277,505 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 32,147,732 | 147,492,892 | 35,198,322 | 13,271,093 | 434,049,389 | 8,769,796 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 33,003,751 | $ | 155,068,081 | $ | 36,757,481 | $ | 13,069,809 | $ | 474,362,647 | $ | 9,589,801 | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 5,566 | $ | 2,884 | $ | 3,221 | $ | – | $ | – | $ | 6,050 | ||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Notes to Financial Statements |
243 |
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, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,085,276 | $ | 2,437,879 | $ | (88,189 | ) | $ | 355,196 | $ | 367,745 | $ | 887,507 | $ | 2,302,246 | $ | 3,943,075 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 3,417,864 | 10,916,788 | 47,700,295 | 49,329,475 | 3,820,020 | 3,940,610 | 771,758 | 928,673 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 8,955,979 | (370,413 | ) | 51,606,255 | 84,131,290 | 1,861,286 | 4,178,983 | (1,644,971 | ) | (1,108,002 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 13,459,119 | 12,984,254 | 99,218,361 | 133,815,961 | 6,049,051 | 9,007,100 | 1,429,033 | 3,763,746 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,749,061 | ) | – | – | – | (839,373 | ) | – | (4,826,517 | ) | |||||||||||||||||||||
Net realized gain on securities | – | – | – | (61,428,180 | ) | – | (1,743,826 | ) | – | (235,095 | ) | |||||||||||||||||||||
Total distributions to shareholders | – | (3,749,061 | ) | – | (61,428,180 | ) | – | (2,583,199 | ) | – | (5,061,612 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (4,808,488 | ) | (11,826,251 | ) | (47,342,943 | ) | (8,798,151 | ) | (1,915,701 | ) | (7,414,245 | ) | 8,945,194 | 299,597 | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 8,650,631 | (2,591,058 | ) | 51,875,418 | 63,589,630 | 4,133,350 | (990,344 | ) | 10,374,227 | (998,269 | ) | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 161,767,440 | 164,358,498 | 679,516,276 | 615,926,646 | 56,339,340 | 57,329,684 | 235,063,237 | 236,061,506 | ||||||||||||||||||||||||
End of period† | $ | 170,418,071 | $ | 161,767,440 | $ | 731,391,694 | $ | 679,516,276 | $ | 60,472,690 | $ | 56,339,340 | $ | 245,437,464 | $ | 235,063,237 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 3,636,530 | $ | 2,551,254 | $ | 369,411 | $ | 457,600 | $ | 1,349,350 | $ | 981,605 | $ | 7,171,084 | $ | 4,868,838 | ||||||||||||||||
See Notes to Financial Statements
244 |
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, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,501,140 | $ | 2,792,149 | $ | 8,600,189 | $ | 15,412,484 | $ | 30,159 | $ | 3,211,511 | $ | 8,562,142 | $ | 12,131,676 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 17,127,675 | 21,390,666 | 76,900,952 | 34,301,350 | 3,718,079 | 8,068,775 | 30,163,737 | 16,584,685 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 12,156,782 | 13,642,477 | (4,281,091 | ) | 58,651,023 | 18,968,989 | 16,762,629 | 73,408,094 | 140,258,367 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 30,785,597 | 37,825,292 | 81,220,050 | 108,364,857 | 22,717,227 | 28,042,915 | 112,133,973 | 168,974,728 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (2,640,815 | ) | – | (14,380,753 | ) | – | (4,599,119 | ) | – | (10,536,617 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (8,018,311 | ) | – | (62,126,737 | ) | – | (1,781,175 | ) | – | – | |||||||||||||||||||||
Total distributions to shareholders | – | (10,659,126 | ) | – | (76,507,490 | ) | – | (6,380,294 | ) | – | (10,536,617 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (11,721,887 | ) | (15,156,317 | ) | (94,545,641 | ) | 191,336,067 | (12,249,593 | ) | (21,478,836 | ) | (19,524,443 | ) | 33,423,753 | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 19,063,710 | 12,009,849 | (13,325,591 | ) | 223,193,434 | 10,467,634 | 183,785 | 92,609,530 | 191,861,864 | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 241,646,526 | 229,636,677 | 808,698,910 | 585,505,476 | 248,629,852 | 248,446,067 | 708,873,072 | 517,011,208 | ||||||||||||||||||||||||
End of period† | $ | 260,710,236 | $ | 241,646,526 | $ | 795,373,319 | $ | 808,698,910 | $ | 259,097,486 | $ | 248,629,852 | $ | 801,482,602 | $ | 708,873,072 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 4,255,411 | $ | 2,754,271 | $ | 23,995,047 | $ | 15,394,858 | $ | 3,207,680 | $ | 3,177,521 | $ | 19,855,090 | $ | 11,292,948 | ||||||||||||||||
See Notes to Financial Statements
245 |
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, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 5,240,301 | $ | 17,144,443 | $ | 4,301,663 | $ | 9,409,821 | $ | 2,436,916 | $ | 5,996,785 | $ | 5,430,827 | $ | 12,182,304 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (5,473,633 | ) | 8,380,019 | 3,201,467 | 6,417,509 | 2,829,483 | 1,793,194 | 3,922,208 | (5,229,298 | ) | ||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 26,055,536 | 144,235,636 | 13,964,511 | 1,523,403 | 33,630,192 | 49,848,490 | 12,976,448 | 47,386,963 | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 25,822,204 | 169,760,098 | 21,467,641 | 17,350,733 | 38,896,591 | 57,638,469 | 22,329,483 | 54,339,969 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (16,256,905 | ) | – | (17,674,291 | ) | – | (6,885,357 | ) | – | (3,879,612 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | (21,783,749 | ) | – | – | – | (7,886,684 | ) | ||||||||||||||||||||||
Total distributions to shareholders | – | (16,256,905 | ) | – | (39,458,040 | ) | – | (6,885,357 | ) | – | (11,766,296 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (12,069,569 | ) | (96,331,571 | ) | (20,883,886 | ) | (81,469,700 | ) | (12,653,613 | ) | (11,302,466 | ) | (33,339,566 | ) | (55,183,593 | ) | ||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 13,752,635 | 57,171,622 | 583,755 | (103,577,007 | ) | 26,242,978 | 39,450,646 | (11,010,083 | ) | (12,609,920 | ) | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 876,164,941 | 818,993,319 | 387,137,420 | 490,714,427 | 416,564,304 | 377,113,658 | 419,325,151 | 431,935,071 | ||||||||||||||||||||||||
End of period† | $ | 889,917,576 | $ | 876,164,941 | $ | 387,721,175 | $ | 387,137,420 | $ | 442,807,282 | $ | 416,564,304 | $ | 408,315,068 | $ | 419,325,151 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 21,405,802 | $ | 16,165,501 | $ | 12,077,439 | $ | 7,775,776 | $ | 8,024,473 | $ | 5,587,557 | $ | 3,791,556 | $ | (1,639,271 | ) | |||||||||||||||
See Notes to Financial Statements
246 |
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, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 818,771 | $ | 268,576 | $ | 1,445,211 | $ | 2,921,477 | $ | 2,110,474 | $ | 6,420,603 | $ | 595,766 | $ | 1,175,130 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | – | 1,733 | 82,600 | (149,273 | ) | 37,188,635 | 51,872,322 | 3,915,210 | 5,137,182 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | – | – | (1,734,626 | ) | (2,521,467 | ) | 86,371,470 | 115,472,198 | 7,515,139 | 11,806,559 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 818,771 | 270,309 | (206,815 | ) | 250,737 | 125,670,579 | 173,765,123 | 12,026,115 | 18,118,871 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (818,322 | ) | (268,820 | ) | – | (3,446,180 | ) | – | (7,513,594 | ) | – | (1,374,711 | ) | |||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (63,915,770 | ) | – | (3,584,783 | ) | ||||||||||||||||||||||
Total distributions to shareholders | (818,322 | ) | (268,820 | ) | – | (3,446,180 | ) | – | (71,429,364 | ) | – | (4,959,494 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (7,588,552 | ) | (12,709,237 | ) | (12,270,695 | ) | (6,331,462 | ) | 40,808,213 | (51,072,851 | ) | (3,502,082 | ) | (6,528,757 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (7,588,103 | ) | (12,707,748 | ) | (12,477,510 | ) | (9,526,905 | ) | 166,478,792 | 51,262,908 | 8,524,033 | 6,630,620 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 330,782,527 | 343,490,275 | 145,459,772 | 154,986,677 | 1,001,260,680 | 949,997,772 | 120,515,447 | 113,884,827 | ||||||||||||||||||||||||
End of period† | $ | 323,194,424 | $ | 330,782,527 | $ | 132,982,262 | $ | 145,459,772 | $ | 1,167,739,472 | $ | 1,001,260,680 | $ | 129,039,480 | $ | 120,515,447 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 1,889 | $ | 1,440 | $ | 4,786,962 | $ | 3,341,751 | $ | 8,651,147 | $ | 6,540,673 | $ | 1,764,407 | $ | 1,168,641 | ||||||||||||||||
See Notes to Financial Statements
247 |
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, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (923,929 | ) | $ | (1,538,441 | ) | $ | 7,200,554 | $ | 11,927,697 | $ | 9,849,567 | $ | 25,472,050 | $ | 1,993,289 | $ | 4,246,824 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 38,371,015 | 89,352,738 | 735,863 | 1,835,128 | 15,588,168 | 11,696,178 | 1,245,583 | (2,336,867 | ) | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 55,448,229 | (25,675,693 | ) | (155,339 | ) | 3,882,055 | 64,710,579 | 114,541,212 | 691,292 | 1,045,461 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 92,895,315 | 62,138,604 | 7,781,078 | 17,644,880 | 90,148,314 | 151,709,440 | 3,930,164 | 2,955,418 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | – | – | (1,390,412 | ) | – | (26,884,852 | ) | – | – | ||||||||||||||||||||||
Net realized gain on securities | – | (80,156,432 | ) | – | (809,676 | ) | – | – | – | – | ||||||||||||||||||||||
Total distributions to shareholders | – | (80,156,432 | ) | – | (2,200,088 | ) | – | (26,884,852 | ) | – | – | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (25,860,316 | ) | (87,745,879 | ) | (6,321,636 | ) | 160,276,892 | 187,986,391 | (22,338,993 | ) | 2,970,041 | (18,265,364 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 67,034,999 | (105,763,707 | ) | 1,459,442 | 175,721,684 | 278,134,705 | 102,485,595 | 6,900,205 | (15,309,946 | ) | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 697,638,677 | 803,402,384 | 631,551,743 | 455,830,059 | 1,093,865,107 | 991,379,512 | 185,942,689 | 201,252,635 | ||||||||||||||||||||||||
End of period† | $ | 764,673,676 | $ | 697,638,677 | $ | 633,011,185 | $ | 631,551,743 | $ | 1,371,999,812 | $ | 1,093,865,107 | $ | 192,842,894 | $ | 185,942,689 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | (1,949,389 | ) | $ | (1,025,460 | ) | $ | 13,540,031 | $ | 6,339,477 | $ | 32,425,253 | $ | 22,575,686 | $ | 2,140,453 | $ | 147,164 | ||||||||||||||
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, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 676,430 | $ | 5,052,441 | $ | 862,707 | $ | 1,654,580 | $ | 1,384,465 | $ | 2,984,850 | $ | 23,648,893 | $ | 36,466,276 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 13,070,294 | 14,817,501 | 5,350,345 | 11,527,172 | 13,723,996 | 21,452,846 | 131,714,054 | 232,691,034 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 23,840,426 | 33,668,087 | 8,844,210 | 9,292,977 | 24,453,593 | 36,140,697 | 208,908,076 | 226,259,381 | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 37,587,150 | 53,538,029 | 15,057,262 | 22,474,729 | 39,562,054 | 60,578,393 | 364,271,023 | 495,416,691 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (6,105,866 | ) | – | (1,531,285 | ) | – | (2,819,369 | ) | – | (40,127,114 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | (11,933,336 | ) | – | (12,909,541 | ) | – | (274,781,465 | ) | |||||||||||||||||||||
Total distributions to shareholders | – | (6,105,866 | ) | – | (13,464,621 | ) | – | (15,728,910 | ) | – | (314,908,579 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (15,822,169 | ) | (129,221,618 | ) | (7,222,390 | ) | (1,443,520 | ) | (16,295,387 | ) | (22,346,368 | ) | (198,501,578 | ) | 232,753,026 | |||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 21,764,981 | (81,789,455 | ) | 7,834,872 | 7,566,588 | 23,266,667 | 22,503,115 | 165,769,445 | 413,261,138 | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 439,222,292 | 521,011,747 | 171,626,922 | 164,060,334 | 415,565,906 | 393,062,791 | 3,392,738,408 | 2,979,477,270 | ||||||||||||||||||||||||
End of period† | $ | 460,987,273 | $ | 439,222,292 | $ | 179,461,794 | $ | 171,626,922 | $ | 438,832,573 | $ | 415,565,906 | $ | 3,558,507,853 | $ | 3,392,738,408 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 4,650,727 | $ | 3,974,297 | $ | 1,962,437 | $ | 1,099,730 | $ | 4,423,344 | $ | 3,038,879 | $ | 60,072,264 | $ | 36,423,371 | ||||||||||||||||
See Notes to Financial Statements
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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, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 55,383 | $ | 307,709 | $ | 1,118,618 | $ | 2,279,650 | $ | (1,454,415 | ) | $ | (564,365 | ) | $ | (348,313 | ) | $ | (350,830 | ) | ||||||||||||
Net realized gain (loss) on investments and foreign currencies | 12,207,741 | 17,351,762 | 4,453,977 | 18,938,474 | 119,759,100 | 125,390,369 | 9,713,060 | 10,769,588 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 17,754,353 | 24,396,211 | 34,694,807 | 66,265,956 | 56,371,865 | 154,346,198 | 14,029,529 | 14,511,833 | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 30,017,477 | 42,055,682 | 40,267,402 | 87,484,080 | 174,676,550 | 279,172,202 | 23,394,276 | 24,930,591 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | – | – | (2,548,994 | ) | – | – | – | – | |||||||||||||||||||||||
Net realized gain on securities | – | (16,552,587 | ) | – | (15,905,846 | ) | – | (75,551,571 | ) | – | (4,966,733 | ) | ||||||||||||||||||||
Total distributions to shareholders | – | (16,552,587 | ) | – | (18,454,840 | ) | – | (75,551,571 | ) | – | (4,966,733 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (8,798,759 | ) | (13,951,366 | ) | (2,478,637 | ) | 6,148,827 | (24,027,681 | ) | (4,217,806 | ) | 250,229 | (10,112,494 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 21,218,718 | 11,551,729 | 37,788,765 | 75,178,067 | 150,648,869 | 199,402,825 | 23,644,505 | 9,851,364 | ||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 260,170,266 | 248,618,537 | 394,399,962 | 319,221,895 | 1,130,159,018 | 930,756,193 | 112,390,916 | 102,539,552 | ||||||||||||||||||||||||
End of period† | $ | 281,388,984 | $ | 260,170,266 | $ | 432,188,727 | $ | 394,399,962 | $ | 1,280,807,887 | $ | 1,130,159,018 | $ | 136,035,421 | $ | 112,390,916 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | 356,013 | $ | 300,630 | $ | 3,392,307 | $ | 2,273,689 | $ | (1,776,981 | ) | $ | (322,566 | ) | $ | (391,563 | ) | $ | (43,250 | ) | ||||||||||||
See Notes to Financial Statements
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VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 856,019 | $ | 859,638 | $ | 7,575,189 | $ | 11,856,400 | $ | 1,559,159 | $ | 3,983,382 | $ | (201,284 | ) | $ | (275,975 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 12,557,813 | 50,585,582 | 48,160,557 | 72,720,791 | 11,177,408 | 28,006,395 | 6,174,287 | 7,107,906 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 19,589,919 | (9,366,280 | ) | 99,332,335 | 113,648,565 | 24,020,914 | 10,166,719 | 7,096,806 | 4,818,492 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 33,003,751 | 42,078,940 | 155,068,081 | 198,225,756 | 36,757,481 | 42,156,496 | 13,069,809 | 11,650,423 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (929,086 | ) | – | (12,810,826 | ) | – | (2,881,769 | ) | – | – | |||||||||||||||||||||
Net realized gain on securities | – | (24,123,077 | ) | – | (61,138,835 | ) | – | (18,510,911 | ) | – | (5,263,258 | ) | ||||||||||||||||||||
Total distributions to shareholders | – | (25,052,163 | ) | – | (73,949,661 | ) | – | (21,392,680 | ) | – | (5,263,258 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (20,377,776 | ) | (7,056,638 | ) | (60,391,443 | ) | 87,100,051 | 6,901,209 | 22,956,498 | (4,367,853 | ) | (9,227,703 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 12,625,975 | 9,970,139 | 94,676,638 | 211,376,146 | 43,658,690 | 43,720,314 | 8,701,956 | (2,840,538 | ) | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 310,704,229 | 300,734,090 | 1,197,209,241 | 985,833,095 | 282,608,567 | 238,888,253 | 107,389,402 | 110,229,940 | ||||||||||||||||||||||||
End of period† | $ | 323,330,204 | $ | 310,704,229 | $ | 1,291,885,879 | $ | 1,197,209,241 | $ | 326,267,257 | $ | 282,608,567 | $ | 116,091,358 | $ | 107,389,402 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 1,584,278 | $ | 728,259 | $ | 19,061,411 | $ | 11,486,222 | $ | 5,453,546 | $ | 3,894,387 | $ | (209,300 | ) | $ | (8,016 | ) | ||||||||||||||
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, 2017 (Unaudited) | For the Year Ended May 31, 2017 | For the Six Months Ended November 30, 2017 (Unaudited) | For the Year Ended May 31, 2017 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 40,313,258 | $ | 74,666,064 | $ | 820,005 | $ | 1,700,288 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 89,295,632 | 181,428,128 | 4,492,291 | 6,451,425 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 344,753,757 | 417,182,753 | 4,277,505 | 5,477,630 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | 474,362,647 | 673,276,945 | 9,589,801 | 13,629,343 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | – | (67,280,698 | ) | – | (1,894,530 | ) | ||||||||||
Net realized gain on securities | – | (197,356,088 | ) | – | – | |||||||||||
Total distributions to shareholders | – | (264,636,786 | ) | – | (1,894,530 | ) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (196,716,615 | ) | 8,364,477 | �� | (5,843,314 | ) | (9,538,316 | ) | ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 277,646,032 | 417,004,636 | 3,746,487 | 2,196,497 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 4,542,333,888 | 4,125,329,252 | 110,332,519 | 108,136,022 | ||||||||||||
End of period† | $ | 4,819,979,920 | $ | 4,542,333,888 | $ | 114,079,006 | $ | 110,332,519 | ||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 116,314,565 | $ | 76,001,307 | $ | 2,519,609 | $ | 1,699,604 | ||||||||
See Notes to Financial Statements
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VALIC Company I
Note 1 — Organization
VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 34 separate mutual funds (each, a “Fund” and collectively, the “Funds”), each of which issues its own separate class of capital shares:
Asset Allocation Fund | 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 | 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”). |
Each Fund is diversified with the exception of International Government Bond Fund and Nasdaq-100® Index Fund, which are non-diversified as defined by the 1940 Act.
Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.
Note 2 — Significant Accounting Policies
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The following is a summary of significant accounting policies consistently followed by the Series in the preparation of its financial statements:
Security Valuation: In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:
Level 1 — Unadjusted quoted prices in active markets for identical securities
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors (the “Board”), etc.)
Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The summary of each Fund’s assets and liabilities classified in the fair value hierarchy as of November 30, 2017, is reported on a schedule following each Fund’s Portfolio of Investments.
Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.
As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Fund’s shares, and a Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on 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. Investments in 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. Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded over the counter (“OTC”) are valued at a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. 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 OTC market are valued based at the mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.
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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Derivative Instruments
Forward Foreign Currency Contracts: During the period, the Asset Allocation Fund and 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 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, Dynamic Allocation Fund, Global Social Awareness 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 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 cash collateral for futures contracts 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 or securities. 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.
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NOTES TO FINANCIAL STATEMENTS — (continued)
Option contracts outstanding at the end of the period, if any, are reported on a schedule following each Fund’s Portfolio of Investments.
Swap Contracts: Certain Funds may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral for centrally cleared swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Funds and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).
Interest Rate Swap Agreements: During the period, the Global Strategy Fund used interest rate swap agreements to manage exposure to fluctuations in interest rates and to make active interest rate anticipation decisions.
Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments.
Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.
Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule following each Fund’s Portfolio of Investments.
Risks of Entering into Swap Agreements: Risks to a Fund of entering into credit default swaps, total return swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Fund may suffer a loss.
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, 2017, 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 six months ended November 30, 2017. 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, 2017, please refer to the Portfolio of Investments.
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NOTES TO FINANCIAL STATEMENTS — (continued)
Asset Derivatives | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Fund | Futures Contracts(1)(8) | Swap Contracts(6) | Futures Contracts(1)(8) | Options Purchased(2) | Foreign Exchange Contracts(3) | Total | ||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | 46,406 | $ | — | $ | 81,516 | $ | 127,922 | ||||||||||||
Dynamic Allocation | — | — | 1,415,191 | 698,519 | — | 2,113,710 | ||||||||||||||||||
Global Social Awareness | — | — | 230,280 | — | — | 230,280 | ||||||||||||||||||
Global Strategy | — | — | — | — | 770,707 | 770,707 | ||||||||||||||||||
Growth | — | — | — | — | 25,298 | 25,298 | ||||||||||||||||||
Growth & Income | — | — | 7,476 | — | — | 7,476 | ||||||||||||||||||
Health Sciences | — | — | — | 55,300 | — | 55,300 | ||||||||||||||||||
International Equities Index | — | — | 42,630 | — | — | 42,630 | ||||||||||||||||||
Mid Cap Index | — | — | 592,800 | — | — | 592,800 | ||||||||||||||||||
Nasdaq-100 Index | — | — | 199,390 | — | — | 199,390 | ||||||||||||||||||
Small Cap Index | — | — | 115,710 | — | — | 115,710 | ||||||||||||||||||
Stock Index | — | — | 549,480 | — | — | 549,480 |
Liability Derivatives | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Fund | Futures Contracts(1)(8) | Swap Contracts(7) | Futures Contracts(1)(8) | Options Written(4) | Foreign Exchange Contracts(5) | Total | ||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | 329,938 | $ | — | $ | 53,730 | $ | 383,668 | ||||||||||||
Dynamic Allocation | — | — | — | 1,393,872 | — | 1,393,872 | ||||||||||||||||||
Global Social Awareness | — | — | — | — | — | — | ||||||||||||||||||
Global Strategy | — | 375,788 | — | — | 1,851,578 | 2,227,366 | ||||||||||||||||||
Growth | — | — | — | — | 42,415 | 42,415 | ||||||||||||||||||
Growth & Income | — | — | — | — | — | — | ||||||||||||||||||
Health Sciences | — | — | — | — | — | — | ||||||||||||||||||
International Equities Index | — | — | — | — | — | — | ||||||||||||||||||
Mid Cap Index | — | — | — | — | — | — | ||||||||||||||||||
Nasdaq-100 Index | — | — | — | — | — | — | ||||||||||||||||||
Small Cap Index | — | — | — | — | — | — | ||||||||||||||||||
Stock Index | — | — | — | — | — | — |
Statement of Assets and Liabilities Location:
(1) | Variation margin on futures contracts |
(2) | Investments at value |
(3) | Unrealized appreciation on forward foreign currency contracts |
(4) | Call and put options written, at value |
(5) | Unrealized depreciation on forward foreign currency contracts |
(6) | Unrealized appreciation on swap contracts |
(7) | Unrealized depreciation on swap contracts |
(8) | 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 Unrealized Appreciation (Depreciation) | |||
Asset Allocation | $ | (1,165,292 | ) | |
Dynamic Allocation | 8,213,316 | |||
Global Social Awareness | 1,553,784 | |||
Growth & Income | 22,781 | |||
International Equities Index | 794,556 | |||
Mid Cap Index | 7,837,860 | |||
Nasdaq-100 Index | 1,079,958 | |||
Small Cap Index | 2,686,117 | |||
Stock Index | 1,921,558 |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Fund | Futures Contracts(1) | Swap Contracts(2) | Futures Contracts(1) | Options* | Foreign Exchange Contracts(3) | Total | ||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | 37,353 | $ | — | $ | — | $ | 37,353 | ||||||||||||
Dynamic Allocation | — | — | 7,520,810 | (4,819,862 | ) | — | 2,700,948 | |||||||||||||||||
Global Social Awareness | — | — | 1,407,225 | — | — | 1,407,225 | ||||||||||||||||||
Global Strategy | — | (359,544 | ) | — | — | (2,768,162 | ) | (3,127,706 | ) | |||||||||||||||
Growth | — | — | (12 | ) | — | (177,398 | ) | (177,410 | ) | |||||||||||||||
Growth & Income | — | — | 118,802 | — | — | 118,802 | ||||||||||||||||||
Health Sciences | — | — | — | 53,798 | — | 53,798 | ||||||||||||||||||
International Equities Index | — | — | 10,110,036 | — | — | 10,110,036 | ||||||||||||||||||
Mid Cap Index | — | — | 6,181,199 | — | — | 6,181,199 | ||||||||||||||||||
Nasdaq-100 Index | — | — | 1,970,439 | — | — | 1,970,439 | ||||||||||||||||||
Small Cap Index | — | — | 7,273,766 | — | — | 7,273,766 | ||||||||||||||||||
Stock Index | — | — | 6,204,866 | — | — | 6,204,866 |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Fund | Futures Contracts(4) | Swap Contracts(5) | Futures Contracts(4) | Options* | Foreign Exchange Contracts(6) | Total | ||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | (1,057,383 | ) | $ | — | $ | 27,786 | $ | (1,029,597 | ) | ||||||||||
Dynamic Allocation | — | — | 5,811,312 | (1,222,106 | ) | — | 4,589,206 | |||||||||||||||||
Global Social Awareness | — | — | 1,106,100 | — | — | 1,106,100 | ||||||||||||||||||
Global Strategy | — | 1,102,977 | — | — | 679,319 | 1,782,296 | ||||||||||||||||||
Growth | — | — | — | — | 43,015 | 43,015 | ||||||||||||||||||
Growth & Income | — | — | 17,654 | — | — | 17,654 | ||||||||||||||||||
Health Sciences | — | — | — | 34,293 | — | 34,293 | ||||||||||||||||||
International Equities Index | — | — | (3,638,857 | ) | — | — | (3,638,857 | ) | ||||||||||||||||
Mid Cap Index | — | — | 8,900,021 | — | — | 8,900,021 | ||||||||||||||||||
Nasdaq-100 Index | — | — | (76,035 | ) | — | — | (76,035 | ) | ||||||||||||||||
Small Cap Index | — | — | 3,818,261 | — | — | 3,818,261 | ||||||||||||||||||
Stock Index | — | — | 267,260 | — | — | 267,260 |
* | Includes amounts relating to purchased and written options as follows: |
Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||||||||||
Equity Contracts | Equity Contracts | |||||||||||||||
Options Purchased(7) | Options Written(8) | Options Purchased(9) | Options Written(10) | |||||||||||||
Dynamic Allocation Fund | (4,047,371 | ) | (772,491 | ) | (216,009 | ) | (1,006,097 | ) | ||||||||
Health Sciences | 22,265 | 31,533 | 34,293 | — |
Statement of Operations Location:
(1) | Net realized gain (loss) on futures contracts |
(2) | Net realized gain (loss) on swap contracts |
(3) | Net realized gain (loss) on forward contracts |
(4) | Change in unrealized appreciation (depreciation) on futures contracts |
(5) | Change in unrealized appreciation (depreciation) on swap contracts |
(6) | Change in unrealized appreciation (depreciation) on forward contracts |
(7) | Net realized gain (loss) on investments |
(8) | Net realized gain (loss) on written options contracts |
(9) | Change in unrealized appreciation (depreciation) on investments |
(10) | Change in unrealized appreciation (depreciation) on written options contracts |
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NOTES TO FINANCIAL STATEMENTS — (continued)
The following table represents the average monthly balances of derivatives held during the six months ended November 30, 2017.
Average Amount Outstanding During the Period | ||||||||||||||||||||
Fund | Futures Contracts(2) | Foreign Exchange Contracts(2) | Purchased Put Options Contracts(1) | Written Call Options Contracts(1) | Interest Rate Swap Contracts(1) | |||||||||||||||
Asset Allocation | $ | 38,972,754 | $ | 12,672,059 | $ | — | $ | — | $ | — | ||||||||||
Dynamic Allocation | 156,353,100 | — | 912,390 | 734,493 | — | |||||||||||||||
Global Social Awareness | 26,563,622 | — | — | — | — | |||||||||||||||
Global Strategy | — | 150,846,469 | — | — | 34,905,000 | |||||||||||||||
Growth | — | 5,176,348 | — | — | — | |||||||||||||||
Growth & Income | 1,625,778 | — | — | — | — | |||||||||||||||
Health Sciences | — | — | 50,941 | — | — | |||||||||||||||
International Equities Index | 102,821,744 | — | — | — | — | |||||||||||||||
Mid Cap Index | 183,729,470 | — | — | — | — | |||||||||||||||
Nasdaq-100 Index | 21,239,537 | — | — | — | — | |||||||||||||||
Small Cap Index | 85,981,510 | — | — | — | — | |||||||||||||||
Stock Index | 73,727,482 | — | — | — | — |
(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, 2017. The repurchase agreements held by the Funds and the securities on loan as of November 30, 2017, 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.
Asset Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets(1) | Derivative Liabilities(1) | Net Derivative Assets (Liabilities) | Collateral Pledged/ (Received)(2) | Net Amount(3) | ||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | ||||||||||||||||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | $ | 81,516 | $ | — | $ | — | $ | 81,516 | $ | 53,730 | $ | — | $ | — | $ | 53,730 | $ | 27,786 | $ | — | $ | 27,786 | ||||||||||||||||||||||||||
(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. |
Dynamic Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Derivative Assets(1) | Derivative Liabilities(1) | Net Derivative Assets (Liabilities) | Collateral Pledged/ (Received)(2) | Net Amount(3) | |||||||||||||||||||||||||||||||||||||||||||
Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | |||||||||||||||||||||||||||||||||||||||||
Citibank N.A. | $ | — | $ | — | $ | 184,331 | $ | 184,331 | $ | — | $ | — | $ | 367,827 | $ | 367,827 | $ | (183,496 | ) | $ | — | $ | (183,496 | ) | ||||||||||||||||||||||||
Goldman Sachs International | — | — | 203,735 | 203,735 | — | — | 406,546 | 406,546 | (202,811 | ) | — | (202,811 | ) | |||||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | — | — | 19,403 | 19,403 | — | — | 38,719 | 38,719 | (19,316 | ) | — | (19,316 | ) | |||||||||||||||||||||||||||||||||||
UBS AG | — | — | 291,050 | 291,050 | — | — | 580,780 | 580,780 | (289,730 | ) | — | (289,730 | ) | |||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 698,519 | $ | 698,519 | $ | — | $ | — | $ | 1,393,872 | $ | 1,393,872 | $ | (695,353 | ) | $ | — | $ | (695,353 | ) | ||||||||||||||||||||||||
(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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NOTES TO FINANCIAL STATEMENTS — (continued)
Global Strategy Fund | Collateral Pledged/ (Received)(2) | Net Amount(3) | ||||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Derivative Assets(1) | Derivative Liabilities(1) | Net Derivative Assets (Liabilities) | |||||||||||||||||||||||||||||||||||||||||||||
Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | |||||||||||||||||||||||||||||||||||||||||
Bank of America, N.A. | $ | 932 | $ | — | $ | — | $ | 932 | $ | 169,564 | $ | — | $ | — | $ | 169,564 | $ | (168,632 | ) | $ | — | $ | (168,632 | ) | ||||||||||||||||||||||||
Barclays Bank PLC | 45,106 | — | — | 45,106 | 64,959 | — | — | 64,959 | (19,853 | ) | — | (19,853 | ) | |||||||||||||||||||||||||||||||||||
Citibank N.A. | 98,093 | — | — | 98,093 | 348,859 | — | — | 348,859 | (250,766 | ) | — | (250,766 | ) | |||||||||||||||||||||||||||||||||||
Deutsche Bank AG | 58,777 | — | — | 58,777 | 330,246 | — | — | 330,246 | (271,469 | ) | — | (271,469 | ) | |||||||||||||||||||||||||||||||||||
Goldman Sachs International | 13,589 | — | — | 13,589 | 12,301 | — | — | 12,301 | 1,288 | — | 1,288 | |||||||||||||||||||||||||||||||||||||
HSBC Bank USA, N.A. | 270,643 | — | — | 270,643 | 573,868 | — | — | 573,868 | (303,225 | ) | — | (303,225 | ) | |||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank | 261,323 | — | — | 261,323 | 223,767 | — | — | 223,767 | 37,556 | — | 37,556 | |||||||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | — | — | — | — | 3,134 | — | — | 3,134 | (3,134 | ) | — | (3,134 | ) | |||||||||||||||||||||||||||||||||||
Standard Chartered Bank | 21,442 | — | — | 21,442 | 86,434 | — | — | 86,434 | (64,992 | ) | — | (64,992 | ) | |||||||||||||||||||||||||||||||||||
UBS AG | 802 | — | — | 802 | 38,446 | — | — | 38,446 | (37,644 | ) | — | (37,644 | ) | |||||||||||||||||||||||||||||||||||
Total | $ | 770,707 | $ | — | $ | — | $ | 770,707 | $ | 1,851,578 | $ | — | $ | — | $ | 1,851,578 | $ | (1,080,871 | ) | $ | — | $ | (1,080,871 | ) | ||||||||||||||||||||||||
(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 | Collateral Pledged/ (Received)(2) | Net Amount(3) | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets(1) | Derivative Liabilities(1) | Net Derivative Assets (Liabilities) | ||||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | ||||||||||||||||||||||||||||||||||||||||
Credit Suisse | $ | 22,315 | $ | — | $ — | $ | 22,315 | $ | 329 | $ | — | $ | — | $ | 329 | $ | 21,986 | $ | — | $ | 21,986 | |||||||||||||||||||||||||||
UBS AG | 2,983 | — | — | 2,983 | 42,086 | — | — | 42,086 | (39,103 | ) | — | (39,103 | ) | |||||||||||||||||||||||||||||||||||
Total | $ | 25,298 | $ | — | $ | — | $ | 25,298 | $ | 42,415 | $ | — | $ | — | $ | 42,415 | $ | (17,117 | ) | $ | — | $ | (17,117 | ) | ||||||||||||||||||||||||
(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.
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
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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, 2017, the 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 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.
When-Issued Securities and Forward Commitments: Certain Funds may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Fund may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Funds may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. For the six months ended November 30, 2017, the Capital Conservation Fund and the Emerging Economies Fund purchased and/or sold when-issued securities.
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.
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 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.
Securities purchased or sold on a when-issued or forward commitment basis are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.
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.
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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 2014 — 2016 or expected to be taken in each Fund’s 2017 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 2014.
New Accounting Pronouncement
In October 2016, the SEC adopted amendments to rules under the 1940 Act (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X was August 1, 2017. All required changes have been made in accordance with Regulation S-X.
Note 3 — Advisory Fees and Other Transactions with Affiliates
VALIC serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.
VALIC receives from VC I a monthly fee based on each Fund’s average daily net asset value at the following annual rates:
International Equities Index Fund | 0.35% on the first $500 million | |
0.25% on the next $500 million | ||
0.24% on assets over $1 billion | ||
Mid Cap Index Fund | 0.35% on the first $500 million | |
Small Cap Index Fund | 0.25% on the next $2.5 billion | |
Stock Index Fund | 0.20% on the next $2 billion | |
0.15% on assets over $5 billion | ||
Blue Chip Growth Fund | 0.75% on the first $250 million | |
0.725% on the next $250 million | ||
0.70% on assets over $500 million | ||
Core Equity Fund‡ | 0.80% on the first $250 million | |
0.75% on the next $250 million | ||
0.70% on the next $500 million | ||
0.65% on assets over $1 billion |
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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% | |
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 |
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NOTES TO FINANCIAL STATEMENTS — (continued)
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, 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. |
†† | Effective September 1, 2017, VALIC has agreed to waive the Small-Mid Growth Fund’s advisory fees in order that such fees equal: 0.78% of the Fund’s average daily net assets on the Fund’s first $250 million; and 0.68% of the Fund’s net average daily net assets when the Fund’s assets exceed $250 million. |
‡ | Effective November 1, 2017, VALIC has agreed to waive the Core Equity Fund’s advisory fees in order that such fees equal: 0.62% of the Fund’s average daily net assets on the Fund’s first $250 million, 0.57% on the next $250 million, 0.52% on the next $500 million, and 0.47% on assets over $1 billion. |
For the six months ended November 30, 2017, the amount of investment advisory fees waived were as follows:
Fund | Amount | |||
Core Equity | $ | 37,514 | ||
Dynamic Allocation | 11,132 | |||
Growth | 269,517 | |||
Health Sciences | 99,686 | |||
International Growth | 135,220 | |||
Small-Mid Growth | 19,690 |
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.
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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, and a portion of the Global Real Estate Fund.
J.P. Morgan Investment Management Inc. (“JPMIM”)@—subadviser for the Emerging Economies Fund, Growth & Income Fund, Government Securities Fund and a portion of the Small Cap 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 has contractually agreed to waive fees and/or reimburse expenses to the extent necessary so that each Fund’s total annual fund operating expenses after expense reimbursement do not exceed the amounts shown below through September 30, 2018. 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, 2018, 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 | % | ||
Value | 0.85 | % |
For the six months ended November 30, 2017, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Broad Cap Value Income | $ | 24,912 | ||
Core Equity | 129,015 | |||
Dynamic Allocation | 3,726 | |||
Growth & Income | 36,450 | |||
International Growth | 40,259 | |||
Nasdaq-100® Index | 19,765 | |||
Small Cap | 142,703 | |||
Small Cap Aggressive Growth | 8,035 | |||
Small-Mid Growth | 4,603 | |||
Value | 51,990 |
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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, 2017, VALIC did not voluntarily waive 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, 2017, the amount recouped by VALIC for the Dynamic Allocation Fund was $1,480.
At November 30, 2017, 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, 2018 | May 31, 2019 | November 30, 2019 | |||||||||
Dynamic Allocation | $ | 1,132 | $ | 3,887 | $ | 3,726 |
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, 2017, SunAmerica earned fees as reflected in the Statement of Operations based upon the aforementioned rates.
@ | 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. |
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, 2017, 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, 2017, certain Directors of VC I have deferred $16,838 of director compensation.
At November 30, 2017, 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 | — | % | — | % | 100.00 | % | — | % | — | % | — | % | — | % | ||||||||||||||
Blue Chip Growth | 0.01 | — | 93.92 | 1.43 | 1.94 | 0.06 | 2.64 | |||||||||||||||||||||
Broad Cap Value Income | — | — | 83.37 | 16.63 | — | — | — | |||||||||||||||||||||
Capital Conservation | — | — | 65.22 | 6.65 | 5.58 | 7.42 | 15.13 | |||||||||||||||||||||
Core Equity | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Dividend Value | — | — | 91.44 | 1.21 | 2.67 | 1.11 | 3.57 | |||||||||||||||||||||
Dynamic Allocation | 0.79 | — | 99.21 | — | — | — | — | |||||||||||||||||||||
Emerging Economies | 0.01 | 0.00 | 99.60 | 0.39 | — | — | — | |||||||||||||||||||||
Foreign Value | 0.01 | — | 91.89 | 0.94 | 3.11 | 0.63 | 3.42 | |||||||||||||||||||||
Global Real Estate | — | — | 79.71 | 0.52 | 8.41 | 2.28 | 9.08 | |||||||||||||||||||||
Global Social Awareness | 0.22 | — | 99.78 | — | — | — | — | |||||||||||||||||||||
Global Strategy | — | — | 100.00 | — | — | — | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
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 | |||||||||||||||||||||
Government Money Market I | 5.32 | % | 0.00 | % | 94.68 | % | — | % | — | % | — | % | — | % | ||||||||||||||
Government Securities | 0.83 | — | 78.26 | 6.09 | 8.24 | — | 6.58 | |||||||||||||||||||||
Growth | — | — | 99.04 | 0.96 | — | — | — | |||||||||||||||||||||
Growth & Income | 2.50 | — | 94.08 | 3.42 | — | — | — | |||||||||||||||||||||
Health Sciences | 0.01 | — | 99.99 | — | — | — | — | |||||||||||||||||||||
Inflation Protected | — | — | 73.92 | 0.57 | 7.08 | 5.83 | 12.60 | |||||||||||||||||||||
International Equities Index | 0.61 | 0.02 | 94.77 | 0.39 | 1.94 | 0.22 | 2.05 | |||||||||||||||||||||
International Government Bond | — | — | 91.09 | 0.55 | 2.38 | 3.17 | 2.81 | |||||||||||||||||||||
International Growth | — | — | 93.01 | 1.79 | 2.44 | 0.42 | 2.34 | |||||||||||||||||||||
Large Cap Core | — | — | 89.86 | 4.62 | 2.03 | 0.81 | 2.68 | |||||||||||||||||||||
Large Capital Growth | — | — | 98.06 | 1.94 | — | — | — | |||||||||||||||||||||
Mid Cap Index | 0.62 | 0.03 | 95.97 | 0.12 | 1.14 | 0.42 | 1.70 | |||||||||||||||||||||
Mid Cap Strategic Growth | — | — | 95.18 | — | 2.28 | 0.20 | 2.34 | |||||||||||||||||||||
Nasdaq-100® Index | 2.58 | 0.05 | 93.44 | — | 1.59 | 0.09 | 2.25 | |||||||||||||||||||||
Science & Technology | 0.43 | 0.00 | 98.25 | — | 0.53 | 0.03 | 0.76 | |||||||||||||||||||||
Small Cap Aggressive Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Small Cap Fund | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Small Cap Index | 1.25 | 0.10 | 87.15 | — | 4.20 | 1.27 | 6.03 | |||||||||||||||||||||
Small Cap Special Values | — | — | 73.28 | — | 8.85 | 4.65 | 13.22 | |||||||||||||||||||||
Small-Mid Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Stock Index | 1.50 | 0.03 | 95.43 | 0.66 | 0.03 | — | — | |||||||||||||||||||||
Value | — | — | 80.80 | 8.94 | 4.04 | 1.11 | 5.11 |
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, 2017, transactions in these securities were as follows:
Dynamic Allocation Fund
Security | Value at 05/31/2017 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value 11/30/2017 | ||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | 9,575,898 | $ | — | $ | — | $ | 18,787 | $ | 505,975 | $ | 102,932 | $ | 1,299,412 | $ | 10,491,054 | ||||||||||||||||
VALIC Co. I Broad Cap Value Income Fund | 9,817,862 | — | — | 19,508 | 809,077 | 173,191 | 856,404 | 10,057,888 | ||||||||||||||||||||||||
VALIC Co. I Capital Conservation Fund | 14,886,761 | — | — | 2,181,893 | 840,899 | 9,137 | 87,810 | 16,324,702 | ||||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 9,904,681 | — | — | 19,085 | 1,292,592 | 48,184 | 967,857 | 9,647,215 | ||||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 3,232,313 | — | — | 5,980 | 657,669 | 114,270 | 406,733 | 3,101,627 | ||||||||||||||||||||||||
VALIC Co. I Foreign Value Fund | 9,203,786 | — | — | 17,874 | 1,161,843 | (70,943 | ) | 343,232 | 8,332,106 | |||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 2,000,544 | — | — | 3,986 | 105,112 | (1,982 | ) | 111,932 | 2,009,368 | |||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 7,977,773 | — | — | 565,948 | 420,450 | (2,527 | ) | (13,315 | ) | 8,107,429 | ||||||||||||||||||||||
VALIC Co. I Growth & Income Fund | 4,198,136 | — | — | 7,974 | 210,225 | 60,528 | 355,677 | 4,412,090 | ||||||||||||||||||||||||
VALIC Co. I Growth Fund | 10,833,584 | — | — | 20,357 | 942,047 | 127,885 | 1,148,985 | 11,188,764 | ||||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 2,970,572 | — | — | 755,980 | 157,669 | 192 | 34,981 | 3,604,056 | ||||||||||||||||||||||||
VALIC Co. I International Equities Fund | 5,159,905 | — | — | 9,968 | 262,781 | 12,000 | 376,124 | 5,295,216 | ||||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 1,078,287 | — | — | 1,993 | 52,556 | (230 | ) | 23,885 | 1,051,379 | |||||||||||||||||||||||
VALIC Co. I International Growth Fund | 9,602,010 | — | — | 17,875 | 2,161,843 | 43,383 | 762,174 | 8,263,599 | ||||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 8,388,747 | — | — | 15,947 | 820,450 | (180,024 | ) | 895,626 | 8,299,846 | |||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 8,441,878 | — | — | 15,947 | 720,450 | (7,936 | ) | 798,091 | 8,527,530 | |||||||||||||||||||||||
VALIC Co. I Mid Cap Index Fund | 4,156,906 | — | — | 7,973 | 210,225 | 30,700 | 416,534 | 4,401,888 | ||||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 30,276,639 | — | — | 59,800 | 1,576,686 | 321,867 | 2,825,661 | 31,907,281 | ||||||||||||||||||||||||
VALIC Co. I Value Fund | 9,852,980 | — | — | 19,934 | 525,562 | 145,363 | 705,834 | 10,198,549 | ||||||||||||||||||||||||
VALIC Co. II Capital Appreciation Fund | 7,269,350 | — | — | 13,953 | 367,893 | 97,035 | 559,128 | 7,571,573 | ||||||||||||||||||||||||
VALIC Co. II Core Bond Fund | 14,713,271 | — | — | 27,908 | 735,787 | 28,559 | 156,470 | 14,190,421 | ||||||||||||||||||||||||
VALIC Co. II High Yield Bond Fund | 2,958,227 | — | — | 5,980 | 157,669 | 3,897 | 64,231 | 2,874,666 | ||||||||||||||||||||||||
VALIC Co. II International Opportunities Fund | — | — | — | 2,000,132 | 22,326 | 16 | 5,097 | 1,982,919 | ||||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | 2,128,050 | — | — | 3,987 | 105,112 | 8,404 | 240,282 | 2,275,611 | ||||||||||||||||||||||||
VALIC Co. II Mid Cap Value Fund | 1,894,581 | — | — | 3,986 | 105,112 | (18,342 | ) | 208,198 | 1,983,311 |
267 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Security | Value at 05/31/2017 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value 11/30/2017 | ||||||||||||||||||||||||
VALIC Co. II Small Cap Growth Fund | $ | 4,294,684 | $ | — | $ | — | $ | 7,973 | $ | 810,225 | $ | 56,074 | $ | 737,894 | $ | 4,286,400 | ||||||||||||||||
VALIC Co. II Small Cap Value Fund | 3,522,405 | — | — | 507,973 | 210,225 | (34,249 | ) | 440,913 | 4,226,817 | |||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 5,028,676 | — | — | 9,967 | 512,781 | (10,141 | ) | 116,394 | 4,632,115 | |||||||||||||||||||||||
$ | 203,368,506 | $ | — | $ | — | $ | 6,348,668 | $ | 16,461,241 | $ | 1,057,243 | $ | 14,932,244 | $ | 209,245,420 | |||||||||||||||||
Stock Index Fund
Security | Value at 05/31/2017 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value at 11/30/2017 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $ | 12,657,025 | $ | 63,653 | $ | — | $ | 305,426 | $ | 921,077 | $ | 437,202 | $ | (1,112,139 | ) | $ | 11,366,437 | |||||||||||||||
During the six months ended November 30, 2017, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:
Affiliated Broker | Global Real Estate Fund | Growth Fund | International Growth Fund | Small-Mid Growth Fund | ||||||||||||
Morgan Stanley & Co | $ | 11,734 | $ | — | $ | — | $ | 1,026 | ||||||||
Nomura Securities | — | 150 | 951 | — | ||||||||||||
Wells Fargo Securities, LLC | — | — | — | 60 |
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, 2017 were as follows:
Fund | Purchases of Investment Securities (Excluding U.S. Government Securities) | Sales of Investment Securities (Excluding U.S. Government Securities) | Purchase of U.S. Government Securities | Sales of U.S. Government Securities | ||||||||||||
Asset Allocation | $ | 63,610,081 | $ | 48,264,833 | $ | — | $ | — | ||||||||
Blue Chip Growth | 94,785,323 | 140,803,136 | — | — | ||||||||||||
Broad Cap Value Income | 7,198,851 | 9,300,114 | — | — | ||||||||||||
Capital Conservation | 51,370,871 | 40,109,781 | 29,569,851 | 20,841,019 | ||||||||||||
Core Equity | 77,845,020 | 82,830,699 | — | — | ||||||||||||
Dividend Value | 268,952,591 | 347,320,278 | — | — | ||||||||||||
Dynamic Allocation | 6,348,665 | 16,461,237 | 9,016,290 | 8,617,051 | ||||||||||||
Emerging Economies | 186,580,010 | 207,905,003 | — | — | ||||||||||||
Foreign Value | 110,671,989 | 132,183,491 | 3,294,936 | 3,295,000 | ||||||||||||
Global Real Estate | 84,549,511 | 96,704,954 | — | — | ||||||||||||
Global Social Awareness | 20,747 | 5,872,224 | — | — | ||||||||||||
Global Strategy | 53,418,663 | 75,726,611 | 1,899,963 | 1,900,000 | ||||||||||||
Government Securities | 2,884,262 | 2,988,423 | 1,006,758 | 7,708,088 | ||||||||||||
Growth | 362,048,814 | 323,062,499 | — | — | ||||||||||||
Growth & Income | 19,837,833 | 23,055,903 | — | — | ||||||||||||
Health Sciences | 150,904,088 | 176,251,929 | — | — | ||||||||||||
Inflation Protected | 49,638,357 | 33,662,975 | 40,850,576 | 40,021,875 | ||||||||||||
International Equities Index | 335,566,387 | 116,975,225 | — | — | ||||||||||||
International Government Bond | 92,353,674 | 89,357,028 | 11,327,234 | 3,618,110 | ||||||||||||
International Growth | 78,010,364 | 91,069,882 | — | — | ||||||||||||
Large Cap Core | 42,177,180 | 44,080,809 | — | — | ||||||||||||
Large Capital Growth | 47,896,465 | 54,391,650 | — | — | ||||||||||||
Mid Cap Index | 272,371,915 | 237,893,762 | — | — | ||||||||||||
Mid Cap Strategic Growth | 58,157,218 | 68,196,743 | — | — | ||||||||||||
Nasdaq-100® Index | 5,306,054 | 4,692,921 | — | — | ||||||||||||
Science & Technology | 444,388,229 | 486,738,108 | — | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (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 | ||||||||||||
Small Cap Aggressive Growth | $ | 47,525,317 | $ | 47,695,652 | $ | — | $ | — | ||||||||
Small Cap | 43,200,348 | 53,610,734 | — | — | ||||||||||||
Small Cap Index | 202,908,747 | 102,138,836 | — | — | ||||||||||||
Small Cap Special Values | 53,651,300 | 55,418,377 | — | — | ||||||||||||
Small-Mid Growth | 33,096,687 | 35,686,613 | — | — | ||||||||||||
Stock Index | 76,224,234 | 155,876,172 | — | — | ||||||||||||
Value | 6,745,705 | 12,841,321 | — | — |
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, investments in partnerships, corporate actions and derivative transactions.
The information in the following table is presented on the basis of cost for federal income tax purposes at November 30, 2017.
Fund | Identified Cost of Investments Owned@ | Gross Unrealized Appreciation@ | Gross Unrealized Depreciation@ | Net Unrealized Appreciation (Depreciation)@ | ||||||||||||
Asset Allocation | $ | 161,185,022 | $ | 16,999,888 | $ | (4,669,763 | ) | $ | 12,330,125 | |||||||
Blue Chip Growth | 408,302,647 | 328,081,010 | (4,491,083 | ) | 323,589,927 | |||||||||||
Broad Cap Value Income | 47,010,230 | 16,834,334 | (2,160,004 | ) | 14,674,330 | |||||||||||
Capital Conservation | 264,760,618 | 3,098,613 | (2,294,978 | ) | 803,635 | |||||||||||
Core Equity | 202,385,202 | 62,944,131 | (2,192,937 | ) | 60,751,194 | |||||||||||
Dividend Value | 703,754,693 | 116,406,459 | (14,758,240 | ) | 101,648,219 | |||||||||||
Dynamic Allocation | 238,485,200 | 29,331,714 | (3,235,527 | ) | 26,096,187 | |||||||||||
Emerging Economies | 610,297,961 | 216,473,604 | (19,975,128 | ) | 196,498,476 | |||||||||||
Foreign Value | 821,942,569 | 148,498,516 | (63,420,967 | ) | 85,077,549 | |||||||||||
Global Real Estate | 368,637,768 | 40,772,308 | (21,814,526 | ) | 18,957,782 | |||||||||||
Global Social Awareness | 352,740,867 | 114,534,260 | (23,880,877 | ) | 90,653,383 | |||||||||||
Global Strategy | 352,660,264 | 68,379,729 | (15,077,059 | ) | 53,302,670 | |||||||||||
Government Money Market I | 323,129,007 | — | — | — | ||||||||||||
Government Securities | 132,484,514 | 2,146,870 | (1,669,962 | ) | 476,908 | |||||||||||
Growth | 917,062,918 | 272,869,985 | (12,527,293 | ) | 260,342,692 | |||||||||||
Growth & Income | 95,942,557 | 35,340,050 | (2,316,319 | ) | 33,023,731 | |||||||||||
Health Sciences | 618,155,796 | 204,203,749 | (37,267,423 | ) | 166,936,326 | |||||||||||
Inflation Protected | 623,030,495 | 19,407,877 | (7,535,549 | ) | 11,872,328 | |||||||||||
International Equities Index | 1,295,696,887 | 206,903,259 | (97,424,905 | ) | 109,478,354 | |||||||||||
International Government Bond* | 190,069,665 | 6,188,394 | (4,308,911 | ) | 1,879,483 | |||||||||||
International Growth | 373,769,006 | 104,282,447 | (10,519,487 | ) | 93,762,960 | |||||||||||
Large Cap Core | 141,823,013 | 40,604,465 | (3,155,043 | ) | 37,449,422 | |||||||||||
Large Capital Growth | 322,994,112 | 119,309,586 | (4,720,808 | ) | 114,588,778 | |||||||||||
Mid Cap Index | 2,624,355,643 | 1,257,178,042 | (191,311,864 | ) | 1,065,866,178 | |||||||||||
Mid Cap Strategic Growth | 218,103,604 | 68,488,411 | (3,102,730 | ) | 65,385,681 | |||||||||||
Nasdaq-100® Index | 193,461,511 | 242,763,461 | (4,878,975 | ) | 237,884,486 | |||||||||||
Science & Technology | 1,002,384,112 | 313,443,098 | (21,776,038 | ) | 291,667,060 | |||||||||||
Small Cap Aggressive Growth | 111,622,342 | 33,123,497 | (2,447,265 | ) | 30,676,232 | |||||||||||
Small Cap | 296,533,807 | 64,141,377 | (14,468,137 | ) | 49,673,240 | |||||||||||
Small Cap Index | 1,002,874,742 | 482,685,547 | (96,330,420 | ) | 386,355,127 | |||||||||||
Small Cap Special Values | 288,408,166 | 64,021,323 | (14,624,592 | ) | 49,396,731 | |||||||||||
Small-Mid Growth | 98,214,272 | 24,205,196 | (2,289,299 | ) | 21,915,897 | |||||||||||
Stock Index | 2,311,287,531 | 2,624,863,678 | (119,908,163 | ) | 2,504,955,515 | |||||||||||
Value | 82,842,320 | 35,253,657 | (4,299,495 | ) | 30,954,162 |
@ | Includes amounts for derivatives. |
* | The tax adjustments for International Government Bond Fund are for the 12 months ended September 30, 2017 |
269 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
The tax basis distributable earnings at May 31, 2017 and the tax character of distributions paid during the year ended May 31, 2017 were as follows:
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the year ended May 31, 2017 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Asset Allocation | $ | 5,200,952 | $ | 4,139,748 | $ | 3,352,638 | $ | 3,749,061 | $ | — | ||||||||||
Blue Chip Growth | 464,379 | 44,264,812 | 271,983,673 | — | 61,428,180 | |||||||||||||||
Broad Cap Value Income | 1,311,931 | 3,587,503 | 12,813,035 | 874,094 | 1,709,105 | |||||||||||||||
Capital Conservation | 5,533,689 | — | 2,448,606 | 4,839,811 | 221,801 | |||||||||||||||
Core Equity | 2,805,519 | 18,933,095 | 48,594,377 | 2,640,815 | 8,018,311 | |||||||||||||||
Dividend Value | 17,733,293 | 27,534,288 | 105,928,870 | 14,380,753 | 62,126,737 | |||||||||||||||
Dynamic Allocation | 6,981,384 | 5,873,893 | 7,127,198 | 4,599,119 | 1,781,175 | |||||||||||||||
Emerging Economies | 12,115,508 | (172,299,808 | ) | 122,165,174 | 10,536,617 | — | ||||||||||||||
Foreign Value | 17,026,333 | (37,226,393 | ) | 58,612,164 | 16,256,905 | — | ||||||||||||||
Global Real Estate | 16,353,390 | 2,229,561 | 4,993,013 | 17,674,291 | 21,783,749 | |||||||||||||||
Global Social Awareness | 7,069,521 | (37,337,797 | ) | 57,027,011 | 6,885,357 | — | ||||||||||||||
Global Strategy | 38,334 | 5,241,605 | 40,220,815 | 3,949,653 | 7,816,643 | |||||||||||||||
Government Money Market I | 12,915 | 5 | — | 268,820 | — | |||||||||||||||
Government Securities | 3,355,071 | (2,214,266 | ) | 2,211,534 | 3,446,180 | — | ||||||||||||||
Growth | 16,825,051 | 32,227,389 | 173,934,033 | 7,513,594 | 63,915,770 | |||||||||||||||
Growth & Income | 1,458,895 | 4,140,612 | 25,508,592 | 1,374,711 | 3,584,783 | |||||||||||||||
Health Sciences | — | 88,495,403 | 111,489,409 | 10,754,522 | 69,401,910 | |||||||||||||||
Inflation Protected | 12,914,381 | 4,308,281 | 12,028,644 | 1,518,378 | 681,710 | |||||||||||||||
International Equities Index | 26,719,071 | (127,891,228 | ) | 44,784,067 | 26,884,852 | — | ||||||||||||||
International Government Bond* | 1,876,878 | (220,402 | ) | 2,263,637 | — | — | ||||||||||||||
International Growth | 5,686,801 | 6,729,054 | 69,835,766 | 6,105,866 | — | |||||||||||||||
Large Cap Core | 1,779,731 | 8,879,021 | 28,605,212 | 1,531,285 | 11,933,336 | |||||||||||||||
Large Capital Growth | 4,066,557 | 20,050,151 | 90,135,882 | 2,819,369 | 12,909,541 | |||||||||||||||
Mid Cap Index | 47,986,438 | 203,935,604 | 864,795,962 | 40,127,114 | 274,781,465 | |||||||||||||||
Mid Cap Strategic Growth | 2,479,175 | 10,687,059 | 47,631,444 | — | 16,552,587 | |||||||||||||||
Nasdaq-100® Index | 2,953,557 | 19,144,321 | 203,189,679 | 2,785,946 | 15,668,894 | |||||||||||||||
Science & Technology | 48,763,832 | 63,121,184 | 235,336,990 | — | 75,551,571 | |||||||||||||||
Small Cap Aggressive Growth | — | 3,794,440 | 16,646,703 | — | 4,966,733 | |||||||||||||||
Small Cap | 8,155,637 | 41,766,359 | 30,083,306 | 1,169,737 | 23,882,426 | |||||||||||||||
Small Cap Index | 15,724,664 | 63,465,241 | 287,508,896 | 13,971,762 | 59,977,899 | |||||||||||||||
Small Cap Special Values | 7,353,760 | 20,457,809 | 25,375,817 | 2,881,769 | 18,510,911 | |||||||||||||||
Small-Mid Growth | — | 4,235,032 | 14,819,091 | — | 5,263,258 | |||||||||||||||
Stock Index | 83,554,506 | 167,497,292 | 2,160,201,758 | 68,427,662 | 196,209,124 | |||||||||||||||
Value | 1,701,685 | (21,972,354 | ) | 26,676,745 | 1,894,530 | — |
* | The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2017. |
@ | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
As of May 31, 2017, 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 | 2018 | ST | LT | |||||||||
Asset Allocation | $ | — | $ | — | $ | — | ||||||
Blue Chip Growth | — | — | — | |||||||||
Broad Cap Value Income | — | — | — | |||||||||
Capital Conservation | — | — | — | |||||||||
Core Equity | — | — | — | |||||||||
Dividend Value | — | — | — | |||||||||
Dynamic Allocation | — | — | — | |||||||||
Emerging Economies | 71,874,688 | 81,195,811 | 19,229,309 | |||||||||
Foreign Value | 18,699,216 | — | 18,527,177 | |||||||||
Global Real Estate | — | — | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Capital Loss Carryforward | Unlimited | |||||||||||
Fund | 2018 | ST | LT | |||||||||
Global Social Awareness | $ | 37,337,797 | $ | — | $ | — | ||||||
Global Strategy | — | — | — | |||||||||
Government Money Market I | — | — | — | |||||||||
Government Securities | — | 968,875 | 1,245,391 | |||||||||
Growth | — | — | — | |||||||||
Growth & Income | — | — | — | |||||||||
Health Sciences | — | — | — | |||||||||
Inflation Protected | — | — | — | |||||||||
International Equities Index | 124,862,188 | 1,242,831 | 1,786,209 | |||||||||
International Government Bond* | — | — | — | |||||||||
International Growth | — | — | — | |||||||||
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 | 21,972,354 | — | — |
* | The capital loss carryforward is for the tax period ended September 30, 2017. |
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 will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law.
Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the year ended May 31, 2017, the Funds elected to defer late year ordinary losses and post October capital losses as follows:
Fund | Deferred Late Year Ordinary Loss | Deferred Post-October Short-Term Capital Loss | Deferred Post-October Long-Term Capital Loss | |||||||||
Asset Allocation | $ | — | $ | — | $ | — | ||||||
Blue Chip Growth | — | — | — | |||||||||
Broad Cap Value Income | — | — | — | |||||||||
Capital Conservation | — | 628,373 | 310,575 | |||||||||
Core Equity | 115 | — | — | |||||||||
Dividend Value | — | — | — | |||||||||
Dynamic Allocation | — | — | — | |||||||||
Emerging Economies | 110,661 | — | — | |||||||||
Foreign Value | — | — | 690,050 | |||||||||
Global Real Estate | — | 1,065,769 | 3,762,536 | |||||||||
Global Social Awareness | — | — | — | |||||||||
Global Strategy | 2,273,712 | 135,978 | — | |||||||||
Government Money Market I | — | — | — | |||||||||
Government Securities | — | 202,134 | 323,655 | |||||||||
Growth | 54,404 | — | — | |||||||||
Growth & Income | — | — | — | |||||||||
Health Sciences | 565,624 | — | — | |||||||||
Inflation Protected | 5,275,321 | — | — | |||||||||
International Equities Index | — | — | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Fund | Deferred Late Year Ordinary Loss | Deferred Post-October Short-Term Capital Loss | Deferred Post-October Long-Term Capital Loss | |||||||||
International Government Bond | $ | 1,784,114 | $ | — | $ | — | ||||||
International Growth | — | 1,905,873 | — | |||||||||
Large Cap Core | 99 | — | — | |||||||||
Large Capital Growth | — | — | — | |||||||||
Mid Cap Index | — | — | — | |||||||||
Mid Cap Strategic Growth | — | — | — | |||||||||
Nasdaq-100® Index | — | — | — | |||||||||
Science & Technology | 296,206 | — | — | |||||||||
Small Cap Aggressive Growth | 42,055 | — | — | |||||||||
Small Cap | 65 | — | — | |||||||||
Small Cap Index | — | — | — | |||||||||
Small Cap Special Values | — | — | — | |||||||||
Small-Mid Growth | 96,409 | — | — | |||||||||
Stock Index | — | — | — | |||||||||
Value | — | — | — |
* | The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2017. |
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, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 338,124 | $ | 3,864,400 | 639,514 | $ | 6,939,594 | 441,137 | $ | 8,045,547 | 787,112 | $ | 12,719,087 | ||||||||||||||||||||
Reinvested dividends | — | — | 343,321 | 3,749,061 | — | — | 3,917,614 | 61,428,180 | ||||||||||||||||||||||||
Shares redeemed | (758,716 | ) | (8,672,888 | ) | (2,102,413 | ) | (22,514,906 | ) | (2,960,204 | ) | (55,388,490 | ) | (5,157,961 | ) | (82,945,418 | ) | ||||||||||||||||
Net increase (decrease) | (420,592 | ) | $ | (4,808,488 | ) | (1,119,578 | ) | $ | (11,826,251 | ) | (2,519,067 | ) | $ | (47,342,943 | ) | (453,235 | ) | $ | (8,798,151 | ) | ||||||||||||
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 140,330 | $ | 2,299,949 | 289,996 | $ | 4,313,629 | 2,322,487 | $ | 23,035,427 | 6,288,851 | $ | 61,842,904 | ||||||||||||||||||||
Reinvested dividends | — | — | 167,523 | 2,583,199 | — | — | 523,976 | 5,061,612 | ||||||||||||||||||||||||
Shares redeemed | (257,287 | ) | (4,215,650 | ) | (959,167 | ) | (14,311,073 | ) | (1,421,764 | ) | (14,090,233 | ) | (6,662,495 | ) | (66,604,919 | ) | ||||||||||||||||
Net increase (decrease) | (116,957 | ) | $ | (1,915,701 | ) | (501,648 | ) | $ | (7,414,245 | ) | 900,723 | $ | 8,945,194 | 150,332 | $ | 299,597 | ||||||||||||||||
Core Equity | Dividend Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 30,132 | $ | 692,265 | 62,835 | $ | 1,343,781 | 4,402,132 | $ | 56,616,911 | 14,869,050 | $ | 178,495,306 | ||||||||||||||||||||
Reinvested dividends | — | — | 494,623 | 10,659,126 | — | — | 6,494,694 | 76,507,490 | ||||||||||||||||||||||||
Shares redeemed | (540,213 | ) | (12,414,152 | ) | (1,305,438 | ) | (27,159,224 | ) | (12,037,002 | ) | (151,162,552 | ) | (5,208,927 | ) | (63,666,729 | ) | ||||||||||||||||
Net increase (decrease) | (510,081 | ) | $ | (11,721,887 | ) | (747,980 | ) | $ | (15,156,317 | ) | (7,634,870 | ) | $ | (94,545,641 | ) | 16,154,817 | $ | 191,336,067 | ||||||||||||||
Dynamic Allocation | Emerging Economies | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 104,785 | $ | 1,266,048 | 323,258 | $ | 3,584,678 | 4,005,861 | $ | 36,496,172 | 25,277,464 | $ | 174,874,589 | ||||||||||||||||||||
Reinvested dividends | — | — | 568,147 | 6,380,294 | — | — | 1,423,867 | 10,536,617 | ||||||||||||||||||||||||
Shares redeemed | (1,105,878 | ) | (13,515,641 | ) | (2,812,860 | ) | (31,443,808 | ) | (6,492,362 | ) | (56,020,615 | ) | (20,987,633 | ) | (151,987,453 | ) | ||||||||||||||||
Net increase (decrease) | (1,001,093 | ) | $ | (12,249,593 | ) | (1,921,455 | ) | $ | (21,478,836 | ) | (2,486,501 | ) | $ | (19,524,443 | ) | 5,713,698 | $ | 33,423,753 | ||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Foreign Value | Global Real Estate | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,260,534 | $ | 24,328,794 | 1,282,458 | $ | 12,183,333 | 982,585 | $ | 7,637,939 | 5,201,772 | $ | 42,336,412 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,624,066 | 16,256,905 | — | — | 5,375,755 | 39,458,040 | ||||||||||||||||||||||||
Shares redeemed | (3,418,107 | ) | (36,398,363 | ) | (13,048,096 | ) | (124,771,809 | ) | (3,629,699 | ) | (28,521,825 | ) | (21,037,081 | ) | (163,264,152 | ) | ||||||||||||||||
Net increase (decrease) | (1,157,573 | ) | $ | (12,069,569 | ) | (10,141,572 | ) | $ | (96,331,571 | ) | (2,647,114 | ) | $ | (20,883,886 | ) | (10,459,554 | ) | $ | (81,469,700 | ) | ||||||||||||
Global Social Awareness | Global Strategy | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 407,756 | $ | 10,069,290 | 2,237,905 | $ | 48,168,063 | 234,666 | $ | 2,791,966 | 774,030 | $ | 8,435,160 | ||||||||||||||||||||
Reinvested dividends | — | — | 306,288 | 6,885,357 | — | — | 1,040,344 | 11,766,296 | ||||||||||||||||||||||||
Shares redeemed | (922,236 | ) | (22,722,903 | ) | (2,978,335 | ) | (66,355,886 | ) | (2,999,686 | ) | (36,131,532 | ) | (6,951,809 | ) | (75,385,049 | ) | ||||||||||||||||
Net increase (decrease) | (514,480 | ) | $ | (12,653,613 | ) | (434,142 | ) | $ | (11,302,466 | ) | (2,765,020 | ) | $ | (33,339,566 | ) | (5,137,435 | ) | $ | (55,183,593 | ) | ||||||||||||
Government Money Market I | Government Securities | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 54,862,354 | $ | 54,862,354 | 86,386,929 | $ | 86,386,929 | 1,500,276 | $ | 15,942,825 | 4,554,912 | $ | 48,820,781 | ||||||||||||||||||||
Reinvested dividends | 818,322 | 818,322 | 268,820 | 268,820 | — | — | 329,778 | 3,446,180 | ||||||||||||||||||||||||
Shares redeemed | (63,269,228 | ) | (63,269,228 | ) | (99,364,986 | ) | (99,364,986 | ) | (2,650,126 | ) | (28,213,520 | ) | (5,474,502 | ) | (58,598,423 | ) | ||||||||||||||||
Net increase (decrease) | (7,588,552 | ) | $ | (7,588,552 | ) | (12,709,237 | ) | $ | (12,709,237 | ) | (1,149,850 | ) | $ | (12,270,695 | ) | (589,812 | ) | $ | (6,331,462 | ) | ||||||||||||
Growth | Growth & Income | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 4,741,309 | $ | 73,586,016 | 4,532,907 | $ | 64,529,429 | 370,996 | $ | 7,963,065 | 727,302 | $ | 14,311,561 | ||||||||||||||||||||
Reinvested dividends | — | — | 5,172,293 | 71,429,364 | — | — | 248,846 | 4,959,494 | ||||||||||||||||||||||||
Shares redeemed | (2,091,588 | ) | (32,777,803 | ) | (13,484,332 | ) | (187,031,644 | ) | (534,782 | ) | (11,465,147 | ) | (1,330,276 | ) | (25,799,812 | ) | ||||||||||||||||
Net increase (decrease) | 2,649,721 | $ | 40,808,213 | (3,779,132 | ) | $ | (51,072,851 | ) | (163,786 | ) | $ | (3,502,082 | ) | (354,128 | ) | $ | (6,528,757 | ) | ||||||||||||||
Health Sciences | Inflation Protected | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 467,762 | $ | 9,752,269 | 836,086 | $ | 16,514,251 | 2,382,438 | $ | 26,583,859 | 19,083,511 | $ | 207,943,248 | ||||||||||||||||||||
Reinvested dividends | — | — | 4,337,469 | 80,156,432 | — | — | 201,843 | 2,200,088 | ||||||||||||||||||||||||
Shares redeemed | (1,705,790 | ) | (35,612,585 | ) | (9,367,198 | ) | (184,416,562 | ) | (2,944,546 | ) | (32,905,495 | ) | (4,564,198 | ) | (49,866,444 | ) | ||||||||||||||||
Net increase (decrease) | (1,238,028 | ) | $ | (25,860,316 | ) | (4,193,643 | ) | $ | (87,745,879 | ) | (562,108 | ) | $ | (6,321,636 | ) | 14,721,156 | $ | 160,276,892 | ||||||||||||||
International Equities Index | International Government Bond | |||||||||||||||||||||||||||||||
For the��six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 31,033,252 | $ | 227,169,273 | 26,997,085 | $ | 172,298,960 | 2,182,505 | $ | 26,085,622 | 3,810,570 | $ | 44,773,986 | ||||||||||||||||||||
Reinvested dividends | — | — | 4,187,672 | 26,884,852 | — | — | — | — | ||||||||||||||||||||||||
Shares redeemed | (5,419,018 | ) | (39,182,882 | ) | (34,769,309 | ) | (221,522,805 | ) | (1,954,971 | ) | (23,115,581 | ) | (5,532,137 | ) | (63,039,350 | ) | ||||||||||||||||
Net increase (decrease) | 25,614,234 | $ | 187,986,391 | (3,584,552 | ) | $ | (22,338,993 | ) | 227,534 | $ | 2,970,041 | (1,721,567 | ) | $ | (18,265,364 | ) | ||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS — (continued)
International Growth | Large Cap Core | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 620,032 | $ | 8,614,898 | 1,349,887 | $ | 15,720,662 | 355,854 | $ | 4,147,242 | 1,619,279 | $ | 18,026,992 | ||||||||||||||||||||
Reinvested dividends | — | — | 517,446 | 6,105,866 | — | — | 1,244,420 | 13,464,621 | ||||||||||||||||||||||||
Shares redeemed | (1,788,808 | ) | (24,437,067 | ) | (12,970,367 | ) | (151,048,146 | ) | (962,505 | ) | (11,369,632 | ) | (2,983,363 | ) | (32,935,133 | ) | ||||||||||||||||
Net increase (decrease) | (1,168,776 | ) | $ | (15,822,169 | ) | (11,103,034 | ) | $ | (129,221,618 | ) | (606,651 | ) | $ | (7,222,390 | ) | (119,664 | ) | $ | (1,443,520 | ) | ||||||||||||
Large Capital Growth | Mid Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 173,900 | $ | 2,436,816 | 288,450 | $ | 3,595,327 | 1,515,622 | $ | 41,016,195 | 6,511,352 | $ | 176,473,522 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,248,326 | 15,728,910 | — | — | 11,928,355 | 314,908,579 | ||||||||||||||||||||||||
Shares redeemed | (1,329,077 | ) | (18,732,203 | ) | (3,296,178 | ) | (41,670,605 | ) | (8,696,433 | ) | (239,517,773 | ) | (9,847,402 | ) | (258,629,075 | ) | ||||||||||||||||
Net increase (decrease) | (1,155,177 | ) | $ | (16,295,387 | ) | (1,759,402 | ) | $ | (22,346,368 | ) | (7,180,811 | ) | $ | (198,501,578 | ) | 8,592,305 | $ | 232,753,026 | ||||||||||||||
Mid Cap Strategic Growth | Nasdaq-100® Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 165,536 | $ | 2,444,085 | 442,064 | $ | 5,843,559 | 1,323,315 | $ | 16,540,140 | 3,207,472 | $ | 35,346,657 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,259,710 | 16,552,587 | — | — | 1,680,769 | 18,454,840 | ||||||||||||||||||||||||
Shares redeemed | (774,188 | ) | (11,242,844 | ) | (2,774,761 | ) | (36,347,512 | ) | (1,515,378 | ) | (19,018,777 | ) | (4,493,576 | ) | (47,652,670 | ) | ||||||||||||||||
Net increase (decrease) | (608,652 | ) | $ | (8,798,759 | ) | (1,072,987 | ) | $ | (13,951,366 | ) | (192,063 | ) | $ | (2,478,637 | ) | 394,665 | $ | 6,148,827 | ||||||||||||||
Science & Technology | Small Cap Aggressive Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 653,215 | $ | 18,555,787 | 899,289 | $ | 21,234,601 | 443,725 | $ | 6,101,241 | 1,102,152 | $ | 12,376,396 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,263,567 | 75,551,571 | — | — | 428,536 | 4,966,733 | ||||||||||||||||||||||||
Shares redeemed | (1,546,603 | ) | (42,583,468 | ) | (4,395,711 | ) | (101,003,978 | ) | (435,941 | ) | (5,851,012 | ) | (2,439,323 | ) | (27,455,623 | ) | ||||||||||||||||
Net increase (decrease) | (893,388 | ) | $ | (24,027,681 | ) | (232,855 | ) | $ | (4,217,806 | ) | 7,784 | $ | 250,229 | (908,635 | ) | $ | (10,112,494 | ) | ||||||||||||||
Small Cap | Small Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 129,427 | $ | 1,560,698 | 494,865 | $ | 5,623,704 | 1,991,968 | $ | 41,926,634 | 6,466,617 | $ | 129,013,439 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,154,098 | 25,052,163 | — | — | 3,610,823 | 73,949,661 | ||||||||||||||||||||||||
Shares redeemed | (1,813,294 | ) | (21,938,474 | ) | (3,264,726 | ) | (37,732,505 | ) | (4,788,143 | ) | (102,318,077 | ) | (5,916,273 | ) | (115,863,049 | ) | ||||||||||||||||
Net increase (decrease) | (1,683,867 | ) | $ | (20,377,776 | ) | (615,763 | ) | $ | (7,056,638 | ) | (2,796,175 | ) | $ | (60,391,443 | ) | 4,161,167 | $ | 87,100,051 | ||||||||||||||
Small Cap Special Values | Small-Mid Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,886,939 | $ | 25,292,202 | 3,577,535 | $ | 47,897,609 | 233,133 | $ | 2,971,021 | 148,590 | $ | 1,710,150 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,576,469 | 21,392,680 | — | — | 464,952 | 5,263,258 | ||||||||||||||||||||||||
Shares redeemed | (1,345,126 | ) | (18,390,993 | ) | (3,532,424 | ) | (46,333,791 | ) | (576,248 | ) | (7,338,874 | ) | (1,431,201 | ) | (16,201,111 | ) | ||||||||||||||||
Net increase (decrease) | 541,813 | $ | 6,901,209 | 1,621,580 | $ | 22,956,498 | (343,115 | ) | $ | (4,367,853 | ) | (817,659 | ) | $ | (9,227,703 | ) | ||||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Stock Index | Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | For the six months ended November 30, 2017 (unaudited) | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,036,864 | $ | 77,644,067 | 5,640,604 | $ | 200,316,711 | 135,508 | $ | 2,272,615 | 348,690 | $ | 5,408,947 | ||||||||||||||||||||
Reinvested dividends | — | — | 7,556,733 | 264,636,786 | — | — | 115,309 | 1,894,530 | ||||||||||||||||||||||||
Shares redeemed | (7,200,325 | ) | (274,360,682 | ) | (13,120,318 | ) | (456,589,020 | ) | (473,401 | ) | (8,115,929 | ) | (1,065,469 | ) | (16,841,793 | ) | ||||||||||||||||
Net increase (decrease) | (5,163,461 | ) | $ | (196,716,615 | ) | 77,019 | $ | 8,364,477 | (337,893 | ) | $ | (5,843,314 | ) | (601,470 | ) | $ | (9,538,316 | ) | ||||||||||||||
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, 2017, 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 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 $25,000 in the aggregate for the uncommitted lines
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
of credit made available by State Street to the Series and certain other funds managed by the Adviser, which are also party to the uncommitted lines 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, 2017, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Core Equity | 21 | $ | 221 | $ | 152,317 | 2.48 | % | |||||||||
Emerging Economies | 1 | 152 | 2,207,282 | 2.48 | % | |||||||||||
Global Strategy | 1 | 1,585 | 22,989,011 | 2.48 | % | |||||||||||
International Government Bond | 28 | 1,853 | 960,691 | 2.48 | % | |||||||||||
International Growth | 20 | 602 | 436,122 | 2.48 | % | |||||||||||
Large Capital Growth | 5 | 126 | 363,775 | 2.51 | % | |||||||||||
Mid Cap Strategic Growth | 6 | 47 | 114,631 | 2.48 | % | |||||||||||
Small Cap | 20 | 156 | 114,025 | 2.47 | % | |||||||||||
Small Cap Index | 1 | 3,293 | 47,764,905 | 2.48 | % | |||||||||||
Stock Index | 5 | 1,266 | 3,666,971 | 2.49 | % |
As of November 30, 2017, 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, 2017, 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, 2017, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain (Loss) | |||||||||
Blue Chip Growth | $ | 395,886 | $ | — | $ | — | ||||||
Growth | 8,897,515 | 4,291,582 | 465,234 | |||||||||
International Growth | 34,239 | 40,118 | 8,142 | |||||||||
Large Capital Growth | — | 774,464 | (62,267 | ) | ||||||||
Science & Technology | 384,530 | — | — | |||||||||
Small Cap | 50,440 | 190,468 | (112,520 | ) |
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VALIC Company I
Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.00 | $ | 10.39 | $ | 12.38 | $ | 12.67 | $ | 12.20 | $ | 10.89 | $ | 17.27 | $ | 15.48 | $ | 17.96 | $ | 17.12 | $ | 14.19 | $ | 11.63 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.07 | 0.16 | 0.23 | 0.23 | 0.25 | 0.21 | (0.00 | ) | 0.01 | (0.02 | ) | (0.02 | ) | (0.02 | ) | 0.03 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.86 | 0.71 | (0.66 | ) | �� | 0.53 | 1.17 | 1.39 | 2.59 | 3.46 | (0.24 | ) | 2.62 | 3.66 | 2.54 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | | 0.93 | | 0.87 | (0.43 | ) | 0.76 | 1.42 | 1.60 | 2.59 | 3.47 | (0.26 | ) | 2.60 | 3.64 | 2.57 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | | – | | (0.26 | ) | (0.24 | ) | (0.27 | ) | (0.23 | ) | (0.24 | ) | – | – | – | – | (0.03 | ) | (0.01 | ) | |||||||||||||||||||||||||||
Net realized gain on securities | | – | | – | (1.32 | ) | (0.78 | ) | (0.72 | ) | (0.05 | ) | – | (1.68 | ) | (2.22 | ) | (1.76 | ) | (0.68 | ) | – | ||||||||||||||||||||||||||
Total distributions | – | (0.26 | ) | (1.56 | ) | (1.05 | ) | (0.95 | ) | (0.29 | ) | – | (1.68 | ) | (2.22 | ) | (1.76 | ) | (0.71 | ) | (0.01 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.93 | $ | 11.00 | $ | 10.39 | $ | 12.38 | $ | 12.67 | $ | 12.20 | $ | 19.86 | $ | 17.27 | $ | 15.48 | $ | 17.96 | $ | 17.12 | $ | 14.19 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 8.45 | % | 8.35 | % | (2.16 | )% | 6.24 | % | 12.04 | % | 14.93 | % | 15.00 | % | 23.49 | % | 0.17 | % | 15.61 | % | 25.69 | % | 22.08 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | | 0.70 | %@ | 0.70 | % | 0.70 | % | 0.68 | % | 0.69 | % | 0.75 | % | 0.83 | %@ | 0.84 | % | 0.84 | % | 0.83 | % | 0.84 | % | 0.85 | % | |||||||||||||||||||||||
Ratio of expenses to average net assets(c) | | 0.70 | %@ | 0.70 | % | 0.70 | % | 0.68 | % | 0.69 | % | 0.75 | % | 0.83 | %@ | 0.84 | % | 0.84 | % | 0.83 | % | 0.84 | % | 0.86 | % | |||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | – | 0.00 | % | 0.00 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average | | 1.31 | %@ | 1.51 | % | 2.00 | % | 1.81 | % | 1.96 | % | 1.79 | % | (0.03 | %)@ | 0.06 | % | (0.09 | )% | (0.12 | )% | (0.10 | )% | 0.21 | % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average | 1.31 | %@ | 1.51 | % | 2.00 | % | 1.81 | % | 1.96 | % | 1.79 | % | (0.03 | %)@ | 0.06 | % | (0.09 | )% | (0.12 | )% | (0.10 | )% | 0.20 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 33 | % | 161 | % | 102 | % | 131 | % | 99 | % | 119 | % | 13 | % | 27 | % | 30 | % | 30 | % | 34 | % | 32 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | | 14,284 | | 14,705 | 15,824 | 14,473 | 13,917 | 13,421 | 36,824 | 39,343 | 39,796 | 36,354 | 35,957 | 34,888 | ||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 170,418 | | $ | 161,767 | $ | 164,358 | $ | 179,126 | $ | 176,344 | $ | 163,788 | $ | 731,392 | $ | 679,516 | $ | 615,927 | $ | 652,819 | $ | 615,447 | $ | 495,226 |
# | 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
277 |
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.64 | $ | 13.97 | $ | 16.03 | $ | 15.19 | $ | 13.02 | $ | 10.02 | $ | 9.85 | $ | 9.95 | $ | 9.92 | $ | 9.84 | $ | 10.01 | $ | 10.11 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.24 | 0.22 | 0.21 | 0.31 | 0.22 | 0.10 | 0.18 | 0.18 | 0.17 | 0.19 | 0.18 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.61 | 2.16 | (1.11 | ) | 1.38 | 2.06 | 2.85 | (0.04 | ) | (0.04 | ) | 0.06 | 0.10 | 0.07 | (0.05 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.71 | 2.40 | (0.89 | ) | 1.59 | 2.37 | 3.07 | 0.06 | 0.14 | 0.24 | 0.27 | 0.26 | 0.13 | |||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.24 | ) | (0.21 | ) | (0.26 | ) | (0.20 | ) | (0.07 | ) | – | (0.23 | ) | (0.19 | ) | (0.19 | ) | (0.29 | ) | (0.23 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.49 | ) | (0.96 | ) | (0.49 | ) | – | – | – | (0.01 | ) | (0.02 | ) | – | (0.14 | ) | – | ||||||||||||||||||||||||||||||
Total distributions | – | (0.73 | ) | (1.17 | ) | (0.75 | ) | (0.20 | ) | (0.07 | ) | – | (0.24 | ) | (0.21 | ) | (0.19 | ) | (0.43 | ) | (0.23 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 17.35 | $ | 15.64 | $ | 13.97 | $ | 16.03 | $ | 15.19 | $ | 13.02 | $ | 9.91 | $ | 9.85 | $ | 9.95 | $ | 9.92 | $ | 9.84 | $ | 10.01 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 10.93 | % | 17.25 | % | (4.47 | )% | 10.70 | % | 18.24 | % | 30.82 | % | 0.61 | % | 1.45 | % | 2.47 | % | 2.76 | % | 2.73 | % | 1.28 | % | ||||||||||||||||||||||||
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 | % | 0.64 | % | 0.63 | % | 0.64 | % | 0.66 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.94 | %@ | 0.92 | % | 0.92 | % | 0.92 | % | 0.95 | % | 1.01 | % | 0.64 | %@ | 0.64 | % | 0.64 | % | 0.63 | % | 0.64 | % | 0.66 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | – | @ | – | – | – | – | – | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.26 | %@ | 1.57 | % | 1.49 | % | 1.33 | % | 2.14 | % | 1.96 | % | 1.93 | %@ | 1.84 | % | 1.77 | % | 1.72 | % | 1.95 | % | 1.73 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.17 | %@ | 1.49 | % | 1.42 | % | 1.26 | % | 2.04 | % | 1.80 | % | 1.93 | %@ | 1.84 | % | 1.77 | % | 1.72 | % | 1.95 | % | 1.73 | % | ||||||||||||||||||||||||
Portfolio turnover rate | | 12 | % | 20 | % | 26 | % | 23 | % | 27 | % | 34 | % | 27 | % | 56 | % | 71 | % | 193 | % | 129 | % | 149 | % | |||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) |
| 3,486 |
| 3,603 | 4,104 | 3,906 | 3,533 | 3,217 | 24,767 | 23,866 | 23,716 | 25,822 | 19,965 | 22,968 | ||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 60,473 | $ | 56,339 | $ | 57,330 | $ | 62,619 | $ | 53,675 | $ | 41,901 | $ | 245,437 | $ | 235,063 | $ | 236,062 | $ | 256,043 | $ | 196,550 | $ | 230,018 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Core Equity Fund | Dividend Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.92 | $ | 19.51 | $ | 20.38 | $ | 18.63 | $ | 15.61 | $ | 12.27 | $ | 12.09 | $ | 11.54 | $ | 13.23 | $ | 13.23 | $ | 11.62 | $ | 9.33 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.25 | 0.21 | 0.19 | 0.16 | 0.19 | 0.14 | 0.25 | 0.31 | 0.28 | 0.28 | 0.27 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.74 | 3.14 | (0.87 | ) | 1.74 | 3.07 | 3.36 | 1.19 | 1.62 | (0.24 | ) | 0.85 | 1.59 | 2.17 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.88 | 3.39 | (0.66 | ) | 1.93 | 3.23 | 3.55 | 1.33 | 1.87 | 0.07 | 1.13 | 1.87 | 2.44 | |||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.24 | ) | (0.21 | ) | (0.18 | ) | (0.21 | ) | (0.21 | ) | – | (0.25 | ) | (0.32 | ) | (0.28 | ) | (0.26 | ) | (0.15 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.74 | ) | – | – | – | – | – | (1.07 | ) | (1.44 | ) | (0.85 | ) | – | – | ||||||||||||||||||||||||||||||||
Total distributions | – | (0.98 | ) | (0.21 | ) | (0.18 | ) | (0.21 | ) | (0.21 | ) | – | (1.32 | ) | (1.76 | ) | (1.13 | ) | (0.26 | ) | (0.15 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 24.80 | $ | 21.92 | $ | 19.51 | $ | 20.38 | $ | 18.63 | $ | 15.61 | $ | 13.42 | $ | 12.09 | $ | 11.54 | $ | 13.23 | $ | 13.23 | $ | 11.62 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 13.14 | % | 17.48 | % | (3.07 | )% | 10.41 | % | 20.78 | % | 29.19 | % | 11.00 | % | 16.51 | % | 2.20 | % | 8.69 | % | 16.22 | % | 26.34 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.79 | %@ | 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 | % | 0.92 | % | 0.93 | % | 0.95 | % | 0.82 | %@ | 0.83 | % | 0.83 | % | 0.82 | % | 0.83 | % | 0.86 | % | ||||||||||||||||||||||||
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) | 1.21 | %@ | 1.19 | % | 1.11 | % | 0.94 | % | 0.95 | % | 1.38 | % | 2.20 | %@ | 2.13 | % | 2.55 | % | 2.06 | % | 2.20 | % | 2.62 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.08 | %@ | 1.06 | % | 0.99 | % | 0.82 | % | 0.82 | % | 1.23 | % | 2.20 | %@ | 2.12 | % | 2.54 | % | 2.05 | % | 2.19 | % | 2.58 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 32 | % | 36 | % | 41 | % | 40 | % | 39 | % | 72 | % | 36 | % | 41 | % | 45 | % | 35 | % | 37 | % | 27 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 10,513 | 11,023 | 11,771 | 13,047 | 14,433 | 15,531 | 59,247 | 66,882 | 50,727 | 48,504 | 46,936 | 48,835 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 260,710 | $ | 241,647 | $ | 229,637 | $ | 265,955 | $ | 268,866 | $ | 242,367 | $ | 795,373 | $ | 808,699 | $ | 585,505 | $ | 641,719 | $ | 621,033 | $ | 567,499 |
# | 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
279 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Dynamic Allocation Fund | Emerging Economies Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | December 19, 2012* to May 31, 2013 | Six Months Ended November 30, 2017# | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.74 | $ | 10.76 | $ | 12.04 | $ | 11.93 | $ | 10.87 | $ | 10.00 | $ | 7.94 | $ | 6.18 | $ | 7.84 | $ | 8.12 | $ | 8.09 | $ | 7.09 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.15 | 0.17 | 0.16 | 0.18 | (0.00 | ) | 0.10 | 0.13 | 0.13 | 0.18 | 0.17 | 0.13 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.10 | 1.13 | (0.79 | ) | 0.32 | 0.92 | 0.87 | 1.19 | 1.74 | (1.61 | ) | (0.30 | ) | (0.02 | ) | 0.92 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.10 | 1.28 | (0.62 | ) | 0.48 | 1.10 | 0.87 | 1.29 | 1.87 | (1.48 | ) | (0.12 | ) | 0.15 | 1.05 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.22 | ) | (0.22 | ) | (0.17 | ) | – | – | – | (0.11 | ) | (0.18 | ) | (0.16 | ) | (0.12 | ) | (0.05 | ) | ||||||||||||||||||||||||||||
Net realized gain on securities | – | (0.08 | ) | (0.44 | ) | (0.20 | ) | (0.04 | ) | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||
Total distributions | – | (0.30 | ) | (0.66 | ) | (0.37 | ) | (0.04 | ) | – | – | (0.11 | ) | (0.18 | ) | (0.16 | ) | (0.12 | ) | (0.05 | ) | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 12.84 | $ | 11.74 | $ | 10.76 | $ | 12.04 | $ | 11.93 | $ | 10.87 | $ | 9.23 | $ | 7.94 | $ | 6.18 | $ | 7.84 | $ | 8.12 | $ | 8.09 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.37 | % | 11.98 | % | (4.70 | )% | 4.04 | % | 10.11 | % | 8.70 | % | 16.25 | % | 30.41 | % | (18.60 | )% | (1.35 | )% | 1.97 | % | 14.79 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.31 | %@ | 0.31 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | %@ | 0.93 | %@ | 0.94 | % | 0.97 | % | 0.94 | % | 0.95 | % | 0.98 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.32 | %@ | 0.32 | % | 0.32 | % | 0.32 | % | 0.34 | % | 0.63 | %@ | 0.93 | %@ | 0.94 | % | 0.97 | % | 0.94 | % | 0.95 | % | 0.98 | % | ||||||||||||||||||||||||
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) | 0.02 | %@ | 1.30 | % | 1.50 | % | 1.33 | % | 1.65 | % | (0.04 | )%@ | 2.25 | %@ | 1.85 | % | 2.02 | % | 2.23 | % | 2.18 | % | 1.71 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.01 | %@ | 1.30 | % | 1.51 | % | 1.33 | % | 1.63 | % | (0.35 | )%@ | 2.25 | %@ | 1.85 | % | 2.02 | % | 2.23 | % | 2.18 | % | 1.71 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 6 | % | 14 | % | 20 | % | 31 | % | 9 | % | 2 | % | 25 | % | 69 | % | 64 | % | 65 | % | 55 | % | 53 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 20,172 | 21,173 | 23,095 | 22,646 | 21,373 | 7,996 | 86,846 | 89,332 | 83,618 | 82,682 | 83,593 | 86,346 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 259,097 | $ | 248,630 | $ | 248,446 | $ | 272,705 | $ | 255,001 | $ | 86,904 | $ | 801,483 | $ | 708,873 | $ | 517,011 | $ | 648,339 | $ | 678,406 | $ | 698,480 |
# | 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
280 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Foreign Value Fund | Global Real Estate Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.54 | $ | 8.78 | $ | 10.44 | $ | 11.44 | $ | 9.61 | $ | 7.30 | $ | 7.63 | $ | 8.02 | $ | 8.60 | $ | 8.58 | $ | 8.95 | $ | 7.46 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.20 | 0.18 | 0.20 | 0.27 | 0.20 | 0.09 | 0.16 | 0.18 | 0.21 | 0.22 | 0.15 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.26 | 1.75 | (1.64 | ) | (0.94 | ) | 1.78 | 2.39 | 0.34 | 0.21 | (0.14 | ) | 0.28 | 0.48 | 1.72 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.32 | 1.95 | (1.46 | ) | (0.74 | ) | 2.05 | 2.59 | 0.43 | 0.37 | 0.04 | 0.49 | 0.70 | 1.87 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.19 | ) | (0.20 | ) | (0.26 | ) | (0.22 | ) | (0.28 | ) | | – | | (0.34 | ) | (0.26 | ) | (0.23 | ) | (0.49 | ) | (0.13 | ) | ||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.42 | ) | (0.36 | ) | (0.24 | ) | (0.58 | ) | (0.25 | ) | |||||||||||||||||||||||||||||||
Total distributions | – | (0.19 | ) | (0.20 | ) | (0.26 | ) | (0.22 | ) | (0.28 | ) | – | (0.76 | ) | (0.62 | ) | (0.47 | ) | (1.07 | ) | (0.38 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.86 | $ | 10.54 | $ | 8.78 | $ | 10.44 | $ | 11.44 | $ | 9.61 | $ | 8.06 | $ | 7.63 | $ | 8.02 | $ | 8.60 | $ | 8.58 | $ | 8.95 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 3.04 | % | 22.36 | % | (13.72 | )% | (6.23 | )% | 21.39 | % | 35.97 | % | 5.64 | % | 4.98 | % | 1.53 | % | 5.61 | % | 8.76 | % | 25.49 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.79 | %@ | 0.80 | % | 0.79 | % | 0.79 | % | 0.80 | % | 0.83 | % | 0.86 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.86 | % | 0.89 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.79 | %@ | 0.80 | % | 0.79 | % | 0.79 | % | 0.80 | % | 0.83 | % | 0.86 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 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 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 1.19 | %@ | 2.04 | % | 1.97 | % | 1.90 | % | 2.53 | % | 2.33 | % | 2.19 | %@ | 2.04 | % | 2.18 | % | 2.46 | % | 2.51 | % | 1.79 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 1.19 | %@ | 2.04 | % | 1.97 | % | 1.90 | % | 2.53 | % | 2.33 | % | 2.19 | %@ | 2.04 | % | 2.18 | % | 2.46 | % | 2.51 | % | 1.79 | % | ||||||||||||||||||||||||
Portfolio turnover rate | | 13 | % | 40 | % | 21 | % | 31 | % | 27 | % | 23 | % | 22 | % | 47 | % | 71 | % | 44 | % | 41 | % | 52 | % | |||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 81,945 | 83,103 | 93,244 | 94,932 | 94,131 | 94,998 | 48,083 | 50,730 | 61,190 | 59,795 | 48,168 | 42,969 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 889,918 | $ | 876,165 | $ | 818,993 | $ | 990,964 | $ | 1,077,192 | $ | 913,025 | $ | 387,721 | $ | 387,137 | $ | 490,714 | $ | 514,347 | $ | 413,082 | $ | 384,543 |
# | 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
281 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Social Awareness Fund | Global Strategy Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.78 | $ | 21.01 | $ | 22.11 | $ | 21.00 | $ | 17.38 | $ | 13.72 | $ | 11.63 | $ | 10.48 | $ | 13.58 | $ | 14.12 | $ | 12.66 | $ | 10.41 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.32 | 0.34 | 0.35 | 0.42 | 0.33 | 0.16 | 0.33 | 0.27 | 0.30 | 0.39 | 0.34 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.13 | 2.84 | (1.02 | ) | 1.20 | 3.49 | 3.61 | 0.47 | 1.14 | (1.80 | ) | (0.03 | ) | 1.53 | 2.65 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.27 | 3.16 | (0.68 | ) | 1.55 | 3.91 | 3.94 | 0.63 | 1.47 | (1.53 | ) | 0.27 | 1.92 | 2.99 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.39 | ) | (0.42 | ) | (0.44 | ) | (0.29 | ) | (0.28 | ) | – | (0.10 | ) | (0.72 | ) | (0.37 | ) | (0.46 | ) | (0.74 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.22 | ) | (0.85 | ) | (0.44 | ) | – | – | |||||||||||||||||||||||||||||||||
Total distributions | – | (0.39 | ) | (0.42 | ) | (0.44 | ) | (0.29 | ) | (0.28 | ) | – | (0.32 | ) | (1.57 | ) | (0.81 | ) | (0.46 | ) | (0.74 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 26.05 | $ | 23.78 | $ | 21.01 | $ | 22.11 | $ | 21.00 | $ | 17.38 | $ | 12.26 | $ | 11.63 | $ | 10.48 | $ | 13.58 | $ | 14.12 | $ | 12.66 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.55 | % | 15.15 | % | (2.83 | )% | 7.45 | % | 22.60 | % | 28.99 | % | 5.42 | % | 14.16 | % | (10.23 | )% | 2.14 | % | 15.32 | % | 29.44 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.62 | %@ | 0.62 | % | 0.63 | % | 0.62 | % | 0.64 | % | 0.68 | % | 0.65 | %@ | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.62 | %@ | 0.62 | % | 0.63 | % | 0.62 | % | 0.64 | % | 0.68 | % | 0.65 | %@ | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | @ | – | – | – | 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) | 1.14 | %@ | 1.47 | % | 1.65 | % | 1.63 | % | 2.18 | % | 2.07 | % | 2.58 | %@ | 2.94 | % | 2.26 | % | 2.20 | % | 2.90 | % | 2.84 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.14 | %@ | 1.47 | % | 1.65 | % | 1.63 | % | 2.18 | % | 2.07 | % | 2.58 | %@ | 2.94 | % | 2.26 | % | 2.20 | % | 2.90 | % | 2.84 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 0 | % | 23 | % | 0 | % | 88 | % | 99 | % | 101 | % | 14 | % | 35 | % | 26 | % | 28 | % | 25 | % | 23 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 17,000 | 17,515 | 17,949 | 19,139 | 20,949 | 17,295 | 33,305 | 36,070 | 41,208 | 37,891 | 39,108 | 36,722 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 442,807 | $ | 416,564 | $ | 377,114 | $ | 423,242 | $ | 439,972 | $ | 300,545 | $ | 408,315 | $ | 419,325 | $ | 431,935 | $ | 514,564 | $ | 552,074 | $ | 465,060 |
# | 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
282 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Government Money Market I Fund | Government Securities Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 10.63 | $ | 10.85 | $ | 10.82 | $ | 10.73 | $ | 10.95 | $ | 11.34 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.11 | 0.21 | 0.22 | 0.22 | 0.24 | 0.23 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.00 | ) | 0.00 | 0.00 | 0.00 | – | 0.00 | (0.13 | ) | (0.18 | ) | 0.08 | 0.11 | (0.17 | ) | (0.28 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.02 | ) | 0.03 | 0.30 | 0.33 | 0.07 | (0.05 | ) | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | – | (0.25 | ) | (0.27 | ) | (0.24 | ) | (0.25 | ) | (0.28 | ) | |||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | – | – | (0.04 | ) | (0.06 | ) | ||||||||||||||||||||||||||||||||||
Total distributions | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | – | (0.25 | ) | (0.27 | ) | (0.24 | ) | (0.29 | ) | (0.34 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 10.61 | $ | 10.63 | $ | 10.85 | $ | 10.82 | $ | 10.73 | $ | 10.95 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 0.25 | % | 0.08 | % | 0.01 | %(e) | 0.01 | %(e) | 0.01 | % | 0.01 | % | (0.19 | )% | 0.35 | % | 2.74 | % | 3.07 | % | 0.67 | % | (0.49 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.51 | %@ | 0.45 | % | 0.26 | % | 0.14 | % | 0.16 | % | 0.21 | % | 0.65 | %@ | 0.64 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.66 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.51 | %@ | 0.53 | % | 0.51 | % | 0.51 | % | 0.51 | % | 0.52 | % | �� | 0.65 | %@ | 0.64 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.66 | % | |||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | @ | – | – | – | – | – | – | @ | – | – | – | – | – | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.49 | %@ | 0.08 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 2.05 | %@ | 1.95 | % | 2.02 | % | 2.01 | % | 2.19 | % | 2.04 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.49 | %@ | (0.00 | )% | (0.24 | )% | (0.36 | )% | (0.34 | )% | (0.30 | )% | 2.05 | %@ | 1.95 | % | 2.02 | % | 2.01 | % | 2.19 | % | 2.04 | % | ||||||||||||||||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A | N/A | 3 | % | 15 | % | 17 | % | 7 | % | 28 | % | 64 | % | ||||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 323,192 | 330,780 | 343,490 | 343,881 | 367,402 | 378,729 | 12,539 | 13,689 | 14,278 | 14,967 | 15,115 | 12,492 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 323,194 | $ | 330,783 | $ | 343,490 | $ | 343,363 | $ | 366,768 | $ | 378,086 | $ | 132,982 | $ | 145,460 | $ | 154,987 | $ | 161,977 | $ | 162,121 | $ | 136,786 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate. |
See Notes to Financial Statements
283 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Growth Fund | Growth & Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.00 | $ | 13.47 | $ | 16.40 | $ | 16.76 | $ | 13.93 | $ | 11.67 | $ | 20.70 | $ | 18.44 | $ | 19.70 | $ | 17.74 | $ | 14.78 | $ | 12.03 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.03 | 0.10 | 0.12 | 0.10 | 0.10 | 0.12 | 0.10 | 0.20 | 0.20 | 0.20 | 0.18 | 0.13 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies |
| 1.79 |
| 2.56 | (0.52 | ) | 1.67 | 2.87 | 2.23 | 2.01 | 2.94 | (0.34 | ) | 1.94 | 2.91 | 2.74 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations |
| 1.82 |
| 2.66 | (0.40 | ) | 1.77 | 2.97 | 2.35 | 2.11 | 3.14 | (0.14 | ) | 2.14 | 3.09 | 2.87 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.12 | ) | (0.10 | ) | (0.11 | ) | (0.14 | ) | (0.09 | ) | – | (0.24 | ) | (0.24 | ) | (0.18 | ) | (0.13 | ) | (0.12 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (1.01 | ) | (2.43 | ) | (2.02 | ) | – | – | – | (0.64 | ) | (0.88 | ) | – | – | – | |||||||||||||||||||||||||||||||
Total distributions | | – | | (1.13 | ) | (2.53 | ) | (2.13 | ) | (0.14 | ) | (0.09 | ) | – | (0.88 | ) | (1.12 | ) | (0.18 | ) | (0.13 | ) | (0.12 | ) | ||||||||||||||||||||||||
Net asset value at end of period | $ | 16.82 | $ | 15.00 | $ | 13.47 | $ | 16.40 | $ | 16.76 | $ | 13.93 | $ | 22.81 | $ | 20.70 | $ | 18.44 | $ | 19.70 | $ | 17.74 | $ | 14.78 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 12.13 | % | 20.48 | % | (0.63 | )% | 10.89 | % | 21.34 | % | 20.22 | % | 10.19 | % | 17.22 | % | 0.08 | % | 12.11 | % | 20.97 | % | 24.00 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.75 | %@ | 0.76 | % | 0.79 | % | 0.80 | % | 0.81 | % | 0.81 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | | 0.80 | %@ | 0.81 | % | 0.81 | % | 0.80 | % | 0.81 | % | 0.83 | % | 0.91 | %@ | 0.91 | % | 0.91 | % | 0.90 | % | 0.93 | % | 0.96 | % | |||||||||||||||||||||||
Ratio of expense reductions to average net assets | | – | @ | – | – | – | – | – | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | ||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | | 0.39 | %@ | 0.71 | % | 0.78 | % | 0.60 | % | 0.65 | % | 0.95 | % | 0.97 | %@ | 1.03 | % | 1.08 | % | 1.05 | % | 1.10 | % | 1.01 | % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | | 0.34 | %@ | 0.66 | % | 0.77 | % | 0.60 | % | 0.65 | % | 0.93 | % | 0.91 | %@ | 0.97 | % | 1.02 | % | 1.00 | % | 1.02 | % | 0.90 | % | |||||||||||||||||||||||
Portfolio turnover rate | | 30 | % | 71 | % | 102 | % | 99 | % | 90 | % | 81 | % | 16 | % | 34 | % | 33 | % | 38 | % | 169 | % | 299 | % | |||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 69,408 | 66,758 | 70,537 | 62,664 | 60,543 | 59,131 | 5,658 | 5,822 | 6,176 | 6,180 | 6,449 | 6,471 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,167,739 | $ | 1,001,261 | $ | 949,998 | $ | 1,027,988 | $ | 1,014,642 | $ | 823,541 | $ | 129,039 | $ | 120,515 | $ | 113,885 | $ | 121,742 | $ | 114,405 | $ | 95,667 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
284 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Health Sciences Fund | Inflation Protected Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.26 | $ | 19.88 | $ | 27.01 | $ | 21.10 | $ | 16.52 | $ | 12.61 | $ | 11.07 | $ | 10.76 | $ | 10.92 | $ | 11.33 | $ | 11.53 | $ | 11.79 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.03 | ) | (0.04 | ) | (0.09 | ) | (0.14 | ) | (0.12 | ) | (0.07 | ) | 0.13 | 0.25 | 0.15 | 0.12 | 0.24 | 0.23 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.63 | 1.80 | (3.83 | ) | 9.66 | 5.43 | 4.82 | – | 0.10 | (0.16 | ) | (0.30 | ) | (0.17 | ) | (0.18 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.60 | 1.76 | (3.92 | ) | 9.52 | 5.31 | 4.75 | 0.13 | 0.35 | (0.01 | ) | (0.18 | ) | 0.07 | 0.05 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | – | – | (0.03 | ) | (0.13 | ) | (0.21 | ) | (0.22 | ) | (0.31 | ) | |||||||||||||||||||||||||||||||
Net realized gain on securities | – | (2.38 | ) | (3.21 | ) | (3.61 | ) | (0.73 | ) | (0.84 | ) | – | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.05 | ) | – | |||||||||||||||||||||||||||
Total distributions | – | (2.38 | ) | (3.21 | ) | (3.61 | ) | (0.73 | ) | (0.84 | ) | – | (0.04 | ) | (0.15 | ) | (0.23 | ) | (0.27 | ) | (0.31 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 21.86 | $ | 19.26 | $ | 19.88 | $ | 27.01 | $ | 21.10 | $ | 16.52 | $ | 11.20 | $ | 11.07 | $ | 10.76 | $ | 10.92 | $ | 11.33 | $ | 11.53 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 13.50 | % | 9.37 | % | (13.12 | )% | 47.50 | % | 32.09 | % | 39.14 | % | 1.17 | % | 3.29 | % | (0.09 | )% | (1.57 | )% | 0.73 | % | 0.32 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.07 | %@ | 1.07 | % | 1.06 | % | 1.09 | % | 1.11 | % | 1.15 | % | 0.56 | %@ | 0.58 | % | 0.59 | % | 0.58 | % | 0.59 | % | 0.60 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.09 | %@ | 1.09 | % | 1.09 | % | 1.09 | % | 1.11 | % | 1.15 | % | 0.56 | %@ | 0.58 | % | 0.59 | % | 0.58 | % | 0.59 | % | 0.60 | % | ||||||||||||||||||||||||
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) | (0.25 | )%@ | (0.21 | )% | (0.40 | )% | (0.59 | )% | (0.59 | )% | (0.48 | )% | 2.27 | %@ | 2.33 | % | 1.38 | % | 1.12 | % | 2.16 | % | 1.94 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.28 | )%@ | (0.23 | )% | (0.43 | )% | (0.59 | )% | (0.59 | )% | (0.48 | )% | 2.27 | %@ | 2.33 | % | 1.38 | % | 1.12 | % | 2.16 | % | 1.94 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 20 | % | 30 | % | 31 | % | 26 | % | 59 | % | 16 | % | 10 | % | 42 | % | 33 | % | 33 | % | 45 | % | 60 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 34,977 | 36,215 | 40,409 | 34,776 | 27,492 | 24,949 | 56,504 | 57,066 | 42,345 | 44,644 | 41,413 | 38,711 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 764,674 | $ | 697,639 | $ | 803,402 | $ | 939,311 | $ | 580,157 | $ | 412,098 | $ | 633,011 | $ | 631,552 | $ | 455,830 | $ | 487,477 | $ | 469,056 | $ | 446,317 |
# | 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
285 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Equities Index Fund | International Government Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.02 | $ | 6.22 | $ | 7.13 | $ | 7.44 | $ | 6.47 | $ | 5.22 | $ | 11.71 | $ | 11.43 | $ | 11.26 | $ | 12.24 | $ | 12.12 | $ | 12.62 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.17 | 0.16 | 0.19 | 0.23 | 0.17 | 0.13 | 0.24 | 0.27 | 0.32 | 0.33 | 0.35 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.48 | 0.81 | (0.89 | ) | (0.25 | ) | 0.92 | 1.25 | 0.13 | 0.04 | 0.23 | (0.98 | ) | 0.15 | (0.06 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.54 | 0.98 | (0.73 | ) | (0.06 | ) | 1.15 | 1.42 | 0.26 | 0.28 | 0.50 | (0.66 | ) | 0.48 | 0.29 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.18 | ) | (0.18 | ) | (0.25 | ) | (0.18 | ) | (0.17 | ) | – | – | (0.29 | ) | (0.29 | ) | (0.22 | ) | (0.45 | ) | |||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | (0.04 | ) | (0.03 | ) | (0.14 | ) | (0.34 | ) | ||||||||||||||||||||||||||||||||
Total distributions | – | (0.18 | ) | (0.18 | ) | (0.25 | ) | (0.18 | ) | (0.17 | ) | – | – | (0.33 | ) | (0.32 | ) | (0.36 | ) | (0.79 | ) | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 7.56 | $ | 7.02 | $ | 6.22 | $ | 7.13 | $ | 7.44 | $ | 6.47 | $ | 11.97 | $ | 11.71 | $ | 11.43 | $ | 11.26 | $ | 12.24 | $ | 12.12 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 7.69 | % | 15.98 | % | (9.99 | )% | (0.57 | )% | 17.90 | % | 27.39 | % | 2.22 | % | 2.45 | % | 4.61 | % | (5.43 | )% | 4.12 | % | 2.03 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.42 | %@ | 0.44 | % | 0.43 | % | 0.44 | % | 0.46 | % | 0.53 | % | 0.66 | %@ | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.66 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.42 | %@ | 0.44 | % | 0.43 | % | 0.44 | % | 0.46 | % | 0.53 | % | 0.66 | %@ | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.66 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | @ | – | – | – | – | – | – | @ | – | – | – | – | – | ||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.63 | %@ | 2.62 | % | 2.52 | % | 2.62 | % | 3.27 | % | 2.85 | % | 2.12 | %@ | 2.03 | % | 2.45 | % | 2.69 | % | 2.78 | % | 2.75 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.63 | %@ | 2.62 | % | 2.52 | % | 2.62 | % | 3.27 | % | 2.85 | % | 2.12 | %@ | 2.03 | % | 2.45 | % | 2.69 | % | 2.78 | % | 2.75 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 10 | % | 11 | % | 4 | % | 40 | % | 60 | % | 51 | % | 50 | % | 70 | % | 95 | % | 43 | % | 42 | % | 74 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 181,411 | 155,797 | 159,381 | 151,718 | 157,825 | 154,632 | 16,107 | 15,879 | 17,601 | 15,220 | 15,459 | 15,235 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,372,000 | $ | 1,093,865 | $ | 991,380 | $ | 1,081,174 | $ | 1,174,840 | $ | 1,000,950 | $ | 192,843 | $ | 185,943 | $ | 201,253 | $ | 171,312 | $ | 189,241 | $ | 184,590 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
286 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Growth Fund | Large Cap Core Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.04 | $ | 11.63 | $ | 14.18 | $ | 14.14 | $ | 12.36 | $ | 9.81 | $ | 11.35 | $ | 10.77 | $ | 13.74 | $ | 14.25 | $ | 12.85 | $ | 11.22 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.02 | 0.14 | 0.15 | 0.16 | 0.16 | 0.17 | 0.06 | 0.12 | 0.12 | 0.11 | 0.15 | 0.14 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.12 | 1.45 | (1.58 | ) | 0.17 | 1.87 | 2.55 | 0.96 | 1.44 | (0.25 | ) | 1.84 | 2.40 | 3.10 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.14 | 1.59 | (1.43 | ) | 0.33 | 2.03 | 2.72 | 1.02 | 1.56 | (0.13 | ) | 1.95 | 2.55 | 3.24 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.18 | ) | (0.17 | ) | (0.20 | ) | (0.25 | ) | (0.17 | ) | – | (0.11 | ) | (0.45 | ) | (0.16 | ) | (0.14 | ) | (0.12 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.95 | ) | (0.09 | ) | – | – | – | (0.87 | ) | (2.39 | ) | (2.30 | ) | (1.01 | ) | (1.49 | ) | |||||||||||||||||||||||||||||
Total distributions | – | (0.18 | ) | (1.12 | ) | (0.29 | ) | (0.25 | ) | (0.17 | ) | – | (0.98 | ) | (2.84 | ) | (2.46 | ) | (1.15 | ) | (1.61 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 14.18 | $ | 13.04 | $ | 11.63 | $ | 14.18 | $ | 14.14 | $ | 12.36 | $ | 12.37 | $ | 11.35 | $ | 10.77 | $ | 13.74 | $ | 14.25 | $ | 12.85 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 8.74 | % | 13.81 | % | (9.20 | )% | 2.48 | % | 16.48 | % | 27.92 | % | 8.99 | % | 14.97 | % | 1.84 | % | 14.34 | % | 20.28 | % | 31.57 | % | ||||||||||||||||||||||||
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 | % | 0.83 | % | 0.84 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.09 | %@ | 1.10 | % | 1.06 | % | 1.06 | % | 1.06 | % | 1.10 | % | | 0.83 | %@ | 0.83 | % | 0.83 | % | 0.83 | % | 0.84 | % | 0.85 | % | |||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.30 | %@ | 1.15 | % | 1.21 | % | 1.15 | % | 1.22 | % | 1.51 | % | 0.98 | %@ | 1.03 | % | 0.93 | % | 0.75 | % | 1.09 | % | 1.14 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.22 | %@ | 1.06 | % | 1.16 | % | 1.11 | % | 1.17 | % | 1.42 | % | 0.98 | %@ | 1.03 | % | 0.93 | % | 0.75 | % | 1.09 | % | 1.14 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 18 | % | 39 | % | 36 | % | 44 | % | 53 | % | 55 | % | 25 | % | 54 | % | 53 | % | 64 | % | 76 | % | 64 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 32,519 | 33,688 | 44,791 | 43,817 | 45,685 | 48,797 | 14,513 | 15,120 | 15,240 | 13,111 | 12,606 | 12,501 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 460,987 | $ | 439,222 | $ | 521,012 | $ | 621,387 | $ | 646,032 | $ | 603,086 | $ | 179,462 | $ | 171,627 | $ | 164,060 | $ | 180,201 | $ | 179,649 | $ | 160,617 |
# | 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
287 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Large Capital Growth Fund | Mid Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.66 | $ | 12.21 | $ | 12.75 | $ | 13.97 | $ | 12.46 | $ | 11.48 | $ | 26.43 | $ | 24.87 | $ | 28.52 | $ | 27.24 | $ | 24.44 | $ | 19.74 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.10 | 0.09 | 0.11 | 0.08 | 0.07 | 0.19 | 0.30 | 0.32 | 0.32 | 0.28 | 0.29 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | | 1.28 | | 1.87 | 0.04 | 1.35 | 2.58 | 1.94 | 2.74 | 3.91 | (1.06 | ) | 2.86 | 3.99 | 5.38 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations |
| 1.33 |
| 1.97 | 0.13 | 1.46 | 2.66 | 2.01 | 2.93 | 4.21 | (0.74 | ) | 3.18 | 4.27 | 5.67 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.09 | ) | (0.11 | ) | (0.08 | ) | (0.07 | ) | (0.03 | ) | – | (0.34 | ) | (0.34 | ) | (0.29 | ) | (0.31 | ) | (0.22 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.43 | ) | (0.56 | ) | (2.60 | ) | (1.08 | ) | (1.00 | ) | | – | | (2.31 | ) | (2.57 | ) | (1.61 | ) | (1.16 | ) | (0.75 | ) | ||||||||||||||||||||||||
Total distributions | – | (0.52 | ) | (0.67 | ) | (2.68 | ) | (1.15 | ) | (1.03 | ) | – | (2.65 | ) | (2.91 | ) | (1.90 | ) | (1.47 | ) | (0.97 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 14.99 | $ | 13.66 | $ | 12.21 | $ | 12.75 | $ | 13.97 | $ | 12.46 | $ | 29.36 | $ | 26.43 | $ | 24.87 | $ | 28.52 | $ | 27.24 | $ | 24.44 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.74 | % | 16.50 | % | 1.73 | % | 11.01 | % | 21.79 | % | 18.63 | % | 11.09 | % | 16.94 | % | (0.69 | )% | 11.92 | % | 17.69 | % | 29.61 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.75 | %@ | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | % | 0.77 | % | 0.35 | %@ | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.38 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.75 | %@ | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | % | 0.77 | % | 0.35 | %@ | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.38 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | – | @ | – | – | – | – | – | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.66 | %@ | 0.76 | % | 0.73 | % | 0.83 | % | 0.57 | % | 0.58 | % | 1.37 | %@ | 1.14 | % | 1.23 | % | 1.15 | % | 1.06 | % | 1.33 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.66 | %@ | 0.76 | % | 0.73 | % | 0.83 | % | 0.57 | % | 0.58 | % | 1.37 | %@ | 1.14 | % | 1.23 | % | 1.15 | % | 1.06 | % | 1.33 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 11 | % | 23 | % | 24 | % | 26 | % | 137 | % | 195 | % | 7 | % | 14 | % | 15 | % | 13 | % | 11 | % | 8 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 29,272 | 30,427 | 32,186 | 33,071 | 29,214 | 29,489 | 121,198 | 128,379 | 119,786 | 116,969 | 116,691 | 119,703 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 438,833 | $ | 415,566 | $ | 393,063 | $ | 421,567 | $ | 408,050 | $ | 367,527 | $ | 3,558,508 | $ | 3,392,738 | $ | 2,979,477 | $ | 3,335,644 | $ | 3,179,031 | $ | 2,925,308 |
# | 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
288 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Strategic Growth Fund | Nasdaq-100® Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.92 | | $ | 12.58 | $ | 15.35 | $ | 15.99 | $ | 14.16 | $ | 11.83 | $ | 12.11 | $ | 9.92 | $ | 10.36 | $ | 8.71 | $ | 6.98 | $ | 6.03 | |||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.02 | 0.00 | (0.03 | ) | (0.01 | ) | 0.08 | | 0.03 | | 0.07 | 0.08 | 0.07 | 0.10 | 0.07 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.64 | 2.24 | (0.82 | ) | 1.83 | 2.12 | 2.55 | | 1.21 | | 2.73 | (0.02 | ) | 1.79 | 1.74 | 1.06 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | | 1.64 | | 2.26 | (0.82 | ) | 1.80 | 2.11 | 2.63 | 1.24 | 2.80 | 0.06 | 1.86 | 1.84 | 1.13 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | | – | | – | – | – | (0.08 | ) | – | | – | | (0.08 | ) | (0.07 | ) | (0.09 | ) | (0.07 | ) | (0.03 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | | – | | (0.92 | ) | (1.95 | ) | (2.44 | ) | (0.20 | ) | (0.30 | ) | | – | | (0.53 | ) | (0.43 | ) | (0.12 | ) | (0.04 | ) | (0.15 | ) | ||||||||||||||||||||||
Total distributions | | – | | (0.92 | ) | (1.95 | ) | (2.44 | ) | (0.28 | ) | (0.30 | ) | | – | | (0.61 | ) | (0.50 | ) | (0.21 | ) | (0.11 | ) | (0.18 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 15.56 | | $ | 13.92 | $ | 12.58 | $ | 15.35 | $ | 15.99 | $ | 14.16 | $ | 13.35 | | $ | 12.11 | $ | 9.92 | $ | 10.36 | $ | 8.71 | $ | 6.98 | ||||||||||||||||||||||
TOTAL RETURN(a) | 11.78 | % | 18.43 | % | (2.91 | )% | 11.60 | % | 14.78 | % | 22.76 | % | | 10.24 | % | 28.88 | % | 1.18 | % | �� | 21.42 | % | 26.44 | % | 19.16 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | | 0.82 | %@ | 0.82 | % | 0.83 | % | 0.81 | % | 0.82 | % | 0.85 | % | | 0.53 | %@ | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | | 0.82 | %@ | 0.82 | % | 0.83 | % | 0.81 | % | 0.82 | % | 0.86 | % | | 0.54 | %@ | 0.55 | % | 0.56 | % | 0.54 | % | 0.57 | % | 0.57 | % | ||||||||||||||||||||||
Ratio of expense reductions to average net assets | | 0.00 | %@ | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | | – | @ | – | – | – | 0.00 | % | – | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | | 0.04 | %@ | 0.12 | % | 0.00 | % | (0.21 | )% | (0.06 | )% | 0.63 | % | | 0.55 | %@ | 0.67 | % | 0.80 | % | 0.72 | % | 1.28 | % | 1.06 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | | 0.04 | %@ | 0.12 | % | 0.00 | % | (0.21 | )% | (0.06 | )% | 0.62 | % | | 0.54 | %@ | 0.66 | % | 0.78 | % | 0.71 | % | 1.25 | % | 1.02 | % | ||||||||||||||||||||||
Portfolio turnover rate | | 22 | % | 38 | % | 95 | % | 47 | % | 65 | % | 61 | % | | 1 | % | 4 | % | 8 | % | 7 | % | 8 | % | 5 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | | 18,082 | | 18,691 | 19,764 | 18,777 | 18,583 | 18,378 | | 32,366 | | 32,558 | 32,164 | 31,854 | 29,275 | 29,011 | ||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 281,389 | | $ | 260,170 | $ | 248,619 | $ | 288,138 | $ | 297,068 | $ | 260,138 | $ | 432,189 | | $ | 394,400 | $ | 319,222 | $ | 330,077 | $ | 255,120 | $ | 202,595 |
# | 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
289 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Science & Technology Fund | Small Cap Aggressive Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.00 | $ | 21.30 | $ | 26.68 | $ | 24.83 | $ | 19.19 | $ | 15.84 | $ | 12.25 | $ | 10.17 | $ | 14.56 | $ | 14.12 | $ | 13.18 | $ | 10.33 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.03 | ) | (0.01 | ) | (0.02 | ) | (0.03 | ) | (0.04 | ) | 0.03 | (0.04 | ) | (0.04 | ) | (0.03 | ) | (0.06 | ) | (0.11 | ) | (0.07 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 4.12 | 6.56 | (0.71 | ) | 4.70 | 5.71 | 3.32 | 2.60 | 2.67 | (2.61 | ) | 4.01 | 2.50 | 3.08 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 4.09 | 6.55 | (0.73 | ) | 4.67 | 5.67 | 3.35 | 2.56 | 2.63 | (2.64 | ) | 3.95 | 2.39 | 3.01 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | (0.03 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||
Net realized gain on securities | – | (1.85 | ) | (4.65 | ) | (2.82 | ) | – | – | – | (0.55 | ) | (1.75 | ) | (3.51 | ) | (1.45 | ) | (0.16 | ) | ||||||||||||||||||||||||||||
Total distributions | – | (1.85 | ) | (4.65 | ) | (2.82 | ) | (0.03 | ) | – | – | (0.55 | ) | (1.75 | ) | (3.51 | ) | (1.45 | ) | (0.16 | ) | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 30.09 | $ | 26.00 | $ | 21.30 | $ | 26.68 | $ | 24.83 | $ | 19.19 | $ | 14.81 | $ | 12.25 | $ | 10.17 | $ | 14.56 | $ | 14.12 | $ | 13.18 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 15.73 | % | 31.82 | % | 0.39 | % | 19.52 | % | 29.55 | % | 21.15 | % | 20.90 | % | 26.17 | % | (16.21 | )% | 30.24 | % | 17.46 | % | 29.43 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.98 | %@ | 0.99 | % | 0.99 | % | 0.98 | % | 0.99 | % | 1.02 | % | 0.99 | %@ | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.98 | %@ | 0.99 | % | 0.99 | % | 0.98 | % | 0.99 | % | 1.02 | % | 1.00 | %@ | 1.02 | % | 1.01 | % | 1.01 | % | 1.02 | % | 1.05 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | %@ | 0.00 | % | – | – | – | – | ||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.25 | )%@ | (0.06 | )% | (0.07 | )% | (0.12 | )% | (0.18 | )% | 0.15 | % | (0.57 | )%@ | (0.33 | )% | (0.24 | )% | (0.42 | )% | (0.70 | )% | (0.61 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.25 | )%@ | (0.06 | )% | (0.07 | )% | (0.12 | )% | (0.18 | )% | 0.15 | % | (0.58 | )%@ | (0.36 | )% | (0.26 | )% | (0.44 | )% | (0.72 | )% | (0.67 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 39 | % | 92 | % | 107 | % | 101 | % | 102 | % | 99 | % | 40 | % | 82 | % | 101 | % | 94 | % | 111 | % | 97 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 42,568 | 43,461 | 43,694 | 38,035 | 37,726 | 40,253 | 9,184 | 9,176 | 10,084 | 7,959 | 7,180 | 6,240 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,280,808 | $ | 1,130,159 | $ | 930,756 | $ | 1,014,902 | $ | 936,688 | $ | 772,614 | $ | 136,035 | $ | 112,391 | $ | 102,540 | $ | 115,869 | $ | 101,410 | $ | 82,222 |
# | 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
290 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Fund | Small Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.59 | $ | 10.96 | $ | 14.18 | $ | 15.00 | $ | 13.46 | $ | 10.33 | $ | 20.23 | $ | 17.91 | $ | 21.23 | $ | 20.40 | $ | 18.13 | $ | 14.03 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.03 | 0.03 | 0.04 | 0.02 | 0.00 | 0.04 | 0.13 | 0.21 | 0.24 | 0.24 | 0.21 | 0.24 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.25 | 1.58 | (1.17 | ) | 1.55 | 2.31 | 3.10 | 2.55 | 3.43 | (1.86 | ) | 1.99 | 2.80 | 4.06 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.28 | 1.61 | (1.13 | ) | 1.57 | 2.31 | 3.14 | 2.68 | 3.64 | (1.62 | ) | 2.23 | 3.01 | 4.30 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.04 | ) | (0.03 | ) | – | (0.05 | ) | (0.01 | ) | – | (0.23 | ) | (0.25 | ) | (0.23 | ) | (0.26 | ) | (0.20 | ) | |||||||||||||||||||||||||||
Net realized gain on securities | – | (0.94 | ) | (2.06 | ) | (2.39 | ) | (0.72 | ) | – | – | (1.09 | ) | (1.45 | ) | (1.17 | ) | (0.48 | ) | – | ||||||||||||||||||||||||||||
Total distributions | – | (0.98 | ) | (2.09 | ) | (2.39 | ) | (0.77 | ) | (0.01 | ) | – | (1.32 | ) | (1.70 | ) | (1.40 | ) | (0.74 | ) | (0.20 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 12.87 | $ | 11.59 | $ | 10.96 | $ | 14.18 | $ | 15.00 | $ | 13.46 | $ | 22.91 | $ | 20.23 | $ | 17.91 | $ | 21.23 | $ | 20.40 | $ | 18.13 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 11.04 | % | 14.64 | % | (5.20 | )% | 11.10 | % | 17.13 | % | 30.40 | % | 13.25 | % | 20.25 | % | (6.05 | )% | 11.23 | % | 16.64 | % | 30.91 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.93 | %@ | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.40 | %@ | 0.41 | % | 0.42 | % | 0.40 | % | 0.40 | % | 0.44 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.02 | %@ | 1.02 | % | 1.01 | % | 1.00 | % | 1.01 | % | 1.04 | % | 0.40 | %@ | 0.41 | % | 0.42 | % | 0.40 | % | 0.40 | % | 0.44 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | – | @ | – | – | – | – | – | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.54 | %@ | 0.27 | % | 0.29 | % | 0.15 | % | 0.01 | % | 0.35 | % | 1.21 | %@ | 1.07 | % | 1.26 | % | 1.15 | % | 1.03 | % | 1.51 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.45 | %@ | 0.18 | % | 0.21 | % | 0.08 | % | (0.07 | )% | 0.24 | % | 1.21 | %@ | 1.07 | % | 1.26 | % | 1.15 | % | 1.03 | % | 1.51 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 14 | % | 82 | % | 29 | % | 32 | % | 32 | % | 27 | % | 9 | % | 12 | % | 13 | % | 14 | % | 13 | % | 12 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 25,131 | 26,815 | 27,431 | 24,990 | 24,251 | 26,071 | 56,394 | 59,190 | 55,029 | 52,734 | 54,260 | 54,297 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 323,330 | $ | 310,704 | $ | 300,734 | $ | 354,294 | $ | 363,807 | $ | 350,845 | $ | 1,291,886 | $ | 1,197,209 | $ | 985,833 | $ | 1,119,463 | $ | 1,106,865 | $ | 984,357 |
# | 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
291 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Special Values Fund | Small-Mid Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.17 | $ | 12.05 | $ | 13.74 | $ | 13.87 | $ | 11.32 | $ | 8.99 | $ | 11.94 | $ | 11.23 | $ | 13.57 | $ | 14.54 | $ | 12.67 | $ | 10.56 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.07 | 0.19 | 0.16 | 0.18 | 0.12 | 0.07 | (0.02 | ) | (0.03 | ) | (0.04 | ) | (0.06 | ) | (0.07 | ) | 0.00 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.59 | 1.97 | (0.24 | ) | 0.92 | 2.53 | 2.32 | 1.50 | 1.34 | (1.07 | ) | 2.72 | 2.45 | 2.11 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.66 | 2.16 | (0.08 | ) | 1.10 | 2.65 | 2.39 | 1.48 | 1.31 | (1.11 | ) | 2.66 | 2.38 | 2.11 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.14 | ) | (0.21 | ) | (0.14 | ) | (0.10 | ) | (0.06 | ) | – | – | – | – | (0.01 | ) | – | ||||||||||||||||||||||||||||||
Net realized gain on securities | | – | | (0.90 | ) | (1.40 | ) | (1.09 | ) | – | – | | – | | (0.60 | ) | (1.23 | ) | (3.63 | ) | (0.50 | ) | – | |||||||||||||||||||||||||
Total distributions | | – | | (1.04 | ) | (1.61 | ) | (1.23 | ) | (0.10 | ) | (0.06 | ) | – | (0.60 | ) | (1.23 | ) | (3.63 | ) | (0.51 | ) | – | |||||||||||||||||||||||||
Net asset value at end of period | $ | 14.83 | $ | 13.17 | $ | 12.05 | $ | 13.74 | $ | 13.87 | $ | 11.32 | $ | 13.42 | $ | 11.94 | $ | 11.23 | $ | 13.57 | $ | 14.54 | $ | 12.67 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 12.60 | % | 17.65 | % | 1.49 | % | 8.16 | % | 23.43 | % | 26.67 | % | 12.40 | % | 11.94 | % | (6.27 | )% | 19.75 | % | 18.77 | % | 19.98 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.87 | %@ | 0.87 | % | 0.88 | % | 0.87 | % | 0.88 | % | 0.90 | % | 0.97 | %@ | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.87 | %@ | 0.87 | % | 0.88 | % | 0.87 | % | 0.88 | % | 0.92 | % | 1.01 | %@ | 1.01 | % | 1.00 | % | 1.00 | % | 1.03 | % | 1.05 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.01 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.00 | %@ | 0.00 | % | 0.01 | % | 0.01 | % | 0.00 | % | 0.01 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.03 | %@ | 1.47 | % | 1.29 | % | 1.23 | % | 0.89 | % | 0.74 | % | (0.36 | )%@ | (0.26 | )% | (0.33 | )% | (0.41 | )% | (0.50 | )% | 0.03 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.03 | %@ | 1.47 | % | 1.29 | % | 1.23 | % | 0.89 | % | 0.72 | % | (0.41 | )%@ | (0.27 | )% | (0.33 | )% | (0.41 | )% | (0.52 | )% | (0.02 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 19 | % | 46 | % | 74 | % | 52 | % | 65 | % | 58 | % | | 31 | % | 61 | % | 64 | % | 55 | % | 148 | % | 107 | % | |||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 21,995 | 21,453 | 19,831 | 17,394 | 17,993 | 19,976 | | 8,651 | | 8,994 | 9,812 | 9,713 | 8,584 | 8,625 | ||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 326,267 | $ | 282,609 | $ | 238,888 | $ | 238,986 | $ | 249,579 | $ | 226,140 | $ | 116,091 | $ | 107,389 | $ | 110,230 | $ | 131,771 | $ | 124,839 | $ | 109,283 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
292 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Stock Index Fund | Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2017# | Year Ended May 31, | Six Months Ended November 30, 2017# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.47 | $ | 33.14 | $ | 36.60 | $ | 34.65 | $ | 30.07 | $ | 24.50 | $ | 16.62 | $ | 14.93 | $ | 15.46 | $ | 14.18 | $ | 12.40 | $ | 9.63 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.33 | 0.61 | 0.63 | 0.62 | 0.55 | 0.53 | 0.13 | 0.25 | 0.26 | 0.21 | 0.19 | 0.20 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.57 | 4.96 | (0.59 | ) | 3.29 | 5.38 | 5.91 | 1.35 | 1.72 | (0.57 | ) | 1.29 | 1.81 | 2.83 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.90 | 5.57 | 0.04 | 3.91 | 5.93 | 6.44 | 1.48 | 1.97 | (0.31 | ) | 1.50 | 2.00 | 3.03 | |||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.57 | ) | (0.89 | ) | (0.60 | ) | (0.56 | ) | (0.46 | ) | – | (0.28 | ) | (0.22 | ) | (0.22 | ) | (0.22 | ) | (0.26 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (1.67 | ) | (2.61 | ) | (1.36 | ) | (0.79 | ) | (0.41 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Total distributions | – | (2.24 | ) | (3.50 | ) | (1.96 | ) | (1.35 | ) | (0.87 | ) | – | (0.28 | ) | (0.22 | ) | (0.22 | ) | (0.22 | ) | (0.26 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 40.37 | $ | 36.47 | $ | 33.14 | $ | 36.60 | $ | 34.65 | $ | 30.07 | $ | 18.10 | $ | 16.62 | $ | 14.93 | $ | 15.46 | $ | 14.18 | $ | 12.40 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 10.69 | % | 17.08 | % | 1.38 | % | 11.41 | % | 20.01 | % | 26.86 | % | 8.90 | % | 13.22 | % | (1.80 | )% | 10.65 | % | 16.26 | % | 31.97 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.34 | %@ | 0.34 | % | 0.35 | % | 0.34 | % | 0.35 | % | 0.36 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.34 | %@ | 0.34 | % | 0.35 | % | 0.34 | % | 0.35 | % | 0.36 | % | 0.94 | %@ | 0.94 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.95 | % | ||||||||||||||||||||||||
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) | 1.74 | %@ | 1.75 | % | 1.83 | % | 1.68 | % | 1.71 | % | 1.94 | % | 1.48 | %@ | 1.54 | % | 1.78 | % | 1.33 | % | 1.46 | % | 1.87 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.74 | %@ | 1.75 | % | 1.83 | % | 1.68 | % | 1.71 | % | 1.94 | % | 1.38 | %@ | 1.46 | % | 1.69 | % | 1.25 | % | 1.38 | % | 1.77 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 2 | % | 3 | % | 3 | % | 3 | % | 4 | % | 3 | % | 6 | % | 15 | % | 15 | % | 16 | % | 16 | % | 23 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 119,397 | 124,560 | 124,483 | 123,499 | 129,109 | 132,191 | 6,302 | 6,640 | 7,241 | 7,559 | 8,595 | 8,978 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 4,819,980 | $ | 4,542,334 | $ | 4,125,329 | $ | 4,519,626 | $ | 4,473,003 | $ | 3,974,531 | $ | 114,079 | $ | 110,333 | $ | 108,136 | $ | 116,875 | $ | 121,864 | $ | 111,303 |
# | 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
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
At an in-person meeting held on August 7-8, 2017, 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. (“Invesco Advisers”), Invesco Asset Management Limited (“IAML”),1 J.P. Morgan Investment Management Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), PineBridge Investments, LLC (“PineBridge”), SunAmerica Asset Management, LLC (“SunAmerica”), T. Rowe Price Associates, Inc. (“T. Rowe Price”), Templeton Global Advisors Limited (“Templeton Global”), Templeton Investment Counsel, LLC (“Templeton Investment”), Victory Capital Management Inc. (“Victory”), 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 7-8, 2017 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 10-11, 2017.
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, 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 SunAmerica, 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 10-11, 2017, and executive sessions held during the August 2017 meeting during which such independent counsel provided guidance to the Independent Directors. Following the July 10-11, 2017 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto at the August 2017 meeting. The continuation of all Advisory Contracts were approved at the August 2017 meeting for a one-year term beginning September 1, 2017 and ending August 31, 2018.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Funds by VALIC and the Sub-advisers. The Board reviewed information provided by VALIC relating to its operations and personnel. The Board also took into account their knowledge of VALIC’s management and the quality of the performance of VALIC’s duties, through Board meetings, discussions and reports during the preceding year and through VALIC’s long history of service to VC I. The Board considered that VALIC is responsible for the management of the day-to-day operations of VC I, including but not limited to, general supervision of and coordination of the services provided by the Sub-advisers, and is also responsible for monitoring and reviewing the activities of the Sub-advisers and other third-party service providers. The Board also noted that VALIC’s and the Sub-advisers’ management of VC I is subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in VC I’s prospectus and statement of additional information. The Board noted that VALIC monitors the performance of the Funds and from time-to-time recommends Sub-adviser changes and/or other changes intended to improve the performance of the Funds.
The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC I, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generally vis-à-vis competitors. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Advisory Agreement with respect to each Fund. The Board also considered VALIC’s risk management processes.
With respect to the services provided by the Sub-advisers, the Board considered information provided to them regarding the services provided by each Sub-adviser, including information presented throughout the previous year. The Board noted that each Sub-adviser (i) determines the securities to be purchased or sold on behalf of the Fund(s) it manages as may be necessary in connection therewith; (ii) provides VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) renders regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed each Sub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of the Sub-adviser’s investment and compliance personnel who provide services to the Funds. The Board also took into account the financial condition of each Sub-adviser. The Board also considered each Sub-adviser’s brokerage practices and risk management processes.
The Board reviewed VALIC’s and SunAmerica’s compliance program and personnel. The Board noted that SunAmerica is an affiliated company of VALIC and serves as the administrator to the Funds, as well as sub-advises certain VC I Funds and VALIC Company II (“VC II”) Funds. The Board also considered VALIC’s and each Sub-adviser’s regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.
The Board concluded that the scope and quality of the advisory services provided by VALIC and the Sub-advisers were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Funds.
1 | Effective September 28, 2015, IAML became a sub-sub-adviser pursuant to an Investment Sub-Sub-Advisory Agreement between Invesco Advisers and IAML. The Board’s consideration and approval of VALIC’s Investment Sub-Advisory Agreement with Invesco Advisers included a consideration and approval of this Investment Sub-Sub-Advisory Agreement. |
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
Fees and Expenses; Investment Performance. The Board received and reviewed information regarding 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 Sub-advisory Expense Universe and, in some cases as noted below, the Sub-advisory 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 Sub-advisory 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 SunAmerica 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, 2016.
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, 2017 and that benchmark information provided by management was through the period ended June 30, 2017. 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 above 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 sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Fund outperformed the median of the Performance Group for the one-year period and underperformed the median of the Performance Group for the three- and five-year periods. The Fund outperformed the median of the Performance Universe for the one-, three- and five-year periods. The Fund outperformed its blended benchmark for the one-year period and underperformed its blended benchmark for the 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 above 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 sub-advisory fees were above the medians of the Sub-advisory 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, 2018. |
The Fund outperformed its Lipper 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 outperformed its benchmark for the one-, three and five-year periods.
• | Broad Cap Value Income Fund (Barrow Hanley). The Fund’s actual management fees, actual sub-advisory fees, and total expenses were above the medians of the Expense Group/Universe and Sub-advisory 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, 2018. |
The Fund outperformed its Lipper peer index for the one- and five-year periods and underperformed its Lipper peer index for the three-year period. The 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 outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period.
• | 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 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 Fund underperformed its Lipper 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-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance.
• | 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 sub-advisory fees were above the median of the Sub-advisory 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, 2018. |
The Fund outperformed its Lipper peer index for the one-year period and underperformed its Lipper peer index for the three- and five-year periods. The Fund equaled the performance of 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-year period and underperformed the median of its Performance Universe for the 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. The Board took into account management’s discussion of the Fund’s performance and potential steps under consideration to improve the Fund’s performance.
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• | Dividend Value Fund (BlackRock/SunAmerica). The Fund’s actual management fees, actual sub-advisory fees, and total net expenses were above the medians of the Expense Group/Universe and Sub-advisory Expense 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, 2018. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one- and five-year periods and outperformed its Lipper peer index and the medians of its Performance Group/Universe for the three-year period. The Fund outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance.
• | Dynamic Allocation Fund (AllianceBernstein/SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the medians of the Sub-advisory 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, 2018. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for the one-year period and underperformed its Lipper peer index and the median of its Performance Universe for the three-year period. The Fund outperformed the median of its Performance Group for the one- and three-year periods. The Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance.
• | Emerging Economies Fund (JPMIM). The Fund’s actual management fees, actual sub-advisory fees, and total net expenses were below the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one- and three-year periods and underperformed its Lipper peer index and the medians of its Performance Group/Universe for the five-year period. The Fund outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance and 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 sub-advisory fees were above the median of the Sub-advisory Expense Universe. The Board noted the limited size of the Sub-advisory Expense 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- and five-year periods and underperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance.
• | Global Real Estate Fund (GSAM/Invesco Advisers/IAML). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were above the median of the Sub-advisory Expense Universe. The Board noted the limited size of the Sub-advisory Expense Universe. |
The Fund outperformed its Lipper 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.
• | Global Social Awareness Fund (SunAmerica). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. |
The Fund underperformed the medians of its Performance Group/Universe for the one-year period and outperformed the medians of its Performance Group/Universe for the three- and five-year periods. The 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.
• | Global Strategy Fund (Franklin/Templeton Investment). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one- and five-year periods. The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the three-year period. The Fund outperformed its blended benchmark for the one- and five-year periods and underperformed its blended benchmark for the three-year period.
• | Government Money Market I Fund (SunAmerica). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and the Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2018. |
The Fund underperformed its Lipper peer index and the median of its Performance Group for the one- and three-year periods and equaled the performance of its Lipper peer index and the median of its Performance Group for the five-year period. The Fund equaled the performance of 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. The Board took into account management’s discussion of the Fund’s performance.
• | Government Securities Fund (JPMIM). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index for the one-year period and outperformed its Lipper peer index for the three- and five-year periods. The 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 performance of its Performance Group for the five-year period. The Fund underperformed the median of its Performance Universe for the one-year period and
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outperformed the median of its Performance Universe for the 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. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance.
• | 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 sub-advisory fees were below the medians of the Sub-advisory 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, 2018. |
The Fund outperformed its Lipper peer index, the median of its Performance Group and the median of its Performance Universe for the one- and three-year periods. The Fund underperformed its Lipper peer index and the medians of its Performance Group/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.
• | Growth Fund (American Century). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were above the median of the Expense Group and equal to the median of the Expense Universe. The Fund’s actual sub-advisory fees were below the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses, including actions previously taken to reduce the Fund’s expenses. |
The Fund underperformed its Lipper 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. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance.
• | Health Sciences Fund (T. Rowe Price). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including actions previously taken to reduce the Fund’s expenses. |
The Fund outperformed its Lipper 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- and three-year periods and outperformed the median of its Performance Group for the five-year period. 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.
• | Inflation Protected 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 Fund’s actual sub-advisory fees were equal to the median of its Sub-advisory Expense Group and above the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index for the one- and five-year periods and underperformed its Lipper peer index for the three- year period. The Fund underperformed 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 outperformed its benchmark for the one- and five-year periods and underperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s recent underperformance relative to the Performance Group/Universe.
• | International Equities Index Fund (SunAmerica). The Fund’s actual management fees, actual sub-advisory fees, and total net expenses were below the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. |
The Fund outperformed its Lipper peer index for the one-year period and underperformed its Lipper peer index for the three- and five-year periods. The Fund underperformed 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.
• | International Government Bond Fund (PineBridge). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of its Sub-advisory Expense Group and below the median of its Sub-advisory Expense Universe. |
The Fund underperformed its Lipper peer index for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-year period and equaled the median of its Performance Group for the three- and five-year periods. The 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 outperformed its blended benchmark for the one-year period and underperformed its blended 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 relative to the Performance Group/Universe.
• | International Growth Fund (American Century/Invesco Advisers/MFS). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of its Sub-advisory Expense Group and above the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including actions previously taken to reduce the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2018. |
The Fund outperformed its Lipper peer index for the one-year period and underperformed its Lipper peer index for the three- and five-year periods. The 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 five-year periods and underperformed the median of its Performance Universe for the three-year period. The Fund underperformed its benchmark for the one- and five-year periods and outperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance and potential steps under consideration to improve the Fund’s performance.
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• | Large Cap Core Fund (Columbia). The Fund’s actual management fees, actual sub-advisory fees and total net expenses were above the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper index and the medians of its Performance Group/Universe for the one-year period and outperformed its Lipper peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The 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 factors that contributed to the Fund’s recent underperformance.
• | Large Capital Growth Fund (MFS). 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 below the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper 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-, three- and five- year periods. The Board took into account management’s discussion of the Fund’s performance, including the Fund’s more recent improved performance.
• | Mid Cap Index Fund (SunAmerica). The Fund’s actual management fees were above 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 sub-advisory fees were above the median of the Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper 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-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Mid Cap Strategic Growth Fund (Allianz/Janus Capital Management LLC2). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-year period. The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the 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. The Board took into account management’s discussion of the Fund’s performance, including the fact that a portion of the Fund’s longer-term performance was attributable to a prior sub-adviser.
• | Nasdaq-100® Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2018. |
The Fund outperformed its Lipper 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-, three- and five-year periods.
• | Science & Technology Fund (T. Rowe Price/Allianz/Wellington). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses and noted the limited size of the Sub-advisory Expense Universe. |
The Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Fund underperformed the medians of its Performance Group/Universe for the one-year period and outperformed the medians of its Performance Group/Universe for the three- and five-year periods. The 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.
• | Small Cap Fund (Bridgeway/JPMIM3/T. Rowe Price). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2018. |
The Fund underperformed its Lipper peer index and 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. 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.
• | Small Cap Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were below the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper 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-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
2 | At an in-person meeting of the Board held on April 24-25, 2017, the Board approved a new Investment Sub-Advisory Agreement between VALIC, on behalf of the Mid Cap Strategic Growth Fund, and Janus Capital Management LLC for an initial term ending on May 30, 2019. Therefore, the Board did not consider such Sub-advisory Agreement at its August 7-8, 2017 meeting. |
3 | At an in-person meeting of the Board held on January 23-24, 2017, the Board approved a new Investment Sub-Advisory Agreement between VALIC, on behalf of the Small Cap Fund, and JPMIM for an initial term ending on March 7, 2019. Therefore, the Board did not consider such Sub-advisory Agreement with respect to the Small Cap Fund at its August 7-8, 2017 meeting. |
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• | Small Cap Aggressive Growth Fund (Victory). The Fund’s actual management fees and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory 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, 2018. |
The Fund outperformed its Lipper 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-, three- and five-year periods.
• | Small Cap Special Values Fund (Wells Capital). The Fund’s actual management fees were above the median of the Expense Group and below the median of the Expense Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. The actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses and noted the limited size of the Sub-advisory Expense Universe. |
The Fund outperformed its Lipper 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.
• | Small-Mid Growth Fund (GSAM). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Group and above the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2018. |
The Fund underperformed its Lipper 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- and five-year periods and outperformed the median of its Performance Group 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, including the reasons for the Fund’s recent underperformance.
• | Stock Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were above the median of the Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the median of its Performance Group for the one-, three- and five-year periods. The Fund equaled the performance of 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 underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Value Fund (Wellington). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actual sub-advisory fees were equal to the median of the Sub-advisory Expense Group and above the median of the Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2018. |
The Fund underperformed its Lipper peer index for the one- and five-year periods and outperformed its Lipper peer index for the three-year period. The Fund underperformed 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 took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Sub-adviser’s investment style.
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, receives 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 SunAmerica, 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 SunAmerica receives from the Funds, SunAmerica 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 SunAmerica 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.
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APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
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 SunAmerica in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds were reasonable.
In considering the profitability to the Sub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under the Sub-advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Board also relied on the ability of VALIC to negotiate the Sub-advisory Agreements and the fees thereunder at arm’s length.
For each of the above reasons, the Directors determined that the profitability to the Sub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the Sub-advisory Agreements.
Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates payable to VALIC and each of the Sub-advisers with respect to most of the Funds contain breakpoints, which allows the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee and sub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that if the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.
For similar reasons as stated above with respect to the Sub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Sub-advisers’ management of the Funds are not a material factor to the approval of the Sub-advisory Agreements, although it was noted that most of the Funds have breakpoints at the sub-advisory fee level.
Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and the Sub-advisers and noted that VALIC would compensate the Sub-advisers out of the advisory fees it receives from the Funds. The Board noted that the Sub-advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.
Compliance. The Board reviewed VALIC’s and the Sub-advisers’ compliance personnel and regulatory history, including information whether they are currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entities’ compliance staff that would be responsible for providing compliance functions on behalf of the Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.
Conclusions. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that VALIC and each Sub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.
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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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS — (continued)
VALIC Company I
Dividend Value Fund
(the “Fund”)
Supplement dated October 24, 2017 to the Fund’s
Prospectus dated October 1, 2017, as supplemented and amended to date
The following change to the Prospectus is effective October 24, 2017:
In the section entitled “Additional Information about the Funds’ Investment Objectives, Strategies and Risks,” the second paragraph under the heading Dividend Value Fund is deleted in its entirety and replaced with the following:
BlackRock selects investments for the Fund that it believes will both increase in value over the long-term and provide current income, focusing on investments that will do both instead of those that will favor current income over capital appreciation. SunAmerica Asset Management, LLC (“SunAmerica”) will select up to thirty high dividend yielding common stocks, which will be evaluated and adjusted at the discretion of the portfolio manager on an annual basis. The first ten stocks selected will represent the ten highest yielding stocks within the Dow Jones Industrial Average. The next twenty stocks will be selected from the Russell 1000® Index, although stocks in the financials and utilities sectors will generally be excluded from this twenty stock selection process. Certain stocks in the Russell 1000® Index may also be excluded as a result of liquidity screens or industry-related caps applied during the selection process. The selection criteria used to select stocks for the twenty stock portion of the component of the Fund sub-advised by SunAmerica will generally include dividend yield as well as a combination of factors that relate to profitability and valuation. Selections for the Fund may include securities of foreign issuers. While the securities selection process will take place on an annual basis, the portfolio managers may, from time to time, substitute certain securities for those selected for the Fund or reduce the position size of a portfolio security in between the annual rebalancing, under certain limited circumstances. These circumstances will generally include where a security held by the Fund no longer meets the dividend yielding criteria, when the value of a security becomes a disproportionately large percentage of the Fund’s holdings, or when the size of the Fund’s position in the security has the potential to create market liquidity or other issues in connection with the annual rebalancing or efficient management of the Fund, or to maintain an industry-related cap, each in the discretion of the portfolio managers. The annual consideration of the stocks that meet the selection criteria will take place on or about October 31. Beginning in 2018, the annual consideration of the stocks that meet the selection criteria will take place on or about August 31.
Capitalized terms used but not defined herein shall the meaning 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)
VALIC Company I
VALIC Company II
(each, a “Registrant,” and collectively, the “Registrants”)
Supplement dated November 3, 2017, to each Registrant’s
Summary Prospectuses, Prospectus and Statement of Additional Information
as supplemented and amended to date
Effective immediately, all reference to the hyperlink https://www.valic.com/prospectus-and-reports/annuities is deleted and replaced with a reference to the following hyperlink:
https://www.valic.com/onlineprospectus
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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VALIC Company I
THE SUPPLEMENTS ARE NOT PART OF ANNUAL REPORT.
VALIC Company I
Science & Technology Fund
(the “Fund”)
Supplement dated December 1, 2017, to the Fund’s
Prospectus dated October 1, 2017, as amended
In the section entitled “Fund Summary: Science & Technology Fund – Investment Adviser,” the table under the heading “Portfolio Managers” with respect to Wellington Management Company LLP (“Wellington Management”) is deleted in its entirety and replaced with the following:
Name | Portfolio Manager of the Fund Since | Title | ||||||
John F. Averill, CFA | 2007 | Senior Managing Director and Global Industry Analyst | ||||||
Bruce L. Glazer | 2007 | Senior Managing Director and Global Industry Analyst | ||||||
Anita M. Killian, CFA | 2007 | Senior Managing Director and Global Industry Analyst | ||||||
Brian Barbetta | 2017 | Senior Managing Director and Global Industry Analyst |
In the section entitled “Management – Investment Sub-Advisers,” the second and third paragraphs on page 164 of the Prospectus with respect to the Fund are deleted in their entirety and replaced with the following:
A portion of the assets of the Science & Technology Fund is managed by Wellington Management’s Global Technology Investment Team. The team is comprised of John F. Averill, CFA, Bruce L. Glazer, Anita M. Killian, CFA and Brian Berbetta. Each team member provides portfolio management and securities analysis services for Wellington Management’s portion of the Fund’s assets.
Mr. Averill, Senior Managing Director and Global Industry Analyst of Wellington Management, joined the firm as an investment professional in 1994. Mr. Glazer, Senior Managing Director and Global Industry Analyst of Wellington Management, joined the firm as an investment professional in 1997. Ms. Killian, Senior Managing Director and Global Industry Analyst affiliated with Wellington Management, joined the firm as an investment professional in 2000. Mr. Barbetta, Senior Managing Director and Global Industry Analyst of Wellington Management, joined the firm in 2012.
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
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
Eric S. Levy
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 5
185 Hudson Street, Suite 3300
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.
Formerly RS Investment
Management Co. LLC
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 D. 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
Christopher C. Joe,
Chief Compliance Officer
Matthew J. Hackethal,
Anti-Money Laundering
Compliance Officer
Christopher J. Tafone,
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 |
VC 4873 (11/2017) J103179
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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. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | 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, 2018
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, 2018
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: February 7, 2018